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•us. ADM.
NOV 21
19;
U8KARV
Rnancial
w
.ommetrial $
COPYRIGHTED IN 1938 9Y WILLIAM B. DANA
COMPANY, NEW YORK.
VOL. 147. ,MU6dWj;K,Yr,Cw~
ENTERED AS SECOND-CIASS MATTER JUNE 23, 1879, AT THE POSTOFPICEAT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, NOVEMBER 19,1938
THE CHASE
BROOKLYN TRUST
BANK
COMPANY
NATIONAL BANK
OF
Chartered 1866
THE
OF
CITY
NEW YORK
OF
George V. McLaughlin
The
President
BROOKLYN
NEW YORK
NO. 3830.
William cor. Spruco 8ts„ N.YXity
N E W
many
served
YORK
Corporation
tra-
ditionally a bankers' bank.
For
Member Federal Deposit Insurance
chase is
years
it has
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
reserve
Member Federal
Deposit Insurance
Corporation
FUNDAMENTAL
United States
INVESTDHS
Government
INC.
United States
Securities
★
Government
Prospectus
available from
Securities
local dealers
cj>he
Brown Harriman & Co.
FIRST BOSTON
Incorporated
*
CORPORATION
63 Wall
Street, New York
Telephone: BOwling Green 9-5000
BOSTON
NEW YORK
Hallgarten & Co
CHICAGO
PHILADELPHIA
San Francisco
;
SAN FRANCISCO
Chicago
Washington
Representatives in other leading Cities
AND OTHER PRINCIPAL CITIES
Established 1850
NEW
Philadelphia
Boston
YORK
London
Chicago
City of
The
Philadelphia
NewYorklru st
BEAR, STEARNS & CO.
Commonwealth of
Pennsylvania
Company
ONE WALL STREET
Bonds
NEW YORK
Capital Funds
♦
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
-.mm
IOO
40TH
BROADWAY
ST. & MADISON
FIFTH
AVE.
&
AVE.
57TH ST.
HOMER & CO., Inc.
NEW YORK
40
European Representative's Office:
KING WILLIAM STREET
HORNBLOWER
&
WEEKS
40
BROADWAY
61
*
Members New York,
the New York Clearing House
Association
and of the Federal Deposit Insurance
London
Paris
Amsterdam
Berlin
Wall Street
NEW YORK
Member of the Federal Reserve System,
NEW YORK
Banks and
Established 1888
LONDON, E. C. 4
Carl M.Loeb, Rhoades & Co.
to
Dealers since 1888
Exchange Place, New York
8
Service
Corporation
Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Nov.
Chronicle
Financial
XX
19,
1938
Leading Out-of-Town
Investment Bankers & Brokers
DETROIT
WITH
VOICE
THE
PUBLIC
UTILITY
BONDS
Charles A. Parcells & Co.
Members of Detroit Stock Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
BIRMINGHAM
MARX & CO.
BIRMINGHAM, ALABAMA
NORTH
MUNICIPAL
SOUTHERN
It may carry
of New
It
England
may
be swift and crisp
manner
or
St/x.
pleasant rolling r's
style of the West.
But wherever you
will be
the soft
or
New York
full of the
in the
ST. LOUIS
of the South.
accents
in the
the salty twang
8O9OUVC st
hear it, it
friendly, courteous, and
Members St. Louis Stock Exchange
the all-American voice
of the Bell
Telephone operator
—"The Voice with
The entire Bell
to
Co.
&
ba/nt Laura
efficient.
It's
AND
BONDS
CORPORATION
serve
you
and in the
Smile."
a
MILWAUKEE
System seeks
quickly, capably
a friend.
spirit of
WISCONSIN
CORPORATION
BELL TELEPHONE SYSTEM
SECURITIES
Teletype—Milwaukee 92
EDGAR, RICKER &, CO.
750
North Water Street
Milwaukee
Wis.
HARTFORD
Specialists in Connecticut
Securities
PUTNAM & CO.
Members New York Stock Exchange
6
CENTRAL ROW
HARTFORD
Tel. 5-0151. A. T. T. Teletype—Hartford.564
WEST
THIS MAN CAN
Dividends
RENDER VALUABLE
KANSAS CITY POWER & LIGHT COMPANY
Kansas City, Missouri
The
share
of
Cotton Facts
has
dividend of $1.50 per
Series "B," Stock
City Power & Light Company
declared payable January 1, 1939, to
regular
on
the
the
Carry
your
message
these readers at
a
to
moderate
quarterly
First Preferred,
Kansas
been
stockholders
of
record
at
the
close
of
through
columns.
our
An active
financial
owned
underwriting firm, a large
institution,
a
publicly
corporation,
or
a
leading
publication, &c.
business
He is a thoroughly experienced financial
advertising executive and public relations
December 14, 1938.
All persons holding stock of the company are
requested to transfer on or before December 14,
1938, such stock to the persons who are entitled
counsel with wide contacts among security
houses and newspaper men in New York
to receive the dividend.
and other cities.
H. C. DAVIS, Assistant Secretary.
cost
SERVICE TO:
Dividend No. 48
November 16, 1938
First Preferred, Series B
advertising
St.
Louis.
Rocky
Mountain
&
Pacific
Co.
Baton, New Mexico, November 10, 1938.
COMMON
The above Company has declared a dividend
share on the Common Stock of the
Company, payable December 10, 1938 to stock¬
holders of record at the close of business November
1938.
Transfer books will not be closed.
H.
fluent writer, an idea man, an inde¬
fatigable worker, a good salesman with a
personality that wins confidence' this
advertiser can function successfully with
almost any
organization that is sound
and set up for progress.
STOCK DIVIDEND NO. 82.
of 25 cents per
25,
A
P.
ROSEBERRY, Treasurer.
Address Box No.
THE
25
H-5
FINANCIAL CHRONICLE
Spruce St., New York,
N. Y.
Volume 147
Financial
Chronicle
HI
New Issue
$1,592,000
City of Nashville, Tennessee
2lA% Bonds
Dated September 1, 1938
Bonds
maturing 1950-68
are
——Due September 1, 1940-1968,
callable
and, if less than all
as
shown below
interest date after March 1, 1949, at 100% and accrued interest;
retired, the same shall be retired in numerical order.
on any
are
Principal and semi-annual interest (March 1 and September 1) payable in New York City or at the City Treasurer's
Office, Nashville, Tennessee.
Coupon Bonds in the denomination bf $1,000,
registerable as to principal only.
Interest Exempt frbm all present
Federal and Tennessee State Income Taxes
Legal Investments, in bur opinion, for Savings Banks and
Trust Funds in New York State
These Bonds, to be issued for school construction and
improvement purposes, are declared
by law to be the absolute and general obligations of the City, and an unlimited general tax
levy for their payment is required by law and authorized by ordinances.
AMOUNTS, MATURITIES AND PRICES
(Accrued interest to be added)
Amount
Due
$30,000
30,000
30,000
35,000
1940
0.70%
35,000
To Yield
1941
0.90
1942
1.20
1943
1.40
1944
1.55
Amount
Due
$35,000
35,000
43,000
43,000
43,000
1945
1.70%
1946
1.80
Yield
To
1947
1.90
1948
2.00
1949
Due
Price
1950-1954
103^
1955-1959
103
Amount
$263,000 bonds
315,000
"
280,000
"
375,000
"
2.10
1960-1963
102 M
1964-1968
102
The above Bond$ are offered for delivery when, as and if
issued and received by us and subject to approval
of legality by Messrs. Caldwell & Raymond, Attorneys, New York City.
The National City Bank of New York
Paine, Webber & Co.
Eastman, Dillon & Co.
Mackey, Dunn & Co.
Incorporated
Campbell, Phelps & Co.
INC.
November 16,
American National Bank
.
Robinson, Hale & Co., Inc.
MAOUVII II?
NASHVILLE
1938.
Dividends
Tenders Wanted
City of Detroit, Michigan
OTI S
ELEVATOR
The
COMPANY
ders of
City of Detroit, Michigan, will receive ten¬
City of Detroit Callable Refunding Bonds
approximately $401,000 under
in the amount of
Preferred
Dividend
No.
Common Dividend No.
A
160
the
124
share
on
following conditions:
If callable bonds
quarterly dividend of $1.50 per
no
par
20,
offered at
a
premium:
(a) When the interest rate is 4 y2 per cent or
higher, the yield shall be computed to the
dividend of 15£ per
share on the
value Common Stock have
been declared, payable December
a
are
the Preferred Stock and
1938,
to
stockholders
second call date.
of
(b) When the interest rate is less than 4 y2 per
cent, the yield shall be computed to the
retord at the close of business on
November 25,
1938.
third call date.
Checks will be mailed.
'•
If bonds
are offered at par or less than par:
Yield shall be computed to the date of maturity.
C. A. Sanford, Treasurer
■
•
"Hew Tor\, November 16, 1938.
All,tenders shall be in writing and shall be sealed.
Tenders shall show the purpose,
NATIONAL
DAIRY PRODUCTS
the rate of interest,
and the yield.
date of maturity, the dollar value
Tenders will be
CORPORATION
Dividends of $1.75 per share on the Preferred A
and Preferred B stocks, payable January 3, 1939,
and 204 per share on the Common stock, payable
December 15, 1938, have been declared to holders
of record November 29, 1938.
net
accepted on the basis of the highest
yield to the City as computed from the dollar price.
The
City
which
reserves
the right
on
bonds purchased,
delivered subsequent to December 8,1938,
accrued interest up to that date only.
are
to pay
A. A. STICKLER
Treasurer
November 17, 1938
The
City reserves the right to reject any or all
tenders.
LOEWS INCORPORATED
"THEATRES
EVERYWHERE"
1
November 18th, 1938.
THE Board declared a regular dividend
16th, 1938 of Directors on November
an extra dividend of 50c per
the Common Stock of this Com¬
payable December 31st, 1938 to stock¬
holders of record at the close of business on
December 13th, 1938. Checks will be mailed.
of 50c and
snare on
pany,
DAVID
BERNSTEIN
Vice-President bf Treasurer
Tenders
will
be
received
up
to
11:00
A.
M.
Thursday, December 1, 1938, at the office of the
City Controller, 2000 Water Board Building,
Detroit, Michigan, and shall remain firm until
1:00 P. M. of the following day.
JOHN N. DALEY,
City Controller, City of Detroit.
This is under
circumstances to be construed
no
solicitation
of an offer to buy,
any
as an
Nov.
Chronicle
Financial
IV
offer to buy,
ofthe Prospectus.
offering of these securities for sale, or as an
ofsuch securities. The offer is made only by means
19,
1938
or as a
75,000 Shares
DOMINGUEZ OIL FIELDS COMPANY
Capital Stock
(No Par Value)
Price $36 per
share
Copies ofthe Prospectus are obtainablefrom
the undersigned.
DEAN WITTER & CO.
SMITH, BARNEY & CO.
LEHMAN BROTHERS
BLYTH & CO., INC.
November 16,1938
Dividends
Dividends
Dividends
IMPERIAL OIL LIMITED
DIVIDEND
Notice
Shareholders and
to
THE ALABAMA GREAT SOUTHERN
NOTICE
the
Holders of
Is hereby given that a
special disbursement of thirty-seven and onehalf cents (37 He.) per share, both in Canadian
currency, have been declared and that the same
Notice
after the 1st day of Decem¬
THE ROYAL BANK OF CANADA, in Canada.
Shareholders of record at the
17th day of November,
1938, and whose shares are represented by Regis¬
closed
from
a
per
Walter A. Peterson,
Electric
November 16, 1938.
Dominion
will be
tax
mailed
to
Magma Copper Company
deducted from all dividend cheques
non-resident
shareholders
and
the
Fifty-Five cents per share
hap been declared on the stock of this
company, payable December 15,1938,
to
of Income
November 15,1938.
Secretary.
cashing his dividend coupon, an ownership certifi¬
cate on Canadian form No. 601.
Form No. 601,
if not available at local United States Banks, can
be secured on request from the Company's office
or
at any
branch of The Royal Bank of Canada,
Fifty cents per
share has been declared on the capital stock
of Newmont Mining Corporation, payable
December 15, 1938, to stockholders of record
at the close
of business November 28, 1938.
H.
Directors
at
meeting held
November 10, 1938, declared a dividend for the
fourth quarter of the year 1938 of 50c. a share on
a
the Common Stock of Underwood Elliott
Company, payable December 15
Fisher
E.
DODGE, Secretary.
1938.
| M
HlrP|
HJKLjI
Stock
sSSBBSBl
C.
S.
have
closedB
DUNCAN, Treasurer
been
declared,
able December 22,
spective holders of record
THE UNITED GAS
I.
Transfer books will not be
Exchange Place, Jersey City, N. J.
quarterly dividend of THIRTY-SEVEN and
ONE-HALF CENTS a share and an extra divi¬
dend of FIFTY CENTS a share has been de¬
clared on the capital stock of this Company, pay¬
able December 15, 1938, to stockholders of record
at the close of business on December 1,
1938.
The stock transfer books of the Company will
The current quarterly dividend
of $1.25 o share on $5 Dividend
Preferred Stock and a dividend of
25 cents a share on Common
1938, to stock¬
holders of record at the close of business December
2,
15
A
J.
H.
UNDERWOOD ELLIOTT FISHER COMPANY
of
KLUGE8CHEID, Secretary.
not be closed.
Tran
HI
Board
C.
INTERNATIONAL SALT COMPANY
Dividend No. 41
A dividend of One dollar and
ORDER OF THE BOARD
F. E. HOLBROOK, Secretary.
56 Church Street,
Toronto, Ontario.
The
R.
Corporation
in Canada.
BY
the year 1938 of
1938
Newmont Mining
Tax for
such payment.
To obtain such receipt the United
States shareholder must submit, at the time of
Broadway, New York
($1.00)
Dollar per share has today been
declared by Kennecott Copper Corporation, pay¬
able on December 23, 1938, to stockholders of
record at the close of business on November 25,
claimed, the United States Tax
require the receipt or certificate of
Commissioner
120
A final cash distribution for
One
be
Canadian
KENNEC0TT COPPER CORPORATION
stockholders of record at the close of
H. E. DODGE,
States against the tax shown on their United States
Income Tax Return.
To enable such
the
A. McKENNA, Treasurer.
business November 28, 1938.
Federal
to
J.
A dividend of
is allowable to shareholders resident in the United
Authorities
.
terly dividend of one and three-quarters percent
(1%%) on the Preferred Stock of the Corporation,
payable December 15, 1938 to stockholders of
record December 1, 1938.
Dividend No. 65
This
Company's Bankers, when paying the dividend on
presentation of coupons belonging to non-resident
shareholders, will deduct the tax on presentation
of the coupons.
Ownership certificates must be
presented with all dividend coupons owned by
residents of Canada and presented for payment.
A credit for the 5% Canadian tax so withheld
credit
Corporation
The Board of Directors this day declared a quar¬
rants will be
such non-residents from Canadian debtors.
Southern
One Exchange Place, Jersey City, New Jersey
the
"split" during that period.
of Canada imposes a tax of
5% deductible at the source on all non-residents
of Canada in respect of dividends received by
Great
The United Gas and
Treasurer
18th day of November to the 30th day of Novem¬
ber, 1938, inclusive, and no Bearer Share War¬
The
Alabama
The
C. E. A. MCCARTHY. Vice-President and Secretary.
November 14, 1938.
by cheque mailed from the offices of the Com¬
pany on or before the 30th day of November, 1938.
be
75tf
business November 23, 1938.
tered certificates of the 1929 issue, will be made
will
that
given
hereby
of such stock of record at the close of
The payment to
close in business on the
books
of
of
Company has been declared payable
1938, to stockholders of record at
the close of business November 29, 1938.
An extra dividend of six per cent, on
the
Ordinary Stock has been declared payable Decem¬
ber 23, 1938, to stockholders or record at the
close of business November 29, 1938.
December 23,
share for the
quarter ending November 30, 1938,
has been declared on the 6% Pre¬
ferred Stock of Atlas Corporation,
payable December 1, 1938 to holders
Coupons No. 50 to any Branch of:
transfer
is
dividend
Stock
Railroad
6% Preferred Stock
on
ber, 1938. in respect to the shares specified in any
Bearer Share warrants of the Company of the
1929 issue upon presentation and delivery of
The
An extra dividend of six per cent, on the Pre¬
ferred
Dividend No. 9
a
New York, November 16, 1938."
o
Atlas Corporation
semi-annual
dividend of twenty-five cents (25c.) per share and
will be payable on or
COMPANY
RAILROAD
.
Share Warrants
October 25,
W.
Incorporated
Racine, Wis.,
re¬
November 29, 1938.
IMPROVEMENT CO.
MORRIS, Treasurer
1938
J. I. Case Company
pay-
1938, to
Philadelphia, Po.
OSBORN, Secretary.
A
dividend
November 18, 1938.
per share upon the out¬
of $1.75
standing Preferred Stock of this Company has
been declared payable December 31st, 1938, to
record at
1938.
holders
of
cember
the
close
of business
De¬
12th,
THEO.
JOHNSON, Secretary.
nnttmrcWf
Vol. 147
NOVEMBER 19, 1938
No. 3830.
CONTENTS
Editorials
PAGE
The Financial Situation
3059
The
3072
Wage-Hour Law in Theory and Practice
The Dictators Hold the Cards..
3074
Comment and Review
New
Capital Issues in Great Britain
3076
The Business Man's Book Shelf
Week
on
the
..3076
European Stock Exchanges..
3063
Foreign Political and Economic Situation
3064
Foreign Exchange Rates and Comment
3069 & 3106
Course of the Bond Market
3076
Indications of Business Activity
3077
Week
on
the New York Stock
Week
on
the New York Curb Exchange
Exchange....
..3061
3105
News
Current Events and Discussions
Bank and Trust
3088
Company Items
3105
General Corporation and Investment News
Dry Goods Trade
State and
3148
3188
.,
Municipal Department.
3189
-
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
...3108 & 3115
Sinking Fund Notices
3109
Dividends Declared
...3109
Auction Sales
3108
New York Stock
Exchange—Stock Quotations
New York Stock
..3116
Exchange—Bond Quotations. .3116 & 3126
New York Curb
Exchange—Stock Quotations
3132
New York Curb
Exchange—Bond Quotations..
3136
Other Exchanges—Stock and Bond
Quotations........3138
Canadian Markets—Stock and Bond Quotations
3142
Over-the-Counter Securities—Stock & Bond Quotations.3145
Reports
Foreign Bank Statements
....
Course of Bank Clearings..
3106
Federal Reserve Bank Statements
General
9
3088 & 3113
Corporation and Investment News—
»"
3068
»
-.3148
•
Commodities
The Commercial Markets and the
Crops..
3176
Cotton
3179
Breadstuffs
3184
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York
City,
Herbert D. Selbert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Rlggs, Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 8outh La Salle Street (Telephone
State 0613).
London—Edwards 8c Smith, ! 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.
Financial
VI
This is under no circumstances to be construed as an
as an
offer to buy, or
The
as a
Nov.
Chronicle
1938
If
offering of these Bonds for sale, or
solicitation of an offer to buy, any
of such Bonds.
offer is made only by means of the Prospectus.
$40,000,000
Government of the Dominion of Canada
Thirty Year 3% Bonds
Dated November
15,1938
.
...
Price 97lU% and Accrued Interest
Copies of the Prospectus
are
obtainable from the undersigned.
MORGAN STANLEY & CO.
Incorporated
<
THE FIRST BOSTON CORPORATION
BROWN HARRIMAN & CO.
Incorporated
SMITH, BARNEY & CO.
WOOD, GUNDY & CO., INC.
DOMINION SECURITIES CORPORATION
A. E. AMES & CO.
Incorporated
Dated November 17,1938,
The Financial Situation
AN
*
ENGLISH
\
himself
he
said
who
poet-philosopher,
that
of the first tenets of sound banking, but that disregard had an earlier beginning. It started early
in the World War, and before the end of hostilities
in 1918 had reached an advanced stage.
of
"lisped in numbers because
the numbers came;" one wrote:
Vice is
monster of so
a
frightful mien
As, to be hated, needs but to be seen;
:
"
Yet
oft, familiar with her face,
too
seen
We first endure, then pity,
The
student of
serious
applicable
business
domain
of
than
role of savior of the banking system, to give full
con-
approval to various ideas which had been lurking
in the background, never ostensibly and directly'
accepted although often practised, to enact them
in
into law, and, still more important, to proceed
actively to give them effect in the central banking
system and elsewhere as far
appropriate at the
this
knows
Heaven
banking.
country has economic sins
them
in
as
Private
have been committed
by government,
the
upon
says
the National Works
own
there is work
people busy
twenty or thirty years.
There is housing to
be built to replace shacks unfit for human
habitation,
an
enormous
program
of soil
by
community
convinced,"
am
Officially,
and
conservation
have thrown ourselves
of
human
restoring business and fi¬
I
nancial
agers
how it is going to be done, or
take the place
of WPA.
The important thing is that there
are fine things to be done in this country."
At a later point in the address
in New
York this week from which these sentences
have been extracted, the Administrator added
that "the more people that can get their in-*
come
that way [by private employment], in
the
is
than
to
today far greater
has
it
been in
before
ever
entire
our
history,
and much greater than we
afford.
can
yielded
the
to
subsidy and planned
econ¬
and
agriculture
in
omy
and
have
rections
the
sown
before
goes
community have,
believe,
much of
are
only
laws and generally
however,
generally
ness
restrictive legislation
of
getting
is
men
more
field have
directly
our
appears
to
be much less
Here, probably due to
be in danger
and sound what is taking
Yet in no
policies in recent years been
completely ^at - variance
and
-
with
generally conceded
of sound banking.
It was in banking that the "modern" virus first
and most disastrously began to work in our midst,
what
only
to be
the tried and true principles
a
few
years ago were
Many, if indeed not most, of
'twenties
and
the
ill's
of the
the evils of the late
years
following the
crash of 1929 must be laid at the door of
of furnishing
out
capital,
liquidity
of date,, that even
of market¬
ability is losing ground—
whether
we
like it
or
not—
and that the proper course
is
place, or at least all too much of it.
other
in the busi¬
the conception
several causes, we seem definitely to
right
are
that
accepted,
the banks
in these
•
convincing in this respect.
accepting as
large
a
whose members keep
reemployed in
industry where he apparently wants them,
and moreover, as things are now done, tend
very strongly to render many of these men
virtually unemployable in private business.
difficulties
been
situation
for
growing
that the idea of
Wiser heads in the business community
embraced.
In banking,
the
is
apparently
group
effort "to keep 2,000,000
have endured but have not
of
and
today increasingly
skeptical.
there
addition
people
busy twenty or thirty years" getting "fine
things" done
add immeasurably to the
we ven¬
greatly misled, and happily
course
banking to take, while in
understand that
ill-conceived and badly executed
but the very
and in-,
never
the natural
as
proper
concept of banking is now
not
telligence in the business
ture to
and
their total income each
tax
larger number of
of experience
rapidly accepting much
of all this
remarks, is his inability to
Regarding most of these
the
thought
subject appear to
repeating that this strange
out of that source as possible."
The trouble with the Administrator,
transgressions, however, by
men
be
of
leaders
the
on
year
reaping the whirlwind.
far
dis¬
inconsiderable number
other
on
them get as
which
wind
many
of bankers themselves and
not
and
try
di¬
other
good
a
even more
quieting is the fact that
no
effect, favorably
contemplate,
to
various
in
way —
and unfavorably, on indus¬
the number of people who are
getting their total income out of industry.
I know that, and I think it is government's
business to do all it can to see as many of
elsewhere with results not
pleasant
But
more.
that that is done.
And while
trying to discuss it here, I am not
unmindful of the fact that questions of taxa¬
tion and of control of industry can have an
are
their
in 1932 and
or
system to see
we
would
transgressions against
which so much was said
of
judgment, the better off we are, and
clearly it is the business of government to do
everything it can to implement the economic
of
sirens
question
the
had
.
my
have
We
raising
country
or
—
practically all of the basic
whether something is going to
public
where
point
debt
worship
our
not
am
mechanics,
and have
health,
pursued
of
as a means
of their
embrace if New Deal man¬
conservation
work.
the idol
before
spending
this
in
embraces
our
of
more
devising until today
banking
national policy demands it, the
production of armaments to protect this
part of the world.
I am not raising the ques¬
tion of who shall spend the money for this
and, if
prostrate
possible, and to these
they added
Progress Administrator, "that
in America to keep
2,000,000
foisted
or
government.
we
Employment and WPA
recent
"I
years
Banking
remained, however, for the New Deal, in the
is sometimes
aplenty to expiate, albeit
most" of
in
observation is not
latter realm does it appear more
moment
Dealism
the economic sphere as in any
human life, and nowhere in this
in
other
New
- _ .
then embrace.
strained to wonder if this sage
as
—
disregard
business
of
to
wholly strange to this country.
voices
ciation
were
proceed
with
the
converting the banks into institutions
While understanding
raised at the American Bankers Asso¬
convention
this
week
at
Houston,
there
likewise several speakers who showed all too
plainly that they are falling victims to modern
were
banking heresy.
What has taken place in the banking system and
its practices during the past quarter of a century
is little short of revolutionary. The original Federal
Reserve Act twenty-five years ago embodied the idea
of a really liquid banking system, its reliance resting upon self-liquidating paper, and claims upon it,
as a matter of course convertible into gold upon
demand. It is true, to be sure, that not all of the
principles embodied in that measure were fully ac-
3060
Financial
Chronicle
Nov.
19, 1938
cepted by the financial community, and certainly
to the untrained eye no very
not all
of disease.
Banks have been relieved of the
tion to pay
in gold
and
of them
were
ever
observed
fully in letter
spirit. Still at that time lip service to the self-
liquidating idea
it in
actual
open,
and they
such.
practice
and
usually not direct and
were
not ordinarily admitted to be
were
Generally speaking, and certainly
tively speaking,
their assets
generally paid; deviations from
was
we were
legal tender,
used that legally im¬
so
requirements have all but lost their
reserve
meaning.
still adherents of the be-
convertible into
now
obliga¬
demand, practically all of
upon
incoming gold has been
posed
compara¬
are
disturbing indications
Arbitrary appraisal of assets, long quite
general, has
largely removed the necessity of
even
lief that the assets of commercial banks should be
maintaining adequate capitals A grandiose deposit
liquid, and that convertibility into gold
insurance scheme has been developed which is
check
and test of the
To many
of the
younger
read almost like
now
land.
a
generation all this will
Why then, it is asked, should anything in the nature
from Alice in Wonder-
page
of
mitted to hold.
public is not
It has been only a
the President himself referred in
who would return to the "old
bank
assets,
tempted to
they consist
very
ever
there,
derision to those
of this sort of twaddle.
largely,
very
can
much
summon
confidence in
It is much too
is
by the unlimited issue of legal tender
to deposit insurance as it
now
currency.
at most but
banks to guarantee the deposits of each.
their
what
matter
technical
tenure
those to whom is entrusted the
banking system
They indeed
allegedly
whole,
no
be—and
may
see
face
As
is constituted, it is
standpoint of the banking system
a
the
closely akin
tions—long term in reality when viewed from the
as
or
to the idea that all fiscal problems can be solved
As
one
occurs
who do not understand what they
or
few months since
gold standard."
and if it
occur,
serious if bank assets equal
But only those who refuse to look beneath the
surface,
per-
almost wholly, of long term obliga-
say
banks
on
exceed deposits?
euphemistically termed gold certif-
are
icates have been issued which the
"run"
a
how can it be
safely in Government vaults, and against part
of it what
sup-
posed to make banking safe for most depositors.
Today all the monetary gold of the country is
locked
to
as a constant
system was essential.
mechanism which in part requires all
a
The whole
structure depends upon the solidity of the banking
supervision of the
system as a whole, and the solvency of the entire
nothing disturbing in the fact
see
system is largely dependent upon the price of gov-
and
are more
inclined to take the
more
ernment
desirable feature of marketability very
bonds, and the readiness of the Reserve
system in any real emergency to convert a large part
lightly. As to the banner of real banking soundness,
of
only
nothing of converting various other types of frozen
few
are
heroes gave
it."
a
The
in
•
self-styled realist in banking is quite correct
saying that these conditions
can
it
"left to lave it in the blood that
be
implying that there is nothing that
as
done
about
taken
it, that
in
or
this way
assets in
similar way.
The whole system that has
test of their condition.
banks of the country have been cajoled or forced
into various practices which experience has taught
can
in human
or
argue
in
robs them of their ability to withstand any rigorous
test of their health.
But this is by no means the full story.
never
banking and existing practices of commercial bank-
can
continue to function.
ing
essary
defeatist
for all time to come, is to adopt
attitude
dangers to
our
in
the
of
face
of
the
gravest
whole economic structure.
not be considered for
a
moment.
a
of
It should
The enslavement
banking to the weird modern ideas of economic
planning and management is precisely
table
today
and it is
as
as
regret-
it would have been fifty years ago,
precisely
as
essential that the notion be
discarded root and branch
today
been
It would be disastrous
to
half
a
allow
blind
us
century
ago.
as
it would have
familiarity with this type of banking to
to the
necessity of ending it.
the
have
aware
a
theory,
to
or
It is not in the least
any
Deal
nec-
long discussion of
doctrine
espouse any one
con-
cerning the effect of arbitrary creation of bank deposits against illiquid assets.
what his
ig
own
No
one,
no
matter
personal opinions about these matters,
likely to question the fact that wholesale writing
Up
of bank deposits in the
way
been increased in recent years
later
sooner or
gives rise to wide repercussions throughout
the entire economic structure.
has
in which they have
inevitably
To
extent this
some
already occurred. That it has not taken place
larger degree is doubtless due to general
lack of confidence in the situation
that New
It is not,
question of whether the banks
folded itself.
as
it has
un-
Onj^the inflationary elements which
altered banking law that they be-
have been introduced into the banking and credit
they have eliminated the necessity, and even
structure during the past five years "take hold" as
managers
lieve
of course, well
are,
credit
is, simply
to enter here into
in much
Alleged Safeguards
We
any
Meanwhile, naturally, the
and
us
currency—to say
designed to enable the banks to avoid meeting
conceptions of commercial
upon
fiat
been developed in recent years is as a matter of fact
clear just what the change
are not very
into
be
something else—those who
is—which fastens these
a
debt
mysterious change has
some
place in the economic system
nature
There
are upon us.
dispute regarding the fact, but to accept
no
the national
so
desirability, of
banking,
selves in
but
so
they
are
supposing.
smash the thermometer
ments
older maxims of sound
apparently is desired
merely
many
the results
deluding
them-
What they have done is to
and
various
other
instru-
ordinarily used in testing the patient's
con-
are
so
urgently at Washington,
likely to be anything but wholesome,
We have not yet succeeded in fully clearing up the
debris from the
explosion that followed somewhat
similar tactics during the
war
and in the first post-
dition, and to lay down quite arbitrarily certain
new standards
by which to gauge the state of health
war
of the
quated" gold standard or by reason of "old-fash-
patient.
ferer from
a
One might
slow
as
malignancy
well say that a sufor some
other wast-
decade.
That explosion occurred, let it be re¬
iterated, not because
ioned" ideas that
were
we
adhered to
banking practices that preceded it.
nourishment and go
of sound banking
are
"anti-
still held, but because of the
ing disease is in perfect health if he is able to take
about his business, and reveals
some
The principles
just what they have always
Financial
Volume 147
Chronicle
been, and the penalties for disregarding them will
in the future be
been in the
These
when
simple, if to
of
unpleasant
as
they have
end" by
well
are
some
to
unpalatable, truths
bear
under way
actively in mind
concerning ways
banks receded $1,253,000 to $6,547,000. Industrial
advances increased $254,000 to $15,417,000, while
commitments to make such advances moved up $1,027,000 to $14,345,000. Open market holdings of
bankers bills and United States Treasury securities
were unchanged,
increasing bank earnings, relieving
depression,
able
be
discussions
means
the
as
past.
are
it would
which
and
precisely
D
accomplishing some other desir-
or
r-run?
" I"
of
endorsing practices on the part
commercial banks which
experience has taught are
particular moment this is of special im-
this
portance—the undue investment of banking funds
in
long term, illiquid assets by whatever name
may
be called.
~
.
.
8ine88 y*Ure8 in C ° er.
f are~ record for October provides some
?r °P^imist1c reasoning concerning the
t
•$
8 a a usln^ss conditions. Seasonally October
casua ^es exceed September, and the average
° ^ lncrease *or the 10 years> 1928-37,
^a8
18 was Precisely the percentage gain
0ctober (1936 being the exception) the gain for
bu* 111 three «preceding
four years
fraught with danger. These practices include—and
at
3061
they
.
month ranged from 31% to 35%.
Federal Reserve Bank Statement
with last year,
October's casualties
are
Compared
22% higher,
EXPANSION of emphatic scale is reflectedcountry with while thig in thesubstantial four months, over
rather the credit resources of the
in the and increases is a preceding gaillj it compares
a
on
official
banking statistics this week.
found their
reserve
Member banks
4be corresponding months of
balances sharply higher, and it is
legal
officially estimated that excess reserves over
indicate
of Nov. 16,
a
gain for the statement week of $130,000,000. This
tendency was due in the main to a decrease of $32,000,000 in currency circulation, and to heavy Treasury expenditures.
Monetary gold additions of $71,000,000 raised the total gold stocks to $14,162,000,000
requirements totaled $3,260,000,000 as
some
997 and involved
Disasters in October totaled
$13,219,000 of liabilities, which compare with 866
involving $14,341,000 in September and 815 involving $i4;079,000 in October, 1937.
Contrary to the
failures in the manufacturing
industry declined from a year ago, numbering 172
witb liabilities of $4,110,000 as compared with 196
general
added to the idle bank resources.
and this naturally
1937, of 48%, 38%,
These factors tend to
change for the better,
61% and 52%, respectively.
showing,
only
failureS and
$7,200,000 liabilities in October, 1937.
$44,000,000 under the all-time record
achieved in
yj,e greatest
December, 1935, and it is quite possible
that
gain and by far the largest percentage
the retail trade classifica-
At the level
record
soon
now
reported,
will develop.
circulation is important,
is
a
excess reserves are
fresh
a
0f increase was shown in
The decline in currency
in this respect, for the
reversal of the heavy additions
627 insolvencies with
compared with 446 with
$3^25,000 liabilities in October, 1937. One hundred
eight wholesaie companies failed for $2,676,000, while
lagt year 96 failed for $2,074,000; there were 43
constrUction failures involving $607,000 last month
tion>
trend
of recent weeks.
Tuesday
Federal Reserve authorities made known last
the
of
results
currency
special investigation of American
a
as
a
consequence
math.
.
hoarding in Europe, and it appeared that
large amounts of our circulating medium were
The
still is the
taken
that
effective demand for credit
accommodation.
The weekly reporting member
banks in New York City show a decline of $5,000,000
in business loans, in the statement week, while
brokers loans on security collateral advanced only
be
no
$2,000,000.
.
in Washington deposited $86,003,000
The Treasury
gold certificates with the 12 Federal Reserve Banks
indicating reimbursement not
in the week to Nov. 16,
only for the gold additions of the week, but
some
metal that
certificate
and
was
holdings
returning
also for
acquired previously. Total gold
were
currency
raised to $11,403,701,000, '
added to the cash of the
regional banks, so that their total reserves
increased
$104,143,000 to $11,782,710,000.
Federal Reserve
notes in actual circulation declined $9,938,000 to
$4,345,816,000.
Total deposits with the 12 Federal
$141,197,000, to $9,795,644,-
Reserve Banks were up
000,
with the account variations consisting of an
member bank reserve balances by $180,-
increase of
457,000 to $8,726,623,000; a
decrease of the Treasury
general account by $34,190,000 to, $543,576,000; a
of $15,185,000 to
deposits by
$10,115,000 to $322,597,000. The reserve ratio fell
to 83.3% from 83.4%.
Discounts by the regional
drop in foreign bank balances
$202,848,000, and an increase of other
$424,000 a year earlier;
numbered 47 compared
with 40 lagt year> but liabilities dropped to $575,000
from $1;056,000 in October, 1937.
jn
geographical division of the failure figures
compiied by Dun & Bradstreet, the New York Federal Reserve District was the only district in which
faiiureg were not higher than in October, 1937.
In
(jiat district there were 257 casualties compared
with 266 lagt yeai>) but liabilities rose to $5,107,000
from $4,593,000.
While all other districts showed
g^ie gains in number of insolvencies over a year
there were five of tbe 12 in which liabilities
wer'e legg than in October last year. These were
the phiiadeiphia, Cleveland, Richmond, Chicago and
commercial service failures
principal factor in the banking statistics
And it remains necessary to note, once again,
liabilities
compared with 37 involving
of the political crisis and its after-
extraordinary accumulation of idle funds.
there appears to
in which there were
$5^51,000
.
gan prancisco
districts,
$
e
i
**
1
The New York Stock ar et
IN A SERIES of troubled sessions, prices dropped
1 sharply this week on the New York Stock Exchange.
The bulge occasioned last week by the
good news of the election trend was wiped out
entirely, as attention turned once again to the numerous internal and international difficulties that
face business. The brief session last Saturday still
was dominated by the good influence of conservative tendencies among the electorate, and dozens of
fresh highs for the year then were recorded. Beginning last Monday, however, weakness was the rule
in the stock market, and for the week as a whole
prominent stocks show losses of two to six points,
3062
Financial
with all groups
recorded
Profit-taking at the levels
affected.
in the
post-election advance undoubtedly
had much to do with the declines of the
sions of this week.
Chronicle
But
early
ses-
prices kept drifting irregu-
Nov;, 19,
On the New York Stock Exchange the sales at
the half-day session
shares;
shares;
1,416,310 shares.
There
work.
at
was
a
slight rally
Thursday, but the downward tendency again
vailed
yesterday.
Trading
ranged
pre-
the"
around
1,500,000 share level in all sessions excepting that
under
'
1,000,000 shares.
,
International affairs
with
the
were
not
local
probably had
market
trend, but such influences
solely adverse.
The terrible Nazi
tion of German Jews and the reaction
Thursday, 994,580 shares, and on Friday,
on
On the New York Curb Exchange
Monday, 253,660shares; on Tuesday, 209,420 shares;
Wednesday, 320,900 shares; on Thursday, 186,635-
on
shares, and on Friday, 299,765 shares,
The progressive movement of equities last week
carried into Saturday's market and brought
was
.
little to do
a
on
the sales last Saturday were 162,295 shares; on
Thursday, when the turnover fell to slightly
on
1,005,680
were
Tuesday, 1,465,980 shares; on Wednesday, 1,794,780
ing the impression that more fundamental considwere
Saturday last
on
Monday they were 1,651,280 shares;
on
larly lower Monday, Tuesday and Wednesday, leaverations
1938
persecu-
against the
about
a
generally higher trend throughout the list,
Steel issues attracted much notice, with automotive
shares not far behind, while rail and utility shares
finished the session with irregular changes.
In-
Reich in free countries doubtless will tend to dimin-
vestors' interest continued to
ish world trade.
the aviation, copper and chemical groups, and they
But the
reciprocal trade treaties
cling to securities in
signed at Washington, Thursday, with the British
also kept pace with other market leaders.
and Canadian Governments
disturbances abroad, which had their effect on for-^
offset the
It is
losses,
far
so
than
are more
likely to
this country is concerned,
as
likely that the stock market declined
more
purely domestic considerations, such
be
continued.
borne in
was
balanced
Monday and brought about substantial profit-taking
insistence
as
which cut into former gains of prominent issues by
are
few
a
remain almost
to
sure
confiscatory
three years more.
There
were
special developments during the week that
stimulated
certain
times, owing to
of
creases
of securities.
groups
manufacturing stocks
in
painful realization again
budget still is far distant, and
for at least two to
a
course
the business community that
upon
Federal
that taxes
The
unification
almost all facilities.
and far between in
But such
rather
a
the
on
official
huge block of
a
new
month to finance the
rated
corporate
slightly.
Good
good spots
few
were
was
were
enced for
ernment
a
new
issue of
bonds, placed
of
likewise
Among speculative issues
drift
a
was
market
to
sharp
relinquished
a
show of steadiness
Early strength
on
from
Wednesday,
stepped
as
gave way
and
major
three points
to
one
or
Sales volume, in
from their previous levels.
shares
on
liquidation
was
a
result, the market for the day
to approximately 1,794,000
up
compared with less than 1,500,000 shares
Tuesday, and erratic movements in the pound
again contributed to the uneasiness in trading,
suiting in lower prices for the day.
tion
of confidence
was
evident
re-
Some restore-
Thursday with
on
ease,
to
the recovery of the pound, and prices among market
leaders advanced from
experi-
Thursday,
one
to two points.
Trading,
however, was very dull, and sales turnover declined
to less than 1,000,000 shares.
ous
Chief
among
to show improvement
groups
were
the vari-
the steel,
irregular downward
motors
and
stocks.
After early firmness stocks yesterday ran
an
ing out as a point of intermittent strength. Commodity markets displayed steadiness, and some of
the important staples
managed to advance despite
the
As
rule, with local traction bonds stand-
the
was
better tone.
Best
$40,000,000 Canadian Govthe
pound fell, stock prices dipped in sympathy, and
turn,
tended
nevertheless
move-
prices, and when the fortunes of the
when recovery set in, equities likewise reflected
more
extraordinary
move-
The pound
seemed to be in close synchronization with the
ments of share
generally
bonds will be offered next
on
considerable attention from traders, and its
ments were followed with great care.
resistance
more
pre-
dominated in early trading, and losses of one to
two points occurred.
The pound sterling received
stocks
spending-lending deficit.
bonds
whole approached their
a
On Tuesday lower prices
present at the close.
policy
demand
closing time equities as
low levels of the day.
irregularly lower, although
monetary ease, and partly because of expectations
that
The market at the outset
was
liquidation. United States Treasury
slowly drifted downward, partly because of
assaults
to three points.
was
in bonds to the
issues
one
suffered from the pressure of liquidation, and at
be
gloomy week.
holders, but there
from
city ownership of
progress soon may
under
In the listed bond market trends
adverse to
contemplated
City traction securities,
owing to the impression that
toward
are
in-
Good buying also appeared from
time to time in New York
made
that tremendous
aerial armaments
our
Washington.
Airplane
in excellent demand, at
were
indications
eign markets, induced some uneasiness at home on
on
by Mr. Roosevelt that his so-called "liberal"
will
Political
uncertainty of the securities market.
In
foreign
related
aircraft
issues,
into heavy selling and dropped
on
an
losses
increased
were
turnover
recorded
of
at the
and
to three points
one
sales.
close
compared with closing quotations
copper
Pronounced
on
on
Friday
as
Thursday of
exchange trading sterling, francs and other leading
units moved irregularly
lower, in terms of the dol-
last week.
lar, and gold continued to flow toward this side
Edison Co. of N. Y. at 31 against 33%; Columbia
of the Atlantic.
Gas & Elec. at 7
On
the
touched
New
new
and
on
Stock
Exchange 192 stocks
high levels for the
stocks touched
Curb
York
new
low levels.
year
Exchange 90 stocks touched
11
the
stocks touched
New
York
changed at 1%.
new
Stock
while two
On the New Yrork
new
low levels.
high levels
Call
loans
Exchange remained
.
•
un,
,
General Electric closed yesterday at 43%
against 47%
on
Thursday of last week; Consolidated
against 8%; Public Service of N. J.
at 33 against 33%; J. I. Case Threshing Machine
at 90% against 94; International Harvester at 61%
against 66%; Sears, Roebuck & Co. at 73 against
76%; Montgomery Ward & Co. at 49% against 53%;
Woolworth at 51
against 52%, and American Tel. &
Tel. at 147% against 148%.
Western Union closed
yesterday at 25% against 28% on Thursday of last
4
Volume
Financial
147
week; Allied Chemical & Dye at 182% against 192;
E. I. du Pont de Nemours at
tional Cash
141% against 149; Na-
Register at 24% against 26%; National
Dairy Products at 13% against 14%; National
cuit at
Bis-
25% against 27%; Texas Gulf Sulphur at
32% against 34%; Continental Can at 383% against
41%; Eastman Kodak at 179 against 186%; Standard Brands at
7% against 7%; Westinghouse Elec.
3063
Chronicle
yesterday was 15.93c. as against 17.08c. the close
on Thursday of last week. Domestic copper closed
yesterday at ll%e., the close on Thursday of last
week.
In London the price of bar silver yesterday was
P^ce per ounce as against 19% pence per
ounce the close on Thursday of last week, and spot
silver in New York closed yesterday at 423%c., the
close on Thursday of last week.—In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $4.70 3/16
tional Distillers at 27% against 29%.
as .against $4.73 13/16 the close on Thursday of last
The steel stocks lost several points this week,
week, and cable transfers on Paris closed yesterday
United States Steel closed yesterday at 65% against
at 2.63%c. as against 2.64%c. the close on Thursday
69% on Thursday of last week; Inland Steel at 89%
°I
week.
against 94; Bethlehem Steel at 72% against 74%,
!
European Stock Markets
and Youngstown Sheet & Tube at 51% against 54%.
DRICES of securities drifted lower this week on
In the motor group, Auburn Auto closed yesterday
*
the stock exchanges of the leading European
at 4% against 5% on Thursday of last week; Genfinancial centers, with the London market showing
eral Motors at 49% against 53; Chrysler at 80%
more steadiness than the exchanges at Paris or
against 86%, and Hupp Motors at 2% against 2%.
Berlin. International affairs once again appeared
In the rubber group, Goodyear Tire & Rubber closed
to dominate the exchanges in Europe, largely beyesterday at 32% against 35% on Thursday of last
cause of the direct effects and the repercussions
week; B. F. Goodrich at 23% against 26%, and
of the itensified Nazi persecution of German Jews.
United States Rubber at 49% against 55.
The railThe London and Paris exchanges escaped any direct
road shares closed lower the present week.
Penneffects, of course, but it was realized that European
sylvania RR. closed yesterday at 21% against 24 on
appeasement would be delayed indefinitely, and in
Thursday of last week; Atchison Topeka & Santa Fe
the absence of any buying of consequence moveat 38% against 44%; New York Central at 18%
ments on those markets were principally downagainst 21%; Union Pacific at 95% against 98%;
ward. The Berlin Boerse was unsettled sharply by
Southern Pacific at 18% against 21%; Southern
the untoward events, until edicts were issued preRailway at 18% against 21%, and Northern Pacific
venting Jews from dealing on the market. Internal
at 12 against 13%.
Among the oil stocks, Standard
difficulties in France contributed to the irregularity
Oil of N. J. closed yesterday at 52% against 55%
of the Paris Bourse. Trade and industrial reports
Thursday of last week; Shell Union Oil at 14%
from the leading European countries indicate, meanagainst 15, and Atlantic Refining at 22% against
while, that business is being well maintained. The
23%. In the copper group, Anaconda Copper closed
trade agreement between the United States and
yesterday at 34% against 37% on Thursday of last
Great Britain was regarded as a happy augury of
week; American Smelting & Refining at 52% against
increased world commerce, and toward the end of
57, and Phelps Dodge at 42% against 47.
1he week this was a heartening factor on the stock
&
Mfg. at 1163% against 124;
Lorillard at 193%
against 18;
Schenley Distillers at 20% against 20%, and Na-
against 21%;
163%
Dry at
Canada
on
some
industrial
and
Trade
in
reports were encouraging
respects and discouraging in others.
Steel
operations for the week ending today were estimated
by American
Steel Institute atk
Iron and
62.6% of capacity against 61.0% last week, 49.4%
a
month
ago,
and 36.4%
at this time last year,
Production of electric power was
Electric
son
Institute
at
reported by Edi-
2,209,324,000
kilowatt
hours for
two
tfye week ended Nov. 12, which contained
holidays. The figure compares with production
2,207,444,000 kilowatt hours in the preceding
of
week, and 2,176,557,000 kilowatt hours in the corre-
sponding week of last year.
Car loadings of reveniie
freight in the week to Nov. 12 amounted to 636,710
cars,
the Association of American Railroads reports,
This
was
a
week, and
the
same
As
a
drop of 36,623 cars from the previous
decline of 49,216 cars from the level for
week of 1937.
indicating the course of the commodity mar-
kets, the December option for wheat
closed
on
in Chicago
yesterday at 64c. as against 63%c. the close
Thursday
of
last
week.
December corn at
against 47%c.
Chicago closed yesterday at 47%c. as
the close
on
Thursday of last week.
December oats
25%c. as against
of last week.
The spot price for cotton here in New York closed
yesterday at 9.39c. as against 9.18c. the close on
Thursday of last week. The spot price for rubber
at
Chicago closed yesterday at
25%c. the close on Thursday
markets,
Dealings on the London Stock Exchange were
small on Monday, with the trend slightly lower in
nearly all departments. Gilt-edged issues were in
supply, and most British industrial stocks also lost
ground. Mining and other commodity securities
were quite weak, and international securities likewise followed the course of least resistance to lower
levels. Uneasiness regarding international developments depressed the London market again, Tuesday,
Relatively sharp losses were registered in gilt-edged
stocks, while industrial stocks and commodity issues
continued their decline. Anglo-American trading
favorites were in better demand, but the gains were
small. The tone was more cheerful on Wednesday,
but little business was done. Gilt-edged issues rallied somewhat, and good features appeared among
industrial, mining and commodity shares. .The inquiry for trans-Atlantic issues increased and occasioned good improvement in those stocks. Movements on Thursday were irregularly downward,
Gilt-edged issues lost a little ground, and the industrial section was irregular. The mining group
attracted some buying, as did the international section. British funds were marked higher yesterday,
and industrial shares also were in demand. International issues improved a little,
Trading on the Paris Bourse was
Monday by the good effects
dominated last
of the week-end decrees,
3064
Financial Chronicle
issued by
Premier Daladier and Finance Minister
Reynaud in the effort to adjust the French economy
conditions.
world
to
in excellent
were
reflected
ties
and
French
equities
demand, while international securi-
the
liquidation that always develops
investors convince themselves of
French
when
Rentes
soundness of the franc.
On
the
Tuesday doubt began to
Nov.
19, ms
capstone of the program, since the concessions in
our own
import tariff will be generalized.
Much of
the British Empire is concerned in the accord
now
proclaimed, for the agreement involves not only the
United Kingdom, but also
colonies that
these
are
than 50 British
more
not self-governing.
are
Chief among
Newfoundland, Jamaica, Trinidad, British
prevail about the ability of the Daladier regime to
Malaya, Hongkong, Ceylon, Tobago, the Gold Coast
withstand the assaults from the Left that the decrees
and Nigeria.
will
atmos-
with Canada may be indicative of extension of the
Profit-taking took
broad scale, and wiped out most of the
essentials of the agreement to the self-governing
bring, and the thickening international
phere added to the uncertainty.
place
on a
of
advances
the
previous
resistant, however, and
their
previous gains.
tinued
Rentes
and
securities
in
Front
opposition
the
equities,
recorded
were
while
into demand. Movements
were severe
some
issues
figures from which the early advance of
the week started.
The Bourse
Thursday, and most changes
figures. Buying orders
were
was
fairly stable
were toward
on
improved
well distributed among
Rentes, French equities and international securities,
Another session of
Rentes
day.
declining prices
and
French
was
equities
noted yester-
sharply
were
lower.
started
the
for what
they would bring by the unfortunate vie-
tims of Nazi
fine of
market
outrages, who
were assessed a
1,000,000,000 marks for the
lump-sum
assassination of
diplomatic official in Paris by a crazed Jewish
youth. Leading stocks fell two to three points, and
a
securities
some
were
off
as
much
as
seven
to
eight
points.
Recovery followed at Berlin, Tuesday,
owing partly to intervention by the large German
banks and partly to regulations
against trading by
of
persons
Jewish
descent.
of
ex-
Details of the tariff accord, as published yester-
made
were
Great Britain agreed to abolish im-
both sides.
on
port duties on receipts from the United States of
wheat, lard, canned grapefruit and
fruit juices.
British imposts
American rice,
apples,
are
pears
number of
a
to be lowered
and
the British free list by the treaty.
bound
are
It
on
fruits,
canned
Corn, cotton and certain meat products
on
esti-
was
mated in Washington that American exports to
Great Britain of the products affected
ous
the
on
and it is confidently
day, reveal that extensive concessions
holdings.
thrown
The
excess
cerned.
on
were
in
runs
pected that the figure will be increased by .the
accord, to the lasting benefit of all peoples con-
week with
sharp
losses, occasioned by heavy liquidation of Jewish
Securities
of the countries involved
$1,500,000,000 annually,
annual
The Berlin Boerse
time
same
units of the British Commonwealth of Nations.
commerce
in
international
instances, and reduced levels of
some
under the
con-
to
by the Daladier regime crystal-
French
came
were
The international group
Wednesday, and losses
on
Rentes
few bank stocks also held
a
Left
effected
measures
lized
recede.
to
session.
The accord reached at the
of about
rate
$200,000,000.
at the
run
The American
concessions to Great Britain include reduced duties
textiles, metals and their manufactures, and varispecialties, all of which involve directly
a
trade
value of approximately $141,000,000 annually.
supplementary agreement with Canada is
a
far
The
more
comprehensive affair, covering most of the items
that enter into
our
extensive trade relations with
our
northern neighbor.
Lower Canadian duties
American products will affect
$240,000,000
on
annual trade of
an
in agricultural and manufacConcessions by the United States
or more,
tured products.
to Canada, in turn, relate to almost all important
Although the gains
ranged to three and four points, only part of the
exports of that Dominion, and affect an annual
trade of about $120,000,000. The Anglo-American
losses of the
agreement is to be, made effective on Jan. 1, and
wiU remain in force for three years, and indefinitely
Boerse
was
preceding session
closed
was
made up.
The
Wednesday, in observance of the
Day of Atonement.
When dealings were
resumed,
Thursday, the trend
was
of small
were
more.
proportions.
downward, with business
Losses of
one
to three
points
numerous, and some issues fell five points and
Fixed-interest issues were
soft, along with
the rest of the market.
yesterday
to four
on
Fresh losses
were
recorded
the Boerse, with leading issues off two
points.
thereafter unless either government denounces the
pact.
All in all,
W/1TH impressive simplicity,
to the accord, signatures
were
President
signatures
were
in
United States and Great
a
United
new
accord
States and
was
Britain, and at the
same
effected by officials of the
Canada.
The
treaty with the
London Government is the nineteenth concluded
the Roosevelt Administration under the
ers
special
by
attendance.
applied in
a
White
Roosevelt
in
Secretary Hull acted for the United
Government, and Prime Minister Mackenzie
all sides
tracted
Gratification
negotiations.
considered
to
hold
usually resides in
Washington
was
expressed
on
the successful conclusion of the prO-
over
as an
a
The accord,
far
more
trade treaty.
moreover,
significance
It
was
was
than
viewed in
example to the rest of the world
for lowered barriers
on
international trade, and the
hope prevailed that the recent tendency toward
ever
pow-
higher tariffs, quota restrictions and other controls
granted by Congress, and it is by all odds the
important of the series.
Secretary of State
nificance is the fact that the two great English-
most
Cordell
Hull, whose earnest endeavors
international trade
tariff
the
with
ceremony,
King for Canada.
Washington, Thursday, to the
long-debated reciprocal trade treaty between the
time
commerce
States, Ambassador Sir Ronald Lindsay for the
Anglo-American Trade
attached
than 3,000 items of
House
British
VV
more
treated in the voluminous document,
la order to make clear the importance attached
are
are
in behalf of
reflected by the
reciprocal
achieved his greatest triumph in
Anglo-American pact, which is regarded as the
measures,
would be reversed thereby.
speaking countries thus
improve
their
necessary to
Of broader political sig-
are
commercial
joining in efforts to
relations.
It
remains
note, however, that the trade accord
did not include
any
arrangement for currency sta-
Volume
Financial
147
30651
Chronicle
bility, and in view of the persistent weakness of
visited
sterling exchange in relation to the United States
Germany, went to the German Embassy in Paris
dollar this is
Nov. 7 and there shot the first German official he
rather serious omission.
a
could find.
European Appeasement
gains
The official
was
were more
than offset
Herr
Rath
vom
Nov.
Jews
suddenly
to whether there is more
Great Britain took the lead in the en¬
lic
a
English pub¬
placate Germany and Italy.
opinion, however, now has been outraged to such
on
raised to heights of fury that
was
sioned
deavor to
Rath, Third
proved fatal, and when he died,
by the damage to all international relations occa¬
Germany.
vom
9, the despicable German campaign against all
leave the
by the latest outbreak of Nazi terrorism in
Ernst
on
The wounds suffered by
Secretary of the Embassy.
MODESTofmoves were appeasement, but it is quite
goal
European made this week toward the
obvious that the small
his parents, who were expelled from
upon
dispatssionate observer in
sanity
authorities who unleashed the
than
in
existed
the
grave
among
doubt as
the German
display of bestiality
mind
tortured
of
young
Grynszpan.
In all
degree by the Nazi persecution of German Jews
parts of the German Reich gangs of Nazi
that Prime Minister Neville Chamberlain will find
hoodlums made it their business on Nov. 10 to seek
it
out
difficult
Reich.
make
to
all
In
favoring the
proposals
any
therefore,
likelihood,
the
entire
helpless and innocent Jews and wreak vengeance
them for
upon
act that they could not possibly
an
prevented.The sheer lack of
project of adjusting European diplomatic strains
have known about
will have to be
logic in the German official attitude is appalling,
postponed indefinitely.
Ironically,
and
even
events, for all signs pointed of late to an arrange¬
the
hundreds
ment
Jewish
it is Germany
that will suffer from this course of
whereby the Reich would have received some
recognition of its claims to colonies.
Resentment
against the Reich made it necessary for both British
and French authorities to declare
unequivocally
on
sale
territory to the Germans.
laration
on
"Easter
Pact"
This
Wednesday placing in full effect the
between
Great
Britain
and
Italy.V
compact, initialed just seven months earlier,
adjusts
of the differences that plagued rela¬
many
tions between, the two countries.
The Italian
con¬
thousands
of
establishments
innocent
victims.
everywhere
were
by despoilers who did not stop at window
breaking and the destruction of wares, but carried
their miserable inclinations to the point of whole¬
the
largest forward step of the week was a dec¬
is the effect of the hatred upon
so
of
business
wrecked
Wednesday that they have no intention of giving up
The
more
or
looting.
Foreign press correspondents observed
proceedings and all were agreed that the organ¬
ized gangsters
who engaged in these activities wore
Nazi organ¬
boots that
only are worn by members of
izations.
Against Jewish religious establishments
the
resorted to fire, and hundreds of syna¬
gangs
gogues were
The German police,
idly by. It must be
burned and gutted.
obviously forewarned, stood
correspondent in
cities had the experience
of being approached by German workmen and citi¬
zens, who bitterly urged the reporters to add that
the German man-in-the-street was not partaking in
quest of Ethiopia is recognized, and problems relat¬
added, however, that every press
ing to the Mediterranean area are settled, as be¬
Berlin, Vienna and other
tween the
to be
The real effect of the treaty
signatories.
the Italian
on
intervention in
Earlier this year
seen.
it
Spain still remains
understood that
was
implementation of the Anglo-Italian accord would
by negotiations for a similar pact be¬
be followed
tween France and
that
assume
It
was
Italy, and there is
also indicated months ago
to
that such
moves
stition
that
afflicts
suicide, rather than
continue life in such intolerable
circumstances.
by efforts to arrange pacts be¬
To the terrible
injury thus inflicted upon German
Jews, insults and
still more injuries were added over
Paul Joseph Goebbels, the Ger¬
Some
ments.
diplomatic conversations along this
general line have been proceeding lately in Berlin,
but
Needless to say, many
peculiar racial super¬
Chancellor Hitler committed
of animal passion.
helpless victims of the
of the
Germany and the British and French Govern¬
would be followed
tween
no reason
plans have changed in the meantime.
the orgy
they will have to be postponed until the serious
of
effects
diminished
terrorism
Nazi
somewhat.
on
world
opinion
have
Meanwhile, German influ¬
the last
week-end.
Propaganda Minister, declared
man
that the out¬
against the Jews merely reflected the "healthy
instincts"
of the German people.
Jews were
burst
arrested
by the thousands over
the last week-end,
being fostered sedulously
and what has become
of some of them remains un¬
by Berlin, and it appears that some further terri¬
known, although most
have been released. The Gov¬
issued a series of decrees
ence
down the Danube is
torial
gains also are demanded by the Reich, at the
There is, of course, no thought
directed
last
ernment
expense
of Slovakia.
of resistance on
the part of dismembered Czecho¬
a
Sunday
against the victims,
1,000,000,000 marks for the
slovakia.
chief among which is
fine of
assassination of Herr
requirement that the Jews pay a mass
This simple theft of
Jewish property
vom
Rath.
was
augmented by individual fines
Nazi Persecutions
ONE ofpersecution in recent history was made to
the foulest waves of racial superstition
and
prevail in Germany during the last 10 days, and in¬
ternational relations of all sorts have been affected
seriously by the revulsion thus occasioned against
the
Reich
in
the
United
States,
Great
Britain,
levied against
wealthy Jews in the Reich, and in the current week
the German authorities carried matters further still,
through decrees requiring Jews to give up all busi¬
within the Reich, barring them from all educa¬
ness
tional institutions
dens
of the
and otherwise
increasing the bur¬
Even in the
long-suffering Semitics.
ilization still continue.
The incident leading up to
strictly regimented Reich, some 300 persons were
arrested for criticism of the measures, although
the latest Nazi outburst
against persons of Semitic
they were
France and other countries where
descent
is
pitiable indeed.
A 17-year-old Polish
Jew, Herschel Grynszpan, crazed
tolerance and civ¬
by the indignities
"Aryans."
The incredible measures
Germany
occasioned
of the masters of modern
profound
misgivings every-
3066
where
Financial
tolerant peoples, and
among
strokes of
great ingenuity.
States Ambassador to
Berlin,
ington
a maimer
Monday, in
on
counter
some
Hugh R. Wilson, United
was recalled to Wash¬
that did not
sever
Chronicle
special taxes to be levied
for
the United States of the Nazi barbarism.
in
conference,
press
carried matters
ment
further, through issuance of
a
state¬
from Germany.
news
scarcely believe that such things could
"I
occur
twentieth-century civilization," Mr. Roosevelt
a
remarked.
President's
The
comments
not published in the Reich.
course,
the reaction
our
a
Tuesday, President Roosevelt
deeply deploring the
could
in
on
In
the United
in
of
were,
To emphasize
States, Douglas Miller,
Berlin, was recalled on
Commercial Attache in
Thursday, this rebuff plainly relating to the Ger¬
man
anxiety to conclude
United
States.
In
trade agreement with the
a
England the public
the German authorities rivaled in
the American
resulted.
public, but
All the
of
censure
severity that of
diplomatic actions
no open
leading democratic governments
promptly renewed their consideration of ways and
effect
to
means
a
made all but
compulsory, through
that
Jews from the
There
colonial
were
regions
indications from
be
may
opened
to
Reich, and in the United States
deavors of various sorts
hours with
unemployment compensation barred for
The decrees
six months.
provided for additions to
postal charges and telephone rates, and readjust¬
ments of various indirect
total taxes to be
the
aid
French
of
taxpayer to
any one
Special appropriations
40% Of income.
in
taxes, but they also limited
paid by
agriculture, for it
1hey are in the United States.
to the
decree laws related
vision
the
of
new
registration and
were
en¬
afoot with the aim of
hold
reported that
was
support from the Daladier regime because of
the
A
measures.
political
crisis
thus
looms
a
,
Spain
MILITARY this week to place thechanged and
ficiently positions in Spain
loyalist suf¬
insurgent armies back in the trenches they occupied
last
July, before the loyalist surprise attack estab¬
more
Saturday, to deal with
from their
The
on
the
southwestern
long counter-offensive
loyalist troops
was
withdrawn
were
perilous positions to the relative safety
of the northeastern
treat
faction
insurgents proved successful on Wednesday,
when the last of the
UNDER theby Parliament, granted the French
decree powers
Cabinet
than 30 edicts
announced in Paris last
Barcelona
the
of the
■
French Decree
bank
admitted
of the stream.
problems that face the people
declared that their tactical aims of last
of
laws
fully realized.
much
cover
to
the
measures
pound
of
to prevail regarding the
seems
effectiveness of the regulations.
France, which
range
previous occasions of this nature,
as on
uncertainty
tant of the
wide
a
revalued
are
The most impor¬
related to the
on a
gold stocks of
basis of 170 francs
sterling, giving the
Government
a
Since the
surgent attack
are
ily in importance and
In
temporary borrowings from the French central bank
has been
employed far too frequently by the French
authorities, and it is not exactly conducive to busi¬
ness
confidence.
The transaction
bookkeeping variety, of
upon
course,
is
purely of the
and has
the Tripartite accord which
no
bearing
is supposed
to
regulate relations of the United States dollar, the
British pound
sterling and the French franc.
Sec¬
July
halt, it would
The
were
brought the in¬
seem
fighting of the
The movement started by the Gov¬
to reduction of the loans advanced
by the Bank of
a
well based.
ernment forces across the
barrassment to the
This process of wiping out the
re¬
week, moreover, was far, from favoring the insur¬
gents entirely.
profit of 35,000,000,000 francs, which will be applied
France to the State.
maneuver
Valencia to
on
that the claims
This
cheerfully by the loyalists, who
the economic and other
subjects, but
in
France.
bank of the Ebro River.
-
new
super¬
Study of
large sections of the French "New Deal" will with¬
Nazi officialdom.
The
as
profound uncertainty this
week, in the Paris market, and it
lished
France.
that
quite
Other sections of the
foreigners resident in France.
edicts occasioned
made
were
appears
farmers in France must needs be coddled
raising funds for the unfortunate victims of German
were
provision
a
emigration of Jews from
mass
this matter.
London
of workers
case
discharge of those refusing to work the extra
Germany, with the British Government taking the
lead in
In the
employed in defense industries, the longer work week
was
the results
the profits made by
on
employers in this manner.
diplomatic relations but still made it clear that
were
1938
19,
special compensation to be granted the workers and
intense resentment and
displeasure
Nov.
Segre River gained stead¬
may
well prove
a
serious
em¬
insurgents if the drive continues.
general, however, military experts look for only
minor
changes in the military situation for
months to come, as
some
wintry weather will modify the
operations.
Airplane bombing of loyalist popula¬
tion centers
again
command appears
to such terrible
tion
was
measures.
of the lessened
teers"-in
the
reported, but the insurgent
to be less inclined than formerly
Possibly this is
a
reflec¬
importance of foreign "volun¬
insurgent ranks.
The belief
grows
steadily in international circles that the Spanish
retary Henry Morgenthau Jr. made it clear in Wash¬
war
ington,
than in the trenches.
holds
early
no
this week,
dangers for the
that the French
currency
action
will be decided around the council
agreement of the
Warfare in China
British, French and United States Governments.
For the internal
economy
portant of the decrees
of France the most im¬
was one
ing hours of French laborers
regulating the work¬
and
the
pensation to be paid by employers.
weekly
com¬
In" defiance of
THERE were no changes of importance this week
conquest being waged against
in
China
the
Minister
than
was
greater flexibility
accorded in the 40-hour
program.
the decrees
retained in
One of
provides that the 40-hour week will be
principle, but employers
right to demand
a
are granted
the
work-week up to 50 hours, with
war
of
by the Japanese militarists.
modest
upon
the
The invaders
in this undeclared conflict continued their drive in
Popular Front ideas, Premier Daladier and Finance
Reynaud insisted
table, rather
interior, far beyond the Hankow area, and made
advances.
Far
to
the
south the
endeavored to consolidate their recent
Canton.
The Chinese defenders resisted
could, but relied
policy than
on
more
on
Japanese
gains around
as
best
they
their "scorched earth"
military strength.
The city of Chang-
Volume
sha
Financial
147
virtually destroyed
was
that Hunan
while, guerrilla tactics
sistently than
under
the
the Japanese neared
as
provincial center, Wednesday.
were
Mean¬
employed more per¬
in the vast area that now is
ever
nominal
of
control
the
So
Japanese.
Chronicle
of his
one
years,
and
because
the
that
agreed that
from the
were
by them
recaptured
In¬
invaders, for the time being at least.
ternational aspects
of the Sino-Japanese war were
not
greatly changed.
the
anticipated indifference to American insistence
The Japanese are manifesting
observation of the Nine-Power Treaty.
upon
disclosed last
had been
Sunday that parallel representations
made
by the United States, British and
French Governments
the
regarding navigation rights 011
Yangtze River, but these protests also have been
More significant
unavailing.
a
It was
was
the disclosure in
special dispatch to the New York "Times/' last
and
of
the
area
where strenuous
border
fighting occurred last August, be¬
tween Soviet and
mediate
Siberian-Manchukuoan
the
on
There is
Japanese forces.
no
im¬
•'
.
■
States
of
number
the
a
incidents
recent
current
that
have
more
than
the
arrangements for the Eighth International
Foremost
passing significance.
among
likelihood of
no
any
Italy.
or
quarter of the globe,
simply do not
possess
the part
a move on
European
The
are
aggression
aggressor
the naval fleets
neces¬
to back up aggression by air or in any other
sary
and the distance of Latin America from
manner,
Japan puts the latter country in a like situation.
Genuine
reasons
for the vast increase of American
armaments that Mr. Roosevelt is said to desire thus
remain to be disclosed somewhat
has
far been the
so
The
the
more
candidly than
case.
predominant position of the United States in
affairs
clear
that
of
the
the
ments will
Western
Hemisphere makes it
Washington insistence
upon
arma¬
put that problem high on the agenda of
Lima conference.
be
hoped that the
by military and
the
If
FRESH attention has American republics bythe
been directed toward
21
of
is
chance of such
any
Germany
other
Latin-America
affairs
there
entire matter will be threshed out
likelihood, however, of a renewal of those
hostilities.
hardly
Herr Hitler's
happens, most military experts
against the Americas from
Monday, that Russian troops are in full occupation
of
coincides with
period
As it
sway.
points
of the pressmen gained the
some
impression that the Germany of Hitler was meant,
strong are the bands of irregulars in some areas
important
He referred the
customary equivocations.
correspondents to the newspapers of the last
press
five
3067
these
are
experts, in the cold light of public discussion.
real
a
It is to
Europe
or
a
threat to the
Asia, all necessary
re¬
clearly should be devoted to adequate de¬
sources
fense
be made out for
can
case
Americas from
But if vague alarms are all
arrangements.
that trouble the mercurial Mr.
Roosevelt, then the
military experts should be preferred.
analyses of
Conference of American
States, to be held at Lima,
Meanwhile, it is obvious that financial and mercan¬
Peru, beginning Dec. 9.
It was announced in Wash¬
tile
ington, last Sunday, that Secretary of State Cordell
will
Hull
head
the
American
delegation to that
meeting, with Assistant Secretary of State Adolf A.
Berle Jr.
as
of his aides, and
one
with Alfred M.
Landon, Republican presidential candidate in 1936,
as
a
Mr. Berle declared in an ad¬
leading delegate.
dress
on
the
coming conference that it will not re¬
sult in the formation of any
in any
secret alliances.
it easier for all of
us
to
international blocs, or
"The only object is to make
act together as friends and
problems ought to gain much attention at Lima,
with
a
view
particularly to ending the campaign
against the interests of United States nationals that
is
being conducted south of the Rio Grande.
Mexican
ties is
one
of the
At least
ment.
their
pledges on dollar bonds.
breaches of political pledges,
sensitive to
to make our common defense more
the
secure," he added.
importance placed in Administration circles on good
relations among
the American countries, and it may
be added that this is not a
Roosevelt
departure, for President
opened the previous Inter-American Con¬
ference at Buenos Aires two years ago.
The Lima
greatest calmness, where the direct financial
ican dollar bonds
tude leads
of
for President
Roosevelt devoted
Department was able to announce last Sun¬
All the American States are as
Hemisphere.
in their determination to guard
pointed out/
their sovereign¬
the
question of compensation for the long-continued
Mexican
expropriations of American-owned agricul¬
President
tural
He added that one of the primary
dates
back
The
lands.
outside
aggression,
the
objectives of the United States defense program is
to make the entire American continent impregnable
In this cooperative project the
against air attack.
other nations also will have to assume
their share
When
questioned about the possible sources of aggression
against the Americas, the President took refuge in
responsibility,
Mr.
and arduous negotiations, the State
day an agreement with the Mexican Government on
one
against
AFTER long
Expropriations
Tuesday to that
on
ern
of
Mexican
arrangements for the West¬
conference
press
matter and to defense
ties
parleys.
apparently is regarded as a leading issue
his
the rights of all
It is high time that these
gain the attention they deserve in inter-
question of "continental solidarity" in the
Washington,
Latin Amer¬
It is manifest to
directly to ever-greater abuses and to a
United States nationals.
matters
most
concerned.
growing carelessness regarding
American
in
are
unbiased observer that this Washington atti¬
any
spokesmen from all the Latin American countries.
Americas
flagrant
pecuniary promises is regarded with
interests of American holders of many
meeting next month is sure to attract important
The
Although the State
Department in Washington appears to be highly
avoidance of
impressive Washington delegation reflects the
flagrant exhibitions of that move¬
equally important is the continued
disregard by many Latin American governments of
neighbors, to make our own intercourse easier and
The
The
expropriation of foreign-owned oil proper¬
Roosevelt insisted.
a
acute since
between
adjustment of a problem that
quarter century, and that has been
1927, followed tart exchanges of notes
Washington and Mexico City.
pearances,
To all ap¬
it was a series of personal conversations
diplomatic officials
between American and Mexican
that
agrarian
arrangement now
finally produced a settlement of the
lands
dispute.
effected
are
Terms
embodied
of the
in two
notes,
the first of
3068
which
Financial
sent
was
Chronicle
by Secretary of State Cordell Hull
to the Mexican
Foreign Minister, Eduardo Hay, to
conversation
bassador in Mexico
this
City, Josephus Daniels.
economic
Under
Washington.
not
was
The substance of that
Washington
but
revealed,
financial district
Batista
Colonel
that
ex¬
problems facing the Island regime.
York
New
the
plan a commission will proceed immediately
to determine the value of American-owned lands
1938
observers surmised that it related to the social and
Am¬
our
19,
with Dr. Pedro Martinez Fraga, the Cuban
pany
Ambassador to
Ambassador, Dr. Francisco Castillo
Najera, while the second was handed by the Mexi¬
can
Nov.
In
suggested
was
interested
much
was
it
in
the
propriated since 1927, the value of lands expropri-_
possibility of obtaining financial aid for the Havana
ated before that year
regime.
having been determined previ¬
The American member of the commission
ously.
will be Lawrence M.
Lawson, while Mexico will be
represented by Gustavo P. Serrano, both
acted in similar
capacities heretofore.
of
on any
disagreement
particular,
men
On
In the event
pitable metropolis were extended.
a
Discount Rates of
decision.
of the
in
the discount rates
banks.
$1,000,000 toward settlement
succeeding
Present
until the matter is liqui¬
year
any
made in the
was
exchange of notes
vious
Mar.
Country
3H
Batavla
4
July
1 1935
2H
Oct.
26 1938
Bulgaria—
6
Canada
2H
also the
4
Jan.
propriations of American
Colombia..
agricultural lands
ex¬
4
3H
$10,000,000 to $15,000,000, and
4H
Italy
May 18 1936
3.29
Japan
Java
4X
Apr.
14 1937
3.65
4
5
1 1936
Lithuania..
5K
July
May 28 1935
4H
Norway...
3H
Jan.
4
Poland
4H
5
Jan.
2 1937
4
.
.
5
6 1936
Jan.
3
3X
18 1933
4
Denmark
2M
4H
Nov. 29 1935
Oct.
19 1936
3X
Portugal
3
Danzig
are
2 1936
Aug. 24 1935
3
Morocco...
vakia
Eire
estimated to involve
July
Jan.
Dec.
4
India
7
Aug. 15 1935
3
2
Hungary...
Czechoslo¬
The
Rate
3
24 1935
holdings of British and Dutch nationals in
vious
4H
Mar. 11 1935
Chile..
Date
Established
Holland
1936
1
Argentina..
Pre¬
Effect
Rate
problem of oil land expropriations, which involves
aggregate sum of about $450,000,000.
are
Nov. 18
Date
Established
Belgium
agricultural land expropriations to the far larger-
an
centers
Rate in
Effect
Nov.IS
Country
No reference
leading
Pre¬
Rate in
dated.
on
the
at
rates
shown in the table which follows:
claims, and at least that much will be paid
each
Foreign Central Banks
THERE have been noofchanges during the week in
of the foreign central
before next May 31, the Mexican
or
will pay
An extended visit to New York fol¬
tary cadets.
lowed, and all the traditional courtesies of the hos¬
having
Meanwhile, Mexico will take actual steps toward
payment.
Point, Monday, where he reviewed the mili¬
third member
a
immediately will be appointed to insure
Government
The travels of the eminent Cuban took him
to West
June 30 1932
3H
Rumania.
1 1936
6
5 1938
Dec. 17 1937
5
4
Aug. 11 1937
4H
4H
_
Dec.
6
7 1934
justment of that question hardly will be applicable
in the
immensely
tendency
ment also of the oil lands
of
last
ment would be
within
this
10
5
Dec.
1 1933
3
3
Sept. 27 1938
2H
Switzerland
IH
Nov. 25 1936
2
Yugoslavia.
5
Feb.
6J4
4
Sept. 30 1932
5
6
_
.
Jan.
4M
7
4 1937
1 1935
IN bills Friday market discount rates for short
LONDON open
%%,
against ^@9-16%
on
President Lazaro
on
pay¬
on
as
against 9-16%
call at London
open
to
as
were
Friday of last week, and %% for three-months
bills,
arrange¬
foreign oil properties effected
remains
matter
10 1935
2H
Foreign Money Rates
The attitude of Washington on
years.
July
Sweden....
Greece
indicative for settle¬
as
dispute.
applied to the oil question, and
ment for the valuable
May 15 1933
5
4H
4
to regard the "delayed
maintaining that the
as
3H
Spain
1934
Germany
reported in Mexico City dispatches
was
Sunday
South Africa
5H
Dec.
In Mexico City, however,
was
compensation" agreement
Cardenas
2H
Sept. 25 1934
4
important oil property expro¬
more
priations of last March.
the immediate
June 30 1932
5
Finland
England
that principles evoked in the ad¬
appear
2
Estonia
France
it would
market rate
Friday of last week. Money
on
Friday
on
H%-
was
raised
was
At Paris the
Nov^ 18 from 3J4%
on
3lA%, while in Switzerland the rate remains at 1%.
Bank of England Statement
undisclosed, but it is to be
presumed that settlement of the agricultural land
question will lead directly to consideration of the
oil
expropriation.
its
attitude
pensation
the
The British Government made
clear in
the
petulant Mexican
tions with
also
was
had
must
demand for
London.
be
of diplomatic rela¬
severance
The Netherlands
considered in
demanded
Mexican
tional
will
this
connection, for it
Hague regime
prompt and effective compensation
laws.
controversy
be
Government
awaited
Next
steps in this interna¬
regarding
Mexican
everywhere
of
contraction
a
currency
reducing the amount outstanding to
compared with £481,107,904
with
tendencies
the
greatest
therefore,
Of the latter amount,
accounts
and
proportion
reserve
£20,012,181
rose
£19,-
rose
ment
decreased
securities
securities
INDICATIVE of the excellent relations that pre¬
between
States
Cuba is the
the United
rose
a year ago.
£6,335,000
The
ent items with
Govern¬
and
other
The latter consist of dis¬
£909,582.
increased £1,301,773 and
£392,191.
2% bank rate. Below
and
from bankers
was
to 30.7% from 27.9% a week
earlier, but'compares with 42.8%
made in the
No change
we
was
show the differ¬
comparisons (or previous years:
BANK OF ENGLAND'S
COMPARATIVE STATEMENT
*
paid this week by Colonel Fulgencio Batista,
the head of Cuba's
given
an
impressive welcome
on
his arrival at
record
of
a
triumphal procession,
his
regime
contains
even
though the
very
Circulation
Public deposits—
Other deposits
and War
Department officials in Washington, and
a
call also to President Roosevelt, in com¬
1934
£
£
£
.
478,587, 000 481,107,904 444,904, 971 398 ,900,266 376,904,842
21 ,629,642
25,337,937
14,115, 628
33,171,720
35,049, 000
124,523, 031 122,839,842 140,758, Oil 127 ,441,173 133,562,383
89,485, 653
86,698,380
96,082, 519
90 ,940,664
95,890,889
35,037, 378
36,141,462
44,675, 492
36 ,500,509
37,671,494
95,236 164
76,613,165
30,320,253
83 ,619,999
24 ,072,428
80,091,413
32,991, 602
78,973, 337
29,080, 534
Dlsc't & advances.
12.404, 788
7,395, 037
9 ,712,648
Securities
20.586, 814
9,019,849
21,301,404
66,844,558
Reserve notes & coin
49,086 000
20,822,484
8,640,773
21,685, 497
14
,359,780
12,181.711
64,599, 825
59 ,169,024
75,790,892
Coin and bullion..i. 327,674 598 327,952,462 249,504, 796 198 ,069,290 192,695.734
Proportion of reserve
to liabilities
paid
Nov. 21,
1935
Other accounts
somber
Colonel Batista talked at length with State
Nov. 20,
1936
Bankers'-accounts.
Govt, securities
•
spots.
Nov. 18,
1937
£
Other securities
some
Nov. 17,
1938
The "strong man" of Cuba
Miami, late last week, and his tour thereafter rather
resembled
Nov. 16.
outright dictatorship, to various
points in this country.
he
reserves,
£466,651 from other accounts.
counts and advances which
was
Bullion
ago.
Public deposits
£4,070,000.
was
securities which fell off
Cuban Dictator
visit
year
holdings declined £31,943 and the net gain in
interest.
vail
a
£478,587,000
112,000 while other deposits decreased £20,478,832.
revealed late last week that The
under
prompt com¬
return of the properties, which led to
or
THE statement for the£4,103,000 inNov. 16 shows
week ended the
Bank rate
30.7"!
42.8%
41.70%
39.69%
07
2%
2%
2%
47.69%
"■
2%
Volume
Financial
147
aloof.
Bank of France Statement
3069H
Chronicle
Bankers'
traded in small
THE statement for the week ended Nov.1,786,000,circulation of 10 showed
contraction in note
a
000
total outstanding
the
brought
which
francs,
down to 108,771,486,430
A
francs.
year ago
notes
90,947,946,245 francs and the
in circulation totaled
A decline also
abroad of 6,000,000
in French,, commercial bills discounted of
before 86,274,535,430 francs,
year
appeared
francs,
credit
in
balances
1,275,000,000 francs and in advances against secur¬
of
ities
Monday
a
due in 91
The Treasury sold last
further issue of $100,000,900 discount bills
days, and awards
computed
loans
the
at 0.027% average,
were
annual hank discount basis.
on an
on
paper were
volume, at rates carried over from
previous weeks and months.
Stock
York
New
Call
Exchange held to
1% for all transactions, and time money again was
quoted 1%% for maturities to 90 days, and 1%%
for four to six months'
The Bank's total gold
45,000,000 francs.
commercial
bills and
datings.
New York Money Rates
holdings remain unchanged at 55,808,329,303 francs.
The
rose
proportion of gold on hand to sight liabilities
41.11%, compared with 52.81% last year and
to
An increase was shown
accounts of 453,000,000 francs,
64.22% the previous
creditor
in
while
the
remained
current
of
item
year.
items with
advances to
temporary
unchanged.
Below
we
State
furnish the various
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
Stock
ruling quotation all through the week for both new
and renewals.
loans
continues
were
OF
money
only transactions reported
occasional renewals at rates
Rates continued nominal at
comparisons for previous years:
BANK
market for time
The
The
quiet.
previously reported.
l}4%
up
to 90 days and
The demand
f°r four to six months maturities.
FRANCE'S COMPARATIVE STATEMENT
for
Chances
for Week
*
No change
Nov. 13, 1936
Francs
55,808,329,303 58,932,022,187 64,358,742,140
—6,000,000
14,114,571
6,1 If,847
discounted., —1,275,000,000 12,536.209,656
9,220,000,377
the
week, but the supply of paper has been light and
the market has been
only moderately active.
6,585,196,682
Rates
for all maturities.
unchanged at
are
French commercial
bills
947,130,200 1,458,852,174
750,595,224
4.004,476,335 3,894,992,876 3,569,034,586
-1,786,000.000 108771486,430 90,947,946,245 86,274,535,430
+453,000,000 26,987,016,296 20,634,308,630 13,937,805,563
b Bills bought abr'd
Note circulation
Credit,
acc'ts.
curr.
Temp, ad vs. with¬
"
out Int. to State—
26,918,460,497 12,302,601,962
No change 48.133,649,244
Propor'n of gold on
41.11%'
+0.40%
hand to sight llab.
54.22%
52.81%
France,
b Includes bills discounted abroad,
c Au¬
thorized by convention of June 18, 1936, laws of June 23, 1936, convention of
June 30, 1937, and decree of June 29, 1938.
The last Increased the June 30, 1937,
allowance of 20,000,000,000 francs to 30,000,000,000 francs, of which 18,050,000,000
a
Bankers' Acceptances
—45,000,000
Adv. against secure.
c
10, 1937
Francs
12,951,335
Credit bate, abroad,
a
Francs
|
Gold holdings
Nov.
Nov. 10, 1938
Francs
prime commercial paper has been good throughout
Includes bills purchased In
francs hav© b6Gn taken
29, 1937, gold valuation has been at rate of 43 mg.
Since the statement of June
gold, 0.9 fine, per franc; previous to that time and
gold valuation was 49 mg. per franc; prior to Sept.
'subsequent to Sept. 26, 1936,
26, 1936, there were 65.5 mg.
of gold to the franc.
THE market forquiet this week. acceptances have
prime bankers' Few bills con¬
tinued
very
been coming out
off in the
and there has been
.Dealers' rates
rates.
7-16% asked; for bills
9-16% bid and ^2% asked;
months, %% bid and 9-16% asked.
ing 90 days are %% bid and
for five and six
THE statement for thedecline in note circulation of
second quarter of November
showed
further
a
214,300,000 marks,
of the New York Reserve Bank
which brought the total out¬
Notes in
ago aggregated 4,825,092,000
before 4,411,291,000 marks. A
f/2% for hills running from 1 to 90 days. The
Federal Reserve Bank's holdings of acceptances
is
unchanged at $545,000.
remain
standing down to 7,208,796,000 marks.
a
year
marks and the year
decrease
shown in bills of exchange
also
was
264,400,000 marks
of
and
and in advances of
The Bank's total gold holdings
6,000,000 marks.
70,773,000 marks.
remain at
and foreign currency
The proportion of gold
Discount Rates of the
rediscount rates
The following is
for
various
the
the schedule of rates now in effect
classes of paper at the different
Reserve banks:
to note circulation is now at
'
DISCOUNT RATES OF
1.1%, compared with 1.57% last year and 1.60% the
Reserves in foreign currency recorded
300,000 marks and other daily maturing
increase of
obligations of 30,800,000 marks, while the items of
deposits abroad and investments remain unchanged.
Following
for
are
the different items with comparisons
Federal Reserve Banks
THERE have beenofno changes this week banks.
the Federal Reserve in the
FEDERAL RESERVE BANKS
Rate in
..
■
,
Nov.
Previous
Rate
Sfept.
2
4,
May 11,
Aug. 27.
Aug. 21,
2
IX
1937
1935
1937
1937
Aug. 21, 1937
IX
Sept.
2, 1937
Aug.24,1937
2
New York
1
2, 1937
Aug. 27. 1937
Philadelphia
IX
Sept.
Cleveland
IX
Boston.
_
IX
---
.
.
IX
Richmond
IX
Chicago
St. Louis
—
,
■
IX
Kansas City...
REICHSBANK'S COMPARATIVE STATEMENT
18
.
Minneapolis...-
previous years:
Date
Established
Effect on
Federal Reserve Rank
previous year.
an
reported by the Federal
and includ¬
as
Reserve Bank of New York for bills up to
The bill-buying rate
checks
slight falling
running for four months>
Bank of Germany Statement
circulation
a
There has been no change in
demand.
IX
IX
Dallas
San Francisco-....-.-
0
IX
2
2
2
2
2
3, 1937
2
Aug. 31. 1937
2
3, 1937
2
Sept.
Sept.
—
Changes
Nov. 15, 1938 Nov. 15, 1937 Nov. 16, 1936
for Week
Reichsmarks
Reichsmarks
Assets—
Of which depos.
70,773,000
No change
Gold and bullion
abr'd
Ree've In for'n currency
Bills of exch. and checks
Silver and other coin
Advances
Investments
Other assets
Reichsmarks
70,139,000
65,463,000
28,166,000
20,055,000
No change
10,580,000
5,723,000
5,297,000
6,017,000
+300,000
—264,400,000 6,755,700,000 5,005,948,000 4,535,692,000
162,446,000
188,750,000
121,003,000
28,672,000
28,152,000
26,907,000
—6,000,000
397,385,000
523,770,000
No change
,847,897,000
610,011,000
820,122,000
1,307,272,000
«
Liabilities—
Notes In circulation
Oth. dally matur.
obllg.
Other liabilities
-214,300,000 7,208,796,000 4,825,092,000 4,411,291,000
622,308,000
728,989,000
948,665,000
+ 30,800,000
274,191,000
319,161,000
398,104,000
Propor'n of gold & for'n
curr. to
1-1%
note clrcul'n.
1.57%
Course of Sterling
1.60%
STERLING to uneasiness aroused abroad by due
entirely exchange is under severe pressure, the
persecution of the Jewish population of the
In London and Paris sterling was sold
Nazi
third Reich.
and francs
a
Money Market
Loanable
record amounts,
funds
are
available in
close to
but acceptable borrowers still hold
bought
on
Monday and Tuesday as
of increased confidence resulting from
Daladier recovery decrees issued on Sunday,
the
13.
The Franch operations were
reversed
on
dollar bought
heavily in London and on the Continent throughout
the week, for hoarding purposes.
The range for
sterling this week has been between $4.69 3-16 and
$4.73 11-16 for bankers' sight bills, compared with a
Wednesday.
THE New with rates unchanged in all idle this
week, York money market remained
depart¬
ments.
were
consequence
Nov.
New York
Exchange
Reichsmarks
Sterling was sold and the
Financial Chronicle
3070
The
A
of between 4.73% and $4,76 9-16 last week,
range
$4.76%
between $4.73 11-16 and
The continuance of disturbed
Great Britain and
on
a
week
ago.
political outlook in
gold movement from London to New
diminished in recent weeks as compared
York has
of
£1,216,000 were taken for shipment
Monday
chiefly to New York.
A characteristic of the hoarding process
an
production at 469,400 tons registered the first increase since July.
The increased steel production
is ascribed principally to domestic consumption and
represents largely the execution of orders postponed
heavy outward flow from July to the end
September, the outward trend still continues,
On
It represents
increase of 12.3% over the September total, which
in turn was 15% better than that of August. Steel
production is at the best level since May. Pig iron
London to drift downward,
While the
with the
favorable influence is seen in the improve-
fully confirms optimistic forecasts.
the Continent has caused stock
and bond quotations in
more
ment in the British domestic trade situation, which
has received further impetus from the conclusion of
the Anglo-American trade agreement.
British steel production in October of 854,800 tons
transfers has been between
$4.69% amd $4.73 13-16, compared with a range of
for cable
range
Novr i9, ms
from preceding months,
abroad at
In international trade there is
present is the swing from gold to United States
dollars.
The extent to which Europeans have pur-
imports and
an
decline in
some
increase in exports, although there
chased United States dollars for hoarding was dis-
is still a balance of imports over exports and re-
closed
New York when it announced that while it had re-
exports. Imports in October were £79,034,856,
'against £75,001,000 a month ago and £96,085,000 a
ceived reports
year ago.
Tuesday by the Federal Reserve Bank of
on
Exports were £42,559,996 against £38,809,000 a month earlier and £47,216,000 a year ago.
Re-exports were £5,445,983 against £4,038,000 and
from banks in New York City that
$14,000,000 of United States currency had been purchased and actually
the total taken
shipped to Europe in October,
Much of the currency
amount.
£5,699,000 in the corresponding periods. Exports
yarn cloth from the United Kingdom show an
by foreigners greatly exceeded this
purchased here
of
was
increase over September, as do also exports of irom
placed in private vaults for safekeeping, while ship-
reported have been made from other ports
Boston and Baltimore.
Much of this cur-
and steel products.
The customary year-end expansion in note circula-
ments not
such
as
"
tion is due to commence early in December, but with
trade less active the exceptionally high level of
has been shipped by parcel post.
rency
The total of
$14,000,000 compares with $10,000,000
shipped abroad from'New York in September and is
the largest amount in several years.
A year ago for
the
same
two months the movement was
circulation last December may not be reached,
London open market money rates continue easy,
Gall money against bills is unchanged at %%. Two-
toward this
country and $5,500,000 of United States currency
and three-months bills are 9-16%, four-months bills
19-32%, and six-months bills %%. All the gold on
repatriated. The currency shipped in October
went to Amsterdam, Paris, Great Britain, Switzer-
offer in the London
land,
was
was
and Belgium.
This
movement,
creating
a
demand for dollars and the sale of other currencies,
contributes to the weakness of the
pound.
Both the United States and British
funds
been
have
active
matter of fact the
little
or
actions and
a
foreign exchange market has had
relatively smajl order has
a
caused wide fluctuations.
occasions
As
activity other than these official trans-
no
on numerous
The break in
sterling is attributed largely to the latest anti-Semitic
in
excesses
zation of the
.1
..
r
,
j
■
^
j.
r
j
■
j
categorically denied in Washington, to the effect that
the terms of the
contain
a
Anglo-American trade < agreement
minimum
level of around
dam bankers have been
that
placed
upon
particular emphasis is
The obstacle
which it offers to Mr. Chamberlain's appeasement
accelerated
that rearmament in England must be
still
further.
In
view
Decrease: $6,331,000
Note—We have been notified that approximately $600,COO of gold
rftefttyad at sa.n "FYp.priarr> from cihinn.
The
of
the
above
figures
are
for the week ended
There
were no
exports of the metal
earmarked
$4,000 of gold
were no
for
was
or
change in gold
foreign account.
On
exports of the metal or change in gold held
earmarked for foreign account.
Friday that $637,000 of gold
It
was
was
reported
Francisco from China.
Canadian exchange is relatively steady.
trade
balance, this
means
still
heavier pressure on sterling in world markets.
During the past week the heavier selling of sterling
seemed to have
come
from London itself.
on
received at San
funds ranged during the week between
Britain's
Friday
received from El Salvador. There
heavy deficit in British Government accounts and the
of
on
Wednesday.
current
state
was
$2,791,000 from Canada and $1,107,000 from India,
the political repercussions arising from
program means
^"***2 aES. <» gm
held
Germany.
None
Amster-
sterling would drop to $4.60.
the Jewish persecution in
h-
below
expecting for several weeks
In the New York market
Exports
On Thursday $7,595,000 of gold was
received, of which $3,697,000 came from England,
$4.50
which the pound will not be allowed to fall.
follows:
———
'
i
was as
$i9,86ifo<wfr^Engiand
3 62i'ooo from E?dS^a
persistence of reports from
Continent, although not accepted in London and
on
Reserve Bank of New York,
make the reali-
virtually impossible.
Another factor is the
offer £844,000,
gold movement at new yohk, nov. io-nov. ie, inclusive
"appeasement" policy of Prime Minister
Chamberlain
the
'
was
Saturday last £334,000, on
Monday £1,216,000, on Tuesday £875,000, on Wednesday £743,000, on Thursday £364,000, and on
Friday £915,000.
At the Port of New York the gold movement for
the week ended Nov. 16, as reported by the Federal
on
Germany/ which in the view of market
observers and speculators in currency
On Friday of last week, Nov. 11. there
York.
equalization
throughout the week in
market dining the week
largely for private account and for shipment to New
•
stemming the downward trend of sterling.
open
taken for unknown destination, believed to be
of 61-64% and
a
Montreal
a
discount
discount of 11-16%.
The following tables show the mean London check
rate on Paris, the London open market gold price,
and the price paid for
gold by the United States:
Volume
Financial
147
MEAN LONDON CHECK RATE ON
Friday,
Nov.
Chronicle
M.
PARIS
11
178.88
Saturday, Nov. 12
Monday, Nov. 14
178.88
Thursday,
Nov. 17
178.77
Friday,
Nov. 18
Tuesday,
178.54
178.54
178.67
Wednesday, Nov. 16
Reynaud estimates that 20,000,000,000 francs
178.60
Nov. 15
will be obtained
Details of the
the
LONDON OPEN
Friday,
Nov. 11
bank's
148s.
Id.
Nov. 17.. 147s. 10^d.
Nov. 18.. 147s. 7d.
Wednesday, Nov. 16.
146s. 9d.
Thursday,
Monday,
Nov. 14.
146s. 8d.
Friday,
Tuesday,
Nov. 15
148s. 3d.
PRICE PAID
_
Wednesday, Nov. 16
Nov. 17
35.00
Friday,
Nov. 18
35.00
On
Bankers'
$4.72% @$4.73 11-16;
was
under
sight
on
the
The
pressure.
sold and dollars
range
demand.
in
were
$4.69 3-16@$4.71 9-16 for
Bankers'
transfers
cable
sterling
sight
was
was
with dollars in
$4.69 7-16@$4.70 5-16;
On
an easy
The
undertone.
$4.70
The
range was $4.70 1-16@$4.71 5-16 for bankers' sight
and $4.70%@$4.71% for cable transfers.
Closing
fairly steady
was
quotations
Friday
on
on
$4.70% for demand and
were
$4.70 3-16 for cable transfers.
finished
at
$4.69 15-16,
official support.
Commercial sight bills
60-day bills at $4.69 3-16,
The
(60 days) at $4.69 3-16, and seven-day grain bills at
Cotton and grain for payment closed at
$4.69%.
$4.69 15-16.
France is in
new
promulgated
than the 18
Aug.,
or
Sunday, Nov. 13, to stimu¬
give no more promise of suc¬
measures previously adopted
on
late economic recovery
between
20
1914 and May 5, 1938.
Comment
here will be limited to those few of the 30 new pro¬
nouncements
which
bear
directly
currency
on
reserve
the
The
glance all the decrees appear orthodox and
Government's
plan
courageous.
Should
the
ically with the loyal cooperation of all classes, it is
conceivable that the plan might
time
if Europe
On
succeed for
a
short
enjoyed the relative political quiet
prevailed between 1871 and 1913.
Monday and Tuesday last there was reason¬
ably heavy selling of sterling and purchase of francs
Continental centers and in London
in Paris and other
for French account.
As
a
result
a
certain degree of
repatriation of French funds from abroad seemed
will be
porary
applied to the repayment of the tem-
M.
said, the Government had chosen liberty.
be
to
money
no ex¬
Between constraint and liberty, he
change control.
made for six months
so
to
as
market and industry to recover.
stock has been revalorized to its present
but there will be
no
more
No loans
allow the
The gold
franc value;
massive advances
by the
Bank of France to the Treasury.
M.
Reynaud declared that he had wiped off
large
M. Reynaud told the foreign
another.
to contract
a
and is not going
part of the State debt to the bank
press
that the tripartite agreement has never been
more
closely respected in letter and spirit than by
the present
policy of freedom of trade and exchanges,
Discussing the adoption of the 170 franc rate for
sterling for revaluation of the gold reserves, he pointed
out that there is no law
franc and added:
immediately checked the movement to¬
a
general and unreserved acceptance
decrees, M. Reynaud pointed out, the State
impossible task of raising 60,000,000,000
by loans in the coming year.
Under his plan
say
it will
appre¬
to 170 francs."'
Washington authorities on Nov. 12 are reported
beyween Great
United States would not
would the international value of the
saying that monetary relations
Britain, France, and the
be
affected,
nor
franc be altered.
The New York "Times," in an
on
"France at the
editorial
on
Nov. 17
Crossroad," concludes: "How
re¬
sourceful these measures will be and whether opposi¬
tion will force their
modification,
have still to be answered.
found
reasons
solution of
a
questions that
are pro¬
they will lead to a
pressing problems. France today is plainly
close to the
for
are
Certainly there
for hoping that
parting of the ways.
'directed' economy show in
Recent proposals
which direction the
should the present effort fail. Con¬
systems, whether regimented or
economic
'directed/ spell the doom of democratic institutions.
The fate of the present
ward financial repatriation.
Unless there is
forbidding appreciation of the
"Though I don't
He added that in the event
of a change in the relation between the pound and the
dollar, the franc would adhere to sterling.
ciate up
plans by the Labor Party and by the war veteran's
francs
Bank of France.
Reynaud announced that there will be
wind may blow,
faces the
$tate by the
advances to the
trolled
of the
40% to
"profit" from the revaluation of the bank
likely, but strenuous opposition to the Government's
association
compared
ratio> has been increased from
■
as
Government be able to carry out its program systemat¬
which
as
"
and
foreign exchange.
first
of the Bank of France
the agreement.
THE foreign exchange confusion. The position of
hopeless and monetary
decree
cess
reserves
and declared that he would welcome any extension of
Continental and Other Foreign Exchange
measures
further than 179 francs.
gold
60% by the revaluation.
90-day bills at $4.68 15-16, documents for payment
*
average
total of 55,808,329,303 francs.
On Friday
7-16@$4.71% for cable transfers.
on
with the present
are
sterling
held
87,000,000,000 francs,
Thursday
$4.70%@$4.71 5-16 for bankers' sight and
no
on
promised in May that
amount to about
The range, was
$4.69%@$4.70%.
steady with
was
range was
a
pre-war
rise to 179 francs and in
The Premier
As revalued the
reserve
demand.
that of 1928, and with
past few weeks the rate has
sterling would rise
was
On Wednesday the
pressure,
can
were
sterling
bankers' sight and $4.69%
@$4.71% for cable transfers.
pound continued under
milligrams of gold 900 fine,
pledge given by Premier Daladier
around 178.60.
$4.70%@
$4.72% for bankers' sight and $4.70%@$4.72% for
cable transfers.
On Tuesday the pound was widely
severe
27.6
now
Under the
Saturday
transfers
cable
Monday
On
$4.72%@$4.73 13-16.
is
May 5 the sterling rate
Friday of last week, Armistice Day, there was no
market in New York.
concerning revaluation of the
at the equivalent of 170 francs
franc.
off sharply from Thursday's close.
was
and economies.
gold content of 322.58 milligrams in the
Referring to day-to-day rates sterling exchange on
Saturday last
France
reserves
49 in that of 1936, 65.5 in
$35.00
Thursday,
1
revenue
agreement between the State and
compared with 43 milligrams in the 1937 revaluation,
(FEDERAL RESERVE BANK)
35.00
through
new
pound show that the official basis adopted for
the franc
Saturday, Nov. 12.........$35.00 j
Monday, Nov. 14
35.00
of
gold
to the
FOR GOLD BY THE UNITED STATES
Tuesday, Nov. 15....r
Bank
PRICE
MARKET GOLD
146s. 7J^d.
Saturday, Nov. 12
>
3071
not
effort may decide the future
only of French economic life, but
of her political
organization as well."
The following table shows the relation of the
European currencies to
leading
the United States dollar:
Financial
3072
Old Dollar
New Dollar
Parity
Parity
Range
free market in Buenos Aires
Italy (lira)
13.90
5.26
16.95
8.91
Switzerland (franc)—...
19.30
32.67
22.56%
to 22.67%
Holland, (guilder)
40.20
68.06
54.00%
to 54.40%
c
France (franc)
Belgium (belga)..
~a New
6.63
3.92
......
dollar parity as before devaluation of the European currencies
between Sept. 30 and Oct. 3, 1936.
b Franc cut
c
at] 178.67 againt 178.87
In New York
on
on
sight bills
on
on
Friday
Thursday of last week.
have reached
on
Thursday of
16.91%
and
16.91%.
were
40.06% for bankers' sight bills and 40.06% for
Final quotations for Berlin marks
cable transfers, in comparison with 40.06 and 40.06.
Italian lire closed at 5.26 for bankers'
.
Argentine
0.74;
Czechoslovakia finished at
against 3.44; on Bucharest at 0.74, against
on
at
closed
paper pesos
for bankers'
of last
brought
which
terms
agreement have not been
Friday at 31.35
on
sight bills, against 31.60
on
Thursday
week; cable transfers at 31.35, against 31.60.
or
free market close
(official) / against 5.90.
at 5.19
was
23.00@23.03,
quoted at 5.90
Chilean exchange is quoted
Brazilian milreis
are
Peru is nominally
(official), against 5.19.
quoted at 21%, against 21.00.
sight bills and
5.26% for cable transfers, against 5.26% and
Poland at 18.85, against 18.85; and
land at 2.08%, against 2.10.
The
disclosed.
The unofficial
on
Brazil recently broke
Nov. 14.
restrictions.
against 23.60.
Exchange
on
about the renewal of the
Antwerp belgas closed at 16.90 for bankers' sight
5.26%.
agreement to renew barter trans¬
an
starting
on
Germany and Brazil
dealings with Germany because of German
the French center finished
week; cable transfers at 2.63%, against 2.64%.
3.42,
dispatch from Rio de Janeiro
to the effect that
was
bills and at 16.90 for cable transfers, against
at
pesos per
exchange
Paris closed
Friday at 2.63, against 2.64%
last
A United Press
1938, the franc was devalued on a de facto basis of 179
The London check rate
dropped to 20
off barter
francs tothe pound,-<>F-2.79 cents a-franc.—
on
Nov. 12
19. 1938
pound from 19.
actions
from gold and allowed to "float" on June 30, 1937.
On May 5,
Nov.
Thie Week
a
2.62 15-16 to 2.64%
16.90
to 16.92%
5.26%
to 5.26%
b
Chronicle
on
Fin¬
Greek exchange closed
EXCHANGE on features. Easternunits
the Far These countriesruling
pre¬
sents
lower
no
which they are
to
are
new
owing to the lower prevailing rates for sterling,
allied either legally
or
through
ex¬
change controls.
0,86%, against 0.87%.
Closing quotations for
yen
checks yesterday
were
#
27.41, against 27.63 on Thursday of last week. Hong¬
EXCHANGE on the countries neutral during end
follows the trends apparent since the the
Shanghai at 15%@16%, against 16.00; Manila at
kong closed at 29 7-16@29%, against 29.60@29 13-16;
war
of
as
September.
The Scandinavian units
are
these currencies are allied to sterling.
some
easier,
However,
anxiety is felt in the Scandinavian countries be¬
of the sharp
cause
European centers that unless the fall in sterling is
may
detach
themselves from sterling and probably measure their
values with reference to either the Holland
the United States dollar.
guilder,
The Holland
guilder snd the Swiss franc are showing
and moving up against sterling.
some
firmness
Bankers' sight on Amsterdam finished on
at
54.37, against 54.29
transfers
cable
at
on
Friday
Thursday of last week;
54.37, against 54.29; and
com¬
mercial
francs
sight bills at 54,32, against 54.24. Swiss
closed at 22.59% for checks and at 22.59% for
cable transfers, against
Singapore at 54.85, against
at
35.11, against 35.43.
Gold Bullion in European Banks
been current in the
arrested, the Scandinavian currencies
the Belga, or
against 49.90;
55%; Bombay at 35.11 against 35.43; and Calcutta
decline of sterling in the past few
In fact reports have
weeks.
49.90,
22,63% and 22.63%.
Copen¬
hagen checks finished at 21.00 and cable transfers at
21.00, against 21.15 and 21.15. Checks on Sweden
closed at 24.23 and cable transfers at 24.23, against
24.40% and 24.40%; while checks
on
Norway fin¬
ished at 23.63 and cable transfers at 23.63, against
23.80% and 23.80%.
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
par
of
exchange) in the principal European banks
as
of
respective dates of most recent statements, reported
to
us
are
by special cable yesterday (Friday); comparisons
shown for the corresponding
dates in the previous
four years:
Batiks of—
•
1938
1937
£
£
England...
327,674,598
France....
293,728,237
Germany b.
Spain......
Italy..
Netherlands
Nat. Belg..
Switzerland.
Sweden....
327,952,462
310,168,538
2,604,200
87,323,000
25.232,000
112,887,000
95,533,000
77,644,000
26,041,000
6,547,000
6,602,000
3,006,950
c63,667,000
a25,232,000
123,418,000
96,294,000
114,910,000
32,832,000
Denmark
6,536,000
Norway
8,205,000
1936
1935
£
249,504,796
391,871,164
1,846,350
87,323,110
42,575,000
,
47,491,000
105,125,000
81,295,000
24,253,000
6,553,000
6,603,000
Total week. 1,095,503,785 1,078,434,200 1,044,440,420
Prev. week. 1,094,048,728 1,063,538,720 1,044,297,652
.
1934
£
£
198,069,290
192,695,734
563,115,020
3,351,900
46,719,000
21,602,000
6.555,000
656,567,356
2,865,950
90,647.000
66,158,000
73,410,000
73,081,000
69,067,000
15,708,000
7,396,000
6,602,000
6,580,000
90,318,000
42,575,000
50,632,000
124,105.000
1,153,544,210 1,254,176,040
1,132,998,191 1,255,542,133
a Amount held Dec.
31, 1936, latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which Is now
reported at £529,700
c As of April 30, 1938, latest figure available.
Also first
report since Aug, 1, 1936.
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 value
within less than a year; the previous revaluation took place en Sept. 26, 1936,
when the gold was given a value of 49 milligrams to the franc, as compared with
EXCHANGE, on thein quotations. Most of the
South American countries is
largely nominal
65.6 mgs. previously;
On the basis of 65.5 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs., there are about 190 francs to £1.
»
controlled currencies of the Latin American countries
show
hardly
to the strict
any
The
deviation from week to week owing
exchange control.
and Practice
It is the traditional
The Fair Trade Standards
policy of Argentina to follow closely the monetary
as
and financial trends of London.
A
major step in the Argentine exchange was the
lowering of the Argentine peso last week.
This meas¬
ure was
taken
proposal
was
as soon as
learned.
the American wheat
rate of 15 pesos
buy foreign exchange at the
to the pound sterling.
however, at the rate of 17
compared with 16 formerly.
dumping
In the official market the offi¬
cial control continues to
Wage'Hour Law in Theory
pesos
It
now
sells,
to the ppund as
At the
same
time the
the
wage-hour law, has
about four weeks.
Act, familiarly known
now
been in operation for
The time is too
to show all the effects upon
that the Act may
enough to confirm
eventually have, but quite long
some
of the pointed criticisms
which the law evoked when it was
which
were
made
shqrt, of course,
industry and business
passed, and others
during the three months in which
the. enforcement machinery was being set up and
some
indication
given of what the Administrator of
Volume
the law
147
Financial
hoped
Chronicle
expected it would accomplish. The
or
wage
3073
payments at the existing scale
burdens which the Act imposes and the difficulties
employees' affair.
which it creates for
employers who
trine
have been
as
obscured,
far
as
subject to it
are
the public generally is
provides (some 10,000,000 farm laborers, for
ample,
of them notoriously ill paid,
many
unquestionably intrastate), and by the practical
exemption of
much
are
higher and working hours shorter than the
minima and maxima which the law
ther
-
large industries in which wages
many
exemptions
the
on
hand
one
prescribes. Neiprompt acqui-
nor
escence
on
the
opinion
we
have already expressed that the Act, in
theory
well
as
other, however,
as
serve
in practice, is
one
that to which Mr. Leiserson
doc-
a
to have
seems
tion of industries and businesses which, because of
their relative financial weakness, cannot compete
successfully with companies financially better off,
ex-
are ex-
empted along with small businesses whose business
is
not the
was
of such
given approval cannot fail, if his position is sustained, to result either in the progressive elimina-
concerned, by the large exemptions for which the
law
as
The application
to offset the
of the most ob-
or
else the progressive curtailment of the
scope and
volume of their operations, forjf the direct
obvious competitive situation which exists
case of the Western Union and Postal
together with the marked difference
and
in
the
companies,
noted in their
financial situation, could not avail to justify a
wage
exemption such as the Administrator of the Act is
impowered to grant, it is not likely to be given
any
in the competitive conditions, sometimes
jectionable statutes that has thus far to be charged
weight
to the account of the New Deal.
direct
In
a
decision rendered
Chairman
Leiserson,
on
of
Oct. 12
the
by William M.
National
Mediation
Board, to whom had been referred the application of
Western
the
Union
Telegraph Co.
Telegraph Co.. and the Postal
for exemption
from
the minimum
requirements of the Act in the
wage
case
of their
employees, after citing the fact that the
messenger
sometimes indirect, which
prevail in
industry and business generally. The decision is
further significant of what may be expected because
the exemptions which, under Section 14, the Administrator is directed, not merely
privileged, to
grant
while
structure
reported
was
Postal
was
"This
were
similar exemption would
a
justified in the
weak,
con-
granted
to be
seem
of all the Postal's employees,
case
shows," he continued, "the difficulty of fixing
the basis of financial condition of compet-
wages on
ing companies.
be in the
ones are
...
No two companies
given certificates to pay lower
are
are
likely to
financial condition, and if the poorer'
same
the others
not, they will have
an
while
wages
unfair competi-
advantage against the more successfully
aged companies.
are
the
part of its messenger force
a
exemption,
tive
of
that
declaring in substance that if, be-
as
of the Western Union's better financial
cause
dition,
an
reasonably sound financial
a
If,
prescribed for
a
on
the other hand, low
man-
wages
whole industry, then the
com-
expressly declared to be "to the
are
op-
portunities for employment."
The Act
as
contemplates the appointment "as
practicable" by the Administrator of
committee, made
up
soon
industry
an
of representatives of employers,
employees and the public, "for each industry engaged in commerce or in the production of goods
for commerce." The committee is to
recommend to
the Administrator, under certain conditions which
the Act lays down, the minimum
wage rate or rates
for the industry, together with such "reasonable
classifications" within the industry
effect the
essary to
as
it deems
nec-
of the Act.
wage purpose
The
recommendations of the committee become effective
if the Administrator, after a hearing at which interested parties may appear, approves them.
the best of conditions the method would be
dinarily time-consuming, and the
or
Under
extraor-
elaborate
more
highly organized the industry the longer the
panies better situated financially are given the privi-
ployer would
lege of paying less than the legal minimum merely
minimum
to increase their net
extreme slowness with
earnings. The conclusion must
extent
in order to prevent curtailment of
necessary
Federal Communications Commission had found the
Western Union to have
and
have to
wages
em-
wait before knowing what
he would be required to
The
pay.
which these industry com¬
be, therefore, that Congress was concerned," in Sec-
mittees have been appointed has added to this
tion 14 of the
certainty by leaving
Act, "not with the financial conditions
inclustries
many
or
un-
businesses
of
employers but with health, efficiency, standards
genuinely
of
living and opportunities for employment of
em-
to them.
pay
the Administrator giving effect to the recommenda-
Financial inability of employers to
ployees.
is not to be minimized.
wages
must the financial
Neither, however,
tions of
in doubt
Since
a
as
to whether the Act applied
any person
committee
may
the Circuit Court of Appeals, Mr. Andrews is per-
and the cost of maintaining health and ef-
ficiency be minimized."
ex-
'
Mr. Leiserson's conclusion
haps right in holding that his decision
or
regarding the intent of
restrained from protecting
faith
minimum
wage
businesses and industries
The
wage
pay,
as
for such
a
variety of
that to which the wage-
applies could hardly have been uttered,
opinion of Congress about what a minimum;,
should be, not the ability of an employer to
is, apparently, the standard which the Act is
held to set up.
The doctrine is similar to that
to whether
as
de-
fined in the Act is not binding, and he is further
tion of the
attempt to establish by Federal legislation
as
not an industry is "engaged in commerce"
Congress may be accepted/ but a stronger condemna-
law
have the legal aspects of
enough to pay occupational
less than
hour
order of
the order, but not the findings of fact, reviewed in
wages
uniform
an
inability of employees to work for
penses
a
aggrieved by
decides that his
right given to
nary
any
an
employer who in good
industry is exempt by the
employee to
damages if he can prove
a
obtain extraordi-
violation.
The net
effect of all this, however, has been to lead
or
their
protection, with
own
many
businesses to comply with the law for
industries
no
opportunity,
appar-
ently, to seek relief from the courts unless they
go
an-
to the trouble and expense of arranging a friendly
nounced
recently by a spokesman for one of the
suit, notwithstanding that months may elapse be-
railroad
brotherhoods,
a
fore a committee for the industry or business is ap-
proposed cut of 15% in wages, that whether the
pointed and more months before its report can be
railroad
presented and acted upon.
in the controversy over
companies could find the money to continue
.
Chronicle
Financial
3074
'
application of the wage-hoar law to banking
question of wide impor-
The
institutions raises another
,
Nov. 19, 1938
n;
.
,
r
c
,
//ie dictators Hold the Lards
of the American Bankers As-
Mr. Roosevelt has taken the step which there was
Monday, the State
good reason for fearing he would take if opportunity
banking division adopted a resolution whose purport
offered. He has seized the occasion which the latest
outbreak of official and popular hatred of the Jews
At the meeting
tance.
sociation at Houston, Texas, on
exemption for State banks on the
claim of
a
was
in Germany has presented to take a position at the
front of the stage in the controversy over dictatorship, and made himself and the American Govern-ment conspicuous factors in an international problem which it will tax the wisest statesmanship to
solve. By issuing a formal statement denouncing
in strong terms the recent happenings in Germany,
summoning the American Ambassador at Berlin to
ground that their business was almost entirely inIt is difficult to ascertain from the state-
trastate.
rulings of Administrator Andrews what
ments and
percentage, if any,
tolerated without
under the
of interstate business will be
bringing the whole establishment
wage-hour law.
There appears to be
no
doubt, however, that the distinction in fact between
interstate and intrastate commerce will have to be
just about crystal clear if the administration of
the law is not to override it.
Speaking at a press
conference at
Washington,
Oct. 18, Mr. Andrews
on
quoted as saying that "of course, I don't think
would be a national catastrophe if intrastate com-
was
it
should be
merce
of
brought under this law. As a matter
fact, I may appeal to them [the States] soon to
by the standards set up for interstate com-
abide
and there is always the alternative of getting
On Oct. 23, in
merce,
State laws to overcome the situation.77
the first of
a
series of radio speeches, Mr.
*fIt is up to
said:
Andrews
the States to see to it that their
affecting intrastate commerce shall be
standards
raised and maintained at least on a par
set in the Fair Labor
with those
When all the
Standards Act.
States have worked out standards which we,
point to argue whether one is in interstate
beside the
or
intrastate commerce.
difficult
be
It won't matter, and that
question, what is interstate commerce, will
largely academic.77 If the State bankers at Hous-
ton had these statements in
in
in this
world, have a right to expect, it will thep be
modern
mind, they
were
justified
fearing the wage-hour law as another blow of the
Deal
New
against the constitutional rights of the
States.
More attention
in
seems
to have been paid
Act than to the restrictions which the Act
hours.
upon
appear
At least as many persons, however,
especially if the Act is given
application to salaried employees, and the re-
duction in earnings
do away
felt.
due to shop arrangements that
with overtime will be widely and keenly
The hour
than those
restrictions, moreover, are more rigid
relating to wages, and the reduction of
hours from 44 to 40 per
week is to be accomplished
in three years while seven years will be
raise minimum wages
less
industry committee recommends an earlier
an
What should be clear
without demonstration is that,
mum
required to
from 25c. to 40c. per hour un-
application of higher rates.
of
imposes
likely to be affected by the latter as by the
former prescriptions,
wide
thus far
quarters to the wage requirements of the
some
wages
between raising mini-
and shortening maximum hours, costs
production will be progressively increased, con-
sumer
the
resistance will be stimulated
as
prices rise,
development of labor-saving devices, with con-
sequent increase for an indefinite period of unemployment, will be stimulated,
and the profits of
small
There is nothing in
enterprises will decline.
the least novel about these
conclusions, but
any one
who doubts their soundness would do well to check
them
against the results of the Fair Labor Stand-
ards
Act
week
or
as
they show themselves from week to
month to month.
<
.
return at once "for report and consultation,'7 and
allowing Ambassador Kennedy to discuss with members of the British Government plans
for the re-
moval of Jews from Germany, he has not only
intensified the irritation regarding the United
States which has been growing rapidly in German
official circles since he suggested a "quarantine77 for
dictatorships, but has also fed the streams of public
jlamor at home which flow only too easily in the
direction of war.
Let it be said at once, without
the least reserve,
that the provocation has been great.
Mr. Roosevelt
did not overstate the matter when he declared, in
the statement given out at his press conference on
Tuesday, that "the news of the last few days from
Germany has deeply shocked
public opinion in the
United States,77 and his assertion that he himself
"could scarcely believe that such things could occur
in a twentieth-century civilization77 probably represented what many Americans feel. There is no
parallel in history to the brutal treatment which has
been visited upon the German Jews since the Nazi
regime began wreaking vengeance upon them. Serious as the assassination of a German official in
Paris by a half-crazed Polish Jew was, it was in.
fact 110 different in its essential
character from
similar tragedies that have occurred many times before in many countries, and by no stretch of a
civilized imagination can it be thought of as warranting the widespread attacks upon the German
Jews which promptly followed or the devastating
financial penalty which the German Government
presently imposed. Few will believe that the out¬
breaks of mob violence were wholly spontaneous,
or that they could not have been promptly suppressed and the leading participants punished if
the authorities had chosen to do so.
Yet it must still be asked what, after all is said
and done, the American Government can do about
it that will not make the situation worse. Natural
as public protests in the name of humanity are, there
have been repeated warnings that foreign criticism
or protest would only intensify the anti-Jewish
campaign. Moreover, it is not the natural and
spontaneous protests alone that have to be reckoned
with; the activities of pressure groups with other
interests than those of humanity to serve have also
to be considered. If the expressions and acts of
private citizens or organized groups have no apparent effect except to inspire fresh repression or
attack, it is obvious that the interposition of a government or its official representatives is bound
to be still more serious. The most arbitrary or
self-confident dictatorship, bent upon something
Volume
Chronicle
Financial
147
3075
i'
.
akin to the economic and
close
indeed
the
extermination, of
social
racial
a
coldest parts of the Dominion, and there
religious
or
»
There is vacant land in Canada, but only in the
ruin, if not
are some
minority, might conceivably ignore the protests and
limited
demands
live.
Even if all the available
open,
however, they would not suffice for the trans-
of
foreign citizens who, after all, cannot
give much expression to their resentment in
other way,
President who declares that the sit-
a
persons.
in which
shocking and its circumstances almost be-
It is doubtful if Mr.
marginal
Roosevelt, before he issued
to
He
be
that
form
realized,
of
Mr.
Roosevelt,
appears
of
any
possible that the German Gov-
yield to argument and moral suasion,
hope
diplomatic relations
Western
Europe at
than
means
or
in that of trade
or
partly by finding
peace,
to
war
kept Germany
accomplish his aims, and
partly because neither France nor Great Britain
position to
a
force to resist him. It is
use
a
strange kind of peace, to be sure, but it is not war.
Anything suggestive of forcible intervention in what
Chancellor
would at
re-
are
town and city
them, a complete change in occupation and mode of
living and the adoption of new ways of which they
Hitler
once
perhaps from
regards
as
a
domestic
release him from any
matter
obligation, and
inclination, that he
any
have
Once force is
be pinned.
can
reprisals, all moral influence with Germany
in
ex-
in coping with frontier conditions. Their removal
to any part of the world that has been mentioned
as possibly available would involve, for most of
force
as
is lost. Chancellor Hitler has thus far
was
Guiana, for
would be to send most
care,
plantation is being talked about
to have
threatened, however, whether in the form of a rup-
other
British
kind is not
long
as
humanitarian
and
to
It is further to be remembered that far the larger
slight, but it is nevertheless something upon whicli
of
be made habitable
can
proportion of the persecuted Jews whose trans¬
possibility, it must be admitted, seems pretty
ture
that remain
people, with no training in farming and least of all
ernment may
other
areas
Premier Daladier of France probably
as
threatened it is still
The
ex-
of them to their death.
noted, has been much less severe in
that
that
bas,
considerable population could be
ception and prolonged
certainly has sacrifised the pos-
Chamberlain, whose criticism of Germany,
should
any
ample, without extensive preparations for their
sibility of exercising any such pressure now. Prime
it
million
With unimportant exceptions, all the land
To send German Jews
with the German Government and
mitigate, if not abandon, its persecution
of the Jews.
Minister
a
can
|thrown
ing, drainage, sanitation and provision of transport,
hurry home, was in a position to exert any
moral influence
induce it to
were
for Europeans only after extensive and costly clear-
public statement and directed Ambassador Wil-
son
areas
pected to maintain itself has been occupied, and the
yond belief.
his
in Africa in which Europeans
plantation of nearly three-quarters of
but it is not likely to ignore the formal
statement of
uation is
any
areas
may
feel to
«
110
experience.
It is possible that
a
large
amount of money could be obtained in one way or
another, although the required amount would be
colossal when it is remembered that most of the
Jews would leave Germany penniless and that they
would need to be supported, perhaps for several
years,
before they could hope to become self-support-
ing in their new homes; but where are the ships to
be found for transport?
The commandeering of
700,000
enough
passenger
persons
from any country to a variety of remote
tonnage
to
transport
places would disrupt the seabqrne passenger service
of the world.
Finally, the countries to which the
great majority of German Jews would probably pre-
his ends by peaceful means. Mr. Roosevelt's
fer to go are precisely the ones whose quota sys-
statement and the recall of Ambassador Wilson do
terns, joined to domestic unemployment, deter them
not
necessarily
break with Germany,
from receiving any important additional number of
but
they
steps in a diplomatic process which, if
immigrants. The removal of a few tens of thousands
pursue
are
mean an open
continuance of diplomatic
to countries willing to receive them, and in which
question of relief for the suf-
would be hardly more than a drop in the bucket in
fering Jews in Germany has centered thus far about
view of the great number for whom relief is sought,
followed up, may
relations
make
there might be some hope of finding employment,
impossible.
Discussion of the
the
a
possibility of removing the Jewish population
This, in brief, is the practical situation which has
an
to be faced. For the harassed Jews in Germany, and
undertaking which Ambassador Kennedy is reported
members of the British Gov-
increasingly for the millions of Jews in other Continental countries, the outlook is melancholy in the
ernment, although with what authority the Ameri-
extreme. It is made more distressing by the fact that
and
settling it elsewhere.
to have discussed with
can
It is plans for such
public has not been informed.
Mr. Kennedy is
nd country in Europe appears
disposed or able to
reported to have suggested that while the under-
do anything about it, save as frontiers may be
large one it could be carried
opened to small numbers of refugees and plans for
taking would be
a very
through, and that
could
a
substantial part of the cost
probably be raised through private subscrip-
tions in America.
;
Kennedy
such
for
tion
of
under which the Reich will have a free hand in
else could regard the
Eastern Europe in return for assurances that the
Eastern frontier of France will not be disturbed,
or any one
wholesale removal of
many as
some
700,000 Jews from Ger-
practicable. There is no place in the world
a
large number of Jews to go.
British
Guiana
seems
The
men-
fantastic when the
conditions of life in that unhealthy country are recalled.
lated
areas
either
as
There
are
large uninhabited or thinly popu-
in South
America, but most of them are
unhealthy for Europeans or of such a nature
to necessitate a
colonization are discussed. Moreover, with-
in a few days France has been reported as on the
point of concluding an agreement with Germany
what information and calcula-
One wonders upon
tions Mr.
overseas
long process of acclimatization,
while Mr. Chamberlain expresses guardedly his re- gret for what has been going on in Germany and
still hopes to put through his plan for a general
European "appeasement."
To all appearances, the
particularly
It is a singularly unfavorable time for Mr. Roosevelt to come
forward with a statement which will go far to
dictators hold all the cards that are
worth having in the political game.
3076
Financial
destroy what little influence, short of reprisals
Chronicle
Nov.
1938
19,
or
force, the United States could hope to be able to
with
exercise
ish
relief
and allow
Germany,
Ambassador in
England to parade
the American
scheme of Jew¬
a
which, if it is ever applied, is bound to
end in bitter
The Growth of
disappointment.
By F. Cyril James.
192635
New
statistics have been compiled by the Midland
Bank, Limited. These compilations of issues of new capital,
are subject to revision, exclude all borrowings by the
British Government for purely financial purposes; shares
issued to vendors; allotments arising from the capitalization
of reserve funds and undivided profits; sales of already
issued securities which add nothing to the capital resources
which
of the
for
The Formative
Years, 1816-1896.
Vol. II.
The
Modern
Age, 1897-1938.
1469 pages. .Illustrated.
New York: Harper & Brothers.
$8.
Capital Issues in Great Britain
The following
whose securities have been offered; issues
company
conversion
redemption of securities previously held
or
in the United Kingdom; short-dated bills sold in anticipation
of long-term borrowings; and loans of municipal and county
authorities which
specifically limited.
not
are
In all
cases
the figures are based upon the prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank Limited]
Month of
October
10 Months to
£24,977,000
£157,655,000
342,726,000
••
•
•
.
1919
-
28,152,000
33,359,000
1920-
-
1924
19271928
1929
1930
1931
1934
1935
1936
;
1937
166,070,000
239,583,000
258,819,000
287,857,000
309,853,000
235,521,000
200,388,000
105,020,000
128,848,000
143,232,000
185,160,000
176,071,000
140,681,000
95,699,000
2,628,000
NEW CAPITAL ISSUES
288,187,000
218,616,000
117,337,000
81,565,000
97,919,000
113,729,000
124,092,000
159,063,000
'
IN THE UNITED KINGDOM BY
199,832,000
181,832,000
125,924,000
MONTHS
[Compiled by the Midland Bank Limited]
1936
1935
This monumental work,
sponsored by the First National
Chicago, the oldest of the existing Chicago banks,
but in no sense a special history of that institution, is a
contribution of marked importance and interest to American
banking history.
Not only is it the first comprehensive
Bank of
historical
1937
1938
£33,963,149
£27,614,265
£7,464.872
12,620,080
19,687,120
10,671,858
March.:.
12,386,235
6,961,500
11,257,125
11,947,382
11,410,592
24,514,648
20,305,459
19,248.438
6,391,772
27,397,880
7,141,184
2,184,057
9,546,101
26,943,859
1,963.697
13,855,183
1,648,504
2,627,853
£176,070,924
£140,681,393
£95,699,454
20,939,125
20.211,176
12,400,174
£217,221,225
£170.906.191
4,108,238
10,456,037
May..
19.727,811
June
20,610,166
July....
August
53,909.166
19.505,122
18,410,698
24,402,925
6,194,413
April..'.
6,682,428
September
7,719,440
October
4,706,804
10 months
£159,062,715
November..
12,543,554
December
11.217,941
,
Year
-
£182,824,210
GEOGRAPHICAL
DISTRIBUTION
UNITED
OF
BY
8,509,247
15,188,116
CAPITAL
ISSUES
which
the
Chicago
IN
THE
MONTHS
United
India and
Ceylon
Countries
Countries
£
£
£
£
33,019,000
1936—January
.
194,000
18,502,000
February
March
Other
Brit.
Foreign
£
221,000
964,000
6,877,000
Total
33,963,000
751,000
,
story
naturally falls.
Until
banking in
1850,
part of a State program "that used govern¬
ment-owned banks for the purpose of
accelerating, by in¬
was
flationary policies, the economic expansion of the State."
Thereafter, until 1871, sound commercial banking developed
slowly under the lead of individual institutions, of which the
First National Bank is the sole
survivor, based upon private
capital and directed by private initiative.
From 1871 to
1893 was a period of expansion in which
Chicago became the
financial
center
of
the
Northwest
and
Mississippi
upper
Valley, with the Continental Illinois and the First National
developing into "two of the greatest bankers' banks in the
United
extended
States."
more
and
Chicago "was knit
From
more
1933
onward
the
expansion
other parts of the country as
closely into the fabric of the Nation"
to
more
and felt "more
acutely the impact of economic and financial
originated elsewhere."
With this as a general
outline, Professor James describes
interestingly the main events in the period of frontier finance
forces that
and the
use of banks to serve social
welfare, the rise of Chicago
city, the era of public improvements and its aftermath,
the experimental years from 1843 to
1861, the establishment
as a
banking system, the great fire of 1871 and
the energetic recovery, the effects of a
resumption of specie
payment, the free silver campaign, the consolidation of the
[Compiled by the Midland Bank Limited!
Kingdom
financial
an
of the national
17,824,624
NEW
KINGDOM
5.038.715
and
structure
important section of the country and its financial
center, but by giving the history of banking at those points a
setting in the general financial history of the country it con¬
tributes to the understanding of both.
"Banking history,"
as Professor James remarks, "is
meaningless unless it is con¬
sidered in intimate relation to the changing structure of the
community which the banks exist to serve," and the Chicago
banks "did not exist in a vacuum" but "were an integral
part of a thriving community which grew, within a century,
from poverty-striken desolation to
metropolitan grandeur."
"Even that canvas is too small, however, for a
comprehensive
picture.
The economic life of the city and its political
philosophies were influenced by national events, ana banks
were no more immune from these influences than
any other
type of urban institution."
'
:
Space forbids more than a brief mention of some of the
topics with which these volumes deal and of the periods into
whole
£16.592,347
February
January
credit
the
treatment of
houses of
384,984,000
13,855,000
1938
256,243,000
204,992,000
10,026,000
23,446,000
4,707,000
26,944,000
,
219,426,000
205,876,000
191,241,000
213,538,000
176,078,000
19,745,000
1933
422,613,000
188,597,000
2,483,000
1932
£187,158,000
218,390,000
21,081,000
29,222,000
37,725,000
40,599,000
11,510,000
30.497,000
-
Oct. 31
177 942,000
25,331,000
38,676,000
36,959,000
.
Year to
Oct. 31
Chicago Banks
Vol. I.
19,687.000
84v©00
6,961,000
8,795,000
232",000
1,356,000
73,000
27,000
2,014,000
268,000
2,939.000
July
20,712,000
128,000
153,000
tions, there will be found in Volume II a
summary collection
regarding all the banks and financial houses
Chicago since 1863.
of historical data
that have operated in
19,505,000
June..
17,196,000
15,344.000
Chicago money market, 1896-1906, the establishment of the
Federal Reserve System, the
experiences of the banks during
the World War, and their course under the
great depression,
the catastrophe of 1931-33 and the
years since.
In addition
to numerous statistical tables and
portrait or other illustra¬
18,411,000
24,403,000
April
May
....
"
4,346,000
August
September...
8,018,000
22,730,000
October
10 months
November
155,540,000
1.
December
18,271,000
16,997,000
Year....
1937—January
190,808,000
451*666
905,000 18,622,000
30,000
2,069,000
155,000
1,572,000
1,090,000 22,264,000
24,802,000
78,000
The Course of the Bond Market
6,194,000
9,546,000
26,944,000
1,004,000 176,071,000
568,000
20,939,000
1,487,000
20,211,000
3,060,000 217,221.000
Prices have shown
although
have generally
declined
27,614,000
17.000
10,672,000
11,257,000
20*666
11,947,000
1,000",000
2,097,000
22.611,000
396,000
830.000
678", 000
24.515.000
14,558,000
141,000
4,481,000
1,125,000
586,000
53,000
20,305,000
7.141,000
over
3*2*666
96,000
680,000
*2* 000
1,964,000
13,855,000
& Western 4s,
April
7,135,000
May
...
July.
August
September.
October
10 months
6,503,000
1,867,000
13,141,000
116,729,000
1,634,000 20,016,000
this
11,372,000
December
10,667,000
1,015,000
2,273.000
138,768,000
1,634,000 23,304,000
13,000
4,885,000
12,400,000
17.825.000
7.200.000 170.906,000
February
6,520,000
....
March
945,000
3,000,000
13,847,000
6,305,000
87,000
April
4,728,000
May
16,591,000
311,000
10,213,000
360,000
27,000 3.931,000
2,402,000
...
July
August
September...
....
October
10 months
8,149,000
11,202,000
1.763,000
1,611,000
1,781,000
62,496,000
594*,000
8.509,000
28,000
421.000
3*7*666
331*000
15,188.000
3,445,000
Railroad
issues
Atchison
bonds
have
4s,
gen.
been
1995,
fractionally lower
have lost
the call price, have advanced *4
speculative
bonds,
close.
Union
Southern
52^.
Plate
was
staged
a
106;
Medium-grade and
displaying
mild
weakness
recovery
in
toward the
Prices, however, were below last week's closing level.
Cleveland
to
after
at
to 108, while Norfolk
1996, dropped % to 119.
railroad
%
3-point premium
Terminal
Pacific
deb.
5%s, 1972, were off
4%s, 1981,
*4
at 87.
declined 4%
points
Granting of judgments to plaintiffs
on
99 Nickel
6% unsecured notes (each filed as a separate action)
a
factor
in
moving
the unassented
above par during the week.
notes to
a
price
Reaffirmation by the Federal
2,184,000
1,648,000
2,628,000
516,000
358,000 19,400,000
7,465,000
19,248,000
6,392,000
5,039,000
27,398,000
losses.
Kansas City Terminal 4s, 1960, selling at a
The
1938—January
week.
the middle of the week,
November.
Year
High-grade railroad
11,411,000
2,302,000 140,681,000
suffered
been soft but utilities and industrials have
fractionally.
407.000
2,581,000
1,467,000
4,792,000
*31*666
tendency toward decline this week,
been
2,405.000
8,043,000
9,756,000
a
groups
mixed, averaging out about the same all week. Highgi#de corporates have remained firm, but Governments have
34,000
March
June
all
not
8,313,000
February..
June
3,537,000
1,770,000
1,528,000
3,763,000
10,456,000
95,699.000
Circuit Court of Appeals of the
New Jersey railroad tax case
1937 Federal District Court
decision has been
an
unsatis¬
factory development during the week for certain New Jersey
Volume
147
railroads.
Financial
The
Central
RR.
of
New
Jersey
1st
5s,
1987,
dropped 4 points to 23.
Chronicle
group has been
Steel
Utility bond prices have tended toward weakness, but net
3077
drop of % point to 94% in the Republic
a
4%s, 1961.
Oil bonds receded fractionally, the Con¬
solidated Oil 8%s, 1951, declining % to 103.
changes have been relatively small and trading listless for
have been featured by a
the
4s, 1955.
most
been
in
vails
Local traction issues, however, have again
part.
over
great demand,
reflecting the optimism which
early consummation of unification plans.
pre¬
Brook¬
lyn Manhattan Transit 4%s, 1966, advanced 2% to 76%, and
Inter borough
several
Rapid
debenture
Transit
bonds
of
5s,
1966,
Associated
2%
&
that activity
are
increase.
soon
There has been
bankruptcy.
ing, but indications
of a petition
no new
financ¬
in this direction will
for the most part.
tendency
has
prevailed.
R.K.O.
In general,
a
MOODY'S BOND PRICES (REVISED)
1941, have fallen 3 to 76%.
man
U.
S.
All
ing from 1% to 4 points.
7s, 1957, which gained 2% points at 65%, appar¬
Moody's computed bond prices and bond yield
are
120 Domestic
Corporate by Groups *
Averages
Aaa
Corp.*
A
Baa
101.06
117.72
110.24
81.61
17
P.
RR.
99.83
87.07
Aa
112.14
(REVISED) t
120 Domestic Corporate
Corporate by Groups
Domes
tic
Corp.
120 Domestic
by Ratings
120
1938
Daily
Nov. 18
YIELD AVERAGES
BOND
(Based on Individual Closing Prices)
AU
tic
averages
given in the following tables:
MOODY'S
by Ratings
Domes¬
South American bonds have been
ently in anticipation of a new service arrangement.
t
120 Domestic Corporate *
120
Govt.
Bonds
Ger¬
Italian issues.
generally dull, the only feature of strength being the City
.
1938
Retail trade
.
obligations have yielded to pressure; with losses rang¬
(Baaed on Average Yields)
Dailg
Paper 5s,
Among amusement issues,
The trend in foreign bonds has been irregular, with some
slight downward
largest change in the steel
The
6s,
the International
97%.
weakness developing in Japanese and
of Cordoba
,
Changes in the industrial bond market have again been
narrow
the
to
issues have been mixed.
The
Electric Co.
have also been very active but weak because
for involuntary
68%.
to
Gas
On the other hand,
1947, have advanced 1
Building issues
drop of % to 67 in the Walworth
U.
Indus.
Averages
106.54
111.84
Nov. 18——
P.
Baa
RR.
3.09
3.45
4.01
5.22
4.82
Aaa
3.94
Aa
A
U.
Indus.
3.64
3.37
112.13
lfO.88
117.72
110.04
99.83
81.61
87.21
106.54
111.64
17-.
3.95
3.09
3.46
4.01
5.22
4.81
3.64
3.38
16— 112.18
101.06
117.72
110.04
99.83
81.87
87.21
106.54
111.84
16
3.94
3.09
3.46
4.01
5.20
4.81
3.64
3.37
15- 112.25
101.06
117.72
110.04
100.00
81.87
87.35
106.54
111.84
15
3.94
3.09
3.46
4.00
5.20
4.80
3.64
3.37
14— 112.30
101.23
117.94
110.24
100.18
82.00
87.49
106.73
112.05
14
3.93
3.08
3.45
3.99
5.19
4.79
3.63
3.36
12— 112.40
101.23
117.94
110.04
100.18
82.13
87.49
106.54
112.05
12
3.93
3.08
3.46
3.99
5.18
4.79
3.64
3.36
11—
Exchan ge Clos ed
6.20
4.80
3.64
3.38
5.22
4.81
3.65
3.39
Stock
i
Exchan ge Clos ed
11
Stock
10— 112.46
101.06
117.72
109.84
100.00
81.87
87.35
106.54
111.64
10
3.94
3.09
3.47
4.00
9„ 112.53
100.88
117.50
109.84
99.83
81.61
87.21
106.36
111.43
9
3.95
3.10
3.47
4.01
8-
Exchan ge Clos ed
Stock
.
.
'
j
m.
Exchan ge Clos ed
8
Stock
7- 112.45
100.70
117.72
109.64
99.66
81.09
86.64
106.17
111.43
7
3.96
3.09
3.48
4.02
5.26
4.85
3.66
3.39
5~ 112.46
100.53
117.50
109.44
99.48
81.09
86.50
105.98
111.43
111.43
5
3.97
3.10
3.49
4.03
5.26
4.86
3.67
3.39
4— 112.48
.
4.03
100.35
117.50
109.44
99.48
80.84
86.50
105.98
3— 112.55
100.35
117.29
109.24
99.48
80.84
86.50
105.98
2- 112.61
100.35
117.29
109.24
99.48
80.96
86.60
105.98
1— 112.62
100.35
117.07
109.24
99.31
80.96
86.50
105.79
Weekly—
Oct. 28— 112.68
100.18
116.86
99.14
21— 112.59
99.83
116.64
109.05
14— 112.68
99.48
116.64
108.46
7— 112.53
99.14
116.43
108.27
98.45
80.71
98.80
98.80
Sept.30— 111.70
97.28
114.51
107.30
96.61
109.24
4.:
3.98
3.10
3.49
5.28
4.86
3.67
3.39
3
3.98
3.11
3.50
4.03
5.28
4.86
3.67
3.40
2
3.98
3.11
3.50
4.03
5.27
4.86
3.67
3.41
1
111.23
111.03
110.83
3.98
3.12
3.50
4.04
5.27
4.86
3.68
3.42
3.99
3.13
3.50
4.05
5.29
4.87
3.69
j
3.42
Weekly—
Oct. 28
86.36
105.60
110.83
80.20
85.65
105.41
110.83
21
4.01
3.14
3.51
4.07
6.33
4.92
3.70
3.42
79.95
85.52
104.85
110.83
14
4.03
3.14
3.54
4.07
5.35
4.93
3.73
3.42
79.45
85.10
104.30
110.83
7
4.05
3.15
3.55
4.09
5.39
4.96
3.76
3.42
76.88
82.13
103.38
109.24
Sept.30
4.16
3.24
3.60
4.20
6.60
5.18
3.81
3.50
'
23— 111.37
97.11
115.14
107.30
96.28
76.17
81.74
103.38
109.44
23
4.17
3.21
3.60
4.22
5.66
5.21
3.81
16— 110.91
96.78
114.93
107.11
96.28
75.47
81.61
102.84
108.85
16
4.19
3.22
3.61
4.22
5.72
5.22
3.84
3.52
9— 111.85
97.95
115.78
107.69
97.45
77.36
83.33
103.74
109.84
9_
4.12
3.18
3.58
4.15
5.56
5.09
3.79
3.47
2- 112.07
98.11
115.57
107.69
97.61
77.72
83.19
103.93
110.24
2
4.11
3.19
3.58
4.14
6.63
5.10
3.78
3.45
4
3.49
Aug. 26.. 112.38
98.80
116.00
107.88
98.28
78.70
84.01
104.30
110.83
Aug. 26
4.07
3.17
3.57
4.10
6.45
5.04
3.76
19— 112.39
98.28
115.57
107.69
97.95
77.84
83.06
104.30
110.43
19
4.10
3.19
3.58
4.12
5.62
5.11
3.76
3.44
12.. 112.32
98.28
115.78
107.69
97.61
77.96
82.93
104.30
110.63
12
4.10
3.18
3.58
4.14
6.51
5.12
3.76
3.43
3.42
5— 112.16
98.45
115.78
108.08
97.61
78.58
83.46
104.30
110.83
5
4.09
3.18
3.56
4.14
5.46
5.08
3.76
3.42
July 29- 112.17
98.45
115.67
107.88
97.45
78.82
83.46
104.30
110.83
July 29
4.09
3.19
3.57
4.15
5.44
5.08
3.76
3.42
22— 112.04
97.96
116.35
106.92
97.11
78.08
82.70
104.11
109.84
22
4.12
3.20
3.62
4.17
6.50
5.13
3.77
15- 112.12
96.94
114.72
106.92
96.28
76.17
80.96
103.74
109.44
15
4.18
3.23
3.62
4.22
5.66
5.27
3.79
3.49
8— 112.04
96.28
114.51
106.73
95.78
75.12
79.70
103.38
109.44
8
4.22
3.24
3.63
4.25
5.75
5.37
3.81
3.49
1— 111.96
95.29
114.09
105.98
94.97
73.76
78.20
103.02
109.05
1
4.28
3.26
3.67
4.30
6.87
5.49
3.83
4.51
June 24.. 111.80
93.85
114.09
105.22
93.21
71.36
75.82
102.12
108.46
4.37
3.26
3.71
4.41
6.09
5.69
3.88
3.54
17-
112.01
91.35
113.07
104.48
91.35
66.99
71.36
101.58
107.69
17
4.53
3.31
3.75
4.53
6.52
6.09
3.91
3.58
10-
112.05
93.69
114.72
106.54
93.37
69.89
75.82
101.94
108.46
10
4.38
3.23
3.64
4.40
6.23
5.69
3.89
3— 112.10
94.01
114.93
106.92
94.01
69.78
76.29
101.76
108.66
4.36
3.22
3.62
4.36
6.24
5.65
3.90
3.53
May 27.. 111.77
93.85
114.72
107.30
93.85
69.37
76.53
101.23
108.46
4.37
3.23
3.60
4.37
6.28
5.63
3.93
3.54
95.46
115.35
108.08
95.62
71.68
78.70
102.12
109.44
4.27
3.20
3.56
4.26
6.06
5.45
3.88
3.49
20-
111.94
13-
3—
May 27
20-
3.54
111.82
96.44
115.14
108.46
73.76
81.22
102.12
109.24
3.21
3.54
4.21
5.87
5.25
3.88
3.50
•— 111.64
95.29
114.51
107.69
95.13
72.11
79.07
101.76
108.85
6
4.28
3.24
3.58
4.29
6.02
6.42
3.90
3.52
Apr. 29.. 111.42
93.69
114.09
106.92
93.85
69.37
76.76
100.35
108.27
April 29
4.38
3.26
3.62
4.37
6.28
5.61
3.98
111.48
92.90
113.89
105.79
92.90
68.97
75.82
99.48
108.08
22—..
4.43
3.27
3.68
4.43
6.32
5.69
4.03
3.56
14.. 110.08
91.20
112.66
104.30
91.05
66.99
74.21
97.78
106.17
14
4.54
3.33
3.76
4.55
6.52
5.83
4.13
3.66
103.74
91.05
66.89
,75.12
96.94
105.04
4.55
3.33
3.79
4.55
6.53
5.75
4.18
3.72
3.76
22-
,
8—
•
109.69
91.05
112.66
96.44
June 24..
3.47
4.21
13
»
8—
3.55
1-.
109.58
88.80
112.45
102.66
89.10
63.28
71.15
96.11
104.30
1
4.70
3.34
3.85
4.68
6.92
6.11
4.23
Mar. 25-
110.34
91.97
113.89
106.92
92.43
66.03
75.01
98.45
106.73
Mar. 25
4.49
3.27
3.62
4.46
6.62
5.76
4.09
3.63
18-
109.97
93.21
114.72
107.11
93.37
68.17
76.76
99.14
107.88
18
4.41
3.23
3.61
4.40
6.40
5.61
4.05
3.57
11— 110.57
94.81
115.35
109.05
95.46
69.78
80.08
99.48
108.46
4.31
3.20
3.51
4.27
6.24
5.34
4.03
3.54
4— 110.70
11—
3.54
.96.94
115.78
109.44
97.11
73.65
84.41
100.00
108.46
110.50
97.28
115.78
109.44
97.11
74.44
85.65
99.48
108.46
18— 110.21
96.44
115.57
109.24
96.28
73.20
84.55
98.80
11..
110.18
96.11
115.78
109.05
95.95
72.43
84.14
98.62
4.. 110.16
Jan. 28.. 110.07
94.81
114.51
108.27
94.49
71.15
81.61
98.45
106.92
94.33
114.72
107.49
94.81
69.89
79.70
98.62
107.69
28
4.34
21- 110.52
96.61
116.00
109.05
96.78
73.31
83.33
100.18
109.05
21
4.20
14-
110.15
97.95
116.64
109.84
97.61
75.47
86.07
100.63
109.24
14
4.12
7-
109.97
97.61
116.21
110.04
07.28
74.89
86.60
99.66
108.46
7
4.14
Hlgh 1938 112.68
101.23
117.94
110.24
100.18
82.13
87.49
106.73
112.05
High 1938
4.70
3.34
3.85
4.68
6.98
6.11
Low 1938 109.68
88.80
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low 1938
3.93
3.08
3.45
3.99
5.18
4.79
High 1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
High 1937
4.31
3.47
3.60
4.33
6.08
5.07
4.22
3.76
94.81
109.84
107.30
94.49
71.46
83.60
96.28
104.30
Low
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
Feb. 25—
Low
1937 107 01
.
3.18
3.49
4.17
5.88
5.01
4.16
3.18
3.49
4.17
5.81
4.92
4.03
3.54
108.08
18—
4.21
3.19
3.50
4.22
5.92
5.00
4.07
3.56
107.69
11
4.23
3.18
3.51
4.24
5.99
5.03
4.08
3.58
4
4.31
3.24
3.55
4.33
6.11
5.22
4.09
3.62
3.23
3.59
4.31
6.23
6.37
4.08
3.17
3.51
4.19
5.91
5.09
3.99
3.6!
3.14
3.47
4.14
5.72
4.89
3.97
3.60
3.16
3.46
4.16
5.77
4.86
4.02
3.54
4.23
3.76
3.63
3.36
1 Yr. Ago
4
Jan.
1
Nov.18'37 108.88
96.78
105.60
116.64
1937
Year Ago—
•
3.58
,
108.85
114.51
2 Yrs.Ago
Nov.18'36 112.60
4.00
4.18
25
Feb.
,
96.11
74.89
85.93
99.14
106.54
Nov. 18, 1937—
4.19
3.24
3.52
4.23
5.77
4.90
4.05
3.64
113.48
103.20
91.81
100.18
105.04
112.05
2 Years Ago—
Nov. 18, 1936--
3.69
3.14
3.29
3.82
4.50
3.99
3.72
3.36
*
These prices are computed from average yields on the basis of one "typical" bond (4% coupon, maturing In 30 years). and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
field averages, the latter being the truer picture of the bond market.
t
The latest complete ltet of bonds used In computing these Indexes was published In the issue of July 23. 1938. page
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Fight, Nov. 18, 1938.
Business
future
activity continues
would
look
rosy
its
climb,
upward
tainties that overshadow the business and
There
been
has
a
and
indeed were it not for the
noticeable
slowing
up
financial
of
the
urbed
by
world.
mental
in
It is said that the "Street" remains generally
conditions
abroad,
by
the
assurance
of
higher
daily,
and by indications that the Administration
tinue its drive against business.
intends to con¬
Despite the apparent leth¬
and reverses in the stock market the past week, busi¬
indices present a heartening picture.
For the first
time this year business activity, as measured by the "Jour¬
argy
ness
established
which
optimistic for the longer term, but at the moment it is distaxes as the national debt makes new records almost
weekly
automotive
duction,
uncer¬
operations
Commerce"
of
index,
last
week
crossed
the
Further increases in steel pro¬
activity and electric output, all of
corresponding 1937 level.
the securities market the past week, with periods of heavy
liquidation.
nal
488.
new
highs
for
the
year,
were
instru¬
pushing the index up to 91.2 as compared with
87.0 for the corresponding week of last year.
Last week's
rise in the index amounted to 1.4 points.
Steel activity and
in
automobile production
utors
week.
to
the advance,
The
index
of
have been the two heaviest contrib¬
and both were again in the van last
building
awards snapped
back
two
increased contracts for public
works, although private awards managed to better the previ¬
ous week's and year ago totals.
The "Engineering NewsRecord" placed the total of all awards at $58,780,000 com¬
pared with $37,260,000 in the preceding week and $34,753.000 in the like 1937 week.
Public works exceeded last
points, favored primarily by
Financial
3078
by 97%, and private building was up 1%. The largest
public award was tor the Green Mountain Dam power plant
in Colorado.
With the support of large backlogs of sheets
year
recent low prices, nearly all mills will
their present operating rates to the
end of the year, "Iron Age" estimates in its mid-week review
of the steel industry,
"if the moderate expansion of orders
in other lines continues," the
magazine observes, "even
higher operations may be looked for this month or next.
The outlook for 1939 is definitely better."
The "Iron Age"
and strips booked at
be able to maintain
"The automobile industry ia revising pro¬
further states:
upward, as demand for cars exceeds
expectations. Instead of the slump that sometimes
in January, after dealers' stocks have been supplied,
schedules
duction
earlier
comes
it now appears
Nor.
Chronicle
1938
19.
relatively mild, with clear skies prevail¬
.Today it was cloudy and cool here,
with temperatures ranging from 50 to 61 degrees.
The fore¬
cast was for rain and somewhat warmer tonight.
Saturday
rain, followed by clear and cooler weather.
Sunday partly
cloudy and cool.
Overnight at Boston it was 38 to 54 de¬
grees; Baltimore, 50 to 62; Pittsburgh, 48 to 60; Portland,
Me., 32 to 48; Chicago, 44 to 56; Cincinnati, 56 to 68;
Cleveland, 52 to 66; Detroit, 44 to 58; Charleston, 66 to 76;
Milwaukee, 42 to 52; Savannah, 66 to 80; Dallas, 52 to 84;
Kansas City, 42 to 66; Springfield, Mo., 46 to 78; Oklahoma
City, 44 to 74; Salt Lake City, 26 to 42; Seattle, 44 to 52;
Montreal, 38 to 46, and Winnipeg, 2 to 32.
the past week was
ing most of the time.
likely that production will continue through
Moody's Commodity Index
the winter without serious abatement unless recurring latxu*
Declines
troubles hinder
production." The magazine estimates steel
output for the current week at 62.5% of capacity, up 1.5
points from a week ago.
Pittsburgh reported a further
advance in steel scrap prices, an unfailing barometer of
activity in the industry. Stimulated by increased industrial
moderately from 144.7
last week Thursday to 144.3 this Friday.
Silk, cocoa, hides,
rubber, hogs and coffee prices were lower, while wheat, com,
steel scrap, cotton and wool advanced.
There were no net
activity in New England and the central industrial regions,
changes for silver, copper, lead and sugar.
The movement of the index was as follows:
the United States last week
widened its gain oyer a year ago despite the occurrence of
two holidays this year against one in the 1937 period.
The
output, as reported by Edison Electric Institute, totaled
2,209,324,000 kilowatt hours, a gain of 1.5% over the 2,176'production
of electricity in
557.000 kilowatt hours reported a year ago.
In the week
ended Nov.. 5 output totaled 2,207,144,000 kilowatt hours, a
Moody's Commodity Index declined
Year ago.
144.8 1937
—
144.6
Low—Nov. 24...
144.7
144.5
.——144.3
152.9
1938 High—Jan. 10-..
...
—
4—
-144.2
....... 142.2
Nov. 18
148.6
High—A?141 5...-—228.1
Two weeks ago, Nov.
Month ago, Oct. 18
—144.7
145.2
145.4
Thurs., Nov. 10
Sat.,
Nov. 12
Mon., Nov. 14
Tues.. Nov. 15
Wed.,
Nov. 16
Thurs., Nov. 17
Fri., ..Nov. 181
130.1
Low—June 1
gain of 0.2% over the 2,202,451,000 kilowatt hours of the
corresponding 1937 week. Prior to the last two weeks power
production had lagged behind 1937 for some months.
The
in October
compared with $306,731,524 in October, 1937» and
$395,552,567 in the same month of 1930. The 92 reporting
railroads, the Association said, represent 82.3% of the total
operating revenues of all Class I carriers.
A prominent
Federal economist, who asked that his name not be used,
calls attention to the fact that the industrial upturn since
been at a rate equaled before only in the arti¬
spurt in the summer of 1933, when many factories
hurried to get out goods before NRA regulations went into
summer has
ficial
effect.
To expect the rise to continue without
interruption,
the economist
explained, would be too good to be true, and
would be unwarranted in the light of business
history. The
most optimistic forecasters^ he added, expect at least a
leveling off early'in 1939, when industrial output for a few
months would neither increase nor decrease except for sea¬
sonal factors.
The Association
of American Railroads
re¬
ported today 636,710 cars of revenue freight were loaded
during the week ended last Saturday. This was a decrease
of 36,623 cars, or
a
a
FreightjCar Loadings in Week Ended Nov. 12
Revenue
Total 636,710 Cars
Association of American Railroads reported that. 92 Class I
railroads had estimated operating revenues of $287,915,128
Loadings of
freight for the week ended Nov. 12,
revenue
1938, totaled 636,710 cars, a loss of 36,623 cars, or
week,
■
5.4%, compared with the preceding week;
Loaded on Own Lines
National
Fur
Week
coincident
with
colder weather in many parts of the country, lifted outgo
of this line 30% to 50%, and all branches of trade picked
up
perceptibly,
Dun
&
Bradstreet,
Inc.,
reported
today.
"Good results at retail spread confidence in wholesale mar¬
kets; buyers became more eager to complete holiday lines,
and many houses noted an increase in the size of individual
In industry, the upward trend, which has
commitments.
been
last
evident
June,
advance
despite
week-to-week
still
unmistakable,
was
appeared
be
to
There
were
no
Missouri-Kansas-Texas RR—...
Missouri Pacific RR
New York Central Lines..
Southern Pacific Lines..........
Wabash Ry
Total
with the first below-zero weather in
many sections.
lowest recorded was 10 degrees below at Moorhead,
season
Minn., on the morning of Nov. 15, while The Pas, Manitoba,
Canada, reported 20 degrees below. Also the latter part of
the week brought abnormally cold weather to the War
States, with
quite general frosts in California.
snowfall in the northern Great
Plains, the northern Rocky Mountain States, and most of
Moderate to fairly heavy
of
the
West, while unfavorable for outSide operations, was generally beneficial to the range and
grain crops. In the New York City area the weather during
23,832
18,326
19,735
15,203
3,262
1,761
4,932
16,117
40,685
4,711
21,789
58,637
5,959
4,912
29,030
5,939
6,194
5,570
14,467
10,275
8,178
7,125
15,617
10,064
8,245
8,111
10,458
1,294
2,114
2,794
8,826
40,148
9,721
4,186
37,532
5,480
6,193
8,355
8,152
9,644
1,318
1,834
2,495
8,355
36,398
9,095
4,083
34,751
4,911
5,280
7,700
7,727
1937
6,240
16,230
12,805
8,515
8,638
10,814
1,691
2,623
2,967
8,817
40,645
9,016
4,359
40,026
n
5,480
6,330
8,246
8,361
RECEIPTS FROM CONNECTIONS
Week Ended—
'
Nov. 5,1938
Nov. 13,1937
Not available
29,584
12,509
26,382
31,969
12,657
42,093
71,008
Nov.
Chicago Rock Island A Pacific Ry.
Illinois Central System
St. Loula-San Francisco Ry......
12, 1938
Not available
-
"
,
33,987
■
13,873
1
Total
47,860
The Association of American Railroads, in reviewing the
week ended Nov, o,
Loading of
same
Basin
'
■
low
Great
'
•
cars.
during the earlier cool period.
At the close of the
week an extensive high-pressure area
occupied the North¬
western States, bringing the lowest temperatures for the
14,252
37,314
5,224
22,630
56,024
5,797
6,496
29,979
5,501
24,581
29,074
(Number of Cars)
Sub-
as
22,404
27,406
22,854
17,296
19,869
15,974
3,326
1,937
Nov. 13
301,557 317,417 328,485 179,206 193,484 201,803
TOTAL LOADINGS AND
another reaction to much lower temperatures over the East¬
ern
sections of the country, with temperaures nearly as
the
4,663
22,184
52,572
5,923
5,398
28,767
4,996
Pennsylvania RR
;
Pere Marquette Ry
.....
Pittsburgh A Lake Erie RR.....
Nov. 13 Nov. 12 Nov. 5
1938
1938
1937
4,264
13,793
34,643
...
N. Y. Chicago A St. Louis Ry...
Norfolk A Western Ry.........
somewhat
freezing weather extended as far South as western North
Carolina, with a minimum temperature of 20 degrees at
El ins, W. Va.
Follo wing this cool wave abnormally warm
weather prevailed, but at the close of the week there was
Western
1,858
4,158
outstanding
30 degrees or more, according to Government advices.
The
13,637
3,102
International Great Northern RR
and
slower," this agency
developments in the
weather the past week.
During the early part of the week
there was a sharp drop in temperature over the more East¬
ern,, States, the 24-hour, falls .ranging from 20 degrees to
states.
16,772
18,942
Gulf Coast Lines..............
downs since
although the rate of
ups
.1938
21,587
26,347
22,215
Chesapeake A Ohio Ry
Chicago Burlington A Qulncy RR
Chicago Mllw. St. Paul A Pac. Ry
Chicago A North Western Ry..
week.
Nov. 5
1938
was
this
Weeks Ended—
Nov. 12
at
to new highs.
Men's wear ex¬
perienced the first substantial upturn in, retail sales in two
Received from Connections
Weeks Ended—
Atchison Topeka A Santa Fe
Baltimore A Ohio RR.........
the succession of advances
FROM CONNECTIONS
(Number of Cars)
n
mobile production again moved to a new high this week,
with the output of the United States and Canada estimated
months
a
REVENUE FREIGHT LOADED AND RECEIVED
decrease of 49,216, or 7.2%, compared with a year ago, and
decrease of 244,807, or 27.8%, compared with 1930. Auto¬
96,735 units by Ward's Automotive Reports, Inc.
This
a rise of 10,135 units from the 86,300
produced in the
preceding week, and an increase of 10,978 units from the
85,757 units in'the corresponding week of 1937. The Thanks¬
giving holiday next week, the report said, will interrupt
5.4%,
decrease of 49,216 cars, or 7.2%
from the total for the like week a year ago, and a drop of
148,270 cars, or 18.9%, from the total loadings for the cor¬
responding week two years ago. For the week ended Nov. 5,
1938, loadings were 7.6% below those for the like week of
1937, and 11.4% below those for the corresponding week of
1936.
Loadings for the week ended Oct. 29, 1938, showed
a loss of 7.7% when compared with
1937, and a drop of
13.0% when comparison is made with the same week ©f 1936.
The first 18 major railroads to report for the week ended
Nov. 12, 1938 loaded a total of 301,557 cays of revenue
freight on their own lines, compared with 317,417 cars in
the preceding week and 328,485 cars in the seven days ended
Nov. 13, 1937.
A comparative table follows:
from the preceding
This
ing week
cars,
and
revenue
below
decrease of
a
261,382
cars,
or
28%
below the
freight for the week of Nov. 5 was a decrease of
5% below the preceding week.
or
Miscellaneous freight
cars
reported as follows:
freight for the -week ended Nov. 5 totaled 673,333
of 55,432 cars, or 7.6% below the correspond¬
decrease
1930.
in
Loading of
35,507
a
1937,
in
week
revenue
was
the
loading totaled 270,369 cars, a decrease of 14,396
preceding week, and a
decrease of 23,259 cars below the
corresponding week in 1937.
less than carload lot freight totaled 157,828
below the preceding week, and a decrease
9,725 care below the corresponding week in 1937.
Coal loading amounted to 128,413 cars, a decrease of 7,995 cars below
the preceding week, and a decrease of 14,134 cars below the corresponding
Loading of
cars,
a
merchandise
decrease
of
1,052
cars
of
week in
Grain
7,439
the
and
1937.
and
cars
grain
products loading totaled 39,467 cars, a
decrease of
below the preceding week, and a decrease of 3,961 cars below
1937.
In the Western districts alone, grain
grain products loading for the week of Nov. 5 totaled 24,248 cars, a
corresponding week
in
Volume
of
decrease
Financial
147
5,751
3079
Chronicle
below the preceding week, and a decrease of 3,776
cars
*
below the corresponding week in 1937.
cars
Live
stock
below the
loading amounted
preceding week, but
1937.
ing week in
the
for
below
week
the
preceding week, but
1,901
increase of 743 cars above the correspond¬
4 weeks in
February
loading of live stock
15,533 care, a decrease of 1,795 cars
increase of 602 cars above the corre¬
an
districts alone,
Forest
totaled
preceding week,
and
a
28,341
cars,
decrease of
1,682 cars
below the corre¬
decrease of
a
3,985
cars
sponding week in 1937.
<
Ore
the
preceding week,
1937.
All
4 weeks in March
5 weeks in April
4 weeks in May
but
cars,
cars
•
.
districts
the
week
.
the corresponding weeks
reported decreases compared with
33,031,248
August
_
5 weeks in October
3,541,982
.
Total
In the
FREIGHT
AND RECEIVED FROM
LOADED
3,733,385
3,642,357
4,492,300
3,687,319
•
3,759,533
4,767,297
934,715
39,905,050
1938.
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED NOVEMBER,5
618
604
1,161
1,303
7,715
1,815
1,591
8,612
1,749
223
271
9,723
1,931
10,220
2,235
27
40
25
47
73
663
'
Maine...
Chicago Indianapolis A Louisv.
Central Indiana
.....
Central Vermont
1,358
675
530
4,978
9,237
51Q
2,077
2,301
2,450
Detroit & Mackinac-
Detroit Toledo A Ironton—...
9,417
1,986
7,376
6,370
,
124
137
301
312
12,739
12,624
3,147
12,404
5,108
5,026
4,562
6,849
13,725
8,324
2,014
1,161
160
211
123
201
1,925
1,825
8,799
1,817
8,217
3,025
4,780
1,129
7,077
2,153
263
260
2,254
43,219
11,090
38
41
40,148
41,806
11,678
1,588
9,601
5,866
Lehigh & Hudson River
Lehigh A New England
8,672
....
...
2,602
System
N. Y. N. H. & Hartford
4,530
2,350
37,314
9,853
1,532
5,224
Montour..
2,667
4,129
—
Monongahela.
2,110
41,675
„
9,632
5,593
5,797
N. Y. Chicago & St. Louis
Pittsburgh A Lake Erie
Marquette
7,444
7,179
11,478
1,589
9,721
6,096
5,480
451
425
Pittsburgh & Shawmut
8,136
2,309
.
26
1,788
1,248
5,216
5,258
6,857
303
New York Ontario & Western.
5,071
Mobile A Ohio
Norfolk
5,984
29
235
Southern
367
8,688
20,619
8,750
21,659
444
436
429
712
167
204
188
704
917
67,019
11,489
2,845
9,015
2,980
Southern System
Tennessee Central
"
Winston-Salem
Southbound
98,833
109,209
108,902
64,860
Chicago A North Western
17,355
Chicago Great Western
2,604
19,789
3.641
5,314
17,586
2,682
20,245
4,198
3,860
1,162
6,124
18,733
2,592
21,683
4,047
10,462
10,458
2,903
8,111
3,344
Total.
Northwestern District—
Chicago Milw. St. P. & Pacific.
Chicago St. P. Minn. A Omaha.
Duluth Missabe & I, R
Duluth South Shore & Atlantic
452
.
6,212
Elgin Joliet A Eastern.
Ft
535
408
168
187
14,239
16,240
2,660
2,840
676
653
599
552
1,646
1,944
6,251
10,678
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
392
200
1,483
1,383
666
921
863
5,501
3,300
5,990
5,621
3,913
4,119
8,152
3,029
3,035
144,410
151,353
157,442
152,868
160,433
446
385
502
742
652
27,406
30,134
2,903
34,397
5,685
15,617
16,310
1,548
1,595
2,083
6,449
11,504
2,500
1,764
6,708
11,361
Chicago Burlington A Quincy.
7
Chicago Rock Island & Pacific
.
Total
112
3,626
•
1,811
317
189
275
1,546
2,477
1,274
92,650
94,801
108,913
42,642
46,083
21,404
2,990
25,938
3,199
23,251
3,201
6,194
2,142
6,645
2,057
401
499
350
100
150
17,296
1,482
12,595
2,646
19,046
8,245
8,778
501
900
14,115
18,482
1,829
12,271
3,222
1,559
5,293
3,047
1,690
4,714
8,179
2,416
1,481
7,815
2,692
1,470
3,221
Spokane Portland & Seattle...
Total
,—
Fe System
7
Bingham & Garfield
Chicago & Illinois Midland—
211
415
330
1,224
5,874
1,346
1,346
6,434
16
22
6,269
10,640
10,991
Cornwall.-.
104
466
733
44
65
Denver A Rio Grande Western
Cumberland & Pennsylvania..
240
251
281
34
37
Denver & Salt Lake
76
128
227
30
22
Fort Worth A Denver City...
15,430
2,514
2,397
1,452
42,299
16,744
2,812
5",157
6",346
Buffalo Creek A Gauley
"
Cambria & Indiana.....
Central RR. of New Jersey...
839
698
827
2,348
1,110
56,024
11,851
1,097
60,261
14,279
1,258
66,021
13,738
14,528
1,242
37,532
-u.........
Penn-Reading Seashore Lines.
Pennsylvania System
Co.
Union (Pittsburgh)
Reading
Western
9,903
7,728
—i.
29
60
3,397
3,565
119,806
Maryland
131,992
—
Chicago A Eastern Illinois
Colorado A Southern
149,931
93,164
101,704
937
968
29
13
1,641
2,042
1,374
1,854
1,131
1,117
1,301
1,350
1,564
110
119
866
966
326
420
Peoria & Pekln Union
23
368
23,938
23,213
...
22,854
22,530
4,424
24,80S
23,440
4,019
10,064
4,186
1,099
50,123
53,159
15,349
17,536
22,355
22,469
5^151
5~208
564
'368
17,610
19,977
17,532
1,081
9,441
1,251
9,452
508
647
745
7
10
1,783
2,025
1,985
2,264
2,159
129,106
118,923
53,028
55,370
-
Total.
'
Southwestern District—
994
....
Fort Smith A Western
Gulf Coast Lines
206
248
164
2,056
1,385
1,013
1,665
1,172
Louisiana Arkansas & Texas..
129
204
182
397
Litchfield & Madison
304
250
416
681
631
748
768
209
198
159
237
205
282
328
4,264
5,279
17,869
4,988
2,794
17,088
8,826
3,028
9,342
275
138
171
766
887
1,375
1,311
583
633
764
857
916
Atlantic Coast Line
8,584
10,053
Central of Georgia
3,992
3,938
9,363
4,547
455
472
4,442
2,589
1,012
1,699
5,011
2,477
1,151
1,832
409
360
348
Missouri-Kansas-Texas Lines.
Charleston A Western Carolina
1,188
...
1,319
1,386
377
Clinchfleld
Columbus &
•
623
Greenville
"
177
—
156
435
770
849
766
31
Florida East Coast..
176
723
Durham A Southern
46
46
76
80
1,005
1,222
1,522
1,567
360
925
'
Gainsvllle Midland
813
Georgia
351
411
516
491
479
1,565
2,068
1,949
Illinois Central System
22,105
20,248
23,743
24,124
1,197
9,929
Nashville
25,576
21,910
1,185
10,434
5,238
156
195
196
461
152
165
314
City Southern
Louisiana & Arkansas.
Kansas
Valley
Midland
Missouri A Arkansas
'14,293,
Missouri Pacific—
776
185
228
127
86
146
9,174
4,201
2,126
4,113
2,393
7,458
5,505
9,053
3,505
8,216
6,357
2,910
3,559
3,774
4,248
182
227
230
61
71
17
22
25
41
36
52,307
62,181
62,345
34,229
38,252
2,534
Louis Southwestern
Orleans
Texas & New
397
431
7,256
Quanah Acme & Pacific.
Francisco
St. Louis-San
St.
1,290
2,882
8,270
5,735
380
191
249
1,823
2,758
1,115
1,968
2,340
1,709
228
888
415
380
1,294
2,114
178
218
Atl. & W. P.—W. RR. of Ala.
Coast..
"
1,873
1,732
Gulf
Kansas Oklahoma A
Alabama Tennessee A Northern
Atlanta Birmingham A
2,036
3,243
2,257
218
224
3,277
1,937
International-Great Northern.
Southern District—
191
3,326
...
——--
365
190
185
138
Burlington-Rock Island.
Total....
263
115,519
Utah—
12,075
4,467
4,269
49,808
Virginian......
23,499
.
349
•
Toledo Peoria & Western
Western Pacific
Norfolk & Western
359
481
1,717
627
Northern
Pocahontas District—
Chesapeake & Ohio
338
536
1,044
Missouri-Illinois
North Western Pacific
Union Pacific System
Total.
2,775
*
774
1,350
1,780
—
Illinois Terminal
Nevada
1,759'
1,713
4,670
Southern Pacific (Pacific)—-
59
3,018
West Virginia Northern
329
1,329,
Central Western District—
Alton
Ohio
76
1,849
2,606
3,770
1.642
Spokane International
Atch. Top. & Santa
Lake Erie
72
1,830
2,071,
3,480
8,112
Allegheny District—
Akron Canton & Youngstown.
444
5,614
464
Lake Superior & Ishpemlng
625
Wheeling & Lake Erie
158
329
4,923
683
Green Bay & Western
400
Wabash
145
890
7,293
13,863
Dodge Des Moines A South.
.
Great Northern
1,085
1,280
680
355
9,058
21,904
573
*
409
2,122
2,280
1,272
1,036
4,706
5,089
15,186
346
407
>
389
2,285
2,433
1,089
1,173
.3,714
4,394
14,962
424
Seaboard Air Line
877
Ligonier Valley
Long Island
•
Richmond Fred. & Potomac...
Rutland
Baltimore A
1937
Piedmont A Northern
Pittsburgh A West Virginia
Pittsburgh Shawmut A North..
2,002
3,017
1,079
2,239
2,732
1,462
1,850
2,698
1,031
Nashville Chattanooga & St. L.
1,234
3,378
357
..
—
1,106
850
12,732
Detroit & Toledo Shore Line.
Grand Trunk Western.
Maine Central
1,897
7,173
6,435
1,404
5,713
1,300
5,123
9,919
.
Delaware & Hudson
Delaware Lackawanna A West.
Bessemer &
1938
1936
1937
1938
1,142
7,417
1,814
Bangor A Aroostook
New York Central
from Connections
Freight Loaded
Southern District—(Concl.)
Ann Arbor
Lehigh Valley.
Total Loads Received
Total Revenue
Railroads
Eastern District—
......
week last year.
same
1937
1938
1936
1937
1938
Erie.
During this period 32 roads showed increases when
from Connections
Loaded
show also the loadings
undertake
we
roads and systems for the week ended Nov. 5,
Total Load* Received
Total Revenue
Ft eight
Railroads
A
following
for separate
compared with the
"
REVENUE
Pere
673,333
3,794,249
3,100,590
3,169,421
4,000,394
728,765
25,663,176
4 weeks in
4 weeks In September
1,113 cars below
above the corresponding
decrease of 1,313 cars below the corresponding
a
1937 and 1930.
Boston
4,504,284
3,098,632
2,962,219
decrease of
a
increase of 202
an
2,986,166
3,712,906
2,185,822
2,170,984
2,861,762
2,392,040
2,552,621
_
4 weeks in June
amounted to 6,267 cars, an increase of 71 cars above
preceding week, but
in
2,222,864
2,649,894
3,347,717
3,506,236
3,529,907
1937.-
Coke loading
in
to 23,496
2,714,449
2,763,457
2,256,423
Week of Nov. 5
•
loading amounted
week in
2,155,451
'
5 weeks in July
loading
products
the
1930
1937
1938
;
..
January
a
sponding week in 1937.
below
,
4 weeks in
totaled
5
decrease of
cars
In the Western
Nov.
of
an
■
19,152 cars,
to
Georgia A Florida
Gulf Mobile A Northern
Louisville A
Macon Dublin A Savannah
Mississippi Central
Note—Previous
year's
figures revised.
*
Previous
5,200
Can Be but Brief If Its Continuance
Dependent on Government Spending, Says Col.
Ayres of Cleveland Trust Co.—Also Points to
Necessity of Prompt Solution by Congress of Rail¬
Is
Problem
road
Wichita Fall" & Southern
Wetherford M. W. A N
relatively brief one if it
of
emergency
spending by the Federal
Government," • says
P. Ayres, Vice-President
Leonard
Colonel
of the Cleveland
in the Nov. 15'issue of the company's "Business
Bulletin," in which he goes on to say:
It
funds
of
become
can
into
the
spending
<
of
and
enterprise
spending
if the flow of capital
grows large enough to take over most
for supplying much larger payrolls sup¬
sustained
money
recovery
workers.
Private enterprise, having faith in the
for profits, can do that on a long-term basis, but Government
dependent on deficit financing can carry that burden only
many
prospects
long
expanding
burden
porting
a
more
briefly.
one
prove
instead
be
of
is
wise
Board
railroad
important question,
a
well-reasoned
"Bulletin"
we
whether this business recovery
but this period of upturn
is still
the signs and symptoms necessary
judgment about it.
decided by the report of the Fact-
which presented its finding in the wage dispute between
and the unions.
Perhaps that report may pre¬
recovery
because
public
it
may
utilities,' and
obstruct capital spending by
discourage investors from pur--
...
Fact-Finding Board decided that
industry
ability
yet
managements
sustained
chasing their securities.
employees in a federally regulated
vested rights in their pay which are independent of the
to earn enough to pay prosperity wages and
solvent.
They decided that one of the chief reasons against
have
of
their' employers
remain
reduction was that such a reduction
roads that do not need help.
They
receiverships might be desirable.
any
the
issue has already been
railroads and the
The
as
origin to have developed
formulating
a
enough to know
that
to
recent
Findihg
still
in
be of relatively long duration and vigorous development, or
comparatively brief and restricted.
Not only does no one know
Possibly the
the
comments
to
answer
too
the
Ayres's
quote:
No
will
vent
Trust Co.,
Colonel
From
also
for
depend for its impetus mainly on the flow
must continue to
W—
Total.
the
be only a
can
recovery
—
—
fie urea.
Business Recovery
"This
Texas & Pacific
wage,
prosperous
would benefit several still
decided that more railroad
3080
Under
these
complex
their
Financial
circumstances, and unless Congress
problem,
railroad
carriers
the
lated
much
to
doctrines
toward
Utilities
recovery.
to
improvements.
realize
must
barbst
essentials
They cannot
that
the
the risky
rather than
Fact-Finding
con¬
looking
of expansion.
ones
and
was
appointed by President
urging the abandonment of the
proposal by the railroads for a 15% wage cut was referred
to in our issue of Nov. 5, page 2809.
Nov.
advance of 1.1%
an
lighting materials
twine
and
the
caused
higher for
were
for anthracite and caused the fuel
index to drop 0.5%
group
Weakening prices for cotton goods,
cotton
1938
19,
1.7% for petroleum products, principally fuel oil and gasoline,
than offset
more
Prices
Board
Roosevelt, and its report
A decline of
newly-formu¬
apply to them also, and must adopt safe policies
remaining solvent,
The
promptly solve the
can
restrict
must
expenditures for replacements and
tribute
Chronicle
textile
raw
.
silk, silk yarns, topcoating, and
products
The hides and leather products group index declined 0.2%
price
advances
for shoes,
counter-balanced
sole leather,
and
sheepskins
Noted
Gain
"Annalist"
in
Weekly
Index
of
In
week broken up by two holidays, commodity prices
small gain and the "Annalist" Weekly Index of
a
scored
Commodity Prices advanced during the week
ended Nov. 12 0.1 of a point to 79.9, it was announced on
Nov. 14.
A year ago prices were 88.9% of the 1926 base.
The current week marks the third consecutive period of
advance.
Prices, however, have risen very slowly with the
net gain for the period only 0.7 of a point.
The announce¬
ment went on to say:
Farm products led
Wheat and
dairy products, notably eggs, advanced briskly.
corn rose
Certain
pits.
corn
frac¬
The majority of other
WEEKLY
INDEX
PRICES
quicksilver
OF
WHOLESALE
COMMODITY
12, 1938
Nov. 5, 1938
has
stood
index of wholesale commodity prices de¬
0.4%; as to prices during that week, an announce¬
issued by the Bureau on Nov. 10 had the following
ment
The
largest
Decreases
for
for
the
wheat,
rye,
and
ewes,
steers,
This
choice
of
poultry,
90.1
104.3
Building
69.3
69.3
73.5
Chemicals
86.8
87.1
89.8
Miscellaneous
71.3
71.3
75.2
materials.
79.9
...
63.9
79.8
declines
of
canned
bacon, cured pork,
a
United States
Department of Labor Index of Wholesale
Commodity Prices Rose 0.1% During Week Ended
Nov. 12—Previous Week's Figures
The United States
Department of Labor, Bureau of Labor
Statistics' index number of wholesale commodity prices
rose 0.1 % during the week ended Nov. 12 principally because
of higher price for farm products and foods, Commissioner
Lubin announced on Nov. 17. "The advance placed the allcommodity index of over 800 price series at 77.4% of the
1926 average," Mr. Lubin said: "it is 0.4% below the level
of a month ago and 7.0% below a year ago."
The Com¬
miscellaneous commodities advanced slightly.
building materials,
Metals and metal products and
Hides and leather products,
chemicals
and
and
declined.
drugs
housefurnishing goods remained unchanged
ftom last week.
An advance of
0.8% in the
raw
materials group index offeet the decrease
week and placed the index at 71.3.
0.3% below the level of
a
month
ago and
8.8%
Raw materials prices
below
a year ago.
The index for the semi-manufactured commodities group remained un¬
changed at 76.2.
It is 0.5%
October and is 4.8%
higher than for the corresponding week of
lower than it
Continued
products
result of
a
as
in
prices
of
of
result
The index for the large group of "all commodities other than farm prod¬
1.8% for fruits and
lower for cheese, wheat flour,
were
beans.
cocoa
to
rise
The
months.
lower
The current food
the metals
The subgroup of iron and steel
prices for
steel.
scrap
implements,
leather
of
0.2%
hide
prices for
No changes
metals,
non-ferrous
the
to
and
caused
skin
the
highest
steady.
leather
point reached
subgroup
declined
Wholesale prices of
calfskins.
were
hides and
in
0.5%
shoes
the
as
a
other
and
steady.
were
Higher prices
for yellow pine timbers and flooring, millwork, gravel,
brought the building materials group index up 0.2% to 90.0%
Paint materials such as chinawood oil, rosin, shellac
turpentine, also Ponderosa pine lumber and red cedar shingles were
sand
and
of the
and
1926 average.
No
In
the textile
and
index
rayon
silk
The
cotton
1.1%
goods
for
prices
in
brick
of
Some
and
and
tile,
burlap,
yarns,
fuel
counterbalanced
by
for
group
prices were
and
artificial leather.
group
index
remained
unchanged" at
A minor advance in prices for anthracite
year.
a
products
for which
Lower prices were reported for raw
materials
75.2, the low point of the
textile
unfinished worsted suiting, trouser¬
serge,
jute,
raw
lighting
and
decreases of 1.6%
The
of the items
and cotton twine.
yarns,
offset by
were
other textiles.
65.9.
cotton yarns, duck,
were
woolen
silk,
for
and
unchanged at
was
higher
ing,
reported
were
products group increases of 0.8% for woolen and worsted
0.3%
and
goods
silk
changes
steel.
slight
decline
prices for coke and petroleum products
For
the
fifth
consecutive
week
were
index
the
has remained unchanged at 87.71.
furniture
and
Wholesale
furnishings
prices
of
a
in
bituminous
coal.
Average
were
cattle
firm.
for
t^ie housefurnishing goods
Average wholesale prices of both
stationary.
feed
rose
1.0%
According to the index for "all commodities other than farm products and
The group index, 80.9,
.
at this time last month and 3.7%
lower than
declined
0.3%,
and paper and
the
during
prices did not change.
year ago.
was
dressed
pork,
higher for canned
fertilizers and fertilizer materials
index
rubber
lower than it
fresh
ham,
lower prices for automobiles,
prices
ucts," reflecting the movement in prices of nonagricultural commodities,
remained at 79.5. It is 0.6% lower than it was a month ago and 5.9% below
a
1.2%
country decreased
products,
month ago and 13.5% lower than
was a
higher
in
leather manufactures
group
respectively.
Is 0.9%
it
,
Average wholesale prices of finished products fell 0.2% during the week.
are 0.7% and 6.6% lower than they were a month ago and a year ago
They
foods," prices of industrial commodities fell 0.4%
than
year ago.
Quotations
agricultural
advances
group
eight
past
were
was a year ago.
and
peanuts,
lower
plumbing and heating fixtures.
structural
groups,
the
index declined 0.6%.
wholesale prices of mixed
•
0.3%
Declining prices of fats, oils, glycerine and tankage were responsible for
decrease of 0.4% in the chemicals and
drugs group index.
Average
lower.
missioner added:
of the preceding
a
0.1%
reported
a
of
peaches,
pork, and
mess
recently announced
metal products
were
products,
of
wethers,
"
year ago.
Because
and
foods
dried
index, 72.9, is 1.1% lower than it
advanced
and
apricots,
apples,
is
was
were
lard, and vegetable oils.
it was
lambs,
were
barley,
for
(New York and Port¬
fresh
67.2,
dairy
grits,
88.9
the farm products
for
Prices
copra,
and
for
2.6%
hominy
pears,
products.
poultry
lower
bogs,
steers,
eggs,
the wholesale markets
in
and
were
potatoes
index,
poultry,
Preliminary.
the increases
white
cotton,
vegetables, and 1.7% for meats.
97.7
and
cows
products
as
59.4
Quotations
farm
for
livestock
reported for oats, calves, fair to good cows
were
farm
for
and 13.5% lower than it
of foods
result
a
live
week's
month ago
Prices
decrease.
good to
recorded
was
0.9%
and
sweet potatoes and
oranges,
Higher prices
a
1.5%,
grains
89.0
84.2
are
decline,
group
2.9%
responsible
largely
corn,
of
84.5
97.8
to
prices of furniture or
Statistics
72.5
84.0
commodities
housefurnishing goods group
reported in
were
creased
78.1
*59.6
textile
No changes
72.7
products
addition
87.1.
at
During the previous week, ended Nov. 5, the Bureau of
Labor
Nov. 9. 1937
Metals
In
plumbing and heating subgroups indexes were steady.
furnishings.
onions.
Fuels—
-
lower.
were
For six consecutive weeks the index for the
28.7
products
Food products—
*
change.
unchanged
Average prices for agricultural implements and
Solder and pig tin advanced slightly.
The iron
land, Ore).
(1926=100)
Nov.
All
level, 95.3.
and steel and
was
Textile
not
The index for the metals and metal products
group remained
lemons,
items were quiet.
Farm
index to
group
Fertilizer materials prices advanced slightly and drugs and
.
at last week's
Cotton did unusually well,
tionally with a great deal of activity taking place in the
"ANNALIST"
than
more
to say:
last week's modest rally.
reaching the best price in almost four months.
THE
0.1%
pharmaceuticals and mixed fertilizers did
a
Wholesale
Fractional
.
were
by lower prices for calfskins, steer hides and cowhides,
Weakening prices for oils caused the chemicals and drugs
Wholesale Commodity Prices During Week Ended
Nov. 12
.
and luggage.
fall
Small
0.3%
index to decline
group
and unfinished worsted suiting, worsted yarns,
serge
Jute.
raw
Crude
week.
pulp and automobile tire and tube
.
The following table shows index numbers for the main groups of com¬
modities for the past five weeks and
for Nov.
13, 1937; Nov. 14, 1936,
Nov. 16. 1935. and Nov. 17, 1934.
year ago.
The
Department of Labor, in its announcement, quoting
as above, also stated:
Nov.
Commissioner Lubin
Average
increases
for
wholesale prices of foods advanced
of 6.6%
for fruits and vegetables,
dairy products.
Higher prices
1.4%
1.3%
largely
for meats,
reported for
were
because
butter,
potatoes, white potatoes
and fresh
and 0.1%
(Portland, Oregon), lamb, mutton, cured
pork, lard, molasses, and cottonseed oil.
clined 1.1%
.
Quotations
were
Cereal products de¬
lower for bread (New York), flour, cheese,
dried prunes, apples (New York), dried beans, white potatoes (Boston and
Chicago), bacon, veal, oleo oil,
oil.
pepper, edible
The foods group index, 73.9, is 0.4%
and 11.6%
lower than it
was at
tallow, coconut oil, and peanut
higher than it
was a
the corresponding period last
month ago
year.
Farm products prices in the wholesale markets of the
country advanced
0.6%
in
The subgroup of grains
*
prices for corn, oats,
cotton,
eggs,
most fresh
rose
wheat,
1.4%
cows,
fruits and
.
Sharp advances
sheep,
were
live poultry
vegetables,
timothy hay,
The livestock and poultry subgroup dropped 0.3%
.
Prices
farm products index,
higher than
below
and wool.
were
rye, seeds, and tobacco.
67.6, is 0.3%
reported
(New York),
calves, hogs, live poultry (Chicago),
Nov
5
All commodities...
1938
Oct.
Oct.
29
,
22
Oct.
15
Nov.
13
1938
1938
1938
1937
Nov.
14
1936
Nov.
*16
Nov.
17
1935
1934
77.4
77.3
77.6
77.3
77.7
83.2
82.0
80.4
76.7
Farm products
67.6
67.2
68.2
66.9
67.4
77.8
85.5
77.8
71.5
Foods
73.9
72.9
73.8
73.5
73.6
83.6
83.5
84.9
75.5
Hides and leather products._
Textile products
95.1
95.3
95.1
94.3
93.7 103.0
96.8
95.8
84.9
65.7
65.9
65.9
65.7
65.7
71.0
72.4
73.0
69.3
Fuel and lighting materials..
Metals and metal products..
74.8
75.2
75.2
75.5
76.9
79.0
77.4
75.6
76.1
95.3
95.3
95.9
95.4
95.4
94.6
87.1
86.3
85.3
Building materials
89.0
90.0
89.8
89.8
89.9
94.0
87.7
86.0
85.0
Chemicals and drugs
76.2
76.3
76.6
76.7
76.7
80.0
81.9
81.1
77.0
Housefurnishing goods
87.1
87.1
87.1
87.1
87.1
92.1
83.4
82.1
82.7
Miscellaneous
72.5
72.4
72.4
72.4
72.4
75.0
73.5
67.4
70.6
Raw materials..
71.3
70.7
71.3
70.4
71.5
78.2
83.0
*
•
*
lower for
This week's
Semi-manufactured articles..
76.2
76.2
76.2
75.9
75.8
80.0
78.7
*
Finished products..;.
80.8
81 ;0 ; 81.2
81.2
81.4
86.5
82.4
*
79.5
79.5
79.7
79.6
80.0
84.5
81.3
80.9
77.7
80.9
81.2
81.3
81.2
81.6
84.0
80.8
79.0
78.3
All
month ago and 13.1%
commodities
farm
All
other
commodities
other
*
than
products
than
farm products and foods
*
a
12
1938
fresh milk
(Chicago), dried apricots, fresh apples (Chicago),bananas, lemons,oranges,
sweet
Commodity Groups
of
Not computed.
a year ago.
Wholesale prices
crude rubber
rose
of cattle feed advanced 3.2%
1.4%
.
during the week and
Paper and pulp declined 0.1%
The largest group decline,
1.1%
.
was
recorded for
building materials.
Lower prices were reported for yellow pine timbers, red
asphalt, window frames, Mid lime.
Quota tons
were
cedar shingles,
higher for common
building brick, yellow pine lath and flooring, rosin, turpentine, and door
frames.
Wholesale Commodity Prices Advanced Somewhat Dur¬
ing
.
the
Week
Ended
Nov.
tional Fertilizer Association
A moderate upturn m
12,
According to
Na**
the general level of wholesale com¬
modity prices was recorded by the index of the National
Fertilizer Association during the week ended Nov. 12. Based
Volume
Financial
147
the 1926-28 average of 100%,
last week the index reg¬
73.1% against 72.9% in the preceding week.
A
month ago it stood at 72.7% and a year ago at 81.1%.
In
its announcement, under date^of Nov. 14, the Association
on
Electric
Output for Week Ended Nov. 12, 1938, 1.5%
Above a Year Ago
istered
went
to say:
on
J. The general trend of prices during the week
was
eight'of
upward, with
A small
took place in the index of food prices, largely due to higher quota¬
advancing and only one declining.
the principal group indexes
upturn
tions for eggs,
istered
a
The farm product price average reg¬
flour, and chickens.
10 items included in the group
fractional gain, with
In the textile group higher quotations
increase in anthracite coal prices.
for silk and wool
advancing
The fuel price index rose somewhat, the result of an
and three declining.
were
The
Edison
in its current weekly re¬
production of electricity by the electric
light and power industry of the United States for the week
ended Nov. 12, 1938, was 2,209,324,000 kwh.
The current
week's output is 1.5% above the output of the corresponding
week of 1937, when production totaled 2,176,557,000 kwh.
The output for the week ended Nov. 5, 1938 was estimated
to
be
2,207,444,000 kwh., an increase of 0.2% from the
the miscellaneous
commodity price index to the highest point reached since last February.
The only other group indexes to show increases during the week were those
representing the prices of metals, building materials, and fertilizer ma¬
terials.
The chemical and drug index was the only group to register a
Electric Institute,
port, estimated that
like week
a
year ago.
PERCENTAGE DECREASE FROM
Rising
responsible for a slight rise in the group index.
3081
Chronicle
PREVIOUS YEAR
prices for rubber, cottonseed meal, and cattle feed took
the week
and 14 declined; in the preceding week there were 17 advances and 23 de¬
clines; in the second preceding week there were 38 advances and 15 declines.
Thirty-two price series included in the index advanced during
'
WEEKLY
Nov. 12. 1938
WHOLESALE COMMODITY PRICE INDEX
Nov. 5, 1938
Latest
Preced'g
Month
x6.4
x3.7
x2.6
x3.6
x2.1
0.2
3.1
5.5
West Central
xl.6
0.2
3.2
2.6
Southern States
xl.4
1.4
1.7
x0.7
3.6
3.5
4.9
9.2
x2.9
x2.8
x2.0
0.3
xl.5
x0.2
1.3
3.0
WEEKS
(THOUSANDS
...
Rocky Mountain..
Pacific Coast
Week
Ago
FOR
RECENT
Ago
Bear8 to the
5
Nov.
12,
Nov.
Group
Oct.
15.
Nov.
1938
1938
1937
72.7
72.4
72.6
55.3
57.0
KILOWATT-HOURS)
1929
1932
1936
1938
67.6
72.9
OF
Change
82.5
55.9
'
Percent
13.
1938
Total Index
8.2
Increase.
Year
Week
Week Ended
Oct. 22, 1938
x0.4
DATA
Per Cent
1938
x2.4
Middle Atlantic
x
Each Group
Oct. 29,
xl0.8
New England
Total United States.
(1928-1928=100)
Week Ended
Week Ended
Central Industrial
decline, the result of a drop In the price of glycerine.
Compiled by the National Fertilizer Association.
Week Ended
Major Geographic
Regions
Week Ended
1937
1938
1
from
Foods
25.3
...
Fats and oils
1937
2,261,725
2,300,547
2,304,032
2,294,713
2,320,982
—6.4
2,079,137
—7.3
2,079,149
2.093,928
2,048,360
2,214,775
2,154,276
—4.9
68 J
Aug.
65.1
64.7
63.8
73.5
Aug. 13
2,133,641
Cotton
48.3
48.3
47.6
44.0
Aug. 20
2,138.517
Grains
49.4
47.7
50.0
66.5
Aug. 27...
Livestock
73.4
73.3
71.4
82.5
Sept.
2.134,057
2.148.954
17.3
75.8
75.6
76.2
84.7
Sept. 10..
70.7
71.2
Cottonseed oil.
Farm
23.0
products
Fuels
2,115,847
6.
3.
—7.2
—7.0
—7.4
78.6
78.4
77.7
81.0
—2.9
Textiles
59.5
59.4
59.0
66.0
Sept.17
Sept.24
2,280,792
8.2
2,154,218
2.265,748
—4.9
7.1
Metals
91.0
90.9
89.5
99.4
Oct.
1
2,139,142
—6.0
6.1
Building materials
81.8
81.5
81.2
84.7
Oct.
8__h...
2,154,449
1.3
Chemicals and drugs
93.2
93.6
93.6
2,275,724
2,280,065
2,276,123
Miscellaneous commodities
10.8
.3
Farm machinery
,
96.3
Oct.
70.5
70.5
73.2
Oct.
22
2,182,751
2,214,097
2,281,636
—3.0
2,168.487
2,170,127
77.7
—
77.7
77.7
80.5
Oct.
29....
2.226.038
2,254,947
—1.3
2,166,656
97.2
97.2
97.2
96.4
Nov.
2,207.444
2,202,451
+0.2
2,175,810
2,209.324
2,176,557
+ 1.5
2,169,480
2,169.715
15
5
Nov. 12
81.1
but the gain last month was short of
performance, according to the current review issued
today by "Chain Store Age."
The
drug chain group further
improved its relative
position, but all other divisions included in the index showed
recession
from
the
September levels.
index of sales of 20 leading chain systems
in October was approximately 107.5 of the 1929-31 average
taken as 100.
This compares with an index figure of 109.4
The composite
in September.
In the same period of 1937 the index figure
dropped from 117 in September to 114 in October.
Taken by groups, the index figures of October sales com¬
with September levels as follows: Drug, 138 as against
134; variety, 113.2 as against 115; grocery, 96.0 as against
97.7; shoe, 125.0 as against 133, and apparel, 120 as
pare
'
against 122.
Board of Governors of Federal Reserve System Reports
Less-than-Seasonal Rise from
in
September to October
Department Store Sales
Department store sales showed less than the usual seasonal
rise from September to October, the Board
the Federal, Reserve System announced on
of Governors of
Nov. 8, partly
because of exceptionally warm weather for this time of
year, and the board's adjusted index declined from 86% to
83%. The index as made public by the Board of Governors
is shown below for the last three months and for October,
1937:
DEPARTMENT STORE SALES
INDEX OF
7
—4.1
2,224,213
1,724,728
1,507,503
1,806,403
1,528,145
1,533,028
1,525,410
1,520,730
1,531,584
1,729,667
1,733,110
1,750.056
1,761,594
1,674,588
1,806,259
1,792,131
1,777.854
1,819.27a
1,798,633
1.824,16
1,815,74
1,798,16
1,793,58
Construction Contracts Awarded in October
swelled to the largest volume
Chain store trade in October
for the current year,
.
Nov. 19
Smaller
Chain Store Sales Gains
seasonal
72.7
72.9
73.1
combined
All groups
100.0
—5.5
2,098,924
2,028,563
2,170,807
2,157,278
2.169,442
70.6
Fertilizers
.3
.
Fertilizer materials
.3
.
2,125,502
2,135,598
1,426,986
1,415,122
1,431,910
1,436,440
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1923-25 Average=100
Public and institutional buildings have
again become an
important factor in the rising building market, according
to F. W. Dodge Corp.
During the month of October con¬
tracts were awarded in the 37 Eastern States for $89,839,000
worth
of
volume
buildings in these classifications, their largest
December, 1935.
Compared with the total
since
1937, which was $35,085,000, last month's
nearly 156%.
These classifications include
educational buildings, hospitals
and institutions, public
administrative buildings, social and recreational projects,
for
October,
increase
was
and religious
Recent
and memorial buildings.
activity in
renewed
these classes of non-residential buildings,
Public Works Administration program, brought
total of contracts let for such projects during the first 10 months of
stimulated by the current
the
1938 up to $502,407,000, compared
with $423,117,000, in the corresponding
The dollar volume of contracts
ahead of last year; social and
recreational projects have run 27%
ahead; educational buildings, 26%
ahead.
Contracts for public administrative buildings (post offices, city
and town halls, fire and police stations, and the like) have lagged 7%
behind
1937, and religious and memorial buildings, which are largely
financed by private subscriptions, have lagged 2% behind.
In the total
of publicly financed non-residential construction for which contracts were
let in the first 10 months of 1938, 32% has been for buildings and 68% for
period of last year, an increase of 19%.
for
hospitals and institutions has run 35%
heavy
engineering construction.
Continued increase in contracts for
public non-residential building con¬
From January through
contemplated projects in
these classifications to the amount of $1,667,000,000, or three times the
volume of oontracts awarded during the same period, and more than double
the volume of contemplated projects reported during the first 10 months
of 1937.
The volume of new plans customarily increases when a new
Federal works program is announced. A large proportion of them represent
needed, but postponable, projects.
The volume of contracts to be let in a
tracts
is
October,
indicated
the
for
months to
some
come.
Dodge organization has reported
determined more largely by the amount of Federal
combined totals of planned projects, but the
public projects tends to create a back-log
of demand, some of which is met by local municipal financing, after allo¬
cations of Federal funds have been completed.
given time is therefore
funds available than by the
Oct., 1938
Sept., 1938
Aug., 1938
Oct., 1937
Adjusted for seasonal variation...
83
86
83
93
Without seasonal adjustment
92
91
65
103
accumulation of contemplated
CONSTRUCTION
CONTRACTS AWARDED—37 STATES EAST OF
ROCKY
Total sales in October and also in the first 10 months of
the year were 10% less
than in the corresponding periods of
FEDERAL RESERVE
BY
P. C. Change from a
DISTRICTS
Year Ago
Number
Number
of
Stores
Cities
Months
Reports
52
32
13,907
27,177,000
$112,673,000
3,694
23,223,000
131,020,000
2,163
209,000
114,005,000
19,664
50,609,000
$357,698,000
$65,486,000
75,295,000
Included
4
October *
Month of October—
1938—Residential building
Non-residential building
Public works and utilities—
Square Feet
of
10
i
Valuation
Projects
1937, said the Board in presenting the following compilation:
REPORT
THE
MOUNTAINS
Total construction
—
9,867
16,306.000
Non-residential building
3,343
13,719,000
Public works and utilities
1,296
241,000
61,301,000
14,506
30,266,000
$202,081,000
108,692
194,443,000
138,725,000
2,176,000
$798,995,000
15,924
1937—Residential building
Federal Reserve districts:
—6
—2
Boston
New York
—11
—8
58
29
Philadelphia
—13
—14
28
11
—15
....
—16
32
12
—6
—5
58
28
0
—4
28
19
—14
95
34
St. Louis
—7
—7
34
17
Minneapolis
Kansas City
—7
1
37
Total construction..
17
Cleveland
Richmond
Atlanta.....
..
.
—15
Chicago
Dallas
21
12
—7
.
.
San Francisco
Total
♦
'
October figures preliminary;
—7
—11
—3
22
—9
107
32
—10
—10
572
253
In most cities the month had the same number of
business days this year and last year.
31,406
816,616,000
890,199,000
156,022
335,343,000
$2,505,810,000
106,229
209,495,000
$801,875,000
33,542
12,027
173,642,000
4,891,000
975,675,000
727,659,000
151,798
388,028,000
$2,505,209,000
10
—9
First 10 Months—
1938—Residential building
Non-resldentlal building
Public works and utilities—
Total construction
1937—Residential building—
Non-resldentlal building.—
Public works and utilities—
Total construction
3082
Financial
STATES EAST OF THE
NEW CONTEMPLATED WORK REPORTED—37
Chronicle
same
mills.
feet,
or
Shipments
ROCKY MOUNTAINS
1937
Projects
Valuation
,
5%
as
17%
Valuation
above
$180,076,000
13,629
4,055
190,110,000
3,601
$89,013,000
126,832,000
2,475
391,949,000
1,229
170,818,000
26,689
$762,135,000
18,459
$386,663,000
Public works and utilities
Last
week's
feet, and
206,395
197—CMBhoisctaegnpl
—
169,634
44,418
2,229,302,000
3,148,708,000
37,970
272,901
Non-residential building
$1,869,131,000
22,088
Residential building
$7,247,141,000
„ -
Public works and utilities
Total construction
Sixteen
and
Mill
ago
and
feet
it was 196,527,000 feet; shipments were, respectively,
175,428,000 feet, and orders received, 199,201,000
161,815,000 feet.
In the case of hardwoods,
221,287
$4,090,872,000
Sugar Exports from Java During
Than
Last
Year
as
last year.
These figures are as reported on Nov. 14, 1938
Board of Governors of the Federal Reserve System.
SUMMARY BY FEDERAL RESERVE
No.
17
Nov.
$471,519,000
2,791,643,000
18
326,372,000
25
420,671,000
261,653,000
223,124,000
955,762,000
4—Cleveland
__
5—Richmond
24
6—Atlanta
26
41
8—St. Louis
16
Nov. 10,1937
brought
Shipments to Japan dropped to 69,426 tons during the year
31,1938, against 251,562 tons during the previous season, a
182,136 tons
253,101
or
72.4%
390,364,000
512,627,000
301,094,000
211,865,000
319,169,000
235,548,000
1,224,471,000
249,672,000
180,050,000
1,067,523.000
260, J 80.000
257 '873,000
188,667,000
157,516,000
11—Da! las
18
191,529,000
190,066,000
12—San Francisco
29
524,016,000
666,369,000
587,026,000
274
$6,687,842,000
$9,335,530,000
$7,973,453,000
Total
Moderate Advance During October in California Busi¬
Activity Noted by Wells Fargo Bank & Union
Co., San Francisco
Trust
during the
1936-37 season to 8/.602 during the
decline of 165,499 tons or 65.4%
a
the year
sugar—all these are received
business
during
activity
Java may,
October
month
95.4% of the 1923-1925 average, as against 94.1% in
September and 109.1% in October, 1937.
Increases in
October over a month earlier were registered in three factors
of the Index (industrial
production, bank debits, and de¬
partment-store sales), while the fourth (freight carloadings)
small decrease.
—
Record
Crop for Sugar Production in Brazil Forecast
—Estimated 1,105,000
Tons Compared with 986,000
Tons for Last Season
1938-39 sugar crop, harvesting of which
L forecast at 1,105,000 long tons as com¬
pared with 986,(KX) tons produced last season, an increase
of 119,000 tons or a little over 12%, according to advices
received by Lamborn & Co., New York.
The current crop
is expected, to set a new high record for production in Brazil.
The previous high was established in 1932 when 1,015,000
Brazil's current
is
now
tons
under way,
were
Brazil is
manufactured.
a
The firm added:
signatory to the International
at
London
on
May
6. 1937.
of
Lumber
Nov.
Movement:
5,
Week
Ended
1938
The lumber industry during the week ended Nov.
5, 1938,
stood at 62% of the 1929
weekly average of production and
1929
shipments.
Production
about
was
62% of the corresponding week of 1929; shipments, about
68% of that week's shipments; new orders, about 71% of
week's
orders, according to reports to the National
Manufacturers Association from regional associa¬
tions covering the operations of
important softwood and
hardwood mills.
In the week ended Nov. 5, 1938, reported
production and new orders were slightly less than in the
,
Lumber
preceding week;
was
1937,
shipments showed greater
decline.
New
24% above that booked in the corresponding
every
New business
below output in
reporting region showing gain
was 2% above, and shipments
the week ended Nov. 5.
(hardwoods and softwoods)
was
over
last
were
4%
Reported produc¬
1% below the
corre¬
sponding week of 1937;
shipments were 5% above. ^Soft¬
wood production, shipments and new orders
were, respec¬
tively, 0.3% less, 6% greater, and 23% greater than in last
year's week. Total production reported for the week ended
the
by about the
output
were
2%
were
number
same
mills
of
2% below
of the preceding week; ship¬
was
(revised figure)
8% below that week's shipments;
below
the
orders
of
the
1938,
534
previous
new
orders
The
week.
Association further reported:
During
feet
of
booked
All
orders
softwoods
orders
Mills,
were:
feet;
the week
orders,
regions
of
ended
and
5,
hardwoods
combined
210,390,000 feet.
533;
production,
214,604,000
except
mills
produced
shipped
205,772,000
196,769,000
feet;
Revised figures for the preceding week
210,447,000
feet;
shipments,
213,698,000
feet.
West
above production
Coast, Western Pine,
above
Nov.
in
Coast
and
the week
Redwood and
California
ended
Nov.
Northern
Redwood
5,
reported
new
All
but West
reported
shipments
1938.
Hemlock
output.
All regions reported orders above those of corresponding
1937; all regions but West Coast and Northern Hardwoods reported
shipments above last year, and all except West Coast and Northern Hemlock
week of
reported
production
Lumber
wood
mills
orders
below the
1937
week.
reported for the week-, ended Nov.
totaled
200,939,000 feet,
or
2%
Under its provisions, a basic
by
This
was
the International Sugar Council to 9,104 tons.
the basic export quota of
cut voted
by the Council
Consumption of
in the
sugar
1938, was
reduced by voluntary waivers and a 5%
The exports for the
For the current 1938-39
cut
year,
crop year,
59,052 tops was reduced to 56,100 tons by a 5%
on
July 16.
during 1937-38 totaled 1,008,000 long tons, while
previous year it amounted to 902,000 tons.
Petroleum and Its
A.
Products—Industry's Eyes Centered
I. Meet—Byles, Trade Group Head, Asks
Additional
Regulation—Richberg,
Former
NRA
P.
,
Chief, Sponsors Voluntary Cooperation—Markham
Increased Road Building—Crude Oil Output
Slumps
Sees
'
average
Sugar Agreement which was
export quota of 59,052 long tons for the year ending Aug. 31,
on
Report
have a larger outlet in the logical
naturally relieve the pressure to sell in
however, only approximated 350 tons.
Wells-Fargo index of California business for the
to
ments
Thus
favorably in sugar circles as an in¬
this season,
Far Eastern market which should
The
Nov. 5
.
by Japan for the purchase of 250,000 tons of Javan sugar; and the
allotted to Brazil.
tion
1936-37 to 409,973 tons during
"peace" in the Sino-Japanese affair; reports of negoti¬
advanced
moderately, according to the current "Business Outlook'' of
the Wells Fargo Bank & Union Trust Co., San Francisco.
year.
1937-38 period,
On the other hand, sugars destined
.
from 119,398 tons during
rose
ending Aug.
decrease of
ending Aug, 31, 1938, an increase of 290,575 tons or 70.9%
consummated
California
business
was
while exports to China and Hongkong fell from
,
$490,340,000
3,618,492,000
218,312,000
162,677,000
week of
It
drastic change in countries of destination.
a
further sated:
Europe.
$557,772,000
134,194,000
28
2, 1938
4,443,622,000
449,123,000
558,025,000
197,899,000
*
~
17
10—Kansas City--
that
Period Ending Aug.
exported 1,095,092 metric tons of sugar during the
ending Aug. 31, against 1,125,656 tons during the
1936-37 year, a loss of 30,564 tons or 2.7%, the New York
Coffee & Sugar Exchange announced Nov. 16.
However,
the Hostilities in the Far East, the announcement said,'
dication that
Nov. 9, 1938
15
of
,
Java
.
Javan
Week Ended—
of
Incl.
3 —Philadelphia
61%
■■
season
ations
Centers
2—New York
Weekly
■
2.7% from Previous Season
Decreased
reports of possible
DISTRICTS
'
—
West of Suez
by the
8,415,000
7,525,000
expectation that British India's smaller crop will mean a larger outlet for
Federal Reserve District
a
90 identical mills
7,739,000 feet, and orders,
7,525,000 feet and
4,708,000 feet.
feet; shipments,
feet and
only five business days in many of the reporting centers,
aggregated $6,688,000,000, or 28% below the total reported
for the preceding week and 16% below the total for the
corresponding week of last year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919 amounted to
$6,087,000,000, compared with $8,635,600,000 the preced¬
ing week and $7,271,000,000 the week ended Nov. l6 of
showed
Reports
$1,230,102,000
1,447,617,000
1,413,153,000
reported by banks in
leading cities for the week ended Nov. 9, which included
rose
reported for the same week were
Production was 8,081,000 feet.
13,683
Lower
Percent
individual accounts,
to
ness
feet
31
Debits
week were 187,224,000
197,691,000 feet.
reported production last week and a year ago 5,979,000 feet and
First 10 Months—
Debits
wras
production of 436 identical softwood mills was 195,998,000
a year
185,151,000
Total construction
same
18% above production.
or
Identical
20,159
Non-residential building
for the
Production
Shipments as
px-oduction.
9,545,000 feet,
Month of October—
Residential building-—
Bank
reported
production.
below
1938
Reports from 104 hardwood mills give new business as 9,451,000 feet, or
1938
Projects
Nov. 19,
above
5,
1938, by 448 soft¬
the production
of the
Developments at the 19th annual meeting of the American
Chicago this week overshadowed all
other news in the domestic petroleum industry.
The first
general session was featured by an address by Axtell J.
Byles, head of the oil trade organization, in which he held
that non-cooperating oil producing States "handicapped"
the work of the Interstate Oil Compact Commission.
All oil producing States should join the Interstate Compact
group, he stated, as this is the only workable manner in
which to widen and improve the usefulness of petroleum con¬
servation through State authority and interstate cooperation.
As an added strengthening feature, he advocated that the
Connally hot-oil Act, which prohibits interstate movement of
crude oil produced in violation of State regulatory rules, be
Petroleum Institute in
extended and made permanent.
Five States—Illinois, Louisiana, Arkansas, Michigan and
California—-were blamed by Mr. Byles with the responsibility
for the Interstate Compact
in a 100% efficient fashion.
Commission's failure to operate
Adoption of conservation pro¬
grams which, he said, meant "the production of the maximum
amount of crude oil from a pool at the least possible cost, but
not fixed prices or the fixing of prices."
Our industry has no right, he continued, to special price
consideration other than that necessary to prevent physical
waste.. An improved position for the petroleum industry in
1940 was forecast by the oil group executive, provided it
escaped the burden of uneconomic inventories.
"The only
really burdensome inventory conditions remaining are resi¬
dual fuel oil and lubricating oils," he continued, "The pick¬
up in general business, if it continues as is hoped, will bring
relief to the residual fuel and lubricating oil situations."
In referring to the Mexican expropriation tangle, Mr. Byles
held that it might have "appalling consequences to this nation
should this practice be permitted to spread to the vast
American holdings in South America and elsewhere."
He
pointed out that the nearness of the Central and South
Volume
Financial
147
immediately ^available at low rates
mutinies of peace, and to the
government in the event of any possible war.
Sharing the speaker's platform with Mr. Byles, was Donald
mate of
R.^Richberg, former NRA Administrator, who urged volun¬
tary cooperation among the oil men to regulate and control
the industry^and outline a 3-point program to achieve an
economic system to
harmonize industrial discord.
Mr.
Richberg contended that the American people did not want
a "controlled economy" but would welcome a "hormonized
harmony" which he defined as "decentralized democratic
planning for the greatest good_of the greater number, and
decentralized democratic controls, responsive to the needs
of many and not exercised for the benefit of a few."
"Every politician, every business man. and every labor
leader who cries out against planning and control is actually
voicing a fear that some one else may seek to plan for selfish
gain," he continued.
"We are misled by this fear to believe
that if we attempt to harmonize our economy, some evil
gang might seize control.
If our composite intelligence could
produce an effective plan, why do we assume that one
hundred and thirty million people, bread in the tradition of
individual liberty, free speech and a free press, would sur¬
render to the attempted tryanny of any autocracy?"
Contending that the major point at issue was whether
organized voluntary cooperation would stand up against
organized force, Mr. Richberg held that there were two
methods of establishing a reliable system of production and
exchange;
The first, he said, was that of absolute State
control, such as used in Italy, Germany and Russia and the
second, an interwoven public and private control of industry
with definite limitations on both.
He urged the assembled
daily
voluntary practical program to preserve
In
American oil fields made
the
to
oil
a
American
men
to
consumer
adopt
a
system of free enterprise in
the industry and which would:
peaceful, prompt and fair adjustment of
conflicts of interest between management and labor.
"B—Release management from a complex burden of re¬
straints upon dseirable competition and cooperation under
which the industrial system becomes less subject to responsi¬
ble control and more subject to irresponsible regulation.
"C—Simplify and clarify the relations of Government
with management and labor, and make those relations more
cooperative and less coercive."
The economical development of a long-range highway
"A—Provide for
in the United States with equitable division of the
highway users and other beneficiaries was
probable on the basis of surveys of the nation's present
highway problems and estimates of future requirements by
Baird Markham, director of the American Petroleum- In¬
dustries Committee, in an address delivered before the Board
of Directors of the American Petroleum Institute concident
with the trade group's meeting in Chicago.
"Highway transportation, which benefits so many, pro¬
vides such profitable, widespread employment, and con¬
tributes so materially to the support of Government, ob¬
viously should be fostered," he said.
"It should not be
handicapped by excessive taxation nor unnecessary regu¬
lation tending to impair its usefulness.
Rather, it should be
given full opportunity further to develop, so that it may
provide a better service to an even greater number of people."
J. Howard Pew, Pres. of Sun Oil Co.t addressing the con¬
vention on Nov. 17, characterized government control as
"the real crisis that menaces the oil industry."
In a plea for "this great industry to stand firm in defense
of the American system of free and competitive enterprise,"
he told the general session that "no economic planning
authority could ever have forseen, planned, plotted and or¬
ganized such an amazing spectacle of industrial progress as
the world has witnessed in the last century.
No trust or
combination, private or governmental, could have accom¬
plished it."
'
Charges that the industry is monopolistic, are foundless,
he asserted, adding that the industry charges the lowest
prices for its products, pays the highest wages, increases em¬
ployment, and earns less return on its capital than it would
S that capital were invested in government bonds. "The
stigmata of monopoly just are not there," he declared
Axtell Byles, New York, was reelected to the presidency
of the American Petroleum Institute.
Mr. Pew was elected
program
costs between the
held
vice-president for refining and Eric Weber, Cincinnati, vicepresident for marketing. The following were reelected:
George A. Hill, Jr., Houston, vice-president for produc¬
tion; W. R. Boyd, New York, executive vice-president;
Otto Donnell, Findlay, Ohio, treasurer; Lacy Walker,-New
York, secretary and assistant treasurer; John S. Cooke, New
York, assistant secretary.
The board of directors enlarged the membership of the ex¬
ecutive committee to 19 from 12, and adopted changes in
*
of the organization.
The office of vice-president
eliminated, membership of the board changed
to 100 from the present 107, board meetings placed upon a
semi-annual basis, and the executive committee called
the by-laws
at
large
was
for 10 monthly meetings each year.
returning to the 5-day production week, daily
average crude oil output for the Nov. 12 week was off 385,300
barrels to 3,243,250 barrels, according to the American
Petroleum Institute report. In the initial week of November,
production spurted nearly 400,000 barrels in response to the
one week-end resumption of full time production in Texas.
The Nov. 12 total compared with the Bureau of Mines esti¬
daily
average market demand for the current month
barrels, which means that current production is
nearly 150,000 barrels under estimated needs.
of 3,391,300
Production in Texas itself dropped
399,900 barrels to a
of 1,255,200 barrels with Louisiana declining
7,650 barrels to 260,750 barrels.
Oklahoma output rose
13,700 barrels to 450,700 barrels with a gain of 18,200 for
California lifting the total there to 674,300 barrels.
Kansas
was up 3,500 barrels to
148,100 barrels.
Inventories of domestic and foreign crude oil dropped
607,000 barrels during the week ended Nov. 5 to 276,217,000
barrels, the Bureau of Mines reported on Nov. 17.
Do¬
mestic stocks were off 623,000 barrels for the period with
foreign crude holdings up 16,000 barrels.
There were no crude oil price changes
average
Price* of Typical Crudea per Barrel at Wells
•
(All gravities where A. P. I. degrees are not shown)
"
Bradford, Pa
$1.80
Lime (Ohio Oil Co.)
1.26
Corning, Pa
97
•
$1.05
Eldorado. Ark., 40
Rusk, Texas, 40 and over.
Darst Creek
1.02
1.42
1.22
1.22
1.42
2.16
1.09
Illinois
1.26
Central Field, Mich
Western Kentucky
1.20
Sunburst, Mont
Mld-Cont't., Okla., 40 and above.Rodesaa, Ark., 40 and above
Smackover. Ark., 24 and over
1.02
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over.
1.25
75
;.i
Petrolla. Canada..
.....
REFINED PRODUCTS—RECORD GAS DEMAND SEEN FOR 1939—
__MOTOR» FUEL
INVENTORIES
CONTINUE
TO
DECLINE—
KTsEnimrEi: mrwF&m wmvmn L6WN
Record
gasoline consumption for the third successive year
forecast for 1939 which may be expected to run 4%
ahead of the 1938 record breaking pace, on the basis of the
increased number of cars in use and the expected improve¬
was
ment in
business, according to the American Petroleum In¬
department of Statistics.
story released in Chicago on the eve of the trade
group's 19th annual meeting, the department said that
"this, of course, is based upon the possibilities of an average
of 27,350,000 cars being in use during 1939, an increase of
stitute's
a
1.2%, and
There
are
themselves
continuation of improved business conditions.
many other factors which will disclose
a
a
great
as
and will affect domestic
however, show a decline
the year progresses,
demand.
Export of gasoline
during 1939."
may,
continued their
Stocks of finished and unfinished gasoline
during the week of Nov. 12,
dipping 11,000 barrels to a total of 67,551,000 barrels, which
is more than 1,500,000 barrels under the total reported on
the comparable date last year.
The American Petroleum
Institute report pointed out that this decline occurred de¬
spite an increase in refinery operations to 79% of capacity,
up 0.6 points, with daily average runs of crude to stills up
20,000 to 3,180,000 barrels.
That increased demand is making itself an increasingly im¬
contra-seasonal
contraction
portant factor was disclosed in the figures covering stocks of
gas and fuel oils.
Despite a rise of 90,000 barrels to a new
high, this is the smallest increase over the previous
Production of gasoline was
up 181,000 barrqls.
Prices for the most part were steady for the major refined
products.
Heating and fuel oils responded favorably to the
record
week noted for several months.
first touch of cold weather.
U. S. Gasoline (Above 65 Octane), Tank Cat Lots,
Texas
.07^
Gulf.
.08H
Shell Eastern....
Richfield OH(Cal.)
New
.
.06)4--07
Orleans.
Gulf
.07^
ports
.05 H
.04 H-.04 J*
Tulsa
.07)4
Wanaer-Qulnlan..
-
-.05 H
Chicago.. -.-$.05
S.07K
08 H
Stand. Oil N. J..$.07H
Socony-Vacuum..
Tide Water Oil Co
F.O.B. Refinery
Other Cities—
New York—
New York—
.07 H
Kerosene, 41-43 Water White, Tank
I North Texas
New York—
„.$.04H
(Bayonne)
I
Los Angeles..
Fuel Oil,
Y.
N.
(Bayonne)—
$0.95
BunkerC..
.0314-.05
(Bayonne)—
i
$.04$^
27 plus..—
F.O.B. Refinery or Terminal
I
*
.1951
0.95
Refinery or Terminal
$.02^-.03
| Tulsa
Chicago—
28-30 D_...-.._$.053
|
Included
_.$.159| Buffalo
1851 Philadelphia..
$. 1951 Newark
New York...
$0.90
'
Gasoline, Service Station, Tax
Brooklyn
I New Orleans.$.05^-.05H
ITulsa..
03J4I-.04
[California 24 plus D
| New Orleans C
$1.00-1.25 Phila., Bunker C
Gas Oil, F.O.B.
N. Y.
Car, F.O.B. Refinery
.$.04
1.751
Diesel
Boston
--
$.17
.17
Not Including 2% city sales tax.
Daily
Average
Crude
Oil
Ended Nov. 12, 1938,
Production;
During
Week
Placed at 3,243,250 Barrels
The American Petroleum Institute estimates
that the daily
crude oil production for the week ended
Nov. 12, 1938, was 3,243,250 barrels. This was a decline of
385,300 barrels from the output of the previous week, and tbe
current week's figure was below the 3,391,300 barrels cal¬
culated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilaverage
gross
producing States during November.
Daily average pro¬
duction for tbe four weeks ended Nov. 12,
1938, is estimated
3,339,200 barrels.
The daily average output for the
weekended Nov. 13,1937, totaled 3,541,450barrels. Further
at
details,
upon
With Texas
3083
Chronicle
as
reported by the Institute, follow:
Imports of petroleum for
a
daily average
barrels for the
domestic use and receipts in bond at
principal
1,228,000 barrels,
of 175,429 barrels, compared with a daily average of 163,000
week ended Nov. 5 and 152,464 barrels daily for the four
United States ports for the
weeks ended Nov.
week ended Nov. 12 totaled
12.
Receipts of California oil at
ended Nov. 12 totaled
Atlantic and Gulf Coast ports for
110,000 barrels, a daily average of
compared with 6,250 barrels
the week
15,714 barrels,
daily for the four weeks ended Nov.
12.
Financial
3084
this
companies owning 85.6% of the 4,211,000
of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,180,000 barrels of crude oil daily during the week, and that all
(wmpniM had in storage at refineries, bulk terminals, in transit and in pipe
lines as of the end of the week. 67.551,000 barrels of finished and unfinished
gasoline and 154,666,000 barrels of gas and fuel oil.
Total gasoline production by companies owning 84.6% of the total daily
refinery capacity of the country amounted to 9,676,000 barrels.
Reports received from refining
barrel
estimated
daily
4,829,000 barrels in August and 4,456,000 barrels in
Here again, indications
Four
Change
Weeks
Ended
Allowable
Ended
from
Nov. 1
Nov. 12,
Previous
Nov. 12.
Nov. 13.
1938
1938
Week
1937
428,000
164,300
450,700 + 13,700
+3,500
148,100
442,600
159.900
23,650
-4,000
65,200
—350
31,300
201.450 —65,150
•20,750
88,650
31,450
58,850
Panhandle Texas...,
75.900
....
West Central Texas..
West Texas..
East Central Texas..
East Texas
77,350
216,800
94,600
407,200
241,800
220,100
148050
370,400
77,100
221,750
206,900 —60,850
....
Southwest Texas....
Coastal Texas
62.2 in
September,
556,000
-5,250
-2,400
71,600
Coastal Louisiana...
189,150
74,350
192,000
256,300
235,500
70,850
73,600
34,800
203,400
an
Jan. to
Sept.,
New
70,100
52,300
52,000
44,150
134.700
49,350
+ 150
49,550
177,950
-16,200
184,750
50,300
—3,100
+2,250
53,550
50,500
13,300
13,800
+ 700
13,700
4,100
106,650
+ 100
3,850
4,300
+2,950
104,350
104,860
Montana
Colorado..
.........
New Mexico........
2,774,600
California..........
616,700
108,400
111,000
Total east of Calif.
c
Daily
54,150
are
Total
the requirements of domestic crude
110,524
3,565
114,633
3,821
1,163
949.086
2,232
995,144
3,645
192
187
2,116
1,482
1,522
2,164
16,384
18,760
2,041
15,089
17,668
3,571
1,724
1,229
115,191
3,716
119,881
3,996
€13,305
d4,711
110,441
...
635
107,136
supply, all oils
238
11,968
41,313
119,902
3,868
119,643
976.436
997,689
3,988
3,577
3,655
6,602
10,349
60,007
48,833
9,487
7,003
10,703
87,547
79,296
50,459
47,515
388,745
4,187
8,627
23,082
2,127
7,737
23,775
391,723
37,862
79,435
244,769
17,763
5,577
demand:4'
k
fuel
Gas oil and distillate fuels..
Lubricants
—
Total
Oper¬
At Re¬
ated
fineries
1,098
1,581
974
6,673
5,753
5,574
47,038
48,610
131
158
218
1,338
1,756
2,624
3,383
17,439
18,293
95,377
102,136
3,295
102,692
828,882
3,423
3,036
869,560
3,185
285,640
17,575
8,022
268,022
310,271
282,136
310,271
8,159
268,124
575,954
156
Daily average
3,179
•Stocks—
Fuel
Distil.
Crude
Oil
petroleum:
•
Reflnable In United States...
615
015 100.0
497
80.8
Appalachian.
Ind., 111., Ky
Okla., Kan.,
149
128
85.9
104
574
514
89.5
462
342
81.6
241
Mo
419
*
4,614
11,178
1,142
10,846
81.3
827
1,790
243
823
89.9
4,938
4,745
562
9,214
70.5
3,220
2,554
■
Natural
316
159
50.3
118
74.2
1,180
178
279
Total, all oils
Days' supply
1,991
943
838
88.9
727
86.8
7,675
213
1,527
14,828
La. Gulf....
149
146
97.3
125
86.2
1,105
547
331
2,887
No. La.-Ark.
100
123
75
Rocky Mtn.
California...
118
64
54.2
40
62.5
984
828
745
90.0
483
64.8
9,592
2~361~
1,223
3,605
85.6
2,848
79.0
34,407
23,689
2,860
660
55
55.0
51
272
92.7
91
17,535
e
e
6,278
8,159
243.993
268,124
6,278
243,993
579,259
560,542
575,954
560,542
150
141
161
153
a Final figures,
b From Coal Economics Division,
c Imports of crude as re¬
ported to Bureau of Mines; all other Imports and exports from Bureau of Foreign
879
■
17,535
gasoline
Refined products
4,694
352
Inland Texas
Texas Gulf..
282,136
Heavy in California
■
East Coast..
84
and
Terms., Nap'tha
dbc.
18,953
•
Total domestic demand
Gas
in
age
P. C.
821
4,121
2,913
Stocks
Unfin'd
P. C.
Aver¬
tial
790
586
3,201
5,287
oil
Losses
of
Rate
1,968
81
473
4,206
17,417
6,915
Miscellaneous
Finished
2,002
1,058
Road
Dally
79,347
209,576
15,877
3,017
Still gas
Reporting
38,986
8,672
26,408
69
Jmmm
(Figures in thousands of barrels of 42 gallons each)
Poten¬
4,397
'
636
Wax
Coke
Stocks of
4,292
•
Residual fuel oils
Asphalt
District
5,958
3,806
3,681
Kerosene
Oil Producers.
Finished and
Unfinished Gasoline
5,729
988,404 1039,002
c
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED NOV. 12, 1938
to Stills
434
46,058
demand..
Domestic
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
Dailg Refining
Capacity
2,403
3,621
..
Crude petroleum
Refined products
Saturday and Sunday shut-downs effective
Crude Runs
3,477
3.505
1,415
Daily average
Exports:
the amount of new crude
Recommendation of Central Committee of California
257
Demand—
throughout November.
Calculated net basic seven-day allowable for week ended
Saturday morning, Nov. 12, approximately 1,230,100 barrels dally,
c
36,079
133
159
average
Motor
Nov. 1.
37,353
Increase in stocks, all oils..........
produced.
b Base allowable effective
4,324
products:
new
Dally
duction, contemplated withdrawals from crude oil inventories must be deducted
to be
910,570
3,335
956,833
3,668
102,886
3,430
—
average
Receipts in bond
oil based upon certain premises outlined in its detailed forecast for the month of
November. As requirements may be supplied either from stocks, or from new pro¬
from the Bureau's estimated requirements to determine
110,052
Receipts for domestic use
Total
3,243,250 —385300 3,339,200 3,541,450
Bureau of Mines' calculations of
a
3,425
4,226
Receipts for domestic use
indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
These
Sept.,
1937
100,165
Receipts In bond
Refined
Note—The figures
a
1938
Imports: c
Crude petroleum:
2,568.950 —403500 2,674,600 2,830,550
074.300 + 18,200
664,600
615,000
710,900
Total United States. 3,391.300
Jan. to
Sept.,
144
Total production
15,350
4,000
Wyoming
a
98,661
3,289
4,081
—
gasoline
Rpnznl H
56,050
74.700
51,150
51,200
1937
production:
Dally average
239,450
........
Michigan
1938
Supply—
Crude petroleum
169,350
Sept.,
Aug.,
1938
201.200
162.400
Eastern
OF ALL OILS
(Thousands of barrels)
109,850
.....
Arkansas...........
AND DEMAND
SUPPLY
483,750
250,200
266,350
-7,650
260,750
Ml
compiled from schedules of refineries
refineries
n
Natural
Total Louisiana
1938 was 56.4, compared with 56.7 in August and
1937.
aggregate daily crude-oil capacity of 4,084,000 barrels.
These
operated at 79% of capacity in September, compared with 80%
August and 87% In September, 1937.
having
193,300
Domestic
North Louisiana.....
demand for industrial
Statistics, the price index for petroleum
According to the Bureau of Labor
products In September,
1,371,000 bl709272 1,255,200 —399900 1,354,500 1,427,650
Total Texas
statistics for the other refined products were not parti¬
A bright feature was in the apparent strong
The refinery data of this report were
515,000
164,300
3,700,000 barrels
lubricants.
Week
Ended
iNov.)
North Texas
30 of 69,086,000 barrels being only about
1,900,000 below stocks the first of the month and about
year ago.
lated
Kansas...,
point to a reaction in October. The high yield and
gasoline stocks, the total for
low demand led to a subnormal reduction in
finished and unfinished on Sept.
The September
Calcu¬
Oklahoma.
with
September, 1937.
cularly encouraging, demand for the fuel oils continuing to run under a
Week
lations
Exports^of
deficiency in demand.
gasoline declined sharply, the total being 3,528,000 barrels, compared
|
B.0TM.
State
generally fair weather and business upturnkof
the
above the level in 1937.
(Figures in Barrels)
Calcu¬
hand,
1938
weather in some important consuming areas.
the poor
was
other
the
October should compensate September's
CRUDE OIL PRODUCTION
DAILY AVERAGE
decline
On
potential refining capacity
Nov. 19,
Chronicle
and
Domestic Commerce,
788
PRODUCTION*
98,290
OF
d Decrease,
CRUDE
e
Not available.
PETROLEUM
BY
STATES
AND
PRINCIPAL FIELDS
Reported
Est. unrptd.
332
606
.
5.825 151,246
110
(Thousands of Barrels)
3.420
xEst.tot.U.S.
September, 1938
Nov. 12 ,'38
4,211
4,211
3,180
37,267
24,349
4,211
4,211
3,100
36,940
25,169
6,127 154,576
z3.321
38.783
23.392
6.898
August, 1938
Jan. to Sept.
5,935 154,666
Nov.
5,'38
Daily
Total
Average
Daily
Total
Average
1938
1937a
U.S. B.of M.
xNov.T2.'37
120.201
Arkansas—Rodessa
"
x
Estimated Bureau of Mines' basis,
z
November, 1937, dally
Rest of State
average.
164
California—Huntington Beach.
Crude Petroleum and Petroleum Products,
Sept., 1938
The United States Bureau of Mines in its current,
monthly
petroleum report stated that a material decline in crude-oil
production was recorded in September, when the daily
average was 3,288,700 barrels, or 136,000 barrels below the
level in August and about 380,000 under the average of
September, 1937.
The Bureau further stated:
,
The decline in production in September was primarily in Texas,
had both Saturday and Sunday shutdowns in that month,
just Sunday shutdowns in August.
The daily
average
which
compared with
production in Texas
Kettleman
5.9
1,911
232
51.9
1,534
1,718
49.5
11,516
7,658
57.4
55.4
13,427
7,890
987
31.8
9,053
9,951
63.5
2,008
64.8
19,984
21,608
1,679
Santa Fe Springs.........
Rest of State.
31.2
1,905
Hills......*..
Long Beach
Total
184
1,557
;
Total Arkansas
5.5
1,721
.....
936
56.0
1,765
56.9
15,689
16,541
,
946
1,014
32.7
9,839
11,945
481.9
14,996
483.8
134,842
114,033
19,922
Colorado
31.5
14,456
California....
664.1
20,770
670.0
189,407
174,078
1,194
4,512
93
Louisiana—Gulf
14,113
3.0
712
632
160.7
5,190
167.4
45,202
53,639
18.3
553
17.9
4,258
4,175
5,584
Coast
1,073
66.5
92
4,821
..........
4.2
2,062
3.0
547
......
Kentucky
128
85.1
89
Kansas...
3.1
2,553
Illinois
Indiana
178.3
48,954
46,517
Mexico
New
York
10,619
47.2
11,210
7,949
7,954
265.1
260.2
70,783
54.1
47.3
14,329
68,361
11,613
416
13.4
3,683
96.1
2,974
96.0
26,524
13.5
429
13.9
3,841
4,118
2,740
47,962
37,838
89,427
175,227
14,289
Montana
New
34.7
1,462
8,065
1,465
13.9
accordingly declined from 1,412,200 barrels in August to 1,261,000 barrels
in
1,076
406
Michigan
5,527
34.6
44.4
2,883
Total Louisiana
186.1
1,624
_
Rest of State
1,038
1,332
Rodessa
September.
gain
in
The remainder of the producing States showed a slight
production in September, although some, including California,
Oklahoma, and Kansas, also declined.
by States
was
The
most
that of Illinois, where the daily
barrels in August to 85,100 barrels in
completed in Illinois in September,
notable gain in output
rose
from 66,500
Seminole
There
were
194 oil wells
Rest of State
California and Oklahoma
was
of about
3,500,000 barrels
was
the September crude stock
hardly
more
than
in
August.
/
Primarily because of heavy
reruns,
but
partly because
of declines in
As
was
was
45.3%
,
the highest since July, 1935.
Total Wyoming
240.6
70,248
14,616
471.5
133,772
45.9
1,460
47.1
13,353
313.8
10,699
345.1
85,121
85,757
196.6
6,734
217.2
53,612
389.0
14,062
453.6
116,091
61.6
2,194
57,187
127,443
21.004
1.847
3,695
119.2
70.8
31,818
17,803
944
31.5
1,002
32.3
8,624
268.5
9,090
293.2
75,258
81,584
37,828
Virginia
Other b___
7,460
469.3
8,056
1.261.0
43,781
1,412.2
356,509
383,519
10.5
2,830
2,888
480
16.0
484
15.6
4,275
4,377
42.3
1,330
42.9
9,937
9,900
58.3
1.814
58.5
14,212
14,277
3U
10.5
1.748
6
(
- - - -
325
10,544
1,268
Wyoming—Salt Creek
Rest of State
120.1
247.0
14,079
11.669
East Texas
West
31,706
5,899
Total Texas
production of most of the minor products, the yields of gasoline, gas oil
and distillates, andresidual fuel oil all increased over August.
The gasoline
2,492
111.7
9,413
Texas
Rest of State
Refined Products
9.7
3,461
1,377
Rodessa
1
301
102.2
7,406
Pennsylvania
West
9.3
3,067
4,627
29,001
3,603
Oklahoma
Panhandle
due mainly to a material decline in exports.
*
yield
Total
Texas—Gulf Coast
In spite of the material decline in production
This
277
average
September.
or more than in
combined.
reduction
Ohio
Oklahoma—Oklahoma City
13,895
6
....
50
53
910,570
956.833
geherally expected, the domestic demand for motor fuel for September
disappointing,
being
only
46,058,000
barrels,
515,000 barrels (final figure) for September, 1937.
compared
with
98.661
47,-
The primary factor in
Final figures,
3.288.7 100,105 3,424.7
b Includes Missouri. Tennessee and Utah.
Volume 147
Financial
Chronicle
3085
PRODUCTION AND STOCKS OF NATURAL GASOLINE
Weekly Coal Production Statistics
(In Thousands of Gallons)
The National Bituminous Coai Commission in its current
weekly report stated that the total production of soft coal
Production
in the week ended Nov. 5 is estimated at 7,982,000 net tons.
Compared with the output in the preceding week, this shows
a
decrease of 612,000 tons* or 7.1%.
Production in the
corresponding week of 1937 amounted to 8,880,000 net tons.
The United States Bureau of Mines in its weekly report
said that anthracite production in Pennsylvania for the
week ended Nov. 5 amounted to 913,000 tons, or 152,200
tons per day, an increase of nearly 4% when compared
with tonnage in the preceding week.
Compared with the
five-day week of Oct. 29, the daily rate dropped approxi¬
mately 14%.
Production in the corresponding week of
1937
was
1,060,000 tons.
Jan. to
UNITED
COMPARABLE DATA
ON
PRODUCTION
PRODUCTION
OF
SOFT
At
Aug,
Sept.
Sept.
At
Plants
At
Plants
1938
1938
1937 x
Refin¬
<fc Ter¬
Refin¬
& Ter¬
eries
minals
eries
minals
East coast
4*573
Appalachian
111., Mich., Ky__
TCflTMAS
■
,i
n
4,192
■
Texas
Arkansas..
OF CRUDE PETROLEUM
Total....
Dally
(In Thousands of Net Tons)
ftvge.
—
53,370
7,071
2,299
6,759
54,489
...
Louisiana......
4,298
4*094 47*869 51*700
1,028
37,621
Oklahoma......
WITH
COAL
Aug. 81.1938
At
1938
Rocky Mountain
California
STATES
Jan. to
Sept.
...
ESTIMATED
Stocks
Sept. 30,1938
5,292
5*799
798
6*036
924
1,014
853
474
9,063
8,700
3,318
3,864
37,848 351,620 360,900
1,638 38,899
2,898 43,997
2 142
3,865 4)8,840 41,800
1,818
58,248 485,712 449,018
9,912 122,584
7,602 110,698
126
42
6,760 64,088 77,400
4,238
4,816
2.378 17,542
210
207
210
242
8,500
6,845 67,557 54,700
6,258
1,565
6,258
2,879
56,440 496,535 462,600 138,726
1,945 136.752
2,298
171,402 177.492 1568826 1515318 165,270 177,408 163,842 173,082
5,713
5,726
5,747
5,551
Total (thousands
Week Ended
Calendar Year to Date
Nov. 5, Oct. 29. Nov.
1938
1938e
e
of
4,081
4,226
37,353
36,679
136
barrels)
Dally avge.
136
137
132
3,935
4,224
3,901
4,121
6.
1938 d
1937
1937
Final figures.
x
1029
+
Bituminous Coal
ft—
Total, Including mine fueL
Preliminary Estimates of Production of Coal for Month
of October, 1938
7,082
1,330
8,594
1,432
8,880 276,248 376,332 446,294
5,812
5,186
5,660 233,781 246,341 195,018
According to preliminary estimates made by the United
a Includes for purposes of historical comparison and statistical convenience the
production of lignite, semi-anthracite, and anthracite outside of Pennsylvania,
States Bureau of Mines and the National Bituminous Coal
Daily average
.
1,480
1,061
1.712
1,445
Crude Petroleum b—
Coal equivalent of weekly output.
b Total barrels
6,000,000 B. t.
produced during the week converted to equivalent coal, assuming
c Re¬
u. per barrel of oil and 13,100 B. t. u. per pound of ooal.
d Total for 1938 Is subject to current revision,
e Sum of 44 full
vised.
weeks
endedNov. 5,1938, and corresponding 44 weeks in 1937 and 1929.
ESTIMATED
PRODUCTION
OF
PENNSYLVANIA
ANTHRACITE
AND
BEEHIVE COKE
(In Net Tons)
Week Ended
Nov. 5,
Oct.
Commission, bituminous coal output during the month of
October, 1938, amounted to 34,900,000 net tons, com-
Calendar Year to Date
I)ared with 40,833,000 net tons in the corresponding month
ast year and 32,276,000 tons in September, 1938.
Anthra¬
cite production during October, 1938, totaled 4,169,000 net
tons, as against 4,848,000 tons a year ago and 3,337,000
tons in September, 1938.
The consolidated statement of the
two aforementioned
organizations follows:
Nov. 6,
29,
1938
1938
1937 "
1937
1929
c
Total
c
Penn. Anthracite
Daily
ft.......
{Net Tons)
881,000 1,060,000 37,690,000 43,505,000 61,339,000
145,800
168,300
176,700
237,300
176,200
837.000 1,007,000 35,848,000 41.330,000 56,923,000
913,000
average..
152,200
Comm'l produc'n b
867,000
United States total
14,800
13,900
45,500
728,900
2,885,000
5,738,700
Dally average..
2,467
2.317
7,583
2,761
10,928
b Excludes colliery fuel,
c
Adjusted to make comparable the number
of working days in the three years.
ESTIMATED
WEEKLY
>
1,342,000
25
166,700
36,859,000
Beehive coke
63,600
26
2.446
716,900
32,276,000
3,337,000
55.7Q0
25
26
1,291,000
133,500
2,142
40,833,000
4,848,000
225,500
26
1,571,000
25
are
103,900
8,673
ft....
...
.
September, 1938 {Revised)—
e
Anthracite, b
Beehive coke
.
25
October,, 1937 {Revised)—
PRODUCTION
AND MONTHLY
Bituminous coal.a
OF
...
Anthracite, b
STATES
-
.
Beehive coke
(In Thousands of Net Tons)
•The current estimates
based on railroad carloadlngs and river shipments and
subject to revision
sources or
of Oct.
{Net Tons)
,
26
*
COAL, BY
State
{Net Tons)
,
34,900,000
4,169,000
Rftuminous coal
Includes washery and dredge coal, and coal shipped by truck from authorized
are
Year to End
Work¬
ing Day
October, 1938 {.Preliminary)—
Bituminous coal.
21,738
operations,
Calendar
Average
per
Anthracite, b
Beehive Coke—
a
of
Working
Hoys
Month
Total, Incl. colliery
fuel
Number
for
1938
on receipt of monthly tonnage reports from district and
of final annual returns from the operators.*
26
42,658",66o
2,860,700
Includes for purposes of
historical comparison and statistical covenience the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania,
bTotal production, Including colliery fuel, washery and dredge coal, and coal"
shipped by truck from authorized operations.
Note—All current estimate will later be adjusted to agree with the results of the
a
*
Week Ended
State
Oct. 29, Oct. 22, Oct. 30,
1938 P
1938 P
complete canvass of production made at the end of the calendar years.
Monthly Production
1937
r
Sept.,
AUO.,
Sept.,
1938
1938
1937
Stocks of Coal in Consumers' Hands
2
2
4
12
11
13
210
Alaska.......................
201
263
870
815
1,102
80
62
104
322
234
338
current
130
147
512
324
582
1
1
1
2
2
1
958
833
1,197
3,556
2,948
4,347
held by industrial plants
the third quarter of 1938
313
Colorado.
282
Georgia and North Carolina
Illinois
Jnriiftrift.
367
1,146
992
1,477
78
73
79
262
212
322
Kansas and Missouri
131
122
158
535
531
559
Kentucky—Eastern.
803
757
908
3,214
2,993
3,681
170
170
188
708
561
715
27
27
32
......
"
Iowa
Western
Maryland
Michigan.
110
134
North and South Dakota
7
13
45
17
52
75
79
220
200
268
32
...
New Mexico.
32
32
106
104
139
79
59
169
85
170
467
452
533
1,648
1.472
2,137
1,963
1,846
2,006
7,136
6,382
9,651
107
107
121
440
376
469
19
18
20
82
82
89
71
Ohio...
Pennsylvania bituminous
Tennessee
Texas
79
81
86
290
212
342
313
310
314
1,213
1,200
1,272
59
53
39
145
146
157
1,814
1,711
1,862
7.057
6,394
8,182
541
510
519
2,008
1,831
2,448
138
458
430
528
1
;
Northern, b
Wyoming..
.
152
132
....
*
Other Western States.c
Total bituminous coal
*
♦
2
.
8,594
8,093
9,269
32,276
28.665
881
Pennsylvania anthracite.d
was an
July 1
increase of 3,366,000 tons, or 10.1%,
....
859
1,047
3,337
2,729
20%, less than they were a year ago.
The decrease was due almost entirely to the decline in the
reserves held by industrial consumers, since retail dealers'
stocks show little change from their comparatively normal
level of Oct. 1, 1937.
Unbilled coal in cars at the mines or in classification yards
9,214,000 tons,
or
decreased 15.8% between July 1 and Oct. 1, 1938, while
stocks on the upper Lake docks rose sharply as is customary
at this season of the year.
Although the supply of unbilled
8,952
10,316
35,613
31,394
coal is 43.1% higher than at the same time
stocks on the Lake docks are 12.7% lower.
COMMERCIAL
OF
SUMMARY
STOCKS
OF
last year the
BITUMINOUS
42,859
P. C. of
Sept. 1,
1938
*
July 1,
Oct.
*
,
1937
Year
Ago
Industrial, net tons.. 29,688,000 27,719.000 27,612,000 38,802,000
7,140,000
7,130,000 6,860,000 5,840,000
Ret'l dealers, net tons
36,818,000 34,579,000 33.452,000 46,032,000
46.4 days
40.6 days
41.0 days 43.3 days
Days' supply...
Total tons
+7.5
—23.7
+22.1
—0.1
+ 10.1
—20.0
—11.6
+1.0
1,630,000
1,799,000
1,935,000
1,139,000
—15.8
+43.1
Lake Superior....
5,878,000
4,082,000
1,882,000
3,071,000
+44.0
+ 37.7
—11.4
2,592,000
5,458,000
2,459,000
6,634,000
Lake
8.470,000
7,917.000
5.964 000
9.705,000
+42.0
—12.7
Coal in Transit—
Natural Gasoline Statistics for September, 1938
The daily average
production of natural gasoline decreased
Blightly in September, 1938, according to a report prepared
by the Bureau of Mines for Harold L. Ickes, Secretary of the
Interior.
The daily average in September was 5,713,000
gallons compared with 5,726,000 gallons in August and
5,981,000 gallons in September, 1937.
The largest single
decrease occurred in East Texas; this was virtually offset by
increases in the Appalachian district, Osage County, Kansas
was
4% higher than for the same period in 1937 (final figures).
Stocks increased nearly 6,000.000 gallons reaching 342,678,000 gallons on Sept. 30 compared with 263,676,000
gallons, on hand Sept * 30, 1937.
In September, 1937 these
stocks declined about 32,000,000 gallons.
From
a
Unbilled loads, b
Production for the nine month of 1938
From
Prev.
1938
■'
Consumers' Stocks
1,000 tons.
and Louisiana.
Change
1,
Quar.
1938 d
Includes operations on the
*
COAL,
INCLUDING STOCKS IN RETAIL YARDS
3,682
9.475
N: & W.; C. A O.; Virginia; K. & M.; B. C. A G.;
and on the B. A O. In Kanawha, Mason, and Clay counties,
b Rest of State, In¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for the entire
month,
p Preliminary,
r Revised.
• Alaska,
Georgia,
North
Carolina, and South Dakota included with "Other Western States."
* Less than
a
Current stocks, however, were
supply.
Oct. 1,
Total, all coal..
and retail yards increased during
and on Oct. 1 .stood at 36,818,000
39,177
Washington
West Virginia—Southern, a
the
2
Utah
Virginia
118
14
80
.....
Montana
This
net tons.
over
Oct. 1, 1938
United
130
Arkansas and Oklahoma
on
States Department of the Interior in its
coal report stated that stocks of bituminous coal
The
St'ks on Lake docks c
Michigan
Total
....
—15.6
Is not Included.
Figures for Industrial consumers
from table below.
Figures for retailers from sample data,
b Coal in cars unbilled
at mines or In classification yards as reported to Association of American Railroads,
c Covers all commercial American docks on lake Superior and on left bank of
Lake Michigan as far south as Racine and Kenosha. Wis., but not including Waukegan
and Chicago, III.
Based on figures courteously supplied by Maher Coal Bureau
for Duluth-Superior and Ashland docks and on direct reports from all other com¬
mercial operators not reporting to that bureau.
Figures Include certain tonnage
of railroad fuel which Is also Included In reports of consumers* stocks,
d Subject
a.Coal in bins of householders
to revision.
Industrial Bituminous Coal
Stocks of bituminous coal held by
tons, or 7.1%
Oct.
and
,
industrial consumers increased 1,699,000
during September, rising to a
Jevel of 29,688,000 tons on
steel and rolling mills
Ail clashes of consumers, except
coal-gas retorts shared in the increase.
1,
1938.
*
Financial
3086
October
Consumption of bituminous coal by industrial users was slightly greater
in
Steel and rolling mills and cement mills
the only classes of consumers that showed a decline in consumption
September than in August.
were
STATES,
UNITED
THE
1,680,435
OF BITUMINUOS COAL IN
EXCLUDING
RETAIL
showed
YARDS
(Determined Jointly by F. G. Tryon, Market Service Reports Unit, National
Commission, and Thomas W. Harris Jr., Chairman Coal Com¬
at a rate of
August, 1938
Per Cent
lPreliminary)
(Revised)
of Change
Net Tons
Net Tons
Stocks End of
Month at—
utilities.
Electric power
7,834,000-
8,335.000
5.952,000
5,540,000
651,000
Two
(old),
Carnegie-Illinois
Coal,
Iron & IiR. Co.; one Lorain, National Tube Co.; one Donner,
one Haselton,
one United, and one Pioneer, Republic Steel
Corp; one Susquehanna and one Zug Island, National Steel
Corp.; one Eliza, Jones & Laughlin Steel Corp.; one Swede,
Alan Wood Steel Co.; one Standish, Chateaugay Ore & Iron
Co., and one Oriskany, E. J. La vino & Co.
279,000
—5.4
299,000
+4.7
9,510,000
8,560,000
+ 11.1
4,876,000
4,556,000
+2.6
29,688,000
27,719,000
+7,1
Electric power utilities, a
3,318,000
3,315,000
Byproduct coke ovens.b....
3.770,000
3,534,000
+6.7
88.000
79,000
following:
two Ohio, and two South Chicago
Steel Corp.; two Ensley,-Tennessee
Edgar Thomson,
—2.0
264,000
the rate of 57,625 tons daily.
Among the furnaces blown in were the
+ 7.4
638.000
Coal-gas retorts.c
making iron, operating
70,690 tons daily, compared with 96 furnaces on
Oct. 1 producing at
+ 6.4
Steel and rolling mills.c
Byproduct coke ovens, b
over
On Nov. 1 there were 115 furnaces
Agents)
September, 1938
of 18.2%
gain
a
daily rate last month
that in September, or from
The
September.
in
tons
56,015 tons to 66,203 tons.
Bituminous Coal
mute, National Association of Purchasing
with
pig iron in October was 2,052,2Sf gross tons, compared
for the current month.
INDUSTRIAL STOCKS AND CONSUMPTION
Up 18.2%
Daily Output
Iron
Pig
Age" reported that actual production of coke
"Iron
The
1938
19
Nov.
Chronicle
+ 11.4
313,000
Cement mills.b....
Other industrials.d
„—.....
Railroads (class I).e
Total industrial stocks.T.
Industrial Consumption by—
Beehive coke ovens, b..
660,000
652,000
Steel and rolling mills.c
+ 0.1
1933—GROSS TONS
1.
MONTHS SINCE JAN.
BY
STATES
UNITED
OF COKE PIG IRON IN THE
AVERAGE PRODUCTION
DAILY
—1.2
130,000
128,000
+ 1.6
430,000
478,000
Other industrials, d
6,770,000
+4.3
January...
Railroads (class I).e
6,943,000
+5.0
February
1938
1937
1936
—10.0
6,490,000
5,662,000
1935
1934
1933
...
....
Coal-gas retorts.c
Cement mills.b
18,348
19,798
17,484
May....
June
20,346,000
21,101,000
Additional Known Consumption—
233,000
211,000
111,000
+ 3.6
Bunker fuel, foreign trade
62.886
107,115
46,367
67,098
65,816
111,596
46.854
67,561
65.449
113,055
65,900
64,338
65,713
51,570
80,125
85.432
86,208
103.584
45,871
40,485'
35,400
.
114,104
24,536
54,134
54,138
74.331
108,876
43,497
57,821
69,142
First six months.
July
Days' Supply
Days' Supply
Days' Supply, End of Month, atElectric po wei utilities
57.448
52,243
+ 10.4
115,000
i...
Coal mine fuel
45,131
42.166
April
+ 3.7
46,100
20,787
28,621
March
Total Industrial consumption.
103.597
65,351
47.656
39,201
39,510
49.041
83,686
112,866
34,012
38,767
48.193
75 days
73 days
56,816
87,475
Byproduct coke ovens
47 days
49 days
—4.1
September..
50,742
29.935
59,216
91.010
116,317
113,679
Steel and rolling mills.
29 days
31 days
—6.5
October
43,754
30,679
63,820
61 days
68 days
—10.3
November..
36,174
31,898
68,864
96,512
98,246
66.891
22 days
19 days
+ 15.8
December...
38,131
33,149
67,950
100.485
48,075
42 days
41 days
+2.4
24 days•
2.5 days
—4.0
43.592
67,556
63.658
100,305
42 days
42 days
0.0
Coal-gas retorts,
....
...
.....
Cement mills.
Other industrials..
.....
Railroads (class I)
......
Total industrial.
a
of
Collected by Federal Powei Commission,
Mines.,
based
and
on
+2.7
12
26,199
moe. average..
PRODUCTION OF
66,203
(GROSS TONS)
d Estimates
reports collected jointly by National Association of Purchasing Agents
Bituminous Coal Commission from a selected list of 2,000 repre¬
Ferromanganese y
Pig Iron x
National
sentative manufacturing plants.
and afford
a
satisfactory basis for estimate,
e
class
I
railroads,
and
miscellaneous
OTHER
POWER
plants
manufacturing
INDUSTRIAL
UTILITIES,
are
M ay
PLANTS
7,873,026
August,
June,
1938
1938
1937
C.
of Change
August
Sept.,
1938 d
•/
September-...............
From
From
Prev.
Year
Ago
Railroads
—3.2
—7.7
160,096
174,976
163,217
days 235 days 259 days 252 days
+ 6.2
+ 8.2
-r—12.7
6,088
29,596
3,410,371
2,892,629
630
26,100
3,621
26.348
—19.0
—51.9
x
173,274
226
160,916
Consumed during month-
93,690
Days' supply, end of mo.
52 days..
Oth. Indus. Consumers
Days' supply, end of
Collected
by
198,627
168,470
334,425
25,473
2,006,724
1,490.324
22,674
36,611,317
These totals do not Include charcoal pig Iron,
95 days
66 days
Non-Ferrous Metals—Zinc Sales
+ 3.2
—11.1
—21.2
—45.3
and
+ 14.1
+0.4
"Metal
105,330
90,750
94,674
55 days
245,911
99,450
74 days
mo.
Federal
85 days
95 days
Commission,
Power
+46.3
+ 15.4
—22.1
—12.9
86,213
67,993
94,826
86 days
244,920
215,584
239,321
—
324,961
...
Included in pig iron figures.
y
b Collected
by
Association
OF
DOMESTIC
ANTHRACITE AND
Mineral
Markets," in
Sept. 1,
July 1,
1938
1938
c
the
in
weakness
V
pound sterling, restricted trade
publication further stated:
Anthracite, net tons
■«
420,849
Anthracite, days supply.a
Coke, net tons;
Coke, days supply.a
Sales of copper during the
44 days
57 days
470,813
69.380
114
days
51 day s
56,517
68 days
—3.8
—8.3
—22.8
—13.7
+ 18.2
—21.0
—16.2
—29.6
+ 20.7
—11.3
459,162
437,574
57 days
84,680
81 days
producers'
the
at
shipments
Sales
to
;,756,713 2,390,824
Calculated at rate of deliveries to customers in preceding months.
Anthracite Institute,
c Subject to revision.
a
b Courtesy
quotation held at 11 %c., Valley.
to involve hedging operations, sales were
Anthracite
Shipments Total
3,518,678
Tons
Shipments of anthracite for the month of October, 1938,
as reported to the Anthracite Institute, amounted to 3,518,678 net tons.
This is an increase, as compared with ship¬
ments during the preceding month of September, of 630,706
net tons, and when compared with October, 1937, shows a
decrease of 801,396 net tons.
Shipments by originating carriers (in net tons) are as
follows:
~
"
'
*
October
statistics
heavy deliveries and
to
the
rise
United
September,
October,
1938
1938
1937
an
about
were
with
obscured
The
tons,
Copper
Institute's
655,478
592,838
932,173
608,227
Lehigh Valley RR
820,216
690,502
893,714
222,408
175,901
365,841
255,108
Del., Lackawanna & Western RR.
453,814
393.412
387,078
390,895
253,980
614,459
Delaware & Hudson RR. Corp...
378,389
370,071
Pennsylvania RR
385,031
289,883
471,027
366,324
256,404
229,222
363,071
286,609
167,731
121,035
137,153
90,073
170,518 *
143,716
164,247
199,928
2.887,972
4.320.074
3,229.162
Erie RR
.
...
N. Y., Ontario
<fc Western Ry
Lehigh & New England RR
.
_
_
_
U. S. mine
...
3.518.678
on
outside
consumption
of
political
European
for
and
October,
in
short
54,446
Deliveries to customers, refined:
U. 8. domestic
53,637
69,827
Totals
8,200
15,159
83,092
13,749
101,602
185,077
45,808
56,824
.108,057
110,401
Foreign
164,374
267,299
157,412
153,865
Foreign scrap
Foreign.....
Totals
Revised,
Oct.
Sept.
al46,157
Foreign mine
a
September
Oct.
41,116
U. S. scrap, &c
167,225
Totals.
457,454
424,711
U. 8. exports b
14,282
Totals
12,778
123,016
Foreign
13,870
117,363
190.935
Stocks, at end, refined:
United States
-
199,968
-
...293,080
b Duty-free copper.
Lead
Buying of lead during the last week continued at
the
period
the
amounting
decline
is
to
not
4,710
a
fair rate, sales for
The domestic situation in lead
remains favorable, but operators became concerned over the unsettlement
in
prices abroad and the weakness in sterling exchange.
The October
statistics, to be released soon, will ehow another reduction in stocks,
though
.
Mine output is sched¬
the tangled
by
showing
expectations,
eased soon after the statistics were made
figures
Sept.
659,410
Central RR. of New Jersey
With
follow:
Production, crude:
1937
Reading Co
being main¬
public.
Production', refined:
September
are
•
line
outlook
the
somewhat
situation, prices abroad actually
amounted
month
noted during the week below that
in
upward trend in production.
and,
further,
States
U. S. duty-free
October,
this
consumers
-1
The
uled
far
so
to
in
some
level.
Storage yards, b......... 2.120,835 1,924,422
*
the industry expect November
with thoee in October.
The domestic
In the outside market, on business said
and
favorably
compare
reported
believe deliveries
Producers
satisfactory rate,
a
.
holiday week totaled 4,659 tons against 2,860
week.
previous
8.410 tons.
tained
'
63 days
66,821
in
tons
to
Retail Stocks, 295 Selected
Dealers—
satis¬
as
Copper
Year
Ago
17,
the
The
From
Free.
1937
.
the close.
toward
-
From
Quar.
1938
Nov.
factory, but the unsettlement in the London market, together
C. of Change
Oct. 1,
of
The state of -business here was viewed
confused.
COKE
with
P.
in
Business
issue
business expanded and
Zinc
k
Oct. 1,
its
itself and the undertone was
demand for
tin was good.
The copper statistics for October were favor¬
able.
Developments
abroad,
however,
worked
against
higher prices, and as the week ended traders seemed a bit
days' supply of anthracite and coke at 295 representative
OF STOCKS
and
steady to firm.
retail yards are shown in the table below:
SUMMARY
Large—Weak Sterling
Disturb
Prices
metals gave a good account of
of
Domestic Anthracite arvd Coke
Stocks and
London
Lower
reported that early in the week the market for non-ferrous
American Railroads,
c From
selected representative plants.
97 firms reported
for August and September, 1938: 88 firms for June, 1938, and 116 firms for Sep¬
tember, 1937.
d Subject to revision.
Total
»
c
Stocks, end of month....
Consumed during month.
October
34,632
34,415
(class I) b—
Stocks, end of month
Anthracite
27,757
26,765
,
—10.3
Consumed during month.
mo..
3,605.818
Year
1,302,934 1,327,274 1,411,215 1,345,791
Stocks, end of month
23,913
December
October
Electric Power Utilities a
Days' supply, end of
170,857
20,818
November
Quar.
'
110,281
3,498,858
Half year
(NET TONS)
P.
•'
19,706,593
1,201,785
1,493,995
1,680,435
2,052,284
.....................
3,459.473
AND
RAILROADS,
Sept.,
'
•
20,205
21,194
18,607
13,341
14,546
...
July
f,
24,228
3,391.665
3,537,231
3,107,506
.......
June
ELECTRIC
23,060
1,298,268
1,452,487
1,376.141
1,255,024
1,062,021
February
March...
April
shown in the table below:
AT
22,388
2,999.218
1,429,085
January....
Industrial Anthracite
ANTHRACITE
1937
3,211,500
Collected by Association of American
Stocks, consumption, and days' supply of anthracite at electric power
utilities,
1938
1937
1938
The concerns reporting are chiefly large consumers
Railroads.
a
56,015
93,311
OF FERROMANGANESE
IRON AND
PIG
COKE
b Collected by United States Bureau
Collected by National Bituminous Coal Commission,
c
August
tons.
expected
to
bie
month, according to preliminary estimates.
as
large
as
in
the
preceding
Volume
Quotations
tling
St.
basis
Financial
147
held
of
at
the
5.10c., New
American
York,
which
Smelting
&
also the contract set¬
was
and
Co.,
Refining
4.95c.,
at
Chronicle
be founded
A
the first
The
upward trend in business activity and the higher rate of operations
the
6teel
substantial
absorbed
by
drop
this
than
sterling
in
time.
metal
business
at
for
the market
into
come
a
that
have been
would
higher price level at
a
followed by increased competition for
was
market
ore
advanced
the week
during
in
metal,
the
halt to all talk of
a
Joplin
here
booked
was
continued
called
the
offered
was
of
tons
activity in zinc
and
concentrate,
to
followed
But, the unsettlement in the London market and the
10,000
soon
The
galvanizers
Under ordinary conditions this buying, which
tonnage of zinc.
more
higher price.
a
induced
industry
direction.
at
$1
The
quotation
Foreign
ton.
per
but little or no
concessions,
=
~
— ~
Announcement
settled
The
of
of
reduction in
a
that has
question
a
reduction
$7
the price
of tin plate early in the week
restricted business
business booked for first-quarter delivery,
on
above
to
30%.
strengthened
ended.
The
action
Pool,
in
The
time past.
some
now
industry
in
for
the
period
Jan.-March
of
The
than
1939.
has accumulated
quarters,
some
more
steel company has
is
revising
holiday;
Nov.
99%,
Nov.
was
nominally
45.350c.;
12,
as
Nov. 10, 45.200c.; Nov. 11,
follows:
Nov.
14,
Nov.
45.250c.;
15,
44.950c.;
45.050c.
16,
given any in¬
the announcement
on
upward
schedules
production
as
Instead of the slump that
expectations.
recurring labor troubles hinder production.
In lettings of construction steel the week has not borne out hopes of a
the
week
Structural steel awards, at 17,700 tons,
before,, while
new
amounted to only 15,400 tons.
with
new
projects
that
came
Reinforcing steel awards
were
down
were
the
into
market
4,750 tons,
projects totaling 13,800 tons.
Railroad buying is light, but there is a little more activity in locomotives.
The Illinois Central will build 1,000 cars in its own shops.
