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NOV
VOL. 145.
"
'*wwdWji5^3pe^y^[r*NEW YORK, NOVEMBER 27, 1937
I
!
'
brooklyn
!
'
■
!
'
!!
■■
!
!
BANK
NO. 3779.
S I Z
»!
Z Z
■
& ! TU'iul,
NATIONAL BANK
»/
l«U
OF
New York
George V. McLaughlin
President
NEW YORK
For
TRUST
/
chase
YORK
is tra-
years
it has
large number
a
as
New York
correspondent
and
Exchange
Boston
NEW
of banks and bankers
White, Weld & Co.
New York
OF
many
served
COMPANY
Members New York Stock
CITY
ditionally a bankers* bank.
Member Federal Depoeit Insurant0
Corporation
THE
The
BROOKLYN
depository.
reserve
Member Federal Deposit Insurance
Corporation
United States
Amsterdam
Government
United States
Securities
Representatives' Offices
Government
Buenos Aires
Paris
X ! 5SS
!
THE CHASE
_
London
3
1
trust
company
Ch*rt*rad
!!
a 9
Securities
The
Hallgarten & Co.
Brown Harriman & Co.
FIRST BOSTON
Incorporated
€3 Wall
CORPORATION
\ Eafbtiohod MO
Street, New York
Telephone: BOwling Green 9-5000
NEW YORK
NEW YORK
BOSTON
CHICAGO
PHILADELPHIA
Chicago
London
AND OTHER
Philadelphia
Boston.
SAN PRANCLSCO
Chicago
Washington
San Francisco
Representatives in other leading Cities
PRINCIPAL CITIES
1
-
*
"
t'
•
-
The
i_
•,
"
.
..
«
.
•
* •,
1
;
f
4
t
State and
Municipal Bonds
New\orkTrust
Company
Capital Funds
.
.
Barr Brothers & Co.
$37,500,000
INC.
Now York
IOO
Chicago
BROADWAY
57TH ST. & FIFTH AVE.
«
40TH ST. & MADISON AVE;
EDWARD B. SMITH & CO.
31 Nassau Street
PHILADELPHIA
CLEVELAND
NEW YORK
BOSTON
European Representative's Office:
8 KING WILLIAM
l
1888
STREET
&
WEEKS
Established 1888
St. Louis
*
J
40 Wall Street
Edward B. Smith & Co., Inc.
!
\
J
i
S HORNBLOWERi
Correspondent
CHICAGO
Banks and
|
LONDON. E. C. 4
Minneapolis
to
Dealers since
New York
LONDON
j
Service
I
Member ofthe Federal Reserve System,
and of the Federal Deposit Insurance Corporation
NEW YORK
{
the New York Clearing House Association
|
Members New York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
|
[
Nor. 27,
Chronicle
Financial
n
1937
BAKER, WEEKS
Becker & Co.
G.
A.
J.&W.Seligman & Co.
& HARDEN
Inoorpor
Investment Securities
Members
Establish
New York Stock Exchange
64 Wall Street
No,
,
New York Curb Exchange
Investment Securities
YORK
NEW
Philadelphia Stock Exchange
Chicago Board of Trade
Commercial Paper
YORK
52 WALL STREET, NEW
Commercial Trust Bldg.,
Chicago
New York
Philadelphia
SELICMAN BROTHERS
Buhl Building, Detroit
Other Cities
And
6 Lothbury,
Correspondents
London
Graybar Building, New York
London, E. C. 2
Bourse Building, Amsterdam
Dividends
Leading Out-of- Town
Investment Bankers and Brokers
UNION CARBIDE
CARBON
A IN D
CORPORATION
NEWARK
BIRMINGHAM
New
MARX & CO.
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
BIRMINGHAM, ALABAMA
A cash dividend of
Eighty cents
share on the outstand¬
ing capital stock of this Cor¬
poration
has
been
declared,
payable
January 1,
1938,
to
(80c)
per
of
stockholders
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
of
close
J. S. RIPPEL & CO.
18 Clinton
Newark, N. J.
St.
DETROIT
HARTFORD
record
at
the
December
business
3,
1937.
ROBERT W.
WHITE, Treasurer
GREAT SOUTHERN
THE ALABAMA
RAILROAD COMPANY
MICHIGAN MUNICIPALS
Specialists in Connecticut
and
Securities
CORPORATION BONDS
WATLING, LERCHEN & HAYES
Members
New York Stock Exch.
New York Curb. Assoc.
Detroit Stock Exchange
Chicago Stock Exch.
PUTNAM & CO.
Members New York Stock Exchange
6 CENTRAL
HARTFORD
ROW
A. T. T. Teletype—Hartford 564
Tel. 5-0151.
DETROIT
884 BUHL BLDG.,
New York, November 22, 1937.
A regular dividend of three per cent, on the
Ordinary stock of The Alabama Great Southern
Railroad Company has been declared payable
December 24, 1937, to stockholders of record at
the close of business December 3, 1937.
An extra dividend of eight per cent, on the
Preferred stock has been declared payable Decem¬
ber 24.1937, to stockholders of record at the close
of business December 3, 1937.
An extra dividend of eight per cent, on the
Ordinary stock has been declared payableDecember 24.1937, to stockholders of record at the close
of business December 3, 1937.
A dividend of three per cent, on the Preferred
stock has been declared payable February 15,
1938, to stockholders
of record at the close of
business January 4, 1938.
PALM
LISTED
AND
BEACH
AND
WEST
PALM
O.
BEACH
COMPANY
SECURITIES
SECURITIES
Specializing in
FLORIDA BONDS
Charles A. Parcells & Co.
PENOBSCOT BUILDING, DETROIT, MICH.
EUROPEN
AMERICAN
UNLISTED
Members of Detroit Stock Exchange
E. A. McCarthy, Secretary.
CARLBERG & COOK, INC
share, covering the
period for the 10 months ending
1935, has been declared on the
Preferred Stock of the Company, payable Novem¬
ber 30, 1937, to stockholders of record at the
close of business November 27, 1937.
A
dividend
of $5.00
per
cumulative
January
31,
M. YOUNGS,
R.
Treasurer.
November 23, 1937.
Palm Beach—West Palm Beach, Fla.
Teletype: W-Palm Beach No. 84
Bell System
AMERICAN POWER
Two Rector
MILWAUKEE
& LIGHT CO.
Street, New York, N. Y.
STOCK DIVIDENDS
PREFERRED
A dividend of $1.12 H per share on the
Preferred
$.93% per share on
Preferred Stock of American Power & Light
Company were declared on November 23, 1937
for payment December 20, 1937, to stockholders
of record at the close of business December 1,
1937.
These amounts are three-fourths of the
quarterly dividend rates of $1.50 per share on the
Preferred Stock ($6) and $1.25 per share on the
$5 Preferred Stock.
■* Ha®ii
D. W. JACK, Treasurer.®
Stock ($6) and a dividend of
ST.
LOUIS
the $5
WISCONSIN
CORPORATION SECURITIES
Teletype—Milwaukee 02
EDGAR, RICKER&CO
750
North Water Street,
ST±£ A CO.
SAINT LOUIS
Milwaukee, Wis.
909 OLIVE St
ITifl
■I
11
The current quarterly dividend
of $1.25 a shore on $5_ Dividend
11
Preferred Stock and o
y|
25 cents
Members St.!Louis Stock
Exchange
share
dividend of
on
Common
pay
December 24, 1 937, to re¬
able
Foreign
a
have been declared,
Stock
spective holders of record November
30,1937.
THE UNITED GAS IMPROVEMENT CO.
I. W.
Hong Kong & Shanghai
BANKING
October 24,
Incorporated n the Colony of Hongkong. The
liability of members Is limited to the extent and
of the Colony.
Missouri and Southwestern
Paid-up Capital (Hongkong Currency).__H$20,000,000
Reserve Fund in Sterling
£0,600,000
Rceerve Fund in Silver (Hongkong Cur¬
kon
Liability
of
Proprietors
A.
72
G.
KELLOGG, Agent
WALL STREET,
NEW YORK
PRODUCTS
the Preferred A
payable January 3, 1^.
and 30per share on the Common stock, parole
December 15, 1937, have been declared to holders
Dividends of $1.75 per share on
Smith, Moore & Co.
St.
(Hong-
H$20.000.000
Currency)
DAIRY
CORPORATION
and Preferred B stocks,
HIIO.OOO.OOO
„
NATIONAL
Stocks and Bonds
Authorized Capital (Hongkong Currency) H$50,000,000
rency)
Philadelphia, Pa.
CORPORATION
in] manner prescribed by Ordinance No. 6 of 1929
Reserve
MORRIS, Treasurer
1937
The First Boston
Corp.
Wire
Louis
St. Louis Stock
of record November 29, 1937.
A. A. STICKLER
Treasurer
November 18, 1937
Exchange
Fo»
pages
ill and vii.
No. 3779.
NOVEMBER 27, 1937
Vol. 145
CONTENTS
Editorials
page
3389
Financial Situation
The Status and
-3401
3403
Prospects of Planning
Testing Unemployment Insurance
What Is the Administration's
3404
Foreign Policy?
Comment and Review
Week
on
the European Stock
3393
3394
3398 & 3438
Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
3406
Course of the Bond Market
—3407
3391
3438
Indications of Business Activity
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
News
Current Events and Discussions..
3417
Bank and Trust Company
3436
3488
3526
3527
General Corporation
Items
and Investment News
Dry Goods Trade
State and Municipal Department..
.....
Stocks and Bonds
Foreign Stock Exchange Quotations.
—.3439 & 3453
Dividends Declared
3445
Auction Sales
3487
3454
New York Stock Exchange—Bond Quotations ..3454 & 3464
New York Curb Exchange—Stock Quotations
3470
New York Curb Exchange—Bond Quotations
3474
Other Exchanges—Stock and Bond Quotations
3476
New York Stock
Exchange—Stock Quotations
_.
Canadian Markets—Stock and Bond Quotations
3481
Over-the-Counter Securities—Stock & Bond Quotations .3484
Reports
Foreign Bank Statements
...3397
Course of Bank Clearings
...3439
Federal Reserve Bank Statements
...3451
General Corporation
and Investment News
...3488
Commodities
The Commercial Markets and the Crops
3517
Cotton
3519
3524
Breadstuff s
Published Every Saturday Morning
by the William B. Dana Company, 25 Spruce
Street, New York City
Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1937 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 fluctuation in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
Herbert D. Seibert, Chairman of the Board and
Financial
VI
Nov. 20,
Chronicle
1VTO matter what kind of
a
home you
1937
live in—you live "on"
11 the farm.
Today even the motor oil for your car is made
with
farm
a
product. And here's the
A remarkable
—oats, corn,
new
for it.
oil-purifier can now be made from farm crops
wheat, rice, cotton seed, sugar cane and others.
It is called
A
reason
Furfural.
motor
oil results that is
pure
lubricant—cleansed
by the Furfural Process...and freed from those impurities,
found in crude oils, that burn
up inside your engine.
It is these
worn
out
gum and tar-forming elements that cause a dirty,
engine...which sucks up oil from your crankcase.
By taking out these impurities you get full lubrication,
buying so much oil. And so—this new and finer
without
motor
oil cuts out those constant
Prove it—not
for
y
lasting
Start
ficient.
Texaco9s
method
answers
and
new
of cleansing
the
unique
motor
A
QUART
oil
chief problem of today9s modern high¬
speed engines
.
.
.
with this finer,
purer,
longer -
lasting lubricant—for the crankcase of your
TUNE
EVERY
8:30
in
EDDIE
CANTOR
WEDNESDAY
EST
7:30
NIGHT
CST
in
-
"TEXACO
COLUMBIA
9:30
MST
car.
TOWN"
NETWORK
8:30
PST
only for
your own
stops for extra quarts.
personal satisfaction, but
economy, too... at your nearest
Texaco Dealer's.
right in today keeping the engine of your
.
.and
car more ef¬
protected better,with—New Texaco Motor Oil.
The Financial Situation
The
MANY columns in the daily week to accounts
given
during the past press have been
Commission,
over
of
plans,
conferences,
programs,
and
and
assurances,
ington for the
purpose
checking
other
progressive
decline
the
If
ity.
business
in
there
of
In
any
were
the New Deal
clung
who
managers
the
rent recession
cur¬
the
the
see
of their views
error
publication
by
Thurs¬
on
day of the October
pro¬
that
103
in
stood
month
of
age
116
at
Reports
year.
month of November,
It
situation
closely
are
and
ready
It is not
to
organization
tion upon
Deal is
do
doing
be
de¬
own
upward
or
the Chairman
exchange
when
prices
of
been
implication, saying that he
no
be
governed by
A
too much of what is
said
and
deal
great
done
being
remains
without definite form,
is
of the
clear
and
optimism
imparted
to
are
a
merely
which
weary
seem
President has been
with prominent
the industry
unto
Government can,
magic.
Does the Commission believe
the
employment
the
Securities
be
As far
the
informed,
of
paid
death of
upon
public
is
as
and
official deliverances
the assumption that the
by merely pressing buttons, work
been
have
House
White
the
at
discussions
these
largely concerned with
what
the
the President terms
law theory
common
property
valuation,
of
and
what most others seem to
executive
describe
as
the
"prudent
investment" theory
Exchange
of val¬
uation, although the Presi¬
dent
is
said
plained to
to
one
have
ex¬
esecutive
whose enterprises are
keenly
public pronunciamentos have not been by any
means saturated with a spirit of sweet reasonableness.
have occupied
in
this discussion.
mission thinks it well to become more
Not only that, but on several recent occa-
tions
holding
figures in
the center of the stage
business
to rest
which the
Conferences
community and a general
public
are
or
rapidly being removed.
Com¬
explicit
both as to what it considers evils and to what
it would have the exchanges do to remedy
them, it can hardly expect a respectful hear¬
ing from the thoughtful citizen.
Until
vision
to
been
have
either
just what is desired
executives
officers.
if confidence
essential
path of
the
in
utility
public
mission," and that they call for "progressive
But
what
action?
Surely
not
and constructiveness which
are
lain
have
action."
and
certainly lacking in evi¬
dence
that it is
and that
or
so,
when their sales
precisely when they sell, quite regardless of
his judgment of the market?
If so, why
does it not say so plainly and directly?
What is actually said is that "these prob¬
lems constitute a challenge to the exchanges
and their members as well as to the Com¬
vague as¬
gestures and ex¬
hortations.
longer
therefore the obstacles that
public interest would best be served
by having the odd-lot dealer a mere autom¬
aton
buying in round lots precisely when
his customers buy in small lots, and selling
of business cannot
surances,
been hostile to
never
industry
that the
The trouble is that the
course
im¬
somehow
Administration either
the
that he can
advantageously the next day or
the next week.
''planned it that way."
to
are
such
to
has
are
that
that
pressions,
the
least
at
elements
susceptible
his customers in the expectation
more
given,
those
ex¬
Apparently the odd-lot dealer errs when
buys on weakness in order to have se¬
curities ready to deliver to his customers in
case they wish to buy when prices are higher,
cover
The
public utilities.
impression has repeatedly
he
a reverse
New-Deal toward
the
the
and sins when he borrows stock to deliver to
back to him with
public has heard a
great deal during the past
week about the attitude
in matters of this sort.
words
in
cases
Utilities
The
The
not
ment of
public will presently turn
the President's
when
upon
point.
Or should they
floor traders?
placed
skullduggery,
outstanding
are
weaken prices?
The reader is baffled
when he undertakes to infer from the state¬
much danger that the
too
to
permitted to buy only
will
There is entirely
pression.
Denmark"
the
in
never spe¬
trading by specialists for their
and to close the exchange
when the trend is
plans to
or
business
stock market
sagging or when their purchases will not
lend strength to quotations, and sell only
what the New
check
to
of
both
where must be
implied that "something is
State
of the respon¬
velopments
account,
facilities
centering its atten¬
now
prohibit
own
of the Federal Government
is
the
ground-work
securities markets and else¬
change members, particularly, perhaps, the
specialists and other floor traders, sell on
days when prices are weak and buy on days
when the trend is the other way.
Are we to
assume
that the exchanges are being asked
strange, therefore, that the
propaganda
in
be
to
seems
rotten
statisticians who follow the
to credit them.
the
believe
the
sibility for untoward de¬
or
Commission
in which
politicians to charge
that much
be found in the words of the Chairman.
to
below for the
or
are
York
New
the
laid
he
for the
ought to prohibit short selling
altogether?
Or is it of the opinion that they
should forbid such sales by groups or under
certain conditions?
If the latter, under what
conditions? No answers to such questions are
Washington that the figure
will be 95
"the
more
Stock Exchange,
authorities
abroad in
are
the
not
first
eight months of the
Exchange Com¬
entry of artificial
precisely described. Short
selling appears to be regarded with disfavor
when the selling is done by members of the
exchanges, particularly when concentrated
in leading well-known stocks.
Does or does
an aver¬
the
for
that
cifically named
compared with 111
as
September and
and
Yet these "artificial forces"
Reserve"Board, which
for
said
Douglas's broadside
against
issued this week the Chair¬
Securities
in the elimination of these artificial forces.
duction index of the Fed¬
eral
the
of
market], is of constant concern to the Com¬
mission, and it should become equally the
concern of the exchanges."
This rather lengthy official exposition by
the Chairman condemns what are evidently
considered "artificial forces, stimulating or
accentuating" trends, and charges or implies
that the exchanges (particularly theNewYork
Stock Exchange) are not especially interested
importance only, they
must have been led to
statement
a
mission
of minor
was
recently
and
Mr.
forces, stimulating or accentuating a trend
in one direction or the other [in the stock
to
the opinion that
have been responsible
of living, which are clearly
the result of his own poli¬
cies,
What Has the SEC to Suggest?
activ¬
man
left among
monopolistic
broadly intimating that
kindred practices
for increases in the cost
gestures being formulated, held or made in Wash¬
Trade
President's recent letter to the Federal
feeling
subsidized
only about
generated in the United States
is being generated by government-owned projects,
and to have assured him that from 80 to 90% of
competition from the Government that
10% of the
the
country
plants.
power
must
be
served
by private
utility
Financial
3390
Chronicle
Nov. 27, 1937
public to set all this out
(on paper) for the utility industry relates very defi-
against the background of the facts. The utility in-
nitely to a housing program which New Deal man-
It would be well for the
dustry is faced by
three-fold
a
threatening situation bearing
a
aspect, originating with governmental,
to believe will create something in the
agers appear
nature of a building boom in the months to come,
It has
The President has not yet taken the public fully into
by demands, supported if not
his confidence about his housing plans. His message
sponsored by politicians almost everywhere, but par-
to Congress on the subject, which is expected to
ticularly by those concerned with national affairs,
furnish full information, is scheduled for deliver¬
ance on Monday next.
Should this effort prove
or
perhaps
should
we
been beset
on
sponsored
and tax cost increases
wage
were
These demands really have little
being sharply felt.
or
political attitudes.
at the same time that govern-
er rate reductions
ment
say,
all sides
nothing to do with theories of property valuation
which
are
in actual practice, merely the tech-
now,
nique employed for the
of providing
purpose
by those making
of the theories. Whether the
use
particular theory of property valu-
any
ation would have any very pronounced effect upon
remains
rates
be
to
The
seen.
general
popular feeling is probably of much
importance.
There is
insistent upon
lower, and
are no
emphasis
upon
make
of
use
"save
ment
his mind to place less
theory of property valuation to
probably be well to
to be that of
seems
with
utility control.
In
as
the
essence
"yard-
the idea
presenting private enterprises
competition from publicly subsidized plants,
and in this way
cians think
making them behave
The President's recent remarks
utility executive
this
on
in the nature of
assurance
the politi-
they ought to behave, particularly as
regards rates.
ernment is
as
score
to have
seem
to
doing and plans to do than of giving
of
a
a
been
making light of what the Govany
change in its policies and practices,
The President's statement does
not, moreover, ap-
to be consistent with recent utterances of New
Deal favorites
ment-owned
more
immediately concerned with
power
projects.
govern-
Probably here again
encouragement is to be found in the general
trend of
events, particularly in what
seems
to be
changing attitude of the general public, than in
anything that the President is known to have said
a
to
utility executives.
show many
debt than
Recent
localities much
formerly
averse
broadcast that the Administration had "turned to
to be considered
now
to
to further
dis-
as
Apparently his state-
spirit of vindictiveness, nervousness
the part of
on
the Commission lest it be held responsible by the
public for what has been taking place in the stock
market, and
persistent flair for governmental
a
con-
trol and regulation for all sorts and manners of eco-
nomic ills.
A
unfriendly
more
or a more
direct
sault has rarely come out of Washington
even
one
as-
dur-
point
asserted that "prices of securities should at all times
freely reflect the
ups
and downs not only of the
terprise against which they
economic conditions."
It
en-
issued but of basic
are
to
seems
that what is
us
troubling Washington most is precisely that the
market has freely reflected both the
of enterprises whose securities
ups
economic
particularly
conditions."
the
recent
and downs
there bought and
are
sold and what the New Deal managers
"basic
Market
collapse
think of
as
fluctuations,
of
prices,
have
served too well (for political purposes) to advertise
what
happening and what
was
evidently about
was
to happen in the economic world in general.
President had not
planned it that
he had not, and it
way, or
The
thought
becomes necessary to take
now
pains not to permit the public to get the impression
that there
was or
This diatribe—it
is anything awry with the plans,
can
hardly be called anything else
—is obviously in reply to the allegation, often made
of late
by
a
large number of competent observers,
the President of the New York Stock
Exchange in-
eluded, that due to over-regulation the market
in
a
real pressure at least to pre-
it
was
case.
was
ment issued late Tuesday was the outgrowth of a
The Federal Gov-
was
ernment is under
very
the
elections seemed
more
Securities and Exchange Commission to give
black eye to the propaganda recently so sedulously
ing the past few years. The Chairman at
utility industry has taken
the form of what has become known
stick" method of
pear
judg-
reserve
concerning this whole aspect of the subject.
A second threat to the
more
blindly
so
face," the change is certainly to be welcomed,
Otherwise it would
11
a
the right" and
lower rates, and merely desires to
some
Mr. Douglas
tinctlv friendly to business.
lower, utility rates,
ever
If the President has made up
longer
the
TIOWEVER, it remained for the Chairman of the
practical
evidence to support the
some
hope that the rank and file
of utility expenditures as now presented to
trend of
more
cor-
public.
legal
a
argument for lower rates already in contemplation
adoption of
abortive, as others have before it, then of course
responding alteration must be made in estimates
was
condition to withstand the shock to which
poor
subjected by the sharp turn in the trend of
vent its financial
business and
of hand than it is
,
position from getting further out
today. It
appraisal of the future of business in the country.
may
be that the tide has
turned, and that less will be heard
future of
and felt in the
government-owned, highly subsidized
petition.
'Tig
a
consummation
most
com-
devoutly to
be wished.
And
which
the
there
is
the
President the
Holding Company Act,
other day said had not
been discussed
by him with the utility executives,
The realist will
certainly want to get his fingers into
the nail
.
prints regarding the so-called death
sen-
movement of
warranted
seem
to show about the
this, that
or
the other day,
these days, and whatever conclusions
concerning
are
short-term fluctuations in
exaggerated conception of what
Deal managers
later
a
called "this
new
one
of the New
prosperity," and
sharp re-awakening to realities.
ity industry—and, after all, the expansion that is being so much discussed these days requires money,
reflected
on
prices, the fact remains that the market did reflect
an
Nor
being planned
prices
re-
the balance of purchases and sales of particular
or
tence before he freely places his savings in the util-
Nor will the observer who has cut his
eye teeth fail
to observe that the
spending that is
equally pronounced general
Whatever statistics may
groups on
then
the
can
any one
the
security tax
in his right
undistributed
(although
senses
doubt that it
profits tax, the social
somewhat
belatedly), the
costs of the labor program of the Administration,
and many other similar policies.
The truth of the
Volume
Financial
145
matter is that
during the past two
market has been
or
three years the
constantly reflecting the injection
Chronicle
roses,
3391
inability to
is,
sequence
anything of much con-
agree on
afraid, too much to hope for.
we are
by government of artificial factors into the general
were
Federal Reserve Bank Statement
of the country, reflecting them not as they
economy
viewed,
or
might have been appraised, by men
of
super-human wisdom and complete aloofness, but
as
they
were seen
and accepted by the rank and file
TJ'EDERAL RESERVE authorities agaip. added to
*
their open market portfolio of United States
Treasury securities in the statement week ended
remarkable statement of the Chairman of the Securi-
Nov. 24. The banking statistics reveal an increase
for the period of $9,300,000, while the acquisitions
f°r the last three weeks total $37,825,000. There is
some reason to believe that the operations now will
ties and
The real trouble,
be halted, at least until after the quarter-date
important illness, is, however, to be found not
financing by the Treasury is completed, for the Systern otherwise would be open to the direct charge
whose
purchases and sales make the market. When
get down to brass tacks, this fact is the source
we
of the
the
concern
and consternation in evidence in the
Exchange Commission.
in the thermometer but in the
business situation—and the
found in
patient—the general
cause
of that illness is
T ax
•
egi$
i
Ways and Means Committee which has been at work
is
tax bill recommended to the full Com-
a
tentative draft of
a
a
to take the
measure
place of the present undistributed profits tax.
of this kind can,
measure
of
course,
No
be fully ap-
praised until it is in final form and until sufficient
time has
elapsed to study the details with care, but
bill
the
as
to
seems
described
remove
laid upon
in
Washington
the
of
some
frugal management of corporate affairs,
Member
Yet upon
committee
that the
short of
if
word that the
came
measure
as
vigor than
any
profits
are
Treasury had found
reported would fall materially
producing the
expenditures
are
the heels of the report of the sub-
revenue
that must be obtained
reported
an
circles that it
sional
was
more
time to convince the business
important at this
community that
some-
thing would be "done about the undistributed profits tax" than to frame
the statute book.
be
a
good law and place it upon
As to this
notion, it need merely
pointed out that the action of the sub-committee
has
produced
known
no
observable alteration in what is
sentiment in the business
as
community.
number of
reasons.
there are doubtless
a
One of them is found in other
steps taken at Washington during the past week,
It has become apparent
influential
and
blocs
therein,
Official
a
or
at least
determined to frame
to
the
Constitution
thought of the cost.
guess as
and
without
much
It is much too early to hazard a
to the exact nature of farm legislation to
finally adopted at this
or
the next session of
Congress, but it is evident enough that the trend of
thought is running in
be
would
real
very
unsound directions.
It
encouraging if the situation warranted
hope that the diversity of opinion among the
agrarian members of Congress and others influential
in
determining Congressional action would make
any
drastic legislation too difficult to be achieved
at this
tural
time, but although the way of the agricul-
legislator does not seem to be strewn with
are
mount-
officially estimated that the excess
legal requirements total $1,140,000,000,
the
for
figures
<jeciine in
ment
last
week
statement
of
on
the monetary gold stocks show
holdings of $15,000,000 in the state-
our
week, with the aggregate now $12,774,000,000.
gold certificate fund of the 12 Federal Reserve
bankg declined
$1,496,000 to $9,122,402,000, while a
decline in "other cash" stimulated the
which
regerves,
moved
525,000.
Federal
cuiation
increased
deposits
Reserve
the
to
$9,451,-
in actual cirto $4,264,829,000.
notes
$15,211,000
with
drop of total
off $6,881,000
regional
banks
moved
$13,931,000 to $7,547,039,000, with the ac-
count variations
consisting of an increase of mem-
for bank
deposits by $26,527,000 to $6,948,-
927,000;
baiance
of
reserve
a
decrease of the Treasury general account
by $21,863,000 to $113,302,000 ; an advance
foreign
bank deposits by $3,841,000
to $270,-
068,000, and a drop of "other deposits" by
$22,-
The reserve ratio receded
to 8()0% from go.1%.
Discounts by the System
fell 52,833,000 to $15,863,000, while industrial advanceg were off f667,000 to $18,589,000.
Open mar-
430,000 to $214,742,000.
$3,000 lower at
The increase of open market holdings
entirely in discount bills, and the total was raised to $2,564,015,000, which naturally is the highest figure ever
recorded.
$2,828,000.
°f Treasury obligations took place
adopt sweeping agrarian legislation with little
regard
be
that Congress,
are
naturally
ket holdings of bankers' bills were
Agrarian Plans
this lack of response
For
increase
down
It
figure currently
549 qqq qoo.
in Washington, including the
that the belief existed in Congres-
will be offset by open
currency
excess reserves
now
reserves over
Total
Treasury itself, has any idea that they will be.
was
bank
it is
tors
not to be reduced with greater
any group
The
jng? owing to the open market trend and other fac-
although it obviously leaves enterprise heavily burat all.
operations.
543,000,000 under the level of early September,
dispatches
penalties heretofore
dened with tax liabilities when there
It is
merely is intended
accord with the announcement of Sept. 12 that
market
mittee
move
autumn increases in currency
together encouraging. A subcommittee of the House
drafting
facilitate the
Meanwhile, the reasons for the open
difficult to believe that the
conclusive, and not al-
are
designed to
are
measures
market additions remain veiled in mystery.
•
ation
pLSEWHERE at far from
Washington tlm developments
of the week
lLa
that its
financing.
governmental policies.
v
,
The New York btock Market
QTOCK price movements on the New York market
iD were irregular this week, with declines again
somewhat more pronounced than gains.
a
Following
brisk recovery last Saturday, quotations dipped
sharply on Monday, partly because steel industry
operations showed another recession. Quiet liquida-
tion continued in the pre-holiday sessions,
with
of fresh lows for the year and the movement
recorded. The suspension of trading on Thursday
was welcome in these circumstances, especially
since time is needed to clarify the Administration's
attitude toward business. When trading was rescores
Financial
3392
Burned
and
of the losses suffered
regained.
were
Switching for tax
half-day session
time to time.
stance, and it results in some wide variations.
the New York Curb
problem of the stock market,
as
admitting its
little progress
the markets
with
conferences
with the aim of
expansion
The market
engaged this week in
of
the
a
with
series of
given of
decided modification of the
off from
stocks
repressive Administra¬
their
ness
and in
the year.
willingness to broaden their
nized
That tax reform is
necessity finally
conference yesterday that Congress could
ceed with such reforms whenever it is
in
less
Securities
and
tent upon a
the stock
disclosure that
a
the
Exchange Commission remains in¬
punitive and vengeful attitude toward
exchanges of the country in general, and
toward the New York Stock
It became
points, thus erasing
seven
A higher opening prevailed in
low levels for
new
again set in and equities
recovery
irregular position in the final hour.
an
Wednesday suffered
on
Exchange in particular.
public knowledge early in the week that
the Commission and the
Exchange here had been
ex¬
a
reduction
keeping with the usual pre-holiday spirit, and
with
fractions
of
losses
to
two
or
more
Thursday was Thanksgiving Day and
encouraging is
further slow¬
prices moved in an irregular fashion to close the day
pro¬
ready to enact
suitable bills.
Par
Some
displayed
a
to
one
advantage and dropped to
Trading volume
recog¬
by Mr. Roosevelt, for he stated in
even
press
im¬
an
to have been
seems
a
Share prices lost
market, but prices failed to maintain
Tuesday's
attitude, the utility leaders expressed hopeful¬
construction programs.
Monday, due to
on
Saturday's gains.
tion
some cases a
place
ground throughout the day and closed with major
any
were
one
A reversal of the market's upward
points.
took
course
Al¬
assurances
short but busy session
a
ing down of the business pace.
utility industry,
of the electric units.
forged ahead on Saturday last, after
opening to close
prominent issues enjoying gains of from
to four
stimulating the plant improvement
program
lower
a
At
is being made, however, and
leaders
definite
no
blunders.
grave
unquestionably encouraged thereby.
are
President Roosevelt
mediate
On
Exchange the sales last Satur¬
shares, and on Friday, 229,845 shares.
generally, is still that of the antagonism
Administration in
though
1,232,100
were
Tuesday, 289,755 shares; on Wednesday, 208,967
on
of
displayed at Washington and the reluctance of the
and
Saturday last
on
day were 206,090 shares; on Monday, 275,955 shares;
The essential
a
Exchange the sales at the
day ; on Friday the sales were 1,183,920 shares.
re¬
situation.
least
un¬
Tuesday, 1,640,860 shares; on Wednesday, 986,840
developments not conducive to a change in this
business
Exchange remained
shares; Thursday was Thanksgiving Day and a holi¬
The
unrelieved, with
1937
shares; on Monday they were 1,517,390 shares; on
is prominent, for in¬
purposes
thinness of the market remains
cent
On the New York Stock
large movements in
these from
individual stocks reflect
Stock
York
27,
changed at 1%.
early in the week
There are now many cross-currents
in the stock market and some
Nov.
New
the
on
yesterday, the trend was distinctly better,
some
Chronicle
\
the
Yesterday
exchanges.
an
a
points.
holiday
improved tone
on
was
apparent in the market and many issues managed
to
in part
recover
in the week.
39%
as
the losses they sustained earlier
General Electric closed
against 37%
solidated Edison
Co. of N. Y. at
Columbia
Gas
&
Elec.
N.
J.
at
yesterday at
Friday of last week; Con¬
on
10
at
26% against 24;
against 8%; Public
changing drafts of letters, apparently intended to
Service
achieve
Threshing Machine at 88% against 86%; Interna¬
some
softening of the criticism leveled at the
Commission
by Mr. Gay last August.
Douglas,
spokesman for the Commission, there¬
upon
were
as
issued
Chairman
lengthy statement in which reforms
a
urged in the typical Administration
These revelations and
moves
manner.
proved disheartening
to the market.
other
whole.
market, United States Treasury
high-grade securities
There
was
not much
steady
were
as
a
buying interest, for it
is assumed that Federal Reserve
open
chases will cease soon,
market
pur¬
pending the usual quarter-
date
tional Harvester at
buck & Co. at
Co. at
financing by the Treasury.
In the speculative
Western
Union
at
at
commodity markets show much the
remains
apparent in stocks.
toward
lower
same
sort
of
The main tendency
levels, with buying of the
closed
yesterday at 27%
against
102% against 108%; National Cash Register at
16%
against
17%;
International
Nickel
at
40
against 39%; National Dairy Products at 14%
ex-
div.
against 14%; National Biscuit at 19% against
19%; Texas Gulf Sulphur at 29% against 30; Conti¬
148
movements
58% against 58%; Sears, Roe¬
52% against 57; Montgomery Ward &
Friday of last week; Allied Chemical & Dye
151% against 152%; E. I. du Pont de Nemours
with
sessions,
modifying the losses. The
I. Case
on
nental Can at
rallies
against 34%; J.
33% against 34%; Wool worth at 37% against
bond groups the trend was lower in most
occasional
36
36%, and American Tel. & Tel. at 144 against 145%.
25%
In the listed bond
and
of
41% against 42; Eastman Kodak at
against 151; Standard Brands at 8% against
8%; Westinghouse Elec. & Mfg. at 96% against 92;
16% against 17%; U. S. Industrial Al¬
Lorillard at
cohol
at
20
against 19%;
Canada
Dry at 13%
hand-to-mouth variety, pending clarification of the
against 13; Schenley Distillers at 27% against 25%,
general picture.
and National Distillers at
concessions for
But sellers
are averse to
precisely the
any great
The for¬
same reason.
eign exchange markets, despite the careful
of the various
funds, show that
some movement of
fugitive funds back to Europe still is in
The flow is not of
does occasion
On
the
touched
a
a
New
new
stocks touched
Curb
Exchange
few
impressive proportions, but it
new
year
one
stock
while 214
On the New York
stock touched
States Steel closed
on
21% against 20%.
higher this week.
United
yesterday at 52% against 51%
Friday of last week; Inland Steel at 60% against
60; Bethlehem Steel at 48 against 46%, and Youngstown Sheet & Tube at 37
against 36%.
In the motor
group,
Exchange
low levels.
and 124 stocks touched
Stock
high level for the
one
progress.
gold shipments.
York
new
controls
The steel stocks closed
a new
low levels.
high level
Call loans
Auburn Auto closed yesterday at 8% against
8%
Friday of last week; General Motors at 33%
on
against 33%; Chrysler at 56 against 55%, and Hupp
Motors at
1% against 1%.
In the rubber group,
Goodyear Tire & Rubber closed yesterday at 19%
against 19% on Friday of last week; United States
Volume
Financial
145
Goodrich at
16% against 16%. The railroad shares enjoyed mod¬
erate gains over the previous week.
Pennsylvania
RR. closed yesterday at 21% against 20% on Friday
of last week; Atchison Topeka & Santa Fe at 36%
against 34%; New York Central at 17% against
16%; Union Pacific at 83 against 83%; Southern
Pacific at 18% against 18; Southern Railway at
12% against 11, and Northern Pacific at 12%
against 11%.
Among the oil stocks, Standard Oil
of N. J. closed yesterday at 43% against 45 on
Friday of last week; Shell Union Oil at 16% against
16%, and Atlantic Refining at 20% against 20%.
In the copper group, Anaconda Copper closed yester¬
day at 28% against 26% on Friday of last week;
American Smelting & Refining at 46% against 44,
Rubber at
25% against 24%, and B. F.
Phelps Dodge at 22% against 20.
and
Trade and industrial
reports remain unfavorable.
operations for the week ending today were
Steel
Institute
31.0% of capacity, the lowest level reported since
Dec. 3, 1934, when the rate was 28.8%.
The current
figure contrasts with 36.4% last week, 52.1% a
month ago, and 74.3% at this time last year.
Pro¬
by the American Iron & Steel
estimated
at
duction of electric energy
for the week to Nov. 20
Institute at
2,224,213,000 kilowatt hours against 2,176,557,000
in the preceding week qnd 2,169,715,000 for the cor¬
responding week of last year. Car loadings of rev¬
enue
freight are reported by the Association of
reported by the Edison Electric
was
American
Railroads
ended Nov. 20.
from the
647,251 cars for the week
at
This is
a
decrease of 42,363 cars
previous week and of 142,521 cars from the
indicating the course of the commodity mar¬
kets, the December option for wheat in Chicago
closed
yesterday at 90%c. as against 90%c. the close
December corn at Chicago
Friday of last week.
on
closed
yesterday at 53%c. as against 53%c. the close
December oats at Chicago
Friday of last week.
on
closed
yesterday at 30%c., unchanged from the close
The
spot price for cotton here in New York closed
yesterday at 8.12c. as against 7.94c. the close on
Friday of last week.
The spot price for rubber
yesterday was 14.60c. as against 14.31c. the close
Friday of last week.
on
Domestic copper closed
yesterday at 10%c. to 11c. as against the dual price
of 11c. and 12c. the close on Friday of last week.
In London the
19
of last
price of bar silver yesterday was
unchanged from Friday
week, and spot silver in New York closed
11/16
pence per ounce,
yesterday at 44%c., the close on Friday of last week.
In the matter of the foreign exchanges, cable
transfers
on
again have accumulated, and partly because of the
world-wide effects of the business decline here. Sen¬
pletely in recent weeks,
dispatches indicate. When
engaged in their nose-dives
the markets in New York
time
some
has changed com¬
European centers
timent in the
the feeling was at first
ago,
American tendency to
London closed yesterday at $4.99% as
against $5.90% the close on Friday of last week,
and cable transfers on Paris closed yesterday at
3.39%c. as against 3.24c. the close on Friday of
last week.
pects of affairs was at work. Recently, however,
situation have become predomi¬
the realities of the
the American depression
nant, and the fear that
occasioned a
everywhere. Offsetting
such trends, however, are reports that business in
the leading industrial countries of Europe continues
at a satisfactory pace. In Great Britain the trend
remains upward, with results the best in eight
spread to all other countries
would
lightening of commitments
making good
flow of fugitive
important factor in the stimu¬
France and Germany also are
years.
it is indicated. The return
progress,
capital to Paris is an
lation of the Paris Bourse.
Trading
the London Stock Exchange was ex¬
on
tremely dull last Monday, with
prices off in almost
tional
Gilt-edged issues showed frac¬
declines, and after early strength in a few
groups
the trend in industrial issues
all
departments.
also was lower.,
Anglo-American favorites drifted downward on un¬
favorable week-end reports from New York, while
especially weak, owing to the
announcement of complete debt service sus¬
Brazilian
official
group was
In the early dealings on Tuesday,
pension.
was
European Stock Markets
TRADING financial centers reflected clearly, this
European on stock exchanges in the principal
industrial section improvement fol¬
lowed, and small gains were the rule at the end.
Precious and base metal stocks were in good de¬
international issues also advanced.
Gilt-
mand, and most
The
session
AVednesday was optimistic.
on
edged issues were
fractionally better, while larger
industrial section. Com¬
advanced, and the
Anglo-American favorites likewise improved. There
was some profit-taking in London, early Thursday,
owing largely to the suspension of trading at New
gains appeared in the home
Thanksgiving Day, but the liquidation was
York for
absorbed readily
funds
small gains, and
showed
was
and the trend in most departments
British
firm.
was
and
were
Little business was done on
the Paris Bourse in
of the week, and the trend was
The weakness of other
affected the Bourse,
in rentes and
international markets
which reported fractional losses
larger recessions in French
Reports of plots for the
also affected the
The
French market adversely.
New York
Paris and Ber¬
other
sharply lower levels early in the
modity
thereafter. There
in Europe regarding the business
deep concern
trend
in the United
States, partly because of the
fair
and rentes closed without noteworthy
Bank stocks were advanced briskly, and
French
issues
demand.
equities
and
likewise
improved.
Com¬
international issues were in
There
was
much
confusion
on
Royalist plot
France, and the tendency in the markets was to
Wednesday
in
Inter¬
of the market.
optimistic tone in other centers heartened
the Bourse,
week, the influence of the trend on the
was
equities.
restoration of the monarchy
opening on Tuesday was uncertain, but reports
a more
market, for the tendency at London,
week, with improvement the rule
International
in excellent demand.
the initial session
lower.
stocks
rule yesterday in
industrial issues.
and
securities
industrial
the international section
Small gains were the
firm.
gilt-edged
change.
toward
selling
issues registered lows
Gilt-edged issues closed slightly
heavy and a majority of
lower, but in the
of
was
The
securities reacted as well.
other international
national issues declined with the rest
lin
that the
over-emphasize particular as¬
modity shares of all descriptions
Friday of last week.
on
country that Europeans
large investments in this
for the movement.
corresponding week of 1936.
As
3393
Chronicle
regarding
the alleged
3394
Financial
reduce commitments.
while
Rentes drifted
ternational issues showed little
of
sure
their
established in that session.
was
was
small.
In¬
pres¬
an up¬
Rentes
ground, while sharp gains appeared in
French equities and
tone
The
change.
liquidation diminished Thursday, and
ward trend
held
slightly lower,
larger losses appeared in French equities.
international securities.
steady yesterday,
The
but movements
were
International issues did better than French
equities.
listless and weak
was
Monday,
owing partly to the unfavorable trends in other
Almost
chemical
the
all
variations
small.
were
The tone
demand for
few potash issues
improved
sheer
on
a
point
or
were
in de¬
on
Wednesday, owing to
specialties.
few
a
a
Losses of
re¬
the industrial, bank and
among
shipping stocks, but
mand.
Wednesday
on
The enthusiasm for
tial nature and refused
uncertain
the Boerse
of
gained
on
Thursday, prices
great consequence.
point
a
opening
on
improved, and net changes for the session
no
Munitions issues
two, but other issues held to
or
previous figures.
Fractional gains outnumbered the
equally small losses.
tered
been
Small advances
were
regis¬
yesterday in all parts of the list.
and that
that
the
London
prolonged
conversations
Foreign Minister
leaders in the
von
on
Halifax,
Council, engaged in
with
Chancellor
an
invitation to visit
a
hunt¬
The British Cabinet Min¬
proved
Chamberlain
the
were
be
revealed
statement that five
or
followed
was
by
a
six
years must elapse, in the
opinion of the Fuehrer, before the nations settle
down to find
a
real solution for the
intimations from
London, however,
that much
than
cussed
ties.
more
the
colonial
by Lord Halifax with
It
was
views
in
promptly
issue
immediately made clear,
London,
were
next
The
the effect
was
dis¬
the German authori¬
the British leaders attach
great
conversations, for invitations
problem.
are to
moreover, that
importance to the
for
an
Monday
exchange of
and
Tuesday,
dispatched to Premier Camille Chau-
temps and Foreign Minister Yvon Delbos of France.
The entire matter
obscurity,
as
Prime
It
Minister
was
generally
for
colonies would
be
made
leaders
objective
an
suggested,
be
attained
In Central Europe the
years.
are
was
to
determined to pursue a
policy
added.
given
But
minority in Czechoslovakia, it
the
Germans also
as
was
have
The Italo-German idea of
a
including also Great Britain and
advanced, and
was
some
problems also took place.
discussion
The Reich
usual, it is indicated, to consider
a
return
League of Nations in advance of the desired
general settlement.
the
to
that force would not be used to
assurances
of economic
said
were
On the questions of Spain and
Mediterranean, little
appears
to have been said.
Fascist Treaty
TWO days ago Germany and Japananniversary
celebrated
with considerable fervor the first
of
their
joint conclusion of the pact against the
International, which Italy joined early
There
curious
again much discussion of
was
treaty, but nothing
indicate the real
nature
was
Berlin, Chancellor Hitler observed the day by
attending
a
banquet given by the Japanese Ambassa¬
dor, Kintomo Mushakoji.
was
far
reserve
more
The Japanese celebration
enthusiastic, and in view of the quiet
with which the pact was
this suggests a decided
treaty, indeed, is
cornerstone
of
now
greeted
referred to in Tokio
a
the
By
means
Foreign Min¬
He described the
"spiritual union founded
unanimity."
The
florid statement to the
nation, in order to mark the day.
a
as
Japanese policy, a dispatch to the
New York "Herald Tribune" states.
pact as
a year ago
change of sentiment.
ister Koki Hirota issued
on
ideological
of the treaty, "Japan is
defending her 3,009-year-old
her
disclosed to
and intent of the accord.
traditions,
Germany
philosophy, and Italy her Latin culture," Mr.
Hirota
Unfortunately, he failed to
proclaimed.
ex¬
plain how those traditions and cultural advances
to place too
the reported trend of the Anglo-
managed to survive these many years without the
Prime Minister Neville Cham¬
interrogated in the House
London, the
diplomatic
German discussions.
was
in
yet, and it would be idle
much reliance upon
berlain
remains veiled
time.
same
clearly in consequence of
more
The demand
and the German
In
address
Augsburg, last Sunday, that the German people
must have
"living space," but this reference to the
colonies
to
expansion, with particular reference to Austria
mations.
at
for
his associates.
period of
a
German
of
this
so
demand
made at the
invited
the interna¬
on
relinquished by the Reich, it
would
within
far regarding the findings of Lord
Halifax, but there have been some significant inti¬
German
been
disappointing to
and
long talks.
this month.
an
had
conceded, however, that the objectives of German
policy
matic wheels
Chancellor Hitler declared in
leaders
impression spread in the British capital that the
journey
Communist
Monday, and the diplo¬
promptly began to spin.
Little has
divulged
prior discus¬
Soon after Lord Halifax returned to
ister returned to London last
been
was
a
The official announcement
exchange of views
an
of
commitments had been made
French
two
"for
Neurath and other German
ing exhibition in Berlin.
no
anxious questioning
Hitler,
of his visit to the Reich last
course
week, undertaken
Lord
the House that the
furthering the desire
would be made without
tional situation"
to the
Lord President of the British
none
sions in the Parliament.
refused
initiative of the British Government.
in
In reply to the
France, again
is under way, on the
divulge their tendency.
assure
Member, the Prime Minister also declared
sadly lacking since 1914
now
He
confiden¬
ing."
four-Power group,
in
a
Labor
STILL anotherEuropean affairs whichreasonable
effort to regain that has been
balance
parties.
of
were
generally felt in both countries
promote such ends.
European Appeasement
to
valuable
which I believe to be
but
an
of all
for the establishment of closer mutual understand¬
interest
were
has
"visit
never
kept the rest of the list steady. Fixedobligations remained at previous levels.
Members
But Mr. Chamberlain did
such issues
After
by
pleaded that the conversations
steady.
were
lower, Tuesday,
apathy of the investing public.
common
losses, but
Although equities
points, fixed-interest issues
The Boerse again moved
were
mar¬
leading issues in the industrial,
and electrical sections showed
ceded 1 to 2
two
Nov. 27, mi
categorically that
The Berlin Boerse
kets.
Chronicle
of Commons
pact, and why a treaty now should be necessary for
their preservation.
The problem of the real aim and
intent of the Fascist
Treaty thus remains, and it is
Volume
Financial
145
Chronicle
3395
hardly surprising that much of world prefers to
nese
believe that the agreement is
regretting that the conference had not
Russian people and their
directed against the
of
a
O
gem
and Madrid
war
this
week, but there
international
within the country.
rumor
armistice,
of
this report.
such
that
that
sides
Monday by
ligerent rig ts
But the
a
submit
to
they would be willing to
sus-
bolstered quite
were
formal announcement that the
General
Francisco. Franco
had
well
now
is
insurgents have far
known, of
more
that the
loyalists
facing the proposal for
manifested again,
were
course,
"volunteers" from other
countries on their side than the
difficulties
-
o
si es, a ter su stantia
foreign volunteers have been
of
_
It
o
and the
withdrawal of
a
Tuesday, by
an in-
surgent suggestion that 3,000 troops be withdrawn
from either side
This
proposal
idea of
as
is
the
quid
pro quo
for recognition.
almost identical with the Italian
equal withdrawals.
On the Aragon front the
loyalists remained on the offensive this week, largely
on
the basis of
The
mg
artillery shelling of insurgent lines.
insurgents resumed, last Wednesday, their shell-
of 5 adrid,
with
contrast
former
spared
ter
a
t
mont
tlm
of inactivity there.
diplomatic .quarter
In
of the
insurgent shellings
previous
capital,
on
a
measures.
was
^
made b
wag
and
m
ditiong
There
of att
ti
eded
and
&cQ
k obgtadeg tbat would
ig
hai
their
added
that
to ^ wegt_
j
ge
last Mond
lai
that
In
area.
the
pregtige
international
Settlement
recognized tkrough the
wag
appointment of two Japanese to customs posts.
cugtomg
a
i{
gtand
a
gucceed to aJ1 CMna,g ri htg in the
t tQ
gha
circles
ite the gtrate.
believed
kegmen made it
th
d
lace ^ defenge force in
n
wm be made farther
an
mint
ugual
ag
bombi
talk in Chinesu mQit
wag
to defend Nanki
but it
The invad-
rushed.
were
three colu
intengive
Chungkillg)
parationg for the aban.
Nanking then
advanced ^
t
ital of Nanki
Formal announcement
t]ie Chinege Government last gund
donment 0f
efg
b
with the
ital would be trangferred to
far in m int
howe
revenu
wU1
be
The
impounded.
United gtateg Ambassador Nelson T_ Johngon and
mogt of hig gtaff Mt Nanki
The chinege recdved
kow_
a
congi
nt of Russian
twe{m 2- and 40
that Euggia
nege
the
Tuegd
airplanes, numbering be-
and the immediate
airpIanes
it
the
was
was
made
piain, however, that
purchaBed and not donated, with
were
In
count
area
impressioil
might be coming to the aid of ^ chi.
Government
own
for Han.
tbe lagt week.end
over
the Ruggian aviatorg returnin
tbe
immediately to their
northern
vast
Chinege
JapaneBe appeared to be resting
on
war
their
wbjle the CMnege defenderg contented them-
armg>
geives with
guerrilla warfare.
importance
were
Indications
of
Japanese Expansion
hai
.ye Qf ^ raiderg
^ ^
not
is occasion.
steady and almost unopposed Japanese drive
a
inwapd from gh
rumor per-
asked
been
^
withdrawals
such aid
attributed
was
British proposal for the granting of be
a
effected.
had
These reports
insurgent leader
accepted
proposal for an
a
by the insurgents
which
on
pend hostilities.
on
events
Loyalists denied stoutly that any
both
'formulas"
bit
the
in
From French border points a
suggestion had been made.
rated
a
than
loyalists and insurgents, and the lack
stern offensive
a
the Ara-
originating in London, had been sub-
nutted to the
to
on
interest in the
was more
disseminated
was
fighting
fronts marked the Spanish
developments
own,
consid-
even
^ar dispatches from China were mere accounts
anish War
S
statement of its
a
ered positive and concrete
territory.
SPORADIC and inconclusive
delegation appended
both
means
of
are
China
No developments of
noted.
beginning to
and
Japan
appear that leaders
casting about
are
ending the costly conflict.
for
Shanghai dis-
THERE was little opposition this week to the patches state continue their defense for two boast of
that the Chinese no longer three
speedy Japanese expansion
the Asian
being able to
con-
on
tinent, for
aggression.
Sino-Japanese
no
were
reached both in the Chi-
defense and in the international efforts to halt
nese
the
lows
new
The international council
war was
on
the
abandoned altogether, and
attempt was made to conceal its abject failure,
After
long and fruitless discussions at Brussels, the
Nine-Power
Treaty
conference suspended
if
necessary,
it
the Japanese and
wear out
bring them to the end of their
resources.
But it
also is plain that the strain is telling on the Japanese,
for the estimates of military expenditures
being revised upward frequently.
It
was
are
rumored
in Tokio, last Sunday, that the Japanese budget
sit-
for 1938 would exceed 5,000,000,000 yen, and the
tings, Wednesday, until that indefinite time when
realization that Japanese armies will have to be
mediation
maintained in China for
might be tried with better hopes of
A declaration of
cess.
of the
a
Italy objecting
harmless resolution.
belief
reaffirmed
a
than
as
force,
extensive
more
the
than
a
sue-
the sole fruit
peaceful
recent
turbing.
is achieved
a year or more
soon,
per-
The Japanese military leaders adopted the
expedient, Tuesday, of having
one
of their airplanes
general
There is,
to come,
is proving highly
surrender
on
by
the
Chinese
the other hand,
an
immediate
Government,
significant change
a
fairly "in the Japanese pronouncements regarding China,
developments in the
The civil leaders no longer promise effusively that
a
committed to
were
security
international
and
a
resort to
arms,
international relationships
basis of mutual trust,
can
goodwill and
beneficial trade and financial relations."
peace
rather
processes,
be safeguarded without
a
if
drop a message to Nanking, urging
of settling disputes
means
even
merely
constituting "the framework within
within which
on
to the adoption of
The declaration
belief in the efficacy of treaties
international
peace can
subsist
was
The document reviewed in
manner
instruments
which
and
even
East, but the adherents
nothing
as
in
the best
between nations.
Far
principles
meeting, with 18 delegations expressing ad-
herence and
such
its
or
years,
The Chi-
Japan will not absorb
more
costly and large-scale
war, a
Chinese territory.
the New York "Times" remarks,
ing
a
revision of the Japanese
formula
about
Japan
war
having
bitions has been dropped.
The
dispatch of Tuesday to
seems to
be
caus-
aims, and the old
no
This, of
territorial
course,
am-
is quite
in line with the expectations of the Western world,
which holds Japanese protestations in contempt.
Financial
3396
Chronicle
increase
INTERNAL politicalsolved, for of the French Left
problems the time being, by
have been
Front
who were accused with
week of having plotted
the democratic regime headed by Premier
Rightists and Monarchists,
apparent justice this
much
against
With a timeliness that is open
Camille Chautemps.
to
discovered a
for the restoration of the monarchy, just after
suspicion, the Left Front Ministers
plot
assembled for its autumn sessions.
the Parliament
warned the Chamber of Depu¬
Premier Chautemps
gravity" late
"unhappy surprises of terrible
ties of
week, and he proceeded to reveal that
last
"enemies
people" have been fomenting insurrection.
statements by the Premier occasioned an over¬
the
of
The
whelming vote of confidence, and the plotting there¬
after
was
disclosed in greater
have
detail.
It was quickly
the charges
by the Monarchists that
established
Guise, pretender to the French throne,
of
issued
his exile in
statement last Tuesday from
a
Belgium, urging the restoration of the monarchy.
The French Secret Service on the following day dis¬
covered in various
hiding places in and near Paris,
immense stores of guns
and ammunition, rosters of
possible adherents and maps of many descriptions,
all of which were depicted as reflections of the
activities of Les
Cagoulards,
serious
Whether
or
the Hooded Ones.
not, the plot against the Re¬
or
quite decidedly the scale of payments under
Aranha
the
headed last
heard at the time that there was no
the Brazilians were anxious to
ferred for interest and to
by the dis¬
"permanent" settlement on the basis of sharply
reduced
payments, whereas another temporary plan
seemed more advisable
mination of
tendencies
these
of
ability to
CLARIFICATION of the is badly needed, but to¬
its foreign debts Brazilian attitude as
ward
yet only hints and intimations have been supplied
by the new dictator, Dr. Getulio Vargas.
a
on
of the
After
meeting last Saturday, President Vargas
statement
external
sums
due
officially suspending all
frozen
credits.
At the
The real Brazilian ability to pay is
In
the
a
press
patches of Wednesday report an admission by For¬
eign Secretary Anthony Eden that official British
regarding the
representations
made
been
have
by
A similar
Janeiro.
the best customers for Brazilian
on
on a
policy
Press
dispatch
products.
Rio
from
de
Paul
pending
"new
accords
on
There is lacking, how¬
real and adequate explanation of the
plan, which
to
Brazil.
Emile Janson, a
Minister de
Aranha
Souza Costa
versations for a*
of the
plan
was
any case,
no
due to
and Finance
already had started
the Belgian
a new
in
upon
the manufac¬
governmental "crisis" and the abandonment
coffee valorization
scheme
as
a
convenient
pretext for the unilateral abrogation of the Aranha
Studies made by financial experts in
Belgium
on
central bank while
Several attempts by
regime
leadership
were
unsuccessful,
entrusted to Paul
was
liberal who is not involved in the
The Belgian
the
on
Cabinet crisis
was
Sino-Japanese crisis was in progress.
The end of that abortive
nal conflict
quickly
meeting brought the inter¬
again into prominence, and
was
a
settlement
effected through the selection of the
Dr.
liberal leader.
van
Zeeland
Cabinet, but other changes
was
dropped from
were
quite unim¬
portant, as almost all the Ministers of the old regime
invited to
Socialists
of their
participate in the
demanded
new
leadership,
government.
on
the basis
predominating position in the Chamber of
Deputies, but they were unable to agree on a choice
for Premier.
tion
of
the
Belgian business
men
viewed the solu¬
political question with relief, since it
meant the end of the unsettlement that has
ered progress
lieved in
in recent weeks.
the
in order to supply some indication
popular sentiment in Belgium, which still
remains democratic
of the
hamp¬
It is generally be¬
Brussels, however, that new elections will
be necessary soon
con¬
altogether probable that the absolute dicta¬
agreement.
announced
soft-pedaled, of course, while the Brussels confer¬
of
subsequent arrangement.
torship in Brazil merely seized
tured
scandals.
reasons
known to have been
are
The
lapse within a few months, in
It is
from
Spaak to form
amortization."
suspending at this time the payments under the
burden
month of uncertainty, a new
charge that he had accepted irregularly
sus¬
suggest early conversations with the
representatives of creditors.
Aranha
a
and in the end the
An
Janeiro
Monday the significant item that the
These incidents
for
a
was
holding the post.of Premier.
the
pension of foreign debt payments had been decided
ever, a
nearly
emoluments
The
upon
assuredly would
place.
Zeeland, who resigned in order to combat more
effectively
were
added
Rio de
by the United States Gov¬
move
the creditors in those countries which
Associated
by Brazil
Belgian Cabinet
AFTER
indicated again that
foreign debt program would be based
of favoring
are
was
begin negotiations with creditors for
was
default
Ambassador to
the
ernment in behalf of its nationals
not be out of
ence
conference it
It is
interesting to note, meanwhile, that London dis¬
same
agreements, "within the realm of possibilities."
new
In view,
is warranted
rally prefer to view matters from that basis.
recent
time Finance Minister Arthur de Souza Costa
authorized to
run.
established, however, and the creditors natu¬
well
pay¬
indebtedness, with the exception
on
in the long
assumption
altogether, in order to improve their bargain¬
ing position.
van
ments
the
Wednesday to succeed the regime headed by Paul
Brazilian Debts
issued
here, pending a true deter¬
pay
authorities decided to suspend pay¬
that Brazilian
ments
Cabinet
Cabinet
apply part of the money
agreement, for Brazil wanted
nature of the successor
closures.
a
lower the sums trans¬
A difference arose also over the
for amortization.
a
but
of lowering the aggregate payments,
intention
public has been nipped in the bud, and it is clear
Radical-Socialists, Socialists
Communists will be strengthened
Suggestions from Brazilian
summer.
were
sources
that the Left Front of
and
doubtless was
fact
This
program.
brought to the attention of the Brazilian delegation
to the United States which Senhor de Souza Costa
considerable measure of justification, for the
a
Duke
countries show clearly that Brazil could
the debtor
French Plots
Nov. 27, 1937
despite the example set by some
neighboring States.
Discount Rates of
Foreign Central Banks
THERE have been noofchanges during the week in
the discount rates
of the foreign central
any
banks.
Present
rates
at
the
leading centers
shown in the table which follows:
are
Volume
Financial
140
Chronicle
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Rate in
3397
BANK
OF
FRANCE'S COMPARATIVE
Rate in
Date
vious
Established
Mar.
for Week
Nov. 18, 1937
Francs
Effect
Rate
Date
vious
Established
Rate
Country
1 1936
STATEMENT
Chanyes
Nov. 26
Effect
Nov. 26
Argentina..
Pre¬
Francs
Country
Pre¬
2H
43^
3^6
3H
Gold holdings
Cred bals. abroad.
bills
discounted..
5
2 1936
b Bills
bought abr'd
Austria
3X
3H
Batavla
4
Belgium
Bulgaria
2
May 15 1935
6
Aug. 15 1935
Canada
2%
Mar. 11 1935
4
Jan.
24 1935
4H
Java
4
Note circulation
4
July
18 1933
5
Jugoslavia.
5
Feb.
1 1935
6H
Credit, current accts
Lithuania..
5X
July
1 1936
6
c
4JlS
3H
Propor'n of gold
Nov.
20, 1936
Nov. 22, 1935
Francs
Francs
4X
Chile..
Colombia
.
.
July
Holland...
Dec.
Hungary...
4
4H
India
3
2W
Ireland
3
Aug. 28 1935
Nov. 29 1935
June 30 1932
7
1 1935
July
2
4~
10 1935
Italy
4H
Japan
Czechoslo¬
vakia
3
May 18 1936
Apr.
6 1936
3??
3 r
14 1937
Jan.
Denmark
.
England
1 1936
3H
Morocco.--
Jan.
21937
5
Norway
4
4
.
Jan.
4
Danzig
Oct.
19 1936
3H
Poland
5
May 28 1935
Dec.
5 1936
Oct. 25 1933
Portugal..
4
Aug. 11 1937
t
2
June 30 1932
Estonia
5
Sept. 25 1934
Finland.
4
Dec.
3
Nov. 12 1937
2H
5K
4H
3H
4
Sept. 30 1932
6
Jan.
...
France
Germany
.
.
Greece..
3.65
.
South Africa
3X
May 15 1933
Spain
5
5X
Sweden
Switzerland
2H
m
10 1935
Dec.
1 1933
Nov. 25 1936
2
9,573,245,214
No change
-
26,918,460,497 12,302,601,962
on
on
*
3
7,187,805,141
+ 0.45
53.26%
64.02%
72.27%
Includes bills purchased In France,
•
7
41937
out int. to State.
resenting drafts
4
9,255,336,602
946,515,291
1,460,668,761 1,263,980,831
—80,000,000 3,814,408,274 3,448,910,211
3,199,130,319
—958,000,000 89,989,121,885 85,758,856,865 81,234,710,695
+ 33.000,000 20,667,333,073 14,777,483,967 14.268,799,667
Temp. advs. with¬
6
July
+ 42.000,000
No change
secure.
hand to sight liab-
5
4 1934
Adv. against
6
7 1934
Dec.
Rumania..
No change
58,932,022,187 64,358,742,140 69,025,012.910
+624.000.000
638,332,673
7,315,045
72,793,263
_
French commercial
a
b Includes bills discounted abroad,
Treasury on IO-billlon-franc credit opened at Bank.
Rep¬
c
,
Since the statement of June 29, 1937, gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26, 1936,
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg.
of gold to the franc.
Foreign Money Rates
Bank of
Germany Statement
IN LONDON open market discount rates for short THE statement for the third gold andof bullion of
Friday
% @ 13-16%
against
quarter November
showed
bills
9-16%
three
on
on
months'
last week.
H%-
as
were
bills
as
Money
against 9-16%
call at London
on
At Paris the
Friday of
on
Friday
on
was
market rate remains at
open
3/€% and in Switzerland at 1%.
Bank of
114,000 marks, which brought the total
up
to 70,-
65,607,000
marks
253,000
marks,
last year
and 88,117,000 marks the previous
gain
also recorded in
of
was
compared
with
reserves
A
year.
in foreign currency
140,000 marks, in silver and other coin of 40,210,-
000
marks,
in
investments
England Statement
in
increase
an
Friday of last week, and % @ 13-16% for
of
advances
of
292,692,000
2,843,000
marks,
in
marks, in other daily
THEloss £91,914the weekBank's Nov. holdings,
statement for in the ended gold 24 shows
maturing obligations of 903,000 marks and in other
but
liabilities of 3,806,000 marks.
of
a
as
this
was
more
than offset
£734,000 in note circulation,
Gold
with
holdings
contraction of
a
£642,000.
reserves rose
total £327,860,548 in comparison
now
£249,366,543
by
Public deposits rose
a year ago.
£2,187,000 and other deposits fell off £2,893,828.
The
latter
creased
£3,099,933
creased
£206,105.
42.15%.
Loans
£460,000 and
which in¬
and other accounts
The
43.5% from 42.8%
on
reserve
proportion
week earlier; last
a
and
was
made in the
the
different
3,797,864,000 marks.
of
bills
reserve
2% discount rate.
with
Below
ratio
now
stands at
1.67% and the previous
1.64%; last
year
different items for
the
were
year
before
shown in
2.44%.
three
year
The
it
was
A comparison
is furnished
years
below:
REICIISBANK'S
COMPARATIVE
STATEMENT
Chanyes
ad¬
change
show
we
comparisons for previous
for Week
Res've in forn' currency
Bills of exch. and checks
Investments
STATEMENT
Reichsmarks
+ 114,000
No change
Of which depos. abr'd
Advances
years:
Nov. 23, 1937 Nov. 23, 1936 NOV. 23, 1935
Reichsmarks
Assets-
Silver and other coin...
BANK OF ENGLAND'S COMPARATIVE
Decreases
a
year
exchange checks and in other assets.
Gold and bullion
items
Circulation
Of the
No
from securities.
4,644,700,000 marks.
stood at 4,247,660,000 marks and the
was
government securities decreased
£433,789
at
Notes in circulation
180,300,000 marks, which brought the total
down to
ago
of
it
latter amount £418,543 was from discounts and
vances
to
rose
year
other securities £852,332.
on
de¬
which
bankers' accounts
of
consists
fell off
Other assets
70,253,000
20,125,000
+ 140,000
5,826,000
—207,271,000 5,799,523.000
228,960,000
+40,210,000
30,925,000
+2,843,000
690,086,000
+292,692,000
808,441,000
—11,681,000
Reichsmarks
Reichsmarks
65,607,000
88,117,000
21,034,000
28,272,000
6,436,000
5,236,000
4,354,242,000 3,686,507,000
230,614,000
206,607,000
30,679,000
33,364,000
521,715,000
660,705,000
701,415.000
675,635,000
Liabilities—
Nov.
24,
Nov.
1937
Nov.
Nov. 27.
1935
25,
1936
Nov. 29,
28,
1933
1934
Notes In circulation
Oth. daily matur. oblig.
Other liabilities
—180,300,000 4,644,700.000 4,247,660,000 3,797,864,000
717,635,000
+ 903,000
729,892,000
712,556,000
281.243,000
278.692.000
322,967,000
+3,806,000
Propor'n of gold & for'n
Circulation
480,376.000 445,566,964 401,345,467 379,686,948 370,201,697
curr. to note
+ 0.07%
clrcul'n.
1.64%
2.44%
1.67%
Public deposits
Other deposits
35,358,000 12,055,477 19,707.107 27,692,954 13,637,336
119,946,014 139,298,263 127,423,010 127,259,599 143,404,697
Bankers' accounts.
83,598,447 97,604,111
90,887,211 89,125,832 106,910,361
Other accounts
36,347,567 41,694,152 36,535,799 38,133,767
36,494,336
Govt, securities
76,153,000 78,160,120 85,544,999 80,361,413 70,841,066
Other securities
29,468,921 27,211,001 22,320,057
19,428,281 22,326,234
Disct. & advances8,601,306
8,570,416
9,155,732
9,499,737
6,803,132
Securities
20,867,615 20,407,869 12,820,320 10,272,549 13,755,818
Reserve notes & coin
67,486,000 63,799,579 57,093,718 72.994,087 81,616,427
Coin and bullion
327,860,548 249,366,543 198,439,185 192,681,035 191,818,124
Proportion of reserve
to liabilities
51.97%
38.80%
47.10%
43.5%
42.15%
Bank rate
2%
2%
2%
2%
2%
New York Money
THE New York money market remained quiet
this week, with demand for accommodation
Bankers'
small.
traded
average
lar
the total of which is
York
loss
now
89,989,121,885 francs,
81,234,710,695 francs two
was
years
ago.
com¬
francs,
credit
while
Bank's
balances
no
The
and 72.27% the
year
before.
the various items with comparisons
on
the New
New York Money Rates
DEALING in detail with call loan rates on the
the
Stock Exchange from day to day, 1%
change, the total
ruling quotation all through the week for both new
Gold last
year
reserve
ratio rose
slightly to 53.26%, compared with 64.02% a year
ago
loans
six months' maturities.
cur¬
aggregated 64,358,742,140 francs and the previous
69,025,012,910 francs.
Call
The
remaining at 58,932,022,187 francs.
year
earlier.
Exchange held to 1% for all transac¬
abroad,
francs respectively.
gold holdings showed
week
a
Stock
1*4% for datings to 90 days, and 1%% for four to
624,000,000 francs, 42,000,-
000 francs and 33,000,000
issue
An increase
French commercial bills discounted and creditor
rent accounts increased
days, and awards were at an
rate of 0.117%, as against 0.143% on a simi¬
tions, and time loans were equally motionless at
also recorded in advances against securities of
80,000,000
The Treasury
and
ago
year
a
commercial paper were
Monday another issue of $50,000,000 dis¬
count bills due in 114
THE statement for the francs of Nov. 18 showed a
of 958,000,000 week in note circulation,
pared with 85,758,856,865 francs
bills and
slowly at unchanged rates.
sold last
Bank of France Statement
Mfarket
Below
we
furnish
for previous
years:
was
loans
and renewals.
continues
this week.
90
quiet,
no
The
market for time
money
transactions having been reported
Rates continued nominal at
1J4%
up
to
days and llA% for four to six months' maturities.
The
market
for
prime commercial paper-has been
fairly brisk this week, but the demand continues to
Financial
3398
be
greatly in
available.
of the supply of prime paper
excess
Rates
quoted at 1% for all maturities.
are
Chronicle
good but the supply of high class
There has been no
change in the rates. The official quotation as issued
continues
paper
dwindle.
to
by the Federal Reserve Bank of New York for bills-up
34% bid and 7-16%
and including 90 days are
to
asked; for bills running for four months, 9-16% bid
and
%% asked; for five^and six-months, %% bid
9-16% asked. The fell-buying rate of the New
and
%% for bills running from
days; %% for 91- to 120-day bills, and 1%
1 to 90
for
Bank is
Reserve
York
Federal Reserve
Bank's
holdings of acceptance
decreased from
$2,831,000 to $2,828,000. Open market dealers are
121-
to
180-day
The
bills.
quoting the same rates
those reported by the
as
The rates for
Federal Reserve Bank of New York.
market acceptances
open
%
Prime eligible bills
Bid
Ashed
Bid
%
%,
K
X
——30 Days
—60 Days
Bid
Bid
Ashed
X
Xt
WITHIN
Ashed
Xt
A
Eligible non-member banks
Discount Rates of the Federal Reserve Banks
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
for
the
the schedule of rates
of
classes
various
of
Bank
market
France,
now
the
at
paper
in effect
approximately
In fact,
or
be recalled that
authorities
Another
2 1937
Sept.
Atlanta-.
......
...
St. Louis.
Minneapolis
Kansas
City
Dallas
San Francisco
ix
4 1937
The
authorities
Dutch
rectly,
United
all-time
an
Nov.
holdings
States
2
2 1937
a
show that during October
imported
£12,729,690
and
£3,192,673 to the United
America,
£1,337,512
gold
of
Of the exports £5,507,578
£14,626,553.
South
high level when they
a
guilders.
Official London reports
Britain
earlier its total gold
year
considered at
were
Yugoslavia,
to
gold imports totaled
2
gold
indi¬
or
a
£2,955,818
to
£761,839 to Switzer¬
few other countries.
Great Britain's
£270,864,855, against
£248,-
2
Aug. 24 1937
directly
In the first 10 months of this year
2
drawn
high of 1,424,600,000 guilders
15, whereas
stood at 569,900,000
to
have
must
on
Nov. 23.
the gold in the Bank of The Netherlands
as
reached
2
Aug. 21 1937
authorities
shipment of $10,000,000 left for France
heavily from the
2
Aug. 21 1937
Dutch
Nov. 10 United States
on
land, and smaller amounts to
2
May 11 1935
Aug. 27 1937
are
shipped $10,250,000 of gold to France.
Holland, £555,458 to France,
Sept.
past
the theory
on
Nov. 20 and another $5,000,000 was sent on
exported
Aug. 27 1937
the
in
abroad.
2
1
lost
gained gold from the United States which is
held here
Rate
IX
Chicago.
the
Established
IX
IX
IX
1^
IX
IX
IX
IX
ix
IX
Richmond
and
British
the
States,
New York
gold
has
both
Previous
Philadelphia.
Cleveland
of
of
contention
States
foreign exchange circles
Dale
on
Nov. 26
Boston
United
have
went
Effect
the
support
$150,000,000
Rate in
Federal Reserve Banh
both
resumption of gold
that
Great
DISCOUNT RATES OF FEDERAL RESERVE BANKS
The
beginning to revise the figure upward
different
Reserve banks:
It is clear that
drawing gold from
the
that
observers
several weeks.
on
The following is
conducted with
000,000 increase last week in the gold reserves of
the
Xs
% % bid
% % bid
gold
indications occasionally
some
London.
THIRTY DAYS
Eligible member banks
from
shipments from New York, together with the $136,-
Ashed
Vs
%
DELIVERY
FOR
—120 Days—
away
equalization fund operations
been
have
and
York
New
cur¬
outward flow of
an
for the most part
are
banks
It may
150 Days
90 Days——
Bid
Ashed
Prime eligible bills
central
DELIVERY
SPOT
—180 Days
Bid
Ashed
The movement
reflecting these operations.
appear
industrial
London, Paris, and other centers.
Nevertheless
secrecy.
27, 1937
cautious tone in Euro¬
more
The central bank and
follows:
are as
a
industrial centers.
in the market
and
the ;• business
causing
from this side to
very
been
is
dollar is reflected in
the
THE market for prime bankers' week. The has
shown
little activity this acceptances de¬
mand has
and
exchanges
tailment
pean
Bankers'Acceptances
Nov.
Sept.
3 1937
2
3 1937
year
a
and
ago,
amounted
exports
to
2
Aug. 31 1937
858,000
2
Sept.
Sept.
£198,399,985, against £57,848,000
a year ago.
Despite the heavy gold movement from London
to other countries
Course of Sterling Exchange
tinue
STERLING exchange and several of the leading
world
of the dollar.
to
Continental
currencies
The firmness in the
the Swiss franc, the belga,
ally reflects
continue
intervention of the
in terms
pound, the guilder,
and the French franc actu¬
the dollar.
pressure on
firm
Only the active
exchange equalization funds
dollar from
pre¬
vents
the
versa,
sterling and the other currencies from moving
moving still lower, and vice
higher.
The
between
$4.9934 and $5.00 11-16 for bankers' sight
for sterling this week has been
compared with
bills,
and
range
a
$5.01% last week.
has
been
pared
between
with
$5,019-16
a
a
range
The
of
be
against
Nor
York.
between
$5.00%,
com¬
$4.98 7-16
and
it
is
exchange at this
London
and in favor
customary
pressure
against
the
for
the
season
of
New
Continental
the late fall and winter.
dollar
seems
to
have
of
amount
The
crease
downward movement
now
reflected
in
all
of
securities
the
in
New
European stock
now
a
vast
be invested in Ameri¬
were
it
London is expected to in¬
be
one reason
nor
of
The operation is neither
extraordinary.
such
the
from
department
for the £20,000,000
fiduciary note issue of the Bank of
England made last week.
banking
department
bank
the
of
All that happens is the
amount of Government securi¬
an
to
the
exchange for
in
issue
notes,
automatically
increasing the
sponding
increase in the fiduciary
made merely to strengthen the Bank's
against the
reserves
heavily
The
in
currency
substantial
currency
i
notes
reserves
to
a
corre¬
The
extent.
issue has been
year-end
is
intended
or
There is
strengthen the dollar
of funds to
and this appears to
transfer
investment
con¬
of the
marked degree within the next few months
a
increase in the
radical
funds
parts
present business recession here.
flow
to
year,
all
Great Britain,1 Holland and
in
money
not for the
business here may
The
or
from
balances.
necessary
securities and thus
upon
York
London
Switzerland which would
can
originated entirely in fears that the retardation of
be protracted.
during the past
into
seeking security
establish
ties
currencies to show firmness ifi
The
and
week ago.
Under normal conditions
should
for cable transfers
range
$4.99 5-16
range
of between* $4.98%
flow
to
time when it will be drawn
connection
with Christmas and
demands.
increase
has
in
doubtless
hoarding of British
had
an
important
Volume
effect
Financial
145
the decision to
on
enlarge the fiduciary issue,
although in the past few weeks it has been noted
Continental and other hoarders have been
3399
Chronicle
ended
last
Tuesday,
to-day changes
Date—
hoarders
the
marked
a
of
are
in
course
These
some of
enlarge their gold
gold.
competition with
for
preference
banks which seek to
central
As
open
$1,257,466,087
+$7,313
19
1,247,466,762
—9,999,325
Nov. 20
1,247,468,700
1,247,472,172
+1,938
+3,472
1,242,475,593
—4,996,579
Nov.
22
23
_
market.
Net Decrease for
in Wall
Street, but it is asserted that in the provinces
business continues at
high level, with a very con¬
a
backlog of unfilled orders in most indus¬
siderable
tries which should carry
well into next year.
is felt in
not
can
Canadian exchange
between
Ap end is
the
by
rearmament
cannot
run
3-16%.
following tables show the mean London check
The
rate
Paris, the London open market gold price,
on
and the price
program,
Nov. 22
Tuesday,
Nov. 23
LONDON OPEN
Wednesday, Nov. 24
140s. Id.
Thursday,
Nov. 25
„140s. Od.
leaders to
expansion of foreign trade, now seriously
Tuesday, Nov. 23
Friday,
Nov. 26—
the unrest in various parts
effect
to
early
an
for
responsible
largely
is
anxiety
a
States.
A few days ago Prime Minister Chamberlain stated
that England is.. prepared to cooperate with the
States
in
world economic
practical move to promote
President Stanley of the
any
stability.
British Board of Trade told the House
had
discussions
States
regard
in
concessions
of Commons
held concerning United
been
to
contemplated
a
Anglo-American trade pact.
have shown
practically no change from day to day for a long
period.
Two-months' bills are quoted at %%,
an
advance of 1-16% over the rate prevalent up
to last Monday; three-months' bills are unchanged
at 19-32%, four-months' bills 21-32%, unchanged,
and six-months' bills 21-32%, against 23-32% last
London
the
All
Monday.
open
market money rates
open
destination, chiefly
On
London
unknown
for account of private hoarders.
gold
on
offer in the
market continues to be taken for
Saturday last there was available £252,000, on
Tuesday £313,000, on Wednes¬
Thursday £465,000, and on Friday
Monday £232,000,
day £202,000, on
on
_140s .Id.
STATES
(FEDERAL RESERVE BANK)
Nov. 22
Nov. 23
$35.00
Hoi.
35.00
Wednesday, Nov. 24
$35.00
35.00
35.00
Saturday, Nov. 20
British
consummation of
FOR GOLD BY THE UNITED
PRICE PAID
Monday,
reciprocal trade agreement with the United
that
Nov. 26
MARKET GOLD PRICE
__140s .Id.
140s. Od.
Monday,
Tuesday,
United
Nov. 25-
Friday,
,__140s. Od.
of the world.
endeavors
Thursday,
Nov. 22
strenuous
restricted by reason of
This
*
147.14
147.13
147.13
Saturday, Nov. 20
Therefore
by British officials and industrial
hasten the
Monday,
PARIS
Wednesday, Nov. 24
147.18
147.16
147.15
Saturday, Nov. 20
prosperity among peace-time
promote
paid for gold by the United States:
MEAN LONDON CHECK RATE ON
efforts are being
industries.;
made
occasioned
which in the long
to the activity
seen
steady
ranged
premium of 7-128% and a premium of
a
high level of prosperity enjoyed for the last few
years.
was
Montreal funds
during the week
inclined to firmness.
and
Never¬
be doubted that some anxiety
Great Britain as to the continuance of the
theless, it
Week Ended Wednesday
$14,983,181
and pessimism prevalent
nervousness
Daily Change
Amount
-v-.";
18
Nov.
previously noted, the City of London is in¬
clined to share the
calculations:
own
Nov.
Nov.
holdings through the London
day-
The
follows.
as
was
our
GOLD HELD IN THE TREASURY'S INACTIVE FUND
that
showing
are
Thursday,
Nov. 24
Friday,
Nov. 26
Referring to day-to-day rates, sterling exchange on
Saturday last
was
firm in restricted trading.
Bankers'
$5.00%@$5.00%; cable transfers $5.00 9-16
@$5.00%.
On Monday pressure against the dollar
continued.
The range of the pound was $5.00 3-16
sight
was
@$5.00 11-16
for
and
sight
bankers'
$5.00%@
$5.00% for cable transfers.
On Tuesday sterling
continued firm in dull trading.
Bankers' sight was
On
$5.00 11-16.
transfers
cable
$5.00%@$5.00 9-16;
Wednesday
$5.00 5-16@
continued
sterling
$4.99%@$5.00% for bankers'
transfers.
Thursday, Thanksgiving Day, there was no
The
steady.
range was
sight and $4.99 13-16@$5.00 7-16 for cable
On
On Friday the undertone of
market in New York.
exchange
London
on
The range was
firm.
was
$4.99%@$4.99% for bankers' sight and $4.99 5-16@
Closing quotations on
$4.99% for cable transfers.
$4.99 7-16 for demand and $4.99% for
transfers.
Commercial sight bills finished at
Friday
cable
were
$4.99%, sixty-day bills at $4.98%,
documents for
$4.98%,
at
and
$4.98%,
and
Cotton
seven-day
ninety-day bills
payment (60 days) at
grain
grain for payment
bills at $4.99%.
closed at $4.99%*
Continental and Other Foreign Exchange
£174,000.
At the Port of New York the
the week ended Nov. 24, as
gold movement for
reported by the Federal
Reserve Bank of New York, was as
GOLD MOVEMENT AT NEW
follows:
YORK, NOV. 18-NOV. 24,
Gold Earmarked for Foreign
seems
equalization
French
The
selling
None
None
Net Change in
at
INCLUSIVE
Exports
Imports
THE French financial have eased on the last few
situation, in the surface
least,
to
weeks.
thereby acquiring francs.
Account
there
fund has
been
Bank of France,
Paris reports assert that
great deal of gold to the
a
has been a very
considerable repatriation of
None
Note—During the week there was an export of $15,000,000 of gold to
The Inactive Gold account was reduced $15,000,000 as shown
France.
by the daily statement of the United States Treasury.
We have been notified that approximately $16,430,000
received at San Francisco, of
of gold was
Japan and
which $16,374,000 came from
$56,000 from Australia.
The
above
Wednesday.
figures
are
for the week ended on
Day, no
no imports
On Thursday, Thanksgiving
report was issued.
On Friday there were
gold held earmarked for
foreign account decreased $180,700.
It was re¬
ported on Friday that $5,570,000 of gold was received
at San Francisco, of which $5,514,400 came from
or
exports of the metal, but
Japan and $55,600 from
Australia.
Gold held in the inactive fund, as
daily Treasury statements
indicated in the
issued during the week
French
funds
other
from
centers,
chiefly
from
New York.
This is
the
franc
observers
evidently true and would augur well for
situation
but for the fact that London
note that
French hoarders are active in
the London free
drawn
from
gold market.
large extent taken
Swiss
French funds with¬
New York have also apparently to a
refuge in Amsterdam and the
centers.
Day-to-day money is easier in Paris, an indication
an ample return flow of capital.
Another evidence
of the trend is the decline in the discount on 30-day
of
francs
to
1%
in contrast
points
below the basic
cable rate,
week
with the six-point discount a few
Financial
3400
of six
lent
at
are
discount
a
points, against the 10-to 15-point range preva¬
few weeks ago.
a
francs
the
are
this
at
90-day francs
Currently
ago.
only European currencies which are
time
neutral
Holland guilders and Swiss
than the
stronger
currencies
at
are
discounts,
the other centers are,
retardation here, at
are
at fractional
London and in
in
despite the threatened business
the
of
improved condition of
the
of
reserve
Bank
Nov.
on
On
ago.
gold to
20 and 23 $15,000,000
It is believed that the French
further claims
week
a
York shipped $10,250,000 in
10 New
Nov.
France and
France
of
of French funds into Switzerland and
the disinclination of French
French
in
Government
issues and
arranged to
Dec.
securities
slight
of
crisis
nearly
industrial
in
or
believed
is
have
to
Janson,
office
who chose
The
following
table
shows
Old Dollar
encouraging cir¬
Paul
Minister
the
of
relation
the
United States
New Dollar
Parity
Parity
b France
(franc)^—
3.92
5.26
New dollar
a
parity
as
3.40%
17.00% to 17.02%
8.91
32.67
40.20
.
3.39^ to
16.95
19.30
—
Switzerland (franc)
Range
This Week
a
6.63
/•
13.90
Holland (guilder)
5,26% to
5.27
23.12
to 23.17%
55.49
68.06
to 55.65%
before devaluation of the European currencies
between Sept. 26 and Oct. 3,
1936.
bThe franc cut from gold and allowed to "float" on June 30.
at
147.13, against 147.23
at
most
Zeeland
Mr.
dollar:
would
a
van
Finance
leading European currencies to the
New York
be
Cabinet
successor,
his
as
a
a
after
Premier
his
to
commanding
were
Mr. Henri de Man.
the British loan of £40,000,000 by
pay
The
belga in the
trade conditions.
or
24,
month,
a
his
over
Nov.
On
premium.
turned
banking
Belgian futures
ago
The London check rate
Government
This
21.
month
A
enterprises.
French
The
capital to invest either
days and
due to political uncertainties rather
unfavorable
to
Italy (lira)
Counteracting these favorable aspects, however, is
the migration
past month is
than
Belgium (belga)..,
gold earmarked here.
on
weakness which has been noted in the
more.
equalization fund has
1937
27,
discounts of twro points under spot for 30
the gold
the franc is the increase of $136,000,000 in
Nov.
eight to nine points under spot for 90 days..
Emile
fractional premiums.
evidence
Another
futures
dollar futures
while
the strongest in
present
the world, for even sterling
The two
franc.
Chronicle
sight bills
on
on
Paris closed
on
on
Friday
Friday of last week.
In
the French center finished
3.39%, against 3.39%
on
Friday of last week;
cumstance but for the fact that the
British bankers
cable
requested that the loan be paid
time and made
belgas closed at 17.01% for bankers' sight bills and
clear their reluctance
indicate
under the
that
Paris and Am¬
banking syndicate
credit to the
a
seven
large French
maximum of 150,000,000
The credit is granted under the authori¬
the Bank of The Netherlands.
One object
zation of
credit
Dutch
the £40,000,000
The
Fur¬
extension.
Netherlands Trading Society has
a one-year
guilders.
the
Dutch
a
railways companies for
of
an
leadership of Mendelsohn & Co. of Am¬
sterdam and The
granted
grant
dispatches from
thermore, current
sterdam
to
on
is
to
facilitate
of
repayment
at
transfers
credit, which is in the form of three-months'
3.39%,
Final quotations for
bills
iron-clad
renewable
gold clause.
three
times,
includes
was
To meet the London credit
estimated in official and other
reliable quarters that there are
fully 80,000,000,000
francs hoarded within France.
Business in France is
Domestic
the
prices
are
transfers, in comparison with 40.43 and 40.44. Italian
closed at
lire
5.26% for bankers' sight bills and at
5.26% for cable transfers, against 5.26% and 5.26%.
Austrian
change
on
at
schillings closed at 18.93 against 18.96;
rising and the supporters
wages
and prices.
end of June, 1936, and the end of
the wholesale index
and the
of
cost
increased, but
on
rose
of
Between the
September, 1937,
66%, the retail index 42%,
living 27%.
Production has not
the contrary has diminished since
the advent of the first
Popular Front Government
under M. Blum.
The export
domestic
Bucharest
at
0.74%, against 0.74%;
18.97, against 18.96; and
Greek
2.22.
an
enormous
on
on
Poland
Finland at 2.21%,
exchange
closed
0.91%,
at
against 0.91%.
4
EXCHANGE on the countries neutral particularly
during the
firm.
Dutch guilders
war
is
and
firm
gold has been moving into Holland at
are
rapid rate during the past
in
the
guilder
the
from
This movement and the
strength
derived largely from the
are
a
especially in the
pros¬
activity of Dutch colonial trade and partly
perous
from
year,
marked
securities.
of
transfer
franc is due
funds
to
Bank
a
There
refugee
Amsterdam.
to
centers
withdrawal of
temporary
American
money
The
Dutch
has
also
funds
been
a
from European
strength in the Swiss
largely to the movement of Continental
the
few
Swiss
centers.
weeks
ago
The
Swiss
took extreme
National
measures
to
prevent an influx of foreign gold to the Swiss banks.
trade is far from satisfactory and the
market
ex¬
Czechoslovakia at 3.52%, against 3.52%;
on
last few months.
fundamentally unsatisfactory.
Popular Front Government resent the growing
disparity between
were
an
approximately 6,000,000,000 francs will be required.
Only recently it
Berlin marks
40.34% for bankers' sight bills and 40.34% for cable
.
guilder
Antwerp
against 3.40.
17.01% for cable transfers, against 17.01% and
17.01%.
against
London credit due in December.
at
is
shrinking.
At the
same
import surplus has been piled
up.
time
The
Scandinavian currencies
with
sterling.
Bankers'
For
sight
firm in
sympathy
Amsterdam closed
on Friday at
Friday of last week; cable
55.61, against 55.50; and commercial sight
on
the first nine months of this year imports from foreign
55.60, against 55.48
countries stood at
transfers at
23,000,000,000 francs and exceeded
are
on
exports by 11,000,000,000 francs, and exceeded im¬
bills at 55.56,
ports for the corresponding period of 1936 by 10,500,-
23.13% for checks and at 23.13% for cable transfers,
000,000 francs.
against 23.16 and 23.16. Copenhagen checked finished
heavily
at
tariffs
The import surplus has weighed
the exchanges and has resulted in higher
and tighter quotas for imports in several
on
directions.
The
Belgian
22.29% and cable transfers at 22.29%, against
22.35 and 22.35.
and
currency
so
far
as
the spot rate is
against 55.44. Swiss francs closed at
cable
Checks
transfers
25.81 while checks
concerned, has been ruling above dollar parity for
cable transfers at
the past
Spanish pesetas
few weeks.
However, future belgas
are
at
at
on
Sweden closed at
25.75%
25.75%, against 25.81 and
Norway closed at 25.09% and
25.09%, against 25.16 and 25.16.
on
are
not quoted in New York.
Volume
Financial
145
Exchange on the SouthArgentine countries
American
presents mixed trends.
3401
Chronicle
1937
1936
1935
£
£
continue
of
the
firm
South
in
move
in
sympathy
American
with
Most
sterling.
currencies
inclined
are
to
£
310,168,538
2,506,400
Switzerland.
24,274,000
46,719,000
21,604,000
6,553,000
6,555,000
6,602,000
Nat. Belg._
c87,323,110
26,065,000
6,547,000
Netherlands
dispatches from the American Embassy at
1,875,000
c87,323,000
a25,232,000
118,720,000
95,533,000
77,645,000
6,603,000
6,602,000
Sweden
Santiago, Chile, to the United States Department
of Commerce stated that
reduction in the so-called
a
Denmark
.
_
Norway
42,575,000
47,491,000
105,691,000
81,882,000
£
192,681,035
665,810,462
2,876,950
90,660,000
66,158,000
73,410,000
72,072,000
69,482,000
15,732,000
7,396,000
6,580,000
198,439,185
552,200,103
3,354,150
90,314,000
42,575,000
51,853,000
98,216,000
249,366,543
391,871,164
327,860,548
France
Italy
sympathy with dollar-sterling rates.
Recent
England
Germany b.
Spain
1933
1934
£
Banks of—
paper pesos
191,818,124
622,579,355
17,250,350
90,433,000
76,329,000
76,730,000
77,642,000
61,691,000
14,290,000
7,397,000
6,573,000
1,084,202,486 1,045,504,817 1,118,431,438 1,252,858,447 1,242,732,829
Prev. week. 1,078,434,200 1,044,440,420 1,153,544,210 1,254,176,040 1,252,359,345
Total week.
gold
applicable
rate
became
effective
The
6.
products
luxury
certain
to
Nov.
on
following rates
a
Amount held
31,
Dec.
1936,
latest figure available,
b Gold holdings of the
of gold held abroad, the amount of which Is now
Amount held Aug. 1, 1936, the latest figure available.
The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams
of gold, 0.9 fine, equal to one franc; this was the second change in the gold's values
within less than a year, the previous revaluation took place on Sept. 26, 1936,
when the gold was given a value of 49 milligrams to the franc as compared with
65.5 mgs. previously. On the basis of 65.5 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs.. there are about 190 francs to £1.
Bank of Germany are exclusive
will
henceforth
apply
to
the
from
importations
United States of the articles mentioned:
Passenger
tires, and repair parts, and radios, 30 pesos to
cars,
the
dollar;
27.50
trucks,
truck
to the
pesos
dollar.
and repair
tires
Colombian
subject to
a
The Status and Prospects
It is stated that all
to the dollar.
gold exchange rates will be abolished
The
on
decreed
has
Government
Just what this country
Jan. 1, 1938.
strict
of the national
The
exchange control commission is empowered (1) to
lent his
regulate the sale and exchange of currencies in such
in mind
control
manner
transactions.
balance offerings
to
as
exchange
foreign
over
and demand in the
foreign exchange market; (2) to fix time limits when
purchases of international exchange
(3) to fix time limits for the
and
and
to
fix
the
bank
for
for
set terms
to
imports of goods for which
demand
can
make available
may
(4)
delivery thereof;
of licenses
be made;
may
of foreign titles
use
deposits which the bank
issuance
c
All other products in¬
cluded in the so-called luxury list are
rate of 34 pesos
parts,
reported at £1,002,750.
deposits
as
guaranty for
a
ear
visualized.
brain
planners to whom Mr. Roosevelt has
were
fully carried out cannot easily be
something less comprehensive and detailed
be
gathered from the proposals of the
Irregular and disconnected as the
trusters.
steps in the program may seem to be, however, it
is
apparent that a considerable approach has al¬
ready been made to what is commonly spoken of as
a
planned society, and Mr. Roosevelt's recent mes¬
to Congress makes it clear that, as far as he
sage
is
concerned, further long steps in the same direc¬
contemplated. Now that Congress is show¬
permits, and (5) to designate the time limit within
tion
which
ing
an
is
likelihood that
individuals
in gold
corporations engaged
or
mining must deliver mined gold to the Bank of the
Mined gold must be delivered
Republic for sale.
to the bank within 15
Argentine
days after extraction.
closed
pesos
paper
are
a
unwonted spirit of independence, and there
some
important Administration
proposals may be defeated or at least substantially
modified, it is instructive to review what has al¬
Friday, official
on
would be like if the ideas
Perhaps Mr. Roosevelt himself has had
is to
than
of Planning
ready been done in the way of national planning
extensions of the program which
quotations, at 33.30 for bankers' sight bills, against
and
the further
33.36
Mr.
Roosevelt, if lie can continue to control Con¬
Friday of last week; cable transfers at 33.30,
on
The unofficial
against 33.36.
or
free market close
Brazilian
29.25@29.45, against 29.60(5^29.80.
was
milreis, unofficial
5.80,
or
free market rates,
Chilean
5.80@6.00.
against
nominally quoted at 5.19,
nominal at
were
5.19.
against
5.65@
exchange
is
Peru is
24%, against 25%.
is bent upon making.
gress,
Shortly after his first inauguration Mr. Roose¬
startled
velt
the
country by taking over
Federal Government,
for the
without warrant of previously
existing law and in contravention, as many
still
believe, of the intent of the Constitution, the entire
gold supply of the country, removing gold from cir¬
and
culation
EXCHANGE onfeatures of Eastern countries those
the Far importance from pre¬
sents
of
recent
new
weeks.
Japan continues to send gold to
United States.
the
the
to
no
United
March 8.
of this
Bank
The
States
of
Japan has sent
$226,800,000
It is understood that
a
of
gold
since
considerable part
gold has been converted into sterling exchange.
Closing quotations for
29.11, against 29.20
on
yen
checks yesterday
Friday of last week.
were
Hong¬
kong closed at 31.22@31 5-16, against 31%@31 5-16;
Shanghai
at
making the possession
gold certificates
by heavy penalties.
devalued.
a
of gold
coin
crime punishable
Soon after that the dollar was
The effect of these acts, supported as they
by laws hastily enacted at his bidding, was
were
place in the President's hands the entire control
to
of the national currency,
tion any
for
the
and confide to his discre¬
action that might be taken internationally
stabilization
of
currency
and
foreign
ex¬
By subsequent action the Federal Reserve
change.
29%@29%;
System was brought under Executive domination,
50.20; Singapore at 58%,
banking functions were made subject to direction
29.60(5^29 25-32,
Manila at 50 3-16, against
bullion and
or
against
against 58%; Bombay at 37.70, against 37.79; and
from
Calcutta at 37.70, against
ally compelled to absorb whatever quantities of gov¬
37.79.
Washington, and member banks were virtu¬
ernment bonds the Administration chose to author¬
Gold Bullion in European
Banks
T
ize.
As far
as
currency,
banking and exchange
are
concerned, Executive control is now, to all intents
THE following table indicates the amounts of gold
(converted into pounds sterling at
bullion
par
exchange) in the principal European banks
of
as
us
are
by special cable yesterday (Friday); comparisons
shown for the
corresponding dates in the previous
four years:
A similar
of
respective dates of most recent statements, reported
to
and purposes,
more
complete.
control, and
one
many
respects even
rigid and drastic, was presently set up over
the issuance of securities and
on
in
the
stock exchanges.
proposes
dealings in securities
Any corporation that
now
to issue securities and offer them for pub-
Financial
3402
lie
subscription
can
(lo
only with the approval of
Commission, the ap¬
so
Securities and Exchange
the
proval being given only after the requirements of
a
long and minutely detailed registration question¬
naire
have
been
Nominally de¬
satisfactorily met.
Chronicie
Nov. n, 1937
disastrous, for not only was the capital of the en¬
terprise provided by the Government with no re¬
but the Authority is also
payment requirement,
of
free
Federal
similar competition has
A
taxes.
at the Bonneville Dam, and will doubt¬
been set up
signed to prevent dishonesty and insure "truth in
less be continued at the other power
securities," the system in fact establishes a minute
the
Federal
power
supervision of practically every phase of
corporation finance, including the publication, in
discretion of the Commission, of salary lists
the
data
other
and
lesser but
stock
confidentially submitted,
and
a
increasing control over the operations of
Government is
field has been further extended through the
financial aid
Two of the most
grandiose of the first essays in
planning, represented by the National
Industrial
graph, telephone and radio, including the important
minister
eventually fell to the ground before adverse deci¬
way,
sions of the
with
the essential
embodied in
are
in
Neither the principles
methods of these two Acts, how¬
have been abandoned, and large parts of both
ever,
legislative proposals now pending
Stripped of details which in no way
Congress.
affect the
the
principles involved, the planned agricul¬
a
satisfactory return
The normal
nomic relations between employers
have been invaded
eco¬
and employees
by the Wagner Act, and neither
employers nor workers may now bargain individu¬
ers
which shall be planted from year to year to
yield
private capital investment.
a
ally over
cotton, wheat, corn, tobacco, potatoes, peanuts and
officially-determined
with
capital,
private
rentals which would not
on
The
it gets fairly under
program, once
will put Treasury advances into competition
the control
by the Federal Government of the acre¬
regulations which it prescribes.
housing
ture which the Administration desires contemplates
age
broadcasting, has been taken under
control, with a Federal commission to ad¬
Federal
Federal
Supreme Court.
part of the Federal public works
as a
The whole field of communication by tele¬
program.
Recovery Act and the Agricultural Adjustment Act,
nor
given to the construction of municipal
plants
power
division of radio
exchanges.
projects which
Competition in the
developing.
and hours if a majority of the work¬
wages
collective bargaining, while under the
demand
Walsh-Healev Act
no
bids
on
Government contracts
ordinarily be considered unless the bidders con¬
can
perhaps other crops, the marketing of these con¬
form to wages
trolled
partment of Labor approves.
crops
of
ment
under conditions which the Depart¬
Agriculture
granary," and Federal subsidies to support the vari¬
ous
In the case of cotton,
parts of the system.
Federal
to hold their
purposes,
ways as
staple
crop
for
rise.
a
grow¬
For all practical
to be produced in such
crops are
the Government directs, and for those who
do not conform there will be substantial
The
a
subsidy is already provided to keep the
price above that of world markets and enable
ers
penalties.
primary aim of the National Industrial Re¬
Act
covery
was
to establish Federal control over
industry through the regulation of
and the
Federal relief
will virtually prescribe, the
storage of surplus grain crops in an "ever-normal
wages
and hours
prohibition of unfair competition. The code
and hours regulations which the De¬
all
or
respects
an
appropriations
municipal cooperation has in most cases been re¬
sidered.
would
the
To
have
ances
extent, however, that relief allow¬
equaled
that
or
they notoriously have often been, in proportion
as
to the
amount
uneconomic
value of the work performed, an
or
competition has been set
up
from which
private industry and social morals have alike suf¬
The Social
fered.
is
Security Act,
on
the other hand,
egregious example of planning, for not only
an
must the old age
bring to bear, had to be
been able to earn,
public works undertakings have been high,
wages on
tems of the
could
exceeded what the recipients
or
normally have
but in
the Administration
not, of course, in
quired and the humanitarian element is to be con¬
system which the Act provided, voluntary in theory
practice "put over" with all the force that
are
illustration of planning, since State
of
ments
and unemployment insurance sys¬
several States conform to
if Federal
Federal board
a
the require¬
aid
is to be
dropped because of constitutional objections, but
forthcoming, but State funds must be turned
the aim of control reappears,
only
to
scale, in the Black-Connery
wages
That
much larger
and hours bill,
bill, in the form in which it passed the Senate
the
at
on a
last
session, gives to
a
Federal board,
ap¬
pointed by the President and entirely subject to his
control, authority to prescribe minimum
maximum hours for every
wages
and
the
Treasury
bonds, and
an
investment
for
in
over
Government
elaborate system of taxation for
se¬
curity purposes has been imposed upon both em¬
ployers and workers.
If to this list of items
of railroads
we
add the Federal control
already exercised under the interstate
important industry in the
commerce
clause of the Constitution, the control of
country except transportation and agriculture, and
interstate
pipe lines, the operation of Federal barge
violates the Constitution
lines
by allowing the prescrip¬
tion to be extended to commercial
are
operations that
intrastate. Were the bill to become
trol of
so
much of the costs of
law, the
production and dis¬
tribution, transportation charges excepted,
pends
upon wages
and hours would
ployers into the hands of
a
whose decisions there would
con¬
pass
Federal
as
de¬
from
em¬
agency
be, in practice,
from
no ap¬
peal except through the courts.
In the creation of the Tennessee
field.
with
The
'Valley Authority
private industry in the electric
competition
was
the
on
power
unequal and potentially
Mississippi and other navigable rivers,
of
control
shipping recently vested in
time Commission, with its
the
a
Mari¬
accompaniments of Fed¬
construction
subsidies for
eral
and
operation and
prospect of direct Federal construction and op¬
eration, the virtual nationalization of the bitumi¬
nous
coal
quotas
the
industry,
for
modity
the Federal Government entered into direct compe¬
tition
the
sugar
establishment of import
and Federal regulation
exchanges,
it
is
apparent
that
of
planning is rapidly being transformed from
ory
into
condition.
a
and wages
Even without
com¬
national
crop
a
the¬
control
and hours regulation, both of which at
the moment
are
in the
balance, the list is imposing.
Volume
Mr.
Financial
145
Roosevelt, however, is not yet satisfied.
Nojt
control, with the ever-normal
and the regulation of wages and hours, but
only does he want
granary,
he also demands
administrative
crop
reorganization of Executive and
a
which
departments
will
give him
complete control over those agencies, and the crea¬
tion of
planning
The
If
"little TVA's"
seven
through which regional
not to have
a
"planned economy" devel¬
oped and organized "up to the handle," it is neces¬
to call a halt in the program and undo,, step
sary
by step,
good deal of what has been done. Tax re¬
a
the existence of
unemployment insurance statutes.
noted, however, that the States which
It should be
begin distributing benefits at the turn of the
do
include the major industrial commonwealths
year
exception of Ohio, Illinois, Michigan and
with the
Indiana.
A
duty of Congress in this situation is clear.
are
we
early 1939 will not be affected in the slightest by
be furthered.
may
3403
Chronicle
large proportion of the workers
Labor
Day will become eligible for
To be eligible,
States.
Jan. 1 in the affected
on
laid off since
benefit checks
employed in a covered oc¬
workers must have been
cupation for from thirteen to twenty-six weeks in
the
preceding year.
In view of the high levels of
vision, important as it is, will not of itself insure
employment during the first nine months
the needed recovery or
year,
if Executive
the continuance of prosperity
dictatorship is to control all important
aspects of our economic life.
the
observe
hours
open
legislation
resistance
meeting
is
It is gratifying to
which wages and
in
Congress,
the
cent
doubtful, however, whether those now being
It is
laid
of this
it is obvious that most of those laid off in re¬
weeks can so qualify.
off
can
qualify for the maximum number of
usually
benefit checks allowed under the State laws,
sixteen
The lay-offs in
apparent disposition to eliminate all compulsory
fifteen
features from the
agricultural program, and the pro¬
the final
quarter of 1937 will probably cut down
aversion to the Administration's demand
the wage
credits accumulated by such workers so
nounced
for
departmental reorganization. All three of these
planning enterprises, and with them the scheme for
the "little
weekly payments.
they cannot expect more than 10 checks, on
the average.
It thus
TVA's," should be defeated, and a Con¬
that defeats them will deserve well of the
gress
that
or
likely that the workers discharged
seems
since Labor
Day will be entitled to receive 10 weekly
If the current recession
checks of about
Federal-State
period is over, the State and local
governments will be relieved of the necessity of car¬
Testing Unemployment Insurance
The
$10 each.
ends before this
country.
ing for a large proportion of the latest
system of unemployment in¬
the
created under the terms of the Social Secu¬
surance
The Federal Government also will
start of such
Twenty-one States and the District of Columbia are
will not be considered
scheduled to
the
to
commence
unemployed
of these States
a
on
the distribution of benefits
Jan. 1, and in at least 10
large number of unemployed will
benefit by the
payments in these States. Presumably,
rity Act is destined to receive a rather serious test
somewhat
earlier
than its
sponsors
intended.
a
additions to
unemployed.
worker entitled to checks of $10 a
week
ployment. Hence, in the States where these
are
or more
eligible for work relief em¬
benefits
paid, the Government should not be forced to
expand work relief projects and to care for the
be
waiting for State officials to begin disbursements.
newly unemployed outlays.
In
fact, this prospect of a substantial benefit load at
will be called upon
The Federal Treasury
to find the funds to finance the
twenty-two jurisdictions might be forced
payments made by the States, of course, since all
collections of taxes received by the States are
delay payments despite the provisions of their
promptly deposited in the Federal Unemployment
the turn of the year
some
to
of the
has occasioned forecasts that
Insurance Fund.
laws.
The distribution of
efits at this time promises that
within the twenty-two
the relief burden
jurisdictions may be materi¬
ally lighter during the coming winter than if such
statutes were not in effect. The Federal Treasury
also may
derive some advantage from the start of
insurance
payments in these areas.
accomplishments of unemployment
Whatever the
insurance in
the insurance
a
burden, however, certain effects of
system upon regular employment dur¬
recession must not be overlooked.
tion of the
it may
The opera¬
payroll tax provisions of the statutes may
well tend to
augment the number of unemployed, and
also make employers less willing to re-employ
those laid off when and if a recovery
activity
occurs.
in industrial
Such considerations must be offset
against the relatively limited relief that will be af¬
The amount of relief to be
provided by the unem¬
ployment insurance funds is strictly limited by the
terms of the State lawrs.
The relief burden in the
States
which do
not
contemplate distributing
benefit checks under their laws before late
more
important than these considerations is
question:
Will the unemployment insurance
will be such a
before the rate
of payroll taxes levied for their support advances to
the permanent 3 per cent level?
The answer seems
to be that the system will prove solvent unless we
are now entering another major depression.
systems remain solvent, when there
large demand for benefit payments,
The fact that a recession has occurred
benefit
if
1938
or
just before
payments begin in the twenty-two
tions has some
jurisdic¬
compensating considerations.
Thus,
employment had held at a high rate throughout
1937 and had then fallen
benefit
load
would
sharply early in 1938, the
be far
greater than that now
faced, since all of the workers laid off at that
would be entitled to
mum
time
maximum benefits for the maxi¬
number of weeks.
Available
statistics indicate that the unemploy¬
ment insurance funds should be
forded under the insurance system.
27
the
affording at least temporary assistance
with the relief
ing
But
unemployment insurance ben¬
benefit load
able to absorb the
burden, unless the current recession is
protracted. Lay-offs since Labor Day have occurred
chiefly in manufacturing industry.
ment of Labor data show that
bined
manufacturing
and
In fact, Depart¬
employment in com¬
non-manufacturing in-
3404
Financial
dustries in
in
October
only 110,000 greater than
was
August, despite the loss of
factories
some
during September and October.
Because of seasonal trends in
lines, therefore,
be
not
164,000 jobs in
However,
though 20
even
per
can¬
year.
cent of all those
em¬
lose their jobs by January, the
summer
of work
all wage
on
expected until after the turn of the
ployed last
hours
Nov. 27,
record wage
In
non-manufacturing
sharp rise in unemployment
a
Chronicle
there
the
is
justification
number
winter will
next
week, when in addition to the
per
rates that must be paid, a tax of 4%
outlays must also be figured into costs.
fact,
whether
laid
not
be
off
only
long
so
as wages are
consideration that also may
than in
hundred would be
a
eligible for benefits amounting
to $10 a week for 10 weeks, a total
the average
on
draft
the
on
at the
fund
of
$2,000.
time the State fund would be
same
uals still at
work, at the very least
$36. The latter estimate is based
contribution effective in 1938 and
80
workers
earn
Since the average
$25,
the
on
United States in
weekly
conservative.
were
wage
unemployed,
sum
that the
week.
a
in all factories of the
year was more than
certainly
should
if 20% of the work¬
even
under
the
circumstances
cited, the typical State fund might not be forced to
draw upon
system thus
to be that it provides a relatively
seems
painless method of effecting
work
relief
to
cash
relief.
a
transfer from costly
The
cost
to
societv
of
that
employer need
an
worker laid off faces starvation
a
feel that since his employees
may
unemployment compensation
as
or
Instead, he
entitled to
are
matter of right,
a
they, rather than the employees of
cern,
ac¬
make for larger lay-offs
necessity of seeking public relief.
other
some
con¬
should benefit from the payroll taxes collected
throughout 1936 and 1937.
is
It
also
doubtful
continue to pay
sion.
whether
that the
collect
sible
all
almost
depres¬
a
already have realized
payroll taxes will be far
than
employers will
the payroll taxes during
Tax collection officials
difficult to
more
other levy, with the pos¬
any
exception of sales taxes.
It
is
difficult to ascertain whether smaller
making their monthly returns
particularly
employers
for their
full
are
tax
liabilities.
:;
That the burden of
number
chief merit of the unemployment insurance
The
the
the accumulated tax collections received
in 1936 and 1937 to finance its benefit load.
Hay to
paid. An additional
past year is the fact that
not feel
the 3 per cent
assumes
collections
Thus,
weekly
a
on
only $15
average
August of this
the estimate of
prove
ers
However,
collecting
week, from the employers of the eighty individ¬
each
of
insurance
wondering
Labor
did not have to reckon with the tax burden that
crues
State funds should be sufficient to meet the demand
circumstances, twenty workers out of
for
from
greater than if employers
for benefits unless business continues to decline.
Under such
1937
of
ther
additions
also
is
for
income
loss.
to
the
distinct
a
payroll taxes
commercial failures
number
possibility.
if
taxes
Liability for
may
with
of
add to the
resultant
the
No liability
concerns
are
accrues
operating
at
other business taxes
many
fur¬
unemployed
a
can
the benefit checks disbursed will doubtless be mate¬
be deferred for at least
rially less than that of caring for the
as
in such circumstances most communities hesitate
equal period by WPA jobs.
to
resort to
aspect of the approaching test for
be
of workers
during
An unfortunate
the
an
systems is worthy of emphasis.
cession
funds,
does not
If the trade
re¬
benefit
payments will
larger benefits
to
are
essential.
If
this
probable effects of the payroll taxes levied
support unemployment insurance upon employ¬
ment
policies during
depression also must be eval¬
a
uated.
What is
Congress is considering the necessity for
granting relief to business from the undistributed
profits, capital gains, and other taxes, employers
faced
rate for
with
the
certainty that the payroll tax
unemployment insurance will advance
permanent 3% level in 1938.
to its
When the 1% old age
pension levy is included, employers must add 4% to
the cost of any
projected increase in wage outlays,
solely because of these taxes.
larger-than-average share of
costs
are
the
steel,
total pro¬
machinery,
railway
equipment, cotton, silk, rayon, cement, glass, rubber
and automobile trades.
All of these lines
already laying off large numbers of
faced
with
weeks.
these
such
a
are
men
The circumstances of the recent visit of Ambas¬
sador Bullitt to
tor
consider whether
ditional
early next
they
employees
are
or
Poland, in regard to which Sena¬
Vandenberg of Michigan called for information
from the
Department of State
not to have been of
any
or
are
year,
of
employers must
justified in taking
increasing
any
the
on
number
ad¬
of
Nov. 19, turn out
on
public importance, but the
inquiry is significant of the uncertainty, and in
some
quarters apprehension, which attaches to Mr. Roose¬
was
foreign policy.
occasioned
which
it
by
a
Senator Vandenberg's inquiry
press
not
to
Communist
structions
was
dispatch from Paris in
"reported" that Ambassador Bullitt
was
"went to Poland to advise
Beck
Foreign Minister Joseph
join the Italo-German-Japanese anti-
pact," and that he
from
was
"acting under in¬
President Roosevelt."
The
report
promptly denied by the Department of State,
the information
private
being added that the visit, for which
one
a
some
time before, was
a
made by Mr. Bullitt to his friend Am¬
bassador Drexel.
public
On
Tuesday the Department made
statement from Mr. Bullitt repudiating the
allegations of the press report.
either
necessity within the next few
Yet, should prospects brighten for
industries
the Administration9s
permission had been given
Numbered among the industries in which
wages
account for a
duction
recession,
Foreign Policy?
velt's
While
are
a
quarterly in all.
gather momentum.
early test should embarrass the funds, demands for
larger benefits would attract little serious support.
The
during
solvency of the State
a Commissioner of the New Jersey State
Unemployment Compensation Commission has as¬
that
year
tax
Already
serted
a
sales. But the
payroll taxes must
paid each month in most States, and at least
entirely probable, the drive to "lib¬
as seems
eralize"
the
menace
number
same
The
have
sion.
episode is only
The most
striking, of
sels Conference.
on
one
of several, however, that
brought American foreign policy under discus¬
Nov. 19 that
course,
is the futile Brus¬
In that connection, it
a
petition
was
was
rumored
to be circulated in
Congress asking the recall of Norman H. Davis, the
roving Ambassador who headed
the American dele-
Volume
Financial
145
of
saying, in
as
fax to
make
an
had been heralded by Mr. Roosevelt's
trumpets came to nothing, and the
article
on
the mission of Lord Hali-
contribution to the discussions by
a
outlining
approach to a solution of world problems.
This kind of
approach is favored by Chamberlain's
It has the full
Government.
support of the United
There have been repeated
States Administration."
Roosevelt should have thought that a mere declaration of opinion, even if joined in by a number of
Powers, would have any effect in staying the hand
of Japan, or that he should have failed to realize
that a futile outcome at Brussels would leave China
in a worse position than it occupied before. This
last is exactly what has happened, for Japan has
given notice that aid to China will be regarded as
an unfriendly act. The Department of State must
negotiations
reports for months that preliminary
for
left to bear the blame.
One wonders what was back of this lamentable
performance. It is difficult to believe that Mr.
was
Germany, that "Halifax was in a position to
wide
a
London
the
Anglo-American commercial treaty, of the
an
reciprocal character to which Secretary Hull is devoted,
of
were
under way, but the congratulatory tone
recent
some
that the
British comments
the prospect
on
negotiations would shortly be
head has aroused
industrial
concern
brought to
also be assumed to have known at least as much as
the press was telling the public, and perhaps con-
a
in American business and
siderably more, about the intention of Italy to join
the German-Japanese pact, and to have foreseen
regarding the concessions which
circles
Great Britain would demand or be
likely to receive,
the probable effect of the enlarged alliance in offsetting any anti-Japanese declarations at Brussels,
interest has been shown by the Adminishra-
If any
of the
tion in the collection
war
debts long in de-
It is this unhappy situation, into which the
United States has entered with its eyes open, that
lends color to the reports that Lord Halifax's mission to Germany was undertaken with the "full approval" of the United States. If there is any truth
whatever in the reports, they will confirm suspicion
that Great Britain is looking to the United States
for aid in reaching some kind of political settlement
in Europe. Just what such a settlement contemplates nobody at present seems to know. If the
terms which Chancellor Hitler is said to have offered are the ones which he and Lord Halifax actually discussed, it is unlikely that there will be any
settlement at all, for the free hand which the
fault, the public does not know of it.
Chicago speech in which Mr. Roosevelt underto call to account an unnamed list of Govern-
The
took
ments
whose conduct was
regarded
international law and moral
previous
violative of
came as a
course,
disposition to con-
a
policy of non-participation in
American
the
tinue
as
obligations
country-who had seen, in Mr.
shock to those in this
Roosevelt's
shock
it ap-
European or other foreign controversies. The
followed
was
when
apprehension
by
peared that the speech had apparently been
to coincide
with action by the
timed
Council of the League
Nations, and that the substance of the speech
known in Geneva before the vote on the resolu-
of
was
tion
proposing a conference was taken. It was not
occasion 011 which suspicion had been
first
the
aroused
of American propa-
regarding the effect
ganda in inclining Mr. Roosevelt toward
active co-
operation with the League, and suspicion was not
when it was
lessened
States assumed no
announced that the United
responsibility for calling a con-
ference, although it was willing to attend if an invitation
were
uneasiness
calling
a
the
with
Mr.
formally
could
it
was
learned that Belgium, in
conference, acted only after consultation
British
with their
If
There was increased
issued elsewhere.
when
and
American
Roosevelt
any
imagined
British
responsibility for
the
responsibility
action
conference, he
a
upon
was
some
other
diplomatic advisers,
Government quickly let it
that it took no
as
and
that, by disclaiming
Power, he was ill served by his
The
Governments
approval.
devolve
be known
responsibility whatever, while as far
concerned it limited itself to an ex-
pression of willingness to do, in regard to Japan, as
much as the United States was prepared to do. The
very
circumstances of Mr. Roosevelt's pronounce-
ment
stamped the United States as the leading par-
ticipant, yet when the conference met
no
American plan to propose
Sino-Japanese conflict.
solution of the
With American leadership
abnegated and no other to take
ference drifted along in
there was
beyond some familiar
expressions of a hope for a peaceable
a
its place, the con-
inconclusive debate, adopted
resolution of censure without
troubling to present
evidence in its support, followed this Avith another statement studiously phrased in generalities,
any
and
and
sentiment which
adjourned to fade away unwept, unhonored
unsung.
The great array of moral
flourish of
United States
On Tuesday the diplomatic edi-
"Daily Telegraph" was quoted
gation at Brussels.
tor
3405
Chronicle
"
Fuehrer is reported to have demanded in Central
and Eastern Europe raises visions of German aggression and dominance at which a number of Powers will take alarm. It is natural that Mr. Roosevelt should earnestly wish to see Europe at peace,
and no exception can be taken to the expressions
of opinion which he has made on that subject, but
no kind or degree of participation in negotiations
lor a settlement can fail to involve the United
States in European controversies from which national policy and interest require that it should
hold aloof.
The proposed Anglo-British commercial treaty,
v^hich for the past month has been "played up" with
a" variety of hopeful expressions in
be watched with special care. In a
England, should
memorandum issued on Nov. 17 by the Department of State, it was
announced that, when the proposals of the British
Government had been received, "there will also be
made public a list of products on which the United
States will consider granting concessions to the
United Kingdom." American exports to the United
Kingdom, it was stated, reached a total of $440,122,000 in 1936, against imports aggregating $200,.385,000. For the first nine months of 1937 the figure for exports was $342,763,000, and that for imports $158,182,000.
The figures, taken by themselves, are gratifying,
Since, however, the treaty will presumably be
framed on a reciprocal basis, it is desirable that
American exports shall not suffer in the process,
International trade in agricultural products, in particular, has been to the disadvantage of this country
under the reciprocal plan. Representative Knutson,
of Minnesota, submitted in the House on Monday
Financial
3406
statistics
some
showing that while American
Chronicle
debt
ex¬
Nov.
makes
its
ports of agricultural products declined from $787,-
000,000 in 1934, when the reciprocal trade plan went
indifference
tions.
effect, to $233,000,000 in 1937, imports of the
products
same
000,
an
rose
increase of 118%.
1936 included
cattle, meats, butter, cheese,
egg
■
fantastic
that
United
the
cessions to other
countries, should
corn,
for
application, but there is
no
payments are due. Neither the proposed commercial
treaty with Great
Britain
slovakia
should be
concluded
surances
ex¬
that
and continued.
abundance.
in
By and large, the United States does
more
payment of these obliga¬
agreements should be revised in
why the United States should go on indefi¬
ample, and 48,000,000 bushels of wheat in 1936), of
farm products which the United States
produces in
not need
the
nitely transmitting merely formal notices that debt
It
con-
open the way to
heavy imports (78,000,000 bushels of
It is
conspicuous.
light of changed conditions, it is for the debtor
reason
prod¬
States, by tariff
toward
If the debt
Governments to make
The list of imports for
ucts, wool, barley, corn, wheat and barley malt.
is
the
from $419,000,000 to $808,000,-
more
1937
Roosevelt abandoned his attitude of
time that Mr.
into
position
27,
imports of anything. It needs larger
without definite
as¬
debt payments will be resumed
war
No
international
that with Czecho¬
nor
more
in the matter of debts than
politics does the country want
a
policy of drift.
exports of its natural staples, and the tariff nego¬
tiations
with
watched to
Great
see
Britain
that the
should
be
The Course of the Bond Market
carefully
for
As the date for the semi-annual
payments on war
debts
concern
in
default.
The
speculative railroad, industrial and utility holding
bonds.
pany
account
approaches, there
Great Britain
is
concern
are
the
over
signs of
have been the order of the week, particularly
New lows
export trade does not suffer.
some
United
continuance of
States
High-grade
cline.
motivated, apparently, less
grades
High
remain
Governments
railroad
by alarm
burgh Cincinnati Chicago & St.
point at 109.
also
have
lost
ground.
to
becomes involved in
have shown losses.
this
of
The British situation in
respect is, of course,
other debtor
MOODY'S BOND
(Based
V. S.
All
120
1937
Govt.
Bonds
different from that
on
PRICES
Averages
Nov. 26..
Corp*
109.14
25.. Stock
93.37
113.89
106.17
Clos ed
Baa
k.
YIELD
P.
on
Corp.
U.
Indus.
Averages
Nov. 26—
Aa
98.62
104 30
98.62
104.48
24-
4.40
3.27
70.10
80.08
98.45
105.04
23-
4.38
3.27
3.65
70.52
80.33
98.62
105.79
22-
4.36
3.26
3.65
80.84
98.62
106.17
20-
4.34
3.26
3.64
81.22
98.97
106.36
19—
4.32
3.26
3.62
93.69
113.89
106.36
93.53
94.01
114.09
106.36
94.01
94.33
114.09
106.54
94.17
71.15
94.33
71.89
bond yield
AVERAGES
A
3.65
4 40
25- Stock
109.18
Defaulted rails
averages
(REVISED)
120 Domestic
Corporate by Groups *
30
For-
Aaa
79.57
109.12
off 1
Individual Closing Prices)
by Ratings
79.70
20..
were
tic
69.48
22..
1970,
Railway 5s, 1994, fell 2
120 Domestic Corporate *
Domes¬
69.48
109.07
19..
BOND
93.21
23..
106.36
R.
Southern
bond prices and
93.37
109.07
113.89
All 120
1937
Daily
A #
Louis 5s,
the following tables:
(Based
24..
93.37
given in
120 Domestic
Aa
de¬
16%; New Haven 4%s, 1967, declined 2 points to 21%.
are
Corporate by Groups *
'
to
Chicago Great Western 4s, 1959, lost %
Moody's computed
MOODY'S
by Ratings
Aaa
Exchan ge
at
(REVISED)
tic
continued
% point at 107%; 'Pitts¬
79%; Erie 5s, 1975, dropped 1 to 43%.
Average Yields)
120 Domestic Corporate *
Domes¬
Daily
no
countries, although the size of its
and
Medium-grade and speculative railroad bonds
financial aid will not be available if Great Britain
war.
com¬
levels,
higher.
prices have
Atchison gen. 4s, 1995, lost
fear
over the moral effect of default than by
that, with the Johnson Act in force, American
recent
slightly
are
bond
at
3.27
R.
R.
P.
U.
Indus.
4.40'
6.27
5.37
4.41
6.27
5.38
4.39
6.21
5.34
4.09
4.36
6.17
5.32
4.08
6.11
5.28
4.08
3.66
4.34
6.04
5.25
4.06
3.65
eigns
3.68
4.35
3.66
Exchan ge
Baa
Clos ed
4.08
3.76
4.08
3.75
5.78
a
3.72
109.30
94.65
114.09
106.92
18—
108.88
95.13
114.09
107.30
94.81
72.65
82.13
17—
108.80
99.14
106.54
18-.
95.46
114.09
4.29
3.26
3.60
107.30
4.31
5.97
95.13
73.09
5.18
82.66
4.05
3.64
16—
99.31
108.75
106.92
17—
95.46
4.27
114.30
3.26
107.49
3.60
4.29
5.93
95.13
5.14
73.09
4.04
82.66
3.62
15-
108.69
99.31
16-
114.30
4.27
3.25
3.59
107.30
4.29
95.46
73.42
4.04
83.06
3.62
13..
99.31
108.66
107.11
95.62
15—
4.26
114.09
107.30
3.2.5
3.60
4.27
5.90
95.29
5.11
73.53
4.04
83.06
3.61
12- 108.59
11
Stock
99.31
106.92
13—
95.62
4.26
114.09
107.30
3.26
3.60
4.28
5.89
95.13
5.11
73.53
4.04
83.06
3.62
99.14
Exchan ge Clos ed
95.29
114.09
106.92
106.92
4.29
5.89
5.11
4.05
3.62
94.97
73.20
82.79
98.97
106.54
4.30
5.92
5.13
4.06
3.64
—
10- 108.62
95.62
106.92
12
11
4.26
—
—
Stock
10-
3.26
3.60
Exchan ge
4.28
3.26
5.93
5.14
5.72
5.69
Clos ed
3.62
9— 108.61
94.97
8-
108.61
106.54
94.97
9-
114.09
4.30
106.92
5.99
5.19
94.65
72.43
4.07
81.87
3.64
6„ 118.72
98.80
106.73
95.46
8
114.30
4.30
107.30
3.26
3.62
4.32
5.99
95.13
5.20
72.87
4.07
82.53
3.63
98.97
107.11
95.78
6..
114.30
107.49
4.27
3.25
3.60
4.29
95.46
5.95-
73.53
5.15
4.06
83.19
3.61
99.14
107.30
95.78
5—
4.25
107.69
3.25
3.59
114.30
4.27
95.29
73.76
83.46
98.97
108.92
96.11
114.51
107.69
Exchan ge Clos ed
4—
4.25
3.25
3.58
4.28
5.87
95.78
5.08
74.10
4.06
83.87
3.62
98.97
107.69
3..
4.23
3.24
3.58
4.25
5.84
5.05
4.06
3.58
74.89
84.41
99.31
107.30
3.60
5— 108.77
4— 108.74
3.. 108.64
2— Stock
1— 108.57
Weekly—
Oct. 29- 108.60
22- 108.34
113.89
106.92
96.28
114.30
107.11
96.11
114.00
106.73
96.44
94.49
72.43
82.00
98.80
—
2__ Stock
95.95
1
3.27
Exchan ge
3.62
4.33
5.89
5.10
4 05
5.61
Clos ed
4.22
3.25
3.61
4.24
5.77
5.01
4.04
95.78
74.89
84.01
99.14
107.11
Oct. 29-
4.23
3.26
3.63
4.25
5.77
5.04
4.05
—
3.60
Weekly—
113.48
107.30
95.95
75.58
85.93
3.61
6.66
98.28
106.54
22..
113.48
107.11
4.21
3.29
3.60
4 24
5.71
95.62
75.24
4.90
4.10
3.64
5 77
85.93
98.11
107.17
15-
4.22
3.29
3.61
4.26
5.74
4.90
4.11
3.66
15- 108.44
96.28
8— 108.39
97.78
113.48
108.08
97.11
78.33
1— 108.36
88.36
99.14
107.30
98.45
8—
113.48
4.13
3.29
108.66
3.56
4.17
5.48
97.95
4.73
79.32
4.05
3.60
5.69
Sept .24.. 108.47
89.25
99.83
107.69
1
98.45
4.09
3.29
3.53
113.27
4.12
108.46
5.40
98.11
4.67
3.58
5.42
79.20
4.01
88.95
1.17- 108.36
110- 107.78
100.00
107.69
99.66
113.48
109.24
Sept. 24—
4.09
3.30
3.54
4.11
5.41
98.97
81.48
4.69
4.00
3.58
5.39
90.59
100.53
108.85
17-
—
5.75
99.66
113.27
109.24
4.02
3.29
3.50
4.06
5.23
99.14
4.58
81.74
90.90
3.97
108.04
100.70
100.38
108.46
10-
113.68
100.64
4.02
3.30
3.50
4.05
5.21
99.66
4.56
83.60
3.95
92.12
3.54
5.38
.ug. 27— 108.28
100.70
101.58
109.24
3—
113.89
109.44
3.96
3.28
3.48
4.02
5.07
99.66
84.01
4.48
3.91
3.50
5.28
20- 108.86
92.59
101.06
101.58
109.24
114.09
109.84
Aug. 27—
3.96
3.27
3.49
4.02
100.00
5.04
4.45
84.41
3.91
,13- 109.12
92.75
101.76
101.94
109.64
20-
114.93
110.63
3.94
3.26
3.47
4.00
100.88
5.01
4.44
84.83
3.89
3.48
5.33
94.01
102.30
101.76
110.24
114.72
13-
111.03
3.90
3.22
3.43
3.95
100.88
4.98
4.36
84.55
3.87
93.85
3.45
508
102.12
110.24
6—
3.90
3.23
3 41
3 95
5 00
4 37
3 88
3 45
5.09
3-
6-
109.49
3.52
3.50
5.33
5 28
July 30- 109.52
101.58
114.72
110.63
100.70
84.28
23„ 109.22
93.85
101.94
101.76
109.84
114.09
110.63
July 30—
3.23
3.43
3.96
100.88
5.02
4.37
85.10
3.89
94.97
3.47
16—
101.76
101.58
109.24
23-
113.89
110.24
3.90
3.26
3.43
3.95
100.53
4.96
4.30
85.24
3.90
3.50
5.13
94.97
101.58
108.85
16-
3.91
3.27
3.45
100 53,
3.97
4.95
85.24
4.30
95.13
3.91
3.52
5.20
101.06
109.24
9„
3.91
3.27
3.45
3.97
4.95
4.29
3.94
3.50
5.15
3.95
4.34
3.99
92„
108.90
108.59
101.58
113 89
110 24
108.39
100.38
113.68
109.84
100.00
83.87
94.33
100.18
3.91
5.13
100.70
108.66
2-
113.48
109.64
99.83
93.87
18„
94.33
108.44
99.83
101.41
108.66
June 25—
113.89
110.24
3.96
3.29
3.48
100.35
4.01
5.05
4.34
85.10
95.13
4.01
3.53
6.12
11—
108.53
100.70
101.76
109.24
18-
113.89
110.43
3.92
3.27
3.45
100.70
3.98
4.96
4.29
95.95
3.50
5.13
4_.
85.65
3 96
108.59
101.58
100.88
109.24
11—
113 48
110 24
3.90
3.27
3.44
100.35
3.96
4.92
85.65
4.24
3.95
3.50
5.11
May 28— 108.73
95.46
100.70
101.41
109.05
4..
113.27
110.04
3.91
3.29
3.45
3.98
4.92
100.35
4.27
85.65
95.62
3.96
3.51
5.19
21- 108.22
100.53
101.58
108.85
113.07
109.84
May 28—
3.92
100.35
3.30
3.46
3.98
4.92
86.07
4.26
95.46
3.97
3.52
14—
107.97
100.88
101.23
108.66
21..
112.25
109.44
3.91
99.83
3.31
3.47
3.98
4.89
4.27
86.21
5.27
108.03
100.88
3.53
7—
95.13
3.95
108.27
101.58
14..
112.45
109.05
3.93
3.35
3.49
100.18
4.01
4.88
87.21
4.29
95.78
3.95
3.55
5.38
Apr. 30— 107.59
101.23
100.70
108.08
7..
111.43
108.27
3.91
99.48
3.34
3.51
3.99
4.81
86.50
4.25
94.97
3.93
3.56
5.37
June 25..
108.36
3.28
3.47
4.00
5.05
3.53
5.17
23„
107.17
100.70
100.70
106.92
111.23
107.69
Apr. 30—
3 96
3.39
3.55
4.03
99.48
4.86
86.92
4 30
95.29
3.96
5.41
107.79
100.70
3.62
16-
100.70
106.54
23-
111.03
107.88
3.96
99.48
3.40
3.58
4.03
4.83
87.21
4.28
5.31
100.70
3.64
107.23
95.62
3.96
9„
99.48
106.54
16—
109.64
107.11
3.96
3.41
3.57
98.45
4.03
4.81
85.65
4.26
5.33
107.19
99.31
3.64
2„
94.49
3.96
100.18
105.41
9_.
110.63
107.49
4.03
3.48
3.61
4.09
98.80
86.64
4.92
4.33
95.13
4.04
99.83
3.70
5.33
106.17
2..
111.84
108.27
99.48
3.99
3.43
3.59
4.07
87.93
4.85
4.29
96.11
4.01
100.70
3.66
107.30
Mar. 25—
3.93
3.37
3.53
4.03
4.76
4.23
3.96
3.60
5.33
Mar. 25—
108.40
101.23
19-
109.32
101.23
111.84
108.46
99.14
87.93
12..
96.11
110.76
100.88
102.30
107.30
19..
112.86
109.24
100.35
3.93
3.37
3.54
4.05
89.40
4.76
4.23
3.95
5.26
111.82
101.76
3.60
5-
97.45
103.74
108.27
12..
114.09
110.43
3.87
3.32
3.50
3.98
4.66
4.15
3.90
3.55
5.30
4.55
5.24
5.36
101.76
90.75
98.45
112.18
103.38
103.93
109.44
5—
114.72
110.83
102 12
3.79
3.26
3.90
4.57
90.59
4.09
98.62
3.49
112.12
103.93
3.81
lO-
104.11
109.84
Feb. 26—
114.30
110.83
102.48
3.78
3.23
3.42
3.88
91.05
4.58
4.08
98.97
3.78
112.20
104.11
4.47
ll—
104.48
109.44
19—
114.93
111.03
102.84
3.77
3.25
3.42
3.86
91.51
4.55
4.06
5.13
112.34
104.30
3.49
5—
99.66
3.77
105.04
110.04
11-.
115.78
111.84
103.38
3.75
3.22
3.41
91.66
3.84
4.52
4.02
3.46
5.18
112.21
105.04
3.76
Jan. 29„
100.00
105.41
110.63
5—
116.64
103.56
3.72
3.18
3.37
3.81
91.51
4.51
4.00
105.04
3.43
5.19
22—
100.00
3 72
112.39
111.43
106.17
29—
117.72
113.27
104.30
3.70
3.14
3.35
3.80
4.52
92.38
4.00
101.23
3.39
5.34
112.53
105.79
3.72
15—
106.36
112 05
22..
118.16
113.48
104.48
3.66
3.09
3.30
3.76
4.47
3.93
106.17
3.36
5.39
8_.
101.23
3.68
112.71
106 36
112.25
15—
117.94
113.89
3.65
104.48
3.07
3.29
3.75
4.47
91.97
101 23
3.93
3.66
Hlgh1937 112.78
106.17
3.35
106.54
112.25
8..
118.16
113.89
104.67
3.65
3.08
3.27
3.75
92.43
4.49
3.93
3.66
5.43
106.17
3.35
Low 1937 107.01
1 Yr. Ago
101.41
112.45
Low
93.37
3.64
3.07
3.27
3.74
4.46
3.92
3.66
5.08
96.28
3.34
104.30
High 1937
4.40
3.48
3.67
4.41
6.27
5.38
4.22
3.76
5.78
Nov25'36 112.60
105.60
3.69
3.12
3.29
3.82
4.53
4.00
3.71
3.36
4.24
3.47
3.69
4.42
5.36
4.83
4.16
3.72
Feb. 26—
109.64
112.25
105.98
93.21
92.28
69.48
79.57
1
117.07
113.48
103.20
91.35
100.00
2 Yrs.Ay
95.95
—
109.84
105.60
93.06
79.82
86.92
—---—■
~~7"- -——
o»
105.22
112.05
average movement of actual price quotations.
~
97.28
105.04
1937
•
Yrs.Ago
Nov26'35
I??8'8
one "typical" uuuu v-*7o wuyuu, maiunug m ou ytstrs/, uuu uu uot purport to snow euner tne average
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market
5.41
Yr. Ago
Nov25'36
2
NOV26'35 107.44
!?iIm
Jan.
5.13
w
»
Financial
Volume 145
Utility bonds of investment grade have
tone throughout
from
maintained a firm
emanating
moderately favorable
week in which hews reports
a
been
have
Washington
nature in so far as the utility
of
a
industry is concerned.
grade utilities have been influenced by stock
and
trend
the
has
downward.
been
Lower-
market action
Brooklyn-Manhattan
Light
4%s, 1944, fell 7 to 84; Consolidated Gas Utilities 6s, 1943,
at 60 were off 5; Florida Power & Light 5s, 1954, closed
at 84%, off 2%; "Mississippi Power 5s, 1955, declined 3 to
declined 5 to 57; Utah Power &
Transit 4%sf 1966,
dropped 5 to 81%.
changes have been the rule among industrial
70; Oklahoma Natural Gas 5s, 1946,
Fractional
bonds
of top
lative
A drastically different picture has
quality.
been presented
by issues in the medium-grade and specu¬
classifications, numerous declines of severe propor¬
3407
Chronicle
One of the worst performances
recorded.
tions having been
packing company section,
has been witnessed in the
Armour
10% lower at 80y8. Reces¬
sions among the oils have been modest in most instances,
although Texas Corp. 3%s, 1951, were off % at 103%. The
downward trend in the rubber company group again has
&
Co.
(Del.) 4s, 1955, closing
been led by the
at
closed
considerable
1947, declining 2 points to 97.
(B. F.) 4%s, 1956, which
Goodrich
Non-ferrous metals have lost
89, down 5%.
ground, General Cable 5%s,
Nor have the steels been in favor,
National Steel 4s, 1965,
giving up 3 to close at 103%.
Prices of foreign bonds have been
generally lower as
liquidation appeared in Brazilian issues.
Among
European bonds, Germans and Italians have held up com¬
paratively well, but Scandinavians have displayed some
irregularity.
Japanese bonds have been softer.
renewed
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL EPITOME
Friday Night, Nov. 26,
a
situation shows little or no im¬
Generally the business
and no appreciable change for the better is
expected until Washington takes definite action to restore
confidence. Roger W. Babson, well-known authority, states
"The recovery tide has been running strong.
Basically, the
Nation, is still on the up-trend.
Fundamentally we should
provement,
depression.
There is no overexpansion in industrial output.
Commodity prices are re¬
adjusted.
Inventories are running off. The banks are in
a sound position.
Farm income is the highest in 10 years."
He states further:
"The long-term future of business lies
with the character of our people; but the future of business
over the next 12 months lies in the hands of the Adminis¬
entering
be
not
tration
at
a
major
Washington.
An honest
'moratorium' on their
experimental program would do more for business than
spending $5,000,000,000 on armaments, public works, or boon¬
doggling.
In the last two months thousands have been
thrown out of jobs, stocks have broken 40%, business has
Business is now at the cross-roads.
Congress whether we are heading for prosperity
plummeted 15%.
It
is up to
or
A bright spot in the developments of the past
steel industry.
The "Iron Age"
that "for the first time since the week before Labor
depression."
week is the news from the
states
the extreme Northeast and the more Western
stated that
1937.
Day the decline has apparently been halted at Chicago, where
production and consumption of steel are more widely
diversified than in other industrial areas.
Ingot production
is estimated to have risen 3 points at Chicago, to 30.5% of
large
area
an
even
In the Cleveland-Lorain district there has been
sharper increase, from 18% to 29%, but this is
mainly due to resumption of
operations at two Cleveland
plants idle last week while awaiting an accumulation of
orders.
The "Iron Age" makes this interesting observation:
"Singularly, the railroad and construction industries, from
had been expected, are promi¬
nent in new business and prospects, while the automobile,
on which the
steel industry's hopes have been pinned for
which little immediate help
many
weeks, is not only taking less steel,
but its December
production schedules have been revised downward, to an
extent that promises little aid for the mills, unless orders
should be placed seme time during the next month for
January shipment."
A Federal Reserve Board business
survey
yesterday disclosed that the
Nation's mass purchas¬
widespread busi¬
October and the
from the South Atlantic and Gulf coasts
20 degrees be¬
about normal
prevailed, while in the Pacific States and the Great
warmth
Basin of the
West, temperatures were decidedly above nor¬
normal being from 8% to 9% in
reported was 10
degrees below zero at Devils Lake, N. Dak.
In the New
York City area the weather has been pleasant during most
of the week, the temperature varying from cool to fairly
cold.
The weather today was cloudy and mild, with tem¬
peratures ranging from 41 degrees to 52 degrees. The fore¬
cast was for probable occasional light rains tonight and
Saturday; slightly warmer tonight, with mild temperatures
for Saturday. Overnight at Boston it was 36 to 52 degrees;
Baltimore, 40 to 56; Pittsburgh, 44 to 54; Portland, Me.,
30 to 44 ; Chicago, 38 to 52; Cincinnati, 46 to 52; Cleveland,
46 to 56; Detroit, 44 to 54; Charleston, 58 to 62; Milwaukee,
34 to 52; Savannah, 56 to 62; Dallas, 44 to 62; Kansas City,
Mo., 34 to 54; Springfield, Mo., 42 to 60; Oklahoma City,
36 to 56; Salt Lake City, 38 to 50; Seattle, 42 to 54;
Montreal, Quebec, 34 to 42, and Winnipeg, Man., 28 to 34.
mal ; the increase above
The
sections.
some
Revenue
lowest temperature
Freight Car Loadings Again Decline
6.1% in Week Ending Nov. 20
weeks in November painted a picture
freight for the. week ending Nov. 20
This is a decrease of 42,363 cars
or 6.1% from the preceding week; a decrease of 142,521 cars,
or 18%, from the total for the like week of 1936, and a de¬
crease of 673 cars, or 0.1% below the total loadings for the
corresponding week of 1935. For the week ended Nov. 13,
1937, loadings were 12.1% below those for the like weeks of
1936 but 9.5% over those for the corresponding week of
1935. Loadings for the week ended Nov. 6, 1937, showed a
loss of 3.6% when compared with 1936 but a rise of 11.8%
when comparison is made with the same week of 1935. .
The first 17 major railroads to report for the week ended
Nov. 20, 1937, loaded a total of 292,075 cars of revenue
freight on their own lines, compared with 313,094 cars in the
preceding week and 358,187 cars in the seven days ended
Nov. 21, 1936.
A comparative table follows:
Loadings of
revenue
REVENUE FREIGHT LOADED AND
successive
weeks
of
declining
output,
of falling
production
of elec¬
for
the week
ended Nov. 20, and 2.5%
over
United
figures
output in the
An upturn in Christmas shoping, coupled with freezing temperatures this week, resulted
in volume of retail sales rising 2% above the previous week
in many localities, according to the report today by Dun &
Bradstreet.
Compared with a year ago, retail sales showed
gains of 2% to 10%.
Winter merchandise moved into the
foreground as freezing temperatures brought out a fair
amount of postponed buying.
Automobile output in the
United States and Canada this week is estimated at 58,955
units by Ward's Automotive Reports, Inc., against 85,757
last week and 102,399 in the like week last year.
The
Association of American Railroads reported today 647,251
cars of revenue freight were loaded during the week ending
last Saturday.
This was a decrease of 42,363 cars, or 6.1%,
compared with the preceding week; a decrease of 142,521,
or
18%, compared with a year ago, and a decrease of
132,501, or 17%, compared with 1930.
There was nothing
extraordinary in the weather developments of the past week,
outside of Indian summer-like conditions prevailing in the
New York City area and government reports to the effect
that the week was abnormally cold in most sections except
corresponding week in 1936.
RECEIVED FROM CONNECTIONS
(Number of Cars)
Weeks Ended—
Received from Connectioni
Weeks Ended—
Nov. 20 Nov. 13 Nov. 21
Nov. 20 Nov. 13 N(W. 21
Loaded on Own Lines
production and declines in employment,
tricity by the electric power and light industry of the
States showed a gain of 2% over the previous week's
Down
1937, totaled 647,251 cars.
but re¬
ported distribution of commodities to consumers was main¬
tained at the level of recent months.
Recovering from three
industrial
north¬
reported, with mean
temperatures ranging generally from 12 to
low
normal.
In the extreme Northeast
ing power apparently is holding up despite
ness reverses.
The Board's summary for
first three
States. It is
record over
of the coldest November weeks of
westward to the Canadian border was
both
capacity.
one
1937
1937
Atchison Topeka & Santa
Baltimore &
23,580
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. P. & Pac. Ry.
Gulf Coast Lines
International Great Northern RR
Mlssourl-Kansas-Texas RR
Missouri Pacific RR
New York Chicago & St. Louis
4,323
18,033
54,933
5,807
Ry
Norfolk & Western Ry
Pere
.....
...
Marquette Ry
4,852
Pittsburgh & Lake Erie RR
Southern Pacific Lines
28,922
5,843
Wabash Ry
29,030
5,939
6,148
16,230
25,407
34,971
26,285
19,449
22,319
3,531
2,492
5,503
13,788
9,942
8,139
7,999
1,575
2,582
12,805
8,515
8,638
1,691
2,623
5,504
44,720
5,271
2,788
8,847
37,795
9,124
2,967
8,817
40,645
9,016
24,788
71,184
7,132
7,846
32,633
6,502
4,392
4,359
35,492
5,078
5,078
x7,857
8,121
40,026
18,153
5,516
6,330
x8,246
8,361
6,575
17,628
12,059
10,310
8,932
1,404
2,104
3,470
9,585
46,922
10,733
4,945
46,425
6,131
7,714
x9,939
9,734
292,075 313,094 358,187 174,100 190,933 214,610
Total
x
29,074
23,832
18,326
19,735
3,262
1,761
4,932
16,117
40,685
4,711
21,789
58,637
5,923
4,912
37,638
New York Central Lines
Pennsylvania RR
24,429
26,894
18,839
17/766
19,239
3,432
1,923
4,736
15,316
Fe Ry.
Ohio RR....
1936
1937
1937
1936
Excludes cars Interchanged
between 8. P. Co.-Paclfic Lines
Orleans RR. Co.
and Texas & New
•
TOTAL LOADINGS AND
RECEIPTS FROM
CONNECTIONS
(Number of Cars)
Weeks Ended—
Nov.
Chicago Rock Island & Pacific
Illlnols Central System
St. Louis-San Francisco
Total
Ry
Ry.
20, 1937
Nov.
13, 1937
Nov. 21,
1936
24,829
31,504
12,901
26,076
33,987
13,771
26,796
37,458
16,609
69,234
73,834
80,863
3408
Financial
The Association of American Railroads, in reviewing the
week ended Nov. 13, reported as follows:
Loading of
This
cars.
week In
revenue
was a
freight for the week ended Nov. 13 totaled 689,614
decrease of 95,366 cars, or 12.1%, below the corresponding
1936 and
a
decrease of 139,409 cars, or
16.8%. below the
same
week In 1930.
Nov. 27,
Ore loading amounted
revenue
freight for the week of Nov. 13
was
decrease of
a
5.8%, below the preceding week.
cars, or
Miscellaneous freight loading totaled 275,537 cars, a decrease of
21,267
below the preceding week, and a decrease of 47,743 cars below the
to
17,567
cars,
a
decrease of 5,705
1937
cars
below
the preceding week, and a decrease of
17,213 cars below the corresponding
week in 1936.
Coke loading amounted to 7,051
cars, a decrease of 584 cars below the
preceding week, and
in 1936.
a
decrease of 4,021 cars below the corresponding week
v-v...:-
.
.
Loading of
42,531
Chronicle
V
All districts reported decreases
compared with the corresponding weeks
in 1936 and 1930.
Loading of
revenue
freight in 1937 compared with 1936 and 1930 follows:
cars
corresponding week in 1936.
Loading
cars,
a
of
merchandise
decrease of 6,183
less-than-carload-lot
freight
totaled
of 5,629
cars below the corresponding week in 1936.
Coal loading amounted to 143,333 cars, an increase of
1,279 cars above
the preceding week, but
decrease of 14,411 cars below the
corresponding
a
week in 1936.
Grain
5,172
and
grain
products loading
38.701
totaled
cars,
decrease
a
below the preceding week, but an increase of
4,758
cars
the corresponding week in 1936.
1937
of
above
cars
In the Western districts alone,
grain and
grain products loading for the week
of Nov. 13 totaled 24,512 cars, a
decrease of 3,981 cars below the
preceding week, but an increase of 4,216
above the corresponding week in 1936.
'
Five weeks In January
Four weeks in February..
Four weeks In March
Four weeks In April
Five weeks in May......
Four weeks in June
Five weeks in July
Four weeks in August
Four weeks in September.
Five weeks In October
Week of Nov.
6
Week of Nov. 13
1936
3,316.886
2,778,255
3,003,498
2,955,241
3,897,704
2,976,522
3,812,088
3,115,708
3,182,943
4,017,319
732,145
161,408
below the preceding week, and a decrease
cars
2,974,553
2,512,137
2,415,147
2,-543,651
3,351,564
2,786,742
3,572,849
2,954,522
3,062,378
4,097,448
759,615
784,980
4,475,391
3,752,048
3,725,686
4,751,349
881,517
829,023
31,815,586
41,615,590
689,614
1930
4,246,552
3,506,899
3,515,733
3,618,960
4,593,449
3,718,983
cars
Livestock loading amounted to 18,510
cars,
the preceding week, but
week in 1936.
week of Nov.
increase of 82
an
decrease of 3,398
cars
34,477,923
In the
following
loading of livestock for the
13 totaled 14,852 cars, a decrease of 98
a
T°tal
above
decrease of 4,108 cars below the
corresponding
a
In the Western districts
alone,
ceding week, and
cars
below the pre¬
cars
below the corresponding week
in 1936.
Forest products loading totaled
27,507 cars, a decrease of 4,981 cars
below the preceding
week, and a decrease of 6,999 cars below the corre¬
sponding week in 1936.
we
undertake
to show also the
During this period only 27 roads
showed
increases
when
out of
compared
a
total of 138 railroads
with
the
Railroads
Eastern District-
Bangor & Aroostook
1,335
Boston A Maine......
Chicago Indianapolis & Loulsv.
Central Indiana
Central Vermont
Delaware & Hudson..
J
*
,
192
255
9,453
10,719
2,470
37
12
9,210
591
352
2,383
Tennessee Central
7,670
6,858
Winston-Salem Southbound...
137
!.!!!!!!!
...I™!
n
381
3,450
13,296
5,031
11,117
13,616
Western.
N. Y. Chicago A St.
Louis....
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh A Shawmut.
Pittsburgh Shawmut & NorthII
Pittsburgh & West Virginia
Rutland
1,913
8,736
1,046
2,892
jft 4,842
2,349
44,966
10,444
7,793
2,155
1,228
7,833
2,452
8,745
148
263
257
35
40,645
11,353
1,603
9,016
43,917
12,302
1,856
2,161
8,872
1,349
4,711
5,132
5,830
!!!!!!
Erie"11""
Total.
7,332
2,232
3,357
5,483
7 ,508
7,303
2,033
37,263
9,740
1,553
4,214
5,742
6,480
454
i
I
431
217
1,745
J
L
IF*
1,932
1.273
7,775
2,576
42
10,496
6,110
6,388
4,689
5,972
24
20
377
426
307
205
225
1,490
858
1,197
1,495
5,939
3,995
144,670
Cornwall..
Cumberland
952
Spokane
161,421
134,740
155,347
171,470
West
604
740
16,230
1,404
16,803
2,338
397
300
9
6
1,397
15
11
6,295
1,280
5,185
11,517
768
729
10,720
'51
287
378
35
37
202
153
27
51
796
911
2,522
2,544
1,391
46,096
17,336
3,764
1,273
1,210
1,516
58,637
12,878
68,474
56,355
11,395
40,026
16,154
2,177
8,258
13,975
14,308
8,813
57
Total
58
67
0
1
3,839
3,200
5,724
6,332
151,124
118,615
97,350
109,147
126,418
25.556
22,699
20,415
966
966
767
27.555
4,657
Line
Total..
4,511
3,381
12,805
4,359
1,537
1,115
51,244
Beit
58,588
47,262
19,816
12,214
19,269
Atl. A W. P.—W. RR. of
Ala..
176
166
134
700
842
711
1,250
1,447
603
713
737
892
843
Columbus
8,807
3,625
9,157
4,393
A
Greenville.!!!!!!
408
7,987
3,973
Atch. Top. A Santa Fe
System
Alton
Bingham A Garfield!!!!!!!!!
Chicago Burlington A Qulncy.
Chicago A Illinois Midland
Chicago Rock Island A Pacific
Chicago A Eastern Illinois
Colorado A Southern
Denver A Rio Grande Western
Denver A Salt Lake
Fort Worth A Denver
City
Illinois Terminal
Nevada Northern
North Western Pacific
Peoria A Pekin Union.
89,8 57
64,035
67,876
2,571
10,814
3,021
8,638
3,439
838
623
16,403
2,685
18,341
2,926
22,710
4,215
13,242
15,514
2,267
19,139
3,544
19,559
4,120
787
933
3,581
9.066
3,401
185
674
976
635
422
376
6,138
7,085
5,678
5,251
7,657
498
326
238
157
121
13,201
15,986
12,722
2,738
3,245
653
668
591
529
555
1,739
803
89
78
1,859
6,507
1,819
2,426
10,297
11,895
1,540
5,301
9,836
1,855
2,489
3,537
3,504
205
183
125
278
270
1,109
2,491
2,027
1,225
1,501
111,987
81,516
47,068
52,009
24,429
2,973
24,220
3,619
19,599
2,669
6.148
2,185
2,445
541
375
348
106
114
18,326
1,541
13,282
3,035
1,355
19,802
8,515
9,393
1,087
9,029
2,922
1,367
3,083
500
505
4,689
2,283
1,090
2,831
348
1,431
5,008
5,297
16,315
1,278
10,680
2,773
1,698
5,023
1,069
1,726
1,954
1,790
1,019
1,489
2,071
1,776
920
9
22
1,304
1,967
1,669
1,228
1,326
1,392
2,097
13,280
3,324
1,720
1,908
2,005
4,718
1,115
2,608
1,476
2,934
1,398
149
117
944
964
465
356
336
113
0
111
22,756
17,345
339
18,615
16,230
4,854
1.149
9,135
6,574
374
1,209
10,408
723
840
9
9
1,815
1,823
1,637
1,908
2,215
125,660
103,741
53,669
59,575
192
5.133
384
307
3-50
Missouri-Kansas-Texas
332
963
733
__
Lines..
42
49
49
78
91
852
1,148
801
1,415
1,607
357
498
327
Gulf Mobile A Northern......
450
461
1,850
24,120
1,776
18,959
18,403
1,119
10,498
4,797
1,065
11,921
21,668
1,853
24,893
25,329
172
188
174
315
354
Wichita Falls A Southern
Wetherford M. W.
5,372
177
200
135
409
Mobile A Ohio
306
1,985
Nashville Chattanooga A St. L.
1,753
2,669
1,902
2,309
437
206
237
309
3,262
1,761
3,336
2,820
2,123
1,691
2,623
1,362
1,960
1,234
2,272
2,350
Quanah Acme A Pacific
St. Louis-San Francisco
St. Louis
Southwestern..
Texas A New Orleans
197
182
951
2,104
1,427
1,699
1,973
1,219
1,294
2,500
308
909
175
236
120
467
403
304
349
319
752
1,009
648
777
671
220
292
172
228
147
358
263
4,932
16,117
5,167
18,077
4,888
2,967
14,341
8,817
3,218
9,497
36
62
55
15
19
259
181
164
168
117
8,158
2,992
8,079
9,710
3,055
4,134
2,326
4,758
2,184
3.134
4,128
Texas A Pacific
5,535
8,638
5,970
Terminal RR. Assn. of St. Louis
7,313
2,377
7,255
4,899
2,569
2,789
2,469
3,392
4,086
17,118
18,747
237
255
282
74
93
21
24
24
40
37
59,820
65,514
53,997
59,187
61,386
1.918
2.548
2,044
3,095
5,122
164
234
214
Missouri Pacific
Natchez A Southern
!
185
156
238
1,955
1,805
...
155
• Previous figures.
8,500
195
Kansas Oklahoma A Gulf
Kansas City Southern
268
Note—Previous year's figures revised.
893
156
Louisiana A Arkansas
Louisiana Arkansas A Texas.
Litchfield A Madison.
Midland Valley..
Missouri A Arkansas
810
.
6,486
655
Northern..
129
147
2.065
12,027
17,947
Island
851
Mississippi Central
110,686
423
southwestern District—
Alton A Southern
151
Illinois Central System
Louisville A Nashville
Macon Dublin A Savannah....
846
119,750
765
Gainesville Midland
781
20,951
Total
Durham A Southern..........
Georgia
Georgia A Florida
174
680
Pacific!!!!!!!!!!!!!
Florida East Coast
!!!!!
751
185
250
Toledo Peoria A Western
Union Pacific System
Utah
International-Great
1,156
456
1,450
Cllnchfleld
712
162
85,417
Fort Smith A Western........
Gulf Coast Lines
246
■_
4,589
14,392
343
842
193
Carolina
7,277
18,720
435
4,928
1,285
Southern District—
Alabama Tennessee A Northern
Central of Georgia
Charleston A Western
8,558
21,622
426
952
International"."!""!!!!
Burllngton-Rock
Atlanta Birmingham A Coast
Atlantic Coast Line....
8,703
20,159
5,428
Southern Pacific (Pacific)
23,832
21,789
Virginian
1,286
1,070
3,938
2,054
Louis
Spokane Portland A Seattle...
Western
Pocahontas District—
Chesapeake A Ohio
Norfolk A Western
Norfolk A Portsmouth"
56
3,744
Western Maryland..
1,260
1,055
3,794
4,381
15,729
398
327
864
26,138
1,897
1,102
(Pittsburgh)!"""
Virginia Northern..!"""
1,251
437
375
Central Western District—
487
34,705
3,863
814
Reading Co
Ishpeming
A St.
Total.
128
Union
Minneapolis
Minn. St. Paul A S. S. M
Northern Pacific
8,916
3,643
247
Seashore Lines.
Pennsylvania System
....
Lake Superior A
884
6,325
Penn-Reading
...
8,361
3,102
287
"Pennsylvania..
Elgin Jollet A Eastern
Ft. Dodge Des Moines A
South.
Great Northern
Green Bay A Western
!_!!!
628
521
&
Duluth Mlssabe A Northern
Duluth South Shore A Atlantic-
3,155
1,370
Llgonler Valley*
Long Island
1,054
353
381
654
Chicago Great Western.
Chicago Mllw. St. P. A Pacific
Chicago St. P. Minn. A Omaha
5,019
434
.....
1,138
Northwestern DistrictBelt Ry, of
Chicago.
Chicago A North Western
607
29,074
2,542
Bessemer & Lake Erie!!!!!!!
Buffalo Creek A
Gauley ....I
Cambria A Indiana
Central RR. of New
Jersey...
!!!!!
!!!!!!!
Total.
6,051
4,390
*.
Allegheny District—
Akron Canton &
Youngstown.
Baltimore & Ohio
_•
1,291
1,019
554
Wheeling A Lake
1930
16,184
5,059
156
Central"Lines IIII" 140,685
N. Y. N. H. A Hartford
New York Ontario &
1937
3,553
2,385
4,480
!
2,609
403
1,733
8,855
Lehigh Valley
Maine Central
2,503
143
1,292
171
Western........
Lehigh A Hudson River
Lehigh A New England
Potomac!."
97
6,253
from Connections
1935
102,295
Northern."!!!!!!!!
2,132
,
318
.
Piedmont
Richmond Fred. A
38
1
12,544
4,665
.
.
Norfolk Southern
1,825
7,022
1,002
4,427
7,958
428
1,322
Seaboard Air Line
Southern System
1,969
1936
13
Southern District—(Concl.)
1,765
1,146
week
Total Loads Received
Freight Loaded
1937
6,725
1,347
1,354?
4,992
Railroads
1936
1,765
8,020
1,867
9,486
Erie
Wabash
A
20
Detroit Toledo A Ironton...
Detroit A Toledo Shore Line
Montour
1937
662
1,141
4,603
._!
.......
Monongahela
1935
597
6,801
1,668
Delaware Lackawanna A West.
Detroit A Mackinac
New York
1936
599
Total Revenue
from Connections
m
Ann Arbor
Grand Trunk
Total Loads Received
Freight Loaded
1937
same
last year.
REVENUE FREIGHT LOADED AND RECEIVED FROM
CONNECTIONS (NUMBER OF
CARS)—WEEK ENDED NOV.
Total Revenue
loadings
for separate roads and
systems for the week ended Nov. 13.
Total
A N. W
t
volume
Financial
Moody's Commodity Index Declines Moderately
Moody's Index of Staple Commodity Prices declined only
3409
Chronicle
"Annalist"
145
moderately this week, closing
with 146.5
this
week ago.
a
A
on
new
Friday at 145.4,
low of 144.6
of
silk,
hides, steel
cocoa,
coffee and sugar were lower, while
cotton, advanced.
There
were
scrap,
rubber,
net
no
wool,-
copper,
hogs and
corn,
changes for wheat,
parisons is
during the week, with
away," the "Annalist" said, adding:
com-
Liquidation In the stock market, additional discouraging reports con¬
follows:
as
cerning the present state of business and general pessimism were all given
Fri.
Nov. 19-
Sat.
Nov. 20-———.......146.6
Mon.
Nov; 22....—........145.8
Year Ago, Nov. 25—.
Tues.
Nov. 23
..145.0
1935 High—Dec. 28
Wed.
Nov.,24
.144.6
Fri.
146.5
...
.......
2 Weeks Ago, Nov. 12.......153.4
Low—May 12
.
"ANNALIST"
THE
208.7
WEEKLY
INDEX
Nov. 23,
144.6
products
production last month
forced
were
curtail
to
buying support remained at
as
81.2
77.4
X63.2
89.3
x89.8
88.9
104.2
104.9
91.6
69.7
69.7
66.6
89.1
74.6
89.1
86.3
74.9
70.6
86.7
Metals
87.8
86.5
-
Miscellaneous..-....-.-...
....
All commodities
low
a
83.0
1036
93.0
*62.4
........
.
....
industries
1937 Nov. 24,
87.8
81.1
-
Textile products
Fuels
Building materials
Chemicals
1936
1937 Nov. 16,
87.1
products........—..........
Food
leading
COMMODITY
WHOLESALE
—228.1
Low—Nov. 24
"Annalist" Monthly Index of Business Activity Declined
During October to Lowest Level Since June,
all
OF
PRICES (1926=100)
Farm
"Nearly
market, with wool
tops, hides, coffee and cocoa at new lows for the season*
—162.7
.
commodity prices.
Trading continued relatively active in the futures
—.189.7
.Holiday 1936 High—Apr. 5
Nov. 26-.............145.4
the reason for the latest drop in
as
Month Ago, Oct. 26......... 161.9
Thurs. Nov. 25
"Annalist"
speculative rise of the early part of this year wiped
all of the
silver and lead.
The movement of the Index
Week—
November, 1936
and food products served to
Weekly Index of Wholesale Com¬
modity Prices to drop for the 10th consecutive week, it was
announced on Nov. 24 by the "Annalist".
"At Tuesday's
(Nov. 23) closing quotations wholesale commodities were
at the lowest level since the end of November, 1936, with
the
cause
Wednesday.
Prices
Consecutive
in farm
Further weakness
established
was
Commodity
Wholesale
of
Tenth
for
Index Lowest Since
compared
as
Index
Weekly
Declined
Prices
♦Preliminary,
x
Revised.
level and consumers continued to use up inventories accumu¬
lated earlier this year," said H. E. Hansen in presenting the
the
Nov.
issue
19
"Annalist"
of
the
"Annalist,"
the
(New York),
Decline in Wholesale Commodity Prices During
Mr. Hansen added:
Both heavy and light industries were affected.
after allowance for
a
ber to the lowest level since the early part of last year.
Lessened activity
in the steel industry necessitated reduced output of pig iron which, after
adjustment, dropped
seasonal
1936.
19.5%
the lowest level since October,
to
The cotton textile industry was also hard hit, raw cotton consumption
after seasonal adjustment declining 19.7%
1936.
to the lowest level since May,
Rayon consumption was 26.9% lower than in September, the ad¬
justed index declining to the lowest level since March, 1933.
reductions
also shown
were
Slight declines occurred in silk
consumption and lumber production.
October
figures
are
available,
only
automobile
two.
and
zinc,
The net result
of these
changes
Index of Business Activity to 98.1
was
a
sharp
two months,
(preliminary) from 106.4 in September
The "Annalist" index of manufacturing activity, which
nearly one point.
normally shows
wider cyclical fluctuations than the combined
(preliminary)
92.4
index, is
This is an unusually severe decrease for
1936.
period, exceeding that from July to September, 1933, by
months'
two
In the last
the combined index has dropped 12.9 points, to stand at the
lowest level since June,
as
compared with
business
114.2 for September and
124.3 for August.
The most
important factor in the drop of the combined index was
drastic curtailment in steel mill activity.
adjustment, amounted to
Output
of the most
The
severe
180,433 tons
Our index cropped 30.9 points
for August.
last month and was 44.7 points below the
a
day, after seasonal
130,488 tons, as compared with
for September and 202,731 tons
one
per
level for last August.
This
is
two months' recessions on record.
situation in
the
cotton
textile
the week ended Nov. 20 to the low point
announced on Nov. 24 by Commissioner
Sharp decreases in wholesale prices of farm products
Lubin.
and hides and leather products
industry,
Mr.
says
the
slump which followed the speculative peak in 1933.
The following is the "Annalist" Index of Business Activity
for October:
The index now stands at
is
car
metal
Other-.
..
-■. .
Electric power
Manufacturing
101.7
96.8
103.8
-
103.8
106.6
108.6
*92.4
production
106.0
X104.7
...........
_
99.4
96.1
114.2
124.3
prices for agricultural
the level of
a
Cotton consumption
Nov. 21,1936,
semi-manufactured commodity prices are up 0.3 %.
ago.
Non-agricultural commodity prices, as measured by the index for "all
than farm products," remained unchanged at 84.5%
commodities other
this group
below
a
has registered an increase.
Commissioner Lubin's remarks were contained in an an¬
the following
The greatest
decrease during the week—2.4%—was recorded by the farm
the decline.
for
steers, hogs, cotton,
peanuts,
oranges,
week's farm products
index—75.9—is 5.9% below the level of a month ago
and 10.9% below that
of a year ago.
Continued weakness in prices for hides, skins,
143.9
98.2
65.2
125.2
129.9
147.2
82.8
88.0
66.3
89.8
89.8
89.6
94.2
81.7
—
93.9
90.3
•98. i
production
production
Combined index
106.4
111.0
COMBINED
INDEX SINCE JANUARY.
1933
1932
1932
1935
1934
January
104.2
92.3
87.2
79.6
February
105.7
89.0
86.7
83.2
66.1
71.4
March
106.8
89.5
84.4
84.6
62.5
69.8
82.8
85.9
69.2
66.8
1937
1936
67.5
73.4
index to fall 1.2%.
and leather caused the hides
Shoes declined fractionally
products including luggage, harness, belting, and gloves
remained firm.
Pronounced price declines
in cotton goods and woolen and worsted goods
together with a slight drop in prices of
knit goods resulted in a decrease of
Japanese raw silk and manila
0.7% in the textile products group index.
hemp advanced.
Wholesale food prices
declined 0.5%, principally because of a 3.4%
Lower prices were quoted for cheese in the New York
market, oatmeal, hominy grits, corn meal, dried apricots, primes, raisins,
fresh beef, lamb, mutton, bacon, fresh pork, dressed poultry at New York,
drop in meats.
cocoa
beans,
fruit and
2—THE
coffee,
copra,
lard, coconut oil, and cottonseed oil.
Higher prices were reported for butter,
flour, fresh fruits and vegetables, cured pork, veal, and raw sugar.
The
current food index—83.2—is 2.1% below the level of a month ago and 1.5%
products increased 0.9%.
below that of a year ago.
Lower prices
for coal and gasoline caused the fuel
and lighting materials
index to fall 0.5%.
No changes were reported in prices of coke.
Continued declines in prices of fats and oils were responsible for the de¬
group
April
107.0
May—----
110.0
95.9
81.8
86.4
77.3
64.3
106.7
97.6
82.0
83.8
87.5
63.9
crease
June
108.9
102.4
82.7
78.0
94.0
62.9
102.5
84.9
75.1
87.5
64.4
August
*111.0
September
X106.4
102.9
86.1
71.4
72.0
68.5
pharmaceuticals, fertilizer materials, and mixed fertilizers
mained unchanged at last week's level.
October.-
♦98.1
103.3
89.1
74.6
78.5
69.2
107.1
92.0
76.0
75.3
68.8
110.5
96.7
82.4
77.5
November
December
*
Preliminary.
*
Revised
The
vegetable sub-group advanced 2.1%, cereal products rose 1.4%,
and dairy
94.1
July
Grains ad¬
York, eggs, apples in the New York market,
alfalfa seed, and potatoes at Chicago.
This
live poultry at New
lemons,
markets, and wool.
Quotations were higher for barley, oats, rye, wheat, calves,
131.2
62.8
production
production
TABLE
apples at Seattle, hops, flaxseed, dried beans, onions,
potatoes, white potatoes in eastern
125.6
Mining
Lead
A decrease of 7.3% in livestock and poultry prices largely
Lower prices were reported for corn, cows,
products group.
114.0
75.6
Automobile production
Zinc
by the Department of Labor, from which
is also taken:
nouncement issued
and other leather
103.4
The current index—84.2—is 0.9%
month ago and 3.7% above a year ago.
and leather products group
83.2
other than farm products and
This is the first time since early in September that
foods" advanced 0.2 %.
132.7
68.2
Industrial commodity prices ac¬
above that of last year.
124.8
*1~3~2~2
Rayon consumption
Boot and shoe production
Cement
They are 1.6% below the corresponding week of last
of the 1926 average.
cording to the index for "all commodities
135.5
~67~8
during the week and are 2.7%
week of October.
111.0
111.9
—
Raw material prices are 4.3% below
Wholesale prices of
Compared with the week ended
Follow¬
ing a 7-week decline, the finished products group advanced 0.1%.
This
week's index is 1.5% below the level of a month ago and 4.6% above a year
below the corresponding
80.1
60.8
Silk consumption
Lumber
commodities.
109.1
88.0
Wool consumption..
Metals and
Housefurnishing
month ago and 7.3% below a year ago.
105.4
Textiles—
chemicals and drugs groups.
semi-manufactured articles declined 0.4%
92.5
production..
Pig iron production—.........
Steel ingot
the foods, textile products, fuel and lighting
products and miscellaneous commodities advanced.
goods remained unchanged at last week's level.
The raw materials group index declined 1.5% largely due to weakening
ewes,
96.1
92.2
loadings...........——.
M iscellaneoua
It
and hides and leather products groups, smaller
Besides the farm products
materials, building materials, and
vanced 1.6%.
Freight
This represents a
0.6% above the corresponding week of last year.
Aug.. 1937
Sept., 1937
re¬
Compared with the cor¬
responding week of last month, the all-commodity index is down 2.4%.
sweet
Oct., 1937
82.9% of the 1926 average.
the high point of April 3.
decrease of 6.1% from
accounted
1- -THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS
largely accounted for the
cession, the Commission pointed out, stating:
month and 3.3%
Hansen, is in many respects similar to that in the steel
industry. With backlogs worked off, production has fallen
to nearer the level of demand.
Last month's drop in The
"Annalist's" adjusted cotton consumption index was one of
the most severe on record, an outstanding exception being
TABLE
clined 0.4% during
of the year, it was
decreases were registered by
drop in The "Annalist"
111.0 for August, the high mark for the recovery period.
and
showed
In both cases, however, the gains were slight.
increases.
a
Of the leading industries for which
commodity prices of the Bureau of
United States Department of Labor, de¬
Labor Statistics,
Important
by the seasonally adjusted indices of freight car
loadings and electric power production.
The index of wholesale
Steel ingot production,
normal seasonal increase, declined 27.8% from Septem¬
Week
Ended Nov. 20 Reported by United States Depart¬
ment of Labor—Index at Low Point for Year
Monthly Index of Business Activity for October.
The
of 0.3%
building
for yellow
and
in the chemicals and drugs group index.
materials group declined 0.2%
pine flooring, maple lumber,
prepared roofing.
higher.
also averaged
The drugs and
sub-groups re¬
because of lower prices
chinawood and linseed oils, gravel
Common building brick advanced slightly and rosin
Cement and structural steel showed no change.
Financial
3410
and solder caused the
Scrap steel declined
Agricultural implements and plumbing and heating fixtures re¬
Higher
prices for passenger automobiles
average
products group index to rise 2.1%.
metals and metal
sharply.
of cattle feed advanced 5.0% during the week.
and tubes advanced 1.8 and crude rubber rose 0.7%.
Auto¬
Wholesale prices
mobile tires
Paper
unchanged at last week's level.
house-furnishing goods group remained unchanged at
and pulp was
The index for the
of both furniture and furnishings were
Average wholesale prices
92.1.
stationary.
.
.
Statistics includes 784 price series
of the Bureau of Labor
index
The
for the year 1926 as 100.
following table shows
The
in
York
New
occupancy.
for Philadelphia and Texas
October rather than a pro¬
nounced drop in regular business.
Cleveland raised rates and manu prices
considerably, and as a consequence its sales increased considerably, even
though its* exposition closed two weeks earlier this year and there were
fewer conventions.
The group, "All Others," showed practically no change
over the
last few months in sales, and the occupancy at 08% is exactly
that
of
by
1936.
October,
shown
1929 are
events this
lack cf special
a
The decreases in
of
sales and occupancy
in
decreases
sharp
caused
were
and restaurant sales from the corresponding months
room
in the following:
index numbers for the main groups of com¬
Nov. 21, 1936, Nov. 23, 1935,
Restaurant
Rooms
Nov. 25, 1933:
Nov. 24. 1934, and
the rate increase,
the room sales rose 10% as the result of
City also had more room sales with less
past five weeks and for
the
decline
In Chicago, with a five-point
slightly lower occupancy.
occupancy,
and
in the country's markets
weighted according to their relative importance
and is based on the average
modities for
in spite of
The
mained steady.
Nov. 27,
Chronicle
Oct.
Sept.
Aug.
July
Oct.
Sept.
Aug.
July
(1926—100)
Nov.
Nov.
Oct.
6,
Oct.
Nov.
Nov,
Nov.
Nov.
23,
21,
23,
24,
25,
1937
1937
1937
1937
1937
1936
1935
1934
1933
82.9
83.2
83.8
84.0
84.9
82.4
80.6
76.3
71.0
-
77.7
77.8
80.7
85.2
78.2
70.6
56.8
83.8
85.0
84.5
85.8
75.0
63.9
*14
43
33
*3
19
32
5
2
18
30
20
22
24
3
3
37
26
29
5
19
*1
3
3
*2
2
4
2
14
10
25
14
*3
7
3
7
3
1
*9
27
98.3
95.7
84.9
24
22
18
1
5
7
73.1
69.3
75.8
*2
19%
19%
20%
7%
5%
8%
3%
27
23
25
9
9
5
*9
88.9
73.5
—
All others
101.8 103.0 104.2 106.4 106.9
72.6
72.8
70.5
71.0
71.6
products—
*17
44
1
Texas
84.3
—
Building materials.
78.6
79.0
78.9
78.9
79.1
77.5
75.7
75.6
73.9
96.6
94.6
95.1
95.3
95.6
87.3
86.4
85.3
94.0
94.4
95.0
95.4
87.8
85.8
84.9
Total
85.1
Chemicals and drugs
79.8
80.0
80.1
80.6
80.6
82.5
80.9
77.1
92.1
92.1
92.2
92.6
92.7
83.4
82.1
82.7
82.0
Miscellaneous
75.4
75.0
75.5
75.7
76.0
73.9
67.4
70.6
65.4
77.0
78.2
78.6
78.7
80.5
83.1
*
♦
73.8
Hou8efurnlshlng goods
-
Raw materials
#
28
Same month of last yr.
83.5
93.8
materials..
products._
Fuel and lighting
Metals & metal
*7
46
19%
77.8
83.0
Foods..
Hides and leather products.
*7
29
5
75.9
83.2
products
Textile
21
39
6
d
Detroit
Pacific Coast
Farm
15
39
28
Washington
CIe vela
All commodities
26
25
Philadelphia
8%
23%
23%
40
Chicago
30,
Nov.
13,
20,
Commodity Groups
3%
*3%
1%
23%
21%
New York City
11
Increase.
The
also prepared by Horwath & Hor¬
trend in hotels in October as
following table,
business
shows the
wath,
*
Semi-manufactured articles._
79.7
80.0
81.1
81.5
81.9
79.5
*
*
#
Finished products
All commodities other
86.6
86.5
87.0
87.3
87.9
82.8
*
*
♦
farm products.._.
All commodities other than
84.5
84.5
85.1
85.4
85.9
81.8
81.1
77.5
74.0
products and foods—
84.2
84.0
84.3
84.7
85.0
81.2
79.0
78.1
compared with a year ago:
77.5
farm
*
TREND
1937, COMPARED
HOTELS IN OCTOBER,
OCTOBER, 1936
IN
BUSINESS
OF
WITH
than
Room
Sales
or
Rate
Occupancy
Percentage of Increase (+)
Not computed.
Percent¬
Decrease (—)
age
Same
Fertilizer
National
Further
Reports
Association
Wholesale
in
cession
Commodity
Prices
Week Ended Nov. 20
New York City
registered last week by the
level reached since July of last
lowest
week
With 18 items in the food
year;
although declines during the
general throughout the group they were particularly sharp in
were
Rising prices for wheat, rye, and barley which more than offset
meats.
declines in
and oats resulted in a moderate upturn in the grain price
corn
(—)
77
+ 10
+ 17
+4
+ 10
—2
70
75
—16
—15
—17
54
60
—1
+3
—5
63
61
Cleveland
+1
+ 12
+ 10
+ 14
78
76
Detroit
—1
+2
—5
71
74
+6
Pacific Coast--.
+8
+ 14
+ 1
62
61
+ 12
—14
—15
—11
74
84
—4
All others
+5
+7
+4
08
68
+8
Total
+4
+6
+2
68
69
+8
+9
+ 10
+8
67
65
+7
Texas
Year to
date...
Electric
Production
Edisoii
During Week Ended
+6
Ncv. 20
Kwh.
Electric
Institute, in its weekly statement,
production of electricity by the electric
light and power industry of the United States for the week
ended Nov. 20, 1937, totaled 2,224,213,000 kwh., or 2.5%
above the 2,169,715,000 kwh. produced in the corresponding
The
disclosed
that
the
The Institute's statement follows:
week of 1936.
INCREASE OVER PREVIOUS
PERCENTAGE
Cotton was again lower, however, and livestock prices fell off
average.
of
(+)
or
Last Year Dec.
73
Totaled 2,224,213,000
declining and only 3 advancing, the group average fell off to the
Inc.
Month
Philadelphia
Washington
under date of Nov. 22, went on to say:
New low points for the year or longer were
Month
+2
+3
+2
Chicago
food, farm product and textile group indexes.
This
taurant
Re¬
During
Continuing the downward trend for the ninth consecutive
week, the wholesale commodity price index compiled by the
National Fertilizer Association dropped in the week ended
Nov. 20 to 79.8% (based on the 1926-28 average of 100%)
from 81.1% in the preceding week.
Declining prices for
fodd, livestock and textiles were largely responsible for the
decrease.
For the first time in more than a year and a half
the index was lower than in the corresponding week of the
previous year.
It is now 10.1% lower than the year's peak,
which was reached in July, and 5.0% lower than at the
beginning of the year.
The Association announcement,
group
Res¬
Rooms
Total
YEAR
sharply, taking the farm product average to the lowest level reached since
early
summer
of last year.
A continuation of the decline in cotton goods
another downturn in the index of textile prices.
Declines also took place
during the week in the building material and fertilizer price indexes.
gains
by the indexes representing
registered
were
Slight
of metals,
the prices
Forty-four price series included in the index declined during the week
while only 18 advanced; in the preceding week there were 33 declines and
the second
week there
preceding
44
were
declines
20,
Compiled by the National Fertilizer Association.
1.7
2.1
4.1
xl.9
x0.5
3.2
1.8
0.8
1.1
0.0
0.9
4.0
3.4
16.4
17.9
9.9
3.8
6.7
6.6
11.5
9.2
2.5
0.3
1.2
4.1
Rocky Mountain
Pacific Coast-
Proced'g
Week
Nov.
Total index
20, Nov.
1937
1937
Month
(THOUSANDS OF KILOWATT-HOURS)
Per Cent
Year
Ago
13,
Change
Ago
Oct. 23,
Nov.
1937
2.5
Decrease.
DATA FOR RECENT WEEKS
(1926-1928^100)
Week
Group
Bears to the
1937
x2.0
2.3
—
Southern States
x
INDEX
Latest
Per Cent
Each Group
x5.9
x6.9
x0.3
Middle Atlantic
Central Industrial
Total United States.
PRICE
Week Ended
Oct. 30.
1937
and
16 advances.
WEEKLY WHOLESALE COMMODITY
Nov. 6.
Nov. 13, 1937
1937
x4.5
New England
West Central
chemicals and drugs, farm machinery and miscellaneous commodities.
18 advances; in
Nov.
Regions
Week Ended
Week Ended
Week Ended
Major Geographic
combined with lower quotations for wool, cotton, burlap, and jute caused
Week Ended
21,
1936
1937
1932
1935
1937
1936
1929
from
1936
Foods
25.3
80 3*
82.5
83.6
Fats and oils.....
65.4*
67.6
67.4
80.2
Cottonseed oil
66.2*
68.3
70.7
96.0
Sept. 11
71.0*
73.5
77.5
81.6
Sept. 18
Sept. 25--
Farm products
23.0
83.5
Sept.
Cotton..
43.1
44.0
46.3
67.2
Grains
68.1
66.5
75.3
100.4
Oct.
78.3*
82.5
85.8
79.0
Oct.
84.7
85.5
79.8
Oct.
16
83.7
Fuels
Miscellaneous commodities
10.8
2,154,276
2.280.792
9
84.0
Livestock
17.3
81.3
81.0
2,135.598
2.098,924
2,028,583
2,170,807
2,320,982
4.
1,464,700
1,761,594
+ 2.6
1.752,066
1.423,977
1,674,588
+ 12.4
1,476,442
1,806,259
1,490.863
1,792,131
+ 5.0
1,827,513
1,851,541
1,857,470
1,863,483
1,867,127
+8.6
1,809,716
+ 4.4
-_
2,265,748
2,275,724
2,280.065
2,276.123
2,281,636
2,254.947
2,170,127
+ 5.1
1,863,086
2,166,656
+4.1
1,895,817
1.533.028
1,824,160
2,202,451
2,175,810
+ 1.2
1,897,180
1,525.410
1,815,749
1,798,164
2
2,157,278
2,169,442
2,168,487
+ 5.5
+ 5.1
1,499.459
1.777,854
1.506,219
1,819,276
1,507,503
1,806,403
80.1
Oct.
23
8.2
Textiles
65.1*
66.0
67.7
71.7
Oct.
30..ii
7.1
Metals
99.5
99.4
102.0
87.6
Nov.
6.1
Building materials
84.6
84.7
85.1
83.1
Nov. 13..
2,176,557
2,169,480
+0.3
1,913,684
1.520,730
96.3
2,224,213
2,169,715
+2.5
1,938,560
1.531.584
1,793,584
1,953,119
1,475.268
1,818,169
_
_
6
Chemicals and drugs
96.4a
95.6
96.5
Nov. 20
.3
Fertilizer materials
73.2
73.2
72.8
68.3
Nov. 27
.3
Fertilizers
79.9
80.5
80.5
Farm machinery
96.5a
96.4
96.4
92.6
79.8*
81.1
83.3
81.0
1.3
All groups combined
100.0
♦
New 1937 low.
a
2,196,175
Lloyd's Register of Shipping Issues Annual Report of
Operations for Year Ended June 30, 1937
New 1937 high.
The annual report
Trend of Business in Hotels, According to Horwath &
Horwath—Total Sales in October Held
Slightly
Above Same
Month
Year
Ago
&
Horwath
Horwath
state
that
"total
sales
this
hotels,
October
held slightly above those in October, 1936, despite the rather
'spotty' condition of hotel business in
In
a
year
not
some
localities."
The
continued:
all
the
ago
been
groups,
than
room
operations
restaurant sales
sales.
make much
poorer
Undoubtedly this is because
extent, while
comparisons with
menu
prices have
rates have been substantially
advanced in many hotels, thus keeping the room sales well above a
year ago
room
of Lloyd's Register of Shipping cover¬
during
the
to 484
period
new
world
shows
The
for
was
Society's
classification was assigned
"These figures,"
"represent approximately 60% of
completed during the period, and again
increase
those
over
of the
few
past
The report further noted:
past year
new
plans
30, 1937,
June
report,
tonnage
satisfactory
a
ended
vessels of 1,355,680 tons gross.
according to the
the
the
year
The report notes .that during the
recently made available.
years."
increased to any
ing
12-month
In their monthly survey of the trend of business in
firm
1,798.633
74.7
.3
1,528,145
has witnessed
tonnage, and
which
have
been
this
a
substantia!
classification of Lloyd's Register.
vessels
the orders
increase in
increase has been
submitted of
reflected
intended
in
to
the
be
placed
number of
built
to
the
Financial
145
Volume
of 654
During the period under review the Society has approved plans
ships, of 2,216,295 tons
upon
the figures for the previous year, and
for
gross.
.
CHANGES FROM JUNE 15, 1937, TO SEPT. 15,
1937, IN THE COST OF GOODS
PURCHASED BY WAGE EARNERS,
WORKERS IN 32 LARGE CITIES OF THE
LOWER-SALARIED
AND
constitutes a record
.
.
past.
many years
TABLE 1—PERCENTAGE
This total shows a notable advance
such
3411
Chronicle
STATES, BY GROUPS OF
UNITED
ITEMS
i
House¬
statistics regarding oil tankers, mo*
torships, steamers fitted for oil fuel, and new turbine ves¬
sels, and also discusses electric and other marine propulsion,
various types of engines and motive power, and various
The report contains
B oston
September, According to Bank of America
(California)—However, Only 0.5% Below October,
1936
business
Western
receded
October
in
5.2%
from
An announcement bearing
11.7% over October, 1935.
the review also
Activity in Far Western department stores in October, as measured
seasonally adjusted index of sales, increased from 94% to 98% of
level,
ahead
94% to
from
decline
a
by
93% for
the
the
'
for
all major lines of Far Western business
over the corresponding
10 months of 1937
first
the
period of 1936.
increases include bank debits, 11; electric power
Significant percentage
'
♦
Costs Rose 0.6% from June 15 to Sept.
According to Secretary of Labor Perkins
15,
living
of
cost
families
for
Perkins
ending Sept. 15, 1937, Secretary of Labor Frances
announced on Nov. 14.
This increase reflected a
rise in
of items included in the family
each of the groups
budget,
food, which showed a decline of O.G%,
Secretary Perkins pointed out.
She said:
The Bureau of Labor Statistics index of the cost of all goods purchased
by wage earners and lower-salaried workers in the 32 cities combined, on
a basis of average costs in 1923-25 as 100, was 85.0 on Sept.
15 compared
with 84.5 on June 15, 1937.
Costs on Sept. 15, 1937, were 8.2% higher
than a year before and 14.1% higher than at the low point in June, 1933.
They were 14.7% lower than in December, 1929.
with the exception of
Total
advanced
costs
23 of
in
the
New York City reported
32 cities.
largely due to the increase in food costs in that
Of the nine cities showing declines, the largest, 1.0%, occurred in
the highest
city.
rise, 2.2%,
Bulialo
of Secretary Perkins were
Average food costs were lower at the end of the quarter in 26
covered.
In three cities these costs were more than 5%
of the 32
and
of
Indianapolis, 6.1%, and in Buffalo, 5;3%.
In all
the lower level was due primarily to lower costs for fruits
vegetables.
the
Of
reporting
York and
cities
six
New
in
occurred
advances
increased food prices, the
Boston, where the indexes
the increased cost
4.7% and 3.3%, respectively, due in large part to
perk, milk and
beef,
The increase
cities.
eggs.
advance of
an
shoes in all cities
Rents actually
but
one.
three
cities
these
increases
were
rental
in
increases
however,
cities,
30
4%,
over
15, 1937.
Slight
In each of the
costs were reported.
In
reaching 6.0% in Seattle,
4.3% in Minneapolis.
showed an average increase of 1.3% as a result
higher costs m 27 of the 32 cities.
The highest riBe was noted in
Portland, Ore., due largely to a substantial increase in wood prices, as
well as to an increased price for bituminous coal.
In Scranton, fuel and
in
Atlanta,
Fuel and
and
light costs increased 5.3% as a result of a
Three cities, Memphis, Detroit
seasonal rise in the price of
Seattle, reported slight
declines, while in San Francisco and Houston no change was reported.
Housefurnishing goods increased in cost in 31 of the 32 cities, resulting
in an average rise of 1.9%.
The two cities reporting the largest increases
were
Baltimore, 5.5%, and Washington, 4.4%, with most items showing
increases in both cities.
The cost of rugs was higher in all 32 cities at
anthracite.
end
of
this
in
The
case.
27
rise,
cities
and
quarter.
,
The change in the cost
the
increase
average
and
decreased
only 0.4%, reflecting advanced
was
costs
3.1%, due largely to the
noted were slight.
in
5.
Cincinnati reported
costs
the highest
increased cost of laundry service.
All the
the cost of goods purchased by wage earners and
lower-salaried clerical workers from June 15, 1937, to Sept.
15, 1937,
are shown
in Table 1 for 32 large cities of the United States, by groups
Percentage changes
in
items.
Table
2
represents indexes based
on
average
costs in the years 1923-25
each of these cities and for the cities
combined.
Group indexes with costs in 1913 taken as 100, for the 32
cities combined, are also presented in Table 2.
The index on the 1913
base was 148.2 on Sept. 15 as compared with 147.4 on June 15.
Indexes on other base periods for individual cities and for the 32 cities
as
100,
combined
+ 0.1
+0.5
+ 5.3
+2.1
+0.2
+ 1.9
—0.4
+ 0.3
—0.5
—3.9
c
b
—1.5
+2.3
+0.5
+ 3.0
+1.0
—0.1
Cincinnati
+ 0.2
—3.7
+2.3
+ 1.2
+ C.5
+ 0.5
—2.2
+2.8
+ 0.4
Detroit.
—0.1
—2.9
+ 1.4
—0.2
+ 1.2
b
—1.0
—6.1
+3.5
+ 3.0
+2.6
+ 1.9
+2.1
+3.1
Cleveland...........
+ 1.6
+ 0.7
+ 1.3
+0.9
+0.6
+4.3
+2.0
+ 1.8
+ 1.7
+2.6
+0.4
+ 1.9
+ 2.2
+0.9
+1.1
Chicago
.........
Indianapolis
...
c
West North Central:
Kansas City .......—
—0.9
—4.6
+2.5
Minneapolis.
—0.7
—6.5
+0.4
—2.4
+2.7
+3.5
....
+0.1
South Atlantic:
+0.2
+ 1.7
+ 1.1
+0.9
—1.3
+3.9
+4.5
+4.3
Baltimore
—0.3
+ 1.6
+ 1.8
+ 3.2
+ 5.5
Jacksonville..
+ 0.4
—0.9
+ 2.7
+ 2.6
+ 1.5
+ 0.1
—2.9
+3.3
+0.5
+ 1.6
+ 0.7
—1.5
+ 3.7
+3.8
+ 2.1
+ 1.0
+ 1.1
+2.6
+0.3
+ 0.3
+2.3
+ 0.3
+ 1.2
+ 1.3
b
+ 1.1
+0.6
+2.1
+0.2
+2.3
+ 4.4
+ 1.1
—0.1
—2.5
+2.7
+1.2
+2.0
+0.6
c
Memphis.
—0.2
—2.7
+ 2.9
+ 1.1
—0.4
+2.1
—0.2
Atlanta......
Norfolk..
....
—
Savannah——.——
Washington
East South Central:
_
+ 0.3
J
b
+0.1
b
+0.2
—0.9
+ 1.0
+0.3
+1.1
+2.3
+0.4
+ 1.4
+ 1.4
+ 3.3
+ 1.4
d
+3.8
+0.1
+ 1.2
+ 1.7
+3.2
+0.6
+0.1
+2.3
+0.1
c
—2.7
+ 2.1
+1.5
+0.1
+2.1
+2.2
+0.1
+0.3
—0.8
+ 1.3
+0.1
+ 1.5
+0.2
+6.3
—0.9
—4.9
+1.0
+3.5
+ 1.1
+2.4
..
+ 1.3
—0.2
+ 3.9
+ 0.6
d
+ 3.7
+1.6
.........
+ 0.6
—2.7
+2.6
+ 6.0
+2.1
+ 0.1
+ 0.6
a—0.6
+2.4
+ 1.0
+ 1.9
+0.4
Mobile..
West South Central:
Mountain:
Denver
Los Angeles....
Portland, Ore.
San Francisco.
Seattle..
..
-
.
.. .
large cities
of the United States..
0.1
Average—32
51
Covers
a
of less
b Increase
cities,
than 0.05%.
+ 1.3
c
Decrease of less than
d No change.
0.05%.
COST OF GOODS PURCHASED BY WAGE
TABLE 2—INDEXES OF THE
EARNERS AND LOWER-SALARIED
WORKERS IN 32 LARGE CITIES
UNITED STATES, BY GROUPS OF
OF THE
ITEMS, SEPT. 15, 1937
(Average 1923-25=100)
House¬
Fuel
Cloth¬
All
i
Food
Items
Area and City
Rent
ing
LJ
furnish¬
Miscel¬
and
ing
laneous
Light
Jul*
fcfciM
Goods
New England;
Boston
86.5
84.0
88.7
75.7
82.9
80.0
99.7
87.7
...
...
Portland, Me.. —
85.4
83.2
76.1
82.9
92.9
103.0
99.1
.w.J-.——
,86.4
82.7
83.4
73.1
97.6
96.1
New Vorkj„i...j.
86.7
87.6
83.3
76.3
85.3
80.9
Philadelphia....
84.3
88.2
78.7
68.0
80.3
85.1
95.4
Pittsburgh-...—.....
Scranton. ...........
84.9
84.9
83.0
69.2
101.0
87.2
90.3
84.2
81.2
84.8
73.1
74.5
93.1
97.0
81.3
b87.6
76.8
50.4
-
98.6
East North Central;
77.6
bl00'9
89.1
87.2
83.6
77.1
95.8
96.9
100.8
86.9
84.9
87.4
68.2
100.4
84.9
101.9
Detroit....-.—---—
82.3
86.4
84.3
60.1
77.2
84.9
93.6
Indianapolis
83.6
84.7
82.0
64.6
83.9
90.7
93.6
Kansas City.........
84.6
87.0
83.3
60.6
83.7
81.4
100.1
Minneapolis.
86.0
88.0
82.2
70.5
90.9
91.0
97.5
85.8
90.1
84.8
58.1
87.6
92.2
102.1
b83.9
b82.4
87.2
65.3
73.4
b94.1
94.8
88.2
88.8
83.3
74.8
80.9
80.9
104.6
82.4
81.6
84.5
58.1
90.9
84.7
93.0
Chicago
Cincinnati
-
Cleveland.
..........
90.6
West North Central:
....
St. Louis.
South Atlantic:
Baltimore.
..........
Jacksonville—
86.9
83.5
91.1
62.7
80.0
88.8
103.9
Richmond
86.9
80.5
91.8
72.8
81.8
95.7
99.7
Savannah..
83.3
85.2
87.6
60.8
84.8
89.9
92.3
Washington
89.7
87.6
84.7
88.2
82.6
92.2
98.6
78.2
91.1
53.7
81.5
83.7
91.8
82.9
81.2
89.8
59.3
88.6
96.2
94.9
85.1
80.9
90.6
64.1
70.9
92.6
99.6
84.0
82.6
79.3
72.3
73.8
95.4
94.7
85.2
87.3
83,5
71.5
76.5
97.4
91.7
85.8
89.7
80.7
63.7
77.8
93.4
100.6
Norfolk....
————
East South Central:
Birmingham
...
Memphis.
.:
Mobile.—.———-
-
79.5
.
West South Central:
—
New Orleans
Mountain.
Denver.
..
........ —
Pacific:
86.7
63.6
82.3
82.7
92.9
Portland, Ore
85.9
85.6
84.0
01.9
86.7
86.0
101.7
San FrancLsco
88.6
85.8
94.3
72.5
79.4
90.1
102.2
78.8
79.5
Los Angeles
Seattle..—————.
88.6
84.2
92.0
70.8
95.0
94.0
99.9
Average—32 large cities
of the United States._
8.50
a85 8
84.0
68.1
86.0
b80.7
98.1
(Average 1913=100)
Average—32 large cities
of the United States
148.2
a!36.0
150.8
110.9
159.5
b!81.7
by groups
may
of
items,
be secured
„
a
Covers 51
cities,
b Corrected indexes for
June 15 on the 1923-25 base:
bl 95.5
Aver¬
cities—"housefurnishing goods" from 85.0 to 85.1; Chicago—"all items'
81.2; "miscellaneous" from 101.5 to 101.0; Atlanta—"all items" from
82.7 to 83.0, "food" from 82.8 to 83.5, "housefurnishing goods" from 91,0 to 92.6.
On the 1913 base:
Average 32 large cities—"housefurnishing goods" from 178.2
to 178.3, "miscellaneous" from 194.9 to 194.8.
age 32 large
from 81.3 to
/
of miscellaneous goods was slight, as is generally
declines
of
+ 0.2
light costs
of
the
+ 0.4
+2.8
—0.8
... ...
.
Houston.
paid by wage earners and lower-salaried workers Increased
the average, during the quarter ending Sept.
occurred in Portland, Me., and in Scranton.
other
4.5%
+ 2.4
+ 0.5
Scranton
least
at
on
declines
b
+ 1.4
Pittsburgh
.
Atlanta
in each of the 32
from June to September averaged 2.4%.
Each city
rose
1.0%, with the largest increase, 3.9%,
reported in Atlanta and San Francisco.
In Atlanta the rise was due
primarily to increased prices for men's and women's shoes and women's
coats; in San Francisco, to an advance in the cost of most items covered
in the index, but particularly shoes, suits and dresses.
Increases in prices
of men's shoes were reported in each of the 32 cities, and of women's
1.0%,
+ 1.9
+ 1 <8'
+1.8
+2.1
+1.7
<
successive quarter clothing costs
For the fourth
reported
+ 1.6
+ 4.7
in
lower;
cities
greatest
rose
+0.7
+ 0.4
+ 1.0
—1.0
In Minneapolis the index
of the quarter.
the beginning
than at
6.5%
three
+ 2.6
+ 2.2
iork
Philadelphia.
lower at
cities
was
—5.3
+ 0.3
New
.,
following to say:
also had the
end
+ 0.2
—•0.8
...