'
.THE "IRON AGE" COMPOSITE PRICES
Finished
Nov. 15, 1938, 2.286c. a Lb.
One week ago
One month ago
Steel
[Based
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
i-.2.286e.'i
2.211c.
One year ago
|
2.512c.
.
I.
rolled strips.
These products represent
85% of the United States output.
8,000 tons of tin.
Chinese tin,
beyond
likely that production will continue through the winter without
appears
serious abatement unless
unsettlement abroad in the other metals.
How¬
sterling made traders nervous as the week
is to meet Nov. 22 and is expected to take
quotas
no
prices
January, after dealers' stocks have been supplied, it
pound
believed in
is
it
1939
on
exceeds earlier
cars
comes
prices
and
active
fairly
but thus far
intentions
automobile
demand for
sometimes
10 and will also obtain
Tin-plate operations increased
became
tin
for
tin
of its
tin plate.
Committee
Tin
production
on
Buffer
the
in
for
market
spite of
in
weakness
ever,
The
timation
from
ton became effective Nov.
per
of private con¬
expansion
taking more interest in steel prices for
are
Alert to the fact that the steel companies need higher
quarter.
of moderate increases,
continually rising trend.
Tin
buyers
an
lacking.
are
prices in order to obtain adequate profits, steel users foresee the possibility
Prime Western
on
St. Louis.
5.05c.,
the automobile industry and Government spending.
on
essential elements that
are
As the year-end nears,
Zinc
in
largely
buying movement by the railroads and
struction
Louis.
3087
Low
High
1938
2.512c.
-
L.
1936
May
17'
2.2110.
Oct.
8
2 512c.
Mar.
9
2.249c.
Mar.
2
2.2i<*r.
193J.
De«-
28
2.016c.
Mar. 10
1
2.056c.
Jan.
METALS
("E.
Straits
Electrolytic Copper
&
M.
24
1.945c.
Jan.
3
1.792c.
May
Lead
Tin
2
1934
Zinc
"
2.118c.
1.953c.
Apr.
Oct.
1932
QUOTATIONS)
J."
...,2.062c.
1933.
PRICES OF
DAILY
1935
1.915c
Sept.
6
1.870c.
Mar
15
...2.192c.
Jan.
7
1.962c.
Oct.
29
2.402c.
Jan.
4
2.212c.
Nov.
1930
New York
New York
St. Louts
St. Louis
10.975
46.700
5.10
4.95
5.05
Dom.,Refy. Exp., Refy.
Nov. 10
11.025
1927
Nov. 11
Holiday
10.925
Holiday
Holiday
Holiday
Holiday
11.025
10.925
46.850
5.10
4.95
5.05
Nov. 14
11.025
10.850
46.750
5.10
4.95
5.05
11.025
10.675
46.450
5.10
4.95
11.025
10.675
46.550
5.10
4.95
Nov. 15,
1938, J20.61
'Based
Gross Ton
a
One week ago
One month ago
5.05
Nov. 16
8
2
1
Pig Iron
„
Nov. 12
Nov. 15
Oct
of basic Iron at Valley
on average
furnace and foundry
$20.61
_•
Irons at Chicago,
Bulfalo,
20.61
Philadelphia,
23.25
and
Southern iron at Cincinnati.
Valley
5.05
One year ago
Low
High
5 05
4.95
5.10
46.660
10.838
11.025
—
Domestic copper f. o. b.
Average prices for calendar week ended Nov. 12 are:
11.025c.; export copper, 10.896c.; Straits tin, 46.575c.; New York
refinery,
1938
lead,
1936
19.73
Nov
1935
July
6
20.25
Feb.
16
24
18.73
Aug. 11
"
18.84
Nov.
5
17.33
May
14
17.90
May
1
16.90
Jan.
27
16.90
Dec.
5
13.56
Jan.
1932
14.81
Jan.
5
13.56
Dec.
6
All prices are In cents per pound.
1930
18.21
Jan.
7
15.90
Dec.
16
19.71
Jan.
4
17.54
Nov.
York or St. Louis, as noted.
Copper, lead and zinc quotations are based on sales for both prompt and
deliveries: tin quotations are for prompt delivery only.
future
1927—
^
Steel
quoted on a delivered basis; that is,
As delivery charges vary with the destination, the
domestic copper prices are
trade,
„
$19.61
9
1933
thebaslsof cash. New
the
Mar.
June 21
1934
The above quotations are
Id
23.25
"M. & M. M.'s" appraisal of the major United States
sales reported by producers and agencies.
They are reduced to
5.100c.; St. Louis lead, 4.950c.; St. Louis zinc, 5.050c.; and sliver, 42.750c.
markets, based on
$23.25
1937
Average
delivered at consumers' plants.
figures shown, above are net prices at refineries on the Atlantic seaboard.
Delivered
prices In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
On foreign business In copper sellers usually name a c.I.f. price—Ham
Nov. 15,
3
1
Scrap
1938, $14.88 a Gross Ton
fBased on No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia
..$14.50
and Chicago.
14.17
One week ago
One month ago
One year a«o
12.92
Low
High
seaboard.
Mar. 30
12.92
June
7
Nov. 16
17.75
Dec. 21
12.67
June
1935.
DAILY LONDON PRICES
.21.92
1936
The c.i.f. basis commands a premium of 0.325c. per
pound above f.o.b. refinery quotation.
burg. Havre, and Liverpool.
13.42
13.00
12.25
Dec. 10
10.33
Mar. 13
9.50
$14.88
1938
1937...
&
Nov. 15
$11.00
1934
Copper,
Sid.
3M
(Rid)
3M
Spot
Spot
3M
Spot
8
6.75
1932
8.50
Jan.
12
1930
15.00
15.25
Feb.
Jan.
18
17
6.43
11.25
13.08
1933
Zinc
T<ead
Tin, Std.
Copper
Electro.
Spot
3M
1927....
16%
167ie
14?*
14»16
16%
16%
16*16
14»i6
16?*
14?*
14?*
141*16
215%
214?*
215%
216H
215%
16
163i6
14 K
14?*
215%
216
151!ii
16%
14?*
14»,6
Nov.
10
46nie
46ihe
11
46?*
46 »i6
52%
52)4
214%
Nov.
Nov.
14
465ie
46?*
52
216%
Nov.
15
45*16
45»i6
51%
Nov.
16
45lIi«
46
51?*
214 %
The
Exchange; prices for copper and tin are
London Metal
for the first session of the
the official closing buyers'
All are in pounds sterling per long ton (2.240 lb.).
prices.
Steel
Ingot
Output
Rises
62.5%—Scrap Stronger
to
at
steel
the
7
30.5%
30.7%
8
Nov.
31
48.6% Feb.
41.0% Feb.
14
3J .0%
Feb.
21
Nov. 29
6
June
13
July
32.6%
32.7%
32.4%
32.0%,
July
11
25.6% Apr. 18
27.8%; Apr. 25
24
lines
continues, even higher operations may be looked for this month
or
Although some products are doing as well or better than in October,
next.
the aggregate
bookings this month probably will fall below those of last
month owing to the
The reduction of
large orders for sheets and strip in October.
$7
a ton on
result in the release of a fairly
held back
tin plate, effective Nov. 10, will undoubtedly
substantial volume of orders that have been
While the full effect may not be
This year's tin
pending a price announcement.
felt immediately,
the outlook for 1939 is definitely better.
plate output will be the smallest since 1932. The action of the CarnegieIllinois Steel Corp. in limiting the new price to the end of the first quarter
instead of the usual nine-month period, while not officially interpreted, is
believed to have been taken as a measure of protection against unpredictable
substantially
higher tin prices. If there Is any further change in the price at the end of the
first quarter, it is more likely to be higher than lower, a situation that seems
happenings in a disturbed foreign situation that might result in
to assure
heavy tin plate production in the first quarter.
While election results have raised new hopes
that
for industry, it cannot be said
tangible results have appeared within the short time that has elapsed.
Those
who
have
long-term
projects
in
contemplation will probably
inclined to await the convening of the new
disturbing problems may
Congress so that its position
Though it is gratified over the improvement
recent weeks, the
be
on
be more accurately appraised.
that has taken place in
steel industry is aware that permanent betterment cannot
47.9%
35.7%
Apr.
1938—
Jan.
nearly all mills will be able to maintain their present operating
of the year. If the moderate expansion of orders in other
3
10—51.4%
23.5%, Mar. 28
4
19.2% Apr.
Dec. 27
100% and another has brought into service five new open-hearth furnaces
low prices,
28.7%, Oct.
49.4%
22.4% Oct. 17
53.7%
11
32.3% Oct. 24
(6.8%
18
36.4%, Oct. 31
61.0%
25
37.0% Nov. 7
1——39.8%, Nov. 14—62.6%
8
39.4%
15
40.4%
22—-42.8%
17—29.8% May
rates to the end
28.0%, Oct.
27
July
Jan.
support of large backlogs of sheets and strip booked at recent
June 20
June
Dec. 20
has advanced 75c. a ton at Chicago, half that amount at
—
44.0%
39.9%
45.3%
26.2% Sept. 19
47.3%
27.1% Sept. 26—...46.7%
33.7%
6
Dec.
32.7% May
2—-30.7%
9
30.4%
July
Aug.
Aug.
Aug.
Aug.
5
"Steel" of Cleveland, in its summary
Pittsburgh and is 50c. higher at Cleveland and Youngstown.
1938—
13——.27.4% Mar. 21
Dec.
*
May 23
June
10
With the
an¬
16--.30.7% Aug. 29
29.0%, Sept. 6
May 31
26.1% Sept. 12
May
.30.4%
Jan.
scrap
Nov. 14
industry
31.0% Feb. 28—29.3%
29.9%
.29.6% Mar. 7
32.1%
27.5% Mar. 14
Nov. 15— ...36.4%
Nov. 22
operating its steel-making facilities
Steel
on
1938—
1938—
1
3
which have not hitherto been required.
the
25—...52.1% Jan.
Nov.
Jan.
now
of
capacity
1937—
Oct.
companied by strength in scrap prices which has lifted the
"Iron Age" scrap composite to $14.88, a new high for this
year, is largely a reflection of the more rapid consumption of
steel by the automobile industry. Government spending is a
secondary factor, but of growing importance.
The "Iron
Age" further reported:
steel company is
Institute
which it had received indi¬
will be 62.6% of
Nov, 14, compared with
61.0% one week ago, 49.4% one month ago, and 36.4% one
year ago.
This represents an increase of 1.6 points, or 2.6%,
from the estimate for the week ended Nov. 7, 1938.
Weekly
indicated rates of steel operations since Oct. 25,1937, follow:
Age" in its issue of Nov. 17 reported that a
further rise in the ingot production rate to 62.5% of the
country's capacity, highest since early October, 1937, ac¬
One independent
Steel
and
capacity for the week beginning
"Iron
The
Iron
operating rate of steel companies having 98%
cated that the
of
Prices for lead and zinc are the official buyer's prices
American
nounced that telegraphic reports
Aug.
9
Apr. 23
Sept 26
Jan.
3
July
6
Dec.
9
Nov. 22
of the iron and steel
markets, on Nov, 14 stated:
'
Another
in
rise
sharp jump in
orders
and
steelmaking has been accompanied by a further
improvement in business sentiment.
definite
peak for the year
automotive needs and efforts of
flat-rolled steel producers to work off heavy backlogs, demand from other
consumers
and for other products still is tending upward.
Nevertheless,
some
leveling off in steelmaking is believed due, following the 10-point
spurt of the last three weeks.
Sheet and strip mills are in a good' position to maintain active opera¬
tions the remainder of the year.
With deliveries lengthening, buyers who
failed to anticipate their requirements during the recent period of price
weakness have entered the market with a surprisingly large amount
of
While the
to
latest gain
in operations to 61.6%, a new
date, largely is the result of expanding
new
business.
production at 6ome
next 60 days,
but since producers have indicated ail low-price tonnage must be shipped
before the end of the year, the near-term operating outlook is favorable.
Backlogs and activity in products other than sheets and 6trip are relatively
lighter, with buying largely for early needs but with additional improve¬
ment noted in orders and shipments to date this month.
Tin plate demand will be stimulated by the reduction of $7 a ton in
this commodity,
effective immediately for shipment through the first
quarter of next year.
Tin plate was not affected by the general price cut
last June, and consumers lately have restricted purchases in anticipation
of a lower market on 1939 contracts.
Production, consequently, has been
To
what
extent previous
forward buying will affect
later date will be determined
by the rate of consumption the
below
well
Chronicle
Financial
3088
ot
that
other
leading
products
steel
shortly
steel
be
may
-
Tangible evidence in steel markets of the reaction to election results
to discern as yet, but general improvement in sentiment as a
thereof is
demand remains
Steel
1938.high of 80,800 units, a
new
a
nearly
time
view of the rapid ascendency in
Last week, motorcar assemblies reached
gain of 6,279 over the week before and
1,000 ahead of the corresponding 1937 period.
year automobile production has topped the
This is the first
level a year ago.
this
Motors
General
assembled
42.100
against 88,825
units,
rose
and shipwork offer encouraging prospects.
financed in part
.
since
work
must
New
1
45% larger than a year ago, while
was
The Week with
Birmingham, at 68%; Cincinnati at 75%, and Detroit at 82%.
jgcrap prices continue strong in most districts, with the steelworks com¬
The tin plate reduction lowers the finished steel
composite 70c. to $56.50 and the iron and steel composite 27c. to $36.29.
In the
the Federal
reserves arose from decreases of $32,000,000 in money
circulation, $34,000,000 in Treasury deposits with Federal
Reserve banks, $16,000,000 in Treasury cash, and $6,000,000
in non-member deposits and other Federal Reserve accounts,
and increases of $71,000,000 in gold stock and $21,000,000
bank
Excess
Reserve System for the week ended with the
close of business Nov, 9:
The condition statement of weekly reporting member banks in
cities shows the following
101 leading
principal changes for the week ended Nov. 9;
Decreases for the week of $46,000,000 in holdings of "Other securities,"
$132,000,000 in
of member banks
reserves
following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
in
Nov. 16
Buffalo
posite holding at $14.29.
theJFederal Resferve Banks
in Reserve bank credit.
j
<
,
During the week ended Nov. 16 member bank reserve
balances increased
$181,000,000,
Additions to member
on
Wheeling, up 5 points to 64%
England, up 1 point to 72%, and St. Louis, up 6 points to 51.5%.
Unchanged areas were eastern Pennsylvania, at 35%; Cleveland at 77%;
substantial
a
3,392,924 tons, and 17%
was
points to 66%.
output dropped 2 points to 49%.
Plans for projects
by Public Works Administration funds are being pushed,
be under way by Jan. 1.
Gross tonnage of boats under
construction Nov.
3
Other districts to raise schedules included
Chrysler produced 20,350 against 18 250; Ford contributed 13,450 against
12,875 ; and all others, 10,400 against 10,080.
While the immediate outlook for demand for heavy steel products from
railroads remains unfavorable, private and public building, engineering
construction
1937 month, when output
points to 48%, Chicago was up 1.5 points to 58%, and Youngstown
3
rose
week before;
the
ingot production in October of 3,117,934 tons was the largest since
of
September's 2,657,748 tons.
At 52.45% of capacity, October
operations represented a recovery of nearly 85% since June, when the
year's low was reached.
Last week saw six producing districts contribute to the four-point rise
in the national steelmaking rate to 61.5%.
At Pittsburgh, operations
unbalanced in
importance of automotive tannage.
involved in battleships and cargo and passenger vessels
is
the corresponding
ahead
constructive factor.
a
19, 1938
pending.
Steel
is difficult
consequence
tonnage
still
and
expected to turn upward.
Nor.
balances with Federal Reserve banks, and $55,-
reserve
O
000,000 in demand deposits-adjusted.
estimated to be approximately $3,260,000,increase of $130,000,(XX) for the week.
were
Commercial, industrial and agricultural loans declined $8,000,000 in New
000, an
The statement in fun for the week ended Nov. 16 wLl be
York City, and increased $4,000,000 in the Philadelphia district, $3,000,000
found
member banks.
each in the Atlanta and
3115 and 3116.
Changes in the amount of Reserve bank credit outstanding
on
pages
Holdings
follows;
were a?
Increase
<+) or Decrease (—)
for the week.
Since
16. 1938
Nov. 9. 1938
$
?
Bllla discounted..... J
7.000,000
Bills bought
U. S Government securities,......
Industrial
advances
(not
Other Reserve bank credit-..
Total Reserve bank credit
Gold Stock,.
Treasury currency
..........
15,000,000
+ 21,000.000
2,590,000.000
.......14,162,000,000
2,756,000.000
Demand
+1,000,000
8,727,000,000
Money In circulation—
+ 71,000.000
Louis and San Francisco districts.
—32,000,000
2,721,000,000
—16.000,000
—34,000.000
Deposits credited to domestic banks declined $39,000,000 in New York
+ 409,000,000
Borrowings of Weekly repeating member banks amounted to $3,000,000
Nov. 9.
on
A
784,000.000
—6,000,000
summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Nov. 9, 1938, follows:
+19,000,000
Increase
New York City and
»
Chicago—BioWers' Loans
Nov. 9, 1938
Assets—
Below it the statement of the Board of* Governors of the
cultural loans
Loans and investments—total..
.......
industrial
Commercial
Nov. 17
1938
1937
S
$
§
$
^
U. 8. Govt, direct obligations
-
Obligations
7,765
2,960
7,867
3,578
1,913
521
1.930
520
1,420
1,425
'1,850
343
341
139
20
20
701
29
31
66
67
+9,000,000
—7,000,000
6,984,000,000
459,000,000
2,431,000,000
Real ^estate loans..
....
Loans to banks.—........
118
118
133
11
11
14
86
92
28
Other loans
414
413
430
52
50
58
Balances with domestic banks....
77
2
2,919
•
«
2,958
938
952
Time deposits
124
131
100
Domestic banks.
Other securities..
1,064
330
256
588
3.890
1,089
3,735
888
327
839
CasVln vault.
61
71
54
35
36
Balances with domestic banks..
77
75
72
211
207
455
437
485
51
51
15,711,000,000
5,137,000,000
535,000,000
...
Foreign banks...
•
*793
Reserve with Fed. Res. banks..
.............
United States Government deposits
Inter-bank deposits:
912
384
2,923
798
—46,000,000
—132,000,000
+40,000,000
—35,000,000
+ 551,000,000
+309,000,000
+1,675,000,000
+128,000,000
+676,000,000
Liabilities—
Demand deposits—adjusted
-
Obligations fully guaranteed by
+ 1,000,000
8,141,000,000
1,679,000,000
3,217,000,000
37
236
a+5,000,000
by
31
190 "
574
United States Government
guaranteed
Other securities...
458
139
199
...
a+4,000,000
—89,000,000
—4,000,000
+44,000,000
-36,000,000
+169,000,000
Reserve with Fed. Res. banks.
1,945
677
576
U.S. Gov't obligations...
+7,000,000
Cash In valut
7,736
2,955
202
securities.—...-
fully
United States Government
and
agricultural loans........
Open market paper
Loans to brokers and dealers.
Other loans for purchasing or
—160,000,000
3,891,000,000
342,000,000
or
Other loans
Nor. 9
1938
-11,000.000
—1,000,000
1,525,000,000
loans for purchasing
carrying securities
Real estate loans..*..*..
Chicago
1937
Nov. 17 Nov. 16
-889,000,000
-139,000,000
117,,000,000
securities
Loans to banks
City
1938
—5,000,000
570,000,000
1,165,000,000
■
Other
(In Millions of Dollars)
Nov. 9
$
—244,000,000
—1,273,000.000
717,000,000
—
Open market paper
CENTRAL RESERVE CITIES
1938
—.....
loans to brokers and dealers In
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
Nov. 16
—44,000,000
(—)
Nov. 10, 1937
Commercial, industrial and agri¬
week, issued in advance of ful.\ statements of the member
banks, which w i 1 not be available until the coming Monday.
——New York
or Decrease
Since
$
21,364,000,000
8,327,000,000
Loans—total
(+)
Nov. 2, 1938
$
Loans and Investments—total
Federal Reserve System for "the New York City member
banks and also for the Chicago member banks for the current
Loans—total......
Deposits credited to
foreign banks declined $20,000,000 in New York City.
+198,000,000
—912,000,000
544.000,000
Returns of Member Banks in
Assets
Time deposits declined
City and $37,000,000 at all reporting member banks.
+1,805,000.000
eral Reserve accounts....*...
carry
deposits-adjusted declined $89,000,000 in the Chicago district
$55,000,000 at all reporting member banks, and increased $11,000,000
banks.
..........
+181,000.000
Treasury deposits with F. R. bank..
Non-member deposits and other Fed¬
IN
net increase of $9,000,000
Holdings of "Other securities" declined
$21,000,000 in New York City and $18,000,000 at all reporting member
+1.373,000,000
+145,000.000
6,732,000.000
—
Treasury cash......
a
Holdings of obligations fully guaranteed by the United States
each in the St.
+8,000,000
+ 21,000,000
increased
banks.
—4,000,000
3.000,000
*
obligations
direct
$42,000,000 in New York City and $46,000,000 at all reporting member
—2.000,000
+9.(500,000
and
Member bank reserve balances.....
/
$
—12.000,000
including
$14,000,000 eommltm'ts—Nov. 16)
Government
Government declined $7,000,000.
Nov. 17, 1937
-1,000.000
1,000,000
2,564,000.000
-
States
district, all reporting member banks showing
'
Nov
United
of
$21,000,000 in New York City and declined $9,000,000 in the Cleveland
.
and related items
Chicago districts and $5,000,000 at all reporting
.....
Borrowings
...
6,182,000,000
455,000,000
3,000,000
-55,000,000 +1,054,000,000
-18.000,000
•^—165,000,000
—5,000,000
-37.000,000
-20,000,000
+ 1,000,000
+119,000,000'
+1,202,000,000
+7,000,000
+1,000,000
61
Other assets—net..
—....
947
2.55L
,
a
Nov. 2 figures revised
151
Japanese
nihilities—
Demand deposits—adjusted—.
6.621
6.607
5,883
1,592
1.573
601
598
751
466
466
453
United States Govt, deposits...
114
114
228
62
62
45
2,625
2,538
1,959
699
428
398
395
7
3
3
Inter-bank deposits:
Domestic banks-...
Foreign banks
Other liabilities
341
Capital account..***—
Complete
Returns
—
1,486
338
1,487.
of Member
383
4.480
Banks
682
7
....
..
16
.
.
256
17
256'
538
6
....
19
246
of the Federal
Week
Reserve System for the Preceding
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
Reply
to
United
American
1,467
Time deposits
Borrowings
(St. Louis District).
29
'»
States
Protests
Rejects
Contentions
A note, replying to the United States protest of Oct. 6
against unwarranted interference with American rights in
China was handed to the American Ambassador to Japan,
Joseph C. Grew on Nov. 18.
The Japanese reply, it is
stated, rejected all the principal contentions of the American
note as obsolete.
The reply declared,.."in the face of the
new situation any attempt to apply to the conditions
of
today and tomorrow the inapplicable ideas and principles
of the past neither would contribute to the peace of East
nor solve the immediate issues."
Associated Press Tokio dispatches of Nov. 18 said further:
Asia
The Japanese note,
sanction of Emperor
ishing
a new
which had the approval of the Cabinet and the
Hirohito, declared that Japan was engaged in estab-
order in East Asia "which is an indispensable condition
of
Japan's very existence."
The note took up the points of the American protest one
some
by one.
points the allegations of the United States were denied.
On
On others
Volume
Financial
147
counter-arguments
were
offered.
were
Elsewhere
pleas
Mr.
militaryJnecessity
of
made.
and
The Japanese reply was authoritatively interpreted as
considers that the
new
notice that Japan
conditions created by her conquest of a large
of China have rendered outdated the international agreements
3089
Chronicle
Magee and H. A. Stevenson were again named President
Vice-President, respectively.
portion
Germany
concerning
Adopt Postal Savings System
Employed in Austria
^
to
China reached immediately after the world war.
Already responsible Japanese spkesmen have indicated
that such pacts as the 1922 nine-Power treaty, by which
States and
torial
other nations
seven
determination
a
The postal savings system established in Austria and
formerly employed in that country will be extended to all of
Germany in the near future, according to a report from the
American Consulate General, Berlin, made public Nov.fcl2
by the Department of Commerce. The Department further
reported:
Japan, the United
pledged themselves to respect China's terri¬
integrity and independence, should
longer
no
the Japanese
bind
empire.
When Ambassador Grew presented the American note
for
a
Oct. 6 he asked
prompt reply.
The
worded
strongly
States note
United
"unwarranted interference" with American
had
Demanding that the "open door"
Japan
asked
to
cease
The
rights in China, listing a long
series of violations of American business and property
rights.
setting
currency
manipulating
in the
the
of North China.
up
pseudo-Chinese
The United States note
referred to in
was
Aided
Canada's
office
Substantially
outlook
a
The
portfolios contained security holdings at
$1,445,000,000 in
last
over
year.
the eight
months
ended
31,
Aug.
The position of the banks
the
as
an
record
$7,039,000,000, nearly 18%
ing nearly 7%
of 1%
were
at
a
much
lower level.
Bank
year ago, a
decline.
decrease of 18.8%
,
with all economic
order
The
name
double
the production in
large crop of wheat this
a
358,433,000
bushels.
year,
1937 and will be the largest crop
by
Under
on
the
prairie provinces this
than has been the
year
This indicates that purchasing power
case
in the past two
of
Nov.
Pegs Wheat Price
Argentina
Associated
Press
advices
from
hundred kilos, the equivalent of 21 cents a bushel.
Planters may sell either to
or more, or may
exporting firms willing to pay the pegged price
dispose of their crops to a national grain board which Presi¬
dent Ortiz created in another decree,
The decrees followed three conferences at
,
which Jose Padilla, Minister of
Agriculture, declared Argentina was burdened by an over-supply of wheat.
-+
years.
derived from 1938 crops will be much
15
President Hoberto M. Ortiz by decree today pegged the price of Argen¬
tine wheat at 7 pesos a
1932.
higher and better distributed than for some time.
Panama banking bill appeared
2609.
new
President of
date
Production of the staple food crops has much more evenly distributed over
the
and agreements remain in
Buenos Aires said:
almost
since
Failure to do
*.
which is
This is
our
bearing
issue of Oct. 29, page
Decree
harvesting
he expects to work.
force, according to the report.
"Considering, however," he said "the high level
of industrial production maintained during the greater part
of 1937, the falling off in activity in 1938 was of moderate
proportions", he said.
Mr. Magee said that one reason for improved economic
conditions over the past year was the increase in the Western
grain crop.
In his comments he said:
are
restricted to
residence in the
the traveler to pay a fine of from $100 to $500 and confisca¬
agreements are excepted as long as those treaties
depression.
approximately
are
Traveling representatives of countries with which Panama has treaties or
totaled
An item
yield
years
samples, the Commercial Attache reported.
in
to
Licenses
five
that every traveling representative upon
of the local agent through which
tion of
,
Canadian farmers
further provides
measure
this will subject
averag¬
debits
manufacturers' representa¬
Panama must first secure licenses from the
operate in
arriving in the country must notify the immigration office and furnish the
Mr. Magee pointed out that productive operations during
the year in Canada responded to the influences of economic
expected
to
country for at least one year, the report stated.
participating in the
areas
in
Of the
$19,423,000,000 in the first eight months of 1938, against $23,920,000,000
a
Proposes Legislation to Regulate Activities
Foreign
Manufacturers'
Representatives
country, or foreigners married to Panamanians and who have resided in the
Call loans both in
greater than in the same period of 1937.
Canada and• elsewhere
The system has the
depositor to draw on his account at any post
Secretary of Labor, Commerce and Industry,
leading financiers of
during the present year,
a
native Panamanians, foreigners with more than
level of
is held by the banks on their own account.
continued
German measures and institutions in Austria.
The bill provides that commercial agents and
tives
total public debt of the Dominion, Provinces and Municipalities, estimated
The increase in current loans
most of the work of uniting the two coun tries has
postal savings system in Germany, 47,000 post offices and
Representatives of foreign firms visiting Panama may not
merchandise except tiirougn
by the firm or firms which
they represent, according to a bill which has beeu drafted
but not yet presented to the National Assembly and reported
to the Department of Commerce from the office of the
American Commercial Attache at Panama.
Concerning the
provisions of the proposed bill, an announcement, issued
Nov. 14 by the Commerce Department, said:
an
increase
a
governments has been increasingly accentuated in the last decade.
at
new
accept orders or otherwise sell
local agents previously named
has
year
banks'
Republic which has been taken over and applied
as
postal agency in the country, according to the report.
of
(Canada)—Says Natural
$2,286,000,000 compared with $2,2CO,000,000 in 1937,
increase of 1.2%.
He also said:
or
Panama
Better
Recovery.
economic
Austrian
Germany,
advantage of permitting
improved substantially
of business recession, A. A. Magee, President of
Barclay's Bank (Canada) told the eleventh annual general
meeting of shareholders in Montreal on Nov. 15.
Mr.
Magee said that Canadian chartered banks have continued
to improve their liquid position, with the total of demand
and on-notice deposits remaking "at a relatively high level."
The average for the first eight months of 1938 reaching
after
of
agencies will accept deposits and make payments.
Oct. 29 and
our
Recession, A. A. Magee Tells Share¬
holders of Barclay's Bank
Causes
former
rest
consisted rather in introducing
and 2943.
Outlook
Economic
After Year of
and
Under the
Nov. 12 issues, page 2608
Canadian
monopolies
Austria
exemplary throughout the world, it was stated.
This, the Consulate General reported, is the first important institution
of the
China, the note accused Japan of attempting to monopolize Chinese trade
through
has proved unusually satisfactory and popular in
system
and has been regarded as
trade be maintained in
for foreign
Formerly
<
$1,475,300 of Kingdom of Belgium External Loan 6%
Gold Bonds, Due Jan. 1, 1955, Drawn for Redemp¬
tion Jan. 1
Dominion Governmental
revenues
for the first six months
the current fiscal year,
of
Mr. Magee, said, amounted to
$287,500,000, as compared with $280,000,000 in the same
period of 1937.
A sharp gain was recorded in taxes paid on
1937 income, with the total advancing to $117,000,000 as
against $95,000,000 in the same period of the last fiscal year.
He continued:
*
'
J.
6% gold bonds due Jan. 1, 1955, that $1,475,300 principal
amount of these bonds have been drawn by lot for redemp¬
tion
on
fund
On.the other hand, sales and excise taxes, which
are a
sensitive barometer
of month-to-month activity in retail trade, showed a decline of 8%
same
v
comparison.
Total expenditure was
up
..
3.8%
,
,
in the
>
at $236 million, increases in national
defence and railway accounts more than offsetting reductions in relief and
interest payments.
As the bulk of the revenue from income tax has now been received, it is
not
an
expected that subsequent comparisons .will remain
as
favourable unless
upswing in business activity carries prices and vplume to the levels
enjoyed in the closing months of last year.
Industrial employment
in Canada, Mr. Magee said, has
expansion thus far in 1938 and has recently
been in smaller volume than in 1937, but he pointed out that
it has generally been maintained at a relatively high level as
compared with 1936 and earlier years since 1930.
Mr. Magee stated that "despite a large decline in export
trade in comparison with imports this year, the balance of
trade remains in Canada's favor to the extent of nearly
$183,000,000, contributing greatly to the credits necessary
to meet our foreign obligations.
While.Canada's economy is
tending toward a better balance between primary and second¬
ary industries, the wealth of our natural resources neces¬
Morgan & Co. and Guaranty Trust Co. of New
P.
York, as sinking fund administrators, are notifying holders
of Kingdom of Belgium external loan 30-year sinking fund
Jan.
0939,
pioneys.
at their principal amount, out of sinking
Of the bonds drawn, $869,100 principal
according to advices from the Belgium Govern¬
by it.
The balance of the drawn bonds,
amounting to $606,200, will be redeemed and paid at the
principal sum thereof upon presentation and surrender on or
after Jan. 3, 1939, at the offices of the sinking fund ad¬
ministrators.
Interest will cease on all drawn bonds on
Jan. 1, 1939.
The sinking fund administrators call attention
to the fact that on Nov. 8, 1938, $28,900 principal amount of
the bonds previously called were still unredeemed.
amount,
ment, are held
•*+>
1
not shown normal
sitates continued interest in the external markets for food¬
stuffs and
raw
materials."
Member
Trading
on
New York Stock and New York
for Weeks Ended Oct. 22
Curb Exchanges—Figures
and Oct. 29
Trading in stocks on the New York Stock
mers,
5,889,915 shares; this amount was 22.07% of
tions for the week of 13,339,540 shares.
The Commission also promulgated figures
the
relation of trading
of the general manager of the bank points out
that the substantial rises in the number of the bank's custo¬
The report
in its total deposits, its advances and its investments in
financial year ended Sept. 30 reflect the general and
healthy expansion of domestic and foreign business and the
increased activity, to which all departments contributed.
At the general meeting all directors were re-elected and
Exchange by
their own account,
week ended Oct. 29,
it was announced by the Securities and Exchange Commission
yesterday (Nov. 18), which amount was 20.36% of total
transactions on the Exchange of 10,011,360 shares. During
the previous week ended Oct. 22 (as announced by the SEC
on Nov. 11) round-lot purchases and sales of stocks for the
account of the members, except odd-lot dealers, totaled
members, except odd-lot dealers, for
amounted to 4,090.000 shares during the
by members of the New
total transac¬
showing the
York Curb Ex¬
change for their own account to total transactions on the
Exchange.
During the week ended Oct. 29 the member
trading was 671,935 shares, or 21.30% of total transaction?
3090
Financial
of
1,577,115 shares, while in the preceding week (ended
Curb members traded in stocks for their own
811,020 shares, which was 20.10% to
total volume of 2,016,595 shares.
Oct. 22) the
Chronicle
account in amount of
The data Issued
by the SEC is
being published weekly,
program embodied in its report to
on the "Feasibility and Advisability
in the series of current
in accordance with its
Congress in June, 1936,
of the Complete Segrega¬
tion of the Functions of Broker and Dealer."
The figures
for the week ended Oct. 15 were given in our issue of Nov. 5,
page 2803.
The data published are based upon weekly reports filed
with the New York Stock Exchange and the New York Curb
Exchange by their respective members.
These reports are
figures
classified
as
follows:
New
York
New
York
New
York
Stock
Curb
Exchange
actions Initiated
3.
Reports
1,081
825
213
104
showing
other
Reports showing
other
1,079
well
registered
84
334
released Nov, 17.
were
The data
published are based upon reports filed with the
odd-lot dealers and specialists.
Commission by
ODD-LOT
STOCK
TRANSACTIONS
NOV.5 AND NOV.
12,
OF
ODD-LOT
DEALERS
AND
SPE¬
1938
SALES
PURCHASES
(Customers' Orders to Buy)
380
155
351
138
509
423
Oct. 31, Nov. 1 & 2
73
392
are not
those of the specialist
as
14
(iCustomers' Orders to Sell)
106
'
Value
Shares
15,251
No. Ord.
427,678 $15,290,511
Value
Shares
12,913
367,008
13,531,021
14,899
447,541 £14,268,408
377,046
12,338.850
28,164
794,686 $28,821,532
32,375
824,586 $26,597,258
23,482
687,958 $25,345,272
24,493
646,121 $22,181,514
15,781
454,862
15,753,720
16,618
443,617
1,142,820 $41,098,992
41,111
Nov. 3, 4 and 5
Total for week.,
535
Nov. 7 and 9
Nov. 10 and 12
—
strictly comparable with data similarly
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
as
Nov.
on
Trade Date
designated for the New York Stock Exchange, since specialists on the New York
dealer
which
825
208
.
Note—On the New York Curb Exchange the round-lot transactions of specialists
In stocks in which they are
Commission
York
trans¬
transactions
no
Exchange
Curb
350
actions Initiated off the floor.
4.
and
odd-lot dealers and specialists on the New York Stock Ex¬
change, continuing a series of current figures being published
weekly by the Commission.
The figures for the week ended
Oct. 29 were given in our issue of Nov. 5, page 2803.
We
also incorporate the figures for the week ended Nov. 12,
Exchange
trans¬
the floor..
on
Securities
No. Ord.
.......
showing
New
Stock
Exchange
Total number of reports received
1. Reports showing transactions as
specialists.
The
made public a summary for the week ended Nov. 5, 1938,
of the corrected figures on odd-lot stock transactions of
Week Ended Oct. 29
Exchange
Reports
1938
19
CIALISTS ON THE NEW YORK STOCK EXCHANGE—WEEKS ENDED
Week Ended Oct. 22
2.
Nov.
Odd-Lot Trading on New York Stock Exchange During
Weeks Ended Nov. 5 and Nov. 12
Total for week..
39,263
17,476
14,418.807
1,089,738 $36,600,321
Exchange closed Nov. 8 and 11.
•
.
The number of reports in the various classifications may total more than
the
of ^reports
number
carry
because,
received
at
times,
single report may
a
The following data made available by the SEC shows the
proportion of trading on the New York Stock and New York
Curb Exchanges done by members for their own account
during the weeks ended Oct. 22 and Oct. 29:
STOCK TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE FOR
ACCOUNT OF
MEMBERS *
(SHARES)
Week End.
Total for
Round-lot
members
account
Per
Week
a
Cent
a
Redemption June 1, 1939, of $34,000 of
Kingdom of Norway Municipalities Bank Guar¬
anteed 5% Bonds of 1930
of specialists
dealers):
Kingdom of Norway Municipalities Bank has drawn by lot
redemption on June 1, 1939, $34,000 principal amount of its
guaranteed 5% sinking fund bonds of 1930, due 1970, at 100
and accrued interest.
Payment will be made upon surrender
of the bonds at the New York office of Bank of the Man¬
hattan Co., successor fiscal agent; or, at the option of the
holder, at the principal office of either Hope & Co. or War¬
burg & Co., Amsterdam, Holland, in Dutch guilders, at the
respective buying rates of such banking houses for dollar
sight exchange on New York City at the time of presentation..
10,041,360
of
(except transactions for odd-
lot accounts
1.
for
Total for
Per
.13,339,540
—
transactions
Week End. Oct. 29
Qct. 22
Cent
Week
A. Total round-lot volume
B.
Drawing for
entries in more than one classification.
and odd-lot
.
•
Transactions of specialists in stocks in
Changes in Amount of Their Own Stock Reacquired by
Companies Listed on New York Stock Exchange
which they are registered—
Bought
Total
Other
2.
2,695,110
-.
transactions
initiated
floor—Bought
on
2,239,355
transactions
Initiated
off
floor—Bought
1,468,910
8.39
7.31
Shares
487,060
955,450
Total—Bought
699,170
3.58
Total
5,889,915
Armour & Co.
3.48
4,090,000
22.07
20.36
lots—Bought"
Sold
(111.)
-
544,660
298,020
461,900
2.04
a
None
b None
5,000
240
960
62,458
Crams Co., common
33,000
62,058
23,000
General Motors
Total
47,653
14,106
(The)
2.30
Corp.,
4,000
3,500
r
100
common
700
6,377
6,344
42,138
53,038
:
...
Eureka Vacuum Cleaner Co., capital
Floreheim Shoe Co. (The) class A common
163,880
196,710
347,950
9
31,333
w
,
6% preferred
Detroit Edison Co.
...
Report
8
common
common
Davega Stores Corp., common
5% preferred
specialists and odd-lot dealers:
In round
Corp.,
Collins & Aikman Corp., 5% preferred
Commercial Investment Trust Corp., common
C. Transactions for the odd-lot accounts of
"
Atlas
Per Latest
Celotex Corp. (The) common
2,014,745
2,075,255
2,983,830
2,906,085
Sold
Company and Class of Stock—
Shares
Previously
Reported
'
350,865
348,305
468,390
.....
Total
1.
The New York Stock Exchange issued on Nov. 16 its
monthly compilation of companies listed on the Exchange
reporting changes in the reacquired holdings of their own
stock.
A previous list appeared in our issue of Oct. 15,
page 2321.
The following is the list made available by the
Exchange on Nov. 16:
the
Sold
4.
9.57
718,840
750,070
1,156,610
1,082,745
Total
Other
1,921,920
10.10
the
....
Sold
3.
945,040
976,880
1,358,830
1,336,280
Sold
556
449
a579,817
3,600
b579,818
c None
5,500
common
5,602
General Theatres Equipment Corp., capital
Glidden Co. (The) common
In odd lots—Bought.
1,227,844
1,080,635
1,558,025
Sold...
1,395,795
Total
YORK
CURB
ACCOUNT OF MEMBER8 * (SHARES)
EXCHANGE
Total for
Week
Week End. Oct. 29
A. Total round-lot volume.
B. Round-lot
transactions
Total for
Week
Per
Cent
a
account
Per
Cent
a
1,577,115
2,016,595
for
FOR
■
Week End. Oct. 22
of
specialists
in
of
251,555
—
Sold
2.
Other
535,270
transactions
initiated
on
13.27
•
425,8^5
89,475
Total
71,450
174,400
4.32
4.39
138,410
Outlet Co. (The) 7% preferred
Plymouth Oil Co., common
Other
transactions
initiated
off
thei
floor—Bought
49,260
Sold
52,090
Total
4.
101,350
Total—Bought
transactions
for
account
2b.10
In
Shares In members'
85,164
Includes all Exchange members,
as
206,425
members' trading transactions
volume Includes only sales
on
1,796
3,317
26,697
27,897
45,550
37,810
80,314
80,250
!.
None
4;000
398
774
444,050
463,805
None
...
63,000
7,796
7,800
b Acquired 200 shares, disposed of 5,200
d Canceled and retired by resolution of
Acquired 538 shares, canceled and retired 500 shares.
regular meeting
per cent
of twice total round-lot volume.
the Exchange for the reason that the
7.
No
grain, produce
received
7 of
Exchange Adopt
on
Nov. 9 adopted the following amend¬
total of
Includes both purchases and sales, while the Exchange
modities"
7.
so
agree
No
as
to give reciprocal
follows:
business in cotton,
on
the Exchange."
inserting the words "or in securities" after the word "com¬
that
grain, produce
amount
shall
other commodities, dependent upon the amount of business
by him in securities dealt in
be amended by
"Sec.
Chapter VII of the Rules, reading
member
or
.
calculating these percentages the total of members' transactions is compared with
twice the total round-lot volume
at a
"Sec.
their firms and their
v
transactions
1,051
3,287
Governors of New York Curb
That Section
121,261
partners, including special partners.
a
8,836
811
1,318
....
ment to the Rules to the Constitution:
253,380
"members"
8,943
•
The Board of Governors of the New York Curb Exchange
21.30
:
of
106,879
The term
20,707
Amendment to Constitution
671,935
146,501
*
3.41
107,690
317,485
354,450
425,280
C. Odd-lot
366
4,107
Canceled and retired Nov. 1,1938.
e
1,078
41,800
e 4,145
20,468
,
45,815
2.51
385,740
811,020
c
•
518
359
Canceled and retired Oct. 31, 1938.
Sept. 27, 1938.
61,875
None d
39,000
....
Swift & Co., capital
shares,
3.
15,532
49,860
James Talcott, Inc., common
a
5,900
15,567
Transamerica Corp., capital
United States Realty & Improvement Co., capital
Wilson & Co., Inc., common
66,960
4,660
5,748
Madison Square Garden Corp., capital.
Norfolk & Western Ry. Co., 4% preferred
54% preference
84,925
Sold
3,827
608
4,616
•
Sterling Products (Inc.) capital....
13.50
the
floor—Bought
3,862
;
S. H. Kress & Co., common
!
Lone Star Cement Corp., common
W. A. Sheaffer Pen Co., common
Standard Oil Co. of Kansas (The) common
188,650
237,185
283,715
Total
3,936
common
Safeway stores, Inc., 6% preferred
7% preferred
stocks
in which they are registered—
Bought
9,100
3,967
Co.,
577
Real Silk Hosiery Mills,
Inc., 7% preferred
Revere Copper <fc Brass Inc., common
Class A
members:
1. Transactions
2,900
5% preferred
Jewel Tea Co., Inc., common
2.308,479
2,953,820
STOCK TRANSACTIONS ON THE NEW
Household Finance Corp., common
Insuranshares Certificates, Inc., capital
International Paper & Power
2.
said
member
or
section,
shall
when
agree
other commodities
of business received
amended,
shall read
as
follows:
to give reciprocal business
or
in
securities, dependent
by him in securities dealt in
on
in cotton,
upon
the'
the Exchange.-'
Volume
Financial
147
Further Changes
Made in New York Stock Exchange
Chronicle
CURRENT
3091
MARKET
RATES
Tlie New York Stock Exchange announced on
group of
Nov. 10 the
letters and assigning new three-letter symbols to less active
issues.
The first changes were reported in our issue of
Nov. 12, page 2944.
The stock and bond changes, to become
To
American Power & Light Co
BOE
Boeing Airplane Co
Brown Shoe Co., Inc__
BW
14,
1938
Dealers'
Dealers'
Dealers'
Buying Rates Selling Rates
30
ACCEPTANCES
BANKERS'
Buying Rates Selling Rates
Days—
7-16
120
9-16
60
7-16
150
%
90
7-16
180
H
X
The
of
following table, compiled by
the
us,
9-16
9-16
furnishes
record
a
volume of bankers' acceptances outstanding at
the
close of each month since Oct. 31, 1936:
effective Nov. 21, follow:
From
AOW
Dealers'
Days
changes in stock ticker symbols under its
recently announced plans to improve the ticker service by
shortening the symbols of the most active stocks to two
PRIME
NOV.
Ticker Symbols
second
ON
1936—
AP
BA
BWS
,
.
1937—
Aug. 31
$308,112,141
315,000,590
330,205,152
349,053,490
372.816,963
Sept. 30
Oct.
31
193$
May 29
$385,795,967
28
307,115,312
June
30
$292,742,315
31
30
364,203,843
351,556,950
343,881,754
344,419,113
346,246,657
Mar. 31
July
Nov. 30..„_
348,026,993
Aug.
Feb.
May 31
278,707,940
268,098.573
June 30
264,222,590
July
264,748,032
258,319,612
Apr.
30
DER
Deere & Co
DE
Nov. 30
ET
East Tennessee Virginia & Georgia Ry. Co
Goodyear Tire & Rubber Co
Greyhound Corp
Inspiration Consolidated Copper Co
EVG
GT
G
IC
Dec.
GOR
EW
Lake Erie & Western RR. Co
LKE
Mar. 31
LS
396,471,668 ; Dec. 31
343.065,947
Lake Shore &
LSH
Apr.
395,031,279'Jan.
31
325.804,396
NU
Nassau Electric RR. Co_
NLR
NE
Newberry, (J. J.) Co
NL
New York Lackawanna & Western Ry. Co
Packard Motor Car Co
JJN
NLK
pak
PUY
Pure Oil Co
Commercial
Paper Outstanding
SPC
Sperry Corp
WE
Wilkes-Barre & Eastern RR. Co
GEY
INS
Michigan Southern Ry. Co
K
PY
New York—Indications for
Future Continue Favorable
In its
"Monthly Letter" for November, the National City
"the month of October has brought
further evidence of business improvement, and despite some
indications for the
disappointments the
favorable."
continued
No
over
would
one
a
of
surge
future have
near
Continuing, the bank
that
say
the country,
unqualified
says :
optimism
is sweeping
In the equipment industries
for the situation is spotted.
held
back by unseasonably warm weather.
Nevertheless, the business indexes
have
been
moving upward.
Steel, automobile and building operations
have improved and the textile industries have held their ground.
The
Federal Reserve index of industrial production rose to 90 for September
from
88
in
August, and the preliminary figures indicate another and
probably greater rise in October.
Moreover, some important upward
revisions of factory schedules, which will apply to November, have been
announced.
Both security and commodity prices have been firm, with
indications that buyers are willing to operate a little further ahead than
particularly
the
demand
is
still
lagging,
30
has been
retail trade
and
Feb.
27
401.107,760
30
Value of
by
The
rebound
relief
markets which
the
in
from
the strain
of
the
followed
European
the Munich
crisis
seems
the
whether
support production.
weakness
in
September
was
•
York
31.....
261,430,941
Sept. 30
Federal
Oct.
announcement
31
31
Oct.
269,561.958
with
Compares
Reported
as
Bank—Total
Reserve
of
$212,300,000
Nov.
on
total value of
16 showing the
outstanding
Oct. 31:
on
Reports received by this bank from commercial
paper
dealers show a
total of $213,100,000 of open market paper outstanding on Oct. 31,
1938.
This
figure compares with $212,300,000 outstanding
Sept. 30 and with $323,400,000 on Oct. 31, 1937.
Below we furnish a two-year comparison of the figures:
1938—
Oct,.
1937—
Jan.
31
212,300,000
Aug.
31
31
31
$285,000,000
279,200,000 Mar. 31
311,000,000 Feb. 28
290,400,000
..267,600,000
Oct.
210,700,000
30
Nov. 30
^.209,400,000
July
on
1937—
31
Dec.
$213,100,000
Sept. 30
323.400,000 Jan.
31
..243,800,000
$299,300,000 Apr
31
June 30..-...225,300.000
8ept. 30
May 31......251,200,000
Aug. 31
1936—
331,400.000
329,000,000 Deo. 31
Apr. 30
271,400,000
July
Mar. 31
296.600,000
June 30
28
292,600.000
May 31.
.215,200,000
191,300,000
324,700,000 Nov. 30
284,600.000 Oct. 31
286.900,000
Feb.
Amendment
31
-.198,800.000
of£Regulation L of Board of Governors of
Reserve System Relating to^Interlocking
Federal
Bank Directorates
The Federal Reserve Bank
to member banks
Regulation
Reserve
L
of New York
announcement
an
of
System
under the
the
Board
on
Governors
of
Nov. 9 sent
to the amendment of
as
of the
Federal
relating to interlocking bank directorates
The amendment, effective Nov. 8,
Clayton Act.
follows:
By adding the following after the semicolon at the end of Section
(1)
thereof:
3(a)
„
1938
30
The Federal Reserve Bank of New York issued the follow¬
ing
agreement and
to answer in the
due to
domestic causes as well as the war danger.
The evidence now is that the
trend here all along has been upward.
Buying was deferred during the
period of uncertainty, but there was all the more to be done in the early
part of October, and activity in cotton goods, copper, hides and leather
and some other lines picked up strongly.
The pace has slackened since
the middle of the month, but the business is on the books where it will
question
the
negative
New
$213,100,000
Sept. 30
formerly.
the
Sept. 30
387,227.280
commercial paper
Bank of New York says
Aug. 31
Oct.
Jan.
SY
WBE
October Business Brought Further Improvement, Says
National City Bank of
31
1937—
"and any private banker or any
director, officer,
or
employee of a member bank of
officer, or employee
1939, may continue such
the Federal Reserve System who is lawfully serving as a director,
Outstanding Bankers' Accept¬
ances
During October—Total Oct. 31 Reported at
$269,561,958—$76,684,699 Below Year Ago
Increase of $8,131,017 in
volume
of
outstanding bankers' dollar acceptances
on Oct. 31, 1938, amounted to $269,561,958, an increase of
$8,131,017 as compared with the Sept. 30 figure of $261,430,941, it was announced on Nov. 14 by the Acceptance
Analysis Unit of the Federal Reserve Bank of New York.
As compared with last year, the Oct. 31 total is $76,684,699
below that of Oct. 30, 1937, when the acceptances out¬
standing amounted to $346,246,657.
The inqrease in the volume of acceptances outstanding on
Oct. 31 over Sept. 30 was due to increased credits for imports,
domestic shipments, domestic warehouse credits and dollar
exchange; in the year-to-year comparisons only credits for
domestic shipments was above Qct. 30, 1937. The following
is the report for Oct. 31, 1938, as issued by the New York
The
Reserve Bank
BANKERS
on
DOLLAR
Nov. 14:
FEDERAL RESERVE
Oct. 31, 1938
Federal Reserve District
service until Aug.
DISTRICTS
Sept. 30, 1938
Cel. 30, 1937
$29,274,625
$27,018,937
$31,11(1,919
194.650,45.5
190,438,444
250,127,335
10,939,422
9,886,624
15,844,080
2,964,571
2.949,723
3,217.849
1.
Boston
2.
New York
3.
Philadelphia
4.
Cleveland.
5.
Richmond
6.
Atlanta
1,667.025
1,582,258
2.041,628
7.
Chicago..
6,701,668
6.654,517
and
St. Louis
793,512
,544,095
1,785,468
2,811,465
1,800.143
*9*1*7*91"9
19,447,730
"(e) Any director, officer,
Reserve System who, on Aug.
$261,430,941
$346,246,657
Section 3 to a semicolon
subsection "(e)" as follows:
end .of
new
or employee of any member bank of the Federal
23, 1935, was lawfully serving at the same time as a
member bank and not more than one other such bank,
banklng[association, saving
bank, trust company or private banker."
believes
Board
The
that
the
of Section
principles
torates, are in the public interest and should be
classes of banks,
all
8 of
Clayton Act, which relate to interlocking bank direc¬
the
press on
now
of
banks
among
a
applied to
statement given to the
discriminatory in that it applies only to cases involving
the
does not believe
Board
according to
Nov. 9 by the Board, which went on to say:
The law is
member
Federal
that
Reserve
System
or
private
there should be discrimination in
classes of banks subject to Federal authority.
of the fact that less than a month will
view
elapse
banks.
The
any respect
between
the
1, 1939, on which date certain
existing relationships would terminate, the Board has exercised its dis¬
cretion under the law, as to such relationships involving not more than
convening of the new Congress and Feb.
1, 1939.
This action was taken
to the attention of Congress when
it
convenes,
with a recommendation that the existing discrimination
between member banks and non-member banking institutions be removed
so
that the provisions of the law will apply alike to all hanks under
two
for
banks,
the
22,150,003
$269.C61 9r8
the
private banker or as a director, officer, or employee of any other bank, banking asso
elation, savings bank, or trust company and whose services In such capacities have
been continuous since such date, may continue, until Aug. 1, 1939, to serve such
3,371,243
18,375.442
period at
to extend
purpose
this time to Aug.
of calling the matter
879,675
1,806,704
the
adding at the end of that section a
13,764,080
8.
1, 1939;"
(2) By changing
In
ACCEPTANCES OUTSTANDING—UNITED STATES
—BY
of a Morris Plan bank or similar institution on Jan. 31,
...
+
...
225,226
—
9.
Minneapolis
10.
Kaasas City
11.
Dallas
12.
San Francisco-
928,380
-
Grand total
•
Increase for month,
ACCORDING
TO
NATURE
Oct.
31.
1938
OF CREDIT
Sept. 30, 1938
Imports
$94,128,626
56.936.788
Oct.
$88,954,720
Exports
57,141,719
Dollar exchange
Based on goods
countriesBILLS
BY
57.267,297
61.853.336
.
BANKS
.$129,923,874
Own bills
Bills of others.
-
Increase for month
A
total
of
$330,000,000
will
be
distributed to about
ing to an estimate given out Nov. 16
founder and President of Christmas
by Herbert F. Rawli,
Club, a Corporation,
of National Prosperity Week.
The total distribu¬
tion, it was said, is about 3% in excess of 1937 and the num-,
ber of members to receive Christmas Club accumulations
shows an increase of approximately 6%.
The awrage^dis¬
1,390.947
ACCEPTING
and 6% in Members
Distribution $47
sponsors
2,183,601
56,334.808
-.
HELD
Over 1937—Average
8,168,633
66,548.662
9,407,717
46.475,887
3.086.545
—
in 1938 Estimated at $330,000,-
000—Increase of 3% in Amount
81,601,656
9.537.139
stored in or shipped
between foreign
Total
30, 1937
$126,683,423
49.538.052
Domestic shipments
Domestic warehouse credits
Christmas Club Savings
7,000,000 Christmas Club members by approximately 4,500
banking and financial institutions and other organizations
during National Prosperity Week, starting Nov. 28, accord-,
Decrease for year, $76,684,699.
$8,131,017,
Federal authority.
.
93,373.452
..$223,297,326
2,099.039
tribution per member amounts to $47 as against $48.55 for
1937.
This decrease in per-member accumulation was ap¬
parently caused by payroll lay-offs and payroll reductions
made effective during the early months of 1938.
The esti¬
mates are based upon a substantial number of reports re-
Financial
3092
ceived from institutions operating the Christmas Club plan
in different sections of the country.
Using reports received in 1938 from individual Christmas
Club members and applying these reports to the entire dis¬
tribution for 1938, the estimated fund of $330,000,000 will
be used by the receipients approximately as follows:
Christmas Purchases
32.4%
—
Permanent Savings
$106,920,000
88,110,000
26.7%
.—-—-
—»
14.0%
1.4%
46,200,000
32,010,000
30,690,000
-13,860,000
7,590,000
4,620,000
100.0%
$330,000,000
Year-End Bills
Taxes...
Insurance Premiums
...............
Education, Travel and Charity—
Mortgage Interest..........———......
Unclassified....
—
........
.....—
9.3%
4.2%
2.3%
accompanied by
public Nov. 16 further said:
New York's Metropolitan district will receive about $57,-
The Bank of America N. T. & S. A. in California will distribute
000,000.
$12,000,000 to
more
than 200,000 members.
The Bank of the Manhattan
Co. has $3,900,000 for more than 80,000 members enroUed at 56 offices in
Greater New York.
an
of payment by an incorporated
the closing hour for receipt of tenders on Nov. 21.
Immediately after
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 ac¬
ceptable prices will follow as soon as possible thereafter, probably on the
The Secretary of the Treasury expressly reserves the
following morning.
The Seaman's Bank for Savings in New York City has
approximate total of $1,950,000; The Dime Savings Bank of Brooklyn
$950,000; the Fidelity Trust Co. and the Howard Savings Institution, both
dollars.
of Newark, N. J., each have a sum exceeding one million
Christmas Club members enrolled at institutions serviced by Christmas
allot less than
right to reject any or all tenders or parts of tenders, and to
the amount
applied for, and bis action in any such respect shall be final.
submitting tenders will be advised of the acceptance or rejection
Payment at the price offered for Treasury bills allotted must be
thereof.
funds
sylvania are $32,000,000; for Massachusetts $30,000,000; for New Jersey
$23,000,000.
of Treasury bills applied for, unless the tenders
express guaranty
an
bank or trust company.
made at the Federal Reserve banks in cash or other
In the distribution of Christmas Club funds this year, New .York State
leads the other States with about $95,000,000; the estimates for Penn¬
/
and from responsilbe and recognized dealers in invest"
Tenders from others must be accompanied by a deposit
ment securities.
of 10%, of the face amount
are
1938
19
acceptedlwithout cash deposit from incorporated banks
Tenders will be
and trust companies
Those
The statement made
Nov.
Chronicle
immediately available
Nov. 23, 1938.
on
bills will be exempt, as to principal and interest, and any
The Treasury
gain from the sale or other disposition thereof
will also be exempt, from
(Attention is invited to
all taxation, except estate and inheritance taxes.
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 purposes of
hereafter imposed by the United States or any of its posses¬
any tax now or
sions.
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
^
Club, A Corporation, for 1939 will have an opportunity to participate in a
$5,000 cash prize contest, the intent of which is to secure a slogan that best
expresses
the permanent thrift development features of the Christmas Club
idea.
The following 53 banking institutions, which include most of the financial
depositories having the largest accumulations for Christmas Club members
and accountable for about
$50,000,000 of the total estimated distribution
of $330,000,000, report the following approximate amounts to be
relesaed
during National Prosperity Week:
First National Bank, Mobile, Ala
Merchants National Bank, Mobile, Ala
.......
Union Bank & Trust Co., Los Angeles, Calif
....
...
....
Anglo California N at'l Bank & Trust Co., San Francisco, CalifBank of America N. T. & S. A., San Francisco, Calif
Society for Savings, Hartford, Conn
Connecticut Savings Bank, New Haven, Conn.
"Water bury Savings Bank, Water bury, Conn...
.......
Washington Loan & Trust Co., Washington, D. C
First National Bank, Chicago, ILL.
Fletcher Trust Co., Indianapolis, Ind
................
Maine Savings Bank, Portland, Me
Boston Five Cents Saving Bank, Boston, Mass.
........
Dorchester Savings Bank, Boston, Mass..
Home Savings Bank, Boston, Mass....
...
Suffolk Savings Bank, Boston, Mass........—....
2.-...Worcester County Trust Co';, Worcester, Mass
First Natl Bank & Trust Co* and Affiliates, Minneapolis,
.....
$475,000
425,000
550,000
425,000
12,000,000
935,000
565,000
450,000
445,000
780,000
410,000
.......
Northwestern Natl Bank & Trust Co. and Affiliates, Minne¬
apolis,Minn..
.........
.
........
Commercial Trust Co., Jersey Qity, N. J
Hudson County National Bank, Jersey City, NT. J
Trust Company of New Jersey,
Jersey City, N. J..
Fidelity Trust Co., Newark, N. J
........
Howard Savings Institution, Newark, N* J.
....
Passaic National Bank & Trust Co., Passaic, N, J...
;
National Savings Bank, Albany, N. Y
Bank of the Manhattan Co., New York City
.......
Dollar Savings Bank, New York City.....................
Northjtiver Savings Bank, New York City..........
Seamen's Bank for Savings, New York City...
Dime Savings Bank of Brooklyn, Brooklyn, N. Y
East New York Savings Bank, Brooklyn, N. Y
Green Point Savings Bank, Brooklyn, N, Y—..............
...
Lincoln Savings Bank, Brooklyn, N. Y
Roosevelt Savings Bank, Brooklyn, N. Y
.........
South Brooklyn Savings Bank, Brooklyn,.N. Y
Long Island City Savings Bank, Long Island City, N. Y
Staten Island Savings Bank, Stapleton, S, 1.,-N.Y
...
540,000
99.998
Equivalent rate approximately 0.008%.
Low
99.992
Equivalent rate approximately 0.032%.
Average price 99.993
Equivalent rate approximately 0.027%.
(37% of the amount bid for at the low price
1,400,000
500,000
790,000
875,000
1,040,000
1,050,000
435;000
630,000
3,900,000
495,000
540,000
1,950,000
950,000
650,000
650,000
740,000
....
550,000
527,000
660,000
;.
535,000
500,000
650,000
.....
... .
..... _
Ohio National Bank, Columbus; Ohio
Toledo Trust Co., Toledo, Ohio
....
Beneficial Savings Fund Society, Philadelphia, Pa...
City National Bank, Philadelphia, Pa..
Corn Exchange Natl. Bank & Trust Co., Philadelphia, Pa
GermantoWn Trust Co., Philadelphia, Pa
—
....
....
......
Ninth Bank & Trust Co., Philadelphia, Pa
Western Saving Fund Society, Philadelphia, Pa
.....
800,000
580,000
476,000
623,000
400,000
710,000
400,000
525,000
450,000
1,075,000
700,000
Peoples-Pittsburgh Trust Co., Pittsburgh, Pa
Industrial Trust Co.> Providence, R. I...
First Wisconsin National Bank, Milwaukee; Wis.....
633,000
..........
823,000
...*
A report
by the National Association of Mutual Savings
Banks on Christmas savings in mutual savings banks was
given in our issue of Nov. 5, advertising page ix.
'
$1,044,000
Offering of $100,000,000, or Thereabouts, of 92Day Treasury Bills—To Be Dated Nov. 23,1938
on
the amount of
Nov.
a new
offering of 92-day Treasury bills
$100,000,000,
or
thereabouts,
was
made
17
by Henry Morgenthau Jr., Secretary of the
Treasury. The bills will be dated Nov. 23, 1938, and will
mature on Feb. 23, 1939.
They will be sold on a discount
basis to the highest bidders ana on the maturity date the
face amount will be payable without interest.
There is a
maturity of bills on Nov. 23 in amount of .$100,057,000.
The tenders to the new offering announced Nov. 17 will
be received-at the Federal Reserve banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, Nov. 21.
Tenders will not, however, be received at the
Treasury De¬
partment, Washington.
In his announcement of Nov. 17
Secretary Morgenthau added:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000. $500,000, and $1,000,000
(maturity value).
No tender* for
an
amount
less
than $1,000 will be considered.
tender must be in multiples of $1,000.
on
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g.,
Fractions must not be used.
was
accepted.)
Government Securities Purchased
Treasury During October
of
99.125.
by
Market transactions in Government securities for Treas¬
investment accounts in October, 1938, resulted in net
purchases of $1,044,000, Secretary of the Treasury Henry
Morgenthau Jr. announced on Nov. 15.
This compares
with net purchases of $38,481,000 during September.
The
following tabulation shows the Treasury's transactions in
Government securities, by months, since the beginning of
ury
1937:
1937—
1938—
January
r_$14,363,300 purchased January
5,701,800
March
119.553,000
April......
11,856,500
May
3,853,550
June
24,370,400
July
4,812,050
August—
12,510,000
September.......
8,900,000
October
3,716,000
November...
2,000,050
February....
......
...
December
$12,033,500
3,001,000
purchased March
23,348,500
purchased April
2,480,250
purchased May...
4,899,250
purchased June.
783,600
purchased July...
1,151,600
purchased August
3,905,650
purchased September..38,481,000
purchased October
1,044,000
purchased
purchased
February
...
sold
sold
purchased
purchased
sold
purchased
purchased
sold
purchased
purchased
15,351,100 sold
Treasury Bans Trade-Pact Benefits for Goods Imported
from Sudeten Area Formerly Belonging to Czehcoslovakia—Regarded as Products of Germany—Rul¬
ing Affects New York Importers
York importers conferred this week with Treasury
New
officials in regard to a Treasury ruling of Nov. 9 in which
it was stated that merchandise imported from the Sudeten
formerly belonging to Czechoslovakia would
area
New
Announcement of
Total accepted, $100,544,000
High
.
Schenectady Savings Bank, Schenectady, N. Y__
Provident Savings Bank & Trust Co., Cincinnati, Ohio
Cleveland Trust Co., Cleveland, Ohio.
to
$288,457,000
Total applied for,
Range of accepted bids;
1,175,000
.....
Integrity Trust Co., Philadelphia, Pa...
the
of
650,000
500,000
650,000
654,000
............
Minn
Treasury Morgenthau announced on
had been received and
$100,544,000 accepted to the offering of $100,000,000, or
thereabouts, of 91-day Treasury bills, dated Nov. 16, 1938,
and maturing Feb. 15, 1939.
The tenders to the offering,
which were invited on Nov. 9, were received at the Federal
Reserve banks and the branches thereof, up to 2 p. m.,
Eastern Standard Time, Nov. 14.
Reference to the offering
was made in our issue of Nov. 12, page 2947.
Details of the bids to the offering were made available,
as follows, on Nov. 14
b^ Secretary Morgenthau:
Secretary
Nov. 14 that tenders of $288,457,000
445,000
-
,
$288,457,000 Bid ta Offering of $100,000,000 of 91-Day
Treasury Bills Dated Nov. 16-—$100,644,000 Ac¬
cepted at Average Rate of 0.027%
no
longer
be entitled to
preference under the United States-Czecho¬
slovak reciprocal trade agreement. 1 Treasury representa¬
tives informed the importers that all possible effects of the
ruling had been considered, but that there was no alterna¬
tive in
view
of the specific requirements of the law that
deceptive markings on imported goods.
The
order, issued on Nov. 9 to all Collectors of Customs, read:
there
be
State
change
Department
from
Czechoslovak
under German occupation,
country
Germany
having today announced to Treasury
jurisdiction
of
areas now
any
no
on
or
afterv Nov.
to
German
in
Department
those
a
Sudeten
products of those areas exported from
1938, shall be regarded as products of
10,
the marking provisions of the Tariff Act
of 1930 and for determining applicable rates of duty.
Such areas are to
be regarded as parts of Germany on and after Nov. 10, 1938, for determin¬
ing dates of exportation for customs purposes.
Give importers all possible
for
the
purposes
of
notice.
In discussing the new ruling,
of New York issued a statement
"This
announcement/' declared W. H. Mahoney, Manager of the Associa¬
tion's Foreign Trade Bureau, "is of
and
the
domestic
to
means
manufacturers
the utmost importance to all importers
with Sudeten products.
It
competing
that hereafter the German rate of duty,
rate
visions
the Merchants Association
which said, in part:
from
with
Czechoslovakia,
respect
to
will
he
which is usually higher than
applied.
Furthermore,
marking are of the utmost
the
pro¬
importance, as goods
_
\
Volume
f inancial
147
Chronicle
shipped after the date in question must bear the mark 'made in Germany'
with
instead
expressed
'made
of
Czechoslovakia.' "
in
the
in
seem
A group
of New York importers led by Curt G. Pfeiffer,
Importers,
President of the National Council of Traders and
with
met
the
Treasury Department's officials on Nov. 14,
and with regard to the conference, a Washington dispatch
that date to the New York
While
the
them
upon
said:
to
give
particular
any
form
of
relief
and
was
none
that all possible
of the ruling were considered but there was no alternative in view
specific requirement of the law that there be no deceptive marking
of
the
on
imported goods.
explanation
said
have
to
the
informed
importers
In departing the importers expressed their appreciation
of the attention given
The
They
the
effects
satisfied
conferred
in
Counsel
of
York
in
of
of
the
the
of
some
order
11
The
the
m.
York
Square
French.
a.
a
In
some
It
was
instances the silence
movement.
They
the
at
two speeches,
Eternal
in
English
one
broadcast to France.
was
the brief,
silent
that has
pause
lives in the World War.
minute; in others it was two or more.
one
general that the clicking of the traffic lights in normally clat¬
so
tering
was
a
armistice of 1918 now
Legion
American
made
He
muted in
was
such
La Guardia spoke at the Armistice Day
address
latter
in
out.
way
County
Park.
city
lead
trie
the victory and
become traditional in revering those who lost their
sections
the only sound.
was
During those two minutes all trains of the 3. R. T., the B.
the
City Independent
heads;
traffic
the
In
with
of
and
Gibbons,
B.
W.
Cairns,
Counsel
Johnson,
R.
of
Secretary
the
Assistant General
for the Customs
"Taps"
Light
Nov. 9 that dur¬
on
The total production of securities for the
and
$20,000,000,000.
Stamp production
27,934,887,356 stamps,
1937 fiscal
the current fiscal
for
year
year
amounted to
be approximately
1937 fiscal year numbered
for the
and for the current
will
year
will be approximately
30,000,000,000 stamps.
Secretary of
the
Morgenthau
Treasury
addition
that
of
announced
on
evening period—7:30 to 9:00
p. m.—to the periods in which the Bureau will be open to
the public.
The new schedule for the five days each week
the plant operates will become effective Nov. 21.
an
and
M. T. and
the surface
cars
pedestrians
and
stood
quietly.
of workmen repairing car tracks stood
another gathering
down Fourth
Their parade
10,000 who marched
Madison Square Park,
of
parade
Street
many
held, two in the morning and
Legion ceremonies at the Eternal
were
American
to
m.
the
York
a
Thirty-third
a.
and at
Square
Times
The
by
preceded
ceremonies
largest
World's
dedication
The
in
afternoon.
from
of
One
ing the fiscal year 1937, the Bureau of Printing and En¬
graving produced in currency $3,798,204,000, including $2,407,980,000 in Federal Reserve notes, $1,166,700,000 in
silver certificates and $223,524,000 in United States notes.
Alvin W. Hall, Director of the Bureau, estimated the total
production of paper money for the year ending June 30,
1939, at $3,810,000,000, including Federal Reserve notes,
$1,765,000,000; silver certificates, $1,750,000,000; and Uni¬
ted States notes, $295,000,000. It was further stated by the
Treasury Department:
,
salute,
at
gang
a
Three parades
the city.
were
Avenue
sounded
was
the
in
one
New
Treasury Report on Operations of Bureau of Printing
and
Engraving for 1937 Fiscal Year—Bureau to
Be Open to Public at New Night Session, Secretary
Morgenthau Announces
$18,388,319,400,
stood
Broadway
trains
hand.
began at 10
jLThe Treasury Department announced
policemen
middle of
bat in
elevated
from their vehicles and uncovered their
"Taps" in Times Square
that they would not be
Assistant
Huntington
customs;
Treasury,
the
Subway,
Taxicab drivers stepped
stopped.
throughout
Stephen
with
charge
the
9
New
by customs officials
given
importers
Bureau.
Nov.
take
City Mayor F. H.
the
Madison
in
one
to their problems.
of
adversely affected by the ruling.
Treasury
America
^
Treasury representatives
effects
was
which allowed
order, Treasury officials
new
forthcoming:.
The
be imposed
hardships would
numerous
adjusting import practices to the
asked
riot
were
"Times"
that
stated
Light
and
that
feeling that although
a
ceremonies
At
by the immediate effect of the customs decree,
time for
no
importers
desire
vain, there still may be
New
In
3093
Fair
the
of
where
1939,
witnessed
was
by
a
day was
at
the grounds of the
dedicated.
7,000 soldiers,
Court of Peace was
the
crowd
of
15,000, and
school children marched
Court of Peace.
Representatives of 60 nations participated.
Mayor La Guardia also was
the principal speaker at the armistice observances at the Fair Grounds.
marines, members
in
a
patriotic organizations and
of
parade which passed before a reviewing stand at the
Message to C. I. O. Convention
Urges
Labor
Peace — Garment
I.O.—Convention
President Roosevelt, in
Pittsburgh,
at
Workers' Union Secedes from C.
Adopts Constitution Changing Name to
of Industrial Organizations.
Congress
addressed Nov.^ 14 to
Industrial Organization
meeting at Pittsburgh, asked that organization to hold open
"every possible door to access to peace" in the affairs of
organized labor.
The President's message was almost identi¬
cal to one which he addressed to the American Federation of
Labor during its October convention in Houston, Tex.
He
warned that "continued dissension can only lead to loss of
influence and prestige to all labor."
The President's message to the C. I. O., addressed to
John L. Lewis, Chairman of the organization, read as follows:
President Roosevelt, in a message
the convention of the Committee for
Dear Mr.
Lewis—Will you please extend my
greetings and best wishes
convention of the Committee for In¬
regrets at being unable to accept your kind
delegates in attendance at the
to the
and my
dustrial Organization
invitation to be present.
Roosevelt
President
Leads
Nation
Twentieth Armistice Day—Laws
inJ^Observance of
Wreath on Tomb
of Unknown Soldier—National Holiday Observed
.for First Time by Congressional Act
Nation-wide celebration
of
twentieth
the
the signing of the armistice was led on
Roosevelt
who, accompanied by General John J. Pershing,
Commander
Colonel
anniversary of
Nov. 11 by President
of
the
American
Expeditionary
Force,
and
Chief of Staff of the Cuban
Army, attended services at the tomb of the Unknown
Soldier
in Arlington
National Cemetery.
The President
placed a wreath on the tomb.
Elsewhere throughout the
Batista,
Fulgencio
country appropriate ceremonies were held, as the day was
observed
national
a
as
holiday for
the
first
time,
The
of the
wage-earners
United States have made great progress
Continued dissension can only lead to
united labor movement
be in the interest of all Americans.
I_hope the committee will have a
silence which
And
in
lifted to
in
Washington,
Congress
Throughout
anniversary
the
of
first
drama succeeded
sudden
.
.
.
the Nation
of that
time
it
the
on
honor
departure,
same
the roar of battle..
day,
voice
the
"
Very sincerely yours.
Wilson
"the war thus comes to an end.
.
.
millions observed solemnly today the twentieth
hysterical end of the bloodiest war in history.
For
a national
holiday, so created at the last session
was
public affairs from General
Pershing, who led the American forces in France.
"The situation in the world today," he said, "is as menacing as at any
critical time in history.
It demands immediate and vigorous action on our
part
occasion
brought
a
rare
statement
on
there be visited upon us the recent
lest
experience of England and
"Not
only
Americas.
from
Moreover,
we
Atlantic do these dangers threaten the
the natural protectors of the freedom of this
the
beyond
are
recounting
Tribune"
observance
the
the
New
York
"Herald
towns
throughout the Nation ceremonies and parades
visual expression of the hope that peace might overcome its current
obstacles.
Men in public life spoke the same wish from rostrums bver the
gave
country,
were
the
while
prayers
for
peace
were
Few
dictators.
Europe
in European centers spoke to America by radio
the auspices of the Carnegie Endowment for International Peace.
theme was the need for a new world-wide organization for peace,
Leaders
Their
said in places of worship.
pronouncements which did not include a denunciation of
Speeches from
under
provided a
constitution
revenue
of
opinion
for the new labor group that,
claimed membership of 3,664,612,
$2,000,000 annually to push forward a new
could amount to more
organizing drive which
"paramount" question here.
The motion to adopt the 10 articles as a whole passed unanimously.
On two sections, when they were considered separately, there were a few
"no" voteri.
These two articles gave the executive board the power to
name the date and site for conventions and assessed small industrial unions
the leaders told the
per
convention was the
capita tax of 50 cents.
by an attempt yesterday
Mr. Lewis was aroused
to hold up
consideration of the second article for
by West Coast delegates
another hearing by the
constitution committee.
Mr.
that the constitutional committee
the document after careful study and conferences with executive
told
Lewis
had drafted
the
500 delegates
rejection of the recommendations was
which could be answered.
He added:
not right and we do not intend to let a man merely
the only question
"It is
and destroy ..the
work of this
with an idea
committee."
convention (on Nov. 11) the Interna¬
Workers' Union, one of the C. I. O.
founders and one of its strongest units, terminated its af¬
filiation and said that its future policy would be to seek
restoration of unity in the labor movement.
United Press advices from Washington had the following
Prior to the C. I. O.
tional Ladies' Garment
12 said:
of Nov.
other cities and
In
The
based upon its
to come here
hemisphere, and we cannot escape* Our obligation."
In
16 completed the
officers, and that the acceptance or
France.
»
adoption of a
Congress of Industrial
Organizations, and giving wide powers to the leadership,
after Mr, Lewis had warned the delegates against attempts
to delay acceptance.
This action was reported as follows
in Associated Press Pittsburgh advices of Nov. 16:
a
Congress.
The
*
constitution, re-naming the group the
than
of Woodrow
successful and constructive convention.
R FRANKLIN D. ROOSEVELT
The convention on Nov.
guards of the Marine
Corps, Navy and Army silently saluted their unknown companion.
The
American Legion, with representatives from the 48 States and the District
of Columbia, moved into position before the tomb, where the National Com¬
mander, Stephen F. Chatwick of Seattle, Wash., laid a wreath below that
of the President's.
State delegations followed to lay individual wreaths.
Reverent silence
governed the ceremony.
Twenty years ago, at 11
o'clock in the morning, there was another sort of quiet—an unbelievable
President's
the
after
prestige to
bargaining will be furthered by a
making for cooperation and labor peace which will
On the other hand, collective
all labor.
under
A ~
quote:
Directly
left open.
loss of influence and
labor in the United States be
affairs of organized
Act of Congress.
From Associated Press advices from Washington, Nov. 11,
we
in
general working conditions
and economic security.
This has been made possible through their co¬
operation with other great groups of Americans in formulating and carrying
out a progressive program to elevate labor standards in the public interest.
If the great gains already made are to be consolidated for the benefit
of workers as well as management, it is essential that there be cooperation
among the wage earning groups and, because of this, I venture to express
the hope, as I did also to the American Federation of Labor convention
delegates, that every possible door to access to peace and progress in the
regard to wages, hours of labor,
recent years in
,
to say
The
regarding the action:
International
Workers' Union today declared
factions in a resolution that re¬
for peace between the American
and the Committee for Industrial Organization.
Ladies'
Garment
itself independent
of both warring labor
iterated again and
again the union's desire
Federation
of
Labor
3094
Financial
Chronicle
19 members of the I. L. G. W. U.'s executive board voted unanimously
to cut the union loose from both the C. I.
O. and A. F. of L. and In the
future to "support every genuine effort, whether
In their
C. I. O.
The resolution
drawn
has 250,000 members and
three years ago
in
of the C. I. O. founders at
one
was
Monday to set
next
up
a
election
meeting
last
organization in competition with the A. F. of L.
The resolution said that the
nent
C.
national
new
I.
O.
board
believed
organization would "sharpen
the labor movement and would create greater
a
the conflict in
said
I.
he
and permanent C. I.
board
the
regard
not
the
union's
action
decision not to become
a
withdrawing
as
efforts
C.
blamed
to
"It is unnecessary,
reopen
I.
Chairman
O.
L.
John
negotiations,
peace
but
for
his
discussed
leave
reaction
thought the results
York just about
House
one
substantial
New
reelection
Senate
New
because
lost
eight
for
the
to
all right.
were
they
way
lose
out.
came
Senators
seven
Senate
still is in
race
impossible
as
author of
York,
said
they
Actually
in
the
the Democrats would
figured
and
81
House
doubt.
some
question about whether he
a
victory of Senator Robert F. Wagner
Wagner Labor Relations Act, the
the
that law in its present form.
York
Senator
wanted
voters
they liked
Wagner
returned
his record.
From Associated Press advices from
the
Nov. 14, Chairman Lewis said
that the C. I. O. stood for "the protection of the privileges
of all Americans whether they be Gentiles or Jews or
any
creed or religion, or of any school of thought that maintains
respect for our institutions."
He likewise said:
as
well, you can't strike
down
in
of
House
Congress
forces
in
seat.
a
Veteran
able to determine
Republicans
eight
took
came
officials
the record
Tuesday's election without
through
here
was
said
today that
unique for
in
former
25
Jersey,
Representatives
Former
was
Senator
the only
Senators
and
W.
Warren
returned to the
one
In
the
and four from
'
"
*
,
Of
they
as
Senate.
the
they won 72 from Democrats, five from Progressives,
succeeded.
far
as
major party.
a
Democrats
from
seats
Frrmer-Laborites.
"I say to my fellow countrymen," to the rich and influential Jews and
Gentiles
loss
were
on
Washington, Nov. 11,
also quote :
Republican
membership of 4,037,877.
opening address
and influential
would
he
be
Warm
Hyde Park.
New
in
members.
the
of
the
to
we
tracts 250.000 from its claimed
rich
might
at
believe, at this moment to reiterate In detail
we
The defection takes out of the C. I. O. its sixth largest union and sub¬
the
leaders
Roosevelt
pretty good as a forecaster, the President said he
was
had
he
President
The
said
labor movement."
In bis
at
home
while the result
(Dem.)
why peace has not up to this time been achieved within the
reasons
He said he
equivalent of an endorsement of
Lewis
today it
Mr.
Roosevelt said
President
the
time.
results
that
considered
part of a new
a
Mr.
House
and
with
20.
The Chief Executive classified
O. to be formed and named at Pittsburgh.
yesterday
blocking recent
that
did
but rather
O.,
first
his
House
65
seats,
peace,
The
added
and
recon¬
President David Dubinsky, who has been outspoken in his demands for
labor
the
predicted
He
ciliation."
from the C.
for
week at
had
perma¬
obstacles for ultimate
Nov.
conference
Admitting that he
establishment of
November.
late in
press
1938
Reporters wanted to know what predictions he had sealed in an envelope
rival national
permanent
a
Ga.,
19,
apparently had not yet been
Senate
legislation
prospective
Springs around
his
At
that
though,
said,
discuss
Springs,
yesterday, will not be represented when C. I. O. delegates
Pittsburgh
He
up.
to
Warm
effort to achieve peace in the labor movement."
that the Ladies' Garment Workers' Union, which
means
said the legislative schedule
Rayburn
asked
A. F. of L.t
or
organizational activities for the improvement of the conditions of
the workers and in every
meet
Mr.
Nov.
who
comebacks,
tried
Barbour,
Republican
of
14
New
house.
upper
this
country a powerful movement of the workers like the C. I. O. which stands
for equality and for the protection of
any group, minority or
exists in our country.
In part
In
a
Executive Order Permits Congressional Committee Con¬
ducting TVA Inquiry to Inspect Utility Income Tax
the Associated Press advices from Pittsburgh said:
destroy
divide the C. I. O.
or
to labor peace open,
now were
Resumes
but warned that efforts
President Roosevelt
"vain and foolish in the extreme."
Lewis
termed
"impossible" the A.
F.
in the direction of labor
of L.
position
that
dictional bars to unity be eliminated before reconciliation takes
juris¬
place.
The C. I. O., he said was
receptive to any peace proposal that guaranteed
the continuation of industrial
organization.
"We are not willing, however, to make of the 0. I. O. another Czech¬
oslovakia to be dismembered and
destroyed by such powers as seek peace
at
expense."
our
'
Mr. Lewis prefaced his report with a
plea for "a fair judgment" of the
including 1937.
"The C. I. O. has brought body and substance to the idea of
progressive
as
steel,
automobiles,
textiles,
lumber,
and
oil
Mr.
a
erties,
He intimated that
was
the only one of the "rebels" never expelled by
Mr.
unions, eight organizing committees,
He
and
675
directly chartered local in¬
unions.
gave
the
a
financial
accounting of three years of the
on one
page, showing that out of $3,540,385 total receipts $1,760,838
had been spent for
organizing work and $1,310,178 had been advanced by
O. I. O. to its new affiliates.
The committee had a balance of $29,430.
Yesterday (Nov. 18) Mr. Lewis was named as the first
President of the Congress of Industrial Organizations.
•
New
Says Election Results Will Not
Program—Conservative Bloc in
Deal
Congress Not Looked For—President
Warm Springs, Ga., Next Week
'
to
of which were noted in our Nov. 12
he
House,
issue,
page
threat to major Administration
a
Roosevelt
and
told
a
press
conference
Leave for
(the results
2955) do not
policies, Presi¬
Nov.
on
11.
Both
Representative Rayburn, Democratic leader of the
are said to have
expressed the opinion that the elec¬
tion had given the Administration
coalition opposition to its
to worry
no reason
about
legislative program.
part, Associated Press accounts from Washington, on
Nov. 11, said:
In
However, the Chamber
of
Commerce
election results would lead to closer
to
"ill-advised
and
Since Republicans
of the United States suggested the
study and greater opposition in Congress
hastily drawn bills affecting business."
made
heavy inroads Tuesday [Nov. 8] into the Demo¬
majority in Congress, speculation had arisen at the capital that
Republicans and conservative Democrats would team
up
in next session
in attempts to block New Deal
legislative proposals.
Asked whether he
thought his legislative program would encounter coali¬
tion opposition, Mr. Roosevelt
replied with an emphatic negative.
He said
cratic
he
believed
the
program
would
receive
exactly
the
same
treatment
as
heretofore.
When
come
of
another
the
of the information
of the
order
made
was
thus garnered may be brought
committee hearings this week.
open
the
as
vestigation of the strife-torn agency, from
.
Committee resumed
which
in¬
the former Chairman,
Dr. Arthur E. Morgan, was ousted after making sensational charges against
his Board colleagues,
David E.
Lilienthal and Dr. Harcourt A. Morgan.
The committee today received a defense of the agency from five of its
officials
questioner wanted to know
election
offered
the
over
Health
protest
of
Charles
Representative
Service describe the
Wolverton
(Rep.,
South
as
"the Nation's No.
1 health
problem.",
The
reports
were
submitted
by C.
H.
Garity,
materials department;
John F. Pierce, office service division; Earle S. Draper, regional planning
studies
department; W.
L. Sturdevant, information division, and L.
N.
Allen, reservoir property management division.
Mr. Allen's statement related that the TVA
"attempts to bring about
a
a
threat
to
a
community
spirit."
He reported that TVA constructs
it is impartial in religious affairs,
no
churches because
but lends facilities for holding religious
worship wherever and whenever it
can.
development of villages, towns,
maintenance and management of
camps,
drug stores, dormitories, cafeterias, libraries, fire and police protection,
sewage,
and
water
electrical facilities,
schools and roads.
Messrs Garity and Pierce reported that TVA was
fashion, accepted low bids in all instances and saved
employees, establishing safety and health
saving cost-accounting office systems.
Dr.
the
Parran
area
has
painted
the
a
dismal
in
businesslike
money
by training
run
and installing money-
measures,
.
picture of the
fewest
physicians per capita
hospitals and the highest death rate.
South's health.
in the
He said
Nation, the fewest
*
"The tuberculosis death rate is notoriously high, with
Tennessee's rate
the highest of any State," he said.
According to Washington advices to"Hearld Tribune" the Committees session
New
the
on
Nov.
York
16,
was
largely given over to building ud the figures of possible earn¬
ings of the TVA system when complete.
From these advices
we
also quote:
The witness,
achusetts
-
Edward L.
Institute of Technology,
Southern, found that the full-load
should
be
$24,135,000.
700,000 kilowatt hours
-
Moreland, dean
This
was
and
expert
an
r
of engineering at the Mass¬
for Commonwealth
&
of the system, when complete,
revenue
based, he said, on the sale of 7,303,-
at 3.3 mills each.
Dean Moreland could recall
no
private utility which delivered electricity at such a low rate.
whether
he
continuation
the President saicl he certainly did not.
Later, after Mr. Rayburn had conferred with
believed
of
the out¬
liberal
govern¬
ment,
He also started to
control,
navigation
examine the allocation
and
power.
Before
of TVA investment to flood
the
til tomorrow, the witness evolved the figure of
the
Chief
Executive, the
question about coalition prospects was put to the Texan.
"I think," he said, "these
Democrats we have in there this
going to be Democrats and will go
Public
The vast scope of TVA activities was disclosed by Mr. Allen as including
The results of the
general elections on Nov. 8
dent
some
wholesome and normal community atmosphere, free from influences tra¬
ditionally attributed to so-called 'company towns' and to foster a friendly
Roosevelt
Affect
constitute
prop¬
N.J.) and heard Surgeon-General Thomas H. Parran of the United States
convention
C. I. O.
President
valuation of private utility
The latter subsequently was appointed to the Chairmanship.
Lewis's membership list consisted of 34 national and international
dustrial
Francis Biddle said that only corporate
utility executives testify at
Announcement
Independent of both the C. I. O. and the A. F. of L. until they
The I. L. G. W. U.
to and
holdings.
Mr. Dukinsky predicted
yesterday in Washington that his union would
the A. F. of L.
up
private income
that TVA may have accurate information on depreciation and a
so
out when
made peace or a special convention of the I. L. G. W. U. decided otherwise.
years
apply to
to
fair knowledge of what TVA properly should pay in exchange for private
Workers
permanent
C. I. O.
remain
of returns for calendar
appeared broad enough
permit assembling of data bearing on
membership had grown to 4,037,877 as compared to about
1,000,000 in 1935.
After his report was prepared, the C. I. O. lost 250,000
Union, headed by David Dubinsky, voted to remain out of
executive order
Mr. Biddle said that the order, which is issued only on rare occasions, will
Lewis said the
in the garment industry when the International Ladies Garment
an
would be studied.
returns
rubber,
It
returns, but Committee Counsel
,
Reviewing the development of the C. I. O. in organizing workers in such
Industries
Nov. 15 issued
on
The order permits inspection
aims and methods of C. I.
O., adding:
democracy and economic stability."
Group
as
authorizing the Congressional Committee which is investigat¬
ing the Tennessee Valley Authority to inspect income and
excess profits tax returns of utility executives and companies.
The Committee resumed its hearings Nov. 14 after a pro¬
longed recess.
The President's action preceded testimony
by Wendell L. Wiilkie, President of the Commonwealth and
Southern utility group.
In commenting on the Executive
Order, and discussing testimony before the Committee,
United Press Washington advices of Nov. 15 said:
unity."
Mr.
Acts
Hearings
e
"The first constitutional convention of the C. I.
O.," he said, "is likley
to prove one of the most effective
steps yet taken
Roosevelt
Returns—President
report prepared for the convention sketching three years of C. I. 0»
history, Mr. Lewis left the door
to
religion that
along^ with the program."
.
location for navigation.
This
was a
committee
adjourned
$91,809,000
as a proper
un¬
al¬
figure previously furnished by Major
Rufus W. Putman, former Army Engineer Corps officer and the owner of
time
..
.
are
barge lines
which
was
on
inland waterways.
The figure contrasts with $150,000,000,
the allocation by the directors of
TVA.
Volume
Financial
147
After Dean Moreland concludes his testimony, two
other experts will be
settled, Mr. Roosevelt spoke briefly, and in
Secretary Hull signed first.
called before Mr. WillMe takes the stand.
for his
The
taken by the
recess
noted in
issue of
our
Committee on Sept. 2 last, was
Sept. 10, page 1576.
British-American and Canadian-American Trade Agree¬
Signed in Washington—Remarks by Presi¬
Roosevelt,
Secretary
Hull,
Ambassador
Lindsay and Prime Minister Mackenzie King
ments
The
reciprocal trade agreements entered into by the United
States with Great Britain and Canada were signed in the
East Room of the White House on Nov. 17.
Signatories to
the agreement were Secretary of State Hull for the United
States; Ambassador Sir Ronald Lindsay for Great Britain,
and Prime Minister Mackenzie King for Canada.
President
Roosevelt was present at the ceremonies incident to the sign¬
ing of the pacts, and in a brief speech he said:
This is the third anniversary of the signing of the first great
trade treaty
We believed at that time it.would be a
between this country and Canada.
to extend the
I
At the same time we hoped
and result in increased trade both wayB.
principle to other parts of the Empire and Great Britain itself.
happy to find the representative of the King himself and Mr. Mackenzie
am
King here.
The
negotiations have been going on for many, many months.
They have been
carried on not by those sitting at the table here but by patriotic citizens of
number of people have been working on this trade treaty.
A large
So may we extend our thanks to the staffs of the
the three countries.
countries.
They
are not any
three
of them forgotten.
part:
agreements
trend of world
furnish concrete and powerful support for a future
expanding
commercial
treatment, and upon stability of those business conditions which are neces¬
sary if private enterprise is to flourish and thus to enhance the economic
cooperation among nations; of peace built upon order under law; of
fair dealing, upon equality of
based upon
prosperity of each nation.
.
passed to Mr. King
The latter, appa¬
his signature.
i
Outstanding features of the agreements were indicated as
follows in Washington advices Nov. 17 to the New York
"Times":
The British signatories acted on behalf of the United Kingdom, New¬
foundland
and
more
than
50
non-self-governing
colonies
of the
British
Empire.
The agreement goes into effect on Jan. 1 for a period of three years
will
continue in
force
until either
thereafter
government
and
gives notice of
termination.
Great Britain, which is already the principal foreign market for American
agriculture products, made important concessions in abolishing duties'on
wheat, lard, canned grapefruit and some fruit juices; in reducing duties on
apples, pears and certain canned fruits; in increasing the quota for
rice,
American hams; and in binding on the
free list ham and certain other pork
products, corn (other than flat white corn) and cotton.
American
Britain
farm
were
products
Great
which concessions were granted by
on
imported into that country in 1936 to the value of more than
$200,000,000.
The United
manufactures
States
granted concessions relating to textiles, metals and
thereof,
various specialties,
and
these being principally on
types of products complementary, rather than competitive with, those pro¬
duced here.
amounted
British imports on which the United States granted concessions
to
$141,500,000 in 1937.
Commodities
trade of any
covered
'
by
Canadian-American agreement make up
the
countries, which outranks in bulk the
other two countries in the world.
Canada agreed to remove from all American imports on
were
granted the special 3%
has lowered
duties
which concessions
The United States bound on its
import tax.
free list all Canadian products
which now enter duty-free.
on
American products which
it imported in
1937 to the value of $241,000,000.
development along the lines of increasing understanding and
international trade
.
,
was
Canada
These
scarcely audible voice.
The Canadian treaty
the bulk of the trade between the twq
Secretary Hull in expressing bis "profound sense of grati¬
fication" in joining with the representatives of Great Britain
and Canada in signing the new trade agreements said in
a
signature and the British treaty to Mr. Lindsay.
rently distrusting his fountain pen, thrust it Into an inkwell before affixing
dent
success
3095
Chronicle
Canadian concessions included reduction in duties on American fruits
vegetables, fishery products, paper products, certain manufactures of
chemicals,
certain
heavy
iron
steel
and
products,
machinery, aircraft and engines, and textiles, and
anteed against any
increase in duties.
and
wood,
plate,
including tin
automobiles were guar¬
•
,
Through the conclusion of these agreements our three nations have given
a new
and
vitality to the basic principles of a civilized world order, the acceptance
application of which are indispensable to economic well-being and
security within nations, to peaceful relations between nations, and,
of mankind.
to the continued advancement and progress
Ambassador Lindsay spoke
,
I wish to
The agreement which we
signed relates firstly to the trade between the United Kingdom
It also relates to the trade of the United
States with New Foundland and the numerous territories
the British Colonial
Empire.
'
which constitute
^
glad that at this same moment the Dominion of Canada has
We are
signed a new trade agreement with the United States based on
those prin¬
And we gratefully acknowledge the con¬
by the Dominions and India in order to faciliate the con¬
ciples which govern our own.
tributions made
clusion of
our
agreement.
»
.
Months of arduous work have been devoted to working out
which
and to achieving an agreement
great.
the arragnements
represents a fair balance of
mutual
advantage to both parties.
substantial increase in the exchange of goods will result
We hope that a
contribute more
freely, for the enjoyment of the others, those things which it is best fitted to
produce.
Moreover, under the common policy of our two governments
fron
our
agreement, and that each country will be able to
made
concessions
the
not
are
favored nation treatment
exclusive;
other
our
countries
enjoying most
will participate in them.
On this sound and healthy basis, trade will be
of
facilitated, the prosperity
peoples increased, and the arts of peace encouraged.
the sentiments expressed
I share fully
by the Secretary of State as to the promise for
improvement in relations among nations which grows out of
international
negotiations of the kind which have been so rapidly concluded between our
two countries.
Prime Minister Mackenzie King
scarcely
how pleased I
say
am
in stating that "I need
to have the honor of
We cannot but be impressed by the fact that the
without
We cannot too
an
coln to that of Theodore
was
by the willingness of
Trade
sat at one
end
which conducted the
the
them,
red
the Cabinet,
from the broadening of
Charles
pany
huge white chrysanthemums,
Before
and other
crescent of stiff gilded chairs.
of the white-walled East Room.
diplomats, a few members of Congress,
Brotherhood of Teamsters.
seated in a
M. Barnes, chief of the State Department's treaty division,
handed the beribboned official copies
held them up
He
A whispered
followed and that question
k
The counter-freezer
■
York;
Dairy
.
indictment involved 20 companies
and
including the Borden Co., New
National Dairy Products Corp., New }ork; Abbotts
Products, Inc., Philadelphia; Beatrice Creamery Co.,
the same
of the treaties to the President.
toward Mr. Lindsay, and both smiled broadly.
executives.
Borden-Weiland, Inc., and Bowman
tall carved-oak chair.
consultation as to who should be the first signer
were
Federal District
Among the companies are the Borden Co.,
Dairy Co. Fifty-seven
defendants were named in all, of which 43 were individuals.
Others named included Associated Milk'Dealers, bargain¬
ing agency of the major distributors in Chicago; the Pure
Milk Association, sales and bargaining agency for more
than 12,000 member dairy farmers in Illinois, Indiana, Wis¬
consin and Michigan; the Milk Wagon Drivers Union, and
L. G. Goudie, head of Joint Council 25 of the International
An old walnut table,
his left Mackenzie King.
notables, a hundred, or more, were
to fix prices
the
returned before Judge James H. Wilkerson
Court in Chicago on Nov. 1, but were
not made public until Nov. 15.
Ninety-seven organizations
and individuals were named in the indictments which, it is
believed, are the precursors of one of the broadest prosecu¬
tions ever attempted« under the Sherman Anti-Trust Act.
The milk charge is directed against companies operating
around Chicago, a labor union, public officials and com¬
negotiations at the other.
window draperies
indictments charging conspiracies
control
freezers,
will.
Behind them were potted palms, bowls of
and
and Ice Cream Companies
milk supply in the Chicago area, and to
restrain the national sale and use of counter ice cream
and
occasion.
Lindsay, at
Charge Milk
Law Prosecutions
Federal
At his rgiht
Secretary Hull
of the table and A. E. Overton of the British trade delegation
Ambassador
$1,000,000 to
Violation of Sherman Anti-Trust
Act—May Result in One of Most Extensive Trust
administration from that of Abraham Lin¬
Behind it sat President Roosevelt in a
pay
and Others with
Roosevelt, was taken from its storage place to the
historic East Room for the
to
,
Indictments
realm of material well-being, but in the wider
signed in an elaborate setting.
agreed
of the American claims on or before May
each succeeding year until the
Commissioner.
earnestly hope that they willl provide to other countries
were
to
partici¬
Describing the ceremonies Associated Press accounts from
pacts
belonging
the United
31, 1939,
claims are satisfied.
It was implied that larger payments might be made in years when the
Mexican Government's financial position permitted.
The total of the out¬
standing claims for expropriated lands, filed with the State Department
by American citizens, is about $10,000,000.
The State Department likewise announced that President Roosevelt
had selected Lawrence M. Lawson to be American Commissioner, and that
the Mexican Government is understood to have picked Gustavo P. Serrano
as its Commissioner.
Senor Serrano is Mexican Water Commissioner on
the International Boundary Commission, on which Mr. Lawson is American
States toward settlement
and at least that much
Washington said:
The
lands,
adopted in these notes, each Government
Government
Mexican
The
in
example of the mutual advantages which flow
used as a cabinet table in every
agrarian
of the Gondra Treaty.
terms
Their benefits will extend far beyond the lmiits
sphere of human understanding and good
of
will at once
agricultural lands of Americans ex¬
propriated since 1927.
The two commissioners are to be instructed to
complete their valuations by the end of next May.
If they are unable
to agree on any particular, a third commissioner will be immediately ap¬
pointed from the permanent commission set up in Washington under the
immediately concerned.
trade relations, not only in the
between the United
latter's seizure,
was
Under the plan
Indeed their effects will be to remove many obstacles from
of the tbree countries
11-year dispute
Owned
changed by the two Governments, the American note being
dated Nov. 9 and the Mexican reply, Nov. 12.
Washington dispatches to the New York "Times,"
Nov. 12, said in part:
because the agreements which have been reached are in no
exclusive.
the
Con¬
in
announced by the State Department Nov. 12;
The. terms of the agreement were contained in notes ex¬
Sister Nations of the British Commonwealth to facilitate a
channels of world trade.
of
compensation,
Americans
Agreement between the United Kingdom and the United States.
Our satisfaction at the conclusion of these long and arduous negotiations
sense
Agreement
States and Mexican Governments over the
occasion of our coming
together today has been, in part at least, determined
is all the greater
Reach
States
Over Mexican Seizure of American
Agrarian Lands
pating today in a ceremony similar to the one of three years
ago," had the following to say in his concluding remarks:
of the
United
appoint a commissioner to value the
*
is, the extent and variety of the trades covered are very
As it
and
troversy
Settlement
join with the Secretary of State in the expression of deep satis¬
and the United States of America.
Mexico
'
follows:
as
faction at the conclusion of these agreements.
have just
social
therefore,
number of persons,
3096
Financial
Chronicle
Los Angeles, and others
all parts of the country.
The following is taken from a New York "Times" account
of the charges contained in a Chicago dispatch of Nov. 15:
lin
located in nearly
The
the Sherman
to
prison
it
has
fines
that
indicated
with
even
or
prosecuted
decree
the
latter
Section
might
be
would
change
there
might
be
with
the
of
kind.
any
The
had
defendants
Attorney Michael L.
three weeks
He
and
anticipated
special
three
prosecutors
to
$1,000 each.
of
all
be
to
here
District
arraigned
in
to
for
any
that
largely
was
about
the
evidence
gather
of
in
hands
the
alleged
milk
conspiracy.
"There is
determined
and
justification
no
Mclnnerney,
President
to
be
will
Similar
statements
It
alleged
was
began
has existed
Assistant
Dairy
Products
Corp.
special
acts
on
and
that
the
The head
1929.
General
assistant
in
which
the
fluid
supposed
of the
business
our
milk
indictment
freezer"
milk
indictment
investigation iB Thurman Arnold,
charge of the Anti-Trust Division.
conspired
to
fix
and
farm
producers
in
five
four
States
to
It was charged also that
the
drivers
union
Leo
Cummings, is Mr.
F.
counts.
control
for
dealers'
prices
Captain
Attorney's
this
*.
count accused
arbitrary
accused
One
arbitrarily
milk
fluid
associations
of
the defendants
imposed
Gilbert
Office)
violation
alleged
that
the
indicted
the
and
milk
on
(chief
of
non-competitive
distributed
in
prices
Chicago.
all
were
engaged
in
milk,
either
The
It
in
consumers
heads
of
Chicago.
Cook
for
being
It
County
important
also
State's
factors
in
law.
homes
to
alleged
was,
stores,
or
in
competition
with
engaged
defendants
the
picketing,
in
the
boycotts.
fourth
count
forth
set
conspiracy
a
into
Chicago
and
ducers'
and
dealers'
association
accused
the
with
limit
to
Health
supply
of
mil,k
Department
and
the
pro¬
principal
roles
in
that
playing
-
the
activity.
The
indictment
of the
was
One
count.
covering the
of
the
distributors of
ice
practices
raw
counter
cream
complained
supplies to sell to
of
freezers
was
the
contained
alleged
disposition
of
the
milk
indictment
assigned
was
Federal
Judge Charles E. Woodward, and that
irdustry to Federal Judge Philip L. Sullivan.
affecting
is
of rthe
representative
country.
of
the
conditions
companies
fighting the charges.
in
involved
the
have
"
?
Biscuit Co.
Term
the
Not
"Shredded
under
milk
business
all
because
the
over
indicated' their
intention
of
the
words
the decision.
Wheat"
According
J to
United
I
asked
return
"shredded
Brandels, who
wheat."
Associated
Berlin
to
return
Such
from
news
profound
at
Wilson,
once.
of
part
any
reaction
the nation.
gaining
Secretary
for
Nov.
the
world
American
among
,
believe
that
such
things
could
in
occur
a
firsthand picture of the situation in Germany
State to order our Ambassador in Berlin to
a
of
report
was
Butler
sufficiently clear that the
no
and
consultation.
Attache
Nazi persecution of Jews in
Germany during recent days
ostensibly prompted by the murder of Ernst vom
Bath, German Embassy Secretary in Paris, by a 17-year
old Polish Jew, who was arrested and is. now
awaiting trial
was
in
FYench
and
in
opinion said in part:
The
Co. is fraudulently seeking to
good-will built up at great cost by
'
"Times" the Supreme
"Shredded Wheat," and thus is
sharing in
by the skill and judgment of plaintiff's
as
,
a
market which
created
was
company predecessor and has been
an
a
of
wave
the
Secretary, Nazi
destruction, looting
of
generally described as unparalleled, in
Bolshevist revolution.
Shops, belonging
were looted, Jewish homes were
wrecked, and their
occupants driven to the street.
since
the
Official
spokesmen
for
German
the
Government
attempted to justify the mob's actions, and it
that
as
further
a
fine
reprisal
equivalent
Jews
still
for
the
about
to
remaining in
Jews would
property, that they would
no
murder
the
White
Stephen
ing
as
Early, the
Herr
of
vom
longer be permitted to
not be permitted
House had
later
announced
was
$400,000,000 would be
Germany.
It was also
versities, go to places of public amusement,
rights they previously possessed.
Associated Press Washington advices of
elaborated
on
own
to attend uni¬
enjoy
or
Nov.
many
16
said
President Roose¬
follows:
President's
secretary, told reporters
that
the
morn¬
in
referring to the President's formal statement yester¬
day denouncing the Nazi attacks, had "overplayed" the Jewish angle ai\d
neglected to point out that Catholics also were involved.
newspapers,
President's
press
as
refers
to
He
rather
a
the
that
the Cardinal
where
who,
Mr.
statement,"
unusual
the
Mr.
Early
firm
and
Catholic situation
added
statement
statement
Early
that
saiji
telephone
he
had been
that
calls
the
scarcely
"was
as
to
treated
Jews
was
by
only,
the
but
it
•
intended
to
take
measures
the
in
stoning of,
against Catholics else¬
mistreated.
White
approving
"could
said,
too."
Innitzer's home in Vienna and
he said,
said
It
Mr.
believe
House
had
received
Roosevelt's
that
century civilization."
was
such
many
statement,
things
in
could
telegrams
he
which
occur
in
a
•
advertising persistently
article unprotected
mark is the exercise of
by patent
or
a right possessed
by all—and in the free
of which the
consuming public is deeply interested.
noted
in
Associated Press advices from Washing¬
procedure—to the reporters gathered around his desk.
made.
trade¬
exercise
evidence of passing off or
deception on the part of the Kellog
Co., and it has taken every reasonable
precaution to prevent confusion or
the practice of deception in the sale of
its
The
advices stated:
Meanwhile, the inter-governmental refugee committee set up in London
largely through the efforts of President Roosevelt and Secretary Hull is
being urged through the American members to intensify its work on be¬
half of the German refugees.
The committee is seeking not only to induce
leave with
expenditures in
the death
out
incendiarism,
Europe
"Court
'
Sharing in the good-will of
carried
to Jews
same
Kellogg Co. is undoubtedly sharing in the good-will of the article known
extended by vast
But that is not unfair.
After
courts.
Berlin
ton that the President read his brief statement—an unusual
They contended that "it
Biscuit Co. and its predecessors."
According to the New York
reported that United States Com¬
Douglas Miller at Berlin had also been
was
exclusive right to use the term
dissented.
a
it
Yesterday (Nov. 18) Germany called home from
Washington her Ambassador, Hans Dieckhoff.
"the generic term of the article, which
Kellogg
approrpiate to itself the benefits of
17
recalled.
twentieth
Justices McReynolds and
to
more
of
their worldly
Germany to let the refugees
goods, but also to induce
more
countries
accept them.
Likely places for emigration, experts here believe, are Lower California,
Alaska, Madagascar, the Dominican Republic and Australia.
The latter
already is offering much assistance.
The American quota
of 27,370 immigrants a year from Germany is
being exhausted month by month, and there are applications at American
consulates in Germany sufficient for five years and more.
no
AAA
product."
From the "Times" advices from
also take the
following:
The litigation
lasted
for
The shredded wheat biscuit
Colorado.
10
was
years,
Washington Nov. 14
once by a two-year truce.
introduced in 1893 by Henry D. Perky of
His companies were absorbed
by the National Biscuit Co. in
In the present suit the National
Biscuit Co. did not assert exclusive
right
wheat, but claimed the right to the trade name and the
to make shredded
pillow-shaped form.
It alleged unfair
competition.
Kellogg Won British Ruling
At the last term the
Supreme Court denied the plea of the KeUogg Co.
pf the Circuit Court finding, but after the Judicial Committee
Privy Council had decided for the Kellogg Co.
against the
Canadian Shredded Wheat Co. a
rehearing was granted.
review
British
Announces
Restrict
Soil
Soil
Conservation
Program—Would
Depleting Crops to 75% of Area in
Cultivation
we
broken
1930.
a
prompted
Hugh
to
similar
a
scarcely
to
once
and
82 years old yesterday, explained
was
a fair degree of
accuracy."*
The decision reversed a decree
by the 3d Circuit Court of Appeals.
suit originated in the Federal Court
for Delaware.
for
the
at
On
Press
...
"shredded wheat," because that
of the
view
a
"The
describes it to
There is
With
Entitled to Exclusive Use of
Washington Nov. 14 said:
widely
could
velt's statement
He said the National Biscuit Co. had
the National
of
part
every
myself
that
■
States
Justice Louis D.
seems
people ip
on
on
accounts from
in
States.
produce
levied
Supreme Court, in the only decision
Nov. 14 refused to sustain an injunction ob¬
tained by the National Biscuit Co.
against the Kellogg Co.
to prevent the latter firm from
selling a breakfast cereal
rendered
inevitably
announced that
Against Kellogg Co.
The United
week
order
past few days from Germany has deeply shocked public
United
the
in
would
I
of the
news
cream
ice
States Supreme Court—Refuses to Sustain
Injunc¬
tion
The
opinion
a
♦
National
Ambassador
Rath,
«
Several
American
before
trial
to
Government officials said Chicago was chosen for the prosecution
it
only
Another
alleged spreading of propaganda by the defendants and efforts to
legislation favorable to their cause.
'
The
Ambassador
this
to
reaction" has stirred the American people, and that in order
to obtain a clear picture of the situation he had asked the
refusal
of the freezers.
users
the
sway
Germany
Reich
"shocked"
mobs
flowing
one
in
Department
Ger¬
in
of
at recent events in Germany, and that he
scarcely believe that such things could occur in a
twentieth-century civilization."
He added that a "profound
this
conspiring to fix and main¬
investigator
union
the anti-trust
firms.
violence and
Catholics
Murder
"could
de¬
Count three charged a conspiracy to prevent independent merchants from
delivering
Jews
State
States
mercial
The second
and
Jews—
Deploring
Berlin, to return to this
country to report on conditions, while on Nov. 15 Presi¬
dent Roosevelt, in a prepared statement read at his press
conference, said that public opinion in the United States
Arnold's
combination.
tain
Statement
the Health Department, the Pure Milk Association,
the
and
Jews
fromJBer-
Against
twentieth-century civilization.
contained
fendants
Issues
Accorded
against
American
United
was
monopoly
first assistant.
The
Attacks
The President's statement, which he dictated to reporters,
read as follows:
-
"counter
Attorney General
to
are
by other defendants.
the
1935
in
since
made
were
"We
vindicated."
completely
that
Attorney
Tierney,
charges against us," said Thomas H.
National
the
fight these charges vigorously, confident that
executives
based
of
the
was
but said
trial,
sent
bond
post
expected
trial.
for
early
an
days
said he
Igoe
date set
a
Attacks
only
conditions
sentence
no
Roosevelt
Treatment
However,
satisfied
Renewed
many—Nazi
Attacks
Follow
Diplomat by Polish Jew
of
1
Following
President
liable
to $1,000 each.
up
that
case,
under
the defendants would
Government
the
consent
a
In
of.
be
five years and fines
to
up
will
If convicted,
Anti-Trust Act.
terms
been
complained
of
individuals
companies and
1938
19
American Ambassador Wilson Ordered Home
Creameries of America,
Chicago;
Nov.
The 1939 crop acreage goals contemplated by the soil con¬
servation program of the Agricultural Adjustment Adminis¬
tration, seek to restrict plantings of soil depleting crops to
only slightly more than.75% of the area in cultivation on
farms
in
the
United
States.
This
was
announcement of AAA officials of Nov.
revealed
in
15 in which it
an
was
stated that, in order for farmers to
ments
sown
qualify for subsidy pay¬
aggregating $712,000,000, they must confine acreage
such crops to from 270,000,000 to 285,(XX) ,000
to
This means that of the 365,000,000 cultivated acres
American farms, such important crops as cotton, corn,
wheat, tobacco, rice, etc., are not to cover an area in excess
acres.
on
*
Volume
of
about
with
Financial
147
275,000,000
goal compares
The present
acres.
Discussing "Effect
According to Administrator R. M. Evans of the
AAA,
the first adequate test of the
the Agricultural Adjustment
Act of 1938, because last year's program was not available
until winter wheat sowings had been completed and prepara¬
tions had been made to plant other crops.
Attorney General Thurman Arnold Denies
Government
Seeks to Restrict Competitive Ad-
—
Ruling in Ford-Chrysler
Consent Decrees
which
every
into
Arnold, Assistant Attorney General in
charge
of the anti-trust division of the Department of Justice, on
Nov. 15 clarified the Department's recent, statement with
regard to the Ford-Chrysler consent decrees.
Mr. Arnold
said that the Government has neither "the intention nor the
desire" to attempt to
restrict "uneconomic" advertising by
Mr. Arnold is said to have emphasized, however,
that the Government will seek to end such advertising by
regulation.
voluntary action of business men, instead of by legis¬
or direct legal action.
The Associated Press, reporting
this from Washington added:
the
lative
Elliott, Associate
Editor of Advertising and Selling Magazine, that the anti-trust division had
"neither the intention nor she desire" to impose governmental regulation in
In response to an
inquiry, Mr. Arnold informed R. I.
Arnold
corporation
now
serious
a
"monopoly is fostered when adver¬
recently that
asserted
the sole reason that
equally large sums in ad¬
vertising particular products or the services of particular companies."
In connection with agreements with the Government approved by a
Federal court in Hammond, Ind., Nov. 15 the Ford and Chrysler motor car
tising is used to put competitors at a disadvantage for
they do not have resources sufficient to expend
companies have accepted a restriction on their
advertising in the automobile
subject, should not be combined
was
economic
effects
be reduced.
would
item,
of
would
taxes
be
of computing and paying taxes,
Moreover, the appraisal of the
much
easier
to
We might
make.
reasonably expect that this fine-edged tool of taxation would be used more
skillfully if the results
so many
were more
complexities
fully understood.
inherent in the tax system itself, extreme
are
prudence would counsel that the tax system should never be used as a
vehicle of social
economic reform; the risk of complete
or
nability to forecast and
iopinion, the
failure, due to
evaluate all consequences is too great.
recent amendment to the revenue act
utilities compelled to reorganize were fully
~In my
to ease the tax burden
justified."
Mr. Magill also addressed the Municipal Bond Club of
New York on Nov. 16 at a luncheon at the Bankers' Club,
at which
time he
reported
was
as
follows in the New York
"Times" of Nov. 17:
Regarding the outlook for the tax revenue legislation,
that with total Federal expenditures
revenues
of
year
some
Prof. Magill said
of about $9,000,000,000 and total tax
deficit for the current tax
$6,000,000,000, leaving a
of about
$3,000,000,000, and with no improvement in the
situation in
50% increase in tax revenues would be
level of expenditures.
Pointing to the serious
prospect for the next few years, a
needed to meet the current
difficulties involved
in
task
the
of meeting
the deficit entirely through
increased taxation, he said:
"If the
forward to an increase
level up to $7,000,000,000.
budget is to be balanced, you may look
in Federal taxes which will bring the revenue
and if you are going to
that connection.
Mr.
business
one.
"If this were done," he stated, "the cost
upon
Thurman
otfcI«Q. * Roswe
e
why the three major taxes—income, capital and excess profit—to
"Since
Assistant
on
Corpora
on
reason
the 1939 program will provide
farm program provided for in
vertising—Elaborates
Corporate Taxe
o
Magill, Professor of law, Columbia University, said there was no apparent
of 282,500,000 acres for 1938.
one
3097
Chronicle
balance it, you must have a decrease
in Federal
that level."
expenditures which will bring them down to
Citing specific changes which must in his
opinion be brought aboutj
salaries of State and muni¬
bonds should be ended.
"Salary exemptions will definitely be voided soon, while the elimination of
interest exemption on bonds will be a longer fight and, if decided upon,
should not affect already outstanding securities," he said.
Prof. Magill
cipal
stated that tax exemptions on the
officials
government
and
on
municipal
financing field.
From
its
bureau Nov.
Washington
15 the New York
Loans to
"Journal of Commerce" stated in part:
Arnold said that it
Mr.
was
his judgment that sound
creative effort and would not be an
Even when economic validity
tion.
Rate
will ordinarily contain too many
advertising is a
regula¬
appropriate subject for coercive
of its
use
is questionable, the situation
intangibles and variables to warrant any
rule-of-thumb treatment, he asserted.
"Any determination that a particular kind or use
economic
can
best be made by business men
unsound results can best be remedied
the part
on
of advertising is un¬
and advertisers concerned, and
through voluntary concerted action
of advertisers," Mr. Arnold said.
The conclusion
by the Department of Justice on Nov. 7
proposed to drop the anti¬
of consent decrees under which it
against the Ford and Chrysler Motor Companies
our issue of Nov. 12, page 2950.
Under
date of Nov. 15 United Press advices from Hammond, Ind.
trust
cases
referred to in
was
said:
Corn
Producers
of
Cents
which
alleged
Slick today approved consent decree in
the Ford and Chrysler motor companies
bind themselves to cease
monopolistic practices in the motor finance field.
ment of Justice case
This
affiliate.
disposal of the Depart¬
its financing
against General Motors Corporation and
comes
before the Court here Friday
[Nov. 18] on G. M.'s
demurrer to the indictment.
1938 Crop to Be Paid at
Bushel—Crop Estimated at
on
announced on Nov. 10
bushel had been established for
Government loans on 1938 corn produced in the commercial
corn area to farmers who complied with the Agricultural.
Adjustment Administration crop control program.
This
figure was based on the Nov. 1 production
estimate of
2,480,958,000 bushels. Loans to producers of the 1937 corn
crop were fixed at 50 cents a bushel last year.
Under date
of Nov. 10 Associated Press Washington advices said:
that
Department of Agriculture
a
The
rate
Federal
of 57 cents
Crop
a
the 1938 production at
2,644,995,000 last year and an average of
Reporting Board estimated
2,480,958,000 bushels, against
2,306,157,000 during the 1927-36 period.
The law calls for a loan of 70% of the "parity"
November crop estimate
price now about 81 cents
exceeds a normal year's domestic
needs by not more than 10% .
Secretary of
Agriculture Henry A. Wallace estimated such consumption and export
consumption
needs at
Judge Slick said the ruling was conditional upon
per
2,480,958,000 Bushels as of Nov. 1
The
—rif the official
Federal Judge Thomas W.
57
and export
2,218,000,000 bushels.
Officials said the loan is
nearly equitable" income
intended to assure complying farmers a
"more
than the current market would provide. Prices
33 cents a bushel in Iowa and Minnesota and
farms ranged as low as
on
36 cents in Illinois
Oct. 15.
much as 300,000,000 bushels would be stored
requiring a Federal outlay of about $170,000,000.
They estimated that as
under
Federal Corporation
Tax Structure Poorly Constructed,
Says Roswell Magill, Former Treasury Aide in
Addressing Academy of Political Science—Thurman
Arnold Discusses Anti-Trust Prosecutions
'
the loans plan,
Should the market prices
could surrender
If prices are above
and sell at a profit.
has outstanding more than $400,000,000 on
be below the loan, borrowers
the
full payment of the principal and interest.
loan, the farmers could pay off the loan and interest
At
present the
the grain as
Government
most of which is cotton.
farm commodities,
Present Federal taxes
on
corporations
are
needlessly
com¬
devised without adequate study or knowledge
consequences, Roswell Magill, former
Undersecretary of the Treasury, told the annual meeting of
the Academy of Political Science in New York City on Nov. 9.
Thurman Arnold, Assistant Attorney General, who also
addressed the meeting, indicated that the Department of
Justice, in its campaign to suppress business monopoly, con¬
templates the establishment of regional offices in key cities
to carry out the work of detecting anti-trust law violations
and initiating prosecutions.
Mr. Arnold also said that
"purely ritualistic enforcement of the Sherman Anti-Trust
Act for over 40 years" made necessary an enlarged enforce¬
plex and
of
their
ment
were
economic
agency.
These addresses, and others at
as
the meeting, were reported
of Nov. 10:
follows in the New York "Herald Tribune"
The Academy's meeting was
divided into three parts, a morning session
Tendencies and Their Consequences,"
an afternoon discussion of "Public Policy Toward the
Concentration of
Economic Power" and the annual dinner in the evening, at which were
devoted to the subject "Monopolistic
discussed aspects of
"Industrial Organization and the American Manner of
Living."
Thomas I. Parkinson,
President of the Equitable Life Assurance Society,
presided at the dinner, at which Dr. Lewis W. Douglas, President and
vice-chancellor of McGill University,. Montreal, and United States Senator
Joseph
C. O'Mahoney, chairman
of the temporary National Economic
Committee, were speakers.
Referring to the recent Ford and
stated that in many instances it
tion of business men to anti-trust
Chrysler consent decrees, Mr. Arnold
had only been necessary to call the atten¬
law provisions to obtain corrective action.
In other cases, however, when strong
tions of trust
opposition to government interpreta¬
said.
.
.
.
only with enforcement, and
laws developed, the courts were invoked, he
Clarification of the anti-trust laws will come
will
not
precede enforcement, and
create clarity,
Mr. Arnold told the Academy that
had permitted
such
a
we
can
never
by general legislation
he asserted.
for the last 40 years the United States
business to concentrate and that concentraton had been on
vast scale that to
decentralize it was like "unscrambling eggs."
Complying farmers also
on
the normal
The
will receive benefit payments
production of their acreage
commercial area where the loan
of 10 cents a bushel
allotments.
will be made includes 566
major
corn-producing counties in Illinois, Indiana, Ohio, Michigan, Wisconsin,
Minnesota,
South
Dakota, Iowa, Nebraska,
Missouri, Kansas - and
Kentucky.,
Loans of 43 cents a
area
who did not
bushel will be made to farmers
exceed their 1938
Reference to the fixing
of the revised price of 57 cents
bushel for the 1937 corn crop,
appeared in our issue of Sept. 3, pa,ge
per
outside the commercial
soil-depleting acreage allotments.
announced Aug. 27,
1423.
Reciprocal Trade Policy Regarded by Under Secretary
of Agriculture Wilson as Enabling United States
Farmers to
Regain Foreign Markets—Replies to
Questionnaire from Economic Policy Committee
regaining foreign markets for agri¬
cultural commodities, the Department of Agriculture said
in reply to a questionnaire by the Economic Policy Com¬
mittee, which sought to ascertain the effects of the recipro¬
cal trade program on the well-being of farmers.
W. W.
Waymack, Chairman of the committee, recently sent the
questionnaire to the department, and received his reply
from M. L.
Wilson, Under-Secretary of Agriculture.
In
answering the question, "How have the trade agreements
benefited the American farmer?", Mr. Wilson said:
It
is significant that
since 1934 United States exports to countries
with which we have trade agreements have increased, year by year, more
rapidly than exports t|> countries with which we do not have agreements.
In 1937, a bad expbrt year, as has been pointed out, exports of Amer¬
ican agricultural products to countries with which we had trade agree¬
ments were 42% greater than they were in 1935, when only one trade
agreement was in effect, while exports of farm products to non-tradeagreement countries were 4% less than in 1935.
In the 12 months ended
June 30, 1938, United States exports of farm products to trade agreement
countries increased
in value $81,000,000, or more than 39% over the
American farmers are
L 3098
value
Financial
the
for
preceding
non-trade-agreement countries in
than
more
while
months,
12
the
exports
period
same
of
these
increased
products
only
to
little
a
14%.
Furthermore, the American farmer's best market is the American market
When
business and
workers
able
are
sold
abroad
both
abroad
that give
and
and when American
are prosperous,
their
products abroad,
farm
goods.
It
is
In
income
these
not
the farmer his income,
home.
at
cash
farm
ican
sell
to
American
for
customers
industry
when imports
$4,328,000,000
prices averaged only 65% of their pre-war level.
higher, farm cash income
121% of the pre-war level.
were
There
the
the
is
American
river"
The
Nov.
answer
products
were
In
low,
very
and
farm
1937, when imports
whether
to
the
the
American
American
farmer
has
farmer
been
has
"sold
the
down
Trade
programs.
the
Policy
questions and
Mr.
in
making public
Wilson's answers,
said, in
value
countries
of
agricultural
increased
period
same
issued
by
1938,
the
23%
last
during the
of
the
States
months
of
to
foreign
Commerce.
agricultural
United
nine
first
according
year,
the Department of
value
from
exports
For
exports
was
trade
to
this
foreign
year
figures
over
Farm
the
products
first
during
nine
the
the
months
value
the
of
months
same
last
of
Previous
conferences
current
At
year.
against
year,
the
during
$491,800,000
time,
same
abroad
and
of
foreign agricultural products declined from $1,279,700,000 during the first
months of 1937 to $711,700,000 in the same
period this year, a
to attend
me
your
in
formulation
of
a
labor standards in the interest of
general
the
and
the
in
public.
Moreover,
these
since
they have been instrumental in the
1933
forward-looking laws of benefit'to workers in the States
to your Conference last year I stressed the need of Federal
legislation
hour
resolution
behalf
in
workers.
of
The
calling for the administration of such
Department of
Labor
resulted
have
for the raising of
inaugurated
many
message
States
Labor,
with
delegates adopted
law "by the United
a
and cooperation
participation
of
State
Departments."
views
were
adopted
by
the
Congress
and
deserving of
rendered in helping to make the people
for the yeoman service you
thanks
you
are
States conscious of the need and desirability of legislation to put
floor under
ceiling
wages, a
hours, and end child labor in interstate
over
industry.
I
Worth
imports
our
Labor Legislation
on
Nation.
a
wage
this
as
employers
were
of
the
In
of your
sold
hearty greetings and
my
National Conference
that it will be impossible for
such
program
earners,
wage
the year ending June 30,
$303,000,000 greater than
were
sessions
progressive
Your
$602,500,000
said:
asking the Secretary of Labor to extend
meeting.
a
to
mes¬
during
such program
any
his letter President Roosevelt
am
recently
agricultural imports.
Neither the
speech by Secretary of
nor a
planning
Congress.
felicitations to the delegates to the
a
The
not
and to express my regret
on
part:
the
In
I
and
Committee,
is
the coming session of
passage
Economic
11
Administration
—
as
from President Roosevelt
1938
19
Labor Perkins proposed any concrete new labor legislation.
This fact was widely interpreted as indicating that the
Amer¬
American
$8,600,000,000 and farm prices averaged
was
whether
and
better
are
farm
by the Agricultural Adjustment Administration and the
agreements
,
real
market
the
Nov.
attended by delegates from 43 States.
was
sage
but the farm products sold
1932,
only
was
workers
only
industrial
Chronicle
congratulate
wish
all
you
the
the
upon
you
success
program
and well-rounded
you
of
work
constructive
richly deserve in
so
accomplished,
work for
your
and
I
sound
a
forward-looking State labor legislation.
nine
decrease
of
Yet farmers in
;•
have been
The
to
"sold
Economic
parts of the country are still being told that they
many
down
Policy Committee,
world
and
trade,
accurately informed
on
their
to
as
economic
own
believes
the
Washington
ing
a
effects
well-being.
The
non-partisan organization established
of
the relation
American
of
between
farmers
the
domestic
should
reciprocal
pros¬
be
fully and
trade agreements
this
at
Texas—Patterned
date
that
New
the
to
York
special
this
met
in
previous
charged last
ones
and
afternoon
study
to
years
included
evening
labor
general
with the task of making
year
Gov.-Elect
by
after
Industries of State Such
RFC
it
O'Daniel
Would
of
Finance
Wool, Cotton, Mineral
as
reports
meeting.
homework,
Products, Etc.
will
report
disease,
labor,
law
prevention
on
Labor
legislation
of recent
Perkins dealt
in
hours law.
the
between
past
accidents
labor
and
and
labor
law
and cooperation of
six
Gains
Legislation
her
in
with
talk
naming
years,
encouraging
years,
"Perhaps
industrial
of
organized
State Labor Departments
She noted many State laws,
outstanding."
and
Departments.
Lists
Secretary
compensation
indus¬
collection,
wage
The special committees
workers.
all
to
relations
strengthening
State
and
and
and
payment
wage
protection
apprenticeship,
Federal
velopment of the State's industries, is planned by Gov.elect W. Lee O'Daniel of Texas.
According to Mr. O'Daniel
the corporation would have a capitalization of from
$10,000,000 to $15,000,000. |In Associated Press accounts from Fort
child
labor
of
administrators,
The formation of a State finance
agency, along the lines of
the Reconstruction Finance
Corporation, to aid in the de¬
five
problems
The standing committees deal with the topics of wages and hours,
.
Planned
which
named
ones
five
and
extension
Agency
of
'
committees
standing
trial
Finance
dispatch
"Times":
the river."
promote research and discussion
perity
Other proceedings on Nov. 14 were outlined in the follow¬
45%.
advancements made
the greatest the
as
labor
in
and
wages
but warned that "all the progress
it is, must be balanced against needs still
as
<
Worth on Nov. 12 it was stated that the
plans call for the
funds of the corporation to be used for the
purchase of 50 %
of the preferred stock of new industrial
enterprises to be
established in the state. The enterprises, it is said, are to be
adequately staffed and
required to retire the state owned preferred stock out of first
profits, and before any dividends are declared on the stock
held by private stockholders.
the moment,"
lack at
greatest
our
she said,
"is
one
that
is
appropriation."
In the
same
advices it
stated:
was
extremely difficult to dramatize to voters and taxpayers.
thoroughly.
"Adequate
have
over
He indicated that he would prefer that business
the enterprise in its
men
explained that adequate precautions would be taken
against wildcat promotion schemes.
to
insure
"Every enterprise that seeks State aid under this plan," he said, "will
be subjected to the most
rigid scrutiny. The corporation will be headed by
who
are
experts in this field.
The
back of each enterprise will be
men
their honesty and ability in the field they seek
as to
to enter."
The corporation is made
necessary, Mr. O'Daniel said, by the hesitancy
which business is
showing toward new investments at this time.
A
dispatch Nov. 11 from
Fort Worth to the New York
"Times" said:
of Sales
cotton
and
mineral
Eastern manufacturers is
O'Daniel's outline, would be given to the
resources, such
products.
one
Independence
as
wool, livestock,
of
Northern
and,
of the aims.
at
Texas
Technological College they have
been manufacturing wool cloth
for several years,
proving that it can be done
have stood idly by.
hesitancy which business
The
Governor-elect,
profitably here, while business
The program which I propose will remove this
is
showing toward
who
won
a
new
no
power
to give,
lend,
lending of the credit of the State."
or authorize
the giving or
Conference
on
Labor
and
Receives
Secretary
Cooperation of the National Conference on Labor Legisla¬
tion in forming "a
progressive program for the raising of
was
praised at the opening, in Washing¬
ton, of the annual convention of the Conference
in a message from President Roosevelt.
The
by
an
adequate
_
Stu^y
Management in Other Industries at Annual
the
features
of
the
annual
Many of you have seen the Bureau's most recent report, "Organizing for
Sales," which summarizes the sales practices of five companies, no one of
had
of
is
to
in
the life
insurance
study this report,
I
of you
from
a
we
business.
While
we
the
In
convinced
am
thought-provoking ideas.
rarely complacent,
in
brief
the
have frequently failed
life
a
which
have
I
treasure
house
insurance business
are
to recognize the value to be
studying other lines of business, and I
careful
time
that there is
urge
upon
each
one
scrutiny of this report in the immediate future.
In
transmitting this report to member companies, John
Marshall Holcombe Jr., manager of the Bureau, emphasized
the confidential nature of the report and the
necessity for
Private Business Institutions Should Tell Their Story
to Public
Through Annual Reports, Says W. A.
Gilman
on
Nov. 14,
convention
Before
National
Life
Advertisers
Asso¬
ciation
Private business
their
institutions must
take pains to
"anatomy" to the public if they
for the benefits they
are
explain
to be appreciated
bring to the "multitudinous millions"
directly and indirectly interested, Wesley A. GilVice-President of N. W. Ayer & Son, Inc., said in an
are
address
Legislation
Perkins—Absence of New Recommendation Causes
Belief New Proposals
May not Be Advanced at Next
Session of Congress
standards"
insured
Whatley, Vice-President of the Aetna Life Insurance
Chairman of the Bureau's Board of Directors, in
introducing Mr. Haynes, said:
who
„
Messages from President Roosevelt
labor
staff,
and
man,
f
adequate
out,
limiting its distribution to home offices.
investments."
who declared that
any such move would be
contrary to the State Constitu¬
tion, which says that the "credit of the
State shall not be pledged.
The
National
and
S. T.
Co.
backfire from lawyers here and at
Austin, the capital,
Legislature shall have
fairly
meeting of the Life
Chicago, Nov. 1-3, was
the discussion of distribution problems and plans of other
lines of business by Eldridge Haynes, Vice-President of
McGraw-Hill Publishing Co., and John A. Stevenson, Execu¬
tive Vice-President of the Penn Mutual Life Insurance Co.,
according to an announcement issued Nov. 11 by the Bureau.
operation costs.
Plan brought
laws
the
Gubernatorial election
Tuesday
[Nov. 8] without making a campaign
speech or so much as attending a pie
social, said that the establishment of more factories
in Texas would lighten
the tax burden.
He ranked the industrialization
and financing program
third only to his platform
planks of old-age pensions of $30 a month, and
drastic reduction of State governmental
.
of
secured
"Millions of pounds of wool
produced in this State are now shipped to
Eastern markets without
being scoured in Texas," Mr. O'Daniel said, "yet
men
labor
Meeting
One
which
First call, according to Mr.
financing of projects to develop Texas
hides,
the
Insurance Sales Research Bureau in
He also
carefully investigated
brought
+
take
entirety, but said emphatically that the State
would, if they did not.
men
administer
Life Insurance Sales Research Bureau Presents
men who object to the
State'entering the field of private finance,
[Mr. O'Daniel] said, will be given an opportunity to subscribe the stock of
the corporation.
to
A law that is not thoroughly enforced is unfair to some one.
enforcement means, as the discussions of these conferences
frequently
Business
he
financed
We need agencies
Nov.
15
in
Atlantic
N. J., before the
Speaking on the
subject of annual reports, Mr. Gilman, who has worked
with several leading companies in the improvement of their
on
National
reports,
Life
Advertisers
asserted
that
the
City,
Association.
annual
messages
presented
a
splendid opportunity for private enterprise to tell its story
the
to
"millions
American
its
destiny."
There has
been
of people who own and have a stake in
business, and must in the final analysis control
so
Mr. Gilman continued, in part:
never
necessary
been
a
time
in
the history
of this country when it has
for the public to understand private business enterprise,
Volume
and
for
itself
private business
the public.
to
subvert
6ome
We
as
the
cannot
in
we
as
well
limited, to explain
as
beset by agitations which
democracy piecemeal.
also
preserve
To
our
preserve
democracy
in
democracy
private institu¬
our
Private institutions, and that includes
their
do
must
Pleading for
the
such
of
preservation
the
toward
part
complete
detail
that
the
working of
every
muscle,
tissue,
every
cell is comprehended.
every
who
could
be
put
we
see
need
is
to
get
groups
sit
will
and
down
with
the
production form,
in
out
technical
if
gambling,
the
can't
we
to
so
Ket¬
Mr.
that
the
like
of
fundamental
the
here today,
these
over
the loss
time,
between
goes
talk
and
of
assembled
have
we
men
loss
problems
the
money,
principle and
consider fit for production."
you
William S.
down
cut
speak,
first models
Knudson, General Motors President,
forecast substantial gains
Nov. 15
on
in American automobile exports,
described in the following from the New York "Journal
as
♦
research
tering said:
democracy by making themselves understood—by presenting their anatomy
in
greater tolerance of delay on the part of industry before
a
products of
"What
in government.
companies,
are
States.
must
we
religion,
insurance
of
preserve
mutual
would
private institutions and the individual to that of
all sides
dominated
individuals,
tions,
enterprise,
On
welfare
one-man
3099
Financial Chronicle
147
of Commerce":
Bright
Future for
Aluminum
by
Predicted
Industry
A. V. Davis—Chairman of Aluminum Co. of America
Sees Peace with Labor in
Speech Incident to 50th
Anniversary of Aluminum
M
—Improving prospects for sales abroad have followed the rapidly improve
ing outlook in this country, which has shown every indication of better¬
ment since midsummer, Mr. Knudson said.
"The
first
Better relations between employer
and employee, a dawn
of political intelligence and tolerance, and a brilliant future
for the aluminum industry during the next 50 years were
predicted by Arthur Vining Davis, Chairman of the Board
of the Aluminum Co. of America—on Nov. 10 in a speech
at a dinner in the Waldorf-Astoria, New York, attended by
leaders in aviation, transportation and other fields, cele¬
brating the 50th birthday of aluminum as a commercial metal.
Mr. Davis spoke as guest of honor of the Aluminum Associa¬
tion, spokesman organization for fabricators of the metal.
As superintendent of the Nation's first tiny aluminum plant,
he helped a half-century ago to make the first ingots of the
metal by the now universally used electrolytic process.
In
his address Mr. Davis said: "I ask those not only in the
aluminum business but those who
in other lines of in¬
are
dustry not to be discouraged by the darkness which comes
just before the dawn. Some way or other out of this welter
of war and unemployment and political theories will even¬
tually rise the sun of intelligence and tolerance."
Mr. Davis said that he did "not speak at all pessimis¬
tically" about the prospects for labor in the next 50 years.
"I am sure we will see improvement in labor conditions and
relations with employer and perhaps such a great improve¬
ment and such a change that we have not at present the
capacity to grasp or foresee it.
Certainly it strains my
capacity to grasp the change that I myself have seen in the
last 50 years,'' he declared. He went on to say:
I will say that the future of
world
I
the aluminum industry
Recently returned
foreign plants,
cerned,
somewhat
hour
as
I
see
it for the
"Everywhere
say
held out
a
and has not only
anybody else from pursuing a parallel path
but has always
helping hand to those who wanted to Join in the development of
",
this industry,
At the dinner with Mr.
Davis
.
George S. Clapp of
was
Edgeworth, Pa., one of the original backers who scraped
together $20,000 in 1888 to build a pilot plant for testing
the electrolytic process, which has since reduced the price of
virgin aluminum from $8 a pound to 20 cents. H. Hobart
Porter, Chairman of the Board of the American Water Works
& Electric Co., acted as toastmaster. Short addresses were
also made by Luke D. Staple ton Jr., representing the Fair¬
mont Aluminum Co. of Fairmont,
Va., and by John H.
Goss, President of the Scovill Manufacturing Co., Waterbury, Conn., fabricator.
'
<
»
—
C.
Are Optimistic on General
Business
Annual Automobile Show Is Held in
New York—Richard C.
Patterson Jr., Assistant
Secretary of Commerce, Addresses Dinner
Executives
Trend,
as
Optimism regarding the future of American business in
and in particular as to the automobile industry,
was expressed
this week by automotive leaders, in state¬
ments made incident to the National Automobile Show, held
City from Nov. 11 to Nov. 18.
Charles Ketter¬
ing, Vice-President of General Motors Corp., said on Nov. 14
that never before has there been so rich an opportunity for
youth
the industrial
in
would
cars
He spoke at a
world.
their
continue
He predicted that motor
record
of
yearly
improvement.
luncheon for Alfred P. Sloan Jr., Chairman
The New York "Times" of Nov. 15 quoted
of the company.
Sloan and Mr.
Mr.
The
fact
that
larger
up
Kettering
as
follows:
of the luncheon, as Mr. Sloan put it, was to dramatize the
the automobile manufacturer is only a small part of "that
purpose
group
of suppliers, manufacturers and consumers who really
make
the industry and account for its progress."
Mr.
Mr.
radio
Kettering's
audience of
Kettering Urges Humility
remarks,
as
well
as
those of
Mr.
Sloan,
the Columbia and National Broadcasting
went to the
Systems. The
invented the practical electric self-starter urged
industry as the essential to the much larger
progress that he confidently predicted.
"Thirty-nine times, at the annual automobile show," he continued,
"salesmen have told their dealers and their customers exactly the same
research
engineer
who
humility on both science and
that has ever been built. And the
interesting thing about it is that it has been true for exactly 39 times.
"I am perfectly sure that if the motor car keeps its eye to the future,
as
it has, keeps cooperation with all the various suppliers of its parts,
materials, and so forth, we can continue maybe for another 39 years to
present each year the best possible motor car that has ever been built."
story,
that this is the best motor car
franc
active,
adverse
and
Motors
is
con¬
France
and
and
wage
in
went
Mr.
Europe
I
found
the
American
all
on
vehicle
motor
the 'best buy' in the world of motor trans¬
away
Knudson reported.
"Only two
international
trade,
things stand in the
result of artificial
a
high
the
and
cost
on Nov. 15, spon¬
by the Automobile Manufacturers Association, Richard
If any
that
Jr.,
Secretary
Assistant
nation could prdsper under
nation
nations
while
for
the
the
is
United
much
very
the
United
favored
less
exchange
out
of
was
saying:
policy of economic self-sufficiency,
a
of
It
America.
economically
stands
States
international
States
Commerce,
of
as
the
as
goods
is
tragic
a
following
are
champion of
and
equal
policy,
freedom
greater
treatment
that
fact
that
between
as
competitors.
freedom
Complete
sirable.
No
without
for
international
could adjust
economy
suffering serious injury.
trade
itself
to
neither
is
sudden
a
possible
and
de¬
nor
radical
change
The tariff walls behind which American
industry has developed could not be torn down without endangering vital
interests.
•
But where
study of the facts indicates that
a
by reducing existing burdens
exports,
such
can
reap
net benefit
a
imports in exchange for advantages granted
on
should evidently neglect our
we
Nov.
1939.
we
own
interests if
we
failed
action.
K. T. Keller,
issued
President of Chrysler Corp., in
9,
predicted
statement
a
automobile
increased
buying
in
He said, in part:
It is not
unlikely that the volume of business to be done by the motor
1938.
Present indica¬
model year, including
2,750,000 to 3,500,000
vehicles, as compared with a probable total of 2,225,000 units in 1938.
An important factor in this estimate is the situation with respect to
industry in
tions
the
1939 will substantially exceed that in
United
States
The
dealers.
on
the
in
better
and
of its
position,
means
will
stocks
there
that
that sales of
is
no
new
factory production schedules.
relatively
new
serious
new
and
used
directly,
yery
cars,
than
for
problem
inventory
the present
at
being reflected almost immediately
Moreover, there is no great preponderance
cars
are
contrasted with older models, in use today that
cars, as
though the serviceable life
there is a sound basis
a healthy upward movement
in automobile production and sales.
am
optimistic, not only as regards the months just ahead, but also
might retard buying of 1939 models.
the average
I
depends,
industry
of
<
of
for
new
from
Today these dealers, for the most part, are
in
of
the
range
automobile
regards
past.
many years
time, and
the
dealers.
as
during
output
Canada,
of
success
success
This
automobile
that
are
the
ear
So
even
is greater today than formerly,
longer-term
outlook
of
the
automobile
industry.
It
is
still
a
The motor car is coming to be more and more im¬
family.
Even in the face of the decline in
this year, people continued to use their cars about as
industry.
growing
to every American
portant
business
earlier
much
usual, if not
as
more
so.
Motors Announces
General
New
"Income
Security
Plan," Designed to Fix Minimum Annual Income—
Workers of Five Years or More Experience to Get
general,
at New York
I
Patterson
for
Automotive Leaders Forecast Increased Sales in 1939—
the
quoted in the "Journal of Commerce"
in all sincerity that in our 50 years of progress the Aluminum Co. has
done nothing except to pursue its own individual path
not hindered
General
activity
England
In addressing the international dinner,
sored
...
cism, but without going into that, I do hope that you will let me say and
of
to
industrial
as
and
of buying and
operating it, which is the result of arbitrary and artificial taxation.",
be fourth among all the commercial^metals in point of
criti¬
far
as
Germany
decline
the
bi-annual trip
regular
found,
of its purchase: the lack of exchange, which is
way
restrictions
take
painfully aware of the fact that the Aluminum Company's part in
by
far and
as
portation today,"
our
production when measured by volume.
am
his
steady,
hampered
looked upon
to
that achievement has been subject to a certain amount of academic
from
Knudson
legislation."
to
years
Mr.
"Scandinavia
aluminum has come
During the first 50
is very bright.
from nothing to
at
year
around 15% over 1938, but have since been raised to from
25% to 33 1/3%, which is certainly encouraging and will cause substantial
reemployment," he added.
_____
next 50 years
preliminary estimates for improvement in the 1939 model
hovered
at
Least
Plans
60% of Standard Salary Weekly
designed to
guarantee
approximately
150,000
of
200,000 employees a minimum annual income were revealed
on Nov. 14 fty Alfred P.
Sloan Jr., Chairman of the Board
General
of
two
Motors
company
new
Corp., who announced the adoption of
benefit projects intended to provide
security and insure broader coverage of
The new plans will become effective Jan. 1 and
it was said that the company will also give early considera¬
tion to the inclusion of 37,000 salaried employees.
Reference to the reemployment of over 30,000 workers of
the General Motors Corp. were made in the "Chronicle" of
Oct. 22, page 2473.
The new announcement disclosed that
for workers who have been
employed for at least five
income
greater
employees.
there is an income security plan to give each employee
60% of his standard weekly earnings throughout
the year.
For employees of between two and five years'
service, the plan will give each employee at least 40% of
his standard weekly earnings up to a total equivalent to
years
least
at
72 hours' wages.
The two
and
the
Motors
Lay-Off
Benefit
Plan,
will
apply
Security Plan
to domestic
Those eligible under income security will include all
workers having five or more years' service and who are
employees.
wage
plans, to be kpown as the General Motors Income
General
V
the New
„
enumerating the details of the new schemes,
York "Herald Tribune" of Nov. 15 said:
In
hourly
in the
3100
Financial
employ of the corporation any time daring December,
benefit
the
record
of
two years
1938.
The lay-off
to hourly wage workers not
proposal, who have a service
and who worked at any time after Dec. 1
or
more
previous to operation of the plan.
The'new benefits, Mr. Sloan announced, are the culmination of extensive
of
the
been conducting in several of its
...
The experiments, he added, have
justify making the benefits available for
eligible employees throughout the entire corporation and its wholly owned
the corporation has
experiments
which
number of years.
a
point "which
a
reached
Under
each
the
week
is
eligible employee" is assured that in
which the plan is in operation his income
than 60% of his standard weekly earnings.
The standard
for
that
continuation of
on
"Standard
pay
"every
plan
security
hours, with time and one-half for overtime.
40
ditioned
States."
United
during the year in
will not be less
week
the
within
subsidiaries
is
it
The plan is con¬
pointed
Settlement
weekly guaranteed
defined
as
Thus,
Motor
the
the
standard,
amount
by
no
will
employee
such
which
be
cannot
too
greatly
emphasized.
liability in the ordinary sense, is payable only through
interest.
When the weekly earnings exceed 60% of
a
bears
work, and
That condition
work.
to
advance is not
advances
repay
earnings
the rate of one-half the
of standard.
Should any
at
60%
exceed
employee die, his unpaid advances will be canceled..
"The
income
security plan, when declared operative for
"The
vides
second
that
Motors Lay-Off Plan," he continued,
be entitled to
will
earnings under the same general conditions
limited to
here
repaid
earned rate.
the employee but only in
by
conditions
to 72
amount equivalent
an
employee's latest average hourly
corpora¬
earnings at the
advanced will
so
work performed under
the same
apply to the income security plan.
as
attention
"Particular
work
guaranteeing
the
of
called
is
which
for
corporation
the
to
there
fact
that
no
the
need.
is
corporation
However,
income stabilizing
is not
using
factor,
the
the
definite assurance of a substantial
minimum weekly income for a definite period is, according to my beliefs,
sound and highly desirable.
I am gratified that our experiments indicate
that it is possible for us to make this further progress toward the objective
resources
largest
of
as
an
giving
of employees possible a
group
providing
security
economic
greater
for
important
an
part
of
our
organization.
"It
the
indicated
is
by
benefiting
employees
the automotive
in
will
"Naturally
however,
such
periods
the
plans
to make a
modifications
of
occur
While
the
be
considered
are
impossible
must
and
corporation
the
employees
involved.
more
experiences
less
or
foresee.
to
start at this time and to
as
which
activity
substantial outlay.
plans,
between
arise that
may
a
considerable loss, I believe that the greater
and the better relations which such
a
the
promote
justify the costs
benefited, will
Circumstances
sustain
under
provided
cooperation
subnormal
in
industry year will involve
the corporation may
security
studies that under these plans the advances to
our
experimental.
The
purpose
is,
develop through evolution
dictate from
There
are included the usual
provisions allowing for the suspension of the plans
in case of fire, floods, wars, riots, strikes or other circumstances beyond
the control
In
of
been
Mr.
that
out
Sloan
150,000
stated
made public,
and
that
be issued to General
The
plan,
applicable to
workers
wage
only
general
workers
Motors
in
will
of
terms
complete details
that
will
is to
year
to
year.
the corporation."
pointing
plans,
may
be
both
covering
affected
now
by
proposals
under
the
have
provisions
specific
pamphlet form in due
37,000 salaried workers,
course.
consideration
be announced soon, he indicated.
Union Calls Off 11-Week Strike Against Aerovox Corp.,
New York—Firm Plans to Move to Massachusetts
The
of 11
strike
weeks'
duration
of the members
of the
United Electrical, Radio and Machine Workers, a Committee
for Industrial Organization affiliate, against the Aerovox
Corp., Brooklyn, N. Y., manufacturers of radio condensers,
called off
was
New
to
on
Nov. 11
Bedford,
the company prepared to move
as
Mass.
12, 40 members of the
Federation of Architects, Engineers, Chemists and Tech¬
nicians, another C. I. O. union, who had been on strike two
months, decided to follow the lead of the machine workers
and voted to call
off their
strike.
It
was
stated that the
ending of the strike would not affect the company's decision
to transfer its operations to New Bedford.
The following
regarding
the
strike
is
from
the
New
York
"Times"
of
The union has filed- a complaint with the National Labor Relations
Board, accusing the company of "running away" to defeat union organiza¬
tion, but Mr. Cole disclaimed any such intention.
Under the Wagner Act,
he said, it was impossible to
escape the attentions of labor organizers in
of the country.
The
company's sole object in
improve
that
at
water
its
reduction
No
not
in
New
pay
Mrs.
the
$69,000
labor
was
to reduce
overhead and thus
year
according to Mr. Cole.
He estimated
should be cut from the Aerovox rent, power,
the
transfer.
He
said
he
expected little
costs.
Bedford
the moving
Elinore
a
moving
position,
bills through
steam
discrimination
the
at
competitive
least
and
the
at
Edward
G.
factories
Budd
of
the
Budd
Manufacturing
Co.,
was
Organization affiliate, had taken
Annual Convention of American Bankers' Association—
Resolutions Call for Balanced Budget
and Declare
Against Branch Banking and Overlapping of Fed¬
eral Taxation—Economic Policy Commission Re¬
gards Present Upturn as Marking Start of "New
Business Cycle"
The American Bankers' Association in annual convention
this week at Houston, Tex., concluded its sessions on Nov. 17
when it adopted resolutions which emphatically reaffirmed
the action of the convention held in Boston in 1937, "wherein
the position of the Association was stated with regard to the
dual system of banking, branch banking and the autonomy
the separate States with respect to banking
and definitely opposing any proposal or device looking to the
of the laws of
establishment of branch banking privileges across State lines,
directly
or
indirectly."
It reaffirmed the "statement
pre¬
sented
in the preamble to the Boston resolution that this
declaration is binding on all divisions, committees and com¬
missions of the American Bankers Association."
The resolutions recommend that
activities be continued
in the field of
banking research and in the development of
the Graduate School of Banking.
They commended the
holding of public banking conferences and stated that banks
were
serving their customers and communities "with in¬
creasing flexibility and effectiveness and stand ready to con¬
tinue to do so in this period of business expansion.
As these
trends and conditions develop there will be progressively
diminishing justification for the extension of loans by govern¬
mental agencies."
The resolutions
repeated the expression that the number
rigidly limited to economic require¬
ments of their communities, and reiterated "the
position of
this Association that a return to a balanced budget should be
the prime objective of a sound public fiscal
policy.
This
applies to National, State and municipal governments."
They recommended that "overlapping and duplicate taxa¬
tion of local, State and Federal governments be eliminated,
and that the administration of the several
taxing laws be
so standardized that
taxpayers may know their tax liabilities
with a reasonable degree of certainty."
The resolutions also record that "business
activity has
been increasing in this
cointry during recent months" and
that "bankers everywhere are
particularly gratified not only
at these signs of business
recovery but at the fact that Amer¬
ican banking has passed through the recent
period of business
depression with almost entire immunity from its hazards.
The report of the Economic Policy
Commission, presented
by its Chairman, Col. Leonard P. Ayres, Vice-President of
the Cleveland Trust Co., declared,
according to the "Journal
of Commerce" that the present business
upturn appears to
mark the beginning of a new business
cycle."
Resolutions adopted at the State Bank meeting included:
of banks chartered be
Restatement of the Division's firm adherence to the principle of the
dual
system of banking and State autonomy.
Opposition to
any extension of branch
banking
across
State lines directly
indirectly.
or
Opposition to compulsory membership in Federal Reserve System.
Claimed exemption under the "Wages and Hours Act as
provided by the
Act which exempts those institutions whose business is
predominantly
intrastate.
Urged that all banks should be
ity Act and recommended
an
on
an
equal basis under the Social Secur¬
amendment to the Act to give recognition to
approved private pension plans.
Opposed the proposed transfer from private ownership to governmental
ownership of the Federal Reserve Banks.
Recommended an amendment to Section C of the Clayton Act to eliminate
the time limit in which directors may serve on the boards of two financial
institutions.
Commended banks for their constructive program of speeding the flow of
bank deposits into loans to commerce, agriculture and
industry to the fullest
Nov. 12:
any part
strike
the
the
affected 10,000 men.
The plants were closed on
because of the Union's demand for exclusive bargaining rights for Budd employees.
Nov.
On
Workers
parts,
of
apply to the
as
hours'
Amounts
"pro¬
40%
receive weekly
Security Plan, except that the total advance made by the
is
tion
plan—General
employees eligible
their standard
Income
Plan Provided
Lay-Off
■
„
be
particular
any
is independent of changing business conditions," Mr. Sloan explained.
year,
10,000
Nov. 11
regular
opportunity
Affecting
The dispute, which, it is said, had forced the Packard
Car Co. to suspend operations due to a shortage of
part.
every
employment;
(c) unemployment compensation;
(d) an
advance to be made by the corporation
to insure a minimum weekly
income of at least 60% of standard.
The advance by the corporation is
made on the request of the employee and is payable only in terms of
An
of
and
Committee for Industrial
Mr. Sloan stated, will consist of: "(a)
income,
Co.
announced by company officials on Nov. 13
following negotiations in which Homer Martin, international
President of the United Automobile Workers of America, a
Detroit,
Pay for the amount of work performed for the corporation; (b) pay for any
other
Co.
Wheel
employee eligible under the plan is enabled to make his personal arrange¬
ments for a full year ahead with assurances that in no week will his
income be less than 60% of weekly standard earnings.
The
Wheel
out.
are
the latest average hourly earned rate.
hours at
40
standard,
under the security plan,
weekly earnings,
Budd
at
1938
Settled
year
plants for
now
Strike
security
income
the
of
scope
benefits
available
make
will
plan
within
Nov. 19,
Chronicle
M.
will be exercised
plant, the
against the strikers in filling places
company
executive said,
but the firm will
expenses of any of its present employees.
.
.
Herrick, regional director of the NLRB, reported that
.
regional offices of the Board in this city and in Boston were investi¬
I. O. "runaway shop" charge, but that no action had yet
gating the C.
been taken toward
The strike
was
the( issuance of
formal complaint against the company.
begun after negotiations to renew a contract that expired
July 6 had resulted in
a
deadlock
a
over
wages and hours.
extent
consistent with
with which
they
their responsibilities
as
custodians of the
deposits
are entrusted.
In bis address
as President of the
Savings Division, Henry
Sherman, President of the Society for Savings of Cleveland
asserted that "any effort to change the American dual type
of banking system would be injurious to both banks and
S.
businesses."
,
President Orval W. Adams (Executive Vice-President of
the Utah State National Bank of Salt Lake City, Utah), in
calling the Convention together on Nov. 15, reviewed the
of the Association during the past year.
Calling
attention to the deficit financing of the Federal
Govern¬
ment, he said that "for 'three long years' the Federal Govern¬
progress
ment has been
on the road toward
bankruptcy; that perma¬
will begin only when the deficit trend is reversed
reduction in government expenses and a broadening
nent recovery
through
of the
a
tax
base."
Mr.
Adams asserted that
"with public
Volume
Financial
147
spending out of control, upon us as bankers rests primarily
the duty of protecting the savings of the American people."
Preceding the opening of the Convention, Mr. Adams on
Nov. 14 said that the results of the general election showed
"checks and balances are on the way back and personal
that date from
government is on the way out."
Advices on
Houston to the New York "Sun":
In that epigram
the A. B. A. leader summed up the
Mr.
The present
charts
sentiment of many
would stimulate capital and
competition of Government and
industry
Chairman of the Reconstruction
Finance
He also said that "when the RFC sent
participation forms in March to 14,000 banks, only
1% of them acknowledged receipt.
When we wrote the
second time, after the uniform examination agreements, again
only 1% acknowledged receipt.
That can only be inter¬
preted to mean a lack of appreciation by the bankers of the
public demand for a more sympathetic attitude toward
businesses that need credit, the borderline cases that, due
lending agencies.
of depression are no longer Class A
risk, but that
will meet
important to our whole economy.
Congress
this demand if banks do not, and I know that most
are
of you
lending—unless it is to some borrower
to take up one of your frozen loans."
W. J. Cameron of the Ford Motor Company, Dearborn,
Mich., in an address on "Industrial Freedom,' envisioned an
America of continued free enterprise and called on the
nation's businessmen to rely on "uninspired plugging" as the
only sure way of insuring American business.
Bankers were warned that "a great danger has appeared
in the growing propaganda for further centralization of all
banking in the Federal Government" by Harry A. Brinkman, Vice-President of the Harris Trust and Savings Bank
of Chicago, speaking as President of the State Bank Divi¬
sion on Nov. 14.
Mr. Brinkman said that "This battle
against the centralization of banking control is not an im¬
aginary one even in these days of anti-monopoly investiga¬
do not like government
tion."
the
product of
New York State
supervising authorities.
President of the National Bank Division,
Russell G. Smith, Vice-President and Cashier of the Bank
of America N. T. & S. A. of San Francisco, Cal., urged
the bank
In his address.as
the whole public interest of
the many and varied lending agencies which the Federal Gov¬
ernment is now operating in competition with the activities
of banks."
He specifically urged that "Government spon¬
sored Federal Savings and Loan Associations should most cer¬
tainly be brought under the same knid of iron-clad rules and
restrictions that now govern banking."
He said that the
present attitude of banks "in the face of wholesale govern¬
mental invasion of their field constitutes an invitation to
further competition.
It is my feeling that bankers should
enter upon a determined and continuing effort to reclaim'
the banking business in this country for those whose field of
endeavor it rightly is," he declared.
Philip A. Benson, newly elected President of the Associa¬
tion, speaking on "Something for Nothing," said:
"stronger degree of regulation in
,
"There are institutions seeking the
depositors* dollars by offering higher
these dollars they simulate banks.
believe themselves depositors although
they are really shareholders.
While these institutions may offer larger
interest rates, the customer should understand that the extra rate is at the
interest rates,
and in order to attract
They would like their customers to
expense
of liquidity and availability.
The customer gives up something
he gets—he is not getting something for nothing.
I
for the extra interest
am
not reflecting on these
of dollars
no
corporations in any way but
and
cents—deficits
tions
which
New York
equals a bank in the three
dustrial
company,
F.
of
I.
D.
Report
as a
supplementary safe¬
guard to long term investment, is "an inevitable develop¬
ment in investment banking," Maurice Holland, Director
of the Division of Engineering and Industrial Research of
the National Research Council, said on Nov. 9 in a speech
before the Analyst Club, New York.
Characterizing scien¬
tific research as a "guarantee to the banker of invested
capital and his insurance against loss in new enterprises,"
Mr. Holland declared that current trends of research in
based
science audit" of an in¬
technical,
on
not
the com¬
Banks — Asso¬
which Might
Banks—Chairman
Uniform
that
Indicates
C.
Agencies is in
Convention
Federal
by
Crowley
Call for
Practice—Re¬
concluding session of its Annual Convention at
12 the National Association of
Supervisors of State Banks adopted resolutions expressing
opposition to any suggestion for injecting into the banking
system of the Nation any new type of lending agency in¬
tending to exercise functions now performed by existing
banking institutions; they also opposed any suggestion for
legislation threatening to destroy the present banking
system by making impossible the profitable operation of that
system.
In reporting this from Hot Springs, special advices
Nov. 12 to the Memphis "Commercial Appeal" stated that
the resolutions were presented by Jackson S. Hutto, Deputy
Superintendent and Counsel of the New York State Banking
Department.
The advices to the "Commercial Appeal"
At
the
Hot Springs Ark. on Nov.
added:
The Association declared the present
the needs of the citizens of the
duties of the
or
power
Government
banking system adequate to meet
Nation, and strongly opposed transfer of
Federal Deposit Insurance Corporation to other
"
agencies.
Another resolution
opposed legislation that would seek to change
the
Board of Governors of the Federal
would transfer ownership of Federal
members to the Federal Government.
duties and function
of the
System, or legislation that
Reserve
Reserve banks from their
manifested against further chartering of Federal
enlargement of powers of those now
was made that supervision of such
transferred to one of the recognized Federal bank supervisory
Opposition also was
Saving and Loan Associations or the
in
existence.
associations be
Recommendation also
agencies.
,
Defend
State Supervision
deprive States
particular
opposition was manifested to any threat to the unit system of banking
through enlargement of power of National Banks to their established
Another resolution
opposed legislation that would seek to
of their traditional right to
maintain supervision over banks, and
branches.
Hot
In
Springs
advices to the
credited by that paper to
"Wall Street Journal"
B. H. McCormack, it was stated^
of a uniform call report
Recent adoption
which supervise
by the three Federal agencies
the Nation's banks was revealed here yesterday
the Federal Deposit Insurance Corp.
by Chair¬
Leo T. Crowley of
man
day's convention session of the National
Association of supervisors of State banks, Mr. Crowley appealed to the
State superintendents to cooperate in this program by using a call report
paralelling that to be used by the Federal agencies.
This move to make it easier for the various types of commercial banks to
In
a
speech before the second
of condition periodically in response to calls by the
immediately recognized by the association. Gurney
P. Hood, Banking Commissioner of North Carolina and Chairman of the
Association's Executive Committee, promised that that body "would give
report their statements
various
this
agencies was
question its immediate attention.
FDIC Chairman, a headliner on
yesterday's program of this 37th
warned the Superintendents to see that
the smaller banks did not get into trouble in making term loans.
In a recent
speech at Bloomington, Ind., Mr. Crowley expressed the view that the
making of longer term serial loans was probably to be desired over the old
type "sleeper" loans—those which were made for short periods but extended
time after time.
Yesterday Mr. Crowley cautioned that attempts by
smaller banks to make such serial type loans to smaller businesses might
run into trouble, if not properly handled.
The Supervisors, he suggested,
should educate their examiners on this type of credit.
The
annual meeting
of the Supervisors,
Would Close I neconomic
The FDIC
Chairman again urged
with his agency
in closing up
FDIC was forced to put
alive, it could not
old bank
out
the State
.
•
Banks
the State Superintendents to cooperate
He warned that where the
insitituion in order to keep it
uneconomic banks.
its money into an
be expected to continue
which had caused its
Mr. Crowley
in office the management of the
unfortunate situation.
their cooperation in helping to
thanked the Supervisors for
the program of
uniform examinations adopted by the Federal
and subsequently put into effect by a number of
banking departments.
Near
audit,
of State
agencies this past summer
Banking,
study of present trends of research,
a
solutions Adopted at
♦
The technical or science
profits, dividends or assessments.
observers to the same formulae and computa¬
barometer charts
Affect Status
work
Is
These are all significant factors in¬
of
Supervisors
of State
Opposed to
Legislation
ciation
sacrifice one of the
Future Development in In¬
According ta. M. Holland pf
National Research Council
Audit
vestment
or
industry, will appear.
Convention
essentials mentioned.
Technical
and
inventions,
make its appearance in both
far distant day of the "technical or
mercial state of
essentials required by de¬
demanded, those demanding it must
.
the light of new
soon
the transactions in cotton and wheat futures on the
govern
merely wish to point
positors—namely, safety, availability and interest return.
And I would
make the further statement that if a larger return of interest than your
bank will pay is
"past perform¬
Exchange.
In the not
people get what they pay for.
type of institution
is measured in
company
will be reduced by trained
If they want the advantages of a
bank deposit they must forego the larger interest return that might accrue
to a shareholder.
I feel justified in making the challenging statement that
out that
a
technical advances, &c., will
the industrial and the banking world.
powers,
Superintendent of
Banks, in an address on "Savings Deposits A Growing Re¬
sponsibility," scored the practices of Federal Savings and
Loan Associations.
He declared that banks which use the
funds of their communities to develop these communities
are entitled to protection from new agencies "which tend to
siphon out of a community the savings of its people."
He
recommended that the chartering power for and supervision
of a Federal Savings and Loan Association be transferred to
White,
by statistics and
based on
The technical audit, in which the value of the plant, the processes
out their
R.
of forecasting industrial futures
because incomplete and
Forecasting industrial futures, by
requirements have changed in the last decade and until
bankers meet the change in tempo of the times they will con¬
tinue to lose business to the Government and competitive
William
method
inadequate,
ances."
business.
Corporation, and Chairman of the board of the National
Bank of Commerce of Houston, told the bankers credit
to years
is
fluencing the company's balance sheet, and translatable into the language
Adams%aid Republican gains
Jesse H. Jones,
~
laboratories to be "one of the few bases of forecasting in¬
dustrial futures."
He continued, in part:
processes,
bankers here for the convention.
and would result in less
3101
Chronicle
Gurney P.
Hood was unanimously elected President of
and D. W. Bates,* Superintendent of Banks
the Association
was elected First Vice-President.
Other officials
were—John D. Hospelhorn, Deputy 'Bank Com¬
missioner of Maryland, Second Vice-President; Rulon F.
Starley, Bank Commissioner of Utah, Third Vice-President;
and R.N. Sims, New Orleans, re-elected Secretary-Treasurer.
A reference to some of the speakers at the Convention was
made in our issue of a week ago, page 2952,
Addressing the
Nov. 12 session S. H. Squire, Superintendent of Banks in
Ohio declared that efficient supervision of banks depends
of
Iowa
elected
3102
Financial
entirely on the character and ability of the personnel making
up the staff of field examiners, and also on a well selected
and organized office staff.
He said, in part:
It is unfortunate that such
lack of uniformity exists among the various
a
States in reference to appointment and tenure of office of the
Banking Super¬
visors.
Let me illustrate: In 20 States the Supervisor is appointed by the
Governor.
In 21 States the Supervisors is appointed by the Governor
but with the consent of
branch of the State
some
Government; in Colorado,
he is selected by Civil Service examination; in Florida, elected
by the State
Banking Board; in South Carolina, selected by the Board of Bank Control;
in Virginia, appointed by State Corporation Commission; in
Washington,
selected by the
is
term
Directors of the Department of Efficiency.
two years,
the
longest, six
Now, to
my
The minimum
of
way
thinking, the
Ideal solution of the problem would be a tenure of office of five years, the
Chronicle
7. Taxes, insurance and principal payments should be kept current.
In the event of becoming other real estate, urge that property be
Without
in
ment
far
as
disparaging the invaluable part played by the Federal Govern¬
restoring
real
unfair to
not
which
in
are
term would expire
after
consult
would not come at
a
five-year
time when he is
and
year
Public service cannot bring the salaries comparable to like responsibilities
in
private employment and one must feel compensated by the feeling that
a good job, he is making his contribution to the public weal, and
seek his satisfaction in a work well done, approved by depositors and stock¬
conditions
of
1933
this
estate
with
that
we
possibly
in
Unquestionably the real estate situation is
nevertheless here again
position
a
interests of
the real
..me
just taking office.
manner.
different one,
the
one
the panic
was
say
commendable
most
somewhat
whether
Governor had been in office
approximate normalcy
to
estate
concerned through HOLO and other
agencies, it
that the Government, through those 6ame agencies, is
undoubtedly the greatest single threat to the future of real estate today.
Our Association has just
recently collaborated with Federal supervisory
agencies to produce new regulations affecting loans and investments in a
is
as
to
new
disposed of
period.
Grant additional carrying periods sparingly, and not without some charge-off
9.
if value of property makes that necessary.
to
a
1938
19
8.
during the five-year carrying
removal to be only for cause and after written charges have been
preferred
and a fair hearing before a competent and disinterested body.
The
appointment to be made by the Governor with the consent of the Senate;
Nov.
to establish
individual
our
Association
policies
States.
should
form
I
a
there
which might be
permanent
of
Congress framing
might thereby have a hand in
avoiding
which
consequences
prosperity of the banks under
a
Federal agencies
detrimental
therefore raise the question as
policies of the Government's agencies,
members
are
committee
to
follow
and if necessary to
legislation.
new
It
seems
to
directing general policies and
might
be
detrimental
the
to
supervision.
our
by doing
holders whom he has sought to serve as well
Public
"Sound
the
subject
Beckman
his
have
to
We,
several
our
in
the
their customers
the
public's esteem
if
will
we
bank
a
which
reasons
Supervisors,
as
States
11
by
Irland
Pennsylvania.
following:
the
were
Nov.
through
impel
McK.
to
failure
to
loan
reject
be of great service to the bankers
can
all of
urge
them
take
to
the
trouble to
the restrictions which bar speculative
operates,
risky loans, and the primary responsibility of the banker to his depositors
or
and
can
the banks to show customers how they may obtain
urge
elsewhere
when
their
requests fall outside
the
limits
of
accommo¬
banks'
the
activities.
confidence.
today
We
have
assist them to do
By
the
business
to
dispel
of
responsibility,
sound
confidence
public
of
agents
as
relations,
the
oppresses
is
government
"strictly honorable"
are
timidity that
business
when
to maintain a firm hold upon public
eager
real
a
intentions
its
the
very
public,
to
so.
adoption
that
are
so
business
many
restored,
once
and in
there
can
this
help
today.
men
will
reassure
way
be
And
lack
no
of
applicants for bank loans.
All
of
us
busy
are
All of
ideas
have the time to, give to
if
we
to
are
called
are
we
make
to
upon
addresses
and other bodies interested in business and
have concrete
us
Yet
men.
before bankers' groups
wish
we
to
But most of
present.
the research and study that
finance.
do not
us
the
11
Calls
Colonel attended the annual services held at
was
special conference.
received
A
dinner
by President Roosevelt
at
a
given in honor of the
by Under Secretary of State
Sumner Welles this being followed
by a reception at the
Cuban Embassy.
Colonel Batista left Washington on Nov.
Cuban
13 for
leader
Nov.
on
was
12
brief visit to New York during which time h6 at¬
reception in his honor at the United States Military
Academy at West Point.
The following regarding his con¬
a
tended
a
ference
with
President
Roosevelt
Nov.
on
11
is
from
a
Washington dispatch, Nov. 11, to the New York "Times":
The interview,
know is essential,
we
cussion
anything worth while.
say
and
Arlington National Cemetery, where President Roosevelt
placed a wreath at the Tomb of the Unknown Soldier, and
in the afternoon
bankers
Most
Roosevelt
Colonel Fulgencio Batista, Chief of Staff of the Cuban
Army, arrived in Washington on Nov. 10 as the guest of
General Malin Craig, Chief of Staff of the United States
Army, on a three-day visit in observance of Armistice Day.
Colonel Batista was greeted by officials of the State and War
Departments. He later paid courtesy calls at the offices of
Secretary of State Cordell Hull, Secretary of War Harry H.
Woodring and Assistant Secretary of War Louis Johnson. On
Nov.
stockholders.
We
dation
President
Secretary of State Hull
on
was
Among
their
them
Batista, Cuban Army Chief, Visits Washing¬
ton—Confers with
Supervisory Agencies"
on
Colonel
conscience.
own
Banking of
of
suffered
tell customers how
for
address
an
suggestions
applications.
of
of
Secretary
Bankers
explain
Relations
his
as
which lasted half an hour, consisted
mainly of a dis¬
by President Roosevelt of the social and economic problems which
Colonel Batista and Dr. Pedro Martinez Fraga, the Cuban
Cuba is facing.
Zeta
Gossett, Bank Commissioner of Texas in
likewise delivered Nov.
The
net
return
profits
the
to
investment
bank
a
stockholders
desirability.
establishment
for
of
of
should
be
sufficient
with
commensurate
They
ample
address
an
11, said, in part:,
should
for
reserves
to
the
be sufficient
the
yield
adequate
an
risk
investment
of
protection
and
possible
the
depositor
and
make
to
the
order
the
to
determine
capital
general
appropriate
in any
position
analysis
what
might be considered
individual
of
the
of
specific
field
as
such
bank,
Activity of deposit accounts, and
5.
Ratio of Invested capital to deposits.
by the
the
factors
of Directors
that
of
any
should
and
can
institution
be
specifically
establishing
in
its
the Board should at all times reedgnize that the policies
managed bank to insure protection
The
the
in
objective,
his
from
of
his
funds, and rapid,
of
his
business.
transaction
the
point
of
of
view
accurate and
stockholder,
the
is
ably
an
with .sufficient earning power to yield an adequate return
capital and to prevent any possibility of a loss in principal or an
The
objective, from the point of view of the borrowing customer, is
function
which
will
him
insure
availability
an
credit
of
accommodation when entitled thereto."
The
objective,
managed
and
for
from
institution
the
which
point
will
of
view
of
definitely
amply reward it financially, by
advancement.
the
is an
personnel,
recognize
fair treatment,
meritorious
ably
service
and by opportunities
1
The topic and address by Alvan
Macauley Jr., Bank Com¬
missioner of Michigan was "Policy of the State Banking
Department with Respect to Banks' Treatment of Mortgages
ana
Real Estate."
Before
be
well
the
I
to
present
including,
and
.
become
In
part, he had the following to say:
specific
review
the
time.
There
among
others,
in
discussion
background
are
the
of
many
of
policy
conditions
component
effect
of
I feel
affecting
parts
Government
of
that it
real
this
might
estate
at
background,
ownership
of, urb&n
farm
properties throughout the Nation through Home Owners' Loan
Corporation and Federal Farm Mortgage Corporation, also the Government's
Federal Housing Administration
operations, which are supplemented to a
certain
extent
by
those
courtesy visit which I had the honor to make to President
of
the
on
leaving the White House.
"I have
pleased and gratified, because I was able to ascertain
goodness in the President's character."
out of it very
enormous
Colonel
14
delivered
an
Reconstruction
Finance
Corporation,
&c.
broadcast, at
a
On
that
occasion
ported him
the
New York "Herald Tribune"
re¬
as
likewise
saying that the most serious problem in the
current
Cuban campaign to control tuberculosis is the
"indifference of those people who are in a
position to be of
service, but who fail to do so through selfish motives." Col.
was
a
speaker at a dinner given on Nov. 16
by the Cuban Chamber of Commerce at the
Waldorf-Astoria Hotel.
As to his remarks we
quote the
following from the New York "Times" of Nov. 17:
in his honor
As
chief of the Constitutional Army of the
fulfilled my task.
•
The armed forces of Cuba
of the national
stability and the rights of all those who rely
stitution and the laws of the land.
which
feel
Republic of Cuba
I have
«
today the mainstay and the guarantee
are
As chief of
brought back the renewed vigor of
9bliged to do nothing to frustrate
a
a
on
revolutionary
the Con¬
movement
dissatisfied public conscience I
its aspiration.
The United States and Cuba
pursue, side by side, within their respective
possibilities, the order which guarantees confidence between the two, and
the objective will be attained to its full when the two countries
unite with
their effort and good-will the common
understanding
of their
mutual
interests.
From the "Herald Tribune" account of his
speech we take
the
following:
Col. Batista, whose speech in Spanish was broadcast all over the United
States and Latin America, spoke at first of amity between nations,
par¬
Summarizing
for
State Bank
the
my
information
with
regard
to
possible
general
policies
following:
Supervisors to
pursue
during the present situation, I suggest
ticularly between Cuba and the United, States, and then quoted Alexander
Hamilton, "your great visionary," as saying: "The help of foreign capital
may be considered as
1. Uniform method of appraisal by
competent persons, and frequent re-appraisals
of property.
2. Loans should be made upon property in the
territory served by the bank.
Adequate information as to credit character of borrower should be obtained.
3.
basis for the development of
our
"We know," Col. Batista continued, "that the doors of this Nation
are
an
ample and
sure
industries."
always
open
to us.
And we,
as
Hamilton said for what
4.
Location, design of building, and workmanship should be considered.
5.
Provide for amortization program.
speaking for Cuba today, that not only do
Permit
we
deviation from original contract unless
amply warranted.
was
the
United
States of his time, say to the investors and industrialists of this
country in
6.
no
was
public health and preventive medicine at the Cornell Uni¬
versity Medical College, and Dr. Edgar Mayer, assistant'
professor of clinical medicine:
/
the
Administration, the Federal Home Loan banks, United States
Housing Administration, the Federal Savings and Loan Deposit Insurance
Corporation, Farm Security Administration (formerly Resettlement Admin¬
address, which
dinner in his honor at the Sherry-Netherland Hotel in New
York given .by Dr. Morton C.
Kalin, associate professor of
Public Works
istration),
a
Batista
assessment.
ably managed loan
purely
Col. Batista was
officially received at the
City Hall in New York by Mayor LaGuardia and later was
accorded a reception at Governor's Island.
On Nov. 16 the
managed bank
on
was
On Nov.
,
vitally affect four separate groups of individuals: the depositor,
the stockholder, the borrowing
customer, and the personnel.
The objective, from
the point of view of the depositor, is an ably
service
"It
the
,
the bank
courteous
policy of respecting the sovereignty and integrity of all the
American republics.
come
above
Board
dividend policies,
possible.. Colonel
always be the honored guest Of the entire
.
He expressed the admiration in which the
entire Cuban people holds the
President's
as:
Time deposit ratio.
4.
to"
struck by the intimate knowledge
Roosevelt," said Colonel Batista
3.
of
an
Source of income.
addition
Batista told him that he would
on
Size of bank.
2.
applied
the
to
by
followed
whole
a
applicable
factors
1.
In
adequate return
an
institution, it is necessary to determine
banking
were
displayed. As far as could be gathered,
Mr. Roosevelt did most of the
talking..
The President recalled visits he had made to
Cuba in 1917 and 1919 and
expressed the desire to visit the island again as soon as
Cuban people.
serving the financial requirements of the community.
In
invested
Ambassador, who accompanied him,
of the Cuban situation the President
need it."
we
desjre your cooperation but
Volume 147
Financial
On Nov. 17 Col. Batista
the guest of honor at a
was
lunch¬
given by Mayor LaGuardia's Committee of Welcome at
eon
the
Waldorf-Astoria
by about 400
Dr.
Pedro
Hotel.
Martinez
The
luncheon
Fraga,
attended
was
the following:
were
Cuban Ambassador
the
to
United
States;
1939, Inc.; Rear Admiral Clark H.
Woodward; Colonel U. S. Grant 3d, Lawrence Berenson, President of the
D.
Chamber of
Commerce
in
the
United
States;
Comptroller Joseph
McGoldrick; George Meany, President of the New York State Federa¬
Labor, and Chandler A. Mackey, President of the New York Coffee
tion of
&
Sugar Exchange, Inc.
♦
the
founder
of
Radio
H.
Mackay, Chairman
Telegraph & Cable Corp.
Clarence
&
at 10
He had been ill for several
The
A
Cable
emergency operation for appendicitis
funeral Mass for Mr. Mackay was held
Patrick's Cathedral in New York City on
Corp.
silent
was
for
minute
one
tribute
in
Mr.
to
At
Reno, Nev., Nov. 15, a memorial
service in honor of Mr. Mackay, who was the
greatest bene¬
factor of the University of Nevada, was held under the
direction of university students and faculty members.
Asso¬
ciated
memory.
Press advices
from
Reno
said:
Mr.
Mackay, who endowed the famous Mackay School of Mines at the
University of Nevada, had given an estimated $1,500,000 to the university.
Many tributes
were paid to the memory of Mr.
from Governor Lehman of New York saying:
one
I
have
learned
Mackay.
city.
with
He long
Through
sciences
he
Nation.
I
Mississippi
Federal
of
in
of
regret
and
the
passing
of
sincerest
sympathies
of
support
generous
contribution
great
very
my
Mackay,
who
died
In
silver mines.
The
The
the
to
to
the
and
arts
cultural
life
of
of
aided
control
the
of
director
had
of
President
and
to
On
the
the
death
his
of
two
companies.
the
telegraph,
Co.
and
which
controlled by
father,
in
and
1902,
real
Mr.
Government
Mackay
Clarence
later
year
been
Mr.
extend
to
application
Mr.
This
his
with the
Mackay became President
subsidiaries.
He
of
control
became
in
the
the
permission
of
the United' States
by
way
the
over
the
of
a
cable
of Hawaii.first
constructed
ever
the United
of the
management
cable to
States
in
there,
Cuba
the
'Was
put
in
War,
the
Mackay telegraph and cable
After the
Mr.
Mackay became Chairman of the Board of his company, now known
as
the Mackay Radio & Telegraph Co., in 1931.
He was succeeded as
President by Rear Admiral Luke McNamee, who had retired as President
War
The dedication
as
brought to¬
gether in a ceremony dedicated to peace representatives of
virtually every country in the world.
More than 12,000
persons participated in the exercises, which were climaxed
by the release of 500 doves of peace and the detonation of
62 aerial bombs containing the flags of the 62 countries
taking part in the Fair.
of
Paul
Dillard, Memphis Cotton Dealer—Was
Director
of
St.
Louis
Dillard,
one
Federal
1926
Trust
&
to
fill
of
farm
and
of
director
a
out
the
Co.,
of
the unexpired
the
the
term
member
a
from
banks
to
"Commercial Appeal,"
the
District
and
commerce
Finance
of
Credit
to
aid
Development
in
industry.
directing the
The
committee—:
Corporation.
J.
P,
Morgan
from
Abroad—Declines
to
Business Outlook
on
to New York on Nov
17
the
on
country but declined to
answer.
were
about
business
only
conditions
much
were
relieved
he
said.
the
at
them felt that Chamberlain
way it could have been
"What
the
handled at
people
want to
know is what the situation
is, and not my opinion."
To questions about the
changes in rules of the Stock Exchange, he
replied, "Isn't it rather early in the
morning to talk about such things?"
He said that he had followed
the elections closely, and that the British
press had covered them in
detail, but when he was asked to express an
he
the
on
not
was
Republican gains and their probable
effects, he said that
commenting.
♦
Charles
Merz
Named
—Succeeds
Dr.
Editor
John
of
New
York
"Times"
New
York
"Times"
Finley,
H.
Editor Emeritus
Who
is
announced
Nov.
on
Charles Merz had been appointed
editor,
editorial page,
succeeding Dr. John H.
Made
16
that
in charge, of the
Finley, who, accord¬
ing to
a
prearranged plan,
the age of 75.
named
was
editor
emeritus
at
Dr.
Finley has returned to his office after
long illness, and will continue in active association with
a
men
and
"Times."
In
ideas
that shape the editorial
policy of the
making the announcement, the "Times" of
Nov. 16 said, in part:
Dr.
in
Finley first
came to the
"Times" covered with honors of 30
years
fields of public interest, notably in
philanthropy and education.
President of Knox College,
1892-99; President of the College
City of New York, 1903-13 ; and Commissioner of Education and
many
had been
of
the
President of
He
had
the
University of the State
also
Blind,
Child
taken
the
the
Welfare
New
serve
time
American
to
head
in
Public
trustee
of
the
the
on
of
the
majority
educational
the
be
to
Library;
in
of
the
Cross
Red
Association;
York
arbitrator
as
serve
the
trustee
be
to
New
New
York,
York
Near
of
the
1913-21.
State
East,
Commission
and
Sage Foundation
director of
the
Hall
of
for
National"
the
and
of
Fame;
to
Eastern-railway controversy of 1913-14; to be.
stock
of
the
commission
Boy Scouts;
weli
as
Equitable
for
as
the
A.
Life
E.
Insurance
F.
and
Co.;
to
the national
on
lecturing at Harvard, the Sarbonne,
Edinburgh and other notable universities.
In
welcoming him
Hays
Sulzberger,
back
the
on
publisher
of
with
associates
the
rich
editorial
the
page
as
distillate
editor
of
this
prints
"Times,"
Finley to "serve another life term
an
emeritus
active
your
morning,
Arthur
invitation
and
to
life
Dr.
to
benefit your
and
keen
your
perception."
Mr.
Mr.
the
Merz
With
"Timet"
Since
1931
Merz, who succeeds to the title of editor and the active
management
editorial
of
page,
He
is
minus
E.
A.
York
45 years
now
University,
years,
the
the old New
the
to
came
"Times"
1931
in
from
the
editorial
1924.
Mr.
old.
class
of
interval
an
"World," where he had been associate
He
born
was
1915,
for
and
has
World
War
in
editor
Sandusky, Ohio; educated in
been
engaged
service
as
in
journalism
first
a
23
lieutenant
in
F.
Merz
in
was
succession
^
managing
editor
of
"Harper's
Weekly,"
1915-16; Washington correspondent of the "New Republic,"
1916-17; post¬
assistant
war
1918-19 ;
of
the
the
to
associate
New
the
associate
editor,
York
editor
American
-
to
the "New Republic,"
"World"
the
of
Commission
in
New
Europe
York
and
1920;
the
"World"
Negotiate
Far
staff
East,
thereafter
Peace,
Paris,
correspondent
1921-23,
until
he
and
came
to
"Times."
has
He
"Harper's,"
author
of
Decade"
been
a
frequent
"Yale
the
"The
Great
contributor
Review"
and
American
to
the
"Atlantic
other
periodicals,
Bandwagon"
(1928)
as
and
Monthly,"
well
as
"The
the
Dry
(1931).
Secretary of State Hull Heads United States Delegation
for
Pan-American
Conference
at
Lima, Peru—
Alfred
Reserve
of the leading cotton men'of the Mid-
and
of
St.
Louis, died of heart disease
in
Memphis, Tenn.
a
former director of the Federal
He was 65
actively engaged
and was
until his illness.
old.
Since 1905 Mr.
& Coffin
in
From the Memphis
Reserve Bank
Nov. 10 at his home
on
years
Dillard had been President of Dillard
the
Co., cotton
cotton
business
"Commercial Appeal"
11 the following account of his career is taken:
bora in 1873
at Crawford,
Miss.
He
came
here with his family
few months after his birth.
He
building it
extensive
M.
Landon
Included
Among
Delegates—
Head of Pan-American Union Sails for Conference
South
of
in
named
was
Morgan returned
Asked
Bank
a
1905,
holds
appointed
was
former editor
had handled the situation in
the
the time.
a
the cessation of hostilities in the World's War
was
Louis
he
,
gigantic "round table" about which
62 nations will gather next year in a spirit of
amity and
friendship to build "a better World of Tomorrow" occurred
on Armisitce Day, Nov. 11.
The twentieth anniversary of
He
Commerce
Bank,
in
now
Mr.
Yale
Ceremonies
of the Court of Peace at the New York
World's Fair 1939
of Nov.
of
firm
firm
Mississippi.
Morgan said that the English people
easing of tension in Europe, and thai, most of
of
College.
Armistice Day
Former
cotton
The
and
follows:
Court of Peace at New York World's Fair Dedicated in
factors,
St.
Mooney,
Dillard
of
since
Paul
Land
Reconstruction
page
Death
the
received by Mr. Morgan in his
suite, and
the New York "Sun" of Nov.
17 outlined his remarks as
use.
was
World
Mr. Mackay protested vigorously against the action.
the property was returned to him.
Naval
father,
year.
Mr.
Reporters
council
1901, three years before the
participation
for
companies.
the
his
Queen Mary, following his usual
vacation in England and Scotland.
Mr. Morgan
questioned by reporters on board the
ship as to the
was
the
cable service by laying a line
competition with another cable company.
denied, then granted.
The cable «was laid.
first
was
Government took
of
J.
Bank
business outlook for this
He
company's
communication,
operation
During
war
acquired
Mackay became a
he became Vice-
in competition
Mackay supervised the expenditure of $9,000,000
cable
of
Cunard White Star liner
the
later
the Mackay companies to
estate
had sought
the Pacific to the Orient
into
and
Cuba and this country in
1901
in
of
South.
•
1899
between
old
Stock
capital
J. P.
the
In
In
Co.
Jay Gould.
Later he organized
cable
a
had
President.
The
Eng¬
quote :
we
Cable
1896
In
companies,
companies,
companies
all
Commercial
Telegraph
two
the
the
Comment
his
educated in Paris and
was
New York "Sun"
telegraph
the
communication
son
formed
Postal
the
of
the
P.
that
the
the
Mackay
Mrs.
of 20 joined his father in the telegraph
age
From the
father
of
C.
1932
The
business.
President
in
Tennessee, Arkansas
Joint
late
opinion
Clarence H.
Mr. Mackay, who was born in San Francisco on
April 17,
1874, was the son of John W. Mackay, who had made a
large fortune in the gold mines of the Comstock Lode and
land, and at the
business
Coffin.
largest
Reserve Bank of
the
children.
in
cotton
leader in the business and civic activities of the
interest
a
send
deep
very
was a
his
made
the
in
&
became
director
an
Nov. 15, and on that day, beginning at 9:30 a. m., the world¬
wide communications system of the Postal
Telegraph &
Mackay's
of
Return
at St.
m.
the
summer
following
a.
Dillard
properties
Cable
last winter.
enter
+
H.
&
New York City at the age of 64.
months
Postal
of
Mackay, Chairman of the Board of Postal
Corp. and President of the Mackay
Telegraph Co., died on Nov. 12 at his home in
Telegraph
to
Committee of the Eighth Federal Reserve
•*»
Clarence
of
Dillard
one
—flow
Death
3103
university
the late
Captain John W. Dillard, officer in the Confederate
Army of Virginia and
to
Adolf A. Berle Jr., Assistant
Secretary of State; Grover A. Whalen, Presi¬
dent of the New York World's Fair
Cuban
left
Mr.
Among them
persons.
Chronicle
attended
Bingham
a
Department at Washington announced on Nov;
the delegation which will represent
the United States at the Eighth International Conference of
American States at Lima, Peru, on Dec. 9. The delegation
will have as its Chairman Secretary of State Cordell Hull.
Among those included in President Roosevelt's selection was
Alfred M. Landon, former Governor of Kansas and 1936
the membership of
Republican Presidential candidate. The following
as announced by the State Department: -
at
Asheville,
N.
C.,
and
the
member of Delta P6i Fraternity.
University
In 1893 he
is
the
group
Chairman—Secretary of State Cordell
School
Virginia, where he was
The State
13
Delegates—Alfred
Berle Jr.,
M.
Landon,
former
Assistant Secretary of State
;
Hull.
Governor of Kansas; Adolf A.
Laurence A. Steinhardt. Ambassador
•
Financial
3104
to
Toro
Green
F.
Cuevas,
Haekworth, legal adviser of the State Department; the Rev. John
H.
Dame University; Charles G. Fenwick,
International Law, Bryn Mawr College; Dan W. Tracy, Presi¬
International Brotherhood of Electrical Workers; Mrs. Elise F.
President
O'Hara,
Professor of
dent of
Henry Norweb, Minister to the Dominican Republic; Emilio
Chief Justice of the Supreme Court of Puerto Rico;
R.
Peru;
del
the
Notre
of
Executive Assistant to the President of
Mies Kathryn Lewis,
Musser, and
Herbert
Advisers—Dr.
Ben
V.
Officer—Michael
Relations
17 issue, page
Cochran
P.
Jr.,
Hayward
G.
Hull's aceptance of Peru's invita¬
Reference to Secretary
the conference was noted in our Sept.
1718.
Before sailing on
Nov* 11 for the conference, Dr. Leo S.
Rowe, Director General of the Pan American Union, said
that American trade in South America held steady "despite
handicaps and certain spectacular deals madeb y totalitarian
nations that had given the impression of monopolies." He
been enhanced.
that in some cases our trade has
added
In
describing Dr. Rowe's comments the New York 'Times" of
Nov. 12 said, in part:
The
veteran
he
of
promoter
could
level
a
see
between
good-will
bright prospects
friendliness
of
countries
of
the
Western
"Every feature of
he
a
been
between
an
days.
never
American
been
American
nations
Pan American Union,"
All major questions
the
so
nations
good.
excepting
blocs of States, there is
President Roosevelt
policy of
ago,
the
Peru-Ecuador
real feeling of unity
a
We
are
He, said
the suspicion
allayed
has
that the feeling toward the United States
so
the so-called
time since
any
the
understanding of the real need of unity, and furthermore the Good
Neighbor
years
for
importance
have
"Conditions
settled
border question; there are no
and
between
relations makes this an ideal year
international
our
unprecedented
of
year
declared.
have
increased commercial exchange and
for
understanding
known before.
never
and
and
again in
the
of ten
is better than at
of good feeling in the Monroe Doctrine
era
questions
to come
before the Congress
were,
first, the project submitted by the Columbian and Dominican Governments
looking
to
pulsory
the
of
formation
Court of Justice, similar in
the Hague.
opinion
league
a
and Exchange Commission announced
Joseph P. Rooney, of Boston, Mat s., has been
appointed Regional Administrator of the Boston Regional
Office of the Commission.
Mr. Rooney has served as an
Securities
the Boston Regional Office since June, 1937,
April, 1938, has acted as Regional Administrator
there.
Before joining the staff of the Commission, Mr.
Rooney paracticed law in Boston for about 10 years, and
for two years was a lecturer in Corporation Law at the Boston
College Law School. A native of Boston, he graduated from
Boston College and the Harvard Law School.
The territory covered by the Boston Regional Office in¬
cludes Maine, New Hampshire, Vermont, Massachusetts,
attorney in
and since
Rhode Island and
O. A.
of
nations,
American
with
Thompson and W. C. Teagle Re-elected Directors
design to the Court of International Justice at
Because of his position, he explained, he could not express
President
Roosevelt
eral Homer
in
an
Announces
that Attorney. Gen¬
Will Retire from Cabinet
Roosevelt Resigns as White
House Secretary
Attorney General Homer S. Commings will retire from the
announced
Nov.
15
by President Roosevelt.
No
successor has as yet been named.
At the same time the
President announced th^t his son, James Roosevelt, had
temporarily resigned from the White House Secretariat in
order to recuperate from his recent operation.
The resigna¬
tion of Mr. Cummings is the first in the Roosevelt Cabinet.
Previous changes in the Cabinet were caused by the deaths
of Secretary of the Treasury Woodin and Secretary of War
Dern.
Mr. Cummings was appointed on March 4,
1933,
the date of President Roosevelt's first inauguration.
He
was
originally slated for the post of Governor General of the
Phillipines but due to the sudden death of Senator Walsh of
Montana, who wsis to become Attorney General, the appoint¬
ment was changed.
President Roosevelt told his press con¬
ference (according to the United Press) that Attorney Gen¬
eral Cummings had asked to be relieved of his duties last
July, but was persuaded to remain until October. Finally
the President gave his consent.
From the same advices
(from Washington Nov. 15) we quote:
on
Associates revealed that the 69-year-old Cabinet officer has felt the strain
of public life to an increasing degree.
has retired to
In the past 12 months he frequently
Pinehurst, N. C., and to the Wisconsin woods for rest and
relaxation.
The President said that Mr.
resignation.
In
eulogizing
Cummings has not yet submitted
the
work
of
the
a
formal
Department
Justice
under
Cummings' administration, the President paid high tribute to the Attorney
General,
citing
improvements
in
the
detection
of
interstate
crime
and
kidnaping and wide betterment of the Nation's penoligical system.
His departure is believed to foreshadow other Cabinet retirements.
Retirement
of the
Attorney-General
means
that
.
strong supporter
a
of
prison reform, reorganization of the judiciary and the Federal Bureau of
Investigation will be lost to the President's official family.
D'Olier
Elected
page
President
of
Prudential
In¬
♦
D'Olier, who has been Acting President of the
(head office Newark,
since
the death of Edward D. Duffield, former
Sept. 17, was elected President of the com¬
pany by the directors on Nov. 14.
Born in Burlington,
N. J., Mr. D'Olier is a graduate of Princeton and a trustee
of
the
States
on
university.
Army from
Lieutenant-Colonel
He
1917
on
served
Commander
of
overseas
with
the
United
to 1919, and was discharged as
General Staff of the A. E. F.,
the
receiving the Distinguished
of
Roosevelt Appoints Special Monetary Board
President
Roosevelt
President
Those named
income.
Service
the Legion
Medal
of Honor.
and
the
Cross
Subsequently he
engaged in business in Philadelphia, where he was President
and Treasurer of Franklin D'Olier & Co., Inc.. a textile
firm founded by his
father in 1869.
V
(Nov.
yesterday
18)
appointed
a
Henry Morgenthau Jr., Secre¬
were:
tary of the Treasury; Marriner S. Eccles, Chairman of the
Board of Governors of the Federal Reserve
System; Daniel
of the Budget, and Frederic A. Delano,
of the
Chairman
date
of Nov.
18
National
Committee.
Resources
Associated
Press
Under
Washington advices
re¬
ported the following:
The President, announcing at his press
Board, said the group would study
conference the formation of the
broad range of fiscal and monetary
a
problems with respect to sound and orderly recovery and conditions essential
to flattening out the economic peaks and valleys.
He described it as just another step in tying
to tackle one
that
In many Government agencies
big problem instead of having studies of component parts of
problem made by separate agencies.
will report from time to time informally, the President said.
The group
He added that
nothing would be heard of it again perhaps for sometime.
Philip A. Benson Elected President of American Bank¬
ers' Association—R. M. Hanes First Vice-President
—-P.
Houston
D.
Second Vice-President
Philip A. Benson, President of the Dime Savings Bank of
Brooklyn, N. Y., was this week elevated to the Presidency
of the Association to succeed Orval W. Adams, Executive
Vice-President of the Utah State National Bank, Salt Lake
City, Utah. Robert M. Hanes, President of the Wachovia
Bank and Trust Company, Winston-Salem, N. C., was
elected First Vice-President, and P. D. Houston, Chairman
of the Board of the American National Bank, Nashville,
Tenn. was chosen Second Vice-President.
M. H. Malott,
President of the Citizens Bank of Abilene, Kansas, was re-
chosen Treasurer for the
for
nominated
President
of
Second
ensuing
year.
Vice-President
the' Merchants
Mr. Houston was
over
National
W.
Bank
L.
Dean,
of
Topeka,
Nov. 15 by a vote
Kansas by the Nominating Committee on
of 30 to 17.
In advices from Houston Nov. 16 the New York
"Journal of Commerce" said:
as
a
floor fight to elect Mr.
Dean failed to materialize this
the motion to second the nomination of Mr. Houston was made
The fact that Mr. Houston several weeks ago had
by Mr. Dean himself.
undesirable, and that he
Franklin
J.)
President,
Reference to the renomination of Mr. Thomp¬
declared that he felt extension of branch banking in the United States was
Prudential Insurance Co. of America
N.
Bank
2813.
The threat of
Co. of America
surance
Reserve
and Mr. Teagle was made in these columns of Nov. 5,
son
morning
Franklin
Federal
Group 2 of the New York Federal
Reserve District, comprised of banks having capital and
surplus of $301,000 to $1,999,000, have re-elected Otis A.
Thompson, President of The National Bank & Trust Co.
of Norwich, Norwich, N* Y., as a Class A Director of the
Federal Reserve Bank of New York, and Walter C. Teagle,
Chairman of Board of Directors, Standard Oil Co. (New
Jersey), New ^ork, N. Y., as a Class B Director of the
bank, for terms of three years beginning Jan. 1, 1939, it
was announced on Nov. 16 by Owen D. Young, Chairman
W. Bell, Director
Cabinet in January to resume the private practice of law, it
was
York
New
temporary advisory board of four to report on fiscal and
monetary policies in relation to national production and
S. Cummings
January—James
of
The member banks in
com¬
these questions.
on
Connecticut.
secondly, the proposed Inter-American
of enforcement, and,
powers
National Biscuit Co.,
Appointed Administrator of SEC Regional
J. P. Rooney
of the Board.
of good feeling."
era
an
outstanding
director of the
RR., the Morristown Trust Co., and the
the Pennsylvania
Hemisphere, who will attend his seventh Pan-American Congress this year,
said
a
Savings Institution, the American Enka Corp.,
the Howard
Nov. 10 that
and Albert A. Giesecke.
Hill, H. Gerald Smith, Milton K. Wells
tion to participate in
Mr. D'Olier is
ests
Office at Boston
William
Lyon,
administra¬
of the
Among other inter¬
company's field and office operations.
The
Secretary to the Chairman—Cecil W. Gray*—_—
to the Chairman—George H. Butler.
B.
charge of
McDermott.
J.
Assistant
Secretaries—Frederick
in
Vice-President
as
tion, and, in that capacity, has dealt with all phases
Laurence Duggan,
Dye,
Kelchner.
Warren
Secretary-General—Dr.
Press
Alexander
Dr.
Feis,
Cherrlngton, Paul 0. Nyhus and Mrs. Louise Leonard Wright.
M.
Co.
Prudential
1938
19
Prudential.
the United Mine Workers of America.
Dr.
Nov.
Chronicle
In 1925 he joined the
was
for maintenance of the dual system of national
and State bank economy, was hailed as putting
Houston on record on the
side of the existing system.
The centering of interest in the election to Second Vice Presidency
from the A.
year
results
B. A. system of successorship in office, through which each
the Second Vice-President becomes First Vice-President and the First
Vice-President
becomes
President.
In
essence,
therefore,
it
each
year
elects the President of two years hence.
Election
of Presidents and Vice-Presidents of Various
Divisions of American Bankers Association
At the annual convention of the American Bankers Asso¬
ciation, which
was
held in Houston, Texas, from Nov. 14 to
17, the following were elected Presidents and Vice-Presidents
of the various divisions of the Association:
Volume
Financial
147
State Bank Division—President, Henry W. Koeneke, President of The
Security Bank of Ponca City, Ponca City, Okla., succeeding Harry A.
Brinkraan, Vice-President of the Harris Trust & Savings Bank, Chicago,
William S. Elliott, President of the Bank of Canton, Canton, 6a.
Vice-President
*
r
was
Gleet/0(1
National Bank Division—President, H. E. Cook, President of the Ohio
Bankers Association and President of the Second National Bank of Bucyrus,
Ohio, succeeding Russell G. Smith, Vice-President and Cashier, Bank of
America N. T. & S. A., San Francisco, Calif.
Melvin Rouff, Vice-President of the Houston National Bank, Houston,
Tex., was elected Vice-President.
Trust Division-—President, Samuel C. Waugh, Executive Vice-President
and Trust Officer of the First Trust Co., Lincoln, Neb., succeeding Robert¬
son Griswold, Vice-President of the Maryland Trust Co., Baltimore, Md.
fJRoland E. Clark, Vice-Fresident of the National Bnak of Commerce,
was elected Vice-President.
State Secretaries Section—President,G.W. Beerbower, Secretaryofthe
Virginia Bankers Association and Assistant Cashier of the First National
Exchange Bank at Roanoke, Va., succeeding W. Gordon Brown, Executive
Manager of the New York,State Bankers Association.
C. C. Wattam, Secretary of the North Dakota Bankers Association, was
elected First Vice-President and L. F. Scarboro, Secretary of the Colorado
Bankers Association, Second-Vice-President.
'•
Savings Division—President, P. R. Williams, Vice-President of the Bank
of America, N. T. & S. A., Los Angeles, Calif., succeeding Henry S. Sher¬
man, President of the Society for Savings of Cleveland, Ohio.
A. George Oilman, President of the Maiden Savings Bank, Maiden,
Mass., was elected Vice-President.
Portland, Me.,
New York State Chamber of Commerce to Hold Annual
Banquet
Allen
to
on Nov. 22—J. L. McConaughy and J. H.
Speak
Several hundred representatives
of the nation's leading
industries will gather at the annual banquet of the Chamber
of Commerce of the State of New York, which will be held at
Chronicle
3105
of the Board of Directors of the Drake
director of the Lawyers Trust Co.,
Bakeries, Inc., also a
New York, and the
Boulevard Bank in Forest Hills, N. Y.
He is Vice-Chair¬
man of the New York
City Tunnel Authority, to which com¬
mission he was appointed
by Mayor LaGuardia several years
ago.
Following the regular monthly meeting
on
Nov. 7 of the
directors of The Biggs National Bank of Washington, D. C.,
several promotions in the bank's personnel were announced
by Robert V. Fleming, President of the institution, it is
learned from the Washington "Post" of Nov. 8.
Nelson B.
O'Neal, heretofore an Assistant Vice-President and Manager
of the bank's branches, was advanced to a Vice-President to
succeed the late Earl M. Amick; Gregg C. Burns, an
Assistant Cashier and formerly Assistant Manager of
Branches, promoted to Manager of Branches; Ralph R.
DePrez, an Assistant Cashier and formerly Manager of the
Dupont Circle branch, advanced to Assistant Manager of
Branches to succeed Mr. Burns; Corcoran.Thorn Jr., an
Assistant Cashier and heretofore Assistant Manager of the
Dupont Circle branch, appointed Manager of that branch,
and William L. Hoeke, formerly note teller of the
Dupont
Circle branch, promoted, to Assistant Manager of the same
branch.
The board of directors of the National City Bank of Cleve¬
on Nov. 14 recommended to the stockholders
that the capital of the institution be increased from $7,500,-
New York City, on Tuesday
evening Nov, 22, to celebrate the 170th anniversary of the
land, Ohio,
founding of the organization, it was announced Nov. 18.
Dr. James L. McConaughy, Lieutenant-Governor-elect of
Connecticut and President of Wesleyan University, and for¬
mer Governor Henry J. Allen, of Kansas, will be the speakers.
Mr. Allen, who recently made a survey of conditions in Mexi¬
co;* will talk on the subject of "Our Latin American Rela¬
tions."
Richard W. Lawrence, President of the Chamber,
will make a welcoming address and act as toastmaster.
The
committee in 'charge of the dinner arrangements is headed
by Winthrop W. Aldrich, former President of the Chamber,
and the other members are Jeremiah Milbank, Thomas I.
Parkinson, Lewis E. Pierson and Frederick E. Williamson.
A previous reference to the banquet was made in these col¬
umns Oct. 29, page 2628.
000 to
the
Waldorf-Astoria Hotel,
Meeting about Dec. 15 Treasury Financing to
Be Held
Nov. 30
Secretary of the Treasury Morgepthau announced Nov. 10
that he will meet with officials of the Federal Reserve System
after
Thanksgiving Day, probably Nov. 30, to determine the
Regarding this coming
meeting the "Wall Street Journal" of Nov. 12 said:
Dec. 15 financing of the Treasury.
The Treasury has no maturities on Dec. 15 and the questions to
cussed will be
on new
likely to be considered.
for
financing program
The refunding of Reconstruction Finance Corpora¬
tion notes the first of November was for the purpose
of .leaving Dec. 15 open
Treasury financing, Secretary Morgenthau said some time ago.
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
Arrangements were made Nov. 18 for the transfer of
New York Stock
Exchange membership at $75,000.
previous transaction was at $70,000, oh October 27.
a
The
•
completed Nov. 14, 1938 for the sale
of a membership in the Chicago Stock Exchange at $2,000,
up $500 over the last previous sale.
Arrangements
said that the action had been taken
by the board due to the
continued growth of the bank since its recapitalization on
Dee. 31, 1936.
At that time the capitalization of the bank
increased from $4,700,000 to $7,500,000.
Part of the
new capital thus obtained was used to retire all of the
pre¬
ferred stock which was then outstanding.
The balance was
was
put into surplus accounts. From Dec. 31, 1936 to Nov. 12,
1938, deposits of the bank increased from $142,839,183 to
$155,240,133. A stockholders' meeting has been called for
Nov. 26 to vote
on the increase in capitalization, and stock¬
holders of record Nov. 22 will be offered the opportunity
to purchase the new stock in the ratio of one new share for
every five??shares then held.
Mr. Williams also said;
The directors at their meeting authorized transfer of,the sum of
$756,000
from undivided prpfits to surplus, thereby increasing the surplus account
from $3,250,000 to $4,000,000 simultaneously with the increase of capital,
this will make
a
combined
common
capital and surplus of $13,000,000 when
the proposed increase in capital is completed.
be dis¬
borrowing to carry on the recovery program and on
March maturities.
The Secretary, however; declined to comment on the
$9,000,000 through the proposed issuance of 75,000
a share, which will increase
the outstanding stock to 450,000 shares.
In making the
announcement, Lewis B. Williams, chairman of the board,
additional shares of stock at $20
were
♦
The
Republic of Ecuador has conferred the National Order
Rank, upon G. Butler Sherweli, Foreign
Representative of Manufacturers Trust Co., New York, in
recognition of his services in behalf of that country, according
to' an announcement issued by the bank.
In bestowing the
decoration, H. E. Colon Eloy Alfaro, Ambassador of the
Republic of Ecuador to the United States, stated that this is
the highest distinction granted by that country for outstand¬
ing merit and service to the Republic and to humanity.
Mr.
"Al Merito," Officer
Directors of the Liberty State Bank of Dallas, Tex., on
Nov. 9, voted to recommend an increase of $125,000 in the
bank's capital structure subject to the approval of the stock¬
holders at their annual meeting on Jan. 10.
The directors
also recommended that immediate application be made to
join the Federal Reserve System.
The Dallas "News" of
Nov. 10, from which this is learned, went on to say:
President J; E. Lawther said the increase will give the bank
a
capital
stock and surplus of $375,000.
All details necessary for joining the Federal
System should be ready for final approval before the stockholders'
meeting, Mr. Lawther said. '
Reserve
The Liberty State Bank is one of the three largest state banks in
Mr. Lawther said.
Texas.
The institution has been expanding steadily for several
years.
s
John
'
H.
Lewis, retired Assistant Secretary of Bankers
Trust Co., New York, died on Nov. 15 at his home in.South
Orange, N. J. He was 64 years old. Mrl Lewis retired from
the Bankers Trust Co. in 1933 after serving as Assistant
Secretary since 1903.
Prior to that year he was private
secretary to James Stillman, head of the National City Bank,
New York.
When the Bankers Trust Co. was organized
Mr. Lewis became its first employee.
THE
CURB EXCHANGE
Sherweli has been with Manufacturers Trust Co. since 1932,
during which time he has supervised the bank's business with
Latin America, Spain and Portugal.
Prior to that, he was
and Investment
section of the United States Department of Commerce.
at the head of the Latin American Finance
*
Recently the oldest outstanding mortgage investment of
The Bank for Savings in the City of New York was paid off,
having been on the books of the bank for 86 years.
This loan
on 1 Irving Place, New York City, was made on Sept. 15,
1852, for $16,000, and 20 years later was increased to $26,000,
at which it remained unchanged-untiLpaid off;
The rate of
interest ranged from 7% to 4% and the total amount of inter¬
est
paid
was
$110,200,
or
about four and two-thirds times the
investment.
The bank also states that in 1852 the
city's valuation of this property was $28,000, and today it is
$220,000, of which $198,000 represents land value.
average
«
Albert
T. Johnston has
been elected
a
Trustee of The
Bank of Brooklyn, N. Y., according to an
announcement made Nov.
15 by Richard A., Brennan,
President of that institution.
Mr. Johnston is Chairman"
Brevoort Savings
Reactionary tendencies, due largely to profit taking, were
apparent during much of the present week.
There were
occasional upward spurts among some of the popular trading
stocks, particularly during the early dealings, but these were
not maintained for any great length of time.
Aircraft issues
continued in the foreground, but there has also been some
substantial trading among the industrial specialties. Public
utilities were a little higher but mining and metal stocks
have shown little or no movement of importance.
Several
new tops were registered including among others The Great
Atlantic & Pacific Tea Co. n. v. stock, Lockheed Aircraft
and Grumman Aircraft.
Higher prices prevailed on the New York Curb Exchange
during the short session on Saturday. The gains extended
to the lower priced groups as well as to the market leaders
and ranged from fractions to 3 or more points.
Aircraft
issues continued to lead the advance, Lockheed Aircraft
assuming the leadership as it worked into new high ground
for the year at 28%.
Public utilities were slightly higher
and there was a good demand for industrial specialties,
Pepperell Manufacturing Co. gaining 1 point to 78%,
Financial
3106
2% points to 89% and Great
v. stock forging ahead 3%
The transfers were approximately 162,000
Celanese 1st pref.
moving
n.
wide
issues
stock, 2 points to 69; Jones & Laughlin Steel, 2% points to
39%; Safety Car Heating & Lighting, 2 points to 69; Babcock
& Wilcox, 1% points to 32%; Midvale Co., 3 points to 95;
and Royal Typewriter, 2 points to 72%.
Further recessions, particularly during the opening hour,
were in evidence on Tuesday.
As the day progressed stocks
number of the market leaders
canceled
a
Member Federal Reserve
Memlter Federal
mining and metal issues were off on the day.
Oil
shares showed little activity.
Curb stocks moved briskly
forward during the early trad¬
ing on Wednesday but a late recession forced many active
issues downward from 2 to 3 more points.
Aviation stocks
assumed the market leadership during the morning dealings
as Lockheed, Grumman and Brewster moved to higher levels
followed by other members of the group, most of which
registered gains in small fractions.
Public utilities were
generally weak but some of the specialties were slightly
higher as the market closed. The transfers totaled 321,365
shares against 209,330 on the preceding day.
Prominent
among the stocks closing on the side of the decline Were
Sherwin-Williams pref., 4% points to 165; Jones & Laughlin
Steel, 2% points to 38, and Childs pref., 2 points to 54.
Price movements generally pointed toward higher levels
on Thursday, and while there was some irregularity apparent
from time to time, the market was slightly stronger as the
session closed.
The transfers totaled 187,135 shares with
387 issues traded in.
Of these 141 closed on the upside, 128
declined and 118 were unchanged.
Aviation stocks were
moderately active as Grumman worked into new Ugh ground
for 1938 at 18%.
Public utilities developed a stronger tone
but the gains were not particularly noteworthy, but special¬
ties were inclined to slip backward.
Prominent among the
advances
Aluminum Co. of America
,2% points to 123;
105; American Potash &
were
Midvale
Company, 7 points to
Chemical, 3 points to 54; Fisk Rubber pref., 2% points to
76%, and Lockheed Aircraft, 1% points to 29.
Following a moderately firm opening stocks turned sharply
downward on Friday and a number of the speculative favor¬
ites dropped from 2 to 3 or more points. .There was con¬
siderable pressure apparent following the announcement that
the German Ambassador had been recalled, and while there
were occasional strong spots scattered through the list, the
market as a whole was sharply down.
The volume of sales
soared to approximately 300,000 shares against 187,135 on
the preceding day.
As compared with the closing quotations
on
last Thursday prices were lower, Aluminum Co. of
America*closing last night at 119% against 121% on Thurs¬
day a week ago; American Cyanamid B at 26% against 29%;
Carrier Corp. at 19% against 22%; Cities Service at 7%
against 8%; Creole Petroleum at 22% against 23%; Electric
Bond & Share at. 11 against 13%; Gulf Oil Corp. at 39%
against 40%; Lake Shore Mines at 49% against 50%; New
Jersey Zinc at 66% against 69; Newmont Mining Corp. at 80
against 85; Niagara Hudson Power at 8% against 9%, and
United Shoe Machinery at 81% against 83%.
System
Clearing Jlouse Association^
Deposit Insurance Corporation
cable transfers in the different countries of the world.
give below
a
CERTIFIED
RATES
EXCHANGE
FOREIGN
We
record for the week just passed:
NOV.
RESERVE
1930
1938, INCLUSIVE
1938, TO NOV. 18,
12.
FEDERAL
BY
UNDER TARIFF ACT OF
BANKS TO TREASURY
Noon Buying Rate for Cable Trarufert in New
Value in United State* Money
their
part of
NEW YORK
Office: 1, Cornhill, London, E.C. 3
—Member Neu- Yark
—
from fractions to 3 or more points but toward the
end of the session the downward movement was checked and
of the
BROAD STREET,
European Representative
gave way
morning losses.
Some of the late improvement was in the
aircraft shares, Lockheed Aircraft moving up from a low of
26% to 28%.
On the other hand numerous public utility
stocks, especially in the preferred group, closed on the side
of the decline.
Industrial specialties were down and many
DEPARTMENT
PRINCIPAL OFFICE AND FOREIGN
55
COMPANY
TRUST
MANUFACTURERS
among the declines were such
Great Atlantic & Pacific Tea Co. n. V.
as
in
are
we
Noteworthy
previous close.
foreign
practically all
in
position to extend world¬
banking facilities to exporters and importers.
countries,
Realizing sales were apparent during the early trading on
Monday, and while a number of the market leaders lost part
of their gains, the session closed with advances largely in
excess of the declines.
Specialties bore the brunt of the
recessions, many of the high grade stocks that were in heavy
demand during the preceding week dipping below the
a
correspondents
With
*
shares.
active
1938
19,
up
Atlantic & Pacific Tea Co.
points to 71.
Nov.
Chronicle
Country and Monetary
Yorl
VnU
Nov. 12
Nov. 14
Nov. 15
Nov. 16
Nov. 17
S
$
I
$
S
*
Belgium, belga...
.169116
.168983
.169159
.169133
.169052
.169011
Bulgaria, lev
Czechoslov'ia, koruna
.012326*
.012325
.012325*
.012325*
.012325*
.012325*
Europe—
Nov. 18
.034337
.034329
.034179
.034170
.211125
Denmark, krone
Engl'd, pound sterl'g L729652
.210178
.210262
.209671
.210118
.209934
.708402
L711250
L697638
L708194
.034212
.034195
.704027
Finland, markka
France, franc
.020845
.020718
.020650
.020693
.020720
.020715
.026428
.026347
.026415
.026293
.026370
.026336
Germany, reichsmark
.400400
;400187
.400500
.400478
.400462
.400387
Greece, drachma
.008683*
.008675*
.008631
.008629*
.008628*
.008635*
Hungary,
.196250*
.196375*
.196375*
.196375*
.196375*
.196375*
Italy, lira—
.052600
.052603
.052600
.052603
.052600
.052606
Netherlands, guilder
.541466
.540255
.540888
.541988
.543461
.543466
Norway,
.237656
.236625
.236715
.236053
.236537
.236371
Poland, zloty
.187950
.187733
.187733
.187833
.187900
Portugal, escudo
.042900
.042666
.042445
.042550
.042658
.042700
Rumania, leu
.007300
.007292*
.007250
.007292*
.007307*
.007307*
Spain, peseta
.051000
.050833*
.051000*
.050833
.050833*
.050000*
Sweden, krona
.243646
.242562
.242696
.242046
.242556
.242364
Switzerland, franc...
.226469
.225755
.225838
.225738
.225905
.225937
Yugoslavia,
.022787
.022675
.022780
.022725
.022725
.022750
.161833*
pengo
krone
dinar.
.188075
Asia—
China—
.161416*
.160833*
.161291*
.160958*
.161000
Hankow (yuan) dol
.161416*
.160833*
.161291*
.160958*
.161000*
.161833*
Shanghai (yuan) dol
.157625*
.157187*
.157531*
.157281*
.157312*
.158562*
Tientsin (yuan) dol.
.167625*
.167500*
.166656*
.166968*
.166375*
.168250*
Hongkong,
.293109
Chefoo (yuan) dol'r
dollar-
.294987
.294250
.293281
.292906
.292828
British India, rupee..
.353160
.351996
.351642
.350978
.351481
.351292
Japan,
.275615
.274468
.274379
.273717
.274193
.274196
.550000
.547250
.546750
.546500
.547500
.547000
Australia, pound
3 767562
.751640
3.753515
.743281
.750703
.748437
New Zealand, pound
Africa—
3. 780875
.767031
3.767812
.757343
.764375
.762656
South Africa, pound. 4.681875
4.663000
4.667500
4.650000
4.660000
4.656875
.991113
.990957
.990468
.990820
.991054
yen
Str its Settlem'te, do!
Australasia—
North America-
Canada. dollar
Cuba, peso........
.999500
.999333
.999333
.999333
.999333
.999333
Mexico,
.201300*
.201300*
.199840*
.199300*
.199800*
.199700*
.989687
.988593
.988541
.988437
.988398
.988671
.315280*
.314387*
.313393*
.313185*
.313600*
.313495*
.058625*
.058583*
.058625*
.058500*
.058600
.058580*
.051766*
.040000*
.571500*
.051766*
.051766*
.051766*
.051766
.051766*
.040000*
.040000*
.040000
.040000*
.040000*
.571500*
.571500*
.571500*
.571500*
.571500*
.622617*
.620975*
.618725*
.618083*
.619135*
.619614*
.992167
peso
dollar.
Newfoundl'd.
South America-
Argentina,
peso
Brazil, mllreis
Chile, peso—official.
'
export.
Colombia,
Uruguay,
peso
peso
'
♦Nominal rate.
COURSE
OF
BANK
CLEARINGS
i
Bank
clearings this week will show an increase compared
with a year ago.
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Nov. 19)
bank clearings from all cities of the United States from wrhich
it is possible tq obtain weekly clearings will be 7.0% above
those for the corresponding week last year.
Our preliminary
total stands at $6,592,769,072, against $6,161,714,446 for
the same week in 1937.
At this center there is a gain for the
week ended Friday of 8.5%.
Our comparative summary for
the week follows:
.
•
Per
Clearings—Returns by Telegraph
Week Ending Nov. 19
1938
$2,999,882,052
New York
1937
Cent
TRANSACTIONS
AT
THE
NEW
EXCHANGE
CURB
YORK
+8.5
San Francisco
142,525,000
$2,764,750,471
276,909,955
336,000,000
191,249,396
88,180,783
91,200,000
135,582,000
Pittsburgh
DAILY
105,730,006
114,350,569
—7.5
Detroit
102,785,763
98,122,250
101,074,423
+ 1.7
93,400,682
+ 5.1
65,577,025
64,626,660
+ 1.5
$4,565,987,131
$4,257,324,939
+ 7.3
Chicago
■
_
Philadelphia
Bonds {Par
Stocks
Boston
Value)
of
Foreign
Foreign
Oovernment
Corporate
„
Shares)
18, 1938
Domestic
Total
$1,175,000
$17,000
$12,000
$1,204,000
253,660
1,510,000
23.000
22,000
1,555,000
1,536.000
31,000
15,000
1,582,000
Baltimore
320,900
1,926,000
40,000
15,000
186.635
1,716,000
44,000
31,000
1,791,000
299,765
Wednesday
1,843,000
44,000
7,000
1,894,000
1.432,675
$9,706,000
$199,000
_
.
Thursday
...
Friday
Total
-
$102,000 $10007.000
__
i
Eleven cities, five days
Other cities, five days
Total all cities, five days
Jan. 1 to Nov. 18
Week Ended Nov. 18
Sales at
York
Curb
Exchange
.
1938
.
1937
.
.1938
1937
.
1,432,675
1,275,196
41,777,916
96,562,808
$9,706,000
Stocks—No. of shares
$307,520,000
6,313,000
$380,680,000
Bonds
Domesttc
Foreign government
199,000
$7,327,000
252,000
Foreign corporate...
102,000
171.000
5,873.000
9,185,000
$10,007,000
$7,750,000
$319,706,000
$401,074,000
Total
11,209,000
Total all cities for week
FOREIGN
EXCHANGE
RATES
Pursuant to the
of
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
—3.2
—3.6
+5.1
I
927,987,096
887,048,035,
$5,493,974,227
+ 4.6
$5,144,372,974
1,017,341,472
+ 6.8
$6,592,769,072
$6,161,714,446
+ 7.0
+ 8.0
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly in the above the last day of
the week in all
In
Act
+ 9.2
1,098,794,845
All cities, one day
New
+3.0
+ 14.3
1,981,000
Monday
i.
85,387,527
87,900,000
Cleveland.
209,420
162,295
Saturday
Tuesday
208,802,427
.
Kansas City
St. Louis
{Number
Week. Ended
Nov.
i
285,275,081
384,000,000
cases
has to be estimated.
the elaborate detailed statement,
however, which
we
present further below, we are able to give final and complete
results for the week previous—the week ended Nov. 12.
For that week there was a decrease of 23.1%, the aggregate
of
clearings for the whole country having amounted to
$3,978,706,131, against $5,176,794,607 in the same week in
Volume
1937.
Financial
147
Outside of this city there was a
decrease of 17.2%,
clearings at this center having recorded a loss of
cities according to the Federal Re¬
serve
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a loss of 27.8%, and in the Phila¬
delphia Reserve District of 22.6%, but in the Boston Reserve
District the totals show a gain of 1.5%.
In the Cleveland
Reserve District the totals record a falling off of 20.1%, in
the Richmond Reserve District of 14.4% and in the Atlanta
Reserve District of 0.7%.
In the Chicago Reserve District
the totals are smaller by 24%, in the St. Louis Reserve^
District by 11.4% and in the Minneapolis Reserve District
by 23.5%.
The Kansas City Reserve District registers a
decrease of 18.5%, the1 Dallas Reserve District of 16% and
the San Francisco Reserve District of 16.4%.
In the following we furnish a summary by Federal Reserve
the bank
27.7
3107
Chronicle
Ended
Week
Inc.
1938
1937
Seventh Feder al Reserve D istrict—Chic
ago—
Mich.-Ann Arbor
309,188
Grand
393,602
—21.4
390,657
67,825,638
Detroit
95,712,330
2,961,233
1,337,495
1,088,390
17,875,000
1,888,585
4,880,470
—29.1
—27.1
106,414,875
3,229,426
1,239,015
1,043,339
—14.7
21,250,000
—30.7
_20,070,509
1,087,621
—24.9
1,930,105
5,186,252
20,892,672
Rapids.
2,036,639
Lansing
966,787
Int.—Ft.
Wayne
Indianapolis.
793,510
15,243,000
1,309,138
3,851,088
_
South Bend__
Terre Haute
Wis.—Milwaukee
_15,063,781
la.—Ced. Rapids
Des Moines
1,007,863
—31.2
—27.7
—21.1
—7.3
1,186,175
8,708,368
3,563,785
7,645,340
8,039,594
—4.9
2,505,346
336,626
3,059,415
368,840
—18.1
—8.7
111.—Bloomington
Chicago
—23.2
320,778,209
—23.2
1,034,119
—27.0
5,217,260
Rockford
851,122
975,862
343,328,599
—37.7
787,100
Peoria
2,937,851
1,458,396
377,786
75,935,219
710,130
3,196,199
1,026,604
989,320
—24.0
451,467,168
Decatur,...
1,428,970
—24 ;2
284,999,162
1,024,859
4,025,047
1,365,814
1,289,202
■
472,899
96,754,197
2,465,557
1,093,236
1,065,301
16,814,000
1,205,580
4,337,399
16.833,826
7132,409
7,004,474
3,127,248
394,099
218,882,720
Sioux City
Total (18 cities)
Inc.or
Eighth Federa I Reserve Dis trict—St. I
1935
1936
Dec.
1937
1938
1935
1936
%
505,345,722
434,241,384
2
CLEARINGS
SUMMARY OF BANK
Week End. Nov. 12, 1938
12
or
Dec
Springfield
districts:
Nov.
Clearings at-
We group the
districts in which
o
u
is—
1st
Boston
64,600.000
74,200,000
—12.9
83,900,000
79,400,000
28,218,955
19,788,305
30,702,099
—8.1
22,191,787
—10.8
32,754,250
27,673,745
29,773,657
21,968,040
Tenn.—Memphis
219.460,814
12 cities
Mo.—St. Louis..
Ky.—Louisville—
%
Federal Reserve Diets.
216.144,399
+ 1.5
263,925,339
237,166,728
111.—Jacksonville
2nd
New
York. 13
•
2,188,180,875
3,029,742,100
—27.8
4,062,592,511
3,051,464,491
3rd
Philadel phial 0
"
255.539,997
330,104,829
—22.6
379,397,816
Cleveland._
5
"
200,183,342
250,502,741
—20.1
280,420,451
248,471,651
5th
Richmond .6
'
110,156,024
128,726,203
—14.4
135,259,724
Atlanta
10
"
131,771,988
135,780,954
—0.7
-146,663,354
128,970,508
Ninth Federal
7th
Chicago ...18
8th
St. Louis
x
122,855,795
0th
x
x
334,027,992
4th
x
466,000
581,000
—19.8
649,000
463,000
113,073,260
127,674,886
—11.4
144,876,995
131,604,697
4,200,441
68,147,231
26,634,050
2,524,278
Quincy
Total (4 cities).
*
343,328,599
451,467,168
—24.0
505,345,722
434,241,384
Minn.—Dulutii.-
4
*
113,073,260
127,674,886
—11.4
144,876,995
131.604.697
Minneapolis.
Minneapolis 7
10th Kansas City 10
'
77,532,859
101,359,601
—23.5
105,802,636
93,548,076
'
97,295,947
119,429,943
—18.5
132,811,012
114.655.698
11th Dallas, i
0
'
52,172,892
62,077,854
—16.0
64,754,122
57,227,157
Fran..11
'
187,009,554
223,783,929
—10.1
240,460,351
223,619,008
Reserve Dis trict
9th
12th 8an
3,978,706,151
5.176,794,607
—23.1
6,462,310,033
1,918,241
2,183,216
—12.1
S.D.—Aberdeen
495,596
583,323
—15.0
Mont.—Billings
697,273
815,716
—14.5
840,438
2,518,186
3,010,266
—16.3
2,900,063
2,808,001
60,625,540
23,723,309
2,408,889
573,609
689,099
2,719,509
77,532,859
101,359,601
-23.5
105,802,636
93,548,076
—21.4
85,957
121,126
2,497,157
94,099
112,511
2,630,246
—15.5
31,040,479
—8.3
1,690,829
2,824,262
90,103,686
4,184,826
2,249,263,361
—17.2
2,508,204,557
2,245,501,534
358,726,835
290.942,344
+ 23.3
334,561,522
288,864,804
Outside N. Y. City
Canada
—23.7
N. D.—Fargo
32 cities
Total (7
cities)".
add
now
our
detailed statement showing last
figures for each city separately for the four
week's
78,155
102,121
1,823,329
25,067,761
1,527,986
2,384,060
Hastings
Lincoln
Omaha
years:
Kan.—Topeka
_
_
Wichita—
Ended
Nov.
Mo.1—Kan. Clty.
Inc
12
1937
1938
$
S.
First
Federal
1,195,759
Portland
1,618,273
Mass*—Boston
_
Boston
Reserve Dist rict-
Me.—Bangor
190,052,715
.
Fall River
Lowell
756,137
+ 11.7
670,186
+4.2
—15.2
3,519,877
1,955,146
—8.4
10,724,358
10,006,536
—12.2
4,142,347
—12.7
—19.3
10,654.200
480,829
3,427,668
9,307,100
376,225
+ 1.5
263,925,339
237,166,728
—57.8
7,934,784
7,038,747
—23.6
988,527
1,119,041
—19.2
—31.6
32,800,000
683,116
30,700,000
613,022
—24.4
686,287
578,685
—27.7 3,954,105,476
2,932,351,651
7,237,131
3,702,890
2,628,362
3,307,512
334,187
Total (12 cities)
219,460,814
216,144,399
Second Federa
Reserve Di strict—New
1,609,245
8,550,806
New Haven...
3,438,747
7,912,700
R.I.—Providence
Eleventh Fede ral
383,340
+ 13.7
1,643,248
205,585,064
809,943
322,222
670,633
2,921,951
Binghamton...
Buffalo
22,300,000
373,899
Elmlra
Jamestown..__
New York
Rochester
Syracuse
'
3,769,482
729,749
Westchester Co
Conn,—Stamford
N. J.—Montclair
Newark
Northern N. J.
8,926,667
955,373
27,600,000
546,846
722,737
,115,292,675 2,927,531,246
5,375,999
7,633,474
3,946,077
2,966,449
546,280
3,263,776
4,690,742
—25.2
318,094
355,226
—10.5
12,482,160
18,121,656
16,432,130
—24.0
27,137,806
—33.2
28,267,738
2,441,330
3,463,102
Total (13 cities) 2,188,180,875 3,029,742,100
—24.8
—26.2
—18.5
132,811,012
114,655,698
1,098,503
43,043,727
5,834,574
3,965,000
775,044
2,510,249
57,227,157
Federal
300,000
20,510,908
41,376,542
881,209
—20.1
3,327,555
—18.8
1,462,180
49,807,526
6,054,789
3,432,000
831,345
3,166,282
52,172,892
62,077,854
—16.0
64,754,122
Galveston
Wichita Falls.
_
La.—Shreveport
+ 17.2
—18.2
—1.3
—26.8
Total (6 cities).
Twelfth Feder al Reserve D istrict
—
San
Franc I SCO—
26,280,788
33,583,171
—21.7
a5,815,0OO
9,520,000
1,134,592
27,113,772
—39.0
14,210,409
—13.3
3,516,693
3,550,904
—18.3
124,127,000
3,024,544
—13.5
Santa Barbara
1,379,109
1,486,402
—7.2
Stockton
2,188,776
2,504,382
—12.6
33,348,185
11,247,000
1,129,839
29,829,581
14,543,500
3,802,041
4,137,675
135,630,000
2,980,973
1,518,939
2,292,618
187,009,554
223,783,929
-10.4
240,460,351
Wash.—Seattle
Yakima
991,784
22,061,765
12,326,098
2,873,319
-
Calif.—I/g Beach
2,808,266
107,351,000
2,343,049
Pasadena
San
Francisco.
San Jose—
Total (11 cities)
Grand
—12.6
—16.5
—20.9
—22.5
30,255,971
9,390,000
872,445
26,111,511
13,440,990
3,608,575
3,305,501
130,844,259
2,739,431
1,236,385
1,747,940
223,619,008
(112
total
3,978,706,151 5,176,794,607
cities)
-23.1 6,402,310,033 5,177,853,185
2,249,263,361
-17:2 2,508,204,557 2,245,501,534
Outside New York 1,863,413,476
-27.8 4,062,592,511 3,051,464,491
Reserve Dis trict—Phiia delphi
,
338,791
506,511 —33.1
423,267
*300,000
366,474
267,625
Bethlehem
357,973
300,487
+ 8.8
290,315
949,123
—23.6
1,355,439
1,007,706
247,000,000
319,000,000
—22.6
367,000,000
319)000,000
1,037,478
1,797,065
1,527,641
—32.1
1,562,627
1,991,535
—9.8
756,044
890,242
1,508,276
2,667,700
—15.1
2,711,278
885,780
1,613,110
1,334,408
2,515,755
872,560
Ended
10
Nov.
Clearings atInc. or
265,967
Lancaster
495,281
276,101
1,241,542
—27.7
Chester
Philadelphia...
Reading
Scranton
Whkes-Barre
York
...
N. J.—Trenton..
Total (10 cities)
Fourth
1,071,636
1,931,400
255,539,997
330,104,829
—28.9
—27.6
-22.6
,
3,256,000
379,397,816
1,441,797
6,955,700
334,027,992
43,799,505
67,192,497
8,159,700
1,204,003
Columbus..
Mansfield
Youngstown...
52,788,777
82,152,502
—17.0
58,427,000
—18.2
86,485,137
10,486,200
—22.2
13,578,200
1,325,101
—9.1
1,304,593
x
x
x
54,002,657
78,873.320
9,629,400
1,178,722
x
Pa.—Pittsburgh.
79,827,637
103,750,161
—23.1
120,625,521
104,787,552
Total (5cities).
200,183,342
250,502,741
—20.1
280,420,451
248,471.651
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk....
Reserve Dist rict
249,167
1,870,000
C.—Wash'g'n
35,032,123
875,954
49,757,885
22,370,895
Total (6 cities).
110,156,024
Richmond
.
.
_
S. C.—Charleston
Md.—Baltimore.
D,
Sixth Federal
Tenn.—K no xville
Nashville
Ga.—Atlanta
—28.6
304.003
2,305,000
39,347,658
1,140,852
—18.9
2,420,000
60,766,656
—18.1
—11.0
24,817,306
—9.9
40,287,652
1,270,595
66,535,027
24,442,447
128,726,203
—14.4
135,259,724
—23.2
3,359,616
—16.5
15,691,071
—7.4
3,180,173
16,216,555
46,600,000
1,141,036
1,049,675
+3.6
55,200,000
—27.0
1,589,101
—10.2
1,225,024
942,898
Fla.—Jack'nville-
14,811,000
12,461,000
19,054,337
12,479,000
17,627,137
+ 18.7
Ala.—Birm'ham
+8.1
19,532,333
1,433,132
1,619,059
—11.5
1,504,942
Mobile
x
Miss.—Jackson..
1,052,218
57,998,982
20,253,159
122,855,795
a—
2,806,469
832,739
x
x
3,297,778
14,964,650
49,600,000
1,287,324
822,412
10,868,000
16,388,281
1,251,477
x
145,443
160,960
—9.6
190,878
130,179
La.—New Orleans
31,920.751
36,053,400
—11.5
35,563,348
30,360,407
Total (10 cities)
134,771,988
135,780,954
—0.7
146,663,354
128,970,508
Vicksburg
47,255,850
10,044,160
27,157,895
Winnipeg
Vancouver
Ottawa.
5,610,279
2,380,174
4,534,843
Quebec
Halifax
Hamilton
7,551,229
1,090,016
1,798,620
2,339,918
4,358,130
—
Victoria
London...
Edmonton
~5,039,109
Regina.
344,921
997,546
Brandon.
90,816,275
87,768,456
35,348,979
13,487,093
20,956,351
4,800,482
2,384,191
4,392,431
5,615,735
1,470,191
1,397,895
2,184,920
3,875,801
2,824,760
408,640
709,368
1936
Dec.
%
+ 21A
+ 22.6
+ 33.7
+ 19.0
+ 29.0
+ 16.9
—0.2
+3.2
+34.5
+ 15.0
107,884,093
100,792,795
42,885,712
15,662,828
21,803,265
4,082,771
1,966,207
4,033,442
5,102,665
1,464,614
+ 28 7
1,440,821
+ 7.1
2,122,251
3,489,404
3,397,646
+ 12.4
+ 78.4
—15.6
309,420
445,375
1,440,238
692,344
Saskatoon
Moose Jaw
Brantford--—
1,402,626
+40.6
+ 2.7
1,346,194
497,736
+39.1
637,151
822,870
Leth bridge
893,438
—7.9
659,153
733,931
+ 15.6
593,827
Westminster
848,738
595,588
648,334
—8.1
536,146
Medicine Hat—
306,825
226.474
+35.5
Peterborough..
663,097
+ 17.6
842,477
1,121,695
663,688
673,824
801,247
200,691
611,012
534,498
+ 40.0
927,040
2,588,699
2,526,004
+ 2.5
2,216,043
New
Kitchener
644,726
697,451
506,817
495,258
254,614
652,429
510,097
+ 2.3
896,667
+ 16.7
911,177
358,720,835
290,942,344
+23.3
334,561,522
288,864,804
+25.8
—0.1
492,569
419,228
+ 8.7
'
Kingston.-.--I-
650,452
546,271
Sarnia
Sudbury
x
4,150,721
1,850,710
3,685,299
6,747,087
1,225,051
1,384,684
2,228,093
3,335,523
3,756,905
277,571
469,652
1,479,944
528,182
366,068
+ 5.3
617,049
547,090
775,543
—
+25.0
343,013
713,552
361,145
Prince Albert—
Total (32
90,185,664
76,922,479
51,969,785
13,773,267
15,669,959
1,045,995
-
Windsor
Moncton
1935
673,892
807,778
1,925,874
307,535
658,491
493,192
403,519
372,039
952,795
Sherbrooke
Chatham
14,525,219
48,300,000
Augusta
190,034
2,336,000
41,025,402
8
110,227,930
107,566,056
.
Fort William
Richm ond-
348,731
Reserve Dist rict—Atlant
Macon
.
Montreal
St. John..
.
Cleveland
Toronto
1937
$
x
x
Cincinnati
1938
Canada—
Calgary
Feder ai Reserve D istrict—Olev eland
Ohio—Can ton..
►
—
1,247,858
47,389,715
6,941,517
2,290,000
Week
Third
Pa.—Altoona
—3.2
1,676,000
Fort Worth...
Utah—S. L. City
7,723,919
3,834,691
2,675,341
3,568,815
415,921
18,907,896
3,109,700
770,476
567,340
—20.0
1,501,220
Vork-
—29.6
—8.1
—10.3
31,979,546
1,597,400
2,722,499
71,627,698
2,814,990
597,542
479,108
—27.4
704,164
2,701,181
Dallas
Ore.—Portland.
'
—14.0
District—Da lias
1,462,833
38,777,503
6,851,211
Texas—Austin
Spokane.
N. Y,—Albany..
Reserve
—28.9
119,429,943
97,295,947
Total (10 cities)
594,918
1,939,156
228,060,700
N.H.—Manches'r
Worcester
Conn.—Hartford
639,063
City
582,254
522,437
Pueblo
S
„%
+ 14.6
516,368
2,880,540
1,897,760
9,330,949
3,915,611
9,060,200
414,083
576,771
3,001,340
_
1935
662,736
361,458
410,828
Springfield.
1936
DCc
474,649 + 151.9
—9.6
1,791,079
+ 2.8
184,838,966
759,443
i New Bedford--
544,129
618,527
2,285,514
508,296
Colo.—^-Col. Spgs
or
s
109,965
118,709
2,319,391
29,679,734
1,666,376
3,282,624
78,691,486
2,360,877
62,930,288
St. Joseph....
Week
Clearings at-
I
—25.5
Reserve Dis trict— Kans
Tenth Federal
Neb.—Fremont-
We
—6.7
4,485,024
64,957,757
25,324,299
5,177,653,185
1,863,413,476
112 cities
Minn eapotis
48,385,404
19,333,333
__
St. Paul
Helena
Total
—
cities)
No clearings
available.
—
~
723,038
504,372
* Estimated.
Clearing House declines to continue to report bank clearings for
the stated reason that the discontinuance of the Federal Reserve Bank branch in
that city on Oct. 1, 1938, has resulted in a sharp decline in the clearings figures
from those for periods prior to Oct. 1, 1938.
We have calculated the estimated
figure for the week on the basis of the percentage of decline in the October, 1938
figures from October, 1937 instead of omitting Spokane from our tabulation for
a
the
The Spokane
time being.
t
Financial
3108
THE
STOCK
LONDON
Chronicle
EXCHANGE
day of the past week:
Nov. 14
40/3
102/6
Cable A Wire ordinary.
£1254
£4154
5 /£2054
70/754
30/6
5 /-
Central MIn A Invest..
£20 54
Cons Goldfields of S A.
71/3
30/6
Courtaulds 8 A Co
De
Co
12/-
Ford
17/5h
Distillers
Ltd.
Gaumont
Pictures ord.
A..
Hudsons Bay
Co..
——
Holiday
Imp Tob of GB AI—
London Midland Ry...
'
1/6
24/6
136/-
24/6
£1254
75/-
74/6
£954
Rand Mines
Roan Antelope Cop
Rolls Royce.
Royal Dutch Co
Shell Transport-
...
-
29/6
United Molasses——
23/24/6
Vlckers
West
29/37/23 /-
90/12/17 f4/6
1/3
24 /133/-
90
<
£12
f£954
75/£954
Nov. 16
Fri.,
Nov. 18
19^d.
147s.10J4d.147s. 74.
20d.
146s.8d.
148s.3d.
1488.14.
£72
£71H
£72
£72
£9914
£99
£99H
£9954
£9954
£10954
£109
£109 H
£10954
£10954
-
The
States
19Kd.
£72 H
price of silver
on
the
(in cents) in the United
ounce
4254
4254
4254
4254
4254
64.64
Closed
BarN.Y.(for'n)
per
days has been:
same
64.64
64.64
64.64
64.64
U. S. Treasury
(newly mined) 64.64
111/3
£38
£454
TREASURY
18/6
£28
•
£14 54
18/6
109/6
The following
291-
£454
29/-
36/23/6
24/154
HOLDINGS
MONEY
compilation, made
up
from the daily Gov¬
the money holdings of the
Treasury at the beginning of business on the first of August,
September, October and November, 1938:
ernment
36/23/24/154
37/23/24/3
Nov. 15
19 15-16d.
£1154
75
.
Thiers.,
Nov. 17
Wed.,
Tuts.,
Nov. 14
19 11-164.
Sliver, per oz,. 19Hd.
Gold, p. flneoz. 146s.9d.
Consols, 2H %- Holiday
British 3 H %—
W, L.
Holiday
British 4%—•
1960-90.
Holiday
-
12/17/4/6
1/3
24/133/-
£1454
24/454
Wltwatersrand
£9
£454
29/-
19/-
37 /-
51£2154
71/1054
70/754
30/30/-
£38
£454
— —
Swedish Match B
Unilever Ltd
£4154
£9
Mon„
Sat..
Nov. 12
5/£2154
19/108/9
108/9
£3754
£4»ie
M-
.
£954
£14?4
£1454
19 /108/154
£3854
Rio Tin to..
£41
30/£854
90/12/17/4/6
1/3
24/6
133/6
£1254
75/£954
£14 54
135/-
£13
Metal Box.——.—..
40/100/-
71/1054
90/6
11/6
17/5/1/6
9076
Electric A Musical Ind.
Nov. 18
40/100/-
£21
£9
£9
Beers
Nov. 17
40/100/6
£4154
6/-
for securities, &c., at London,
as follows the past week:
reported by cabie, have been
Fri.,
Nov, 16
40/154
101/-
Canadian Marconi
Thurs
Wed.,
Tues.,
Nov, 15
British Amer Tobacco.
Boots Pure Drugs.—..
The daily closing quotations
as
Mon.,
Sat.,
Nov. 12
1938
19
MARKET—-PER CABLE
FINANCIAL
ENGLISH
Quotations of representative stocks as received by cable
each
Nov.
shows
statements,
Sept.
Aug. 1,1938
1, 1938
Nov. 1,1938
Oct. 1, 1938
,
£7
£754
Areas.........
£654
£7
£754
•
497.138,678
510,994,667
2,248,714
1,229,869
12,386,363
202,039
8,598,462
9,266,785
THE ENGLISH GOLD AND SILVER MARKETS
1042059,367
156.039,431
1178.799666
Net United States notes..
Net Federal Reserve notes
Net National bank notes.
Nov. 2,1938.
Net Fed Res. bank notes
Net subsidiary silver.
Minor coin, Ac.
•
... -
—
$
916.658,864
964,811.36?
512,591,792
3,381,540
618.414,346
Net gold coin and bullion.
Net silver coin and bullion
We reprint the following from the weekly circular of
Samuel Montagu & Cc. ofiLondon, written under date of
*
$
$
521,013,074
2,671,714
893,18P
531,497,362
3,280,519
757,251
634,256
13,180,140
11,126,600
278,966
14,318,778
237.743
9,903,313
294,325
7,897,998
15.021,475
9,102,170
12,312,729
11,347,409
GOLD
The Bank of England gold reserve against notes amounted to £326.414,426
on Oct. 26 as comparedwith £326,414,273 on the previous Wednesday.
In the open market gold to the value of about £4,100,000 was disposet
7 v*.
owuu
rkefc
wnwjvuu
disposed
of at the daily fixing during the week.
Conditions have been rather quiet ,
.
but demand fairly general, with buying
to New York the chief features.
Quotations—
Oct.
27
Oct. 28
Oct. 29
Oct. 31
-
Less gold reserve fund. ...
156,039,431
1516415,955 *1486411,299
156,039,431
156.039,431
886,019,936 1,022,760.135 1,360,376,524 1,33d,371,868
Cash balance in Treas..
Dep. In.spec'l depositories
account Treas'y bonds.
Treasury notes and cer¬
Quotations—
Nov. 1
Nov. 2_.
Average
Per Fine Oz,
.__145s. 7d.
-145s. 10Md.
145s. 10Md.
146s. Md.
„
for the Continent and for shipment
Total cash In Treasury.
Per Fine Oz.
....146s. 3^d.
146s. Id.
-
145s. 11.5d.
.
To credit Treas. U. S_.
To credit disb. officers-
The following were the United Kingdom imports and exports of gold,
registered from mid-day on the 24th ult. to mia-day on the 31st ult.:
Exports
Imports
British South Africa.....
United States of Amer.. £11,271,062
£243,004
British East Africa......
17,552
Belgium
468,920
Cash In Philippine Islands
.
Deposits in foreign depts.
Net cash in Treasury
and in banks.......
Deduct current liabilities.
747,237,000
585,434,000
777,224.848
tificates of indebtedness
Dep. in Fed. Res. banks..
Dep. in National banks—
556,312,000
778,208.617
791,484,000
963,178,151
16,363,528
28.909,589
1,889,887
2,807,880
16,509.491
28.936.859
15,180,983
28,693.850
2,184,233
31,005,560
2.025,087
2,401,843
2.673,316
1,986,310
603,000,049
17,493.328
1,918,257
2,298,649,668 2,407,154.032 3,163,771,057 2,733,012,372
147,578,569
163,861,734
185,310.837
182,638,488
..........
British India......
Belgium
France
Netherlands—........
Switzerland...........
Palestine.............
527,969
3,963
263,365
7,193
5,700
5,808
10,477
...
New Zealand...........
...........
France
Netherlands............
Switzerland
Other countries.....
63,011
205,021
119,121
7,058
6,149
5,099
—.—.
Morocco..
.........
Other countries
......
2,116,011,180 2,259,575.463 2,978,460,220 2,569,150,638
♦
Includes on Nov, 1 $506,239,624 silver bullion and $4,563,229 minor,
as included in statement "Stock
£12,145,441
The Southern Rhodesian gold output for
September, 1938, amounted
67,389 fine ounces as compared with 69,002 fine ounces for August,
1938, and 68,781 fine ounces for September, 1937,
to
The
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATIONS
SILVER
Amount
Prices have fluctuated but the tendency has been slightly easier, today's
quotations of 19^d. for cash and 19Xd, for two months' delivery being
respectively Hd. and 3-16d. lower than those fixed a week ago.
Offerings included sales on Eastern account and re-sales by the Indian
Bazaars, although the latter also appeared as buyers.
American trade de¬
been a feature, but owing to a scarcity of silver of .999
quality, which is the fineness preferred for the purpose, buying orders from
this quarter have been baxed upon the parity of a slightly lower dollar price
than would have been the case had .999 silver been available.
Additional support was provided during the week by some buying which
appeared to be of a special character.
Failing any wide movement in the dollar-sterling exchange, prices in the
near future seem unlikely to
vary appreciably from the present level.
mand has again
The following were the United Kingdom imports and exports of silver,
registered from mid-day on the 24th ult. to mid-day on the 31st ult.:
Imports
w
Hongkong
Japan
:..i.
Belgium
.....
France
.......
Other countries....
Canada...
1,059
57,385
2,580
1,425
1,500
1,116
•5,678
3,689
Hungary
Sweden
........
France.....
Portugal
....
Italy
....
Aden & Dependencies..
Other countries.
.
£795,528
£1,799,603
Including £427,880 in coin not of legal tender in the United Kingdom,
Including $96,452 in coin not of legal tender in the United Kingdom,
Including £1,371,224 in coin not of legal tender in the United Kingdom,
d Coin of legal tender in the United Kingdom.
• Coin not of legal tender
in the United Kingdom,
f Sundry coin.
a
b
c
IN LONDON
-Bar Silver per
Cash
A
Oz. Sid.
2 Mos.
27...19%d.
19 7-16d.
Oct, 29... 19 7-16d.
Oct. 31...19Hd.
Nov. 1...19 9-16d.
Nov. 2_._19Md.
l9Xd,
-
Wheaton, Minn.
Succeeded
Wheaton, Wheaton, Minn.
50,000
COMMON CAPITAL STOCK INCREASED
Ami
of Increase
Nov. 8—The Camden National Bank, Camden, Me.
From $100,000 to $125,000$25,000
Nov. 8—-The First National Bank of Winston-Salem, Winston—
Sales, N. O.
-
AUCTION
The
90,000
From $110,000 to $200,000———
following securities
SALES
were, sold
at auction on Wednesday
of the current week:
By R. L. Day & Co., Boston:
Shares
*
Stocks
$ per Share
250 Springfield Ry. Co. preferred, par $100
8 Manufacturers' National Bank Realty Trust 7% preferred, par $100
60 Lawyers Mortgage Investment Corp. of Boston, par $100—
i—
154
I—
4
,..$61 lot
254
4 i
254
$1154 lot
$21 lot
......
100 Victoria Gypsum Co., Ltd., par $100———.
10 State Street Exchange, par $100
40 Johnson Educator Biscuit preferred A
10 The Torbell Co., preferred, par $1025 Lawyers Mortgage Investment
—
...—
*
—*—————
—
*
„
Corp. of Boston,
60 Riverbank Trust preferred, par $100.
par
——
$100
—
19 5-16d.
Oct. 31..................43 cents
Nov. 1—...
43 cents
19Hd.
19.354d.
1
,
254
—
..$10 lot
354
——
cents
By Crockett & Co., Boston:
Shares
Stocks
$ per Share
100 Boston Railroad Holding Co. preferred, par
10 Nashua A Lowell RR. Corp., par $100..—
$100
8
71
—
,
10 Berkshire Fine Spinning Associates 4$5 preferred
250 Harrington A Richardson Arms Co., par $100
The highest rate of exchange on New York recorded during the period
to Nov. 2 was $4.78 and the lowest $4.7454.
3554
...
—$100 lot
;
3 Old Colony Trust Associates 1st series
Statistics for the month of October, 1938:
5 Hygrade Sylvanla Corp. preferred
from Oct. 27
.
.
w
...
Kristensen,
by: The First State Bank of
50 United States Shares Financial Corp. w. w.__
Oct. 27.
43 cents
Oct. 28....i............
43 cents
Oct, 29.....—..—.......43 cents
19 7-16d.
19.562d.
.
Nov. 7—First National Bank in Wheaton, Minn
Effective Oct. 29, 1938.
Liquidating agent: G. I.
7 Boston Chamber of Commerce Realty Trust prior preferred, par $100
IN NJEGW YORK
(Per Ounce .999 Fine)
Oct, 26..—
—...43
19 7-16d.
Oct. 28...195*d.
Average-
$25,000
„
Effecting Oct. 29, 1938.
Liquidating agent: Gordon McRae,
Graceville, Minn.,
Succeeded by: The First State Bank of
Graceville, Graceville, Minn.
r
2 International Match Realization part paid, and 11 Kreuger & Toll Ameri¬
can certificates
$100 lot.
Quotations during the week:
Oct.
Nov. 7—The First National Bank of Graceville, Minn
Exports
United States of Amer..c£l,725,171
a£441,880
b315,218
d5,000
f3,340
11,560
15,743
2,787
........
Channel Islands
British West Africa
BANKS
NATIONAL
£1.085,031
Ac., coin
of Money."
—Bar Silver per
Cash
,
Highest price
...
...
Lowest price.*.
Average—
—
19 13-16d.
19 5-16d.
19.613d.
Oz. Std.—
2 Mos.'
19%d.
Bar Gold
Per Oz. Fine
19 3-16d.
146s. lOd.
144s. lMd.
19.4423d,
145s. 9.19d.
50 Eastern Utilities Associates
common,
2254
...
1354
.'
Receipt for 1 share 36 East 63rd Street Corp
50 Fisk Rubber Co.
—.106
—.$1 lot
1st preferred, par $100,, and $1,000 Trf Utilities Corp.
5s, Sept. 1, 1979
4
$3 lot
50 Consolidated Cement Corp. class A; 75 Berkshire Fine Spinning Associates
common; 35 Thomas G. Plant Corp. 1st pref., par $100; 20 Boston Chamber
of Commerce Realty Trust, 1st pref., pa-*
$100—
..$1,050 lot
16 New EnglandGharanty Corp. pref., par $100; 8 New England Guaranty
CURRENT
Utility Investments 2d series pref., par $100;
10 American Natural Gas Corp., 7% pref.; receipt for 125 shares South¬
Corp.
NOTICES
common;
5
western Securities
4
—James
Inc.,
New
Company,
Talcott,
York
Inc.
City,
Sugar
has
been
distributors
appointed factor
of rayons;
for
for Ronald
Fabrics,
Sugar Valley
Chenille
Georgia, manufacturers of bedspreads
Inc., New York City, manufacturers of silk.
Valley,
Perfect Silk Mills,
—Manufacturers
Trust
Company
is
Paying
and
for
$45,000 Con¬
solidated School District No." 1, West Carroll Parish, Louisiana, 6% % Bonds,
dated November 2, 1937 and due November 2, 1938-57, inclusive.
Agent
for
InsuU
Corp., and $1,000 Cuban Cane Products Co. 6s, Jan. 1,
1950
$5 lot
By Barnes & Lofland, Philadelphia:
Shares
Stocks
$ per Share
5 Frankford A Southwark Pass. Ry.
104
Independence Indemnity
Co
Co.,
par
$50—
—
85 Industrial Trust Co. common, par $10
180 Ninth! Bank A Trust Co., common, par $10—
100 Mono Service Co., common, par $100—
40
^
$2 lot
1054
—100 at 9 A 80 at f 954
*
80
Volume
'
Shares
$ per Share
270 Paterson Parchment Paper Co., N. J., capital, par S100-—
10 Corn Exchange National Bank <fc Trust Co., par $20
50
70
541 lot
$16 lot
$5 lot
$40 lot
-
200 Arcade Real Estate Co. preferred, par $50
43 Alden Park Corp. cooperative capital
'
25 John Warren Watson Co. common, no par
400 Condor Pictures, Inc., par $1
„
Per Cent
Bonds—
corner
6 flat
Lancaster and Malvern Aves. 1st 6s, 1932.
Name
Share
of Company
American Investment Co. (111.)
American Laundry Machinery Co. (quar.)
American Radiator & Standard
Sanitary Corp.—
Preferred (quar.)
50c
(s.-a.)
,
CALLS
SINKING
AND
Payable in U. S. currency less Canadian tax
Anglo-Canadian Telephone Co. class A (quar.).
Associates Investment Co. (quar.)
FUND
NOTICES
Preferred—(guar.)
a list of bonds, notes and preferred
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Below will be found
stocks of
Page
Date
Company and Issue—
2520
3002
2382
2673
2521
3149
2860
Addressograph-Multigraph Corp., serial debentures— --Dec. 15
..Dec.
1
Alleghany Corp., 20-year 5s, 1930
——Altoona & Logan Valley Electric Ry. 1st lien 4s
Nov. 29
Aluminium, Ltd., 5% sinking fund debentures
Jan.
1
♦American Gas & Electric Co. 5% debentures
—Dec. 21
l
Athens Railway & Electric Co., 1st mtge. 5s 1950
Jan.
15
♦Bayuk Cigars Co. 7% preferred stock
--Jan.
l
Budd Realty Corp., 1st mtge. 6s 1941
Dec.
♦Central Power & Light Co. 1st mtge. 6Ms~
Dec. 17
1
Chippewa Power Co. 1st mtge. bonds
Dec.
1
Cincinnati Gas & Electric Co., 1st mtge. bonds 1967
Dec.
I
Connecticut Ry. & Lighting Co. 1st mtge. 4 Ms
Jan.
♦Container Corp. of America 1st mtge. 6s
Dec. 15
1
♦Crown Willamette Paper Co. 1st mtge. 6s
Jan.
Detroit City Gas Co. (Michigan Consolidated Gas Co.):—
Akron Barberton Belt RR., 1st mtge. 4% bonds
1st mtge. 68, srries A
1st mtge. 5s, series B
Dominion Gas Co., 5%
-
2861
3153
2678
2862
3011
3156
3157
2399
2399
9
Dec.
Dec.
—
9
39
Jan. 1,
coll. trust bonds,
3151
1034
—Jan. 1, 39
Jan.
1
Dec.
1
Jan.
1
First mortgage bonds, series
Fiat
(Turin. Italy)
A & B
7% bonds, 1946
debs. 1943
Frick-Reid Supply Corp., 15-yr. 6%
Gair Realty Corp., 1st mtge. 5s
♦General Public Service Corp. 5M% debs
ref. mtge. 5s, 1977
Dec. 15
First mortgage 4s
1952
Apr. 26
♦Hackensack Water Co. gen. & ref. mtge. 5Ms_—
Jan.
1
Hines Land & Timber Co.—1st mtge. bonds
—Nov. 30
Conv. & non-conv. scrip certificates
Nov. 30
♦Holland Furnace Co. 5% conv. pref. stock
Jan.
1
Holly Sugar Corp. preferred stock
Nov. 19
Indiana General Service Co., 5% 30-year 1st mtge. bds. -Jan.
1
♦Jefferson & Clearfield Coal & Iron Co. 1st mtge. 5s
Jan.
Hackensack Water Co
,
Michigan Consolidated Gas Co
Midi RR. Co. 4% bonds. I960.
Nashville Railway & Light Co. 1st mtge. 5s. 1953
National Acme Co. 1st mtge. 4Mb. 1946
National Steel Corp.. 1st mtge. 4s 1965
♦New Orleans Public Service Inc. gen. lien 4Ms
♦New York Chicago & St. Louis RR. 1st mtge. bonds
1956
3160
3016
2395
3162
RR.
Series D
2399
2691
2871
3166
.
-
Series E
—-----
Series F
—
♦Republic Steel Corp. gen. mtge. 4Mb
Riordon Pulp & Paper Co., Ltd., 30-year 1st mtge.
♦Ruberoid Co. 4% series A dividend notes
San Antonio Public Service Co.
1st mtge. 6s
Sibley Manufacturing Co., 1st mtge. 7s
2871
3166
2873
2873
2698
3168
2873
2873
6% preferred
—
—
2600
2600
—
qpi
.fS
35c
10
3027
3172
2878
2406
2709
3031
2710
2879
2879
2879
Holders
Payable of Record
Dec.
24 Dec.
9
Jan.
25 Dec.
12
3c
SIM
Nov. 25 Nov. 15
31 Dec.
31
Dec.
16 Dec.
2
Dec.
20 Nov. 30
Dec.
Nov. 30 Nov. 21
Dec. 20 Dec.
5
Dec.
1 Nov. 21
1 Dec.
Dec.
12
1 Nov. 15
25c
Dec.
15 Dec.
Dec.
15 Dec.
5
SIM
Jan,
2 Dec.
20
(quar.)
_
.
Dec.
5
1 Nov. 20
25c
3c
Dec.
19 Nov. 25
.
SI
SI
Dec.
19 Nov. 25
75c
Dec.
10c
Dec.
5 Nov. 19
15 Nov. 28
$5
Dec.
22 Dec.
1
$6
Dec.
22 Dec.
1
SIM
Dec.
1 Nov. 15
Dec.
Nov. 25
——-
Extra
—
.
(quar.)—21.
— —
_I
—
Chicago Rivet & Machine.
Cincinnati N. O. & Texas Pacific (s.-a.)
Common (extra)
...
Preferred
—
.
(quar—
City Ice & Fuel Co. preferred (quar.)..
Common (quar.)
^
_
—
_
—
30c
25c
Clark Controller Co...
Clearfield & Mahoning RR.
SIM
(semi-annual).....
Cleary Mines
■
Cleveland Electric Illuminating (quar.)
Year-end dividend..
Preferred (quar.)
i
,
25c
SIM
SIM
...
—
50c
S2
—.
...
U
SIM
SIM
...
Dec.
15 Dec.
1
Dec.
Nov. 22
Jan.
Dec.
Dec.
Nov. 22
Dec. 20 Dec.
Dec. 20 Dec.
Jan.
Dec.
20
8
8
20
Dec. 15 Nov. 25
Dec.
20 Dec.
1
Dec.
20 Dec.
Dec.
6
1
Nov. 15 Nov. 10
20
Dec.
20
1
Dec.
Dec.
1
40c
Dec.
Dec.
1
SI
'
— —
Dec.
Dec.
Dec.
40c
...
...
Jan.
Jan.
25c
Cumulative preferred Series B (quar.).....
Columbia Baking Co. SI cum. partic. pref
SI cum. partic. preferred (extra)
Common (increased)
(quar.)
Nov. 25 Nov. 15
Jan.
Colgate-Palmolive-Peet Co. preferred (quar.)
Colonial Ice Co., common
1
$7 cumulative preferred (quar.)
—;
Columbian Carbon Co.
5c
50c
—
....
Coast Counties Gas & Electric Co., 6% pref—
Colt's Patent Fire Arms Mfg. (quar.)
...
Extras
Dec.
Nov. 25
'
21 Dec.
1
Dec.
15
23 Dec.
1
4 5c
Dec.
75c
Jan.
25c
Dec.
Consolidated Film Industries preferred
25c
Dec.
27 Dec.
30c
Dec.
15 Dec.
5
1
SI
Dec.
SIM
Dec.
15 Dec.
15 Dec.
1
(quar.)
*
(quar.)
(resumed)
Continental Steel Corp.
Preferred (quar.)
.
15c
St
(quar.)
SI
...
—
— .
(quar.)
—
25c
'
—
— -
...
Preferred
—
(quar.)—•
—
Electric Vacuum Cleaner Co., Inc. (reduced) —
El Paso Electric Co. (Del.) 7% pref. A (qu.)__
6% preferred B (quar.)..
—
Ely & Walker Dry Goods (quar.)
Emerson Electric Mfg. preferred (quar.)
—
Empire Power Corp. $6 cum. preferredParticipating stock
Emporium Capwell common
Essex & Hudson Gas Co. (s.-a.)
—
Falconbridge Nickel Mjnes, Ltd
Famise Corp. (reduced)
Federal Mining & Smelting preferred (quar.)—
Feltman & Curme Shoe Stores preferred (qu.).i
Fifth Ave. Coach (quar.)
....
Finance Co. of America (Bait.) common A & B —
7% preferred class A (qqar.) —— .—
Fiscal Fund, Inc. (bank stocks)
— . —
—
—
.—
—
Insurance stocks.
Fresnillo
.'
1'
Co
—
.... —
—
9
23 Nov. 29
Dec. 23 Nov. 29
Dec.
Dec. 21 Dec.
1
15 Dec.
2
Dec. 28 Dec.
13
Nov. 18
Nov. 18
Dec.
Dec.
tSIM
Jan.
3 Dec.
15
Jan.
16 Dec.
31
Nov. 21
Nov. 30 Nov. 21
Georgia Power Co. $6 preferred
$5 preferred
(quar.)
(quar.)
Electric Corp. $.5 pref. (qu.)
General Plastics, Inc., 7% preferred (quar.)._.
6% preferred (quar.)
Glens Falls Insurance Co. (quar.)
Globe-Wernicke Co. 7% preferred (quar.)
Golden Cycle Corn
Goodrich (B. F.) $5 preferred
—
$5 preferred (quar.)
Great Western Electro-Chemical Co
—
Co. (s.-a.)
;
—
7% pref. (quar.)
Gulf States Utilities $6
preferred (quar.)
$5M preferred (quar.)
Watch Co—
Hammond Instrument Co. 6% preferred (quar.)
Hanes (P. H.) Knitting Co. (quar.) —
Class B (quar.)
-
Hamdton
7% preferred
(quar.)
Co. $4 prior preferred (quar.)
Ha vert v Furniture Cos., Inc
Hein-Werner Motor Parts Corn, (quar.)
—_
Hoi linger Consolidated
Extra---—■
Hudson County
Gold Mines, Ltd——— —
Gas (s.-a.)
50c
SIM
SIM
25c
SIM
SIM
15 Dec.
5
Jan.
Dec.
Jan.
Dec.
6
6
Dec.
Dec.
Jan.
Dec.
5
30
Jan.
Dec.
30
Dec.
Nov. 26 Nov. 15
Jan
1
Dec.
15 Dec.
10 Dec.
1
50c
25c
Jan.
3 Dec.
16
$4
Dec.
1 Nov. 19
*7Mc
Dec.
lc
Dec,
29 Dec.
1
8
Nov. 30 Nov. 19
Dec.
15 Dec.
1
SIM
87 Mc
Jan.
3 Dec.
1
50c
Dec.
28 Dec.
13
15c
Dec.
24 Dec.
14
,8Mc
Dec.
24 Dec.
14
4Mc
Dec.
15 Dec.
1
5Mc
1
15 Dec.
Nov. 26 Nov. 23
30c
General Gas &
Greene Railroad
SIM
SIM
SIM
50c
General Cigar Co
General Finance Corp. pref. (s.-a.)
Hartman Tobacco
Dec. 30 Dec. 15
Dec.
1 Nov. 21*
6
17 Jan.
Dec. 31
Dec.
SIM
25c
—
Gulf Oil Corn
16
Jan.
—
Griggs, Cooper & Co.
20
Jan.
65c
...
Dominion Foundries & Steel
2
Dec.
15 Nov. 25
Nov. 19 Nov. 15
62 Mc
25c
....
—
i—
3
3 Dec.
Dec.
Nov, 25 Nov. 19
$2
——
(interim)
15 Jan.
23 Dec.
Nov. 29 Nov. 18
15c
Class A (quar.)
Dr. Pepper Co.
Extra
1
Nov. 29 Nov. 18
—
— —
22 Dec.
2
t75c
2
5
9 Nov. 18
Jan.
n
Chesebrough Mfg. Co. (quar.)
Chestnut Hill RR.
Dec.
Dec.
20
...
Jan.
Jan,
5c
18
-
Eastman Kodak Co
Dec.
SIM
j
....
2406
Jan.
$3
16 Jan.
25c
3028
3030
3030
3172
12Mc
25c
15 Dec.
Jan.
50c
preferred (quar.)—
Dominion Textile, Ltd. (quar.)
Preferred (quar.)
Dominquez Oil Fields (monthly).
East Mahanoy RR. (s.-a.)——
37 Mc
75c
$3
25 Oct.
Dec.
Dec.
—
Extra (stock dividend)
4M% preferred (quar.)
Addressograph-Multigraph (quar.)
— - — —
Aero Supply Mfg., class B
Class A (quar.)
— —
Agricultural Insurance (quar.)
Alabama Great Southern RR. Co.—
Ordinary stock (extra)
Preferred (extra)
Alpha Portland Cement.
—
----American Cigarette & Cigar, stk. div. of 1-40
sh. of Am. Tobacco Co. com. for each s
Amer. Cigarette & Cigar held. —
Preferred (quar.)_ ————
American Electric Securities Corp. partic. pref—
American Hide & Leather 6% preferred.
—
Oct.
75c
...
40c
1
50c
—
SIM
Central Illinois Light Co. 4M% pref.
Central Ohio Steel Products..
Central Tube Co
Dixie Vortex Co.
2404
are:
"s
1
25c
2875
in our "General Corporation and Investment
Department" in the week when declared.
Abbott Laboratories (quar
10
22 Nov. 22
:
Delaware & Bound Brook RR.
2876
When
2 Dec.
Dec.
—
(s.-a.)
(J. I.) Co., pref. (quar.)
Central Arkansas Public Service, 7% pf. (quar.)
Central Cold Storage (quar.)
Darling (L. A.) Co..
name
Per
21
Jan.
Case
3026
paid.
Further details and record of past
dividend payments in many cases are given under the com¬
Share
27 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
50c
Canadian Malartic Gold Mines
Canadian National Corp.
3169
4
of Company
3
Nov. 19 Nov.
Nov. 15 Nov. 10
SIM
Calumet & Hecla Consolidated Copper Co
Canada Cement Co. 6M% preferred
Canadian Industrial Alcohol A and B_
Cur tiss-Wright Corp. class A
have not yet been
Name
if.
...
'
Buckerfield's, Ltd., 7% pref. (quar.)
3169
we
week
121S
Bulolo Gold Dredging (semi-annual).
Burkart (F.) Mfg. Co. (resumed).-
2600
2600
week.
The dividends announced this
Dec. 20 Dec.
5
Dec.
1 Nov. 19
Dec.
-
Cook Paint & Varnish (quar.)
Preferred (quar.)
are grouped
in two separate tables.
In the
bring together all the dividends announced the
'current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
News
1 Nov. 23
1
15 Dec.
Dec.
Dec.
Consolidated Investment Trust
Dividends
pany
Dec. 21 Nov. 28
37Mc
-
—
first
1 Nov. 15
9
31 Dec.
Dec.
Dec. 31 Dec.- 9
Jan.
2 Dec. 12
—
—
DIVIDENDS
1 Nov. 21
Dec.
15c
Brewer (C.) & Co.. Ltd. (monthly)
Briggs & Stratton Corp. (quar.)
British Columbia Electric Ry. 5% pref.
3168
,
Announcements this
Dec.
Dec.
;i
Boston Elevated Ry. (quar.)
Boston Wharf Co. (semi-annual)
2874
Spang Chalfant & Co., Inc., 1st mtge. 5s
Dec.
1st mtge. 5Ms
Dec. I
♦Super-Power Co. of Illinois—1st mtge. 4Mb, 1968—
Dec. 17
17
1st; mtge. 4 Ms, 1970
— Dec.
1
Turner Glass Co. 6% bonds.--.Dec.
1
United States Cold Storage Co. 1st mtge. 6s
Jan.
1
United Wall Paper Factories, Tnc.. 1st mtge. 6s
Dec.
Virginia Elec & Power Co., 1st & ref. mtge. bonds
Mar. 7
3
Washington Gas Light Co., ref. mtge. 5s
--Jan.
9
Washtenaw Gas Co.. 1st mtge. 5s. 1953
Dec.
West Virerinia Pulp & Paper Co. 1st mtge. 4Mb.
Dec. 1
Whitaker Paper Co. 1st mtge. 7s
Nov. 22
White Motor Co.—White Motor Realty Co. 6% debs—-Dec.
1
Wisconsin Electric Power Co.—
1st mtge. 4s, B
Dec.
1st mtge. 5s, B
Dec.
1st mtge. 5s. 1971
Dec.
*
5
10
14 Dec. 15
1 Nov. 21
75c
—
Bon Ami Co. class A (extra)
Class B (extra)
Jan.
SIM
Consolidated Biscuit Co
1
Sisters of St. Joseph in Arizona
50c
Jan.
25c
Birmingham Fire Insurance (Phila.)
Bloch Bros. Tobacco Co
Coniaurum Mines, Ltd.
Connecticut Light & Power
39
-Jan. 1
-'lan.
3 Dec.
3 Dec.
6% preferred (quar.)
Barber (W. H.) Co. (quar.) ——
Beattie Gold Mines, Ltd
:
Beneficial Loan Society (Del.) (quar.)
3025
2699
Dec. 30
6s——Dec. 31
Dec. 20
—
1 Nov. 28
Jan.
■
3166
Nov. 25
Nov. 25
Jan.
3
Jan.
3
-
-
Series I
Atlas Corp.
2695
2695
6% bonds, 1956
♦Philadelphia Rapid Transit Co. real estate bonds
Pennsylvania Glass San Corp., 1st mtge. 4Mb, 1960
3
Pennsylvania Water & Power Co., 1st mtge. 4Mb, 1968—Dec.
Phelps Dodge Corp. 3 M % debentures, 1954
Dec. 15
1
Platte Valley Telen. Corp. 1st mtge. 6s, 1947——
Jan.
1
♦Porto Rico Telephone Co. 6% 1st mtge. bonds
J?ecPower Securities Corp., collateral trust 6s
Dec. 1
Public Service Co. of Nor. 111. 1st lien & ref. bonds:
Paris-Orleans
3160
3016
—
—
2533
2.533
3016
Dec.
—Dec.
Jan.
Dec.
-.Dec.
Dec. 24
Nov. 28
Nov. 25
Dec. 10
Dec.
1
-.Dec. 1
Dec.
1
Nov. 21
Dec,
1
New York Shipbuilding Corp., 1st mtge. 5s 1946
♦Northern Oklahoma Gas Co. 10-year 5% bonds
Ohio Power Co.. 1st mtge. 4Ms
Okonite Co., 15-year 5Ms, 1942
39
268
2683
2866
2866
3160
1 Nov. 19
Dec.
tl5c
„ -—
-
1 Nov. 21
Dec.
Atlanta Birm. & Coast RR. 5% pref. (s.-a.)
Atlantic Coast Line Co. (Conn.)
Extra.
East St. Louis & Interurban Water Co.—
.■
Dec.
$1M
SIM
SIM
S2M
SI
S6
Capita] distribution
REDEMPTION
Payable of Record
20c
American Sugar Refining, pref.
(quar.)
American Surety Co.
American Telep. & Teleg. (quar.)
Andian National Corp. (s.-a.)
Holders
When
Per
43M
3M
100 Land Title Bank & Trust Co., par $5
30 Delaware Rayon preferred.
$1,500 West
3109
Financial Chronicle
147
Stocks
SIM
SIM
SIM
SIM
37 Mc
Dec.
Dec. 15 Nov. 29
Nov, 25 Nov. 19
Jan.
2 Dec. 15
Jan.
Dec.
Nov.
2 Dec.
15
15 Nov. 15
9
15 Nov.
Nov. 15 Nov.
9
40c
Jan.
2 Dec.
15
SIM
Jan.
1
Dec.
20
$1
Dec.
tSIM
SIM
Dec.
in Nov. 30
9
31 Dec.
Dec.
31 Dec.
80c
9
Nov. 30 Nov. 22
SIM
Jan,
19 Dec.
1 Jan.
25c
Dec.
15 Dec.
SIM
SIM
Dec.
S3
Dec.
9'
1
Dec,
1
15 Nov. 30
15 Nov. 30
40c
Dec.
15 Dec.
75c
Nov. 15 Nov.
15c
Dec.
15c
Dec.
Jan.
Ml
Dec.
2
1
1 Nov. 21
31 Nov. 21
3 Dec. 20
8
12 Dec.
20c
Nov. 25 Nov. 18
1.5c
Dec.
15c
Dec.
2 Nov. 18 '
t5c
Dec.
2 Nov. 18 *
$4
Dec.
1 Nov. 19 1
15 Dec.
5
3110
Financial
Per
When
Share
Name of Company
Humble Oil & Refining
62 He
Dec.
Nov. 26
Dec.
Dec
Nov. 17
Special
—
International
Radio, stock dividend.---
International Safety Razor class A
International Salt Co. (quar.)
100%
60c
(quar.)
-
37Hc
Extra
50c
Italo-Argentine Electric Co. (Amer. shs.
Kansas Oklahoma & Gulf Ry.—
Series A 6% cum. preferred:
Series B6% non-cum. preferred
Series C 6% non-cum. preferred.
Kansas Power Co. $7 pref. (quar.)
$6 preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)
Kellogg Spencer & Sons, Inc
Kennecott Copper Corp. (final)
Kysor Heater Co. (quar.)
81.97c
'
S3
$3
$2
SIM
S1H
SIM
—
Nov. 21
Dec.
Nov. 21
Dec.
Dec.
Dec.
Dec.
12*
10
Nov. 25
Dec.
Dec.
1*
Dec.
Dec.
Nov.
Oct.
1*
31
Dec.
Dec.
Nov. 22
Dec,
Nov. 22
Jan.
Dec. 20
Nov. 22
Jan.
Underwood Elliott Fisher Co
United Amusement Corp. class A & B
Extra
'
Dec.
20
Dec.
10
United Gas & Electric
Nov. 23
Dec.
Nov. 25
Dec.
5
Dec.
Dec.
5
5% pref. (s.-a.)-...—
Corp. pref. (quar.)
Preferred
Dec.
1
Dec.
8
Victor-Monaghan Co. 7% preferred (quar.)
Nov. 22
Dec.
Dec.
Nov, 22
Viking Pump Co. (special)
Preferred (quar.)
Dec.
Dec.
13
13
Dec.
Dec.
12
Dec.
Dec.
Dec.
Nov. 30
Dec.
Nov. 30
Dec.
Nov. 30
$1H
Dec,
Dec.
Nov. 29
Magma Copper Co
50c
Manischewitz (B.) Co., pref. (quar.)-May Hosiery Mills, class A
$4 preferred (quar.)
Merck & Co. (resumed)
1*
Nov. 28
Jan,
Dec.
Dec.
Nov. 23
SI
Dec.
Nov. 23
25c
Nov. 28
S1H
Dec.
Jan.
25c
Dec.
Nov. 15
Dec.
-
....
Nov. 15
Dec.
1 Nov. 19
8% preferred (quar.)
Minneapolis-Honeywell Regulator—
4% preferred B (quar.)
Mississippi Valley Public Service Co.—
6% preferred B (quar
7% preferred A (quar.)-Mock, Judson, Voehringer Co., Inc.--7% preferred
SI
...
S1H
SIM
25c
20
1 Nov. 19
Dec.
1
Dec. 20 Dec.
Jan.
1 Dec.
15
Dec.
15 Dec.
1
June
10
Dec. 31 Dec.
Dec. 31 Dec.
9
SIM
...
1 May
50c
Dec. 31 Dec.
9
*5 Dec.
25c
Dec.
Nov. 15 Nov. 10
7Mc
Dairy Products
20c
SIM
Dec.
Tan.
Dec.
50c
Dec.
25c
10 Nov. 21
S1H
2
Northern Oklahoma Gas Co
35c
Ogilvie Flour Mills, pref. (quar.)
Ohio Water Service Co., class A
Omnibus Corp
Preferred (quar.)
Tan.
3 Nov. 29
1 Nov. 21
13
1 Dec.
13
20 Nov. 25
Dec.
Dec.
20 Nov. 25
1 Nov. 19
Dec. 23 Dec.
SI
SIM
7Hc
SI H
Tan.
Tan.
16
Dec.
15 Dec.
Dec.
Tan,
9
15 Nov. 30
11
25 Jan.
-
1 Nov. 20
Jan.
3 Dec.
55c
Phelps-Dodge Corp
I
Philadelphia, Germantown & Morristown RR.
Quarterly
Pittsburgh Coke & Iron Co., pref. (quar.)
Pittsburgh Plate Glass
Dec.
25c
Co. (quar.)
Dec.
9 Nov. 25
Dec.
SIM
SIM
10
Dec.
5 Nov. 19
1 Nov. 19*
23 Dec.
SI
Dec.
60c
Dec.
20c
Dec. 22 Dec.
70c
Preferred Accident Insurance
(quar.)
Dec.
2
9 Nov. 18
8
1 Nov. 19
75c
Dec.
1 Nov. 19
SIM
Dec.
20 Nov. 25
55c
Dec.
20 Dec.
1
50c
_,
Public Service Electric & Gas
Co., $5 pref. (qu.)
Public Service of New
Jersey
6 % preferred
15
(monthly)
Pullman, Inc.
Raybestos-Manhattan Inc
Jan.
14 Dec.
25c
Dec.
15 Nov. 28
25c
Dec.
15 Nov. 30
Reliance Insurance
30c
Dec.
20c
Dec.
15 Nov. 25
15 Nov. 25
3
13 Dec.
-
(Philadelphia)-.--
Richardson Co. (final)
I_III~IIIIIII.IIII.II
I
_l
(quar.).:
III
II
Rich Ice Cream
(increased)
Extra
_
SI
70c
_
6M% preferred
Mfg. Co. 7% preferred (quar.)
Royalite Oil Co, (semi-annual)
;
SI
Dec.
Nov.
1 Oct.
Dec.
15 Dec.
Dec.
15
6
75c
i,
Tan.
50c
,
Dec.
31 Dec. 15
3 Dec. 20
1 Nov. 18
1 Nov. 18
SI H
25c
Dec.
dividend."IIIIIIIIIIII
60c
5
Safeway Stores, Inc. (quar.)
5% preferred (quar.)
I
6% preferred (quar.)_
7% preferred (quar.)....
Bridge Co. 6% 1st pref. (sepii-ann.)._
3% 2nd preferred (semi-annual)
i
St. Louis Rocky Mtn. & Pacific Co
San Gorgonio Electric
Corp. $6 preferred
Schiff Co. (quar.)
7% preferred (quar.)
—IIIIIIIIII.IIII
5M% preferred (quar.)
Scott Paper Co. (quar.)
SIM
SIM
SI H
Dec. 20 Dec.
Dec. 15 Dec.
__
_
__
__
_I._ir II
IIIIIIIIIII
IIIIIIII
Bros., Inc. (quar.)
Shepard-Niles Crane & Hoist Corp
Sherwin-Williams Ltd., 7% preferred
Sherwin-Williams (Canada), pref—..
Simon (Wm.) Brewery
(quar.)
SIM
S3
SI H
1
Tan.
1 Dec.
16
Jan.
1 Dec.
16
Tan.
1 Dec.
16
Jan.
2 Dec.
15
15
Tan.
2 Dec.
25c
Dec.
10 Nov. 25*
tS3
Oct.
15 Oct.
25c
Dec.
15 Nov. 30
SIM
Dec.
15 Nov. 30
Dec.
15 Nov. 30
40c
Dec.
20C
Dec.
15 Dec.
15 Dec.
2
1
11
2
25c
Dec.
14 Dec.
62 He
25c
Dec.
15 Nov. 30
Dec.
1 Nov. 19
t75c
Jan.
3 Dec.
15
tSIM
I
T^n,
3 Dec.
15
2c
Simonds Saw & Steel Co. (quar.)
Sioux City Stockyards Co.
60c
Nov. 30 Nov. 18
Dec.
15 Nov. 29
(passed)
Preferred (interim)
Sonotone Corp
37 He
10c
•
(quar.)
Southeastern Greyhound Lines 6% non-con v. pf
Staley (A. E.) Mfg. Co...
$5 cumulative preferred (quar.)
7% preferred (semi-annual)
Standard Dredging preferred (quar.)
I
Dec.
9
...
Dec.
Dec.
2
$15
Dec.
Dec.
1
15c
Dec.
Dec.
1
Dec.
Dec.
Nov. 25
Nov. 25
Dec.
Dec.
2*
Nov.
Nov. 15
Nov.
Nov. 15
2M%
1M%
Dec.
1
Dec.
Dec.
1
Dec.
Nov. 19
Dec.
Dec.
Nov. 29
Dec.
Nov. 29
Nov. 10
t$l
SIM
Nov. 21
Nov. 21
Dec. 20
Dec.
Jan.
Dec.
Dec.
1
Dec.
Dec.
1
Dec.
Nov. 29
Nov.
Nov. 18
50c
Dec.
Nov. 25
Nov.
Nov. 22
Dec.
Nov. 21
SIM
SIM
SIM
Nov.
Nov. 15
Feb.
Feb.
SIM
May
Aug.
May 15
Aug. 15
+11M
37Mc
Dec.
Nov. 19
Dec.
Nov. 19
SIM
Dec.
1 Nov. J 5
20c
Jan.
2 Dec.
15
SIM
Jan.
Dec.
15
10c
Dec.
Nov. 30
+S3H
SIM
Dec.
Nov. 25
Dec.
Nov. 25
Jan.
Nov. 23
5c
Jan.
Nov. 23
10c
...
Jan.
10c
Extra
Interim-
14
Dec.
1
$2
Dec.
Nov. 25
25c
Dec.
Nov. 19
25c
Wright Aeronautical Corp
Wrigley (Wm.) Jr. Co. (extra)...
Monthly
Monthly
*
Monthly
Yellow Truck & Coach 7% preferred
—
25c
20
Mar. 20
Dec.
Dec.
16
give the dividends announced in previous weeics
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Abbotts Dairies, Inc. (quar.)
Acme Steel Co. (quar.)
L—--
—
American Box Board Co.,
American Chicle Co.
Extra
Dec.
1 Nov. 20
Dec.
1 Nov. 15
15c
Jan.
Dec.
$1M
25c
1M
20 Dec.
10
20 Dec.
10
1 Dec.
20
Dec.
1 Nov. 21
Dec.
15 Nov. 30
Dec.
15 Nov. 30
Nov. 30 Nov. 19
25c
Dec.
15 Dec.
5
37Hc
'Dec.
15 Dec.
5
2 Dec.
Dec. 31 Dec.
15
Dec. 31 Dec. 15
1 Nov. 18
Dec.
Nov. 22 Nov. 8
Dec.
$1H
14
22 Nov. 30
Dec.
I
1 Nov. 15
1 Nov. 15
Dec.
15 Dec.
2
Dec.
(quar.)
15 Dec.
2
SIM
Dec.
1 Nov. 25
10c
Envelope Co., 7% pref. A (qu.)
American Factors, Ltd. (monthly)
American Gas & Electric Co. (quar.)
Preferred (quar.)
American General Corp., $2 pref. (quar.)
S2H preferred (quar.)
S3 preferred (quar.)
American Home Products Corp. (monthly)
Dec.
10 Nov. 30
15 Nov. 15
35c
Dec.
9
1 Jan.
Dec.
1 Nov. 17
62 He
75c
20c
...
Feb.
50c
Dec.
1 Nov. 17
Dec.
1 Nov. 17
Dec.
1
25c
Dec.
1 Nov. 18
SIM
American Metal Co., Ltd
Preferred (quar.)
SIM
Dec.
1 Nov. 18
Nov. 15*
Dec. 20 Nov. 30
4
Nov. 30 Nov.
American Public Service, 7% preferred..:
American Smelting & Refining Co. (quar.)
+S2H
American Thermos Bottle pref. (quar.)
American Thread Co., pref. (semi-annual)
87 Mc
Jan.
0
12Hc
SIM
5%
Jan.
1 Nov. 30
1 Nov. 10
American Tobacco Co. com. &
Anglo-Iranian Oil Am. dep.
Archer-Daniels-Midland Co
Argo-Oil (irregular)
com.
rec.
B
50c
(quar.)..
(interim)
25c
20c
28
1 Nov. 19
Dec.
Nov. 25 Oct. 31
15 Nov. 30
1
15 Dec.
Dec.
1 Nov. 15
Dec.
Dec.
75c
31 Dec. 15
Dec. 31 Dec. 15
1 Nov. 10
Dec.
Dec. 10 Nov. 29
25c
Dec.
5c
Dec.
15 Nov. 22
1 Nov. 15
15c
Corp., Ltd. (quar.)
Dec.
1 Nov. 15
SIM
SIM
Associated Dry Goods 1st pref. (quar.)
Atlas Powder Co
Atlantic Refining Co. (quar.)
Baltimore Radio Show, Inc. (quar.)
preferred (quar.)
Bandini Petroleum Co.
3c
(quar.)
Bangor & Aroostook RR. (quar.).
Nov. 21 Nov.
2
62c
1 Nov. 29
Jan.
1 Nov. 29
SIM
Jan.
2 Dec.
10
Jan.
Dec.
2 Dec.
60c
Bangor Hydro-Electric, 7% pref. (quar.)
6% preferred (quar.)
Bank of America (Los Angeles) (quar.)Bankers National Investing, class A & B
60c. preferred
(quar.)
Barlow & Seelig Mfg., class A (quar.)
Bastian-Blessing Co. (extra)
Jan.
SIM
Preferred (quar.)
31 Dec.
10
15
8c
15c
30c
20c
Beech-Nut Packing Co. (special)
Belding-Corticelli, Ltd. (quar.)
50c
Nov. 25 Nov. 10
Nov. 25 Nov. 10
Dec.
1 Nov. 19
Nov. 25 Nov. 15
Dec.
SI
Preferred
(quar.)
Belding Heminway Co___l~-__--_-___r___;-.
Bellows & Co. class A (quar.)
Bethlehem Steel Corp., 7% pref.
Nov. 23 Oct.
Dec.
$1lf
Extra
6%
Dec. 20
50c
pref. (s.-a.)
Armstrong Cork Co., 4% pref. (quar.)
Artloom Corp., preferred
Asbestos
Dec.
SIM
Arkansas Missouri Power, 6%
Jan.
SIM
Jan.
12 He
25c
15 Nov. 22
3 Dpc.
3 Dec.
Nov. 30 Nov,-
15
15
4
1
Jan.
3 Dec.
2
25c
5% preferred (quar.)
Bird & Son, Inc., 5% pref. (quar.)_
16 Dec.
SIM
(quar.)
Jan.
3 Dec.
2
SIM
Blue
Dec.
3 Dec. 14
Jan.
37 He
50c
(quar.)
Birmingham Water Works, 6% pref. (quar.)
Jan.
Dec.
Jan.
43 Mc
7% pref. (quar.)
1
Dec.
1 Nov. 15
12 Nov. 22
3 Dec. 15
Dec.
SIM
SIM
SIM
—
_-
American Business Shares, Inc
American Capital Corp. prior pref.
25c
25c
„
15
1 Nov. 19
25c
20
Feb.
Apr.
we
12
Dec.
12Mc
Jan.
Mar.
+S1M
Dec.
1
SI M
Feb.
25c
25c
_
.
2 Dec.
Jan.
4°c
1
(quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
West Coast Telephone Co. 6% preferred....—
6% preferred (quar.)
West Jersey & Seashore RR.—
6% special quaranteed (semi-annual)
Weston (Geo.) .Ltd
;
West Virginia Water Service Co.—
$6 cumulative preferred (quar.)
Wilson Products, Inc
Wolverine Tube Co. 7% preferred
7% preferred (quar.)
Wright-Hargreaves Mines (quar.)
15 Dec.
Tan.
SI H
30c
30c
3M%
Standard Oil of Kentucky (quar.)
Extra
Nov. 15 Nov.
15c
South Carolina Power Co. $6 pref.
(quar.)
Storkline Furniture Co
m
Sunset-McKee Salesbook Co. B (quar.)
Class A (quar.)
50c
50c
American
Development, Ltd. (semi-annual)
f
16
25c
...
Dec.
SI
;
Dec.
SI H
American Arch Co
15
29 Dec.
Tan.
50c
Extra
Jan.
20c
2
30 Dec.
Dec.
50c
Seeman
68Mc
15
60c
3
Dec.
SI H
Ee?fe,T?!epvCo- (Butler, Pa.), 6% pf. (quar.)
Pet Milk
Scranton Lace Co
16
SIM
—
Agnew-Surpass Shoe Stores preferred (quar.)
Alabama Water Service Co. $6 pref. (quar.)
Allegheny Ludlum Steel Corp.—
Preferred (initial, quar.)
Allied Laboratories (quar.)
Allied Products class A (quar.)
Allis-Chalmers Mfg. Co
Aluminum Mfrs.. Inc. (quar .)
7% preferred (quarterly)
1 Nov. 19
15c
Extra
Dec.
2
15 Dec.
7
Nov. 25 Nov. 15
Dec.
70c
(semi-ann.)
Ruberoid Co., year-end
Jan.
15 Nov. 28
SI. 30
$2
;...
;
Risdon
17
15c
15
21 Dec.
Dec.
Preferred (quar.)__.
Package Machinery Co. (quar.)
Paraffine Cos., Inc.
(quar.)
Preferred (quar.)
Penick & Ford, Ltd., common
Pennsylvania Salt Mfg
_
Dec.
1 Nov. 21
3 Dec.
Dec.
Dec.
;
Teleg. (quar.)
Newmont Mining Corp
New York City Omnibus-
Extra
Feb.
t«1.16»i Dec.
— ^
^
Virginia Electric Power $6 pref. (quar.)...
Waialua Agricultural, Ltd
Washington Water Power $6 pref. (quar.)
Wayne Pump Co
:
Welch Grape Juice Co
Below
Dec. 15 Nov. 29
30c
■
15
Dec.
SIM
1
9
25c
...
Preferred A & B (quar.)
National Life & Accident Insurance
(quar.)._
National Oat Co._
_
20
S2M
S2H
(quar.)
^
— _ —
50c
Preferred (quar.)
Muskogee Co
Nashua Gummed & Coated
Paper Co
National Container Corp
-
2 Dec.
20
SIM
Monsanto Chemical (quar.)
Preferred (semi-annual)
Prentice-Hall, Inc. (quar.)
Preferred (quar.)
Jan.
Dec.
^0 preferred
Preferred
50c
SI M
"
r_
Penn Traffic Co.
Dec.
Dec.
Dec.
Nov,
Nov. 29
10c
Louisville & Nashville RR_
Otis Elevator Co
Nov. 21
Dec.
75c
1M%
...
Commodity
Utah Power & Light Co. 7% preferred
Dec.
tSIM
National Standard Co
New England Telep. &
Dec.
75c
Universal
75c
_.I
com.
Nov. 21
37 He
71c
United States Plywood Corp. pref. (quar.)
United States Tobacco Co. (year-end div.)
Dec.
+S1M
tSl H
(quar.)
Louisiana Southern Utilities 7% preferred
Morris Finance Co., class A
Class B common
(quar.)
Nov. 23
Nov.
15c
Dec.
Dec.
SIM
$6 preferred (quar.)
Merrimac Hat Corp..
Nov. 15
Nov.
50c
United Gas & Electric Co.
Dec,
25c
-
•
6M% preferred-_r
6% preferred.
Dec.
50c
30c
(s.-a.)
50c
-
Lone Star Cement Corp
Louisiana Land & Exploration Co.
20c
25c
—
50c
Stores, Inc. (quar.)
7% preferred (quar.)
Preferred
(quar;)-
Dec.
Dec.
Holders
When
Payable of Record
25c
Tilo Roofing Co., Inc.
Extra
50c
Loew's, Inc. (quar.)
Placer
Dec. 20
Dec.
t$l
SIM
-
-
Lincoln
National
Jan.
Jan.
1938
19
27 He
Stuart (D. A.) Oil Co., Ltd., partic. pref. (quar.)
Superior Portland Cement class B
Participating class A (monthly)
Sylvanite Gold Mines, Ltd. (quar.)
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Preferred (quar.)
—
Talcott (James), Inc. (quar.)._
5M% partic. preferred (quar.).j.
Texas Gulf Sulphur (quar.)
Texas Pacific Land Trust ctfs. of prop. Interest.
Sub-sh. ctfs. for sub-shs. in ctfs. of prop. int..
SI
15c
10c
-
Lake Shore Mines, Ltd. (quar.)
Lexington Utilities, $6M pref. (quar.)
Li bbev-0 wens-Ford
Extra
Nov. 17
30c
-
■
-
Per
Share
Name of Company
—
__
Extra
Nov.
Holders
Payable of Record
125c
137 He
Indianapolis Water Co., 5% cum. pref. A (quar.)
SIM
International Harvester Co. (quar.)
40c
International Petroleum Co., Ltd. (s.-a.)
175c
Special
150c
Imperial Oil Ltd. (semi-ann.)
Chronicle
Dec.
1 Nov. 21
Dec.
15 Dec.
1
Dec.
—
Ridge Corp., preferred.:
Opt., l-32nd sh. of com. for each pref. or cash
Borg-Warner (special)
Boston Fund, Inc., (quar.)
Boston Woven Hose & Rubber Co., preferred
Bridgeport Gas Light (quar.).
Bright (T. G.) & Co., Ltd. (c
(quar.)
6% preferred (quar.)
Bristol-Myers Co. (quar.)
Brooklyn Edison Co. (quar.)
Brooklyn Teleg. & Messenger Co. (quar.).
Dec.
1 Nov.
5
25c
Dec.
Nov. 29
14c
Nov.
Oct.
S3
Dec.
Dec.
50c
Dec.
Dec.
Dec. 15
Nov. 30
7 He
SIM
60c
$2
SIM
31
1
Dec.
Nov. 30
Dec.
Nov.
Nov. 15
Nov. 10
Dec.
Nov. 19
Volume
Per
Share
Name of Company
10c
Brown Fence & Wire
Brown Shoe Co
15 Nov. 25
Dec.
1 Nov. 12
1 Nov. 25
Dec.
10c
Dec.
40c
Jan.
35c
Jan.
$8c
Dec.
J37Xc
Dec.
Dec.
1 Now 15
$1H
Dec.
15 Nov. 30
10 Dec. 23
General
16
2 Oct.
20
Dec.
24 Dec.
6% preferred
—
Central Ohio Light & Power $6 pref. (quar.) —
Central & South West Utilities, $7 prior lien__
$6 prior lien
Century Ribbon Mills, pref. (quar.)
Champion Paper & Fibre pref. (quar.)
Chartered Investors, Inc., $5 pref. (quar.)
Chicago Corp.. preferred *
Chicago Yellow Cab Co. (quar.)
Chile Copper Co
Chrysler Corp
Cincinnati Union Terminal 5% pref. (qu.)
City of New Castle Water Co., 6% pref. (quar.)
Clark Equipment Co. (resumed)-.--
14
Dec.
15 Dec.
10
flX
Nov. 22 Nov.
tfi
tfl
SIX
Dec.
Dec.
7
Dec.
six
Dec.
1
_
(quar.)
1 Nov. 18
50c
—
Dec.
Nov. 29 Nov. 10
SIX
fix
fix
Dec.
Dec.
25c
Dec.
flX
87 Xc
Dec.
Dec.
$2
Dec.
SIX
$21.40
$3
25c
Extra
Class A
(year-end)--
—
Collins & Aikman Corp
(quar.)
Columbia Broadcasting System Inc.—
Class A and B (quar.) —
—
Dec.
15 Dec.
Dec.
2
15 Dec.
1 Nov. 18
Dec.
1 Nov. 18
25c
Dec.
9 Dec.
C (quar.)—
Compania Swift Internacional (quar.)
1
1
Confederation Life Assoc. (Toronto) (quar.)
—
pref. (qu.)
Dec.
9 Dec.
flX
Dec.
50c
Dec.
Dec.
31 Dec.
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec.
15 Nov. 30
Dec.
15 Nov. 10
50c
Dec.
1 Nov. 21
30c
Jan,
Dec.
2 Dec. 10
1 Nov. 15
40c
Dec.
25c
Dec.
15 Nov. 15
2
20 Dec.
30c
Dec.
10
Consolidated Diversified Standard Securities—
37 Xc
$2X non-cum. preferred (semi-ann.)
Consolidated Edison Co. of N. Y. (quar.)
Continental Casualty
Extra
(quar.)--
(quar.)
Continental Oil Co
Copperweld Steel Co.
Cosmos Imperial Mills, Ltd.
Crane Co. preferred (quar.)
—
5% pref. (quar.)..
Creameries of America, Inc., preferred
(quar.)_
flX
flX
fix
87 Xc
Dec.
14
Dec.
15 Dec.
Corp
Extra
Dec.
Nov.
"g
M
E^TOTnrfeh^ePu^hcrSeHice"Co."$^6 X pref."(qu.)
$6 preferred
(quar.)
(quar.)
Dec.
Nov. 18
Nov. 18
Dec.
Dec.
14
Dec.
Dec.
1
Nov.
Nov. 16
Nov. 30
Nov. 19
Kroehler
Nov. 15
23
El Paso Natural Gas,
Empire & Bay State
Class A
(extra)
(interim)
Ex-Cell-O Corp. (increased)
Faber, Coe & Gregg, Inc. (quar.)
Fajardo Sugar Co
Falstaff Brewing Corp. (quar.)
Preference
1 Nov. 18
Nov. 18
Nov. 10
Nov. 10
Quarterly
Quarterly
—
(semi-ann.)
Co
Federal Compress & Warehouse Co. (quar.)
Preferred
Faultless Rubber
—
—
15 Dec.
1
Dec.
15 Dec.
1
Nov. 23 Nov. 10
1 Nov. 25
Dec.
Dec.
20 Dec.
1 Nov. 14
Dec.
Dec.
1 Nov. 21
1 Nov; 10
Nov. 19 Nov.
1
Nov. 19 Nov.
1
31
31
Dec.
1 Oct.
Dec.
1 Oct.
Jan.
2 Dec. 20
62 Xc
Feb.
1 Jan.
Dec.
$1X
$1ii
62*ll
12 Dec.
Jan.
8
2 Dec. 20
Feb.
1 Jan.
1 Nov.
-
(s.-a.)
Dec.
1 Nov. 15
Dec.
1 Nov. 15
1 Nov. 15
Dec.
Dec.
15 Dec.
Dec. 22 Dec.
7
Dec.
13
Jan.
2
15 Nov. 29
Dec.
1 Nov. 15
Dec.
1 Nov. 18
Jan.
Dec.
2 Dec. 15
1 Nov. 10
40c
Dec.
1 Nov. 10
fl
Dec.
1 Nov. 15
$1
Dec.
(quar.)
7% pref. (quar.).
Mines (quar.)
McKenzie Red Lake Gold Mines (qu.)
McKesson & Bobbins, $3 pref. (quar.)..
Macassa Mines, Ltd. (quar.)
May 16
Manhattan Shirt
Garden
Co
Masonite Corp. common
(quar.)
May Department Stores
Preferred
—
1 Nov.
27
8
Dec.
3 Dec. 15
10 Nov. 25
$1.10
Dec.
10 Nov. 25
25c
Dec.
1 Nov. 10
12 Xc
Dec.
1 Nov. 10
flX
50c
$2
$3X
Jan.
Nov. 30 Nov. 19
Dec. 31 Dec. 21
Jan.
3 Dec,
24
Mar. 25 Mar. 25
Dec.
22 Nov. 22
Dec.
20c
1 Nov. 21
1 Nov. 21
Dec.
fix
fix
$3
43 Xc
1 Dec.
Jan.
19
'
Dec.
1 Nov. 17
Dec.
1 Nov.
5
Dec. 21
Jan.
1
Jan.
3 Dec.
15
Nov. 30 Nov. 29
1 Nov.
*50c
Dec.
3c
75c
Dec.
Dec.
15 Dec.
15 Dec.
1
1
1
5c
5c
Dec.
15 Nov. 30
Dec.
15 Nov. 30
50c
Dec.
25c
Nov. 30 Nov. 15
20c
Dec.
25c
Macy (R. H.) Co—
*
Dec.
Dec.
1 Nov. 10
10 Nov 21
SIX
75c
Doc.
1 Nov. 21
Dec.
1 Nov.
—
Madison Square
1 Nov. 15
15 Dec.
Jan.
25c
I'M
McClatchy Newspapers
Extra
20c
(quar.)
Mclntyre Porcupine
Nov. 15
5
Nov. 30 Nov. 18
Dec.
-—
(quar.) .
Lynchburg & Abingdon Teleg. Co. (s.-a.)
Nov. 15
17
Nov*. 25 Nov. 15
65c
66c
pref. (quar.)
Ludlow Mfg. Associates
Lunkenheimer Co. 6X% pref.
5
1
31
13c
Lord & Taylor 1st
5
20
1 Nov. 17
Dec.
Dec.
Dec.
67c
—
Loose-Wiles Biscuit pref.
6
Dec.
40C
(monthly)
Extra
20
Nov. 17
1 Nov. 15
Dec.
flX
A and B (quar.)—
Longhorn Portland Cement Co.—
5% refunding participating pref
8
Mar. 18
Dec. 15
Dec.
2
50c
........
Nov. 15
Feb. 13
Extra
Dec.
4
1
15 Dec.
15 Nov 30
1 Nov. 15
1 Nov. 10
$1X Dec.
flX
4% pref. (quar.).
Monthly—
8% preferred (quarterly)
Lockhaft Power Co., 7% preferred
Lone Star Gas
Dec.
9
Nov. 15
—
1 Nov.
Dec. 31 Dec.
flX
.......
Original capital
Nov. 17
Dec.
Monotype Machine
Extra
Lock Joint Pipe
1
Nov.
1 Nov. 15
Jan.
fix
Mfg. Co. 6% class A pref. (quar.)
Loblaw Groceterias Ltd., class
Nov. 14
Nov.
.
4c
Bpod (il
Liggett &T Myers Tobacco A & B (quar.)
Class A & B (extra)
Line Material Co
Link-Belt Co. (quar.)..
Preferred (quar
—
Little Miami RR. special guaranteed (quar.).
3-31-39 3-20-39
6-30-39 6-20-39
Nov.
(liquidating)
Esquire-Coronet, Inc. (quar.
Every Ready Co., Ltd. (Great Britain) ord stk.
1 Dec. 12
3 Dec. 31
9
1 Nov.
Jan.
_
Nov. 15
Dec. 24
Equity Shares
Nov. 21 Nov. 10
Dec.
t$3X
ii
Lexington Water Co., 7% pref. (quar.).
Life & Casualty Insurance Co. (Te
?enn.)
Life Savers Corp. (quar.)
4
20
Nov. 15
—
1 Nov. 18
$2
30c
Nov. 15 '
Nov. 19
Emporium Capwell 4X% pref. A (quar.)
Emsco Derrick & Equipment (quar.)
Dec.
%
fix
fix
t62Xc
87 Xc
preferred (quar.)
Lehigh Portland Cement Co.
Nov. 18
preferred (quar.)..
Teleg. 4% gtd. (qu.)
A (quar,)__---
1 Nov. 18
flX
Leslie Salt Co. (quar.)
Le Tourneau (R. G.), Inc
Nov. 15
Empire Capital Corp., class
12 Nov. 18
Dec.
50c
Leath & Co., preferred (quar.)
Nov.
Dec.
25c
Nov. 18
6
---
31
1 Oct.
t75c
fiX
25c
;.
1
6
Electrol, Inc., 6% preferred
Electrolux Corp. (quar.)—
14 Dec. 31
Dec.
25c
1 Nov. 10
Nov. 23*
Nov.
5
Electrical Products Corp
6 Nov. 29
Dec.
Dec.
Lt. Co. 7% Pf• (Qu •)
1 Nov. 10
Dec.
Nov. 15
4c
30c
Superior District Power Co.—
7% cumulative preferred (quar.)
6% cumulative preferred (quar.)
Landis Machine 7% pref. (quar.)
1
Dec.
Jan.
1
1 Nov. 10
14 Dec. 31
Lake
20
Preferred (quar.)
Electric Boat Co
Electric Shareholdings $6
Jan.
—
Dec.
ec.
$1
Dec.
Dec.
Dec.
Dec.
Dec.
Lanston
31
Dec.
flX
Dec.
1 Nov. 10
2 10-39
Dec.
1 Nov. 15
$1.45
t50c
3-1-39
Dec.
1 Nov. 15
Dec.
Kroger Grocery & Baking (quar.)
6% preferred (quar.).
••)7% preferred (quar
Kundsen Creamery Co.
t37Xc
$1.50 cumulative classs A (quar.)
flX
Lake of the Woods Milling, preferred (quar.)...
Nov. 15
Nov. 24 Nov.
Nov. 25 Nov. 19
Dec.
preferred (quar.)
Kresge (S. S.)
Nov. 19
ec.
1 Nov. 10
40c
3
Nov. 15
Dec.
Nov. 15
1 Nov. 15
Dec.
8X6
2c
Dec.
Nov. 21 Nov.
1
Dec.
.
Extra
Jan.
5 Dec.
20
30 Dec.
25c
Kobacker Stores, Inc.,
Jah.
37Xc
SIX
v. t. c. conv. (quar.)
Nov. 19
Dec.
37&°
■
Mfg.
Nov. 30
Jan.
16*
3 Dec.
SIX Jan.
:
Corp
Jan.
Dec.
6
Nov. 25 Nov. 15
$1
flX
Dec.
Eastman Kodak Co.
preferred
Opt. div. of 44-lOOOths of a com. sh. or cash.
(monthly)
(quar.)
Jan.
Dec.
20 Jan.
Nov. 25 Nov. 15
15c
Klein (D. Emil) (quar.)
Preferred (quar.)
Dec.
1 Nov. 18
Dec.
Jan.
Dec.
Dec.
Dec.
1 Nov. 15
50c
Jaeger Machine (resumed)
Jantzen Knitting Mills pref. (quar.)..
Jewel Tea Co., Inc. (quar.)
Kansas City Southern Ry. preferred—
Kemper-Thomas, 7% special pref. (quar.).
Kendall Co. partic. preferred A (quar.)..
Kentucky Utilities, jr. preferred
Junior preferred (quar.)
Kirkland Lake Gold Mining Co. (s.-a.)
Nov. 14
Nov.
1 Nov. 15
Dec.
flX
fix
(quar.)..
Extra,...
Nov. 15
Dec.
3 Dec.
Dec.
25c
50c
Irving Air Chute (quar.)
Nov. 29
Nov.
15
Jan.
50c
Dec.
Iron Fireman
Nov. 15
Dec.
tflX
Crowley, Milner & Co. prior preferred
pref. (qu.)_ 56 Xc
flX
Crown Zellerbach Corp. $5 cum. perr. (quar.)__
$3
Crow's Nest Pass Coal Co., Ltd
30c
Crum & Forster Insurance Shares A & B—-_
Preferred (quar.)
Crum & Forster pref. (quar.)
flX
Cuneo Press, Inc. 6X% pref. (quar.)
256
Curtis Mfg. Co. (monthly)
t87Xc
Cushman's Sons, 7% preferred
25c
Darby Petroleum Corp. (semi-annual)
—
$25
Davis Coal & Coke Co., capital (distribution) —
$25
Capital distribution
j.
Dayton Power & Light Co., 4X % preferred—
35c
Deere & Co. preferred (quar.)
75c
Dentist's Supply Co. orN. Y. (quar.)—.——
flX
7% preferred (quar.)
—
2X%
Deposited Bank Shares N. Y., series A
—
Payable in stock.
30c
Detroit Gasket & Mfg., preferred (quar.)_
$2
Detroif Gray Iron Foundry (semi-annual)
10c
Detroit Motor bus Co. (liquidating)
25c
Diamond Match Company (quar.)
-----75c
Partic. preferred
25c
Dictaphone Corp
—
Preferred (quar.)
Dr. Pepper Co. (quar.)
Dominion & Anglo Investment Corp., Ltd.—
$2X
5% preferred (accumulated)
Douglas Aircraft Co. (resumed)
Early & Daniel Co., pref. (quar.)
Preferred (quar.)
----Preferred (quar.)
East St. Louis & Interurban Water Co.—
7% preferred (quar.)
flX
flX
31 Dec. 16
1 Nov, 15
Dec,
Dec.
1 Nov. 18
Nov. 25 Nov. 15
Inter type
Nov. 30
Crown Cork & Seal, Inc., $2X cum.
1 Nov. 16
Dec.
15c
Ironwood & Bessemer Ry. &
Nov. 30
Dec.
1 Nov. 15
Dec.
International Power Security $6 pref. A
Interstate Natural Gas
2
25c
'
Dec.
75c
International Nickel of Canada
1
25c
Creole Petroleum
tflX
43 Xc
25c
(quar.)
Inland Steel Co
International Bar vester,
Nov. 10
Dec.
1 Nov. 10
-
Dec. 31
Jan.
1 Nov. 10
Dec.
20c
Preferred
25
5i.c
(quar.)_
Consolidated Cigar Corp., preferred (quar.)
Connecticut River Power Co., 6% pref.
1
1 Nov. 10
1 Nov. 19
Howey Gold Mines, Ltd. (interim)......
Hudson Bay Mining & Smelting Co., Ltd
Huntington Water Co., 7% pref. (quar.)
6% preferred (quar.)
Idaho Maryland Mines (monthly)
Illinois Central, 4% leased lines (s.-a.)
Imperial Life Assurance Co. (Canada) (quar.)..
Ingersoll-Rand Co
1 Nov. 15
Dec.
15 Dec.
Dec.
Dec.
Extra.:
1 Nov. 15
1 Nov. 15
tfl
fix
62 Xc
flX
flX
15 Nov. 15
Dec.
Nov. 21 Nov. 10
1 Nov. 19
....
2
10c
Class A and B (special)
Commonwealth Utilities $6X pref.
1 Nov. 18
10 Nov. 30
Dec.
.
2
Dec.
1
15 Jan.
Dec.
Dec.
Dec.
Monthly
Hires (Chas. E.) Co., class A com. (quar.)
HobartMfg. Co., class A (quar.).
Holt (Henry) & Co. partic. class A
Homestake Mining Co. (monthly)
Hooven & Allison Co., 5% pref. (quar.)
...
Horn (A. C.) Co.—
7% non-cum. prior partic. preferred (quar.)..
6% non-cum. 2d partic. preferred (quar.)
Horn & Hardart (N. Y.), preferred (quar.)
Household Finance Corp. (quar.).
2
Dec.
Jan.
Hibbard, Spencer, Bartlett & Co. (monthly)
2
15 Dec.
15 Dec.
15 Dec.
1X%
-
Hazel-Atlas Glass Co.
15
Dec.
Harbison-Walker Refractories, pref
Hart-Carter Co. (resumed)
Hawaiian Electric Co., Ltd.
19
I Nov. 10
1 Nov. 10
Dec.
75c
Dec.
1 Nov. 18
15 Nov. 28
15 Nov. 28
Dec.
50c
Special (guaranteed) (quarterly)
1
9
22 Dec.
63c
Class A and B (extra)
Hanna (M. A.) Co., $5 cum. preferred
12 Nov. 14
Jan.
1 Jan.
Dec.
25c
...
1 Nov. 15
25c
—
Dec.
fl
Feb.
Nov. 25 Nov. 15
flX
:
7% preferred (quar.)
Hale Bros. Stores (quar.)
Hamilton Watch Co., preferred (quar.)
Hammermill Paper Co., 6% pref. (quar.)
Hancock Oil Co. of Calif. A and B (quar.)
1 Dec. 15
1
1 Nov.
t50c
t25c
Hackensack Water (semi-ann.)
Nov. 18
Jan.
fix
fix Dec.
50c
Green Mountain Power Corp., $6 pref.
1 Nov. 19
20 Nov. 30
20 Nov. 30
Dec.
pref. (quar.)_.
Great Northern Paper (quar.)
Extra.
15 Nov. 19
15 Nov, 19
Dec.
Corp
Union Co preferred
Great Atlantic & Pacific Tea Co
Preferred (quar.)
Nov. 25 Nov. 15
«1X
1 Nov. 15
12 Nov. 17
$2X
$1X
fl
fix
25c
Grand
Nov. 25 Nov. 15
fix
fix
-
(quar.)
21 Dec.
Dec.
50c
Goodyear Tire & Rubber Co., $5
Gorham Mfg. Co. common
Gossard (H. W.) Co
1 Nov. 15
Dec.
6oc
,
—
Golden Cycle
1 Nov. 15
Dec.
f 1X
$1
Georgia RR. & Banking Co. (quar.)
Globe-Democratic Publishing Co. 7% pref.(qu.)
20
15 Nov. 19
1
1 Dec.
Dec.
75c
General Tire & Rubber Co
fix
■—
Cleveland & Plttsb. RR. Co., reg. guar,
16
2 Dec.
Nov. 21 Nov. 14
Dec.
flX
--
Motors
2 Dec.
Jan.
Dec.
Jan.
17 Nov. 26
1 Nov. 15
75c
General America Corp. (quar.)
General Cigar Co., Inc., preferred
Jan.
Dec.
Preferred (quar.)
Cattawissa RR. Co., 5% 1st & 2nd pref. (s.-a.).
Central Illinois Public Service $6 pref
—
Consolidated Paper Co. (resumed)
Continental Can Co., Inc., $4X pref.
50c
20c
Jan.
$1X
tflX
Caterpillar Tractor (quar.)
Connecticut Light & Pow. Co., 5X%
Connecticut Power Co. (quar.)
flX
Jan.
$1
Preferred (quar.)
Preferred
J25c
Gatineau Power Co.
$1
Carman & Co., Inc., class A
Carolina Telep. & Teleg. Co. (quar.) —
Carter (WmO Co., Inc., 6% pref. (quar.)
Coca-Cola International Corp.
Class (semi-ann.)
±
Dec.
Dec.
1 Nov. 15
1 Nov. 15
Dec.
Corp
Preferred (quar.)
General Outdoor Advertising, class A
t$2
Dec.
fix
44c
—
3 Dec. 28
1 Nov. 15
Jan.
87 Xc
$1X
-
1 Nov. 15
Dec. 31 Dec. 24
Freeport Sulphur Co. (quar.)
(quar.)..
Preferred (quar.)
15 Dec.
1 Nov. 15
Dec.
Ford Motor of Canada, class A & B (quar.)
1 Nov. 15
Dec.
_
A (quar.)
(quar.)..:-
7% preferred
1
1 Dec. 15
2 Dec. 15
15 Nov. 15
125c
Canadian Cottons, Ltd. (quar.)
Preferred (quar.)
Canadian Oil Cos., Ltd. 8% pref. (quar.)
Canfield Oil Co. (resumed)
Coca-Cola Co
Fishman (M. H) Co. (quar.)
Florida Power Corp., 7% pref.
!1|
87i
Holders
When
Payable of Record
Dec.
First National Bank of Jersey City (quar.)
First National Bank (Toms River, N. J.) (quar.)
5 Oct. 28
1 Nov. 10
Dec.
Share
of Company
Federal Light & Traction preferred (quar.)
Firestone Tire & Rubber Co., 6% pref. A._
1 Nov. 18
Dec.
37Xc
$1X
Canada Wire & Cable preferred (quar.)
Canadian Car & Foundry, preferred
Preferred
Dec.
50c
.
Name
Nov. 30 Nov. 15
50c
-
Per
Holders
When
Payable of Record
5(Jc
Buckeye Pipe Line (irregular)
Bullock's, Inc
Bunte Bros., 5% pref (quar.)
Burroughs Adding Machine Co
Butler Bros, preferred (quar.)
Butler Water Co., 7% pref. (quar.)
Calamba Sugar Estates (quar.)
7% preferred (quar.)
Calgary & Edmonton Corp., Ltd
Canada & Dominion Sugar Co. (new)
Canada Foundries & Forgings, Ltd., A
3111
Chronicle
Financial
147
*
(quar.)
---
"—
(quar.)
—-
1 Nov.
4
.
15
3112
Financial
Per
Share
Name of Company
Mead Corp., $6
preferred A (quar.)
MIdco Oil Corp. vot. tr. ctfis.
Middlesex Water
Dec.
25c
Dec.
Per
Name
1 Nov. 15
1 Nov. 15
Dec.
15 Dec.
Dec.
1 Nov. 21
Dec.
Dec.
Dec.
1
Nov. 21
Rolland Paper Co. 6% pref. (quar.)
Dec.
1 Nov. 15
10c
1
Nov. 21
Dec.
1 Nov. 19
Dec.
1
Nov. 15
Roxborough Knitting Mills, pref. (quar.)
Roxy Theatre, Inc.. preferred (quar.)
25c
75c
Nov. 25 Nov. 10
Dec.
1 Nov. 25
Jan.
3 Dec. 26
Dec. 15 Nov. 15
Nov. 25 Nov. 15
A pref. (qu.)
—
21
21
19
3
30
$234
$134
Dec.
1
Jan.
2 Jan.
35c
Dec.
Dec.
1
$1
2UC
Nov. 21
Nov. 10
2
Nov. 26
Fuel Supply
lc
25c
Dec.
Dec.
Dec.
15 Nov. 15*
Nov. 23 Nov.
9
$2
75c
Dec.
1
8% pref. (quar.)
—
Murphy (G. C.) Co. (quar.)
Muskogee Co., preferred (quar.)_
Muskegon Piston Co. (resumed)
Mutual Chemical Co. of Am. (5% pref. (quar.)__
1
Nov. 15
15 Dec.
National Biscuit Co
Preferred
(quar.)
National Lead Co., preferred A (quar,)__.—
National Power & Light Co., (quar.)
National Steel Corp
1
$134
Dec.
1
50c
Dec.
$134
Dec.
15 Nov. 23
28 Dec. 15
40c
___
Dec.
Dec.
15 Nov. 15
Nov. 19
Nov. 15
1 Nov. 14
Dec.
1 Nov. 14
25c
Dec.
15 Nov. 30
50c
Dec.
$2
Dec.
10 Nov. 19
14 Dec.
2
1
Nov.
1
$134
Dec.
Newberry (J. J.) (quar.)
5% preferred A (quar.)
Norfolk & Western Railway (quar.)-*
Preferred (quar.)
50c
Dec.
22 Dec.
$134
$234
$1
Dec.
Dec.
1
Nov. 21
10
1
Dec.
1
Dec.
15
$134
Dec.
Dec.
*'
Nov. 15
Dec.
1
5
1
7
Nov. 15
Nov. 15
Dec.
1
Dec.
Dec.
Dec.
10 Dec.
Dec.
1
1
Dec.
4
1 Nov. 19
I Nov.
1
$3
Dec.
Dec.
1 Nov.
10c
Dec.
1 Nov. 18
1 Nov. 18
1 Nov. 15
50c
Dec.
Dec.
2234c
1
Dec.
1
Nov.
8
35c
Dec.
1
Nov.
8
$134
Dec.
1 Nov. 21
lc
Jan.
16 Dec. 31
$154
8734c
Dec.
1
Nov. 15
Pennsylvania RR
Pennsylvania State Water, $7 pref. (quar.)
Dec.
1
Nov. 19
40c
Jan.
1
Dec.
$134
—
Dec.
55c
Dec.
Nov. 21
1 Nov. 21
50c
$134
$134
$134
Penna. Water & Power
Preferred (quar.)..
Dec.
Dec.
15
__
Pitt Oil & Gas Co.
(resumed)
Pittsburgh Bessemer & Lake Erie RR.—
preferred
W. &
(s.-a.)
Chicago Ry. 7% pref. (quar.)-.
(quar.)(quar.)
(quar.)
7% preferred
7% preferred
7% preferred
7% preferred (quar.)
-
8 Dec.
Jan.
3
Dec.
15
Dec.
15 Dec.
2
Dec.
15 Dec.
2
25c
Jan.
16 Jan.
3
50c
Dec.
1
Nov.
8734c
$134
$134
Dec.
1
Nov. 18
Dec.
1
Nov. 12
Dec.
7% preferred (quarterly)
1
Nov. 21 Nov.
Nov.
1
10c
Dec.
15 Dec.
1
$134
$134
$134
$134
$134
Dec.
$134
Potomac Electric Power Co. 6% pref. (quar.)
534% preferred (quar.)
Procter & Gamble, 5% pref.
$134
$134
(quar.)
(quar.)
Public Electric Light Co. 6%
pred. (qu.)
Public Finance Service, Inc., $6 pref.
(qu.)
Public Service Co. of Colorado 7% pref.
(mo.)..
6% preferred (monthly)
5% preferred (monthly)
Public Service of N. J.~8% pref.
(quar.);
7% preferred (quar.)
$5 preferred (quar.)
6% preferred imonthly)
Purity Bakeries Corp
Quaker Oats Co.. pref. (quar.)__
Radio Corp. of America common
$334 cum. conv. 1st preferred
...
_
B
preferred
Reading Co., first preferred (quar.)
Reeves (Daniel), Inc. (quar.)
Opt. div. of 1 sh. of pref. for each $100 in
_
div. or cash.
Preferred (quar.)
Regent Knitting Mills, Ltd.. $1.60 pref. (qu.)._
Reinhardt Brewery Co., Ltd
Republic Insurance Co. (Texas) (quar.)
I
11c
50c
$134
$134
$134
1
Nov. 15
3-10-39
10-1-39
'
12-10-39
1
Nov
Dec.
15 Dec.
21
Dec.
Dec.
Dec.
41 2-3c Dec.
1
15
Nov. 15
$134
$134
$134
$1.80
50c
—
-
7*
50c
Dec.
1234c
Dec.
15 Nov. 30
$134
Dec.
15 Nov. 30
7*
7*
8 Nov. 18
40c
Dec.
Dec.
1 Nov. 15
Nov. 25 Nov. 10
1
Nov. 15
Dec.
60c
Jan.
3,
Dec.
Dec.
t25c
Nov.
25c
Nov.
10c
Dec.
25c
Dec.
Dec.
Dec.
Dec.
41 2-3c Dec.
.
Dec.
$134
$134
Dec.
1
June
15
Dec.
15
$134
$134
Dec.
15
$134
Dec.
15
Dec.
15
3734c
|20c
:
Dec.
15
Dec.
15
Dec,
1
30c
25c
Dec.
$134
$134
Feb.
1
Jan.
3
Dec.
1
1
Dec. 22
Dec.
22
Dec.
20
Dec.
__
Jan.
Dec.
Jan.
Dec.
Jan.
1-10-39
Dec.
15
Jan.
16
15
15
25c
Dec.
1
$134
Feb.
50c
Upper Michigan Power & Light Co.
6% preferred (quar.)-
Dec.
$134
%1H
Dec.
&
Snowdrift, pref. (quar.)
Western Auto Supply
Western Public Service $134 pref. A
"
Wheeling Electric, 6% pref. (quar.)
Whitaker Paper Co. 7% pref. (quar.)
Whitman
(Wm.) Co.. Inc.. 7% preferred (quar )
Williamsport Water Co., $6 pref. (quar.)
Wool worth (F. W.) Co. (quar.)
Wool worth (F. W.), Ltd., pref. (s.-a.)
Wrigley (Wm.) Jr. Co. (monthly)
*
50c
Dec.
Dec.
10c
Oil
1
Nov. 19
Apr.
July
Monthly
15c
30c
60c
50c
— —
Westvaco Chlorine Products (quar.)
14 Nov.
J an.
15
15 Nov. 15
14 Nov.
14 Nov.
Jan.
3
3
3
Dec.
Dec.
Dec.
Dec.
50c
3
Jan.
Jan.
1
Dec.
Dec.
•
Jan.
3
20
55c
Dec.
Nov. 21
Jan.
Dec.
Jan.
50c
20c
Nov. 20
31
Wesson
Nov. 15
8734c
$134
1
10c
25c
66c
Weisbaum Bros. Brower
1 Nov. 17
1 Nov. 19
1
Nov. 30 Nov.
15
Dec.
Dec.
$134
$134
50c
Western Real Estate Trustees (Boston)
Westinghouse Electric & Manufacturing
Preferred (quar.)
Dec.
Dec.
1
1
Dec.
Dec.
Dec.
15 Nov. 15
15 Nov. 15
$2
$134
$134
Dec.
Dec.
58 l-3c Dec.
„
1 Nov. 15
1 Nov. 15
15 Nov. 15"
Dec. 20
Dec.
1
25c
—
Walgreen Co. 434% pref. ww (quar.)
Walker (H.) Gooderham & Worts (quar.)
Preferred (quar.)
Warren (Nortnam) Corp. $3 pref. (quar.)
Washington Ry. & Electric Co
5% preferred (quar.)
5% preferred (s.-a.)
15 Nov. 25
1 Nov. 17
1
15
ioc
95c
25c
Extra
4
Nov. 30 Nov. 21
1 Nov. 15
Dec.
Dec.
15
14
Dec.
$134
7% 1st preferred (quar,).___
Vapor Car Heating Co.. Inc., 7% pref. (quar.).
Vick Chemical Co. (quar.)
15 Nov. 19
Nov. 29 Nov.
Dec.
Jan.
50c
(quar.)
Van Raalte Co., Inc
9-10-39
1-2-40
Dec
$134
.
6-10-39
7-1-39
Dec.
25c.
Preferred (quar.).
Preferred (quar
\).
Universal Insurance Co. (quar.)
Nov. 15
12-10-38
1-3-39
4-1-39
Dec.
58 l-3c Dec.
50c
15
United States Potash Co., Inc., 6% pref. (quar.)
United States Steel Corp., pref. (quar.)
United States Sugar Corp. preferred (quar.)
1
Nov. 21
$134
15
Preferred (quar.)__
United States Pipe & Foundry Co.. com. (quar.)
United States Playing Card Co
1 Nov. 15
Dec.
10c
Polaris Mining (increased)
Pollock Paper & Box Co. 7% preferred
(quar.)_.
Portland & Ogdensburg RR.
Dec.
1
United States Casualty Co. 45c cum. conv. pref.
Unlted States Gypsum Co. (quar.)
4
40c
$134
1
15
10c
—
Dec.
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
Un
lited New Jersey RR. & Canal (quar.).
United Public Service
15
$154
SI H
-
Pittsburgh & Lake Erie RR
Pittsburgh Youngstown & Ashtabula Ry.—
15
Dec.
25c
United Light & Railways 7% prior pref. (mo.)
7 % prior preferred (monthly)
20 Nov. 19
1 Nov. 18
Jan.
10c
Extra
Dec.
Dec.
United Gold Mines Co
1
75c
__
Preferred (quar.)
Petroleum Corp. of America (irregular)
Phillips Petroleum Co. (quar.)
Phoenix Hosiery 1st preferred
Philadelphia Suburban Water Co. 6% pref
Philip Morris & Co. 6% conv. cum. pref. (quar.)
Pillsbury Flour Mills (quar.)
,
Pitney-Bowes Postage Meter Co. (quar.)
15
40c
5% preferred (monthly).
Toronto Elevator Ltd., 534% pref. (qu.)
Trane Co. (no action)
Preferred (quar.)
Troy & Greenbush RR. Assoc. (s.-a.)
(Semi-annual y)
Truax-Traer Coal Co. 6% pref. (quar.)
534% preferred (quar.)"Twentieth Century-Fox Film Corp
Preferred (quar.)
Union Gas of Canada (quar.)
Union Tank Car (quar.)
United Biscuit Co. of America (quar.)_
Preferred (quar.)
nnited Dyewood Corp. pref. (quar )
United Gas Corp., $7 preferred
United Gas Improvement (quar.)
Preferred (quar.)
Nov. 17
Nov. 22 Nov.
234%
—
1
1
Dec.
40c
Toledo Edison Co. 7% pref. (monthly)
6% preferred (monthly).-
1 Nov. 15
1 Nov. 15
25c
-
Ft.
Nov. 19
Nov. 22 Nov.
25c
Preferred (semi-ann.)
.*
;
Parkers berg Rig & Reel, pref. (quar.)
Paymaster Consol. Mines, Ltd
Peerless Woolen Mills, 634% 1st pref (s.-a.)
Pender (D.) Grocery class A (quar.)
Peninsular Telephone Co. common (quar.)
Pennsylvania Power Co. $6 preferred (quar.)
$6.60 preferred (monthly)
Pitts
1
30c
...
Peoples Drug Stores, final
20 Dec. 10
1 Nov. 19
t$l
—
Dec.
1 Nov. 15
15
Dec.
$134
Timken-Detroit Axle, preferred
Timken Roller Bearing
H
$ 1.5734
$134
Dec.
$134
15 Dec.
1 Nov.
1 Nov. 18
Dec.
—
Dec.
$134
15 Nov. 15
Dec.
50c
58 l-3c
-
30c
5% preferred (quar.)
!
6% preferred (quar.)
7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)_____
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
'
Terre Haute Water Works Corp., 7% pf. (qu.)_
Texas Gulf Producing
Texas Hydro-Electric, preferred
Texas Hydro-Electric Corp. $334 cum. pref
Texas Pacific Coal & Oil Co. (quar.)
Tidewater Associated Oil Co. (quar.)
Nov. 25 Nov. 14
Dec.
1 Nov. 10
Preferred (quar.)
Dec.
$134
Ohio Power Co., 6% preferred (quar.)
Dec.
$134
Ohio Public Service 5% preferred (monthly)--— 41 2-3c. Dec.
6% preferred (monthly)
7% preferred (monthly)
Ohio River Sand Co. 7% preferred-Oklahoma-Interstate Mining, preferred A
Okonite Co. 6% pref. (quar.)
Old Dominion Co. (Me.) (irregular)
Ontario Mfg. (resumed)
Ontario & Quebec Ry. (semi-ann.)
Debenture (semi-ann.)
1
Oshkosh B'Gosh, Inc., (quar.)-Preferred (quar.)
Nov. 25 Nov. 15
3734c
I1 H
1 Nov. 21
Tennessee Electric Power Co.—
Nov. 19 Nov.
1
Dec.
1 Nov. 15
Dec.
1 Nov. 15
$134
t$134
20c
15 Nov. 15
—
Northland Greyhound Lines, Inc
-
1 Nov. 15
Dec.
$134
5% cumul. preferred
Sterling Aluminum Products
Sterling, Inc. (extra)
Sterling Products, Inc
■
Strawbridge & Clothier, pref. A (quar.)
Stromberg-Carlson Telep. Mfg preferred (qu.)_
Sun Oil Co., common
Preferred (quar.)
Superior Tool & Die Co
Sylvania Industrial Corp. (quar.)
Nov. 16
19 Nov. 29
Ohio Oil Co
Dec.
50c
Standard Oil Co. (Ohio)
Dec.
2c
Dec.
$134
(quar.)
Standard Oil Co. (Cal'f.) (quar.)
13
15 Nov. 30
—
Dec.
Jan.
$134
Preferred
23 Dec.
New York & Queens Elec. Light & Power (qu.)_
Preferred (quar.)
634 % conv.j)referred (quar.)
Northwestern Public Service, 7% preferred
6% preferred
Northwestern Yeast (liquidating)
Nova Scotia Light & Power preferred (quar.)
Oceanic Oil Co. (quar.)
25c
$134
3 Dec.
9
1 Nov. 21
10 Nov. 10
1 Nov. 17
3 Dec. 17
15
Dec.
$1
15c
Dec.
15
Dec.
—
Dec.
Dec.
Dec.
Northern Pipe Line Co
Jan.
Dec.
15c
$134
$1
Jan.
Dec.
$134
$134
North American Edison Co. pref. (quar.)
North Pennsylvania lilt, (quar.)
—
Northeastern Water & Electric, pref. (quar.)
15 Nov. 30
3 Dec.
9
3 Dec.
9
3 Dec.
9
Jan.
25c
40c
40c
Dec.
Jan.
$134
$134
$1H
50c
25c
North American Aviation
1 Nov. 18
Standard Oil Co. (Indiana) (quar.)
—
New Jersey Zinc
1 Nov. 15
Dec.
-
Extra
31
Dec.
Standard Oil Co. (N. J.) (s.-a.)
A div. in cap. stock of 3 shs. of Standard Oil
Co. for each 200 shs. $25 par value held
__
Nebraska Power Co., 7% preferred (quar.)
6% preferred (quar.)
Neisner Bros., Inc. (quar.)
— —
—-
1 Nov. 17
Nov. 25 Oct.
Nov. 80 Nov. 15
Dec. 15 Dec.
2
$134
$134
Transit
Dec.
6% pref B (qu.)
Spear & Co., preferred (quar.)
2d preferred (quar.)
Spiegel, Inc., 534% preferred (quar.)
Standard Brands, Inc. pref. (quar.)
Standard Cap <fc Seal (quar.)
h Nov. 17
3oc
35c
—
-----
Nov. 30 Nov. 19
Dec. 10 Nov. 18
Mountain Producers Corp. (s.-a.)
Mueller Brass Co. (year-end div.)
preferred C and D (quar.)
-..
1 Nov. 15
1
pref. E (quar.)—
Royalty Income Shares class A
Rustless Iron & Steel, pref. (quar.)
St. Joseph Water Co., 6% pref. (auar.)
San Francisco Remedial Loan Assn. (quar.)
Savannah Electric & Power 8% deb. A (quar.)__
—734% debenture B (quar.)
7% debenture C (quar.)
6 34% debenture D (quar.)
Savannah Gas Co. 7% pref. (quar.)
Sears Roebuck & Co. (quar.)
—
Servel, Inc.Preferred (quar.)
Shenango Valley Water Co. 6% preferred (quar.)
Sherwin-Williams Co. pref. (quar.)
Skelly Oil Co
Soundview Pulp & Paper 6% preferred (quar.)__
South Bend Lathe Works (quar.)..Southern California Edison Co.. Ltd.—
21
Dec.
25c
Mt. Diablo Oil, Mining & Development
6%
21
30c
Motor Finance Corp. (quar.)
Motor Wheel Corp. (quar.)
6%
15 Nov. 30
35c
—
Moran Towing 7% cum. partic. pref. (quar.)
Morris Plan Insurance Society (quar.)—.
Parker Pen Co
Parker Rust Proof (quar.)
1 Nov. 17
Dec.
1 Nov. 10
1 Nov. 10
—
National
Dec.
Dec.
—
10c
—
Munice Water Works Co.,
Payable
Reybarn Co. (liquidating)
Robert's Public Market, Inc
Rochester Gas & Electric, 5%
5
(quar.)
Midland Grocery Co., 6% pref. (s.-a.)
$3
Midwest Oil Co. (s.-a.)
50c
25c
Minneapolis Brewing Co
— -Dec.
Minneapolis Gas Light Co. (Del.) 6% pf. 4QU«)$134
1 Nov.
Dec.
5% preferred (quar.)
$134
1 Nov.
Dec.
534% preferred (quar.)
1 Nov.
$5.10 1st preferred (quar.)
—
1 Nov.
$1.2734 Dec.
Minneapolis Honeywell pref. (quar.)
$1
Dec.
1 Nov.
50c
Nov. 19 Nov.
Regulator
—.
Missouri Gas & Electric
$1
Dec. 15 Nov.
Mountain
When
Share
of Company
1938
8134c
—
(qu.)
Monarch Machine Tool
Monsanto Chemical Co., $4)4 class
Moore (W. It.) Dry Goods (quar.)
Nov. 19,
Holder»
Payable of Record
$134
$134
_
$5*4 preferred B (quar.)
Messenger Corp
1
Metal Textile Corp. (initial)
$3
par tic. preference (quar.)
$334 par tic. preference (extra)
Mid-Continent Petroleum Corp—-
When
Chronicle
Dec.
$134
$1
Dec.
25c
Dec.
75c
Dec.
Dec.
$9
Nov.
$134
$234
Dec.
10c
Dec.
Dec.
$1
Dec.
25c
Dec.
t373|<
Dec.
Dec.
50c
Nov.
8734c
Nov.
25c
$134
$134
$134
$i34
60c
m
25c
Dec.
Dec.
Jan.
Jan
Dec.
Dec.
Dec.
Dec.
Jan.
Transfer books not closed for this dividend,
t On
occount of accumulated dividends.
t Payable In Canadian funds, and in the case of non-residents of Canada
deduction of a tax of 5% of the amount of such dividend will be made.
Volume
-
Financial
147
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT
ENDED
ASSOCIATION FOR THE WEEK
♦
Capital
Clearing Houae
Federal Reserve
following shows the condition of the
The
Bank of New York at the close of
1938,
business Nov. 16,
corresponding
comparison with the previous week and the
date last year:
Time
Deposits
Nov. 17,
16, 1938 Nov. 9, 1938
1937
Deposits,
*
$
$
$
Average
Average
Profits
Members
York
New
Nov.
Net Demand
Surplus and
Undivided
Bank of
Condition of the Federal Reserve
in
CLEARING HOUSE
SATURDAY, NOV. 12, 1938
NEW YORK
OF THE
MEMBERS
OF
3113
Chronicle
Assets—
Continental Bk A Tr Co
Chase National Bank..
100,270,000
Bank of Manhattan Co.
National City Bank
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch
Bank Tr Co.
First National Bank...
Irving Trust Co
Title Guar & Trust Co
As per
Total
reserves,
j
84,998,000
4,982,005,000 4,858,125,000 3,655,583,000
..
Other bills discounted
by
direct
Total
U.
S.
obligations,
Govt,
2,278,000
322,000
357,000
1,525,000
2,600,000
6,315,000
216,000
3,631,000
216,000
3,632,000
1,007,000
4,638,000
250,391,000
370,360,000
194,671,000
250,391,000
370,360,000
194,671,000
212,664,000
336,671,000
186,761,000
815,422,000
815,422,000
736,096,000
820,794,000
821,870,000
748,056,000
64,000
64,000
68,000
8,623,000
207,263,000
9,808,000
15,533,000
3,472,000
126,559,000
185,599,000
9,808,000
15,451,000
12,685,000
bills discounted....
Bills bought in open market
Industrial
advances
5,958,000
1,282,000
243,000
fully guaranteed
or
....
...
United States Government securities:
Bonds
...
Treasury
notes
Treasury
913,814,700 10,306,449,000
952,000
874,000
102,893,000
1,710,000
108,790,000
Bills discounted:
51,523,000
bills
620,458,000
National, Sept. 30, 1938:
official reports:
4,871,505,000 4,754,358,000 3,569,633,000
t
Other cash
Secured
83,761,000
9,238, 600
523,075,000
hand and due from
on
Redemption fund—F. R. notes
5,085,000
5,931,000
45,705,000
4,325,000
32,963,000
2,433,000
5,619,000
21,751,000
2,869,000-
506,633,000
42,820,000
4,279
131,406 300 <12,171,042,000
45,513,000
3,679 600
€818,069,000
78,313, 500
12.928,000
1,055 600
101,478,000
9,088 100
331,076,000
27,938, 900
80,322,000
8,229 500
7,000,000
Totals
certificates
United States Treasury.!
24,846,000
2,475,000
480,474,000
200
12,500,000
7,000,000
York Trust Co._.
Public Nat Bk & Tr Co
*
18,549 700
5,000,000
Marine Midland Tr Co
Comm'I Nat Bk & Tr Co
493,364,000
c778,404,000
254,050,000
108,404 000
61,239 ,800
25,000,000
10,000,000
Bankers Trust Co
503,793,000
45,129 400
71,133 600
39,149,000
165,815,000
5,602,000
54,662,000
94,718,000
45,619,000
55,282,
182,041 200 M,425,187,000
500,000
Fifth Avenue Bank
New
700
Gold
9,368,000
158,972,000
13,652, 100
462,958,000
26,107, 900
59,145, 000 al,655,605,000
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
42,305,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
Bank of New York
S
$
$
companies, Sept. 30, 1938.
Includes deposits in foreign bfanches as follows'
a
;
........
Total U. S. Government securities..
State, Sept. 30,
1938; trust
$269,881,000; b $85,579,000;
Total bills and securities
C$5,158,000; d $114,015,000; f $36,066,000.
The
are
"Times" publishes regularly each week
number of banks and trust companies which
York
New
of
returDs
a
the figures for the week ended
are
BUSINESS
Uncollected items
Bank premises
Total assets
Other Cash,
Disc,
Res
Including
N.
and
Investments
'
'
*
Liabilities—
Dep.,
.
Y. and
Banks and
Cross
Trust Cos.
938,737,000
991,040,000
987,086,000
Deposits—Member bank reserve acc't.. 4,418,208,000 4,252,888,000 3,041,733,000
58,070,000
101,027,000
72,429,000
U. 8. Treasurer—General account
95,563,000
78,266,000
72,875,000
Foreign bank
176,446,000
161,571,000
171,738,000
Other deposits
Dep. Other
Deposits
Elsewhere
Bank Notes
9,987,000
6,044,090,000 5,835,349,000 4,618,429,000
....
F, R. notes in actual circulation
Loans,
6,451,000
CLOSING OF
11. 1938
BANKS—AVERAGE FIGURES
NATIONAL AND STATE
....
All other assets.
Nov. 11:
CLEARING HOUSE WITH THE
FOR THE WEEK ENDED FRIDAY. NOV
IN
NOT
INSTITUTIONS
Federal Reserve notes of other banks...
The
York Clearing House.
of the New
not members
following
Due from foreign banks.:.....
....
..
Manhattan—
Sterling
205,317
6,493,194
1,575,100
429,200
8,261,300
Surplus (Section 7)
644,800
658,100
5,959,000
Surplus (Section 13-B)
6,463,800
544,000
333,608
6,694,000
1,879,727
6,754,000
5,155,100
Trade Bank of N. Y.
358,900
112,200
People's National
TRUST
27,859,000
N.
Cash
Disc, and
Cross
Trust Cos.
Y. and
Elsewhere^
Investments
3,458,000
All other liabilities
Dep, Other
Banks and
Res. Dep.,
Loans,
-
.....
Reserve for contingencies
COMPANIES—AVERAGE FIGURES
Deposits
of
Ratio
total
$
$
$
$
$
*5,367,400
10,288,200
1,469,413
2,862,900
1,827,109
*1,404,274
869,035
23,797
Fulton
19,239,200
303,600
283,600
11,392,377
20,827,400
36,081,100
51,474,000
7,744,000
9,117,000
2,006,000
liability
on
deposit
to
and
87.1%
87.0%
84.8%
116,000
bills
116,000
897,000
3,496,000
3,505,000
4,903,000
purchased
65,583,200
206,579
Fiduciary
56,200,500
9,408,442
11,971,142
reserve
F. R. note liabilities combined
Contingent
186,485,000
51,054,000
128,241,000
50,903,000
61,943.000
7,744,000
8,210,000
3,516,000
6,044,090,000 5,835,349,000 4,618,429,000
liabilities.
Total
•
199,495,000
50,904,000
51,943,000
7,744,000
8,210,000
Deferred availability items
Capital paid in
Brooklyn—
Lafayette National..
4,735,250,000 4,593,752,000 3,371,812,000
2,086,300
2.684,000
119,800
21,756,000
5,202,138
National
Total deposits.
28,100,000
23,449,600
Grace National.
$
%
$
$
$
Manhattan—
Empire
Federation
Lawyers.:
.
28,489,200
61,861,379
*5,645,900
*9,278,000
491,800
10,835,175
*53,998,745
81,518,000
24,950,000
2,133,127
11,495,177
Commitments
—
Kings County
These are certificates given by the United States
bank's own Federa
Treasury for the gold taken
Jan. 31, 1934, devalued from
these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
over
from the Reserve banks when the dollar was. on
100 cents to 59.06
Reserve as follows:
Empire, $3,354,500; Fidu¬
$5,344,300; Lawyers. $8,563,800; United States, $36,583,262
Includes amount with Federal
ciary, $782,475; Fulton,
ad¬
...
Reserve bank notes.
x
Brooklyn
....
t "Other cash" does not Include Federal Reserve notes or a
10.264,000 112,407,000
40,959,220
Brooklyn—
Industrial
make
to
vances
86,365,983
3,578,000
32,942,151
United States
*
for foreign correspondents
cents,
Member Banks of the Federal Reserve System
Weekly Return for the
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 were made in the breakdown of loans as reported In this statement, which were
described in an announcement of the Federal Reserve Bank of New York of AprU 20,1937, as follows:
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and C2) 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 Oity and those located
eutside New York Oity.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commercialpaper 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
Following is the weekly statement
would each be segregated as "on
A more detailed
securities" and "otherwise secured
explanation of the revisions was
ASSETS AND LIABILITIES
OF WEEKLY
and unsecured."
published in the May 29,1937, Issue of the
REPORTING MEMBER BANKS IN 101
Richmond
Total
Federal Reserve Districts—
"Chronicle," page 3590
LEADING CITIES BY DISTRICTS ON NOV. 9,1938 (In
■
Loans—total
-
—
Commercial, Indus, and agricul.
loans
Open market paper....
Loans to brokers and dealers in secure.
Other loans tor
purchasing or carrying
$
1,152
■$
$
$
$
$
694
2,988
694
378
651
526
315
163
252
243
2,131
982
8,327
586
424
238
305
826
108
170
186
159
344
186
152
1,533
81
264
469
3,891
10
3
35
17
1
19
24
4
67
148
4
342
6
36
6
10
717
3
2
18
5
580
1
25
7
12
14
50
21
381
obligations
U, 8 Govt
United States. Government
Obligations fully guar, by
Other securities
Reserve with
.......
16
15
58
32
28
93
48
7
23
221
3
93
2
1
1
5
8
110
50
"63
177
103
82
46
501
68
42
113
158
1,447
218
159
222
189
714
345
324
390
8,141
--
3,168
1,679
3,217
30
852
129
6,984
342
1,253
3,874
244
145
249
61
15
"100
41
127
1,047
166
71
161
*
108
~
116
39
50
471
43
88
1
-
■
—
55
109
....
.
.319
344
22
20
12
7
11
19
41
13
89
12
141
72
459
158
139
400
114
211
256
169
274
272
166
131
141
526
83
102
40
203
74
35
27
15,711
1,042
7,174
776
1,106
430
342
251
990
292
743
199
185
5,137
535
10
127
38
29
21
LIABILITIES
Demand deposits—adjusted
Time deposits
Government deposits._
Inter-bank deposit
United States
Foreign banks
6,182
247
2,611
316
354
455
Domestic banks...
20
400
7
16
2,291
444
278
489
413
926
883
187
119
143
132
1,013
31
105
218
277
100
16
2
21
232
902
282
122
366
8
35
'
1
1
mmrnmmm
772
-
23
2
255
1
s.
84
22
3
3
liabilities
Capital account
41
66
*
1,235
domestic banks
Other assets—net
Borrowings
'
95
288
—
1
2,431
Federal Reserve Banks.
in vault
Balances with
33
82
.1,525
Other loans
266
78
570
32
13
117
Loans to banks
Other
$
669
San Fran.
Dallas
$
1,165
securities
Real estate loans
Cash
$
1,135
Millions of Dollars
Minneap. Kan. City
8,615
3,342
21,364
investments—total...
$
$
$
ASSETS
Loans and
St. Louis
Chicago
Atlanta
"*22
349
3,678
241
1,616
28
6
21
6
7
16
"*20
3
94
91
386
91
97
363
57
227
~
W
«
15
«
6
288
83
332
3114
Financial
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System
The following was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
for the
System
as a
Thursday afternoon, Nov. 17,
on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
statement (third table following) gives details regarding transactions in Federal Reserve notes between the
week last year.
Reserve note
Agents and the Federal Reserve banks.
Reserve
for the latest week
returns
appear
in
The comments of the Board of Governors of the Federal Reserve System upon the
department of "Current Events and Discussions
our
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV. 16.
Nov.
16,
Nov.
Nov.
9,
Oct.
1938
1938
1938
Oct. 19,
1938
$
(000) Omilted
$
«
$
%
ASSETS
Gold ctfs
on
26.
11,403,701
9,677
369,332
.
11,287,700
8,141
368,202
11,252,711
11,197,209
8,803
9,665
378,785
11,678,567
11,664,043
11,640,299
4,680
3,120
4,902
3,176
4,365
2,870
6,547
x.
11,317,698
9,071
351,798
3,643
2,904
Treas.
Sept. 21,
Nov. 17,
1938
1938
1938
1937
$
S
$
Oct.
11,782,710
hand and due from U. S.
Redemption fund (Federal Reserve notes)
Total reserves
2,
Sept. 28,
1938
$
1938
Three Ciphers
1938
7,800
8,078
7,235
12,
Oct.
5,
11.393.091
3,470
2,602
6,106
3,193
9,299
9,458,406
6,008
5,506
2,706
14,414
9,041
8,212
18,696
3,897
3,448
6,072
11,111,770
3,033
11,343,769
9,123,898
9,287
382,521
367,418
11,581,186
%
10,719,741
8,690
383.339
11,255,354
10,967,213
9,138
374,312
11,020.211
9,669
363,211
10,863,222
7,345
9,611
325,221
Bills discounted:
Secured
by
direct
or
U.
8. Government obligations,
fully guaranteed
Total bills discounted--—.-.
Bills bought In open
-
545
545
541
541
541
541
541
541
540
2,831
15,163
15,148
15,336
15,446
15.507
15,455
15,677
15,683
19,256
787,327
1,164,565
612,123
787,327
1,164,565
612,123
787,327
1,164,565
612,123
787,327
1,164,565
612,123
787,327
1,164,565
612,123
787,327
787,327
1.164.565
612,123
789,327
1,164,565
612,123
1,166,065
788,655
1.165,205
610.155
1,168,463
608,623
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564.015
2,564.015
2,554,715
2,586,524
market--
2,587,523
2,587.782
2,587,127
2,586,074
2,589,362
2,587,356
2,589,274
2,588,450
2,595,498
""180
""180
180
""180
""181
23.103
23,569
632,117
26,494
560,579
47,853
44,348
47,607
27,031
610,821
44,405
46,715
14,429,373
12,902,656
—
15,417
Industrial advances
United States Government securities—Bonds-
Treasury notes
Treasury bills
4,282
--
—
Total U. S. Government securities
Total bills and securities
'
738,073
648,179
176
176
""180
""180
28,212
803,547
44,203
50,011
22,447
556,371
21,908
621,464
44,202
586,654
44,282
24,375
718,302
44,305
48,917
48,567
47,732
22,532
617,394
44,305
48,849
15,295,383
14,938,831
14,988,496
14,930,212
15,002,154
14,715,713
14.679,148
14,523,836
Federal Reserve notes In actual circulation
4,345,816
4,355,754
4,319,756
4,284,377
4,288,820
4,281,103
4,262,860
4,219,484
4,201.169
4,249,618
Deposits—Member banks' reserve account
United States Treasurer—General account—
8,726,623
543,576
8,685,986
575,944
201,272
224,845
8,740,083
584,153
8,693,189
609,102
8.197,488
197,372
161,598
144,453
195,056
150,924
864,481
183,225
153,686
8.013.536
917,078
195,499
6,922,400
770,086
212,494
8,400,218
703,407
199,462
176,287
8.320,636
202,848
322,597
8,546,166
577,766
218,033
312,482
146,010
237,178
9,795,644
9,654,447
9,688,047
9,698,328
9,644,116
9,479,374
9,436,702
9,398.880
9,272,123
7,560,970
800,702
134,003
147,739
27,683
32,672
11,124
575,025
134,003
147,739
27,683
32,707
11,473
627,645
133,992
147,739
27,683
32,707
10,927
593,878
716,050
133,983
601,672
133,954
147,739
27,683
32,741
552,626
133,998
147,739
27,683
32,741
10,685
603,701
133,998
742,234
132,505
147,739
27,683
32,741
10,219
145,854
11,447
626,685
133,985
147.739
27,682
32,741
10,754
15,295,383
14,938,831
14,988,496
14,930,212
15,002,154
14.715,713
14,879,148
14,523,836
14,429,373
12,902,656
83.3%
83.4%
83.3%
83.2%
83.1%
82.8%
82.8%
82.6%
82.5%
324
338
338
157
157
Due from foreign banks.-
Federal Reserve notes of other banks.Uncollected items
Bank
premises
All other assets.—Total assets
—
44,203
49,544
44,304
175
23,785
736,957
45,365
42,470
LIABILITIES
Foreign banks
Other
deposits
—
Total deposits
-
—
—
Deferred availability Items
'
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
—
;
—
—
Reserve for contingencies
,
All other liabilities
-
—
Total liabilities
133,988
147,739
27,683
32,707
11,512
147,739
27,683
32,707
11,056
135,165
266,227
27,615
35,709
8,151
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
foreign
liability
bills
on
correspondents
purchased
t
for
324
—
Commitments to make Industrial advances
324
•
157
80.1%
234
2,486
.
14,345
13,318
13,320
14,541
14,537
13,696
13,599
13,597
13,553
13,431
1-15 days bills discounted
4,755
5,353
6,147
5,579
4,535
7.663
5,818
7,610
6,858
16,903
16-30 days bills discounted
231
967
493
416
346
596
369
450
533
31-60 days bills discounted—
682
530
530
457
496
546
722
427
428
403
81-90 days bills discounted
229
367
401
404
435
278
261
405
265
277
Maturity Distribution of Bills and
Short-Term Securities—
Over 90 days bills discounted
Total bills discounted-
650
.
379
260
216
175
149
8,078
7,235
6,072
9,299
7.345
9,041
153
198
128
83
165
165
94
199
197
83
166
166
""Hi
539
281
281
313
1,451
116
297
""264
94
94
85
199
128
Total bills bought In open market
128
933
8,212
18,696
•
"
""264
83
165
165
94
94
.
94
:
.
544
'
545
16-30 days Industrial advances
545
541
541
541
541
541
541
540
2,831
1,523
1-15 days Industrial advanoea..
1,338
1,273
1,283
1,361
1,110
1,131
1,303
1,250
1,226
158
288
330
308
326
277
Over 90 days industrial advances
:
1-15 days U. 8. Government securities
.
—
16-30 days U. S, Government securities
31-60 days U. 8. Government securities
61-90 days U. S. Government securities—
Over 90 days U. S. Government securities..-..
Total U. 8. Government securities
356
453
108
947
738
640
718
547
573
743
463
553
766
702
891
847
663
653
689
12,114
-
226
790
660
31-60 days Industrial advances
Total industrial advances
507
7,800
154
1-15 days bills bought in open market
-6-30 days bills bought In open market-81-60 days bills bought In open market
61-90 days bills bought In open market
Over 90 days bills bought in open market-
583
6,547
-
61-90 days Industrial advances
180
12,107
12,258
12,370
12,439
12,603
12,451
12,860
12,865
16,187
15,417
15,163
15,148
15,336
15,446
98,243
95,330
184,098
183,592
2,002,752
951810
105.835
98,243
177,688
187,657
70,178
105,835
174,968
175,847
2,006,867
97,675
95,810
186,413
200,487
1,994,592
1,983,630
2,564,015
2,564,015
2,564,015
2,564,015
110
3
-■
15,507
15,455
15,677
101,409
106,500
2,006,071
128,887
97,675
206,333
179,228
1,951,892
177,688
2.010.662
2.564.015
2,564,015
2,564,015
•
193,573
188,358
....
757
866
15,683
19,256
105,370
31,255
186,413
101,409
174,113
191,473
145,392
1,999,960
1,991,650
2,294,197
2,564,015
2,564,015
2,554,715
79,757
70,178
204,078
'
.
191,385
11
■
32,103
51,768
1-16 days other securities
16-30 days other securities
2
81-90 days other securities
Over 90 days other securities-'——~
m m **
z.m
Total other securities..
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
4,631,714
285,898
4,616,904
261,150
4,579,253
259,497
4,583,137
298,760
4,580,026
291,206
4.575,270
294,167
4,545,148
282,288
4,615,397
295,913
4,514,135
312,966
365,825
4,345,816
4,355,754
4,319,756
4,284,377
4.288,820
4,281,103
4,262,860
4.219,484
4,201,169
4,249,618
4,686,000
4,683,000
4,668,000
6,412
4,648,000
8,446
4,639,000
4,604.000
8,267
4,604,000
7,373
4,654,132
6,936
4,668,000
7,182
4,663,000
5,669
4,615*443
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities
5,308
6,526
18,195
20,000
Total
collateral
4,691,669
•
s
These
4,689,936
4,675,182
4,674.412
4,668,308
4.656.446
4.645,526
4.612,267
4,611.373
4,692,327
"Other cash" does not Include Federal Reserve notes.
certificates given by the United States Treasury for the gold taken over from the
Reserve banks when the dollar was devalued from 100 cents to 59.06
cents on Jan. 31. 1934, these certificates being worthless to the extent of the difference the
difference itself having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
f
are
/
Volume
Chronicle
Financial
147
3115
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
*
$
%
ASSETS
certificates on hand
Gold
and due
from United States Treasury..
Redemption fund—Fed. Res. notes..
11,403,701
461
Total reserves.
11,782,710
502
30,964
1,011
22,782
359,718
1,292
19,571
554,380
652,398 4,982,005
Chicago
$
715,004
738,797
380,581
1,710
108,790
39,210
Atlanta
%
9
%
522,914
612,727 4,871,505
9,677
369.332
Other cash *
Cleveland Richmond
PhUa.
$
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV, 16, 1938
%
$
San Fran.
Dallas
St. Louis Minneap. Kan. City
$
$
I
188
359
900
630
556
228
13,115
50,484
18,023
9,527
14,508
13,144
781,938
1,840
29,214
285,096 2,236,009
349,013
253,277
324,846
213,316
812,992
278
271,793 2,185,166
330,090
199.944
309.782
243,120
Bills discounted:
Secured by U. S. Govt, obligations
direct and (or) fully guaranteed..
3,643
Other bills discounted
2,904
Total bills discounted
302^
138
130
213
158
84
94
252
348
109
85
187
967
83
63
1,303
428
302
486
239
298
345
1,061
177
331
216
194,671
192,971
815,422
195,312
820,794
1,164,565
612,123
87,647
250,391
370,360
46,069
2,564,015
2,586,524
Treasury notes—
Treasury hills
Total U. S. Govt, securities.....
Total bills and securities..
Due from foreign banks—.
50
3,358
68,403
101,177
53,181
41
2,238
59,255
U. S. Government securities—Bonds
23
621
55
3,631
545
15,417
787,327
Industrial advances
1,421
36,947
16
38
181
415
45
996
393
793
84,870
125,535
65,984
32,792
48,604
34,744
61,438
28,943
25,495
17,446
25,805
13,564
27,036
19
67
2
2
16
61,551
54,649
28,725
32,096
47,473
24,953
22,503
1,325
62,242
92,064
48.391
222,761
257,820
120,321
104,522
276,389
106,791
56.815
113,248
94,258
202,697
227,477
258,919
122,067
105,208
277,110
107,136
58,158
114,708
95,244
204,391
79,168
117,101
42,812
13
176
items.
...
Bank
premises..
All other assets
...
Total assets
13
64
18
17
8
6
22
3
2
6
6
28,212
803,547
44,203
50,011
Fed. Ree. notes of other banks
Uncollected
176
577
1,525
62
726
243
6,547
Bills bought in open market.
1,282
62
517
8,623
1,093
2,444
2,304
829
3,288
59,946
4,720
4,683
106,701
34,863
31,022
38,890
4,499
4,786
2,301
1,866
20,242
1,539
1,302
1,932
39,297
3,097
2,044
551
207,263
2,496
30,979
2,083
2,281
3,090
79,574
2,954
3,240
1,045
90,747
6,041
5,536
1,267
1,768
3,260
4,084
497,486
335,349
485,929
15.295.383
.....
9,808
15,533
64,923
2,634
.2,888
852,317 1,101,102
934,008 6,044,090
575,545
427.249 2,632,217
.
343,173 1,066,918
LIABILITIES
4,345,816
378,922
987,086
311,137
415,124
211,641
148,489
977,499
182,103
135,112
168,768
80,733
349,202
8,726,623
384,521
230,099
38,602
8,719
173,115 1,303,503
50,804
87,234
24,129
7,097
230,072
30,391
6,880
686,769
85,485
879
32,930
5,880
2,050
35,474
Other deposits.
222,410
33,180
6,083
5,839
177,508
19,871
9,779
484,612
47,364
18,655
11,313
115,908
202,848
322,597
399,898 4,418,208
33,714
72,429
14,599
72,875
171,738
3,869
Total deposits
9,795,644
452,080 4,735,250
447,628
661,944
285,524
235,689 1,500,351
267,512
170,904
207,222
218,368
653,172
199,495
60,517
51,943
4,471
5,626
13,311
22,387
7>744
4,411
.730
545
8,210
1,215
935
813
3,458
2,000
945
1,001
1,873
32,900
3,948
3,892
1,270
1,776
11,124
1,429
7,035
1,384
39,633
4,196
3,613
1,142
39,421
13,466
37,179
3,924
4,667
19,870
12,213
63,231
4,983
108,821
50,904
91,167
13,390
14,323
1,007
3,176
29,909
134,003
147,739
27,683
32,672
78,559
9,412
9,900
2,874
1,448
341
532
420
286
850
427,249 2,632,217
497,486
335,349
485,929
F. R. notes in actual circulation....
•
Deposits:
Member bank reserve account....
U. 8. Treasurer—General account.
Foreign bank
.
Deferred
543,57.6
-
...
availability items
800,702
Capital paid in
Surplus (Section 7)
;
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities.
Contingent liability on bills purchased
for foreign correspondents
324
Commitments to make Indus, ad vs...
14,345
•
-
•
971
,
4,964
3,409
1,401
392
1,603
732
575,545
116
32
30
14
3,496
5?3
1,327
4,673
8,104
852,317 1,101,102
934.008 6,044,090
15,295,383
_
33,457
,
1,385
1,473
•
47,9 7
4,664
2,335
.
2,904
3,153
14.390
16,533
10,347
9,805
2,121
2,000
343,173 1,060,918
11
39
10
8
9
9
23
172
1,582
13
584
218
576
50
3,469
"Other cash" does not Include Federal Reserve notes.
.•
Three Ciphers (000) Omitted
Federal Reserve Bant of—
Boston
%
New York
•
9
$
9
Atlanta
Chicago
St. Louis
$
Cleveland Richmond
Phila.
9
Total«
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
'
.
RESERVE NOTE STATEMENT
FEDERAL
%
S
$
Minneap. Kan
S
.
City
Dallas
$
San Fran.
%
$
4,631,714
285,898
328,802
437,370
22,246
222,411
10,770
160,701
12,212
998,844
21,345
200,037
8,850
88,779
8.046
396,665
17,934
139,934
4,822
177,624
17,665
4,345,816
378,922
987,086
311,137
415,124
211,641
148,489
977,499
182,103
135,112
168,768
80,733
349,202
4,686,000
5,669
400,000 1,092,000
330,000
442,000
225,000
164,000 1,010,000
207,000
141,600
404,000
868
228
302
239
297
218
180,000
1,026
90,500
1,464
1.75
331
4,691,669
In actual circulation.—
395,053 1,085,494
16,131
98,408
400,062 1,093,464
330,868
442,228
225,302
164,459 1,010,239
207,297
141,718
181,026
90,675
404,331
47,463
Collateral held by Agent as security
for notes Issued to banks:
Gold certificates
on
hand and due
from United States Treasury
Eligible
paper,
Total collateral..—
62
459
States
United
United States
Rates
quoted
Treasury Bills—Friday, Nov. 18
Bid
Nov. 23 1938—
Nov. 30 1938
—
7 1938
Dec,
Dec. 14 1938
Dec. 21 1938..—....
Dec. 28 1938
4 1939
Jan.
.
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Transactions
Asked
1
1
1
I
•
1
I
Jan.
11 1939—
Jan.
18 1939—...
Jan.
I
Asked
Bid
25 1939—...
0.05%
0.05%
0.05%
0.05%
005%
0.05%
1939
Feb.
1
Feb.
8 1939.
Feb. 15
1939
;
Government
Securities
on
the
New
York Stock Exchange—See following page.
for discount at purchase.
are
.
.....
at
the
New
Stock
York
Exchange,
Daily, Weekly and Yearly—See page 3131.
Stock and Bond Averages—See page 3131.
-----
THE PARIS BOURSE
s
Quotations of representative stocks as received by cable
each day
of the past week:
Quotations for United States Treasury Notes—Friday,
Nov.
12 Nov. 14 Nov.
Francs
Francs
Nov. 18
15 Nov. 16
Francs
Bank of France...—»—......
Figures after decimal point represent
a
point.
one
or
32ds of
more
7,800
Banqiie de Paris et Des Pays Bas
Banque de l'Union ParMenne..
1.342
488
1,308
486
246
18,700
695
1,430
25
660
806
Canadian
'
Int.
Int.
Rate
Maturity
Bid
Asked
Maturity
..........
......
Cie Generate d'Elect rlclte
Rate
.
252
18,900
703
1,480
Pacific.
Canal de Sues cap
Cle Dlstr d'Electriclte
*
Bid
Asked
Cle Generate Transatlantique..
....
590
Citroen B....................
1
June
15 1943
Dec.
15 1938—
Dec.
15 1941
—
Sept. 15 1939...
Dec.
15 1939...
June
15 1941
Mar. 15 1939...
Mar. 15 1941—
H%
t%%
1M%
1K%
1H%
1 H%
134%
1H%
100.29
100.31
June 15 1940...
Dee.
100.3
1
H%
1X%
1H%
1H%
1 H%
2%
2*%
15 1940...
102.11
102.13
Mar. 15 1940...
101.30
102
Mar. 15 1942...
101.30
102
Dec.
15 1942...
102.15
102.17
Sept. 15 1942—
101.18
101.20
June 15 1939
102.20
102.9
102,11
Comptolr Nationals d'Escompte
102.22
Coty S A
102.6
102.8
Co under©
103.18
103.20
103.20
103.22
104.19
104.21
102.3
102.5
102.22
1
-
....
Kuhlmann.
•
.
STOCK
NordRy
Orleans Ry 0%
Pathe Capital
EXCHANGE
Closing prices of representative stocks as received by cable
each
Nov,
12
14
Nov,
Nov.
Nov.
15
16
17
■Per Cent
Allgemeine Elektrlzltaets-Gesellschaft (4%)119
Berliner Kraft u. Licht (8%).—...—...—163
Deutsche Bank (6%)
-—
-119
Deutsche Relclisbahn (German Rys.pf .7%). 126
(5%)—......———-112
Farbenlndustrle I. G. (7%)
..149
Manneemann Roehren (5%)
111
Reichsbanks (8%).
193
Siemens & Halske (8%)
201
Vereimgte Stahlwerke (5%)
—108
391
32
of Par
Nov.
.18
—
118
118
110
114
163
118
125
111
147
109
191
163
163
163
119
118
117
200
106
125
IToli-
112
day
125
125
111
110
146
146
144
109
1,817
—.........
Perpetual 3%
4%. 1917—
4%, 1918—u
Rentes 4H%. 1932, A
Rentes 4J4%, 1932, B
Rentes. 5%. 1920
Rentes
—.
:......
Rentes
Nov.
709
1.320
824
805
HOLIDAY
——
Pechlney
Rentes
day of the past week:
Dresdner Bank
—
Royal. Dutch.....
Saint Gobain C A C
..........
.......
107
105
Soclete Marseilles—..........
191
192
192
Tublze Artificial Silk preferred..
200
197
194
Union d'Electrlclte
100
106
103
Wagon-Llts...
....
"
"
81.20
81.70 =
81.10
85.25
83.20
103.50
6,810
....
Schneider A Cle......—....
Societe Francalse Ford
Soclete Generals Fondere......
Societe Lyonnalse
805
210
260
518
1,680
1,480
552
..............
Liquids
Lyon (P L M)
L'Alr
THE BERLIN
-
Credit Commercial de France...
Credit Lyoonalse...
...
Eaux dee Lyonnalse cap
Energle Electrlque du Nord
Energle Electrlque du Littoral..
102.20
Francs
8.200
1,223
69
89
828
799
392
32
1,770
81.10
82.00
81.40
85.50
83.50
103.00
6,750
2,145
1,210
68
8,000
1,218
461
Francs
461
<7,800
245
243
"241
18,800
19,100
19,200
057
669
1,370
1,370
1,330
32
32
32
520
530
783
773
190
.
190
242
200
258
514
1,640
1,440
325
551
692
1,300
Nov. 17 Nov 18
Francs
7,800
1,270
483
1,560
1,370
1,560
1,390
315
"200
243
475
300
531
1,540
1,320
620
055
661
1,240
1,250
815
1,220
785
770
769
391
395
35
1,724
80.75
"389
38
1,700
80.75
80.60
81.60
81.40
•80.50
80.10
80.10
78.60
84.60
84.80
82.60
82.80
82.00
102.40
101.90
100.90
6,780
2,060
6,780
0,750
1,140
59
84.20
2,070
1,125
58
88
83
83
1,482
609
1,445
609
1,370
1,395
608
611
123
452
118
440
115
115
418
418
86
84
81
81
57
Nov.
19, 1938
3116
Exchange
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
in the day's range, unless
NOTICE—Cash and deferred delivery sales are disregarded
account
United States Government Securities
Below
we
furnish
daily record
a
the New York Stock Exchange
on
week.
118.27
"J
118.14
118.15
Treasury
118.18
118.14
118.14
2 H*.
118.18
118.14
118.14
.Close
27
5
10
2
Total sales in $1,000 units...
Total tales in %1.000 units.
114.6
(Close
114.7
114.6
114.2
114.2
114.4
114.2
114.2
114.2
114.3
114.4
114.6
114.2
114.2
114.2
Total sales in 11.000 units...
10
(High
103.19
m.
18
-
—
*r
*
*»
103.18
103.16
103.16
103.16
103.16
2
—
103.16
103.19
103.21
Total sales in $1,000 units...
112.30
106.6
103.16
103.23
....
Close
17
105.3
9
■
103.23
114.4
10
,:—
Low.
2 H*. 1951-64
105.6
105.4
.
High
114.4
114.6
(High
j Low.
1944-64
4s
105.5
105.4
Low.
1948-51
118.23
(Close
Nov. 12
High
118.22
fHlgn
Low.
AH*. 1947-52
118.18
14 No®. 15 Nov. 16 Nov. 17 Nov. 18
Nov. 12 No®.
Dally Record of V. S. Bond Prices
Nov, 12 Nov. 14 Nov. 15 Nov. 16 Nov, 17 Nov. 18
Bond Prices
Dally Record of U. 8.
and Federal Farm Mortgage
of the transactions in Treasury, Home Owners' Loan
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
Treasury
No
of the day
they are the only transaction
in computing the range for the year
Is taken of such sales
15
-
1
(High
102.31
102.27
102.31
Low.
103.1
102.30
102.31
102.27
102.30
Close
103.1
102.27
2H&, 1956-59
112.30
112.30
Total sales in $1,000 units...
1
1
i
102.31
—
102.31
1
2
4
*3
6
High
Low.
(Close
3H*. 1946-66
103.1
102.16
f02.17
102" 13
102.13
102.14
102.14
102.15
102.12
102.11
102.11
102.13
102.15
102.12
102.13
102.13
20
10
9
102.30
Total sales in $1,000 units
Low.
102.16
105.10
105.9
105.8
105.8
Close
102.16
j Low
105.10
105.9
105.8
105.8
Total sales in $1,000 units...
4
(Close
106.10
105.9
105.8
105.8
(High
Total sales in 11,000 units...
Low.
106.5
254s. 1958-63
(High
3H*. 1940-43
2Kb. 1945
7
I
106.27
(Close
106.27'
4
7
109.28
109.25
2 H*
1948
16
106.3
••
106.3
....
2
104.30
104.28
104.26
104.29
104.29
104.30
104.28
104.26
104.29
104.26
104.30
104.28
104.26
104.29
104.29
(Close
1
fHlgn
—
(High
106.29
Total sales in SI.000 units...
102.14
106.3
-
j Low.
106.29
106.27
»*»
102.31
*>A
Total tales in $1,000 units...
106.29
106.28
ILow.
3 Hs. 1941-43
106.27
4-
106.5
Close
106.28
(High
u—
-
106.5
1
—
109.26
»
Total sales in $1,000 units.
2>*8. 1949-53...*
m,
20
m*
1
1
1
8
102.6
102.6
102.2
102.3
102.3
102.2
102.6
(High
j Low
(Close
109.23
102.4
102
102
102.1
102.1
1 Low.
I Close
109.25
109.24
109.26
109.23
109.28
109.24
109.26
109.23
Total sales in 11,000 units...
4
12
*8
1
Total sales in $1,000 units...
102.9
102.8
102.6
102.3
102.5
102.4
107.9
107.11
(High
j Low.
102.9
102.8
102.3
102.2
102.5
102.4
(Close
102.9
3Hs. 1943-47
107.10
(High
107.12
107.11
107.10
107.8
107.11
107.9
107.10
107.8
107.11
107.9
107.11
Total tales in $1,000 units...
I
2Hb. 1950-52
107.11
(Close
■
j Low
3H*. 1941
3
2
1
(High
109.19
109.13
109.19
109.13
(Close
109.13
109.19
Total tales in $1,000 units...
1
I
5
(High
102.1
33
15
102.5
2
3
~
~
m
•
~
M.
-4. -
*• •.
102.4
9
4
— -
IIII
107.1
107.1
-
-
«*,
—
2
Total sales in $1,000 units...
106.15
106T3
106.11
106.11
106.13
106.12
(High
3s. 1944-49
2
102.2
102.4
7
I'll
Low.
Federal Farm Mortgage
102.2
102.3
17
107.1
106.13
106.13
4
3
106.13
....
♦
Low
Close
109.20
102.8
1
Close
109.15
109.19
102
4
1
Total sales in $1,000 units...
Federal Farm Mortgage
3 H . 1944-64
109.19
]Low_
3H*. 1943-45
102.5
102.6
«
Total sales in $1 000 units...
—
15
109.18
109.16
109.18
109.17
109.18
j Low.
109.20
109.17
109.16
109.15
109.17
109.18
(Close
109.20
109.18
109.16
109.17
109.17
1
9
5
27
1
1
(Close
106.16
....
108.28
108.24
108.23
108.26
108.22
Total sales in $1,000 units...
Federal Farm Mortgage
(High
1
(High
\Low.
108.27
108.24
108.23
108.22
108.22
(Close
108 27
108.24
108.23
108.22
108.22
Total sales in $1,000 units...
4
2
3
2
1
(High
3H*. 1944-46
Total sales in 11,000 units.
3H», 1946-49..
Federal Farm Mortgage
109.18
254s. 1942-47
...»
3H*. 1949-52
108.14
108.11
....
108.14
108.11
(Close
108.14
108.11
25
2
Hlgn
108.7
108.5
j Low.
(Close
108.5
108.5
108.5
108.5
....
1
—
106.16
106". 13
106.12
106.12
106.16
106.13
106.12
106.11
106.16
106.13
106.12
106.11
Total sales in $1,000 units..
2
106.11
106.10
106.11
-.4.
3
1
2
102.13
(High
1939-49..] Low.
(CloBe
102.14
102.11
102.13
102.13
-
-
—
-
102.12
w
102.14
102.11
102.11
102.11
102.11
102.11
102.12
-4.
Total sales in $1,000 units...
108.1
»+ m
m
(High
Home Owners' Loan
108.1
w*
1111
(Close
254s. series B,
3s. 1946-48
1111
ILow.
3s, series A, 1944-62
108.14
25
—
-
(Close
108.10
....
Total sales in $1,000 units...
-
Total tales in $1,000 units....
108.14
'
-
106.16
]Low.
Home Owners' Loan
(High
]Low.
•»
106.16
(High
•{ Low.
3s. 1942-47
102.14
55
6
4.
—
1
3
~
3
(High
»
m
«•
4»
«
102.13
9
6
Low.
(Close
Totaisales in $1,000 unit*.
106.18
106.18
106.16
106.16
106.14
106.21
106.18
106.16
Total sales in $1,000
106.17
106.20
106.24
....
106.21
106.21
....
10
....
8
16
21
•
Odd lot sales,
104.7
104.5
104.2
104
(Close
104.7
104.6
104.2
15
104.2
34
104.4
104.1
104
104.3
104.2
18
(High
106.31
j Low.
106.31
104.1
14
106.24
6
45
2
Total sales in $1,000 units...
104.6
104.6
104
104
104
104
104.6
104.6
104
units...I
2
104.1
*1
20
104
104.3
6
above
table
Transactions in
106.28
includes only
registered bonds
1
4
sales
1 Treasury 354s,
106.27
Treasury 3s
4
coupon
109.24 to 109.24
109.15 to 109.16
1944-1946..
Treasury 254s
of
were:
1'Treasury 3?4s 1943-1947
3 Treasury 354s 1943-1945
104.1
35
106.24
106.31
(Close
104.3
104.1
104.4
1
2H8. 1945-47
104
t Deferred delivery sale.
Note—The
14
bonds.
104.7
Total sales in $1,000 units...
104.1
106.17
(High
-j Low.
2Kb. 1955-60...:
104
(High
2548. 1942-44
*1
—
104.6
Low.
Home Owners'Loan
108.1
—
106.25
-j
3s. 1951-55
10
m
104.6"
Close.
Total sales in $1,000 units.
•
...109.17 to 109.17
1951-1955
...106.18 to 106.18
1949-1953
102
to 102
106.27
■..11
United States
106.27
*
1
United States
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
Saturday
Nov.
$ per share
60%
*119
SALE
PRICES—PER
Nov. 16
Nov. 16
45
49
49
14
$ per share
*60
6034
$ per. share
58%
13338 *119
*38
45
495s
*35
4958
49*2
12i2
123s
12*4
12 >8
11%
2314
23'4
23
23*2
28%
67%
67
1%
*1*4
2834
2884
23*2
287s
66
67*?
65%
1*4
1*4
*68
*67
10
978
*115
-
«.
*
*118
10
-
-
-
9%
-
1*4
13«
138
15%
1334
1534
14
155s
1412
15
1378
14%
14
1434
1978
20
29
2I34
19%
27%
1238
13
13
193
12t2
193*8
12i2
13*4
14
188
12*4
135s
1278
13%
13'f8
085S
08"*!
527,
5384
*67*2
51*8
*19
1 9 >8
19
3
3*8
*2234
24
7178
72
2%
1%
1634
45
*35
4<®%
12%
23*2
15*2
*48
47
500
11*4
12
6,800
*23*4
28i2
64
6434
291?
66
1*4
1*4
*66
10
934
1*8
10
934
*115
'
1%
14%
1334
13*4
16 >
1334
14*8
18
27%
26
183
1134
13U
13*8
13I4
13%
I85g
273«
26%
1134
1134
188
184
11%
12
1134
12%
14
137fi
12%
1334
12%
14*4
13%
13*2
12%
12%
12%
69
67*2
67*"
67*?
6734
52%
5034
513s
49
51 a4
*67%
4914
18%
19
25*2
213s
20
20%
59
60
25
♦llSg
137g
18*8
234
18%
23
23
23
24
7234
71
731?
72%
*2334
3
3*4
*21%
7134
*24*4
18%
25
1934
24*4
18%
2414
19%
56
58
54%
56
Bid and asked prloes; no sales on this day.
3i8
1134
184
4H%
6% Mar 30
.No par
Air
Corp
-
10
«
_
-
7,700
15%
17,000
13%
3,200
5,700
17
18%
6,900
27%
33,300
11
11%
900
181
18434
3,600
12
12
14
13%
8,000
12 i2
13%
1134
12%
24,800
6784
67*?
47%
19
19
67%
4984
19%
500
4934
900
par
100
18,600
17*2
285,
30
Aug 30
Oct
Oct
36
Jan
44i2 Nov
8OI4
514
Jan
5
Mar 30
5i2June 17
7»4June 18
14% Sept 26
4i2 Mar 30
124
Mar 31
7
Mar 31
6778 Nov 12
15, July 11
68% Oct 18
15g
177b
17U
178s
8
Oct
"1534
Oct
166
1
Oct
53,
Feb
11
Oct
5984
Feb
11
Oct
59
Feb
Jan 12
10
Oct
68i2
Feb
1012
Oct
52i,
Feb
14U Aug 20
Oct 17
1284 Oct 26
147, July 25
10
49
20
Amalgam Leather Co Inc.-.l
6% conv preferred
50
11*4 Apr 1
1*4 Mar 26
10
Mar 30
24
Jan 12
55
May 27
78
July 13
500
4,900
Amerada Corp
24
No par
2434
1,000
Am Agric Chem
183g
I884
17%
18%
7,800
American Bank Note
55
57
58
580
delivery
(Del) newNo
New stock,
r
23
Nov
10
Mar 30
50
6% preferred
n
pr
10
46*4 Apr 27
Cash sale,
x
Ex-dlv.
1
y
Oct
Nov
7*4 Dec
lSi2Nov 9
7Q% Oet28
5534 Oct 17
Mar 31
No par
73
~~6%
145
85s Mar 28
38
100
Jan
146
412 Mar 26
No par
Oct
2
Alpha Portland Cem
21
%
Feb
Jan 7
Jan 12
Jan 12
21i2 Nov 14
2984Nov 12
197
16*2
Aug 27
138s Fob
115
1,100
21
Aug
Oct 22
5,500
71%
Mar
85
24
3414 Mar 31
725«
2434
69
228$ Mar
No par
25
Mar
Nov
4384 Deo
778 Nov
All la-Chalmers Mfg
3
Def.
war. 100
Allen Industries Inc
__1
Allied Chemical &, Dye. No par
Allied Kid Co
6
Allied Mills Co Inc
No par
3
65
Jan 14
Apr 16
% Mar 31
6% June 17
No par
$2.60 prior conv pref.No par
Alghny Lud Stl Corp ..No par
Corp
5% preferred
share
Nov
12*4 July 19
3
40
war. 100
6 54 % pf A without war. 100
Allied 8tores
per
36
6
16% Mar 31
May
2
10
654% pf A with $40
13%
Highest
share $
62
June
95
12%
Nov 17
12384 Oct
per
37
5s Mar 30
67
Aug 3
884 Mar 31
1234
%
Oct 15
Alabama A Vlcksb'g Ry Co 100
Alaska Juneau Gold Min_..10
1334
61
share
45
18
No par
Way El Appliance.No
per
14i2 Mar 31
....25
Adams-Millls
Allegheny Corp
55S% pf A with $30
a
4
1195s July 19
30*4 Mar 23
No par
33,600
In recetversuip.
$
Adams Express
55
$
share
No par
1%
25%
per
Albany & Susq RR
-
Year 1937
Lowest
Highest
36*4 Feb
100
Air Reduction Inc
-
Range for Previous
100-Share Lots
Abraham & Straus
Acme Steel Co
Addre88-Multlgr
1,800
$
No par
conv pref
1,200
1238
3U
Abbott Laboratories
7,200
-
1*4
Par
28%
9%
On Basis of
Lowest
6478
-
*116
13«
155g
12*4
18*4
97«
15
281?
12*8
12*8
187*2 188
1*4
500
1%
*65
*116
1*4
23%.
1
1*8
*65
26*2
2512
...
47
28*2
62%, 6212
900
45
1138
24
20%
717«
61
133%
49%
6334
Range Since Jan. 1
STOCK
Shares
1118
*23i4
*27i2
29%
3*,
$ per share
23*2
*27%
62%
YORK
EXCHANGE
Week
*48
18
3*4
2334
18
12
20%
1984
Nov.
24
19
12 >8
8TOCK8
NEW
the
497S
21l2
193
1/
$ per share
66*4
1*4
14
Sales
11*2
1434
21
Nov.
293s
1*2
16*2
CENT
Friday
58*2
60
60%
61
130*8 *110
130% *119
45
*35
*35i4
45
1334
1334
*22l2
7184
24i2
*
58*2
130% *119
*118
13s
Thursday
$ per share
5934
*67
97S
-
1*4
ER
NOT PER
for
Wednesday
1301, *119
*37
28
SHARE,
Tuesday
Nov.
12
60
HIGH
Monday
6i8
34
Oct
Oct
Dec
F<4>
Aug
237, Apr
258i2 Mar
1718 Aug
33is Jan
217, Mar
85
Mar
Oct
83i2
JaD
Oct 15
8i2
Oct
39»4
Jan
3% Oct 17
1*4
Oct
19
Oct
5H2 Not
87, Mar
52i4 Mar
1147, Mar
28l2 Oct 10
23% July 19
10
Oct
413,
Jan
63
50
Dec
75i8
F«-d
Nov
fix-rights.
7
1 Called for redemption
Volume
LOW
AND
New York Stock Record—Continued—Page 2
147
HIGH
SALE
PRICES—PER
SHARE,
STOCKS
Sales
CENT
NOT PER
//Ml
NEW
JOT
Saturday
Monday
Tuesday
Wednesday
Nov. 12
Nov. 14
Nov. 15
Nov. 16
$ per share
% per share
$ per share
t per share
714
7%
7%
3%
3%
5012
130
130
101
101
*175
8%
73%
5134
99
33l2
3334
3134
*5512
2312
56%
55
2334
23%
*112
130% 13C%
98
175
♦130
99
31
55
54
23%
2234
117
29%
31»4
6,800
49
5234
700
23%
22%
23
22
5484
2284
20%
22%
11,100
125
*110
125
*110
125
123
123
123
123
115
124
124
♦110
123% 123%
76%
434
76%
*76%
5%
4
2,800
100
384
6,100
20%
5%
4
19%
10
9%
15%
15%
15%
14%
15
4
*13%
934
884
16
*1378
57g
5%
3434
44%
44%
1%
*1434
7%
35
*44%
44%
44%
1J2
1%
15%
*1%
1%
1%
44%
1%
15%
15%
*15%
7%
15%
14%
Oct
No par
88ia Mar 31
125
Oct 21
90
Oct
100
Mar 29
Mar 29
800
15%
Products...1
No par
6% non-cum pref
100
Amer Internat Corp
No par
8
5,500
26%
7334
27
75
73%
73%
10,600
1,000
American Locomotive. .No par
Preferred
100
44
June 17
16%
1678
7%
25%
16%
1578
16%
47,700
10
Mar 31
23
734
434
5%
7,100
42%
8,200
Amer Metal Co Ltd
18%
17%
*162
18%
*162
165
1734
1634
17%
165
*162
1634
165
23*8
24%
23%
24%
22%
23%
22%
77
78%
77
77
75%
76
75%
*162
16%
17%
165
165
17%
6%
"
140
21,400
3,500
4,400
41,500
10
165
22%
77%
17
23%
21%
23%
57,900
7534
24%
76
75
7534
1634
16%
1634
22%
21%
17%
2284
16%
2038
17%
2214
21
16%
193.1
21%
19%
19%
19%
35
35
33
34
32%
33
33%
33%
33
5758
58%
56
5434
55%
54%
56
543g
55%
51%
54%
137% 137%
60% 60%
*60%
141
142
139% *134
61
61%
60%
♦141
*141
143
61%
143
141
137
138
*137
61%
3714
37%
36%
37%
34%
353i
34
11*8
11%
11
11%
10%
10%
10
17
1634
1634
*1634
17
1684
26
27%
25
25%
25
26
102% 103%
104
*141
36%
10%
1634
*16*4
26%
26l2
10314 103%
*20
21
*20%
149
149%
20%
20%
87
87
87
87%
90*4
91
89%
9084
*149% 150
*149% 150
8%
9%
8%
8%
14%
15%
15%
15%
90
*88
88%
88%
7
7
44%
4484
42%
9%
8%
9
6%
45
*39
*38
22*4 Apr
36%
64
19
113
16%
16%
16
*3%
3%
29%
♦3%
29%
*121%
-
.
-
-
103
103
♦29%
3l->
"
*121%
103
*60
5%
6%
50%
.50%
1,200
147% 148%
147% 148
86%
857g
87
87
87
88%
90
88%
150
150
9
8%
85%
85%
86%
6%
6%
6%
41%
4034
45
49%
49%
*60
97%
52
62
*55
62
19
*18%
*37
34
35%
19%
3534
35%
18%
9719
*60
97%
52%
49%
5238
50
123g
12
12
12
*60
52%
12%
12%
97%
8
12%
12%
7384
*70
*63
75
*63%
*37
39
*37
39
*91%
92%
*91%
92%
*90%
92%
*90%
92%
43*4
4484
4134
4334
67%
68
67%
68
6734
69%
6612
69%
67%
67%
66%
2884
29%
28
2834
27%
2734
26
28%
26%
27%
25%
7
*6%
7%
*6%
7%
II84
*634
7%
11%
*6%
73*4
*7
7%
12%
*11%
12%
*6%
*12
7%
784
,7%
12
11%
71%
74%
.75
71%
*65
63
12%
63
*58%
12
4734
48
67%
67%
23%
46
46
67%
68
"7%
7%
7%
5
7%
5
434
5
*3%
3%
21%
23%
534
14%
5%
1434
8%
85*
10
4634
7%
11%
11%
10%
3%
23
5%
1334
8
9%
3%
24
584
1,600
1,900
11%
10,900
7%
11
*65
75
70
37%
38%
95
*92
95
92%
*91
92%
41%
*36%
*92
*91
42%
397g
11%
413g
38%
12
*10%
14%
8%
10%
8
13%
*33
14
7%
32
20
21
20
7,300
13%
13
12%
*33%
12%
*12
12%
12
12
700
35
*33%
3334
*33%
18%
2034
18
17%
17%
17%
19
20%
1934
20%
114
II384 11334 *113
*17
17%
17%
17%
35
*33%
1734
18%
20
20%
17%
1934
115
31%
115
778
113% 113%
76
*71%
76
2384
115
17
17%
♦95% 100
100.
*29
115
20%
*9578
*29
*71%
23*4
19
19%
23%
*187S
5434
55%
55
77%
75
76%
24%
18
18
1147-
1147g
1734
114
734
*72
22%
23%
♦72
"
115
22
"
77g
7%
784
76%
7%
778
76%
♦72%
76%
23'-
22%
22%
19
19
19
187g
19
187g
19%
56
54%
55%
5334
54
53%
73%
7584
73
76%
73%
53%
75%
17%
1734
1734
177g
1734
1778
76%
18
114%
112% 112%
113% 113%
113% 113%
114% 115
712
7%
*72%
2134
19%
5234
717g
17%
23%
18%
Atlantic Coast Line RR...100
14
55 prior A..'.
3
1
2
2
4% preferred
Bangor A Aroostook
26%
27%
*26
26%
26
26%
21%
22U
*2134
22
2134
2134
900
177g
18%
17%
18%
17%
18%
22,200
18%
10
*18%
21
*18%
21
*18%
21
*18%
21
18%
*45
50
♦45
50
*45
50
*4578
50
*457g
1,300
2°%
2834
28%
29%
28%
30%
30%
32%
30%
32%
3034
33
117,500
29%
30
29
30-
27%
28
27%
28
27%
28
27
27
1,900
Jan 14
Bohn Aluminum A Brass
n
6
5
New stock,
r Cash
sale.
*
7>8
3914
Nov
Deo
8
Nov 15
4*2
6% Jan 12
3*8 July 13
318
Nov 14
Oct 19
Oct
38
Nov 16
6
Dec
101
125
24
Oct
101*8 Sept
Oct
Dec
2
Sept
16
Dec
Oct
Oct
July
10
Oct
Jan 21
98
July 19
89
Dec
23*4 Oct 24
Mar 23
14
34
25
Oct 20
Nov
9
21*8 July 19
Mar 30
21
Nov 14
9
115
Jan 31
Apr
19% Oct 19
102
Oct 19
9
30% Mar 12
9411 Apr 2
5*4 Mar 31
Sept 26
8*g Mar 29
11512 July 18
Apr
1514 Mar 31
26?g Mar 31
39*4May 27
12*4June 14
75
Mar 31
19
Sept 14
I5*g Mar 31
American
"hanged from United
Oct
18
Oct
17igJune 3
9*4 Mar 30
Boeing Airplane Co
Oct
P
8is
10% Mar 31
13ij Apr 4
37 May 10
100
Oct
6
7
67
Bloomlngdale Brothers.No par
Dec
18
11
No par
Blaw-Knox Co
978 Jan 10
4812 Aug 8
68
Nov 14
661 j
Mar 31
Blgelow-8anf Carp Inc.No par
Black A Decker Mfg Co No par
b Name
a Def. delivery,
Dec
72
327g Nov
5
90% Apr 29
•
20
100
Blumenthal A Co pref
50
Dec
447g Nov 10
2%
11*8 Mar 30
20
7% preferred
J8I9
Deo
70
Nov
9
10ig Mar 30
No par
5% preferred
Oct
30
5
—50
1,500
Deo
71*4
2l*g Mar 29
No par
1,800
Oct
6
July 21
•9
5
478
2*8
15% Nov
12ig Mar 30
5
Belgian Nat Rys part pref
Bendlx Aviation;"...
Oct
13*4 Jan 11
109
preferred w w
Oct
36
100
25
Beatrice Creamery...
4*8
Mar 31
Bayuk Cigars Inc.....No par
preferred
93
86
50
Barnsdall Oil Co
116*4 May
Mar 30
5ig Mar 29
Barker Brothers.......No par
preferred
Deo
29
...100
60
100
10
92,700
28
21
preferred
Asphalt Corp
Conv 5%
Mar 25
12U Mar 30
212 Mar 29
No par
(The)-.3
1734
22
Jan
2l&Juns
-No par
No par
AVlatlon Corp of Del
Mar 29
41* Apr
No par
Atlas Tack Corp
7434
18
t In receivership,
105
No par
22
this day.
36
100
5% conv preferred
Steel (Del).No par
*27
Bid and asked prices: no sales on
No par
Atlas Powder...
Oct
Dec
3
f0
1017g Apr 12
6*4 Mar 30
38*4 Mar 26
Bethlehem
19%
May 27
Mar 31
7
2*2
22
Deo
09% Aug 11
Beneficial Indus Loan..No par
24%
Oct
Nov
27*8 July 20
Best A Co
2734
Oct
33
17*4 Mar 31
2,200
18%
Oct
10
83
61* Mar 26
4,000
22%
39
96
58
-100
25
4% conv pref series A...100
Atlas Corp
-.5
6% preferred...........60
5% preferred
Atlantic Refining
1st
*2712 Oct
24% Nov
8
n
12% Nov 16
2978 Nov 9
8i4July 7
14*2 Jan 10
Barber
Oct
9
Aug
414 Mar 25
19%
2734
5
-No par
Atl G A W I SS Lines
Beldlng-Hemlnway
198,j
50
*18%
100
40
5% preferred—
5
2214 Mar 31
Atch Topeka A Santa Fe. .100
Beech-Nut Packing Co
28%
9
Jan 22
1,000
2412
27%
*24
Nov
Mar 29
53%
112% 113
17
31
8*4 Nov
72
1,300
23,000
13
72
Beech Creek RR
76%
42% Oct
64*4 Oct
217a Aug
113*2 Oct
2012 Oct
412July
3U2 Aug
1221s Oct
10378 Oct
100
55
32
July 25
5% pref with warrants.. 100
40
1,000
Oct
43
73l28ept
39i2Nov
99
32
114
115
97
7,300
Dec
3U
Nov
75
5 Vi %
13,000
9
9*8 Oct 17
45
Mar 30
3334
*29
'
77g
19%
*953g
32
114
31%
*29%
197g
Oct
July
10
58*4 Deo
128ig May
414 Oct
Oct
May 12
5,300
92
Oct
8
56
4
*90
Oct
3*2
2514
27
100
92
Deo
82
7*8 July 19
*52
Baltimore A Ohio
*90
,
16i8 Nov 10
Aug
1
91
100
100
9%
9
9%
24
10478
14
125g Nov 12
17,800
92
19
*29%
7%
*90
21
8
7%
Jan 11
2012 Oct 27
Mar 29
Baldwin Loco Works v t c..13
400
18%
115
73g
31
117% Mar 14
4
34,200
30
20%
8
7%
5ia Mar 25
2% Mar 30
13%
7k
30
112% 112% *112% 114
1734
17%
173g
17%
*114
13%
Dec
Oct 11
Oct
Mar 19
24% Mar 26
5
31
13%
*95
13%
15,200
7*8
19
30
Apr
1
6
7% 2d preferred
230
534
Oct
11*4 Jan 18
Feb
6% 1st preferred..
1,600
3%
21%
«
2212
Assoc Investments Co..No par
tAuburn Automobile
5%
Nov 10
38
96
1
Austin Nichols
3%
Oct
Nov
94i2 Jan 31
5314 Nov 14
Dry Goods
1,300
21%
Deo
48
125
50
No par
Artloom Corp.
1,100
5%
122
Oct
Deo
Nov
Deo
Constable Corp
7k
21%
20%
Armstrong Cork Co
4%
33g
Nov 16
6118 nov 14
1481* Aug 30
41
100
No par
56 conv pref
4%
22
138
7*2
24ig
57
Mar 30
Armour A Co of Illinois
*7%
5%
13%
35i2 Jan 11
58*8 Nov 9
Jan 12
82
7% preferred
ArmourACo (Del) pf7%
40
9%
35
100
900
*297g
♦33%
*94
2,200
934
*13%
100
*94
*
100
9,500
30%
91%
22%
18
8,300
9%
92
113% 113%
"560
30%
97g
*90
19
_
j~
67
14%
13%
8
13%
734
914
92
2034
33s
22
5%
53g
—
46
'
*90
1878
3%
23
23
5%
31
20%
1778
3%
3%
^
125
4%
23
•»
67
4534
8
4%
~
♦123
68
434
*30%
22
46
125 '
8
31
21%
*67
*123
4%
13%
91%
2178
67
125
8
31
31
46
46%
67
8
35
*30%
4634
125
7,000
m
Deo
72
116
Co
55 pref without warrants
w
5,000
27%
7%
»
34,300
67%!
.
«
15U
2814 Mar 28
100
gtd 100
1
July 14
50
«.
20% Jan 12
23i2Nov 9
No par
Mar 31
100
200
200
Dec
7
2
Associated
Oct
6318
37S Mar 26
10
20
Andes Copper Mining
Arnold
Oct
80*4 July 20
6
20
No par
Archer Daniels Mldl'd.No par
A P W Paper
Oct
15*2
5
19
17
7
8
19
24
July 19
97
Apr 6
Mar31
7% preferred
13", 700
12%
7%
*37
434
5%
800
*60
-
434
3%
22%
40
700
12,100
75
7%
,
1,300
65
92%
11%
68%
300
400
*55%
92%
39%
j.
56.50 conv preferred .No par
*65
37
92%
46%
*67
*122%
70
.
52%
237g
*122
*122
Mar 29
10*4 Mar 31
12
23 3g
23
237g
22%
22%
23%
2284
23%
*108% 108% *108% 108% *108% 108% *108% 108%
108% 108% *408% 109
9
83g
834
8%
8%
8%
8%
8%
8%
83,
8%
878
23%
2334
May 26
29
AnchorHockGlass Corp No par
75
*91
12
21
Anaconda W A Cable..No par
70
37
92%
42%
41
12%
11%
38%
92%
38%
*911.,
♦90%
73g
7%
U
Anaconda Copper Mining..50
100
2,000
97%
8
8
78,900
51%
*
7%
Mar 26
_
51%
53%
127g
25
18%
112%
112% *111
112% *110
112% *110
16
163s
*15%
*15%
15»4
16%
1584
*15%
*3%
3%
3%
3%
3%
3%
3%
*3%
29
29
29
29%
28% 28% x2834
28%
121% 121% ♦1213s
121% 121%
*12138
*102% 103% *102% 103% *10284 103
10278 103
1
534
534
584
534
5%
584
5%
5%
49
47
47
49
48
*44
47
48%
*60
25
61
♦55
Preferred
55 prior conv pref
44%
97%
5234
12%
12%
4*8 Mar 30
447g
37
Apr 16
23*s Mar 31
*37
19
Mar 30
1
4478
35
6
68
100
*37
*65
Am Type Founders Inc
10
Am Water Wks A Elec.No par
Amer Zinc Lead A Smelt
Oct
140
Oct
58*4 Mar 31
130
Apr 1
3% Mar 28
314 Mar 31
2,700
Oct
914
Deo
No par
17,300
Oct
26
57
American Woolen
8%
Dec
3
31
88I4 Aug 6
91*8 Oct 25
151UNOV 7
912 Nov 14
2,200
407g
26
17
10
10
Mar 30
6%
734
Oct
24*4 Nov
58
No par
38%
Oct
3
140
56 1st preferred
8%
Oct
10%
Nov 14
600
4138
53
150
100
6% preferred
5*4 Dec
14*2 Oct
Mar 30
27,700
6
127g
52
700
.
Oct
Oct
Oct
111
14%
86%
8
19
*60
Amer Telep A Teleg Co...100
834
62%
19
Sept 14
99ig Sept 2
12*8 Mar 30
...100
11,100
8
363s
35%
20
Preferred.
Am Sumatra Tobacco ..No par
22,000
88
*40
Refining.. 100
American Sugar
500
25
88
40%
June 10
Common class B
88
884
12
6,300
12%
43
No par
88%
1334
6
No par
26
13%
6%
American Stores
American Stove Co
American Tobacco
87%
7
Jan 17
15*8 Mar 31
Qis Mar 31
4,000
89%
Mar 29
45*4 Apr
130
Amer Steel Foundries.-No par
*149% 151
9%
8%
86
-
103%
6%
6
2,800
20
*110
16
30
2584
10534 10534
143g
*60
113
24%
25%
10534
20%
13%
8%
19%
113
113
400
88
37%
64
1,800
14%
42
1934
17,000
9%
16%
14%
9%
447g
353g
9%
25
14934 14934 *149% 150%
87g
9%
9%
8%
6%
100
16%
20
103
25
6% preferred
9%
*20
1
2818 Mar 31
100
American Snuff
20
105
20
Preferred
900
291* Jan
7*2 Oct
47*8 Nov
4112 Nov
Mar 29
58
100
Amer Smelting A Refg.No par
1634
3434
33
25
Amer Ship Building Co .No par
400
Nov 12
16512 Jan 12
2412 Nov 12
American Seating Co ..No par
60%
79
117*8 July 25
514 Jan 12
148*4 July
1
13ig Mar 30
520
142
Oct
1918 Oct 13
4,200
137
60
*141
14
29*8 Nov 10
Mar 30
9
par
27,300
9%
34
148% 14934
8634
89%
89
43
63%
19%
8634
.
67g
38%
37%
*59
20%
14884 14984
149% 150
137
61%
143
Mar 31
6,500
16%
*16%
104% *1037g 104%
20
138%
*603s
142
16
16%
16%
Oct
44% Nov 9
2i4June 23
20U July 20
8*4 July 19
18
Mar 29
16i8 Mar 31
pref
2i8
2012
3214
li8
Nov 17
Nov
314 Mar 29
...100
conv
Oct
5% Nov 16
36
100
No par
American Rolling Mill
Dec
7*4
Oct 25
19
Preferred
Oct
14*4
Nov 14
120
20
No par
San'y .No
12*4 July 20
207gJuly 2
6*4
Oct 17
No par
Am Rad A Stand
Oct
17*2 Dec
45
14*4 Sept 28
7% Mar 26
33%
57%
138%
American News Co new No par
$6 preferred
55 preferred.
Oct
99ia Mar 30
100
Amer Power A Light
Oct
Mar 30
American Safety Razor.. 18.60
19%
35%
2*8 Mar 31
No par
preferred
conv
3,100
35
*136
Mar 26
Oct 4
Mar 28
Mar 30
12*8 Mar 29
30*4
H4
13*4
4%
Oct
212
5U July
25U Feb 25
2
6% preferred
5ig Mar 30
27
7%
Jan 22
12
American Hide A Leather
41%
165
Oct
13is Mar 29
Amer Macb A Fdy Co ..No par
Amer Mach A Metals..No par
18%
175
714 Nov 14
214 Mar 30
4%
*162
Oct
177
1
15%
75
17
Oct
5
Jan 22
.50
15%
16
2
No par
American Ice
75
6*8 July 25
15
500
26%
Nov
Mar 26
1%
1634
80
May 26
I84
77
157g
Jan 18
9
*1%
16%
83
10
1%
1434
12*2
10
American Home
77
16*4 Jan 12
177
100
Amer Hawaiian 88 Co
600
*15
8I4
15
68
American Encaustic Tiling.. 1
Amer European Sees
No par
44%
15%
Nov 14
8ept28
2*a Mar 25
4
Mar 29
10
Amer 4 For'n Power
5U
8I4 Mar 30
Corp..20
Amer Express Co
9% Nov 14
4it Mar 29
9
Mar 29
10
6% 1st preferred
*44
4%
4%
434
4%
4%
4%
4%
4%
41
40%
40%
407g
39%
4078 423g $40%
*120
125
125
*120
125
*120
*120
125
*12078 125
*118% 125
27
27
27
27
27
27
*26%
*2612 27
26%
2678
*26%
7
6
67«
634
6%
7%
634
6%
6%
6%
63g
57g
46
44
41
46l2
46%
46%
4334
40%
40%
42%
40%
41%
40
40
38
34
38%
39%
37%
35%
35%
34% 3734
34%
•
86
American Crystal Sugar
44%
Oct
Nov 15
Colortype Co
*44%
Feb
Oct
115
American
Am Comm'l Alcohol
31*4
Oct
11U
89ia Feb 18
No par
1,000
Oct
36
100
American Chicle
2,300
Dec
34*8 Nov
57*4 Nov
23*4 Nov
Mar 31
56 preferred
1,300
Dec
69
1617s
I5I4
9
9
9
9
17612 Nov
No par
1,900
109
10518 Oct 13
9% Mar 29
6% preferred
28,400
8
Aug 24
135
172 d preferred A
9%
Oct
No par
43%
414
42%
*45
Am Chain A Cable In
Oct
28
Nov
No par
13%
1%
27
100
7
9
5*8 Oct 26
52
160% Mar 30
12% Mar 30
.No par
Preferred
5%
53g
34%
28
*75
American Car A Fdy
3478
734
15
25
13%
27%
79
100
Highest
$ per share $ per share
14*8 July 29
6*4 Mar 31
1% Oct 18
23% Mar 31
114
Apr 21
70*4 Jan 3
par
..100
5%
*32%
734
14*4
5X% conv pref
Preferred
5%
26%
79
Fdy .No
American Can
14%
8%
28
l
Rights
Am Brake Shoe A
$7 preferred
14
8%
Corp
5 per share
2,200
13%
9%
14
b American Bosch
36
14%
578
29%
77%
29%
—
-
18
17
18
9
14
35
5%
3478
44%
8%
9%
15%
14%
14%
5%
34%
*4414
I5I4
8%
18
3%
3%
3%
19%
47g
47g
434
37g
18
1934
♦9%
*1434
5
3%
.
33%
28*4
120
4%
5
4%
20
5
123g
884
834
8%
8%
*63.1
778
77g
77g
*684
*634
77S
*684
500
*167
500
*167
*167
500
*167
500
7%
500
10%
5%
78
12
5%
14%
*76%
14
77
32
78
14
76%
518
3,700
14%
1234
77%
32
IDs
13%
*76%
*I412
12
9%
77
10*8
15%
14
8%
76%
800
1234
11%
9%
12%
200
3,200
9,800
9%
13
4%
20%
300
175
31%
1234
20%
4,300
96%
98%
175
30
13
4%
60
99
175
*172
*52%
12*2
Z14
135
97%
175
5534
14%
12%
*167
44
13034 13084 ♦130
98%
*172
25,900
5,600
2,700
44
32%
14%
784
8%
7%
8%
Lowest
Highest
% per share
Par
55»4
15
500
Shares
54
14
*167
$ per share
317g
14
5%
share
47%
Year 1937
100-Share Lots
Lowest
39
14
5%
*7i4
per
On Basis of
Week
77g
135
97%
115
112% 112%
*123
125
*123% 124
9%
*8*8
9%
9%
Nov. 18
4684
49
46%
175
3234
$
8%
7%
17
4%
4934
*172
100%
175
8%
74%
48
135
*130
175%
784
4%
50%
52
the
Not.
Range for Previous
Range Since Jan. 1
YORK STOCK
EXCHANGE
Friday
Thursday
3117
Ex-div.
10i8
7*4
20
10
914
108
13*4
Oct
Oct
Dec
Nov
Oct
Oct
Oct
Oct
92
Nov
2912
90*4
Doc
9
July 19
83
Jan 11
7*8
82 lg
25*8 Oct 19
8I4
Oct
Oct
Dec
Oct
19*8 Nov 18
15
Oct
Nov 14
29
Dec
775gNoV 12
181s Nov 10
1147s NOV 12
29*4 Oct 17
24l2Nov 9
19*4 Nov 12
21% Oct 28
55
July 25
3612 Jan 17
3012 Oct 11
41
Oct
14
Oct
56
85i2 Nov
2214 Dec
13U Nov
9
Oct
15*8
Doc
50
Dec
16
Oct
21
Oct
B oseh Co.
v Ex-rlghta.
T Called for redemption.
«■
New York Stock Record—Continued—Page 3
3118
LOW
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
Nov. 14
Nov.
$
12
share
per
Nov. 15
$ per share
Saturday
Tuesday
$ per share
Wednesday
Nov.
47*2
13*8
16
Nov.
$ per shaer
99
*98
Thursday
NEW
99
99
98%
99
47*j
47%
4734
47*2
47*2
13*«
*12%
13*4
13
13
$ per share
99
98%
47*2
*1234
99%
48%
18
18
18
18*4
17%
18
17
18
34*2
*234
2034
6*4
3
28
33%
3*8
27*2
6%
34
27*2
3234
*234
*26%
6*4
3234
3%
33*2
3*8
34*4
♦3*8
14%
13%
14%
34
33
33%
277s
6*2
1334
28
6*2
6%
6%
14*4
13%
13%
13
347s
35*2
33%
*37%
z42%
2%
9%
34*2
33*4
*37*2
40
*37
42%
2*4
42 84
*9*8
12*4
343g
1978
3434
*137s
12*4
9*2
2%
1334
12*4
14*8
12*2
*99
34
19*4
13*2
11%
6%
47%
36%
30
37*8
25*4
15*4
24%
25*4
14%
15
19%
19
19%
234
*25
15*4
193s
278
3
49
52
5%
35%
24%
14%
19%
534
5*4
6*4
2%
37
41%
2*2
13%
36%
19%
36%
13%
2%
■
12%
30*2
*18%
19*2
*33
13%
*1234
12%
11%
100
7*8
47%
51%
5*2
36*2
24*2
14*8
19%
2%
5
35*2
23%
14
19
2%
38%
2%
9%
13
6*2
49
49*2
13
300
17%
3234
3634
18%
7%
5134
5
300
12,500
1,600
1,400
22,800
6%
13%
32%
13
38
15,200
300
38
42
*41%
2%
9%
12%
36%
18%
5
1
9
June
2
22
3
4284 Nov 10
28
1
Oct
8
Jan
5
100
25
Mar 20
3
Mar 20
preferred
Bullard
14%
14,700
2,900
Co
9*8
*22*8
14
14
15%
9*8
14
9
9
2284
22*2
22*2
*22*8
22*2
4%
434
4*4
14%
14%
*40*4
19%
4%
14%
13*2
42
40
15
9
9%
14%
8%
14%
22
22
14
9
1434
8*2
8%
22
22
4*4
13*2
4%
13*2
14
12%
8%
8%
22%
15
14*2
15%
4412
♦44
*42
18*2
19
23
23
22*2
*48
51
44
*49*4
2*8
9*8
1878
1778
*46
19*4
18
—
51
2*8
1%
2
9%
8%
18%
17%
9%
18 34
17%
8%
9%
8%
8%
46*4
46*2
6*2
19*4
18%
6 34
6*2
6%
*43
44
36
81
81
*81
2184
21%
21%
4h
4%
4%
21%
4*4
36*2
8
7%
834
97
95
97
117
*95
99
11*2
44
97*2
32*2
*10*4
42%
35*4
87
*%
♦2*2
%
*3*2
14*4
99
51
44
U%
4%
8
6%
*6%
5%
684
104
*88
5034
44
3134
30
32%
30
3034
29
30%
6,200
300
*42
4334
3434
3534
4134
34*4
42*2
30%
89
88
88
3534
8884
31%
*87
*10*4
10*4
10%
42
42
40*2
41*2
2,200
34%
34*2
33
3484
20,400
88%
*87%
88%
%
%
%
%
%
%
%
%
1,800
*2*2
%
3*4
2%
234
284
2*2
2*2
2%
2%
*2
3,900
%
1%
*3%
18%
39%
%
%
%
%
h
3
3%
*234
13%
3*8
13%
*2%
13%
13*8
13%
%
%
h
h
%
%
%
18%
3984
*46*4
%
3
13%
47*2
%
3
%
%
'
7«
,
1
%
4
3%
17%
38%
*46%
*%
%
2
*1%
2
*1%
1%'
*1%
1%
10*2
10*1
10*4
16*2
*1%
10%
12%
12%
13%
*16
1034
12%
1
1
1
3*2
3%
%
%
3%
18*8
16*2
16%
*38
39
38
38
*40*2
47%
47
47
1
1
%
3%
17%
3%
16
38%
47*2
%
%
1%
10%
1%
*10%
1%
10%
*10
10*2
16%
16
10
*15
16%
13%
U84
13%
88
85%
10
86%
10*4
83%
10%
84%
10*2
81%
10%
10%
85%
10%
73
74
74
75
74
76
75
*49
62
*49
02
*49
62
*49
62
%
*1%
1%
5
70
*112"
113*4
*29*4
*61*8
58
24%
70
*Il2"
113
30
30
30*2
75
*70
74*2
58%
*225s
57
58
23
22
22%
*127
129% *127*2 129%
*135% 137
135% 135%
61*2
61% *61
62%
*1050
4%
5%
25
♦
*1050
*23
*
45
*39
4%
25%
4%
*61
.
61
15
103
*15%
103
36
36% 3034
3684
3734
3634
36
36% 135*4
108
*105*2 108
*105% 108
107% 107% *106
108
*106
*1212
26*2
*12% 26*2 *12% 26% *12% 20%
26*2
*6*2
22
23*4
23%
23%
23%
21% 22%
21
2034
2134
*6*8
634
684
634
*6%
6%
6
5*2
6%
6*2
9
10
9
9
9
*984
934
9
9
834
8
7*4
*7*4
7*4
*7%.
8%
*7
7%
7%
8%
1734
18*2
1734
18%
18%
1734
1734
1734
1734
*17%
18 34
*18
18
18%
18% '•*17*4
17% "17%
17*2
17*2
95
195
95
95
96
96
97
99
*96
96%
17
17%
16*2
18*4
18%
18%
17%
17%
17%
16*2
34
32
*31
34
31*4
*32i2
*30% 32%
34
*31
8
8
7%
8*2
8*4
8%
7*2
7%
7%
7%
78
*77
79
78
78
78*2
78%
*77%
77*2
77*2
67
67
67
66
66
67
*65*2
66%
6 584
6534
58 %
5934
59*4
59%
56%
57*2
55%
57*2
5534
50*2
*107
63*2
111
6334
62*2
111
-11
1%
52*4
27*2
*
*110*2
11%
11%
2
1%
53
27%
50*2
27%
110
Packing
preferred
27%
27%
„
27
27%
27
13
No par
Callahan Zinc Lead
1
Mar 30
27%
45*4
Feb
lr% Nov 12
44i2Nov 10
^
-
Oct
34*8 Mar
24% Jan 11
18*4
Dec
48*4
51
Oct
0'8
Feb
Oct
20*8
Jan
Campbell W A C Fdy ..No par
8-Way 27
10
Dec
5
12% Mar 30
2U2July22
Oct
37**8 Feb
38*4 Mar
100
37l2 Apr 29
46i2 Nov 15
8)8 Jan 10
44
Dec
61
Oct
42
28
17i2 Mar
Jan
18*2 Mar
5214 Jan
Canada Dry Ginger Ale
Canada Sou Ry Co
25
5
No par
21
Canadian Pacific Ry
Cannon Mills
Capital Admin class A
Case (J I) Co
Preferred
5%
9
40
100
2
8
Mar 20
Oct
13*2 Nov
80
4
97
Dec
July 25
40
Nov
100
5
97
Dec
105*4 Aug
26% Nov
9
13
Dec
41*4 May
90
58
Aug
1003s Oct
Oct
Nov
11,300
100
35
1,700
107
110
26*2
21*2
6
6
310
834
884
280
3,700
*7%
8%
120
17%
17%
2,100
16%
17*2
94%
96*2
'
800
900
17
2,800
34
300
7
7%
51,200
77
77%
600
70
9,200
Dec
52
Oct
82*2
28
3
24
Oct
39*4
55s July 25
2
Oct
Jan
Jan
Jan
96
June
8
Oct
4184
Mar 29
8% Jan 10
078 July 25
104
Apr 2
4
Oct
2484 Jan
14*2 Mar
Aug 20
3*2
95
Oct
Sept
3484
Dec
Jan
803s Mar
Feb
Oct
6
3*8
18*2
235s
46
Oct
82
Feb
Mar
4
103l2
Dec
111
1
May
4
June 14
0
27% Mar 30
22
June 18
70
Apr 20
100
i2 Mar 18
preferred
100
U2 Mar 23
{Chicago Great Western.. 100
5914 Oct 15
12l2 Oct 22
3314 Nov 12
1284 July 20
48i2Mar 2
38i2 Jan 17
89
Jan
5
"
25*8 Nov
5
Oct
z40
Nov
31
Oct
89
Dec
U4 Feb 23
4
7
July
Oct
Feb
63U June
Feb
48
90*2 Mar
6878 Mar
Mar
100
2
1
Oct
434 Mar
Oct
84
13*2 Mar
Oct
4
Mar
100
214 Sept 28
1>4 Jan 10
bh Jan 10
3
Oct
18*4 Mar
Chicago Mall Order Co
5
{Chic Mil St P A Pac..No par
5% preferred
100
{Chicago A North West'n.100
878 Mar 31
lSTg July 19
10
Dec
32
4%
preferred
Preferred
14 Aug 17
,
I4 Nov
9
84 Mar 20
84 Mar 29
100
Chicago Pneumat Tool.No
B
par
078 Mar 31
22
$3 conv preferred
No par
Pr pf (12.50) cum dlv No par
Mar 31
Mar 30
0%
Chllds Co
.....No par
Chile Copper Co
Chrysler Corp
City Ice A Fuel
6 H%
37%June
25
1
%
Dec
3*4 Mar
1*8
Oct
7*4 Mar
78
Dec
19
Jan
«•
Nov
3984 Nov 14
July
7
2i2 Jan 12
1234 Jan 12
19*2
684
Oct
33
Feb
2884 Dec
45
Aug
Feb
Feb
5
76
Nov 15
57
Dec
92
Feb
Feb 28
68
74
July
70
Nov
Apr
3
Jan 27
60% Nov
7
2534 July 22
127% Nov
105s Mar
48
Aug
103*2
Apr
98
May
10284 June
113
Jan
19*2
Dec
48*8 Aug
82
Oct
90
Jan
41
Dec
24*2 Nov
13*4
Dec
2978 July
110*2
Dec
13278 June
9384
56*2
Oct
170*2
Jan
5
4
14234 Aug 3
61% Nov 12
976 May 5
103*8 Oct 31
95
Dec
104*2
3984 Oct 18
107% Nov 15
18
Dec
0234 Feb
11234 Mar
45
Apr
20
May
June 24
17
29
Nov 10
8
Feb
8*2
Oct
9884 Nov
26
Jan
Apr
June
59
2484 Mar
5178
Jan
Feb
9i8 Mar 30
314 Mar 31
2378 Nov 10
11*4
Oct
Jan 12
5*4
Dec
27*4 Mar
4% Mar 29
4
Apr 1
100
1134 Jan 10
8
Dec
30
Jan
7%
Dec
29
Jan
I684 Dec
105s Dec
32
13i2 Mar 29
13
Mar 29
53»4 Apr
9
No par
1
Mar 30
884
10
June 30
2284 July 19
•223s July 19
98*2 July 25
19
0
Nov
27% Apr 1
bh Mar 30
3538 July 19
100
57
May
3
83
Oct 1
100
50
May 10
70
Oct 27
10
23
Mar 30
100
84
Mar 38
par
Columbia Gas A Elec..No par
Aug
31*2 Aug
12584 Apr
05
Nov
10
Oct
39*2
Jan
25*4 Dec
46*8
2078
Jan
Jan
x4h
Oct
*08*2
64*2
Oct
108
Jan
Dec
101
Jan
303s
Dec
80
Dec
Nov 10
34
Dec
Jan 31
112l2 Oct 28
86
Dec
578 Mar 30
12*4 July 29
2U Oct 27
55854 Oct 28
21*4
Jan
1
Oct
4*8
Jan
34
Oct
755s
Jan
3U2Mar 31
90
1
No par
Commonwealth Edison Co..25
Mar 29
25
$6 preferred series
r Oasn sale
Oct
7i8 Mar 30
May 31
4% 2d preferred
100
Columb Br'd Sys Ino cl A.2.50
Class B
2.50
Columbian Carbon v t o No par
New stock,
Jan
0
Dec
Dec
13i4 Mar 31
87*4June 29
No par
a
70
30% Nov
2
17*4
78
No par
Colo Fuel A Iron Corp.No par
Colorado A Southern
100
H% conv preferred
Aug 31
105i2 Mar 30
57% July 8
100
5% preferred
Commercial Credit
Mar 26
970
,....100
0% preferred series A
75
lib
67% July 2
32i2 Mar 29
10% Mar 31
No par
v t c
4
7
1514 Mar 20
No par
iM-eferred.No
Jan
105s Mar 20
Coca-Cola Inter Corp. .No par
Colgate-Palmolive-Peet No par
conv
Mar
80
213s
100
$2.75
Jan
Jan
1578 Mar
135*4
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The). 1
Clev A Pitts RR Co 7% gtd.50
Columbia Plct
Feb
884 Mar
27*2
22*8
Oct
fig Nov 9
27% Oct 19
4% 1st preferred
Oct
Oct
00
6% conv preferred
0i2
35s Mar
10*8
Dec
Mar 24
preferred
Oct
Oct
11
Mar 22
0%
Dec
1
40*8
2
Collins A Alkman
84
158
30
61
54
Class A__—
Feb
88% Nov 9
13i2 Jan 12
City Investing Co
100
City Stores...
5
Clark Equipment
No par
CCCAStLo uls RyCo5%pref 100
Coca-Cola Co (The)
03s Mar
2% Dec
Nov 17
1U Jan 20
69
111
Jan
5
178 Jan 10
ia4 Jan 10
5U July 22
100
preferred..
Commonw'lth A Sou. .No par
oDef. delivery,
115
Jan
106
June
J Chic A East 111 Ry Co
51,400
13.000
Jan
Jan
Nov 15
100
20,900
5,700
June
90
Sept
July 25
18
Comm'l Invest Trust..No par
$4.25 conv pf ser '3b.No par
Commercial Solvents..No par
500
115
1
16*2 Nov 9
72i2 July 21
14
Preferred series A
4
8,400
Feb
110
94
Corp
No par
Chesapeake A Ohio Ry..
25
Colonial Beacon Oil
*7
20*2
Apr
191 a4 Aug
12984 Jan
9*2
Mar 20
314 Mar 31
6
1,000
15%
14%
*102% 103%
Feb
35*8 June
120
278
20>4 Mar 29
4% Mar 30
17% Mar 31
100
135*2
200
102
22l2 Nov 10
4i2 Jan 12
107i2 July 25
125s
107*4
88
Chesapeake
0%
90
Jan 17
4
100
Cab
Dec
37*2 Dec
89
Jan
61*2
7
Cham Pap A Fib Co 6% pf.100
Common
No par
Checker
4h
3
Nov
99*4 April
Cerro de Pasco Copper.No par
Certain-Teed Products
1
6% prior preferred
Mar 28
1912 Aug
Century Ribbon Mills.-No par
Preferred
Mar 30
82
July 5
13i4 Nov 10
100
No par
678
July 25
834 Aug
-
212 Mar 25
02i2 Mar 31
98I4 Jan 3
29*8 Mar 31
10018 Jan 4
100
9*2
4412 Nov 12
.
100
preferred
2
03i2 Apr
12%June 13
Caterpillar Tractor
No par
5% preferred
100
Celanese Corp of Amer.No par
7% prior preferred
Celotex Corp, new
Mar 30
May
412 Mar
3414 Mar
1
10
$3 preferred A
Carolina Clinch A Ohio Ry 100
135
62
52*8 Sept
Dec
1
8
Oct 15
-
Feb
4
Aug
784 Sept 20
_
Jan
12i8
.5
4.
91
July 25
No par
900
Feb
3334 Mar
•
Oct
120
9*4
Jan
49%
Climax Molybdenum..No par
{ In receivership.
Oct
Feb
2% Jan 10
1
Cluett Pea body A Co..No par
Preferred.
—_.J00
26%1 27%
Feb
IO84 Oct 17
20% Aug 24
50
56*2
39
10
17i4June 30
22
Oct
Dec
514 Mar 30
2,900
55
134
0*2
Jan 17
Calumet A Hecla Cons Co p..5
11,000
69
11
355s
ID4
Oct
400
45*4 Jan
183s July
Oct
Mar 31
50
22%
*65*2
Dec
3
*107% 110
Bid and asked prices; no sales on this day
15% Mar 30
45
Mar 31
129*2
16%
Oct
584
15
12
1,400
4%
*107% 110
*107% 109*2 *107% 109%
59
60
63%
5984 61
58*2
61%
60%
59%
110
110
111% *110% 111% 110% 111
*110
111*2
10%
11%
11%
10%
10%
10*2
10%
10%
11%
2
2
1%
1%
1*4
1%
1%
134
1%
52
52
49
52
50
5184
50%
50*2" 52%
27%
California
*127
*31
10*4
25*4 Nov 9
103s Aug 0
22i4 July 25
3i2 Jan 15
19U July 26
70
107
Feb
13l2Nov 14
62
112% 112%
29%
28*2
75 '
*61%
5684
5484
34%
13
65*4 Mar
Oct
Mar 29
*1040
*37
Oct
Dec
35
314 Mar 30
25 May 31
358s Mar 31
320
24
*60*2
Jan
2i2
24*4
12
76
62%
98
Oct 1"
July 25
10
80
Feb
117*8 Mar
143g Jan
Oct
Chlckasha Cotton Oil
7514
*60*2
Oct
Dec
500
26,500
12%
76
*1040
39
6*2
214
Mar 25
16
21%
70
8
*15
*66
Nov 17
Nov 18
Jan 11
10012
714
54%
584
No par
4,100
70
Jan
400
10*2
78,200
*66
24*2
25*4
Mar 28
10%
70
Oct
1
*10
434
6
100
1,100
24
Jan
14f2 Oct 24
1318 Oct 13
preferred
Chicago Yellow Cab
1%
*49
Jan
50
3
40
434
Jan
5234
Dec
47
83%
62
10214
Dec
34
9
10
434
Dec
15*2
Jan 24
i2 Sept 15
Us Mar 28
600
79%
*49
21
41
{Chic Rock Isl A Pacific...100
7% preferred
100
1,200
40
2412
61
200
%
1%
10%
*21
*1050
47
40
*65
62%
600
83%
112% 112% 112*2 112%
112*2 112%
30
*29
29%
29%
28%
29%
*70
75
74% *70
74%
*61%
56*2
57*2
5434
57%
50*2
65%
21% 22
21% 22%
2D4
21%
127*2 127*2 *127
129% *127
129l2
135*4 135% 135*2 137
136% 136%
*1050
40
81%
10*8
74%
"
24
16
15
10*2
16%
15*2 Y584
"l0%
"1534
*102% 103
*101*2 103
*102% 103
*102*2 103
*107
Mar 31
600
6,800
1134
24
70
•7,900
%
3
17
40
44
4%
%
4,000
2,400
12%
12%
75
*36
1*8
1%
%
1%
45
45
1^4
*%
%
1
Nov 18
238s Oct 14
Oct
Mar 31
800
1,800
%
3
16%
*37%
*45%
*%
1%
1*2
2
3%
13%
13
Jan
Oct
0
20
500
%
3%
14
53
6
30
31
No par
500
*87
Dec
24
28
20
Participating preferred..100
Byron Jackson Co
No par
Byers Co (A M)
740
11
7
18*4 Mar
10
100
Nov 16
36*4 Mar
9,400
9,800
Jan
Oct
49*4
48%
38*2
Oct
Central Vloleta Sugar Co...19
100
Doc
Oct
400
99
49
Jan
512
2*4
6%
6%
5
♦4%
*86% 101
.
Feb
5*8
Central RR of New Jersey .100
9
53i2
47
Jan 13
July
16*4
140
110
9
Dec
Dec
Feb
July 19
Oct 17
800
110
8%
Feb
July 19
Central Agulrre Assoc..No par
Central Foundry Co
1
Central 111 Lt 4^% pref-.lOO
1,600
8,300
10%
42*2
10*4
*
23%
434
4%
10%
44
5%
23
484
5978
5
580
99
35%
26
67
23%
100
Oct
10
1
9,300
Feb
18
Aug
24
6
20,900
"3s
23*4
2% Mar 30
Carriers A General Corp
900
Oct
105s Mar 30
Carpenter Steel Co
3,400
34
Oct
7
5
1,600
3%
Dec
2*2
10
2,300
20
39
87
5*4
3%
10%
*41
*25
50
1578
505s Aug
1584 Mar
30
100
9734
4284
*37
1,700
82%
43*2
36
10*2
8%
44%
82%
19*2
10%
*42%
97%
44
43%
%
*7%
*42
9834
11%
48*2
11
4
700
50%
11%
11
18%
39%
4034
17,400
99
*97
%
%
%
70
6%
36%
6%
48%
10%
42%
9884
11%
1334
18
Oct
5% conv preferred
Butte Copper A Zinc
5%
17%
8%
3
Butler Bros
100
{Bush Term Bldg gu pf ctfs 100
—
8,800
13,000
2,500
11,600
67
684
*6%
*4%
5*2
*86*4 101
5%
*4*2
104
*11
*%
*2*2
%
3*4
V--
1%
36
4
*110
8%
11
%
1%
*10*4
1084
10*4
110
8
11
%
IV
110
10
11
1
4084
110
33
*88
51
1%
8*2
17%
1634
70
4%
32
88%
%
3*2
%
3%
14%
*47
29
31
2234 Dec
Oct 2
234
108s
1384
38i4
Jan 12
Oct 19
Jan 10
0«4 Mar
1412 Mar
U2 Mar
4i2 Mar
034 Mar
558May
1
'
20*2
"23"
22*2
„
98
%
1
4%
43*2
5,900
3,200
0%
36%
8*2
44%
8,134
*
69
98
1%
*3%
18*2
*3884
22*2
4%
*5
18%
22%
230
97%
33*4
%
1
25
50*4
11%
100
10,000
22*2
*88
13*2
40%
92
94*4
90%
93*2
114
114
116%
*113% 115
40
48%
4634
44%
46%
103
102% 103
103
*10234 103
25
23
23%
23%
24*4
24%
*96
*95%
97%
*94%
97%
97%
15%
13%
14%
1434
13%
14%
68
*6*4
13
40%
18%
21%
*46*4
..
20*2
*3%
91%
92
500
8,000
6,500
46
22
-
17*2
4%
114
15%
-
18
8134
4
334
96*8
10
*734
*42
21
21
68*2
52%
1134
4434
12%
4434
734
69
110
6%
*30
44%
83*2
14%
434
*40%
--
6*2
36*2
784
94
*94
--
*41%
*81%
116%
47*2 48*2
103% 103*4
99
52%
62
7%
4%
24%
17
6%
110
49*2
50*4
34834
49%
*103
100
*104*8 100
25% 25%
20*8
26%
*94
9334
95i2 09334
16
15%
1534
15%
72
69i2
70*2
*68*8
23
23
22% 23
5
4%
5*8
5%
109
109*2 109*2
109%
*10
11
10%
10%
034
684
684
634
5
5
5
*434
18
1
36
21
93
*116
*1734
*48*4
83%
4
18
17
44
21
117
17%
30
44
83*2
95i2
21%
*49*4
2
9%
44*2
*110
51
♦50
2
*30
*834
4412
18%
21%
51
36*2
*81
22
43%
18*2
2
*4934
*46*4
m
7
18%
22
*40
2*4
1734
9*4
1984
22%
22
51
2*8
834
1834
2*4
m —
078
*30
19%
22%
19*8
4%
14%
40*4
1934
4%
1,400
4%
21
"
5
45s
460
15% Mar 20
13*4 Mar 31
Burroughs Add Mach—No par
Bush Terminal
1
Debentures
*15
Apr 18
3% Mar 31
No par
Burlington Mills Corp
14
19%
2%
zl0«4 Mar 31
10% Mar 29
27«4May 27
5% Mar 20
57g Mar 31
75
1,400
22%
14%
2%
Feb
.100
No par
preferred.....
3,300
23
18%
18
28
No par
14
Jan
Mar 30
12*4 Mar 30
No par
23
28
88s Aug 24
Bucyrus-Erle Co
7%
Dec
14% Nov
373s Aug 20
40% Aug 20
Bulova Watch
3,300
10
Jan
28
Budd Wheel
14,900
Apr
Aug
Mar 20
...No par
Budd (E G) Mfg
3,040
5%
25
Mar 29
12%
11%
52
Dec
4
Bruns-Balke-GoIlender.Afo par
35%
22%
11
5% Mar 31
__3
No par
Brlggs Manufacturing._No par
Brlggs A Stratton
No par
Bristol-Myers Co
6
900
5
July 19
14
May 31
10i2 Mar 31
Bridgeport Brass Co
7%
40*2
Co__17
Bearing
Brewing Corp of America
270
93
Oct
Mar 23
Brown Shoe Co
5,800
Oct
2
15
15
5
-
bh Mar 30
93,500
share
per
76»4
39
100% Nov 18
100
Corp
100
7*4
Highest
share $
per
14%
195s
308s
484
Borden Co (The)
Boston A Maine RR
Bower Roller
$
Oct 14
52
Bklyn-Manh Transit. .No par
$0 preferred series A.No par
Brooklyn Union Gas
No par
35
19%
2%
6
Jan
29,.500
7,300
3,700
36
2%
Apr
DgMar 25
3% Mar 20
36
19
82
40
Bond Stores Inc
Borg-Warner
share
per
No par
B
Brooklyn A Queens Tr.No par
$6 preferred
No par
100
48
$
share
per
1,500
19%
0%
5%
Class
$
Lowest
Highest
No par
Bon Ami class A
37
11*2
100
900
2,100
2%
9%
13%
38%
„*33
13*2 *12%
11%
18,500
234
2534
17%
31%
234
25%
*6%
36
99% 100*2
0*2
180
540
31%
42
A
38
11%
33
9%
3434
100
51*4
5%
36%
24%
14*2
19%
2%
41%
*2%
1334
13
7
*36
9*2
12*2
3534
18%
*33*2
12
6%
7%
47
'
6%
13%
2%
9%
100
100
100
6*8
45*4
6%
.
*34%
5*8
36i2
,
12
36%
13%
12*2
19%
*33*2
3434
2634
6*8
13%
32%
37
9*2
34*2
20%
34*8
3484
20
*25%
6%
41%
2*4
9%
9%
12*4
2084
1734
Par
Shares
100%
49
*12
13
33*4
3't
40
2
49%
1084
3234
*234
42
42
2%
12
1234
102
*99
38%
4234
100
Year 1937
100-Share Loll
Lowest
Week
18
f per share
100
4784
*12%
13%
34*4
3%
Not
On Basis of
STOCK
EXCHANGE
the
Friday
17
YORK
1938
19,
Range for Previous
Range Since Jan. 1
STOCKS
Sales
for
Monday
Nov.
Mar 31
22i8 Mar 30
t
Es-dtv
9
978 Oct 17
59% Nov 10
107% Oct 31
64
28
5
Oct
09*4
114
Jan
Jan
Jan
80*
120
Jan
May 11
Ex-rights.
$ Galled fo* redenaotlon.
==
Volume
New York Stock Record—Continued—Page 4
147
AND
SALE PRICES—PER
HIGH
NOT PER
SHARE,
Sales
NEW YORK STOCK
the
CENT
Friday
STOCKS
for
LOW
Monday
Tuesday
Wednesday
Thursday
Nov. 12
Nov. 14
Nov. 15
Nov. 16
Nov. 17
Nov. 18
S per share
Shares
7h
2114
*9%
$ per share
$ per share
7h
28%
934
934
*8%
*6%
784
*7%
27%
2784
8%
8%
*8%
934
6%
6%
*6%
7
21
2134
10%
{ per share
7%
28%
734
28
*8%
7
7%
27%
10
7
7%
7%
26
26%
25%
*8%
10
*8%
*734
22%
9%
7%
26'4
10
734
24%
9%
7484
7434
*7%
21
24%
22%
25%
23%
10%
984
103s
*9%
10%
7434
75
*75
80
*73
80
*73
80
*73
80
86%
*84
86%
84
84
84
84
*83
2
2%
2
2
2
2
2
9
9
11%
1138 ill%
11%
33% 34%
32%
33%
1033410334 103% 103%
65s
7
9i8
334
334
*384
17%
95%
22
22%
2%
97
4
17
2i8'
684
9
*3
3%
384
*4%
213s
20%
*96
98%
*95%
97%
39
41
4084 41%
4134
116%
116% *115
116% *115
10
10%
IO84
1034
10%
11
35%
36%
36%
36%
36%
36%
42
41%
118
*115
10%
36%
10%
36%
15s
305s
28%
*5112
67%
is4
313s
29
2
115
*176
117%
*29i4
9
42
*3738
*36
1478
*91
4234
91
27
52
68
67%
5
5%
3984
41
11774 *115% 118
29% *28% 29%
9
8%
8%
4334
41% 42%
38
38
42
37% 37%
37%
15
14%
14%
92
*91
*. 9134
44
42%
*73%
1434
6%
7
7
48%
6%
50
7
27%
117
29
29
*8%
9
41
40,
37%
14%
9134
42
40%
40
*36
14%
91%
41%
*%
784
49%
39%
*36
36%
13%
91%
39%
91
97%
39%
6%
884
94
15%
19%
*95%
38%
47%
27%
27
*74
82
*74
82
75
75
*46
50
*46
60
*46
50
6%
28%
28%
7%
7%
*16%
16%
1838
*9%
*109%
2134
9%
25
*16%
22%
8%
*1%
9
27
26%
28%
7%
16%
27%
7%
7%
36
36%
3534
36%
1%
1%
1%
29%
30%
29%
134
30%
28
28%
27
28
2,900
7,600
16,300
4,400
51%
65%
50
50
270
65
65%
18%
834
21%
22%
2234
*24%
16%
2134
~26~
8%
7%
1
113
7%
4
*3
4
*3%
4
9
*6
9
*6
9
39
39
38
38%
37%
37%
3684
29%
*4034
*9%
29%
4134
2934
4034
30
29
9%
10
23%
23%
23%
22%
90
12
12%
30%
24%
30%
12%
30%
30%
30%
91
91
24
30
7
23%
7
69%
634
70
6734
22%
91%
*90
90
12
30%
*12
13
*30%
23%
24%
31
634
69%
*6
41%
9%
41%
22
31
23%
31%
3034
*6
21
91%
12%
*30%
21%
30%
*6
6%
6734
65%
133
133
134
135
*18%
20%
20
20
1984
11%
*10
11
10
10
66%
133
1934
*10%
*134
135
90
91
39%
41%
38%
41%
91%
8
8
47%'
%
7%
5%
74%
14%
6%
47%
6%
4%
70
%
5
70
171
4
34%
12
23
2134
1934
*10
11%
11%
3%
33%
11%
2%
3%
3434
12%
21%
4
34
4
3434
*170
22%
22%
3
3
3
171
*170
171
*170
23
4
22%
„
"
4,900
Curtis Pub Co (The)..No par
Preferred.
No par
47
6%
28
37,300
10
50
Cutler-Hammer Inc
27
884
110
9
37%
29%
41%
10%
22%
91%
12%
31
2234
31%
6%
69%
134
1984
1034
25%
*6%
26%
24%
25%
"2",400
7%
6%
6%
1684
8%
900
16%
16%
8%
109% 109%
20% 21%
24% 24«4
*16%
17%
22%
2334
7%
8%
*1
113
*163s
8%
109
20
21%
24%
24%
16%
21%
16%
24
73s
8%
1
1%
113
109
1
*3
3%
9
*6
3634
35%
3634
29%
29
3534
293s
41
41
41
41
*9%
10
*9
10
21%
*89
*12%
30%
21%
31
*6.
66%
135
21%
91%
12%
31
22%
136
110
110
9
9%
9%
69%
71%
*64%
76
*67%
69%
72
*65
*72
77
33%
12%
25,900
Electric Boat
2%
2,200
29
...
28%
4334
*109%
8%
9
*66
69%
29
4384
...
9
67%
71%
73
73
100
2%
2
2%
2%
*2%
4%
434
4%
4%
4%
4%
4
4%
4
*2%
234
2%
2%
2%
2%
2%
2%
♦2%
*484
5
14%
14%
21%
434
5
14
13%
19%
2%
7%
373s
14%
2O84
2%
8
39
3934
106
106
*106
1%
2
*2%
23g
4
4
*2%
234
35
4%
13%
4%
13%
*4%
238
19%
2%
2034
2%
7%
7
7
36%
37%
434
1334
19%
38
234
15%
*15%
84%
*81
33%
15%
*82
83%
*125
145
33%
9,800
700
6%
7
180
37
4,400
15
81
*80
125
125
*115
135
*115
145
*97
"5%
4%
~~5~
4%
*334
4%
*1%
2
*1%
1%
1%
1%
*87%
36
36
29%
*
27%
2834
*86%
90
36
36%
27%
89
36%
29%
29%
♦Bid and asked prices; no
32%
32%
15
4
90
3
Elec & Mus Ind Am shares
$7
preferred
$6 preferred
No par
El Paso Natural Gas
3
Endlcott-Johnson Corp.—60
Elk Horn Coal Corp
6% preferred
.100
Engineers Public Service..—1
$5 conv preferred
No par
$514 preferred w w—No par
$6 preferred
No par
4% 1st preferred
4% 2d preferred
50
5
Evans Products Co.......—6
Ex-Cell-O Corp
3
Exchange Buffet Corp .No par
Fairbanks Co 8% pref.—100
Fairbanks Morse & Co.No par
16% conv. pref
100
Fajardo Bug Co of Pr Rico. .20
Federal Light A Traction... 15
$6 preferred
.....100
Federal Mln A Smelting Co 100
Preferred
100
Federal Motor Truck..No par
Federal Screw Works..No par
Federal Water Serv A .No par
Federated Dept Stores.No par
Fed Dept Stores 4M % pf—100
Fidel Phen Fire Ins N Y..2.50
Fllene's (Wml Sons Co.No var
5%
4
1%
1%
*86
35%
27%
88%
36%
29%
sales on this day.
1
5
*334
1%
*2634
*86%
35%
32%
1,900
14%
600
82%
50
135
100
*97
*97
5
3%
27
14%
434
'4
1%
4*300
384
1,400
1%
700
1%
27%
28
28
600
86%
35%
86%
100
35
87%
29
"5%
384
~5%
35%
4,600
*
: In receivership,
29
a Def. delivery,
Eureka Vacuum
n New
stock,
Cleaner
r Cash sale
Oot
284
Oct
39% Deo
2
Oct
135
Mar
3
Jan
17%
14%
20%
Jan
Jan
Feb
109% Jan
8% Mar
2384 Mar
86
Jan
24
Nov
62
Feb
29% Nov 9
8% July 20
18% Nov
27
6
Oct
18%
Jan
16% Nov 14
11% July 29
12%
Oct
24
Feb
96i2 Oct
19% Nov
20% Nov
109
Jan
27
Nov
83
50
110
Oct 25
Nov
Nov
5
7
Jan 20
5
17
115
Nov
Oct 24
4% Jan 24
7% July 6
40% Oct 24
303s Oct 29
41% Nov 12
Oct
31»4 Mar
Oct 19
I84
Oct
88% Deo
146%
Jan
Jan
Oct
22
May
12% Oct
29% Deo
18% Oct
30
May
5
30
Oct
76%
36%
40%
Feb
Feb
Feb
23
Apr
10
Oct
29
Mar
60%
Oct
96
Mar
,6*4 Deo
23% Nov 10
91% Nov 16
17
Jan 12
16
Oct
25
34
Jan 12
27
Oot
41%
Jan
25% Oct
6
16%
Oct
4684
Feb
34% Aug 16
8% Jan 20
70% Nov 10
140% July 7
24% July 19
5
Dec
26%
Oct
Mar 30
5
2
Mar 30
16
.
Mar 26
6% Mar 25
l%May
6
14
July 19
8% Nov 18
791a Nov
21
Dec
8% Deo
1% Oot
Feb
12% Mar
77% Jan
14384 July
55
Jan
39%
8%
Jan
17%
Jan
Jan
8% Mar 28
102
Apr 23
90% Mar 31
12
Oct 10
10
Oct
115
Jan 27
106
Nov
122
Jan
9
98
Nov
130% Mar 31
137% Mar 10
130
Oct
180%
135%
Feb
1
111% Jan 3
3% Mar 31
121% Mar 31
119% Oct 26
117% Nov 12
107%
Oct
Oct
Oct
112
109% Apr
157
Jan
5
10% Mar 30
2
Mar 23
13% Mar 30
6
Mar 30
2% Sept 14
6% Mar 29
22% Mar 31
18
Mar 31
2l%Mar 31
%Mar 26
17
Feb
3
Apr
94% Apr
6
33
151% Nov
8% Nov 12
109%
2%
Jan
Nov
115%
Jan
17
Mar
187
Nov 10
144
Nov
198
Aug
171
Apr 20
150
Apr
164
Nov
23% Nov 9
5% July 25
35% Nov
12% Nov
9
9
4
Jan 11
14
Oct 17
46% Oct 17
15% Dec
284 Deo
14% Dec
384
3%
6%
27
Oct
Oct
Oct
37%
16
Feb
Mar
45ia
Feb
16
Feb
7%
Feb
Jan
Oct
26%
92%
Jan
2
24
Oct
87
Jan
35
Nov 10
22
Oct
44%
Jan
284
29%
45%
110%
Nov 16
14%
Oct
29
Jan
60
Feb
41% July
Nov 12
Nov 10
Oct 20
33
Nov
100
Nov
2% Mar 29
38% Mar 31
10% Oct 28
3
Oct
115%
1784
71
Oct 27
41
Oct
78%
Jan
40
Mar 31
72
Oct 25
45
Nov
81
Feb
46
Mar 29
79% Oct 26
51
Nov
86%
9'4
Feb
5
2,200
4,000
81
4
1*87
35%
No par
6
% Dec
3
8% Oct
64% Dec
2,300
8
32%
7% Oct 25
28% Nov 16
2%
2%
15%
Oot
4
13%
81
4
*28
34
4
6% Jan
884 Jan
20
15
Mar
2% Jan 11
2%
80
*97
*97
33
43
l%Mar 29
19
15%
Deo
l%June 21
2% Mar 30
12%
83%
15%
*81
12
100
100
100
500
35
Jan
21% July 18
8% Aug 11
56
Aug 10
Equitable Office Bldg_.No par
-2%
3634
127
J Erie Railroad
*2%
3684
Dec
1,400
19%
*7
70
Jan
3,200
5
133s
20
13%
3
87
2
200
34%
35
*15%
28%
"""566
4%
4%
Nov
2%
1063s
28%
4
Erie A Pitts RR Co
20
4%
100
18,000
71
2
~5%
600
71
2%
*5
100
6% cum preferred
*234
80
2%
*97
No par
$4.50 preferred
Duquesne Light 5% 1st pf.100
Eastern Rolling Mills
6
Eastman Kodak (N J).No par
Electric Auto-Lite (The)
*76
23s
*125
6% non-voting deb
100
Co..20
100
Eltlngon Schlld
*69
2%
145
preferred
Du P de Nem (E I) A
1,800
71
2%
*125
No par
20,800
79
23s
40
20
*67%
2%
*7%
12,100
2,900
*76
2%
7%
40 34
30
*65%
2%
7%
500
1,200
1
Dunhlll International
8%
68%
2%
2%
No par
Duplan Silk
12,000
3
No par
ANo par
Class B
2,000
6,100
7,100
2%
2%
7,700
Dresser (SR)Mfg conv
2,200
*2%
*2%
300
3334
44%
Mar 30
87% Jan 27
33%
29%
Mar 31
31
32
45
Oct
80
24% Mar
10% Feb
No par
33%
29
21
Jan 17!
Jan 7
Feb 7
July 14
94%
1%
13%
6%
68% Mar
4%June
Dominion Stores Ltd..No par
Douglas Aircraft
Dow Chemical Co
32%
45
*29% 2934
#4434 45
109% 109%
56fa Jan
47% Jan
25% Apr
IO884 Apr
8I84 Mar
29
9,900
No par
3184
11%
2%
57% Dec
Jan
Jan
Feb
65%June 17
No par
35%
2%
23g
29
28%
44%
♦44%
45%
109% 109% *109%
8%
8%
9%
9
37
28*4
100%
8% Sept 26
28%June 2
No par
35%
34%
234
29%
29%
21
Co
334
2%
Deo
30% Dec
8% Oct
92% Nov 16
44% Jan 11
11
Eaton Manufacturing Co
2%
15% Nov
Mar 18
No par
No par
Elec Storage Battery..No par
-
34
Nov 15
37% Nov 14
Mar 30
4,100
29%
2
40
6
28,500
3234
Nov
6% Dec
28% Nov
10% July
11
12%
*34
21
7
43% Nov 12
2
4,300
3%
8
117% Nov 12
29% Nov 10
Oct
27% July
400
2134
22% Nov
88% Deo
42% Oct
10% Mar
56% Feb
115
Aug
Oct
Dome Mines Ltd
19%
10
173
Oct
Oct
12
300
21%
Jan
3
8
Doehler Die Casting Co No par
38,100
1,500
rl73
Jan
5% Nov 10
Corp-Seagr's Ltd. No par
5% pref with warrants.. 100
3934
1%
*4%
171
71%
171%
5
2,900
6%
10
Feb
Oot
Apr
50%
13
25
Distil
Class A
*18
77
9
20% Jan
31% Jan
25
Diamond T Motor Car Co
Dlxle-Vortex
1034
July
35% Mar
8% Nov
2% Jan 10
.
No par
6% particp referred
300
20%
21%
334
700
700
8,900
Diamond Match
500
*10
*170
1,200
500
*18
49
24% Nov 16
2% Sept
4% June 11
Co.—100
preferred
100
Devoe <fe Raynolds A ..No par
31
3134
Oct
Oot
4684 Nov
Mar 31
*4 Nov 16
5%
"""420
-
Mar 30
76
...100
Det A Mackinac Ry
12%
*584
Oct
9%
7% Mar 29
tDenv & R G West 6% pf.100
Detroit Edison
90
31
4
153
25
4
Delaware Lack A Western..50
11%
134
*72%
600
6584
68
134% 13534
6%
6734
Oct
Oct
%
6
25% Feb 25
9
10
100
Delaware & Hudson
12%
31%
5%
23
Jan
5% Jan
IO984 Feb
69% Jan
108% Deo
2584 Jan
4234 Jan
3% Feb
1
Nov
19% Mar 29
20
Preferred
Dlesel-Wemmer-Gllbert
36%
3284
77
500
34,700
42,000
12
33%
*72
3%
71,800
1,400
90'
22%
Oct
37% Deo
106% Deo
12
24
25
10
13%May 27
No par
38%
33%
|*68
23
6%June
21%
21
4% Mar 29
102% Jan
Deere <fc Co
21%
*30%"
13% Mar 29
Conv 5% preferred
DaytonPow&Lt4H% Pf-100
9
*29
6
25
Davega Stores Corp..
Davison Chemical Co (The).l
40
3%
13% Mar 31
120
1,100
*6
Mar 31
18
1,400
112% 112%
*3
8
No par
11%
37
72
171
200
June
3% Mar 30
12% Mar 30
48% Jan 11
Cushman's Sons 7% pref—100
$8 preferred
No par
373g
37
35
1
12%
33%
4% Mar 31
..1
Class A
40%
3434
*68
Curtlss-Wrlght
11%
38
69% f*65
50
3634
34
*66
2,600
70,100
27
3
37%
58%May 31
12
May 25
100
4,000
8
Mar 29
3
10
Sugar
Preferred. _.i
83
3
3434
1%
9%
50
*43
113s
38%
10
3,000
Cuban-American
Apr
%June 30
6% Mar 31
No par
preferred... 100
*73%
32%
34%
184
9%
Cuba RR 6%
50
3
38
70
Cuba Co (The)
160
83
11%
43%
*109%
700
6%
6%
Oct
65
"
*43
34%
43%
19% Mar 31
100
Preferred
Electric Power A Light. No par
12%
•29
7% Mar
58
Mar 29
Crown Zellerbach Corp
6
$5 conv preferred... No par
Crucible Steel of Amerioa-.lOO
2%'
12%
41%
12%
42%
45
15,000
■
No par
40%
3
21% Apr 5
5% Mar 31
22% Mar 30
■13
29
Apr'"
25% Apr 1
No par
*73%
11%
2%
33%
11%
12%
*43
Crown Cork & Seal
14%
47
27%
31%
334
4134
2
Mar 31
6%
22%
3%
33
12
13%
12%
85
Cream of Wheat ctfs...No par
Cudahy Packing
118
118% 118%
118% 118%
118%
118% 118%
*118% 120
II884 119
*117%
*117%
*117%
*117%
11734 11784 *117%
7%
7%
7%
7%
7%
734
7%
7%
784
8%
7%
8%
179
182
184
181
183
186
185
186
185%
182,
18634 187
171
Jan 31
100
5% conv preferred
19
14%
684
27%
8
7%
*10%
8
25
Co
9
1
Jan 12
70% Oct
176
2% Mar 26
1
Crosley Corp (The)....No par
600
7%
8%
7%
7%
7%
♦7%
7%
♦11
12
*11
12
*11
12
12
*10%
12
*10%
12
*10334 114
*10334 114
*10334 114
*10334 114
*10334 114
*10334 114
147
144% 147%
145% 149%
148%
146% 147%
148% 14934
148% 150%
136
136%
*135% 137
*13534 138
*136% 137% 136% 136% *135% 137
7%
Apr
600
10,100
Nov
Apr
1,700
10,400
520
92
*%
*634
93
5
13%
June 30
Oct
Oct
7%
11% July 26
z53
83
|113
3%
3%
*6
10%
7
28%
113
*3
10%
6%
49%
24%
8%
%
114
41%
15
22%
7%
%
114
*10
13%
91
13%
91%
49
116
Jan
June
37<4
Oct
7984 Deo
2% July 16
103% July 25
Jan
Oct
I"
10»4
Jan
Jan
Oct
Oct
16
108
Jan
13% Feb
17% Apr
10% Jan
13% Apr
52»4 Apr
92ia Aug
378g Apr
Oct
7
26% July 27
6
Nov
3%
Jan 12
162
Pref ex-warrants
22%
2434
16%
115
29%
41%
300
22
56
Coty Ino
92
9
7% Oct 13
10% July 13
7% Jan 7
5% Jan 12
26
Preferred
21% Dec
95% Nov 3
17% Oct 14
36% Mar 30
$2.25 conv pref w w..No par
20%
*24%
16%
*110
*29
8%
Nov
Apr
Corn Products Refining
Crane
—
Mar 31
107
Continental Steel Corp. No par
Corn Excb Bank Trust Co..20
100
7
1
112
1%
11634 11634
28
28%
5,800
15,800
Mar 30
104
1% Mar 29
65% Mar 31
.6
200
*71%
14%
6%
Oct
11% Oct 21
34% Oct 17
40
Continental Oil of Del
36%
5%
Mar
4%
5«4
18*4
49%
36% Nov
1% Oct
35% July
29% Nov
45
%
Mar
95
Oot
21% Mar 30
%May 26
21% Mar 30
10 " Mar 26
40
*90
87
Oot
1
8% Mar 26
.....1
38
91
Oct
63
—100
Motors
*35
183s
7%
2434
16%
38%
Continental
*35
43
65
Nov
Apr
9%May
20
36
13%
I
78
100
45
7
22%
23%
2434
17%
"5"
preferred
$4,50 preferred
No par
Continental Diamond Fibre..5
Continental Insurance
$2.60
40
*16%
110
*110
4%
3634
8%
5,300
100
*176
8%
Continental Can Inc
50
*74
i
7%
*16%
834
9%
*109%
22%
22%
25
Z2434
17%
*16%
22
23
8%
7%
134
1%
200
3,200
39%
75
2% Sept
2% Mar
No par
*35
72% ^72%
49%
6%
6,300
10%
7%
26%
100
97
39%
115%
Class B
*35
7%
48%
6%
16%
20%
45
41%
734
14%
6%
Container Corp of America.20
Continental Bak ol A..IVo par
19%
*92
9%
'%
7
100
5,100
6,800
*16
900
Jan
86% Aug 17
2% Oct 24
Mar 31
10
600
4,700
Jan
Jan
4% Mar 26
5% preferred v t c._
100
Consumers P Co$4.50 ptNo par
384
19%
Apr
Mar 26
1
.
7
10%
51%
71
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t C..25
24,500
10
65%
55
36%
14%
92%
3
5
2,200
7
9
4%
334
*4
*115
115
*176
%
15
634
7
27%
65%
18%
88% Apr 16
2% Mar 30
4,800
484
4%
484
4%
3684 3984
37%
38%
*115% 11634 *116
11634
28% 29
*28%
29
8%
8%
♦8%
884
7434
15
7%
50%
6%
2634
27%
74
75
15
5134
65
5%
5%
5%
5%
30%
2834
51%
90
90
784
734
5
39%
117
%
%
8
5%
78i2
15%
15
4%
93%
1%
*176
39
43%
*90%
66%
*176
176
5%
41%
*%
*75%
66
30
52
66%
176
91
*714
53s
26%
51S4
28%
61%
178
5%
4034
30
1%
29%
2734
1%
30%
28
52
1%
134
30%
Oct
$5 preferred...
No par
Consol Laundries Corp
.5
"
1%
4«4
No par
...100
17
2
*95%
3834
July
2,500
20%
2%
97%
26
$2 partlo pref
No par
Consol Edison of N Y..No par
4%
19%
2%
Jan
10% Sept 17
4% Mar 29
Oct
1
384
4%
93%
1634
2
22
8
100
8%
3%
*16
20%
7% Dec
6% Deo
25% Nov 16
10% Nov 14
w
103%
*92%
16%
I684
484 Mar 30
1
Consol Film Industries
2,900
!
Oct 14
8% Oot 28
14% July 6
100
103
9% Aug
29
Mar 29
2,700
61,100
19
21%
Corp
Consolidated Cigar
7% preferred..
6}4% prior pref w
1
Mar 29
6
2%
11
93%
16s4
16%
30
Consol Aircraft
3% Apr
Highest
share $ per share
19% Feb
4% Oct
20
Deo
45% Mar
per
15
85%
31%
19
21%
1,300
10%
94%
93%
16%
51,300
30
103% 103%
6%
7
884
Congoleum-Nalrnlnc.-No par
Congress Cigar
No par
Conn Ry A Ltg 4 H % pref-100
10%
20
4%
4%
$ per share
Conde Nast Pub Ino...No par
31
*91
17%
22
*97
97
41%
*115
684
884
30%
Highest
I per share
*83
2
*1084
500
70
Lowest
Lowest
Par
4,300
100
100-Share Lots
2
85%
334
4%
*19%
18%
94%
2%
103% 10334
6%
8%
4%
16%
213S
11
32%
9
*684
4
3%
17%
*91%
IO84
30%
11
32%
103% 103%
9%
9
*334
16%
*91%
I684
1034
32
7%
634
9
734
8%
2434
10%
21%
10%
10
7%
27
*84
1
Range Since Jan. 1
On Basis of
Week
$ per share
2734
Range for Previous
Year 1937
EXCHANGE
Saturday
$ per share
3119
6% Jan
3
6
6
Oct
7
1% Dec
23% Mar
5
Oct
28% Mar
June
4
Oct
7
62
2% Mar 26
5% Mar 31
10% Apr 9
1% Mar 31
3% Mar 30
19%May 27
6
Oct 18
3
16
Oct 27
6% Dec
Oct 19
22%May 31
6% Mar 30
67
April
52% Apr 5
96% Feb 2
2% Mar 30
1% Mar 30
1
Sept 14
Jan
Oct
Oct
2
106
Jan
8%
4%
62
21% Nov
2% Nov
Jan
75% May
Oct
35% Mar
80
Jan
14% Jan
34% Mar
9
2
11% Jan 12
40% Nov 12
106% Sept 16
35% Oct 22
16% Oct 15
84% Nov 10
1%
7%
23%
Oct
Oct
Oct
684
28
71%
Jan
Jan
Jan
150
Mar
210%
Jan
26
Oct
70
Jan
7% Oct
7284 Deo
29%
Jan
103
Jan
7
60
Nov
150
Mar
99%May 17
90
Oct
129
Apr
133
Nov
5% Aug 10
2
Oct
11%
Feb
4% July 25
2%
Oct
11%
Feb
1
1%
Oct
6
Jan
2% July
Oct 14
1434 Dec
4384 Mar
Oct
108% Mar
12% Mar 30
29
67% Jan
90% Oct 15
36% Nov 14
z65
22%
Oct
45%
Jan
Oct 20
20
Deo
3984
Feb
4
22% Mar 30
15
June
rEx-dlv.
1
25
v Ex-rights.
1 Called for redemption.
New York Stock Record-Continued—Page 5
3120
AND
LOW
SALE PRICES—PER
HIGH
SHARE,
NOT PER CENT
Nov. 14.
12
Nov.
15
Nov
$ per share
.
Thursday
16
Nov
NEW
25
25*4
24
983ft
983g
99i2
25*2
99l2
42l2
43 ig
42
43
28
265g
36l2
3512
36i2
35
35
*18
185ft
*1814
19
18*2
18*2
4
4'«
19
4
414
36
3584
291ft
28i2
*80ift
»4i4
90
90
41ft
26*4
*85
*48
55
297ft
314
30'8
z29
30
*4ift
47ft
15
*14
2834
27ft
*12i«
151ft
9214
*65ft
1512
9214
19l4
1912
1314
93
7l2
67ft
7ift
67«
19
193g
19*4
193ft
193ft
193ft
9
133
_
9
*96
100
914
97ft
*133
133
*4*2
5
5414
10
91ft
434
434
18i2
1834
17
37
1784
35ift
183ft
37
3512
34
87
*831 ft
87
41ft
90
*8312
26
251ft
25i8 251ft
*12314
*12314 128
45
4784
40l4 47
*2514
130
130
473ft
39
397ft
3914
11534 II534 *11514 11534
1>4
♦Us
Us
385ft
115*4
3 884
65
*47
69
IH4
8
77ft
117ft
♦110
mm*
mm,
27 '
*87
94
*87
2
17ft
241ft
401ft
325ft
161ft
33
20
20
1634
'*
991ft
—
"2014
27
109
2
94
901ft
1*4
23
38*4
3914
37
317ft
155ft
32i2
161ft
2914
*1834
991ft
"23%
25
153ft
1434
1514
2634
483ft
483ft
2*4
234
234
64
64
65
65
28
27
48
273ft
48l2
27ft
4812
234
27ft
234
234
*82
85
2534
20l4
64
64l2
234
234
85
68
08
20*2
28l4
*2334
1414
283ft
2914
♦140
1*4
734
1*4
13i2
223«
28I4
15ft
73ft
15g
*125g
2114
28
24
*2334
15
151ft
271ft
29i4
285ft
2914
—
mm
m
61
25
33*2
6
534
212
234
84
*76
70
68
70
15ft
1*4
12i2
12l2
19
28
27*4
2034
27i2
27
197ft
2714
24
24
24
24
24
151ft
255ft
291ft
153ft
277ft
29*4
141ft
145ft
2714
*2334
155ft
15
1514
281s
263ft
2714
-
29:
*140
291ft
■
145
*140
60
*37
*3714
2634
2714
40
-
263ft
203ft
207ft
*3618
197ft
203ft
123ft
1214
1*4
12*4
121ft
121ft
1*4
*114
13ft
*1*4
217ft
57ft
19*4
2012
5i2
20i2
5i2
33
.
12
25
*22
*2814
3212
123ft
30
33
1234
1912
19l2
*100
105
100
100
3234
125ft
104
101ft
1034
6'2
*69i2
45ft
102
103ft
7
71
47ft
102
1012
434
102
10
12
*
-
-
7ift
73
484
104
IOI4
*98
3012
*135
41ft
97ft
100
94
375ft
6,300
31
2,020
1714
3,900
19
500
*76
2,700
mm
*57
58
*56
59
108
*105
108
*19i4
50
21
501ft
*19l4
495ft
21
50
II6I4 H6I4 *116
116*2
1U4
1U4
10l2 107ft
18
177ft
1734
18*2
*105
107
5934
59
60
34l2
*105
33
335ft
107
59U
*33
1714
1714
a71i2
7U2
*102i2 103
85ft
8ift
49
497ft
1634
71
103
83ft
48i4
1714
71i2
103
85ft
49
*55,
59
*105*2 108
*19l4
48
116
21
4812
116
10*2
10*2
18
18*4
*105
60
*327ft
16*4
71*4
103
107
61*2
34
337ft
10278
57ft
75
13ft
1*2
7
714
10,800
4,400
158
800
27
*2334
14
2434
13
24
147ft
267ft
29U
2,600
34
2U2
2812
*33*4
1134
8lft
8*4
48i4
4812
2ift6*2
33*2
34
9
9
884
9
23ft
23ft
2ift
23ft
28l2
21ft
16U
27i2
4314
43
1034
10l2
2l4
167ft
*2712
*42
934
♦
171ft
2ift
612
1234
4I2
*106
97ft
45ft
109
74
165ft
1558
163ft
27l2
26*2
27
4314
44
44
IOS4
934
1012
4U
41,
107U
107U
600
97«
10*2
15,600
1014
59
107«4
20
*19*4
4734
48U
115i2 115i2
*103ft
17I4
*105
11
1714
107
£60*2
6134
*3234
33
23ft
16
*71*4
1634
2ift
15*4
27
25*4
43*2
4334
934
101ft
Bid and asked prices; no sales on this day.
*56
161ft
727S
43
912
2*4
163ft
26*2
43i2
934
100
55
3,500
800
170
56*2
200
105l4 10514
4612
115
20
47*4
115
*10
*105
800
2,400
107
603ft
3212
151ft
32l2
72i2
725s
2
16
15
214
16*2
24l2
2534
42
43
9U
a
914
1
10
Mar 31
June 18
2i2 Mar 31
"MOO
300
5,900
900
Jan
53ft
651ft
117ift
684
487ft
Jan
Feb
Jan
Jan
9
Feb
8
16
Dec
65
Nov
Jan
Jan
95
Nov
24
Aug
Oct
8
Oct
207ft
Oct
881ft
1584 July 19
67
July 20
28lft
6Hft
33ft
37ft
Nov 9
Jan 19
July 18
Jan 11
85
Nov
9
267ft Oct 17
6534 Nov 18
363ft Nov 9
106
Nov 12
6i2 NOV 14
70
Nov 16
2
Jan 12
Feb
Dec
Feb
295ft Mar
49ift
Oct
90U Mar
191ft
Dec
511ft
43
Oct
681ft
jan
lig
Oct
67ft
Feb
2
Oct
8U
Feb
0*4
x83ift
115
Dec
jan
Feb
1234 Dec
50i2 Mar
46
8734 Mar
Dec
16ift Oct
72ift Dec
314 Dec
65
4738 Mar
141
13ift
Oct
18ft
Oct
3
96
Oct
484
15
Mar
Jan
Jan
Feb
lOiftMay 26
13
Dec
19
Apr
5
30
July 18
22
Dec
475ft
20
Jan
3
24
Aug 30
1984
Dec
10
Oct
2218 Dec
28ift Mar
6684 May
42U Jan
No par
914 Mar 30
123ft Mar 31
23i2 Apr
122
35
No
8
Apr 12
July 6
155ft Nov 14
2 884 Nov 10
32
140
7
Oct 31
50
Jan
„
20ift
23ift
129
Oct
55ft
Jan
Oct
Feb
Jan
Dec
Oct
Dec
Feb
145i2 Mar
64U Mar
50ift Sept
50
June 30
734 Mar 31
21
Nov 10
7ift
Oct
167ft
712 Feb
13
Oct 14
75s
Dec
lli2 Mar
184 Jan 10
7g
Oct
Oct
59
3U
Oct
17ift Mar
59i2 Mar
3434 Feb
4
7ft Mar 31
par
100
12
Mar 28
100
preferred
Jan 14
Sept
lig
10
133ft Mar 30
3414 Mar 29
1
preferred
3
Mar 25
100
28i4 Nov 14
28
Apr
Jan 12
6ift July
7
151ft
60
Oct
39ift Mar
Nov
12
Nov 16
12
Nov 12
6
484
231ft Dec
261ft Apr
1312 Nov 15
2H4 Jan 15
98
17«4 Dec
June
484
Oct
Mar
Feb
Jan
Jan
36
Jan
205ft
Feb
31
Oct
Feb
Feb
88'4June 30
101
Nov 14
95
Nov
108
Hanna (M A) Co 55 pf.No par
Harbison-Walk Refrac.No par
83
June 23
100
Nov 12
.92
Oct
1()5
15
Mar 29
9
18
Oct
6% preferred."
100
Corp of Amer class A..1
6K% preferred'w w
100
Hayes Body Corp
2
120
Oct 26
121
Dec
6%
preferred
.100
Helme (G
136
7634June
Hazel-Atlas Glass Co......25
Hecker Prod Corp...
1
10714 Nov 18
25
81
100
140
No par
10
Hercules Powder
..No par
W)
1
5ift Mar 25
Motors
Preferred
Hercules
34ift Nov
Apr 7
4iftJune 3
6014 Mar 31
lliJune 14
Hat
74
Oct
1784
Dec
106i2
Jan
Feb
Oct
8
Jan
Nov
9
5
105
Nov
8
160
86
Dec
126
129
Nov
166
11
Oct
73
Nov
9
50
135
Oct
4
125
Oct 25
60
Mar 19
Mar 28
Hlnde A Dauohe Paper Co. 10
Holland Furnace
No par
15
Sept 28
17
Jan 31
98
Jan 10
523ft Oct 6
118
Aug 31
534 Mar 26
1384 July 19
5%
conv
preferred...No par
Hollander A Sons
(A)
5
Holly Sugar Corp
7% preferred
No par
12.50
Houdallle-Hershey cl A.No
5% preferred
100
Howe Sound Co
25
v t c
6
Hudson A Manhattan.....100
5%
preferred..
...100
Hudson Bay MIn A Sm Ltd 100
Hudson Motor Car....No par
llupp Motor Car Corp
Illinois
Central
17ift Mar 31
6
5
n
x
64
Dec
May
1351ft
Feb
87H
111
Jan
16i8 Dec
15ift Oct
37
June
63
5234 Feb
120ift Jan
3034 Mar
Nov
7'4
Dec
15i2
Oct
109
Oct
z3984
Oct
35U Oct 25
Oct 19
725ft Nov 18
"181ft
103
Jan
Nov
66
Aug 15
Jan
Feb
Nov
39i4 Dec
83
Feb
395ft
25U Jan 12
May 27
108
43i2
Jan
II484 Mar
6384 Dec
21
Dec
6
Oct
44
Oct
73
Jan
94
Mar
41
Jan
-
277ft -Feb
Nov 10
781ft
Dec
484
Oct
17ift
Oct
90i2 Mar
95ft July 14
205ft Mar 30
351ft Nov 10
5
May
Mar 30
iftJune15
Sift Mar 30
23
Cash sale,
3
7
1
3
100
r
21l2Nov
Mar 29
23ift Mar 30
12
New stock,
Mar 31
105UNOV 18
984 July 20
533ft jan 13
33ft July 14
100
1000
4
83ift Jan 26
Leased lines 4%
RR Sec ctfs series A
1,010
Mar 30
461ft Jan
6% preferred series A
280
1
"
1
100
1
Marl6
4818 Apr
par
Class B ............No par
Household Fin com stk.No par
100
115ft June
102
..100
Homestake Mining
11712 Aug
157ft Jan
7
80
preferred
Nov
55ft Dec
Nov 18
40
conv
81
2014 Oct 25
No par
54
Feb
5
5514
lift
Jan
Mar 26
140
Jan 19
ftlg Oct 19
11
Jan
58tft Mar
Nov 17
z7»4
May
4234Mar31
12684 Jan 19
6% cum preferred......100
Hershey Chocolate
No par
2,900
1,000
Pef. delivery,
110
Dec
10
Mar 30
Houston Oil of Texas
20,100
33,700
2,200
Dec
lift
20
Mar 31
Gulf Mobile A Northern
500
6,900
Mar
2784
481ft
1
8
7,400
8,400
19
Feb
87ft Oct 15
214 July 19
14UN0V 5
223ft Nov 12
1
Guantanamo Sugar
-180
1634
5978
X In receivership,
"3~665
1012
1634
Apr
32
100
100
*1914
Mar 30
134Mar26
218 Sept 26
60ift Apr 26
Greyhound Corp (The).No par
5H% preferred
10
40
1,500
5,100
Feb
8
1
"ih "4^506
7
*72
jan
1514
66
Mar 31
*135
7*4
13
100
70
60ift
Feb 26
Mar 25
90
.
1225ft
Oct
Oct
Oct
27ift Nov 9
111# Feb26
5
4,500
74
Mar 29
Junti
61
12
31
mm mm.
Mar 29
100
7% preferred class A.....25
99
7
1
Hall Printing
10
Hamilton Watch Co ...No par
100
73i2
June
11,000
297ft
Oct
3ift
8ift
Jan
24
*9634
Jan
Feb
Feb
Nov
1684 Nov 7
2012 Nov 14
35
31
Jan
Feb
21ift
Nov
30
99
70i2
Oct
Apr 28
9812 Z100
111
124
Dec
17
Mar 29
305ft
2858
x99
8
*9684
May
3384
437g
5214 Mar 30
34 Mar 29
Green Bay A West RR
Green (H L) Co Inc...
6%
117
7014
pref series...No par
Hackensack
657ft
Nov 10
24
X98i2
3
384
64ift
Oct
84
88
25ft Mar 30
preferred
8%
Jan
Nov
48
28ft July 7
27ift Nov 12
30
200
102l2 1025ft *103
1033ft *103i2 107
734
8ift
784
77ft
77ft
7lft
47i2
487ft
47i2
481ft
4712
4634
2
2
2
*2
2lft
2*4
7
*534
*534
7*4
*534
714
3314
34i8 2323ft 3234
327ft
325ft
9
85ft
8i2
85ft
85ft
85ft
2*8
151ft
'25*4
6%
Oct
33
Oct
Oct
...100
Granite City Steel
Grant (W T)
300
300
Aug
110
Water........25
.
19
*135
125
120
34
*18
34
1612
800
Nov 10
70U Oct 21
131ft
9ift
Mar 31
151ft Mar 31
Grand Union (The) Co
conv
jau
Feb
34
37
Graham-Paige Motors
1
Granby-Consol MSA P...—6
$3
647ft
44U
1161ft Nov 9
U2 Oct 17
50
Jan
Oct
28'ft Nov
Oct
6934 June 17
Preferred
60
61*2
71
914
9lft
107
1534
2
345ft
21
71
3458
65ft
59
69,100
12
200
9934
103ft
*1134
203ft
34
9
Oct
par
Greene Cananea Copper
40
1878
Nov 10
Oct
37iftJune18
Great Western Sugar..No par
Preferred
100
~5~2o6
152
48
4088 Nov
18
No par
2,100
5*2
2U2
28*2
323ft
47ft
*36
2034
1265ft Mar
52U Jan
Dec
1
5
Gt Nor Iron Ore Prop..No par
Great Northern pref
100
22i2
125ft
106
26'4
Dec
7
14
preferred...No par
$5 conv
Gotham Silk Hose
14,300
35,100
20
22
z99
Nov
85
9
par
Goodyear Tire A Rubb.No
500
*5
19
165ft
2
65ft
347ft
61
3,600
*185ft
57ft
19
485ft
11512 115i2
10*4
10*2
173ft
17*2
*32l2
3,600
.
Oct
Feb 23
Nov 12
87
July 21
6iftJune 13
Sept 28
No par
No par
6% preferred
500
193ft
27*2
66
28
130
2ift July 25
26l2 Oct 14
4H4 Nov 10
50
1
Goodrich Co(BF)
Mar
95
98
Gold A Stock Telegraph ColOO
150
22l2
*5
1238
47
*105
9,300
9,000
*185ft
*104*8 107l2 *105
*19l4
m
1U
13*4
71*4
103
*5U
3414
2
2
*434
*55
m
5,700
43,100
105
105
*103
105
105
105
105
105
104i2 104l2
10478 105
*15514 160
*15514 "160
*15514 160
*15514 160
160
160
*155*4 160
18
18
19l2
1912
18
*1884
191ft
18
18*4
183ft
1714
1734
721ft
72i4
7U4
7214
70
691ft
7034
695ft 70*2
70i2
695ft
70i2
12934 130
12934 12934 13134 13134 13134 13134 *13034 134
*13034 1341
*103
mm
25,400
6534
Feb
65
Mar 25
8i2 Mar 23
.No par
60
1
Goebel Brewing Co
Feb
Jan
Feb
Sept 15
14i«May 23
4H% conv preferred
27ft
Sift
1%
.No
153
13
No par
56 preferred
86ift
1912
Oct
Oct
151ft Mar 31
pref erred ....No par
Glldden Co. (The)
5
117
1
100
Glmbel Brothers
16ift Mar
105U Jan
x85
1
Gen Theatre Eq Corp.No par
Gen Time Instru Corp .No par
Gobel (Adolf)
315ft
12i2
18i2
par
General Refractories..-No par
Gen Steel Cast 56 pref.No par
2,300
101*4
*70
4
100
2l2
243ft
4
133ft Mar 29
300
84
233ft
6412
Jan
.
3
No par
1,200
212
234
118
Gillette Safety Razor..No par
5,400
Mar 25
503ft Jan
General Tire A Rubber Co.^6
61
Mar 30
1234 Mar 30
conv
Oct
Nov
3Hft Nov
14
No par
55
6ift
91
32ift Mar
Gen Railway Signal...No par
preferred
Feb
Oct
121ft July 22
6% preferred
Jan
19ift
Oct
Oct
25
1
56 preferred
Jan
IO6I4
Oct
2ift
6*4 Mar 29
10114 Apr 9
U4May 21
700
49
6
97ft July 23
7,300
261ft
Oct
Mar 31
27*600
60
136
2Hft Mar 30
Gen Realty A Utilities
33
Oct
Nov
4
6I4
14U
207ft Mar 31
1
2714 Mar 31
227ft Mar 30
108>4June 28
5g Mar 30
No par
9
25i2
*45
58>4 Nov 9
1H« July 27
No par
26
20,900
98ft Nov 10
July 12
Gen Outdoor Adv A...No par
No
101ft
Sept 29
52
100
537ft Nov 12
124l2Nov 3
45
July 22
56 preferred.
lllft Dec
88
55g July 25
35
10
Gen Public Service
7ift Mar
15«ft July
*3914 June
1912 Oct 27
387ft Nov 10
Mar 30
108U Apr
100
General Printing Ink
Jan
Oct
Dec
3
534 Mar 31
No par
Common
Jan
Jan
3214
Oct
lig
Jan
188ft
83
191ft Nov
251ft Mar 31
1117ft Apr 25
6%
141ft
Mar 29
7
Aug 2
8ift Oct 27
Oct
Dec
2i2 Mar 31
No par
991ft
50i2
Mar 29
11
56 conv pref series A.No par
500
*
June 15
6i2Mar31
Apr 12
.No par
General Motors Corp
55 preferred
Sept 27
115
..No par
No par
6% preferred
July 20
29
100
No par
100
General Mills
July
18
414 Mar 31
5
Gen Gas A Elec A
18
94
82
No par
preferred
10
2,400
I84
2212
114
20
mrnmU.
54.50
37ft Oct 25
57ft July 19
MarlO
Mar 30
48
50
No par
7% cum preferred
General Cigar Inc
18
13
6
Cable
Sept
4i« Mar 29
No par
Class A
m
13ft
1007ft
7*2
.684
*12 I 7312
106
m
*U4
30
9934
7
20
1134
24
323ft
71
211ft
5l2
1958
*22
31
m
"i',900
60
*28i4
*33*4
*98
2,600
mm
500
*40
20*2
1212
13ft
General
32
9ift Mar 29
No par
Baking
40
10
6
preferred
$8 1st preferred
General Bronze
•
5,200
60
40
General
160
*87
conv
234
Nov
135
Dec
66
58
85
$6 preferred
No par
Gen Am Transportation
6
300
"2"
*40
261ft
5M%
55ft Jan 12
Apr 13
2i2Mar31
1
Gen Amer Investors
Oct 28
90
li2
197ft Mar 30
li4 Mar 29
10
General Foods
2412
*15ft
23
60
26
Sulphur Co
2ift Mar 31
Gabriel Co (The) cl A ..No par
11,300
140
*36
Free port
Galr Co Inc (Robert)
76,300
*108
29
2714
Mar 29
preferred
conv
7% preferred
General Electric
10
•
4,700
140
34
1312
300
1,100
lllft
29
40
50
25
$7
4,100
140
24
*18
*135
4lft
11*4
*135
2634
No par
Francisco Sugar Co
No par
F'k'n Slmon&Co inc 7 % of. 100
1,700
75ft
29
30
*100
99*4
257ft
2,200
9,300
42
71ft
1034
140
23
20
33
300
69l2
144
*28*4
100
9984
*15ft
*12i2
1958
73ft
17ft
1314
*3314
4214
*18
*41
15ft
30
100
32
1*2
7
33
33
20
*135
*102
*5
101
3312
6i2
12
*18
■ti.mmm-
7U2
434
25
*23l2
*28*4
v
*36*4
1914
101
33
612
*691ft
*5
2514
30
30
75
1212
207ft
207ft
*1984
*70
15ft
1*2
7*4
1214
*ll4
6
84
235ft 243ft
65
64i4
3234 347ft
33l2
323g
103
103
*101i4 103
512
6*4
534
57ft
2034
21
*76
65
1212
203ft
29*8
6,100
220
1221ft
487ft
505ft 147,900
123
12312
1,500
27ft
255ft
6312
Sept
Feb
122
25ft
734
1*4
40
*5l2
*221ft
27ft
49
15ft
734
1*4
*36
*185ft
2l2
*234
201ft
1*8
49l2
28i4
13ft
2 34
627ft
75ft
*140
93ft
1
"Sir,
1*2
24
"3,800
53
50
6912
991ft *__
257g
8*2
8l2
573ft
50l2
1414
133ft
7*4
283ft
_
140
19
*46
54i2
100
1,400
8*2
914
*133
16
27
235ft
625ft
3434
10314 10434
22
5134
19i2
1312
,
53
100
155ft
19*2
"247ft
Oct
Gaylord Container Corp
30*2
8i2
*5612
1334
627ft
2512
Apr
98
lllft
1,400
30
9
58
Oct
295ft Oct 28
1914
363ft
♦
Oct
Mar 31
1,900
83ft
Oct
11
li4Mar 26
>3 preferred
.10
Gameweli Co (The)
No par
Gannet Co conv $6 pt..No par
Gar Wood Industries Inc
3
*96
Feb
68i2 Feb
39i2 Mar
97ft Feb
10
Foster-Wheeler
30
*49
46i4
80
180
*15ft
22lft
363ft
28l2
15I2
265ft
64
25l2
*48
134
24
DtC
27
200
365ft
20
56*2
1434
94
*15ft
15ft
27is
27
*36
85i2
68
*3714
2712
4912
137ft
27ft
24ift
62ift
69
46
*3714
*87
49
8*2
56*2
145ft
6312
*76
251ft
635ft
257ft
635g
34i2 3514
355ft
361ft
z10434 10434
10514 106
6G
5l2
514
5i2
*13
~24~
56U
17ft
24i2
*22
991ft
9
834
5014
14%
631ft
2534
48
15ft
734
1*4
*
2534
91ft
275ft
*66
157ft
20
56i4
*2
109
17ft
243ft
3984
325ft
16i2
991ft
884
11
23
*18*4
75ft
11
17ft
26*4
901ft
1*4
24
50
151ft
*80
1*4
42
*108
109
17S
241ft
24
105ft
2012
z24i4
9lft
7*8
11*2
26
56
9
*55
11
110
1*4
*41i2
15
Jan
45g Oct 22
37i4Novl4
13
1
8
5
7
109l2 Nov 12
15*2
*40
44
21
Apr
Mar 29
92*2
6*2
1
778
Dec
Nov 12
418s Mar
107i2 Feb
52U Mar
Mar 25
*91
95ft
6912
Deo
Oct
22
4314 Nov 10
share
per
Oct
Nov
16ift
90
18
*15
50
407ft
3314
*
800
2,700
1
25
3934
32lft
1014
201ft
4D4
7,300
234
4i4
*40
69*2
*41
81ft
115ft
*87
17ft
28*2
284
834
133
90
41ft
1
69
42
*17g
2514
94
1*4
*24
2412
28
50
1
*3812
69*2
11*4
2
271ft
2684
1
55
109
2
26i4
133
26ift
lllft
391ft Oct 17
Nov 10
85
014
53*2
30
267ft Oct 24
per
100
1914
100
100
per
100
Machinery Corp
4H% conv pre?
30
600
4ift
58
4l2
4i2
4*2
4*2
45ft
17
17l2
17
163ft
1534
*33
33
33l2
34i2
33l2
86
83
*80
85
*80
84*4
85
25
2434
2434
25
251ft
25lz
2514
128
*12314 128
*123*4 128
*12314 128
44
4578
437ft 48
447ft
431ft
4434
39
3914
3978
381a
387ft
3914
39*4
115
115
115*4 *115
115i2
♦1151ft 115*2
8
*110
2
*17ft
53l2
9*2
6,200
92
*334
13
53
*83ft
*96
20i2
4i2
161ft
•33*4
434
175ft
42
117ft
25
14
69l2
123
124
124
124i2 *122*8 124
50
5014
5114
495ft
5034
615ft
1231ft 124
*12334 124
123*8 12312
8I4
115ft
*49
85ft
130
130
35
1
*12214 124
*12214 124
5314 537ft Z5D4 5214
123
123
123
123i2
44
43
*42
*421ft
734
97ft
69i2
6934
695ft
53
8l2
133
*44
55
*46
69i2
193g
*97i2 100
5312 5412
9%
934
5484
131
140
7
*49
53
85ft
85ft
*97*2 100
5512
5434
97ft
563ft
6584
97ft
*50
51
51
53
100
*99
16
Apr 14
per
t Follansbee Brothers ..No par
Food
280
100
Highest
share %
15
par
No par
Flora helm Shoe class A .No par
Florence Stove Co
1,700
67ft
13*4
*1512
*91
No
$
241* Mar 30
107ft Mar 26
19*4 June 13
First National Stores ..No par
Flintkote Co (The)
share
$
76
100
3,400
36
27ft
4*4
10i4
3,600
25,800
1,000
8% preferred series A
I08l2 108i2
*85
4*8
41
34
Year 1937
.
Lowest
Highest
share
16i* Mat 31
5
Firestone Tire & Rubber... 10
1912
4*8
30*2
*45
285ft
16
14*2
3312
*1812
*384
414
54
438
9212
193ft
*5012
9ift
95
4
*45
295ft
27ft
16
784
27
*85
55
94
16
3914
25i2
Par
500
4ift
9212
714
*91
5,800
27ft
16'ft
71ft
-
29
3ift
4lft
94
16
*92ift
243ft
9912
4*4
*46'ft
29i2
*13ift
1434
*1314
4
55
28'ft
*27«
43ft
4i2
371ft
89
89
4*4
*48
314
*27ft
4%
314
93
*4
4%
51
235ft
99
35
1938
Range for Previous
of 100-Share Lots
Lowest
Shares
9934
40*4
27*4
20
*18*2
41ft
35ft
37
36*4
10812 108i2
2634
26i2
108*4 109
2734
257ft
2714
per
On Basis
STOCK
Week
.
24ig
261ft
*34i2
4
334
371ft
3714
10914
109
90
43ft
51
334
334
3034
3714
10912
275ft 28>4
3014
109
1091ft 109l2
$
18
share
Nov
2334
28l2
3714
28i2
36'2
293ft
37
*1814
17
*993ft
3934
41
30
4U2
2714
40
29l2
4U2
.
YORK
19,
EXCHANGE
the
Friday
$ per share
$ per share
9934
*99
100
Wednesday
2612
257ft
263ft
261ft
Nov.
$ per share
% per share
100
Tuesday
Range Since Jan. 1
STOCKS
Sales
for
Monday
Saturday
Nov.
Apr
6
Mar 30
35ft Apr
Ex-dlv.
v
2
10
Jan 13
284
Oct
6
37
Jan
lig
3ift
Oct
57ft
Oct
157ft
Jan
4
Oct
2314
Feb
lift Dec
Jan
414 Aug
171ft Nov 10
28l4 Nov 10
8
Oct
38
16
Oct
671* Mar
Nov 10
34
Dec
72
1034 Nov 12
5
Dec
?5ift Mar
44
Ex-rights.
T Called for redemption.
Mar
Jan
Volume
LOW
AND
New York Stock Record—Continued—Page 6
147
HIGH
SALE
PRICES—PER
SHARE,
Sales
CENT
NOT PER
STOCKS
NEW
for
Saturday
Monday
Tuesday
Nov. 14
Nov. 15
$ per share
$ per share
12
NOV.
$ per share
9
*884
834
27
27%
*117
11734
*148
*148
z93
18
17
26
2614
112
113%
5%
5%
8lo
33
33
3234
33
95
*92%
95
4%
4%
15
16%
15%
3
3%
28
27
28
178
179% 179%
67%
67%
179
179%
1534
5%
5%
93g
8 34
30%
978
32%
89%
16%
5%
9%
30
3034
29%
3084
92%
4%
15%
92
92
92
92
92
*5
4
-
9%
57%
4%
26
55%
56%
135% 135%
14
14%
50
51%
137
14%
15%
52%
5184
*334
64%
12,500
6134
,
7%
8%
7%
7%
7
3%
334
3%
9%
9
8%
9
9%
55
53%
533g
133% 133% *134
14%
13
48%
45%
334
*33g
433g
4338
28%
28%
29
29
2978
378
43%
297fi
34
34
*32%
31%
30
31%
91
89
90
91%
10
934
10
10%
934
17%
18
80
83
*80
85
*81
12%
*11
12
*11
*20%
984
9%
9%
934
9%
16%
16%
16%
83
*11
21
31
88
70
11%
23
23
11%
11%
33,400
93s
9%
9%
15%
16%
4,800
*11
12
21%
*2034
21%
*120
123
70
70
600
20
2234
20%
500
14%
15%
1478
15
15
16
*14%
15%
14%
14%
1,800
98
*85
98
*85
98
13
*12%
8%
*93%
44%
13
13%
*85
1234
13
884
*93%
97
12%
8%
9
*93%
97
46%
13%
*27%
2%
*33%
48
46
47
46
*2%
*33%
36
*35
46
*17%
21%
*6%
1734
*15%
1734
17
17
1534
22%
21%
2134
21%
2134
21%
217g
9%
14%
13%
14%
27%
27%
27%
2%
234
834
834
97
*93%
457g
„
2%
44%
46%
1334
13%
27%
27g
28
27%
278
98
*85
900
8%
8
*93%
45%
1,500
97
45%
4378
20
20%
24
17
17
*35
36
62
62%
61%
Kelth-Albee-Orpheum pf._100
conv
118
1778
37%
49
.
197g
59%
110,
7%
58%'
4%
40
40%
*2
2%
*8
9
5
Dec
13i2 Mar 30
5434
7
634
35
35
*99% 100%
40
27%
"5%
5
34
34
34
4%
27%
3%
26%
3%
27%
1234
%
*3%
■
12
!134
*33
12%
31%
34%
55%
634
3434 3434
100
100%
100% 10034
2,300
300
7
*6
"5%
5
%
1134
16%
*113
4%
27%
12%
33%
5578
34
4
16%
6%
*113
12% Jan
33
7,100
1,900
2,900
4,400
4,200.
500
"
21%
105
2114
105
16%
16%
9%
9
*1334
14%
1%
2
5%
5%
*8%
25
*15%
16
834
14
29
4,900
15,100
Liquid Carbonic Corp..No par
Loew's
100
*1%
5%
1484 Mar 31
23% Nov 10
17% Dec
80
5%
470
7%
6%
5%
5%
5%
5%
1%
53s
18%
Oct
No par
4% Mar 30
10% Nov 9
20% Jan 13
10% Nov 9
10
July 23
284 Jan 11
7% Jan 11
l%May 12
784May 11
10
Aug 0
0
Dec
10
Oct
Mack Trucks Inc
Mandel
710
Bros
834
8
834
8%
1412
14%
14
33
33i2
5%
3 212
5%
*5%
584
58%
5884
58i4
58%
36l2
36%
36i4
3634
1334
145s
3278
32
5i8
58%
3534
8%
,14
33%
8
8%
13
3H2
5
53s
14%
3314
5%
58U
56i2
58
36i4
35i2
36
*8
13i8
3H2
478
8%
Manhattan Shirt
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
....25
9
1%
1%
500
Maracalbo Oil Exploration
1% Mar 31
5%
5%
14,300
7%
1312
123s
32
31
5
56i4
35i2
Marine
434
56
8
1314
3214
5
440
8,100
50,000
Martin (Glenn L.)
Co.
Martin-Parry Corp
1,300
2,000
4,200
50"
6-38
6
578
*27
28
*26
2778
28
6i8
28
6
28
*26i2
27
*26i2
5%
2712
*90
95
*91
95
*90
95
93
93
*91
95
*91
95
1234
1234
*12
1234
1234
13l8
1,300
McCall
12
12i2
lli2
12
6,000
McCrory Stores Corp
98
*86
5184
6%
13%
13
*86
•
^tyc:
61%
6%
x5 H2
6%
13%
1314
13
97ig
*86
*162%
52"
5034
6i2
*6is
'
133s
1234
12i2
13
97is
1214
*86
"16212
sT"
13l8
1214
98
4934
12l2
12
*86
Bid and ask <d prices; no sales on this
■
day.
6
50%
98
49%
*86
X £n receivership,
Masonlte Corp
1,500
100
50
98
a Def. delivery,
7%
4% Sept 14
3i2 Feb
%May
May Department Stores
% Mar 30
I884 Mar
6% Mar
14% Mar
2%May
25
100
10
No par
No par
$3 preferred ex-warr. No par
$3 preferred w w
n
New stock,
20
..1
01
.100
Cash sale,
Mar 29
Apr 5
884 Mar 31
0
Mar 23
...No par
r
Mar 29
75
No par
0% conv preferred
30
30
30
24
1984 Mar 31
158 .Aug
2
28% Mar 31
3% Mar 26
16%June 1
Maytag Co
Corp
2
7
Jan 28
7
...1
No par
No par
preferred..
$0 1st cum pref
Mar 30
5
100
Mathieson Alkali Wks.No par
■
"4934 "2,100
1
6% 2d preferred.
100
Marlln-Rockwell Corp...
1
Marshall Field <fc Co...No par
*27
*162i2
3412
*1"62>2
56i4
3514
2% Mar 26
100
100
Midland Corp
preferred
0% prior preferred
z56%
3434
*162i2
4934
*16212
684 Mar 26
400
7,300
6%
8%
Mar 26
10
13%
Market Street Ry
•
13% Oct
2684 Oct
123% Nov
17% Dec
25
8%
*1%
Oct
49% Aug 26
19% Oct 27
40% Nov 10
,
2% Oct 22
*8
9
Oct
14%
48% Nov
18% Mar 31
84 Mar 29
8%
834
Jan 21
Dec
10
1
10
No par
Manatl Sugar Co
1%
120
Oct
15%
125
32% Nov 16
1,800
*1%
Mar 29
110% Mar 30
Oct 17
Jan 10
Jan 12
July 19
101
Mar 29
2
1%
19%
66%
21%
31%
Nov 10
Oct
Oct
247g Mar 30
*17g
1434
154
12izMay 27
22
10
No par
Jan 18
21% Nov 10
Apr
June
2%
Macy (R H) Co Inc
No par
Madison Square GardenNo par
2
100
106
1
12% Mar 31
2978 Apr 20
...._...l
preferred
June 22
1384 Mar 31
125
100
Mac Andrews & Forbes
Mar 31
92
10
preferred
9
84 Mar 26
20
100
preferred
Lorillard (P) Co....
2
1434
Dec
9984 Nov
.25
4,600
*13
Oct
43%
Loose-Wiles Biscuit
Magma Copper
1%
5%
5%
Apr 18
Oct
1,100
1,600
9%
2
Mar 31
Oct
Nov
1
37%
14%
18%
32
37
16
9
62% Nov 12
111% Oct 26
50
Oct
May
I5i%
Oct 11
37%
9
40'4 Nov
151
63% Oct 22
684 July 25
19,800
5,500
2,000
15%
Feb 28
2% Mar 28
17%
*13
zl8
83%
14
..No par
Inc
17
9%
Oct
Dec
Long Bell Lumber A ...No par
1734
1334
23
82
3
9
10384 July 25
175% Nov 14
Lone Star Cement Corp No par
Loft
2
9
Oct
37% Nov
1,700
1734
37%
1334
Oct
5
7,000
68,400
39%
15%
9%
Oct
21% July 21
33
20
17%
8
23
33% Dec
33
102
800
14%
278 Dec
2284 Dec
Nov 14
No par
preferred
Jan 10
%
Oct
Deo
101% Nov
Mar 25
No par
Inc
$6.60
29
29
*28
*27% 29
130
*120
130
120% *120
30% 32%
31%
3034 31%
29%
45%
4634
4534
44%
42% 44%
16%
884
9
4%
12% Mar 31
No par
29
*1334
9
14%
35% Oct 21
58% Nov 10
20% Mar 26
Link Belt Co
120
*8
1% Jan 12
5% Jan 13
July 25
23% Mar 31
Louisville & Nashville..... 100
8%
17%
Oct
7% July 26
1234 Nov 18
Lima Locomotive Wks.No par
Oct
Dec
678 Mar 29
1984 Mar 30
1,400
984
97
29
3,800
100
Preferred
Oct
Oct 11
l2 Mar 26
178 Mar 29
Lily Tulip Cup Corp...No par
0
14
120
4
300
200
6
19% Mar 30
Louisville Gas & El A ..No par
,
7% July 20
Mar 30
Series B_.
Jan 12
2884 Oct
Mar 29
3
1
Dec
z2558 Oct 13
Mar 30
1,500
8%
Jan
95
81
2,400
8%
Dec
25
Corp
1734
2
14
5
Life Savers
52%
2
21% Nov
LJggett & Myers Tobacco..25
17%
39
Dec
Mar 29
50%
39%
22
81i2 Mar 31
157
Apr 9
14% Mar 31
20%
,
31% July 23
0
5,700
15234 15234
1934
Oot
Mar 26
3%May 13
10% Mar 31
Llbby McNeill & Libby No par
200
Dec
4
12% Mar 31
Libbey Owens Ford Gl.No par
2,900
Dec
11
15%
2% Mar 26
No par
100% 100%
*9934100%
20
2238 Oct 25
8
July 13
22
50
2,000
*34
3% July 25
July 23
19% Jan 22
'
No par
6% codv preferred
July 19
30
7
15i8 Mar 31
Lehman Corp (The)
1
Lehn & Fink Prod Corp.....5
634
3478
6%
30
3
Mar 30
9
100
60
4% conv preferred
Lehigh Valley RR_.
Lehigh Valley Coal
55%
54%
634
Feb
li4 Mar 29
1
No par
$5 prior preferred...No par
Lerner Stores Corp
14% NOV 12
0t2Mar 31
8,200
54
.
39
9
28% Nov
4% Oct
1784 Dec
I84 Oct
Oot
1778
*8%
Oct
Dec
Dec
17%
2
Oct
4
8
18
.■
Oct 15
51
7
80
10%
18
2
2
5
Jan 12
40%
39%
Oct
Nov 12
18
srl 8
10% Oct 19
17
Kinney (G R) Co
$8 preferred
Ludlum Steel
18
Oct 24
14%
100
6
18
16%
10034 10134
175
175
*174
*174
175%
175% *174
*177g
177S
1778
177g
1734
1734
18%
36
38"
35
35
3434 36
3834
49
49
49
49
4934
*48%
4934
19
20
19%
20%
19%
19%
19%
61
59
60%
5978
61%
58%
58%
110
*110
*109%
*109%
7
8%
734
7%
7%
734
8%
59
58
58
59
58
5834
5834
4
4%
4%
4%
4%
4%
4%
29
29
*28
29%
29%
2938
*120% 130
*120% 130
*120% 130
29
3034
29% 3034
29%
29%
46
46%
47%
46%
47%
47%
Nov
30
101% 101%
175
80
Mar 20
534
33%
36
May 27
Oct
Mar 29
5%
34%
100%
Nov
8% Mar 31
118
27%
*33
13
8
6%
4%
2734
11%
100
Oct
Nov 16
15
197g
19%
800
19
Lehigh Portland Cement...25
7%
15
85
20%May 27
Keystone Steel & W Co No par
Kimberly-Clark.
..No par
600
56
Jan
Oct
14%
Nov 14
16
Mar 26
80
Dec
5
22
Mar 29
3
l
15%
13% July 25
24% July 21
Laclede Gas Lt Co St Louis 100
20
.
18
cl A.l
Kendall Co 16 pt pf A ..No par
Kennecott Copper
No par
2,500
5%
%
123
8
90
*28
23%
23%
6
Kelsey Hayes Wh'l
Class B
Jan
Mar
440
*534
6%
22% 22%
2134 22
22%
22%
105
105
*104% 105
*104% 105
*104% 105
*104% 105
21
20%
20%
20% 20%
21%
19% 20%
21%
21%
153
154
153
153
153
153
152% 15234
15234 15234
18
18
1834
18%
18%
1834
19%
18%
18%
1834
52
51
52
51
51
53
52%
50% 52
*52
24
Kayser (J) & Co
155
Feb
115% Apr
Mar
2
10i2May 6
63
Apr 5
4«4 Mar 29
23%
4%
4%
Oct 18
1578
6484 Nov
12% Apr
25%
62%
4%
78. Jan 10
24% July 20
12
2434
20%
*108% 110
*108% 110
7%
7%
7%
7%
6034
603s
59%
59%
111% Oct 14
130
July
~
100
*2134
"
193s
preferred
65% Nov
Jan 24
Kaufmann Dept Stores.$12.60
22%
7
20%
120
Oct
Mar 29
5% Mar 29
25%
7%
20%
Dec
118
25%
57%
50
Sept
49
100
22%
54
48
City Southern
2534
%
49
*110
8
10
Kan City P & L pf ser B No par
23%
378
27%
'11%
*3234
36
4
Au<r
20%
49«4 Apr 1
12iz Mar 25
23
%
101
*100% 101% zlOl
102% 102% zl01% 101%
*175
175% 175%
175%
19
19
*17%
*1734
39
40%
3934 39%
Nov
72
Jan 15
58
6%
25%
5%
4
49
Kalamazoo Stove <fc Furn
Nov
124
June
122
..No par
100
Preferred
Dec
9
1284 July 25
24
Jones & Laughlin St'l pref. 100
6
28%
11%
34%
*35
No par
Johns-Manvllle
70
83% Nov 17
8
113% Apr 30
4414 Mar 30
1
Tea Inc
23%
6%
7%
preferred
2534
118
Feb 10
Mar 31
8
10
6
118
7%
63
1
25%
120
5734
100
No par
5% preferred
100
Lambert Co (The)....No par
Lane Bryant
No par
Lee Rubber & Tire
6
*23
56
36% Jan
107% Apr
26% Jan
30
Apr
127
Aug
87% Jan
10,700
16%
11%
Dec
20
12%
*33
8%
Nov 12
18
6*8 Mar 30
"""800
21
7%
-
8% Nov
29%
12
24
1134
34%
Oct
4
*28%
19%
2034
34
6%
Feb
11% Oct
1178 Oct
4
6
30
1234
*3%
Feb
6
8
5% Feb
par
*534
20%
28
Mar
110
Oot
7
12
%
52
Oct
4
par
Kresge (S S) Co
10
Kresge Dept Stores....No par
Kress (8 H) & Co..
No par
Kroger Grocery & Bak.No par
20%
16%
*538
26%
3%
28%
Oct
65
6,100
1234
*6%
34
10
1
21%
6%
17
26%
3%
2834
11%
*3334
57%
7%
3
9434 NOV
2034
20%
534
Oct
35% Nov
21%
21
278
46
12
23%
6%
30
Mar 28
"""80
*2%
*30
16
27
120
June 17
12
16%
234
20%
16%
Feb
40% Mar 30
16%
29%
1934
10
57% Feb
28«4 Jan
49% Jan
28
1784
23
*118
Oct
45
*534
*28
73% Mar
135% Jan
19% Sept
08% Sept
Deo
*16%
13%
24%
7%
19%
*30
3
13
16%
34
2978 Nov 18
3584 Jan 24
16
20
16%
9
48% Jan 21
13
1934
*20
Nov
12778 May
6% Dec
29% Dec
2% Oct
27%
20%
1334
23
Oct
37
1078 Jan
15% Apr
I884 Jan
Oct
12%
30
*20%
Oct
178
6
27%
29%
13%
14%
*1334
*20%
Jan
12
30
20
55,900
5,800
1,000
Aug
100
Preferred
4%
Jan
120
162
100
Shoe....No par
Island Creek Coal
Kansas
Apr
Apr
Nov
Mar 25
Interstate Dept Stores.No par
$6
Jan
July
Mar
Mar
189
19% Mar 31
No par
Jan
Apr
3
Jan 21
6
Feb
138
Jan 11
52% Nov
Oct
33%
127% Nov
53% Nov
15% Nov 10
Mar 30
Oot
18%
57% Nov 10
July 23
Mar 31
Oct
2
140
Mar 29
Dee
6
164% Oct 29
9% Oct 28
478 Jan 11
1178 Jan 21
Jan 19
4%
18%
2%
28%
100
preferred
Jewel
2%
Jan 17
70
9
Dec
28
13
*29
7%
Mar
Oct
92
17S«4Nov 10
May 27
1384
64%
111%
11%
28%
9%
63%
46
*30
6%
Mar 31
6
Oct
*27%
*25g
14
7
*6
_
12%
12%
8%
97
29
132
16
Telep & Teleg...No
Foreign share ctfs...No
100
"
*6
30
4%
8%
44%
13%
28
29%
*23%
*20
22
*13
6%
1,700
*19
13%
*118
20
1034
*20
97
*6%
26%
400
20
121
10
22%
21%
98
Mar 26
Oct
20
16% Nov 12
37g Jan 17
3678Mar31
loo
Paper & Power Co
preferred
International Salt
20
4,090
21%
*85
*24
6,900
71
21%
98
9%
*93%
103%
127
21%
*85
Mar 26
141
1
5%
20
70
22
*21
6% Mar 30
loo
Intertype Corp
""206
23
23
Mar 29
Preferred
130
83
83
83%
123s
22
*21
2
Int Nickel of Canada. .No par
8,900
16%
1034
No par
__.__iVo par
Inter
9%
123
107g
Iron
Preferred
7%
*20
22%
14%
10%
June 10
International Silver
10%
22%
*21%
14%
13%
10%
10%
Inter lake
International
9
100
106
107% 108% 106% 107% 104
103% 104% 10134 103%
*127
128
*127
128
127
*127
128
128
*126% 128
69
70
71
71
6934
70%
71%
68%
68%
68%
72%
22
22
20
*21%
22% *21
22%
22%
*20%
22% *20%
119
121
120
*118
120
*118
*118
*120
12134
*11734 120
11%
80
Internat Agricultural. I JVo par
2
Prior preferred
100
15
Int Business Machines.No par *130
Internat'1 Harvester
No par
48
110
70
70%
100
preferred
Intercont'l Rubber
900
*120
124
70%
-
.
9%
*2034
Mar 30
6%
500
90
83%
21
124
70
70
31
91
*11
12%
21
*124
70
31
83
12%
33%
*88%
9%
9%
16%
16%
84%
33%
*29%
9%
9%
21% "*20%
*124
70%
9%
10%
10%
17%
16%
21%
*89
15
Oct
1%
5% Nov 15
9% Nov 16
34% Nov 9
98
Apr 25
5% July 7
6»4 Mar 31
33%
31%
32
X Interboro Rap Transit...100
Interchemlcal Corp
No par
3% Mar 31
2
Mar 25
1,200
July
131% Mar
6%
378
Oct 17
Jan
47% Apr
6884 Nov
19%
Internat'1 Mining Corp
150
113
32
Nov 12
Feb
Int Hydro-Elec Sys class A.26
Int Mercantile Marlne.No par
310
Oct
Sept 30
95
400
48%
334
43%
Feb
Oct
146
6% conv pref
..100
Internat Rys of Cent Am..100
47%
334
43%
28%
3334
141
5%
8
22,400,
50%
334
Nov
Nov
7% Mar 30
3% Apr 1
2% Mar 26
inter
43%
Dec
72
117
56%June 17
39,100
4634
34%
135
22%
15
9
Mar 25
.No par
.
66,600
4%
91%
100
Highest
$ per share $ prr share
share
per
10% July 13
30% Aug 24
143s Mar 31
60
preferred
$
1,500
1
43%
28%
27%
*33%
\q
No par
54%
523„
13%
% per share
Mar 29
4
'.No'par
132% 132%
1334
1234
54%
135
1234
Refining
Lowest
Highest
2,300
3%
9
11,800
7%
3%
Year 1937
of 100-Share Lott
Inspiration Cons Copper...20
Inauranshares Ctfs Inc
1
300
159
3%
•
50
32
124
159
2,300
*4
93
*70
62%
63%
65%
162
161% *159
62%
160
178%
43
49
34%
33%
124
177
500
4
93
*20%
17884
1,800
25
25
178
1,200
60,400
4%
15%
27g
2%
26%
177% 17834
53% 5478
135% 135%
14%
13%
33%
*11
4
14
3
*26
26
179
43g
15%
14%
*2%
80
44
4
28%
9%
,2%
15,300
1,100
18,600
5,100
*42%
28%
34%
4
44
*42%
28%
*33%
1584
27g
*91%
*4%
4%
14%
3
66%
6734
65%
657g
*161% 164
*161% 163%
8
8%
734
83g
7%
4
4
334
*3%
*3%
9
9%
9%
8%
8%
57%
*135
5%
8%
*161% 165
8%
6%
89%
16%
2%
*25%
27
Inland Steel..
90"
16%
5%
87g
1434
3%
4,400
*148
89%
17%
4%
4%
16
3
Industrial Rayon
Ingersoll Rand
9*3%
92
*4%
4,500
2,200
33
8%
3134
*93
834
16%
5%
8%
On Basis
Par
Indian
26%
112%
24%
110
89
16%
838
Shares
92%
17%
5%
9%
92
1734
*148
*148
_
94
*8
8%
Range for Previous
Range Since Jan. 1
STOCK
Lowest
100
*8
27
114
5%
*5%
8%
9
*8
26
YORK
EXCHANGE
Week
18
$ per share
$ per share
f per share
112
*148
95
17%
Nov.
17
9
*7%
27%
117
94
Nov.
26% 27
114% 115
834
26%
117
16
Nov.
the
Friday
Thursday
Wednesday
3121
x
Mar 31
Ex-dlv.
v
.
2%May 11
2978 July 6
147g Nov 10
34% Nov 9
7% Oct 27
Dec
8%
4%
9%
1%
Oct
Oct
Oct
Oct
5%
Oct
84
Dec
3
Oct
684 Dec
1%
24
7%
10
I84
Oct
Dec
Dec
Oct
Oct
Oct 12
20
Oct
3678 Nov 24
22
Dec
61
105
Feb 23
53
Oct 25
7% Aug 8
28% July 26
21
Apr 22
142
May
3384 Dec
4% Oct
20% Dec
35
June
93
Nov
93
Nov 16
16
Jan 18
11%
13% Nov 10
784
92% Nov 10
Ex-rights.
*66
Dec
Oct
Oct
5 Called for redemption.
New York Stock Record—Continued—Page 7
3122
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER CENT
Monday
Tuesday
Nov. 12
Nov. 14
Nov.
f per share
$ per share
Wednesday
Thursady
Friday
NEW
the
Nov. 16
Nov. 17
Nov. 18
$ per share
$ per share
$ per share
61%
19%
20
19%
19%
18%
19
*18%
19
18
18%
H^S
61%
11%
11%
IH2
11
11
11
11
*10%
11
10%
11
51
51%
50%
51%
50
49%
22%
87,
21%
8%
20%
8%
217,
9%
50%
21%
397,
11
39%
10%
21%
87,
40
10%
50%
21
40
41
10%
10%
21%
22og
8*8
39i2
21*2
8%
39%
*11
8%
39%
11%
»
10%
r
95
95
8%
8%
8%
39%
10%
39%
39%
39%
10
10%
i
95
95
"
10%
Par
13"
14
*60
80
*60
80
*60
80
*60
80
*60
80
*60
♦68
74
♦68
74
*68
74
*68
*68
10
7
Mar 26
35% Mar 25
537, Oct 27
26% Jan 12
9% Nov 16
49
49
7
McLellan
28%
6*4
29
50
7
50
6%
7%
29%
16%
28%
29%
16
16
44%
437,
12%
17
12%
44%
12%
15
16%
437,
44%
13
13%
28%
16%
43%
12%
167g
*16%
26%
167g
29%
30%
110
110
88%
♦877,
117
*116
*116
6*4
6%
117
6%
7%
64
64
%
*%
*%
*%
14%
%
%
2%
IOI4
14%
2%
10>8
14%
14%
14%
2%
97,
2%
10%
2%
9%
1
1
1
1%
20
1%
20%
106% 107%
*116
1
1%
♦1
20
19%
103% 107
*116%
...
167,
53%
37%
42
217,
17
29
29%
527,
*36
*40%
21%
7
43
21%
16%
29
7
42
*14%
*68
147,
59%
52%
38%
42
21%
17
29
51%
*36
*40%
,
7
7%
43%
43%
*13%
59%
*58
107% *106
*106
59
69%
1067, 107
10
i
49
10%
10%
28
28
28
28
26%
14%
13%
14*4
13%
14%
14%
137,
12%
13%
*49%
10%
27*4
168
28
168
9%
.
*48
49%
97,
12%
*26%
27%
*165% 166
19
♦19
*92
26%
166
19%
96
18*4
*93
14%
9
9%
50
10%
9%
16%
30
30
27%
16
84%
86%
*117
116
6
6
6%
*58%
%
14%
2%
10
1%
1%
19%
14%
14%
12
1097, 1097, ♦109
*60
64
9
1
1
2%
94
18%
9%
*14
26
26%
13%
14
13%
26%
166
18%
*93
96
*24
*24% 25
24%
24%
26% 26%
25%
26%
14% 14*4
14%
14%
*114%
*114%
113% 113% 113% 113%
10%
10%
10%
10%
*6%
*6%
6%
29% 29%
28%
30
*18%
19%
18%
19%
16%
16%
157,
16%
247,
25%
13%
115
...
25%
14
%
10
10%
*6
6%
28%
29%
20
20
15%
15%
147,
70
71
4
4%
4%
4
*11%
*25
11%
26%
*25
26%
*70
77
*70
77
11%
11%
71%
4
4
48
21%
48%
21%
18%
33%
337,
36%
36%
*3%
4
*9
18%
*57%
107
107
8%
49
8%
49
9%
97,
24% 25%
13%
13%
13%
13%
25% 26%
♦165% 168
18%
18%
*94%
95%
*24
■
*6
29
28
20
*19
15
157,
11%
11%
25
25
*247,
77
70
97,
25
6%
17%
16
317,
36%
34%
3%
*3%
97,
123
66
*61
1%
6%
*%
14%
14%
70%
%
189
187%
*107% 109
*107%
,23% 24%
23%
*55
56
55%
16%
16%
20%
17%
32%
36%
35%
37
19%
16%
29%
36%
4
*3%
4
*3%
4,800
9
9
9%
*87,
800
1
1
1%
1%
18%
18%
102
103
114% 116%
48%
50%
*36
60
Morrell (J) A Co...
28
40
40
140
13%
300
6%
2,600
Mulline Mfg
59%
107
50 %
934
30,300
25
25
13
13%
13
13%
25% 26%
166% 166%
18
18
*94%
96
247,
257,
*24
*5%
19
19
14%
15%
28%
26%
27
169% 169%
141% 141%
24%
25%
8%
8%
78%
80%
*23%
24
68%
68
37,
3%
*3%
*11
11%
11%
25% *25
26%
73%
*68%
73%
38
38
39%
107% *107% 108
177,
177,
16%
1%
1%
1%
42
42
43%
197,
18%
20%
14
*68
13
%
188
185
185
*180
109
*107%
22%
109
237,
*107% 109
23
21%
56
55%
23%
65%
16%
15
16%
%'
55%
15%
%
185
55%
167,
13%
68
69%
69
8%
70
20*666
10%
107, *10% 10%
31
317,
32%
18%
18%
18%
18%
106% 106% *106% 112%
9%
97,
9%
9%
29
28
29%
2834
10
31
*141
146
13%
147,
55
58%
22%
*40%
*114%
73%
22%
*140
143
14%
58%
22%
30%
18%
107
9
27%
*141
14%
14
58%
56%
22%
49
*40%
*114%
74%
72%
49
...
78
22
*40%
*114%
72%
8%
8%
8
8%
8
4
4%
4
4
4%
19
19%
19%
7%
15
297,
*7
19
7%
*14%
29%
42%
43
16
16
*110
113
*14fi1„
♦
140
14%
29%
42%
19%
7%
7%
37,
10%
307,
*30
3%
*33
287,
427,
42
15%
15
14
42%
427,
16
15
113
113
*113% 116
140
140
*14R1«
prices;
14Q
*14
15
Aug
2%
11
84
Dec
25
1784 Jan 13
3% Jan 12
11% July 21
23, Jan 8
3% Jan 11
78
Oct
61, Mar
6% Jan
20% Nov 4
IO784 Nov 12
117% Sept 22
15
Dec
34
Jan
Apr
2
Oct
934 Mar
5%
1%
Oct
34% Mar
Dec
1%
Oct
12% Dec
*71
Nov
105
Oct
30
6% Mar
12% Mar
4078
Jan
107% Aug
109
Sept
Oct
69
Mar
383, Aug
21
Dec
46
Feb
40% Nov 15
2234 July 25
178, Nov 9
36%
Dec
66%
12%
Oct
38%
Jan
8%
Oct
26
Feb
32
15%
Dec
51
Mar
54% Oct 13
Oct 13
8% July 26
64% Jan 13
15% July 22
4%
50
50 <
Oct
15% Aug
99% Mar
Dec
36% Feb
Nov
90
Oct 18
102
Apr
108%
10% July 27
3
Oct
2034
44
Dec
62% Oct 21
110
54
Jan
Dec
97,
Mar
71
Jan
Feb
Mar
10% May 27
Nov
6%
Oct
Nov 10
17
Dec
168% Oct 21
145
May
28
19
Nov 12
Mar 31
90% Nov
183s
Jan
13
Dec
3384
Jan
90
Aug
103%
Feb
25% Oct 21
No par
100
No par
10
Lead
10
Oct
12
Oct
115% Nov 15
113% Oct 18
107, Oct 22
106%
Dec
387B Fely
26% Feb
112% Mar
104%
5%
Oct
112
634July
9
4
Oct
24% Mar
107g Jan
NOV 14
17
Mar 30
Mar 29
30
Oct
May
Oct
35
Mar
1
207, July 26
1784
Dec
38
Mar
Mar 30
16»4 Oct 22
4%
Oct
11% Apr
4
13
16% July 27
Mar 30
3% Mar 30
17% Mar 31
No par
30% July 29
Sept 26
12% Mar 31
11%
106%
105%
3%
100
2
17% Mar 29
100
154
June
3
6% preferred B
100
127
June
1
31
July
7
18
Oct
18% Apr
44
Mar
153
Oct
171
Jan
127
July
150
Jan
16%
Dec
61
Jan
5
Oct
1434
Oct
99% Aug
Dec
26%
4
30
July*
7
17%
20%
Dec
30
Mar 31
82
July 25
6312
Dec
80%
75
Feb 23
75
Dec
75
4% Jan 14
3
Dec
12%
1,800
,
Steel Corp
$2 preferred...
5
40
21
100
63
100
5)4% prior preferred
6% prior preferred
70
1,100
National Tea Co
No par
800
Natomas Co....
...No par
100
Netsner Bros Inc
200
100
40
57,100
190
10
4H%
8,900
40
Jan
Feb
1
Feb 25
Jan
Nov
Oct
Oct
Dec
2%May 24
7% Mar 31
14%June 17
pref...100
Newberry Co (J J)....No par
5% pref series A
.100
Newport Industries
1
Oct
13%
26
July 20
22% Dec
57%
58
1
conv serial
5
71
Nov 16
62
Dec
87
Mar 31
40
Jan 14
32
Dec
64S4 Mar
28
Apr
99% Apr 26
12% Aug
10834 Noy
2
9
9% Mar 31
19% July 23
1
Rights
Nov
2
6%
99% Nov
10% Oct
,
109
Jan
Feb
Feb
Sept
Jan
4I84
Jan
N Y Air Brake.
No par
20
Mar 26
New York Central
No par
10
Mar 29
l%Nov 15
48% Nov 12
2134 Nov 10
15%
Oct
7
Mar 25
22% Jan 10
14
Oct
72
Mar
12% Mar 31
18
Mar 30
38% Jan 12
30% Nov
100
Jan
3734 July 23
15
N Y Chic A St Louis Co... 100
6% preferred series A...100
NYC Omnibus Corp.-No par
New York
5%
Dock
No par
2
Oct
98% Feb
65% Mar
317g Mar
234
Oct
1
5
Oct
Mar 30
120
Apr 25
110
Oct
135
Jan
50
110
Aug
9
111
Apr 28
113
Nov
137
Mar
Ry Co.. 100
54
June
1
54%
Dec
97
Feb
2
preferred
{NYNHA Hartford
5% Mar 26
100
l%June 10
...100
Co n v preferred
2% Mar 30
% Jan 5
484 Mar 29
Shlpbldg Corp part stk..l
preferred
1134 Mar
63% Noy 15
234 Jan 10
127,
25%
Jan
Jan
100
38
Oct
934 Mar
4%
Oct
26% Feb
1% Jan 15
1
Oct
6%
Feb
1538 Nov i
72% Oct 24
3
Oct
Mar 31
30
Oct
15%
76%
Jan
%June 16
{N Y Ontario A Western..100
7%
434 Jan 11
Nov
101
No par
N Y Lack A West
N Y
Mar 25
29
50
preferred
N Y A Harlem
10%
400
Jan
333, Mar
167
23
2,300
Jan
Mar
12% Sept 24
13%
185
%
179
56
15%
180
500
50
56
1,200
16% 104,500
12%
12%
11%
127,
*99% 1007, *100% 1007,
32
4
36
*30
3%
*33
35
4%
15
14
14
28%
29
29%
42
42
15
147,
15%
28%
40%
14%
*112
147
{ In receivership,
27,800
600
10
3,300
36
29%
42%
day.
16% Mar
108
Dec
National Supply (The) Pa.. 10
3,800
%
114% 114% *113
116
*1/«flto 14Q
'*147% 149
no sales on this
Oct
Dec
%
55
46,600
*14
50
8134 Nov 12
4,000
10
29%
13
10
4484 Mar 31
107% 107%
23
22%
3%
July 19
25
107% 108
22
227,
55%
55%
15%
16%
32
8
72% Oct
84 Jan
1% Jan
1% July
National
4,800
*33
Mar
20,900
1%
29%
18%
29
*15
Bid and asked
37,
124
Mar 29
4%
%
10
10%
10%
97,
10%
30
30
29%
31%
18
19%
18%
187,
18%
107
*107
112% *107% 112% *107% 112%
9
9
8%
*8%
9%
8%
8%
27%
26% 28
28
28
26%
26%
145
141
141
141
140
141% 140
14
14%
15%
14%
14%
14%
13%
57io
59
60
58%
58% *52% 58%
22
22
22
22
22
*22
22%
49
49
*40%
49
49
*40%
*40%
*114%
*114%
*114%
73%
71%
73%
72"
71%
72%
70%
8
7%
77,
7%
7%
7%
7%
*4
4%
*4
4
4
4%
4%
19
19
19%
19
19
19%
18%
*6
7%
7%
*7%
7%
7%
7%
19%
14%
29%
14
35
36
Oct
98%
43,
13% Mar 29
127,
100%
36
Mar
Nov 17
48% Mar
Nat Mall A St'l Cast Co No par
National Power A Light No par
12
37,
120
353s Mar
2,900
11,900
10
*33
Nov
Oct
178% Oct 14
145% Sept 22
2884 Nov 9
9% Oct 17
400
4
; Jan 17
7% preferred A__
50
85
36
53
Sept 28
Nat Distillers Prod
100
102
3%
Oct 22
20
17,200
*82
*33
Jan
92
65
National
101
37,
122
.100
Nat Enam A Stamping.No par
Nat Gypsum Co
.1
600
85
36
Oct
Nov
new No
23,900
101
37,
Corp
7% pref class A
7% pref class B
Nat Dept Stores
6% preferred
2,100
*82
*33
15% Mar 31
150
100
Nat Dairy Products...No par
220
101
100
5
10
pref
Nat Cash Register
8,700
83
35
Corp
Biscuit
cum
Nat Bond A Share
15,100
101
*30
6
Apr
Mar 29
37% Mar 29
1
5% pref series A w w
83
35
7
3484 Mar 26
91, Apr
Nat Bond A Invest Co.No par
1,400
101
*30
7%
"~ioo
86
35
15
National
103
*30
Mar 30
Nat Aviation
300
*82
*1007, 102% *1007, 102
*82
86
*82%
85%
137,
127,
13%
12%
127,
*100% 101
100% 100% 100% 100%
14
87
16,700
*101
13%
Jan 11
227,
24
~~"l50
69
Feb
47% Mar
%
*180
Jan
72% Mar
26%
24%
1%
127,
41
Oct
Oct
3%
%
*65
Dec
4%
1% Jan 11
7% July
7
Jan
'
%
•
14
3334 Nov
Oct
*3%
61
%
4784 Mar
Oct
40
61
13%
Oct
Dec
5
4
63
70
Feb
3
16%
8
7,600
63
*65
Jan
163s
Feb
10
367,
63
%
86
101
3
123
14%
93% Aug
Dec
147, Nov 10
137, Nov 9
357,
1
Dec
29
367,
1%
4%
Dec
8% Mar 30
6
Mar 25
16%
*110
4%
*%
66%
37%
3484 Apr
7% Mar 22
30%
123
"1%
Dec
6% Mar 30
16
*110
1
10
National Acme
28
123
1%
47,
Jan
Jan
Nash-Kelvinator Corp
5
Nashv Chatt A St Louis... 100
480
16%
30%
*110
1%
Mar 25
4
Jan
19
3,900
34,300
76,600
2,100
96,800
3,100
9,200
8%
4
26
95
47%
112%
50,800
19
18
11% Mar 29
1
Co class B
Sept
28% Jan
42% Jan
42% Mar
16% Mar
July 29
12% Jan 10
6
27
.....1
Inc
.No par
Murphy Co (G C)
No par
5% preferred...
100
Murray Corp of America... 10
Myers (F A E) Bros ...No par
400
Mar 31
8
Munsingwear
7,400
*46%
9%
10% Mar 31
preferred ...No par
$7 conv
320
8%
Mar 31
25
5
Mueller Brass Co
200
8%
Wheel....
Motor
Mar 31
25
22% May 27
No par
28%
*110
4%
*%
13%
5
Montg Ward A Co Inc.No par
15%
122
1
2
Jan
Corp..No par
*115
*%
13%
May
Motor Products
122
4%
67
111
4,800
4,300
1,700
*115
1%
4%
10
Morris A
15%
Mar 30
No par
preferred
50,700
19%
107
10
50
*115% 122
63%
$4.50
""340
19
*58
1% Mar 26
4% Mar 29
84 Mar 30
1% Mar 25
100
20
Essex
123
1%
5% conv preferred..