Buffalo..
contained in an
announcement by the United States Department of Labor,
the
+0.1
+ 3.8
.
remarks
which
+ 2.0
+3.7
Middle Atlantic:
Indianapolis.
The
+ 1.0
—0.1
Paciiic:
of wage earners and
lower-salaried workers in 32 large cities of the United
States showed an average rise of 0.6% during the quarter
The
+0.3
+ 1.5
New Orleans
loadings, 8.3, and retail
6.
Living
+2.2
—1.7
Houston
production, 9.7; building permit values, 9.1; car
sales,
+3.3
+0.1
Richmond.——
Despite the October recession,
well
+1.7
_
Birmingham
with
contrasting
country as a whole.
were
_
St. Louis.
said:
the
1923-25
laneous
East North Central:
September, but was only 0.5% below October of last year,
according to the current Bank of America "Business Re¬
view."
The bank's index stood at 77.1% of normal, which
on
Miscel¬
ing
Goods
■;
Middle Atlantic:
from
was
.
Portland, Me
Far Western Business During October Declined 5.2 %
Far
Rent
ing
New England:
other items of interest.
♦
furnish¬
and
Light
Food
Items
City
Fuel
Cloth¬
Ail
Area and
for
directly from the Bureau of Labor Statistics.
Living of Wage Earners in United States
Slightly from September to October—
Increase
in Year
4.4%, According to National
Cost
of
Advanced
Industrial Conference Board
The cost of living
of
wage earners
in the United States rose
only 0.1% from September to October, according to the
monthly survey of the National Industrial Conference Board.
A substantial decline in food prices, the Board noted, was
slightly more than offset by increases in the cost of the other
groups that compose the wage earners' budget.
The cost of
living in October of this year was 4.4% higher than a year
ago, 24.8% higher than in the spring of 1933, but 11.6%
lower than in October, 1929.
In an announcement issued
Nov. 10,
the Conference
Board also stated:
Financial
3412
Food prices in October were 1.0% lower than in September,
than
Chronicle
2.5% higher
Rents continued to
They
advance, rising
10.4% higher than
are now
Albany-Schenectady-Troy,
in
industries
equipment
but
em¬
In Rochester, canning and preserving
lower in wool manufactures plants.
1936. and 29-7%
October,
Both
ployment and payrolls were reduced in knit goods mills and payrolls were
factories reported seasonal curtailments, and the shoe
and men's clothing
above the
industry a net loss, which was due largely to recessions in one factory.
In
Buffalo there were losses in individual iron and steel and automobile fac¬
They were, however, still 20,5% lower than in October,
1929.
tories and foundries and machine shops and more general reductions in the
Coal prices advanced seasonally, 0.7%, from
they
and
industries, although employment showed no appreciable gain.
42.3% higher than at the low
September to October, bringing
from
level 6.6% higher than in
a
low point of 1933.
0.7% from September to October.
a year ago,
below the level of October, 1929.
Clothing prices increased 0.3%
them to
locomotive
payrolls were considerably higher in most of the other metal and machinery
1929.
of 1934, and only 3.1%
1937
Both employment and payrolls decreased in the Iron and steel and
Troy.
October, 1936, 41.9% higher than in the spring of 1933, but 21.1%
lower than in October,
Nov. 27,
0.6% lower than
were
The index of sundries
This rise
was
a year ago
was
September to October, but
Syracuse
0.8% higher in October than in September.
due primarily to an increase of 6.1% in the index of admission
and clay products plants
of October of each
as
3.2% higher than
a year ago,
The cost of sundries in October
year.
was
and accompanied employment losses in iron and
There
factories.
Endicott-Johnson
8.5% higher than at the low point of 1933,
Almost
payrolls.
women's
many
as
the
in
number
last
as
Women's
month.
and
Instrument
coat manufacturers
and
dress
appliance
lose workers and reduce
industry continued to
New York City laid off workers as added them,
The purchasing value of the dollar was 111.7 cents in October, as compared
Binghamton-
net gain in forces in
a
was
particularly
City,
industry, while the shoe
but 2.0% lower than in October, 1929.
and appliance factories
instrument
especially among
occurred
steel and shoe
charges to motion picture theatres, information concerning which is col¬
lected
Payroll losses in
drug and chemical and steam and hot water industries.
and 8.4% lower than in October, 1929.
but several kept the
factories
millinery
in
same
forces
curtailed
with 111.9 cents in September, 116.7 cents in October, 1936, and 100 cents
sharply, while seasonal advances were made among miscellaneous sewing
in 1923.
concerns.
.7
Utica reported expansion among cotton mills
but reduced forces
in the majority of knit and silk goods mills.
Indexes
Importance
Item
of
Per
the
Cost of Living
1923=100 (y)
Relative
of
(+)
September to October, 1937
Decr'se (—)
from Sept.
1937, to
or
In
Family
Budget
Cent
Increase
Oct.,
Sept.,
1937
1937
Oct., 1937
City
Employment
Buffalo
—4.8
Rochester.__
Food
33
Clothing
87.6
89.2
88.6
+0.7
12
78.7
78.5
+0.3
86.4
;
86.7
20
(x)
Housing
85.2
+ 0.2
Men's..-Women's
—1.0
71.9
71.7
85.0
84.2
86.7
30
97.9
97.1
+0.8
100
89.5
89.4
+0.1
111.7
111.9
—0.2
5
Coal
Gas and electricitySundries
—
Based
on
14, 1937.
Revised series.
Figures on revised basis for dates prior to July, 1936, may be
found in "Cost of Living in the United States, 191+1936," price $2.50.
Industrial Conference
Board Reports World
Activity Declined During September
World industrial activity declined
during September, but
the recession was modified considerably by a continued high
rate of
production in Great Britain, Germany, Sweden and
Australia, according to the latest monthly survey of the
National Industrial Conference Board.
Output
reduced
was
sharply in the United States and France, and moderately
in Denmark.
Canada experienced
following
ness
the
a
slight revival in busi¬
sharp August
recession.
Activity de¬
clined moderately in several Central and South American
countries,
In
Great
trial
says the
Britain
centers
backlogs
are
Board, which reports further
output continues at
indicate
that
new
orders
a
are
high level.
as
follows:
Employment
to
October,
sufficiently large to sustain the current volume of output for
months.
some
In
France
franc.
Exports
confusing,
The
have
which
gold
has
value
of
has
been
risen
influenced
moderately,
encouraged
a
international
primarily by the decline in
but
price
generally
trade
in
movements
have
the
been
Preliminary figures for September indicate
74
countries
declined
during
a
further slight decline.
During
eight months of 1937 the gold value of world trade averaged only 45.4%
the
1929
level.
York
Factory Employment and Payrolls
Declined 2.2% from Mid-September to
Mid-October,
According to New York State Department of Labor
Preliminary tabulations showed that employment in New
York State factories declined
2.2% from the middle of Sep¬
tember to the middle of October, as did
payrolls, said
a
statement issued Nov. 10
by Industrial Commissioner Elmer
F. Andrews.
He pointed out that there is
usually no appre¬
ciable net change in either
employment or payrolls during
this period as shown
by the average movements from Sep¬
tember to October over the last 23
years.
Commissioner
Andrews also had the
following to say:
The canning and
preserving industry, so highly seasonal, fell off sharply
In October after operating on a
high level last month, but even if this indus¬
try should be omitted from the preliminary totals,
employment and pay¬
an
unseasonal decline.
still about 6% greater and payrolls about
last year.
The metal and
However, employment
was
12% higher than in October of
machinery and clothing and millinery industries
reported net losses in employment this October.
Seasonal expansion was
made
in many
candy, miscellaneous sewing, pearl/ horn and bone, and
glove and bag factories, probably due to preparations for the Christmas
holidays.
Columbus Day was observed by many factories this
period,
which lowered payrolls and hours somewhat.
of
fac¬
indexes prepared
Philadelphia
by
the basis of
on
$15,000,000
nearly
a
expectations,
up to
measure
both
employment and payrolls are usual in
as measured
by employee-hours,
nearly 3% less than a month before and 5%
Working time,
in October was
under
totaled
compensation
changes did not
increases in
as
a
year
said the
ago,
Bank's
(dated
announcement
Nov. 18), which continued:
The October
employment index
higher than
a
9%
year
over
a
earlier.
year
91% of the 1923-25
was
The index of payrolls
Estimates show that
ago.
all
average,
95 and
was
manufacturing
3%
or
nearly
was
industries
in Pennsylvania employed in October
approximately 980,000 workers receiv¬
ing compensation of about $24,370,000 a week.
Changes in employment from September to October
than
In
to
was
the
be
of
case
expected
all
in
payrolls the
major
level
customary
in
iron
and
steel
manufactures,
less
favorable
chemical
products.
were
except
groups
maintained
was
and printing group; marked departures from
shown
only in
seasonal tendency
non-ferrous
metals,
the
were
textiles
and
clothing, and leather products.
goods
industries
of
workers
engaged
the
in
October
in
employment and payrolls for
the
reported
second
production
marked
month.
consecutive
of
both
decreases in
The number
goods
also declined
consumers'
substantially, following gains in the two previous months; the 6mall gain
wage payments was considerably under the usual seasonal increase from
in
September to October.
As to employment conditions in factories in Delaware, the
Philadelphia Reserve Bank stated:
Factory employment
decreases
October,
State
rolls would still show
whose
October.
tered
New
to preliminary
Reserve Bank
These
Durable
the first six months of this year (the latest available
figures), the physical
volume of world trade stood at 95.6% of the 1929
average.
In the first
of
week.
cautious attitude.
August for the second consecutive month, bringing the loss since the June
peak to 4.4%.
Foreign trade of these countries has risen 12.3% since
the first of the year, however, and is
26.2% higher than a year ago.
Pennsylvania
in
payments
wage
1% and 2%, respectively, from September
reports received from 2,340 plants employing 586,000 wage
paper
business
and
according
Federal
earners
Reports from indus¬
being well maintained, and that
from
tories decreased
the
Industrial
+2.8
M
Factory Employment and Payrolls De¬
September to
October—Delaware
Factories also Report Declines
y
National
+2.3
+ 0.8
—3.4
Pennsylvania
food price indexes of the United States Bureau of Labor Statistics
for Oct. 12, 1937, and Sept.
:
1+1 tOH>-4Q »
1+
Utica
creased
x
—6.3
0.0
Fuel and light------
Weighted average of all items.
Purchasing value of dollar
—5.5
+0.7
86.7
Albany-Schenectady-Troy
New York City
Binghamton-Endicott-Johnson City
+0.5
84.8
+*> .
JS5
...
Syracuse
+0.3
85.4
Payrolls
_
plants.
rolls
of
there
and
Compared
was
6%
October
and
about
was
with
payrolls
8%
7%
a
a
and
year
in
86
6%,
decline
ago,
Delaware
establishments
respectively,
in
from
employee-hours
the number
Employment
and
Payrolls
worked
of wage
larger and the amount of compensation
in
regis¬
September
earners
to
78
in
on
the
10% greater.
Pennsylvania
Anthracite Collieries Increased Above September
Employment in
Pennsylvania's
anthracite
industry
in
October increased about 6% and wage payments rose
62%
the unusually low level prevailing in September.
from
These changes are shown in indexes
prepared by the Federal
Reserve Bank of Philadelphia on the basis of reports to the
Anthracite Institute from 26 companies employing some
71,300 workers whose compensation totaled approximately
$2,100,000 a week. Employee-hours worked in the collieries
of 22 companies showed a gain of
61% in October, reflecting
partly seasonal expansion in activity at anthracite mines,
said the Philadelphia Reserve Bank, which added:
The October index of employment was 50%
2% higher than
a year ago.
to the base
period,
details
given
are
an
The
of the 1923-25 average
or
wage payment index was about 43 relative
increase of 5% as compared with
a year
earlier.
Other
below:
[Prepared by the Department of Research and Statistics
Bank of Philadelphia.
1923-25 Average
of the Federal Reserve
=
100}
The New
York State Department of Labor's index of
employment for
October was 89.4.
The payroll index was 84.6.
These indexes are based
on the average of the years
1925-1927 as 100.
This October's
Employment
preliminary
tabulation included reports from 1,956 representative
factories throughout
New York State which report each month to the New York
State Depart¬
ment
of Labor.
These reports are collected and the results
analyzed by
the Division of Statistics and Information under the
direction of Dr. E. B.
Patton.
This month's reporting factories were
Payrolls
1934
1935
1936
1937
1934
1935
1936
January
February
62.3
61.1
57.9
53.2
59.4
48.1
45.8
35.9
61.4
62.7
60.1
51.8
55.2
53.9
64.7
34.5
March
65.7
50.0
51.5
48.0
69.2
32.7
35.9
31.8
April
43.3
42.0
24.1
1937
total weekly payroll of $11,832,969.
.
.
.
Employment Drops in Four Upstate Districts
According to preliminary tabulations, four upstate New York industrial
districts reported net losses in employment from September to
October,
namely,
Payrolls
Buffalo,
were
Rochester,
Syracuse
and
Albany-Schenectady-Troy.
lower in all these districts except in Albany-Schenectady-
56.6
51.5
48.9
53.0
May.
62.0
52.4
53.9
50.1
53.7
41.8
47.5
37.3
June
56.0
55.6
50.3
50.2
44.7
55.5
35.3
42.8
July
employing 430,919 workers
on a
52.2
48.5
47.5
44.2
35.4
31.6
31.3
29.6
August
53.7
48.2
37.9
40.4
40.4
33.3
23.8
26.4
22.9
September
55.4
45.2
46.8
47.3
39.4
32.2
29.3
26.4
October
56.9
57.7
49.0
50.0
40.4
47.1
40.8
42.8
November
59.0
45.7
50.6
42.8
23.9
33.8
December
59.8
56.3
53.9
43.9
46.7
46.5
Average
58.0
52.0
50.9
46.7
39.9
38.4
'
Weekly
Report
Lumber
of
prices
13,1937,
this
of production and
44% of average 1929 shipments.
The week's reported pro¬
duction was 27% greater than new business booked .and 25%
53% of the 1929 weekly
average
corresponding
showed
marketings of all classes of meat
dairy products more than offset the higher prices prevailing
and reduced the income from livestock items below last
for the usual seasonal changes in farm marketings from
allowing
77.5% of the 1924-29
farm income in October was
September to October,
compared with 81.0% in September and with 76.0% in
October, 1930.
As indicated by the seasonally adjusted index, the increase
in income from September to October was less than usual both in the case
of crops as well as livestock.
The September income from livestock and
monthly average,
week of last
year; shipments and new
decline.
National production
reported for the week ended Nov. 13, 1937, by 4% fewer
mills was 15% less than the output (revised figure) of the
preceding week ; shipments were 21% below shipments of
that week; new orders were 15% below that week's orders,
orders
however, was less this October as
cotton,
Smaller
lower.
level.
After
reported shipments.
Production, shipments
and new orders, as reported, were all considerably below
the preceding week.
Reported production was slightly below
the
Income from
sharply
October
year's
than
greater
last.
over
were
animals and
The lumber industry during the week ended Nov.
stood at
October
Ended
Week
Movement,
1937
Nov 13,
3413
Chronicle
Financial
Volume 145
livestock products
appreciable
sion
October
in
marketings
usual
than
greater
'
-
cash income from the sale of farm
While farm income showed
this year
of
the
to
<
$6,732,000,006 compared with $6,104,000,000 for the same
period of 1936.
months
reaction
a
September.
in
10 months of this year,
products totaled
10
been
have
meat animals
of
For the first
according to reports to the National Lumber Manufacturers
increased contra-seasonally Over August, and the reces¬
may
10% increase for the first
a
of farm products averaged 11.6%
last, prices
over
higher, indicating that the total volume of marketings thus far in this
was slightly less than in the January-October period of last year.
With the downward trend in prices of farm products extending into the
Association from regional associations covering the opera¬
tions of important hardwood and softwood mills.
Produc¬
year
tion in the week ended Nov. 13,1937, was shown by softwood
early part of November, and marketings of some of the major commodities
mills reporting for both 1937 and 1936 as 7% below output
running light, it
in
November may decrease more
corresponding week of 1936; shipments
last year's shipments of the same week ;
24%
below
of
orders
1936
the
new
18% below
orders were
The
week.
Allotment of
hardwoods
booked orders of
and
softwoods
combined;
shipped
145,452,000
below those
564;
of
corresponding week of 1936; all but West Coast reported
shipments below last year's week, and all softwood regions reported pro¬
duction
below
Lumber
that
orders
softwood
mills.
same
feet,
similar
1936
19% below production.
Production was 170,970,000 feet.
Reports from 102 hardwood mills give new business as 4,716,000 feet,
or 54% below production.
Shipments as reported for the same week were
6,119,000 feet, or 40% below production. Production was 10,225,000 feet.
or
Mill
a
139,000,000
feet
and
it
year ago
feet
commonly referred to
more
announced
of short
terms
for
ments
of
new
but
about
estimated
are
55 million bushels
larger than the small supplies
of 1936-37, the Bureau of Agricultural
Economics, United
States Department of Agriculture, said on Nov. 23 in its
current report on the wheat situation.
Soviet Russia and
China are not included in this figure, the Bureau
pointed
In
out.
of
an
announcement made avilable
Agriculture it
by the Department
Puerto
a
year
than
more
265,000,000-bushel increase in the estimated world crop.
wheat production for the current year is estimated at
The Bureau reports
that frost damage is
offset by a
The total world
3,808,000,000 bushels.
of the losses.
If the frost damage should be that high, an
Argentine crop
200,000,000 bushels is indicated this year.
The crop last year
amounted to 249,000,000 bushels,
The Australian crop is officially estimated at 163,000,000 bushels, which
represents an increase of 13,000,000 bushels
that of
over
Exports of wheat and flour, in terms of wheat,
a year ago.
are stimated
bushels for the period July 1 to Nov.
23.000,000
about
at
about
no
on
sugar
new
was
allotments.
under
the
cover
the
Sugar
Act
normal inventory carryover.
the legal
is
will be
the crop
of
owner
established in 1937;
was
the legal
of
owner
a
crop
established in 1938.
was
land covered by
1937 marketing
a
harvested in the crop year
will be considered a new
cane was
subsequent
any
will
crop year,
production
grown
on
not a basic year
That
year
was
such land.
(The
for the computation
hurricane
a
in
year
Rico.)
not
were
given marketing allotments in 1937 and whose
Each base, with the
proportionate share
who
Producers
whose production
less will be given bases
or
necessary
adjustments, will
for 1938 for each such producer.
not
assigned marketing allotments in 1937 and
for 1938 is determined to be more than 15 tons will be
were
given bases equal to the greater of either :
(a)
15 tons, plus a portion of the additional production computed from a formula
which will entitle each such new grower to a maximum base equal to 39.5 tons of
For
the
the
15.
Although exports
39.5
to be established in
proportionate shares are
1938, except that
growers
new
tons.
whose 1939 pro¬
be entitled to
than 15 tons will not
more
'
a
base
,
producer wishes to be considered a new grower for 1938 or 1939, he
a
file
must
for
estimated at
of
excess
If
as
1939
year
is
duction
in
crop
manner
same
application at such time and
an
in
such
manner
prescribed by the San Juan office of the AAA.
In the event that a producer's proportionate share for
be
cannot
filled,
the
unfilled
will
portion
as
may
1938
be prorated among
or
be
1939
all other
producers within the same mill area who are able to supply the deficiency.
As
a
protection
for
producers who
share-croppers, it is provided
the
thus far have been small, the Bureau still expects total exports to amount
to
crop
cane
is omitted because it
become the
widespread in Argentina; its
office suggests that the total damage may be
30,000,000
bushels, but adds that it is impossible at present to obtain accurate estimates
of about
or
equal to their production.
Aires
Buenos
which
a
year
allotment
no
shares
established
production for 1938 is determined to be 15 tonB
placed at about 210,-
are
but this is
ago,
for
after adjust¬
the same basis as
on
proportionate
be
to be calculated in
(b) 30% of their production, as estimated by the Secretary,
The carry-over stocks of wheat in the world
000,000 bushels less than
1939
sugar
from
marketing
to
crop
for 1938 with respect to
1937
crops,
sugar.
also noted:
was
The
marketing allotment
no
1934,
or
1933
year
the
of
proportionate shares
be calculated,
will
substantially
growers,
1938
the
producer growing
allotment
of
for
grower
1937
in
crops are
The 1938
value.
raw
necessary
the
land for which
grown on
A
Wallace
the 1938 and 1939 crops, was
as
quotas
sugar
for
Producers who
World wheat supplies for the current season
new
land for which
on
Economics
at
Rican
grower
new
a
grower
Supplies in 1937-38 Estimated Slightly
Above Last Year, Reports Bureau of
Agricultural
to
1937, plus the amount
A
1931, 1932
Wheat
sugar,
allotments
marketing allotments.
Puerto
total
of
had
allotments
for
1937
the
tons
which
farms
170,276,000
was
183,623,000 feet; shipments were, respectively;
170,388,000 feet, and orders received, 137,452,000
180,689,000 feet.
World
Agriculture
Nov. 18 by the Agricultural Adjustment Ad¬
The Administration said:
on
ministration.
and
was
and
of
determining proportionate shares for sugar cane
in Puerto Rico for the 1937-38 and 1938-39
growers
grown
Reports
Last week's production of 455 identical softwood mills
feet, and
method for
Proportionate shares for the 1938 and 1939
reported
totaled
Identical
Secretary
by
Approval
week.
for the week ended Nov. 13, 1937, by 461
137,886,000 feet, or 19% below the production of
Shipments as reported for the same week were 139,333,000
mills
the
of
Proportionate Shares for Sugar Growers
1938 and 1939 Crops to Follow
Present Formula
feet;
142,602,000 feet.
Revised figures for the preceding week
production, 212,500,000 feet; shipments, 185,100,000
feet; orders, 167,945,000 feet.
All regions reported orders below production in the week ended Nov. 13,
and all reported shipments below production.
All regions reported ci'ders
Mills,
were:
equal the $749,000,000
may not
Puerto Rico for
in
During- the week ended Nov. 13, 1937, 543 mills produced 181,195,000
of
than usual and
received in November, 1936.
further reported:
feet
is probable that income from sales of farm products in
Association
were
leasing
the
effect
cash
are
(1) that
no
tenants,
share-tenants,
or
change shall have been made in
cropping agreements for the purpose of, or which shall have
or
diverting to
of,
producer any payment to which tenants or
any
share-croppers would be entitled if the 1937 leasing or cropping agreements
95,000,000 bushels.
in
were
and (2) that there shall have been no interference by any
effect,
producer with contracts heretofore entered into by tenants or share-croppers
Increase in Farm Income in October Less than Usual
—However, Was 3% Above Year
Bureau of Agricultural Economics
October
The
increase
than
a
of
of
ment
Prices
of
and
cotton,
than
less
be
income
was
was
made
farm
commodities
the
smaller
of
some
usual
The
the
in
of cotton
expected
on
during October at the
the
income
on
Minimum
less
tban
usual
22
by
States
were
from
in
October,
marketings
chiefly
September
to
basis of available supplies.
were
of
responsible
have discouraged marketings in
10 principal spot markets
which,
grains,
for
October.
a
the
The
volume that
Receipts
of cotton
slightly less than
a
earlier, despite the much larger crop this year.
A large volume of
cotton, however, has been turned Over by growers to the government under
year
1937
the
loan
marketings
In
made
estimate of receipts
the
to
provisions.
the loans
October
the
to
growers
from sales.
estimate of
for
Total
loans
income
have
cotton
been
from
for the month
in
increased
due
marked
were
wheat
in
larger
increase
and
receipts
as
accompanied
apples
October,
the
as
compared with the
from
crops.
larger sales
from
Income
this
by slightly higher prices.
contributed materially
to
from
year's
tobacco
greater
showed
production
Larger marketings
the
increase
in
a
of
income
in
1936
of
$1.33
cane crop to
be
and
compares
with
average
an
rate in that year
day.
The piece rate is set as 75c. a ton on a
tonnage basis.
The rate for female workers is to be not
per
than
less
continued:
Where
as
attention
such
$1.20
and
The announcement
■
producers have been
house,
garden
similar
the Sugar
date
work
of
plot
with
facilities
incidentals, they
are
of the AAA
v.;.-/
supplying to laborers
Baton
Act limits established
approval
performed
Determination
in
day.
per
■.
for
customery perquisites
cultivating
it,
medical
required to continue to supply
perquisites.
As
the
com,
this
sugar
paid farm laborers by producers who apply for payments
under the Sugar Act of 1937.
This represents an increase
of about 20% over the minimum rate of $1.25 a day paid
month last year,
6ame
announced
minimum wage rate of $1.50 per day for
cutting cane in the 1937 Louisiana
such
farm
income
to
Agricultural Adjustment Administration
Nov. 13 that Secretary of Agriculture Henry A. Wallace
on
amounted
marketings in October totaled $907,000,000 compared
$816,000,000 in September and $882,000,000 in October, 1936.
The
with
was
from
The
farm
included
approximately $50,000,000 and covered 1,104,000 bales of cotton.
Income
Wallace
the
Depart¬
Wage for 1937 Louisiana Sugarcane Cutters
Sugar Program
Increased by Secretary
has established a
decline
of
Under
3%, greater
or
Nov.
United
volume
tor the sale of their 6Ugar cane.
Reports
said:
further
a
usual
animals,
meat
increase
Bureau
made
than
a
$25,000,000,
reported
Agricultural Economics,
unfavorable prices
would
it
Agriculture.
with
together
farm
earlier,
year
Bureau
cash
September, but
over
Ago,
of
the
Act,
wage
Sept.
1,
rates to work performed after
the rates will apply
only to
since that date.
of
the
wage
Rouge, La., Oct.
rates
was
made following a public hearing
4, 1937, and is based principally on data made
available
at
principal
sugar
cooperative
Bureau
the
of
and
hearing
conditions in
of agricultural
survey
a
producing State to show a dip, production there declining
14,350 barrels to 178,950 barrels against a State quota of
180,215 barrels and the 189,700-barrel total recommended
by the Federal agency.
A decline of 1,616,000 barrels in stocks of domestic and
foreign crude petroleum held in the United States during the
week ended Nov. 13 pared the total to 305,608,000 barrels,
the Bureau of Mines reported Nov. 23.
The domestic stock
total was off 1,465,000 barrels while holdings of foreign crude
dipped 151,000 barrels.
Continued expansion in export
demand is held responsible for the contra-seasonal slump in
the
Louisiana undertaken in October, 1936, by
Louisiana State Experiment Station, the
Economics of the United States Department of
pari?hes
of
the
of
agreement
Agricultural
Agriculture and the Labor Relatione Section of the AAA.
Sugar Act requires as one of the conditions of payments to growers
The
that all
employed
persons
harvesting of
not
at
rates
less
than
cultivation and
shall be paid in full for such
the farm in the production,
on
beets and
sugar
work
sugar
cane
by the Secretary to be fair
those determined
reasonable.
and
♦
Consumption in 14 European
During First Nine Months of 1937
Increase noted in Sugar
Countries
stocks.
There
were no
Consumption of sugar in the 14 principal European coun¬
September, totaled 6,600,042 long tons, raw sugar- value, as
with 0,353,002 tons consumed during the corre¬
sponding period last year, an increase of 313,580 tons, or
approximately 4.9%, according to Lamborn & Co., New
The
included
countries
Czechoslovakia,
France,
in
the survey are Austria,
Germany,
Holland,
Irish
Free
Illinois
1.35
1,236,700
decrease
hand
as
against
tons
of 262,400
tons,
1,499,100
or
tons
Oct.
on
on
the
1,
date
in
0.90
8mackover, Ark., 24 and over
State,
1936,
1.42
Central Field. Mich
1.40 Sunburst, Mont...
Mld-Cont't, Okla., 40 and above.. 1.30 Huntington, Calif, 30 and over
Rodessa, Ark., 40 and above
1.25 Kettleman Hills. 39 and over
REFINED
FUEL
a
approximately 17.5%.
1.22
1.22
....
1.42
2.10
Petrolla, Canada........
^PRODUCTS—STANDARD^ OF PENNSYLVANIA CUTS
GASOLINE
1937, amounted to
6ame
109
....
Western Kentucky
i
for these countries
on
Co.)
$1-27
1.35
Eldorado, Ark., 40
1.25 Rusk, Texas, 40 and over
1.27 Darst Creek
Lima (Ohio Oil
Italy, Poland, Rumania, Sweden, and the United Kingdom.
Sugar stocks
Wells
Corning. Pa
Belgium, Bulgaria,
Hungary,
$2.35
Bradford, Pa...
The firm announced:
14
posted this week.
(All gravities where A. P. I. degrees are not shown)
compared
York.
crude oil price changes
Prices of Typical Crudes per Barrel at
of 1937, January through
tries during the first nine months
1937
27
Nov.
Chronicle
Financial
3414
.PRICE—SEASONAL
STOCKS—REFINERY
EXPANSION LIFTS MOTOR
OPERATIONS
AND FUEL OIL INVENTORIES
INCREASE—GAS
BROADEN
""
The estimated
14
principal
F.
O.
tons,
of
Licht,
raw
the
sugar,
401,000
beet
sugar
European
European
for the coming 1937-38 campaign for the
sugar
according
to
is
authority,
advices
placed
compared with 5,972,000 tons last
as
tons,
crop
Countries,
at
received
6,373,000
Standard Oil Co. of Pennsylvania
from
long
season,
an
increase
♦
Petroleum
Plans
and
Products—Oklahoma
Its
Production
Cut
to
Below
Commission
United
States
Figure—Three More Oil Companies, Four Officials
Freed
in
Anti-Trust
Suit—Daily
Average
Oil
Production
Spurts—Crude Stocks Slump
As has been its
practice for the past several months, the
Corporation Commission plans to set the De¬
quota far below the level recommended by the
Oklahoma
cember
United
States
Bureau
of
Mines.
Texas
and
Kansas
tion of the United States Bureau of Mines.
Motions for the dismissal of
The
new
Despite the fact that stocks of motor fuel are far above
reported for the comparable 1936 period, the broadened
this year makes the statistical picture favorable,
despite the higher inventories.
On the basis of current
demand, stocks today are equal to about 46 days' supplies,
against 42 days' supplies held a year earlier.
A gain of almost 1 point lifted refinery operations to
82.3% of capacity, against 81.5% a week earlier.
Daily
average runs of crude oil to stills rose 30,000 barrels to
3,365,000 barrels.
Cracked gasoline showed a gain of 10,000
in the daily average production to 790,000 barrels.
Canadian dispatches reported a cut of 3^2 to 1 cent a gallon
in prices of all grades of gasoline at Regina, Sask., by the
Imperial Oil Co. Premium gasoline was lowered 3^ cent and '
other grades of cut 1 cent a gallon in a general price-reduction
move by all major companies.
Representative price changes follow:
those
demand
quota
daily quota fixed by the
charges involving price fixing
in violation of Federal anti-trust laws against three more oil
companies and four officials
were granted by Judge Patrick
Federal.Court in Madison, Wis., on Nov. 22.
Judge Stone previously had dismissed charges against seven
other companies and trade papers and one individual de¬
fendant. Originally, 26 firms and 46 officials were named in
T.
Stone in
the indictments.
The defendants to be released from the
conspiracy indict¬
subsidiary, Gulf Refining
Co.; and the Texas Co. and four executives of the latter firm,
President W. S. S. Rodgers, New York; Vice-President R. D.
Cottingham, New York; Vice-President H. W. Dodge, New
York, and P. C. Scullin, Texas executive at Houston. Offi¬
cials of the Gulf companies, who had
successfully resisted
ment
are
removal
charges,
the Gulf Oil Co. and its
to
Madison
were not on
The trial
after
their
Nov. 22—Standard of Pennsylvania posted reduction of \i to
on
the
Nov. 23—Imperial Oil and other major companies pared premium grades
of gasoline A cent and other grades 1 cent a gallon at Regina, Sask.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
much concerned.
There is in some cases substantial
The court has decided to withhold its
ruling on motions to dismiss on directed verdicts of acquittal
the individual defendants
are
concerned until
some
average
Shell Eastern
.07 ^
.07 H
OlKCal.)
$.07 H
Chicago
08 y*.
New
.07 %
-.05 H
$.05
Gulf
Orleans.
.06 A--07
.05 H
ports
Tulsa...
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North Texas
New York
I
(Bayonne)_......$.05?i
N. Y. (Bayonne)—
Bunker C..
INew
$.04
|
Los Angeles.. .03^- 05
Fuel OU, F.O.B. Refinery or
I California
$1.25
Tulsa
Orleans.$.05H-.05 K
.03^-.04
Terminal
New Orleans C
plus D
$1.00-1.25
$1.05
Phlla., Bunker C
1.35
2.201
Diesel 28-30 D
Gas Oil, F.O.B. Refinery or Terminal
I Chicago—
N. Y. (Bayonne)-
.$.045*1
27 plus
I Tulsa
28-30 D
$.053
5.02 Ji-. 03
I
Gasoline, Service Station, Tax Included
1
New York
*
Brooklyn
I Newark
$.19
|
.19
Not Including 2%
$.1651
Boston
.18
uffalo
$1.75
I
city sales tax.
crude oil production climbed sharply during
Daily
3,573,850
barrels, the American Petroleum Institute reported.
The
was
.08 M
z
the week ended Nov. 30, spurred
by broad gains in Okla¬
homa and Louisiana, rising 32,400 barrels to
total
Gulf
_
Warner-Qulnlan..
time later."
Daily
.08
Richfield
evidence of guilt.
as
Texas
Socony-Vacuum.
was
very
far
Other Cities—
Stand. Oil N. J__$.07J*
trial at this time.
substantial evidence in the record to
support a finding of
guilty as far as the corporate defendants are concerned,"
Judge Stone said.
"As to the individual defendants, I am
so
New York—
New York-
same
postponed for Thanksgiving to be resumed
next Monday by order of Judge Stone
Tuesday afternoon.
The adjournment was ordered before the Government had
completed its rebutal to arguments by individual oil com¬
panies' counsel asking that they be released of the charges.
"The court is of the opinion that there is
competent and
% cents a
gallon in tank car and tank wagon prices of gasoline except in areas where
prices were sub-normal
Tide Water Oil Co
indictment
reduc¬
barrels.
are
expected to take similar steps when setting their December
allowable figures.
Acting upon the recommendation of Chief Conservation
officer W. J. Armstrong, the Commission probably will set
the new quota, effective Dec. 1, at 560,000 barrels
daily
which is off 28,800 barrels from the December recommenda¬
is 15,000 barrels under the current
Commission.
;
■
\
a
M cents a gallon in tank-wagon and tank-car
prices of gasoline in reflection of the recent cut posted in
neighboring States by the Standard Oil Co. of New Jersey.
The cut, which became effective immediately, was not
effective in areas where the current price is sub-normal.
Under the new schedule, the Philadelphia price for tankwagon and tank-car gasoline was pared ^4-cent a gallon.
Seasonal expansion in inventories of finished and un¬
finished motor fuel lifted the total 626,000 barrels to 67,661,000 barrels, the American Petroleum Institute reported.
Gasoline stocks at refineries spurted 1,253,000 barrels during
the Nov. 20 week, with bulk terminal stocks dipping 566,000
barrels.
Holdings of unfinished gasoline were off 61,000
6.7%.
or
Monday posted
tion of M to
64,850 barrels in
excess
of the total recommended
by the United States Bureau of Mines for November, and
412,900 barrels above actual production for the comparable
period a year earlier.
An increase of 33,400 barrels in Oklahoma lifted
production
to 590,000 barrels, against a State
quota of 575,000 and a
Federal-figure of 598,000 barrels.
Louisiana gained 4,600
barrels to 244,050 barrels, in contrast to the State level of
253,150 and the United States recommendation of 246,200
barrels. Texas, up 2,750 barrels, hit 1,430,400 barrels
daily,
against the Nov. 16 revised State quota of 1,354,143 and the
Bureau of Mines' figure of 1,413,300 barrels.
California also showed an increase over the previous week
to hold production far in excess of the State-Federal rec¬
ommended allowable of 674,600 barrels daily,
gaining 1,100
barrels to 712,000 barrels.
Kansas was the
only major oil-
Average
Ended
The
daily
Crude
Nov.
American
20
Oil
Placed
Petroleum
Production During Week
at 3,573,850 Barrels
Institute
estimates
that
the
crude oil production for the week ended
Nov. 20, 1937, was 3,573,850 barrels.
This was a gain of
32,400 barrels from the output of the previous week, and
the current week's figures remained above the 3,509,000
barrels calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
various oil-producing States during November.
Daily aver¬
age production for the four weeks ended Nov. 20, 1937, is
estimated at 3,562,850 barrels.
The daily average output
average gross
for the week ended Nov. 21, 1936, totaled 3,060,950 barrels.
Further details, as reported by the Institute, follow:
Imports of petroleum for domestic
United
a
States
ports
use
and receipts in bond at principal
for the week ended Nov. 20 totaled 968.000 barrels,
daily average of 138,286 barrels, compared with
a
daily
average
of 126,714
barrels for the week ended Nov. 13 and 139,750 barrels daily for the
weeks ended Nov. 20.
four
Volume
There
for
the
receipts of California oil at Atlantic and Gulf Coast
were no
week
ended
Nov.
20, compared with
barrels for the week ended Nov.
"
ended Nov. 20.
estimated
OF COAL AND BEEHIVE
COKE (IN NET TONS)
ESTIMATED UNITED STATES PRODUCTION
ports
daily average of 23,857
a
four weeks
13 and 13,429 barrels for the
daily
refining
potential
4,159,000
Bituminois coal:
1936
gasoline and 121,191,000 barrels of
1,805,000
999.000
d952,000
855,000
199,800
dl58,700
171,000
951,000
d907,000
814,000
41,800
45,500
53,200
6,967
7,583
Daily average
Commercial production.!
Beehive coke:
and fuel oil.
gas
United States total
94.8% of the potential
Cracked gasoline production by companies owning
10,106.000
1,433,000
Total, including mine fuel
of finished and unfinished
of the end of the week. 67,661,000 barrels
8,600,000
Pennsylvania anthracite: b
and in pipe
companies had in storage at refineries, bulk terminals, in transit
c8,688,000
cl,580,000
Daily average
Bureau of Mines'
basis, 3,365,000 barrels of crude oil daily during the week, and that all
as
Nov. 14,
Nov. 6, 1937
a
Total, including mine fuel
States,
capacity of the United
indicate that the industry as a whole ran to stills, on a
lines
Nov. 13, 1937
Week Ended—
,
Reports received from refining companies owning 89.0% of the
barrel
3415
Chronicle
Financial
145
______
Daily average
8,867
charging capacity of all cracking units indicates that the industry as a
whole,
on a
of 790,000 barrels
Bureau of Mines' basis, produced an average
1937
Calendar Year to Date f—
1929
1936
daily during the week.
DAILY
AVERAGE
(Figures in Barrels)
■
Bituminous coal: a
CRUDE OIL PRODUCTION
391,875,000
.
1,366,000
Dally average
Four,
Of M.,
Dept.' of
State
Interior
Allowable
Week
Nov. 1
Week
Ended,
Week
Nov. 20,
1937
lations
Nov.
162,200
Daily average
Ended
from
Previous
Commercial
21,
Beehive coke:
1936
Kansas
189,700
590,000 + 33,400
578,950
178,950 —14,350
575;000
180,215
183,000
593,450
167.300
63,750
Panhandle Texas.....
77,550
+ 6.700
73,600
North
72,900
—700
73,300
—850
34,550
6,869.800
205,000
105,850
+ 1,600
—4,000
208,100
108,900
10,839
484,600
+ 850
483,550
5.226
21,660
250,650
254,350
168,650
202,150
151,850
West Texas
Texas
199,900
Coastal Texas
Sum of 46 full weeks ended
and 1929.
g Comparable data
I Excludes mine fuel.
k Sum of 45 weeks ended Nov. 6.
available,
not yet
ESTIMATED WEEKLY PRODUCTION OF COAL,
BY STATES
(IN THOUSANDS OF NET TONS)
railroad carloadings and river shipments and
subject to revision on receipt of monthly tonnage reports from district and
(The current estimates are based on
are
from the operators.)
State sources or of final annual returns
+2,750 1,438,500 1,149,850
1,413,300 X1354143 1,430,400
Week Ended—
75,050
Louisiana
Total
246.200
Louisiana
+4,950
72,450
76.700
169,000
North Louisiana
Coastal
—350
168,350
156,950
240,800
233,650
+4,600
244,050
253,150
33,100
46,050
+ 1,900
46,650
135,600
+ 900
47,400
55,250
—800
Wyoming............
56.300
57,200
+ 3,050
56,350
17,100
15,300
4,250
—50
16,500
4,200
4,500
Colorado
New
104,800
Mexico
—50
83,500
3,573,850 +32,400 3,562,850 3.060,950
Nov.
x
1,354,143, effective Nov. 16.
In addition, the
shutting down the East Texas fiela on the
Nov. 21 and 28; Dec. 5 and 12, "in order to take pressure tests
allowable revised to
1
Commission's order calls for
following Sundays:
under more stable
conditions."
y
Recommendation of Central Committee of
California Oil Producers.
Indicated above do not
might have been surreptitiously produced.
Note—The figures
Include any estimate of any oil
which
Indiana
Crude Runs
Capacity
Finished and
Unfinished Gasoline
.
Rate
Over
age
ated
P. C.
Total
Terms., Nap'tha
Distil.
&c.
fineries
At Re¬
Fuel
5.500
10,702
1,244
14,852
1,586
213
1,004
East Coast..
669
146
129
88.4
118
91.5
889
Intl.,111., Ky.
529
489
92.4
435
89.0
5,015
4,117
629
7,461
452
383
84.7
274
71.5
3,387
2,308
374
3,969
265
236
l
1
1
1,147
1,189
973
1,289
1,571
360
334
342
375
536
82
132
.
81
60
60
s
409
•
8
■
■
128
141
155
140
148
155
175
765
892
843
732
824
724
167
193
224
154
244
218
30
—
Western
31
30
36
66
35
10
9
13
14
16
26
75
73
92
83
86
30
32
39
38
63
62
64
55
95
93
859
835
490
529
507
432
558
764
1,947
1,960
2,416
1,860
3,052
2,993
112
120
106
85
306
117
14
16
18
20
16
92
84
101
112
316
243
106
225
126
304
Michigan.
252
217
—
.....
...........
Montana
New Mexico.-
South Dakota
North and
Ohio................
Pennsylvania bituminous
Tennessee.
-
.
Texas.....
-
-
...
...
83
29
42
39
55
47
55
72
1,721
1,835
1,824
1,691
2,152
1,271
603
471
803
776
146
148
167
1
85
8,063
10,878
12,774
Washington.
Virginia—Southern.a
...
....
-
.
.
631
568
_ .
137
140
......... . .
*
*
States.c
*
941
1,010
868
554
11,285
1,524
9,541
10,096
10.515
8.617
12,809
•9,086
8,600
9,647
184
,:7
85
1,890
Inland Texas
355
201
56.6
155
77.1
1,486
234
375
1,937
Texas Gulf..
833
707
95.7
759
95.2
7.408
233
1,903
12.049
La, Gulf....
No. La.-Ark.
174
168
96.6
141
83.9
440
395
the
on
58
63.7
56
96 6
116
59
89
62
69.7
48
77.4
1,279
87
90.9
514
68.9
8,968
2+67
1,255
72,032
3,702
89.0
3,047
82.3
35,224
2,820
22,203
O. in
from
d Data for Pennsylvania
e Average weekly
published records of the Bureau of Mines,
production for entire month.
p Preliminary.
r Revised.
a Alaska, Georgia,
North Carolina and South Dakota included with "other Western States."
* Less
625
746
&
488
821
B.
including the Panhandle District and Grant, Mineral and
cludes Arizona, California, Idaho, Nevada and Oregon,
3,524
91
1,076
216
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
Kanawha, Mason and Clay Counties,
b Rest of State,
Tucker Counties, c In¬
Includes operations on
and
anthracite
...
180
331
Maryland
a
81.8
Kan.,
214
Oil
547
Appalachian.
Mo
100
150
*
All coal____
669 100.0
Okla.,
139
Pennsylvania anthracite.d.
and
in
C.
P.
280
75
156
Total bituminous coal........
Gas
Unfin'd
Finished
nevuTurm
tial
Daily
Aver¬
Poten¬
22
87
Kentucky—Eastern
Other Western
Stocks
of
District
244
102
_
Kansas and Missouri
Northern.b
Stocks of
to Stills
257
.
.
Wyoming..
Daily Refining
8
243
Iowa
West
thousands of barrels of 42 gallons each)
(Figures in
1923
8
63
Utah_. .....-
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED NOV. 20, 1937
Average
1929
4
—
Illinois
3,750
Nov. 9
1935
2
......
.
18,000
r
2
Colorado ...........
-.
Georgia and North Carolina.....
3,509,000
Railroad
1936
Arkansas and Oklahoma
674.600
California....
1937 p
Nov. 9
2
Alabama
29.750
104,300
—50
104.800
104,800
Nov. 7
1,033
Alaska
2,861,850 +31,300 2,858,800 2,468.050
592.900
704,050
+ 1,100
712,000
y674', 600
Total east of Calif.. 2,834.400
Oct. 30
1937 p
46,700
Montana............
Nov.
Nov. 6
114,300
Michigan
134,350
55,200
Eastern
-"L. v.--..
State
27,800
124,000
Arkansas......—...
the
of historical comparison and statistical convenience
purpose
442,400
+450
—1,300
for
operations,
c Subject
to revision,
d Revised,
f
Nov. 13, 1937 and corresponding 46 weeks of 1936
74,450
East Texas
Includes
production of lignite and anthracite and semi-anthracite outside of Pennsylvania,
b Includes washery and dredge coal and coal shipped by truck from atuhorlzed
33,550
150,500
East Central Texas...
a
64,700
33,950
Texas
West Central Texas...
Total Texas....
1,416,300
Daily average
598,000
Southwest
2,937,400
United States total..
(Nov.)
Oklahoma.
£
£
g
production.!
h62,680.000
237,900
h46,942,000
178,100
h42,732,000
Total, Including mine fuel
Weeks
Change
Ended
Nov. 20,
1937
Calcu¬
1,720,000
V:-' C '
Pennsylvania anthracite: b
B.
468,319,000
369,589,000
1,446,000
Total, including mine fuel
■
Rocky
Mt
.
California...
Reported
318
457
Eltd.unrepd.
600
6,534 117.941
280
3,250
than 1,000 tons.
Non-Ferrous
Nov. 20'37
4,159
4,159
3,365
38.044
22,803
13'37
4,159
4.159
3,335
36,791
23,369
6,814 121,191
6,875 121.012
z2,971
32,806
19,279
6,335 111,983
Nov.
j
U.S. B .of M.
xNov. 20'36
x
Estimated Bureau of Mines' basis,
z
Zinc and Tin Prices Reduced
4'Metal and Mineral Markets"
consumers
xEst.tot.F.S
-Copper Drops to 10%c., Valley,
Metals
in Quiet Market-
>W
stated inTts issue of Nov. 25
taking a broad view of the
of non-ferrous metals,
market, are still engaged in reducing inventories of raw ma¬
terials as well as finished goods, and buying interest was
greatly restricted in the last week.
Domestic copper was
offered at 10%c. in more than one direction, a decline of one-
Prime Western zinc prices were lowered by a
Tin quotations averaged about two cents
lower than in the preceding week.
Lead appeared to be
steady. Domestic antimony was lowered to 15c. a pound.
Quicksilver was dull and prices were little more than nominal.
Tungsten ore was offered more freely.
The publication
quarter cent.
November, 1936, daily average.
similar amount.
Weekly Coal Production
The National Bituminous
Statistics
Coal Commission in its
weekly-
estimates that the total production of soft coal
the week ended Nov. 13 totaled 8,688,000 net tons, a
coal report
in
slight increase—about 1%—over the preceding week.
Pro¬
duction in the corresponding week in 1936 amounted to
is
cumulative production
6.0% ahead of 1936; the
of soft coal in 1937 to date
total of all coal for the year to
date, 4.8% ahead of 1936.
The
United States Bureau of
Mines in its weekly coal
spite of the observance of Armistice
Day, Nov. 11, output of anthracite for the week ended
Nov. 13 gained appreciably over that of the preceding week.
The average daily production for the five days of Nov. 13,
amounting to 199,800 tons, increased 25.9% when com¬
pared with the average of 158,700 tons
produced during the
Compared with the corresponding
five-day week, there was an increase
six-day week of Nov. 6.
week of
of
1936, also
a
16.8%.
The
consolidated report of both
organizations follows:
Copper
,
,
,
-
J
of the above-mentioned
+
uU-_-'
in copper was
dull all week, sales involving only 2,736 tons,
the preceding week.
The quiet induced large mine
their nominal quotations from the 12c. basis to
Valley.
This action was followed by a general reduction in quota¬
for all copper products, the fabricators lowering prices from three-
against 7,503 tons in
operators to finally lower
tions
lMc. per pound. Soon after the 11c. basis was an¬
Nov. 23, the leading custom smelter offered
of 10%c., a reduction of one-quarter cent,
on Nov. 24, there was more than one seller at the lower level.
The reduc¬
tion in the price brought in very little additional business, largely because
of the wide spread between the domestic and export market.
Domestic
sales for the month to date total 14,806 tons.
Actual consumption of copper
in the domestic market is generally estimated at about 55,000 tons a month.
The fact that deliveries are running at a lower level points to a reduction
in stocks in the hands of consumers, market observers believe.
Inquiry for copper abroad was quite active in the last week, buyers
there taking hold on a declining market, the usual European practice.
Sales abroad so far this month are estimated at around 60,000 tons.
The
trend of prices was downward , on continued unfavorable news from America.
quarters of a cent to
nounced by the mine group, on
copper
report stated that in
reported:
Business
11c.,
10,106,000 tons.
The
further
quite freely on the basis
V
Lead
Though the October statistics
ing by 9,904 tons,
tors
fell short of expectations, stocks increas¬
there was no selling pressure in lead,, and most opera¬
Sales suffered in comparison with the pre-
regarded prices as steady.
3416
Financial
ceding week's total,
2,653
business booked in the last
new
Chronicle
days falling to
seven
that
tons.
Quotations continued at 5c., New York, which
settling basis of the American Smelting &
St. Louis.
Premium business
was
also the
was
Refining Co., and at 4.85c.,
the
displayed
consumers
makes producers feel that
develop.
soon
Western
totaling 66,795 tons, of which 20,500 tons for the Louisville & Nashville
a
and
on
buy metal,
to
even
Nov. 22 that the price named for Prime
St. Louis.
hand
on
Current
not
entirely to small
participate in the buying movement last
The sharp
of
almost
about
decline in
3.35c.,
According
European
United
States
Edmond
Sir
to
In the railroad
has
currency,
Davis,
consumers
Chairman
the
to
attracted
of
who
the
did
wide
Rhodesia
large,
interest.
Broken
construction in
Hill,
been
and
shapes
Outside of the United States, output had been pretty steady this year at a
rate of about 1,115,000 tons a year.
Though zinc stocks abroad have
near-by metal at
an
power
great deal of
which bids
on
for
are
Inquiries and orders for
acceptance.
generally better than for other steel products.
may
called
plates
The Navy
order 22,000 tons of plates this week for battleships.
buyers to reduce inventories is widespread and is definitely
The steel trade believes, how¬
replenishment buying will come next month for January
some
week, and prices moved
Although the downward trend of
On Nov. 23, demand im¬
24, but following London.
The
a cent.
Sentiment
60%
of capacity.
prices has not halted,
scrap
a
stronger
market in Philadelphia, due to dealers' purchases for export, offsets declines
at
Pittsburgh and Chicago, the "Iron Age"
scrap
composite price being
unchanged at $12.92.
re¬
mains decidedly mixed and is strongly influenced
by news from Washington.
The tin-plate mills are operating at about
THE
"IRON
AGE"
COMPOSITE PRICES
Finished
October
exports of tin by the signatory countries, excepting Bolivia, were smaller
than in
a
shipment.
advance of one-half to three-quarters of
market quieted down on Nov.
are
The policy of
fair trade developed in prompt and
a
by
While the tonnage is not
Steel structures
affecting the volume of incoming business.
ever, that
Tin
proved, and before the day ended
total of 4,800 tons.
contemplation.
recommended
Department
increased somewhat, they are still considered moderate.
Nov. 22.
cars
for total 22,600 tons, of which 4,500 tons is for a tool and die shop for the
Ford Motor Co.
A transportation program for Chicago to cost $161,000,000
has
on
a
of the work is for public utilities, which have
some
with production at a high rate, a severe price decline could not be avoided.
was slow in the first half of the
quiet market is
Delaware, Lackawanna & Western has been withdrawn.
of zinc overbought in the first quarter of 1937, but
since then they have been using up their stocks.
Consequently, he said,
Inquiry for tin
a
An inquiry for 500
Prospective steel construction work is featured by inquiries for four
equivalent
consumers
downward, Straits touching 41c.
two, and other
or
equipment field the outstanding order in
Line with the American Car & Foundry Co.
plants that will require
for zinc,
week
250 steel frame refrigerator cars, placed by the Northwestern Refrigerator
Ship¬
summer.
London market
the
a
roads may come into the market shortly.
or
3,069 tons, reducing unfilled orders to around 66,000 tons.
business is confined
the Northern Pacific is
soon;
expected to distribute orders for 30,000 tons in
Many in the in¬
Sales of Prime Western zinc during the week were under 500 tons.
ments totaled
inquiry, probably will order the remainder
of their reduced requirements.
care
week, giving it a production schedule through February.
The Southern Pacific, which has placed only 35,000 tons of its 75,000-ton
dustry believe large consumers have ample supplies of metal
contracted for to take
4,890 tons for the Nashville, Chattanooga & St. Louis were placed
within the past
reduced from 5.75c., to 5.50c.,
was
Coal, Iron & RR Co. at Ensley, Ala., which has recently received orders
see
Itt
ha
practically no interest
following the -announcement
some
General Motors plants
plants 15 days and the Hudson plants 40 to 50% of capacity.
Zinc
Zinc
month for January shipment.
Rail orders have helped out a few mills, particularly that of the Tenne-
December position is concerned, which
fair volume of business should
during next
probably will not operate more than 12 days in December; the Chrysler
reported by St. Joseph Load on its own
said to be rather poorly covered so far as
are
27,1937
promises little aid for the mills unless orders should be placed
time
contract
brands sold in the Eastern market.
A number of consumers
Nov.
December production schedules have been revised downward to an extent
Nov.
23, 1937, 2.605c.
a Lb.
One week ago
One month ago
September.
Chinese tin, 99%, was nominally as follows: Nov.
18th, 39.750c.; 19th.
40.000c.; 20th, 39.375c.; 22d. 39.250c.; 23d, 39.875c.; 24th, 40.000c
Steel
Based on steel bars,
beams, tank plates
wire, rails, black pipe, sheets and hot
__2.605c.
__2.605c.
One year ago
rolled strips.
2.197c.
These products represent
85% of the United States output.
Electrolytic Copper
1937
("E. & M. J." QUOTATIONS)
Straits
Tin
Lead
9
2.330c.
Mar.
1936
2.330c.
Dec.
28
2.084c.
Mar. 10
1935
DAILY PRICES OF METALS
Hioh
2.605c.
Mar.
2.130c.
Oct.
1
2.124c.
Jan.
1934
Zinc
2.199c.
Low
2
8
2.008c.
Jan.
2
2.015c.
Apr.
Oct.
24
1933
3
1.867c.
Apr.
18
New York
New York
St. Louis
St. Louis
1932
1.977c.
Oct.
4
1.926c.
Feb.
2
1931
Dom.,Refy. Exp., Refo.
2.037c.
Jan.
13
1.945c.
Dec. 29
1930
2.273c.
Jan.
7
2.018c.
Dec.
Nov.
18
10.775
9.800
41.500
5.00
4.85
5.75
Nov.
19....
10.775
9.500
41.750
5.00
4.85
5.75
Nov.
20
10.775
9.450
.41.125
5.00
4.85
5.75
Nov. 22
10.775
9.450
41.000
5.00
4.85
5.50
Nov. 23
10.525
9.400
41.625
5.00
4.85
5.50
Nov. 24
10.525
9.425
41.750
5.00
4.85
5.50
1937, $23.25
Gross Ton
a
One week ago..-v—
.
10.692
.
9.504
41.458
5.00
4.85
Philadelphia,
19.73
..
5.625
1935
Lead
{Bid)
3M
Spot
Spot
3
*
18
43
19.
38 H
378,6
387u
Nov.
37»i«
42
Nov.
22
37*is
37»,e
42
Nov.
23
37
37%
41
181
180 %
24
15%
16
Nov
186
135%
15%
16»n
uvea
37lsi«
iui
icau
38li«
iiuu
181H
nuc
%
16un
16n,e
1S3%
42
mc
17
183
i8i %
183
183
16
16
uiuuim
uuyer s
17
Feb.
16
17.90
May
1
16.90
Jan.
Dec.
5
13.56
Jan.
14.81
Jan.
5
13.56
Deo.
8
1931
15.90
Jan.
6
14.79
Dec.
15
1930
18.21
Jan.
7
15.90
Deo. 16
27
3
Sciap
[Based
$12.92{
No. 1
on
heavy,
melting
steal
quotations at Pittsburgh, Philadelphia
14.831
and
Chicago.
16.17i
Hm
1937
Nov.
a
May 14
3M
Spot
M,
Aug. 11
17.83
16.90
One year ago..
Electro.
3M
Spot
18.73
5
1934
One week ago..
One month ago..
Zinc
$20.25
Nov.
1932
Nov. 23, 1937, $12.92 a Gross Ton
Tin, Std.
9
Nov. 24
18.84
__
Steel
Copper
and
Low
1933
Daily London Prices
Copper, Std.
Valley,
19.73
1936
5.000c.; St. Louis lead, 4.850c.; St. Louis zinc, 5.750c., and
silver, 44.750c.
The above quotations are "M. & M. M.'s"
appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as
noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
Buffalo,
Southern iron at Cincinnati.
Hioh
$23.25
Mar.
1937
Average prices for calendar week ended Nov. 20 are: Domestic
copper f.o.b.
refinery, 10.775c.; export copper, 9.804c.; Straits tin, 42.542c.; New York lead
Based on average of basic iron at Valley
furnace and foundry irons at Chicago,
$23.25
23.25
One month ago
One year ago
Average
9
Pig Iron
Nov. 23.
$21.92
Low
Mar. 30
$12.92
Nov. 16
15%
15%
1936
17.75
Dec.
21
15%
15%
li%
15%
15*16
12.67
June
1935
13.42
Dec.
10
10.33
Apr. 23
1934
151,8
13.00
Mar. 13
9.50
Sept. 25
1933
12.25
15%
Aug.
8
6.75
Jan.
1932
8.50
Jan.
12
6.43
July
1931
11.33
Jan.
6
8.50
Dec. 29
1930
15.00
Feb.
18
11.25
155,8
prices ior rue nrsr session oi
rue
London Metal Exchange; prices for
copper and tin are the official closing buyers'
prices.
All are in pounds sterling per long ton (2,240
lbs.)
The American Iron and
Steel
Institute
on
Dec.
Nov. 22
9
3
5
9
an¬
nounced that
Steel
Ingot Production Placed
at
33
%
The "Iron Age" in its issue of Nov. 25
reported that steel
ingot production this week is estimated at
two
33% of capacity ,
points lower than last week but two points higher than
the American Iron and Steel
Institute estimate of 31% on
For the first time since the week
before Labor
Nov. 22.
Day, the decline has apparently been halted
where
at
Chicago,
both
production and consumption of steel is
widely diversified than in other industrial areas.
more
Ingot out¬
put has risen three points at Chicago to
30^%.
major producers in that district, two report
Of the five
telegraphic reports which it has received indi¬
cated that the operating rate of steel
companies having
98% of the steel capacity of the indistry will be 31.0% of
capacity for the week beginning Nov. 22, compared with
36.4% one week ago, 52.1% one month ago, and 74.3%
one year
ago.
This represents a decrease of 5.4 points, or
14.8%, from the estimate for the week ended Nov. 15, 1937.
Weekly indicated rates of steel operations since Nov. 23,1936,
follow:
1934—
The "Iron
7
Dec.
14
79.2%
Mar. 22
Dec. 21
77.0%
77.0%
Mar. 29
Dec. 28
In the Cleveland-Lorain district
there has been
from 18 to 29%, but this is
Cleveland plants that
orders.
As
these
an even
sharper increase,
which at
a
11
18
25
Feb.
plants
79.4%
78.8%
80.6%
77.9%
1
Feb.
15
Feb.
22
may
operate
intermittently
until
business
Apr.
Apr.
5
12
Apr. 19
Apr. 26
May
3
May
10
17
May 24
May 31
June
June
85.8%
87.3%
88.9%
89.6%
90.7%
89.9%
90.3%
91.3%
92.3%
91.0%
91.2%
90.0%
91.0%
77.4%
76.2%
Mar. 15
May
79.6%
80.6%
81.6%
82.5%
8
Feb.
"Steel" of
7
markets
on
Cleveland, in its
1937—
14
76.6%
75.9%
75.0%
67.3%
June 21
June 28
July
5
July
12
82.7%
July
July
19
26
Aug. 16
82.5%
84.3%
85.5%
84.6%
83.2%
Aug. 23
Aug. 30
Sept.
7
Sept. 13
Sept. 27
74.4%
Oct.
4
66.1%
11.....63.6%
Oct. 18
55.8%
Oct. 25
52.1%
Nov. 1
48.6%
Nov. 8
41.0%
Nov.15
36.4%
Oct.
83.8%
84.1%
71.6%
80.4%
Aug.
Aug.
2
9
Nov.
22....,31.0%
Sept. 20—..70.1%
has
summary
of the iron and steel
Nov. 22 stated:
no
which are still
a
4
Jan.
idle last week while
awaiting an accumulation of
further decline at
Detroit, which is at 58%, in Southern
Ohio, where the average rate is 27%, or in the
South, where new rail orders
have maintained last week's rate of
46%.
At Pittsburgh, however, there
has been a sharp decline of nine
points to 26%, while the
Wheeling-Weirton
area is off eight points to
55%; the Youngstown area off four points to
30 %,
eastern Pennsylvania down two
points to 38%, Buffalo is 6H
points lower
at 21%, and St. Louis off six
points to 25%.
While the evidence at Chicago of a
slight upturn in new business does
not carry through the entire steel
industry, some segments of
experiencing
Jan.
mainly due to resumption of operations at two
were
definitely forged ahead, this gain
possibly has less significance than the
improvement at Chicago.
There has been
1937—
Jan.
decline.
1937—
1
8
Dec.
Jan.
a
Age" further reported:
Mar.
Mar.
74.3%
75.9%
76.6%
Nov. 30
higher operations,
two remain at last week's rate and the
other shows
1937—
Nov. 23
downward trend in orders, there is
time like this attracts
a
spotty improvement
more than
ordinary attention.
Singularly, the railroad and construction industries, from which
little
help had been expected, are prominent in new business
and
prospects, while the automobile industry, upon which the
steel industry's
hopes have been pinned for many weeks, is not
only taking less steel but it
immediate
Indications
are
appearing in the steel market to support a belief that the
bottom practically has
been reached and further recession in buying and
production will be small.
burgh mills caused
an
Last week
an
accumulation of orders by
Pitts¬
increase in activity and
Chicago mills will operate at
higher rate this week for the same reason.
Canvass by steel producers has revealed that in
many instances con¬
sumers are operating at rates close to those of last
spring, using stocks
a
accumulated through midyear, and refraining from further
the general situation has cleared.
present dearth of buying.
Most steel producers find
October but in most
immediate
market is
need.
an
cases
responsible in part for the
buying this month is
consumers
Continued
buying until
It is apparent that consumers have mora
steel in stock than had been realized and this is
at a lower rate than in
require prompt delivery, indicating
absence
of
automobile
important factor in present dullness.
builders
from
the
Volume
Some additional business from oil companies is in
35% of
Chicago
down
was
7.5 points to
20 points to 15, Buffalo 4.5 points to 28, St. Louis 18 points to
Cleveland
15 and Detroit
11 points to 71.
spite of their unfavorable financial situation railroads are
the market with what promises to be a fair rate of buying
stock.
The
entering
of rails and rolling
quiries
Some locomotive inquiry is also before builders.
eastern line.
road has decided to abandon its plan to buy or
Early favorable action
With scrap at present about $9 per ton lower
and an
year
A western
in
a
plate producers
"Steers" composite last week
below the composite price
at the beginning of April.
The iron and steel composite was lowered 3
cents, to $38.90 by scrap weakness.
Finished steel composite is unchanged
package containers making up to
at
degree for smaller demand for vegetable packages*
some
reserve
bank
from increases of $6,000,000 in Reserve
in Tueasury currency, and
decreases of $22,000,000 in Treasury deposits with Federal
Reserve banks and $19,000,000 in nonmember deposits and
other Reserve accounts; offset in part by increases by
$20,000,000 in money in circulation and $8,000,000 in
Treasury cash other than inactive gold. Excess reserves
of reserves of member banks on November 24 were estimated
credit
bank
and
$8,000,000
approximately $1,140,000,000, an increase of $40,000,000 for the week. Inactive gold included in the gold stock
to be
$1,242,000,000 on Novemr
for the week.
principal change in holdings of bills and securities
and Treasury cash amounted to
ber 24, a decrease of $15,000,000
The
United States Treasury bills.
The statement in full for the week ended Nov. 24, in com¬
was an
Increase
the following Monday, before
advances
(not
—6,000,000
—1,000,000
The condition statement of weekly
ing cities shows the following
in
to
$56,000,000 in reserve balances with Federal Reserve banks.
Commercial, industrial and agricultural loans declined $28,000,000 in
New York City and
2,619,000,000
+8,000,000
+ 27,000,000
—19,000,000
.......
';
♦
f;')\
all reporting
$17,000,000 in New
York district, $10,000,000 in
district and $8,000,000 in the Richmond district, and increased
in the Cleveland district, $13,000,000 in the San Francisco
Demand
+125,000,000
—7,000,000 +1,256,000,000
—22,000,000
+34,000,000
+ 20,000,000
6,554,000,000
Treasury cash
3,626,000,000
Treasury deposits with F. R. bank..
113,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
746,000,000
at
declined $9,000,000.
+154,000,000
Money in circulation
declined $8,000,000 in New York City and
$9,000,000 in New York City.
+99,000,000
6,949,000,000
declined
deposits-adjusted
$42,000,000 elsewhere in the New
York City'
the Chicago
$15,000,000
district and
$11,000,000 in the Dallas district, all reporting member banks
of $45,000,000 for the week. Time deposits declined
+ 279,000,000
:
net decrease
York City and
Chicago—Brokers' Loans
Returns of Member Banks in New
Below is the statement of the Board of Governors
Loans to
$42,000,000 at all reporting member banks.
member banks.
Loans to banks declined
"Other loans" declined $9,000,000.
Holdings of United States Government direct obligations increased
$29,000,000 in New York City and declined $22,000,000 in the Richmond
district, all reporting member banks showing a net increase of $2,000,000
for the week.
Holdings of obligations fully guaranteed by the United
States Government declined $3,000,000 and holdings of "Other securities"
$12,000,000
—15,000,000 +1,612,000,000
12,774,000,000
Gold stock
loans,
securities and $45,000,000
demand deposits-adjusted; increases of $142,000,000 in deposits credited
domestic banks
$112,000,000 in balances with domestic banks, and
$12,000,000 in loans to brokers and dealers in
—7,000,000
Member bank reserve balances
reporting member banks in 101 lead¬
principal changes for the week ended Nov. 17;
$42,000,000 in commercial, industrial and agricultural
Decreases of
+139,000,000
Treasury currency
reporting member banks of
the week ended with the
close of business Nov. 17:
+2,000,000
+6,000,000
respecting the
the Federal Reserve System for
+134,000,000
..........
2,596,000,000
Total Reserve bank credit.......
the entire body of
returns of
-
+9,000,000
cities
Board
following will be found the comments of the
In the
+10,000,000
19,000,000
instead of being held until
which time the statistics cover¬
of Governors of the Federal Reserve System
Including
$13,000,000 commitm'ts—Nov. 24)
Other Reserve bank credit..
...
Thursday, simul¬
compiled.
brokers and dealers in securities
2,564,000,000
Government securities
Industrial
on
ing the entire body of reporting member banks in 101
cannot be
(—)
3,000,000
given out
are
and covering the same week,
$
—3,000,000
16,000,000
-
Bills bought
explained above, the statements of the New York and
taneously with the figures for the Reserve banks themselves,
Nov. 25, 1936
$
$
Bills discounted
or Decrease
Since
Nov. 17, 1937
24, 1937
Nov.
.
(+)
Member Banks of the Federal
for the Preceding Week '
of
Chicago member banks
increase of $9,000,000 in
parison with the preceding week and with the corresponding
date last year, will be found on pages 3452 and 3453.
Changes in the amount of Reserve bank credit outstanding
and related items during the week and the year ended
Nov. 24. 1937, were as follows:
U. S.
As
Additions to member
balances increased $27,000,000.
reserves aroase
Returns
Reserve System
ended November 24 member bank
week
the
$61.70.
Complete
Week with the Federal Reserve Banks
The
During
better scale.
declined 33 cents, to $13.08, which is $9 per ton
1938
Demand for this material is holding up fairly well, in spite
short time.
a
In continued absence of buying of scrap
expected to announce contract prices for
of the usual seasonal lag, miscellaneous
believe It
production
and about $11 below current prices of pig iron many dealers
is resumed on
the request for a 15% increase in freight rates
on
are
will
than the high point of the
good speculation to hold tonnage for a better price when steel
a
build 5,000 freight cars.
undoubtedly would bring considerable buying at once.
Tin
It is understood most of the tonnage
be No. 2 steel, at $1 a ton lower than No. 1.
rail in¬
expected shortly for about 75,000 tons from two western
are
assembly speed of 1,500 daily, the highest attained on
previous purchase by the cartel.
Southern Pacific has distributed 35,332 tons of rails among
three makers, Louisville & Nashville has bought 21,000 tons and
The total for all others
2,650.
Ford has reached
his 1938 models.
Closing of contracts for close to 500,000 tons of steelmaking scrap for
export to the European scrap cartel's member countries covers scrap to be
shipped largely during first half of 1938 as the cartel now has about 200,000
tons on contract for shipment this year.
At the announced price of $16
to $16.50, North Atlantic ports, and $1 to $1.50 less for South Atlantic
and Gulf ports, for No. 1 steel it represents a drop of $5 per ton from the
Eastern Pennsylvania down 3
27.5%,
points to 35, Youngstown 1 point to 42, Wheeling 11 points to 43,
In
45; 110; Chrysler, 26,700. compared
14,632, compared with 15,465 the preceding week.
was
an
Birmingham at 54% and New England at 30 showed no change.
25%.
General
85,325 cars were manufactured.
when
with 22,100 and Ford, 3.525, compared with
Pittsburgh advanced 4 points to 36% and Cincinnati 10 points
capacity.
preceding week,
Motors produced 40,900. compared with
4,000 tons is expected out soon.
to
the
as
tanker requiring
Steel works operations on a national scale are down 4 points to
85,757 units practically the same
Automobile production last week was
prospect, two pipe
lines of moderate length being considered and inquiry for a
3417
Chronicle
Financial
145
in New
York City and $6,000,000 at all
showing a
$8,000,000
reporting member banks.
domestic banks increased $64,000,000 in New York
Kansas City district, $21,000,000 in the Chicago
and $11,000,000 in the San Francisco district, and $142,000,000
Deposits credited to
City, $22,000,000 in the
of the
district
System for the New York City member
Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
■; '
Federal Reserve
at all
banks and also for the
$14,000,000 in New York City.
ASSETS AND LIABILITIES OF WEEKLY REPORTING
IN CENTRAL RESERVE CITIES
Borrowings of all weekly reporting
Nov. 24 Nov.
1937
.
Commercial,
industrial,
1937
1936
$
1,931
668
17 Nov. 25
1937
$
1,945
$
8,625
3,455
237
1,594
239
1,621
*
*
32
419
33
425
190
190
*
30
31
718
investments—total..
Increase
Chicago
City
3,578
701
1,006
37
Nov.
1936
$
2,042
582
37
$
7,833
3,559
Assets—
Loans and
Loans—total
667
Assets*™*
Loans and
(+)
or
Decrease
Since
Nov. 10,1937
the
the
(—
Nov. 18.1936
$
—78,000,000
—68,000,000
$
—912,000,000
+780,000,000
*
and agri¬
cultural loans:
Otherwise secured & unsec'd
/
Otherwise secured
and unsec'd 4,149,000,000
+1,000,000
—43,000,000
Open market paper.
485,000,000
+4,000,000
865,000,000
—12,000,000
*
*
*
v
37
Loans to brokers
....
233
132
133
28
27
77
,
32
77
13
2
*•
131
236
..........
14
2
*
Other
14
On securities.
Otherwise secured & unsec'd
Obligations fully guaranteed by
► United States Government
Other securities
Reserve with Fed. Res. banks..
Cash in vault
Balances with domestic banks..
Other assets—net
for
loans
purchasing
658,000,000
236
194
2,958
22
36
907
*
*
3,699
22
36
912
*
*
1,100
100
100
81
489
2.56
588
29
151
61
6,405
592
1,485
+453
1,467
453
1,596
436
82
45
45
47
454
1,017
2,602
60
5,841
742
5,833
0
■■
731,000,000
On securities
and unsec'd
821,000,000
U. S. Govt, direct obligations
7,974,000,000
Obligations fully guaranteed by
Otherwise secured
263
654
37
187
71
384
947
2,551
54
72
485
—8,000,000
Other loans:
97
256
600
29
100
61
378
920
2,569
59
69
483
—1,000,000
1,169,000,000
65,000,000
Loans to banks
235
193
2,976
„
1,125,000,000
2,899,000
5,365,000,000
314,000,000
domestic banks..-- 1,867,000,000
United States Government..
L
Other securities
banks....
Reserve with Fed. Res.
Cash In vault
Balances with
—259,000,000
or
-
Real estate loans
'V;'
U.S. Govt, direct obligations...
-
carrying securities
6
*
and dealers In
securities
Loans to banks
Other loans:
589,000,000
On securities
purchasing or
carrying securities..;
$
investments—total....21,530,000,000
9,532,000,000
Commercial, industrial,
and
Open market paper..........
Loans to brokers and dealers.
Real estate loans
17,1937
Loans—total
agricultural loans:
On securities
Other loans for
member banks amounted to $4,000,000
A summary of the principal assets and liabilities of
reporting member banks, together with changes for
week and year ended Nov. 17, 1937, follows:
MEMBER BANKS
27 Nov. 25 Nov. 24 Nov.
1937
$
7,867
declined
Nov. 17.
on
(In Millions of Dollars)
New York
Deposits credited to foreign banks
banks.
reporting member
-
+
+19,000,000
+7,000,000
...
1
—2,000,000
—7,000,000
*
+2,000,000 —1,260,000,000
—3,000,000
-9,000 000
+56,000,000
—17,000,000
+112,000,000
—136,000,000
—296 000,000
106,000,000
—90,000,000
638,000,000
Liabilities—
Demand
deposits—adjusted
751
228
1,959
2,541
528
538
649
382
United States Govt, deposits...
228
1,952
Time deposits
395
415
2
6
6
5
Domestic banks
Foreign banks
—■
Capital account
*
/•'/?.'.-.Vy*«v"o.
Liabilities--Demand
deposits—adjusted
Time deposits
....
United States Government
Inter-bank deposits:
Borrowings
Other liabilities
■
416,000,000
deposits
Inter-bank deposits:
Domestic banks
388
383
376
18
19
24
1,480
1,444
246
246
234
Borrowings...
*
....
*
„
5,122,000,000
......
......
Comparable figures not available.
—15,000,000
4,000,000
+2,000,000
•:
—105,000,000
,
,„*«nA nnn
+142,000,000 —1,175,000,000
433,000,000
Foreign banks
1,480
Comparable figures not available.
■: jx"V*•;r
14,612,000,000
—45,000,000 — Z®Z'?5!2'SIS5
5,296,000,000
—6,000,000
+267,000,000
-16,000,000
+1,000,000
Financial
3418
Adjournment of Nine-Power Conference at Brussels—
Reaffirms Principles of Nine-Power Treaty Guaran¬
teeing Sovereignty of China and Urges China and
Japan to Cease Fighting—Statement By Norman
H.
Roosevelt
President
of
Davis—Views
York "Times", such a time as there may be a better prospect
for its intervention in the Sino-Japanese conflict.
Noting
that neither the declaration of
principles nor an historical
of the work of the conference, adopted at the same
time, contained any condemnation of Japan or any sugges¬
tion of aid to China, United Press accounts from Brussels
summary
Nov. 24, added:
guaranteeing the
It admits that the conference can do nothing to re-establish peace
for
the time being.
3.
It emphasizes that only a peaceful solution can assure a just and last¬
ing settlement, and declares that such solution
be achieved only by the
can
co-operation of all countries interested in the Far East.
4.
It urges China and Japan to cease
5.
It
at
will adjourn
cites the strongly worded declaration which the conference
condemning Japan,
a
declaration
which
adopted
week
a
strongly with the
contrasts
collapsed before the meeting.
Dr. V. K. Wellington Koo, the Chinese dele¬
demanded aid for China in the form of
previously had
and
arms
economic sanction against Japan.
the objectives sought should realize that we are not now ending the NinePower conference.
that the declaration of
principles was adopted by a vote of
Italy being the sole dissenter. In part these advices
to the "Times" continued:
At the last moment
even
to the statement made
one
insisting
of its
only
own
by the powers in
supplementing
upon
which
by agreement
was
even
the "positive and concrete measures" recommended to it
delegation, noted that the suspension of sittings
the
con¬
appended
considered
considering further and
more
contribute
generally declared to be
a
The policy of a
their opinion about them.
The Netherlands delegate
He said he could
see
but would accept it.
There
was
was
itself—superfluous and useless.
glad the proceedings
were
He could only
being adjourned and only hoped that
the adjournment would be permanent.
From the debate over the draft
ment
ments.
survey
direct
no
comment
in the Sino-Japanese conflict, in view of the approach¬
peace
ing end of the conference.
to 22.
referred to ixi
was
3269, at which time
as
through diplomatic channels to the world's govern¬
It comprises 12 typewritten pages mostly taken
up by a historical
With its reassembling on the 22nd, the drafts of the
were laid before the delegates—the conference
its
deliberations
23rd; United
23) stated
Wellington Koo in a speech that day urged the con¬
ference to face squarely China's demand for twofold action—
supply of arms, munitions and credits to China and applica¬
tion of sanctions against Japan.
The United Press added:
adjourning
Press accounts from Brussels
until
of the circumstances under which the conference
He said that he could not accept the repox c as it stood or parts of it without
consulting his Government and promised to submit an amendment to put
"peace" in the documents.
As
Chinese
the
delegation will
receive its Government's reply be¬
not
fore to-night the conference was obliged to adjourn until to-morrow.
Province of Mendoza
(Argentina) Proposes Permanent
Readjustment Plan to Holders of External 7 }/2%
Bonds
Gold
1926—Offers
of
Excess of
in
terest
was
called
into
its external
ers
Dec.
dated
Mendoza, Argentina, is offering to hold¬
7*4% secured sinking fund gold bonds,
1926, due June 1, 1951, a permanent debt
1,
readjustment plan providing for interest rates
temporary debt readjustment plan of May 27,
1933, which terminates Dec. 1, 1937, and providing for sink¬
ing fund payments to retire the new readjustment bonds.
Announcement
this effect
to
made
was
Province
was
of
the
from
National
the
under
Unification
the
of
the
of
Law,
power
to
the
consumption
adhering
inter¬
internal
the
to
law.
Under
national instruments
this
offer
new
holders
equal principal amount of
from seeking political or
at
abstain from interference
in
their
internal
instruments constitute the framework
and international
peace
can
other
over
affairs.
within
nations and to
These
international
which international security
be safeguarded without
within which international relationships can subsist
resort to
a
on
arms
and
basis of mutual
a
the
principal amount
the rate of
Dec.
new
provide ho just and
It continues to believe
that it would be to the immediate and
ultimate interest of both parties to
the present dispute to avail themselves of the assistance of
others in the
effort to bring hostilities to an early end as a
necessary preliminary to the
achievement of a general and lasting settlement.
It further believes that a
the
after
after
April
1938,
1,
the
participating
to
exchange
views and further to explore all peaceful methods
whereby a just settlement
of the dispute may be attained
consistently with the principles of the Nine-
Power Treaty and in conformity to that treaty's objectives, the
conference
deems it advisable temporarily to suspend its sittings.
.
.
signify that the problem
our
we
does not in any
have been considering is to be dropped
or
looking to
a
have been unable thus far to bring about negotiations
peaceable settlement by agreement of the Sino-Japanese
New
On bonds
first
is
York,
bonds
outstanding in
exchange
new
Co.,
paying
coupon
bonds
conditioned
31,
on
them
for
an
Corporate
of
the
prior
Trust
time
any
June 1,
to
bonds
new
acceptance by
the
Province.
and
1938,
at
agent,
be
will
delivered.
are
upon
bonds
dollar
Dec.
Trust
as
presented for conversion
maturing
the
not
until
order
whereby
to
the
provide
Bank
the
any
It
specified
will
Province
remain
reserves
the
to the New York Stock Exchange for
security for the bonds,
the
of
Argentine Republic, will
Argentine
pay
Nation,
directly
to the
will be made
arrangements
the
or
paying
Central
agent
Bank
for
of
the
bonds
the
out of amounts due to the Province under the National Unification of Taxes
Law,
an
amount equal
to the current
semi-annual service payment
on
the
bonds.
the
present quota of the Province of Mendoza under
Law
latter
meet
yearly
to
is
approximately
con¬
of
is
pesos
per
the Unification of
annum,
to
deduct
approximately 3,000,000
from
pesos
per
which,
annum
prior obligations of the Province to the National Government.
the
the
due
the
years
Province
service
annual
Unification
period of 20
may
16,000,000
with the National Government of the Argentine Republic,
entitled
amounts
cover
life
interest in its solution is to be in any way lessened.
we
to
listing of tjie new readjustment bonds.
to
He said:
"The fact that
Manufacturers
to
The Province will make application
the
valedictory.
that
dollar
invited
right to extend the time for acceptance.
Taxes
recess
above
are
through Dec. 1, 1939, thereafter and through
Street,
outstanding
under agreement
this
the
.
Valedictory
"It should be particularly emphasized that
of
annum and thereafter and until maturity at
cumulative semi-annual sinking fund of %% per
years and thereafter at
1% per annum.
The
two
the
acceptance
Then Norman H. Davis, head of the American delegation and
optimistic
to the end, pronounced what may be regarded as the
conference's real
sense
the
on
per
paid when
offer
present
for
The
Davis Makes
Provinces
readjustment bonds which will bear interest
new
1938,
1,
of
payment
The
In
governments
the
bearing
dated Dec.
1938.
anticipated and
Suspension Thought Advisable
"In order to allow time for
announcement
$4,327,000
a
Broad
55
open
.
with
first
June
Department,
percentage of
.
in
taxes
the
and collect the
the
tween the parties to the conflict alone and that
only through consultation
with
other
power*
principally concerned
can
there
be
achieved
an
.
levy
Republic
vests
1, 1937, and will mature Dec. 1, 1977.
outstanding dollar bonds who desire to accept this offer
requested to tender them for conversion with all coupons maturing on
of
satisfactory settlement cannot be achieved through direct negotiations be¬
agreement whereof the terms will be just, generally acceptable and
likely to
endure.
4%%
bonds will be
and
can
for
of
per annum
annum,
Holders
No Solution by Force
4%
1943, at
per
annum
are
lasting solution to the disputes between nations.
1,
4% %
trust, good-will and beneficial trade and financial relations.
"The conference is convinced that force by itself
which
offer also said:
whereby the world's nations enunciate certain prin¬
ciples and accept certain self-denying rules in their conduct with each other,
solemnly undertaking to respect the sovereignty of other nations, to refrain
economic domination
An
to receive
Argentine
Taxes
whole
of
plan in view
the Province is entitled
Government
En¬
that the
stated
enabled to offer this permanent
payments which
22 by
Nov.
on
Pontis, Minister of Finance, who
Finally, it culminates in this declaration:
numerous
gradu¬
a
the
with
conspicuous example of
on
than the 4% annual rate recently payable
ated scale higher
Government
Conclusion of Resolution
In¬
Province of
of
with
Bonds
New
4% Recently Payable
National
a
the
that date (Nov.
on
that
existence, the documents it has produced and its present abortive condition.
Treaty is
Nov. 20 issue, page
our
noted its adjournment from Nov. 15
we
two documents
be forwarded
"The Nine-Power
conference.
Brussels
the
on
rique A.
presented, there finally emerged a docu¬
headed, "Report of the Conference," addressed to nobody in particular
but to
made
indication at the State Department that any new moves were
no
being made for
under
the declaration because his government considered it—in fact,
considered the conference
he
world
that he enunciated in his Chicago
"search for peace"
Roosevelt
The
Count Luigi Aldrovandi Marescotti of Italy said he would be
obliged to
say
should
and helpful
speech, he declared, still stands.
congratulated upon his reasonable¬
declaration. ' In making these, various delegations took
purpose in the declaration
vote against
other,
each
of sound
for peace at
opportunity, President Roosevelt said at his press con¬
on Nov. 23 (said Washington advices to the "Times")
when asked for his views concerning the Brussels Nine-Power
Peace Conference.
This policy would be applied toward
existing situations and possible future dangers, he asserted.
The dispatch added:
highly restrained and most temperate
was
frankly confessed himself shocked and disappointed.'
no
relations with
molding
a
a
ference
Busy With Minor Changes
own
toward
.
.
of
said to be only tem¬
was
For two-and-a-half hours the conference busied itself with minor verbal
express
.
We have enunciated
every
ness.
to
substantially
attitude.
a common
fundamental principles which, in their
active steps.
declaration and Dr. Wellington Koo
occasion
view and declarations of
common
by the Chinese
and urged that the governments concerned should make haste in
changes in its
the fact of our having engaged in an
We have put it on record and made available to the world affirmations
This declaration [China's]
common.
merely reiterated China's regret that the conference had not
was
Nothing has been lost
merely going into recess.
are
exchange of views and having exerted the efforts thus far made.
China reluctantly and regretfully accepted this
outcome,
ference declaration with
It
We
and much has been gained through
after
In the Brussels wireless message to the "Times" Nov. 24,
referred to above (from Frederick T. Birehall), it was stated
porary
a
For myself, I may
constructive settlement.
a
Recess, Not Adjournment
The conference
China's filibuster to get stronger action from the conference apparently
inevitable
of hostilities and
of bringing about
means
"Those who may be discouraged and impatient over the delay in achieving
present colorless declaration and report.
almost
On the
interest or our concern.
our
that, with this end in view, I am returning home for consultation with
say
Mr.
18 to 1,
effort,
actively to seek every possible peaceable
cessation
indefinitely, but will
request of its president, Paul Spaak of Belgium, or any two
The historical report recalls Japan's refusal to attend the conference and
gate,
our
contrary, it rather makes it all the more important to continue earnestly
and
members.
ago
diminishes
way
7
fighting.
the conference
that
announces
reconvene
Nov. 27,
The United States will continue to seek ways
principles of the nine-Power treaty,
sovereignty and territorial integrity of China.
2.
no
opinion and official thought."
The declaration made the following points:
the
flict in
my government.
With the adoption of a declaration of principles the NinePower Conference at Brussels adjourned on Nov. 24, until
said special advices from Brussels on Nov. 24 to the New
It reaffirms
Chronicle
of
be extended for
a
on
Taxes
from Jan.
1,
are
the
calculated
new
to
be
readjustment
The
amply sufficient
bonds
during the
Law,
which is to remain in
1935,
and contains provisions whereby it
further period of 10
years.
effect
for
a
Volume
The
Financial
145
Foreign
1,824,420 shares, a percentage of 21.80%. In the preceding
week ended Oct. 23 member trading on the Curb Exchange
was 18.67% of total transactions of 4,774,075 shares, the
York, authorized the inclusion of the following statement
in the announcement "which is being published by the Re^
public of Mendoza*
Before
with
Foreign
under
of
the Unification
the Province
1936, on the "Feasibility and Advisability of the Complete
Segregation of the Functions of Broker and Dealer." The
contains satisfactory provisions covering the service of the
negotiation,
bonds.
readjustment
new
current figures being published weekly in accordance With
its program, embodied in its report to Congress in June,
event that the agree-
which agreement is now in process
Taxes Law,
of
member trading having amounted tp 1,771,530 shares.
The data issued by the Commission IS in the series Or
The Council has
Inc.
the
entered into between the National Government and
to be
ment
the offer in
recommend
would
Council,
Protective
Bondholders
it
of the Province conferred
offer the representative
making this
the
indicated that
figures for the week ended Oct.
columns of Nov. 20, page 3272.
^
r.
,
'
x
i
e
—.
..
e
/»
i
York Curb
i1Aivim.o
i oxt
i
t,n„
Exchange, 12,246,060 shares,
than the volume reported on the ticker.On tht> New
Exchange, total round-lot volume m the same week, 1,824,420
week ended Oct. 30 on the Now York Stock
Aug. 1, 19o7, notified holders
shares
Nov. 20 that it bas instituted suit in the
on
exceeded
10.1%
by
(exclusive of rights and
volume
the ticket
warrants).
Argentine Federal Court in Cordoba to compel the City to
filed With the New York
Exchange by their respective
The data published are based upon reports
Comply with the provisions of tbe Fiscal Agency Agreement
Stock Exchange and the New York Curb
with respect to the Aug. 1, 1937,
members. These reports are Classified as follows:
suit
service of the loan.
The
the collection of the service moneys due
stock
g°}d basis, claims being made for $186,780, United States
all
of
costs
as
In
the
claimed,
for
several
I?? attachments
«n1f' !ol
that
against
service
of
the
the
In
of
one
the
of
pledged
revenues
obtained,
Curb Exchange perform the functions
dealer, as well as those of the specialist.
rendered.
STOCK
YORK
NEW
12-month
the
period from July 1,
EXCHANGE—TRANSACTIONS IN ALL
MEMBERS a (SHARES)
by
the Treasurer
of the city,
to
amount
indicate
would
aggregate
a
sum
in
pesos
approximately $465,000 United
that
the
pledged
equal
States
revenues
for
this
"
if paid
not
On
obtaining
debts
the
cabled
Cordoba
that
us
1,
1937,
proposal
a
coupon
of this
loan
of
in
the
In
city.
reply,
has
readjustment plan.
been
submitted
we
1. initiated on the floor—Bought—
necessary
of
no
Total—..—
because of the
Inflated off the floor Bought
'
proposed readjustment plan
per
—
„
,
,
,
„
.
'■
11.13
transactions
Total round-lot transaction* of members, except
Those
'
2,727,350
-
-
Young Loan
^od<H°t^ers^tototawbicbr^istei
as
of
$27.50 Coupon
-,Q
Total——
The German Consulate General in New York announced
99
'—
...
of the American tranche
Transactions for account of odd-lot dealers In stocks In which
Young Loan (German Government 5 3^ % International
^SSilOts-Bought
Loan of 1930) will be purchased in the same manner as those
Bold
———
of June 1, last—the purchase price to be $20 per $27.50 face '
Total
amount of the coupon.
The following is the announcement
—
"""
of the Consulate General:
2. In Bought—
odd lots (including odd-lot transactions of specialists):
—
On
-
1,424,450
1,302,900
.
-
3.98
974,119
——-
_
Total
of $20
,
RouS,«d-Sahnt
g0ld
June 1—Payment at Rate
481,335
1
Total—.--——--—-——
„
7.62
~T
~
and stated our
us.
'
1,866,370
—_
..--—-——-—.——-
the
protested against the inclu-
Dec. 1 Coupons of American Tranche of
to
Be Purchased in Same Manner
946,120
...
Sold.
Mayor of
city's
—
_. ~
transactions of"
specialists and odd-lot dealers In stocks in which registered:
this country would not accept any
Dp to this time
to
was
the
settlement
readjustment of the city's debt,
any
belief that the holders of the bonds in
new
remittance,
general
for
being prepared, stating that this
was
financial situation
sion
Aug.
Exchange..... 12,24b,060
Round-lot transactions ot member* except
had resumed negotiations with the city with a
we
Cent, b
Week
Total volume of round-lot sales effected on the
period were
in dollars at the gold value thereof on the 1927 standard.
July 22, 1937, after
to
Per
Total for
This
h,,i?ntK°r,,iJi'U!1 SWV,iCe °', S.inkinK ,u"dITa"dJin'erft °,n »U °,ut;
standing bonds of the loan if paid m present United States dollars but
view
1937
Week Ended Oct. 30
at current
currency.
STOCKS
for ACCOUNT OF
1930, to June 30, 1937, according to the monthly income statements issued
exchange rates
since specialists on the New York
of the New York Stock Exchange odd-lot
designated lor the New York Stock Exchange,
its
recognized
city
145
omcrice in more than one claasrfication.
up
the
suits
81
380
the number of reports received berauao. at times, a single report may carry
in
of the city specifically pledged
these
was
in
Court
in principal amount
uTid Arst.v,coupon' V
to the amounts
01
and income
revenues
loan.
Federal
the
in
20%
over
been
have
obligations and decision against it
Yield
instituted
suite
new
bondholders holding
various
advised
are
of
case
866
104
326
.
Reports showing no transactions _____
394
567
The number of reports in the various classifications may total more than
States:
Cordoba by
^
213
specialist*
initiated off floor———————————
The letter
the suit recoverable from the city.
Exchange
oti^tiated on floo?lLsts
of 1%, plus
the fiscal agency fee of *4
curb
Exchange
Aug, 1, 1937, on a
gold of the 1927 standard, or the equivalent thereof in Argentine pesos at the rate of 5.14 pesos per United States
gold dollar, plus
New York
NewYork
filed, according to the letter to bondholders, is for
as
for the
The total round-lot volume
from the volume reported by the ticker.
White, Weld & Co., New York, as fiscal agents for the
City of Cordoba (Argentina Republic) 7% external sinking
of these bends
_
and the New York Curb Exchange represent the volume of
ail round-lot sales of stock effected on those exchanges as distinguished
Compel City to Comply witn Agree-1
for Aug. 1, 1937 Service
fnnri
o-^i a
1 <\o>~
,i,x«
fund &old bonds Of 1J-7, due
,
,
,
Exchang|
2>eeks to
ment
23 were given in these
The SEC, in making
available the figures for the week ended Oct. 30, said:
_
. ^
v™.t ofA«iP
The figures given for total round-lot volume for the New York Stock
\
..
Agents File Suit on City of Cordoba (Argentina)
7Of
UrmAc
1 Q07
WoM Xr
7% External Gold Bonds of 1927—White, Weld &
Fiscal
total transactions of
amount of 795,390 shares, against
Protective Council, Inc., New
Bondholders
3419
Chronicle
7,
==
Nov. 22 that the Dec. 1 coupons
of the
1.009,080
110,260
"
1,467,380
2,186,630
—
Purchase
of Coupons of German Government
5H%
801(1
International Loan of
1930 {.Young Loan)
With reference to the purchase of coupons
the Young Loan (German
falling due
"USA
same man»* as
June 1, 1937.
1,
Morgan & Co., New York, or at any of the American offices ofthe
——————"I—I-———-——I
Solid
Young marks may be acquired at the customary rate of exchange accord-
Curb
York Stock and New York
Exchanges During Week Ended Oct. 30
the New York
Stock Exchange and the New York Curb Exchange during
the Week ended Oct. 30 by members for their own account,
except odd-lot dealers on the Stock Exchange, was higher
than in the preceding week ended Oct. 23, it was announced
yesterday (Nov. 26) by the Securities and Exchange Commission.
Member trading on the Stock Exchange during
percentage of trading in stocks on
the week ended
Oct.
of total transactions
to o,.:>67,839 shares m
the Commission noted, or 22.73%
the Exchange of 12,246,060 shares.
30 amounted
round-lot transactions,
on
This compares with 9,254,473 shares of stock bought and
on the Exchange for the account of members during the
sold
previous week,
which
was
18.22% of total transactions
fhaf -txrc^L nf 94 PHA CUf)
that week of 24,(M4,040 charge
shares.
On the
their
'
Sold
own
New York
<aAaA
Curb Exchange members traded for
account during the
_Wo
week ended Oct. 30 to the
Round_Iot
of
specialists
In
In
stocks
registered—Bought
which
326,555
-
—2 '*
8old
Total
15 23
555'655
—
Total round-lot transactions for
accounts of all members:
Bought....
344085
801(1
I
795,390
Total
Gdd-iot transactions of
——
Total
a The term "member" includes all Exchange
partners, including special partners,
b Percentage of members' tpactions to
21.80
i96,3??
-
-
■
registered."
specialists m stocks m which
Bought
801,3
3.57
130,235
-
—
transactions
3.00
"
65,150
65,085
floor-Bought
Total
The
60,500
109,500
..........
-—.....
.
initiated off the
'
New
===
except transactions of
specialists In stocks In which registered:
,
Hamburg-American Line, on or after the date
on
Cent b
============
Round-lot transactions of members,
Total
Trading
HTnPTffl
1,824,420
round-lot .aim ellectedoa the Exchange
The purchase price will be $20 per $27-50 face amount of the
ing to the regulations in effect.
ATT
CURB EXCBLANGE ^RA S C
FOR ACCOUNT 0i< MEMBERS a SHAR
Week Ended Oct. 30,1937
°Week
TotalT01Ume of
coupon.
Member
TM
Holders of such bonds and coupons will therefore have the
German steamship company
of maturity.
3,654,010
———
mDJWBAATmMa
1935," will be purchased in the
those coupon ofthe same tranche which became due on
opportunity to sell their coupons falling due on Dec. 1, 1937, against dollars
at J. P.
NEW YORK
1937, of the American tranche of the Youne
Domicile Oct.
r—^tt.vr™
^TTT,r*
1937. the following is communicated herewith:
Dec. 1,
on
Government by2% International Loan of 1930),
Coupons maturing Dec. 1,
Loan stamped
Total.——.....—--—™———
of the American tranche of
4.57
1,119,340
-
•
217.800
members, their firms and their
culatlng these percentages the total of members transactions Is compared with
twloe the total exchange volume for the reason that the total of members' transactions Includes both purchases and sales while the total exchange volume Includes
only sales.
Financial
3420
New York Stock Exchange
Companies
Note
to
The Committee
Stock
on
Amends Agreement Used by
Reacquired Shares
York Stock
the New
List of
announced by the Exchange on Nov. 23,
has amended the form of agreements to which listed com¬
panies are requested to subscribe in submitting applications
for the listing of securities on the Exchange, by the elimina¬
tion of the last clause of Agreement No. 6, which provided
that "...
upon the written request of the Committee
on Stock
List of the Exchange the Corporation will take
such steps as said Committee shall deem necessary to make
such reacquired stock unavailable for trading without further
authorization of the Exchange."
The announcement of the
Stock Exchange continued:
Exchange, it
The
agreements,
notice to the
of.
was
was
provide
to
for
monthly
Exchange, for publication, of all stock reacquired and disposed
The agreement to restrict,
shares
will continue
amended,
as
request, the registration of reacquired
on
first included in the form of agreements in January, 1934, when
the rule requiring
monthly reports was adopted.
The great majority of
Chronicle
trants
located in
arc
foreign
Nov.
46
27
States, the District of Columbia, Hawaii, and 14
countries.
During the 12 months which have elapsed since the enactment of the
Commodity Exchange Act, rapid strides have been taken to enforce the
#
provisions of that Act.
marketing
direct
of
Its vigorous enforcement is essential to the orderly
American
to every
concern
agricultural
consequently
and
products
farm family in the United States,
is
of
Duvel.
Dr.
says
Upon three occasions during the year it was necessary for the Administra¬
tion
take
to
of
cases
steps
prevent congestion
to
manipulation,
fraud
The
in
commodity
the
exchanges
have
the Administration
cooperated
under
supervision
be available
cerning cotton, butter,
the
companies listed before 1934 have voluntarily agreed to report transactions
in their own
so
the
to
the
actively,
report
states,
Each field office of
com¬
detailed
information relating to
No authentic information con¬
and millfeeds is
potatoes,
eggs,
by the CEA covering all
up
that
public.
points out, regarding
report
of open
which
Suspected
thoroughly
are
closely scrutinizes market information issued by futures
its
will
soon
amount
Act
merchants.
Reporting requirements have been set
modities
able,
the
of
if required.
suppression of misleading or false information.
commission
them
markets.
futures
in
violation
the
or
investigated and remedial action taken
the volume of
publicly avail¬
now
futures trading,
the
contracts, the volume of deliveries, and similar information
markets.
that
the
stock
monthly.