381,
15%
9%
10
No par
Mohawk Carpet Mills
Monsanto Chemical Co
1,400
7,500
39
*127,
% Mar 28
10%May 27
7% preferred series A ..100
{Missouri Pacific
100
1,100
1,500
38%
28%
4
Mission Corp
Mo-Kan-Texas RR
7,900
122
70
*157,
2%
14
14
Mar 31
% Feb 2
% Oct 27
{Minn St Paul ASS M...100
Nov
7% Nov 16
293, Nov 15
16% Nov 12
47%July 25
1484 Oct 17
Mar 26
4
100
*115
63%
*%
*183
19%
29
20%
1
*68%
%
42
6
»
17%
1%
417,
42
1%
*%
13%
70%
46%
65%
1%
5
9%
107%
1%
17
116
*38
18%
1%
31
116
5%
17%
21
*110
1%
39%
107% 107%
18%
34%
123
*25
*68%
1%
20%
18%
32%
357,
122
3%
11%
71
17%
45%
197,
*110
4% leased line ctfs
20
69%
11%
26'4
*38
48%
*116
*
39%
112
71
4
37,
11%
467,
3%
97,
270
Apr
35
No par
%
1
13%
59%
100
100
8%
28
69%
preferred
16.50
preferred.—
2
*19
*70
*38
*37% 39% *38
39%
*108% 112
*107% 112
*107%
15% 16%
17%
15%
16%
1
1%
1%
1%
1%
200
7%
9%
28% 287,
26
27% 28%
27%
275,
27%
26% 26%
*165% 174
*165% 174
*165% 174
*165% 174
*169% 170%
*140
141% *140
141% *140
141% *140
141% *140
141%
26
26%
27% 277,
25
26
25%
26%
24%
25%
9%
9%
87,
9%
87,
8%
87,
8%
8%
81
81% 81*4
80% 81%
79%
79%
80%
79%
80%
18%
19%
187, 20%
19
18%
19%
18%
197,
18%
25
25
24% 25%
25%
26%
*24
25
24%
25
69%
14,100
100
2
*13
6%
15
4% conv pref series B—100
Minn Moline Power Impl
1
Oct
21
50
1584 July 22
80
Oct 20
111
Apr
49% Jan 28
Minn-Honeywell Regu. No par
6
78% Dec
per share
-
*117
15%June
76
100
Nov 16
Nov
Dec
301, Oct
18% Dec
63, Oct
2812 Dec
11% Nov 10
95
Dec
784
303, Nov 14
July 28
12% Mar 30
No par
8% cum 1st pref-...
50
24%
24%
25%
13%
137,
13%
13%
114
115
114% 115
113% 113% *112% 113% *112% 113%
10
9
10%
9%
9%
*6%
Midland Steel Prod
June 13
26% Mar 30
5% Mar 31
Mid-Continent Petroleum..10
*%
-
3% Mar 30
May 31
11
41
Highest
per share $
11
20i, Nov
73
14
5
2,300
115% *115
113% 113%
Copper
%
1
10%
12%
137,
26
267,
1657, 168
18%
18%
*94
95%
*24% 25
24%
25%
13%
14
130
Miami
per
57% July 27
32% Apr
1
900
87,
48
9%
Jan
a
2
13%
*57%
59%
107
107%
9%
10%
27
14%
27%
Apr
50
5% codv 1st pref..
50
Mercb A Mm Trans Co No par
Mesta Machine Co
.—-5
380
109%
55
*%
»%
6% Mar 26
No par
Mengel Co (The).
8,200
4,600
4,900
83%
85
117
*115% 117
6%
6%
63
63
*58%
Apr 12
15.50 pref ser B w w.lVo par
Melville Shoe
No par
4,400
847,
%
13%
48
Mead Corp
1,670
12%
16
Mar 26
70
Stores
f6 preferred series A.No par
44%
16%
28%
109% *109
1%
18%
49
16
42%
11%
15%
267,
~2~i66
June 14
5
100
No par
*%
%
%
%
14%
2%
97,
%
*%
%
14%
13
*14
43
12
1%
1%
1%
18%
18%
19%
103
104
102% 103% 102% 103
116% 116% *116%
*116% 117%
497,
51%
49%
51%
49% 50%
*36
*36
*36
37
38%
38%
40
39
40%
39%
39%
39%
207,
20%
19%
19%
20
20%
16
x 15% *15%
16%
15%
16%
29
29
29%
29%
28%
29
7
67,
6%
6%
6%
6%
♦40
43
43%
43%
*40%
43
1%
1%
20
43
6%
*%
28%
16
16
117,
116
%
6%
28%
*15%
49%
49%
44%
12%
167,
43%
85%
63
63
*%
7%
73%
50%
67,
6%
27
*15
87
*116
117
6%
64
*60
86
87%
86%
13%
29%
49%
16%
167,
29%
29% 30%
29%
*109
1097,
109% 110
13%
5% Mar 29
27
1
$3 conv preferred
10,800
26
6%
49%
6%
14
13%May 27
McEeeeport Tin Plate.....10
5
McKesson A Robblns
1,400
49%
*49
13%
$
123, July 27
% per
Mclntyre Porcupine Mines..6
73%
50
13%
share
1
McGraw Elec Co
80
74
137,
13%
$
McGraw-Hill Pub Co..No par
6% conv preferred
*68
137,
Year 1937
Lowest
Highest
share
Jan 31
95
"13%
1938
Range for Previous
100-Share Lots
Lowest
2,200
20
19.
EXCHANGE
2,300
1,200
3,800
9,800
48,100
2,900
49%
20%
50%
t
95
On Basis of
STOCK
Shares
2014
*20
YORK
Week
15
$ per share
Range Since Jan. 1
STOCKS
Sales
for
Saturday
Nov.
20,100
10,300
24,900
60
1,000
5,500
40
55,800
3,000
1,100
7,700
1,900
110
300
60
300
42
5,600
2,300
14%
1,200
116
147%
50
120
a Def. delivery,
{Norfolk
Southern
Norfolk A
...100
l66
6%
133
100
Western..,
Adjust 4% pref
North American Co
100
No par
preferred
3
198
Mar 29
108
June
1334 Mar 31
50
4534 Apr
North Amer Aviation
.1
No Amer Edison $6 pf.No par
Northern Central Ry Co...50
1
5% Mar 30
87% May 3
75
June 21
Jan 13
Nov
9
26% Oct 17
56% Oct 21
167, Nov 16
102
%
180
Oct
272
102
Apr
114
14%
Northwestern Telegraph
50
Norwalk Tire A Rubber No par
Preferred
60
48% June
3
Oct
104%
Jan
Oct
105
Jan
100% Nov 14
35
Sept 2
30
97,
147, Jan 10
327, Feb 23
Oppenhelm Coll A Co..No par
87, Sept 14
19%May 31
7% Mar 30
83% Apr 1
4
Mar 28
Otis Elevator
1334 Mar 25
6%
Otis
$5.60
No par
par
100
No par
preferred
Steel
13, Mar 30
No par
8% preferred A
100
conv 1st
122
..No par
.
30% Apr
10
2d
preferred
No par
Pacific Ltg
Corp
No par
Pacific Mills
115
40
R M
a
New stock,
r
Cash sale,
Mar 30
2% Mar 26
10% Mar 25
384 Mar 29
9% Mar 26
12234 Mar 30
32% Mar 31
9% Mar 30
87
Apr
1
100
1 (\f\
Apr 19
Mar 30
6
No par
Pacific Telep A Teleg
1
Mar 30
39% Apr 28
Owens-Illinois Glass C
12.50
Pacific Amer Fisheries Inc...5
Pacific Coast
10
1st preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric..,
25
Jan 14
63, Mar 31
pref..No par
Outboard Marine A Mfg
5
Outlet Co
No par
Preferred
100
Jan
93
15
Corp(The)vtc No
Jan
17%
91
4% Oct 26
Sept 8
Co
Jan
Feb
Nov 10
41
Oil
Oct
Jan
347,
57%
9334 Jan 13
14% July 25
1234 Mar 30
Omnibus
Oct
63, Mar 31
Pacific..
100
North'n States Pow Co $5 pf. 1
Oliver Farm Equip.
484 Mar
92% Sept 16
25
May 12
Northern
Ohio
Oct
•1
x
Ex-dlv.
y
1984 Nov 16
111% Sept
10
8
I3,
Oct
Dec
Oct
36% Mar
53%
Jan
67, Mar
Oct
40
9
Oct
24
Nov
227, Apr
73
Apr
26% Feb
6%
90
Oct
Nov
Jan
.
114
Feb
Nov
9
5%
Oct
19% Mar
29% Nov
9
20%
Oct
45%
147
Nov
9
15% Nov 16
125
6%
Nov
Oct
140
Jan
Feb
24% Mar
48
Dec
97
22% Aug 25
1234
Dec
28
52
Oct 11
44
Dec
75
Jan
115
Apr 19
114
May
115
June
60
Nov 16
76% Nov 9
11% Jan 17
5% Jan 11
20
July 28
9% July 19
15% July 23
30
43
Nov
4
Oct 25
197, July 19
116% Aug 17
149
V/W 3
Ex-rights.
51% Nov
*9% Dec
2% Oct
7% Oct
Mar
Jan
10384 Aug
23
15%
40
Jan
Feb
Mar
4
Oct
27%
Feb
10%
Dec
22
x3434
10%
110
1 31
3234
Jan
Oct
38
Jan
Oct
5384
Jan
Oct
4478
Jan
Nov
\
nr
152
Jan
140
,T„n
J Called for redemption.
New York Stock Record—Continued—Page 8
Volume 147
LOW
AND
HIGH
SALE
PRICES—PER
SHARE, NOT PER
Sales
CENT
8TOCK8
NEW
for
Friday
Monday
Tuesday
Nov. 14
Nov. 15
9 per share
$ per share
$ per share
$ per share
$ per share
*24
26
24%
24%
*12%
5%
13
12
13
5%
5%
8%
1%
*7%
8%
99%
99%
12%
*95%
99%
12%
1%
60%
Shares
99%
12%
12
25
25
25
24
24
12
12
11%
5
12
51)
47,300
7%
*7U
7h
200
1%
5
8
7%
1*8
1%
603s
58%
*99% 100
*99
100
*99
12
26
1178
Ills
11*8
r96%
9612
11%
95%
10%
95%
93
11%
33,700
11%
11%
24
24
200
234
2%
2%
2%
2%
2%
2%
41%
20%
41%
41%
41%
41%
4178
41%
41%
*41%
20%
20%
20%
20
20
2%
2%
23g
18%
2%
19
2%
14%
11%
12%
11%
13%
12%
13%
12%
13%
11%
11%
11%
10%
11
12%
11%
56
82%
1%
5
5%
5
5
27%
15%
27
2%
27
*23%
2
2
2,000
12%
11%
13%
12%
11%
56%
56%
57
57%
57
57%
57%
58
58
58
80%
81%
79%
80
79
80
79
79%
79
80
*1%
2
*1%
2
2
2
2
♦15
5
4%
*25
23%
23%
15%
22%
23%
14%
22%
22%
30
30
29
30
30
30
*113
♦113
38%
*3%
-
4%
-
*113%
-
39%
*3%
♦16
18%
16
16
♦40
41%
34%
*37
40
*32
34%
*33
*16
*16
17%
9%
8%
8U
*37
8%
17%
17%
9%
9%
8%
8%
*38
41%
*71%
81
*72
*1%
2
2
*3%
4
42%
4
*3
*6%
37
Nov
*66
75
77%
*65
2
139
*38
40
41%
4
38
39%
*3%
4%
8
£26%
45%
*45
49
*45
48
*91
115
*91
115
6
6
115
26%
26
25%
37
4%
49
*9l~
6%
*5%
6
5%
*22 ^
24
23%
24%
24%
25%
8%
9%
8%
9%
9%
8%
8%
72
72
72
73
*68
72
*68
42
41
5
16
17
%
%
5%
16%
15%-
*%
%
%
22%
22%
21%
15
2%
2%
13
38
38
58
58%
58%
114% 114%
34
34%
28
280
220
16%
15%
16%
10
*9%
12%
10
*9%
10%
13%
13
14%
2%
*%
2%
%
2
2
2
12%
11%
12
12%
*11%
11%
12
36%
36%
*34
36%
57%
57
57%
37
57%
57%
57%
2
11
115
115
33
34%
103% 103%
114% 114%
115%
33%
37%
36%
37%
10%
11
10%
10%
89%
89%
*88
90
88
88
82%
82%
82%
81%
82
81%.
81%
14%
15%
14%
15%
14%
14%
14%
15
14%
14
14
8%
*14
14%
*14
8%
8%
*75
95
*75
81%
14%
.
,
99
8%
8%
*75
65%
65%
65%
65%
46%
2%
2%
2%
22%
*21%
95
18%
18%
24%
24%
23
23
8%
*75
65
90
*86
90
95
14%
8%
82,200
*75
8%
95
*75
95
16%
24%
7%
200
2»4
10,600
21
*20
22
900
2,900
17
16%
16%
16%
17
23%
23%
23%
23%
17
2;700
17%
24%
17%
17%
17%
16%
16%
*23
24%
*23%
17%
24%
16%
24%
25
25
x22%
22%
23
23
400
*20%
21%
*20%
5%
*43%
21%
*20%
21%
20%
20%
5%
*20
21
20
20
400
55
*42%
5%
*9
*9%
11
10%
10%
5-%
52%
13
17
17%
76
74
74
*65
69
*65%
*9
9
*10%
17%
17%
5
*42%
10%
*10
10%
*11%
*75%
5%
55
9
11
10%
13%
*13
5%
*43%
*10
69
13
♦11%
16%
17
75%
*66%
76
16%
75%
68
69
3%
3
2%
2%
11
*4%
5%
7%
Pub Ser El A Gas pf $5.No par
5%
5%
700
13
♦10
75
,
68
68%
6884
3
2%
2%
2%
*68
12,000
76%
69,
600
50
25%
24%
25%
23%
24%
23%
25%
24
24%
23%
77%
*76%
77%
76
76
77
78%
77
78
76
76
1,100
76%
77%
76%
77%
75%
76
76
76
75
75
72%
17
16%
*32%
72%
17%
1,200
3,200
18%
18%
18%
17
37%
18%
*34
40
*34%
17%
1678
*32
28
17%
38
16%
*32
38
34%
*82
97
*82
97
*82
97
*82
97
J82
82
80
80
70
*55
59
*55
59
*55
59
*55
59
55
55
*50%
60
100
14%
14%
*80
87%
12
46%
,
7%
.
14%
14%
87%
*85
11%
11
11%
45%
46
45
45%
58
*53
57
6%
6
6
7%
7%
7%
58
*53
14%
87%
11%
12
46%
*6
14%
*80
*53
7
*6
8
7%
14%
*86
14%
*14%
87%
86
11%
10%
10%
10%
10%
2,300
45%
4484
45
44%
4f
5,800
57
56
56
*5312
57
10
6
6
*5%
6%
*5%
6%
200
7%
8
7%
7%
7%
7%
14,100
11%
*11
11%
*11
11%
18%
*17
17%
*16%
17%
177g
11%
17%
32%
*1%
32%
32
32%
31%
32
30
32%
1%
48%
*1%
1%
1%
1%
47%
47%
4634
47%
%
1%
*2%
\*>
28%
29
80
80
*80
*98%
99
99
107
*105
*
28%
10
17%
*16%
30
30
1%
1%
1%
46%
47%
%
%
10
300
17%
200
30%
1%
2,600
*1
45%
46
4,200
29%
%
200
%
600
17«
1%
1%
1%
1%
1%
•1%
1%
2,000
*2%
*6%
2784
3%
*2%
*6%
3%
*2%
3
2%
2%
20
--
*6%
24
*6%
*%
*6%
*6%
%
11%
*16%
47%
*1%
47
*10
3%
%
1%
3%
200
10%
*17%
*%
2,700
44%
*11%
1%
*2%
13%
87%
*53
11
48
13
*84%
14%
86
29%
-
-
-
•»
*%
--
27
28%
27%
28
27
29%
87
82
82
81%
81%
80%
80%
50
98%
98%
98%
98%
108
140
*80
98
98%
98%
9834
106
106
*105% 107
Bid and asked prices; no sales on
14*.500
28%
82%
99
105% 106
%
this day.
105
107-
108
{ In receivership,
190
a Def. delivery,
6% conv
Corp—No par
preferred...—100
prior pref ser A. 100
Revere Copper A Brass
5
Class A
10
6 % conv
preferred
100
preferred
100
Reynolds Metals Co—No par
5M % conv preferred
100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
Common
10
Rhine Westphalia Elec A Pow
Richfield OH Corp.'..—Wo par
Ritter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
{Rutland RR 7% pref
100
10
{St Louis-San Francisco... 100
6% preferred...
.100
{St Louis Southwestern.—100
5% preferred
100
Safeway Stores
No par
5% preferred
100
6% preferred.....
100
7% preferred
100
n
New stock,
r Cash
sale,
14
Oct
Oct
3% Feb
95% Aug
Oct
20
50
9
43
July
Nov
Jan
Jan
Jan
87%
July
30%
Oct
64
1%
July 19
9
Dec
Jan
74% Jan
20% Apr
33% Jan
27
Oct
4
7
Oct
20%
9%
20% Jan
3
26% Nov 14
Oct
6
62
May 10
36
Dec
56
Feb
July 12
90
July 12
117
Aug
117
Aug
Oct
Oct
4%
7% Jan 17
Jan
Jan
18%
Jan 17
25
Oct
76%
9% Nov 14
4
Dec
14% Aug
35
'
1
48%
Dec
100% Aug
Mar 14
97%
Apr
141
July
9% July 25
4%
Oct
20
Mar
16% Jan 12
52
Aug 6
30
July 29
8
Oct
43
Mar
32
Dec
122
Mar
23
Dec
30
Dec
6
30
Dec
45
Dec
% Nov
4
Jan
Jan
41
Mar 30
75
145
June 21
174
4% May 26
712 Mar 29
20% Apr
11% Apr
7
8
May 21
23
Nov
45
Jan
Jan 13
% Nov 10
1
5
12
3% Nov
Mar 29
6
Jan
8
8
Dec
28
17% Nov
9
8%
Oct
47% Mar
Jan 19
%
Oct
%
% Nov 10
15
Mar 31
8
Mar 28
11
13
25% July 25
4% Mar 25
13% Mar 30
39% Mar 31
114
Nov 14
26
Mar 25
Oct
Dec
Jan
3
29% Apr
Jan
5
9
15% Nov
9
7
Oct
1%
Oct
22% Aug
Feb
11% Jan
%
Oct
Oct
Oct
3%
Jan
15%
31%
Jan
Feb
Oct
31
Feb
Oct
86
Feb
65%
Jan
Jan
Jan
Feb
3% Jan 13
1% Jan 22
4% Jan 17
13% Nov 10
13% Nov 10
38% NOV 9
59
2%
5%
5%
20
Oct 27
43% Oct
114% Mar
118%
86% Mar 31
101% Apr 23
Oct
128%
112
134
Nov 12
117
Oct
140%
132
8
Mar 29
150
Nov 12
132
Sept
162%
112
Jan 12
117
Sept 21
110
June
Apr
18
33%
122%May
35% Jan
105% Oct
115% Nov
30%
Oct
91
13
25
12
Oct
62%
112%
103%
39% Nov 10
13% July 20
25%
Apr 19
98% Jan 18
85
74% June 18
7
Mar 29
9
June 16
16% Nov 10
16% Jan 14
9% Oct 21
Jan
Jan
Jan
113% Jan
72% Feb
24% Feb
107
Feb
8«% July 19
81
4% Mar 31
18
Mar 30
10% June 17
18
Mar 22
13%June 21
2% Mar 25
34% Mar 29
5
Apr 1
5% Mar 30
9
June 10
•9% Mar 30
8%
Oct
Oct
Oct
.
Feb
5%
Oct
13%
Dec
23%
18%
4%
Oct
12% tyar
80
Oct 11
96% Deo
116
66%
Oct 25
44
Dec
80
Jan
Nov
Jan
10% Apr
5% Jan 11
24
July 21
2% Oct
19% Dec
24% Jan 11
29% Jan 18
20
Dec
26
Dec
29%
Deo
22
18%
Dec
47
Mar
30
Dec
49
Jan
23
Dec
43%
Oct
13%
Jan
Jan
Jan 13
30% Jan 15
27% Jan 25
6% July 19
58
July 26
3%
39
37% Aug
26
Dec
Dec
83
Jan
Mar
Jan 1C
7%
Dec
30
11% July 20
7%
Dec
22%
9%
Oct
35% Mar
11
13% July 13
17% July 25
Nov 15
Feb
29% Mar
8% Oct
61% Nov
94%
Jan
49%May
76
40
68% Nov 17
3% Oct 24
69
25% Nov 12
78% Nov 16
77% Nov 14
19% Oct 16
>12%
Oct
65
Dec
124
60
Dec
110% Mar
2
Apr 28
1% Mar 30
ll%May 31
39% Mar 29
38
May 26
7% Mar 30
17% Mar 30
65
Apr 37
38
85
Nov
9
Jan 21
1%
"
5
Mar 25
7% April
14% Mar 30
12% July
8% Jan
8% July
13% July 21
20% Jan 19
13
Mar 31
33
1
Sept 13
Oct 13
2
Mar 26
6
May 28
2% Jan 10
49% Oct 22
1% July 20
3% July 20
5% Jan 26
7% July 12
25%May 27
% Nov 7
1% Mar 25
47% Mar
Apr
49% Apr
98
Apr
76% Dec
139
Apr
80
58% Jan
Feb
Oct
94
46% Jan
Feb
Dec
84% Apr 25
4% Mar 30
33% Mar 30
51% Jan 31
5
Aug 23
9%
Oct
9
60
9
26
8
11
7
30
110
26
64% Jan 21
17% Jan 7
Sept
Dec
*"
48% Oct 14
10
Sept 14
%
8t Joseph Lead
Oct
5%
8% July 23
60% Mar
44% July 19
Mar 29
7%
5k
Feb
%
30% Jan 18
10
Republic Steel
Jan
Jan
7%
65
Nov 14
4
54%
100%
Dec
7
4
pref. 100
Remington-Rand.
Preferred with warrants..25
Rensselaer A Bar RR Co—100
Reo Motor Car
-6
Mar
Mar 31
2
Corp...No par
Reliance Mfg Co.
12%
16%
15%
*72
5
100
Hosiery—.
Preferred
Reliable Stores
77%
*35
Silk
Real
Reis (Robt) A Co 1st
16%
Sept 29
27% Mar 31
l%Sept 28
14% June 20
8%May 26
300
75
June 25
1
Dec
2%
4% Jan 12
143% Oct 10
144% Oct 10
4% Mar 30
32
60% Jan 31
37% Mar 31
200
16%
114
No par
pref.-Wo par
$3-50 conv 1st
10%
*11%
2% Mar 26
% Mar 26
75% Mar 29
Mar
1%
62
2% July 26
1% Apr 25
tRadio-Kelth-Orpheum No par
Raybestos Manhattan. Wo par
Rayonier Inc
1
$2 preferred
--25
Reading..
50
4% 1st preferred
50
4% 2d preferred
50
11
13%
16%
Nov 10
Quaker State Oil Ref Corp.. 10
Radio Corp of Amerl..No par
2,600
24%
3
.
100
5% conv preferred
100
Purity Bakeries
...No par
*10
75%
Nov
74
8%May 26
100
9
43
Apr 12
21%May 27
10%
9
34% Nov
Mar 28
60
No par
50
*10
18% Nov
9
17% Mar 31
30
..No par
preferred
6%
2%
10,900
25% 231,500
.3
No par
.u—100
-100
100
preferred
preferred
preferred
8% preferred
15
6%
*42%
*8%
55
10%
2%
5% pf (ser of Feb 1 *29). 100
of N J ..No par
2*200
2%
16
50
No par
Pub Serv Corp
$5 preferred B
63%
2%
24%
17%
5
5% conv 2d pref
~
61%
64
17
49
5
60
5% conv 1st pref
400
*13%
21%
17%
90
11,300
21%
24%
100
10%
10%
*87%
14
Oct
No par
B
Procter A Gamble
800
13%
23
17
10,900
13%
2%
21%
*24
Class
980
116% 116%
33%
32%
14%
14
3
{Postal Tel A Cable 7% pf-100
1
1,000
2,800
3,500
'8%
8% Oct 28
47% Nov 9
Pressed Steel Car Co Inc
1,200
36
57%
56%
80%
63%
18%
11%
10%
*32
80%
2%
24%
20,600
81%
64.%
2%
4,100
12
xl3%
8%
3
21% Mar
13% Feb
69% Mar
1% Mar 26
% Oct 3
l%Mar 30
4% Mar 25
1,000
2
10%
80%
63%
2%
234
2%
22%
18%
24%
*87
10%
Oct
5% Mar 29
Pullman Inc..
10%
Jan
9%
No par
Poor A Co class B
Pure Oil (The)..
115
37
11%
Jan
8% Mar 29
7% Mar 30
25
Porto Ric-Am Tob cl A .No par
17,900
115
38%
11
91
Oct
Pond Creek Pocahontas No par
25,800
115
37%
11%
900
5
Plymouth OH Co..
*113% 115% *113% 115
35%
36%
34% '36
*114
*113
39%
8,200
2%
2%
*102% 103%
150
Dec
11
No par
Pittston Co (The)
260
115
116
500
9%
13%
13
100
5% pref class A
100
5M 1st ser conv prior pref 100
Pitts Term Coal Corp
1
6% preferred
100
Pittsburgh A West Va
100
150
150
30%
17% Nov 15
13% Jan 11
No par
7% pref class B
*147
150
11%
9%
3,900
Pittsburgh Steel Co
700
150
Jan
Mar 23
15
No par
Bolt
300
150
38%
21
No par
100
$5 conv preferred
Pitts Ft W A Ch 7% gtd pf
Pitts Screw A
115
150
*113
200
%
*%
preferred
135
150
87
3% Mar 30
6%
115
*130
£149
1,480
1%
33%
48% Mar
Pitts Coke A Iron Corp No par
135% *130
133
£131% 131%
130
16%
15
.1,200
%
103
103
102% 103%
114% 114% *113% 120
133
150
2%
115% 115%
33
%
5%
21
*2%
%
134
149
%
21
*130
134
8%
*%
21
12%
134
-*14
480
42
36%
104-% 104% *103% 104%
115% 115% *114% 115
41
28
%
33%
40%
28%
2%
12%
12%
115
4,700
41%
*%
34%
33%
15
*39
%
17
Oct
3% Mar 31
20
May 5
60
*28
2%
115
114
14
5%
2%
58%
*1234
3834
16,100
%
13%
12
10
9%
6%
9%
%
172
8%
%
2%
2%
12%
71%
*168
*5%
13%
%
*66%
172
5%
2%
2%
12%
*12%
1,300
71%
22
Oct
Dec
43
100
100
Pittsburgh Coal of Pa..
5,100
9%
*9
%
9%
%
5,800
Mar
9
90
42%
%
100
25
63
116% Jan
65% Feb
3
39
25%
21%
100
Preferred
Oct
30
Pitts C C A St L RR Co... 100
6;
27%
Feb
Feb
29% Feb
60% Mar
6% July 22
Pirelli Co of Italy ' Am shares"
28%
%
5
Hosiery
PUlsbury Flour Mills
9%
43%
Phoenix
No par
800
24%
27%
22
5% conv pref series A...100
22
Jan
12%
76%
17% July 25
July 25
38% Jan 15
49
9%
42%
10
Pleice Oil 8% conv pref...
6%
45
No par
200
7%
15
50
preferred
110% Sept
Oct 15
42
22% Mar 26
1% Mar 26
5% Mar 26
17% Mar 26
115
*91
16%
7%
240
,
7%1
*
5 >8
14%
2%
13%
13%
38%
24%
115
%
9%
*%
35
7%
24%
%
2%
2%
12%
34
28%
13%
9%
*9%
14%
21%
300
*37%
%
*%
%
22
3%
7%
8%
preferred
No par
{Phlla Rapid Trans Co
50
.^..100
37
7
$6
7% preferred
Phillips Petroleum
|
3%
49
25
Phelps-Dodge Corp
Philadelphia Co 6% pref...60
9
Jan
6%
13% Dec
4
112% Feb
Mar 29
110
4% Jan
No par
70
40
40%
4%
39%
*3%
6
No par
16,100
8%
15%
15
No par
Phillips Jones Corp
41%
44%
16
Pet Milk
100
6%
*5%
100
100
900
41%
*%
5%
15%
%
%
5
9%
100
prior preferred
preferred
Phtlip Morris A Co Ltd
39%
15%
42
42
42%
41
168
8%
100
...
Marquette
5%
5%
Phlla A Read CAI
*168
75
168
169
*168
*166% 169
*166% 175
9%
8%
878
8%
9%
8%
16
16%
15%
15%
15%
15%
46%
44%
46%
46%
46%
45%
29
29
28%
29
28%
28%
People's G L A C (Chic)... 100
7%
*38
64
Dec
100
Feb
Jan
103% Mar
Oct
27
1,100
*66%
9%
20
31
7,000
•
27%
28
16% Nov 12
24% Jan 15
"""166
3%
92
*6%
38
*91
7%
6%
26
14% Mar 31
60
2%
7%
Oct
19% Mar 28
10
Jan
Feb
Feb
10% Jan
23% Mar
Oct
15
50
Pere
100
Mar 30
2%
July 25
No par
Peoria A Eastern
300
5% July 25
30
RR._
Pennsylvania
137% 137%
7%
—
115
2% Mar 30
10% Mar 30
No par
57% Nov
1% Oct
Peoples Drug Stores
180
74
90
138%
*6%
*7%
24%
25
*24%
*
A
Penn G1 Sand Corp v t c No par
100
%
*35
8
*7%
*7%
25%
25%
♦44%
40%
ser
800
39
3%
3%
38
37
8
*7%
40
39%
*3%
39
39
39
7%
7%
*135
7%
V, 400
„
*1%
92
£90
139
*6%
42
2%
3%
%
%
%
6%
41%
41%
*1%
4
3%
142
*6%
*38
40
*65
138% 140
No par
Cement
pref
25,500
39
71
%
conv
2% Jan 10
44%
*8%
39%
3%
$7
85% July 25
8%
44%
139%
Penn-Dixie
Mar 31
l%June 13
Pfelffer Brewing Co
39%
%
Mar 30
55
2,400
8%
43%
3%
41
10
Corp
8%
41
2%
Penney (J C)
Petroleum Corp of Amer
44%
*1%
No par
.No par
Penick & Ford...
Penn Coal & Coke
200
41
139
7%
3%
38
*35%
*91
Oct
5,000
43
%
" 141%
*38
38
41%
8
2% Oct 21
13% July 23
68% Aug 25
9%
41
29% Aug
8% Mar 31
18%
*16
45
*38
4
*%
6%
*36
47
*139% 141% *135
144
6%
8%
9%
Oct
Patlno Mines A Enterpr No par
9%
*16
12
Oct
6 M % conv preferred
32%
71%
73%
*140
32%
*1%
46
42%
*3%
32%
18%
Mar 31
Oct
900
36
32
9%
4719
140
35
32
*28%
17%
47
*1%
38
*3%
44%
1%
1,000
37%
4%
15%
37%
9%
*8%
44%
15%
36%
Oct
4
"
16%
37%
3%
*15%
Oct
28
1
42,200
*113%
...
37
4%
15%
17%
8%
*27%
1
34%
8%
14% Nov
400
37%
37%
9%
*39
%
*%
140% 142
*113%
14%
22%
30
21%
30
37
33
32
14%
14%
22%
15%
16%
39%
15%
14%
*21%
30
17%
98
9%
*113%
38%
37%
4%
*3%
37%
4%
38%
*3%
38%
-
15%
15
24%
24
Oct
1% Mar 29
Corp
Jan
Jan
18%
July 29
3% Oct 17
3% Mar 30
2,000
24
26
*24
13
109% Mar
28% Jan
200%
26%
42% Oct 10
21% Oct 24
1% Mar 30
31% Mar 31
2.50
Oct
8
Jan
Mar
30
No par
500
4%
4%
4%
4%
25
30%
30
15%
5
4%
24
26
1%
*1%
Mar 29
Pathe Film
4,300
1%
85,600
4,000
13% July 20
6% Mar 31
Sept
Oct
Oct
8%
80%
Parmelee Transporta'n. No par
1,700
82%
15%
23%
Parker Rust Proof Co
600
x95
5
Oct 24
101
17%
90
32% Nov
13% July 19
1
19%
Oct
100% Oct
16
No par
Oct
7
29% Apr
12% Feb
Dec
4
61% Nov 15
1
Park Utah C M
13
2
..-.10
Parke Davis & Co
56%
*26
6% 2d preferred
11%
Oct 27
9% Feb 25
2
Aug 3
Mar 26
65
Highest
share $ per share
per
June 27
6
88%June21
6% Mar 31
1
.100
Park & Tllford Inc
2,600
19%
2%
.
—
$
share
15% Jan 10
Mar 31
29
per
30
Mar 18
3% Mar 30
6% Oct 17
1
Sept 1
100
1st preferred
6,200
41%
2
6%
2%
41%
19%
2%
2%
42
19%
2%
4% conv preferred
900
$
share
per
10
No par
Paramount Pictures Inc
3,700
11%
26
11%
26
Parafflne Co Inc
90
100
11%
95%
11%
Year 1937
Lowest
Highest
18%June 18
par
No par
Pan-Amer Petrol & Transp_.5
Panhandle Prod & Ret new.. 1
700
58%
$
10
Packard MotorCar
1,700
1%
*58%
59
Corp(np stk) No
Pac Western Oil Corp
900
*23%
2%
*2%
12%
1134
Pacific Tin
400
*24
5%
*23%
2%
•23%
Par
12%
5%
Range for Previous
100-Share Lots
Lowest
7%
1%
98
12
12%
28
25
59
Range Since Jan. 1
On Basis of
STOCK
EXCHANGE
5
*11%
97%
1%
*58%
98
12%
25
12%
12
61
12%
25
5%
5%
878
*7%
1%
1%
61%
61%
*99% 102
1178
11%
*95%
*7%
1%
60%
*96
*24
12%
5%
YORK
Week
Nov. 16
$ per share
Nov. 18
Wednesday
Nov. 12
the
Nov. 17
Saturday
3123
12%
Nov
Oct
Nov
95%
30%
112
Jan
Jan
Jan
5%
40%
Dec
Dec
34%
Jan
58
Jan
55
Oct
67
Jan
14
Feb
10% Nov
4%
8%
18%
17%
Oct
Dec
6%
Oct
31%
Dec
19%
Feb
Dec
Oct
38
1
Oct
26% Nov
1
1%
3%
10
Oct
9%
65
June
Feb
Mar
4% Mar
Feb
Oct
11%
Oct
20% Mar
Nov
37% Mar
12
Mar 30
29% Nov 14
18
Dec
46
Jan
58
Mar 29
82
Nov 16
70
Dec
103
Mar
68
Mar 24
99
Nov 14
86
Dec
113
Jan
79
Mar 26
108
Nov 18
£98
Dec
113
Feb
x Ex-div.
y Ex-rights.
Called for redemption.
New York Stock Record—Continued—Page 9
3124
V
LOW
HIGH
AND
STOCKS
Sales
PRICES—PER SHARE. NOT PER CENT
SALE
Monday
S
12
ver
share
$
Tuesday
Wednesday
Nov. 15
Nov. 16
NOV. 17
Nov. 18
$ per share
$ per share
$ per share
$ per share
Shares
share
16
16
16
161;
*15%
20%
20
20
16f;
22\
21
16%
22%
21
75
76
221{
76%
21%
75
75%
75%
75%
76%
*75
17%
2178
*71
7
7%
%
6%
50%
50%
*6
50
84
23j
%
%
%
84
%
%
*2%
2%
22%
334
2%
2134
2%
*2%
2%
3%
76%
21%
3%
2%
2l84
3%
76%
17%
2134
23%
22%
3%
*3%
78%
17%
7634
zI6%
21%
23
*71
75
8%
47%
9%
8%
49
49%
1C34
11%
*27%
28%
15%
153a
734
7%
34%
7%
33%
*278
24%
34%
3
%
50
*3%
75%
1634
78
17%
22%
17
*68
75
*68
8%
734
49%
48%
11%
7%
834
48
48
16%
20
21%
21%
90
74
3
24%
30%
99%
113
115%
*104
104%
21% 22%
23%
2934
*96%
ar2834
*95%
113
11%
11%
11%
32%
3
30
2%
24%
28%
33%
2%
24% ;
28%
99%
97%
97%
24%
22
27%
*9634
110
104% *103
21%
22
*234
24
112
112
113
104% 104% *103
'
*7%
31%
734
73s
7%
34
21%
*141
141
•
2078
20%
30%
*41
24
24%
21%
21%
20%
19%
31
2834
*38
46
3%
3%
39%
*3%
334
*9%
22%
37%
*16%
*42
22%
3%
9%
2284
38
37
*3%
38
17
1534
38%
15
♦42
43
43
44
30%
30%
22
*20
64%
2834
55%
71%
11
11%
8%
16%
11%
7%
15%
9
*54
55
*124
8%
*54%
126
11%
40
3%
22%
*31%
*11%
20*4
29
10%
*124
334
3%
934
20%
*29
Jan 21
43s July 25
Sperry Corp (The) v t'c
1558 Mar 30
784 Mar 31
40
Nov 18
29
44
70
14
21,400
65%
28%
28
28%
2,200
35,500
700
1,700
2,000
4,800
Mar 30
2
6% Mar 31
Conv $4.50 preferred.No par
48%May 26
Spiegel Inc
12i2 Mar 31
6% Mar 31
1
Square D Co class B__.
No par
Standard Brands
94
No par
fStand Comm Tobacco
1
$4.50 preferred
JStand Gas A El Co
No
$4 preferred
No
$6 cum prior pref
No
$7 cum prior pref
No
Stand Investing Corp..No
Mar 18
par
1 <4 June 13
2
Mar 31
par
4i2 Mar 30
par
10% Sept 14
par
13
10%
11%
7%
15%
8%
10%
1034
10%
1034
8,000
Stewart-Warner
5
6
May 28
12i8 July 26
*7%
7%
7%
900
Stokely Bros & Co Inc..
1
5
June 17
11
14%
14%
8%
5634
8%
*7%
14%
734
16
14%
8%
54%
8%
15%
7%
1334
8%
8%
54%
54% 56
125
124% 124% *124
55%
125
200
53
22,000
50
*124
53
28
52%
„
153s
8%
57
*54
*124
40,300*
23,000
56
125
700
1,300
Standard Oil of Calif
.
3%
3%
22
23%
31%
30%
*10%
15
23%
3%
3%
21%
31
30%
13
*1034
19%
2734
2034
20
20%
29
28%
28%
9%
7%
*8%
9%
734
9
884
*8%
7
.3%
23%
3138
1%
35%
Oct
Oct
1%
Oct
5% Dec
19% Dec
Dec
8% Dec
49
Nov
16
Nov
7%
12
203g
Oct
16%
Jan
Oct
101
107%
Dec
Oct
123s
Jan
2%
2%
Oct
143s Mar
5
Oct
32% Mar
Oct
10
65
Jan
Oct
723g
Jan
Dec
4
Jan
27% Dec
26% Oct
30% May
50
Feb
43
Dec
Nov
76
Mar
19%
Dec
48
Mar
53%
Dec
75
Jan
5% Oct
6% Dec
21
Feb
6%
Oct
33%
Jan
3
Oct
20
Feb
No par
Studebaker Corp (The)
45
...No par
Sunshine Mining Co
38
38%
3%
37
3884
5,700
24,200
Superior Oil
22%
21
*30
30%
30
*10%
1934
20%
19%
20%
8,500
Swift A Co
2734
2734
2734
2734
9%
8%
9%
7%
6%
8%
7%
3,700
8%
500
7
Jan 13
178s Nov
1
9% Oct 21
59
July 20
Mar 29
14
Jan 13
%
42
44% Dec
Oct 21
118
Aug
9% Mar 31
143s Mar 1C
9
Oct
17i8 Mar 31
1 s4 Mar 26
834 Mar 31
1778 Mar 30
6% June 13
Swift International Ltd
9%
1,400
5,400
6% preferred
July
50% Nov 14
583s July 25
6% Mar 29
312 Mat 30
1
10
28
934
7
7%
*8%
34
34*4
32%
33%
32%
53s
32%
10%
10%
10
10
934
10
934
9%
934
9
10%
9%
23%
10
914
8%
*2234
9
834
9
834
8%
8%
23%
22%
23%
25
*24
25
24
*56%
59
*56%
58%
*434
*45%
4%
5%
50
634
25
25
23%
24%
59
5%
50
4%
18%
2%
4%
28%
3%
15%
*16
*2%
*4%
27%
3%
*1234
13%
1384
93%
19%
54%
10%
10%
93%
18%
*54
978
934
11%
12%
4%
4%
92
14
4%
43i2 Oct 28
18
11912 Feb
100
10
14%
1334
93%
19%
54%
10%
10%
12%
4%
♦
32
11%
4%
92
*22
23%
*56%
59
*56%
*434
59
*434
45%
4%
46
45
45
4%
*14%
2%
19
,2%
*4%
8
128
90 84
89
1938
67%
13%
89%
1984
96
96
9L%
700
1734
5234
4,800
9%
934
9%
9%
9%
4,800
9%
10%
9%
10%
4%
9
9%
10%
4%
*90
4%
434
*4%
%6
15%
27»4
3534
4%
14%
2634
*35%
4
11
4%
92
1434
26%
35%
*334
27%
3634
4%
67
69
1234
19
94
95%
87%
19%
94%
13%
80%
19%
81
82
82
*81
82
22%
22%
35%
2234
37%
1384
19%
*2134
22%
*79%
*2134
35%
36%
36
88
1934
83
*83
83%
a81
*2234
23
*23
23
*22
35%
12%
3634
13%
19
19
118
118
12%
18
95
*115% 118
Bid and asked prices; no sales on this day.
12
10,400
67
67%
12%
13%
88
86%
88%
19%
95%
19%
93%
12%
13%
18
18%
*115% 118
1,000
1,200
80
13
19%
93%
2,200
36,700
33
4
87
200
1434
4%
6684
66%
1234
7,400
1,500
4
4%
.
19
94%
81
6312 June 23
par
No par
Co.
conv
1
10
Thompson (J R)
15
1
4,900
3,800
6,200
19,400
12,100
2,800
Thompson Prods Inc. .No
$4.50 conv pref
Timken Detroit Axle
No par
10
3
8
No par
10
20 th Cen Fox Film Corp No par
$1.60 preferred
No par
5i2 Mar 31
16% Mar 29
25i8 Mar 25
25s Mar 29
Twin City Rap Trans..No par
I
100
Union Tank Car
No par
12
13
98,500
1734
18%
$ In receivership,
a
2,400
10
Def. delivery,
United Aircraft Corp
Un Air Lines Transport
United Biscuit
n
New stock,
Cash sale,
Mar
Jan
Oct
15% Nov
18% Dec
48
Feb
55
Oct
64
Jan
Oct
1384 Mar
93% Jan
3%
2%
1%
4
10
Nov
Oct
Sept
Oct
Dec
Oct
1%
6%
Oct
Oct
13%
Oct
72
834
Dec
Oct
Jan
54% Mar
13%
Feb
40
Sept
-8% Jan
15% Mar
2878
10%
Feb
40«4
Jan
Jan
21% Feb
9812 Aug
2878 Feb
36
Oct
79
10
Oct
4
Oct
17
Aug
2238 Jan
273s Jan
113s Mar
5%
Oct
3%
Dec
82
4%
Feb
Dec
109%
Jan
Oct
12
Mar
7
Jab 11
15% Aug
6
9078 Nov 10
22% July 21
234
Dec
26% Mar
Oct
4078 Mar
Nov
Oct
50
17%
Mar
Jan
39
Dec
94
Jan
7
Oct
25
Mar
1%
Oct
6%
46% Nov
100%
878 Dec
61% Nov
17%
Oct
Jan
Jan
183s Sept
111
28%
Feb
Feb
99% Nov 10
83% Nov 10
23% Jan 12
80
Nov
78
Oct
9934
Jan
22
Nov
31%
Feb
38
IO84
Nov
9
Oct
148*4 Mar
35% Mar
Mar 30
1334 Nov 12
Oct
24*s
Jan
Nov 14
15
Oct
118% Aug 19
110
Oct
30%
117*4
Feb
5
100
r
16%
1538
Jan
14
8opt14
1003s Jan 20
5
No par
Preferred
44
Oct
Jan 13
Nov 16
Mar 30
Oct
53s
Oct
5%
6
69
1912 Mar 30
2334
18%
Mar 31
20
5
153s Mar
65%' Apr
9% Mar
25
6
17i8 Mar 31
553s Mar 31
5984 Apr 20
100
Oct
July 19
9
Oct 27
Mar 31
Oct
2
15% Nov 16
28% Nov 12
133s Nov
57
5%
3434
38
.
Mar 25
Union Carbide A Carb.No par
Union Oil of California
25
600
9
Jan 10
6
75s Mar 30
Oct
i8 Nov 10
44
41
60,400
6%
Mar 30
Under Elliott Fisher Co No par
Union Bag A Pap new. .No par
37%
Nov
D4 Mar 26
•
No par
2284
478 July 19
91
16
100
4% preferred.
1
June 27
35s Mar 28
La Nov 14
Truscon Steel
Union Pacific..
16% Oct 21
1238 Nov 12
258 Mar 30
77
Rights
.
Mar 30
478 Apr
Trl-Contlnental Corp..No par
$6 preferred
No par
Twin Coach Co..
Ulen A Co
Mar 30
4
Transue A Williams St'l No par
Preferred
Mar 31
3U4 Mar 30
Transcont'l A West Air Inc..6
Truax Traer Coal
1534 July 25
98
July 13
19% Nov 9
55%Nov 9
1234 Jan 12
Jan
4
36
9
Jan
Feb
Dec
55
5i2 July 19
173s
1584
57%
838
41
Jan 13
2878 Nov
10i8 Mar 29
77l2 Apr 29
Timken Roller Bearing.No par
Transamerica Corp
.2
Oct
6% Dec
53s July 25
I884N0V 10
2% Jan 13
Mar 31
600
*115% 118
578 July 13
56
Mar 24
100
preferred
Third Avenue Ry
6034 Oct 26
278 Apr 13
Apr 12
23s Mar 31
35
100
Tide Water Associated OIL. 10
22,000
13%
89%
19%
4%
pref.....No
10,600
he
6834
4%
25l2 Oct 28
July 25
4%
11%
Mar 30
19
8,700
12%
15
534 Mar 30
4%
1134
No par
600
11%
*30
Mar 31
July 25
he
33%
13
4
90
1234
*31
S3 dlv
1
100
Preferred
Thermold
Oct
12l2Aug 6
113s Feb 10
26
July 22
U2 Mar 28
4%
4
conv
6
8i8 Mar 28
10%
4%
15
Jan 11
584 Nov 12
3i8 Mar 30
%e
37
8
495s Aug
25
4%
27%
Apr
par
90
.
Oct
4%
Thompson-Starrett Co.No par
$3.50 cum preferred.No par
10,400
5,700
11%
4%
99%
*90
51
30
19%
.
17%
52%
9%
934
30
97
12%
1334
13%
19
20
1934
*115% 118
*115% 118
11%
4%
92
17%
51
he
83
37
200
7,100
2,600
91%
17%
3584
66%
13%
434
26%
5134
14%
26%
14
*4%
2534
234
13%
14%
27%
4%
100
1,500
13
36
12%
2,200
13%
9234
14%
12%
334
$3.60
13%
9234
17%
484
9i2 Oct IT
49lz Nov 10
S^June 29
38
The Fair..
Jan
Oct
Mar 30
70
Jan
22%
Mar 30
"166
3978
28% Mar
3378 Mar
2334 Jan
634 Mar 31
Mfg
Dec
20%
7
Ry Co
734 Mar
47% Mar
,17%
Oct
26
Pacific
Oct
Oct
Oct
378 Mar 30
32% Mar 30
25g Mar 29
25
1%
8
734
Texas Pacific Land Trust... 1
13
92%
..5
Corp (The)
Jan
Jan
20% July
6184 Feb
8ig Jan 11
Mar 31
4
4% Mar 31
6
125
15%
Texas Pacific Coal A Oil... 10
13
13
34
77%
Jan
9
3,900
2
2%
....60
17%
Feb
29»4 Oct 15
1012 Nov 9
434 Mar 30
378May 27
5
Oct
50
Nov 10
3,900
2
3
1512 Aug
6,300
12%
36
12%
1834
1
1
July 20
21
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
1134
14%
4%
32%
1238
4%
*15
Texas
32
Mar 30
9
(James)....
Tennessee Corp
2634
%2
32%
11%
4%
67%
13%
4%
4%
2%
4%
15
4% Aug
2312 Nov 12
2218 Mar 30
Without warrants
1,900
*4%
26%
2%
434
4%
434
25
.
1,300
69
46
..10
5M% preferred
Telautograph, Corp
4%
27%
3%
14%
13%
92%
18%
53%
27
12%
3%
65%
13%
4%
20%
2%
*56%
434
*43
Paper Co
Symington-Gould Corp w w.l
Talcott Inc
Thatcher
25
1
..100
Sweets Co of Amer (The)..50
600
*22
*16
»
Texas A
24
5
..
800
22
he
4%
32%
24
5
-
25,700
20,600
23
15%
4%
32
—
6%
45%
5%
32%
9%
8%
23%
28
33
36%
1234
1978
6%
43%
4%
3534
33
37%
6%
44%
5%
32%
4%
%
33
67
6%
43%
xb
3
10
5
634
26
53%
9%
5
538
3234
3%
14%
13%
92%
183g
5
Superheater Co (The)..No par
Superior Steel
49%
45%
27%
4%
5
*47
5
20%
23H
3%
*14%
13%
92%
17%
53%
9%
9%
11%
4%
5
*47
6%
50
434
49%
834
49%
43%
4%
2634
3%
33
384
634
45
5
2%
4%
5
5
*16
28
92
14%
27%
3534
*4%
28%
*434
49%
*47
*45%
♦4%
4%
%#
36
6%
44
20%
2%
5
%
5
5%
*88
5
*47
834
»»
Jan
Feb
95% Apr
483s Mar
71% Nov 16
10,500
12
50
2834
3414 Nov 14
10
11
*10%
Jan
Jan
Aug
Mar 29
25
125
12
35
3478 July 25
35% Jan
7
25
.10
Stone A Webster
Sutherland
2334
Jan
Feb
.No par
Standard Oil of N J
1,400
36
1
Standard Oil of Indiana
8,400
9%
31
28
1034
3%
2234
30%
Jan
1178 Mar
77% Mar
Mar 29
10%
3%
65%
3s June 21
10%
3%
2134
Jan
par
Standard Oil of Kansas
Sun Oil
9
39
11%
734
18,400
21,200
50
28
653s Mar
Nov 1>
15% July 19
70% July 18
31
July 25
9% Jan 10
107% Feb 5
3*2 Jan 10
5>2 Jan 12
115g Jan 12
23
July 2
734
2834
50
2834
Oct
Oct
11%
27%
27%
28%
700
17
Dec
8%
300
Jan
32%
10
1134
2,700
%
Jan
Oct
10
49
19
2334
*%
Feb
1784
9
17% Nov
Sterling Products Inc
19
%
2734
*44%
52%
5,400
22
18%
23%
*%
5%
7
■
4
63,000
534
*
46
Oct
15%
44
155
60% Mar
4
40
13%
Oct
June
433s Mar
15%
64
42%
Oct
Mar 14
*42
63s
Oct
Oct
July 19
14
130
23% Aug
115
Oct
Dec
11
1
Oct
Mar
1%
20%
15
24
Spieer Mfg Co
No par
$3 conv preferred A..No par
13
110
Jan
Feb
Feb
27
Mar 26
1,200
Oct
9
21% Nov 10
313s Nov
38
39%
1534
4334
984
54%
40%
29«4
40% Nov 10
Mar 25
4
7
22% Jan 12
Mar 30
2
No par
1
July
19«4 Mar 26
5%
'JdRgTT"
25
Spencer Kellogg A Sons No par
44%
37%
Nov 12
Sparks Wlthlngton
Spear & Co
534
90
141
900
45%
4%
4
300
534
14
3,000
Dec
Jan 10
29
67
10
22
45%
36
50
Spalding (A G) A Bros.No par
1st preferred
100
Oct
Nov
r
*5
28
600
66
18%
,
39
5%
%
100
4% Apr
26
60% Apr
102% Feb
Mar
28
5iz Mar 30
8% Mar 30
17%June 17
2U Sept 27
par
Mobile A Ohio stk tr ctfs 100
Mar
Mar
Starrett Co (The) LS.-No par
38
5
5
No
5% preferred
1584 Dec
26% Dec
Feb
1778 Mar
58
120
3,600
3884
49%
4%
Southern Ry
Feb
1053s
197
32
38%
*47
*88
40,000
23,400
3484
Nov
Oct
19% Mar 31
9*4 Mar 31
100
Pacific Co
Feb
Nov
114% Oct 28
3% Jan 13
16%May24
.^.25
Southern Calif Edison
Jan
Feb
44
June
69%
40
3%
*47
11
4,700
61,000
Southern
IO84 Mar 31
Apr 14
lt2 Mar 29
Jan
Feb
17%
13
14% Nov 14
163s Jan 10
111
128
14
65
Oct
19% Aug 26
83s Mar 29
100
8% preferred
Oct
Dec
96
22
834
49%
5%
6%
45%
10%
30
Feb
8
32
8
10
1,500
So Porto Rico Sugar—No par
10
34
42% Mar
Mar
5% Oct
17% Oct
2% Nov
Oct 13
68%
10%
19
4,700
800
91
54i8 Apr
11% Mar
98% Aug
120
24% Dec
1478 Nov
Oct 13
Aug
70%
834
54%
24
May
13
6%
88
3234
978
15%
13%
93%
105
91
$6 preferred
334
Nov 10
122
2
Apr 8
Mar31
45
No par
10
Smith A Cor Typewr.-.No par
Snider Packing Corp—No par
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 5J4% pf.100
South Am Gold A Platinum. 1
39%
23%
11
22
29%
10%
3%
Mar 28
Sloss Sheffield Steel A Iron. 100
120
Smith (A O) Corp
98
3234
1034
*11%
2%
*4%
27%
6% preferred
17
12
10
69%
11%
13
4%
10
Slmms Petroleum
Skelly Oil Co
9
71%
40
2O84
18%
11
33
7%
*434
9>8 Jan
35i2Nov
3% Jan
24i2 Nov
3434 Jan
70%
9
*56%
.6
No par
52%
8%
*45%
7
32%
54
10%
30
25
10612 Oct
70
29%
%
11%
32
*23
183s July 20
Mar 30
53%
3384
2234
%
28%
834
9
93
34%
71%
30
8
6%
par
par
44
25% Mar 31
2434 Mar 30
3212 Apr 8
3934 Mar 31
1712 Mar 29
19%
24
*%
11%
11%
40%
3<%
23%
Aug 11
684 Mar 12
20% Apr 1
10
Mar 20
Oct
Dec
4912 Nov 12
12% Nov 16
283s Oct 14
Mar 30
36
par
Oct
3% Oct
4934 Nov
1234 Dec
15
28%
27%
29
50%
34
3
par
1%
16
60
*44%
x28%
%
938
20%
24
30%
29%
60%
55%
par
July 19
Nov 12
%
3%
34%
84
Highest
share $ per share
Oct
27% Mar
Dec
5134 Mar
Dec
98% Mar
Oct
3% Feb
Oct
23% Feb
Nov
45% Jan
Oct
2% Jan
Oct
8% Jan
7012 Nov 18
9% Nov 12
4514 Mar 31
290
43%
3%
*9%
23
Mar 26
10
par
100
5M% conv preferred
18
914 Mar 30
par
2934
28%
4%
10
*19%
30%
2878
71%
No
No
Sbarpe A Dohme—...No
$3.50 conv pref ser A.No
Sbattuck (Frank G) —No
Sbeaffer (W A) Pen Co.No
Shell Union Oil
No
$5 conv pref
50%
25
%
34
1
Servel Inc
Sbaron Steel Corp
*44%
53%'
*3284
6934
21
24
29%
80i« Oct 13
4%
10%
19%
24%
%
293«
28%
50%
5334
*19%
50%
*53%
34%
*70%
4
Mar 30
200
7%
7%
7%
73s
103% 103% *103% 104%
2%
1%
1%
2%
4
4%
4%
4%
9%
9%
8%
9%
7%
7%
103% 104
2
2%
47
18% Mar 31
x8 4
Apr 1
65%
28%
293g
9%
34
8%
28
7%
103%
23S
2%
4%
25%
8%
16%
29%
7%
Sears Roebuck A Co—No tar
19%
29%
*35
3%
June 16
20%
*3%
9%
23%
3
25
100
5,200
41,500
3
July 22
No par
Seagrave Corp
Slmonds Saw A Steel..No par
1334
143s
66
4%
*%
x
13%
65
10%
25%
*45
3%
78 Jan
3
27l2 Feb 25
512 Jan 14
1,200
1,700
9,400
2,700
6
12 Jan
484 Mar 31
12% Mar 30
2iz Apr 5
14% Mar 30
2334
18
734 Jan 11
5078 Oct
1% Mar 29
1512 Mar 29
100
preferred
U8 Oct 31
Mar 30
Silver King Coalition Mines.
141
26%
39%
%Sept 26
3
Seaboard Oil Co of Del.iVh par
800
2%
20%
*37
19
34»4 Mar 28
Simmons Co
2034
17%
13%
13%
23%
18%
334
*42
14%
65
103
*3%
9%
23%
37%
15%
3%
934
13%
66%
30
30%
7%
734
102% 103
2%
2%
4%
Jk
71
99%
20%
19%
28%
43%
39%
15
6534
10
*37
42
3 684
14%
4-%
2734
2934
16
42
1034
203s
3634
4,000
22
3%
141
20
16%
10
23%
2%
141
19%
1834
3%
*9%
7,600
*112%
20%
23
3%
9%
2,000
103
19%
18%
3%
*39%
35,500
11
6
27%
20%
17%
1234
12%
2334
43%
3%
-
110
23%
27%
100
4
Feb 23
2,700
110
141
JSeaboard Air Line
4-2%
Jan
85
1
8% preferred
per
27i2 Jan
June 14
100
No par
No par
jSchulte Retail Stores
Scott Paper Co
$
8*4 Mar 29
13*4 Sept 27
5
100
preferred
8,500
103
20
5H %
Lowest
62
No par
Schenley Distillers Corp
7
114
20
Savage Arms Corp
$ per share
32%
104
21
23
14%
434
2%
5,500
12
104
104%
24
*37
10,600
*110
113
23
9%
65
10%
99%
2334
•
16%
21%
70%
7%
4834
*234
23%
26%
*96%
2334
27%
*96%
24,400
6%j
3
3
100
74%
31
27
3%
9%
*22%
35%
*15%
3%
42
7%
7%
102% 103
2%
2%
19%
29
43%
384
7%
32%
2334
1,800
334
47%
Year 1937
Highest
$ per share
Par
1,000
28%
14%
14%
102% 103
14%
3
42
65%
.
19
2784
*37
23
7
31%
2
11% $11%
27%
*27%
24%
29%
99%
*39%
14%
14%
"
1934
334
20
2412
20%
x
1,100
1,600
22
7
7%
49
10334 10334
*141
24
42
3%
2%
21
21
24%
21%
20%
2934
41%
*39%
10
13%
*112%
2%
*.
.
*27%
14%
734
10,000
2
2%
13%
13%
*112%
2%
*141
43
39%
734
1134
13%
14
24%
*47%
12%
137g
141
8%
49%
*112%
*2%
13
*21
*68
1334
18%
14
2%
2134
70%
72
33%
%
20
74
74%
16%
2034
18%
19
13%
14
21
15,200
%
21%
*3%
72%
16%
18
*18%
14%
2%
h
2%
22%
334
75%
1634
13
18%
13%
13%
1938
Range for Previous
Lota
Lowest
800
%
6%
60%
6%
4934
%
18%
13%
13%
I884
13%
*113
h
21%
19
2%
21%
75
1
6%
50%
1,400
66,200
21%
75
21%
19
16%
20%
76
21%
133s
*113
*15
16%
21%
20 84
22
the
*2%
*2134
*3%
12%
*28
27% 27%
28%
28%
*27%
15%
15
1434
15%
15%
15%
IO484 104*4 fll03% 103% al03%103%
11
10434 10434
2%
%
%
1%
6%
50%
7
%
*3%
7734
16%
50
%
6%
%
6%
50%
l'i
2%
23%
16%
50%
1
*6%
50%
Range Since Jan. 1
On Basis of 100-Share
STOCK
Week
per
19,
EXCHANGE
Thursday
Nov. 14
Nov
Friday
YORK
NEW
for
JU1
Saturday
Nov.
9
x
Ex-dlv.
20
pEx-rlghts.
5%
5Called for redemption.
Jan
Volume
LOW
AND
HIGH
SALE
PRICES—PER
NEW YORK
Thursday
Nov. 17
Nov. 18
Week
$ per share
$ per share
Shares
Nov. 12
Nov. 14
Nov. 15
Nov. 16
S per share
$ per share
$ per share
S per share
72%
73
72
72
713s
71%
71
*1934
21
*19
21
19
19
19%
4%
36%
6%
4
4%
37%
7
4%
334
3%
34%
35%
6%
7
658
9
8%
8%
8
8
3634
3634
3634
3634
65
12!%
1234
*112% 1125s
9
9%
6334
6434
6434
8
12i2
9
13
110
173
*172%
9
9
*33
38
8%
♦172%
8%
28%
29
2834
7
6%
6%
12
13
71
71
*70
74
48
49
47
48
1214
6%
6%
5234
6*2
54%
55%
67l.i
7114
119%
33%
69%
119%
33%
4
4%
2%
234
2%
2%
*45
52
*45
52
15
15
*15%
15%
52
15
400
600
U S Distrlb Corp
50
Conv preferred
11
11
108%
102
107
■*>
-
8%
534
48%
65
67%
69%
67%
66%
68
65
68%
33%
45
3334
45
4
2,000
Mar 31
9134May 31
121
Oct 10
No par
29% Mar 30
4q
Apr 25
3% Mar 30
36
June 20
25
1
8% Sept 24
1% Mar 26
2,300
200
2%
2,900
United Stores class A..No par
700
Universal-Cyclops Steel Corp 1
.
2,600
79%
77%
76
78
78
79
158
*157
158
158
158
*155
158
*155
158
67
67
68
65
65
67
67
65
70
%
*7,
*25
28
273g
28%
*112
114
*41%
42
*18
*116
4%
4%
28%
30
116% *116
116% ♦116
*3%
4%
*3%
*11
11
13434 *115
*115
*63%
*63%
*118%
1%
1%
1%
33s
33g
2%
2%
1%
*2%
*ia4
234
*134
234
7%
7%
18
7%
7%
1%
*17%
67
_
521-
1934
1934
1934
16%
16%
*118%
8%
52
15%
*38%
39%
6%
*38%
4%
4%
4%
15%
14
31
31
30%
24%
24%
24
33%
33%
33%
234
*134
f1
7%
7%
17
*83
16
42
7%
39
434
*34
634
38%
4-%
38%
4%
29%
23%
33%
4%
33
334
*34
97
28%
32%
140
*137
19%
>■
193g
37
37
1934
1934
30
30
*75
...
31%
3234
85»
*77
*138
140
19
19
37%
*37
24%
52%
*75
32%
85
*81
26%
*85%
*75%
46%
14%
2
2
22-%
2«4
22%
2%
3
534
2%
26%
533g
26&s
90
87%
46%
6334
109% 109%
73%
73%
*62%
34
34%
20%
21
2234
2%
3
29%
*34
*34
1%
*34%
35
34%
34%
600
*80%
81
*80%
7
7
7
84
135
30%
*77%
61
58%
61
15
*13%
14
14%
13%
14%
8%
7%
8%
58
1384
16,100
2,500
100
14
734
Mar 31
Apr 12
.100
$5 conv prior pref..-No par
White Dent*I Mfg (The 8 S) 20
75
9,700
White Motor Co
734
6,300
White Rock Min Spr
134
800
234
2%
5%
234
6,200
Willys-Overland Motors
5%
2,400
5
3,500
6% conv preferred
Wilson & Co Inc
47
1,200
5%
5
5%
5%
1«4
20
434
45%
107% *105% 10634 x!05%
25
2634
25% 26
52
51
5234
50%
24
25
23%
25%
*80°
92
*80
47%
4%
46
*67%
87%
48
48%
46%
621
6134
6134
*6134
113% 119%
74
*73%
*70
115
*74
4%
47
50
26%
51%
92
8,100
~
100
8712
*67%
87%
46%
*45%
*61%
48
500
64
900
115
120
,1,200
74
74
700
64
117
74
34
34%
33% 33%
19
19%
1934
20%
104
*103
101% 102
22
22
22%
2234
63%
54%
52% 5534
34
33
1934
18%
102
104
2,700
46,000
270
21%
2,500
5434
20%
50%
27
67,600
23
23
22%
23%
24%
4,000
23
21%
22%
21%
21%
20%
21%
4,200
5H % preferred
100
Youngst'wn Steel Door.No par
Zenith Radio Corp
No par
%
4%
4%
4%
3%
4
5,600
Zonlte Products
4%
Bid and as Iced prices; no sales on
this day,
4
88
*82
t In receivership,
88
a
100
Def. delivery,
55
Dec
11
n New
stock,
Corp
r Cash sale,
1
95
Jan
Sept 23
15% July 19
•4%
Oct
6% Mar 31
5
Sept 28
1% Mar 31
15% July 25
11
Jan 21
6
Oct
8%
Oct
Oct
884 Mar 31
2484 Oct 19
1% Mar 30
1% June 16
33gJune 16
10% Mar 29
36
Jan 3
11% Mar 29
42
Mar
9
62% Mar 31
11% Mar 29
2434
*82
Nov 12
preferred B—
100
4H % series
10
4^% conv series. 10
Wright Aero nautical ...No par
Wrigley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
Preferred
100
Young Spring A Wire—No par
Youngstown 8 A T
No par
Prior pf
24%
88
61
70»4 Oct 27
27
Mar 28
2634
*85
May 27
6%pf 100
—10
Woolworth (F W) Co
10
Worthington PAM (Del)No par
Preferred A 7%
100
24%
88
42
Oct 25
27%
*86
Oct
Nov
Mar 24
Prior pref
Dec
19
Mar 30
6%
90
75
3
—
-
4
4
32
Woodward Iron Co
Jan
3234 Nov 12
103
No par
Wisconsin Elec .Power
23,800
-
1
10
20% July 25
30% Nov 16
90
Oct
1034 Oct
31% Nov
1034 Oct
21% Dec
14% Mar 26
Mar 29
100
$6 preferred
11,300
253g
Nov 10
Mar 31
13%
113
Oct 24
37
65
2%
134
21
20
Preferred
58%
144
,10
conv
1% Oct
22% Dec
1734 Oct
87% Nov
Oct 14
Mar 31
9% Mar 30
31% Mar 28
preferred...—30
5%
2%
871
48
4
-
1534 Mar 31
6134Mar 31
103
Wheeling&LE5H convpf 100
Wheeling Steel Corp.—No par
1,400
234
55
-
-
85
*13%
12%
8%
-
30%
.
1,100
2%
53%
58%
13%
.
•
2%
62
56%
Westvaco
..
No par
Chlor Prod—No par
2034
8
*46%
5434
500
1,300
..
Instrum't.No par
2%
234
21
Class A
2%
21%
2%
102%
30
21%
2234
2%
7334
34%
700
2%
22%
2%
113
14 '
Weston Elec
18%
-
50
—50
Mfg
2%
*134
23%
*7834
'58
Oct
preferred
37%
19
*81
*13%
135
30%
28%
1
Westlnghouse El &
19
*81
Oct
Oct
1% Jan 11
Westingh'se Air Brake.No par
30%
*75
2%
6%
% Mar 23
16,600
1984
85
14% Dec
30
30%
30%
9
4% Jan 10
9
Jan 10
2134
1%
50%
29%
24% Nov
11834
18%
Oct
2% Mar 31
3
Mar 26
3% July 22
*37
Oct
1234May 31
111% Jan
34% July 20
33% Nov 9
124% Nov 10
1st
Oct
88
76
..100
134
*20%
1%
25
30%
84
Supply Co... 10
Maryland
Co No par
White Sewing Mach.—No par
$4 conv preferred
No par
Wilcox Oil & Gas
5
2
*105%
*19
23% Oct
73% Nov
2
Western Union
80
Oct
Oct
July
119% Nov
-100
lag Oct 18
28%
135
1
6
pref. 100
6% preferred.
Western
Oct
2%
117% Oct
110% Apr
West Penn Power 7%
Western Auto
Oct
11%
20
Oct 31
16% Mar 31
30
1884
124
100
29%
37
Mar 31
Telegraph. 100
134
140
116
823gMay
6% preferred..
*%
27%
37
Mar 29
A.rNo par
100
134
*17%
74
25% Mar
1
31
8
1
28
Oct
Nov
16
Oct 15
1% Jan 28
39
July 30
82% July 29
102% Jan 3
102% Jan 3
9784 Jan 3
84 Sept
Dec
9
4%
...100
25%
*435
1% Mar 26
Apr
6% preferred
2%
343g Nov 10
4% 2d preferred
1%
115
25
Mar 30
Oct
33
Oct 13
Mar 30
Apr
100
100
2
Aug 6
4% July 15
1634 July 15
31
Nov 10
11
Oct
26% Dec
434 Oct
45
Western Pacific..
27%
117% 118%
16% Mar 31
Oct
7%
July 19
Mar 26
Oct
17
July 20
8
Oct
32
July 16
51
100
1%
*75
31%
85
5%
4%
47%
%
%
4
Mar 31
2,200
2,300
8,200
13,000
%
26%
*67%
28
•
*6%
75%
88
4%
7%
45%
27%
4%
600
29
23%
55%
3,100
75%
23%
57%
118% 118%
22
23
Mar 26
384 Mar 26
70
7% preferred..
60
384
4534
23
180
--
5?3%
80"
20%
-
-
384
*81
7334
34'%
*124
2
23
71
West Penn El class
160
95
3%
*75
85
112
94
11834 11834
90
63%
109% 115
95%
*384
19%
30%
4%
621?.
150
124
124
Co
..1
Wesson Oil & Snowdrift No par
310
x22%
135
5%
*84
95
102
334
1%
26% 27%
29% 31%
118
122%
30%
5-%
*94%
95
102
97
23%
1%
...
4%
101
19% Nov 18
19% July 27
$4 conv preferred—No par
10134
*95%
Mar 31
17
No par
,
71«4 Dec
3% Oct
Nov
1734 May 18
8
Mar 26
Wells Fargo &
81
384
*6%
37%
19%
5%
1%
22%
37%
5%
Webster Eisenlohr
1%
18%
5%
Wayne Pump Co
3,100
81
*37
*81
8
No par
5
87
10% July 22
54
Nov
5
184 Mar 31
Mar 31
—1
3,300
334
3484
Mar 29
4% Mar 30
5
33%
31%
3%
*84
*17%
534
102
*84
334
1834
48
48
49%
50%
105% 105% *10534 108
26
27
2634
27%
51
521
5134
53%
24% 25
25-%
27
103% 103%
233g
384
34%
*80%
1934
8%
*105% 108
32%
334
20
30
8%
5%
51
137%
1934
59
5
33%
*%
30
*13%
1334
5%
3%
1%
19%
14%
15
8
*49%
33
4
2234
33%
Oct
Dec
20% Jan 10
6%
18
20
Waukesha Motor Co
30
30
*10%
8% July 25
No par
$3.85 conv pref
Warren Fdy & Pipe
19%
*75
14%
300
2,500
29%
60%
2%
*11%
5,600
3%
14
4,800
1%
27%
2934 31
117% 11934
18%
3%
2%
J Warren Bros
No par
$3 convertible pref.-No par
70
41
*35%
4
5
Warner Bros Pictures
22%
*1%
*37
39
4
24,500
No par
100
Class B
Preferred..
200
6%
6%
4
l334June 10
A..No par
Ward Baking class
2,400
28
27
137
6%
*36
4%
14
2%
22
%
%
1%
2
27%
28
30%
32
121% 123%
60
2%
39
6%
700
15
3% Feb
584 Mar 31
Preferred
27
734
*13%
*22%
Walk
500
28
*634
13%
14%
2%
15,500
42
Oct
1% Apr 22
30
17,800
19%
2%
Oct
2%
(H)Good & W Ltd No par
No par
8%
51%
*35
2
4-% July 23
74
8%
3
Feb
2% Jan 11
1
4^ % pref with warrants 100
No par
22
23
3%
61
2
*10%
Walgreen Co
700
87%
28
3%
13%
8
4%
1,200
Waldorf System
24
2234
59%
14%
*36
2,400
117«4
Mar 21
1% Mar 23
100
100
100
.100
No par
No par
5% preferred A
5% preferred B_.
30%
4
%
%
119% Oct 26
J Wabash Railway
23
24
7%
116% July 19
Vulcan Detlnnlng
19%
*14%
101
*6%
—.100
Dec
49%
95
101
4
Oct
Dec
8%
97
96%
*95%
101% 100% 102
*94
94
95
95%
9534
9534
123% 123% 123% 123% *123% 124
119
119% *118% 119% *118% 119
97
100
23%
8
50
19%
15
Dec
113
52%
42
3
73% Nov 18
8%
15
June
1534 Jan 11
51%
2%
*38
Oct
105
2
4% Jan 20
120% Feb 26
*1934
3
Oct
2%
18%
Jan 21
32%
116% Nov
Mar 30
Mar 31
19%
15%
2
5% Jan 21
Mar 29
53%
40%
6%
3584 Nov
Jan 22
5% Mar 26
28
81
32
2%
2
18% Aug
Nov
37
2334
'33%
35
28%
15
40%
6%
%
100
Walworth Co
9
42
1% Apr 13
100
5% preferred
2934
35
124% 124%
8%
51%
*1934
67
15
31
24%
1%
9
53%
19%
15%
3
42
*14
15
4
8%
50%
*1934
15%
2%
Oct
113
105
Virginia Iron Coal & Coke. 100
1,500
17
17
87
100
pref...No par
600
7%
17
Oct
Oct
97
June 19
13% Sept 28
234 Mar 29
1534 Mar 30
No par
Chem
6% preferred..
Va El & Pow $6
250
3
2%
86%
83
53%
1934
50
2%
7%
*80%
*7
3
Va-Carollna
2,300
Preferred
*134
81
24%
3
3,000
-
734
36
4
3
Victor Chem Works
9%
14%
Jan
30% Mar 30
5
5
Vlck Chemical Co
600
1%
284
36
24%
3
700
Cict
28% Nov 9
36% Nov 12
97
100
7% 1st pref
r
73%
*1%
5
Van Raalte Co Inc
16
11% Mar 31
14% Mar 31
Am.No par
Vanadium Corp of
Oct
Oct
Mar 26
16
100
Preferred
Oct
84
7
1% Jan 10
2884 Oct 20
1%
Virginia Ry Co 6% pref—100
7%
*80%
123% 123%
*118% 119
20,800
1,000
260
*134
81
9534
1%
Nov
29
410
7%
36
9534
73
1%
Nov
135
Nov 18
3%
7%
.
*35%
97%
Oct 29
70
1134
*118%
*118%
1%
—
47
158
125
*134
*80
99% 100
72
J-
1%
8134 Nov 17
May 11
20
1%
3%
234
17%
3
97%
66
67
1134
Oct
Dec
984
%Mar 30
%June 22
116%
*115
Oct
46
Nov 12
27% Mar 30
8% preferred
2,700
84
3%
3%
1134
121
87
44
34
*63%
*118
3%
11
*115
17
3
34
67
...
3%
12%
122
87
*41
4%
3%
*10%
116%
17%
3
4
27%
87
44
*12
25%
17%
3
7%
27
116
15
f utilities Pow & Light A
1
Vadsco Sales
No par
23
87
*40
7
84
22%
17%
87
9%
%
87
*17%
87%
9%
5234
*87
—
3%
12%
116% *116
13434 *115
66%
*64
*118%
28
116% *116
3%
4%
16
*11
15%
122
*115
26
3
Universal Pictures 1st pref. 100
40
25
*s4
*22%
26%
25
134
Oct
"I
3% July 25
50
July 21
220
*4
36%
*393g
1834
4%
84
84
*23
...100
Oct
2%
9
534July2l
10% July 29
Mar 31
48
100%
47% Sept
7%June13
No par
Universal Leaf Tob
48% Nov
71% Nov 12
3,500
84
%
h
1141
*18
29%
26%
%
%
35
34%
35
34%
35% 35% s34% 35
*112% 114
*112% 114
*112% 114
*112% 114
40
41
41
41
40%
*40
40% 41%
41%
17
18
*17
1634
17%
18% 18%
17%
18%
4
4
4
4
4%
4%
4%
4%
4%
27
26%
26%
28%
27%
29
27% 28
27%
36%
3638
36%
*112
\
2734
27%
*23
283g
.
%
34
%
2634
1
27
*22
%
%
%
%
Feb
37
No par
$6 conv pref A
14%
67
8134
Conv pref (70c)
52
14%
158
%
Stockyards Corp
.No par
8%
67
75%
United
•
3%
158
a75%
7% pref
2%
67
75%
U S Tobacco
8%
*45%
Dec
58
Mar 31
38
384
15
Oct
Dec
52% Nov
x55
*157
a75%
i4434 Mar 31
43%
50
140
52
3
Oct
20
9
108% Nov 16
7284 Oct 13
70% Mar 5
No par
100
Preferred
2%
2%
Oct
66% Nov
Mar 31
3%
Preferred...
3,800
*14%
Dec
24
July 25
U S Steel Corp
4434
*45%
65
7
1,000
34%
15
14%
78
1st preferred
100
U S Smelting Ref A Mln...50
18,000
Nov 12
49% Oct 13
Mar 29
45% Jan
8%
11734
52
*45
10
8%
3%
*8
8%
2%
No par
Imp
29% Dec
16% Oct
384 Oct
6% Oct
Oct 11
13% Nov 16
7%
21
20
U S Rubber
June 20
Oct
Nov
21% Mar 30
2% Mar 31
100
U S Realty &
33%
44%
4484
3%
cl A ...No par
9,000
69
65%
34%
*44%
33%
71
conv
Prior preferred
10% July 19
35% Jan 12
4% Mar 29
24
Oct
Oct
154% Nov
534 Dec
68% 139,800
2,600
68
116
118% 118%
50
Partic &
U S Pipe & Foundry
72,300
52
10434 108
64
64%
105% 107
30% Nov 14
100
6%
5%
52%
5%
13% Mar31
3% Mar 30
5% Mar 26
5,400
45%
43%
45%
4
13,300
75
*68
8684 Mar
Nov
53
9
12%
11%
13
75
70
5%
Nov
55
No par
Jan
12% Nov 10
Nov
U S Leather
Jan
113%
84
4%
173
3,500
17
Oct
Oct
5% Dec
Nov 10
115
5,800
Oct
"3%
Nov 10
Mar 31
6%
Oct
1% Jan 18
9% July 23
162% Mar 28
20
U S Industrial Alcohol.No par
6%
13
85
100
28
27
684
1
6
3% Mar 26
584 Mar 30
7% preferred
1,000
8%
36
*34
May
%May 16
100
U S Hoffman Mach Corp
6
5)3% conv pref
50
U S Gypsum.....
Mar
9
8% Oct 27
4% Apr
No par
Feb
9% Mar
63
Oct
52
Mar 26
62
100
No par
100
U S Freight
2,700
7,300
10
*172%
*8%
2834
51
119
2%
m
34%
12%
65%
*8
**
45
108%
66%
7%
7%
1034
$5 first preferred.
106%
Oct
101
Sept 17
U S & Foreign Secur..,.No par
3,) 00
Jan
Jan
Mar
24
3
United Paperboard
84
Feb
Mar
2684 Apr
Oct
Dec
share
10% Aug 20
2,100
II84
16
6%
6
2,400
8I84
46%
Oct
2%
12% Nov 10
113% Nov 18
United Mer & Manu Inc vtc.l
10
Oct
74
Mar 14
8«4 Mar 30
100
11
%
*4%
Mar 31
60
No par
No par
$5 preferred
8%
5
80%
Mar 26
21% Mar 31
No par
United Gas Improvt
1,400
80
*70
6%
68
United Fruit
22,300
7%
7%
1
28%
6%
53%
65
5
II84
8%
13%
75%
46%
104
United Eng A Fdy
89
107
7%
119
12
10%
30%
12
3
Oct
25%
10% July 18
Jan 10
8% July 25
39% Oct 14
67% Aug 8
60
5
10
35
2
Oct 17
4% Mar 29
Apr 1
100
United Electric Coal Cos
per
91
36'4 Dec
17% Dec
73g Jan 12
United Dyewood Corp
Preferred
*8184
*34
34%
28%
6%
2%
7%
*172%
5%
50%
60-%
11%
per
4%June 18
5
*11%
8%
45
57%
113% 113%
7%
734
8
7%
38
1
4,500
35
*6%
4
15
4
*8
*8
33%
45
*45
45
8
38
*68
33%
*44%
*3%
*8%
2%
33%
*44%
45
*4
68%
68%
119
33%
*44%
67
68%
70
70%
118
13%
77
45% 4634
5%
6%
51%
53%
104% 10734
65%
65%
*68% ' 70
67%
69
11934 119%
6%
54%
66%
67%
*67%
12%
*71
10534 107
106% 107
6%
11%
Mar 31
4
5,500
1,000
734
35
112% 112%
7
*33
29%
6%
11%
22
$3 preferred
United Drug Inc
79%
7%
7%
36%
6034
Mar 26
Jan
39
1,200
8
8
*72
60%
11%
107% 10984
*172%
*8%
6%
6%
8%
784
10%
38
29
30%
*6%
*11%
834
*33
38
7,300
13,000
6%
36%
1
7.
7%
1134
105% 109
173
8%
*33
*34
1
7%
1134
12%
109
7%
3%
35%
79%
*72
36%
50%
11%
12%
112-% 112%
8%
7%
7%
7%
11%
11%
85
*8184
82
*34
7%
12
123«
113%
112
82
1
*7
7
*12%
12%
89
*34
1
7
8
*83
734
3634
62% 63%
12%
12%
112% 113
834
834
7%
7%
11%
11%
9
7%
11%
85
*h
734
3634
12%
1234
112% 112%
8
*85
8
7%
3%
34%
*8%
79%
8%
36%
6234
2
No par
United Corp
$
share
per
1234 Apr
No par
United Carr Fast Corp. No par
41,200
384
6%
83g
*72
300
35%
3%
634
6%
8%
8%
79%
*75
79%
35
.No par
United Carbon
2,000
19%
*19
$ per share $
share
73% Nov 10
2084 Nov 10
45g Oct 17
$
Highest
Lowest
Highest
Lowest
Par
68%
6734
69%
19%
19%
36
3434
6%
*75
79%
69
19%
3%
3%
37%
36%
9%
*9%
*75
71%
Range for Previous
Year 1937
100-Share Lots
On Basis of
STOCK
EXCHANGE
the
Friday
Wednesday
Tuesday
Monday
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
for
Saturday
3125
New York Stock Record—Concluded—Page 10
147
28% Mar 30
3
Jan 22
3% Aug
6
3% Oct 26
6% Jan 10
4%
Dec
9
2'4
Oct
Oct
Oct
48% Nov 16
653gNov 9
Nov 18
34
Dec
3984
Dec
38
Oct
Oct 20
July
6
21*4 Oct 19
Oct 13
109
68% Oct
2184 Dec
7% Oct
68
Dec
25% Aug 26
12% Dec
57% Nov 12
86% Nov 15
28
Nov 10
34% Nov
25«4 July
3
584 Mar
x Ex-dlv.
Dec
12
54%
Mar 31
Jan
Dec
34
40
39
3
10%
75% Nov 14
2O84 Jan 31
Jan
43g
4984
74
Mar 30
Oct
Dec
Jan 21
61% Mar 31
83g
Oct
I84
2
5% July 19
60%
105% Nov 14
27% Nov 14
5334 Nov
~
27% Nov 9
72% July 19
55% Mar 30
988 Mar 31
24
Mar 30
11
Dec
Oct
120
71
1%
9 Ex-rights. T
7
7
70
Oct
11%
Dec
2%
Oct
Called for redemption.—
Nov.
3126
NEW
Bond
YORK STOCK EXCHANGE
Record, Thursday, Weekly and Yearly
,
NOTICE—Prices are "and Interest"—except tor income and defaulted bonds.
Cash and deterred delivery sales are disregarded In the
unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote In the week
Fridat
Week's
BONOS
Last
N. Y. STOCK EXCHANGE
Week Ended Nov. 18
Sale
Price
Bid
A
Low
1
Range
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended Nov. 18
Sale
Friday's
§1
Askec
Jan. 1
High
Low
No.
Price
118.14 118.14
118.27
114.4
114.2
114.2
112.30
105.8
112.30
------
105.8
44
116.4
50
'
111.22114.23
105.10
119.6
113.18
110.8
1
104.13106.27
5
106.27
106.29
12
106.16108.2
109.28
25
107.18110.25
107.11 107.8
107.12
8
109.19
7
44
106.26108.14
107.2 110.5
107
110.8
------
109.13
♦Colombia Mtge Bank 6 Xs—1947 A O
(♦Cordoba (City) 7s unstampedl957
(♦7s stamped.........
..1957
Cordoba (Prov) Argentina 7S-.1942
25X
25 X
25 X
26
A
25X
J
D
94 X
A
65X
F
A
J
109.18 109.15
109.20
108.28
12
105.27109.10
♦Costa Rica (Rep of) 7s
108.14
52
105.19108.31
108.7
14
105.2
Cuba (Republic) 6s of 1904
1944 M S
External 6s of 1914 ser A....1949 F A
69
103.26107.7
101.24104.21
------
108.1
106.17 106.14
106.25
104.1
104.7
104
161
108.15
106.27 106.24
106.31
105.6
105,0
11
101.27105.17
103.10 103.16
103.23
36
100.26104.7
102.31 102.27
103.1
16
100.14103.17
105.3
102.14 102.11
106.3
103.25107.4
9
102.17
66
106.5
100.3
22
102.14106.12
104.30
31
101
104.29 104,26
102.1
102.0
102.2
102.9
26
107.1
107.1
2
102.4
loVis
------
106.11. 100.15
105.31
99.18102.20
*104.20105
102.23
103.28107.10
103.4
22
1
105.31
105.7
100.4
106.23
103.22106.18
102.13105.11
.....
1951 MN
External loan 4Xs ser C
F
J
106.11 106.10
102.13 102.1
100.10
11
103.9
106.23
102.14
79
101.9
103.13
104.3
104.6
34
101.5
25 X
~~25 X
-
-----
J
8H
25X
-----
8X
J
9,
♦External s f 7s series C.....1946
♦External s f 7s series D.
1945
J
9
J
9
*102
70 X
A
O
*75
75
104X
100 X
Denmark 20-year extl 6s......1942
External gold 5Xs..
-—1955
External g 4 Xs
Apr 15 1962 A O
Deutsche Bk Am part ctf 6e
1932
104X
100X
98 X
98X
65
65
55
*65
70
65X
84X
65
65
51
65
19
22
J
25 X
25 X
96
2
10
-
——
25X
25X
96X
16X
17X
94 X
—
15
External 7sstamped...—..1949 J
7s unstamped...
....1949
i06X
ioex
106X
♦101X
21
99 X 107
10
♦5Xs of 1930 stamped...... 1965 J D
♦5Xs unstamped
.1965
♦5Xs stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped.1949 A O
6
9
6
9X
15
0
9X
12
4X
8X
8X
27
5
8X
8X
12
5X
8X
81X
81X
81
J
104 H
104
105
1967 M S
104 X
105
53
1956 MN
100 X
104 X
100 x
J
21
——---—
104 X
H3X
21X
------
9X
—
22
29
17X
107
11
98
17
113
113X
18
21X
22
14
X
9X
— — — —
..—I960 J
D
102
♦Budapest (City of) 6s
1962 J D
♦Buenos Aires (Prov) extl6s...1961 M 8
♦6s stamped...............1961 M 8
15
99 X
"lax
A
1
65
—
64
70 X
16
47
2
63
67
2
40 X
34 X
32 X
85
34X
7
110X
mx
49
103
76
106
97 X
21
21
34
32 X
30 X
♦7s secured 8 f g
104X
M
M
F
F
N
N
13X
*25
Irish Free State extl s f 5s
16 X
16 X
16X
16 X
------
14 X
16X
16X
14 X
16X
16 X
16 X
14X
14X
14 X
14 X
9
22X
20
105X
19
18X
9
14
69X
32 X
39X
18
9X
37
Italy (Kingdom of) extl 7s
.1951 J
D
Italian Cred Consortium 7s ser B '47 M 8
Italian Public Utility extl 7s—1952 J
J
Japanese Govt 30-yr s 16X3.^.1954 F A
Extl sinking fund 5Xs
.1965 M N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s.....1947 F A
113
79X
79X
80
80
81X
81X
63
"83
66 X
42 X
43
I12X 117X
91
54
82
32
63X
81X
65X
63 X
85
83
.11
104
100
43
61X
86
X
69X
44
72
42 X
42 X
1
30
46
22
22
2
20X
23
24X
27X
66
♦Lower Austria (Province) 7Xs 1950 J
*25
D
J
J
J
J
34
12
31
9
16X
29X
27X
6
26
18
20 X
19X
19 X
19 X
14 X
27
30 X
16X
16 X
16X
14X
16X
16X
14X
16X
16X
14 X
—
—
18
14 X
43
14X
17
15
14X
1
14X
27
13
....1962 MN
------
13
13
X
18X
13
6
13
11X
1
59
16X
18
16X
.
18X
81
18
45
,
30
18
*20
22 X
10
20 X
10
20X
1
15
1H
16
lx
5
1
"03""
"64X
"25
41
7X
7X
7X
8X
38
8
36
7X
*48
13
51
A
101
101
67 X
104 X
88
101X
101X
28
32
88 X 103 X
106 X
15
103 X 107X
104
107 X
105X
106 X
8
62
4s s f ext loan.............1963 F A
Municipal Bank exti s f 6s
1970 J D
101X
101X
100 X
103 X
102
104
104
1952 F A
1953 M S
1958 MN
"20X
20X
21X
57 X
57 X
58 X
54 X
53X
1947 M 8
1959 M S
D
♦Nat Loan extl s f 6s 2d ser..l961 A O
♦Poland (Rep of) gold 6s
..1940 A O
♦Stabilization loan s f 7a
1947 A O
J
53X
102 X
102
99
♦91X
57X
53
28
68
5
265.
'32
31
14
....
99 X 107 X
98 X 104 X
98 X 103 X
99 X 104
22
18
43
»
X
62X
41
67 X
96 X 103 X.
86
104X
40
57 X
51
1963 MN
♦External sink fund g 8s.—1950 J
61
100 X
105X
f 6s 1st ser..1960 J
13
7
106
102 X
s
,
13
101X
103 X
♦Nat Loan extl
3
67
106
.....1944 F A
♦Pernambuco (State of) 7a
♦Peru (Rep of) external 7s
6X
3X
2X
3X
A
External sink fund 4Xs —.1956 M 8
External s f 4X8——
1965 A O
♦Stamped.—.
X
O
105X
105X
20-year external 6s
1
38 X
37
50
*48
New 80 Wales (State) extl 5s—1957 F
External s f 5s
Apr 1958 A
Norway 20-year extl 6s...—1943 F
3
~"~H "T"
IX
IX
IX
D
J
4
IX
63
Oslo (City) s f 4Xs
-1955 A O
♦Panama (Rep) exti 6X8
1953 J D
♦Extl s f 5s ser A...—..—1963 MN
14X
17
M S
19 X
18X
18X
18
12 X
1
IX
2X
4
4X
IX
IX
1
"fx
..1959 MN
......
Oriental Devel guar 6s
Exti deb 5Xs
------
17
♦6s series A
♦Nuremburg (City) exti 6s
1962 M N
16 X
♦Sec exti s f 6Xs
.......1959
♦Montevideo (City) 781952
14X
19X
49
"22 X
Milan (City, Italy) exti 6X3 -.1952 AO
Mlnas Geraes (State)—
♦Sec extl s f 6X8—
1958 M 8
19 X
14X
12X
12 X
21X
mmA
1
19 X
15
5
13
20
13X
■
X
IX
IX
IX
15
2
X
(♦Small...
IX
.....
15
10
12
13
(♦Treas 6s of '13 assent (large) '33
6
IX
1
11
8X
8X
l.X
14X
41
12 H
D
~39X
1960 M N
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large—..
♦Assenting 4s of 1910 small
110X
113X
103X
104X
102 X
99 X
62X
38
32 X
SIX
32X
29
16X
16X
13 X
7X
40
39X
t
102
13 X
13X
13X
13X
A
A
22 X
X
105
13X
13X
*11X
1946
♦Hungarian Land M Inst 7X8-1961
♦Sinking fund 7 Xs ser B
1961
♦Hungary (Kingdom of) 7Xs—1944
Extended at 4Xs to
1979
104 X
35X
30
30 X
♦Cologne (City) Germany 6X8.1950 M 8
Colombia (Republic of)—
16 X
D
D
8
3131
18X
20
—.1954 J
...1954 J
2
J
22
20
♦4s of 1904..
12 X
O
*19
36 X
14X
Oct 1961 A
85
♦Hamburg (State) 6s..
..1946
♦Heidelberg (German) extl 7Xs '60
Helslngfors (City)' ext 6Xs.,..1960
Hungarian Cons Municipal Loan—
♦7X8 secured s f g.........1946
53
12 X
f gold of 1927. Jan 1961 J
70
31X
32X
12 X
1951 J
84X
36X
6
1960 M S
84
4
92 X
O
19 X
Haiti (Republic) s f 6s ser A—1952
4
------
1961 A
19
23
J
262
D
24 X
29 X
27
♦Assenting 6s of 1899
1945 Q
♦Assenting 5s large.—....
♦Assenting 5s small.
98 X
21
16X
29X
22
22
paid..—.......1968
72 X
98X
97X
16 X
38X
28X
26X
♦6s part
60
98
-
23X
20
30
*1
25
.
27 X
29X
*25
♦1
19
-
27
29X
26
23
16X
29
33
30X
29
27
29X
J
68
—
3
♦Mexico (US) extl 5s of 1899 £.1945 Q
103 X
—
128
70 X
103 X
102 X
F A
27
34 X
25 X
70X
57 X
102
O
3
30X
♦Medellin (Colombia) 6X8—.1954 J D
♦Mexican Irrig assenting 4X&.1943 M N
14 X
15
♦Chilean Cons Munle 7s
♦Chinese (Hukuang Ry) 6s
see page
—
43
103 X
♦Guar sink fund 6s
For footnotes
—
103
...1961 A O
s
—
103 X
J
23 X
79 X
49 X
_
103
♦Guar sink fund 6s
♦6s assented
♦6s of 1928
103
7X
78X
102 H
97 X
♦External sinking fund 6s.-.1963 MN
♦Chile Mtge Bank 6 Ha
1957 J D
♦6s extl
98
J
♦Ry ref extl s f 6s
Jan 1961 J
J
♦Extl sinking fund 6s..Sept 1961 M S
♦6s Assented...
Sept 1961 M S
♦External sinking fund 6s...1962 A O
♦6sassented..
1
8
57 X
67 X
*25
1961 J
101X
J
J
193
25X
♦7s unstamped
.....
1949
German Prov &. Communal Bks
.... ......
1960
♦Sink fund 6Xs of 1926
102
95
-----
110X
nox
Feb 1961
95
51X
54X
57X
nox
♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 6s...1960 A O
♦Extl sinking fund 6s..Feb 1961 F A
♦6s assented
7
14
65
*60
nox
16 1960 A
♦6s Oct coupon on.......1960
20
19X
19X
40 X
J
♦Carlsbad (City) s f 8s
1954 J
J
♦Cent Agile Bank (Ger) 7s....1950 M S
♦6s July coupon on
♦Farm Loan s f 6s..Oct
30X
29X
25X
22X
10 X
23
25X
19X
100
106
O
151960 J
23
23
85
78 X
1952 MN
♦Farm Loan s f 6s.. July
12X
8X
8X
9X
74
28
57
51X
64X
_
10-year 2 Ha
Aug 15 1946 F
26-year 8)4s.—....
1961 J
7-year 2)4s
1944 J
30-year 3s.
1967 J
11
24
19
14X
18
15X
65
65
------
4)4-4Hs...
1977 M 8
Refunding s f 4)4s-4)4s
1976 F A
External re-adj 4H»-4H»—1976 A O
External s f 4Xs-4Xs.,
1976 MN
J
3% external s f * bonds
1984 J
Bulgaria (Kingdom of)—
Canada (Dom of) 30-yr 4s...-I960 A
6
16
X
102
*70
f
1968 MN
23
108
96X 107 X
105
115X
18
23 X
11X
lix
100 x
100
A
100
X
22
1958 F
......1967 J
7
104 X
10
10
—
164
100 x
103 X
10
10
78
101 x
21
21
♦7s (Central Ry)......... ..1952 J
82 X
27X
26
External 30-year s f 7s
...1955 J
♦Berlin (Germany) s f 6 Ha
1950 A
♦External sinking fund 6s... 1968 J
♦Stabilization loan 7 Ha
80X
108
81X
108X
99
93 X 102 X
104 X 119
ii9~~
German Govt International-—
6
5
148
7X
7X
7X
100X
95
104 X 108 X
19X 23
21X
106 X
117
30
15
16
99X
106 X
D
82 X
7X
------
15
99X
105 X
7Xs unstamped.........1941
10
0
9X
9X
9X
9X
8X
.
*20X
♦7s part paid
.—....1964
♦Sink fund secured 6s......1968 FA
f 7s
100
5Xs 1st series
......—1969 A O
5Xs 2d series
...1969 A O
♦Dresden (City) external 7s...1945 M N
♦(Cons Agric Loan) 6X8—1958 J D
♦Greek Government s f ser 7S..1984 MN
s
83
67
96X
78
88X
78X 88X
88
106X
87 X 106 X
85X 102 X
17
105X
♦Secured
106X
65X
65X
65 X
85X 100 X
A
91X 102
66
U
.......1961 F
93 X 104
68
66
s
93
♦57
91X
External
45
73
133
2d series sink fund 6Xs.....1940 A O
Customs Admins 5X3 2d ser.1961 M S
95
♦6 Ha stamped
104X
101X
99 X
55
95
f 6s,....
78X
104
50
55
90
s
50X 105
64
95
20-year
"16
65X
90
1957 M 8
62X
106
62 X
65X
D
Brisbane (City) a f 6s...
Sinking fund gold 5s
52X
100
"31
64
8 f external 4 Ha
.......1971 MN
8 f extl eonv loan 4s Feb
1972 F A
8 f extl conv loan 4s Apr....1972 A O
♦Brasll (U 8 of) external 8s
1941 J
♦External s f 6 Ha of 1926—1967 A
♦External a f 6Xs of 1927—1957 A
16 X 24
101X 107
*100
Antwerp (City) external 6s
1968
Argentine (National Government)
♦Bavaria (Free State) 6Xs
1946 F A
Belgium 26-yr extl 6 Xs
...1949 M S
External s f 6s
J
....1966 J
90
(♦Stamped extd to Sept 1 1935.. M S
Dominican Rep Cu8t Ad 6Xs.-1942 M 8
1st ser 5 Xs of 1926.
1940 A O
O
1967 J
92
77
75
80
64X
80
102 X 110X
96 X 102
102 X
68
O
f 7s
1C
—
J
1967
s
26
107
D
s f 7s 2d series. 1967
♦External sec s f 7s 3d series.1957
...1966 J
19
107
"n
65
43
62X
81X
20
26
25X
83 H 101X
83
100X
16 X
17
104.15
104
f 7s series B.....1946
O
55
14
1952 A O
Sinking fund 8s ser B
61
95 X
J
♦Frankfort (City of) s f 8X8—1953 MN
French Republic 7 Xs stamped.1941 J D
♦External sec
98X
9
16
67 X
J
Agricultural Mtge Bank (Colombia)
♦Antioqula (Dept) coll 7s A...1946
25 X
25X
97 X
94X
65X
*58X
81X
♦103X
alOOX alOl
56X
57 %
D
.1949
a—1977
Sinking fund 5X8—Jan 15 1953
♦Public wks 6Xs—June 30 1945
Czechoslovak (Rep of) 8s.....1951
♦EI Salvador 8s ctfc of dep.—1948 J
♦Gtd sink fund 6s
..1947 F A
♦Gtd sink fund 6s..........1948 A O
Akerohus (King of Norway) 4S.1968 M 8
19X
107
A
4 Xs external debt
Estonia (Republic of) 7s
1967 J
J
Finland (Republic) ext 6s—..1945 M S
♦Austrian (Govt's)
High
102.29
100.6
72
102
98
MN
F
Municipal-
Australia 30-year 6s....
External 6s of 1927
External g 4 He of 1928
Low
17 H
26
26
F
108.14 108.10
...
f 7s 1st series
NO
Jan. 1
flQCQ
M N
♦Sinking fund 7s of 1920—..1946
♦8inking fund 7s of 1927....1947
Copenhagen (City) 6s........1952
25 year gold 4Xs..........1953
108.22 108.12
....
s
Since
Asked
High
&
Low
High
109.23 109.23
------
..
♦External
Bid
Foreign Govt. & Mun. iCont.)
Treasury 4Xi
1947-1952 A O
Treasury 4s
1944-1964 J D
Treasury 3Xs
1946-1966 ft
Treaaury3Xs..
...1940-1943 J D
Treasury 3Xs..
1941-1943
Treasury 3X8
1943-1947
Treasury 3Xs
..
1941
Treasury 3Xs
1943-1946
Treasury 3XS----------1944-1946 A
Treasury 3X8
1946-1949 J D
Treasury 3 H8
1949-1962 J D
Treasury 3s
.,1946-1948 J D
Treasury 3s
1961-1965 M S
Treasury 2 Xs
,1966-1960 M 8
Treasury
..1946-1947 M S
Treasury 2Xs
1948-1961 M S
Treasury 2X8
1961-1964 J l>
Treasury 294s..........1966-1969 M S
Treasury 2Xs
..1968-1963 J D
Treasury 2Hs...............1946 J D
Treasury 2Hs......
1948 M S
Treasury 2Xs
......1949-1963 J D
Treasury 2 Xs
...1960-1962 M S
Federal Farm Mortgage Corp¬
ses.
...Mar 16 1944-1964 M 8
3s....
May 16 1944-1949 MN
3s
Jan
16 1942-1947 J
J
214s
Mar
11942-1947 M 8
Home Owners' Loan Corp¬
se series A
May
1 1944-1962 M N
214s series B..Aug
1 1939-1949 F A
214s series G
1942-1944 J J
s
Range
Range or
Since
•3
U. S. Government
Govt &
Week's
Friday
Range or
Friday's
♦External
week's range,
In which they
No account Is taken of such sales In computing the range tor the year,
occur.
Foreign
1938
19,
16
5X
6X
9
11X
11X
10
10
138
8
62
32
62X
5X
7X
9X
15
10
10
12 X
10X
lox
160
7
40 X
40 X
48
9
37
67 X
54
54
1
4>
82 X
57
31
62
39
39
.
43X
7
13
13
Volume
Friday
Y.
STOCK
EXCHANGE
Last
Range or
Sale
Friday's
Ask
Bid
&
18
Week Ended Nov
Price
8——1961
♦Extl loan 7%s
1966
Prague (Greater City) 7 %s
1952
♦Prussia (Free State) extl 6 %s.l951
D
J
•J
J
M N
*
60
22%
24
16
21%
21%
24
11
105%
104%
105%
18
105%
106%
12
Queensland (State) extl s f 78—1941
25-year external 6s
1947
A
O
F
A
♦Rhine-Main-Danube 7s A—>.1950 M S
♦Rio de Janeiro (City of)
♦Extl sec 6%s.__
1946
1953
8s
10 %
98 M
Bell Telep of Pa 5s series B
17
22%
O
A
24
Belvldere Delaware
43
*
85
♦28
36%
7%
7
7%
29
6%
12
♦Berlin Elec El A Undergr 6 %s 1966 A
A
6
6
7%
56
5%
10%
Beth Steel
8%
8%
8%
24
7M
13
6%
7%
29
6
10%
Rio Grande do Sul (State of)—
A
O
J
D
3%s s f
conv
125% 129%
25
30
5
20
29%
19
28%
22%
29%
M
-
«
-
"*
29%
28
O
O
cons M
22
~3o"~ "io
A
F
30
*26%
O
28%
28%
J
J
105%
105%
105%
65
1966
1952
A
O
99%
100%
123
A
O
98
100%
286
92% 100%
82
100%
J
D
2
104% 107%
4%s ser D..1960
Cons mtge 3%s series
129%
D
F
30
"28%
J
118%
99% 100
115
119%
128%
O
J
J
A
E
debs
100
98%
4
29%
99% 107
♦6s extl 8 f g
1946
1968
*7s extl loan of 1926
1966 M N
6%
7%
3
5%
10H
Big Sandy 1st 4s
1944
D
2
6
10%
Boston A Maine 1st 5s A C
1967 M S
27%
31%
72
6%
27%
6%
1955 M N
30
30
33%
17
26%
25%
29
37
♦8s extl loan of 1921
,
1967
Rome (City) extl 6%s..
1952
♦Roumanla (Kingdom of) 7s.—1959
♦February 1937 coupon paid
♦Saarbruecken (City) 6s
1953
♦78 municipal loan
Sao Paulo (City of, Brazil)—
♦8s extl secured s f
♦6 %s extl
secured
s
1952
1957
f
J
A
O
F
A
J
J
45
38
20
19
20 M
24
21
22
66
67%
17
24
24
24%
6
*16
*
MN
*7%
8%
*6%
7
5H
San Paulo (State of)—
#♦88 extl loan of 1921
1936
J
J
J
1945
1946
♦78 extl water loan
♦6s extl dollar loan
Secured
s
f 7s
♦Saxon State Mtge Inst
7s
10%
-
— -
^
7%
J
J
6%
A
O
J
57
7%
32
6%
21%
17
14%
17
13%
13
11%
47%
23
26%
10%
D
7
10M
8%
10%
7%
-
M S
8%
6%
18%
J
1950
1956
1968
1940
1961
{♦Boston A N Y Air Line 1st 4s 1955
Brooklyn City RR 1st 6s
1941
Bklyn Edison cons mtge 3%s._1966
Bklyn Manhat Transit 4%s
1966
Bklyn Qu Co A Sub con gtd 5s. 1941
1st 5s stamped
..1941
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s
1945
1st lien A ref 6s series A
1947
Debenture gold 5s
1950
17
7M
7%
6M
—
—
.»*-
26%
20
35
29
58
15%
41
42%
26
4%s assented
1958 J D
♦Slleslan Landowners Assn 68—1947 F A
33%
35
25
33%
32%
33
2
25
A
101%
102
4
90
7
41
1958
extl
♦Silesia (Prov of) extl
7s
J
M N
29%
27%
27%
D
F
Sydney (City) s f 5%s
1955
Taiwan Elec Pow s f 5%s
1971 J
Tokyo City 5s loan of 1912
1952 M S
J
External s f 6 Ha guar
F
♦Uruguay (Republic) extl 8s... 1946
♦External
s
56
♦External sf6s
1979 MN
external readjustment
3%-4-4% % ($ bonds of '37)
5
41
5
38%
....
40%
54%
54
53%
F
J
*36
O
*56
43%
M N
♦Vienna (City of) 6s
♦Warsaw (City)
A
A
3 %s extl readjustment
Venetian Prov Mtge Bank 7s..
A
F
A
1961 J
4%s assented
Yokohama (City) extl 6s
D
1
-
«.
40
.
-
75
42%
69%
50%
•*
100%
62
18
11
41
50
38
«.
—
-
22
57
38
3
-
34
35%
------
43%
43%
42%
44%
37%
-
40%
....
21%
F
external 7s
53
16
30
35%
7
34
35%
58%
19
43%
100%
100%
29
105%
A
100%
100
M.D
F
72%
87% 100%
86
100%
37%
1
106%
8
94
58
D
D
103
103
103%
12
A
O
37
37
38%
6
A
O
*40
A
Albany Perfor Wrap Pap
O
J
O
*76%
•.
73%
72
4* *4 -
*105%
«.
•»
'*
«,
-
-
-
78
100
7
A
J
^
106%
105
54
50
35
57
80
'70
90
115%
115%
J
116
116
119%
J
8
113
121
2
116
120%
118
1
112
118%
F
A
115%
116%
16
108% 116%
M S
114%
123%
115%
42
123%
38
108% 115%
117% 125%
J
99
94
J
J
D
A1952
1945
B....1959
5s series C.
1959
pur money g 4s.. 1951
85
59
45
85
32
44
76%
Cent Illinois Light 3%s
50%
2
25
O
37
41%
460
16%
50%
41%
{♦Cent New Eng 1st gu 4s
Central of N J gen g 5s
O
47
47
1
47
47
104
16
101
\ 109
79
O
A
S
M
S
M
9
79
95
111%
87
96
115
37
37
a37%
11
27
100
♦101%
95
-
-i-
m
100%
99% 105%
80
102
103%
101%
103%
104
47
101
102
23
112%
105%
105%
J
63
38%
50
56%
53
53%
M N
J
94%
109
94%
8
13
98
96%
98
109%
D
J
M N
112%
112%
107
104%
105%
135
112%
99%
99%
97%
113%
105%
105%
116
A
O
J
D
J
J
111
111
116
13
M N
106
104
106%
44
O
105%
105%
106
60
Jan
32%
32
33
32
25%
38
36
37%
20
23
41
80
94% 100
88
99%
86%
A
*105
84
105%
♦Anglo-Chilean Nitrate—
J
Q
M
F
8
*93
A
98%
O
97%
98
J
A
84
97%
98%
44
105%
106%
127
Atchison Top A Santa Fe—
Nov
M N
J
D
m
m
89%
D
J
11
106
..
J
D
J
93%
89%
92%
100%
21
llH
95
91
77
5
J
97%
97%
J
108%
108%
109
7
M
S
106
108
29
109
J
D
109
J
J
*77
J
J
99%
-
-
m
-
104%
79% 101
87% 106%
95% 103%
84%
-
87%
87%
10
67
1960
Ga—
69
86%
19
67%
67%
70
25
53
J
22
24%
14
18
106%
13
101
110
60
AO
81
F
A
A
O
F
A
1949
3s
1st A ref 5s series A
{|*Chlcago A East
A
O
J
J
J
76%
36%
14
32%
♦Gen 4s series
J
54%
54%
54%
3
50
60
♦Gen g 3 %8
15
30
♦Gen
70
85
♦Gen
{Chic Milwaukee A
♦Gen
49%
164
34%
78%
17%
17%
22%
225
14%
39%
50%
37
70
49%
J
D
A
O
40
*
106
106
105
•
mm--*
112
*110%
~
*.
104%
104
109%
*
*
t
i
i
13%
19
i
1
1
1
1
1
26%
107%
10
99%
12%
+ m
101% 115
—
*104
12%
97%
85%
109%
85
16
90% 111%
81 % 109
91
90%
91%
30
68
105
94
95%
76
75
85
90
10
85
109%
90%
14
16
136
13%
15%
33
80
83
27
A
MN
98%
98%
103
103
94%
14
13%
M S
St Paul—
A
May
series B. .May
4 %s series C—May
4 %s series E—May
4%s series F—May
1
1
1
1
1
♦General
4s
50
52%
175
18%
18%
23
172
43%
42%
44%
60
J
J
33%
33%
36%
150
19
59%
J
J
38
37%
38%
46
17%
46
M
S
18%
18
22%
108
38%
A
12%
12%
15%
590
13%
11%
34
stpd Fed inc tax..
♦Gen Be stpd Fed inc tax....
♦4 %s stamped.......
J♦ Secured 6%s...—
♦1st ref g 5s
May 1
M
S
18%
18
22%
140
14
39
♦1st A ref 4%s
J
i
109%
109%
1
103
J
J
103
103%
15
104%
105%
17
J
28
97%
96%
*
MN
D
F
97%
96%
96%
97
O
5s. 1951
MN
iJ
110% 121
85%
97%
89
A
22%
169
16%
20
20
1
16%
J
««•
12
ir-T"-
-12
8%
17%
7%
16%
56% 108
15%
22%
9
17
8%
13
9
_
15
J
*10%
5%
6%
22
J
6%
6%
2
J
*60
D
*111
>J
J
25
27%
J
J
24
25
J
J
27
28%
1(1
J
J
28%
28%
19
21
35%
J
27%
29%
11
IJ
F
A Pac 5s A..
...Jan 1!
{♦Chic A No West gen g 3%s_.
45
O
17
36
F
{♦Chic Milw St P
♦Conv adj 68
82%
15
27%
A
120
J
14%
102
119%
J
45
96
101% 106
(J
17
12
100
97
15
MN
10
99%
52%
95% 106
5
102
'
28
99
25
99%
102
102
99%
J
32%
99%
41
99%
99%
104%
J
36%
MN
83%
98%
J
31
2
64
112% 117
49
85%
98%
A
—1971
111 1st 6s...1934
{♦C A E 111 Ry (new Co) gen
♦Certificates of deposit
Chicago A Erie 1st gold 6s
31
70%
74%
54
F
J
70%
97%
72
61
99%
99%
30%
M S
82
J
62%
82
82%
J
70
30
57%
M S
34%
107
35%
71
♦
58
46
64%
76
74
74%
1948 M S
34%
*25
106%
1950
(1935 issue)
M S
S f deb 4%s (1938 issue). —c 1950
1939 MN
Ches A Ohio 1st con g 6s
1992 M S
General gold 4%s
M N
Ref A Imp mtge 3 %s ser D_.
F A
Ref A impt M 3 %s ser E
J
J
Craig Valley 1st 5s
May
J
J
Potts Creek Branch 1st 4s...
J
J
R A A Dlv 1st con g 4s
J
J
2d consol gold 4s
1941 M S
Warm Spring V 1st g 5s
69
J
106%
Certain-teed Prod 5%s A
34%
J
20
J
3
1
J
J
3131.
25
38
115
J
=rw
16
27%
115
J
For footnotes see page
110%
27%
22%
88
MN
4s stamped..
26
1941 M N
(J
Conref 4s
26%
23
4
15
MN
105% 110%
J
J
54
♦Chic A Alton RR ref g
103
J
77%
63
D
89
54
94
85%
110%
109%
107
MN
Champion Paper A Fibre—
78
1
103
O
118
114
109%
extended to May 1 1942.
Central Steel lstgsf8s
6s
104%
J
.:Ref A gen 5s series D.
A
10
8%
J
97
85%
95
54
102%
103
10
6
1
.
109%
S
A
109
M 8
2
7
7
~
S
F
112%
98% 112
105.
fit
«
7%
..
75
100
1
—
102
M
*72
103%
81
18
93%
101%
J
Rocky Mtn Dlv 1st 4s
99%
12%
*
7
12
7
1
M
75% 103
91
*87%
100%
Central RR A Bkg of
10
10
14
1954
Through Short L 1st gu 4s
Guaranteed g 5s
3%
110
gold 4s. .1949
Cent Pacific 1st ref gu
3%
11
110
98% 110%
92
*93
D
J
*88%
106%
102% 107%
96
97%
J
Central N Y Power 3%s
7%
2
6%
*10
1961
4s
37
5%
J
S f deb 4%s
Amer Telep A Teleg-
♦Stamped 4s...
J
1987
1987
1962
12%
12%
5%
5%
M S
M
92%
26
50
5%
J
J
19%
30%
10%
D
J
56
59
15
63
*35
J
35
■
92%
18%
A
94%
80%
50
*
D
47%
94% 108
6
96
90%
99
35
105%
*48%
O
98
A
105%
90%
A
1951
1966
Cent 111 Elec A Gas 1st 5s
76%
50
F
86%
O
Cent Hud G A E 1st A ref 3 %s. 1965
82
M
.—1951
92
30
56
*91
D
J
72
103%
32
95
105%
A
1941
1941
104
99
94
MN
1946
5s. 1947
103%
90
110% 114%
6
98
A
F
112%
*50
MN
72
103%
30
J
83
8
59
99
D
O
M
82%
98
112
89
73
81
98%
J
♦Consol gold 5s
General
-
~
81%
J
A
13
118
J
D
108% 115%
108% 117%
D
1960
Gen mortgage 6s
19
J
..1949
Central Foundry mtge 6s
74% 109
115%
116%
119%
Deo 1 1954
♦Mid Ga A At Dlv pur m
79
26
119%
112
♦Mac A Nor Dlv 1st g 5s
35%
34
119%
♦Ref A gen 5%s series
♦Ref A gen
♦Chatt Dlv
2
94%
119%
J
Caro Clinch A Ohio 1st 6s ser
57%
100
A
J
Collateral trust 4 %s..
85%
49%
61
94%
26%
O
J
Coll trust gold 5s
9
9
F
1944
{♦Car Cent 1st guar 4s
10
A
1946 J
equip trust ctfs
5s
A
Conv 4s of 1905
J
J
A
Conv gold 4s of
J
Canadian Northern deb 6 %s
A
4 Mb debentures
99
44
16%
68%
45%
43%
43%
37
75
*69%
Canadian Pac Ry 4% deb stk perpet
M S
Coll trust 4 %s
1946
F
37
6
94
July
5s.—Oct
J
Alleghany Corp coll trust 6s.
7
7
57%
95% 103%
35
1
6%
O
deb 5s w w 1950
F
Cart A Adlr 1st gu gold 4s
1981
J
Celotex Corp deb 4%s w w
1947
J
♦Cent Branch U P 1st g 4s
1948
12
24
7
A
Carriers A Gen Corp
70
66%
66%
S
M
6
30%
O
{♦Central of Ga 1st g 5s..Nov 1945
D
J
109%
7
O
O
65
COMPANIES
110%
A
Guaranteed gold 5s
99
105% 108%
109
111%
106
109%
1
109%
109%
28%
A
June 15
Guaranteed gold 4 %s
Guaranteed gold 4%s._Sept
1
41
J
Guaranteed gold
74
108
1960
1966
1962
1957
1969
1969
1970
1955
1956
1951
80%
59%
78%
24
97%
96%
108
■
J
Guar gold 4%s
41%
*
43%
97
95% 107
78%
77%
77%
J
Guaranteed gold 5s
45
37%
87%
108%
1952
5s A
50
41%
1979 MN
D
1978 J
external conversion
3%-4%-4*j«3 extl conv
4-4 %-4%% extl readj
cons gu
57%
70
59
100
10
O
Canadian Nat gold 4%s
42%
73
68
1955
60%
41%
41%
87%
107
A
Consol 6s
Canada Sou
-
106%
80
♦Certificates of deposit
{Bush Term Bldgs 5s gu
Calif-Oregon Power 4s
78%
39%
20
6%
{}*Burl C R A Nor 1st A coll 5s 1934
{Bush Terminal 1st 4s...
33
54
107%
35%
106%
D
A
52%
3%-4-4%s ($ bonds of *37)
94%
28%
42
51
38%
109%
37
*45%
915
86%
106%
D
2
•
<78%
48
106%
A
M N
J
36
44
30
101
110%
50%
50
44
2
*36
-
A
55%
56
A
-
-
MN
1950
B.1981
Niag Elec 3%s series C
1967
50%
1960 M N
1964 MN
f 6s
-
F
104%
5%
».
-
25
*33%
J
A
35
—
107%
48
MN
J
-
45%
45
41
12
19%
20%
18%
106%
71%
76%
F
9
*7%
«* —
MN
s
53
O
1961 A
«►
107%
F
60
sec
30
*•
M
—
f deb 3%s
Buffalo Gen Elec 4 %s series
60%
♦7s series B
MN
J
1957 MN
1st lien A ref 5s series B
Brown Shoe
34%
11
*24
1962
1962
A
MN
Buff Roch A Pitts consol 4 %s„1957 MN
23%
43
D
J
Serbs Croats & Slovenes (Kingdom)
♦8s secured extl
F
J
Buff
*24
31
♦Sinking fund g 6%s—
O
J
106
106
A
1st g 4%s series JJ
11%
10%
7%
M N
♦8s external
1st M 5s series II
73 %
20 M
67
48
117%
117%
1955 A
♦Debenture 6s
31
High
40
*
J
1960 A
3%s_.1943
%s._1951
♦Deb sinking fund 6 %s
1959
cons
♦Berlin City Elec Co deb 6
Since
Jan. 1
No. Low
High
A
J
1948
1st A ref 5s series C
24
18%
101% 108 %
94 % 109 M
25
Ask
&
Range
Bonds Sold
Friday's
Bid
D
Battle Creek A Stur 1st gu 3s—1989 J
Beech Creek ext 1st g 3 %s
1951 O
53
--
11%
5H
4
--
Range or
Sale
Price
Low
7M
M S
1952
♦External s f 6a.
2
7%
Last
'tsernI IeP riod
EXCHANGE
STOCK
Week Ended Nov. 18
High
1
No.
7%
Y.
N.
Since
Jan. 1
7%
7%
BONDS
Range
Is
Hioh
Low
Foreign Govt. & Mun. (Concl.)
♦Porto Alegre (City of)
Week's
Friday
Week's
ll
BONDS
N.
3127
Record—Continued—Page 2
New York Bond
147
♦Stpd 4s non-p
Fed Inc tax
♦Gen 4%s
,
112%
♦1st A
95
106
♦Conv
99
108
stpd.May 1 :
ref 4 %s ser C.May 1
4%s series A
A
A O
25
9%
9%
3
3
_
m
-
94
-
-
26
f
30
36
49%
34%
13%
29*
2%
15%
15%
14%
17%
31
4%
12
18
12%
18%
13
16
18%
14%
14%
16%
17%
22
18%
16%
16%
19%
if
15
22%
10
12
25
7
12%
9
10%
25
7
11%
9%
10%
i;
6%
11%
6%
19(
3%
7%
m N
17
......
16%
16%
J
r
10
T J
T)
9
j j
F
......
5
A
17
18
•
22
18%
♦
r m n
)mn
35%
19
4
14%
f M N
r
7%
19%
7
15%
1 MN
7%
85%
20
640
M h
*14%
60
12
M M
r
3%
111% 112
6
r m n
3
5
New York Bond Record—Continued—Page 3
3128
Nov.
Week's
Friday
BONDS
N.
Y.
Last
EXCHANGE
STOCK
Bennett *2?
.sor
&
Johnson
A
J
M
A
1995 J
♦Second gold 4s
Randolph 7711
T. 1-761 4' Hell System Teletype 4r Cgo. 543
Dui MlssabeAIr Range Ry 3%sl962 A
Week's
BONDS
N.
Y.
Last
EXCHANGE
STOCK
Range
Sale
Week Ended Nov. 18
or
Since
4
Jan. 1
Bid
Ask
Low
{{♦Chicago Railways 1st 5b stpd
Aug 1938 25% part paid
{♦Chic R14 Pac Ry gen 4s... 1988
F
J
High
No
Low
High
Elgin Jollet A East 1st g 5s
A
J
♦40%
16%
16%
♦Certificates of deposit
41
51
El Paso Nat Gas 4%s ser A... 1951
18%
14%
14%
5%
2254
1954
El Paso A S W 1st 6s
10%
Erie A Pitts g gu
17
{♦Refunding gold 4s
♦Certificates of deposit
{♦Secured 4%s series A
♦Certificates of deposit
1934 A O
8
7)4
9
754
8M
7%
8%
8%
5
1952 MS
8%
5%
♦Convg4%s
I960 MN
8
Ch St L 4 New Orleans 6s
Gold
Memphis DIv 1st
8
D
D
Inc
gu
6s
g
4s
3
8%
5%
65
71%
65
80
5%
"59"
♦54
let mtge 4s series D
78%
70%
♦Ref A Imp* 5s of 1927
♦Ref A Impt 5s of 1930
30
64%
105%
7
10854
37
105%
105%
106
59
102%
10
""89%
10154
89%
99
109%
97% 105%
23
71
7554
90%
90%
78%
15
15
1
107%
110%
♦101%
108
51
110%
108
1st 4 ref M 4%s series D
1962 M S
90
89%
1943 A
77
1952 J
Chllds Co deb 6s
.
J
O
6s... 1952 MN
Cincinnati Gas 4 Elec 3%s— 1966 F A
1st mtge 3 Mb
1967 J D
Cln Leb 4 Nor 1st con gu 4s... 1942 M N
107%
Cln Un Term 1st gu 6s ser C... 1957 MN
108
1st mtge guar 3 Mb series D.. 1971 MN
Clearfield 4 Mah 1st gu 5s.... 1943 J
J
107%
Cleve Cln Chic 4 St Lgen 4s...1993
General 5s series B
1993
Ref 4 impt 4 Mb series E
Cairo Dlv 1st gold 4s.
D
J
1939
'59"
Cln Wabash 4 M Dlv 1st 4s. 1991 J
1950 F
107" 107"
106%
106%
105
105
105
105% 100%
104% 108
106% 108
100
106%
101% 101%
85
87
79%
73
*
17
40
65
45%
42
30
49
96%
97%
95
94%
103
86
99
7
86
98
72
♦109
*110
110
25
O
103
103
102%
103%
103
82
10254
J
106%
106
106%
14
3 Mb debentures
1C6%
106%
1st mtge 3 Mb
1st mtge 3 Mb
9%
J
J
10654
M N
107
10754
1946 J
D
...1943 J
D
F
A
Crane Cos f deb 3%s
Crown Cork 4 Seal
s
1951
f 4s
1950 MN
Crown Willamette Paper 6s
Cuba Nor Ry 1st 5Mb
1951
J
1942 J
Cuba RR 1st 5s g
1952
7 Mb series A extended to
1946
6s series B extended to 1946
Dayton Pow 4 Lt 1st 4 ref 3 Mb 1960
Del 4 Hudson 1st 4 ref 4s
1943
J
D
105
104%
For footnotes
see
page 3131
80
103%
103^32
"12
12
38%
43%
36%
108%
36%
108%
2
57
43%
36%
98% 105%
98% 105%
83
100
99% 106
100
106%
102% 106%
35%
29
29%
43
39%
17
31%
54%
45
2
40
58%
1
35
52
105% 109%
"~57%
55%
59%
256
28
59%
106%
106%
104%
106%
104%
35
100
108%
7
103
105
106
106
16
105
108
MN
*106%
106%
12%
13%
12%
13%
♦20-year
s
f deb 6s
1945 J
1940 J
91%
95
-
-
10
89% 100
10
89% 101%
98
—
-
-
-
—
1
105%
55
62
-
-
63%
10%
176
3%
10%
9
10%
19
3%
10%
*3
17%
2%
2%
2%
1%
2%
•
*1%
*1%
*98%
10
%
107%
106%
14%
101
14%
20
"I
6
8%
15
9
10
49%
121
—
103%
—
-
-
—
104%
61%
56
—
16
10
*55
—
121
106%
60
■■
105
85
104%
39
61%
'
39
61
60
106%
106%
27
101% 100%
106
——«
-
10
100
39
*55
-
106%
1C0%
66
101
58
89
91
37%
100
%
106%
100%
66%
66%
71%
18
18
18
2
17%
17%
17%
38%
1
13
25
4
25%
40%
38%
99%
99%
-
-
—
52
89
6
1952
J
104%
77%
81%
......1973
General 4%s series D
1976
General 4 %s series E
1977
General mtge 4s series G
1946
Gen mtge 4s series H
1940
—
*80%
81%
5
98%
96%
99%
167
-
-
—
78% 100%
84
9°%
101% 100%
74% 94%
102
"~7
98
49
19
80
90
19
07
84%
21
64
84
85
25
68
99%
J
96%
96%
J
85%
74%
85%
74%
*54%
60
6%
7
216
90
73
•
76%
27
83%
94% 111%
90
-----
106%
~60% *83"
84
—
84
l\H
13%
55
*103%
96%
J
45
155
*25
-
J
J
99%
103%
88
89
.
100%
99%
103%
100
103%
99%
74
69%
104
99%
90%
89%
103%
95
28
----
"79"
60
82
53
m
60
10
6%
103% 103%
55
4
73%
81
65
82
90%
93
1952
Stamped
Gulf States Steel s f
4%s
Gulf States Utll 4s series C
10-year deb 4%s
f Hackensack Water 1st 4s
♦Harpen Mining 6s_.
75
75
75
1
75
93
1961
94%
94%
95
5
76
95%
1966
107%
...1946
40
117
68
MN
D
MN
A. 1957 F A
Income 6s.Feb 1957 AO
Illinois Bell Telp 3%s ser B..1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 3%s
1951 J
1st gold 3s sterling
Collateral trust gold 4s
Refunding 4s
1951
A
O
Louisv Dlv A Term
g 3%s..l953
Omaha Dlv 1st gold 3s
195t
*24
J
1951
g
—
—
100% 105%
106% 109
—
40
—
2
70
27
7
108
4
117%
52
27
102
10
36%
39
137
122%
122%
2
48%
14%
84
12%
45%
12%
110%
110%
-----
45%
40
119%
81
29
101%
37%
101
111%
31
38%
99% 103
13
31
118% 122%
40
61%
11%
24%
*80
85
108% 111%
85
98
*79%
-----
-
--~
79%
O
*79%
-----
----
77%
93%
79%
J
M N
A
-----
*
75
56%
56%
56
55
*
50
49
64
-----
45
61
52%
66%
45
49
*70
-
-
60
33
" -84
*
245
60%
*
60%
"37% ~6l"
34%
44%
31
39
23
*78
90
-----
57%
48%
52%
60%
49%
84
'
61
63
47
72
5u
1
53
55%
57%
-----
*50
*
76
68
*75
*
13
122
57%
50
-----
3%s... 1951
.1951
99% 108%
3
-
101%
St Louis Dlv A Term g 3s_._1951
Gold 3%8
-
J
M N
F
23
105%
-
■
J
1951 M P
1952 A O
1955 M N
Purchased lines 3 %8
1952
Collateral trust gold 4s
1953
Refunding 5s
1955
40-year 4%s
Aug 1 1966
Cairo Bridge gold 4s
..1950
Litchfield Dlv 1st gold 3s_._1951
68
MN
J
ser
1st gold 3%s
108%
105%
*106U8J
1949
{{♦Housatonlc Ry cons g 5s_._1937
Houston Oil sink fund
5%s A. 1940
Hudson Coal 1st s f 5s ser A...1962
Hudson Co Gas
lstg5s__
1949
Hudson A Manhat 1st 5s
107%
-----
1952
Hocking Val 1st cons g 4%s...l999
Hoe (R) A Co 1st mtge
1944
Western Lines 1st g 4s
*
103%
34
'
*104%
J
Springfield Dlv 1st
105% 108%
106% 108%
2
97
48%
*121
J
A
2%
100
48
D
J
MN
M 8
J D
J J
J D
Pow (Japan) 7s
1944 F A
s f 6 %s
..1950 J
J
Great Northern 4%s series A.. 1961
Extended
75
91 %
93% 105%
35%
45
49
64%
9%
9%
MN
1939 J
General 5%s series B
General 5s series C
101
1952
Gen Motors Accept Corp deb 3s 1946 F
1951 F
let A gen
85
106
89%
*42
63%
9
1948
15-year 3 %s deb
Gen Pub Serv deb 5%s
59
97
100
105%
♦Certificates of deposit
♦Adjustment
104% 109
101% 107%
102% 107%
100% 107%
T
J
5s...1951
9
3854
J
s f
20% 26%
92% 104
9%
17%
10
16%
11%
11%
10%
15%
34%
D
Stamped as to Penna tax.... 1951 MN
{{♦Den ARG 1st cons g 4s
1936 J
J
{♦Consol gold 4 Mb
1936 J
J
97% 105%
99% 104%
35
O
1969 J
106%
103% 107
11
A
1st mortgage 4 %s
Den Gas 4 El 1st 4 ref
100
4
85
101%
8
*45
23
75
8
♦93
—
Gulf A 8 I 1st ref A ter 5s Feb 1952
107% 108%
107% 108%
104% 109%
40
33%
4
-
*76%
73%
104%
103%
—
Greenbrier Ry 1st gu 4s__
1940 M N
Gulf Mob A Nor 1st
5%s B...1950 A O
1st mtge 5s series C__
.1950
104%
J
J
*
105%
------
100% 111%
100% 101
6
43
101%
99%
347
20
J
MN
*90
111%
19
9%
9%
42%
38
105
84%
101%
Gen mtge 3%s series 1
J
1967 J
♦Green Bay A West deb ctfs A.
Feb
♦Debentures ctfs B
Feb
106
99%
1
—---
53
105%
100%
100
MN
{{♦Proof of claim filed by owner
(Amended) 1st cons 2~4s
1982
{{♦Proof of claim filed by owner MN
♦Gen Elec (Germany) 7s
♦Sinking fund deb 0%s
"
105%
——
—
100
106
D
1969 J
—
102% 109%
103% 106%
104%
J
1971 J
104
1
88
83
105%
106
104%
99%
105%
J
Del Power 4 Light 1st 4
Mb
1st 4 ref 4)4s
107%
107%
105%
104%
99%
198
224
10%
107%
1966 M N
109%
10%
57
99% 103%
105
10%
108%
107%
95% 103%
36
11
108%
106%
106%
110
47
103%
9%
105
108%
22
102%
MN
1970 M N
Container Corp 1st 6s...
15-year deb 5s
106%
104%
54
MN
85
90%
104% 112%
100
109%
106%
106%
105%
104%
106
10%
*9%
*9%
1955 A
29
108%
23
103
1955 J
a
109%
98%
105
'l04%
4s..1954 J
♦Debenture 4s
1956
♦Consolidation Coal s f 6s
1960
Consumers Power 3%s_May 1 1965
1st mtge 3 Mb
May 11965
1st mtge3%s.-_.
1967
107
F
♦Consolidated Hydro-Elec Works
of Upper
Wuertemberg 7s... 1956 J
Consol Oil conv deb 3 Mb
1951 J
♦Debenture 4s
♦Debenture 4s...
108%
108%
106%
108%
107
A
1958 J
non-conv deb
107
1956 A
....
debentures......
{♦Consol Ry
'166%
107%
107%
106%
♦109%
108%
10854
108%
1948 A
3 Mb debentures
3 %s
108
107%
J
D
1954 J
J
1946 J
J
1943 J
{♦Florida East Coast 1st 4 %s. .1959 J D
♦ 1st A ref
5s series A
1974 M 8
f 7s
««
{♦Fla Cent A Pennln 5a
Gt Cons El
106% 109%
109%
147
14
10
*60
30-year deb 6s eerles B
TFIat deb
1st mtge4%s
1956
Goodyear Tire A Rub 1st 5s..1957
Gotham Bilk Hosiery deb 5s w w '46
Gouv A Oswegatchle 1st 5s
1942
GrandRAIext 1st gu g 4%s__1941
Grays Point Term 1st gu 5s... 1947
95% 103
61
95%
96%
13%
49%
49%
*86
------
1942 M 8
1942 M 8
f 5s stamped
s
{{♦Ga Caro A Nor 1st ext 6s..1934 J
♦Good Hope Steel A Ir sec 7s. .1945 A
Goodrich (B F) codv deb 6s...1945 J
43%
96%
96%
9454
12%
12%
-
J
MN
105%
102%
92%
64
103
D
4Mb
.1951
Conn Rlv Pow s f 354s A
1961
Consol Edison (N Y) deb 3)48.1946
—
-
1
49%
49%
12%
—
1938 M 8
104%
60
Commercial Credit deb 3%s,._.1951 A
guar
12%
J
Gen S*eel Cast 5 %s with warr.1949 J
{♦Ga A Ala Ry 1st cons 5s Oct 1 '45 J
71
2%s debentures
1942 J
Commercial Invest Tr deb 3 Hs 1951 J
Commonwealth Edison Co—
Stamped
23
77
87%
80%
73%
108%
*101"
60
Columbia 4 H V 1st ext g 4s:.. 1948 A O
Columbus 4 Tol 1st ext 4s
1955 F A
Columbus Ry Pow 4 Lt 4s
1965 MN
from Sept 30 1938)
1958 J
Conn 4 Passump River 1st 4s..l943 A
Conn Ry A L 1st A ref 4
%s
1951 J
15
73
86
8654
7954
J
22
--
-
104
73%
1958 J
22
-
Gas A El of Berg Co cons g 5s. .1949 J D
Gen Amer Investors deb 5s A..1952 F A
Gen Cable 1st s f 5%s A......1947 J
J
o
Conv debs 3Mb...
Conv debs 3 Mb (Interest
36%
.
97% 99
87
97%
103% 100%
107% 112%
o
1st mtge g 4s series F
1981 M S
1st mtge 3%s series H
1965 A O
1st mtge 3Mb series I-_-._-.1968 J D
51
10%
o
48
1977 A
Columbia G 4 E deb 5s—.May 1952 MN
Debenture 5s
Apr 15 1952 A O
Debenture 5s
Jan
15 1961 J
J
107% 110%
102
108%
*105%
O
Coal River Ry 1st gu 4s
.1945 J D
Colo Fuel 4 Iron Co gen s f 5s..1943 F A
♦5s Income mtge
1970 A O
Colo 4 South 4 Mb series A
1980 MN
10%
18
Fort St U D Co 1st g 4 %s..._1941 Y'j
Francisco Sugar coll trust 6s...1956 MN
J
1972 A O
39
57
1973 A
s
157
22%
22%
78%
series B guar
s f
23%
21%
50
109
103
100% 103%
33%
70%
21
61
f 4 Mb series C
1st
102
90%
73% 92%
41
73%
95
102%
A
Cleve Union Term gu 5Mb
102% 108
106% 110%
59
A
Gen 4Mb series A
1977
Gen 4 ref mtge 4 Mb series B. 1981 J
Cleve Short Line 1st gu 4 %s...l961 A
s
♦Certificates of deposit
Fonda Johns A Glov 4 %s
95%
"44% "48
21%
60
108%
108%
"42"
22
1967 MN
1975 A O
1st lien 0s stamped
106
109%
102% 100
21%
71%
95%
"
106
—
21%
*70%
*87
-
-
J
99%
106
—
—
O
6054
*
105%
O
59
W W Val Dlv 1st g 4s
J
1940 J
Cleve>-Cllffs Iron 1st mtge 4 %s.l950 MN
1948 MN
1st lien
17
90
*
J
1940 M S
Series C 3Mb guar...
Series D 3 Ha guar
92%
80
14
33
—
—
1996
99%
1990 M N
Cleve Elec Ilium 1st M 3%s~.1965 J
J
Cleve 4 Pgh gen gu 4 Mb ser B.1942 A O
Series B 3Mb guar
,...1942 A O
Series A 4%s guar
1942 J
J
71
"l"4
—
101
"42"
Ernesto Breda 7s
1954 F A
Fairbanks Morse deb 4s
1956 J D
Federal Light A Traction 1st 5s 1942 M 8
5s Internationa series
1942 M 8
48%
73%
*70
J
108%
107%
100
20
100
-
95%
1955 J
f 6s. .1957 J
{♦3d mtge 4%s...
48
1
—
98% 108
68%
90%
100% 103%
131% 134
94% 109%
110
65
73
73%
D
1977
St L Dlv 1st coll tr g 4s
Spr 4 Col Dlv 1st g 4s
♦30
103
107
♦50
-
79
109%
O
♦N Y A Erie RR ext 1st 4s. .1947
108
—
--
108%
*
------
78
♦Erie A Jersey 1st s f 6s
J
---
1953
4s series D
46
J
23
111
1953
45
1963 J
108%
14
106
1
85%
102%
♦134
------
102% 106%
100% 104%
9
105
85%
*100%
109
1953
♦Series B
13
1963 J
22
110%
♦102%
33
88
17
♦50
J
27
1951 M S
----
17
110
50
20
15
106%
104%
15%
42
32
5
97
♦105%
104%
4%
42
111% 114%
107
112%
103% 110%
59
96%
104%
9
18
50
*105
4s prior.. 1996
68%
1st mtge 3%s series E__
3%s guaranteed
Chic 4 West Indiana con 4s.
1st
cons g
52%
102% 107%
111
110%
50
------
17
8
7%
12
3
22
----
113
J
67%
1944 A O
5%
J
1st consol gen lien g 4s
conv
46
O
1940
ser
♦Conv 4s series A
♦Gen
10%
4%
D
B...1940
3%s
♦Genessee River 1st
Guaranteed 4s
cons
{♦Erie RR 1st
♦
3%
*26
A
J
3%
65
1965
stamped
Series C 3%s
50%
50 %
Chicago UnioD Station—
{♦Choc Okla 4 Gulf
5s
J
High
12
6%
1965 A
105%
Dec 1 1960 M S
.
8%
4%
71%
♦61
Chic T H 4 So'eastern 1st 5s..1900 J
11
3%
D
1951 J
9
71%
3%
D
June 15 1961 J
3%s
1951 J
50
J
MN
1941
43
16
111
110%
J
Ed El 111 (N Y) 1st cons g 5s..1995 J
Electric Auto Lite conv 4s
1952 F
Low
6%
3%
East Ry Minn Nor Dlv 1st 4s_.1948 A O
East T Va A Ga Dlv 1st 5s
1956 MN
J
Ed El 111 Bklyn 1st cons 4s
1939 J
Range
Friday's
Price
No
High
♦20%
112%
110%
110%
113
O
{{♦Dul Sou Shore A Atl g 5s..1937 J
Duquesne Light 1st M 3%s—1965 J
Since
Jan. 1
5M
D
Detroit Term A Tunnel 4%s._1961 MN
Dow Chemical deb 3s
1951 J D
Range
c3
Ask
A
4%
8%
S
F
Gen A ref M 4s ser F
..1965 A O
Gen A ref mtge 3%s ser G...1966 M S
♦Detroit A Mac 1st Hen g 5s.._1995 J D
135 So. La Salle Si.
Friday
5M
4%
8%
3%
A
1978
{♦Des M A Ft Dodge 4s ctfS—1935
{♦Des Plains Val 1st gu4%S-.1947
Detroit Edison Co 4%s ser D_. 1961
Chicago, III.
TJlgby 4-520$
bid
Low
{♦Den A R G West gen 6s. Aug 1955 F
♦Assented (subj to plan)
MUNICIPAL 'BONDS
One Wall Street
or
Friday's
Price
♦Ref & Impt 5s ser B...Apr
Hew York, 6.Y»
Range
Sale
Week Ended Nov. 18
1938
19,
•3
— — —
Si
95
70
*50*" "75""
Volume
Week's
Last
Range or
Sale
Friday's
Inter st Period
Week Ended Nov. 18
Range
A
Asked
NO
Low
BONDS
Since
Bonds Sold
High
Bid
Price
N. Y. STOCK EXCHANGE
1
Jan.
52%
J
D
A
O
F
A
A
O
J
J
J
51
J
49
*
F
A
J
J
108%
109
71
544
65
68
37%
43%
319
10
43%
♦Mlag Mill Mach 1st s f 7s
68
61%
69%
192
40
69%
1940
1951
1952
1979
{♦Mid of N J 1st ext 5s
1940
UMllw El Ry A Lt 1st 5s B...1961
fist mtge 6s
1971
{{♦M11& No 1st ext4%8(1880) 1934
♦1st ext 4 %s
1939
♦Con ext 4 %s
1939
{♦Mil Spar A N W 1st gu 4s. .1947
{♦Milw A State Line 1st 3%s..l941
City Air Line 4s
59%
68
65
40
68
90
90
92%
52
65
92%
Jack Lans A Sag 3%s
O
MN
{♦Int-Grt Nor 1st 6s ser A.
4%
15
2%
6
18
19%
4
11%
20
19
20
11
12
20
77
76%
79%
68
58
26
48%
35%
80%
56
J
96%
97%
68
80%
98
88%
90
29
54
90
3%
3%
J
J
A
O
A
O
J
J
97%
IVI
8
89
J
64%
J
J
100%
F
A
69
M
8
4
9
77
85%
8
75
94
66%
165
39%
74%
64
100%
110
74
68%
71%
165
8
13
1%
A
O
104%
66
109%
110
31
103% 110%
101
12
99% 103%
8
21
8
O
71
J
J
J
D
96
49
88
78
20%
16%
75
62
71
29
97
108
106
-
—
-
-
J
14%
D
4
95
J
*102%
104
J
J
*
92%
J
*
82
....
27%
8
J
J
95
95
....
92
7 A
O
*155
165
....
J F
A
£2
82
1
71
IJ
J
97
97
9
88
150
95
102
36
104%
104%
17
100%
44
31
O
80
80
82
12
75
3
3%
5
2
9
F
A
52%
52%
54
29
47
) F
A
51%
52%
7
47
41
18%
56%
22
48
67
A
53
28%
J
33
33
35%
81
28
50
42%
J
37
37
4
25
45%
O
17%.
19
44
10
24
1965 F
A
18
18
19%
33
18
18
14%
14%
25%
23
M
8
6
M
8
4s
A
46%
45
50
8
41%
75
70
64
64
1
86
87
14
29
1 J
J
5 A
O
31%
58
J
58
*50%
—
^
A
5 M S
35%
48
75
48
3
71
78%
1
95
42%
99%
27
60
95
F
A
*88%
F
A
37%
37%
1
26%
F
A
29
29%
3
18%
4 F
A
29
27%
30
13
19%
45
39%
40
i J
J
77%
77%
77%
72
J
) J
J
17
MN
i
i
MN
27%
23%
27
6
65
65
6
70
O
*
O
*110
7 J
3
129%
D
F
A
2 J
O
9
M
M
M
8
—
—
—
-
82%
7
110%
1
101%
102"
73
64%
4
75
45
5
....
Us"
128
99
"94%
102%
64%
50
90 '
55
'
,83%
6
73
88%
83%
3
73%
88%
12
126
123
13
83
37
115% 125
60
85%
8
101% 10?%
107%
107
102
105%
*104%
129%
107%
Louisville A Nashville RR—
3 A
O
3 A
O
F
100%
89%
90%
83%
83%
84
80%
98%
M 8
<z80
a80
5 M S
*108
111
)
75
7
83% 102
93%
74
90
85
9
V
65
4
96
5
82
98%
—
97% 105
15
97%
*94
-
94
101
100%
90
A
Paducah A Mem Dlv 4s
204
36%
97
S
76
82
109
112
mm*,-
.
107%
107%
MN
104%
104%
44
MN
♦Certificates of deposit...
-
2013 J
-
34
3131.
I
97% 107%
66
75
4
43%
45
12
37
8
20
34
34%
93% 103
70
91%
55
32%
36
225
17%
36
31
34%
130
10%
34%
21
D
85
118
84
99
2
96
101
....
107%
99%
98%
73
75
72%
72%
66%
69
99%
D
98%
97%
99
98%
98%
75
108
'
99%
-----
*73
O
------
2»
) A
O
------
*73
)J
D
55%
54%
56%
29
5 M N
56%
51%
56%
58
11
51%
103%
54
24
34%
,34%
104
30
101
104%
..i-
112
116
M N
>
SJ
D
103%
-
-
79
— -
-
----
---
47
35
102
35%
62
55%
71
60
14
36
*101
J
D
71%
99% 100
2
70%
70%
74
•74
-
99%
A
18
'
39
96% 101
....
103%
104
97
106
104
MN
MN
-
116%
MN
MN
----
--
-
80
*114%
7 M N
106%
104%
22
92% 104%
100
107
25
100% 104%
103%
103%
J
*1
J
*1
J
J
*1
rj
—
21
24%
25
10
24%
%
*%
Nat RR of Mex prior
lien 4%s—
O
O
*%
-
-
-
—
-
-
-
—
%
1%
1%
,
*%
1%
--
*%
•1%
J
A
O
A
O
J
D
.
*%
coll s f 4s..
1
{♦Naugatuck RR 1st g 4s
]
Gas cons 5s—1
Nat Steel 1st
{{♦N O Tex & Mex n-c lnc 5s..]
♦
1st 5s series B
3
♦Certificates of deposit
♦1st 58 series C
3
-♦1st 4 %s series D_
3
♦1st 5%s series A..
— 3
♦Certificates of deposit
MN
U
>J
*22%
*15
D
V
r
IJ
J
3%
1%
"'% ""2%
57
-
-
---
25
22%
----
103
108%
116% 121
24
----
124%
123%
123%
3
"l07%
107%
107%
31
126
120
19
123%
32%
24,
----
123%
J
I J
%
1%
-
120% 124%
A
a
O
-
124%
MN
) A
"""% "2%
65
*120%
J
J
6
24
%
*
J
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---
-
108%
------
D
2%
2%
1%
107%
107%
%
2%
----
1%
%
....
iJ
----
-
*
------
>
69
69
104% 108%
21
75
38
24
72
N
A
O
101%
100%
>J
D
101%
100%
3
51%
101%
101%
IJ
—
■
51%
-
74
74
J
43
44
23
35
22
38
---
24
36
23
22
37
42
23
36%
22
40
26%
35%
A
35
35
36%
1A
F
32
32
33
O
A
36
36
37%
47
33
33
—
*32
36
76
47
IF
-
53
8
36%
O
35%
-
7
33
34%
O
A
-----
34
86% 101%
84% 101%
14
75
31
A
-
1
■
>J
108% 111%
*108%
J
67%
* F
A
5 A
O
1 A
O
56%
A
O
67%
69%
26
48%
-82
78
\
41
62
91%
56%
61%
60%
65%
174
38%
65%
155
42
73
66
MN
78%
62%
33
34%
-
r
For footnotes see page
98%
6
105
,
80
32
O
-
111%
75
D
D
A
98
22
107%
J
68
1
*25
A
MN
>J
17
107%
104
5 MN
1 F
80
104
75%
J
99
12
108
107%
98%
67%
98% 107%
.
O
J
^7
50%
25
19
103
O
'
2 J
28%
32%
Q
4
55
53
102%
J
{♦New England RR guar 5s—1
♦Consol guar 4s
1
New England Tel A Tel 5s A.. 1
1st g 4%8 series B
...1
N J Junction RR guar 1st 4s.. 1
N J Pow A Light 1st 4%s
1
New Orl Great Nor 5s A
-1
N O A N E 1st ref & imp 4 %s A 1
New Orl Pub Serv 1st 5s ser A..]
•1st A ret 58 series B
— 1
New Orleans Term 1st gu 4s._.l
83%
82%
127%
J
Prod deb 4 %£
4 %s s f debs.
National Rys of Mexico—
Newark Consol
83%
80
81%
O
32%
31%
O
w
87
1
121%
O
25
28
31%
A
>
112%
127%
3 A
2V£
28%
j A
121% 126%
81%
3 A
Prod deb 3%
131
121%
)J
20
22
S
A
J
8
65
13%
8%
....
S
A
A
M
65
25%
23
25%
23
60%
1
18%
18%
6%
14%
14%
-
192
20%
18
-
-
*73
65
O
3 M S
-
3
14%
15%
------
40
27
,16%
.16%
F
9 J
20
*17
*61
O
25%
A
58.
6
A
J
33%
83%
8
9
129%
126%
*60
— — —
-
8
9
128%
63
D
) A
161%
19%
18
i A
r
110%
A
13
,
105%
14
126%
O
91
18%
----
114
A
5 A
F
23
4%
------
J
25
15%
35
14
O
4 A
14
38
A
5s.
19
24%
24%
MN
15
3
3%
18%
A
5 J
Nat Distillers
~il% *32"
158
26
18
....
Nat Gypsum
'25%
22
3 MN
52
34
25
21
21%
3 MN
3
25%
20%
114
18
3%
U
64
20%
20%
i MN
20
------
MN
F
62
30
57
*52%
*
18
25%
23
25%
F
ref 3%s.
ref 5s
Gen A ref s f 5s series A.....
Gen A ref s f 5s series B
Gen A ref s f 4 %s series C...
Gen A ref s f 5s series D
Morris A Essex 1st gu 3%
Constr M 5s series A
Constr M 4 %s series B
Mountain States T A T 3%s._
Mutual Fuel Gas 1st gu g 5s...
Mut Un Tel gtd 6s ext at 5%..
Nat Dairy
3 J
18
14%
14%
—
85
2
49%
14%
4
------
Montreal Tram 1st &
4
47
202
19
A
4
A
20%
18%
A
1
4 F
17%
17%
------
MN
24%
....
38
37
37%
125
O
F
8
4
6%
—
H
4
5%
M
95%
102
55
19
84%
84%
.
60%
M
90%
78
123
61
3
66%
M
Lautaro Nitrate Co Ltd1J
46
MN
Montana Power 1st A
5
65%
....
{Mobile A Ohio RR—
Lake Erie & Western RR—
87
2
J
1978 M N
53%
49%
44
50
J
8
....
00
I F
D
6%
1
52
61%
7 J
9%
3
44
90%
i
I J
14%
J
31%
11%
9 A
*50
14
6%
9
85% 100%
J
6%
5%
9%
6%
8
95% 104%
99%
7 J
9
4
18
8%
6
{♦Mo Pac 3d 7s ext at 4%.July
96% 103%
104%
100
15
3%
99%
102%
{♦Kreuger A Toll secured 6s
3%
1%
J
♦Certificates of deposit—
103%
95
J
103%
8%
1%
53
♦1st A ref 5s series I
82
A
*45%
11
3
J
♦Certificates of deposit...
100%
7 F
A
"4
—
39%
♦Conv gold 5%s—
158
1
96
1 F
-
-
54
♦1st A ref g 5s series
3
105%
14%
-
3
2%
*
20
----
J
♦Certificates of deposit...
,
5 J
14%
73
60
13%
6
52
31%
--
-
16%
10
*7
8
♦Certificates of deposit—
....
8
*23%
......
-
77
31%
----
40
♦1st A ref 58 series G...
90
M
14%
♦Certificates of deposit—
"72" "72"
*50
3
14%
F
♦1st & ref 5s series F
*50
M N
36
J
95
J
Koppers Co 4s series A
52
*32
J
27%
J
96
*38%
------
M
77
95
------
D
{♦Mo Pac 1st A ref 5s ser A
99% 108%
J
105
*
D
....
J
♦General
J
19%
J
80
....
89%
12
98% 104%
97
104%
A
....
J
J
60
-
2
gold 4s
27
m
15
94%
D
*79% 103"
-
-
---
15
15
J
J
75
5%
70%
52
M-K-T RR pr lien 5s ser
20%
19
14
27%
*25
J
-
J
*71%
41
40
8
1 J
-
D
J
__
95
O
103% 108%
103% 106%
7 J
Kentucky A Ind Term 4%s_.
♦
A
74
'44%
....
25
27%
88
—
-
-
J
Mo Kan A Tex 1st
75%
,60
58
—
-
28
101
80.
J
36
*33
*
-
------
J
M
40%
42
*20
M
S
MN
J
3
J
96
36
105%
J
M
J
40%
107%
J M N
♦Second 4s
8
24
....
87
87
J
90
105%
i
J
98%
1
78
108
*28
J
J
78%
56
71
J
3
40
2
3414
\Z
J M N
{♦Manhat Ry (N Y) cons 4s..
5%
1%
J
69
A
deb 5s.
McKesson A Robblns deb 5%s.
Maine Central RR 4s ser A...
Gen mtge 4%s series A
Manatl Sugar 4s s f
Feb 1
91
J
5%
78
J
McCrory Stores Corp s f
104%
103%
100%
*
Q
♦Ref A ext 50-yr 5s ser A.
78
36
36
QA
4s
97
-
109%
M
95
95
♦Certificates of deposit
Atl Knox A Cln Dlv
95
!7
*
-
-
100%
42%
5%
4
O
gold 3s
85
55%
M
A
%s series E
65
10
M N
85
100%
D
J
1st & ref 3
13%
29
59
13%
101
.
83
85
A
J
58
85
MN
F
21
18
O
J
1st gold 3%s
Ref A lmpt 4%s series C
102%
11%
38
21
18%
18%
A
♦1st g 5s series C.
100
♦102%
—-
—
J
J
1st & ref 4s series D
13%
85
57
-
Michigan Central Detroit A Bay
67%
1st A ref 58 series B.
-
A
43
A
Louisiana «fc Ark 1st 5s ser A..
85
85
1977 M S
1956 J D
67
1st A
102
68
1977 M S
♦4s (Sept 1914 coupon)
O
A
Kentucky Central gold 4s
85
9
104
{{♦Met West Side El (Chic) 4s.l938 F
M S
♦Certificates of deposit
Kan City Sou 1st
-
O
♦Mex Internet 1st 4s asstd
68
42%
—
1950 A
Metrop Wat Sew A D 5%s
25
75
5
85
*
Metrop Ed 1st 4 %s series D...1968 M S
101% 109%
71
42%
11
109%
64%
68%
70
102
m m
w
------
18
100%
96
-
-
O
90
12%
20
J
1947 A
High
80
-
Market St Ry 7s ser A_..April 1940 Q J
Mead Corp 1st 6s with warr_„1945 M N
66%
86
*8%
♦99%
— —
-
No.
100
102
MN
Marlon Steam Shovel s f 6?
96
♦67
—-
-
1959
40
27
1
03 ej
*81
1939 MN
{♦Man G B A N W 1st 3%S_—1941 J
104% 107%
7
40
f 5s...1953 M S
1st ext 4s
51%
28
37
105%
40
S
M
104%
105%
s
Manila RR (South Lines) 4s
1
Jan.
Asked
High
A
Lmo
55 %
29
116
55%
48
52%
Since
Friday's
Bid
High
Low
Manila Elec RR A Lt
D
Sale
Price
so.
Range
Range or
Last
Week Ended Nov. 18
NO—
J
Week's
Friday
Friday
BONDS
N. Y. STOCK EXCHANGE
111 Cent and Chic St L, &
3129
New York Bond Record—Continued—Page 4
147
66
71
77
51
84
New York Bond Record—Continued—Page 5
3130
BONDS
Last
EXCHANGE
N. y. STOCK
A
Low
N. Y. STOCK EXCHANGE
High
Jan.
NO.
Low
Price
1
Low
J
83 M
67
94 M
80
80
83 M
81
29
J
8
64
Penn Glass Sand 1st M 4Ms—1960 J
A
O
98 M
2013
56 M
56 M
60 M
148
38
O
Lake Shore coll
F
A
Mich Cent coll
gold 3M8-- 1998
gold 3 Ms
1998
F
Pa Ohio A Det 1st A ref 4Ms A.1977 A
4Mb series B
1981 J
A
Pennsylvania PAL 1st 4Ms...1981 A
O
Ref A lmpt 4 Ms ser
A..
83 M
66 M
66 M
7
63
65 M
82 M
63 M
63 M
5
58 X
84
N Y Chic &. St Louis—
♦Ref 6 Ms series
1974
.......1978
Oct 1 1938
A
♦Ref 4 Ms series
C
♦3-year 6s
O
A
M
S
O
A
54 M
46M
46M
98
98
1946
4s collateral trust
121
51M
218
26 M
288
30
10
79 M
8
103 X
103 M
B—...—1963
1951
Conv 5% notes
—1947
Y Edison 3M» ser D
1965
1st lien & ref 3Ms ser E
1966
75 M
77
1st guar 6s series
103 M
68
*105 M
N Y Dock 1st gold 4s
N
60 M
101M
74M
"79"
3^8 extended to—1947
N Y Connect 1st gu 4Xs A
1963
1st mtge
58 M
50 M
50 M
M
'"l
53 M
18
"59
30
74
62
101M
51M
65
90
95 M
108
98
102 M 109 M
39 M
61
107
106M
107 M
30
45 M
53M
101
107 M
108
108
108 M
25
91
High
95
*
No.
91
—
IjOW
77
94
92 X 105
207
„
,
103 M 109 M
^
103M 114
110M
109M
110
115M
87 M
115
88M
115M
95 X
96 X
104
104M
103 M 111M
22
95 X
--
88 X
94
94
105
111
1
High
100M 105X
83
104 M
— —
10
96
104 X
...»
—
Jan.
4
M
95 M
♦107X
*109M
104X
——————
Since
ea<l
♦105M
J
1943 mn
Consol gold 4s
1948 mn
4s sterl stpd dollar. May 1 1948 mn
Gen mtge 3Ms series C
1970 A O
Consol sinking fund 4 Ms-—I960 F A
General 4 Ms series A
1965
7
45
74
95 X
109X 120 M
106
82
General 5s series B
1968
104X
103M
Debenture g 4 Ms
1970
1981
83 M
83 M
86
92 M
92 M
93 M
47
75
1984
1952
92 X
92 X
93 M
13
84 M 101X
80
80
General 4Mb series D
Gen mtge 4Mb series
Conv deb 3Ms
E
1943 A
Peop Gas L A C 1st cons 6s
N Y Gas El Lt H & Pow g 5S..1948
J
D
123 M
1949
F
A
♦115M
4s
91
Asked
53
89 X 111X
106
91
67
101M
101X 108 M
N Y A Erie—See Erie RR
Purchase money gold
Penn-Dixle Cement 1st 6s A...1941 M s
D
Pennsylvania RR cons g 4s
54M
A
Range
6 2
Friday's
Bid
High
NY Cent A Hud River 3 Ms —1997 J
Debenture 4a
-.1942 J
£
Range or
Sale
v'eek Ended Nov. 18
Since
Asked
Last
BONDS
Range
Friday's
Bid
Price
1938
19,
Week's
Friday
Range or
Sale
Week Ended Nov. 18
Nov.
Week'1
Friday
123 Vt
121M 125
112X 116M
Refunding gold 5s
15 M
15M
15M
97
97
95
1973
mn
*61
69
60
80
1973
mn
*65
70
64
93
'42 mn
J
♦N Y L E A W Dock A Imp 6s 1943 J
*35
50
*50
...
Income
83
108
65 M
116M
46
46
48M
6
6
6M
89
113M 117
107
114X
40
114X
O
Apr
April 1990
4s
*115M
113M
113M
1947 M s
.Peoria A Eastern 1st cons 4s... 1940 A
♦
1946 mn
2000 MN
O
40
22
17
4
60
8M
58
♦N Y A Greenwood Lake 5s..
N Y A Harlem gold 3 Ms
N Y Lack A West 4s ser A
4Mb series B
♦N Y L E A W Coal A RR 5M8
N Y A Long Branch gen
1941
4s
M S
♦
m
8
m
85
96 M
13M
7
13
12M
13 M
1st 5 Ms— 1974 F
Pere Marquette 1st ser A 5s._. 1956 J
1st 4s series B
1956 J
...—
Peoria A Pekln Un
12M
4
11X
19M
17M
95
1980 m
1st g 4Mb series C
Phelps Dodge
79 M
*50"
s
conv
3Ms deb.. 1952
Phlla Bait A Wash 1st g
General 5s series B
{♦Phlla A Reading C AI ref 5s. 1973
11M
13M
17
11
18M
14
14
16M
75
13
23
22 M
24 M
25
19 X
23 M
35
..1966 J
82
3
7M
D
8M
5X
5
*60
N Y A Rlcbm Gas 1st 6s A
1963
6
23
58 M
6M
UH
4
8
58
103 X
105
7
5M
40
1940 A
1942 A
Series C 4 Ms guar
Series D 4s guar
O
Series E 3 Ms guar gold
Series F 4s guar gold
104
105X
100
109
104 M 104 X
F
A
Pitts A W Va 1st 4 Ms ser A...1958 J
1st mtge 4 Ms series B
1959 A
*71
75
60
75
MN
F
A
65
3X
5s...1941 MN
ser
1996 O A
1961
A
"97"
F
A
57 M
109
1977 J
D
85
6
105 M
57 M
10
119M
106M
25
102 M
8X
19M
9
17M
30
43 M
57 M
111
119M
97
107M
99 M 105M
105
105 M
26
104 X
103
105 M
29
101
104
86
114
114
1
96 H 104 M
114
110
*105 M
1st 4 Ms series D
Port Gen Elec 1st 4 Ms
1st 6s 1935 extended to
63 M
6s stamped
23
23
82
28
J
83 X
F
83 %
28
85
61
43
4
101
47 X
15
40
55
X
44 X
44
X
1
44 X
44 X
15M
15M
17 X
170
107 X
25
1942
Potomac Elec Pow 1st M 3Ms. 1966
Pressed Steel Car deb 5s
1951
82 M
4X
{♦Providence Sec guar deb 4s. .1957 mn
{♦Providence Term 1st 4s
1956 m S
Purity Bakeries s f deb 5s
J
1948 J
for deb 6s A com stk
(65% pd).— J
^Debenture gold 6s
1941 J
28
67
93 X
A
4X
*43
95 M
9M
18M
103X 108M
74 M
85
1
82 M
64 M
105X
5
5
50
4X
----
96
7
8
32
43
82 X
98
Gen A ref 4 Ms series A.....1997 J
Gen A ref 4 Ms series B
1997 J
D
76M
76 M
20
52 M
81
O
------
57
57 M
17
J
------
74 M
77
39
48 X
58
93 X
74M
77.
15
67
93
D
J
50
31
41
57 M
3
40
76
66
70 M
168
88 M
61
79
f Republic 8teel Corp 4 Ms
60 X
22
45
105X
106M
41
102
75
Rensselaer A Saratoga 6s gu... 1941 mn
60 M
59 M
63 X
46
79X
62 M
55
A
105M
J
52
7
5M
5X
J
5
1943 M S
*105
5M
1
-5M
20
105M
105M
106X
106
106 M
Oklahoma Gas A Elec 3XS----1966 J
D
Ore Short Line 1st cons g 5s...1946 J
Guar stpd cons 5s
1946 J
Ore-Wash RR A Nav 4s
1961 J
Otis Steel 1st mtge A 4 Ms..—1962 J
"97
98
13
98
106 M
88
101X
101
105 M
101X
106X
36
91X 101M
98 M 107X
103 M
104
20
96 M 104M
113M
113M
113 M
4
111M
1
110
103
*106X
114M
114X
J
114M
103 X
104 X
51
X
60
104
76M
75X
108
77
~~8
6
115
113
110
109
116X
110X 118M
90 M 106 M
69
78 X
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas A El 4s series G...1964 J
D
D
111M
110X
111M
46
1st A ref mtge 3Ms ser H...1961 J
1st A ref mtge 3 Ms ser I
1966 J
106 X 111X
D
108
107 M
104 M
108 M
65
102 M 108X
104M
93
98M 104 X
4s. .1938
F
1938 J
Pacific Tel A Tel 3Ms ser B..1966 A
D
104M
Parmelee Trans deb 6s
..1944 A O
Pat A Passaic G A E cons 5s...1949 M 8
♦Paultsta Ry 1st s f 7s:.
..1942 M 8
Penn Co gu 3Ms coll tr ser B..1941 F A
Guar 3 Ms trust ctfS C.
1942 J
D
Guar 3 Ms trust ctfs D
1944 J
D
Guar 4s ser E trust ctfs
1952 MN
2 8-year 4s
1963 F A
59
3
65
82
68 M
68 M
1
60
70
107 M
107 M
8
107M
*101X
107M
14
104 M
104 X
"l3
107 M
A
Paramount Pictures deb 6s... 1955 J
J
3 MS conv debentures
1947 M 8
Paris-Orleans RR ext 5 Ms
1968 M 8
45
65
72
69
J
Ref mtge 3Ms series C
1966 J
D
Paducah A 111 1st s f g 4 Ms
1955 J
J
Panhandle Eastern Pipe L 4s..1952 M 8
Paramount Broadway Corp—
1955 F
*58 M
A
O
Remington Rand deb 4 Ms
w
102
102
103M
41
84
107
w.1956
ser A1950 M
107
125
71
100
125
A
94 M
94
94 X
47
71M
Purch money 1st M conv 5 Ms '54 M N
Gen mtge 4 Ms series C
1956 m
108M
108
109M
61
94 X 112
54
72
Gen mtge 4 Ms series B
.1961
F
Revere Cop A Br 1st mtge 4MS.1956 J
♦Rhelnelbe Union a f 7s._
1946 J
♦Rhine-Ruhr Water Service 6s. 1953 J
♦Rhlne-Westphalla El Pr 7s...1950
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
Richfield 0(11 Corp—
94
94
100M
100
J
M N
1953 F
A
100M
84
92
50
------
------
96
50
10
28 M
25M
50
J
25M
11
20
*
30 M
34
30M
30 M
101X
50
25 X
32 M
11
32 M
8
102 M
103 X
25
104M
32
24 X
24X
24 X
3
30 X
30 X
------
95
96
27
*103M
1952 mn
102 X 107M
102 M 107X
f
conv
debentures^
Richm Term Ry 1st gen 5s
1952 J
♦Rlma Steel 1st s f 7s
....1955 F
♦Rio Grande June 1st gu 5s...1939 J
{♦Rio Grande West 1st gold 4s. 1939 J
♦1st con A coll trust 4s A
Roch G A E 4 Ms series D
Gen mtge 5s series E
Gen mtge 3Ms series H
Gen mtge 3 Ms series I
99 M
23
63
56 H
100
81
85 M
16
57
87 M
"93"
82 M
92 M
93
48
75
93
52
52 M
10
52 M
31 X
118X 121M
♦Ruhr Chemical s f 6s
101
St L Rocky Mt a P 5s sptd
99 H 103 X
{♦St L-San Fran
90
96 X
97 M
103M
88 X 104
83
100M
-
33M
33M
33 M
o38
38
17M
17M
*121M
109M
15
2
12M
17
7X
35
35
35
2
20 M
4
4X
5M
5X
*6M
8M
6X
----
23
7
105
105X
11
105X
106M
105M
------
105X
106M
19
*106 X
»
60 M
-----
5
----
59 M
61M
98
60 M
1
14M
14M
1950
♦Certificates of deposit...
*57 M
65
10M
10M
10
12 M
UM
3
13
——————
9X
M 4X8 series A
1~78
♦Ctfs of deposit stamped..
{ St L SW 1st 4a bond ctfs
1989
♦2d 4s Idc bond ctfs
Nov 1989
10
J^lst terminal A unifying 5s. 1952
♦Gen A ref g 58 series A
1990
22
9M
55
ioi" ioi"
12X
16X
35
10X
15
12 X
6
100M 106M
99 M 105 X
103
—
109
--
-----
93 X
10
♦Certificates of deposit...
107M 110
108"
60 M
1955
20 X
118M 122
----
1C9X
44X
'
{♦St L Peor A N W 1st gu 5s... 1948
♦Prior lien 5s series B
43
19
-----
50
41
12
9
27
39M
UM
108
1967
pr lien 4s A.. 195
15
35
28M
---.
o38
*ins5z
1967
1948
89 X 107
103 X 105 X
19X
-p —
♦Certificates of deposit
97 X 103 X
101
—
1962
St Louis Iron Mtn A Southern—
♦}Rlv A G Dlv 1st g 4s
1933 mn
60
*100
-
------
{♦Rut-Canadian 4s stmp
1949
{♦Rutland RR 1st con 4 Ms. .1941
♦Stamped
102
72
♦
{§*R I Ark A Louis 1st 4Ms.. 1934
"68 X
*99 M
102 M
1977 M
St Jos A Grand Island 1st 4s...1947
St Lawr A Adlr 1st g 5s
1996
2d gold 6s
1966
63 M
*101
1949 A
Safeway Stores s f deb 4s
1947
Saguenay Pow Ltd 1st M 4MS-1966
98 M
*
1955 A
1952 m s
98 M 103
104 X
*59 M
*122
s
98
98 M
52
4s
♦Con
3131
103X
111M 114M
111 M
J
J
12
103 X
D
J
13
108X
106 X
108
106
1946 J
5M
3M
107
J
4s debentures
1946 J
D
Ontario Power N F 1st g 5s
1943 F A
Ontario Transmission 1st 5s... 1945 MN
80
106M
100
S
107
------
66
1965 M N
pace
105
------
{ f ♦Postal Teleg A Cable coll 5s. 1953
65
1972 J
see
64
105M
46 M
44
j
6s.. 1942
conv
62 M
46 M
1960 M s
1950 J
107
104M 116M
107
1967 M
For footnotes
109X
115M
106
*98M
1948 J
A
51
J
f g 3s loan ctfs
55 X
{♦Radlo-Keith-Orph pt pd ctfs
1945
1997 Q
2047
♦Stamped...
ext g
55 X
32
11
*99
*42 M
•Og A L Cham 1st gu g 4s....1948 J „J
4s
52
53
38
*106
119
105 M
108
40
A
*35
2047
Northern States Power 3Ms...1957 F
Northwestern Teleg 4 Ms ext. .1944 J
-
8
D
ser
2047
Ohio Edison 1st mtge 4s
1st mtge 4s
106
----
53
64 M
D
97
2047
Connecting Ry 1st 4s
50 M
50M
-----
1974 J
57 M
119
2047
con g
52
*52
6X
Reading Co Jersey Cent coll 4s.l951
Ref A lmpt 6s series C
Ref A lmpt 5s series D
3M8
52 X
------
1962 F
58
1945
Gen lien ry A Id g 3e Jan
Ref A lmpt 4 Ms series A
Ref A lmpt 6s series B
*105M
D
O
1st gen 58 series C
82
21
guar 5s—
♦Apr 1 1935 A sub coupons..1945
Apr'33 to Oct'38 coups..
North Pacific prior lien 4s
90
112X
71M 104 X
1st gen 5s series B
20
16M
1974 M 8
♦Oct 1938 A sub coupons
♦Ctfs of deposit stamped
7
Pitts Y A Ash 1st 4s
97
19
1974 M 8
93 M
107M 108M
102
103 M
'Gen A ref 4 Ha series A
92 X
104 X 110M
15
{♦Northern Ohio Ry 1st
------
94M H2X
16
6
15M
Nov 15 1969 M N
-
53
2
101
i05M
North Cent gen A ref 5s
— —
109M
16M
A
—
101.x
loix
107 M
96 M
..1957 M 8
Aug 15 1963 F
-----
100X
92 X
O
107X 117
107
110X
----
109 M
Porto Rico Am Tob
Norf A W Ry 1st cons g 4s
North Amer Co deb 6s
1960 A
*11CX
100M
—
107 M
15
♦Certificates of deposit
Deb 6 H 8 series B
Deb 5s series C._
------
Pitts Va A Char 1st 4s guar...1943 M N
67
4M
109
103 M 104 X
105
105 M
*103
62
4M
110M
105
----
♦104M
*110X
D
104 M 110
4M
-----
103
—---
107M
*104
J
1st mtge 4Mb series C
93 M
2
♦106M
1977 J
52
107
77 M
101X 108 M
A
103 M 107
109 M
---.
F
16
O
6M
M N
J
127
J
1
107
—
A
70
A
20
31
111X
80 M
89 X
1
103M
110X
*102 M
*103
F
103 M
{|*Norfolk South 1st A ref 5s. 1961
g
-M. —
1942 M N
1945 M N
109 M
M S
93 M
103M
103 M
O
103 M
J
89X
93M
101
101M 101M
10
Pitts C C C A St L 4Mb A
Series B 4 Ms guar
*63
O
X{♦Norfolk A South 1st
*83 M
PlrelU Co (Italy) conv 7s
1952 mn
Pitts Coke A Iron conv 4 Ms A. .1952 m s
109
Nord Ry ext sink fund 6)48-..1950 A
s
91
J
{|*N Y Westch A Boat 1st 4)4s *46
Niagara Falls Power 3 Ms
.1966
Nlag Lock A O Pow 1st 5s A.. 1955
Niagara Share (Mo) deb 5)48.1950
1st M
110X
109
109
1948 M s
D
1946
|»Pac RR of Mo 1st
f*2d ext gold 5s_
11
1967 J
6s stamped
Oregon RR A Nav
41
.*.1946 J
Ref mtge 3Ms ser B
N Y Trap Rock 1st 6s
1st mtge
15M
101X
1
47 M
13M
O
101M
*40
3
D
98
7
92
1975 A
70
■
5X
1970 J
3
6
4M
J
4M
13M
1964 mn
97 M
6
10
s
1937 J
J {♦Philippine Ry 1st s f 4s
PhlUlps Petrol conv 3s
105
65
1949 m
♦Conv deb 6s
115
109 M
78 M 100
22
Series J cons guar 4 Ms
97
"ii
126
15M
Gen mtge 5s series A
Gen mtge 5s series B
Gen 4 Ms series C
105
11
104
—
110M
16
92
13
—
14M
11M
8M
2
12M
—
14M
——————
1949
1953
1957
1960
1963
109
104 M
*10 M
99
—
J
J
Series G 4s guar..
Series H cons guar 4s
Series I cons 4 Ms
106
104
101 M
5s series A
-----
79
49
*109X
101M
{ J*N Y Susq A West 1st ref 5s 1937
f*2d gold 4)4s
1937 F A
♦General gold 5s
1940 F A
♦Terminal lit gold 5s
1943 MN
N Y Telep 1st A gen s f 4)4s—1939 M N
38
12
5
12 M
51
75
*50
1951 M N
N Y Steam Corn 3 Ms
14
15M
55 M
M 8
1992
4s
8
6M
13M
{♦N Y Providence A Boston 4s 1942 A O
N Y A Putnam 1st con gu 4s..1993 A O
N Y Queens El Lt A Pow 3 Ms 1965 M N
J
{N Y Rys prior lien 6s stamp..1958 J
Ohio
98 M
109M
100
s
Phlla Electric 1st A ref 3 Ms.
{♦N Y Ont A West ref g 4s
No Am Edison deb 6s
D
1967 m
Phlla Co
21
20 M
55 M
105X 110
1967 J
19
11
"is X
28
108X
97 M 110X
11
..1967 J D
{♦Harlem R A Pt Cbes 1st 4s 1954 mn
108
99
9
♦1st A ref 4J4s ser of 1927
76
99 M 116
28
17
O
75M
50
105X
18
1957 mn
49X
11
64
67
115M
104
13M
1940 A
3
63
114
D
14
♦Collateral trust 6s
80 X
1981 J
13M
♦Debenture 4s
53 M
20
12X
11M
J
26
107
12M
J
66M
107
106
12
1956 J
66 M
114M
8
72
100
—
*103
12X
—1948 J
♦Conv debenture 3 Ms
♦Conv debenture 6s
62 M
J
D
—
J
12M
sec
67 M
67 M
J
*
A
"12"
12
*103
1977 J
J
1955 J
------
1974 F
,
O
♦Non-eonv debenture 4s
♦Non-eonv debenture 4s
J
A
1943 M N
4s
General g 4 Ms series C
General 4Ms series D
1956 mn
♦Non-conv debenture 3)48.-1954 A
♦General
103
13 X
O
A
{♦N Y A N E (Bost Term) 4s.. 1939
{♦N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3)48—1947
22
9X
10
9M
55
*31
----
42 X
64
46
62
12
18X
50
69
41
8X
11
43
7
13M
12X
21
8M
15M
13 X
37
11
7
12M
122
7X
11
143
6M
57 M
5
38
15
14
11X
67 X
20
38
22
22 X
9
13
27 X
13M
15M
24
9
18X
37
-
——
—
Volume
BONDS
Price
Bid
A
ffigfi
TjOW
St Paul A Duluth 1st con g 4s_.1968 J
{♦St Paul E Gr Trk 1st 4Mb—1947 J
D
{♦St Paul A K C Sh L gu 4MS--1941 F
A
High
No.
104 M
105M
24
{{♦Wabash RR 1st gold 5s
43 M
43 M
48 M
71
30 M
11
Low
♦2d gold 58
♦1st lien g term 4s
1954 J
♦Det A Chic Ext 1st 5s—... 1941 J
♦Dec Moines Dlv 1st g 4s.
1939 J
J
J
S A & Ar Pass 1st gu g 4s
1943 J
114M
114M
J
HOM
110M
111M
107M
s f 6 Mb series B
♦Stamped
Scioto V A N E 1st gu 4s
1946
.
1989
{{♦Seaboard Air Line 1st g 4s..1950
{♦Gold 4s stamped
1950
♦Adjustment 5s
Oct 1949
{♦Refunding 4s
1959
J
J
O
O
112M
15
30
24
31
34
29
2
18M
O
15M
A
3M
6s debentures
O
7
8M
18M
9
2M
4M
4
8M
1935 F
Shell Union OH deb 3 Ms
Shinyetsu El Pow 1st 6 Ms
10M
22
Wash Water Power s f 5s
1950
1967
5
5M
65
2M
5M
4M
2
2M
5
48
96 M
48
105
13
Gen mtge 3 Ms
105
63
2
1st mtge 3 Ms series
70 M
86 M
86 M
86 M
1
22 M
22 M
2
61H
20 M
81
5
64
90
99 M
42
79 M
99
31
99
99
103 M
104
106
106M
106M
M
120 M
110
A
Devel A gen 6s
Devel A gen 6
Ms
1950
.1961
25-year gold 6s
30-year 5s
1951
B..1964
1968
So'western Gas A El 4s ser D..1960
♦{Spokane Internat 1st g 5s
1955
staley (A E) Mfg 1st M 4s
1946
Standard Oil N J deb 3s
1961
Swift A Co 1st M 3Ms
Tenn Coal Iron A RR gen 5s
6s B
deb 6s ser C
TenD Cop A Chem deb
Tennessee Corp
Gen A ref 5s series D
120
11
109M
106M
110M
101M 107M
36
68 M
89 M
31
73 M
104 M
27
97 M 108 M
25
26 M
23 M
16
26 M
22 M
72
15M
25
63
64 M
17
51M
66
68
31
48 M
74M
77 M
66
66
54
47 M
77
25
22 M
J
66
I
*
18
18
109M
47
50
50 M
5
45
30
87 M 100 M
14
100 M
83
94 M
93
102
57 M
61M
58
53
57 M
145
52
57 M
181
44
43M
Registered
Wheeling A L E Ry 4s ser
2361
2361
D...1966
69 M
84
41
76
83
31M
63M
30
63 M
30M
63
Winston-Salem S B 1st 4s
83M
{♦Wis Cent 60-yr 1st gen 4s_._1949 J
5
Wheeling Steel 4Ms series A.-.1966
White Sew Mach deb 6s
1940
Conv deb 3Mb
104 M
77
1947
72
131
83
23
60
67 H
26
72
70 H
77
67
66
66
110
17
102M
103
88
106 H HOM
99 M 103
12
101
107
MN
107
105M
104M
60
100
102 M
156
98
104 M
104
102 M
102M
106
86
"40
107
33
103
103"
~94M
~95M
♦193 M
*113
133 M
s
Wl
102M
103
89 M
89 H
90
7
106M
106M
106M
H5M
*
65
"i
86 H
12
70
85 H
87
9
69
88M
42
J
O
J
J
..1952
J
7M
85 M
86 M
*93 M
66
97 M
9M
102M
103 M
5
87
5M
96
—,.
103M
45
39
7M
87M
9
146
90
7
price represented is
interest payable at
bondflssues whlch'have
of the New York Stock Exchange
Dec. 1 at 103.
1952, Jan. 1, 1939 at 110.
reported as being Jn bankruptcy, receivership, or reorganized
Act, or securities assumed by such companies.
No sales transacted during current
Friday's bid and asked price.
under
Bonds selling flat.
z
Deferred delivery sales
week.]
transacted during the current week and not
Included In
„
No sales.
104
90
42
yearly
during current week, a Deferred delivery sale; only
n Odd lot sale, not Included in year's range,
the yearly range:
87
71M
the current week and not included In the
week,
current
♦
88 M
85 M
A
•
81 M
115M
85
85 M
D
{ Companies
104 M 116M
81M
during
San Antonio Pub. Serv. 6s
103 M 107M
85
M S
*__...
103
MN
14M
Section 77 of the Bankruptcy
90
70
94,M
6M
108M
104
14
108 M
107 M
107M
entirety:
1, 1939 at 105.
Hackensack Water 4s 1952, April 26, 1939 at 105.
Milwaukee Electric Railway & Light 5s series B 1961,
First mortgage 5s 1971, Dec. 1 at 104M.
Republic Steel 4Mb A 1950, Dec. 30 at 105.
109 M 114
99
108M
37
8M
5M
1946. Jan.
Flat 7s
106 M
103
102M
4M
Ex-Interest.
f The following Is a list
103
95
102 M
6M
5
20
*5
«.
been called in their
~70M ~98M
45
-
§ Negotiability impaired by maturity,
t The
the dollar quotation pert 200-pound unit of bonds.
Accrued
exchange rate of $4.8484.
x
8
95
Cash sale; only transaction
transaction
102
46 H
87 M
106M 108
119M 125
♦121
Wl
104M
'
95
♦103 M
82
106M
"82"
J
1950 MN
J
1951 J
10
6M
No sales
r
19M
101
,
28
9M
range:
107
9
4
16
105
'
10 M
9
6M
1961
Cash sales transacted during
e
5
16
105
J
96M 101M
71
94 M
105M 110
8
15M
70
110
J
1
11
92
9M
10
—
MN
-
1961
96 M
91M 101M
4
7M
75M
35
"a
79 M
5
6M
92
—
L
1st mtge s f 4b ser C
28
78
101M
110M
41
*108
{♦Wor A Conn East let 4MB—1943
Youngstown Sheet A Tube—
64
75 H
70
♦68
96
101M
A
♦Certificates of deposit-.
45M
M
J
1960 J
♦Certificates of deposit
93
52
J
63
105M
105
45
95 M
101M
*4M
95M
35 M
108
101M
1949
91
{{♦Wilkes-Barre A East gu 6s. 1942
Wilson A Co 1st M 4s series A. 1955
108
108
75 M
100
*102 M
M
52
90
68 M
J
34
62 M
89
102
93
98 M
88
104
88 M
7
76
J
1
85
15
53
102 M
105 M
120M
106 M 110M
106M
83 M
84
116
7
57 M
187
J
Tide Water Asso Oil 3 Ms
117M
J
105 M
98 M
57 M
356
1937
♦AdJ income 6s
{♦Third Ave RR 1st g 5s
121M 123
23 M
72
1960
Jan 1960
Third Ave Ry 1st ref 4s
102
7
23
57 M
83
J
A.-.1964
3
105M
23 M
60
1944
1953
Texarkana A Ft S gu 5 Ms A... 1950
Texas Corp deb 3 Ms
,.1951
Texas A N O con gold 5s
1943
Tex Pac Mo Pac Ter 5Ms
102 M
123
105M
107 M 110
--
J
57M
1st cons gold 5s
Gen A ref 6s series C
rn.-m.~m
123
-
J
o
2000
1977
1979
1980
108M
-
102
-
West Shore 1st 4s guar
"79M
Gen refund s f g 4s
Gen A ref 5s series B
-
109M
105M
1960 M
Wisconsin Public Service 4s
1947
Assn of St L 1st g4Ms... 1939
Texas A Pacific 1st gold 5s
-
107 M
*108
♦Westphalia Un El Power 6s..1953
69
Tenn Elec Pow 1st 6s ser A
Term
-»
*106M
106 M 110
O
1944
1944
104
90
m
105 M 108 M
101M
65M
D
90
48
28
7
67
Staten Island Ry 1st 4Ms.---.1943
♦Studebaker Corp conv deb 68.1945 J
72 M
4
92 M
J
71
82
91M
—
106M
100
1953
2Ms
131
48
107 %
79 M
54
J
18
46
67 M
25
101H 106 M
54
St Louis Dlv 1st g 4s
90
42 M
106M
109M
J
3s
63M
105M
O
So'western Bell Tel 3 Ms ser
165
12
J
1996
Mem Dlv 1st g 5s--_
90
*...
1946
♦5s assented
108M
55 M
{♦Western Pac 1st 6s ser A...1946
Western Union g 4Mb
103 M 108
25
♦110
J
14M
13M
68 M
*35
1952
1977 J
1943
gold 4s
100
1
88 M
43
A
1st A ref 6 Ms series A
West N Y A Pa gen
10
26
81
89 M
4Ms..-1952 J
1st 4s
Western Maryland
90 M 104 M
81
103M
West Va Pulp A Paper
24
84 M
A O 101M
J D
Wl S "57M
53 M
Wl S
53
WIN
52 M
M N
62 M
J J
A O
1955
1955
1994
..1956
1956
1956
1st 48 stamped
Devel A gen 4s series
66 %
J
{♦Sup A Dul dlv A term 1st 4s '36
Southern Ry 1st cons g 5s
108 M
68
106M
J
1966
I
RR 1st consol 4s
4s
13M
Warren RR 1st ref gu g 3 Ms.
Southern Natural Gas—
So Pac RR 1st ref guar
6M
1939 J
Westchester Ltg 6s stpd gtd
8
20 M
1946 J D
1951
coll)..1949
1st 4Ms (Oregon Lines) A.-.1977
Gold 4 Ms
1968
Gold 4Ms
1969
Gold 4 Ms
1981
10-year secured 3Ms
1946
San Fran Term 1st 4s
1950
66
90
11M
59 M
J
1947 J
1st mtge pipe line 4 Ms
14
13M
Certificates of deposit
{♦Warren Bros Co deb 6s
5M
8M
105
J J
M S
F A
F A
So Pac coll 4s (Cent Pac
7
90
5M
4
4M
1962 A O
1961 M S
1965 F A
Southern Kraft Corp 4M8
64
West Penn Power 1st 5s ser E.1963 M
1951 J
J
.1950 A O
5S..1963 A O
Southern Colo Power 6s A
14
1939
11
4M
1952 A O
1st mtge A ref 4s
12
81
38
104 M
Simmons Co deb 4s
South Bell Tel A Tel 3Ms
6M
67
263
A
♦Silesia Elec Corp 6
Slleslan-Am Corp coll tr 7s
Southern Calif Gas 4 Ms
6M
48
107
7M
20 M
1935
1951
1946
1941
{♦Siemens A Halske s f 7s
♦Debenture s f 6 Ms
73
13M
12
11M
1951 M S
1952 J D
♦Series B certificates
14 M
11M
1941
.2000 F
Washington Cent 1st gold 4s..l948 Q M
Wash Term 1st gu 3Ms
...1945 F
1st 40-year guar 4s
1945 F
166
10M
8M
12
12
9M
Tm
38
11M
6M
A
42
38
1956
Warner Bros Pict deb 6s
20
11M
84
4
A
F
30
38
2
38
s
Walker (Hiram) GAW deb 4Mb 1945 J
Walworth Co 1st M 4s
1955 A
10
A
F
M S
48
15M
12
Wl
♦Ref A gen 5s series D...... 1980
109 M 117
17 M
9M
35
25
38
23
24
16M
25
m
27 H
*_
{♦Wabash Ry ref A
20
♦116
♦Certificates of deposit
South A North Ala RR gu
104
12
17M
{♦Atl A Birm 1st gu 4s
1933
{♦Seaboard All Fla 6s A ctfs._.1935
Socony-Vacuum Oil 3 Ms
4
High
99 M 105M
32
67 M
23 M
*14
J
O
'
m
Low
4
25
25
*44
gen 5 Ms A. 1975
♦Ref A gen 5s series B
1976
1978
♦Ref A gen 4 Ma series C
111M
9
O
...1945 M S
6s series A
Skelly Oil deb 4s
108
2
A
♦Certificates of deposit
cons
H
♦28 M
29
M N
109 M 113i„
16
15
A
1
27M
J
1941 A
♦Toledo A Chic Dlv g 4s_... 1941
3
HOM
HIM
107M
27 M
J
_.
81M
45
16M
15
J
A
j
♦Guar
2
60
60
60
J
1946
109 M 118M
14
115
♦Omaha Dlv 1st g 3 Ms
J
ISaD Antonio Pub Serv 1st 6a__1952 J
San Diego Consol G & E 4s
1965 IVIN
Santa Fe Prea A Phen 1st 5s
1942 M S
{♦Schulco Co guar 63^8
♦Stamped
102M
97
96 M
J
Since
Jan. 1
105M
11
6
23
8
7M
7M
J
1940
1972
Ask
A
1939 WIN
1939 F A
St Paul Minn A Man—
tPacific ext gu 4s (large)
St Paul Ud Dep 5s guar
Bonds Sol-d
Friday's
Bid
Price
1966 Wl S
9M
7M
Range
Range or
Sale
EXCHANGE
VirglDlah Ry 3Ms series A
98
88
14M
*7M
STOCK
Week Ended Nov. 18
High
Low
No
88
J
Y.
Jan. 1
Asked
Last
BONDf
N.
Since
Friday's
SdU
Week Ended Nov. 18
Range
Range or
Last
N. Y. STOCK EXCHANGE
Week's
Friday
Week's
Friday
♦1st
3131
New York Bond Record—Concluded—Page 6
147
71
at the New York Stock
Daily, Weekly and Yearly
Transactions
45
24M
9
3M
90
J
105M
105M
105 M
47
98
105M
D
57 M
57 M
90
58 M
49
40 M
5
84 M
63M
102
Exchange,
Stocks,
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953
Tol A Ohio Cent ref A Imp 3Ms 1960
Tol St Louis A West 1st 4s
1950
Tol W V A Ohio 4s series C
1942
Toronto Ham A Buff 1st g 4s-.1946
Trenton G A El 1st g 5s
1949
Tri-Cont Corp 5s conv deb A..1953
♦Tyrol Hydro-Eleo Pow 7 Ms—1955
♦Guar sec s f 7s..,
...1952
D
A
57
O
M
90
Nov. 18,
Railroad &
Stale,
United
Total
Number of
Mis cell.
Municipal <&
States
Bond
Shares
Week Ended
Bonds
For'n Bonds
Bonds
1938
S
$738,000
103
Monday..
20
97
25
26
18
96
85
85
59 M
Tuesday
110
26
87
*108 H
WIN
26
A
F
in*
.
Wednesday
286,000
138,000
6,997,000
960,000
151,000
762,000
174,000
7,118,000
4,773.000
994,580
Thursday
1,416,310
Friday
J
$5,397,000
981,000
$4,611,000
5,730,000
6,036,000
1,005,680
1,651,280
1,465,980
1,794,780
Saturday
103-4
117M 120
120 M
S
J
J
95
97
97
D
Wl
$48,000
1,109,000
'
J
Sales
80
50
5,726,000
8.328,610
170,000
$967,000
$5,579,000
$40,540,000
1,029,000
$33,994,000
7,283,000
8,229,000
5,709,000
6,925,000
'
1945
Ujlgawa Elec Power s f 7s
Union Electric (Mo) 3Ms
1962
Wl
s
J
J
...1952
108M
4s.-.1947
HOM
105M
3 Ms debentures
Union Pac RR 1st A Id gr
June 2008 M S
June 2008 M 8
1st lien A ref 4s
1st lien A ref 5s
11
116
31
104 M 113M
110M
111 M
73
107M 114M
105
106
67
115
14
97
New York
27
83 M
5
82
11
103
108M
O
"si"
Wl
s
73
Wl
s
♦108M
110
J
J
26M
28
A
{{♦United Rys St L 1st g 4s—.1934
Fdy conv deb 3 Ms. 1946
debs
1948
♦Un Steel Works Corp 6 Ma A..1951
♦Sec s f 6 Ms series C
..1951
♦Sink fund deb 6 Ms ser A...1947
United Stockyards 4 Ms w W..1951
73
81
75
37
33
69
H
60
$967,000
313,256,000
1,256,476.000
1,889,097,000
$40,540,000
$44,112,000
$1,591,195,000
$2,537,631,000
5,579,000
State and foreign
Railroad and
industrial
81M
109 M
19M
$3,605,000
7,654,000
32,853,000
215,299,000
33,994,000
Government
81
107
~14
371,040,940
6,771.930
Stocks
95 M
107 M
79 M
1937
1938
262,179,121
8,328,610
of shares.
Stocks—No
96
95 M
108
18
1937
1938
~
109 M 116
95M
Sts 5s—1952
United Drug Co (Del) 5s
1953
U N J RR A Canal gen 4s
1944
Week Ended Nov.
Jan, 1 to Nov. 18
Stock
Exchange
107M
94 M
O
...
Sales at
119
94 M
United Cigar-Whelan
Total
$335,278,000
$119,420,000
28
118
118
121
8
107
123M
104M
104 M
104 M
201
101
104M
48 H
47M
49 X
47
27M
49 M
48M
48 M
49 M
3
27M
49 M
48 M
47 M
49M
34
27 M
49M
92 M
90 M
92 M
5
94
6s.^..1944
1944
95 M
93 M
94 M
95 M
72
88 M
73
96M
127
-78 M
96M
1947
1959
56 M
56 M
57 M
27
45
60
56 M
56
57M
50
45
59 M
U S Pipe A
U S Steel Corp 3 Ms
Utah Power A Light
116M
109M
94 M
A
Utah Lt A Trac 1st A ref
10M
108M
Total
110M
7
~95M
5s—1950
35-year 3 Ms debenture
105
2
O
A
United Biscuit of Am deb
27
10M
M N
1970
1971
34-year 3 Ms deb
108 M
114M
5s—1945
{{♦Union Elev Ry (Chic)
Union Oil of Calif 6s series A... 1942
108M
10M
116M
108M
1st 6s
{♦Utll Pow A Light 5 Ms
{♦Debenture 5s
A
Vanadium Corp of Am conv 5s. 1941
1955 F
Vandalia cons g 4s series A
Cons s f 4s series B
1934
{♦Vera Cruz A P 1st gu 4 Ma—
{♦July coupon off
Va Iron Coal A Coke 1st g 5s... 1949
2003
Va A Southwest 1st gu 5s
1st cons 5s
99 M
♦104M
O
A
1957 M N
J
39
Wl
J
.1958 A
the daily closing averages
as
compiled by Dow, Jones &
Date
,
44
45
35
100
75
60
39
63 M
Rail¬
trials
75
60
20
roads
"15
Utili¬
ties
45
♦75
30
Indus¬
2M
*1
45
Exchange
"
~
Bond*
10
104
J
S
Co.:
Stocks
105M
O
of representative
listed on the New York Stock
101
77
104
H
J
are
stocks and bonds
95M
104 M
J
J
101
.....
Stock and Bond Averages
Below
Total
65
Stocks
10
10
First
Second
10
Indus¬
Grade
Grade
Utili¬
40
trials
Rails
Rails
ties
Bonds
53.09
106.10
90.00
53.80
106.09
90.24
53.82
106.06
90.20
93.97
54.70
106.04
90.51
94.30
55.49
106.23
90.83
94.45
55.98
106.20
90.96
30.80
22.95
49.60
152.78
31.75
23.60
50.71
93.83
17
16
107.24
Nov.
151.54
31.28
23.17
50.17
107.22
93.71
Nov.
.
149.93
93.52
18
107.29
Nov.
I
15
154.66
31.95
23.87
51.27
107.32
Nov.
155.61
32.36
24.05
51.65
107.30
158.41
33.17
52.70
107.23J
24.69
Total
•
New York Curb
3132
Exchange—Weekly and Yearly Record
Nov.
19,
1938
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the
only transactions of the week and when selling outside
of the regular weekly range are shown In a footnote In the week In which
they occur.
No account Is taken of such sales in computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Nov. 12, 1938) and ending the present Friday (Nov. 18, 1938).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include
every security, whether stock or bond, in
which any dealings occurred during the week covered.
week
Sales
Friday
Last
Par
Week's Range
of Prices
Low
High
Week
Price
Acme wire v t c com...20
29
Aero Supply Mfg class A
20%
*
Class B
11%
Investors common...*
Conv
Warrants
Alabama
19
6
Nov
Jan
37
July
5%
8,100
1,800
7%
200
11%
Mar
22
Sept
Apr
%
Jan
61%
Nov
22
Invest
%
1,000
*16
25
73X
170
64%
73%
66 X
33%
60%
120
44%
IX
IX
$3
pref..
conv
9
9
100
Class A
conv
Aluminum
6%
Co
U9 X
113%
100
Aluminum Goods Mfg...*
Aluminum Industries com*
Aluminum
Ltd
14 X
139 X
"19
IX
*
11X
33
.114
16%
Preferred
Mar
3
June
6%
Feb
67
Mar
145%
Nov
.
%
"300
112
22
Brill Corp class B
Mar
64
Mar
12%
Jan
July
100
2X
27
16%
1%
17%
2,100
25%
100
16
17%
375
30%
Jan
Mar
3%
27%
Mar
30%
Mar
12%
Mar
37%
115%
5%
28%
1%
200
4%
1,100
2
10C
29%
29%
10%
50
15
300
mmmmm
mmmmmm
21%
400
Class A
Feb
Oct
*
Brown Fence & Wire com.l
pre!
Oct
10
Mar
18%
Aug
Oct
22
June
preferred
Buckeye Pipe Line
Cable Elec Prods vto
1
Jan
Apr
32
%
%
10%
1,200
Nov
5
5%
1%
1,500
3
%
74
_
12%
108%
24
1%
3%
12%
3
3%
«.
-
7%
5%
6%
85%
7%
4%
l
Jan
Carrier Corp
Feb
Nov
7u
Feb
Mar
4%
Jan
Mar
4%
Jan
7% May
86
Nov
5
Mar
9
July
3%
Mar
5%
Nov
8%
Mar
%
%
Aug
Apr
3%
Mar
>«t
Jan
9%
%
1%
9%
*32
1,400
15,000
1,800
3,200
X
300
%
Jan
Mar
*u
Mar
3%
100
2
Sept
3%
Nov
50
67
Mar
%2
%
%
%
3
98
3%
98
3%
26%
3%
2,600
28%
140
"~»ia
*
21%
5
%
1%
"l6
21
1
'
2,800
718
5,300
0%
%
800
1%
%
6%
200
5
6%
5%
4
200
Jan
1
Jan
1%
Oct
11%^
*i«
Mar
98
Mar
5%
Mar
30
Mar
1%
25%
Mar
%
Mar
Mar
Jan
$7 dlv preferred
1st preferred
45%
Nov
43
34%
3,800
7%
9,700
2%
6
20
1%
9%
"7%
20%
0%
7%
preferred
10
Chesebrougb Mfg
25
Jan
Mining
Preferred
—•
Nov
City & Suburban Homes 10
Clark Controller Co
1
Claude Neon Lights Inc..1
Mar
1%
9%
2,500
1
Mar
150
7
June
7%
1,300
2,000
7%
8%
(L) Co com...*
5
14
13
Beech Aircraft Corp
1
Bell Aircraft Corp com.-.l
4%
25%
3%
21%
June
4% May
4%
7% 1st prferred
100
Beaunlt Mills Inc com..10
r $1.50 conv
pref——20
Apr
July
51
5%
8%
100
Bell Tel of Pa 6%% pf.100
Benson & Hedges com...*
Conv pref
....
5%
14
4%
Mar
100
3
May
300
11
"""
27%
8%
7
5,500
34,400
17,300
Jan
Jan
7%
Nov
9% July
4% July
63% Mar
6% June
Clayton & Lambert Mfg..*
Cleveland Elec Ilium
*
Cleveland Tractor com
*
Clinchfleld Coal Corp.. 100
Club Alum Utensil
Co...*
Cockshutt Plow Co com..*
Colon Development ord
Nov
4%
Nov
8%
Mar
Mar
27%
8%
Nov
2%
119%
Nov
6% cohv preferred.
£1
Colorado Fuel & Iron warr.
Colt*8 Patent Fire Arms_25
Columbia Gas & Elec—
147
117% 118%
15%
15%
28% 29%
50
113%
Apr
July
50
5%
Mar
18
Aug
175
14%
Conv 5%
preferred—100
Columbia Oil & Gas
1
Columbia Pictures Corp..*
Mar
29%
Aug
1%
Jan
X
Jan
500
•%
300
34%
34%
25
*
*i« May
9%
30
Mar
13
Mar
37
Oct
Feb
Oct
*
Oct
& Southern
Warrants
Commonw Distrlbut
1
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv„1
Jan
Feb
Aug
%
600
7i«
Oct
88%
20
65%
Mar
80
20
60
M ar
4,000
16
300
17%
Apr
22
6%
300
4%
May
17%
400
6%
Mar
89%
250
5%
600
5
Sept
17
Apr
1%
50
3
Apr
June
Mar
29
29
501
14
Mar
63
30
48
Sept
10%
Mar
68%
"63"
May
13%
13%
66%
13%
88%
88%
90
9%
8%
86%
86%
1%
1%
7n
300
70
10%
87
4%
4%
12%
12%
200
64
1
3
Mar
150
6
Mar
6
Nov
3
Mar
3%
Mar
325
6
5%
50
4%
m m mm.
m
4%
400
7%
"115%
73%
7%
.
200
6%
6%
16
r
200
16
50
115% 117
71%
75%
8%
8%
%
%
48%
56%
.
'
"50%
7%
36%
5
June
Mar
5
12% June
550
97
3,600
40
Mar
Jan
100
5%
Mar
1,200
X
June
1.350
Mar
5%
Sept
1,500
40%
20%
4,400
9
7%
36%
X, .Sept
500
5%
13%
6
Mar
Mar
2,700
5
m
Apr
4% June
2,800
2
7i«
-----
75%
3,900
21%
Mar
2
33
10
20
Mar
57
150
29
49
7
Mar
33
47
~~4§"
51
7
•
26
Feb
4
Mar
300
13
2,800
1
2%
18
""i'x
1%
Feb
50
700
7%
19
1%
Mar
Sept
Jan
2%
"33% "33%
Mar
450
35
30%
Feb
3%
5%
5%
400
""2%
2%
1,800
Mar
1% June
"
2%
8
8
2%
4%
7%
2%
1.600
4%
100
100
1
Mar
7
Mar
'
4%
9%
5,300
74
7%
69
74%
2,600
57%
57%
61%
150
3%
5,700
1% June
3%
3%
45
3%
3
Mar
Mar
Mar
Commonwealth
% May
%
167
Apr
%
24
86%
"
14
Mar
10
•n
For footnotes see page 3137.
10
Jan
Jan
BB
P & L $7 pref. *
167 167
Berkey & Gay Furniture. 1
.*
Oct
1%
22%
9%
1%
2%
v
Sept
Sept
7
4.300
86%
*
Cities Ser
Sept
1%
%
2,800
mmmmmm
100
*
June
...
Apr
1%
7,000
*
preferred
%
—
*
Preferred
City Auto Stamping
4%
1%
mm
3%
*
Nov
11%
400
24%
Chllds Co preferred.... 100
Cities Service common
10
8
150
3%
3%
■
Mar
500
Mar
19%
6%
1
Oct
200
Oct
19
24%
100
37
1%
21
""3%
100
pre. erred
Conv preferred
100
Conv pref opt ser '29.100
13% Mar
19
June
8%
8%
1%
1%
8%
6%
18
25
16%
Cent Pow & Lt 7% pfd 100
Cent & South West Utll 60c
Cent States Elec com
1
$6
Purch warrants for com.
preferred
30
Baldwin Rubber Co com..
7%
Basic Dolomite Inc
com_.l
Bath Iron Works
Corp
l
420
19%
6%
Cent Hud G & E com
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Preferred B
39%
100
500
21
23%
%
*
*
Chief Consol
Aug
31
20
31%
80
7% 1st partlc pref... 100
Celluloid Corp common.15
Jan
Nov
41X
mmmmmm
88
£
00 00
1
new conv
Jan
2%
3%
31%
mm
%
mmrn'mmm
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
July
17%
Mar
m
mmmmmm
Nov
1%
1%
m
mmmrnrnm
Apr
18,000
m
2
Cherry-Burrell common..5
Mar
3%
m
Mar
15
Charls Corp
15
3
Apr
%
Oct
13
11
Jan
4%
m
1
Jan
25
Axton-Fisher Tobacco—
»ii
3
Jan
25
21
600
20
Centrifugal Pipe
»
*
Chamberlin Metal Weather
Strip Co
5
July
Jan
2%
9%
8%
Mar
Oct
Jan
Nov
Sept
2,000
23%
%
1%,
2%
16
11%
"le
1
Celanese Corp of America
Mar
Mar
Mar
10
31
mrn'm
mt
Castle (A M) common..10
Catalln Corp of Amer
1
69
Aug
1%
3
Carter (J W) Co common. 1
Casco Products.'
*
500
2%
1,900
21
1
com
16%
%
6%
%
7%
"20
Carolina P & L $7 pref.—*
$6 preferred
*
109%
»16
Assoc Laundries of Amer. *
Common v t c.
*
Assoc Tel & Tel class A.
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries.
Atlantic Coast Line Co..50
July
Carnegie Metals
Apr
4,300
100
200
mmrnrn'm
"11"
*
common
Apr
Oct
7%
A pr
*
Carnation Co
Feb
4
Apr
400
*
2%
4%
•
600
20
Oct
27% * Oct
Oct
Oct
18%
,1,100
*
Carman & Co class A
Class B
400
•i«
•
2%
5%
9
9
4
2 *%
21%
106%
16%
18%
2%
2%
2%
3%
-
mmm
1
2%
6,000
85%
Mar
B non-voting
Canadian Marconi
»u
2,400
1,000
mm
Apr
May
88
200
21%
106
%
Capital City Products...*
Carlb Syndicate
..25c
Jan
1%
75
Mar
96
40
6
Jan
Sept
2%
7%
400
3%
3
Aug
7%
1%
1,200
%
3%
11%
8%
3%
900
""166
13
%
3
6
200
108% 109%
X
$6 preferred
1%
3%
-
Mar
Mar
'
% Mar
55% June
9,800
74
20%
....
Bardstown Distill Inc-_
1
Barium Stainless Steel... 1
Barlow & Seellg Mfg A
5
21%
106
*
Mar
Oct
2%
14,200
29
27%
mmmmlmm
Cables & Wireless Ltd—
Am dep 6 % % pref shs £1
%
Oct
7%
Jan
Apr
1% May
6
Calamba Sugar Estate..20
Nov
400
28
Camden Fire. Ins Assoc
5
Canadian Car & Fdy pfd 25
Canadian Indus Alcohol A*
% June
3
6%
6%
50
Jan
55
Nov
Mar
5
300
6
Oct
Jan
7%
14
1
com
Sept
16
July
15%
350
*
Brown Rubber Co
Bruce (E L) Co com
70
30
Sept
%
*
23
26%
23
7
mm.*.
Brown Forman Distillery. 1
Apr
Apr
11%
Mar
300
2%
mmm
16%
20
%
20
""2%
700
*
%
20
Burma Corp Am dep rets..
Burry Biscuit Cor p.. 12 %c
26
Apr
22%
100
*
{Brown Co 6% pref—100
Bunker Hill & Sullivan 2.50
Mar
23%
*rnm
Nov
400
£1
common.....10
mmm
July
June
Apr
28
23%
£1
Am dep rets ord reg-.lOs
Buff Niag & East Pr pref 25
$5 1st preferred
*
14%
Mar
23%
23%
July
55
Arkansas P & L $7 pref..*
Art Metal Works
com...6
Ashland Oil & Ref Co
Associated Elec Industries
Amer dep rets reg
British Celanese Ltd—
'$6
18
Mar
Tobacco—
14%
30%
*
CSi
Amer
33
500
lli«
"If
Apr
Apr
6%
28%
19%
Apr
50
10
Babcock & Wilcox Co
..*
Baldwin Locomotive—
«•
21%
Am dep rets ord bearer£l
Class A
10%
w
Mar
28
Arkansas Nat Gas com...*
Purchase warrants
Blckfords Inc com
British
m
*
Nov
Nov
m m
Mar
55
*
p..
m
Sept
May
X June
% Mar
mmmmmm
1%
preferred
Mar
Apr
70
mmmmmm
3%
British Amer Oil coupon.. *
Jan
Nov
July
m
mmmmm
"
8
50
28%
Anchor Post Fence
...
Mar
2
mm
*
23
54
American Thread pref...6
Angostura Wupperman..l
Apex Elec Mfg Co com..
Appalachian El Pow pref *
{Arcuturus Radio Tube.-l
Apr
2%
2,000
Mar
2%
4%
..*
21
_...*
Avery (B F)
Apr
Mar
Oct
Oct
July
104
600
15%
25%
Automatic Products
Automatic Voting Mach.
30%
8%
19%
10,300
15%
Atlas Corp warrants
70%
3%
15%
%
100
300
Atlas Plywood Corp
Austin Silver Mines
24%
25
300
18%
Class A
Mar
Apr
10
14,600
20%
29%
IX
1%
11X
11%
32%
30%
114X 115%
5X
5%
25% 25%
18
Amer deposit rets
Assoc Gas & EJec—
Aug
Apr
July
Aug
Apr
1%
05
18
Common class A
Preferred
%
Sept
60
4~906
4%
Mar
mm
Brillo Mfg Co common...*
Oct
Mar
%
10%
1,000
2,200
9%
5%
Sept
7%
Nov
1%
100
Bright Star Elec class B._*
Oct
Mar
6%
200
30
"5%
3
Class A
Feb
Mar
8
000
10
7,700
14%
Amer Laundry Macy...20
Amer Lt & Trac com...26
Seal-Kap com
2
Superpower Corp com*
7%
25
25
Amer Meter Co
*
Amer Pneumatic Service.*
Amer Potash & Chemical.*
Jan
Mar
14,100
30
%
1%
7%
31,500
100
"Ie~~
400
2,600
8%
Oct
Jan
3%
11%
19%
Nov
11%
8%
13%
Amer
7
7
350
7%
13%
American Republics
"10%
18
7%
13X
6% preferred
'...26
Amer Mfg Co common 100
Preferred
...100
Amer Maracalbo Co
..1
Mar
10%
26X
26%
Apr
%
Aeronautical__.l
22%
2
9%
2%
1,300
Bridgeport Gas Light Co.*
Bridgeport Machine
*
$2.60 preferred
1
Amer Hard Rubber Co..60
Amer Invest of 111 com...*
pref
Aug
2d preferred
*
Brazilian Tr Lt & Pow—*
Breeze Corp
1
200
11%
27
50
100
1%
Brewster
4",300
"i'x ""lX
2
9%
5%
Nov
5%
conv
Feb
Nov
British Col Power cl A
$6 preferred..
$2.50
100
X
Mar
9%
1%
17%
Nov
American General Corp 10c
$2 preferred
1
Bellanca Aircraft com
Bell Tel of Canada
7% 1st preferred
Mar
10%
1%
17%
3%
10%
6%
mmm m m
*
Nov
X
27
40
Mar
1
100
114
25%
Amer Fork & Hoe com..*
Amer Gas & Elec com...*
Baumann
Oct
4%
5%
m
Bowman-Blltmore com...*
1%
4
21
124
1%
22%
IX
Amer Cysnamid class A. 10
Class B n-v
10
Amer Foreign Pow warr...
Class A
Bourjois Inc
Jan
11
2
Class A
26
Class A with warrants.25
Class B
........1
0% preferred w w
0% preferred xw
Warrants
Aviation & Trans Cor
Oct
Oct
2%
4
20
Apr
"
warrants
76
9%
Mar
10c
Centrifugal Corp..l
% June
Apr
44
900
22
%
34
1%
Mar
50
11
3,300
2,800
1,400
8%
10%
44
11-
Mar
12%
3,150
1
Am Cities Power & Lt—
Option
43%
8%
67
Mar
Mar
11
68
3%
19
*
Common..
1%
43%
(H C) Co com...*
7% 1st preferred
100
Borne Scrymser Co..—25
Sept
4%
395
93
50
145X
139
10c
$3 preferred
$6.60 prior pref
1st $6 preferred
$6 series preferred
1
*
*
Registered
Common class B
Am
com
Aug
94%
Amer Box Board Co com.l
American Capital—
Class A common
Bine Ridge
Bohack
6
10
1%
20 '
$3 opt conv pref
Biumenthal (S) & Co
Corp
800
3,900
000
■
100
Inc.. 10
American Beverage com..l
American Book Co
100
Amer
124
113% 114
14X
14X
3%
common.*
6% preferred
American Airlines
119
9
13%
22%
Nov
Nov
Low
25,000
9%
9
20%
Aug
May
0
8%
12
Range Since Jan. 1, 1938
Shares
4,510
19X
19X
common..
8%
"l2
Bliss & Laughlin com
%
26
com
1
common
8%
10
preference
Mar
Price
Nov
3%
Mar
Week
*
W)
Apr
%
900
....
com
Aug
for
of Prices
Low
High
*
Blauner's common
Mar
2
Allied Internet Invest com*
Allied Products
Oct
61 x
com
10%
12%
Mar
1
AlJes & Flsber Inc com...*
Alliance
Nov
2,100
~73X
*
•-
20%
Mar
04 %
Ala Power $7 pref
—
Apr
7J«
Southern..60
$0 preferred
Feb
2%
61%
%
Gt
14%
23
200
Birdsboro Steel Foundry
& Machine Co com
Bliss (E
Feb
12%
3%
2X
22
34
8%
8X
3 %
-*
preferred
X
Par
Week's Range
Sale
High
17% June
200
34 %
7
Low
14,500
5
.
34
7%
Air Associates Inc com...I
Air
4
34
Last
STOCKS
100
20%
19X
4%
Agfa Ansco Corp com
1
A Ins worth Mfg common. 5
Range Since Jan. 1, 1938
Shares
29
Sales
Friday
for
Sale
STOCKS
47% June
X
X
2%
Sept
13%
July
10,400
Aug
1
100
31%
32
100
10
Mar
27
28%
275
17%
Sept
%
600
%
Apr
1
28%
%
%
%
Feb
Volume
Week's Range
for
Sale
of Prices
Week
Low
Price
1
1946
16 X
1
Consol Copper Mines
7
6
16N
Nov
800
3n
Jan
7n
Sept
Mar
8N
Oct
72
8,900
2,200
55
Mar
74
July
100
u3
Aug
117
Nov
8%
62 N
*i«
Apr
48 n
Apr
65m
Mar
Consol Royalty OU
Consol Steel Corp com...*
IN
100
IN
7N
IN
Oct
*
*
Copper weld Steel com..10
Coiroon & Reynolds—
21
27
Common
Nov
un
Sept
Gen Gas A El 6 % pref
Apr
54 n
Mar
Mar
10n
Oct
Mar
Nov
May
8
July
300
June
30
Aug
100
27
2N
2N
21
4n
18 n
in
Mar
14
May
53 n
"~N "I
preferred—-60
6N
6N
n June
4n June
3~6oo
200
£1
6n
Oct
Cramp (Wm) A Sons com.l
n
May
Ltd
6
22 H
22 N
8N
8N
N
3N
2N
ION
3N
3N
ION
1,200
IN
IN
1,700
Crocker Wheeler Elec—
Croft
1
Brewing Co,
Crowley, Mllner A Co..
Petrol (Md)_5
Crown Cork Internat A..*
Crown Cent
2N
6,000
2,600
2,600
140
3N
3N
3N
*
44 N
47 N
Cuneo Press Inc
6 N% preferred—..100
Darby Petroleum com...6
Davenport Hosiery
8
16N
Mills.*
com.*
""300
100
15N
17
600
25
25 N
300
5N
Stores
Dejay
1,500
25
35
A
16N
100
15N
Dayton Rubber Mfg
Class
8N
5N
400
Detroit Paper
15N
300
10N
Mar
IN
800
in
Mar
22 N
Nov
1N
Jan
9N
Jan
Non-vot
com
Mar
71
Nov
stock..
1st preferred
7%
Apr
Apr
125
Aug
"Ion
July
Gt Northern Paper
66
N
100
10N
1,300
5N
3N
15n
2n
Nov
July
71
3n
63
1,250
July
"l8N
Aircraft Engl
Grumman
100
117N
25 N
39 N
Nov
Mar
8N
Aug
2N
1,200
4N
N
Mar
3
17.N
19 N
32,800
2,700
7,400
8N
May
19 N
Nov
Sept
'16
Nov
46 N
July
90 N
Nov
*18
7
318
39N
11
11
60 N
60 N
Oil
25
Corp
'""loo
21N
Nov
24 X
Feb
3N
8N
1,500
2N
Mar
3 n
Jan
Jan
Haloid Co
13
Sept
16 X
July
Hartford Elec Light
Mar
67
Nov
4N
4N
5N
5
7N
12N
1,400
4,300
7N
200
14N
5,300
Apr
6n
Jan
May
9n
Feb
3N
6
Mar
7
14 n
Nov
3n
Jan
350
14
Mar
26
24
450
13
Mar
26
400
58 N
58 N
3N
14N
17N
IN
13N
63 N
65
65
69 N
3N
"II
ION
1
2N
1
2N
1,650
750
10
6n
N
sept
Sept
Sept
Apr
Mar
2n June
52
May
31
Jan
Nov
13
in
Jan
Jan
Oct
4n
Jan
Jan
15
Nov
10n
Apr
17 n
Nov.
1,100
n
Mar
4N
Mar
in
15n
Jan
62,100
100
1,100
13
Hartman Tobacco Co
com.l
Hazeltlne Corp..,.
*
Hearn Dept Store com
5
6% conv preferred—50
Heela Mining Co
25c
Helena Rubensteln
*
Oct
28N
"16"
10
*
10
Hollinger Consol G M...5
Holophane Co common..*
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co com*
Horn (A C) Co common.. 1
Horn <fc Hard art...
*
IN
1
Electrol Inc v t c
Oct
Hummel-Ross Fibre Corp 5
IIussmann-Llgonler Co...*
700
2N
Mar
5n
July
in
Apr
2N
July
60
10
in
600
Apr
in
23N
50
July
70
6
Jan
Mar
i»i#
Sept
13
Jan
Oct
16 n June
31n
Jan
2N
Oct
24 n
Nov
58 X
Nov
May
42 N
45
28
Jan
56
46 N
46 N
28
Feb
55 n May
Jan
57 n
May
28
.
Jan
58
May
17n
May
22
Feb
6n
Mar
12
Oct
32
9N
*>!•
Equity Corp common.. 10c
Esquire-Coronet
,._1
9n
"i«
13ie
ION
Emsco Derrick A Equip..5
ion
un
11
1,300
5,700
6,300
n
Mar
13
Sept
31
Jan
9n
11,200
10
2
«n
July
ION
Nov
1
Falstaff Brewing
1
6n
Mar
10
Fanny Farmer Candy coml
16n
Mar
22
Mar
4
Metallurgical.
7N
20 N
1
20 N
7N
21N
4n
Mar
800
14n
11n
Sept
23
Mar
14 N
Mar
Sept
'm
'18
Jan
8N
Jan
Jan
N
"ie
2,400
64 n
(PhUa).lO
9N
1
Flak Rubber Corp
July
•i«
65 N
10N
50
39 n
Apr
4,100
4n
Mar
11N
Oct
77 N
350
48 n
Mar
77 n
Oct
__1
Fire Association
Apr
Nov
6N
300
Flat Amer dep rights...
Fldello Brewery
73
100
9N
73
68
Nov
Florida P & L 87 pref..
26
Mar
75 N
Oct
Ford Hotels Co Inc
*8N
Sept
z8N
Sept
Ford Motor Co Ltd—
3N
22 N
4N
23 N
24
*
3N
22 X
ord reg...£l
Ford Motor of Can c! A.
24
900
3N
1,800
14n
Mar
24
Oct
15
Mar
24 n
Oct
2N
Apr
50
Sept
....
5N
Jan
Ford Motor of France—
in
dep rets... 100 free
57
Nov
Mar
13 X
July
11N
Mar
15N
Aug
10N
July
14N
4,100
13N
200
9
22
100
18
3
200
Mar
May
Mar
8N
Oct
June
22
Oct
2N
Sept
4
Feb
400
21N
Jan
36
Oct
60
Jan
105N
Oct
13N
200
98 N
8
Mar
15
Nov
65
66 N
3,300
56
Mar
72N
July
4N
1,000
2N
11N
Sept
4N
Mar
4N
Mar
Mar
3
Mar
N
100
6N
12
Jan
July
9*
Oct
July
IN
IN
23 N
25N
250
15
June
4N
5N
1,800
2
Mar
5N
Nov
60
18N
18N
21N
6N
2,000
12
Mar
22 N
Nov
3
Sept
6N
9N
450
6N
Mar
13N
48 N "
7N
Jan
Oct
6% conv preferred
Dlv arrear ctfs
Illuminating Shares A
5N
5N
.*
Zinc
*
Imperial Chem Indus—£1
Imperial Oll (Can) coup..*
8N
8N
56
56
10
Indiana Service 6% pt.100
7% preferred..
100
Indpls P & L6N% Pf-_100
Indian Ter Ilium Oll—
Non-voting class A
*
""■400
1,000
50
56
IN June
Oct
Jan
8N
Jan
Sept
Sept
Mar
19N
Mar
19
M
15 H
Jui
'3",800
17N
15N
300
5O0
14N
15N
13 N
31N
31N
300
31 N
Nov
37N
Jan
400
6N
Aug
100
Jan
Sept
9N
5
16
Mar
May
82
Oct
Ap:
19N
"""l25
103
17N
♦
31N
65
6N
7
9
9
8N
162"
162"
102 N
Oct
Jan
IN
Feb
Nov
H
July
2,450
48 X
Nov
16N
Mar
Mar
69 N
200
23
Nov
1,000
8N
Apr
23
N
'
1
Oct
Sept
N
1
IN
N
Feb
Apr
Mar
8N
4X
Nov
Sept
31X
Mar
Mar
N
100
1
1
V t c common
7% preferred
100
Co of No Am. 10
Insurance
9N
9N
9N
68
69
21N
21N
18N
68
International Cigar Mach *
21
25
Feb
7
Elec—-
$3.50 series...^.50
purch warrants.
Internat Metal Indus cl A *
Internat Paper & Pow warr
International Petroleum..*
Registered
International Products.Internat Radio Corp
1
Internat Safety Razor B_*
International UtilityA stock
A...
B
7N
7N
75
3N
3N
27 N
27 X
4N
28 N
8,700
5,100
preferred.
6
21
IN
13
Oct
Oct
N May
100
22N
3N
12N
3N
1,400
2N
Sept
Mar
31
13N
3,800
5
Mar
14N
N
N
300
8N
8N
N
28N '28N
3N
12 N
i
$3.50 prior pref
N
1
1940..
Vitamin.
Interstate Home Equip.. 1
6
Mar
9
600
N
7N
Mar
May
1
Jan
10
Nov
24 N
Apr
35
Nov
10
100
34
100
"T
5N
"4N
6
Feb
Nov
June
200
Tioo
1,300
Jan
Feh
N
Jan
2H Mar
2N June
4N
July
6
Nov
ht
5N
1
Jan
10
4
4N
Aug
N
34
*
*
Warrants Berles of
International
Jan
"17N "l8~"
Class B
Pref
Jan
Nov
56
Industrial Finance—
Internat Hydro
July
15N
*17N
-_*
Registered
$1.75
Mar
5N
IN
Class
3137.
40
4N
Class
For footnotes see page
50
23 N
Indiana Pipe Line.
Mar
Falrchlld Aviation
5
Nov
Hydrade Food Prod
5
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co...*
Jan
Mar
J14
warrants
Corp
Sept
5N
2N
33 N
Imperial Tobacco of Can.5
Imperial Tobacco 01 Great
Britain A Ireland....£1
European Electric Corp—
Fedders Mfg Co
Nov
UN
41 X
1
Jan
«ie
May
7
19
Eureka Pipe Line com..50
9N
26
Mar
300
7% pre£ stamped —100
Hydro Electric Securities.*
25
Oct
Mar
{Huylers of Del Inc—
700
"SOO
Oct
Sept
8N
Mar
13
4N
10N
'
Oot
13N
Mar
72
8
Sept
Oct
27
9
35
104 N 105N
Mar
Illinois
100
100
.TOO
100
Empire Power part stock. *
3N
57
33 N
2
Empire Gas A Fuel Co—
preferred
6 N% preferred
7% preferred
8% preferred
Mar
3
2
Empire Dlst El 6% pf 100
6%
May
100
40
65N
10
Oct
6N
5N
._*
preferred
Oct
Jan
2N
5N
5N
Apr
Mar
Jan
Jan
30 N
12
22
100
6
5%
5
23N
Elgin Nat Watch Co....15
100
Aug
29 N
9
Mar
20
4,100
6N
6
June
4N May
100
11
xUH
Humble Oil A Ret
2N
10
600
28
Mar
13 N
2,700
e;
9N
13
Hubbell (Harvey) Inc
2n
Elec Shovel Coal $4 prel..*
1
29N
8N
Oct
72
*
$6 conv pref ww
1.000
67
Heyden Chemical
Hires (Chas E) Co cl A
froe (R) & Co class A
Common
Eleetrographlc Corp
5
X,
2N
2N
IN
IN
6
2
1
July
1,500
40
Oct
Electric Shareholding—
a
64
Nov
*18
Oct
101
18
4N
warrants
Apr
Apr
-.25
w
Oct
Jan
Jan
Hewitt Rubber common..6
7
6n
12
100
65
35
Mar
IN
6N
70
Mar
9
1
2
Mar
15n
200
-
Mar
100
July
50
27
42
1,000
3N
50
6
36
1,600
Mar
100
28N
6
800
2N
2N
Oct
IN
""600
4N
*
w
7N
1
IX
4N
Hat Corp of Am cl B
Preferred
June
*18
1
Heller Co common..
Jan
500
*
Brewing Co
Harvard
Feb
IN
60 N
1,400
32 N
2N
2N
31
*
Nov
5n
24 N
IN
A
Jan
n
22
Electric Corp
Elec P&L2d pref A
Nov
23
"ihx
Elec Power Assoc com
67
in
14N
16N
..*
Mar
54
21n
3N
...
Feb
825
22
Elec Bond A Share com..
2
1,600
9N
Economy Grocery Stores.
Stores
Sept
2N
26N
15 N
13
23
series A...
$6 preferred series B
Easy Washing Mach B
Oct
Mar
Mar
81
50
100
~"2N ~~2N
25
Class A..
Eastern States Corp
$7 preferred
24
110
33*
5
Hartford Rayon v t c.-i.l
Mar
40 N
Jan
72
$6 preferred
Sept
June
Oct
650
5
Gull
9
"12N
36
11N
1,600
39 n
Guardian Investors
21N
.50
Oct
124 N
39 N
7N
1
38 N
7N
"21N
65
Jan
2N
~39~"
Grocery Sts Prod com..25c
Jan
n
9N
123 N
100
25
*
Greenfield Tap & Die.
8n
Eastern Malleable Iron..25
Amer
Mar
Mar
Mar
Mar
1,300
8N
100
12 N
B
13 N
21N
X
8N
*
Gypsum Lime A Alabast.*
Hall Lamp Co
*
IN
23N
Am dep rets
200
21N
6
,
Jan
13N
Class
21X
47
5
1
preferred
July
Oct
23 N
Ferro Enamel
24
9N
Gulf States Utll $5.50 pref *
100
$6
extend
230
Common,
Fansteel
Apr
Oct
4N% prior preferred. 100
Common
100
16
Grand Rapids
700
"4N
Eagle Plcher Lead
10
East Gas A Fuel Assoc—
preferred
preferred..
3H
20 N
*
12
Duval Texas Sulphur
preferred
*14
Feb
Sept
65
Oct
»u May
3n
n
98
2
N
2N
20 N
16 n
9
"i~66o
Feb
Sept
100
H
2N
,
35n
IN
Jan
17N
88
Mar
IN
35
20
1,300
May
11n
July
Mfti
Sopt
97
May
103
7
4N May
26
150
II
400
Jan
500
14
22
Feb
6N
11
2N
65N
100
Duro-Test Corp com
Option
V t c agreement
Apr
4,800
Oct
7N
41
97
*
preferred
Gorham Mig Co—
5
June
62
Mar
June
Nov
ION
"Ion
100
200
Oct
7
30 N
300
in
Jan
30
*
53
6N
5N
5N
Godchaux Sugars class A.*
Class B.
..*
Inc class A
5N
5N
Glen Alden Coal
$7 preferred...
May
4N
100
200
8N
Durham Hosiery cl B com
Option
*
2N
100
Duke Power Co
Class
Co
11N
"In
Nov
30
64 N
20
20
95
100
*
64 N
Dublller Condenser Corp
$6
Gilchrist
*
common...*
UN
10
July
57
S5 preferred
3N
Coal B 25
Sept
82 N
15N
2N
21N
48
Great Atl A Pac Tea—
Feb
9n
Oct
Mar
Apr
30 X
2N
Co common. 1
preferred
$5
IN May
3n
15
58
{Grand Nation'1 Films Incl
Varnish...*
Gray Teleph Pay Station. *
Jan
58
July
IN
Mar
40
200
82 N
81N
81N
Jan
7n
53
Aug
31N June
Jan
40
Mar
8N
Apr
Nov
Mar
Aug
July
Mar
Nov
Mar
Oct
*44
80
4N
16n
17n
Oct
58
Feb
30
TOO
100
48
15N
Corp
Driver Harris Co
Elsler
Aug
July
26 N
26
IN
Truck com..l
Dominion steel &
Edison Bros
24
2
30
..£1
6%
July
N
1
com
Apr
5n June
Prod—...1
Distillers Co Ltd
7%
in
50
51
"15"
100
preferred A
Apr
in Sept
37n June
Corp...6
Draper
Jan
Sept
Sppt
Oct
Nov
preferred
_.*
Georgia Power $6 pref--.*
Aug
IN
Distilled Liquors
Dobeekmun
July
in
20
Apr
65
S3
10n
300
Diamond Shoe Corp com. *
Dlvco-Twln
6%
Gen Water G A E
109 n
1,100
500
11N
July
N
Jan
15N
46
10
75N
48
Jan
9N
2N
*18
19 N
Nov
72
"l4N
Mar
IN
Products_.
Detroit Steel
Nov
Jan
Mar
Mar
9
600
14N
*
Nov
3n
July
N
Gorham
9N
14N
2N
Jan
Feb
16N
48
48
Goldfleld Consol Mines.. 1
May
Oct
2H
40 N
Nov
IN
Det Mich Stove Co com..l
12
100
400
75N
July
5n
89
14
13N
N
5n
17
Apr
Mar
Oct
41N
47 n
10
Aug
18X
18N
14
Mar
102
5n
12
IN
18 X
May
2N
25
Jan
Mar
*
Preferred
Jan
87
General Tire & Rubber—
Gilbert (A C)
14N
Detroit Gray Iron Fdy.,.1
Jan
Jan
Jan
43
Nov
800
2X
*
.
preferred..
conv
Jan
IN
20
6% pref w w
13 X
$3
5
9N
*
preferred
A conv
Detroit Gasket & Mfg.
Jan
5
25
Dennlson Mfg 7% pref 100
Derby Oil & Ref Corp com*
2n
Jan
Mar
25N
Mar
75
10
87
IN
Telephone com.20
Nov
7
44 N
.
Gen Rayon Co A stock
General
Mar
Sept
10
Mar
*•4 May
Nov
«i«
June
Oct
18
*
July
3n
75
10N
n
10
preferred
6%
B
preferred
Mar
I
Nov
78
Warrants..,
Mar
Crystal Oil Ref com..—*
Cuban Tobacco com v t c_*
$6
3n
8
300
25
Preferred
Sept
"166
78
87
Gen Outdoor Adv 6% pUOO
Gen Pub Serv $6 pref
*
17 n
3
Sept
21
Investment com.l
in
27 n
14
com—26c
Crown Drug Co
General
2N
N
24N
ION
716
r3N
Creole Petroleum
19N
78
Amer dep rets ord reg.£l
Gen Fire proofing com...
*
preferred A
Cosdeu Petroleum com—1
5% conv
Courtaulds
11
Mar
100
Nov
Mar
9N
28
20
100
*
May
4n
12N
art 8
Gen Electric Co Ltd—
200
6N
25N
2-N
preferred
General Alloys Co
Jan
6N
1,600
21
6N
5%
Oct
n
86
4n
51
9N
8N
Mar
7N
300
*
S4 preferred..
Cooper Bessemer com...
$3 prior preference
Copper Range Co
Jan
5 N
com
1,600
ION
9H
9N
9N
~iV~
*
7n
Apr
Mar
14 X
500
1
(Geo A) Co com
$3 conv preferred
Gatlneau Power Co
*18 May
9N
Fuller
17 n
1
Jan
Mar
6N
600
12n
UN
15
in
Continental Oll ot Mex_.
& Varnish.-
pref
Fruehaui Trailer Co
Oct
July
5
2N
200
18
8%
17N
8N
par tic
600
9N
4
87 n
2n
3,900
pi 100
Cont Roll A Steel 1 dy—*
Oct
Com
4N
6N
1
Common
July
67 n
6N
10N June
5N July
Jan
Apr
7N
4% conv preferred.-.100
Gamewell Co $6 conv p'__*
70
100
10
High
Low
Shares
6
in June
1
preferred
May
in
500
2n
62 N
5,800
IN
65N
N
Consol Mln & Smelt Ltd.5
Consol Retail Stores
Mar
117
7H
Price
Froedtert Grain A Malt—
3n
11
71
1
Consol Gas Utilities
7
115
72
100
6% pref class A
$6
Week
(Peter) Brew Co
Franklin Ryaon Corp
500
16N
6N
7%
Consol GELP Bait com *
Cook Paint
for
of Prices
Low
High
Fox
Consol Biscuit Co
Cont G A E 7% prior
Week's Range
Sale
Par
Compo Shoe Mach—
8%
Last
High
Low
Shares
High
Range Since Jan. 1, 1938
stocks
(Continued)
1, 1938
Range Since Jan.
Last
Par
Sales
Friday
Sales
Fiiday
STOCKS
CContiuued)
V t c ext to
3133
New York Curb Exchange—Continued—Page 2
147
New York Curb Exchange—Continued—Page 3
3134
Sales
Friday
STOCKS
Last
Week's Range
(Continued)
Sale
of Prices
Low
High
Par
Price
Interstate Power $7 pref—
5%
1
t c—*
Investors Royalty
Iron Fireman Mig v
0%
Friday
Range Since Jan. I, 1938
for
Week.
Shares
Low
170
2%
"l6~
Irving Air Chute
—1
Superpower A..-*
(F L) Co--1
Jeannette Glass Co-*
"l8
"""306
17%
16%
%
%
600
'*4%
4%
4%
3,000
Italian
Jacobs
11%
7%
1%
18
1%
2,900
2
%
2
7%
preferred
100
6% preferred-100
7% preferred
100
Jones 6c Laugblin Steel-100
73%
79%
400
74%
1%
200
62%
42%
Jan
Oct
Mar
Oct
May
Sept
18%
%
Nov
7%
3%
Jan
Jan
11
11
Nov
81
Nov
National P 6c L $0 pref---*
National Retinlng Co—25
92
Nov
Nat Rubber Mach
*
Nat Service
Aug
32%
113%
Aug
May
Mar
7%
Mar
6X
,
104
1%
Jan
Oct
15%
Jan
Nebi Corp common
*5 %
12%
12%
100
5%
800
"49% "50%
MOO
44%
4,600
1%
03%
Jan
Lake Shores Mines Ltd—1
Lakey Foundry 6c Macb-1
49%
3%
Lane Bryant 7% pref--100
64
3
3%
64
65
20
„
—*
*
4%
Develop.—25
29%
29%
32
6
15%
15%
15%
*
20
20
21%
12
12
200
10
21
21
50
Lit Brothers common—.*
2%
2%
Locke Steel Chain———6
Lockheed Aircraft
13%
26%
14%
13
29%
9%
10%
1%
7% preferred
100
0% pref class B——100
1%
24
'
6%
July
»n
32
Jan
5
common
Mangel Stores
preferred
Mapes Consol Mfg Co
18%
19
25
Jan
1
Mar
3
July
19
Mar
24
Nov
7%
6%
6%
Mar
16%
Mar
29%
Aug
Nov
Mar
10%
Oct
%
Sept
1%
July
%
90
Oct
Mar
%
400
1
July
4
650
24
Mar
39
1,300
%
100
2%
100
Jan
Oct
July
% Mar
% Sept
1% Apr
29% June
45
Feb
15
20
Nov
5%
—*
17
17
1,500
650
Nov
20%
350
'
July
99%
3%
Mar
20%
4%
Mar
Mar
Nov
28
Mar
5
100
59
59
Nov
100
30%
%
1,400
Mar
1%
100
Particlpat preferred—15
Metropolitan Edison—
34%
1%
34%
%
%
%
Mar
%
26c
$0 preferred
Mexico-Ohio Oil
*
%
n90%
,
n90% n90%
20
25
*
Michigan Bumper Corp—1
Michigan Gas & Oil
1
%
2%
un
2%
Michigan Steel Tube—2.50
Michigan Sugar Co
*
9
9
100
%
3%
2,300
%
7%
700
6,600
Preferred
%
10
3%
4%
—
%
%
Middle West Corp com..5
6%
6%
Warrants
*
14%
100
95
14%
Minnesota P & L 7% pf 100
Miss River Power pref.100
8%
105
11
8%
11
9%
11
5
•it
100
200
39%
39%
250
114
113"
15%
15%
5%
-
114""
"~~40
A
1%
*
"l% ~~2~
160
Nov
165
%
$6
6%
10
86
*
Class B common
57%
*
Jan
Ohio Brass Co cl B com
Ohio Edison 10 pref
Mar
Sept
1%
8%
he
Nov
1
JuDe
Apr
10
Feb
114%
Mar
103
May
12%
Mar
105
July
Oct
Nov
2%
Nov
9%
Nov
13%
July
2%
Oct
40
Oct
78
Aug
114% Sept
4% June
20
1%
Sept
June
2%
Apr
Mar
7%
163%
Sept
20% May
28% May
31%
31%
38%
122
'moo
145
~~9% "il"
""300
21%
Oct
13,500
5%
Mar
10%
Oct
9%
85%
78%
.
»
825
70
Mar
89%
July
150
86%
80%
60
May
80%
Nov
3,400
Sept
»ie
Jan
2%
600
%
Apr
2%
Nov
6%
1,100
3%
79%
24%
7%
1%
Mar
7%
Oct
Oct
89 %
60
Nov
Mar
Sept
9%
2%
Feb
Feb
Mar
6%
Oct
%
Mar
2%
Oct
"56% "59% "l/JOO
3%
Miskegon Piston Ring.2%
Muskogee Co com
*
Nachman-Sprlngfilled——*
For footnotes see page 3137,
12%
12%
1,300
3
200
29
*
84%
50
5%
100
12%
17
3,200
29%
600
26
99%
26
99
800
200
30
105%
105
Oklahoma Nat Gas
$3
99
100
5
com.
preferred
15
Oct
Mar
4%
July
»i#
Jan
Apr
84%
91%
Nov
Nov
47
106%
99%
10
11%
10
11%
12%
Apr
4
Mar
6
6%
8%
Mar
Mar
14%
*18%
18
20%
June
34%
Jan
May
100%
112%
Nov
May
109%
Apr
115 "
Nov
40
93%
June
106%
Nov
20
85
Apr
July
200
8%
Mar
99%
10%
3,800
6%
Mar
14%
40
900
21%
175
89
1,600
1
31%
30%
31%
28
28
72
20
16"
72
s'ooo
300
20
"20% """306
com
Paramount Motors Corp.l
Parker Pen Co
10
Parkersburg Rig A Reel-.l
Patchogue-PlymouthMllls *
Pender (D) Grocery A__
*16%
15
1,000
5%
*15%
4%
15%
6%
4%
15%
14%
14%
15%
29%
7%
31
Sept
2%
Jan
9%
4%
July
12
31%
Oct
Nov
74
Apr
Nov
8
Mar
Nov
20%
Nov
96
June
Aug
19%
60,700
Sept
7%
Feb
300
3%
June
4%
Bept
Feb
*16%
Nov
50
100
250
14
12
Sept
19
May
23
Mar
2%
21
37%
Mar
8%
Penn Traffic Co
100
1
»
31
Nov
112
Sept
Mar
29
Nov
July
50
July
2%
1%
8%
99%
1%
2%
8%
9%
99% 100%
Pepperell Mfg Co
154% 156
50
com
Pa Water A Power Co
1% June
2%
1% Mar
4% May
79% Mar
2%
Jan
9%
Nov
800
100%
Nov
Mar
90
Nov
200
121% May
160
July
5,300
7,400
19
*
74
"73"
100
74
74
79
300
54%
25
25%
8%
7%
200
24
300
Oct
Penect Circle Co
Pharis Tire A Rubber....1
Philadelphia Co common.*
Oct
"74"
"800
Phils Elec Go $5 pref
Phi) a Elec Pow 8% pref 25
Jan
Phillips Packing Co
5
Oct
Jan
8
59
19
Aug
Mar
6%
300
28
Mar
July
Aug
July
3%
4%
112%
Sept
8
Feb
117%
July
Mar
31%
Feb
July
Apr
.
8%
*
2%
2%
2%
500
2%
Sept
4%
1
5
5
5%
3,400
1%
10%
*10%
%
2%
Mar
6%
Mar
5%
Oct
Conv $3 pref series A. .10
28
28
31
400
Mar
124%
Nov
18
June
18%
%
2%
300
6
Pierce Governor common.*
Pines WInterTront Co
.1
Pioneer Gold Mines Ltd—1
18
Mar
July
10
Sept
12%
10%
Aug
7
June
9%
Oct
Nov
Aug
Nov
86
29%
6%
0
12
Mar
74%
Apr
Phoenix Securities—
9%
Feb
Aug
Sept
20
Oct
8%
Apr
1%
74
Penn Salt Mfg Co
Nov
4%
Oct
Jan
1
2.50
Pennroad Corp vtc
Common
Jan
Jan
Nov
24
2
Feb
Jan
Apr
107%
$2.80 pref erred
$5 preferred
165
May
Oct
30%
108%
Apr
3%
15%
Oct
Oct
Sept
100
Penn Gas A Elec class A--*
Penn Mex Fuel Co
1
Nov
Oct
June
18
31
Oct
Nov
11%
3%
Penn Edison Co—
Pennsylvania Sugar
40
Nov
45
Preferred...
Aug
105%
13
7%
*
16~300
5%
_
com
17%
40
Jan
May
2% June
4% Mar
27% Mar
Apr
25%
98% Mar
87
Airways
*
Pan tepee Oil of Venezuela 1
Peninsular Telephone
1%
4
""166
.*
Pacific G A E 6% 1st pf.25
5%% 1st preferred-..25
Pacific Ltg $6 pref
PacificP AL7% pref.. 100
Class B
2
Oct
70
■
104
1%
Oct
Oct
Nov
87
38
1%
30
100
103
*
Mar
Feb
100
38
common.
Oct
1%
103
Pacific Can Co
47
Apr
Mar
50
Omar, Inc
Overseas Securities
Mar
%
0% conv prior pref-.100
Oldetyme Distillers
1
Jan
3%
Jan
200
100%
114
6% 1st preferred
Ollstocks Ltd common
11%
""166
100
9%
Apr
50
5%
10%
15%
28%
Ohio P S 7% 1st pref—100
July
Sept
Nov
57
111% 112
113% 115
% June
3%
600
Jan
Mar
8
83
*
Pan-Amer
%
4%
June
4%
10%
Ohio Oil 6% pref
100
Ohio Power 0% pref—.100
Oct
5
,
Jan
"21% ""126
li« June
15%
July
5%
Nov
3%
10%
Pacific Public Serv n-v_—*
$ 1.301st preferred
*
Apr
300
*5%
13
42
Engineering. _*
Novadel-Agene Corp..—*
Northwest
6%
~~6% "7%
Mar
"l% "l%
cl A-.100
com
Mar
10
5
13%
Oct
6
57
6% prior preferred
50
No Am Utility Securities
Nor Central Texas Oil—.5
Nor European Oil com
1
3%
Mountain Sts Tel A Tel 100
*
*
preferred..
2,700
*i«
Oct
'500
5
Feb
1%
20
165
103
100
FaPrALt $7 pref
$8 preferred
100
Apr
%
-
Nov
Mtge Bank of Col Am shs__
Common-..
16%
37%
81
Nor Amer Lt A Power—
Jan
310
60
Nineteen HundredCorp B 1
Mar
MOO
109%
1%
common.
6%
163%
37%
100
Mountain City Cop com 5c
Murray Ohio Mfg. Co
Mar
1%
tMoore (Tom) Distillery. 1
Mountain Producers
Jan
6
4%
162%
Montreal Lt Ht & Pow
Moody Investors part pf_*
Moore Corp Ltd com
Conv preferred A
Class B
Class A preferred
Nlles-Bement-Pond
2%
1
Apr
Class A opt warrants..
Class B opt warrants..
2,900
Montana Dakota UtU_—10
Ward
100
100
Penn Cent Airlines com..l
16%
6%
*
Monogram Pictures com.l
Montgomery
Jan
69
Molybdenum Corp
_
%
5%
10%
%
59% May
% June
0% Mar
8% Mar
1% Mar
24%
Feb
2%
91%
July
Niagara Share—
100
52.50
A
May
Sept
May
1,400
1,000
2%
com..
Soc
85
Feb
Nov
Jan
7% June
Mock, Jud, Voehringer—
Loan
July
»j»
300
60c
Monarch Machine Tool
Nov
%
1%
34%
3% May
1,500
Midwest Oil Co
10
Midwest Piping & Sup
*
Mining Ccrp. of Canada
Minnesota Mining & Mfg.
Monroe
59
.
June
1%
Midland Oil Corp—
$2 conv pref
Midland Steel Products—
Common
pref
Page-Hershey Tubes
4
*
$2 non-cum alv shs
Midvale Co
Oct
Aug
July
July
3%
Middle States Petrol—
Class A v t c
Class Bvtc
100
Jan
Apr
74% May
% Sept
100
4%
25
600
1,600
Aug
Jan
Oct
Oct
130
Mar
6%% A preferred-—100
Mesabl Iron Co
1
Jan
60
8%
Nor Ind Pub Ser 6% pf.100
2
1,400
6i#
10
4
7% preferred
100
Northern Pipe Llne.__-.10
20%
5%
4%
Jan
Apr
"26"
10
Nov
Mar
si«
30
6%
6
July
3
3%
Mar
400
10%
0% pf.100
Niagara Hudson Power—
18%
21
3%
20%
900
8%
Aug
1
-
Mar
19%
*
27%
Jan
Mar
Sept
13%
5%
Jan
Oct
Jan
108%
101% 102
N Y Water Serv
55
Mar
Mar
2
24
10
Mar
Oct
3
88%
Mar
24
7%
24
Feb
90
600
2%
Mar
Aug
Participating preierred.*
Merritt Chapman & Scott *
Missouri Pub Serv
New York Transit Co
Nor Sts Pow
4
Mar
42
Nov
McColl-Frontenac Oil—
125
Jan
58%
Mar
1%
7%
Oct
72%
29
11%
300
17
Mar
Mar
850
18%
2"300
Oct
Sept
45%
1%
Mar
18%
Merchants 6c Mfg cl A
"§4%
*10
12%
600
3%
440
31
7%
122
2,400
400
July
123%
15%
68%
400
2%
*
14
65%
58%
25%
Mar
5
July
11
23%
1%
4%
com
Jan
108
Mar
1.300
200
Mercantile Stores com.—*
62
Mar
4%
1%
2
Memphis Nat Gas
Mar
85
1%
7
Mead Johnson & Co
36
130
1,000
1
2
2%
18%
250
9%
8%
900
t c——1
2%
17%
53%
103%
102
1,700
Massey Harris common--*
93
Apr
July
July
1%
July
47
12%
5%
8%
17%
51
5%
51
1%
5%
Sept
0% preferred
100
McCord Rad & Mfg B.—*
McWllllams Dredging-—*
Oct
1
June
17%
Oct
Jan
1%
6
3
17%
8%
7%
Nov
Nipissing Mines
3%
10
1
3% June
4% June
200
Noma Electric
900
May Hosiery Mills Inc—
$4 preferred
*
100
100
July
200
Master Electric Co
79
July
Jan
5%
*
July
July
July
%
5%
Marlon Steam Shovel
60%
20
North Amer Rayon cl A—*
Communlca'ns ord reg £1
Mar
1%
May
Marconi Intl Marine
Nov
Nov
29%
1%
"
Jan
Jan
1%
34%
114
May
July
July
6%
"80~" "~80"
N Y Shipbuilding Corp—
Founders shares
-—1
1st
105
1%
6%
108
Jan
100
900
43%
%
pref--100
2%
18%
60
1%
17
Feb
6%
8
9%
1%
18%
114
42%
10
34%
%
2%
114
18%
N Y Pr A Lt 7%
10 preferred
Feb
Mar
12% May
Jan
—
Y Merchandise
Aug
1
15
N
Mar
32%
51
102%
66%
Jan
14
%
Jan
Feb
6%
-
Sept
*
conv
Mid-West Abrasive
Warrants.
23%
1%
0%
32%
1%
100
1
25%
88
1
Metal Textile Corp
N Y City Omnibus
Nov
Mar
Sept
Sept
200
Manati Sugar opt warr
Jan
8%
Newmont Mining Corp. 10
N Y Auction Co com
*
5%
1%
Jan
3
"""%
25
5% 2d preferred
1,100
42%
*
common-
Jan
1%
Majestic Radio & Tel
Warrants
New Idea Inc
Jan
5,700
5%
9%
Sept
Apr
New Jersey Zinc
42
1%
Jan
Jan
4%
6%
1%
Aug
New Mex 6c Ariz Land
Nov
7%
Nov
18%
June
100
25
1%
Ludlow Valve Mig. Co.
v
preferred
500
Lucky Tiger Comb G M.10
Mass Utll Assoc
6%
290
7
70%
5
15%
3,400
1%
Mar
10% May
10
New Haven Clock Co.;
36
7%
Aug
32
700
45
New England Tel & Tel 100
33
25
24
Loudon Packing
*
Louisiana Land & Explor.l
Louisiana P & L $0 prel--*
1%
1%
26
1
625
*
Common
—*
—
Margay Oil Corp
July
July
15
Long Island Lighting-
$5
Nov
Jan
Jan
Mar
114
2
300
14
N Y & Honduras Rosarlo 10
2,500
13%
3%
85%
July
Feb
Feb
100
Oct
82,000
*9%
58%
Aug
»i«
100
com.
preferred
16%
"""556
28%
Lone Star Gas Corp
Aug
7%
11% June
700
*
49
Jan
7%
Mar
69
6%
New Engl Pow Assoc
Jan
*i» Sept
Inc—l
Loblaw Groceterias cl A.
11
May
Sept
Mar
Feb
4%
Mar
>11
*u
Nelson (Herman) Corp.
Sept
12%
Sept
2%
800
1%
66%
13%
15%
Nestle Le Mur Co cl A—*
11% Nov
2% May
4,000
2,200
1,000
1,550
1,200
66%
Neptune Meter class A—.*
Jan
45
%
Llpton (Thos J) class A—1
6% prelerred
25
Lynch Corp
Feb
37% June
11% June
4% Sept
Lefcourt Realty common-1
Common
July
38
5
1 %
800
1,100
79
Oct
Nevada Calif Elec
100
pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J)-100
4% conv 1st pref
*
14%
Sept
%
Nov
1st preferred
8%
Mar
10%
69%
5%
Nat Union Radio Corp—1
*
Navarro Oil Co
12%
102%
500
3%
5%
%
Nov
July
75
1,200
Mar
"l25
3%
5%
4
38
1%
15%
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref.100
12%
3%
Jan
Mar
1
Jan
82%
Feb
14%
Mar
1,300
Feb
11%
Jan
9
Sept
Sept
Oct
Jan
Jan
Mar
2%
6
81%
37
2
1
3%
11%
Apr
1
15
2%
64%
81%
11%
38%
2%
2%
1% June
2% Sept
Sept
Oct
1,150
Nat Tunnel & Mines
Mar
400
75
1,200
Mar
2,400
70%
8
22
3%
70%
7%
28%
2%
4,300
8
40
3%
Apr
5%
11%
2,100
14%
National Tea 5% % pref. 10
Transit
12.60
40
Kress (S H) special
*
Nov
7%
14
National
51%
*
Lion Oil Refining--
67
7%
14%
National Sugar Refining.
5%
Koppcrs Co 0% pref-.-100
Kresge Dept Stores
Le Tourneau (R G)
Line Material Co
Aug
10%
Sept
25
*7%
Conv part preferred-—*
National Steel Car Ltd—*
.3*
Co com--*
Rubber ColO
Knott Corp common.-—1
preferred
Jan
106
common
66
2%
2,600
High
Mar
3%
%
50
61
Klein (D Emll)
Lehigh Coal & Nav
11%
Sept
pref
conv
47
Klelncrt (I B)
Kobacker Stores Inc
Apr
Oct
$3
61
2%
%
u
National Container (Del).l
National Fuel Gas
*
47
3%
900
%
1
4
200
9%
Nat Mfg 6c Stores com—*
National Oil Products
4
74%
Jan
24
11
Low
8%
National City Lines com
Jan
200
Range Since Jan. 1, 1938
Shares
0%
%
19%
43%
5
8%
Mar
Mar
Klrkl'd Lake G M Co Ltd 1
Oil
1
68
5
Kimberly-Clark 6% pf-100
Kings Co Ltd 7% Pf B 100
6% preferred D--..-100
Kingston Products
—1
Klrby Petroleum
--
Conv
com
Price
1
100
Kennedy's Inc
5
Ken-Rad Tube 6c Lamp A *
Leonard
com
21
70
92
37%
pref.100
Kansas G & E 7%
Nat Auto Fibre
40
90%
Week
July
0,400
81
90 %
37%
Julian & Kokenge com
for
of Prices
Low
High
Par
Apr
Apr
Apr
01
Week's Range
Sale
Nat Bellas Hess
Jersey Central Pow 6c Lt—
5%%
Last
High
Mar
1938
19
Sales
STOCKS
(Continued)
*t« May
16 %
Nov.
""2%
%
2%
200
5,100
Oct
Oct
Mar
31
Mar
21%
Sept
1%
Aug
Jan
Sept
3%
Jan
Oct
New York Curb
Volume 147
Friday
STOCKS
Last
(Continued)
Pitney-Bowee
Meter
Range
Low
High
Last
Low
Par
High
7
50
42
1
A Lake Erie. 50
Metallurgical 10
Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
—*
Polaris Mining Co
25c
Potrero Sugar common—.6
Forgings
56
Jan
7%
July
Mar
42 %
Nov
Nov
Jan
500
4%
340
34%
4%
Mar
11H
62%
Mar
10
108H 114
%
10%
2%
%
4%
700
2,900
X
10%
2%
%
4%
Mar
55
%
500
900
1,000
1,300
2,400
1M
South Penn Oil
Oct
Jan
Nov
11
2N
Nov
3H
%
Sept
1%
Mar
Jan
2H
Mar
5%
Aug
16%
Aug
July
June
24
July
Standard Cap ± Seal
Conv preferred
Aug
Standard
Pressed Metals of Amor.
23
100
2%
600
2%
Mar
N
June
40
Aug
"in
*
Mar
22%
h$
Apr
*i«
300
3H
6H
3H
Mar
6N
7%
Jan
Standard Oil (Ky)
10
Mar
Jan
Standard OU
26
2",400
Mar
8%
Nov
4%
5
83
Aug
98
Jan
6% 1st preferred—. 100
7% 1st preferred.—100
95
Mar
103
July
103
Jan
108N
Oct
Jan
H
48 H
28%
Nov
Nov
Public Service of Indiana—
42 %
41%
26%
25
preferred
16
320
97%
97%
170
11H
Jan
10
75 %
87
Apr
May
97 %
Nov
July
H
Apr
preferred
39
15%
39
150
15%
16%
275
Puget Sound Pulp A Tim.*
Pyle-Nattonal Co com.—5
116
220
116
149
149
May
Sept
Mar
May
90,
136
47%
23 %
7%
11%
July
July
Jan
NoV
1
Stetson (J B) Co com....*
Stlnnes
Feb
40
Oct
1
Mar
5
19
Mar
36%
July
May
Oct
5)4% conv pref
—50
Superior Oil Co i,Callf)-25
Superior Port Cement
May
5H
Nov
>» June
•n
Jan
5N
14 %
Nov
Taggart Corp com.
.1
Tampa Electrlo Co com..*
Tastyeast Ino class A... 1
Taylor Distilling Co
20 N
300
2H
200
8H
4%
%
800
2H
Mar
Hi
2%
14%
H
June
5%
2%
5%
3%
8
2,000
May
4
%
Oct
1%
Ja n
July
Root Petroleum Co......1
~~2
71
Rustless Iron A Steel
10
1
6
—*
Ryan Consol Petrol
*
Ryerson A Haynes com—1
Safety Car Heat A Lt
*
St Lawrence Corp Ltd—*
$2 conv pref A—50
St Regis Paper com
5
7% preferred...—.100
Salt Dome Oil Co.
1
Samson United Corp com l
Savoy Oil Co
5
25
Jan
Jan
Tn
Feb
Sept
46 H
July
Apr
74%
Nov
8%
July
11%
Nov
Tobacco Prod Exports—
Tobacco Secur Tr—
6%
11%
10,400
5
Mar
100
35
Mar
39
Oct
4
Jon
Shipyards Corp
*
Toledo Edison 6% pref. 100
7% preferred A...—100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
1N
Jan
Trans
300
3
600
1
1,100
71
175
Mar
2%
Mar
%
Mar
5,900
Mar
92
Jan
4
4
3%
48
Sept
Apr
Mar
6
1814
July
July
4%
Oct
12%
2%
66
16%
2%
18
2%
1,000
200
'l3% "13%
'""166
28%
29%
2,200
42
Mar
71
16 N
Nov
1H
1
100
65
Mar
Sept
18H
3%
2)4
8
Mar
15
15% June
110
20
200
20
July
15
Transwestern Oil Co
Nov
10
.*
*
80c dlv. preferred
A pref
Soles B pref—-
25
Feb
26)4
14%
2%
2%
June
13%
1%
.........
Securities Corp general—*
14
3,100
2
2
700
2
13%
1%
400
Seeman Bros Inc..
3%
Mar
%
Mar
1
Mar
29N June
Aug
Union Premier Foods Sts. 1
Segal Lock A Hardware..1
%
4%
Selberllng Rubber com...*
Selby Shoe Co—
.*
%
4%
5,200
4,300
2
Mar
200
5%
15
15
II
June
%
May
1)4
4%
350
5H
Mar
IN
10%
12 N
100
150
IN
7N
Jan
2
Feb
Mar
13
Jury
500
7
Jan
13
Nov
$5.50 prior stock..
25
1
.5
Allotment certificates—.
1%
12
75
75%
10%
74%
74%
2,900
350
N
5
12
Nov
44
5%
33)4
N
20 N
6%
34N
N
IN
22 N
70
70
1
900
300
.
200
1,400
7,100
"~4% "1%
16N
14 H
Shawlnlgan Wat A Pow—*
Sherwin-Williams com
25
5%
8%
5N
750
Mar
21
2,200
7N
4%
4%
1,100
2N
14%
1%
N
14%
1)4
69
100
,14N
250
67
100
June
United Lt A Pow com A.*
7%
Oct
5%
11)4
Nov
N
5)4
2N
5N
2N
5)4
1,700
10,200
o6/i
8
0%
1,200
8
100
Oct
July
June
July
$3
2
Mar
3N
Oct
500
4N
IN
Apr
Mar
Nov
2
Mar
8N
7%
7%
IN
3N
7N
5N
3N
8
6N
600
13%
13%
600
11
12%
3N
13%
1,000
10
3N
100
#u
3%
<
4"600
fk
1
Am
Preferred..
United Specialties com—1
U S FoU Co class B—
.1
2%
3
800
IN
13N
Apr
3%
4%
Mar
34%
26 N
27
81)4
23
Mar
Mar
U 8 Lines
Aug
1N
Mar
3%
Mar
7
2%
3%
28%
26%
Southern Colo Pow cl A. 25
80
39%
28%
40%
28%
600
26
26%
1,000
2%
100
2%
34%
25%
2314
114
30
100
3137.
Oct
Aug
May
4N
212
Sept
100
10N
800
9
4%
6%
%
70
70
1,400
1,350
190
300
7,300
500
1
Jan
9
Nov
July
2N
Jan
% May
50N Mar
39
Jan
2N July
3N June
N Mar
42
Mar
300
1
Mar
100
22
F-b
500
4N
5
600
2
2N
2N
2N
300
IN
*ia
»i«
*ie
500
United Wail Paper
2
Mar
Mar
*i« Sept
Feb
*i«
%
2N
2%
100
1
1,100
3%
4,400
Jan
230
Sept
8%
10N
9
6%
July
%
N
%
IN
7
10N
3
Mar
Jan
Oct
Feb
85%
44%
6%
8N
IN
70 N
IN
32
Nov
Nov
Jan
July
Jan
Nov
Jan
Oct
6N
3N
Aug
Aug
N
6N
Aug
Feb
Sept
Jan
Jan
•u Mar
IN
3N
Aug
Oct
Aug
6N
Oct
8N June
19
Oct
Universal Consol Oil..—10
Jan
Aug
Universal Corp v t c
1
Universal Insurance..——8
"5% "~5%
TSoo
Jan
Universal Pictures com—.1
Universal Products Co—
"1% "8%
106
3
Mar
450
9
May
1
Mar
8N
19N
IN
Nov
600
60
31
Mar
69N
Nov
Southern Calif Edison—
5% original preferred-25
Oct
70
300
United Verde Exten—.60c
500
Oct
Jan
24
U S Rubber Reclaiming.
Aug
300
Jan
Jan
U S Radiator 00m.——.1
Nov
2,200
IN
78
Apr
IN
31N
4N
1
6%
Sept
1*
U S Stores Corp com...
$7 conv 1st pref———
United Stores v t c—
*
2%
1%.
Oct
17N
N
pref.——*
Card
10
Oct
6
100
N
U 8 Playing
16
•.
3,100
Apr
Aug
65
22%
U S and Intl Securities..*
Oct
€1
Nov
Jan
July
Jan
Mar
dep rcta ord reg...
16)4
2)4
5N
Mar
1%
Oct
Oct
Mar
United Molasses Co—— 1
14%
Jan
100
Mnr
44%
4%
7%
1
70 N
IN
32
Jan
Mar
*11
42 N
July
69
IN
42%
4%
2%
1
800
62
25
Oct
•n May
4N
1%
....
30,400
4,600
7,600
3,900
Sept
13
4
.S»
6,700
85%
5%
Oct
Jan
16
3%
IN
Oct
Jan
2%
.81)4
Nov
Mar
»i«
2)4
2)4
"81%
254
Mar
93%
IN
United Shoe Mach com. 25
100
Corp
For footnotes see page
IN
Oct
4%
South Coast Corp com..
25
25
1)4
N
3N
90%
Afrg
85
—J
...
1)4
N
3N
90%
117H
Mar
Mar
Sept
3N
12%
114%
Mar
6%
H
Jan
212
Oct
200
"7%
Apr
60
Aug
Jan
June
66
4%
1%
225
June
18
107
Solar Mfg. Co
4
IB
600
*
preferred—
1st pref with warr
220
Jan
Jan
1,600
1,000
40
4
IN
8N
11
ION
IN
Simplicity Pattern com
1
Singer Mfg Co
...100
Singer Mfg Co Ltd—
Amer dep rets ord reg_£l
Sioux City G A E 7% pf 100
Skinner Organ
...*
Smith (H) paper Mills.
Sepl
39
United Shipyards el A—1
Class B
—)
Mar
N
IN
Oct
4N June
N June
7
July
10
10% preferred—.10
*22 N
Nov
Aug
35
Mar
Sept
1%
2%
Nov
N
104
10
17
16
Oct
108 N
Jan
Apr
35
300
2,100
4,300
Nov
8N
12N
42 N
Uhltcd Profit Sharing—25c
2%
4%
Sept
Mar
200
N
United N J RR A Canal 100
Jan
2%
2
69
Hi
1
.
4*
2%
Jan
Feb
Mar
IN
44
85%
98N
United G A E 7% pref. 100
Mar
.*
16N
Oct
Jan
1
1st $7 pref non-voting.*
Simmons-Boardman Pub
$3 conv pref
Nov
Oct
6N
3%
warrants.—.
United Ga« Corp com
*11 May
Aug
Simmons H'ware A Paint.*
Mar
Mar
United Corp
4
200
63
2N
J&n
Nov
Feb
12%
Feb
Mar
Nov
IN
12%
Oct
5
50
68 N
15
Apr
Nov
Sept
12%
July
Mar
IN
%
Shreveport El Dorado Pipe
SIlex Co common...
Oct
Mar
Mar
Cigar-Whelan sts—10c
$6 1st preferred.———*
United Milk Products...*
14
Oct
Mar
N
N
Un
Aug
Jan
Jan
Jan
Oct
3N
6N
"""566
Jan
Nov
Aug
%
5%
Mar
3N
4N
75H
75 H
....25
44
3
12
'104%
5% cum pref ser AAA 100
Sherwin-Williams of Can,
July
Mar
38 N
Mar
1H
5%
Jan
IN
26N
Mar
49%
22,200
1,300
Nov
%
Mar
Mar
3
Severeky Aircraft Corp..
Shattuck Denn Mining. .6
34N
Mar
Mar
550
100
July
2
Common class B_—*
400
6N
2)4
Mar
%
%
Sept
76 N
102
25
Oct
8
N
14N
83
4%
Feb
Nov
15N
30
48 %
6%
6%
3%
5%
8%
9%
20% 20%
104N 1HN
112% 112%
%
Serrick Corp (The)..
.1
Seton Leather common—*
26N
N
Jan
$3 cum A part pref....*
Selfridge Prov Stores—
£1
Sentry Safety Control—..1
Apr
5% May
2N Mar
3N
United Chemicals com.—*
700
Amer dep rets reg
Feb!
Nov
13N
Union Traction Co.—.60
1
74%
75%
Aug
44
*
Nov
1H
Mar
Mar
9N
Oct
Option warrants..
..1
Jan
Nov
Selected Industries Ino—
Convertible stock.
Nov
10
Jan
17
4N
4N
Nov
Mar
35
Mar
200
4,700
Union Investment com..*
Jan
Oct
2
Sept
3%
*
...
Unexcelled Mfg Co
Union Gas of Canada
Sept
8N
Oct
Tung-Sol Lamp Works.-.1
ser
10N
Apr
Aug
39
Trunz Pork Stores
Ulen A Co
Oct
June
300
Trl-Continental warrants..
Aug
Jan
Oct
44
...
Nov
Jan
Nov
35
Screen-
Common
Inc.—*
Tublxe Chatlllon Corp.—1
Class A
1
Oct
29 N
113X
Plot
July
15N
5N
43-
Def registered 5s.
Lux
Mar
.
43
£1
Ordinary reg
Todd
Api
Aug
4N
25
69
,
Apr
3N
2N
8
750
39
June
10N
2N
24N
43 %
74%
35
Apr
4%
7
$3.30 A part
Class B com
~40~~
30%
4%
July
5N
39
14N
9%
Oct
4N
Jan
Apr
15
3%
24 N
Apr
Mar
14 N
1% Mar
3% Mar
% June
Mar
2N
Mar
15
100
6H
2
2N
Tilo Roofing Inc
1
Tishman Realty A Constr*
Tobacco Allied Stocks—.
900
Jan
8
Thew Shovel Co com.—6
Oct
Nov
»i«
29N
Feb
14%
11M
Mar
200
Aug
Apr
Oct
40
»i«
3,300
17
16%
Scullln Steel Co com——*
preferred
'""700
Jan
Jan
2N
96)4
Scranton Spring Brook
Water Service pref—
7%
25
IN
IN
36 N
2N
Apr
July
»i«
~20
100
Oct
104
Sept
N June
17N June
3N Mar
36
2%
Texas P & L 7% pref—-100
Texon Oil A Land Co
Mar
June
N
36
Aug
6%
■
12
%
*
Scranton Lace common..*
*
*
Mar
2%
2%
28%
"9%
Oct
Jan
67
*
%
3H
6)4
IN
9%
3%
I
5%
...
150
4)4
3
Mar
150
10
38
3N
4,700
2,000
2,400
"7%
1
2%
71
$2.50 conv pref
2%
3%
35
700
1,000
'
"46"
Royal Typewriter——*
Russeks Fifth Ave—2N
90
400
13
Technicolor Ino common
Tenn El Pow 7% 1st pf.100
4
6%
Royalite Oil Co Ltd.....*
June
1,800
23
6
14%
1%
12%
1%
2
$1.20 conv pref
20
Rossla International.....*
July
Aug
22 N
%
21)4
2%
3%
Mar
1114
.5
18N
8N
Mar
100
11
4
90
12%
Mar
176
34
100,
%
Mar
6N
16N
Swan Finch Oil Corp.—15
5%
5%
Roeser A Pendleton Ino—*
Rome Cable Corp com—5
6% preferred B
5N% pref series C.
(Hugo) Corp....6
Sunray Drug Co
Sunray Oil
Co.1
Rochester GAE6%pfD 100
Sonotone
_
3)4
Oct
Voting trust ctfs.
Sobs Mfg com
»«•«.*.
1
Feb
Jan
15
6
%
H
3%
Nov
14N' Nov
300
800
"T
235*
100
14N
Mar
3,700
35
Feb
300
Feb
Apr
5
900
20
Sterling Brewers Inc
Sterling Inc
Rio Grande Valley Gas
Line 8tamped
50
Stroock (S) Co
Sullivan Machinery..
2N
11
5,000
1%
4%
Feb
14
Common
6% 1st preferred.
5% 2d preferred
13
10 N
x2%
Warrants
*
1,100
"506
Jan
62
*
14
5%
Oct
Jan
Aug
Aug
Apr
450
13
"3)4
Mar
Reybara Co Inc
—1
Reynolds Investing
—1
Rice Stlx Dry Goods..—*
Richmond Radiator..—1
Scovlll Mfg
Stein (A) A Co common
"2254
7H
H
Reliance Elec A Eng'g—5
Scranton Elec $6 pref
Standard Steel Spring
.6
Standard Tube cl B
1
Starrett (The) Corp v t o.l
Steel Co of Can Ltd
*
50
33%
Aug
IN
N
18N
23 N
Mar
2
»!•
12
33
Jan
N
5
July
100
6%
9
17%
22%
Jan
Mar
12 N
18
Jan
N June
Nov
21
34
Mar
.
22%
Feb
1
1%
9
13 N
19
Oct
Jan
Mar
39
May
N
%
3
103
34
...
40
50c
Schiff Co common—
Preferred
...*
Standard Products Co.—. 1
Standard Silver Lead
1
1
Oct
Apr
19
Jan
7N
Mar
300
1
Sterling Aluminum Prod.
Sept
5H
1,300
1
500
"2% "~2%
33
Reeves (Daniel) common.*
.
102
*
17
5H
-*
50
Oct
28)4
18%
17%
29
50c
2,300
1,200
150
20%
12
Red Bank Oil Co
Roosevelt Field Ino
Common class B
Oct
152
17
2%
6%
Oct
116
July
14%
18
Jan
7
10
600
20)4
149
13 conv preferred...—
Relter-Foster Oil—
(Neb)
Standard Oil (Ohio) com 25
5% preferred
..100
Standard Pow & Lt
1
16%
19N
-—
com
Mar
10 % Mar
4 % May
7
Quaker Oats common—
6% preferred
—100
Quebec Power Co—
*
Ry & Light Secur com...*
Railway A Util Invest A—1
Raymond Concrete Pile—
Reed Roller Bit Co
23H
4%
Pyrene Manufacturing—10
Raytheon Mfg
Oct
91
25
*22)4 *23
13
13
Sterchi Bros Stores
......
Common
22,
N
6% prior lien pref—100
7% prior lien pref... 100
|Pub Util Secur $7 pt pf—
Puget Sound P A L—
15
44%
28 %
3
""600
2%
13%
$1.60 conv preferred--20
Standard invest $5)4 pref*
9%
16 preferred
*
Public Service of Colorado-
17 prior preferred.*
16 preferred
-*
Public Service of Okla—
22%
__i
500
Nov
Jan
Mar
Dredging Corp—
Common
200
22
hi
2
N
..10
Apr
3)4
18
16%
Sept
100
1)4
1
151N
5H
400
.*
com.
Hi
20%
*
Gas
l
High
June
""200
4
*
"S% "8%
20 %
25c
*
Prudential Investors
17
33
*
-
23
2%
%
—
Stahl-Meyer Inc...
Standard Brewing Co
97
Providence
Low
■
Feb
1
*
%
West Pa Pipe Line..50
Spanish & Gen Corp—
Am dep rets ord reg-..£l
Am dep rets ord bearer £1
Spencer Shoe Co
*
June
.
29%
20)4
4%
2%
13%
5)4
31
20)4
2%
13%
5)4
30"
25
10
.
4%
2%
So
95
Prosperity Co class B
Range Since Jan. 1,1938
Week
135
10
6% 1st preferred..—100
Pratt A Lambert Co.....*
Corp
Shares
Southland Royalty Co...5
Oct
115%
June
June
6
Line
Power Corp of Canada— *
Producers
for
of Prices
Low
High
Price
Southern Union Gas.....*
Preferred A
*5
Mar
59%
9%
9
H
4%
5N
37 N
10%
56
108 N
1,300
Southern Pipe
25
7N
42
9%
Powdrell A Alexander...-5
Premier Gold Mining
Prentice-Hall Inc com..
Week's Range
Sale
(Continued)
Shares
1
3135
Sales
South New Engl Tel—100
...—*
..
4
Friday
STOCKS
Range Since Jan. 1, 1938
for
Week
of Prices
Price
Postage
Pitts Bess ALE RR
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Week's
Sale
Par
Exchange—Continued—Page
Sales
Apr
Mar
40N
Nov
28%
Aug
Mar
26%
Aug
Mar
3
Oct
June
45
May
Utah-Idaho Sugar..—5
Utah Pow A Lt $7 pref...*
18%
IN
56
19%
IN
57N
1%
June
7
May
Nov
Jan
New York Curb Exchange—Continued—Page 5
3136
Sales
Friday
La at
STOCKS
Sale
(<Concluded)
Par
Price
Week's
Range
for
Range Since Jan. 1, 1938
Low
Utah Radio Products...
*
Utility Equities Corp
$5.50 priority stock—.
2*4
500
54*4
125
1*4
700
100
2A
2*4
50
50
1
—7
fUtli Pow A Lt common—1
Clase B
1
7% preferred
100
Valspar Corp com.1
$4 conv pref
5
34 H
34
Van Norman Mach Tool.5
27
26
7
V*
r
9
9
June
*4
2*4
'it
Jan
*4
Sept
2
Jan
June
7
100
Mar
Mar
28*4
2*4
Mar
*4
Mar
7*4
1*4
77*4
500
11
7*4
1,000
1*4
600
75
*
"5*4
Wagner Baking v t c
*
9*4
3*4
7*4
10
Waco Aircraft Co
30
69
Apr
1
1
1.25
Western Air Express
1
Western Maryland Ry—
7% 1st preferred
100
1*4
*4
*4
7,000
*4
Oct
1*4
87,000
109*4 109*4
76
106
81*4
110*4
Mar
4,000
97*4
Apr
36,000
98
Mar
83*4
Mar
38
Sept
80
105
Oct
99*4
57
10*4
6*4
July
Nov
108
57
108*4
3,000
Mar
Feb
108*4
Mar
11*4
Jan
78
79*4
4,000
68
Apr
79*4
Mar
6
lV*
4,000
98
Sept
105
800
9*4
800
6
100
4*4
3*4
1*4
1*4
*5*4
25*4
200
2*4
4*4
3
4
4*4
4,300
I*
*4
Apr
"ii June
2
9*4.
%
Mar
Mar
Sept
56*4
Flnland
8
Aug
6*4
3*4
4*4
"l02k
14
50
14
Westmoreland Coal Co—*
Weyenberg Shoe Mfg
1
Williams (R C) A Co
•
Williams OU-O-Mat Ht-*
Wilson Jones Co
*
Wlllson Products Inc
3*4
9*4
2,000
03
Apr
81
July
93
2,000
75*4
Apr
93
Nov
Pub
Rayon 6s A. 1948
Gen Wat Wks A El 6s. 1943
7*4
Apr
6*4
Aug
2*4
Apr
July
June
July
May
Jan
July
Guantanamo A West 6s '58
-
.1967
♦Gesfurel
Jan
Glen Alden Coal 4s_—1905
Gobel
6s...
1953
3
3*4
500
"73
9*4
1,300
3*4
Mar
Oct
IfHackensack Water 5s 1977
6*4
6*4
300
5*4
May
7*4
July
13*4
13*4
300
13*4
Nov
16*4
Jan
2
Mar
(F W) Ltd—
H«ll Print 6« stpd
1947
♦Hamburg Elec 7s
5c
£1
58
7%
7*4
7*4
8,700
Yukon-Pacific Mining Co.5
1*4
1*4
1*4
700
t103
9<T*4
98
17,000
76*4
Apr
1st A ref 5s
1968
89*4
91
119
Ark Louisiana Gas 4s. 1951
104
104
Oct
Arkansas Pr A Lt 5s.
100*4
1956
Associated Elec 4*4a—195?
Associated Gas A El Co—
Conv deb 5*4s
46
98
106
Nov
91*4
Nov
Nov
Oct
Jan
100*4
Nov
51*4
Nov
46
77*4
Atlanta Gas Lt 4*4s..l955
103
k
100
Oct
35
Nov
3,000
20*4
Mar
20*4
21*4
Mar
Mar
,35*4
Nov
37*4
21
Mar
36*4
11,000
23
Apr
46
9,000
62
Apr
80*4
Jan
92*4
Feb
96*4
Apr
103*4
103*4
Nov
"
77*4
102*4 103*4
102*4 103*4
*88
20,000
8,000
89*4
82*4
93
*82
warrantsl947
85
99*4
98*4 108*4 294,000
122
141
1957
1952
95
Mar
85
Oct
102*4
4*4s series H
1981
Cent Ohio Lt A Pr 5s„1950
Cent Power 5s ser D..1957
Cent Pow A Lt 1st 5s. 1956
"98*4
Cent States Elec 6s...1948
33*4
5*4s ex-warrants...1954
Cent States P A L 6J4s '53
Chlo DIst Elec Gen 4*4s*70
32*4
102*4
102
54
1,000
122
124*4
Mar
Nov
107*4
Jan
2,000
109*4
Apr
411*4
Jan
45*4
Mar
03*4
43
Mar
01*4
May
May
July
30,000
70
9,000
4,000
49*4
Jan
74
—
-
*
464
45*4
Sept
Sept
Sept
65*4
Nov
67*4
Nov
107*4 108
107*4
25.000
107
Jan
109*4
Nov
53,000
35
Mar
60*4
Nov
18*4
Mar
46
Nov
64
Mar
85*4
Nov
1952
42*4
42*4
83
83
85
4 *4s series F
1958
Iowa-Neb L A P 5s—.1957
101
c
-
40
8,000
1956
Debenture 6s.
Interstate Publl
57,000
65
Nov
Service—
Iowa Pow A Lt 4*48
1958
Iowa Pub Serv 5s
.1957
Isarco Hydro Elec 78.1952
.
Jan
114*4
Feb
122*4
122*4 June
Isotta
Fra8chln!
Italian
May
142
29,000
Mar
80*4
Oct
43,000
90
Mar
1.000
91
June
102*4
101*4
Oct
101
*106*4 108
mmm-*.*.
57*4
105*4
Mar
Oct
108
Aug
Nov
Jan
165*4
61
63*4
5,000
40
Sept
63*4
82
82
2,000
76
Sept
85
Feb
47*4
105
Superpower 6s_1963
129
80
78*4
101
—
8,000
100*4 101
79*4
1981
Apr
Sept
48
5,000
36
Sept
53
July
104*4 105
42,000
98*4
Jacksonville Gas—
41,000
70
90
Oct
14,000
65*4
Jan
76
Sept
71*4
Mar
90
Oct
Nov
Apr
Nov
7s
5s 8tamped
61
1942
1942
.
Nov
42*4
21,000
32
Feb
50
104*4
100
Apr
106
105*4 105*4
15,000
44,000
103*4 103*4
1,000
97
Mar
103*4
Nov
119
42*4
6,000
112
Mar
119*4
Nov
Apr
102*4
July
Mar
88*4
Nov
41*4
■
July
Jersey Central Pow A Lt—
58 series B
104
...1947
103*4 105
29~666
101*4
Mar
105
103*4
25,000
100
Sept
108*4
Jan
98*4
57,000
73
Mar
98*4
Nov
14,000
111
Sept
115*4
May
Mar
105
July
103*4
103*4
Nov
1st mtge 5s ser H...1901
6 *4s series D
..1948
July
6*4s series F
6s series I
15,000
104*4 105
101*4 103*4 180,000
32,000
102*4 103*4
101*4 103
41,00Q
21,000
101*4 103
87
16,000
85*4
97*4
99*4 210,000
4 *4 s series C
1981
Kansas EleoPow3*4s-1966
Kansas Gas A Elec 6s .2022
Kansas Power 5s
1947
94*4
85*4
Apr
92
Apr
85
Maf
103
Nov
88
Apr
103
Nov
66*4
Jan
94
Aug
79*4
Mar
99*4
Nov
23*4
Mar
41
23*4
32*4
Sept
34,000
Mar
57*4
July
2,000
104*4
Nov
107*4
May
"i"o3k
102k
54
56
99*4
15,000
4,000
18,000
72*4
74
72*4
72
84
41
Jan
Jan
1955
119*4
101*4 102*4
86"*4
Lake 8up DIst Pow 3 *4s '60
Lehigh Pow 8ecur 6s..2026
♦Leonard Tletz 7*4s..l946
100*4
Lexington Utilities 58.1952
Llbby McN A Llbby 5s '42
Apr
99*4
Nov
Apr
106*4
Jan
Nov
69
2I660
Debenture 6s
1958
70*4
Debenture 5s
1969
Cities Service Gaa 6*4s "42
Cities
Service
Gaa
Pipe
102*4
98*4
16,000
95*4
28,000
65
Apr
106
Jan
Oct
..74*4
74*4
101
Jan
Oct
70
47*4
43*4
Jan
87
91*4
Mar
Mar
75
Feb
Nov
ser N...1971
Mar
43
Mar
Apr
91*4
Mar
103*4
Oct
40
Mar
76*4
Oct
MUw Gas Light 4 *4s—1967
Minn P A L 4*48
1978
1st A ref 5s
1955
Mar
79
Oct
Mississippi Power
Mar
79
Oct
Miss Power A Lt 5s.-.1957
Miss River Pow 1st 5s_195l
40
62
•
Nov
Nov
July
9,000
94*4
Jan
101*4
1,000
125*4
Apr
129
July
17,000
103*4
Jan
11054
Nov
102*4
Nov
Jan
"i'ooo
12054
Feb
106*4
124*4
1102 54 103*4
1954
123
6s ser A stamped... 1943
Cont'l Gas A El 5s...1958
61
61*4
83*4
83*4
86
98*4
98*4
98*4
67
67
96*4
97*4
Cudahy Packing 3*40.1965
For footnotes see page 3137,
4*4s.l947
42*4
Consol Gas (Bait City)—
1939
conv
86*4
128*4 128*4
Consol Gas El Lt A Power
Mengel Co
14,000
100*4 101
123
Oct
Nov
6,000
53*4
Sept
143,000
63 H
Mar
86
5,000
87*4
Apr
100
4,000
47
Mar
72*4
July
90*4
Mar
99
SeDt
67,000
95*4
86
87
100*4 100*4
104*4 106
Apr
101
78
Mar
93
27,000
05
Mar
87
32,000
93
Jan
101*4
58,000
84
Apr
106
Oct
25
Mar
28
84
Apr
Aug
Sept
9,000
mmmmmm
30
97*4
98*4
103*4 104
90
88
105*4 106*4
65*4
Jan
Nov
Jan
*25
"l02k
16,000
84*4
101
98*4
Apr
105
11,000
70
Apr
100
29,000
100
Mar
~2"OOO
10,000
Nov
Nov
Oct
Nov
Sept
Feb
106*4
Nov
28*4
June
5*4s
1944
♦Munson S3 8*4s ctfs. 1937
Nassau A Suffolk Ltg 6s '45
Jan
104
55
Apr
83
96*4
87
Apr
95*4
70
June
9,000
100
Apr
107*4
1,000
101*4
Mar
109*4
86
90
63
98*4
63
»
1,000
92,000
99*4 101
98*4
99*4 140,000
59,000
103*4 104*4
93
July
Jan
Aug
Oct
Jan
Nov
Oct
75*4
Jan
95
Apr
60
Apr
64*4
Aug
88*4
Jan
83
Apr
99*4
87*4
Apr
104*4
101
Nov
Nov
Nov
86
22.000
01 *4
Mar
86
91*4
39,000
70
Mar
91*4
Nov
109*4 109*4
3,000
Aug
110*4
Apr
84
■
90
"109k
100
3,000
*87
104
Feb
1,000
92
107 *4
108*4 108*4
"ioi""
67*4
97
91*4
102
...1965
Missouri Pub 8erv 5S.1960
Montana Dakota Power—
Apr
97
102*4 102*4
97
"9lk
Middle States Pet 0*4s '45
Midland Valley RR 5s 1943
5s..1955
24*4
—
82*4
*95*4
Metropolitan Ed 4s E.1971
4s series G
-
*70
Memphis P A L 58 A..1948
29,000
102*4 103
15,000
73*4
76*4 222,000
74*4
49,000
76*4
74*4
40,000
78*4
100*4 101
*24
~~98
1952
71*4
Oct
110*4 110*4
Conn Lt A Pr 7s A...1951
Deb 4*4s
101*4 102*4
69*4
88*4
Memphis Comml Appeal—
52*4
Oct
71*4
71*4
71*4
102*4
70
74
13,000
71*4 464,000
56,000
71*4
105
McCord Rad A Mfg 6s '45
40*4
87
*93*4
..1909
101*4
68
"
75
69
1950
100*4
Mansfield MIn A Smelt—
♦7s without warr'ts.1941
17,000
37*4
36*4 120,000
76
87*4
Long Island Ltg 6S...1945
Louisiana Pow A Lt 5s 1957
33*4
32*4
171
..1955
89
Apr
23,000
60*4
46
Marion Res Pow 4*4s.l954
Conv deb 6s
In5
Mar
64*4
58*4
Sept
90
99*4
Cincinnati St Ry 5*48 A *62
Cuban Telephone 7*4s 1941
Cuban Tobacco 5s
1944
104*4
65
59
110
74*4
86*4
97*4
75
3,000
Nov
Nov
109*4
58*4
59*4
60*4
63
1957
117*4
88*4
104*4 104*4
41*4
42*4
Chlo Jet Ry A Union Stock
Yards 5s
,.1940
{♦Chic Rya 5s ctfs
1927
Gen mtge 4*4s
Consol Gas Utll Co—
Nov
"li'666
104*4 104*4
Chicago A Illinois Midland
Ry 4*4s A
1956
6s
110
3,000
Sept
90
Kentucky Utilities Co—
103*4
Community Pr A Lt 5s '67
Community P S 5s...1960
Interstate Power 5s
114*4 114*4
"98k
1st A ref 4*4s ser F.1967
Line 68
1943
Cities Serv PAL6J40-1952
6*4s
1949
International Salt 5s. .1951
103
'103 k
6s series G
..1966
Mar
141
*85
1956
1968
57
110
66*4
63
Oct
88
63*4
*65
mmm-mm
7s series F
Oct
105*4
.
57
"66 k
7s series E
Nov
+ mmm
58
Oct
Nov
100*4
Apr
110
»
57*4
Oct
74
88*4
Canadian Pac Ry 0s„ 1942
5s series E__
-
100*4
Apr
64
106*4 106*4
1955
118
59,000
110*4 111*4
1998
Carolina Pr A Lt 6s-—1956
Cedar Rapids M A P 5s '63
Central 111 Public Service—
-
Mar
84
16,000
International Power Sec—
—
110*4
122
*123
Broad River Pow 6s. .1964
Canada Northern Pr 5a '63
♦Indianapolis Gas 5s A 1952
6s series B
1960
Birmingham Elec 4*4sl968
Birmingham Gas 5s...1959
1950
79
4,000
90
87*4
mmm
0*4 s series C
Works—
Bethlehem Steel 6s
1957
6s series D....
warrants...1947
6s series C
m
1st lien A ref 5s....1903
40
1st M 6s series B...1967
5s
Indiana Service 5s
10,000
100
89
99*4 100*4
mmm mm m
Mar
171,000
-
100
100*4
"89k
86
77*4
Bell Telep of Canada—
1st M 5s series A...1955
1951
30
41*4
1950
1947
1953
6s series C
m
1977
♦Convertible 6s
68 series A
6*48 series B
106*4
Conv deb 6*4s
Nov
97*4
Indiana A Mich Elec 6s '55
Assoo TAT deb 6*4s_A'66
100
Mar
Indiana Hydro Elec 5s 1958
37*4 106,000
97,000
36
Apr
Aug
Mar
Nov
30
Nov
70
Nov
30*4
102
68
104
30*4
Apr
97*4 244,000
19,000
91*4
119*4
32
Feb
85*4
89
Feb
196»
110
96*4
Apr
1950
June
89*4
96*4
Debenture 5s_
106
97*4
•
Electric Corp—
107*4
34*4
July
07*4
1st A ref 5s ser C...1956
Indiana
— mm
7,000
Jan
June
68
Mar
8f deb 6 *4s.-May 1957
Oct
Apr
Aug
f Indiana Gen Serv 6s. 1948
62
15
Mar
79
m'mm
19,000
31
May
43
43
159,000
Nov
30
mm —
98*4 100
Nov
91*4
8,000
mm —
99*4
91*4
Mar
Nov
1st A ref 5*4s ser B.1954
86*4
107*4
109*4
Apr
58*4
Aug
168*4
Nov
Apr
Sept
*106*4 107*4
Oct
103*4
12*4
65
67
104*4
49,000
Jan
65
104*4
65
*64
-
101*4 102
102
29
Aug
—
101*4
Jan
31
Nov
97
95
111 Pr A Lt 1st 0s ser A. 1953
79
29*4
May
30
Nov
20,000
1938
34*4
Sept
3,000
111 Northern Utll 5s... 1957
Sept
1949
Sept
20
......
30
Nov
108
Conv deb 4*4s
Conv deb 5s
Atlantic City Elec 4*4s '64
Avery A Hons (B F)—
70*4
102*4
99*4
Aug
Conv deb 4*4s C...1948
27*4
40
30
1949
104
99*4 100*4 115,000
47,000
45*4
50*4
Nov
*32
♦Hungarian Ital Bk 7*4s'63
Hy grade Food 6s A—.1949
1.000
U8*4 119*4
103*4 104
Mar
100*4
103
97*4
Appalac Power Deb 6s 2024
107*4
Jan
27,000
1956
102
Oct
Nov
76*4
108*4 108*4
*11
20
1st A ref 5s
101
50*4
101*4
Houston Lt A Pr 3 *48.1900
Apr
76,000
Mar
1,000
96
78
43,000
29
21,000
Oct
20,000
10,000
40,000
106*4 106*4
Feb
101*4 101*4
99*4
"86 k"
59
1943
98
2028
June
Apr
Apr
Apr
98*4
Am Pow A Lt deb 6s..2016
51
Feb
Jan
Amer Radiator 4*40—1947
Amer Heating 6s stp..l946
Jan
12,000
83*4
89
Amei G A El debt 5s.
65
97*4
21,000
16,000
Oct
36,000
102*4
19,000
47
*94 '
102
59,000
Mar
108*4
101*4 102*4
102*4
86*4
105*4
107*4 108*4
89
86*4
93 *4
Jan
Apr
Heller (W E) 4s w w ..1946
1951
84*4
00
June
53
81*4
Houston Gulf Gas 6s. -1943
Jan
Feb
5,000
49
100*4
Jan
75
107
3,000
22,000
mmmmmm
Jan
1946
105
47
Oct
July
July
Feb
1st A ref 6s
90
Feb
2*4
1st A ref 5s
85*4
02
8*4
68 series B
105*4
31,000
Mar
Alabama Power Co—
1st A ref 4*48
1967
Aluminium Ltd debt5sl948
Nov
68
33*4
Sept
102
104
97*4
Mar
1
Sold
1942
Nov
6*4
Bonds
BONDS
Apr
87
85*4
Sept
52*4
100
1935
77
Apr
June
101*4 101*4
mmmm
1938
6*4« ex-warrants..
AbOtt'S Dairy 6s
90
52
47
Sept
78
60
89*4
"100*4
Mar
72*4
05*4
49*4
73
*108*4 108*4
52
53*4
mm
62
30
34,000
Feb
♦Hamburg El Underground
A St Ry 5*48—
Wrlgh^ Hargreaves Ltd..*
72*4
"52 k
Sept
mrnmrnmm
97*4 184,000
61
J29
Guardian Investor* 68.1948
8*4
3*4
9*4
Jan
2
Petroleum.....!
9
96*4
61
.
(Adolf) 4*4s—1941
Wolverine Portl Cement. 10
19,000
77
87
59
Grocery Store Prod 6s_1945
70
~~96k
Gt Nor Pow 58 stpd. .1950
Georgia Power ref 5s
Georgia Pow 4 Lt 6s.. 1978
Jan
84*4
86
Grand Trunk West 4s .1950
6*4
5*4
10*4
9*4
Nov
Wolverine Tube com
Amer dep rcts_.T
6% preferred
83*4
J73
84
Utll 6 4s A. 1956
98*4
104*4
104
♦General
Sept
Apr
99*4
80
93
4*4
4*4
68*4
32.000
79
Oct
Wlsoonsln P A L 7% pf 100
Nov
Jan
1,000
10
Oct
98*4
104*4
104*4
Mar
1
10
95*4
Apr
1940
100
3*4
Mar
78
General Pub Serv 58—1953
22*4 Mar
9*4 Mar
'9*4 May
2*4
74
29,000
Jan
Jan
Nov
Gatlneau Power 1st 5s_1956
Sept
84
95*4 158,000
95
Nov
13*4
Mar
90*4
94
67*4
*4
10
1*4
Sept
Apr
101*4
96*4
800
84
105*4
76
22,000
'
94 A
6
1*4
July
52
50,000
50*4
90*4
89*4
98*4
""500
84
*
Oct
Feb
1944
8*4
West Texas Utll $6 pref..*
Nov
Nov
-m-m-A
102*4 102*4
"~90~~
Florida Power & Lt 5s. 1954
6s ex-warr stamped.
Mar
Oct
102*4
Gary Electric A Gas—
Oct
75
8
5,000
104
X
Florida Power 4s ser C 1966
Jan
30*4
*
10!
Nov
Nov
Nov
Mtge
5sstpd-.-1961
General Bronze 6s
-*
West Va Coal A Coke
Residential
Banks 6s
July
2
10
Apr
Sept
Mar
Oct
Oct
MareLll Elec Mfg-
June
Sept
May
Apr
May
Nov
108*4
4*4
1*4
Apr
July
Feb
Apr
53*4
mmmmmm
5*4
5
June
54.000
79*4
108*4 108*4
tl04*4 105
99*4
99*4
99*4
Ercole
65
3,000
70
67*4
67*4
Gen
Vot tr ctfs oom
(Bait) 3*4s
Oct
~~76~"
Nov
Western Tab A Btat—
Westmoreland Inc
Cities Service 6s
Sept
*4
5*4
1*4
9
Welsbaum Bros Brower..1
6s series B
Oct
2*4
2,000
600
500
Wellington Oil Co
Iocom
2*4
24,000
400
Wentwortb Mfg
5s without
9,000
3*4
*4
5,400
*
Class B
Wayne Knitting Mills...5
Baldwin
3*4
*4
1*4
Walker Mining Co.
6b with
May
7*4
*
Waltt A Bond clara A
Wool worth
110
6*4
Wuhl Co common
Woodley
July
Nov
107
%
Jan
Jan
8,000
104
k
July
28
107*4
High
Mar
3*4
195!
Aug 1
Nov
A
Low
97*4
3*4
♦6*4s
July
Mar
10,000
Detroit Internet Bridge—
July
1*4
20*4
73*4
Jan
17*4
3*4
250
'73 k"
Nov
36
2,600
pref—100
Vogt Manufacturing.——*
107
Jan
*4
Mar
Mar
2*4
1
Petroleum... 1
Va Pub Berv 7%
*4
1*4
34*4
2*4
214
Venezuela Me* Oil Co.-10
Venezuelan
%
*4
June
Range Since Jan. 1, 1938
for
Shares
103*4 104
107*4
July
31*4
1938
Week
of Prices
High
Low
103 %
Oct
200
,7
Conv preferred
2*4
3*4
54*4
1,100
*4
Utility A Ind Corp oom.
Sale
Price
High
1*4 June
1H
Apr
Week's Range
iMSt
BONDS
(Continued)
Shares
19,
Sales
Friday
Week
of Prices
High
Low
Nov.
107*4
Oct
74
78
12,000
54
Apr
78
Nov
98*4
98*4
1,000
86
Apr
100
July
3*4
3*4
79
15,000
*77
1*4 June
81*4
May
5*4
95
Feb
Jan
EE
Volume
Last
{Continued)
Week's
Sale
Price
Nat Pow A Lt 6s A
2026
2030
of Prices
High
Low
98 %
Deb 5s series B
90 M
98
90 M
{♦Nat Pub 8erv 5« ctfs 1978
Nebraska Power 4 Ms. 1981
2022
6s series A
*38
Nevada-Calif Elee 5s. 1956
New Amsterdam Gas 5s '48
Debenture
5 Ms
1954
62 H
58 M
8,000
91M
86,000
99%
Nov
Apr
91M
Nov
Conv 6s 4th stamp. 1950
Jan
United Elec N J 4s... 1949
United El Serv 7s
1956
44
Oct
M
Nov
34~666
108
Mar
19,000
111
Apr
120
June
98
4,000
Apr
98
Nov
85 M
Apr
115m
85 M
Nov
Jan
69
53,000
118M
Sept
56 M
"54"
60
~69~666
40
Mar
61M
Oct
56 M
57 H
13,000
40
Apr
59 M
July
Mar
60
July
Feb
107
Nov
54
57 M
39m
67,000
102
*107
90%
89 %
90 M
92
92
93 M
1942
♦Income 6s series A.1949
97
98 %
50,000
86 M
Feb
87
88 M
2,000
63 M
Mar
June
93
tl03M 104 M
89
104M
Corp 1st 4 Ms'67
100
N Y A W estcb'r Ltg 4s 2004
Debenture
1954
6s
Nippon El Pow 6MB--1953
105
112"
105M
Nor Cont'l Utll 5Hs-
1956
1948
No Indiana G A E 6s..1952
1966
106M
6s Berlee
1969
106 M
D
1970
4Mb series E
84
N'western Pub Serv 5s 1957
Ohio Power 1st 5s B..1952
26,000
July
Nov
93
Nov
Oct
Va Pub Serv 5 Ms A..1946
94 M
92 M
95
63,000
75
Apr
95
Nov
1st ref 5s series B...1950
6s.
1946
87 %
86M
87M
5,000
75
Apr
87 M
Oct
84
84 M
3,000
65
Apr
86 M
July
23
24 M
Nov
Feb
Apr
114
62 M
Sept
Mar
96 M
Nov
'104M
102M
102 M
94 M
55 M
NOV
Apr
109 M
Aug
Feb
106 %
NOV
Apr
106 M
Nov
♦York Rys Co 5s
Apr
104
Nov
Feb
105M
94 M
6,000
105 M
Pacific Coast Power 6s '40
102 M
86 M
102
98
Nov
103M
Jan
108
Nov
102 H
Nov
107
Jan
Nov
106M
Jan
Aug
102 M 102 M
96
Jan
105M
75,000
83
Apr
106
61,000
95
69
Apr
96 M
Oct
14,000
100
Mar
103 M
1941
1st 6s series B
Pacific >'ow A Ltg 6s
1955
113M 113M
113M
93
Pacific Ltg A Pow 6s.. 1942
92 M
"79M
79M
*29
92
92%
113M
Oct
116M
Apr
94
Sept
Apr
115
Oct
ser
Nov
♦7s
ser
Nov
Apr
97
Jan
♦7s 2d
Penn Ohio Edison—
99
93
91M
Penn Pub Serv 6s C..1947
58 series
4 Ms series B.
1968
1981
4s series D
Phila Elec Pow 5M8-.1972
72 H
Pledm't Hydro El 6 Ms
Coal
Pittsburgh
60
58
21
4 Ms series F
1961
Potrero Bug 7s stmpd.1947
PowerCorp(Can)4MsB
flstAref 4Mb ser F1981
T4Ms series 1
1960
78 M
Mar
94 M
Aug
82 M
Mar
96 M
Aug
18,000
111
65
40
,
113M
Jan
Mar
May
18M
Feb
61
Feb
June
108
Feb
Aug
86
79
Sept
104M
100
Puget Hound P A L 6 Ms '49
Sept
Apr
13,000
Jan
69 M
July
5,000
105M
Apr
108M
Sept
3,000
107
Apr
109
July
9,000
23
48
65
Jan
Sept
98M June
104 M
Nov
Jan
22 M
May
20 M
2,000
101'
3,000
101M
12,000
Oct
105
Sept
104M
Apr
101
Sept
105
103M
Sept
106M
98 M
Mar
Mar
107
July
1st A ref 4 Ms ser D.195C
1952
Corp 6 Ms. 1953
Housing 8Ms..1958
Safe Harbor Water 4 Ms '79
Scrlpp (E W) Co 5 Ms. 1943
Scull in Steel 3s
1951
Servel Inc 5s
1st 4 Ms series D
i970
93 M
35
Feb
Jan
"e'.ooo
21
Mar
28 H
Aug
109
18,000
107
22%
20.000
♦Secured 6s
1947
7s
.1958
69
Nov
%
Oct
Sept
25%
Jan
22 M
Oct
Mar
9%
19
9M
Oct
14
Apr
13
*8
*7M
13
79M
80
3,000
64
Feb
24 %
*24
25%
*24
14 %
24%
1,000
21
*11
20
♦Issue of May 1927
♦7s ctfs of dep. May '47
♦Issue of Oct 1927
Mar
18M
131M
Oct
♦Mtge Bk of Chile 6s.l931
July
24 H
July
1931
Mtge Bank of Columbia—
8,000
18,000
21%
Jan
96 M
Apr
103
10
Aug
80M
June
38M
Apr
71
Nov
Apr
107M
♦Rio de Janeiro 6 Ms. 1959
♦7s ctfs of dep
1946
*23 M
1947
*23 M
*23 M
Aug
Nov
♦Parana
106 H
Nov
106
Sept
Sept
106
Nov
14,000
67,000
H
71H
Sept
70 M
Nov
Mar
86 H
Nov
97M
Mar
110
104 M 104M
51
52 H
10,000
101M
30,000
102 M
12,000
102M
Nov
1,000
106 H
10,000
14,000
107
July
111
Aug
103 M
Apr
106 M
Mar
56 H
Jan
35M
Apr
85
Feb
102
Nov
104 M
7,000
93
Apr
104 M
Nov
86 M
12,000
104M 104M
4,000
104
86 %
65 M
89
Mar
93
Mar
105M
Nov
Jan
46M
Sept
63 M
Nov
89,000
47
Sept
63 M
Nov
64
48,000
37M
Mar
64
Nov
Mar
63 M
Nov
62
61 %
63
54,000
36 M
62
61M
63
20,000
53 %
Oct
63
Nov
85M
85
85 M
6,000
54
Apr
85 M
Nov
62
60 M
63
176,000
36
Mar
63
Nov
32 M
32 M
33 M
23,000
18M
Mar
59
60
10,000
40
Sept
60M
Nov
51
55
36
Sept
55 M
Nov
Nov
106 M
Apr
107M
102*u
37JM
Oct
102»i6 102 M
4,000
*104*16 104 M
90
92 M
2~3~666
65 M
Feb
2,000
35M
Sept
63 X
Nov
176,000
82 M
Mar
100M
May
61M
Texas Elec Service 6s. 1960
103 M
95
Aug
Oct
103M
102 M 103M
58,000
94
Mar
104 M
100M
100M 100M
86 M
89 M
10,000
90 M
Mar
101M
Aug
Apr
89 M
Mar
65 M
July
55 M
56
31,000
75 M
61,000
44
6M
Oct
17M June
13,000
7
Apr
Mar
102 M
10 M
10,000
6
Apr
10 M
96
99 M
9
7
M
M
62,000
%
%
M
%
58%
13%
M
%
7,000
58%
58%
3,000
45
13%
13%
9,000
1961
13%
13%
13%
10,000
♦Santiago 7s
♦
the
a Deferred
not Included In
No par value,
rule
M
Sept
Jan
1
Mar
65
11M
Jan
16
11M
Jan
16M
Feb
Jan
Jan
Mar
Mar
Jan
M
July
June
sales
delivery sales not Included In year's range,
n Under
year's range.
1 Cash sales not Included in year's
Ex-dlvldend.
♦ Friday's bid and asked price. No
x
range,
♦
Bonds being traded flat.
■
sales were transacted during current week.
\
In receivership
| Reported
f The following is a list
of the New York Curb bond Issues which have
been called
In their entirety:
15 at 101M.
Indiana General Service 5s 1948, Jan. 1, 1939 at 105.
Ohio Power 4Ms series D 1956, Dec. 1 at 102.
Public Service of Northern Illinois—
4Mb series D 1978, Nov. 25 at 102.
4Ms series E 1980, Jan. 3 1939 at 102M.
4Ms series F 1981, Jan. 3. 1939 at 102M4M8 series I 1960. Nov. 25 at 104.
Super-Power Co. of 111. 4Ms 1968, Dec. 17 at 103.
1st 4 Ms 1970, Dec. 17 at 104.
t Cash sales transacted during the current week and not
Water 5s 1977, Dec.
■
'•
A
lnoluded in weekly or
yearly range:
No sales.
V
Under-the-rule sales transacted
during the current week and not Included in
weekly or yearly range:
No sales.
z
Deferred delivery sales
Nov
Leonard
•
....1921
1945
1949
♦5 Ms
Jan
61M
23 X
Apr
♦Russian Govt 6 Ms...1919
Oct
7,000
...
9
7s...1958
(State)
Hackensack
(Hugo)
23%
12 M
Oct
loToOO
30
*99M
♦Santa Fe 7s stamped.
July
Apr
5,000
102
Sept
May
108M
108 M
Apr
Sept
Sept
25 M
30
♦6M8 ctfs of dep... 1947
Mtge Bk of Denmark 5s '72
Pept
70
Sept
~4J)66
30
♦7s ctfs of dep
100
99
Oct
24M
Jan
15
Aug
100
53
25 %
Oct
16M
30
Nov
12,000
16,000
14%
July
27~600
31,000
Oct *47
25%
31M
M
70 M
♦7s ctfs of dep
6s stamped
Feb
24
30
30
105 M
102
Mar
23
1954
110M
105
110
89 M
59 M
24
Sept
1951
106M
102 M
110
55 %
Aug
Jan
18M
18
♦6 Ms ctfs of dep
9,000
28 M
107M
90 M
100 M
Jan
♦7s ctfs of dep
10,000
"30
104M 104M
107M 108M
107 M 108M
"
Terni Hydro-Ei 6 Ms..1953
102
19%
♦Mendoza 4s stamped. 1951
Feb
63 M
Ms *52
22
8,000
6,000
Apr
63 M 144,000
Tletz (L) see
23%
June
61M
Twin City Rap Tr 5
22
9M
61H
TldeWater Power 5s..1979
*45
♦7s
59
51
1952
128M
17M
61
6s..1956
2022
June
External 6 Ms
Nov
61M
A
39
99%
97%
97%
Sept
62 M
series
Sept
Sept
13
*8M
99%
7%
62 %
6s
96M
.
1953
Feb
(stpd)
Texas Power A Lt
96%
2,000
5Ms
5s—
Aug
Debenture 6s
f Suoer Power of 111 4 Ms '68
fist 4Mb
1970
Tennessee Elec Pow 5s 1956
4,00d
1959
.....1955
6Ms ctfs of dep
Danish
18 M
Conv6fl (stpd)
Corp—
2d stamped 4s
..1940
2d stamped 4s
1946
July
10 %
"25"
{Standard Gas A Elec—
Stmnes
Aug
14 M
Jan
106 M
68 %
70 M
86 M
♦Starrett Corp Ino 6s_1950
18 M
July
Nov
105
105
Debenture 3Ms
{Standard Pow A Lt 6sl957
Aug
14M
8
Sou Calif Edison Ltd—
gold debs....--.1957
Standard Investg 6 Ma 1939
18M
21M
'61
7M
June
97 M
6s
20
*16
dep..Oct
1,000
69
25 M
93 M
..1948
1948
..1951
Debenture 6s. Deo 11966
*16
♦6s ctfs of
4,000
11,000
94 M
6s
♦6s ctfs of dep..July '61
Cundinamarca (Dept of)
9%
105
104 M
Mar
8
105
104""
Jan
28
24
12
77
*106 V*
So'west Pub Serv 6s..1945
27
22 M
40
Columbia (Republic of)—
8
28,000
67
67
So'west Pow A Lt 8s. .2022
Apr
Sept
30
*24
♦6s series A...:..1952!
Oct
12
*24
♦Prov Banks 6s B..1951
Oct
9%
Oct
Southeast PAL 6S...2025
S'western Lt A Pow 6s 1957
10
12
Oct
27 M
101 %
102 M
"51"
Oct
♦Medellln 7s stamped. 1951
Oct
86
1951
Aug
Feb
77 %
29
S'western Assoc Tel 5s 1961
Apr
8M
15
Jan
6M
"WO
Nov
82 M
84M
Sou Indiana Ry 4s
1948
10%
9%
11M
July
78
*130M
28 M
108
10%
*9M
*9
80 %
Oct
1,000
1,000
Jan
86
1945
1960
Ref M 3Ms B.July 1 '60
1st A ref mtge 4s...1960
Sou Counties Gas 4 Ms 1968
Feb
Apr
9%
22
Apr
Sou Carolina Pow 6s. 1957
Ref M 3Ms.May 1
76
May
65
14
22
53
*16M
1968
Sheridan Wyo Coal 6s 1P47
68
Feb
22
59
109
Shawlnlgan W A P 4Ms '67
1st 4 Ms series B
72
80
*67
*65
*9
July
7
Sept
*10
'
21M
July
16
Mtge Bk of Bogota 7s.1947
169"
..1948
6
18
35
Oct
♦Hanover (Prov) 6 Ms. 1949
♦Lima (City) Peru 8Mb *58
60M
24
'52
1951
7M
11M
23%
25,000
*30
♦Saxon Pub Wks 6s... 1937
♦Scbulte Real Est 6s.
Oct
22
77
77
{♦St L Gas A Coke 68.1947
San Joaquin LA P 6s B
00
7~M
23
72M
♦Ruhr Gas
♦Ruhr
r-
Oct
*18
♦7Ms ctfs of dep...1946
Cent Bk of German State A
♦Maranhao
Queens Boro Gas A Elec—
6 Ms series A
Oct
7M
11M
♦Hanover (City) 7s...1939
76 M
73 M
78
"72 M
7
9
I
May
8,000
36,000
106M 107
75 H
9%
til
30
♦German Con Munlo 7s '47
146 M
Jan
130
31,000
102 M102*%
"78 M
Aug
Danzig Port A Waterways
*10316i«104M
1st A ref 5s ser C...1950
24
I
(Provlnoe)
♦7s ctfs of dep
Jan
22
63 M
102M1022%
1966
1951
♦Caldas 7Ms ctfs of dep.'46
♦Cauca Valley 7s
1948
Pub Serv of Oklahoma—
4s series A
Aug
1
*6M
♦7s 3d ser ctfs of dep.'57
♦7s stamped
1952
♦7 Ms stamped.....1947
53,000
102% 102%
102 M
Oct
24
30
30
Aug
Jan
Pub 8erv of Nor Illinois—
f4Ms series D..*_.. 1978
114 Ms series E
1980
26
Aug
Buenos Aires
144M 146 M
146
25M
Jan
30
7
May
Public Service of N J—
6% perpetual certificates
Jan
30
7
108 M
107 M
*22 M
Oct
17%
25
*25M
*24
*24
*24 ■*
Aug
109
106M
10,000
Oct
Aug
Nov
Apr
104 %
24
Nov
94
Bogota (see Mtge Bank of)
108M 108M
43
45 M
103 M 103 M
'59
94 M
7
Feb
Sept
62 M
♦Prussian Electric 6s. .1964
Apr
May
72
7
105
107 M
"i08M
Feb
58 M
9M
9M
107 M
10,000
5,000
21
10,000
14,000
9M
Mar
"4^666
26:666
Nov
105M
■
*6M
Mar
3,000
98 M
Nov
101
Feb
ctfs of dep.'57
93
17,000
60
108
Apr
ctfs of dep.'57
99
23,000
73
Jan
86 M
96
20
25
*24
Bogota (City) 8s ctfs.. 1945
92 M
105 M
ser
♦Baden 7s.
11,000
July
May
Co¬
of)
Nov
106 M
62 M
(Dept
June
98
Potomac Edison 5s R.1956
104M 104 M
'47
96
*105
Portland Gas A Coke 5s '40
99M 100M
Oct
I05M
108
56,000
20,000
107M 108
1,000
101
1948
♦Pomeranian Elec 6s__1953
June
1947
Jan
Apr
68.-1949
Pittsburgh Steel 6s
Apr
106
dep. Apr '46
Mar
95
71 M
58
103
~
1,000
75
112M 112M
112 M
6.000
*106
m*»m
90
82
93 M
Phil a Rapid Transit 6s 1962
105
m
92%
4,000
91M
91M
1961
*
m.
90
23,000
Peoples Gas L A Coke—
4s series B
19,000
105
105
90
93 M
*104 M 105M
104M 104M
107 M 107 M
Penn Water A Pow 6s. 1940
Nov
66 M
90
100M
106M 107
1954
D
98 H
June
*7M
*7M
*7M
*7M
♦7s 1st
Mar
76
99
Oct
Mar
32
ser
93
♦7s
78
1960
110%
74 M
62
110
C ctfs of dep. 1945
D ctfs of dep.1945
Nov
16.000
Jan
Nov
98 H 212,000
♦7s ser A ctfs of dep. 1945
♦7s ser B ctfs of dep. 1945
82 M
93
54,000
104 %
Mar
lumbia—
34M
99
Deb 6Ms series B..1959
Antloqula
Mar
97
Feb
96
97
90
♦7s ctfs of dep. Jan
Mar
95M
97
60
110
♦6s ctfs of dep...Aug '47
♦68 ctfs of dep
Apr '48
Mar
97 %
July
July
106
GOVERNMENT
♦78 ctfs of
65
99
26
109
Apr
60
1937
♦20-year 7s
74 M
75,000
Mar
June
MUNICIPALITIES
28
46,000
2,000
12H
99 %
98M
110
Agricultural Mtge Bk (Coll
♦20-year 7s.___Apr 1946
33
80 H
1971
6s series A
AND
May
1979
1st 5s
Penn Electric 4s F
Feb
79
113
*113M 114
Park Lexington 3s
1964
Penn Cent L A P 4 Ms. 1977
16,000
4,000
94
FOREIGN
Oct
Pacific Gas A Elec Co—
Pacific Invest 5s eer A. 1948
6,000
.1947
Stamped 5s
Aug
55',6ob
21,000
Nov
Apr
80 M
102 M
.2,000
*102*32 102M
103M
105M 105 M
103% 104M
Wheeling Elec Co 5s.. 1941
93
46,000
104 M 104 M
Nov
106 M
19,000
J107M 107M
*.
105M
West United G A E 5Ma'55
Mar
30
-
West Texas Util 5s A 1957
West Newspaper Un 6s '44
Apr
70
23
-
West Penn Elec 5s...2030
West Penn Traction 5s '60
93 M
15,000
Okla Power A Water 6s '48
♦5s Income deb
1954
Wash Ry A Elec 4s...1951
Wash Water Power 6s 1960
29,000
32,000
fist A ref 4 Ms ser D 1956
Okla Nat Gas 4Mb
1951
6s conv debs
1946
Oct
1973
67,000
98
96 M
112M
85%
6s series A
Utah Pow A Lt 69 A..2022
Wlsc-Mlnn Lt A Pow 5s '44
Wise Pow A Lt 4s
1966
Yadkin River Power 5« '41
6,000
102 H 102 %
102 %
Feb
80
105 M
103 %
107M 108
97 M
-.1945
Ogden Gas 6s
96
Jan
Jan
4,000
8,000
105M
12,000
Feb
Aug
Aug
104
Oct
112M 112M
112M
Feb
Nov
Nov
105 M
83M
75
100 M
45
103
103M
N'western Elec 6s stmpd'45
Feb
64
108M
110M
105M 106M
105M 106 M
Feb
64 H
53 M
Northern Indiana P 8—
6s series C
Nov
94 %
63,000
8,000
Apr
1,000
55 %
107
12,000
83%
107
82
82
7,000
Apr
4,000
108 M 109
July
57M
7,000
May
60
51 M
53
108M
82 M
7.000
74 %
88
112
96
July
Apr
78
June
93
45
60
95 M
Nov
80 H
85M
No Amer Lt A Power—
5 Ms series A
30
Mar
92 M
105
.
112
60
Jan
56
Waldorf-Astoria Hotel—
76
76
1,000
67,000
107M 107M
99
100M 208,000
107 M
23
78
106
106M
1952
4Mb
99 M
24
7,000
29
77 M
«,
5Ms
1959
Un Lt & Rys (Del) 5 Ms *52
United Lt & Rys (Me)—
6s series A
2,000
19,000
27
75
■
27M
Nov
63
4,000
63
28M
1974
Feb
Sept
116M
74
Nov
87
♦Ext 4%n stamped. 1950
N Y P A L
6Ms
Apr
Sept
42
26M
75
Oct
56
Mar
30
112M
83 M
Nov
93 M
New York Pern & Olio—
NY State E A G 4Mb 1980-
8,000
2,000
92 M
90 M
Mar
98 H
N Y Central Elec 5 Ms 1950
54 M
84 %
Mar
74
New Orleans Pub Serv¬
er stamped-
53
1944
70
51,000
43,000
High
Low
Shares
62 M
United Lt A Pow 6s...1975
108M
High
115M 115M
53
♦United Industrial 6Ms '41
♦1st s f 6s...
1945
80 M
Week
of Prices
Low
Range Since Jan. 1, 1938
for
men Co—
Mar
35
41 M
%U7% 118M
56%
New En# Power 3Ms~1961
New Eng Pow Assn 6s. 1948
98 M
Sale
Price
High
Low
84 %
1948
1950
{Concluded)
Week
Shares
Week's Range
Last
96 M
84 H
Conv deb 5s
BONDS
Range Since Jan. 1, 1938
118M 119
98
6s
for
108M 108 M
118M
Nelsner Bros Realty 6s '48
NTS Gas A El A bsd 5s 1947
Range
Sales
Friday
Sales
Friday
BONDS
1
3137
New York Curb Exchange—Concluded—Page 6
147
In weekly or
transacted during the current week
yearly range:
tlflT
Abbreviations
"cum
\
certificates of deposit; "cons," consolidated;
convertible: "M." mortgage; "n-v," non-voting stock;
certificates; "w J," when Issued; "w w," with warrants'
x-w
Used Above—"cod."
"cumulative; "conv,"
"v t c,"
without
and not included
.'
voting trust
warrants.
Financial
3138
Nov.
Chronicle
1938
19,
Other Stock Exchanges
Sales
Friday
Last
Real Estate Securities Exchange
New York
Week'8
Sale
Par
Bonds-
Price
Week
Ry—
1948
-—--1948
Eastern Mass St
Bid
Unlisted Bonds
Unlisted Bonds
Ask
Ask
Bid
Series A 4%s
5s
Series B
Bldg 7s 1945
Bryant Park Bldg—
6%s unstamped—
B'way 38th St
8
6%
9
for
of Prices
Low
High
Week
Price
18%
27
Pow—_*
100
30
17
X
IX
135
88
X
X
Mar
2%
Apr
21X
23 X
158
9%
Mar
Nov
76
65%
112%
Mar
24%
73%
71X
71
71X
116
116
116
15%
54
17
375
15X
Apr
Apr
116
Mar
20
Oct
75%
Mar
114%
Oct
27% June
9% May
35%
Jan
42
50
10X
10X
50
50
18 X
18X
19X
1,496
11%
Mar
X
X
X
13
X
Apr
8X
8X
9
392
X
X
IX
IX
X
IX
865
IX
100
31%
33 X
323
26
*
pref
preferred..,
—
-1
Mar Tex Oil
Common class A...—-1
Co com..l
Transp..*
100
Amsterdam Casualty 6
Martin (Glen L)
32X
123
32
31X
32
95
113%
113
25
100
82
11
May
June
16X
245
10
Mar
38 X
408
35
June
718
1
IX
IX
83 X
83X
84%
24c
24c
72 X
73
15X
16%
7%
for
of Prices
Week
Price
High
Low
Shares
Hi
Low
Abbott Laboratories-
Common (new)
59
*
Advanced Alum Castings .5
Aetna Ball Bearing com.-l
Allied Laboratories conv.*
Jan
Armour A Co common...5
Jan
Aro
Oct
Asbestos Mfg Co com
1
Equipment com
Apr
60%
Nov
39%
Sept
49%
Nov
300
4%
Mar
12%
Sept
4%
Jan
Nov
550
2
8%
300
4
Mar
13%
250
7
June
70
62%
147% 150
6%
5%
3,774
130%
5%
1,700
3%
Mar
6%
10%
250
5%
Apr
10%
Oct
1%
850
%
Mar
1%
Jan
37%
100
10
*10
1%
1
37%
Mar
8%
3%
7%
3%
8
Amer Tel A Tel Co cap. 100
Jan
36%
500
10
13%
3%
13%
Amer Pub Serv pref--__100
Nov
900
49%
10
25
Adams Oil A Gas com
60%
49%
...
Acme Steel Co com
Oct
16%
47%
12%
Mar
Par
Stocks-
Week's Range
Sale
Oct
2%
34%
Range Since Jan. 1, 1938
Last
Jan
%
Sept
18%
15
Ry—60
Oct
3
38 X
12X
IX
Oct
Nov
10
Merch A Miners
11X
Oct
19%
%
X May
Get
1%
1% Nov
6
Mt Ver-Wdb Mills pref.
New
Sales
Friday
July
June
11
pref...
100
v t
*
Mfrs Finance com
St., CHICAGO
Chicago Stock Exchange
Jan
1
X
Guilford Realty Co
Houston Oil pref
,
,
Chicago Stock Exchange
Chicago Board of Trade
Exchange
(Associate)
Nov
28%
June
SECURITIES
10 S. La Salle
IX
113%
Fidelity A Guar Fire
Finance Co of Am A corn..
Nov
Oct
20
X
1
20
10
Fidelity A Deposit
1st
27
New York Curb
High
Mar
12%
21%
5% preferred
East Sugar Assoc pref
2d
1,404
1%
Bait Transit Co com v
Consol Gas E L A
Low
Shares
19X
26
Arundel Corp
(Conn)50
tc ~
Nov
79
Members
New York Stock
Range Since Jan. 1,1938
Week's Range
Sale
pref v t c
Black A Decker com
75
Apr
Vml H.Davis & €><x
Sales
Last
let
Mar
50
Listed and Unlisted
compiled from official sales lists
18» both inclusive,
Friday
Atlantic Cut Line
49
1.000
CHICAGO
82
Baltimore Stock Exchange
Par
$4,000
79
Corp—
Income 5s 1952 v t C
...
10 East 40th St Bldg 5a *53
Stocks—
75
79
38
6%s unstamped..-.1946
Park Place Dodge
27%
250 West 39th St Bldg 6s'37
Nov. 12 to Nov.
73
11 West 42d St Bldg—
59
22
6%s stamped
-.
High
Low
Shares
High
Low
Range Since Jan. 1,1938
for
Range
of Prices
27
Oct
Apr
45
140
14
70
Nov
Sept
150
Nov
Mar
39
Jan
Nov
D S Fidelity A
Guar
2
16
900
1
June
1%
Jan
Associates Invest
90
72
June
94%
Jan
Athey Truss Wheel cap.
22c
Sept
60c
Jan
Automatic Products com.5
75
Jan
Aviation Corp (Del)
17%
Oct
Aviation A Trans O oap.l
3%
Bastlan-BIessing com....*
North Arner Oil com
Northern Central
Owlngs Mills Distillery — . 1
Penna Water A Power com*
12%
12%
13%
900
Belden Mfg Co com
Bendix Aviation com
..10
12%
12
13%
1,500
Mar
25%
Oct
Berghoff Brewing Co
Binks Mfg Co cap
1
22%
7%
22
500
42
2,695
59%
8%
Apr
Mar
BondsBait Transit 4s
A
19
1975
20
$7,000
22 X
flat...1976
5s flat
23
1,300
15
Mar
23%
Jan
15%
Mar
27
Jan
Finance Co of Amer—
4,000
96%
96%
1947
4%....
92
96%
Apr
Nov
*
com
.4
.
3
5
3
4%
800
3%
1,950
Jan
1%
5%
July
Mar
Oct
1%
Mar
Mar
3%
13%
Nov
8
6% June
13%
Nov
Boston Stock
Exchange
2,700
650
5%
Mar
8%
May
5%
100
4
Mar
6%
Jan
5%
Jan
20
22
1,850
12%
Mar
22%
31%
35%
1,616
16%
Mar
36%
18
18
10
Mar
18
Nov
Last
Sale
Par
Stocks—
Price
Week's Range
of Prices
High
Low
Range Since Jan. 1,1938
8
Mar
1
Low
High
Bunte Bros com
1
45c
6% non-cum pref—--50
50
1%
100
147%
1st pref.
......
Amer Tel A Tel
170
32c
296
1
1%
13%
13%
147% 149%
25
2,090
Bigelow-Sanf'd Carp com. *
Mar
16
May
Mar
149%
Nov
%
June
11
"26%
26%
26%
17
80
40
62
86
383
60
Mar
946
108
Apr
Boston Edison Co
100
Boston Elevated
100
125%
54
15
Boston Herald Traveler. _*
Apr
29%
Sept
81
1%
June
77
"81"
125% 127
53
54%
Nov
110%
148
25
Feb
2
Apr
%
100
Boston A Albany ......100
80c
Mar
%
Assoc Gas A Elec Co cl A: 1
Preferred
45c
2
42c
Nov
94
Jan
108%
134
JaD
July
495
47%
Oct
58%
May
1,675
17
13%
Mar
20%
Jan
Prior pref
5%
100
Cl A 1st pref std
Class A 1st pref
100
"lX
100
373
2%
5%
4%
Mar
Mar
July
Jan
12
1
Sept
4%
July
Cherry Burrell Corp com_5
1
Mar
3%
4%
July
Chicago Corp common..*
Sept
3%
July
4
July
Chic A N West Ry com 100
17
8
8%
Jan
13%
Apr
Nov
17
75
Chicago Rys pt ctfs 2.-100
Chicago Rivet A Mach cap4
Nov
389
6%
Mar
10%
Oct
Chicago Towel
970
9
6%
4%
May
7%
Jan
Convertible pref
*
Chicago Yellow Cab cap..*
Chrysler Corp com
5
East Gas A Fuel Assn—
23%
2%
26%
338
13
12%
14%
346
1%
21
9%
80c
100
100
38
3
Jan
52
May
Sept
30%
Jau
(New) Com
.10
Club Aluminum Utensil..*
1%
Feb
100
Adjustment.
8
100
Preferred B
2%
3%
*
com
Preferred
General Capital Corp
*
Gillette Safety Razor....*
.._.*
Apr
40
Nov
Apr
10
Nov
330
10
2%
520
3%
149
13
Sept
9
12
Feb
15%
20%
34
25
9
330
600
"50c
Apr
Apr
23%
6% June
*
July
3%
Jan
Jan
30
15%
20%
Nov
34
Nov
.
11
Nov
Feb
25
New capital
25
Compressed lnd Gases cap*
Consol Biscuit
1
com
Preferred
New Eng Gas A El Assn pf *
New England Tel A Tel 100
2
14%
102
Cudahy Packing pref. .100
Cunningham Drug com2%
15
1%
Feb
5%
Aug
Dayton Rubber Mfg com. *
50c
200
20c
Sept
60c
July
July
Deere A Co com
Feb
Dexter Co
125
6
2
337
%
10
June
June
3%
18
2%
1%
Mar
470
18%
Mar
28
July
670
3%
Oct
6
July
2%
200
1%
Jan
2%
14%
15%
100% 102%
1%
1%
145
13
Sept
615
81
Mar
739
1
25
27
com
2
Aug
300
14
Apr
25
14
100
9
Mar
14
Mar
73%
% Aug
3% June
1%
July
7%
July
6
1%
1%
51
52%
105
3%
16%
Nov
2%
,9,900
Mar
June
Mar
36
'""%
36
950
71
34%
1%
25%
75
850
38%
Jan
80%
1
570
%
X
5%
Sept
1%
Jan
%
Oct
Mar
10%
July
57%
96%
May
Apr
*
%
%
'""8%
8%
X
150
9
70
T10"
10
70
110
10
112
«
20
10
10%
81%
88%
8
250
4,901
10
63%
June
Jan
8%
2%
2%
8%
5%
150
2%
1.100
20
26%
26%
16
Jan
22
Mar
28
May
12
16%
26%
25
Mar
Sept
360
10
Mar
7%
17%
28%
110
17%
28%
100
98
95
Aug
100
Nov
48
May
73
July
55
55
'
58%
1,090
16%
16%
16%
250
16
200
15%
15%
Aug
Oct
Nov
NoV
11%
.
Apr
17%
5%
Mar
17%
2%
20%
Oct
1%
Mar
Sept
3%
23
July
Elec Household Util cap.5
2%
FitzS A Conn DAD
com.
*
60c
May
Gardiner-Denver
9%
13%
Mar
May
19%
24%
July
4%
Oct
14%
14%
21%
21%
3
16%
24%
3%
15
15
11
11%
13%
60c
221
1,190
150
35
715
16%
1,447
61c
1,085
1%
12%
8
Jan
3% June
9%
5
1,650
9%
4%
9%
Common
Sept
20
Jan
12%
17%
Oct
Si 25%
Oct
Apr
10
Oct
100
3%
Sept
4%
9%
300
150
300
%
1
14%
15%
200
32%
32%
36%
1,092
5%
Mar
50C
Aug
91c
Jan
Goodyear T A Rub com..*
Gossard Co (H W) com
*
Apr
28%
Oct
Great Lakes DAD
3%
100
u
7%
Goldblatt Bros lnc com..*
Oct
8%
1,850
272
8
Mar
1%
Mar
10
Mar
2% June
f~
X
Nov
Nov
Mar
11%
Mar
27%
Oct
Mar
13%
Nov
Jan
6
26%
2,000
12
13%
1,550
5
80
3
Mar
6%
5
Sept
8% June
Apr
7%
12%
Hall Printing Co com
10
12%
Apr
26
Nov
Hamilton Mfg pref A
10
5%
5%
■5%
85%
Nov
Harnischfeger Corp com. 10
5%
390
42
44%
144
38%
Jan
44%
Nov
Heileman Brew Co G cap. 1
5%
6%
6
42
6%
300
5%
70c
80c
1,350
55c
Mar
1%
Jan
Heln-Werner Motor Parts 3
6%
6%
7%
Oct
Heller Walter A Co pf ww_ 25
4%
6%
8%
4%
Nov
160
7
3%
21%
23
100
6
5%
Mar
649
2
Sept
255
19
Sept
26
Jan
7% pref
w 0 w
Nov
Horders lnc
July
Hormel A Co
com
common
Oct
11%
25%
Mar
Feb
Jan
650
15
25c
Jan
8%
50
Nov
Jan
2%
23%
36%
482
11c
Jan
Nov
1,702
100
Jan
4%
June
7%
13
85%
lie
2%
16
10%
"25%
com.
Sept
6% Mar
11% June
22% Sept
26
lie
17
Aug
Mar
4%
2
General Outdoor Adv com*
May
5%
Jan
3;0
13
new*
34
6C0
%
com
Oct
May
81%
335
Jan
Jan
10
12%
3%
2
1
29
24
28
6%,
16%
Nov
24%
24
"10"
General Finance Corp com]
Gen Household Util—
June
4%
4%
Elgin Natl Watch Co...15
Jan
Nov
*
10
16
15
Feb
July
40
Mar
830
Jan
28c
370
_
Feb
109%
23
23
5
5
200
2%
81%
Jan
May
,3%
11%
2,250
1,625
7
14%
28c
3141.
Nov
800
17%
6%
6%
Four Whi Drive Auto cap 10
Fox (Peter) Brewing com.5
see page
May
2%
30
"25"
For footnotes
10%
Jan
June
21
Fuller M fg Co com
4
Sept
14
11,250
27%
16
1%
80
20
Mar
Mar
Jan
21%
Nov
10%
2%
Jan
*
Jan
Sept
150
Jan
Warren Bros
Nov
16%
5
Warren (S D) Co.*
June
16
3%
*
70
112
Mar
79c
Waldorf System
Jan
7%
Sept
7
July
150
Sept
10
Nov
12%
88%
Mar
6
Oil
Jan
2%
34%
2%
350
%
25c
Utah Metal A Tunnel Co.l
July
16%
21%
2%
United Shoe Mach Corp. 25
Preferred
25
Venezuelan-Mex
5%
Mar
12% June
27
Union Twist Drill Co
Sept
12
100
10%
1%
Union Copper Land A M 25
Nov
12%
135
*
Nov
700
"27"
Torrlngton Co (The)
Oct
55
105
31
105
Suburban Elec Sec com..*
2%
130
2%
June
Apr
90
10%
580
14%
Mar
25%
150
15%
15
15
1
310
30%
1%
*
1,700
"12
1%
"ll'X
2%
55
100% 105
4
3%
16%
15%
12%
45c
»
200
250
Jan
31
1
25
%
6%
Jan
Nov
*
1%
3
41%
1,900
*73%
%
*
*
40c
Reece Button Hole Mach 10
Stone A Webster
20
*
Common
Dodge Mfg Corp com
Eddy Paper Corp com
1%
50
Shawmut Assn T C
Sept
550
43c
25
Quincy Mining Co
14%
Dixie-Vortex Co—
2%
16
100
Pennsylvania RR
120
5
Aug
2%
16
2.50
Certificates of deposit
Pacific Mills Co....
July
18%
24%
6%
*
"
1%
Old Colony RR
Old Dominion Co
24%
66
Decker (Alf) A Cohn comlO
100
N YNH AHRR
North Butte
Sept
100
Class A
National Tunnel A Mines. *
July
17%
71%
Container Corp of Amer.20
Continental Steel com
*
2%
3%
.1
10
308
Commonwealth Edison-
35c
2
.....
1
Mergenthaler Linotype. _*
Narragansett Racing Ass'n
15%
2%
Oct
Apr
115
15
15%
19%
8%
1%
2%
1,000
Cities Service Co—
2%
2%
15
(Boston) 25
Inc...
July
34
20
"T%
Hathaway Bakeries cl A-. *
v t c
%
13%
3%
15
_..*
Economy Grocery Stores.*
Employers Group..
*
Isle Royal Copper Co
35
Jan
13%
Coleman Lamp A St com.*
460
1.00
40
Oct
Aug
5%
24
*
com...
Sept
Sept
"
1st preferred
Class B
212
1%
23%
1%
10
18%
Chic Flexible Shaft 00m..6
Sept
6
Common
*
1
8%
4%% prior pref
100
6% preferred
....100
Preferred
1%
6
Eastern Mass StRy—
*
com
10
8%
*
Cent States Pow A Lt pf_ *
Chain Belt Co
50
25
;
*
300
25
Mass Utilities Ass
1
.*
1%
1%
13%
Copper Range
Loews Theatres
Common..
Preferred
100
350
250
17%
22%
.1
._*
400
July
May
6% June
2% May
5% Mar
,
1%
Calumet A Hecla
Eastern 83 Lines
Common..
$1% conv pref
Central S W—
17
*
Boston A Providence.-100
Common
Cent III Pub Ser $6 pref..*
Central HI Sec—
1%
Sept
Sept
6
80
9%
Fdy cap
*
Castle A Co (AM) com.. 10
Central Cold Storage com2C
1%
1%
5
750
Campbell Wyant A Car
1%
1%
12%
100
Class C 1st pref std .100
Boston Per Prop Trust
1%
1%
197
7
200
8%
3%
'
22
8%
22%
1%
Class B 1st pref std. .100
Class B 1st pref
3
2%
Common stamped—100
3%
3%
10
Prior lien preferred
Boston A Maine-
8%
.30
5% conv pref
American Pneum Ser com. *
15
7%
16%
6%
6%
5
10
Bdrd Piston Ring com
Butler Brothers...
Week
Shares
Oct
*
Common
Bruce Co (EL) com
for
10
Brown Fence A Wire—
Sales
Friday
31%
Brach A Sons (E J) cap...*
both inclusive, compiled from official sales lists
Nov. 12 to Nov. 18,
5
common
Jan
7%
Borg Warner Corp—
(New)
Nov
5%
8%
24
7%
"26"
4%
1
60
5%
3
1
Bliss A Laughlln lnc com.5
1%
5%
"5%
2% June
650
4%
1%
JaD
Nov
8%
8%
200
4
Mar
8%
25%
25%
50
20
Mar
25%
Nov
24
24
90
18
Mar
24
Nov
*
11%
11%
20
11
May
14
Jan
*
22
22
Jan
22
Nov
25
"8%
100
16%
Volume
Financial
147
Sales
Friday
Last
ces
of Prices
Loto
High
Price
Par
Jan. 1, 1938
Low
Oct
17*4
15
17%
370
5%
13%
2%
650
8%
Mar
2
2*4
1
Securities
Cincinnati Listed and Unlisted
High
Mar
13
13
com_5
Hupp Motors com
Illinois Brick Co
Range Since
Shares
15*4
Houdallle-Hershey cl B—*
Hubbell Harvey Inc
for
Weel
Week's Range
Sale
Stocks (Concluded)
3139
Chronicle
1,750
%
June
2%
250
5
Mar
8%
Oct
850
6%
Mar
17%
Nov
Mar
29
Jan
July
7
W. D. GRADISON & CO.
Oct
7%
Jan
Nov
10
7
Illinois Central RR comlOO
16
Indep Pneum Tool v t c__*
Indiana Steel Prod com
1
20%
4%
22%
350
4%
100
39%
94%
67%
246
69%
July
94%
62%
652
54%
Sept
68
Nov
10%
June
24
Nov
25
Members
Nov
*
International Harvest oom*
Nov
Inland Steel Co cap
17
14%
4
22
22
23 %
900
Jefferson Electric com...*
23*4
23%
25
200
15%
39**
39%
3%
150
35
May
40%
3
Mar
5%
200
10%
10**
200
31%
32%
350
1
Co cap
1
Kellogg Switchboard com.*
Kat* Drug Co com
7%
100
Preferred
Ken-Rad Tube & Lp cl A. *
32
Kentucky Util Jr cum pf 60
"~2*4
3*4
-*
Cumulative
6*4
Libby McNeill A Libby.
3*4
*
Lincoln Printing com
3%
8
10
Jan
Baldwin
35%
Oct
Champ Paper & Fibre
1%
Mar
%
Feb
800
1%
May
50
33
23%
preferred..*
Le Rol Co common
Oct
3%
6%
100
Mar
16
3%
33
Feb
Nov
60
99
101
*
11
11
11
Mar
2%
Churngold
102%
102
108
"~2%
Cincinnati Telephone
50
89%
7
3%
15%
Mar
150
6%
May
11
July
350
6
Mar
9
Jan
350
Apr
4%
Aug
Mar
31%
July
2
24%
Crosley Radio
30
Lindsay Lt & Chem com. 10
2
9
9
250
20
20
21%
550
16%
Mar
25%
*
19%
20%
72
19%
Nov
20%
Nov
400
1%
Sept
2%
July
50
24%
Mar
July
3
1,190
2%
Sept
5
89
90
103
75
Jan
90
Nov
14%
50
10
Apr
16
Sept
9%
128
6
Mar
30
3
May
""8%
33
33
12%
*
Marshall Field com
12%
38
%
500
%
Mar
1%
Jan
14%
6,300
5%
Mar
14%
Nov
%
Manhattan-Dearborn com*
Aug
Lunkenhelmer
5%
1,650
2%
Mar
6
4%
1,300
1%
Mar
4%
Oct
6%
6,450
4%
Mar
8%
Oct
Middle West Corp cap...5
7%
National Pumps
%
%
2,900
%
Nov
Jan
Procter & Gamble
%
2
Stock purchase warrants
Midland United Co—
_*
%
Conv preferred A
7% pref A...
Minn Brew Co
1%
6**
%
Oct
2
May
100
%
Sept
2
Jan
%
10
%
Aug
1%
Mar
%
10
%
Nov
1%
Jan
7%
Oct
*
Montgomery Wara—
Common.
*
3%
49%
49%
6%
100
23%
6%
23
*
Monroe Chemical com
Class A
100
200
3%
50
1,522
53
17
16
.....
Apr
160
Sept
11
Apr
17
com..*
~14~"
Mar
17%
Nov
18%
1%
19%
220
%
June
1%
13%
Apr
1%
100
%
Mar
25%
600
24
100
3
Oct
6
Mar
8%
Mar
16%
Mar
19%
14
90
18%
Apr
150
13%
Sept
19%
8
Nov
19%
July
8
100
5%
1
12
Quaker Oats Co common.*
114
Reliance Mfg Co com
Roll In* Hos Mills oom
3%
%
50
3
1,500
%
12%
13%
645
7%
Sept
15%
Nov
%
May
1%
Sept
Sept
13%
Nov
1
'26%
Stkydscap.*
85
Mar
117
Nov
129
Mar
152
Nov
2%
1
12%
12%
Mar
50
1%
%
40
7%
Mar
Mar
50
2%
12%
United Air Lines Tr cap. .5
20
Utah Radio Products oom *
"2%
com..5
Sale
7
29
9
9
100
8
Mai
11*4
Jan
6%
6%
115
4
Mar
8**
Aug
10%
10%
250
7%
Sept
12**
Jan
Cliffs Corp v t c
100
100
30
Eaton Mfg..
28
2%
2%
900
4%
29%
3,367
11%
20
1,250
32
Jan
23%
4,942
11
Mar
23**
Nov
Jan
117*4
July
Sept
21*4
Feb
Oct
25*4
19
19
20%
20 %
116
22%
109
30
116
22 %
77
16
25
15*4
429
25*4
Sept
36
25
20**
Nov
29
Jan
100
42%
42%
35
42*4
Nov
50
June
Apr
35
Feb
Prefeired
Jan
Jan
Hanna (M A)
Jan
Interlake Steamship
14
Aug
19%
Aug
Oct
80
Mar
3%
5%
Jan
Mar
Nov
29%
Nov
Sept
U%
Oct
13
Jan
29
31
101
101
Grelf Bros Cooperage A..*
5%
$5 cum pref *
*
Jaeger Machine_
—
.
Leland Electric
.*
Murry Qhlo Mfg
---*
National Acme.— i._— 1
National Refining...—25
100
*
Preferred
17
88
Apr
97*4
July
325
27
Mar
44*4
Jan
12
Sept
20
Jan
29
5%
5%
*
*
Lamson A Sessions
37%
17
*
.
525
3*4
Mar
17
Oct
22*4
Apr
32
Nov
50
12
July
12*4
Sept
16
32
8
50
32
83
10%
10*4
5*4
Mar
13%
13%
50
8**
June
3%
3%
4%
658
2*4
40
140
55
49%
June
14%
9*4
1*4
14%
533
11
167
100
7%
Apr
Jan
National Tile
1,190
22%
Mar
29*4
Oct
Otis Steel..
15
Mar
20%
Nov
Packer Corp
4%
200
Mar
July
Patterso n-Sargent
18%
18%
50
July
Reliance Electric A
En—5
Rlchman Bros
*
Selberltng Rubber.
*
14%
14%
100
35
35%
765
30
Mar
5%
274
2
Mar
14%
15
250
Sept
5%
17%
90%
991
63%
Mar
90%
Nov
13%
12%
105% 113%
1,350
1,073
7H
Sept
Nov
77%
June
13%
114%
2%
850
%
Mar
3%
July
%
1%
16%
1%
500
2
%
1%
1%
"l7"
_•
17
18
33
10
*
33
28 %
27%
117% 124%
10
10%
%
1%
Mar
50
14%
Mar
%
June
18*4
1*4
20%
500
1
Mar
876
13H
June
30
25%
Sept
120
22%
Sept
245
93%
300
8%
2
"5%
Feb
'20%
Oct
Sept
Sept
12*4
14*4
39
4**
Jan
Oct
July
July
50
113
12
Apr
50
Nov
26
28
315
21
Oct
230
3
Aug
23*4
6*4
July
4
4%
4%
4
Troxel
Van Dorn Iron
Works
*
4%
Jan
100
2%
Mar
5
July
5%
4,250
3%
May
6*4
Nov
5%
800
2%
Mar
5%
5
1.187
2,500
9%
May
25%
Watling, Lerchen
1*4
June'
5
Oct
Nov
Sl Hayes
Members
New York
July
New York Curb Associate
Chicago Stock Exchange
Stock Exchange
Nov
23
Feb
Apr
8%
47%
8% cum
Thompson Products
Nov
Aug
3%
'20%
Nov
11*4
19*4
Jan
33%
30%
124%
5%
5%
2
Eenith Radio Corp coin..*
14*4
July
3%
Williams Oil-O-Matic com*
WteconslnBankshares oom*
prefeired—100
Inc..*
Mfg
1
4%
.
Nov
May
July
15
Sept
Jan
250
Oct
35
Feb
3**
975
3,650
3%
13H
Jan
4%
60
June
2%
10%
"l%
Sept
Sept
1%
14%
*
Jan
6**
Jan
16
32
Oct
Nov
5
37
37%
26
211
10%
16%
Detroit Stock
Exchange
.
DETROIT
Buhl Building
Bonds—
Telephone: Randolph 5530
Commonwealth Edison—
108% 108%
1958
82,000
106 %
Nov
Oct
110
Cincinnati Stock Exchange
Nov. 18, both inclusive, compiled from official sales lists
*
Week's Range
for
Sale
Mach20
18, both inclusive,
of Prices
Loio
High
Last
Week
Price
4
18%
3141.
4
18H
4
18 %
Shares
80
448
Exchange
compiled from official sales lists
Sales
Friday
Range Since Jan. 1, 1938
Last
Par
Detroit Stock
Nov. 12 to Nov.
Sales
Friday
For footnotes see page
Sept
20%
*
Industries
20%
18*4
29%
*
American Laundry
Jan
1,200
19%
7
Aluminum
Jan
65
20%
1%
8%
20*4
June
36
2%
28
June
41**
35
20%
Nov
17%
Jan
14
125
.
25
28%
Mar
18%
64%
195
May
13%
17%
pref....100
*
Mar
58
4*4
64
100
*
Cleveland Ry
June
10
July
13
7
of America A - - City Ice & Fuel
— *
Clark Controller
1
Cleveland Cliffs Iron pref. *
Brew Cor p
235
Oct
Mar
Apr
Airway Electric pref—100
Amer Coach A Body.
6
26
79%
2
High
Low
26%
Mar
8%
1, 1938
Week
Shares
24%
31%
47%
20
of Prices
High
Low
Range Since Jan.
for
24%
Jan
30
Price
Par
Stocks-
official sales lists
Sales
Week's Range
(BF).------*
Goodyear Tire A Rubber. *
Great Lakes Towing —100
135*
11%
17%
77%
both inclusive, compiled from
Goodrich
Mar
150
566
Faultless Rubber
May
100
Wahl Co
Stocks—
Cleveland
A. T. & T. CLEV. 565 &
General Tire & Rubber. .25
H
3
Viking Pump Co com
Wayne Pump Co (The)cap 1
Western Un Teleg com. 100
W'house EI A Mfg com..60
Jan
Aug
6%
26%
%
Nov. 12 to
Mar
7
July
87%
"id"
Union Carb A Carbon cap *
stpd
July
80
4%
19%
Thompson (J L) com
25
Trane Co (The) common.2
Deb 3*f?8
10%
Mar
9%
15
26
Woodall Indust com..
Nov
27%
Sunstrand Mach Tool oom 5
_
7%
\
Aug
14
15%
17
10**
5
July
16
600
26
28
25
Wleboldt Stores Inc com.
July
2,600
2%
4%
2%
J
5%
Cleveland Stock Exchange
Nov. 12 to Nov. 18,
McKee (AG) B
Standard Gas & Elec com. *
Walgreen Co oommon
JaD
4%
1%
28
Standard Dredge—
com
Jan
20
11%
17%
77%
So Bend Lathe Wks cap. .5
Conv preferred
1%
100
3
Slvyer Steel Cast'gscom..*
Utility A Ind Corp
6
Jan
Mai
150
17
3
30
U 8 Gypsum Co com
Jan
4%
116%
27%
1
.*
Nov
Oct
29
Mar
970
5,063
Swift A Co
41
13%
11%
Swift International
Mar
Maj
350
78%
Stewart-Warner
24%
14%
10%
Standard Oil of Ind
Mar
Jan
22
73%
Common.
Union Commerca Building,
Telephone:OHerry 5050
Jan
24%
2
2
9%
GILL1S 1<| RUSSELL co.
Aug
9%
160
Schwitzer Cummins cap__l
St Louis Natl
16%
Sept
587
Sears Roebuck A Co com.*
com
2%
1,877
150
Slgnode 8teel Strap
Cumul pref.
Apr
11
27%
1
*
Jan
3
Exchange
Members Cleveland Stock
Last
24%
2%
1
Sangamo Electric com
Oct
32%
Ohio Listed and Unlisted Securities
Dow Chemical
1
Jan
Jan
Sept
103
7%
Friday
114
12%
27
4
75%
June
160
6
10
Oct
June
Sept
10
7%
17
39
11%
-..SOc
5%
75%
July
13
37%
1
100
Oct
18
65%
6%
10
....
59
13%
21%
58
5%
Mar
3%
%
Pressed Steel Car
Jan
Mar
200
2
100
Wurlltzer
8
-
154
6
8
25%
13%
32%
1%
Apr
22%
1
10
10
-
July
160
100
*
15
..50
Preferred..
Western Bank
Aug
120
11
100
Serrick Corp cl B com
46
19*4
42
4
Potter Co (The) com
10
Nov
May
14
14
Poor A Co class B
16
31%
10
r_.*
58%
16
Jan
%
5
June
39%
725
56%
57
Apr
Oct
2
50
.....
US Printing
Oct
4
1
25
%
2
Jan
8%
8%
14
Pines Wlnterfront com
2
Nov
375
%
2
Aug
10
Penn Gas & Elec A com..*
6% preferred v t c
13
100
200
Penn Elec Switch conv A 10
Pictorial Paper Pkge com.6
Sept
7
Oct
950
100
37%
%
%
Oct
20
Rapid
July
7%
15%
Raytheon Mfg—
Common v t c
3%
16%
15%
Peoples G LtACoke cap 100
Perfect Circle Co
*
9%
21%
Nov
*
US Playing Card ...
July
Apr
12%
Parker Pen Co (The) comlO
Preferred
1%
1%
26%
8
Pennsylvania RR cap...50
Mar
17
2
15
July
Mar
12
25
8
Oshkosh B'Gosh Inc com.*
Nov
12%
105
July
300
%
18%
.
Aug
599
9
Nov
41
41
*
,.*
Nov
18
...
Nov
20
16
pref—100
100
36%
18
Nov
50
7%
Northwest Bancorp com..*
7% prior lien
Oct
126
90
12 %
Nor 111 Finance com
Omnibus Corp v t c com.
54%
20
18%
3
2C
Feb
7
Mar
Jan
31
%
Noblitt-Sparks Ind com..5
Ontario Mfg Co com
Sept
Nov
30
20%
%
Preferred
Jan
7
Mar
4%
Jan
Nov
July
5
1%
19%
pref stpd..*
Natl Union Radio com..
NorthwUtU 7%
39%
27%
31
Nat Rep Inv Tr—
Northwest Eng Co
May
18%
National Standard com.. 10
No Amer Car com.
June
Apr
2%
30%
31
pref
Natl Bond & Inv Co com. *
conv
2%
18
40
159% 159%
l
Muskegon Mot Spec cl A_*
Cumul
3
%
1
com
6%
1%
600
Feb
%
Modlne Mfg Co com
Nat Battery Co
1%
100
....100
100
7% prior lien
6% pref A
Jan
July
1%
4
•
llenlOO
Midland Util 6% Pr
%
July
36%
6
5
19
B
Randall A
*4
7
35
18
__.*
...
Moores Coney A._.w
1,250
Nov
4%
9
5%
%
4%
29%
7
36%
4%
6%
%
Apr
19%
■
5%
Common
22%
4%
Kahn
Kroger.
4**
Common
60
29
7
1
Mick el berry's Food Prod—
105*
5%
14%
July
Mar
29
"29
Jan
7%
13*4
100
91%
100
3
3
13%
*
Gibson Art
Oct
Mer A Mfrs Sec cl A com.l
91%
8%
Hobart A
"T**
♦
6
Loudon Packing com
Lynch Corp common
Apr
3%
Mar
Nov
Nov
2%
10
Eagle-Picher Lead
Nov
115
91%
Sport Products
1%
Hatfield partie pref
1%
Lion Oil Ref Co com
Liquid Carbonic Corp com*
Mar
102%
Oct
14
..*
*
Dow Drug
30
2
Apr
108
10
91%
Cinti Union Stock Yard..*
30
*
$3 *4 preferred
Mar
Nov
90
108
50
Nov
12
Feb
6%
166
102%
108
Cincinnati Street Ry
Mar
105%
10
Cintl Gas & Elec pref.. 100
Aug
5
May
June
111
Nov
4%
24
18%
94
32
98%
32
Aug
3
40
31%
99
*
High
Low
100
.....
100
Clntl Post Term pref... 100
90
24
Week
3
3
Preferred..
CNO&TPpref.
8%
3%
Shares
Price
Par
1, 1938
Range Since Jan.
for
of Prices
Low
High
July
12
150
Leath & Co-
Common
9
81
2%
2%
33
pref. 100
Lawbeck 6% cum
Stocks (Concluded)
Week's Range
Sale
Mar
20
Sales
Last
Feb
5%
Teletype: OIN 68
Friday
Mar
Mar
5%
65
50
1
%
Kingsbury Breweries cap .1
La Salle Ext Unlv com—6
300
Mar
BUILDING, CINCINNATI, O.
Telephone: Main 4884
Jan
80
40
3%
8%
80 %
DIXIE TERMINAL
Jan
Joslyn Mfg & Sup com___5
Jarvis (W B)
New York Stock Exchange
Cincinnati Stock Exchange
3*4
15
Stocks—
High
Low
•Sale
Mar
5*4
Feb
Mar
19*4
Mar
Allen Electric com
Auto City Brew com
Par
,1
1
Price
Week's Range
for
of Prices
Range Since Jan. 1, 1938
Week
Low
High
Shares
1%
1%
350
40c
40c
200
High
Low
"it
Jan
1%
Nov
33c
Sept
75c
Jan
3140
Financial
Last
Baldwin Rubber com
Week's Range
of Prices
Low
High
Friday
for
Sale
Par
Week
1
Price
8
8
..t
Range Since Jan. 1, 1938
9
Low'
2,175
25%
27%
620
31%
33%
1,737
*
19
19
19%
880
Burry Biscuit com—12 %c
3
3%
1,690
Brown McLaren
1%
4%
Burroughs Add Mach
—
1
Nov
Standard Oil Co of Calif..*
29%
29%
15%
1%
Feb
Sunray Oil Corp.
1
Superior Oil Co (The)—25
44
Oct
Transamerica Corp
Union Oil of Calif
25
19
18
5%
5%
1,400
1%
May
3%
Jan
Wellington Oil Co of Del. -1
3%
3%
1%
June
3%
July
4
3%
3%
3%
20%
840
9
14%
410
6
900
1
Mar
505
5%
Mar
Mar
4,807
2%
2%
1%
May
16
Mar
21
Mai
14%
Jan
Oct
Calumet
Imperial
Development.25c
l%c
1%C
l%c
55c
55c
55c
12c
12c
4c
4c
4%
Jan
Nov
430
2%
Sept
Jan
800
70c June
3%
1%
Prince Coasol xMining.-lOc
Tom Rood Gold
1
Jan
Zenda Gold
612
6%
Mar
12%
Jan
291
14%
Sept
17%
Aug
15%
15%
17%
2,026
Mar
17%
Oct
Anaconda
8%
8%
715
5%
Apr
9%
Jan
Bendix Aviation Corp.
37c
Apr
85c
1
34%
5
23%
Oct
Commonwealth <fc Sou...*
1%
—
Lakey Fdy & Mach com
Mahon (R C) A pref
Masco Screw Prod com
74c
1,600
2%
2%
2%
1,525
1%
Mar
3%
Jan
Curtls8-Wrlght Corp
1
60c
66c
60c
200
40c
Mar
75c
Jan
General
*
1,445
15%
1%
Mar
22%
Nov
17
Mar
Foods Corp
-
*
com
1,
26c
28c
2,913
25c
Mar
55c
Apr
Paramount Pictures Inc..!
McClanahan Ref
com
1
94c
95c
400
60c
Sept
1.25
Jan
Radio Corp of Arner
Motor Wheel com..
,.5
55c
55c
100
32c
Sept
75c
Jan
Radio-Keith-Orpheum
2%
200
87c June
2.25
Oct
Republic Steel Corp
8%
16%
Oil
Parke Davis com.
*
19%
Parker Wolverine com¥__*
Penln Metal Prod com__.l
9
9
2%
2%
19%
Prudential Investing com. 1
Reo Motor com
Rickel (H W) com
."*.2
River Raisin Paper com
Scotten-Dillon
2%
3%
.
Standard Tube B com
-
-
*
1
Stearns (Fred'k) pref... 100
*
3
26
j
-
2%
*
-
*
-
2%
Union Investment
com
Oct
United Aircraft
21%
Oct
768
1,200
1 %
May
412
1%
1%
May
Mar
3%
3%
f
594
1,515
2%
Mar
250
2
Mar
106
22
Jan
2%
4,163
100
1%
Apr
90
30
Jan
12
Jan
1
com.....
1
com
Young Spring Ar Wire
Nov
39
Nov
Mar
47%
Nov
Socony-Vacuum
Nov
Nov
12%
400
6%
Apr
12%
Oct
100
5
12
8
8
■
2%
23%
13%
13%
3%
4
Apr
15%
6%
Sept
9%
5
35%
35%
35%
100
24%
*
67
67
68%
400
6%
100
.5
6%
6%
4%
July
100
1,864
2%
June
Mar
50c
50c
40c June
4
100
3%
6%
4%
300
5
Jan
PHILADELPHIA
3%
3%
100
5%
Jan
1513 Walnut Street
200
3%
320
Sept
20
Jan
Jan
m
„
J,
fr
»
4
3,440
53c
Sept
1%
240
1%
June
3%
Jan
15c
1,400
15c
Nov
%
Jan
200
13%
Jan
23%
Oct
22
22
Par
NEW YORK
-
30 Broad Street
Sales
Week's
of Prices
Low
High
Price
4
Range
4
4%
9%'
for
Range Since Jan. 1, 1938
Week
6
7%
2,541
*
6%
48
*
.
Low
300
2%
High
May
5%
Oct
500
25c
Apr
45c
900
1%
Mar
4%
Aug
io x
600
6%
June
12%
July
5c
500
5c
Nov
Central Investment
18 H
10
Apr
5c
21
Nov
Nov
8%
100
7%
Mar
10%
July
ex
9X
10 %
ex
ex
200
9X
11%
1,600
2%
7%
Mar
Sept
7%
11%
July
10%
10 %
500
10%
Nov
10%
Nov
10%
10 x
io x
200
6%
Mar
11%
Oct
77 Xc 82 Xc
370
370
2,000
62c
May
1.10
Aug
370
8
49 X
Gladding McBean & Co..*
49 X
40
8
17
340
400
25%
100
"
10
5%
■
5%
39 %
1
95c
95c
1
2
2
Hupp Motor Car Corp___l
2
10c
50%
8
10
Globe Grain & Milling._2f)
Hancock Oil Co A com
*
Lockheed Aircraft Corp._l
Los Ang Industries Inc
2
80
Jan
8%
General Paint Corp com.. *
300
7
5%
600
3%
.
1.00
600
Apr
399
Oct
Jan
Mar
53%
Nov
Sept
9%
July
Jan
25
12
2
7
44
Mar
1.30
Sept
Jan
2.50
Aug
50c June
2%
2,000
4c
Oct
8c
29%
3,200
5%
Mar
29%
4,200
2
Jan
3%
Mar
3%
100
6%
June
60c
60c
200
49c
May
75c
Jan
4%
4%
4%
14,800
80c
Mar
4%
Nov
3c
3c
1,000
3c
Feb
9c
May
9c
9c
5,000
6c
May
21c
July
3c
1
1
3
9c
Occidental Petroleum
Oceanic Oil Co.
*
Pacific Distillers Inc
1
Pacific Finance Corp com 10
Pacific Gas & Eleccom__25
6% 1st pref
2
_
Pacific Pub Serv 1st pref.
50
50
*
18c June
30c
Jan
32c
80c 82 %c
200
72 %c
Oct
1.20
JaD
200
5
Jan
9%
July
8
32c
14
29
29
%
26
108
4%
987
3
May
6%
260
3
Mar
4%
8%
2%
5,054
24%
2,656
8
Oct
1,108
July
Mar
9%
July
1% Mar
14% May
2%
30%
Jan
112
Feb
30%
17
100
2
608
1%
4
352
2
Mar
Aug
19%
Feb
Sept
17
32%
2%
July
35%
,
8%
2,825
4%
Apr
18%
120
50%
251
10%
35%
Jan
49%
50%
34%
35%
56
1
%
Nov
Jan
4%
8% Nov
27% May
Mar
51
Oct
Mar
,26%
345
Jan
Oct
118
Apr
29%
7%
36
July
Nov
H'
2%
Mar
3%
Nov
*
113
*
4,296
1%
Jan
632
4%
Oct
74
1%
22%
Mar
35%
Mar
11%
12%
10,645
8%
Mar
37%
12%
Nov
111% 113
"Ux
com.
3%
4%
35
3%
Westmoreland Inq.
Nov
July
17%
~~3%
•
49
'
7%
17
*
United Gas Impt
Preferred
Nov
5%
30%
.
Preferred
545
9%
1%
21 X
116% 117
United Corp com
22/
Mar
9
100
99%
6%
2%
3%
9
.
113
Oct
Nov
Apr
10%
Jan
5
Apr
Nov
9
•Sent
8%
20
Bonds—
Elec & Peoples tr ctfs 4s '45
Peoples Pas's f ctfs 4s. 1948
-
-
„
7%
12
8% 579,500
12
7,000
Jan
Pittsburgh Stock Exchange
Nov. 12
to
Nov. 18, both inclusive, compiled from official
sales list
30
Last
Sale
Stocks—
Par
108
Armstrong Cork Co
*
Blaw-Knox Co
._____*
17%
17%
19
13%
13%
13%
60c
80c
Byers (A M) com
Carnegie Metals Co
*
Columbia Gas & Elec
*
1
Duquesne Brewing Co.-.5
Follansbee Bros pref
100
49c
Jan
July
Fort Pitt Brewing Co
200
23%
Mar
30
Nov
28
Mar
31
18%'
Mar
26%
108
5
20%
100
4%
500
40%
101%
Mar
17% May
3
Mar
107
20%
6%
Oct
Aug
Range Since Jan. 1, 1938
Low
High
821
535
53
-
11%
24%
Mar
586
io%-
Mar
6%
Mar
84
1,328
Mar
29%
Nov
53
Nov
,19% July
15% Nov
Mar
251
8
Apr
14
Jan
15%
180
5
Mar
20
Oct
85c
85c
300
70c
Feb
83
1
May
5
11
14
15
50c
409
11
7%
Koppers G & Coke pref .100
100
1,200
for
Week
Shares
29%
15%
30%
of Prices
High
25 X
51
Oct
26
Week's Range
Low
25%
Mar
3%
40
Price
Allegheny Ludlum Steel..*
27c
29%
X
25
Sales
Friday
9%
7%
9%
84%
34
Lone Star Gas Co
*
10
10%
225
McKinney Mfg Co
*
90c
90c
200
70
6%
90c
Sept
Mar
Apr
1.75
9%
95c
105
10%
Jan
Oct
July
Jan
July
1.50 'Feb
Aug
Mountain Fuel Supply..10
5%
5%
5%
2,485
6%
Jan
Nat'l Fireproofing Corp..5
3
3
3%
3,632
4%
1%
Apr
Nov
Mar
3%
Nov
July
Pittsburgh Brewing com. *
Pittsburgh Coal com
10
Pittsburgh Screw & Bolt..*
Plymouth Oil Co
5
2%
2%
100
2
Mar
3
6
6%
355
8%
9%
426
5% Mar
4% May
93
30
Mar
40%
Nov
3,800
6
Mar
8%
July
7X
8
Roberts Public Markets..2
3 X
3X
3%
100
2%
Apr
3%
Oct
Ryan Aeronautical Co..
3X
3%
4%
9,400
1.05
Mar
4%
Nov
36
-
500
20 H
For footnotes see page 3141.
121
Feb
1%
*
1,700
3X
40
Union Traction
i.
36c
7X
com
Jan
21%
21%
*
..
14%
14
20 %
Republlc Petroleum com.l
5%% pref...
20
7
7
30
Pacific Indemnity Co...10
Pacific Lighting 6% pref. *
-
%
20
82 He
Pacific Clay Products
Richfield Oil Corp
20
Mar
100%
Aug
Nov
34%
53%
July
3%
60c
Menasco Mfg Co
Mid-Western Oil Co
5c
25%
19
68
5
.
Nov
3%
3%
Nordon Corp Ltd
2,092
35
Mar
2%
3%
1
Aug
Los Angeles Investment. 10
Mascot Oil Co.
1
1
53%
34
3%
-.50
Oct
4c
26 X
3
3
Mar
120% 1-21
v*
~"8 X
*
Nov
Mar
21%
1%
Oct
65c
1.30
4c
4c
28
»
*
*
5%
88%
36'
457
3%
Cprp pref.
Nov
706
1%
Scott Paper
48
Jan
070
3%
Transit Inv
42
Oct
'
j
Taeony-Palmyra Bridge
Nov
5%
50
.
7%
34%
ll~5(j
Ph lladel ph la Ti action
Salt Dome Oil Corp
Jan
Mar
87%
1.25
.
119%
July
600
200
*
-
Pennsylvania RR 1
..50
Phila Elec of Pa $5 pref
7% preferred
July
July
Mar
May
100
2
2
6%
10%
40
m
-
Nov
23%
32%
50
*
"
.
c._
150
Mar
5%
■
Phila Elec Pow pref
Phila Insulated Wire..
19c
Farmers & Merchs NatllOO
General Motors com
10
Nat'l Power& Light.
10
Nov
11%
81%
...5
;
80
,
48
Phila Rapid Transit.
Shares
3%
77 Xc
Mar
451
Pennroad Corp v t
19c
8%
111%
12%
112%
3%
118%
Lehigh Coal & Navigation *
50
Lehigh Valley
3X
20
504
117
Electric Stor Battery. .100
General Motors
-JO
Teletype L.A. 290
19c
5c
Aug
20%
_
High
5
20
_
Low
768
11%
147% 150
Preferred
3%
9%
Range Since Jan. 1, 1938
for
Shares
10
Budd Wheel Co
10 X
18
High
9%
"loo
Budd (E G) Mfg Co._
A com.. 10
5c
Low
Week
Bell Tel Co of Pa pref. .100
Sales
Week's
Range
of Prices
Price
.
Barber Co
Broadway Dept Store
Buckeye Union Oil pref._l
Jade Oil Co
July
Philadelphia Stock Exchange
American Tel & Tel
San Franciaco Stock Exchange
Sale
Holly Development Co
Holly Oil Co...
8
Nov. 12 to Nov. 18, both inclusive, compiled from official sales lists
American Stores
Chicago Board of Trade
Last
1
Mar
Jan
2%
Friday
Exeter Oil Co A com
3%
Nov
1.00
15C
Mr-
-
24%
95c
2%
4
Nov. 12 to Nov. 18, both inclusive, compiled from official sales listl
Electrical Prod Corp
Emsco Derrick & Equip..6
68%
Jan
24%
1%
24%
2%
Apr
2% June
1% Sept
300
Angeles Stock Exchange
Consolidated Oil Corp
*
Consolidated Steel Corp. .A
Consol Steel Corp pre!
*
Mar
Jan
4%
Horn & Hard (Phila) com.*
100
38%
Nqv
Nov
New York Stock Exchange
Philadelphia Stock Exchange
New York Curb Exchange (Associate)
Nov
3%
Horn & Hard(N Y) com..*
.
37%
Members
July
19%
Los Angeles
-1
Oct
Apr
DeHaven & Townsend
Chrysler Corp
-
Jan
%
Jan
,Feb
Mar
Angetea Stock Exchange
Co ns
0
Apr
Established 1874
Jan
4%
27
8%
New York Stock Exchange
Bolsa-Chlca Oil
July
12%
700
300
Oct
MEMBERS
B ar nhart-Mo rro w
Nov
July
Wm. Cavalier & Co.
Bandlni Petroleum Co._"_l
5%
23%
5
Corp
Stocks—
Par
Oct
Jan
May
7%
Sale
Stocks-
1% June
13
8%
Last
Los
100
Oct
9
7%
Friday
Lot
1,000
Mai
8%
,
4
*
623 W. 6th St.
100
2%
25%
Oct
7%
7%
8%
1
_
Oct
16%
5%
4%
1%
M,
fr
Mar
21%
1%
-
3%
38%
27%
10%
,
Jan
3%
2%
3%
*
com...
2%
Mar
50c
Wayne Screw Piod com..4
Sept
Mar
4
*
„
Nov
1
100
Nov
Mar
2%
24%
13%
*
...
US Steel Corp
Warner Bros Pictures
110
865
*
Wolverine Brew
42
.
Oct
23%
149%
3%
3%
_
B
Warner Aircraft
Studebaker Corp
969
41%
Jan
Mar
6
4%
...»
com..
Universal Cooler A.
Universal Prod
Oct
19%
3%
Tom Moore Dist com....l
United Shirt Dist
July
5%
17%
100
Preferred
Nov
10%
26
100
-
Tlmken-Det Axle com... 10
17
Mar
3% Mar
31% Mar
14% June
6%
Apr
3%
2%
3%
3
*
.
10
com.
June
4%
2,995
19%
10%
2%
2%
1%
5
8%
2,820
5%
41%
41%
Parker Rust-Proof com2.50
May
14%
112
200
.*
420
9%
5
21%
100
200
600
8
15
Standard Brands Inc
5
200
»
1,900
5%
12
*
16%
8%
"
*
Mar
5%
_*
2%
Murray Corp com......10
3c
1%
15
5%
Packard Motor Car com
2,000
25c May
9c
Jan
16%
15%
Packard Motor Car Co— *
5c
Oct
20%
19
Nor American Aviation..1
Jan
...*
15c
100
Nov
3%
25
Kennecott Copper..
McClanahan Oil
Mich Sugar com
Oct
500
44%
Nov
Mid-West Abrasive com50c
Apr
50c
50c
44%
1%
Mar
3%c
Aug
lc
500
100
80c June
95
Apr
Mar
1,000
700
1,150
1,475
Aug
Aug
4%
7
1%
3%
39c
10%c
39
1%
25
Mar
12c
Sept
23%
6%
24%
3
July
39
6%
M
»
Nov
3%
4c
44%
18%
„
4
Mar
39
.*
New York Central RR—*
3%
»
1
June
12c
23%
1%
1%
1
..
...
22
Jan
6%
1%
147% 149%
34%
37%
147%
..60
Copper
63c
21%
Aug
July
Unlisted-
American Tel & TelCo. -100
63c
.10
July
5
Jan
3%
1
—
Jan
%c May
8,600
800
1
Kingston Prod com
Kinsel Drug com
20c 22 %c
20c
3,000
1
...
2%
2%
15%
-
2
100
5%c.
11%
*
100
/
4c
53%
6
Sept
2%
Mar
Mar
3%
5c
_
25%
2
Apr
2%
Mines.
June
250
Jan
3%
10<
Gold
15%
Hudson Motor Car com..*
22%
20%
6%
46
500
.
Cons Chollar G & 8 Mng.l
2%
"*
Mar
1,000
•
Oct
8
10%
„
_
17%
July
MiningBlack Mammoth Consol 10c
Nov
12%
15%
_
_
12%
Nov
July
2
1%
2%
*
_•_*'
Jan
46
Mar
4
195
Western Air Express
1
Yo-semite Ptld Cement pflO
4
13%
49
July
3%
Mar
8%
3%
•
26
3,900
19%
16%
10
2% June
800
5%
975
Mar
3,300
10%
2%
2%
,
300
2%
44
9%
16%
53%
Hoover Ball & Bear com. 10
2%
43
9%
2
19
2
1%
2%
300
Oct
'
1.50 June
10
630
_
Oct
Jan
88%
21%
34%
Weber Shwose & Flxlst pf *
3%
Kresge (S S) com.
26%
Mar
Universal Consol Oil
3%
Hurd Lock & Mfg com
Apr
9%
25%
Jan
1
Houdaille-Hershey B
23%
28%
Nov
General Finance com
Hoskins Mfg com
25%
500
1,700
Aug
4%
Hail Lamp com
200
26%
July
738
—
28%
Oct
Aug
July
21%
30%
5%% pref C
1%
7%
Graham-Paige com...
Apr
July
19%
6% pref B
114%
2%
7
*
Mar
Mar
3
«**-*
19%
1 %
Gar Wood Ind com
1
1
300
10%
24%
Mar
77
12
Goebel Brewing com
39
Jan
28
Mar
1%
3%
May
7%
26%
Oct
2%
Nov
2%
13%
20%
49
18
200
19%
75c
101
1
10
300
10%
24%
2,060
Fruehauf Trailer.
General Motors com
35
26%
May
May
2
1%
31
28
1
14
1
.
24
Sept
25
70c
1%
12%
.
24
High
23
100
100
2%
2%
33%
10
Low
56
Southern Pacific Co
325
900
28
33%
10%
*
28
Nov
1%
79c
28
Security Co units ben int.*
Range Since Jan. 1, 1938
Shares
.8
1%
1%
*
Frankenmuth Brew com
12%
14%
77c
com. ..3
Federal Mogul com
120
.
Week
25
36
84%
112% 112%
1%
2%
5
Ex-Cell-O Aircraft
July
865
«*.fr.frfrfr
Det-Mlch Stove com_,-.l
Det Steel Corp com
3%
685
240
1%
100
com......5
Det Paper Prod com
July
for
of Prices
Low
High
Sontag Chain Stores Co..*
So Calif Edison Co Ltd-.25
1%
Det & Cleve Nav com.. .10
Det Gray Iron
Signal Oil & Gas Co A
Aug
2
1%
—
Detroit Edl«on com
Nov
37%
21%
8
84%
14%
Consolidated Paper com .10
Continental Motors com.. 1
Consumers Steel.
.27%
1%
1
Chrysler Corp com
Jan
Week's Range
Price
Par
9%
12% Mar
13% Mar
15% June
1% June
1
May
5% Sept
3
Chamb Metal Weath com I
(Concluded)
Mar
8
.*
Brlggs Mfg com
Stocks
High
1938
19,
Sales
Last
Sale
Shares
25%
31%
Bower Roller..
Nov.
Sales
Friday
Stocks (Concluded)
Chronicle
_
San Toy Mining Co
1
„
8%
22
lc
lc
22%
lc
118
5,000
15%
lc
Mar
Jan
Jan
6%
Nov
9%
Nov
25%
July
3c
June
Volume
Financial
147
Friday
Last
Week's Range
Sale
Stocks
(<Concluded)
Par
Shamrock Oil A Gas..
.
Low
_1
_
Sales
High
Low
Shares
24*
37
50o
50c
27
27
50c
550
29
Victor Brewing Co..
324*
713
1144* 1244*
465
1
Westinghse Air Brake
*
"29"
Westlnghse Elec A Mfg. .50
114 %
Last
500
Shares (Concluded)
High
14*
4
Apr
22
Mar
51
50c
Aug
25
25
Sept
45
35e
Sept
65c
154*
624*
Mar
33
Mar
124 4*
for
of Prices
Low
High
Week
Price
Ewa Plantation Co cap. .20
Fireman's Fund lndem.10
Jan
394*
14*
200
Par
Week's Range
Sale
24*
354*
"35 H
Sales
Friday
Range Since Jan. 1,1938
for
40c
United Eng A Foundry—.5
United States Glass Co
1
Vanadium Alloy Steel
*
3141
Week
of Prices
Price
Chronicle
Oct
Jan
Jan
Foster &
Nov
General Motors com
35
40
41
20
33
Mar
42
Nov
84
845*
190
62
Mar
88
June
365*
365*
365*
10
$342
3
14* June
Mar
20
12
Apr
18
Aug
10
19
Apr
485*
.10
17
14
21
485*
535*
254*
534*
Nov
10
10
65*
145*
6
630
6 4*
105*
65*
145*
3,310
24*
170
395*
145*
395*
405*
395
235*
235*
235*
751
114*
254*
184*
1.00
1.00
1.00
2.250
215*
175*
205*
215*
933
175*
175*
80
70c
70c
70c
310
Hunt Bros com
10
....
.
Hutchinson Sugar Plant. 15
Langendorf Utd Bk A
all
75*
*
18
43
10
124*
74*
Nov
15
July
Oct
44
Jan
1.30
Sept
131*
Mar
244*
Oct
15
Aug
28
Feb
60c
Oct
7 J*
Sept
Apr
12
1,085
105*
10
43 5*
11
405*
405*
405*
290
3 J*
32)4
31
31
625
13
1
LeTourneau (R Q) Inc
Lockheed Aircraft Corp.
Apr
July
July
10
294*
1
Leslie Salt Co
New York Curb (Associate)
Mar
Sept
June
Apr
Apr
Mar
Sept
364*
660 June
20
75*
19
435*
28
265*
6,630
Langendorf class B
MEMBERS
65*
50
uns
Preferred..
Mid-Western and Southern Securities
New York Stock Exchange
St. Louis Stock Exchange
85*
Honolulu Plantation Co. 20
Business Established 1874
on
8
25J*
Hawaiian Pin Co Ltd..—*
I. M. SIMON & CO.
Enquiries Invited
8
3,307
2,783
Holly Develop Co .......1
Honolulu Oil Corp cap... *
LOUIS MARKETS
ST.
NOV
558
14
Gladding McBean A Co..*
Jan
Feb
464*
21
Hancock Oil Co of Cal A.*
2
June
14
Golden State Co Ltd.....*
Hale Bros Stores Inc
.-*
2
30
21
Klelserpref
25
Laundry... *
General Paint Corp com.. *
..1
High
35
41
845*
Galland Merc
Unlisted—
Pennroad Corp vtc
Low
35
Firemen's fund Ins Co.. 26
Food Mach Corp com
10
Feb
Nov
Range Since Jan. 1,1938
Shares
60
Jan
17
Jan
19
Nov
434*
Nov
Apr
11
Nov
Apr
404*
324*
294*
Nov
35 4* May
1,738
1.50
Mar
Nov
65c
65c
340
50o
Jan
1.13
Jan
155*
155*
165*
1.251
84*
Mar
164*
July
95*
95*
7H
Oct
13,470
1,700
44*
Nov
85*
115*
45*
85*
Mar
Mar
104*
45*
95*
45*
95*
115*
335
National Auto Fibres com 1
Chicago Stock Exchange
6
Menasco Mfg Co com.... 1
,
25*
Meier & Frank Co Inc. .10
Chicago Board of Trade
•
32
295*
65c
3 4*
960
7%
Mar
Mar
104*
124*
330
3*4
Magnavox Co Ltd
315 North Fourth St., St. Louis,
March Calcul Machine
Mo.
Telephone Central 3350
Natomas COi
St. Louis Stock
*
No Amer Invest
100
com
1
21c
O'Connor Moffatt cl AA.. *
Exchange
65*
115*
21c
95*
95*
North American Oil ConslO
Occidental Petroleum.
Sales
Friday
..
„
Par
Stocks
American Inv com
Brown Shoe com
for
of Prices
Week
Price
*
Low
1
3l4*
34
344*
49
20
20
30
302
25
24*
.
12
20
4
25
Chic A Sou Air L pref- -10
8
8
100
Coca-Cola Bottling com—1
Columbia Brew com
.£
32
32
125
26
Central Brew
it.
—5
com
Century Electric Co
2
24*
*
Ely A Walk D Gds com..25
Emerson Electric pref.. 100
"64*
6
294*
28
19
19
77
77
8
-
com.
354* Aug
64* 'Nov
Preferred
..
Knapp Monarch com
"30c
Oct
144*
Oct
50
48
Jan
504*
-
•
-
*.■
11
„
_
#. r
„
»•
—
•„
.
_
-
_
*
-
m
-i
-
84*
9
June
134*
£
18
May
30
5
Mar
10
95
June
107
10
774*
Mar
91
54*
400
4
Apr
24*
200
2
Nov
15c
"50
2f
24*
54*
-.»
*.
~
-
•*»
1
2/
134*
4
40
74*
250
7
«
55
7
Sept
Sept
134*
84*
Apr
44* June
14
14
100
14
34
180
Aug
22
Oct
254*
$3,000
254*
6,000
194* June
28
fi 000
19
28
108
75*
114
2,425
1,151
200
75*
1.50
75*i
com
205*
1145*
112
l.s0
-
1085*
,
75*
205*
205*
100
com
75*
8
8"
35*
35*
14
14
75*
4
25
17J* June
2%
30
930
1,997
94*
414
87
20
45*
1.05
5,802
5
5
1035*
-.100
935*
315*
22
pref
140
5
14 5*
145*
.—
155*
3
368
1035* 1035*
22
235*
935*
935*
10
10
92 J*
....
United Ry 4s c-ds.
-
—
June
Orders
solicited
Pacific
on
until ,5:30 P. M.
Coast
Stock
,
114*
60
Mar
28
Apr
Sales
Par
Stocks—
for
Week
Price
Range Since Jan. 1,1938
Low
Anglo Calif Nat Bank—20
Assoc Insur Fund Inc...10
Atlas Imp Diesel Engine.. 5
Bankjof California N A.. 80
Beech Aircraft Corp—... 1
Bishop Oil Corp.
5
Byron Jackson Co—— •- *
Calamba Sugar pref
20
*
Calif Cotton Mills com. 100
Calif Art Tile A
26c
26c
13
13
44*
4 4*
64*
64*
195
195
34*
44*
34*
4%
714
715
High
370
215*
2,885
914
Mar
27c
575
10c
July
70c
10c
41?
10c
Nov
38c May
65*
55*
285*
225*
300
414
Sept
64*
31
3,935
25 J*
Mar
344*
25
560
13
Mar
25
55*
100
50c
Sept
1.20
Jan
382
July
93
Mar
Feb
154*
93
10 *4
76 J*
97
July
95*
10
105*
50c
60c
195*
125*
165*
195*
1,446
1,475
1
45*
135*
185*
45*
,1,185
45*
5
95*
95*
105*
8
8,601
50c
350
Co com
758
Apr
Mar
33
' 277
110
257 H
21
22
220
144*
32
32
34
90
Curt las-Wright Corp
Dorninguez Oil Co
Elec Bond A Share..—
General
1475*
345*
105*
55*
30c
Caterpillar Tractor com.. *
Central Eureka Mining... 1
464*
314
46 4*
34*
81
85*
85*
55*
45*
618
100
265*
1,970
115*
135*
200
45
115*
-45
Electric Co
375*
475*
255*
255*
14 4*
July
47*4
Oct
Mar
254*
Nov
550
444*
450
20
810
264* May
680
4.95
Mar
l
Ttalo Pet of Amer com..
35c
35c
37c
780
230
Aug
50c
Jan
2.55
2.50
2.90
2,134
1.60
Mar
34*
Jan
31*
Sept
54*
Jan
Oct
38c
Jan
3 *4
Aug
June
31
84*
Oct
534*
Oct
51 J*
515*
75*
1,230
105*
797
23
70
155*
455*
32c
5,600
15c
Apr
24
Mar
505*
48
977
30
Apr
Mar
34*
34*
2,400
34*
34*
835*
650
1.65
Mar
974
375*
_
Jan
52
July
40c Sept
571*
35*
35*
Mar
1.65
Jan
65*
155*
Oahu Sugar Co Ltd cap. .20
285*
Onomea Sugar Cq—_—20
28
55*
PackardMotor Cocorau
...20
135*
July
Radio Corp of America...*
75*
Oct
Schumach Wall Bd com..*
Oct
Nov
65*
105*
1
155*
285*
8
1,015
28
64*
100
?0
...55*,
55*
220
135*
75*
13*4
7r
516
300
45*
45*
3 *4
29
165*
285*
45*
14c
600
109*
28
North American A viation. 1
Pioneer Mill Co
Nov
7
Montgomery Ward A Co.*
Mountain City Copper..5c
30c
24
325*
Nash-Kelvinator Corp...5
Nov
Oct
235*
?0
50c
Nov
315*
65*
1,450
18
122
23
"
Mines.. 1
75*
Mar
Apr
65*
Idaho-Maryland
75*
515*
15c June
1*3
>
22
34*
11
44*
2
7*4
194*
*
22 5*
21
225*
25
Preferred
235*
24
265*
275*
75*
265*
200
24
28
85*
437
254*
600
610
36
36
395*
328
30
Mar
Nov
So Cal Ed 51* % pref....25
Cons Aircraft Corp com.. 1
244*
22
25
573
11
Sept
25
Nov
Cons Cbem Ind A
24
24
430
225* May
35* Mar
75* Mar
33
July
South Cal Ed 6% pref. ..25
Studebaker Corp com.
1
45*
155*
Superior Port Cem Com B*
United Airciaft Corp cap.5
-c0
365*
135*
355*
135*
Nov
365*
809
Nov
U S Industrial Alcohol.—*
28
28
28
TOO
28
10
*
Creameries of Amer v t c.. 1
Crown Zeilerbach com.-.5
Preferred
.....—
D1 Glorg Fruit
*
Corp com 10
100
Preferred
Elec Tr Prod.i
~4
Emporium Capwell Corp.*
Preferred
(ww).—..50
Emsco Derrick A Equip—5
44*
4*4
1,300
4 4*
13*4
13 *4
15
3,735
90
90
92
480
56
Mar
•35*
185*
105*
500
3
Mar
3H
3 4*
395*
55*
Oct
..
Jan
U S Petroleum Co..
Jan
United States 8teel com.. *
670
16
Nov
28
104*
105*
260
10
Nov
15
15
,155*
741
Mar
105*
155*
Nov
Oct
*
34%
34
345*
550
95*
28**
Mar
37
July
r
Cash sale—Not
10
10
10
150
85*
Mar
114*
Oct
t
Listed,
16
16
No par value
1
a
135*
66
2nd Llq
71
66
Dlv.
Pay
Included, n range for year
t In default.
3,900
1,729
76c
73c
76c
8
Aug
Jan
9*4
Mar
10»*
Oct
Mar
164*
Nov
35
Mar
May
Mar
Jan
35
Oct
m
May
20
Mar
July
9
•
Oct
Mar
Apr
Mar
28
Oct
5%
244*
244*
Feb
Apr
194*
92
Clorox Chemical Co*
So Calif Edison com
Feb
354*
May
194* May
235*
265*
275*
75*
5
Chrysler Corp com.
Oct
315*
Hawaiian Sugar Co—,—20
Jan
75*
55*
Feb
Mar
M J A M A M Cons.... —1
6,100
Nov
444*
23 5*
Jan
July
Sept
July
July
24*
74*
Nov
16
Mono Port Cem 8% pf .10
22
Mar
54*
324*
Mar
215*
145*
Jan
Sept
100
Nov
Mar
Nov
37
55*
Mar
Mar
72
Nov
822
1145* 122
122
Aug
1
1
907
7
54*
Jan
3*4
700
15*
Nov
Mar
4* May
50
Apr
?l)
15*
65*
365*
Oct
6
434*
3
2,100
72
Jan
17
31J* June
64* May
34* May
136
45*.
50 K
81
Mar
Mar
215*
„
2
815
72
15*
65*
Jan
300
5)4
Jan
Oct
55*
385*
17c
50c
NOV
404*
55*
385*
16c
14
53
70c
10
16c
11^
Aug
1494*
724
Vs
37
Oct
11
Jan
Jan
4 00
Apr
385*
2
8
Oct
36
42c June
May
Nov
85*
55*
35*
72
52 J*
1114*
21
4
50
July
1 079
4
761
234*
2.75 June
3^5*
95*
4
120
214*
241
4
13
Mar
May
2,250
McBryde Sugar Co......6
35*
135*
195*
Aug
July
Jan
Jan
July
50c
Italo Pet Corp of Amer pfdl
20
.50 4*
46c
385*
300
53
1475* 1495*
50c
1
*
Gt West Elec Chem com.. *
Aug
63
53
*
.1
.
Sept
19
Carson Hill Gold Min cap. 1
22
200
May
13
45c
50
35*
Apr
104*
414*
2954*
May
33
277
21
35*
204*
44*
Mar
25
33
Jan
83c June
July
Nov
6
277
124*
22J*
124*
Jan
Mar
May
Co. 10
Yosemite Ptld Cement pflO
Mar
45c
17)*
54*
64*
24*
667
10
100
Nov
60C
135*
200
4*
Feb
July
60c
dan
655
Jan
Aug
135*
Mar
20
14
55*
Jan
Nov
Aug
10c
171
13
50c
25*
45*
45c
19
Mar
Nov
25c
10
19 %
14
16o June
12
Aug
95
195*
195
20
Calif Packing Cprp pref. 50
1
100
i;953
3%
195*
34*
Calif-Engels Mining Co..l
Calif Packing Coro com..*
Preferred.
26c
135*
254*
314*
224*
195*
125*
165*
Gt West ElecChera pref. 20
Anglo Amer MIn Corp—1
July
240
9
Corp.——2
Goodrich (B F) Co com..*
Shares
July
64*
18
104
60c
Aviation Corp of Del
.3
Bancam erica B iair Corp. . 1
both inclusive^ compiled from official sales lists
of Prices
Low
High
Apr
Apr
135*
Berkey A Gay Fuyn Co.... 1
Cal Ore Fwr 6 %pf 1927 100
Claude Neon Lights com. 1
Francisco Stock Exchange
Week's Range
Oct
Nov
44*
315*
23.
Anglo Nat Corp A com...*
Argonaut Mining Co
5
Arthlson TopASanta FelOO
Atlas Corp common
5
Francisco and Los Angeles
Sale
Aug
31
285*
Anaconda Copper Min..50
Cortlandt 7-4150
Last
Jan
84*
93
Amer Toll Bridge (Dei)
Broadway, New York
Friday
144*
100
Unlisted—
Members New York Stock Exchange
San
July
10c
Amer Smelting A Ref
Schwabacher & Go.
Nov. 12 to Nov!. 18,
64* 'July
41
are
Eastern Standard Time (2 P. M. Saturdays)
Private Wire to own offices In San
Apr
Jan
29 4*
27c
-
American Tel A Tel Co. 100
111
Mar
Mar
June
Feb
June
195*
ser
Western Pipe A Steel
which
Exchanges,
Mar
20
1,334
Waialua Agricultural Co.20
Wells Fargo Bk A U T.100
»
open
Mar
Oct
Mar
Yello ff Checker Cab ser 150
*
*
Feb
94*
564*
60
100
35*
.
Sept
75*
100
Jan
Nov
May
145*
75*
100
Nov
July
8
8
961
45*
40
Nov
2.75
27
716
24
40
3*4 June
4 J* Sept
Nov
1194*
100
185*
40
1.00 Sept
324
48
165*
235*
Mar
Apr
Nov
1084*
84*
204*
1,836
85*
48
Mar
200
8
165*
235*
34*
13 4*
874*
190
1.75
48
1
.25
Preferred
Nov
Sept
Mar
Victor Equip
Nov
271*
99
108
Universal Consol Oil— .10
Nov
274*
Jan
Nov
United Air Lines Corp.-.5
Feb
274*
28
43
Union OH Co of Calif...25
Aug
254*
274*
City A Suburban 5s c-ds.
United Rys 4s
— 1934
314*
Mar
Mar
295*
.
Tread well-Yukon Corp.. .1
Bonds—
*
Mar
Transamerica
Jan
16
.Nov
Nov
32 J*
Preferred.......
Nov
364*
164* June
294*
27
Super Mold Corp cap—10
Texas Consol Oil Co... —1
Tide Water Ass'd OllcomlO
Nov
62
3H
Sept
25 4*
Spring Valley Co Ltd
:*
Standard Oil Co of Calif.
Aug
Nov
2%
2.35
382
B
July
15c
Oct
Jan
Mar
1.098
20
So Pac Fold Gate Co A..
Jan
June
32
-
"32
16
60
124*
Nov
3
Oct
7c,
75c
100
60
124*
*
64*
Jan
1.40
23
43
A..25
Southern Pacific Co.-.100
Sept
88
12
12
2,066
2,145
3,093
415*
So Calif Gas
July
10
106
4*4 May
45* Mar
74*
28
Preferred.
July
101
'
714
Mar
31
§5*% Pref
.—..100
Soundvlew Pulp com
6
Jan
134*
Feb
3*4
Aug
July
305*
Shell Union Oil com.
July
790
11
30
24*
54*
Title Insur Corp com.—25
WagnerElectriccom
114*
15c
-
100
Sterling Aluminum com.-l
32
2
Scruggs-V-B Inc com... .5
—
June
June
54*
54*
*
1st preferred.
14
Jan
24
275*
Schlesinger (B F) 7 % pref2f
Jan
25
Mar
'
Nov
125
106
^
July
11
170
88
^
^
Nov
64* May
190
21
74*
88
Rice-Stix Dry Gds com— *
.
Mar
10
26
-
104*
-
*
74*
St Louis Bk Bldg Eq com.*
Preferred A
114*
35
21
30
11
Mo-Porcland Cem com.-25
St Louis Pub Serv coma
Nov
94*
100
74*
20
Natl Bearing Metals com.*
2d preferred
Jan
15
10
26
*
100
100
36
Mar
135
127
26
*
284* May
34
20
-
Natl Candy com
1st preferred
24*
6
344*
74*
_
Feb'
1
Nov
34
-
Aug
Nov
2
334*
r
27
30c
10
-
^
*
Midwest Pipe com
65
197
447
30c
15
,285*
Republic Petrol Co com._l
55*% pref A.....
5C
Rheem Mfg Co
.1
Richfield Oil Corp com...
Roos Bros pref ser A... 100
Ryan Aeronautical Co.—l
Oct
'
Jan
30c
104*
275*
415*
Rayonler Inc com..;
Preferred.
Jan
45
20
Laclede Steel com
Scullin Steel com
11
10
Feb
134*
May
250
R E & R Co Ltd pref.. 100
Oct
32
Oct
Aug
July
8
25
REARCoLtdcom—...
Sept
84*
Nov
285*
305*
Pig'n Whistle pref
Puget Sound P & T
Apr
Apr
2.15
1st pref..
Sept
10
17c June
100
6
11
2.00
Pac Tel A Tel
Jan
81
12
30c
*
McQuay-Norris com
21
50
1
6
105*
Pac Pub Ser non-v com..*
334* May
474*
2
*
Laclede-Christy Clay com *
74*
Nov
Jan
2746
6
Mar
Mar
5
.
300
65*
2.15
Pac Light Corp $6dlv_ —*
Mar
12
-
100
^
International Shoe com... *
75
80c
5
8
Sept
64*
Nov
48
1
-
.-10
Johnson-S-S- Shoe com.
60
65*
180
105*
6% 1st pref
Aug
474*
*.
«
Preferred series 1936-.50
Hyde Park Brew
6
47
6
7
105
65*
22
9 J*
Mar
Pac G A E 55* % 1st pfd 25
Pacific Light Corp com. _ .*
Jan
254*
24*
Jan
Jan
July
May
22
200
10
80c
220
21c
95*
Pacific Coast Aggregates 10
Pacific Gas A Elec com. .25
Oct
404*
Jan
24*
234*
164*
126
84*
46
Hamilton-Brown Shoecom*
Hyraulic Pr Brick com. 100
304*
8
Griesedieck-West Br com. *
Hussmann-LIgonlercom—*
2,054
416
64*
•
77
«
1
com....
275
24*
4
10
Dr Pepper com.....
Falstaff Brew
-
-
15
65*
115*
Pacific Can Co com
3
24* Nov
274* May
104* June
l %
Aug
34*
Oct
34*
Apr
.
.»
Paauhau Sugar Plant
Oct
26
June
22
Oliver Utd Filters B
High
Low
Shares
24%
24*
*
;
Mfg com
High
24 H
*
Boyd-Welsk Inc com
Burkart
Week's Range
Sale
...
Oliver Utd Filters A
Range Since Jan. 1, 1938
Last
115*
65*
115*
64*
Sent
July
Oct
264*
4*
Nov
Mar
94*
Oct
7*4, June
Mar
134*
36>*
Aug
28
1 55
Nov
Jan
71
Nov
4
73c
40
Nov
Nov
May
Oct
0 Ex-stock dividend
s Ex-dividend
v Ex-rights.
Endorsed.
.
.
3142
Financial
Chronicle
Nov.
19,
1938
Canadian Markets
LISTED AND UNLISTED
Provincial and
Municipal Issues
Montreal Stock
Closing bid and asked quotations, Friday, Nov. 18
Bid
Province ol Alberta—
11948
Jan
58....
Ask
59
Province of Ontario—
6s
Oct
1 1942
6s
Sept 16 1943
61
Oct
1 1956
Prov of British Columbia—
/6634
12 1949
9934
101
Oct
1 1953
Manitoba—
Aug
1 1941
9534
97
434 s
July
6s..
434s
Province of
434s
6s
June 15 1964
2 1969
.
.—Dec
6fl
5834
Apr
Apr
4 34s
117
May
1 1959
1 1962
108
109
4>4s
Jan
15 1965
115
11634
96
434s
Mar
2 1950
109
96
4s
Feb
1 1958
10834 10934
May
1 1961
110
111
112
Sept
16 1952
5a
Mar
1 1960
National
June 15 1943
8234
8434
534s
Nov
15 1946
82
85
434s
Oct
1 1951
79
81
.
4s
perpetual debentures.
Sept 15 1942
434s
Dec 15 1944
6s
July
1 1944
6s
82
82 34
10334 10434
95
112
Power
Bid
!
Ask
98
Quebec
98
1 1960
9334
Power
434s
Sept
1 1961
115
11534
434s
June 15 1956
118
11554
11634
434s
1 1969
116
5s
Oct
11969
6s
Feb
1 1970
12334 12434
11934 11934
11934 11934
Grand Trunk Paclflo Ry—
4a
Jan
1 1962
11634
3s
9734
Last
Aug
Nov
2934
486
23
Mar
31
834
834
185
5
May
1134
8034
8034
15
78
Sept
86
Jan
Sale
Par
Stocks—
Acme Glove Works.
Price
._*
*
Alberta Pacific Grain A..*
Amal Elec Corp pref
*
Associated Breweries
Preferred
1634
Bawlf
(N) Grain..
834
B
16734
Canada Cement
*
June
11
Jan
2
Mar
5
July
25
Sept
30
16
16 34
11334 113 34
62
210
1734
18
20
20
1734
9
1.25
15
167
16734
774
147
57
59
834
934
7,289
20
300
Mar
16734
Nov
1434
Feb
Sept
534
July
234 June
38
Apr
534
Oct
3
Oct
Mar
575
Sept
Mar
7
60
Aug
Jan
1234
112
12
1234
169
10
Sept
15
71
71
7534
6934
1,055
56
Mar
Oct
413
6434
Mar
7534
6934
734
30
734
Oct
1034
Apr
25
69
734
157
634
634
234
*
45
100
2
157
100
8
3,970
234
109
45
4
98
Cndn Foreign Investment *
Canadian Indus Alcohol..*
11
10
1134
405
3
3
334
2,826
8
Nov
Mar
3
May
Apr
50
Mar
150
1.50
2
2
73
1.25
10
10
40
...100
164
166
7
Apr
Mar
Mar
July
3
Jan
234
17
June
June
26
220
Nova Scotia
100
300
300
300
Royal
100
190
190
191
160
Jan
Sept
180
Oct
Mar
223
July
295
June
31034
Aug
170
Mar
19134
Jan
17934
217
197
327
175
217
159
320
175
100
93
478
100
.
.
Montreal
...
:
166
Nov
to
Nov. 18, both inclusive, compiled from official sales lists
Stocks—
Par
6% cum pref
100
24
100
2234
7% cum pref
Agoestoa Corp Ltd
100
234
m
100
100
35
99
Aug
108
Jan
7
Sept
19
Jan
July
Can Nor P 7% cum pf.100
Can W & C 6% cum pf.100
Can Breweries Ltd.—
*
Preferred
434
2134
13 34
2134
1234
2834
2834
3334
-
«
•
~
_
3334
108
Cndn General Invests
434
Jan
5
Mar
834
Jan
Cndn Industs 7 % cm pf 100
Cndn Intl Inv Trust
*
1334
6634
July
1.50
2034
Cndn Light & Power ColOO
*
63
6234
4534
Sept
2134
2334
822
11
Mar
2334
Nov
3534
3534
3934
2,715
21
Mar
3934
Nov
1734
1734
155
15
Sept
20
Jan
9634 June
110
Nov
150
May
Catelli Food Products
Claude Neon Gen Adv
July
Commercial
145
Feb
6,765
834
634
773
434
Oct
Sept
Sept
1634
10
Jan
5%
cum
7%
cum
834
......
165
22
834
164
June
Mar
Oct
200
60c
Nov
1.00
Mar
1634
50
1334
Sept
1634
Nov
6
5
Nov
Nov
6
*
Alcohols....*
Jan
Donnacona Paper A
Donnacona Paper B
17
July
34
Nov
15
10c
Sept
35c
Jan
1.30
625
90c
Mar
1.85
July
734
734
8^4
15,157
334
Mar
934
234
45
734
100
7
Jan
11
July
Mar
16
July
Fatrchlld Aircraft Ltd
6
731
Fleet Aircraft Ltd
,
EasternDalrle87%cmpf 100
1434
1434
8834
634
Ea Koot Pow 7% cm pf 100
*
*
Feb
15
*
Mar
May
1.25
*
Mar
334
9
15
*
1134
.
"1.30
♦
88
Oct
May
24
1434
8934
Apr
164
85
85
Mar
Apr
8
3
60c
6
10
*
734
1434
205
5
Dominion Stores Ltd
Oct
320
834
5
Feb
834
2034
165
10334 Nov
234 June
*
150
30
Sept
1234
Sept
1434
Aug
1.00
50
140 '
13
9634
75
Mar
80
»
Oct
10
1.55
Mar
145
*
112
Sent
Jan
734
Jan
Jan
2734
103
SU
Feb
834
36
13,2
3
70
Mar
Oct
320
10934
Oct
18
84
4
30
3434
Sept
Sept
Feb
Aug
100
May
240
23
1434
735
June
835
1,470
734
22
12
58
734
2934
Oct
50
75
1534
Jan
434
10
8
34
Mar
10
50
2,380
634
17
1,207
1634
*
7634
1434
20
2,893
1334
60c
-*
pref
65
3234
Jan
100
pref
Can Vlckers Ltd
7634
1434
634
Cndn Power A Pap Inv—
Consol Paper Corp Ltd
David A Frere Ltee B
Dom Eng Works Ltd
34
434 June
434
2134
10334 10334
1.50
*
Feb
Sept
1334
Nov
Sept
Nov
Jan
3,733
116-
234
,Feb
Nov
6834
112
97
20
Mar
103
Oct
133
31
66
July
Oct
Mar
Mar
33
Nov
June
634
Oct
Nov
25
July
97
Canada A Dom Sug (new) *
Canada Malting Co Ltd..*
420
30
130
July
9
32J4
Oct
7
1834
8
Mar
2234
2534
10
Mar
8
934
1
97
734
1834
634
434
131
British Columbia Packers *
634
Mar
97
Brewers A Dlstof Vane —5
Brit Amer OU Co Ltd
*
634
2534
High
1.00
131
Oct
1,50
2834
2234
Low
7,865
5,537
100
July
5634
Sept
145
»
100
_
7% cumul pref
41
65
6
-
2334
2234
Shares
Beldlng-Cortlcelll Ltd.
88
50
U
-
334
1934 June
434 June
1634 July
6
147
«.
High
Mar
141
1134
«•
*
Mar
Oct
3
Pref ctfsof dep
30
5634
Low
3
June
65
147
Price
Abltibl Pow A Paper Co..*
2
98
10734 108
.
Range Since Jan. 1, 1938
47
65
77
Sales
28
96
2,890
Montreal Curb Market
Nov. 12
6434
634
234
46
26
105
1.00
21
634
30
734
610
334
734
334
Oct
4834
834
July
834
July
734
July
434 June
Mar
220
3
Mar
12
12
10
5
Sept
6
6
50
334
634
634
7
2,585
3
1134
-
1134
1234
1,200
434
Jan
2434
1,865
1434
7
m
■
"
m
—
-
Oct
Oct
M»v
Apr
Mar
11
734
834
Jan
Aug
Jan
July
15
July
•
Preferred
332
75
Mar
Nov
Ford Motor Co of Can A.*
23
23
Mar
2434
Nov
434
Rights
434
434
305
3
June
534
Aug
Fraser
*
17
17
17
45
9
Mar
20
934
834
934
1,427
5
Mar
1034
July
•
1734
1634
1934
1,660
10
Mar
2134
Aug
Oct
222
45
Mar
94
Nov
*
3834
3834
3834
65
37
Mar
39
32
32
25
1934
Oct
32
100
90
90
Goodyear T pref lnc '27.50
56
654
Preferred
100
Holnnger Gold Mines
*
40
53
734
1,055
8
40
6
Howard Smith Paper
Preferred
5634
634
734
Gypsum Lime A Alabas.
Hamilton Bridge
-
1434
15
'
40
Companies Ltd
Voting trust ctfs
Frelman Ltd (A J)
Mar
5834
Oct
4
Mar
834
Jan
Inter-City Baking Co..100
Intl Utilities Corp A
*
180
5
Mar
934
July
International UtUlties B..1
15
33
1434
1,546
15
53
-
June
1134
Mar
1534
_
Jan
Aug
Lake St John P A P.
8
"75c
*
Mackenzie Air Service
*
MacLaren Pow A Paper
140
6
Mar
934
75c
75c
175
50c
Sept
1.00
26
*
.
Lake Sulphite Pulp Co
834
*
334
1634
986
6
Sept
18
June
98
98
396
90
Mar
98
Feb
Hudson Bay Mining
*
"3254
3234
3434
1,905
35
Nov
Imperial OU Ltd..
*
Massey-Har 6% cum pf 100
53 34
1734
1734
18
5,535
Sept
1934
Feb
1 534
4,190
Jan
1534
July
7
7
734
25
7
May
Oct
95
23
Apr
734
3234
McColl-Fron 6% cm pf.100
Melchera Distillers Ltd pf*
Melchers Distillers Ltd
*
92
1534
734
2034
1434
1334
Mar
Nov
Mitchell (Robt) Co Ltd..*
Mar
58
Oct
Mtl Refrig A Stor vot tr__*
Sept
3134
Mar
534
Aug
100
Imperial Tobacco of Can
Preferred
£1
Industrial Accept Corp.
.
.
*
*
3134
32
53
Intl Nickel of Canada...
5234
5734
8,275
37
2834
3,278
22
2734
334
2834
100
79
7934
39
74
May
84
Feb
Jamaica Public Service... *
35
35
25
32
Mar
36
1634
1 734
686
1834
Aug
Oct
International Power
»
4
31
234
Sept
$3
cum
pref
*
Pahe-Hersey Tubes
Power Corp of Canada
158
334
25
65c
5234
56
905
3234
92
125
8734
is"
1
50
1.35
Oct
745
734
Mar
10
14
14
10
1334
105
90
78
Apr
101
100
101
216
92
Mar
120
10
Sept
Provincial Transport Co..*
7
7
7
50
9
June
14
Sept
Quebec Tel A Pow A
*
434
434
434
65
120
3
Mai
5
Jan
Rogers-Majestic A..
..._*
234
234
50
...»
7
634
734
Mar
734
734
8
434
734
•No par value.
Jan
May
734
234
21
134
14
10134
Nov
Feb
Aug
May
Jan
Oct
:■
4
Feb
1
103
14
12
14
July
July
1.50
4
Oct
63
101
18 34
1
Nov
Jan
1734
1
18
June
Apr
Sept
1.50
"
12
773
July
92
4
*
Jan
1.45
Mar
*
July
12J4
Mar
5
Jan
34
40c
275
Oct
Mar
7
734
Apr
Aug
Sept
355
*
1034
234
200
Lindsay (C W)
1,860
13
18
60c
16
*
6% cum 1st pref
26
Lang A Sons (John A)
Mar
134
45
160
Banks—
22
General Steel Wares
Massey-Harrls
MoColl-Frontenac Oil
3
•
*
234
Oct
Apr
100
*
June
150
926
106
2,323
Preferred 7%
100
Canadian Cottons-....100
Canadian Cottons pref.100
Lake of the Woods
Jan
12
2,709
9
15
Preferred
1034
334
1,315
15
Internet Pet Co Ltd
Oct
Mar
734
334
1634
3034
Canadian
-
17
Aug
120
234
7,520
1634
3034
100
Mar
108
8
334
1754
32
Canadian Car A Foundry. *
Preferred
25
Preferred
10
50
1234
11134
334
11
Foundation Co of Can
Gatlneau
30
8
334
160
B
June
Sept
"
103 34
60
634
July
16
*
40
Dryaen Paper
Electrolux Corp
English Electric A
July
23
24
3,442
Bathurst Pow A Paper B.*
60
100
Nov
5834
17
640
21
Beauharnols Pow Corp
3934
Preferred
2434
Apr
120
50
Jan
1634
Can Wire & Cable cl A...*
100
June
23
Feb
110
Canadian Bronze
Preferred
Aug
July
33 34
2
Dpminlon Textile.
2034
2034
1234
f
Preferred
Mar
22
110
Winnipeg Electric A
July
45
*
Oct
634
*
20
Mar
16
6
905
Feb
Mar
234
834
Oct
Sept
734
2534
146
12
1834
for
545
*
4,025
1634
17
534
Week
234
11
100
434
434
of Prices
16
Preferred
10234
103
Aug
Mar
234
1034
Dom Tar A Chemloal
Apr
Feb
Week's Range
Sept
16
Dominion Steel A Coal B 25
Feb
99
95
25
Sale
125
100
1734
5
36
Last
Sept
June
Dominion Glass
Sept
13
100
10234 103
Friday
334
434
25
1034
854
100
July
634
1.00
15
June
*
Jan
July
10
15
9
Dominion Bridge
Dominion Coal pref
July
25
2 75
745
7
Distillers 8ea«rams
19
Nov
Nov
87
*
Mar
20
6534
1134
255
Con Min A Smelt new...25
14
37
Nov
65
276
25
Oct
930
Aug
1,805
Canadian Paclflo Ry
Cockshutt Plow
Nov
63
Nov
1534
*
Jan
2234
Mar
1634
95,
Celaneee..
1634
Mar
34
4,875
1634
75
334
434
1634
Sept
1434
2234
11134
805
1034
9
450
1934
60
Apr
12
*
1334
1934
60
Apr
15
60
Nov
Nov
6534
834
Apr
94
Preferred
July
46
1134
2834
234
100
Oct
109J4
1434
1034
16
Aug
35
6,636
28
834
99
42
197
1634
1034
59
15
175
Jan
934
100
Can North Power Corp...*
Canada Steamship (new).*
Feb
10
Canada Forglngs class A _*
Preferred
7
98
45
*
Steel Co of Canada
Commerce.
50
28
*
.*
5
Feb
July
98
100
Canadienne
High
3
15
MlllslllZlllZl*
Building Products A
Low
25
1.25
*
British Col Power Corp A. •
10
120
65
(N) Grain pref--100
Bell Telephone..
100
Brazilian Tr Lt A Power.*
50
1434
..100
Bathurst Power A Paper A *
Week
Shares
5
934
*
Bawlf
Range Since Jan. 1, 1938
3
100
Preferred-
4
for
25
50
Algoma Steel Corp.
of Prices
High
Low
5
Agnew-Surpass Shoe
_
Nov
4434
4434
Sherwln Williams of Can.*
B
Sales
Week's Range
72J4
29
2034
Preferred
18, both inclusive, compiled from official sales lists
Oct
84
"45"
Viau Biscuit..
Exchange
Aug
34
Southern Canada Power.
9834
Feb
43
44
Mar
St Lawrence Paper pref 100
Preferred
Friday
Bruck SUk
1 1962
89
Mar
Mar
Tooke Bros pref
100
Tuckett Tobacco pref.. 100
United Steel Corp
*
Montreal Stock
Nov. 12 to Nov.
Jan
109
Oct
Sept
38
June
*
50
Simon (II) & Sons
107
73
34
80
13
Preferred..
11534 11634
5s
July
July
11956
1 1957
7034
159
2,570
48
Shawlnlgan W A Power..*
11834
Feb
44
24
100
St Lawrence Flour Mills.
434s
73
4234
31
Holland Paper v t
fet Lawrence Corp
A preferred
Ask
Jan
25
*
Preferred—...
Bid
62
7,297
Regent Knitting pref...25
July
9834
9434
Canadian Northern Ry—
634s
July
1 1946
Jan
4,649
1334
9734
Ask
56
26
Saguenay Power pref—100
Bid
14
83
♦
434s
Canadian National Ry—
59
Mar
29
100
1 1954
Bonds
May
9831
80
Corp of Canada..
Price Bros A Co Ltd
Dec
Dominion Government Guaranteed
Jan
28
Apr
26
*
6s
97
31
July
6634
"67"
100
5% preferred
11234
Sept
27
73
100
_
Preferred
Canadian Pacific Ry—
434s
Sept
1 1946
2534
15
4134
4134
Mills
Ontario Steel Products...*
Penmans
Ask
5,148
27
95
8*34
Ottawa L H A Power.
Canadian Pacific Ry—
31
44
*
—25
Ogllvle Flour
Railway Bonds
High
36
58
Mines
Noranaa
Low
103
27
40
Breweries..!
Range Since Jan. 1, 1938
Shares
High
3034
3034
—
Mortgage.25
Niagara Wire Weaving...*
Prov of Saskatchewan—
10834 10934
11634 11734
Bid
103
National Steel Car Corp..*
10534
58.
4340
Mont L H A P Consul
Preferred..
10634
104
Low
Montreal Tram ways.-.100
94
94
105
Week
Price
Par
MQhtreal Telegraph
Province of Quebec—
Province of Nova Scotia—
of Prices
Cottons pref.100
Moutreal
Mont Loan A
9834
for
Sale
Stocks (Concluded)
Week's Range
12134 123
June
434 s
16 1960
15 1981
116
4b
Prov of New Brunswick—
4J4s
11034 11134
Sales
Last
Ask
5s..
97
Exchange
Friday
Bid
534 Sept
434 May
234 Nov
101
734
Sept
July
434
Aug
4
July
Volume
Financial
147
3143
Chronicle
Unlisted
Canadian Markets—Listed and
Toronto Stock Exchange
Montreal Curb Market
Last
Stocks (Concluded)
Sarnla Bridge Co
Price
Par
Stocks
High
Low
6
Nov
11
Jan
109
596
104
June
109
Oct
Base Metals
40
6H
1.50
15
Mar
Bathuret Power A..
2
July
Bear Exploration A Rad..l
54
Nov
BeattleGoId
*
Beatty Bros A
Beatty Bros 1st pref
*
32 H
135
20
20
pref
15
Apr
Mar
1.10
1,265
17 H
May
Oct
20
Beauharnols
Mines—
Sept
34c
Oct
69c
7,125
20c
6H
June
50,200
6,450
16c
Sept
39c
95c
Sept
1.50
Nov
8H
50
6H
Sept
15
100
101H
25
95
Apr
106
3
101H
3H
488
2
Mar
407
146 H
Mar
20c
Feb
3
Bell Tel Co of Canada.100
168
167
167 H
lHc
lc
Mar
3Hc
12c
12c
4,600
12c
Sept
330
Feb
28C
28c
1.600
24Hc
Feb
46c
Mar
Big Missouri Mines
22c
28c
750
25c
Sept
57c
Jan
23 He 23 He
1,000
31Hc
Nov
15c
Oct
Bobjo Mines
1
23Hc
8C
Feb
Bralorne
*
9.50
9.50
9.75
Brantford
24 H
10 H
24 H
"lOH
4H
4H
400
"21H
21H
21H
3,196
28H
27 H
3
29
115
3
10
lHc
Alexandria Gold
12 H
3,000
7Hc May
5HC Sept
5c
8c
12,600
3c May
5Hc
6Hc
12,800
24c
Bob jo Mines
25c
4,900
12
Bouscadlllac Gold
Brazil Gold & Diamond.
Brownlee Mines (1936)
_
5Hc
—
Buffalo Canadian Gold—
95c
2c
2Hc
Cartler-Malartic Gold
6c
6Hc
Cndn Malartic Gold
Blue Ribbon
pref
Mines
10c
Feb
5c
July
Feb
Brewers a Distillers
3c
June
Brazil
Nov
9Hc
Jan
15c
Feb
Brit Col Power A
18c
Sept
62c
May
1.90
Sept
3.20
Mar
6
British American Oil
Jan
24c
Central Patricia Gold
250
25c
25c
3,600
20c
31H
1,375
27 H
June
*
B
35
Feb
Brown Oil..
27c
6,200
21o
Sept
58c
Jan
250
6H
Sept
11H
Mar
3H
28
3
July
45
25
Sept
31
21 He 29 He 1666555
1
......
7c
1,545
35
21
Jan
17 Ho
Feb
lHc
Sept
3c
Sept
13c
Nov
Buffalo-Canadian
*
3
9,950
1.05
Jan
2.37
Aug
Building Products
•
68 H
68
59
450
3 25
Mar
Burlington Steel
12H
13H
795
5.60
5.70
725
4.25
26 H
26c
25c
26c
2,100
1,000
2,686
20C
Burt (FN)
...25
Calgary A Edmonton
•
28
5.60
27
Falconbrldge Nickel
Francoeur Gold M Ltd...
Sept
Sept
Sept
12 H
Eldorado Gold M Ltd
1.40
7c
Sept
Aug
8c
8Hc
14c
15c
4,100
0Hc
1.19
1.20
600
99c
Mar
12c
12c
800
12c
Nov
Klrkland Gold Rand Ltd.
Klrkland Lake Cold
Lag una Gold
50H
3 He
11c
Lamaque Contact Gold..
11c
5.25
5.40
51
Mines
Macassa
51H
McI
ntyre-Porcuplne
McKenzle-Red Lake Gold
51H
3c
5c
1.3Q
700
80c
80He
5,500
68 H
Feb
2.52
Oct
Mar
llHc
July
O'Brien Gold
2.78
2.75
3.00
2,185
2.10
Sept
5.40
Jan
55c
65c
1.000
35c
July
4.50
4.50
4.60
Mar
4 80
Oct
20c
14c
Sept
62c
Jan
Canadian Canners
2.35
2.35
195
1.55
Apr
2.70
Jan
2.00
2.10
500
1.37 May
2.65
Jan
1.38
1.59
8,450
1.00
Sept
1.77
Feb
Pickle Crow Gd M Ltd...
5.20
5.30
300
3.90
Mar
5.30
Nov
Canada Wire A
11H
15
47
July
67
20 H
10
15
June
22
Jan
32
40
282
25
Oct
60
Nov
20
20 H
277
14 H
21H
Aug
Sept
35
1.60
Sept
4H
Jan
2%
4
Feb
90C
95c
8,116
65c
Aug
Sept
Teck-Hughes
•
Jan
Canadian Oil
Jan
5Hc
5Hc
7,000
3Hc
Apr
6Hc
Oct
Canadian Oil pref
OPR.
15c
V00
17c
Oct
18HC
Oct
Canadian Wallpaper A...*
5c
3,100
5,139
3Hc
Sept
33c
Mar
22,880
6,205
9,750
8.15
Sept
42c
3.85
Sept
9.45
130
Sept
43c
Jan
900
9.00
21c
21c
7.80
7.75
Cad
17c
6 55
Mar
8 10
Jan
7.85
8.60
Wright Hargreaves
May
Carnation pref
25c
"28He
31c
...
Cariboo Gold...
1.23
Mar
3.60
Feb
5.60
2.37
1
....100
T65
1.00
Sept
1.51
May
700
22He
Sept
Sept
58He
Apr
3
25
2
Apr
21
230
17
Oct
725
1.65
Jan
2 .60
Aug
104H 104H
1.03
1.05
20
98 H
540
Jan
104H
Nov
Mar
1.19
July
1,85 Sept
3.20
Feb
1
7Hc
6Hc Sept
1
82c
75c
85c
25c May
95c
Oct
Chestervllle-Larder Lake 1
15,050
28,600
9,105
Sept
1.73
July
35c June
80c
Aug
13 H
July
_
1.22
1.19
1.29
55c
65c
60c
»
Cockshutt Plow
8
8
9
430
7
52c
52c
700
50c
Sept
85c May
25c
28c
1,300
8,885
19c
Sept
43c
1.00
Sept
1.84
75
11H
Mar
17
1,000
20c
Mar
.*
r_
Chlbougama
Jan
38c
800
35c
Oct
70c
Jan
Cons
1.20
9,465
88c
Sept
1.45
Apr
Consumers Gas
39
1.15
500
1.00
440
32H
3.10
2.20
Sept
42H
1.15
39H
1.67
1,300
Sept
49
Jan
July
5
*
Cosmos...
62 H
63
Distillers Seagrams
Preferred
Mara fit
199
June
24
Aug
105
12
102
Apr
105
Nov
31
22
27
7Hc
500
29c
36c
31,400
17c
17c
22c
21H
23 H
4,025
91
91
10
32
4,341
211
'31H
30 H
207
100
17H
189
Apr
16
Sept
3c
3c
3,500
*
53 H
1,437
25H
1
1.00
1.00
13 H
Last
6H
7
...1
1
Sale
Par
Stocks—
Price
Eastern Steel pref
Easy Washing
official sales lists
Sales
Week's Range
of Prices
High
Low
for
Week
Shares
Eldorado
_.
100
.
;
English Electric A
.....
10c
9Hc
High
)
Farmer
Fanny
'
3
2H
3H
10
1(X
preferred
7% preferred ...
6%
24
23 H
28 H
25
35
35
7Hc
Acme Gas A Oil
Afton
7Hc
500
3c
3 He
14,600
3c
Mines Ltd
Mar
8H
Mar
33
Oct
Nov
35
Nov
Sept
14
6
lHo
600
15c
3
255
2
Alberta Pacific Grain—
—
'53c
53c 62Hc
14H
Algoma Steel Corp
Preferred
100
16H
65 H
67
Anglo-Huronian
"~16c
Arntfield Gold
Auglte-PorcuplDe Gold...
50c
Aztec Mining
33c
Apr
5H
Aug
10H
vJan
28c
Sept
70c
14 H
Nov
16 H
Nov
66
Nov
67
Nov
7o
Sept
16,500
1.17
6,730
3.45
860
15c
18c
8,5.50
20,362
2,900
6c
2c
Sept
63,050
17c
Sept
1,200
5c
Oct
12c
Bagamac Mines...
Bankfield Cons
32c
100
Bank of Nova Scotia... 100
_
6c
6c
13c
34c
2,800
10,400
215
217
52
298
305
16
29
Aug
Feo
33c June
Mar
1.65
Jan
2.90
June
4.15
Jan
lie
Sept
33c
Mar
Mar
16Hc
Oct
7c
Aug
95c
12c
32c
195
Sept
Sept
Mar
_
Ford
5.50
14c
285
June
44c
Feb
14c June
27C
Jan
1.03
Feb
222 H
310
July
Oct
Gatlneau Power.
Preferred..
General Steel Wares
GilUes Lake Gold
26c
5c
Sept
15c
35,735
21
1.05
Mar
99
34
1.38
Sept
Sept
3.25
Mar
26H
Sept
34
Nov
7
5
7
Nov
10 H
Aug
7
125
5H
3,640
4.26
Mar
Sept
6 95
Jan
975
14Hc
Sept
22Hc
Nov
20c
Aug
5.60
6.00
22
14c 18 He
17,600
13c Sept
3 Ho May
19,900
16c
6,900
8c
Sept
30c May
25c
10c
10c
1,500
9c
Nov
25c
..1
6c
3 H
Feb
Mar
20c
Sept
53c
28c
10,800
13c
14c
3,500
"13H
13 H
87 H
14 H
89H
370
88
4H
4H
392
3
Sept
4H
July
9H
12c 13 He
125
5
Mar
10H
Oct
Sept
32c
4H
22
8H
"l2c
143
11c
7
2Hc
5C
36c
7,400
4,400
50c
....1
1
....*
60
par
ll
8c
9c
12c
17,750
4c
56
4Hc
56
4HC
35
74
113
67
6c
4,000
Oct
Oct
90
Apr
Mar
5c
68c
Jan
Mar
40 Ho
July
30c June
50c
Nov
14e
8Ho
10,500
3 He
74
14H
Feb
Nov
Sept
30c
500
Gold Eagle
Mar
14c
2c June
500
35c
Nov
Apr
74 H
46,200
2Hc
36c
50c
Goodflsh Mining
Oct
24c
*
1
Apr
20c
14H
June
3c
4,204
27c
•
5
24 H
3
3,500
24 H
22 H
..10o
7c
Apr
Sept
140
4
5c
21c
No
Jan
8c
15c
50c
*
14c
7Hc
10c
20Hc
Goodyear Tire pref
Feb
8
7Hc
*
Graham-Rousquet
Oct
Feb
5
2H
92,345
1
Goodyear Tire
Jan
Aug
25
2.53
God's Lake
Gold Belt...
2.39
107
260
4
2.30
Goidale
Mines
Apr
Mat
15Hc
..*
Glenora
2.25
Jan
Jan
6o
■
1
*
Rights
July
10
Mar
Aug
..1
*
Francoeur
1,000
104
21H
1
•
A
Mar
8H
7
Foundation Pete (new).25c
45
12c 14Hc
6c
Firestone Pete
2.00
16 H
23,250
9c
Nov
6H
Fleury-Blssell
38,275
2,005
40
4Hc 4Hc
32HC 37Hc
Fern land Gold
FontanaGold
32c
1.05
Ashley Gold
Astoria Quebec Mines
Federal-Kirkland
Oct
Oct
8c llHc
1.08
July
May
7c
June
3.30
13 He
Gold Mines.
Anglo-Can Hold Dev
Bank of Montreal.
24
24
.....100
Aldermac Copper
4H
Apr
17c
2 H
3
Alberta Pacific Grain—
Amm
1.00
35
17c
AJax Oil A Gas
Preferred..
5,320
2,886
11c
32H
.*
*
2.15
3H
2.40
25
Faulkenham Lake Gold.-l
Abitlbi
Mar
4H
55
9c
104
"l
Equitable Life
Falconbrldge
Low
2.20
104
*
B
Range Since Jan. 1, 1938
Feb
7c
56
75c Sept
480
*
Aug
Sept
19 H
Sept
4H June
6,485
7H
Jan
Jan
8H
10
12
1.00
12
6H
Dorval Slscoe..
Exchange
34H
216
2Hc Sept
49 H
East Malartic....
Friday
Nov
Dom Scot Investment
Bay St., TORONTO
both inclusive, compiled from
Nov
91
3c
East Crest Oil
Nov. 12 to Nov. 18,
23 H
60 H
J
Toronto Stock
40e
25
*
Feb
Mar
Sept
23
Dominion Stores
Feb
38
23He
Mar
ll1
66 H
Jan
27 H June
..1
Dominion Steel Coal B..26
Jan
73
17H
Dominion Tar
Canada Permanent Building, 320
Sept
>
Sept
100
25,600
21H
Oct
5c
20
Dominion Foundry
McCarthy
Exchange, Montreal Curb Market,
Canadian Commodity Exchange
Toronto Stock
Members:
Sept
16
7Hc
Dominion Coal pref. ....25
Dominion Explorers
Nov
173
*
1
(new)
Dominion Bank
66 H
258
200
32c
100
...
Dome Mines
Jan
Feb
42c
23
.*
Denlson Nickel Mines
Sept
45H
Jan
Nov
30
1
..*
4,100
66
177 H
175
22 H
23
100
Petroleum
25c
Mar
105
177H
100
Preferred....
Dark water
CANADIAN STOCKS
25c
100
Crows Nest Coal.
Statistical Information gladly furnished on
1.68
16
..1
Smelters
Dalies
1.49
16
1.52
Bakeries...*
38c
Okalta Oils Ltd
Royallte Oil Co
*
Conlaurum Mines
Consolidated
63o
15c June
*
Chromium Mining
1.10
2.20
Oct
21
2.45
2.37
3,520
38c
2.12
Nov
4,100
6,910
1.18
Co—
July
Nov
8c
Consol
2.15
Calgary A Edmonton Cp.
Dalhousle Oil Co
Home OH
200
25c
3H
Mar
12
Commonwealth Petroleum*
1.10
Nov
8
30
2.48
Chemical Research
25c
Jan
12 H
12
30
12
2.40
Central Porcupine
1.10
Aug
8H
7Hc
Central Patricia
Oct
on—
Jan
123
Mar
2.40
Castle-Tretbewey
Commoil Ltd
Anglo-Canadian OIL.
Brown Oil Corp
16
Sept
5
21
......
Jan
Nov
Sept
110
12H
Canadian Wineries
Cndn Wlrebound Box...
Mar
780
10
200
3
Oct
Jan
1.39
Feb
1.28
290
,
7
12
1.89
Jan
6,013
15
121
6H
12
B
3.40
4.30
4.75
26c
14
"~6H
...25
Sept
Sept
Sept
Sept
Sept
Sept
8
118
15
100
91Hc May
1,100
4.60
Walte-Amulet
Wood
Malartic
Aug
Gold
Cad..
Thompson
Canadian
91c
42c
29c
Jan
9
16
1.93
650
July
330
25
4.50
2.60
Aug
19
200
Aug
670
6
Apr
Apr
2,595
Mar
.
Sept
3
Sept
23,895
4,300
Mar
4
16
3H
5c
50c
Nov
184
157
910
5
18H
22 H
72c
97c
180
Mar
300
179
175
6H
2H
2.50
3.40
Mar
Jan
21H
1,300
92c
July
"~2H
1,542
45c
Apr
16 H
..
2,500
3.25
376
Jan
60
»
B
7c
92c
June
Nov
1.45
46c
4H
July
3.65
3.40
150
Mar
18 H
5c
...
May
2
32
15c
Sylvanlte Gold
128
61
Mar
7c
Sullivan Consolidated....
50
2H
Mar
1.38
(new)
Stadacona
136 H
136
18 H
3.50
Sladen Mai
72
1,335
1.70
50c
Mar
6,705
500
1,43
58
17H
2.40
8,740
215
32
Canadian Dredge
4,900
70 H
Jan
60
Cndn Industrial Alcohol A*
69c
Mar
30H
Feb
1.54
20
16
Apr
1.62
Nov
16 H
Nov
67c
16H
30 H
2.40
1.45
50
•
3..50
1.38
Jan
16H
...25
Can Car A Foundry
Preferred
17H
1.47
36
6H
7H
Mar
1.38
Sept
7H
Mar
Slscoe Gold Mines Ltd...
27
preferred
Nov
Bhawkey Gold
Sherrltt-Gordon
394
3
2d
2.25
"5Hc
34 H
Canadian Canners 1st pf 20
13 H
8t Anthony Gold
Jan
108
5
100
Reward Mining Co
13
June
18
200
3.55
Mar
89
33 H
175
2.60
......
7
45
_.*•
14
Red Crest Gold
Nov
130
20 H
2.55
Preston-East Dome
62
9
95
"39 H
14
Read Authler Mine...
June
Jan
10 H
*
Placer Development
2.40
40
B
Pioneer Gold of Brit Col..
Powell-Rouyn Gold
Nov
10 H
Cndn Bk of Commerce. 100
18c
2,111
7,000
3.90
18c
1.55
94
60
Canadian Bakeries preflOO
Canadian Breweries pref.*
5.30
Mar
20
Mar
Perron Gold Mines Ltd
80
2H
60
Preferred....
Jan
1.55
Pend-Orellle MAM Co..
5
Jan
2H
*
2Hc
Pato Consol Gd Dredging
July
136
..100
Canada Steamships...
30Hc
80c
7
*
Canada Permanent
100
Nov
May
69 H
500
Mining
3
16H
2.25
Cad
20
34
6Hc
Pandora
4H
11
2.25
Pamour-Porcupine
62c
92
6 He
Oro-Plata
Sept
52
Jan
Oct
19Hc
8H
5 50
91Hc
2,200
52
Mining Corp of Canada..
Gqld.
30c
100
Newbec Mines
McWatters
26c
*
Preferred
53
1.40
3.10
50
B_.
Canada Cement
Canad a Packers
Mar
Nov
Sept
94
Canada Malting
Canada Northern Power.. *
Oct
28 H
1.55
Mar
9H
807
94
Oct
Nov
July
May
5,645
4H
Feb
Mar
1.27
.
Jan
32HC Sept
14 h
15
2.30
100
A
6Ho May
Aug
60
2.07
*
Canada Bread
Apr
26Hc
...1
5c
Sept
Mar
76c
1.27
1.50
Feb
37
2.16
15c
3.50
575
27c
2H
May
35 H
1,300
1,900
Lebel-Oro Mines
Sept
45
1,724
1,000
61
3Hc
50 H
Lake Shore Mines
15Hc May
Oct
68 Ho
Sept
3,245
15,400
14c
690
Sept
37,300
""8c
Nov
2oc
2.22
July
July
45c
July
lOHc
2.50
35c
Jan
6
995
9Hc
35c
34
17,600
9c
35c
22
25c
2.30
Inspiration Min & Dev
J-M Consol Gold (New)..
Mar
8ept
2H June
16H
26
14 H
2.19
Calrnont Oils
Nov
July
Feb
7H
14 H
9c
45c June
24 H
14 H
23 He
2.41
Jan
Mar
Sept
26,450
2.20
Feb
Jan
Nov
10.25 June
Apr
7H
4
Jan
34
31 He
50c
Duparquet Mining Co—
East Malartic Mines
6.95
Mar
5
7.75 Sept
10,376
12
45c
23Hc
»
Buftaio-Ankerlte
55 HC
Jan
Feb
60c
8H
48c
Broulan-Porcuplne
Aug
41c
Mar
30 H
Jan
Nov
168
23c
30
*
Sept
25,338
Jan
6H
3H
Cordage pref.25
Traction
30c
27c
11 H
8
3H
50
5C
2.47
H
*
2c
23c
31
23 He
*
Blue Ribbon...
70c
2.47
Glfda.
1
Biltmore Hats
1.27
Central Cadillac Gold
Dome Mines Ltd
1
Big Missouri
3Hc June
9,600
4,300
Cons Chlbougamau
Btdgood Klrkland
27Hc
1,600
9,000
95c
Capltol-Rouyn Gold
Jan
July
1.38
1.30
Bldgood-Klrk Gold
55c
55c
45o
8
27c
Beaulor Gold
55c
Corp...
Feb
249
Mar
105
2,625
5,500
Aldermac Copper
May
July
Oct
8
»
227
34c
30c
8H
1.35
100
High
Low
72
9H
25c 30Hc
30c
*
Shares
235
235
8H
Corp
Sept
6
6H
1.50
51H' 53 H
51H
of Prices
High
235
Range Since Jan. 1, 1938
for
Week
Low
Price
100
Bank of Toronto
108
(H) Walk-Gooder & Worts
Walker Good A Worts (H)
Pai
(Continued)
25
Walkervllle Brewery
cum
Week
Shares
6
United Securities Ltd--100
SI
Sale
6
6
..*
100
A
Sou Can Pow 6% cm pf
of Prices
Low
High
Week's Range
Last
1, 1938
Range Since Jan.
Week's Range
Sale
Hales
FHday
Sales
Friday
2c
52
-
51 H
2
Nov
Oct
40c
12o
Feb
Jan
Apr
75
Nov
Mar
68
June
He Sept
9Hc
Feb
value.
3*
3144
Financial
Chronicle
Nov.
19,
1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Last
Week's Range
for
Sale
Stocks (Continued)
of Prices
Low
High
10c
Granada Mines
Great Lakes
Paper voting. *
Voting pref
Greening Wire...
*
Gold
Gunnar
Halcrow-Swayze
9%
Oct
23%
7%
559
67c
7H
705
2Hc
30
2c
27
26c
25c
26c
*
6
1
Inter. Metals A
35
"35"
7
100
Apr
37o
Mar
35
34c
1
1
8c
5,500
6c
Sept
Spy Hill Royalties
2%c
Nov
280
Sept
2
Sept
4%
Jan
Nov
25c
Preferred
30
34%
395
12
Mar
34%
"71
71
75%
1,020
66
Mar
75%
25
Preferred
68
68
149
54
Straw Lake Beach
69
7c
9%c
2.90
1.65
Sept
3.80
Jan
4,800
8%c
Mar
5,525
68c
Sept
Sept
19c
93c
1.25
Aug
Supersilk A
Sylvanlte Gold
Nov
1
14%
Sept
19%
May
13%
Mar
15%
July
30c
Oct
49c June
Jan
Nov
90c
*
2%
25
3.25
3.40
3,731
12%
75
4.60
12%
4.80
12,333
1.35
1.35
1.40
1
2.10
1.90
*
14%
Texas Canadian
2%
3.30
*
*
♦
Toburn
4.65
z
Toronto Elevators
Sept
2%
3.60
Sept
16
4.15
Sept
5.70
Jan
3,500
1.05
June
1.68
July
2.10
400
1.50
Sept
2.90
Jan
300
11
Sept
18%
July
1
73
Mar
90
2
107
Oct
122
14
15%
85
108
108
1%
.«
15
60
*
"53 k
52%
57%
21,661
37
Mar
58
Towagmac
l
27%
28%
38c 38%c
28%
7,047
22
Mar
31%
Mar
Twin City
*
1
85c
60c
85c
235
3%
30
Intl Utilities B
3%
1.00
Sept
Uchl Gold
1
1.45
1.40
1.54
1
34c
60c
July
Union
13%
13%
40c
Mar
82c
Mar
United Clgar-Whelan
United Oil....
Sept
16c
May
June
15%
Mar
90c
Jack Walte
7,245
Jacola
12,367
10c
10%c 14 %c
35,860
4,771
!0%c
Nov
34c 35%c
1
12c
1
11c
Consol (New stock). 1
8%c
8%c
8 %C
14
14
M
2,700
14
Mines......
Jelllcoe
J
12c
Sept
Sept
Sept
Cons...
Kelvlnator
*
1
Kerr-Addison
Klrkland Lake
*
Lamaque Contact...
1.70
41,134
1.26
23,125
88c
Sept
1.50
Jan
7.30
1,480
7.20
Nov
7.30
Nov
13c
13,780
3,606
10c
Nov
12C
51
50
3c
*
3%c
13c
Lava
1
1
9%c
1
73 Ac
67c 73 %c
*
2.70
2.70
*
24%
*
—
Gold
Little Long
Lobiaw
Lac
A
44%
Sept
2c Sept
24o Sept
11,450
34c
3
Cap Gold
25c June
4,500
34c 35%C
13c 13 %c
.....1
Leitch
Oct
1.20
Laura Secord (New)
Lebel Oro
10
7.20
1.58
)
La pa Cadillac
7c
25
1.21
)
Lake Shore
1.57
27c
Oct
7.20
......1
Lamaque Gold Mines
Laguna Gold..
10c
Oct
3,628
13
90c
4,675
80c
9%c 12%c
56,100
4c
18,050
50c
2.87
16,670
2.10
24%
844
19%
470
85c
90c
Nov
Sept
Sept
Sept
Sept
Mar
2.50
59c
58%
5c
74c
Aug
Mar
Feb
50
Gas
*
.
_
*
♦
5.05
Amulet
*
*
1
6%,
500
5c
7%c
819
9
91
93
50
74
Nov
Preferred
93
Oct
3%c
3c
Sept
8C
Wlltsey-Coghlan
Winnipeg Electric A
Jan
8%c
10c
32,100
3c
Apr
18c
July
45
May
Mar
3%
Jan
57
1%
1%
2%
July
9c
1
Mar
Mar
6.55
Jan
1.30
Jan
4.45
July
Madsen Red Lake
Wood-Cadillac
1
1
40c
36c
44c
20 %c
21,100
Mar
57c
Nov
Malartlc
1
Wright Hargreaves
*
7.80
58c
52C
59c
42,054
23c
Sept
59c
Nov
Ymlr Yankee Girl
9,000
l%c
Maralgo
Mines....
1
Massey Harris
McColl Frontenac
54
*
Preferred
6%
6%
100
1.25
Oct
Sept
3%
Sept
6
16,250
Nov
19 %c
7%
1,988
4%
Mar
10%
July
Mar
63
July
Oct
14
B
*
Preferred
2
2
100
2%
13
7%
May
27,300
13c
Sept
43c
Jan
7.80
22,470
6.50
Mar
8.20
Feb
2,000
9c
Sept
30c
Feb
12%
.♦
16
10
20%c 25%c
7.75
10%c 10%c
Jan
May
7c
2%
5%c
2
*
Apr
July
146
Feb
'
52%
56
390
'7%
7%
100
56
4%
1.75
5%c
6c
*
Preferred
l.%c
■
Nov
Apr
%c
4,500
3.50
'
July
2,000
18
4
Apr
13%
l%c
6,605
1.75
Jan
14%c
Mar
6%c
25,685
1%C
34c
S?pt
Sept
lc
5.45
»
Aug
5c
91
3.25
*
Oct
37
Nov
28
20o June
1
3.10
Preferred-.
15
30
•
*
100
...
5.25
Nov
Nov
20
8c June
10,000
1,300
White Eagle
Whitewater
Nov
54%
Mar
9c
Jan
9.45
Mar
17
6c
6c
*
5.40
Maple Leaf Milling
Mar
1.02
30%
6c
29
30
JaD
93,134
9,562
1,319
Nov
7.40
Sept
20
Jan
8
Mar
3,95
15c
3.15
Manitoba A Eastern
3
6,898
13c
"l3c
22 %
Gold
8
5.80
5.00
9.05
1
25o
Nov
26c
53%
.1
22%
Jan
1.60
8.15
MacLeod Cockshutt
Mines
15%
Nov
Nov
50%
19%
24%
22%
B.
Sept
13%
Feb
Jan
9c
12%
Feb
Aug
1.25
8%c
6.00
2.45
10%
8.50
24%
22%
Macassa
Jan
1,697
Westona
Feb
Nov
5,275
20,116
West Turner Petroleum 60c
1.13
3%
2,400
Feb
1.12
66c
Nov
3%
Mar
Oct
Jan
Sept
25c
1.45
14-
51
•
Wendlgo
Oct
10%c
6%
Ventures
Preferred
Jan
9c
"ioc
Walkers
Feb
1.25
10c
United Steel
Walte
1,950
Western Can Flour pref 100
Westflank Oil
*
14%
15c
Toronto Mortgage
15%c
2.50
85
Toronto General Trusts 100
Sept
11
*
40c
Jan
2.70
Tamblyns..
Teck Hughes
80
Oct
Oct
70
Apr
5c
9%c 10%c
9%c
International Pete.
80
JaD
May
*
100
Steel of Canada
International Nickel
80
25C
77c
2.70
Feb
9%
Jan
24c
9%c
Aug
83
Jan
Mar
1
Sept
Sept
8c
Jan
1.38
»
75
Sept
Sept
1
215
June
49c
Sudbury Basin
Apr
4
10,200
Sudbury Contact
Sullivan.......
Mar
65
74c
Oct
57
89
67c
3.40
Jan
190
360
7%
83
18
95
Slave Lake
8
70
Mar
Sept
Sept
Sept
1.46
•
22,900
1,700
Nov
10
May
1.40
Sladeq Malartlc
905
35
1%
20
32
Nov
18,445
1
6,461
15%
80
83
100
Preferred A
18
14
85
Oct
Oct
4
1.53
Slscoe Gold
85
2,445
June
2.50
1.90
1.45
100
3%
1.47
Nov
13
83
160
3
4
•
4
3
15%
3
pref.
pref-
1,000
17%
15%
*
....
Preferred..*.
5
68
211
3%
Standard Paving
48
60
202
17%
Inspiration Mining
3
3
100
Sllverwooda
Mar
34c
Sept
Mar
Mar
14c
1.00
17c
20c
3,815
90c
225
3%c
8,800
23,600
20%
7,100
11,050
34%
46,498
1.75
3c
Sept
Sept
Sept
80o
1.65
1.75
52c
Feb
11
1.35
_
3c
July
9,055
1.38
Stlverwoods
45c
1.40
4,292
14,800
48c
17%
1.22
5%c
Stadacona
Apr
14%
4%C
July
Sept
22c
— m
Feb
High
Low
Shares
2.93
1.00
32%
m —
34
13%
32%
Imperial Oil mi
dk 4m
Impcial Tobacco
Aug
125
1.11
202
4%c
650
"26c
100
Sept
1.40
1
Imperial Bank
Jan
Sept
14%
—1
Huron A Erie...
8%
7c
1.20
Price
5c
Sherrltt-Gordon.
Simpsons
10,800
14%
Week
Simpsons A.
Jan
16
Range Since Jan. 1, 1938
for
of Prices
Low
High
Sept
Sept
Jan
Mar
1.10
1.30
Par
Week's Range
Shawkey Gold
Jan
1.09
12,855
Hudson Bay Mln 4 Sm._*
Hunts B
12
10c 10 %c
1
Howey Gold
33
Sept
Sept
Mar
4
50
16
Homestead Oil--
48c
July
1.87
1.76
illnde & Daucb
Rolling er Consolidated... 6
Home Oil Co
•
9
7,620
13
Oct
14
100
•
Sept
Sept
1,500
10c
Hedley-Mascot Mines
4%
564
18 %
11%
30
1.76
Barker
Oct
Oct
Nov
2%c
Hamilton Cottons pref. .30
Hard Rock
1
Aug
7
OH
1
14c
18
65c
6%
Mar
15
U %
65c
Gypsum Lime A Alabaa.
5c
Stocks (Concluded)
High
50
17
18
-—1
Low
40,600
7
21%
7%
Great Lakes Paper pref.."1
Sales
Last
Sale
21%
7
Great Lakes Paper..
Range Since Jan. 1, 1938
Shares
9%c ll%c
Exchange
Friday
Week
Price
Par
Toronto Stock
Sales
Friday
8
338
28
7%
4c
Jan
York Knitting
Mar
4
*
4
122
4
Nov
Mar
4%
Toronto Stock Exchange—Curb Section
Nov. 12 to Nov. 18, both inclusive, compiled from official sales lists
Sales
Frid.ay
93
92
94
178
86%
Jan
101
July
6
50%
50%
51%
2,259
35%
Mar
54
Oct
Last
Week's Range
for
McKenzie Red Lake
1
1,27
1.26
1.33
7,235
69c
Mar
Oct
Sale
Week
McVittie-Graham
1
of Prices
Low
High
Mclntyre
Mines
76c
81c
5%c
5c
5%c
2.35
*
Corp
Minto Gold
3,306
27,800
1,700
6,120
"77c
McWatters Gold
Merland Oil
Mining
11c ll%c
*
Monarch Oils
2.12
2.10
*
,
.
3%c
3%c
.25c
11c
11c
1
1.36
1.28
Moneta-Porcuplne
Moore Corp.
*
A
100
B
37%
100
M orrls-Kirkland
1
Murphy Gold.
222
1
National Grocers
...100
Mar
5c
Sept
15c
Aug
l%o
July
3%c
July
795
3%
Sept
7%
Feb
115
Sept
126%
12
Sept
5
16c
18c
1.71
1.80
83
82%
Nov
35%
Apr
-
7
7
38
38
Humberstone
Klrkland Townsite
Malrohlc
.1
Oct
Pend Oreille
1
2.25
12,710
1.30
Mar
Aug
Rogers Majestic
*
3%
Aug
8hawlnlgan_
Supertest ordinary
Common..
*
Oct
Temiskamlng Mines
1
56c
10,320
Oct
Thayers..
Oct
United Fuel pref
Waterloo M ffr a
10
5%c
103
5%c
3,500
1.00
2.00
July
Sept
5%
1.45
Sept
17c
Feb
Apr
104%
Nov
Mar
4.85
Oct
104%
225
4.70
10,684
2.90
20c
1.200
15C
5%
1
6
78
Aug
63c
7%
5c
6c
4,000
5o
Nov
24%c
Feb
July
7%c
Gold
6c
8c
49,150
4c
Sept
22c
Mar
38c
Mar
69c
1
50c
50c
1,550
56c
21,665
Payore Gold
7c
7c
9c
41,100
7c
Nov
23c
Mar
Perron Gold
1.56
1.44
1.59
29,330
98c
Sept
1.76
Feb
lc
lc
2,000
l%c
Mar
1%C
Nov
17%
15
1
Porto Rico pref....
Powell Rouyn
Feb
Beauharnols Pr Corp 5s *73
Bell Tel Co of Can 6s. 1955
Brown Co
lst5%s
Burns A Co 5s
1946
-.1958
Power Corp
17%
17%
Sept
19
Feb
5.20
5.15
5.25
Calgary Power Co 5s..I960
5,972
3 80
Mar
5.30
Aug
Canada Bread 6s
2.56
2.45
2.60
8,175
2.20
Sept
3.30
Mar
e
95%
Apr
99%
Sept
12,300
1.37
Mar
2.65
July
Canada North Pow 5a. 1953
Canadian Inter Pap 6s 1949
Canadian Lt A Pow 5s 1949
16%
96
*
Prairie Royalties. .....25c
Premier
i
~
21c
2.20
2.40
13%
2.28
96
2.24
"
1
14
21c
1941
2
Apr
4
Nov
41%
230
30
Apr
43
July
1.30
5
70%
99%
...»
57
Minn & Ont Paper
100%
101%
July
Canadian Vlckers Co 6s *47
Apr
Cedar Rapids MAP is *53
114
Aug
Consol Pap Corp 5%s 1961
Aug
44,215
67c
May
1.90
Aug
55c
5%s ex-stock
1961
Dom Gas & Elec 6%s_1945
500
36c
Sept
70c
July
Read Authler
i
3.50
3.50
3.70
6.201
2.50
Aug
4.55
Jan
Relnhardt Brew
*
1%
1%
100
Nov
2%
Feb
Reno
1
2i%c 23 %c
9,100
1%
21%c
Gold
Riverside Silk.
Roche Long Lao
l
Ronda Gold Mines..
"23c
*
1
Royal
Bank
100
Royal ite Oil
!-5t Lawrence Corp
__]
_
*
1
1
64c
Feb
4s
105
Power Corp. of
103
Aug
Fraser Co 6s
8%c
9,300
6c
Sept
24c
Mar
Gatlneau Power 5s
24c
13,800
22c
Nov
24 %c
Nov
187
192
Sept
187
39
180
18
Sept
191
*
14c
14c
5
5
161
165
40
340
33
Sept
Sept
11,900
7%c
Sept
25
2%
,11
Sept
16 %C
5
1.23
1SV<
9.r
1.20
1.27
4,961
1.00
15c
18c
5,750
13%"
27
48%
Jan
Jan 1 1950
1956
Gt Lakes Pap Co 1st 5s '65
Int Pr & Pap of Nfld 5s '68
Lake St John Pr & Pap Co
46
49
99
85
104%
86
1957
92
6%
July
6s
1951
59
105
1966
Sept
19%
Aug
Sept
Sept
1.55
4%s series B
Smith H Pa Mills 4 %s *51
Jan
25c
Oct
103%
n
103
104
4s
Sbawlnigan W A P 4 %s '67
61
/Flatprlce.
100
Saguenay Power 4%s A *66
deb
United Securs Ltd 5%s '52
90
104
102%
98
conv
United Grain Grow 5s. 1948
101%
1961
•Noparvalue.
99
100
100
104%
5%s
MacLaren-Que Pr 5%s '61
1
1957
2nd
79
Mar
20c
98
Provincial Pap Ltd 5 %s *47
78
26%
Can 4 %s'59
Dec
5s
92
96
8c
50%
Ottawa Valley Pow 5 %s '70
Price Brothers 1st 5s..1957
1956
49%
54
41
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
20c
18U
San Antonio
Sand River Gold
Nov
23
26%
8c
*
St Anthony
Mar
104
1939
value) 3s
3 %s_
par
-
Donnacona Paper Co—
10
42
102% 102%
98%
99%
64
1.45
55c
99%
97
54
1.38
50
98%
Montreal Island Pr 5 %s '57
3%8
96
52c
48
/41
1956
1973
Montreal Tramway 6s 1941
99% 100%
100
2.62
Co 5s. .1947
Montreal L H & P ($50
106
Apr
Ask
83
83
68.1945
103% 104%
Sept
55c
2%s to '38-5%s to '49—
M assey-Harrls
55
Sept
23'
July
Maple Leaf Milling—
55%
9%
1.41
1952
B
111%
20 %c
1.75
1
Bid
5%s series
51%
50
22
2 50
Sept
Manitoba Power 5%s.l951
111%
5.800
1
21
1.01
Ask
90
3,510
Quebec Mining.
21
4
4
69%
23
Pressed Metals.....
Preston E Dome
*
Jan
13
37%
88
2.25
*
2.20
Nov
25C
4.800
<
Bid
Abitlbl P & Pap ctfs 5s 1953
Alberta Pac Grain 6s. .1946
*
100
Nov
39
Sept
9c
8%c
Closing bid and asked quotations, Friday, Nov. 18
1
10
6%C
40
Mar
30
July
1.30
4
37%
*
l
.
Gold
Jan
Aug
23
Industrial and Public Utility Bonds
Feb
kept
5c
6
4%
Sept
Mar
31
35
39
2.62
Sept
16%
169
40
38
9c
*
,100
20%
40
*
2
375
820
21
Mar
4%c
"20%
2%
7,500
Feb
July
Oct
4
4.45
4.50
72c
110
30c
20c
*
Mar
Nov
48c
Jan
65
Nov
Nov
19c
8.95
Jan
61,900
July
72%
Oct
2.30
65c
2c
31%
Mar
fir
5.45
4%
He June
Sept
1,700
5%c
1.50
Jan
19c
Sept
45c
23c
9c
15c
2c June
4%
Sept
1,500
1
85c
50c
Feb
Oslsko Lake Mines..
2.10
Mar
20%
Jan
2,365
31c
Jan
Mar
12
32
10,100
103% June
60c
26
21,200
4
9%
50%
Nov
430
3c
110
July
Mar
Sept
30c
4,780
1.18
50c
Nov
5
10
12c
2%
Jan
Nov
39%
29
100
15
1.98
Nov
69c
130
..
%c
"2~.66
Jan
80
Mar
70%
3.00
110
21%
31%
2c
50c
3
Aug
Nov
June
%c
1.04
110
2,030
July
66%
1.05
3
30c
12c
1
65
1.65
4.00
30
7%
15
37c
50
40
30c
30c
.*
:
"2.76
275
39%
*
*
3%
2.75
3%
35%
1%
1,100
75
100
....
38c
38c
75
100
Dominion Bridge...
Hamilton Bridge
30
3
2%
"38c
Dalhousle Oil..
DeHavllland pref
Sept
Sept
Sept
Partanen-Malartlo..
Pioneer
Feb
70
Sept
June
30%
1.14
27c
...
Photo Engravers
Pickle Crow...
15
Jan
Jan
Feb
67%
Sept
7.00
...
Petroleum-Cobalt
82%
9
17%
31
45c
200
1.50
Cons..
82%
Sept
Sept
*
July
18,650
*
Page-Hersey
Porcupine...
Pandora-Cadillac.
Pantepec Oil
82%
105
12c
Sept
12
50
4%
15%
l%c
3%
*
Nov
7%c
48c
....
Pamour
July
Consol Sand & G pref. .100
Crown Dominion Oil
4
5,500
Montreal L H A P
Jan
84
Mar
8.50
1
Pacalta Oils
9%
l%c
1%C
National Steel Car
2.15
Mar
8.40
Orange Crush
Plata
Mar
Sept
19
2c
48
45%c
Preferred......
3%
Mar
8.50
50
7,641
38c
45%c
Ontario Loan.
2.00
8H
Sept
3,840
Omega Gold......
355
7%
July
90c
*
2.75
7%
11 %C
80c
*
75c
2.75
*
May
80c
1
607
5
Consolidated Paper
Preferred
*
Olga Gas
1.10
Coaat Copper
Honey Dew
6,500
Okalta Oils...
Jan
1
15%
1.25k
Jan
6c
5
Nov
*
July
5c
1
High
*
79c
5c
North Star pref..
O'Brien Gold
Low
Canada Vinegars
Canadian Marconi
Apr
13%c
11,937
Range Since Jan. 1, 1938
Shares
Canada Bud
1.40
3,550
3,200
Price
1
11c
71,100
Par
Brett-Yrethewey
2o
200
8c
80%
Oct
179%
5%c
Northern Canada
Paymaster
7%
Oct
4,000
7c
N orther n Em plre
Paulore
230
38%
37,155
..1
Norrnetal
Oro
172
49,450
81
Apr
Mar
Apr
46c
"1.80
20c
2.56
143
121% 121%
14%
14%
•
Norgold Mines
Nov
Sept
136
37c
6
Noranda Mines...
8c
Apr
16
Apr
1.00
25
*
Nlpissing
Oct
Aug
500
37c
i.l
2.65
4%C
300
1
New Golden Rose
Mar
Stocks—
Oct
8c
1.45
40,155
223,
6%
National Sewerpipe
Nay bob Gold
Newbec Mines
Mar
94o
38
9c 13 %C
2c
2%C
*
....
Preferred...
~9~%c
11c
24c
Nov
2%c May
1,000
1.41
Sept
JaD
4c
32c
167
37%
165
167
9c
1.43
Winnipeg Elec 4%s
104%
Nominal
1960
99
105%
105% 105%
98%
99%
91
66
93
67
102
4-5s series A
1965
66%
67
4-5s series B__
1965
45%
46%
Volume
Quotations
Bid
o3s
a3MsMay 1 1954
1 1954
a3Ms Nov
a3MsMar
1 I960..
a3Ms Jan 15 1976
o3 Ms July
a4s
May
1 1975
1 1957
1 1958
a4s
Nov
a 4s
May 1 1959:
o4s
May 1 1977
a4s
Oct
1 1980.
a4Ms Sept
1 1960
1 1962
1 1964...
a4Ms Mar
a4Ms Mar
100
Par
Ask
Bid
Ask
Bid
Par
Ask
Bid
116M
Bank of Manhattan Co.10
14M
16M
National Bronx Bank...50
40
45
116M USX
Bank of Yorktown..66 2-3
40
45
N atlonal City
23 M
25
117M U8X
Bensonhurst National... 50
75
100
Chase
30 M
115
1 1966
a4 Ms Apr 15 1972
100M 102
104
105
o4M8 June 1 1974
105
104
o4Ms Feb 15 1976
103M 104 M «4MsJan
1 1977
04 Ms Nov 15 '78
105
104
o4MsMar 1 1981
107M 109
04 Ms May 1 1957
110
109
109M 110M 04 Ms Nov 1 1957
109M 110M a4Ms Mar 1 1963
a4 Ms June 1 1965
112M 114
113M 114M 04 Ms July 1 1967
113M 114M 04 Ms Dec 15 1971
114
115
04 Ms Dec
1 1979
1 1975
a3Ms July
New York Bank Stocks
City Bonds
Ask
99
1 1977
Jan
Over-the-Counter Securities-Friday Nov. 18
on
New York
3145
Chronicle
Financial
147
a4M8Apr
117M
119
....13.55
-12M
National Safety Bank. 12 M
Penn Exchange
10
32M
11M
10M
13 M
52
12 M
119M
118M 119 54
119M 120X
Commercial National..100
140
146
Peoples National
50
48
Fifth
730
770
Public National
25
27M
29 M
First National of N Y..100 1655
1695
23 M
Merchants
103
Sterling Nat Bank & Tr 25
Trade Bank
12 M
21M
115M 117
115M U7X
15
18
118
Avenue
100
Bank
100
97
118M 119 H
118M 120M
119M 121
Chicago & San Francisco Banks
121M 122 X
123 M 125
Par
114M 115M
1.
& Trust
Ask
Bid
Par
Ask
Bid
Harris Trust & Savings. 100
.100
225
205
315
330
Northern Trust Co..—100
American National Bank
520
540
Continental Illinois Natl
Bid
3s 1974
62.15 less
1
3s 1981
62 20 less
1
4Mb April 1940 to 1949..
Highway Imp 4 Ms Sept *63
Canal Imp 4Mb Jan 1964..
Can A High Imp 4Ms 1965
132
Barge C T 4s Jan '42 A '46.
-
-
m -
138M
I
112
Barge C T 4Mb Jan 1 1945.
141
240
FRANCISCO—
45 X
Bkof AmerNT&SA 12M
115
Par
Bid
..10
Life
10
2M
3M
Homestead Fire
10
17 M
19M
26M
Importers & Exporters...6
10M
HM
68 M
107
111
Authority Bonds
Gen A ret 2d ser 3
105M 106 M
Gen A ret 3d ser
104
99
100
1977 -100
101
Gen A ret 4th ser 3s 1976
Gen A ret 3Ms
Knickerbocker
40 M
10
MAS
...5
Lincoln Fire
8
12M
13 X
Re-Insurance. 10
36M
38M
—10
27 M
29
Merch Fire Assur com
51
53
Merch & Mfrs Fire New'k 6
8M
Merchants (Providence)..5
4
25
33
Maryland Casualty
1
Mass Bonding & Ins..12M
35
Inland Terminal 4Mb ser D
Baltimore American.. -2M
1939-1941.........M&S 60.75 to 1.75%
1942-1960
M&S 109 M 111
Bankers & Shippers... ..25
.100
Boston
5M
100
4s 1946
63.50
5s
Honolulu
4 Mb Oct
1959
105M 106M
U S Panama 3s June 1 1961
4Mb July
1952...
105 M 106 M
Apr
1955
Feb
1952
100 M 102
109
107
6s
109
120
3.00
122
1941
Hawaii 4Mb Oct 1956
115M 117M
21H
25 M
27X
35
-2M
Eagle Fire
Employers Re-Insurance 10
2
3
July 1948 opt 1243.
5s
110
6M
40
Federal
112M
63 M
Fireman's Fd of San Fr.25
82 M
General Reinsurance Corp 6
3s 1955 opt
104M
J&J
J&J
M&N
1945
1946
26
National.25
125
79 M
17
—
10
38 M
22
Providence-Washington. 10
35
10 M
Reinsurance Corp
(N Y).2
7M
28 M
Republic (Texas)
10
Revere (Paul) Fire.....10
25 M
23
40
Rhode Island
24
4
5
Rossla
...
4M
.5
225
22
23 M
St Paul Fire & Marlne...25
Glens Falls Fire
43 H
45M
Seaboard Fire & Marine..5
111H HIM
Globe & Republic
Ask
83 M
33
5
Accident
99 M
27 M
130
118M 122 M
26
.10
Preferred
">
Gibraltar Fire & Marine. 10
Bid
M&N
J&J
16
97
105M 105K
Ask
3 MB 1955 opt 1945
4s 1946 opt 1944
9M
27
:
Georgia Home
104 H
5
...2.50
River
18M
85M
Franklin PJre
Bid
10
Phoenix
65M
Firemen's of Newark. ...5
Federal Land Bank Bonds
12M
31M
46 M
17M
Pacific Fire
7M
41M
114
..10
Fire Assn of Phila
108 M 110M
Conversion 3s 1947
11M
12.60
Northwestern
51M
Fidelity & Dep of Md. ..20
111M 113
108
49 M
8M
127M
44 %
Northern
North
63 M
7M
29 M
New York Fire...
33
Excess
113M 116M
4Mb July 1952
U S conversion 3s 1946
111
..10
5
,
61M
123
2
New Hampshire Fire
Continental Casualty. ...5
Ask
Govt of Puerto Rico—
6b
6 Mb Aug
New Brunswick
20 M
Connecticut Gen Life. ..10
Bid
Ask
101 M
25M
City of New York
United States Insular Bonds
Bid
21M
23 M
Fire
9M
6
26M
...10
New Amsterdam Cas
19 M
Carolina
Camden
60
2
20
National Union Fire
2M
4M
54M
24 X
10
National Liberty
95
643
11M
46 M
5
National Fire
6M
92
630
44M
52
National Casualty...... 10
108M 109M
Philippine Government—
2M
3M
6M
American Surety
112
111
5
..10
Automobile
George Washington Bridge
4Mb ser B 1940-53.M&N
67 M
Jersey Insurance of N Y—
28M
American Reserve
M&S 60.50 to 1.20%
1942-1960
105
Mb *65
3 Ms '76
Ins Co of North Amer___10
22 M
26M
American
1939-1941
109
108
Gen A ret 4s Mar 1 1975.
79 M
21M
American of Newark.. -2M
Ask
E
Holland Tunnel 4Mb ser
Port ot New York—
76 M
10
Equitable.. ...5
American Home
Bid
Ask
Bid
25
American Alliance
American
Ask
Home Fire Security
45M
„
47 M
24 M
Aetna Cas & Surety
Aetna
Aetna
Bid
Par
Ask
■
Agricultural
Port of New York
47M
Companies
nsurance
132
Canal Imp 4s J&J '60 to *67
141
79
235
61.50
Improvement—
Sept 1958 to *67
4s Mar A
2.45
77
100
National...
World War Bonus—
Highway
Canal & Highway—
5s Jan & Mar 1964 to '71
First
Ask
Bid
Ask
SAN
33 1-3
Bank & Trust
New York State Bonds
6M
25
10
9M
27
24 M
6
5M
230
8M
3s 1956 opt 1946
104M 104 X
27
13M
14 H
Seaboard
15
28
31
Security New Haven
15
69
72
Springfield Fire & Mar..25
124
...5
24 M
26
Stuyvesant
5
4
5
Great Amer Indemnity -.1
3s 1956 opt
8M
100
430
480
...100
448
458
5
Globe & Rutgers Flre.
104M 104X
2d
preferred
—
Great American
Joint Stock Land Bank Bonds
—
Surety..
Sun Life Assurance
9M
Travelers
99M 100M
Atlantic 3s...
99 M
New York 5s
32
North Carolina 3s
33
100
/4M
Chicago 4Mb and 5s
101
Dallas 3s
100
Oregon-Washington 5s
102
Pacific Coast of Portland 5s
100
100M
Pennsylvania 3 Ms
Phoenix 4Mb
First Carollnas 5s.,
98
First Texas of Houston 5s.
99 M 100 M
QQ
101
First Trust of Chicago 4Mb
100
Fletcher 3Ms-Fremont 4Mb.—
...
53 X
55M
U S Guarantee
5
29 M
30 M
Westchester
Home
104 M
101
Arundel Bond Corp 2-5s
100M
Arundel Deb Corp 3-6s
106 M
99 M
102
Potomac 38
'53
'53
3-6s....1953
Debenture
66
100M 101M
Southern Minnesota 5s__
/II
13
1945
52
69
73
Interstate Deb Corp 2-5s'55
47
100
Mortgage Bond Co of Md
Inc 2-6s
1953
Illinois Midwest 5s
93
Iowa of Sioux City 4Mb...
93
96
100
86
101
88
86
89
Lafayette 5s
Lincoln 4 Ms
5s."
-
99
Union of Detroit 4Mb...
99 M
6s
100
Virginian 5s
Atlanta..
39
Dallas
107
North
Moines
40
60
100
100
San Antonio.
First Carollnas...
100
4
8
Virginia
Fremont
100
1
2M
ture
rh 0 0
IX
....
/25
mmrnm
<21
—
3-6s_1953
49
1M % due Dec 15 '38
1% &1M% due Jan. 16'39
1 % & 1M % due Feb 15 '39
1% due
Mar 15 1939
1% & 1M% due Apr 15 '39
1% due
May 15 1939
1 % A
60
1.60
75
25""
65""
53""
Bid
Bank of New York
--10
7
Bankers
Bronx
100
County
100
Brooklyn
372
42 M
5
77
River Bridge
Bid
Ask
1%
1%
1%
1%
1%
1%
due
due
due
due
due
due
June
July
Aug
Sept
Oct.
Nov
15
15
15
15
16
1
382
44 M
6H
82
1939
1939
1939
1939
1939
1939
Ask
6.30%
6
Federal
.35%
6.35%
Par
6.35%
Bid
185
100
100 241
9M
10
100 1510
27 M
25
Irving
Kings
County
50
25
56
10M
New York
Continental Bank & Tr.10
12
13M
Title Guarantee & Tr
49M
50M
16
—
For footnotes see
10
page
15
3147.
Dec
65
Apr
1940
1 1943
2.40
less
1
2:85
less
1
Corp—
101
101.2
100.13 100.16
102.17 102.20
100.13 100.15
M % notes July 201941
M%
Nov 1 1941
100.10 100.12
59
Reynolds Invest'g 5s 1948
62
101.30 102.1
Natl. Mtge Assn
v1943.opt'39
June 1 1939
1 Ms
101.23 101.26
Trlborough Bridge—
A&O
.1942
revenue_.1968
111
4s s f revenue '77
112
4s serial revenue.
100.23 100.25
6
2.10
less
1
4s serial
6
3.50
less
lij
Ask
Telephone and Telegraph
205
246
Par
10 M
1560
31M
Am DlstTeleg
(N J) com.*
Preferred
100
117
119
28
Peninsular Telep com
Preferred A
Emp & Bay State Tel.-100
Franklin Telegraph
100
44
51X
53 M
88M
7M
6M
Underwriters
United States....
100 1575
80
90
1625
25
Telegraph
25
Rochester
...
93
96
69
122
125
Telegraph
100
25
Gen Telep
Mtn States Tel &
18
33
113
112
17
14
148M 151M
73
Tel..100
15
30
110
Telephone—
$6.50 1st pref
So & Atl
Allied Corp—
$6 preferred
*
Int Ocean Telegraph... 100
*
.100
Ask
26
115M 118M
pref—100
85 M
Bid
Tel. 100
Canada
100
of Pa pref—100
Cuban Telep 7%
20
100
Preferred
par
New York Mutual
Pac & Atl
Bell Telep
38M
Stocks
Ask
108
169
40 X
20
20
25
Manufacturers
Bid
103
166
Bell Telepof
43
Empire
6
1944
100.14 100.16
Home Owners' L'n Corp
88
Tr....20
Sept
2s May 16
6 .35%
Fulton
41
Corn Exch Bk &
1 1939
Fed'i Home Loan Banks
Is
...July 1939
1 Ms
2s
6.30%
Guaranty
85
8M
Ask
107
3M8 revenue.....1Q49 6
3 Ms revenue
Commodity Credit Corp
106
Authority 3 Ms '68
Companies
Ask
20
Colonial Trust.
Bid
way
104
'
-
2s
Chemical Bank & Trust. 10
Clinton Trust
49
New York City Park¬
7s.-.1953
1.80
85
Bank Debentures
Lawyers
Central Hanover
....
47
Reconstruction Finance
6 .25%
6.25%
6.25%
6 .25%
6.25%
6.35%
Bid
53
62
3-6s
Ask
Bear-Moiintaln-Hudson
M % notes Nov 2 1939-
New York Trust
Par
50
1953
Unified Deben Corp 5s 1955
deb
Federal Farm Mtge Corp
Bid
Corp 3-6s
1953
Realty Bond & Mortgage
Deb
Miscellaneous Bonds
14
3M
Federal Intermediate Credit
|
94
1953
Corp 3-6s
Potomac Realty Atlantic
........
Ask
85
:5
100
Virginia-Carolina
Lincoln.:
20
57
50 M
64
100
Potomac
50
10
100
Carolina
Pennsy 1 vanla
35
100
Denver
Des
45
102
100
100
New York
45
100
...
Atlantic
Bid
Co
1953
....
82
Nat Deben Corp
Par
53
1953
Potomac Maryland Deben¬
series A & D
Ask
-
54 M
oo
88
Central Funding
Joint Stock Land Bank Stocks
....
51M
47 M
Potomac Deb Corp 3-6s '58
Potomac Franklin Deb
3 -6s
Nat Cons Bd Corp 2-5s '53
Bid
n._.
82
1953
2-5s
Potomac Cons Deb Corp—
Nat Bondholders part ctfs
series B & C
Par
....
100 M
101
99 M 101
Virginia-Carolina 3s
Issues)
72
Empire Properties Corp—
2-3s
96
Corp (all
3-6s
San Antonio 3s.
82
.
84
80
5s
55
Potomac Bond
Cont'l Inv DebCorp3-6s "53
32
Ask
68 M
1954
Series B 2-5s
53
82
Southwest
34
Bid
100M
77
99 M 100 M
3s
32
1954
Series A 3-6s
55 M
78
6s
Greensboro
68 M
Nat Union Mtge Corp—
82
Cont'l Inv Bd Corp 2-52 '53
/30
St Louis 58
Fire
17
56
56 M
4
10
2.50
Ask
Associated Mtge Cos Inc—
107M 108M
5s
16M
54
Guar Co-2
S Fire
Surety Guaranteed Mortgage Bonds and Debentures
Bid
99 M
100M 102
100
U
100M
/42
Denver 5s
.....
U S Fidelity &
77 M
6
99 M
Fort Wayne 4Mb
32M
74 M
31
127
101
99 M 100 M
45
Ohio-Pennsylvania 5s
Central Illinois 5s
30 M
—10
Hartford Steam boiler. —10
Ask
99M 100M
New Orleans 5s
35
/30
4Mb
99
Montgomery 3s
/30
J27
Burlington 5s.
24 H
—10
Hartford Fire
Halifax
Bid
Ask
99 M 100 M
Atlanta 3s
23M
Hanover
Bid
29 M
10
Sou New Eng
Telep... 100
Wisconsin Telep 7%
pf. 100
117
3146
Financial
Quotations
Chronicle
Nov.
1938
19
Over-the-Counter Securities—Friday Nov. 18 -Continued
on
1
Railroad Bonds
A sled
Bid
Guaranteed Railroad Stocks
Akron Canton and Youngs town 5*4s
.1945
.....
6s
Joseph (Ualkers Sons
.
Members
York Sloth
.1945
Atlantic Coast Line 4s
.1939
Baltimore A Ohio 4*4s
37
98
95*4
.1939
Boston A Maine 5a
.........
44
.1943
69
71
.1940
Boston A Albany 4*4s
Exchange
35
/33
/33
30
32
46
26
mmmm
.1955
93
95
.1950
63
67
.1951
72
.1961
96**
.1995
41
Connecting Railway of Philadelphia 4s
.1951
107**
Duiuth Mlssabe A Iron Range 1st 3*4s
.1962
104*4
Florida Southern 4s
.1945
67
.1953
60
4*4
Cambria A Clearfield 4a
Tel. REctor
NEW YORK
.1944
Cleveland Terminal A Valley 4s
120 Broadway
2 -6600
Chicago Indiana A Southern 4s
1
Chicago St. Louis A New Orleans 5s
Chicago Stock Yards 5s
.
...
Guaranteed Railroad Stocks
(Guarantor in
Parentheoes)
Indiana Illinois A Iowa 4s...
Dividend
Far in Dollars
Alabama A Vlcksburg (Illinois Central)
Bid
10.50
...50
2.00
58
29**
31*4
Boston A Albany (New York Central)
8.75
80
83
8.60
17
20
Canada Southern (New York Central)
2.85
45 *4
49
Carolina Clinchfleld A Ohio
(L A N-A C L)__ .,.100
5.00
80**
83*4
Cleve Cinn Chicago A St Louis pref (N Y Central) -.100
Cleveland A Pittsburgh (Pennsylvania)
5.00
67
70
Betterment
'
3.50
71*4
42
Fort Wayne A Jackson pref (N Y Central)...... -100
..100
Georgia RR A Banking (L A N-A CL)
5.50
Lackawanna RR of N J (Del Lack A Western)
40
-100
4.00
Michigan Central (New York Central)
-100
50.00
Morris A Essex (Del Lack A Western)
—.50
153
46*4
625
5.00
61**
82*4
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
4.50
43
42
70
.1942
.1967
.1957
i
—
10 5 *4
*4
95
98
103
104*4
63
mmmm
.1954
30
40
1900
50
52
.1940
County Ry 3 *48
Washing to
103
88
10
.1951
V. lley 4*48
mmmm
85**
10
.1946
Jersey Railroad A Canal 3*4s.
United New
West Virginia A Pittsburgh 4s
85**
46*4
1.50
8 t
1947
.....
78
104*4
64
4.00
114
.1961
Vermont
40**
New York Lackawanna A Western (D LAW)... -100
Northern Central (Pennsylvania)
.1947
mmmm
104
Terre Haute A Pecoria 5s
49*4
90*4
76
.1941
Toledo Terminal 4*4s —
—
Toronto Hamilton A Buffalo 4s
800
38**
97*4
100
78
.1939
Toledo Peoria A Western 4s
156*4
3.875
.1947
Pittsburgh Bessemer A Lake Erie 5s
56*4/
„
89
Providence A Worcester 4s
43
63**
9.00
111
96
.1948
90
96
.2000
Portland Terminal 4s.
44
2.00
109
.1940
Pennsylvania A New York Canal 5s
Philadelphia A Reading Terminal 5s...
73**
2.00
stock
Delaware (Pennsylvania)...
.1959
New York A Harlem 3*4s
New York Philadelphia A Norfolk 4s
Norwich A Worcester 4*4s
125*4
54
...
63
87
Memphis Union Station 5s....
Boston A Providence (New Haven)
com
69
65
.1978
—
New London Northern 4s..
72
121*4
6.00
...
.1950
.....
Kansas Oklahoma A Gulf 5s.
Asted
69~
6.00
-.100
Beech Creek (New York Central)
105
Illinois Central—
Louisville Dlv. A Terminal 3*48
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
78
43
45
Preferred
3.00
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred
147
*
7.00
Preferred
80
7.00
Pittsburgh Fort Wayne A Chicago (Pennsylvania) -100
166**
171
6.82
125
3.00
62
6.00
125
Preferred
72
69*4
62**
62**
30**
33
5.00
Warren RR of N J (Del Lack A Western)....
—
50
3.50
(Penn-Readlng)
3.00
50**
66**
52**
5.50
New York Central
60:50
5.50
Maine 4*4s—
5.00
65.75
5.00
65.60
4.75
62.90
2.00
62.90
2.00
62.75
2.00
Par
65.75
5.00
.'
Canadian Pacific 4*4s
Cent RR New Jersey 4*4s
4*4s.................
Chlo"Milw
Alabama Power 17 pre!
72*4
73**
83
85
Associated
Gas
A
Electric
Mississippi Power $0 pref *
5
*
Atlantic City El 0% pref
3*4
7
7
Monongahela
113**
West
Pub Serv 7%
70
70
114*4
6*4
25 *4
25
27*4
Paul" 4 *4 s
A St
Denver A R G West 4*4s.
Erie RR 4*4s
79
81
Newark Consol Gas
100
133
New Eng G A E 5*4 % Pf-»
New Eng Pub Serv Co—
14
lB"
Long Island 4*4s
5s
'
$7 prior Hen pref
*
New Orl Pub Serv $7 pf._*
New York Power A Light—
37
39
Maine Central 5s
91**
93**
r
86**
87*4
Consol Traction (N J). 100
Consumers Power $6 pref*
46?*
7
5**
60**
100** 101**
Continental Gas A El-
oum
7%
100
84
114
7% preferred
Derby Gas A El $7 pref
85**
100** 102**
107*4 109**
*
pref erred ...100
States
(Del)
7% pref
(Minn) 6% pref...
50
52*4
99*4 100*4
99
100**
98*4 100
113*4 114**
89
100?*
104 J* 106 '
105** 108
.100
*
21**
Ohio Pub Serv 0% pf__100
196
*
$7 preferred..
...*
Ohio Power 6% pref...100
Federal Water Serv Corp—
$0 cum preferred
$0.60 cum preferred...*
20**
22
$7 cum preferred
*
22
24*4
Gas A Elec of Bergen.. 100
Hudson County Gas
100
135
7% preferred
.100
Okla G A E 7% pref.. 100
Paclflo Pr A Lt 7% pf..l00
196
Penn Pow A Lt $7 pref
*
104
Queens Borough G A E—
0% preferred
...100
100
110
Republic Natural Gas
19*4
Idaho Power—
$0 preferred
7% preferred
Interstate Natural
Gas..*
25*4
27*4
Interstate Power $7 pref.*
Iowa Southern Utilities—
4*4
6*4
*7% preferred
100
Jamaica Water Supply—
734%
60
54
56
90
91**
preferred
112** 114**
Kings Co Ltg 7% pref. 100
Long Island Ltg 0% pr.100
7% preferred
100
63
66
23*4
25*4
27*4
24*4
24
3*4
1
71
100 J*
20
4*4
Rochester Gas A Elec—
98
100
86
6% preferred D
,.100
Sioux City G A E $7 pf.100
Southern Calif Edlson-r-
90
27*4
25
South Jersey Gas A El. 100
Tenn Elec Pow 0% pf.100
28*4
198
61**
63"
68
70
91?*
7% preferred
100
Texas Pow A Lt 7% pf.100
Toledo Edison 7 % pf A. 100
93**
108*4 110*4
United Gas A El (Conn)
24*4
26
65*4
Virginian Ry
77
7% preferred
100
Utah Pow A Lt $7 pref..
63
Memphis Pr A Lt $7 pref.*
69
99
*
0% pref series B
Jer Cent P A L 7% pf._100
Kan Gas A El 7% pref. 100
79
51*4
53**
145*4 151*4
100
Borland Shoe Stores
7% preferred
B/G Foods Inc
100
common
»
85
2
.
Bohack (H C) common...*
7% preferred
-
2*4
4
100
18
23
100
101
106
Flshman (M H) Co Inc..*
7
Diamond Shoe pref
Bid
Par
9*4
5s
61.80
Ask
6*4% preferred
100
Murphy (G C) $5 pref .100
Reeves (Daniel) pref
100
United Cigar-Whelan Stores
*
.
Eastern Sugar Assoc
Preferred
For footnotes
1
1
see
page
9*4
10H
75
3147.
17
Par
1
4.00
Texas Pacific 4s
3.25
64 00
....
1.50
64.09
Southern Ry 4*4s..—
3.25
00
2.25
63
1.00
4*4a
63 00
5s
62 2.5
1.50
64.75
4.00
Union Pacific 4*4s
61 25
0.50
63.50
2.50
Virginia Ry 4*4s
61
63.50
2.50
64.50
3.50
Wabash Ry 4*4s
5s
64.50
3.50
64.50
3.50
64.50
3.50
5*4s
Missouri Pacific 4*4s
5s..
i
70
2.25
1.00
73
77
6s
—
85
87
80
5*48
Weatern Maryland 4*4s.._.
Western Pacific 5s
83
75
»
90
62 50
1.50
65 75
5.00
65 75
5.00
,
Public
Utility Bonds
Bid
Ask
Amer Gas A Power 3-5s '53
42
43
Amer Utility
72**
74**
Hid
Ask
29
29*4
Income deb 4*4s
Conv deb 4s
1978
31**
32**
Idaho Power 3**s
1907
107*4 107*4
Indianapolis Pow A Lt—
Mortgage 3**s
1968 106*4 106**
Inland Gas Corp 6*4s.l938 f 56*4
58**
Kan City Pub Serv 4s,1957
25
27
Kan Pow A Lt 1st 4*4s '65
110
110*4
39*4
38**
Lehigh Valley Transit 6s *60
Lexington Water Pow 5s '08
75*4 76*4
Lone Star Gas 3*4s ..1953
106** 106**
Mich Consol Gas 4s 1963..
96*4 96**
Missouri Pr A Lt 3**s.l966
103
103**
1973
51*4
Conv
Serv 08.1964
Appalachian Elec Power—
1st mtge 4s
s
1963
f debenture
4*4s..l948
108** 109?*
104** 105**
Associated Electric 5s. 1961
50
Assoc Gas A Elec Corp—
Income deb 3*4s
1978
26
Income deb 3**s. —1978
Income deb 4s
1978
27
52
.26?*
27*4
94
93**
105*4 106
Mtn States Pow 1st 0s. 193*
1973
54
50"
Narragansett Elec 3*48
Conv deb 5a.......1973
Conv deb 5*43
1973
5*
60
N Y, Pa A N J Util 5s 1956
62*4
65
N Y State Elec A Gas Corp
8-year 8s with warr.1940
99
8s without warrants. 1940
98*4
deb
Assoc Gas A
4*4s
4a
ioo"
Elec Co—
Cons ref deb 4*4s..l958
Sink fund Inc 4s
1983
28
30
26
28
'66
64
97*4
1965
N Y Steam Corp 3*4s.l903
North Boston Ltg Prop's—
t
66*4
...
—
28
Sink fund lnc
4)48—1983
Sink fund lnc 5s
1983
32
26
4*4s-5*4s...l986
28
Sink fund lnc 5-0s_.1986
8 f lnc 5*43-6*43... 1986
30
32
Secured notes 3*4s..l947
Ohio Power 3**s 1968
30
5J4S..1983
Ohio
106
"m
100*4
102*4 102**
Pub Service 4s..1962
106
Old Dominion par 5S..1951
mmm
"
59**
Peoples Light A Power
1st lien 3-0S——.1961
79
Portland Elec Power 8« *60 / 14*4
Pub Serv El A Gas 3 t*s '08
108**
106*4
61**
80**
15
108**
Pub Serv of Northern 111—
110
1968
104
104**
94
Pub Util Cons 5*4s---194^
79
77**
70** .72**
6
1st lien coll trust 03.1946
80**
82**
16
23
105
108
Cent Maine Pr 4s ser G *60
Central Public Utility-
Republic Service coll 5e *61
St Joseph Ry Lt Heat A Pow
4*48
1947
3
99
32
107
34
107**
San
Income 5*4s with stk '52 /
1H
Cities Service deb 5s.. 1963
69*4
2**
70
Cons Cities Lt Pow A Trac
1962
series
B
1962
Bid
33
Ask
35
Coll inc 6s (w-s)
1954
Cumbert'd Co PAL 3*48'66
Dallas Pow A Lt 3*4s.l907
3*4
4*4
81
103*4 104*4
Antonio Pub Serv—
1st mtge 4s
..1963
Sioux City G A E 4s—1966
102*4 103
101
101*4
Sou Cities Util 5s A—1958
82*4
46*4
83*4
47*4
46
47*4
46*4
Tel Bond A Share 5s..1958
68**
70?*
88
90
Texas Public Serv 5s. .1961
47*4
Toledo Edison 3*4s...l968
104** 104*4
46
47 *4
Utlca Gas A R1 Co 5s. 1957
122*4
103
103*4
Virginia Elec Pow 3 *4s 1968
106*4 106*4
108*4 109*4
Dallas Ry A Term 08.1951
Corp_.l
4.00
2.25
62 01
...
5s
Iw
3.00
6s
Savannah Sug Ref com
West Indies 8ugar
i
63
91*4
75**
-12 **
7*4
15
Southern Pacific 4*4s
•
64.00
Crescent Public Service—
Ask
64 75
-
Cent Ark Pub Serv 5s. 1948
Central G A E 5*43...1940
12
Sugar Stocks
Bid
1.2.5
*<7
64 75
61.75
Consol E A G 6s A...1962
Par
1.50
5*4s
5s
96
94
1st mtge 3*4s
07
100
Kress (S H) 6% pref
Miller (I) Sons common..*
$5 preferred
92
4*4a
Illinois Central 4*4s
Internat Great Nor 4*4s.
5s
Cuoan Atlantic Sugar..7*4
96
Kobacker Stores
7% preferred
-
3
5s
3t Loula-San Fran 4a
62.00
Blackstone V G A E 4s 1905
10
86*4
S f lnc
Ask
8
5.75
5 75
Sink fund Inc 4-5S..1986
Chain Store Stocks
Bid
1937-50
Hocking Valley 5s
Sink fund lnc
Par
2.00
2.00
Dec 1
5*4s
Ohio Edison $0
pref
2 **s series G non-call
62.50
66.75
Power—
3l"
20
100
preferred
cum
Northern
Dallas Pr A Lt 7% pref. 100
Essex Hudson Gas
$0
2.00
2.00
92
111*4 113*4
78**
1.00
62.60
1937-4:
2.50
5.00
7% preferred
.100
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
88
July
62.50
65.75
89*4
100
,
63.10
5.00
21**
7% preferred
A
62.60
65.75
87
$0 preferred
100
CentPr ALt7% pref..100
Consol Elec A Gas $0 pref *
1.25
61.50
Reading Co4*4s
6s
21
Central Maine Power—
62.00
5.00
5.00
$1.00 preferred
25
Carolina Pr A Lt $7 pref.. *
*
1.75
Pennsylvania RR 4*4s...
*
65.75
Great Northern 4*4s
15
5.00
62..50
St Louis Southwestern 5s_.
Mountain States Power—_
33*4
5.00
66.00
Pere Marquette 4*4s
84*4
Trustees' ctfs 3*4s
74~"
12
66.00
Northern Pacific 4*4s
1.00
Chicago R I A Pacific—
72
0% preferred-...
1.75
66.75
Birmingham Elec 17 pref. *\
Buffalo Niagara A Electern
31
N Y N H A Hartf 4*4s
5s
5.00
5*4s
5**
Penn
pref
62.40
71**
113
Missouri Kan Pipe Line..6
5
10.60 preferred
17 preferred
63
08
2*4
Original preferred..
60*4
$7 preferred
Mississippi P A L $0 pref. *
Miss Rlv Pow 0% pref. 100
4.50
65.60
65.60
5s
Arkansas Pr A Lt 7% pref ♦
4.50
61.50
-
Ask
A si
1.00
65.50
65.50
5s
Jan
5a
bid
N Y Chic A St L 4*4s
Chesapeake A Ohio—
Chicago A Nor West AH a
Par
2.25
4s series E due
5s
Utility Stocks
Bid
3.50
63 00
—
5s
Canadian National 4*4s.
,
4*4s
61.50
65.75
A
5s
Public
Ask
64 50
4*4s.
5s
3*48 Dec 1 1930-1944...
mmmm
67
66.50
5s
60*4
5.00
New Orl Tex A Mex
BostOD
227*4
6.00
Valley (Delaware Lackawanna A Western)
-100
Vlcksburg Shreveport A Pacific (Illinois Central). -100
West Jersey A Seashore
m
1.75
5s
m m m
57**
62.50
Baltimore A Ohio 4*4s—_
m mm
223
6.00
—
Bid
Atlantic Coast tine 4*4s.
71
m *
10.00
—
Ask
mmmm
68**
6.00
...
...
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania).. -100
Utlca Chenango A Susquehanna (DLAW)
100
Equipment Bonds
Bid
138*4
x
mmmm
-100
Railroad
'i
Federated Util 5*4s. —1957
70**
Havana Elec Ry 5s...1952 / 3 7*4
'61
72**
Western Pub Serv
5v$f" '60
Wis Elec Power 3*4s..l968
88*4
104
•mmm
89*4
104**
Wisconsin G A E 3 *4s. 1966
106
106**
Wis Mich
107
107*4
Pow 3**8„ 1961
Chronicle
Financial
Volume 147
Quotations
on
Over-the-Counter Securities—Friday Nov. 18—Continued
Industrial Stocks and Bonds
Water Bonds
Bid
Ask
Bid
Ask
99
Ashtabula Wat Wks 5s '58
Par
Atlantic County Wat 5« *68
99*4
mm
85*4
89*4
1951
91
95
93
96
Newport Water Co 5s 1953
Ohio Cities Water 5*4* '53
99
5% conv pref
*..10
American Hard Rubber—
6*48
mmw,
Birmingham Water Wks—
-
5s series C
1957
105
5s series B
1954
101
1954
104*4 105*4
Ohio Valley Water 5s. 1954
105*4
1957
105
Ohio Water Service 5s_1958
100*4 102*4
mm mm.
m
<m
«
106*4
Water Service 4a 1961
8% cum
83
78
1951
102
4*4s__1966
Peoria Water Works Co—
5*4s series A
1951
City of New Castle Water
103
1941
101
5s
6s series B
..1954
1st 6s series C
1948
1st consol 4s
101
101*4
m
99
...1948
«:*_1948
63
68
1946
65
70
ConneUsvllle Water 5s 1939
100
1946
6s series A
5s series A
1952
101
6 Mb series B
Huntington Water—
107
1977
...
1954
105
1954
104
5s_._
1962
104*4
mrnm
Singer Manufacturing.. 100
Singer Mfg Ltd
215
Skenandoa Rayon Corp..*
standard Screw
20
7
6*4
2*4
7*4
33*4
36
53*4
54*4
Stanley Works Ire
43*4
45*4
Radio
103*4
106*4
A-'66
1958
4*4s
1967
82
83
93
37
United Artists Theat com.*
__*
35
38*4
37
Kokomo W W Co 5s—1958
105
Long Island Wat 5 Ha. 1955
104
mm
mm
mmm
»
95*4
—-
98*4
64
*
17
4*4
5*4
1960
105
98
American
•
shares
...
1949
103*4
...
102*4
...
102*4 104
Western N Y Water Co—
96
1951
1950
96
1st mtge 5J4«
Westmoreland Water 5s *52
...
100
100*4
101*4 103*4
1956
101
1960
105
1949
104*4
...
W'msport Water 5s.-.1952
13.87,
4.57
23 *4
Am
Nat
..1
Keystone Custodian Funds
Series B-l
Series B-2
62c
Series B-3
5*4
.
12
24
42
48
6
Worcester Salt
5*4
7
York Ice Machinery
60 X
65
28
38
— .
...
102*4 104*4
100
Preferred
Paper..25
X
8*4
1
King Seeley Corp com
.....
26
18
Chicago Stook Yds 6s. 1961
13
Cont'l Roll A Steel Fdy-
16
26.70
21.99
24.13
16.37
16.51
Century Shares Trust-—*
23.08
24.81
1
10.29
11.13
Commonwealth Invest.—1
3.72
4.05
Shares pflOO
8*4
2.43
9*4
10c
5.90
1
21.76
6.46
23.09
10
12.02
25c
,
2.37
Series A A mod
1
2.88
mm mm
mm
Series ACC mod
1
2.88
m
mm
100
♦8% preferred
'mm
mm-mmm,
m.
-
32 X
♦Common B share.-.10
100
♦7% preferred.
34*4
110
Voting shares
mrnm-m
5
36
38*4
Deposited Bank Shs ser A1
2.99
Deposited lnsur Shs ser Bl
Diversified Trustee Shares
2.67
3.60
3.90
1
17.59
1.38
Deposited lnsur Shs A...1
5.85
mmmmm
mm
mm
mm mm
mrnmm
mmmmrnm
6.38
14.80
B'way Barclay 1st 2s„1956
f35X
/22*4
8.00
8.66
B'way A 41st Street—
1st 3s—
1944
33*4
35*4
Automobile
5.66
6.14
Broadway Motors Bldg—
9.76
...
—
10.55
7.27
7.87
19.14
31.01
9.29
9.14
Colonade Constr'n 4s. 1948
9.43
10.19
8.65
10.28
-
8.59
9.29
8.28
Oils
mmmmmmm
50 Bway Bldg 1st 3s inc
Series 1955-
1
2.80
mmmmmmm.
mm mm mm m
7.88
6.88
7.48
4.25
4.55
Fundamental Invest Inc.2
18.43
19.93
Fundamental Tr Shares A2
5.27
*
4.67
mmmmmmm.
5.88
1
2.75
mm
mm mm
mm
1
2.43
mm
mmmm
mm
Series 1958
46c
15.06
\
52c
32.12
34.54
5.08
1400 Broadway
10.41
10.91
mm
81c
Spencer Trask Fund
16.41
*
Standard Utilities Inc-50c
♦State St Invest Corp...
58c
♦
81*4
Super Corp of Am Tr ShsA
3.49
AA
B
3.60
63c
85
mmmmmmm
mm mmmm
mm
6.87
6.87
mm
..1957
fllX
1st 2*4-4s (w-s)
Graybar Bldg 5s..
1949
1946
3
10.33
mm
mm
mm
11.23
6.23
Series C
1
Series D
1
2.51
Trustee Stand Oil Shs A.l
6.11
1947
1st A gen 3s
w-s——1952
7.85
8.54
Chemical shares new
6.91
7.52
Trusteed Amer Bank Shs B
57c
"63c
1st 5s (Bklyn)
4.54
Trusteed Industry Shares.
1.00
1.12
1st 5s (LI)
U 8 El Lt A Pr Shares A—
14
6.03
5.45
mmmmmmm.
52
1.99
Mining shares, new
7.19
7.82
B
Petroleum shares new—
5.22
5.69
Voting shares
Wellington Fund
4.57
4.98
Steel shares new
7.01
7.63
In vestm't
Tobacco shares new
5.30
5.77
93c
1
♦Bancamerlca-Blalr
RR equipment
Corp—1
35c
65c
Investors..*
18.46
19.85
♦Huron Holding
Incorporated
sh new—
Bank Group shares—...
1.01
,1.12
Shares.
1.32
1.46
....
mum
15.09
/30*4
32*4
18*4
20*4
lst fee A leasehold
59*4
1947
1950
with stock
41
40
616 Madison Ave 6*4s '38
69*4
42
31*4
Syracuse Hotel (Syracuse)
1st 3s
1955
37
62*4
70*4
Textile Bldg—
92*4
47
1958
1st 4s (w-s)
94*4
44*4
41*4
1939
54*4
Trinity Bldgs Corp—
53*4
62
1st 5 *4 8—
-
- .
1st 4s 1946
54
59*4
Walbrldge Bldg (Buffalo)
Wall A Beaver St
6
1st 4*48
8
16*4
Corp—
w-s
1951
22
21
Westlnghouse Bldg—
Metropolitan Chain Prop—
1948
50
/47*4
57*4
3s with stock...—1950
6s
60
95*4
96
1st fee A leasehold
4s '48
71*4
Banking Corp
Corpl
Nat Corp cl A..*
♦Class B
*
4
5
32
35
2*4
5
10
20
21
♦Schoelkopf, Hutton A
Pomeroy Inc eom___10c
1
2
♦First Boston Corp
Institutional Securities Ltd
Insurance Group
♦Central
13.76
51*4
49*4
1956
3*48
61 Broadway Bldg—
2 Park Ave Bldg
1948 stamped
w-s
22*4
/20
60 Park Place (Newark)-
3X8
Majestic Apt Inc—
4s
/6J4
42*4
1
2s with stock
57*4
Ludwig Baumann—
1947
1951
44*4
18*4
1956
3s with stock
4.55
5.54
1
53*4
1957
1st 4s
Sherneth Corp—
London Terrace Apts—
mmrnrn'm-mrn
36*4
/52*4
f43
Savoy Plaza Corp—
Lincoln Building—
Building shares new
Series B
s
Lefcourt Manhattan Bldg
8.67
4.17
40
37*4
42 X
7.97
4.16
14*4
33*4
Aviation shares new....
Merchandise shares new
Realty Assoc Sec Corp—
5s Income
1943
39 *4
55
50
1st 6s.
2.57
5.79
'51
1961
5*4s stamped
80
Loew's Theatre Rlty Corp
5.72
..1951
165 Bway Bldg 1st 5*4s
Harriman Bldg 1st 6s. 1951
5*4s whs...1963
Nov 15 1939
mtge 6s.
103 E 57th St 1st 6s—.1941
35*4
Income
...
Prudence Co—
48
74*4
..1950
52
/34*4
;
July 7 1939
1st 6s
72*4
Lexington units
8
/50*4
Roxy Theatre—
Fuller Bldg deb 6s.. 1.1944
1st 4s
28*4
/6*4
1 Park Avenue—
Lewis Morris Apt Bldg—
mmmm
71*4
27
Oliver Cromwell (The)—
Bldg—
1st 4-6s extended to 1948
BB
5.32
Food shares new
28"
1st 6*
41*4
Hotel
69*4
N Y Title A M tge Co—
54
6*4» stamped..1948
Fox Theatre A Off Bldg—
Income 3s
Ask
96*4
19th A Walnut 8ts (Phila)
7
39 X
39 *4
46*4
75
1st
Hotel St George 4s... 1950
2.37
Agricultural shares new.
Investing shares new—
117'"
Corp—
5*4s series F-l
17.42
Automobile shares new.
-
U2*4
1946
5*48 series C-2_.
Hearst Brisbane Prop 6s '42
74c
Supervised Shares
47*4
104
1945
2s
2d
1939
42 Bway 1st 6s..
Trustee Stand Invest Shs—
Group Securities—
38*4
30*4
Wall St Corp 6s—..1958
12.15
5.53
"
'46
1st leasehold 3s. Jan 1 '62
16.11
103*4
Investors
D
*
99
.1947
S f deb 5s
52d A Madison Off Bldg—
—
C
General Investors Trust.*
6s
4s with stock strap.. 1956
47
26
500 Fifth Avenue 6)48.1949
m
36c
10
109
Mortgage Certificates
N Y Majestic
65
52
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
9.76
10.80
Foreign Bd Associates Inc.
Foundation Trust Shs A.l
19*4
Metropolitan Corp (Can)
68*4
6
Hotel units
m mm mm
Sovereign
1962
2d conv Income 5s—1962
Eastern Ambassador
2.28
9.03
32c
10c
ist 5s
5*4s series Q
52*4
Steel
4.37
3.72
44
32
No Amer Bond Trust ctts.
9.90
3.35
107
28
3*48
No Amer Tr Shares 1953.*
Selected Income Shares—
'
1950
1st
8.96
Selected Amer Shares—2*4
2.61
1945
5 X s series BK
Dorset 1st A fixed 2s__1957
9.35
9.51
—
8.16
2.35
Scovill Mfg 5*4s
Court A Remsen St Off Bid
21.70
9.98
66
53
50
34*4
Chesebrough Bldg 1st 6s '48
8.45
7.52
Bank stock series—10c
1946
Metropol Playhouses Inc—
...1948
4-6s
8.59
20.15
31
28
15*4
80
N Y Athletic Club—
Chanln Bldg Inc 4s...1945
Building supplies......
Quarterly Inc Shares.-10c
6% deb series A
Representative TrustShslO
Republic Invest Fund.25c
Fiscal Fund Inc—
Corp
1957
11.10
17.82
B
Alden 1st 3s
Plymouth Fund Inc...10c
♦Putnam (Geo) Fund
29.15
5s
75
'11
24*4
Machinery
/13*4
Bid
38*4
5.99
1.44
Fund series A-l—
Fixed Trust Shares A...10
9*4
13.67
Bank stock
1938
.1948
6s
Ask
I
40
Eqult Inv Corp (Mass)-.6
Equity Corp J3 conv pref 1
Fidelity Fund Inc
*
First Mutual Trust Fund-
B
feu,1
Film Center Bldg 1st 4s '43
Eaton A Howard Manage¬
Insurance stk series.
7*4
....*
Ohio Match Co
6.55
1.34
25c
Dividend Shares
Pharmacal
Series 1956.
16.27
Delaware Fund...
D
Norwich
1
New England Fund—
Aviation
76
101*4 101*4
Woodward Iron¬
National Investors Corp. I
Railroad equipment
C
1.55
1.40
Metals
4.84
Cumulative Trust Shares. *
General Capital
59
Insurance stock
25*4
115
♦Crum A Forster Insurance
ment
28 *4
52
Electrical equipment
23 H
10
♦Crum A Forstef com
18 *4
Agriculture
Accumulative series—1
97*4
/74
N Y Shipbuilding 5s—1946
Real Estate Bonds and Title Co.
Nation Wide Securities—
N Y Stocks Inc—
2.37
1937
3.48
Mutual Invest Fund
Common
98*4
97*4
13.14
Mass Investors Trust
16*4
Corporate Trust Shares._1
Series AA.
1
3%
26H
5.92
4.35
97*4
20 X
100
5.29
27.55
96
Kelsey Hayes Wheel Co—
Nat Radiator
2*4
100
Preferred 6*4%
4.00
Deep Rock Oil 7s
Conv. deb
105
New Britain Machine...
15*4
1948
Haytlan Corp 8s
12 H
36
New Haven Clock—
25.76
mmm
94
America
of
Steel
96*4
Wltherbee Sherman 6s 1963
preferred...
6%
16.58
1
.1940
Firestone TAR 3J4s.l948
100
*
Preferred
12.47
Canadian Inv Fund Ltd—1
♦Continental
27 X
*11*4
Nat Paper A Type com...*
15.13
Maryland Fund Inc
f 6s
4Xa
30
15.01
Broad St Invest Co Inc..5
Chemical Fund
Crucible
38*4
25*4
Casket
13.64
35c
Bullock Fund Ltd
SH
28*4
113
7% preferred
100
Muskegon Piston Ring.2 *4
National
Series S-2
17.65
s
Crown Cork A Seal 4 Xe '48
2%
100
Series K-2
3.69
lst conv
25*4
36*4
Macfadden Pub common.*
Series S-3
Series S-4
20c
Inc
90
102*4 102*4
28*4
43 *4
6*4
...»
Atlantic Refining 3s.. 1963
12*4
12.29
11.23
9*4
42*4
29.23
15.03
9*4
55
109
Am Wire Fabrics 7s._ 1942
100
11.52
Series K-l...
American Tobacco 4s.1951
,"..*
Long Bell Lumber
$5 preferred
8*4
52
Bonds—
7H
24*4
6
*
preferred
40
*4
22 H
Harrisburg Steel Corp
6
Interstate Bakeries $5 pref.
Klldun Mining Corp
.1
100
100
7%
Mock Judson A Voehrlnger
Ask
Bid
8X
7*4
30
Good Humor Corp...
1
Graton A Knight com—..*
7*4
16.50
Fund
British Type Invest
2X
8
6*4
A_.il
Boston
19*4
22
Lawrence Portl Cement 100
..
.
•
Basic Industry Shares—10
preferred—.—.*
WJR The Goodwill Sta—.6
5*4
Corp
Invest
♦Class A new....
cum
97*4
1*4
17*4
17*4
14.89
Investors Fund C
3.92
.
5*4
Assoc. Stand Oil Shares..2
Bankers
24*4
55C
J3
18*4
94
42
6% preferred
Par
13.04
•3.55
100
16*4
4*4
Marlin Rockwell Corp
1
Merck Co Ino oommon—1
Ask
Equities Inc 25c
Insurance Stock Corp*
Preferred
40
*
Extinguisher...*
Landers Frary A Clark..25
6s series C
Bid
Amer Gen
16
Wick wire Spencer Steel..*
Wilcox A Glbbs oom
60
'
...1950
5s series B
6s series A.
Amer Business Shares
45
Great Northern
101*4 102*4
5s series B__
4.13
41X
Great Lakes 88 Co com..*
Union Water Sery 6*4s '61
mm-
Inc...1)1
♦Amerex Holding Corp..*
•
preferred
Gen Fire
101*4
Investing Companies
Admlnls'd Fund 2nd Inc.*
3X
•
W est Dairies Ino oom v t c 1
100
Preferred
Affiliated Fund
X
46 X
com
X14X
...100 Z105
West Va Pulp A Pap com.*
15*4
3
5*4
2X
X
2X
44 X
7%
17*4
2
5s series B
101
Par
84
IX
Warren (Northam)—
$3 conv preferred
4*4
66
*
Fohs Oil Co
...
105
105
New Jersey Water 5s 1960
3*4
•
Foundation Co For shs...*
...
mmm
101*4
5*4s
.100
Veeder-Root Inc
19
102*4
Wichita Water—
Monongahela Valley Water
Mofgantown Water 5s 1965
Muncle Water Works 5s '65
Preferred
30
102*4
6s series A_
105*4
107
Monmouth Consol W 5s '56
Tublze Chatllloncum pf.10
2
6 *4
24
1960
1st mtge 5s
Middlesex Wat Co 5 Ms '67
32 X
75
United Piece Dye Works.*
34
Pittsburgh Water—
1st mtge 5s
1955
W Va Water Serv 4s..1961
105
1957
OX
8*4
2X
IX
135*4 139X
30 X
Corp....
33
Federal Bake Shops
Preferred
...
6*4
17*4
Welch Grape Juloe com..5
Texarkana Wat 1st 68.1958
98
a
Joplin W W Co 5s
5*4
16
62*4
Draper Corp
100*4 101*4
74*4 78*4
8outh Bay Cons Wat 6s '50
»
*
1
Conv prior pref
79
80
Water Service 5s. 1961
*
common
Tennessee Products
(Jos) Crucible—.100
Douglas (W L) Shoe—
Terre Haute Water 5s B '66
1958
5s
Steel
9
Time Inc..
Dixon
100*4 102
8*4
Taylor Wharton Iron A
3*4
19*4
60
Dictaphone Corp
Co
Scranton Gas A Water
104*4 106
1966
Indianapolis W W Secure—
7
Trico Products
...
4*4
Garlock Packing com
Indianapolis Water—
1st mtge 3 *4s
2*4
17*4
Dennison Mfg class A—.10
Sprlngf City Wat 4s A '56
102
Stromberg-Cariaon Tel Mfg
Sylvanla Indus Corp
*
6*4
220
3*4
51
48
*
preferred..—..*
cum
5s series A
Illinois Water Serv 5s A '62
5*4
25
Dentist's Supply com...10
Devoe A Raynolds B oom *
...
South
mm.mm
Corp
...
100*4
1st A ref 5s A
101*4
6s
34*4
22*4
30*4
Crowell Publishing com..*
...
Sbenango Val 4s ser B 1961
5s series B
32
20*4
$1
ScrantoD-8prlng Brook
Hackensack Wat Co be. '77
Scovill Manufacturing..25
Columbia Baking com
99*4 102
Rocb A L Ont Wat 5s. 1938
99*4 101*4
98*4 100*4
1952
5s series B
29*4
63
Chic Burl A Qulocy—.100
Chilton Co common..
10
102
107
St Joseph Wat 4s ser
4*4
27*4
58
Bur dines Inc common....I
—
.
....
Richmond W W Co 5s_1957
Greenwich Water A Gas—
13*4
3*4
18*4
.
107*4
'59
Pinellas Water Co 5*4s.
Pittsburgh Sub Wat 5s '58
Plalnfleld Union Wat 6s '61
5 *4r series B.
11*4
98
103
103*4
Phila Suburb Wat 4s..1965
—
•
105
1957
Manufacturing
Remington Arms com
11
*
*
Pollak
10
16*4
.*
Beneficial Indus Loan pf *
103
100
1st consol 6s—
Prior lien 5s
Community Water Service
3*4
3*4
1
Exploration
92*4
29*4
Belmont
1950
1st A ref 58
---
*4
X
25
Bankers Indus Service A.*
99*4 100*4
1st ooll trust
City Water (Chattanooga)
102
American Mfg. 5% pref 100
Andlan National Corp...*
89*4
Penna State Water—
"...
Pilgrim
100
1
Petroleum Heat A Power. *
12*4
12*4
11
99
Art Metal Construction. 10
104*4 106
6s
pref
11*4
Conversion
Ask
Bid
Pan Amer Match Corp..25
Pathe Film 7% pref
*
4*4
32*4
Maine Products...*
Amer
104*4 105*4
Citizens Wat Co (Wash)
3*4
29
Petroleum
American Hardware
.
86*4
Ore-Wash Wat Serv 6s 1957
Chester Wat Serv 4 He '58
Par
American Cynamld—
5s series B
mm mm
Ask
Bid
1951
Alabama
New Rochelie Water—
101
101*4
Mills Inc......*
American Arch
.._..*
New York Wat Serv 5s '51
Alabama Wat Serv 6e_1957
5 *4s series A
Butler Wat*' Co 5s
3147
*
No
/Flat
a Interchangeable,
b Basis price,
d Coupon,
Nominal quotation,
w i When Issued,
w-s With
value,
par
price,
n
e Ex-lnterest.
stock
* Ex-
Exchange,
t Ex-llquldatlng dividend.
t Now listed on New York Stock Exchange.
»
j Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold. *
♦
Quotation not furnished by sponser or issuer.
dlvldend.
v
Now Belling on New York Curb
I
3148
Financial
\
Chronicle
1938
■
]
'
_
■
.
i
Quotations on Over-the-Counter Securities—Friday Nov. 18—Concluded
Foreign Unlisted Dollar Bonds
Foreign Stocks* Bonds and Coupons
Bid
July 1933 to Dec 1933—
Oberpfals Elec 7s
1946
Panama City 6)4s—1952
f55
f35
f29
J 29
Jan 1934 to June 1934—
July 1934 to Dec 1936—
Jan 1937 to Dec 1937
BRAUNL
Jan 1938 to
& CO., INC.
—
Oct 1938...
f20X
/33
/35
/30
Panama 5% scrip
Poland 3s
1956
Coupons
1936-1937
Porto Alegre 7s
J28
/35
1968
fO
Protestant Church (Ger¬
Great Britain A Ireland—
1960-1990
102
103
1948
4s
Bid
Ait
German defaulted coupons
Inactive Exchanges
f29
36
many) 7s
1946
Prov Bk Westphalia 6e '33
1957
f20
1953
67
Hamburg Electric 6s .1938
Hansa 88 6s
1939
52 William
f20
95
Rom Cath Church 6Hs '46
f21X
f22
/22
/20
/60
/23
/6
/2 2X
Housing A Real Imp 7s '46
f22
fll
fl2
R C Church Welfare 7s *46
f21X
Saarbruecken M Bk 6s '47
f20
fll
,/9
Tel. HAnover 2-5422
St., N. Y.
Guatemala 8s
Prov Bk Westphalia 6s '36
5s
1941
Hanover Harz Water Wks
6s
Foreign Unlisted Dollar Bonds
Bid
Anhalt 7s to
—-.194
Barranquliia ,s'35^4(H16-48
J20
/32
/25
/25
/21
Bavaria 6Xb to
Ail
.1946
Bank of Colombia
7s
7%
.
1947
1948
__
1945
Bavarian Palatini t«
Cities 7s to
1945
1945
(Republic) 88.1947
7s
....1958
7s
1969
-
6s.
....1940
Brandenburg Elec 6s.
_
1953
Brazil funding 6s..1931-51
Brazil funding scrip
Bremen
Costa Rica Pao Ry 7Xb '49
5s
Bogota (Colombia) 6 Xb '47
Bolivia
1962
1959
1945
4X
Duisburg 7% to
1945
4
fSX
fax
fax
f5X
f2\X
/14j*
Duesseldorf 7s to
East Prussian Pow 6s.1953
Electric Pr
4
7
(Ger'y) 6 Xb '60
6X8
15X
1953
European Mortgage A In¬
vestment 734s
1966
7Xb Income
..1966
fl 2
/62
/70
m
/18
fl 8
r>x
/22
f2Q
f20
f2lX
Hungarian Ital Bk 7Xb '32
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
19
10X
Coupons—
Nov 1932 to May 1935
/22
f22
Land M Bk Warsaw 8s '41
Munich 7s to
/18
Agricultural 6s
1938
German Conversion Office
bank 6Xa
1944
1946
flOX
m
nx
1947
fix
ax
f7X
Central Agrlc Bank
1948
Funding 3s
f22
German Central Bk
...1946
German scrip
1934
f26
fl4
German Young coupons:
Dec 1 '35 stamped
June 1 '35 to June *38
f 14
1968
62
f58
Graf (Austria) 8s
/76
Stlnnes 7s unstamped-1936
1954
73
/56
f22X
1946
Certificates 4s
1936
7s unstamped
Certificates 4s
1946
m
f69X
f74
1946
f63X
fai
33
fZ5X
f5X
36X
Nat Central Savings Bk of
6X
Hungary 7 Xb
1962
National Hungarian A Ind
/H
Union of Soviet Soc Repub
7% gold ruble
Uruguay
Conversion scrip.
(A A B) 6 XB. 1946-1947
(C A D) 6)48.1948-1949
f7X
Apr 15 '35 to Apr 16 '38.
7s assented
73
Oct 1932 to April 1935
Oct 1935 to April 1937
Nat Bank Panama
Dec 1934 8tamped
Chile Govt 6s assented
1956
Coupons—
Stettin Pub Utll 7s
Nassau Landbank 6Xa '38
German Dawes coupons:
Central German Power
2d series 5s
45
f21X
/32
Munlo Bk Hessen 7s to '45
1956
71
f20X
/20
Municipal Gas A Elec Corp
Recklinghausen 7s. .1947
5s
68
1945
120
Building A Land
70
/38
Montevideo scrip
/45
German
f!2X
f 16
fO
f22X
6Xb
1951
f22X
Saxon State Mtge 6s..1947
f24
Slem A Halske deb 6s_2930 f 550
State Mtge Bk Jugoslavia
f2 2
rn
Merldlonale Elec 7s. ..1957
German Central Bank
Chilean Nitrate 5s
1948
Water 7s
1947
Sao Paulo (Brazil) 6s..1943
Saxon Pub Works 7s__1945
f50
f23
f2 IX
Leipzig O'land Pr 6 Xb '46
fl 8
/16
8a ctfs of deposit. 1948
Santa Catharlna (Brazil)
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
/22
Leipzig Trade Fair 78.1953
German Atl Cable 78.-1945
50
/105
Madge burg 6s
1943
fO
1948
gg
8%
f70
f45
Nov 1935 to May 1937
Koholyt 6 Xb..
f 11
f2 0
flOX{ l'lX
see
50 X
Luneberg Power Light A
Buraelater A Wain 6s. 1940
Callao (Peru) 7Xb
50 X
Farmers Natl Mtge 7s.'63
Frankfurt 7s to
1945
f2ax
f47
1957
4a scrip
19
Mannheim A Palat 78.1941
Caldas (Colombia) 7Xb '46
Call (Colombia) 78—1947
Cauca Valley 7Xb
Ceara (Brazil) 8s
55
55
19
French Nat Mall 88 6s '62
1953
Buenos Aires scrip
1933
6%
7s ctfs of deposit-1957
f!2
fio
f2l
fio
1967
Janeiro
Salvador 7%
1936
change Bank 7s
1967
7s Income
/12
Rio de
Hungarian Discount A Ex¬
74
f2l
7s
Brown Coal Ind Corp—
6Hs
.
Dortmund Mun UtU 6s '48
13
British Hungarian Bank
7X8
.
13
/22
/19
1940
1949
Cundlnamarca 6 Xb.
f20
f!2
/12
/33
(Germany) 78.1935
6s
-1946
Cordoba 7s stamped-.1937
Costa Rica funding 5s. '51
23
"
Ask
........
Hungarian Cent Mut 7s '37
1953
Colombia 4s
Cons
8s
Bid
City Savings Bank
Budapest 7s...
/21
Antloqula 8s.
Haiti 6s
Rhine Westph Elec 7% '36
5a__
i94i
/95
Toho Electric 7s
..1948
/H
fl5
North German Lloyd 6s '47
/99
1947
68
fl 0
Oldenburg-Free State
Mtge 7s
4s
fl2
/20
1947
1943
71X
no
J86.56
^
Unterelbe Electric 6S-.1953
Vesten Elec Ry 7s
1945
7s to
69
1955
Tollma 7s
/95
f2CX
1947
1945
Wurtemberg 7s to
/38
/23
/20
f20X
f Flat price.
For footnotes see page 3147.
FILING
OF
REGISTRATION
STATEMENTS
SECURITIES
Aircraft Components,
UNDER
Inc.—Change of Name—
The company has filed an amendment to the registration statement-filed
the Securities and Exchange Commission to change its name to
ACT
with
The following additional registration statements (Nos. 3862
to
Aircraft
Precision Products, Inc.
The original registration statement
(2-3842, Form El) appeared in the "Chronicle" of Oct. 29, page^2672.
3867, inclusive) have been filed with the Securities and
Exchange Commission under the
^
The total involved is
—V. 147, p. 2673.
Securities Act of 1933.
Affiliated Fund, Inc."—Registers with SEC—
department!—V. 147, p. 2520.
approximately $21,717,349.
See list given on first page of this
Michigan Associated Telephone Co. (2—3862, Form A2) of Madison,
Wis. has filed a registration statement
covering $2,800,000, 4%, 1st mort¬
gage series A bonds, due 1968.
Proceeds are to be used toward redemption
of all
outstanding 5%, 1st mortgage series A gold bonds, due 1961, and
for working capital.
J. F. O'Gonnell is President of the company.
Bonbright & Co., Inc., et al named underwriters.
Filed Nov. 10, 1938.
Aircraft Precision Products, Inc.—New
See Aircraft Components, Inc. above.
Air-Way Electric Appliance Corp.—Earnings—40 Weeks
,
North American Co.
(2-3863, Form A2) of New York, N. V. has filed
registration statement covering 776,000 shares of no par value common
stock.
Filed Nov. 10, 1938.
(See subsequent page for further details.)
Blackstone Valley Gas & Electric Co. (2-3864, Form A2) of Pawtucket, R. I. has filed a registration statement covering $4,000,000, 3H%
mortgage and collateral trust bonds, series D, due 1968.
Proceeds are to
Period—
a
x
Earnings
x
and
com¬
Was
on
147,
p.
$0.72
1915.
Dividends—
Nov. 16 declared extra dividends of $3 per share on the
distributed
on
ordi¬
semi-annual dividend of $1.50 per share
Dec. 24, 1937.—V. 147, p. 2673.
Profit
President of the company, as
would be entitled to
347,085
p.
x
Co.—Earnings—
1938—Month-—1937
$459,500
195,400
$424,000
173,700
Proceeds to be used for airfield construction, manu¬
The underwriter has not been
9 Months Ended
x
-
Federal taxes.—V. 147,.
2382.
Alberne Stone Corp. of
named.
1938—10 Mos.—1937
$4,346,000
$4,598,000
1,734,500
2,194,000
Includes other income and is after operating expenses and development
charges, but before depreciation, depletion and
share).
Glenn L. Martin,
of the president shares,
the right to subscribe to 57,847 shares
of 347,085
The last previous list' of
registration statements was "given
in our issue of Nov.
12, page 3002.
other charges.—V.
Alaska Juneau Gold Mining
x
stock.
1937
$36,115-
After deductions for operating expenses, normal Federal income taxes
Period End. Oct. 31—
Gross income
holder at $20 per share, the
registration of the 936,583 rights for distribution
to the stockholders will
permit the stockholders to subscribe for the new
stock at a ratio of 6 to 1 (6 old shares for 1 new
facturing equipment and working capital.
Filed Nov. 15, 1938.
1938
$43,854
$0.88
share
extra dividend of $4 in addition to a
registration statement covering 156,097 shares of $1 par common
936,583 rights.
The common stock is to be offered to the stock¬
or
$215,73$
nary and on the preferred stocks, both payable Dec. 23 to holders of record
Nov. 29.
•
A dividend of $3 was paid on the ordinary stock on June 28 last and an
(Glenn L.) Martin Co. (2-3867, Form A2) of Middle River, Md., has
rights,
40 Weeks
Oct. 5, '35
Co., line.—-Earnings—
Sept. 30—
Alabama Great Southern Ry.—Extra
stock and
of new common
per
Directors
Lord Abbett & Co., Inc., is the underwriter.
Filed Nov. 10, 1938.
Alco Valve Co. (2-3866, Form
A2) of Maplewood, Mo., has filed a regis¬
statement covering 74,175 shares of $1 par capital stock.
Filed
Nov. 12, 1938.
(For further details see subsequent page.)
owner
41 Weeks
Oct. 10, '36
$29,757
After taxes, depreciation, &c.—V. 147, p. 411.
Akron Brass Mfg.
tration
a
40 Weeks
Oct. 9, '37
$274,147
Net income
x
pany.
riled
$64,791
9 Months Ended
5%, 1st mortgage and general
mortgage gold bonds, due 1939.
David Daly is President of the company.
Underwriter to be named by amendment.
Filed Nov. 10, 1938.
Affiliated Fund, Inc. (2-3865, Form Al) of
Jersey City, N. J., has filed
a, registration statement covering $4,000,000 4)4%,
10-year secured con¬
vertible debentures, to be offered at
$100, and 1,905,470 shares of $1.25
par common stock; of which 530,000 shares are reserved for conversion and
1,375,470 shares are to be offered through underwriters at market.
Pro¬
Andrew J. Lord is President of the
Oct. 8,'38
Net loss.
x
be used toward payment of all
outstanding
ceeds will be used for investment.
Name—
'
•
Net
x
$7,890
After all charges but before
Alco Valvo Co., St.
The
company,
Virginia—Earnings—
1938
Sept. 30—
inepme
1937
$80,496
1936
$34,558
^
Federal taxes.—V. 146, p. 3943.
Louis—Registers with SEC—
manufacturers and distributors of
automatic regulating
valves for refrigerating and air-conditioning equipment, has filed a registra¬
tion statement with the Securities and Exchange Commission covering
Abbott
Period End.
x
yEarnings
y
Laboratories—Earnings—
Sept. 30—
Net profit..
per share
1938—3 Mos.—1937
$563,500
$462,245
1
$0.82
$0.72
1938—9 Mos.—1937
$1,405,000
$2.07
$1,327,580
$2.07
x After
depreciation, normal Federal income taxes, but before surtax,
On 640,000 shares of capital stock.—V. 147, p. 1024.
Aetna Standard
Engineering Co.—Acquisition—
This company has acquired the Griffiths-Bowman
Engineering Co. of
Massillon, Ohio.
The latter company has no plants, acting as consulting
engineers.—V. 145, p. 1406.
\
74,175 shares ($1 par)
N. J., is named as the
capital stock.
Maguire & Co., Inc., Jersey City,
principal underwriter.
The proposed offering does
not constitute new financing
The
company
was
for the company.
incorporated in 1927 to contmue the business of a
co-partnership founded in 1923, and since the inception of the business its
growth has been financed largely out of earnings.
Its net sales have
increased from $113,558 in 1928 to $478,248 in 1937, and in the first nine
months of this year totaled $345,811.
Net profits, after taxes, rose from
$21,087 in 1928 to $97,373 in 1937, and for the first nine months of this
year are estimated at $49,178, according to the company's prospectus.
The company's products are used in both new equipment and for moderniz¬
ing existing installations.
Volume
Financial
147
Aldred Investment
Period End. Sept. 30—
1938—9 Mos.—1937
z$167,394
y$225,457
After all charges,
y Includes lass on securities sold of $47,262 for the
three months ended Sept. 30, 1937 and $270,095 for nine months ended
x
Sept. 30, 1937.
1181.
z
Includes loss
on
securities sold
147,
of $187,424.—V.
p.
Collateral Cancelled—
The Guaranty Trust Co. of New York has advised the New York Stock
Exchange that, in regard to Alleghany Corporation collateral trust inden¬
dated April 1, 1930, they have purchased and cancelled Alleghany
Corporation 20-year collateral trust convertible 5% / bonds due April 1,
1950 (stamped pursuant to plan dated March
15, 1934) aggregating
$395,000 principal amount, against an expenditure of "deposited, cash"
amounting to $149,991.25.—V. 147, p. 2858.
ture
Allegheny Ludlum Steel Corp.—Earnings—
x$352,180
period
After allowing
Allied
9 Months Ended Sept.
x
Earnings
share
After depreciation,
x
shares ($10
1937
$257,111
$2.30
1938
$118,503
$0.45
30—
:
per
Federal income taxes, &c.
y
On 75,050 common
par).—V. 147, p. 1915.
American Bosch
.
[Formery United American Bosch Corp.]
Profit
1937
1938
$4,808,430 $10,002,317
a647,138
z295,073
-
_
1,029,486 $35,516,904 $37,387,184
80,618
182,710
207,603
$8,480,481
Gross income
Crl50,240
59,110,104 $35,699,614 $37,594,787
3,994,818
15,990,205
15,989,894
Cr75,161
0500,383
Cr300,546
$4,628,581
1,792,930
$5,190,447 $20,209,792 $21,905,439
1.792,896
7,171.684
7,171,366
Int. to pub. & oth. deduc
Int. chgd. to construct'n
Balance.
Pref. divs. to public
Portion applic. to minor.
4,002,140
interests
Net
15,760
equity
of
78,844
63,265
16,683
Amer.
Pow. & Lt. Co. in
income of subs...._
$3,380,868 $12,974,843 $14,655,229
$2,819,891
Co. in income of subs.
—
3,380,868
112,017
Int. & other deductions.
725,962
Balance carried to
'
con-
solidated earned
sur
$1,999,046>
14,655,229
73,836
42,205
$3,396,828 $13,048,679 $14,697,434
105,124
414,096
403,121
727,353
2,907,809
2,911,460
$2,837,025
Expenses, incl. taxes
12,974,843
15,960
2,819,891
17,134
-
•
$2,564,351
Note—The above statements include full
$9,726,774 $11,382,853
revenues
without consideration
for possible revenue losses of one subsidiary involved in rate litigation for
which a reserve has been provided by appropriations from surplus.
For
the 12-month periods ended Sept. 30, 1938 and 1937, such appropriations
Corp.-—Earnings—
12 Mos. End. Sept. 30
Net sales
$8,439,241
41,240
Other income (net)
Total
Corp.—Earnings—
Net profit
y
1938—12 Mos.—1937
1938—3 Mos.—1937
$23,718,577 $24,537,616 $97,523,179 $97,046,101
Oper. exps., incl. taxes__ 12,849,948
13,291,711
52,309,095
51,103,312
Property retirement and
deplet. res. approp...
2,429,388
2,216,419
9,697,180
8,555,605
revenues
Other income
$278,282 for depreciation, &c.—V. 147, p. 2858.
Products
Operating
Amer. Power & Lt. Co.—
Net equity of A. P .& L.
Earnings for 3 Months Ended Sept. 30, 1938
x
Period End. Sept. 30—
Subsidiaries—
Net oper. revenues
Alleghany Corp.—Bonds Repurchased—
Company reported to the Securities and Exchange Commission that it
had repurchased $686,000 of its 5s of 1950 for retirement out of deposited
cash of $245,355.
Loss for
3149
American'[PowerJ& LightJCo. (& Subs.)—Earnings—
Trust—Earnings—
1938—3 Mos —1937
$7,349
y$38,714
Net loss..
x
Chronicle
1935
1936
$8,477,205
x325,648
y$108,081
After ordinary taxes, depreciation and other charges, but before pro¬
vision for Federal income taxes,
y After ordinary taxes, depreciation and
x
charges, but before Federal taxes,
z After Federal income taxes,
depreciation and other charges, but before surtax on undistributed profits;
a After taxes/depreciation
and other charges, but before special adjust¬
ments.
Including $1,523,325 special adjustments, net loss for the period
was $2,170,463.—V. 147, p. 3003.
amounted
to
$634,948 and $593,019, respectively.
Income Account
(Company Only)
1938—3 Mos.—1937
1938—12 Mos.—1937
$2,001,427
$2,910,477
$7,843,087 $10,889,782
17,134
15,960
73,836
42,205
Period End. Sept. 30—
Income: From subs
Other
other
Total
of a share of common
American Cigarette &
Dec. 15 to holders of
of the seven preceding
Suarters. of dividend of l-20th of commonwas stock on Dec. 2, 1936. Stock
ividends A l-40th of
share of a share
B paid were paid on Sept. 15,
a
June 1. and on March
See also V. 145, p. 1247.—V. 147, p. 1181.
16,1936.
$7,916,923 $10,931,987
414,096
403,121
2,907,809
2,911,460
—$1,180,582
Net income.-.
l-40th
B stock of American Tobacco Co. for each share of
Cigar common held.
This payment will be made
record Dec. 2.
A similar payment was made in each
$2,926,437
105,124
727,353
$2,093,960
$4,595,018
Int. & other deductions.
& Cigar Co.—Stock Dividend—
American Cigarette
The directors have declared a dividend of
$2,018,561
112,017
725,962
Expenses, incl. taxes
Total
balance
income
12
$10,613,373
4,595,018
for
4,595,018
months
ended Sept. 30, 1938
Dividends
received
from
subsidiary
from earnings prior to year 1937
Restatement of reacquired com. stock
$5,538,911
$8,241,970
$6,049,836
1935
$5,186,565
447,325
542,045
545,794
549,337
$5,986,236
$8,784,015
2,139,753
2,026,757
$6,595,630
1,720,711
1,406,140
1,289,106
1,089,344
306,980
612,628
62,701
870,345
331,278
363,650
83,521
Other income
Total income
-
Total
$5,735,902
1,553,139
1938
Oper. profit after exps__
Deprec. & depletion...& process deveiopment expense—
.
1937
1936
481,339
508,744
Interest
313,163
869,052
49,980
2,499
Other debits
1938
jj-SSCtS" '1
S
49,980
interest..
income
U.S.Govt.secur.