The experience of the Committee indicates
specific agreement from companies to restrict reacquired stock
a
of the
request
Committee
is
Should
unnecessary.
desirable because of special circumstances in
appear
mittee states it will consider such
a
case
such
any
the Com¬
essential
Minneapolis,
trading operations
of
to
and
the
other
understanding of
an
Administration
Orleans,
deceit
its merit.
on
The
upon
restriction
case,
is
branch
has
offices
the
in
operations
New
organized
on
York,
Chicago, New
Seattle, each of which is observing
to eliminate fraud,
practices which interfere with the effectiveness
Kansas City and
on
local
exchanges
improper
and endeavoring
exchanges.
New York Stock
Exchange Prohibits J. J. Phelan from
Acting as Specialist for Three Months—Although
Charged With Failing to Properly Perform Duties
Action Not Regarded Wilful
The New York Stock Exchange announced on Nov. 24
that John J. Phelan, a member of the Exchange operating as
a floor specialist in Nash-Kelvinator
stock, has been sus¬
pended by the Governing Committee for three months from
acting in that capacity. The Exchange also announced that
the Governing Committee ruled that Mr. Phelan "should be
censured by the President of the Exchange." The following
is the announcement of the Stock
Exchange:
A
a
Charge and Specification having been preferred against John J. Phelan,
member of the Exchange, under Sec. 8 of Article XVII of the Constitu¬
tion, said Charge and Specification were considered by the Governing Com¬
mittee at
meeting held
a
Registration
of
36
Issues
New
Under Securities Act Became
Totaling $127,621,000
Fully Effective During
October
Analysis of statements registered under the Securities Act
registration statements which became
fully effective during October, 1937, covered new securities
totaling $127,621,000, as against $156,395,000 during the
preceding month and $526,330,000 during October, 1936, it
was announced on Nov. 21
by the Securities and Exchange
Commission.
The Commission explained that included in
the amounts for October and
September, 1937, and October
last year, are securities which have been registered but are
intended for purposes other than cash sale for the account
of the registrants,
approximately as follows:
of 1933 indicates that
Nov. 23, 1937.
on
The substance of the Charge and Specification was that John J. Phelan,
a
specialist in Nash-Kelvinator Corporation capital stock,
having purchased
on
failed for approximately 23 minutes thereafter to make any of said stock
available to the market, although during that interval the market price of
the stock advanced
fulfill his duty as
rapidly, and
specialist,
a
that
J. Phelan thereby failed to
John
prescribed by the Committee
as
and Specialists in its circular dated April 28,
tions to
Specialists", to endeavor to
on
Odd Lots
1937, and entitled "Instruc¬
maintain a fair and
Oct., 1937
Oct. 19, 1937,
principal 8,100 shares of said stock at the opening,
as
Reserved for conversion of Issues with
vertible features
The Governing
Charge
and
acting
as a specialist on the floor of the New York Stock Exchange for a
period of three months, and that he should be censured by the President
of the Exchange.
The
Governing
Committee,
having
in
mind
the
abnormal
conditions
prevailing at the time, did not believe that John J. Phelan's failure properly
to perform his duties as a specialist was wilful.
Consequently the Com¬
mittee refrained from imposing upon him a more
severe
$3,223,000
$69,909,000
$88,798,000
250,000
.......Li.
The Commission's announcement of Nov. 21 also had the
following to
say:
A total of $755,000 of common and preferred stock issues
registered during
October, 1937
was
registered for
having convertible fetures,
mated
gross
with
so
reserve
against conversion of other issues
that exclusive
of these securities, the
esti¬
proceeds of issues registered during the month amounted
$126,866,000.
1935,
penalty.
120,000
$20,073,000
17,474,000
1,049,000
34,615,000
14,710,000
877,000
To be issued in exchange for other securities
To be issued against claims, other assets, &c
Total
Oct., 1936
$47,879,000
1,759,000
417,000
17,570,000
951,000
1,333,000
Registered for the "account of others"..._
the said stock.
Committee, having found John J. Phelan guilty of the
Specification, directed that he should be prohibited from
$756,000
637,000
132,000
1,328,000
Reserved for the exercise of options.
Reserved for other subsequent issuance...
orderly market in
Sept., 1937
con¬
This
the
of securities
is the
of September,
exception
were
lowest figure for any month since
1937,
when
only
registered for purposes other than for
to
February,
$108,516,000
reserve
against
conversion.
Drawing for
Redemption March 1, 1938, of all Out¬
standing Oslo Light Works External Loan 5% Gold
Bonds, Due March 1, 1963
White, Weld & Co.,
Oslo
authorities
that
all
outstanding Oslo Light Works
(Oslo Lysverker), formerly Oslo Gas and Electricity Works
(Oslo Gas og Elektricitetsverker) 5% external sinking fund
gold bonds due March 1, 1963, aggregating $4,434,000 prin¬
cipal amount, will be called for redemption on March 1, 1938
at par and accrued interest.
The bonds will become payable
on the
redemption date at the office of the fiscal agent, 40
Wall Street, New York.
bonds, 3%% series, due 1962; Idaho Power
secured notes,
of these four issues amounted to
Futures
Trading
June
Amounted
30,
to
Increased
51%
During Year
Report—
Bushels Against 11,-
CEA Notes
Annual
in
16,577,003,000
006,911,000 in 1936
An
increase
contract
of
markets
in the
in
in
the
trading in grain futures
United
States
during
on
the
all
fiscal
annual
report of the Commodity Exchange
Administration, made public Nov. 21.
Trading in all grain
futures amounted to 16,577,003,000 bushels, compared with
11,006,911.000 bushels
during
1936,
the
Administration
noted.
Trading in wheat futures amounted to 70% of all
trading in grain futures, while corn transactions amounted
to 18%
of the total.
Eighty-eight per cent, of the total
volume of trading in all grain and flaxseed futures,
14,631,387,000 bushels, was transacted on the Chicago Board of
Trade.
An announcement
issued by the Administration in¬
cident to its annual report also had the
following to say:
Dr. J. W. T. Duvel, Chief of the CEA, stated that the futures
trading
under
the
jurisdiction
000,000 annually.
which
have
been
futures
commission
information
compliance
as
Administration
on
approximated
16
$25,000,-
commodity exchanges
designated "contract markets" by the Secretary of Agri¬
upon
registrants
that
This business is transacted
culture
All
of
are
may
with
required
to
665
furnish
be requested
conditions.
numerous
merchants and
floor
the
relative
brokers
Under
have
Secretary of
to
their
the
been
Act,
901
registered.
Agriculture such
business.
These
regis¬
or
The gross proceeds
77.7%, of the $126,866,000
of all securities effectively registered during the month for
purposes other
than reserve against conversion, with the result that
62.8% of all October
for
by the electric,
gas
and water utility companies and
manufacturing companies; and 62.2% of the securities
bond issues and 20.5% by preferred stock issues.
proceeds of the October registrations,
the month
were
were
registered
to
was accounted
23.2%
by the
represented by
Only 7.7% of the gross
basis,
was accounted for
by
2.5% of all the securities registered during
or
intended for purposes other than immediate cash
for the account of the registrants.
above,
on this
was
stock issues.
reserved for
"for the
Of this total, about $755,000,
conversion
account
exercise of options and other
30, 1937, over the previous fiscal year was
year ended June
revealed
51%
preferred stock.
$98,610,000,
registrations (exclusive of securities reserved for conversion)
Approximately $3,222,000
Ended
Co. $18,000,000 1st mortgage
3Yi% series, due 1947; and the Continental Can Co. issue
of 200,000 shares of $4.50 cumulative
common
Grain
following
four issues: Central New York Power Corp. $48,364,000 general
mortgage
bonds, 3% % series, due 1967: North Boston Lighting Properties $13,000,000
fiscal agent, have been advised by
as
The bulk of the October registrations was accounted for by the
of other securities;
of others";
$769,000
were
and $120,000
were
stated
$1,328,000
reserved
subsequent issuance; $250,000
exchange for other securities
offering
as
were
were
for
the
registered
registered for various
other purposes.
After
deducting
the above
amounts,
there remained
$124,399,000
registered securities proposed to be offered for sale for the
of
account of the
Of these securities $118,066,000 represented issues of already
established enterprises, while $6,333,000 were to be the initial
offerings of
registrants.
newly organized companies.
the registrants estimated
In connection with the sale of the securities,
that expenses of 4.3%
would be incurred: 3.4%
for commissions and discounts to underwriters and agents
(the relatively
low rate
reflecting the preponderance of high grade senior issues this month)
and 0.9% for other expenses in connection with flotation and issuance.
After payment of these expenses, the registrants estimated that
they would
retain,
as net
proceeds, $119,089,000.
The issuers indicated that
of this
amount
they proposed to apply $62,086,000 (52.1%)
toward repayment
of indebtedness; $44,918,000 (37.7%)
$30,506,000 (25.6%) for expenditures for plant
$14,412,000 (12.1%) for additional working capital;
for "new money" purposes;
and
equipment and
$11,539,000
(9.7%)
for the purchase of securities
$546,000 (0.5%) for various other
for
investment,
and
purposes.
Approximately 79-9% of the $124,399,000 of securities proposed for cash
offering for the account of the registrants was underwritten, while 13.5%
was to
be offered through various selling agents and 6.6% was to be offered
by the registrants themselves.
94.0% of the securities
trants'
own
was to
The registration statements indicated that
be offered to the public, 5.7% to the regis¬
security holders and 0.3% to special persons.
Fiaancial
Volume 145
Statements that Became
Types of New Securities Included in 30 Registration
Fully Effective During October, 1937
V
registered
(on the basis of securities
Preferred and common stock issues
conversion) accounted for 28.2%
and certificates of participation, warrants, &c., for
for purposes other than reserve against
of the month's total,
for 62.2% of the
Four bond Issues, on the other hand, accounted
9.6%.
;
aggregate.
Exchange trading for their own account—particularly the
specialists—either create the daily price fluctuations or else
contribute materially to their severity."
Mr. Douglas also
commented on data compiled by the Stock Exchange on
short selling and odd-lot trading.
Toward the end of his statement Mr. Douglas said in part:
/
,
be that
No.
No.
Issues
Face Amt.
Gross
Amount
of
(.in Dollars)
Bonds, dec.
» •
Certificates of participation,
.
i.
-
-
12
'i -i;I
beneficial Interest,
warrants, &c
4
......
^ Wi..,..*.
12,175,000
78,860,360
79,614,000
Short-term notes
Total
the earthquake.
However that may be, certainly
in one direction or the other, is of con¬
equally the conern
stimulating or accentuating a trend
Commission and it should become
of the exchanges.
........
'i*
.
well
(After Other
Per Cent
to
Securities
posed to Be Offered
Reserved for
for Sale for Cash
for Account of
Registrants
Reserved for
Such challenges must usually be met
In this
case
the changes called for
should be a constitutional revision of the
of the exchanges.
administrative and functional techniques
Gross
Gross
Amount
Amount
1937
Sept.,
1937
The statment issued by Mr.
Oct.,
Douglas follows in full:
1936
in its administrative development
This Commission has reached a point
where
it
has
course
of
our
become imperative that an
early decision upon the future
$9,830,571
26,000,000
7.7
32.0
18.3
20.5
9.5
11.0
11,853,933
78,860,360
9.6
1.5
5.8
62.2
12.8
20.7
extension) of the past policy of leaving to the
44.2
Preferred stock
$7,971,981
25,712,500
12,175,000
Common stock
44.2
tion of their own
100.0
100.0
Ctfs. of partic., beneficial
Interest, warrants, &c.
Secured bonds
78,860,360
.
Debentures
Short-term notes
100.0
$124,398,774
$126,865,931
Reorganization and Exchange Securities
voting trust certificates and one
covering three issues of
bond issue were declared fully
registered
These
1937.
having an approximate value of
statements covered
effective
securities
$588,000.
decision, of course, rests between
Securities Included in Two Registration Statements for Reorganization
Exchange* Issues Which Became Fully Effective During October, 1937
exchanges much of the regula¬
adminis¬
by the Commission of all phases of exchange business com¬
of the Securities Exchange Act of 1934.
be desirable to have all national securities
exchanges so organized and so imbued with the public interest that it would
be possible and even desirable to entrust to them a great deal of the actual
regulation and enforcement within their own field, leaving the Govern¬
ment free to perform a supervisory or residual role.
It is my belief that
ing within the purview
local self-government in the
and
Approximate Market Value a
No.of
Sept., 1937
Oct., 1937
Oct., 1936
light of local conditions should be possible and
within the meaning of the letter and the ftpirit
of the Act.
At the present time,
the standpoint
Issues
either a continuation (perhaps even an
business, or an immediate and more pervasive
could be highly efficacious
The Types of
Type of Security
national securities exchanges be reached. That
Ideally, of course, it would
addition to the new issues, two statements
October,
relations with
tration directly
...
Total
the chal¬
action, just as any public institution must meet
with change.
Contersion
Oct.,
and their members
It is a challenge which can only be met
the Commission.
lenge of time and altered conditions.
of Total
Less Securities
Type of Security
as
with progressive
Deductions) Pro¬
Conversion
problems constitute a challenge to the exchanges
These
127,621,431
36
Total
Total, Less
during
freely reflect the ups and downs
they are issued but of basic economic
the entry of artificial forces,
only of the enterprise against which
conditions.
as
In
violent
that the seismograph does not itself
Prices of securities should at all times
stant concern to the
i -—- -
--
-
754,167
4
...
.....
Secured bonds
Debentures
the severity of the
been the unfailing acconpaniment of
shifts in the trends of security prices, so
not
the economic life
jointly have some responsibility to insulate
we
shocks which have in the past
create
Preferred; stock.. .... .iiiw
10,573,571
26,012,500
1,619,696
1,599,000
16
Common stock
exchanges nor of the Com¬
trends of security prices, though it may
and business morale—confidence—of the Nation against
Units of
Stock. &c.,
of
it is the province neither of the
Of course,
mission to interfere with the basic
Total Securities Registered
Type of Security
3421
Chronicle
however, I have doubts as to the
desirability, from
such a vital
of action
of the public interest, of assigning to exchanges
economic affairs, before they adopt programs
role in the Nation's
designed to justify their existence
solely upon their value as public market
'
places.
$71,673,712
Common stock................
of
I have always
566,911
Preferred stock
Certificate
$1,628,680
benefi¬
participation,
such
cial Interest, &c
Secured bonds
-
"i
$118~333
3
-
469*285
importance
there must be no
Debentures
invested capital, is weighed
....
...
Vot,lla: trust certificates
Total....
Refers to securities to he issued in
a
Represents actual market value or
available.
$587,618
4
......
*
733*289
$72,407,001
303^685
$2,499,276
exchange for existing securities,
one-third of face value where market was not
V -.'.v-vo'v ;:
,
.
.
Exchanges to Reorganize and
Adopt More Curbs—Chairman Douglas Ssys Unless
Exchanges Act Commission Will Impose Regula¬
tions—Suggests Salaried Executive and Discontin¬
uance of Operation as "Private Club"—Also Favors
welfare, affected as it is with so
by
they
the
^securities exchanges of the country
and
provide
ness
the Securities and Exchange
remain the driving
force in our economy.
For these reasons it seems
tional methods
has been from
ship associations, to great
come more
Commission will be required
impose further regulations, was contained in a statement
issued on Nov. 23 by William 0. Douglas, Chairman of the
Commission.
Mr. Douglas did not offer any specific pro¬
to
desired by the SEC, but did suggest, however, a salaried
had no professional interest
in their activities, discontinuance of operation of exchanges
as
"private clubs," and reduction in present membership.
The statment follows a series of conferences with represen¬
tatives of the New York Stock Exchange and submission by
the latter of certain administrative changes.
It is understood
that the negotiations have been discontinued at least for the
time being.
In his comments Mr. Douglas said in part:
gram
realistic
meet the
vide
a
approach
to
the problems confronting exchanges must
exchanges should attempt to pro¬
memberships.
In short, are the
question as to whether the
livelihood for their present huge
exchanges attempting to
feed too many mouths?
The prolonged periods
provided an income sufficient perhaps to
justify a 25% increase in the membership of the New York Stock Exchange.
But the vast changes which have occurred are well known.
Any study of our markets over the past 25 years will reveal that there
has always been present a tendency upon the part of the professional trader
to accentuate a declining market by selling short for specualtive profit at a
time when public distress adds a factor of demoralization.
That such
activity has not died out with the advent of the Act is evident from a
consideration of the figures lately assembled by the New York Stock Ex¬
change concerning trading in five leading stocks during a period of abnormal
of great
activity in the late '20's
activity.
that during the period of study, members effected
about 30% of all transactions in these stocks on the
Those stocks show us
for their own accounts
Exchange.
This figure when compared with that
of 21 % for similar trading
all stocks during the period, indicates a further problem—
the apparent excess of professional attention to the active stocks with a
corresponding neglect of the inactive issues.
by members in
Mr.
do with member trad¬
said "serve only to fortify further the con¬
indicated repeatedly in our studies that members of the
Douglas cited figures having to
ing which he
clusion
the tradi¬
The evolution of exchanges
and brokers, to small private member¬
public market places. Their public aspects have
It is essential that their organiza¬
and more into the ascendency.
with that evolution.
This is especially true of the New
York;
membership associations, exchanges have always
much the same manner as private clubs. For
traditional method has
become archaic.
The task of conducting the affairs of large exchanges
(especially the New York Stock Exchange) has become too engrossing for
those who must also rim their own businesses.
And it may also be that there
would be greater public confidence in exchanges (and the prices made
thereon) which recognized that their management should not be in the hands
of professional traders but in fact, as well as nominally, in charge of those
Operating as private
administered their affairs in
a
with the public interest, this
business so vested
who have a clearer
executive for the exchanges, who
soon
imperative at this time to reappraise
of exchange administration.
small groups of traders
Stock Exchange.
that
foster a comprehensive plan of reorganization
for more adequate administration of their busi¬
to
Such an important instrument in our economic
vital a public interest, must be surrounded
adequate safeguards.
Yet it is also obvious that such restrictions must
consistent with the profit motive, which in final analysis is and must
parts of our economy.
tion keep pace
Reduction in Membership
Advices
obvious.
frequently become generators of storms on the one hand, or of intoxicating
overconfidence on the other, which cause grave disolcations in unrelated
be
SEC Advises Securities
tended to distort their balance seems
the past
which have in
Furthermore, they
of keeping them free from those elements
The importance
Certificates of deposit...
Any
detriment of the outside many.
the inside few to the
Short-term notes
unless
which that great
and evalued.
Scales of
must be tamper-proof, with no concealed springs—and
laying on of hands.
Such scales must not be utilized by
regarded the exchanges as the scales upon
national resource,
public responsibility.
Exchanges Permitted to Adopt
As is well known,
Own Rules
the Commission has in the past
made a practice of
adopt as their own the rules governing the
trading practices of their members.
This method appeared to have two
distinct advantages.
First, it would permit the necessary plasticity required
because of varying conditions on the various exchanges.
And second, it
was thought
that it would add the weight of the exchange itself as an
enforcement agency having jurisdiction over its own members.
It was thought that government might avail itself of this already estab¬
lished enforcement machinery.
We were encouraged in this belief by the
exchanges and consequently not only invited exchange representatives to
the drafting table in these particular matters, but forewent entirely the
adoption of any rules of our own in governing such practices.
The net
result is that of all the rules now in force governing the trading activities
and practices of members of the New York Stock Exchange, in accordance
with the requirements of the law, not one was formally adopted by this
Commission,
True, this adoption by the exchange was at the suggestion
of the Commission but only after full consultation with the Exchange.
And in no case where the Exchange refused to act did the Commission
permitting the exchanges to
promulgate its own rule.. In
enforceable primarily by it.
Present
short, all of them are the
Membership Regarded as Obstacle in
That raises the
Exchange's rules,
Reconstituting Exchanges
previously indicated, as to whether
equipped themselves to continue in this important role
question, which I have
the exchanges have
and to be entrusted
with even greater
responsibilities in this direction.
A
and full-time enforecement of existing regulatory obliga¬
essential; but even more important is a progressive assault upon the
vigilant, vigorous,
tions is
roots
can
of practices which
be
a
make many of these rules necessary. That assault
Commission and the exchanges—and it is my
joint venture of the
be exactly that.
the problems confronting exchanges
question as to whether the exchanges should attempt
hope that it will
Any realistic approach to
meet the
must soon
to provide
3422
a
Financial
livelihood for their present huge memberships.
activity in the
justify
Twenties provided
late
In short,
an
income sufficient perhaps to
25% increase in the membership of the New York Stock Exchange.
a
But the vast changes which have occurred are well known.
(the kind that bred
manipulation
was
a
activity) was wiped away forever (we hope) when
more
outlawed.
But the principal overhead of the exchanges,
their membership, has never been reduced.
It may be that, until such
a
deflation occurs, there will always be a substantial obstacle in the way of
reconstitute the exchanges as public market places.
any attempt to
Certainly
that kind of economic pressure is a great deterrent to the growth of realism
in facing squarely the advent of governmental regulation.
The
of the
problem
permissible field
which has long pressed for solution.
account is
own
The exact point at which the interests
of the floor trader become inimical
to
that
of the
agree¬
long period of exchange history, these interests have not
been co-extensive.
Any study of
markets
over
the past 25
years will reveal that there
a
point where it
now
in which the unit of
trading—the only thing that
tomers have
Stock
averaged from 16 to 21 % of the total volume
Exchange.
customers
buying
The
heavily
balance in
on
the
entirely with
record
these
of
odd-lot
the
dealers
decline.
recent
whether
to
as
Yet,
factor of demoralization.
a
if he wishes, fill the order from his
activity has not died out with the advent of the act is evident from
a con¬
five leading stocks during
concerning trading in
of abnormal
period
^
acitivity.
Those stocks show
for their
a
about 30% of all transactions in these stocks
own accounts
Exchange.
figure
This
when
compared
with
that
of
21% for
trading by members in all stocks during the period, indicates
problem—the apparent
with
on
on
the
crucial
were
points in the
been
of the
recent
adoption
on
13,
Sept.
exceeded their sales
14
and
15,
when
odd-lot
customers'
by 316,000 shares, odd-lot dealers in
a
year
and
half.
a
our
heavy sellers
To point to
market studies which
are
by
on
the decline.
On Sept. 7, when the industrial average declined 8.14
points, and the
total volume of trading was 1,870,000 shares, the record of the
members
follows:
Other
Specialists
176,300
219,500
-
Sold
Balance
the Floor
95,600
129,300
—33,700
2,320,000 shares, the record
107,775
—40,670
Members
Members
Balance
the Floor
129,700
170,620
—40,920
—67,210
83,170
92,000
the
floor
groups,
particularly
the
playing
Other
Specialists
,
a
■
On the Floor
168,500
230,000
—61,500
250,600
320,400
—69,800
Sold
Balance
And with the volume at 7,290,000 shares
weakness continued until about
wiping out
11
a.
on
Oct. 19, when the pronounced
followed by a very sharp rally
m.
of the previous day's losses,
a great part
we see the
following:
■
Other
Members
Specialists
935,900
749,100
+186,800
,
?°"Sht
Sold
-
Balance
These
figures
repeatedly in
own
only
serve
account—particularly
fluctuations
to
fortify
our studies that members
the
further
of the
the
On the Floor
329,200
267,300
+161,900
conclusion
indicated
Exchange trading for their
specialists—either
create
the
daily price
else contribute
materially to their severity.
The force of this trading by members of
the New
or
is even more clearly indicated in
another study now
the Commission.
In 35
own accounts
in process
by
trading days between Aug. 16 and
Sept. 25 this year, 20 members alone accounted for
16% of the total trad¬
ing in United States Steel common, and 12 members
accounted for 13%
in
General Motors
Here
common.
we
see
how extensively
tend to concentrate their activities in the
stocks which
leaders
stocks the price movememts in
which
dous effect upon the general trend of
prices.
are
as
much
as
amount
46%
a
quarter of the
one
a
tremen¬
of these market leaders
trading in all five stocks.
almost half of the entire volume of short
sales,
done by members for their own account.
This
or
striking fact constitutes
of the problems with
faced.
the
an
the
assertion
trader is justified
on
that
New York
the existence
Stock
a
Of this
was
that
of the nature of
excellent example
In fact, these figures as a
group are
common
and
which
some
Exchange is presently
challenge to the validity of
of the
specialist and the floor
the basis of their
stabilizing influence on the market,
their resultant benefits
to
the
members of the public who enter the
market.
In
not
a
market in which there is such
an enormous
public interest—in which
only 300,000 small traders but 10,000,000 investors have
essential
no
element of the casino
a
stake, it is
be allowed to intrude and that all
such
elements be obliterated.
One
of
the
most
important public considerations
were
day in and day out,
influence in the creation of prices in
public
a great
market place.
Responsibility of Exhcnages and Commission
Of course, it is
the province neither of the
as to
Security Prices
exchanges
nor
of the Com¬
we
jointly have
some
responsibility to insulate the economic life
and business morale—confidence—of the Nation against the
severity
of the
unfailing accompaniment of violent
of security prices, so that the seismograph
does
not
itself create the earthquake.
Prices of securities should at all times freely reflect the ups and downs
only of the enterprise against which they are issued but of basic economic
However that may be, certainly the entry of artificial forces,
concern
as
well
the
to
a
trend in
direction
one
or
the other,
is of
Commission, and it should become equally
the
of the exchanges.
problems constitute
challenge to the exchanges and their members
a
to the Commission.
as
It is
challenge which
a
can
only be met with
progressive action, just as any public institution must meet the challenge
of time and altered conditions.
Such challenges must usually be met with
change.
In this
the
case
the changes called for should be a constitutional revision of
administrative
and functional techniques
of the exchanges.
Perhaps
this is the only way in which the exchanges may gain the
public confidence
for them to be effective in performing important supporting roles
necessary
in
the
reason
administration of the
it transcends
mere
Securities Exchange Act of
matters of internal
1934.
For that
management.
Proposed Administrative Changes Within New York Stock Ecxhange
From conversations I have had with many exchange traders
recently I
have gathered that certain technical administrative changes are
being
templated within the New York Stock Exchange.
as
they well might, the introduction of
a
sibility and independence from the
many
which
membership,
are
decks for
exclusively those of the
an
approach to the
It should not be thought,
con¬
Such changes, involving
greater degree of public respon¬
private
and
personal interests
could indeed
clear
the
fundamental problems I have described.
more
however, that whatever changes may be made,
either by the exchanges or by the Government itself, can
possibly insure
against the risks of loss which
are
an
inevitable ingredient of any kind of
human dealings in any kind of public market place.
we
must seek can
only be against unfair dealings
and inequitable opportunity between public and member.
To the degree
that the changes I have heard discussed are in that
direction, I wish to state
emphatically that
any
such action will have the wholehearted and active
support of this Commission.
And I feel certain that it will also have the
heartiest support of the investing public.
Christmas Club Savings This Year Estimated at
$320,-
000,000—Average Amount to Each Member $48.55,
Compared with $46.50 in 1936
A total of
$320,000,000 will be distributed shortly to about
G,GOO,000 Christmas
Club members
by approximately 4,500
banking institutions and organizations, according to
an
esti¬
mate made Nov. 16
dent
by Herbert F. Rawll, founder and Presi¬
of Christmas Club, A Corporation.
The annual dis¬
tribution for 1937 and the number of members
participating
has not "kept step" with increased
payrolls and increased
employment, Mr. Rawll said.
"There
was
decrease
a
banks this year,"
total number of
accumulation.
in
the
number
of
participating
he added,
"resulting in a decline of the
people participating in the Christmas Club
The number of
Christmas Club members for
each participating
Odd-Lot Buying and Selling
grows out of the great
dis¬
so-called market
undoubtedly have
31% of the total trading in
increase their short positions in some
the members
selling repre¬
and constituted almost
or
under normal circumstances,
even
is to be given its proper
The most arresting data compiled in the
recent New York Stock
Exchange
study, however, concern short selling. It is revealed that short
sented
And
The insurance which
York Stock Exchange
for their
long positions
This condition emphasizes the acuteness of the problem of how the buy¬
ing and selling of this important group of small investors and small traders
These
Members
Bought
purchases
his selling—the only part which could have contributed to the trend
concern
vital role:
„
offsetting
clearly to indicate that
the dealer holds hundreds, and somethimes thousands, of shares of public
orders in individual issues wholly outside of the main current of prices.
—8,830
specialist,
which
seems
the three days cited in September the odd-lot customer was
on
constant
Another period of widely fluctuating markets tells the same
story.
On
Oct. 18, when the largest decline of the year occurred in a
3,230,000-share
see
market
taking advantage of their odd-lot customers' buying
It may be argued that these are exceptional cases, but the fact remains
that
In the
we
the round-lot
stimulating or accentuating
same period, in contrast to those two
days, on Sept. 11, when
prices recovered slightly, each of |tyese member groups,
particularly the
specialists, bought heavily on balance.
market,
nevertheless the extent to
franchised to the extent of nearly one-third of the net balance of his buying
conditions.
Off
On the Floor
Specialists
205,420
272,630
Sold
on
own
necessarily
was
stocks.
not
Other
full lot,
a
withheld from
shifts in the trends
was:
Bought
total
were
shocks which have in the past been the
67,105
On Sept. 10, when the same average declined 8.32
points and the turnover
was
to
be that
Off
On the Floor
—43,200
-
part of this balance undoubtedly
some
mission to interfere with the basic trends of security prices, though it may
Members
Members
Bought
While
positions.
not counted.
exceptional—on Sept. 9 and 7 of this year, two days of spectacular
price losses, members of the New York Stock Exchange in general, and more
were
more
sold, odd-lot dealers in their turn bought only 328,000 shares
of prices—and that on Oct. 20 over 42% of the net balance of his votes
no means
particularly the specialists,
100,000 shares
some
balance in the round-lot market, supplying 242,000 shares from their
over
practices in the interest
of the public cannot overlook the problem of the
specialist.
significant instances in
For
purchases
bought only
Oct. 20, when odd-lot customers bought 570,000 shares
on
than they
turn
positions.
to reduce their own
Problem Incident to Readjustment of Trading Practices
The proper readjustment of exchange trading
was as
Again,
own
further
a
Furthermore, in spite
by the two leading exchanges of rules covering
has remained more or less constant for more than
or three
beneficial effect
odd-lot dealers failied to pass on to the round-lot market a substantial pare
dealers in part were
member trading, the proportionate position of the professional in the market
only two
a
of prices recently where
movement
of the support which their customers' purchases might have afforded.
similar
of professional attention to the active stocks
excess
He does not
the market.
There
corresponding neglect of the inactive issues.
a
important
supplied from dealers' positions because positions in individual issues failed
that during the period of study, members effected
us
it rests almost
The odd-lot dealer
inventories.
own
he does not and when, if he had, there might have
That such
sideration of the figures lately assembled by the New York Stock Exchange
odd-lot
always have to go into the market to buy or sell, and there are times when
216,000 shares in the round-lot market and supplied
adds
that
these
not
or
balances of purchases or sales are passed on the market.
from their
declining market by selling short for speculative profit at
when public distress
the New York
on
shows
transactions
has always been present a tendency upon the part of the professional trader
time
appears on
selling during almost the whole of 1935 and have been
were
to accentuate a
a
of
to 21%
averages up
For the past year or so the actual purchases and sales by odd-lot cus¬
example,
our
reached
the ticker—is 100 shares or a round-lot.
general public is the
subject of widely divergent points of view, but there is substantial
ment that over a
one
trading, generally considered to represent the activity of the
The problem is how to transmit accurately the net effects of this activity
may,
of operation of the professional
trading member on the floor of the exchange for his
1937
27,
the total reported volume of transactions on the New York Stock Exchange.
substantial portion of trading activity
very
Nov.
little investor, has
to a market
Not only was there a normal shrinkage in volume as the national specula¬
tive fever died down—but
This type of
the exchanges
are
The prolonged periods of great
attempting to feed too many mouths?
Chronicle
at
the
present
time
increase, in recent years, in odd-lot buying and
selling.
bank, however, increased on the average
8%, and the total per bank accumulation increased about
11%.
These increases were substantial in all mutual sav¬
ings banks.
There
was
a
similar increase in the estimated
Volume
Financial
145
each member from $46.50 in 1936 to
Mr. Rawll further said:
These estimates are based upon a substantial number of reports from
institutions operating the
Christmas Club plan in different sections of
the
country.
Decreased revenue from investments, occasioned by the
abnormally low rates for money recently prevailing with and increased
operating costs in banking institutions, have made it difficult for some
commercial banks to profitably handle Christmas Club deposits.
While
several banks have met this situation by a small service charge, others
are
withholding this form of saving until an improvement is established
for
amount
average
$48.55 in 1937."
the
in
rates
the
leads
for money.
other
Club funds this year, New
Christmas
of
distribution
the
In
York State
for
while the estimates
$84,000,000,
about
with
States
$33,000,000; for Massachusetts, $28,000,000 ; for New
New York's metropolitan district will receive about
$45,000,000.
The Bank of America N. T. & S. A., in California, will
distribute $9,400,000 to 160,000 members.
The Bank of the Manhattan
Pennsylvania
has
Co.
in
for more than 80,000 members enrolled at
The Seamen's Bank for Savings in New
$3,575,000
Greater
has
are
$22,000,000.
Jersey,
New York.
total of
approximate
an
Brooklyn,
The
$1,650,000, and the Dime Savings
Bank of
banking
50
with
lax
should
report
the
1:
$405,000
600,000
Mobile, Ala
Merchants National Bank
Co—Los Angeles, Calif.
Union Bank & Trust
Anglo California Nat. Bank & Trust
Bank of America N. T. & S. A
Society for Savings
San Francisco, Calif
425,000
San Francisco, Calif..
9,400,000
Hartford, Conn.-...
855,000
New Haven, Conn
610,000
Waterbury, Conn....... 500,000
Co
-----
....
Connecticut Savings Bank
Waterbury Savings Bank..—..—....--—
Washington, D. C...
695,000
..Washington, D. C...
460,000
Chicago, 111
.... 600,000
Indianapolis, Ind
430,000
Riggs National Bank
Washington Loan & Trust Co
......
First National Bank
Fletcher Trust Co
Portland, Me. —
Mass—
Mass.
Mass———-—
Mass.————
Maine Savings Bank...
Boston,
Dorchester Savings Bank....-.....-————Boston,
Home Savings Bank....—-..—
-Boston,
Suffolk Savings Bank-...—
———.——Boston,
Bank
Boston Five Cents Savings
Cambrldgeport Savings
pay
called
a
upon
of
result
It
to
strict controls
arising in banks in States
with high standards and
for the mistakes and losses
regulations.
be
as
States
banks in
that
have to
banks
is not right that sound, well-managed banks
bail out incompetent bankers and unjustifiable
losses and poor investments.
If these
speculative
remedied, the working program of
inequities are to be
the several classes
basically uniform basis.
There are also inequitable features in the present plan of assessment
upon insured banks for purposes of deposit insurance.
At the present time
the assessment bears no relation either to relative risk or to concentration
of risk in individual banks.
If these inequities are to be remedied we
must develop some reliable measure of risk.
Further, *any reduction in
the total annual assessment payments by insured banks must await definite
proof that banking standards have improved, that the ability and integrity
of
bank managers are above suspicion, that supervisors are willing to
enforce laws and policies consistently and
courageously, and that the
15,000 banks of this country are working as a group, towards common
ends, rather than as isolated individuals.
must be
of bank
strengthened and placed on a
430,000
650,000
450,000
630,000
;
570,000
Bank..——————Cambridge, Mass....... 560,000
620,000
1,100,000
1,665,000
Commercial Trust Co
Jersey City, N. J
525,000
Hudson County National Bank..
Jersey City, N. J..
740,000
Trust Co. of New Jersey........
.——Jersey City, N. J—. 850,000
Fidelity Trust Co.....
Newark, N. J
1,075,000
Howard Savings Institution
Newark, N. J
914,000
Passaic National Bank & Trust Co.
....Passaic, N. J—
.... 470,000
National Savings Bank
Albany, N. Y—
615,000
Bank of the Manhattan Co
New York City
3,575,000
Dollar Savings Bank
-New York City..!
500,000
Seamen's Bank for Savings
New York City
1,650,000
Dime Savings Bank of Brooklyn
Brooklyn, N. Y
900,000
East New York Savings Bank
Brooklyn, N. Y_...—.— 650,000
Green Point Savings Bank
——————.—Brooklyn, N. Y——. 650,000
Lincoln Savings Bank......
Brooklyn, N. Y__....... 690,000
Roosevelt Savings Bank.
-Brooklyn, N. Y
503,000
South Brooklyn Savings Bank..—
-—Brooklyn, N. Y_———_ 455,000
Long Island City Savings Bank...
....—Long Island City, N. Y_. 539,000
Staten Island Savings Bank..—
Staten Island, N. Y_.... 500,000
Schenectady Saving Bank....—————.—Schenectady, N, Y—__—
480,000
Cleveland Trust Co
Cleveland, Ohio
....1,380,000
Ohio National Bank
Columbus, Ohio
700,000
Co
.Worcester, Mass
First National Bank & Trust Co. and affiliates-Minneapolis, Minn
Northwestern Nat. Bank & Tr. Co. & affiliates.-Minneapolis, Minn
Worcester County Trust
.
Federal
of
Assets
Assets of the 12
Loan
Home
$225,921,046 on Oct.
987,180 Year Ago
which
institutions,
depositories having the largest accumulations
members and accountable for about 15% of the total
Dec.
unfair
is
58 offices
York City
include most of the
for Christmas Club
distribution for this
following approximate amounts to be released about
following
year,
It
should
$900,000.
financial
3423
Chronicle
31
as
Banks Rise—Totaled
Compared with $149,-
Federal Home Loan banks
increased from
$149,897,180 to $225,921,046 in the 12 months from Oct. 31,
1936, to Oct. 31 this year, it .was announced in Washington
on Nov.
20 by Preston Delano, Governor of the Federal
Home Loan Bank System.
A week,ago, as noted in our
3274, the 12 banks sold their
issue of Nov. 20, page
issue of consolidated
third
The three issues, in May,
debentures.
totaled $77,700,000, Mr. Delano pointed
July and last week,
out.
Consolidated statements of condition
October and a year ago
Loan banks for
$4,752,059.30
134,940,618.50
473,363.75
Cash
Advances
of the Federal Home
follow:
Oct. 31, 1936
Assets—
outstanding
receivable
Investments—United States
Accrued interest
tions and securities
-—
—
Government obliga¬
guaranteed by United States-
Deferred charges-------
———————— ,
Other assets
9,711,293.74
15,366.30
4,478.80
$9,800,008.18
16,693.91
366.96
-
payable
payable.
Accrued interest
Premium on debentures-- —————
♦Debentures outstanding
Total liabilities-
(sbort term)
30,258,979.20
113,658.80
6,120.01
------
paid)
Members (partially
$12,011,119.91
167,073.45
166.46
38,533.17
52,700,000.00
$9,817,069.05
-
Capital—Capital stock (par):
Members (fully paid)-.------
Total
Less
184,041.110.50
773,825.84
$149,897,180.39 $225,921,045.57
Total assets
Liabilities and Capital—'
Liabilities—Deposits
Accounts
Oct. 31, 1937
$10,727,351.22
-
-
-
unpaid subscriptions.-
$64,916,892.99
$27,548,600.00
435,900.00
$33,435,600.00
428,800.00
$27,984,500.00
205,550.00
$33,864,400.00
192,650.00
-
...
Members paid In
United States
Less amount
400,000
Beneficial Savings Fund Society
600,000
Corn Exchange National Bank & Trust Co——Philadelphia, Pa—
1,475,000
Germantown Trust Co..-.----—
--Philadelphia, Pa. — —\ 400,000
Toledo, Ohio
Philadelphia, Pa
—
-
$27,778,950.00 $33,671,750.00
subscription——.—$124,741,000.00 $124,741,000,00
16,621,600.00
3,227,000.00
$108,119,400.00 $121,514,000.00
Government paid in...
United States
-
Toledo Trust Co
Government
uncalled..........------
stock
Surplus—Reserve as required under Sec. 16 of
Total
paid in on capital
Co..——————--.Philadelphia, Pa.-.--—- 498,000
Co
Philadelphia, Pa
— 550,000
Fund Society
—— —Philadelphia, Pa
1,052,000
Industrial Trust Co
Providence, R. I
656,000
First Wisconsin National Bank
Milwaukee, Wis
850,000
Integrity Trust
Total surplus
and undivided
Total capital
-
profits
Total liabilities
*
using the
formula established in
questionnaires to individual
previous years from
Christmas Club members, the
$320,000,000 will be used by the
estimated fund of
approximately as follows:
42%
Christmas purchases
Permanent saving
Taxes
-
— —
-
Year-end commitments.--
;
——A
Mortgage interest......
—————-
—
———
premiums.
Education, travel, and charity
Insurance
-
25%
12%
8%
6%
5%
2%
recipients
38,400,000
25,600,000
19,200,000
16,000,000
6,400,000
of Mutual Savings
savings banks in
given in these columns of
report by the National Association
on
Christmas savings in mutual
Banks
this year was
the United States
Oct. 30, page
$5,818,402.58
$140,080,111.34 $161,004,152.58
2831.
$149,897,180.39 $225,921,045.57
and capital
Consolidated Federal Home
Loan bank
debentures issued by the Federal Home
the Joint and several obligations of all
Board and now outstanding are
Federal Home Loan banks.
Loan Bank
^
Ownership of Federal Reserve System
Criticized by Illinois Bankers Association—Views
on Other Congressional Measures
Government
$134,400,000
80,000,000
$320,000,000
'
A
$2,403,485.43
3,414,917.15
-
—
In
——
-
2,504,506.33
Act $1,677,255.01
-
Ninth Bank & Trust
Western Saving
$135,898,350.00 $155,185,750.00
$4,181,761.34
Undivided profits.-
System, as
the elimination of the office of
under the government reorgan¬
ization program, the McAdoo branch banking bill, and other
congressional measures which would tend to replace inde¬
pendent State and National banks with a unified system
were
criticized by the Illinois Bankers Association in a
legislative bulletin dated Nov. 19, sent to banks throughout
Government
ownership of the Federal Reserve
provided in the Batman bill,
Comptroller of the Currency
the
State.
Legislative Committee recognized the sincerity of
Batman and his co-sponsors in the belief that
the Batman bill would help in establishing a more stable
credit condition, but declared that any such benefits which
The
Operating Standards for All Insured Banks
Proposed by Leo T. Crowley—Head of FDIC Says
99.6% of Depositors in Closed Banks Have Been
Minimum
Four Years
operating standards
which will apply to all banks insured with the Federal
Deposit Insurance Corporation was advocated on Nov. 23
by Leo T. Crowley, Chairman of the Corporation, in address¬
ing the annual conference on banking at the University of
Illinois, at Champaign-Urbana, 111.
He added that the
Corporation has no intention of attempting to usurp States'
rights, but that the proposal merely seeks to remedy the
competitive disadvantage of State banks.
Mr. Crowley
asserted that four years of FDIC operation have proved
that deposit insurance has enabled the creation of a stronger
banking system than the country has ever had.
He pointed
out that depositors in the 160 insured banks which have
been closed since the FDIC has been operating have been
protected to the extent of more than 90% of their deposits,
while more than 99.5% of the depositors in those banks
were
fully protected against loss.
Mr. Crowley added,
Fully Protected in Last
Formulation
in
of
a
set
of minimum
part: ^
Deposit
insurance
might result
would be more than
outweighed by the danger
purely political appointments in the system and the lack
of provision for banker participation in the management of
the Federal Reserve banks.
The inflationary danger of the
of
Thomas
bill, which would
require the issuance of currency
sterilized gold held in the United States
Treasury, was also emphasized.
Support of the Steagall bill to relieve State bank stock¬
holders of their double liability now subrogated to the
Federal Deposit Insurance Corporation, was urged.
Such
a law would ease the threat to State banks in Illinois pend¬
secured
by
the
ing action of the voters next fall on the
tional amendment to end double liability
proposed constitu¬
in the State.
Representative John W. Boehne Jr. Declares Against
Branch Banking in Defending Independent System
Before Indiana Bankers Association Groups
At the annual
meeting of Regions 7 and 8 of the Indiana
in joint session at French Lick, Ind.,
Bankers Association,
is essentially a mutual
proposition, aimed at safety
system. Mutu¬
the same rules.
soundness of the whole banking
ality implies that all participants shall play according to
for
Congressman
depositors through the
on
Nov. 12,
defended
Representative John W. Boehne
unit and independent system
the
Jr. of Indiana
of banking as
3424
Financial
opposed to extensive branch banking.
Chronicle
Special advices from
French Lick to the Indianapolis "News" quoted Mr. Boehne
In part as follows:
"l
feel
that
particularly
to
in
destroy the well-established principle of State autonomy,
cumbersome though it may be, will eventually
will
inevitably
drain
local
It is good logic to
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bring into existence large chains of banks.
chains
Nov.
$5,698,214,612 on Oct. 31, 1920. Just before the outbreak
of thefWorld War, that is, on June
30, 1914, the total was
only $3,459,434,174. The following is the full statement:
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Completion of the liquidation of 31 receiverships of Na¬
tional banks during October was announced on
Nov. 14 by
J. F. T. O'Connor,
Comptroller of the Currency.
This
makes a total of 857
receiverships finally closed or restored
to solvency since the
banking holiday of March, 1933.
In
his announcement of Nov. 14
Comptroller O'Connor said:
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disbursements, including offsets allowed, to depositors and other
creditors of these 857 receiverships, exclusive of the
42 restored to solvency,
aggregated $315,943,544, or an average return of
79.35% of total liabili¬
ties, while unsecured creditors received dividends
amounting to an average
of 66.85% of their claims.
Dividends distributed to creditors of all
active
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receiverships during the month of October, 1937, amounted to
$3,907,036.
Total dividends paid and distributions to
depositors of all receiverships
from March 16, 1933, to Oct.
31, 1937, amounted to $881,201,849.
Below
closed
are
or
the 31
National banks liquidated
restored to
and
11
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Total Dis¬
Including
bursements
to Total
Allowed
Liabilities
Security
Nat.
6-
8-32
6-28-32
Steward, 111. (x) 11- 1-33
Bank,
Clinton,
Okla.
(x)
6-28-34
Anoka Nat. Bank, Anoka, Minn.
1-27-31
First Nat. Bank, Brunswick, Mo.
10-16-31
Security Nat. Bk., Paducah, Tex.
Spencer Nat. Bank, Spencer, Ind.
First
Nat.
Bank,
Nat.
7-30-32
7- 6-32
Bank,
Little
Chicago, Calif
3-18-32
First Nat. Bk., Hawkeye, la.
(x)
Petersburg,
6-28-32
11-
3-33
Fla
First Nat. Bk., Bllssfleld, Mich.
7- 3-31
First Nat.
Bank, Chlllicothe, Mo. 6-22-31
First Nat. Bk., Whiting, la.
(x) 10-31-33
Farmers Nat. Bank,
Hodgenville,
Ky. (z)
10-10-34
Public Nat. Bank &
Pa.
Nat.
Texas
Bank,
(z)
Trust Co.,
(z)
12-13-32
Connellsvllle,
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Formerly In conservatorship,
assessment covering
deficiency in
liquidation.
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303,086.00
,
52.53
128,109.00
86.49
99.16
72.65
104.03
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481,098.00
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§ * « s
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= •3
S
O
05
%
94.6
104.75
p
>
3
■s
17.95
45.35
*
o
Revised figures.
Does not Include gold other than that held
by the Treasury.
b These amounts are not Included
In the total, since the
gold or silver held as
security against gold and silver certificates and
Treasury notes of 1890 Is Included
under gold, standard silver dollars, and silver
bullion, respectively.
c This total includes credits with
the Treasurer of the United
States payable in
gold certificates In (1) the Gold Certificate
Fund, Board of Governors, Federal
Reserve System, in the amount of
$6,309,443,137; and (2) the redemption fund for
Federal Reserve notes in the amount of
$9,381,654.
d
76,217.00
31.91
32.616
1,023,328.00
97.98
0.00
Receiver appointed to levy and collect stock
value of assets sold, or to
complete unfinished
z
Reference to the liquidation of National banks
completed
was made in our issue of Oct.
23, page 2633.
«.
Stock of
Money in the Country
The Treasury Department at
Washington has issued the
customary monthly statement showing the stock of
money
in the country and the amount in
circulation after deducting
the moneys held in the United States
Treasury and by
Federal Reserve banks and
agents.
The figures this time
are for Oct.
31, 1937, and show that the money in circulation
at that date
(including, of course, what is held in bank
vaults of member banks of the Federal Reserve
Includes $1,800,000,000 Exchange Stabilization
Fund; $1,271,904,856 Inactive
gold, and $140,955,235 balance of increment
resulting from reduction in weight of
gold dollar.
the
during September
System) was
$6,555,101,269, as against $6,542,404,887 on Sept. 30, 1937
$6,350,995,090 on Oct. 31, 1936, and comparing with
,
00*
n
49.34
2-12-31
Continental Trust Co., Washing¬
and
rH
rH
P
3
11.48
63.53
oo
N
lO
to
©
2-28-33
....
N
w
©
43.92
eo
rH
I N* ©*
©
•
6- 9-30
First Nat. Bank, St.
Marys, Kan. 1-12-33
First Nat. Bk., Malvern, Ark.
(x) 10-15-34
Howe Nat. Bank, Elgin, HI
1-20-32
Houston,
CO
I
Ih
12-19-30
West Hollywood First Nat.
Bank,
West Hollywood, Calif
First
I
rH
©
Rock,
First Nat. Bank,
Freeport, Ill.(x) 10- 9-33
First Nat. Bank, Ridgway, 111...
2- 4-33
First Nat. Bank, Klnston, N. C__
5- 1-31
First Nat. Bank, Capac, Mich
First Nat. Bank, St.
©
©
00
00
59.72
32.93
©
in
tr
©
-
72.8
67.34
tO
Hf
©
I
©
©
00
-
90.02
tO
D
©
©* t-T
59.36
108.93
104.95
O
co
rH
37.93
71.41
O
IIII
rH
109.15
55.95
(T
©. ©. © ©
©
I
Of
P
to
Iowa (x)
10-31-33
Monroe Nat. Bk., Monroe, N. Y.
7-28-32
First Nat. Bank, Colvllle, Wash.
10- 8-31
First Nat. Bank of Bay
Point,
Port
472,882.00
431,536.00
99,823.00
229,848.00
491,380.00
104.62
©
00
©
N
Waynesboro,
Mi88_First
11- 2-31
$149,708.00
372,965.00
134,164.00
137,825.00
I
©
iiiir
CO
First Nat. Bank,
©
^
rH
Claimants
9-27-33
I
'
to All
First Nat. Bank, Sidell, 111
(x)
National Bank of Rolla, Mo
First Nat. Bank, Gardner, 111...
I
O
Declared
Offsets
I
N
Dividend
Date of
I
■<»<
I
rH
Per Cent
Failure
I
eo
i
assss
!
of Bank
©
ffl* ©" ©* ©*
eo
s
finally
Name and Location
n
©
n* n* ©* ©"
1
LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY
DURING MONTH OF OCTOBER, 1937
Per Cent
©
©
co
INSOLVENT NATIONAL BANKS
Total
I
I
<53
solvency during October:
Disbursements
I
©
*
e Includes
$59,300,000 lawful money deposited
deposits.
as a
reserve
for
Postal Savings
f
The amount of gold and silver certificates and
Treasury notes of 1890 should be
deducted from this amount before
combining with total money held In the Treasury
to arrive at the total amount of
money in the United States.
g Includes money held by the Cuban
agency of the Federal Reserve Bank of
Atlanta.
h The money In circulation
includes any paper currency held outside
the con¬
tinental limits of the United States.
Note—There is maintained in the
Treasury—(1) as a reserve for United States
notes and Treasury notes of
1890—1156,039,431 in gold bullion; (11) as security for
Treasury notes of 1890—an equal dollar amount in standard
silver dollars (these
notes are being canceled and retired on
receipt); (ill) as security for outstanding
3llver certificates—silver in bullion and standard
silver dollars of a monetary value
equal to the face amount of such silver certificates; and
(iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face
amount of
such gold certificates.
Federal Reserve notes are
obligations of the United States
and a first lien on all the assets of the
Issuing Federal Reserve Bank. Federal Reserve
notes are secured by the
deposit with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted
or purchased
paper as la
eligible under the terms of the Federal Reserve
Act. or, until June 30, 1939, of
direct obligations of the United States If so
authorized by a majority vote of the
Board of Governors of the Federal Reserve
System.
Federal Reserve banks must
maintain a reserve in gold certificates of at least
40%, including the redemption fund
which must be deposited with the Treasurer of
the United States, against Federal
Reserve notes In actual circulation.
"Gold certificates" as herein used Includes
credits with the Treasurer of the United States
payable In gold certificates. Federal
Reserve bank notes and National bank notes are
In process of retirement.
Volume
Branch
Financial
145
Form Opposed by Group of
Bankers
Patment's
Bill
any tax now or
Association—Representative
Banking in Any
Oklahoma
3425
Chronicle
its pos¬
hereafter imposed by the United States or any of
sessions.
Treasury Department Circular No. 418, as amended, and this notice pre¬
Opposed
conditions of their issue.
scribe the terms of the Treasury bills and govern the
Opposition to branch banking "in any form" was voiced
Group 2 of the Oklahoma
Enid advices (Associated
Press) in the Oklahoman. The bankers also, it is said, criti¬
cized the bill by Representative Wright Patman of Texas
for changes in the Federal Reserve System.
in
a
resolution adopted Nov. 11 by
Bankers Association, according to
The advices also said:
The
bill, they charged,
the government and
which
on
banker
a
resolution
The
the
of
end
step,"
and plant
ing,
branch
will
not
be allowed to" participate."
predicted the bill
warned,
it
might result in "the beginning of the
banking system."
independent
"The next
"would turn the Federal Reserve System over to
place it in the hands of a political board of directors
the seed
so
"will be nationalization and branch bank¬
sure
to germinate
in
the evils of nation-wide
banking."
Tenders
of $137,294,000 Received to Offering of $50,000,000 of 114-Day Treasury Bills Dated Nov. 24-—
$50,152,000 Accepted at Average Rate of 0.117%
of $137,294,000
A total
tendered to the offering of
$50,000,000, or thereabouts, of 114-day Treasury bills, dated
Nov. 24, 1937, and maturing March 18, 1938, it was an¬
nounced on Nov. 22 by Secretary of the Treasury Morgenthau
Jr.
Of this amount, Mr. Morgenthau said, $50,152,000 was
accepted.
The tenders to the offering of Treasury bills were received
at the Federal Reserve banks and the branches thereof, up
Treasury Gold Receipts and Silver Receipts by United
States Mints and Assay
Offices for First Nine
Months of This Year
official figures showing
by the United States
mints and assay offices for the first nine months of this year.
Previously the Treasury had issued a weekly statement cov¬
ering these receipts but discontinued this practice on Dec.
28, 1936.
The figures made public this week cover the
quarterly periods since the end of 1936.
The last weekly
statement issued by the Treasury appeared in these columns
of Jan. 2, 1937, page 35, and the reference to the discontinu¬
ance of the weekly figures was made in our issue of Jan. 9,
page 193.
The tabulation made available on Nov. 23 by the Treasury
The Treasury on Nov. 23 issued the
the gold receipts and silver receipts
follows:
TREASURY GOLD RECEIPTS (NET)
(In millions of dollars)
was
2 p. m.; Eastern Standard
to the offering was made in our
to
Reference
Time, Nov. 22.
July-Sept.,
Jan.-March,
April-June,
1937
1937
1937
$32.93
$36.46
$45.85
Newly-mined domestic
.03
0
0
277.22
691.37
371.80
5.97
16.16
4.40
§316.15
§744.44
Domestic coin
Imports
Secondary
Total
STATES MINTS AND
SILVER RECEIPTS BY UNITED
issue of Nov. 20, page 3276.
regarding the accepted bids is from Secretary
Morgenthau's announcement of Nov. 22:
$422.05
ASSAY OFFICES
(Thousands of fine ounces)
The following
Jan.-March
for, $137,294,000
Total
Range of accepted bids:
High
99.980—Equivalent rate
Low
99.960—Equivalent rate
Average price
99.963—Equivalent rate
Total applied
approximately 0.063 %
approximately 0.126%
approximately 0.117%
(47% of the amount bid for at the low price was accepted.)
a
W.
Appelgate
Association
Traders
7.9
13.5
7.0
113,022.7
30,438.4
97,889.0
1,113.717.4
Executive
a
Elected President of Foreign
of Philadelphia—Other Offi¬
First Vice President,
A. P. Jury, Dr. D. Jayne and Son, Inc.
Second Vice President, F. J. Roderick, Barrett division, Lanston Mono¬
type Machine Co.
Third Vice President, T. O. Ballagh, Ballagh & Thrall.
R. L. Kramer, University of Pennsylvania, and Treasurer,
R. K. Johnson, American Non-Gran Bronze Corp.
Offering of
Day
A
new
$50,000,000,
or
Thereabouts,
of 107-
Treasury Bills—To Be Dated Dec. 1
offering of 107-day Treasury bills to the amount of
$50,000,000,
thereabouts, to which tenders will be re¬
or
Proclamation
cAct June 19,
Dec.
Roosevelt
President
21,
Aug. 9,
b Executive Proclamation
1933.
1934.
Spends
Thanksgiving at White
Improves Will Fish Next
and Visit Warm Springs,
House—If Tooth Ailment
Appelgate, Export Manager of the Esterbrook
Camden, N. J., was elected President of the
Foreign Traders Association of Philadelphia at the annual
meeting on Nov. 19. He succeeds John B. Hay, of the Scott
Paper Co., Chester, Pa., whose term had expired.
The
Philadelphia "Inquirer" of Nov. 20, from which this is
learned stated that other officers elected follow:
New
1937
172,672.4
46,682.0
Week Off Florida Coast
Charles W.
Secretary,
20,838.6
Purchase Act silver
Ga.
Steel Pen Co.,
k
15,623.3
Sept. 30,
b Nationalized sliver
c
Elected
cers
1937
15,337.0
Aggregate to
Quarter,
July-Sept.
1937
Newly-mined domes, silver
1934.
Charles
Quarter,
Apr.-June
1937
Quarter,
accepted, $50,152,000
ceived at the Federal Reserve banks, or the branches thereof,
to 2 p. m., Eastern Standard Time, Nov. 29, was an¬
on Nov. 26 by Secretary of the Treasury Henry
Morgenthau Jr.
The tenders will not be received at the
Treasury Department, Washington.
The Treasury bills will be sold on a discount basis to the
highest bidders. They will be dated Dec. 1, 1937, and will
mature on March 18, 1938, and on the maturity date the
face amount will be payable without interest.
There is a
maturity of similar securities on Dec. 1 in amount of $50,004,000.
In his announcement of Nov. 26 Secretary Mor¬
genthau had the following to say:
!■■■.■'
The abscessed
V
had
that
tooth
..
been troubling President
weeks, and which was extracted
President to cancel his schedule
trip to Gainesville and Warm Springs, Ga., on Thanksgiving
Day (Nov. 25). The President passed the day at the White
House where he had his Thanksgiving Day dinner with his
family. Except for last year, when he was on his way to
the Buenos Aires Peace Conference, President Roosevelt
has presided over the Thanksgiving dinner at the Georgia
Warm Springs Foundation for Infantile Paralysis, Warm
Springs, each year during his administration.
Previous
reference to the President's scheduled trip to Georgia Nov.
Roosevelt for nearly two
a
week ago, caused the
was made in our issue of Nov. 20, page 3277.
Providing his condition will permit, the President plans to
take leave of Washington over this week-end for a short
fishing trip off the Florida coast. He also plans to visit Warm
Springs on the way back to Washington.
25
up
nounced
They (the bills)
denominations
will be issued in bearer form only, and in amounts or
of $1,000,
$10,000,
$100,000,
$500,000,
and
$1,000,000
(maturity value).
multiples, of $1,000.
tions must not be
be considered.
Measures
decimal places, e.g., 99.125.
and trust companies
Frac¬
%
used.
Tenders will be accepted without cash deposit
and from responsible and recognized dealers in invest¬
applied for, unless the tenders are
Soon as Other
by Congress—
on
Monday
Congress
Message to Congress
ready for it, was indicated by President Roosevelt at his
press conference yesterday (Nov. 26) according to United
Press advices from Washington, which in part said.
Mr. Roosevelt's tax expression came as Congressional sources
indicated
be delayed until
January,
that
action
tax
on
revision
despite a new Senate
would
probably
drive to aid business by making the revision before
the closing hour will
tenders on Nov. 29,1937,
thereafter, probably on the following
morning.
The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those sub¬
mitting tenders will be advised of the acceptance or rejection thereof. Pay¬
ment at the price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
did
not
indicate
principal and interest, and any
thereof will also be exempt, from all
taxes.
(Attention is invited to
Decision 4550, ruling that Treasury bills are not exempt from the
gain from the sale or other disposition
except estate and inheritance
No loss from the sale or other disposition of the Treasury bills
recognized, for the purposes of
shall be allowed as a deduction, or otherwise
whether
he
expected
Congressional leaders have
Administration leaders have pointed out that a retroactive bill
in January would relieve
referred to
When first asked his attitude on tax revision, the President
his
message
soon
as
enacted
corporations just as much as one passed now.
to Congress.
He then added that he desired the revision as
everything was duly considered.
Roosevelt also revealed these immediate steps which will
be taken
to aid business:
(1)
He has ordered speeding up of spending for Government
by all departments.
(2)
to
A special
supplies
.
message
to
promote
housing construction will be sent
Congress Monday.
(3)
He
will
ask
Congress to reduce
materially Federal highway aid
expenditures as a means toward budget balancing.
President Roosevelt Talks with Utility
fers with Weldeli L. Willkie and
Dec. 1, 1937.
comment
despite strong sentiment for immediate action.
prices will follow as soon as possible
The Treasury bills will be exempt, as to
tax
indicated they will not move to change taxes until the January session,
Banks or branches thereof up to
be opened and public announcement of the acceptable
Roosevelt's
Mr.
revisions to be enacted at the special session.
Mr.
Immediately after the closing hour for receipt of
all tenders received at the Federal Reserve
gift tax.)
as
Considered
That he desired tax revision legislation as soon as
trust company.
Treasury
Been
is
Tenders from others must be accompanied by a deposit of
10% of the face amount of Treasury bills
taxation,
Conference Says That He
Legislation
Next
from incorporated banks
accompanied by an express guaranty of payment by an incorporated bank or
,
Have
To Send Housing
Each tender
The price offered must be expressed on the
basis of 100, with not more than three
ment securities.
at Press
Desires Tax Revision
Christmas.
No tender for an amount less than $1,000 will
must be in
President Roosevelt
Interests—Con¬
Floyd L. Carlisle—-
Huge Construction Program Planned by
Edison Co.
Following conferences earlier in the month with utility
executives, President Roosevelt this week held further talks
with heads of public utilities.
On Nov. 23 he conferred
with Wendell L. Willkie, President of the Commonwealth &
Financial
3426
held a conference with
Floyd L. Carlisle, Chairman of the Consolidated Edison Co.
Participating in the President's talk with Mr. Willkie on
Nov. 23 was Frank R. McNinck, Chairman of the Federal
Power Commission.
The conferees, in their discussions were
Southern Corp. and on Nov. 24 he
attempting to lay the basis for a Si ,500,000,000 building
Srogram by the private vigorously on aobjectives
business enter
utilities—the recovery
more
ave
being to
program.
dispatch to the New York "Times"
Nov. 23, regarding the conference on that day had the follow¬
ing to say in part:
Turner Catledge, in a
between
of the conversation
Details
Mr.
Willkie
Roosevelt and Mr.
disclosed by the President at a limited press conference held in the
were
House, next to the bedroom where he had
Oval Room study of the White
because of
been confined for several days
talk
President described the
The
an
infected tooth.
Chronicle
Nov. 27,
I expect this will be very substantial in
national housing program.
new
.'-V
nature.
"We
and
I
going ahead
are
m
•
with
confident there
am
1937
expansion
of generation and distribution
be markets for
will
absorb that ex¬
to
power
pansion."
of Frank R. McNinch,
is attending the Presi¬
Mjt. Carlisle spoke to reporters in the presence
former Chairman of the Power
Commission who
dent's conferences with individual private utility
Chairman of the Niagara Hudson Power Co.,
Mr. Carlisle, who also is
said
that
with
that
executives.
utility would carry out a $12,000,000 expansion program
construction of
100,000 horsepower steam plant at Oswego,
a
The $100,000,000 program would be
N. Y.
carried out by Consolidated Edison
by ordering equipment and expanding power distribution into areas where
the new houses would be built under the private
the President will discuss in
financing program which
to Congress late this week.
a message
Regarding the valuation of private power properties, Mr. Carlisle said,
that he found himself in general agreement with the President.
general in its terms, intended, he
as
said, to develop some principles underlying the utilities problem with the
need for additional power facilities could be met,
object and hope that the
President Roosevelt Confers With
and construction started in this field.
One
expenditure in the next year of from $1,250,000,000 to SI ,500,000,000.
an
The JYesident spent a considerable part of the interview trying to con¬
vince Mr.
Willkie
the Government could not
that
formidable competitor of private utilities
real,
be looked upon as a
the power field.
in
He
presented data to show that only about 10% of the power generated in the
States
United
generated at
being
is
Government-owned
projects.
The
said, was generated by private companies and municipalities,
other 90%, he
The President showed other figures setting forth that on a geographical
basis only about
Government
18% of the entire country could possibly be served by
plants already in
operation and
And
contemplated.
as
to
population, the President's figures showed that only 13% of the country
could be served by Government
In recapitulation,
of the country,
facilities.
the President told Mr. Willkie that from 80 to 90%
from the standpoint of kilowatt-hours,
or
area or
population,
by private companies and could not be served
would have to be served
Government-owned
where the Government had started operations, private
facilities had
been constructed and expanded almost in direct ratio to the Government's
extensions.
He presented figures
of the Tennessee Power Co,,
Willkie's corporation, showing that
subsidiary of Mr.
a
with Tennessee Valley Authority
even
competition its production of current had gone up almost 44% in the period
1933 to
1936; the company's installed capacity had increased from
3,021,000,000 kwh. to 4,072,000,000 kwh., and its gross income had risen
the same period from $54,000,000 to $67,000,000.
jn
"General
Roosevelt said
Mr.
sertion that the
Mr. Willkie replied to
"We agree to hasten things along as much as possible.
"We
canvassed
legislative prospects
come
his argument with the
was
as¬
in raising
The President revealed that
President asked Mr. Willkie what the difficulty would be in raising "junior"
where no Government competition
in con¬
was even
for the
week
with the President.
before the Senate tomorrow."
Mr. Garner, the same advices
said, declined to
say
whether
he believed the Senate draft of the farm bill would be ap¬
proved by both the Senate and House.
The United Press advices from Washington Nov. 22, like¬
wise said:
Senator Barkley said he and the President "talked over the whole situa¬
tion" and that Mr. Roosevelt seemed "fairly well satisfied."
*4
"We did not discuss the farm bill in detail," the Senator said, "because
of
us
knew the actual
provisions well enough."
The conference was the second
They picked out an area far distant from the Tennessee Valley, and the
area,
in conference with the President on
Monday morning parley Mr. Roosevelt
has held with the legislative leaders.
problem of the utilities in expanding facilities
"junior" money in the securities market.
were
viz.:
Vice-President Garner, Senate Majority Leader Barkley,
Speaker Bankhead and Majority Leader Rayburn of the
House.
After the group conferred with Mr. Roosevelt in his
White House bedroom, Senator Barkley according to the
United Press issued the following statement:
none
Feeling" Blamed
he had pressed the power company executive to give him reasons and cases.
money in that
and House leaders
The farm bill will
Government-operated plants.
The President argued with Mr. Willkie, furthermore, that even in those
from
Resident Roosevdt conferred early in the week with Con¬
gressional leaders with a view to hastening action on his
legislative program which he had outlined to Congress for
enactment during the present special session.
Four Senate
Nov. 22,
mostly by the former.
areas
Expediting Action on His Legis¬
lative
Program—James
Roosevelt
Discusses
"Housing Campaign With Members of Congress
executive appeared
company
agreed upon was that a need existed for utilities expansion calling
to have
for
power
Congressional Lead¬
With View To
ers
the President and the
thing
hear him read his message to
ing of the special session.
He called them in last Monday to
Congress beforq it was presented at the open¬
.
.
.
Congressional leaders believed that technical obstacles and their promises
of tax revision at the regular session in January had ended the rebel cam¬
paign for action at the special session to revise or repeal the undistributed
profits tax.
But most legislative veterans believed that the administration
would be fortunate if the farm bill alone is enacted before
January.
templation.
When pressed to state the reason why the utilities could not go forward
in that section, Mr. Willkie answered:
"The general
feeling."
A correspondent broke in at this point to
tion
made
was
by Mr.
Willkie
ask the President if
any sugges¬
to measures to improve the
as
"general
feeling."
The President took from his desk a sheaf of papers and identified
them
memorandum which the power company executive had left with
him
as a
this point, but which he had not had a change to read
on
On
Nov.
23, the President's son and secretary, James
Roosevelt, called to the White House we quote from Wash¬
ington advices to the New York "Times" from Turner
Catledge a group of Congressional leaders and disclosed to
them the details of the private housing campaign, which is
expected to be revealed publicly later this week in a special
message to Congress.
Mr. Catledge in his dispatch to the
"Times" added:
As to Limitation
Mr.
Roosevelt said he asked
Mr.
on
Earnings
Participating in James Roosevelt's conference
Willkie if he did not agree that the
Senator
Barkley,
Speaker Bankhead,
were
Vice-President Garner,
Representative Rayburn
of Texas,
stocks in utilities should be limited, say to 7 or 8%.
majority leader of the House; Representative Steagall of Alabama, chairman
He added that this point was definitely left unsettled in their conversation.
of the House Banking and Currency Committee, and Jesse H. Jones, chair¬
return on
Mr.
The
common
Willkie
power
approached
was
company
official
have the write-ups as
to
on
was
the
question
of
overcapitalization.
quoted as saying he would
be willing
found by the Federal Trade Commission struck
wholly from the capital structures of the utilities in establishing valuation
for
rate-making
A
purposes.
correspondent
asked
if he
President
the
thought Mr. Willkie represented the view of all utilities in this regard.
"Not by any means," Mr. Roosevelt replied with a broad smile.
Mr. McNinch, sitting in at the press conference, said that the Federal
Trade Commission had disclosed
$1,500,000,000 in its
invested in private
Mr.
utility
survey
used
an
illustration with
in the East which paid $1,250,000 for
worth only $250,000.
valuation
proper
write-up of between $1,250,000,000 and
utilities.
Roosevelt said he had
company
a
covering from 68 to 70% of the $12,000,000,000
in
Mr.
an
Willkie of
existing property
When he asked which figure should be used
making rates,
the
power
a
official
company
as
the
quickly
answered "$250,000," the President said:
Roosevelt thought that
"very distinct"
progress
had been made
Mr. Willkie made no comment about his conversation with the President,
other than to say he considered the utilities question of vast importance in
plans of the Administration, and that he approached the problem
in the best of spirit, in
the hope of working it out.
He referred all
ques¬
tioners to the President, when asked for details of their conference.
Following his conference with the President on Nov. 24,
Mr. Carlisle was reported in Associated Press advices as
stating that he was in substantial agreement with President
Roosevelt's power views and that his company expected to
cooperate in the new construction program by spending
$100,000,000 in the next two years.
These advices added;
Mr. Carlisle gave added indications of progress in the President's efforts
get private power utilities to meet what Mr. Roosevelt calls a crying
to
need for expansion
of that industry to help the general business situation.
"I think the fears of Government
competition
are
very
much lessened
by the discussions that have taken place," Mr. Carlisle told reporters as
he left a
"I
am
from the President's general views in reference to
the basis of rate making.
the
I am going back to New York with
a
study of
possibilities of increased expansion we can make in connection with the
on
>
another item in
in
Nov. 23
this issue
President
conferred with Wendell L.
Willkie,
President of the Commonwealth & Southern Corporation on
utilities, and incident thereto, Mr. Catledge in his "Times"
dispatch stated:
The President said he
hoped to have his special message
before leaving for a contemplated Southern fishing trip.
on
housing ready
He confirmed the
reports as to the general outline of the program—that it would be geared
mainly to encourage large-scale operations, and would also seek to stimulate
the building
of small homes.
Most of the amendments which he will seek to
the Federal Housing Act already have been prepared, and were gone over in
detail by James Roosevelt and the Congressional leaders.
The
President
is
expected to stress the private nature of the housing
dtiilding material suppliers and labor bargainers might work
contractors,
lower budding costs.
Neither
President's
the
activity
nor
his more direct steps
in limiting
Congress's present program to the four points set forth in his message to the
special session muffled the agitation in Congress for some immediate gesture
toward private
business.
Sends to Congressional Commit¬
New York Power Authority Al¬
leging Propaganda by Utilities
President
tees
Roosevelt
by
Report
On Nov. 23 President
Roosevelt forwarded to
Congres¬
sional committees and Government agencies a report by the
New York Power Authority, alleging "widespread propa¬
ganda" by the utilities. As to the report, special advices
from Washington to the New York "Times" on Nov. 23
said in part:
Asked why the report
conference with the President.
not in dissent
indicate
we
Roosevelt
cooperatively, and through mutual sacrifice bring about lower interest and
at the conference toward a solution of the utilities problem.
recovery
of the Reconstruction Finance Corporation.
As
campaign while at the same time urging its public necessity. In connection
with the latter, he probably will suggest a mechanism whereby investors,
Roosevelt Sees Progress
Mr.
man
prepared by a New York State
agency
and financed
by New York should be submitted to the President and made public at the
White House, Frank
P.|Walsh, Chairman of the Authority, said that its
organic Act required that it cooperate with the President and with Congress.
Volume
Financial
14S
The President made the
his press conference.
reply when asked about this matter at
same
nationals
been
that this
It could not be learned whether the study had
established that he
undertaken at the President's request although it was
Taking specific notice of the recent drive by the Committee of Public
Utility Executives to show that the vast Government hydro-electric develop¬
ments are
costly per electrical unit than steam power plants, the
more
Power Authority's
"grossly"
underestimated
declared that the utility experts had
report
exaggerated the costs of the public projects and "grossly"
the costs of private steam plants.
The
President's
esting."
I
letter
interesting letter and
Power from the trustees
the
arise.
Reiterates Attitude
on
Claims
Russia—Adheres to Minimum Position
Embodied in Proposal Rejected by Soviet Govern¬
Against
Replies to
1935—Acting Secretary Welles
in
ment
Representing Claimants
Letter from Group
to claims
nationals
against the Soviet Government, the State Department in
Washington recently said that the claims "have not been
relinquished and that this department will continue to keep
the issue alive through informal conversations."
This dec¬
laration was made by Sumner Welles, Acting Secretary of
State, in reply to a letter from Roland Morris, Chairman
of the Association of American Creditors of Russia, New
York, which urged further prompt action be taken by the
United States Government to bring about a settlement of
the claims.
The communications were made public on
Nov. 21.
The State Department's letter, dated Nov. 3, ex¬
plained that "this department stands ready to profit by any
favorable opportunity to renew negotiations, but not to the
extent of receding from the minimum position which was
embodied in the proposal rejected by the Soviet Govern¬
Reiterating its stand taken in 1935 with respect
of the United States Government and American
January, 1935."
ment in
formed
this year through the cooperation
February of
in
In addition to Mr. Morris, former
Co.
members of the Executive Com¬
Allen W. Dulles, William S.
Ambassador to Japan, other
mittee of the Association
are
Alexander
Otis, 120 Broadway, New York City, is Secretary of the
Elliott, Milton C. Lightner and John J. Doran.
Association.
Morris said
Reported to Senate and House—Provide for
of
Cotton, Corn, Wheat, Tobacco and
Centralized
Control of Dollar to Regulate Crops
^
Rice—Senate Committee Report Urges
Congressional consideration of farm legislation
State
the
to
cution
their
of
attention.
Soviet
claims
We
know
Government
and
.
Department
Mr.
that the interested claim¬
.
.
the
point
relations
friendly
view
of
the
of
United
the
with
make it more than
picture, which
Government to
present
settlement of claims
Soviet
render the
States,
propitious moment to revive a discussion of a
time
a
such
as
those
represented by the Association.
read
with
the
28, 1937,
attention your letter of Sept.
greatest
setting forth the views of the Association of American Creditors of Russia
question of the claims of this Government and American nationals
against
with
from
of this
the Soviet
February,
claims
January,
to
and
the
People's
November,
in
the
Commissar
prior
1933,
forth
set
in
with
accordance
in
since
the
a
endeavor to obtain
a
were
brought
like
to
limit
beyond which
Soviet
I
Affairs of the
Foreign
at
a
the United
with the
of
this
of
the
of
without
of facili¬
the purpose
Soviet Union.
I would
this proposal represent
is not prepared to
question
the
claimants and
for
States and the
Government
by
rejection
American
the terms embodied in
settlement
profit by
debts
and
go
in
the
its desire
claims with
with
interest
the
settlement of this
any
view that conditions at present would
your
renewed attempt
problem.
favorable opportunity to
on
the part of this Govern¬
This department stands ready
renew
negotiations, but not to
from the minimum position which was embodied in
proposal rejected by the Soviet Government in January,
without
While Chairman Ellison D.
unable to give any esti¬
mate on the cost of the separate Senate bill, Representative
Marvin Jones, of Texas, Chairman of the House group, said
that his bill would involve an expenditure of about $600,000,000, or $100,000,000 above the sum already provided in the
Soil Conservation Act.
Measures whereby this extra cost
is to be financed is left for determination by the House Ways
saying
wheat, tobacco and rice.
corn,
Smith of the Senate Committee
was
and Means Committee.
In
formal report on the farm bill, the Senate Agriculture
on Nov. 25 recommended the concentration of
a
Committee
control of the dollar into
the
one
Government agency to insure
of compulsory crop
control and restricted mar¬
The Committee contended that "unless
and until the dollar value is regulated and stabilized, it will
be impossible to regulate production of farm commodities in
any kind of a satisfactory manner."
From Washington
advices, Nov. 25, to the New York "Journal of Commerce"
of Nov. 26, we take the following bearing on the report:
success
keting programs.
Nearly half of the Senate Committee's report on its bill was devoted to
the relationship of the price
of the dollar with farm income.
The section
and should be raised to at least the 1926
"1. The price level is too low
level
shown by the Bureau of
as
Labor Statistics.
The power over the value of
"2.
the dollar, now divided among various
agencies and departments, public and private,
should be co-ordinated and
concentrated in one Federal agency with a definite Congressional mandate
to such agency
to properly adjust and regulate the value of the dollar and
thereafter to stabilize such adjusted value."
Seen Uroing
Committee
The
is
in
seen,
Thomas Plan
effect,
as
specifically recommending
the
perennial bill of Senator Elmer Thomas (Dem., Okla.) to create a Federal
complete control of and power to regulate the
monetary authority to have
price of the dollar.
recommended that "existing
Previously, the Committee report
powers
be
enacted for the purpose, among
increase in such price level (the dollar) to assist
used, and if necessary, new legislation be
others, of bringing about an
the farmers in securing
parity prices for their products."
that, unless and until the dollar value is regu¬
lated and stabilized, it will be
commodities in any kind
of
a
impossible to regulate production of farm
satisfactory manner," the recommendations
*'
read.
"The Committee further reports
is
s
that, unless and until the dollar value
adjusted and regulated and such value thereafter stabilized it will be
impossible to adjust and regulate taxes, rents, wages and salaries."
Pointing out that
President
the Agricultural Adjustment Act of 1933 gave the
to cheapen the
power
and that the power was
dollar for the purpose of raising prices,
used to devalue the dollar some 40%, the Com¬
mittee said:
cheapening of the dollar was a deliberate governmental policy to
the
raise
of farm commodities.
The policy has worked.
This
the first legislative 'break' in history."
prices
The
that
the
claims
of
the United
States
Senate
and
House Committees both
vision for cotton and wheat
cated by
omitted
pro¬
processing taxes although advo¬
President Roosevelt and Secretary of Agriculture
Tribune" of Nov. 25:
The House farm bill, as
and
1935.
of
It
goes
American
presented, provides:
For acreage allotments on the basis of five preceding years, in the
1.
case
of cotton and rice, and 10 years for wheat and corn.
be figured on a
All allotments to
tilled-acreage basis.
2. For the reduction by 25% of any soil conservation payment in excess
of $2,000.
Landlords who share proportionately with tenants to be exempt
from reduction.
3. That the Commodity
the Secretary
4.
15%.
State
sota,
other
agricultural commodities, including dairy products.
Marketing quotas shall be fixed for:
Tobacco, when the total supply
reserve
B.
Credit Corporation, on the recommendation of
of Agriculture and with the approval of the President, shall
make available loans on
A.
noted
the extent of receding
the
close
interests
to be favorable for a
ment to reach a
to
a
Union.
have
appear
to
the
of
emphasize that
arrive
to
Nov. 24.
Washington account, Nov. 24, to the New York "Herald-
on
establishment of
pledging the credit of this Government
trade between
tating
on
23 while the
President
carried
were
Soviet Union in
diplomatic relations.
As
Secretary's statement of Jan. 31, 1935, these
detail in the
complete sacrifice
unduly
Nov.
settlement of these
As you are aware,
negotiations
1935,
Soviet
Ambassador here, on behalf of the Soviet Government, of a liberal proposal
representing the limit to which this Government felt it could go, without
negotiations
on
Henry A. Wallace. The House group also eliminated adjust¬
ment payments, desired by Secretary Wallace to assure
farmers a fair share of the national income.
The provisions
of the House farm bill were summarized as follows in a
understanding arrived at by the
for
the
to
an
despite
the establishment of diplomatic rela¬
Union, have remained unsettled.
1934,
the Soviet Government
with
was
Government
unfortunately,
claims which,
Soviet Government,
the
best efforts
started
was
Administration has given the farmer
Mr; Morris:
have
begun
House will begin debate on its measure on Monday, Nov. 29.
Both the Senate and House bills provide for control of cotton,
"The
of Acting Secretary Welles to
The following is the reply
the
by its Agriculture Committee
Senate
urge
international
the
with the closest
situation
this
that the economic situation of the
further action by our Government and that
justifies
in
from
important
following
are
respectfully
again
complications
maintain
the
in
"The Committee reports
department to
was
this week when the Senate Agriculture Committee submitted
its version to the Senate on Nov. 22 and the House received
:
the
wish
letter
his
In
represented by the Association have organized for the effective prose¬
tions
State Department of Jan. 31, 1935,
given in our issue of Feb. 2, 1935,
Farm Bills
of American companies which, it is
group
national Harvester
I
was
716.
page
was
stated, sus¬
tained heavy losses from the confiscation of their property
in Russia during the Soviet revolution, and already repre¬
sents claims aggregating many millions of dollars, includ¬
ing those of the following institutions:
Singer Manufac¬
turing Co., New York Life Insurance Co., Eastman Kodak
Co., Parke, Davis & Co., Socony Vacuum Oil Co., and Inter¬
on
action which it might contem¬
debts and claims against the
myself thereof, should the occasion
concluded with the following recommendations:
Russia
Creditors of
American
of
Association
The
ever
of
the question
v';■'?•// :i-;'
the bill drafted
State I Department
the
to
:■
Debate
ants
in regard
taking
Soviet Union and shall not fail to avail
widespread
sidered to be of national concern.
We
offer of the Association which you
any
Control
publicity given to statements and figures
issued by private individuals or private committees, I believe that this
report will be of interest and help to you and to the public.
It is in the public interest that if there are two sides to any questiqns,
both sides should be fairly and freely laid before the public.
Conclusion
and figures submitted by the Power Authority of the State of New York
are so amazingly different from the conclusions and figures heretofore given
out by certain private interests that I feel certain that they may be con¬
of
view
a
the department in
represent to assist
plate
prepared to modify its attitude.
is
appreciative of the kind
He said:
enclosing for your information an extremely
am
of
relinquished, and
of the Power Authority "extremely inter¬
report on Government Hydro vs. Private Steam
of the Power Authority of the State of New York.
In
Government
most
am
referred to above,
Federal agencies termed Mr.
interested
the
to
the report
and
Soviet
I
The statement of the
The President's Letter
Walsh'8 letter
Soviet Government have not been
the
against
department will continue to keep the issue alive through informal
So far we have been unable to obtain any indication that
conversations.
thfe
and Mr. Walsh discussed it last week.
3427
Chronicle
supply.
exceeds the normal supply plus 5%
Buyers in excess would face a 50% penalty.
normal supply by more than
corn-producing areas in the entire
of Iowa, and portions of Kansas, Nebraska, South Dakota, Minne¬
Wisconsin, Michigan, Ohio, Indiana, Missouri and Kentucky.
All
areas to be exempt.
Penalty for exceeding quotas to be 15 centsla
Corn, when the total supply exceeds the
This applies only to commercial
bushel, levied on the producer.
3428
C.
Financial
Wheat,
Penalty for
when
'
normal supply is
of quotas would
excees
producer.
the
ecceeded by more than 25%.
be 15 cents a bushel, levied on the
Chronicle
Nov.
27, 1937
its tax rate would be
20%.
If it distributed 10% in dividends and retained
90% the tax would be 19.6%, reducing progressively until, when 100% of
earnings were distributed, the tax rate would fall to 16%.
- ■'
■
Representative
D. Cotton, when the total supply exceeds the normal supply by more
than 15%, quotas to be in effect for the following year, as of Aug.
that year's crop.
Persons marketing cotton in excess of quotas
ingly acquiring cotton
so
or
1,
on
know¬
marketed to be subject to a penalty of two cents
L.
Robert
Doughton,
Democrat,
of North
Carolina,
Chairman of the full Ways and Means Committee, said the changes
should
"remove the objection that the larger corporations are paying excessively
high rates, since the highest they would pay would be 20%.
Chairman
pound.
Vinson of the tax subcommittee viewed the plan as "particularly helpful in
E.
a
hardship cases to corporations needing money for debt payment, for plant
Rice, when the total supply exceeds
quota to become effective on Feb. 15.
a
the reserve supply level,
Penalty for
excess
marketing
the
cent
expansion or repair of their capital structure."
"The estimates show,"
pound, levied against the purchaser.
5. All marketing quotas to be subjected to a referendum of producers
within 30 days after announcement
by the Secretary.
Quotas to be voided
6. Establishment in the Department of Agriculture of research facilities
uses
new
and
new
markets for farm commodities,
with appropriations
7. An annual appropriation of "such sums as are necessary" to administer
from
come
dispatch from Washington Nov. 22, appearing in the
23, the following was reported
the Senate version of the farm
a more
tion of the five
complete Federal control
major farm crops than
Committee.
culture
over
ever
would
the marketing and produc¬
reported by the Senate Agri¬
that 22
Vesting the Secretary of Agriculture with authority to proclaim national
provisions:
Wheat and
Corn
control contracts with marketing quotas made manda¬
tory by a two-thirds vote of growers.
income and surplus loans.
Parity payments to stabilize farm
The penalty for marketing in
excess
of quotas is
50% of the parity price.
of 12 H
% and 8%
more
\
than 22 M %
•
If
normal rate
one
for Repeal Grows
John
J.
O'Connor,
on
the formula
Repre¬
as
of New York, chairman of the
Democrat,
powerful House Rules Committee, joined in the growing demand for im¬
mediate
outright
repeal,
becoming the first of the accredited majority
leaders in the House to desert the Administration bloc which is opposing
A two-thirds vote of growers makes the acreage control compul¬
Parity payments and
a
regular session in January.
by Treasury experts that the revision of the profits
tax, tentatively agreed on by the subcommittee on Nov. 23
might produce a loss in revenue which would have to be
made up in another way, was reported in a dispatch from
Washington Nov. 24 to the New York "Times," from which
we also
quote in part as follows:
But Committee members said they had
The
•
;
Referendum to determine participants in a program calling for acreage
sory.
more
than the maximum rate of 14%."
Demand
tax experts that
Cotton
control.
be applied, that rate, to raise the same
Fear
marketing quotas within the prescribed limits, the bill contains the follow¬
acreage
It is estimated that
rate which would be 10% more than the minimum rate
tax revision until the
Voluntary
be
amount
same
including the loss of $60,000,-
lesser dividend distribution.
...
Main Provisions of Bill
ing principal
a
normal corporation rate was to
one
sentative
measure
Vinson, insisting that the
abandonment of the "principle" of
The subcommittee announced its agreement
measure:
Applying to wheat, cotton, corn, tobacco and rice, the
provide
Representative
of 22 H % was applied it would mean that smaller corporations would have
New York "Times" of Nov.
on
said
no means an
the existing law for corporations,
to pay
the act and carry out benefit payments.
a
by
amount of revenue, would have to
of $10,000,000 for that purpose.
In
as
000 that will
if
was
undistributed-profits tax, "that these rates will yield the
of revenue
by adverse vote of one-third or more of those voting.
for
proposed revision
the
penalty of 75% of the price obtained for
subcommittee
started
a
headed
by
study today of the excise
No conclusions
was
soil-building
crops.
pay¬
Penalty of 50% of market
revenues.
of
Kentucky,
tax field, with Treasury experts giving
were
reached, Mr. Vinson said, adding that his subcom¬
merely making a "general survey" of that field.
revision study, and on the other
Marketing quotas with benefits provided through soil-conservation
Vinson
Democratic Leader,
before
...
Vinson again declined to predict a date for completion of the tax
Mr.
Tobacco
ments for diversion of land to
Representative
testimony behind closed doors.
mittee
cotton grown on acreage in excess of quota.
been informed by Congressional
the revision might even produce additional
a recess
side of the Capitol Senator Barkley, the
expressed doubt that such
is taken for the Christmas
a
bill could be considered
holidays.
price for exceeding marketing quota.
An item
Rice
on
the basis of domestic consumption.
of 25-100 of a cent per
of
a
cent per
U. S. Supreme Court Holds Unconstitutional
Escheat Act
determine the cost, estimated at about $700,000,000, and his recommenda¬
subsequently to be considered by the Budget Bureau and Congress.
♦
•
Committee
Tentatively Completes Revision of
Undistributed
Profits
Tax—House
Republicans
Adopt Resolution For Repeal of Tax—Committee
Proposes Profits Tax Exemptions on Incomes Up
to
$25,000
Committee
on
Taxation of the House
Ways
Philippine
In United Press advices from
Washington it was reported
Court on Nov. 22 held the
Philippine Escheat Act to be unconstitutional in an action
against the statute by the National City Bank of New York.
that the United States Supreme
The advices said:
The Act required banks doing business In the Philippines to transfer to
the insular
Treasurer certain
"unclaimed balances" held by the banks in
favor of any person unheard from for a period of 10 or more years.
The high court's opinion was handed down in a brief per curiam decision
reversing
While the sub-committee
and Means
the proposed tax revision appeared in
3280.
pound on rough rice produced during 1937 and 5-10
pound for rough rice produced after that date.
Financing
House
on
Benefit payments
A "blanket" authorization for finances, the Secretary of Agriculture to
tion
bearing
Nov. 20 issue, page
our
Quotas allotted
Supreme
Court
of the
Philippine
Commonwealth, which
had
upheld validity of the statute.
continued its task of tax revision,
and
tentatively approved on Nov. 23 complete revision of
the undistributed profits tax, some sixty Republican mem¬
bers of the House in caucus on Nov. 23 adopted a resolution
calling for the repeal of the profits tax, as a means of re¬
storing business confidence.
The resolution, presented at
the Conference of the House Republicans by Bertrand H.
Snell, of New York, Republican House leader, was given as
follows in a Washington dispatch to the New York "Herald
for Kansas
Tribune."
Goods Co.
"Resolved: That the national interest demands, in view of a
distressing
increase in unemployment during the last six weeks, the immediate
outright
repeal of the prevailing Federal taxes
"The
Republican party,
bill repealing
this
unsound
as
on
undistributed profits.
here represented, demands
tax
be
that
a
special
immediately enacted in the present
extraordinary session this repeal to be retroactive upon earnings for the
calendar year 1937.
"Such immediate legislation separate and apart from all other
measures, is
urgently required to check
a
revenue
national economic situation
now
rapidly drifting from recession to depression and causing intense suffering
to the workers in every
industry and in every community."
Reporting Representative Vinson, Chairman of the sub¬
as
saying that the latters' action virtually com¬
pleted its immediate study of the undistributed profits tax,
committee
the "Herald Tribune" added that he indicated that doubtless
consideration would be given toward
making any proposed
changes retroactive so as to apply to 1937 income. It was
further stated in the "Herald Tribune" account:
Senator Pat Harrison, Democrat, of
Mississippi, Chairman of the Senate
Finance Committee, has suggested that any
changes which are tagged for
the proposed general tax revision be made retroactive to Jan.
1, 1938.
From
Nov. 23
the
we
"Herald
Tribune"
also take the
advices
from
Washington
following:
The action of the tax subcommittee constituting a major concession to
the pressure for revision or repeal of the tax, was outlined
by Representative
Vinson,
as
follows:
For corporations having net annual incomes of less than $25,000 the rates
would be 12M % up to the first $5,000 and 14% on the next $20,000, with
all
corporations with net incomes of less than $25,000 exempted from the un¬
distributed-profits tax.
This group comprises approximately 176.000, or
86% of all American corporations.
For corporations having net annual incomes of more than
$25,000, the
rates would be based upon the amount of income not distributed in divi¬
dends, and would range from a maximum of 20% to a minimum of 16%,
depending upon the amount of income retained by the corporation.
The
graduation in the rate would decline at the rate of 4-10 of 1% for every 10%
of income distributed.
Thus, if a corporation retained its entire earnings,
U.
S.
Supreme Court Declines to Pass on Validity of
Containing Gold Clause Affects—Kansas
City Land Rented by Emery Bird Thayer
Dry
Lease
Goods Co.
On Nov. 22 the United States
pass on
Supreme Court declined to
the question of the validity of
a
gold clause in
a
lease
City land rented by the Emery Bird Thayer Dry
Questions concerning validity of the congressional statute
abrogating gold clauses in private contracts were certified to
the high court by the Eighth Circuit Court of Appeals, said
United Press advices from Washington on Nov. 22, which
also stated that the Circuit Court was reviewing a decision
of the Federal District Court at Kansas City holding that
the specified rent must be paid either in gold or in currency
equal to pre-devaluation gold dollar content.
The refusal
of the Supreme Court to answer certain inquiries by the
Eighth Circuit Court meant (said a Washington dispatch
to the New York "Times") that the lower court must try
the case and decide the questions itself before the Supreme
Court would reply.
The declination was based on the con¬
clusion that the Circuit Court had not put its questions in
proper legal form, lawyers said, according to the "Times"
dispatch which added:
The lease specified payment in grains of gold or in the currency of any
country but enactment of the gold clause joint resolution prevented pay¬
ment
in
With the devaluation of the dollar there
gold.
was
whether the payment should be $6,000, or $10,158, quarterly.
a
dispute
The Circuit
Court then asked these questions in effect:
1.
Did the Federal legislation of 1933-34 allow payment of the rental at
$6,000 quarterly in "lawful money" of the United States?
2.
If this were not true, could the rent be paid in "lawful money
of the
United States of the amount allowed by the government for 139,320 grains
of newly mined gold?"
3.
Since the
Federal laws made delivery of gold as rental payments
impossible, could the lessors declared the lease forfeited?
The United Press stated:
The property is owned by the Boston
Mass., trust.
Ground Rent Trust,
The trust instituted suit in May,
a
Boston,
1935. charging that the
lease had been forfeited by failure to pay rent in specified amounts of gold.
The lease, executed in 1890, called for payment of $6,000 quarter-annually,
in grains of pure
unalloyed gold.
'
Financial
Volume 145
Gold Clause
Upheld by British Court of Appeal
3429
Chronicle
equitable substitute
an
P* The British Court of Appeal upheld on Nov. 23 the gold
clause in a dispute over bonds issued before Great Britain
went off the gold standard.
According to Associated Press
review
accounts from London the Court ruled in favor of the
the
foreclosure laws,
existing
for
ing
British
andgFrench Trust Corp. of London, against New Brunswick
Railway Co. The press advices added:
The Canadian railroad had issued 6,000 first mortgage bonds in
redemption in 1934.
of
In each bond the
company
gold coin of Great Britain of the present standard of weight
£100 in
and fineness."
reversed the judgment of Justice Hilbery in the
court
granted
If the
an
Committee after two years of study, which provides
adequate protection for both the mortgagor and mortgagee,
and eliminates excessive
The
1884 for
promised to pay "the sum
The Court of Appeal decision, citing a previous House
of the uniform
real estate mortgage and foreclosure law drawn up by the
subcommittee on Laws and Legislation of the Central Hous¬
of Lords ruling,
King's bench division.
The
appeal, however, to the House of Lords.
fineness."
currency,
of the present standard of weight and
...
That would amount to
instead of £185 (about $9251.
Thus it burdens the borrower, who must pay
higher interest rates and who receives more restricted loan
terms.
The Board, on Nov. 20, also had the following to
regarding the article in its publication:
•
say
The
review
Owners'
samples
may
even
The
Wins
Review
Involving
and
of
S.
Pacific
Northern
Case
Court in
Supreme
Picketing
Union—Ruling in
Bus
Suit
U.
in
Case,
Co.
Ry.
22 agreed to
Pacific Grey¬
hound Lines, directing the company to withdraw all recog¬
nition from a labor organization it was alleged to have formed
and
dominated.
after
National
the
from
a
decision
Court's
The
Relations
Labor
was
Board
handed
had
down
appealed
ruling by the Ninth Circuit Court of Appeals that the
National Labor Relations Act did not authorize such action.
Regarding this and the action of the Court in a picketing case.
Supreme Court decisions a Washington dispatch to the New
York "Times" Nov. 22 said:
Board's
The
was
seven-minute session in which
a
down
number of orders but
a
bench
written decisions before leaving the
no
Pacific Greyhound
The
forced
case
raises the issue whether the company can
withdraw recognition
to
to
Labor Board
panies
of the Newport News and Bethlehem
cases
of the
industrial
another
a
Review
in
Picketing Case
dispute review
Negro
granted to the New
was
local organization, in its appeal from a
District of Columbia
Co.
The organization states that this picketing arose from
refusal to em¬
ploy more Negro clerks in stores in a Negro neighborhood.
The District
Court ruled that the organization was not a
of
provisions
Norris-LaGuardia
the
labor union and did not come
Act
preventing
injunctions
against peaceful picketing.
regarding
say
a
Nov. 22 had the
further action:
for
it
mortgage
laws
foreclosure
and
and
mortgagor
justified
$5
be
connot
attorneys)
$350
in
22
days
The
Illinois.
from
to
foreclosure varies
in Texas
in Alabama.
costs
$300 to foreclose
over
half," the review
a
including interest
and depreciation,
than
more
the
on
a
$5,000 mortgage and takes
"The cost of the delay to the
says.
investment,
accrued
has been fairly estimated
65% of
the
appraised
value
$2
as
ing
charges
the
have
and
taxes
insur¬
The total
day.
a
securing
has
property
delinquent borrower cannot
a
interest, insurance, and other carry¬
the total
debt to
three-fourths
over
of
value
security.
"Compare
about
total
increased
the
of
It is also obvious that
be carried when his accumulated taxes,
these conditions
$30 to foreclose
with
those in
where
Massachusetts,
it costs
$5,000 mortgage and takes only two months.
a
including cost of delay, amounts to only 3%
cost,
The
of the mortgage.
Considering this cost, it is not surprising that mortgage-lending institutions
Massachusetts
value.
for
have
many
been
years
making loans
up
to
80% of
Quite 6imply, they can afford to."
Improved
for Existing Homes Forecast
Building and Loan League
Market
United
by
States
of $1,500,000 alleged illegally collected
fefcThe suit
properties owned by savings, building and loan associations.
by the Government.
The
Government
forced
repayment
of the
private hands.
Between
Government did not
have power to force the repayment, and awarded a
judgment in favor of the company against the Government.
fcg
Mr.
Challenging Right of Associate Justice
on Bench Rejected by U. S. Supreme
Court
A request
that the United States Supreme Court consider
petition challenging the eligibility of Justice Hugo L.
Black to set on the High Court to the end that the court
might settle "once and for all" the question, was rejected on
Nov. 22 by the Supreme Court.
The United Press advices
from Washington had the following to say regarding the
new
petition:
challenge
contained in a petition filed last
was
Gray Taylor of Media, Pa., and Elizabeth
week by Robert
denied by the court
Their new plea raised several new questions not previously
brought
to
the tribunal's attention.
Among these questions
were
whether Mr. Black had perjured himself
in taking his jurist's oath because
of the allegedly irrevocable character of
the oath he took in becoming a member
of the Ku Klux Klan, and whether
confirmed by the Senate under false pretenses because he
failed
one-time membership in the hooded order.
to reveal his
The earlier
petition
was
referred to in
our
issue of Nov. 20,
3280.
pointed
The
Sept.
30
it
is
that the
estimated
associations
involved is around $145,000,000.
sum
pointed
the
out that
associations
when
to the
in
these properties
of
many
many
the
sale
of
cases,
most
in
evidence of this
As
the
of
until
avoided losses which
properties
did
not
for the real estate.
up
1936 when
disposing of real estate started in
7% in total holdings
Secretary-Treasurer H. F.
of
shown, according to the
was
The
Cellarius of the League.
in the second and third quarters of the current year, how¬
came
is traced
and
have,
of the associations set
reserves
decrease of
report
big push
ever,
that
fact
by holding
they first had to take title.
forward movement
actual
annual
by
League officials
the
to
market
houses which
for
developed out of high building costs as well as increasing rentals.
Baltz
that
comments
the
sales
homes
of
by
the
associations
to
by larger
payments than in previous periods of depression experience with
such properties.
While use of the land contract has continued to be an
effective means of moving the homes into individual possession, the rela¬
tively slight increase in land contracts among the assets of the associations
by no means accounts for all the real estate decrease during the half-year,
he said.
Associations in the aggregate cut their real estate accounts by
individuals
private
during this period
been
have
characterized
down
6ums
which
"real
estate
were
sold
nine
on
or
ten
contract."
the amount
times
This
means
of
increase
in
the
item
that many houses were sold to
people who had sufficient money to buy with an ordinary mortgage.
Report
Urged
Aircraft Development of American Merchant
Commission by Joseph P. Kennedy, Chair¬
of Maritime Commission
In
United States Maritime Commission
aircraft to the development of the
American
Merchant
Marine, transmitted to Congress on
Nov. 17, it is stated that "it appears that the use of overocean
aircraft is not only related to shipping in foreign
commerce
but will be an important part thereof."
The
the report
the
on
of the
relationship of
by Joseph P. Kennedy, Chairman of the
report, presented
Commission, added:
It
is
accordingly,
recommended,
the
of
that
speed
Marine
Merchant
Act,
superliners
it
but
passenger
costly and often unnecessary foreclosure procedures
As
a
solution of the problem of finding
by the
were
that
With
that American
they might well give
and express
enacted to make
VI and VII
reference to Section 212(b)(2)
vessel owners should not build
attention in the field of high¬
to transoceanic aircraft.
legislation
be
the principles of Titles V,
Act, 1936.
is believed
that
The report,
required in many States have hampered mortgage-lending
activity, according to the November issue of the "Federal
Home Loan Rank Review," published by the Federal Home
Loan Bank Board.
on
Marine
man
of
Mortgage-Lending Activity Hampered
by Foreclosure Procedures—Nation-Wide Adoption
of Uniform Real Estate Mortgage and Foreclosure
The
and
applicable to ocean-going aircraft
FHLBB Regards
Law
The
materially affect the
L. Seymour of Salamanca, N.Y.
President Iioosevet's
They had filed an earlier similar request, which was
last Monday.
he had been
31
inevitable
seemed
permission to file formal suit against
only appointee to the tribunal.
officially
Nov. 13,
on
.
*
They asked
March
Baltz
Mr.
Black to Sit
by the League in Chicago
to say :
on
months
recent
has
Petition
New
the transfer of these houses
disposed of 17.59% of the properties owned at the end of the first quarter
an
The Court of Claims last March ruled that because of technicalities the
but also there has
The foregoing was contained in an an¬
issued
nouncement
which went
excess,
together with interest.
since 1930,
definite speeding up in
a
better prices
houses being sold at
than have been experienced
been
he
States operated the lines.
||Subsequent litigation fixed the amount due the carrier at slightly more
C., President of the League,
Baltz, Washington, D.
that not only are
this year.
of the Government's operation of the carrier's lines
during the World War.
Early in the 1920's the road was paid approxi¬
mately $12,000,000 by the Government on the Federal guarantee of income
$10,500,000.
C.
E.
says
rose out
during the period the United
improved market for existing houses, even those 10
old and over, is seen by the United States Building
Loan League in the past six months' experience with
and
The court also denied the Government's request that the Court of Claims
be ordered to consider further the suit of Northern Pacific Ry Co. for return
page
salaried
complete that
inadequate protection.
to
United Press advices from Washington
following to
The
the
nor
years
injunction against picketing of some stores of the Sanitary Grocery
a
mortgagee
including
to
and
year
Shipbuilding com¬
court
than
agencies administered by the FHLBB.
"complicated
privately
An
Alliance,
under
of the
cost
cost, then, is about one-fourth of the mortgage.
"It is obvious that in tins State a lending institution which makes loans
.
Grants
In
has already
have also promised examination
The justices
reopen.
the
from an alleged company union, and
is much like the Pennsylvania Greyhound suit, which the court
agreed
the
(not
Illinois
ance,
These
State.
every
The average cost of foreclosure to the HOLO varies from
takes
a
of
of Home
samples
of
from
reflect
one
that
states
two years
mortgagee,
in
until Dec. 6.
be
"In
over
Circuit Court,
the high court also
rejected the latest challenge to the eligibility of Justic Black and handed
it
study
a
taken
instituted fore¬
though the figures do not include the cost of H0LC salaried
neither
over
of
petition, protesting a ruling of the Ninth
granted during
to
on'
statements
foreclosures
to
The IIOLC is
Texas
time
The United States Supreme Court on Nov.
review a decision involving orders against the
be expected
necessary.
in
these
Corporation
review
benefit
as
based
Loan
personnel.
NLRB
States serves auto¬
some
article states.
closures
(about $725) in current devalued
£185
delays and costs.
high cost of foreclosure in
matically to reduce the value of the mortgage security, the
Appeal Court's decision is upheld, the Canadian company will
have to pay "in gold coin
the nation-wide adoption
suggests
transportation
which the Commission was directed to make
Merchant
Marine Act,
and the survey it entailed,
staff of experts headed
made for the Commission by a
by Grover Loening, pioneer aviation authority, who is
adviser of the Commission.
Commenting
aeronautical
features of the report,
Mr. Kennedy said:
the
on
Financial
3430
The
aviation makes
Because
of
development
this
of
it
will become
soon
a
New loans still considerably exceed repayments
of
form
new
the
shipping, the responsibility for
to
of principal in the St.
But in Indiana and Ohio, for example, and in
Paul and Omaha districts.
by more than
of the southern States repayments exceed new loans
many
foreign commerce.'
relationship
close
its
evident that
it
in our
important factor
of trans¬
tremendously
the increasingly impressive performance
swiit advance and
oceanic
Nov. 27.
Chronicle
two to one.
transport logically should be
overseas
placed in the hands of the Maritime Commission.
simple amendment to the Merchant
Act, 1936, extending the definition of the term "vessel" to include
This
be
can
Marine
a
William Green Says A.
ment.
Measure
and
Caribbean,
in
services
air
American
the
Bermuda.
to
successfully
operating
now
are
the Pacific,
threatened
manufacturers
designs
have
now
for
flying
boats
weighing
speed of 175 miles per hour, and with
which will be capable of carrying 40 to 50
passengers
from New York to Europe in 20 hours.
Dirigibles already
have frequently made this crossing in 48 hours.
120,000 pounds, having an
average
non-stop range of 5,000 miles,
He likewise staled:
In
liners.
now
the
one-half,
have the added advantage of
will
In
respect
fleet
of
offer
18
the
duction
boats
total
same
for
cost
American
carrying
transatlantic
the
to
flying
passenger
planes
building the
trans-oceanic
the
this
aircraft
as
fast.
found
Commission
that
$18,000,000 against
estimated at
a
an
profitable
the
to include aircraft
Marine Act subsidy features applicable
to
as
to whether
as
before
arid
construction
Commission,
it
operation,
subsidies
any large
fairly
seems
there iB
be required.
would
evident
that
the
mail and express traffic available to aircraft is ample
field—for
transatlantic
eventual
both
aircraft,
question
data
volume of passenger,
the
six times
recommendations to Congress
the Commission's
considerable
in
in the
years
time,
production cost of $50,000,000 for the superliner.
While
From
the
10
same
service of three planes a day would
capacity per year as a superliner, at a pro¬
in the Act would make the Merchant
to
within
the
at
passengers
service,
aircraft
daily
a
on
that
while,
by
ocean
super-
that it will be less
are
estimating
experts
almost
the
transportation, over
passenger
reduced
be
replacements, of aircraft and
favorable to aircraft.
by superliner, indications
Commission's
the
will
item
comparisons were
of
cost
than
more
future,
these
of
All
While
is
examined the relative reliability,
making its survey the Commission
safety, comfort, cost of operation and
example,
Other
operation.
create
to
income
however,'
routes,
to
necessary
where
the
traffic
is lighter may require substantial help initially.
The
the
dirigible
airship
superiority
past
still
has
important.
the
long
very
Francisco
Janeiro,
long
to
has
still
It
place
a
New
that
routes
San
merchant marine
the
in
for
to South
operation
of
service
transoceanic
in long-range work,
desirable
are
Francisco
York
for economical
dirigible
potentialities
non-stop
Japan,
and
the
of
field,
to
Australia,
to
Africa,
which
such
cover,
New
York
at
are
flying boats without
much
less
particularly
San
as
de
still
present
refueling
too
inter¬
or
mediate stops.
From
the
standpoint
of
strengthen the merchant
craft
be
can
fact
that
national
marine
readily converted
contribute
they
as
transoceanic
military auxiliary.
this
for
the
to
defense,
a
air
Commercial
Most
purpose.
forces
trained
aircraft
important
personnel
will
air¬
the
is
competent
do long-range
to
The
patrol and the most difficult type of long-distance flying.
reasons
for developing the merchant marine as an aid to
potent
national
defense
commercial
in
are
aircraft
overseas
As
the
permission of
craft
can
fly
applicable
measure
the development of
to
trade.
foreign
their
over
brings
large
a
in
is
before American
necessary
development of aviation in
the question of air rights.
Up to the present time the negotiations for air rights in
commerce
made
commercial
own
rights
and
for
is
its
with
pany
European
In
other
various
is
no
for
their
the
evidence
extension
But
extensive
the
a
FCA
been
South
reached
by this
American
and
vital
should
for
trade
be drawn
regulation
has led
with
and
this American
the
British
finally
to
and
so
proper
national
as
with
regard
company
Imperial
the
Air¬
issuance
of
thereto
review—particularly
of the
to
the establishment of any
similar body.
He asked Congress
provide for a shorter work day and a shorter work week.
On the same day Secretary of Labor Perkins had addressed
a
letter to Chairman Norton, urging passage of the bill,
and suggesting that changes to strengthen its administrative
features could be made on the floor of the House.
t2|
A reference to the Wage and Hour Bill appeared in our
issue of Nov. 20, page 3279.
Announcement was made on
Nov. 23 by Democratic leaders of the House that they were
to
unable
of
Commerce.
the
Such
open
use
need
more
this
as
development of
defense.
insure
subject
our
overseas
legislation
of
this
and
field to
companies.
More
Repayments Exceeded New Farm Loans
Than $1,350,000 During September
For the first time in several years farmers
the Federal Land banks more
principal
are now
repaying
money than the
loans, according to a statement issued Nov
23 by F. F. Hill, Deputy Governor of the Farm
Credit
Administration.
Repayments exceeded new loans by more
than $1,350,000 during September, Mr. Hill
said, and in
the first nine months of the year, loans
paid in full and in¬
stalments on principal aggregated
$49,313,000, which was
only slightly less than the $49,581,000 loaned during the
same period.
Mr. Hill said:
amount of
new
Many farmers have used surplus money to retire their loans more
rapidly
than required and so far this year about 10,000 have
repaid their land bank
loans in full.
About $20,000,000
was
paid in to retire loans in full and
$29,000,000 consisted of instalments and special payments.
The figures indicate that at the present time the
majority of farmers
with land bank loans have their finances in better shape than at
any time
since the depression began—many in far better shape.
There is a steady
some
demand
for
loans
to
finance
the
purchase of farms
but
refinancing of
distress debts and other obligations is at the lowest point since
the Farm
Credit Administration was organized.
Effects of the droughts of the past few years are still to be found in
the
present farm financing trend, although less marked than formerly.
Committee to report out a
of the Wages and Hours Bill,
Rules
which
was passed by the Senate last spring.
We quote from
Washington dispatch Nov. 23 to the New York "Times,"
which in part said:
a
The
advocates
active
most
of
the
measure
double their efforts to bring it to the floor
by
decided
immediately
of
means
a
to
petition to dis¬
charge the Committee from further consideration of the bill.
The leadership's plight was
O'Connor
sentative
of
admitted on the floor of the House by Repre¬
New
York,
Rules
of the
Chairman
Committee,
said:
"The leadership has exhausted every possible effort to secure a sufficient
number of votes in the Rules Committee to report out a resolution for the
consideration of the Wages and Hours Bill, and finds that there islno
possibility of the bill being considered by that method
He suggested to the
House that the bill could be brought
for con¬
up
sideration under ordinary rules on some "calendar Wednesday," when the
Committee has
Labor
O'Connor
Mr.
been reached in the usual routine.
*4
House to limit its legislative action at the
urged the
special session to farm relief and regulation of wages and hours.
He
followed
was
by
Representative
who endorsed the program
Rayburn, the
of farm legislation and
as
now
leader,"1
Democratic
wages
and hours regula¬
House could hope to achieve between
the outside limit which the
tion
and the first of the year.
The self-appointed
"steering committee" for the
bill,
wage
Healey of Massachusetts, met after the
Representative
headedTby
House had ad¬
journed, with Mrs. Norton and Mr. O'Connor listening to the deliberations.
Fifty-four members attended.
decided that
was
the
was
by which the bill couldTbe
petition method,
brought before the House on Dec.
13 if enough signers
were
obtained,
the only feasible plan and that the members' energies should
belbent
end.
House membership was divided up for the purpose of canvassing
The
for signatures.
At
4
of the
the time
House's adjournment
today the petition
signatures, or 49 short of the 218 required.
boreal69
Representative Murdock^of
Arizona told friends that he would sign tomorrow.
On Nov.
24
it
stated that 11
was
additional
had
names
signed to the petition bringing the total up to 180.
On the same date Representative Norton indicated accord¬
ing to the "Times" that assurances had been received by
the Labor Committee that the bill if permitted to come
the
before
to
House
substitute
Labor
for
consideration it would
for
amended
be
single administrator in the Department of
the independent five-man board now provided
a
for the executive agency.
In our item of a week ago
it
was
noted that John L. Lewis,
head of the Committee for Industrial
Organization, advised
Representative Norton that he favored the enactment of
the bill
as
reasons
were
it stands before the House.
Indicating that five
by Mr. Green for the A. F. of L.'s
opposition to the bill as it is and in behalf of its recommittal
to the Labor Committee, Washington adyices Nov. 22 to the
New
Reports
by
the
induce
to
resolution for consideration
been
by these lines by the Department
phase
bill in its present
form and added that as the result of the actions^of the
National Labor Relations Board the A. Fi of L. would oppose
Southern
however, the control by the British
benefit,
and
Mr. Green said
to that
that the Federation could not endorse the
com¬
as
development
very
potentialities
regulation
American
for its
agreements.
agreements
mutual
legislation and
study,
represents
air
com¬
yet to justify the conclusion, however, so far
flying is concerned, that there exist any limiting factors
of shipping lines or new airlines into this
field at any
transatlantic
to
American company
one
have
in
private
Atlantic,
and
arrangements
as
time.
been
North
permits for the operation
There
particularly
have
the
which
Bermuda and Newfoundland
designed
ways
entirely by
overseas
in
agreements
nations,
of
case
Government of
into
the
to recommit the
Labor
House
the
measure
to that
Pioneering this field, it acquired exclusive
the foreign trade routes of the world,
therefore, in a unique position in this respect.
present,
of
countries,
the
almost
operations
own
all
foreign
advancement.
the
for
Practically
our
air¬
up
been
have
merce
Committee to seek
body for reconsideration.
of
It
nations
territory,
ChairmanlNorton
in
Kio
to
President of
Nov. 22 when William Green,
on
the American Federation of Labor, asked
who
although the recent development of large long-range flying boats has made
Hours Billjwas
Passage of the Black-Connery Wages and
transatlantic service will be
regular
A
over
shortly.
operation
Aircraft
a
F. of L. Opposes Black-Connery
Wage-Hours Bill—Attacks NLRB as Handicaplto
Labor and Business—Secretary Perkins Endorses
this amend¬
Commission's report recommends
The
aircraft.
ocean-going
by
accomplished
York
advanced
"Herald
The
"1.
The
Tribune"
said:
reasons were:
Federation
cannot
and
will
not
indorse
the
bill
until
it
has
been changed or amended to preserve its fundamental objectives, without
possibility of distortion,
as
the constructive force contemplated by President
Roosevelt's message of May 24, 1937.
"2.
the
Recent
experiences with the National Labor
Relations
Board and
business recession have compelled the Federation to qualify
its position of last August that the bill was 'fairly satisfactory to labor.'
present
"3.
The Federation feels
Labor
no
Relations
Act
as a
result of the administration of the National
by the National
Labor
Relation
Board
longer safe to permit a Government board of that kind
determinations
many
standards
bill
as
necessary
now
in
written.
.
the
.
administration
.
It
is
now
to
of the
apparent
that
it
is
make the
fair
labor
that
the
NLRB has repudiated the generally accepted
conceptsofcollectivebargain-
ing, impaired rights of contract, usurped the rights of courts and brought
turmoil
"4-
into
industrial
Because
serious
as a
the
relations.
unemployment
problem
is
rapidly
becoming
more
result of the present business recession the Federation believes
the bill should be amended to provide for a shorter work
day and a shorter
work week.
Elaboration need not be made of the serious re¬
.
.
.
cession of business since the President's message of
May 24, last, because
for labor this recession already has assumed the
proportions of a serious
depression.
"5.
♦
'
■
The Federation feels that the basic changes necessary to preserve the
objectives of the bill
can receive the
required thorough consideration only
before the House Labor Committee and therefore recommends that the draft
Volume
Financial
145
be sent back to that Committee for amendments or
a
"Since
for the substitution of
Another
the
bill
it
extra session when
the No. 2 measure of the President's
as
was
Farm
stymied.
disclosed that revolt threatens against the
Bill—the No. 1 measure—if the
Wage-Hour Bill was definitely
Representative William B. Berry (Dem.), of New York, a
steering committee of advocates
of the other
and peanuts) appear to have
been widened sufficiently to cover the respective processing taxes, and
this increased margin or spread appears to have been brought about largely
by raising prices to consumers, it follows that no large part of the pro¬
cessing taxes, if any, came out of the prices which otherwise would have
been received by producers of these commodities."
This conclusion was
House leadership in the effort
call for the
for the
loomed
complication
to deal with the
of processors and distributors
margins
joint
(wheat, rye, cotton, tobacco,
commodities
bill."
new
3431
Chronicle
member of a
price analyses.
report continues, "any part
also supported by various
of the bill, announced that at a meeting
demanded of the supporters
"Of course," the Bureau
scheduled tomorrow a quid pro quo would be
of the farm legislation.
of the processing
which otherwise would have
have come out of the prices
taxes that may
for any of these commodities went into a fund
purpose of making benefit payments to producers.
been received by producers
From the
same
advices
that
quote:
we
Secretary Perkins when she wrote Chairman
Norton.
spoke only of the importance of getting the bill to the
Miss Perkins, who
floor with the hope
with
expeditiously
I commended the substantive
provisions
no
of the
Goodyear Em¬
"sit-down" strike which affected
A three-day
■'
'
bill."
12,000
Affecting
Strike
This issue had
recognized the seniority rights of workers.
of
Bureau
to
Pending the settlement, 2,000 Ohio
National Guard troops, under orders of Governor Davey,
were mobilized
in preparation for possible violence after
the voting.
Counsel for the union, which is an affiliate
of the Committee for Industrial Organization, on Nov. 22
sent complaints against Governor Davey to the National
Labor Relations Board and the Senate Civil Liberties Com¬
Economics Issues Study of
Processing Taxes—Finds Tax Was Passed
Agricultural
Effects of
on
precipitated the strike.
Higher Prices
Consumer in Form of
study on the effects of the processing taxes levied under
the Agricultural Adjustment Act has been prepared by the
Bureau of Agricultural Economics, United States Depart¬
ment of Agriculture, and was made available on Nov. 19.
The printed report which is being issued by the Bureau of
Internal Revenue of the Treasury Department, discusses
the incidence of the processing taxes as they were applied
on hogs, wheat, rye, cotton,
tobacco, corn, rice, peanuts
and sugar.
It may be obtained from the Superintendent of
Documents, Washington, D. C., at 15 cents a copy.
The
title is "An Analysis of the Effects of the Processing Taxes
Levied
under
the
Agricultural Adjustment Act."
The
following, bearing on the report, is from an announcement
issued by the Department of Agriculture:
A
was
concluded by the Bureau of
is little or no evidence to indicate
strike
Settlement of the strike was reported as
advanced in a conference between company and union repre¬
sentatives with James P. Miller, Cleveland regional director of the National
Relative to practically all
that
the
margins
almost
about
two
Board,
approved1 by
was
an
Recognition of plant seniority in layoffs.
No further layoffs, other than that of 1,642 men originally planned and
after Jan. 1, unless "economic conditions absolutely compel
1.
2.
inversely as they were laid off.
and other plants of the Goodyear Co.
3.
Re-employment of men based on seniority,
4.
Prorating of work between Akron
of these
termed
House
Mr.
of the various commodities taxed, the study
by processors increased either imme¬
of the taxes, by amounts
and decreased
eral
counsel
had
U.
the
for
W. A., who declared that the
R.
alleged intimidation of union members, under
Labor
the
Bureau said.
tendency
toward
determined
It
was
domestic
volume
without
may
detailed
have had on profits cannot be
analyses of fixed and variable
Effects on Distributors
From the distributors* standpoint, the report
any
for
in
stated that "such com¬
from
union
"will
absorb
Comparisons were made
hog products, flour, cotton textiles, tobacco products, rice, peanuts
appreciable part of the processing taxes."
not be
last
Akron
tolerated in Ohio," said the guardsmen, whose
orders
received
cities
Ohio
20
that retailers and
between the processors and the consumers did not
retrenchment schedule calling for the lay-off of 1,600 em¬
a
The sit-downers left the plant Saturday [Nov. 20] under orders
leaders.
Shortly afterward Governor Davey, declaring the sit-
ployees,
1
in
_
parisons as have been possible indicate in most cases
other dealers
workers
down
costs in these industries.
closed its three plants here Friday [Nov. 19] after several
sat down, asserting the company had violated seniority
The company
rights
for
Section 10-B of the National
Act.
Relations
hundred
expalined, however, that the effects which any
reduced
definitely
consumption
Goodyear local
file charges tomorrow against the Governor
voted unanimously to
of those commodities in
which the taxes were passed on to consumers "no doubt affected slightly
the gross income of the processors by reducing their volume of business,"
reduced
and "a
"the world's biggest fool"
Davey
Governor
bully of the first water" in a statement condemning the Governor's action
in ordering guardsmen to stand by pending the outcome of today's meeting.
Further criticism of Governor Davey came from Stanley Denlinger, gen¬
by like amounts upon removal of the taxes.
slightly
majority,
proposal recognized,
effective tonight, until
them."
equivalent to or greater than the respective taxes,
The
"overwhelming
one."
to
Mr. House said, seniority rights of workers, a
dispute over which resulted in the sit-down last Thursday night.
Main provisions of the agreement whereby striking employees were to
resume work tonight were outlined by Mr. House as:
The
taken from the price which otherwise would
obtained
Relations
Labor
levied bore any appreciable
diately before or at the time of the imposition
A., said
of the Goodyear local of the U. R. W.
John D. House, President
directions."
shows
follows in Asso¬
Ohio:
the proposal,
Agricultural Economics that "there
paid for the raw material, or was shifted partly in each
have been
Governor "confine his activity in
there have been infractions of
where
to
ciated Press advices of Nov. 21 from Akron,
proportion of these taxes, with the possible exception of certain corn
and tobacco products.
In most cases," it was pointed out, "the evidence
seems to
be conclusive that the tax was passed on to consumers in the
form of higher prices, or was
matters
the law."
that the processors of any of the com¬
modities upon which the processing taxes were
asking that the
mittee,
Effects on Processors
It
12,000 em-
ployees in three plants of the Goodyear Tire & Rubber Co.
was settled on Nov. 21 when members of the United Rubber
Workers of America accepted company proposals which
recommittal.
It is important
procedural delays should be permitted to jeopardize enactment
of them is of sufficient magnitude to warrant
that
group."
Is Ended When Company Recognizes
Seniority Rights—C. I. O. Counsel Asks NLRB to
Curb Ohio Governor's Strike Activities
floor amendments as none
of the whole House as the subject of
attention
by rice producers as a
ployees
with regard to strengthening
suggestion
exclusive of the effects of production or quota
in large measure to the total
The latter conclusion also applies
"Sit-Down"
I testified
made some
and cane, as groups, apparently
of the tax and
decreased greatly as a result
nor
benefit payments together,
amount received
the
administrative features.
Such technical improvements, however, if they
command the approval of your committee, might well be brought to the
bill and
increased
neither
control.
possible.
as
"At the time that
commodities.
such
were
still the same as
those that I expressed when I testified before the joint committee last
spring and urged favorable action.
I believe that the economic conditions
today make the need of this legislation even more impelling and that every
effort should be made to bring this measure to the House floor for a vote
of the
total amounts of the
producers and by growers of sugar beets
"My views with regard to the proposed legislation are
as
of commodities other than
by amounts equal or nearly equal
benefit payments made in connection
The total amounts (incomes) received by hog
hogs, rice, and sugar were increased
to the respective
perfecting it there or in conference with the Senate, said:
of
for the
used
was
Therefore, total income received by producers
of Labor's opposition to the establishment of a labor
standards board, as proposed in the pending bill, was not mentioned by
The Department
officers
into
by, would have moved
night had the plant not been emptied.
Adjutant General Emil F.
notice"
stand
to
ever
the
Marx said the guardsmen were remaining "on
week-end.
meeting the company had announced it would reopen its
Before today's
to work."
plant tomorrow "for those who want
and sugar.
•
'
Effects on Consumers
"Sit-Down" Strike in General Motors
by Head of U. A. W. A.—Union's
Executive Board Had Condemned Strike—Plants
Unauthorized
said that regarding
of money paid by consumers
Speaking of the effects on consumers, the Bureau
hog products it appears that the total sum
in the United States for hog products was
the
effect.
This conclusion is substantiated
prices of pork and lard covering a long
A
was
not appreciably greater under
prevailing conditions than they would have
been in
very
large part of the taxes
on
period.
passed on to consumers in the form of higher prices, since
have relatively little
in exports made necessary because of the
decreased consumption in the United States
channels with relatively small
Because of the
effect
on
could be absorbed in export
marketing quota the processing taxes
not affect retail prices and
did not effect the
market, the Bureau said, and
could not have been passed on to
consumers.
Effects on Producers
The effects of the processing taxes
producers were summarized by
on
the Bureau as follows:
hog products by consumers apparently
was no greater with the tax than it would have been if the tax had not
been in effect, and since the processors and distributors did not absorb
any appreciable proportion of the tax, it follows that the prices received
by producers for hogs were lower by the amount of the tax than they
would have been if the tax had not been in effect and if benefit payments
had been made from sources other than processing tax revenues and if
all other conditions had been the same."
"Since the total amount paid for
The conclusions with respect to sugar were very
effect, but the indications are that nearly all
of the tax was borne by producers.
similar.
conclusive because of the short
"The facts with respect to rice are less
time in which the tax was in
six-day "sit-down" strike by
A
United Automobile Workers of
America, an affiliate of the
led the strikers from
Committee for Industrial Organization,
the
building after he had pointed out that the strike was
and was condemned by the union as a con¬
tract
The
violation.
had
strike
closed
General
Motors
14,721 persons.
It is expected that the
plants will be reopened on Nov. 29.
The Executive Board
of the union, at a meeting on Nov. 22, denounced the strike
as illegal
and declared that it jeopardized the position of
the international union.
The Board also criticized the
General Motors
Corp. for "inexcusable and provocative
action, delays and discrimination."
The conclusion of the
strike was described as follows in a dispatch by Louis
Stark from Pontiac on Nov. 22 to the New York "Times":
plants employing
The unauthorized strike was
the
union
and
in
it&
that
inside"
were
Executive Board
that
whatever
on
aware
course
abandoned in time to avert a crisis within
relations
General
bearing
.
200 workers in the Fisher
Body plant of General Motors Corp., at Pontiac, Mich., was
on
Nov. 22 when Homer Martin, President of the
ended
unauthorized
prices received.
supply of or demand for sugar in the retail
hence did
price changes
effect upon the domestic consumption of these products
and because any small increase
Affected
paid if the tax had not
by an analysis of retail
wheat, rye, and cotton apparently
Ended
Plant
with
during the
General
long and
Motors.
Those "on the
heated debate among the
members the fate of the union was at stake and
was
decided
the future of the C. I. O.
upon
would
also
have an
important
Financial
3432
around
table
the
the
heaved
that
announced
and
evacuated
was
working and business men want."
a sigh of relief when the Fisher Body
to what the
Motors executives
General
Monday,
unless
that
else alien
something
plant
said
and
union
the termination of the strike with praise for
industrial disputes were settled amicably
Nation would be "headed straight for fascism or
Murphy hailed
Governor
the
Board's
action
it
as
the union's progress toward
Board had gone
the first time that the Executive
opposed to unauthorized strikes.
was
officially
record
as
union
could
Although Mr. Martin had appeared before a mass meeting of 1,500
members late last night and had urged that unauthorized strikes
the
as
had
Instead, they continued their General Executive
meeting, conferred with "rank and file" members and with George
Board
expected.
been
Wing
dischareed
Wednesday.
on
who was one of the four men
of the four men by the company
leader,
local strike
Method,. Left
The dismissal
sit-down in the plant last
to the second sit-down on
ground that they had instigated the first
the
on
approach the sit-down strikers in the plant;
attempted to
Board
on
which
Monday,
led
duration,
short
of
was
Board meeting, Wyndham
During the discussion in the General Executive
union, proposed that the strike be
authorized by the Board, that the Board should have the men evacuate the
plant, and then the union would ask General Motors to resume negotiations
for
a
new
agreement and
for reinstatement of Mr. Method and the
of
Vice-President
a
J
others.
three
The
Side
proposal
strike
it
seconded by Walter Reuther, President of the West
in the Left Wing group, and after considerable
was
active
also
local,
debate
the
Then
defeated.
was
resolution
the
was
branding
adopted
the
"^At
closing session on Nov. 19 of the annual conference
England Council at the Hotel Statler, Dr. Leo
Wolman, Professor of Economics at Columbia University,
and a labor mediator declared, according to the Boston
"Herald" that
Between
midnight and 9 a.
the Executive Board conferred with com¬
m.
the strikers
representing
the strike
them that
and file
rank
and
and advised
groups
The committeemen reported that hostility
illegal.
was
great against Mr. Martin and his associates that they
not delivered the Board's message to the sit-down strikers.
The Board
the
at
had
plant
was
"called
members
so
it
quoted
Under date of Nov. 23 United Press accounts from Detroit
troubles tonight,
General
the
in
employing 17,300 persons remained
although the most stubborn of the
plants
automotive
Michigan
because of labor
strikes,
Body plant Pontiac, was officially
Fisher
Motors
ended.
could
U.
of
W.
A.
members
A.
Pontiac
in
ended
Leeder, manager of the Fisher plant, said production
be resumed before next week.
Until the Fisher plant resumes
not
Pontiac Motor Co.
the
operations,
two
plants
Other
plants
closed
Wilcox-Rich
makers
of
the
work
labor
other
Co.,
bodies
Park,
Plymouth
Co.,
and
1,000,
Highland
at
the
for
oil lines and employs
Manufacturing
employing
parts,
Bundy Tubing
disputes were
and
Eaton
the
of
Manufacturing
automobile
on
of
;
department
one
employing
division
Co.,
1,200
Saginaw,
at
the
400,
in
Chrysler
Corp.
At
Pontiac
union
negotiations
representatives
accused
of
a
will
such
on
fomenting
begin
tomorrow between
grievances
as
the
unauthorized
previous
"wildcat"
with
labor,
60% in the price of manufacturing
be absorbed only at peak production or
can
under conditions of rapidly rising prices.
"The doctrine and policy on which we
is an effective barrier to
A
plea for
elimination
business"
a
of
was
industry
Fixed prices of labor by organization
and increasing costs.
to absorb new
have acted in the past few years
consideration the capacity of business and
has failed to take into
progress."
curb
"a
governmental expenditures and the
of unreasoning hostility toward
on
spirit
made at the conference on Nov. 18 by Arthur
Ballantine, former Under Secretary of the Treasury; a
A.
dispatch from Boston to the New York "Times" reporting
this gave his further remarks as follows:
"The way out of the slump and on to
for the Administration to place its real
better living for all," he said, "i*
bet upon the ability of American
win."
industry and then play all its cards to
Speaking on-"Federal Finance and
Recovery," Mr. Ballantine said that
for a convincing demonstration that
the central objective
its
job.
of the Administration is to have private industry do
by -
^
Wants All Doubt Removed
p*'
"If the attitude of the Federal Government
of genuine
that
discouragement.
to the present
Leeder
Mr.
suspension
of
four
strikes
of
It is a deeply rooted doubt on that score
for
foundation
winter,
had
been
keeping in touch
of Undistributed Profits and Capital Gains
Urged by New England Governors—Oppose
Trade
Treaty
with
Czechoslavakia
and
Seek
Appointment with President Roosevelt to Discuss
Tax
Control—Policies
of
Administration
Criti¬
England Conference
Recommendations that the undistributed profits tax and
the capital gains tax be repealed were made in Boston on
Nov. 18 by the Governors of six States.
At the same time
they called upon New England Congressmen to oppose
"actively and vigorously" the proposed trade treaty with
Czechoslavakia.
Associated Press accounts from Boston
on
Nov. 18 also said:
in important respects, and
from the standpoint of private industry to do
its job."
Mr.
Governors
also
Ballantine uttered a solemn warning
finances "is a major cloud upon the
the correction of present
on a
con¬
devoted to the development of this section,
a group
requested
United
States
that the condition of Federal
outlook of industry," and added that
evils depended not only on curbing expenditures
readjustment of the tax system.
Ifc Mr. Ballantine urged that the Government revise its policies so as to
encourage construction activities by the utilities, expansion of buying and
employment by railroads and the stabilizing of labor relations.
Also speaking at the evening session. Governor Hurley of Massachusetts
put the blame for present business difficulties on the "uncertainty of future
governmental policy toward business, together with a general state of
nervousness regarding the tax program."
Representative
John
W.
McCormack (D., Mass.) to arrange for them an appointment with President
Roosevelt to discuss flood control compacts affecting New England at his
Adopts Definite Pro-
Seen by Clarence Francis—President of General Foods Corp. Urges Removal of Uncertainty to
Allow Business to Plan Ahead
gram
the
In
course
of
lecture
a
before the New York Stock
Institute, Clarence Francis, President of the
General Foods Corp., New York, expressed the belief that
if Congress formulates a definite program on which business
may proceed for three years, "American business will go
places." '4 Remove uncertainty and establish certainty so that
business may plan not only for today, but for tomorrow,"
he urged. Mr. Francis, who lectured on "Food Facts and
Figures," also said:
.
Exchange
|£ The American food industry gives employment to more than a third of
our population.
Approximately 25 cents of every dollar spent in retail
stores in this country goes
for food, and one out of every three retail stores
handles food.
people than any industrial activity in this
Agriculture employs more
country.
can
Its raw materials furnish
than
The
the basis for nearly a fifth of all Ameri¬
Food processing alone gives employment to
manufacturing activity.
more
11% of all employees in American
food
industry
United States.
Gathering after the Initial meeting of the 13th annual New England
ference, sponsored by
of conduct furnishing a
Such a course necessarily involves re¬
appraisal and readjustment of past measures
Business Acceleration if Congress
Repeal
cized at Sessions of New
be overcome by mere words which may be
action.
confident
and
the situation.
Flood
that mainly led
slump.
men
strike.
Murphy, the chief mediator in General
last
toward private industry is
cooperation," he continued, "there is no reason for
with the wind, but only by a consistent course
gone
strike, said that sources close to the impasse
said Governor Frank
the
which
entail burdens of cost
Pontiac, Nov. 21, indicating that both the General
Motors Corp. and union heads had termed the disturbances
Motors
the
and
have failed.
one-day a week, in the length of the
"The reduction of eight hours, or
work week, and the rise of close to
From
a
and employment is de¬
maintaining business prosperity seems to
but also
because of
division
tappets and
Briggs
Together;
factory must remain closed.
14,700.
employ
produces automobile gas
Detroit, which
of
general volume of production
appraisal of new measures
strike
unauthorized
The
yesterday, but E. lb
the
the
clining," he said, "the formula of raising the price of labor and reducing
hours of work as a means of controlling the volume of unemployment
"The basic difficulty cannot
Five
closed
result of the labor policy of
In the paper indicated he was
saying:
as
that
"Now
now
bed.
day" at 9:30 this morning and went to
a
said:
the
exceptionally high rate of permanent un¬
an
the country's "supreme need now is
grievances.
mittees
the
employment is threatened as a
illegal and attacking General Motors for alleged delays in settling
as
New England-
of the New
Wednesday.
Mortimer,
successfully to the disadvantage of our
compete
to
made shoes "
he nor his associates
the international union, neither
be sanctioned by
not
able
27, 1937
tolerated in New England and as a result are
ditions which would not be
the Roosevelt administration.
They 6aid that it marked a "milestone" m
responsibility,
controlling the activities
subordinate groups.
and
bodies
local
on
Executive
termination of the strike as evidence of the
the
regarded
ability of the union to play a responsible part in
of
probably reopen on
would
it
Thanksgiving Day made this week a short one.
union officials who favored the General
as
international
The
Nov.
Chronicle
is the largest
It furnishes
manufacturing.
industrial motor truck buyer in the
the railroads with more than a fifth of their
all industry,
industries. Food
processors purchase nearly eight-tenths of the tin plate production.
They
buy 10% of all general machinery, besides their acquisitions of food handling
freight traffic.
It has 11% of the total installed horsepower in
being exceeded in this respect only by the iron and steel
and
processing
machines.
"early convenience."
The capital gains tax, the Governors declared "has
undoubtedly stifled
business initiative, retarded expansion and thus increased unemployment."
"Businessmen will not risk their money in new enterprises without the
possibility of gain.
With the tax
on
capital gain practically confiscatory, it
is evident that the practical businessman is under no inducement to risk
his money in new enterprises which would provide employment."
Commenting
said
that
on
while
the tax
its
on
purpose
Possible advantages and
undistributed corporate profits, the Governors
was
"apparently
to
compel
distribution
of the major causes for the falling off in business and employment.
Gov. Charles F.
Hurley of Massachusetts presented
a
resolution against
the trade treaty, which the six executives ordered sent to President Roose¬
velt, Secretary of State Cordell Hull and the
entire
New England
con¬
gressional delegation.
WkThe resolution declared the Governors were greatly disturbed "by the
increasing threat to the prosperity of the New England shoe industry and
to
the
thousands of our citizens
now
granary
of
corporate earnings in the form of dividends to stockholders, yet this tax is
one
Study of Government's Ever-Normal Granary Plan by
Committee
of National Association of Manufac¬
turers—Influence of Consumer Buying Habits on
Price Problems Held Vital
gainfully employed therein by the
were
feature
of
Manufacturers.
Federal
farm
bill
The
committee
report
called
the
affecting
agriculture and one which, if adopted, would make itself
felt throughout the entire American economic system.
The
committee,
under
the
maker, Vice-President
ever-normal
con¬
new
proposal one of the most important ever advanced
pointed
manufactured under labor and living
disadvantages of the ever-normal
proposed
bulletin from the Farm Committee of the National Associa¬
tion
These
are
the
laid before the Nation's manufacturers on Nov. 21 in a
continued and increased importation of low-priced Czechoslovaks shoes.
foreign-made shoes
of
to
make
an
granary
chairmanship of
Warren W.
Shoe¬
of Armour & Co., Chicago, was ap¬
impartial study of agriculture.
The
study is part of a report covering two
Volume
Financial
145
of research which the .committee will present at the
years
forthcoming Congress of American Industry in New York
7, 8 and 9.
Dec.
on
Any plan advanced for raising the unit price per bushel
or pound, the rdport pointed out, must face the fact that
"50% of the problem? rests with the consumers," who may
3433
Chronicle
agreed with President Roosevelt that
today are different from those of 1929,
but urged that the Government policies and legislative acts
referred to must be revised if recovery is to be further aided
Committee
The
business conditions
and
Copies of the report will be
employment increased.
members of Congress.
sent to the President and
reduce per capita consumption by limitation of amount used
and by finding suitable substitutes for commodities which
they cansider too expensive.
Two schools of thought on the ever-normal granary were
noted,
said
tain
held
that
(3)
deficiency,
a
this
plan
was
(1)
balance between
excessive
carry
needs and
that
the
effective
an
to
ers
in
On
in
supply and demand,
production
surplus
from
order to maintain
have
tendency
a
lower
to
other
the
the
over
to
(4) with the thought
peaks and raise
V■ A-
price
of
years
for the country's
adequate supply
an
by aiding farm¬
(2)
years
nearly uniform quantity to export,
more
should
(1)
price
hand, said the report, another school of thought contended
merely to average
the ever-normal granary is not
of
purpose
high and low points or to equalize prices and incomes, but to secure
out
much
a
the
proposal to help establish and main¬
a
valleys.
that
of
details
presenting
would
higher
(2)
the
of
price over
average
warrant;
overflow
this
that
over-normal
period of years than economic forces
a
expand
would
(3)
and
granary;
and
production
bring
an
would lead to government
this would inevitably take good
it would not be politically
expedient to force the marginal producer out of production, and all pro¬
down production;
to hold
programs
land
of
out
production,
(4)
practice
in
since
ducers would be compelled to reduce on a pro rata
be
ment
from Federal Levies
We quote:
report.
One
Association
the
Repeal of Undistributed!Profits Tax Urged by George
V. McLaughlin—Would Substitute Broader Income
|£ Tax Base and Taxation of Securities now Exempt
subsidize
called
the
raise
to
upon
taxes
basis, while (5) govern¬
or bounties to
Repeal of the undistributed profits tax, and substitution
of taxation of income from securities that are now tax-
exempt,
that the
23
think
I
broadening the base of direct taxation
was
proposed
all
we
V.
George
by
that
realize
undistributed profits tax
the
adopted
was
with the best of intentions on the part of
those who supported it, but it has been demonstrated that the tax does
riot accomplish the purpose for which it was intended, and therefore should
last
Those who hold this belief, says the report, fear
as
McLaughlin, President of the
Brooklyn Trust Co., who addressed a meeting in Brooklyn
of the Merchants and Manufacturers Association of Bush
Terminal.
Mr. McLaughlin declared that the undistributed
profits tax penalzes "not only expansion of productive facili¬
ties and corporate thrift, but also the repayment of in¬
debtedness."
He also pointed out that only 18% of the
total volume of cash dividends are paid out to the 85% of
the American people who do not file income tax returns.
In discussing proposed substitutes for the undistributed
profits tax, Mr. McLaughlin said:
Nov.
on
benefit payments
for
reductions.
well
as
through lowering of income tax exemptions,
year
experiment,
au
as
in mind only a higher price level for con¬
sumers to pay.
"There is no doubt," the bulletin says, "but
that most of those who are advocating a national ever-
be
entirely in terms of an
The report also said:
of
of $50,000 a year or less would not, in my opinion,
great extent, because this group
corporations accounts for less than 15% of the total business volume
of
the
proposals have
normal granary are thinking almost
approach toward price control."
be
would
It
to develop
necessary
control
over
the
four major
factors
involved, i.e., acreage, yield per acre, the year-end carryover, and the price
which
at
the
into the granary and released for
that this would call for an absolute,
surplus would be taken
consumption.
It
acknowledged
is
binding control by the government over the use of every acre of improved
farm land in the United States, as well as a more definite control over
both
the
importing
and
exporting
each
of
commodity
in
It
question.
for the government to be in a/position to control, by
would be necessary
otherwise, the share of each farmer in the United States each
in such a program.
quotas or
year
Policies
Urged In Report of
New York Chamber of Commerce—-Action Urged
Upon President and Congress to Remove Obstacles
Interfering With Business—Detrimental Operation
of Undistributed Profits and Capital Taxes Cited
Government
A
plea to President Roosevelt and members of Congress
policies and legislation held
responsible for the business slump was voiced in an interim
report of the Executive Committee of the Chamber of
to
revise certain government
of
public by
President Winthrop W. Aldrich on Nov. 24.
The report
will come before the Chamber for approval of the members
at the next meeting Dec. 2.
Five causes are cited by the committee, of which William
J. Graham, who is vice-president of the Equitable Life
Assurance Society of the United States, is Chairman, as
being the most important factors in discouraging business
and industrial expansion and the investment of private
funds in enterprise.
The committee emphasized that if
recovery is to be aided, any changes in the laws hampering
business should apply to both small and large enterprises,
pointing out that expansion in the payrolls of leading indus¬
tries, such as railroads, automobiles, steel, public utilities,
etc., are of great importance to national prosperity.
The principal causes of the present falling-off in business
activity are described in the committee's report as follows:
of
Commerce
increase in
York,
made
alone of small, but also of large business units, retards
employment and strikes with special severity at
producing capital goods.
The
(2)
capital
were
the industries
>
tax makes capital
gains
viduals from taking
if the tax
take
New
The operation of the undistributed profits tax which tends to restrict
(1)
the expansion not
an
State
the
immobile by retarding indi¬
reasonable business risks which they would undertake
fixed at
low flat rate so that they would be encouraged to
a
profits, shift investments and keep their funds active, thus promoting
business and industrial expanison,
The threat of
(3)
i
existing and further government competition in the
public utilities field which seriously prevents the privately
from
going
with
forward
much
needed
and
delayed
owned properties
construction and
re-equipment.
the dollar may be suddenly
balanced Federal budget.
to
upon
changed, a
In this connection, we express deep satisfaction
by the Secretary of the Treasury, that the budget
in the recent statement
is
gold content of
possibility heightened by an un¬
Business is affected adversely by the fear that the
(4)
be balanced by economies, and that reliance for the
private enterprise and private capital.
sound
currency are
the
foundation
on
future is to be
The
labor warfare, often
being confined to strife between different unions, but
nevertheless closing down or interfering with the
industrial
enterprises,
with
the
result that
activities of business and
many
of the three
million
find their labor relations in a serious con¬
dition, and their economic progress decidedly hampered; many believe
conditions can be changed only by an amendment of Federal laws which
employers in the United States
will, while safeguarding the right
treatment to the employer
of labor to organize, also give equitable
and the consumer.
the government
repealed,
is
tax
as
to
exempt corporations
tax
a
needs revenue, and if the undis¬
substitute of some kind must be
-
substitute which I would suggest would consist of two parts; first,
base of
the
broadening of
a
taxation through lowering of income
the taxing of income from presently tax-
direct
and secondly,
exemptions;
The latter suggestion certainly could not be construed
"economic royalists," and at the same time
would encourage the flow of capital now locked up in tax-exempt securi¬
ties
into
productive enterprise, thereby increasing the aggregate profits
of corporations and hence the aggregate collections of income taxes from
exempt securities.
benefiting the
so-called
as
them.
realize that
broadening of the income tax base might not
a
be politi¬
but I believe that if the subject were
properly explained the public would understand it.
The greater part of
total taxes is now paid by persons of moderate means, and always has
beginning,
the
cally popular in
sufficiently numerous
if their entire income above five
to be taxed 100%.
The reason
been, for the simple reason that the wealthy are not
to
provide the
or
ten
that
the
the
that
is
dollars
even
were
year
that they are bearing
burden is because most taxes are indirect-—
concealed in the general cost of living.
If every
majority of our people do not realize
great
to
revenue
a
necessary
thousand
share of the tax
largest
they
say,
are
paying for the costs of govern¬
taxpayer realized the extent to which he is
be less
would
there
ment,
reason
to
be concerned
When
over
governmental
'
'
which lies within the power of
'
extravagance.
faced with a problem
is
business
government to correct, the best course of action is to
with our
Representatives and Senators in Congress.
communicate directly
Events of the past
have demonstrated that Senators and Congressmen give heed
to the opinions of their constituents
at home, which is entirely as it
But Senators and Congressmen are just like other individuals
should be.
few
years
that
in
do
they
recommendation
not
like
to you
is
be annoyed by negative suggestions,
My
all of us give careful study to the tax
to
that
problem and when we can suggest a constructive solution, to write to our
representatives and state our conclusions, in a spirit of cooperation towards
eliminating the difficulties with which we are faced.
Recent
World
Police Force to Preserve Peace—Similar Proposal
by Dr. Butler of Columbia University
Viscount Cecil of Chelwood, who was a week-end guest
of President Roosevelt two weeks ago, was a speaker at a
luncheon at the Hotel Astor in New York City on Nov. 19,
given in his honor by the Church Peace Union, the League
of Nations Association, and the World Alliance for Interna¬
tional Friendship.
Both Lord Cecil and Dr. Nicholas Mur¬
ray Butler, President of Columbia University, were speakers
at the gathering, and both favored the establishment of an
Viscount Cecil Winner of Nobel Peace Prize a
force
international
Roosevelt—Advocates
President
of
Guest
with
the
of preventing
object
wars—
advocated being described by Dr. Butler, accord¬
what they
ing to the New York "Herald Tribune," as a world
Lord Cecil was awarded, on Nov. 18, the
force.
1931.
police
Nobel
lionor accorded Dr. Butler in
New York "Times" of Nov. 20 Lord Cecil was
Peace Prize for this year,
In the
an
quoted as follows :
Cecil's
Lord
Lord
address
Federal legislation on labor, particularly the National Labor Rela¬
tions Act, has been used by ambitious union leaders to bring about serious
profits
provided.
Sound government credit and
business and finance must
(5)
But
country.
tributed
which
build in restoring productive activity and employment.
tax so
income
help the general business picture to any
I
Revision of
the
To merely modify
repealed.
having net
Cecil
as
"the
1,000
"The
solution
In
he
aB
Peace
peace"
at
which, he said,
and perhaps chiefly of our
declared, "and
That
of the
order
law,"
of the law,"
for
the outset
of his
"is the secret of
Anglo-Saxon races for the
of the law means the protection of the weak against
supremacy
State.
the
Formula' for
"formula
years."
the strong," he
a
supremacy
civilized peoples
all
last
his
announced
to
is
the
even
principle
the protection of the individual against
must reach if we are to attain a
we
problem of wars."
continued.
have
nations,"
apply this principle to international affairs "we must
in "the mass of laws contained in the treaties among
"We
must,
as
Dr.
Butler has
said, restore the sanctity of
Financial
3434
be reviewed."
arrangements so that it can
arid
various
the
Outlining
steps
in his opinion, to establish
he listed the needs of the limitation of
international court of justice,
behind the Jaw, without which, he remarked, "it will
sufficient force
merely
aspiration."
an
he
happen without sufficient enforcement,
what might
of
instances
As
,
the establishment of an
national armaments,
be
^
...
Are we going again,
he asked.
"If we do we
assisting in a triumph of violence,
important than right. It can't be
Ethiopia and the har East.
mentioned the events in
after
admirable resolutions, to do nothing now?"
must
not
blind ourselves that we
for the
right
are
of might as more
the recognition
with
stand aside and let these results be
movement.. to
peace
obtained."
offered
He
the creation of
to these difficulties
answer"
only
"the
as
by the collaboration of the
community of nations."
He explained that the majority of the small
nations desire peace, and "only the great Powers are hanging back."^
Pointing out also that the existing organization established for this end
is "one of governments,"
he advocated the union of civic organizations
interested in peace "on moral and material grounds."
Each country might
sGme
"to prevent the triumph of violence
power
establish
whose members will be represented in an
committee,
national
a
get
popular movement
enormous
an
countries, I think the influence would
where such
a
necessary,
authority behind international law,
and
be altered
machinery by which this law can
have the
We must
nations.
Nov. 27, 1937
Chronicle
for peace in all the relatively free
gradually seep through to countries
movement wouldn't be allowed."
Regarding the award of the Nobel Peace Prize, Associated
from Stockholm, Sweden, on Nov. 18, said:
Press accounts
Nobel
1937
The
Chelwocd,
Prize
Peace
awarded today to Viscount Cecil
was
of
Nations and a leading
League of
founders of the
the
of
one
advocate of disarmament.
because of his work in
Cabinet member was selected
British
The former
League and his efforts to promote international goodwill.
The prize
is worth 158,000 Swedish kronor [about .$40,700 at current exchange].
the
The
of
name
States was
State Cordell Hull of the Ignited
Secretary of
t(iat awarded the prize. He had been sponsored
by several Latin American countries.
The committee held two meetings
before the Nobel Committee
before
to the United States, his
Lord Cecil was on a visit
as
came
Woodrow Wilson peace
received the
since he
first
its decision.
reaching
The award
_
prize 12 years ago.
conferred on
honorary degree of Doctor of Laws was
Lord Cecil at Columbia University on Nov. 18.
An
Dr. Butler,
presided at the ceremonies.
President of the University,
international body.
Merrill, President of the Church Peace Union,
William P.
Dr.
Rev.
The
presided.
"Balancing the National Budget" to Be Discussed at
also take the following :
From the same paper we
*
James T. Shotwell,
the statesman "who is
being acclaimed throughout the world" for the honors conferred upon him
by the Nobel Committee in Sweden.
Lord
Cecil
League of Nations Association,
practical
"the award
said
Butler
Dr.
introduced by Dr.
applauded' when
was
of the
President
importance,
when
time
a
at
comes
almost
day
every
and
hour
every
counts."
Alternative
"No
Force"
But
Asking whether
bility
they
public morals,
in
a
"restore in governments the concept of responsi¬
we can
had," and
once
breakdown
complete
a
"to keep their plighted word,"
them
require
pointed out that if not, it is the governments that are the obstacles to
he
the progress of
when
camps,
his
induce
"at
poker
a
show
these
good
peace-loving
nations who believe that
the
days
in mining
Dr.
nations
is going to
one
no
with
cards,"
player
Mb
pioneer
in early
game
straight-faced
"the
adversary to
moment
this
of
would
cards
poorest
Butler declared that
being bluffed by those
are
do anything about it but
pass
resolutions."
"The time has
that
be
war
stitutes
left
prevented by removing the
for
the people of the world
which
war,
"It is
imperative
now
for war and securing sub¬
causes
greatly
would
accept
if
themselves."
to
To
by for this," be continued.
gone
ends, according to
is to organize the
and
action
collective
Kennedy Guests of Honor
Lewis
Butler,
Dr.
family of nations in
security and
"the
path
one
of
a
responsible fashion for
invite world
to
police to do what the
the time Lord Cecil
dent
Lord
Roosevelt,
the week-end
was
Cecil
(on Nov. 14)
in the troubled
peace
reported
was
that he
guest of Presi¬
saw
of the world.
areas
in¬
stating
as
immediate hope for
no
The Associated
Press advices from Washington on that date reported:
He
said the Brussels conference
Orient
because of Japan's refusal
against
mediation
Europe, he said,
Powers with
sized
he
that
visit
here
unless
held
was
armed
strongly
forces
opposed
were
not
was
now
entirely
was
officer
an
unofficial.
withdrawn.
In
Fascist
of
He
the British
Government, that his
Minister
was
of
as
Blockade
during
Foreign Secretary.
United States Cooperation
under
expressed hope that Japan and Germany would return to the League
Italy would become less passive in League relations.
He praised
that
Avoiding commitment
join in
The
the
League
on
economic sanctions to
should
try
to
get
as
"cooperative effort" to put down
a
Viscount
defended
evitable result of
the
warlike
huge
force peace,
countries
many
the Viscount
possible to
as
25,
Lamont
was
war.
British
armament
demonstrations by certain
program
as
an
in¬
,
latter's
home
in
New
York
City.
In
opinion that a major
war
in Europe is unlikely at
present.
From his further
remarks, as given in the "Herald Tribune," we quote:'
I
don't
wouldn t
that
think
that
these
that
may
The
with
all the time.
on
government,
anybody wishes to
to
go
it's impossible, because of
say
going
s
the most
even
at
war
present,"
this vast
You can't get away
despotic government,
expense
he said,
for
"but
armaments
from the fact that every
must
convince
its
people
armament.? are necessary.
They have to mention some country
attack ihem, and this creates a feeling of hostility."
British statesman, who as Lord Robert Cecil worked
73-year-old
the
late
and
who
said-
Woodrow Wilson
in
that
represented
South
Africa
the
in
planning of the League of Nations,
the early assemblies of the
League,'
though the League had lost prestige, it was absolutely
necessary
Europe.
"If the League breaks down altogether," he said, "we'll be
back in 1913, and after 1913 comes 1914."
to
The
League
organizations
"Even
only
in
the
question
aspirations,
Lord
peace
might be
by
but
Cecil
the
strengthened, he said, by the formation of peace
people.
"You've
whether
into
in
a
can
definite
a
admitted
movement
you
that
it
of
the
peace
would
be
State.
plan
feeling,
for
he
said.
peace.
The
not
took
he
understood that
that
over
will
he
first
public
He
post.
give his views
a
it is
and
subject in
that
on
been
long
has
of
appearance
Federal budget,
balanced
a
President
appointed
make his
Assistant
detail.
Secretary Taylor is expected to present
of the Treasury Department and the Ad¬
viewpoint
ministration.
Robert Erskine Ely, Executive Director of the Economic
and Director Emeritus of the League for Political
Education at Town Hall, on Nov. 13 said:
Senator
Glass
returns
pending
That speech
of Senator Glass,
Representatives,
Economic
event.
Club
24
creating
the
he
his
first
Reserve
Act,
after
years
Federal
and the
who
the
is
member of the House of
a
important
most
occasion
then
was
still
before
made
ever
remembered
the
an
epoch-making
as
as
our
...
The
ment
of
one
was
Club,
Economic
his bill
on
the Congress.
vote in
a
the
to
he spoke
when
bill
on
of
The
passed,
was
the
7
Dec.
and
twenty-fourth
the Federal
Glass
Senator
now
anniversary
of the
dinner
will
be
in
no
sense
a
tunity for all speakers to express their ideas
subjects of the day—a
suggestions
Senator
are
balanced
expected
Glass
guest
of
establish¬
and the
arid
budget for
both
from
Mr.
Kennedy
Mr.
debate, but rather
one
on
may
be
the
Mr.
and
looked
guests' table will be
an
oppor¬
of the most important
Constructive
government.
our
Douglas
budget-balancing of profound importance at this
Seated at
returns
passage
Reserve System.
to
Taylor.
for
statements
on
time.
of the Nation's
many
D. Cravath,
Malcolm
to
launch
said,
"if
Muir,
H.
P.
Davison,
Frank
A.
Vanderlip
Jr.,
Arthur Hays Sulzberger, Curtis E. Calder, Floyd W. Mundy,
Arthur Krock and Moses II. Grossman.
Officers
from
of
the
Economic
Mr. Cravath and Mr.
Denny
Fraser,
Jr.,
Vice-President;
Treasurer;
H.
P.
George
Davison,
W.
Club
of
David
Sarnoff,
Blumenthal,
S.
New
York
are,
aside
Ely:
Farish,
Vice-President;
Curtis
Moses
E.
H.
George
V.
Louis
K.
Calder,
Grossman,
Malcolm
Muir, W. Averill Ilarriman, George W. Naumburg, E. C. Sams, Arthur
Hays Sulzberger, Frank A. Vanderlip Jr., James P. Warburg, Allen Wardwell, Wendell L. Wilkie and Charles S. Lecky, Secretary Emeritus.
Agricultural Committee of National Fire Waste Council
To
Meet
ments
of
in
Chicago Dec. 2—To Discuss Develop¬
Projects for Reducing Farm Fire
New
Waste
The
Agricultural Committee of the National Fire "Waste
Council, which is affiliated with the Chamber of Commerce
of the United States, will meet Dee. 2 at the Stevens Hotel
in Chicago.
Throughout the year the members of the Com¬
mittee have been engaged in numerous activities designed
to reduce fire hazards and improve protective measures on
the farm.
The meeting will afford the members of the Com¬
opportunity to report the results of their work and
discuss the development of new projects for reducing farm
fire waste, said an announcement issued Nov. 25 by the
mittee
an
Chamber of Commerce.
The Chamber also announced that Ira D. Goss,
Manager
into'vague
of the Farm Department of the Continental Insurance Co.,
has resigned as Chairman of the Committee and will be
popular
succeeded by Dennis C. Smith, Executive Special Agent of
the Continental Insurance Co., who has been Vice-Chairman.
peace."
difficult
"But,"
feeling,"
people want
mobilize that
workable
totalitarian
the
got
dictatorship countries 90%
is
since
recently
was
will
an
interview with press representatives at Mr. Lamont's
home,
on Nov.
16, Lord Cecil ventured the
"I
who
University,
Ccmstpck,
of her neighbors.
on the Berengaria 011
during his stay here of Thomas W.
guest
a
the
at
Douglas,
Leon
Lord Cecil, who sailed for England
Nov.
Both guests are
staunch advocate of
the
tlie
the
discussion.
Magill
here
Maritime Commission and
Securities and Exchange Com¬
expected to speak on the subject
of
Alexander D. Noyes, Wendell L. Wilkie, James P. Warburg,
United States cooperation at Geneva, but hesitated to forecast this
country's
eventual League entrance.
asserted
Chairman
Kennedy,
formerly Chairman of
mission.
leaders in finance and industry, including Paul
Praises
and
in the
war
"buying off"
to
the World War and sometimes sat in for Lord Balfour
He
halting
of outside intervention and China's 6tand
Japanese
sentiment
little promise of
member of the English House of Lords, the "Viscount empha¬
a
at the Hotel Astor
Club of New York
of the Economic
tlie evening of
honor
grants of colonies and territories.
Although
will
Budget" at the 122nd din¬
Dec. 7, Paul D. Cravath, President of the
club, announced Nov. 13.
The guests of honor on that night
will be Senator Carter Glass of Virginia and Joseph P.
on
then
formally
of the Budget, and
former Director
Douglas,
discuss "Balancing the National
appearance,
municipal police do in the City of New York."
At
W.
Wayne C. Taylor, Assistant Secretary of the Treasury,
Club
these
accomplish
progress
Uf
Mr.
civilization.
Using the analogy
Senator
ner
complete
turning of backs by governments upon their plighted words," Dr. Butler
continued, "and when that is done there is no alternative but force.
That
is why the world is today in a critical position, when the rule of morals
is challenged by the rule of force."
been
has
"There
Lewis W.
teal
as
time of great psychological and
a
122d Dinner of Economic Club of New York Dec. 7—
Douglas and Wayne C. Taylor to Speak—
Carter Glass of Virginia and Joseph
P.
|gl
a
you
could
Volume
Financial
145
Twenty-fourth Annual Dinner of Bankers Forum of
New York Chapter, American Institute of Banking,
Held
to Be
Dec. 2
on
of the Bankers Forum
The twenty-fourth annual dinner
of
York
New
the
Section
Institute of Banking
be held
Chapter, American
Bankers Association, will
of the American
2 at the Hotel Roosevelt in New York
the evening of Dec.
Orval W. Adams; President of the American Bankers
City.
Association and Executive Vice-President of the Utah State
National
Bank
Salt
at
Lake
City,
Utah,
and
K.
Frank
Houston, President of the New York State Bankers Associa¬
tion and President of the Chemical Bank & Trust Co. of
New
which Dr.
at
ner,
the American
be
Preceding the din¬
York, will he the guests of honor.
Harold
Public National
York
Manager of
will preside, there will
p. m.
Daniel F. O'Meara, the
Bank & Trust Co.,
76 William Street, New
reception from 6:30 to 7
a
Executive
Stonier,
Bankers Association,
City, is in charge of the reservations for the dinner.
3435
Chronicle
three months in existence
parcel post service, which was
introduced the use of Governmentowned automobiles for conveying'mail in cities, and was
instrumental in the extension of the civil service to fourthwhen he assumed office;
class postmasters.
A life-long Democrat,
Mr. Burleson was born in San
Marcos, Texas, and received his education at the Texas
Agricultural and Mechanical College, Baylor University, and
the University of Texas.
He was admitted to the bar in
1884.
A year later he was made Assistant City Attorney of
Austin and in 1891 was named District Attorney for the
Twenty-sixth Judicial District. Mr. Burleson held this post
was elected to the United States House of Rep¬
resentatives in 1890, assuming office in 1891.
He continued
as a member of the House until he was named as a member
of President Wilson's Cabinet in 1913.
Mr. Burleson re¬
when he
public office at the end of the Wilson administra¬
devoting his time to. his
tired from
tion and since that time had been
business interests.
own
Annual
Meeting of American Mining Congress to Be
Held at Washington Dec, 1—3—Mining Leaders to
Frame Program of Policies of Organization
Departure of American Delegation to German "Stand¬
still" Conference—Meeting to Be Held in London
Leaders of the mining industry of the country will convene
at
Washington from Dec. 1-3 for the 40th Annual Meeting
of the American Mining Congress, to take up a program
embracing discussions of mineral taxation, coal mine, mech¬
anization problems, the relation of mining to
Federal
government, and the activities and policies of the organiza¬
tion.
At the
same
time the Executive Tax Committee, the
Coal Operators Committees and the Board of
the Manufacturer's Division of the American
Governors of
Mining Com
gress will meet.
Representative Wesley E. Disney, of
Oklahoma, will address the annual luncheon for members on
Dec. 2, speaking on the general subject of tax revision.
♦
Death of Howard E. Coffin, Industrialist—-Was Leader
in
Automobile, Airplane and Textile Industries—
Merchants' Association of New York Pays Tribute
Howard E. Coffin, industrial leader, died on Nov. 21 of a
bullet wound at the home of his
nephew, Alfred W. Jones,
Sea Island, Ga,
A coroner's jury on Nov. 22 returned
the verdict that Mr. Coffin died of a gunshot wound "the
cause of
the discharge of the gun being unknown to the
at
jury.'t He was 64 years old. Mr. Coffin was a prominent
figure in the automobile industry for oyer 25 years. He was
also Chairman of the Board of the Sea Island Co. of Georgia
and the Young Management Corp.; Vice-President and a
Director of the Farm Chemurgic Council; a Director of the
National
of
Association
Merchants' Asso¬
Manufacturers,
ciation of New York and the Brunswick Pulp and Paper Co.
The hoard of directors of the Merchants' Association author¬
ized the
following minute of appreciation of Air. Coffin
on
Nov. 22:
The
of Directors
Board
of The
Association of New
Merchants'
sorrow
to
ciation of the many services rendered by Mr.
their deep appre¬
express
Coffin to the people of the
community and of the Nation.
Mr. Coffin
was
active
on
the Aeronautics Committee of this Association
following his appointment in 1933.
In 1936 he
was elected to
in this Board and continued thereon until his death.
of the delegates of The Merchants'
membership
In 1937 he
was one
Association to the annual meeting of
The pioneering spirit which was a part of Mr. Coffin's heritage
made him
important factor, first, in the development of the automobile industry
and, later, in the field of aviation to both of which he made many contri¬
butions.
During the World. War ho devoted himself intensively and unselfishly
to the service of the Nation.
American industry and the American people both owe a debt of gratitude
to this
His patriotism and breadth of civic interest
genius of production.
both contributed to the building of a life of maximum
In paying this tribute of appreciation
usefulness.
this Hoard extends to the members
of Mr. Coffin's family their deep sympathy.
World War,
take
He
was
also
a
during the
Aircraft Board of the
member of the advisory commission of the
Defense, the Naval Consulting Board, the American
In recent
of National
years
Air
Transport,
Inc., from
.
.
.
.
At the age
1925 to
Elected to Several Federal Reserve Ranks —
Boards of Institutions at Philadelphia,
Named to
St.
Cleveland,
Louis,
Minneapolis, Kansas City
and Dallas
Reserve banks recently held elec¬
which incumbents were re-elected or
members named to the boards. , The elections were held
Several of the Federal
of directors, at
tions
new
Louis,
of the
by the Reserve banks of Philadelphia, Colveland, St.
Minneapolis, Kansas City and Dallas. The results
follows:
are as
Bank—John B. Henning, President of the Wyoming
Tunkhannock, Pa., re-elected on Nov. 16 as Class B
Group 3; Frederick C. Stout, of John K. Evans
Co., Camden, re-elected as a Class B director by banks in Group 1.
Cleveland Bank—-H. B. McDowell, President of the McDowell National
Philadelphia
National Bank, of
director
&
by member banks in
elected Nov. 16 as a Class A director by banks in
Chess Lamberton; R. P. Wright, of Reed Manufacturing
Bank, Sharon, Pa.,
Group 2 to succeed
Co., Erie, Pa.,
banks in Group 2. Both were
In a special election,
Bank of Pittsburgh, Pa., was
Class A director to fill the term of the last
re-elected Class B director by
of three years beginning
P. P. Brooks, President
Robert Wardrop,
Jan. 1,1938.
of the First National
Group 1 as
which expires Dec. 31,
elected by banks in
St. Louis Bank—Harvey
1938.
C. Couch, President
of Arkansas Power & Light
Bluff, Ark., elected on Nov. 16 as Class B director by banks in
Group 2 to succeed W. B. Plunkett of Little Rock, Ark., retired; P. Guy
Hitt, President of First National Bank of Zeigler, 111., re-elected Class A
director by member banks in Group 3.
Minneapolis Bank—M. O. Grangaard, Vice-President of First National
Bank & Trust Co., Minneapolis, elected as Class A director, and W. O.
Co., Pine
Washburn & Sons. St. Paul, as Class B director, for
beginning Jan, 1, 1938.
City Bank—Frank W. Sponable, President of Miami Co. National
Paola, Kan., as Class A director, and J. M. Bernardin as Class B
"Washburn, of W. O.
Kansas
director.
,
_
_
of Houston, elected a director and Pat E,
Hooks, of Itasca, re-elected a director on Nov. 16.
Mr. Wiess succeeds
A. S. Cleveland, who was not a candidate for re-election.
Dallas
Bank—Harry C- Wiess
Death
of
of National Defense
of 59 Mr. Coffin, who had retired from active participation
industry.
named Chairman of the Board of Southeastern Cottons,
A.
In
Inc.,
of General Textiles.
Burleson, Postmaster General Under
Wilson—Established Air Mail and Built
S.
President
Up
Parcel
Post—Also Served in House of Repre¬
sentatives
Albert
President
Sidney Burleson, Postmaster General in the Cabinet
and a former Representative to Con¬
of President Wilson,
for 12 years, died on Nov. 24 of heart
home in Austin, Texas.
He was 74 years old.
gress
disease at his
Mr. Burleson
1913 to 1921, and during his
of office established the air mail, in 1918; expanded the
Postmaster General from
Roosevelt Nominates F. J. Garrett as Pre¬
Judge of United States Court of Customs
Appeals—Other Nominations—Charles
as Associate Justice of
United
Court of Appeals for District of Columbia
and Patent
H.
Robb
.
after serving as President
term
Directors
siding
Mr. Coffin had frequently appeared before Congressional
in the automotive and aircraft business, entered the textile
was
1928 and
.
He requested a revival of the Council
commissions.
in 1931.
was
portion.
He
Mr. Coffin became interested in commercial aviation.
war
President
Chairman of the Board from 1928 to 1930.
1933 he
approximately
the American
Mission and the Committee on Industrial Preparedness.
After the
was
with the field of aviation began
when he served as chairman of the
Council of National
Aviation
000,000 marks, or $360,000,000, of which
250,000,000 marks, or $100,000,000, is
Bank,
connection
United States.
fc
we
following:
Mr. Coffin's
attending preliminary meetings.
will convene Dec. 1 will be the eighth
Germany's credit in 1931 and the first
to be held in London, the previous conferences having been
held in Berlin. The present meeting is also being held about
two months in advance of the usual time.
The existing
"standstill" agreement does not expire until Fed. 28, next.
Mr. Gibson said on Nov. 24 that the outstanding credits
covered by the "standstill" agreement is now about 900,-
three-year terms
From the New York "Herald Tribune" of Nov. 22
the
to open on Dec. 1.
the Manufacturers
The meeting which
since the collapse of
elected for terms
the Chamber of Commerce of the United States of America.
v
Trust, is already in London
York
1937, of
death on Nov. 21,
at the
Howard Earle Coffin and take this occasion
an
short-term foreign creditors of Germany,
Andrew L. Gomery, Vice-President of
elections
hereby record their profound
Beginning Dec. 1
First Time
for
Harvey D. Gibson, President of the Manufacturers Trust
Co., and Joseph C. Rovensky, Vice-President of the Chase
National Bank, both of New York, sailed on Nov. 24 aboard
the Normandie for London, where they will represent
American banks at the annual "standstill" conference of
States
Retires
16 sent to the Senate the
Garrett of Tennessee to be Presiding
Judge of the United States Court of Customs and Patent
Appeals.
Judge Garrett, now a member of the court, is
named to succeed the late William J. Graham.
On Nov. 5 President Roosevelt announced the acceptance
of the retirement of Charles II. Robb as Associate Justice
of the United States Court of Appeals for the District of
Columbia.
Mr. Robb retired from active service on the
Bench as of Nov. 15, after having served the court continu¬
ously for 31 years.
He explained in his letter to the Presi¬
dent that on Nov. 14 he became 70 years of age, and that he
wished to avail himself of the retirement rights as specified
in Section 260 of the Judicial Code, as amended.
President
Roosevelt on Nov.
nomination of Finis J.
Financial
3436
Besides
that
of
1G
other nominations
Garrett,
Judge
Nov.
Senate
the
to
for
confirmation
Straus of New York, who has already assumed
Administrator
United
the
of
States
sent
Nathan
included
his office
Housing
as
Authority;
Maurice E. Gil more, New York, Public Works Administra¬
tion
Director of Region 1, and
York
for.
reappointment
tirement Board for
as
a
Murray W. Latimer of New
member of the Railroad Re¬
term of five years
a
from August, 1037.
Chronicle
Nov.
of
all member banks and
be
under the
The office will
trust companies.
Needham, General Counsel
of D. J.
direction
1937
27,
Association, who will reside permanently in the capi¬
Assisting him will be J. O. Brott of thet legal de¬
of the
tal city.
partment.
Other members of the legal staff, it is said, will
be available to assist in the functions of the enlarged office.
The
headquarters of the National Bank Division are being
from Washington to New York.
Deputy Manager
moved
Edgar E. Mount joy, as Secretary of the Division, will con¬
tinue in charge.
Merle Thorpe to Address Meeting of New York
Chamber of Commerce Dec. 2
Thus the work of the Savings, State Bank,
National Bank, and Trust
Merle Thorpe, editor and publisher of Nation's Business,
will address the Chamber of Commerce of the State of New
York on Dec. 2.
Winthrop W. Aldrich, President, will
preside at the meeting which will be held at noon at 65
Liberty street and will be the final one of the year. Reports
will be presented by the Executive, Internal Trade and
Improvements and Harbor and Shipping committees for
approval by the membership.
Divisions of the Association will
be centered in the New York office of the Association.
American Bankers Association Offers New Bank
Radio Series
Adding to its extensive public relations services to banks
throughout the country, the American Bankers Association
the adoption of a series
announces
used
banks
by
of radio programs to be
The Association is
their local stations.
on
urging their cooperative use by Clearing House Associations,
E.
R.
Stettinius
of
U.
S.
Steel
Corp.
Nominated for
Membership in New York Chamber of Commerce—
the
Chamber of
been
approved
Commerce of the State of New York has
by
the
Committee,
Executive
Chairman
William J. Graham announced
on Nov. 25.
Winthrop W.
Aldrich, President of the Chamber, made the nomination
which was seconded by Leon Eraser, president of the First
National Bank. The committee also approved the
following
for membership:
G.
15-minute
contemplates
Montague, President of The Borden Co.
groups
electrically
in
The
transcribed
pro¬
banker
John
Sterling and the services of his bank.
The
strictly educational and make no direct effort
banking services.
programs are
sell
to
The Association's
Time
is
allowed
beginning
and at
may
series
will
that
banks
this respect.
Joseph O. Brown, of Rockefeller Center, Inc.
for
use
a
the
of
the end for
however,
programs,
commercial
a
direct selling
for
message
or
the
which
announcement
in any other
it desires.
mended
in
bank
also says:
announcement
the
at
bank's identification
The
T. Egan, Vice-President of Title Guarantee & Trust Co.
banking
playlets built around various banking services.
Each epi¬
sode dramatically presents a financial problem solved suc¬
cessfully through the friendly and intelligent counsel of
way
Robert R. Appleby, of Antony Gibbs & Co., Inc.
other
consisting of light classical music and human interest
grams
Earle W. Webb, President of Ethyl Gasoline Corp.
John
associations and
the greatest number of banks may benefit.
the sponsoring
Walter H. Aldridge, President of Texas Gulf Sulphur Co.
Theodore
order that
plan
Others Nominated
The nomination of E. R. Stettinius, Jr., Chairman of the
board of the United States Steel Corp., for
membership in
bankers
county
of
consist
52
them
use
"disks"
or
It
programs.
will
be
recom¬
semi-weekly, though they will have discretion
The title of the series is "Money Matters."
John F. Curry, Jr., Insurance.
J. Andre Fouilhoux, Architect.
John A. Osborne,
Gurden Edwards, Director Research Council of A. B.
Real Estate and Mortgage Loans.
Address
to
Frank S. Staloy; Hadley Case.
Luncheon
All of the above will be voted upon
by the membership at
the monthly meeting of the chamber on Dec. 2.
Walker
Resigns
Orleans Branch
—Lewis
Clark
of
Managing Director of New
as
Atlanta
Named
Federal
Reserve
Bank
Successor
as
tion,
the
ITEMS
Mr.
has headed the local bank for 22
years.
Associated with the administration
of the estate of the late John
Dibert since 1912, Mr. Walker said that his
retirement, effective Dec. 31,
clusively to his private affairs
Mr.
Walker
has
been
one
was
due to his wish to devote him time
ex¬
and the administration of the Dibert estate.
of the
three
New
Orleans
members
of
the
board of
seven directors for this branch of
the parent bank at Atlanta.
The other two New Orleans directors are
Rudolf S. Ilecht and E. T. George.
The resignation of Mr. Walker and the
selection of Mr. Clark to succeed
him were passed upon
by the full board of the parent bank at Atlanta.
new
fol¬
years as
Lawyers
of the Atlanta
Clark, a native of Enterprise, Miss., has been an executive of the
Atlanta branch for several years.
The first branch manager in the Federal
Reserve System, Mr. Walker
recently appointed Director of the
Public Relations Director of the Associa¬
will address the New York Financial Advertisers at
the
of Nov. 14, which also stated in
part:
at
their November luncheon meeting on Monday next, Nov. 29,
at
Clark, Vice-President
branch, as his successor, were announced on
13, according to the New Orleans "Times-Picayune"
A.,
Meeting Nov. 29.
Gurden Edwards,
The resignation of Marcus Walker as
Managing Director
of the New Orleans branch of the Federal Reserve Bank of
Atlanta and the appointment of Lewis
Nov.
Advertisers
Research Council of the American Bankers Association
lowing 35
Marcus
Financial
York
New
speak
on
new
At
a
Club,
at
"Producing
the
12:15
Mr.
m.
p.
Facts,"
describing
Edwards
the
will
work
of
Council.
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
meeting of the Board of Directors of the Chemical
Bank & Trust Co. of New York held Nov. 24, Walter M.
Hawkins was appointed an Assistant Branch Manager.
Arthur II. Kiendl
on Nov. 22 was
appointed Second ViceGuaranty Trust Co. of New York, effective
Dec. 1, he will be connected with the Government Bond
Department of that institution. Mr. Kiendl was with the
Guaranty Co., the former security affiliate of the trust
company, for 15 years.
Subsequently, he became head of
the Government Bond Department of Brown Harriman & Co.
President of the
Robert W. Watson,
Joseph A. Rushton Renominated Chairman
Association
of
Stock
Exchange
Chicago
Firms—Annual
Meeting Dec. 3
Joseph A. Rushton,
on
Nov. 19
was
a partner of Babcock, Rushton &
Co.,
renominated for the Chairmanship of the
Chicago Association
of
Stock
Exchange Firms to
serve
a
partner of Sutro Bros. & Co.
Treasurer:
James A. Cathcart, a partner of
Harris, Upham & Co.
Four members of the Board of
Governors (renominated) to serve three
years: Robert J. Fischer of
Russell, Brewster & Co., Warren A. Lamson
of Lamson Bros. &
Co., Thomas E. Murchison of Paul H. Davis &
Co., and
Joseph A. Rushton.
Members
Thorson
of
the
Industrial
Bank
held Nov.
17.
Lingane.
Committee
to
serve
one
year:
Reuben
of
Lizars of Rawson Lizars &
Co., and Samuel J. Smith of Hulburd, Warren
& Chandler.
be
held
on
Headquarters
of
A.
B.
A.
Under
of
D. J.
Needham—Removal of
of National Bank Division from
ington to New York
Wash¬
to
Direction
quarters
Head¬
foreign cities, including New York.
broke
out
quarters of the American Bankers
Colorado Building to the Washington
D. C., head¬
Association from the
Building, at Pennsyl¬
city, about Dec. 1,
Dr. Harold Stonier, Executive
Manager of the Association,
stated that headquarters are
being expanded and the scope
of
and
the activities
and
Supervisor
of
Mr.
When the World War
Kemp returned to England and enlisted
in
heavy artillery, later obtaining a commission in the
Royal Flying Corps.
After the war he returned to New
York
and
loth
Street
of
that
augmented in order to
serve
the
interests
entered
National Bank.
J.
Homer
Reed,
Bank,
York
the
auditing department
He had been Assistant
of
the
Chase
Comptroller of the
1930.
since
an
New
City
Assistant Cashier of the Chase Na¬
York,
died
on
the age of 56.
at
Nov.
19
at
his home
in
Mr.
Reed, who was a
graduated from the Uni¬
native of Kansas City, Mo., was
versity of Minnesota in 1902 and later took post-graduate
courses at Columbia University.
He joined the Chase Na¬
tional
announcing removal of the Washington,
Avenue
Vice-President
a
started
his
hanking career there.
He later joined the
Anglo-South American Bank at first in London and then in
New
Be
vania
elected
was
Peter Kemp, Assistant Comptroller of the Chase National
Bank, New York, died on Nov. 17 at his home in New York.
He was 52 years old.
Mr. Kemp was born in Scotland and
tional
In
The Bank also announced that Richard J.
Branches.
bank
Meeting of the Association will
Dec. 3.
Washington
of
President of the Morris Plan Insur¬
elected a Director of the Morris Plan
New York at a meeting of the Board
the
Nominating
Jackson & Curtis,
Chairman, Ralph Chapman of Far well,
Chapman & Co., Maynard C. Ivison of
Abbott, Proctor & Paine, Rawson
The Annual
was
a
third term, by the
Nominating Committee of the Association.
Other nominees named were:
Vice-Chairman: Roy E. Bard,
Society,
ance
of
since
Bank
in
1905
and
had
been
an
Assistant
Cashier
1929.
♦
Manufacturers Trust Co., New York, announced this week
that it had leased the building at 265 Utica
Avenue, Brook¬
lyn, which will be utilized for enlarging the present Utica
Avenue
started
office
this
at
263
month
Utica
and
will
Avenue.
Alterations
be completed
in
will
be
February, at
Volume
which time the buildings at 263-265 Utica Avenue will con¬
stitute
18
branches
deposits in full, according
Nov. 14, which also said:
The Utica Avenue office is one of the
single unit.
a
of Manufacturers Trust Co.,
in Brooklyn, and
The bank
G.
of
Dime
Savings Bank of Brooklyn,
N. Y., on Nov. 19 elected Frederick W. Rowe First VicePresident of tne bank succeeding the late Frank H. Parsons.
WalterjiHammitt was elected Second Vice-President and
Edwin H. Biederman and Guy L. Gould were appointed
Assistant Secretaries.
Eldred Daggett was made Assistant
Manager of the Bensonhurst branch.
B.
Robert
the
Porter
was
elected
President of
Mr.
Porter, who is
First
Vice-President
Assistant Vice-President of the
an
Trust &
and
Deposit Co. of Syracuse, has been a
director of the Bank of East Syracuse for many
a
The Syracuse "Post" of Nov. 8, from which
years.
learned,
to
this is
added:
A J. Oonine of East
succeed
Syracuse and George W. Lee were
and the late Frank Snyder.
White
Mr.
institution.
tors
elected directors
York
New
State
Department
Banking
The
it
Nov.
Deposit
preferred stock "B" of the par value of $9 a share.
is learned
Philadelphia "Record" of Nov. 23 it
the
From
final dividend
that a
was
to be paid
on
Nov.
in
appearing in "Money and Com¬
Dr. A. Rigg has been elected
Chairman of the Board of Directors of the Berks County
Trust Co. of Reading to succeed the late Christian H. Ruhl.
Dr. Rigg
has been a director of the trust company and its
predecessors since the organization of the Colonial Trust
Co. in 1900.
He is a director of the Pennsylvania Co. for
advices,
merce" of Nov. 20, report that
Insurances
on
the
of
director
Philadelphia;
Land Title & Trust Co. of Philadelphia;
Trenton, N. J., Street Railway Co., &c.
Lives
President of the
Granting
&
Wagner
elected
was
Trust
At the same meeting the directors
heretofore in charge of the
division, an Assistant Secretary.
McCarthy & Hebard.
Clarence
elected
bank's
A.
income tax
Hutton,
Press advices from Wash¬
ington, D. C., on Nov. 20 that the Comptroller of the Cur¬
rency has authorized the receiver of the East Berlin Na¬
tional Bank at East Berlin, Pa., to pay a third and final
dividend of 11.53% to the creditors.
The dispatch added :
A total of $95,800
claims
have proved
The receivership has previously paid divi¬
will be distributed to 926 claimants who
aggregating $831,400.
of
dends
48%..
M.
A
final
Harrisburg, Pa.,
re-elected all
and addi¬
tions:
Edward Krister was advanced from Vice-President
in charge of the trust department to a general Vice-Presi¬
dent ; Stanley S. Zimmerman was elected Trust Officer;
Mervin V. Thomas and Florence E. Huber were made Assis¬
tant Trust Officers, and George W. Reilly, III, was elected
Secretary. "Money & Commerce" of Nov. 20, from which
at their recent
annual reorganization meeting
made the following changes
former officers and
this information
which
tion
given
Officer
in
partment
In
all
1910 and
in
was
Harrisburg Trust
Co.
to
is
made Vice-President in charge of
was
the Trust De¬
report
anteed
to the stockholders,
mortgages
mortgages
will
reported
were
handled
with
no
increase
loss
whatever.
that the company's total assets had risen
costs
further.
That
will be paid later following litiga¬
the next
of
certain assets
depositors of the
Bank
efw
days to
recover
Midland National
the old
Benton
of
old Farmers' & Merchants' Na¬
Harbor, Mich., were to receive
of 20% on their deposit participation
17, is learned from the "Michigan In¬
vestor" of Nov. 13, from which we also quote the following:
The approaching payment to depositors with funds in the old bank prior
to the national moratorium of March 4, 1933, will amount to $200,000
and will bring, the total payment to depositors up to 80%.
Deposits originally impounded amounted to $1,212,000, of which approxi¬
another
payment
certificates
on
Nov.
mately $400,000 remains
to
paid
be
dividend will
Next week's
out.
bring to 80% the total paid and will leave
only 20% of impounded deposits to be paid depositors.
will
then
According
to
a
Mich., dispatch, on Nov. 16,
"Blade," trustees of the First Na¬
Monroe,
in the Toledo
of
Bank
tional
The final payment
liquidate dhe old bank.
Monroe
announced
on
that date that pay¬
of the trust certificates issued to depositors
bank was reorganized in 1933 would be paid
of 50%
ment
the
when
beginning Nov. 18.
The payment,
The dispatch added:
88% the amount paid on
was stated.
The bank has 8,000 depositors and 125
totaling $155,000, will bring to
claims of depositors, it
Rauch said.
President Edward C.
stockholders,
J. F. Sartori was elected Chairman of the
of
tors
the
Board of Direc¬
Security-First National Bank of Los
Angeles,
Nov. 16, while continuing as Chairman of the
Managing Committee of the bank.
He succeeds in his new
office the late Henry M. Robinson, whose death was noted
in these columns Nov. 6, page 2948.
on
Concerning the affairs of the defunct
First National Bank
"Times" of Nov. ID
Beverly Hills, Calif., the Los Angeles
carried the following:
of
National Bank
First
of Beverly Ilills
will
pay
a
liquidating divi¬
according to word received here yesterday
from J.
F, T. O'Connor, Comptroller of the Currency.
Between 6,000
and 7,000 depositors will receive approximately $535,000, it was stated.
Deposits at failure amounted to $5,197,831, of which $3,048,836 has been
of
15%
before Christfas,
repaid to depositors
so
far.
•
.
The annual
r
report of the Bank of
Montreal (head office
Montreal, Canada), covering the fiscal year ended Oct. 30,
shows total assets of $829,633,950, up from $805,081,998 on
which
$599,051,153 (as compared
with $606,472,587 a year ago), or 79.58% of the bank's lia¬
bilities to the public, which stand at $752,736,753 as against
$728,315,850 last year.
Total deposits are given in the
statement as $717,799,105, up from $691,312,054, or an in¬
crease
of $26,487,000 as compared with last year.
The
bank's capital and rest fund remain unchanged at $36,000,000 each.
Further details regarding the institution's
1936
(a gain of more than $24,500,000), of
quickly available resources total
showing follow:
ment
the
demonstration
the most interesting feature of the
it gives of the expanding scale
public standpoint
the
is
country's
that
On
an
industrial and commercial operations, reflected particularly in
in current loans in Canada, which, at $204,760,812,
last year of more than $30,000,000.
other hand, due no doubt to the restricted operations in the
increase as compared with
the
call
markets,
security
loans
in
Canada
down from $8,169,988 last
similar movement is noticeable
$19,878,944 as compared with
are
to $6,857,700 at the present time.
A
call loan3 abroad, these now standing at
year
in
state¬
of the
improvement
show
$25,400,166.
In
a
keeping with the larger scale of the bank's business, the profits
increase.
The net total, after deduction of Dominion
moderate
Provincial Government taxes of
$3,181,501
capital,
of
6how
and
942,957, amounts to $3,408,328 (as against
ago), being at the rate of 4.47% on the combined
and undistributed profits.
After payment of the usual
and an appropriation of $400,000 for bank premises, the sum
a
year
reserves
dividends
Approximately 5,000 depositors of the old Broadway Sav¬
ings Bank of Baltimore, Md., which was put on a restricted
basis by the State Bank Commissioner of Maryland after
the bank holiday of 1933, were scheduled to receive last
week an extra dividend in addition to payments of their
Dealer."
few per cent,
a
is learned
17, printed
The dispatch continued:
$120,000.
tional
had
from $8,500,000
to about $13,000,000 ; that the costs of operation through salaries, etc.,
had in this period increased about 8%, but that the State and Federal
taxes in
1937 were approximately 275% in excess of the same taxes in
1935, and that the wages and hours law, social security and other laws
He
Ohio,
and which closed
on bonds
Bank and
at the time they were merged into the Ohio State Bank.
brings the total dividends up to 28%, and will amount
dividend
new
about
the
President George W. Reily stated that
been retired and the $420,000 reserve for
department had been added to undivided profits.
The department
discontinued because of banking provisions.
Over $20,000,000 guar¬
his
close of business
the
of
deposits of approximately $2,000,000,
filed within
be
to
guarantee
From
in 1898, became Trust
1926.
guaranteed
that
the
with
Commercial Bank
is obtained, continued in part:
went N to
Krister
Mr.
a
as
announced that "having
all expenses and claims,"
final distribution to all
as
S. Daugherty was President
dividend of
Oct. 31,
of the Harrisburg Trust Co.,
Directors
and
their balances
to
in the Cleveland "Plain
The
learned from Associated
well
will pay a fourth dividend, Dec. 6, of 8%, it
from a press dispatch from that place on Nov.
dend
It is
(Nov. 13)
as
dividend
extra
proportion
doubtful assets,
some
,
Annuities,
a Trust Officer of
the
Co.,
Philadelphia,
Pa.,
on
Nov. 22, his election to become effective Dec. 1.
Mr. Wag¬
ner has been a member of the' law firm of Clark, Wagner,
C.
Paul
"an
May 12, 1930,
Calif.,
Fidelity-Philadelphia
.
The Ohio State Bank of Washington Court House,
printed
Pa.,
remained, however,
1937."
15,
of which
that day to de¬
positors of the closed Farmers' & Merchants' National Bank
of Rock wood, Pa., by P. M. Weimer, the receiver.
The
dividend, the paper added, would represent payment in full
of amounts due, jilus 8.35% interest.
Reading,
all deposits had been liquidated and all deposi¬
sold.
16
plans to increase the capital stock of the First
Co. of Syracuse, N. Y., from $1,620,000,
consisting of 270,000 shares of the par value of $6 each,
to $5,164,938, to consist of 348,849 shares Of common stock
of the par value of $6 a share; 866,250 shares of preferred
stock "A" of the par value of $3 each, and 52,566 shares of
&
year
There still
authorized
depositors
approved
Trust
full.
liquidating committee yesterday
has
The
on
in
these have been
paid all deposits in full, with interest,
to
The
paid
and
Bank of
the
East Syracuse, East Syracuse, N. Y., on Nov. 17, to succeed
Mercer V. White, who retired recently because of ill health.
committee, consisting of Conrad C.
a
By. Feb. 15 of this
,
of
Equitable Trust Co. in November, 1935,
Rabbe, Thomas
Young and John G. A. Damm, started to liquidate the free assets of
the
Trustees
The
"Sun"
Baltimore
the
to
absorbed by the
was
and at the same time
of the 64 offices of the bank in Greater New York.
one
3437
Chronicle
Financial
145
$128,328
was
carried forward to profit and
loss account.
"
.
sixty-third annual report of the Imperial Bank of
(head office Toronto) covering the fiscal year
ended Oct. 30 shows moderate improvement over the preThe
Canada
Financial
3438
ceding fiscal
dian
)
The Imperial
year.
awaited
ways
interest
with
bank to make
usually
denote
the
a
Bank's
statement
because it is the first
report for the year, and the figures
general
trend
in
bank
for the year—after providing for
earnings
Provincial
taxes
is al¬
(Cana¬
earnings.
Net
Dominion
and
($292,107)
; contributing to staff pension
($82,500) and making appropriations
to contingent accounts, out of which accounts full provision
and guarantee
for
bad
and
$907,977
funds
doubtful
debts
has
been
made—amounted
(as compared to $902,813 on
when added to
$020,055, the balance to credit of profit and
loss brought forward from the preceding fiscal year,
$1,588,032 available for distribution.
located
10%
follows:
as
to
Oct. 31, 1936), and
$700,000 to
pay
This amount
made
was
al-'
dividends at the rate of
$100,000 written off bank premises ac¬
$150,000 reserved for contingencies, leaving a
balance $638,032 to be carried forward to the current fiscal
annum;
per
and
count,
year's profit and loss account.
in
Total
resources
are
Nov. 27,
upswing and there was considerable attention given to the
mining stocks.
Public utilities also attracted some buying
but the gains in this group were comparatively small. Note¬
worthy among the issues closing on the side of the advancb
were
Georgia Power pref., 334 points to 7334; Jones &
Laughlin Steel, 334 points to 3134; Newmont Mining 8
points to 60; New Jersey Zinc, 434 points to 5734.; Royal
Typewriter, 434 points to 40; and Singer Manufacturing Co.,
334 points to 225.
As compared with Friday of last week
prices were higher, American Gas & Electric closing last
night at 28 against 2434 on Friday a week ago; American
Light & Traction at 1434 against 1334; Creole Petroleum at
23 against 21; Electric Bond & Share at 12 against 934;
Hudson Bay Mining & Smelting at 2034 against 1834; New¬
mont Mining at 60
against 55 and Niagara Hudson Power
at 934 against 734DAILY
TRANSACTIONS
fund, at $7,000,000 and $8,000,000, respectively, re¬
same as last year.
A. E. Phipps is President and
H. T. Jaffray, General
Manager.
reserve
main the
Nov. 26.
1937
$39,000
$1,072,000
275,955
289,755
208,967
1.204,000
26,000
24,000
1,329,000
1,251,000
24,000
15,000
1,254,000
1,368,000
46,000
21,000
1,318,000
1,440,000
21,000
24,000
1,485,000
1,280,612
.
_
.
..
.
.
.
.
.
Wednesday
Thursday
.
$6,241,000
$133,000
$123,000
$6,497,000
-
Holiday
,
.
EXCHANGE
inclined to
to
move
against the trend at
withstand
the selling pressure.
Mining and metal stocks registered small advances and some
interest
was
changes
were
2,736,280
97,843,420
119,154,957
$6,241,000
$386,921,000
$728,507,000
government..
133,000
$9,888,000
323,000
Foreign corporate....
123,000
235,000
11,342,000
9,308,000
16,543,000
11,798,000
$6,497,000
$10,446,000
$407,571,000
$756,848,000
Foreign
„
_
..........
Total
manifested in the industrial specialties but the
small.
We collect
documentary
clean drafts drawn
or
on
on
were
so
increase
over
MANUFACTURERS
prominent
on
the down side during the fore
The volume of transfers showed a fair
the last short session, the total sales
PRINCIPAL OFFICE
55
reaching
206,000 shares, against 107,000 on the preceding
Saturday.
Among the stocks closing on the side of the advance were
of losses
on
the side of the advance.
utilities
were
active but the changes were unim¬
Mining and metal shares were the weak spots,
Newmont Mining
dipping 4 points to 52; New Jersey Zinc,
1% points to 5734; Aluminum Co. of America, 2%
points
to 74, and Consolidated
Mining & Smelting, 3 points to 49.
Industrial specialties also
weakened, St. Regis Paper pref.
tumbling downward 8 points to 62; Nehi Corp., 5li points
to 34%; Pa.
Salt, 53^ points to 1363^; North American
Rayon A, 5 points to 20, and Carrier Corp., 2\i points to 25.
Tumbling prices ruled the dealings on Tuesday, many new
FOREIGN
public utilities
group.
Toward the
end of the session stocks firmed
up to some extent but the
gains were small and without special significance.
Singer
it dipped 3
Manufacturing Co. was one of the weak spots as
points to 225; Pa. Salt slipped back 113^ points to
125; New
Jersey Zinc, 434 points to 53; and Newmont Mining,
324
points to 5534.
Public utilities
were
represented on the side
of the decline by
Georgia Power pref., 5 points to 70; Long
Island Lighting pref. (7), 734
points to 5434; Nevada Calif.
Electric, 1334 points to 53, and Cleveland Electric Illumi¬
nating Co., 3 points to 37. The transfers for the
day were
288,375 shares, against 278,245 on Monday.
Irregularity, due to selling pressure, characterized the
movements of the curb market on
Wednesday. There were
some modest
gains scattered through the list during the
early
dealings but many of these were reduced or cancelled
entirely
before the session came to a close.
the strong spots and advanced 7
Draper Corp. was one of
points to 55; Pa. Salt climbed
upward 10 points to 135 and Pittsburgh Glass continued in
demand at higher prices.
Prominent on the downside were
Aluminium Ltd., 434 points to
5534; Long Island Lighting,
7% pref., 734 points to 47; Newmont Mining, 334 points to
52; St. Regis Paper pref., 3 points to 57; Singer Manufactur¬
ing Co., 334points to 22134 and Todd Shipyard 2 points to 36.
The New York Curb
Exchange, the New York Stock Ex¬
change and the commodity markets were closed on Thursday
in observance of Thanksgiving
Day.
Stocks moved briskly forward as the market resumed its
sessions following the
Thanksgiving Day holiday and a
fairly long list of trading favorites registered gains ranging
from 1 to 10 or more
points. Industrial specialties led the
EXCHANGE
Association
Corporation
RATES
Pursuant to the
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
portant.
lows being registered
among the high priced specialties and
the preferred stocks in the
YORK
STREET. NEW
Member Federal Deposit Insurance
declines
totaling 238 with only 73
DEPARTMENT:
Member Federal Reserve System
Wilcox, 6% points to 70; Pittsburgh & Lake
Erie, 2 points to 58; American Meter, 2\i
points to 26;
Bunker Hill-Sullivan, 1 point to
15J^; Creole Petroleum, 13^
points to 223^, and Newmont Mining, 1 point to 56.
Many
were
also in evidence
throughout the
general list.
Sagging tendencies were apparent all along the line on
Monday, and while the public utilities were inclined to move
against the trend, the list, as a whole, was weak, the number
BROAD
COMPANY
TRUST
FOREIGN
AND
Member New York Clearing House
Babcock &
fractional
of the United States and on foreign countries.
any part
part of the week.
Public
1936
1937
1,280,612
Bonds
were lower as trading opened for the short
Saturday, but a last minute wave of buying can¬
celed many of the
early losses and the market closed fairly
steady. The gains were largely among the high priced stocks
that
1936
1937
Exchange
Curb prices
session
Jan. 1 to Nov. 26
New York Curb
Domestic
generally absorbed by the strong downward tendency.
26
Week* Ended Nov
were
unable
Total
Corporate
$16,000
Stocks—No, of shares.
were
Government
Domestic
299,845
Tuesday
have been occasional but brief
periods of firmness, the gains
were
Value)
Foreign
$1,017,000
Monday,.