5,144,504
American Electric Securities Corp.—Dividend—
uoi uve
declared a dividend of five ceuus per snare on the
cents per share on nie
holders
'XT—
participating preferred stock, payable Dec. 1 to holders of record Nov. 21.
Like amount was paid on Sept. 1, last.—V. 147, p.881.
11
"
*
•
6,836,673
4,476,143
y400,000
1,900,000
Corp.—Stock Pm chased—
Securities and Exchange Commission that it
purchased all of the outstanding stock of Eff Laboratories, Inc., manu¬
facturer of Vitamin products.
In exchange American Home Products gave
7,000 shares of its capital stodk which had been purchased in the open
market at approximately $285,000.—V. 147, p. 2673.
935,499
49,936
1,474,606
Special deposit.
170,293
American Machine &
Cost of sales-
-—.—
Others
Total
Expenses
Deprec. & depletion..__
3,443,062
Interest
$491,404
91,639
$1,149,532
xl38,772
$351.494
229,916
28,308
7,916
$583,043
711,684
88,364
33,392
Crl 0,245
$1,288,304
934,413
7,875
Cr980
—
Profit on bonds
retired.
_
bonds called._
Red. Fed. inc. tax accr.
114,387
34,034
x
Includes an
—V. 147, P.
Cr603
18,441
$66,069 prof$85,354
$258,593 pf$200,973
extraordinary profit on sale of capital assets of $50,960.
1026.
American Meter Co.,
Adoption of a retirement income plan for employees of this company,
which the company matches the contributions of employees, was
announced on Nov. 5.
A group annuity contract with the Equitable
Society of the United States will supplement the old-age
benefits established in the Social Security Act.—V. 147, p. 1916.
Life Assurance
President Lines—New President—
McAdoo on Nov. 10 was elected President of the board of
directors of this company, successor to the Dollar Steamship Lines.
Mr.
McAdoo will assume his new duties on or about Dec. 1.—V. 147, p. 2859.
William G.
272,576,179 275,852,611
Total
(& Subs.)—-Earnings—
American Public Service Co.
1938—3 Mos.—1937
$1,549,893
$1,556,929
930,495
899,824
Period End. Sept. 30—
Operating revenues
Oper. expenses & taxes._
1938—9 Mos.—1937
$4,136,622 $3,945,680
2,618,864
2.469,840
$1,475,840
$619,398
$657,105
$1,517,757
2.3,801
23,442
70,868
$643,199
$680,548
286,800
3,575
$1,588,626
839,293
11,521
.,524,292
865,144
10,621
70,776
20,158
4,430
72,772
58,892
16,999
213,444
60,835
14,289
220,273
$265,613
income.
$292,812
$448,476
$353,128
Other income (net)
Gross income
277,142
3,815
on long-term debt..
General interest
Int.
,
48,451
Amort, of bond discount
a
Dividends.___
19,433
6,420
—
,
Net income
At cumulative rate on pref. stock of West
Texas Utilities Co. for period
held by the public.
Earnings of Company Only
Period End. Sept. 30—
Income
b Dividends
a
,
1938—3 Mos.—1937
$36,235
,$38,281
15,326
19,990
Other dividends
1938—9 Mos.—1937
Total income
General & miscel. exps..
State,
25
20
1,382
1,382
4,147
4,147
$59,654
1,554
$52,944
1,626
$177,594
6,511
$144,241
6,620
&
local
$106,752
33,317
$113,456
59,971
"
—
r~
"330
516
1,537""
~"~I,040"~
1,231
Fed. normal inc. tax
6,531
2,274
1,270
$49,571
$163,513
$132,540
Prov. for loss of sub. co
Net income
Inc.—Adopts Pension Plan—
under
American
10,613",372
x Represented
by: $6 pref. cum. (entitled upon liquidation to $100 a
shard, pari passu with $5 pref.); authorized, 1,000,000 sns.; issued and
outstanding, 793,581 2-10 shs. (incl. of 29 2-10 shs. of scrip in 1938 and
31 2-10 in 1937); $5 pref. cum. (entitled upon liquidation to $100 a share,
pari passu with $6 pref.); authorized, 2,200,000 shs.; issued and outstanding,
978,444 shs.; common, authorized, 4,000,000 shs.; issued, 3,013,812 27-50,
shares less 5,301 reacquired and held by company,
outstanding 3,008,511 27-50 (incl. of 2,295 27-50 shs. of scrip in 1938 and
2,436 27-50 in
1937).
y Note only—V. 147, p. 2079.
Federal taxes
Net loss
36,026
8,634,673
27,358
272,576,179 275,852,611
Total...
Amort, of deferred inc._
"5", 100
------
Cr4,220
420
Capital surplusSurplus
'
Prem. on
Adjustment of ore
A
3,489,559
22,519
2,753,732
$276,195
x75,299
165,845
19,217
163,354
,
1,865 >941
$121,668
income!
interest
Unamortiz'd dis¬
a
Other income.
25,571
and expense.
$98,970
22,698
Gross profit.
407,385
149
Subsidiaries..
Miscel. inc. deductions.
1938—12 Mos—1937
$2,357,345 $3,903,264
84,716
428,585
Other curr. liab-
Accts. receivable:
Net operating
Metals, Inc.—Earnings—
1938—3 Mos,—1937
$504,831
$927,043
405,861
650,848
n
181,810
accts..
163,354
Other cur. assets
Accrued
4,148,000
2,413,380
4,142,000
1,206,704
26,984
payable-
.
receiv., subs.
(& Subs.)- -Earnings—
1938—9 Mos.—1937
1938—3 Mos.- -1937
x Net income-"$207,261.
$535,709 loss$29J39
$521,817
Earnings per sh. on comNil
$0.58
Nil
Nil
x After
interest, depreciation, Federal income taxes, &c., but before
Federal surtax on undistributed profits,—V. 147, p. 1328.
Period End. Sept. 30—
43,385,500
Long-term debt,
Notes and loans
Company reported to the
Period End. Sept. 30—
Net sales..
Co. 6% debs.
Accts.
securities
has
American Ice Co.
Divs. declared..
count & exp_.
1182.
American Home Products
1,550,000
banks.:.
Company paid a dividend of $1 per share on its common stock on Nov. 1,
last." A dividend of like amount was paid on Dec. 23, 1937.—V. 147,
American Gas & Electric Co.—Debentures Called—
Company has called for redemption at 106 on Dec. 21, $10,000,000
of its 5% debentures, due 2028.
Funds for retirement of these obligations
have been acquired in cash as the result of recent refunding operations
of the company's subsidiaries.
The debentures will be called by lot by
Guaranty Trust Co,., trustee.—V. 147, p. 2859.
r
,
S
$
Capital stock.214,579,677 214,615,703
6% gold debens. 43,360,500
Southw. P. & L.
Sundry debits..
Corp.—-Dividends Resumed—
American Enka
Liabilities—
x
6,320,845
deposits in
Other short-time
<
The directors on Nov. 17
1937
1938
*2)
p
253,734,356
2,095,841
2,690,817
Time
Only)
1937
..'.253,477,703
$8,634,673
$36,026
$8,670,699
Surplus, Sept. 30,1938
Investments
$36,026 $15,274,084
3,273,437
3,363,475
2,499
3,273,437
Balance Sheet Sept. 30 (Company
-_x$l,400,280 x$4,235,957 x$2,803,266
$2,533,969
Preferred dividends:
55,373
...
Combined shs. stk. outst
2,520,368
2,520,368
2,520,368
2,520,370
Earnings per share
$0.53
$1.68
$1.11
SI .00
x No mention
was made of any provision for Federal surtax on undis¬
tributed profits.—V. 147, p.1025.-
p.
29~254
3,363,475
Cash
Prov. for income tax
Net
$36,026
$15,310,110
—
$6 preferred stock dividends
$5 preferred stock
Research
Minority
36,440
36,440
36,025
29,254
Cyanamid Co. (& Subs.)—Earnings—
American
Earned
Capital
$10,613,373
Surplus, Oct. 1, 1937
Net
Other credits
9 Mos. End. Sept. 30—
$7,617,406
Summary of Surplus for the 12 Months Ended Sept. 30, 1938
a
On cum.
$57,769
pref. stock of West Texas Utilities Co.
b On common stock
147, p. 3004.
of Public Service Co. of Oklahoma.—V.
American Rolling Mill Co. (& Subs.)-—Earnings—
30—
1938—3 Mos.—1937
1938—9 Mos.—1937
$556,994pf$2,646,525
$l,280,159pf$9,289,296
Period End. Sept.
xNet loss
Earns,
per sh. on com.1
shares outstanding—
x
After
Nil
$0.79
depreciation, interest and Federal taxes.
figures are before provision for
Note—Above
Nil
$3.09
Federal
undistributed
profits tax.—V. 147, p. 1631.
f
I)
Financial
3150
1 937
$306,365
$1,410,548 y$4,65o,308 y$2,657,159
112,215
125,040
47,861
$269,149
7.020
Total loss.
$262,129
4,012
Other income.
$5,697,362
1,044,054
15,575
89,500
------
422.250
424,000
47~666
$1,409,728 y$3,562,637 y$l,849,069
sh.
Nil
$1.57
1182.
Arundel Corp.—Earnings—
1936
1937
1938
30—
$608,129
Current assets as of Sept. 30, 1938, amounted to $3,257,785 and current
liabilities were $410,361, compared with $3,572,079 and $1,130,888, re¬
spectively, on Sept. 30, 1937.—V. 147, p. 1917.
30, 1938
Months Ended Sept.
3
—$1,522,870
1,303,533
sales—
10,108
$40,230
1, 1938, net loss was $8,309, compared with net
,078 in quarter ended Oct. 2, 1937.—V. 147, p. 3004.
9 Months Ended Sept.
Stove Co.—Earnings—
Expenses, &c_
9,051
Profit after depreciation, &c., but be¬
fore Federal income taxes---------
.
Earnings for
$30,122
$155,084
21.428
fabrics dividend.
uarter ended Oct.
loss of
.
ended Sept. 30, 1938, net loss was $543,533 comparing
with net profit of $1,150,484 equal to 97 cents a share on 1,187,496 common
shares in the September quarter of 1937.
x After deducting $9,814,378 cost
and expenses, y Profit.—V. 147, p.
American
$62,409
32,287
$185,563
For
$2.84
Nil
3,505
59,062
22,384
Cost liquidation Pile
For the quarter
Gross profit from
56,802
70,975
Federal and State taxes
com.
on
1,080,600
expenses
$313,141
stock
'37
$1,774,354
1,774,196
$177,468
------
Reserve for surtax
per
Costs and
Inventory adjustment
827.000
374,800
Federal tax
Net loss
Net sales
575,514
9,701
13,911
6,320
Minority interest, &c—
Miscell. deductions
^
Oct. 2.
Oct. 1, *38
$1,030,909
Idle plant expenses
$1,298,333 y$4,778,348 y$2,705,020
Operating loss
Other income (net)
,
Corp.—Earnings—
9 Months Ended—
1935
1936
$3,440,557
783,398
1938
Profit after expenses--lossx$757,060
Depreciation653,488
Earns,
Artloom
Steel Foundries—Earnings—
American
9 Mos. End. Sept. 30—
.
1938
19
Nov.
Chronicle
Associated Dry Goods
$916,415
$1,035,833
Corp.—Sales—
reported by subsidiary store companies for the 13-week period
$13,705,928, compared with sales of $14,382,097
in the corresponding period last year, a decrease of 4.7%.
Total sales
for the 39-week period ended Oct. 29, 1938, were $37,812,271, compared
with sales of $40,436,763 in the corresponding period last year, a decrease
of 0.5%.—V. 147, p. 2673.
'
Sales
Profit
$219,337
5,079
—
-
-
-
Other income
—
$224,416
35,000
Total income
Estimated Federal income taxes
Net profit
Earnings per share on 539,990 shares
share.—V. 147, p.
Associated Gas &: Electric Corp.—Earnings—
$189,416
$0.35
-
capital stock
...
30, 1938, net profit was $156,446
1916.
For the nine months ended Sept.
to 29 cents a
ended Oct. 29, 1938, were
(Including Associated Gas & Electric Co.)
equal
Statement of
Type Founders, Inc. (& Subs.)—Earnings—
Ended Sept. 30—
1938
1937_
1936^
(Actual—Since Acquisition—Basis)
American
6 Months
^
$2,718,038
$4,146,886
3,847,269
3,314,974
$299,617
96,257
$363,401
102,348
Cost and expenses
Operating profit
. _ _ _ -
Other income
•
Joss$235,531
96,957
—
1937
1938
12 Months Ended Sept. 30—
$
$
$3,678,375
2,953,569
Net sales
Consolidated Earnings and Expenses
Trust Agreements or other Restrictions
Incl. All Subs. Regardless of Voting
102,120,330 100,018,549
Total electric revenue
14,191,176
13,462,098
11,866,677
Total gas revenue
Total miscellaneous revenue
10,567,201
128,178,183 124,047,848
57,218,096 53,515,771
Total operating revenues
-------
$395,874
62,140
24,135
45,850
36,259
10,056
x
—
Net
Provision for retirements
11,211,212
46,018,298
11,143,943
1,250,591
34,874,355
1,805.967
36,024,770
36,680.322
18,428,070
18,351,485
1,436,366
1,241,840
Crll5,860
1,427,130
$0.46
Water Works & Electric Co.,
■Weehy
Inc.-
Output—
Output of electric energy of the electric properties of American Water
& Electric Co. for the week ended Nov. 12, 1938, totaled 44,-
Works
359,000 kilowatt hours, a decrease of .34% under the output
kilowatt hours for the corresponding week of 1937.
Comparative table of
follows:
of 44,513,400
weekly output of electric energy for the last five
years
1938
44,694,000
-_45,045,000
44,293,000
44,359,000
3004.
Week Ended—■
Oct. 22
Oct. 29
Nov.
5
Nov.
12
—V. 147, p.
American
Lead
Zinc,
& Smelting
$2,228,478
Cost of goods sold
Profit
1936
50,073,000
49,530,000
48,431,000
47,728,000
1938—3 Mos.—1937
$3,789,760
3,467,885
2,050,766
Period End. Sept. 30—
Net sales
•
1937
48,276,000
47,370,000
46,531,000
44,513,000
on
.<
$177,712
27,838
sales..:
Other income
*
(& Subs.)—
Co.
1938—12 Mos.—1937
$8,559,790 $14,191,385
7,993,341
13,008,797
$566,449
104,860
40,659
A
Gross income
Fixed charges and other deductions
Interest on funded debt
Interest
on
unfunded debt
Cr245,704
Interest charged to construction
Amortization of debt discount and expense
Dividends
Paid
or
on
12,545
"17"405
Surtax undistrib. profits
*
$671,309
368,458
20,783
433,478
4,676
3,026
25,079
$1,223,247
384,767
1,302,597
preferred stocks:
250,837
4,234,171
283,187
173,600
10,349,567
11.084.768
625,173
1,340,686
4,305,479
95,413
659,034
1,467,781
4,057,932
74,082
3,982,816
157,253
4,825,938
198,122
4,247,990
accrued
255,048
currently-Minority interest in net earnings
Accrued but not being paid
Balance of income
—
Corporation interest, &c.:
8% bonds, due 1940
Convertible debentures, due 1973
Income debentures, due 1978
Amortization of debt discount and expense.-
—
,
Expenses and taxes of company.
3,825,563
371,678
27,013
425
Balance of income—before non-recurring exps.
Non-recurring expenses
$184,19 lprof $386,673
-
62,620
Note—The foregoing statement shows the actual results of operations for
Subsidiaries acquired during the two year period are included
both periods.
Corp.—$6 Capita1 Distribution—
paid in each of the seven preceding dividend periods.
The current capital distribution reduces the book value
only from dates of such acquisition. The statement for the 12 months ended
Sept. 30, 1937 has been revised, for comparative purposes, to exclude an
overaccrual of pension expense amounting to $131,489, and to include
certain other items aggregating $346,079 which in i937 were considered
as surplus charges.
were
shares from $10 to $4 per
Milled
Value of Gold
Declared
140,000
145,500
147,000
88,500
£256,055
290,722
296,941
131,623
Tons
-South
Brakpan Mines, Ltd.l
Daggafontein Mines, LtdSprings Mines, Ltd__--__
West Springs, Ltd
The South African Land &
Balance Sheet Sept.
Assets—
-Results
of Operations for Month of October, 1938—
Companies—
Associated Gas & Electric Co.
-
,
of the common
share.—V. 147, p. 1631.
Anglo-American Corp. of South Africa, Ltd.-
Costs
Profit
African Currency£108,738
£147,317
141,512
149,210
147,025
149,916
84,567
47,056
49,700
Exploration Co., Ltd...
104,392
Each of which is incorporated in the Union of
36,933
67,459
South Africa.—V. 147,
2383.
(including entire capital stock)
$435,326,266
Deposits for matured interest, dividends payable, and matured
scrip, &c. (contra)_____;
242,812
Special deposits for redemption of securities, &c—:
1,287,146
5,110
Cash..
6,517,445
67,371
Unamortized debt discount and expense
Miscellaneous items in suspense
$443,446,150
Total.
Capital stock and surplus
Surplus reserved for conversions
^
,
Scrip certificates for interest
of1937 and 1938 (July, August and September):
3 Months Ended Sept. 30—
1938
Revenue from sale of gold and silver bullion
$125,586
during the
quicksilver
33,971
..
on
70,659,440
checks, and matured
scrip, &c. (contra)
Accounts payable
242,812
300,252
;
32,264
1,137,053
445,166
Accrued taxes
third quarter
Revenue from other sources
,
-
Matured interest, unpresented dividend
Anglo-American Mining Corp., Ltd.—Earnings—
The following is the result of operations of the corporation
-_____a283,408,455
27,536,230
49,420,705
49,420
convertible obligations
10,263,773
-,
,
.
ny's
Obligations convertible into stocks at company s option.
option.-—__
Funded debt
Revenue from sale of
30, 1938 (Not Consolidated)
-
,
Investment in and advances to Associated Gas & Electric Corp.
Liabilities—
Note—Revenue has been calculated on the basis of £7.5.0. per ounce fine.
p.
901,665
839,046
344,665
Sinking fund income debentures.
Interest-bearing scrip and unfunded debt-.
Amortization of debt discount and expense.
400
53.889
p.1026.
Andian National
x
3,097,408
125,676
186,690
316,376
397",093
Directors have declared a regular semi-annual dividend of $1 per share
and a capital distribution of $6 per share on the common stock both pay¬
able Dec. 1 to holders of record Nov. 21.
Extra dividends of $1 per share
x
4,627,816
2,980,157
143,595
23.273
306,860
Company fixed interest, &c.:
Balance
$24,235prof$ 119,647
Net loss
-V. 147,
9,140,658
15,373,121
of subsidiaries:
$1,182,588
13,420
112,500
Federal income taxes—
33,625,000
34,057,000
33,737,000
34,257,000
$321,875
$335,295
98,139
4,104
96,000
$205,550'
99,115
5,625
Total income
Expenses
Interest, net
Depreciation & depletion
Excess profits tax
1934
1935
42,109,000
42,949,000
42,629,000
43,446,000
8,362,740
16,611,956
Provision for taxes (incl. Federal inc. taxes)
ing in
Non-operating income
-V. 146, p. 3004.
Before Federal surtax on undistributed profits.
American
45,985,391
$186,372
$0.55
'
profit
i
r
-_loss$184,889
Earnings per share on capital stock—
Nil
x
Operating expenses
Maintenance
$263,749
loss$138,574
Interest..
Federal income taxes
$465,749
165,115
81,262
33,000
Net operating revenue
Total income
Other charges
1937
$110,475
26,474
4,096
Accrued interest
Reserves
-
—$443,446,150
Total.
Represented in part by unsurrendered convertible debenture cers-tificates, &C.* which have been called for conversion into stocks, as ex¬
plained in previous reports.—V. 147, p. 2235.
a
Total
$159,558
114,973
revenue
Operating costs—
Net profit before
depletion, depreciation, &c—
$141,046
98,699
$44,584
$42,346
—V. 147, p. 881.
Animal Trap
$40,248
Net income before income taxes
146, p.
Period End. Sept. 30—
y
Net income
After all charges,
Co., Inc. (& Subs.)—Earnings
1938—3 Mos.—1937
1938—9 Mos.—1937
y
$130,491
$188,892
$484,408
$1,026,393
$0.44
—-
Earns, per share
x
&
Electric
Co.—Extension
of
Notes
$0.63
$1.62
$3.44
On 298,003 shares.—V. 146, p. 2525.
unanimous decision of the U. S.
the maturity date of outstanding
5M % convertible investment certificates from Nov. 15 without first filing
a
declaration with the Securities and Exchange Commission under the
Utility Holding Company Act of 1935 and receiving an order
permitting the extension.
The action by the court was taken on appeal
a restraining order of Federal Judge John W. Clancy.
The company contended before the court that declarations and per¬
missive orders were required by law only with regard to new securities and
that the extension of a maturity date by agreement expressed in a "rubber
stamp" indorsement with or without consideration did not constitute the
terms of the
1865.
Art Metal Construction
x
Gas
Company was restrained Nov. 7 by a
Circuit Court of Appeals from extending
Co. of America—Earnings—
Earnings for 9 Months Ended Oct. 1, 1938
—V.
Associated
Restrained Without SEC Permission—
from
issuance of
new
securities.
Financial
Volume 147
Chronicle
3151
W The Appellate Court, composed of Judges
Augustus N. Hand, who wrote
the opinion; Martin
Manton, presiding, and llarrie B. Chase, concluded
that this contention was not warranted
by law.
Creditors Ash
Reorganization—
Asking that the company be declared insolvent, with present stockholders
owning no equity, an involuntary petition for the reorganization of the
company Was filed Nov. 15 under the Chandler Act in tne U. S
District
Court for the Southern District of New York for three creditors by the law
firm of Battle, Levy, Fowler & Neaman.
The petition stated that the creditors, Blanche Creamer, Brooklyn;
C. Raymond Durling Jr.,
Montclair, and Charles C. Johnson, Brooklyn,
have claims against the company amounting to more than $5,000.
The
petitioners ask that a new company be created, the capitalization to con¬
sist solely of common stock, with creditors receiving shares in the new
The
Bartgis Brothers Co.
(A Maryland Corporation)
Common Stock
company for their claims.
George Gordon Battle, representing the petitioners, appeared before
Federal Judge Samuel Mandelbaum requesting a temporary injunction
involving the restraints asked for in the petition against transfer of property
and the prosecution of suits pending the outcome of the
proceedings. The
Prospectus
court took the matter under advisement.
The petition asked that the court appoint a trustee or trustees ibo inves¬
tigate the conduct, property, liabilities and financial condition of the com¬
pany, the operation of its business and the desirability of its continuance.
It also asked that the court submit to the Securities and Exchange Com¬
mission a reorganization plan filed with the petition, which "shall not be
approved until the commission has filed its report thereon."
The petition also asked that the company be enjoined, with any and all
of its subsidiaries and
agents, including the transfer and coupon paying
agency and the Irving Trust Co., and assigns, from transferring any portion
of the assets, and that pending a
hearing on the proposed order, a temporary
injunction be granted.
Steelman & Birkins
60
Weekly Output—
Bell
For the week ended Nov. 11, Associated Gas & Electric System reports
or
week
a
output of 92,623,998 units.
This is an increase of 3,209,491
3.6% above production of 89,414,507 uqits for the comparable
Interstate
Commerce
Commission
Auburn Automobile Co. (&
Period End. Aug. 31—
Net loss.
on
Nov.
4
issued
a
Bayuk Cigars, Inc.—Preferred Stock Called—
certificate
Belden Mfg. Co. (&
on
Nov. 4 issued
x
a
certificate per¬
mitting abandonment by the company of parts of its line of railroad as
(1) Centreville branch, extending from Centreviile Junction at or
QueenStown to Centreville, approximately 5,37 miles, all in Queen
Anne County, (2) part of its Claiborne branch, extending from a point at
or near McDaniel to the western terminus of the branch at Claiborne,
approximately 1.93 miles, all in Talbot County: (3) part of its main line
extending from a point about 1,000 feet east of Easton Junction, Talbot
County,'to a point about 1,000 feet west of Preston, Caroline County,
approximately 9.62 miles; (4) part of its main line extending from a point
about 4,356 feet east of Vienna station to a point about 708 feet west of
Mardela Springs station, approximately 2.95 miles, all in Wico nlco
County; and (5) part of Its main line extending from a point on the west side
of
Sinepuxent Bay to the eastern terminus of the main line in Ocean City,
approximately 0.36 mile, all in Worcester County: a total of 20.23 miles,
all in the State of Maryland.—V. 128, p. 1222.
.
follows:
near
RR.—Agent—
Bartgis Brothers Co.— Common Stock Offered-—J. P.
Brockley & Cp., Harrisburg, Pa., are offering the common
stock of the company at the market.
The offering does not
represent new financing in behalf of the company.
/
Transfer
agent,
Maryland Trust Co., Baltimore,
Union Trust Co. of Maryland, Baltimore, Md.
After all charges.—Y. 147, p. 1028.
x
Md.
creased 18,189, compared with 65,059 a year ago.
In Philadelphia the October increase was 2,742, against 2,507 in 1937
month. On Oct. 31, last, there was a total of 1,223,245 telephones in service
in the State.—V.
Belmont
147,
p.
3005.
Radio Corp.—Listing—
The company's application to list 300,000 shares of the no-par common
stock
on
the Chicago Stock Exchange has been approved.—V. 147, p. 1480.
Bendix Aviation CorpSalaries Restored—
Vincent
President of this corporation announced
Bendix,
conditions.
•
The shares of common stock of the company are traded in the regular
manner in the "over-the-counter" market, there being at the present time
about 10 security firms, located in N. Y. City and various parts of the
country, making a trading market in this stock.
History—Company was incorp. in Maryland April 7, 1904 and has been
engaged in the business of manufacturing waste paper, sulphite and other
raw materials into folding box board, the major portion of wnich is used
by the company in the manufacture and sale of cartons, folding boxes of
various types, fixed shape boxes, "and other p,aper board containers.
Com¬
pany also does a large amount of color printing on its paper products and
performs other necessary incidental activities and functions in connection
The salaries of all employees who were receiving $300 a month or iess on
said,
as
expressed last March when conditions in the automobile business
made sweeping economies necessary.
With the general upward trend of
Bendix business and the apparent
improving prospects of the automobile industry, the management feels that
the time is opportune to help by putting their shoulders to the wheel, and
lending their support to the general recovery by this expression of confidence
for the future.—V. 147, p. 2523.
Black Hawk Consolidated Mines Co.-
x
x
p.
3 Months
1938
1938
Period Ended Sept. 30—
Net operating income
Before depreciation,
*
Mos.
Years
End.
'38
Gross sales, less returns
and allowances—$379,412
Ended
■
Dec.
311935
1936
193^
$844,937
$670,625
$580,971
47 ;344
139,630
77,302
Blackstone Valley
Gas & Electric Co.—Registers with
'
See list given on first page
8,500
35,050
11,330
7,331
$38,844
$104,580
$65,971
$42,756
;
of this department.—V. 147,
Blaw-Knox Co.—Stock
p.
3005.
Acquisition—
Company reported to the Securities and Exchange Commission that on
Oct. 31 it owned 1,077 shares of the 1,500 shares outstanding of American
Gas Service Co.
Blaw-Knox spent
$109,522 to acquire the service
company
stock.1—V., 147, p. 1184.
Boeing Airplane Co. (& Subs.)—Earnings—
Period End. Sept.
30—
1938—3 Mos.-—1937
Sales, oper. revenue and
other income
$338,290
245,169
Net
profit
Earns, per sh. on cap.stk
—V. 147, p. 1480.
Bon Ami Co.
1938—9 Mos.—1937
$1,798,605
1,738,277
91,279
9,758
$1,634,595
1,459,662
29,062
24,325
9,758
$5,040,231
4,507,467
88,167
69,154
$51,470
$0.07
$121,546
$0.17
loss$40,709
$375,443
31,893
federal income taxes—
income & excess-profits
taxes
-9 Months1938
1937
$105,352
$6,720
amortization, interest and income taxes.—rV. 141,
SEC—
50,088
Net income before estd.
•Earnings—
2270.
^Depreciation —
Earnings for Stated Periods
-
$51,886
Costs & other detections
manufacture.
6
"back-to-
a,
normal" salary revision for salaried employees of the corporation and ail
of its subsidiaries and divisions, effective Nov. 1.
Registrar,
The principal underwriter, J. P. Brockley & Co., Inc., in reliance upon
(Nov. 27, 1936) of 130,000 shares of capital stock of the
company, have entered into a contract to purchase from E. H. Lupton,
President, Treasurer, and director of the company, 9,661 shares of the com¬
mon stock at a price per share of $4, or a total cost of $38,644.
The terms
of said contract provide for the immediate purchase of 2,000 shares at this
price and the right to purchase the remaining 7,661 shares upon certain
June 30,
1938—9 Mos.—1937
$129,232 prf$421,931
•
Company reports a net gain of 6,387 stations in service during October,
against a net gain of 6,212 stations in the corresponding month of 1937.
For the first 10 months of 1938 the company reports installations in¬
the registration
Nil
$0.54
(& Subs.)—jEarnings—«-
income
&
excess-
profits tax
1935
$1,729,592
935,466
50,442
117,793
Net income..
lhe above net income for the years 1935 and 1936 is after the payment
Federal Reserve Bank of Richmond and
a stockholder, which interest charges amounted to $29,532 in 1935 and
$27,353 in 1936.
The loans were paid off earljr in 1937.
1938
1937
1936
$2,043,517
$2,009,004
$1,894*121
1,269,964
47,887
197,057
1,256,260
176,134
1,110,325
60,438
152,159
Net profit,..
...z$l ,025,020 z$l,023,337
Class A shs. outstand'g
94,573
92,647
Class B shs. outstand'g
200,000
200,000
z$897,728
88,870
200,000
$767,231
87,000
y
x
Estd.
Earnings per sh. under
$4.44
$3.75
y
Earnings per sh. under
9 Mos. End. Sept. 30—
Gross
Federal taxes.
x
Liabilities—
Assets—
x
Accounts receivable
(net)
Inventories
—
Prepaid & deferred accounts. -•
Property, plant & equip, (net).
$5,469 Accounts payable
80,525 Notes payable, bank
126,860 Accruals
$18,880
20,000
1,464
492,051
Prov.
11,473
-
-
for Income and
33,869
17,955
182,900
...
Common stock
Paid-in surplus
Earned surplus
Total
-
$706,370
Total
108,052
287,136
26,104
..v-
$706,370
—
-V. 147, p. 3005.
Bastian
Blessing Co.—Extra Dividend—
Directors have declared an extra
common
dividend of 20 cents per share on the
record Nov. 15.
Regular
stock payable Nov. 25 to holders of
quarterly dividend of 25 cents was paid on
p.
Oct. 1, last.
See also V. 147,
$4.94
$5.00
i
199,800
participating features.
$2.79
$2.80
$2.51
$2.20
z Before surtax on undistributed profits..
L
Note—If applied directly to the 94,573 shares of class A stock, the net
profit for first nine months of 1938 is equal to $10.84 a share against $11.04
a share on 92,647 class A shares in first nine months of 1937.
For the quarter ended Sept. 30, 1938, net profit was $345,985 equal to
$1.67 a share on class A and 94 cents a share on class B shares.
This com¬
pares with net profit in September quarter of 1937, of $344,339 or $1.68
a share on class A and 94 cents a share on class B.
Applied directly to class A stock, earnings for the September quarter of
1938 were equal to $3.66 a share, against $3.71 a share in September quarter
of 1937, and $3.61 a share in the quarter ended June 30, 1938.—V. 147,
p. 563.
.
~.
Boston Consolidated Gas Co.-—Files New Rate Schedule
commercial use of gas
filed on Nov. 8 with the Massachusettes State Department of Public
A new schedule of general rates for domestic and
was
Utilities.
1479.
participating features.
56,789
_
exoess-
profitfltax:.
Notes payable to officers
6% pref. stock
deprec
Depreciation
Balance Sheet June 30,1938
Cash
profit on sales
Profit before
of interest charges on loans from the
//
....
March 31, last, are to be restored to the level prevailing at that time.
This action is in line with the policy of the management, Mr. Bendix
Central Hanover Bank & Trust Co. has been appointed agent for the
receipt of securities under a plan, dated Aug. 15, 1938, of the company,
for modification of interest charges and maturities.—Y. 147, p. 2860.
their
Subs.)—Earnings—
1938—3. Mos.—4937
$7,821 prof$109,978
Sept. 30—
Net loss
Bell Telephone Co. of Pennsylvania—Gain in Stations—
Baltimore & Eastern RR.—Abandonment—
Baltimore & Ohio
2523.
p.
Period End.
1938—3 Mos —1937
$124,563
,,$703,449
The interstate Commerce Commission
Company has called for redemption on Jan. 15, 1939 4,000 shares of its
7 % cumulative first preferred stock at $110 per share and accrued dividends
amounting to $1.75 a share.
The stock to be called was selected by lot.
Payment will be made at the Guaranty Trust Co. of New York.—V. 147,
Subs.)—Earnings—
1938—9 Mos.—1937
$501,548
$1,418,617
After depreciation, taxes, minority interest, &c.—Y. 147, p. 1632,
with
System Teletype N. Y. 1-211
amounted to 102,347,948
permitting abandonment by the company, and abandonment of operation
by the Gulf Colorado & Santa FeRy.,of the Atchison's Sulphur branch,
extending from Davis in a general easterly direction to Sulphur, 8.98 miles,
in Murray County, Okla.—V. 147, p. 2674.
x
New York
3004.
Atchison Topeka & Santa Fe Ry.-—Abandonment—
x
St.,
year ago.
Gross output, including sales to other utilities,
units for the current week.—V. 147, p.
The
Broad
Western Union & Postal Teletypes
net electric
units
Request
on
Balance Sheet
President of this company, stated that this action is
continuation of previous efforts which terminated in July when
rate schedule filed on Jan. 15.
E. M. Farnsworth,
virtually
a
the utilities department disallowed a
The July decision contended that
the schedule in question, containing
Invests,
$110,289
of the cam.
The new rate schedule is as follows:
First 100 cubic feet per month,
60 cents per 100 cubic feet; next 600 cubic feet, 20 cents; next 800 cubic
feet, 10 cents; next 23,500 cubic feet, eight cents; next 75,000 cubic feet,
7Vi cents; over 100,000 cubic feet, six cents.
The general schedule now in effect which the new rates would replace is
60 cents for the first 100 cuoic feet, 10 cents per 100 for the next 99,900
cubic feet and eight cents per 100 for all over 100,000 cubic feet with a
minimum bill of $7 for any 12-month period.—V. 147, p. 3005.
Gold
at
$321,013
429,156
212,447
made on the "merits"
bullion
54,292
39,936
1,066
1,809
1,092
1,631
102,210
104,951
701,679
756
701,679
328,473
168,126
420,379
420,379
958,554
715,968
Res. for Dominion
<fc Provincial tax
160,515
163,082
....
103,957
575,074
1,258,273
826,926
1
1
replacements—
Cap. stk. (par $1).
yMine development
Capital surplus
apprec.
Inc.—Earnings—
Stores,
mining
Costs and expenses
—
Depreciation
...—
Amortization
—
Profit
--T—
....
on
capital stock.
surplus—
Paid-in
22,508
premium on ca¬
pital stock..
.$2,665,061 $2,230,721
Total..
$885,175
281,309
-
Other income—
17,657
12,352
Earned surplus
60,434
•
—
—...
14,561
11,698
cos
Organization exp_.
$19,559,877
18,498,548
115,720
of fixed
praisal, less disct.
Prepaid insur., &c.
1938
Earnings for 12 Months Ended June 30,
Sales (exclusive of leased departments)
—
assets due to ap¬
Investment in and
advances to other
Bond
for repairs &
Res.
80,019
576,252
.
equipment-
payroll..
Due trustee
Stores, &c
Mining properties
x Buildings, mach'y
and
$76,202
Unclaimed divs...
in
transit (incl. pre¬
mium)
1937
$96,598
and
pay.
Accrued
cost,
plus accr. int
n
1938
accrued liabil—
Accts.
hand
fross and net however, the department also stated that nature of a penalty."
its ruling, rates, provided for a charge "as or in the no decision had been
Sept. 30
IAabiliiies—
1937
1938
A suets—
Cash in banks and
on
x
After
1937.
y
1938
19
Nov.
Chronicle
Financial
3152
$2,665,061 $2,230,721
Total...
reserve for depreciation of $461,887 in
1938 and $377,464 in
After amounts written-off of $1,403,233 in 1938 and $1,016,156
1184.
"
in 1937 —Y. 147, p.
x
x
$1,166,484
Net profit
Before Federal income and surtax on
(F.) Burkhart Mfg. Co .—Dividends Resumed—
undistributed profits.—V. 147,
stock, par $1, payable
Boston Wharf Co .^—Dividend
Directors have declared
a
tributed.
dividend of 50 cents per share on the common
payments.-—V. 146, p. 272.
Nov. 22. Previously regular
distributed.—V. 146, p. 744.
Bearing Co.—Earnings—
x
Net profit
y
Earnings per share
'
$15,893 prof$93,984
Nil
$0.07
Nil
$0.15
x After expenses and Federal income taxes, but before depletion and pro¬
vision for surtax on undistributed profits,
y Earning^ per share on 600,000
shares capital stock (par $5).—V. 147, p. 1184.
Earnings per share
undistributed profits,
Brewster
Aeronautical
Period Ended Sept. 30, 1938—
Month
9 Months
$234,383
$0.67
$5,657
350,000 shares common stock...,'
share on
per
Unfilled orders
Terminal Co.—Earnings—
of the Trustee for the Period from Jan. 1 to April 30, 1937
of the Company for the Period from May 1 to Dec. 31, 1937
Jan. 1 to
May 1 to
Year End.
Apr. 30, '37 Dec. 31, '37 Dec. 31, '37
Revenue from rentals, transportation
$2,891,252
$1,930,488
and other services.
•
$960,764
1,555,073
1,091,903
Operation and maintenance expenses
463,170
and
deprecia¬
profit after engineering expenses,
tion, Federal income taxes, &c
Earnings
Bush
Income Account
Corp.-—Earnings—
Net
$4,113 prof$43,009
Net loss
y
depreciation and Federal income taxes, but before surtax on
y On capital stock.—V. 147, p. 1917.
After
x
of Sept. 30 last were $2,187,643.
of Sept. 30 last including $450,285
as
Current assets as
cash, amounted to
$849,592, and current liabilities were $165,884.—V. 147, p. 883.
$497,594
Balance.------
Briggs Mfg. Co.—•Earnings—
Interest
1938—9 Mos.—1937
$253,370
$7,815,310
$0.13
$3.95
depreciation, Federal taxes and surtax on undistributed profits.
1938—3 Mos.—1937
loss$694,078
$1,886,640
Nil
$0.95
profit
Earnings per share
After
x
—V. 147, p.
interim dividend of 2%%
on
was made last year, and was followed by a
of 5%.—V. 142, p. 3333.
Ready for Distribution—
The securities
Note—The
on
Brown Fence & Wire Co.—To
Directors have declared
Period, End. Sept. SO—
•
Pay Common Dividend—
expenses
Net income
per
Co.—Earnings—
$7,829,480
726,066
Surplus Accounts for the Year Ended Dec. 31, 1937
Capital Surplus—
Period End. Sept. 30—
Net loss.
per
Total
share
Nil
Nil
Nil
—
$0.53
x After interest, depreciation,
Federal taxes, &c.
y Profit.
Note—No provision was made for Federal surtax on undistributed profits.
147, p. 1029.
suance
Budd Wheel
Period End. Sept. 30—
Nil
'
$0.06
.
$0.58
Nil
•
interest, depreciation, Federal taxes, &c.—V. 147,
Buffalo Ankerite Gold Mines,
p.
y
After
1331.
Ltd.—Earnings—
9 Months Ended Sept. 30—
1938
$2,263,684
3,045
Bullion recovery
ore
_ _
6,309,802
2,999,999
depository certificates rep-
"<•
'
700,000
10,009,801
Capital surplus as at Dec. 31, 1937.
."
Earned Surplus—
Deficiency in earned surplus as at Dec. 31, 1936
Write-down of investment $1,000,000 in common stock of Bush
Buildings Co. to basis of par value thereof ($50,000)---Write-off of advances to Exhibition Buildings, Inc
Settlement with preferred stockholders of Bush Terminal Build¬
ings Co. to be effected by issuance of 14,000 shares of 6%
cum. pref. stk. of Bush Terminal Co. as provided in plan of
1938—9 Mos.—1937
$588,245prfx$596,015
No provision made for Federal surtax on undistributed profits,
Adjustment of value of
.
exchange for such latter stock
1938—3 Mos.—1937
$223,021 profx$75,055
Earns. per sh. on 965,258
shs. common stock-1.
—.,
presenting 70,000 shares of 7% cumulative preferred stock of Bush Terminal Buildings Co. in
$4,568,998
Co.—Earnings—
Net loss
to holders of
.
of the court in 77B
proceedings)...
1
Reduction of goodwill to nominal value of$l_
Appropriation to capital reserve created to cover
difference between par value of 77,000 shares of
6 % cumulative preferred stock reserved for is¬
on
stock—
$14,578,799
r
and free from the control
1938—9 A4os.-r-1937
$1,577,027 y$l,198,329
1938—3 Mos.—1937
$546,825
y$l07,465
—
.
Deficiency in earned surplus as at April 30, 1937
(the date on which the company was restored to
the possession of its properties in its own right
—V.
x
Dr518,459
above
$1.65
$1.37
$1.36
(Edward G.) Budd Mfg. Co.—Earnings—
common
$6,889,986
5,642,906
10,014,432
$1.27
After
Earnings
$4,564,367
Capital surplus as at Dec. 31, 1936Capital stock previously outstanding:
Debenture stock—68,899.8625 shares
x
share on
stock..
interest, Federal income taxes, &c., but before surtax on undis¬
tributed profits.—V. 147, p. 1635.
x
have been charged to the reserve provided for that purpose.
Common stock (no par value)—242,860 shares. .
Capital stock to be issued—518,459 shares of com¬
mon stock of $1 each par value—on basis stated
1938—9 Mos.—1937
$8,648,047
851,055
1938—3 Mos.—1937
$3,898,231
$4,745,945
602,488
641,022
in solution
1937
$2,033,574
420
$2,260,639
1,355,657
reserve
$904,982
11,718
$894,378
Net profit for period..$916,700
$897,803
103,210
117,995
Expenditure
_____
Net profit from operations
Interest earned
Provision for income taxes
101,836
.
Development written-off
Cost (to date) of sinking shaft No. 5—written-off..
1,138,776
141,311
20,830
$673,552
797,039
$655,768
1
Profit from sale of stock
898
Balance carried to earned surplus
Balance at credit, Jan.
1,441
Duty rebate re previous year
Total
417,063
Crl 1,883
6,922
....
$'958,554
$715,968
Earnings per share on 701,769 shs. capital stock
(par$l)
$1.00
$0.93
assessment
1936
Balance at credit, Sept. 30,
1937.1
1
ings Co. as provided in plan of reorganization—
Excess provision for claims re The Transport Co.*
and related interests
21,466
1,525,032
17,000
Excess provision for Federal income tax for year
1935; and refund of taxes previously paid
Unclaimed dividends written off
16,922
Adjustment of miscellaneous investments & sundry
reserves (net)
4,874
1,586,895
Deficiency in earned surplus as at April 30,1937
Transferred to capital surplus as above
Net loss for eight months ended Dec. 31, 1937
Excess of par value over cost of bonds purchased since April 30,
1937 and retired or held in treasury at Dec. 31,1937
$6,309,802
6,309,802
18,643
_
$1,073,730
350,840
____
compensation
$7,896,698
-
...
500,000
_
1,602
898
$1,472,930
526,259
Dividends paid.
workmen's
Additional
Total.
™
571,541
500,000
Net income for four months ended April 30, 1937- Reduction in indebtedness to Bush Terminal Build-
3,425
950,000
for reorganization expenses and con¬
Appropriation to reserves for extraordinary maintenance and
structural changes
$2,033,154
revenue
$3,975,157
1,400,000
reorganization
Appropriation to
tingencies
Total
the advances
written off.
Expenses of administration in the equity receivership and reorganization
proceedings have been included in the accounts for the four months ended
April 30, 1937 only to the extent that such expenses were allowed by and
paid pursuant to the order of the District Court of the United States for the
Eastern District of New York during said period.
Since April 30, 1937 such
payable Nov. 30 to holders of record Nov. 15.
Brunswick-Balke-Collender
$2,823
against inter-company advances has been computed
The charge with respect to Exhibition
basis heretofore followed.
dividend of 10 cents per share on the common
a
reserve
loss$18,643
Building, Inc. terminated at April 30, 1937 as of which date
This will be the first
distribution to be made on these shares since Feb. 28, 1938 when a regular
quarterly dividend of 15 cents per share was paid.—V. 147, p. 3005.
.«
x
the
21,370
21,370
to that company were
Court
York, on Sept. 29, 1938.
The reorgan¬
ization committee comprises E. J. Quintal, George V. McLaughlin and
H. H. Davidson.—V. 145, p. 3339.
common
22,356
$21,466
Net income
,
issued in accordance with the provisions of the
were
modified plan of reorganization, as confirmed by the U. S. District
x
5,000
11,698
17,356
ceedings.^
.
for the Northern District of New
Earnings
20,000
11,698
Bush Terminal RR. Co. and Exhi¬
of Brockway
Sales
239,565
20,000
i
Terminal
Bush
bition Building, Inc..
Legal and professional services in con¬
nection
with
reorganization pro¬
Motor Co., inc., which has acquired the properties
formerly owned by Brockway Motor Truck Corp., are ready for distribu¬
stock
to
10
on 15-year 6% income note
(since April 30, 1937)
----Reserve against inter-co. advances to
the common
The reorganization committee is advising the corporation's creditors and
that the common shares and warrants to purchase common
tion.
212
79,919
159,646
» _
Bldgs. Co. to April 30, 1937 (date
stockholders
stock
indebt.
on
t'¬
1
of settlement)
Brockway Motor Truck Corp.-—Securities of New Com¬
pany
6,000
538,622
47,063
423,461
3,009
Interest
A similar payment
shares.
—
Depreciation
Interest
Corp.—Interim Dividend—
have declared an
final payment
funded debt..
other interest charges
Loss on sale of equipment-
1769.
British Match
Directors
on
$1,336,179
4,000
359,082
28,194
281,085
212
Other taxes
Period End. Sept. 30—
Net
$838,585
2,000
179,541
18,869
142,377
2,999
Provision for bad debtsReal estate taxes—
x
.
Copper & Zinc Co.—Earnings—
End. Sept. 30— 1938—3 Mos.—1937
1938—9 Mos.—1937
x
1938—9 Mos—1937
$215,204 $1,030,057
$0.72
$3.43
1938—3 Mos.—1937
$72,711
$287,746
$0.24
$0.96
Period End. Sept. 30—
•
Butte
Period
Bower Roller
This will be
Nov. 25 to holders of record Nov. 15.
paid since Jan. 1, 1938 when 50 cents per share was dis¬
See V. 145, p. 4111 for detailed record of previous dividend
the first dividend
Halved—
stock, payable Dec. 22 to holders of record
semi-annual dividends of $1 per share were
'
share on the common
Directors have declared a dividend of 50 cents per
2385.
p.
,
125,719
30,1937) as at Dec. 31,1937
$107,076
x
Capital surplus arising from recapitalization pursuant to plan of
reorganization, judically confirmed on April 21, 1937, which provided for
Earned surplus (since April
Volume
the
issuance
Financial
147
of
new common
Comparative Balance Sheet Sept. 30
stock at the rate of four shares for each sha re
value common
of debenture stock and of one share for each share of no par
Prop.,
Balance Sheet Dec. 31, 1937
& land
Steamship
$8,956,612
.
piers
and
storage
*5,894,978
ties,
marine,
other
Franchise, City & P^ed. taxesProvision for storage with¬
movable equipment,
and
motor
& furniture & fixtures
y2,079,746
Bush Terminal Buildings Co.
common
at
General
stock, 10,000 shs.,
50,000
less
reserve
89,060
.
corporate stock
6%
(quoted
70,991
market value $74,763)
8,314
& accounts, less reserve-__
Cash in banks &
1,346,744
hand
on
Accounts & notes receivable—
rentals,
freight
storage,
other charges, less
for bad debts.....
Maintenance
and
Insurance
1,400,000
1937
1936
$189,470
$209,694
$0.72
$1.44
$1.59
x After depreciation, Federal income and undistributed profits taxes, &c.
Earnings per share on 132,000 shares capital stock.—V. 147, p. 416.
Central Power &
147, p. 2677.
V.
Total
y
After
reserve
1938—3 Mos —1937
1938—9 Mos—1937
Operating revenues
$8,494,763
$8,527,403 $23,313,444 $22,809,062
Oper. exps. and taxes...
5,190,948
5,221,363
14,841,379
14,375,403
Period End. Sept. 30—
for
Copper Co.—25-Cent
of record Dec. 2.
Net
the common
Int.
32,764
$8,433,660
30,294
$3,306,490
1,153,244
19,742
$3,316,793
1,177,017
23,413
$8,504,830
3,471,724
68,846
$8,463,953
3,543,542
68,003
126,147
17,112
131,082
16,219
379,357
46,106
394,115
2,314,167
2,331,510
Ltd.—Dividends
Co.,
Directors have declared a dividend of 10 cents per share on
the class A
payable Nov. 30 to holders of record Nov. 21.
This
these shares in several
1769.
International
Trust,
Investment
Accumulated Dividend—•
Ltd.—
_
dividend of 50 cents per share on account
cumul. pref. stock, par $100, payable Dec, 1
Dividends of $1.25 were paid on Sept. 1,
June 1 and March 1, last; Dec. 1, Sept. 1 and June 1, 1937, and dividends
of $2,50 were paid on March 1, 1937, and on Dec. 1, 1936.—V. 147, p. 2083.
The directors have declared a
on
on
Net income
the 5%
Divs.
$3,851,084
Gross revenues
on com.
on
$3,855,316
Total income
$4,232
Traffic earnings-..
$3,263,000
:
Interest on notes
the common stock,
a
x
$36,985
Profit
x
After charges and deprec., but
Centlivre Brewing Corp.—Earnings1938—3 Mos.—1937
$23,986
$37,131
$0.06
Net income
$0.10
Earnings per share
x
147,
After all charges.—V.
p.
$149,900
$235,964
1938—9 Mos.—1937
$38,107
$63,239
$0.10
$0.17
2084.
Central Illinois Public Service Co.—New Financing—
quirement of filing declarations in regard to the issue and sale of $38,000,000
3%% first mortgage bonds, series A, due on Dec. 1, 1968, and $10,000,000
of 3 H-4% serial debentures due on Dec. 1, 1939 to Dec. 1,1948.
The proceeds with funds from the company's treasury, are to be used
for redemption of the entire funded debt of the company as follows: $7,160,000 of first mortgage and refunding 5% gold bonds, Series E, due on May 1,
1956, to b6 called at 103 and accrued interest; $26,260,500 of first mortgage
4 H% gold bonds. Series F, due on Dec. 1,1967, at 103 and accrued interest;
$12,273,900 of first mortgage 5% gold bonds,-Series G, due on Nov. 1,
1968, at 102J^ and accrued interest, and $2,536,000 of first mortgage 4J^%
first mortgage gold bonds, Series H, due on June 1, 1981, to be called at
102H and accrued interest.
The aggregate required for this refunding, exclusive of interest, is $49,603,262.
Halsey, Stuart & Co., Inc., Chicago, will be one of the principal
underwriters.—V. 147, p. 3006.
Period Ended Sept.
Operating revenues
Operating expenses
Power Co.—Earnings—
30—
——
—
Income from operations
Non-operating income (net)
$95,842
1,309
332
$97,151
$478,433
53,327
2,414
9,403
189
9,519
668
603
213,577
5,867
37,613
4,361
Cr26,643
96,000
$43,951
$147,658
appropriations for re¬
each calendar years
Sept. 30 show results
before deducting such appropriations.
The provision shown for 12 months
ended Sept. 30,1938, is the amount appropriated for the calendar year 1937.
Balance to surplus
Note—It is
Net
L
$43,903
the policy of the company to make
newals, replacements and retirements at the end of
therefore, the income statements for the quarter ended
Dividend—
Like amount was
holders of record Nov. 15.
last.—V. 147, p. 1769.
rev.
$15,531
x
$13,254
24,927
$33,020
38,895
x$ 175,858
338,074
$582,332
371,052
x
$38,181
1,444
x$5,875
9,573
x$513,932
21,775
$211,280
30,286
x
$36,736
105,500
107,927
x$492,157
1,067,767
$241,566
1,082,596
$142,237
$104,229
$1,559,924
$841,029
&c^
Net ry. oper. income..
avail,
209,959
_
for
fixed
charges
Fixed charges.
—
$3,698
_
Balance, deficit
x
$100,482
276,339
$792,291
12,462
__
Other income
Inc.
$45,482
28,785
from ry. oper.
Ry. oper. income
Hire of equip., rents,
Loss—V. 147, P. 2525.
Century Ribbon
Mills, Inc.—Earnings—
[Including Century Factors,
9 Mos. End.
Inc.]
x$ll 1,766
29,188
10,000
30,413
30,000
def$223,486
$51,353
Preferred dividends....
Common
dividends..—
Balance, surplus
1935
1936
1937
1938
Sept._30—
npederldtaxS?—!^— _^oss$184,298
x$109,251
32,302
$69,357
34,995
...—
$76,950
$34,363
$0.77
$0.34
persh. on 100,000
shs. of no par common
stock outstanding..
x
No deductions
Assets—
Plant, eq't,
__
Sept.30,'38 Mar.31,'38
&c..$1,426,530 $1,459,586
459,062
32,300
Accts.receivable.. 2,426,469
Cash surr. val. of
2,085,714
Cash——-
... -—-
Notes receivable._
$0.81
Nil
profits.
made for surtax on undistributed
Consolidated Balance Sheet
506,474
46,758
13,484
14,484
1,077,879
1,310,803
29,400
3,897
4,586
Prepaid expenses..
39,159
Sept.30,'38 Mar.31,'38
$544,000
$577,900
2,000,000
2,000,000
Liabilities—
Preferred stock
x
Common stock
1,350,000
Notes payable
Accept, against letter of credit
Accounts payable.
—
799,280
811,486
1,250,000
v
1,952
696,077
29,400
4,177
14,059
52,224
life insurance...
Inventories
Deferred assets—
Inv.
3,000
profits taxes
$771,097
dividend of three cents per share on the common
Treas.stk.(at cost)
Cr 13,439
$917,111
$304,471
$297,024
Ry. tax accruals
$474,345
4,088
53,415
16
Central Vermont Ry., Inc.—Earnings—
1938—Month—1937
1938—10 Mos.—1937
Ry. operating revenues.
$479,170
$507,461 $4,078,388 $5,360,561
Ry. oper. expenses
463,639
461,979
3,977,906
4,568.269
y
replaces. & retire-
Long-term debt, interest
Unfunded debt, interest
Amortiz. of debt discount & expense- _
Taxes assumed on interest
Fixed charges allocated to construct'n
Prov. for Federal income & undistrib.
28,967
Period End. Oct. 31—
Earns,
$109,803
Gross income
Prov. for renewals,
„
1938—3 Mos.—1937
12Mos.l938
$341,936
$337,535 $1,416,581
232,466
241,693
942,237
$109,471
20,587
16
Central Tube Co.—Three-Cent
1936
Company has filed with the Securities and Exchange Commission appli¬
cation under the Holding Company Act, seeking exemption from the re¬
Central Ohio Light &
8,817
Adjusted.—V. 147, p. 3006.
paid on Sept. 26,
1937
before Federal taxes.—V. 147, p. 564.
Period End. Sept. 30—
x
3,317
12,511
—
Directors have declared a
America—Earnings—
.
16,822
5,443
stock, payable Nov. 25 to
1938
1,163
3,931
7,658
5,679,
2,541
Net income.
Canfield Oil Co.—Declares Si Dividend—
Catalin Corp. of
$840,045
24,137
interest
Other
payable Nov. 21 to holders of record Nov. 14.
This will be the first
dividend paid since Sept. 30, 1937, when a similar distribution was made.
—V. 143, p. 2992.
9 Months Ended Sept. 30—
$977,449
15,272
payable
companies
to sub.
$211,000
3006.
Directors have declared a dividend of $1 per share on
$326,300
7,903
4,417
laneous Federal taxes.
$3,052,000
90
10,085
$315;105
—
Federal normal inc. tax.
Increase
138
10,859
local and miscel¬
State,
Ry.—Earnings—
Earnings for Week Ended Nov. 7
1938
1937
28,957
246
90
30
3,254
Gen'l & admin, expenses
Pacific
$967,028
Decrease
147, p. 3006.
Canadian
61
_
Other income
Nov. 14
1937
$322,774
61
30
3,435
$311,759
stocks..
pref. stocks.
Interest on bonds
1938
1938—9 Mos.—a 1937
Sept. 30—
Income from sub. cos.:
National Ry.—Earnings—
Earnings of the System for the Week Ended
$2,224,629
$1,193,752
Earnings of Company Only
1938—3 Mos.—1937
,...
Period End.
15.
$1,220,034
.—
Divs.
Canadian
775,309
770,211
$2,079,965
x After
deducting cumulative dividend requirements for the period on
preferred stocks of subsidiary companies held by the public.
Note—Consolidated net income amounting to approximately $607,984
in the current 9 months could not have been distributed to Central & South
West Utilities Co. because of prior years' arrearages on the preferred stocks
of certain subsidiary companies.
In the 9 months of 1937, restricted net
income amounted to approximately $761,000, which included for January,
1937, net income of about $166,000 restricted because of the recapitaliza¬
tion of Central. & South West Utilities Co. on Feb. 5, 1937.
x
cash distribution to be made on
holders of record Nov.
divs.
for
by public—
Alcohol
46,818
pref.
stocks of sub. cos. held
Prov.
Resumed—
p.
bond
discount and expense.
Misc. income deductions
„
Industrial
and class B shares
___
of
Amortization
a
1185.
long-term debt..
(net)
on
General interest
cum.
—V. 147, p.
$3,306,040
10,753
$8,472,065
2,676
operating income- $3,303,815
Gross income
Last previous
1937.—V. 147, p. 2861.
dividend of $1 per share on account of accumula¬
pref. stock, par $100, payable Dec. 20 to holders
of record Nov. 30, leaving accumulations of $31.25 per share.—V. 147, p.
the
Subs.)—Earns.
Central & South West Utilities Co. (&
..$18,768,847
—
Ltd.-—Accumulated Dividend—
Canada Cement Co.,
gold bonds, series B due
Dec. 17 at 103 and accrued
National Bank of Chicago.—
mortgage 6H%
Payment will be made at the First
interest.
Hecla Consolidated
Directors have declared
—V.
Light Co.—Bonds Called—
of the outstanding first
Dec. 1, 1951 have been called for redemption on
35 cents paid on Sept. 16,
of accumulations
1938
$94,603
„
All
62,682
stock, par $25, payable Dec. 16 to holders
Canadian
$8,248,504 $7,930,191
Total
Earnings per share
Other income (net)
years.—V. 147,
1,000,000
497,354
L>r35,100
Dr35,100
Pref.stk. intreas
9 Months Ended Sept. 30—
Net profit
y
107,076
— —
for
&
be the first
c
$8,248,504 $7,930,1911
x
1
8
580
1,080,000
575,455
Surplus
Central Ohio Steel Products Co.—Earnings—
April
Directors have declared a dividend of 25 cents per share on
to
11,108
287,009
819,848
Represented by 12,000 no par shares, b Represented by 20,000 no par
c Represented by 390 shares no par value.—V. 146, p. 3177.
a
Dividend—
will
11,531
249,397
5,350
debt
Consumers' depos.
shares,
y
$18,768,8471
Canadian
91,092
8,572
7,788
Reserves
891,823
a Pref. shs. $6 cum
1,080,000
b Common shares. 1,000,000
Total
518,460
(since
surplus
depreciation of $1,538,074.
depreciation of $1.194,503.—V. 147, p. 1331.
on
1,162
Miscell. def. debits
42,239
Total..
tions
122,426
86,366
advs__
discount & exp.
167,480
Goodwill
was
5,536
119,240
Accrued items
Unamortized
700,000
4,568,998
Capital surplus
30, 1937)
other expenses
dividend
76,800
(contra)
Accounts payable.
2,000
and rents
800,000
&
...
Calumet
58*524
78,844
Prepaid ins., taxes
operating
reserve
5,536
deposits
Construct.
Prepaid insurance, taxes and
After
Notes receivable
(contra)
reserve
supplies
x
Notes payable
140,594
rec.
Inventories
41,486
Common stock ($1 par)
Earned
586,387
438,566
contingencies. .
pref. stk. ($100 par)
cum.
1,025
injuries, damages,
Capital reserve
claims
90,595
reorganization
for
for
and other claims
bonds & City of New York
Miscell. Investments,
Reserve
Prov.
Gov.
750,000
750,000
...
long-term
145,035
structural
&
notes
debt
65,305
Notes
436,958
expenses &
Statutory deposits with State
S.
facilities-
sec.
Miscell.
79,788
Spec, cash deposit-
23,288
_
changes
advances,
authorities—U.
rentals.
3-year 4K% conv.
$7,662,310 $6,768,833
9,687
9,687
Accts. receivable.-
18,984
extraordinary
for
maintenance
Terminal Railroad Co.
15,110
241,795
$3,600,000 $3,596,000
bonds
other
co.).
gold
1st mtge. 5%
Cash
for obsolescence
res.
Reserves
191,127
advance
expense,
of properties and
the par value of $5 per
common stock &
drawal
storage billings &
share
Bush
- —
Bush Terminal Railroad Co..
Accrued Int. on funded debt-
railroad facili¬
plant,
and
1937
1938
Liabilities—
1937
equipment, fran¬
chise
expenses
warehouses In Brooklyn
[1938
and
Invest, (affil.
and accrued
Accounts payable
JM
plant
r intangibles
$9,267,000
Fundeddebt
improvements,
Brooklyn
Steam
H
Liabllities-
Assets—
m
Assets—
stock.
Land
3153
Chronicle
in
...
$5,504,766 $5,522,679
Total
$5,504,766 $5,522,679
Represented by 100,000 shares of no par value,
y After
for depreciation of $1,368,824 at Sept. 30 and $1,325,391
31.—V. 147. p. 565.
x
reserve
996,750
mill supt.
house
Total
Surplus
deducting
at March
3154
Financial
Chronicle
in
Chapman Valve Mfg. Co.—Earnings—
Period End. Sept. 30—
Net income
x
Earnings
y
per
$112,746
$255,295
$1.76
After all charges,
x
1938—3 Mos—1937
share$0.74
y
Period End. Sept. 30—
x
After taxes, depreciation, interest, &c.—V.
x
Reorganization Managers
1030.
Reorganization managers shall be appointed, consisting of Kenneth D.
Steere, Chairman of the board of directors of the debtor; Carrol M. Shanks,
Chairman of the general mortgage bondholders' committee, and one person
to be designated by Mr. Steere and Mr. Shanks subject to the approval of
Subs.)—Earnings—
1938—3 Mos.—1937
$59,042
$74,555
Net loss
p.
1938—9 Mot.—1937
$200,453
$274,684
the RFC.
147, p. 2084.
New Directors
Upon consummation of the plan the reorganized company shall have a
board of directors consisting of 13 members.
The term of office of each
director shall be one year.
The initial board of directors shall be chosen as
follows: Kenneth D. Steere shall name five; Carrol M. Shanks shall name
Chesebrough Mfg. Co., Consolidated—Extra Dividend
The directors have declared
an extra
dividend of $1 per share, in addition
to the regular
quarterly dividend of $1 per share on the common stock, par
payable Dec. 19 to holders of record Nov. 25. Extras of 50 cents
paid on Sept. 26, June 27 and on March 28, last. An extra of $1.50
was paid on Dec. 20, 1937.
The company has paid extra dividends of 50
cents per share in September, March and June of each year from 1929 to
and including 1937. Extra dividends of $1 per share were paid in December
of each year from 1929 to 1935, inclusive.
In addition an extra dividend of
$1.50 was paid on Dec. 21,1936 and a special extra dividend of $5 per share
was paid on Dec. 31,1934.—V. 147. p. 1186.
$25, both
five; and the RFC shall name three.
So long as the RFC holds not less
than $1,000,000, face amount, of the new
prior lien bonds, series A, issued
to it pursuant to the plan, the selection of three members of each succeeding
board of directors ahali be subject to its approval. '
In the event that financing through the RFC is not consummated, and
the new prior lien bonds are sold to other parties, the new owners of a
majority of such bonds shall have the privilege of naming three members of
the initial board of directors.—V. 147, p. 2862.
were
Chicago & Eastern Illinois Ry.—Reorganization Plan—
A reorganization plan
(comprising the Chesapeake & Ohio Ky. and affiliated interests) to
12.4% was approved Nov. 4 by the Interstate Commerce Commission.
The plan approved amounts to a modification of the amended
plan of
reorganization proposed by the management.
The principal modifications
are elimination of the old common stock from
participation in the distribu¬
tion of new securities, advancing the effective date of the
plan to Jan. 1,
1937, and reducing the proposed capitalization from $69,067,000 to $61,000,000.
The Commission in its report stated that the mere fact that a railroad
and its creditors agree on a plan of reorganization is not sufficient to warrant
its adoption by the regulatory authorities.
The Commission also rejected the "composition" theory of Section 77
of the Bankruptcy Act, that owners of property may not be eliminated in
a reorganization and the property turned over to the creditors in satisfac¬
tion of their claims, wiping out the
present common stockholders and allot¬
ting the new voting stock to present bondholders and preferred stockholders.
capitalization allowed was at least $5,000,000 too hign.
He also objected
to "depleting" the company's cash by allowing payments to the bondhold¬
ers through making the plan retroactive. «■
The Interstate Commerce Commission has rejected requests of the pro¬
tective committees for the preferred and common stockholders for a rehear¬
ing of the plan of reorganization.. The Commission issued a final order
approving
(C) Capitalization of reorganized company, after consummation of the
plan, shall be substantially as follows: Equipment trust certificates, series
A and B, $408,000; equipment trust
certificates, series C, $1,608,000;
Evansville Belt Ky. bonds, $142,000; prior lien bonds, $11,159,000 out of
an authorization of $20,000,000; income
bonds, $15,354,500; and preferred
stock, $15,354,500 out of an authorization of $20,600,000; a total of $43,426,000; and no par value common stock, 343,297 shares out of an author¬
are
allowed participation in
not
the reorganization,
preferred holders, of which 460,735 shares
are outstanding
for 230,307 shares of common stock.—V. 147, p. 2677.
Chicago
&
North
Western
but the old
will be exchanged
Ry .—Bond
Groups
Two bondholders' committees of the Chicago & North Western Ry., and
Chicago Milwaukee St. Paul & Pacific RR. protested Nov. 8 to the Inter¬
state Commerce Commission against a move to merge the two roads.
Protective committees of Milwaukee preferred stock and North Western
had asked the ICC to consider their proposal to reorganize
the bankrupt roads through merger.
The bondholders' committee, representing the life insurance group
of the North Western, and the institutional investors of the Milwaukee
asked the ICC to refuse to consider the stockholders' petition, contending
common stock
Milwaukee preferred stock and North Western common stock "has
value," and that "the petitioner has no lawful interest in the properties.
"Any consolidation of properties of the magnitude of these carriers,"
the
bondholders
said,
"involves
tremendous amount
a
of effort,
money "
and
time, and since the objective is not more easily accomplished under
the Bankruptcy Act than it would be after reorganization further delay in
lifting these properties out of bankruptcy would react to the detriment of
their creditors without any compensating benefits to the public or the present
147, p. 2862.
stockholders."—V.
Chicago Pneumatic Tool Co. (& Subs.)—Earnings—
Earnings for. Year Ended Sept. 30, 1938
Con-
(D) Claims entitled to priority over existing mortgages, if any, which
proved and allowed by the court, shall be paid in full in cash without
interest within 120 days after consummation or the
plan.
(E) Equipment trust certificates series A and B, $408,000, and series O,
$1,008,000, shall be assumed by the reorganized company.
(F) The trustee's certificates, $171,000, shall be paid in full in cash, in¬
cluding unpaid interest thereon to the date of payment.
(G) Evansville Belt Ry. bonds, $142,000, shall be assumed by the reor¬
ganized company, but each holder may, at his option, within 60 days after
the consummation of the plan, surrender his bonds and receive cash to the
amount of the principal and the unpaid interest thereon to date of
payment.
Such payments of cash shall be made within 120
days after consummation
Gross sales less discounts, returns and allowances,
Cost of
Company
solidated
$5,274,629x$ll ,678,788
2,956,682
6,370,904
i
goods sold
Balance
1
$2,317,947
415,868
234,149
5,190
Maintenance and repairs.
Deprec. (on bas
s
of reduced operations)
Amortization of patents
Taxes other than income taxes
1
$5,307,884
519,442
344,531
5,190
187,886
75,168
$1,188,356
77,436
$525,733
$1,265,792
6,948
380,000
$411,483
$878,844
z
10,000
99,550
10,000
$401,483
Provision for doubtful accounts
2,761,513
78,696
$496,435
29,298
—
expenses
333,525
883,392
19,859
114,250
Royalties
Selling, general & administrative
$735,349
76,631
Bonds surrendered shall be canceled.
(H) First consolidated mortgage bonds, $2,736,000, shall be paid in
cash, including unpaid interest thereon at the rate of 4 %
per annum from
Oct. 1, 1934, to the date of payment.
Payments shall ne made to the
trustee under the first consolidated mortgage within 60 days after consum¬
mation of the plan and the funds so
paid shall be distributed by such trustee
bonds, which shall be canceled.
(I) Indebtedness to the Railroad Credit Corp. shall be paid in cash, in¬
upon surrender of the
cluding unpaid interest to the date of payment.
Payment shall be made
within 60 days after the date of consummation of the
plan.
(J) Indebtedness to the Reconstruction Finance Corporation shall be
satisfied by the issue of new prior lien bonds, series A, of a face amount
equal to the principal amount of the indebtedness.
Interest on the in¬
debtedness after
April 18, 1933, shall be computed at the following rates:
From April 19, 1933, to June 30, 1933,
inclusive, at 5K% per annum;
from July 1, 1933, to Oct. 31, 1933, inclusive, at
5% per annum; and from
Nov. 1,1933, to Dec. 31, 1936, inclusive, at
4% per annum.
To the extent
that the amount of interest so
computed exceeds the amount of interest
heretofore paid on such indebtedness, it shall be
paid by the issue of new
prior lien bonds, series A, of a face amount equal to the amount of interest
to be paid.
Only $1,000 bonds shall be issued, and any fractional part of
$1,000 shall be paid in cash.
The bonds shall draw interest from Jan. 1,
1937.
Series A bonds will be issued to the
RFC, if it will accept them, in pay¬
of any actual and reasonable
expenses, including reasonable attor¬
ney's fees, incurred by it in connection with the
proceeding and plan, in the
amount allowed by the court, within the maximum limit fixed
by us, to the
ment
Balance
Other income
allowed, at par
and accrued interest from the lats interest
payment date immediately
preceding the actual date of issue, such bonds not to bear interest prior to
said last interest payment date
immediately preceding the actual date of
pal and interest on the general mortgage bonds shall be satisfied by: (a) pay¬
ing the odd $36 in cash without
interest; (b) by exchanging the remaining
principal amount of $30,709,000 for 50% in new income mortgage bonds and
50% in new preferred stock; and (c) by issuing for the unpaid interest on
each $1,000 bond four shares of new no
par value common stock.
(M) The claims of holders of old preferred stock, including
claims for
cumulations of dividends, shall be satisfied
by hte issue of one share of new
no par value common stock for each
share of old preferred stock, such com¬
mon stock to be issued to each holder of old
preferred stock within 60 days
after delivery by such holder to the
tificates evidencing his ownership.
reorganized company of the share cer¬
(N) Contracts made by the trustee in pursuance of his duties as trustee,
made by the debtor and not disaffirmed
by the trustee, shall be assumed
by the reorganized company except that obligations, if any, now the subject
of litigation, shall be assumed by ihe
reorganized company only to the extent
that a claim is finally established.
Obligations of other companies, guar¬
anteed by the debtor, shall be assumed
by the reorganized company.
Other
claims, liabilities or obligations not otherwise provided for and recognized
as valid by the
court, shall be assumed by the reorganized company, and
current operating expenses authorized by the court, and expenses of reor¬
ganization allowed as provided in Section 77 of the
Bankruptcy Act, shall
be paid in full in cash by the trustee or
by the reorganized company, as the
or
Court may direct.
$5,000,000 New Money
The plan provides for obtaining
approximately $5,000,000 of new money,
and funds to repay the.xisting obligation to the RFC either
from the RFC
or through private channels through the sale of new
prior lien bonds and the
pledge of certain securities.
On bonds issued for the new money interest
from the last interest payment date
immediately preceding
In the event that the
financing must be done
through the RFC the matter shall be raised seasonably by the proper party
a separate, proceeding under Section 5 of the
Reconstruction Finance
Corporation Act so that this Commission may act upon it
immediately upon
confirmation of the plan of reorganization.
The terms of such financing
including the collateral security required, will be considered and disposed of
.!
Total income
-
Netincome
Profits earned by certain foreign subs, operating in
countries having
exchange restrictions of which
$6,600 is applicable to minority interests
Provision for other contingencies
Prov. for unrealized loss at Sept. 30, 1938 on for¬
eign exchange
'
Balance for year ended Sept. 30,1938
33,945
x
Including sales of certain foreign sub. companies operating in countries
having exchange restrictions, the profits from which are eliminated.—V.
147, p. 1333.
Chicago Venetian Blind Co.-—Earnings—
9 Months Ended Sept. 30—
1938
$16,721
Net income before taxes
1937
$69,559
V. 145, p. 3649.
Cincinnati Ball Crank Co.
x
Period End. Sept.
loss
30—
Net
x
(& Subs.)-—Earnings-
1938—3 Mos—1937
1938—9 Mos.—1937
$33,575 prof$26.771
$622
$4,170
After all charges.—V. 145, p. 3649.
1
Cincinnati Gas & Electric Co .—Earnings—
Period End. Sept. 30—
Gross revenues
Operation
Maintenance
Provision for retirements
1938—3 Mos—1937.
$5,488,810
2,609,622
432,962
692,748
$5,713,825
2,687,297
473,322
760,591
1938—12 Mos.—1937
$24,721,746 $24,358,900
11,378,867
11,473,830
1,739,298
2,127,886
2,988,264
3,018,476
x3,006,478
2,643,893
586,876
686,944
$1,105,669
7,679
$5,608,838
28,859
$5,094,815
Other income.
$1,166,602
6,240
Int. & amortiz. charges-
$1,172,841
343,447
$1,113,349
342,818
$5,637,698
1,386,228
$5,110,173
1,215,756
$829,394
$770,531
500,000
$4,251,470
500,000
2,000,000
$3,894,417
2,000,000
$329,394
$270,531
$2,251,470
$1,894,417
Taxes
*
—
Net income
Preferred
dividends
Balance.x
The
provision
for
15,358
Federal income taxes for the calendar
year
1938
Included in the above statements is the minimum tax specified in the 1938
Federal Revenue Act and is subject to adjustment.—V. 147, p. 2862.
Cincinnati*
Extra
New "Orleans
&
Texas
Pacific
Ry.-^-$6
Dividend—
directors on Nov. 15 declared an extra dividend of $6 per share
a semi-annual dividend of $5 per share on the common stock,
$100, both payable Dec. 22 to holders of record Dec. 1.
An extra
dividend of $5 was paid on June 24, last; one of $22.50 was paid on Dec. 23,
1937; one of $2.50 was paid on June 24, 1937: one of $23 was paid on Dec. 26,
1936, and an extra of $2.50 per share in addition to the $5 semi-annual divi¬
dend was paid on June 24, 1936.—V. 147, p. 2678.
The
in addition to
par
the actual date of issue.
in
-----
Interest paid
issue.
(K) All of the securities pledged as collateral for loans to the Railroad
Credit Corp. and the RFC shall be surrendered and the old
prior lien bonds
so pledged shall be canceled.
(L) All claims of the general mortgage bondholders on account of princi¬
—
Provision for income taxes
extent of the nearest thousand dollars within the amount
accrue
Fight
Merger Plan—
1,000,660 shares.
are
shall
plan on Aug. 4.'
a
Under the plan as approved by the Commission the old common stock¬
holders
no
sidiaries formed for this purpose.
of the plan.
on
that
Digest of Reorganization Plan
(A) Effective date of the plan shall be Jan. 1, 1937.
y~,
(B) All property of the debtor shall be transferred to it with its articles
of Incorporation
appropriately amended or to a new corporation or sub¬
ization of
Refuses Rehearing
Plan—
group
majority, asserting that the
-ICC
Chicago Great Western RR.-
which would reduce the company's capitalization
from about $80,500,000 to $61,000,000, wipe out the equity of the
present
common stockholders and reduce the voting
power or the Mid-American
Commissioner Mahaffie dissented from the
1938
19
Submission of the plan to the stockholders and credi¬
tors shall be contingent upon receipt by this Commission within 30 days
after approval of the plan by the Court of a tentative commitment to supply
the funds.
1938—9 Mos.—1937
$528,571
$706,907
$3.69
$4.86
On common stock.—V. 147,
Checker Cab Mfg. Corp. (&
Nov.
thatfproceeding.
Cincinnati
&
Suburban
Bell
Telephone
Co.—New
Director—
John J. Becker, Vice-President and General Auditor of the company was,
Nov. 10, elected a director, succeeding the late George W. Lewis.—V.
on
147,p. 2241.
Volume
Financial
147
Cities Service Co. (&
_
Chronicle
Columbia Gas & Electric Corp. (& Subs.)—Earnings—
Subs.)—Earnings—
9 Months Ended Sept. 30—
1937
1938
Gross operating revenue
$164,129,517 $177,006,405
119,904,463
21,040,498
124.958,613
21,158.092
$140,944,961
$146,116,705
$23,184,556
6,711,154
$30,889,700
5,244,507
Oper. expenses, maintenance and taxes.
Reserves for depletion and depreciation,.
x
Period End. Sept. 30— 1938—3 Mos.—al937
1938—12 Mos.—al937
Gross revenues
$18,526,286 $20,242,905 $94,753,698 $97,324,263
b Oper exps. and taxes. 13,139,410
62,817,587
62,275,533
13,830,212
Prov. for retire. & depl_
10,245,615
10,694,983
2,150,755
2,367,398
Net
Net operating revenue
Other income,
Gross
....
income
$29,895,710
$36,134,207
12,918,451
4,632,306
803,829
7,283,018
"200,000
Net income
12,984,130
4,815.407
1,449,878
7,274,206
$4,058,105
Earnings applicable to minority interests
Cities Service Co. int. charges & amort, of disc.,
Provision for contingencies
$6,110,586
subsidiary, has registered
Utility Holding Company Act of 1935.
Future consoli¬
dated income statements may not reflect, in the form in which they are
included above, the operating results of this group of properties.—V. 147,
1188.
p.
$4,045,294 $21,690,495 $24,353,747
378,286
346,333
105,025
Gross corp. income
$3,330,854
$4,150,319 $22,068,781
$24,700,080
Interest of subs, to public
and other fixed charges
Pref. divs. of subs, and
904,047
Comb,
Earns, per sh.
shs.
After depreciation and normal Federal income taxes,
undistributed profits.—V. 147, p. 566.
on
$1.03
but before surtax
City Ice & Fuel Co.—Earnings—
1938
1937
1936
y Revenue.
—._r..$22,065,872 $25,557,214 $24,349,227
Costs, expense and ordinary taxes
17,358,994
20,033,342
18,070,908
Depreciation..1,841,660
1,808,140
1,852,453
9 Months Ended Sept. 30—
—
-
$3,715,732
211,079
$4,425,866
106,294
---$3,000,213
$3,926,811
102,166
134,765
509,534.
627,156
$4,532,160
174,685
642,678
$2,865,218
134,995
Operating profit..
Other income.
-
58,903
30,737
Drl69,274
earns,
$2,458,835 $15,984,922 $18,837,747
5,168,098
5,162,356
1,248,482
Bal. applic. to capital
stocks of C. G. & E.
$1,210,353 $10,822,566 $13,669,650
6,697,377
6,459,665
$299,334
Balance-
(jEarnings
x
$2,628,109 $15,954,185 $18,778,844
"
Preferred dividends paid---
$0.22
$0.37
$0.17
2,435,057
_
375,000
on
stock
com.
2,460,916
applic.
to fixed charges of
C. G. & E. Corp— $1,603,896
Interest charges, &c. of
C. G. & E. Corp——
1,304,562
1938—9 Mos.—1937
$80,900
$385,125
1938—3 Mos—1937
$64,400
$140,056
3,486,178
618,255
Dr215,665
Corp
City Auto Stamping Co.—Earnings—
3,653,680
607,246
Corp
..
Period End. Sept. 30—
xNet profit
903,955
Bal. applic. to Colum¬
bia Gas & El. Corp. $1,819,561
b Net rev. of C. G. & E.
3.500,000
Includes provision for Federal income tax.
Service Power & Light Co., a
x
$3,236,121
94,733
minority interests
Interest charges and amortization of discountPreferred dividends paid and accrued
Note—Cities
revenue
oper.
Other income
Subsidiary deductions—
under the Public
3155
1937
""
$4,362,901
$6,972,272
$0.36
-
share
per
—
$0.57
1
in present form for comparative purposes,
Federal income taxes for the calendar year 1938 In¬
cluded in the above statements is the minimum tax specified in the 1938
Federal Revenue Act and is subject to adjustment..
■
a
b The
figures
re-stated
provision for
c On common shares outstanding at end of respective periods.
Note—These consolidated income statements do not include American
Fuel & Power Co. or its subsidiaries.
The corporate charter of American
Fuel & Power Co. has been repealed and its former assets are held by a
trustee tinder the Federal Bankruptcy Act.
Trustees in bankruptcy have
also
been
appointed for its principal subsidiaries, Inland Gas Corp. and
Kentucky Fuel Gas Corp.—V. 147, p. 3010.
Columbian Carbon Co. (&
Subs.)— Earnings—
-
Total income.
—
—
-
Interest
Federal income taxes
x.
Net income.
------------
Before subsidiary preferred
and State beverage taxes.
dividends,
x
Note—No mention
To
$3,714,797
'
$3,787,555
Deprec, and depletion..
Minority interests
1,118,496
77,661
$4,830,019
1,106,914
300,446
0 263,408
1,018,981
114,470
$3,109,069
826,397
154,885
x$l,944,459 x$3,686,067 x$2,654,104
5,127,787
Profit
sale of
on
Cr3,726
secur—
payable Dec. 15 to holders of record Dec. 1.
Like amount was
paid on Sept. 30, last: a dividend of 40 cents was paid on June 30 and on
March 31, last, and dividends of 50 cents were paid on Dec. 15, 1937, and
Consolidated Balance Sheet Sept. 30
1938
25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on
March
18,
V. 145, p.
1937 and an initial dividend of $1
3649.
Directors have declared
a
Mkt. sees, at
dividend of 25 cents per share on the common
Corp.—Earnings—
y
Earnings per share
x
y
$158,168
$0.20
Operating profit
$0.76
1938
1937
$15,585,112 $15,311,007
4,937,621
5,190,106
—
$10,647,491 $10,120,901
Dr88,498
17,499
1
*
—;
Total income
.
—
Federal income taxes
Net profit
-$10,558,993 $10,138,400
1,974,200
1,646,700
$8,584,793
—
-
Class A dividends
*-,
.
«
$8,491,700
450,000
450,000
$8,134,793
$2.04
•
Earns, per sh. on 3,991,900 shs. com.
stk. (no par)
Collins & Aikman Corp. (&
y
Earnings per share
z
After depreciation, taxes,
Profit.—V. 147, p. 109.
&c.
53,926,810 52.750,867
Total
689,336
1,468,487
1 (173,807
424,146
—
State, local, &c., taxes
—
Federal income taxes.
—
Nil
$1.40
y
Interest on funded debt
$3,904,102
1,040,000
2,508
Cr27,591
69,369
15,000
5,517
Cr56,284
65,297
15,000
15,904
Interest on unfunded debt
Interest charged to construction
;
—
Amortization of debt discount and expense
Amortization of pref. stock discount and expense
Miscellaneous deductions
Net income
—
$2,693,154
----------
Note—No provision has been
$3.49
Corp.—Options—
Corporation has notified the New York Stock Exchange that options
to purchase 24,791 shares of common stock of the
corporation were in existence as of Oct. 31,1938, as follows:
No.
of Shares
Expiration Date of Options—
1939
31, 1941
Dec. 31, 1939
1936
$6,083,293
1,912
^8,657,836
81,394
$1,587,858
$774,055
$2,033,764
$2,655,937
Dr7,684
Operating expenses
46,293
55,060
Dec.
1935
$5,880,492
7,902,152
12,104
10,647
$5,462,539
7,050,397
$6,487,980
7,260,123
Interest
_
Net loss
Profit
loss
to
$727,763
$1,595,542
$1,978,703
y
Depreciation and amortization included in operating expense, $1,116,070 in 1938; $1,082,698 in 1937; $1,112,876 in 1936 and $1,152,439 in
147, P.
deductions
made for
surtax
on
undistributed profits.—V,
1636.
Colonial Ice Co.—Pays SI
and on May 27,
— .
Dividend—
last; a dividend of $3 was paid on Oct. 1, 1937, and one
paid on Jim. 2, 1937.—V. 147, p. 1770.
of $2 per share was
Columbia Baking Co.—Extra
The directors have
Preferred Dividend—
declared an extra dividend of 40 cents per share in
quarterly dividend of 25 cents on the $1 cum. par¬
addition to the regular
ticipating pref. stock, no par value, both payable Dec. 15 to holders of
record Dec. 1.
Extra dividends of 25 cents were paid on July 1, last, Dec.
15. 1937 and on Dec. 15 and Oct. 1, 1936, and an extra dividend of 20 cents
was paid on July 1,
1936—V. 146. p. 4111.
share on com.
------
^
$0.06
$0.09
Nil
Federal taxes, &c. but before" deduct ion
undistributed profits.—V. 147, p. 734.
After depreciation
surtax on
$0.41
for. Federa
Commonwealth Edison Co.—Weekly Output—
~
output of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended Nov. 12, 1938 was 140,-
The electricity
company
Company paid a dividend of $1 per share on the common stock on
Nov. 15 to holders of record Nov. 10.
Like amounts were paid on July 1
45.00
2526.
stock
$2,645,290
x
1935.
Note—No
-
835
5,300
16
Commercial Solvents Corp.—Earnings—
30— 1938—3 Mos.—1937
1938—9 Mos,—1937
profit.
— —
$164,069
$239,997 loss$222.002^ $1,102.377
Net
Earns, per
Colonial
Beacon Oil
45.00
45.00
45.00
—r
Period End. Sept.
v
Net
Price
$35.00
33.33
33.33
-----------
-
At will of company..
applicalbe to mi¬
nority interest
---
1939
Dec. 31, 1940
—V. 147, p.
-
-
31! 1941-,
Dec. 31.
Under Options
200
6,000
* i 1,440
'll.OOO
"
June 30,
Colonial Beacon Oil Co.- -Earnings1937
30—
1938
$2,804,826
made for surtax on undistributed profits—
1188
evidencing the right
562,800 no par shares common stock
9 Mos. End. Sept.
x
461,201
$3,783,508
120,594
Dec.
Gross profit
696,108
1,463,535
1,223,860
$3,778,589
1,040,000
—
.----
^
$3,810,131
Dr31,542
operations.
Non-operating income
Net earnings from
Net earnings
^
$11,643,667 $11,618,321
4,077,760
3,990,107
—
operating expenses._•
Commercial Investment Trust
-—6 Months Ended
Aug. 27 '38 Aug. 28'37
$539,968 z$2,084,958
Aug. 28'37
z$848,249
Nil
x
15,472
6,132,490
„
Gross oper. revenue
Subs.)- -Earnings—
3 Months Ended
Aug. 27'38
$136,125
Net loss——
518,000
16,242
surplus... 6,292,918
Earned
excluding 1,014 shares in trea¬
Market value $1,029,751.—V. 147, p. 118,8.
—V. 147, P.
y
255,000
Capital surplus...
1
630,019
Represented by 537,406 no par shares,
General
$8,041,700
$2.01
—V. 147, p. 1188.
x
133,156
1,240,172
21,912,785
|
Balance for common stock
Period
210,092
1,013,824
Depr. & depl. res.23,588,482
Est. 1937 Fed. inc.
Provision for retirement.
Subs.)—Earnings—
*
tax,
interest.
Columbus & Southern Ohio Electric Co. (& Subs.)—
[Formerly known as Columbus Ry. Power & Light Co.]
12 Months Ended Sept. 30—
1938
1937_
.
but before provision for surtax
3 Months Ended Sept. 30—
Other income (net)
$614,062
income
current........
53,926,810 52,750,867
Total
On 805.734 shares capital stock (no par).—
Gross earnings
Fed.
tax
1
468,051
Maintenance
Coca-Cola Co. (&
Expenses.
...
Deferred charges..
sury.
After charges and Federal income taxes,
undistributed profits,
—V. 147. p. 1030
on
cost.yl,029,978
137,641
&c.
1938—9 Mos.—1937
1938—3 Mos.—1937
$28,294
$246,096
$0.04
$0.31
Period End. Sept. 30—
Net profit
Minority
Goodw', trademks.
x
x
1,854,914
1,691,687
1,572,799
1,167,806
825,520
1,152,360
1,977,396
—
949,438
700,898
Accts. pay., &c...
Notes &accts.rec.
stock, payable Dec. 15 to holders of record Nov. 28.
This will be the first
cash dividend paid since Dec. 15, 1937, when 50 cents per share was dis¬
tributed.—V. 147, P. 2678.
Cliffs
4,011,591
Inventories
Co.—Dividends Resumed—
Capital stock...21,849,354 21,849,354
1,681,737
Cash
30 and
paid on Dec. 28, 1936.—
$
$
LiaMllties—
x
4,455,223
Invests., less res..
Other assets
Clark Equipment
$
Property account.43,024,422 40,996,530
the common
with a
1937
1938
1937
$
AI$S6t8~~~~
stock payable Dec. 1 to holders of record Nov. 22.
This compares
dividend of $1 paid on Dec. 15, 1937; 50 cents paid on Sept. 29, June
-
$2,654,104 $2,127,787
Shs. com. stk. (no par).
537,411
537,681
Earnings per share
$6.85
$4.94
$3.95
x Before provision
for Federal surtax on undistributed profits.
$1,136,515
537,406
$332,809
537,406
$3.62
—.
previously.—V. 147, p. 1770.
Clark Controller Co .— To Pay
.
2,549,552
1,611,650
Surplus-...
stock
each three months
1935
$3,136,890
Dividends paid
dividend of 30 cents per share on the common
a
1936
Federal income taxes.
Less allowances and Federal
undistributed profits.
on
Pay SO-Cent Dividend—
Directors have declared
y
,
1937
Net income
made of surtax
was
$3,164,890
$2,388,513
1938
9 Mos. End. Sept. 30—
after charges and
Profit
626,000 kilowatt-hours
compared with 134,600,000 kilowatt-hours in
the
corresponding period last year, an increase of 4.5%.
,
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
% Inc. (+)
-Kilowatt-Hour Outputor Dec. (—)
Week Ended—
1938
1937
Nov.
Nov
125
Oct
29"::
Oct!
22
r
Listing—
The
to list
— -
140,626,000
138,257.000
139 148,000
139,478,000
134,600,000
136,525,000
137,643,000
144,093,000
*
,
Chicago Stock Exchange has approved the company s
when issued the following: 1,864,303 additional shares
,
+4.5
+ 1.3
+ 1.1
—3.2
,
application
of $25 par
capital stock, $34,000,000 first mortgage
3M% bonds, series I, due 1968.
New President—
convertible debentures, 3series, due 1958; also ap¬
11,506,333 of the company's rights evidencing subscription
warrants for convertible debenture 3M». 1958.-—V. 147, p. 3010.
and $35,957,200
proved
Directors
Co.—Increases
Investment
Common
„
_
The amended
Net loss
-V. 147, p.
plan provides that each share of present first preferred stock
be reclassified into five shares of new common stock, and that one
$721,837
93,203
279,611
$1,001,448
America—Bonds Called—
first mortgage sinking fund 6% 20-year gold bonds
Chicago.—V. 147, p. 2388.
Continental Baking Corp.
Operating profit.
Other income
1—
Total income.
838
4,871
$5,530,606
16,924
$4,809,234
7,830
529,650
Fed. income taxes......
equipment dis¬
posed of-..-———
$1,974,864
522,576
1,577.939
1,602,836
254,170
245,425
750,230
532,175
--—-
——-
15,242
prof8,083
$1,201,992
$3,170,271
$2,674,476
$1.37
$2,62
$0.92
$1,877,415
Interest
Depreciation
Loss
(& Subs.)—Earnings—
13 Weeks———
-39 WeeksSept. 24/38 Sept. 25/37 Sept.24.'38 Sept. 25.'37
$1,873,908
$1;970,621
$5,400,784
$4,676,649
3,507
4,243
129,822
132,585
Period—
any payments on the new common stock.
It will be
option of the holder into two shares of new common
at the
$193,863
...
1032.
& Trust Co. of
to one vote a share, and dividends on it will be payable prior to any pay¬
ment on, or any purchase for redemption of, the dividend arrears certifi¬
prior to
—
....
$287,066
A total of $63,500 of
Each share of present common stock will be classified into five shares
new common stock having a par value of $5 per share.
The new com¬
mon stock will be entitled to one vote a share.
The hew $2.50 cumulative convertible first preferred stock will be entitled
convertible
141,479
773,402
102,712
8,117
—*———-
......
due June 15, 1946, have been called for redemption on Dec. 15 at 102 and
accrued Interest. Payment will be made at the Continental National Bank
of
cates and
$303,873
49,637
254,699
37,866
4,383
—..
—
Container Corp. of
$2.50 cumulative convertible first preferred stock will be
issued by the company in full satisfaction of all unpaid, accumulated,
and accrued dividends on each share of the present preferred stock.
Holders of the present first preferred stock who do not accept the new
$2.50 cumulative convertible first preferred stock in satisfaction of dividend
arrears will receive a dividend arrears certificate in the face amount of
$43 for each share of the present first preferred stock held, or in such greater
face amount as shall represent the dividend arrears on each share at the
time of a special meeting of stockholders to be held for the purpose, of
taking action on the proposed plan.
The plan will not become effective
unless the holders of at least two-thirds of the present first preferred stock
approve the plan and accept shares of new $2.50 cumulative convertible
first preferred stock in satisfaction of dividend arrears.
stock with certain provisions protecting against dilution.
The dividend arrears certificates will not be entitled
$152,722
—
Loss.'.
Interest on sinking fund bonds.....
share of new
.
$272,078
31,795
Federal Income and excluding.profits tax
Power & Light Co.—'Amends Recap. Plan—
Nov. 12 filed with the Securities and Exchange Commission
an amendment to its proposed plan of recapitalization.
The amendment
was filed in connection withjthe company's application (File No. 34-12)
under the Holding CompanyiAct for a report by the Commission on the
plan.
9 Mos.
$6,106,620 $19,469,250
5,964,235 19,197,172
$142,385
10,337
Depreciation.
Depletion
on
,
^
3 Mos.
_
Total income
Interest on 5% notes
.
to succeed
Vice-President,
1189.
(& Subs.)—Earnings—
Profit
Other income
3oio;
will
Henderson, President
Operating expenses, taxes, insurance and royal
~
Cominunity
G.
D.
Period Ended Sept. 30, 1938—
Sales, royalties, &c
Analysis of company's Investment portfolio as of Oct. 31, 1938 shows
an increase of common stock holdings to 59.4% of the total as compared with
58.5% at the end of the preceding month and 56.7% on Aug. 31.
The report also showed the proportion of cash and government bonds
decreasing 11.2% on Oct. 31 as compared with 13% at the end of the
preceding month and 17.7% at the end of August.
Holdings of preferred stocks and bonds remained practically unchanged
with bonds constituting 9.6% as against 9.9% and^8.6% in the preceding
months, and preferreds total 19 S " as against 18.6% and 17%.—V, 147,
and
19.8%
Company
25 elected
Consolidation Coal Co., Inc.
Stock Holdings—
P.
Oct.
on
Reese H. Taylor who has resigned.
Alden G. Roach, a Vice-President, was elected Executive
the position previously held by Mr. Henderson.—V, 147, p.
were
Commonwealth
1938
19
Nov.
Chronicle
Financial
3156
.
on
Net profit.....—.. $1,092,757
Earns, per share on 291"
812 shs. class A stock
to any interest,
$1.00
(no par).
dividends,
or voting rights.
They may be redeemed at their face amount
time after 30 days' notice.
Subject to the prior rights of the holders
of the new preferred stock, the company may, from time to time, make
partial payments on account of the face amount of the dividend arrears
certificates, and each such payment will be made pro rata.
Public hearings, which have already been held on the company's appli¬
cation, will be reopened to include the amendments now filed.—V. 147,
P. 2712.
—V. 147, p.
1772.
at any
Continental Gas & Electric
12 Months Ended Sept. 30—
Gross operating earnings of sub. cos.
Shares
common
Earnings
a
stock
1938
per share..--
1937
a$16,079
262,287
$482,614
205,014
$2.35
—
Net earnings from operations of sub. Cos
--$12,047,295 $11,670,267
Non-operating income of sub. cos
.........
Dt453,407
0597,991
Total income of subsidiary companies
$11,593,887 $12,268,258
Int., amortization and pref. divs. of sub. cos—..
4,659,485
4,712,711
After reserves for depreciation and taxes of $161,378.—V. 147, p. 1189.
Coniaurum Mines,
Ltd.—Five Cent Dividend—
Balance-
Directors have declared
a dividend of 5 cents per share on the common
payable Dec. 21 to holders of record Dec. 1.
Like amounts were
paid on Sept. 16 and April 30 last and on Dec. 30 and July 15, 1937.—V.
147, p. 2526.
Connecticut Light & Power Co.—Would Sell
000 Bonds Privately—
$15,000,-
Period End. Sept. 30—
Net profit
Earnings
1938—3 Mos.—1937
$103,603
$73,562
$0.32
$0.22
share...
per
x After
depreciation, interest, and Federal income taxes,
shares capital stock.
*
y
65,881
$7,603,192
110,948
3,977
$6,821,303
$7,488,267
2,578,584
40,490
2,600,000
164,172
38,968
$4,039,514
1,320,053
$4,685,126
,1,320,053
$2,719,461
$3,365,073
$15.69
—
Nov. 16 declared
Balance transferred to consolidated surplus.
Dividends on prior preference stock--Balance.
a
payable Dec. 23 to holders of record Dec. 1.
paid
on
Sept. 23, last, and
a
On 323,000
Federal and State income
This .compares
Total income
dividend of 10 cents per share
Intang. develop,
x
After
stk. (par $1)
$0.03
$536,205
$541,023
Nil
Property accts. 54,795,54
Cash.—.
(670
6,685(67
Ctfs. of deposit'
The directors have declared
a dividend of 25 cents
per share on the $2
to holders of record Dec. 5.
A like
paid on Oct. 10i July 1 and April 1 last, and a dividend of
50 cents was paid on Dec. 27, 1937, this latter
being the first dividend paid
since Dec. 26, 1936, when $1 per share was
distributed.—V. 147, p. 1922.
amount was
Consolidated Paper Co.—Final Common Dividend—-
paid
on
the
final dividend of 50 cents
per share for the
payable Dec. 1 to holders of record
June 1, 1938.—V. 147.
p.
2085.
TT.S.Govt .secure,
per share was
~
20~666
Notes&accts.rec...
7,853,334
Due tr. control's
x
z
.
9 Mos. End. Sept. 30—
Net profit.
Earns, per share
....
last
1937
$245,021
$1.72
1936
$145,615
$1.02
$5,245,589 $11,505,240
109,335
547,817
$3,730,045
4,682,586
$0.79
$0.58
$5,793,406 $11,614,575
4,682,581
4,682,586
$1.24
$2.48
Inventory
83,902
or
IAabUUies—
$
1937
$
$
_
23,247,466
563,159
688,835
208,079
205,962
annuities
and
Paid-in surplus.
Inv. in & adv. to
controlled
1938
1937
49,284;219 y Capital stock.z23,692,967 z23,692,966
6,126,969
6,391,550
9,218,113 Accts. payable.
450,000 Notes payable—
1,500,000
20,000 Due to control'd
cos, (current).
19,054
106,054
.7,523,295
Acer, liabilities.
3,113,694
3.002,918
331,572
284,910
199,038 Deferred credits
Minority Interest
153,217
135,989
22,754,939 Res. for insur.,
3,989,700
3,037,263
(non-cur.)
830,779
9,138,139
365,032
490,626
1,930,400
49,091,300
3,605,250
48,977,360
Earned surplus.
23,312,363
18,819,447
contingencies.
952,304
Oth.inv. & advs.
1935
y$53,595
»
Nil
x After
charges and normal Federal income taxes but before provision for
®*cess profits tax.
y Before provision for Federal income taxes,
z On
142,189 (no par) shares $1.75 preferred stock.
$3,730,045
$2,706,698
4,682,581
Mat'ls & suppl's
Other cur. assets
9,172,740
955.368
554.369
Notes
Corp., Ltd.—Earnings—
1938
$82,026
$0.57
(current)
cos.
rec.
Consolidated Steel
$7,602,112 $15,811,415 $21,709,629
2,500,533
6,441",868
6,348,546
301,723
•
722,310
724,377
1,065,093
3,393,883
3,122,247
4,718
7,765
9,219
crude oil, &c_
.
shares
9Vrar^e«y dividend of 25 cents
t
on
a
common
3
x
-Cum-JPref- stock, payable Dec. 27
1938
538,838
$5,915,935
2,070,956
270,738
1,157,791
4,315
Consolidated Balance Sheet Sept. 30
1938
Assets—
Accumulated Dividends—
Directors have declared
....
share.....
Nil
depreciation, Federal taxes, &c., before provision for Federal
surtax on undistributed profits.
year
per
2,516,495
x Includes estimated
provision for Federal and State income taxes.
Fed¬
eral and State oil and gasoline excise taxes are not included in operating
charges and the amounts collected in respect thereto are not included im
gross operating income.
The amount or such taxes paid (or ^accrued)
during the nine-month period of this report totaled $14,541,912.
Note—No provision was made for surtax on undistributed profits.
1938—9 Mos.—1937
Nil
Net profit—
Shares capital stock
-
y
Earnings
,
Consolidated Film Industries, Inc. (& Subs.)—Earns.
com.
x2,221,451
$7,064,205 $14,427,080 $20,433,163
537,907
1,384,334
1,276,466
—
1938—3 Mos.—1937
1938—9 Mos.—1937
$167,220
$184,133
$501,904
$522,760
$0.04
$0.08
$0.11
$0.10
x After interest,
depreciation and Federal tax, but before provision for
surtax on undistributed profits.—V.
147, p. 1031.
1938—3 Mos.—1937
$218,763
$162,606
851,642
x772,035
$5,377,097
Profit
$2,412,136
Profit on sale of assets.
Extraord. items (net)
294,563
Consolidated Cigar Corp. (& Subs.)—Earnings—
.
costs.-
Depletion & lease $ur
Depreciation.
Minority interest
Period End. Sept. 30—
Net profit...
shs,
—...
Operating profit.....
Other income (net)
Hampton. President, said a bonus of 10% of annual wages or
salaries will be paid all employees who have been with the
company two
years or more.
A bonus or 5% will go to those who have been
employed
less than two years but more than six months.—V.
147, p. 1335.
Period End. Sept. 30—
xConsol. net profit
Earns, per sh. on 524,973
$12.68
Continental Oil Co. (& Subs.)—Earnings—
W. L.
x
-
_
Period End. Sept. 30—
1938—3 Mos.—1937
1938—9 Mos.—1937 Gross income
—.$22,951,933 $25,570,409 $61,209,760 $67,498,432
Costs and expenses—. 16,802,800
17,654,562
44,561,229
44,548,774
Nil
paid in preceding quarters.
Earns, per sh.on com.stk
—_
—
Earnings per share.
—V. 147, p. 2526.
dividend of 25 cents per share on the
stock,
162,715
...
-
,
cents
common
—
....
Amortization of debenture discount and expense
Taxes on debenture interest—-—
tax, &C—
on
$7,537,311
18,236
51,457
—
Larger Dividend—Bonus to Employees—
The directors
$7,555,547
,917,821
stock-
Balance...
Holding company deductions:
Interest on 5% debentures, due 1958—
1938—9 Mos.—1937
$282,206 loss$22,721
$0.87
1,934,402
16,581
-
:
$6,969,278
Expenses of Continental Gas & Electric Corp...125,154
Taxes of Continental Gas & Electric Corp
22,820
Consolidated Biscuit Co.—Earnings-
y
_
common
Total
the requirement of filing a declaration in connection with the issuance of
$15,000,000 of first ana refunding mortgage 3M% bonds, series H, due
Dec. 1,1968, to be sold privately. The proceeds from the sale of the bonds
are to be used to refund presently
outstanding bonds, open account indebted¬
ness, and bank loans, and to provide additional working capital.
The application states that the company consents to any order which the
Commission may issue restricting the payment of dividends and relating
to depreciation or to the retirement reserve, in order to assure the Commission that it will observe an agreement to charge to income an amount
of not less than 12)4% of its gross
operating revenues from the sale of
service to provide for maintenance ana replacement of properties.
.The Commission has ordered a public hearing in the matter on Nov. 21,
1938.—V. 147, p. 2526.
"
*
x
—
—
_
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies
Income of Continental Gas & Electric Corp. (excl.
of income received from subsidiaries)
Company has filed with the Securities and Exchange Commission an
application (32-116) under the Holding Company Act for exemption from
•
—
Proportion of earns, attrib. to min.
stock
•
1937
1938
$2.15
.....
..
'•
—
—
1936.
$263,375
122,237
$0.06
—.
...
•
nating inter-company transfers)---...—.—--$37,226,695 $36,935,218
General operating expenses.
13,772,261
14,176,605
Maintenance-:
1,880,921
1,846,708
Provision for depreciation4,979,806
4,922,937
General taxes and estimated Federal income taxes.
4,546,411
4,318,701
Compressed Industrial Gasses, Inc.—Earnings—
9 Months Ended Sept. 30—
Net profit after all charges
Corp. (<& Subs.)-—Earnings
(after elimi¬
&
cos.
accts.
UnadJ. debits ,&c
Prepd.&def.chgs
Total -.—108,271,435 105,016,447
x
5.
Total
After depreciation, depletion and intangible
z
...108,271,435 105,016,447
development costs,
Including shares held in treasury.—V. 147, p. 3011.
y
Par
Volume
Financial
147
Continental Casualty Co.—Extra
Directors have declared
an
Detroit Edison Co. (&
Dividend—
dividend of 40 cents in addition to a
extra
regular quarterly dividend of 30 cents per share on the capital stock, par $5.
The extra dividend will be paid on Dec. 15 to holders of record Nov. 15
and the regular
record Nov.
quarterly distribution will be made on Dec. 1 to
Continental Cushing Spring
Period End. Sept. 30—
Net loss before Fed. tax_
—V.
145, p. 3650.
Co.- -Earnings—
1938—9 Mos.—1937
1938—3 Mos.—1937
$173
prof$6,328
prof$33,499
$7,704
146. p. 3009.
Continental Steel Corp.—To
At the
15
regular meeting held Nov.
Pay SI Common Dividend—
the directors declared a dividend
15 to holders of record
paid by the company
A regualr quarterly dividend of 25 cents having last been dis¬
Dec. 24, 1937.V. 147,
p. 2680.
of $1 a share on the common stock payable Dec.
Dec. 1.
This will be the first common dividend
this year.
tributed
on
Corp." in substitution for outstanding and listed certificates bearing the
name "Crosley Radio Corp.," and 54,200 shares of common stock which
are issued and held in the treasury of the corporation, making the.total
amount applied for 600,000 shares.
Reference is made to previous applications, the last of which is A-9826,
dated July 30, 1931.
At a special meeting held on Sept. 23 the shareholders approved a change
in the name by deleting the word "Radio" so as to increase and broaden
the powers and purposes of the company so that the name will no longer
indicate a limited activity.
Income Account 9 Months Ended Sept.
Costs, royalties, ordinary tax
Other deductions
Federal income taxes
_
1_.
Depreciation
Includes
$0.19
$
Consolidated Balance Sheet Sept. 30,
Earnings per share
—V. 147, p. 1190.
Distilled Liquors
1937
$445,280
$1.81
1938
$14,955
Nil
stock
on common
Corp.—President Resigns—
his resignation as President and
subsidiaries, Distilled Liquors Import
Co., Inc., effective Nov. 30,
1938.
Mr. Drescher will continue to serve all three of these companies in an
advisory capacity until such time as his plans for the future have been
formulated.—V. 147, p. 2389.
Norman
director
Co.,
Drescher
W.
of
announced
has
this corporation and its
Inc.,
and
Walter
Dixie-Vortex
H.
Hildick
Co.—Earnings;—
Earnings per share
—V. 147, p. 1190.
on
1937
$946,450
$2.46
1938
12 Months Ended Sept. 30—
$729,118
Net profit after depreciation, Fed. inc. taxes, &c__
$1.39
202,916 shares com. stock—
"
Pepper Co —Extra Dividend—
65 cents
extra dividend of
an
per
share in addi¬
tion to the regular quarterly dividend of 25 cents per share on the common
stock, no par value, both payable Dec. 1 to holders of record Nov. 18.—
Y. 146, p. 1238.
Invested assets
Accrued taxes—Fed. income.
2,873,906
Sundry accruals.
-
23,759
118,373
266,666
Notes payable
Reserves
3,275
Stated
$7,291,292
3,000,000
2,727,812
.
$7,291,292
Total
-V. 147, P. 2086.
Crown Willamette Paper
Co.—Bonds Called—
144, p. 1955.
Crystal Tissue Co.—-Earnings—
1938
—_ —
Earns, per share on
1936
1937
lossfll,229
x$113,332
9 Months Ended Sept. 30—
$73,752
93,000 shs. com¬
stock.
$0.63
$1.06
Nil
T —-
x After provision of $5,000 for surtax on undistributed
depreciation, Federal income tax.—V. 147, p. 568.
par) capital stock of this company, substantially all the stock
of which has until now been closely held.
The issue has been
oversubscribed.
The
660 shares.
profits,
y
After
Curtiss-Wright Corp.—To Pay $1 Class A Dividend—
Nov. 10 declared a dividend of $1 per share on the class A
Dec. 15 to holders of record Nov. 25.
This compares with
50 cents paid on Dec. 15, 1937 and an initial dividend of 50 cents paid
on Dec. 15, 1936.—V. 147, p. 2864.
on
stock payable
Davega Stores Corp.—Earnings—
Sept. 24,'38 Sept. 25, '37 Sept. 26, '36
$4,818,416
$5,442,132
$5,024,407
Net sales
franchise taxes
1oss42,373
178,649
6,634
y Net profit from operations
Prov. for Federal income and
Aside from the stock held by the
so-called Mills interest, the
only other holding, direct or beneficial, as of Aug. 1,1938, comprising more
capital stock of the company, was the 60,000 shares owned
beneficially by the family of the late Harry Payne Whitney.
than 10% of the
History and Business—The company was incorp. in Delaware on Nov. 6,
Company is engaged primarily in the production of oil and gas in
Dominguez Field in Los Angeles County, Calif., as successor in business
to Burnham Exploration Co. by the issuance of stock in exchange therefor.
Burnham Exploration Co. was liquidated and dissolved Oct. 22, 1937.
The interest of the company in the Dominguez Field consists of an un¬
divided interest in four oil and gas leaseholds (the terms of which are sum¬
marized under "certain contracts") known respectively as Callender, Hellman, Carson and Reyes leases, which leaseholds constitute the main portion
of the present producing area of the Dominguez Field.
In the first three
leases mentioned, the company and Union Oil Co. of Calif, each owns an
undivided one-half interest.
In the Reyes lease, Shell Oil Co. owns an
undivided one-half interest, Union Oil Co. of Calif, an undivided threethe
eighths and the company an undivided one-eighth.
The interests
mentioned are all subject to lessors' underlying royalty interests,
from one-sixth to one-fifth part
range
6 Months Ended—
offering, which does not represent new financing by the
shares derived from the original Mills holdings of 126,-
current
company, comprises
1925.
notified that company's first
mortgage sinking fund 5% gold bonds, due Jan. 1, 1951, have been called
for redemption on Jan. 1, 1939, at 103% of par plus accrued interest.—V.
The New York Stock Exchange has been
yNet profit—.
Co., Dean Witter & Co., Blytk & Co., Inc., and Lehman
Brothers offered Nov. 16, at $36 a share, 75,000 shares (no
803,867
...
capital
common
Earned surplus,.
Total
64,083
Accrued taxes—State, &c
63,686
assets
Patent rights...
36,694
254,680
42,418
x$141,955
above
which
of the production.
Capitalization—
Authorized
Outstanding
Capital stock (no par value).
— — —J—
400,000 shs. 400,000 shs,
The net tangible asset value (including all assets except deferred charges,
and after deducting all liabilities except capital stock and surplus) of each
share of capital stock of the company is $8.57 as of July 31, 1938.
Earnings Summary for Stated Periods
7 Mos. End.
-Years Ended Dec. 311937
July 31, '38
1935
1936
$2,056,823
Operating revenues
$2,205,074 $3,340,592 $3,629,455
336,453
497,260
Operating expenses
321,444
373,702
Deprec. and charges in
383,690
851,998
679,920
626,261
$212,262
State
...
Barney
Dominguez Oil Fields Co .—Stock Offered—Smith,
Accounts
2,332,071
receivable
Inventories
Directors
Mfg. Co.—Earnings—
9 Months Ended Sept. 30—
Net profit after depreciation and Fed. inc. taxes..
&
$232,352
54,381
payable
Accrued royalties
§700,730
1,226,303
91,322
Notes receivable
mon
for the years 1936 or 1937.—V. 147, p. 2528.
1938
Liabilities—
Assets—
Deferred
Note-—The foregoing figures do not take into account any Federal surtax
on undistributed net income, as our estimates indicate no such tax mil be due
depreciation.
Cash....
Accounts
$2.54
269,379
$10,656,836
Including all operating and maintenance charges, current appropriations
x
Directors have declared
,390,327
2f3,944
$6,970,851
to retirement reserves and accruals for all taxes.
Dr.
$103,581
loss$43,484
Nil
profit
Earns, per share on capital stock.
-...$12,976,043 $16,664,869
5,841,388
5,738,652
Crl 10,141
Net income.
200,674
__
Net
x
Gross corporate income
on funded and unfunded debt
Interest charged to construction
Amortization of debt discount and expense
340,000
...
$12,996,694 $16,544,673
Dr20,650
120,195
,
Interest
1936
1937
$9,397,697 $15,000,520 $17,736,204
9,105,530 xl4,339,181 xl5,940,004
152,221
139,855
111,219
65,537
266,018
23,758
j
1938
1937
-.$54,650,678 $58,895,526
41,653,984
42,350,853
expenses..
Balance, income from utility operations.
Other miscellaneous income
30 (Incl. Subs.)
1938
Flood loss
Utility
x
Detroit Gasket &
Crosley Corp.—Listing—
The New York Stock Exchange has authorized the listing of certificates
for 545,800 shares of common stock (no par) bearing the name "Crosley
Sales
Subs.)—Earnings—
12 Months Ended Oct. 31—
Gross earnings from utility operations
holders of
15.
dividend of 30 cents was paid on Dec. 15,1937.—V.
A special
3157
Chronicle
lieu thereof
Net income..
Dividends paid on
—
loss x$49,007
—
preferred stock—
$2,286,970
18,772
$2,280,197
7,864
$1,336,679
175
$1,257,543
$2,305,742
$2,288,061
$1,257,368
41,409
Other income.
Balance available for com. stock.-_
x$100,546
$212,262
$0.45
defx$49,007
$0.97
Nil
Equals per share of common stock-.
taxes on undistributed income, such
determinable until the end of the fiscal year,
y After
charging $28,934 for depreciation and amortization in 1938; $26,001 in
1937 and $27,779, in 1936—V. 146, p. 3952.
x
Without
taxes
not
providing for Federal
being
Corp.—Capital Distribution—,
Davis Coal & Coke
have declared a capital distribution of $50 per share on the
stock, payable in two parts.
A total of $25 will be paid on Dec. 15
holders of record Nov. 30 and the balance of $25 will be distributed
Jan. 16 to holders of record Nov. 30.—V. 147, p. 2087.
Directors
on
Dayton Power & Light
Period End. Sept. 30—
Gross
Co.—Earnings—
1,327,138
Expenses—Operation
171,521
212,644
327,030
Maintenance
Provision for retries.
1938—12 Mos.—1937
1938—3 Mos.—1937
$2,711,477
revenues
_
Taxes.
^2,848,939 $12,889,290 $12,968,172
1,444,833
6,188,043
6,194,678
169,947
711,334
645,722
237,817
1,002,226
1,088,138
351,508
xl ,624,140
1,631,651
„
3,795
16,580
income.
Int. & amort, charges.
$648,627
158,039
,380,127
833,714
$3,415,579
687,509
$490,588
112,503
$2,546,412
450,012
$2,728,070
>450,012
$357,342
$378,085
$2,096,400
Balance..
—
.
provision for Federal income taxes for the calendar year 1938 in¬
cluded in the abovastatements is-£hp .miriimum tax specified in the 1938
Federal Revenue Act and is subject to adjustments.—V. 147, p. 1485.
x
The
.
Deisel-Wemmer-Gilbert Corp.—Earnings—
1938—3 Mos.—1937
1938—9 Mos—1937
$132,763
$163,067
$289,016
$379,034
Period End. Sept. 30—
Net profit
Shs. com. stk. outstand.
x
Earned per share
x
After
surtax on
196,942
$0.60
•
196,942
196,942
$0.75
depreciation, Federal taxes, &c., but before
undistributed profits.—Y. 147, p. 1637.
196,942
$1.25
$1.68
provision for Federal
Detroit Steel Corp. (& Subs.)—Earnings—
1938—3 Mos.—1937
1938—9 Mos.—1937
Period End. Sept. 30—
x
Net profit
y
Earnings per share
x
$164,381
$0.12
$0.80
loss$26,957
$566,459
Nil
depreciation, interest, Federal income taxes, &c.
y On
(par $5) of capital stock outstanding.—V. 147, p. 1034.
After
shares
$24,582
1,698,680
$1,105,707
SOOjOOO
Underwriters
Blyth& Co., New. York..
York
$2.75
206,250
'
Dominguez Oil Fields Co.
Cash
Company
245,826
"
245,826
8,244
8,244
16
16
^nd equipment., 1,501,680
"Net inv. in securi-"
ties
of
wholly-
1,505,072
owned
Total
445
1,723
(no
stated
-
800,000
2,658,822
1800,000
2,658,822
...
1
30,435
30,485
$3,978,555 $3,978,575
Total
...$3,978,555 $3,978,575
2864.
Ana. 31—
profit—
y Earnings per share
x After
depreciation,
common stock.
Net
319,580
1,723
stock
at
Earned surplus.—
Douglas Aircraft Corp.
Period End
x
par;
100,000
319,560
—
—valueof $2 ash.)
wholly-
subs....
Deferred charges..
—V. 147, P.
100,000
2,977
subs.*..
Net debt of
payable
1938—
Other..
Ca pital
property,"plant
$98,449
$98,449
California
Aug. 31,
Accrued taxes
employees
owned
Consolid'n
Union Oil Co. of
Dividend
Inventory of
Net
(Consolidation)
Company
Liabilities
Account payable to
$300,000).$2,188,927 $2,188,927
receivable
crude
oil (at market)..
Accts.
rec.
from
9,000 shs.
31,1938
and Domestic Subsidiary
Consolid'n
(incl. ctf. of
dep.,
^'ARR8^
.
Consolidated Balance Sheet July
.
^
19,500 shs.
?Z'99RS£B*
-
-
Lehman Bros., New
$2,278,058
Preferred dividends.
$2,074,842
1,752,432
Smith, Barney & Co., New York
Dean Witter & Co., San Francisco..
Account
Net income—
$2,060,412
955,872
'.
Assets—
Gross corp.
140,000
*
so-called Mills interests, representing shares derived
from the late Ogden Mills, one of the founders of the company, held as of
Aug. 1, 1938, so far as known to the company, 126,660 shares, included
in which are the 75,000 shares now offered.
Such 126,660 shares are held
by several interests and so far as known to the company, therqis no common
understanding or agreement on the manner of voting such stock.
These
126,660 shares constitute 31.665% of the outstanding capital stock of the
company, all of which capital stock is entitled to vote.
7,596
$676,849
207,004
112,503
Other income.
138
213,080
$1,157,359
Net income.
Dividends paid
$3,407,983
$673,144
3,705
$469,845
Net oper. revenue-.
706
244,623
Federal income taxes—
Mills Interest—The
common
to
53
100,131
Income charges
.
10,213
$1,346,893
101,185
(& Subs.)—Earnings—
1938—3 Mos.—1937
$728,815
$1.27
Federal income
1938—9 Mos.—1937
$1,821,964
$852,795
•' $0.57
$3.19
$1.49
taxes and other charges,
y On
$326,963
3158
Financial
Note—Deductions
from
operating results fo
included $511,437 development expense
the
nine
Chronicle
months'
Gregg replaces Mr. Smith as General Foreign Manager, and F. B. Foster
succeeds Mr. Gregg as Comptroller,
continuing in charge of the treasury
department.—V. 147, p. 1638.
period
this year
•« experimental models.
Net sales for the nine months aggregated
$22,899,838, against $15,276.504 correspondingly in the previous year, an increase of
49%.
The
1938 sales involve the delivery of 353 planes and spare parts,
against 224
planes and spare parts in the comparable period of 1937,
Unfilled orders on Aug, 31 this year amounted to
Electrolux
was
elected
(S.
a
x
Earnings
$28,456
100,000
x$372,796
100,000
$0.28
$2.42
1937
x
147, p. 1923.
Subs.)- -Earnings
on
$887,880
436,395
13,336
51,020
Cr5,611
Interest
on
$840,951
$341,489
215,573
$177,167
...
$125,916
(net).
first mortgage bonds
unfunded debt
Amortization of debt discount and expense.
Interest charged to construction
.
Balance...
-V. 147, p. 889.
Eastman Kodak Co.Directors
on
Nov. 9 voted
■To
p.
$0.69
3344.
Chairman, &c.—
Symington, who was elected President, General Manager,
on
Oct. 1, 1938, has also been elected Chairman of the
director
Empire Power Corp.—Accumulated Dividend-—
$820,524
$392,740
215,573
Interest
_
Stuart
a
Nil
On 195,262 shares,—V. 145,
1638.
p.
1 Q?7
$2,500,533
$879,273
8,607
expenses, &c
Provision for retirements.
Provision for taxes
i
y
1938—9 Mos.—1937
$123,940prof$134.275
O. C. Schmitt, Vice-President, has been elected a director and L. G.
Rowe, Secretary, has also been elected Treasurer.
The following directors have been reelected:
L, M. Forster, W. B.
McMillan, Rhodes E. Cave, J. R. Shepley, and W. S. Snead.—V. 147,
84,500
$1.14
$2,688,780
1,196.206
304,005
309,296
j,
10,000
Board of Directors.
$96,457
1938
revenues...
Other income
W.
1935
x$319,060
84,500
$2.36
Eastern Shore Public Service Co. (&
Operating
Operating
After all charges,
and
12 Months Ended Sept. 30—
share—-
per
Emerson JElectric Mfg. Co.—New
1926
Before provision for surtax on undistributed
profits.—V.
1938—3 Mos.—1937
$42,868 prof$43,227
Nil
$0.22
Net loss
y
R.) Dresser Mfg. Co. (& Subs.)- -Earnings-
taxes, &c
Shs. cl A stock (no par).
Earns per share
x
Period End. Sept. 30—
V
Corp.—New Director—
1938
of
was
Electromaster, Inc.—Earnings—
meeting of directors held Nov. 10, Conrad H. Poppenhusen
member of the board.—V. 147, p. 3012.
9 Mos. End. Sept. 30—
Net profit after deprec.,
block
1938
2865.
p.
special
a
Offered—A
19.
distributed in the over-the-counter market
this week by Amott, Baker & Co. and associates.—V. 147,
$26,545,652 three months earlier and $34,800,000 on Aug. 31, 1937.
The balance sheet as of Aug. 31 shows assets of
$10,726,228, including
$3,793,966 cash, while liabilities total $2,172,577.
A year earlier current
assets aggregated $14,713*700 and current liabilities were
$7,950,030.—
V. 147, p. 2681.
Domestic Finance
Corp.—Shares
shares of stock
$25,638,330, against
At
Nov.
The directors have declared
a dividend of 25 cents per share on the $2.25
partic. stock, no par value, payable Dec. 10 to holders of record
Like amount was paid on Nov. 10. last, dividends of 50 cents were
paid on Sept. 10, June 10, and on March 10 last, 75 cents paid on Dec. 15
and Nov. 10, 1937, 50 cents paid on Sept. 15, June 15 and March 15, 1937,
and Dec. 15 and Oct. 1, 1936; a dividend of 40 cents was paid on July 1
and March 16, 1936; 75 cents on Nov
9, 1935, and 50 cents on May 20,
1935, and Nov. 10,1934. See V. 145, p. 2545, for detailed dividend record.—
V.147,p.2531.
1,134,372
257,586
288,052
cum.
Dec. 1.
20,427
436,395
14,431
51,100
Equity Shares, Inc.-—Initial Liquidating Dividend—
Directors have declared an initial liquidating dividend of $1
payable Nov. 29 to holders of record Nov. 17.—V. 146, p. 439.
CV2.464
Eureka Vacuum Cleaner
Period End.
Earnings
capital
Pay Wage Dividend—
share
stock
per
Federal
After
x
1939 wage dividend approximating $2,200,000
to be paid to company's
employees on March 27, 1939.
Regular employees of the company who are at work on March 27 next
and who have worked all or
part of 26 weeks in 1938 will be
Sept. 30—
share
Co.—Earnings—
1938—3 Mos.—1937
$86,349
$50,525
'
Net loss
x
per
1938—9 Mos.—1937
$235,369 prof$53,179
on
Nil
income
Nil
Nil
$0.22
deprec., &c., but before provision
undistributed profits.—V. 147, p. 3013.
taxes,
for
a
Federal surtax
eligible for
plan was begun
by the dividend
stock, which brought the year's total declara¬
The special stockholders' meeting called for Nov. 25 to consider amending
company's charter has been canceled.—V/147, p. '3013.
Eureka Vacuum Cleaner
the wage dividend, the 27th voted
by the company since the
in 1912.
The rate for the wage dividend was determined
Evans Products Co.
declaration on the common
tions to $6 a share.
As the wage dividend works
average
weekly
Earnings
y
x
per
After depreciation and
Operating loss
Other income
Total
Eaton
$405,197
Nil
Sept. 30—
Miscellaneous
deductions..
Prov. for Fed. and
Net loss—
$238,830
on
$589,164
$432,322
$2,141,952
696,147
Ebasco Services
"
Nil
$0.62
Nil
$3.07
$1,655,204
183,097
Balance earned surplus, Sept. 30
$1,010,374
Earnings per share on 244,191 shares capital stock
(par$5)
-■
'
Nil
$1,472,107
Increase
Amount
.
1938
1937
.
110,164,000
53,981,000
79,176,000
.
76,761,000
Decrease.—V. 147,
p.
Period End. Sept. 30—
Net income..
per
bud.
1938
Long-term
109,078
99,550
£239,429
£473,413
105,547
£366,498
'
89,441
3.492
95,709
4,000
3,902
277,334
£423,830
20,183
£363,964
201,872
£565,836
20,786
50,000
£495,050
217,716
To be carried forward
£298,418
£277,334
$2.64
1937
cos...£3,440,301 £3,440,301
Amounts due from
434,309
105,283
152,000
108,515 Cap. stk. ($5 par). 1,220,953
Capital surplus.
1,351,729
14,803 Earned surplus
1,010,374
42,479
11,881
association
16,112
1,220,953*
1,369,370
1,472,107
17,310
10,167
.
T, 705
Deposit
premiums
Deposits in closed
banks, less allow¬
less
1935
£565,720
'
115,868
4,949
&
allowance..
259,387
1,097,895
159,150
794,591
u
1,519,138
1,542,514
Patents <fc licenses.
1
1
44,699
74,648
yTimberlands
Pro perty, plant and
Prepaid insurance,
taxes, &c
£681,588
112,042
4,000
£565,546
£464,347
21,131
20,000
£608,164
21,390
£423,216
£478,774
281,216
221.344
£201,872
Total
.....$5,699,553 $6,414,563
Total..
$857,732 in 1938 and $896,495 in 1937.—V. 147,
42,618
108.000
Ex-Cell-O
Period End.
a
$5,699,553 $6,414,563
1938
Ordinary Shares__£2,902,87S £2,902,875
Preference
shares.
460,000
365,790
500
accr'd liabilities.
26,760
85,937
5,554
9,369
count
£3,801,956 £3,901,897
Total
Profit and loss
43,972
1938—9 Mos. —1937
$301,693
$480,205
393,345
386,848
$0.76
$1.24
on
undis¬
Period End.
Net
Corp.—Earnings—
Sept. 30— 1938—3 Mos.—1937
1938—9 Mos.—1937
.
profit after deprec.
and Federal taxes
Earns, per sh. on capj stk
Note—No provision
147, P. 1924.
was
$64,915
$0.38
$53,918
$0.32
made for Federal surtax
$177,145
$1.04
on
$310,772
$1.83
undistributed profits-
—V.
ac¬
403,647
Federal Screw Works (&
495,050
£3,801,956 £3,901,897
-Y, 145, p. 3344.
Electrical Research
1938—3 Mos.—1937
$143,443
$196,157
393,345
386,848
$0.36
$0.51
After charges and Federal income taxes, but before surtax
Federal Mogul
Sundry creditors &
500
460,000
35,434
328,841
Sundry debtors...
share
per
3013.
tributed profits.—V. 147, p. 2865.'
£197,558
1937
Sept. 30—
Net profit.
a
p.
Corp.—Earnings—
Shares cap. stk. ($3 par)
«v
Liabilities—
Trade investments
x
Period End.
Net loss..
x
Products, Inc.—New Treasurer, &c.
Charles Olajos, formerly Assistant
Treasurer, has been elected Treasurer
of the company.
Mr. Olajos succeeds F. B. Foster, who
resigns the office
at the close of business Nov. 30 to
accept the position of Comptroller.
Clifford W: Smith, formerly General
Foreign Manager, has been appointed
General Manager on the West
Coast, a newly created position in which
he will have jurisdiction over all
Hollywood activities of E. R. P. I.
E. S.
169,454
787,049
on
miscel. accounts
£266,789
197,558
Balance Sheet Sept. 30
1938
Cash in bank
202,950
income.
State and foreign
taxes
cos.
Securities owned.
Earnings
105.229
cos
Reserve for contlng
Long-term indebt.
Note—No provision has been made for surtax on undistributed profits,
x After allowance for doubtful accounts and
freight,
y After reserves of
£403,647
Assets—
116,116
529,841
'
ord. stock
on
128,317
notes
equipment
£146,496
Total surplus
5,701
262,045
of
Officers' notes and
Ltd.—Earnings—
93,873
$695,000 $1,125,000
Accounts payable.
Accruals incl. Fed.,
receivable..
before
Preferred dividends
Income tax..
surr. value
1937
on
1,358,429
1,250,777
23,961
ance.
1936
£266,948
Directors' fees
n
550,266
life insurance...
Sundry invests.
1937
£364.335
Notes payable
Bank advances
1,306,772
Ad vs. on contracts
debentures and
£145,556
for management,
&c.,
and other income
Profit for year
income tax
Previous surplus
$3,182,467
1,203,854
Nil
on
$896,153
1938
drafts
receiv.
accts.
30
Liabilities—
Deposit with trade
cos.
Total income received
Admin. & gen. expenses.
&
Inventories
1938—9 Mos.—1937
$7,571
1,197,254
$0.72
Electric & Musical Industries,
Con tribs. from
$757,381
accounts
$0.16
1937
Customers' notes
Ad vs. to affil.
x Adter
depreciation, Federal income taxes, interest
minority interest.—V. 147, p. 1923.
Years End. Sept. 30—
Divs. rec'd &-receivable-
*5
-Earnings—
1938—3 Mos.—1937
$191,228
$866,091
1,197,254
1,203,854
share
1938
deposit
on
x
3013.
Electric Autc-Lite Co. (& Subs.)Shares common stock...
Consolidated Balance Sheet Sept.
Cash
3,617,000
3.9
2,093,000
*2,415,000 *3.1
$1.42
-
Cash on hand and
.
Total
$536,686 prf.$347,816
1,547,060
1,307,387
$1,010,374
Assets—
Inc.—Weekly Input—
Operating Subsidiaries of—
sub.
income (est,).
Earned surplus, balance, Jan. 1.
147, p. 570.
American Power & Light Co...113,781,000
Electric Power & Light
Corp.
56,074,000
National Power & Light Co
Inv. in sub.
on
...
1938—9 Mos.—1937
undistributed profits.—V.
Balance
To be paid
foreign taxes
—
After taxes, interest, depreciation,
&c., but before provision for Federal
Earnings
$444,591 prf.$530,987
27,000
34,621
9,490
53,684
36,131
3,790
110,550
«
i
Cash dividends
1938—3 Mos.—1937
For the week ended Nov.
10, 1938, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power &
Light
Co., Electric Power & Light Corp., and National Power & Light Co. as
compared with the corresponding week during 1937, was as follows:
x
;
$0.78
Federal income taxes,
shares capital stock...
*
loss
Total
Earns, per sh.
x
1938—9 Mos.—1937
Mfg. Co. („& Subs.)—Earnings-—
Period End.
Net loss.
surtax on
$565,008 prf.$475,363
120,417
55,624
...
Provisions for contingencies..
Interest expense
' $319,405
1937
$1,708,438
1,233,076
wage
but before surtaxes on
y On 518,615 shares combined class A and B stock.
undistributed profits,
—V. 147, p. 889.
x
1938—3 Mos.—1937
$60,988
$108,994
Nil
$0.21
share...
1938
$320,060
885,068
Expenses..
Easy Washing Machine Corp.—Earnings—
x
Subs.)—Earnings—
Gross profit from sales—
The dividend voted today will raise
the company to slightly more than
$43,000,000.
The company's
payment in March this year was $3,425,000,
the highest ever recorded.—V.
147, p. 1034.
Period End. Sept. 30—
Net loss
(&
Co.—Meeting Canceled—
9 Months Ended Sept. 30—
out, each employee who has completed
five years' service at the end of 1938 and who is
employed on March 27
will receive a check for more than three times his
in his last five years of
employment.
the total of wage dividends
paid by
on
Subs.)—«-Earnings—
Sept. 30—
1938—3 Mos—1937
1938—9 Mos.—1937
$63,818 prof$63,215
$174,872 prfSl44,099
After depreciation, interest on undeposited 6H% gold notes and Federal
income taxes.
Note—No
—V.
147.
p.
provision
1192.
has
been
made
for
undistributed
profits
surtax.
I
Ferro Enamel Corp.—Listing—
The New York Curb Exchange has approved the
listing of 2,500 addi¬
tional shares
of capital stock,
Y. 146, p. 2691.
par
$1,
upon
official notice of issuance.—
Volume
Financial
147
Federated Department Stores, Inc. (&
Chronicle
Subs.)—Earns.
Period End. July 31— 1938—6 Mos.—1937
1938—12 Mos.—1937
Net sales
$45,990,199 $48,024.684$105,638,455$106,058,761
Cost and expenses
45.314.248
46.741,581 100,704,476
99.755,768
3159
ToJlal
stock and paid-in surplus of the 18 previously outstanding
°,f Yu0up Securities, Inc., as of Sept. 19, 1938, was $5,111,988, acJ16 ProsPectus. Under a plan recently approved by stockholders,
the
i
£
ror
exchange of one new share of each of these classes for five shares of
class, there will be outstanding 2,120,000 shares of these classes
1,000,000 shares of the new class now being offered.
the same
in addition to the
$675,951
$1,283,103
$4,933,979
$6,302,993
Depreciation.
729,710
637,816
Interest and amortiz
128,414
129,673
1,384,146
268,781
1,248,192
234,361
x$182,173
$515,614
64,536
$3,281,052
47,475
$4,820,440
124,174
$580,150
,34,604
105,039
3,500
48,550
Minority interests......
x$ 160,527
13,733
51,000
2,000
48,399
Crl72,023
Cr57,259
$3,328,527
95,453
563,000
44,500
96,921
291,796
$4,944,614
129,461
735,000
69,000
253,240
552,296
Net profit
Earns per sh. on comstk.
x$103,636
Nil
$445,716
$0.20
$2,236,857
$1.87
$3,205,617
$3.01
Profit
_
Gabriel Co.
x
Profit
Other
21,646
income
(& Subs.)—Earnings—
Period End. Sept. 30—
Net loss
After
x
1938—9 Mos.—1937
1938—3 Mos.—1937
$7,277
$20,927
$12,797
$27,121
depreciation and non-recurring charges.
Options Granted—
Profit
Other deductions.
Federal income tax.....
Surtax .undist. profits..
Subs. pref. dividends...
T.?e,comPapy has notified the New York Stock Exchange of the issuance
class A common stock
or su snares of its
Gar Wood
Earnings
y
1938, including
31,
July 31, 1937.
Paid-in surplus was $10,181,348 and earned surplus $3,129,877 against paid-in surplus of $10,060,621 and earned surplus of $2,578,781
a
year
earlier.—V.
146, p. 3014.
distributed profits surtax,
of common stock.—V.
1938—6 Mos.—1937
1938—12 Mos.—1937
$16,208,428 $36,094,170 $36,442,103
15,461,591
15,622,974
34,078,272
33,823,286
Period End. July 31—
Net sales.
Subs.)—Earnings—
$15,904,816
Costs and expenses
Federal income taxes, but before un¬
Earnings per share on 800,000 shares (par $3)
1193.
p.
Gardner-Denver Co.—Earnings—
Period End. Sept. 30—
Net profit.
Shares com. stock
After
1938—9 Mos.—1937
1938—3 Mos—1937
$166,772
$319,275
563,117
562,397
$0.24
$0.51
Earnings per share
$1,019,148
562,397
$290,954
563,117
$0.36
-V.
depreciation, Federal income taxes, &c.
$1.66
147, p. 738.
General American Transportation Corp* (,& Subs.)—
1938—3 Mos.—1937
1938—9 Mos.—1937
$735,228
$1,352,143- $2,304,946
$3,854,370
1,022,095
1,022,095
1,022,095
1,022,095
Earnings per share
$0.72
$1.32
$2.25
$3.77
Period End. Sept. 30—
Net profit.
Shs. cap. stk. (par $5)_.
x
Other income
$443,225
10,224
$585,454
55,835
$2,015,898
24,228
2,618,817
45,217
Total profit
Interest
$453,449
32,875
$641,289
35,656
212,739
$2,040,126
409,685
$2,664,034
69,851
410,153
2,039
133,960
239,267
x
912,232
843,205
y
Profit
y
147,
x
x
Wm. Filene's Sons Co. (&
1938—9 Mos.—1937
loss$42,552
$657,121
Nil
$0.82
1938—3 Afo.<?.—1937
$3,921
$204,508
Nil
$0.26
share
per
After depreciation, interest and
x
$6,536,627 cash, U. S.
$27,390,397 and current liabilities
were $3,994,253, compared with cash, U. S. Government securities, &c., of
$5,465,373, current assets of $28,034,318 and current liabilities of $4,866,258
on
July 31, 1937.
Inventories were $10,451,559 against $12,287,385.
Total assets as of July 31, last, were $52,403,215 against $53,040,905 on
of July
as
the exercise of options granted
Industries, Inc. (& Subs.)—Earnings—
Period End. Sept. 30—
Net profit..
x
Loss.
x
Current assets
Government securities, &c., amounted to
upon
sharlf—V61?47^^/192^° purchase of said stock at a Price of $4.00 per
After
x
charges,
depreciation and Federal taxes but before surtax on
V. 147, p. 2866.
undistributed profits.
203,314
Deprec. and amortiz....
Federal income taxes...
501,393
Othertaxes...
478.442
.
69,241
.
General Cigar
Earnings
$515,008
$1,101,558
18,086
loss$87,5S7
118,750
235,897
194,625
250,000
500,000
500,000
1,150,000
Common dividends.....
x
Net
income
General
Finance
x
"
■'
Shares
$29,196,033 $17,747,367
$655,055
342,902
853,550
666,800
$0.72
$0.46
$0.11
stock
common
$206,131
....
...
After
charges including Federal income taxes,
undistributed
1937
$281,507
Corp.—Listing—
The Chicago Stock Exchange has approved the company's application
list 5,367,319 shares of the company's no-par common stock—V.
:
Provision for taxes
Operating income
Gross income
Ry.—Earnings—
Interest on
Net income
$0.92
$1.97
$1.63
$1.05
Earnings per share
State and foreign taxes but
undistributed profits.—V.
Florence Stove
for
before provision for surtax
1937
$9,532,003
$7,483,280
469,136
967,848
711,754
$1.39
$2.90
$2.13
stock
1638.
Flour Mills of America,
3 Months Ended Aug. 31—
Inc. (& Subs.)—Earnings—
'
.
Net income after all charges
—V. 147, p. 2244.
Formica Insulation
int.,
deprec.,
1938
1937
$22,307
$215,413
$0.12
$1.19
1938
depl.,
Dominion. Provincial & U. S.
147,
1937
$9,164 loss$289,583
1938
Cos., Ltd. (& Subs.)—Earnings—
9 Months Ended Sept. 30—
—V.
.
Co.—Earnings—
Sept. 30—
Net profit after deprec. & Federal income taxes..
Earns, per share On 180,000 shs. cap. stk. (no par).
—V. 147, p. 1776.
9 Months Ended
after
1936
1938
$6,872,813
*
■
Fraser
p.
&c., but before
income taxes
1937
$73,962 prof$720,461
1035.
Fully Administered
proper balance between common stocks,
with changes in the re'ative proportions
"These
investment of such assets
primary emphasis on the
enhancement of capital and stability of income."
The assets of Fully Administered Shares, as well as those of the other
classes, will be Invested under the direction of independent investment
counsel, Dean Langmuir, Inc., subject to the approval of the board of direc¬
tors of the corporation.
The initial investment policy recommended for
the new class calls for 55% in common stocks, 15% in preferred stocks and
bonds offering opportunity for appreciation and good return, and the bal¬
ance in bonds and preferred stocks of a relatively high investment quality.
In connection with the issuance of Fully Administered Shares, Group
Securities, Inc., will enter into contracts with investment dealers whereby
the dealers will agree to serve as a continuing point of contact between the
corporation and the shareholders and to supply such information and guid¬
ance to shareholders as they may require in addition to the regular reports
mailed by the corporation.
For these services dealers will receive continu¬
ing compensation based on the aggregate asset value of shares of this class
which remain outstanding in the names of their Clients for such periods as the
services continue to be rendered.
,
x
of extensive experiments the
number of
stability
possible,
in his
announcement.
"These
,
.
,
....
experiments have now reached a point which
available for eligible employees throughout the
.
.
justify making
entire corpora¬
tion and its wholly-owned subsidiaries within the United States.
In the experiments, the corporation made loans to employees during
periods of slack employment or shut-downs.
Satisfactory experience in
the repayment of these loans over a period of years determined the introduc¬
tion of the two formal plans to enhance the feeling of income security among
the benefits
of each at succeeding stages of
long-term
actuarial one.
benefit plans are the culmination
corporation has beon conducting in several of its plants for a
years in an effort to develop ways and means whereby greater
might be provided for as large a group of its factory employees as
and for as large a part of the year as practicable," Mr. Sloan said
preferred stocks, bonds and cash
cycles.
The general policy guiding the
that of a permanent foundation or trust, with
business
Corp.—To Stabilize Wages—
tions rather than an
Sharjes—Stock Offered—
1,000.000 shares of Fully Administered Shares, a new
class of Group Securities, Inc.. was made Nov. 15 by Distributors Group,
Inc., at an initial offering price of $7.05 per share.
In contrast with the 18 previously outstanding classes of Group Securi¬
ties, Inc., each representing a cross section of a single industry, Fully Ad¬
ministered Shares will provide an investment diversified as to industry and
also as to type of security.
According to the prospectus, "supervision will
be directed toward the maintenance, within the assets of this class, of a
Public offering of
is
$1,049,820
27,916
Two plans intended to help stabilize employment and protect hourlypaid employees in case slack times cannot be avoided Were announced
Nov. 14 by Alfred P. Sloan Jr., Chairman of the corporation.
The plans
will be effective throughout 1939.
For employees of five years or more of service, an income security plan
has been devised to give to each employee at least 60% of his standard
weekly earnings throughout the year.
For employees of two to five years
of service, a lay-off benefit plan has been created that will give to each
employee at least 40% of his standard weekly earnings up to a total amount
equivalent to 72 hours' pay.
Some 150,000 wage-earning employees are affected out of the more than
200,000 on the corporation's payrolls, with possibly half of the 150,000 able
tq participate in the first plan.
Another plan to cover 37,000 salaried em¬
ployees is being considered.
■
.
The program does not involve the withholding of any pay earned by
the employee in a period of normal or better-than-normal employment
preceding a period of slack employment.
On the contrary, it involves
a financial contribution by the company in slack times,
to be made up
when recovery occurs, by the employee's refunding the loan out of half of
his earnings in excess of the normal pay for 60% of a standard week.
A reserve will be set up by the corporation to finance the two plans.
The amount of the reserve will be a percentage of the payroll, the precise
figure to be determined in the near future.
This reserve will cover the
losses sustained by the company either in the event of the employee's death,
when his obligation to refund the company's advance ceases, or in his fail¬
ure to return to the company's employ.
"In the latter case, the plans are considered a challenge to the corpora¬
tions' plant managers to maintain an improved "employment management",
since/a heavy labor turnover among senior employees would entail a heavy
rate of loss.
The loss by death will not be covered by outside insurance,
it was ascertained, since the problem is one of leveling employment condi¬
Federal
surtax
Earns, per share on com.
Loss
668,746
Co.—Earnings—
Sept. 30—
before pro v.
—V. 147. p.
256,226
7,436
1338.
General Motors
1,318,144
147, p. 1192.
Net sales
profit
-V. 147, p.
$15,373,695
Shs.com. stock outst'g..
Net
87,688
299,919
stock
Balance of income.
52 Weeks Ended
Oct. 8, '38
Oct. 9, '37
Oct. 9, '37
$11,689,700 $12,418,165 $14,435,402
706,613
1,091,991
620,046
670,346
668,746
670,346
Net sales
9 Months Ended
6,886,360
33,720
$876,406
Subs.)—Earnings—
40 Weeks Ended
After Federal,
$8,308,010
6,731,494
«
•
5% notes & int.-bearingscrip
Dividends on $5 preferred
Oct. 8, *38
Period—
x
$7,948,975
from income.-
Interest on unfunded debt
Flintkote Co. (&
on
$8,077,611,
230,098
.
Subsidiary companies—Deductions
Gen. Gas & Electric Corp—
1938—9 Mos.—1937
$7,195
$45,236
2,198,809
3,081,555
$7,908,049
40,925
r
Other income (net)
—V. 147. p. 1338.
x
2,581,069
3,210,832
Provision for retirements
,
*
cents a share on the bank stock
series, and a dividend of 5M cents a share on the insurance stock series.
Dividends on both issues are payable Dec. 15 to stock of record Dec. 1.
—V. 147, p. 3014.
•
.
1938—3 Mos—1937
$456
$11,447
(& Subs.)—Earninqs—
1938
1937
$24,867,046 $24,041,716
—...
11,167,096 10,683,440
General Gas & Electric Corp.
12 Months Ended Sept. 30—
Operating revenues
Operating expenses, &c
Fund, Inc.—Dividends—
Fitchburg & Leominster Street
to
147,p.2532.s.
Directors have declared a dividend of
Period End. Sept. 30—
Net income.
but before surtax on
profits.—V. 147, p. 1036.
General Foods
in 1938 and exclusive of
1936
1937
1938
$142,233
865,075
Net income
x
1938
.
Corp.—Earnings-
10 Months Ended Sept. 30—
Gross volume..
profit on securities sold of $487,790.
The Sept. 30, 1938, balance sheet shows total assets of $10,899,456.
Investments of $10,855,440 cost had a market value of $10,648,796.
As of
June 30 investments of $10,982,013 cost had a market value of $10,497,293.
As of Sept. 30, 1938, appraisal value of the class A stock was $82.01 a
share.—V. 146, p. 3953.
"
.
,
Fiscal
y
(no par).—V. 147, p. 1035.
Corp.—Earnings—
Sept. 30—
Exclusive of loss on securities sold of $135,100
x
$261,153
$1.64
1938—9 Mos.—1937
$716,872
$986,394
$0.96
$1.53
On 472,982 shares common stock
1938—3 Mos.—1937
$321,007
$512,975
$0.49
$0.90
share
Earnings per share
First Investment Counsel
9 Months Ended
$220,889
$0.56
$706,337
Nil
$651,281
Nil
Deficit
Earns.persh oncom.stk.
—V. 147, p. 111.
•
"
per
After charges and Federal taxes,
x
Net profit..
-Ioss$284,133
6H% Pref dividends
4H% pref.dividends.,.
117,148
Co., Inc. (& Subs.)—Earnings—
Period End. Sept. 30—
Net profit.
•
^mnlov66s
1
„
The plans
.T.f.
...
include the usual provisions
for their suspension in case
of fire,
circumstances beyond the control of the
corporation.
Therefore, the plans would have been suspended during the
sit-in strikes in Detroit early in 1937 had they been in effect then.
"Naturally," Mr. Sloan said, "the plans must be considered more or
flood
less
see
war,
riots, strikes or other
experimental.
The purpose
through evolution,
t0'Particular
Circumstances may arise that are impossible to fore¬
make a start at this time and to develop,
such modifications as experience may dictate from year
is, however, to
attention is called to the
fact that the corporation is not
However, using the re¬
giving the largest
substantial minimum
period, is, according to my beliefs, sound and
guaranteeing work for which there is no need.
of the corporation as an income-stabilizing factor
group of employees possible a definite assurance of a
sources
for
desirable.
weekly income
highly
a
definite
"
3160
"I
Financial
gratified that
Chronicle
experiments indicate that it is possible for us to
make this further progress toward the objective of providing greater eco¬
nomic security for an important part of our organization.
"it is indicated by our studies that under these plans the advances
to the employees benefiting in subnormal periods of activity which occur in
the automotive industry year will involve a substantial outlay.
While the
corporation may sustain a considerable loss, I believe that the greater secur¬
ity provided under the plans, and the better relations that such cooperation
will promote between the corporation and the employees benefited, will
justify the costs involved."
Under the income security plan, applicable to hourly-paid employees of
five or more years' service who are in the employ of the corporation in
December, 1938. the employee is assured that in each week of 1939 his in¬
come will not be less than 60% of his standard weekly earnings.
am
our
The standard week is 40 hours, with time and a half for overtime.
—
and
canceled.
Supposing an eligible employee receives a base
weekly earnings will be $40.
In case of
of $1 an hour, his
shu6-down, he will con¬
pay
a
tinue to receive 60%, or $24 a week.
When work is resumed at the stand¬
ard rate, he will receive half the difference between $24 and $40
or $32,
until the company's advance has been repaid by his refund of $8 a week.
If work advances to 48 hours a week, with time and a half for overtime,
the employee will receive $38 weekly in
addition to paying the company
$14 weekly until the loan has been paid off.
The lay-off benefit plan for employees who work at any time in Decem¬
ber, 1938, and have a service record of two years or more, provides that
employees eligible will be entitled to receive weelky 40% of their standard
earnings under the same general conditions as apply to the income security
plan, except that the total advance made by the corporation is here limited
to an amount equivalent to 72 hours' earnings at the employee's latest
average hourly earned rate.
Amounts so advanced will be repaid by the employee, but only in work
performed, under the same conditions as apply to the income security plan.
,
Overseas Sales—
cars
and trucks to dealers In the
during October totaled 27,015 units, representing
markets
overseas
.
Gulf Oil Corp .—25
the volume in the 12 months
General Public Service
Hackensack Water Co.
Railway Signal Co,—Earnings—
Period End. Sept. 30—
Net loss after
1938—3 Mos.—1937
'
1938—9 Mos.—1937
decree.,
taxes, &c
Earns, per sh. on com.stk
Before surtax
a
on
(& Subs.)—Earnings—
9 Months Ended Sept. 30—
1938
$8,852prof$245,030
Nil
$0.66
Net earnings
Interest charges
x
General Steel Castings
9 Mos. End. Sept. 30—
Nil
$1.41
Corp.—Earnings—
1938
$349,497
902,274
Depreciation
-
...
Balance available for dividends—
x
All
taxes
to
which
the
Bonds Called—
company
1937
$2,917,688
8,335
1,564,973
544,783
220,292
85,875
$649,837
(net)
Federal income taxes
$714,023
is subject have been provided for.
,
All of the outstanding general and refunding mortgage 5*4% gold bonds,
15, 1977 have been called for redemption on Jan. 1 at
107 and interest.
Payment will be made at the New York Trust Co.—V.
147,
p.
2533.
Co.—40-Cent Div.—Christmas Bonus—
Hamilton Watch
stock, no par, payable Dec. 15 to holders of record Dec. 2.
This
compares with 25 cents paid in each of the three preceding quarters; 75
cents paid on Dec. 15, 1937; 60 cents paid on Sept. 15, 1937; 40 cents paid
on June 15, 1937, and 25 cents paid on March 15, 1937, this last being the
first dividend paid since Sept. 1, 1931, When 15 cents per share was distri¬
mon
buted.
Directors also voted a Christmas bonus of one week's pay to all employees
other than executives who have been with the company one year or more.
.
To employees with the company less than a year a bonus of one-twelfth of
one week's pay for each month with the company was voted.
Bonus is
payable Dec. l.—V. 147, p. 1194.
$U9,142prof$556,014
undistributed profits.—V. 147, p. 1036.
Profit from operation
$2,871,958
7,710
1,488,723
526,589
224,523
87,775
Gross operating revenue
Gross non-operating revenue..
The directors have declared a dividend of 40 cents per share on the com¬
Corp,—Debentures Called—
Corporation is notifying holders of its debentures, 5H% convertible
series due July 1, 1939 that $982,000 principal amount of these debentures
have been drawn by lot for redemption on Jan. 1, 1939 at their principal
amount and accrued interest. The drawn bonds will become due and payable
on that date, from and after which interest on them will cease.
They should
be presented for payment at the principal office of Bank of New York,
trustee.—V. 147, p. 2393.
a
Cent Dividend—
series B, due June
corporation's American, Can¬
adian, English and German factories sold outside of the United States and
Canada.—V. 147, p. 3014.
General
Offer 150,000 Shares—
a dividend of 25 cents per share on the common
stock, par $25, payable Dec. 15 to holders of record Dec. 1.
Similar pay¬
ments were made on Oct. 1, last, and each three months previously.—V.
146, p. 3016.
•
For the 12 months through October, 1938, sales totaled 359,022 units—
decrease of less than 1-I0th of 1 % from
ended Oct. 31. 1937.
These figures include the products of the
$54,681
$0.43
Directors have declared
sales in October of last year.
In the first 10 months of 1938, sales of 300,614 units represented a decline
of 1.5% from sales in the first 10 months of 1937.
a
$74,555
$0.52
.
decline of 5.5% from
a
1936
Benjamin S. Katz, President, announced Nov. 16 that the directors had
approved an agreement with F. Eberstadt & Co. of New York covering the
public offering of 150,000 shares of common stock.
Part of the proceeds
will be used to retire all of the presently outstanding class A and class B
preferred stock and the balance used to increase the company's working
capital.
The company intends, in the near future, to file a registration
statement under the Securities Act of 1933, after the effective date of which
the offering will be made.
The class A and class B preferred stock issues to be retired were originally
issued at the time of the 1935 reorganization of the company together with
$727,500 of debentures, to fund approximately $1,800,000 of bank loans.
At the time of the reorganization Mr. Katz was elected President and since
that time the company has retired in full all of its debentures and has
reduced its ciass A stock by approximately $150,000 or 20%, all through
funds entirely derived from earnings.
'
On completion of the proposed financing the company will have no
funded debt and its entire outstanding capitalization will consist of a
maximum of approximately 580,000 shares of common stock and $489,375
of non-callable $25 par value 6% cumulative preferred stock.
With the
retirement of the class A and class B preferred stock issues all restrictions
against paying dividends will be removed.—Y. 147, p. 1778.
Retirement
Sales of General Motors
1937
taxes,
Gruen Watch Co.—To
an
standard
,
1938
Federal in¬
&c., but before sub.
preferred dividends
loss$35,189
Earnings per share on capital stock-Nil
—V. 147, p. 1926.
The weekly guaranteed income will consist of: (a) pay for the amount of
60% of standard, the employee will
advances at the rate of half the amount by which such earnings exceed
Should an employee die, his unpaid advances would be
$325,000.—V. 147, p. 1194.
9 Months Ended Sept. 30—
come
work performed for the corporation;
When his weekly earnings exceed
were
Net profit after interest,
ment;
60% of standard.
Sept. 30
on
Grocery Store Products Co. (Del.)—Earnings—
earned rate.
interest."
1938
$29,923
After charges, taxes, &c.
y After deduction of $25,000 flood loss.
Bank loans have been further reduced since June 30, last by $125,000
Thlis every employee eligible under the plan is able to make his personal
arrangements for a full year ahead with assurances that in no week will his
income be less than 60% of standard weekly earnings.
repay
9 Months
•
1937
prf$137,746
1938
y$26,255
—
x
The
(b) pay for any other regular employ¬
(c) unemployment compensation under State-administered laws;
advance to be made by the corporation to insure a minimum weekly
income of at least 60% of standard.
"The advance by the corporation is made on the request of the employee
and is payable only in terms of opportunity to work," Mr. Sloan said.
"That condition cannot be too greatly emphasized.
An advance is not a
liability in the ordinary sense, is payable only through work and bears no
1938
Corp.—Earnings—
3 Months
Period Ended Sept.-30—
Net loss
x
plan is conditioned on continuation of that standard.
"Standard weekly
earnings" are defined as the pay for 40 hours at the latest average hourly
(d)
Nov. 19,
Greenfield Tap & Die
,
Haverty Furniture Cos., Inc.—Larger Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, par $5, payable Nov. 25 to holders of record Nov. 18.
A dividend
of 10 cents was paid on Oct. 25, last, and dividends of five cents were paid
on Sept. 24, Aug. 23, June 24 and on.May 25, last.—V. 147, p. 2687.
1937
1936
1935
$1,901.810 loss$208,055 loss$212,479
877,977
872,603
870,919
Hazel-Atlas Glass Co. (&
Subs.)—Earnings—
Provision for depreciation
3 Months
12 Months
1, 1938 Oct. 2, 1937 Oct. 1, 1938
$7,347,963 $34,196,210 $27,628,160
5,660,614
26,728,316
21,765,206
•,
175,842
728,184
700,889
Gross manufacturing profit
Selling, general and admin, expense..
$1,511,507
649,253
$6,739,710
2,920,838
$5,162,065
2,666,162
$862,254
6,916
$3,818,872
99,135
$2,495,902
90,083
$869,170
11,799
136,675
$3,918,008
85,313
602,451
$2,585,985
$720,696
543,011
434,409
$3,230,244
2,849,723
434,409
$7.43
$2,159,902
Period—
Loss
$552,776prf$1023,833
8,377
25,279
$1,080,657
20,231
$1,083,398
29.598
$544,399prf$1049,112
702.621
705.221
$1,060,426
702,640
$1,053,800
702,664
$1,247,020 prfx$343,891
$1,763,067
$1,756,464
Other income
Loss.
Bond int. & amortiz....
Net loss
x
Oct.
Before Federal taxes.—V.
Net sales, royalties & other oper. rev_
x Cost of goods sold
—
Gross
147, p. 1036.
operating profit
Other income
Georgia & Florida RR.—Earnings—
Week Ended Nov. 7—
1938
Operating
1937
$19,725
revenues
$22,000
Jan. I to Nov. 7——
1938
1937
$1,144,224
$947,254
—V. 147, p. 3015.
Gillette Safety Razor
Depreciation
Foreign & domestic income & United States capital
__
stock
taxes-
—
9 Months
$3,378,732
355,728
12 Months
$4,839,788
523,391
•
Net income for period—
Earns, per sh. on 1,988,769 shs. com. stk. (no par)
....
$2,061,723
$0.47
.
„
•
$3,137,68b
$0.82
—V, 147, p. 2245.
Goebel Brewing
Earnings
x
per
share
1938—3 Mos—1937
$59,180
$180,386
1,362,180
1,359,040
$0.04
$0.13
on
un¬
profits.
Current assets
as
of $801,967
assets
147,
p.
of Sept. 30, 1938, including $318,532 cash and market¬
and current liabilities of $322,881
1339.
on
Sept. 30,
1937.
•
,
(B. F.) Goodrich Co.—Accumulated Dividend—
At the meeting bf the board of directors held Nov. 15, the regular divi¬
dend of $1.25 per share on the $5 cum. pref. stock was declared for the
fourth quarter of 1938, and also the dividend of $1.25 for the second quarter
of 1938, now in arrears on this stock, was declared.
Both dividends are
payable Dec. 31, to the holders of record Dec. 9.
arrears
p.
on
This action leaves in
147,
this stock the dividend for the third quarter of 1938.—V.
1339.
Granby Consolidated Mining, Smelting & Power Co.,
Ltd.—Earnings—
3 Months
Period Ended—
x
Net income
Earns, per share
x After
debenture
ncome
taxes.—V.
9 Months
Sept. 30, *38 June 30, *38 Mar. 31, '38 Sept. 30, *38
$109,402
$38,217
$42,244
$189,863
$0.24 '
$0.08
$0.09
$0.42
interest," amortization, depreciation, depletion and
147,
p.
1194.
2,172,045
Including materials
purchased,
maintenance
and
repairs,
royalties paid, taxes, and other operating costs.—V. 147, p. 1037.
Holland Furnace Co .—Preferred Stock
434,409
$4.97
labor,
Called—
A total of 790 shares of $5 cumulative convertible preferred stock have
been called for redemption on Jan. 1 at $105 per share and accrued divs.
—V. 147, p. 2533.
Dividend—
Directors have declared
an
extra dividend of 5 cents per share in addition
to the regular monthly dividend of 5 cents per share on the capital stock,
both payable Dec. 2 to holders of record Nov. 18.
Similar amounts were
distributed in preceding months.
See also V. 147, p. 113 for record of
previous dividend payments.—V.
able securities amounted to $683,473 and current liabilities were $144,680.
This compares with cash and marketable securities of
$441,270, current
—V.
$1.66
75,067
351,017
Hollinger Consolidated Gold Mines, Ltd.—Usual Extra
1938—9 Mos.—1937
$112,311
$497,555
1,362,180
1,359,040
$0.08
$0.37
After depreciation and Federal income taxes but before surtax
distributed
„
x
Co.—Earnings—
Period End. Sept. 30—
Net profit
Shares common stock...
x
j
Capital shares outstanding
Earnings per share
1,178,717
961,281
.....
charges
Net profit for year
Cash dividends
Co.—Earnings—-
Period Ended Sept. 30—^
Profit from operations..
Total income
Other
Prov. for Fed. inc. taxes (est.)
Household
Finance
147, p. 2533.
Corp.—Listing—
The New York Stock Exchange has
authorized the listing of 20,000 shares
of
common stock (no par) on official notice of issuance and sale, making the
total amount applied for 737,389 shares.
The company will instruct the transfer agents for its common stock, viz..
First National Bank, Chicago, and J. P. Morgan & Co., New York, and the
registrars for' common stock, viz., Continental Illinois National Bank &
Trust Co., Chicago, and Bankers Trust Co., New York, not to issue or
transfer certificates representing any of the 20,000 shares of common stock
unless and until requested so to do by the company, unless such certificates
bear a legend giving notice of the option agreement and a copy of such option
agreement attached to the certificate, or otherwise stamped with a legend
indicating that the certificate is not acceptable as a good delivery under the
rules of the New York Stock Exchange.
Directors at a meeting held Nov. 2, 1938. determined that it was for the
best interests of the company to offer 20,000 shares of common stock to
certain classes of persons, including the following: All branch office man¬
agers
a few employees discharging clerical duties of a confidential or dis¬
cretionary nature, all department heads, all junior and senior executives,
officers and directors of the company and its subsidiaries, and also to a few
other persons whom the board of directors deemed to be of value to the
,
company.
Volume
Financial
147
All shares sold pursuant
ment
subject to an option agree¬
important provisions of which may be
to this offering will be
running to the company, the
as follows:
summarized
will to
(1) The option will be for three years and permit the company at
repurchase the shares at $45 per share.
(2) The purchaser agrees and it is a condition of the sale that he
sell or assign or permit the sale or assignment of any shares or interests
therein nor encumber them without the company's written consent.
meeting held as provided in the mortgage, of the holders of, or persons
entitled to vote, not less than 66 2-3% in principal amount of the bonds at
legend
attached
(3) Certificates representing the shares will be stamped with a
giving notice of the agreement and a copy of the agreement will be
certificates so stamped are not acceptable as a good
livery under the rules of the New York Stock Exchange; transfer agents
registrars for the common stock will be instructed not to issue
certificates unless and until requested by the company.
(4) Death of the purchaser will terminate the option
p. 3017.
de¬
and
unstamped
agreement.—V. 147,
Gas Corp.—SEC Upheld—
Commission was
Houston Natural
On Nov. 10,1938.
sustained
unanimous
the Securities and Exchange
by the U. S. Circuit Court of Appeals for the Fourth Circuit in a
decision written by Judge Northcott dismissing a petition for review of
order denying the Houston Natural Gas Corp. an exemption from
provisions of the Public Utility Holding Company Act of 1935.
an
the
This is the
Commission under the
appeal from any order of the
first case involving an
Holding Company Act.
The Houston Natural
Gas Corp., a public utility holding company
of Delaware, filed an application for exemption
the Act pursuant to Sections 3 (a) (1) and 3 (a) (2)
and hearing the Commission by order denied the
exemption, and an appeal was immediately taken to the Fourth Circuit.
The petitioner contended that the findings of the Commissoin were not
organized under the laws
from the provisions of
thereof.
After notice
supported by substantial evidence and asked
order. The Commission argued, in part, that an
the Court to set aside the
order denying an exemption
Court
negative order, and under long-settled decisions of the Supreme
is not directly reviewable on appeal. Judges Northcott, Soper and Chesnut
concurred in the view of the Commission, and dismissed the petiton without
considering the merits of the order.—V. 147, p. 892.
is
a
Co.—New Directors—
At a meeting of directors of this company (formerly Independent Bridge
Co.) the following new members of the Board were elected: J. H. Hillman
Jr., Albert P. Meyer, A. M. Kennedy, G. E. Dignan and W. L. Affelder.
The following new officers were subsequently elected:
Mr. Hillman,
President; Mr. Meyer, Executive Vice-President; Mr. Kennedy, VicePresident, and J. F. Woessner, Secretary-Treasurer. All the foregoing are
officers of the Pittsburgh Coke & Iron Co.—V. 147, p. 2090.
Hunter Steel
Imperial Oil, Ltd.—Extra Dividend—
The directors
have declared an extra
dividend of 37 M cents per
share
semi-annual dividend of 25 cents per share on the
capital stock, both payable Dec. 1 to holders of record Nov. 17.
Similar
distributions were made on June 1 last, and on each dividend date in the
three preceding years.
An extra dividend of 15 cents per share was paid
on Dec. 1 and June 1,1934.:—V. 147, p. 114.
'
in addition to the regular
of N. Y. City.—Earns.
Independent (Subway) System
1938—Month—1937
Period End. Aug. 31—
1938—2 Mos.—1937
$2,642,684 $2,489,980
2,385,891
2,340,131
Operating revenues
$1,357,546
Operating expenses—1,215,461
$1,254,294
1,156,557
Income from ry. oper.
$142,085
$97,736
$256,793
Non-operating incom^__
1,454
885
2,902
$143,539
$98,622
$259,695
Excess
of
$149,848
2,069
.
,
$151,917
2688.
Chemical Corp. (& Subs.)—Earnings—
3 Months Ended Sept. SO—
1938
1937
Production sales
$227,541
$355,740
Cost of sales incl. maint. adminis. & selling exps..„
226,401
293,633
Insurance.
■
2,093
8,073
.
_.
21,238
Depreciation
Net loss before Federal
1938
1937
$35,247
$73,446
97,710
92,492
Accrued liabilities.
1,176
23,140
710
25,913
126,005 Res've for malnt'ce
25,376
21,33.4
Notes payable
Divs.
1,176
pf. stk.
800
a92,865
426,505
Notes & accts. rec.
Inventories
2,991
721
281,783
7,074
Prepaid Insurance.
Prepaid interest
Deferred charges.
Com. stock of Uni¬
versal Gas Co..
100,000
100,000
Mlscell. investm'ts
41
bash
199
y
z
Coke
12,545
&
Railway oper. revenues.
Railway oper. expenses.
8,311
Total.........$2,569,806 $2,522,265
,
railway
Eqpt. & jt. facil. rents..
Net railway oper.
Total income
deducts,
income
83,930
74,536
$1,912,583
61,410
.
571,315
607,057
„96,563
$2,902,294
755,125
825,180
$166,302
1,525
$181,448
1,912
$734,211
22,264
$1,321,989
17,404
$183,360
$756,475
$1,339,393
3,233
3,307
37,252
28,577
334,270
29,208
337,044
$142,801
$1.88
$393,628
$5.19
$973,141
$12.80
from
-
36,920
Total fixed charges
after
$339,421
$324,768
$167,827
inc.
Other income
inc.
International
Operating
fixed
$127,674
sh. of stock.
—V. 147, p. 2395.
Net inc. per
$1.68
Corp.—Bond Indenture Gets Approval—
Stock Exchange Accepts Mortgage Despite Clause Allowing
Suspension of Interest—
A bond indenture for the company that provides for temporary suspension
of interest payments on the vote of two-thirds of the bondholders was
approved Nov. 9 by the stock list committee of the New York Stock Ex¬
change.
This is the first time in the history of the Exchange that such a
proposal has been allowed and is believed to be one of the first indentures
Industrial Rayon
written.
the Exchange pursuant to the listing of
$7,500,000 first mortgage sinking fund 4y2% bonds, series A, due July 1,
1948. The listing application approved by the Exchange reads as follows:
"The mortgage provide? that modifications thereof and of the rights
and obligations of the corporation and of the holders of the bonds may be
made, with the consent of the corporation, by the affirmative vote, at a
containing such a provision ever
The indenture was fned with
(&
Subs.)—
1938—12 Mos.—1937
1938—3 Mos.—1937
$14,917,810 $15,368,706 $60,917,685 $63,342,960
713,622
816,405
2,904,088
3,195,226
revenue
(net)
Other income
revenue.—-.-$15,631,432 $16,185,111 $63,821,773 $66,538,186
exps., incl.
chased power
pur¬
Oper.
5,234,439
5,727,546.19,841,848
20,953,181
1,026,224
1,001,482
3,981,101
3,805,002
taxes)2,090,931
come
1,877,124
7,923.718
7,592,576
in¬
than
(other
Taxes
Balance
$7,279,838
....
$7,578,959 $32,075,106 $34,187,427
funded debt and
Int. on
2,867,789
on
2,901,996
11,559,383
11,573,240
398,520
398,520
1,594,080
1,594,080
247,254
other debt of subs
Int.
System
Hydro-Electric
Period End. Sept. 30—
240,703
961,953
957,914
5,518,256
5,516,335
1,997,947
of Inter¬
Hydro-Elec¬
debs,
national
tric system
of debt discount
and expense
for deprec.
Prov.
chgd.
1,237,352
against operations
546,580
1,237,276
2,445,384
454,603
undistributed
for
3,586
profits tax
Divs.
currently
being
paid on pref. & class A
stocks of subsidiaries .
1,705,667
paid on
subsidiaries
Net
Belt RR.—Earnings—
1938—9 Mos.—1937
1938—Month—1937
$813,283
$900,465 $6,360,760 $7,976,227
4,448,177
5,073,933
488,515
561,044
operations
Railway tax accruals—
Net
plans to be in production next spring.
International Harvester Co.—40-Cent Dividend—
Directors have declared a dividend of 40 cents per share on the common
stock, payable Jan. 16 to holders of record Dec. 20.
A like amouht was
paid on Oct. 15, last; a dividend of 50 cents was paid on July 15, last and
previously regular quarterly dividends of §2}i cents per share were dis¬
tributed.
In addition, a final dividend of $1.50 per share was paid on Oct.
15, 1937 —V. 147, p. 3017.
7,071,351
.1,884,957
7.609,350
402,070
403,614
72,170
1,213.595,
204,362
242,951
1,195,510
1,497,420
5,679
6,000
608
443,498
xloss$336,980
$139,782
x$514,986
$2,591,987
1,039,243
83,626
—
574.
Miscell.
tions and alterations,
profit
of September,
from the hurricane. In ad¬
is estimated at $145,000.
Notes—(1) Operating expenses for the 6 months ended June 30, 1937
include $404,000 provided as a special reserve because of "better than
normal" water conditions during the early months of 1937.
Of this amount
$107,000 was credited back to operating expenses during the quarter ended
Sept. 30, 1937 resulting in a net charge of $297,000 to operating expenses
for the year ended Sept. 30, 1937.
The $297,000 was credited back to
operating expenses in the last quarter of 1937 so that the figures for the
year ended Sept. 30, 1938 include a credit of this amount.
(2) The above
figures for the 12 months ended Sept. 30, 1937 include a deduction of
$182,935 for accrued and unpaid dividends on the 6% first preferred shares
of Canadian Hydro-Electric Corp., Ltd., whereas the figures for the year
ended Sept. 30, 1938 include a deduction of $457,339 for dividends on the '
5% preferred stock of Gatineau Power C,o. which was issued in connection
with the amalgamation of the two companies in September, 1937.
(3) The
above figures for the quarter ended Sept. 30, 1938 include a deduction of
$152,446 for dividends on the 5% preferred stock of Gatineau Power Co.
whereas the quarter ended Sept. 30, 1937 does not reflect such a deduction
since these shares are cumulative from Jan.
1, 1938.
(4) Additional
provision for depreciation was charged directly to surplus by a subsidiary
in the amount of $1,750,000 during the 12 months ended Sept. 30, 1938 and
Results of New
England Power Association for the month
1938 include $268,714 of expenses resulting
dition the loss of revenue in September, 1938
$2,569,806 $2,522,265
30—
corporation, at his office.
manufacturers of confections,*
biscuits, ice cream, syrups and a long list of other Mid-West industrial
users of sugar, will utilize the latest type of equipment and processes.
The
management will consist of men of recognized experience in the field of
liquid sugars and manufacturers' technical requirements.
The new corporation, which has selected its Chicago site and engaged
leading sugar engineers to erect equipment as well as make necessary addi¬
x
Period End. Sept.
in Chicago, according to
Street,
1,039,654
capital surplus..
1,929,387
Indiana Harbor
trade and investment circles,
New York.
The corporation, in supplying the needs of
120 Wall
ings of subsidiaries...
Other charges against in¬
come of subsidiaries..
x After reserve for depreciation of $250,243 in 1938 and $164,699 in 1937.
Represented by 23,400, $3 dividend no par shares in 1938 and 11,700 $6
dividend no par shares in 1937. z Represented by 167,000 shares of $0.50
par in 1938 and 16,700 shares of $5 par in 1937.
a Accounts only:—V.
Net rev. from
Delaware corporation, has been formed with a capital of
Minority int. in net earn¬
y
147, p.
a
the purpose of manufacturing liquid sugars
D. V. Wadsworth, Chairman of the Board of the
for
10,500
1,170,000
&
Total
Corporation,
$750,000 by interests prominent in the sugar
currently
pref. stocks of
39,233
1,909,867
cated
bldgs.
Corp.—Formed to Manufacture Liquid
Industrial Sugars
Sugars—Plan to Build Refinery in Chicago—
Divs. not being
allo¬
equipment
authorized the listing of $7,500,000
sinking fund 4>3% bonds, series A, due July 1, 1948.—V.
147, p. 2246.
9,750
Warehouse Co..
1,170,000
Pref. stock
Common stock &
Earned surplus
this
Listing—
Prov.
5,000
resolution adopted
by holders of bonds described in
The New York Stock Exchange has
first mortgage
Prov. for income taxes..
cum.
Res. for contings..
1,846
Cost of wk. in pro¬
± Lands,
$6
Mtge. note of Wa¬
61
509
6,586
_
not
on
pf. stk. declared
but unclaimed.
710
_
Dep. on com pens.
& liab. lnsur'ce.
1937
$194,689
of divs. on
gress
corporation will not consent to or approve any
application, which provides for the extension of the time for the payment of
any interest coupon or claim for interest appertaining to such bonds, except
(1) with the prior written consent of the Exchange,, or (2) in accordance
with any general requirements of the Exchange then in eifect with respect
to provisions permitting changes in the mturity dates of interest instal¬
ments on securities to be listed on the Exchange."
Amort,
1938
Accounts payable .
for
dep.
on
pay.
30
Liabilities—
$15,921
Assets—
Cash
20,581
$22,191 prof$33,453
incom e taxes
Consolidated Balance Sheet Sept.
$6 cum.
follows:
"The
pursuant to Article 15 of the mortgage
Maintenance
Indiana Gas &
Cash
as
Total
over
revs,
operating expenses
—V. 147, p.
outstanding; provided, however, that no such modification shall
(a) will affect the trustee without its consent, or (b) will
permit any change of the maturity date of any bond or a reduction in the
rate of interest thereon or the principal amount thereof or any change in the
prices or premiums at which bonds may be redeemed.
"The trustee will be required to call such a meeting upon written request
of the corporation or of bondholders representing at least 10% in principal
amount of bonds outstanding.
Bondholders may vote at such meeting by
proxy, and in certain cases the holders of bonds of any series may be en¬
titled to vote separately as a class.
"The mortgage does not prohibit a modification thereof, pursuant to
a vote of bondholders given as above provided, which would change the
time of payment of an interest instalment.
However, the corporation has
agreed with the Exchange that it will not consent to or approve any such
change, except as provided in the last paragraph under subdivision 1 of the
agreement set forth on page 14 of this application."
The agreement signed with the Stock Exchange here referred to reads
the time
be made Which
will not
to the certificate;
3161
Chronicle
1937.—V. 147, P.
1196.
International Petroleum Co., Ltd.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share
in addition to the regular semi-annual dividend of 75 cents per share on
the common stock, both payable Dec. 1 to holders of record Nov. 21.
Similar payments were made on June 1, last and on each dividend date in
the three preceding years.
The company on June 1 and Dec. 1, 1934, paid
semi-annual dividends of 56 cents per share and extra dividends of 44 cents
share.
Regular quarterly dividends of 28 cents per share were dis¬
tributed to and including March 15, 1934.—V. 146, p. 3188.
dpt
International Radio Corp .—To Pay
100% Stock Div.—
shares
dividend of 50 cents
Directors have declared a stock dividend of 100% on the common
payable Dec. 30 to holders of record Dec. 10. A cash
was Daid on the old shares on July 20, last, and one of 60 cents was paid
July 19,
Iowa
<ft 1
Southern Utilities
gA
W4- v
able Dec.
„
15 to holders
w
April,
Co.—Preferred Dividends-
v
of record Nov. 30.
,
„
_
.
_
Similar payments were made on
1937, Dec. 22 and July 1, 1936,.and on
this last being the the first dividend paid
1932.—V. 147, p. 2868.
July 1
last; Dec. 21. and July 1.
Dec 21
July 1 and Jan. 19, 1935,
since
on
1937—V. 147, p. 1930.
3162
Financial
Interstate Department Stores,
Chronicle
Inc.—Earnings—
Lake Superior District Power Co.—
Consolidated Statement for the 12 Months' Period Ended July 31
Period End. Sept. 30—
Operating revenues
Oper. expenses and taxes
(Parent Company and Subs.)
Net sales: Owned departments
Leased departments
-
Total
-
—
$20,683,353
3,507,522
-
Amortization—leaseholds
Loss
Loss
Prov. for Federal income & excess profits taxes
on
undistributed profits
Net loss
one
$1.20 paid
.
.
$583,610
3,654
—
Provision for Federal income tax
Net income-.
a
was
paid
June 30, last, and
on
147,
a dividend of $1.25 per share on its old $25 par stock on
This compares with 50 cents paid on Dec. 24, 1937
and
Dec. 22, 1936.—V. 147, p. 1040.
on
the
over
80%
extent of
this
push
mark.
Period End. Sept. 30—
Net
an interim dividend of $0.8197 per share on its
Nov. 10 to holders of record Oct. 31.—V. 146, p. 3018.
paid
dividend of two cents
p.
3018.
(R. G.) Le Tourneau, Inc.—Earnings—
sales
„
xNet profit—.
Italo-Argentine Electric Co.—Interim Dividend—
on
$111,111
Railway bonds, and 89.38% of the Terminal bonds.—V. 147,
by the parent company.—V. 147. p. 3017.
Company paid
$146,471
„It is understood that 82.54% of the Pennsyvlania & New York Canal and
Railroad bonds have been deposited;
82.86% of the New York State
Note—The income from dividends represents dividends received from sub¬
sidiaries, out of earnings of such subsidiaries since the date of acquisition
Shares
$16,082
are
class
$547,910
.»
$37,004
?eneral consolidated bonds have been deposited only to the
9.01%, and deposits of 710 additional bonds
needed to
19,146
3,900
9,000
...
$288,649
177,538
committee of institutional holders headed by H. C.
Hagerty of the Metro¬
politan Life Insurance Co.
This committee is expected to act soon.
The 80.82% of assents is an average for four classes
of bonds.
The
4,948
(other than Federal income taxes)
$324,009
177,538
Lehigh Valley RR.—Plan 81% Accepted—
$578,662
Total income
Taxes
59,179
The company has received assents to its interest
extension plan from
80.82% of the classes of bondholders affected, it was learned Nov. 15
Eighty per cent of assents had been set as an approximate goal for the
plan
and decision concerning making the plan effective rests in
the hands of a
(Parent Company)
Administrative and corporate expenses
Net loss on investment in sub. companies—
$75,261
Lehigh Valley Coal Sales Co.—Pays SI.25 Dividend—
Earnings Statement for the 12 Months' Period Ended July 31
„-
$479,070
190,420
of^three cents per share was distributed on March 31, last.—V.
June 28, last.
statement, the additional compensation for the year ended Jan. 31, 1938,
paid to executives in cash and (or) treasury common stock having been
charged against earnings for the period Feb. 1, 1937 to July 31, 1937.
.
$511,259
187,250
Company paid
taxable income for the six months ended July 31, 1938.
No provision for additional compensation has been included in the above
Miscellaneous income
$138,427
63,166
income
Sept. 30, last;
on
companies having taxable income for the six months ended Jan. 31,1938 and
$5,510 applicable to the net profits of the respective companies having
>•
$450,524
28,546
Lava Cap Gold Mining Co.—Three-Cent Dividend—
Note—'The Federal tax returns of the respective companies are filed on a
fiscal year basis ended Jan. 31.
The provision for Federal taxes shown
above therefore includes $39,675 applicable to the net profits of the respective
Income from dividends of subs
$489,754
21.505
Directors have declared a dividend of three cents
per share on the common
stock payable Dec. 22 to holders of record Dec. 10.
Like amount was
$299,305
...
11,581
Bal. avail, to com.stk.
—V. 147, p. 1344.
Crl ,026
44,136
1,050
.
$126,846
Pref. stock divs. paid—
$255,144
..—
Proportion of profit of a sub. company applic. to min. interestProv. for surtax
Net
$1,470,938
1,020,414
$96,183
59,179
Int. and other deductionsi
$343,419
88,275
1938—9 Mos.—1937
$1,529,124
1,039,370
$158,242
62,059
Gross income.
11,178
1938
$151,G42
6,600
—
$24,190,875
sold, selling, operating & administrative expenses. 24,316,250
Deprec. on buildings, alterations & improvements, fixtures,
equipment, &c
206,866
19,
-Earnings—
1938—3 Mos.—1937
$506,107
$504,966
354,465
378.120
Net operating income.
Other income (net)--
Cost of goods
Interest Sc other noa-trading income
Nov.
Earnings per share
450,000 shares
American
1938—3 Mos.—1937
$1,990,892
$1,850,704
502,938
*
510,693
1938—9 Mos.—1937
$4,810,471
$4,755,388
1,175,430
1,212,787
on
$1.12
$1.13
$2.61
After depreciation and Federal income
taxes, but
surtax on undistributed profits.—V.
147, p. 3018.
x
Jefferson & Clearfield Coal & Iron Co.—Bonds Called—
$2.69
before provision for
A total of $33,000 Indiana County first mortgage 5% sinking fund gold
bonds due July 1,
Lexington Water Power Co.—Earnings—
1950 have been called for redemption on Jan. 1 at par
Payment will be made at the Guaranty Trust Co. of N. Y.
and interest.
12 Months Ended Sept. 30—
Operating revenue—electric
Operating expenses, &c
—V. 139, p. 3643.
Kansas City Southern Ry.—Earnings—
Period End. Oct. 31—
1938—Month—1937
1938—10 Mos.—1937
Railway oper. revenues. $1,122,812
Railway oper. expenses.
715,594
Net rev. from
Provision for retirements.
Provision for taxes.
$1,402,573 $10,940,049 $11,974,143
804,859
6,998,064
7,545,004
Other
-
$407,218
98,000
Railway oper. incomeEquipment rents (net)..
Joint facility rents (net).
v
Net ry. oper. income.
—V. 147, p. 2868.
$597,714
88,000
$3,941,985
1,020,000
$4,429,139
968,000
$309,218
35,065
8,801
.
$509,714
64,997
15,023
$2,921,985
388,093
92,899
$3,461,139
497,317
76,767
$429,694
$2,440,992
$2,887,055
-
$265,352
Kennecott Copper
k
on
Interest
on
Interest
expenses,
701,795
91,376
&c
146,284
p.
$437,103
40,985
$417,281
;
$478,088
200,000
7,927
6,372
Cr3,766
first mortgage bonds
Interest on unfunded debt
Amortization of debt discount and expense.
Interest charged to construction
895.
Consolidated Income Account for Years Ended
Sept. 30
1938
Net sales...
200,000
28,538
6,372
on
preferred stock
■
.•
-
1937
1936
$182,372
33,429
..
..
Gross profit on sales-
Net earnings.
$2,385,562
$2,965,702
$1,881,003
420,588
377,288
503418
$2,806,150
681,212
Interest, &c_
yl58,808
Loss sale of disp. assets..
52,840
Res. for Federal taxes
245,000
Prov. for profit
51,992
sharing.
$3,342,990
700,603
y51,014
88,055
373,000
183,985
$2,384,121
Other inc., int.
disc,
on
on
$148,943
$234,126
Prov.
for
pensions
insurance
367.227
City of
126,260
237,738
123,329
27,000
38,973
Cr5,980
6.567
20,107
13,878
10,648
9.241
sharing $1,265,976
875,000
$1,655,866
1,242,500
$1,106,823
647,500
$903,273
437,500
$390,976
$413,366
$459,323
$465,773
700,000
of profits
profit
or
700,000
350,000
350,000
for
declared
Net prof.bal.after ded.
curr.divs.but before
chges. prof, sharing.
Shares
com.
stock
out¬
standing
Earnings
Period End. Nov. 5—
1938—4 Weeks—1937
1938—44 Weeks—1937
$17,850,686 $18,895,963 $193755,921 $210665,365
Average stores in operation
3,999
4,145
—V. 147, p. 2535.
Sales
per share before
profit sharing
$1'."80
$2.36
$3.16
x After branch
selling expenses, but before charging depreciation,
cludes amortization of discount and
1938
y
Investments
Notes
&
Cash
bonds,
due April 1, 1939.
The order specifies the extension is subject to the plan and agreement
filed by the company with the application, under which all of the
expense
of the extension must be amortized out of the company's income before
on
trustee
10,803,255
264,633
1,385,926
45,055
5.636,769
46,912
262,500
Goodwill, pats., <tc
3,500,000
3,412,500
Capital surplus
2,735,722
2,747,721
Earned surplus
3,495.560
3,104,584
cruals, &c
Cust. credit bal...
4,472,589
258,427
211,143
1
728,597
1
maturity of the bonds.—V. 147. p. 2869.
215,995
268,296
410,026
237,820
Reserve for profit-
sharing
Sink,
fund
57,694
183,985
pay
due
87,500
Min. int. In capital
8tks. & Burp, of
Ltd.—Recapitalized—
Stockholders on Oct. 31 approved by-law changing the capital structure
of the company from 57,500 no par shares to 287,550 $3 par shares, thereby
capital surplus of $41,964. Also approved was the $5 special
bonus, payable Nov. 7 to holders of record Oct. 31.
John D. Hayes, new President", stated the company would continue to
carry on along sound conservative lines and to look for opportunities of
expansion as they occurred.
England had been mentioned and the matter
will be seriously considered.—V: 147, p. 2690.
758.727
140,999
.
ment Insur. tax-
3,495,913
Deferred charges..
Funded debt
Res. for inc. taxes.
Res. for unemploy¬
sink.
fund debs
Inventories
$
10,500,000
Accts. payable, ac¬
dep. with
of
1937
$
10,500,000
x
accts.
Other assets
The company has been authorized by the Missouri P. S. Commission to
extend for three years $10,000,000 of refunding and extension
5%
1938
Liabilities—
Capital stock
$
276,495
l,,221,706
Cash
z
1937
$
Land, buildings,
equipment, &C--10,,890,113
receivable-6,,182,878
Lacl«de Gas Light Co.—To Extend Bonds—
y"in¬
Comparative Consolidated Balance Sheet Sept. 30
Assets—
stock, both payable Dec. 15 to holders of record Dec. 5.
An extra of 50
cents was paid on Dec. 20, 1937 and one of 15 cents was paid on
Sept. 15,
1937.—V. 145, p. 3822.
$2.58
expenses.
Kysor Heater Co.—Extra Dividend—
Directors have declared an extra dividend of 10 cents per share in addi¬
tion to the regular quarterly dividend of 15 cents per share on the common
89,222
applic.
avail,
divs. & prof,
New York.—V. 147, p. 2689.
Kroger Grocery & Baking Co .—-Sales—
179
180,000
65,035
•
139,374
to min. interests.
Net
16,332
220,000
104,508
170,842
20,000
Res. for foreign exchange
fluctuations
Div. paid
650,168
4,912
$1,791,054
537,536
and
Prov. for unemployment
insurance tax
Federal surtax
Kimberly-Clark Corp.—Bonds Called—
A total of $280,009 first mortgage 4H% 15 -year sinking fund
bonds,
series of 1937 have been called for redemption on Dec. 15 at 105 and accrued
interest. Payment will be made at the Chase National Bank of the
setting up
$1,423,828
rec.,
purchases, &c.
Total income
Admin. & gen. expenses.
$267,555
33,429
1197.
Laura Secord Candy Shops,
1935
$17,363,9'9 $18,327,405 $13,705,977 $11,012,808
3,141,238
3,687,714
2.527.125
2.002,298
Depreciation charges..755,676
722,012
646,122
578,471
x
Prop,
Balance
-V. 147, p.
571,694
212,304
26.199
38,008
1937
$1,360,827
658,013
93.968
171,744
$381,597
35,684
on
Dividends
$269,064
Balance of income.
-V.M47,
group
Interest
$1,117,270
Liquid Carbonic Corp. (&Subs.)—Earnings—
1938
income.
income
.
Amortization of debt discount and expense
Corp .—Final Dividend—
Provision for retirements
Provision for taxes.
Gross
I]
unfunded debt.
on
189
$1,816
5% first mortgage bonds
5H% debentures
par
12 Months Ended Sept. 30—
Other
■
$844,385
566,231
199,084
40,368
36,885
,
Keystone Public Service Co. (& Subs.)—Earnings—
Operating
421,407
$1,105,634
11,635
363
income
Interest
a final dividend of $1 per share on the common
value, payable Dec. 23 to holders of record Nov. 25.
Divi¬
dends of 25 cents were paid in each of the three preceding quarters, and
previously regular quarterly dividends of 50 cents per share were dis¬
tributed.
In addition, a special dividend of $1 was paid on Dec^ 23, 1937,
and special dividends of 25 cents wer
paid on Sept. 30 and on June 30,1937.
—V. 147, p. 1491.
no
'925
$844,195
income.
Gross
Directors have declared
stock,
1937
$2,045,024
312,733
205,250
Operating income
railway
operations
Railway tax accruals
1938
$1,798,824
402,704
188,000
;
subsidiaries
Miscell.
reserve
159,386
148,072
1,046,835
1,014,297
a
Total
--.22.633,090 22,821.228
Total
22,633,090 22,821,228
x Represented
by 700,000 no par shares,
y After deductiong reserve for
depreciation of $7,959,584 in 1938 and $7,378,187 in 1937.
z After reserve
against receivables of $546,900 in 1938 and $500,000 in 1937.—V.
147,
p.
3018.
Volume
Financial
147
Chronicle
Libbey-Owens-Ford Glass Co.—Final Dividend—
Loew's, Inc.-—Extra Dividend—
The directors have declared
a final dividend of 50 cents per share on the
stock, no par value, payable Dec. 15 to holders of record Nov. 29.
Dividends of 25 cents were paid on Sept. 15, June 15 and March 15, last,
and compared with $1 paid on Dec. 15, 1937; $1.50 paid on Sept. 15, 1937;
75 cents on June 15 and March 15, 1937; $1.25 paid on Dec. 15 and on
Sept. 15, 1936; 50 cents paid on June 15 and March 16, 1936, and 30 cents
paid each three months from Dec. 15, 1933, to and including Dec. 16,
1935, and on Oct. 2, 1933.
This latter was the first dividend paid since
Sept. 1, 1930, when a quarterly payment of 25 cents per share was made.
common
of
salaries
employees of the company who had
accepted reductions during 1938, and refunds covering the amount of
reduction sustained, were announced by John B. Diggers, President, at a
meeting of the board of directors of the company on Nov. 15.
In a letter to each of the employees affected, Mr. Biggers said "our
business has improved more rapidly than seemed possible and as a result
the company will make a moderate profit this year.
In appreciation of
your conscientious efforts and the spirit in which you accepted salary
reduction during the months when we were sustaining heavy losses we are
restoring your salary to its former level effective Dec. 1, and some time
before Christmas the company will send you a check refunding the 10%
reduction you have sustained this year.'
Mr. Biggers explained that, last February, officers and salaried em¬
ployees receiving $5,000 or more per year took a voluntary 10% cut and in
May all employees receiving $1.,500 or more were asked to accept a 10%
reduction.
Low point
in Libbey-Owens-Ford employment for the year came in
June, Mr. Biggers said.
With an upturn in orders for safety glass as
got into production on 1939 models, employ¬
ment stabilized.
There was again a slow upward swing, and by Nov. 10,
with the increased demands for the company's various types of building
glass, nearly 7,000 employees were back at work.
Several elections and changes in titles among officials of the company
were announced by Mr. Biggers.
The vacancy on the board, caused by the
death of George R. Ford was filled by the election of his son, George R.
Ford Jr., who has been associated with the company for nine years and is
now an assistant manager of the Rossford plant.
Herbert H. Baker, who has held the title of Secretary in addition to that
of Vice-President will continue his full responsibilities as Vice-President,
but in line with the need for distributing official responsibilities to keep
pace with the growth of the business, he relinquished the Secretaryship.
Milton Knight, who has been Assistant Secretary of the company, was
elected to that position.
Frederick F. Robinson was elected to the new position of Assistant to the
President which he will fill along with his present duties as Secretary of the
Finance Committee.—V. 147, p. 2690.
automobile manufacturers
Line
common
Offered—An issue of 90,000
(par $5) was offered Nov. 18 at
stock
H. Davis &
$15.75 per share by Blyth & Co., Inc., Paul
Co., Kalman & Co., Merrill, Lynch & Co., Inc., Stern,
Wampler & Co., Inc., and The Milwaukee Co.
The offer¬
ing does not represent new financing in behalf of the company.
—V. 147, p. 2869.
Gross
profit
Other income.
—.
-
_
-
-.— -—- — -
— -
—.
Total income.
-
-
-
-
-
-
—
905
—•— —
$152,591
————-
...
- -
90,328
—
$62,263
525
.
$62,788
7,244
Total operating expenses -,
Net profit from operations
Gain on sale of capital asset-Total.-.-
$318,609
166,924
-$151,685
—
—— —-
—
—
_ — ——
-
-
------
i
—
paid $1
June 30 and March 31.
regular dividend of 50 cents and an
a
share
on
the outstanding common stock no
Previously this
to holders of record Dec, 13.
Aug. 25 and dividends of 50 cents each on
on
See also V. 147. p. 1040.
Louisiana Arkansas & Texas Ry.-
-Change in Consolida-
tion Plan—
Oct. 29 modified its consolida¬
on
plan so as to assign the railway properties of the Louisiana Arkansas &
Texas Ry. to System No. 19-Rock
Island-Frisco, instead of to System No.
—V^4?8 p G2869
^6e a
Louisiana & Arkansas Ry. in V. 147, p. 3019.
Louisville Gas & Electric Co. (Del.) (& Subs.)—Earns.
Year Ended Sept. 30—
Operating
Operating
1938
1937
$11,020,373 $10,423,698
5,732,017
5,181,148
revenues
maintenance and taxes
expenses,
Net oper. rev. (before approp. for retire, res.)—.
222,367
$5,242,550
265,485
Net oper. revenue & other income (before approp.
for retirement reserve)
$5,510,723
Appropriation for retirement reserve.
1,200,000
Amortization of contractual capital expenditures-37,000
$5,508,035
1,200,000
37,000
Other
ncome
(net)
$5,288,356
.
--
—
Gross income$4,273,723
Interest charges (net)
1,127,857
Amortization of debt discount and expense
160,227
Amortiz. of flood & rehabilitation expense incurred
dur ng 1937
312,500
Other.income deductions
21,108
$4,271,035
1,023,481
159,410
Balance
Dividends
$2,941,227
„
—
-
-
125,000
21,917
...
-
------
$2,652,031
on
preferred stocks of Louisville Gas &
Electric Co. (Ky.)—held by public-------Net
ncome.
-
-
Earned surplus, beginning of period-
-
-
-
—
—
Total
Dividends on common stock
Prov. for est. add'l Federal inc. taxes, prior years.
Taxes applicable to prior period-—
—
-
-
—
—
—
1,354,920
1,354,920
$1,297,111
1,635,511
$1,586,307
1,171,429
$2,932,622
1,351,984
$2,757,737
1,013,986
21,749
_
-
—
.—.5,221
82,927
25,312
Earned surplus, end of period-
$1,553,667
$1,635,511
Other surplus deductions (net)
—
Notes—(J ) The above figures for the 12 months ended Sept. 30,1937 have
been adjusted to reflect $18,577 of additional taxes applicable to the period
of 1936
Qncluded therein, paid by Louisville Gas & Electric Co. (Ky.) in
1937 and charged to surplus.
(2) No provision was made by Louisville Gas & Electric Co. (Ky.) for
Federal or State income taxes or for surtax on undistributed profits for the
Jrear 1936 as that companyyear 1936as a deduction in its Federal and State
claimed the unamortized discount and expense
ncome tax returns for the
and
redemption premium and expense on bonds redeemed in 1936 which
no taxable income for that year.
Duringthe period from Jan. 1,
Aug. 31, 1936, Louisville Gas & Electric Co. (Ky.) made provision for
Federal ncome taxes in the amount of $271,400 which was reversed over
the period from Sept. 1, to Dec. 31, 1936. During the period from Jan. 1,
to Nov. 30,1936, that company also made provision for State income taxes
in the amount of $90,060 which was reversed during December, 1936. Also
provision made for the year 1937 was reduced as a result of deduct ons to be
made n income, tax returns for losses resulting from the flood in Louisville
during January and February, 1937.
No surtax on undistributed profits
under the Revenue Act of 1936 was incurred by the other companies con¬
solidated herein for 1936. No provision for surtax on undistributed profits
during 1937, under the Revenue Act of 1936, is included in the above state¬
ment as no such surtax will be incurred by the company or its subsidiary
companies for that year.—V, 147, p. 2869.
to
Earnings for 9 Months Ended Sept. 30, 1938
Total net sales.
Cost—Material and labor
Dec. 31
resulted in
Corp.—Earnings-—
Liquidometer
on
year the company
Co.—Stock
Material
shares of
value, payable
Par
tion
563
to
The Board of Directors declared
extra dividend of 50 cents
per
The Interstate Commerce Commission
Salaries Restored—Officials Promoted—
Restoration
3163
—
Patent amortization
Louisville & Nashville RR. Co.—To
Pay $1.50 Dividend
on Nov. 17 declared a dividend of $1.50 per share on the com¬
stock, par $100, payable on Dec. 23 to holders of record Nov. 29.
This will be the first payment made since Feb. 28, 1938 when a regular
semi-annual dividend of $2.50 per share was distributed.
An extra divi¬
dend of $1 was paid on Dec. 23, 1937 and an extra of $1.50 per share was
distributed on Dec. 23, 1936.—;v. 147, p. 3019.
Directors
mon
Net profit before taxes-
— —
— —
—
$55,543
Balance Sheet Sept. 30, 1938
Liabilities—
Assets—
$94,660
Cash In bank, & on hand
Accounts receivable
Current liabilities
22,194
Inventories
Machines, dies, patterns, Ac.
Patents
Reserves
82,248
34,349
75,576
-
Deferred—Sale of for. rights.
4,861
Deferred and research
Capital stock (par SI)
—
Capital surplus-.
Earned surplus
-
-- --—
$16,016
6,732
14,986
110,117
91,690
74,347
--$313,887
Total...
.$313,887
Total
—-—
„
6% cum. partic. pref. stock.
dend of $1.50 per share was last paid on Aug. 1,
MacKinnon Steel Corp.,
A regular quarterly divi¬
1938.—V. 146, p. 1716.
Ltd.—Accumulated Dividend—
-Earnings
The directors have declared a dividend of $1.75 per share on account of
the 7% cumul. pref. stock, par $100, payable Dec. 12
to holders of record Nov. 30.
Like amount was paid on Sept. 15, June 15
and March 15 last and on Dec. 15, 1937, this last being the first dividend
12 Mos.
1938
paid by the company since February, 1933, when 8734 cents per share was
distributed on this issue.
Prior to this latter date regular quarterly divi¬
-V. 129, p. 3810.
accumulations on
Louisiana Ice & Electric Co., Inc.
(& Subs.)
-3 Months
1938
$196*101
120,569
$631,517
502,157
75,532
22,554
:
1937
$252,917
165,977
86,940
21,476
129,360
29,671
$98,086
Period Ended Sept. 30—
Operating revenue
Operating expense—,
$108,416
$159,031
84,000
dends of $1.75 per share were paid.—V. 147, P- 1198.
Dividend—
Macassa Mines, Ltd.—Extra
Income from operation
Non-operating income (net)
Gross income
x Prov. for renewals, replace. & retire.
Long-term debt interest
—
Unfunded debt interest
Tax refunds to bondholders
•A
mm.*.
1,125
345
1,125
387
directors
common
$106,045
$96,568
$69,007
and its subsidiary to .make appropria¬
for renewals, replacements and retirements
at"the end of each calendar year; therefor, the above the statements,for
the third quarters of 1938 and 1937 show results before deducting such
appropriations.
The provision shown for 12 months ended Sept. 30, 1938,
is the amount appropriated for the calendar year 1937.
As of Aug. 15, 1938, the company's ice. operations in Baton Rouge
were
sold for $95,000.
Company received $33,250 in cash and four
promissory notes of equal amount, aggregating $61,750, maturing in one,
two, three, and four years, and secured by a first mortgage on the property
It is the policy of the company
have
declared
Magma Copper Co.—-Dividend Increased—
The
41
tions to their respective reserves
*
an extra dividend of five cents per share in
quarterly dividend of five cents per share on the
common stock, par $1, both payable Dec. 15 to holders or record Nov. 30.
—V. 147, p, 1932.
Directors
addition to the regular
4.500
1,483
7
Balance to surplus
x
Lyon Metal Products, Inc.—-Preferred Dividend Omitted—
Directors have decided to defer payment of the dividend ordinarily due
at this time on the
have declared a dividend of 55 cents
per share on the
payable Dec. 15 to holders of record Nov. 28.
35 cents paid on June 15
$1.25 paid on Dec. 15,
Sept. 15. June 15, and March 15, 1937; a year-end
Dec. 15, 1936, and a regular quarterly dividend of.
paid on Oct. 15, 1936.—V. 147, p. 2o37.
stock, par $10,
This compares with 25 cents paid on Sept. 15, last;
and on March 15, last- a year-end dividend of
1937; 50 cents paid on
dividend of $1 paid oa
50 cents per share was
Manila Electric
Co.—Earnings—
12 Months Ended Sept. 30—
Operating revenues
Operating expenses, &c
Provision for retirements
Provision for taxes
_1938
1937
$5,631,633
2,781,876
$5,247,359
2,462,124
610.000
—
- —
--
591,156
167,791
154,580
$2,071,965
..—
$2,039,499
sold.
Consolidated Balance Sheet Sept. 30
1938
Assets—
$1,451,239
74,252
177,447
830
Investments-----Cash
—
3,410
Notes receivable..
Acc'ts receivable
111,294
-.
Interest receivable
718
Inventories _—;
26,677
Prepayments
12,492
Miscellaneous cur¬
rent assets
Deferred assets—
11.065
LlabUttles—
1937
Fixed assets—-$1,517,165
d
•
Funded debt--
Operating income
1938
1937
$75,000
payable.138,931
19,720
78,106 Accounts payable.
400 Taxes payable..—
1,535
26,103
122,132 Consumers'depos.
Ice coupon liability
301
37~,765 Acer. int. on bonds — 1,875
1,416
15,390 Other accrued intAccrued taxes
27,443
7,959
778 Misc. curr. liab
4,305
1,059 Acer. liab. insur—
Deferred liabilities
her income.--
24,380
307,865
229,630
69,032
69,018
66
Capital surplus.— 1,096,518
Earned surplus--155,670
1,096,618
149,713
shares)
Com.
stock
—
Balance of income-—V. 147, p.
80
d PinevUle Electric
Total—
$1^,934,520 $1,707,703
Co, 1st mortgage 6% bonds,—V. 147, p. 1198.
$1,934,520 $1,707,703
——
—
$865,011
$866,116
Corp.—Earnings-
Earnings for the 9 Months Ended Sept. 30,
Total commercial paper purchased
Income service charges earned-,
—
Recoveries on accounts previously written off
1938
.
$3,635,828
178
354
$179,256
70,r32
Total income-
Operating expense
-
-
Rediscount charges__
Provision for
-
-
(frac¬
tional shares)—-
Total
42,486
$2,081,985
105,972
1,008,400
104,100
Cr2,603
1347.
Manufacturers Trading
3,910
Com. stock (whole
—
Interest charged to construction-------
271
695
—
unfunded debt—
Amortization of debt discount and expense
1,381
31,171
r
Gross income.--------—--—------—----Interest on funded debt—---------— — -----Interest on
23,350
707
1,875
778
Reserves.
12,924
$2,084,890
95,594
1,022,754
104,100
Cr2,569
$75,000
Notes
estimated income taxes.
—--
3U,l/z
b,50u
~
Net income after
estimated income taxes.- a-
$t>3,503
Nov.
Chronicle
Financial
3164
181,947
notes
Accts.,
liens.-.
Liquidating accts.
Invest'ts & secure.
Fixed
x
assets
Goodwill
Organization exp.
Deterred charges..
138,708
Res. for est. taxes.
10,902
40,010
ment lien obligations
13,230
Reserves
60,525
3,773
Repossessions: Machinery, &c
Office furniture
75c. cumul. (par
17,801
6,269
25,000
Paid-in surplus
915
309,310
Earned surplus
300,000
267,625
Federal taxes
at Dec.
31,1937.
y
.
,
,
„
—partlc. pref. $2 cumul.
common ($1 par)..
,
Earned surplus since
Total
x
financing
After
for loss of $256,441.
reserve
y
After
for loss in disposal
reserve
Represented by
shares after de¬
Mergenthaler Linotype Co.—Earnings—
1938
1937
$6,480,704
$8,483,179
6,703,458
Sales.
8,118,910
General operating expenses..
Operating loss
Depreciation reserves
$222,754prof$364,270
410,246
396,591
Operating loss
Interest on notes, deposits and investments receiv.
"Although the company has adequate facilities and working capital for
operations at present levels, it is the opinion of the board that the company
and its shareholders will both benefit if the company anticipates, to some
$633,000
292,279
$32,321
302,413
336,011
306,349
Dividends receivable
the additional capital will place the
in position to take advantage of the anticipated demand for air¬
We expect to construct a new airfield and to use part of the funds
company
in the company," he
591,339
$8,606,447
Total
Years Ended Sept. 30—
,
A substantial increase in business would
require additional working capital and your directors believe that the
company should obtain additional funds before, rather than after, they are
urgently needed."
Mr. Martin Indicated that formal authorization of the rights would be
made by the directors shortly and said that a registration statement for the
proposed offering has been filed with the SEC.
The company hopes to
issue the rights to stockholders of record a few days after the registration
statement becomes effective, possibly early in December, and that about
20 days will be given for exercise of these rights.
Application will be made
to have the rights admitted to trading on the New York Stock Exchange.
The offering will not be underwritten.
Mr. Martin, who owns 37% of the company's outstanding stock and
would thus be entitled to purchase 57,847 shares of the new offering, said
that it is his intention to arrange with investment bankers for the sale of
his rights.
"My assets consist principally of stock in the company and
I feel that I should diversify to some extent, thus enabling my estate, in the
event of my death, to meet inheritance tax and other estate charges without
the necessity of raising required funds entirely through the sale of my stock
$8,606,4471
—-
ducting 2,763 shares in treasury.—V. 147, p. 2537.
Martin, President,states:
of the
Apri. 1,
of $3,268.
z After reserve for depreciation of $67,392.
a
101,246 no par shares,
b Represented by 46,613 no par
.
the Securities and Exchange Commission of its
some
3,200
1,837,685
Capital surplus..
its
defray
399,710
($1 par)..
common
1935
,
craft.
b46,613
Class A
Class B
plans, the company revealed the extent to which its profits thus far this
year have been dependent upon foreign demand for military aircraft.
In the first eight months about 94.8% of the company's sales were to
customers abroad under 10 contracts.
The company's backlog of unfilled orders, as at Nov. 1, 1938, totaled
$14,228,343 which was composed of $8,862,420 for the U.S. Navy, $5,312,994 of foreign orders and $52,928 miscellaneous.
In a letter to stockholders outlining the proposed offering, Glenn L.
extent, its future capital needs.
"If the offered shares are purchased,
329
a2.119.878
Merchs. & Mfrs. Sees. Co.
1,707
Stockholders—
•
„
171,595
$2 cumul..
Seeking new capital to take advantage of "anticipated demand" for
aircraft, the company is planning to offer 156,000 new shares of its stock to
stockholders.
The offering would be on the basis of one share for each
six held.
In advising
«•»«
income
Sub.—pref.—
Capital stock-
63,602
depreciation of $3,787 at Sept. 30, 1938, and $2,825
Includes advances.—V. 147, p. 2537.
(Glenn L.) Martin Co.—Offering to
on
33,749
Unearned discount
zl03,687
$1,579,821 $1,175,779
Total.
19,654
stock of sub..
After reserve for
x
to
-
32,695
Accrued dividends on pref.
184,657
Deferred charges
$3,350,000
ex¬
&c
Accrued taxes
x298,349
y2,608
& fixtures—
cost
25,670
300,000
267,525
18,712
$10)
Com.stk.(par $1).
46,943
banks
for
payable:
penses,
Investments <fc other assets..
stock—con.
Pref.
Accounts
Open accounts, notes & instal¬
400,000
—.
Notes payable: to
$1,619,118
6,334,425
Cash
Chattel & co-maker loans rec.
362,948
372,054
$1,579,821 $1,175,779
Total
$154,171
Unsec'd bank loans
479,914
770,167
174,025
387,904
15,894
25,780
9,294
25,000
84,074
x5,745
Liabilities—
Assets—
Dec .31,'37
$233,361
Rediscounts
accept'ces
trade
Sept. 30,'38
Res. for clients
and
Collateral notes—
Industrial
Liabilities—
Dec.31,'37
$84,403
Sept. 30/38
A $ set 8—
Cash
1938
19,
Consolidated Balance Sheet Sept. 30, 1938
Balance Sheet
Total loss
$34,372prof $606,103
Reserve for Federal income tax.
45,000
cost.
said.
Netl
Dividends paid during the year
of this department.—V. 147, p. 2537.
Earns, per sh. on
-Earnings-
489,647
sur$71,456
$2.33
241,098 shs. capital stk. (no par)
Nil
Balance Sheet Sept. 30
1938
2,514,407
2,519,156
2,551,606
a
Customers'
work In process.
40,212
cos
36,793
662,877
Accrued
671,998
2,463,195
Cash
Reserve for
1,172,575
4,201,777
615.991
615,991
1,241,364
9,952,901
bonds & securs.
2,169,510
3,227,092
6.418,309
ful accounts and
48,765
48,765
Mixed Cl'm Com'n
stocks,
contingencies
"
xl938
xl937
1936
1935
$326,730
$77,567
$86,954
$201,125
Cost of goods sold, sell.,
admin. & gen. expense
387,725
253,835
244.732
332,724
Net operating loss
Other income.:
$60,995
2,730
$176,268
2,350
$157,778
2,502
$131,599
7,915
$58,264
$173,918
$155,276
4,539
$123,684
6,080
$159,815
$129,763
Years End. Aug. 31—
Net sales
account
Surplus
against
Germany
221
Reserve for doubt¬
7,374,627
-
9,027
1,230,843
917,983
-
111,342
5,398
taxes
Accrued expenses.
4,387,478
receivable
Accts. receivable
54,922
12,506
11,480
5,119
65,110
Miscell. curr. liab.
85,138
2,483,462
securs.
For'n & domes,
credit
balances
Agents' credit bal.
Equip. & construe.
Marketable
$
Capital stock...12,800,000 12,800,000
Accounts payable.
19,601
19,708
519,820
Plant, machinery
and equipment.
1937
$
IAaMlities—
5
519,820
2,423,820
b Buildings..
c
1938
1937
?
Assets—
Land
Inventory
Martin-Parry Corp.
241,098
$275,470
Deficit
Bills
See also list given on first page
$34,372prof$561,103
oss_
>
Adv. to employees
and misc. accts.
5,347
6,564
58,027
52,309
667,497
667,497
180,021
9,668,269
216,927
Cash In for'n banks
'
(restricted)
d Treasury
Deferred
Total loss
83
9,584
$58,347
$183,502
Int. and miscell. charges
;
stock.
charges
Total
_.
..24,458,604 24,817,9821
Total..
24,458,604 24,817,982
Represented by 256,000 shares of no par value,
b After depreciation
reserve of $1,756,247 in 1938 and $1,663,578 in 1937.
c After depreciation
reserve of $6,608,872 in 1938 and $6,312,291 in 1937.
d Represented by
14,902 shares.—V. 147, p. 1347.
a
Operating loss....
x
Includes Martin-Perry Corp. of
Canada, Ltd.
Consolidated Balance Sheet Aug. 31
.
1938
Liabilities—
193
1938
Assets—
y
1937
Capital stock...$1,400,000 $1,400,000
52,841
Accounts payable.
18,277
x
Land, buildings,
equipment, &c.
$898,268
$ 805,284
Cash
22,461
Accts. receivable..
Inventories
11,146
61,036
85,760
18,840
112,356
Prepaid expenses..
10,239
50,000
8,634
473,761
22,809
-
Note pay
Accrued liabilities.
Deficit (earned)..
$1,003,150 $1,045,049
Total
6*320
Represented by 175,000 shares no par value,
y After deducting re¬
for depreciation of $611,247 in 1938 and $570,500 In 1937.—V.147,
1199.
x
Operating expenses, &c_
Provision for taxes
•
$414,583
249,819
29,092
44,375
$102,676
Interest
on
first mortgage bonds
unfunded debt
Amortization of debt discount and expense
750
$103,410
59,895
5,967
6,131
on
Interest
$91,297
733
Other income (net)
earns,
Oper.
expenses
from opers.
& deprec.
$101,808
$92,047
59,895
1,393
6,131
$24,906
$33,588
■
•
Mengel Co.—October Billings—
in October were $774,259, an increase of 20% over last year and unfilled
as of Oct. 31, amounted to $1,459,072 or 1.1% below a year ago.
—V. 147, p. 2870.
orders
Merchants & Manufacturers Securities Co. (&
Subs.)
Earnings for 6 Months Ended Sept. 30, 1938
Gross earnings—from interest, discount, &c
Cost of financial services
t
$1,082,937
a
632,595
$450,342
...
Other income
6,942
Total income
'
-
Provision for doubtful loans
sale of capital assets
for current period Federal
on
Prov.
$457,284
75,000
6
taxes on income—estimated
(plus underprovision of $11,838 for prior years)
Divs. paid & accured on pref. stock of Domestic Finance Corp.
held by the public
Consolidated net profitCash dividends paid:
96,954
95,824
$189,500
:
On participating pref. stock—$1.52 per share
On class A common stock—30 cents per share
On class B common stock—30 cents per share
*_
70,852
119,913
960
a The companies elected to discontinue, as of April 1,
1938, the practice
of recording interest receivable in advance of collection and as of that date
charged such interest previously accrued, in the amount of $91,723, to
earned surplus.
If the aforementioned practice had been continued, the
above net profit would have been increased by approximately $1,250.
$1,532,184
$1,766,743
department.—V. 147, p. 3020.
Michigan Bell Telephone Co.—Earnings—
Period End. Sept.
30—
"
1938—Mrnth—1937
1938—9 Mos—1937
$3,342,950
23,466
$3,397,465 $29,868,437 $30,139,597
5,388
234,260
47,062
Operating revenues
Operating expenses.-
$3,319,484
2,024,939
$3,392,077
2,148,639
$1,294,545
467,033
$1,243,438 $10,596,630 $11,359,924
411,932
3,930,372
3,769,458
Operating
revenues
Net oper. revenues-..
Net operating income.
Net income.
October billings of $850,239 by Mengel Co. were the highest for any
since October, 1937, and only 9% below that period.
Bookings
Loss
$6,624,074
4,857,331
$827,512
781,768
$831,506
793,835
$29,634,177 $30,092,535
19,037,547
18,732,611
$6,666,258
6,217,018
$7,590,466
7,303,944
—V. 147. p. 2399.
month
Operating profit
$6,155,594
4.623,410
Michigan Associated Telephone Co .—Registers with SEC
See list given on first page of this
Operating taxes
Balance of income
$193,112
1938—9 Mos.—1937
Uncollectible oper. rev._
Cr279
—V. 137, p. 2754.
1938—Month—1937
$604,619
$738,916
502,811
545,804
-Y.
$467,680
274,018
40,627
50,358
_
Period End. Sept. 30—
Gross
1937
1938
Provision for retirements.
Co., Ltd.—Earnings—-
[Canadian Currency]
Net earnings
147, p. 2399.
Maryland Light & Power Co.—Earnings—
12 Months Ended Sept. 30—
Directors have declared a dividend of 10 cents per share on the common
stock, payable Dec. 1 to holders of record Nov. 21.
Similar payments
were made on June 1, 1937 and on Sept. 1, 1936.—V. 147, p. 3020.
Mexican Light & Power
serve
p.
Corp.—Common Dividend—
414,112
$1,003,150 $1,045,049
Total
Metal Textile
Michigan Gas & Electric Co.—EarningsPeriod End. Sept. 30—
Operating revenues
Oper. exps. & taxes
.
1938—12 Mos.—1937
$1,363,731
1,002,876
812
$369,967
7,341
$360,855
4,358
$107,921
63,968
$109,873
65,117
$377,308
257,568
$365,213
257,736
$43,952
Gross income
Int. & other deductions.
$44,755
$119,740
$107,476
265,793
$109,061
103
.
income
$1,405,104
1,035,137
249,309
$107,818
Net oper
income
Other income (net)
Net
1938—3 Mos.—1937
$374,854
$357,127
-V. 147, p. 2399.
Middle West Utilities
Security holders
are
Co.—Expiration Date-—
being notified that by order of the United States
District Court at Chicago, 111., dated July 9, 1937, the
period forsurrender-
ing outstanding securities (notes and stock) of Middle West Utilities Co.
in exchange for shares of capital stock, stock purchase warrants and scrip
of the Middle West Corp. (successor company under plan of reorganization)
will expire on Dec. 31, 1938; and said stock purchase warrants will expire,
by their terms, on Dec. 21, 1938.
Security holders of Middle West Utilities Co. who have not surrendered
their holdings of notes and stock of said company in exchange for securities
of the Middle West Corp., 902 Market St., Wilmington, Del., for informa¬
tion respecting the exchange procedure.—V. 142, p. 2216.
Missouri Gas & Electric Service Co.—$1 Dividend—
Directors
on
Nov. 7 declared a dividend of $1 per share on the common
stock, payable Dec. 15 to holders of record Nov. 30.
A similar amount
was paid on March 15, last and on Dec. 1, 1937, this latter being the initial
distribution on the issue.—V. 147, p. 3147.
Financial
147
Volume
Middle West Corp.
Chronicle
pares
(& Subs.)—Earnings—
[Exclusive of Central Illinois Public Service Co. and Lake Superior District
Power Co.]
Period End. Sept. 30— 1938—3 Mos.—1937
1938—9 Mos.—1937
Operating revenues
$16,253,698 $16,174,536 $45,591,453 $44,572,733
Operating exps. & taxes:
Operation
5.213,290
5,362,473
15,501,409
15,191,456
Maintenance
809,440
871,320
2,483,212
2,525,796
Depreciation
2,052,817
2,170,341
5,915,662
5,980,976
State, local and miscell.
Federal taxes..—
1,627,728
1,521,202
4,742,078
4,413,316
on Sept. 1, last; 12H cents paid on June 1,
last, and dividends of 25 cents per share were previously distributed each
three months, the Sept.il, 1937 dividend being the initial distribution.
—V. 147, p. 1642.
National
664,349
1.538,826
520,903
Undistrib. profits tax.
1.218,290
132,646
49,628
have
declared a dividend of 20 cents per share on the
value, payable Dec. 15 to holders of record Nov. 29.
paid on Oct. 1, last, and previously regular quarterly
dividends of 30 cents per share were distributed.—V. 147, p. 2095.
stock,
Like amount
no par
was
National Gas & Electric
Period End.
tax_
Dairy Products Corp.—20-Cent Dividend—
The directors
common
Federal and State income
Normal
3165
with five cents paid
Operating
Operation
Sept. 30—
$110,976
62,042
5,220
7,523
Maintenance
$5,886,074
74,789
$5,678,669 $15,410,265 $15,110,254
120,565
263,363
326,468
Taxes...
$5,960,863
2,355,012
23.224
$5,799,235 $15,673,628 $15,436,722
Non-oper. income (net).
Net oper. income
Other income (net;
Net oper. revenues
income..J
Gross
Int.
long-term debt..
General interest (net)...
on
Amort,
7,079,847
94,358
7,136.541
108,032
278,730
809,129
269,194
42,742
Provision
a
$3,070,117
$7,576,808
Gross income..
earned
for
5,357,798
2,045,274
5,422,756
pref. stocks.
62,455
122,615
321,739
404,592
Balance of net income
$1,194,654
$902,227
$1,897,271
$1,321,847
ments on
Earnings
The above income account has been prepared on the basis
of deducting dividend requirements for the periods covered on all issues of
senior and junior preferred stock and does not take into consideration the
prior claim on income of such senior preferred stocks that have dividends
in arrears or other restrictions.
Because of such restrictions net income of
Notes— (1)
subsidiary companies, amounting to approximately $865,000
$685,000 in the respective 9 months' periods, could not have been
certain
per
Income Account of
and
dis¬
$174,191
55,066
$0.56
19, 1937,
are
included only since date of ac¬
have
declared
Pay 50 Cent Dividend—
a
1 to holders of record Nov. 21.
Power4& Light^Co.—Earnings—
I Income Account (Company Only) Period Ended Sept. 30
1938—3 Mos.—1937
1938—12 Mos.—1937
Income:
$1,407,211
3,972
32,845
31,990
.15,642
88,832
51,170
6,750
101,961
7,822
152,151
20,611
275,991
23,234
$246,853
31,186
$336,279
33,607
$908,771
100,106
$1,411,183
$1,443,759
91,055
$6,655,878
124,229
50,536
$7,529,268
288,954
$6,780,107
199,116
Net oper. income
$1,320,128
& other deductions
$775,816
99,149
•
$1,407,710
$7,427,234
102,034
$1,393,223
$7,240,314
$6,580,991
338,633
341,474
1,355,437
1,358,018
$981,495
$1,051,749
$5,884,877
$5,222,973
$311,371
132,375
$438,614
208,562
$144,854
66,000
Other income
$118,335
46,549
$0.38
stock, payable Dec.
Other
stocks
$22,571
Period—
1938—9 Mos.—1937
$146,568
10,375
companies
$251,757
77,566
..
From subs.—cons*
Common
Other
$219,228
100,892
$14,932
directors
National
consol.—
Interest.....
$31,217
8,646
,
dividend of 50 cents per share on the
This com¬
with 25 cents paid in each of the three preceding quarters, 50 cents
paid on Dec. 1, 1937; 25 cents paid in each of the three preceding quarters;
$1 paid on Dec. 1, 1936; 50 cents on Sept. 1, 1936, and 25 cents per share
previously distributed each three months.—V. 147, p. 1042.
Dividends—
Preferred stocks...
$381,266
129,509
pares
Corporation Only
1938—3 Mos.—1937
30—
$377,374
158,146
National Oats Co.—To
common
tributed to Middle West Corp.
cos.
$45,451
14,234
outstanding share
properties acquired on Aug.
quisition.—V. 147, p. 2695.
The
public.
Sub.
$373,806
7,460
Note—The operating results of subsidiaries sold during November, 1936,
have been eliminated from this statement.
Operating results of ne«v
the public, and minority
companies held by the
Of subsidiary companies for the period held by
interest in net income,
b Of direct subsidiary
a
Period End. Sept.
505
$23,376
8,445
Dividends declared..
.
2,013,581
.
$376,869
Dr299
$7,149,194
Net income
portion of dividends on
preferred stocks
b Unearned div. require-
$45,750
$35,752
12,375
Balance
119,282
113,485
35,023
$3,270,690
...
$1,151,429
629,768
60,506
87,349
Dr439
Int. & amortization, &c_
Net income
$1,284,695
734,032
69,225
104,569
$36,191-
Retirement accruals....
and expense
Miscel. income deduct'ns
1938—12 Mos.—1937
$127,086
65,869
7,867
7,600
923,673
disct.
bond
of
2,380,809
34,555
Corp. (& Subs.)—Earnings—
1938—Month—1937
revenues
Expenses, incl. taxes
36,049
Int.
Total income.
General & administrative
State, local and miscell.
5,188
8,932
15,716
23,664
.18,557,
tax
8,747
57,194
'41,333
on
income
—V. 147, p.
132,646
49,628
Undistrib. profits tax.
Net income
$191,922
—.
Net income....
...
^
Federal taxes
Federal—normal
from income.,
$479,023
$735,754
$235,366
Summary of Earned Surplus for the 12 Months Ended Sept. 30, 1938
2691.
Inc.—To Pay 25-Cent
dividend of 25 cents per share on common
of 15 cents per
share were distributed.—V. 146, p. 3961.
O'Day Corp.—Pays lo-Ceht Dividend—
Mode
Company paid a dividend of 15 cents per share on its common stock,
$5, on Oct. 10 to holders of record Sept. 30.
This compares with 20
cents paid on June 24 and on June 13, 1938 and dividends of 25 cents paid
on Jan. 5, 1938 and on Dec. 20, 1937.
The $5 par value stock was issued on Oct. 6, 1937 in a 20-for-l split
up for the old $100 par shares.—V. 146, p. 604.
par
3,273,670
Expense
-
...
Income..
*
Balance......
Income deductions
$689,445
613,,935
$10,018
216
...
.,
Balance
Balance Sheet
$68,702
58,684
...s
$75,509
13,671
1938
j/Lsscts
$89,180
158,636
$
.1.142,020,060 142,102,924
Cash
10,410,436
12,148,967
250,000
Tlmedeps.in bks
$69,456
$15,619
series A
profit
1938
$434,284
1936
$2,669,367
1937
$2,337,313
7,481
283,021
6,605
6,502
38,785
160,464
97,323
143,675
$473,069
$2,497,777
$2,766,690
Total income...
Expenses, &c
847,255
988,988
866,971
2,535,561
16,924
loss$374,186
$1,899,719
Federal taxes
——
18,474
105,250
497,722
181,276
540,790
$1,920,890
507,480
$1,508,789
574,028
Balance
Interest
110,097
176,183
,
157,289,422
......
loss$948,214
profit..
$1,136,888
7,686
$844,275
$1,210,963
$1,129,200
$0.89
$1.30
$844,275
Profit
loss$948,214
.1
Earnings
share
stock
per
common
—V. 147, p.
on
$1,210,963
<
,
Nil
■
#
$1.47
2252.
Muskegon Piston Ring Co.—To Pay Common Dividend—
Directors have declared a dividend of 50 cents per share on
the common
stock, payable Dec. 15 to holders of record Nov. 23.
This will be the
first dividend paid since March 31, 1938 when 25 cents per share was dis¬
tributed.
See V. 146, p. 3510 for detailed record of previous dividend
payments.—V. 147, p. 2695.
Nashua Gummed & Coated Paper
Co.—25 Cent Div.—
dividend of 25 cents per share on the common
value, payable Nov. 15 to holders of record Nov. 10.
Like
amount was paid on Aug. 15, last; a dividend of 50 cents was paid on
May 16, last, and previously regular quarterly dividends of $1 per share
were distributed.—V. 147, p. 1495.
Directors have declared a
stock,
no par
National Candy Co. (& Subs.)—Earnings—
30— 1938—3 Mos.—1937
1938—9 Mos.—1937
$48,055 loss$243,614
$237,617 loss$561,807
Earns, persh. on 192,815
shs. com. stk. (no par)
$0.07
Nil
$0.70
Nil
Period End. Sept.
x
Net profit...
x
After
charges,
depreciation and Federal taxes.
Federal surtax on undistributed profits.
jY0te—No mention was made of
—V. 147, p. 1042.
National Container Corp.—73-^ Cent Dividend—
The
directors have
common
a dividend of 7H cents per share on the
10 to holders of record Nov. 21. This com¬
declared
stock, payable Dec.
154,907
157,962,392 157,289,422
Total
Represented by $6 pref. stock (value In liquidation $100 a share),
270,716 shares; common stock, 5,456,117 shares.
<
Note—The consolidated income account for 3 and 12 months ended
Sept. 30, was given in "Chronicle" of Nov. 12, page 3021.
^
Net
J. W. M. Mfg. pref. divs.
6,599,661
...
2,585,862
Sundry debits..
f*
Depreciation...
511,426
281,378
Reserve
279,406
1,611
Total.... —-157,962,392
894,417
—
15,000,000
419,574
22,183
425,319
281,378
5,801,872
25,258
debt
disct. & exp__
$2,815,307
Other income
' 9,500,000
419,574
payable.
Surplus
Oth. curr. assets
Unamort'd
Accts.
Accrued accts._
Accts. receivable
companies
1935
$2,671,632
series B_
Divs. declared..
Accts. receivable
Murray Corp. of America (& Subs.)—-Earnings—
9,413,000
14,873,000
5% gold debens.
others..
9 Mos.-End. Sept. 30—
$
value)—125,839,095 125,839,095
6% gold debens.
1,495,769
Divs. rec. assoc.
Gross
1937
Cap. stock (no
par
945,776
securities—
—V. 147, p. 2399.
x
1938
$
.
Liabilities—
Investments
Temp, cash lnv.
Other short-term
Sept. 30
1937
■$
r
subs
Net loss
$6,599,661
...
appropriation of $1,818,154 represents dividend requirements for 13 months
instead of 12 months.
This is because earned surplus has been debited with
the preferred stock dividends declared for the three months ending Oct. 31,
1938, which date is one month in advance of the period covered by this
statement.
The preferred stock dividend requirements for 12 months
amount to $1,678,296, which is the amount that should be used in deter¬
mining the balance of net income available for dividends on the common
stock for the 12 months ended Sept. 30, 1938.
12 Mos.
Month
$10,235
25,854
Operating revenue
1938
x In compliance with the uniform system of accounts for public utility
holding companies promulgated by the Securities and Exchange Com¬
mission, the practice of accruing dividends on the $6 preferred stock monthly
has been discontinued and earned surplus is now charged when and as
dividends are declared.
Due to this change the $6 preferred stock dividend
(& Subs.)—Earnings-
Motor Transit Co.
Period Ended Oct. 31, 1938—
1,818,154
$6 preferred stock dividends
Earned surplus, Sept. 30,
The directors have declared a
4,736
,
^.$11,691,485
Common stock dividends
Dividend—
stock, par $2.50, payable Dec. 20 to holders of record Dec. 1.
This com¬
pares with 15 centspaid in each of the three preceding quarters.
A dividend
of 55 cents paid on Dec. 18,1937, and previously regular quarterly dividends
5,884,877
Total
x
Mock, Judson, Voehringer Co.,
$5,801,872
Earned surplus, Oct. 1,1937
Net income for the 12 months ended Sept. 30,1938
Miscellaneous adjustments (net)
x
National Standard Co.—Dividend
Doubled—
declared a dividend of 25 cents per share on the common
Jan. 3 to holders of record Dec. 15.
Dividends of 12 H cents
were paid in each of the three preceding quarters, and compare with 50 cents
paid on Jan. 3, 1938, an extra of 22 >4 cents and a dividend of 50 cents paid
on Sept. 24, 1937, and a dividend of 40 cents paid on July 1,, 1937, and each
three months previously.
In addition, an extra dividend of 10 cents was
paid on July 1, 1937.—-V. 146, p. 1560.
Directors have
stock, payable
National Tea Co.—Sales—
weeks ended Nov. 5, 1938, amounted to $4,166,099
compared with $4,632,349 for the corresponding four weeks in 1937, a
decrease of 10.07%.
The number of stores in operation decreased from 1,223 in 1937 to 1,103
at Nov. 5, 1938, resulting in a decrease of .32% in average sales per location.
—V. 147, P. 3021.
Sales for the four
as
...
.
,
—r,
National Tool Co .—New Directors—
the recent annual meeting the following men were elected to con¬
board of directors of the company: Clifford B. Ewart, Fred J.
Young, David Ford, Albert A. Houck, Arthur J. Brandt, S." J. Kornhauser and L. Jubenville.—V. 145, p. 614.
At
stitute the
National Union Radio Corp.—Option—
agreement dated June 30, 1938, corporation has granted to Sears,
shares ($1 par) Common stock
The option may be exercised
as to specified amounts during the years ending Feb. 28,1939, 1940 and 1941
if the purchases of radio and television tubes by the optoinee from the
National Union Radio Corp. during each of the three years ending Dec. 31,
1938
1939 and 1940 equal 75% of the total purchases by the optionee of
radio and television tubes during each of said periods, and may be exercised
on or
before Feb. 28, 1941 with respect to the theretofore unexercised
oortion of the optional shares if the purchases by the optionee of radio and
televison tubes from National Union Radio Corp. during the three years
Bv an
Roebuck & Co. the privilege of buying 50,000
at $1 50 per share on or before Feb. 28, 1941.
Financial
3166
ended Dec. 31,1940 are at least 75%
evision tubes during such period.
Chronicle
of its total purchases of radio and tel¬
10-year collateral trust sinking fund 5%
Dec. 10 at 103 and interest.
be made at the International Trust Co., Denver, Colo.
A total of $46,000 first mortgage
been called for redemption on
bonds have
Payment
will
—V. 146, p.
Naumkeag Steam Cotton Co.—-Larger Dividend—
declared a dividend of 75 cents per share on the common
Nov. 25 to holders of record Nov. 18.
This compares with
50 cents paid in October, July and April of this year; $2 paid on Oct. 7,
and on July 1, 1937, and $1 paid-on April 26 and Jan. 1, 1937.—V. 146,
p. 2053.
Directors have
3025.
Northern States Power
stock payable
Co.—Weekly Output-
Electric output of the Northern States Power Co. system for the week
Nov. 12, 1938, totaled 27,484,331 kilowatt-hours, an increase of
ended
6.3% compared with the corresponding week last year.—V. 147, p. 3023.
NY PA NJ Utilities Co.
England Telephone & Telegraph Co.—Earnings—
(& Subs.)—Earnings—
12 Months Ended Sept. 30—
Operating revenues
Operating expenses, &c
1938—'Month—'1937
25,620
1938—9 Ados.—1937
$6,319,438 $55,359,317 $55,915,948
24,165
240,628
156,545
Operating revenues.— $6,082,373
Operating expenses5,000,516
$6,295,273 $55,118,689 $55,759,403
4,611,618 40,188,652 40,086,352
Provision for taxes
$1,081,857
464,943
$1,683,655 $14,930,037 $15,673,051
675,399
5,482,334
6,093,293
Other income
Period End. Sept, 30—
$6,107,993
Operating revenues——
Uncoil. oper. rev
Net oper. revenues—
Operating taxes
- —
—V. 147, P.
236,028
2696.
$9,447,703
5,914,192
$1,008,256
$616,914
Net oper. income
Net income
621,461
Provision for
^
retirements.
6,139,107
———9,955,058
—
Gross income—-
5,973,092
12,723,395
$4,005,722
$4,612,676
-
Ohio Bell Telephone
P
C78
18,415
Co.—Earnings-
Operating revenues... $3,459,906
Operating expenses
2,165,147
$3,523,495 $30,914,269 $31,307,753
2,217,488
19,964,041
19,482,961
$1,294,759
471,353
$1,306,007 $10,950,228 $11,824,792
-
Net oper. revenues--
1938—9 Mos.—1937
$2.12710,312 $278404,921
172,619,366 211.074,382
Operating taxes.-—i-i--
$6,476,076 $40,090,946 $67,330,539
2,135,259
25,422,573
24,191,947
1,175,183
9,088,131
10,983,537
484,402
4,341,430
4,362,085
$823,406
$821,605
$6,608,798
833,774
Net oper. income-Net income—
1,155,353
675.520
2,703 564
1938—9 Mos.—1937
1938—Month—1937
$3,534,545 $31,099,568 $31,351,463
Operating revenues.-.— $3,480,061
11,050
Uncoil, oper. rev———
185,299
43,710
20,155
Inc.-—Bonds Called—
$3,165,634
1,488,623
—
—
Period End. Sept. 30—
RR.—Earnings—
$2,193,200
$19,235,510 $19,482,055
891,253
1,386,493
.$20,126,764 $20,868,549
«>—-■
Balance of income
A total of $1,499,400 general lien 4^% gold bonds due July 1, 1935,
(extended) has been called for redemption on Dec. 24 at par and accrued
Payment win be made at the New York Trust Co. or at the
Whitney National Bank of New Orleans.—V. 147, p. 2696.
Net ry. oper. incomeOther income.--
6,643,980
9,255,362
V. 147, p. 2252
interest.
Net rev. from ry. oper. $5,927,010
Railway tax accruals-—
2,638,006
Equip. & jt.facil. rents1,095,804
—
——
-
New York Central
—
Subsidiary companies: deductions from income.12,469,748
NY PA NJ Utilities Co.:
Interest on funded debt
1,999,816
Interest on unfunded debt1,538,429
Amortization of debt discount and expense.
94,633
Dividends on preferred stock
18,415
$9,579,758
Newmont Mining Corp,—To Pay $1.50 Dividend—
Directors have declared a dividend of $1.50 per share on the capital stock
payable Dec. 15 to holders of record Nov. 28.
Dividends of 50 cents were
paid in each of the three preceding quarters and four quarterly dividends
of 75 cents per share each, plus a year-end dividend of l-10th of a share of
Phelps Doage Corp. common stock for each share of Newmont's stock
were paid during 1937-—V, 147, p. 1642.
Period End. Sept. 30—
1938—Month—1937
By. oper. revenues
.$25,801,585 $30,603,439
By. oper. expenses—. 19,874,575
24,127,363
1938
1&37
$72,757,620 $71,899,837
37,427,944 36,518,439
—- -
Operating income
(net).
,
New Orleans Public Service
1938
19,
Northern Oklahoma Gas Co.—Bonds Called—
•
option grnated to Sears, Roebuck & Co. on 50,000 shares at
$2.50 per share expired Feb. 28, 1938.—V. 147, p. 748.
A previous
New
Nor.
832,797
6,577,230
$7,462,707
7.439.178
—Y. 147, P. 2252.
Ohio Electric Power Co.-
-Merger Effective—Exchange of
Preferred Stocks—
$5,580,242 $32,155,055
10,847,297
16,302,446
The holders of 7% preferred stock and 6% preferred stock of the company
advised that the merger of Ohio Electric Power Co. with and Into The
are
$3,348,553
Misc. deduct's from inc131,581
Total fixed charges
4,134,946
$4,654,257 $16,427,539 $48,457,501
138,989
1,265,141
1,307,817
4,290,773
36,595,521
39,913,891
$917,974
Marion-Reserve Power Co. has been duly effected.
pf$224,495 $21,433,123pf$7,235,793
Total income----—-
Net def. aft. fixed chgs
Net inc. per sh. of stock-
exist
as a
Company has ceased to
separate corporate entity and record transfers of its stock can no
Certificates for shares of the $5 preferred stock of Marionready and will be exchanged for shares of stock
longer be made.
Reserve Power Co. are now
the following basis:
For each share of 7%
on
$1.12
preferred stock 1 1-3 share of $5 preferred stock
qf Marion-Reserve Power Co.
For each share of 6% preferred stock 1M share of $5 preferred stock of
Company reported to the Securities and Exchange Commission issuance
of a note for $1,250,000 at 2% to National City Bank on Oct. 1.
The note,
maturing 1941, is guaranteed by the Reconstruction Finance Corporation,
and is the second of a series of such obligations to be issued.
The amount now outstanding is $2,500,000.
The RFC gets one-half of
Marion-Reserve Power Co.
Fractional shares of $5 preferred stock of Marion-Reserve Power Co.
will not be issued on such exchange but there will be issued in lieu thereof,
Nil
$6.03
tfil
,
Note Issued—
Proceeds are for rail and fixtures.—V. 147, p. 2696..
1% for the guarantee.
New York Chicago & St. Louis RR.—Deposits—
Company has advised the New York Stock Exchange that as of the close
of business Nov. 5, $12,611,500 3-year 6% notes, due Oct. 1, 1938, were in
the possession of Manufacturers Trust Co., agent and depositary under the
plan and deposit agreement dated July 23, 1938, and $78,000 of other
notes of that issue
non-voting and non-dividend paying scrip certificates for fractional shares
of such $5 preferred stock, combinable into full shares on or before May 1,
1939.
The exchange will be made upon receipt by Manufacturers Trust Co., 45
Beaver St., New York, as transfer agent of the $5 preferred stock of MarionReserve Power Co.
of certificates for shares or preferred stock of Ohio
Electric Power Co. surrendered for cancellation.—V. 147, p. 2873.
Oklahoma Power & Water
had been surrendered to the company.
Tenders~~~
Period End. Sept. 30—
>
The Central Hanover Bank & Trust Co. will until 12 o'clock noon, Nov.28
receive bids for the sale to it of sufficient first mortgage bonds, due Oct. 1,
1937, extended to Oct. 1, 1947 to exhaust the sum of $100,000 at prices
exceeding 102 and accrued interest.—V. 147, p. 3022.
not
New York City
Omnibus Corp.—To Pay $2 Dividend—
Directors have declared a dividend of $2 per share on the common stock,
payable Dec. 15 to holders of record Dec. 7.
A like amount was paid on
Oct. 28s last and compares with $2.50 paid on Dec. 15, 1937, and an initial
dividend of $2.40 per share paid on Oct. 15, 1937.—Y. 147, p. 3022.
New York Power &
Net oper. income
Other income (net)
$7,381,705
733
$7,943,693
6,106
$1,524,706
1,161,811
$7,382,438
4,629,956
$362,895
$2,752,482
$3,295,691
Gross income—
$1,623,718
Deduct'ns from gross inc
1,164,159
$459,559
.
y
Earns,
Note—No provision has been made for possible surtax on undistributed
profits under the 1938 Federal income tax law.
.
New York Telephone
North American Oil Co .—Earnings—-J
Jan. 1 to
Julu 1 to
Sept. 30,*38 Sep*. 30,'38
$140,387
$43,104
Gross oil royalties
Profit on sale of undevel-
;
per
*
.....
Northeastern
Operating revenues
Operating expenses, &c-
Operating income—.
—$11,960,521; $18,377,547 $12,547,761 $10,106,153
6,371,124
6,501,338
5,404,769
4.810,351
;
946,709
1,592,260
1,249,320
1,163.669
Depreciation,
Depletion..
Profit-
—
------
Other income
Total income—
Int. ©n funded debt
_
-
Minority interest..
Other
$48,349
9,427
$48,935
9,996
$108,851
$30,991
$38,921
$38,938
_
&
Electric
Corp.
1938—3 Mos.—1937
$539,404
$546,257
375,413
372,335
1
Net profit.
(& Subs.)—
SurplusShs. com. stock (no par)
Earnings per share
Amortiz.
of debt
1938
Net income--
$173,922
96,147
$579,483
375,439
$270,069
62,002
759
$954,922
214,998
2,988
$1,097,421
342,918
3,214
37,823
58,846
"
$706,513
390,908
9,361
8,455
578
517
1,690
7,155
2,911
$179,724
91,579
$198,335
91,579
$697,422
366,317
$682,377
366,309
$88,145
$106,756
$331,105
$316,068
——
Diva,
on
— -— —
pref. stock
Balance
...
—V. 147, p. 1202.
$4,132,133
47,870
$4,693,087 $11,318,602
98,972
4,417
5,435
653.836
998,156
$6,508,135
$4,180,003
3,071
292,081
2,609
225,409
$3 ,935,862 $10,315,011
,
.
2,406,047
2,466,347
3,281,688
$6,212,981
2,466,347
1,640,844
$3,951,985
2,479,082
984.506
$1,529,815
6,563,377
$0.23
$4,566,976
6,563,377
$1.20
$2,105,790
6,563,377
$0.57
$488,397
6,563.377
1937
1938
Liabilities—
a
$163,991
78,724
bonds retired-.
Minority interest-—.—
614461
$0.22
on
Consolidated Balance Sheet Sept. 30
$2,179,019
1,472,506
$2,062,937
1,483,454
disc't
and expense, &c
Unrecovered discount on
$5,893,672
x Includes $641,213
non-recurring interest income.
Note—No mention was made of any provision for Federal surtax
undistributed profits.
1938—12 Mos.—1937
537
interest
$4,642,687 $10,283,949
50,400
xl,034,653
Common dividends
80
$43,184
12,193
Property
96,131,834
Investments..5,586,204
Cash
7,515,202
Market bds., less
reserves
1,384,058
-
Gross income
Bond interest.
$422,344
$1.69
——
$48,935
$242,716
52,515
Other income
$237,441
$0.76
Subs.)1—Earnings—
$48,349
$140,467
31,616
Water
Period End. Sept, 30—
1938—9 Mos.—1937
9 Mos. End. Sept. 30—
1938
1937
1936
1935
Sales-$41,629,337 $48433,758 $39,315,034 $33,825,092
Costs and expense—— 27,658,082
28,170,570
25,242,552
22,196,445
Ordinary taxes.
2,010,735
1,885,641
1,524,721
1,522,494
Prov. for Fed. income tax
80
Profit before deplet. &
taxes on income......
—V. 147, p. 1202.
$144,276
class B for the 12 months ended Sept. 30, 1937.—V. 147, p. 1045.
Preferred dividends--—
Expense..
$109,998
*
r
oped leases.....
Total income..
$43,862
After
Profit--
Apr,11 to
Jan. 1 to
June 30,'38 Mar. 31/39
$463,170
318.894
1938—3 Mos.—1937
$64,086
$168,620
$0.18
$0.70
share
Ohio Oil Co. (&
Co.—Gain in Stations—
October station gain was 3,037 compared with 6,373 in October, 1937,
16,403 in October, 1936,6,633 in October, 1935 and 1,202 in October, 1934.
For the first 10 months of 1938 station gain totaled 13,626 compared
with 86,888 in the like 1937 period, 82,473 in 1936, 12,714 in 1935, and
1,376 in corresponding period of 1934.—V. 147, p. 3022.
$422,772
312,774
depreciation, Federal income taxes, &c.
y On class B stock.
Net profit for 12 months ended Sept. 30, 1938, was $269,827, equal tq
77 cents a share on class B stock* comparing with $517,666 or $2.02 a share
on
Net income-..
597
$120,643
76,782
$462,572
Filters, Inc.—Earnings—-
Period End. Sept. 30—
Net profit——
x
$7,949,799
4,654,108
$1,516,928
7,778
129
$37,877
Net income
—V. 147, p. 1350.
x
Operating income
$1,619,234
Non-oper. income (net)4,484
$422,642
32
$115,558
77,681
—
-
Oliver United
1938—3 Mos.—1937
1938—12 Mos.—1937
Operating revenues
$6,017,602
$6,228,906 $25,253,461 $25,513,576.
Oper. revenue deduct'ns
4,398,368
4,711,978
17,871,756
17,569,883
$120,611
21
Int. & other deductions
Light Corp .—Earnings—
Period End. Sept. 30—
1938—12 Mos.—1937
$1,272,287
$1,355,658
849,644
893,086
$115,537
-----
Gross Income.
Co.—Earnings—
1938—3 Mos.—1937
$322,412
$334,230
206,875
213,619
Operating revenues
Oper. exps. & taxes
Crude & ref. oil.
3,936,459
2,018.223
1,591,113
1.214,633
1,407,348
1,376,158
5,306,993
19.631,160
$
Preferred stock.
35,453,700
b Common stock 59,235,791
ZX% debs. *38. 14,000,000
1945
Accts. payable..
Accrd.
Interest-
6,000,000
3,089,277
accts. recelv.
_
Deferred charges
Total
a
140,379,420 144,298,840
1,000,000
2,154,242
Deferred liabil..
After depreciation and depletion,
shares.
S
1,836,193
Min. interest
Capital surplus.
82,271
8,620,851
8,808,123
Total
3,700,824
98,972
Notes payable
Accrd. taxes
Earned surplus.
Mat'l & suppl..
Miscell. notes &
1937
54,807,700
59,235,791
Serial notes 1940-
2,792,110
4,941,574
6,186,784
18,773,234
2,411,370
Short-term notes
Accts. recelv
96.510,185
5,963,618
2,210,463
1,195,450
98,090
10,432,351
12,618.171
-140,379,420 144,298,840
b Represented by 6,563,377 no par
Volume
Financial
147
Pan
Dividends Resumed—
Directors have declared a dividend of 20 cents per share on the common
stock, payable Dec. 15 to holders of record Nov. 15.
This will be the
dividend paid since Dec. 15. 1937 when a semi-annual
50 cents per share was distributed.—V. 147, p. 1349.
first
dividend of
$73,896
44,428
$792,724
$760,739
533,965
136,521
469,859
11,040
Other income
$16,096
2,025
$18,428
2,314
$122,238
27,294
$154,903
31,256
Gross income
Int. on funded debt
$18,121
3,950
$20,742
3,950
$149,532
378
548
355
47
47.400
1,813
12.068
$186,159
47,400
1,539
13,245
6,356
$16,390
6,657
$88,251
77,596
$137,675
80,014
$6,889
$9,733
$10,655
$57,661
Operating income
Other interest.
Other deductions
Balance
Divs. accrd.
pref. stk.
on
Balance.
^
Cr455
Operating
Operation
revenue
"
expense
_
Maintenance & repairs..
Deprec. & amortization.
Co.]
Interest
1938—9 Mos,
1937
$4,284,409
1,667,302
167,727
96,395
on
the note delivered to
90,923
288,525
1.75% in 1939; 2% in 1940, 1941 and 1942; 3% in 1943; 3.25%
1944, and 3.50% in 1945.
mortgages are liens against the tankers Pan-Amoco, Pan-Maine,
Pan-American, Pan-Florida, Pan-New York and Pan-Maryland.
The proceeds of the issues will be used for the payment of $1,354,514
to Federal Shipbuilding & Dry Dock Co., representing payment of notes of
$1,345,093 plus interests that were cancelled and surrended; payment of
$5,512,663 to the Chase National Bank representing notes of $5,500,000,
plus interest and the payment of $1,001,833 to the Standard Oil Go. of
Indiana, representing payment of $1,000,000 plus interest.
The balance
of the proceeds may be used for any corporate purpose.
On Oct. 31 the total long-term debt of the company amounted to $20181,992, compared with $13,025,932 on Sept. 30, 1938.—V. 147, p. 1350.
The
Penick &
no
Ford, Ltd., Inc.—Larger Dividend--—
$1,741,135
$572,446
11,924
$1,728,367
30,330
32,910
$1,758,697
63,550
$584,370
68,050
3,229
9,686
356
282
832
9,686
1,557
90,300
84,567
282,800
253.617
7.964
funded debt
*
Prov.
for
inc. tax
Divs.
normal
Fed.
53,296
159,889
159,889
$349,283
$374,946
$1,111,490
profit to surplus..
earns, per-share
stock held
Oonsol.
440,341
615,438
$2,276,383
22,780
$2,336,762
$2,299,162
$2,396,996
1,265,250
13,034
85,782
Cr5,167
Provision for retirements.
2
-
Operating incomB—_
..
_
.,
Other income (net).
Gross income
on
first mortgage
Interest
on
9,172
85,782
and expense
Interest charged to construction
Balance of income
Pennsylvania Salt Mfg. Co.— To
$2.81
$2.74
$0.92
$0.86
by public
has approved the listing of 60,000 addi¬
tional shares of 1st pref. stock, no par, and 766,789 shares of "new" com¬
mon stock, no par; such securitias to be added to the list,
upon official
notice of issuance in accordance with its proposed plan of reclassifying its
The New York Curb Exchange
capital stock.—V. 147, p. 2873.
stock, par $50, payable Dec. 15 to holders of record Nov. 30.
Dividends
of $1 were paid on Sept. 15 and on June 15, last; $1.25 paid on March 15,
last; $3 paid on Dec. 15, 1937; $2 paid on Sept. 15, 1937; $2.50 paid on
June 15, 1937 and a dividend of $1.25 paid on March 15, 1937.
See V.
147, p. 277 for detailed record of previous payments.—V. 147, p. 2097.
■
Telephone & Telegraph Co,—EarningsPeriod End. Sept. 30—
1938—Month—1937
1938—9 Mos.—1937
Pacific
21,800
$5,744,131 $51,024,738 $50,047,666
23,700
217,000
194,498
Operating revenues— $5,786,071
Operating expenses.
4,101,207
$5,720,431 $50,807,738 $49,953,177
4,046,194
36,426,005
34,962,177
Opera ting revenues..... $5,807,871
Uncollectible oper. rev..
Pay Larger Dividend—
dividend of $1.25 per share on the common
The directors have declared a
Listing—
Phelps Dodge Corp.—To Pay
The directors have
declared
Larger Dividend—
dividend of 55 cents per share on the capital
to holders of record Nov. 25. This compares
last; 15 cents paid on June 10, last; 10 cents
a
stock, par $25, payable Dec. 9
with 20 cents paid on Sept. 9,
Said on March June 10,1937, andpaid on Dec. 3 5 cents paid cents paid 10,
ept. 10 and on 10, last; 35 cents a dividend of 18, 1937; 45 on March on
1937; previously, regular quarterly dividends of 25 cents per
distributed.
In addition an extra dividend of 2o cents was paid
$1,684,864
$1,674,237 $14,381,733 $14,991,000
Rent from lease of oper.
70
1,492,187
.....
656
6,992,784
6,646,934
$928,711
1,651,485
$863,315
Net operating inqome.
Net income
633
745,596
70
821,619
properties
Operating taxes
$7,389,582
13,073,712
$8,344,722
14,374,034
—V. 147, p.2542.
Pan American Airways
Corp.—Listing—
The New York Stock Exchange
has authorized the listing of 1,405,450
and outstanding; 6,514 shares
exchange privileges in connec¬
tion with the management stock purchase plan dated Aug. 29, 1932, which
has expired; and 50,000 shares on official notice of issuance upon exercise of
options, making the total number of shares applied for 1,461,964 shares.
Corporation was organized in Delaware June 23, 1928, under the name
"Aviation Corp. of the Americas."
Name changed April 29, 1931, to
shares capital stock (par $5) which are issued
on official notice of issuance upon exercise of
Pan American Airways Corp.
On June 27, 1928, pursuant to a
plan of reorganization, the corporation
Aviation Corp. of America and of
acquired the assets and businesses of
Inc., both Delaware corporations, in
exchange for 45,000 shares of the common stock of the corporation and the
assumption by it of the respective liabilities of these corporations.
There¬
upon Aviation Corp. of America and Atlantic Gulf & Caribbean Airways,
Inc., were dissolved and the shares of stock of the corporation received by
them distributed among their respective stockholders.
Upon the consum¬
mation of the reorganization the corporation became the holder of all of the
issued and outstanding capital stock of Pan American Airways, Inc., which
was engaged in aerial transportation between Florida and Cuba, a distance
Atlantic Gulf & Caribbean Airways,
of 110 miles.
At the end of 1929
commercial air transport services of the Pan American
Airways System and associated companies were in operation between the
United States and Surinam via the West Indies; between the United States
and the Bahamas; between the United States and the Argentine and Uru¬
guay
via Central America, the Canal Zone, Peru and
via Mexico; between the
United States and Guatemala
Chile; between the
Canal Zone and the
Vera Cruz and Yucatan in Mexico.
The international airways mileage of the Pan American Airways System
and associated companies at the end of 1929 amounted to 12,265 miles,
while at present time the airway mileage is approximately 54,121 miles.
Option Exercised—
Corporation has notified the New York Stock Exchange of the
granted to James F. McGleliand for the purchase
shares of capital stock of the company.—V. 147, p. 2699.
of the option
Philadelphia Co. ■(& Subs.)—Earnings—
n
$43,185,558
$18,424,289 $21,102,568
23,969
418,285
x Net operating revenue
Other income (net)
$18,448,258 $21,520,852
5,177,808
5,364,483
x Net oper. revenue & other income..
Approp. for retire. & depletion reserves
$13,270,450 $16,156,370
170,200
170,200
5,477,321
5,471,421
509,645
Amort, of debt discount and expense
—
509,875
Cr4,251
Other interest charges (net)
— ---Cr135,965
Guaranteed divs. on Consol. Gas Co. of the City
69,192
of Pittsburgh preferred capital stock
69,192
500,000
Gross income
Rents for lease of
properties
—
Interest on funded debt
,
Appropriation for special reserve.
Other income deductions.
»
500,000
...—
5% cum. 1st pref.
dividend
Kentucky West Virginia Gas
$9,170,178
1,375,000
--
Deduct—Duquesne Light Co.
264,084
$6,416,017
1,375,000
179,687
Balance
269,710
186,250
70,000
9,000
Cr9,463
,
Co.: 5% cum. 1st
preferred dividend
Common dividend
40,000
—
Other common dividends
Minority int. in
—- - -
-
1,205
undistributed net inc. of a sub. . ..
Deprec.
& amortiza'n..
Federal income tax
Interest
1935
1934
$3,344,117
2,615,929
195,330
$3,049,245
1,945,270
145,345
$2,852,995
1,622,304
34,119
$2,779,241
1,558,110
151,650
3,278
2,839
5,009
$510,416
$955,352
$1,193,732
$1,064,471
paid.
Consol. net earnings..
on
hand <fc on deposit.
Accounts receivable
(net)—
Securities owned
Materials and supplies
Cash and securities of foreign
$782,459
1,831,163
177,791
2,598,287
for equipment
purchases..
banks
incl. accr'ls
Dividends declared
Reserve for taxes
Deferred
banks.....
1,914,161
price of assets...
bldgs., Ac.
of minority
stock¬
Res. for deprec. of
Interest
holders
Reserve for self-insured risks.
Charges related to contracts,
Sundry
4,268,174
Ac
Including
balances
34,638
7,743,439
1,193,024
of
52,862
Capital stock
6,938,860
Consolidated capital surplus. 10,806,353
Consolidated earned surplus.
1,906,094
foreign subsidiaries
Total
.$33,741,350
$304,596 in foreign countries
147, p. 1203.
available for current use in
.$33,741,350 >
Total
a
reserve
1,500,000
207,361
in subsidiaries
20,778,551
Prepaid & deferred charges..
300,621
Airports, buildings & equip..
$421,811
1,941,011
347,301
288,408
360,188
income
Bal. of pur.
1,058,528
Invest. In associated cos
Notes payable to
Accounts payable,
Notes payable to
31,615
governments, at cost
U. S. Govt. securities reserved
those countries.—V,
of period.
*
•
*
i.
$7,539,391
32,896,814
23,047
$38,735.032 $40,459,252
Total
Dividends on capital stocks:
Philadelphia Co.:
5% non-cumulative
792
792
.,473,420
preferred
,473,420
600,000
269,340
600,000
1
6% cumulative preferred
$6 cumulative preference
$5 cumulative preference.
2! ,640,182
indebtedness of Beaver
written off
including exps. int. &
269,340
,840,261
Investment-in securities &
Liabilities—
Assrts—
Cash
$4,820,125
33,914,907
Common stock
Consolidated Balance Sheet, Dec. 31, 1937
a
Consolidated net income
Consolidated surplus, beginning
Additions to surplus (net)
and Subsidiaries)
22,441
Consol. net earnings^...
exercise
of 3,000
[Excluding Pittsburgh Rys. Co. and subsidiary and affiliated street railway
and transportation companies]
Years Ended Sept. 30—
1938 _ .1937
Operating revenues$40,411,784
Operating expenses, maintenance & taxes
21,987,494 22,082,991
Netherlands West Indies; and between
Earnings Statements for Calendar Years (Company
1937
1936
share were
15,
on Dec.
'
1936.
*
$1,038,097
$938,959
.
—V. 147, p. 1204.
of 1st pref.
Net oper. revenues...
60,234
1,265,250
bonds
unfunded debt
$1,141,795
sub. company
1937"!
$5,732,088
2,339,547
419,889
614,919
Ac
expenses,
Amortization of debt discount
53,296
1938
$5,592,446
2,281,255
revenues
Interest
(estimated)__
stock of
pref.
on
Net
194,000
"
& expense
Other interest
Subs.)—Earnings—
12 Months Ended. Sept. 30—
Operating
Operating
Provision for taxes
$560,014
2. This
dividend
Dec.
divi¬
divi¬
paid on March 15 last; dividends of 25 cents were paid on
15, Sept. 15 and on June 15, 1937, and previously regular quarterly
dends of 75 cents per share were distributed.
In addition, an extra
dend of 75 cents was paid on Dec. 24, 1936.—V. 147, p. 2543 ^
$1,774,045
207,500
$552,050
Total income
on
dividend of $1 per share on the common
a
value, payable Dec. 15 to holders of record Dec.
with 75 cents paid on Sept. 15 and on June 15, last; a
par
of 50 cents
260,670
119,160
496,143
3,229
Net operating revenue
Other income
Int.
Equitable bears 3 H% interest and the
Pennsylvania Edison Co. (&
(other than Fed.
income).
An "A" note for
m
Taxes
Amort, of debt discount
to
principal is payable in $250,000 annual instalments each Oct. 1 to and
deluding 1945; then $750,000 annually to and including 1950.
The Chase note matures $500,000 annually on Oct. 1 until 1945, with
compares
$4,341,102
1,709,164
113,045
502,001
$1,448,175
issued
Commission.
stock,
585,444
37,789
161,572
$1,448,963
595,453
37,338
been
The directors have declared
(& Subs.)- -Earnings-
1938—3 Mos.—1937
Period End. Sept. 30—
has
interest at
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.—V. 147, p. 2401.
[Including Coast Counties Gas & Electric
preferred mortgage notes totaling
Equitable Life Assurance Society of the
United States and a "B" note for $3,500,000 to Chase National Bank,
according
to
a
statement
filed
with
the
Securities and
Exchange
135,977
a
Pacific Public Service Co.
000 to Chase Bank—
compan3r on Oct- 4 issued two first
1938—12 Mos.—1937
.
Petroleum & Transport Co.—issues
of$9,000,000—$5,500,000 to Equitable Life and $3,500,-
$5,500,000
$76,539
48,809
11,634
Operating revenues.
Oper. exps., incl. taxes.
a Depreciation
American
Notes
lf-000,000 to be used in retiring outstanding obligations.
Orange & Rockland Electric Co.—Earnings—
Period End. Sept. 30—
3167
Chronicle
Valley Traction Co.
Write-off of investments
dividends thereon—
Past due bridge
rentals written off
Adjustment of fuel
...
inventory.
Pennsylvania corporate net income tax applicable
to nine months ended Sept. 30,1936 paid in 1937
Miscellaneous (net) deductions
Consolidated surplus, end of period
1,205,900
325,240
80,485
37,000
360,531
8,965
$32,093,707 $33,914,907
x Before appropriation for retirement and depletion reserves.
Note—The above income account for the year ended Sept. 30, 1937
been adjusted to reflect $120,177 of additional taxes applicable to
therein, paid by Duquesne Light Co.
surplus.—V. 147, p. 2401.
period of 1936 included
charged to
has
the
in 1937 and
Philadelphia Electric Co.—Reported Negotiating Sale of
$30,000,000 Bonds to Life Firms—
The company, it is reported, is completing'arrangements for the sale to
life insurance companies of an issue of around $30,000,000 of 1st mtge.
3168
Financial
Chrowcle
Nov.
19,
1938
bonds.
Proceeds of the sale. It is understood, will be used to pay off bank
loans and for other corporatefpurposes.
The Public Service Co. will stand to save about $600,000 in interest'
officials estimate.
The actual interest rates to be paid.
It is expected that
The issue, which will probably carry a 3H% interest coupon, will, it is
said, betpriced at a [premium of a couple'of points or so.—V. 147, p. 2699.
the company will file a registration statement
and Exchange Commission.
Philadelphia Rapid Transit Co.— Tenders—
The Pennsylvania Co. for Insurances on Lives & Granting Annuities
will until 3 o'clock p. m. Nov. 21 receive bids for the sale to it of sufficient
real estate 1st ratge. 6% bondslof C. Benton Cooper to exhaust the sum
of $108,574 at pricesinot'iexceeding 10234 and accrued interest.—V. 147,
2874.
p.
1937, is shown
Railway
Railway
oper. revenues.
oper. expenses,
Net rev. from ry. oper.
$350,967
163,969
Crl62,413
Railway tax accruals,
*
$3,678,836
273,748
121,425
$594,625
$1,153,134
66,020
3.405
75,453
211,571
32,120
440,755
43,410
$515,700
$0.60
$909,443
$3,468,419
$1.05
$4.02
Public Service Co. of New Hampshire—Seeks
The
charges,
Net inc. per sh. of
—V. 147, p. 3025.
stock,
$0.34
Pittsburgh Plate Glass Co.—Dividend Increased—
The directors have declared
dividend of $1
a
share
per
on the
common
par $25, payable Dec. 23 to holders of record Dec. 2.
Dividends
of 25 cents were paid on Oct. 1, July 1 and on April 1 last; $1 paid on Dec.
24 and on Oct. 1, 1937; $2 paid on Aug. 20, 1937; $1.50 paid July 1, 1937;
April 1, 1937; $2
Dec. 21, 1936 ;$1,50 paid on Oct. 1, 1936:50
cents paid in each of the six preceding quarters, and dividends of 40 cents
per share distributed quarterly prior thereto.
In addition, an extra divi¬
dend of $1 per share was paid on April 1, 1936, and on Aug. 15, 1935, and
and Extra dividend of 10 cents per share was disbursed on April 2, 1934.
—V. 147, p. 3025.
< -ma '* nt
on
on
30tgrg M
Pittsburgh & West Virginia Ry.—Official Resigns—
*4
W William
S, Bronson, Vice-President & General Counsel, has announced
his retirement,—V. 147, p. 2700.$
w-rHfrrt—nr
Master William L. West and filed in Federal district court at Cleveland.
RFC,
Erie creditor, objected to the original recapitalization
an
as
Elanwithdrew objectionsinwhen the modified plan stockholders of Pittston,
ut
as discriminating
favor of the majority was submitted.—V. 147,
P.
3025.
.
Portland Electric Power Co. (&
[Exclusive of Willamette Valley Ry. Co.
9 Months Ended Sept. 30—
Operating
Oper.
Sept. 30—
exps.
& taxes
Net oper. income...
Other income (net)....
in process of reorganization]
1938
1937
$9,519,476
$9,804,965
7,139,968
6,942,615
—_
$2,379,508
Dr7,342
Net income
Prior lien stock divs
pT
147,
Oper. exps., maint., de¬
preciation & taxes....
715,500
39,450
Directors
common
now
2,911,416
Preferred
18,025,987
176,785
8,796,738
Capital surplus...
Long-term debt...67,174,600
on
Nov.
15 declared
Pullman Inc. (&
53,736
2,694,885
Deferred liabilities
7,035,123
142,471
88,862,098
a
dividend
of 55 cents per share on the
$3,727,109
Dividends paid—
3,489,646
$599,432
1,432,631
—
Net deficit...
$7,382,318 $10,533,035 $21,212,488
3,127,677
$3,892,672
1,432,631
'
9,288,702
■
$833,199sur$2460,041
10,710,615
$1,244,333 $10,501,873
4,297,894
4,297,888
$3,053,56 lsur$6203,985
Earnings for 12 Months Ended Sept. 30
1937
1938
y
Earnings from all sources
Remission of 1936 taxes.
..$13,779,248 $25,324,617
679,808
.
Total._____
-
—
Charges and allowances for depreciation.
-.-$13,779,248 $26,004,425
10,760,839
14,375,374
Net income.
2,712,725
5,714,222
$3,018,409 $11,629,051
10,505,833
5,730,591
—
Dividends paid.
Net deficit—.a
$7,487,424 sur$5898460
—.
17,088
98,353
541,421
3,197,683
x After
deducting all expenses incident to operations and provision for
Federal income tax.
Provision for Federal surtax on undistributed profits for the years 1936
and 1937 was made in the months of
Dec., 1936 and 1937 and is therefore
included in the 12-month periods ended Sept. 30, 1937 and 1938 in amounts
4,075,401
2,103,706
4,305,268
2,190,981
of $69,271
and $336,595, respectively.
Federal income taxes for the
quarter and 9 months ended,Sept. 30, 1938 have been accrued under the
provisions of the Revenue Act of 1938.
charges
credits..
Reserves--.-
—
-
249,264
9,978,146
5,270,101
Unam. debt dlsc't
and expense
Current assets
Total...
95,947,458 101514,277
Total
..95,947,458 101514,277
y Net amount, after provision for Federal income tax, accruing from
remission of 1936 taxes under Railroad Retirement Act.—V. 147, p. 1351.
-V. 147, p. 2543.
Purity Bakeries Corp. (& Subs.)— Earnings-
Porto Rico Telephone Co.—Bonds Called—
A total of $40,900
have been called for
........
Period Ended—
6% 1st mtge. 30-year bonds maturing Dec. 1, 1944,'
redemption
Payment will be made
at
Dec. 1 at 105 and accrued interest.
the Montreal Trust Co.—V. 147, p. 1645.
on
x
y
Earns,
Postal
Telegraph
Wage-Hour Law—
&
Cable
Corp.—Tp
Comply
with
Public Investing Co.—Balance Sheet Oct.
Assets—
147,
p.
3025.
31, 1938—
Liabilities—
Securities at cost
x$352,125
demand and
on
hand
Capital stock (par SI)
11,490
.
taxes
Earned surplus
...
Paid-in surplus
Total
$366,812
|
178,584
28,615
69,565
Total.
$366,812
depreciation of $30,422,
Co.
of
Colorado—Directors
$0.54
$415,774
Sept. 30—
cable
1938—Monlh--1937
$85,568
Deprec. and amortiz
Relief departmtns
and
pensions a
other
^
general
1938—9 Mos,—1937
oper.
-
$135,457
9,838
10,282
417—-
..
.
.-,-480..
$891,294
$994,462
90,045
.
3,751
88.150
-
4,320.
and
64,103
70,684
587,898
576,689
$10,766
expenses
$54,455
$209,600
,Approve
Net telegraph & cablei
oper. revenues
as
a
refinancing
operation,
approved by the directors of the company Nov. 12.
Under the provisions approved by the directors, the proposed securities
must mature in not less than 10 years or more than
30, with the exception
where sinking funds or serial maturities may hasten the
maturity.
Full details of the plan have not been worked
out, according to the
directors. However, it was indicated that approximately
$40,000,000 of the
was
securities will be first mortgage bonds to be secured by a first
mortgage
all of the company's properties and franchises and subsidiaries'
properties.
new
market is expected to quickly absorb the new securities
which is said to be one of the best dividend payers of the
and
revenues
miscell
A plan to issue $55,000,000 of new securities
Doherty utilities.
$1.04
Radiomarine Corp. of America—Earnings—
Period End.
Tel eg.
All
Refinancing Operation—
A strong bond
of the company,
Oct. 9, '37
$0.26
After
_
—V. 146, p. 3516.
Service
'38
$799,725
$0.44
share
$199,830
interest, deprec., Federal taxes, minority interest, &c.
y On
771,476 no-par shs. capital stock.
Note—No provision made for Federal surtax on undistributed profits.
Nonrecurring capital losses through abandonment of unprofitable retail<
operations in Philadelphia and Chicago were charged to surplus and amount
to $226,773 in the 40 weeks.
This does not include provision for loss on
disposal of plants or write-off of intangibles becoming chargeable to surplus.
—V. 147, p. 3026.
4,695
Capital surplus
495
for
Weeks-
Oct. 8,
Oct. 9* '37
$85,354
Res. for contlng. tax llabil
2,702
Other assets
reserve
AO
~:i~
$337,308
.
See Western Union Telegraph
Co., Inc., below.—V.
escrow acc't
per
jVccJcs
i
Oct. 8, '38
Net profit
x
on
91,944,617
1938—3 Mos.—1937
1938—9 Mos.—1937
$3,727,109
$7,382,318 $10,533,035 $20,532,680
679,808
sources.
—
67,758,714
2,213,223
Current liabilities.
Deferred
other spec. deps.
Prepaid acc'ts and
Public
7,772,836
$3,155,032 $34,579,564 $38,069,346
2,106,650
22,335,103
24,555,153
Subs.)—Earnings—
Period End. Sept. 30—
176,785
123,039
1,729,518
—
74,756
After
Subs.)—Earnings—
also V. 146, p. 3355.—V. 147, p. 2544.
S
stock—18,023,848
Deficit
5,810,485
2,706,157
x
$763,705
1937
S
par)
Miscell. assets
Sinking fund and
on
$1,013,641
Common stock ($1
pRy. Co/(net),.
Cash
$262,425
no par, payable Dec. 20 to holders of record Dec. 1.
This
50 cents paid on Sept. 30 and June 20 last and previously
regular quarterly dividends of 65 cents per share were distributed.
See
x
1938
Willamette Vail.
Cash In
$1,299,272
535,567
stock,
$30,740
in process of reorganization]
IAabitities—
Inv. In & reo. from
deferred
851,715
ISI,549,208
535,567
compares with
715,275
39,090
1937
for
future develop-.
837,241
$396,317
133,892
7,734,610
Net income
$723,625
$499,834
&
$2,087,950
63,036
$2,150,987
$3,218,468
Bal. for divs. & surplus...
2,160,350
Charges & allowances for
depreciation.-
Consolidated Balance Sheet Sept. 30
prop.
77.335
;$2,386,448
Net inc. from opers
Total.
Net loss to earned surplus,
plant.____83,517,513 83,162,886
15,131
1938—Month—1937
1938—12 Mos.—1937
$10,953,078 $10,927,8681126,524,1811126,931,444
1*864,424
284,780
Sundry income deductions
*
.
$608,928
212,610
Public Service Corp. of N. J. (&
Period End. Oct. 31—
yRemission of 1936 taxes
Deductions of Portland Electric Power Co.:
Interest on 6% collateral trust income bonds
$
.
$2,309,113
2544.
$2,872,829
$255,116
%
.
$470,855
133,892
-
Gross earnings.
Net income before income deductions of Portland
1938
-
$593,797
$673,626
202,770
-
_
1,765,810
[Exclusive of Willamette Valley Ry. Co.
1938—12 Mos.—1937
$6,276,401
$5,921,271
3,967,288
3,833,320
$336,964
Gross income
i
Int. & other deductions
$2,862,350
10,479
Deductions of subsidiary companies:
Int. on long-term debt of Portland General Elec.
expenditures
that
$657,696
15,930
.
$2,372,166
Utility
9
-Earnings-
1938—3 Mos,—193
$1,676,252
SI ,617 A
1,018,556
1,023,899
revenues
xEarns. from all
Non-utU.
Exemption
Nov.
Dividend Increased—
now
Other miscellaneous income (net).
-
announced
$62,5,000 of the proceeds from the sale of
Public Service Co. of Oklahoma
Period End.
Subs.)—Earnings—
Gross operating revenues
Operating expenses and taxes,
A! 3 3 CtC
Commission
Sept. 21, 1938, and the cost of defraying expenses for construction, com¬
pletion and extension of plant, property and facilities.
The Commission has ordered a hearing on the application on Nov. 21
in the Commission's
Washington offices.—V. 147, p. 3026.
v
Co.—Modified Plan Approved—
Termination of company's leases of coal mining properties owned by
Erie RR. and readjustment of its debts to Erie, contained in the modified
recapitalization plan and giving effect to changes in line with Reconstruc¬
tion
Finance Corporation objections, have been approved by
Special
The
Exchange
The application states that
—V.
Pittston
and
stock will be used for the payment of bank loans now outtsanding
in that amount.
The balance of the proceeds are to be use<J for corporate
purposes including the restoring of property destroyed by the storm of
stock,
$1
Securities
the
fixed
after
$47,399,100
Includes $2,959,900 held alive in sinking fund.—V. 147, p. 2254.
company has filed an application (File 32-115) under the Holding Company
Act for exemption from the requirement of filing a declaration in con¬
nection with the issuance and sale of 8,800 shares of no par value $5 dividend
series pr6f6rr6d stock
$3,952,584
3,472
*9,324,000
3,580,000
Total..
;
—
inc.
$1(031,709
.$293,504
income
'
5,349,800
Denver Gas & Electric Light Co.;—1st & ref. mtge. 5% sinking
fund gold bonds, due 1951
Colorado Power Co.—1st mtge. 5% gold bonds, due 1953
$3,642,256
$362,929
fromI
deducts,
Total fixed charges
Net
$581,617
13,008
5% gold bonds,
due 1949
,
13,518
Total income
Miscell.
$606,617
3,270,800
Denver Gas & Electric Co.—General mtge.
1,104,911
1,595,177
180,549
/ CV222.718 Cr1,530,003 Cr1,631,757
$349,411
Netry. oper. income,.
Other income
$3,541,900
11,987,100
10,345,500
20-year 6% gold debentures, due 1946
1938—9 Mos.—1937
$9,650,353 $18,654,936
9,043,736
15,012,680
$539,448
follows:
Series C, 6%, due 1961.
Series D, 4% due 1942
uri
1938—Month—1937
$1,420,667
$2,080,195
1,069,700
1,540,747
as
1st mtge. & ref. gold bonds—Series A, 6%, due 1953
Series B, 5H%. due 1954
Pittsburgh & Lake Erie RR.—Earnings—
"Tertod End. Sept. 30—
shortly with the Securities
All outstanding bonds of the company and its subsidiaries will be called.
The list of the bonds to be called and the amount outstanding, as of Dec. 31,
Operating income
Non-operating income.
Gross income
Deductions
from
income.
Net income
—V. 147, p. 2101.
_
...
100
250
900
3,528
10,739
56,949
$325,303
2,250
66,186
$7,138
Uncoil, oper. revenues—
Taxes assignable to oper.
$43,466
$151,751
$256,867
155
764
1,804
4,787
$7,293
$44,230
$153,555
$261,654
$44,230
$151,873
gross
185
$7,108
1,682
$261,654
Volume
Financial
147
3169
Chronicle
Rich Ice Cream Co.—Dividend Increased—
Quarterly Income Shares, Inc.—Net Assets—
based on market quotations of $25,271,296 as of its fiscal year-end, Oct. 15, 1938.
Equivalent to $10.56
per share on each of 2,391,753 shares outstanding, this represents a gain
of $1,691,812 over the $23,579,484, or $9.86 per share, reported at the
end of the previous quarter, on July 15.—V. 146, p. 3966.
The company reports net assets
Company paid a dividend of 70 cents per share on its common stock on
Nov. 1 to holders of record Oct. 15.
Previously regular quarterly dividends
of 30 cents per share were distributed—V. 145, p. 3357.
Rich's Inc.—Extra Dividend—
Directors have declared
stock
Raybestos-Manhattan Inc. (& Subs.)—Earnings—
1936
$11,315,642 $19,892,160 $15,672,842
Discounts and allowances
332,801
567,622
461,568
Manufacturing cost of sales
8,408,079
13,424,579 10,653,948
Selling, administrative & general exp_
2,558,221
3,157,352
2,766,847
9 Months Ended Sept.
Net sales
30—
_
$2,742,607
206,165
$16,541
157,933
Profit from operations.
Other income
Total
1937
1938
.
$2,948,771
Other deductions
Provision for Fed. & State inc. taxes.
x Addition to reserve for contingencies
$1,936,548
292,181
442,556
150,000
$174,473
216,316
15,324
income
186,269
288,752
loss$57,167
$2,064,035
427,333
Net income
794,345
Dividends paid
$1,790,478
146.069
payable Dec.
dividend of 50 cents
x
For the surtax
on
$8,298,975
$3.25
$7,358,035
Nil
Surplus at end of period
per share on common
Earnings
$7,194,235
$2.30
Cash
2,157,596
375,298
2,207,106
455,701
Marketable secur.
Accounts
wages
receivable
32,988
14,815
4,071,230
309,157
5,419,244
321,251
Investments, &c__
Sundry
700
700
1,447,000
1,447,000
14,700
Notes payable
Accounts payable-
398,127
61,614
401,039
19,682
119,784
112,961
Accrued accounts.
29,866
51,161
4,435
20,203
Consumers'deps_.
13,928
7,335
13,630
Accts. receivable-_
Appli.
on
rental.
Merch.,
336,622
Service exten. deps.
materials
92,871
a250,000
15,332
Del. debit items..
8,298,975
Dr840,012
17,412,245 19,392;422
Total
y
for raw materials.
2o[Cent Dividend-
16 declared a dividend of 25 cents per share on the
payable Dec. 15 to holders of record Nov. 30.
with 15 cents paid on Sept. 15 and June 15 last; 37^ cents
paid on March 15 last; 50 cents paid on Dec. 15 and Sept. 15, 1937, and
previously regular quarterly dividends of 37
cents per share were dis¬
tributed.
In addition, special dividends of 25 cents were paid on Dec. 15,
1937.—V. 147, p. 1352.
The directors on Nov.
common
stock, no par value,
This compares
R. C. A. Communications,
Teleg.
and
cable
Inc.—Earnings—
1938—9 Mos.—1937
1938—Month—1937
Period End. Sept. 30—
oper.
$411,244
$449,207
$3,435,365
51,885
2,900
63,009
2,900
484,116
26,100
$3,941,861
566,445
26,100
318,273
304,654
2,713,526
miscell. expenses _ _
„
and *cable
teleg.
$38,186
29,944
37,389
1,000
25,863
oper. revenues
Other oper. revenues—
Other oper. expenses—
Uncollec.
Taxes
oper.
revs
assignable to oper.
$3,878
54,944
$761,565
272,640
352,316
9,000
220,543
290,901
x$97,596
547,964
$28,555
87,101
$371,085
694,813
'
_
338,508
19,000
323,873
$58,822
$450,368
$1,065,898
25,009
from
$115,656
28,757
213,245
Net income.
dividend of 25 cents per share"In
cents per share on the
1 to holders of record
last and on Dec. 1 and
June 1,1937; Dec. 1 and June 1,1936, and on Dec. 2, 1935.
A dividend of
75 cents per share was paid on June 7, 1935.—Y, 146, p. 3968.
Rubber Plantations Investment Trust—Interim Div.—
have declared an interim dividend of 4% on the common
stock.
A like amount was paid a year ago.—V. 138, p. 2941.
Directors
common
Co.—To Pay 60 Cent
$86,899
$237,123
$808,927
Rutland RR.—EarningsRailway oper. revenues.
Railway oper. expenseshi.
Net revenue from
Net ry. oper.
Remington Rand, Inc.—To Extend
Directors will, on Nov. 22, vote to
Subscription Rights—u
extend for one year the serial stock
subscription rights to purchase common
stock.
Under the recommenda¬
approved by the executive committee the new expiration dates will
follows. Serial B to Dec. 31,1939; serial C to Dec. 31,1940 and serial D
tojMarch 31,1941.—V. 147, p. 1938.3
general mortgage convertible 4 H % bonds, series A,
have been called for redemption on Dec. 30 at 105 and
Payment will be made at the Chemical Bank & Trust
Co., 165 Broadway, N. Y. City.
Bonds are convertible for each $1,000 principal amount thereof into
40 shares of common stock without par value, if presented for conversion
as provided in the general mortgage on or before the close of business on
Dec. 15, 1938, at the principal office of Chemical Bank & Trust Co.,
165 Broadway, New York, N. Y., the agency of the company in the Borough
of Manhattan, City of New York, for said purposes.
Upon such conversion
an adjustment in cash will be made in accordance with the provisions of
the general mortgage on account of the interest accrued on such bonds to
the date of conversion.—V. 147, p. 2875.
All of the outstanding
due Sept. 1, 1950
accrued interest.
Copper & Brass, Inc.—Options
Exercised—
Company has advised the New York Stock Exchange of the exercise of
options to the extent of 107 shares of class A stock
and 239 shares of common stock of the corporation, leaving 19,468 shares
of executive's stock
of common stock
and 8,836 shares of class A stock subject to said options.-
—V. 147, p. 2875.
Reybarn Co.—Initial Liquidating
Dividend—
initial liquidating dividend of $2.50 per share
payable Dec. 1 to holders of record Nov. 17.
A
paid on May 20, last, one of 10,cents was paid
on May 20,
1937. and in initial dividend of 25 cents per share was dis¬
tributed on July 20, 19.36.—V. 147, p. 2701.
Directors have declared an
on
the common stock,
dividend of 30 cents was
Richardson
Co.—Final Dividend—
declared a final dividend of $1 per share on the no par
stock, payable Dec. 13 to holders of record Dec. 3.
This compares
paid on Sept. 12 last; $1 paid on Dec. 14, 1937; 40 cents paid
The directors have
common
with 50 cents
on
12, 1937; 20 cents paid on March 12, 1937; $1 paid on
paid on Sept. 14 and June 15, 1936, and 20 cents on
12, 1936.—V. 147, p. 1502.
Sept. 14 and June
Dec. 14, 1936; 40 cents
March
x$177,208
258,387
$248,699
213,026
$1,168
12,064
'
24,537
Crl4,330
x$447,659
38,590
$50,003
54,809
x$33,447
$25,705
x$409,069
344
460
33,889
33,901
3,407
306,096
3,602
306,397
$67,680
Total income
$104,812
$8,656
$717,572
$205,187
Miscell. deductions from
income
Net
deficit after fixed
charges
ffx Indicates deficit.—V. 147, p.
St. Louis
2702.
Rocky Mtn. & Pacific Co.-
Divs. Resumed-
declared a dividend of 25 cents per share on the common
stock payable Dec. 10 to holders of record Nov. 25.
This will be the first
payment made since March 31, 1938 when a regular quarterly dividend of
25 cents per share was distributed.—V, 147, p. 2546.
gLj*
Directors have
"~St. Louis-San Francisco Ry .—Interest—
dated Nov. 9, they
1933, interest in respect
4% bonds.
payment
of the interest to Bankers Trust Co., 14 Wail St., N. Y. City.
Coupons of April 1, 1933, should be detached and presented at the office
of C. W. Michel, Eastern representative, Room 1949, 120 Broadway,
N. Y. City.
Checks will be sent to the holders of fully registered bonds.
W The trustees announce
Republic Steel Corp.—^-Bonds Called—-
Revere
2,451,084
Cr3,961
x$37,902
4,455
income-
Other income
2,338,207
$23,130
25,923
rents
(Philadelphia)—Extra Div.—
dividend of 20 cents per share in addi¬
dividend of 30 cents per share both payable Dec. 15 to
holders of record Nov. 25.—V. 147, p. 1352.
,
x$7,381
28,363
operations
Railway tax accruals—
Equip. & joint facility
Directors have declared an extra
as
rail-
2,158
way
1938—9 Mos.—1937
$2,160,999
$2,699,783
1938—Month—1937
$245,037
$295,742
252,418
272,612
Total fixed charges—„-
Deficit.—Y. 147, p. 2402.
tion to the regular
be
Dividend—Notes Called—
on Nov. 15 declared a year-end dividend of 60 cents per share
capital stock of the corporation, payable Dec. 20 to holders of record
Dec. 5, it was announced by Herbert Abraham, President.
The last pre¬
vious payment by the company was made on Dec. 20, 1937, when 15 cents
cash ana a $1.40 year-end dividend payable in 4% registered promissory
notes were disbursed.
In addition, the directors authorized the redemption on Dec. 20, 1938,
of the corporation's entire outstanding issue of 4% series A dividend notes,
amounting to $556,928.40 and accrued interest.
The series A notes, bearing 4% interest and carrying a due date of Dec.
20, 1940, were distributed to stockholders on Dec. 20 of last year as a yearend dividend in addition to a quarterly cash dividend of 15 cents per share
paid at that time.
Under the terms of the distribution, each stockholder
received a registered promissory note of the company having an aggregate
face value of $1.40 per share for each share of stock held, the company
reserving the right to redeem any or all of the notes at any time on or after
March 20, 1938, at face amount and accrued interest upon 30 days' notice.
The Chase National Bank, as registrar, has been appointed agent for the
redemption of the notes.
Under a change of company policy adopted at the last meeting, the direc¬
tors will consider dividend action semi-annually hereafter, at their May and
November meetings, instead of quarterly as heretofore.
The change of
dividend policy was deemed advisable, Mr. Abraham said, because of the
belief of the directors that semi-annual periods form a more adqeuate basis
for the consideration of dividend action.—Y. 147, p. 2701.
the
'
Reliance Insurance Co.
cents
of 25
Royalite Oil Co., Ltd.—Extra Dividend—
gross
income
tions
dividend of 37 M cents per share on the common
The directors have declared an extra
256,971
$33,813
Gross income.
Deductions
x
$211,623
$78,644
32,430
37,194
1,000
44,325
'
Operating income
Non-operating income.
a
addition to the regular semi-annual dividend of 50
common stock, no par value,
both payable Dec.
Nov. 18.
Similar payments were made on June 1
Period End. Sept. 30—
Net
,
stock, payable Dec. 15 to holders of record Nov. 30. A dividend of 12 H
was paid on 8ept. 15, last, and previously regular quarterly dividends
cents per share were distributed.—V. 147. p. 1352.
2,587,751
Deprec. and apaortiz—
Relief depart. & pensions
All
other
general
and
493,078
H.') Robertson Co.—Dividend Increased-
Ruberoid
After reserve for depreciation
mitments
503,463
Directors
of $11,188,224 in 1938 and $10,601,686
Represented by 676,012 shares of no par value,
z Represented
by 44,012 (40,512 in 1937) shares acquired at various dates and prices,
atlncludes $20,000 or less for the excess of cost over market prices of com¬
x
465",775
$3,089,950 $3,051,655
Total.
.
L
86,832
-.17,412,245 19,392,422
Total.:
7,135
528,462
x
Represented by 10,000 no par shares.
Earnings for 12 months ended Sept. 30 appeared in the "Chronicle" of
12, page'3026.
dS —
on
inH937.
Reserves
..$3,089,950 $3,051,655
Nov.
9,721,800
—
595,157
charges
23,983
155
Del. credit items..
Earned surplus.__
474,420
9,721,800
7,358,035
Treasury stock._ Dr906,680
Capital stock
Trade names, trade
marks & goodwill
73,871
77,543
44,447
72,836
on
Surplus
z
595,157
taxes
Income
7,488.960
Prepaid expenses &
deferred
Res. for conting..
y
-
257,534
350,000
224,491
Res. for Federal &
396,040
7,349,219
buildings,
mach. & equip.
235,912
bonds
893,794
119,711
in¬
for
taxes
State
accts. receivable
xLand,
come
and
notes
507,756
121,799
taxes
Provision
ac-
Mdse. Inventories-
accts.
»—
Accrued
2,537,229
1,962,195
acceptances rec.
current
payable.
S
.
$100,000
1st mortgage 5 ^ %
537
21.649
Cash
Accrued salaries &
Notes, accts. & tr.
Other
$
Liabilities—
Assets—
1937
1937
1938
$100,000
Common stock..
Special deposits...
Directors have declared
1938
1937
1938
Sept. 30-
LiabilUies—
x
Miscell. investm'ts
undistributed profits and other contingencies.
Consolidated Balance Sheet Sept. 30
■Balance Sheet
1937
1938
equipment.....$2,820,855 $2 785,554
$746,614
6,447,621
$1,269,690
7,029,284
def$484,500
7,842,536
on
plant &
Total
Income transferred to surplus
Surplus at beginning of period
paid
Roanoke Gas Light Co.
Assets—
Property,
and supplies.-*..
$1,461,526
714,912
dividend of $1 per share on the common
6.
A regular quarterly
Nov. 1, last.—V. 144, p. 622.fl
an extra
15 to holders of record Dec.
was
that pursuant to court order
will pay on Dec. 1, 1938, the amount of the April 1,
of Kansas City Fort Scott & Memphis Ry. refunding mortgage
Certificates of deposit should be presented for stamping and
—V.
147, p. 2875. '
Safety
'
-
Engineering
& Management Co.—To
Extend
Notes—
Company has filed with the Securities and Exchange Commission an
application (File 41-7) under the Holding Company Act for exemption
requirement of filing a declaration in connection with the extension
of the maturity from Dec. 1, 1938 to Feb. 1, 1939, of $696,000 of its 5)4%
notes held by the Chase National Bank, New York, and Harris Trust &
Savings Bank of Chicago.
A hearing on the application has been ordered
by the Commission on Nov. 28 in the Commission's Washington offices.
from the
—-
Safeway Stores, Inc.—To
Directors have
declared
a
Pay SI.25 Dividend—
div. of $1.25 per share on the common*
stock
payable Dec. 15 to holders of record Dec. 1.
Dividends of 25 cents were
paid on Oct. 1, July 1 and on April 1, last.
A stock dividend of
of a share of 5% preferred stock for each common share held was paid on
Dec. 15, 1937, and regular quarterly cash dividends of 50 cents per share
were paid on Oct. 1, July 1 and on April 1, 1937.
,
l-100th
Company announced that the current
1 dividend, and it is the intention
Jan.
dividend will replace the normal
of the company to increase the
April 1 declaration to 50 cents a share of business
are deemed to justify it.—V. 147, p. 3026.
Schiff
conditions and earnings
Company—Sales—
Sales for the
month of October, 1938, were
$960,438, as compared with
October, 1937, of $1,027,029,
This was a loss of 6.48%.
Sales for the 10-months period this year were $9,823,536, as compared
sales for
with last year
of $10,820,546.
This was a loss of 9.21%.—V.
147, p. 2403.
3170
Scott
Financial
Chronicle
Paper Co.—Extra Dividend—
Directors
Southern Bell Telephone & Telegraph
Nov. 17 declared a quarterly dividend of 40 cents per share
on
Period End. Sept.
the outstanding no par value
common capital stock, payable Dec. 15. to stockholders Of record Dec. 2,
1938—V. 147, p. 3027.
and
extra dividend of 20 cents per share on
an
Operating
oper.
rev.
Net oper. revenues...
—V. 147, p. 2704.
Sherritt Gordon
Mines, Ltd.—Earnings—
Net oper. income
Earnings for 3 Months Ended Sept. 30,1938
(tons)
—175,988
Metals produced—Copper (pounds)
7,409,262
Gold (ounces)
1,609.216
Co.—Earnings
$5,242,819 $47,669,945 $46,499,531
3,520,719
31,332,608
30,822,813
Net income..
—V. 147, p. 2256.
$1,845,441
766,116
$1,722,100 $16,337,337 $15,676,718
669.503
6,593,373
5,898,104
$1,079,325
846,599
Operating taxes...
Ore milled
1938
19,
1938—Month—1937
1938—9 Mos.—1937
$5,399,992
$5,261,392 $47,875,690 $46,679,900
24,881
18,573
205,745
180,369
Operating revenues... $5,375,111
Operating expenses.....
3,529,670
1938—4 Weeks—1937
1938—40 Weeks—1937
$47,874,046 $51,032,236 $393346,146 $437376,443
Sales.
30—
revenues
Lncollectible
Sears-Roebuck & Co.—Sales—
Period End. Nov. 5—
Nov.
$1,052,597
849,520
$9,778,614
7,404,321
$9,743,964
7,589,584
_—
Silver
(ounces)
Southern Canada Power Co., Ltd.-
54,127.95
-Earnings—
Month of October—
1938
88,896
Operating
Lees: Net cost after crediting precious metals.
$682,788
520,521
$109,715
109,643
Net earnings
Interest, depreciation, amortization and dividends.
___
—....
Gross earnings
expenses
$202,065
86,836
$115,229
109,649
$72
$639,970
42,819
1937
$198,611
Copper sales—Net amt. realized from sales (6,550,833 lbs.)
x Adjustment in value of copper inventory.
$5,580
*
'
Realized operating profit..
$162,267
Surplus
;
—V. 147, p. 2404.
x Copper inventories are carried at working costs of the current
quarter.
Note—In the above figures no allowances has been made for taxes, de¬
Southern Pacific Lines—Earnings—
preciation or deferred development.—V. 147, p. 1206.
Period End. Oct. 31—
Sherwin-Williams Co. of Canada, Ltd.—Accum. Div.—
have declared a dividend
The directors
of accumulations on the
7%
of $1.75 per share
pref. stock,
on
Railway
Railway
account
$100, payable Jan. 3
to holders of record Dec. 15.
A similar payment was made on Oct. 1,
July 2. April 1 and Jan. 3 last; Oct. 1, July 2, April 1, March 1 and Jan. 2,
1937; Oct. 1, July 1, April 1 and Jan. 2, 1936, and on Oct. 1, July 2, April 1,
and Jan. 2, 1935, this latter being the first dividend paid on the pref. stock
since the regular quarterly dividend of $1.75 per share was paid on Dec. 31,
1932.—V. 147, p. 1788.
cum.
Sherwin-Williams Co. (&
$4,122,236
156,231
$8,722,306
$4,278,467
1,000,390
92,680
Other income
oper.
1938—Month—1937
1 938—10 Mos.—1937
revenues.$19,440,043 $20 134,249 $165,710,778 $191,224,253
expenses,
13,599,479
15,257,126 131,227,841 146,396,271
Net
from ry. oper.
Railway tax accruals—
Equipment rents (net)..
Jomt facility rents (net)
_
$5,840,563
1,528,020
942,303
57,785
$4,877,123 $34,482,937 $44,827,981
1,450,872
15,210,979
14,383,852
1,080,574
8,441,521
9,128,288
657,877
638,520
53,030
Net ry. oper. income.
$3,312,454
$2,292,647 $10,172,560 $20,677,321
rev.
—V. 147, p. 2704.
Subs.)—Earnings—
Southern
Consolidated Income Account, Years Ended Aug. 31
1938
1937
1936
Tradingprofit
oper.
par
1935
$8,852,891
927,861
,277,358
880,495
Worsted
Corp .—Receivership Does Not Affect
Financial Standing—
$6,911,833
130,585
$8,094,006
183,352
$6,911,833
860,094
J.
W.
Newkirk, President, has made the following statements in
con¬
nection with the recent appointment of a receiver for the corporation:
Total income.
Plant deprec. & maint..
Interest expense
Loss on perm .assets sold
scrapped,
or
pro v.
"The decision of Judge Oxner of the Circuit Court in South Carolina,
and the appointment of R. E. Henry as receiver, is entirely the outcome
of a dispute between the holders of approximately 50% of the preferred
stock
583,212
a373,825
593,657
al,296,417
515,222
994,012
330,167
906,867
$2,228,361
Surplus Aug. 31
20,194,648
Premium on pref. stock
called for redemption.
Dr24,750
$6,034,955
18,692,262
$5,887,629
16,146,511
$4,814,704
14,739,942
Dr24,750
Dr15,425
Dr24,750
Federal taxes
--
Net profit
Total surplus
Divs. paid on pref. stock
Divs. paid on com. stock
$22,398,259 $24,702,467 $22,018,714 $19,529,896
679,508
704,257
790,744
893,319
1,911,781
3,803,562
2;535,708
2,060,263
stock retired
.$19,806,970 $20,194,648 $18,692,262 $16,146,511
$100 par 7 % preferred stock of the old company; the latter's common stock
was
given no consideration in the reorganization.
The exchange was
on the basis of 53 shares common stock for each $1,000 debentures
out¬
638,927
$2.42
Includes Federal surtax
633,927
$8.41
633,927
$8.04
633.927
effected
$6.19
and
one share common stock for
every two shares of 7 % preferred stock.
The plan of reorganization of the Southwest Telephone Co. (debtor) also
undistributed profits of $1,155 in 1938 and
on
dealt with the affairs of Southwestern
Consolidated Balance Sheet Aug. 31
1938
$
S
Mobilities—
equip.18,473,949 18,253,461
Pats., trade-marks
Notes
1938
1
& trade
rec.
4,030,216
f
\8,118,491
acceptances
b Accts.
1
6,640,192
receivable[
Inventory
S
,
$
Preferred
Deposits,
227,241
•
1937
stock.13,218,900 13,713,900
Common stock..*15,973,175 15,848,175
Accts.
payable... 2,512,971
2,911,694
Pref. divs. pay...
165,236
171,424
c
and
8,817,696
officers
employees.
528,922
547,784
...15,472,118
19,752,760
Mtges. payable...
140,000
140,000
Investments
3,746,209
Accrued accounts.
729,399
1,944,358
Other assets
486,748
3,761,414
566,404
Deferred
895,483
915,965
Total."
Res. f or
con¬
757,618
853,176
tingencies, &c..
Surplus
19,806,970 20,194,648
53,833,192 56,325,159
Less
insur.,
Total.*
53,831,192 56,325,159
for
depreciation,
b Less reserves,
c Represented
by
132,189 shares in 1938 and 137,139 shares in 1937 of series AAA 5% cum.
pref. stock. $100 par.—V. 146, p. 3521.
a
reserves
Simonds Saw & Steel Co.—To
Pay 60 Cent Dividend—
The directors have declared
a dividend of 60 cents
per share on the new
payable Dec. 15 to holders of record Nov. 29.
Dividends of 10 cents were paid on Sept. 15 and onj une 15, last; a dividend
of 20 cents was paid on March 15, last; one of 80 cents was paid on Dec.
15,
1937, and an initial dividend of 50 cents was paid on these shares on Sept.
15, 1937.—V. 147, p. 2876.
no
par
common
shares
King
Coalition
Period End. Sept. 30—
x
Earns,
per share.....
After
taxes
(par $5)
and
Mines
under
a similar and
complementary plan whereunder the reorganized South¬
(1) acquired all of the capital stock of the reorganized debtor
(except preferred stock reserved solely for issuance against conversion
privileges of first mortgage bondholders) and (2) satisfied the claims of
affected creditors and stockholders of the debtor through the issuance of
stock of the reorganized Southwestern States.
The debtor and Southwestern States were organized under the laws of
Delaware in 1925 and 1928, respectively, and since these dates each engaged
in the telephone utility business in Texas, Oklahoma and Arkansas.
In
1931 the Southwestern States acquired all of the capital stock of Louisiana,
which operates a telephone utility system in the State of Louisiana.
As a result of declining revenues during the depreciation, both the debtor
and Southwestern States defaulted, first in the payment of interest and
then in payment of principal, on outstanding second mortgage obligations.
In 1932 receivers in equity were appointed for both companies.
The petition
of the debtor, filed in 1935, and that of Southwestern States filed in 1936,
for reorganization under Section 77-B of the
Bankruptcy Act were approved
by the U. S. District Court for the District of Delaware, and trustees ap¬
pointed for each.
Louisiana had not been in receivership or bankruptcy.
western States
All of the common stock of the debtor and of Southwestern
owned
in
Nil
$83,544
Nil
depreciation, but before depletion,
stock.—V. 147, p. 1207.
y
S.
District Court for the District
was
$1,231,357
$1.01
On 1,220,467
(a) The Debtor—
First mortgage bonds (not affected by the plan):
Series A, (6&%) due 1945
»
$337,000
Series B
(6%), due 1947 (convertible)
830,400
Series C (6%). due 1947 (convertible)
Convertible gold debs. (2d mtge.) due 1932 (in default)
Claim of trustee under debenture trust indenture.
„
Open
common
account
»
as
of Oct.
31, 1937, it
31, 1938,
compared with
was announced on Nov. 4
by Joseph Soss, President.
The Roselle, N. J., and the Detroit plants
of the company continue to operate at
80% of capacity—the rate reached
in September—but
expectations are that this rate will be stepped up in
November, Mr. Soss said.—V. 147, p. 3027.
1,685,000
650,000
2,509
(unsecured) due Western Continental Utilities,
Inc
Soss Mfg. Co.—Unfilled Orders—
Unfilled orders totaled $208,000
unfilled orders of $160,000 as of Oct.
States was
in receivership
of Delaware.
—
1938—9 Mos.—1937
$0.32
by Western Continental Utilities, Inc., which
the U.
Capitalization of the Debtor, Southwestern States and of Louisiana
Co.—Earnings—
1938—3 Mos.—1937
$78,088
pf$387,287
Net loss.......
y
x
»
x
Silver
shares
States Telephone Co. (a sister cor¬
poration operated jointly with the debtor) and Louisiana Telephone Co.
(a wholly-owned subsidiary of Southwestern States), for the reason that the
plan contemplated the simultaneous reorganization of Southwestern States
"
.
1937
Assets
Cash..
the
the former The Southwest Telephone Co. and assumed that company's
first mortgage bonds.
The plan provided for the issuance of common stock of the new company
in exchange for the outstanding $650,000 debentures and 5,280 shares
51,104
$204,900 in 1937.
Plant and
other hand,
was incorporated in Delaware in 1937 and acquired in June,
1937, pursuant to a plan of reorganization dated March 17, 1937, effected
under Section 77*-B of the Bankruptcy Act, all the property and assets of
378,700
,
standing (par $25)...
Earns, per sh. on com...
a
the
Southwest Telephone Co.—Reorganized Company—
of cost over par
value of treasury com¬
a
on
Company
...
stock
hand, and
ratio of current assets to liabilities at the highest in its history
"The appointment of the receiver is in no way connected with the financial
standing of the corporation, but, as stated, is due merely to the contest
between the two groups of stockholders."
Excess
com.
one
.
affiliate to cost
Surplus, Aug.31
the
"The mill will continue operations and orders placed with it for the
season will in no way be affected.
At the present time the
corporation is in splendid financial condition, with working capital, and
in unconsol. Canadian
Shares
on
spring, 1939,
Adj. of book val. of inv.
mon
the corporation
or
of the majority stock (including 97% of the common),' who have
been in control.
The decision of this judge will immediately be appealed
to the South Carolina Supreme Court.
•
■
owners
for
doubtful acc'ts, &c...
•
Claim of transfer agent (unsecured)
Preferred stock (par $ 100)
_
'.
Common stock (no par) (shares)
J,
...
433,196
557
528,000
25,000
(b) Southwestern States—
First mortgage bonds (not affected by the plan):
Series A (6%), due 1948
$1,800,000
Series B (6%), due 1949-500,000
6% gold bonds (2d mtge.) due 1934 (in default)
800,000
Claim of trustee under gold bond indenture
1,500
Open acct. (unsecured) due Western Continental Util., Inc..
431,994
Demand obligations secured uy pledge of all of the capital
stock of Louisiana.
163,500
1933 Delaware franchise tax (preferred claim)
75
Preferred stock (par $100)
400,000
Common stock (no par) (shares)
25,000
_
-
South Carolina Electric & Gas
12 Months Ended Sept. 30—
Operating
Operating
Co.—Earnings—
Provision for taxes
Operating income.
Other
income..
1937
$3,573,034
1,532,772
486,598
500,394
$1,067,611
expenses, &c_
Provision for retirements.
1938
$3,813,510
1,754,745
437,906
553,248
revenues
$1,053,270
56,368
12,444
(c)
Louisiana—
First mortgage bonds, due Jan. 1, 1948.
Gross
Interest
Interest
income.-...
on
on
first mortgage bonds
unfunded debt
Amortization of debt discount and expense
Interest charged to construction
Balance of
income,
Annual dividend requirements on $6 prior
preferred
stock (issued during 1937)
Balance
—V.
147,
$1,080,055
506,973
197,612
Crl',616
$1,109,638
510,856
189,174
60365
Cr3,287
$316,221
$352,029
60 865
1049.
Southern
-First Week of November
1938
1937
.
was
not
affected, and the plan
was
predicated
upon a
union of the three
companies to insure a continued joint operation of the properties
resultant operating economies.
with its
Digest of the Plan of Reorganization
All of the property and assets of the debtor were conveyed to a new
Delaware corporation which assumed and agreed to pay the outstanding
first mortgage bonds of the debtor.
Ry.—Earnings—
Gross^rmngsjest.)
49,000
750,...
(shares)
Interest paid currently on all of the first mortgage bonds pursuant to
court orders.
Under the plan the first mortgage indebtedness of the three companies
x
150,000
$166,221
p.
Common stock (no par)
Jan. 1 to Nov. 7
1938
1937
$2,554,049 $2,443,872 $99,952,472 $114253.689
4.,
Similarly, all of the property and assets of Southwestern States (in¬
cluding the capita,l stock of Louisiana) were conveyed to a new Delaware
corporation which assumed and agreed to pay the outstanding first mortgage
bonds of Southwestern
All
plan
of the
common
was issued
to the
States.
of the reorganized debtor issuable under the
reorganized Southwestern States, and the claims of
stock
A
Volume
Financial
147
the affected creditors, and stockholders to the extent recognized, of both the
debtor and Southwestern States were satisfied through the issuance and
distribution of securities of the reorganized Southwestern States on the
basis provided for.
The reorganized
debtor has an authorized capital stock consisting of
25,154 shares of preferred stock, par $100 (all reserved for issuance solely
upon the conversion of outstanding first mortgage bonds), and 1,000 shares
of common stock ($1 par) all of which was issued to the reorganized South¬
company, which also continues to hold all of the capital stock of Louisiana
t elephone Co.
Thus company is both an operating company with proper¬
ties
in
Texas, Oklahoma and Arkansas, and a holding company.
The
operating properties of Southwest Telephone Co. are in the same general
territory as those of this company, while Louisiana Telephone Co. owns
properties in the southwestern portion of Louisiana.
The reorganization plan under which company was formed resulted in
the elimination of indebtedness of its
predecessor
in a principal amount of
Similarly, a concurrent reorganization eliminated in¬
predecessor of Southwest Telephone Co., now a sub¬
sidiary, in a principal amount of over $1,080,000.
Company now has out¬
standing 90,071 shares ($1 par) common stock and $2,390,000 of long-term
indebtedness.
Its subsidiaries have funded debt aggregating $2,898,400.
Other liabilities are comprised
only of those arising out of ordinary current
$1,295,000.
over
western States.
The
reorganized Southwestern States has an authorized capital
consisting of 90,071 shares of common stock ($1 par) all of which was
stock
issued
to the affected
creditors, and stockholders to the extent recognized, of the
debtor and of Southwestern States in the amounts specified.
Treatment of Affected Claims of Creditors and
Stockholders
debtedness
the
of
two
companies—the
stock interest
common
the
Pro Forma Combined Income Account Year Ended Dec. 31, 1937
being completely eliminated,
r
The common stock of the reorganized Southwestern States was issued
and distributed as follows (such distribution oeing based on the relative
worths of the properties established:
Shares
To 2d mtge. debentureholders of the debtor,
as a
34,450
class
To
Western
debt of the
(4)
Continental
Utilities,
Inc.
account
open
'
Operating
7
2,640
...
as a
class...
Predecessor
Company
$256,610
Company
$272,114
5,598
5,769
Total operating revenues
Total oper. exps. before depreciation.
$540,092
308,903
$277,713
157,159
$262,379
151,743
Non-operating
$231,189
18,980
$120,553
7,807
$110,635
11,173
$250,170
137,840
$128,360
68,840
2,6.>5
$121,808
....
revenues.
on
1st mtge. bonds
Miscellaneous interest deductions.
Other deductions
;.
Provision for depreciation
Surtax
Claims Against Southwestern States
31
$528,724
11,368
revenues...
Miscellaneous operating revenues
Int.
6,150
To transfer agent of the debtor
To preferred stockholders of the debtor,
(5)
for
debtor
New
'37
Combined
133
To trustee under the debtor's debenture trust indenture—
(3)
Dec.
Ended
Dec.
Claims Against the Debtor
(1)
(2)
6 Months Ended
31 '37 June 30 '37
12 Months
standing senior obligations of the reorganized debtor and of the reorganized
Southwestern States, respectively.
Since the debtor and Southwestern States were found by the Court to
be insolvent, no provision was made for participation in the plan by the
stockholder
of
operations.
The outstanding first mortgage bonds of the debtor and of Southwestern
were not
affected
by the plan, but remained undisturbed as out¬
States
common
3171
Chronicle
6,009
2,066
93,955
47,159
232
1,197
$10,067
46,796
,
232
$8,654
undistributed profits
on
69,000
3.403
868
Shares
(6)
Net income for the period...
To 2d mtge. gold bondholders of Southwestern States, as
(7)
32,800
class
a
61
To trustee under Southwestern States' gold bond indenture.
To holders of the $163,500 demand obligations secured by
pledge of Louisiana stock
To Western Continental Utilities, Inc., for the open account
(8)
(9)
6,000
5,830
of Southwestern States
To pref. stockholders of Southwestern States, as a class..
2,000
addition, the reorganized Southwestern States also issued to the
holders of the demand obligations of Southwestern States (No. 8), $100,000
of the organized Southwestern States' unsecured 6% notes, due Dec. 1,
1949 (such notes will contain no provision for acceleration of maturity).
The stock of Louisiana pledged to secure these demand
obligations was
released from pledge and delivered to the reorganized Southwestern States
(10)
In
as
free
a
All
and
States,
Assets-
Liabilities—
Fixed capital
454,375
Current assets.......
178,017
Other assets.....
gold bonds
2,290,000
debt
....
100,000
accrued liabilities..
126,740
1st mtge. 6%
Other long-term
Current &
Miscellaneous liabilities
5,276
respectively,
business.
.
assumed by the
and paid in the ordinary course of
.
.
Giving effect to the treatment of claims afforded by this plan, the con¬
capitalization of the reorganized Southwestern States and its
wholly-owned subsidiaries (i.e. the reorganized debtor and Louisiana)
solidated
Total.....
Total
$3,573,987
-
Southwestern Light & Power Co.
Period End.
Operating
Operating
follows:
exps.
$5,201,400
100,000
_
6% notes, due 1949-Common stock ($ 1 par) (shares).
...—
:
90,071
.
reorganized
addition, 25,154 shares of preferred stock of the
Upon the consummation of the plan, the reorganized Southwestern
deposited the 67,250 shares of its common stock issuable, in the
aggregate, to the holders of the outstanding second mortgage debentures
of the debtor and second mortgage gold bonds of Southwestern States with
City National Bank & Trust Co. of Chicago, for distribution by said bank
States
to those entitled thereto
(in the ratio of 53 shares for each $1,000 principal
debentures, and 41 shares for each $1,000 principal
amount of gold bonds of the Southwestern States) upon surrender of such
debentures and gold bonds to said bank for cancellation.
The 11,980 shares of stock issuable under the plan to the receiver of
Western Continental Utilities, Inc., in respect of the open account in¬
amount of the debtor's
owed
to
it,
were
Southwestern
delivered by the reorganized
St&t6s to the receiver
•*'
stock and the $1^)0,000 of 6% notes, due 1949, issuable
under the plan to the holders of the $163,500 demand obligations secured toy
the stock of Louisiana, were delivered by the reorganized Southwestern
States to the holders of such demand obligations in full satisfaction of the
The 6,000 shares of
same.
stock issuable under the plan to the holders of the
outstanding preferred stock of the debtor and of Southwestern States shall
be reserved by the reorganized Southwestern States and delivered from
time to time to the persons entitled thereto, in the ratio of one-half share
of such stock for each share of such outstanding preferred stock, but only
The 4,640 shares of
•
Gross income
surrender for cancellation of the certificates for such outstanding
preferred stock.
Earnings of the Southwest Telephone Co.
upon
•
.,
12 Months
Ended
■
31
Dec.
Dec.
Predecessor
Company
Combined
$347,143
232,887
$373,262
229,819
$720,405
Operating revenues
— _
Oper. expenses before depreciation...
§ Months Ended
31 '37 June 30 '37
Southwest
Tel. Co.
'37
462,707
Not
—V.
debto^
for issuance upon conversion of outstanding first
be reserved solely
mortgage bonds of the debtor.
debtedness
—
-$3,573,987
1938—12 Mos.—1937
$2,510,710
1,801,384
$2,611,173
1,869,115
$180,968
1,166
$158,631
1.682
$742,058
4,649
$709,326
5,495
$182,134
97,697
Net oper. income
Other income (net).....
Int. & other deductions
First mortgage bonds.
will
.
(& Subs.)—Earnings
1938—3 21705.^—1937
$613,438
$594,332
& taxes.'"*1 432,470
435,701
Sept. 30—^
revenues
$160,313
95,163
$746,707
392,039
$714,821
380,572
$84,437
$65,151
$354,668
$334,249
two
In
584,707
12,417
Earned surplus..----
obligations of the trustees of the debtor and of South¬
approved by the Court, and all accrued and unpaid tax
reorganized companies,
as
.
Capital sur pi us
as
liabilities against the companies, or their properties, were
is
362,502
7,550
Reserve for depreciation.
15,316
Deferred charges
$90,071
Commonstock
$2,921,003
Invest. In & advances to 100%
owned subs, not consolidated
•—V. 143, p. 1893.
asset.
debts
western
$1,412
Balance Sheet Dec. 31, 1937
"
income
147. p.
1354.
Standard Gas & Electric
Co.—Weekly Output—
the Standard
1938, totaled
compared with the cor¬
Electric output of the public utility operating companies in
& Electric Co. system for the week ended Nov. 12,
Gas
107,921,193 kilowatt-hours, an increase of 2.2%
responding week last year.—V. 147, p.3028.
Standard Oil Co. (N. J.) —Dividend
Ruling—
Company announced on Nov. 14 in reference to stock
dividend payable
Dec. 15, 1938, to stockholders of record Nov. 16, 1938, that full share stock
certificates when issued, will not be exchangeable into scrip certificates,
and therefore, brokers and nominees
Newr
on
or
receiving the full share and scrip certificates in
tions
desired.
Requests received subsequent
honored.—V. 147, p. 2877.
State
Street Investment
Co. of
to reach
should notify Guaranty Trust
Stock Transfer Department, of their requirements,
before 12.00 o'clock noon, Saturday, Nov. 19, 1938,
York,
them
to insure
the number and denomina¬
to that date cannot be
Corp.-—Files Amendment with
SEC—
>
•
Corporation has filed an amendment with the Securities and Exchange
stating it plans to offer shareholders 50,000 shhres of no-par
common stock.
The shares will be offered to holders of record Dec. 15
on a pro rata basis.—V. 147, p. 2548.
Commission
.
Sterling, Inc.—New Chairman—
Edward A. Thomson, President of this company,
Chairman of the board of directors, a newly created
has also been elected
post, at a meeting of
Joseph J. Schadle, Treasurer, was also elected Assistant
Vice-President, and Sidney A. Manley and Meyer Lobelson were elected
Assistant Vice-Presidents.
Bernard DeRaay continues as Vice-1 resident
and Secretary of the company.—V. 147, p. 3028.
the
directors.
Sterling Products, Inc.—Acquisition—
Company reported to the Securities and Exchange Commission that
outstanding common stock of Sydney Ross Co. of Newark, N. J.,
has been acquired.
Sydney Ross Co. is owner of 100% of the stock of
Compania Argentina Sydney Ross, Inc., S. A. Sydney Ross Co. of Co¬
lombia, Sydney Ross, S. A. of Mexico and The Sydney Ross Co. (Peru),
Ltda., S. A.—V. 147, p. 3028.
all of the
$257,698
Provision for depreciation
....
987
$259,351
177,040
124,262
Total income
$144,429
88,452
61,723
$114,256
$143,442
1,652
Net oper. inc, before depreciation..
Non-operating revenues
665
'v
*
$114,921
88,588
62,539
~Sunray Oil Corp.—Plan Voted—
a special meeting held Nov. 15, approved an amendment
company's certificate of incorporation changing the designations,
Stockholders at
$5,745
$36,205
Note—The above statement is after giving effect to the following ad¬
justments in the income accounts of the predecessor company.
(1) Charging maintenance expense with $2,274 for station removal and
changes, due to change in policy followed by successor company.
(2) Elimination of interest on funded debt, which was exchangeable in
reorganization for common stock of the Southwestern States Telephone Co.,
$41,951
Net loss for the period
in the amount of $24,862.
,
1
(3) Elimination of amortization of debt discount and expense amounting
$882.
"
„
(4) Reduction of depreciation expense, giving effect to adjustments
downward of fixed capital as of Jan. 1, 1937, in the amount of $5,830.
to
Balance Sheet Dec. 31,1937
Liabilities—
A sscis
$3,642,362
Fised capital
168,031
Current assets
18,801
12,511
Other assets
Deferred charges..
Common stock....
—
Advances
from
States Tele Co., not current
depreciation.
Miscellaneous
liabilitiestIZ
Capital surplus.
Earned deficit.....
...$3,841,704
Total
Total
Southwestern
States
Telephone
Other income...——.
of
5,745
$3,841,704
Co.—Organ¬
Depreciation..
Federal, Dominion and
foreign income taxes..
1935
1936
1937
$1,748,514
yl, 166,194
$§?L330
511,092
357,961
$685,201
105,862
$2,914,708
$1,148,422
81,167
$658,450
69,206
104,875
^
interests
Net earnings
outstand.
103.158
491,334
202,812
108,767
$476,180
$2,318,498
$864,443
$480,477
71,892
Consolidated earnings
Earns, applic. to minor.
Shs. com. stk.
Affiliate]
1938
$129,340
555,861
10,658
(which see) and its properties conveyed
Southwest Telephone Co.
As a part of these plans of reorganization all
the common stock of the new Southwest Telephone Co. is owned by this
operations-
262,950
under
to
(Including its Canadian
9 Mos. End. Sept. 30—
495,897
Company was incorporated in Delaware on June 10, 1937, pursuant to
the plan of reorganization of Southwestern States Telephone Co. (see
Southwest Telephone Co.).
At the same time, reorganization was effected
Southwest Telephone Co.
Superheater Co.—Earnings—
Profits from
ized, &c.—
of the
be redeemed by operation ot the
rates of the-preferred stock were reduced so that they now
become $4 a share for one year, $5 a share for the next year, $7 a share for
the next two years, and $9 a share thereafter. Sinking fund of the cumulative
convertible preferred stock was increased at the same time to $10U,UUU
annually, from $50,000 previously.
,
.
A registration statement with respect to the series A debenture shares is
currently on file with the Securities and Exchange Commission, and public
offering through John J. Bergen & Co., Ltd., and others, is expected toward
the end of the month.—V. 147, p. 2548.
; ■
18,109
200,434
-V. 141, p. 2598.
(The)
obligation without fixed maturity, to
8UConvqrsion
Southwestern
Current «fe accrued liabilities..
Reserve for
the
preferences and rights of the 5M % cumulative convertible preferred stock,
and authorizing the issuance of $4,000,000 of 5% interest-bearing con¬
vertible sinking fund debenture shares, series A, a corporate contractual
$1,000
337,000
A.
gold bonds 2,515,400
1st mtge. 6Hs bonds series
1st mtge. 6% conv.
to
78,511
72,397
40.228
x$404,288 x$2,239,987
904,855
904,855
*$792,046
88®A8n£
$1^0,248
•
eh
tn
$0.45
$2.47
$0.90
$0.50
x No provision made for Federal surtax on undistributed profits,
y In¬
cludes $425,115 non-recurring income, viz., profit on sale of reacquired
company shares of capital stock in treasury.—V. 147, p. 2548.
Earnings per share
3172
Financial
Chronicle
Superior Portland Cement Co.—50-Cent Class B Div.—
Texas
a dividend of 50 cents per share on the class B
payable Nov, 29 to holders of record Nov. 23.
This com¬
pares with $1.50 paid on Nov. 29, 1937 and a dividend of 12>£ cents paid
on Dec. 20.
1932.—V. 145, p. 3360.
Directors have declared
accumulations
Period End. Oct. 31—
Period—
—V.
*37
$86,763
$103,895
147, p. 1209.
Tilo Roofing Co., Inc.—Extra
Directors at
Dividend—
special meeting held Nov. 14 declared an extra dividend of
a regular quarterly dividend of like amount on the
common stock, both payable Dec. 15 to holders of record Nov. 25.
Similar
payments were made on Dec. 15, 1937.—V. 147, p. 2707.
1938—9 Mos.—1937
$134,704
24,581
$148,930
78,803
$582,083
$838,887
52.730
237,490
$110,124
a
$227,733
$529,353
$1,076,377
Timken Roller Bearing Co. (& Subs.)—Earnings—
Sept. 30— 1938—3 Mos—1937
1938—9 Mos—1937
$217,097
$2,756,246
$381,298
$9,548,428
$0.09
$1.14
$0.16
$3.96
Period End.
tributed profits..__
Net profit
Earns, per sh. cap. stock
x
x After provision for
depreciation of plant, all selling and general expenses,
provision for reserve, for State taxes and for Federal nora.ai inccm e and
taxes.:
—6 Months Ended
Oct. 27, '38
Oct. 28,
3 Months Ended
'38 Oct. 28, '37
$45,353
$38,320
—
25 cents in addition to
Net profit, bef. prov.
for surtax on undis¬
excess
25
586.
Oct. 27,
Net loss
Corp.—Earnings-
1938—3 Mos.—1937
Operating income
18.—V. 147, p.
Thompson-Starrett Co., Inc. (& Subs.)—Earnings—
Super-Power Co. of Illinois—Bonds Called—
x
dividend of 25 cents per share on account of
a
the $3.50 cumulative preferred stock, payable Nov.
on
to holders of record Nov.
Company announced that the entire issue of its first 4^8 due 1968 and
the
due 1970 will be redeemed on Dec. 17.
The refinancing of these
issues was made possible through the sale of $34,000,000 Commonwealth
Edison bonds recently to insurance companies.
Super-Power is a subsidiary
of Commonwealth Edison.—V. 146, p. 3033.
Other income, net
1938
19
Hydro-Electric Corn.—Accumulated Dividend—
Directors have declared
common stock
Symington-Gould
Nov.
-
After
provision for depreciation, taxes and all other charges except
provision for Federal surtax on undistributed profits.—V. 147, p. 1505.
x
.
Note—The above
of the
figures are subject to adjustment, and include earnings
Symington-Gould Corp. and of Gould Coupler Corp. for,.the periods
Tokheim Oil Tank & Pump Co.—Earnings—
Sept. 30—
"
1938
Federal taxes
$274,862
Shares of capital stock
195,970
*
above stated.
9 Months Ended
Meeting Again Adjourned—
The adjourned special meeting to
consider the proposed acquisition of the
McConway & Torley Corp., as
Sept. 12, 1938, has been further
Earnings per share
147, p. 1209.
business, goodwill and certain assets of
outlined in letter to stockholders, dated
adjourned to Nov. 30—V. 147, p. 2548.
Troxel Mfg.
1938—9 Mos.—1937
1938—3 Mos.—1937
and taxes
$17,322
Earns, per sh. on 112,000shs. com. stock
$16,872
$60,228
Earnings
share
—V. 145, p.
$77,142
per
$0.12
$0.12
$0.44
$0.59
& taxes
Earns,
$62,734
sh.
per
$38,461
$99,376
$0.21
$0.13
Loss.—Y.
x
146,
$0.33
x$28.676
x
Sept. 30— 1938—3 Mos.—1937
Net profit-
Earns,
$28,698
sh.
per
stock
1938—9 Mos.
$103,517
$0.42
$0.45
A
147, p. 2404.
Directors have declared a dividend of 15 cents per share on the subshares payable Dec. 20 to holders of record Dec. 1.
This compares with
20 cents paid on Dec. 27, 1937; and an initial dividend of 10 cents paid on
-
■
'
.
'
On the full certificates of
proprietary interest each of which is equivalent
sub-shares, the current dividend is equal to $15 per share.—V. 147,
page 586.
to 100
Thatcher Mfg. Co. (&
Period End. Sept. 30—
Net sales.
Costs and expens&s
Depreciation
Operating profit
.
$502,690
1938—9 Mos
■
Other income.
$4,887,166
3,938,952
135,842
$5,178,548
3,814,587
153,620
$812,372
49,396
$1,210,341
67,169
$861,768
Prov. for sundry losses,
&c
—
—
—
_
Fed. income taxes, &c—
35.727
Convertible pref. divs
Common dividends
-.
_
-
-
Surplus
Earns, per sh.
146,832
shs. com. stk. (no par)
—V. 147, p. 1208.
Thermoid Co.
Depreciation
Interest.
343,053
$258,521
104,072
36,706
$324,148
107,265
36,706
$559,722
312,701
110,119
$838,788
324,109
110,119
$180,177
$136,902
$404,560
$1.05
$1.48
$1.68
$3.50
(& Subs.)
-Earnings-
1938—3 Mos.—1937
$94,435
$211,820
45,885
30,625
3,600
Cr44,943
491
Total income
101
238
______
share
18,375
$10,037
$111,195
x$310,394
$378,960
on
common stock
Net
loss
Nil
$0.17
deprec.,
int.,
and other
—V.
147,
p.
The directors
$269,299
1938—3 Mos.—1937
$2,830,542
$3,117,501
$1
was
1938—9 Mos- -1937
$8,573,159
$' 1,272,449
276,873
$2,508,718
2,237,747
$3,414,350
3,186,302
'
$228,048
38,229
•
$562,379
39,398
$1,202,041
105,456
$286,558
Federal income taxes
$266,277
$601,777
$1,307,497
27,035
59,153
54,576
16,971
94,619
145,875
183,869
45,737
have declared
Earnings per share
147, p. 2405.
—V.
a
dividend of 50 cents
on June 30,1937 and dividends of 75 cents
preceding quarters.—V. 147, p. 587.
per
share
the
on
were
paid in each of
Union Bag & Paper Corp .—Earnings—
Delivery, selling, administrative and general
3 Mos.
$4,145,316
3,005,513
12 Mos.
15,910,104
11,257,225
(net)
842,559
3,133,428
$297,244
4,714
exps.
Balance
Total income
$1,519,451
13,437
$301,958
$1,532,887
Interest paid
58.241
238,338
Prov. for Fed. income & cap. stock taxes (est.)—
40,450
184.575
Profit for period
Earns, per share on 1,052,274 shares of com. stock
$203,267
$0.19
$1,109,974
—
—
$1.05
x Provision
for depreciation during the quarter amounted to $200,430
and for the 12-months'
period amounted to $746,424 based on rates which
are considered sufficient to write off the net book value of
buildings, ma¬
chinery and equipment over their remaining useful life.
Provision for
depletion of timber lands and leases for the quarter amounted to $1,360
and for the 12-months'period $8,240.
Note—The above statement does not include any provision for surtax
on undistributed
profits.—V. 147, p. 2707.
United Air Lines Transport Corp. (& Subs.)—Earnings
Period End. Sept. 30—
1938—3 Mos.—1937
Total oper. revenues
$3,040,479
$3,179,948
Oper. exps. & taxes
2,579,945
2,502,956
Net salv.
on
1938—12 Mos—1937
434,551
Crl9,377
$9,545,177
9,821,186
1,464,893
Crl78,957
$107,361
$387,512
x$l,561.946
8,540
24,152
63,580
93,472
$115,901
$0.08
equip, sold.
308,857
Cr81,378
,
surtax on undis.
earns,
$411,664
$0.28
x$l,498,366
Nil
$75,550
$0.05
profits)
$10,003,113
9,044,408
1,231,225
Crl99,998
Net
per
$135,577
293,290
$0.42
$277,552
293,290
$0.83
x$17,922
prop¬
&C—__
income
Earnings
share
Denotes loss.—V. 147,
p.
2104.
United Amusement Corp., Ltd.—Extra Dividend—
and^class B^stocks, all payable Nov. 30 to holders of record Nov., 15.—
United Carbon Co. (& Subs.)—Earnings—
9 Mos. End. Sept. 30—
1938
Total income
$1,952,784
Deprec. and depletion-.
952,861
a
126,427
Minority interests
Netprofit
Common dividends
Surplus
Shs.
$165,454
293,299
$0.53
Cr54,600
from oper.
from miscell.
155,614
62,413
31,656
i
Net profit
Shs. com. stk. (nopar)__
733,084
$4.62
■
Directors have declared an extra dividend of 15 cents per sharein addi¬
tion to the regular semi-annual dividends of 30 cents
per share on the class A
1938—9 Mos.—1937
$7,408,882 $11,127,663
6,846,503
9,925,622
int.,
f
734,300
-.$1.63
Period Ended Sept. 30, 1938—
Gross sales, less discounts, returns & allowances._
xCost of products and manufacturing expenses
120,636
Subs.)—Earnings
1938—3 Mos.—1937
$270,971
15,587
Total income
Develpom't exps.,
royalties, &c
Depreciation
$1.10
paid
erty, interest,
68,576
Thomoson Products, Inc. (&
Operating profit
$3,383,245
$0.37
[Including the results of operations, of wholly owned sub. now liquidated]
j x
106,429
Other income
,$806,836
733,084
$1,198,242
734,300
stock
paid on March 31, last; a special dividend of 25 cents, in addition to a
dividend of $1 was paid on Dec. 15, 1937; a special of 50 cents, in addition
to the $1 quarterly payment was disbursed on Sept. 30, 1937, a dividend of
2549.
Costs, exps., &c
$4,453,368
362,736
707,387
stock, rio par value, payable Dec. 15 to holders of record Dec. 2.
Like amount was pajd on Sept. 30 and June 30, last.
A dividend of $1 was
Net
taxes,
Period End. Sept. 30—
Net sales
240,623
common
Inc.
amort.
charges
$1,838,805
399,940
127,981
Dividend—
$0.55
Thompson Co.—Earning
after
$1,055,729
120,912
60,496
share—___
per
1 938—9 Mos.—1937
$1,782,642
$4,368,321
56,163
85,047
Fed'l income taxes (incl.
Nil
Period End. Sept. 30—
Gross sales
._
Net
common
(& Subs.)—Earnings—
133,313
income.
Shares
Earnings
Indicates loss.—V. 147, p. 1208.
(John R.)
Granted—
$463,108
Depreciation.
Net profitper
$806,743
184,447
129,613
23,710
88,930
1,083
122,104
20,024
expense
Minority interest
x
x$l 8,955
195,803
30,363
4,177
_
Federal income tax
$1.19
„
1938—12 Mos .—1937
49 ,,620
Amortization
586.
95,669
188.392
on
Period End. Sept. 30—
Profit-..-
Earnings
113.654
142,815
$117,743
Net profit
„
Miscellaneous income
40,252
88,119
$0.05
1938—3 Mos.—1937
$451,296
$1,030,244
11,812
25,485
Depreciation:
$1,277,510
-
$0.28
Nil
.
Federal income taxes—-
1937
$478,342
24,348
$386,892
Other income
$372,209
14,683
p.
1938—9 Mos.—1937
$24,259
$561,862
$132,239
Underwood Elliott Fisher Co.
the four
Subs.)—Earnings-
1938—3 Mos.—1937
$1,866,098
$1,952,156
1,448,339
1,422,460
45,550
51,354
x$456,863
After depreciation and normal Federal income taxes, but before surtax
Net after expenses
Texas Pacific Land Trust—Dividends—
21, 1936.
loss$44,077
Period End. Sept. 30—
Corp.—Acquisition—
Corporation disclosed in an amended registration statement filed with
the Securities and Exchange Commission that it acquired, on Oct. 24,
99.8% of the outstanding capital shares of Central States Pipe Line Co.,
which was incorporated in Illinois last Sept. 7.
With directors' shares,
Texas Corp. now has 100% voting control.
Also announced was the incorporation of Texas Co. of Venezuela, Ltd.,
on Oct. 26, of which Texas
Corp. acquired 61.54% of the stock.
Voting
control is 100% based on shares held directly by the corporation and
directors, from whom it has the option to purchase.—V. 147, p. 134.
Dec.
-_.
Ulen & Co .—Options
of 1% interest was made on the 6% income debentures
Aug. 2, 1938, and 1^% was paid Feb. 2, 1938.—V. 147, p. 1789.
Texas
$880,268
profits.—V. 147,
Company has notified the New York Stock Exchange that options have
Messrs. Thomas F. Devaney and Lockwood J. Towne
for the purchase of 2,500 shares and 7,500 shares, respectively, of the
common stock of the company at $2.50 per share, in whole or in part from
time to time within three years of Oct. 20, 1938.—V. 147,
p. 2550.
payment
on
1938—9 Mos.—1937
been granted to
Tennessee RR.—Interest—
of 1948
*
x$231,905
undistributed profits.—V. 147, p. 1647.
on
-1937
$94,096
$0.15
$0.13
After depreciation and taxes.—V.
x
a
$34,202
k
$ 280,993
Earns, per sh. on 472,500
shares common stock-
com
on
1938—3 Mos.—1937
Profit after Federal surtax on undistributed
Net profit—
a
Nil
3972.
p.
Co.—Earnings—
Twin Coach Co.—Earnings—
Period End. Sept. 30—
1938—3 Mos.—1937
Telautograph Corp.—Earnings—
Period End.
9 Mos.
$2,201
$0.03
-
300.-
on
000 shs. of cap. stock.
Steel
Period End. Sept. 30—
loss after deprec.,
taxes and other chgs._
x
1938—9 Mos.—1937
1938—3 Mos.—1937
on
Net
Tampax, Inc.—Earnings—
Period End. Sept. 30—
Net profit after all chgs.
3Mos.
$17,288
$0.23
74,750 shares of capital stock
1438.
Truscon
■
After preferred dividend requirements.—Y. 147, p. 1208.
x
196,420
$2.79
Co.—Earnings—
Period Ended Sept. 30, 1938—
Net income after expenses and taxes
Net inc. arter oper. exps.
x
$1.40
j
—V.
(G.) Tamblyn, Ltd.—Earnings—
Period. End. Sept. 30—
1937
$548,458
Net income after charges and
Earnings
$2.87
expenses,
a
stk. (no par)—
com.
$879,581
293,290
per
After
share
1937
1936
1935
$3,203,942
1,023,000
$2,148,762
784,411
Cn43,983
263,833
$2,735,716
879,060
281,690
$1,143,906
994,713
$1,917,108
1,392,598
$1,574,965
775,876
$1,363,721
714,058
$149,193
397,885
$524,510
397,885
$4.82
$799,089
397,885
$3.96
$649,663
397,885
$2.87
630
$3.43
deducting manufacturing, selling, general and administrative
Federal and State income taxes and reserve for expenses.
Note—No provision made for Federal surtax on undistributed
profits.
Volume
Financial
147
Consolidated Balance Sheet Sept.
1938
1938
$
Ld., bldgs., equip.,
wells, Ac
24,056.092
Trade-marks,
Accts. receivable..
Inventories
Sundry
23,865,986
Dividends
notes
bon Black
x456,715
674,457
1,083.508
408,382
868,776
770,757
1,000,166
453,226
880,200
1938
9137
operating earnings of subsidiary companies
(after eliminating inter-company transfers)
$88,029,859 $88,556,111
General operating expenses
40,372,258
41,237,338
Maintenance.
4,765,060
4,581,913
Provision for retirement
8,773,428
8,592,204
General taxes and estimated Federal income taxes. 10,827,345
10,504,717
Net earns, from oper. of
subsidiary companies.
Non-operating income of subsidiary companies.
$23,291,768 $23,639,940
mnn "
2,404,346
1,288,717
290,000
Interest.
231,267
2.974,839
$24,580,485
2,883,007
$26,044,286
16,050,566
lo,807,312
514,264
248,000
losses, Ac
Minority
182,780
United Light & Power Co. (& Subs.)—Earnings—
12 Months Ended Sept. 30—
Gross
depletion
.13,448,692 12,596,560
Res.
for
possible
Surplus..!
.
443,089
880,200
280,408
$8,529,919 $10,236,974
.
Proportion of earnings, attributable to minority
Fuel
Corp. stock, Ac.
Deferred charges..
x
45,000
44,848
Res. for deprec. A
Res. for Fed. taxes
182,780
3173
126,566
Misc. def'd liabll..
994,167
Exp't,
Total
159,827
z
A State Inc. tax.
Inc
River
596,828
See
Accr'd taxes, Ac..
Undlst. profs.,Fed.
and
accts. Asecurs__
298,414
payable
1
1,641,565
Cap. stock of Car¬
z
Common stock..11,952,538 11,952,538
285,343
Accounts payable.
z465,322
1,542,681
Notes and accepts.
receivable
$
y
1
Cash
1937
$
Liabilities—
con¬
tracts, Ac
Miss.
30
1937
$
Assets—
Chronicle
240,545
common
Total .........30,117,146 29,893,021
29,893,021
...30,117,146
x
Notes receivable only,
y
Represented by 397,885 no
Includes provision for accruals, Federal and State taxes.—V.
par shares,
147, p.1209.
United Chemicals, Inc. (& Subs.)—Earnings—
Period End. Sept. 30— 1938—3 Mos.—1937
1938—9 Mos.—1937
Net profit---—
$17,385
$24,584
$20,526
$69,637
stock
_L
;
.
Expenses and
taxes of United Light &
Power Co..
.
x
Alter taxes, depreciation, &c.—V. 147, p. 1209, Y. 146, p.
3205.
United Cigar-Whelan Stores Corp. (& Subs.)—Earns.
30, 1938—
3 Months
9 Months
Period Ended Sept.
Net sales
$12,086,818 $36,175,009
Operating loss before deprec., amortiz. & interest.
Net loss after taxes depreciation and charges..
x
120,597
74,652
101,243
210,350
$702,357 for 9 months on bonds
retired, and $170,117 net loss on sale of real estate mortgages receivable
and payment of $37,500 on cancelation of executive's employment con¬
tract charged in the 9 months period.—V. 147, p. 2878.
x
After profit of $25,923 for 3 months,
(The) United Corp .—Files Integration Plan with SEC—
To Continue
as
Investment
Company and Enter Underwriting
Field—
$7,909,017
73,628
406,201
$7,982,644
193,533
$6,362,507
$7,789,112
$6,768,708
2,446,393
2,515,305
1,916,114
Balance transferred to consolidated surplus.
$5,273,806
Earnings of Company Only
1938
1
Expenses and taxes.
Interest, amortization of discount and
Funded debt
Other deductions
1937
$3,285,302
406,201
$2,409,457
193,533
2,406,817
Gross income
2,474,828
40,478
expense on
39,576
-
Net income
$432,708 loss$299,381
—V. 147, p. 3029.
United Light & Railways Co. (& Subs.)—Earnings—
Corporation revealed Nov. 15 that, although it will continue to operate
an investment
company, it has decided, as opportunity permits, to
diversify its portfolio and participate in the financing and underwriting of
new capital issues in the public utility and other fields.
The company's letter addressed to William O. Douglas, Chairman of the
Securities and Exchange Commission in response to his request that he be
advised on or before Dec. 1, 1938, of any plans, tentative or otherwise, the
corporation has under consideration to meet the provisions of section 11 of
the Public Utility Holding Company Act of 1935 follows:
As your records will show, The United Corp. is prima facie a holding
company subject to the provisions of that act by virtue of its ownership
of outstanding voting securities in public utility holding or operating com¬
panies as follows:
as
'
—19.6%
.«—..23.4%
13.9%
26.1%
These securities were acquired within approximately two years after the
corporation was organized.
From its inception the character of the cor-
Columbia Gas & Electric Corp—
:
Niagara Hudson Power Corp
Public Service Corp. of New Jersey...
The United Gas Improvement Co
...—
—
E oration's businessover beencompanies in which it owns stocks
that of an investment company.
legal control has the
It does not
nor does it
of the nature and character usually found in holding
company systems and contemplated to be regulated by the act.
The United Corp. has determined to continue as an investment company
and, as opportunity permits, to diversify its portfolio and participate in the
financing and underwriting of new capital issues in the public utility and
ave
perform
2,327,957
1,789,518
.
i
Equity of United Light & Power Co. in earnings
of subsidiary companies
$6,740,400
Income of United Light & Power Co. (exc
income received from
28,307
subsidiaries)
services
other fields.
The public utility industry, as well
each year for large amounts of new
12 Months Ended Sept. 30—
$78,130,270 $78,249,256
35,754,315
36,248,007
4,281,239
4,053,872
Provision for retirement
7,741,429
7,550,360
General taxes and estimated Federal income taxes.
9,515,823
9,303,989
pany
transfers)
General operating expenses
Maintenance
;
Net earnings from operations of subsidiary and
controlled companies
I!
$20,837,464 $21,093,028
Non-operating income of subsidiary and controlled
companies
565,257
1,775,841
Total income of subsidiary and controlled cos
$21,402,720 $22,868,868
Interest, amortization and pref. divs. of subsidiary
and controlled companies
13,427,074
13,158,619
$7,975,646
common
in co mmon with all industry, has need
capital.
Sound capitalization would
$9,710,250
1,789.518
Balance
Proportion of earnings,
2,331,904
1,186,127
$7,378,346
to minority
attributable
stock..
Equity of United Light & Rys. Co. in earnings
of subsidiary and controlled companies
Income of United Light & Itys. Co. (exclusive of
income received from subsidiaries)
*1
646,524
$8,024,870
240,696
73,992
>,743,340
$7,710,181
1,355,646
42,428
18,790
1,375,000
42,988
19,226
$5,326,476
1,214,496
$6,272,967
1,229,854
$4,111,980
Expenses of United Light & Rys. Co.
Taxes of United Light & Rys. CcL-.
798,875
$6,985,002
119,419
122,243
Total
require that at least half of this new capital be raised through the
issuance of equity securities.
In our opinion, The United Corp. can aid
in this needed equity financing and be in a position also to assist in some
of the financing required in connection with the various steps of integration
throughout the country.
Accordingly, The United Corp. proposes to diversify its portfolio and
thereby to reduce its present holdings in the securities of the four statutory
subsidiaries.
Such a course will have an important bearing upon the
1937
1938
Gross operating earnings of subsidiary and con¬
trolled companies (after eliminating inter-com¬
$5,043,113
seem to
application of section 11 of the Public Utility
United Corp. and its statutory subsidiaries.
Holding Company Act to The
ip, the objectives of section 11 are two-fold, viz' the
geographical integration of operating territories, and the simplification of
holding company systems. We are both ready
and willing to cooperate in the attainment of these objectives.
The particular problems under section 11 which confront this corporation
do not appear to us to require the formulation of a comprehensive plan
which would cover the corporation's statutory subsidiaries.
As already set
forth, The United Corp. in no case owns or controls as much as 30% of
the outstanding voting securities of a statutory subsidiary.
It is in no
position, therefore, to speak with authority for such subsidiaries.
It may be pointed out, however, that the respective territories of these
subsidiaries are already substantially integrated.
Those of Public Service
Corp. of New Jersey and of Niagara Hudson Power Corp. are completely
integrated within the States of New Jersey and New York respectively.
The major portion of the operating properties of The United Gas Im¬
provement Co. system is located in contiguous territories in eastern Penn.
sylvania and Delaware.
Columbia Gas & Electric Corp. appears likewise to have a substantial,
As
we
understand
Balance..
Tax
on
debenture interest—.
plan of The United Corp. to diversify its present holdings.
It is our intention to proceed with this program for diversification as
as is practicable, and we believe that under favorable market
conditions it will be possible by sales, exchanges, or otherwise to reduce the
corporation's holdings of public utility voting securities to below 10% of
those of any one company.
rapidly
The program
for The United Corp. set forth in this letter is presented, in
directors, as a course which the corporation
could best pursue, having in mind the interests of the stockholders as well as
the requires ents of law.
However, we shall be glad to consider any sugges¬
tions the Commission may have on the matters herein set forth.—V. 147.
p. 2707.
the considered judgment of the
United Drug,
preferred stock dividends..
Balance
—V. 147,
1938—3 Mos.—1937
-
1938—9 Afos.—1937
.
p.
1,400,560 shs. capital stock
($5 par)
—V. 147, P. 1209.
$132,302 loss$569,120
$928,481°
Earns, per sh. on
United Gas
Week Ended—
$0.05
$0.09
Nil
$0.66
Nov. 12, *38
(kwh.)_— 95,718,000
Nov. 5, '38 Nov. 13. '37
95,098,231
90,244,511
3029.
United States Tobacco Co.— Year-End Dividend—
year-end dividend of 71 cents per share on the
stock, payable Dec. 15 to holders of record Nov. 29.
A dividend
of 32 cents was paid on Sept. 15 and on June 15, last, this latter being the
initial distribution on the new common shares now outstanding.
See also
Directors have declared a
common
V.
United Specialties Co.—Earnings—
1938—3 Mos.—1937
Period End. Sept. 30—
146, p. 3530.
1938—9 Mos.—1937
Net loss after taxes, de¬
interest,
prec.,
x
Profit.—V.
147,
x$207 165
$73,866
$1.45
Nil
$0.37
Nil
1789.
p.
United States
Period End.
x$52,702
$17,161
&c—
Earns, per share on com.
stock.
Freight Co. (& Subs.)—Earnings—
1938—9 Mos.—1937
1938—-12 Mos.—1937
Sept. 30—
$24,214,977 $30,663,803 $33,378,002 $45,608,457
Gross revenue.
(22,972,7471 33,070,606
Freight & cartage paid.. \23,958,470
Operating costs
— J
\ 7,277,966/
7,277,966/
$413,090
4,304
$256,507
1,412
224,869
Gross income
Interest
172,790
218,787
201,640
$142,564
(incl. Federal)...
Depreciation
.
Invest, adjustment
Taxes
$11,642
734,591,876
I,10,507,759
$307,396
2,211
269,838
244,528
$508,822
5,519
247,152
299,370
75,000
Net loss
$284,181
$43,219
Earnings for 3 Months Ended Sept. 30
1937
1938
$8,863,326
Gross revenue
Gross income—
1 8,617,119 ( 7,195,954
1 2,370,882
J
.
...
10,023,391
2,316,513
$246,207
685
$178,730
$393,325
63,287
—
Interest
(including Federal)
Depreciation
Taxes
82,750
57,523
70,604
32,612
$44,624
$0.15
$277,964
$0.93
$0.36
share outstanding
2257.
Net profit per
147, p.
215
$108,824
Net income
—V.
1936
$9,745,565 $12,733,230
79,175
Freight and cartage paid
Operating costs
->
United States Gypsum Co.—Earnings—
1938—3 Mos.—1937
1938—9 Mos.—1937
Net income after charges
$1,607,725
and Federal taxes
Earns, per
$1,456,307
$3,788,945
$4,857,560
1,193,733
1,193,156
T 193,733
1,193,156
$1.23
$1.11
$2.83
$3.73
stock
outstanding (par $20)
-
share on (par
$20) common stock—
Improvement Co.—Weekly Output—
Electric output of system
—V. 147, p.
2550.
No. of shs. of com.
-
$66,265
income taxes, Ac
.
.
Period. End. Sept. 30—
Inc. (& Subs.)—Earnings—
Period End. Sept. 30—
Net
profit from oper.
after deprec., int., Fed.
—
Balance transferred to consolidated surpius—
Prior
the corporate structures of
integration of operating territory in Ohio, the western parts of Pennsylvania
and West Virginia.
We believe that the problems of integration and simplification in the
cases of these statutory subsidiaries may be solved most effectively by the
Commission through direct dealings with each of those holding company
systems.
In our opinion, The United Corp. and its four statutory sub¬
sidiaries do not in any realistic sense constitute a holding company system
under the act.
Moreover, it is our judgment that the section 11 problems
of these statutory subsidiaries will be more easily solved because of the,
—
Holding company deductions:
Interest on 5lA% debentures, due 1952
Amortization of debenture discount and expense
—V. 147, p.
758.
United States Steel Corp.
-New
Official for Subsidiary—
Steel Corp. of Delaware announced on Nov. 10 the
appointment of George Wheeler Wolf as President of the United States Steel
Products Co., effective Jan. 1, 1939.
This company is the export medium for United States Steel Corp. and
is represented in all steel consun ing centers of the world.
Mr. Wolf
succeeds George C. Scott, who is retiring from active service but will remain
with the Products company in an advisory capacity.—V. 147, p. 2708.
The United States
United Wall Paper Factories,
The
New
Inc.—Listings-—
York Curb Exchange has approved the listin? of 60,000
ditional shares of common stock, par
—V. 147, P.3030.
ad¬
$2, upon official notice of issuance.
3174
Financial
Chronicle
Universal Cyclops Steel Corp.—Earnings—
30—
1938—3 Mos.—-1937
1938—9 Mos.—1937
Nov.
Ward Baking Corp. (&
Period End. Sept.
Net profit after charges
& Fed. income taxes—
Earns, per sh. on 500,000
shares
of
$25,477
$224,230
$9,667
stock
com.
Universal Gas
$0.45
$0.02
mm
—
—
m*
m
$1.80
1937
$43,083
m
m
~
mrlm
243
32,334
260
2,010
10,356
1,706
10,696
$1,527
'
~ mum — m
Net income before Federal income taxes
def$l,915
Balance Sheet Sept. 30
Liabilities—
1937
1938
1938
SI,088
$2,678
Notes payable
Accts. receivable—
17,039
35,424
Accounts payable-
$11,363
At
Accrued liabilities.
8,988
8,199
on
workmen's com-
i*
10-year 6%
Fpensatlon lnsur.
Ins. prems. prepd.
Inventory
(store¬
203
161
476
476
house supplies).
35
-«.
-
-
bonds..—
258,000
100,000
577
48
2,197
100,000
2,160
Earned surplus
244
Gas franchises——
1
not
2,525
456,334
After
sented
$514,415
Total...,-
—
.
$480,756
for depreciation of
by 1,000
$84,393 in 1938 and $68,171 in 1937.
par shares.—V. 147, p. 588.
no
Utah Power &
$178,613
.
shares, payable Dec. lOtoh olders of record Nov. 21. This compares
a
Aug. 27, last;
a
stock dividend of 5% paid on June 20,-
cash dividend of 15 cents was paid on June 10, last-cash dividends
West Canadian
$514,415
for depreciation of $403 in 1938 and $267 in 1937.
reserve
$121,000
and on Dec. 10, 1937, a
May 28, 1937, and cash
dividends of 50 cents per share distributed on Feb. 27, 1937, Oct. 31 and
June 15, 1936, and on Dec. 15, 1935, this last being the first dividend paid
since 1933.—V. 147, p. 1356 .
472,556
$480,756
Total
x
$43,381
Directors have declared cash dividend of 25 cents per share on the com¬
last;
292
278
Pipe lines
1938—9 Mos.—1937
$539,261
$656,118
660,261
834,731
Grape Juice Co.—25 Cent Dividend—
with 10 cents paid on
414
Auto trucks, &c.
reserve
$22,817
of 25 cents per share were paid on March 21, last,
dividend of 75 cents was paid on Aug. 24 and on
located
y
Inc.—Earnings-
1938—3 Mos.—1937
$192,056
$235,459
214,873
278,840
—
Welch
mon
al¬
progress
Net loss
2,160
In
x
26 to holders of record at the close of businesss on
—V. 147, p. 1054.
$100)
823
work
$3.57
meeting of the directors held Nov. 9, a dividend of 50c. per share was
Gross profit-
100,000
(par
1
of
$2.62
Webster Eisenlohr,
225
stock
1,121
Interest-
a
Period End. Sept. 30—
100,000
Capital surplus
Deferred charges—
Cost
$1.46
275,000
gage
421
Corporate
Prepaid
$913,320
$1.16
Exp., int., deprec., &c__
mort¬
Preferred $6 cum
z
Com.
trustee
service fund
$669,962
Company states that this is the dividend which would normally be
declared payable on Jan. 1, 1939; but, since the company's current fiscal
year ends on Nov. 30, it is for this year still subject to the high taxes on
undistributed profits.
Accordingly, it is advantageous to the company to
declare and pay the dividend prior to the end of its current fiscal year
instead of on Jan. 1, 1939.—V. 147, p. 1941.
$16,000
12,831
prem.
16, '37
$374,157
7% pref. stock—
declared payable on Nov.
Nov. 22.
1937
Cash in bank
Depos.
Oct. 22, '38 Oct.
$296,285
Wayne Pump Co.-—5Q-Cent Dividend—
1938
$42,034
27,898
Interest, depreciation and other deductions
Assets—
shs.
Co.—Earnings-
3 Months Ended Sept. 30—
m
43 Wks.End 42 Wks.End
'37
—V. 147, p. 2709.
Total gas sales.
Total cost of sales incl. administrative expenses—
Insurance..
——
Net profit after deprec.,
interest and taxes—,.
Earns. per sh. on 2 56,008
$0.05
(par $1) outstanding—
(pa 147, p. 1210.
T&XOS.-
$901,134
Subs.)—Earnings—
15 Weeks Ended
Oct. 22, '38 Oct. 16,
Period—
x
1938
19
After
Repre¬
Company paid
y
z
an
Hydro-Electric Corp.—Partic. Div.—
initial dividend of 13 cents per share on the 80 cent
stock, on Oct. 26 to holders of record
cumulative participating preferred
Oct. 17.—V. 135, p. 1165.
Light Co.—Preferred Dividend—
West Coast
Telephone Co.—Accumulated Dividend—
The directors have declared dividends of $1.16 2-3 per share on the $7
cumulative preferred stock, no par value, and $1 per share on the no par
The directors have declared a dividend of $1.12M per share on account
of accumulations on the 6% cumul.
pref. stock, par $25 payable Dec. 1
$6 cumulative preferred stock, both payable Dec. 21 to holders of record
Like amounts were paid on Oct. 1, July 1 and April 1, last, and
Dec. 21 and on Oct. 1, 1937.
See V. 144, p. 3522 for detailed record of
previous dividend payments.—V. 147, p. 2708.
This compares with 75 cents paid on Sept. 1,
last; 37% cents paid on March 1, last; $1.12
paid on Dec. 1,
1937; 75 cents paid on Sept. 1 and June 1, 1937 and 37M cents paid on
March 1,1937.
See also Y. 147, p. 1210.
Nov. 21.
on
_
Vadsco Sales Corp.
(& Subs.)- -Earnings—
3 Months Ended Sept. 30—
x
,
1938
Profit
$29,366
After depreciation and other charges.
Loss of Vadsco Realty Corp. for three months ended Sept. 30,
1938,
was $14,685 after depreciation,
against loss of $12,404 in corresponding
period of 1937.—V. 147, p. 1356.
\
x
Van Norman Machine Tool
Co.—Earnings—
First 40 Weeks—
Net profit before prov. for Fed. taxes.
Earnings
per
1938 '
1937
1936
$298,727
$270,455
$3.04
$3.26
,
Gross earnings
.$27,555,801 $30,580,334 $37,543,560 $40,716,098
Oper. exp. & maint
12,238,283
13,566,464
16,874,734
17,959,078
Taxes
3,536,253
3,929,007
4,762,574
5,128,429
Reserved for R. & R...2,610,917
2,682,699
3,575,572
3,423,441
Gross income--
—V. 147, p. 286.
Deductions sub.
Viking Pump Co.—Special Dividend—
a special dividend of 50 cents per share on
value, payable Dec. 15 to holders of record
were paid in each of the three preceding
Quarters; a special of $1.25 was paid on Dec. 15, 1937; special dividends of
25 cents were paid on Sept, 15, June 1 and on March 15, 1937; a special
dividend of $1 paid on Dec. 15, 1936, and dividends of 25 cents were paid
common
Dec.
stock,
no
par
Dividends of 25 cents
1.
onJiepj^l5 and
Vulcan
June 15, 1936.—V. 146, p. 3531.
a
1938
$815,801
Expenses, depreciation, &c
667,546
Net
1937
$1,193,827
1,045,171
1936
$972,293
888,227
$148,256
4,813
$100)
32,258
$171,922
90,560
$104,078
$81,362
$3.03
.
b Net income
Earns, per sh. on
$84,066
20,012
$124,558
Tax reserve, &c
$148,656
23,266
$153,069
28,511
.
$1.70
26,399
"
$77,679
(par
shs.
common stock....
adjustments and charges at current prices for tin-bearing
(other than tin plate scrap) used in operations, less credit for
finished and in process inventory as of Sept. 30.
b Exclusive of surtax on
undistributed profits.
Comparative Balance Sheet Sept. 30
Assets—
x
1938
1937
Plant & equip't.
$994,257
Pats., goodwill, &c 2,544,677
Cash
$973,238
2,794,676
568,984
Liabilities—
1938
1,037,110
Investments
679,238
1,287,167
248,242
196,975
Res.
y222,068
25,777
27,404
own
pref. stk.
Investments
charges
7,435
6,143
accruals
158,100
deducting
Waldorf
Period End.
Total sales
a
y
Gross earnings-$15>457,041 $17,528,230 $21,424,497 $23,376,184
Oper. exp.,maint.& taxes
8,450,712
9,483,938
11,616,470
12,448,490
Reserved for R. & R—
1,126,461
1,187,562
1,615,566
1,530,166
Gross income-Int.
a
per
on
sh.
of
Net
9 Mos. End. Sept. 30—
Coupon int.
Price equal, res...
52,068
115,000
profits.
1,065,643
1,315,911
(2)
Total..
1938
$0.30
$0.21
$6,960,458
1,909,539
$3,675,273
$3,937,597
$5,050,919
In
the
above
income
147,
p.
1937
8,457
$2,045,631
7,129
7,303
.....
been
has
made for
end
147, p. 1509.
Period End. Sept. 30—
Operating revenue
Non-operating income.-
1938—9 Mos.—1937
$597,580
$1,106,076
Mos.—1937"
$1,532,779
1938—12
$884,546
1,219,714
1,208,452
50,435
$2,104,261
1,001,152
49,748
$2,741,231
1,435,175
71,436
$1,076,281
212,587
$1,053,360
257,200
$1,234,620
•
283,450
360
180
493
24,163
1,401
22,052
1,868
28,910
1,401
29,406
$465,823
$839,881
$765,202
$919,869
800,167
1,069,041
$1,397,747
$2,175,117
684,594
35,428
1,048,400
$677,725
186.337
Gross earnings
Oper. exp.,maint.& taxes
.
...
$861,449
.-7,023
-
$459,321
3,420
Interest—Other
Amort, of disc't & exp—
Miscell. deductions
—Net
8,567
10,999
income-----;---.
"i",40i
Note—At the close of the year 1937 no liability existed for Federal surtax
undistributed profits and hence in the above income accounts no pro¬
on
251,709
251.872
402,903
307,168
296,879
333,834
7,521
218,298
vision has been made therefor.
For the year 1938 no provision for such
tax is being made currently, as the amount thereof, if any, cannot be
finally determined until the end of the year.—V. 147, p. 1055.
42,539
Western Maryland Ry.—Earnings—-
un¬
—
Gross earnings
—V.
11,812
__
Consol. net profit
y$l,092,036
Earns.per sh.on com. stk
Nil
Week
1938
Prov. for Walworth Ala¬
bama Co. accrued un¬
paid pref. dividend.
provision
West Penn Railways Co. (& Subs.)- -Earnings-
Gross income
Interest on funded debt.
909.
-Earnings-
1938
>498,996
full
accounts
at the close of 1937 for Federal surtax on undistributed
For the year 1938 no provision for such taxis being made currently
$0.70
331,271
147,
p.
(est.)—
Ended
Nov. 7—
1937
-dan. 1 to Nov. 7—
$254,566
x$0.95
x$0.20
y$303,649
Nil
1937
1938
$278,130 M $342,608 $11,354,837 $15,358,961
2709. ■
_
r
Western Pacific RR.—Reconstruction Loan—
$1,254,024
x 1,310,504
shares of common stock (no par) outstanding in 1937 and
1.281,350 shares (no par) in 19.36.
y Loss.—V. 147, p. 1054.
$5,847,136
1,909,539
Reserved for R. & R
$0.03
239,695
inc.
$5,107,427
1,432,154
1938—9 Mos.—1937
$9,757,571 $11,032,237
91,695
298,925
taxes
Fed.
Cr81,272
123,431
the amount thereof, if any, cannot be finally determined until the
as
and
-
plant
(excl. of surtax on
distributed profit)
73,,339
$6,327,788 $6,753,322
mortgage
bonds & debs, of Wal¬
Res. for
<?r98,703
consolidated.
on
worth Co
$9,397,528
1,970,000
53,876
371,035
liability existing
6,095
Deiprec. taken on
and equipment
-
Balance
132,380
mortgage bonds
of subs
$8,192,461
1,984,826
79,419
306,443
Notes—(1) Includes all subsidiaries except Monongahela West Penn
Service Co. and,, its subsidiaries, whose accounts are not herein
170,355
1938—3 Mos.—1937
$3,266,889
$3,802,234
14,409
129,164
(& Subs.)-
Profit before int. & depr.
Int. on notes and drafts.
on
-
dividends—
170,353
After depreciation, Federal and State taxes.—V.
Walworth Co.
Int.
income-
Preferred
108,319
com.
426,419 shs..
$6,856,730
1,477,500
37,505
230,847
Cr81,272
84,724
$4,063,633
1,432,154
-.-.
$5,879,867
1,492,326
64,910
229,494
Cr28,365
57,868
$2,631,479
—
funded debt
other govt. chgs.
for contlngs.
System, Inc. (& Subs.)—Earnings—
Net credits
Earned
on
Interest—Other
Amort, of disc't & exp—
Int. charged to construe.
Miscell. deductions
Public
for depreciation of $2,102,097 in
1,860 shares at cost.—V. 147, p. 1210.
Sept. 30—
$3,012,229
undistributed
on
1938—9 Mos.—1937
1938—12 Mos.—1937
Operating revenue
$15,351,202 $17,388,625 $20,987,299 $23,168,864
Non-operating income..
105,839
139,605
437,197
207,320
27,025
for taxes and
reserve
$1,979,552 in 1937.
$1,184,111
surtaxes
West Penn Power Co. (& Subs.)—Earnings-
of the year.—V.
$6,327,788 $6,753,322
include
accounts
Period End. Sept. 30—
244,550
25,205
Dividends payable
Surplus...
Total..
income
$5,691,467
2,267,211
412,027
as
and In general..
and
prepaid expenses
listock
$729,012 $2,137,226
above
413,418
$3,865,217
2,267,688
computed and recorded at the close of the calendar years 1936
and 1937.
For the year 1938 to date no accruals for such surtaxes have
been made, except in the case of a few companies where it is definitely
known that a surtax for the year 1938 will be payable under existing laws.
—V. 147, p. 1054.
Res.
Cos.
Del,
$4,146,655
1,700,408
309,020
Accts. payable and
Accts. receivable..
Other
$2,740,309
1,700,885
310,411
1937
Preferred stock...$1,522,300 $1,522,300
Common stock
3,225,800
3,225,800
601,273
866,445
Inventories
$9,170,349 $10,402,164 $12,330,680 $14,205,150
6,212,572
6,047,652
8,181,265
8,239,918
187,500
187,500
250,000
250,000
29,967
20,357
34,198
23,765
Balance
Note—The
$1.58
Includes
a
materials
income
Class A dividends
'
Other income
—
7% and 6% pref. divs._
profits
Detinning Co.—Earnings—
3 Months Ended Sept. 30—
Sales
—
cos
Interest 5% debentures.
Other deductions..
The directors have declared
the
Subs.)—Earnings-—
1938—9 Mos.—1937
1938—12 Mos.—1937
Operating revenue
—$27,390,493 $30,358,710 $37,292,604 $40,406,603
Non-operating income-165,308
221,625
250,955
309,495
88,829 shares of
on
stock
common
West Penn Electric Co. (&
Period End. Sept. 30—
$289,966
$3.36
share
and on June 1,
1937
$52,754
.—
to holders of record Nov. 19.
,,
M The Interstate Commerce Commission on Nov. 10 approved conditionally
a loan of not to exceed
$10,000,000 to T. M. Schumacher and Sidney M.
Ehrman, trustees of the property of the
Finance Corporation.
company,
by the Reconstruction
Volume
Financial
147
B The Report of the Commission says in part:
'
By petition filed Sept. 1, 1938, the trustees requested authority of the
Court to issue and sell $10,000,000 of trustees* certificates for the purpose
of obtaining funds with which to pay a like amount of outstanding trustees*
certificates which will mature Dec. 1, 1938.
By our report and certificate
of March 9, 1938, we approved a loan of
$3,600,000 by the RFC to the
trustees, for specified purposes, to be evidenced and secured by the deposit
of an equal amount of such certificates.
On Sept. 8, 1938, the trustees
filed
with
us
application for
order authorizing and approving the
By our order or Sept. 23, 1938, we
granted the application and authorized and approved the issue and sale of
the certificates upon specified terms and conditions.
By order entered Oct. 5, 1938, the Court authorized the trustees to issue
issue and
an
sale
an
of such certificates.
apd sell the $10,000,000 of certificates
on the terms specified in our order
By petition dated Oct. 21, 1938, the trustees requested
the Court for a supplemental order
authorizing them, in case they found
it advantageous to their trust to do so, in lieu of selling their certificates
as authorized
by the order of Oct. 5,1938, to borrow the sum of $10,000,000
from the RFC and secure the loan by the issue to the RFC of certificates
of indebtedness in that amount, the terms of the certificates to be the same
as the terms of the certificates authorized in the Court order of Oct. 5,
1938, and our order of Sept. 23, 1938, the authority to be in addition to
and without derogation from the authority given in the Court order of
Oct. 5, 1938. to sell such certificates.
Upon the filing of the petition
and on Oct. 2l, 1938, the Court entered an order setting the petition for
hearing on Nov. 7, 1938.
The trustees state that they know of no reason
why the supplemental order should not be made and are confident that it
will be made.
•
of
Sept. 23, 1938.
.
The
The
trustees
request
a
loan
Application
Chronicle
A. W.
or decreases in the
company's earnings usually follow several
behind the trend of new business because of the unavoidable lag
between receipt of the order and
delivery of the finished product.
The
company s income, consequently, is still moving
with the falling off of orders last
spring."
interest at 4%
per
following the entry of the Court order of Oct. 5, 1938, authorizing them
to issue and sell $10,000,000 of certificates, they endeavored to arrange
for their sale but have been unable up to the present time to do so at an
interest rate and for a price that would make the cost of money no greater
than 4% per annum.
The trustees have filed a forecast of monthly cash balances for the
year 1939.
This estimate indicates that the cash on hand at the beginning
of the year. $1,551,072, will be increased to $1,837,656 as of the end of
the year.
The estimate includes an allowance to provide for 1939 budget
expenditures and interest on $10,000,000 of trustees' certificates at 4%,
but does not include any provision for interest on new bonds to be issued
after reorganization, major expenses of reorganization, and retirement
Improvement Program Continuing
Security
Ulevator Co. at Jersey
City,
and rebuilding the former A.
•
such certificates, when issued, will rank as
by the Court of the property of the Western
Pacific and as such will constitute, equally with other expenses of adminis¬
tration, a direct charge and lien on all property held by the applicants as
such trustees.—V. 147, p. 2709.
things,
provide that
Western Steel Products,
Ltd.—Earnings—
9 Months Ended Sept. 30—
profit after operating expenses
charges but before income taxes
—V. 144, p. 4031.
Net
1937
1938
and
s
other
$127,522
$121,014
B. See Elevator Works, which was acquired
New Director Elected—
John M.
Schiff, of Kuhn, Loeb & Co., has been elected
Hanauer.—V. 147, p. 2553.
a
director to
succeed the late Jerome J.
Westinghouse Air Brake Co. (& Subs.)—Earnings—
Period End Sept. 30—
Net profit after
deprec.,
& Fed. & State income
taxes but before surtax
1938—9 Mos.—1937
1938—3 Mos.—1937
$11,555
x$353,865
3,106,818
$0.59
.
$5,838,134
3,108,912
$1,846,833
3,108,912
3,106,818
Shares
of capital stock
outstanding (no par)
Earnings per share
Loss.
x
V. 147, p.
Nil
Weston Electrical
Instrument
1938
Corp.—Earnings—
1935
1936
1937
_
Depreciation
Federal taxes.
$564,779
Cr 19,947
134,806
76,200
$315,398
Crl1,524
$298,834
129,387
116,271
27,530
$373,720
41,064
120,438
$161,885
44,436
40,146
$154,968
x68,752
$56,640
_
$243,525
Cr 10,649
137,469
19,000
$97,704
41,064
Other deductions (net)
$212,219
$77,303
$86,216
Net profit
Class A dividends.
Common dividends
Surplus
Including 50 cents paid
x
$1.88
Nil
1790.
9 Mos. End. Sept. 30—
Profit after expenses
65
35,650
accumulated dividends.
.
Note—No provision has been made for surtax on undistributed profits.
,
expenses of the administration
N. J., has finished its program of enlarging
The merchandising division has completed its
year\
new storage
building at East Springfield, Mass. adding 300,000 square feet to manu¬
facturing and storage facilities."
^
on
-V.147,p.1509.
to
other
W
"In anticipation of better
busines, the company's $12,000,000 program
improvement and enlargement is continuing.
The radio division has
completed its move from Chicopee Falls, Mass. to Baltimore, were adequate
manufacturing space and offices have been obtained.
The Westinghouse
of trustees' certificates.
As security for the repayment of the loan applied for, the trustees offer
issue to the RFC their certificates of indebtedness in a like amount,
and on the same terms as those authorized or prescribed by the Court order
of Oct. 5, 1938, and our order of Sept. 23, 1938.
Those orders, among
downward in sympathy
of
_
of $10,000,000, with
the board says:
months
annum, for a period ending either on Dec. 1, 1939, or Dec. 1, 1940, to
enable them to pay a like principal amount of outstanding trustees' cer¬
tificates which will mature Dec, 1, 1938.
They state that immediately
*.
3175
Robertson, Chairman of
(George) Weston, Ltd. (.& Subs.)—Earnings—»
income
after
operating
1938
$415,404
*
expenses
but before
Federal income taxes
—V. 147, p. 1357; V. 146, p. 3363.
Westvaco Chlorine Products Corp.
Period End, Sept. 30—
Net profit after deprec.,
1937
$495,195
9 Months Ended Sept. 30—
Net
(& Subs.)- -Earns.
-1937
1938—9 Mos.'
1938—3 M[os.—1937
$207,993
$216,494
$562,454
$627,850
339,362
339,362
$0.40
Federal taxes, &c
No. of shs. com.stk.out_
$0.42
339,362
$1.02
339,362
$1.21
Earnings per share,
147, p. 1055.
—V.
(S. S.) White Dental Mfg. Co. (& Subs.)-
Earnings—
-
Western
Union
Telegraph
Co.,
Wage-Hour Law—
►
To Comply with
Inc.
.
The
Net income
Earnings
'•
Telegraph Companies on Nov. 14
the wage6-and-hours deci¬
recommenda¬
tion made Nov. 12 to Administrator Elmer F. Andrews by Dr. William M.
Leiserson, whose views Mr. Andrews is expected to accept.
Dr. Leiserson recommended that the application of the Western Union
and other wire and telegraph companies for exemption from the minimumwage provision of the Act so far as messengers were concerned be denied.
He made'his recommendation on the basis of testimony given at recent
hearings in this city.
Under the recommendation, the companies must pay the required
■
9 Mos. Ended Sept. 30—
x
Western Union and the Postal
both announced that they would comply with
While announcing its readiness to "comply," Western Union repeated,
however, that eventually at least 3,000 fewer messengers would be em¬
ployed by the company.
I*"Western Union, of course, will comply with the Wage and Hour Act in
conformity with the report of Dr. William M. Leiserson, the presiding
officer at the New York hearings on the application of the telegraph com¬
panies to employ messengers at wage rates less than those under the Fair
Labor Standards Act," a statement issued in behalf of the company de¬
clared, "Of course, such action will result, so far as Western Union is con¬
cerned, in reducing opportunities for employment of messengers by some¬
thing bver 3,000 in the United States."
Officials were careful to point out that the reduction in the number of
messengers was not to be regarded in the nature of dismissals, stressing
that "as the Act is applied and the company adjusts itself" there will be at
least 3,000 fewer messengers employed by the company.
The telegraph companies received 1£ days within which to file an appeal
from Dr. Leiserson's recommendation.
Officials of Western Union said no
decision had been made regarding the filing of an appeal or any other
procedure the company might pursue.
In announcing the readiness of the Postal Telegraph Co. to comply with
Dr. Leiserson's recommendation Clinton B. Allsopp, Vice-President, said
the company had sent a special message to supervising employees throughout
its system instructing them to "make such additional payments for services
since Oct. 23 as are necessary in each case to meet the minimum of 25 cents
an hour and also to arrange for payment of wages to messengers for con¬
tinuing services at such rates as will represent not less than 25 cents an
hour."
*
No information was available as to
whether there would be a reduction in
Telegraph messengers.
According to previous statements by the wire companies, any reduction
in the number of messengers employed would be compensated for by. the
use of the telephone, teletype and other methods of delivery.
The American Communications Association, C. I. O. affiliate, reacted
Postal
a statement by Joseph P.
Vice-President of the union, declaring that it would not permit
of "mass lay-offs."
"It is provided in the Federal Communications Act of 1936 that tele¬
graph companies must give adequate and efficient service to the public,"
Mr. Selly said.
"The discharge of any considerable number of messengers,
such as is indicated by the company's statement, can only result in a
drastically curtailed and inefficient telegraph service.
"Therefore, in the event of such discharge, the A. <jJ. A. would file a
complaint with the Federal Communications Commission charging Western
Union with violation of the Federal Communications Act of 1936."—
to
the announcement of Western Union with
Belly,
Western Union to institute a program
V. 147, p. 3031.
Western
Utilities
Corp.—Amendment Filed—
An amendment filed with the
Securities and Exchange Commission states
share
per
1938
1938
$109,477
Nil
White Sewing Machine Corp.—Earnings—
Sept. 30— 1938—3 Mos.—1937 1938—12 Mos.—1937
Period End.
Net profit after deprec.,
int., Fed. taxes, &c__l
Earns, per sh. on 100,000
-
-
^
-
shs. of
$7,753
pref. stock
$53,447
$174,729
$0.53
$0.08
-
-^V. 147, p. 2407.
Inc.—Sales—-
Fo^quarter ended
Oct. 29 last sales "were $5,353,552, against $6,486,315
ended Oct. 30, 1937, a decrease of $1,132,763, or 17.5%.
Wieboldt, President, sales trends since Oct. 29 last
have been more favorable.—V. 147, p. 1357.
in quarter
According to E. F.
Willson Products, Inc.—Sales—
Company reports sales for October, 1938, of $82,917, compared with
$72,320 in October, 1937, an increase of 14.6%.
Incoming orders in
October, 1938, increased 23% over October, 1937.—V. 147, p. 1941.
Willys-Overland Motors, Inc.—Prices Reduced—
of an
entirely new line, the Overland, were
company.
The 1939 prices
of the Willys "48" line start at $495 for the coupe, with
four-door sedan $555.
These are factory
the two-door sedan $535 and the
list
prices and exclude Federal excise taxes,
transportation charges and
They represent reductions of $4, $4, and $8, respectively
comparable 1938 models.
rthe new Overland "Speedway" models, large and roomier than any
cars built by Willys in the past six years, introduce a new type of body
design.
Important mechanical developments embodied iri the Overland
line include oversize hydraulic brakes and a "superthrift" engine of 61 hp.
Toledo factory prices of the Overlands, including full equipment but
excluding taxes and delivery charges, are:
Coupe, $560; two-door sedan,
$580; four-door sedan, $595, deluxe coupe, $610; deluxe two-door sedan,
$630, and deluxe four-door sedan, $655.
The four-door sedan, most
popular of Willys' body types, in the Overland "Speedway" line, lists
at approximately $70 below the next higher priced competitive four-door
sedan.—V. 147, p. 589.
State sales tax.
from
Wolverine Tube Co.—Earnings—
Sept.-30—
1938—3 Mos.—1937
1938—9 Mos.—1937
Period End.
Net inc. after oper.exps.,
Fed. income taxes, &c
Earns, per sh. on
$54,239
$29,394
$39,054
$346,374
$0.12
$0.06
$0.05
$0.82
396,122
shs. of com. stock
Preferred Arrearages Cleared Up—
f
a dividend of $5.25 per share on account o
the 7% cumulative preferred stock, par $100 payable
Dec. 1 to holders of record Nov. 25. This payment will clear up all arrearages
on this issue, the last regular quarterly dividend of $1.75 per share having
been distributed on March 1, last.—V. 147, p. 2407.
Directors
have declared
accumulations
on
Woodall Industries, Inc.—Earnings-
—V.
30—
1938—9 Mos.—1937
1938—12 Mos.—1937
$
$
$
$
113,170,228 191,200,758 151,509,531 239,573.704
119,530,418 154,839.997 171,038,728 193,316,391
Orders received
Sales billed..
N?axi°,fAca-f!f..
6,212,823
16,726,520
9,612,711 20.702,105
$x$2.31
y$6.26
y$3.60
$7.75
x On 2,592,155 shares (par $50) of common stock after preferred dividend
requirements,
y On combined preferred and common stock.
Unfilled orders Sept. 30, 1938, were $43,817,402 against $78,155,632 on
Earns,
per
share
Sept. 30, 1937.
•
,
»
•
,■
and the intro¬
announced by this
Price reductions of from $4 to $8 for the 1939 Willys cars
duction
p.1648.
Westinghouse Electric & Mfg. Co. (& Subs.)—Earns.
$3.24
,
Wieboldt Stores,
Net
Period End. Sept.
•
Sales for nine months ended Oct. 29, 1938, totaled $16,111,074, against
$19,419,870 in nine months ended Oct. 30, 1937, a decrease of $3,308,796
$550,000 6% notes, due -1952, will be 65
The
being offered by H. M. Byllesby & Co., Inc., present owners of
the notes and none of the proceeds will accrue to the company.—V. 147,
notes are
^
$324,470
$1.75
"
that the offering price on the
1936
$386,853
$1.28
1937
'
$331,224
$1.10
x After interest, depreciation, loss
(profit in 1936) on foreign exchange.
Federal, State and foreign income taxes,
y Loss.—V. 147, p. 1357.
sion under the Fair Labor Standards Act in accord with the
minimum of 25 cents an hour for messengers.
y
loss
taxes,
after
&c
1938—9 Mos.—1937
1938—3 Mos.—1937
Period End. Sept. 30
deprec.,
$86,981
$22,273
$199,417
Worthington Pump & Machinery
Corp.—Earnings—
(Including Domestic Subsidiaries]
9 Months Ended Sept. 30—
1938
Net income after expenses. Fed. inc. taxes, &c_$251,191
_
—V.
1937
$1,402,076
147, p. 1056.
Wright Aeronautical Corp.—To
Pay $2 Dividend—
the common
A like amount was
Dec. 14, 1936, this
first dividend paid since Nov. 30, 1930 when 50 cents per
Directors on Nov. 10
declared a dividend of $2 per share on
stock, payable Dec. 14 to holders of record Nov. 25.
paid on Dec. 14, 1937 and compares with $1 paid on
latter
pf$203,220
147, p. 761.
being the
share was
distributed.—V.
147, p. 2880.
3176
Financial
Chronicle
Wisconsin & Michigan RR.—Abandoned,—Acting
—Business,
under
authority of the Interstate Commerce Commission, the
handling traffic over any part of its line of railroad,
effective July 1, 1938 —V. 146, p. 774.
the
company discontinued
York
(Wm.) Wrigley Jr. Co .—Extra Dividend—
the
19.
3 Mos.—
Period—
x
y
y
—6 Mot.—
Sept.W38
June SO'SS
$164,175
Net
$3,107
profit
Earnings per share,
Nil
$0.29
$0.30
Estate
that
John
W.
1938
$416,004
30,811
Gross after deprecOther income.....
1937
$2,587,992
58,216
Total income
$446,815
1,202,278
46,530
$2,646,208
985,961
136,941
13,500
262,000
Net profit
loss$8H>,494
Shs. cap. stock (no par).
408.658
Earnings per share.....
Nil
x$l,261,306
408,658
±
No
provision
V. 147, p. 1056.
x
made
for
Federal
surtax
$1,202,836
Period End.
Sept. 30—
193&—3 Mos—1937
$119,487
$189,612
Operating profit
Depreciation.
11,408
10,107
Federal income taxes
Res. for future advt
*
for
New
24,179
40,000
Net profit-
$101,972
$108,241
$43,840
835,551
825.656
$0.05
Boston
York
of
for
change,
of
associate members of
the New
Commodity Exchange, Inc.
ness
and
the
partnership
new
will
continue
together
with
and municipal
be at 14
Wall
Chicago
and
Members
of
O'Meara,
Fisher,
the
—L.
conduct
underwriting,
Curb
to
an
general
a
The
and
trading
Ash
Neil
thfe
the
the
firm
new
will
firm
of
Heber L.
the
maintain
are
New
a
wire
system
Hartley Rogers,
York
D.
of
between
all
the
York
of
The
Fifth
that
announces
the
of
S.
Ernest
firm.
has been elected
of
branch
a
in
taken
given
at
headed
120
his
own
securities
insurance
Mr. Williams and Mr.
Securities
Straus
the
of
The firm
statistical
a
Med¬
Corporation
in
Street.
New
office
management
formerly
&
an¬
Williams
attention
with
been
have
York
the
in
Albert
Stock
Exchange,
Graybar
E.
Building,
Evans.
the
past
Co.,
ten
with
years
an¬
New
Evans
Mr.
1 Wall
St.,
New
Baker Weeks
York
&
has
Harden
members
City,
monthly business review and
for
them
by Augustus Slater,
forecast,
of
in
the
"The Sextant,"
economist,
are
L.
Feuchtwanger
Paul
William
Kuhn
Neil
Campbell
offices at
2
Rector
&
and
Co.,
Street,
members
New
now
ready
announce
York
New
Curb
York.
Shallcross, President of Transcontinent Shares Corporation,
appointment
H.
Combs
Stock
of
in
&
Sheridan,
Bogan
the Philadelphia
Co.,
Broadway,
61
Exchange, have prepared
Company
New
York
analysis of
an
of Philadelphia
area.
earnings and security prices.
of
—Ranson
offices.
Chicago.
L.
Treasurer.
particular
experience
years
to
came
been
has
Milton
estate bonds
Wadden
Wadden
Medway,
business
and
with
Offices
Mr.
twelve
firm,
City,
members
the outlook for
„
—Hugh W. Long & Company, Inc. announce the appointment of James
Campbell as wholesale representative in the
Philadelphia afea.
analysis
Leo.B.
of
&
of
Clifford
—Allen
will
Wallace Lyon,
W.
&
Department
Secretary
established.
Chicago.
wholesale representative
New
business
firm
Seligman
W.
&
Exchange, have announced that copies of the introductory
new
formation
railroad
activities,
new
to
J.
President,
securities
members
Campbell,
—-William
members
distribution
retail
head office of
as
banking busi¬
brokerage
over-the-counter
wholesale
securities.
Exchange and
investment
of
Ex¬
Street, New York with branch offices in San Francisco and
member
with
will
nationwide
corporate
York
In addition
firm
Stock
the
of
distribution.
—H.
new
be
had
the
for
Stock
their
announced
York
to
opening
"which is written
NOTICES
Lyon & Company, members of the New
is
Jr.
department for real
Co.,
under
—Mervin
the
Hartley Rogers,
Trust
and
head
Previous
of
securities
well-known in La Salle
&
Exchange, with
CURRENT
or
uptown office.
$0.18
—Announcement is made of the opening for business of the
two
Service.
The firm also
Street
formerly associated with
are
the
City
Salle
general
unlisted
A
and
both
La
a
Wadden,
Street,
associated
New
835,551
$0.13
Trust
President
Vice
Willard Medway
is
been
$149,661
825,656
$0.12
M.
and
their
$285,249
51,366
44,222
40,000
Shares capital stock out¬
the
Estate
been
has
Investors
Department
of
a
new
England before he
—Craigmyle
York
21,998
elected
a
and
Salle
were
.
34,221
head
conduct
listed
Chicago and
profits.—
$100,059
of
to
them
La
in
firm
in
issue
standing (par $1)
Earnings per share
—V. 147, p. 2553.
been
President,
deal in
way
1938—9 Mos.—1937
17,192
Cr4,000
has
insurance stocks.
South
389,198
$3.09
Corp. (& Subs.)— Earnings—
Moody's
Investment
was
Hauers
a
industries
that Carl R.
announce
charge of their
Mr.
Company, of Cincinnati.
William
nounce
Zonite Products
Trust
Inc.,
service
61,097
205,500
undistributed
on
he
in
years
but
pan
K.
Vice
$2,141,985
672,552
$3.32
the
in
important
many
Colgate, formerly associated with Colgate-PalmoliYe-Peet Company,
Campbell of Utiea, are now members of the firm.
Leicester
Fisher, formerly managing editor of the New York News Bureau
will
41,684
x$l,358,472
408,658
$3.09
Federal taxes
which
nounced.
$2,100,301
$2,513,621
803,270
102,879
249,000
>
the
of
Williams,
1935
$2,457,468
56,153
them
five
past
Department of
—Organization
1936
1935."
beyond
Treasurer.
to
Expenses
Int., disc't & other chges
the
head
Union
with
associated
the
in
of
flash
a
earnings
quarters
Cubberly, formerly Treasurer of J. G. White & Co. Inc.,
1936, was
paid Oct. 20, 1938.
(L. A.) Young Spring & Wire Corp. (& Subs.)—Earns.
9 Mos. End. Sept. 30—
not
in
of
venture
even
demonstrated
"have
Towne, Inc., Investment Counsel,
Trust
was
Association,
Valley Ry.—Interest—
The interest due July 1, 1932, on the 1st mtge. 5s due Jan. 1,
paid June 28, 1938, and the Jan. 1, 1933, interest was
—V. 144, p. 1460.
closing
the
at
those
and Samuel R.
7% cum. pref. stock, par $100, payable Dec. 23 to holders of record Dec. 16.
Arrearages now amount to $14 per share.—V. 147, p. 2880.
Yosemite
&
For
and
he
Third
the
on
is
Production
movement.
now
Co.,. before
Co.—Preferred Dividend—
quarterly dividend of $1.75 per share
a
is
Department.
bank indebtedness $500,000.
A further reduction was made in the second
quarter by the payment of an additional $250,000.—V. 147, p. 1211.
the
firm's opinion,
since July
recovery
"One might
states.
from
show
and
already surpassed or will surpass during the next
weeks, the levels for the corresponding period of last year."
Hauers
.
Directors have declared
the
—Van Strum
x After
interest, depreciation and Federal and'State income taxes,
On 397,673 common shares,
*
During the first quarter, ended June 30, 1938, the company reduced its
Yellow Truck & Coach Mfg.
that
the
industries
conditions
present
influences, corporation
differ greatly
not
individual
firm
special
October, in
cyclical
of
between
either
three
Sept.30*38
$167,283
subject to
will
of
doubt
major
has
charts
many
resemblance
ago," this investment
quarter
all
(Rudolph) Wurlitzer Co.—Earnings—
great
that,
The events
1938
as a
whole, seems to have regained approximately
that prevailed during the final quarter of 1935, ac¬
of Estabrook & Co., 40 Wall St., New
striking
years
19,
November Review
"A
a
guess
last
They also declared three regular monthly dividtnds of 25 cents per share
each, payable Feb. 1, March 1 and Apr.l 1, 1939 to holders of record the
20th of each preceding month.—V. 147, p. 2710.
the
City.
three
taken
of activity
,
to
moment
The directors have declared an extra dividend of 25 cents
per share on
the common stock, no par value, payable Dec. 1 to holders of record
Nov.
rate
cording
Nov.
&
Company,
American
W.
30
Broad
Distilling
St.,
New
Company
Morse, Incorporated,
1
York,
preferred
Wall
have
prepared
an
stock.
St., New York, has
issued
a
pamphlet entitled "Your Paper Promises."
Stock
Exchange, and E. Boudinot
Hartley and Wallace. Thayer as special partners.
—J.
with
Anthony Murphy
Leach
Bros.,
and
C.
Richard
Gunzer
have
become
associated
Inc.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS-RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
while in the Front Street market here
prices were unchanged'
with demand slow. Selling here for European account, wrhich
Friday Night, Nov. 18, 1938
believed to represent arbitraging with the Havre market,
the coffee futures market today.
On the 16th
futures closed 6 points to 1 point higher in the Santos con¬
was
Coffee—On the 12th inst. futures closed 5 to 6
points net
higher. The market developed considerable
weakened
strength during
the short session.
Trading was confined to the Santos con¬
were traded, prices closed sub¬
stantially higher., the market going into new high ground for
tract, with sales totaling only 24 lots.
The Rio contract was
inactive with prices closing 1 point higher.On what was
reported to be Brazilian buying for the first time in weeks,
the coffee futures market was steadier
today.
Selling in the
tract, and while only 13 lots
the week. The official Santos
spot price for soft 4s was marked
100 reis on Saturday, and Rio 7s were 200 reis higher in
the Rio de Janeiro market.
The trade was showing con¬
siderable interest in developments
involving a contemplated
wheat-coffee deal between this
country and Brazil.
On the
14th inst. futures closed 1 to 3
points lower for both Santos
and Rio contracts.
Transactions in the Santos contract
totaled 3,750 bags while volume of
trading in the Rio con¬
up
tract
totaled 250
higher»
after
the
bags.
Havre futures
were
was
reflected
more
or
A
less in the futures
market.
Appeal to Secretary of State Cordell Hull to remove the
uncertainty in the green coffee trade by declaration that a
wheat-coffee trade will not be effected between the United
States and Brazil, has been made
by the New Orleans Green
Coffee
Association, which termed the proposal4'disastrous."
On the
15th inst.
futures closed 8 to 11 points off in the
Santos contract with sales
totaling 46 lots.
Rio contracts
were
down 6
traded.
in Brazil
to 7 points at the close, with
only
Havre advanced % to
francs. It was
today and activity
as a
result
was
reported pur¬
Opcrators were on both
in primary and foreign
markets were about unchanged.
Havre closed 1 to 13^
francs lower and the spot price of Rio 7s in Brazil declined
200 reis to 14 milreis per 10 kilos.
On the 17th inst. futures closed 8 to 4
the Santos contract.
34 to 1 franc
.three-day holiday in that market.
general feeling of apathy prevails in the market for actuals,
and this
Santos contract mostly was hedging against
chases of forward shipment milds.
sides of the market.
Conditions
two lots
a
restric ed.
holiday
Mean¬
..
There
were no
points net lower in
Rio sales reported. The
market ruled dull during most of the session, with trading
restricted to the Santos contract.
At Havre futures were
124 to 2 francs lower.
The Santos soft 4s price advanced
100 reis at the close yesterday.
The recent break of 2c. in
Manizales is explained by reports that 6,000 bags of Colom¬
bian coffees
here.
originally imported by Germany had been resold
The rise
in Manizales
in the first instance to
some
weeks ago was ascribed
heavy German buying of Colombian
coffees.
Today futures closed 2 to 3 points off in the Santos
contract, with sales totaling 31 lots. The Rio contract closed
7 to 4 points off, with sales totaling only 6 contracts.
Trading
in coffee futures continued quiet.
Santos contracts stood
1 to 2 points net lower this afternoon, with
May selling at
Volume
Financial
147
6.81c., off 1 pointjnet, but 2 points above the forenoon low.
Rios were 4 points lower with Sept. selling at 4.49c.
In
Havre futures were % franc lower to
franc higher. Actuals
continued
dull with prices
nominally unchanged.
The
question whether Brazil intends to revalue her currency
remains unsettled.
be devalued
Some observers believe the milreis will
give farmers additional milreis in terms of
foreign currencies for their exportable products.
Others are
predicting an internal deflation,
to
ftio coffee prices
closed
December
March
as
4.35
May
4.46
4.49
July
September
-..4.42
Santos coffee prices
closed
December
as
follows:
March
May
.__._6.83
6.87
6.571 July
6.721 September
6.791
Cocoa—On the 12th inst. futures closed 8 to 10
points net
The opening range was unchanged to 3 points higher.
Sales totaled 218 lots or 2,921 tons. Outside prices in Lon-
higher.
lYd., while futures on the Terminal Cocoa
Market ran lHd. higher to unchanged, with 580 tons trad¬
ing. Advices were received that Brazilian cocoa producers
may set a minimum price, and advices that the marketing
of the Accra crop was being delayed by weather, prices and
labcr conditions, were the contributing factors in today's
advance of cocoa futures.
Local closing: Dec., 4.85; Jan.,
don&gained
4.91; May, 5.13; July, 5.23; Sept., 5.33; Oct., 5.38; Dec.,
4.85.
On the 14th inst. futures closed 3 to 5 points net
higher. Transactions totaled 433 lots.' The market ruled
steady during the entire session, with a sharp increase in
trading volume. A considerable amount of switching and
liquidation of nearby positions was easily absorbed by local
dealer buying and short covering.
In addition, there was
sufficient new support in evidence so that the market was
able to rally slightly and hold these gains. At the opening,
gains of 2 to 5 points showed, with 47 lots done at these
prices. Offerings from i>rimary centers remained light, thus
imparting a steady tone to the actual market. Local closing:
Dec., 4.89; Jan., 4.95; March, 5.06; May, 5.16; July, 5.28;
On the 15th inst. futures closed 4 to 8 points
totaled 278 lots, or. 3,725 tons.
Outside
Sept., 5.37.
net
Sales
lower.
prices
ran
lHd. to 4^d.
firmer, with futures on the Terminal
Cocoa Market showing h similar range.
Sales of futures on
630 tons. Weak securities and
outside markets influenced the lower trend in the local mar¬
ket.
December came in for a fair volume of liquidation, in
the British market totaled
that the first
delivery date for the contract is drawing near.
Along with this was a modest volume of profit-taking on a
thin market.
Local closing: Dec., 4.82; Jan., 4.87; May,
5.12; July, 5.22; Sept., 5.32; Oct.,
5.37.
On the 16th inst.
The opening range
was 2 to 5 points off.
Sales totaled 286 lots, or 3,832 tons.
Outside prices in London lost 3d. to 6d., while futures on the
Terminal Cocoa Market moved down 6d. to 7Hd.., with
futures closed 6 to 10 points net
lower.
1,220 tons trading. Hedging pressure is starting to show
again. This is believed to be against both Bahia and Accra
cocoa.
At the same time the weak turn of the market over
3177
turned easier
today largely as a result of apathy prevailing
After opening unchanged to 1 point up, the
market eased and closed virtually unchanged from the pre¬
vious finals.
Sales totaled 14,200 tons, of which one block
of March, 8,250 tons, traded at 2.08c.
Two sales of raws,
consummated Saturday, came to light yesterday.
One of
2,000 tons of December-January shipment Philippines was
among
traders.
made to Sucrest at 3c., with
an
operator taking 2,000 tons
February-March shipment at 3.02c.
The world sugar con¬
1H points lower, with sales of 1,450 tons.
offered at 5s. 10 yd., equivalent to about
1.08 He. per pound f.o.b. Cuba.
Futures there were un¬
changed after earlier prices had shown gains of yd. to Id.
tract closed 1
follows:
4.25
Chronicle
London
to
raws were
On the 15th inst. futures in the domestic contract closed 1
point higher to 1 point lower. Hedge selling, which was light,
supplied the demand for contracts in the domestic sugar
market.
Sales totaled 72 lots, of which 13 were straddles
with the No. 4 contract. March and September were, the
active months, the former selling at 2.07c. until the close
a trade was effected at 2.08c.
Lack of interest in actuals
and the slow movement of refined
despite reported improve¬
when
ment in
industry throughout the country, is holding in check
commitments.
The Cuban Sugar Institute,
according to private cables, announced today that loading
of 1939 quota sugar would be permitted to start on Dec. 20
and clearance at midnight Dec. 31.
Raw sugar today was
offered within the quota at 3.05c. delivered for Perus. The
world sugar contract closed y pt. off to 3^pt. up, with sales
totaling 107 lots. Sellers of raws in London in early trading
were asking 5s. 10yd.,
equal to 1.07 He. f.o.b. Cuba.- Lon¬
don futures declined yd. to. yd. On the 16th inst. futures
closed 1 point down to 1 point up. Although refined sugar
in Southern territory was dropped to 4.45c. by three of the
important refining interests and reallocation of deficiencies
in the Hawaiian and Virgin Island quotas was announced
by the Government, domestic futures were fairly firm to¬
day with sales of 121 lots. A better demand was reported
in the raw market today for quota sugar at 3.05c., and excess
quota raws at 3e.
Six lots totaling over 5,000 tons were
traded. National bought 500 tons of Perus due early Decem¬
ber, 400 tons of Cubas from New York warehouse and 930
tons of Philippines for arrival in the first week in December,
all at 3.05c.
Sucrest got 1,500 tons of Philippines, due
Jan. 10, at 3c., while an operator bought 1,000 tons for
December-January and another 1,000 tons for JanuaryFebruary shipment at the same price. The world sugar con¬
tract was dull, with the close unchanged to H point higher.
London raws were held at 5s. 9yd., equal to 1.06c. f.o.b.
Cuba, with futures yd. to Id. higher.
On the 17th inst. futures closed 1 point off in the domestic
contract, with sales totaling 96 contracts.
Domestic sugars
were steady after a slightly lower opening.
Prices were un¬
changed to 1 point higher during the early afternoon, but
new
market
eased off towards the close.
In the
raw
market 8,000 tons
of
Nov. 25, Dec. longs liquidated in the cocoa
decline of about 5 points in that position.
There also was a good deal of switching.
It is revealed that
the Dec. position is a substantial one.
The turnover up to
earjy afternoon was 544 lots.' Warehouse stocks decreased
2,700 bags.
They now total 931,864 bags, against 1,237,169
Philippines sold late yesterday at 3 cents for shipment
from December through March.
Also about 2,000 tons of
Cubas sold ex-store at 3.05c.
In the refined sugar market
the tone was easier.
Late yesterday Godchaux cut his price
for twenty-four hours only to 4.45c.
National and Pennsyl¬
vania reduced to 4.55c., a price previously quoted
by
American.
World sugar contracts were H point up to H
point down at the close, with sales totaling only 25 con¬
tracts.
In London futures were unchanged to Yd. lower.
October consumption in the United Kingdom was estimated
at 175,165 tons, against 137,403 tons in that month last
year.
Today futures closed 2 points up oh all active de¬
liveries, with sales totaling 248 contracts in the domestic
market.
The world contract closed H to 1H points higher,
with sales of 58 contracts.
Sugar futures were firm. Domes¬
bags a year ago.
Local closing: Dee., 4.70; Jan., 4.76;
March, 4.88; May, 4.99; July, 5.09; Sept., 5.19; Oct., 5.25.
net
Today futures closed 4 to 6 points off. Transactions totaled
Further liquidation of Dec. weighed on the
cocoa futures market, causing declines of 1 to 3 points, with
done in the raw sugar
days has drawn out some liquidation by tired
Support appears limited and chiefly on the way down.
Local closing: Dec., 4.75; Jan., 4.81; March, 4.92; May, 5.03;
June, 5.08; July, 5.14; Sept., 5.24.
'
On the 17 inst. futures closed 5 to 4 points net lower.
Transactions totaled 740 contracts.
With first December
the past two
longs.
notice
day
on
market causing a
327 contracts.
Switching out of Dec. into
active. Trading was moderately
heavy, with 230 lots done to early afternoon.
The London
market was steady. Warehouse stocks decreased 4,000 bags,
reflecting the slowr movement from the Gold Coast.
They
now total 927,815 bags,
against 1,217,175 bags last year.
Local closing: Dec., 4.66; Jan., 4.72; March, 4.84; May,
4.94; July, 5.04; Sept., 5.14; Oct., 5.19.
Dec. selling
down 3 to 4.67c.
deferred positions also was
Sugar—On the 12th inst. futures closed 1 to 2 points net
higher in the domestic contract. Trading for the short ses¬
sion totaled 275 lots, with the March position up to 2.08c.,
a. point of the recent high.
Market sentiment was
affected by unconfirmed rumors involving a possible revision
in the Cuban-American reciprocal treaty, the rumcrs dealing
within
with
on
a
possible 15c. cut to 75c. p°n 100 pounds in the duty
Cuban sugars.
tively little
Buying was well scattered, although rela¬
outside interest
In the market for raws no
was
trades
reported in the market.
were
reported today (Satur¬
The market was unchanged, with asking prices 3.10c.
nominal: The world sugar futures market continued steady
to strong in today's session, registering net gains of 1H to 2
points for the day.
Transactions in the world contract
totaled 31 lots, of which 16 lots of March traded on the open¬
day;.
London continued to show strength with futures
yd. to %d. Raws tlwre were yd. higher. On the 14th
closed unchanged to 2 points off. The mhrktt
ing call.
up
inst. futures
fairly active at levels unchanged to 1 point
higher, July selling at 2.14c. during the early afternoon.
The market derived some strength from the better than ex¬
tic prices were
Nothing was reported
market. Quota sugars were believed
available at 3.05c., while 1939 sugars were held at 3 to 3.05c.
It is estimated that the unsold balance of offshore 1938
pected
October
delivery figures.
quota sugars amounts to
sugar
about 25,000 tons.
In the world
market prices advanced H point to 1H points with
1.09He., up H point. Futures in London
unchanged to yd. higher, while raw sugars advanced
March selling at
were
yd.
•
:
"
.
■
.
*
Prices were as follows:
2.08
January
March—
July..
--2.08 September
2.15
—2.18
2.12
May--
12th inst. futures closed unchanged to 2
At one stage of the short session prices showed
net declines of 5 to 7 points, due to scattered selling in¬
fluenced by the bearish hog news. Subsequently there was a
rally in which most of the early losses were erased; - Export
clearances of American lard were reported today as totaling
725,705 pounds, destined for Manchester and Bristol. Liver¬
pool lard futures ruled dull and prices on the active deliveries
finished unchanged from Friday's finals.
Hog prices at
Chicago were steady in spite of the continued heavy hog
marketings at the principal western packing centers.
Re¬
ceipts totaled 19,700 head against 16,600 head for the same
day a year ago.
On the 14th inst. futures closed unchanged
to 5 points higher.
The opening range was unchanged to 12
points higher. Trading was fairly active with the undertone
Lard—On
points lower.
the
3178
generally
Financial Chronicle
steady.
Export
elearancesf of
American
lard
totaled 151,355 pounds, destined for Hamburg and Rotter¬
dam.
Liverpool lard futures were unchanged on the active
deliveries.
Hog prices at Chicago were unchanged to 10c.
higher, with sales ranging from $7.50 to $7.80.
Western
receipts totaled 97,700 head, against 104,700 head for the
same day last year.
On the 15th inst. futures closed 5 to 7
points net lower.
The opening range was 5 to 10 points
lower.
Trading was relatively light and the marker showed
little or no rallying power.
The Chicago lard stocks report
issued after the close of.the market was disappointing to the
trade.
Many were looking for a decrease of over 6.000,000
pounds for the first half of November and the report showed
that stocks only decreased 3,610,525 pounds.
Chicago hog
prices closed 5c. to 10c. lower, with sales ranging from $7.50
to $7.70.
Western hog marketings were heavy and totaled
94,300 head against 102,600 head for the same day last year.
Export shipments of American lard as reported today were
heavy and totaled 277,735 pounds, destined for Glasgow,
Southampton and Hamburg. Liverpool lard futures were 6d.
higher. On the 16th inst. futures closed 10 to 12 points net
lower.
The market ruled heavy during most of the session,
with trading fairly active.
Lard shipments reported from
the Port of New York were 159,200 pounds, destined for
Liverpool, Southampton and Antwerp.
Liverpool lard
futures were unchanged to 3d. lower.
Hog prices at Chicago
were
10c. higher, with sales ranging from $7.50 to $7.80.
Western receipts totaled 83,200 head against 77,000 head for
the same day last year.
On the 17th inst. futures closed 7 points net higher.
The
market opened 5 points lower on light selling influenced by
bearish hog news.
However, on some short covering prices
rallied 12 points from the inside levels.
Export clearances of
lard from the Port of New York today were 146,160
pounds,
destined for Malta.
Liverpool lard futures were 6d. lower.
The Western hog movement continues
heavy and receipts
at the principal Western markets as
reported today totaled
88,600 head against 78,100 head for the same day last year.
Prices on hogs at Chicago were unchanged to 10c. lower.
Sales ranged from $7.50 to $7.75.
Today futures closed 12
to 5 points net lower.
This market was affected by the
further drop in hog prices, which were 5 to 10c. off.
DAILY
CLOSING
PRICES
OF
LARD
FUTURES
IN
CHICAGO
Sat.
December
January
Mon.
Taes.
Wed.
Thurs.
Fri.
7.30
7.40
7.30
7.25
7.35
7.12
7.20
7.12
7.22
7.30
7.90
7.82
7.95
8.02
March.,
7.92
May
8.07
-
7.40
7.97
8.12
8.05
7.90
7.22
.
7.82
7.95
Pork—(Export), mess, $26.3734 per barrel (per 200
pounds); family (40-50 pieces to barrel), $20.25 per barrel.
(export), steady.
Family (export), $22 per barrel;
(;200 pounds), nominal.
Cut meats: quiet.
Pickled hams:
picnic, loose, c. a. i.—A to 6 lbs., 123£c.; 6 to 8 lbs., 1234c.;
8 to 10 lbs., 12c.
Skinned, loose, c. a. f.—14 to 16 lbs., 19c.;
18 to 20 lbs., 18c.
Bellies: clear, f. o. b. New York—6 to
8 lbs., 15c.; 8 to 10 lbs.,
15c.; 10 to 12 lbs., 15c.
Bellies:
clear, dry salted, boxed, N. Y.—16 to 18 lbs., 1234c.; 18
to 20 lbs., 11 y8c.; 20 to 25
lbs., 1134c.; 25 to 30 lbs., 10%e.
Butter: creamery, firsts to higher than extra and
premium
marks: 26 to 27c.
Cheese: State, held, '37—1934 to 21c.
Eggs: mixed colors—checks to special packs—21 34 to 3434c.
Beef:
Oils-—Linseed oil market was firmer in tone
according to
latest advices, with oil in tank cars
quoted 7.7 to 8.0c., and
tank wagons at 7.7 to 8.2c.
Quotations: China wood:
nearby—1434 to
15.
Coconut: crude, tanks, nearby—
.0334 to .0334; 1939 shipment—.03 34; Pacific Coast—.02
Corn: crude, west, tanks,
nearby— .0634 to .0634.
Olive:
denatured, drums, carlots—84 to 86; drums, spot, L. C. L.
-—85 to 88.
Soy bean: crude, tanks, west—.0534; L. C. L.
N. Y.t-6.8;
Edible: coconut, 76 degrees—.0834 offered, no
bid.
Lard: prime—834 offered, no bid.
Cod: crude, Nor¬
wegian, light filtered—no quotation.
Turpentine: 2834 to
3034- Rosins: $5.45 to $8.15.
Cottonseed Oil sales,
including switches, 134 contracts.
Crude, S. E. 63^c.
~
December.
January
February
March.--
Prices closed
as
follows:
Sat.
Mon.
Tues.
7.50@ 7.52 April.
7.62© 7.64 May
7.62@
n
June
7.77© 7.75 July
Wed.
Thurs.
Fri.
7.73®
n
7.84©
7 84©
n
7.91© 7.93
Rubber—On the 12th inst. futures closed 3 to 11
points
Trading was dull, with the market ruling heavy
during most of the short session. Weaker cables and com¬
mission selling countered
by trade buying were the features
of the light trading. Transactions totaled
850
net lower.
tons.
Activity
the outside market was
again dull, with few offerings from
the Far East reported in local trade
circles. Theories, guesses
and estimates on the outcome of the
International Rubber
in
Regulation Committee meeting Tuesday
are mounting higher
the day approaches.
Local closing: Nov., 16.99; Dec.,
16.99; Jan., 16.97; March, 16.94; May, 16.95;
July, 16.93;
Sept., 16.95. On the 14th inst. futures closed 15 to 27
points
net lower.
The general weakness in the
sterling exchange
as
and the London rubber cables influenced trade and
commis¬
sion house selling, which resulted in
substantial net losses
for the
day. Transactions totaled 3,540 tons, of which 30
exchanged for actual rubber. Spot standard No. 1
tons were
ribbed smoked sheets in the outside market
dropped 5-16c.
to 1634c.
The larger losses today were recorded in the
nearby positions. Trade short covering during the final hour
on the floor lifted
prices from the lows of the day. Local
Nov.
1938
19
closing: Nov., 16.72; Dec., 16.72; Jan., 16.73; March, 16.74;
May, 16.77; Sept., 16.77.. On the 15th inst. futures closed
13 to 16 points net lower. Anticipating a further increase in
world rubber consumption during the next half year, the
International Rubber Regulation Committee today fixed the
rubber export quota for the first quarter of 1939 at 50%lof
basic quotas, as compared with a current export quotajof
45%. As a result of the quota increase and the further easi¬
ness in sterling, rubber futures locally were at the lowrest
level at the opening call, 43 to 49 points off, on commission
house
liquidation and trade selling. Soon after the opening
prices started to move up, however, and towards the close
the market had recovered a substantial part of the early
losses.
Transactions totaled 4,030 tons.
Activity in the
outside market was fairly good.
Dealers reported a fair
amount of factory business.
Most of the offerings from the
Far East, which were few, were taken up in the local market.
Local closing: Nov., 16.57; Dec., 16.57; Jan., 16.57; March,
16.57; May, 16.62; July, 16.64; Sept., 16.62. On the 16th
inst. futures closed 22 to 37 points net lower. The opening
range was 4 points higher to 10 points lower.
Transactions
totaled 4,140 tons, including 710 tons which were exchanged
for actual rubber on the: outside market.
Spot standard
No. 1 ribbed smoked sheets in the trade dropped 34c. to
1634c. The futures market moved steadily lower on com¬
mission house and trade selling as the day progressed. There
also was some factory buying on the scale down. Activity
in the outside market was light. Shipment offerings from the
Far East were few today and proved too high for the local
trade. The weakness displayed in the futures market was
attributed largely to the heaviness of the securities market
and the drop in sterling.
Local closing: Dec., 16.33; Jan.,
16.35; March, 16.32; May, 16.35; July, 16.38; Sept., 16.38,
On the 17th inst. futures closed 30 to 20 points net lower.
Declines in the foreign markets caused rubber futures to
open 11 to 28 points lower.
Although after that initial set¬
back the market turned steady, prices failed to recover all
of their losses.
In early afternoon December stood at 16.15,
off 18 points; March at 16.12, off 20, and May at 16.12, off
23 points.
Sales to that time totaled 3,820 tons, of which
1,030 tons were exchanges for physical rubber.
Liquidation
due to the recent increase in quotas continued.
Local clos¬
ing: Dec., 16.12; Jan., 16.05; March, 16.07; May, 16.11;
July, 16.13; Sept., 16.14.
Today futures closed 20 to 11
points net lower.
Transactions totaled 396 contracts.
Crude rubber
was under pressure early but met support on
decline, with the result that losses were almost com¬
pletely recovered by early afternoon.
Trade support ap¬
peared.
Moreover factory buying of spot rubber was re¬
ported. This afternoon prices were 1 point net lower, with
the
December at 16.11c. and March at 11.06c.
Sales to that
time totaled 1,750 tons.
London closed steady, unchanged
to l-16d. higher, but Singapore was
34 to 5-3.2d. lower.
Local closing:
Dec., 15.92;
July, 16.01; Sept., 16.03.
March,
15.94;
May,
15.98;
Hides—On the
12th inst. futures closed 3 points higher
points lower in the old contract, with sales totaling
520,000 pounds.
The new contract closed 4 to 8 pounds net
lower, with sales totaling 1,640,000 pounds.
Trading was
sluggish the greater part of the short session.
Traders are
said to be watching the spot hide situation more closely.
During the greater part of the session price fluctuations were
within a comparatively narrow range.
Tanners are reported
as showing a
fairly keen interest in the domestic spot hide
market.
Local closing: Old contract: Dec., 12.50; March,
12.79; June, 13.07.
New contract: Dec., 13.21; March,
13.59; Sept., 13.22; June, 13.94; Sept., 14.24.
On the 14th
inst. futures closed 15 to 22 points net lower on the old
contract, while the new contract closed 10 to 19 points net
lower.
Trading was moderately active, with transactions
in the old contract totalling 2,280,000 pounds while business
in the new contract totaled 2,360,000 pounds.
There was
no important
change in the domestic spot hide market . Up
to last Thursday there were about 100,000 hides sold in the
West since the pervious week at steady prices, or approxi¬
mately equivalent to the output. In the Argentine there were
4,000 frigoiifico steer hides sold at 1234c. a pound, a decline
of 34c. from the last previous business.
Local closing: Old
contract: Dec., 12.37; March, 12.68; June, 12.94; Sept.,
13.09.
New contract: Dec., 13.11; March, 13.50; June,
13.88; Sept.,, 14.18. On the 15th inst. futures closed 2 to 5
points off in the old contract, while the new contract was
to
3
down to 6 to 7
points at the close. Not much change was
reported in the general aspect of the spot hide situation and
the decline in futures values was attributed maimy to the
early selling in the securities market. Initial hide futures
prices here were from 9 to 24 points decline in the old con¬
tract and from 10 to 22
points off in the
new
contract.
How¬
ever,, the
market subsequently recovered a fair part of the
early losses. Tanners have been following the developments
in the domestic
spot hide situation fairly close, but no un¬
usual
developments were reported. Transactions in the eld
today totaled 520,000 pounds, while business in the
4,880,000 pounds.
Local closing: Old
contract: Dec., 12.33; March, 12.63; June, 12.92; Sept.,
contract
new
contract totaled
13.07.
New contract: Dec., 13.05; March, 13.43; June,
13.82; Sept., 14.12. On the 16th inst. futures closed 21 to 24
points net lower in the old contract, and 26 to 30 points net
lower on the new contract.
Transactions in the old contract
totaled 1,560,000 pounds, while the turnover in the new
Volume
Financial
147
3179
Chronicle
contract totaled
sight, might develop
fairly
ducers and holders of domestic materials.
13,080,000 pounds. Hide futures registered
declines iD spirited trading today. In fact, the
weakness in futures has apparently been communicated to
the spot hide market, and while no trading of consequence
was
reported today, trade factors here reported buyers more
inclined to sit back and see just how far the reaction in the
futures market will go.
The decline in the securities market
was held
largely responsible for a wave of selling which forced
the list steadily lower.
Local closing: Old contract: Dec.,
12.10; March, 12.42; June, 12.68; Sept., 12.83. New con¬
tract: Dec., 12.77; March, 13.17; June, 13.52; Sept., 13.82.
severe
states
lower
160 bales
and
was
30 lower at 12.47c.
Transactions in old con¬
pounds, while 6,880,000 pounds
were done in the new contract, a total of 8,280,000 pounds.
Local closing:
Old Contract:
Dec., 11.70; June, 12.26;
March, 12.03.
New Contract: Dec., 12.37; March, 12.75;
June, 13.08; Sept., 13.38.
1,400,000
Ocean
Freights—Relatively quiet conditions prevailed
market the past week.
Charters included:
Two loads Montreal to Antwerp, Nov., 14c.
Four loads, Albany to Antwerp,, spot, 12c.
Scrap: Pacific
Coast to Japan; Dec., $3.85.
Atlantic to Japan, 16s.;
Dec. loading.
Philadelphia to Trieste; Nov.
Northern
Range to Adriatis, end Nov., $5.60, free discharge.
A tlantic
Range to Genoa or Savona, Dec., $5.10, with options.
Atlantic Range to Gydnia, Nov., 17s., one port loading,
17s. 6d., two ports loading.
Atlantic Range to Japan, 16s.,
four ports in all, Dec. 15-31.
Pacific to Japan, Dec., $3.85,
California loading, $3.75. - Atlantic Range to Japan, early
Dec., 16s.
Atlantic Range to Gydnia, end Nov., early
Dec., no rate.
Trip: Trip across, delivery Havana, re¬
delivery United Kingdom-Continent, Dec., $1.65.
Trip"
across, delivery St. Lawrence, redelivery United KingdomContinent, early Dec., $1.50.
Round trip Mediterranean
trade, delivery New York, mid-Dec., $1.35.
the freight
Grain booked:
and
mission house
ume
no
further rise in
raw
material values is looked for.
The
on
against the actual takings
liquidation and Japanese hedge selling.
the floor
was
including 200 bales
contract and
10
Vol¬
better than usual with 700 bales sold,
on
bales
the old contract, 490 bales on No. 1
on
No. 2 contract.
Both primary
markets ruled
steady to slightly easier.
Yokohama came
through unchanged to 6 yen higher while Kobe was un¬
changed to 3 yen lower. Grade D remained the same on both
markets at 815 yen. Spot sales amounted to 975 bales, while
futures transactions
equaled 2,025 bales.
Local closing: Old
contract—Nov., 1.74; Dec., 1.74; Jan., 1.73; Feb., 1.713^.
Contract No. 1—March, 1.70; May, 1.69; June, 1.69. No. 2
contract—March, 1.643^; May, 1.64; June, 1.64.
On the 17th inst. futures closed unchanged to % point
of unseasonably mild weather is
having its effect on the demand for coal, though
reports indicate that anthracite production is in¬
creasing.
For the week ended Nov. 5 anthracite production
amounted to 913,000 tons, or 152,200 tons per day, an in¬
crease
of nearly 4% when compared with tonnage in the
preceding week.
Compared with the five day week of
Oct. 29, the daily rate dropped approximately 14%. Produc¬
tion in the corresponding week of 1937 was 1,060,000 tons.
According to figures furnished by the Association of American
Railroads, the shipments of anthracite into eastern New York
and New England for the week ended Oct. 2, have amounted
1,340 cars, as compared with 1,890 cars during the same week
in 1937, showing a decrease of 550 cars, or approximately
27,500 tons.
Shipments for the current calendar year up
to and including the week ended Oct. 29 have amounted to
64,588 cars, as compared with 69,718 cars during the, same
period in 1937, showing a decrease of close to 256,500 tons.
gradual rise has demonstrated the innate of the domestic
raw material position.
What has taken six weeks to accom¬
plish will not be relinquished readily, and as mill demand
appears in one group and then another, the prices paid
demonstrate the permanency of the general upward swing.
A large volume of wool is in the hands of growers under the
Federal loan agreement.
Dealers desirous of replenishing
their supplies find that growing interests are very generally
confident that better prices will yet be paid.
It is pointed
out that while this volume of wool held off the market has
been and is at present an important factor in sustaining
current values, there is on the other hand a possibility that
if the foreign markets during the next two or three months
-should
develop any notable weakness, making higher
domestic prices impossible, then the unloading of the Govern¬
ment loan wool at a time when the 1939 clip is looming into
silk futures here today.
of 35,361 bales in October and 31,749 bales in November
last year.
Today the futures market moved lower on com¬
course
Wool—Although demand for the raw material has slowed
somewhat, the undertone of the wool situation is said to
be healthy, with indications that the present level of prices
will be maintained.
The buying of mills and topmakers has
become more cautious, and until volume buying expands,
raw
between 36,500 and 37,500 bales as
latest
up
primary markets eased
With the release of the mid-month Japanese statistics mem¬
of the trade estimated November silk consumption
bers
Coal—The long period
Metals—The report of Copper, Tin, Lead, Zinc, Steel and
Pig Iron, usually appearing here, Mil be found in the articles
appearing at the end of the department, headed "Indications
of Business Activity," where they are covered more fully.
were some
On Monday spot sales in the primary markets totaled 825
bales, while futures sales totaled 3,225 bales. Local closing:
Old contract—Nov., 1.76; Dec., 1.743^; Jan., 1.75H; Feb.,
1.74.
No. 1 contract—March, 1.72; April, 1.71 K; May,
1.72; June, 1.71%.
No. 2 contract—March, 1.67; April,
1.66; May, 1.66; June, 1.66. On the 16th inst. futures closed
%c. to 3c. net lower. General weakness of the securities
in
of
the old contract, 80 bales on No. 1 contract
No. 2 contract. Trade short-covering, commis¬
liquidation and Japanese seding in the forward
of the features on the floor today. The
cables from the Japanese markets came through mutilated.
Only some of the futures positions were legible.
These
showed Yokohama 8 to 11 yen better, while Kobe was 7 to
13 yen higher.
Local closing: Old contract—Nov., 1.76K;
Dec., 1.75; Jan., 1.74.
No. 1 contract—Marcb, 1.72^;
April, 1.73; May, 1.72^; June, 1.72. No. 2 contract— ■
March, 1.68K; April, 1.67M; May, 1.67^; June, 1.67^.
On the 15th inst. futures closed l^c. lower to lc. higher.
The market ruled heavy during most of the session, influ¬
enced by easier cables and the depressed state of the securities
market. Most of the activity on the exchange was confined
to trade switching from near positions to forward months.
The volume remained light with 310 bales sold, including
140 bales on the old contract, 170 baies on No, 1 contract
and none on No. 2 contract.
Yokohama was reported 6 to
10 yen lower, while Kobe was 3 to 6 yen off. Grade D closed
at 815 yen in both markets, 73-i yen off at Yokohama and
10 yen down at Kobe. Spot sales totaled 750 bales in both
markets, while futures transactions totaled 2,300 bales."
positions
developments in the spot hide market. There was
liquidation of the December position.
This after¬
December old was off 22 points at 11.85c. and Decem¬
totaled
on
none on
raw silk
Exchange
including
sion house
new
new
exchange and the demine in sterling,
yen
futures movtd down today as the interest on the
continued light.
Transactions totaled 240 bales,
further
tracts
opening next Tuesday are
the price levels at which
on Nov. 26 at Auckland.
on
Silk—On the 14tb inst. futures closed lAe. to 2c. net lower.
Influenced by the easiness in the securities market, also the
futures followed the trend of the stock market in the absence
ber
sales
good line
a
the New Zealand sales will open
points off in the old con¬
tract, with sales totaling 24 contracts.
The New contract
closed unchanged to 3 points off, with sales totaling 155 con¬
tracts.
Raw hide futures were fairly steady with prices on
the old contract up 3 points to off 4 points and the new also
a
point or two either way compared with previous final
quotations. This was the range up to early afternoon. Sales
to noon in the old contract totaled 520,000 pounds and in the
new
contract, 4,280,000 pounds.
Certificated stocks in
warehouses licensed by the Commodity Exchange increased
8,643 hides to 839,521.
Local closing: Old Contract: Dec.,
12.07; June, 12.65.
New Contract: Dec., 12.77; March,
13.15; June, 13.49; Sept., 13.80.
Today futures closed 39
to 33 points off in the old contract, with sales totaling 62
contracts.
The new contract closed 40 to 42 points off,
with sales totaling 277 contracts.
Trading in raw hide
noon
Colonial wool
expected to furnish
On the 17th inst. futures closed 3
of
that
situation much less agreeable to pro¬
A London cable
a
the old contract, with sales of 14 contracts. The
closed unchanged to 1 point up, with sales
totaling 55 contracts. The No. 2 contract closed 2 to 2%
points up, with sales totaling. 8 contracts. Lower cables had
a depressing effect on the raw silk futures market, which was
Y2 to lc. lower on the opening of the old contract although
unchanged to 2 points higher on the new.
Most of the
trading was done in the new No. 1 contract, sales to early
afternoon totaling 410 bales, while 110 bales were done in
the old contract. The price of crack double extra silk in the
New York spot market was 23^c. lower at $1.79 a pound.
The Yokohama Bourse was 8 to 14 yen lower.
Grade D
silk was 10 yen lower at 805 yen a bale.
Local closing: Old
contract: Nov., 1.74^21 Dec., 1.74; Feb., 1.72.
No. 1 con¬
tract: March, 1-70April, 1.70; May, 1.70; June, 1.69K.
No. 2 contract: May, 1.66; June, l.bb%.
Today futures
closed y2e. to 2c. net lower in the old contract. Transactions
totaled 48 contracts.
The No, 1 contract closed 13^e. net
lower, with sales totaling 38 contracts. Trading in raw silk
futures was fairly active but at the expense of prices.
The
market this afternoon was 1 to l^c. lower, with December
old at $1,723^, May No. 1 at $1.69, and June No. 1 at
Si -68 3^- Sales totaled 290 bales in the old contract and 320
in the new contract up to early afternoon. The price of crack
double extra silk in the New York spot market advanced lc.
to $1.80 a pound.
The outside market in Japan was 5 yen
higher at 810 yen a bale. Local closing: Old contract: Nov.,
1.73y2\ Dec., 1.72; Jan., 1.71M; Feb., 1.61
No. 1 con¬
tract: March, 1.69; April, 1.68^; May, 1.68H; June, 1.69.
higher
„
on
No.
contract
1
COTTON
The Movement
grams
Friday Night, Nov. 18, 1938
indicated by our tele¬
of the Crop, as
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 125,857
bales, against 92,125 bales last week and 145,005 bales the
previous week, making the total receipts since Aug. 1, 1938,
2,361,523 bales, against 4,536,852 bales for the same period
of 1937, showing a decrease since Aug. 1, 1938, of 2,175,329
bales.
3180
Financial
Nov. 19,
the exports were
Tues.
Wed.
Thurs.
Fri.
11,366
3,495
5,600
4,389
2,447
2,333
2,343
3.554
3.688
15,160
884
538
209
208
105
9,353
6,519
7,486
2,370
4,043
258
494
187
132
5
67
5
66
223
Christi..
New Orleans
Mobile
...
Jacksonville
—
"283
Savannah
"153
118
Lake Charles
m
1,075
«•
—
1,944
34,133
1.143
4,362
68
21
2
Charleston
37,535
47,579
—
—
—
**
Wilmington
103
"*48
2
Norfolk
217
140
42
42.914
22.753
18.033
47
122
237
7,633
10.473
1,335
204
845
87
— -
200
Leaving
Britain
Galveston
5,200
3,774
2,500
1,100
3,860
5,956
'169
11,643
45,998
25,016
10,966
48,383
42.708
._
1937
Slock
Receipts to
Nov. 18
This
Galveston
Since Aug
This
1, 1938
Week
1, 1937
37,535
47,579
....
Houston—
Corpus Christi__.
707,040
737,776
260,472
16,568
1,944
1938
56,723 1,222,145
41,833 1,164.277
1 066
382,477
321
7,814
79,102 1,195,938
5,897
136,640
Mobile
Norfolk
Mobile
34,133
1,143
920,749
823,224
88,393
16,427
927,785
80,950
14,833
4,013
158,766
75,396
41,287
10,986
25,599
945,009
85
Wilmington
204
Norfolk
845
200
Pensacola, &c_._.
"68
Jacksonville
Savannah
646
Charleston
225
Lake Charles
1,335
25,295
89,212
32,020
764,154
66,002
5,791
2,432
151,467
40,361
17,130
17,485
30.438
100
9,942
2,500
1,075
3,150
208
9,737
...
5,511
3,703
497,726
32,401
6,079
1,656
23,455
14,825
37,673
7,996
8,119
3,780
52,560
3,427
107,849
155,360
371
.67,617
"324
1.621
New York
Boston
Baltimore
Totals—
950
125,857 2,361,523 195,034 4,536,852 3,049,283 3,192,608
In order that comparison may be made with other
years,
we give below the totals at
leading ports for six seasons:
Receipts at—
1938
1937
Galveston
37 535
Houston
47,579
34,133
1,143
56,723
41,823
79,102
5,897
1,621
Orleans-
Mobile
Savannah_
646
1936
98,607
65,703
66,297
8,214
1,167
Brunswick
1935
1934
67,826
37,349
30,598
89,020
70,982
12,407
,
1933
2,624
4,257
259
~
Wilmington.
102,195
97,085
54,233
4,406
3,543
39,078
7,449
""*225
"3,780
4 ,094
85
1,262
1,739
8,318
1,105
1,348
4,693
204
845
Charleston
_
Norfolk
3,703
Newport News
"2",075
1,026
671
2,228
1,515
"
All others.
3,547
"2",290
4,3 07
13,538
ll",413
"20",034
125,857
195,034
251,440
271,993
133,525
285,757
.
Total this wk.
Since Aug. 1.. 2,361,523 4,536,852 4,010,796
4,235,814 2,662,660 4,407,909
•The exports for the week
ending this evening reach a total
138,297 bales, of which 36,110 were to Great Britain,
12,417 to France, 13,744 to Germany, 11,584 to Italy,
32,568 to Japan, 2,189 to China, and 29,685 to other destina¬
tions.
In the corresponding week last
year total exports
were 175,211 bales.
For the season to date aggregate exports
have been 1,350,426 bales, against
2,230,088 bales in the same
period of the previous season.
Below are the exports for the
of
week:
Week Ended
.
18,
Exported to—
..
.
1938
Exports from—
Great
Ger¬
Britain France
Galveston
6,478
Houston
Italy
many
5,564
10,189
8,305
743
Japan
China
6,790
Other
Total
13,690
40,827
1,288
6,936
1,272
191
2,674
4,074
28,547
1,325
2,162
2", 725
3,323
5,842
1,575
4,663
26,589
278
Corpus Christi.
884
2,606
3,768
1,368
7,718
2,754
_
6*299
New Orleans
Lake Charles
Mobile
6,294
423
6,350
Jacksonville
61
"239
2,430
310
13,592
1*041
Savannah
1,903
....
1,041
"288
Norfolk
254
254
....
3*.625
*550
9*, 170
225
Angeles
366
3,263
San Francisco
Total
9,616
61
■
Pensacola, <fco
3,854
36,110
12,417
13,744
11,584
32,568
2,189
29,685 138,297
Total 1937...'..
70,833
19,940
Total 1936
2,371
65,620
38,409 175,211
27,238
18,102
15,475
787
34,581
24,769
21,312
2,858
27,850 194,934
23
28,200
10,105
1,667
3,000
40,500
18,642
15,330
103
5,184
843.607
926,367
748,824
151,467
From
Exported to—
Nov. 18. 1938
Great
Exports from—
Britain
Galveston
Houston
Corpus Chrlstl
Brownsville
_
_
_
Lake Charles.
Mobile..
Jacksonville.
France
26,652
49,116
17,176
2,214
Italy
many
67,067
45,743
69,016
63,044
55,287
47,235
25,257
48,626
23,952
24,237
9,157
China
Japan
1,240
98,435
35", 481
19",836
19*958
7,335
17,468
3,934
5,283
3,585
490
.
2,145
77,884
366,456
1,016
65,682
349,374
19,967
1,965
46,557
212,139
6,326
5,254
*604
866
24,919
25.092
Charleston
932
348
90
Gulfport
150
288
700
66
Bos ton......
3,000
4,432
151
719
1,524
2,478
313
387
1,390
92,268
50
600
20,574
18
"29
11*468
3,299
342
3,452
155
56
366
Francisco
Total
33
12.093
-
Philadelphia..
Los Angeles..
2,830
649
4,712
385
500
468
150
414
New York
61
100
5*286
Norfolk
43,174
186,613
2,949
1,775
42,261
7,484
20,395
98
*200
4,262
Total
76,147
883
486
Pensacola, &c.
Other
866
46*907
Savannah.
*990
29
74,940
19,816
181
190,458 236,699
229,378 120,517
311,004
7,682 254,688 1350,426
Total 1937...
722,843 382,052
Total 1936.
430,784 366,451
420,464 206,665
311,410 102,383
93,928
578,035
17,840 386,296 2230,088
7,993 262,079 2059,135
..
NOTE—Sports
to
Canada—it
has
never been our
practice to Include in the
*akle 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
districts on the Canadian border are
always very slow In
however, of the
numerous
say that for the month of
11,990
bales.
"297
65,705
30,438
167,745
3,823
18,207
17,131
40.050
43,800
87,721
8,287
74,769 2,974,514
19,271 175,659 3,016,949
3,192 175,768 2,636,379
inquiries
was
moderately active, with price trend irregular and
within
a
tainty
hanging
to
take
relatively narrow range.
the
over
markets
There is
that
so
much
traders
uncer¬
are
loath
aggressive position on either side.
The spot
position holds firms, due, of course, to the Government loan.
There
new
an
may
be some
new
Anglo-American
developments
trade
as
a
result
of the
treaty.
On the 12th inst. prices
closed 2 to 4 points net higher.
holding movement in the South and
increased trade and foreign buying sent cotton prices slightly
higher, the undertone holding firm during most of the short
session.
The market opened 3 to 6 points higher in response
to a show of firmness abroad and on accumulation of
buying
orders over our holiday.
The increased sales of textiles
during the week despite the holidays, with sales reported at
possibly double the current production, caused an active
trade demand for all of the near months.
Foreign houses
were active
buyers of the late months and the volume of
business was large for the short session.
Prices worked up
5 to 9 points at one time, losing part of the
gains under last
minute realizing.
New outside interest was large, but the
steady advance in values of late and growing evidences that
prices were working up toward a level where cotton would be
A continuation of the
diverted from the Government loan into trade channels,
seemed to be attracting more general interest.
Average price
of middling at the 10 designated spot markets was
8.72c.,
up 1 point.
On the 14th inst. prices closed
6 points higher.
The market scored new
unchanged to
high levels for the
positions today. Best prices
the opening, but while the market reacted
partly under liquidation and hedging, late rallies carried
prices back near early high levels. The opening was steady
at 2 to 6 points advance in
response to firmness in Liverpool
and quite active trade and
foreign buying.
This demand
readily absorbed December liquidation and hedging.
The
higher prices attracted realizing and at one time the market
was off 4 to 5
points. There were no evidences of weakness,
nor was there sufficient
hedge selling to indicate any change
in the Southern holding movement. Trade houses "were best
buyers, although absence of Southern selling attracted scat¬
tered and local buying, with traders still of the
opinion that
the market had not reached a
point where cotton was being
diverted into ordinary channels.
Average price of middling
at the 10 designated
spot markets advanced 3 points fo 8.75c.
On the 15th inst. prices closed 3 to 10
points net lower.
Nervousness over the European political situation together
with weakness in sterling and declines in the stock
market,
sent cotton
prices material lower.- The market opened
movement in most of the active
were
3
made
to 5
at
points lower in
cables
and
orders
were
balance.
response to disappointing Liverpool
liquidation and hedge selling. Foreign
both sides, foreign houses apparently selling
under
on
This left the market without its recent support¬
ing factor and traders were inclined to be cautious on the
buying side pending developments in Europe.
December
liquidation was active at times, including exchanges from
December to the later positions.
Ger¬
Beaumont
Orleans
40,361
"78
1
Speculation in cotton for future delivery during the past
week
on
Aug. 1,1938 to
been
800
Other ports
1937
884,107
100
Beaumont
New Orleans
have
3,000
Stock
Total
Since Aug
Week
San
wise
Savannah—...
Total 1938
1938
New
Coast¬
Charleston
with last year:
Los
Other
Foreign
"50
H ouston
New Orleans
following table shows the week's total receipts, the
total since Aug. 1, 1938, and the stocks tonight, compared
Nov.
Ger¬
many
France
Total 1936
200
24.051 125,857
The
New
Shipboard Not Cleared for—
Great
Total 1937
Baltimore
Totals this week.
On
Nov. 18 at—
225
4
r
For the two months ended Sept. 30, 1938, there
27,721 bales exported as against 16.348 bales for the two months of 1937.
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
68
646
260
»
were
Total
12.225
18,514
Houston
Corpus
Man.
Sat.
Receipts at—
Galveston
1938
10,169 bales.
we
are
reports from
the customs
coming to hand.
In view,
receiving regarding the matter, we will
September the exports to the Dominion the
present season
In the
corresponding month of the preceding season
Trade shorts continued to
liquidation, with trade buying
January, which was relatively steadier than
the other months. It was announced in
Washington that
details of the 1939 agricultural program
by the Agricultural
Adjustment Administration will follow the program of 1938
and provide for a cotton
acreage next season from 27,000,000
to 29,000,000 acres.
Average price of middling at the ID
designated spot markets was 8.68c., off 7 points. On the
16th inst. prices closed 1 to 5 points net lower. The cotton
market was inactive today, and after moving over a narrow
range, closed barely steady and slightly below the previous
finals. A holiday in the Bombay market interrupted opera¬
tions from that quarter;
Late positions were easier than
near months in the absence of
Bombay buying:, which has
been active in these positions. December held firm and had
a
sustaining influence on the entire list. Hedge selling was
not in great volume, but was active at the opening and again
at the close. Continued nervousness over the political situa¬
tion abroad, combined with weakness in sterling and in the
take most of the near-month
extended into
stock market, undermined confidence to some extent.
These
failed to bring out any heavy selling of cotton, but dis¬
couraged new buying as traders were more inclined to assume
waiting attitude. Average price of middling at the 10 desig¬
nated spot markets was 8.66c., off 2 points.
a
Volume
the
On
17th
inst.
prices closed 7 points
up
to 4
Chronicle
3181
Range for future prices at New York for week ending
points
The market continued to display a mixed tone today
down.
in
Financial
147
moderate volume of dealings.
Shortly before the end
of the trading period the list was 7 points above to 5 points
below the previous finals.
At noon prices were 6 points
a
higher to 1 point
transacted
lower.
A moderate volume of business
the opening, with futures
registering no
change to a decline of 3 points.
Considerable commission
house liquidation in the December option was encountered
was
on
during the early trading.
Leading spot houses bought the
December
position as well as the other active contracts.
Brokers "with Bombay connections sold the near deliveries
but bought October.
Cooperative brokers and spot houses
sold
the
May,
Southern mills
July
were
and
rather
options
October
freely.
The
credited with some of the buying.
A good por¬
tion of the selling in the near positions was attributed to a
slightly easier basis for some types of cotton.
Disappoint¬
ing action in overseas cotton markets depressed futures on
the Liverpool exchange today, with prices closing 1 to 3
Liverpool supported the market.
Continent and
Option for—
Dec. 1938
1939..
Feb.
Mar. 1939.
the
showed declines of 1 to 4 points from
Around midday prices
were 3 points higher to 1 point lower.
Trading was active
at the opening, with futures 2 points above to 3 points below
yesterday's last quotations.
Liverpool, the trade and Wall
Street bought the October contract, while there was further
hedging through cooperative brokers and spot houses in
that same delivery.
The British-American trade treaty was
construed as slightly unfavorable for the fine goods mills
of New England and the Carolinas. and also bearish on
the production of the fine yarn mills of Gastonia, N. C.
The
amount of cotton consumed by these mills, however, is small.
The slightly unfavorable features of the tariff bill were
the reductions in fine count goods and finer yarns.
De¬
tails of the tariff bill have not yet been digested.
closing levels of the previous day.
quotation for middling upland cotton in tlm
New York market each day for th0* past week has been:
Nov. 12 to Nov. 18—
Sat.
Mon. Tues. Wed. Thurs. Fri.
Middling upland
9.27 9.36
9.28 9.27
9.34
9.30
The official
for middling upland at New York on
each of the past 32 years have been as follows:
quotations
Nov. 18 for
1938
9.30c.
1930, ----11.00c.
8.52c.
1929
17.50c.
1928
19.70c.
1927-----19.80c.
1926
13.05c.
1925
21.10c.
1924
24.50c.
7.50c.
13.70c.
12.10c.
1911
9.50c.
1910
14.50c.
1909---.-14.90c.
1908
9.55c.
1907-.- —10.80c.
1914
25.70c.
1922
1937.
1921
12.42c.
12.20c.
1936
1935
12.55c.
9.35c.
1934
193a
6.35c.
6.35c.
1932
1931
1923—*_-34.70c.
Market and Sales at New
-
1913
,17.30c.
1920
18.05c.
1919
38.65c.
1918---.-28.75c.
1917
29.60c.
191620.50c.
1915---.-ll.75c.
1912.
York
the spot each day during the
indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
The total sales of cotton on
week at New York are
closed
on same
Nov. 17
8.67
Nov. 14
8.51
Nov. 17
8.59
Nov. 17
Nov. 17
8.39
Nov. 12
June
8Tog Nov."is
8*25
Nov.14
7.75"
8.00
Nov. 12
1939..
July
1939—
.
1939—
Market
Friday.
Nominal
Contr'ct
Total
700
700
"800
"800
3,600
3,600
750
Steady.,
Steady
Barely steady.
Barely steady._
Very steady—
Very steady—
750
—
_
Nominal
Nominal
__
Spot
Closed
Closed
Nominal
May 31 1938
9.25
July
May 25 1938
8.27 Aug. 23 1938
May 31 1938
9.27 July
7 1938
7 1938
Oct.
4 1938
8.11
Oct.
4 1938
Oct.
17 1938
9.05
July
22 1938
8.12
Oct.
3 1938
8.12
Oct.
7.82
Nov. 18
Oct.
18 1938
8.07
Sept. 30 1938
7.56
Oct.
19 1938
8.01
Oct.
3 1938
24 1938
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
Open
Contracts
New York
Nov. 11 Nov. 12 Nov. 14 NOV. 15 Nov. 16 Nov. 17
December
January
21,400
Hoi.
May
July
October
6,100
32,800
26,300
27,000
9,300
(1939)
March
24,700
2,600
31,700
24,000
15,700
.
21,600
.
29,300
22,300
Nov.
44,600
17
284,700
8,000
3,500
4.4U0
82,700
27,000
21,800
41,000
686.800
21,900
20,700
35,600
607,100
19,800
11,800
26,300
724.500
19,000
11,800
28,800
283,900
Inactive months—
August (1939)
100
...
September
3,200
Total all futures..
104,700 138,500 125,000
91,900 180,700 2,673,000
"
1
""
i;
Open
Contracts
New Orleans
9 Nov. 10 Nov. 11 Nov. 12 Nov. 14 Nov. 15
Nov.
December
5,900
5,850
3,850
2,800
2,000
3,150
6,550
1,800
October
December
March
Hoi.
150
6", 350
97,800
3,250
3,800
3,400
5,250
101,350
2,600
83,750
6,950
74,050
4,800
1,500
6,550
2,500
2,100
600
(1940)..
Total all futures
28,200
15
70,900
6,900
1,000
—
Nov.
100
6,300
4,750
July
8,200
5,650
500
5,150
May
(1939)
3,150
5,150
1,450
March
January
23,050
17,600
20.650
29 3*0
442.000
of Cotton tonight, as mademp by
cable and telegraph, is as follows.
as afloat are this week's returns, and
Foreign stocks as well
consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
Nov. 18—
1938
1937
1936
661,000
725,000
141,000
97,000
76,000
.1,078,000
243,000
331,000
19,000
802,000
175,000
222,000
20,000
822,000
169,000
205,000
16,000
530,000
62,000
23,000
9,000
50,000
15,000
3,000
iYooo
7,000
6,000
144,000
93,000
10,000
29,000
70,000
10,000
2,000
485,000
420,000
358,000
bales.
Total Great Britain..,.
Stock at Bremen
:
.
Stock at Havre
.
Stock at Rotterdam
.
Stock at Barcelona
Stock at Genoa
1935
972,000
106,000
Stock at Liverpool^
Stock at Manchester,
<
Stock at Venice and Mestre
....
Total Continental stocks......
Nominal
9.50
7.82
Sept. 1939..
r
SALES
Futures
Nominal
23 1938
June 28 1938
3
454,000
.
Spot Market
Saturday—
Monday
Tuesday
Wednesday,
Thursday
Feb.
8.74
May 31 1938
8.11
Aug. 1939..
Oct.
9.51
1938
7.81
8.26
1939—
23 1938
May 31 1938
June
8.34
Nov. 14
1939..
May
8.58
Feb.
7.74
7.77
8~45~Nov."l6
Stock at Trieste
days.
7.73
8.18
The Visible Supply
Quotations for 32 Years
New York
The
.
Apr.
'
active positions
8.54
1939—
of business
A short time before the close
—
Jan.
points lower.
Today prices closed 6 to 3 points net lower.
Prices for
cotton futures turned easier late this afternoon in a heavy
volume of sales.
■Range Since Beginning of Option
Range for Week
Nov.1938..
5.850
24.43 i
-
Since Aug. 1
Egypt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns
162,000
394,000
657,000
3,049,283
3,518,088
28,904
U. S. exports today
Total week.
50,465
5,850
74,834
687,000
Total European stocks
.,1,765,000
India cotton afloat for Europe—
54,000
American cotton afloat for Europe
293,000
Total
visible supply..
Of the above,
1,287,000 1,242,000
888,000
21.000
91,000
45,000
650,000
371,000
509,000
151,000
182,000
159,000
286,000
347,000
266,000
593,000
558,000
385,000
3,192,608 2,812,147 2,993,883
2,459,694 2,373,757 2,321,538
■»
47,106
39,331
32,135
9,921,275 8,652,408 8,051,235 7,599,556
totals of American and other descriptions are as follows:
American—
lowest and closing prices
York for the past week have been as follows:
Futures—The
New
highest,
at
Liverpool stock
Manchester stock
Saturday
Nov.
12
Monday
14
Nov.
Nov.
15
Wednesday
Nov.
16
Thursday
Friday
Nov. 17
Nov. 18
American afloat for Europe.,
U. S. port stock,
U. S. interior stock
U. S. exports
Range—
Closing
8.6471
,
,
8.61- 8.65
8.63- 8.67
8.58- 8.63
8.57- 8.60
8.54- 8.65
8.60-
8.66- 8.67
8.58
8.57
8.64- 8.65
8.60
8.53- 8.57
8.51- 8.59
8.53- 8.59
Bremen stock
8.5277
8.5977
8.53?7
Range..
8.52- 8.56
8.52
8.58
8.58
8.54-
Closing
—
8.54-
8.57
8.55
8.5177
8.4977
8.5477
8.4877
8.5777
Range..
8.52- 8.57
8.53- 8.58
8.48- 8.54
8.45-
Closing
8.52
8.56
8.48
8.45- 8.46
8.43«
8.4677
8.34- 8.39
8.34-8.38
8.29- 8.33
8.28- 8.32
8.26- 8.31
8.26- 8.34
Range..
8.34- 8.36
8.36- 8.37
8.29
8.28
S.30
8.27
Closing
8.287t
8.2977
8.2277
8.1977
8.2077
8.17t?
8.20- 8.24
8.20- 8.25
8.15- 8.19
8.11- 8.16
8.07- 8.14
8.06- 8.13
8.21
8.23
8.15
8.11
8.10- 8.11
8.07
8.1371
8.1477
8.0677
8.0177
7.9977
7.96
8.0577
8.0677
7.9777
7.9277
7.97- 8.00
7.95- 8.00
7.88- 7.93
7.83-
7.98
7.98
7.88
7.83
March—
8.51
8.45- 8.50
8.45- 8.54
8.49
Total American
_
8.3877
.
8.4077
8.3677
_
July—
Closing
.
.
Aug.—
Range..
Closing
.
..
_
Oct.—
..
f Closing
n
J
286.000
558,000
593,000
■'
258,000
24,000
48,000
19,000
58,000
45,000
159,000
266,000
385,000
2,040,000
...
1,557,000 1,861,000 1,262,000
7,881,275 7,095,408 6,190,235 6,337,556
Middling uplands, Liverpool
Middling uplands, New York
9,921,275 8,652,408 8,051,235 7,599,556
6.76d.
6.77d.
5.08d.
4.55d.
12.18c.
12.30c.
9.30c.
7.84c.
L'pool
C.P.Oomra No.1 staple, s'fine.Liv
Peruvian Tanguis, g'd fair,
9.88d.
9.28d.
4.0.5d.
3.87d.
5.90d.
4.02d.
5.83d.
4.02d.
11.54d. '
5.61d.
10.38d.
6.20d.
8.03d
5.65d
Continental imports for past week have been 43,000 bales.
The above figures for 1938 shows an increase over last
week
of
6,641 bales, a gain of 1,268,867 over 1937,
1,870,040 bales over 1936, and an increase
increase of
Sept.—
Closing
,
Egypt, good Sakel, Liverpool—.
Broach, fine, Liverpool —
Range..
Range.
162,000
394,000
657,000
472,000
44,000
68,000
36,000
28,000
91,000
182,000
347,000
8.367?
June—
Closing
54,000
Total visible supply
May—
Range
—
Continental stock
Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt —
Stock in Bombay, India
Total East India, &c
—
Closing
Range
Havre stock
372,000
68,000
45,000
32,000
24,000
21,000
151,000
8.45- 8.46
April—
Range
95.000
Indian afloat for
8.5271
.
52,000
516,000
41,000
84,000
94,000
38,000
Other
Range..
.
53,000
101,000
169,000
18,000
371,000
...7,881,275 7,095,408 6,190,235 6,337,556
Liverpool stock,
Manchester stock
8.67
Feb.—*
Closing
today.,.-
Total American
East Indian, brazil, cfee.—
8.62-8.63
Jan. (1939)
.
196,000
73,000
130,000
8.6877
Dec.—
Range..
Closing
289,000
190,000
7,400
64,000
6,400
650,000
509,000
3,049,283 3,192,608 2,812,147 2,993,883
3,518,088 2,459,694 2.373.757 2,321,538
28,904
47,106
39,331
32,135
Other Continental stock
Nop. (1938)
253,000
65,000
159,000
237,000
75,000
293,000
Havre stock
Tuesday
456,000
l.bales.
£
Bremen stock,,
—
Nominal.
7.8977
7.87
—
7.85T?
7.76- 7.84
7.75- 7.80
7.79
7.75- 7;76
—
an
of
2,321,719 bales from 1935.
At
the
Interior
Towns
the
movement—that
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stock tonight, and the same items for the
3182
Financial Chronicle
year- -is
corresponding period of the previous
set
out
in
detail below:
Nov.
Movement to Nov.
1938
18,
Ship¬
Stocks
ments
Nov.
Week
18
Receipts
Season
Week
Receipts
9,636
2,705
57
11,493
186
3,654
74,136
1,505
42,426
1,191
2,446
116.798
1,756
99,428
87,546
172,705
3,113
36,681
448
54,5C3
1,241
57,995
1,288
70.610
684
37,594
248
51,453
1,254
Bel ma
Forest
City
Helena
Hope.
Jonesboro.
854
18,110
797
92.878
3,410
19
Monday
Tuesday
Nov. 12
Nov.
Nov. 14
Nov. 15
Wednesday
Thursday
Friday
Nov. 17
Nov. 16
Nov. 18
Nov (1938)
December.
975
33,017
10,280
53.053
9,200
~421
940
40,112
1,343
64,866
592
65,683
4,418
109,443
2,932
107,401
2,564
35,732
1,262
4,000
66,685
4,000
2,876
58,350
1,458
30,240
41,420
25,947
26,794
784
28,048
4,588
97,969
1,405
37,487
148.183
42,897
2,371
111,710
33,442
625
25,721
116,327
3,387
142,281
11,812
121,147
6,673
80.076
2,447
48,800
2,885
43,694
2,093
37,436
205
45,133
11,251
321
19,785
286
15,32*
59
19,126
32
17,824
270
33,671
3,545
31,633
873
Atlanta
9,990
61,948
3,629
9,350
77,344
2,068
Augusta...
2,055
77,050
1,675
140,721
160,779
31,229
123,655
4,563
113,758
1.876
400
4,800
600
34,500
1,000
14,200
700
34,950
36,137
21,904
8.76
8.77
8.71
8.70
Jan.
8.65
8.69
8.66
8645- 865a
869,5- 870a
8.65
8.66
8.66
8.60
8.58
8.61- 8.63
8.58- 8.59
(1939)
February
8.75- 8.76
—
8.74
-
March..
April
8.46
8.46
8.41
8.40
8.42
8.39
8.31
May
8.32
8.25
8.23
8.19
8.18
8.08
8.00
June
July
August
September
136,653
Columbus..
»
Saturday
Slocks
35,562
7,884
...
Ark., Blythev.
closing quotations
1937
Week
Season
j
57,601
4,972
367
Eufaula
19,
Ship¬
ments
Week
53,784
6,721
Montgom'y
1938
19,
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Movement to
w
New Orleans Contract Market—The
for
Toums
Ala., Birm'am
Nov.
_
Rock
Little
Bluff.
2,738
1,305
6,224
Walnut Rge
587
Ga., Albany..
Newport
Pine
...
Athens
36,149
550
39,939
425
35,337
522
725
29,730
826
13,932
650
4,341
98,462
4,420
126,145
2,530
76,533
100,348
8,081
155,458
9,161
86,010
43,388
2,298
31,671
1,087
32,343
127,708
23,601
1,975
Rome
844
32,228
81.852
Macon
La., Shrevep't
Miss., Clarksd
5.892
103,033
Columbus..
978
23,730
6,726
1,289
Greenwood.
669
174,125
.
8,660
160,054
11,172
207,568
8,553
29,945
58
44,579
1,914
55,101
1,500
Natchez...
199
6,633
12
16,115
1,398
11,989
139
8,541
Vlcksburg..
748
25,535
1,347
3,604
34,032
Yazoo City.
783
44,181
2,856
27,771
58,073
2,131
51.444
1,7.50
2,492
Mo., St. Louis
6,239
53,268
6,027
4,185
6,314
56,072
6,172
N.C., Gr'boro
181
2,055
15
2,319
136
1,085
84
21,766
35,519
2,458
2,057
11,267
3,694
298,218
321,644
40,871
339,071
24,666
218,711
41,611
14,371
2,693
76,933
4,121
1,995
68,294
98,947 1109,616
85,160
46,697
896,086 101,033 1077,068
14,386
2,281
37,706
90,020
606,056
2,015
6,841
Jackson
>
36,404
.
Oklahoma—
October
8.09
7.93
7.87
7.86
November
809&- 81la
December.
7945- 796a
7885- 790a
7.89
—
Tone—
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Spot
Options
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Census
Report on Cotton Consumed and on Hand,
&c., in October—Under date of Nov. 14, 1938, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the month of October,
1938 and 1937. Cotton consumed amounted to 542,778 bales
of lint and 72,109 bales of linters, compared with 534,037
bales of lint and 70,991 bales of linters in September, 1938,
and 524,188 bales of lint and 73,193 bales of linters in October,
1937.
15 towns *_
8, C.,
Gr'ville
Tenn., Mom's
Texas, Abilene
551
20,167
701
Austin
155
6
5,093
356
15,740
168
Brenbam
280
14,368
12,731
412
83
12,923
98
3,230
Dallas.....
973
37,080
1,025
1,617
74,619
895
Paris
688
59,465
1,277
2,353
81,342
1,803
17,647
25,236
6
6,470
9.3
4,291
44,562
47,051
1,859
It will be seen that there is an increase in October,
1938, when compared with the previous year, in the total
lint and linters combined of 17,506 bales, or 2.9%.
The
following is the statement:
•
Robstown..
1
15,656
2,032
100
1,140
San Marcos.
151
12,773
156
3,584
a82
a7,221
Texarkana.
350
25,872
791
2,051
36,337
789
699
50,216
1,227
1,688
80,597
1,760
REPORT
AND
OF
COTTON
CONSUMED,
ON HAND,
IMPORTED
EXPORTED, AND ACTIVE COTTON SPINDLES
19,829
Waco
37,490
27,561
OCTOBER
20,764
a
a630
(Cotton in running bales, counting round as half bales, pxcept foreign, which is in
500-pound bales)
Cotton
*
*
Includes the combined totals of 15 towns In Oklahoma,
a
San Antonio.
show that the interior stocks have
increased during the week 7,780
bales and are tonight
1,058,394 bales more than at the same period last year. The
receipts of all the towns have been 84,404 bales less than
The
the
same
Year
give below
a
statement showing the overland movement
for the week and since
reports Friday night.
Aug. 1 in the last two
Aug. 1,
as made up from telegraphic
The results for the week and since
years are as
Nov. 18—
-1937
Since
Aug. 1
Week
6,027
6,375
6,172
6,400
3,300
42,031
52,347
63,646
714
3,687
59,670
227,434
3,491
45,988
56,158
57,445
1,041
1,732
63,175
224,517
.57,963
Via St. Louis_
_
407,498
62,051
f
Cotton-growing States
Via Mounds, &c
Via Rock Island
10,028
3,388
142,259
208
—
.
Via Louisville
230
...
Via
yirginia points
Via other routes, &c
;
Aug. 1
31
ments
(Bales)
.10,484
10,484
155,675
67,002
201,545
135,580
1937
62,365
216,915
159,544
j
1938
16,221
47,759
\ 1937
All other States
1938 459,555 1,388,917 1,333,979 15260351
1937 447,928 1,464,983 1,219,962 9,704,190
1938
13,895
47,212
21,322
47,479
251,823
17,594,244
4,594,870
55,180
5,444,236
37,686
7,566
39,533
10,491
603,304
676,166
Incluaed Above—
1938
5,031
13,957
1937
4,998
16,857
19,946
11,566
f 1938
4,830
17,781
15,764
1
1937
8,186
26,424
21,297
1
Other foreign cotton
and Spinners'
Takings
*
_
'•
31,096
27,521
1938
620
1,940
3,414
9,561
1937
731
2,228
2,943
3,867
f 1938
Amer .-Egyptian cotton
72,109
73,193
213,318
279,145
219,448
194,043
j
I
Not Included Above—
Linters
1
1937
—
Total
malketed
Interior stocks in
Exces?
over
273,336
7,780
excess
9,942
3,197
75,175
192
4,802
88,314
57,249
315,754
Since
Aug. 1
Week
Aug. 1
195,034
57,249
105,000
Country of Production
October
3 Mos. End. Oct. 31
1938
•
.
Egypt....
1937
3,130
4,381,346
1,565,165
357,283
72,124
15
106
326
583
15,535
2,688
907
British India
8,126
1,600
1,788
4,878
82
43
857
8.744
429,407
445,746
8,572,589
4L926
508,080
39,835
22,244
Bales
1936—Nov. 20
1934—Nov. 23
Since Aug. 1—
Quotations for Middling Cotton
are
Exports of Domestic Cotton Excluding Linters
(Running Bales—See Note for Linters)
Country to Which Exported
Bales
the
at
Other Markets—
closing quotations for middling cotton at
principal cotton markets for each day
of the week:
Germany
Galveston
New Orleans.
Mobile
Saturday Monday
8.65
8.86
Savannah
8.97
8.92
Norfolk
8.37
Montgomery
9.12
Tuesday
8.69
8.60
8.86
8.81
8.66
9.01
9.05
8.65
9.16
8.50
8.68
8.58
8.93
9.00
Little Rock
8.50
Dallas
8.37
8.41
8.58
9.08
8.50
8.60
8.40
8.33
Fort Worth
8.37
8.41
8.33
Augusta.
Memphis
_
Houston
-.
9.27
8.60
8.65
8.45
on-
Wed'day Thursday
8.58
8.81
8.55
8.91
9.00
8.55
9.05
8.50
8.57
8.35
8.28
8.28
Friday
8.62
8,58
8.73
8.59
8.94
9.00
8.60
9.09
8.50
8.60
8.40
8.32
8.32
8.68
8.55
8.91
9.00
8.55
9.05
8.50
8.60
8.35
8.28
8.28
Oct.
31
1937
218,753
120,798
474,614
139,453
175,674
282,779
66,391
140,280
80,832
110,166
1,515
30,006
158.572
279,250
215,963
208,819,
68,673
'
13,637
29,937
91,251
Japan
Cbina
74,930
108,552
26,737
...
45.851
48* 136
8,770
20,682
223,604
1,172
71,971
22,390
464.590
798,921
1,054,091
572
....j
Canada
i
All other
Total.
58,379
214
64.115
41,365
1.636,780
Note—Linters exported, not included above were 21,406 bales
during October In
1938 and 24,308 bales In 1937; 51,469 bales for three months
ending Oct. 31 in 1938
and 61,684 bales in 1937. The distribution for
October, 1938 follows: United King¬
dom, 5,540; France, 6,723; Germany, 3,824; Italy, 1,898; Netherlands, 25;
Canada,
1,313; Panama, 5; Japan, 2,036; Poland and Danzig. 42.
WORLD
Closing Quotations for Middling Cotton
End.
1938
61,452
79,442
40,745
•
;
...
Spain
Mos.
47,940
United Kingdom
France
Italy.
3
1937
„
8,076,412
7,543,608
5,095,585
Southern and other
Week Ended
Nov. 18
October
1938
Other Europe
441,227 1936
420,465 1935
301,545 1934
1935—Nov. 22
5,817
Linters Imported during two months ended Sept.
30, 1938, amounted to 10.309
equivalent 500-pound bales.
Belgium
Movement into sight in previous years:
Below
10.933
315,754
1,885,000
Decrease.,
Week—
12,556
65
...
196,844
6,249,095
North, spinn's's takings to Nov. 18 66,861
*
1937
11,147
5,231
China..
6,737,606
1,638,139
Since
281,116
_
1938
6,276
4,536,852
302,584
*
54,135
Imports of Foreign Cotton (500-lb. Bales)
Total
-1937-
2,361,523
251,823
1,768,000
of Southern mill takings
consumption to Nov. 1>^_-
Came into sight during week
Total in sight Nov. 18
101,422
•
.
Week
125,857
Net overland to Nov. 18
47,479
Southern consumption toNov. 18-100,000
3,482
'
4,402
1938-
Receipts at ports to Nov. 18
^
"
Including movement by rail to Canada.
In Sight
16,915,771
44,802
All other..
*
(Number)
1
Mexico
Leaving total net overland *
(Boles)
.
October
1
...
Peru
Toted to be deducted
Active
Duiing
1,638,2^1
Deduct Shipments-
..
Spindles
presses
1
New England States
404,068
200
248
_.
Public
Storage
1,507,245 15312719 22,113,952
1937 524,188 1,729,110 1,419,039 9,769,861
23,714,646
Since
Week
Shipped—
In
suming
Establish¬ rfc at Com¬
{Bales)
1938 542.778
•
1938-
Oct.
{Bales)
United States
In Con¬
Months
Oct.
Egyptian cotton.
follows:
Oct. 31
Ended
week last year.
Overland Movement for the Week and Since Aug. 1—
We
Cotton on Hand
Three
totals
above
Consumed
During—
Total. 56 towns 178.648 3181.150 170,347 3518,088 263.052 3613.805 190,928 2459,694
STATISTICS
The estimated world's production of commercial
cotton, exclusive of
linters, grown in 1937, as compiled from various sources was 35,591,000
bales, counting American in running bales and foreign in bales of 478 pounds
lint, while the consumption of cotton (exclusive of linters in the United
States) for the year ended July 31, 1938, was 26,748,000 bales. The total
number of spinning cotton spindles, both active and
idle, is about 147,000,000.
$13,064,952
Loans on 72,174,129 Pounds of Wool
by CCC Through Nov. 5—On Nov. 12 the Com¬
modity Credit Corporation announced that through Nov. 5,
loans aggregating $13,064,952.07 had been made on
72,174,129 net grease pounds of wool, an average of 18.10 cents.
This figure includes repayments of $1,483,850.63
covering
8,278,634 pounds of wool.
Made
Volume
Financial
147
CCC Loans
Cotton Through Nov. 10 Aggregated
2,412,129 Bales—Announcement was made
on
Nov. 12 by the Commodity Credit Corporation that
"Advices of Cotton Loans" received by it through Nov. 10:
showed loans disbursed by the Corporation and lending
agencies of $111,627,435.85 on 2,412,129 bales of cotton.
The loans average 8.89 cents per
pound.
Figures showing the number of bales on which loans have
been made by States are given below:
$111,627,436
Rain
State—
Bales
State
198,688 New Mexico
5,670 North Carolina
Arizona
Arkansas
Georgia
Tennessee
113,061
150,713
Mississippi.
—
South Carolina—.
687
Louisiana
—,— — -
Oklahoma
——507,445
California
.
Texas
•
Bales
12,052
4,643
85,462
33,161
—180,148
732,302
-
21
-.330,914 Virginia
57,162
Missouri
~
'
Report
on
Oil Production—On
Cottonseed
Nov. 12 the Bureau of the Census issued the following state¬
showing cottonseed received, crushed, and on hand,
products manufactured, shipped out, on
hand, and exported for the month of October, 1938 and
1937:
;
/
Cottonseed
.
COTTONSEEDfRECEXVED,
CRUSHED,
Aug. 1 to Oct. 31
1937
168,116
224,211
326,258
52,324
162,496
351,370
99,188
147,440
Louisiana
143,905
Mississippi
509,172
Arkansas
California...-
Georgia
...
North Carolina
39,707
199,040
31,908
220,040
43,451
185,618
42,138
134,339
83,713
108,825
66,074
571,138
218,140
254,311
332,830
73,941
84,570
18,942
81,925
85,793
9,761
Augusta
125,968
44,720
125,652
124,284
78,389
117,679
47,397
70,180
South Carolina
North Carolina—Asheville
Tennessee
269,606
211,447
103,937
107,140
178,279
973,740
93,783
401,679
595,386
468,979
401,226
All other States
688,585
110,120
48,826
44,577
-69,333
1938 and 1937, respectively.
COTTONSEED PRODUCTS MANUFACTURED,
62
0.92
88
40
0.12
77
58
64
65
76
30
36
44
42
60
59
40
34
56
34
54
dry
„
76
0.38
0.65
2
...
0.20
Aug. 1
Crude oil
1938-39
(lbs.).]
1937-38
Refined oil
1938-39
(lbs.)(
1937-38
Cake and meal,
1938-39
(tons)
...1
Hulls (tons)--.
1937-38
1937-38
7,379
1937-38
bales
fiber,
1938-39
500-
1937-38
lb. bales-.
Grabbots, motes
&c.t
lb.(
[
500
bales
*
Oct. 31
*151,570,078
155,719;555
*446,738,694
330,366,573
295,380
569,913
139,760
753,870
345,198
437,763
308,419
247,301
8,678
435,982
1938-39
61,547
30,534
1,828
36,592
1938-39
LInters, running
On Hand
378,073,849
497,259,832
378,193
498,707
1937-38
Hull
Aug. 1 to
Oct. 31
133,153
43,422
457,464
1938-39
350,239
12,324
166,148
104,366
499,284
250,228
34,180
15,202
15,135
4,014
15,482
36,245
21,503
8,005
Memphis
Above zero of gauge-
-.Above zero of gaugeAbove zero of gauge-
Shreveport-__
Vicksburg.*
not include overland receipts nor
they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
tions.
The
figures do
Southern consumption;
Receipts at Ports
pounds held by refining and manufacturing
pounds in transit to refiners and
consumers Aug. 1, 1938 and Oct. 31, 1938, respectively.
* Includes 5,199,739 and 5,459,977 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
7,696,711 and 5,498,836 pounds In transit to manufacturers of shortening, oleo¬
margarine, soap, &c., Aug. 1, 1938 and Oct. 31,1938, respectively.
y Produced from 329,369,207 pounds of crude oil.
EXPORTS
AND
1937
1938
1936
19.
26-
OF
COTTONSEED
PRODUCTS FOR TWO
Sept.
836,739 1219,831 171,494
2. 144,055 300,222 201,842 1949,655
918,178 1339,682 290,308
9. 195,347 309,808 271,456 2044,616
16. 227,732 347,270 340,815 2198,739 1059,914 1499,275 381,855
23. 236,651 411,538 314,287 2390,140 1245,539 1677,862 428,052
465'081
30. 221,656 479,801 319,754 2633.665 1490,564 1832,026
Oct.
7.
183,369
193687
14. 205,107
21. 300,646
28.
4.
.
10
150,872
(1) That the total receipts
plantations since Aug. 1, 1938, are 4,035,482 bales;
in 1937 were 5,917,150 bales and in 1936 were 4,908,168
bales.
(2) That, although the receipts at the outports the
past week were 125,857 bales, the actual movement from
plantations was 133,637 bales, stock at interior towns
having increased 7,780 bales during the week.
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
824,603
9,281
281",116
Bombay receipts to Nov. 17-Other India ship'ts to Nov. 17
Alexandria receipts to Nov. 16
.29,000
25
2,000 pounds
LInters, bales of 500 pounds
595
10,309
2,766
Cake and meal, tons of
16 * &-.
-
October not included above are
Amounts for
Returns
by Telegraph—Telegraphic
Rain
Texas—Galveston
0.04
81
64
0.20
0.04
76
86
32
86
42
64
84
68
90
84
64
76
77
46
65
88
58
73
78
84
42
82
84
52
dry
dry
'
dry
drydry
Dallas
Del Rio
El Paso
1
Houston
Palestine
.,
Port Arthur.
0.07
2
Corpus Christi
.
c__
San Antonio
.
Fort Smith
Shreveport
Mississippi—Meridian
Vicksburg
Alabama—Mobile
Birmingham
Montgomery
Florida—.Jacksonville
0.01
0.06
0.02
1
.
Oklahoma,—Oklahoma City...
:
Arkansas—Eldorado
Louisiana—New Orleans
0.10
1
p.
.
;
0.76
dry
dry
i
0.12
i
i
0.02
0.52
i
0.22
i
Tampa..
2
57
62
74
•
57
47
66
82
40
61
82
81
46
64
80
82
34
0.10
84
57
,
64
if
uicvm,
,
,
from All Ports
Week
Aug. 1
Week
29,000
325.00C
19,000
Aug.
Conti¬
nent
China
1938
5,000
3,000
1936
2,000
23,000
1,000
13,000
Aug. 1
236,000
Britain
.
Japan &
nent
China
Total
28,000
13,000
52,000
325,000
390,000
4,000
4,000
7,000
58,000
123,000
63,000
191,000
185,000
261,000
15,000
16,000
49,000
8,000
28,000
63,000
1938—*—
4,000
1937
1,000
12,000
7,000
1,000
13,000
4,000
1,000
17,000
23,000
44,000
10,000
12,000
1,000
15,000
1,000
13,000
14,000
Total all—
29,000
62,000
32,000
70,000
161,000
96,000
162,000
112,000
68,000
99,000
164,000
126,000
162,000
325,000
123,000
551,000
281,000
191,000
423,000
Receipts and Shipments
We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
past week and for the corresponding week of the
Alexandria
weekly
dria, Egypt.
ceive
40,000
Conti-
Great
Total
Other India-
1936-—-
Week
Since Aug. 1
Jap'nA
Britain
i
180,000
For the Week
Great
Since
Since
Since
Bombay—
■
1936
1937
1938
Nov. 17
Receipts—
a
56
69
75
69
for the
62
w
5,462,403
3,894,603
1,567,800
105,000
since Aug. 1 the total
0,000,000 bales In 1938 and
66
82
0.06 '
70
56
46
84
76
dry
Pensacola
57
36
38
0.04
i
Miami
73
40
78
76
84
0.42
i
72,
86
0.14
2
..
86
, „
74
dry
i
60
60
5,400,561
3,831,961
1,568,600
Exports
60
74
67
8,652,408
378,522
273,522
India Cotton Movement
from—
*
64
mills,
Bombay
70
!.
8,652,408
This total embraces
b Estimated.
73
54
54
1
Brownsville
-Thermometer
Mean
Low
1
.
Austin
Abilene
High
2
.
....
Amariilo
Inches
.378,475
282,475
96,000
9,921,275
estimated consumption by
1,885,000 bal«? in 1937—
takings not being available—and the aggregate amount tqken by Northern
and foreign spinners, 0,000,000 bales in 1938 and 3,577,403 bales in 1937,
of which 0,000,000 bales and 2,009,603 bales American.
advices to us this
1lainfall
9,921,275
*
Southern
picked, rapid progress is being made to clean it up.
Days
180,000
96,000
797,200
130,000
9,030,930 14,114,811
10,299,750 15,321,836
Nov, 18-- —
8,572,589
19,000
8,000
56,000
10,000
582,800
145,000
jhrnoraces receipts m rjurupo nurn
a
evening indicate that the weather continues favorable for
picking and ginning remnants of the cotton crop in all
sections.
In some localities where there is still some cotton
to be
429*.407
6,249,095
325,000
161,000
48,000
11,000
Of which other
*
2,414,982 pounds refined "entered
direct for consumption." 2,735,387 refined, "withdrawn from warehouse for con¬
sumption," and 2,277,821 refined, "entered direct into warehouse."
*
46,000
Total takings to Nov. 18 a—
Of which American—. —
None
19,644,616
4,33*9", 022
7,858*941
18-
37,376
*None
16,250,996
Oil, refined, pounds
8,508,523
9,914,634
Nov. 11
Visible supply Aug. 1American in sight to Nov.
Season
Week
Season
Week
Visible supply
64,418
822,495
5,472
30,063
1937
1938
Cotton Takings,
Week and Season
Deduct—
86,884
LInters, running bales
Imports—Oil, crude, pounds
724,826 500.519
406,335 305,198
92,125 245,688 264,096 3510,308 2387,570 2342,886 141,936
3518,088 2459.694 2373,757 133,637 267,158 282,311
Visible supply,
------
480,006 500,408
606.163 492.874
18. 125,857 195,034 251,440
1937
1938
Oil, refined, pounds....
....
Cake and meal, tons of 2,000 pounds
361,614 391,307
388,719 295,054
256,332 263.182 259,641 3460,497 2226,923 2301,784 329,745
Total supply
Exports—Oil, crude, pounds..
330,292 280,892
478,343
441,721 330,033 2881,086 1715.693 1980,336 430,890 666,850
596,889 489,120
379,066 370.723 3110,218 1904,035 2098,733 434,239
378,683 3275,615 2051.912 2179,563 366,043 471,196 483,163
323,319
391,329 471,919
313,437 385,111 3387,084 2129,804 2266,371 263,541
Other supply to Nov.
MONTHS ENDED SEPT. 30
Item
67,385 141,468 63,862
83,722 239,811 149,970
788,408 1132,176
806,649 1140,781
73,033 149,210 76,336 1927.836
78,102 221,570 141,365 1922,216
1936
1937
1938
1936
1937
1938
Aug,
12,855,220 and 33,915,160
IMPORTS
Receipts from Plantations
Stocks at Interior Towns
End.
Includes 11,339,523 and 36,108,871
and
'
7.0
Plantations—The following table
the
Receipts from
,
indicates the actual movement each week from the planta¬
—
establishments
59
2.6
4.7
9.6
14.6
1.7
6.5
9.1
2.0
1.9
Above zero of gauge-
;
Nashville
20,877
17,388
56
from the
Shipped Out
449,980,922
*33,833,717
572,280,756
11,141,266
*487,927,952 y308,116,680
373,800,505
441,052,343
214,611
650,682
851,678
41,952
53
Nov. 19,1937
Feet
Nov. 18,1938
Feet
SHIPPED OUT, AND ON
Aug. 1 to
Oct. 31
On Hand
Season
74
*
Above zero of gauge-
The above statement shows:
Item
76
75
78
2
2
...
-
New Orleans
HAND
Produced
76
0.02
dry
dry
....
67
has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Nov.
reshipped'for
44
The following statement
2,690,490 3,372,244 1,464,564 1,930,994 1,558,544 1,483,644
Aug. 1 nor 10,026 tons and 29,403 tons
80
53
81
1
Raleigh
Wilmington
Tennessee—Memphis
Chattanooga
Nashville-
49,802
•
58
0.18
1
Charlotte
52,438
40,216
104,720
United States
38
1
...
Macon
South Carolina—Charleston._
31,536
294,818
55,867
Oklahoma
68,002
191,540
64,949
77,106
76,997
325,112
58,022
Mean
78
1
Atlanta
Week
1937
1938
156,490
160,214
122,055
—
Oct. 31
1937
1938
Low
2.52
High
dry
Mills
On Hand at
Crushed
Aug. 1 to Oct. 31
1938
(TONS)
HAND
ON
AND
Received at Mills *
State
Alabama
Inches
1
1
_
Georgia—Savannah
ment
and
Thermometer
Rainfall
Days
on
on
Alabama
Census
3183
Chronicle
66
75
previous two years:
3184
Financial
Chronicle
Nov.
1938
19
Bales
Alexandria, Egypt,
1938
1937
NORFOLK—To Hamburg, Nov. 11, Liberty, 254
MOBILE—To Liverpool, Nov. 15, raka, 954; Oct. 31, Antinous,
2,045, Planters, 188
To Manchester—Nov. 15, Yaka, 647; Oct.
31, Antinous, 1,698,
Planters, 818
To Gdynia, Nov. 27, Taurus, 150
To Sweden, Oct. 27, Taurus. 1,218
PENSACOLA—To Liverpool, Nov. 12, Yaka, 1,000
1936
Nov. 16
254
3,187
—
Receipts (centars)—
This week
Since Aug.
240,000
2,920,651
1_.
280,000
4,020,268
275,000
4,086,397
This
To
This
Since
This
Since
Week
Exports {Bales)—
Since
Aug. 1
Week
Aug. 1
Week
Aug. 1
3,163
150
1,218
1,000
To Manchester, Nov. 12, Yaka, 41
LAKE CHARLES—To Copenhagen, Nov.
3, Georgia 50
41
50
To
Liverpool
32,737
45,547
12,000 186,379
4,558
7,000
59,099
53,081
22,000 218,455
7,822
To America
Total exports
19,000 269,221
60.453
55,490
13,000 168,667
8,179
29,000 338,457
7",666
To Manchester, &c
To Continent & India
Gdynia, Nov. 3, Georgia, 1,173
To Antwerp, Nov. 11, Volanteer, 128
To Ghent, Nov. 11, Volanteer, 755
To Havre, Nov. 11, Volanteer, 278
To Bremen, Nov. 11, Kiel, 884
To Rotterdam, Nov. 11,
Volanteer, 500
SAVANNAH—To Liverpool, Nov. 14, Sundance, 289
To Manchester, Nov. 14, Sundance,
1,614
To Antwerp, Nov. 15—Beaconsfield, 200
To Bremen, Nov. 15, Beaconsfield, 288
;
To Rotterdam, Nov. 15,
Beaconsfield, 39
JACKSONVILLE—To Rotterdam, Nov. 14, Beaconsfield, 61----SAN FRANCISCO—To Great Britain— ?—225
To France—?—366
To Japan—?—3,263
LOS ANGELES—To
Liverpool, Nov. 5, Knoxville City, 175;
Lochmonar, 100; Nov. 15, Pacific Grove, 600
To Manchester, Nov.
7, Sofie Bakke, 1,500; Nov. 15, Pacific
Grove, 1,250
1
To Japan, Nov. 5, Azumazan
Maru, 953; Nov. 7, Atugs Maru,
400; Nov. 7, President Monroe, 2,042; Nov. 10, Kinai Maru,
448; La Plata Maru, 499, ChiekiMaru, 2,880; Nov. 15, Hujo
Maru, 1,885
To India, Nov. 5,
Hoegh Merchant, 100; Nov. 7, President
Monroe, 50: Nov. 15, Hoegh Silvermight, 100
To Dunkirk, Nov. 15, San
Francisco, 550
To Canda, Nov. 10,
Rosebank, 60
33,000 292,789
11,000
9,000
128
755
278
-
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Nov. 16
240,000 cantars and the foreign shipments 19,000 bales.
1,173
were
884
500
289
1,614
200
288
-
—
39
-
Manchester
Market—Our report received
by cable to¬
—
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for cloth is improving.
We
give prices today below and leave those for previous weeks of
this and last year for comparison:
——
61
225
-
366
3,263
875
2,750
-
1938
1937
8l4 Lbs. Shirt¬
Cotton
ings, Common
to Finest
Middl'g
32s Cop
Twist
0-
8.
,
d.
328
Cotton
ings, Common
Middl'g
to Finest
Upl'ds
Cop
Upl'ds
Twist
d.
d.
d.
8.
854 Lbs. Shirt¬
d.
s.
s.
d.
d.
9,170
250
550
60
-
,
Auk
19-
9
@10
9
26..
9
@10
9
9%
9
9%
@
13..
8H@
8*4@
9
9H
9
@
9
3
23-
8H@
9%
9
@
9
3
30-
8*4@
9%
9
@
9
3
9
3
4.78
10
@
9
3
4.74
11H@13X
10
@
9
3
4.85
11 *4 @13
10
9
3
4.71
10
4.81
1154 @13
1154@13
4.76
11H@13
10
4.80
HX@V2H
@
3
@10
6
154@10
4K
5 56
45*
5.46
eepc.
8%@
138,297
5.63
1H@10
1H@10
CjAnf1
2„
Total
5.78
4 H
10
154@10
@10
9 10H@10
4H
5.33
3
5.08
1M
Cotton
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
4.89
Oct.
High
7-
8*4@
9H
9
@
9
3
5.00
UM@12X
9
14—
8V%@
9
@
9
3
5.24
9 10 54 @ 10
9
@
9
3
6.19
11K@1254
11K@12J4
9
@
9
3
5.20
11K@12H
9
8H@
28-
8%@
9%
@10
9 10J4@10
9 1054@10
.60c.
Piraeus
Flume
d.45c.
.60c.'
Salonlca
4.75
Manche8ter.52c.
.67c.
Antwerp
.52c.
.67c.
Barcelona
4.89
Havre
.52c.
.67c.
154
4.8*
Rotterdam .52c.
.67c.
*
♦
Japan
*
*
*
♦
.60c.•
Shanghai
Bombay x
.58c.
.73c.
.63c."
.78c.
d.45c.
8*4@
9H
9
6.09
1054 @12
4.55
Oslo
9
@
»
3
5.05
107/8@12H
154
4.63
Stockholm
8*4®
9%
9%
9 10H@10
9 10M@10
154
8*4 @
9
@
9
3
5.08
ioyg@i2
9 1054@10
154
4.55
Shipping
9
3
shown
News—As
on
previous
a
are as
follows:
bqics
GALVESTON—To
Ghent, Nov. 15, Effingham, 610; Nov. 12,
Vermont, 138; Nov. 10, Blommersdijk, 100; Nov. 17, Antucipin, 406—
-
small lots
d Direct steamer.
-
n-_
i
Oct. 28
Nov. 4
48,000
47,000
1,117,000 1,109,000
552,000
536,000
50,000
50,000
37,000
10,000
128,000
13,0000
49,000
59,000
Stinnes,
Nov.
Spot
as
follows:
Saturday
Monday
Tuesday
1
12:15
P. M.
Moderate
Quiet
Quiet
[
demand
■
Mid. upl'ds
4,
Futures
1,596
295
To Japan, Nov. 10, Asosan Maru, 6,790--
5.13d.
5.13d.
Wednesday
To Antwerp, Nov. 15, Antverpia ,56
To Ghent. Nov. 15, Antverpia, 254-To Havre, Nov. 15. Antverpia, 502--
747
541
5.07d.
1 to 2 pts,
decl.
pts. did.
decline
P.
Steady at
Steady,
Quiet
at
Steady,
Quiet but
unch'd to
2 to 3 pts.
unch'd to
st'y, 1 to 3
2 pts. adv.
decline
1 pt. adv.
pts. decl.
Prices of futures at
Nov.
12
Sat.
Liverpool for each day
Mon.
Tues.
are
4
pts
2
to
pts. adv.
advance
M.
St'y; 2 pts.
adv.
.to
5
pts. decline
given below:
"
Wed.
Thurs.
FrI.
to
Nov. 18
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
4.81
4.83
4.83
March
4.85
4.85
May
4.85
4.85
July.-.,..
4.84
4.84
4.74
4.74
4.77
d.
4.75
December
January,
2,132
March
1939-.
4.78
d.
4.83
d.
4.81
4.84
4.86
4.87
4.87
4.86
d.
d.
d.
4.81
d
d.
4.79
4.82
4.82
4.83
4.81
4.81
4.88
4.85
4.85
4.85
4.84
4.88
4.85
4.85
4.85
4.83
4.87
4.84
4.84
4.84
4.82
4.75
4.72
4.72
4.73
4.70
4 81
82
4.82
4.84
4,85
4.85
4.83
4.83
4.82
4
81
4.80
4.70
4.67
4.66
4
4 83
-
-
~
-
-
4.80
4.77
4.74
4.75
4.72
4.67
4.78
4.75
4.76
4.73
4.68
4.80
—
4.78
4.79
4.76
4 71
50
6,294
423
BREADSTUFFS
584
50
1,897
265
.
125
200
400
5,842
208
1,575
3,557
2,158
1,801
2,725
25
300
100
1,522
250
.
1,173
1,832
323
597
155
30
5
636
1,325
1,272
191
577
Effingham, 2,150; Nov. 10, Antverpia, 100
Dunkirk, Nov. 10, Antverpia, 504
To. Rotterdam, Nov. 11, Egffinham, 400
To Enschede, Nov. 11, Effingham, 1,254
To Oporto, Nov. 11, Effingham, 50
2,250
47
-
st'y, 1 to 2
1 pt. adv.
December, 1938-
Antverpia, 89--
To Havre, Nov. 11,
unch'g to
1 pt. adv.
6 to 7 pts.
4
5.08d.
3t'y;
unch'd to
January
8,007
—
To
5.07d.
*
Steady at
October
—
China, Nov. 15, Vinnie, 191
Dull.
.
Quiet but
1.651
1,121
1,064
-
To Japan, Nov. 15, Vinnie, 1,272
Dull
Steady,
4,164
—
To Ghent, Nov. 11, Effingham, 488; Nov.
10,
To Antwerp, Nov. 11, Effingham, 47
Friday
241
—
I-
To
-
unch'g to
1 pt. adv.
•
Market,
950
840
460
56
254
502
HOUSTON—To Coponhagen, Nov. 16, Gorm, 840
To Gdynia, Nov. 16, Gorm, 460
-
Thursday
Dull
5.lid.
feteady,
6
—
-
Quiet,
opened
6,790
8,299
To Bremen, Nov. 4, Schwanheim, 5,194; Nov.
16, Kiel, 3,105To Hamburg. Nov. 4, Schwanheim,6
Hamburg, Nov. 15, Kiel, 541---.
To Genoa, Nov. 15, Syros, 2,916; Nov. 17,
Monrosa, 1,248
To Trieste, Nov. 14, Alberta, 1,651
To Venice, Nov. 14, Alberta, 1,121
To Susack, Nov. 14, Alberta, 1,064
c—
To Liverpool, Nov. 10, Mathias Stinnes,
1,231; Nov. 12, His¬
torian, 6,776
To Manchester, Nov. 10, Mathias Stinnes,
45; Nov. 12, His¬
torian, 1,387—
To London, Nov. 10, Mathias Stinnes, 50
To Japan, Nov. 17, Vinnie, 6,294
To China, Nov. 17, Vinnie, 423
NEW ORLEANS—To Hull, Nov. 15,
Aquarius, 584
To Antwerp, Nov. 15, Vermont, 50
!
:
To Havre, Nov. 15, Vermont, 1,897
To Dunkirk, Nov. 15, Vermont, 265
To Guatemala City, Nov. 9, Sixola,
100; Nov. 16, Cefalu, 25-To San Felipe, Nov. 9, Sixola, 200
To Arica, Nov. 9, Sixola, 400
To Japan, Nov. 12, Hope Peak, 3,799;
Guteyo Maru, 398;
Nov. 9, Vinnie, 1,645—
To Manila, Nov. 12, Hope Peak, 208.
To China, Nov. 12, Hope Peak, 75; Guteyo
Maru, 1,500-To Liverpool, Nov. 8, Auditor, 3,069; Mathias
Stinnes, 488
To Manchester, Nov. 8, Auditor, 1,758; Mathias
Stinnes, 400.
To Venice, Nov. 10, Alberta, 1,801
To Bremen, Nov. 16, Washenwald, 2,725
To Guatemala City, Nov. 2, Toloa, 25
To Habana, Nov. 5, Santa Marta, 300
To Abo, Nov. 9, Uddeholm, 100
To Genoa, Nov. 9. Monrosa, 1,522
y.„
To Oslo, Nov. 9, Uddeholm, 250
To Gdynia, Nov, 9, Uddeholm, 973; Nov. 10,
Georgia, 200
To Gothenburg, Nov. 9, Uddeholm, 1,832-:.CORPUS CHRIST!—To Gdynia, Nov. 14,
Tortugas, 323—
To Gothenburg, Nov. 14, Tortugas, 597
To Valborg, Nov. 14, Tortugas, 155
To Norkopping, Nov. 14, Tortugas, 30
To Uddevalla, Nov. 14, Tortugas, 5
To Mantyluoto, Nov. 14, Tortugas, 636
To Genoa, Nov. 14, Monrosa, 1,325
Market
613
X95
To Dunkirk, Nov. 15, Antverpia, 241
To Bremen, Nov. 15, Kiel, 747- ———
9,000
160,000
65,000
Market,
4,095
-
To Oslo, Nov. 9, Tampa, 950
42,000
1,078,000
521,000
24,000
3,192
------
402;
Nov. 18
45,000
of the Liverpool market for
spots and futures
day of the past week and the daily closing prices of
4,882
Mathias
Nov. 10
976,000
464,000
23,000
15,000
123,000
44,000
The tone
100
Historian, 1,194
To Dunkirk, Nov. 12, Vermont, 319; Nov. 17,
Antverpia, 294To Antwerp, Nov. 10, Blommersdijk, 100; Nov.
17, Antferpia,
Gothenb'g
•67C.
Only
spot cotton have been
12, Mathias Stinnes, 1,380; Nov. 4, His¬
12,
.72c.
.67c.
Total imports
Of which American
1,507
torian, 3,502
To Manchester, Nov.
,57c.
.52c.
.52c.
4,951
"
.60c.
Hamburg
each
-
.60c.
d.45c.
Bremen
Total stocksOf which American.-
1,254
-
.72c..
d.45c.
Leghorn
2 207
dijk, 953
To Oslo, Nov. 15, Uddeholm, 100
To Gdynia, Nov. 15, Gorm, 190, Uddeholm,
1,050; Nov. 9,
Tampa, 2,855
To Gothenburg, Nov. 15, Uddeholm, 2,051; Nov. 9,
Tampa,
1,141..
--
1.00
Copenhag'n.57c.
Naples
.65c.
Of which American
-*
Tb Liverpool, Nov.
x
1.00
d.85c.
Venice
1.00
85c.
.50c.
Amount afloat.
Copenhagen, Nov. 15, Gorm, 160; Uddeholm, 400; Nov. 9,
Tdtinpdif If737
To Havre, Nov. 15. Effingham, 2,067; Nov. 12, Vermont, 436;
Nov. 17, Santverpia, 2,448
To Rotterdam, Nov. 15, Effingham, 554; Nov. 10, Blommers¬
—
quotation.
Forwarded--
To
--
No
ard
.85c.
Liverpool—Imports, stocks, &c., for past week:
the
page,
exports of cotton from the United States the past week have
reached 138,297 bales.
The shipments in detail, as made
from mail and telegraphic reports,
*
Stand-
Density
d.45c.
4.82
10—
@
High
ard
Trieste
m
154
18--
4
Stand¬
Density
.67c.
0
Nov.
To
High
ard,
,52c.
Genoa
2I„
9H
9*4
up
Stand¬
Density
.
Liverpool
504
400
1,254
50
Friday Night, Nov. 18, 1938
Flpur—Dulness continues to prevail in the flour trade.
Despite firmer wheat prices, flour values have changed but
little.
Leading mill offices in the local area note little
■
buying interest.
There
is
some
call
for
small
spot
but the improvement
that is long overdue has not
yet.
fair.
Directions
weather would
are
It
is
thought
a
spell
lots,
come
of
as
cold
help.
Wheat—On the 12th inst. prices closed pgc. to ^c. net
higher. Most of the news was bullish during the short session,
and at one time values were lifted a cent a bushel.
However,
buying was anything but aggressive and a rather unsteady
developed towards the close. Wheat found support in
early trading in bullish cables from abroad, strength in
securities and in improved world export picture. However,
these influences were offset to some extent by the big sup¬
plies, approaching Argentine movement and an indefinite
domestic export outlook which militated against aggressive
buying. Liverpool wheat finished 1 to 2 points higher than
Thursday's close owing largely to better cash demand and
lighter offerings from European exporting nations. Although
no
domestic wheat sales for export have been reported, it
was
estimated between 400,000 and 500,000 bushels of
tone
the
Canadian grain
holiday.
were sold from the Pacific Coast over the
On the 14th inst..prices closed
off to %e
Volume
Financial
147
higher. This grain fluctuatad within a narrow range, open¬
ing unchanged to Hc- off.
Weak r sterling influenced a
lower Liverpool, the pound sterling being around 2He. by
midday. The opening at Liverpool was fractionally b low
the previous closes at Chicago and Winnipeg and the final
quotations also vhowed decreases. Winnipeg, however, regis¬
tered closing gains of %c. to He. Another advance in the
American flour subsidy has been announced with the in¬
creasing of the subsidy on exports from Pacific ports to
countries other than the Philippines, China and Hong Kong
from (:0c. to 75c. per barrel.
Export sales, however, con¬
15th inst. prices closed unchanged to
Trading was relatively light, with fluctuations
confined to an extremely narrow range.
Canadian export
business totaling more than a million bushels, together with
fears of Argentine frost damage, gave Chicago wheat prices
a half a cent lift
today. An added stimulus came from the
fact that for the first time this season, the Canadian visible
wheat supply figures showed a reduction.
Exporters said
distressed wheat afloat for Europe was now well cleaned up,
and that a much improved demand overseas appeared to be
in prospect.
Significance was attached to Argentine frost
reports because the districts affected took in parts of Buenos
Aires Province, an important wheat producing region.
Big
jumps of Argentine quotations, however, were discounted,
the announcement, of a fixed minimum price for Argentine
wheat having been anticipated here. On the 16th inst. prices
closed He. lower to He. higher. A feeling of hesitancy pre¬
vailed among traders generally, due to the uncertainty over
the terms of the Anglo-American trade pact. Chicago wheat
prices declined H of a cent today, but later recovered some¬
what.
Doubt whether or not the British tariff duty of 6c.
a
bushel against United States wheat would be removed,
did much to make traders irresolute. Cheap offerings from
exporting countries acted also as a drag. Tending to pull
values down were assertions that yesterday's large export
purchases of Canadian wheat had consisted in great part of
afloat shipments at less than replacement costs.
New ex¬
port purchases of Canadian wheat today were estimated at
upward of 500,000 bushels, mostly from Montreal.
No
export business in United States wheat was confirmed, but
there were some suggestions of interest being taken. Severe
losses to crops in parts of Australia were lost sight of for at
least the time being, and so, too, were additional frosts in
Argentina.
tinue slow.
On the
^c. higher.
On
the
17th
inst.
V2., to lc. net higher.
Stimulated by unofficial reports that the 6c. British tariff
against American wheat had been canceled, Chicago wheat
prices rose l%c.
a
prices
closed
bushel today.
figure on 1938 corn of 57c. a bushel is less than many traders
had forecast, this is not expected to alter producers' selling in¬
tentions materially inasmuch as market prices are well below
the loan. Illinois dealers, for example, were reported bidding
as much as 2c. over Chicago quotations for new corn without
attracting much selling. On the 14th inst. prices closed He.
off to He. up. Helped by reports that moderate amounts of
United States corn afloat had been purchased overseas, corn
prices averaged higher today and helped to steady wheat.
As a result of profit-taking due to six consecutive days of
advances, however, the upturns in corn prices were slight
and not fully maintained.
Announcement of 1,109,000
bushels decrease in the United States wheat visible supply
aided late rallies.
their
bought today by Great Britain.
Continuance of frost ad¬
tended also to lift values, and so, too,
did
persistent crop damage reports from Australia. Besides,
were circulated that a falling off in world
shipments was looked for until new Southern Hemisphere
crops started to reach the seaboards.
It was added that
India, Australia and Argentina were exporting but little
grain now, that Russia had almost ceased, and that the
Canadian movement would soon be checked by ice in the
suggestions
were reported continuing to crib
volume to obtain Government loans.
Farmers
large
scarcity of rural offerings of corn attracted special
Broadening of speculative interest in corn was ap¬
parent throughout most of the day. On the 15th inst. prices
closed unchanged to He. lower. Corn rose He. to top quo¬
tations not reached before in six weeks, but later an increase
notice.
of rural selling wiped out the gains.
Traders seem disin¬
clined to take an aggressive position on either side of the
market in view of the great uncertainty concerning the
abroad and the irregular action of the
closed He. to He.
net lower. Unlike wheat, the corn market closed at the day's
bottom level.
Slackness of export demand for corn was
blamed. Chicago arrivals of corn were small, 186 cars today,
indicating apparently that the end of the movement of
political situation
On the 16th inst. prices
stock market.
Federal-owned
On
was
corn
17th
the
inst.
at hand.
%
closed
prices
to
He. net higher.
Chicago's receipts of corn were again small, 300 cars today.
The market was relatively quiet though firm, in sympathy
with
Today
light and
remained
Open interest in corn tonight was
strength displayed in the wheat market.
the
prices closed H to %c. net lower.
Trading was
without special feature.
Chicago receipts of corn
small, 192 cars today.
63,2S7,000 bushels.
DAILY
CLOSING PRICES
Mon.
CLOSING
Mon.
.Sat.
48%
December
March
——»
May
July
51%
52%
51%
52%
Oats—On the 12th inst. prices
48%
47%
50
Fri.
Fri.
47%
51%
52%
—_
51% 51%
52% 52%
When Made
Oct.
18. 1938
Oct.
.
60%
55%
May
July—.
Thurs.
48%
——
51%
52%
-
March
Thurs.
Wed.
Tues.
48%
— -
-
When Made
I
Season's Low and
43%
July 13. 1938 December
46
July 28. 1938 March
47%
July 23, 1938 May
48%
Sept. 24. 1938 July
High and
63%
56
Season's
December
Wed.
Tues.
62% 62%
61% 62
61%
PRICES OF CORN FUTURES IN CHICAGO
62
yellow
DAILY
YORK
OF CORN IN NEW
Sat.
No. 2
Persistent reports that
large purchase of United States wheat by Great Britain,
10,000.000 bushels, was being negotiated, were given sharp
attention.
About 600,000 bushels of Canadian wheat was
in
corn
Notable
a
vices from Argentina
3135
Chronicle
Oct.
Oct.
15, 1938
18, 1983
18, 1938
closed unchanged to He.
higher. This market was relatively quiet, with the under¬
tone steady.
On the 14th inst. prices closed unchanged to
He. lower. There was nothing of interest in this market,
trading being very quiet. On the 15th inst. prices closed un¬
changed to He. up. Trading was relatively quiet and of a
routine character.
On the 16th inst. prices closed He. off
to
He.
up.
Trading was light, with prices ruling
range.
On the 17th inst. prices closed unchanged to
within a
very narrow
He. advance.
Today prices closed
little of interest in
market^trading being quiet, with fluctuations extremely
Trading was light and without feature.
unchanged to He. off.
There was very
Great Lakes.
this
,% to He. net lower.
Adversely in¬
fluenced by downturns of securities, wheat suffered nearly
lc. a bushel loss in Chicago today.
Setbacks of wheat
values were in the face of the "fact that securities weakness
was
associated with Germany's recall of her Ambassador
to the United States.
Ordinarily, political news of this
character has an opposite effect on grains from that on
securities.
Many traders said removal of Great Britain's
6c. tariff duty on American wheat made little difference
as a stimulating market influence, the level
of quotations
here being yet for out of line with Liverpool.
Some special¬
ists asserted that the removal of the British duty might
do nothing more than bring about added intensive com¬
petition from Canada and Argentina. Meanwhile the Liver¬
pool market refused outright to respond to yesterday's ad¬
vance here, and instead, tended
downward. Open interest
in wheat tonight totaled 116,270,060 bushels.
narrow.
Today prices closed
'
DAILY CLOSING
PRICES OF WHEAT IN
Sat.
DAILY
NEW YORK
Thurs.
Wed.
Tues.
Mon.
Fri.
78% 79
78% 79% 79
PRICES OP WHEAT FUTURES IN CHICAGO
-78%
No. 2 red
CLOSING
Sat.
w
Mav°h
63%
Thurs.
Wed.
Tues.
Mon.
63%
I——
December
63 %
64
64%
Fri.
64
66"
66% 66% 66% 66%
::::::::::
65% 66
66% 66
66% 66%
Season's High and When Made
I December Low61% When Made
Season's
and Sept. 7. 1938
December
84%
June 15, 1938 March
Sept.
8, 1938
62%
March
May
73%
74%
DAILY
July
July
23, 1938
Sat. Mon.
November
dSSSS?
69
-
::::
-
58%
6JK
Mav
jJJJ
62%
May...
Sept.
7. 1938
23, 1938
Oct.
5. 1938
July
62%
sePt. 24.1938
CLOSING PRICES OF BONDED WHEAT IN WINNIPEG
jiff69%
Tues. Wed.
59%
59
61H
60%
60 x
62^
Thurs.
59%
59%
62
60
59%
62^
63
Fri.
60%
59%
62ys
63%
62% Corn—On the 12th inst. prices closed He. to He. net
higher
Corn gains of about a cent at times were fairly well
maintained despite profit-taking.
Light country offerings
and substantial demand from shippers, feed manufacturers
and industries strengthened the market. Although the loan
■:::
—
62%
62%
63%
DAILY
CLOSING PRICES
OF OATS FUTURES
—-n
DAILY
28
27%
Thurs.
^
26%
2%%
26%
and
Low
23
23%
24%
Mon.
Sat.
Wed.
Tues.
26%
Fri.
„
25%
2%y
26%
When Made
Aug. 16, 1938
Sept.
6, 1938
Oct.
18. 1938
PRICES OF OATS FUTURES IN.
CLOSING
25%
25%
25%
July 13.1938 December
July 23. 1938 May
Sept. 26, 1938 July
-
-
WINNIPEG
Thurs. Fri.
-
27%
27%
27%
27%
27%
27%
27%
December
May---
Season's
When Made
Season's High and
December—— 28%
-
^
26%
^
26%
IN CHICAGO
Wed.
Tues.
25%
25%
May
July
May___
July
Mon.
Sat.
December^
uer-
ueu,
27%
28%
27%
28%
28
closed He. to He. net higher.
This market was comparatively quiet, with the undertone
firm. On the 14th inst. prices closed He. lower to Hc- higher.
Trading was light and,of a very mixed character, this being
reflected in the extremely narrow and irregular price move¬
ment.
On the 15th inst. prices closed unchanged to He.
higher. This market was moderately active, with fluctua¬
tions irregular and within a narrow range. On the 16th inst.
prices closed He. to lc. net lower. Rye proved the weakest
of all the grains, and was due largely to liquidation on the
part of tired holders, they in turn being influenced by the
heaviness and uncertainty that prevails in most markets,
especially as a result of the political situation abroad.
On the 17th inst. prices closed %c. net higher.
During
the early trading the market firmed up a bit in sympathy
with the rise in wheat, but no appreciable support being
in evidence, the market eased slightly in the later trading,
though closing a shade above the previous finals.
Today
prices closed He. up to unchanged. Trading was light and
Rye—On the 12th inst. prices
without special
DAILY
feature.
CLOSING
Mon.
Sat.
45
45
41%
44%
41%
44%
42%
—'
46%
45%
45%
45%
Mav
45%
jiiy:::::::::
45%
Season's
December
May
July
and
56%
High
53%
46%
When Made
July
I
Wed.
Tues.
42%
42%
..
CHICAGO
Thurs. Fri.
RYE FUTURES IN
PRICES OF
42%
December
Season's Low and
14, 19381 December
July 25. 1938 jMay
Nov. 15, 1938|July
39%
41%
44%
44%
When Made
7. 1938
Sept. 7. 1938
Sept.
Nov.
7, 1938
3186
DAILY
Financial
CLOSING
PRICES
PUTURES
RYE
OP
Mon.
Sat.
December
40
May
Tues.
Mon.
Sat.
December
34
May
34%
Closing quotations
Tues.
34%
34%
Thurs.
39%
41%
DAILY CLOSING PRICES OF BARLEY FUTURES
IN
Wheat
United States—
39%
41%
34%
35%
"
Fri.
36
Hard winter clears
Nom.
Corn, New York—
No. 2 yellow all rail
Flour
Wheat
Corn
bush 60 lbs
bush r,6 lbs
bush 32 lbs
179,000
~
»
230,000
346,000
69,000
Milwaukee-
m
m
St.
Louis
223,000
137,000
16,000
10,000
64,000
103,000
13,000
213,000
481,000
58,000
42,000
6i°f?
~
-
■* *
~r
185,000
351,000
234,000
274,000
5,000
1,000
116,000
116,000
286,000
32,000
7,000
Peoria
32,666
34,000
3,000
364,000
18,000
29,000
afloat
Kansas City
Omaha
33,000
_
1,142,000
34,000
432,000
41,000
100,000
54,000
211,000
mm**
364,000
150,000
52,000
*
52,000
100,000
Joseph,
Wichita
Sioux City:.
-
A..**#'-.*.
«
-4*
«
Tot. wk. '38
51,000
On
386,000
422,000
30,000
3,000
6,000
"5,000
1,261,000
133,000
204,00p
54,000
7,279,000
10,958,000
1,053,000
2,403,000
947,000
507,000
534,000
366,000
1,166,000
2,541,000
1,662,000
5,091,000
6,491,000 172,145,000 112,944,000
5,943,000 166,800,000
59,781,000
6,675,000 115,013,000
55,463,000
1937
1936
Corn
Oats
Ms 196 lbs
New
bush 60 lbs
bush 56 lbs
bush 32 lbs
Rye
York.
137,000
211,000
18,000
Philadelphia
30,000
49,000
45,000
7,000
3,000
61,000
10,000
160,000
214,000
175,000
1,239,000
249,000
1,301,000
New Orl'ns*
21,000
Galveston--
«.
-
*
*
-
-
-
-
M
..
.
«.
-
-
84,000
*
-
Boston
2,000
10,000
Ft.
46,000
William
m
•
Total wk'38
351,000
„
50,000
M
^
^
i57"666
14*000
^
3,638,000
598,000
167,000
85,364,000
6,567,000
325P00
43,000
1,139,000
3,158,000 22,778,000
Week 1937Since
297,000
3,741,000
123,000
144,000
158,000
443,000
Jan. 1 '37
12,234,000
82,102,000
28,593,000
5,226,000
5,691,000
9,443,000
12,000
2,088,000
3,685,000
6,008.000
864,000
6,442,000
1,979,000
2,000
2,520,000
160,000
691,000
„
2,000
5,000
4,072,000
1,135,000
^^
^
^
—
202,000
786,000
204,000
124,929,000 38,560,000 20,910,000
—
8,614,000
_
5,
.
_
^
13.012,000
8,364,000 12,969,000
1938-.--126,b37,000 35,175,000 21,244,000
Oats—On Lakes, 502,000; total, 502,000
Corn
Bushels
Canadian—
Bushels
Oats
Bye
Bushels
Duluth,
in 1937.
623,000;
373,000;
Barley
Bushels
Bushels
1,285,000
250,000
Ft. William & Pt. Arthur 40,698,000
Other Can. & other elev.104,096,000
1,241,000
5,893,000
8,419,000
Total Nov. 12, 1938-.167,460,000
Total Nov.
5, 1938
169,057,000
1,910,000
9,214,000
:
778,000
882,000
1,918,000
1,972,000
1,259,000
4,820,000
8,051,000
8,347,000
Summary—124,929,000 38,560,000 20,910,000
167,460,000
8,419.000
8,614,000 13,012,000
1,910,000
8,051,000
Total Nov. 12, 1938.-292,389,000 38,560,000
29,329,000
Total Nov,
5, 1938
295,094,000 35,175,000 30,458,000
9,524,000 21,063.000
10,282,000 21,316,000
The world's
shipment of wheat and
corn, as
furnished by
Broomhall to the New York Produce
Exchange, for the week
ended Nov. 11, and since July 1, 1938, and
July 1,.1937,
Wheat
Corn
•
Week
Exports
Since
Since
Week
Nov. 11,
July 1,
July 1,
1938
1938
1937
Nov. 11,
1938
Bushels
Bushels
Bushels
No. Amer.
6,482,000
95,790,000
1,848,000
45,752,000
Argentina-
900,000
23,675,000
561,000
34,692,000
7,344,000
1,672,000
11,408,000
_
are
following:
65,236,000
44,074,000
14,978,000
27,072,000
Since
Since
July 1,
July 1,
»
1937
Bushels
652,000
1938
Bushels
3,032,000
50,848,000
715,000
1,766,000
2,791,000
66,254,000 141,506,000
1,319,000
19,506,000
'
43,000
9,200,000
Other
countries
Total.
9,184,000
11,463,000 218,661,000 169,744,000
..
41,617,000
5,046,000 .138,374,000 186,629,000
Weather Report for the Week Ended Nov. 15—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Nov.
At
the
15, follows:
first
was
a
of the week, attending an extensive
high-pressure area,
sharp drop in temperature oyer the more eastern States, the
24-hour falls ranging from 20 degrees to 30
degrees or more.
Subfreezing
as far south as western North
Carolina, with a minimum
temperature of 20 degrees at Elkins, W. Va.
Following this cool wave
abnormally warm weather prevailed, but at the close of the week there was
weather extended
Receipts do not include grain passing through New Orleans for
foreign ports
through bills of lading.
another reaction to
the
The exports from the several seaboard
ports for the week
ended Saturday, Nov. 12, 1938, are shown in the
annexed
•
with
country,
much lower temperatures
temperatures
nearly
as
over
low
as
period.
At the close of the week
an
extensive
Northwestern
the eastern sections of
during the earlier
high-pressure
area
coo
occupied the
States, bringing the lowest temperatures for the season
below-zero weather at first-order stations.
The lowest re¬
10 degrees below zero at Moorhead,
Minn., on the morning of
Nov. 15, while The Pas, Manitoba, Canada,
reported 20 degrees below.
Also the latter part of the week brought
abnormally cold weather to the
far Western States with quite general frosts in California.
with
*
the first
corded was
Exports from—
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York..
31,000
Albany
56,000
Philadelphia.
68,000
20,000
57,085
51*666
"k
Baltimore
~
"2*666
of the
1,301,000
New Orleans
587,000
3*16*666
350,000
1,239,000
GalvestonMontreal
249*666
8*4*666
123*666
461*666
50*666
4,173,000
635,000
133,000
-
Total week 1938--
3,346,000
July 1, 1938, is
as
no
above normal rather generally east
Mississippi River and in central and
southern
trans-Mississippi sec¬
The greatest departures from normal are shown in
an area extend¬
ing from the north Atlantic coast westward to the upper
Mississippi and
lower Missouri Valleys,
in the northern Plains and generally west of the
325*666
132,000
14,000 1,190,000
162,000
488,000
eastward and from the northern
Same week 1937
were
moderate snows
rain was reported
were
Rocky Mountains, temperatures were unseasonably low,
expecially in the
Great Basin of the West, where the weekly averages
ranged from eight
degrees to as many as 18 degrees subnormal.
Light to moderate precipitation from the Ohio Valley and Lake region
"9 poo
207,085
138,785
The first part of the period
657", 000
14*666
10,000
Three Rivers
scanty.
tions.
46,000
-
was
157*066
*8*666
Halifax
Fort William
Precipitation during the week
had considerable rainfall in the Northeast and there
the northern Great Plains, but elsewhere little or
east of the Rocky Mountains.
in
The weekly mean temperatures
80*666
Texas City
Sorel
1,000
Great Plains westward.
Otherwise there
little, except locally in extreme southern Florida.
In the South
generally from Iowa, Nebraska and southern Wyoming south¬
ward, only a few stations had measurable amounts of precipitation
during
was
very
and rather
the week.
below:
Following
Wheat
and Since
Week
Since
Week
Since
July 1 to—
Nov. 12
July 1,
1938
Nov. 12,
1938 ^
July 1.
1938
Barrels
Barrels
Kingdom
.
Continent
So. & Cent. Amer.
West Indies
Brit. No. Am. Col.
Other countries
Total 1938
Total 1937
The
visible
74,675
85,410
12,500
25,500
7,000
2,000
848,306
Bushels
1938
Week
-
Bushels
Since
Nov. 12,
1938
July 1,
1938
Bushels
week,
the
mostly
fair
2,422,000
1,747,000
39,875,000
31,140,000
213,500
291,000 25,463,000
344,000 22,783,000
4,000
133,000
3,000
476,500
25*4*666
4,173,000
3,346,000
supply of grain,
Moderate
to fairly heavy snowfall in the northern Great
Plains, the
Rocky Mountain States and most of the Great Basin of the
while unfavorable for outside operations, was generally beneficial
northern
West,
to
the range and grain crops.
There is already a considerable accumula¬
snow in many of the higher mountains.
In this western area tem¬
tion of
17,000
34,000
68,904
States, especially for fall seedings, and the topsoil would be bene¬
fited materially by additional moisture in parts of the Ohio
Valley.
Else¬
where the moisture situation is generally favorable over the eastern half
of
the country.
Cold weather the latter part of the week froze the soil in
central-northern sections and stopped plowing for the season, with much
unfinished in some places.
Bushels
343,398
207,085
1,984,608
138,785 *1,965,970
1*00*666
71,419,000
49,761,000
635,000 48,349,000
133,000
746,000
comprising the
stocks
granary at principal points of accumulation at lake
seaboard ports Saturday, Nov.
12, were as follows:
widespread precipitation of last
eastern
Corn
Exports for Weet
United
the
weather and seasonable to warm temperatures made a
generally favorable
week east of the central Great Plains.
More rain is needed in the South¬
Flour
^
146,000
Lake, bay, river & seab'd 22,666,000
there
statement:
^
762,000
Albany, 1,105,000; total, 12,285,000 bushels, against 6,246,000 bushels in 1937.
657",000
9,000
Jan. 1 '38 12,564,000 117,942,000
*
„
69.000
*
Since
on
9,000
„
«.
bushels, against 165,000 bushels In 1937.
Barley—Albany, 57,000 bushels;
51,000; on Lakes, 479,000; total, 587,000 bushels, against 915,000 bushels
Wheat—New York, 662,000 bushels; New York
afloat, 287,000; Buffalo,
Buffalo afloat, 613,000; Erie, 1,758,000; on Lakes,
6,864,000; on Canal,
Australia
*
„
461,000
-
1,220,000
.
rnmm— mm
M,
Three Rlv's
-
5,812,000
afloat
India
27",000
«
123,000
2,000
16,000
Halifax..-.
m
3,526,000
Note—Bonded grain not Included above:
'
Montreal
-
■
*
-
293,000
Canal
Total Nov. 12, 1938
11,000
Sorel
—
„
413,000
Black Sea.
6,000
Baltimore--
Barley
bush 56 lbs bush 48 lbs
6,000
189.000
"
+
1,691,000
Bushels
Wheat
9,000
131,000
359,000
1,127,000
135,000
50,600,000 15,072,000 46,578,000
57,757,000 16,993,000 43,506,000
37,019,000 7,464,000 48,297,000
Flour
10,000
136,000
3,659,000
8,641,000
...
Total Nov.
Total receipts of flour and grain at the seaboard
ports for
the week ended Saturday, Nov. 12 1938, follow:
Receipts at—
4,000
—
39,000
223,000
1,894,000
16,795,000
...
...
shown in the
Since Aug. 1
1938
«
12,251,000
...
Detroit
-
1,637,000
305,000
Duluth
^
,
6,965,000
8,031,000
5,663,000
378,000
Same wk '37
11,329,000
2,109,000
...
Canadian.--—,
10,000
Same wk '36
12,000
«.
„
2,896,000
Bufallo
237,000
12.402,000
American
•
•
St.
12,000
619,000
...
Buffalo.
30,000
-
149,000
1,245,000
...
-
Minneapolis
51%
51H.
-
12,000
«.
mmtm
„
97,000
2,046,000
735,000
Milwaukee
SQ%
Barley
36,000
15,000
Toledo
Indianapolis
190,000
4,846,000
...
Wheat
2,479,000
734,000
1,398,000
mm
317,000
»
—
—
1,000
Peoria
bush 56 lbs bush 48 lbs
11,000
Duluth
981,000
550,000
999,000
St. Louis
.36-67
Rye
761,000
*.
1,396,000
5,630,000
1,000
2,000
«.
1*51,000
On Lakes
Oats
Ms. 196 lbs
180,000
551,066
...
Chicago
of the last three years:
Chicago
2,389,000
5,834,000
3,090.000
30,275,000
5,823,000
Sioux City
All the statements below regarding the movement of
grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
ports
for the week ended last Saturday and since Aug. 1 for each
Minneapolis
124,000
Indianapolis
"
Receipts at—
9,000
295,000
Kansas City
Chicago, cash.
61%
19,000
7,318,000
...
Omaha
::
45,000
98,000
4,620,000
...
St. Joseph
2.35
Rye, United States C. I. F.
Barley, New York40 lbs. feeding
39,000
...
1.90
Oats, New York—
No. 2 white
2,000
...
Hutchinson
"
5,000
«
27,000
59,000
Wichita
3.50@3.60
5.15@5.25
7,000
96,000
317,000
Fort Worth
32.5
Fancy pearl.(New) Nos.
1.2-0,3-0,2
4.50 @5.00
71%
698,000
Galveston
Coarse
79
Barley
Bushels
23,000
mmm
New Orleans
GRAIN
Wheat, New York—
No. 2 red, c.l.f., domestic
Manitoba No. l.f.o.b.N.Y.
Rye
Bushels
27,000
afloat
Baltimore.
FLOUR
Spring Pat. high protein. 4.90 @5.10 Rye flour patents
Spring patents
4.45(^4.65 Semlnola, bbl., Nos. 1-3
Clears, first spring..
4.00(#4.25 Oats good..
Hard winter straights
4.30@4.50 Corn flour
Hard winter patents
4.50@4 70 Barley goods—
Oats
2,000
Philadelphia
35%
35%
36%
1938
19
Bushels
Bushels
New York...
WINNIPEG
Thurs.
Corn
Bushels
Boston
follows:
were as
Nov.
GRAIN STOCKS
Fri.
39%
41%
Wed.
35%
36
Chronicle
WINNIPEG
Wed.
40 %
42%
40%
41%
-
IN
in
and
peratures were abnormally low, causing more or less frost damage in the
Pacific States, including California, where frost was general and of a
killing
nature in many localities.
Considerable heating of avocado and citrus
orchards was necessary in California, but no material damage is
reported.
Dry weather continued in the far Southwest with moisture badly needed,
especially in Arizona and parts of New Mexico.
Seasonal farm work made
good progress in the principal agricultural sections of the country.
Small Grains—In
the
Ohio Valley
winter wheat shows some improve¬
condition, except locady,
However, plants are gen-
ment since the rains of last week and now is in fair
such
as
parts of central
and southern Illinois.
Volume
Financial
147
erally undersized because of previous droughty conditions.
In the transMississippi States and in much of the eastern Great Plains the crop shows
improvement.
In Oklahoma considerable wheat has been planted since
the rain and that previously sown in dry soil is coming up to good stands.
However, much of the early crop is still in poor condition.
Jn the Pan¬
handle of Texas the outlook still is favorable, but it remains too dry in
many other sections of the State where seeding is still delayed; in westcentral counties some dry-planted grain came up after the recent moderate
rainfall, but now is mostly dying and must be replanted.
in eastern Kansas, while stands are still largely thin and spotted, wheat
shows improvement and the late seed is coming up
In the western half
of the State many fields are bare: while in some favored localities the
ground is covered, the root system is poor.
In Nebraska the condition
of wheat is largely satisfactory in the eastern and extreme western portions,
but elsewhere it has suffered from dryness and is in condition subject to
large winter loss.
In
the
northwestern
Plains
wheat
and
rye
were
Chronicle
The
1exas.
Flaxseed gave a good
yield per acre and production was substantially
larger than in most of the last few years, though still far below the usual
production prior to 1933.
Seed supplies of timothy, Kentucky blue grass, and most other
important
grasses appear ample to take care of normal or somewhat increased
sowing
requirements, with the large carry-over from last year supplementing the
rather small production in 1938.
sections of
Production of lespedeza and alsike clover seeds In 1938 was large, and
of red and sweetclover appear ample for seeding requirements,
supplies
lhe supply of alfalfa seed may
and
clovers.
sown,
Texas—Houston:
over
Somewhat
above-normal"
warmth;
inconsequnetial
east.
Valley; elsewhere truck mostly good.
Ranges fair to good and cattle mostly good.
Grande
over.
Arkansas—Little
Rock:
except that
tion indicated
heavy frosts and low temperatures on several mornings caused delay; crop
about gathered, except on some northeast lowlands where small portion
remains.
Most of corn and feed crops gathered.
Growth of wheat, oats,
rye,
turnips, winter pastures and winter truck favored: these crops
CORN,
Yield per Acre
1927-36
Average
1938
1927-36
594
630
630
76
82.
39.0
2,761
2.960
2,886
80
86
41.2
41.0
38.0
1,627
1,640
1,520
82
90
39.3
40.0
40.0
338
400
360
78
90
38.4
39.0
36.0
1.985
1,989
1,800
82
85
20,808
23,856
25,688
79
81
7,049
8,528
7,600
76
80
62,928
78
73
163,228
78
70
40.5
127,177
143,334
211,770
78
68
47.0
44.0
289,731
444,197
60,117
153,648
.163,904
370,084
28.2
35.0
36.0
40 852
55,650
57,240
73
66
31.4
31.5
37.5
68,845
76.356
89,100
57
86
Minn
28.6
36,0
35.0
131,370
Iowa
34.5
45.0
44.5
381,704
172,368
503,505
24.5
35.5
37.5
38.2
41.0
38.0
38.2
46.0
43.5,
35.6
43.0
44.0
32.2
45.0
Illinois..
32.2
Mich
Wise....
Y_
.
_
20.0
27.0
Dak.
14.3
19.0
16.0
117,242
16.593
S. Dak..
14 0
14.0
10.0
64,920
Nebr
18.9
10.5
12.5
180,280
115,020
17,252
44,170
82,992
Kans
14.7
11.5
18.0
94,639
28.244
Mo
N.
Del
29.0
28.5
30.6
36.0
37.0
3,838
15,477
Va
21.7
25.5
24 0
32,199
W. Va..
24.6
26.5
26.5
12,104
N.C
18.0
19.5
19.0
40.787
s.
C...W
13.3
15.0
14.5
21,161
Ga...„.
,
27.3
Md
9.8
11.5
11.5
38,453
9.4
10.0
11.0
21.3
26.0
26.5
Tenn
20.7
24.0
25.0
Ala...—
12.6
14.5
14.0
Miss
14.5
17.5.
16.0
Ark;
14.4
20.0
17.5
La
14.2
17.5
16.5
Okla....
13.8"
18 0
19.5
Texas
16.0
16 0
16.0
9.8
9.0
15.0
Fla
Ky
*
r
_
Colo,...
11.4
8.0
11.0
N.
13.7
13.5
14.0
15.0
Mont
Idaho...
34.3
37.0
36.0
11.3
9.5
13.0
recent droughts.
Equally
beets is now indicated and
Calif
1927-36 average.
Fairly large supplies of vegetables have been moving into
rather low prices.
The potato crop is now estimated at
at
consumption
368,000,000
bushels below production last year, but about
equal to the average production during the previous 10 years.
Sweetpotato production will be about 77,000,000 bushels, or 10% over average.
The production of vegetables for canning was 10 to 15% below the rather
excessive production last year, but allowing for the carryover of canned
goods, supplies of canned vegetables are above average.
An unusually
large tonnage of late cabbage is available for storage:
Onion supplies are
above average, but there is reason to expect losses in storage to be somewhat
bushels, about 25,000,000
Mex.
68
75
155,855
64
69
453,099
67
82
102,900
51
48
16,896
44
48
33,720
43
58
97,812
40
64
44,658
41
61
75
77
18,576
18,722
80
78
37,740
14.245
34,800
88
12,349
44,650
79
71
76
.70
27,014
62
55
53,164
8,679
74,704
67,925
48,342
46,464
37,695
68
4,147
45.357
24,945
48,334
7,890
75,556
66,528
46,792
45,378
40,640
24,885
30,960
72,048
1,251
1,332
2,480
8,536
2,740
533
—
Wyo
production was exceptionally heavy.
consumption this winter will be above aver¬
6,587
61,768
60,058
38,654
34,920
29,649
19,467
40,123
78,002
1,362
1,256
2,112
17,039
2,909
production of late grains and of livestock numbers, the supply of feed grain
per unit of livestock is about the same as at this season in 1937,1932 and 1925
and larger than in other years since 1921.
In contrast to the light feeding
in the early fall of 1937, feed grains appear to be moving into consumption
at about tne normal rate for a year of large supplies.
Hay production was
unusually large and supplies appear to be rather evenly distributed.
Supplies of nearly all food crops are large. Tne production of wheat, rye,
rice and buckwheat comoined was 25% above the 1927-36 average and nearly
but about 16% below a year ago.
A record production of grapefruit
is in prospect and the orange crop will be heavy, but these will be partially
offset by a small apple crop.
The total per capita fruit supply for the
current season including summer fruits that have already gone into con¬
sumption, canning and other uses appears to be about 10% larger than the
-
49,431
33.6
Ind
As
Total fresh fruit supplies for
87
42.0
Ohio....
and potatoes.
age
76
41.0
42.0
40.0
Pa......
•Aside from the 1 % increase in corn,
sugar cane
410
37.0
39.8
N.J....
crop.
above the 10-year average just prior to
heavy production of beans, peanuts and sugar
1938
41.0
38.7
N.
production is 8% above the 10-year (1927-36) average,
although the acreage for harvest is 8% below the average during that period.
The late season has favored not only the yield, but also the quality of the
14%
%
1937
Conn
States
farms on Oct. 1 and current estimates of the
503
%
1938
333
It. I
drought in August reduced prospects materially.
Because of a fairly high
yield averaging 26.9 bushels per acre compared with 28.2 bushels last year
and yields ranging from 15.8 to 26.6 during the preceding 10 years, the
on
Prelim.
1937
Mass
measured.
The 1938 corn crop is above average in all but the Western States, and in
Missouri and the Great Plains States from South Dakota to Texas, where
,
1937
H___
N.
the crops
can be more accurately
supplies
PASTURE
a
VermonC
Maine-_.
The net effect of the fall drought on
of 1938 has been rather small, but as harvesting progresses yields
On the basis of
ALL
Production (Thousand Bushels) Condit'n Nov. 1
Prelim.
Average
weather of October favored the harvesting of
„
(Bushels)
State
Michigan and western Pennsylvania.
livestock
„
drought cut yields, the 1938 production is about 50% below average.
Compared with the lQ-year (1927-36) average production, the 1938 crop is
119% in the North Atlantic States, 105% in the Corn Belt, 119% in the
South Atlantic, 113% in the South Central, and 87% in the Western States.
soybeans, beans, and other late croos, but interefered with fall
seedings and hurt some winter grains already planted.
It also caused a
rapid decline in the condition of pasture in a large area extending from the
Gulf of Mexico northward to western Kansas, southern Illinois, central
Yields per acre have been heavy, the general level being
nearly 9% above the 1923 to 1932, or "pre-drought," average.
Supplies of
feed grains are, relatively large compared with the reduced numbers of
.
Illinois, and Iowa, where there is a large acreage of hybrid corn, the 1938
yields range from 8 to 10 bushels per acre above average.
The production of corn this year is above the 10-year (1927-36) average
in practically all States except those in the Western group and a few in the
Western Corn Belt.
In Nebraska, Kansas and South Dakota, where
corn,
year average.
month ago.
The yield per acre this year of 26.9 bushels compares with 28.2 bushels in
1937 and the 10-year (1927-36) average of 22.9 bushels.
In Ohio, Indiana,
Agricultural Department's Official Report on Cereals,
Crop Reporting Board of the United States
Department of Agriculture made public late Thursday
afternoon, Nov. 10, its forecasts and estimates of the grain
crops of the United States as of Nov. 1, based on reports and
data furnished by crop correspondents, field statisticians and
cooperating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 940,229,000 bushels, the same as the Depart¬
ment's estimate a month ago, and comparing with a harvest
of 873,993,000 bushels in 1937 and a 10-year
(1927-36)
average production of 752,891,000 bushels.
The production
of spring wheat is estimated as of Nov. 1 to be 251,771,000
bushels, which compares with a production of 188,891,000
bushels in. 1937 and a 10-year (1927-36) average production
of 206,494,000 bushels.
We give below the report:
yields of most crops are turning out about as expected and the fall
drought, which was becoming serious in some areas, was quite generally
relieved by the extensive rains of early November, the national crop pro¬
duction situation is still about as has been expected for the last several
months.
The total acreage of crops harvested is about the same as the 10-
a
in chaffiness.
&c.—The
in tobacco
Rockies,
60% of the husking had been completed by Nov. 1.
Quality is reported as
considerably above average in all areas except where dry weather resulted
weather.
the most important changes from the
indications of a month ago are a 4% increase in beans to 14,859,000 bags
(including some that were more or less damaged by heavy September rains).
2% increases in sugar beets and flaxseed, and a nominal increase of around
1% in peanuts.
The more important decreases from earlier indications are
9% in buckwheat, 4% in grain sorghums, 3% ijo pecans, and about 1%
of the
season has resulted in a larger production of corn for grain in northern
and high altitude sections where frost is usually a limiting factor.
Husking
in all parts of the country is well advanced.
In Illinois it is reported that
and
threshing lespediza continued where not already over.
Plowing and seed¬
ing resumed after recent rains, and young cover crops greatly improved;
however, further rains needed.
Tobacco stripping slow, account dry
United
west
ing
acreage
The abnormally warm, dry
areas
The warm, dry weather of October, which was a continuation of similar
conditions prevailing during the last half of September, was exceptionally
favorable for maturing and harvesting the corn crop.
The extended grow¬
late and
small due to drought, but made excellent progress since rains.
Tennessee—Nashville: Picking and ginning cotton, gathering corn,
Montana and in all
Com—The 1938 corn crop is now estimated at 2,480,958,000 bushels.
This is about 6% smaller than the 1937 crop of 2,644,995,000 bushels and
8% larger than the 10-year (1927-36) average production of 2,306,157,000
bushels.
The Nov. 1 estimate shows a gain of about 1% over the produc¬
Rice harvest about
Weather favored cotton picking,
in
in Arizona.
East of the Rockies and Montana, the condition of
varied from almost average in Texas and Kansas to slightly above
average in other States.
Range cattle and sheep are in better than average
condition, and in most sections except Arizona the good supply of hay on
hand is causing a tendency to restock,
This is particularly true in areas
where herds were sharply reduced during recent drought years.
With ample feed supplies and mild weather in most sections, and
only
limited areas of the South seriously affected by the decline in the condition
of pastures, milk production continued, through October,
exceptionally
heavy for that season of the year. Egg production likewise continued heavy
and on Nov. 1 appears to have been substantially above previous
high
records for the season.
Reports from crop correspondents, compared with
corresponding reports for previous years back to 1925, showed new records
both for the number of eggs laid per 100 hens on Nov. 1 and for the number
of pullets added to the laying flocks during October.