Trading on the Curb Exchange has been unsettled and
irregular during most of the present week, and while there
but
Bonds (.Par
206,090
Saturday
Sales at
Public utilities
EXCHANGE
CURB
YORK
Foreign
of
Shares)
Total
times
NEW
(.Number
Week Ended
Friday
CURB
THE
Stocks
the
year
THE
AT
shown
report as $159,667,419, comparing with $150,547,261
ago, while total deposits are givea at $142,916,133,
as against $124,616,919, or more than
$18,000,000 above last
year's total. The paid-up capital of the institution and its
a
Chronicle
We
record for the week just passed:
a
EXCHANGE
BANKS
CERTIFIED
RATES
TG TREASURY
BY
FEDERAI
UNDER TARIFF ACT OF
RKsKVE
1931
NOV. 20, 1937. TO NOV. 26, 1937, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Valve in
Country and Monetary
I ork
United Stales Monro
UTlll
Nov. 20
Nov. 22
$
Europe—
Austria, schilling
$
Nov. 23
| Nov. 24
Nov. 25
Nov. 26
.189314*
.189241*
.189258*
.189141*
.170214
.170113
.170136
.170126
.170033
.012850*
Blegium, belga
Bulgaria, lev
$
.189216*
.012850*
$
$
$
.012850*
.012750*
.035207
.035225
.035223
.035196
.223295
.223375
.223256
.222895
5.002875
Czechoslo'kia, koruna .035222
.223464
Denmark, krone
England, pound sterl'g 5.006291
5.004583
5.001125
4.993416
.022081
.012725*
Finland, markka
France, franc
.022125
.022087
.022056
.034031
.033993
.034006
.033991
.033937
Germany, reichsmark
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
Norway, krone
.404253
.404169
.404161
.404100
.403326
.009159*
.009160*
.022066
.009167*
.009178*
.009170*
.555085
.554885
.555746
.555828
.198400*
.198525*
.198500*
.198375*
.198250*
.052621
.052625
.052621
.052612
.052618
.251520
.251325
.251420
.251262
.250875
.555867
Poland, zloty
.189375
.189366
.189266
.189166
Portugal, escudo
Rumania, leu
.045450
.045233
.045266
.045200
.045233
.007400*
.007307*
.007314*
.007310*
.007314*
Spain, peseta
.061*437*
.062*'S7*
.062812*
Sweden, krona
.258079
.257872
.257991
.257812
.257400
Switzerland.
.231603
.231435
.231508
.231442
.231180
.023120*
.023100*
.023120*
.023090*
.063285*
(rune
Yugoslavia, dinar
.062500*
.189233
Asia—
.023080*
HOLI¬
China—
;■
»
DAY
Chefoo
(yuan) dol'r
Ilankow(yuan) dol'r
.295000
.295000
.294270
.294791
.294270
.294791
.295000
.295000
.294687
.294687
Shanghai (yuan) dol
.295000
.294270
.294791
.295000
.294687
Tientsin (yuan) dol'r
.295000
.294270
.294791
.295000
.294667
Hongkong, dollar..
.311562
.311718
.311718
.311718
.311281
India, rupee.
.377875
Singapore (S. S
)
dol'r
.377543
.377725
.291458
Japan, yen
.291450
.291591
.291408
.290720
.587000
.586687
.586750
.586000
.585000
.377512
.376821
Australasia—
Australia, pound.
New Zealand
3.990178* 3.985416* 3.987031* 3.984270*
3.977291*
pound- 4.019583* 4.014464*;4.015892* 4.015625*
4.007916*
pound.. 4.959583* 4.957321* 4.959196* 4.953828*
4.947142*
Africa—
South Africa
North
America—
Canada, dollar
1.001562
1.001646
1.001454
1.000829
Cuba, peso
Mexico, peso
Newfoundland,
.999166
.999166
.999166
.999166
.277.500
.277500
.277500
.277500
.277500
.998995
.999218
.998964
.998415,
.998216
.333704*
.333533*
.333691*
.333466*
Soutl
dollar
America—
Argentina,
peso
Brazil (official) mllrels
(Free) mllreis
ChllH,
Uruguay
.999166
A
X
X
x
-
X
-
.333029*
X
peso
peso
.058975
.059357
.059312
.058416
.057428
.051680*
peso
Colombia
1.000733
.051680*
.051680*
.051680*
.051680*
.542600*
.543680*
.5445S0CT
.544480*
.544480*
.791300*
.791300*
.791300*'
.791300*
.791700*
•Nominal rates; firm rates not available,
x
No rates available.
Volume
Financial
145
THE
LONDON STOCK
Sot.,
.
Tues.,
100/-
Central Min
Cons Goldfields of 8 A.
415/63/1%
Crown Mines
285/-
lnvest.
Courtaukls 8 & Co
De
Nov. 24
Nov. 25
100/7%
104/4%
4/9
4/9
430/420/68/9
66/10%
287,285/45/3
43/£103/8
£105/8
102/9
100/-
4/9
43
Beers
/I %
£103/4
Distillers Co
99/3
16/9
21/3
5/-
Electric & Musical Ind.
Ford Ltd
Geduld
Finance of Australia-
-
68/1%
'
-
190/-
177/6
2/6
23/-
143/9
IMP S
143/1%
144/4%
IN
•»'«*>
-
■
Nov.
NEW
YORK
(Per Ounce .999 Fine)
45 cents
Nov. 3
Nov. 4
45 cents
19 %d.
Nov. 5
Nov. 6
Nov. 8
45 cents
45 cents
19%d.
19 ll-16d.
6—_19%d.
Nov.
8
19 9-16d.
Nov.
9—19%d.
Nov. 10—19 ll-16d.
Average—-19.667d.
Nov. 9
19%d.
45 cents
45 cents
19.646d.
The highest rate of exchange on New
2313
V
■
IN
Std.-
19%d.
19 ll-16d.
Nov.
2/6
m:m
Oz.
2 Mos.
4...19 13-I6d.
5—19 ll-16d.
Nov.
190/177/6
'.'•'Vi.
Silver per
Cash
5/3
'•»
LONDON
-Bar
21-
V''
'
2/6
28/9
148/1%
147/6
2/6
23/3
143/9
Quotations during the week:
45/9
£101/2
103/3
190/-
177/6
Coin not of legal tender in the United Kingdom.
x
290 /-
23 /3
5/3
Imp Tob olGB& I_.
Hudson Bay Min & Sm Holiday
-
—-i
£34.717
£93,496
430/-
-
21
2 /-
Irish Free State
Other countries
17/6
190/177/6
(E)
Other countries
103 /9
.
xl3,941
xl,794
5,995
1..
New Zealand
4/9
/9
5/21-
A
Geduld Prop Mines
Gold Exploration &
m
1,511
1,476
Italy.
Hungary
11,538
31,259
2,003
Czechoslovakia
17/6
17/19/9
2/-
Gaumont Pictures ord.
;
Fri.,
-
Netherlands
16,588
16,929
Japan
Germany
£8,600
1,400
United States of America.
£15,179
Australia
Nov. 26
Thurs.,
Nov. 23
Nov. 22
British Amer TobaccoCanadian Marconi
&
Wed.,
Mon.,
Nov. 20
British India
received by cable
as
Exports
Imports
EXCHANGE
Quotations of representative stocks
each day of the past week:
3439
Chronicle
York recorded during the period
$4.97.
from the 4th to the 10th November was $5.03 and the lowest
147/6
147/6
Lake View South Gold
Mines of Kalgoorlie.
63/11/6
Rand Fr Est Gold
Rand Mines.
44/4 %
£7%
15/-
£36%
£35%
Royal Dutch Co
Shell Transport
£41*32
«
~
-
-
£35%
-
34/9
»
»
£6
,;_ _jN
British 3%%
War Loan...
34/3
■
32/6
£6%
Bar
U.
20
22
23
-Per Cent of
Handels-Gesellschaft
Berliner
134
(6%)
.168
Commerz-und Privat-Bank A. G. (5%)
118
Dessauer Gas (7%)
119
Deutsche Bank und Disconto-Gesell. (5%). 123
Deutsche Erdoel (6%)
....145
Deutsche Reichsbahn (German Rys pf 7%). 129
Berliner Kraft u. Licht (8%)
Dresdner Bank
4%)__.114
(7%)------158
148
149
Farbenindustrie I. G.
Gesfuerei
(6%)
Hamburg Elektrizitaetswerke (8%)Hapag
Mannesmann Roehren (.414%)
134
134
168
168+-»I
118
118
118
ll9< ».<-
119
122
12?
122
144
114
156
155
146
149
.
Holiday
50.00
50.00
50.00
77.57
77.57
77.57
77.57
77.57
77.57
NATIONAL
Capital stock of the association is $100,000, all common stock.
President, Edward G. Donley.
Cashier, D. R. Richards.
Conversion of the Bank of Morgantown, W. Va.
VOLUNTARY LIQUIDATIONS
Nov.
149
.
209
!
209
231
Nov. 16—The First
81
81
172
»
ENGLISH
COMMON
202
We
reprint
the
Samuel Montagu
Nov. 10, 1937:
following from the weekly circular
& Co. of London, written under date
uui
mm
Bank, Winters, Texas.
CAPITAL STOCK INCREASED
Amt
13—The American National Bank &
Ala., from $350,000 to $375,000
Nov.
—The Greeley National
MARKETS
SILVER
AND
GOLD
Lake
Village, Lake
$40,000
National Bank of Winters, Texas
Liq. agent, Lyle Deffebach, Winters,
Absorbed by The Winters State
Texas.
172
.
Bank of Lake
by
Effective Nov. 11, 1937.
231
201
Succeeded
Village, Ark.
Village, Ark.
118
209
$50,000
12—The First National Bank in Lake Village, Ark
Effective Nov. 9,
1937.
Liq. agent, E. T. Cashion,
146
■
169
$100,000
156
.
117
202
National Bank of Morgantown, Morgantown,
114
.
ISSUED
Amount
Nov.
THE
BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
The
W. Va
80
117
168
203
166
205
Siemens & Halske (8%)
44%
44%
50.00
CHARTER
130
'
80
Rhelnische Braunkohlen (8%)..
Salzdeturth (6%)
£111%
44%
Nov. 16—The First
144
146
149
.
130
114
118
82
210
211
_
£111%
50.00
134
-
144
130
.
231
Nordeutscher Lloyd
Reichsbank (8%)
£111M
171
118
149
-118
£111%
Department:
118
117
'■
..
26
Pur-——
118
118
134
108
118
119
123
144
129
114
156
147
Allgemeine Elektrizitaets-Gesellschaft-----119
Nov.
Nov.
25
Nov.
24
Npv.
£100%
44%
Closing prices of representative stocks as received by cable
day of the past week:
Nov
£100%
50.00
each
Nov.
£75 7-16
£1005
S. Treasury
(newly mined)
EXCHANGE
STOCK
140s. Id.
Closed
N.Y.(for.)
U. S. Treasury.
BERLIN
£75%
price of silver per ounce (jn cents) in the United
States on the same days has been:
Bid.
THE
140s.
Id.
The
Witwatersrand
£6%
140s.
£75%
19 ll-16d
£100%
£101
Holiday £111%
1960-90—
23 Id
33/1%
Holiday
140s.
£75 %
Nov. 26
19 ll-16d.
19%d.
British 4%
147/6
'.
23 /6
Holiday
Fri„
Thurs.,
Nov. 25
Nov. 24
Nov. 23
19 ll-16d.
19%d.
140s. Id.
£75 %
19%d.
fine oz.140s.
p.
Wed.
Tues.,
Mon.,
Nov. 22
Consols, 2 %%_
190/57/-
34/9
147/6
£6
Gold,
71-
-
56/-
147/6
21 /9
30/7%
Silver, per o'z__
£4isjc
J56/-
142/6.
22/6
30/7 %
Sat.,
Nov. 20
15/6
«
-
as
£7%
m\'':
192'6
56/-
Areas.x
-
-
7/-
7h
34/9
West Rand Consol M__
West
-
£4"i6
190
Union Corp
United Molasses
'
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The
46/3
'
FINANCIAL MARKET—PER
ENGLISH
68/6
J*. ''
11,9
15./6
£4%
7 /190/-
Triplex Safety Glass
Unilever Ltd
-mm.
£35%
So Kalgurli Gold M
Sub Nigel Mines
'
£7%
14/9
£7%
Roan Antelope Cop M.
16/9
16/6
65/—
12/3
46/10%
16/3
66/11/9
46/3
16/6
Metal Box
Palrnietkuil Gold M...
of
of
$75,000 to $100,000—
Nov. 16—The Winters National
Bank,
Trust Co. of Mobile,
Greeley,
Colo., from
Bank & Trust Co. of Dayton,
Dayton, Ohio, from $1,100,000 to $1,500,000
18—P'irst National Bank in Peru, Peru, 111.,
to $100,000
Nov.
from $90,000
.
of Inc.
$25,000
Km
25,000
400,000
10,000
GOLD
The
Bank
406,625
on
of
£326,previous
England gold r&serve against notes amounted to
Nov.
3 showing no change as compared with the
Wednesday.
The
weakness
of the dollar and
dollars
the transference of funds from
market during the past
week.
At the daily fixing the amounts available reached the substantial
total of about £4,500,000, but demand was very keen and prices at the
time of fixing included as much as Is. 5d. premium over dollar exchange
to
gold made for
very
active conditions in the open
parity; it is believed that after fixing dealings were
effected at prices about
2s. over that parity.
It
was
announced in New York that a shipment to France
of gold had been
been made from the United States of America
Quotations:
..
.
.
,
Ounce
140s.
140s.
140s.
140s.
140s.
140s.
4
Nov.
5
Nov.
6
Nov.
8
Nov.
9
-
Nov. 10
Average
—
Imports
Equivalent Value
of £ Sterling
#
.
12s.
12s.
12s.
12s.
12s.
12s.
1.07d.
1.12d.
1.29d.
1.59d.
1.64d.
1.46d.
'5*'
6,350
5,185
Kenya.
125,852
1,164
2,175
62,100
6,209
7,047
British India
Australia
New Zealand
Netherlands
France
Other countries
Argentine
„
123,586
Syria
Finland
22,903
65,130
Netherlands
France
74,900
Switzerland
25,550
.
_
City
Pittsburgh
-
Detroit
-
Eleven cities,
6 carries gold to
Speculators re-sold
and the Indian Bazaars were also sellers, possibly influenced by the fall in
commodity prices and, with the weakness of the dodar lowering the level
at which American operators were willing to give support, quotations de¬
clined gradually until 19 9-16d. for cash and 19%d. for two months de¬
livery were fixed on the 8th mst.
Subsequently prices responded to a reac¬
tion in the dollar sterling exchange and made a recovery, today's quotations
—
likely to keep
and exports of silver,
inst. to mid-day on the
8th inst.:
day
Total all cities for
—7.4
245,000,000
143,931,414
60,175,413
62,000,000
100,523,000
90,108,755
69,762,584
62,705,828
—14.3
74,916,729
63,296,603
44,564,172
—6.9
$3,127,710,094
679,638,428
$3,907,560,143
—20.0
659,143,130
+3.1
3,807,348,522
1,059,337,130
4,566,703,273
—16.0
1,249,865,032
—15.2
4,866,685,652
5,816,568.305
week
—16.3
Complete and exact details for the week covered
foregoing will appear in our issue of next week. We
furnish them today, inasmuch as the week ends
—21.2
—9.3
—5.3
—3.8
—14.4
—0.9
—6.7
by the
cannot
today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
below, we are able to give final and complete
previous—the week ended Nov. 20.
was a decrease of 15.4%, the aggregate
of clearings for the whole country having amounted to
$6,161,714,446, against $7,279,486,682 in the same week in
present further
results
deliveries.
steady and for the present prices appear
In proximity to the American
vity.
The following were the United Kingdom imports
five days
Other cities, five days
All cities, one
£1,326.930
—24.0
221,493,992
286,000,000
182,756,000
66,333,573
65,500,000
104,451,000
105,240,880
41.578,636
Baltimore
Total all cities, five days
during the past week.
registered from mid-day on the 1st
- -
-
937
Other countries
$2,693,007,194
Cent
205,173,757
10,094
SILVER
$2,046,750,707
Boston
Kausas
1936
-
Philadelphia
gold,
„
United States of America.
sailed from Bombay on Nov.
An easier tendency was seen
The undertone is
Per
1937
New York
the value of about £224,000.
being 19 ll-16d. for botn
a year ago.
based upon
Chicago
Republic-_r.-£l,003,83Q
£1,975,719
The SS. Mongolia which
this week will again show a decrease com¬
Preliminary figures compiled by us,
telegraphic advices from the chief cities of the
country, indicate that for the week ended today (Saturday,
Nov. 27) bank clearings from all cities of the United States
from which it is possible to obtain weekly returns will be
16.3% below those for the corresponding week last year.
Our preliminary total stands at $4,866,685,652, against $5,816,568,305 for the same week in 1936.
At this center there
is a loss for the week ended Friday of 24.0%.
Our com¬
parative summary for the week follows:
pared with
San Francisco..
Exports
Africa—..-£1,759,637
Tanganyika Territory
BANK CLEARINGS
Clearings—Returns by Telegraph
Week Ending Nov. 27
12s. 1.36d.
140s. 3.17d.
OF
Vast, to mid-day on the 8th inst.
registered from mid-dayfpn tv~
British South
6%d.
6d.
4d.
0%d. v
0d.
2d.
-•
.
United Kingdom imports and exports of
The following were the
has
since February, 1936.
Per Fine
Nov.
of $10,250,000
arranged; this is the first gold export jof importance that
COURSE
Bank clearings
for
the week
For that week
there
Financial
3440
1936.
Nov.
Chronicle
Outside of this
city there was a decrease of 3.4%,
this center having recorded a loss of
23.4%. We group the cities according to the Federal Reserve
districts in which they are located, and from this it appears
that in the New York Reserve District (including this city)
the totals show a loss of 22.7% in the Boston Reserve
District of of 17.8%, and in the Philadelphia Reserve
District of 8.4%.
In the Cleveland Reserve District the
totals record a gain of 2.2%, in the Richmond Reserve
District of 3.2%, and in the Atlanta Reserve District of
1.0% In the Chicago Reserve District the totals are smaller
by 3.9% and in the St. Louis Reserve District by 4.4%,
but in the Minneapolis Reserve District the totals are
larger by 4.5%. The Kansas City Reserve District shows a
decrease of 7.3%, but the Dallas Reserve District has an
increase of 8.1% and the San Francisco Reserve District
of 5.0%.
/' ■
In the following we furnish a summary by Federal Reserve
27,
Week Ended Nov. 20
the bank clearings at
Clearings atInc.
or
1934
1935
Dec.
1936
1937
%
Seventh Feder al Reserve D istrict—Chi cago—
344,297
Mich.-Ann Arbor
116,226,883
Detroit..
3,254.324
1,865,069
1,097,737
18,833,000
1,438.429
5,457,657
21,470,268
Grand Rapids.
Lansing
Wayne
Ind.—Ft.
Indiana polls.
South Bend
—
Terre Haute.—
Wis.—Milwaukee
Iowa—Ced. Raps.
1,250,751
9,164,024
4,109,930
Des Moines...
279,887
110,718,607
3,541,767
+23.0
+5.0
1,643,682
1,192,807
—3.6
354,915
274,247
99,130,368
2,254,378
67,403,144
1,512,471
749,000
653,545
+20.8
19,541,000
1,470,754
5,570,963
20,592,688
1,116,169
8,540,923
3,889,269
444,534
354,065,663
—8.1
1,317,975
1,023,392
—8.0
—2.2
11,991,000
2,024,347
3,791,985
14,339,000
1,018,052
+4.3
4,344,253
17,478,195
+ 12.1
+ 7.3
7,471,188
—2.0
13,997,878
579,208
6,384,117
900,140
+ 5.7
—2.9
3,051,667
290,004
475,672
—7.7
292,886,626
219,661,437
1,112,630
5,278,391
1,304,222
—14.7
665,547
515,986
—9.6
4,699,099
940,973
1.380,641
1,371,234
+0.7
983,370
2,448,018
613,035
837,122
520,219.754
541,575,190
-3.9
453,149,142
336,775,606
69,400,000
23,987,166
20,591,983
Sioux City
431,618
111.—Bloomington
Chicago
326,917.788
Decatur
948,681
Peoria
4,770,872
—
1,257,785
Rockford
Springfield
—3.6
2,863,394
districts:
Total (18 cities)
SUMMARY OF BANK CLEARINGS
Eighth Federa I Reserve Dis trictSt. Lou
106,400,000
104,600.000
Inc.or
18—
Federal
1st
Reserve
Dists.
12 cities
Boston
1937
1936
%
1935
Dec.
t
%
1934
%
%
264,943,925
322,408,763
—17.8
286,546,280
234,003,087
York. 13
"
3,472,219,756
4,492,979,761
—22.7
3,435,294,722
"
410,976,789
448,847,423
—8.4
377,744,637
4th
*
330,948,026
323,936.987
+2.2
257,396,325
5th
"
+2.2
29,736,375
Tenn.—Memphis
28,026,600
34,936,770
19.8
23,627,644
589,000
558,000
+5.6
172,111,347
179,942,677
111.—Jacksonville
204,109,122
6
38,047,907
—
300,660,274
5
New
3d
85,600,000
38,895,747
Mo.—St. Louis
2,720.436,824
Philadelphia 10
2d
—1.7
Ky.—Louisville..
Week Ended Nov. 20.1937
Cleveland..
Richmond
Quincy
Total (4 cities)-
148,262,896
+3.2
126,039,586
6th
Atlanta
10
"
185,601,016
183,699,961
+ 1.0
139,987.310
Chicago
18
"
520,219,754
541,575,190
—3.9
453,149,142
336,775.606
Ninth Federal
8th
St.
4
"
172,111,347
179,942,677
—4.4
139,358,019
114,388,149
Minn.—Duluth—
3.974,023
9th
Minneapolis 7
"
127,750,932
122,285,378
+4.5
103,069,581
84,958,373
Minneapolis—
10th KansasClty 10
11th Dallas
6
"
150,917,780
162,730,955
—7.3
83,457,480
32,479,344
"
87,477,663
80,915,413
+ 8.1
63,365,299
48,015,993
12th San
"
285,579,193
271.901,278
+5.0
247,604,943
197,975,996
409,000
114,388,149
120,984,932
7th
394,000
139,358,019
-
Louis..
152,968,265
130,242,695
103,634,766
Reserve Dis trlct—Minn eapolis
St. Paul
108,094,907
4,492,634
77,892,296
—11.5
3,167,794
2,324,276
+ 7.1
66,461,740
32,498,330
—0.1
+23.6
26,263,501
2,174,113
53,772,977
23,177,806
1,667,697
587,245
Total
112 cities
6,161,714,446
—15.4
5,759,798,539
2,920,506,084
—3.4
2,450,346,070
437,578,223
+2.2
537,693,132
2,380,561
988,117
926,097
+ 6.7
660,314
587,061
3,076,569
3,271,220
—6.0
3,646,436
2,841,311
127.750,932
122,285,378
+4.5
103.069,581
84.958,373
Helena
32 cities
We now add our detailed statement
showing last week's
figures for each city separately for the four years:
.
Tenth Federal
Reserve Dis trict—Kans
Omaha
Clearings atInc.
1937
1936
S
Federal
Reserve Dist rlct
502,132
2,091,726
...
Portland
Mass.—Boston..
Fall
227,433,102
River
i
Lowell
751,355
411,467
I,
New Bedford..
706,124
i
Springfield
Boston
625,162
1,917,813
284,159,201
783,248
401,784
862,326
Dec
1934
35,786,983
—0.8
2,535,850
—5.2
—5.0
—8.8
85,705,569
2,192,551
70,487,671
—17.3
3,121,712
3,041,691
—23.5
+3.9
499,096
682,952
365,870
618,927
3,259,919
111,201,745
4,184,864
819,374
595,493
150,917,780
162,730,955
-7.3
130,242,695
108,094,907
_.
3,097,634
Mo.—Kans.
City
102,334.674
St. Joseph
—19.7
Pueblo
—4.1
549,148
1,912,199
250,105,657
768,123
+2.4
303,514
—18.1
748,205
+ 9.1
—20.0
3,458,807
Colo.—Colo. Spgs
_%
+ 70.9
72,204
120,233
2,395,210
32,522,940
2,388,795
2,733,984
Wichita
1935
—18.3
124,540
3,104,202
2,564,974
35,503.580
2,403,053
—
Kan.—Topeka
or
117,985
.
Lincoln
Week Ended Nov. 20
Flrst
695,683
City
as
96,385
212,859
Neb.—Fremont
Hastings
Me.—Bangor
+ 1.0
335,773,580
Total (7 cities)
Canada
824,240
1,949,991,045
447,055,998
2,943,081
832,318
4,574,038,029
2,821,946,910
Outside N. Y. City
7,279,486,682
N. Dak.—Fargo_
S. Dak .-Aberdeen
Mont.—Billings-
Fran..11
626,887
.
—17.4
67.606
62,525
1,813,251
27.405.397
2,124,901
533,444
456,679
1,617,096
206,812,716
Total (10 cities)
646,297
312,440
551,577
2,552,823
1,058,900
R.I.—Providence
2,998,488
2,150,142
11,470,076
4,127,869
11,725,200
N. H.—Manchesr
576,244
12,101,700
431,900
+33.4
10,809,500
374,581
2,819,394
8,188,900
340,008
264,943,925
322,408,763
—17.8
286,546.280
Feder al Reserve D Istrlct—New
Eleventh Fede ral
234,003,087
Reserve
District—Da Has—
York-
P Worcester
Conn.—Hartford
Hew Haven...
Total (12 cities)
Second
N. Y.—Albany..
Binghamton...
Buffalo
Elmira....
Jamestown
New York
Rochester
Syracuse
3,416,609
2,133,139
11,093,405
4,482,476
13,178,235
1,293,021
41,100,000
12,302,779
1,112,528
41,000,000
543,110
667,484
890,728
774,812
3,339,767,536 4,358,980,598
8.117.274
8,253,783
5,123,962
4,627,285
Westchester Co
4,101,349
Conn.—Stamford
4.500.275
370,291
20.948,465
32,285.510
N.
J.—Montclalr
Newark..
Northern N. J.
Third Federal
Chester
519,370
Lancaster
Philadelphia
..
Reading
592,770
347,872
1,131,796
398,000,000
1,465,126
—7.9
—3.1
+ 7.1
8,666,755
1,133,625
26,700,000
—18.6
+ 15.0
—23.4
—1.7
+ 10.7
615,023
397,744
566,506
386,039
,309,452,469 2,624,046,984
7,118,021
5,284,700
3,733,327
2,704,341
2,204,849
1,554.201
3,585,114
3,465,485
—15.5
361,821
21,612,398
—3.1
36,042,786
—10.4
17,707,790
43,349,422
511,180
*400,000
361,505
1,453,926
436,000,000
delphi
376,625
480,774
—3.8
402,594
1,058,934
366,000,000
1,270,184
—8.7
—7.0
—8.1
1,652,576
3,645,200
Total (10 cities)
410,976,789
448,847,423
+9.6
+29.8
-8.4
246,632
227.461
Mansfield
Youngstown
2,193,637
x
.
Pa.—Pittsburgh.
2,220,740
997,538
x
+2.2
+ 14.2
+9.3
—6.7
x
Fifth Federal
1,189,848
3,747,400
974,144
2,250,000
377,744,637
300,660,274
51,609,489
79,732,864
11,007,000
1,642,806
x
42,737,820
57,259,904
8,434,600
2,265,381
x
144,100,990
—6.3
113,404,166
94,411,417
323,936,987
+2.2
257,396.325
204,109,122
399,572
S.C.—Charleston
Md.—Baltimore
_
D. C.—W ash 'gto n
(6cities).
Sixth Federal
Tenn.—Knoxville
Nashville.
Ga.—Atlanta
Augusta
Macon.
Fla .—Jacksonville
Ala.—Birm'gham
Mobile
Miss.—Jackson..
Vlcksburg...
La.—NewOrleans
373,168
+ 7.1
2,671,000
48,937,962
1,256,928
75,884,519
23,818,284
Richmond
2,823,000
46.641,035
—5.4
2,456,000
97,238
2,735.000
+ 4.9
43.016,991
35:639,671
1,300,013
—3.3
74,025,747
23,099,933
+2.5
1,029,917
59,979,491
908,547
49,890,017
+3.1
19,384,607
152,968,265
148,262,896
172,580
4,260,479
20,356,284
68,200,000
1,182,435
126,039,586
4,778,167
—10.8
3,387,382
19,873,130
+2.4
67,400,000
+ 1.2
1,474,689
-19.8
15,304,037
49,800,000
1,119,372
905,907
15,202,000
1,140.230
1,260.689
—9.6
19,796,000
23,059,068
1,694,195
18,187,000
25,771,252
1,678,331
-10.5
x
136,996
45,775,329
185,601,016
857,465
+ 8.9
2,613,839
,244,980
87,477,663
80.915,413
+ 8.1
63,365,299
48,015,993
Total (6
cities).
Twelfth Feder al Reserve D istrict—San
Was h.—Seat tie
Spokane..
-
-
+ 8.8
+ 0.9
x
175,621
43,101,082
183,699,961
39,372,577
10,816.000
Franc Isco
36,717,114
+ 7.2
34,978,395
25.723,499
—11.8
9,980,000
902,870
28,032,597
22,401,123
Ore.—Portland.
35,425,010
12,265,000
1,256,113
33,466,642
Utah. S. L. City
21,038,222
4,492,014
19,127,228
4,417,120
+ 10.0
4,049,827
4,708.193
—14.0
161,389,000
152,326,000
+ 5.9
Yakima
——
1,150,788
.....
Calif.—L. Beach.
Pasadena
San
Francisco.
San Jose.
3,443,419
—8.4
+ 5.9
+ 1.7
+ 12.5
14,375,720
3,804,902
3,355,943
145,685,914
2,802,521
1,612,256
2.073,825
8,223,000
591,239
13,300,352
2,905,070
2,366,549
117,847,419
1,898,850
Santa Barbara.
1,938,176
3,059,912
1,597,954
+21.3
Stockton
2,464,160
2,960,002
—16.8
285,579,193
271,901,278
+ 5.0
6,161,714,446 7,279,486,682
—15.4
5,759,798,539 4,574,038,029
Outside New York 2,821,946,910 2,920,506,084
-3.4
2,450,346,070 1,949,991,045
Total (11 cities)
total
247,604,943
1,138,688
1.580,207
197,975,996
(112
cities)
Week Ended Nov. 18
Clearings at—
Inc.
*
1937
$
Canada-
1936
S
Ottawa
172,932,489
125,632,565
50,982.459
18,832,200
20,798,087
Quebec
6,315,549
Winnipeg
Vancouver
Halifax
...
Hamilton
3,311,983
6,973,570
155,604,147
125,371,790
60,110,702
20,140,183
21.344,844
5,394,198
$
124,176,832
—6.5
18,986,408
14 677,890
—2.6
58,072,644
5,088,451
2,726,261
2,494,211
+ 17.1
+29.3
94,389,622
54,298,978
4,874,215
4,259,866
4,804,706
3,632,233
+8.2
8,238.653
6,716,544
1,612,292
—3.4
2,588,079
1,807,892
3,929,130
+3.6
4,767,031
4,780,177
—28.6
4,780,911
401,318
+ 11.9
378,054
534,637
Edmonton
5,184,773
3,476,266
5,002,949
Regina
3,414,983
448,979
Lethbridee
1934
S
+ 8.2
7,834,800
2,202,788
1,831,458
3,358,310
—6.2
680,366
547,884
1,134,637
1,910,861
—40.6
648,450
Saskatoon
1935
197.213,269
134,579,704
74,773,901
+ 0.2
—15.2
+ 16.4
Calgary
Brandon
%
+ 11.1
2,845,688
5,394,263
7,241,301
2,036,114
1,952,700
St. John
Victoria
or
Dec.
843,360
1,063,645
—23.1
+24.2
1,343,509
2,530,486
4,164,280
4,135,208
326,582
522.397
\
103,634,766
18.752,525
1,378,092
x
-22.0
+ 6.2
+ 1.0
132,969
34,005,026
139,987,310
2,291,889
12,701,610
43,400,000
1,030.034
786,726
13,860,000
17,223,291
1,089,533
x
109,138
28,492,711
+ 4.1
1.866,329
768,376
973,940
860,957
+ 8.8
662,669
New Westminster
755,077
685,545
645,356
+ 6.2
598,645
459,810
Medicine Hat
+3.2
14,364,293
Reserve Dist rlct—Atlant
.
,129,000
+28.9
London
Reserve Dlst rlct—Richm ond-
W.Va.—Hunt'ton
2,797,000
—2.6
938,801
3,668,668
Toronto
134,980,537
Va.—Norfolk
,062,090
1,062,396
2,041.710
942.047
330,948,026
Total (5 cities)
Total (10 cities)
12,433,200
2,351,191
,845,818
7,668,027
4,557,000
1,210,058
Montreal
68,938,211
96,113,395
734,105
48,418,933
915,884
292,000.000
x
70,460,986
109,722,766
13,590,100
_
1,010,035
+ 6.7
+21.6
x
Feder al Reserve D
istrict—Clev eland
Columbus.
+ 10.0
8,466,328
4,679,000
3,996,672
Grand
+ 1.6
+ 48.2
—16.3
N.J.—Trenton..
Cleveland
Galveston—
1,287,471
61,875,145
Wichita Falls-
—22.7 3,435,294,722 2,720,436,824
—22.2
10,293,636
La.—Shreveport.
15,568,695
29,706,100
1,029,993
1,508,140
2,809,000
Cincinnati.
Ft. Worth
391,427
+2.1
1,415,673
66,004,624
.
9,507,214
+ 48.7
1,576,110
Ohio—Canton...
Dallas....
723,894
36,800,000
946,871
York...
Texas—Austin
8,646,257
+ 16.2
+0.2
3,197,569
Wllkes-Barre..
Total
+3.4
2,675,208
Scranton
Fourth
1,403,210
12,525,096
3,891,540
2,758,671
4,408,292
Reserve Dis trlct—Phila
...
Bethlehem
3,155,507
+ 0.8
438,345
•
Total (13 cities) 3,472,219.756
4,492,979,761
Pa.—Altoona
—12.2
290,093
315,799
257,707
Moose Jaw
Brantford..
1,107,438
936,414
Fort William
1,604,792
557,883
795,240
268,348
+ 8.1
Peterborough
799,940
689,897
+ 16.0
651,784
Sherbrooke
861,639
688,106
+25.2
630.921
524,374
*1,200,000
1,228,174
—2.3
1,180,911
4,327,139
3,388,788
+27.7
2,795,754
Prince Albert
1,064,636
1,827,662
396,985
436.928
—9.1
373,374
Moncton
932,835
878,646
+ 6.2
843,198
688,314
Kingston
674,719
+0.9
574,794
+ 5.7
663,191
521,029
561,453
Kitchener
Windsor
537,438
313,729
Chatham
753,537
668,960
712,718
Samia
482,906
536,084
—9.9
607,636
547,304
1,088,362
1,112,871
—2.2
921,080
601,987
447,055.998
437,578,223
+2.2
537.698,132
335.773.580
Sudbury
Total (32 cities)
120,984,932
*
Estimated,
x
No figures available.
Volume
CHANGES
IN
NOTES
NATIONAL BANK
allgiiffiil1"
IfPlB Hill
deposit therefor:
on
5?
2
National Bank
iligpgffit-
Is.g.s.gogs.&lfc
below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
We give
Amount Bonds
3441
Chronicle
Financial
145
"
3 ci
a
ilI|ot»iSl|
3
Circulation Afloat on-
Secure Circula¬
tion for
!
Legal
National
Total
Tenders
Bonas
Bant Notes
i
30 1937.
Sept. 30 1937.
Aug. 31 1937.
July 31 1937.
beoo.ooo
June 30 1937.
b600.000
May 31 1937.
b600,000
Apr. 30 1937.
beoo.ooo
Mar. 31 1937.
beoo.ooo
Feb.
28 1937.
Jan.
30 1937.
beoo.ooo
beoo.ooo
Dec.
a250,515,885
a256,727.515
a261.542.195
a265,492,159
a271.564.454
a277.484.675
a283,639,865
a290.584.270
beoo.ooo
Oct.
b600.000
° B
b600,000
31 1936.
beoo.ooo
31 1936.
a304,831,788
a313,138,265
a321.212.120
a328.059.920
beoo.ooo
Nov. 30 1936.
a297.476.385
beoo.ooo
Oct.
Federal Reserve bank notes,
$2,258,881
lawful money, against
b Secured by $600,000 U.
>|:! i
21
1
w
(A
w
284.239,865
291.184.270
298,076,385
305,431,788
313.738,265
321,812,120
328,659.920
H
CO
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(lilt
II
deposited with the U. S. Treasurer
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NOTICES
I
Broadway, New York City, have
dividend-paying gold mining stocks.
—Jenks, Gwynne & Co., 65
Western RR. is the
Peck, 63 Wall St., New York
I
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01
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Broad St., New York City, have
stocks, below $10 per share.
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subject of a special
City.
Seligmaxi, Lubetkin & Co., 30
11
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associated with Falvey,
their home office, 1 Wall St., New York City.
Norwine has become
list of 14 dividend-paying
© ]
1937-_a$250,515.885
of the Treasury.
I
—The Delaware Lackawanna &
1
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for distribution a list of
ft!
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$256,727,515
bonds redeemed by Secretary
CURRENT
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$261,118,885
Oct. 1, 1937
redeem National bank notes,
Includes proceeds for called
I
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Legal Tender Notes—
deposited to redeem National bank notes
Net amount of bank notes redeemed in October..
Amount on deposit to
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ON GOVERNMENTAL CORPO¬
RATIONS AND CREDIT AGENCIES AS OF SEPT.
eg
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prepared
REPORT
MONTHLY
I
secured by
$257,327,515
6,211,630
Amount
a
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•
of the Treasury,
bonds redeemed by Secretary
S. 2 % Consols, 1930,
1, 1937
Net decrease during October
Co., Inc., at
>
272.164,454
outstanding Nov. 1, 1937,
Amount afloat, Oct.
H.
g;
I
National Bank Notes—Total Afloat—
-—William
o
a
278,084,675
month of October:
&
"i
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National bank notes
afloat and the amount of legal tender deposits Oct. 1, 1937,
and Nov. 1, 1937, and their increase or decrease during the
a
•
1
following shows the amount of
The
B
sg
C.S"'
$2,298,883 on Nov. 1, 1936.
Includes proceeds for called
a
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•
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251,115,885
257.327.515
262,142,195
266.092,159
:
55
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$
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of inter-agency items, less
the privately-owned
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Deficit (deduct)
d Exclusive of lnter-agency assets
e
t
Also includes
to
and liabilities (except bond Investments).
real estate and other property
*tO
in transit,
legal reserves and undivided profits totaling $5,426,094.
to minor qualification as indicated under liabilities of RFC and
g Includes
h Subject
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$4,543,493 due to Federal Land banks from
subscriptions
m
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to
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and
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$164,095,200.
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which are not deducted from
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other loans); Farm Security Administration;
Federal Prisons Industries, Inc.; Indian Rehabili¬
tation loans; Inland Waterways Corporation; Puerto Rico Reconstruction Adminis¬
tration; Rural Electrification Administration; The RFC Mortgage Company;
Tennessee Valley Associated Cooperatives. Inc.; Tennessee Valley Authority; loans
to railroads and lnter-agency Interest held by the United States Treasury.
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captaion "Other."
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ACCOMPANYING TABLE
non-stock proprietary Interests).
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FOOTNOTES FOR
—4
W
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■
2787.
for Sept. 30 shows in the case of agencies
financed wholly from Government funds a proprietary in¬
terest of the United States as of that date of $2,628,743,966
which compares with $2,855,977,561 Aug. 31, 1937.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of Sept. 30 was shown to be $1,222,183,188. This
compares with $1,220,600,623 as of Aug. 31, 1937.
In the
case of these Government agencies, the Government's pro¬
c
I
I
I
monthly
The report
a
coto*
<0
report of the Treasury Department, showing
assets and liabilities as of Sept. 30, 1937, of governmental
corporations and credit agencies, financed wholly or in part
by the United States, was contained in the Department's
"Daily Statement" for Oct. 30, 1937.
The report is the
40th such to be issued by the Treasury the last previous one,
for Aug. 31, 1937, appeared in our issue of Oct. 30, 1937,
The
cr c
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MOOWH
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3442
Financial
TREASURY
STATEMENT
SHOWING
APPROPRIATIONS
RELIEF
The various agencies of the
of Oct. 30,
as
AS
OF
of Sept. 30, 1937.
and relief
recovery
30,
a
Nov.
EXPENDITURES
AND
OCT.
Federal Government, it is shown in
appropriated $21,047,218,235 for
640,104 appropriated
Chronicle
1937
27.
RECOVERY
FOR
AND
1937
tabulation given in the Treasury's "Daily Statement"
the end of October, which
up to
with $21,079,-
compares
The figure for Oct. 30 does not include amounts advanced under the Kerr-Smith
Tobacco Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were
repealed by Congress
iniFebruary, 1936, after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional. The
Treasury's tabulation for Oct. 30 follows:
FUNDS APPROPRIATED AND ALLOCATED FOR
RECOVERY AND RELIEF.
AS OF
EXPENDITURES THEREFROM
OCTOBER
AND
UNEXPENDED BALANCES
1937
30,
Sources oj Funds
Expenditures
Appropriations
Statutory and Executive Allocations
Organizations
National
Reconstruction
Industrial
Specific
Emergency
Recovery
Appropriation
Act
Act
1935,
Emergency
Relief
Fiscal Year
Finance
Total
Fiscal Year
1937 and
1938
Prior Years b
Corporation
Unexpended
Appropriation
A pproved
Approved
Acts of 1935,
June 16,1933 June 19, 1934 1936 A 1937
Agricultural aid:
■
Agricultural Adjustment Administration
cl60,770,787
37,455,672
Cftnlfjil fltnMr
Reduction In
"int."
198,226,460
200,000,000
200,000,000
rates on mortgages
$
198,226,460
200,000,000
Corporation:
Federal Farm Mortgage
5,000,000
5,000,000
125,000,000
189,000,000
103,950,000
125,000,000
189,000,000
103,950,000
5,000,000
Federal Land banks:
Capital stock......—...........
Paid
tn
surplus
Reduction In Int. rates on mortgages
120.064,745
142,160,468
81,401,999
878,405
37,546,653
7,091,746
911,040,000 3,083,413,401
88,960,000
820,990,040
1,326,664,692
83,929,314
616,971 3,074,249,696
59,790
817,423,102
711,839 1,318,407,420
1,356
83.919,948
8,546,733
3,507,146
7,545,432
8,009
1,200,431,787
42,527,927 1,061,243,460
13,004,267
467,177,385
10,276.776
11,673,706
434,384,643 3,160.108,148
85,840,980 1.296,543,241
96,660,399
56,105,670
39,970,455
348,566,435
181,304,345
4,056,850
9,292,878
15,456,253
Relief:
Fed'I Emergency Relief Admlnlstrat'n.d
Civil Works Administration
Civilian Conservation Corps
h604,868,457
h332,481,750
93,101,630
152,072,584
480,590,000
934,842,359
317,565,245
321,061,559
83,929,314
594",936^258
438,041,640
2,239
93,708,085
399,548,290
Department of Agriculture, relief
Public
works (Including work
relief):
Public highways
255,488,217
River and harbor work A flood control.
256,300,525
Rural Electrification Administration...
Works Progress Administration
83,339^960
All other
Aid to home
830,043,086
506,899,690
186,278,712
15,420,938
3,943,059,226
88,943,323
561,362,196
536,287.323
46,500,000
61,920,938
3,943,059,226
1,563,688,567
owners:
Home-loan system:
Home-loan bank stock
125,000,006
200,000,000
Home Owners' Loan Corporation
Federal savings and loan associations.
125,000,000
Emergency housing
29,299,469
1,000,000
26,182,626
Federal Housing Administration....
Farm Security Administration k
3,223,696
55,621,074
464~860~6i8
120,006,100
2O0,C00,OC0
3,486,000
"ii'nis
137,535,584
56,621,074
494,266,942
108,236,114
1,507,900
200,000,000
50,000,000
j50,000,000
22,415,328
5,658,819
54,794.055
49,952,826
82,490,030
47,208,553
36,158
32,630,225
3.753,701
83,965,418
355,507,468
Miscellaneous:
Federal Deposit Insurance Corporation
Administration for Industrial Recovery.
150,000,000
19,315,142
Tennessee Valley Authority.
Subtotal......
Revolving funds (net):
Agricultural aid:
50,000,000
...........
150,000,000
24.307,711
75,000.000
4,992,568
25,000,000
2,153,000,804 2,556,824,284 1,101,450,786 7,315,896,115 1.627,121,074 14754293,065
150,000,000
g5,080
24,245.466
67,325
75,000,000
700,612,573 13137010.229
916,670,262
e
Commodity Credit Corporation.
Farm Credit
//
57,635,551
3,000,000
60,000,000
90,371,736
16,884,473
593,137,735
Administration
115,187,865
321,018.907
f331,109,452
216,885,778
334,109,452
441,777,540
6,286,045
67.529,842
372.346,241
205,698,271
76,961,141
1,029.344,508
63,344,738
618,869,623
347,130,146
434,473
18,166,574
27,648,952
122.125,135
Public works:
Loans
and grants
States, munic¬
to
ipalities, &c_
Loans to railroads
Miscellaneous:
Export-Import Bank of Washington.
Reconstruction Finance Corporationdirect loans and expenditures.....
1,250,000
45,000,000
Subtotal
57,635,551
657,387,735
205,559,601
337,903,381 4,265,968.163 5,524,454,434
44,674,316 2,828,838,845 2,650,941,272
745,286.889 15965849,074 3.567,611,535
unallocated funds........
867,302
Qrand total
2,210,636,356 m3215079322
324,245
767,279.188
768,470,735
768,470,735
nl 307334.633 o8421
078.684
5,893,089.238 21047218.235
745.286,889115965 849,074 4,336,082.271
b The emergency expenditures included In this
statement for the period prior
to the fiscal year 1934 include only expenditures on account of the Reconstruction
Finance Corporation and subscriptions to capital stock of Federal Land banks under
authority of the Act of Jan. 23, 1932.
Expenditures by the several departments
and establishments for public works under the
Emergency Relief and Construction
Act of 1932 were made from general disbursing
accounts, and. therefore, are not
susceptible to segregation from the general expenditures of such departments aud
establishments on the basis of the dally Treasury statements.
sum
617,861.098 1,697,331.270 1,993,502,760
2,210,636,356 3,214,212,019 1,307,010,388 7.653.799.496 5,893,089,238 20278747.499
Total
cThe
46,250,000
3,^72,972,932 3,672,972,932
Corporation is authorized
struction
Plnance Corporation
Emergency Administration of
and
Sec
11 of the Act of April 27.
k
as
credits against expenditures of the Federal
Works
Public
j Includes $700,000 allocated
of
$160,770,787.95 represents the
balance
under
appropriations
provided by the Acts of May 12, 1933, May 25, 1934 and Aug. 24, 1935.
to purchase marketable securities acquired by the Federal
Administration of Public Works
The purchase of such securities by
Reconstruction Finance Corporation Is reflected as expenditures of the Recon¬
Emergency
the
for savings
m
and loan promotion as authorized by
1934.
includes allocations and expenditures
on
account of subsistence homesteads.
Exclusive of the $84,769,354.29 transfer referred to in not
o.
and $151,323.50
carried to the surplus fund of the Treasury,
ft d Includes expenditures
made by Federal Surplus Commodities Corporation from
funds provided for the Federal
Emergency Relief Administration.
e'Expendltures are stated on a net basis, 1. e., gross expenditures less repay¬
ments and collections, the details of which are set forth In
the supplementary state¬
ment below.
f Net, after deducting repayments to the Reconstruction
Finance Corporation.
Exclusive
n
of
the
h The appropriation of $950,000,000
provided In the Act of Feb. 15. 1934. was
by the President as follows: Federal Emergency Relief Administration
$605,000,000, of which $131,542.23 has been transferred
and
to the Emergency
Relief
Administration, $345,000,000. of which amount
Emergency Relief approrlation, and $5,218,the Employees' Compensation Commission.
Civil
Works
$7,300,000 has been transferred
250 transferred to
$47,704,412.27 transfers
priation
under the
From
the
Act of June 29,
Reconstruction
to the
1 Under the provisions of the
Emergency Appropriation Act, fiscal year 1935.
and the Emergency Relief Appriprlatlon Act of 1937, the Reconstruction Finance
DETAILS OF REVOLVING
FUNDS
INCLUDED IN
referred
1937. ar>d transfers of unexpended
Finance
appropriation of $3,300,000,000 for National
allocated
appropriation,
and
to
In
o Includes $4,000,000,000
specific appropriation under the Act of April 8, 1935,
$1,425,000,000 specific appropriation under the Act of June 22, 1936, $789,000,000
specific appropriation under Act of Feb
9, 1937. $1,500,000,000 specific appro¬
Miuws
g Excess of credits (deduct).
$40,224,759.65
note o. and $5,500,000 transferred to salaries and expenses, Farm Credit Admlntrutlon; and $25,411,194.19 carried to the surplus fund of the Treasury
balances
as
Corporation, $500,000,000; from the
Industrial Recovery. $84,769,354.29;
from the appropriation of $525,000,000 for relief in stricken agricultural areas pro¬
vided in the Emergency Appropriation Act of 1935. approved June 19. 1934,
$40,224,759 65; from the appropriation of $899,675,000 for emergency relief and public
works
provided In the Emergency Appropriation Act of 1935, approved June 19,
1934. $47 704.412.27: from the appropriation of $950,000,000 for emergency relief
and chil
works
provided In the Act of Feb
15, 1934, $7,431,542.23; from unobli¬
4 of Act of March 31. 1933, $21,527,113.76. and
gated moneys referred to In Sec.
moneys
transferred
pursuant
to
Sec
1-5 It)
of
the
Agricultural
Adjustment
Act,
$12.921.502.64, less transfer of $7,500,000 to War Department under Act of July 19,
1937
GOVERNMENT
ThU
Month
RECEIPTS
AND
EXPENDITURES
Fiscal Year 1938
,
Organizations
Repayments and
Payments
Commodity Credit Corporation
$6,269,770.68
Net
Collections
Expenditures
Expenditures
municipalities, Ac
...
$4"1.4S7 98
$5,778,282.70
$9,953,939.81
531,637 47
3.236,332 56
a2..835.789.67
11.542.814 83
$3,667,894 .50
8.061,480.29
$6,286,045.31
3,591,736 74
14,779.147 39
71.623 426 98
8.170-223 61
63.453,203.37
10.5*0 00
Loans and grants to States,
119.054.88
Loans to railroadn
Export-Import Bank of Washington..
Corporation—direct loans A expenditures
•.Excess of repayments and collections (deduct).
Net
Collections
755.947 07
Farm Credit Administration
Reconstruction Finance
Repayments and
Payments
1,314.581*56
18.079.928 79
61
800 63
1.252.780 93
1.356.306 58
489,186 42
186.579.6fO 94
204,440.789.26
•
921,833.17
17,590.742 37
a7.529.842,83
108.464.88
434,473.41
■
17.861.098.32
Volume
EXPENDITURES
AND
GOVERNMENT RECEIPTS
Trust
_
Through the courtesy of the Secretary of the Treasury,
we are enabled to place before our readers today the details
of Government receipts and disbursements for October,
1937 and 1936, and the four months of the fiscal years
1937-38 and
July 1 to Oct. 31
1937-38
1936-37
§
?
—Month of October
1937
1936
Receipts—
Internal Revenue:
$
$
82,753
110,121
82,753
36,514,786
41,341,997
152,126,060
143,240,003
fioo
Taxes under Social Secur. Act
Taxes upon carriers and
their
'
employees
Customs
Miscellaneous
Proceeds
receipts:
Govt.-owned
of
4,591,702
26,412,724
19,526,131
Panama Canal tolls, &C_
1,925,833
8,248,263
Seigniorage
3,741,629
14,542,525
9,380,227
20,285,250
Other miscellaneous
5,361,029
3,007,258
5,876,940
4,622,403
35,393,960
17,941,136
other
332,759,827
receipts
272,172,437
1,983,450,590
1,408,088,115
Expenditures—
48,676,103
5,088,117
18,618,082
a
Public buildings a
—-
Public highways a
River
control
40,443,354
13,835,830
58,817,413
3,838,239
..........
12,769,226
640,630
a
5,000,000
Postal deficiency C
Social Security Act
1,893,370
3,787,109
4,645,906
10,000,000
19,307,256
1,312,118
96,099,346
5,000,000
22,527,757
517,728
59,630,744
5,ooo,ooo
230,027
-
193,086
39,582,267
Retirement Act
Railroad
176,833,167
6,941,951
35,505,860
15,153,256
a
Reclamation projects a b.._.
Panama Canal
199,145,398
26,914,551
67,839,136
39,845,518
2,190,109
12,965,997
and
work
harbor
and
flood
27,568,259
DIst. of Col. (U. S. share)
National defense:
15,950,356
34,353,251
19,192,469
61,643,472
Unemployment trust fund
"
29,795,519
281,163,824
111,161,151
Expenditures—
Trust
15,088,284
17,544,725
70,989,908
83,309,230
dlO,342,020
23,308.378
d80,129,135
76,031,566
268
4,806
31,886
295,568
125,000
575,000
10,455,475
21,048,570
43,061,895
37,719,000
3,831,000
183,358,000
18,940,000
350,000
50,000
750,000
100,000
accounts...
Transactions
acc'ts
in checking
of Govt, agencies (net), &c—
gold:
Melting loases, Ac
amended)
..1.
125,000
. _,
national
of
retirement
6,211,630
,(
Investments
Other
-
.....
Old-age reserve account:
Investm'ts & transfers (net)—
'
'
a
dl,COO,000
169,349
Benefit payments...
423,259
Railroad retirement account:
d4,000,000
(net)..
Investm'ts & transfers
d28,000,000
4,748,193
Benefit payments
16,598,000
50,069,704
Total
General:
Departmental
32,698,240
189,613,093
899,416
Unemployment trust fund:
108,960
108,960
4,204,652
1.
1,172,914
2,772,944
4,004,834
41,695
bank notes
curities:
Total
144,116
6,027,103
tion in weight of gold dollar..
Seigniorage
For
se-
Principal—for'n obllga'ns..
Interest—for'n obligations.
All
55,194,384
11,573,768
Excess of receipts or credits
Receipts—
Market operations:
Cash:
200,283,000
200,397,000
5,000
1,301,330,000
28,884,729
Treasury bills
27,201,394
127,661,046
116,227,823
227,603,394
1,428,991,088
1,487,249,073
8,628,400
5,322,350
107,655,950
Treasury bonds
U.
S.
bonds
savings
unclassified sales)
133,173,940
179,520,345
125,961,741
160,021,351
49,102.265
194,162,799
193,367,670
1,211,300
Agricultural Adjust. Program
9,794,294
14,597
20,275,443
56,527,607
14,597
92,995,359
28,461,399
d260,326
27,231,439
3,044,804
4,461,879
121,108,358
d55,l73
15,330,626
76,463,209
1,972,287
12,590,559
259,635,661
254,552,033
Farm Credit Administration, i
3,428,721
67,397,710
Tennessee Valley Authority..
Interest
on
the public
debt-.-
74,340,538
Refunds:
>
1,354,084
2,579,555
Customs
Internal revenue
5,115,553
12,088,092
1,359,746
2,383,367
5,327,117
10,605,415
494,234
Sub-total
1,187,265
1,739,810
3,778,901
376,392,507
Processing tax on farm prod.
363,771,630
1,469,353,768
1,289,682,109
469,977,250
Treasury savings securities.
29,857,912
42,034,803
Farm Security Adminis.a. —
Civilian Conservation Corps a
Exchanges:
90,000
775,604,200
90,000
775,604,200
511,870,800
183,358,000
18,990,000
Treasury notes.
511,870,800
Sub-total
Special series:
Unemploy. trust fund (ctfs.).
Old-age reserve acc't (notes)-
37,719,000
Civil service
3,831,000
41,000,000
164,000,000
10,000,000
Railroad retirem't acc't(notes)
4
30,000,000
retirement fund
71,300,000
Recovery and relief:
Canal
Agricultural aid:
Federal Land banks
15,597,618
152,978
...
Relief...
b
2,397,271
highways...9,450,142
Reclamation projects
3,187,722
2,854,705
control...
Adrn.
Rural Electrification
W orks
100,458,430
16,369,557
Progress Admin
other
All
549,124
9,824,864
35,177,438
42,527,927
4,972,402
125,352,805
11,990,231
13,004,267
378,687
10,276,776
179,732,906
434,384,643
36,045,716 >
76,016,117
Aid to home-owners:
Home Loan
54,074,134
1,451,588
658,901,295
134,397,665
3,581,637
2,395,302
1,518,916
22,415,328
457,201
11,776,764
4,452,909
15,228,881
5,658,820
54,794,056
125
953
d5,08i
Admin, for Indus. Recovery
168,064,379
Sub-total
296,745,119
700,612,573
3,831,000
449,707,000
63,553,000
240,062,794
2,659,624,638
2,170,328,823
206,790,000
Cash:
Treasury bills
180,347,000
1,210,990,000
876,733,000
117,300
Treasury notes
Treasury
112,600
623,350
708,700
4,821,550
Certificates of Indebtedness
1,382,600
36,704,350
22,170,950
-
bonds
86,000
—
19,443,378
8,287,935
34,434,450
37,658.600
566,740,150
323,600
788,700
1,431,600
3,987,100
1,183,800
1,932,200
3,557,350
8,383,500
460
3,540
718,900
899,140
134,024
34,895
211,493
148,472
11,726,725
23,882,920
49,805.022
Postal Savings bonds
Other debt items
National bank notes and
Fed. Res. bank notes
Agricultural aid:
Commodity Credit Corp—
5,778,283
2,501,430
6,286,045
d61,247,055
Admlnistra'n.
d2,835,790
dl,272,653
d7,529,843
376,400
2,619,164
8,196,850
4
Fourth Liberty bonds
1,131,437,819
96,000
6,115,067
U. S. savings bonds
Adjusted service bonds
First Liberty bonds
Revolving funds (net): e
3.
88,731,000
319.200.029
Expenditures—
'
Miscellaneous:
213,000
Market operations:
4,544
_.
Admlnistra'n
12,000
Sub-total
5,450,081
48,716,094
Farm security
fund
Tnt.al nnhUfi debt, receipts..
8,780,320
9,769,239
Emergency
Federal Housing Admin.
fund
(notes)
1
system.1,946
housing..5,359,920
500,000
fund
(notes).
Alaska Railroad retirem't
work and
River and harbor
flood
17,518,526
62,049,126
5,161,787
work relief)
Public works (incl.
Public
28,805,982
1,389,958
2,049,548
retirement
363,000
469,000
Zone
43,700,000
367,000
(notes)
Foreign Service retirem't
(notes)
2.
901,044,000
(incl.
49,387,872
...
111,152,108
Public Debt Accounts
32,172,489
44.741,157
Navy
222,313,259
96,963,336
25,398,865
Excess of expenditures
Administration a..
Army
184,195,488
_
229,167,729
Veterans'
74,845,412
Increment resulting from reduc¬
Payments to Fed. Res. banks
(sec. 13b, Fed. Res. Act, as
2,078
19,040
-
58,708,37o
Chargeable against increment on
52,091,201
188,358,307
173,618
Miscell. Internal revenue
Unjust enrichment tax
I
$
S
22,118,325
21,221,423
1936-37
1937-38
1936
5
Trust accounts
—July 1 to Oct. 31—
of October-
1937
Cold. &c.
386,539,323
810,976,620
5,634
2,078
633,898,538
895,549,038
1,295,723
215,873,638
26,897,591
185,640,855
40,369,732
tax
-Month
Accounts, Increment -
on
Receipts—
Total
1936-37^
General & Special Accounts
Income
3443
Financial Chronicle
145
d9,148,369
Farm Credit
Exchanges:
works:
Public
13,436,885
63,453,203
157,951
434,474
d825,074
1,335,317,941
1,538,240,369
511,870,8°
....
Treasury bonds
72,000,468
dl08,465
11,542,815
municipalities, &c
Loans to railroads
1233,381,874
90,000
Treasury notes
to States,
Loans and grants
234,687,631
Sub-total.......
90,000
Sub-total
...
n
775,604,200
5U,870,8Jf)
Miscellaneous:
Bank
Export-Import
of
1,352,781
Washington..!
dl,537,289
Special series:
Adjusted
service
Corp.—direct
loans
-
certificate «+,
and
489,186
expenditures
16,227,275
Sub-total
3,057,450
16,185,823
dl7,861,098
44,674,316
5,800,000
60,000,000
2,100,000
2,000,000
6,000,000
6,000,000
25.000
87,000
104,000
20,000
d208,409,438
5,000,000
25.°°°
d209,347.359
22,000
61,000
79,000
(notes)
Foreign Service retirem't fund
(notes)
*
accts.. &c.:
Old-age reserve account——
Railroad retirement account.Adjusted service ctf. fund
Govt,
employees' retirement
Transfers to trust
funds (U. 8.
41,000,000
Zone
retirement
fund
(notes)
165,000,000
14,000,000
58,000,000
Fed. Dep. Ins.
Corp. (notes).
share)
55,000,000
Sub-total.
4,112,992
Total public debt expend'S.
296,255,000
99,152,789
7,047,000
16,948,000
66,233,000
237,922,631
240,428,874
2,127,870,141
2,116,344,169
531,754,497
53,984,654
Sub-total
46,735,300
81,277,398
Excess of receipts
Excess of
5,000.000
,
3,145,000
52,417*,489
73,255.000
4,112,992
50,0°°
Unemploy. trust fund (ctfs.).
Civil service retirement fund
Canal
4.
}
^ LOOO.OCO
fund (certificates)
Finance
Reconstruction
366.080
expenditures—
r
5.
retirements
Debt
(sinking
5,655,400
3,969.000
34,958,150
33,721,050
621,339,561
684,784,564
2,545,853,807
2,345,584,329
288,579,734
fund, &c.).—------
412,612,127
562,403,217
937,436,215
Increase
(+) or Decrease (—)1
in Public Debt—
.
Market
operations:
Treasury
Treasury
Other
+288,579,734
receipts
debt retirements.
+412,612,127
+ 562,403,217
3,969,000
34,958,150
+ 408,643,127 + 527,445,067
1
bank note retlrem'ts
+25,398,865
434,041,992
6,211,630
430,476,731
21,048,570
1,014,927,273
43,061,895
+423,586,517
+409,428,161
+ 971,865,378
—423,952,597
+122,326,338
—917,880,724
I
decrease (—) In
public debt
Increase (+) or
at
10.455,475
-96,968,336 +111,152,108
1
excess
debt
+ 903,775,165
.
—11,573.767
of expenditures
+265.138,937
(+) or receipts (—). -.. - - i
Increase (+) or decrease (—) in
—183,861.539
general fund balance
the
—3,943,260
+70,077,567
+617,057,597
beginning
......
mm
—134,024
—3.4,895
—211,450
—148,471
—6,918,980
debt items
Special series..-
+282.924,334
271,350,567
Public
+14,190,251
—11,726,725
—23,882,921
-49,805,022
+ 56,664,654
—4,308,602
+2,849,920
+98,995,497
+85,586,000
—3,216,000
+432,759.000
+81,277,398
-366,080
+ 531,754,497
Sub-total
( + ) or
(—) (excluding public
retirements)
Trust accts.. Increment on gold,
&c
excess of receipts (—) or
expenditures (+)
Total
—708,700
-534,041,750
33,721,050
expenditures
debt
Less nat
+24,311,000
—623,350
—36,704,350
eral Reserve bank notes
+ 937,496,215
5,655,400
.
of
+90,340,000
—112,600
—1,382,600
National bank notes and Fed¬
r
Excess
+20,050,000
—117,300
—4,821,550
notes
BOndS
Summary
Less public
—6,507,000
bills
Certificates of Indebtedness..
Excess of receipts.
+81,277,398
—366,080
+531,754,497
+53,984,654
36.875.090,831
33,832,894,228
36,424,613,732
33,778,543,494
36.956,368,229
33,832,528,148
38,956.363,229
of
33,832,523,143
Total
a
are
Additional expenditures on
these accounts for the months and the fiscal year
Included under "Recovery and
will be shown in the statement
relief expenditures," the classification of which
expenditures appearing on
of classified receipts and
7 of the daily Treasury statement for the 15th
b General expenditures under this caption for the
page
—2,680,000
+ 53,984,65
of each month.
fiscal year 1937 are included In
••Departmental."
"Recovery and relief expenditures" under this caption for the
fiscal year 1937 Include only Boulder Canyon project, other reclamation projects
for that year being Included In "Public Works—All other."
c The expenditures under this classification for the fiscal year 1938 are exclusive
of 1718 099 88 on account of transfers of appropriations from the Post Office
Department to the United States Maritime Commission pursuant to the Act of
June 29
1936 (49 Stat. 1988).
These transferred funds when expended by the
V. S. Maritime Commission are classified on this page as "Departmental," and
on p
7 on the 15th of the month as "Departmental—U. S. Maritime Commission."
d Excess of credits (deduct),
e Details are shown In supplementary statement.
1 Counter entry (deduct).
3444
Financial
Chronicle
COMPLETE PUBLIC DEBT OF THE UNITED STATES
1937
payable In gold certificates, (2) United States Government securities of
a
face value of ¥20,000,000, and (3) commercial
paper of a face amount of ¥13,474,000.
The statement of the public debt and
Treasury cash hold¬
ings of the United States, as officially issued as of July 31,
1937, delayed in publication, has now been received, and as
f Includes only unmatured bonds Issued and
outstanding.
Funds have been de¬
posited with the Treasurer of the United States for payment of matured
bonds which
have not been presented for redemption.
g Does not Include ¥25,000,000 face amount of Series "H" bonds and
accrued
Interest thereon, held by Treasury and reflected in the public debt.
interest attaches to the details of available cash and the
gross
and net debt
Nov. 27,
States
that date, we
append a summary thereof,
making comparison with the same date in 1936:
on
•
CASH
AVAILABLE TO
PAY
TREASURY CASH AND
MATURING OBLIGATIONS
CURRENT LIABILITIES
'
The cash
■
July 31, 1937
V."-'-.
^
July 31, 1930
$
Balance end of month by dally statements, Ac
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated Items.........
Oct.
*
2,038,904,385
+24,698,488
—20,511,708
2,209.956,000
37,373,227
517,473,391
3,605,140
496,881
23,684,590
675,205,040
3,689,030
1,371,482
558,948,639
Disbursing officers' checks.....---------------on
on
War Savings certificates
warrant checks
Total.
-
Balance, deficit (—) or surplus (+)-.—.
INTEREST-BEARING
DEBT
Title of Loan—
Q.-M.
Certificates of Indebtedness
Q.-J.
—
4)is Treasury bonds of 1947-1952.—,A.-0.
3s Treasury bonds of 1944-1954...
J.-D,
8)48 Treasury bonds of 1946-1950
M.-S.
3)48 Treasury bonds of 1943-1947.—-J.-D,
544,870,050
818,627,000
755,469,500
834,463,200
3J4e Treasury bonds of 1941
...—-F.-A.
4)40-3)48 Treasury bonds of 1943-1945.—-...A.-O.
3)48 Treasury bonds of 1944-1940..
A.-O.
80 Treasury bonds of 1946-1948
J.-D.
3)48 Treasury bonds of 1949-1952
J.-D.
2J4s Treasury bonds of 1955-1900
M.-S.
2)48 Treasury bonds of 1945-1947
M.-S.
2)is Treasury bonds of 1948-1951
M.-S.
2)4s Treasury bonds of 1951-1954
J.-D.
1,400,534,750
1,518,737,050
1,035,874,400
491,375,100
2,611,107,650
1,214,428,950
1,223,490,350
1,026,087,050
2)48 Treasury bonds of 1956-1959..-.--.—.M.-S.
981,838,050
2)48 Treasury bonds of 1949-1953
J.-D. 1,786,362,050
U. S. Savings bonds, series A
186,962,111
U. S. Savings bonds, series B
348,824,513
U. S. Savings bonds, series C
378,256,200
.....
4)48 Adjusted Service bonds, (Govt. Life Insurance
1946)
2 hs Postal Savings bonds
Treasury
notes
Treasury bills-.-
-
Total debt
Deduct Treasury surplus or add
Treasury deficit
Net debt
Gold ctf. fund—Bd.
of Govs., F^R.Sys
6,309,443,130.83
Redemption
fund—
49,800,000
28,894,500
110,911,000
758,955,800
1,036,762,000
489,087,100
454,135,200
352,993,950
544,914,050
818,646,000
755,476,000
834,474,100
Gold in general fund:
Inactive
tlon
3% bonds of 1942-47
1)4% bonds of 1937
2)4 % bonds of 1942-47
Note—Reserve against
103,147,500.00
100,122,000.00
of 1939
;
.
*1,420.315,900.00
'
3% debentures
Total
3% bonds, series A, 1944-52
976,236,650.00
2)4 % bonds, series B,
1939-49.-1,162,146,675.00
1 V<%
bonds, series D, 1937
49,843,000.00
2% bonds, series E, 1938
49,532,100.00
1H % bonds, series F, 1939
325,254,750.00
2)4 % bonds, series G, 1942-44.
424,038,826.00
12,987,052,000.00
Reconstruction Finance Corp.:
1 h%
notes, series K
1890
1,412,217,016.49
1,171,222.00
Total
61,049,540.49
1,412,217,016.49
GENERAL FUND
589,063,700
Liabilities—
Gold (as above)
1 ,627,953,903.12
Sliver (as above)
United States notes
—
National bank notes
Subsidiary sliver coin...
6,131,192.14
5,278,145.04
3,764,783.55
2,954,318.30
412,654,986.27
Minor coin...
Sliver bullion (cost val.)
bullion (recolnage
Reserve banks..
other
127,894,163.97
bank
70,510,692.59
of
Nat.
notes(5% fund
lawful money)
Uncollected
items,
credit of Treas¬
changes, Ac
U. 8
335,031.02
ex¬
...
14.698.839.76
20,786,700.78
To
credit of other
Govt, officers
credit
urer
¥
32.173.932.77
Balance today:
Inact. gold (as
of Treas¬
Increment
U. S
1,324,399.55
credit of other
Govt, officers—
credit
urer
176,137,261.55
above) 1 ,271,394,721.00
gold (as
140,952,260.24
Seigniorage (sliver)
1,189,200.82
Philippine Treasury:
To
on
above)
To
867,545,475.46
99.232,173.37
236,797,509.60
20,567,871.53
104,329,398.44
100,747,762.50
see
note 1
388,386,021.43
875,067,230.29
Working balance
of Treas¬
U. S
2,185,515.15
Total
2,075,800,232.90
2,851,937,494.51
Total
2,851,937,494.51
Note 1—This Item
represents seigniorage resulting from the Issuance
of sliver
certificates equal to the cost of the silver
adqulred under the Silver Purchase Act of
1934 and the amount returned for
the silver received under the
President's proclama¬
tion dated Aug. 9, 1934.
Note 2—The amount to the credit
of
7,321,774.87
983,558,424.87
b311,490.78 1,161,835,184.22
399,782.40
50,242,782 40
454,044.25
49,986,144.25
813,136.88
326,067,886.88
795,072.80
424,833,897.80
officers. Ac
Deposits for:
552,317,000.00
bank
59,300,000.00
7,795,513.38
Postmasters, clerks of
courts,
disbursing
Redemption
depositaries:
To
lawful
Other deposits
3,268.458.26
Special depos. acct. of
sales of Govt.secur.
and
Savings
System:
5% reserve,
1,664.00
Collections, Ac.!
To
100,178.23
Postal
money.
value)
Unclassified—
Nat.
out¬
officers:
Post Office Dept..
Board
of
Trustees,
Silver
Fed.
checks
14,403,260.00
675,758.00
916,811.50
.
standing
Deposits of Government
Foreign depositaries:
8,904,290.90 1,429,220,190.90
Treasurer's
51,049,540.49
2,510,959.00
Federal Reserve notes..
Fed. Reserve bank notes
1937
was
$2,129,067,487.06.
disbursing officers and
certain agencies today
TREASURY MONEY HOLDINGS
The
following compilation, made
up from the daily Gov¬
statements, shows the money holdings of the
Treasury at the beginning of business on the first of
August,
September, October and November, 1937:
ernment
9,472,320.42g2,996,524,320.42
295,422,666.67
569,051.86
c295,991,718.53
Holdings in U. S. Treasury
Aug. 1,1937
Sept. 1, 1937
Oct. 1, 1937
Nov. 1. 1937
¥
¥
¥
¥
upon guarantees
4,721,836,408.08
of the United States:
Secretary of Agriculture....
Postal Savings System:
Funds due depositors
Total, based
1,267,908,044.50 32,242,694.04dl
300,150,738.54
1,300.150,738.54
..........
e4 211 379 263 25
*
Includes only bonds issued and
outstanding.
a
After deducting amounts of
funds deposited with
the Treasurer of the
United
States to meet Interest
payments.
¥3,545,000,000
face
amount
of
notes
reserve fund
Cash balance In Tress..
Dep. In spec'l depositories
account
of
other assets.
¥1.090,572,290
held
as
Investments,
«I? actus! circulation,
exclusive of ¥9,281.911.75
redemption fund deposited In
the Treasury and
¥306,924,895 of their own Federal
Reserve notes held
by the
Issuing banks.
The collateral
security for Federal Reserve
notes Issued are (1)
and
credits with the Treasurer
of the
To credit Treas. U. 8..
To credit disb. officers.
Cash In Philippine Islands
Deposits In foreign depts.
Net
United
cash
In
2,022,822,631 2,162,351,205 2,032,938.254
2,120,154,443
500,915,000
247,092,155
685,310,000
167,558,596
767,955,000
161,160,388
552,317,000
127,894,164
12,397,045
14,979.478
29,763,341
16,817.015
29,358,197
2,195,036
2,600,297
14,698,840
32,173,933
2,185,515
2,513,600
30,695,986
1,964,788
2,837.021
1,478,808
2,907,617
Treasury
and In banks
Deduct current
*
2.178862,062 2,318,390,636 2.188,977,685 *2276 193,874
156,039.431
156,039.431
156,039,431
150,039,431
notes and cer¬
tificates of indebtedness
Dep. In Fed. Res. banks
Dep. In National banks—
and
1,714,186,143 1,839,778,147 1,716,738,015 1,783,993,334
434,846.105
449,096,580
446,293,625
463,706,191
2,032,709
2,996,094
2,685,041
2,510,959
591,671
778,993
1,037,767
916,812
14,285,830
14,271,225
13,469,707
14,403,260
257,048
375,870
447,131
675,758
5,633,665
5,372,060
3,237,759
3,764,784
7,028,891
5,721,607
5,068,640
6,222,776
Treas'y bonds,
..
and
accrued interest
thereon, held by Treasury and reflected in
the public debt.
accrued interest
d Figures as of
May 31, 1937—figures as of
July 31, 1937, not
by
available. Offset
^h in designated depository banks and accrued Interest
amounting to ¥135 683,01.6.33, which Is secured by the pledge of
collateral as provided In
of the Postal
the regulations
Savings System having a face value of
¥138,210,768 25 cash In dossession of System
amounting to ¥61,650,030.63, and
Government and Governmentguaranteed securities with a face
value
Less gold
Treasury
(deduct).
¥4,584,632,000 In gold certificates
subsidiary silver
Minor coin, Ac
Total cash In Treasury.
amount)....
Does not Include
Net Federal Reserve notes
Net Fed. Res. bank notes.
Net
United States
b Excess of credits
Net gold coin and bullion.
Net silver coin and bullion
Net United States notes..
Net National bank notes.
upon credit of the
Other Obligations:
Fed. Ree. notes (face
_
¥
outstanding, 1,359,996,254.00
Treasury notes of
Assets—
Tennessee Valley
Authority.—
c
¥1,171,222 of
also secured by
;
Liabilities—
Silver ctfs.
145,436,269
¥
252.55
are
outstanding..
194,225.096
STATES, JULY 31,
99,925.68
States notes and
SILVER
908,117,104.49
504,099,912.00
Sliver dollars
urer
5,459,875.46
1,203,573.37
315,309.60
117,871.53
1,181,898.44
625,762.50
140,952,260.24
215,606,921.88
.-12,802,924.033.95
Treasury notes of 1890
¥
Silver...
Home Owners' Loan
Corporation:
On Credit
$346,681,016 of United
Treasury notes of 1890 outstanding.
silver dollars In the Treasury.
Assets—
Total
Sliver in general fund...
Federal Housing Administration:
Total, based
12,802,924,033.95
1,626,688,150
+2104 654,234 +1506,005,858
¥
*
of
1,627,953,903.12
Total..'.
Amount of Contingent
Liability
Principal
a Interest
Total
862,085,600.00
98,028,600.00
236,482,200.00
20,450,000.00
weight
In working balance..
b34,614,752,959 31,929,905.720
Guaranteed by the United States•
Federal Farm Mortgage
Corp.:
3% bonds of 1944-49
3)4 % bonds of 1944-64
In
the gold dollar
Total gross debt July 31, 1937, on the basis
of dally
Treasury statements, was
¥36,715,695,702.64, and the net amount of public debt
redemption and receipts
In transit,
Ac., was ¥3,711,490.18.
b No reduction Is
made on account of obliga¬
tions of foreign governments or other
investments.
Detail—
1,271,394,721.00
result, from reduc-
491,377,100
2,611,155,700
1,214,453.900
1,223,496,850
11,174,970,130.83
—
Balance of Increment
1,400,570,500
1,518,858,800
1,035,884,900
a36,719,407,193 33,435,911,578
CONTINGENT LIABILITIES OF THE UNITED
9,381,654.07
156,039,430.93
1,800,000,000.00
reserve
Excb. stabillza'n fund.
Deposits In:
-
¥
Gold certificates:
Outstanding (outside
of Treasury)
2,900,105,909.00
a
,1)4% bonds
Liabilities—
.....12,802.924,033.95
July 31, 1936
36,117,153,849 32,671,601,035
498,761,094
604,764,573
103,492,250
159,545,970
Matured, Interest ceased
LIABILITIES
Fed. Res. notes...
500,157,956
J.-J.
118,367,560
119,974,320
11,438,515,250 11,905,961,050
2,452,903,000
2,353,405,000
—
Aggregate of Interest-bearing debt..
Bearing no Interest
¥
Gold
244,746,310
56,465,649
sales
Fund series
Assets-
¥
454,135,200
352,993,450
3)4b Treasury bonds of 1940-1943.----—.—..J.-D.
3Hs Treasury bonds of 1941-1943.---...M.-S,
3Hs Treasury bonds of 1946-1949
J.-D.
3s Treasury bonds of
1951-1955.-.---------—M.-S.
3s Adjusted Service bonds of 1945.
AND
GOLD
Gold
¥
49,800,000
28,894,500
377,461,000
758,955,800
1,036,702,900
489,080,100
...
Unclassified
CURRENT ASSETS
OUTSTANDING
Payable
3b of 1961
3s convertible bonds Of 1946-1947.
the items stood
as
out
+ 2104 654.234 +1500,005,858
Interest July 31, 1937
,
set
...
Matured Interest obligations--...--------
Discount accrued
are
703,950,142
Deduct outstanding obligations:
Settlement
1937,
in the following.
The figures
are
taken entirely from the daily statement of the United
States Treasury of Oct. 30, 1937.
2,230,407,708
2,063,602,873
30,
holdings of the Government
labilities.
2,818,724,620 3,064,415,045 3,013,024,187
2,851,937,495
179,820.241
162,224,194
153,362,415
176,137,262
2.638.904.385 2,902.190,851 2,859,061,772
2,675,800,233
Includes
on
Nov. 1, ¥412,656,650 silver bullion and
¥2,954,318 minor, Ac., coin
not included in
statement "Stock of
Money."
Volume
Financial
145
STATEMENT
PRELIMINARY DEBT
OF THE
3445
Chronicle
The dividends announced this week are:
OCT. 31, 1937
UNITED STATES
Per
The
preliminary statement of the public debt of the United
States Oct. 31, 1937 as made up on the basis of the daily
Treasury statement, is as follows:
Bonds—
3% Panama Canal loan of 1961
-
-
—
2K % Postal Savings bonds (14th to 49th ser.)
% bonds of 1947-52
4% bonds of 1944-54
-
3H % bonds of 1946-56
3K% bonds of 1943-47
3H % bonds of 1940-43
3H% bonds of 1941-43
3K% bonds of 1946-49-.
3% bonds of 1951-55
3M% bonds of 1941
3H % bonds of 1943-45
3K% bonds of 1944-46
-
bonds
bonds
bonds
bonds
bonds
of 1949-52
of 1955-60
of 1945-47
of 1948-51
of 1951-54..................
bonds of 1956-59
...............
bonds of 1949-53
Series C
A-.
...
—
3
15
Dec.
15 Dec.
3
Jan.
3 Dec.
9
Jan.
3 Dec.
Extra..
Dec. 24 Dec.
Dec. 24 Dec.
Dec.
Monthly
American Ice Co., preferred
Jan.
Dec. 20 Dec.
1.1938.
maturing Feb.
Dec. 20 Dec.
1
Dec.
16 Dec.
4
50c
Dec.
18 Dec.
6
$1
25c
Dec.
22 Dec.
1
Dec.
15 Dec.
1
50c
American Sumatra Tobacco
Corp
Dec.
Jan.
15 Dec.
3 Dec.
10
Dec.
15 Dec.
Dec.
...
...
—
American Tobacco Co., pref. (quar.).
American Toll Bridge Co. (Del.) (quar.)
1H3S
maturing June 15,1938.
maturing Mar. 15.1938.
maturing Sent, 15.1938.
1M % series E-1938. maturing Dec. 15.1938.
2H% series A-1939, maturing June 15.1939.
1K% series B-1939, maturing Dec. 15,1939.
IX % series C-1939, maturing Mar. 15.1939.
1K % series D-1939, maturing Sept, 15.1939.
IX % series A-1940, maturing Mar. 15, 1940.
IK % series B-1940, maturing June 15.1940.
IK % series C-1940, maturing Dec. 15. 1940.
IK % series A-1941, maturing Mar. 15.1941.
IK % series B-1941, maturing June 15.1941.
IK % series C-1941, maturing Dec. 15, 1941.
IK % series A-1942, maturing Mar. 15, 1942.
2%
series B-l942. maturing Sept. 15.1942.
.
.
Balfour Building, Inc., voting trust
Bayuk Cigars, Inc
Special...
ctfs
—
3% Railroad retirement
turing June 30, 1942
account series,
Extra
3,712,000.00
to 1942
4% Alaska RR. retirement fund series, ma¬
turing June 30, 1941 and 1942
Federal
Deposit
Insurance
series, maturing Deo. 1, 1939
>
265,000.00
maturing
30,000,000.00
Corporation
11,538,529,950.00
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1938
—$31,800,000.00
2K % Unemployment Trust Fund series, ma¬
turing June 30,
1938....—495,653,000.00
Treasury bills (maturity value).....
527,453,000.00
2,402,732,000.00
........
.$36,365,693,735.53
Total Interest bearing debt outstanding.....
Matured Debt on Which Interest Has Ceaseo-
Old debt matured—Issued prior to Apr. 1,1917
$4,539,120.26
(excluding Postal Savings bonds)
$4K preferred
(quarterly)
Colgate-Palmolive-Peet (quar.)
Columbia Oil & Gasoline Corp—
1027-12
4K % Third Liberty Loan bonds of 1928
4K % Fourth Liberty Loan bonds of 1933-38..
3K % and 4K % Victory notes of 1922-23
Treasury notes, at various Interest rates
indebtedness, at various interest rates.
Treasury bills
685,350.00
23,543,600.00
5,376,050.00
8,059,000.00
Crowell Publishing
Detroit
286,155,381.00
2,032,046.25
Total gross debt..............—.......
......
City Gas Co., 6% pref.
$36,956,368,228.85
NOTICES
have been, reinstated
Preferred
to membership in
the New York Curb Exchange.
—Albert de Jong has become
grouped in two separate tables.
In the
first we 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
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
Dec.
15
Jan.
Dec.
15
Dec.
Dec.
81K
25c
81K
(quarterly)
Ian,
83
Dec.
— .—
- - - -
4K % pref. (quar.)..
62m Jan.
15
15
4
10
15
15 Nov. 30
Dec.
3 Dec.
Dec.
+3 0c
15 Nov. 30
Jan.
25 Dec. 31
15 Dec. 31
Jan.
»p
f25c
37c
25c
88c
Jan.
3 Dec.
15
Jan.
3 Dec.
15
Dec.
1 Nov. 20
Dec.
10
30 Dec.
Dec. 20 Dec.
4
83
83K
Dec.
Dec.
4
Dec.
Dec.
4
75c
Jan.
Dec.
8
Nov. 30 Nov. 26
Jan.
3 Dec. 15
Jan.
3 Dec.
15
Jan.
1 Dec
Jan.
1 Dec.
13
13
Dec.
Jan.
15 Dec.
3 Dec.
15
Dec.
4 Dec.
1
Dec.
21 Dec.
10
6
Dec. 21 Dec. 10
1 Dec. 21
Jan.
13
6
3
15 Dec,
15 Nov. 26
15 Nov. 26
15 Nov. 26
10
Dec.
24 Dec.
3 Dec.
Dec. 23 Dec.
4
Jan.
3 Dec.
15
Jan.
3 Dec.
15
Jan.
3 Dec.
Jan.
3 Dec.
15 Dec.
15
15
Dec.
4
1 Dec.
10
15 Dec.
1
15 Dec.
1
Jan.
7
Dec. 24 Dec. 14
Jan.
3 Dec. 10*
20 Dec.
10
2 Dec.
20
1 Nov. 24
15 Nov. 30
15 Dec. 20
1 Dec. 10
Dec. 24 Dec. 14
Jan.
Jan
Dec.
(quar.)
-
---- - -
4
Dec.
10 Dec.
Jan.
2 Dec.
8
15
1 Dec.
15
Jan.
1 Dec. 15
20 Nov. 30
------ - - - - - --
- - -
Payable 25c. cash and $1 in 5% 10-yr.deb notes
First National Stores (quar.).
Fiscal Fund, Inc., bank stock series
Insurance stock series (s.-a.)
—
—
Florida Power & Light Co. $7 preferred (quar.).
$6 preferred (quar.)
- - - - - - --—
(initial)...
—
—
Transportation Corp.--
21 Dec.
21 Dec.
Dec.
—
15 Nov. 30
Dec.
Dec.
...
—
Four-Wheel-Drive Automobile Co.
Gamewell Co., preferred
—
Gannett Co., Inc., $6 conv. pref
1
4Dec. 4
4 Dec.
Dec.
(quar.)
Extra
_
15 Dec.
Jan,
Jan.
Dec.
Electric Storage Battery Co. common
Preferred (final)
General American
3 Dec.
15 Dec.
Dec.
Pref. (quar.)
—
Edison Bros. Stores, Inc.
Fohs Oil Co. new
17
17
Dec. 20 Dec.
Jan.
_
1
Dec.
Dec. 31 Dec.
Feb.
1 Jan.
40c
1
Dec.
Dec.
preferred
Falstaff Brewing.
3
3
15
Dec. 15
Dec. 31
Dec.
(quar.)
Elgin National Watch Co-----Ex-Cell-0 Corp
DIVIDENDS
are
6%
5% cumulative preferred
associated with Carl Marks & Co., Inc.,
foreign securities specialists.
Dividends
Jan.
Jan.
Giorgio Fruit Corp., $0 partic. preferred...
Doehler Die Casting Co
Dolphin Paint & Varnish, $2 class A
Draper Corp
Special
Eagle Picher Lead Co
Eastern Gas & Fuel Assoc.,
Co.
class A (quar.)
Corp.—
Di
482,088,058.06
6
Dec. 21 Nov. 30
Dec. 17 Dec. 10
3
Dec. 15 Dec.
Dec.
Co., (quar.)
Diamond State Telep., 6K%
3,259,045.74
&
21 Dec.
1
Dec. 22 Dec.
Devonian Oil Co
unclassi¬
fied sales, Ac
CURRENT
Dec.
Co. (Bait.)—
8% class A cumulative preferred
De Long Hook & Eye (quar.)
Deposits for retirement of National bank and
Masterson
Jan.
15 Dec. 23
15 Dec. 20
Dec.
Crown Cork International Corp.,
$190,641,585.07
C.
Jan.
Dec.*
Dec.
5% cumulative preferred (quar.).
Crocker-Wheeler Electric Mfg
Cuban American Manganese
—Frank
15
Dec.
Crane Co. common
$346,681,016.00
156,039,430.93
Old demand notes and fractional currency
10
Dec.
Jan.
5% preferred (quar.)__
Consof. Gas of Baltimore (quar.)....
Preferred (quarterly)
Constable (Arnold) Corp
_ —
Cooper-Bessemer Corp., $3 pref. (stk. div.).—
Div. of l-20th of a share of common stock.
Debt Bearing No Interest—
Thrift and Treasury savings stamps,
10
3 Dec.
preferred-_
Consolidated Elec. Light & Power
108,586,435.26
Federal Reserve bank notes
15
3 Dec.
Jan.
Dec.
1,411,400.00
2,341,300.00
35,198,200.00
258,475.00
Lees gold reserve
3 Dec.
Jan.
25c
Dec. 23 Dec.
4K% conv. preferred (quar.)
Treasury savings certificates
United States notes
15 Dec.
Dec.
.......
Commonwealth & Southern Corp. $6
Consolidated Biscuit Co
—
4% and 4K % Second Liberty Loan bonds of
or
Extra
Clorox Chemical
27,126,200.00
of 1932-47
Ctfs.
hold
Chicago Junction Ry. & Union Stockyards—
6% preferred (quar.)
...
—
Chicago Pneumatic Tool, $2K pref. (quar.) —
$.3 preferred (quarterly).
Chile Copper Co
Cincinnati Gas & Electric, pref. (quar.) — —
City & Suburban Homes Co
Cleveland Electric Illuminating common.
Extra
3K%,4%,and 4K% First Liberty Loan bonds
15 Nov. 30
31
Jan.
Jan.
10c
Commercial Credit Co
47,740.00
2K% Postal Savings bonds
15 Nov. 30
15c
—
shd>r6
90,000,000.00
....
...
Dec.
75c
Ltd7% cumulative preferred (quar.)..
Canadian Canners, Ltd., conv. pref. (quar.) —
First preferred (quar.)..
Capital Wire Cloth & Mfg. Co., 81K pref
Carpenter Steel Co. common (interim)...
Central Aguirre Assoc
Incl. 38c. from net income of Luse Co.
Central & South West Utilities, $6 prior lien—
$7 prior lien
Chesapeake Corp
Extra, stock div. of l-5th of a share of com.
stock of Chesapeake & Ohio Ry. for each
3,391,000.00
1938 to 1942
15
Nov. 30 Nov. 20
50c
Canada Northern Power Corp.,
ma¬
4% Canal Zone retirement fund, series 1938
2%
Dec.
Extra.
fund, series
Postal Savings System series,
June 30, 1940
20 Jan.
10c
pref. (quar.)
...
Participating pref. (participating dividend)-Buffalo Niagara & Eastern Power, 1st pref
Prior preferred (quar.)
)o. (special)
Burgess Battery Cc
California Ink Co., Inc. (quar.)
Camden & Burlington Co. Ry. (s.-a.)
Canada Malting Co. (quar.)
30,000,000.00
2%
Jan.
20c
RR. Co
Budd Wheel Co., partic.
374,700,000.00
Service retirement
Jan.
SI.20
$2
81K
S1K
82 K
— <—
Bridgeport Brass Co. (quar.)
.....
Briggs & Stratton Corp
Brillo Mfg. Co. class A (quar.)
Common (quar.)
Brown Rubber Co., Inc., common
431,100,000.00
to 1942
Foreign
12Kc
12Kc
S1K
18Kc
6
14 Dec.
3 Dec. 20
$1
Co. (quar.)
(quar.)
Bell Telep. of Penna., 6K% pref. (quar.)
Bohn Aluminum & Brass Corp
4% Civil Service retirement fund, series 1938
4%
Dec.
50c
Belden Mfg. Co. (special)
Bell Telephone of Canada
$10,575,361,950.00
3% Old-Age Reserve account series, maturing
June 30. 1941 and 1942
1
3
4c
QK
Beech Creek RR. Co
Extra
503,877,500.00
204,425,400.00
426,349,500.00
342,143.300.00
1
15 Dec.
Dec. 20 Dec.
25c
Automatic Voting Machine (quar.)
Baldwin Rubber Co. (quarterly)
676,707,600.00
1
50c
—' —'—
Boston & Albany
1
50c
Extra
Anaconda Copper Mining Co
Andes Copper Mining (resumed)
$276,679,600.00
618,056,800.00
455,175,500.00
596,416,100.00
433,460,900.00
1,293,714,200.00
526,233,000.00
941,613,750.00
426,554,600.00
1,378,364.200.00
738,428,400.00
737,161,600.00
.
6
t93Kc
81K
American Safety Razor (quar.)
American Smelting & Refining (special)
Beech-Nut Packing
3
Dec. 20 Dec.
1st preferred
Total bonds
10
14 Dec. 24*
3 Dec. 24*
Dec. 20 Dec.
American Public Service, 7% preferred
19,935,653,800.00
10
nix
preferred
$5 preferred
Extra
9
Nov. 30 Nov. 27
....
American Locomotive preferred
American Power & Light Co. $6
.$21,896,978,785.53
Treasury Notes—
2K% series A-1938,
2% % series B-1938,
3%
series C-1938,
2K % series D-l938.
4
3 Dec.
American Home Products Corp
$356,238,400.00
500,157,956.40
1945
(Government Life Insurance Fund series)
15 Jan.
Dec. 24 Dec.
856,396,356.40
Adjusted Service Bonds of
10
3
3
Jan.
907,866,569.13
Unclassified sales......--.....-..—-.—.
Feb.
—
American European Securities Co. preferred
American Hawaiian Steamship, (quarterly)
$185,348,448.75
344,454,288.50
335,807,637.40
42,256,194.48
Series A
Dec. 20 Dec.
Ordinary stock (extra)
Preferred (quar.)
United States Savings bonds:
Series B
Dec. 23 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
stock—
American Bank Note Co
$1,518,737,650.00
1,035,874,400.00
491,375,100.00
2,611,095,150.00
1,214,428,950.00
1,223,496,350.00
1,626,687,650.00
981,837,550.00
1,786,360,050.00
3% bonds of 1946-48—.
10
10
10
Preferred (extra)___^-_____--_--_'_-—----Albany & Susquehanna RR. (s.-a.)
Aluminum Goods Mrg. Co
$758,945,800.00
1,036,692,900.00
489,080,100.00
454,135,200.00
352,993,450.00
644,870,050.00
818,627,000.00
755.434,500.00
834.453,200.00
1.400.528.750.00
-
6
Dec. 23 Dec.
Dec. 23 Dec.
(initial)
Preferred
Treasury bonds:
Holders
When
Payable of Record
Dec. 15 Dec.
(J. D.) Mfg. Co. (extra)
Aero Supply Mfg., class A
Class A (quarterly)
Aetna Ball Bearing Mfg. Co
Alabama Great Southern RR. Co. ord.
$197,062,060.00
3K%
2K%
2K %
2%%
2% %
2K %
2K %
Adams
Class B
149,800,000.00
28,894,500.00
118,367,560.00
...
3% Conversion bonds of 1946-47--
Share
Name of Company
Dec.
Dec.
22 Dec.
Dec.
15 Dec.
Jan.
3 Dec.
15 Dec.
15 Dec.
1
15 Dec.
22 Dec.
Dec.
Dec.
Dec.
21 Dec.
21 Dec.
Dec.
4
1
1
12 Dec.
Dec.
Dec.
Dec.
6
6
3
15 Nov. 30
15 Dec.
Jan.
2
Dec.
20
5
Bee. 15
2
ec.
3446
Financial
When
Per
Name
Share
of Company
General Electric Co. (final)..,.
General Investors Trust..
9
12c
—
General Mills, Inc., pref. (quar.)
General Outdoor Advertising preforred,
General Public Utilities, Inc..
M
$3
Option div. payable in cash or stock.
$5 preferred (quarterly)_ _
25c
3 Dec.
10
10
14
15
Jan.
3 Dec.
Dec.
Jan.
Jan.
23 Dec.
3 Dec.
3 Dec.
SIM
Feb.
60c
—
Jan.
3 Dec.
Jan.
3 Dec.
1
3
15
15
Dec.
13 Dec.
13 Dec.
6
6
yd
Extra
20c
Haverty Furniture Cos., Inc. (mo.)
10c
20c
—
Jan.
Dec.
Dec.
10
cum.
pref. (quar.)
—
Dec.
1
3
Dec.
Indianapolis Power & Light preferred (quar.)
Indian Refining Co
'Yd
Nov. 30
Dec.
4
Payable in 5% deb. notes dated Dec. 3, 1937,
payable Dec. 1, 1942.
Ingersoll-Rand Co., pref. (s.-a.)_
International Business Machines (stock div.)
Jan.
1
Dec.
6
1 Mar. 15
Dec. 23 Dec. 15
Dec. 27 Dec. 13
Jan.
1 Dec. 14
Apr.
15 Nov. 30
2 Dec. 11
Dec.
Jan.
Lava Cap Gold Mining Corp
Lehn & Fink Products Corp., common
Dec.
Dec.
23 Dec.
14 Dec.
2
10 Dec.
13 Dec.
4
Dec.
Dec.
Dec.
Dec.
_
6
4
15 Dec.
15 Dec.
4
1
Dec.
1
1.5 Dec.
3 Dec. 15
21 Nov. 30
15 Nov. 30
Dec.
15 Dec.
3
Dec.
20 Dec.
23 Dec.
4
Dec.
Jan.
Dec.
Dec.
1
Dec. 31 Dec.
Dec. 17 Dec.
30c
1 Dec.
Dec.
Dec.
1 Nov. 20
Dec.
15
w8
Dec.
18 Dec.
27 Dec.
Jan.
3 Dec.
Dec. 22 Dec.
9
10
1
23 Nov. 29
45c
Dec.
25c
Nov. 30 Nov. 13
Dec. 23 Nov. 22
$2
50c
43c
3 Dec.
3 Dec.
Jan.
Jan.
12Mc
6% pref
SIM
SIM
15
15
Dec. 24 Dec. 18
Feb.
1 Jan. 21
Dec. 20 Dec.
6
15 Nov. 30
Dec. 24 Nov. 30
preferred
New York & Harlem RR. Co
Preferred
50c
Dec.
1M
Jan.
3 Dec.
15
1M
$6
Jan.
3 Dec.
3 Dec.
15
i50c
S2M
Niagara Hudson Power Corp., common
Norfolk & Western Ry. Co.
(extra)
North American Aviation, Inc
Oakland Title Insurance & Guaranty Co
40c
$6
12Mc
Extra
Ohio Finance Co
Special (payable in 5% notes)
Oklahoma Natural Gas 6% prior
pref. (quar.)—
Pacific Indemnity Co.
(quar.)
Extra
SI
30c
50c
Jan.
15
3 Dec. 15
15 Nov. 30
Dec. 22 Dec.
3
Dec. 22 Dec. 10
Nov. 24 Nov. 20
Nov. 24 Nov. 20
Dec. 22 Dec. 10
Dec. 22 Dec. 10
Jan.
Dec.
__
Dec.
40c
Jan.
Pennsylvania Glass Sand Corp
$7 cum. conv. pref. (quar.),
Pennsylvania Power Co., $6.60 pref.
31 Dec.
Dec.
15
15
6
Dec. 20 Dec.
1
Dec. 20 Dec.
1
Jan.
40c
Dec.
Dec.
Dec.
15
15
Dec.
Dec.
6
SIM
Jan.
Dec.
15
55c
50c
Jan.
Dec.
20
55c
Feb.
Jan.
55c
Mar.
Feb.
20
21
Mar.
SIM
Perfection Stove Co.
(quar.)
11111111111
Philadelphia Baltimore & Washington
(s.-a.)
Philadelphia Electric Power, 8% pref. (qu.)
Pioneer Gold Mines of B.
C., Ltd—
,
Pittsburgh Metallurgical Co
Plymouth Oil Co. (quar.)
Extra
Progress Laundry Co. (quar.)
Extra
Public Service Co. of N.
H.~,
pref. (quar.)
$5 preferred (quar.)
Public Service Co. of Oklahoma—
7% prior lien stock (quar.)
6% prior lien stock (quar.)
Quaker Oats Co. (quar.)
Preferred (quarterly)
Reading Co., 2nd pref. (quar.)
Remington Rand, Inc. (interim)..
Preferred (quarterly)."..
Ralston Stee Car (special).
el
Preferred
(quar.)
Reliance Grain Co., Ltd.,
6M% pref. (quar.),,
Rensselaer & Saratoga RR. (s.-a.)
Riverside Silk Mills, class A
(quar.)
Ritter Dental Mfg. Co.
(quar.)
Preferred (quar.)
Ruberoid Co. (quar.)
Year-end div. in promissory notes at the rate
of $1.40 of face value for each sh.