,
except
ranges
sowing; some dry planted came up in west-central following recent rains,
but mostly dying and will be replanted. "Truck, particularly tomatoes
and beans, damaged by freezing weather or cold winds in southwest and
Rio
excellent condition
to
and condition of winter
parts
be somewhat short of the quantity usually
price may result in some substitution of
The condition of pastures declined sharply during October and there
may
in some of the Southern
States, but considering the lateness of the season and the abundant supply
of hay, the situation nowhere appears serious.
Western ranges are in good
Only remnants of cotton in fields.
Progress
wheat good in Panhandle and locally good other
where sufficient moisture, but many farmers awaiting rain before
scattered
relatively high
be some shortage of late fall and winter pasturage
conditions in the different States:
rains
the
.
furnished the following resume of
Bureau
reported
a
There is an ample supply of cotton due to a high
yield per acre and a
large carryover.
Tobacco production is fully 10% above average.
Soy¬
bean production will probably be more than
20% larger than in any pre¬
vious year.
The production of cottonseed was only slightly below average.
Cotton—The
Weather
crops
early months of 1939 shows an increase of 3% over the acreage
year ago.
The condition of these crops on Nov. 1 indicated a
production above that of a year ago and some increase still seems likely
although frosts since the first of the month have greatly reduced the pros¬
pective production of fall tomatoes, peppers, eggplant, and snap beans in
mostly fair weather during the week in the
principal Corn Belt made conditions favorable for rapid husking and
cribbing, although in the northwestern belt this work was inactive until
the last half of the week.
In general, housing corn is further advanced
than in an average year and an unusually large amount of it matured
without frost damage.
In Iowa a state-wide survey shows that 99% of
the crop escaped frost damage, wrhich is evidence of good quality for storing,
for wrhich many new cribs have been built.
The weather continued decidedly favorable for picking the remnants of
the cotton crop.
Harvest has been largely completed and good progress
was
made, where some is still out. mostly in the central-northern and
northeastern portions of the belt.
and
commercial truck
1938 and the
harvested
eastern Washington, fields were mostly protected by an ample snow mantle
during the cold weather of the week; consequently little or no damage is
expected.
In the Middle and North Atlantic States the outlook remains
favorable, but it is still too dry for proper seeding in the Gulf area from
the lower Mississippi Valley eastward.
Corn
The acreage of 12
Vr£?S southern and southwestern States for harvest in the closing montns of
favored by moderate
snowfall, while in the Great Basin, including the better wheat
3187
heavier than usual.
4,047
73
53
82
74
65
66
68
68
68
51
72
61
71
59
26,400
33,208
75,648
78
69
2,700
1,152
3,393
11,737
68
52
53
57
62
1
87
79
90
82
84
56
77
78
2,702
72
495
525
83
78
AH/.
16.4
15.0
Utah—.
24.6
27.0
26.0
431
594
572
84
80
Nev'
25.6
30.0
29.0
48
60
58
81
88
Wash...
34.6
37.0
36.0
1,008
82
65
30.2
33.0
29 0
1,161
1,872
1,184
Ore
2,178
1,624
85
72
31.8
34.0
33.0
2,405
2,108
1,749
76
83
22.9
28.2
26.9
2,306.157 2,644,995 2,480,958
65
69
U. S..
"
a
Grain
equivalent on acrease for all purposes. - ~
-
— —•
-
Buckwheat—The November preliminary estimate of buckwheat pro¬
duction for 1938 Is 6,358,000 bushels, compared with 6,777,000 bushels
produced in 1937, and 8,569.000 bushels, the 10-year average (1927-36).
The November estimate is 639,000 bushels lower than was indicated on
Oct
1
In the heavy producing States of New York and Pennsylvania
lower yields were due to damage caused by hot, dry weather druging the
blooming period and wet weather at harvest eime
,
...
The average yield per acre this season is 14.9 bushels compared with
15.9 bushels in 1937 and
period (1927-36).
15.9 bushels, the average yield for
the 10-year
Potatoes—The 1938 potato crop is estimated at 368,203,000 bushels.
Tn 1937 393.289,000 bushels were harvested and the 1927-36 average pro¬
duction is 369,693,000 bushels.
The Nov. 1 estimate is a decrease of
5,072,000 bushels from the production indicated on Oct. 1.
3188
The
Financial
potato crop in all of the New England States is showing heavy
from rot, and in southern New England some acreage has been
losses
entirely abandoned.
In Aroostook County, Maine, yields are reported to
be very light; tubers are generally small and rot is reported to be con¬
tinuing in storage.
New York and Pennsylvania growers report the quality
of the crop is unusually poor.
The Michigan crop is large, but late summer rains caused growth cracks
These defects
and hollow heart in some localities.
are
expected to result in
heavy grading losses of the commercial crop.
The losses from late blight
in Wisconsin have been very severe.
Many farmers have piled their
potatoes in barns instead of cellars in order to test their keeping quality.
In Minnesota the quality of the crop is reported to be good.
rot
Extremely mild October weather in Idaho added considerably to the
size of late maturing potatoes, but the lateness of the crop increased the
Srobability of freeze damage to1 undug potatoes. The preliminary estimate
only slightly above the Oct.
report.
Below-freezing temperatures early
i
November
undoubtedly froze many potatoes in the fields in the Twin
Falls and Idaho Falls areas.
Final yields may be slightly below those now
in
€6 t/llKUSl t/6Cl
In
Chronicle
Figures showing the number of bushels
been made by States are:
are much
Form A
Form B
Bushels
Stole—
Bushels
485
Colorado
278,272
125.529
418,209 1,884,269
99,902
567,942
52,555
43,450
78,738
145,242
2,280,435 2,650,929
168,040
346
40,644
6,577
946,385 1,699,803
16,102
43,758
1,099,962 4,082,790
1,793,457
980,969
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Maryland
Michigan
_
Minnesota
Missouri
Montana
higher
Form B
Bushels
New Mexico
North Dakota.
_
Bushels
Ohio.
Oklahoma
Oregon
South Dakota
__
Tennessee
Texas
Utah
Virginia
Washington
Wisconsin
Wyoming
2,755
1,021,424 3,641,625
63,946
959
355,592 2,915,019
68,571 3,936,562
1,004,913
861,818
111 ,436
33", 283 1,316,881
359,753
277,055
16,655
1,659,808
2,341
3,061
99.653
211,570
THE DRY GOODS TRADE
remaining to be dug west of the Cascades but digging is expected
by the middle of November.
New York,
GENERAL
The
CROP
REPORT
AS
OF
NOV.
Colder weather prevailing
1, 1938
Reporting Board
Crop
makes
of the Bureau of Agricultural Economics
from data furnished by crop correspondents,
and cooperating State agencies.
the following report
field statisticians,
UNITED
STATES
Yield per Acre
A verage
Crop
A verage
1938a
1927-36
28.2
26.9
13.5
13.6
13.2
14.5
14.6
13.8
11.1
10.8
11.9
Corn, all, bush
22.9
Wheat, all, bush.,,
Winter, bush..._
All spring, bush
Prelim,
1937
2,306,157
1938a
2,644,995
2,480.958
752,891
873,993
546,396
685,102
940,229
688,458
251,771
206,494
188,891
9.8
10.1
11.9
40,085
27,791
11.3
Durum, bush....
10.9
11.9
166,410
161,100
Oats, bush
27.1
32.7
29.3
1,042,461
1,146,258
Barley, bush
21.0
22.1
23.7
219,635
Rye, bush
11.3
12.9
13.4
234,895
36,454
41,610
210,161
1,041,577
252,578
49,449
52,500
Buckwheat, bush..,
15.9
15.9
14.9
8,569
6,777
6.0
7.5
8.1
13,751
6,974
8,096
46.9
49.1
49.9
42,452
53,364
53,890
12.4
13.2
13.2
89,331
97,097
107,007
1.35
1.42
B
Other spring, bush
review, stimulated retail business to
parative sales figures made
extent, and
some
this time
the recession
in full swing.
was
apparel lines attracted most attention, there
store
sales
the
country over,
year at
While seasonal
was
interest in gift items prior to the holiday season.
ment
com¬
slightly better showing than
growing
Depart¬
during the month
of
October, declined .10% from October, 1937, according to the
usual
compilation
largest
of
the
Federal
Reserve
declines—15%—were shown by
the
Board.
Chicago
The
and
Cleveland
81,786
.79
.81
.90
9,979
9,302
10,490
Newark
.1.11
1.25
1.30
24,335
28,424
1.97
1.96
2.14
28,333
23,948
27,056
29,235
c699
c920
<'879
12,053
15,839
14,859
14.2
17.5
19.6'
18,000
40,997
54,021
6,358
Hay, tons1.25
All tame
Wild
Clover and timothy b.
Alalalfa
-—.
dry edible,
lb. bag..
Soybeans (for
73,785
69,754
100-
beans) d
bushels.;
6.6
6.4
6.2
6,069
8,822
8,304
694
781
755
123.8
120.5
1,039,469
369,693
1,291,655
110.6
1,363,640
368,203
Cowpeas (tor peas) bu. d
Peanuts (for nuts), lb. d
Potatoes, bush
86.1
89.4
393,289
...
86.9
70,274
75,393
77,395
792
897
875
1,325,243
61.1
Sweetpotatoes, bush
Tobacco, lb.
Sorgo sirup, gal.
61.7
60.3
1,553,405
11,915
1,470,922
11,933
5,874
25,135
7,013
23,398
8,749
f44,3 99
35,815
Sugarcane for sugar, ton
el6.0
21.5
22.8
13,002
e3,355
Sugarcane sirup, gal..,.
161.0
172.2
163.6
20,228
11.0
11.6
11.8
8,383
1,195
1,302
1,099
f32,753
Sugar beets, ton
Hops, lb
Per Cent of a
Per CI.
Apples com'l crop, bush.
-
m
better interest
the
fl50,728
1210,673
92,821
115,501
•»'
130,328
77,213
Peaches, total crop, bush
57
68
60
f52,498
59,724
64
69
73
f24,320
f29,548
31,610
Grapes, ton g
71
88
80
f2,197
f2,777
2,503
55
83
61,274
76,893
h65
h69
45
—.
Pasture
47,084
,
For certain crops, figures are not based on current Indications,
------
but are carried
forward from previous reports,
b Excludes sweetclover and lespedeza.
c Pounds,
d Covers only mature crop harvested for the beans, peas, or nuts,
e Short-time
f Includes
average,
quantities
some
not
harvested,
for fresh fruit, luice. wine, and raisins,
UNITED
g Production
Includes
all
h Condition Nov. 1,
STATES
Acreage
Harvested
Crop
For
Corn, all
Wheat, all...
1937
1938
Harvest,
A verage
1927-36
Per Cent of
1938
1937
100,259 000
93,801,000
55,325 000
37,281 000
64,460,000
92,146,000
71,069,000
110.3
Winter..
46,946,000
49,915.000
106.3
All spring
18,044 000
17,514,000
21,154,000
3,508,000
17,616,000
35,540,000
10,668,000
119 6
3,914,000
102.0
.....
Durum..
3,620 000
2,756,000
14,424 000
14,758,000
37,961 000
35,079,000
Other spring...
Oats
.1
.1
Barley
Rye
10,967 000
9,959,000
3,140 000
s.
3,839,000
427,000
.....
Buckwheat
542 000
98.2
120.8
127.3
101.3
107.1
99.8
924,000
995 000
107.7
906 ,000
Grain sorghums....
426,000
2,218 ,000
Flaxseed
Rice
1,086,000
1,080,000
109.7
7,246 ,000
7,379,000
8,097,000
Cotton
35,496 ,000
34,001,000
26,449,000
77.8
55,815 ,000
54,792,000
57,576.000
105.1
12,462 ,000
11,552,000
11,676,000
101.1
25,189 ,000
19,481,000
21,870,000
112.3
12,197 ,000
13,787,000
13,675,000
Beans, dry edible
Soybeans (for beans) b
Cowpeas (for peas) b
1,731 ,000
1,691,000
98.3
2,758,000
118.0
1,345,000
97.0
Peanuts
1,497 000
1,721,000
2,337,000
1,387,000
1,653,000
1,806,000
109.3
94 000
120,000
128,000
106.7
3,433 ,000
3,177,000
...
a.
...
1,231 ,000
921 ,000
(for nuts) b.
Velvetbeans
c.
Potatoes—
99.2
Sorgo for sirup....
Sugarcane for
3,056,000
96.2
824 ,000
843,000
891,000
105.7
1,681 ,000
^
Sweetpotatoes
Tobacco
1,732,000
1,681,000
97.1
213 ,000
Suerarcane for sirup.
193,000
198,000
102.6
d206 ,000
sugar
273.000
308.000
112.8
126 ,000
146,000
143.000
97.9
760 ,000
752,000
2S ,000
34,000
918,000
33,000
122.1
r...
Total (excluding duplication!.
334,992,000
331,676,000
334,592.000
100.9
Suear beets
...
Hops.
'
95 6
Excludes sweetclover and lespedeza.
the beans, peas, or
nuts,
b Covers only mature crop harvested for
c Grown alone for all purposes,
d Short-time average.
Wheat Loans of CCC
Aggregated $22,348,030 on 37,Through Nov. 10—The Commodity
Credit Corporation announced on Nov. 12 that "Advices of
Wheat Loans" received by it through Nov. 10, showed loans
disbursed by the Corporation and held by lending agencies
on 37,469,470 bushels of
wheat, aggregating $22,348,029.89
averaging $0.5964 per bushel.
469,470
Bushels
the part of retailers in silk prints for mid-
finer
deniers
continued
at a fairly satisfactory rate.
given to the approaching introduction
was
of
type synthetic yarns by leading producers.
a
number of
Domestic
new
Cotton
Goods—Trading in the gray cloths
markets, following last week's spurt in sales, slowed down
perceptibly although sentiment remained cheerful and prices
ruled steady.
While the movement of finished goods was
reported to have improved considerably, and raw cotton
values followed an advancing trend,
buyers resumed their
cautious attitude, partly under the influence of the decline
in security prices reflecting recurrent
political uncertainties
abroad.
Moreover, a number of mills displayed growing re¬
luctance to sell goods for delivery through the first quartei
of next year asked for
by converters, with the result that, as
a,
whole, only transactions concerning spot,or nearby de¬
liveries were consummated.
Business in fine goods early in
the week gave indications of a turn for the better.
Later'
however, trading again lapsed into its previous desultory
fashion.
Active interest continued in voiles and broadcloths,
and there was considerable
inquiry for hopsackings, satins,
and pigmented taffetas.
Closing prices in print cloths w re
as follows:
39-inch 80s, 6^ to 6^c.; 39-ineh 72-76s, 6 to
6LgC.; 39-inch 68-72s, 534 to 524c.; 3834-inch (fLOOs, 434 to
4%c.; 3824-inch 60-48s, 3J4 to 4c.
98.8
Hay, all tame
Hay, wild
;
Hay, clover and timothy
Hay. alfalfa...
on
Growing attention
52,028
Pears, total crop, bush..
Pecans,, lb
the decline reached 12.2%.
Trading in rayon yarns quieted down percep¬
tibly, notably in the coarser counts, whereas the demand for
49
1
*
area
Trading in the wholesale dry goods markets benefited
somewhat from the growing tendency among merchants to
replenish their stocks of gift merchandise needed for the
holiday season. As a whole, however, the volume of business
remained disappointing as most buyers confined their orders
to
relatively small quantities, notwithstanding repeated
warnings of future delivery difficulties.
Some interest ex
isted in wash goods, and domestics also continued in
fairly
active demand.
Business in silk goods Remained quiet al¬
though inquiries appeared to be on the increase reflecting
Winter sales.
Per Ct.
78
w
10,866
Full Crop
Per Ct.
52
Apples, total crop, bu._
grapes
a
districts, while the. Boston district recorded the
relatively best result, with a loss of only 2%.
In the New
York area a decline of 11% was established.
For the week
ending Nov. 5, country-wide department store sales Were
8% below the corresponding week of last year.
New York
and Brooklyn stores showed a loss of
11.1%, and in the
Flaxseed, bush..
Rice, bush..
Grain sorghums, bush..
Beans,
Friday Night, Nov. 18, 1938
during part of the period under
heretofore, partly due, however, to the fact that last
.
Total Production (In Thousands)
Prelim.
1937
1927-36
a
which loans
be completed
to
a
1938
Form A
Stole—
Arkansas
than they had previously expected.
In the irrigated districts the late crop
is being harvested under ideal weather conditions.
There is a considerable
acreage
on
19,
have
Nebraska
Washington and Oregon, growers report that yields
Nov.
Woolen Goods—Trading in men's wear fabrics remained
fairly active although the total volume of business showed
some contraction as
many users are now believed to have
covered their nearby requirements.
With the exception of
top coatings, most other materials continued in active de¬
mand, with a substantial volume of order accumulations on
tropical worsteds, gabardines, coverts, and sports fabrics
reported by many mills. Advices from retail clothing centers
made a somewhat better showing, in response to the lower
temperatures prevailing during part of the week under
review.
Business in women's wear goods grew more active
as garment manufacturers
proceeded to' cover their Spring
requirements on an increasing scale, partly because of
threatening price advances. Tweeds and shetlands moved
in particularly good volume.
Foreign Dry Goods—Trading in linens came to a virtual
standstill pending the announcement of the details of the
British-American trade agreement, the conclusion of which
is
generally believed to become the signal for a broad revival
activities, inasmuch as inventories in general are said to
be at fairly low levels.
Some interest existed in gift items for
the holiday trade.
Business in burlap remained quiet, with
transactions restricted to occasional small spot lots.
Domes¬
tically lightweights were quoted at 3.75c.; heavies at 5.05c.
of
Financial
Volume 147
Chronicle
3189
Massachusetts—Changes in List of Legal Investments—
Fhe following bulletin (No. 3),
Specialists in
banks,
was
issued
Illinois & Missouri Bonds
Railroad Equipment Trusts
10, 1938—Pennsylvania RR. Co. equipment trust series I 254s,
due serially to July 1, 1953.
Public Utilities
As of Nov. 1,1938-r-The Ohio Power Co. 1st
mtge. 354s, 1968.
Founded 1890
DIRECT
CHICAGO
WIRE
314 N. Broadway
LOUIS
ST.
July 1, 1938
Municipal Bonds and Notes
Sept. 19, 1938—Providence, R. I.
As of Oct.
Stifel, Nicolaus & Co,Inc.
on
Added to the List of
As of
106 W. Adam* St.
showing the latest revisions
by savings
Nov. 9 by the State Bank Commissioner:
in the list of securities eligible for investments
Removed from the List
Railroad Bonds
Northern Ry. of Calif. 1st 5s, 1938.
Matured Oct. 1, 1938.
Southern Ry., East Tennessee Reorganization 5s, 1938.
Matured Sept. L
.
1938.
RECONSTRUCTION FINANCE CORPORATION
Bids Invited
Municipal Bond Issues—The abqve Cor¬
poration on Nov. 14 called for bids up to noon on Dec. 1,
at its offices in Washington, through H. A. Mulligan,
Treasurer, for the purchase of 39 issues of bonds of local
units in 20 States, aggregating $5,049,000.
The following
is a brief outline of the issues being offered for sale:
on
$825,000 Long Beach City High School District of the County of Los
Angeles, Calif., election of 1933,454 % bonds, maturing 1939-53.
180,000 Long Beach City School District of the County of Los Angeles,
Calif., election of 1933, 4K% bonds, maturing 1939-53,
750,000 Los Angeles City High School District of the County of Los
Angeles, Calif., election 1931, 4M% bonds, maturing 1949-53.
395,000 Los Angeles City 8chool District of the Coimty of Los Angeles,
/
250,000 City of Decatur, Morgan County, Ala., 4% electric system revenue
bonds of 1938, maturing 1943-58.
of Grove Hill, Clarice County,
bonds, maturing 1939-59.
Ala.,
4%
waterworks
revenue
208,000 Town of Safford, Graham County, Ariz., 4% waterworks
bonds of 1936, maturing 1939-66.
•
12,500 City of Stuttgart, Arkansas County, Ark., 4%
bonds maturing 1943-55.
63,000 Town of Ordway, Crowley County, Colo., 4%
provement refunding bonds, maturing 1943-63.
sewer
revenue
revenue
River County,
Fla., 4%
court house
bonds,
maturing
Matured Sept. 1,1938.
Public Utilities
As of Nov. 1,1938—The Marion-Reserve
.
19,000 City of Okolona, Chickasaw County, Miss., 4% electric revenue
bonds, maturing 1940-55.
48,000 Town of Ripley, Tippah County, Miss., 4% waterworks revenue
bonds, maturing 1939-60.
530,000 City of Bayonne, Hudson County, N. J., 4% port terminal
bonds, maturing 1941-64.
15,000 Township of Clark, County of Union, N. J., 4% trunk sewer
bonds of 1935, maturing 1939-55.
108,000 Board of Education of the Borough of Point Pleasant Beach,
County of Ocean, N. J., 4% school district bonds, maturing
,
>
17,000 Town of Silver City, Grant County, N. M., 4% water revenue
bonds, series of 1934, maturing 1939-53.
12,500 Town of Silver City, Grant County, N. M„ 4% sewage treat>ment plant revenue bonds, series of 1934, maturing 1939-58.
107,000 City of Hillsboro, Washington County, Ore., 4% sewer system
refunding and extension revenue bonds, maturing 1940-68.
28,000 Town of Brookland, Lexington County, S. C.t 4% water and
sewer revenue bonds, maturing 1939-66.
210,000 Clemson Agricultural College of South Carolina, 4% barracks
building revenue bonds, maturing 1939-65.
58,000 City or Winner, Tripp County, S. Dak., 4% water bonds of
1936, maturing 1939-56.
57,000 Town of Dickson, Dickson County, Tenn., 4% waterworks im¬
provement bonds of 1936, maturing 1939-60.''
281,000 City of Knoxville, Knox County, Tenn., 4% electric light and
power system bonds, maturing 1940-51.
90,000 County of Marion, Tenn., 4% school bonds of 1937, maturing
1939-67.
:
' ■
,
44,000 City of Fort Stockton, Pecos County, Texas, 4% sewer revenue
bonds, series 1934, maturing 1939-59.
58,000 City of Humble, Harris County, Texas, 4% water revenue bonds,
series 1934. maturing 1939-59.
114,000 City of Stamford, Jones County, Texas, 4% water revenue
bonds, maturing 1939-64.
22,000 Town of Mabton, Yakima County, Wash., 4% waterworks special
fund bonds, maturing 1943-64.
32,000 Town of Selah, Yakima County, Wash., 4% sewer revenue
bonds, maturing 1939-65.
34,000 City of Morgantown, Monongalia County, W. Va., 4% incinerator
revenue bonds, maturing 1939-59.
'
News Items
Alabama—Municipalities Granted Additional. Latitude for.
Indebtedness—The borrowing power of the municipalities in
this State was increased recently when the Alabama Supreme
Court ruled on the revenues applicable to debt service.
The high court held that they can
pledge not only ad valorem tax revenues
but license tax revenues as well ih payment of interest and principal of
municipal bonds issued to finance public improvements, only restriction
against pledging of license revenues for that purpose being that necessary
and legitimate operating expenses of municipal governments be paid out
first, the "Municipal Finance News Letter" reports in its bulletin dated
Nov. 1.
It was the first time that the State's highest tribunal has given
this decision and is the second time in the United States a State Supreme
Court has done so, the other instance being a similar decision rendered by
New York's Supreme Court.
Power Co. 1st mtge. 454s, 1952.
Tlm^Detroit^Edison Co. gen. & ref. mtge. gold (series E) 5s, 1952. Called
IndiamjoltePower & Light Co. 1st mtge. gold (series A) 5s, 1957. Called
Rockland Light & Power Co. 1st mtge. gold 5s, 1938.
The Toledo Edison Co. 1st mtge. gold 5s, 1962.
Matured Nov. 1,
Called Oct. 13, 1938.
Results of Voting at General Election—The voters of the
State passed on seven questions put to them in referenda
oh the Nov. 8 ballots.
The Boston "Transcript" of Nov. 9
as
follows the result of the
voting
on
the major
proposals:
Biennial
the
Plan
of the Massachusetts Legislature Were approved;
of municipal government was rejected; the close-the-
sessions
E
form
saloons campaigns were generally defeated; the movement to oust married
women
from public service if their husbands
are
employed received
a strong endorsement; betting on horses and dogs on the race track
was
approved in Suffolk and Bristol counties, but was prohibited in the western
part of the State; retirement of all citizens from gainful occupation at
60 with sufficient Federal annuity to live well was urged.
The Plan E form of city government, providing for a city manager and
a small council, was defeated in every city where it was offered.
44th
sored
National Conference
on .government,
annually spon¬
by the National Municipal League, will be held on
Dec 1-3 at Baltimore.
36,000 City of Vero Beach, Indian River County, Fla., 4% municipal
electric power system revenue certificates, maturing 1939-54.
14,500 Village of Bradford, Stark County, 111., 4% water revenue bonds,
maturing 1939-55.
28,000 Village of Lansing, Cook County, 111., 6% sewage pumping
station and treatment plant bonds, maturing 1939-48.
97,000 Board of Regents of the Morehead State Teachers College, Ky.,
4% dormitory revenue bpnds of 1936, maturing 1939-61.
17,000 City of Tawas City, Iosco County, Mich., 4% revenue waterworks
bonds, maturing 1938-60.
13,500 City of Tawas City, Iosco County, Miph., 4% general obligation
waterworks bonds, maturing 1939-55.
21,000 County of St. Louis, Minn., 4% county road bonds, maturing
1942.
Matured
equipment trust series F (serially) 5s, 1938.
Municipal League to Hold Annual Conference—The
1939-54.
1939-65.
Louisville & Nashville RR.
waterworks im¬
168,000 City of Fort Pierce, St. Lucie County, Fla., 4% electric revenue
certificates, maturing 1939-63.
34,000 Indian
(serially) 5s, 1938.
Sept. 1, 1938.
summarized
Calif., election 1931, 4H% bonds, maturing 1951-53.
33,000 Town of Calera, Shelby County, Ala., 4%« waterworks revenue
bonds, maturing 1940-59.
19,000 Town
Railroad E-mipment Trusts
Great Northern Ry. equipment trust series B
<
The subject of publicizing government will be spotlighted in the opening
Unemployment relief will be the subject of an¬
session of the conference.
other general session, while group and luncheon meetings will take up county
government, planning, housing, municipal finance, personnel, tax limitation
and
exemption, laW enforcement, purchasing, public management, the
city manager plan, and citizen action.
The last day of the conference will
be devoted to the subject of proportional representation.
New
Hampshire—-One Constitutional Amendment Approved
Defeated—At the general election on Nov. 8 the voters
acccrded the required two-thirds ma jority to only one pro¬
posal, which is No. 2 in the following summary of the con¬
stitutional amendments as they were submitted to the
—Rest
electorate:
.
-
Do you approve of amending the Constitution so as to empower the
Legislature to provide for absentee voting, by voters who are unable
to vote at their regular polling places, on any question or in the choice of
1.
any
officers at biennial elections ?
2. Do you approve of amending the Constitution so as to require that
the.net revenues derived by the State from the operation of motor vehicles,
including the gasoline road toll, shall be appropriated and used exclusively
for highway purposes?
3. Do you approve of amending the Constitution so as to empower the
Legislature to define the word "paupers" as used in the constitutional
provision withholding from paupers the right to vote?
4. Do you approve of amending the Constitution so as to empower the
Legislature, for the purposes of encouraging conservation of forest resources
and development of industry and„ business, avoiding an excessive burden
on real estate, and equalizing tax burdens, (a) to classify and tax at special
rates growing wood and timber, stock in trade and machinery,
(b) to tax
sales of particular luxuries and commodities except foods, clothing and
medicine, (c) to impose graduated taxes on property passing at death With
reasonable classifications and exemptions, and varied according to relation¬
ship, and (d) to impose graduated taxes on incomes with reasonable classi¬
fications and exemptions, at rates never higher than 6% ?
United States—Voters Reject Most Tax Prdposals—Voters
rejected most of the tax proposals placed on the ballots at
the election of Nov. 8, according to information reported
on Nov. 17 by the National Association of Assessing Officers.
Arizona refused to join the ranks of 13 States granting tax exemptions on
$5,000 exemption.
California also rejected a
$1,000 exemption on improvements on owner-occupied land which was a
part of a single tax proposal.
Florida and Louisiana, however, enlarged
existing exemptions.
Florida added widows and single persons as home
owners exempt from all property taxes on properties up to $5,000 valuation.
Louisiana, which has been exempting homsteads up to $1,000 value from
most property taxes, added a measure exempting homesteads built or pur¬
chased after Jan. 1, 1938, from three years* taxes, provided prevailing
wages are
paid in construction and all materials are American-made.
Voters registered disapproval of several other tax proposals balloted on
in the various States.
Along with California's defeat of a proposal to sub¬
stitute a land sales tax for sales, use, private automobile and other levies,
went defeat in Maryland and Washington of graduated State income taxes.
Proposal of the New Hampshire constitutional convention to authorize a
broader tax base, including a sales tax and graduated inheritance and
income taxes, was also voted down.
Colorado voters refused to repeal1 the chain license and tax. " Oregonvoted down a transactions tax proposal for support of old age pensions.
Washington voters renewed a 40-mill limitation on property taxes in effect
since 1932.
In an "omnibus" amendment designed by its 1938 constitu¬
tional convention New Yorkers among other things prohibited the ad
valorem taxation of intangibles and the taxation of undistributed profits.
In both Louisiana and Arkansas voters passed on tax exemptions of in¬
homesteads by defeating a
dustry.
Arkansas approved of new industries and manufacturing plants
taxes for a maximum 10-year period.
Louisiana restricted to the next three years the period in which the State
board of commerce and industry may negotiate contracts for tax exemption
of new factories.
from property
,
_
Earmarking of gasoline tax funds for road purposes only passed in every
These included Alabama, California, New
State where it was proposed.
Hampshire and Michigan.
*
Financial
3190
Defeated—At the general election the voters
communities were asked to pass on numerous bond
Bonds Voted and
of various
proposals and it appears that far more issues were rejected
than approved, the latest reports indicating that about
$85,000,000 bonds were turned down and only about $12,(XX),000 approved.
bond proposals
San Francisco
$10,000,000 of
bond proposals which had been under consideration.
Other bonds voted
down
include $4,000,000 Atlanta, Ga.; $2,000,000 Cincinnati, Ohio;
$3,347,000 Duval County, Fla.; $3,000,000 Cleveland, Ohio; $2,550,000
Fulton
County, Ga.; $1,721,000 Jacksonville, Fla.; $2,041,667 Duval
County, Fla., School District; $1,250,000 St. Louis, Mo., and $850,000
St. Louis County, Mo.
Successful bond elections included $3,000,000
Montana;
$1,600,000 Harrisburg, Pa.; $1,500,000 New Orleans, La.;
$1,500,000 Cincinnati, Ohio; $1,300,000 Owensboro, Ky., and $1,000,000
about
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. O. Los An¬
geles). Calif.—BOND SALES—The following bonds aggregating $283,500,
on Nov. 9—V. 147, p. 2892—were awarded to the Bankamerica Co. of San Francisco, and the William R. Staats Co. of Los An¬
geles, jointly:
offered for sale
Union High School District bonds as 3s, paying a
premium of $1,799, equal to 100.972, a basis of about 2,89%.
Dated Dec. 1, 1938.
Due from Dec. 1, 1943 to 1952 incl.
98,500 Hermosa Beach City School District bonds as 3s, paying a prem¬
ium of $59, equal to 100.059, a basis of about 2.99%.
Dated
Nov. 1, 1938.
Due from Nov. 1, 1940 to 1959 incl.
The $30,000 issue of
were awarded to
date
ANNISTON, Ala.—BOND SALE—1The two issues of bonds, aggregating
$94,000, offered for sale on Nov. 10—-V. 147, p. 2891—were awarded
jointly to Milhous, Gaines & Mayes of Atlanta, and Stubbs, Smith &
Lombardo, of Birmingham, as 4 Ms, at a price of 96.65, according to the
City Clerk.
The issues are divided as follows:
$74 000 public school house bonds.
Due from 1941 to 1967, inclusive.
20^000 public school stadium bonds. Due from 1941 to i960, inclusive.
COUNTY (P. O. Scotuboro), , Ala .—ADDITIONAL
INFORMATION—The following information has been furnished to us in
connection with the sale of the $220,000 3M% semi-ann. county-wide
school warrants to Ward, Sterne & Co. of Birmingham, at 101.21, noted in
our issue of Nov.
12—V, 147, p. 3046: Dated Aug. 1, 1938.
Denom.
$1 000
Due Feb. 1, as follows: $6,000 in 1939 and 1940, $7,000 in 1941,
$8 000 In 1942 to 1944, $9,000 in 1945, $11,000 in 1946 to 1948, $12,000 in
1949 to 1951. $13,000 in 1952 and 1953, $14,000 in 1954 and 1955, and
$15 000 in 1956 to 1958.
Prin. and int. payable at the J. C. Jacobs Bank¬
ing Co., Inc. of Scottsboro.
Legality to be approved by Storey, Thorndike, Palmer & Dodge of Boston.
Net income basis 3.38%.
TENDERS ACCEPTED—In connection with the
call for tenders up to Nov. 14, of public works refunding or funding and
general refunding bonds, dated Jan. 1,1936, as noted in our issue of Oct. 29
—V
147, p. 2726—it is stated by H. G. Zeigler, City Comptroller, that he
bonds for the sum of $106,000.
purchased $138,000 of
».
~ m
Mayor Seth Copeland
21, at 7:30 p. m., an
issue of $126,000 coupon refunding improvement bonds.
Dated Jan. 1,
1939.
Denom. $1,000.
Due Jan. 1, as follows: $5,000 in 1940 to 1942,
$6,000 in 1943 and 1944, $7,000 in 1945 and 1946, $8,000 in 1947, $7,000
in 1948, $8,000 in 1949 and 1950, and $9,000 in 1951 to 1956.
Bidders to
name the rate of interest.
No bid for less than par and accrued interest will
be accepted. Prin. and int. (J-J) payable at the Guaranty Trust Co., New
York.
Delivery of the bonds will be made to the purchaser on or after
Jan. 1, 1939. Enclose a certified check for $5,000, payable to the city. ^ m!
TROY, Ala.—BOND OFFERING—It s stated by
will offer for sale at public auction on Nov.
that he
(P. O. Jasper), Ala.—WARRANTS SOLD—It is
5% semi-annual State gasoline tax road warrants
WALKER COUNTY
reported that $180,000
were
Oct.
purchased recently by Roy Gridley & Co.
1, 1938.
Due $9,000 each six months until
of Birmingham. Dated
date of final maturity.
inclusive.
MARIN COUNTY (P. O. San Rafael) Calif.—SCHOOL BONDS SOLD
are informed that $60,000 Ross School District bonds were purchased
—REPORTELECTION
—Wc
Nov.
by
Little
quote in part as follows from a bulletin sent out on
14
a
Rock investment house:
*
*
*
The plan to refinance the Arkansas highway bonded debt, and for the
State to take over additional bonds contracted by road improvement
districts and bridge improvement districts was decisively defeated by
Arkansas voters in last Tuesday's general election.
This proposal was
commonly known as Proposed Constitutional Amendment No. 28.
i.
...
Affecting Arkansas
bonds also in last Tuesday's election was
Referred
General Assembly in the 1937 session, but referred
before its effective date. On the face of preliminary
and unofficial returns this proposal was running a few thousand votes
behind, and the issuance or this bulletin has been held pending official
certification of the vote, so that you might be fully advised concerning it.
Results released today show that: Amendment No. 28 (the bond refunding
amendment) was swamped by a majority of more than 2 to 1 against it.
Referred Act No. 8 (providing that the State shall assume the bonds of
Act No. 8,
to the
passed by the
people by petition
bridge improvement districts) narrowly defeated.
For, 42,741; against,
51,259; majority against, 8,518.
'
With these returns there are still about 500 precincts unreported out of the
2002 in the State.
There are not enough votes in the missing boxes, how¬
ever, to affect the result.
Following the defeat of Amendment No. 28, Governor Carl E. Bailey,
who supported the proposal and previously had attempted to obtain from
the 1937 General Assembly a workable refunding law, said that he would
not ask the Legislature in January to consider a refinancing bill, particularly
one which "may be changed or nullified by future legislators."
"Our bondholders must be assured by some definite action of the people
themselves that we intend to pay our obligations," he continued.
' When
this assurance is given, then we can sell our bonds at lower rates of interest."
On the other hand, the Arkansas Constitution and Citizens' Protective
League which was so active in the defeat of the proposal have said privately
that they have a plan by which the refunding can be accomplished and which
they will present at the coming session of the General Assembly.
Their
spokesman would make no official statement concerning the matter, but
did not deny that some sort of refunding plan was in formulation.
They
are going on the theory that it would not be proper for the organization to
launch a campaign of destruction of one proposal unless they had some¬
thing they considered better to offer in its place. This proposed refunding
plan is now in the process of being written and will be presented for the
consideration of the Assembly soon after the opening of the session on Jan. 10.
,
MILLER
COUNTY
(P.
.
O. Texarkana), Ark.—BONDS
dispatch from Texarkana to the
VOTED—A
Dallas "News" of Nov. 10 reported as
follows:
have a new courthouse and jail.
Voters so decreed
final tabulation of ballots showed early Wednesday.
The
of 74 votes out of 2,278 ballots cast.
By voting
combination building and the levying of a 2 M-mills
tax on each $100 valuation, citizens of the county will receive a grant of
$200,000 from the Works Progress Administration.
The bond issue voted
will bring in $250,000.
It is estimated at least $50,000 will be required to
furnish the new structure.
In all, Miller County will have a new $500,000
structure for its officials.
Plans of the proposed structure,, drawn by E. C.
Seibert. Mayor of Texarkana, Ark., have already been submitted to the
regional WPA office at Fort Worth and approved."
"Miller County is to
at
an
election,
—We
Oct. 31 by E. H. Rollins & Sons, Inc. of Los Angeles, as2Ms, paying a
premium of $136, equal to 100 .2266, a basis of about 2.45%. Dated Nov. 15,
1938. Due on Nov. 15, 1939 to 1948 incl.
on
COUNTY
(P. O. Ukiah) Calif.—SCHOOL BOND
bids were received by H. M. Burke, County Clerk,
the purchase of an $18,000 issue of not to
MENDOCINO
OFFERING—Sealed
until 10 a. mw. on Nov. 15, for
exceed
4%
semi-ann. coupon or registered Hopland Union Elementary
Dated Nov. 15, 1938. Due $1,000 from Nov. 15,
School District bonds.
1939 to 1956 incl.-
W RIVERSIDE
COUNTY
a
issue won by a margin
construction of the new
WALDRON, Ark.—P WA LOAN APPROVED—It is stated by the Town
Clerk that the Public Works Administration has approved a loan of $11,500
for a water works system but no bonds have been issued as yet.
CALIFORNIA
1944 to 1963.
Dated Dec. 1, 1938.
The bonds will not be
Denom. $1,000.
Due $3,000 Dec. 1,
sold for less than par.
Prin. and int.
payable at the County Treasury. Enclose a certified check for 3% of the
amount of bonds bid for, payable to the Chairman Board of Supervisors.
COUNTY SCHOOL DISTRICTS (P. O. Los Angeles)
Calif.—SCHOOL BOND
SALES—Three issues of bonds, aggregating
$285,000, were offered for sale on Nov. 15 and were awarded as follows:
LOS ANGELES
Riverside)
Calif.—SCHOOL BOND
•
,
UNIFIED SCHOOL DISTRICT
(P.
O.
Sacramento), Calif.—BOND SALE—The $425,000 issue of school bonds
offered for sale on Nov. 14—V. 147, p. 2892—was awarded to Kaiser &
Co., and Schwabaqher & Co., both of San Francisco, paying a premium of
$276, equal to 100.064, a net interest cost of about 2.56%, on the bonds
as follows:
$60,000 maturing $15,000 Nov. 1, 1939 to 1942, as 5s, M-N,
and $365,000 maturing Nov. 1, $15,000 in 1943 to 1953, and $20,000 in
CITY
SACRAMENTO
1954 to 1963, as 2Ms.
BERNARDINO COUNTY (P. O. San Bernardino) Calif.—
BOND SALE—The $20,000 issue of Victor Elementary School
SAN
SCHOOL
Nov. 14—V. 147,
COUNTY
SONOMA
p.
2892—was awarded
Co. of San Francisco, as 3 Ms, paying a premium of
the Bankamerica
$149.00, equal to 100.745, a basis of about
Due $2,000 from Dec. 1. 1939 to 1948 incl.
(P.
O.
Santa
Dated Dec. 1. 1938.
3.60%.
Rosa),
Calif.—SCHOOL BOND
SALE—The $18,000 issue of Santa Rosa School District bonds offered for
sale on Nov. 9—V. 147, p. 2892—was awarded to the American Trust Co.
of San
Francisco, according to the County Clerk.
Dated Oct. 24, 1938.
Due from 1939 to 1944 incl.
VENTURA
Calif—BOND
COUNTY SCHOOL DISTRICTS (P.
O. Ventura),
SALE— The $250,000 issue of 2M% semi-ann. Ventura
High School District bonds offered for sale on Nov. 14—V. 147, p.
jointly to R. H. Moulton & Co., and O'Melveny,
Wagenseller & Durst, both of Los Angeles, paying a premium of $3,160,
equal to 101.264, a basis of about 2.02%. Due $25,000 from Dec. 1, 1939
to 1948, inclusive.
'
The $50,000 issue of 2M% semi-ann. Santa Paula Elementary School
District bonds offered for sale at the same time was awarded jointly to the
William R. Staats Co. of Los Angeles, and Heller, Bruce & Co. of San
Francisco, paying a premium of $675, equal to 10i.35, a basis of about
2.25%« Due $5,000 from Dec. 1, 1939 to 1948, inclusive.
Union
3046—was awarded
COLORADO
EL PASO
(P. O. Colorado
COUNTY SCHOOL DISTRICT NO. 11
Springs), Colo.—BOND SALE
DETAILS—We are informed by Thomas J.
Fox, Secretary of the Board of Education, that the $275,000 high school
building bonds purchased by the First National Bank of Colorado Springs,
and local associates, as 2s at par as noted here on Oct. 15—V. 147, p. 2422—
coupon bonds, dated Nov. 1, 1938, and due on Nov. 1 as follows:
$75,000 in 1943, and $100,000 in 1944 and 1945.
Interest payable M-N.
These bonds were approved by the voters on Sept. 27.
are
CONNECTICUT
Conn—PLANS BOND ISSUE—1The city plans to issue
$135,000 not to exceed 2M % interest sewer bonds, to mature in 10 years.
MERIDEN,
REPORr^CecilT^Marlow^T
NEW HAVEN, Conn.—NOTE ISSUE
City Comptroller, reports that the city canceled the plan to ask for bids on
on $600,000 tax anticipation notes as a local taxpayer agreed to
take $300,000 without interest.
Balance will be offered for sale at a later
Nov. 17
date.
mm
-tk,
_
IHfc ~
»
LONDON, ; Conn.—BOND
OFFERING—Carey
Congdon.
Director of Finance, will receive sealed bids until noon on Nov. 29. for the
purchase of $200,000 coupon or registered public improvement bonds,
series No. 8.
Dated Nov. 15, 1938.
Denom. $1,000.
Due $20,000 on
Nov. 15 from 1939 to 1948, incl.
Bidder to name a single rate of interest
in a multiple of M of 1%.
Principal and interest (M-N 15) payable at
City Treasurer's office or at the First National Bank of Boston, at holder's
option.
A certified check for 2% of the bonds bid for, payable to order of
the city is required.
Legal opinion of Storey, Thorndike, Palmer & Dodge
of Boston will be furnished tne successful bidder,
NEW
Financial Statement Nov. 1, 1938
k***
1937 Assessed valuation of taxable property
1937 Assessed valuation of exempted property-Total bonded debt, not including this issue
Water bonds, included in total
debt
Sinking funds (other than water)-—,
Comparison of tax rates:
For Years Ended—
ANGELES COUNTY (P. O. Los Angeles), Calif.—SCHOOL
BOND OFFERING—Sealed bids will be received until 2 p. m. on Nov. 22,
by L. E. Lampton, County Clerk, for the purchase of a $60,000 issue of
Clearwater School District bonds.
Interest rate is not to exceed 5%,
O.
about 3.90%.
LOS
payable J-D.
(P.
Valley Union High School District
oh Nov. 14—-V. 147, p. 2892—was awarded jointly to
Otis & Co. of Cleveland, and Stranahan, Harris & Co,, Inc. of Toledo,
divided as follows: $72,000 as 3Ms. maturing $9,000 from Nov. 1, 1940 to
1947; the remaining $106,750 bonds as 4s, maturing on Nov. 1:
$9,000,
1948 to 1958, and $7,750 in 1959.
The successful bidders paid a price of 100.043, a net interest cost of
SALE—The $178,750 issue of Coachella
bonds offered for sale
to
of
State
a
District bonds offered for sale on
ARKANSAS
ARKANSAS,
Alameda School District bonds offered on the same
the Bankamerica Co. of San Francisco, as 3 Ms,
premium of $209, equal to 100.696, a basis of about 3.67%.
Dated Nov. 1, 1938.
Due from Nov. 1, 1941 to 1956 incl.
The $129,000 issue of Arcadia City School District bonds also offered at
the same time—V. 147, p. 2892—was awarded to the Pasadena Corp. of
Pasadena, as 3Ms, Paying a premium of $528.90, equal to 100.41, a basis
of about 3.46%.
Dated Nov. 1, 1938.
Due from Nov. 1, 1941 to 1958
paying
■I JACKSON
MOBILE, Ala.—BOND
Due from 8ept. 1, 1941 to
$185,000 Excelsior
ia>
ALABAMA
'
Dated Sept. 1, 1938.
3.22%.
1961, inclusive.
20,000 Manhattan Beach City School District bonds to Redfield & Co.
of Los Angeles, as 3 Ms, paying a premium of $80, equal to 100.40,
a basis of about 3.42 %.
Dated April 1, 1938.
Due from April 1,
1940 to 1948, inclusive.
Proposals and Negotiations
Bond
1938
19,
$175,000 El Monte Union High School District bonds to a syndicate com¬
posed of the William R. Staats Co., Banks. Huntley & Co.,
O'Melveny, Wagenseller & Durst, all of Los Angeles, and Barcus,
Kindred & Co. of Chicago, as 3 Ms, paying a premium of $3,304,
equal to 101.888, a basis of about 3.30%.
Dated Dec. 1, 1938.
Due from Dec. 1, 1940, to 1958, inclusive.
90,000 San Gabriel School District bonds to the Anglo-California Na¬
tional Bank of San Francisco, and Redfield & Co. of Los Angeles,
as 3Ms. paying a premium of $285, equal to 100.316, a basis of
Heading the list was the State of Rhode Island with
aggregating $28,020,000, all of which were defeated.
turned down $14,000,000. Baltimore did not submit the
Savannah, Ga.
Nov.
Chronicle
Sept. 30,
1938
$26.00
—76,267.71
—
Sept. 30,
1937
$27.50
—$51,102,525.00
* 9,317,693.00
2,242,000.00
1,008,000.00
Sept. 30,
1936
Sept. 30,
1935
Sept. 30,
1934
$29.00
$29.50
$30.00
Population, 1930 census, 29,640.
Estimated, 1938, 33,000.
Total uncollected taxes of 1934 and prior years, $60,353.21.
1937-1938
1936-1937
1935-1936
Levy__l
$1,328,665.65
Uncollected to date
Taxes
instalment Aug.
NEW
173,211.46
$1,412,524.88
104,677.69
$1,482,945.72
15.
LONDON,
issue $200,000 public
67,045.27
15. Penalty date May 15.
Penalty date Sept. 15.
due, first instalment April
Conn.—TO ISSUE BONDS—City has
improvement bonds.
Second
decided to
Volume
Chronicle
Financial
147
3191
RIDGEFIELD, Conn.—BOND OFFERING—Winthrop E. Rockwell,
First Selectman, will receive sealed bids until 2
p. m. on Nov. 22 for the
IDAHO
Surchase 1938. Denom. $1,000. registered high school bonds. and due
Dated
uly 15, of $175,000 coupon or
Registerable as to principal
$7,000
SJ' ,CH^Es, ^aho—BOND
received until 10
July 15 from 1939 to 1963 inc.
Bidder to name one rate of in¬
multiple of M of 1%.
Prin. and int. (J-J 15) payable at First
National Bank of Boston, except in case of full registration when direct
payment will be made to the registered owner.
The bonds are unlimited
tax obligations and the approving
opinion of Ropes, Gray, Boyden & Per¬
kins of Boston will be furnished the successful bidder.
Bonds will be de¬
livered about Dec. 2, 1938 at First National Bank of Boston against pay¬
corresponding
list, last completed
(Oct. 1,
1937)
1
Total bonded debt of the town, not including present loan—
No water bonds
or
Tax levy of June
Tax levy of June
Tax levy of June
be
principal
payable at the expiration of
two years
from and
to
»
Idaho—BOND OFFERING—It is reported that sealed
bids will be received until
7:30 p. m. on Nov. 26, by F. G.
Farreil, City
purchase
a $17,000 issue of not to exceed
4% semi-ann.
park, harbor and dock bonds.
$11,195,851
128,000
^
^
™IN FALLS COUNTY
RURAL HIGH SCHOOL DISTRICT NO. 1
^
'
Idaho—BOND SALE—The
on
bonds offered for sale
ing
fllT
Nov.
14—V.
$29,500 issue of
147,
coupon build¬
p. 2728—was sold as 2 his
DSe'fn^foro^toTS.t0 the Di8triCt °ta,fc Dated
July
l!
issue of $27,500 school construction bonds.
ILLINOIS
Conn .—BOND SALE— The $72,000 bonds offered
Nov. 14—V. 147, p. 2892—were awarded to R. L. Day & Co. of Boston,
as 2Ms, at 100.79, a basis of about 2.11%.
Sale consisted of:
WATERBURY,
$9,000 park
will
lssue* Enclos® a certified check for 5% of bid, payable
thevillage
sinking fund.
Village has no bonded debt.
1, 1938—$139,951.43—Uncollected
$18,467.50
1, 1937— 127,999.91—Uncollected
4,975.65
1, 1936— 125,496.54—Uncollected
3,854.30
an
bids
system bonds.
Interest
The bonds to bear date
to the date of their issuance, ana to mature
and be payable
annual amortization plan, the first
annual amortized
SHELTON, Conn.—BONDS APPROVED—At the Nov. 8 election the
authorized
OFFERING— Sealed
Nov. 21. by Arlin R.
Pugmire, Village Clerk, for
t to mature and be
Financial Statement Nov. 1, 1938
voters
m. on
a ® 24,500 issue of coupon water
®xce?d §%• payable semi-annually.
i1*!6
ment in Boston funds.
Grand
a.
on
terest in a
CHICAGO. III.—BOND
tJDhfliiii, Oit/V OoniDtrol 1 Ar1"nnl
000,000 3% refunding bonds of 1937, numbers 1 to
2,000,
1, 1939, at par and accrued interest
Dated Jan. 15, 1934 and due Jan. 15 as follows:
$2,000 from 1945 to 1948 incl. and $1,000 in 1949.
28,000 pumping station bonds.
Dated Nov. 1, 1938 and due $2,000 on
bonds.
caUed for payment on Jan.
£
Nov. 1 from 1939 to 1952, inclusive.
35,000 abattoir bonds.
Dated Nov. 1, 1938 and due $5,000 on Nov. 1
from 1939 to 1945, inclusive.
Second high bidder was Halsey, Stuart & Co., Inc., which bid 100.859
for 2Hs.
Third and final bid of 10Q.513 for
was entered by the R. F.
Griggs Co. of Waterbury.
?ce„the t?rms of the bonds.
fond to
retire the
at the
City Treasurer
s
office
or
Sufficient
li^1jart distaricty> hi-—N0
A and B
RECEIVED—No tenders of
received
V
in
to
response
series
the
total of
BOND
TENDERS
refunding bonds of 1935 were
offerings on Nov. 14—
district's request for
141,p. 3047•
•
*
money is available
obligations, payment of which Will be made
Guaranty Trust Co., New York City.
at the
££^L—The district is calling for redemption on Jan. 1, 1939 a
$3,380,500 of its outstanding series B refunding bonds of 1935.
The
$1,335,000 4Ms, being called by lot, and
redemption of the
total includes
FLORIDA
grand aggregate will be made from cash funds
BONDS
►
COOK
now
in the district
treasury .
COUNTY
(P. O. Chicago), III.—TENDERS WANTED^Lindheimer, County Treasurer, is asking for sealed tenders of
refunding bonds of 1935, series A and B, until 11 a. m. on Nov.
28
In
Horace G.
Clyde C. Pierce Corporation
Barnatt National Bank
FLORIDA
JACKSONVILLE
Branch Office:
First National
Bank
addition to such details and maturities
and interest rates, tenders 'must
specify the average yield to maturity at the price at which
the bonds are
offered, also the dollar price exclusive of accrued interest.
Price must not
be more than par value of the bonds.
Delivery of bonds accepted for pur¬
chase must be made on or before Nov.
30 at the County Treasurer's office.
Building
TAMPA
T.
Building
S.
Accrued mterest will be paid
by the county to date of
Pierce. Resident Manager
delivery.
/COOK COUNTY FOREST PRESERVE DISTRICT
(P. O. Chicago)
TENDERS WANTED—William J. Gormley, District Treasurer is
HI*:
FLORIDA
BAY
COUNTY
(P.
O.
Panama
City),
Fla.—BOND
TENDERS
INVITED—It is stated by H. A. Pledger, Clerk of the Board of County
Commissioners, that he will consider sealed offerings until Nov. 22, at
and bridge, series A, B and D, refunding bonds, dated
Offerings must be firm for at least 10 days, or they will not
10 a. m., of road
Aug. 1, 1932.
be considered.
DUVAL
COUNTY
SPECIAL
TAX
SCHOOL
DISTRICT
NO.
2
(P. O. Jacksonville), Fla.—BOND OFFERING—Sealed bids will be re¬
ceived until 4 p. m. on Dec. 15 by R. C. Marshall, Superintendent of the
Board of Public Instruction, for the purchase of a $30,000 issue of 4% coupon
Denom. $1,000.
Due
Sept. 1 as follows: $1,000 in 1940 to 1967 and $2,000 in 1968.
The bonds are
registerable as to principal only.
Principal and interest payable at the
Florida National Bank, Jacksonville.
The approving opinion of Masslich
& Mitchell of New York will be furnished.
Enclose a certified check for
semi-annual school bonds.
Dated Sept. 1, 1938.
2% of bid, payable to the Secretary Board of Public Instruction.
FLORIDA
State
Board of Administration will receive until 10 a. m. on Dec. 2, at the Gov¬
ernor's office in Tallahassee, sealed offerings of matured or unmatured
original or refunding road and bridge, or highway, bonds, time warrants,
certificates of indebtedness and negotiable notes of the Florida counties
and special road and bridge districts therein, as follows:
Brevard, Broward; Charlotte (except McCall S. R. & B. Dist.), Desoto,
Glades, Hardee, Hernando, Indian River (except Atlantic-Gulf), Fellsmere
and Veto Bridge Dists.), Jensen R. & B. Dist., Levy Dist. 7, Martin,
Monroe, Okeechobee, Osceola and Palm Beach S. R. & B. Dists. Nos. 3,
8, 17, 21 and Cross State Highway Bridge District.
All offerings submitted must be firm for 10 days subsequent to the date
of opening, i. e., through Dec. 12, and must state full name, description
(State
TENDERS
of)—BOND
INVITED—The
and serial numbers of bonds, interest rate, date of issue, date of maturity
The offer must specifically state exactly what coupons
will be delivered with the bonds for the price asked.
in default of interest must be offered at a flat price, which
and price asked.
are
attached
and
Bonds that are
price shall be understood to be the price asked for such bonds with all
maturities of past due defaulted or unpaid coupons attached, and notice is
hereby given that if any such coupons have been detached prior to delivery
of any bonds accepted and (or) purchased hereunder, the face value of such
missing coupons will be deducted from purchase price, and offerings must be
submitted on this basis.
,
MULBERRY
SPECIAL TAX
SCHOOL DISTRICT NO.
13
(P.
O.
Bartow), Fla.—BONDS SOLD TO PWA—It is reported that $31,000 4%
semi-annual gymnasium bonds approved by the voters on Sept. 15 have
been purchased by the Public Works Administration.
Denom. $1,000.
Dated Sept. 1, 1938.
Due as follows: $1,000, 1941 to 1955, and $2,000,
1956 to 1963.
ST. JOHNS COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
ASHBURN, Ga.—BOND SALE POSTPONED—It is stated by Edwin A.
Rogers, City Clerk, that the sale of the $18,000 water works and sewerage
wnich had been scheduled originally for Nov. 10—V. 147,
2893—has been postponed to Nov. 17.
DETAILS—It
is
now
reported
by
the
City Clerk and Treasurer that the $33,000 sewerage -bond* purchased on
Nov.-2 by Johnson, Lane, Space & Co. of Savannah, at a price of 101.00,
as noted here—V. 147, p. 2892—were sold as 4s, and mature on Jan, 1 as
follows: $2,000, 1944 to 1958, and $3,000 in 1959, giving a basis of about
3.90%.
Denom. $1,000.
Coupon or registered in form; interest payable
on Jan. 1.
SAVANNAH, Ga .—BOND OFFERING—It is stated by J. F. Sullivan,
Clerk of Council, that he will receive sealed bids until noon on Nov.
19,
purchase of the following bonds aggregating $1,000,000: $345,000
refunding, and $655,000 debt funding bonds.
Interest on all bonds is
2M%, payable J-D.
Due in 25 equal annual Installments, beginning five
years from date of issuance.
The bonds may be registered as to either
principal and or interest with the City Treasurer, interest being in cou¬
pon form with the principal and interest payable at the office of the City
Treasurer or its fiscal depository in the City of New York.
The bonds are
to be issued under authority conferred upon the Mayor and Aldermen of
the City by virtue of an amendment to Article 7, Section 7, Paragraph 1,
of the State Constitution, submitted to the people of the 8tate for ratifica¬
tion in the general election on Nov. 8.
Bids for the purchase of the bonds
to be made subject to proclamation of the Governor declaring said amend¬
ment to be a part of the Constitution of the State, and subject to subse¬
quent validations, and subject to the legal opinion of Dillon, Vandewater
& Moore of New York.
No bids will be considered for less than the par
value and accrued interest of the bonds.
The bonds will be delivered at
Savannah or New York City, at purchaser's option.
Enclose a certified
check for 3 % of the amount of the bid, payable to the Mayor and Aldermen.
for the
'
m
DECATUR, Ga.—BONDS SOLD—It is reported that $125,000 3% semi¬
approved by the voters on
annual water works, sewer and school bonds,
Sept. 21 were purchased on Nov. 4 by
Atlanta.
Due in from one to 30 years.
PEORIA, 111.—BOND SALE DETAILS—The $14,000 3% bath
bonds sold to Negley, Jens & Rowe
2893—are dated Nov. 1, 1938 and
Denom. $1,000. Interest
p.
mature
$1,000
M-N.
Interest cost basis of about 2.96%.
on
Nov. 1 from 1940 to 1953, incl.
the Trust Company of Georgia, of
mmA
HOMER, III.—BOND OFFERING—Sealed bids addressed
to
John
I.
Smoot, Village Clerk, will be received until Nov. 21 for the
purchase of
$8,000 water works bonds.
Issue was authorized at an election on Nov.
1
WESTVILLE, III.—DELINQUENT INTEREST PAYMENT— It is
reported that Frank P. Abbott, receiver for the Westville Water
System,
is advising holders of 5% Village water revenue
bonds that unpaid interest
coupons due Oct. 1, 1931 will be redeemed upon
being presented to the
Palmer-American National Bank, Danville, 111.
INDIANA
ADAMS COUNTY
(P. O. Decatur), Ind.—BOND SALE DETAILS—
hospital bonds awarded to the Central Securities Corp., Fort
Wayne—V. 147, p. 3047—were sold as 2Ms. at par plus $125
premium,
equal to 100.37.
Other bids:
The $33,000
Bidder■—
Int. Rate
Premium
2M%
$679.00
City Securities Corp..
Indianapolis Bond & Share Corp.*
Fletcher Trust
Co..
2M %
John Nuveen & Co...
ELKHART
COUNTY
192.00
2M%
2M%
2M%
3%
^
Bartlett, Knight & Co
A. S. Hdyck & Co
176.00
101.00
69.30
103.00
(P. Q. Goshen), Ind.—BOND OFFERING—
F. C. Mishler, County Auditor, will receive sealed bids until 2
p. m. on
Nov. 30, for the purchase of $70,000 not to exceed
3% interest bridge con¬
struction bonds.
Dated Dec. 1,1938.
Denom. $1,000.
Due $2,000 June 1
and $3,000 Dec. 1 from 1940 to 1953, incl.
interest expressed in a
multiple of
Bidder to
M of 1%..
name a
Interest J-D.
single rate of
A certified
check for 3% of the bonds bid for, payable to order of the Board of Com¬
missioners,
required.
Legal opinion of Matson, Ross, McCord & Clifford
of Indianapolis will be furnished the successful bidder.
The bonds are
direct obligations of the county, payable from unlimited ad valorem taxes
on
is
all of its taxable property.
ELKHART
COUNTY
(P.
O.
Goshen),
Ind.—BOND SALE—The
$25,000 bridge refunding bonds offered Nov.
15—V. 147, p. 2728—were
awarded to the Fletcher Trust Co. of Indianapolis as 2s, at a price of
101,
a basis of about 1.84%.
Dated Nov. 15, 1938 and due $2,500 on May 15
and Nov.
was
15 from 1943 to
1947, incl.
Second high
of
bid of 100.32 for 2s
made by John Nuveen & Co. of Chicago.
Ind.—BOND
OFFERING—Gilbert
Controller, will receive sealed bids until 11
system bonds
Ga.—BOND SALE
EAST
house construction and equipment
Inc- of
at 100.29—V. 147,
EVANSVILLE,
GEORGIA
CAIRO,
1936, series A and B, until
for purchase of such bonds
$896,000.
Offers must fully describe the bonds offered and
state the
average yield to maturity at the price at which
they are offered for sale,
also the dollar price exclusive of accrued
interest.
Dollar price must not
exceed par value of the bonds.
Delivery of bonds accepted for purchase
must be made on or before Nov. 30 at the
District Treasurer's office, against
payment of the agreed price plus accrued interest to date of
delivery.
1
(P. O. St. Augustine), Fla.—BOND TENDERS RECEIVED—It is stated
by the Superintendent of Public Instruction, in connection with the call for
tenders up to Nov. 10, as noted here on Oct. 29—V. 147, p. 2727—that
the Board received two tenders and purchased $2,000 in bonds at 99, and
$13,000 in bonds at 98.75, and accrued interest.
p.
faking for sealed tenders of refunding bonds of
f1 a.m. on Nov. 28. Sum currently available
is
$190,000
a. m. on
H.
Bosse,
City
Dec. 2 for the purchase
not to exceed 4% interest coupon water works district bonds of
1938.
Dated Sept. 1, 1938.
Denom. $1,000.
Due Jan. 1 as follows:
$9,000 from 1940 to 1949, incl., and $10,000 from 1950 to 1959, incl.
Rate
of interest to be expressed in a multiple of M of 1%.
Interest J-J.
Prin.
and int. payable at the National City Bank, Evansville.
Said bonds will
not in any respect be a corporate obligation or indebtedness of the city,
but will be and constitute an indebtedness of the waterworks district as a
special taxing unit.
Both prin. and int. will be payable out of a special
tax levied upon all property of said district as
by law provided.
Legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis will be fur¬
nished the successful bidder.
A certified check for 1% of the bonds bid
for, payable to order of the city, is required.
HAMMOND SCHOOL CITY, Ind.—BOND SALE DETAILS—'The
$112,500 3M % refunding bonds awarded to John Nuveen & Co. of Chicago
3047—were sold at a price of 106.508, a basis of about 2.81%.
—V. 147, p.
INDIANA STATE BOARD OF AGRICULTURE (P. O. Indianapolis)
Ind.—BONDS PUBLICLY OFFERED—The group headed by Stranahan,
Harris & Co., Inc., Toledo, which was awarded recently an
issue of $625,000
3% State Fair building bonds at 102.14, a basis of about 2.75%—V. 147,
3048—re-offered them to yield from 1.25% to 2.75%, according to
maturity.
The offering circular contained the following information with
respect to nature and security of the bonds:
These bonds, in the opinion
of counsel, are a valid and legal obligation of the Indiana Board or Agri¬
culture, secured by a mortgage covering the real estate constituting the
Indiana State Fair Grounds in Indianapolis and subject only to the prior
lien of $360,000 of bonds previously outstanding.
These bonds are specifi¬
cally authorized by sections 15-211 to 15-214, incl. of the Indiana Statutes of
1933 and by an executive order of the Governor of the State of Indiana.
Titles to the State Fair Gounds is held by the State of Indiana in trust and
comprises approximately 214 acres of land in the northeast portion of
Indianapolis, adjacent to the best residential section of the city, and the
buildings included thereon, have been appraised by the Board as having
an
estimated value of approximately $5,500,000.
The act specifically
limits the amount of bonus to be issued to $1,000,000, same to be secured
p.
by a mortgage
with the specific right to foreclose, the same as an ordinary
3192
Financial
mortgage, in the case of default in principal or interest of the bonds so
Under such statute an annual tax of 3M mills on all the taxable
issued.
property in the State of Indiana is levied to aid the Indiana Board of
Agriculture in meeting the obligations incident to its activities.
This tax
was first levied in the year 1923 and the statute is still in force and effect.
KOKOMO SCHOOL CITY, Ind.—BOND SALE—The $185,000 school
improvement bonds offered Nov. 15—V. 147, p. 2893—were awarded to
Barlett, Knight 6c Co. and Stern, Wampler & Co., both of Chicago, jointly.
Dated Sept. 1, 1938 and due semi-annually from July 1, 1941 to Jan. 1,
1953, inclusive.
MIDDLEBURY SCHOOL TOWN (P. O. Middlebury), Ind.—BOND
A. Troyer, Secretary of Board of Trustees, will
receive sealed bids until 2:30 p. m. on Dec. 2, for the purchase of $13,000
not to exceed 4M % interest building bonds.
Dated Nov. 1, 1938. Denom.
Chronicle
Due $500 July 1, 1940; $500 Jan. 1 and July 1 from 1941 to 1952,
$500 Jan. 1, 1953.
Bidder to name a single rate of interest in a
$500.
multiple of K of 1%.
The bonds are unlimited tax obligations and the
approving opinion of Matson, Boss, McCord & Clifford of Indianapolis
will be furnished the successful bidder.
1938
19.
100.1125, as noted here recently—V. 147, p. 2894—are due on Nov. 1 as
I/.OIM, 1939; $8,000, 1940 and 1941; $9,000, 1942 to 1944, and
$10,000 In 1945 to 1947, giving a basis of about 1.73%.
follows:
WILLIAMSBURG, Iowa—BONDS OFFERED—It is stated by H. E.
James, Town Clerk, that he received sealed and open bids until Nov. 17,
the purchase of two issues of bonds aggregating $11,450, divided as
follows: $10,250 town hall, and $1,200 fire department equipment bonds.
for
Dated Nov. 1, 1938.
KENTUCKY
DAVIESS
OFFERING—Ellsworth
incl. and
Nov.
—We
COUNTY
(P.
O. Owensboro),
Ky.—BONDS NOT SOLD
informed by Commissioner P. J. Miller that the $250,000 issue
of not to exceed 4 M % semi-annual cqurt house and jail bonds scheduled to
are not
be offered
the bonds
on
Nov.
were
10, as noted here—V. 147, p. 2729—was not sold
rejected by the voters at the general election on Nov. 8.
as
NICHOLASVILLE,
Ky .—ADDITIONAL INFORMATION— In con¬
$103,000 (not $101,000), sewer revenue bonds
syndicate headed by Holton, Foster & Co. of Lexington, as noted here
in September—V. 147, p. 1808—we are now informed that these bonds
were sold as 3Ms and are further described:
Dated Oct. 1, 1938.
Denom.
$1,000. Due Oct. 1, as follows: $2,000 in 1941 to 1945, $3,000 in 1946 and
1947, $4,000 in 1948 to 1952, $5,000 in 1953 to 1956, $6,000 in 1957 to 1959,
$7,000 in 1960 to 1962, and $8,000 in 1963. Callable on any interest pay¬
ment date as a whole, or in part in inverse order of their
maturity, from
Oct. 1, 1940 to 1949 at 103
M and accrued interest, thereafter at par and
accrued interest.
Prin. and interest payable at the First National
Bank,
Nicholasville. Legality to be approved by Chapman & Cutler, of
Chicago.
nection with the sale of the
to a
MIDDLEBURY TOWNSHIP SCHOOL TOWNSHIP (P. O. Middlebury), Ind.—BOND OFFERING—Wesley C. Troyer, Trustee, will receive
Dec. 2,for the purchase if $40,000 not to exceed
sealed bids until 2 p. m. on
4M% interest building bonds.
Dated Nov. 1, 1938.
Denom. $1,000.
Due $1,000 July 1, 1940; $2,000 Jan. 1 and $1,000 July 1 from 1941 to
1953,
Bidder to name a single rate of interest in a multiple of M of
1%.
The bonds are unlimited tax obligations and approving opinion of Matson,
Koss, McCord & Clifford of Indianapolis will be furnished the successful
incl.
bidder.
VAN BUREN TOWNSHIP SCHOOL TOWNSHIP (P. O. Summitville), Ind.—BOND SALE—The $30,000 building bonds offered Nov. 10—
V. 147, p. 2728—were awarded to the Indianapolis Bond & Share
Corp.,
Indianapolis, as 2Ms, at 101.146, a basis of about 2.35%.
Dated Oct. 1,
RICHMOND,
Ky.—BONDS SOLD—It is reported that $18,000 3M%
semi-annual school bonds have been purchased at par
Trust Co. of Richmond.
SPRINGFIELD, Ky.—BONDS SOLD—We
are
by the State Bank &
informed that
a $50,000
purchased recently by
1938 and due as follows: $1,000 July 1, 1940
$1,000 Jan. 1 and July 1,
from 1941 to 1951 incl.; $1,000 Jan. 1 and $2,000 July 1, 1952, and
$2,000
Jan. 1 and July 1, 1953.
Second high bid of 100.772 for 2M8 was made
issue of
by Raffensperger,
Denom. $1,000.
Dated Sept. 1, 1938.
Due on Sept. 1 as follows: $1,000,
1940 to 1944; $2,000, 1945 to 1958: $3,000 in 1959 to 1962 and
Hughes & Co., Inc. of Indianapolis.
WASHINGTON TOWNSHIP (P. O. Mount Olympus), Ind .—BOND
OFFERING—Thomas J, Smith, Trustee, will receive sealed bids until 1.30
p.m. (Central Standard Time) on Dec. 3 for the purchase of $33,000 not to
exceed 4M% interest bonds, divided as follows:
$18,000 school township building bonds.
Denom. $500.
Due $500, July 1,
1940; $1,000, Jan. 1 and $500 July 1, from 1941 to 1951 incl., and
$1,000, Jan. 1, 1952.
15,000 civil township community building bonds.
Denom. $1,000.
Due
$1,000 on Jan. 1 from 1941 to 1955 inclusive.
AH of the bonds will be dated Dec.
bonds
1,
1938.
Bidder to
and
name
a
single
expressed in a multiple of M of 1%.
Interest J-J.
The
the unlimited tax obligations of the respective issuing
authority
approving opinion of Matson, Ross, McCord & Clifford of In¬
are
the
dianapolis will be furnished the successful bidder.
AMES, Iowa—BONDS SOLD—It is stated by J. W. Prather, City Clerk,
that
$60,000 hospital bonds were offered for sale on Nov. 16 and were
awarded to Paine, Webber & Co. of Chicago as 2Mb. paying a
premium of
$400, equal to 100.66, a basis of about 2.185%.
Dated Nov. 15, 1938.
Due on Noy. 15 as follows: $2,000 in 1939, $3,000,1940 to 1943, $4,000,1944
$3,000 in 1945
to
Bond
sewer revenue bonds was
composed of Stein Bros. & Boyce, Almstedt Bros., the Bankers
Co., all of Louisville,
and the
Security & Bond Co.
of Lexington.
$5,000
in
to
1963.
Prin. and int. payable at the City Treasurer's office.
Legality
be approved by Miller & Grafton, of Louisville.
These bonds in the opinion of counsel will constitute valid and
legal
binding obligations of the city, payable solely from the income and revenues
Sewerage System, a fixed portion of which must be set aside each
in a special fund for that purpose.
A statutory mortgage lien is
of the
month
created
on the sewerage system in favor of the bondholders
and principal on this entire issue of bonds are paid in full.
The city agrees that so long as any of these bonds are
until interest
unpaid, that it will continuously operate and maintain this
sewer
system,
and will fix and maintain such rates for sewer ser
vice, and collect and account
for the income and
revenues
each fiscal year period:
1. To set aside an pay
derived therefrom, which will be sufficient in
into the "Bond and Interest Redemption Fund"
the necessary amount. 2. To pay all operating and maintenance cost of the system.
3. To provide an adequate depreciation fund for the system.
IOWA
and
3M% semi-annual
group
outstanding and
of interest
rate
a
1958.
BELLEVUE, Iowa—BONDS OFFERED—Sealed
and open bids were re¬
18, at 8 p. m., by Harold Yeager, Town Clerk, for the
purchase of a $13,000 issue of town hall bonds.
Denom. $5JO.
Dated
Dec. 1, 1938.
Due on Dec. 1 as follows: $1,000, 1944 to 195J; $5JO, 1951
to 1955; $1,000, 1956; $2,000, 1957, and $5J0 in 1958.
.
WEBSTER
COUNTY (P. O. Dixon), Ky .—BONDS OFFERED TO
$40,000 issue of 4% semi-ann. court house, first mortgage
being offered by the Bankers Bond Co. of Louisville for public
subscription.
Dated Oct. 1, 1938.
Due Oct. 1, as follows:
$2,000 in 1940
to 1956 and $3,000 in 1957 and 1958- Callable on
any interest payment date
on 30 days' published notice at lOu and accrued
interest.
Legality approved
by Woodward, Dawson & Hobson of Louisville.
PUBLIC—A
bonds is
ceived until Nov.
BOONE,
Louisiana
Iowa—BOND SALE—The $87,500 issue
offered for sale
on
Nov.
16—V.
Bank & Trust Co. of Boone
about 2.37%.
Dated Dec.
becoming optional
as to
of city hall bonds
147, p.- 3048—was awarded to the State
2Mb, paying a price of 101.257, a basis of
1, 1938.
Due from Nov. 1, 1949 to 1957,
1956 and 1957 bonds on and after Dec. 1,1939.
Whitney National Bank
DUBUQUE INDEPENDENT SCHOOL DISTRICT (P. O. Dubuque),
Iowa—BOND SALE—The $420,OUtJ issue of building bonds offered for sale
Nov. 16—V. 147,
p. 3048—was awarded at public auction to the Harris
Trust & Savings Bank of Chicago, the White-Phillips
Corp. of Davenport,
and the Iowa-Des Moines National Bank & Trust Co. of Des
Moines,
jointly, as 1
paying a price of luO.3157, a basis of about 1.71%.
Dated
<Nov. 1, 1938.
Due $60,UUU from Nov. 1, 1943 to 1949 incl.
of New Orleans
on
EAST
INDEPENDENT SCHOOL DISTRICT (P. O.
Iowa—BOND SALE—The $150,000 issue of school building
bonds offered for sale on Nov. 14—V. 147, p. 3048—was
purchased by the
National Bank of Waterloo as 2Ms, paying a premium of
$626, equal to
100.41, a basis of about 2.20%.
Dated Dec. 1, 1938.
Due from Dec. 1,
1955.
EMMETSBURG,
Iowa—BONDS
SOLD—It
is
reported
that
$38,000
sewage disposal plant bonds were purchased on Nov. 14 by Shaw, McDermott & Sparks of Des Moines.
Dated Nov. 1, 1938.
Due on Nov. 1 as
follows: $1,000 in 1940; $2,000, 1941 to 1957, and $3,000 in 1958.
Prin.
and int. payable at the City Treaasurer's office.
man & Cutler of
Chicago.
Legal approval by Chap¬
FARNHAMVILLE SCHOOL DISTRICT (P. O.
Farnhamville). Iowa
—MATURITY—It is stated by the District Secretary that the $15,000
building bonds purchased by the Carleton
at
a
price of 100.30,
as
noted
here—V.
D. Beh Co. of Des Moines as 3s,
147, p. 3048—are due $1,000 on
Nov. 1 from 1942 to 1956, giving a basis of about
2.97%.
FOREST CITY, Iowa—BOND OFFERING—It is stated
by W. C, Haugland, City Clerk, that he will receive sealed and open bids until Nov.
21,
at 7 p. m., for the purchase of a
$9,966.02 issue of 5% semi-ann. special'
assessment
$466.02.
1948.
sewer
bonds.
Dated July /, 1938.
Denom. $5J0
Due May 1, as follows: $996.02 in 1939 and
$1,00J in
Prin. and int. payable at the
one
for
1940 to
City Treasurer's office.
IOWA FALLS INDEPENDENT SCHOOL DISTRICT (P. O. Iowa
Falls). Iowa—BOND SALE—The $85,000 issue of coupon school bonds
on Nov. 15—V.
147, p. 2894—was awarded to the WhitePhillips Corp. of Davenport as 2Ms. paying a premium of $1,900,
equal to
102.23, a basis of about 2.32%.
Dated Nov. 15, 1938.
Due from Nov. 1,
„
offered for sale
1940 to 1958.
The other bids were as follows:
Name of Other Bidders—
Iowa Des Moines National Bank„_
Carleton D. Beh & Co_
Halsey, Stuart & Co
Leo Mak, Inc
®°-
1
.
Price Bid
__Par and $1,880 premium
.Par and
1,875 premium
.Par and
Par and
Par and
yP' Hanna & Co.
Veith, Duncan & Wood
Polk, Peterson Co
Par and
Par and
par and
1,870 premium
1,375 premium
1,350 premium
1,240 premium
1,230 premium
550 premium
MANNING, Iowa—BOND OFFERING—It is reported that bids will be
received until Nov. 21 by the Town Clerk for
the purchase of a $12,000 issue
of water works revenue bonds.
MILFORD, Iowa—BONDS SOLD—It is reported that $11,000 3M%
semi-annual town hall bonds have been purchased
by Vieth, Duncan &
Wood of Davenport.
PAGE
COUNTY (P. O.
Clarinda), Iowa—CERTIFICATE SALE—
$49,000 issue of anticipation certificates offered for sale on Nov. 10—
147, p. 2894—was awarded to Shaw, McDermott &
Sparks of Des
Moines, as 2s, paying a premium of $135, equal to
100.275, according
to F. P. Rotton, County Treasurer.
The
V.
SHIPLEY CONSOLIDATED SCHOOL DISTRICT
Iowa—MATURITY—It is reported that the $10,000
(P. O. Shipley)»
building bonds pur¬
2 Ms, at a price of
chased
by the Nevada National Bank of Nevada, as
100.70—V. 147, p. 2894—are due $1,000 from Oct. 1, 1940 to
1949, giving
a
LOUISIANA
WATERLOO
Waterloo),
1939 to
Municipal Bonds
Bought and Sold
as
basis of about
WARREN
2.13%.
COUJNTY (P. O. Indianola), Iowa-MATURITY— It
stated
is
by the County Auditor that the $80,000 court house bonds purchased
by the Peoples Trust & Savings Bank of Indianola, as I Ms, at a price of
CROWLEY,
La.—BOND SALE—The $200,000 issue of sewer bonds
offered for sale on Nov. 14—V. 147,
p. 2568—was awarded jointly to
White, Dunbar & Co., Hyams, Glas & Carothers, both of New Orleans,
and Barrow, Leary & Co. of
Shreveport, according to the City Clerk.
Dated Dec. i; 1938.
Due from Dec. 1, 1939 to 1973.
The successful bidder paid a premium of $75.00,
equal to 100.0375, on
the bonds divided as 4Ms and
4Ms, reports Clerk Broussard.
DONALDSON VILLE, La.—BOND SALE—The
$40,000 issue of im¬
provement bonds offered for sale on Nov. 14—V. 147, p. 2568—was awarded
jointly to Scharff & Jones, and White, Dunbar & Co., both of New Orleans,
paying a price of 100.029 for the bonds divided as 4s and 4Ms, according to
the Secretary of the Commission Council.
Dated Dec. 1, 1938. Due from
Dec. 1, 1939 to 1968.
EAST BATON ROUGE PARISH SCHOOL DISTRICT NO.
68 (P. O.
Rouge), La.—BOND OFFERING— It is stated that sealed bids
10:30 a. m. on Jan. 12, by W. H. Perkins, President
Baton
will b3 received until
of the Parish School
Board, for the purchase of a $70,000 issue of school
Interest rate is not to exceed 6%,
payable J-J.
Dated Jan. 1,
1939.
Denom.
$1,000.
Due Jan. 1, 1940 to 1959.
These bonds were
authorized at the ejection held on Nov. 10,
by a vote of 125 to 21.
The
approving opinion of Chapman & Cutler of Chicago, will be furnished.
Enclose a certified check for $700,
payable to the President of the School
Board.
bonds.
JACKSON PARISH CONSOLIDATED SCHOOL DISTRICT NO.
1
(P. O. Jonesboro), La.—BONDS NOT SOLD—The $185,000 issue of not
6% semi-ann. school bonds offered on Nov. 9—V. 147, p. 2894—
was not sold as all bids were
rejected, it is reported by the Secretary of the
Parish School Board.
Due from Oct. 1, 1940 to 1958, incl.
to exceed
JEFFERSON PARISH SCHOOL DISTRICT NO. 1
(P. O. Gretna),
La.—BOND SALE POSTPONED—It is reported that the sale of the
$1,to exceed 5% semi-ann.
school bonds,
originally
scheduled for Nov. 16, as noted here—V.
147, p. 2894—has been postponed
to Nov. 28.
Dated Nov. 1, 1938.
Denom. $1,000.
Due Nov. 1 as fol¬
lows: $18,000 in 1940 and 1941; $22,000 in
1942; $24,000 in 1943 and 1944;
$26,000 in 1945 and 1946; $27,000 in 1947 and 1948; $28,000 in 1949 and
195J; $30,000 in 1951 to 1953; $33,000 in 1954; $35,000 in 1955 and
1956;
$37,000 in 1957; $38,000 in 1958 and 1959; $40,000 in 1960;
$42,000 in
1961 and 1962; $43,000 in 1963; $45,000 in
1964; $48,000 in 1965 and 1966;
$52,000 in 1967 and 1968; $56,000 in 1969 and 1970; $58,000 in 1971 and
1972; $62,000 in 1973 and 1974; $64,000 in 1975, and $66,000 in 1976 to
1978.
The bonds are callable in whole or in part after five
years from date
of issue at 110 plus accrued interest in the inverse order of
their maturity.
These bonds are issued pursuant to an election held on
Sept. 28, and
Article XIV, Section 14, Louisiana Constitution of
1921, as amended, and
Act 46 of 1921, Legislature of Louisiana, as amended.
600,000 issue of not
LAFAYETTE, La .—BOND OFFERING— Sealed bids will be received
a. m. on Nov. 29,
by Mayor J. M. Roy, for the purchase of a $90,000 issue of city hall and library bonds.
Interest rate is not to exceed 5%,
payable J-D.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1, 1939p
to 1968.
A certified transcript and the approving
until 11
Cutler
opinion of Chapman &
of
less than
Chicago, will be furnished.
Enclose
$4,500, payable to the City Treasurer.
a
certified
check for
not
BOND
SALE POSTPONED—It was later reported by the
City Clerk
that the sale of the above bonds has been
postponed to Dec. 13.
LOUISIANA,
Stata
of—BONDED
DEBT
SURVEY
OF
PARISHES
PREPARED—An analysis of the bonded debts of the various
parishes in
the State has been drawn
up by Newman, Harris & Co. of New Orleans.
Also included in this tabulation are
figures on assessed valuation, tax
collections, population, &c.
Copies of this analysis
are
available
on
requests
Volume
Financial
147
MELVILLE, La.—BOND OFFERING DETAILS—In connection with
offering scheduled for Nov. 22 of the $25,000 issue of not to exceed
the
6% semi-annual public improvement bonds, noted in these columns recently
—V. 147, p. 2729—it is now reported that the bonds mature on Dec. 1
as
follows:
1956 to
1940 to 1945; $1,000, 1946 to 1955, and $1,500 from
Prin. and int. payable at a place to be designated by the
CAMBRIDGE, Mass.—NOTE SALE—An issue of $500,000 notes was
awarded
of New
CANTON,
Boston
OPELOUSAS, La.—BOND SALE—Tjhe $75,000 issue of public improve¬
oonas
offered for sale on Nov. 7—V. 147, p. 2895—was awarded
HELENA
PARISH SCHOOL DISTRICT
NO. 5 (P. O. Green?-
burg), La.—MATURITY—It is stated by the superintendent of the Parish
School Board that the $8,000 school bonds purchased by the Bank of
Greensburg, as 6s at par, as noted here—V. 147, p. 3049—are due on Sept. 1
as follows: $500, 1940 to 1951, and $1,000 in 1952 and 1953.
SCHOOL DISTRICTS (P. O.
ST. MARY PARISH
Franklin) La.—
L. Robinson, Secretary of
the Parish School Board, that the sale of the following bonds, which had
been scheduled originally for Nov. 15, as noted here—v. 147, p. 2895—has
BOND SALE POSTPONED—It is stated by R.
postponed:
50,000 Special School District No. 9 bonds.
Due Dec.
$1,000 in 1939, $2,000 in 1940 to 1946, $2,500 in
$3,000 in 1952 to 1955, and $3,500 in 1956 to 1958.
1 as follows:
1947 to 1951,
The bonds are authorized by Article XV, Section 14, Louisiana Constitu¬
as amended, and Act 46 of 1921, as amended, Legislature of
Louisiana, and are payable from an unlimited ad valorem tax to be levied
each year without limitation as to rate or amount, sufficient to pay prin.
and int. The approving opinion of Chapman & Cutler of Chicago, will also
tion of 1921,
be furnished.
PARISH
CARROLL
WEST
SCHOOL
DISTRICTS
(P.
Oak
O.
Grove) La.—BONDS SOLD—It is stated by O. E. Huey, Superintendent of
Schools, that the following bonds aggregating $140,000, offered for sale on
Oct. 25, at which time all bids were rejected—V. 147, p. 2729—have since
Edward Jones & Co. of New Orleans, at par:
$55,000 Expanded School District bonds as 5Ms.
85,000 Pioneer School District No. 4 bonds as 5s.
Dated Nov. 15, 1938. Due from Nov. 15, 1941 to 1958.
been purchased by
Mass.—NOTE SALE—The $32,500 coupon notes
awarded to the Merchants National Bank of Boston,
Total consists of:
$25,000 municipal relief notes. Denom. $1,000. Due Nov. 15 as follows:
$3,000 from 1939 to 1943 incl. and $2,000 from 1944 to 1948 incl.
7,500 highway notes. Denoms. $1,000 and $500. Due $1,500 on Nov. 15
from 1939 to 1943 incl.
All of the notes are dated Nov. 15, 1938.
Principal and interest (M-N)
payable at Merchants National Bank of Boston. Certified as to genuineness
and legai opinion furnished through office of Director of Accounts, Depart¬
ment of Corporations and Taxation.
ADDITIONAL
$25,000
SALE—The
offered at the same time
Boston at 0.219% discount.
notes
awarded to the Second National Bank of
were
Due July
1939.
14,
EAST
Mass .—NOTE SALE—Jackson & Curtis of
disposal plant notes as Is,
Nov. 5 from 1939 to 1945 incl. Second high bid
of 100.39 for 1Mb was made by the Merchants National Bank of Boston.
Boston
LONGMEADOW,
were
awarded
an
issue of $40,000 sewage
Due serially on
Mass .—BOND SALE—The $100,000 coupon water
14—V. 147, p. 3049—were awarded to Estabrook &
1Mb, at 100.147,, a basis of about 1.73%. Dated Nov. 1,
1938 and due $5,000 on Nov. 1 from 1939 to 1958 incl. Second high bid of
100.035 for lMs Was made by Halsey, Stuart & Co., Inc.
FRAMINGHAM,
bonds offered
Nov.
Co. of Boston
as
MALDEN, Mass .—BOND OFFERING—Walter E. Milliken, City Treas¬
will receive sealed bids until 7.30 p. m. on Nov. 22 for the purchase
municipal relief bonds.
Dated Nov. 1, 1938.
Denom.
$1,000.
Due Nov. 1 as follows: $34,000 from 1939 to 1943 incl. and'
$33,000 from 1944 to 1948 inci.
Principal and interest (M-N) payable
at the National Shawmut Bank of Boston.
Bidder to name rate of interest
in a multiple of M of 1%.
Legality to be approved by Ropes, Gray,
Boyden & Perkins of Boston.
urer,
of $335,000 coupon
MASSACHUSETTS (State of)—BOND SALE—The $19,432,000 hurri¬
and flood damage bonds offered Nov. 14—V. 147, p. 3049—were
to the Bankers Trust Co., New York, bidding alone, as Ms, at
cane
100.1919,
a
basis of about
The sale consisted of the following
0.69%.
$14,250,000 authorized by Chapter 505, Acts of
each Nov. 15 from 1939 to 1943 incl.
DISTRICT (P. O. Portland), Me.—BOND
bonds offered Nov. 14—V. 147, p. 2895—were
composed of Lazard Freres & Co., E. H. Rollins &
Sons, Inc., both of New York, and Chace, Whiteside & Co. of Boston, at
100.137, a basis of about 2.24%. Dated Aug. 1,1938 and due Aug. 1, 1958.
A bid of 99.10 was made by First Boston Corp. and Brown Harriman &
WATER
SALE—The $589,000 2M%
group
Co., Inc., in joint account.
MARYLAND
Md.—PLANS $7,549,000 BOND SALE—Municipal
officials are engaged in the preparation of data incident to the projected
offering early next month of an aggregate of $7,549,000 bonds. This will be
the first offering of securities to the public since 1932.
Such issues as have
been sold since that time have been taken by the municipal sinking fund and
the retirement system.
Proceeds of the forthcoming issue will be used to
the extent of $4,025,000 to reimburse the treasury for unbudgeted relief
outlays and $3,524,000 to pay for advances from the treasury fund in con¬
nection with the payment of the city's share of PWA projects in the present
BALTIMORE,
Due $2,850,000
1938.
506, Acts, of 1938.
Due $200,000
each Nov. 15 from 1939 to 1943 incl.
1,374,000 authorized by Chapter 507, Acts of 1938, part 1., Due $687,1,000,000 authorized
ment bonds.
PORTLAND
were
1 Ms, at 100.09, a basis of about 1.17%.
issues:
AUBURN, Me.—BOND OFFERING— Sealed bids will be received by the
City Manager untu 5 p. m. on Dec. 6 for the purchase of $14,000 improve¬
a
as
Merchants National BankWof
0.17% discount.
Due
Co., Dedham, second high
Trust
awarded
MAINE
awarded to
EASTHAMPTON,
offered Nov. 15
at 100.04.
$60,000 Special School District No. 10 bonds.
Due Dec. 1, as follows:
$1,000 in 1939, $2,000 in 1940 and 1941, $2,500 in 1942 to 1946,
$3,000 in 1947 to 1950, $3,500 in 1951 to 1954, $4,000 in 1955 to
1957, and $4,500 in 1958.
000
on
by
Chapter
Nov. 15 in 1939 and 1940.
2,058,000 also issued pursuant to Chapter 507, Acts of 1938, part 1.
Due 686,000 on Nov. 15 from 1941 to 1943 incl.
750,000 authorized by Chapter 507, Acts of 1938, part 2.
Due $150,000 each Nov. 15 from 1939 to 1943 incl.
All of the bonds will be dated
Nov. 15, 1938.
Bidddr—
Other bids:
Int. Rate
Bros.; Lazard Freres & Co.; Barr Bros. &
Co., etal
First Boston Corp.; F. S. Moseley & Co., and Estabrook & Co., et al
;
Rate Bid
Lehman
100.11
M%
1
1%
100.675
1%
100.586
1%
100.522
1%
Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp.,
and Laden burg, Thalmann & Co., et al
Chase National Bank; First National Bank of New
York, and Salomon Bros. & Hutzler, et al
C. J. Devine & Co.; Bank of Tfae Manhattan Co.,
and Chace, Whiteside & Co., jointly
100.437
METHUEN, Mass.—BOND SALE—'The $61,450 coupon bonds offered
Nov. 15—V. 147, p. 3049—were awarded to Kennedy, Spence & Co. of
Boston as 2s at 101.099, a basis of about 1.82%.
Sale consisted of:
$16,000 municipal relief bonds.
Due $2,000 on Nov. 1 from 1939 to 1946
inclusive.
year.
VOTERS—Mayor
BALTIMORE, Md.—BONDS NOT SUBMITTED TO
Howard W. Jackson reports that the voters did not consider
involving a total of $10,000,000 bonds at the Nov. 8 election.
propositions
CUMBERLAND, Md.—BOND OFFERING—Thomas F. Conlon, Com¬
and Revenue, will receive sealed bids until 10 a. m.
Nov. 28, for the purchase of $50,000 3% emergency bonds of 1939, to be
issued under sub-section D of Section 1, Chapter 42, General Assembly
Acts of 1933, and authorized pursuant to ordinance passed by City Council
on Oct. 31, 1938, and decree of Allegany County Circuit Court.
Bonds
will be dated Dec. 1, 1938.
Denom. $1,000.
Due $5,000 oil Dec. 1 from
1943 to 1952, incl.
Interest J-D.
Bonds are exempt from State, county
and municipal taxation in Maryland.
A certified check for 2M% of the
issue must accompany each proposal.
missioner of Finance
on
DORCHESTER COUNTY (P. O.
Cambridge), Md.—BOND SALE—
school bonds offered Nov. 14—-V. 147, p. 3049—were
of Baltimore as 2Ms, at 101.935, a basis of
Dated Nov. 1, 1938 and due $10,000 On July 1 from 1939 to
The $180,000 coupon
awarded to Alex. Brown & Sons
about
SALE—The
issue of $100,000 notes at
an
10, 1939.
The Norfolk County
bidder, nhmed a rate of 0.178%.
ment
been
Mass.—NOTE
awarded
was
Nov.
jointly to the St. Landry Bank & Trust Co. of Opelousas; Weil & Co., and
Scharff & Jones, both of New Orleans, paying a premium of $/6.5j, equal
to Iju.1 '2, a net interest cost of about 3.92%, on the bonds divided as
follows: $61,000 as 4s, maturing on Nov. 1: $4,(J0u, 1940 to 1942; $5,100,
1943 to 1947, and $6,000 in 1948 to 1951; the remaining $14,uOO as 3sM.
due $7,000 on Nov. 1, 1952 and 1953.
ST.
on Nov.
18 to the National Shawmut Bank of Boston at 0.11%
Dated Nov. 18, 1938 and due May 18, 1939.
Leavitt & Co.
York, among other bidders, named a rate of 0.2075%.
discount.
$500,
1963.
purchaser.
3193
Chronicle
2.02%.
1956 incl.
Other bids:
Int. Rate
Bidder—
Mercantile Trust Co.,
Watts
&
Co.,
2M%
100.668
2M %
100.387
100.56
2M %
Inc
100.601
2M%
-
Successful bidders reoffered the
bonds to yield froW 0.50% to 2.25%,
'
,
MONTGOMERY COUNTY (P. O. Rockville), Md.—BOND SALE—
John Nuveen & Co. of Chicago purchased $170,000 2M % coupon, registerable as to principal only, school and refunding bonds.
They will be dated
Nov. 1 or Dec. 1,1938.
Due Nov. 1 as follows: $20,000 in 1942 and $25,000
from 1943 to 1948 incl.
Reoffered to yield from 1.50% to 2.50%, accord¬
ing to maturity.
Principal and interest payable in New York and Wash¬
ington, D. C.
Legality to be approved by Masslich & Mitchell of New
according to maturity.
York City.
READING. Mass .—BOND
■.
awarded
1.73%.
1939 to
1948 incl., and
Bidder—
BEVERLY, Mass.—NOTE SALE—The issue of $200,000 notes offered
Nov. 16—V. 147, p. 3049—was awarded to the Boston Safe Deposit &
Trust Co., Boston, at 0.11% discount, plus $1 premium.
Dated Nov. 16,
1938 and due March 15, 1939. The Beveny Trust Co., second high bidder,
named a rate of 0.12% and $1 premium.
J.
OFFERING—James
McCarthy,
City
receive sealed bids until noon on Nov. 22 for the purchase
$2,042,000 coupon bonds, comprising two series, one involving $1,392,000
serial loans and the other consisting of $650,000 sinking fund issues.
In
the case of each of the series, bidder is required to name the rate of interest
in a multiple of M of 1% and, if desired, may specify a different rate on
each of the respective loans in each group.
All of the bonds of any one
issue, however, must bear the same rate.
The offering includes:
Treasurer, will
of
$1,275,000 municipal relief bonds, Act of 1938.
Due Dec.
$128,000 from 1939 to 1943 incl., and $127,000
1 as follows:
from 1944 to
1948 incl.
100,000 Huntington Ave. underpass
from 1939 to 1948 incl.
bonds.
Due $10,000 on Dec. 1
r
office.
A certified
the City Treasurer,
Other bids:
Int. Rate
Rate Bid
100.048
1M%
»
101.796
100.699
2%
2%
100.339
2%
SALE—The $1,650,000 sewage disposal
offered Nov. 16—V. 147, p.
plant bonds
3050—were awarded to a syndicate
composed of the First Boston Corp., Lazard Freres & Co., Inc., Biyth &
Co.. Inc., and Graham, Parsons <!fc Co., all of New York City, as 2s, at
101.629, a basis of about 1.88%.
Dated Nov. 1, 1938 and due $55,000
on Nov. 1 from 1939 to 1968 incl.
The bankers reoffered the bonds to yield
from 0.15% to 2%, according to maturity.
The following were the other
bids for the issue, all of which also specified a rate of 2%:
Rate Bid
Bidder—
F. S. Moseley & Co., Brown
Peabody & Co
101.359
Whiting, Weeks & Knowles, Inc., Smith, Barney & Co., Estabrook
& Co.. R. L. Day & Co., Lee Higginson Corp., and Newton,
Stone & Webster and Blodget, Inc.,
Harriman & Co., Inc., and Kidder,
Abbe & Co
-
Hemphill,
& Co.,
Halsey, Stuart & Co., Inc., Goldman, Sachs & Co.,
Noyes & Co., H. O. Wainwright & Co. and Bond, Judge
-
—
-
New York, Harris Trust
--
& Savings Bank, and
- —
100.835
100.77
100.737
WALTHAM, Mass.—NOTE SALE—The issue of $55,000 notes offered
Nov. 15—v. 147, p. 3050—was awarded to the Waltham National Bank
of Waltham at
Dated Nov. 15, 1938 and due Nov. 15,
National Bank of Boston, second high bidder,
0.255% discount.
1939.
The Merchants
named a rate of 0.26%.
WATERTOWN, Mass.—BOND SALE—The $85,000 municipal relief
15—V, 147, p. 3050—were awarded to Estabrook &
1Mb at 101.09, a basis of about 1.29%.
Dated Nov. 1
1938 and due Nov. 1 as follows:
$9,000 from 1939 to 1943 incl. and
$8 000 from 1944 to 1948 incl.
Seven other bids were submitted at the
sale, all of which called for an interest rate of 1M %.
The top three were
as
follows:
R. L. Day & Co., 100.769; First Boston Corp., 100.759;
Halsey, Stuart & Co., Inc., 100.668.
WORCESTER," Mass.—BOND SALE—The $293,000 bonds offered
•v[ov.
15—V. 147, p. 3050—were awarded jointly to Goldman, Sachs &
Co. and Bond, Judge & Co., Inc., as 1 Ms at 100.099, a basis of about 1.23 %.
Sale consisted of:
bonds offered Nov.
Co. of Boston as
'
Principal and interest (J-D) payable at City Treasurer's
bonds bid for, payable to the order of
each proposal.
.
must accompany
'
Mass.—NOTE SALE—The $100,000 revenue anticipation
notes offered Nov.
15—V. 147, p. 3050—were awarded to the Second
National Bank of Boston at 0.16% discount plus $16 premium.
Dated
Nov. 16, 1938 and due Sept. 15, 1939.
Second high bidder was the Boston
Safe Deposit & Trust Co., which bid a rate of 0.153% at par.
$32 000
17,000 jail improvement bonds.
Due Dec. 1 as follows: $2,000 in
1939 and 1940, and $1,000 frpm 1941 to 1953 incl.
400,000 Huntington Ave. subway extension bonds.
Due Dec. 1,1983.
250,000 subway bonds, Acts of 1933, Huntington Ave. subway.
Due
Dec. 1, 1983.
The entire $2,042,000 bonds will be dated Dec. 1, 1938.
Denom. $1,000.
check for 1 % of the
"
SALEM,
Inc.
Mass.—BOND
$5,000 from 1949 to 1958 incl.
Halsey, Stuart & Co., Inc
Estabrook & Co
Kennedy, Spence & Co
Whiting, Weeks & Knowles..
Bankers Trust Co.,
Washburn & Co
MASSACHUSETTS
BOSTON,
SALE—'The $110,000 (not $100,000) coupon
elementary school bonds offered Nov. 15—V. 147, p. 3050—were
to R. L. Day & Co. of Boston as 1Mb at 100.199, a basis of about
Dated Nov. 15, 1938 and due Nov. 15 as follows:
$6,000 from
SPRINGFIELD, Mass.—BOND
Strother,
Brogden & Co
W. W. Lanahan & Co
Halsey, Stuart & Co.,
Walter M. Weilepp
Rate Bid
Mackubin, Legg & Co., Baker,
Stein Bros. & Boyce, and
construction bonds.
Due Nov, 1 as follows: $3,450 in
1939, and $3,000 from 1940 to 1953 inclusive.
All of the bonds are dated Nov. 1, 1938.
Also bidding for 2s were
Second National Bank of Boston at 100.27, and Estabrook & Co., 100.146.
A bid of 100.38 for 2Ms was made by Lee Higginson Corp.
45,450 sewer
261 000
municipal relief bonds.
Due Oct. 1 as follows:
and 1940, and $3,000 from 1941 to 1948 incl.
municipal relief bonds.
Due Oct. 1 as follows:
and $26,000 from 1940 to 1948 incl.
$4,000 in 1939
$27,000 in 1939,
dated Oct. 1, 1938.
Seven othe bids were
of which named an interest rate of 1M%101.111 by Halsey, Stuart & Co., Inc., New
in line was a price of 100.967, bi<i by Lazard Freres & Co.
Abbe & Co., Boston, in joint account.
Each issue is
the sale, all
was
an
offer of
submitted at
of these
York. Next
and Newton,
Financial
3194
Chronicle
BOND SALE—1The $289,000 H
awarded to the Merchants
%, emergency bonds offered Nov. 17 were
National Bank: of Boston at 100.11, a basis of
Legality
Second
Deposit & Trust
for the issue, the
Boston.
19
1938
to C. W. McNear & Co. of
Chicago.
Dated Oct. 1, 1938, and due Oct. 1
follows: $6,000, 1941 and 1942; $8,000, 1943 and 1944; $10,000, 1945 to
1947, incl.; $12,000. 1948 and 1949; $14,000 in 1950 and 1951. and $15,000
from 1952 to 1957, inclusive.
as
The bonds
office.
Nov.
to be approved by Ropes, Gray, Boyden & Perkins of
high bid of 100.097 was submitted by the Boston Safe
were
sold
as
4s, at par.
PONTIAC CITY SCHOOL DISTRICT, Mich.—BOND SALE—The
$370,000 coupon refunding bonds offered Nov. 16—Y. 147, p. 2896—were
awarded to a group composed of Braun, Bosworth ic Co., Toledo, First of
Michigan Corp. and Martin, Smith & Co., both of Detroit, which paid a
price of 100.153 for a combination of $170,000 3Ms due from 1941 to 1944,
Incl., $155,000 2)48 due from 1945 to 1947, incl., and $45,000 3Ms due in
1948.
Dated Dec. 1, 1938.
Second high bid was accounted for by Crouse
Co., Boston.
A number of other bids were also received
lowest of which named a price of par plus $1 premium.
MICHIGAN
METROPOLITAN DISTRICT (P. O. Flint), Mich.—
BONu SiLE POSTPONED—Sale of the $134,000 not to exceed 6% in¬
terest water supply system revenue bonds, originally scheduled for Nov. 12
—V. 147, p. 3050—was postponed until Nov. 19, in order to permit clari¬
fication of a clause in bid.
*
BEECHER
& Co. of Detroit and associates.
WARREN TOWNSHIP SCHOOL DISTRICT NO. 5 (P. O. Van
Dyke),
Mich.—TENDERS
WANTED—William G. Miller, District
Secretary, will receive sealed tenders of 1937 refunding bonds, series A
and B, dated Oct. 1, 1937, and refunding bonds, series C, dated Jan. 3,
1938, until 8 p. m. on Nov. 28.
Tenders of the bonds of the respective
series must be made separately, and fully describe the offering and the
price at which the bonds will be sold to the district.
In the case of series
A and B a sum of $4,730.28 is available for purchases, and for series C
the amount is $2,689.27.
BENTON HARBOR, Mich.—BOND OFFERING—John P. Null. City
Clerk, will receive sealed bids until 4 p. m. on Nov. 28 for the purchase of
$20,750 not to exceed 4% interest coupon bridge bonds.
Dated Oct. 1,
1938.
One bond for $750, others $1,000 each.
Due Oct.. 1 as follows;
$2,000 from 1939 to 1947 incl. and $2,750 in 1948.
Rate or rates of interest
multiples of M of 1%.
Prin. and int. (A-O) payable
The bonds are payable from unlimited ad
renuired to furnish a certified check for $500,
payable to order of the city.
The city will furnish transcript of proceed¬
ings and the purchaser will be required to pay for the legal opinion and
printing of the bonds,
to
be expressed in
at
City Treasurer's office.
WATERFORD AND INDEPENDENCE TOWNSHIPS FRACTIONAL
valorem taxes and bidder is
SCHOOL DISTRICT NO. 9 (P. O. Waterford), Mich.—BOND OFFERING—Sealed bids addressed to H. F. Buck, District Secretary, will
be received until 8 p. m, on Nov. 22 for the purchase of $17,000 not to
exceed 4% interest coupon school bonds.
Dated Sept. 1, 1938.
Denom.
$1,000.
Due Sept. 1 as follows:
$3,000 from 1939 to 1941 incl., and
$4,000 in 1942 and 1943.
Rate of interest to be expressed in a multiple
BINGHAM TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O. Box 30,
St. Johns), Mich.—BOND OFFERING—Glenn Osgood, District Secre¬
sealed bids until 7:30 p. m. on Dec, 1 for the purchase of
$37,500 school bonds, comprising $10,000 in $1,000 denoms. and $27,500
inldenoms. of $1,000 and $500.
All of the bonds will be dated Oct. 15,
1938 and mature $7,500 on April 15 from 1940 to 1944 incl.
Bidder to
name an interest rate of not more than 3 %, and not less than 2%, expressed
in multiples of H of 1 %.
Prin. and int. (A-O) payable at District Treas¬
urer's office.
Separate and combined bids are invited in the case of the
respective series.
The bonds are payable from ad valorem, taxas within
limit imposed by the State Constitution and, in addition, a special 3M
mill levy has been voted for the period 1939-1943, both incl.
Successful
bidder to pay the cost of printing the bonds and legal opinion approving
their validity.
A certified check for 2% of the offering, payable to the
order of the District Treasurer, is required.
of M of 1%.
Principal and interest (M-S) payable at Detroit Trust Co.,
Detroit.
The bonds are payable from ad valorem taxes within the limit
imposed by the State Constitution and, moreover, an additional six-mill
levy has been voted for the period 1938^42, both inclusive.
District will
furnish the bonds and approving legal opinion of Miller, Canfield, Paddock
& Stone of Detroit.
A certified check for 2 % of the issue, payable to order
of the District Treasurer, is required.
tary, will receive
WYANDOTTE CITY SCHOOL
remain firm until Nov. 28 and be accompanied by a certified
to order of Board of Education, equal to 2% of the bid.
BLOOMER TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O. Carson
City), Mich.—BOND SALE—The $30,000 school bonds offered Nov. 14—
ZILWAUKEE TOWNSHIP (P. O. Saginaw), Mich.—BONl$ OFFER¬
J. Wacker, District Clerk, will receive sealed bids until
4 p. m. on Nov. 25 for the purchase of $55,000 water
TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O.
Mich.—BOND OFFERING—Louis Keeler, District Secre¬
CARROLLTON
1943 incl.
Rate or rates of interest to be expressed in multiples of M of
1%.
Prin. and int. (M-N) payable at the office of the Treasurer of the
The bonds are payable from ad valorem taxes within
the limit imposed by the State Constitution and, moreover, an additional
12 mill levy has been voted for the period 1938-1942, both incl.
Success¬
ful bidder to pay the cost of printing the bonds and legal opinion as to their
validity.
A certified check for 2% of the bonds, payable to order of the
District Treasurer, is required.
supply and water
system, self-liquidating revenue bonds.
Dated Nov. 1, 1938.
Coupon in $500 denoms.
Due Nov. 1 as follows:
$1,000, 1941 and 1942;
$1,500 in 1943 and 1944, and $2,500 from 1945 to 1964 incl.
Bonds will
bear interest at such rate as will make the net Interest cost to the township
not more than 6% per annum.
Principal and interest (M-N) payable
at the Township Treasurer's office or at the Second National Bank & Trust
Co., Saginaw.
Bids are to be subject to legal opinion of the purchaser's
attorneys.
Township will pay the cost of the opinion and printing of the
bonds.
A certified check fpr $250, payable to order of Township
Treasurer,
is required.
supply
$6,500 in 1943.
Carrollton),
check, payable
ING—Albert
V, 147, p. 3050—were awarded to McDonald, Moore & Hayes of Detroit,
as 2Ms, at 100.033, a basis of about 2.24%.
Dated Sept. 10, 1938 and
due Sept. 1 as follows: $5,500, 1939; $6,000 from 1940 to 1942 Incl., and
tary, will receive sealed oids until 8 p. m. on Nov, 22 for the purchase of
$48,000 not to exceed 4% interest coupon school bonds.
Dated Nov. 1,
1938.
Denoms. $1,000 and $600.
Due $9,600 on May 1 from 1939 to
DISTRICT, Mich.—BIDS WANTED
—Arthur E. Baisley, Secretary of the Board of Education, will receive
sealed proposals until 7:30 p. m. on Nov. 21 for various issues of bonds of
Oakland County, and cities of Detroit and Grand Rapids.
Bids must
"
Board of Education.
,
.
DETROIT, Mich.—TENDERS WANTED—John N. Daley, City Con¬
troller, announces in our advertising columns on page m, that he will
receive sealed tenders until 11 a, m. on Dec. 1 (to remain firm until 1 p. m.
of the following day) of callable refunding bonds of the city in the amount
of approximately $401,000
under the following conditions: If callable bonds
and where the interest rate is 4% % or higher, the
yield shall be computed to the second call date; when the rate is less than
4)4 % the yield shall be computed to the third call date; if bonds are offered
at par or less than par the yield shall be computed to the date of maturity.
Tenders must show the purpose, interest rate and maturity, and the dollar
value and yield.
Offers will be accepted on the basis or the highest net
yield to the city as computed from the dollar price.
City reserves the right
on bonds purchased which are delivered subsequent to Dec, 8,
1938, to
pay accrued interest up to that date only.
are
offered at a premium
FERNDALE, Mich.—BONDS PURCHASED—In response to the call
2896—City Manager Jay
E at 80 and interest and
for tenders of 1935 refunding bonds—V. 147, p.
F. Gibbs reported the purchase of $10,000 series
$10,000 series O at 80.875 and interest.
LEDGE, Mich.—BOND SALE— The $35,000 general obliga¬
tion sewage disposal bonds offered Nov. 10—V. 147, p. 2896—were awarded
to the Grand Ledge State Bank at par plus $122.40 premium, equal to
100.349, on the basis of the first $16,000 bearing 2% interest and the
balance as 2 Ms.
Dated Oct. 1, 1938 and due Oct. 1 as follows:
$2,000
Paine, Webber & Co. of
combination of rates, offered a premium of
1939 to 1955, incl. and $1,000 in 1956.
Chicago, bidding for the same
$72.40.
DELAWARE, Minn.—CERTIFICATES SOLD—It is reported by the
Village Clerk that $1,800 3% semi-annual certificates of indebtedness were
sold
on
Nov. 15 to the Farmers State Bank of Delavan.
FERGUS FALLS SCHOOL DISTRICT (P. O. Fergus Falls), Minn.
—BONDS SOLD—It is stated that $70,000 building bonds approved
by
the voters on Oct. 21, have been purchased by the State of Minnesota.
FERTILE
Premium
$285.61
Int. Rate
-J
2)4%
2)4%
2)4%
„•
McDonald, Moore & Hayes
Stranahan, Harris'& Co
Ryan, Sutherland & Co. (bid for 2>4s and 2Ms)--—-
,
33.50
7.61
57.77
HANCOCK, Mich.—TENDERS WANTED—Albert L. Ehler, City
Clerk, will receive sealed tenders of refunding bonds, series A, B and C
dated June 2, 1936, until 7:30 p. m. on Dec. 2.
Offerings should be firm
for 3 days and state bond numbers and prices at which they will be sold
tothe city.,*
SCHOOL
DISTRICT
' NO.'
l
(P.
Hillsdale), Mich.—BOND OFFERING—The following information
0.1
con¬
cerning the offering on Nov. 21 of $68,200 not to exceed 3% Interest, coupon
or registered school bonds supplements that already given in V.
147, p.
"3050, in a report captioned "Hillsdale School District, Mich." Issue will be
dated Nov. 15, 1938.
One bond for $200, others $1,000 each.
Rate of
interest to be expressed in a multiple of M of 1%.
Principal and interest
(J-J) payable at District Treasurer's office.
Bonds will be payable from
ad valorem taxes on all of the district's taxable property within limit im¬
posed by State Constitution.
An additional 3)4 mill levy has been voted
for five years 1939-1943 incl.
Purchaser to pay the cost of printing the
bonds and legal opinion approving their Validity.
A certified chack for
2% must accompany each proposal.
KALAMAZOO, Mich.—BOND SALE DEFERRED—Sale of the $91,000
4% interest paving bonds offered Nov. 14—V. 147, p. 2896—
not to exceed
HOUSTON
on
on
SCHOOL
DISTRICT
NO.
of the City Commission.
Nov. 15 from 1939 to 1948, incl.
MASON, Mich.—BOND OFFERING—George E. Kellogg, City Clerk,
will receive sealed bids until 8 p. m. on Nov. 21 for the purchase of $23,500
not to exceed 4% interest coupon general obligation bonds.
Dated Oct. 1,
1938.
Denom. $500.
Due Oct. 1 as follows: $2,000 from 1941
incl. and $1,500 in 1952.
Callable on any interest payment date.
to 1951
Rate of
.City is
interest to be expressed in multiples of M of 1%, payable A-O.
required by law to levy such ad valorem taxes on all of its taxable property
as may be necessary to provide for principal and interest requirements.
A certified check for 2% of the bonds, payable to order of the City Treas¬
urer. is required.
City will pay the cost of printing the bonds and the
sucessful bidder will furnish legal opinion affirming the legality of the issue.
MIDLAND, Mich.—BID REJECTED—C. W. McNear & Co. of Chicago,
the only bidder, offered to take the $135,300 coupon sewage revenue bonds
15—V. 147, p. 3050—as 3s, at a price or 93.24.
Tender
offered Nov.
was rejected.
The bonds are dated Nov. 1, 1938, and mature on Nov. 1
from 1943 to 1963, inclusive.
OWOSSO, Mich.—NOTE SALE—The $35,000 general obligation tax
anticipation notes offered Nov. 14—V. 147, p. 3050—were awarded to
Owosso Savings Bank at 1.25% interest.
Dated Nov. 1, 1938 and
due Sept. 25, 1939.
William R. Stuart & Co,, Inc.,. Chicago, bid for 3s.
the
*
PONTIAC, Mich.—BOND SALE—The $200,000 coupon sewage dis¬
posal system revenue bonds offered Npv. 15—V. 147, p. 2896—were awarded
(P.
O.
INDEPENDENT
DISTRICTING.! 15
SCHOOL
(P. O.
Houston), Minn.—BOND SALE—The $75,000 issue of coupon building
bonds offered for sale on Nov. 10—V. 147, p. 2896—Was awarded to the
First National Bank of St. Paul, as 2Mb, paying a premium of $1,185,
a basis of about 2.40%.
Dated Nov. 1, 1938.
Due from
1, 1939 to 1968; callable on or after Nov. 1, 1943.
The District
Clerk states that the other bids were all close to the successful offer.
Nov.
MABEL, Minn.—BONDS SOLD—It is reported that $11,000 sewage
disposal plant bonds have been purchased by the First National Bank of
St. Paul, as 2Mb, paying a price of 100.45.
MORGAN
INDEPENDENT
SCHOOL
OFFERING—It
DISTRICT NO. 56 (P. O.
is reported that sealed and
8 p. m. by H. W. Mattke,
District Clerk, for the purchase of a $50,000" issue of building bonds.
Interest rate,is not to exceed 3%, payable J-D.
Dated Dec. 1, 1938
Denom. $1,000.
Due Dec. 1 as follows:
$2,000 in 1940 to 1954 and $5,000
in 1955 to 1958.
Payable at any suitable bank or trust company desig¬
nated by the purchaser.
The approving opinion of Junell, Fletcher,
Dorsey, Barker & Colman of Minneapolis, will be furnished.
Enclose a
certified check for $2,000, payable to the district.
oral
Minn.—BOND
bids will
be received until Nov.
21
at
.PENNINGTON COUNTY INDEPENDENT SCHOOL DISTRICT
NO. 18 (P. O. Thief River Falls), Minn.—BOND SALE—The $185,000
issue of coupon school addition bonds offered for sale on Nov. 10—V.
147,
p. 2570—was awarded to a syndicate composed or Bigelow, Webb & Co.;
Wells-Dickey Co.; the Allison-Williams Co., all of Minneapolis, the First
National Bank & Trust Co. of Minneapolis, and associates, as
3s, paying
a premium of $1,025,
equal to 100.55, a basis of about 2.95%.
Dated
Dec. 1, 1938.
Due from Dec. 1, 1941 to 19458.
RAMSEY COUNTY (P. O. St. Paul), Minn.—LIST OF BIDS—The
following is an official list of the bids received for the $435,000 public wel¬
fare, series N bonds that were awarded on Nov. 8, as reported In detail in
our issue of Nov. 12—V. 147,
p. 3051;
4j|
Bidder—
Interest
Premium
♦Halsey, Stuart & Co., and Bancamerica-Blair Corp
2%
Smith, Barney & Co., N. Y. City; First National Bank &
Trust Co., Minneapolis, Minn.; Illinois Co. of Chicago,
Chicago, 111., and First National Bank of St. Paul,
St. Paul, Minn
2%
Lehman Brothers; Estabrook & Co., and Piper, Jaffray
& Hopwood
2%
Phelps, Fenn & Co., New York, N. Y., and Stern Bros. &
Co., Kansas City, Mo
2%
Brown Harriman & Co., Inc
2%
Blyth & Co., Inc.; Paine, Webber & Co., and Eastman
Dillon & Co..
2H%
$2,553.45
___
P
44
Sept. 30 have been purchased by the State.
*
was deferred for one week as there was no quorum
Dated Nov. 15,1938, and due $9,100
INDEPENDENT
Fertile), Minn.—BONDS SOLD—It is said that $44,000 building bonds
approved by the voters
Morgan),
Other bids;
Bidder—
Grouse & Co
1 LCSDTLE^kXCTlONAL
1953.
equal to 101.57,
GRAND
from
MINNESOTA
COKATO, Minn.—BOND SALE—The $18,000 issue of coupon or regis¬
tered community building bonds offered for sale on Nov. 11—V. 147, p.
2896—was awarded to the Allison-Williams Co. and
Mairs-Shaughnessy
& Co., both of Minneapolis, jointly, as 2Ms, paying a price of
100.36, a
basis of about 2.20%.
Dated Dec. 1,1938; maturing from Dec. 1,1939 to
1
2,479.50
2,388.15
596.00
565.00
,
—
*
-
""
Successful bid.
•
v -
2,770.95
•
-
ROBBINSDALE, Minn.—BOND SALE—The $15,000 issue of public
welfare bonds offered for sale on Nov. 14—V. 147, p. 2897—was awarded
to the First National Bank & Trust Co. of Minneapolis as 2 Ms,
paying a
premium of $87.50, equal to 100.58, a basis of about 2.66%.
Dated
Oct. 1, 1938.
Due from Oct. 1, 1940 to 1949, inclusive.
ST. LOUIS COUNTY COMMON SCHOOL DISTRICT NO. 6, Town.
of Herman (P. O. Duluth), Minn.—BOND SALE—The $12,000 issue of
school bonds offered for sale on Nov. 15—V. 147, p. 2897—was awarded
to the Northern National Bank of Duluth as 3s, paying a premium of
$26.00, equal to 100.21, a basis of about 2.90%.
Due $3,000 on Jan. 2 in 1940 to 1943, inclusive.
TYLER,
Minn.—BONDS
SOLD—The
Dated Dec. 1, 1938.
Village Recorder states that
the following bonds aggregating $25,000, approved by the voters on Oct. 17,
have been purchased by the State.
$15,000 paving and $10,000 hospital
bonds.
,
Volume
Financial
147
.—BOND
Sealed bids will beOFFERING
received
for the purchase of
bonds.
Interest
rate is not to exceed 4% payable J-J.
Dated Nov. 1, 1938.
Due $15,000
Jan. 1, 1940 to 1944.
Prin. and int. payable at the City Treasurer's office.
No bid will be considered at less than par and accrued interest.
The city
will pay for the printing and lithographing of the bonds, but each bidder
must pay for the legal opinion, if desired.
The bonds will be delivered at
either the office of the City Treasurer or at any bank in Virginia, as desig¬
nated by the successful bidder.
Enclose a certified check for $2,000, paya¬
VIRGINIA, Minn
until 8 p.m. on Nov. 22, by J. G. Milroy, City Clerk,
a
$75,000 issue of Works Progress Administration project
ble to Henry W. S.
3195
Chronicle
Tillman, City Treasurer.
?y the Constitution of Missouri, to be levied upon all of the taxable property
e
in
State.
Each bid must be submitted
be
and
on a form furnished by the State Treasurer
accompanied by a certified check on some solvent bank or trust
for 2% of the amount of bonds bid for, payable to the State
company
No bid at less than 95 and accrued interest will be considered,
lr®a®\*rer-
ana the right is reserved to reject any or
furnished the legal opinion of the Attorney
all bids.
Purchasers will be
General of the State, and also
legal opinion of the law firm of Charles and Trauernicht of St. Louis,
approving the bonds as valid and binding obligations of the State of
Missouri.
Delivery of the bonds will be made on or before Dec. 15, at
St.
Louis, Chicago, or New York, at the option of the purchaser or
the
purcnasers,
MISSISSIPPI
7 MONROE CITY, mZT^BONDS'SOLD^A
CANTON, Mi as.—BONDS SOLD—It is reported that $70,000 3 H%
general refunding bonds have been purchased by Lewis & Thomas
of Jackson, at par.
Dated Sept. 1, 1938.
seini-ann.
Hannibal as 3s, jpaying a premium of $191.65, equal to
Dated Nov. 1, 1938. (Due on Feb. 1 as
,™u™tles, °-
__
100.38,
a
basis of about 2.96%.
c6lUmBUS, Miss.—BOND OFFERING— Sealed bids will be received
until 2 p. m. on Dec. 1, by T. W. Lewis, Jr., Secretary-Treasurer, for the
follows: $2,000,
$281,000 issue of electric light and power distribution system
bonds.
Interest rate is not to exceed 6%, payable J-D.
Due Dec. 1 as
follows: $8,000 in 1940 to 1943; $12,000 in 1944 to 1949; $16,000 in 1950
to 1959, and $17,000 in 1960.
Bonds are payable out of revenue, full
faith and credit also.
Legality approved by Charles & Trauernicht, of
St. Louis.
Enclose a certified check for $5,000.
The ordinance author¬
izing this issue incorporates the following provisions taken from the con¬
tract between the Tennessee Valley Authority and the City, as follows:
1. Revenues shall first be used for the payment of all current operating
expenses, including salaries, wages, cost of materials and supplies, power
7 PALMYRA,
purchase of
at
wholesale, and insurance.
2. From remaining revenue
municipality shall next currently
provide
1942 to
1947; $3,000, 1948 to 1953, and $4,000, 1954 to
1958, all inclusive.
a
.
$507000~issue'ofelectritriigS
improvement bonds was offered for sale on Nov. 15 and was awarded jointly
to the Mississippi Valley Trust Co. of St. Louis and the Bankers Bond &
semi-ann. water
Mo.—BONDS ~SOLD—It~is~7eported"thar$4l',000T3%
and light plant bonds have been purchased by the Bankers
Bond Co. of Hannibal.
A news
dispatch from Palmyra reported as follows on the above sale:
The Palmyra City Council has sold to the Bankers Bond & Securities
of Hannibal, Mo., $41,000 worth of municipal bonds at par, bearing
Co.
3% interest.
There were two bidders.
The bonds were authorized in a special election
Sept. 29 for the purchase of a new Diesel engine for the power house,
municipally owned, and other improvements at the light and water depart¬
ments.
The amount is supplemented by a $30,000 Public Works Adminis¬
•
of interest accrued on all bonds or other in¬
applicable to municipality's electric system, and for amorti¬
zation charges on all such bonds or other indebtedness and or sinking
fund payments thereon.
3. Thereafter revenues shall be used currently to set up reasonable re¬
serves for replacements, new construction, and for contingencies, and
to
provide a reseaonable amount of cash working capital.
4. From remaining revenues municipality shall thereafter pay into its
tration grant,
general fund a return on its investment and a tax equivalent as provided
in the Financial and Accounting Policy in the Schedule of Terms and Con-
HIGH
SCHOOL DISTRICT
(P. O.
Dillon), Mont.—BOND OFFERING—It is stated by Nell Doyle, District
Clerk, that she will receive sealed bids until Dec. 2, at 2 p. m., for the
purchase of an issue of $165,000 not to exceed 4% semi-ann. building bonds.
Dated Dec. 1, 1938.
Amortization bonds will be the first choice and
serial bonds will be the second choice of the school board.
If amortization
bonds are sold and issued, the entire issue may be put into one single bond
or divided into several bonds, as the board of trustees may determine upon
at the time of sale, both principal and interest to be payable in semi-annual
instalments during a period of 20 years from the date of issue.
If serial
bonds are issued and sold they will be in the amount of $1,000 each; the
sum of $8,000 of the said serial bonds will become payable on the first day
of December, 1940, and a like amount on the same day each year thereafter
until all of such bonds are paid, except that the last instalment will be in
the amount of $21,000.
The bonds, whether amortization or serial bonds,
will be redeemable in full on any interest payment date from and after
for the payment at maturity
debtedness
dititions of Contract attached
"
hereto.
5. AU remaining revenues shaU be considered surplus revenues and may
be devoted by municipality to the purchase or retirement of bonds or other
applicable to the electric system before maturity and if not
as a basis for the reduction
or elimination of sur¬
indebtedness
devoted shall serve
so
charges to consumers, and thereafter for the reduction
revenues shall be computed as of June 30 of each year.
of rates.
Surplus
said contract: "If it should appear that the
rates provided for in said resale schedules, with the surcharge provided for
therein do not produce revenues sufficient to operate and maintain munici¬
pality's electric system on a self-supporting and financially-sound basis, in¬
cluding requirements for interest and amortization on indebtedness applica¬
ble to municipality's electric system Authority and Municipality shall agree
upon, and LL-unicipality shall put into effect such changes in rates as will
provide for the increased revenues necessary to place the system upon such
self-supporting and financially-sound basis."
The ordinance further provides that if the revenues are anticipated or
demonstrated to be insufficient for said purposes, that the Mayor and
City Council shall levy upon all of the taxable property in said city a tax
sufficient to supply the anticipated deficiency in said revenues.
That it is further provided in
CORINTH SPECIAL SCHOOL
DISTRICT (P. O. Corinth), Miss.—
$80,000 school bonds have been pur¬
of Memphis.
BONDS SOLD—It is reported that
chased by the First National Bank
HINDS
(P. O. Jackson), Miss.—
following bonds, aggregating $155,-
COUNTY SCHOOL DISTRICTS
BONDS SOLD—It is reported that the
000, have been purchased by a syndicate composed
New Orleans, the Union Planters National Bank
Saunders & Co., both of Memphis, and J. S. Love
these
'
terms:
of Scharff & Jones of
& Trust Co., M. A.
& Co. of Japkson, on
:
• ••
-
$25,000 Terry Con. 8. D. bonds as 3^8 and 3 Ms,
$87.50=100.35.
Due in 1939 to 1958.
33.000 Byram Sch. Dist. bonds as 3M» and 3Ms,
$237.50=100.719.
Due in 1939 to 1953.
27,000 Utica Spec. Con. Sch. Dist. as 3 Ms, paying a
100.448.
Due in 1939 to 1955.
........
,
paying a premium of
paying a premium of
premium of $112.15=
21,000 Liberty Grove Sch. Dist, bonds as 3Ms and 3Ms,
mium of $121.60=100.531.
Due in 1939 to 1949.
paying a pre¬
Sch. Dist. bonds as 3Ms, paying a premium of $169.40
=100.705.
Due in 1939 to 1958.
25,000 Raymond Sch. Dist. bonds as 3Ms, and 3Ms, paying a premium of
$123.05=100.492.
Due in 1939 to 1955.
24,000 Forest Hill
City Clerk that
syndicate composed
The Deposit
Guaranty Bank & Trust Co., all of Jackson, Lewis & Thomas of Memphis,
and the Leland Speed Co. of Jackson, as 2Ms, paying a price of 100.175,
a basis of, about 2.47%.
Dated Dec. 1, 1938.
Due Dec. 1, as follows:
$10,000 in 1939, $15,000 in 1940, $20,000 in 1941 and 1942, $25,000 in
1943 and 1944, $28,000 in 1945 and 1946, $30,000 in 1947 and $39,000 in
1948.
These bonds are issued for the purpose of refunding certain obliga¬
JACKSON, Miss .—BONDS SOLD—It is stated by the
$240,uoe refunding bonds were sold on Nov. 16 to a
of the Jackson State Bank, the
Capital National
tions
maturing during the fiscal year
Bank,
1938-39.
NATCHEZ, Miss.—BOND OFFERING—It is stated by Lemuel P. Con¬
City Clerk, that sealed bids will be received until 5 p. W. on Nov. 22,
for the purchase of a $55,000 issue of 3% semi-ann. municipal auditorium
bonds.
Due from 1939 to 1958 incl.
The bonds are dated Nov. 1, 1938.
Denom. $1,000.
Due on Nov. 1
as follows:
$3,000, 1946 to 1949", and $4,000, 1950 to 1958, all inclusive.
Principal and interest payable at the City Bank & Trust Co. of Natchez.
ner,
NEW ALBANY, Miss.—BONDS SOLD— It is reported that $60,000 3%
paving bonds were purchased by M. A. Saunders & Co. of
Memphis at a price of 100.18.
semi-annual
TUPELO,
bonds
were
Miss .—BONDS SOLD—It is reported that $25,000
on Nov. 9 to the First National Bank of Memphis.
school
_
VALLEY PARK INDEPENDENT SCHOOL DISTRICT (P. O. Valley
Mo.—BONDS SOLD—A $19,500 issue of 4% semi-ann. school
Park),
bonds is said to have been
Dated Nov.
3051—were purchased as follows: $55,000 as 2Ms. maturing $4,000 in
1939 to 1943, and $7,000, 1944 to 1948; the remaining $120,000 as 3s,
maturing $12,000 in 1949 to 1958, incl.
p.
MONTANA
five
years
from the date of issue.
Enclose a
Ulfitn*
MISSOURI
BONDS
County & Town Issues
certified check for $1,000,
payable to the District Clerk.
BILLINGS, Mont.—BOND SALE—The three issues of bonds aggre¬
gating $261,700, offered for sale on Nov. 15—V. 147, p. 2897—were awarded
to Bosworth, Chanute, Loughridge & Co. of Denver and John Nuveen &
Co. of Chicago, as 2Ms, paying a price of 101.149, according to the City
Clerk.
The issues are divided as follows: $136,700 sewer; $110,000 city
hall; $15,000 South Park swimming pool bonds.
Dated Jan. 1, 1939.
Due $13,050 from 1939 to 19,57, and $13,750 in 1958.
Redeemable in full
at the option of the city on any interest-paying date from and after 10 years
from date of issue.
Prin. and int. (J-J) payable in Billings or in Chicago.
CARBON
COUNTY
HIGH
SCHOOL
DISTRICT
NO. ,2
(P.
O.
Bridger), Mont.—BOND SALE DETAILS—We are now informed that
$25,000 building bonds purchased by the State Board of Land Com¬
missioners, as noted here—V. 147, p. 2897—were sold as 3Ms, at par, and
mature on the amortization plan, in 20 years.
The only other bid was
submitted by Peters, Writer & Christensen, Inc. of Denver.
M
4
the
GREAT
ceived until
FALLS, Mont.—BOND OFFERING—Sealed bids will be
10 a. m. on Dec. 5 by W. P. Harrison, City Clerk, for
re¬
the
purchase of a $376,750 issue of civic center bonds.
Interest rate is not
to exceed 4%, payable J-J.
Amortization bonds will oe the first choice
and serial bonds will be the second choice of the Council.
If amortization
bonds are sold and issued the entire issue may be put into one single bond
or divided into several bonds, as the Council may determine upon at the
time of sale, both principal and interest to be payable in semi-annual
instalments during a period of 20 years from the date of issue.
If serial
bonds are issued and sold, they will be in the amount of $1,000 each,
except the last bond which will be in the amount of $750.
The sum of
$19,000 of said serial bonds will become due and payable on the first day
of July, 1939, and a like amount on the same day or each year thereafter,
until all such bonds are paid, except that the last instalment will be in
the amount of $15,750.
The bonds shall not extend beyond a period of
be redeemable in full at the option of the city on any
date from and after 10 years from date.
A certified
payable to the City Clerk, is required.
,
(These are the bonds that were originally offered on Sept. 12, at which
time all bids were rejected.)
20 years and may
interest payment,
check for $3,000,
MISSOULA, Mont.—BOND SALE
DETAILS—It is reported that the
$82,500 city hall bonds sold to Murphey, Favre & Co. of Spokane, as 2Ms,
at a price of 101.09, as noted here on Nov. 5—V. 147, p. 2897—are due
$4,125 from Jan. 1, 1940 to 1959 incl., and arb optional on Jan. 1,
or any date thereafter.
Legal approval by Chapman & Cutler of Chicago.
1949,
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 24 (P. O.
Worden), Mont.—BOND OFFERING— Sealed bids will be received until
8 p. m. on Nov. 22 by B. F. Gaither, District Clerk, for the purchase of a
$46,750 issue of school bonds.
The bonds will be sold for not less than par
and accrued interest and all bidders must state the lowest rate of interest
at which they will purchase the bonds at par.
NEBRASKA
ALLEN, lleh.—BONDS SOLD— It is reported
annual refunding bonds have been purchased by
that $7,500 4H% semi¬
Wachob, Bender & Co.
1
of Omaha.
AUBURN, Neb.—BONDS SOLD—It is
reported that $352,000 electric
election
light and power plant revenue bonds approved by the voters at an
held on Nov. 7, were purchased by Stern Bros. & Co. of Kansas City,
3Ms, paying a
Markets in all State,
Louis.
COUNTY
BEAVERHEAD
sold
VICKSBURG, Miss.—BOND SALE DETAILS—It is reported by the
Superintendent of Schools that the $175,000 school bonds sold to J. G.
Hickman, Inc. of Vicksburg, at a price of 100.25, as noted here—V. 147,
purchased by E. A. Gessler & Co. of St.
1, 1938.
as
price of 101.32.
ROCK, Neb.—PRE-ELECTION SALE—It is stated
Village Clerk that $5,000 auditorium bonds were sold subject to
tion scheduled for Nov. 18.
TABLE
by the
an elec¬
WAYNE COUNTY SCHOOL DISTRICT NO. 9 (P. O. Hoskins),
Neb.—BOND SALE DETAILS—It is stated by the District Clerk that
$10,000 construction bonds sold recently, as noted here—V. 147, p.
3051—-
were
purchased by Wachob, Bender & Co.
in from 2 to 16 years.
of Omaha as 3Ms at par, and
they mature
SCHERCK, RICHTER COMPANY
landreth building,
st. louis, mo.
MISSOURI
MISSOURI, State of—BOND OFFERING—It is announced by Robert
W. Winn, State Treasurer, that the State Board of Fund Commissioners
•will receive sealed bids until Nov. 28, at 2 p. m„ for the purchase of a
$25,000 issue of soldier bonus bonds.
Denoms. $1,000 and $100. Dated
Nov. 15, 1938.
Due on Nov. 15, 1939.
All bonds are to bear a rate of
interest to be determined pursuant to the sale of the said bonds, payable
semi-annually on May and Nov. 15, 1939.
Prin. and int. payable at the
Chase National Bank, New York.
The full faith, credit and resources of
the State are pledged to the punctual payment of the principal and interest
of these bonds which are payable by an unlimited ad valorem tax authorized
NEW
HAMPSHIRE
MANCHESTER, N. H.—BOND SALE— The $150,000 2M% coupon
bonds offered Nov. 16—V. 147, p. 3051—were a warned to the First Na¬
tional Bank of Boston, the only bidder, at 100.25, a basis of about 2.47%.
In the award were:
$125,000 municipal impt. and equipment bonds.
due Aug. 1, as follows: $7,000 from 1939
from 1944 to 1958, incl.
Dated Aug. 1, 1938, and
to 1943, incl., and
NASHUA, N.
H.—BOND OFFERING— Sealed
$6,000
_
25,000 highway and sewer bonds.
Dated Oct. 1,
as follows: $2,000 from 1939 to 1943, incl.,
to 1958, inclusive.
,
,
1938, and^due Oct. 1
and $1,000 from 1944
bids will be received by
City Treasurer, until 10 a. m. on Nov. 23 for the pur¬
$150,000 2M% permanent public improvement bonds dated Nov.
15, 1938, and due serially from 1939 to 1958, incl.
Interest M^N.
Samuel Dearborn,
chase of
3196
Financial
EDGEWATER, N. J.—BOND OFFERING—Peter F. O'Brien, Borough
Clerk, will receive sealed bids until 8 p. in. on Dec. 6, for the purchase of
$125,000 not to exceed 4H% interest coupon or registered refunding bonds
of 1938.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows:
$10,000 from 1939 to 1950, incl. and $5,000 in 1951.
Bidder to name a
single rate of interest in a multiple of M of 1%.
Principal and interest
(A-O) payable at Edgewater National Bank
The sum required to be
obtained at the sale of the bonds is $125,000.
The bonds
are
unlimited tax
obligations of the borough and the approving opinion of Hawkins, Dela¬
field & Longfellow of New York City will be furnished the successful bidder.
A certified check for 2% of the bonds offered, payable to order of the
borough, is required.
FORT
LEE.
N.
J.—REFUNDING
PLAN
Nov.
19,
1938
$15,000 from 1955 to 1964 incl.
Bankers re-offered the bonds to yield
from 1% to 2.50% for 1940 to 1961 maturities, and at 99.50 for the rest
JERSEY
NEW
Chronicle
APPROVED
BY
51%
OF
of the
Other
issue.
bids:
Bidder—
Int. Rate
Manufacturers
Traders
&
Tr.
Co.
and
Geo.
Rate Bid
Campbell,
Phelps & Co., jointly
Halsey, Stuart & Co., Inc
2H%
2j^%-
100.43
100.219
2.60%
100.77
2.60%
2.60%
100.41
100.35
Gibbons &
B.
Co., Inc.; Adams, McEntee &
Co., Inc.. and Sherwood & Reichard
Kidder,
Peabody & Co.; Estabrook
Weigold, Inc
&
Roosevelt &
Co.,
and
.
Marine Trust Co. and R. D. White & Co
BINGHAMTON, N. Y.—BOND SALE—The $234,000
coupon
regis¬
or
tered hospital bonds offered Nov. 17—V. 147, p. 3052—were awarded to
the First Boston Corp., New York, as 1.40s at 100.123, a basis of about
BONDHOLDERS—More than 51 % of the bondholders have assented to the
1.38%.
plan for refunding the borough's debt, according to W. E. Wetzel and
William 8. Corker, refunding agents.
An ordinance was introduced at a
meeting of Borough Council on Nov. 2 authorizing municipal officials to
take necessary legal steps incident to filing a petition for promulgation of
refunding plan under the terms of the National Bankruptcy Act, as con¬
templated in the proposed readjustment program.
Creditors who have
not already approved of the proposal are requested by the refunding agents
to
act
immediately as the refunding cannot be consummated until
66
2-3% of the bondholders give their approval.
to
Dated Aug. 1, 1938, and due Aug. 1
TOWNSHIP
O.
(P.
Trenton),
N.
J.—BONDS PUK.
LICLY
OFFERED—The group composed of Bancamerica-Blair Corp.'
B. J. Van Ingen & Co., Inc.; Colyer, Robinson & Co., Inc., and MacBride,
Miller & Co. which was awarded $1,086,000 3H% sewer bonds at 100.94,
basis of about
3.43%—V. 147, p. 3052—re-offered the obligations to yield
1.50% to 3.50%, according to maturity.
Assessed valuation of the
township, 1938, is officially reported as $26,0t2,391 and total bonded debt,
including this issue but exclusive of the debt of the school district which
is coterminus with the township, as $1,949,943.
a
from
HUDSON
COUNTY
(P. O. Jersey
City), N. J.—BOND SALE—The
county sinking fund commission purchased on Nov. 10, as 3Ms at par,
$731,000 hospital bonds of 1938, $311,000 park improvement bonds and
$310,000 park bonds, the issuance of which was authorized on Oct. 13.
MONTCLAIR, N. J.—BOND OFFERING— Joseph D. McKee, Town
Clerk, will receive sealed bids until 8 p. m. on Dec. 1 for the purchase of
$960,000 not to exceed 6% interest coupon or registered funding bonds of
1938.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows:
$10,000, 1939 and 1940; $30,000, 1941; $40,000, 1942: $60,000 in 1943 and
1944; $70,000, 1945; $90,000, 1946; $100,000, 1947; $95,000, 1948; $135,000, 1949; $85,000, 1950; $90,000, 1951; $50,000 in 1952
and $5,000 in
1953.
Prin. and int. (J-D) payable at the Town Treasurer's office or at
the First National Bank & Trust Co., Montclair,
Bidder to name a single
rate of interest expressed in a multiple of % of 1 %.
The sum required to
be obtained at the sale of the bonds is $960,000.
The bonds are payable
from unlimited ad valorem taxes and the approving legal opinion of Haw¬
kins, Delafield & Longfellow of New York City will be furnished the suc¬
cessful bidder.
A certified check for 2% of the bonds offered,
payable
to order of the town, is required.
OAKLYN
M. M.
(P. O. Camden), N.
Freeman & Co. of
J.—BONDS PUBLICLY OFFERED—
Phildelphia are making public offering of $146,-
000 4% refunding bonds.
Dated Oct. 1, 1839.
Denom. $1,000.
Due
Oct. 1 as follows: $30,000, 1950; $32,000, 1951; $24,000 in 1952 and
$30,000
in 1953 and 1954.
Prin. and int. (A-O) payable at Oklyn National Bank
Oaklyn.
The bonds are unlimited tax obligations and will be approved
to legality by Hawkins, Delafield & Longfellow of New York
City.
Bidder—
Int. Rate
Trust
Co
Brighton),
PLAINFIELD,
N.
J.—BOND
OFFERING—Fred Toegel,
SOUTH
a
City
Clerk,
total of $641,000 bonds,
A.
Fitzsimmons,
vise the preparation of the bonds and certify as to genuineness of
signatures
officials and seal thereon.
A certified check for 2% of the
of municipal
issue, payable to order of Village Treasurer, is required.
Approving opinion
Raymond of New York City will be furnished the successful
of Caldwell &
bidder.
"
WALLINGTON,
N.
J.—PLANS LARGE BOND ISSUE—The State
Funding Commission has approved the borough's proposal to issue $500,000
refunding bonds of 1938.
The program, according to the Commission,
will establish a more orderly debt service calendar and at the same
time
provide for a fvfli cash basis of operations.
NEW
N. Mex.—BOND SALE DETAILS—It is now re¬
ported that the $250,000 building bonds purchased by the State Treasurer,
as noted here—V. 147, p. 2898—were sold at
par, divided as follows: $124,000 as 2%s, maturing $12,000 in 1941, and $14,000,
1942 to 1949: the re¬
maining $126,000 as 3s, due $14,000 from 1950 to 1958 incl.
Dated June 1,
1938.
Prin. and int. payable at the State Treasurer's office or at the
Central Hanover Bank & Trust Co.,' New. York.
NEW
JAVA,
YORK
WETHERSFIELD,
EAGLE,
SARDINIA CENTRAL SCHOOL DISTklCT NO.
N. Y.—BOND SALE—The $150,000
coupon or
FREEDOM
AND
1
(P. O. Arcade),
registered school bonds
offered Nov.
17
awarded to the Bancamerica-Blair Corp. and Adams,
Inc., both of New York, as 2.20s, at 100.17, a basis of
were
McEntee & Co..
about 2.18%.
Dated
Nov.
1938.
Denom. $1,000.
Due Nov. 1 as
follows: $6,000, 1939 to 1943, incl.;
$7,000, 1944 to 1948, incl.; $8,000 from
1949 to 1953, incl., and $9,000 from 1954 to
1958, incl.
Prin. and int.
(M-N) payable at Citizens Bank of Arcade with New York exchange.
Legality to be approved by Dillon, Vandewater & Moore of N. Y. City.
Second high bid of 100.37 for
2^s was made jointly by Kidder, Peabody
& Co.
1,
and Estabrook &
Co.
Tnis was followed by an offer of 100.16 for
2Mb, submitted by the Union Securities Corp. and Roosevelt & Weigold,
Inc., in joint account.
ARGYLE,
HEBRON,
FORT EDWARD AND SALEM CENTRAL
SCHOOL DISTRICT NO. 1 (P. O.
Argyle), N. Y.—BOND SALE—1The
$117,700 coupon or registered school bonds offered Nov. 17—V.
147,
p. 3052—were awarded to a syndicate composed of Marine Trust
Co.,
Buffalo; R. D. White & Co., E. H. Rollins & Sons, Inc., A. C. Allyn & Co.,
Inc., and B. J. Van Ingen & Co., Inc., all of New York, as 2.20s at 100.17,
a basis of about
2.18%.
Dated Nov. 1, 1938, and due Nov. 1 as follows:
$4,700, 1941; $4,000 from 1942 to 1963, incl., and $5,000 from 1964 to 1968
incl.
Second high bid of 100.401 for 2.60s was made
jointly by the Union
Securities Corp. and Campbell, Phelps &
Co., Inc., both of New York.
BATAVIA
UNION FREE SCHOOL DISTRICT NO. 2
(P. O. Batavia), N. Y.—BOND OFFERING—Arthur R. Churchill, District Clerk,
will receive sealed bids until 2
p. m. on Nov. 21 for the purchase of $25,000
not
to exceed 5%
interest coupon or
registered school bonds.
DatedDenom. $1,000.
Due Oct. 1 as follows: $3,000 from 1941 to
1945, incl., and $2,000 from 1946 to 1950, incl.
Bidder to name a single
rate of interest, stated in a
multiple of y or l-10th of 1%
Prin. and int.
(A-O) payable at the Marine Midland Trust Co., New
York, with New
York exchange.
The bonds are unlimited tax obligations and the approv¬
ing legal opinion of Dillon, Vandewater & Moore of N. Y. City will be fur¬
Oct. 1, 1938.
BEDFORD,
LEWISBORO
A certified check for
AND
NORTH
$500, payable to order
SALEM
UNION
FREE
SCHOOL DISTRICT NO. 10 (P. O.
Katonah), N. Y.—BOND SALE—
The $329,000 coupon or registered school bonds offered
Nov. 15—V. 147,
6. 3052—were & Sons, Inc., and B. composed of A. C. Allyn & all of Inc.;
Co., New
H. Rollins awarded to a group J. Van
Ingen & Co., Inc.,
.
York,
and
as
2Hs, at 100.644,
due Nov.
1943; $12,000,
15
as
a basis of about 1.95%.
Dated Nov. 15, 1938
$10,000, 1940 and 1941; $11,000, 1942 and
1949 incl.; $13,000 from 1950 to 1954 incl., and
follows:
1944 to
DISTRICT
.$330,000
Bidder—
Marine
NO.
coupon
or
1
(P.
O.
registered
Rale Bid
Int. Rate
Trust
and Bacon,
Co.,
Buffalo.;
R.
D.
White &
Stevenson & Co
Bancamerica-Blair
Corp.
Co.,
2%%
;
Roosevelt
and
&
100.269
Wei¬
gold, Inc
2.80%
& Co
100.646
2.90%
Sherwood & Reichard; George B. Giobons & Co.,
Inc., and Bond & Goodwin
Manufacturers & Traders Tr. Co. and Sage, Rutty
100.31
2.90%
E. H. Rollins & Sons, Inc.; A. C. Allyn & Co., Inc.,
and B. J. Van Ingen & Co., Inc
100.30
3.20%
CATO, IRA, CONQUEST,
BUTLER
AND
HANNIBAL
VICTORY,
CENTRAL
STERLING,
SCHOOL
-
LYSANDER,
DISTRICT
NO.
1
(P. O. Cato), N. Y.—BOND SALE—The $350,000 coupon or registered
17—V. 147, p. 3052—were awarded to Halsey
Stuart & Co., Inc., New York, as 2.40s, at 100.377. a basis of about 2.37%,
Dated Oct. 15, 1938, and due Oct. 15 as follows: $10,000, 1941 to 1945
incl.; $11,000, 1946 to 1950, incl.; $12,000, 1951 to 1955, incl.; $13,000 from
1956 to 1960, incl., and $15,000 from 1961 to 1968, incl.
The bankers
reoffered the bonds to yield from 1% to °.50%, according to maturity.
They are unlimited tax obligations of the district, which reports an assessed
school bonds offered Nov.
valuation for 1938-1939 of $2,255,000 and total bonded debt (current issue)
of $350,000.
A group composed of Marine Trust Co., Buffalo; R. D, White
<fe Co.. E. H. Rollins & Sons, Inc., A. C. Allyn & Co., Inc., and B. J. Van
Ingen & Co., Tnc., submitted the next best bid of 100.2189 for 2.40s.
Next
was an offer of 100.88 for
2J^s submitted by a group composed of
Bancamerica-Blair Corp., Roosevelt & Weigold, Inc., and George B. Gib¬
bons & Co., Inc.
in line
CHARLOTTE, GERRY, STOCKTON, ARKWRIGHT,
ELLERY,
CHERRY
CREEK,
ELLICOTT
AND
POMFRET,
ELLINGTON
CEN¬
TRAL SCHOOL DISTRICT NO. 1 (P. O. Sinclairville), N. Y.—BOND
OFFERING—Sealed bids will be received by Aurie J. Colburn, District
until" 3:45
p.
m.
on
Nov.
22 for the purchase of
$240,000
not to
exceed
4% interest coupon or registered schoool bonds. Dated Dec. 1,
1938.
Denom. $1,000.
Due Dec. 1 as follows: $10,000 from 3 941 to 1952
ncl. and $15,000 from 1953 to 1960 incl.
Bidder to name a single rate oi
interest, expressed in a multiple of
or 1-10th of 1%.
Prin. and int.
(J-D) payable at First National Bank. Falconer.
The bonds are unlimited
obligations and approving opinion of Reed, Hoyt, Washburn & Clay
New York City will be furnished the successful bidder.
A certified
check for $4,800, payable to order of Raymond Olson, District Treasurer,
is required.
The district,
representing a combination of four
Union
Free School Districts and 27 Common School Districts, was organized
Sept. 6, 1938 and the present issue will constitute its entire bonded debt.
Due to this fact the State, it is said, will advance a large part of its operat¬
ing expense and will refund 25% of the principal and interest of the funded
debt incurred in the cost of constructing the school bldg.
The net district
debt will be about $195,000.
tax
of
.
CORNWALL,
N.
Y;—BOND
OFFERING—Milton
W.
Coldwell,
Village Clerk, will receive sealed bids until 2 p. m. on Nov. 23, for the
Eurchase of $86,000 not to exceed 5%1938. Denom. $1,000. Due Dec. 1
interest coupon or registered water
onds, series of 1938.
Dated Dec. 1,
follows:
$4,000 from 1939 to 1952, incl. and $5,000 from 1953 to 1958,
Bidder to name a single rate of interest, expressed in a multiple of
l-10th of 1%.
Principal and interest (J-D) payable at the Cornwall
National Bank, with New York exchange.
The bonds are unlimited tax
obligations of the village and the approving opinion of Dillon, Vande¬
water & Moore of New York City will be furnished the successful bidder.
A certified check for $1,720, payable to order of the village, is required.
M
or
GARDEN CITY, N. Y.—BOND SALE—The $86,000 general impt"
15—V. 147. p. 3052—were awarded to the Franklin
Square National Bank Of Franklin Square, as l%s, at 100.15, a basis of
about.1.72%,
Dated Oct. 1, 1938 and due Oct. 1 as follows: $7,000, 1939
to 1943 incl.; $8,000, 1944; $9,000, 1945 to 1947 incl.; $3,000 from 1948
to 1952 incl., and $1,000 in 1953.
Second high bid of 100.09 for l%s was
made jointly by the Marine Trust Co. and R. D. White & Co.
bonds offered Nov.
GLENS
FALLS, N. Y.—BOND SALE—The $164,000
coupon or regis¬
offered Nov. 15—V.
147, p. 2732—were awarded jointly to
Corp. and Graham, Parsons & Co., both of New York,
1.90s, at 100.519, a basis, of about 1.85%.
Award included:
tered
bonds
the Union Securities
as
$39,000 fire house bonds.
Due Nov.
$5,000 from 1940 to 1946 incl.
125,000
1
as
follows:
$4,000
in
1939
and
bonds.
Due Nov. 1 as follows: $5,000 from 1944 to 1946
incl. and $10,000 from 1947 to 1957 incl.
All of the bonds will be dated Nov. 1, 1938.
Second high bid of 100.16
for 1.90s was made jointly by George B. Gibbons & Co., Inc. and Sherwood
&
sewer
Reichard, both of New York.
HAMBURG UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Ham¬
burg), N. Y.-^~BOND SALE—The issue of $250,000 school bonds offered
Nov.
15—V. 147, p. 3052—was awarded to a group composed of E. H.
Rollins & Sons, Inc.; A. C. Allyn & Co., Inc., and B. J. Van Ingen & Co.,
life., all of New York, as 2^s, at 100.389, a basis of about 2.46%.
Dated
Nov. 1, 1938 and due $12,500 on Nov. 1 from 1939 to 1958 incl.
Second
high bid of 100.42 for 2.60s was submitted jointly by the Marine Trust
Co. of Buffalo and R. D. "White & Co.
Also bidding for that rate was the
Kidder, Peabody & Co. and Roosevelt & Weigold, Inc., which
price of 100.24.
account of
offered
a
HUDSON FALLS, N.
Y.—BOND SALE— The $164,000 coupon or
registered bonds offered Nov. 7—V. 147, p. 3052—were awarded to Roose¬
velt & Weigold, Inc., New York, as 2.60s, at 100.33 a basis of about
2.58%.
Sale consisted of:
!
$139,000
Due Nov. 1 as follows: $3,000 lrom 1943 to 1947,
incl., and $4,000 from 1948 to 1978, incl.
(WPA) project bonds.
Due Nov. 1 as follows: $3,000
from 1940 to 1942, incl., and $4,000 from 1943 to 1946, incl.
sewer bonds.
25,000 general
.
nished the successful bidder.
of the district, is required.
SALE—The
incl.
ALBUQUERQUE,
ARCADE,
Y.—BOND
SCHOOL
2.59%.
Dated Nov. 1, 1938 and due Nov. 1 as follows: $12,000, 1940 to
1942 incl.; $15,000,1943 and 1944; $16,000 from 1945 to 1947 incl., and
$18,000 from 1948 to 1959 incl.
Among other bids were the following:
as
MEXICO
.
FREE
100.28
100.249
100.198
100.427
school bonds offered Nov. 14—V. 147, p. 2732—were awarded to Erickson,
Perkins & Co. of Rochester as 2.60s, at a price of 100.10, a basis of about
Clerk,
ORANGE,
N. 3.—BOND OFFERING—Sealed bids addressed
Village Clerk, will be received until 8 p. m. on
Nov. 25 for the purchase of $160,000 not to exceed
6% interest coupon or
registered refunding bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due
Dec. 1 as follows: $5,000, 1940 to 1949 incl.; $10,000 from 1950 to 195.4
incl. and $15,000 from 19,55 to 1958 incl.
Rate of interest to be expressed
in a multiple of K or l-10th of 1%.
Principal and interest (J-D) payable
at the Continental Bank & Trust Co., New York
City, which will super¬
M.
to
N.
UNION
Rale Bid
iy2%
1H%
\Yi%
1.60%
_
Halsey, Stuart & Co., Inc
Harris Trust & Savings Bank..
as
reports that the city will offer for sale on Dec. 5
including $365,000 sewer and $276,000 school.
follows: $16,000 from 1939
Kean, Taylor & Co
Bankers
BRIGHTON
HAMILTON
as
1947, incl., and $15,000 from 1948 to 1953, incl.
Bankers reoffered the
bonds to yield from 0.20% to 1.10%, according to maturity.
Among other
bids were the following:
All
of the bonds are dated Nov. 1, 1938.
Second high bid of 100.77 for
was made jointly by Sherwood & Reichard and Geo.
B. Gibbons &
Co., Inc., both of New York,
Next in line was an offer of 100.66 for 2Hs,
submitted by Marine Trust Co. of Buffalo and R. D- White & Co.
2.70s
ILION,
N.
Y.—BOND
SALE—The $31,000 public
works
bonds
of¬
fered Nov. 14—V. 147, p. 2898—were awarded to the Manufacturers &
Traders Trust Co. of Buffalo as 2s, at a price of 10H0.189, a basis of about
1.97%.
Datea Nov. 15, 1938 and due Nov. 15 as follows: $2,000 from
1939 to 1952 incl. and $3,000 in 1953.
Among other bids was an offer of
100.19 for 2.10s, submitted by the Union Securities
Corp., New York.
LOCKPORT iP. O. R.F.D. No. 4, Lockport), N.Y.—BOND OFFERING
—Sealed bids addressed to Arthur C. Gloger, Town Clerk, will be received
Volume
Financial
147
until 2 p. m. on Nov. 25, for the purchase of $8,421.47 not
interest registered highway bonds.
Dated Dec. 1, 1938.
to exceed 6%
One bond for
$421.47, others $1,000 each.
Due March 1 as follows:
$1,000 from 1939
to 1946, incl. and $421.47 in 1947.
Rate of interest to be expressed in a
multiple of 1-lOth of 1%.
Principal and interest (annually on March 1)
payable at the Niagara County National Bank & Trust Co., Lockport.
A
certified check for $200, payable to order of the Town Supervisor, is
required.
MANCHESTER,
N. Y.—BOND SALE POSTPONED—The
$88,550 not to exceed 6% interest sewer bonds, originally scheduled
place
147,
Nov. 18—V.
on
sale of
to take
3052—was postponed.
p.
ROXBURY AND HARDENO. Margaretville),
District Clerk, will
receive sealed bids until 2 p. m. on Dec. 2 for the purchase of $280,500 not
to exceed 5% interest coupon or registered school bonds.
Dated Nov. 15,
1938.
One bond for $500, others $1,000 each.
Due Nov. 15 as follows:
$9,500, 1941; $9,000, 1924 to 1947, incl.; $10,000, 1948 to 1957, incl.;
$11,000 from 1958 to 1960, incl., and $12,000 from 1961 to 1967, incl.
Bidder to name a single rate of interest, expressed in a multiple of M or
l-10th of 1%.
Prin. and int. (M-N) payable at the Peoples National Bank,
Margaretville, with New York exchange.
A certified check for $5,600,
MIDDLETOWN,
BOVINA,
ANDES,
BURG CENTRAL SCHOOL DISTRICT NO. 1 (P.
N. Y.—BOND OFFERING—Margaret E. Thompson,
Payable Vandewater ftthe district, isY. City will be furnished the opinion of
to order of Moore of N. required. The approving successful
>illon,
bidder.
,
NEW
YORK,
N.
Y.—TO
BORROW
$40,000,000
ON LONG-TERM
SECURITIES—Official announcement appeared in the Nov. 17 issue of the
"City Record" regarding the proposed sale in the near future of $25,000,000
serial bonds for various municipal improvements and construction of schools
such purposes as street improve¬
It is believed that Comptroller
Joseph D. McGoldrick will offer the entire $40,000,000 of securities in the
latter part of November.
Complete details as to maturities and interest
rate may not be made known until three days prior to the actual sale date,
as required
by the statutes.
City has already concluded two long-term
financing operations so far in the present year.
First occurred on March 1,
when an aggregate of $43,000,000 serial issues, due variously from 1939 to
1968, incl., were awarded to the Chase National Bank of New York and
associates on a bid of 100.7199 for 3s, a net interest cost of about 2.949%.
This was followed by a sale on May 24 of $50,000,000 corporate stock and
serial bonds to a group headed by the National City Bank of New York,
which paid a price of 100.50 for a combination of $10,000,000 40-year cor¬
porate stock as 3s and $40,000,000 1939-1978 serial loans as 3 Ms, or a net
cost of 3.1309%.
A subsequent operation, on Nov. 3, involving the dis¬
posal of $6,000,000 4M % 5-year assessment bonds to a banking group at a
cost basis of 1.80%, had to be canceled, owing to an irregularity in connec¬
tion with the setting of the coupon rate when the bonds were initially au¬
thorized—Y. 147, p. 2898.
and $15,000,000 of assessment bonds for
ments and
street
and park offerings.
of)—EXECUTOR SELLS $3,816,000 BONDS—The
$3,816,000 various described issues offered for sale on Nov. 17 by the
United States Trust Co. of New York, as executor—V. 147, p. 3052—were
awarded as follows: A group composed of the Bankers Trust Co., Ladenburg, Thalmann & Co., R. W. Pressnrich & Co., Kidder, Peabody & Co.,
E. H. Rollins & Sons, Inc., B. J. Van Ingen & Co., Inc., Equitable Securities
Com. and Burr & Co., Inc., all of New York, purchased a total of $2,330,000
grade crossing elimination issties at prices of 102.505 for $230,000 2M« and
$150,000 2Ms; 112.505 for $550,000 254s, and 117.13 for $1,400,000 3s.
Lehman Bros, in account with Kean, Taylor & Co.„ Inc., Manufacturers
& Traders Trust Co., Buffalo, and Campbell, Phelns & Co., Inc., acquired
$1,000,000 3 Ms at a price of 121.701; group including the Chase National
Bank, Blyth & Co., Inc., Salomon Bros. & Hutzler, Harris Trust & Sav¬
ings Bank, F. 8. Moseley & Co., Roosevelt & Weigold, Inc., Shields & Co.
and Reynolds & Co. bought a block of $486,000 4s at 113.306.
NEW YORK (State
OVID, N. Y.—BOND SALE—The $27,000 coupon or registered water
15—V. 147, p. 3053—were awarded to the First Na¬
bonds offered Nov.
tional Bank of Ovid,
as
payable at the Marine Midland Trust Co., New York.
A certified check
ror $1,000,
payable to order of the citv, is required. Legality to be approved
by Thomson. Wood & Hoffman of New York City.
UTICA, N. Y.—CERTIFICATE OFFERING—Bids will be received at
the First Citizens Bank & Trust Co., Utica, until noon on Nov. 23 for the
purchase of $550,000 tax anticipation certificates of indebtedness, dated
Nov. 25.1938 and due Oct. 25, 1939.
The certificates will be issued against
and be redeemed out of the Tax Levy of the City of Utica for the fiscal
year of 1938.
They will be issued in denominations of $50,000 each, pay¬
able at the Chemical Bank & Trust Co. of the City of New York, to
the lowest rate bid therefor, payable at maturity.
The
interest at
follows:
equal to 100.93,
1 from 1940 to
bear
legal
opinion of
Thomson, Wood and Hoffman, New York City, will accompany
the certificates.
Delivery will be made in New York City on Nov. 25.
UTICA, N. Y.—BOND SALE—The $263,000
coupon or registered bonds
147, p. 3053—were awarded to the Manufacturers
Co., Buffa'o, and Kean, Taylor & Co., New York, jointly,
as 1.80s at
100.022, a basis of about 1.797%.
Sale consisted of:
$125,000 high school bonds." Due Dec. 1 as follows: $4,000 from 1939 to
offered
Nov.
17—V.
& Traders Trust
'
incl., and $5,000 from 1964 to 1968, incl.
™
38,000 WPA projects bonds.
Due Dec. 1 as follows: $3,000 in 1939 and
1940 and $4,000 from 1941 to 1948, incl.
100,000 home relief bonds.
Due $10,000 on Dec. 1 from 1939 to 1948, incl.
All of the bonds are dated Dec. 1, 1938.
Second high bid of 100.329 for
1.90s was made by Lazard Freres & Co. of New York.
An account con¬
sisting of George B. Gibbons & Co., Inc., and Roosevelt & Weigold, Inc.,
offered to pay 100.678 for 2s.
VAN
BUREN
(P.
Baldwinsville),
O.
N.
Y.—BOND
OFFERING—
Sealed bids addressed to John W. Brown, Town Supervisor, will be received
until 2
Nov. 22 for the purchase of $20,000 not to exceed 6%
interest home relief bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due
p.
April 1
m.
on
follows:
$3,000 from 1940 to 1943 incl. and $4,000 in 1944 and
a single rate of interest, expressed in a multiple of
Principal and interest (A-O) payable at the First
National Bank & Trust Co., Baldwinsville.
A certified check for $400,
payable to order of the town, is required.
1945.
M
as
Bidder to
name
l-10th of 1%.
or
WAPPINGERS FALLS, N. Y.—BOND SALE—The $25,000 coupon or
bonds offered Nov. 17 were awarded to the Union Se¬
registered water
curities
Corp.. New York, as 1.90s, at 100.191, a basis of about 1.87%.
1, 1938 and due Dec. 1 as follows: $2,000 from 1939 to 1943
$3,000 from 1944 to 1948 incl.
Principal and interest (J-D)
payable at the National Bank of Wappingers Falls.
Legality to be ap¬
proved by Reed, Hoyt, Washburn & Clay of New York City.
Second
high bidder was Sherwood & Reichard of New York, at 100.22 for 2s.
Dated Dec.
incl.
and
WEBB
bonds
(P. O. Thendara),
offered
Nov.
Nov.
N. Y.—BOND SALE—The $47,500 impt.
147. p. 2898—were awarded to the Marine
2.2Cs, at 100.32, a basis of about 2.15%.
Dated
16—V.
Trust Co. of Buffalo
as
1, 1938 and due Nov. 1 as follows: $3,500 in 1939 and $4,000 from
Second high bid of 100.26 for 2.2Cs was made by Sherwood
1940 to 1950 incl.
& Reichard of New York City.
COLESVILLE
AND
WINDSOR
NO. 1 (P. O.
offered Nov.
DISTRICT
SCHOOL
CENTRAL
Windsor), N. Y.—BOND SALE—The $65,000 school bonds
15—V. 147, p. 3053—were awarded to Paine, Webber & Co.
McEntee & Co., Inc., both of New York, jointly, as 2s at
100.54, a basis of about 1.92%.
Dated Nov. 1, 1938 and due $5,000 on
from 1940 to 1952 incl.
Other bids:
Bidder—,
Int. Rate
Rale Bid
Marine Trust Co. of Buffalo.
2.10%
100.21
and Adams,
June 1
.
-
A. C. Allyn & Co., Inc., and
Inc....
-i
E. H. Rollins & Sons,
R. D.White & Co
2.10%
2.20%
2.40%
Halsey, Stuart & Co., Inc.Roosevelt & Weigold. Inc
YONKEPS,
N.
100.20
100.17
100.14
2.10%
2.10%
-
Roosevelt & Weigold, Inc
Y.—BORROW
$1,000,000
ON
100.39
100.44
NOTES—The
city
$1,000,000 on notes to mature in three months, the
be applied to the payment of taxes owed to Westchester
bounty and for current operating purposes.
1
intends
$15,000 issue was sold as 2.70s, at par plus $140 premium,
a
basis of about 2.59%.
Due $1,000 on Nov.
3197
Chronicle
borrow
to
proceeds
to
1954 incl.
12,000 issue
was
sold
as
3s, atpar plus $70 premium, equal to 100.58, a
Due $500 on Nov. 1 from 1941 to 1964 incl.
basis of about 2.95%.
$70,000
1,1938.
The Union Securities Corp.,
second high bidder, offered 100.193 for the $15,000 issue as
All of the bonds will be dated Nov.
New York,
WASHINGTON, N. C. Elec. Lt. & Water 23/4g
3s and 100.25 for the $12,000 to bear 3 M % interest.
Roosevelt & Weigold,
Inc. bid 100.56 for $15,000 3s and 100.28 for $12,000 3.30s.
Bids were
also received from E. H. Rollins & Sons, Inc. and the Manufacturers &
Traders Trust Co., Buffalo.
Due October 15, 1944-52 at
F. W. CRAIGIE & COMPANY
OYSTER BAY (P. O. Oyster Bay), N. Y.—BOND SALE—The $39,000
Massapequa Water District bonds offered Nov. 15—V. 147, p. 3053—were
awarded to Manufacturers & Traders Trust Co. of Buffalo as 2Ms at
100.779, a basis of about 2.43%.
Dated Oct. 1, 1938 and due April 1
as follows:
$1,500 from 1941 to 1950 incl., and $2,000 from 1951 to 1962
incl.
Roosevelt & Weigold,'Inc., New York, bid 100.72 for 2Ms.
Next
highest bid of 100.25 for 2.60s was made by Sherwood & Reichard of
New York.
of
issue
PH1LMONT, N. Y.—BOND SALE—The $25,000 coupon or registered
offered Nov. 14—V. 147, p. 2898—were awarded to the Manu¬
Traders Trust Co. of Buffalo as 2.90s, at a price of 100.289, a
basis of about 2.87%. Sale consisted of:
$5,000 street and sidewalk repair bonds. Due $1,G00 on Nov. 15 from 1939
bonds
facturers &
to
1943 incl.
.
20,000 drainage sewer bonds.
Due $1,250 on Nov. 15 from 1943 to 1958
incD
1938. E. H. Rollins & Sons, Inc., New
York, bid for 3M8 and the Philmont National Bank made an offer for 3 Ms.
All of the bonds are dated Nov. 15,
SHORTSVILLE,
istered
sewer
N.
bonds
Y.—BOND SALE—'The $88,000 coupon or Reg¬
Nov. 16—V. 147, p. 3053—were awarded
offered
jointly to the Marine Trust Co. of Buffalo and R. D. White & Co., New
York, as 2.9Cs, at 100-73, a basis of about 2.85%. Dated Nov. 1, 1938 and
due Nov. 1 as follows: $2,000 from 1939 to 1970 incl. and $3,000 from 1971
to 1978 incl.
Second high bidder, at 1( 0.56 for 3s, was Roosevelt & Weigold,
Inc., New York.
100.47 for 3s.
Next in rank was Sherwood & Reichard of New York, at"
' '
SOMERSET, HARTLAND, YATES AND RIDGEWAY CENTRAL
SCHOOL DISTRICT NO. 1 (P. O. Barker), N. Y —BOND SALE—
The issue of $236,000 school bonds offered Nov. 16—V. 147, p. 289 —was
awarded to George B. Gibbons & Co., Inc. and Adams, McEntee & Co.,
Inc., both of New York, in joint account, as 2Mb, at 100.44, a basis of
about 2.21%.
Dated Nov. 15, 1938 and due May 15 as follows:
$8,900,
1941 and 1942: $9,000, 1943 to 1946 incl.; SlO.oOO, 1947 to 1955 incl.;
$11,000 in 1956 and 1957 and $12,000 from 1958 to 1963 incl.
Bankers
reoffered the bonds to yield from 1% to 2.30%, according to maturity.
Other bids:
Int. Rate
Bidder—
Estabrook & Co., jointlyBancamerica-Blair Corp. and Roosevelt & Weigold,
Kidder, Peabody & Co. and
Inc.
—
_
---—
Halsev, Stuart & Co., Inc
Manufacturers & Traders Triist Co. and Sage,
*
Rale Bid
100.44
100.15
100.77
100.48
Rutty
...
2M%
100.43
SYRACUSE, N. Y.—CERTIFICATE'SALE—Barr Bros. & Co., Inc.,
New York, were awarded on Nov. 18 an issue of $1,375,000 certificates of
indebtedness at 0.189%.
Issue consisted of $1,000,000 dated Nov. 21,
1938 and due May 21, 1939, and $375,000 with date of Nov. 25, 1938 and
maturing May 25, 1939.
N. Y.—BOND OFFERING—Sealed bids addressed to
City Treasurer, will be received until 2 p. m.
$300,000 not to exceed 3M% interest coupon
or registered sewage and refuse disposal bonds.
Dated Jan. 1, 1939. Denom.
$1,000. Due $10,000 on Jan. 1 from 1940 to 1969 incl. Bidder to name the
rate of interest in a multiple of M of 1%.
Principal and interest (J-J)
TONAWANDA,
Christian W. Schulmeister,
on
A. T. T. Tel. Rich.Va. 88
CAROLINA
NORTH
Nov. 21 for the purchase of
N. C.—NOTES SOLD—
anticipation notes were purchased by the
BEAUFORT COUNTY (P. O. Washington),
It is reported that $6,500 revenue
Bank of Aurora, at 2 %.
,
N. C.—BOND OFFERING—Sealed bids will be received
Nov. 29, by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of an
issue of $125,000 coupon public improvement bonds.
Interest rate is
not to exceed 6%, payable M-8.
Dated Sept. 1, 1938.
Denom. $1,000.
Due Sept. 1, as follows: $3,000 in 1941 to 1946, $5,000 in 1947 to 1959
and $7,000 in 1960 to 1965.
Bidders are requested to name the interest
rate or rates in multiples of M of 1%.
Each bid may name one rate for
GASTONIA,
until
11
a.
m.
on
Sart of the bonds (havingnameearliestthan two rates, and each bidder must
the more maturities), and another rate for the
alance, but no bid may
specify in his bid the amount of bonds of each rate.
No bid of Jess than par
and accrued interest will be entertained.
Prin. and int. payable in legal
tender in New York City.
General obligations; unlimited tax.
Delivery
on or about Dec. 20, at place of purchaser's choice.
The bonds are registerable as to principal only.
The approving opinion of Masslich & Mitchell
of. New York, will be furnished.
Enclose a certified check for $2,500,
payable to the State Treasurer.
*
GREENVILLE, N. C.—PWA
LOAN CANCELED—It is stated by
F. Dillard, City Clerk and Treasurer, that the sale of the $800,000
water revenue bonds on Nov. 4 to Dick & Merle-Smith, and Eldredge &
B.
Co., both of New York,
V. 147, p.
jointly, Reported in detail in our issue of Nov. 5—
2901—cancels the loan of approximately
by the Public Works
$1,027,000 approved
Administration in September.
HAYWOOD COUNTY (P. O. Waynesville), N. C.—NOTES SOLD—
It is reported that $11,000 revenue anticipation notes were purchased by
the Wachovia Bank & Trust Co. of Winston-Salem, at 1M%. Plus a prem¬
ium of $1.04.
LENOIR, N. C.—BOND OFFERING—We are informed by W. E. East¬
erling, Secretary of the Local Government Commission, that he will re¬
until 11 a. m. on Nov. 22, at his office in Raleigh, for the
ceive sealed bids
of $150,000 coupon or registered not to exceed 6%
sewage disposal plant bonds.
Dated Nov. 1, 1938.
Denom.
Due Nov. 1 as follows: $3,000 in 1939 and 1940; $4,000 in 1941,
$7,000 in 1942 to 1961.
Bidders are requested to name the interest
or rates in multiples of M of 1 %.
Each bid may name one rate for
purchase of an issue
semi-ann.
$1,000.
and
2M%
-
jointly
2.4,0%
2.40%
2M%
—
Marine Trust Co. of Buffalo
& Co.,
Richmond, Va
Phone 8-9187
„
$11,000 water bonds offered Nov. 15—
V. 147, p. 2899—was awarded to Ira Haupt & Co. of New York as 2 Ms
at 100.25, a basis of about 2.22%.
Dated Dec. 1, 1938, and due $1,000
on Dec.
1 from 1943 to 1953 incl.
Second high bid of 100.159 for 2M«
was made by the Manufacturer^ & Traders Trust Co.
of Buffalo.
Next
in rank was an offer of 100.18 for 2.30s made by Roosevelt & Weigold, Inc.
SALE—The
BOND
2.25-2.85% basis
»
rate
part of the bonds (having the earliest maturities) and another
balance, but no bid may name more than two rates, and each
rate for the
bidder must
bonds of each rate. The bonds will be
purchase the bonds at the lowest interest
cost to the City, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respe tive liKtturities.
No bids of lens than par and
accrued interest will be entertained.
Prin. and int. payable in lawful
money in New York City.
General obligations, unlimited tax. Delivery
at place of purchaser's choice.
The approving opinion of Reed, Hoyt,
Washburn & Clay of New York, will be furnished.
Enclose a certifiecd
specify in his bid the amount of
awarded to the bidder offering to
check for
$3,000, payable to the
State Treasurer.
MARS HILL, N. C.—NOTES SOLD— It
anticipation notes have been purchased at
Marshall.
is reported that $8,000 bond
6% by the Citizens Bank of
3198
Financial Chronicle
PITT COUNTY DRAINAGE DISTRICT NO. 3 (P. O.
Greenville),
N. C.—BOND OFFERING—Sealed bids will be received until noon
on
Nov. 28 by F. M. Wooten, Secretary of the Board of
Commissioners, for
the purchase of a $40,000 issue of 5% semi-annual drainage bonds.
The
first instalment of principal to be payable
Jan.
1, 1941, remainder of
bonds
RAPIDS,
N.
C.—BOND SALE—The
$130,000 issue
SALISBURY,
H. C.
N.
C.—BOND
TENDERS INVITED—It is stated
CHARDON SCHOOL DISTRICT, Ohio—MATURITY—The $80,000
3% building bonds sold to the State Industrial Commission at par—V. 147,
p. 3054—mature as follows: $1,500, May 1 and Nov. 1 from 1939 to
1954
Incl. and $2,000, May 1 and Nov. 1 from 1955 to 1962 incl.
of
CINCINNATI, Ohio—BONDS VOTED AND DEFEATED—At"the
Nov. 8 general election the voters authorized $1,000,000 sewer and
$500,000
hospital bonds and rejected proposals involving $2,000,000 bonds, includ¬
ing $1,000,000 for street improvements and $500,000 each for parks and
by
playgrounds.
Holmes, City Manager, that he will receive sealed tenders
up to
on Nov. 25, on the following refunding bonds of the
city, to wit:
and sidewalk improvement; $3,000 school;
improvement; ali dated Dec. 1, 1934, payable Dec.
4,000 street and sidewalk improvement; $1,000 school;
Improvement; all dated .July 1, 1936, payable July
3,000 street and sidewalk improvement, dated May 1,
May 1, 1962.
CLEVELAND, Ohio—BONDS DEFEATED—'The proposed issue of
$3,000,000 bridge construction bonds was turned down by the voters at
$2,000 general
1, 1959.
$1,000 general
1, 1961.
the Nov. 8 election.
CLEVELAND CITY SCHOOL DISTRICT
1937, payable
—SCHOOL
At
SHELBY, N. C.—BOND OFFERING— It is stated by W. E. Easterli^.
Secretary of the Local Government Commission, that he will receive sealed
a. m. on Nov. 29 at his office in Raleigh for the
purchase of a
$61,000 issue of coupon water works extension bonds.
Interest rate is not
to exceed 6%, payable J-D.
Denom. $1,000.
Dated Dec. 1, 1938.
Due
on June 1 as follows: $2,000 from 1941 to 1949; $3,000 in 1950
and $4,000
in 1951 to 1960.
Bidders
are
requested to
name
in multiples of K of 1 %.
Each bid may name
(having the earliest maturities), and another
the rate
one rate
or rates
of
of interest
balance, but no
specify in his bid
Cleveland
and
on
Nov.
listed
are
Shaker
as
Heights,
learn from the courts
whether
the
amount
involved
in
these
Ohio—BOND SALE—The $15,000 general obligation
sanitary sewerage system construction bonds offered Nov. 14—V. 147,
p. 2734—were awarded to G. Parr Ayres & Co. of Columbus as
2Ms at
100.137, a basis of about 2.48%.
Dated Nov. 1, 1938 and due $500 on
May 1 and Nov. 1 from 1940 to 1954 inclusive.
various issues of bonds,
IS—V.
group
COLDWATER SCHOOL DISTRICT, Ohio—BOND SALE DETAILS
$90,000 2M% building bonds purchased by Prudden & Co. of
Toledo—V. 147, p. 3054—were sold at a price of 100.305.
Dated Sept. 1,
1938 and due $1,000 March 1 and Sept. 1, 1940, and
$2,000 March 1 and
Sept. 1 from 1941 to 1962, inclusive.
—The
CUYAHOGA COUNTY
(P. O.
Cleveland), Ohio—BONDS DE
FEATED—The voters on Nov. 8 refused to authorize the issuance of
$4,500,000 road and bridge bonds.
$2,000 in 1941 to 1945 and $5,000 in 1946 to 1948.
133,000 water and electric light system bonds as 2Ms at a
price of 100.033,
a basis of about
2.745%.
Due Oct. 15 as follows: $6,000 in 1941 to
1945, $13,000 in 1946 and $15,000 in 1947 to 1952.
Dated Oct. 15, 1938.
Denomination $1,000.
DELPHOS, Ohio—BONDS
the voters authorized
EAST
bids will be received until
Nov. 29, by W. E. Easterling, Secretary of the Local Govern¬
ment Commission, at his office in
Raleigh, for the purchase of the following
issue of not to exceed 6% semi-ann. coupon bonds
ELMWOOD
aggregating $419,000:
$85,000 town hall bonds.
Due April 1, as follows: $2,000 in 1941 to 1943,
$3,000 in 1944 and 1945, $4,000 in 1946 to 1952 and $5,000 in
1953 to 1961.
Interest payable
April and Oct. 1.
39,000 municipal improvement bonds.
Due April 1, as follows: $2,000
in 1941 to 1946, $3,000 in 1947 to 1951 and
$4,000 in 1952 to
1954.
Interest payable April and Oct. 1.
130,000 water works extension bonds.
Due Nov. 1, as follows: $3,000 in
EUCLID,
**
GENEVA, Ohio—BOND SALE—The $37,750 mortgage sewer"revenue
GREEN SPRINGS, Ohio—BOND SALE— The
$10,500 water works
improvement bonds offered Nov. 3—V. 147, p. 2574—were awarded to the
Commercial Bank Co. of Green
Springs as 3Ms, at par plus $140.20 pre¬
mium, equal to 101.33, a basis of about
3-54%.
Dated Oct. 1, 1938 and
as follows:
$500 in 1940 and $1,000 from 1941 to 1950, incl.
due Oct. 1
Other bids:
Bidder—
HAMILTON
BUILDING, CLEVELAND
I
COLUMBUS
SPRINGFIELD
DEFEATED—
HUNTINGTON-ABERDEEN SCHOOL DISTRICT (P. O. Aber¬
deen), Ohio—BONDS SOLD—The $57,000 high school bonds authorized
at the
Aug. 9 primary election
sold to P. E. Kline, Inc. of Cincinnati.
—MMHM——ee——^iiri ■
SALE—The $4,000
special assessment ditch bonds offered Nov. 14—V. 147, p. 3054—were
awarded to Saunders, Stiver & Co. of Cleveland.
Dated Nov. 15, 1938
and due $800 on Nov. 15 from 1939 to
1943 Incl.
n-
"
-*■
'
'"if11
were
i
K HURON COUNTY
(P7oT Norwalk), Ohio—BOND
LOWELLVILLE, Ohio—BONDS DEFEATED—Proposed isseus of
$25,000 swimming pool construction and $20,000 municipal building bonds
were defeated at the Nov.
8 general election.
LUCAS
CINCINNATI
Ohio—BONDS
equal to 101.24.
the
AKRON
DISTRICT,
HICKSVILLE SCHOOL DISTRICT, Ohio—BOND SALE DETAILS
'
MITCHELL, HERRICK & CO.
SCHOOL
$77.75
44.00
27.30
12.50
—The $85,000 2M% building bonds
purchased by Braun, Bosworth & Co.,
of Toledo—V.
147, p. 3054—were sold at par plus a premium of $1,060,
years
MUNICIPALS
Premium
3M %
3M%
3M%
3M%
The proposed issue of
$500,000 school bonds failed of approval at the recent
general election,
DAKOTA, State of—PENSION PLAN INCREASE AP¬
PROVED—The proposal to substitute a $40
monthly minimum pension
plan for the present $30 maximum payments to
The bonds were awarded as
for a premium of $1,101, equal to
100.88.
The bidder also agreed to
pay for the attorney's approving opinion
and the printing of the bonds.
The First National Bank & Trust Co. of
Minneapolis offered $1,100 premium on 2 Ms.
Int. Rate
Seufferle & Kountz
Bliss Bowman & Co.
NORTH
700 CUYAHOGA
'
Saunders, Stiver & Co
Ryan, Sutherland & Co.
DAKOTA
COUNTY (P. O. Grafton), N. Dak.—BOND^SALE^-The
$125,000 issue of court house bonds offered for sale on Nov. 10—V. 147,
p. 2734—was awarded to Kalman & Co. of St.
Paul, according to the
County Auditor.
Dated Nov. 1, 1938.
Due from Jan. 1, 1940 to 1958.
refunding
a price
Helmerdinger of Cincinnati at
bonds offered Nov. 7—V. 147,
p. 2574—were awarded to Stranahan,,Harris
& Co. of Toledo, as
4Ms. at par.
Dated Oct. 1, 1938 and due Oct. 1 as
follows: $3,000 from 1940 to 1951 incl. and
$1,750 in 1952.
Nelson, Brown¬
ing & Co. of Cincinnati also bid par.
MI NOT
SCHOOL
DISTRICT
(P. O. Minot) >
N. Dak.—BOND
SALE—The $95,000 issue of building
equipment and land purchase bonds
offered for sale on Nov. 15—V.
147, p. 2899—was awarded to Kalman &
Co. of St. Paul, as 4s at
par, according to the Clerk of the Board of Educa¬
tion.
Dated Dec. 1, 1938.
Due from Dec. 1, 1941 to 1957, inclusive.
f WALSH
SALE—An issue of $10,500 4%
sold to Walter, Woody &
was
FLUSHING SCHOOL DISTRICT, Ohio—BOND SALE DETAILS—
The $8,000 sanitary sewer system and
disposal plant bonds purchased by
State Teachers' Retirement System—V. 147,
p. 2126—were sold as
3 Ms at par and mature $500 on Oct. 1 from 1940 to
1955, inclusive.
<
of interest upon all of the bonds until their respective
and int. payable in New York City in
legal tender.
General obligations; unlimited tax.
The bonds are registerable as to prin.
alone.
Delivery on or about Dec. 15, at place of purchaser's choice.
Bids must be on a form to be furnished
by the above Secretary.
The ap¬
proving opinion of Masslich & Mitchell of New York, will be furnished.
Enclose a certified check for
$8,380, payable to the State Treasurer.
of age was approved
by the voters at the Nov. 8 general election.
$42,000 4M% delin¬
147, p. 160—were
city, according to report.
the
aggregate amount
maturities.
Prin.
65
EXCHANGED—'The
FA1RPORT, Ohio—BOND
bonds
Bidders are requested
1 %; eacn bid may name
one rate for
part of the bonds of any issue (having the earliest maturities)
and another rate for the
balance, but no bid may name more than two rates
for any issue, and each bidder must
specify in his bid the amount of the
bonds of each rate.
The bonds will be awarded to the bidder offering to
purchase the bonds at the lowest interest cost to the
Town, such cost to be
determined by deducting the total amount of the
premium bid from the
'
Ohio—BONDS
VOTED—An issue of $150,000
authorized by the voters on Nov. 8.
was
of 100.50.
not less than par and accrued interest is
required.
to name the interest rate or rates in
multiples of M of
over
•
Ohio—BONDS
quent tax bonds unsuccessfully offered
in June—V.
issued to local merchants
having claims against the
1943, $6,000 in 1944 to 1948 and $7,000 in 1949 to 1961.
Interest payable May and Nov. 1.
165,000 sanitary sewer bonds.
Due Nov. 1, as follows: $4,000 in 1941 to
1943, $5,000 in 1944 to 1946, $8,000 in 1947 to 1952 and $10,000
in 1953 to 1961.
Interest payable May and Nov. 1.
Dated Nov. 1, 1938.
Denom. $1,000.
A separate bid for each issue,
OHIO
PLACE,
grade crossing elimination bonds
to
persons
pool construction bonds met with approval of the
voters at the Nov. 8 election.
m. on
NORTH
VOTED—At the Nov. 8 general election
issue of $44,000 stadium and athletic field bonds.
an
PALESTINE, Ohio—BONDS APPROVED—The proposed issue
of $24,000
swimming
WILSON, N. C.—BOND OFFERING—Sealed
CANTON
units
COLD WATER,
$42,000 public building bonds as 3s at par.
Due Oct. 15 as follows: $2,000
in 1941 to 1943, $4,000 in 1944 to 1947, and
$5,000 in 1948 to 1951.
25,000 refunding bonds as 3s at par.
Due Oct. 15 as follows: $15,000 in
1944 and $10,000 in 1945.
25,000 street improvement bonds as 3s at par.
Due Oct. 15 as follows:
1941
These
East Cleveland, Garfield Heights, Newburg Heights
bringing mandamus action against Morris, the school
projected PWA bonds.
$26.10, equal
Due $1,0(K) from
147, p. 3054—were
composed of the Equitable Securities Corp. of Nash¬
ville, F. W. Craigie & Co. of Richmond, and Wheelock & Cummins of Des
Moines, as follows:
a
will
In
the past, as the school debt decreased, the
operating fund got the millage
thus released.
Instead of continuing this practice, the available
levy
would be used in
servicing the
coUpSi
WASHINGTON, N. C.—BOND SALE—The
limitations.
Heights,
the bonds should bear 3% interest and mature $219,000
annually, starting
with fifth year after date of loan.
The school board, it was said, now has
4.006 mills inside the 10-mill limitation, of which 3 mills is used for
operating
purposes and the other 1.006 for debt retirement at the present time. In
$1,220, payable to the State Treasurer.
aggregating $225,000, offered for sale
a
overlapping subdivisions is so small that it should not block the whole
PWA project.
In proceeding with the matter, the board determined that
SOUTHERN PINES, N. C.—BOND SALE— The $9,000 issue of
land bonds offered for sale on Nov, 15—V. 147, p. 3053—-was
awarded to
Kirchofer & Arnold of Raleigh as 414s, paying a
premium of
awarded to
of
Linndale.
board
Bids are required on forms to be furnished by the above
Secre¬
The bonds hiay be registerable as to principal only.
Prin. and int.
payable in N. Y. City.
General obligations; unlimited tax; delivery on or
about Dec. 15 at place of purchaser's choice.
The approving opinion of
Masslich & Mitchell of New York will be furnished.
Enclose a certified
tary.
Dated Nov. 1,1938.
cost
constitutional
tained.
100.29, a basis of about 4.20%.
Nov. 1, 1941 to 1949, Inclusive.
the
projected $8,000,000 school building and rehabilitation
the money would be provided by Public Works
In accordance with previous arrangements, Karl
K. Morris,
Clerk-Treasurer, refused to execute the board order.
Im¬
mediately, thereafter, the firm of Squire, Sanders & Dempsey of Cleve¬
land was engaged to bring legal action
forcing the Clerk-Treasurer to
proceed with issuance of the bonds. Existence of doubt as to their validity
is
said to be based on recent State
Supreme Court decisions and rests
primarily on the fact that the city school district overlaps into six surround¬
ing municipalities, in some of which the tax levy for debt service exceeds
bid may name more than two rates, and each bidder must
the amount of bonds of each rate.
The bonds will be awarded to the bidder
to
(P. O. Cleveland), Ohio
VALIDITY OF LARGE BOND ISSUE—
TEST
Balance of
Administration grant.
offering to purchase the bonds at the lowest interest cost to the city, such
cost to be determined by deducting the total amount of the
premium bid
from the aggregate amount of interest upon ali the bonds until
their respec¬
tive maturities.
No bid of les& than par and accrued interest will be enter¬
check for
TO
a
program.
for part of the bonds
rate for the
BOARD
special meeting on Nov. 14 the Board of Education authorized an
issue of $4,382,000 bonds on its own authority to cover the district's
share
bids until 11
a.
Nov. 8.
on
a. m.
$8,000 street
11
approved
DISTRICT. Ohio—BOND SALE DETAILS
$12,000 school bonds purchased by Ryan, Sutherland & Co. of
Toledo—V. 147, p. 2899—were sold as 3Ms. at 101.10, a basis of about
3.35%.
Dated Sept. 1, 1938 and due $400 on March 1 and Sept. 1 from
1940 to 1954 incl.
—The
coupon street improvement bonds offered for sale on Nov. 15—Y. 147,
p.
3053—was awarded to Scott, Horner & Mason of Lynchburg, Va.,
paying a
premium of $79.00, equal to 100.06, a net interest cost of about 3.57% on
the bonds divided as follows: $68,000 as 3 Ms, maturing on
Sept. 1: $5,000,
1941 to 1944: $6,000, 1945 to 1948: $8,000, 1949 to 1951; the
remaining
$62,000 as 3 Ms, due on Sept. 1: $8,o00in 1952, and $9,000, 1953 to 1958.
9:30
was
1938
19,
issue of $12,000 fire department
BREWSTER SCHOOL
principal annually thereafter, with curtailment of 10% of the principal
each year.
Enclose a certified check for 10% of bid, payable to John R.
Carroll, Chairman.
ROANOKE
Nov.
BEREA, Ohio—BONDS VOTED—An
Nov.
COUNTY
8
election
(P.
the
O.
Ohio—BONDS DEFEATED—At,
Toledo),
voters
defeated
the
proposed issues
of $407,000
infirmary and study institute bonds.
MAHONING COUNTY (P. O. Youngntown), Ohio—TO SELL PART
OF RECENTLY VOTED BOND ISSUE— Earl F.
Peitz, Clerk of Board of
CoUnty Commissioners, reports that the county proposes to offer for sale
shortly a block of $194,520.85 bonds of the $418,000 issues authorized by
the voters at the recent general election.
They will mature Oct. 1 as follows:
$26,520.85 in 1939 and $84,000 in 1940 and 1941.
MAHONING COUNTY (P. O. Younggtown), Ohio—PRICE PAID—
The Provident Savings Bank & Trust Co. of Cincinnati and associates
paid
a
price of par in
purchasing last September
147, p. 1815.
an
issue of $460,000 2M%
refunding bonds.—V.
OHIO
BAKERSVILLE RURAL SCHOOL DISTRICT
(P. O. Newcomers,
town, Route 2), Ohio—BOND SALE—The $12,500' 4%
building bonds
.offered Aug. 6—V. 147, p. 611—were awarded to
Ryan, Sutherland &
Co. of Toledo at 100.336, a basis of about
3.94%.
Dated Aug. 1, 1938,
and due $500 on May 1 and Nov. 1 from
1939 to 1950, incl., and $500 May 1,
1951.
NEW
BLOOM 1NGTON
SCHOOL
DISTRICT
(P.
O.
R.
R.
No.
2,
Agosta), Ohio—BOND SALE DETAILS—'The $23,000 school building
bonds mentioned In V. 147, p. 3055, were sold as 3s at 101, a basis of about
2.89%.
Due $575 on June 1 and Dec. 1 from 1940 to 1959, inclusive.
NEW
BOSTON, Ohio—BOND SALE—An issue of $35,000
street im-
'ohl & Co., Inc., authorized at
?rovement bonds, of Cincinnati. the Aug. 9 primary election, was sold to
Financial
147
Volume
DISTRICT (P. O. East Canton), i >
building bonds pur¬
Sutherland & Co. of Toledo—V. 147, p. 3055—were sold
plus $335 premium, equal to 100.35.
Dated Sept. 1, 1938 and
March 1 and Sept. 1 from 1940 to 1957 incl.
Interest M-S.
OSNABURG TOWNSHIP SCHOOL
Ohio—BOND SALE DETAILS—The $93,500 2M%
chased by Ryan,
at
par
due
on
ROSEVILLE, Ohio—BOND SALE DETAILS—The $3,500 3H% street
improvement bonds purchased by Saunders, Stiver & Co. of Cleveland—
V. 147, p. 3055—were sold at a price of 100.39, a basis of about 3.43%.
SHELBY CITY SCHOOL
—The $8,127
DISTRICT, Ohio—BOND SALE
STRONGSVILLE
SCHOOL
An issue of $18,000 construction
tion.
DETAILS
school bonds awarded to Saunders, Stiver 8c Co. of
sold as 2>£s, at 100.46, a basis of about
—V. 147, p. 305&—were
Cleveland
2.17%.
DISTRICT, Ohio—BONDS VOTED—
bonds was authorized at the Nov. 8 elec- ,
They will mature in 18 years.
STRUTHERS, Ohio—BOND SALE—The $33,711.85 assessment bonds
12—Y. 147, p. 2734—were awarded to Ryan, Sutherland &
as 3Ms at 100.46, a basis of about 3.10%.
Dated July 1
1938, and due as follows: $4,000 April 1 and Oct. 1 from 1940 to 1942, incl.;
$5,000 April 1 and $4,711.85 on Oct. 1 in 1943.
Other bids:
Bidder—
Int. Rate
Rate Bid
offered Nov.
Co. of Toledo
Middendorf &
STRUTHERS,
authorized
-3>£%
Trust Co
Ohio—BONDS
the
100.56
100,27
VOTED—At the Nov. 8 election the
3M%
Seasongood & Mayer
Provident Savings Bank &
voters
100.27
3M%
Co
issuance of $20,000 fire
pool and shelter and $90,000 street construction
station, $30,000 swimming
.
.
,
the subscriber.
Forms for making subscriptions
for
be received until 8 p. m. on
Commissioner
(P. O. South Euclid), Ohio—BONDS TO
Village Clerk, advises that no bids were
refunding bonds offered Nov. 12—-V. 147,
submitted for the $138,800 4%
2735, and that they will be
outstanding.
exchanged with holders of bonds presently
<
TOWNSHIP RURAL SCHOOL DISTRICT
Wheeler*burg), Ohio—BOND SALE—The $18,000 school
authorized at the Aug. 9 primary election have been sold.
VER NON
WADSWORTH, Ohio—BONDS VOTED—An issue
ming pool construction bonds was
and
(P. O. R. R. 2,
addition bonds
of $25,000 swim¬
approved by the voters on Nov. 8.
WELLINGTON, Ohio—BONDS VOTED—At the recent general election
of $42,000 sanitary sewer and sewage treat¬
ment plant bonds.
the voters authorized an issue
WOOSTER,
Ohio—BOND
OFFERING—Elsie A. Williams, City
Auditor, will receive sealed bids until noon on Dec. 5 for the purchase of
$325,000 4% coupon sewage disposal plant construction bonds.
Dated
Dec. 15, 1938.
Denom. $1,000.
Due Dec. 15 as follows: $13,000 from
1940 to 1950, incl., and $14,000 from 1951 to 1963, incl.
Interest J-D 15.
Bidder may name a different rate of interest provided that fractional rates
are expressed
in multiples of K of 1%.
A certified check for $3,250,
payable to order of the city, must accompany each proposal.
Proceeds of the issue will be used to pay a like amount of notes redeemable
Dec. 15, 1938.
,
SCHOOL DISTRICT, Ohio—BOND SALE DE¬
school bonds sold to the BancOhio Securities
101.10—V. 147, p. 3055—are dated Nov. 1, 1938, in
$1,000 denom. and mature $34,000 on Nov. 1 from 1941 to 1960, incl.
Prin. and int. (M-N)payable at office of Treasurer of Board of Education.
Legality to be approved by Squire, Sanders & Dempsey of Cleveland.
In¬
terest cost about 2.90%.
The bonds are stated to 6e general obligations of
the district, payable from ad valorem taxes within the limitations pre¬
scribed by law.
However, a tax outside limitations of 0.50 mills for the
service of limited tax bonds was approved at the Nov. 8 general election,
according to report.
* .
YOUNGSTOWN
TAILS— The $680,000 3%
Co. of Columbus at
R. J. EDWARDS, Inc.
by the
is now reported
the various issues
SOLD— It
Finance that
of civic
National Bank.
Stillwater
the
SCHOOL
TALOGA
DISTRICT
P. O. Taloga), Okla.—BONDS
District Clerk that $4,000 auditorium bonds
SOLD—It is reported by the
have been sold.
OREGON
CLACKAMAS COUNTY SCHOOL
DISTRICT NO. 64 (P. O. Clack-
Ore.'—BOND SALE—The following bonds aggregating
on Nov.
2—V. 147, p. 2735—were awarded to
McCleary of Portland, according to the District Clerk:
$12,000 school bonds.
Due $4,000 from 1941 to 1943.
5,000 school bonds.
Due $2,500 in 1939 and 1940.
amas),
offered for sale
$17,000.
Tripp &
bonds
$10,000 issue of water
the First
Nov. 1,
offered for sale on Nov. 7—V. 148, p. 2900—was purchased by
National Bank of Portland, as 2.70s, according to report.
Dated
1938.
Due
on
*
Nov. 1. 1948.
$401.50 not to exceed 5% semi-ann. improve¬
ment, Series N-l bonds offered at the same time, were not sold as no
bids were received.
Dated Nov. 1, 1938.
BONDS NOT SOLD—'The
until
EASTSIDE, Ore.—BONDS OFFERED—Sealed bids were received
C. Merchant, City Recorder, for the purchase
a $15,000 issue of not to exceed 6% semi-ann. coupon refunding bonds.
Dated Dec. 10, 1938.
Denom. $500.
Due $1,500 Dec. 10, 1939 to 1948.
Provided, however, that the city shall have the option to redeem said bonds
in numerical order upon the payment of the face value thereof, and accrued
interest, on any interest paying date, at or after five years from the date
of issue.
Principal and interest payable at the City Treasurer's office.
7:30 p. m. on Nov. 18, by J.
of
RIVER,
Ore. —BOND SALE—The $8,435.24 issue of Im¬
bonds offered for sale on Nov, 7—V. 147. p. 2900—was
Camp & Co. of Portland, at a price of 100.25. according to
the City Recorder.
Dated Nov. 1, 1938. Due from Nov. 1, 1940 to
callable on or after Nov. 1. 1943.
"IToOD
provement
awarded to
1948;
JEFFERSON COUNTY
Ore—BOND
SCHOOL DISTRICT NO. 9
SALE— The $18,000 issue of
147, p. 3055—was awarded
2^s, reports the District Clerk.
$2,000 from Nov. 1, 1940 to 1948 incl.
as
JOSEPHINE COUNTY SCHOOL
Pa..)
(P. O. Madras),
sale
school bonds offered for
Nov. 12—V.
on
BE EXCHANGED—W. A. Horky,
p.
Okla.—BONDS
of Accounts
improvement bonds aggregating $192,500, offered for sale on Sept. 20, as
noted here—V. 147, p. 1963—were purchased by the First National Bank
& Trust Co. of Oklahoma City, the First National Bank of Stillwater, and
land,
1, 1938.
MM
OFFERING—It is reported that sealed bids will
Nov. 19, by C. V. Guthrie, City Clerk, for the
purchase of a $45,000 issue of electric extension bonds.
Due as follows:
$7,000. 1941 to 1946, and $3,000 in 1947.
udA
mi
AmmmM**
r PERRY Okla.—BOND
COQUILLE, Ore.—BOND SALE—The
Foster,
UNIVERSITY HEIGHTS
and additional information regarding the
The notes are to be ready
be obtained from the State Treasurer.
delivery to subscriber on Dec. 1,1938,
notes may
■
SCHOOL DISTRICT, Ohio—NOTE OFFERING—
Clerk-Treasurer of the Board of Education, will receive
sealed bids until noon, on Nov. 22 for the purchase of $1,050,000 public
library bldg. bond anticipation notes.
It is the purpose of the district to
exchange the bonds for notes under authority of Section 2293-29A.
The
offer to purchase the notes should be accompanied by an agreement in writ¬
ing to make such exchange, the exchange to take place as soon after de¬
livery of the notes as possible.
Proceedings incident to authorization and
issuance of both the notes and bonds have been taken under the super¬
vision of Squire, Sanders & Dempsey of Cleveland, whose approving opinion
can be obtained
by the purchaser at his own expense.
Both bonds and
notes will be dated Dec. 1, 1938 and are to bear the same rate of int erest.
4
The bonds are to be issued under authority of Amended Substitute House
Bill 850 of the 92nd General Assembly of Ohio, and will be payable from
taxes within the 10 mill limitation.
They will mature Dec. 1 as follows:
$52,000 from 1943 to 1952 incl. and $53,000 from 1953 to 1962 incl.
The
first maturity on said bonds is postponed for a period of five years as pro¬
vided in said Amended Substitute House Bill 850.
The test case brought
to test the validity of Amended Substitute House Bill 850 and the pro¬
ceedings in this particular issue was decided in favor of the Board of Edu¬
cation on Nov. 7.
The right to appeal will expire on Nov. 28.
Said notes
will be sold to the highest responsible bidder offering the lowest rate of
interest for not less than the par value thereof.
Bids must be accompanied
by a certified check for $10,050, payable to order of Clerk-Treasurer.
Purchaser must agree to accept delivery and pay for notes on or about
Dec.
_.
and resources of the State are
STILLWATER,
CITY
TOLEDO
May P.
accruing to the general fund of the
30, 1939, and the full faith, credit
pledged to their payment.
Subscriptions for said notes will be received by the State Treasurer in
amounts of $5,000 or any multiple thereof.
If the issue is oversubscribed
the State Treasurer wid prorate the issue among the subscribers.
Sub¬
scribers shall agree to pay par for the notes subscribed for, and each sub¬
scription shall be accompanied by a certified or cashier's check on a solvent
bank for 1 % of the amount of notes desired which shall be applied on the
purchase price of said notes. In the event subscriber fails to accept and pay
for the notes subscribed for within 10 days after notice from the State
Treasurer by registered mail to do so, the proceeds of said check shall
be credited to the general fund of the State as liquidated damages.
The
State Treasurer with the approval of the State Auditor and Governor has
the authority to reject any subscription in which event the State Treasurer
shall refund subscriber the amount of his check.
Subscriptions may be submitted subject to the notes awarded the sub¬
scriber being approved as to legality by Chapman & Cutler of Chicago, or
J. Berry Kink and George J. Fagin, attorneys at law, First National Build¬
ing, Oklahoma City, their approval opinion to be obtained at the cost of
68 are payable from any revenues
State for the fiscal year ending June
bonds.
TOLEDO, Ohio—BOND OFFERING—C. H. Austin, City Auditor, wil
receive sealed bids until Dec. 8 for the purchase of $3,600,000 coupon water
works extension first mortgage bonds.
Dated Dec. 1, 1938.
Denom.
$1,000.
Due in 30 approximately equal annual instalments, including
both principal and interest, from Dec. 1, 1941, to Dec. 1; 1970, both incl.
Bidder to state the rate of interest in a multiple of M of 1 %.
These are
revenue bonds secured by a first lien on the entire water works system and
the gross revenues after deducting the cost of maintenance, operation and
depreciation
are pledged to the payment of both principal and interest.
Proceeds of the issue, together with Public Works Administration grant of
$2,897,803, will be used to extent the water works system to Lake Erie,
the effect of which will be to increase the total value of the system to about
$20,000,000.
The bonds are not subject to any limitations on indebtedness
and are authorized by the Ohio Constitution.
Proceedings incident to
the proper authorization of the issue will be taken under the direction of
Squire, Sanders & Dempsey of Cleveland, whose opinion as to legality of
the bonds may be procured by the purchaser at his own expense.
The
engineering firm of Greeley & Hansen of Chicago are consulting engineers
for the city.
3199
Chronicle
to Jaxtheimer
& Go. of Port¬
Dated Nov. 1, 1938.
Due
DISTRICT NO. 7 (P. O. Grant.
bids will be received until 7:30
Ore.—BOND OFFERING—Sealed
Nov. 23, by Lillian Fosbery, District Clerk, for the purchase of an
$85,000 issue of building bonds. Interest rate is not to exceed 6% .payable
M-N. Dated Nov. 15,1938. Due Nov. 15, as follows: $4,000 in 1943, $4,500
in 1944 to 1947, $5,000 in 1948 to 1950, $5,500 in 1951 to 1953, $6,000 in
1954 to 1956, $6,500 in 1957, and $7,000 in 1958, subject to redemption on
Nov. 15, 1947, and on any interest paying date thereafter.
Prin. and Int.
payable at the fiscal agency of the State in New York City, or at the County
Treasurer's office.
The approving opinion of Teai, Winfree, McCulloch,
Shuier & Kelley of Portland, will be furnished
Enclose a certified check
p. m. on
for
$1,000
rnmm
Vi.afti
n
—
Ore.—BOND SALE— The $97,000 issue of coupon
water, general obligation bonds offered for sale on Nov. 2—V. 147, p. 2431—was awarded to Blyth & Co., Inc. of Portland, as 2s and 3s, paying a price of
100.38, according to the City Recorder.
Dated Oct. 1, 1938._Due from
Oct. 1, 1939 to 1949. |
..mMMmnmMM.
LA
GRANDE.
«■!
DISTRICT NO. 14 (P. O.
Cottage Grove), Ore.—BOND SALE—The $145,200 issue of school bonds
offered for sale on Nov. 4—V. 147, p. 2735—was awarded to Atkinson,
Jones & Co. of Portland, paying a price of 100.075, a net interest cost of
LANE COUNTY UNION
about
HIGH SCHOOL
follows: $99,700 maturing Dec. 15,
$6,500 in 1942 and 1943, $7,000 in
$8,000 in 1952 and 1953, as 214*.
in 1954 and 1955, $9,000 in 1956.
1957, and $10,000 in 1958. as 3s.
2.74%,
the bonds divided as
on
$200 in 1939, $6,000 In 1940 and 1941,
1944 to 1946, $7,500 in 1947 to 1951,
and $45,500 maturing Dec. 15, $8,500
$9,500 in
~NYSSA, Ore.—BONDS
SOLD—It is stated by the City Recorder that
bonds were purchased at par by a local
$1,369.34 sewer improvement
investor.
ST. HELENA,
Ore.—BOND SALE—The $117,000 issue
of 4% semi-ann
3055—was pur¬
received,
Dec. 1,
refunding bends offered for sale on Nov. 14—V. 147, p.
chased by Blyth & Co. of Portland, at par.
No other bid was
according to the City Recorder.
Dated Dec. 1, 1938. Due from
1939 to 1958.
4
■£
m
~
Echo).
offered
McCleary
Dated
UMATILLA COUNTY SCHOOL DISTRICT NO. 5 (P. O.
Ore.—BOND SALE—The $4,945.85 issue of coupon school bonds
for sale on Nov. 12—V. 147, p. 2900—was awarded to Tripp &
of Portland, as 2^s, at a price of 100.07, a basis of about 2.485%.
Nov. 1, 1938.
Due from Nov. 1, 1942 to 1946 incl.
PENNSYLVANIA
Municipal Bonds Since 1892
Oklahoma City, Oklahoma
Long Distance 787
AT&T Ok C7 19
OKLAHOMA
HASTINGS SCHOOL DISTRICT (P. O. Hastings) Okla.—BOND
OFFERING—Sealed bids will be received until 2 p. m. on Nov. 22, by J. E.
Clerk of the Board of Education, at the office of the County Super¬
intendent in Waurika, for the purchase of a $7,000 issue of school bonds.
Due $1,000 in 1943 to 1949.
The bonds will be sold to the bidder bidding
the lowest rate of interest the bonds shall bear, and agreeing to pay par
and accrued interest for the bonds. Enclose a certified check for 2%.
Craven,
OFFERED FOR PURCHASE—It is
received by Hubert L. Bolen, State
$3,000,000 State Treasury, series B, 1938-39
notes. The notes are issued in denom. of $5,000 and mature on May 1, 1939.
The notes bear interest at the rate of 1M % from their date until paid, and
will be dated the day they are delivered to the purchasers thereof.
The
OKLAHOMA, State of—NOTES
announced that subscriptions will be
Treasurer,
until Nov. 25, for
ALIQUIPPA SCHOOL DISTRICT, Pa.—BONDS VOTED—An issue
of $500,000 auditorium bonds was authorized by the voters on Nov. 8.
AMBRIDGE, P*.—BONDS VOTED—An issue of $75,000 swimming
construction bonds was approved by the voters at the Nov. 8
ARNOLD, Pa.—BONf>S VOTED—At
authorized issues of $20,000 fire hall and
system
and $75,000 street improvement
poo
1
election.
the voters
fire alarm
the Nov. 8 election
police station, $5,000
bonds.
,
^ATHENS SCHOOL DISTRICT, Pa .—BOND SALE—The
$25,000 3ii% coupon school bonds offered Oct. 25—V. 147, p.
awarded to the First National Bank of Mansfield.
issue of
2431—was
FALLS, Pa .—BONDS VOTED—On
orized $215,000 public improvement bonds.
BEAVER
Nov. 8 the voters
auth¬
Vandcrgrift), Pa.
was authorized
BELL TOWNSHIP SCHOOL DISTRICT (P. O.
—BONDS VOTED—An issue of $21,000 construction bonds
by the voters on
BELLEVUE,
sewer
bonds was
Nov. 8.
<
Pa.—BONDS VOTED—An issue of $125,000
authorized by the voters on Nov. 8.
CAMP HILL, Pa .—BONDS VOTED—At
authorized an issue of $75,000 sewer bonds.
street and
the Nov. 8 election the voters
3200
Financial
OFFERINGS
Chronicle
Nov.
WANTED
Pennsylvania Municipal Bonds
Munson of Philadelphia.
District
the
Incorporated
PITTSBURGH
A. T. T.
Treasurer,
is
legality of Townsend, Elliott &
payable to order of
A certified check for 2%,
required.
PENNSYLVANIA
(State of)—LOCAL
ISSUES
APPROVED—'The
following local bond issues have been approved by the Pennsylvania Depart¬
ment of Internal Affairs.
Tabulation shows name of the municipality,
PENNSYLVANIA
8333
1938
OIL CITY, Pa.—BONDS VOTED—An issue of
$350,000 sewage plant
completion bonds was authorized by the voters on Nov. 8.
JOHNSON & McLEAN
Telephone-Atlantic
19,
will receive sealed bids until 8 p. m. on Nov. 21 for the
purchase of $16,500
2M% coupon school bonds.
Dated Dec. 1. 1938.
One bond for $500,
others $1,000 each.
Due Dec. 1, as follows: $1,000 from 1939 to 1954 incl..
and $500 in 1955.
Interest J-D.
Bonds registerable as to principal only.
Their issuance is subject to approval as to
Teletype-PITB 289
amount and purpose
of issue and date approved:
Dale
Municipality and Purpose of Issue—
Amount
Penn Borough School District, Berks
County—
Constructing an auditorium-gymnasium addition;
Mt.
CITY OF PHILADELPHIA
alter and equip school building
$50,000
Highland Township School District, Chester County—
School building construction and equipment——
20,000
Plum Township School District, Allegheny County—
Purchase land; erect and equip school building— 150,000
Susquehanna
Township
School
District,
Dauphin
County—Purchase tract of land for athetletic field->
5,000
Charleroi
Borough, Washington County—Construct
a storm water
intercepting sewer; improving streets
and sewers
130.000
BONDS
BOUGHT
SOLD
QUOTED
YARNALL & CO.
A. T. & T.
1628
Walnut
Teletype—Phla 22
St.
Philadelphia
PENNSYLVANIA
sewer
15—V.
147, p. 2900—were awarded to Singer, Deane
& Scribner of Pittsburgh as 2 Ms, at par plus $1,851
premium, equal to
102.177, a basis of about 2.29%.
Dated Dec. 1, 1938, and due $5,000 on
Dec. 1 from 1942 to 1958, incl.
Second high bid of 102.083 for
2Ms was
made by Moore, Leonard & Lynch of N. Y.
City.
Other
bids:
Bidder—
Int. Rate
E. H. Rollins & Sons, Inc
S. K.
and
Hemphill,
Noyes
Burr &
Co.,
2M%
2M %
2M%
2%%
2%%
Corp
Inc
COATESVILLE, Pa.—BOND SALE—An
bonds
issue of $23,000
sold to the National Bank of Coatesvilie at
par.
was
COATESVILLE SCHOOL
basis of about 2.21%.
Bidder—
3% city hall
15—V.
147,
issue
3055—was awarded
p.
Dougherty, Corkran & Co./, Mackey, Dunn &
Co., all of Philadelphia, as 2Ms at 100.421, a
on
Int. Rate
-
.
Edward Lowber Stokes & Co. and
George E. Snyder
& Co., jointly
Graham, Parsons & Co., E. H. Rollins & Sons, Inc., and
Singer, Deane & Scribner
Halsey, Stuart & Co.,, Inc., and Harrison & Co., jointly.
Brown Harriman & Co., Inc., and Yarnall &
Co., jointly
First Boston Corp. and
Barclay, Moore & Co., jointly._
Bancamerica-Blair Corp. and Butcher & Sherrerd,
jointly
COLUMBIA
1,338.75
111.35
Dated Nov. 1, 1938, and due $12,000
Other bids:
from 1939 to 1963, incl.
935.00
453.90
178.50
.
DISTRICT, Pa.—BOND SALE—The
of $300,000 school bonds offered Nov.
to an account composed of
Co. and C. C. Coll ngs &
$1,334.50
&
...
Cunningham & Co
Bancamerica-Blair
Rate Bid
2M%
Phillips, Schmertz & Co.
Co., jointly
Johnson & McLean, Inc
Nov.
1
Rate Bid
2M%
101.329
2M%
100.639
2M %
2M %
2M%
2M %
100.639
100.589
100.93
100.77
SCHOOL
DISTRICT, Pa.—BONDS VOTED—An issue
of $250,000 construction bonds was
authorized at the Nov. 8 election.
Bids will be received Dec. 2, with the bonds to
bear interest either at 2%,
2M%
2M %•
or
BOND
S. Klair, District Secretary, will receive
m. on Dec. 2 for the purchase of $150,000
2, 2M or
registerable as to principal, high school addition bonds.
Dated Jan. 1, 1939.
Denom. $1,000.
Due Jan. 1, as follows: $6,000 from
1942 to 1945 incl. and $7,000 from 1946 to 1963 incl.
Bidder to name a
single rate of interest, payaDle J-J.
A certified check for 2% of the bonds
bid for,
payable to the order of the District Treasurer, is required.
Bonds
will be issued subject to favorable
legal opinion of Townsend, Elliott &
coupon,
Munson of Philadelphia,
DuBOIS,
as
Pa.—BONDS
to their
legality.
FRANKLIN TOWNSHIP SCHOOL
DISTRICT (P. O. Greensburg),
Pa.—BOND OFFERING—W. J.
Rose, District Secretary, will receive
sealed bids at the offices of Crowell &
Whitehead, Bank & Trust Bldg.,
Greensburg, until 10 a. m. on Nov. 29 for the purchase of
$23,000 school
bonds.
Dated Dec.
$2,000 from 1940
of interest
rate
15, 1938.
Denom. $1,000.
Due Dec. 15 as follows:
1949 incl. and $3,000 in 1950.
Bidder to name the
multiple of M of 1%
A certified check for $500,
to
in
a
.
payable to order of P. R. Foight, District Treasurer, is
required.
Bonds
be issued subject to approval of
proceedings by the Pennsylvania
Department of Internal Affairs.
GREENSBURG,
Pa.—BONDS DEFEATED—The proposals to
$395,000 fire station and sanitary sewer bonds
general election.
HALIFAX, Pa.—BONDS VOTED—An
was
authorized
on
were
issue
of
Nov. 8.
issue
defeated at the recent
$15,500 water system
600,000 water supply bonds was authorized at the Nov.
8 election.
Sale
of the bonds is contingent
upon receipt of Public Works Administration
grant toward cost of the project.
n
bonds
offered
SCHOOL DISTRICT, Pa.—BOND
Nov.
14—V.
SALE—The $375,-
147, p. 2736—were awarded to a group
composed of Smith, Barney & Co., New
York; Stroud & Co. and Cassatt
& Co., both of
Philadelphia, as 3Ms at 100.01,.a basis of about 3.497%.
Sale consisted of:
$180,000 impt. bonds.
Due $10,000 on Nov. 15 from
1941 to 1958 incl.
195,000 refunding bonds.
Due Nov.
15
as
follows:
$19,000,
1939;
120,000, 1940; $19,000, 1941; $20,000, 1942; $19,000, 1943;
S22,0«°& h™?:: ?19,000, 1945; $20,000, 1946; $19,000 in 1947,
and $20,000 in 1948.
All of the bonds will be dated
Nov.
Bi>dd£
■m
o
c
15, 1938.
Int-Rate
u-„
xt
Premium
Ja3M%l
\b3M%J
Barclay, Moore & Co
$2,887.50
0
Hemphill, Noyes & Co....
1,287.00
1,692.00
3^%
3^ %
3M%
4,350.00
1,185.00
Refunding issue; b improvement issue.
178 00
1967 incl.
Redeemable
at par on
quent interest date.
(This is the issue which
LEWISTON,
sewer
bonds
was
was
May 1, 1948,
was
or
approved at the
on
any
subse¬
offered for
sale on May 17.)
Pa.—BONDS DEFEATED—Proposal to
defeated by the voters on Nov. 8.
LINESVILLE, Pa.—BONDS VOTED—An issue
bonds
4
Philadelphia.
ROBESONIA SCHOOL
DISTRICT, Pa.—BONDS VOTED—An issue
of $10,000 construction bonds
general election.
was
authorized
by the voters at the recent
RUSSELLTON SCHOOL DISTRICT, Pa —BONDS NOT SOLD—
The $150,000 coupon school bonds offered
Sept. 22—V. 147, p. 1817—were
not sold
Oct.
1
the bids were returned unopened.
Dated Oct. i, 1938 and due
follows: $7,000 from 1941 to 1952 incl. and $6,000 from 1953 to
as
as
1963 incl.
SHARON,
Pa.—BOND SALE—The $220,500 sewage plant bonds
15—V. 147, p. 2901—were awarded to an account composed
Hemphill, Noyes & Co., Philadelphia; Phillips, Schmertz & Co. and
Norman Ward & Co., both of Pittsburgh, as 2Ms at par
plus $3,087 pre¬
mium, equal to 101.40, a basis of about 2.39%.
Dated Nov. 15, 1938,
and due as follows:
$7,000, 1939 to 1958 incl.; $8,000 from 1959 to 1967
incl. and $8,500 in 1968.
Other bids:
offered Nov.
of
Bidder—
Int. Rate
Prem.
2M%
$2,646.00
2M%
3%
6,215.90
5,638.19
3%
3%
5,314.05
2,553.39
3%
2.455.26
McDowell National Bank
Brown Harriman & Co., Inc., and Peoples-Pitts¬
burgh Trust Co., jointly
Singer, Deane & Scribner
S. K. Cunningham & Co.; Moore, Leonard &
Lynch, and Glover & MacGregor
•_
Halsey, Stuart & Co., Inc
Johnson & McLean, Inc., and Stroud &
Co.,
jointly
SHARON HILL SCHOOL
DISTRICT, Pa —BOND SALE—'The issue
bonds offered Nov. 10—V. 147, p. 2576—was
awarded to the Bancamerica-Blair Corp.,
Philadelphia, as 2Ms, at 101.767,
a basis
pf about 2.59%.
Dated Nov. 15, 1938 and due $1,000 on Nov. 1
from 1939 to 1963 incl.
Burr & Co., Inc., Philadelphia, offered to pay
101.039 for 3s.
*
of
$25,000
improvement
recent general election.
of $13,000 sewage plant
NEW
NORTHAMPTON TOWNSHIP SCHOOL
DISTRICT (P. O. Newton,
OFFERING—Mary S. Hammond, District Secretary,
SHARPSVILLE,
Pa.—BOND
OFFERING—Sealed
bids
addressed
to
Mame
K. Robins, Borough
Secretary, will be received until 7:30 p. m.
Dec. 5 for the purchase of $65,000 2,
2M,2M.2M,3,3M,3M,3M,or
4% coupon, registerable as to principal, sewage disposal bonds.
Dated
Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows:
on
from
1939 to 1963 incl., and*$3,000 from 1964
to 1968 incl.
Bidder to name a
of interest, payable J-D.
A certified check for 2% of the
bonds bid for, payable to order of the
single rate
Borough
Treasurer,
The bonds
is required.
will be issued subject to favorable
legal opinion of Townsend,
Elliott & Munson of Philadelphia.
(The above issue was previously offered Nov. 7, at which time all bids
were
rejected.)
•
SOUTH BETHLEHEM (P. O. New
Bethlehem), Pa.—BOND SALE—
bonds was sold to the First National
Due $500 annually.
An issue of $2,000 4% street
impt.
Bank of New Bethlehem at 101.30.
SPEERS (P. O. Belle
Vernon), Pa .—BOND OFFERING—E. E. Cun¬
ningham, Borough Secretary, will receive sealed bids until 7:30 p. m. on
Dec. 6 for the purchase of $16,000 not to exceed
4% interest coupon water
line bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due $1,000 on Dec. 1
from 1941 to 1956, incl.
Bidder to name a single rate of interest in a mul¬
tiple of M of 1 % and payable J-D.
Sale of the bonds is subject to approval
of proceedings by the
Pennsylvania Department of Internal Affairs.
A cer¬
tified check for $500, payable to order of the
Borough Secretary, is required.
bidder will be furnished with the
approving opinion of Burgwin,
Scully & Churchill of Pittsburgh and the borough will print the bonds.
TARENTUM, Pa.—BONDS
000 viaduct bonds
was
DEFEATED—The proposed issue of $110,defeated by a wide margin at the Nov. 8 election.
UPPER MORELAND
TOWNSHIP
SCHOOL
DISTRICT
(P. O.
Jenkintown), Pa.—BOND OFFERING—Sealed bids will be received
by the Secretary of the Board of Education until Dec. 15 for the purchase
of $75,000 building bonds.
The issue was authorized at the Nov. 8
election.
WARREN
SCHOOL DISTRICT, Pa .—OTHER BIDS—The $36,000
Glover & MacGregor, Inc. of Pittsburgh as 2Ms»
plus $887.40 premium, equal to 102.465, a basis 01 about 2.21%—V.
147, d. 3056—were also bid for as follows:
school bonds awarded to
at par
Bidder—
Int. Kate
Hemphill, Noyes & Co
Sons, Inc
Singer, Deane & Scribner
Warren Bank & Trust Co
Union Trust Co.,
2M%
2M%
2M%
2M%
2M%
2M%
2M %
2M%
2M%
_
Schmidt, Poole & Co
Bancamerica-Blair Corp
W. H. Newbold's Son & Co
Johnson & McLean, Inc
Kay, Richards & Co
voters
3%
Premium
$817.92
805.68
678.00
633.60
567.09
561.60
559.80
475.20
210.60
864.00
approved
an
VOTED—At the recent general election the
issue of $45,000 sewer bonds. .....
WINDBER SCHOOL DISTRICT, Pa.—BOND SALE— The $.32,000
high school addition bonds offered Nov. 10—V. 147, p. 2736—were awarded
to Johnson & McLean,
Inc., Pittsburgh, as 2Ms, at 100.81, a basis of about
2.30%.
Dated Jan. 1, 1939 and due $4,000 on Jan. 1 from 1940 to 1947
the
$192,500
KENSINGTON, Pa.—BONDS VOTED—L. G. Heinle, City
Clerk, reports that an issue of $200,000 various new
capital purposes bonds
approved by the voters at the recent general election.
R. D. 2), Pa.—BOND
SHARPSBURG, Pa .—BOND ELECTION— Henry J. Hohman, Borough
Secretary, states that on Nov. 29 the voters will consider an issue of $100,000
and light plant bonds.
water
incl.
issue
was
,
Nov.
WHITAKER, Pa.—BONDS
LANSFORD, Pa.—BOND SALE—An issue of $52,000
refunding bonds
^^ld, locailyas 4s. Dated May 1, 1938 and due Nov. i as follows:
f4,00°, 1958 and 1959; $5,000 from i960 to 1963 incl., and $6,000 from
1964 to
of
Pittsburgh
fa3 M %
\b3 M %
__
nU]w Childs & Co..
"
C. F.
a
1
sued subject to of the Borough Treasurer, is required.
Sayable to order favorable ±egal opinion of Townsend, Elliott & Munson
Bonds will be
E. H. Rollins &
Other bids:
-r
E. R. Rollins & Sons, Inc.
tt
Nov.
Successful
HARRISBURG, Pa.—BONDS VOTED—Harry E. Kochenour Jr.,
Deputy Director of Accounts and Finance, reports that an issue of
$1,-
000
1
1938.
Denom. $1,000.
Due Dec. 1, 1953.
Redeemable Dec. 1, 1943 or
on any subsequent interest
payment date.
Bidder to name a single rate of
interest, payable J-D.
A certified check for 2% of the bonds bid for,
.
will
bonds
I
Nov.
$2,000
VOTED—At
the Nov.
8 election the voters
approved issues of $40,000 improvement and $10,000 athletic
park bonds,
according to E. V. Johnson, Deputy City Clerk.
„
1
Nov.
OFFERING—Samuel
sealed bids until 8 p.
2M%
Nov.
PORTLAND, Pa.—BOND OFFERING— Stanley Williams, Borough
Secretary, will receive sealed bids until noon on Dec. 5, for the purchase
of $10,000 2, 2M. 2M. 2M or 3% coupon funding bonds.
Dated Dec. 1,
CLAIRTON, Pa.—BOND SALE—The $85,000 street, park and
bonds offered Nov.
Approved
to
Callable in inverse order on or after Jan. 1 1943.
Bankers reoffered
bonds to yield from 1% to 2.15%,
according to maturity.
Legality
approved by Burgwin, Scully & Churchill of Pittsburgh.
Second
be
high bidder for the issue was Singer,
which offered to pay 100.537 for
2Ms.
Deane
&
Scribner
of
Pittsburgh,
Tax Collections
Fiscal Year
Beginning—
July 1,1934.
July 1, 1935
July 1,1936
July 1, 1937
Collected in Year
Levy
$95,113
95,517
95,258
94.396
Collected
of Levy
Oct. 10, 1938
$92,230
96%
91,655
96%
93,421
97%
85,442
90%
$78,852
79,349
83,463
79,637
82%
84%
87 %
84%
Volume
Financial
147
RHODE
Tenn.—BOND OFFERING—It is stated that sealed bids
ISLAND
was
awarded
Slus $1 premium. Boston, Nov. 21, 1938 and due Aug. 25, 1939. The Second
rational Bank of Dated runnerup in the bidding, named a rate of 0.189%.
9* RHODE
(State of)—BONDS DEFEATED—At the Nov. 8
refused to sanction the issuance of the following bonds,
ISLAND
election the voters
be received until 10 a. m. on Nov. 22, by J. W. Alexander, Town
secretary-Treasurer, for the purchase of a $17,000 issue of sewerage system
Dated Aug. 1, 1938.
Denoms. $1,000 and $500.
Due Aug. 1, as
follows:
$500 in 1941 to 1952, and $1,000 in 1953 to 1963.
No bid will be
will
I.—NOTE SALE—The Boston Safe Deposit & Trust
on Nov. 17 an issue of $100,000 notes at 0.15% discount,
NEWPORT, R.
Co.
3201
Chronicle
aggregating $28,020,000:
$12,000,000 Metropolitan Sewer System.
5,000,000 bridge construction.
5,000,000 road construction.
3,000,000 public building construction.
2,000,000 hurricane rehabilitation
1.020,000 refunding.
bonds.
considered at less than par
the office of the Town
and accrued interest.
Prin. and int. payable at
Secretary-Treasurer, or at the Smith County Bank,
are declared by law to be the absolute and general
obligations of the town, and revenue derived from sewer service shall be
applied to this issue supplemented by an unlimited general tax levy for their
payment is required by law and authorized by resolution.
The full faith
and. credit of the town are
irrevocably pledged to the punctual payment of
the principal .and interest of the issue.
The purchaser will pay for the
printing of the bonds, and any legal opinion required by him; tne attorneys
being acceptable to the town.
The bonds will be registerable as to principal
Carthage.
only and
These bonds
will
be prepared
and certified as to genuineness by the Smith
All bids must be on blank, forms furnished by
county Bank of Carthage.
CAROLINA
SOUTH
^owSJ5ecretary"Treasurer
for
Greenville),
Chairman of the
District Commission, that sealed bids will be received until 11 a. m. on
Nov. 29, for the purchase of coupon sewer system bonds in an amount of
not less than $500,000 and not to exceed $600,000.
Dated Dec. 1, 1938.
Denom. $1,000.
If $600,000 is sold, $30,000 will mature each year, begin¬
ning in 1939 through 1958; if a smaller amount of bonds is sold, the difference
will be apportioned so as to make the same number of bonds mature each
year through the life of the series.
Bidders are invited to name the rate of
interest which the bonds are to bear.
This must be a multiple of M of
1%; must not exceed 5%, and the bid may be in either of two forms:
(1) The interest may be the same for all bonds, or (2) the bid may name
one rate of interest for part of the bonds and another rate for the balance;
but no bid may name more than two rates for the bonds sold, anct each
bidder must specify in his bid the amount and description of the bonds of
each rate.
A bidder may bid in both forms.
The bonds will be awarded
to the bidder offering to take them for cash at the lowest rate of interest
at a price not less than par and accrued interest to the date of delivery.
Prin. and int. (J-D) payable at the Guaranty Trust Co., New York.
The
bonds are general obligations of the district, secured by an unlimited tax on
the property in the district.
These bonds are part of a $3,000,000 issue
authorized by an Act of the General Assembly of South Carolina, approved
March 23, 1936, together with amendments thereto.
The validity of the
bonds has been determined by a decision of the Supreme Court of South
Carolina, rendered March 24, 1927, in the case of Kutledge vs. Greater
Greenville Sewer District, et al., reported in 137 S. E. 597.
The bonds
will be sold subject to an approving opinion of Storey, Thorndike, Palmer
& Dodge of Boston.
Enciose a certified check for 2% of the amount of
SEWER DISTRICT (P. O.
GREATER GREENVILLE
S. C.—BOND OFFERING—It is stated by T. C. Gower,
bonds bid for,
payable to the Commission.
LAURENS, S. C.—BOND SALE—The $40,000 issue of coupon re¬
funding bonds offered for sale on Nov. 10—V. 147, p. 3056—was purchased
jointly by Hamilton & Co. of Chester, and Thomas L. Lewis of Greenville,
as 3s, paying a price of 100.27, a basis of about 2.95%.
Due $4,000 on
Dec.
1 from
1939 to 1948 incl.
NO. 34 (P. O. Spartanburg),
will be received until noon on Dec. 8
SPARTANBURG SCHOOL DISTRICT
S. C.—BOND OFFERING—Sealed bids
by Frank C. Rogers, District Secretary, for the purchase of an issue of
$150,000 coupon site purchase and school building bonds.
Denom. $1,000.
Dateil Jan. 1, 1939.
Due on Jan. 1 as follows: $5,000, 1942 to 1947;
$10,000, 1948 to 1954; $12,000, 1955 to 1957, and $14,000 in 1958.
Prin.
and int. (J-J) payable at New York..
Interest rate is not to exceed 6%,
to be in a multiple of H of 1 %, and must be the same for all of the bonds.
Clay of New Yprk that the bonds
district will be furnished.
These
bonds are issued under authority of an Act passed by the State Legislature
Feb. 17, 1938, and approved at an election held on April 5.
The bonds will
be awarded to the bidder offering the lowest rate of interest and at a price
of not less than par and accrued interest.
Enclose a certified check for
2% of the amount of bonds bid for, payable to the district.
The opinion of Reed, Hoyt, Washburn &
are valid and binding obligations of the
TENNESSEE
KNOXVILLE, Tenn.—BOND TENDERS REJECTED—In connection
with the call for tenders up to Nov. 8, of the $25,000 refunding bonds,
dated Jan. 1, 1933, and maturing on Jan. 1, 1958, noted here on Oct. 29—
V. 147, p. 2737—it was stated by A. P. Frierson, Director of Finance, that
ah offers were declined by the Sinking Fund Board, because the yield basis
was not satisfactory.
0
schoo1
Tenn —BOND SALE— The $1,592,000 issue of
bonds offered for sale on Nov. 15—V.
construction and improvement
147,
z90l—was awarded to a syndicate composed of the National City Bank,
Paine, Webber & Co.. Eastman, Dihon & Co., Mackey, Dunn & Co.,
Campbell, Phelps & Co., all of New York; the American National Bank and
Robinson, Hale & Co., both of Nashville, as 2Ks, paying a premium of
$30,566, equal to 101.919, a basis of about z.28%.
Dated Sept. 1, 1938.
Due from Sept. I, 1940 to 1968; optional on and after March 1, 1949.
p.
BONDS
OFFERED
INVESTMENT—The successful bidders re-
FOR
offered the above bonds for
public subscription priced to
yield from 0.70%
2.10% up to the 1949 maturity, and priced at from 103H on the
1954 maturities, to a price of lOz on the 1964 to 1968 maturities.
The following is an official tabulation of the bids received:
to
1950 to
Amount
Int. Rate
Bidder—
Harris Trust & Savings
Bank, The Nerthern Trust
Co., Reynolds & Co., Boatmen's National Bank,
Sherwood & Refchard. Thos. H. Temple Co. and
2%%
Nunn,Bhwab & Co
Halsey, Stuart & Co., Inc.; Bancamerica-Blair
Corp., Darby & Co., Inc., Bacon, Stevenson &
Co., Stranahan, Harris & Co., Inc., First of
Michigan Corp., Wm. R. Compton & Co., Inc.,
Nashville Securities Co., Inc., and J. C, Brad¬
The
Illinois
Securities
$1,622,883.00
'
2^%
1,604,831.52
2Yi%
1,597,570.41
Co. 2%%
1,603,303.20
ford & Co__
Brown Harriman &
Co.
Co.,, Inc., First Boston Corp.,
of Chicago and Cumberland
Corp...
Chemical Bank & Trust Co., Kidder,
Na¬
Goldman, Sachs & Co., R. W. Pressprich & Co.,
Mercantile Commerce Bank & Trust Co., B. J.
Ingen & Co.. Washburn
l,604;258.4O
2)4%
1,606,328.00
2)4%
1,616,069.45
&
Smith,
Co
Barney & Co.,
—
-
1,605,993.68
group
a net
two issues of bonds
Nov. 16—V. 147, p. 2901—were
Webster
Bass & Co., both of Nashville, paying a price of
.1^son and Jac^
100.361,
on
composed of Phelps, Fenn & Co. of New York,
interest cost of about 3.84%, on the bonds divided as
follows:
$241,000 public works, issue No. 4, bonds as 3 %s.
Due from Nov. 1, 1941
to 1970, inclusive.
69,000 public improvement of 1937, issue No. 2, bonds as 4)4s.
Due on
Nov. 1, 1958.
BONDS
OFFERED
bidders
successful
INVESTMENT—'The
FOR
re-
offered the above bonds for
public subscription.
The public works bonds
being reoffered at yields of 2% to 3.70% for the 1941 to 1959 maturities,
and from 100 to 99 for the 1960 to 1970 maturities.
The public improve¬
ment bonds are being reoffered to yield 3.80%.
are
TEXAS
Amarillo),
Superintendent of Schools
AMARILLO INDEPENDENT SCHOOL DISTRICT (P. O.
Texas—BONDS SOLD—It is stated by the
that $307,000 building bonds have been sold.
EAST
COUNTY
CHAMBERS
SCHOOL
DISTRICT
NO.
2
(P.
CONSOLIDATED INDEPENDENT
O. Stowell), Texas—BONDS NOT
SOLD—It is stated by the President of the School
not to exceed 4% semi-annual coupon schooi bonds
7, as noted here—V. 147,
been dropped.
•
Nov.
p.
2737—were not
Board that the $33,600
scheduled to be sold on
sold as the project has
■
ELECTRA, Texas—BONDS TO BE SOLD TO PWA—It is stated by
E. W. Presson, City Secretary, that $90,000 4% semi-annual water system
bonds approved by the voters at an election held on Sept. 24, will.be pur¬
chased by the Public Works Administration.
Dated Nov. 1, 1938.
Due
in from l to 20 years.
It is also reported that a PWA loan of $41,000 was
(P. O. Graham),
school bonds
awarded to Garrett & Co,
INDEPENDENT SCHOOL DISTRICT
GRAHAM
Texas—BOND SALE—The $110,000 issue of 4% semi-ann.
Nov. 1—V. 147, p. 2737—was
Due from 1939 to 1968.
offered for sale
of Dallas.
on
MINEOLA, Texas—BOND OFFERING— It is stated by
W. A. Williams,
for the pur¬
to name the
City Secretary, that hq will receive sealed bids until Nov. 25,
a $65,000 issue of improvement bonds.
Bidders are
rate of interest.
Due serially in 30 years.
chase of
NEW BRAUNFELS,
Texas—BOiVDS SOLD— It is stated by the City
refunding bonds were purchased jointly by the Brownand Russ, Roe & Co., both of San Antonio, as follows:
$67,000 as 3)Js, and $50,000 as 3)4s.
Dated Nov. 1, 1938.
Denom.
$1,000. - Due Nov. 1. as follows: $3,000 in 1939; $4,000 in 1940 to 1944;
$5,000 in 1945 to 1950; $6,000 in 1951 to 1956, and $7,000 in 1957 to 1960,
Clerk that $117,000
Crummer
Co.,
optional after Nov. 1, 1953.
Prin. and int. payable in New
Braunfels.
SALE DETAILS— It is now reported
by the City Clerk that the $75,000 improvement bonds purchased jointly
by the Brown-Crummer Co. of Wichita and the Yan H. Howard Co. of
San Antonio as 3)4s. as noted here^-V. 147, p. 3057—were sold at a price of
102.00 and mature on July 1 as follows: $1,000, 1940 to 1943; $2,000, 1944
to 1953; $3,000, 1954 to 1962, and $4,000, 1963 to 1968, giving a basis of
SAN ANTONIO, Texas— BOND
about
3.35%.
»
SMITHVILLE, Texas—BOYDS OFFERED—Sealed bids were received
Nov. 16 by Mayor G. S. Shade, for the purchase of a
$230,000 issue of water and light revenue bonds.
Dated Nov. 1, 1938.
Denom. $1,000. " Due Nov. 1 as follows: $7,000 in 1940 and 1941, $8,000 in
1942, $9,000 in 1943 and 1944, $10,000 in 1945 and 1946, $12,000 in 1947 to
1950, $13,000 in 1951, $14,000 in 1952 and 1953, $15,000 in 1954 and 1955,
and $17,000 in 1956 to 1958.
Callable on Nov. 1, 1948, or any interest
paying date thereafter in the inverse order of maturity.
until 7:30 p. m. on
INDEPENDENT SCHOOL DISTRICT (P. O. Stam¬
Texas—BOND SALE—The $49,500 issue of school house bonds
25—V. 147, p. 2577—was purchased by the First
National Bank of Stamford as 4s, according to report.
Dated Oct. 1,1938.
Due from Oct. 1, 1939 to 1958, incl.
STAMFORD
ford),
offered for sale on Oct.
,
Texas—BOND SALE DETAILS—In connection with the
sale of the $275,000 water and sewer revenue bonds to A. W. Snyder & Co.
of Houston as 2)^8, at a price of 100.041, as noted here on Nov. 12—V. 147,
p.' 3057—it is stated that Dillingham & McClung, Charles B. White & Co.
and B. V. Christie & Co., all or Houston, were associated with the above
firm in the purchase.
Dated Nov. 1, 1938.
Denom. $1,000. Due Nov. 1
as follows: $15,000 in
1939, $20,000 in 1940 and 1941, $15,000 in 1942,
$20,000 in 1943 and 1944, $15,000 in 1945, $20,000 in 1946 and 1947.
$15,000 in 1948, $20,000 in 1949 and 1950, $15,000 in 1951 and $20,000 in
1952 and 1953, all bonds maturing on and after Nov. 1, 1949 and thereafter
are optional May
1, 1949, or on any interest date thereafter,
Prin. and
int. payable at the National Bank of Commerce, Houston.
Legality
approved by Chapman & Cutler of Chicago.
TEMPLE,
RIVERS
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Three Rivers), Texas—MATURITY—It is reported by the Superinten¬
dent of Schools that the $50,000 refunding bonds purchased by Mahan,
Dittmar & Co. of San Antonio as 4s, at a price of 97.00, as noted here—
V.
due as follows: $1,500, 1939 to 1948; $2,000,
1959 to 1963, giving a basis of about 4.29%.
147, p. 2901—are
1958, and $3,000,
1949 to
ing $265,000,
by Elliott &
SALE—The following issues of bonds, aggregat¬
offered for sale on Nov. 15—V. 147, p. 2901—were purchased
Eubank of Waco as 3>£s, paying a price of 105.61, a basis of
to
optional dates:
$125,000 school bonds.
Due as follows: $3,000 in
1949 to 1953. and $5,000 in 1954 to 1968.
75,000 street improvement bonds.
1953 and $3,000 in 1954 to
1968.
50 000 drainage and storm sewer bonds.
Due
1939 to 1948 and $2,000 in 1949 to 1968.
as
follows: $1,000 in
bonds.
Due $1,000 in 1939 to 1953.
Denom. $1,000.
Callable on any interest payment
15,000 municipal market
Dated Dec. 1, 1938.
Bank &
1939 to 1948, $4,000 in
Due as follows: $2,000 in 1939 to
date after
Dec.
1,
1943.
Shields & Co., L. F. Rotti-
schild & Co., Chas. Clark & Co., Burr & Co.,
Inc., J. N. Hynson & Co., Inc., Morse Bros.
Co., Inc., and Stroud & Co., Inc
♦The National City Bank of New York, Paine,
Webber & Co., Eastman. Dillon & Co., Mackey,
Dunn & Co., Inc., Campbell, Phelps & Co.,
Inc., American National Bank (Nashville) and
Robinson, Hale & Co., Inc..
*
Successful bid.
1
...
(The official advertisement
issue.)
-
1,616,198.40
2)4%
1,622,566.40
Union City), Tenn.—BOND OFFERING—
It is stated by J. A. Hefley, County Judge, that he will offer for sale at
public auction on Nov. 30, at 2 p. m., a $40,000 issue of school bonds. In¬
terest rate is not to exceed 3 34 %, payable semi-annually.
Due from 1940
1949.
.
UTAH
-
^
2)4%
of this offering appears on page in of this
OBION COUNTY (P. O.
to
a
about 2.28%
Phelps, Fenn & Co., El-
dredge & Co., Union Planters National
Trust Co. and Webster & Gibson
Fenner & Beane Corp.,
awarded to
Enclose a certified check
SALE—The
WACO, Texas—BOND
& Co., Inc., and
Nashville-;—„■— n— 2)4%
The Chase National Bank, Lazard Freres & Co.,
Kelley, Richardson & Co., Inc., Trust Com; any
of Georgia, The Robinson-Humphrey Co. and
Gray, Shillinglaw & Co
2)4 %
Blyth & Co., Lehman Brothers, Wells-Dickey Co.,
Stone & Webster and Blodget, F. S. Moseley &
Co., Dougherty, Corkran & Co. and Jack M.
Third National Bank of
Bass
aggregating $310,000, offered for sale
THREE
Peabody &
Co., Equitable Securities Corp., The First
tional Bank of Memphis and John Nuveen &
Van
Tenn.—BOND
increased to the above amount.
O. Bennettsville), S. C —BOND OFFER¬
bids will be received until Nov. 23 by the
County Treasurer for the purchase of a $35,000 issue of hospital bonds.
MARLBORO COUNTY (P.
ING—It is reported that sealed
NASHVILLE,
2%.
CHATTANOOGA,
the above bank.
or
MIDVALE, Utah—BONES SCLL— It is reported that $25,0C0 city
hall and auditorium bonds have been purchased by the Continental National
Bank & Trust Co. of Salt Lake City.
VERMONT
BURLINGTON, Vt.—BOND SALE—An issue
bonds was sold on Nov. 8 to Burlington Savings
par.
of $31,250 2%A% sewer
Bank of Burlington at
Due Dec. 1, 1947.
RUTLAND, Vt.—BONDS DEFEATED- Proposed improvement
in the aggregate principal amount of $637,000 were turned
issues
by the voters on
Nov. 8.
»
bond
down
3202
Financial
VIRGINIA
coupon sewage
and
plant system bonds offered for sale on Nov. 8—V. 147,
2902—was awarded to Scott, Horner <5r Mason of Lynchburg, as 2%s,
p.
Nov.
1938
19
Webber & Co. of Chicago, at a price of 100 77, according to the City Man
ager. Dated Dec. 1, 1938. Due from May 1, 1940 to 1956.
LEESBURG, Vs.—BOND SALE—The $82,500 issue of
treatment
Chronicle
RIVER FALLS, Wis.—BONDS SOLD—It is reported that $15,000
semi-ann. sewage disposal plant bonds were purchased recently by
Mairs-Shaughnessy & Co. of St. Paul, paying a price of 100.66.
3%
Eaying Dec. 1, 1938.of Due from equal to 1961; optional after about 1, 1943.
►ated a premium
$139.70, 1939 to 100.16, a basis of Dec. 2.71%.
WHITEFISH BAY SCHOOL DISTRICT NO. 1
(P. O. 1200 E. Fair-
Milwaukee)
Wis.—BOND SALE—The $105,000 Issue of
on Nov.
14—V. 147, p. 2902—was awarded
to the First National Bank of Chicago, as 2Ms,
paying a premium of $577.50,
equal to 100.55, a basis of about 2.20%. Dated Nov. 1, 1938. Due $15,000
Ave.,
mount
school bonds offered for sale
WASHINGTON
SCHOOL
DISTRICT NO.
47
(P. O.
Angeles), Wash .—BOND SALE—The $48,000 issue of high school
CLALLAM
COUNTY
Port
gym¬
Nov. 12—V. 147, p. 2902—was purchased
by the State of Washington as 3s, reports the County Treasurer.
No
other bid was received.
Dated Nov. 1, 1938.
Due in from 2 to 11 years;
redeemable after five years.
nasium
bonds offered for sale
on
EDMONDS, Wash.—BOND SALE—The $9,000 issue of coupon sewer
bonds offered for sale on Nov. 15—V. 147, p. 3057—was purchased
by the
State Bank of Edmonds, as 5s at par, reports the City Clerk.
ELLENSBURG,
Wash.—BOND
OFFERING— Sealed
bids
will
be
Fred T. Hoffman, City Clerk,
not to exceed 6% semi-annual
coupon special water revenue bonds. Dated Dec. 1, 1938. Denom. $1,000.
Due
ec. 1 as follows:
$8,000 in 1939 and 1940, $9,000 in 1941 and 1942,
$10,000 in 1943 and 1944, $11,000 in 1945 to 1948, and $12,000 in 1949.
Prin. and int. payable at the City Treasurer's office or at the fiscal
agency
of the State in New York City.
The bonds, on presentation to the City
Treasurer, may be registered as to principal, and such registration noted
on the back of such
bonds, after which the principal of the bonds shall
be payable only to such registered holder until after registered transfer
to bearer.
The bids shall specify first, the lowes rate of interest and
premiu
if any. above par at which the bidder will purchase the bonds,
or, second, the lowest rate of interest at which the bidder will purchase
the bonds at par.
The approving opinion of Preston, ThorgrLrrson &
Turner of Seattle will be furnished,
The city will pay the cost of printing
the bonds.
Enclose a certified check for 5% of the amount of the bid.
received
for
until
from Nov. 1,
1947 to 1953 incl.
$75,000 Dec. 1,
1947 to 1949. Rate of interest to be in multiples of M of
Executed bonds will be furnished by the city; legal opinion, if desired,
by the purchaser.
Enclose a certified check for $2,000,
payable to the city.
1%.
be furnished
to
7:30 p. in. on Nov. 21 by
issue of $110,000
WYOMING
the purchase of an
•
,
SNOHOMISH COUNTY (P. O. Everett), Wash .—BOND OFFERING
will- be received until 10 a. m. on Dec. 3 by Verne Sievers,
County Auditor, for the purchase of an issue of $150,000 not to exceed 6%
semi-annual coupon airport, series A, bonds.
Denom. $1,000.
Said bonds
shall be serial in form or maturity, and numbered from one
upward consecu¬
tively,, and shall mature annually commencing with the second year and
ending with the 20th year after the date of their issue, in such amounts
as nearly as practicable as will,
together with the interest on all outstand¬
ing bonds of the same series or instalment, be met by an equal annual tax
levy for the payment of said bonds and interest.
Bidders are required to
submit a bid specifying: (a) the lowest rate of interest and
premium, if
any, above par at which such bidder will purchase said bonds; or (b) the
lowest rate of interest at which the bidder will purchase said bonds at
par.
Enclose a certified check for 5%, payable to the County Treasurer.
BIG
HORN
COUNTY SCHOOL DISTRICT NO.
3 (P. O. Lovell),
are informed by the President of
$14,000 high school building addition bonds
purchased by the State Board of Land Commissioners, as 3Ks, as noted
in these columns—V. 147, p. 2738—were sold at par, and mature $1,000
annually from 1940 to 1953.
Coupon bonda in denoms. of $1,000
Wyo.—BOND SALE DETAILS—We
the
School
Board
that
the
each.^
PARK COUNTY SCHOOL DISTRICT NO. 1
SPOKANE COUNTY SCHOOL DISTRICT NO. 81 (P. O.
Spokane),
building bonds, scheduled for Nov. 14—V. 147, p. 2902—was discontinued.
It is said that these bonds will be reoffered for sale at a later date,
WEST
VIRGINIA
CHARLESTON, W. Va.—BOND SALE INVALIDATED—In connec¬
tion with the sale of the $1,629,100 street and fire station bonds,
along with
two other issues, on Nov. 7, to a syndicate headed
by Phelps, Fenn & Co.
of New York, as described in detail in our issue of Nov. 12—V.
147, p. 3057
informed that the sale of the above issue was canceled because of
an adverse Supreme Court decision.
An Associated Press dispatch from
Charleston on Nov. 14 reported as follows on the court
ruling:
"The West Virginia State Supreme Court
today invalidated a
—we are
municipal
bond issue of $1,629,100 for the improvement of Charleston streets and con¬
struction of fire stations.
The Court held that the procedure followed in
the bond issue election did not comply
sufficiently with the law.
City
officials
began s study of possible steps to meet legal requirements for the
reauthorization and reissuance of the bonds."
MONONGALIA COUNTY (P.
O. Morgantown), W. Va .—BOND
SALE—The $138,000 issue of hospital annex bonds offered for sale on
Nov. 10—V. 147, p. 2578—was awarded jointly to
Young, Moore & Co.,
and the Kanawha Valley Bank & Trust
Co., both of Charleston, according
to the Clerk of the County Court.
Dated Dec. 1, 1938.
Due from Dec. 1,
1939 to 1968.
*
as
2s, paying a price of 100.45, a basis of about 1.84%.
Due $5,000 from Dec. 1, 1939 to 1943 incl.
CANADA
CANADA (Dominion of)—$40,000,000 BONDS OFFERED BY BANK¬
ING GROUP—A syndicate headed by Morgan
Stanley & Co., Inc., and
including, among others, the First Boston Corp., Brown Harriman & Co.,
Inc., Smith, Barney & Co., Wood, Gundy & Co., Inc., Dominion Securities
Corp. and A. E. Ames & Co., Inc., made public offering in this country
on Nov. 17 of $40,000,000 3%
Dominion of Canada bonds at a price of
97.25 and accrued interest.
The prospectus, pursuant to which the offering
was made, disclosed that the Government was to receive a price of 95.25
for the obligations, the proceeds of which, together with cash of $1,900,000
previously available, will be used to redeem an issue of $40,000,000 2%
notes, maturing Jan. 1, 1939.
The bonds of the current offering will be
dated Nov. 15, 1938 and mature Nov. 15, 1968. They are to be redeemable,
as a whole or in part, at the option of the
Government, on any interest
payment date upon at least 60 days' notice, at the following prices together
with accrued interest: on or prior to Nov. 15, 1943 at 105; thereafter to and
including Nov. 15, 1948 at 104; thereafter to and including Nov. 15, 1953
at 103; thereafter to and including Nov. 15, 1958 at 102; thereafter to and
including Nov. 15, 1963 at 101; and thereafter at 100%.
Principal of and
interest (M-N 15) payable at the agency of the Bank of Montreal, New
York City, in such coin or currency of the United States of America as at
the time of payment is legal tender for public and private
debts, and will
be payable in time of war as in time of peace and whether the holder be a
citizen or resident of a friendly or hostile State. The principal of and interest
on
these bonds will be free from deduction for all present and future taxes
imposed by the Government, except when the bonds
SALE—The $95,000 issue of coupon junior
high school and addition bonds offered for sale on Nov. 16—V. 148, p. 3057
—was awarded to Paine, Webber & Co. of
Chicago, paying a price of 100.079
according to the City Clerk. Dated Dec. 1, 1938. Due from Dec. 1, 1941
to 1950 incl.
specified
by
the
above
York.
The bonds
are
to be secured and
not
vided for the amortization
or
COUNTY
(P.
O. Madison), Wis.—NOTE OFFERING—It is
stated by Austin N. Johnson,
County Clerk, that he will offer for sale at
public auction on Nov. 22, at 10 a. m. (Central Standard
Time), a $250,000
issue of 1% corporate
purpose notes.
Dated Nov. 16, 1938.
Denomina¬
tions as designated by the
purchaser and the Chairman and the Audit
Committee of the County Board.
Due June 15, 1939.
Prin. and int.
payable at the County Treasurer's office.
Notes and legal opinion to be
furnished by the successful bidder.
A certified check for $1,000 is required.
JEFFERSON COUNTY (P. O.
Jefferson), Wis.—BONDS OFFERED
bids were received until 2
p. m. on Nov. 18 by Elton O. Rice,
County Clerk, for the purchase of a $200,000 issue of not to exceed
3%
semi-annual highway
improvement, series B-, bonds.
Denom. $1,000/
Dated Nov. 1, 1938.
Due $100,000 on May 1, 1945 and' 1946.
—Sealed
KENOSHA, Wis.—BOND
OFFERING— It is stated
finance, that he will
A.
E. Axtell,
refunding bonds, aggregating $33,500:
$5,000 school, 2nd teries of 1930 bonds.
11,000 high school, 2nd series of 1925 bonds.
10,000 school, series of 1929 bonds.
7,500 grade separation bonds.
15«, 1938-
and int.
Denom. $1,000,
payable at the
will not be sold for less than
par,
the lowest rate of interest bid
one for $500.
Due Dec. 15,
City Treasurer's office.
The bonds
and the basis of determination shall be
by the purchaser.
Bidder must pay accrued
by the bonds from the date of the bonds to the
date of payment of the
purchase price.
The call for bids is on this basis:
a
par bid with the rate of interest which the bidder
will accept over the
period stipulated by the bonds.
The city will furnish its own
completed
bonds and the
approving opinion of Chapman & Cutler, of Chicago.
Enclose a certified check for $500,
payable to the city.
LAKEMILLS SCHOOL DISTRICT (P. O.
LakemilU), Wis —BOND
SALE— The $55,000 issue of 2
M% coupon semi-annual school bonds
offered
for
the rate borne
sale
on
Nov.
12—V.
l47,
2902—was awarded to Harley,
Haydon & Co. of Madison, paying a premium of $2,100,
equal to 103.818,
a
basis of about 2.00%.
Dated Dec. 1, 1938.
Due from Dec. 1, 1939
to 1953 inclusive.
The Milwaukee Co. of Milwaukee offered a
premium of $2,095 for the
bonds.
RHINELANDER,
revenue
Wis.—BONDS
bonds was offered for sale
sinking fund is to be pro¬
The Dominion has agreed
bonds
were
offered
by the
banking group subject to approval of
Gardiner & Reed, and MaqDougall, Macfarlane,
Scott & Hugessen, counsel for the underwriters and C. P.
Plaxton, K. C.,
Acting Deputy Minister of Justice of the Dominion of Canada.
Underwriting Group—Complete list of members of the underwriting
syndicate, together with extent of the individual participation in the issue
Principal
on
p.
SOLD—A $52,000 issue of water
Nov. 14 and was awarded to Paine,
Principal
Amount
Name—
Amount
Under■
Under-
Name—
written
Morgan Stanley & Co., Inc.-.$5,000,000
The First Boston Corp
3,650,000
written
Estabrook&Co
350,000
Stone & Webster and
Blodget,
Brown Harriman & Co., Inc..
2.65O.OO0
Smith, Barney & Co
Co., Inc
2,650,000
R. L. Day & Co.
1,200,000
Hemphill, Noyes & Co
1,200,000
1,200,000
Schoellkopf, Hutton & Pome-
^
A. E. Ames &
The Dom. Securs. Corp
Wood, Gundy & Co., Inc..
Blyth & Co., Inc..
Bonbright & Co., Inc
1,000,000
Inc
350,000
300,000
3001000
....
roy, Inc
300,000
Shields & Co.
300,000
800,000
A. G. Becker &
Goldman, Sachs & Co
Kidder, Peabody & Co
800,000
Blair, Bonner & Co
800,000
Alex. Brown & Sons
Lazard Freres & Co
800,000
Lee Higginson
800,000
Central Republic Co
E. W. Clark A Co
Corp....
Lehman Brothers
Ltd....,
Mellon Securities
Co., Inc
250,000
250,000
250,000
First of Michigan Corp
Graham, Parsons & Co
800,000
800,000
Harris, Hall & Co. (Inc.)
Hayden, Miller & Co
700,000
'
;
Corp
White, Weld& Co
Jackson & Curtis.l
Bancamerica-Blair Corp.."
600,000
Clark, Dodge & Co".600,000
Dominick & Dominick
600,000
;;
250,000
250,000
...
800,000
McLeod, Young, Weir & Co.,
Glore, Forgan & Co
by
receive sealed bids until 2 p. m. on Dec.
2,
for the purchase of the
following issues of not to exceed 4 % semi-annually
interest at
no
retirement thereof.
Davis Polk Wardwell
was 2^%.
The
2%s, submitted by the
BRODHEAD-DECATUR JOINT SCHOOL DISTRICT NO. 1 (P. O.
Brodhead) Wis.—BOND SALE DETAILS—We ire informed by the
Clerk of the Board that the $85,000
coupon school building bonds sold
on Nov. 4 to
Harley, Haydon & Co. of Madison, and associates, as 2Mb,
at 100.605, as reported here—V.
147, p. 30o7—are dated Nov. 1,1938,
maturing on March 1 as follows:
$5,000, 1940 to 1944; $6,000, 1945 to
1947, and $7,000, 1948 to 1953, giving a basis of about
2.17%. Interest
payable annually on March 1.
Prin.
case
make application
•
1952.
the
The bonds are to be in coupon form in $1,000 denom. registerable as to
principal, and of registered bonds without coupons in the denoms. of $1,000,
$5,000, $10,000 and $100j000. Coupon bonds and registered bonds without
coupons, and the several denominations of registered bonds without coupons,
are
to be interchangeable in like aggregate principal amounts
upon the
payment of such reasonable charges as the Government may prescribe. It is
expected that delivery of bonds in temporary form, exchangeable for de¬
finitive bonds when prepared, will be made at the office of J. P. Morgan
& Co. on or about Nov. 22, 1938, against payment therefor in New York
funds.
The temporary bonds will be exchangeable for definitive bonds,
when prepared, at the Bank of Montreal Trust Co. in the
City of New
purchaser
bid was an offer of $70 premium on
Channer Securities Co. of Chicago.*
Director of
as
follows:
rate
second best
DANE
or coupons,
be, are beneficially owned by any person residing in or ordinarily a
resident of the Dominion of Canada.
may
The
Wis.—BOND
interest
Dated Dec. 1,
for listing of the bonds on the New York Stock Ex¬
change and for the registration under the Securities Exchange Act of 1934
necessary in connection with such listing.
WISCONSIN
The
Wy7.
1938.
to
4
ANTIGO,
(P. O. Powell),
—BOND SALE—The $25,000 issue of school bonds offered for sale on Nov.
10—V. 147, p. 2578—was awarded to the Casper National Bank of Casper,
—Sealed bids
Wash.—BONDS NOT SOLD—It is reported by D. B. Triplett, Secretary
of the Public Schools, that the sale of the not to exceed
6% semi-annual
.
WISCONSIN RAPIDS, Wis.—BOND OFFERING—It is stated that
sealed and auction bids will be received until Nov. 28, at 2 p. m., by Nels
M. Justeson, City Clerk, for the purchase of a $225,000 issue of coupon
sewage disposal system, general obligation bonds.
Interest rate is not to
exceed 2M%, payable J-D.
Dated Dec. 1, 1938
Denom. $1,000.
Due
600,000
250,000
.....
250,000
250,000
250,000
250,000
...
Otis & Co
250.000
Paine, Webber & Co
R. W. Pressprich & Co
E. H. Rollins & Sons, Inc
Merrill Lynch & Co., Inc
Salomon Bros. & Hutzler
500,000
Hayden, Stone & Co
450,000
Hornblower & Weeks
W. E. Hutton & Co
450,000
F. S.
450,000
250,000
j
250,000
Dean Witter & Co..
450,000
250,000
.....
Dillon, Read & Co..
Moseley & Co
Royal Securities Corp., Ltd...
Union Securities Corp
500.000
The Securs. Co. of Milw., Inc.
Starkweather & Co
250,000
Wells-Dickey Co
"Whiting, Weeks
250,000
&
250,000
Knowles,
\
Inc
450,000
250.000
250,000
1,600,000
450,000
(Formal notice of the above public offering appears
on page
VI.)
CANADA (Dominion of)—SALE OF TREASURY BILLS—The Govern¬
borrowed $25,000,000 on an issue of Treasury bills at an
average
0.693%.
Due Feb. 15,.1939.
ment
rate of
,
CORNWALL, Ont.—BOND SALE—Harrison & Co. of Toronto ob¬
tained the award of $22,382 3M% bonds at a
price of 102.375, a basis of
about 3.24%.
Due serially on Nov. 1 from 1939 to 1958 incl.
Dominion
Securities Corp., second high bidder, offered a price of 102.27.
NEW GLASGOW, N. S.—BOND OFFERING— Sealed bids addressed
Wadden, Town Clerk, will be received until 5 p. m. on Nov. 22 for
purchase of $45,000 4% improvement bonds.
Denom. $500.
Due
in 15 years.
to M.
the
TRURO, N.
S.—BOND
SALE— An
fund bonds was awarded to W.
of 101.47, a basis of about
issue
of $200,000
3K%
C. Pitfield & Co. of Montreal at
3.40%.
sinking
a
price
Re-offered by the bankers at 102.25,
to yield 3.34%.
Arcadia Trust Co., second high bidder, offered to pay
100.26.
Dominion Securities Corp. and T. M. Bell & Co. combined in
making an offer of 99.625.
@FedFRASER