Notes
will-bear interest at rate of
4% per annum,
a due date of Dec.
20,1940
Feb.
21
50c
Perfect Circle Co.
(quar.)
Extra
Dec.
Dec.
8
75c
Dec.
Dec.
8
37Mc
SIM
Dec.
Dec.
Dec. 20
Dec. 15
50c
Jan.
Dec.
10
tlOc
Jan.
Dec.
1
Dec.
3
25c
Dec.
35c
Dec.
Dec.
6
25c
Dec.
Dec.
6
15c
Dec.
Dec.
Nov. 30
Nov. 30
10c
Dec.
Dec.
37 Mc
80c
Jan.
1 Dec.
SIM
Jan.
3 Dec.
15 Dec.
15 Dec.
Dec.
50c
20c
Participating preferred. _;
West Texas Utilities, preferred
Preferred (quarterly)
Dec.
$2
25c
Victor Equipment Co., pref. (quar.)
Virginia Electric & Power Co., $6 pref
Virginia Public Service, 7% pref. (quar.)
Wagner Electric
Westinghouse Electric & Mfg
Jan.
$1
25c
Extra
Dec.
75c
(quar.)
Dec.
Dec.
Dec.
Dec.
SIM
SIM
Jan.
Dec.
-
Dec.
Dec.
S2
Jan.
t$l
Jan.
SIM
Wheeling Steel Corp., $5 pref. (quar.)
SIM
6% preferred (quar.)
SIM
Wisconsin Power & Light Co., 6% cum. pf. (qu.)
SIM
7% cum. pref. (quar.)
$1.31 M
Yale & Towne Mfg. Co
15c
Special
40c
Youngstown Steel Door Co., common
75c
Below
—
Dec.
Dec.
Dec.
Dec.
Jan.
3
1
3
4
3 Dec.
15 Dec.
8
1
15 Dec.
15 Dec.
15 Dec.
20 Dec.
1 Dec.
20 Dec.
21 Dec.
21 Dec.
3 Dec.
3 Dec.
23 Dec.
23 Dec.
15 Nov.
15 Nov.
1
1
4
3
10
2
7
15
15
11
11
30
30
3 Dec.
17 Dec.
6
Dec.
Dec.
15 Dec.
1
6
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
Per
Name of Company
Dec.
Nov. 30
Dec.
Nov. 30
Jan.
3 Dec. 20
3 Dec. 20
Dec. 24 Dec.
1
Feb. 28 Feb.
1
Jan.
Jan.
13 Dec.
Jan.
3 Dec.
Jan.
3 Dec.
Dec. 28 Dec.
Dec. 28 Dec.
Dec. 15 Nov.
23
13
13
15
15
Jan.
3 Dec,
30
15
Jan.
3 Dec.
15
24 Dec.
Dec. 24 Dec.
Dec. .20 Dec.
10
10
Dec. 20 Dec.
6
Dec.
6
Payable of Record
Abbott Dairies, Inc. (quar.)
Abbott Laboratories (quar.)
Extra
25c
Dec.
40c
Dec.
10c
Dec.
Acme Steel Co. (quarterly)
$1
35c
Dec.
Addressograph-Multigraph (quar.)
Agnew-Surpass Shoe Stores, pref. (quar.)
Agricultural Insurance Co. (N. Y.) (quar.)
Ahlberg Bearing Co., class B (quar.)
Alabama Power Co., $7 pref.
(quar.)
$6 preferred (quarterly)
Alabama Water Service Co., $6 pref. (quar.)
Allegheny Steel Co
Preferred (quar.)
Allen Industries, Inc. (quar.)
Allied Laboratories, Inc.
(quar.)
Dec.
UM% Jan.
3 Dec.
Dec.
1 Nov. 20
Jan.
Jan.
3 Dec.
3 Dec.
Dec.
1 Nov. 20
40c
Dec.
Dec.
1
25c
Dec.
4 Nov. 20
15c
Dec.
Dec
SIM
SIM
16 Dec.
Ian:
Dec.
25c
Dec.
t$20
SIM
Dec.
Dec.
27 Dec.
27 Dec.
2
Dec.
1 Nov
Dec
31 Dec
Dec
31
75c
75c
Jan.
Dec.
American Bakeries Co
7% pref (serai -annual).
American Capital Corp., $5M pref.
(quar.)
American Chain & Cable Co
S3M
SIM
Jan.
50c
Dec
i
15
15
>ec
15
1
Dec.
17
1
Nov. 19
3
Dec.
1
Nov. 15
lo
M
Dec.
15 Dec.
15 Dec.
Dec.
15 Dec.
$2
Dec.
15
Dec.
1
Dec.
15 Dec.
2
SIM
*
Special
common
Dec.
13
13
21
22 Nov. 30*
21 Dec.
1
1 Nov. 15
50c
.
1
Nov. 16
SIM
.
13
13
SIM
7% preferred (quar.)
Amalgamated Leather Cos., 6% pref. (quar.)
American Arch Co. (quarterly)
...
20
5c
15c
-
29 Dec. 16
13 Nov. 15
2
22 Dec.
3 Dec. 15
Jan.
75c
Allis-Chalmers Mfg. Co., common
Alpha Portland Cement
Aluminium, Ltd., 6% preferred
6% preferred (quar )
llumlnum Manufacturing, Inc. (quar.),
1 Nov. 15
29 Dec. 16
SIM
$1M
SIM
—
Extra
Allied Stores Corp., 5% pref.
(quar.)
Holders
When
Share
American Cigarette & Cigar Co. (stock
div.)
Payable at the rate of l-40th sh. Amer. Tob.
40c
(monthly)
$6.60 preferred
(monthly)
$6.60 preferred
(monthly)
$6 preferred (quar.)
15c
$1M
Dec.
$1
___
&
Dec.
50c
"II
Stone
(quar.)
preferred
1 Jan.
5
1 Nov. 23
15 Dec.
3
15 Dec.
3
3
Co.
Dec.
Dec.
$1
Extra,,
S.
Pacific
Preferred
American Chicle Co. (quar.)
Jan.
25c
50c. div. oayable in cash or
pref. stock.
Peninsular Telephone Co.
(quar.)
Extra
Sierra
Dec. 15
Nov. 20
Nov. 26
10c
Pan American Petroleum &
Transport
Payable in 7-year 3 M % notes.
Park & Tilford, Inc..
of
,
SIM
50c
Package Machinery Co. (quar.)
Pahang Rubber Co., Ltd. (quar.)
cum.
1 Nov. 24
S2M
$1
12Mc
Neisner Bros., Inc
New England Gas & Electric Assn.
$5M pref—
New York Power &
Light Corp., 7% pref
sh.
United Aircraft Corp,
United Corp., common
16
1
Jan.
$1
stock)
National Breweries, Ltd. (quar.)
a
7
25c
or
of
15
Dec.
30c
1
23 Dec.
15 Dec.
Dec.
Monarch Knitting Co., Ltd., 7% preferred
Monsanto Chemical Co. (extra)
Mother*Lode Coalition Mines Co
Motor Finance Corp. (quar.)
l-10th
Union Carbide & Carbon Corp
Union Pacific RR
$3
Jan.
—
Miller Wholesale Drug Co
Preferred
Feb.
Dec.
— —
Veeders-Root, Inc. (quar.)
,
Mid-West Rubber Reclaiming, $4 pref.
(qu.)
&
27 Dec.
Dec.
Vanadium Corp. of Amer. (resumed)
Common
Preferred (quarterly).
National Lea
3ad Co
Preferred B
National Supply Co. (Pa.),
Dec.
com.
15 Nov. 30
15 Dec. 31
15 Nov. 26
15 Jan. 29
Jan.
Twentieth Century-Fox Film Corp.
Dec.
Mesta Machine Co., common
Midland Oil Cpro., $2 conv.
preferred
Midvale Co
Feb.
-
6
Dec.
—
Dec.
Dec.
Special-,
4*
Dec.
_
3 Dec.
9
18 Nov. 30
18 Nov. 30
Jan.
3 Dec.
3
Mar. 15 Mar. 11
Dec. 15 Nov. 30
Dec.
Dec.
Dec.
Dec.
Lessing's, Inc
Lindsay Light & Chemical Co., pref. (quar.)
Loew's (M.) Theatres, Ltd., 7% pref
Lorillard (P.) Co. (quarterly)
Preferred (quarterly)
Lykens Valley RR. & Coal Co. (s.-a.)
Macfadden Publications, inc., preferred
Magnin (I.) & Co. (quar.)
Mangel Stores Corp. preferred (quar.),
Master Electric Co.
(quarterly)
Mathieson Alkali (year-end div.)
Preferred (quarterly)
McLeod Building Ltd. (new initial)
Melchers Distilling, Ltd., 6% pref. (s.-a.)
Memphis Natural Gas Co., common
Jan.
Standard Brands, Inc., common (quar.)
S4M
3 Dec. 15
15 Nov. 30
3 Dec.
9
Dec.
'■
Dec.
25c
Southwestern Light, preferred
Preferred
1
Dec.
20c
with
Jan.
Dec.
S2M
SIM
International Silver Co., preferred
Ka*isas City Power & Light pref. B (quar.)
Kansas City Southern Ry. Co., preferred
Koppers Co. 6% preferred (quar.)
Jan.
Jan.
South Porto Rico Sugar Co., com. (quar.)
Preferred (quar.)
15
15 Nov. 30
15 Nov. 30
15 Dec. 20
15 Dec. 20
Jan.
Original preferred (quar.)
$1
Hudson Motor Car Co
Hummel-Ross Fibre Corp. (special)
Illinois Bell Telep
Indiana Hydro-Electric Power preferred
Dec.
South Carolina Power Co., $6 pref. (quar.)
Southern Colorado Power Co., 7% pref
37Mc
Class B
Household Finance Corp. (special)
Dec.
3 Dec.
an.
Southern Calif. Edison., original pref. C (quar.)
Power Co. com. for each sh. of
Webster capital stock held.
Trade Bank (N. Y.) (quar.)
Traders Building Assoc., Ltd. (quar.)
Dec.
Dec.
Dec.
Jan.
60c
—
15 Nov. 30
15 Nov. 30
14 Dec.
1
Dec.
Extra
Dec. 10
Dec. 10
Dec. 10
Dec.
1
Dec. 20
80c
Honolulu Gas Co. (fully paid stock) (final)
Houdailie-Hershey class A
Dec.
IIS
62 Mc
Hercules Powder Co., new (year-end div.)
Home Insurance Co. of Hawaii, Ltd
Extra (payable in cash
$2
Light & Pow. Corp. 6% pref. A & B
7% preferred A & B (quar.)
Scranton Lace Co.. common
60c
Sherwin-Williams of Canada, pref—
tSIM J
Siscoe Gold Mines (quar.)
Preferred (quarterly)
Stanley Works (New Britain) (year end)
Preferred (quar.),,
Stone & Webster, Inc. stock dividend
Four-fifths of a sh. of Engineers P.
75c
(quar.)..
Dec. 24 Dec. 10
Nov. 26 Nov. 22
15c
;
Holders
Payable of Record
Standard Oil of Ohio (quar.)
Jan.
——.
River Raisin Paper Co
Sanford Mills, common
Dec. 3PNOV. 30
Dec.
1 Nov. 22
SIM
—.——
Share
San Joaquin
1937
27
When
Per
Name of Company
Nov. 25iNov. 19
Dec.
Nov. 20
Dec. 10
Jan.
tSIM
Hawaiian Sugar Co. (year-end)
Helme (Geo. W.) common
Dec.
Dec.
25c
—
15
17 Dec.
1 Jan.
25c
Greene Cananea Copper (quar.)
Preferred
18
Jan.
SIM
Hamilton United Theatres, Ltd., 7% pref
Hartford Steam Boiler Inspection & Ins. (extra)
Extra.........
Ptec. 21 Dec.
9
Dec. 18 Nov. 30
25c
SIM
—..
Great Western Sugar (quar.)
Preferred (quarterly)
Dec. 20 Nov. 2
Dec. 15 Dec.
1
3 Dec. 10
Jan.
SIM
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quarterly)Gillette Safety Razor Co
$5 conv. preferred (quar.)...
Nov.
I Holders
Payable of Record
Dec. 23 Dec.
SIM
General Railway Signal Co., common.
Preferred (quarterly)...
General Theatres Equipment Corp
Chronicle
B for each sh. of Amer.
8
1
Cigarette
& Cigar Co. held.
Preferred (quar.)
American Discount Co.
American Dock Oo
8
Dec.
30 Dec.
15
50c
Dec.
15 Dec.
4
25c
Dec.
$2
Dec.
7Mc
Dec.
(Ga.)
8% preferred (quarterly)
American Electric Securities Corp.—
Participating preferred (quar.)
American Envelope do
7% pref. A (quar.).
American Forging & Socket Co
American General Corp., $2 pref. (quar.)
$2M preferred (quarterly)
$3 preferred (quarterly)
American Hide & Leather preferred (quar.)
* i !>
25c
American Stores Co. (omitted Nov. 18, 1937)
American Sugar Refining (quar.)
Preierred (quar.)
American Surety Co—:
American Telephone & Telegraph (quar.)
American Thermos Bottle 17 pref. (quar.)
American Thread Co., pref (semi-ann.)
American Tobacco Co., com. and com. B (quar.)
American Toll Bridge Oo. (quar.)
Amer. Water Works & Elec. Co., Inc., com,—.
Amparo Mining
Anchor Cap Corp. common
Special
$6M preferred (quar.)
Nov. 2o
Dec.
Dec.
Dec.
Nov. 15
1 Nov. 17
1 Nov. 17
1
Nov. 17
75c
Dt*
Dec.
23
20c
Dec.
1
Nov
15
40c
Dec.
1
Nov. 22
40c
Dec.
1
Nov. 22
20c
Dec.
65c
Dec.
1 Nov. 20
1 Nov. 20
50c
DeC.
$1 M
75c
Dec.
15c
Dec.
23 Nov. 26
Dec
Nov. 26
15 Nov
15
Special
American Seating Co—
American Smelting & Refining
American Steel Foundries
Nov. 20*
1
1
'
50c
Home Products (monthly)
American Investment Co. (111.) (quar.)
Extra
American Paper Goods, 7% preferred (quarterly)
American Radiator & Standard Sanitary
Preferred (quarterly)
American Rolling Mill Co. (extra)
1
;ec.
Dec.
62 Mc
75c
American
American Laundry Machinery Co. (quar.)
Extra
American Metal Co
Preferred (quar.)
American Meter Co
1 Nov. 20
1 Nov. 20
1
.
c
Dec.
31
1
Nov
19
1
Nov
19
21 Nov. 30
21 Nov. 30
i »<■*.'■
SIM
40c
,
51
Dec.
Dec.
6
1
16 Nov. 26
Nov
30
50c
Dec
15 Nov. 30
50c
Jan.
SIM
SIM
S2M
K7Mc
12Mc
Jan.
SI
•«
SIM
2c
20c
lc
15c
30c
Sl^
Jan
Jan.
\qv
3 Dec.
6
3 Dec.
6
3 Dec.
9
15 Dec. 15
Jan.
3 Dec
Jan.
1
Nov
1 >ec.
1
Nov
Dec
5
15
Dec
20
30
10
I
Dec. 15 Nov. 19
Nov. 30 Nov. 20
Dec. 20 Nov. 30
Dec
20 Nov. 30
Jan
3 Dec
17
Volume
Andian National
Dec.
Nov. 30 Oct.
5%
Archer-Daniels-Midland Co
Arkansas-Missouri Power, 6% preferred-Armour & Co. (Dei.), preferred (quar.)
Armour & Co. (ill.)
50c
$4
Dec.
(quar.)
7% preferred (quar.)..
15 Nov. 25
2 Dec. 10
2 Dec.
Jan.
10
50c
Dec.
Dec.
1 Nov. 10
1 Nov. 15
Feb.
1
$1H
SIX
Dec.
1 Nov. 12
75c
Dec.
Dpc.
10
51
Dec.
31 Dec.
Dec. 31 Dec.
1 Dec.
Jan.
10
Dec.
24 Nov. 29
23 Nov. 29
preferred
Associates Investments (quarterly)
Extra
$1H
Preferred (quarterly)
Atlanta, Birm. & Coast Co., 5% pref. (s.-a.)
Atlantic Coast Line Co. of Connecticut
Atlantic Coast Line IIR
Atlantic Refining Go.
Atlas Corp., 6% pref.
Jan.
10
10
35c
_
preferred
$1.40 pref. (quar.)
Associated Dry Goods Corp., 1st preferred
Second
2 Dec.
mx
Armstrong Cork (interim)
Artloom Corp. 7%
Asbestos Mfg. Co.
24 Dec.
Dec.
15c
$1H
SI X
$6 preferred
1 Nov. 20
Dec.
$2s1
$1H
Dec.
25c
(quar.)
31
Dec.
10
13
Dec.
Dec.
Dec.
37 He
Dec.
1 Nov
43 He
Dec.
1 Nov. 10
Baltimore Radio Show. Inc.
$1.45
Jan.
3
10 Nov. 30
1 Nov. 10
Class A
1 Nov.15
1 Nov. 30
1H%
Jan.
Dec.
1 Nov. 30
4
15 Dec.
Dec.
1 Nov. 17
30c
Dec.
Dec.
1 Nov. 17
15
30 Dec
Dec.
1 Nov. 15
25c
-
Class A (quarterly)
Works Corp., payable In
Batb Iron
Beaunit Mills, Inc., pref. (quar.)
Beech-Nut Packing Co. common
3%
atock.
37Jii
(special)
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)
Bellows i Co
class A (quar.)
Dec.
$1
Jan.
SI X
__
Jan.
87 He
S1H
3 Dec.
tS5H
Dec.
50c
Dec.
SI X
Dec.
Blue
1
S3
Dec.
75c
Boeing Airplane Co. (initial)
Bon Ami Co. class A (extra)
Class A stock dividend
2-200ths of a sh. of class A stock for each share
Deo.
50c
cash
15 Dec.
31 Dec. 17
Dec.
20 Nov. 26*
5
1 Nov.
40c
Dec.
8 Nov. 24
52
Dec.
15 Dec.
Dec.
15 Dec.
class A stock for each sh. of
Borden Co.. common
(quar.)
(quar.)
Brooklyn Teleg. & Messenger Co. (quar.)
Brooklyn Union Gas
Brown Fence & Wire Co
-—Preferred * (sernl-annuaD
Brown Shoe Co., common (quar.)
Bruce (E. L.) Co., 7% cum. preferred (quar.)-3H% cumulative preferred (quar.)
Buckeye Pipe Line Co..
Bucyrus-Erie Co., com. (Interim)
Preferred
Bullard Co
Bullock's, Inc. (quar.)
Bulolo Gold Dredging, Ltd
Bunte Bros.. 5% pref. (quar.)
Co. (quar.)
Butler Bros
;
Preferred (quar.)
Natural Gas, Lt., Ht. & Pow.
6% preferred (quar.)
Canfield Oil Co., pref. (quar.)
Carman & Co.. Inc.. class A
Case (J. I.) preferred (quar.)
Catelli Food Products Ltd
5% preferred (semi-ann.)
Caterpillar Tractor stock dividend
Celanesp Corp. of Am 7% cum 1st pf. (s.-a.)_-Central Arkansas Public Service Corp.—
7% preferred (quarterly)
Central Cold Storage Co. (extra)
Central Illinois Light Co., 4H % Dref
Central Illinois Public Service, $6 pref
6% preferred
Central Massachusetts Light <fc Power (quar.)-Centra lOhio Light & Power, $6 pref. (quar.)—
Centrifugal Pipe Corp. (special)
Century Ribbon Mills, Inc., preferred (quar.).Champion Paper & Fibre 6% preferred.Chartered Investors Inc.. $5 pref. (quar.)
Extra
(quar.)
Chesebrough Mfg. Co. (quar.)
Extra
Chestnut Hill RR.
Co. (guar.)
Chicago Corp., conv. pref.
Chicago Mail Order Co_ -
(quar.)
Dec.
Dec.
20 Dec.
Dec.
20 Dec.
Dec.
15 Dec.
Dec.
15 Doc.
25c
Dec.
15 Dec.
40c
Dec
Dec.
1
Dec.
15
Nov. 30
7 He
Dec.
Nov. 30
60c
Dec.
Nov. 15
10c
Dec.
Nov. 15
Nov.
Nov.
t
Edison Co. (quar.)
Dec
Nov. 20
Dec.
24
Jan.
Dec.
24
Dec.
Nov.
16
Dec.
Dec
1
Dec.
17
10
Dec.
Nov. 11
SI H
Dec.
Nov. 19
Darby Petroleum Corp
Dec.
Nov. 24
David & Frere. Ltd. A
30
30
12
Dec.
Oct.
Dec.
Oct
Dec.
Nov.
Dec.
Nov. 12
Dec.
Dec.
1
Jan.
Dec.
15
Jan.
Dec.
15
Jan.
Dec.
15
Dec.
Dec.
1
Dec.
Nov. 30
Dec.
Nov. 15
Nov. 30
Dec.
15
15
Dec.
Nov. 20
Dec.
Nov. 18
Jan.
Dec.
5'ic
■
Jan.
Dec.
17
15
Jan.
Dec.
20
1S1H
SIX
Dec.
Nov
15
Dec.
Dec.
20
t50c
Dec.
Nov. 15
SIX
Dec.
I Doc.
Dec.
1 Nov. 20
Dec.
1 Nov
SIX
Jan.
30c
Dec.
SIX
SIX
Dec.
Nov.
Nov. 22
37c
Nov.
Dec.
Nov. 22
Nov. 15
Diamond
3 Dec.
15
Jan.
1 Dec.
15
Jan.
1
SIX
87 He
—
Dec.
1 Nov. 19
15 Nov. 30
15 Nov. 30
Deo
15
2c
(Quarterly)
Dec.
Dec.
15 Nov
Dec.
SIX
Dec.
15 Nov. 30*
1 Nov 13
30c
Nov. 30 Nov.
[Dec
20
Dec.
Nov. 20
Dec.
Nov. 24
Dec.
Jan
15.1a"
Dec.
15 Nov. 30
Dec.
1 Nov. 20
15
Nov
Pref
35c
Doc
Nov
4
20
Dee
SIX
Dec
1'Nov
30c
Deo.
INov. 16
25c
Dec,
25c
Dec.
Dec
Deo
5 'W
Tan
20 Dec.
20 Dec.
23
20
20
7
7
75.
$2
%2
l^ob
15
Dec
1 Nov
12
Dec.
1 Nov
12
50 c
Dec.
50c
Dec.
37 Ho
62 Ho
70c
50c
38c
$1 X
$1X
Fan.
Ian
Dec.
.
I
6
21 Dec
15 Nov, 27
3 Dec
3 Dec
Nov.
1
10
10
18
11
Dec.
Jan
24 Doc
3 Dec
14
15
Jan.
3 Dec
15
Jan
15 Dec.
31
Nov
— —
13
22
Service Co. $6H pref. (quar 1
.
..
.
11 Nov
Jan
25 Jan
10
Jan
25 Jan
10
$2
} [Nov-
<1
11 Nov
20
Dec
1
Nov
20
$2
50c
(quar.)
$1
35
I Or
3 Dec.
Doc
10 Nov
3 Dec
2Xi 1>ee.
10
3'MNov
16
60c
Dec
8 Vov
23
19c
Dec
1 Nov
23
Dec
1
Nov
&
liVov
10
10
25c
Dr.
1
Nov
4 Nov. 20
El Paso Natural
Dec.
1 Nov. 15
Dec.
llNov. 10
Special year-end dividendEmpire & Bay State Telep., 4%
$1 X
Dec
Dec
15 Nov
Dec
15 Nov
Doc
15*
15
(quar.)—
-
-
gtd. (quar.) —
Jan
10 Nov. 24
i ri i >*»c 31
50c
Doc
29 Dec
20c
Inc
Nov. 26
20 Nov. 26
Dec.
4
!>,.'•
5c
Extra.
4
20
Vo
30c
ElectroluxCorp. (quar.)...
$6 pref
Gas Co
Jan
Jan
40c
..
Dec.
10
IjNov
$14
Dec.
10
c
*1 H
common
Preferred (quarterly!
Paso Electric Co.
V
Dec
$1 H
a
Electrographic Corp
'
SIX
.
fnterurban Water Co. 7% pref
Co
T)<»c
$1 H
.
Electro master.
•Dir.
•
n
..
Preferred (quarterly)
E!
Vov
,75r
Eddy Paper Com
El Dorado OM Works'quar.)
Electric Boat Co
Electric & Musical Industries, Am. shs....
Electric Shareholding preferred ... .
Div. of 14 1000'hs of a sh. of com. stk. or.
at option of holders. $1H in cash.
8
1
15 Dec.
$1H
Shore Public
Dec.
1
Dec.
Extra
8
26
15
4
Dec.
Dec.
$1 X
-——,—------
$6 preferred 'quar.)
Nov. 20
15
15 Nov
50c
25c
Debenture
Dec.
Dec.
14
1
3 Nov. 30
t87Hc
$4H preferred
Jan.
Nov.
20
20
25c
uaaterly)
..
Die Casting
Dominion Coal Co.. Ltd., pref. (quar.)
Dominion Textile Co., Ltd. (quar.)
Preferred (quar.)
Draper (torn .onesh for each sh. held
du Pont de Nemours (E. I.) & Co
0'% preferred
Dec.
15 Dec
30*
25 c
(
Eastman Kodak
Jan.
24 Dec
[Jan
(resumed)-
-
6
Nov. 20
Nov. 30 Nov.
*v4Deo
A
Dec.
Dec.
.
6 Nov.22*
50c
Dixie-Vortex Co. (extra)
Nov. 15
Nov. 30
Dec.
.
Distillers Cor p.-Seagrams
Dec.
Dec.
15
15
31
56 He
56 Xc
Preferred (quar).
Dec.
21
•Nov. 30 Nov
.Tan.
15 Doc.
Dec.
Milling
(s -a.).
(resumed)
Match Co..
Dec.
Oct.
Dec.
25c
Preferred (semi-ann.)-_--_-
East St. Louis <&
Nov. 20
15
Jan
50c
Dictaphone Corp
15
Dec.
1 Nov
20 Nov. 29
15
3 Dec
15
Dec.
Nov.
15
20
liDoc. 10*
25c
of N Y (quar.). ..
7% preferred (quarterly)
Denver Union Stockyards 5H% pref. (quar.)-.
Detroit Gasket & Mfg. Co. pref. (quar.)
Detroit Hillsdale A ^notbwestern RR
(s -a.)
Detroit Steel Corp. (quar.)
Easi
Jan
Vov
1
Doc.
25c
Dentists Supply Co
12
Jan.
25c
iNov. 16
15lNov. 16
$1
-
Doehler
Dec.
Dec.
Dec.
Dec.
25c
(quarterly)
Doctor Pepper Co. (extra)
Jan.
Nov. 30
Nov
5
Dec.
!Doc
30c
SIX
Dayton Power & Light Co., 4H %
Deere & Co.. preferred (quar.).
Class
Nov. 15
$1 X
(quar.)
(quar.)
27
17
Jan.
Jan.
15
37 He
—
Extra
Dec.
Jan.
Nov
j Dec.
7% preferred (quar.)
8% preferred
quar i
----Cuneo Press. Inc Preferred (quar.)
Curtis Publishing 7% preferred—
Curtiss-Wright Corp.. class A_
Cushman's Sons, Inc., 7% pref
Cutler-Hammer, Inc
Dec.
Not.
Nov
15
15
T —
Dec.
15c
1
15
25c
Dec.
50c
24
Nov.
.
Dec.
IW
Dec.
Dec
(w.w.^.
Jan.
Dec.
15 Doc
Dec.
-—
Jan.
50c
31
Dec.
$2X preferred
$2 X preferred (x. w
Crown Zellerbach Corp., $5conv pref. (quar.)..
Crum & Forster Insurance Shares, A and B—
Nov. 30 Nov. 15
Feb. 14
Feb.
SIX
SIX
15|Nov. 30
50c
Cresson Oonsol. Gold Min. &
15c
87m
15 Dec.
Jan.
Crown Cork & Seal Co., Inc
Jan.
4
4
15 Dec.
Dec.
(quarterly)-
Extra..
15 Apr
I
1 Nov. 21
3 Dec.
1
40c
51
75c
1 Nov. 15
Dec.
Copperweld Steel Co. (quarterly)
Cosmos Imperial Mills 5% preferred (quar.)
Creameries of America, Inc., pref. (quar.)
Creole Petroleum Corp
15 Dec. 31
Apr.
15
\ovl 15
1
Dec.
6X% preferred (quar.)
Jan.
15
15
Deo
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power (quar.)
5 H % preferred (quarterly)
Connecticut Power Co. (quarterly)
Connecticut River Power 6% pref. (quar.)—
Consolidated Cigar Corp pref (ouar )
Consolidated Diversified Standard Securities—
$2H non-cumulative preferred (s.-a.)
Continental Steel Corp.
Preferred (quar.)
5
Feb.
Dec.
Extra
Dec.
SI 5*
3 Dec.
-
Dec.
Dec.
3 Dec.
Jan.
Jan.
i!H
10 Nov. 19
1 Nov. 10
Dec.
A (qu.)
Continental Casualty Co. (Chic., 111.) (qu.)
Continental Oil Co
Continental Telep Co 7% partic. pref (quar.).
S2
Dec.
Jan.
Continental Can Corp., Inc., $4H pref
Dec.
.
10 Nov. 24
10 Nov. 19
75c
31 He
Nov. 15
50c
50c
13 Deo.
Dec.
Nov. 26
10
1 Nov. 17
Mar.
Ont
\«soc
1 Nov. 19
Dec.
Edison Co. (special)
I ife
onfederarinrt
10
15,Nov. 26
llNov. 19
Dec.
Dec.
class A & B
Consolidated Oil Corp. preferred
Dec.
15 Nov.
15 Nov.
15 Nov.
Dec.
Dec.
Special
1
15 Dec.
Jan.
Chesapeake & Ohio Ry. (quar.)
15 Nov.
25c
Nov. 26
SIX
7% pref. (quar.)
60c
Calamba Sugar Estate (extra)
35c
Preferred (quarterly)
40c
(Quarterly)
5r
Calgary A Edmonton Corp., Ltd
25c
Campbell Wyant & Cannon Foundry (extra) —
10c
Campe Corp. (quar.)
tsi X
Canada Cement Co., 6H% preferred—
t37Hc
Canada A Dominion Sugar. l td
(quar )
52
Canada Permanent Mtge. (Toronto, Ont.) (qu.)
30c
Canada Vinegars, Ltd. (quar.
tS6H
Canada Wire & Cable, pref
J44c
Canadian Car & Foundry. 7% pref. (quar.)
SI
Canadian Cottons, Ltd. (quar.)
1H
Preferred (quarterly)
S1H
Canadian General Electric (quar.)
$2
Canadian Oil Co ., Ltd. 8% pref. (quar.)
Canadian Western
15 Nov.
Dec.
50c
Dec.
Butler Water Co.
Preferred
Dec.
37 He
Burroughs Adding Machine
Special
Dec.
25c
50c
Preferred
15 Nov.
SIX
Dec.
Co. (quar.)
Boston Woven Hose & Rubber Co., pref
Preferred
Dec.
21
26
26
26
26
26
26
$1
Dec.
Boston Elevated Ry.
Extra
3 Dec.
1X%
50c
Brooklyn Edison Co. (quar.)
Brooklyn-Manhattan Transit—
Jan.
75c
50c
(quarterly)
(quar.)
10
SIX
$1H
40c
Bright (T. G.) & Co., 6% pref.
Common (quarterly)
Bristol-Myers Co. (quar.)
Nov.
$1SM
Consolidated Paper Co. (quar.).--
class B.
Extra
Nov
Deo
Consolidated Investment Trust (quar.)
SI
(quar.)
Bridgeport Gas Light Co.
1
1
of a sh. of
Borg-Warner Co. (quar.)
Dec.
Dec
i
Consolidaied
held.
Class B (extra)..
Class B stock dividend—l-200th
16
20
Jan.
50c
Compressed Industrial Gases (quar.)
1
Doc.
30
$1H
Extra
Dec.
Oct.
1
87 He
Compania Swift Tnternacional (quar.)
Compo Shoe Machinery (quar.)
25c
Ridge Corp., S3 pref. (quar.)
Opt. div. payment of 1-32 sh. of com. or
15 Nov. 29
Dec.
Dec.
6% preferred B (quar.)
6H % preferred C (quar.)
6 H% preferred C (q tvterly)
SI H
Blaw-Knox Co. (year-end dividend)
Dec.
Dec.
Commonwealth Utilities Corp., 7% pfd.
15 Nov. 15
1
15 Dec.
Nov
15 Nov. 29
SIX
$3
Special
9
21 Dec.
1 Nov. 20
1
liNov. 23
1 Nov. 20
Dec.
$2»4
Commonwealth
3
Dec.
Dec.
Columbian Carbon Co., voting trust
3
3 Dec.
50C
Dec.
50c
Columbia & Xenia RR. Co
Jan.
Birmingham Water Works 6% pref. (quar.)
Black & Decker Mfg. (quar.)
Blackstone Valley Gas A Electric 6% pref
15 Nov. 30
SIX
$1 H
(semi-ann.)
Columbia Broadcasting
Jan.
Birdsboro Steel Foundry
Dec.
$2
Extra
25c
Bigelow-Sanford Carpet Co
Biltmore Hats, Ltd., 7% pref. (quar.)
50c
Participating preferred (quar.)
SIX
7% preferred (quar.)
5% Preferred (quar.)
B 'G Foods, Inc., 7% preferred
23 Dec.
Columbia Baking Co
Dec.
3
3
Dec.
Extra
Dec.
30c
1 Nov. 15
23 Dec.
5H % pref_Colt's Patent Fire Arms Mfg. (quar.)
15 Nov. 22
3 Dec. 15
3 Dec. 15
13|Nov. 12
Dec.
Colonial Finance Co. (Lima, Ohio),
Dec.
25c
Beneficial Industrial Loan Corp., com
Preferred series A
Bethlehem Steel Corp
-
Dec.
Collins & Aikman Corp., common
Preferred (quar.)
1
18 Dec
13 Nov. 20
1
20 Dec.
Dec. 20 Dec. 13
Dec. 24 Dec. 17
25c
Bendix Aviation Corp
Dec.
Extra
Dec.
30c
Berghoff Brewing Corp. (quar.)
Barlow & Seelig Mfg
$3
SIX
$5
$22 H
Class A (semi-ann.)
Coca-Cola International (quar.)_.
Jan.
5c
50c
Extra
10
62c
(quar.)
Bangor & Aroostook RR. Co., common..
Cumulative preferred
llNov. 19
Nov. 29lNov.
9
Dec. 15 Nov. 22
Dec.
$39.30
.
15 Nov. 22
1 Nov. 16
10c
Avon Geneseo & Mt. Morris RR. (s.-a.)-.
15 Nov. 27
-
75c
6% preferred
7% preferred
I Nov. 15
Dec.
pi»0^erred
75c
(quar.)
Atlas Powder Co. (Del.), common
Automobile Finance Co
'Dec.
50c
25c
City of New Castle Water Co. 6% pref. (quar.)Clark Equipment Co. (quarterly)
Preferred (quarterly)
Special
Payable in 7% cum. pref. stock. Scrip ctfs.
wil be issued in leu of fractions.
Clearfield & Mahoning Ry. (s.-a.)
Cleveland & Pittsburgh RR. Co. gtd. (quar.) —
Special guaranteed (quar ).
Cluett Peabody & Co.. pref. (quar.)
Coast Counties Gas & Elec. Co., 6% pref. (qu.)_
Coca-Cola Co. (quar.)_
1 Nov. 12
Dec.
Payable of Record
$1 H
Chicago Rivet & Machine
Chicago Yellow Cab
Chile Copper Co
Christiana Securities Co. (final, quar.)
Chrysler Corp., common.
Cincinnati N. Orleans & Texas Pac. Ry. pfd
Common (semi-ann.)
_
Common (extra)
City Ice & Fue iCo
29
Nov. 30 Nov. 20
Jan.
S1H
Chicago District Electric Generating Corp.—
$6 preferred (quarterly!
1 Nov. 20
1 Nov. 20
Dec.
SI
SI
Ltd.
Corp
Extra
Anglo-Iranian Oil (interim)
Anheuser Busch (extra)
I Holders
When
Per
Share
Name of Company
Payable of Rerord
Share
Company
Holders
When
Per
Name of
3447
Chronicle
Financial
145
Doc.
29 Dec
18
Nov
20
$1 H
$1
Dec
1
18
3448
Financial
Per
Name of Company
1
When
Share
Empire Capital class A (quar.).
Nov.
cum.
pref. (qu.)
Participating stock dividend
Dec.
Nov.
Nov.
Dec.
5
5
Dec.
Dec.
Dec.
Dec.
23
Jan.
Dec.
10
Jan.
Dec.
Jan.
\5X preferred (quarterly)
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
-■
(quarterly)
Jan.
Equity Corp., S3 conv. prol. (quar.)
Erie & Pittsburgh KK. Co.. 7% gtd.
(quar.)
Guaranteed betterment (quar.)__
Dec.
Dec.
Dec.
Dec. :
Dec.
Extra
Dec.
Preferred (quar.)
Faiardo Sugar
Nov. 12
Dec. ;
Nov. 15
Dec.
8
Dec.
Jan.
Dec.
(Bait.)
43 %c
Firestone Tire& Rubber Co., 6% pref. A--.
First National Bank of N. Y.
(quar.)
First National Bank (Toms River, N.
J.) (qr)
Fishman (M. H.) Co.. Inc.
(quar.)
Fitz Simons & Connell
Dredge & Dock (quar.)
Florida Power 7% preferred A
1
Dec.
15
Dec.
14
Dec. :
Dec. :
Dec.
14
Dec.
Jan.
—
-.
(quar.)
(quar.)
Machinery Corp. 4X% preferred
Foote-Burt Co-_
Ford Motor Co. of
Canada, Ltd., A and B
Freeport Sulphur Co. (quar.)
Preferred (quar.)
General Box Co.
(quar.)
General Cigar Co., Inc
7% preferred (quar.).
7% preferred (quar.)__
7% preferred (quar.)
General Gas & Electric Corp.
(Dela.)—
$5* prior preferred (quarterly)
General Motors Corn
Preferred (quarterly)
Dec.
Dec. :
com. cl. A & B-.
7% preferred
7% preferred class A
15
Nov. 18
Nov. 15*
Dec.
1
Jan.
Avenue Coach
Finance Co. of Amer.
Jan.
Doc.
22
Dec.
Dec.
Dec.
Dec.
Dec. J
Dec.
Dec.
Nov. 15
Nov. 20
Nov. 15
Dec.
Feb.
Nov. 15
Dec. 15
Dec.
6
Nov. 27
Nov. 15
Jan.
Dec. !
Dec.
Dec.
13
Dec.
4
Nov. 26
Nov
20
Mar.
Feb.
18
June
May 20
15 Nov. 15
13 Nov. 12
1 Jan. 10
15 Jan.
1
15 Dec.
1
15 Dec. 10
Dec.
10
Dec. 15
Nov. 20
7% pf. (qu.).
Globe-W ernicke
14
15
±
Extra
Glens Falls Insurance Co.
(quar.)
Globe Democrat Publishing Co..
Dec.
Nov. 15
Dec.
Georgia RR. & Banking Co. (quar.)
Giddings & Lewis Machine Tool Co
Girdler Corp.
(quar.)
Dec.
Preferred (quar.)
Golden Cycle Corp
Dec.
Nov. 10
Nov. 12
Nov. 12
Nov. 20
Paper Co. (quar.)
Nov. 20
Nov. 20
Dec.
1
—————————.
Great Northern Ry.,
pref. (resumed)
Great Western Electro Chemical
6% preferred (quarA
Great Western Fuse Co. common
Green Bay & Western RR. Co
1
Class A debenture, on each
$1,000 certificate.
Class B debenture, on each
$1,000 certificate.
Green Mountain Power
Corp., $6 preferred
Greene R.R. Co.
(semi-annual)
Greenfield Tap & Die, $6 preferred
Dec.
1
Dec. 31
-
Dec.
Nov. 30
Dec.
1
Nov. 30
Nov. 30
$5H preferred (quarterly)
Gunnar Gold Mines, Ltd
Gurd (Charles) & Co., Ltd.
(interim).
Dec.
Dec.
Hackensack Water Co.
(semi-ann.)
1
1
Dec.
1
Nov. 15
-
Nov. 15
preferred (quar.)_.
Nov. 15
Knitting Co. (quar.)
common
Nov. 12
Jan.
6
Nov. 15
Nov. 15
Hartman Tobacco prior
preferred (quar.)
Hawaiian Agricultural Co.
(monthly)
Hazel-Atlas Glass Co.
Dec.
Dec.
Dec.
Hedley Masoot Gold Mines, Ltd. (quar.)
m
'*m
m*'
pref
cum.
Dec.
Dec.
Dec-
common
7% cum. preferred
(s.-a.)
Hewitt Rubber Corp
Nov. 15
Nov. 19
Dec. 21
Monthly
_
Hilton Davis Chemcal Co.
common
Dec.
(Chas. E.) Co.—
Class A common
(quar.)
Hiram Walker-Gooderham &
Worts
Dec.
Dec.
Preferred (quar.)
Hobart Mfg. Co. class A
(quar.)
Hollinger Consolidated Gold Mines, Ltd
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Extra
Holophane Co.. Inc
Holt (Henry) & Co«, class A
Honolulu Oil Corp., Ltd.
(quarterly).
Hooven & Allison Co. 5%
pref. (quar.).
Horn & Hardart Co.
(N. Y.) pref. (quar.).
Hudson Bay Mining &
Dec.
Dec.
Smelting Co.
Hudson County Gas Co.
(s.-a.)
Humble Oil & Refining Co.
(quar.).
Huntington Water Corp. 7% pref. (quar.)
6% preferred (quar.)
Hutchins Sugar Plantation Co.
(monthly)
Huttig Sash & Door Co. 7% preferred (quar.)..
Idaho-Maryland Mines (quar.)
-
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec
Dec.
Dec.
1
Nov. 15
Nov. 26
Nov. 26
Nov. 17
Nov. 18
Nov. 18
Nov. 10
Nov. 10
Dec.
3
Nov. 15
Nov. 12
Nov. 20
Nov. 20
Nov. 27
Nov. 15
Nov. 15
Nov. 15
Dec. 20
Dec. 1
Dec.
1
Dec.
International Harvester Co.
(quar.)
Preferred (quarterly)
International Nickel of Canada
25c
International Paper Co. 7% preferred
.•«/International Paper & Power 5% pref., new—.5% preferred new (initial, quar.)
International Petroleum Co., Ltd. (s.-a.)
Special
International Rys. of Central America—
t
m
—
p
£50c
—
-
5% preferred (resumed)
International Safety Razor class A
(quar.)
International Salt Co. (quar.)
Extra
;
Extra
1
*
Jan.
Dec.
Dec.
Dec.
1 Nov. 25
Dec.
1 Nov. 15
Dec. 20 Dec.
9
Jan.
*
1 Nov. 10
1 Nov. 15
6 Nov. 22
Dec.
50c
$1
75c
Kansas Oklahoma & Gulf
Ry. Co.—
6% series A cumulative preferred
6% series B non-cum. preferred
'
1
15 Dec.
1
Dec.
15 Dec.
1
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
SIX
40c
Kendall Co
participating preferred A (quar.)
SIX
Kennecott Copper Corp
Special
Ken-Rad Tube & Lamp class A
Kemper-Thomas Co.—
7% special preferrred (quar.)
Klein (D. Emil)
(quar.)
50c
$1
37 Xc
25c
62 Xc
25c
50c
Special
Jan.
SIX
Kimberly-Clark Corp. (quar.)
Jan.
Feb.
Dec.
10c
Dec.
Dec.
Dec.
SIX
72c
or
'booth
of
a
1 Nov. 23
1 Nov. 23
1 Nov. 23
31 Dec.
15 Dec.
1
10
1
Nov. 10
23 Nov. 26
23 Nov. 26
10 Nov. 30
Dec.
1
Dec. 24 Dec.
SIX
Preferred (quar.)
Preferred (quar.)
Kingston Products (quar.)
Preferred (quar.)
King-Seeley Corp
Option dividend of cash
15 Dec.
Dec.
$3
$3
$4
6% series C non-cum. preferred
Kaufmann Dept. Stores,
Inc., preferred
Kelley Island Lime & Transport
Dec.
$2
SIX
-
Preferred (quar.)
14
2 Jan. 20
3 Dec. 14
14 Nov. 29
3 Dec. 14
15 Dec.
1
1 Nov. 20
4 Nov. 12
share
stock.
Knapp Monarch Co., new (initial)
Kobacker Stores, Inc., pref.
(quar.)
50c
SIX
Kresge (S. S.) Co.-
30c
Kroehler Mfg. Co. 6% pref. A
(quar.)
Kroger Grocery & Baking Co. (quar.)
6% preferred (quar.)
7% preferred (quar.)
SIX
40c
Lake-of-the-Woods Milling preferred
Preferred (quar.)
Lake Shore Minos, Ltd.
Bonus
Lake Superior District
»!»
(quar.)
Leslie Salt Co.
(quarterly)
Le Tourneau, (R. G.) Inc.
(quar.)
Lexington Water Co. 7% pref.
:.
*.
.
-
Dec.
'
*si
15c
$1
25c
SIX
3%
$1
Corp. (quar.)__
40c
70c
com. & com. B
(Quarterly)
(extra)
$2
"ii
i
Common B (quar.)
$i
37Kc
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
50c
20
Nov. 15
Nov. 15
3 Dec.
15 Dec.
5
3
14
1
UNov. 15
Jan.
Dec.
Nov. 20
Nov. 20
Dec.
7
Dec. 10
Nov. 16
Nov. 16
Dec.
1
Nov. 23
Nov. 23
Nov 15
Dec. 15
Nov. 26
$1.10
Corp
Dec.
20
Jan.
Dec.
31
Dec.
Dec.
Dec.
SI J*
SIX
Jan.
13
Nov. 22
Dec. 17
(extra)
Dec.
Dec.
Nov. 17
Dec.
1*
Dec.
Dec.
371?
Louisville Gas & Electric class A & B
(quar.)
Louisville & Nashville RR. Co.
10c
10c
(quarterly)
Extra
Nov. 26
Nov. 10
Nov. 10
Nov. 20
75c
$2
Loose-Wiles Biscuit Co pref.
(quarterly)
Lord & Taylor 1st pref.
(quar.)
Louisiana Land & Exploration Co.
Dec.
Dec.
Dec.
Nov.
Dec.
75c
20c
'
Lone Star Cement
Lone Star Gas
Dec.
Dec.
Dec.
Nov. 29
$2
SIX
S3
43 He
tlOc
Jan.
Jan.
Nov. 20
Dec.
2
Nov.
Dec. 15
Nov. 30
Dec.
Nov. 15
Dec.
;
H of 1 sh. of funding stk. for each cl. A held.
Mclntyre Porcupine Mines, Ltd. (quar.)
McKenzie Red Lake Gold Mines
McKesson & Bobbins. Inc., stock dividend
Div. of l-25th of a share of
$3 pref. stock
1*
Nov. 30
50c
5c
Dec.
1
Jan.
Mof 1A stock dividend
sh. of funding stock for each cl. A held.
ass
Jan.
£25c
£12 He
Extra
Ludlow Mfg. Associates
(quar.)
Dec.
SIX
Original capital
Loblaw Groceterias, class A & B
(quar.)
Dec. 24
Nov. 10
Dec. 20
Dec.
1
15 Dec.
1
1 Nov. 15
1 Nov. 15
Dec.
1
Dec.
1
Dec. 22
Jan.
1
Dec.
1
Dec.
1
Dec.
Dec.
50c
1
1 Nov. 20
Dec. 27 Dec. 20
Dec. 15 Nov. 20
25c
guaranteed (quar.)..
lOct.
Nov. 18
Dec.
1
Dec. 15 Dec.
Nov. 30
Nov. 30 Nov.
$15*
Stores, Inc. (quar.)
Preferred (quarterly)
Link Belt Co. (quar.)
Preferred (quar.)
Little Miami RR.. special
Dec.
$15*
SIX
50c
-
•
(quar.)
Libby, McNeill & Libby pref. (semi-annual)
Libbey-Owens-Ford Glass.
Special
Liggett & Myers Tobacco
Preferred (quar.)--
Dec
Dec.
1
Dec. 13
Dec. 31
Dec.
1
Jan.
3
Feb.
1
Dec.
1
Dec.
1
Dec. 15
£$1
Power, 7% pref. (quar.)6% preferred (quarterly)
Landis Machine
7% preferred (quar.)
Lanston Monotype Machine
Lehigh Coal & Navigation (semi-ann.)
Lehigh Portland Cement Co. pref. (quar.)
the
15 Dec.
six
Extra
on
15 Nov. 15
15 Nov. 15
15 Nov. 30
3 Dec. 15
3 Dec. 15
SIX
SIX
Payable in five-year 5X% notes.
Jantzen Knitting Mills,
pref. (quarterly).
Jarvis (W. B.) Co.
(quarterly)
Jewel Tea Co., Inc.
(quar.)
Joslyn Mfg. & Supply (quar.)
1 Nov. 19
10 Dec.
1
1 Nov. 22
15 Dec.
1*
30c
Mfg. Co (quar.)..
Ironwood & Bessemer
Ry. & Lt.. 7% pref
Jacobs (F.
L.) Co
Life Savers
Dec.
Dec. 31 Dec.
1
Dec. 31 Dec.
1
Dec. 10 Nov. 26
Dec. 10 Nov. 26
Dec. 10 Nov. 26
Dec.
1 Nov. 19
$1.60
$2
$3
-
Iron Fireman
common
Jan.
Dec.
Dec.
Dec.
11c
9c
Interstate Natural Gas Co
.Intertype Corp., 1st pref. (quar.)
2d preferred
(semi-annual)
11
8
1 Nov. 15
15 Dec. 20
1 Nov.
5
Dec.
Dec.
Dec.
Dec.
37 He
25c
-
com
1 Dec.
1 Nov.
Dec.
Dec.
$5
60c
_t
Interstate Home Equipment Co., Inc.
1
1 Nov. 17
1 Nov. 17
Dec.
50c
Extra
11
Jan.
SIX
$1$1
6m
McCord Radiator & Mfg. class A
(stock div.)
Dec.
Nov. 24
Heyden Chemical Corp. (quar0
Hibbard, Spencer, Bartlett & Co.
(monthly)--.
Dec.
Dec.
£37 He
~
-
Lunkenheimer Co. preferred (quar.)
Lynchburg & Abingdon Telegraph Co. (semi-an.)
McClatchy Newspapers, 7% pref. (quar.)-..
McColl Frontenac Oil
(quar.)
Nov.
Extra
11*
1
Dec.
Extra
Extra
6
Nov. 24
-
-
-
(quar.)
Hein-Werner Motor Parts
Corp.(quar.)
Hires
—
-
Monthly
(quar.),
Dec.
tzfnc
mom-
8% preferred (quar.)
,•
Harbison-Walker Refractories Co.,
Preferred (quarterly)
Hart-Carter Co. $2 conv. preferred
$2 conv. preferred (quar.)
Hershey Creamery Co.
Inland Steel Co
3 Dec.
1 Nov. 15
3 Dec. 31
1
Jan.
.
No. 48
Lock Joint Pipe Co.
(monthly)
(quarterly)
(extra)
Hazel tine Corp.
m
Jan.
Dec.
S3
Lincoln
Nov. 12
(quar.).
coupon
Payable of Record
$2
$1
Special
Registered
SX^CCi&l
Indianapolis Water Co. 5%
Ingersoll Rand.
1937
I Holders
When
Share
Lily-Tulip Cup
Dec. 15
Nov. 26
------
Class B
Class B
Imperial Oil, Ltd.,
Nov. 25
(quar.).
Hamilton Paper
6% preferred (quar.)
Hamilton Watch Co.
(quar.)
Preferred (quar.).
Hammermill Paper
Hancock Oil of Calif., class A
B
Company
Illinois Central RR. Co. leased line
Illinois Water Service Co., 6% pref.
(quar.)
Imperial Life Assurance of Canada (quar.)
Nov. 16
Dec. 17
Class A preferred
(quar.)
Hale Bros. Stores
cum.
8
Nov. 15
Dec. 10
Gulf Oil Corp
Gulf States
Utilities, $6 pref. (quar.).
$5
17
Nov. 15
Nov. 15
Dec. 10
Grand^Rapids & Indiana Ry. (s.-a.)
Grand Union Co.. $3 conv.
preferred
Great Atlantic & Pacific Tea Co
Preferred (quarterly)
Great Lakes Terminal Warehouse
Great Northern
Class A & B (extra)
Hanna (M. A.) Co.,
4
Dec. 20
Nov. 30
Goodrich (B. F.) Co. $5 preferred
(quar.)
Goodyear Tire & Rubber Co., common
$5 convertible preferred (quar.)
Hanes (P. H.)
Extra
15
Jan.
Preferred (quar.)
—
Dec.
Dec.
Dec.
Dec. :
Feltman & Curme Shoe Stores
Extra-
Nov. 12
Dec.
Fifth
Food
Nov. 17
Nov. 20
Dec. 15
Nov. 12
Dec.
—
Falconbridge Nickel Mines, Ltd
Fansteel Metallurgical Corp. $5 pref. (quar.)—
Faultless Rubber Co. (quar.)
Federal Compress & Warehouse (quar.)
Federal Light & Traction, pref.
(quar.)
7% preferred
10
Nov. 30
Nov. 30
Dec.
—
10
10
10
10
Nov. 15
Dec.
Essex Co. common (extra)
Essex & Hudson Gas Co. (s.-a.)—
Excelsior Insurance Co. (N. Y.)
Fairbanks Morse & Co. (quar.)
Per
Name of
18
Jan.
15 preferred (quarterly)
15 X preferred
16 preferred
id preferred
1
1
-
Jan.
...—.
Emporium Cap well Corp. (quar.).
4H % cum. preferred A 'qu.)--.
Entdneers Public Service $5 preferred.
Nov. 27,
Holders
Payable of Record
Nov.
Class A (extra)
Empire Power Corp., $6
Chronicle
10 Dec.
1
Dec.
Dec.
1 Nov.
1
15 Nov. 30
15 Dec.
1
Dec.
common.
$3 preference (quarterly)
McKinley Mines Securities Co
Extra
Dec.
Extra
Extra stock dividend
Masonlte Corp. (quar.)—.
Dec.
Dec.
Jan.
8% pref. (quar.)__
-
Preferred
(quar.)
May Department Stores Co
May Hosiery Mills
Preferred (quarterly)
Memphis Natural Gas, pref. (quar.)..
Nov.
5
Nov. 19
Nov. 26
Dec.
3*
Nov.
Dec.
Manhattan Shirt Co. (quar.)
Mapes Consol. Mfg. Co. (quar.)
Martin Custom-made Tires,
Maryland Fund (quar.)
Nov. 19
Nov. 19
Dec.
Macy (R. H.) & Co. (quar.)
Madison Square Garden
(quar.)
Magma Copper Co., year-end dividend
Mangel Stores Corp. $5 pref. (quar.)
Dec.
Dec.
Dec.
-
-
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
•Jan.
1
Nov. 10
Dec.
15
Dec.
1
Nov. 30
Nov. 30
Nov. 30
Nov. 15
Nov. 15
Nov. 15
Nov. 23
Nov. 23
Dec. 20
Financial
Volume
Mead Corp. (quar.)
5Qc
$6 preferred A (quarterly)
$5 X preferred, class B w
Mengel Co. 1st preferred
$1H
5
Dec. 15 Nov. 24
Dec.
1 Nov. 20
Sl%c
-
Dec.
Dec.
$1
75c
Dec.
$3
50c
Jan.
15c
Dec.
3 Dec. 22
15 Nov. 15
1 Nov. 15
Dec.
1 Nov. 25
1 Nov. 20
Parker Rust-Proof
10 Nov. 30
8
1 Nov.
Nov. 19
Nov. 15
Dec.
Nov. 20
Jan.
Dec.
Dec.
1
Dec.
Nov. 23
65c
Dec.
Nov. 23
Nov.
Nov J20
34Hc Dec.
$1.64 Dec.
Nov. 20
3c
50c
Dec.
Nov. 24
$2H
June
May 10
(Quarterly)
$4class A pref. (semi-ann.)
50c
Montreal Loan & Mtge. Co. (quar.)
Moore (Wm. R.) Dry Goods (quar.)
Moran Towing Corp., partic. pref. (quar.)
$1*.
35c
Dec.
Dec.
Dec.
10
Dec.
Dec.
10
65c
Dec.
Dec.
10
Dec.
Dec.
10
Permutit Co
Dec.
Dec.
10
Pet Milk Co.
Dec.
Nov. 26
Dec.
Nov. 20
lc
Dec.
Nov. 15
25c
Mount Diablo Oil Mining &
Mountain Fuel Supply Co
Dec.
Nov. 15
30c
Corp. (semi-ann.)
3y
Mullins Mfg. Corp., pref. (quar.)
Muncie Water Works 8% pref. (quar.)
Nov. 13
Dec.
Dec.
15 Dec.
Dec.
50c
Dec.
15 Dec.
4
1 Nov. 20
$1
Dec.
22 Dec.
4
12c
Dec.
10 Dec.
5
Dec.
18 Dec. 16
1 Nov. 15
Dec.
5
75c
1 Nov. 18
Dec.
15 Nov. 12*
91H
National Life & Accident Insurance Co.,
l|Nov. 10
Dec.
15 Nov. 29
Jan.
Dec.
22,Dec.
4
25c
(quar.)
Dec.
Dec.
22 Dec.
4
SIX
pref. (quar.)
(quarterly)
National Lead Co. pref. A
15 Nov. 30
SIX
---
Dec.
SIX
-
15 Nov. 30
30c
-
Dec.
25c
(quar.)
National Container Corp. (Del.)
National Dairy Products Corp.
Preferred A & B (quar.)
National Gypsum Co-., 1st
Nov. 30 Nov. 12*
$3
25c
National Bond & Share Corp. (special)
National Casualty Co.
Dec.
40c
(quar.)._
Dec.
15 Nov. 26
3iNov. 29
Nash¬
40c
ville, Tenn (quar.)
National Oats Co
1 Nov. 20
1 Nov. 20
Dec.
10 Nov. 26
15c
—
sh. held
Dec.
$1
:
Opt. paym't of 1-20 sh. of com. for each
National Power & Light common (quar.)
National Pressure Cooker Co. (quar.)
National Standard Co. (quar.)
Dec.
50c
National Oil Products
Dec.
1 Nov.
1
15c
Dec.
1 Nov. 15
50c
Jan.
3 Dec.
50c
Jan.
3 Dec.
8
div_
sh. of $2 10-year prior preference
$1M
6% preferred (quar.)
Neiman-Marcus Co. 7% pref. (quar.)
Newberry (J.J.) Co., pref. A
5% pref. A (quarterly) —
Quarterly
Dec.
SIX
SIX
SIX
SIX
six
(quar.)
Nebraska Power Co. 7% pref.
Dec. 20 Dec.
55c
National Transit Co
(quar.)
-—
60c
T
75c
Newmont Mining Corp
Year-end div. of 1-lOth of a share
Dodge Corp. com.
Mining Corp
New Bedford Cordage
of Phelps
for each share of New¬
mont
Class B
—
,
3
21 Dec.
Dec.
10 Nov. 20
Dec.
Dec.
Dec.
Dec.
Dec.
S2X
SIX
preferred (qu.)
1 Nov. 19
18 Dec.
14 Dec.
1 Oct.
7
3
25
15 Dec.
4
Dec. 22 Dec.
3
Dec.
1
Nov. 15
1
20c
Dec.
15 Dec.
25c
Dec.
10 Nov. 29
1 Nov. 16
Dec
$1 X
25c
Dec.
1
Nov. 12
SI
Dec.
1
Nov.20
$1
Dec.
1
mx
mx
Dec.
1
Nov. 20
Dec.
1
Nov. 20
(qq.)
(quar.) —
Northeastern Water & Elec. $4 pref. 'quar.)
Northwestern Public Service Co. 7% pref
6% preferred
—
Nova Scotia Light & Power Co. 6% pref. (qu.) —
Oahu Sugar Co., Ltd. (monthly)
Ogilvie Flour Mills Co., Ltd. (bonus)
Ogilvie Flour Mills preferred (quar.)
Ohio Assoc. Telep., 6% pref. (quar.)
4% pref
Nov. 10
Dec.
.
20c
1 Nov. 15
Dec.
10 Nov. 30
(quar.)_
pref. (monthly)
6% preferred (monthly)
7% preferred (monthly)
Ohio River Sand Co., 7% preferred
Ohio Public Service, 5%
Dec.
3 Dec. 15
1 Nov. 19
Dec.
1 Nov. 20
50c
Dec.
Dec.
$2
412-3c
50c
Jan.
15 Nov. 30
15 Nov. 30
1 Nov. 15
Dec.
Dec.
1 Nov. 15
Nov. 15
58 l-3c
Dec.
1
t$l
Dec.
1 Nov. 15
$1
(semi-annual)
Dec. 24 Dec.
10
30c
Ohio Water Service, class A
Dec. 24 Dec.
Dec. 24 Dec.
16
30c
Extras
Oklahoma Gas & Elec. 7% pref.
(quar.)
6% preferred (quar.)
pref. (quar.)
(initial)
(quar.)
Oneida, Ltd. (quarterly)
7% participating preierred
SIX
SIX
Corp.
SIX
SIX
10c
$1.80
$2
Preferred
16
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Jan.
1 Dec. 15
Dec. 23 Dec. 10
1 Dec. 15
Jan.
Ry. (semi-aim.)
-
_
—
_
(quar.)
(quar.).—
(monthly)
(monthly)
Dec.
15 Dec.
10 Nov. 12
21|Dec.
1
Dec.
10 Nov.
Dec.
2
1
(quar.)
Nov.
5
Dec.
Nov.
5
Dec. 31
Dec.
Dec.
Nov. 19
Nov.
1
Dec.
Dec.
Nov.
1
40c
Dec.
Dec.
'Dec.
Nov. 15
$2H
20c
Dec.
Nov. 26
$1H
SIX
$1
SIX
—
Dec.
Nov. 19
Dec.
Nov. 15
Nov.
Nov.
Dec.
SIX
t$1.125 Dec.
Dec.
37Hc
5
15
Nov. 15
Nov. 15
11
Dec.
Dec.
Dec.
Nov. 20
Dec.
Nov. 20
De^.
Dec. 22
6Xc
Dec.
Dec.
Nov. 20
Dec.
Nov. 24*
Dec. 20
62 He
SIX
$1 X
Dec.
Dec.
20c
Dec.
$1H
Jan.
37 He
58 l-3c Dec.
Dec.
50c
Dec.
Dec.
10
10
Nov. 17
Dec. 21
Nov. 15
Nov. 15
Nov. 15
Dec.
Nov. 20
Dec.
Nov. 20
Dec.
Nov. 26
Nov. 20
Nov. 30 Nov.
Dec.
20 Nov. 20
Dec.
1 Nov. 10
SIX
SIX
$1X
Dec.
20 Nov. 20
25c
— —
Dec.
20 Nov. 20
Dec.
21 Nov. 26
Dec.
Nov. 10
Dec.
Dec.
10
Dec.
10
Dec.
10
Nov. 15
•
1
Nov.
Nov.
Doc.
Nov. 30
Nov. 12*
20c
Dec.
87 He
Dec.
Dec.
3*
t$31H
Dec.
Dec.
10*
SOr
Dec.
l5|Dec.
Dec.
15 Nov. 30
50c
Jan.
Jan.
1
liDec. 15
1 Dec. 15
Doc.
9|Nov. 18
Dec.
15 Nov. 30
Dec.
Dec
Nov. 30
Nov. 15
Dec.
Nov. 26
Dec.
Nov. 26
Dec
Nov. 20
Dec.
Nov
SIX
Jan.
Dec.
16*
21*
60c
Jan.
Dec.
4
60c
(quar.)
-
Corp.. 6H% pref (quar.).
nreferred (quar.)
Rollins Hosiery Mills, conv. stock (initial)
Rollins (H.) Mill, conv. preferred
Koeser & Pendleton, Inc. (quar.)
Quarterly
Jan.
Dec.
$1
SIX
Dec.
Dec.
6
Dec.
Dec.
15
25c
Dec.
Nov. 27
50c
Doc.
20c
Jan.
Nov. 29
Dec. 20
Dec.
Nov. 20
$1 X
Dec.
Nov. 12
SIX
Doc.
Nov. 12
$1 X
25c
37 He
un
$4
Dec.
Dec.
4
11
Dec.
Nov. 15
Dec.
Nov. 24
(extra)
$4
Dec.
Nov. 24
25c
Jan.
Dec.
25c
Apr.
Mar. 10
25c
July
June
50c
Quarterly
Roxborough Knitting Mills. Inc.—
Participating preferred (quar.)
Royalite Oil Co., Ltd. (semi-annual)
1
25c
SIX
—
Rochester Telephone
Extra
Dec.
20c
15c
Holland Paper Co.
pref. (quar.)
(quar.)
...
20
1X% Jan.
Jan.
1X%
.Tan.
1X%
6H% preferred (quar.)
Rike-Kumler Co. (quar.)_
—
Robertson (H. II.) Co
Roberts Public Market, Inc. (quar.)
Rochester Button Co.. SIX conv. pref. (quar.)
Rochester Gas & Electric 6% C & D (quar.)
Ruud
3
Nov
80c
Rich's, Inc. (extra)
Rustless Iron & Steel,
Jan.
lc
$2
Class B
15 Nov. 30
Nov. 19
Dec.
-Jan.
60c
Republic Portland Cement, 5% preferred
Reynolds Metals Co., common
5X% cum. preferred (quar.)
Reynolds (R. J.) Tobacco Co—
15 Nov. 30
Nov. 20
3c
60c
40c
15 Nov. 30
Nov. 15
50c
Extra
Dec.
Nov. 12
Dec.
$1H
SIX
—
Extra
Nov. 20
Jan.
Raybestos-Manhattan, Inc
50c
Rayonier, Inc
—
50c
$2 preferred (initial quar.)
——
50c
Reading Co.. 1st preferred (quar.)
12Hc
Reeves (Daniel), Inc. (quar.)
iv
Option div. 1 sh. of pref. for each $100 in d
SIX
Preferred (auar.)
40C
Regent Knitting Mills, non-cumm. pref. (qu.) —
30c
Reliance Insurance Co. (Phila.)
Rose's 5,10 & 25c. Stores
Dec.
Dec.
41 2-3c Dec.
Dec.
65c
—
(quar.).-
1
Jan.
'Dec.
50c
-------
-
Jan.
$1.20
SIX
(quar.)-.- —
5% preferred (quarterly)
5 X % preferred (quarterly)
6% preferred (quarterly)
Purity Bakeries Corp
Quaker Oats Co. preferred (quar.)
Quaker State Oil Refining Corp.
quar.)
Radio Corp. of America, common..
S3X cumul. conv. 1st preferred
B preferred
Rapid Electrotype Co
'quar.)
Mfg. Co
1
Dec.
87 He
common-
5% preferred E
15
1
Dec. 20 Dec.
50c
Public Service Co. of Nor. Illinois
Dec.
1
3 Dec.
SIX
SIX
SIX
$1H
5% preferred (monthly)
Dec.
1 Nov.
1 Nov. 20
3 Dec. 15
Jan.
Dec.
Public Service of N. J. (quar.)
$5 preferred (quar.)
*
43 He
Dec.
— --
15 Nov. 30
Dec.
Jan.
$1
-
-
25c
(quar.)
Extra
Dec.
SIX
6% preferred (monthly)
-
SIX
Ohio Oil Co
1 Nov. 15
50c
North River Insurance Co__
Northern Oklahoma Gas Co 6% pref
Ontatio & Quebec
1 Nov. 15
SIX
North Central Texas Oil (final)
Old Joe Distilling Co. 8%
1 Nov. 15
Dec.
$2
Corp. (special)
Elec. Light & Power
J
15 Nov. 30
Dec.
50c
Norfolk & Western Ry. (quar.)
Omnibus
Dec. 22 Dec. 10
15 Nov. 30
1 Nov. 20
20 Nov. 20
$3
SIX
SIX
1st preferred
5% 2nd preferred
Procter & Gamble, 5% pref. (quar.)
—
Prosperity Co., Inc., pref. (quar.)
Protective Indemnity Co
Public Electric Light Co. 6% pref. (quar.)
Public National Bank & Trust (quar.)
—
Public Service Co. of Colorado 7% pref. (mthly.)
Co.,
Dec.
50c
Pure Oil
Dec.
S2X
——
North American Edison Co.
.
Dec.
$1
Co..
5% preferred (quar.)
Niles-Bement-Pond Co
Oilstocks, Ltd.
Dec.
Dec.
New York City Omnibus
Preferred
Dec
Nov. 20
Dec.
75c
25c
1 Nov. 16
1
Dec.
SIX
(quar.)
1 Nov. 16
1 Nov. 12
Dec.
50c
50c
New York Air Brake Co-
Northern Pipe Line Co
Northern RR
Co. of N
Dec.
3 Dec. 20
3 Dec. 20
1 Nov. 20
Jan.
70c
(special)
Public Service Electric & Gas, $5 pref. (quar.)
7% preferred (quar.)
—
Pullman, Inc. (special)
.
SIX
7%jpreferred (quarterly)
New England Tel. & Tel. (quar.)
New York & Queens
15 Nov. 30
1 Nov. 12
1
5
15 Nov. 12
1 Nov. 20
56c
50c
Inc
preferred
preferred
preferred
preferred
1 Nov. 20
15 Dec.
15 Feb.
SIX
Pressed Steel Car 5%
7%
8%
6%
6%
Dec.
Feb.
50c
Pressed Metals of America
6
6
Dec.
Dec.
—
New Jersey Zinc
20 Dec.
Dec.
50c
1 Nov. 16
Dec.
25c
Preferred Accident Insurance Co.
stock for each share held.
5H % prior preferred
$2 10-year prior preference
1 Nov. 20
Dec.
12Hc
Preferred
15 Nov. 15
Dec.
25c Dec.
Dec.
37 He
Jan..
SIX
-
Prentice-Hall,
1 Nov. 10
15 Nov. 15
25c
Pillsbury Flour Mills (quar.)
Pittsburgh Bess. & Lake Erie RR. 6% pf.(s.-a.)
Pittsburgh Coke & Iron, $5 pref. (quar.)
—Pittsburgh & Lake Erie RR
Pittsburgh Screw & Bolt Corp
Preferred (quarterly)
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quar.)
Placer Development Ltd. (semi-annual)
Plymouth Fund, class A (reduced)
Polaris Mining Co
Pollock Paper & Box Co. 7% pref. (quar.)
...
Poor & Co., class A
Class A (quarterly)—
15
1
Dec. 22 Dec.
Nationa JSugar Refining Co. of N. J
National Supply Co. (Penna.), stock
1 Nov. 10
1 Nov. 10
SIX
Pick (Albert) Co
Preferred
$1H
t$lH
National Biscuit Co
a
1 Nov. 15
65c
preferred
Dec.
Nov. 30 Nov.
Dec.
Dec.
Dec.
87 He
;
Phoenix Finance Corp., 8% pref.
Phoenix Hosiery Co., 1st pref
1 Nov. 19
25c
1 Nov. 15
^1
25c
(quarterly)
Extra
Dec.
SIX
Common
Muskegon Motor Specialties class A (quar.)
Muskegon Piston Ring
Mutual Telephone Co. (Hawaii)
Mutual Chemical Co of Ainer., 6% pref. (quar.)
Nassau & Suffolk Lighting preferred
National Automotive Fibres, Inc., new com
Payable at option of holder in cash or shs. of
6% cum. pref. stock ser. A, $100 par, at the
rate of l-400th of a pref .sh. for each com. sh.
National Bearing Metals
Dec.
S2X
Philadelphia Suburban Water, 6% pref
-----—
Phillips Petroleum Co-----
1
$1
Murphy (G. C.) Co. (quar.)
Muskogee Co. 6% cum. pref. (quar.)
1-10th of
Nov. 15*
Dec.
1 Nov. 20
1 Nov. 20
Dec.
Dec.
Phila. Germantown & Norristown RR
Development
10
3
Dec.
Philadelphia Co., $6 preference (quar.)
$5 cumul. preference (quarterly)
$1ti
(quar.)
Dec.
20 Nov. 22
1 Nov. 20
debs.
Peter Paul, Inc., new (increased)
40c
Morris Plan Insurance Society
Motor Wheel Corp. (quar.)
23 Dec.
15 Jan.
3
$3H
$3%
—
(quar.)
(quarterly)
Preferred
Jan.
Dec.
Dec.
Dec.
37
(quar.)
Nov. 15
Class B, common (quarterly)
Class B, common (extra)
Mountain Producers
common
75c
Morris Finance Co., class A, common
Class A common (extra)
Preferred
Co.',
-
-
Nov. 30
2
Dec.
Jan.
Dec.
Jan,
50c
—
Nov. 10
Represents proportion of the s.-a. dividend
for the unexpired period ending Dec. 1.
5 Dec. 27
15 Nov. 26
1
16 Dec.
80c
Patterson-Sargent Co. (quar.)
Pender (David) Grocery class A quar.)
Penick& Ford, Ltd.
Peninsular Telephone, 7% pref. (quar.).
Pennroad Corp
Pennsylvania Gas & Electric class A (quar.)
$7 preferred (quar.)
7% preferred (quar.)
Pennsylvania Power Co. $6.60 pref. (monthly)$6 preferred (quar.)
Pennsylvania RR. Co
Pennsylvania Salt Mfg
Pennsylvania State Water $7 pref. quar.)
Penn. Water & Power Co., common (quar.)
$5 preferred (quarterly)
Peoples Drug Stores, Inc., 6X % pref—
Peoples Gas. Light & Coke (resumed)-
10
Dec.
25c
15 Dec.
Dec.
SIX
Parker-Wolverine Co
A div. of 75c. payable in 2 % 5-year conv.
Paterson -& Passaic Gas & Electric (s.-a.)
30c
Extra
2d
20
6
Dec.
Jan.
40c
.
Preferred (semi-annual)
Dec.
Dec.
6 Nov. 15
$1
$1
Special.
Jan.
1 Nov. 15
Dec.
15c
(resumed)
Parkersburg Rig & Reel Co. (quar.)
Dec.
SIX
Dec.
50c
(qnar.)
Extra
Monarch Royalties, Ltd
Monore Loan Society, 5H % pref. (quar.)
Monsanto Chemical Co. $4X cl. A pref. (s.-a.)_
75c
Park Utah Consol. Mines
1 Nov. 24
Dec.
Dec.
Preferred
Dec. 20 Nov. 30
Dec. 15 Dec.
1
t$1.30
t50c
Preferred (quarterly).
Parker Pen Co. (quar.).
Dec.
Milwaukee Gas Light Co., 7% pref. (quar.)
Minneapolis-Honeywell Regulatorjprer. (auar.).
Mississippi Valley Public Service Co.—
6% preferred B (quarterly)
*
7% preferred A (quarterly)
Missouri Gas & Electric Service Co., common—
Missouri Utilities Co., 7% pref. (quar.)
Mobile & Birmingham RR., 4% pref. (s.-a.)
Mohawk Carpet Mills (quar.)
Monarch Machine Tool Co. (quarterly)
Dec.
50c
1 Nov. 19
Dec. 20 Nov. 30
10c
Corp
Panhandle Eastern Pipe Line (initial)-,
Paraffine Cos., Inc. (quarterly)
SlVs
Meyer (H. H.) Packing Co., 6H% pret. (quar.)
Michigan Steel Tube
Mid-Continent Petroleum (interim)
Middlesex Water Co. (quar.)
Midland Grocery Co 6% pref. (s.-a.)
Midwest Oil Co. (semi-ann.)
Mllnor, Inc.. increased.
60c
1st preferred
1 Nov. 19
Dec.
Dec.
SIX
SIX
Pacific Western Oil
6 Nov. 20
1 Nov. 20
Dec.
50c
Holders
Payable of Record
SIX
Paauhau Sugar Plantation (monthly)—.
Pacific Mills (no action Nov. 16,1937)-.
Pacific Public Service, 1st preferred---.
5
Dec.
25c
50c
Metal Textile Corp., pref. (quar.)
Meteor Motor Car Co
10
30c
Mergenthaler Linotype (quarterly)
10c
B'Gosh, Inc., common (quar.).
$2 preferred (quar.)
Otis Elevator Co
Preferred (quarterly)
Otis Steel 1st preferred (quar.)
Oxford Paper Co. new $5 pref. (quar.)_.
1 Nov. 15
Dec. 31 Dec.
Share
of Company
Oshkosh
1
Dec. 20 Dec.
Dec.
1 Nov. 15
Dec.
For period from July 1 '37 to Dec. 31 *37.
Mercantile Acceptance Qorp. of Calif.—
6% preferred (auar.)
5% preferred (quar.)
Name
Payable of Record
(quarterly)
w
_
When
Per
Holders
When
Per
Share
Name of Company
3449
Chronicle
Dec.
Nov. 20
Dec.
1 Nov. 15
1 Nov. 19
1 Nov. 19
1 Nov. 15
6
16 Dec.
Dec.
16 Dec.
8c
—
Dec.
50c
Dec.
25c
Dec.
62&c
10c
Dec.
10
10
6
3450
Financial
When
Per
Share
Name of Company
St. Louis Bridge Co., 6% 1st pref. (s-a)
3% 2d preferred (semi-ann.)
Dec.
$14
Jan.
Dec.
iig
Jan.
Jan.
Dec.
10
10
Dec.
10
Dec.
Dec.
1
Dec.
Dec.
Dec.
NovT 30
Nov! 30
50c
$14
$14
40c
10c
75c
25c
75c
50c
Extra
Sears, Roebuck (quar.)
Payable in $25
par
6% pref.
—
Dec.
1
for each class B
Dec.
Nov. 25
share class A
Jan.
Dec.
25c
Dec.
15c
Dec.
40c
Dec.
Dec.
Dec.
Nov. 20
Nov. 15
75c
Dec.
Nov. 22
Nov. 19
2c
Nov.
2c
Nov.
Nov. 19
Dec.
Nov. 27
Dec.
Nov. 22
;
Skelly Oil Co
50c
Sloss-Sheffield Steel & Iron (special)
$14
$14
(quar.)
Socony-Vacuum Oil (special).
Sonotone Corp
Sontag Chain Stores Co., Ltd. (quar.)
Soss Mfg. Co. (quar.)
-
—
30c
10c
Dec.
Dec.
124c
50c
;
Nov. 18
Dec.
Dec.
Dec.
Nov. 20
Nov. 26
Nov. 26
Nov. 15
Dec.
of 6%
pref., $100 par, for each sh. of common.
South Bend Lathe Works (quar.)
Sou. Calif. Edison. Ltd., 6% pref. ser. B (qu.)_
South Jersey Gas, Electric & Traction (s.-a.)_South Shore Utilities Assoc., $1 4 pref. (quar.)__
Southern Pine Chemical Co. 6% pref
--
Southland Royalty Co
Dec.
1
Dec.
15 Nov. 20
$4
Dec.
1 Nov. 20
374c
$14
Dec.
1 Nov. 15
Jan.
1 Dec.
20
20c
Dec.
15
Dec.
15 Dec.
50c
Dec.
1 Nov. 20
$14
Dec.
1 Nov. 20
40c
Dec.
31 Dec.
1
15
$1,125 Dec. 15 Dec.
1
Dec. 20 Dec. 10
$14
Jan.
1 Dec. 20
34 %
$1,126
Dec.
40c
Dec.
1
20c
Dec.
40c
Dec.
1 Nov. 15
1 Nov. 15
40c
25c
-
Extra
Standard Oil (Indiana) (quarterly)
Dec.
55c
.
Standard Oil Co. (N. J.), com. $25 par
(s.-a.)
Extra
Common $100 par (semi-ann.)
:
Dec.
50c
Dec.
75
Dec.
$2
Standard Steel Construction Co., $3 cl. A
-»techar Traung Lithograph 7
4% pref. (quar.).
Sterling Products, Inc. (quar.)
Dec.
15 Nov. 30
15 Nov. 30
Dec.
1 Nov. 20
t$14
15 Nov. 15
15 Nov. 15
15 Nov. 15
Dec.
Dec.
1 Nov. 20
Jan.
1 Dec.
Dec.
$1
15
Dec.
18
31
Extra
95c
40c
Dec.
Dec.
1 Nov. 16*
1 Nov. 16*
Dec.
1
Nov.
5
1
Nov.
5
25c
Stix-Baer & Fuller 7% pref. (quarA
Storkline Furniture Corp. (increased)
434c
Strawbridge & Clothier. 6% pref. A (qu.)
Stromberg-Carlson Telep. Mfg.__
Preferred (quar.)
Stuart (D. A.) Oil Co.,
participating pref. (quar.)
Sudbury Basin Mines
Sun Oil Co., common
Common (stock dividend)
$14
124c
$14
25c
(quarterly)
Dec
16
27 Nov. 15
Dec.
1 Nov. 13
Dec.
1 Nov. 15
Dec.
Dec.
10c
Jan.
25c
$!§
75c
$14
40c
Swan-Finch Oil Corp. pref. (quar.)
Swift & Co
I
Swift International Co..
Dec.
Dec. 31
Nov
20c
684c
Sunshine Mining Co
Superior Portland Cement, class B
(resumed)
Sutherland Paper Co.
(quarterly)------
Dec.
Dec.
Dec.
.
1 Nov. 15
1 Nov. 16
3 Dec. 14
15 Nov. 24
15 Nov. 24
1 Nov. 10
Dec.
28 Dec.
8
Dec. 15 Nov. 30
Nov. 29 Nov. 22
Dec. 16 Dec.
6
Dec.
1
30c
Jan.
1 Dec.
50c
Dec.
1 Nov. 15
Dec. 31 Nov. 25
374c
Ltd., dep. ctfs
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge, class A (quar.)
5c
50c
(quarterly)
50c
Preferred (quarterly)
Talcott (James) Inc., common
Extra
$14
15c
Tennessee Electric Power Co.—5% first prererred (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% pref. (qu.)_
Texas Gulf Producing Co
Co
Extra
Texas-New Mexico Utilities, 7% Dref
Jan.
Dec.
684c
Jan.
$2
Dec.
$14
Dec.
10c
Nov. 15
Dec. 31 Dec.
Dec. 31 Dec.
Feb.
1 Dec.
10c
54 % participating preferred (quar.)_I""II
Tampa Gas Co., 8% pref. (quar!)
7% preferred (quar.)_
Tech-Hughes Gold Mines (quarterly)
Jan.
Jan.
$14
$14
$14
Jan.
$1.80
Jan.
Jan.
1
15
15
17
1 Dec. 15
15 Nov. 29
1 Dec. 15
1 Nov. 20
1
Nov. 20
3 Dec. 10
$1
Preferred
-
-
-
(Seattle)
_
_
_
-
_
-
—
—
.
—
...
60c
Jan.
1 Nov. 15
3 Dec. 15
1 Nov. 15
3 Dec. 15
Dec.
1
Nov. 20
Dec. 23 Nov. 19
Dec. 15 Dec.
1
Dec. 15 Dec.
1
Dec.
1 Nov. 20
Dec.
1 Nov. 10
Dec.
25c
Dec.
25c
10c
Roofing Co., Inc. (quar.)
15 Nov. 30
15 Nov. 30
1 Nov. 10
Dec.
25c
Extra
25c
Timken Roller Bearing (quar.)
Extra
75c
-
$14
624c
581-3c
50c
41 2-3 c
Dec.
15 Nov. 24
8 Nov
Dec.
Dec.
31
50c
Dec.
24 Dec.
8
3 Dec.
8
$14
t$l 4
75c
Jan.
24
Dec.
8
3 Dec. 10
Dec. 20 Nov. 30*
Jan.
25c
Jan.
1 Dec.
16
Jan.
1
Dec.
16
Dec.
1
Nov. 15
$14
$14
$14
$14
Dec.
20 Nov. 20
Doc.
Jan.
10 Nov. 30
15 Dec. 15
Apr.
July
15 Mar. 15
15 June 15
Dec.
—
_
15 Nov. 29
15 Nov. 29
15 Nov. 29
20
-
Dec.
Dec.
1 Nov. 20
25c
_—-—.—
Uuca Clinton & Binghamton RR
Debenture (semi-ann.)
Dec.
Dec.
Dec.
1
Nov. 15
____$ 1.16 2-3 Dec. 21 Nov. 22
Dec. 21 Nov. 22
$1
—
$24
•
Extra
Dec.
27 Dec.
Dec.
1 Nov. 20
75c
Dec.
2 Nov. 20
$14
$14
$14
Dec.
Is
Dec.
Dec.
1
Nov. 17
1 Nov. 17
10 Dec.
1
Nov. 27
—
_
Jan,
1 Dec.
50c
Dec.
Dec.
Dec.
Dec.
Dec.
15 Dec.
Dec.
$2
Dec.
17
15 Dec.
25c
20c
Dec.
5c
1 Nov. 15
1 Nov. 20
1
1
1
Nov. 20
23 Dec.
13
Dec.
1 Nov. 16
20 Nov. 30
Nov. 30 Nov. 20
$1,125 Dec. 15 Nov. 26
75c
Dec.
1 Nov 15
$1
Walgreen Co. pref. (quar.)
(Northam) Corp., $3 pref. (quar.)
Washington Ry. & El. Co., 5% pref. (quar.)
5% preferred (semi-ann.)
Warren
Eextra
$14
$24
$14
Washington Water Power, pref. (quar.)
Wayne Pump Co
Welch Grape Juice. 7% pref. (quar.)--
$14
Dec.
1 Nov. 15
Dec
1
Nov
15
Nov. 30 Nov. 14
Dei. 15 Nov. 25
Weisbaum
Bros. Brower (quar.)
Wesson Oil & Snowdrift Co.. Inc., pref. (qu.)
West Coast Telephone Co. 6% preferred
West Jersey & Seashore RR. Co. (s.-a )-
gtd
Jan.
17
25c
Common
Dec.
10 Nov. 24
10c
Dec
1
$1
Dec.
1 Nov. 15
t$14
$14
$14
Dec.
50c
$14
2 Dec.
Nov. 30
—
1
m"
—
Nov
9
1 Nov. 20
3-38 Dec. 15
Dec.
1 Nov. 15
Virginia Water Service Co.—
preferred
$6 cum. preferred (quarterly)
Western Auto Supply Co
Western Public Service, preferred, A
Westinghouse Air Brakes (irregular)
Subject to approval of stockholders.
Quarterly
Quarterly
Quarterly
Quarterly
^
Westinghouse Electric & Mfg. Co
!
cum.
-
Preferred
(semi-ann.)
Westvaco Chlorine Products (quar.)
Wheeling Electric Co. 6% pref. (quar.)
Whitaker Paper Co
Preferred
(quar.)
Whitman (Wm.) & Co., Inc.. 7% pref. (qu.)
Williamsport Water $6 pref. (quar.)
31 Dec.
Dec. 31 Dec.
t$14
$14
Dec.
40c
Dec.
tl84c
$14
Dec.
1 Nov.
2
23 Nov. 27
25c
Jan.
30 Dec
25c
25c
Apr. 30 Mar. 31
July 30 June 30
25c
Oct.
$1
$1
-
Westminster Paper Co.
25c
Dec.
1
May/
15
15
Nov. 20
31
31 Sept. 30
Nov. 30 Nov.
Nov. 30 Nov.
9
9
1
.
25c
Dec.
1 Nov. 10
$14
$14
$14
$14
$14
124c
Dec.
1 Nov.
9
2 Dec.
18
Jan.
2 Dec.
18
Jan.
3 Dec.
18
Dec.
1 Nov. 20
Dec.
1
Jan.
1
Nov. 10
Dec.
1 Nov. 10
Dec. 15 Nov. 26
Dec. 15 Nov. 26
Dec.
4 Nov. 17
Dec.
4 Nov. 17
Nov. 30 Nov. 20
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec.
1 Nov. 15
25c
Woolworth (F
Woolworth
W.) Co. (quar.)
(F. W.) & Co., Ltd.—
American dep. receipt 6% pref. reg. (s.-a.) —
Less income tax and deduction for dep. exp.
Dec.
$14
$14
$14
$14
4 4% convertible preferred
Wright Aeronautical Corp
Wright-Hargreaves Mines, Ltd. (monthly)
Dec.
$14
60c Dec
3%
10 Nov. 30
20 Nov. 30
Dec. 20 Nov. 30
Dec. 20 Nov. 30
Dec.
1 Nov. 22
Dec.
1 Nov. 19
1
$4.31 4 Dec.
$2
Dec.
10c
Jan.
Nov. 10
8 Nov. 16
Dec.
11
15 Dec.
11
5c
—-
Interim
(special)
Wrigley (Wm.) Jr. Co. (monthly)
Monthly.
—'
Yellow Truck & Coach Mfg., preferred
Ymir Yankee Girl Gold Mines, Ltd
*
Nov. 15
Dec.
Worthington Pump & Mach'y. 44% prior pref. $4,314 Dec. 15
Extra
Jan.
14 Nov. 26
3 Nov. 24
3 Nov. 24
10c
Jan.
15 Dec.
25c
Dec.
1
25c
Tan.
3 Dec.
$14
Dec.
lc
Dec.
1
Nov. 20
20
23 Dec. 15
1 Nov. 10
Transfer books not closed for this dividend,
t On
"
1 Nov. 15
60c
WaialUa Agricultural Co
—
25c
10c
Virginian Ry. Co
Vogt Manufacturing Corp
Vulcan Oils. Ltd. (semi-ann.)
16
$14
$14
$14
(quarterly)
Viking Pump Co. (special)
Preferred (quar.)..
Virginia Coal & Iron (quar.)
7% cumulative preferred (quar.)
64% cumulative preferred (quar.)
6% cumulative preferred (quar.)
Wolverine Tube preferred (quar.)
Woolf Bros., Inc., 7% pref. (quar.)
Dec.
$14
$24 Jan. 10 Dec. 20
$14 Nov. 29 Nov. 27
$14
Valley Mold & Iron Corp., $54 PreL (quar.)..
Vanadium-AUoys Steel Co
Van Raalte Co., Inc.------.
1st preferred (quarterly)...
Vapor Car Heating Co., Inc. 7% pref (quar.)_Venezuelan Oil Consol., Ltd. (ordinary)
Ventures, Ltd., new
Vick Chemical Co. (quar.)
spec,
15
$2
Universal Insurance Co
Utah Power & Light, $7 preferred
Victor Monaghan Co.
15
1 Nov. 15
$2
Liquidating.
Wall Paper Factories, pref. (quar.)
6%
1 Nov. 15
1 Nov. 15
$14
(quar.)
United
$6
1 Nov. 15
24 Dec. 15
Dec.
$1
United Verde Extension Mining Co
West
Dec.
Dec.
25c
374c
United States Tobacco Co., common
Common (special)
_-;
24 Dec.
10c
(quar.)
(quar.
$0 Preferred-
Dec.
24 Nov. 30
24 Dec.
25c
-
United States Steel Corp. (resumed)
Preferred
Dec.
10c
United States Sugar Corp
Preferred (quar.)._.
Preferred
Dec.
50c
_
-
Dec.
Dec.
50c
(quar.)
_—.—-
24 Nov. 30
50c
Extra
United States Plywood Corp., pref. (quar.)
-
Dec.
50c
United States Leather Co., 7% preferred
I'nited States Pipe & Foundry Co
eoru
(quar.)
United States Playing Card (quarterly)
—
1
1 Nov. 12
58 l-3c
Graphite Co. (quar.)
-.
1
15 Dec.
Dec.
25c
United States Gypsum Co. (quar.)
Extra.
.
15 Dec.
Dec.
Wisconsin Public Service Corp.—
15
$14
Title Insurance Co. of St. Louis (increased).
Toledo Edison Co., 7% pref. (monthly)
United Pacific Insurance Co.
United Profit Sharing Corp
.
Dec.
53c
15
10c
(quar.)
3
Dec.
15 Nov. 30
1
10 Dec.
53c
15
Dec.
Dec.
10
3
Dec.
$14
15
Jan.
50c
Dec.
24 Dec.
Jan.
58 l-3c
3 Dec.
3 Dec.
50c
10c
50c
1
14%
24%
$14
(quarterly)
3 Dec.
3 Dec.
50c
$14
25
$1.08
United Merchants & Manufacturers, Inc. (s.-a.)
United New Jersey RR. & Canal (quar.)
_
1
1 Oct.
15 Dec.
t$l Dec.
6-36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
-
15 Dec.
Dec.
Dec.
$14
(quar.)
(quar.)
1
5% preferred (semi-annual)
Corp. $7 preferred
United Gas Improvement (quar.)_-
United States
Dec.
25c
United Gas
Preferred
Dec.
-80c
Wilson & Co.. Inc., common
Wilson Products. Inc. (quar.)
60c
$14
(quar.)
Quarterly
Dec.
Dec.
25c
_
Stewart-Warner Corp. (semi-ann.)
6% preferred (monthly)
5% preferred (monthly)
15 Nov. 15
15 Nov. 15
15 Nov. 15
Dec.
Dec.
12c
Tidewater Assoc. Oil Co. (quar.)
Extra
Tide Water Power Co., $6 pref.
1 Nov. 20
15 Nov. 15
15 Nov. 15
Dec.
20c
Extra
Texav Pacific Coal & Oi J Co.
Thatcher Mfg. Co. (special)
1
Nov. 15
20c
Extra
Texas Gulf Sulphur
Dec.
$3
25c
75c
25c
Standard Oil of Kentucky (quarterly)
Extra
Standard Silica Corp. (quar.)
Special
$14
-
Extra—
-
1
27 Nov. 24
15c
Nov. 15
374c
$14
Sovereign Life Assurance, 25% paid ctfs
Spear & Co
1st & 2d preferred (quar.)
Spencer Kellogg & Sons, Inc. (quar.)
Spiegel, inc. pref (uuar.)
Staley (A. E.) Mfg. Co., $5 pref. (quar.)
7% preferred (semi-annual)
Standard Brands, Inc. $4 4 pref. (quar.)
Standard Cap & Seal Corp. (quar.)
Preferred (quarterly)
Standard Dredging Co. pref. (initial)
Standard Oil of Calif, (quar.)
Extra
Preferred (quar.)
United Drill & Toll (payable in div. notes)
United Drug, Inc
Preferred
40c
27 Nov. 24
45c
United Carbon Co
10
10
Nov. 18*
Dec.
Dec.
25c
Soundview Pulp Co. stock dividend
Payable at rate of 2-100th of a sh.
Dec.
Dec.
Dec.
1 Nov. 15
Nov. 30 Nov. 15
Dec.
1 Nov. 15
Feb.
1 Jan. 18
1
80c
Extra
Slmonds Saw & Steel Co
Preferred
Dec.
15 Nov. 20
40c
20
$14
$14
15 Dec.
Dec.
United Amusement Ltd.. A & B (s.-a.)
United Biscuit Co. of America
Nov. 17
Dec.
1
Extra.
4*
Dec.
Dec.
7% preferred (monthly)..
$14
4*
Dec.
1
90c
United Light & Ry. Co., 7% pref. (mo.)
held.
1
1
40c
Dec.
22c
a
common
15 Dec.
15 Dec.
15 Dec.
15 Dec.
20c
Extra
Dec.
16
Dec.
Dec.
Dec.
Extra dividend is optional cash or stock.
Union Tank Car Co. (quar.)
United Dvewood Corp.. pref.
Nov.
Dec.
J20c
United Fuel Invest,. Ltd., 6% preferred
United Gas & Electric Corp., com
Dec.
1 Nov. 26
$1
25c
Nov. 15
Dec.
1
Nov. 30
1 Nov. 26
$14
$14
Union Gas Co. of Canada (quar.)-Union Premier Food Stores, Inc. (quar.)
Nov. 15
Nov. 24
1
Dec.
Dec.
$14
Troy & Greenoush RR. Assoc. (s.-a.)-,
Truax-Traer Coal Co., 6% pref. (quar.)
54% preferred (quar.)
Dec.
10
1
Dec.
1.5c
Year-end dividend
Dec.
24%
Shepard-Niles'Crane & Hoist Co.. (increased)__
Sherwin-Williams preferred series AAA (quar.).
Simmons-Boardman Publishing, pref
Simon (Wm.) Brewery (quarterly)
Tilo
Dec.
Dec.
-
Common
Dec.
Dec.
(Quarterly)
Shattuck (Frank G.) (quarterly)
...
Nov. 30
Dec.
1
Holders
Payable of Record
15c
$14
(quar.)
Forgings (quar.)
Transue & Williams Steel
Preferred
Servel, Inc. preferred (quarterly)-------—
Preferred
Preferred
Dec.
40c
Serrick Corp., class A common
Class B stock div. of l-20th of
Extra
Dec.
624c
Provincial Stores
common
Nov. 20
tock.
(quarterly)
Selby Shoe Co. (quar.)
Selfridge
1
1937
27,
When
Share
of Company
Trane Co. $6 preferred
9
434c
(quar.)
7% preferred (quar.)
54% preferred (quar.)-Scott Paper (quarterly)
Per
Name
Special
Schiff Co., common
Seeman Bros., Inc.
15
15
75c
Bin Francisco Remedial Loan Amoc. (quar.)
Savannah Gas. 7% pref. (quar.)
Seaboard Oil Co. of Dela. (quar.)
Secord (Laura) Candy Shops (quar.)_
Securities Acceptance Corp
Dec.
Dec.
Dec.
Dec.
$14 Jan.
Dec.
$34
Nov.
s
Payable of Record
$3 Jan.
8afety Car Heating & Lighting Co
Safeway Stores, Inc.,stock div
1-100th of a share of 5% pref. stock for each
share held.
Div. resulting In a fraction of
less than 1-1 Oth of a share will be paid in
cash not later than Dec. 21; based on market
value of 5% preferred stock on Dec. 15.
5% preferred (quarterly)
6% preferred (quarterly)
*
7 % preferred (quarterly)
Holder
Chronicle
account of accumulated
dividends.
X 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.
Volurn §
Financial
145
OF
MEMBERS
OF
FOR
THE
THE
*
in
Time
Deposits,
Deposits,
Average
comparison with the previous week and the
corresponding
date last year:
20.
NOV.
following shows the condition of the Federal Reserve
24, 1937,
Bank of New York at the close of business Nov.
Net Demand
Average
Profits
Members
The
City
HOUSE
1937
CLEARING
YORK
SATURDAY,
Surplus and
Undivided
Capital
Clearing House
NEW
ENDED
WEEK
York
New
The weekly statement issued by the New York
Clearing House is given in full below:
ASSOCIATION
of
Condition of the Federal Reserve Bank
Weekly Return of the\New York City
Clearing House
STATMENT
3451
Chronicle
Nov.
24, 1937 Nov. 17, 1937
Nov. 25,
1936
$
$
$
Assets—
$
Bank of N Y & Trust Co
13,252,400
20,000,000
25,804,400
Natlonal City, Bank
77,500,000
Chem Bank & Trust Co.
20,000,000
58.932,400 al,405,637,000
401,717,000
54,330,900
180,657,900 51,279,952,000
433,365,000
44,247,000
90,000,000
Guaranty Trust Co
Trust Co
68,756,100
42,661.000
Cent Hanover Bk&Tr Co
21,000,000
Manufacturers
Gold certificates on hand and due from
11,392,000
44,954,000
208,991,000
23,500,000
66,176,000
136,641,000
411,924,000
6,000,000
Bank of Manhattan Co.
677,905,000
Other cash
15,000,000
17,632,600
238,630,000
105.095,400
420,658,000
50,000,000
61,140,100
442,468,000
4,356,000
8,051,000
4,000,000
4,095,300
37,330,000
Continental Bk & Tr Co
Chase National Bank
500,000
Secured
Title Guar & Trust Co..
10,000,000
1,301,800
£2743,052,000
12.454,000
Marine Midland Tr Co..
5,000,000
9,061,900
99,956,000
56,476,000
3,645,738,000 3,655,583,000 3,412,557,000
by
direct
or
U. S. Govt, obligations,
fully guaranteed
3,324,000
5,958,000
371,000
357,000
2,816,000
1,444,000
3,695,000
6,315,000
4,260,000
1,005,000
4,656.000
1,007,000
4,638,000
1,098,000
6.402,000
212,930,000
212,664,000
337,095,000
336,671,000
189,679,000
186,761,000
101,245,000
384,763,000
159,235.000
739,704,000
736,096.000
645,243,000
749,060,000
748,056,000
657,003,000
70,000
68,000
85,000
Other bills discounted....
8,016,000
61,783,000
3,015,000
51,874,000
126,158,500 el,853,993,000
47,516,000
3,529,900
100,270,000
Fifth Avenue Bank
973,000
952,000
84,998,000
Bills discounted:
24,787,000
10,000,000
Irving Trust Co
Corn Exch Bank Tr Co.
1,775,000
78,198,000
t—------
Total reserves
101,055,000
51,924,000
Flrst National Bank
3,565,765,000 3,569,633,000 3,355,108,000
United States Treasury.*
Redemption fund—F. R. notes
1
bills discounted
Total
3,294,000
Bankers Trust Co
76,151,400
25,000,000
—
Bills bought in open
2,566,000
12,500,000
28,125,700
267,892,000
Comm'l Nat Bk & Tr Co
7,000,000
7,976,700
74,184,000
36,679,000
3,069,000
Public.Nat Bk & Tr Co.
7,000,000
8,665,900
75,091,000
Industrial
61,071,000
New York Trust Co
*
Bonds
The
of
are
"Times"
York
New
number of
a
Total U. S. Government securities._
following
Total bills and securities
Due from foreign banks
publishes regularly each week
Uncollected items
7,553,000
6,451,000
147,806,000
185,599,000
9,987,000
12,991,000
9,987,000
7,105,000
156,606,000
10,860,000
12,685,000
32,851,000
........
Bank premises..... ............
The
Clearing House.
banks........
Federal Reserve notes of other
banks and trust companies which
of the New York
members
not
.........
Treasury bills
per
returns
......
Treasury notes.
official reports:
National, Sept. 30, 1937; State, Sept. 30, 1937; trust
companies, Sept. 30, 1937.
Includes deposits in foreign branches as follows:
a $278,380,000; 6 $93,844,000;
C$130,019,000; d S36.662.000.
Ab
advances
United States Government securities:
776,553,000
9,060,365,000
894,916,300
523,431.000
Totals
market
......
All other assets
the figures for the week ended Nov. 19:
are
IN CLEARING
INSTITUTIONS NOT
Total assets.
OF
HOUSE WITH THE CLOSING
FRIDAY, NOV. 19, 1937
4,573,205,000 4,618.429,000 4,277,067,000
...
...
FOR THE WEEK ENDED
BUSINESS
NATIONAL
STATE
AND
BANKS—AVERAGE
FIGURES
Liabilities—
945,194,000
F. R. notes in actual circulation
Loans,
Other Cash,
Disc, and
Including
Dep. Other
Banks and
Res. Dep.,
N.
Y. and
Gross
Deposits
Investments
Bank Notes
Elsewhere
Trust Cos.
$
%
$
$
869,520,000
938,737,000
3,013,945,000
Deposits—Member bank reserve acc't— 3,055,709,000 3,041,733,000
13,808,000
58,070,000
49,172,000
U. S. Treasurer—General account
20,832,000
95,563,000
97,457,000
Foreign bank
76,363,000
176,446,000
157,864,000
Other deposits
Manhattan—
$
3,360,202,000 3,371,812,000 3,124,948,000
Grace National
19,533,900
161,600
6,670,300
3,394,500
25,880,300
Sterling National
Trade Bank of N Y__
21,390,000
481,000
1,837,000
29,982,000
5,091,697
316,159
9,855,000
2,908,011
163,196
7,267,412
145,898,000
186,485,000
Capital paid in._ ————......
51,052,000
51,054,000
1,582,193
196,309
7,591,423
Surplus (Section 7)..—.—
51,474,000
51,474,000
701.000
201,000
5.318,000
Surplus (Section 13b)—...
Reserve for contingencies
Total deposits.
Lafayette National..
318,785
97,000
6,369,297
People's National—
4,890,000
COMPANIES—AVERAGE FIGURES
TRUST
Res.
Loans,
N.
Cash
Disc, and
$
s
Ratio
total
of
reserve
to
deposit
and
84.7%
Empire
Federation
11,528,100
1,418,208
4,564,100
2,315,463
*1,074,649
*6,223,600
20,747,200
27,142,400 *10,791,300
1,131,962
18,642
149,500
214,300
21,981,223
15,274,066
9,176,459
......
10,614,598
...
Fulton.............
Lawyers
United
*9,199,100
214,357
53,868,300
...
Fiduciary
$
$
$
...
65,271,471
States
814,400
.
68,803,600
11,131,413
10,074,076
22,660,500
36,871,300
72,590,835
Commitments
...
Kings County
*
78.053,000
31,004,219
Includes amount with
3,437,000
37,432,000
7,557,157
ciary, $699,327; Fulton, $5,945,900; Lawyers,
Empire, $7,163,200; Fidu¬
$10,142,700.
These are certificates
Weekly Return for the Member Banks of the
figures
are
always
a
8,962,000
Federal Reserve notes or a bank's own
Federal
Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, those certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
given by the United States
Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the
items of the resources and liabilities of the reporting member banks in 101 leading
These
4,903,000
ad-
Reserve bank notes.
35,077,091
Federal Reserve as follows:
industrial
t "Other cash" does not include
66,000 111,048,000
2,302,717
make
purchased
vances...
Brooklyn—
Brooklyn.
to
85.4%
897.000
4,873,000
liability on bills
for foreign correspondents
Contingent
84.8%
783,000
F. R. note liabilities combined.
Manhattan—
8,669,000
4,573,205,000 4.618.429,000 4,277,057,000
Total liabilities
Deposits
8,849,000
2,006,000
Gross
Trust Cos.
7,744,000
9,117,000
All other liabilities..
Dep. Other
Banks and
Dep.,
Y. and
Elsewhere
Investments
7,744,000
......
156,253,000
50,259,000
50,825,000
7,744,000
2,524,000
Deferred availability items..
Brooklyn—
principal
Federal Reserve System, giving the
cities from which weekly returns are obtained.
week behind those for the Reserve banks themselves.
The comment of the Baord of Governors of
week appears in our department of "Current Events and Discussions",
the Federal Reserve System upon the figures for the latest
immediately preceding which we also give the figures of New York
and Chicago reporting member banks for a week
later.
the breakdown of loans as reported in this statement, which were
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 th
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement it was made known that the new items "commercial, industrial, and agricultural loans" and "other loans'
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29, 1937, issue of the "Chronicle," page 3590.
changes were made in
Bank of New York of April 20,
Commencing with the statement of May 19, 1937, various
described in an announcement of the Federal Reserve
ASSETS AND LIABILITIES OF
WEEKLY REPORTING MEMBER BANKS IN 101
Federal Beserve Districts—
9,532
Loans—total
$
$
%
$
621
554
2,995
660
397
514
2,121
1,139
1,857
696
715
288
1,010
324
287
252
462
254
190
1,047
682
8,733
4,021
12
52
51
U
18
40
44
15
13
44
589
35
254
98
143
571
89
339
251
146
1,745
171
163
285
148
4,149
4
54
10
37
18
15
4
22
24
202
7
88
22
3
7
44
3
16
710
19
4
31
5
865
—
unsecured—
Open market paper
Loans to brokers and dealers
19
15
91
13
9
14
16
57
46
ei
20
21
372
1
1
3
15
11
78
carrying
658
Loans to banks
35
313
36
1,169
...
Real estate loans
40
84
241
60
176
30
27
86
65
securities
San Fran.
Dallas
$
%
485
On securities.—...
Other loans for purchasing or
NOV. 17, 1937 (In Millions of Dollars)
Minneap. Kan. City
St. Louis
Chicago
Atlanta
1,243
Commercial, Indus, and agricul. loans:
Otherwise secured and
LEADING CITIES BY DISTRICTS. ON
Cleveland Richmond
Phila.
$
21,530
investments—total
New York
Boston
%
ASSETS
Loans and
Total
6
29
2
4
3
2
1
5
Other loans:
731
64
268
49
119
30
25
47
12
13
41
60
30
105
41
37
59
28
54
259
54
821
53
unsecured..
United States Government obligations
Obligations fully guar, by U. S. Govt.
262
154
1,405
150
665
819
185
3,171
314
244
412
193
7,974
34
188
47
118
1,125
61
41
27
94
49
429
14
23
78
96
291
262
50
269
116
1,112
43
126
392
2,899
64
Other securities
334
5,365
273
2,670
330
77
112
228
168
On securities
Otherwise secured and
—
Bank..
domestic banks
137
20
19
11
61
11
5
10
39
12
18
145
100
302
97
80
201
183
162
135
206
147
37
39
92
23
16
29
205
106
23
88
1,308
82
568
413
323
2,190
403
402
923
1,071
587
6,359
796
269
976
198
186
871
184
127
998
744
147
1,161
286
122
272
10
16
37
416
18
235
8
2
117
366
193
252
LIABILITIES
deposits—adjusted.—
Time deposits...
United States Government
795
71
109
14,612
5,296
Other aasets—net
Demand
102
37
1,867
Cash in vault—
Balances with
139
314
Reserve with Federal Reserve
deposits—
Inter-bank deposits:
Foreign banks
2,026
265
9
397
3
6
10
61
321
223
189
725
239
1
1
1
1
7
1
14
"~7
"329
57
328
2
:
""*26
396
""23
19
28
6
""23
877
Other liabilities..
206
4
Borrowings
Capital account
5,122
433
Domestic banks..—.—....
9
4
3,624
237
1,614
227
349
93
89
368
3452
Financial
Chronicle
Nov.
27,
1937
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 twelve Reserve banks at the close of business
for the
System
The second table shows the
resources
Reserve Agents and the Federal Reserve banks.
for the latest week
appear
LIABILITIES
Nov. 24,
Three ciphers (000) omitted
The comments of the Board of Governors of the Federal Reserve System upon the
THE
FEDERAL
Nov.
17,
1937
$
ASSETS
OP
Nov.
1937
9,122,402
9,940
10.
1937
$
hand and due from U. S. Treas.x
Redemption fund (Federal Reserve notes)—
BANKS
RESERVE
Nov.
Oct.
3.
S
*
9,123,898
9,287
325,221
9,124,891
9,461,525
9,458,406
11,597
4,200
AT THE CLOSE
Oct. 20,
1937
27.
1937
1937
319,183
on
The Federal
regarding transactions in Federal Reserve notes between the
in our department of "Current Events and Discussions
COMBINED RESOURCES AND
Gold ctfs.
Friday afternoon, Nov. 26»
on
The first table presents the results
and liabilities separately for each of the twelve banks.
Reserve note statement (third table following) gives details
returns
Wednesday.
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
as a
week last year.
on
24, 1937
Oct. 13,
Oct. 0,
Sept. 29.
1937
9
S
BUSINESS NOV.
OP
1937
1937
25,
1936
$
$
$
*
Nov.
Total reserves..
9,120,389
9,126,889
9.127,389
9,127.392
9,421
9,438
9,646
10.422
300.008
315,489
303,903
293,765
300,809
10,422
310.143
8,768,838
11,407
247,458
9,440.280
9,442,422
9,451,301
9,439,730
9,430,300
9,438,020
9,453,957
9,027,703
14,414
4,282
14.711
16,950
7,369
17,890
12,327
10,183
10.729
11,951
11,639
4,211
5,536
13,193
5,291
13,268
6,265
18,696
20,976
24.319
23,426
18,484
23,451
23.050
23,590
6,065
2,828
18,589
....
9,120,391
15,863
Other cash
9,124,896
9,381
308,145
2,831
2,832
2.832
2.830
2,830
3,020
3,086
19,332
19,352
19,450
19,478
2,830
19,622
2.813
19,256
19,680
20,598
25,980
381,326
1,449,163
9,381
Bills discounted:
Secured
by
direct
or
U.
S.
Government obligations,
fully guaranteed
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
United States Government securities—Bonds-
•
1,854
,
...
Total U. 8. Government securities..
738,073
738.073
1,158,463
738,073
738,073
738,073
1,158.463
1,157,713
1,157,713
1,157,713
738,073
1,157,713
048,179
640,054
738,073
1,158,403
029,654
738.073
1,168,403
657,479
629,654
630,404
630,404
030,404
030,404
599,738
2,564,015
....
738,073
1,168,403
2,554,715
2,530,590
2,520,190
2,526,190
2,620,190
2.520,190
2,526.190
2,520,190
2,430,227
2,601.295
Treasury notes
Treasury bills
2,595,498
2,579,730
2,572,093
2.571,896
2,566,982
2,572,093
2.671,739
2,573,404
2,465,358
Other securities
Foreign loans
on
gold
......
Total bills and securities
Gold held abroad
"'"l75
"""178
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
173
"""190
190
221
27,202
28.520
28,431
27,814
28,172
022,341
033,125
25,464
615,194
41,720
40,730
40,807
714,201
45,455
39,079
657,015
45,365
581,920
45,364
12,771,542
12.710.564
12,760,479
12,834,711
Bank premises
45,344
All other assets
43,850
12,757.802
12,902,050
LIABILITIES
Federal Reserve notes I n actual circulation
173
45,435
45,456
45,450
27,370
637,059
45,514
40,849
39,114
37,952
42,673
12,774,300
12,750,410
12,775,446
12,224,679
48,066
4,264,829
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
4.270,223
4,291,519
4,284,339
4,246,208
4,169,201
0.950,730
0,918,902
6,794,650
209,879
218.079
174,745
7,003,033
76,183
287,311
134,005
7,032,833
253,930
227.788
0,938,802
81,557
278,444
202,130
7,500,970
7.501,261
7,481,493
7,529,346
7,498,933
i 7,459,892
742,234
642,771
595,440
710,041
132,505
145,854
27,015
35,709
8,151
132,541
132,682
024,534
132,683
132,679
672,090
132,650
145,854
27,615
145,854
27.615
145,854
145,854
35,742
35,742
27,615
35,708
8,339
7,579
12,902,050
12,771.542
80.0%
80.1%
2,169
Total deposits
Deferred availability Items
4,250,097
12,757,802
Other deposits
4,284,159
6,888,943
110,826
8,823
account..
Foreign banks
4.277,419
6,879,403
595,428
132,505
145,854
27,615
United States Treasurer—General
4,249,018
6,922,400
135,105
260,227
237,178
7,547,039
reserve account
6,948,927
113,302
270,068
214,742
Deposits—Member banks'
Ratio of total leserves to deposits and Federal
Reserve note liabilities combined
Contingent
liability on
foreign correspondents
bills
purchased
Maturity Distribution of Bills
140,273
79,079
243.378
125,612
53,955
152,525
7,500.592
7,542,090
7,080,209
022,374
132,627
637,764
623,656
132,604
130,247
145,854
145,854
145,854
145,501
27,615
35,769
27,490
35,803
27,490
27,490
27,088
35,804
35,803
34,290
8,582
7,597
8,996
7,336
7.567
14,487
12,710,504
12,760,479
12,834,711
12,774,300
12,750,410
12,775,440
12,224,679
80.1 %
80.3%
80.2%
80.2%
80.2%
80.1%
80.2%
80.3%
2,580
2,219
2,320
1,855
1,511
1,385
1,338
13,522
14,403
14,488
114,554
tl4,654
14,739
14,880
22,040
16,903
18,533
21,956
for
to make Industrial advances...
13,316|
and
Short-term Securities—
1-16 (lays bills discounted
10-30 days bills discounted
31-00 days bills discounted
94,046
205,891
2,486
35,709
Total liabilities
139,237
272,742
13,431
Reserve for contingencies.
All other liabilities
Commitments
"""l73
25,427
638,847
730,957
45,365
42,470
Total assets
"""l73
"""l73
23,785
25,892
589,718
83.231
283,014
V
I
13,903
21,044
16,604
180
704
650
21,306
21,534
823
21,744
4,832
247
456
542
426
429
291
434
403
301
628
.
515
612
824
954
1,012
504
144
61-90 days bills discounted
237
277
347
448
492
478
Over 90 days bills discounted
318
436
933
348
808
966
836
552
334
234
187
174
43
15,863
18,696
20,976
24,319
23,426
18,484
23,451
23,056
23.590
6,065
49
1,016
99
Total bills discounted
1-16 days bills bought In open
market.———
544
485
297
171
26
26
539
485
544
232
297
200
1,401
1,919
1,966
117
222
"353
273
302
297
278
204
196
25
2,310
2,285
2,331
2,486
1,317
2,620
2,828
2,831
2,832
2,832
2,830
2,830
2.830
2,813
3,026
3,086
922
1,226
1,032
1,014
1,086
1,057
960
288
337
468
1,179
1,017
323
1,009
257
161
301
334
866
290
190
842
916
784
712
818
645
624
689
664
572
791
827
876
830
928
903
16,788
16,814
10-30 days bills bought In open market
31-00 days bills bought In open market
1,990
01-90 days bills bought In open market.......
Over 90 days bills bought In
open market
Total bills bought In open
market........_
1- If
days Industrial advances
10-30 days Industrial advances
31-00 days Industrial advances
61-90 days Industrial advances
...
_
Over 90 days industrial advances
15,878
Total Industrial advances..
16,256
16,259
16,519
16,612
391
163
819
696
713
17,961
.
23,097
18,589
01-90 days U. S. Government securities
Over 90 days U. 8. Government
securities....
Total U. S. Government securities
19,256
19,332
19,352
19,450
19,478
19,622
19,680
20,598
25,980
28,285
38,083
54,053
147,937
2,295,657
31,255
31,370
28,285
29,539
31,255
30,190
27,349
25,282
27,472
44,586
51,768
30,190
27,549
59,655
60,794
2,294,197
141,932
2,277,987
59,486
139,147
29,539
63,358
29,685
57,016
145,392
29,685
31,370
60,168
52,853
2,266,763
59,480
61,055
60,168
2,352,114
2.351.335
57,016
2,352,485
2,350,438
2,350,146
148,587
2,073,061
2,564,015
1-16 days U. S. Government
securities......
16-30 days U. S. Government
securities..
31-00 days U. S. Government securities
1-16 days other securities.
10-30 days other securities
16,187
232
2,554,715
2,536,590
2,526,190
2,526,190
2,526,190
2,520,190
2,526,190
2.520,190
2,430,227
32,103
51.768
135,042
28,951
_
31-00 days other securities
61-90 days other securities
Over 90 days other
securities..,
«.
Total other securities
*
«
*
..
m
«.
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
4,608,797
4,615,443
365,825
4,609,218
343,968
4,604,267
320,108
4,612,569
356.472
4,618,979
324,860
4,602,269
356,001
4,473,196
348,756
4,608,405
316,886
4,609,199
331,799
4,264,829
In actual circulation
4,249,618
4,277.419
4,284,159
4,256,097
4,270,223
4.291,519
4.284,339
4,246,268
4,169,201
4,644,632
4,654,132
4,637,132
4,641,132
4,639,132
4,636,132
303,995
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treaa..
By eligible paper
15,293
United States Government securities
18,195
20,000
4,643,132
20,443
20.000
4,645,132
23,938
20,000
20,000
23,186
32,000
4.679,925
4,692,327
4,683,575
4,689,070
4,692.318
Total collateral
•
"Other cash"
x
These are certificates given by
cents on Jan.
does
not
Include Federal
Reserve notes,
31, 1934, these certificates being worth less
to
23,149
22,822
4.633,132
22,183
4,437,838
18,276
32,000
32,000
32,000
32,000
85,000
4.691.408
4.694.281
4.690,954
4.687.315
4.530.233
4,39s
figure.
the United States Treasury for the gold
provisions of the Gold Reserve Act of 1934.
t Revised
.
taken
over
the extent of the difference,
from the
Reserve banks when the dollar
the difference Itself having
was
devalued from 100 cents to 59.06
been appropriated as profit by the Treasury under
3453
Chronicle
Financial
Volume 145
System (
Weekly Return of the Board of Gooernors of the Federal Reserve
WEEKLY STATEMENT OF RESOURCES
Feaeral Reserve Agent at—
Total
Boston
New York
$
9
I
Cleveland Richmond
Phila.
RESOURCES
Gold
1
certificates
on
hand
and
9,940
943
1,775
490,082
752
319,183
32,335
78,198
22,455
475,859 3.565,765
9,122,402
...
Redemption fund—Fed. Res. notes..
•
Total reserves
Atlanta
St
Chicago
%
9
9
9
184,990
282,811
190,821
276,350
220,758 1,744,030
709,082
1,255
677,354
922
468
1,675
468
852
475
87
268
23,534
21,618
13,964
37,129
16,076
8,448
22.021
13,529
29,876
236,397 1,781,627
293,278
199,744
304,919
198,787
740,213
85
315
509,137 3,645,738
9.451,525
......
304,500
%
1
A
San Fran
Dallas
Minneap. Kan. City
Louis
9
9
due
from United States Treasury
Other easb
AT CLOSE OP BUSINESS NOV. 24, 1937
EACH OP THE 12 PEDERAL RESERVE BANKS
AND LIABILITIES OP
513.289
701,810
326,586
Bills discounted:
Secured by U. 8. Govt, obligations.
direct and(or) fully guaranteed..
:
11,597
650
3,324
2,334
1,219
437
2,619
365
371
401
145
128
1,615
129
165
709
210
10
276
86
838
375
325
15,863
1,015
3,695
2,735
1,364
565
4,234
356
85
206
1,005
293
269
110
99
353
78
80
80
2,828
2,844
4,656
792
1,828
136
767
239
695
483
18,589
Total bills discounted——
Bills bought In open market
32,308
32,379
23,895
36,058
1,012
28,709
51,260
28,844
37,829
57,085
45,448
21,285
32,120
25,574
63,894
101,151
56,917
.
53,770
85,125
212,930
71,847
337,095
98,823
51,150
189,679
55,607
113,742
64,002
61,247
47,899
34,462
28,780
81,173
128,508
72,310
186,794
739,704
216,853
249,591
134,396
112,238
281,991
112,483
83,009
125,263
99,731
221,962
2,564,015
190,859
749,060
223,486
252,016
136,899
116,707
283,467
112,885 v 84,034
126,664
101,198
224,020
2,601,295
178
13
70
17
16
8
6
21
738,073
1,168,463
657,479
Treasury notes
Treasury bills
Total U. 8. Govt, securities
Total bills and securities.........
I
Uncollected Items.
.
.
All other resources.
Tota I resources
775
989
2,823
2,789
2,686
2,217
48,541
55,794
51,992
19,389
26.076
3,010
9,987
12,991
4,836
6,241
2,719
2,199
81,376
4,610
4,867
4,629
2,678
1,645
4,004
2,349
1,617
795,811 1,021,495
523,705
379.132 2,157,791
438,425
305,599
467,260
434.764
211,917
162,654
987,924
180.123
138,380
166,936
89,454
344,554
248,544
188,480
554,229
8,683
19,179
18.749
2,597
765,018 4,573,205
319,152
945,194
283,777
4,264,829
357,863
5,256
26,472
5,725
370,974 3,055,709
49,172
4,053
6,948,927
113,302
Foreign bank
Other deposits.—.—
270,068
19,719
97,457
214,742
3,152
157,864
69,214
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
1,570
8,823
476
All other liabilities
3.393
2,419
238
1,793
7,834
2,641
200,748
600,840
28,025
3,877
3,851
1,262
1,847
31,061
10,021
9,645
2,121
2,037
312
706
31,335
1,547
5,299
7,834
140,758
51,070
4,885
18,963
17,043
30,418
2,888
4,070
4,869
5,616
4,655
3,116
3,422
1,497
545
1,174
1,003
2,020
3,613
1,142
1,691
21,504
1,416
7,694
785
331
395
1,404
378
391
291
795,811 1,021,495
523,705
379,132 2,157,791
438,425
305,599
467,260
499,025
55,523
12,947
14,323
1,007
3,121
830
2,524
4,392
754
941
783
212
200
93
76
252
65
136
861
1,669
350
10
183
51
329,376 1,000,985
63
./
63
154
115
50
4,873
Boston
269
3,026
RESERVE NOTE STATEMENT
Cleveland Richmond
Phila.
New York
San Fran.
9
S
$
$
S
s v:
224,682
Dallas
Louis Minneap. Kan. City
St.
Chicaoo
Atlanta
%
$
S
t
%
i,
182,097 1,013,125
195,820
144,438
19,443
25,201
15,697
6,058
178,288
11,352
97,459
8,005
389,310
44,756
12,765
12,586
460,735
25,971
945,194
319,152
434.764
211,917
162,654
987,924
180,123
138,380
I 89,454
344.554
283,777
166,936
4,264,829
337,000
2,583
462,500
225,000
200,632
180,000
99,500
540
85
191
821
375
325
1,364
162,000 1,020,000
356
3,973
20,000
399,000
341,000 1,070,000
3,665
1,015
148,000
4,644,632
185,973 1,020,356
200,717
148,131
180,821
99,875
399,325
-
343,968
Held by Federal Reserve Bank
In actual circulation
333,949 1,057,156
111,962
50,172
4,608,797
Issued to F. R. Bank by F. R. Agent
Collateral held by
$
•
9,454
11,185
2,282
6,213
2,530
3,233
11,615
5,596
8,104
1,773
Total
Federal Reserve notes:
200,927
10,210
27,780
3,844
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
999,004
3,437
Reserve notes.
Federal
"Other cash" does nov, include
169,357
8,612
158
2,169
13,316
Commitments to make Indus .advances
222,094
10,975
24,852
47,567
12,259
13,362
4,325
3,000
765,018 4.573,205
12,757,802
Total liabilities
Contingent liability on bills I urchased
for foreign correspondents
452,013
219,926
7,744
9,117
...
329,376 1,000,985
129,733
82,866
12,887
51,474
2,874
35,709
—
1,609
1,906
184,667 1,042,096
51.052
145,854
27,615
Reserve for contingencies..—
3,165
245,714
145,898
9,383
9,826
595,428
132,505
Deferred availability items———
25,725
1,363
259,849
395,316
397,898 3,360,202
7,547,039
...
12
2,460
27,129
3,355
3,796
7,553
U. 8. Treasurer—General account.
Total deposits...
5
689
147,806
Deposits:
Member bank reserve account
5
1,252
29,349
1,101
17,697
1.510
1.511
LIABILITIES
F. R. notes In actual circulation
2
558
12,757,802
...
3
58,844
25,892
589,718
45,344
43,850
Fed. Res. notes of other banks
Bank premises
201
1,532
38,687
U .8. Government securities—Bonds
Due from foreign banks
54
3,605
62,423
Industrial advances
•
50
226
270
4,266
Other bills discounted
331,738
Agent as security
for notes issued to banks:
band and
Gold certificates on
from United States Treasury
due
15,293
20,000
Eligible paper
Securities
Government
States
United
339,583
342,015 1,073,665
4,679,925
Total collateral
York Stock
TT.
on
463,864
the New
225,540
Transactions
Stock and Bond
United States Treasury
Rates
quoted
are
the
at
Bills—Friday, Nov. 26
Quotations of representative
Mar.
2 1938
0.16%
July
1938
0.21%
0.21%
0.21%
0 21%
0.22%
0.22%
0.22%
0.22%
0 23%
0 23%
0.23%
0.23%
0 23%
0.25%
Mar.
9 1938
0.18%
July
13 1938
0.25%
0.20%
20%
July
20 1938
0.25%
0.14%
0.5%
0.5%
0.8%
0.14%
0.14%
0.14%
Dec.
181937
20 21 & 22 1937.
0.14%
Dec.
29 1937-
1 1937—
Jan.
51938
Jan.
12 1938
Jan.
191938
—
1
1938
Jan.
26 1938
0.8%
June
Feb.
2 1938
0.10%
June
8 1938
Feb.
91938
0.10%
0.12%
0.12%
June
15 1938
Feb
16 1938
Feb.
23 1938
Mar.
16 1938...
Mar. 23 1938
-
June 22
1938
June 29 1938
6
each day
BOURSE
stocks as received by cable
of the past week:
Nov. 20
Ban* of France
...
.
Banque de Paris et Des Pays
...
Bas
Banque de l'Unlon Parlalenne—
Nov. 22
France
Frails
6,300
1,074
417
232
Canal de Suez cap
23,500
Cle Dlstr d'Electriclte
663
Cle Generale d'Electriclte..--1,250
Cle Generate Tranaatlantlque.,
42
Citroen B
515
Comptolr Natlonale d'Eacompte
680
Coty 8 A
190
Courrleres.
210
Credit Commercial de France—
452
Credit Lyonnalse.
1,410
Eaux Lyonnalse cap
1,300
Energle Electrlque du Nord—.
292
Energle Electrlque du Littoral..
498
Kuhlmann...
—634
L'Alr Llqulde
1,090
Lyon(PLM)
HOLI810
Nord Ry
DAY
805
Orleans Ry 6%
394
Patbe Capital.—
—...—
24
Pechlney—
1,952
Canadian Pacific
0
0.20%
Mar. 30 1938
PARIS
AtM
Bid
Atled
April 6 1938
April 13 1938
April 20 1938
April 27 1938.—.—
May
4 1938
May 11 1938—
May 18 1938—
May 25 1938
Dec. 15 16 17&
8 1937
.
—
—
——
.......
Quotations for United States Treasury
Notes—Friday,
Nov. 26
Figures after decimal point represent one or more
a
32ds of
point.
—
3%.
1917...
1918
4^%, 1932 A
4^%. 1932 B
5%, 1920
Rentes, Perpetual
Rentes 4%.
Rentes 4%.
Dec.
Dec.
15 1941...
Sept
15 1939-.
Dec.
15 1939...
June
15 1941...
Mar. 15 1939-.
Mar. 15 1941...
June
15 1940...
Dec.
15 1940
..
Bid
100.28
151938-
lh%
1H%
1H%
l%%
1H%
1H%
1H%
Rentes
Int.
Int.
Rate
Maturity
3469«
Averages—See page 3469.
THE
Dec
Exchange,
Stock
York
for discount at purchase.
Bid
Dec.
New
Daily, Weekly and Yearly—See page
Exchange—See following page;
99.31
Maturity
Ailed
Ailed
101.18
101.20
100.1
Mar. 15 1942.
101.4
101.6
102.3
102.5
102.5
102.7
101.28
101.30
15 1940.
101.5
Sept
15 1942.
101.6
June
15 1939..
100.17
Sept. 15 1938..
1
1938..
101.5
101.7
Feb.
100.31
101.1
June
101.8
101.10
Mar. 15 1938..
101.3
101.5
15 1938..
100.22
Rentes
Rentes
Mar
101.4
Bid
100.30
100.15
101.3
Rate
100.24
101.18
101.20
101.6
101.8
Royal Dutch
-
C & C- —
Schneider <k Cle
Soclete Francalse Ford
...
Soclete Generale Fonclere
Soclete Lyonnalse
.........
Saint Gobaln
Soclete Marseillaise
Tublze Artlflcal Silk, pref
Union
d'Electriclte
\vagon-Lits
..........
71.50
69.00
68.00
75.75
74.70
95.25
5,320
2,015
1,090
67
108
1,300
468
130
396
Nov. 23 Nov. 24 Nov. 25 Nov. 26
Francs
Francs
Francs Francs
6,400
6,300
1,089
1,073
410 >
411
6,400
230
23,400
676
1,250
47
520
682
200
219
454
....
—
250
23,100
657
1,240
42
520
....
.
....
....
452
1,410
1,280
. 288
496
640
1,090
836
826
391
23
1,947
200
—_
1,410
1,280
633
1,100
836
835
391
24
1,975
71.40
69.20
68.10
75.70
74.60
95.10
5,270
2,052
1,115
1,250
43
—
685
190
220
1,420
1,310
286
497
231
24,000
67
71.40
69.40
68.20
....
.
•
—
—-
1,100
....
388
....
....
....
75.75
74.60
95.10
5,160
1,988
1,105
67
114
113
1,309
469
134
396
1.285
470
135
383
83
81
——
....
....
....
71.80
69.90
68.60
76.00
74.80
95.50
5,210
—
66
....
....
—_
....
3454
Nov,
Stock and Bond Sales—New York Stock
1937
27,
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In th«
day's range, unless they are the only transactions of the day.
Is taken of such sales In computing the
range for the year.
No
account
United States
Below
furnish
Government Securities
the New
on
York Stock
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
''■HxU-. f;:.
Quotations after decimal "point represent one or more f62ds of a point.
we
a
Daily Record of U. S. Bond Prices Nov. 20 Nov. 22 Nov. 23 Nov. 24 Nov. 25 Nov. 26
Treasury
4Kb, 1947-62.—..
116.10
116.8
116.8
116.6
116.9
(Low.
116.8
116.S
116.8
116.6
(Close
116.8
116.8
116.8
116.6
Daily Record of U. S. Bond Prices Nov. 20 Not. 22 Nov. 23 Nov. 24 Nov. 25 Nov. 26
116.9
116.9
(High
Total talet in $1,000 units..
19
High
2 He, 1948-51
106.29
Low.
106.25
106.29
106.21
106.23
106.24
106.25
100.29
106.25
106.25
106.26
69
1
2
15
23
High
111.24
111.25
111 22
111.26
Low.
111.23
111.21
111.22
111.24
Close
111.23
111.25
111.22
111.24
Total salts in $1,000 units...
3
9
1
10
Total sales in $1,000 units..
4s, 1944-64
110.6
High
106.25
106.28
106.25
1946-66
110
110.2
110
110
107.6
107.6
Close
Total sales in $1,000 units...
107.6
I
107.12
107.15
107.11
107.12
107.15
107.11
107.12
103.18
Low.
103.18
103.16
103.14
103.19
103.17
Close
103.18
103.16
103.16
103.19
Total sales in $1,000 units...
5
16
26
1
104.19
104.18
104.21
104.21
104.23
High
3S, 1946-48
103.18
103.19
Low.
104.20
104.19
104.18
104.17
104.21
Close
104.20
104.19
i.04.18
104.20
10
9
(High
3^8. 1940-43
105.31
Low.
105.31
■
Close
Total sales in $1,000 units...
105.28
105.31
—-
105.29
Holi¬
105.28
day
1
100.16
100.18
100.16
100.14
100.16
100.16
100.17
164
39
4
63
(High
100.11
100.13
Low.
100.8
100.8
100.8
100.8
Federal Farm Mortgage
mm
mm
m
m
99
99
98.27
98.22
98.20
98.24
99
98.27
98.24
98.26
98.27
27
22
41
23
25
:
98.26
OS/27
103.14
103.11
(Close
Federal Farm Mortgage
13
98.24
57
(Low.
mm —
•
7 ■'
m'-mrnm'
''
m
103.14
-
mm
102.23
102.26
Low.
102.23
102.25
102.23
102.22
Holi¬
102.23
102.25
102.24
102.22
day
10
35
11
102.24
m'mmm
■.
—
-
-
mm
—-
mm
m
m
—
103.17
m
^
103.17
''
103.19
Total sales in $1,000 units...
mm
mm
■
103.17
103.19
m
J
m
mm
2
----
(High
1
102.12
102.8
102.12
102.8
102.12
102.8
'
2X8. 1942-47.
40
102.22
103.19
(High
(Low.
Pederal Farm Mortgage
m
m'm'
3
Total sales in $1,000 units..
Federal Farm Mortgage
3s, 1942-47
m'm
■
10
Close
High
3a, 1944-49.—
(Low.
I Close
mmirm
—
-
m~m
.
m
-
Total sales in $1,000 units...
—
*1
1
102.23
102.22
102.22
High
102.23
Low
102.23
102.22
102.18
102.20
102.20
Close
102.23
102.22
102.22
102.21
102.21
Total sales in $1,000 units...
1
32
7
9
3s, series A, 1944-62
105.10
105.11
105.9
Low.
105.10
105.9
105.9
105.8
1
60
105.12
105.9
105.6
105.10
105.9
Home Owners' Loan
Hlgh
Low.
105.12
105.8
105.4
105.8
105.8
105.3
105.8
105.4
105.8
1
101.2
Total sales in $1,000 units...
105.7
Close
Total sales in $1,000 units...
101.2
2Xb, series B, 1939-49--
2
High
101.2
.Close
105.10
105.9
7
Low.
3Ha. 1949-62
mm
-
98.28
Total sales in $1,000 units...
Home Owners' Loan
Close
Total sales in $1,000 units..
—■
100.6
low.
fHlgh
3tfs. 1944-64
*1
3^s. 1946-49.
100.5
100.4
2
fHlgh
■
.----
High
100.4
10
Total sales in $1,000 units...
106.22
•
17
100.6
Close
106.22
(Close
Total sales in $1,000 units...
100.7
100.18
'
Low.
106
5
106.22
fHlgh
3tfS, 1941-43
106
105.28
mm
100.16
2HS. 1949-53
1
b
mm
m
100.22
104.21
10
Total sales In $1,000 units...
mm
m
100.16
Close
Total sales in $1,000 units..
7
103.16
-
46
100.16
103.17
103.20
5
100.21
2X8. 1956-59
8
fHlgh
3s. 1961-66—
52
100.15
107.15
1
107.11
19
Total sales in $1,000 units...
15
High
101.7
100.21
110.7
Low.
194347
101.4
101.7
(Close
110.5
110.7
Total sales in $1,000 units...
3 Hs.
101.7
101.4
101.10
fHlgh
(Low
2^8. 1961-54
110.7
110.6
Low.
•
110.7
110.6
3
101.9
101.10
101.12
Total sales in $1,000 units...
High
106.29
101.13
101.8
.Close
10
Close
SKs. 1943-46
101.12
Low.
Treasury
Home Owners' Loan
106.22
106.18
106.24
106.26
106.18
106.18
106.23
106.25
Close
Total sales in $1,000 units...
108.22
106.18
106.24
106.23
106.25
1
1
3
34
101
101
101.1
100.31
101.1
5
34
6
100.24
100.22
100.23
100.26
100.23
(Low.
100.24
100.22
100.20
100.21
100.23
100.24
100.22
100.231
100.26
100.23
35
7|
3
1
1
106.25
106.22
100.31
101.1
49
Total sales in $1,000 units...
Low.
101.3
101.3
37
101.2
(Close
4
fHlgh
101
5
(High
2X8. 1942-44
101.4
102.22
2
3 >*8, 1941
*
Odd lot sales,
Note—The
High
106.23
106.23
106.15
106.20
Low.
106.23
106.23
106.15
106.17
Close
106.23
Total sales in $1,000 units...
106.23
106.15
5
4
fHlgh
101.10
101.11
101.6
101.7
101.6
101
101.4
I Close
101.10
101.6
101.6
101.5
only
of
sales
coupon
101.7
•S2
includes
101.6
Total sales in $1,000
units...
table
101.8
101.7
above
106.20
1
t Deferred delivery sale.
3X8, 1944-46
2%b.
ly66-60.---_-_-_.iLow.
30
bonds.
10 Treasury 3s 1951-1955...
10 Treasury 3%s 1940-1943.
14
17
19
17
(High
103.5
103.7
103.2
103.4
103.5
103.3
103
103.3
103.3
1 Close
103.5
103.3
103.1
United States
were:
103.15 to 103.15
—
105,27 to 105.27
-
Treasury Bills—See previous
page.
103.5
■(Low.
2 J4s, 1946-47
Transactions in registered bonds
Total sales in $1,000
units...
1
57
103.4
36
United
States
Treasury
103.5
Notes,
&c.—See
previous
page.
9
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT
PER
Monday
Nov. 20
Tuesday
Nov. 22
Wednesday
Nov. 23
Thursday
Nov. 24
S ver share
$ per share
36
36i2
$ per share
36
$ ver share
36
40
*30
40
37
44
44
44
40
*30
44
44
44
*42
9]8
938
*19*8
2134
Hi2
2012
19
19i«
19
19
22
22
22
*18i4
2H8
22
21
I'M
49i2
i>8
*ll2
46'4
1
778
1^8
112
4814
45
I's
1
*
lll8
1*8
113S
ih
1034
1%
1114
834
H2
112
44i2
4619
1
"
70
1012
77s
1
*
107s
8%
19
215S
li2
47
lis
74
1012
19
12 34
13
13
13
13
13
13
1314
131.1
*m2
15
*10l2
1334
*11
1312
*11
1312
14i4
121?.
14U
*1214
17ip>
152l2 157
*9l2
1234
8is
5278
3914
*13i4
2i2
*19
10
1314
878
5278
4314
14
2i2
23
148
9U
1218
8
8
15H2
9lj>
12i2
114
12%
1314
Ts.
145
*8i2
117S
n2
1638
77s
152
9i2
1214
8^8
734
814
5018
3734
5018
39
5214
4134
13
13
51l2
214
23s
*12l2
2l4
4014
1314
23s
1312
*
20
20
55
52
53
60
5334
*55
*5514
60
14
1334
14
13!s
13i2
55
55
55
55
•
19
5112
*55
19
US
Stock
500
1,300
14,500
Us
2,100
74
107S
"¥,266
13s
17U
72
7i?
145l2 148
9
*8i2
12
53
112
"¥,566
1334
1534
2,500
300
4112
13
13'4
*2l4
5H2
1314
*54
13
*1014
12t2
*12U
giving
1678
712
Day
149
212
19i2
53i2
60
12i2
200
3,300
734
500
15134
5,700
9
12
12
200
2 800
734
812
22,800
4978
4034
1314
23s
4978
43
900
23g
2,000
2,300
19l2
1912
300
52l2
*57
5412
60
1278
1334
55
54
54
t In receivership
28,500
14i8
1312
this day
100
15
17»2
9
8's
50
3912
*55
on
12
734
50
Closed
Thanks¬
a Def
Lowest
Year 1936
Par
$
per
Highest
share
$
Lowest
share
per
$
4,000
"
l",906
20
delivery
per
Abbott Laboratories...No par
36
Nov
55
Mar
No pa-
37
Nov 26
69
Mar
6
42
25
44
Nov 22
85
Aug 13
22«8 Mar 11
Highest
thare $
59
per
share
8
Abraham A
Acm*
Straus
8te«> Co
Adams
Express
No par
Adams-Mllils
778 Nov 23
17i2 Oct 19
No par
28*a Feb
3
16*2 Oct 19
112 Oct 15
36
9
80U
Air Way El Appliance..No par
44i2 Nov 24
i2 Oct 19
Aia 4
1,300
134
48
1034
15
16 2
*19
60
Bid and asked prices: no «a|ps
19
46
15
16i2
*75g
*1234
163a
14
18
8
300
11,100
Exchange
1U
1238
*10i4
8
40
22
Range for Previous
EXCHANGE
400
9is
*2078
*u2
1*2
1212
8I4
107s
11*
1314
13l2
1734
the
30i2
40
44
Ranoe Since Jan. 1
On Basis of 100-Share Lots
STOCK
Shares
36*2
*33
1
$ ver share
36i2
40
48
$ ver share
YORK
Week
*35i2
45
STOCKS
NEW
Nov. 25
36i2
*33
9
Sales
Friday
Nov. 26
*3534
*42
8*2
CENT
for
Saturday
Address
MultlgrCorp
10
Advance Rumely
No
Air Reduction Inc
Ne par
par
Vicksburg RR Co..100
97
Mar 11
Alaska Juneau Gmd M1E...10
8
Oct 19
Albany & Susq RR
100
Allegheny Corp
Ne par
5H %Pref A with $30 war 100
5X %Pret A with $40 war 100
5M»%Pref A without warlOO
146
$2.50 prior
conv
Allied
Mills Co Inc
5%
Amerada Corp
6%
u
Bank
New stock
r
July
Jan
178 Aug
103
Nov
171, Sepr
195
Mar
Apr
512 Nov
Jan
12U
Jan
6Uj Nov
60ia Nov
Oct 19
681 j Feb 17
62ia Feb 18
455a Mar 15
237a Apr 12
Jan
60
9
10
6i8
Oct 19
Nov 26
Oct 19
Oct 18
Feb 11
258i2 Mar 9
171a Aug 14
33ia Jan 16
2l7a Mar
6
497sNov26
85
9
34
Oct 19
8i2 Oct 19
li4
1
19
50
Apr
287a July
40*a
Jan
245
Aug
23
Aug
34
Nov
6*4
Jan
20ia Nov
69
Jao
90
83it Jan 22
35*a
Jan
39*4
19*4 May
Mar
Jan 28
81
31\ Nor
75
Jan
10112 Jan 22
4l*a Jan 16
49
July
36
Dee
55'a
65
Jan
73
Oct 19
Nov 26
Ex-div
v
75ia Feb
Ex-rtght
.
4
4
Oct
Nov
Dec
341, Nov
5214 Mar 15
1147a Mar 11
10
Oct
157
Oct 20
54
Nov
54ia Nov
87a Mar 13
10
x
12i|
27
Oct 19
5ll2 Nov 23
5312 Oct 19
pai
Cash sale,
Mar
13
2i|
12*a
50
Npte
Preferred
2
91
5U
5«g Feb 18
6t2 Oct 19
Am AgrlcChem (Del).-No par
American
Jan 25
lOOiz Jan 22
15*4 Feb 25
166
Aug 10
37U Oct
2112 Jan
88i| Nov
8ia Apr
59
145 ' Nov 23
No par
No
Jan
59*4 Feb 11
10
No par
Amalgam Leather Cos Inc
6% couv preferred
Jan
Apr
Oct 19
13
100
AlBs-Chalmers Mfg
Alpha Portland Cem
xlig
Feb
Oct 19
10l2 Oct 19
Vo par
preferred
22>a
58
Nov
15*4 Nov
35*4 Feb
Oct 20
__
No par
Corp
7
74*4
11
No par
Allen industries me
1
Aided Chemical A Dye.No par
Allied Kid Co
5
5
Oct
Jan
Apr
95a Apr
177a June
70
11
pref.ATopar
Allegheny Steel Co
Allied Stores
1
Jan
4*8 Jan 26
Mar
5*4
Dec
3914 Dec
1251a Mar
89
Nov
Apr
Nov
5 Called for redemption.
SALE PRICES—PER SHARE,
AND HIGH
LOW
EXCHANGE
the
Saturday
Tuesday
Wednesday
Thursday
Nov. 20
Nov. 22
Nov. 23
Nov. 24
Nov. 25
Nov. 26
Week
i :per share
$ per share
31
32
Shares
30
28%
31
30%
83
84%
115
*156
*155
84
*156%
20%
39%
16%
*.4...
100
98
24
23
23%
7
13%
*4
300
23%
15
43s
2278
10
10%
11
1H2
*15
19%
700
11%
3%
19i2
*1U4
3i2
10%
10%
1,400
4,200
22
*22
12%
3%
23%
38%
10%
3%
3%
3%
3%
3%
1%
16%
7%
18%
16
16
1%
16%
16%
6%
16%
7
7
v
16%
*3418
1s4
18i2
36
*34%
*134
1%
1%
18
7%
35
16
16%
7%
16%
16
7%
17
3%
*20%
21
35
1%
11%
3%
21
1%
16
11
20
7%
1734
70
14%
70
61
61
64%
64%
63
63
13%
13%
13%
14
13%
13%
13%
13%
5
5
434
5
4-%
1334
4%
2612
*62
5
25
26
2434
26%
108
100
100% *100'
59
59
60% 60%
6%. ;, v ?%
7%
6%
26%
5
4%
26%
25%
27%
5
28%
100
100
*100
105
*100
105
58
58
58
58
58
7
8
43
41%
45
42
42
41%
42
40
35
37%
35%
38
33
35%
3314
37
13
1134
12%
35%
11%
36%
11%
12%
xl2
12%
12
13%
165
20
22
22%
20%
74%
75
73
74
19%
19%
18%
19%
*18%
21%
13%
26%
41%
13%
12%
13
*11%
27%
25
44%
41
12%
25%
43%
13
26%
13%
26%
43
45%
50
48
48
125
*100
125
*48%
23
25%
23%
8%
30
28
111
47
65%
65%
67
65%
65%
65%
66%
69%
68%
69
67%
69
67%
138
*136
138
136% 137% *136
634
6%
6%
6%
13%
12%
13%
12%
86% *7434 86%
*74%
*136% 138%
7%
6%
6%
7%
12%
13%
12%
14%
83
83
83
*75
5%
5%
5
c
6%
6
25
42
42
16
1784
1514
*102
105
12
*1014
14
*10i4
414
*4
414
4
29i2
28
*97
*97
9812
6
6%
65i4
65%
100
~36%
38
"35'
714
4
4
*80
7i2
91,4
3%
*80
7%
8I4
*
37i2
714
100
~33%
6U
4
9114
3%
*80
712
734
Oct 19
30
14%
Armour & Co of
64%
1,000
100
"3314
3434
"3234
35%
6i2
334
6i2
7
334
91i4
*80
378
*80
91U
"moo
7
738
7%
7%
334
1,200
1,100
4%
91%
7% A 8
*56
70%
79%
*76
7912
82
*74
82
75
75
60
34%
32%
36
34%
37
20,800
7712
7514
76
75
3534
7534
*67
7434
800
24%
22%
23%
24
24%
222%
23%
7,300
7
*6
7%
6%
300
3%
3%
3%
8%
8%
2%
3%
20
22
3
3%
34l8
>"
11%
8%
*39%
39%
*110
*5%
8%
s%
2%
2%
*18
20
3
3%
8%
"""120
700
20%
20%
10,400
*103% 106%
8%
8%
3,500
No par
---100
Artloom Corp
Associated
Dry Goods——1
6% 1st preferred..--—100
7% 2d preferred.—.—100
Co.-No par
100
warrants100
warrants 100
6% pref with
$5 pref without
Fe—100
Atch Topeka & Santa
Atl G & W I SS
8%
3
800
20
10
3%
3%
7,300
3%
12%
35
♦
9%
9%
7
10%
13%
12
7%
10%
12%
7%
10
13
*32
35
15%
7%
11%
12%
14
100
"15%
7%
10%
7%
11%
*
99%
"l5"
8%
*32
36
15%
*
"15"
8%
9%
*20
15%
11
11%
13
13
35
*32
14%
98%
15%
38,300
14
35
357s
99%
""714 "7% "MOO
7%
10%
*
*
8,900
200
34%
98%
15
9
9
9
1,600
20
21
23
150
24
13
22%
12%
22%
12%
13
12%
12%
11
11%
11%
11%
10%
11
12%
10%
12%
10%
111
12%
11
*111
13%
15,800
11
1,300
40
113%
111
111
*15%
18
*16
18
16
16
*15
17
16
93
*91%
93
*91
93
*92
93
*92
93
*91%
*31
34%
113% *111
113%
111
*30%
34lo
*30%
*97%; 102%
97%
97%
97
8%
8%
8%
8%
8
*81%
12%
87%
*81%
14
12%
17%
17%
16%
86%
13%
17%
*30
42
34
35
4434
48%
*32
43%
25
60
No par
34
32%
33
47%
43%
46%
15
14%
14%
14
14%
90%
91
89%
90%
87
88
25
26
25
25
24%
24%
14%
14%
13%
14%
13%
13%
12%
*14%
12%
16%
32%
44%
*14
85%
*22
13%
8%
900
1,600
80%
12%
13%
15,200
16%
16%
16%
3,200
32%
46%
32
32
1,000
45%
48
91,900
14%
86
14%
88%
14%
89
24%
900
2,000
700
*15%
17%
*15%
17%
10%
*15%
11%
17%
17%
*15%
17%
54
*50
64
*50
64
*50
64
*50
64
54
23%
22%
24%
z20%
22%
22
23%
22%
23%
27,200
22%
26%
26%
25%
25%
26
26%
26%
2,100
26
26
25%
12
13
12
13
12
6
105%
Mar
13% Feb 27
99% Mar
1
Jan
6
126
104
4%
Oct 19
Oct 19
Mar 2
16% Feb 27
17% Jan 21
8%
95
100
July 23
Jan
4% June
60%
2%
7%
95
Jan
Aug
Feb
Jan
Jan
Jan
12%
Apr
Jan 28
95
Dec
9
98
Feb
24% Mar
5
71
Oct 19
Nov 15
101
83
Nov 20
125
35
Oct 19
74
Nov 20
106
Feb 18
73
Nov 12
88
June 29
6.%
32% Nov 23
10138Sept 29
7% Oct 19
39% Oct 19
38
11234
Mar
57% Feb 18
94% May
9
n9
Jan
Feb
7
90%
Jan
Apr
104
116% Feb
18% Mar 6
52% Mar 10
Jan
94
Mar 11
48
Oct 20
133
Jan 13
xll2
Jan
9
2
1
26
12
29
30
18
17
17
14
June
18% Jan
36% Feb
9% Feb
Oct 19
Oct 19
62% Mar
3% Sept 10
Sept 11
11% Jan
15%
2%
6
20% June
109
Sept
Nov 26
4% Oct 19
6% Oct 19
2
Sept 25
3
9% Jan
9% Jan
5
Oct 19
8%
10
Oct 19
Oct 19
23% Aug
40% Mar
47% Mar
30
Oct 19
45
99
Oct 19
10%
Oct 19
Feb 11
110% Feb
43% Mar
26% June
5% June
29% June
3
Apr
2% July
2% July
15%
Apr
21
Apr
39
Deo
8
9
8% Nov 22
32
Jan 21
20
Nov 24
42
-.5
10
Oct 19
inc——No par
.-—--100
108
24% Nov
13%
Jan
Jan 21
5\$% preferred
..No par
-—-—50
Bamsdall Oil Co
Beatrice Creamery
w w
Beech Creek RR
No par
Bloomingdale Brothers. No par
10
111
47%
100
15 preferred
May
70% Mar 13
.10
I no
Blaw-Knox Co
96
8%
*81%
«
11
*15%
60
1,500
96
*t
Apr
118
Oct 19
30
Bangor A Aroostook
Conv 5% prelerred
4,500
86%
12%
16-%
4% preferred
14%
*81%
12%
Ohio
11%.
8
16%
—
13
..—100
-—--100
Vot tr ctfs
14
97
8
86%
12%
*81%
-.100
14
34%
*92
8%
-
37
8
46
Apr
*22
*31
97
-
July
3
10% Feb 10
Feb 18
121% Feb
Apr
25
34%
W
»
June
Mar 11
25
No par
50
Beech-Nut Packing Co
20
B elding-Hem In way
No par
Belgian Nat Rye part pref
Bendlx Aviation
6
Beneficial Indus Loan—No par
Best & Co
No par
Bethlehem Steel (Del)-No pa<
6% preferred..
-—20
7% preferred
100
Blgelow-Sanf Carp Inc. No par
Black A Decker Mfg Co No par
400
16%
9
37
No par
Avian Corp of Del (The)——3
JBaldwln Loco Works.No par
preferred
37% Jan 12
Oct 19
15 prior A
1st
Jan
May
18
No par
Auburn Automobile—No par
Austin Nichols
No par
Bayuk Cigars
Jan
15%
97
13%
Barker Brothers
9
2
Feb 13
11
6% prelerred
Barber Co
20
24% Aug
111
21%
4% conv pref series A—100
Corp
—1
5,200
9
35
97
Jan 18
Atlas
10
23
24
*111
-
-
Feb 23
Jan
28
44
Atlantic Refining
Baltimore <fc
3% July
May
24
66% Mar 17
29
Mar 13
Assented
7%
10%
.
Oct 19
5% conv preferred—
3
Feb 23
7988 Feb 23
69j% Mar 10
Oct 19
Atlas Tack Corp
8%
Jan
62% Sept
Oct 19
Atlas Powder-
*18
20
Apr
7% Sept
1438 Jan 18
79
Jan 12
5
1,600
2,500
2%
19%
92%
9
1,200
8%
8% June
3
29% Jan 13
Feb 1
107
18
40
20
64% Nov 24
Feb 4
96
130
100
5% preferred.
115
6%
4% Oct 19
20% Feb
Mar
88% Mar
Jan
4
150% Jan 26
RR—100
Lines..No par
Atlantic Coast Line
38
6%
Oct 18
93
99% Feb
Apr
87
Jan 28
99
Jan
149%
8
Nov 24
*110
*6%
4
Jan
20% Mar
75
200
40%
2% Oct 19
Nov 24
26
U634May
187
129
—100
6% preferred
42
*39%
41
115
No par
-
7% preferred
100
Armstrong Cork Co--.No par
Arnold Constable Corp
-.6
Assoc Investment
13
20%
103% 103%
6
6%
76
"""206
13
12
19%
11%
76
$6 conv pref
par
5
Illinois
Preferred....
"5" 500
*74
8%
7
par
8
Oct 26
Oct 19
96
20
25,500
*74%
*2%
tar
6%
*119
74
*20
par
7% preferred....
100
Armour&Co(Del)pt 7% gldlOO
""lOO
74
8%
3% Oct 19
3527% Oct 19
25
Oct 19
37
3
100
1
30% Oct 19
10
74
22
3% Oct 19
No
S6.50 conv preferred-No
Andes Copper Mining
A P W Paper Co
No
Archer Daniels Mldi'd.No
74
3
No par
Anchor Cap Corp
75
8%
No par
Oct 20
1,900
74
*20
Oct 19
1534
75
5%
8
82
Oct 20
74
6%
100
10
Inc
23
23
13
19
39
*3678
6
65% Nov
6734 Nov
128%May
4% Oct
25
Anaconda W & Cable—No par
40%
6%
Oct 19
500
80
6%
140
"""lOO
6i2
115
Apr
Oct 19
4034
*55
*110
48%
25% Jan 25
14
24% Nov
*35
115
56% Jan 11
143% Jan 13
28
Anaconda Copper Mining—50
40
*110
Nov 22
104% Oct 11
$5 prior conv pref
90
115
8% Nov 22
Refining-.100
100
Preferred
7012
*110
No par
Dec
97%
35
20
19% 20%
20%
20%
19%
*103% 105% *103% 106% *103% 104
8%
8%
8%
8%
9%
8%
40
40
*39% 41%
*40
43i4
42
42
40% 40%
*42
43%
Apr
24%
Amer Zinc Lead & Smelt
*35
11%
20%
$6 1st preferred
Woolen
*50
11%
73% Jan 21
26% Jan 20
American
*50
11%
Jan
22% Oct 19
100
6% preferred
100
67% Mar
133%
Am Water Whs & Elec.No par
83%
11%
123
Nov 24
8
68% Jan 29
148
Feb 6
Am Type Founders
71
*11%
Oct 19
Common class B
4018
*6
46
.
Teleg Co—100
American Tobacco
25
8314
7
Jan
25
Snuff
Amer Telep &
*36%
6%
Jan
154
Am Sumatra Tobacco.-No par
40%
23%
Jan
56%
136%
J 06%
Nov 15
Preferred
90
7%
25%
Mar 11
Jan 28
Nov 23
American Sugar
71
25
Mar 19
41
125
American Stores..
*367g
*6io
58
Building Co.No par
Refg.ATo par
100
109",200
*62%
Apr
Feb 20
28%
*
Dec
18
Feb
29
1,300
64i2
_3l"
36
4
100
Jan
23% July
7% Oct 19
25
Nov 23
Amer Steel Foundries.-No par
3,400
10,300
578
Apr
17% Oct 19
26%
6
Feb
18%
167
101% Aug 18
70
4034
1512
~9~7%
36%
3
Jan 21
45% Mar 11
15% Oct 19
Oct 19
25
100
*3%
*
29% Feb
170
Oct 23
Feb
43
72% Jan 12
Oct 19
9%
140
100
26%
9714
578
6412
129% Feb
26
American
*8314
22%
Dec
Preferred
*60
*76
1
Amer Smelting &
47
77%
Apr
Apr
118
Jan
Amer Ship
83
38
10
27
American Safety Razor.. 18.50
71
77l2
May
13% Jan 20
68% Mar 10
American Seating Co..No par
83
34
21
Oct 19
No par
No par
-
4H% conv pref
*65
*60
100
4
65
65
6534
100
■
:r5%
Oct 19
3
13%
99%
6%
*97l2
6i2
65i4
*
7'4
7
lOO"
6%
8
10%
No par
Feb
34
*96
Apr
Apr
Apr
9%
2484 Nov 22
100
Nov 20
Co..No par
American Rolling Mill
32%
*11%
66
23%
87% Jan 18
300
105
6
Oct 19
2,900
*102
Feb
125
Oct 19
31
5,200
30,000
6%
2% Sept
29% Mar
6% Oct 19
14% Oct 19
53
100
26l4
*119
*119
16% Sept
26
28
*119
27% Feb 15
17% Mar 11
58% Feb 4
Oct 20
14
2638
Day
15l2
105
Jan
No par
non-cum
*10l4
*314
4
29
*119
*
*102
Oct
37
1% Oct 19
6238Mar 3
4% Mar 16
50
%5 preferred
5%
■■/V 6%
*30
Oct
31%
1
20% Oct 19
32% Oct 19
65% Mar 13
Am Rad & Stanu Btua'y.No par
3H2
giving
4%
Home Products
$0 preferred
5%
45
*4012
16
29i2
*4
2912
.
40
16
103
103
14
*11
40
1712
15i2
103
103
52
*40J4
26%
25«4
26%
25%
26%
25
2?%
6%
35
*30
11% Mar 13
1
1
Amer Power & Light—No par
20,200
2,200
4,800
88
*80
Jan
734 Oct 19
2% Oct 19
10
7%
300
14%
Apr
13
*35%
300
7
634
1338
30%
5%
6%
35
*30%
37
5
30%
33%
5%
6%
6
*30
35
;
Apr
25
6
Feb
21
Feb 15
700
13714 137%
Closed
12
58% Jan 22
16% Jan 13
5,000
68%
38% Jan 22
Oct 19
17
No par
75
1,000
66%
Thanks¬
5
5%
31
35
33%
35%
35%
*30
5
5%
Exchange
No par
68% Jan 18
Oct 19
100
14434
6% Apr
29% Jan
584 Oct 19
..Ac par
6% preferred
6734
Oct
175
4
Oct 20
"7",300
66I4
Stock
;
Mar
13% Jan 22
2% Oct 19
19
Oct 19
3
440
9
834
29%
*28%
*10734 110
18%
*17i2
89
2
53
32,300
25
68%
225
6% conv preferred--
125
141
65%
69
Oct 19
99% Mar
Amer News N Y Corp.. A7© par
2,300
12%
25%
24
143
141
140% 144%
1838
*101
18
18
18
*16%
144% 147
144% 148
9
8%
28
111
28%
175
Amer Metal Co Ltd
71%
44
23% 24%
8%
8%
29
28%
109% 109%
Jan
100
Amer Mach & Metals.-A^o par
2,800
1,100
2578
125
*101
24
No par
9%
Preferred
*12014 124%
46
46%
47%
Apr
Apr
Jan 18
No par
19", 700
12i2
123
47
47%
22%
107% 107% *109% 111
19
*17%
19%
17%
42
123
125
*101
9
28
25%
43%
47%
24%
8%
9
*28%
26
124
*123
*121% 125
*120% 125
*120
71
70%
?6
21%
75%
*19%
3%
17
Co
Amer Mach & Fdy
22%
2II4
70%
18i8
13% Jan 28
Oct 19
Preferred
165
*147
21%
20%
21%
19%
165
*147
165
*147
*147
165
*147
7% July
20% July
10% Jan
3084 Mar 31
33% Jan 21
Oct 19
Amer Internet Corp
3,400
10,000
42,000
7%
42
87% May
27
Nov
3
5
American Locomotive--A# par
43,800
40
7%
10
100
180
7%
5% Oct 19
8% Oct 19
12% Oct 19
82
Nov 19
pref
300
57
6%
10
20
23% Mar
2
American Ice
2,200
6,400
1,000
3,200
3,100
7,500
7
17
Apr
Nov
Jan 25
6% preferred
6%
67
111"
Aug 12
29
Hawaiian 88 Co
American
900
66
112
American Hide A Leather
1,900
17%
7
Oct 19
Sd preferred
Amer
30% Apr
104% Feb 4
3334 Aug 25
150
Apr 25
11% Oct 19
Oct 19
86
Nov 23
ST 2d preferred A
700
1%
4
100
97 preferred
200
18%
Feb
Amer & Forn Power...No par
13,300
3,000
5,600
478
24
May
71
Encaustic Tiling--1
Amer Express
4%
22%
Dec
162
90
Co
Corp
Amer European Sees
10%
10
*18%
American
7
4%
21%
110
9
23
American Crystal Sugar
300
20%
11
20
34%
*4
*175
4%
20
22
7
9
Jan
Co)25
6% 1st preferred
300
22
22
34%
Am Comm'l Alcohol
~2~506
434
*4
•
300
4%
4%
4i2 A
*175
7
*5%
*175
38%
American Colortype
82
10%
*34%
1%
600
15
*80
4%
4%
124
Jan
174
No par
2,000
1,800
7
14l2
;
14
24
21%
■
7
1414
7%
14
13%
82
11%
22
Am Coal Co of N J (Alleg
14
20%
10%
22
American Chicle
110
*80
9%
-
700
29
4%
20%
10%
T
95
*23
14
7
*175
4% V 4%
22%
100
*9378
29
83
4%
4%
24
120
95
*6%
Feb 18
121
100
5% preferred
130
95
*90
160
Am Chain & Cable Inc.No par
*23
23%
14
83
4%
No par
100
Preferred
800
May
Nov 23
151% Oct 22
15% Oct 19
36
Oct 19
100
—
.
American Car & Fdy
*60
98
;
*80
14%
14%
*80
7
4
10,800
1434
6% 1: 7
13%
13%
7
13%
300
*5%
*175
3934
I6I4
15
90
100
4%
1534
90
*90% 150
15%
83%
3934
15%
19
*37%
150
14%
44
19%
100
*80
■>; ■ 4
20i2
5.400
38%
100
6%
19%
20
1S%
16
*90
13%
160
Highest
$ per share
share
40
Apr
8084 Feb 18
per
79% Oct 19
100
25
Prelerred
200
160
*158
-
&H% conv pre!
American Can
5,200
82
80l2
28
115
per
Am Brake Shoe & Fdy.ATe par
100
$
share
Oct 19
S
Lowest
Highest
Lowest
Par
2,600
120
*110
82%
37%
14%
14%
25%
6%
13%
81
40%
*38%
15
*24
31%
120
21
19%
*39
19%
share
per
31
*110
82
84%
$
30
115
29%
120
*115
124
83%
$ per share
$ per share
$ per share
Range f* Previous
Year 1936
Jan. 1
100-Share Lou
On Basi* of
STOCK
NEW YORK
for
Friday
Range Since
STOCKS
Sales
NOT PER CENT
Monday
*115
3455
New York Stock Record—Continued—Page 2
Volume 145
Blumenthal A Co pref
Bohn Aluminum A
100
5
Boeing Airplane Co
Brass
...b
9%
13%
92
Oct 19
Oct 20
Oct 19
Nov 10
32% Nov 13
9084 Oct 19
73s Oct 19
84
Jan 16
Oct 19
35% Feb 1
20% Jan 17
115
Aug 16
18
Jan
8
100
Aug
35
Feb
15
Oct 19
41
Nov 26
Oct 19
8
105% Mar 11
14
Oct 19
85% Nov 24
9
Oct 19
17% Nov 15
Nov 20
10
Oct 19
54
21
Oct 19
May
9
32
24% Nov 23
13% Nov 24
Jan
10% June
43% Feb 19
U 4% July 14
15*4 Feb 8
88% July 4
28% Feb
105% Mar
30% Feb 11
23% Jan 5
8%
14%
110
62% Jan
20
Jan 18
129% Feb 16
69% Feb 10
38
Jan 21
29% Mar 10
85
Feb
13
Dec
83
June
21%
Jan
20
Jan
48
Jan
Apr
10% Apr
107% July
45%
23
Jan
28%
Dec
14% July
7
18% May
94% Jan 16
77% July
32% Jan
3
16%
Apr
Feb 13
40%
Dec
49% Mar
48%
39%
Oct
New York Stock Record—Continued—Page 3
3456
HIGH
AND
LOW
SALE
PRICES—PER
SHARE.
NOT
PER
CENT
9TOCK8
Sales
Range Since Jan. 1
NEW YORK 8TOCK
Monday
Saturday
Tuesday
.
Nov. 20
Nov. 22
$ per share
$ per share
81
82
82
*80%
41
4114
15
15
18
1
Nov. 25
Nov. 26
Week
9 pa share
$ pa share
Shares
82
40%
28I2
♦4
514
4
18%
20%
3%
4
.
27%
1
19
19
18%
18%
1838
9%
1934
9%
8%
20
9>2
21%
31
31
30%
35*2
31
*31
2
2%
9
9
!y
1%
86
350
42
43
300
14
1%
1
19%
1
*18%
9
21%
19%
20%
18%
30
29
29%
30
2
2
8%
8%
*7%
2%
11
*8%
10
2
10%
11%
35
35
33%
10%
34%
21
21
21%
*35'4
40
36
36
8
8%
8h
8%
9
*90
8
9%
,<
90
91
38
*35%
8%
8%
90
*34%
8%
8
9%
90
32i2
714
17%
2%
*8
14%
21%
8%
Bucyrua-Erle Co
3,000
10,500
14%
1234
*45
4%
6,900
31
32
31
32%
3,300
16%
17
18
18
7
1,900
7
/
7
18%
17
17%
2%
17%
2%
7%
7%
18%
2%
*2%
2%
9%
*7%
9
1434
8%
14%
14%
14
8
20
1934
8%
19%
3%
19%
3%
3%
9%
9%
3%
9%
2,000
17%
17%
9,700
2%
2%
900
7%
7%
13%
8%
2,700
20
1,000
13%
8%
19%
20
3%
8%
3%
9%
3%
3%
3,500
9%
978
37%
2,300
*30%
34
*30
35
9%
*30
35
*30
*16%
22%
*49%
1%
734
18%
*16%
18
*16
18
17
17
21%
*49%
22
♦45
13%
14%
13%
8%
13%
12,200
13%
12%
7%
13%
12%
13%
10,400
45
45
7%
7%
29%
7%
29%
7%
0%
6%
0%
""7%
7%
28%
978
29%
6%
*36
42
*——
90
*-...
91
•—
86
*84"
86
*33%
15
15%
4
3%
42
*33%
*
88
•82
88
80
100
102%
100
100
40
41%
40
42
102
102
*101% 103
18%
103
19%
18%
62
103
102%
*90
24
23
23
*22
60
*55
59
*90
358
Exchange
95
Closed
57
478
11
*5
5%
5%
*5
11
6
5
5%
106
37
8
♦
105%
105%
28%
8%
"26%
27%
7%
7%
48%
39%
48%
49
37%
39%
95%
96
*1%
*90
2
3
3
3
1%
57
4%
4%
3%
10%
11
1
1%
1%
1%
2
*1
3%
1%
5%
11%
5%
10%
*28
38
30
26
*7%
95%
1%
*95%
*1%
2%
3
1%
8
4%
29%
*27%
1%
2%
170
1,800
1%
1%
1,900
4,300
3,900
58%
52%
12%
4%
50%
56
52%
55%
53%
13%
13
13
13
56%
13%
50
*32
50
13
13
67
52%
*12%
63%
65
65
66
*63
75
65
*63
66
75
*63
75
*63
75
*63
75
3%
23
3%
3%
23
23%
3%
23%
3%
22%
*106" 108" *106% 107% *106"
24
24
23
*
26%
14%
*112
*95% 98
24% 26
*100% 105
*10
7
*7%
*7%
*18
*10
13%
7%
9%
10
9U
*7%
18%
19%
18%
18%
71
74
14%
70%
15
31
*17
31
8%
*76
*
15%
*29%
22%
106"
107%
23%
*77
85
25
14%
11
2,900
14%
14
14%
2,800
59
*56%
9%
9%
98
7
7
10
18%
18%
17%
71%
65
65
15
18%
70
1,900
15%
2,200
14%
14%
15%
*28
9%
9
9%
*75
9%
78%
*75
78%
77%
*
32
73
38%
"37%
39
£35%
37
84
*70
84
*70
84
41
39%
42
38%
39%
97%
97%
97%
97
97
8%
2%
8
8%
7%
2%
41%
2%
*28
41
40%
42
39%
•Bid and asked prices: no
*96
pp
42
39
98%
43%
this day.
10%
77%
100
73,600
100
73
35%
36%
*70
2%
38%
400
30
*
8%
2
8
2
1,000
70
"37%
41
18%
18
*80
8%
90
10
18%
67%
84
2%
10%
*8
84
38%
40-8
98%
*96
9
7%
2%
2%
43
1 In receivership
44
a
Def
11,200
*.
-
•»
7,600
200
14,200
66,900
3,900
delivery,
115
I
984
.
Feb
186
June
Jan
143
July
5484
Jan
z91
Nov
21 s4 May
32%
June
9
106
Dec
48% Mar
Oct 16
8
19
39%
7
Apr
May
Jan
37%
0% Nov
9%
—100
52
Oct 21
82%
24
Oct 19
39% Jan 12
2
Oct 19
96
June 29
12% Jan 28
107% Jan 26
Central RR of New Jersey. 100
Central Vtoleta Sugar Co
J9
8
Oct 19
4134
Jan 15
4
Oct 19
2484
par
3% Oct 19
100
Cerro de Pasco Copper.No par
Certain-Teed Products
1
35% Nov 24
3i8 Oct 19
110
Jan
Dec
Deo
Jan 11
Century Ribbon Mills—No
6%
prior preferred
95
100
Common
Checker Cab
5
31
4% preferred
2
5% preferred
100
JChlcago A North Weet'n.100
preferred
29
1
Nov
8
City Ice A Fuel
59
Jan
4
51
Jan
Mar
8
18% Mar
,
6
8% Mar 18
7% Mar 17
Oct 19
25
36
Oct 19
52% Nov 23
11
Oct 19
6% Mar
33
Feb
45
884 Mar
8
27% Jan 14
22% Jan 29
15% Mar 3
80
Mar 11
135% Feb 11
21% Feb 18
63% Nov 23
92
Feb 18
100
60
Feb 16
74
July 15
5
2
Oct 19
10% Mar
22
Nov 24
179
Oct 18
10284 June 21
82
A
No
6% preferred
Collins A Alkman
Colorado A Southern
Apr
Oct
7
Jan
Dec
Feb
8
Jan
8
July
32%
30%
1434
Dee
25
Jan
85%
15%
72%
Jan
Jan
23
Mar
Oct
Jan
50
45
Jan
51
Deo
13834 Nov
Nov
89®4 Nov
Nov
13% Nov
179
Oct 18
150%
113
Jan
107%
7
200
Oct
lli«4
Dec
47%
Oct
Feb
90
Dec
Mar
51
Jan
Jan
Apr
77%
Jan 18
Feb
¥"
48
June
6234 Feb
11234 Mar
Apr
51% Feb
27% Mar
124
"Dec
Jan
129
July
2
84
Jan
134
Nov
9
55%
Jan
58
Nov
25»4 Mar 19
45
Oct
Oct 26
29% July 15
132%June 3
59
July
13
June
100
Aug
Apr
39%
21%
Dec
106% Feb
0634 Nov
30 '
Oct
28% 8ept
48
Dec
19
36%
Feb
8%
Jan
Dec
Oct 19
30
Jan
19%
Jan
37% Mar
29
Jan
16
Jan
36
Mar
32
Aug
Oct 19
65
Nov 23
10
Oct 19
27
Oct 19
£4% Oct 19
£68% Oct 19
100
71
Nov
4
31% Aug
12584 Apr
39% Jan
46% Jan
20% Jan
108
Jan
101
Jan
94
Jan
136 2
Aug
31
May
r45%
51%
Jan
39%
Dec
14
Jan
90%
8034
Jan
44
Jan
Jan
33% Oct 19
8478 Nov 19
38% Nov 23
120
Oct 19
21% Jan
14% June
1
Oct 19
34
x
Oct 19
5
par
114
95
100
rCosshsaie
1%
3% Apr
3% Apr
1934 Jan
1738 Sept
48
17i2 Oct 19
Commercial Solvents.-No par
Commonw'lth A Sou
No par
New stock
Apr
8% Oct 21
Comm'l Invest Trust..No par
$4.25 conv pi ser '35-No par
n
12%
Feb
12%
24?g
82
11% Oct 19
5i2 Oct 19
—.10
$6 preferred series...No
Apr
Apr
Jan 14
9884 Nov 24
2.50
preferred
2%
6% May
Jan
Feb
2h
578
47g
50% Feb 26
26
Columbian Carbon v t o No par
Columbia Plct v t c._.No par
$2.75 conv preferred- No par
conv
Dec
12
90
9
43^%
14%
Feb
33% Nov
37
18
6% preferred
Commercial Credit
Deo
8
100
Columbia Gas A Elec.-No par
6% preferred series A
100
Jan
8%
2%
33
4% 2d preferred
100
Columbia Broad SysIncclA2.50
Class B
3%
46% Mar
104% Jan
100
1st preferred
77% Nov
Jan
95% Nov 26
2034 Oct 19
5% conv preferred
100
Beacon OH
No par
Colo Fuel A Iron Corp.No par
Nov
100
2334
170% Apr
No par
Deo
Apr
Aug 10
48
9334 Oct 19
56i2 Jan 29
8% Oct 19
100
Dec
38%
09%
Jan
123% Nov 19
No par
Deo
72%
111
434
par
No par
Colgate-Palmollve-Peet
Oct
JNOV
19% Mar
48% Aug 16
13i2 Oct 19
Nev
74
I
100
Coca-Cola Co (The)
4%
Oct
*1*2 "
47% Mar 31
24i2Nov26
guar 4%
50
Molybdenum..No par
Cluett Pea body A Co
No par
Climax
Class
Oct 19
Dec
Feb
A ug 28
9
Clark Equipment
No par
C C C & St Louis Ry Co...100
Clev El Ilium $4.50 pf.No par
23
Jan
2%
4
100
Clev Graph Bronze Co (The).l
Clev A Pitts RR Co
7% gtd.50
Dec
108
Apr
6
May
25% May
1% Apr
19% Feb 17
Oct 19
Oct 19
6
4
'
Jan 20
3% Mar 17
6i2 Oct 19
No par
1%
12%May 19
32
Sept
57
1% May
2% Jan
13% Mar 17
4
80
Mar 11
434 Mar 16
10% Feb 19
3
6H% preferred
City Investing Co
City Stores
6
Oct 16
12
Chile Copper Co
Chrysler Corp
Jan
Feb 13
158 Oct 19
1
No par
Chlids Co
22%
Oct 19
Oct 19
634 Oct 19
par
Aug
Oct 19
1
No par
Mar
Oct 19
3
100
Chicago Pneumat Tool. No
Nov 24
Oct 19
Feb
19
100
Oct 15
2%
10i2
78
1%
Apr
101
Oct 19
3
.100
Feb 10
90% Mar
68% Mar
Oct 19
1
0%
97% May
47% jau
8% June
57% Sept
48
89i4 Oct 19
% Oct 19
Chic Ind & Loulsv 4% pf__ 100
Chicago Mall Order Co
5
JChlc Mil St P A Pac..No par
Preferred
82
Apr
63%June 10
Oct 19
25
3
Jan 14
111
Nov 24
100
35
23% Feb 10
Oct 19
£40
54
2538
86% Mar 10
Oct 21
par
A
115
25i8 Nov 23
5
Chesapeake Corp
No
Chesapeake A Ohio Ry
$3 conv
Sept 23
105
No pa:
Jan
14% Mar
18% Oct 19
ChampPap A Fib Co 6% pf 100
Colonial
18%
38
8%
1%
70
2,400
110
66
15
73
5,600
14%
7%
10%
9'2
18%
30%
*
200
*17
"36%
*97
13%
9
79%
95%
24%
100'2 100%
*10
30
10
*80
39%
12,100
7'2
18%
17%
preferred
Feb
Central Agulrre Assoc.-No par
Central Foundry Co
1
Central 111 Lt 4^% pref--100
Preferred
-
2,300
10
7
*7%
18%
20
98%
30
13%
9%
-
100
95%
23%
13%
9%
-
59
9%
25
*10
124
110% 110%
98
98%
14
100
No par
Special
*55%
9%
24
30
7
*113
59
*95%
25
13
*29%
1,200
"24%
*10
15%
170
23%
*77
110%
*7%
106%
85
15
32
*105
1,700
25*2
£110
9%
320
~Y,7O6
3%
22%
23%
124
24
1,000
24%
100% 100%
10
*22
23%
*113
*95%
7%
9%
3%
180.666
26
30
73
106%
124
9%
97g
*
22
85
*58%
98
*76
79
73
58%
9%
9
9%
23%
109% 112
112
25
26%
*100% 102%
15
7
*9514
30
14
58%
9%
3%
23
25%
26%
25%
145(5
14
14%
14%
123
*118
*115% 123
111
3
23
27
110% 112
59
•58%
9%
9%
3%
*77
24%
85
....
Nov 26
7% prior pref
Celotex Co
4,500
*65
13%
95
21
684 May
92% Jan
116
41%May 20
~~2~66o
68
13
100
4%
*67
Dec
105% Aug 11
Oct 19
12%
41
*32
Nov 22
4%
*32
9% Apr 20
191% Aug 3
12984 Jan 22
Nov 23
4%
50
Oct
103«4
2
17
100
9%
35%June
40
12%
9%
Jan xlOO
Jan
102
7% preferred
100
6% preferred
100
Chicago Yellow Cab...No par
Chlckasha Cotton Oil
10
*8%
12%
4%
Nov
53
Jan
87
91
No par
JChlc Rock lai A Pacific.-100
10%
12%
4%
45*4
8
Jan 18
6% preferred
100
Celanese Corp of Amer.No par
800
*29
Feb
1284 May
Feb
278 Oct 19
80
Nov 23
900
2
29%
1%
10
08«4 Nov
18% Feb
108
9912 Nov 26
1,100
2%
2
12%
4%
2,000
6,500
AUg
Jan
Apr
102
100
2%
2%
*32
Caterpillar Tractor
Oil
10%
37
8
13% Nov 19
1
Jan
6
18% Mar 11
52% Jan 2
Oct 18
Oct
Apr
Nov 12
100
Preferred
2%
2%
2%
5
Carriers A General Corp
Case (J I) Co
1%
2%
*26%
*1%
5
2%
25g
2%
10%
12%
4%
50
33
10
100
*2%
*7%
12%
2%
*2%
5
6*8 Nov 24
54
Jan
9
17% Mar
01% Jan
Nov 24
%
Jan 14
61
678 Oct 19
28
1
11%
29%
1%
2%
2%
*32
Capital Admin class A
$3 preferred A
Oct 21
45
25
No par
2,100
10%
2%
2%
*8%
100
Cannon Mills
4%
3%
2
1%
*8%
103s
*
JChlcago Great Western.. 100
4%
1%
10%
Apr
38% Mar 19
Canada Sou Ry Co
Canadian Pacific Ry
Preferred series
11%
1%
1%
12%
40%
900
2
1%
12%
16% Nov
Jan
500
4%
1%
*8%
Jan
30
1%
1%
30%
2
6
373* Feb 13
3
1
11
30%
*1%
31
20% Jan 12
10i2 Oct 19
9% Oct 19
JChlc A East 111 Ry Co.—100
6% preferred
100
5
4%
10
17,200
1%
11%
4%
1%
5
Oct 19
93%
3
2
10%
9,800
*1%
4%
*2%
11
1
1%
400
36
•
1%
1%
1%
4%
8
*1%
2%
1
10%
4
1,900
41%
*90
1%
2%
10
Nov
Calumet A Hecla Cons Cop..5
Campbell W A C Fdy..iV« par
Canada Dry Ginger Ale
6
1,090
35%
98
11,100
25%
40
36%
4%
*10%
8%
*7%
41%
1%
3%
11%
25%
1%
5%
11%
12" 500
3
6% Feb 25
Preferred
105
734
1
2
36
8
1%
1%
2%
1%
1%
200
106
28
35
11
1,000
*96
105
37%
*2%
11
•
11
£40
1%
414
6
5
5%
*4%
Day
106
105
"26"
27
*2%
"""206
27
49%
*1%
11
*10
48*4
52% Sept 29
Oct 19
6%
6,200
*100% 101%
2
Deo
Deo
Oct
Dec
Mar 22
50
1,300
3%
35%
*
105
25%
*7%
46%
57
26
7%
27
100
1,500
28
3%
35%
7%
*90
3%
1%
4%
*1%
♦
36%
95
*26
giving
5
100
22%
Thanks¬
5%
*4%
*96
2-36
2
*1%
5
7%
24%
28%
11
"5%
i5
106
35%
8
7%
28
30
*10
5
5
♦96
106
36
37%
6%
5%
*96
11
8,100
9,300
48% Feb
3334
Apr
30% Apr
1
190
22%
23
29
28
28
28
28
*27% 28%
4
3%
3%
3%
3%
3%
3%
3%
*100% 102
*100% 101% *100% 101% *100% 102
*10
3,600
41
43i2
'100% 10212
185s
19%
Stock
28
11
1,400
89%
99i2 100
102%
57
334
88%
100
40
42%
♦101% 102%
18%
195s
24
24%
800
22
2
29%
88%
50
90
15
16% Apr
64% June
9
Jan 11
34% Mar
6% Mar
Jan
1
85
15
2%'
....50
Stamped
Carpenter Steel Co
85
83%
*55
"23%
California Packing....No par
Carolina Clinch A Ohio Ry. 100
3%
*85
*55
300
12i8 Oct 19
20% Oct 19
90
14%
100
19%
6%
91
86
3%
85
103
1,500
33«4 Mar
86
14%
3%
40% 42
*101% 106
20
18%
42
16,600
Oct 19
Oct 19
90
"
15
*3314
45
*33%
*11"I
3%
30
6%
*
86
15
15%
3%
42
734
7^8
28%
*558
,
28%
6%
90
*83"
7%
28
6
No par
7%
29%
*_
Byron Jackson Co
9% Feb 25
24
No par
100
7%
13%
7%
85%
33% Nov
7%
*6%
*3%
16»4 Nov
Dec
5
5% preferred
10
Mar
33% Dec
3134 Nov
Dec
30
Callahan Zinc-Lead
49
Oct
9
Jan
Apr
"5" 000
13
34%
Jan
8%
14%
52
49
2%
1
13%
29%
178
12%
Apr
Jan 29
Feb
1
1%
♦
25
9
11 >4
39
2
1%
2,000
36% Feb
1% Oct 19
7% Nov 24
3
1%
14
Dec
Dec
183s July 14
18% Mar
1%
1434
59%
35%
45% Feb
48
14%
12%
Jan
36% Mar
52
8%
Mar
Apr
Apr
Oct 19
22
1,900
14
8%
5% Oct 19
10i4 Oct 19
214 Oct 19
1%
7%
52
Oct 19
Sept
11%
2084
2
45% Jan 18
Oct 19
15
10
preferred
Butte Copper A Zinc
Byers Co (A M)
oonv
*49%
22
7
Jan
10
5%
2
21%
*49%
65% Mar
Dec
15% May
115% Sept
Jan
85
Dec
115
fBush Term Bldg gu pf ctfs 100
52
22%
Feb 15
Oct 19
9%
7
Jan
22%
21*4
Jan
Oct
Butler Bros
Partlc preferred
"""400
13
212 Oct 19
10% Oct 19
100
22
29%
103
220
Jan
Oct
57
65%
8% May
8%
143s Jan 11
98
58% Sept
106
107% Sent
117% Mar 12
Oct 19
26
Debentures
24% Jan 11
24% Feb 3
Apr
51% Mar
Jan
Feb
44% May
45
Sept
7
Oct 19
35
Burlington Mills Corp
1
Burroughs Add Mach..No par
JBush Terminal.......Ns par
Jan
Dec
40%
9784
2
62<4 Jan 14
Oct 19
214
100
33
Jan 12
50
Nov 24
87
...—.No par
Bulova Watch...
No par
Bui lard Co
No par
300
14%
7%
9%
7%
7% preferred
53
6i2 Oct 19
6
4%
38% Jan 14
102% Jan
Nov 22
6
par
Budd Wheel
18%
14%
8%
49
"l5"
350
4
Oct 19
Oct 19
36
7% preferred....—....100
Burtd (E G) Mfg
No par
31
20
8%
14%
13%
7%
53%
Bruns-Balke-Coilender.Ne
5,600
7
234
51%
2
5
2,100
17%
*8%
2218
10%
8%
90
7%
17
678
8
32i2Sept 24
19i4 Oct 19
No par
9%
834
*85
18
*49%
178
1%
4%
*3%
10%
par
Brown Shoe Co
200
5
22
*90
Brooklyn Union Gas...No
35
15%
37%
1,800
36
200
43
3%
978
*30
48
21%
36
4%
9%
7
par
4134
8%
"28%
$6 prerfered series A .No
4%
20%
*.
1,100
4%
8%
27
6,900
41%
20i2
3%
35%
10%
34
4
30
12% Mar
10%
41
18%
50% July
Jan
Jan 13
4
33
Jan
Jan 23
8
45
7
69
41
47
4
18%
Dec
Oct 19
40
32
47
Oct 19
4%
7l2
18
2%
11%
143,,
53% Feb 13
1
4%
4%
6978 Feb 11
Nov 24
7
29
45%
478
18% Feb
64% Mar
23 % Feb 23
29
5
4%
4%
yl2% July
43% Apr
Oct 19
Oct 19
No par
Bristol-Myers Co
4%
33
19
16%
700
18
Brlggs A Stratton
9.800
Brooklyn A Queens Tr.No par
$6 preferred
No per
Bklyn-Manh Transit
No par
45%
412
11% Jan
5% Nov
Aug 14
34
87
Apr
1% July
6
4% Jan 11
34
Bearing Co.17
Bridgeport Brass Co—No par
Brlggs Manufacturing.No par
1,000
5
4%
*96
20,700
33
46
4%
46
11
8%
20%
Roller
323g Aug
1584 Mar 23
l2 Oct 19
1814 Oct 19
1,800
9
87
1,700
Nov
Jan
25%
50% Aug 25
Oct 19
3
100
Jan 18
47
June
Aug 16
2%
8%
8
8%
90
5
J Botany Cons Mills class A. 50
Maine RR
25
28
1378 Nov 24
17Js Oct 19
2414 Oct 19
39
share
per
l«p% Apr
80% June
46*2 Apr 13
31%
10%
34%
2184
20%
Corp.—
Boston &
900
*8
10%
*33
21
Borg-Warner
300
2%
9
38
11 >4
35
21
1
15
Highest
share $
per
Jan 22
93
Oct 19
$
share
per
7634 Oct 19
Borden Co (The)
Bower
$
39
Bond Stores Inc..
Lowest
Highest
share
per
No par
1%
20
31
2%
35
8%
10.200
$
No par
B
5
8%
19%
*27%
29
30%
Class
800
27%
Bon Ami class A
14 800
18%
19%
29%
30%
14
18
*1
18%
8%
8%
21
107g
14
17%
26%
*378
18%
*26%
27%
5
*3%
30%
31%
2
>
86
41
7%
3%
1
1
83
*40%
13%
14
17%
18%
2834
Range for Previous
Year 1930
100-Share Lots
Lowest
Par
82
14
18
27%
On Basis of
1937
27,
EXCHANGE
Nov. 24
40%
18%
9i«
the
$ pa share
8134
27
*1
Friday
Nov. 23
15
*13%
Thursday
f per share
41
40%
Wednesday
.
Nov.
Oct 19
4% Jan
75% Jan
59%
Ex-dlv.
y
69% Jan
80%
Jan
100% July
Jan
55
Jan
Jan
97
Jan
Ex-rights
2%
Apr
Apr
Jan
23% July
10834 Oct
103
Aug
84% Sept
128
91 »4
136
Nov
Nov
Nov
24%
5%
Feb
82
Feb
Feb
1 Called for redemption
Volume
Saturday
Monday
Tuesday
Nov. 22
Nov. 23
Nov. 24
H per
$ per share
share
*6
6
6
22%
22%
9
9
10%
10%
11%
1034
6%
6%
578
>
*9
10%
60
11%
11%
*6%
7%
*69
74
69
70
*1%
6%
25%
1%
6%
26%
92
93
5
1%
6%
25
92%
92%
4%
834
4%
25%
23%
94
92%
25%
9278
5
24%
9278
*434
5
484
9
9%
103
9%
384
*378
%
%
%
%
*17
19
16
86%
85
17
*16
16%
86%
*83%
86%
*16
«
143,,
1234
13%
12%
13%"
10%
11
10%
1034
10
10%
10%
10%
10%
1%
1%
1%
7478
4134
74%
42
43
77
41%
4134
40%
8
4278
8%
27 34
*71
75
*70
4178
8%
8%
1%
134
1«4
134
8%
27%
8
834
40%
8
8%
26%
27%
27
1%
1%
138
1%
27
25
26%
#24%
14
25%
1334
47%
55%
1%
25%
1378
24%
1334
24%
13%
28
28%
27
28
1%
1%
1%
26
12%
*47%
47%
47%
48
47
55
5578
54%
55%
5312
47%
53%
*15934 165%
4%
4%
*160
47
53
4%
4%
4%
4%
13
47
4%
23%
2334
25
92
90
92
90
22%
21%
22
21
21%
834
4%
22%
734
30
734
28%
8
8
3134
30%
29%
*90%
22
8'
30
32%
8%
*33%
69
28
*80
97S
64%
29
28
29%
26
283s
89
*80
%
%
34
%
6%
5
5
4%
4%
4%
4%
*76%
80%
*7612
80
*76%
17%
6
46
46
6
534
3%
11%
*54%
65
14
7
76%
16%
47%
*54%
65
31
20%
7%
*6%
100
21
21
*14
21%
14%
21
14
1334
14
15%
14%
15%
14
14%
1534
14%
7
7%
7
95
100
*4%
10
*4%
1334
Closed
100
20
21%
29
13%
14%
15
7%
7%
Thanks¬
*25
*2%
278
2%
20%
*20%
21%
13%
15
16%
94%
01%
*89
91
*5
10
10
*5
10
19
*13
19
34
*13
19
*13
19
*13
19
*13
34
34
*28
33%
*31
34
*29
21*2
21%
21%
*32%
21%
21%
21%
20%
21%
*30%
21%
21%
2,300
33%
7%
32
32
32
32
*31
33%
*32
33%
7%
8
new....—No par
Preferred
20
Deere & Co
Diesel-Wemmer-Gllbert
*16%
16%
*31
32
32
32
19
18%
18%
18%
1834
48
47%
5%
3078
48%
47%
48%
47%
47%
5%
33%
*5%
29%
31%
80
80
5%
*80
83
31
*27
31
*10
11
11
47
*5%
3134
33%
*75
79%
79%
83
6
*27
*10
11
*%
%
%
*%
2%
1%
*%
1%
*%
1
*%
2%
2%
*11%
2%
2%
2%
2%
15
*106
106
106
107% 110%
13134 13134
112
112
114
5%
5«4
151
160
160
1934
384
18%
678
4%
1134
39%
108
105
98
*158
.
-
-
-
18%
384
4%
a:4
20%
634
13%
12%
43%
12
U4
21,500
131
*110% 11034
*113
161
161
*160
19
19
1884
334
3%
1878
19
6%
6
4%
4%
13
14
5%
5%
145% 149%
.
.
334
19%
6%
19%
63s
6%
4%
13%
2,800
4%
14%. 144.600
47
6,000
43%
46
43%
46
42%
4584
43%
41
42%
40
40
40
43%
2578
25
26
41%
25%
42%
2484
2578
25
2584
24%
25
78
78
%
34
*2
*2%
17%
2%
17%
18
35%
35%
106
♦100
7%
*3478
*100
7%
7%
*43
40
46
78
*34
*2
2%
*58
*2
2%
18
17%
17%
17%
3478
33
*2
17%
17%
3478
35
106
*100
6%
7%
6%
7%
*43%
48
*42%
48
*100
*32%
*100
100
%
*%
%
2%
39%
106
10,300
14,700
4%
1334
44
*40
2,600
3,800
2%
18
45
57
*44
58
♦44
55
*44
55
*51
60
*51
55
51
51
a 50
50
*51%
62
*2%
634
3
7%.
1034
11%
11%
*8%
934
*
1078
93«
*
1138
8
8
8
7%
7
778
11%
*8%
878
*
78%
4%
4%
78%
4%
107«
934
10%
934
1%
*1%
134
17«
1%
78%
4%
10
*1%
*134
2
10
10%
24%
10%
24%
25%
*97%
29%
978
*95
29%
10%
29%
10%
134
4%
134
4%
10
1%
1*4
*
78%
*4%
9'%
*1%
*1%
*95
....
*95
29%
29%
29%
1078
10%
10%
9%
84
*75
80
74
80
*65
80
*3%
*95
101%
♦95
105
*3
3%
338
3%
37S
3%
4
2
2%
2
2%
18
18%
19
•
.
105
3
3%
3%
3!%
2%
2
2
17%
175s
sales on this day,
*73
84
80
105
2%
17%
2%
1734
-Jan
9%
Feb
4%
5
116%
May
128
153
Fe
23
2
4
Apr 10
29
Mar 17
18% Apr
34%
60% Oct 20
90
Mar
9
93
Deo
95%
Jan
Dec
Oct 15
25
Feb
9
19
Oct
25
Nov
40
Aug
36% Feb
40% Feb
No par
79% Nov 26
Dresser(SR)Mfg conv A No par
Class B
No par
fDuluth 8 8 A Atlantic... 100
0% preferred
100
Dunhlll International
1
Jan
Aug
6% Oct 19
10
Oct 19
Occ 15
30
77% Jan 25
30
Oct 19
9
Oct 19
% Oct 25
% Oct 19
1% Oct 19
12% Mar
8
143«4 July 13
55
Jan 16
39% Jan
1% Jan
7
5
3% Feb 19
8%
Jan 16
37%
41% Jan
7% Apr
50% Jan
Jan
29
Jan
% May
1% Jan
478 July
13% Aug
5%
43
4078
Deo
61%June
12%
82%
Deo
Oct
51
Dec
36%
Dec
1«4
Jan
3
Jan
8»4
18%
Oct
Jan
106
Nov 20
17% Jan 19
122
Jan 19
Nemourt(E DA Co 20
98
Nov 24
180% Jan 18
133
Apr
184«4 NOV
0% non-voting deb
100
$4.50 pref
....No par
130
Oct 20
135% Feb 19
112
Nov 20
129
Feb
130% Dec
115% Jan 22
17
Mar 6
ill 1%
....No par
8%
preferred.......... 100
Silk
Du P de
Duquesne Light 6% 1st
Eastern Rolling Mills
pf-100
107% Oct 21
109% Oct 27
5
2% Oct 19
t.N J)-No par
Eastman Kodak
144
100
6% cum preferred
4
Co
Schlld
No par
Electric Auto-Lite (The)
6
Eltiugon
Electric
Corp
—.3
50
100
1
preferred
Engineers Publlo
Servloe
No par
$5 conv preferred
$5preferred w w..No par
$6 preferred
No par
Equitable Office Bidg. -No par
100
Erie Railroad
100
1st preferred
2d preferred
100
Erie A Pitts RR Co
60
Eureka Vacuum Cleaner
5
Evans Products Co
.—5
4%
Fairbanks Morse A Co. No par
6% preferred
Fajardo Bug Co of Pr
Federal Light A
preferred
Federal Min A Smelt
Preferred
100
Rleo-20
Traction. .15
...100
Co.—100
100
Truck..No
Works..No
Federal. Water Serv A ..No
Federated Dept Stores. No
Federal Motor
par
Federal Screw
par
» New
stock
par
par
f Oasb sale
14% Oct 19
Nov 24
33
5% July
156
152
1Y0"
12%
Dec
Dec
Apr
185
Aug
July
166
Mar
Jan
40% Nov
684
Apr
Apr
47% Nov
10
Apr
87
-—50
June
Deo
30«4
Oct 19
Corp..No par
120
28%
Oct 19
preferred
4
Feb
45% Feb 11
24
% Oct 19
1% Oct 19
Aug 10
Nov
114
37% Feb 11
10
Mar 17
22
Endlcott-Johnson
a Det delivery.
19
19
19
19
Battery ..No par
El Paso Natural Gas
600
Oct 19
Oct 19
shares...
JElk Horn Coal
$6
3
27
preferred
$6 preferred
$7
8%
15% Oct 19
—No par
No par
3
Electric Power A Light-No par
4%
104
Oct
Oct
Oct
Oct
Elec A Mua Tnc Am
6%
198
2
Apr
15%
33*
3%
6%
Boat
Elec Storage
Nov 24
150
Eaton Manufacturing
6%
Oct 19
10
Duplan
1,900
t In receivership
Fee
107g Feb 18
6% Nov 19
20% Oct 19
2,400
4
Oct
23%
1% Oct 19
par
3,400
3%
5484
147, Apr*
par
......
3%
*334
Jan
24% Mar 17
No par
Douglas Aircraft——
Dow Chemical Co
100
*95
Apr
Oct 19
41% Jan 25
10
*65
19%
8684
5
Jan
40*4 Feb 17
51
Jan 28
900
3%
5
68% Mar 17
Oct 19
1,200
74
5
29
Oct 19
Oct 19
.
1034
3
175s
.
30%
IO84
4
17%
—
30
10
27,
2
*95
29%
*3%
Bid and asked prices; no
*65
...
33% Nov
31»4 Mar
Oct 19
16% Oct 19
410
29%
32% N-T
8
35
3,700
....
Jan
13
27
100
10%
2634
Dec
27
par
preferred
10
107"
par
134
*1%
2534
1
par
Co
No
No
CastlngCo No
Dome Mines Ltd.
No
Dominion Stores Ltd.-No
Corp-No par
25
10%
5
Class A
Exchange Buffet
25%
5
Jan
Nov
Doehler Die
Fairbanks Co..
9
Feb
27
Dixie-Vortex
100
2434
"l TS
24
109
15
300
10%
3
19
184
Corp-Seagr's Ltd No par
5% pref with warrants.. 100
......
25%
108%
12% Oct 19
90% Oct 21
19% Nov 23
20% Nov 20
40%
134
1%
134
n£J
Oct
Oct
Co. .2
1,400
2,900
4%,
"l9%
30%
25
10%
10%
*70
•
78%
4%
10
24
*70
101%
*95
*
10%,
70
70
434
10
26
84
*
7
7% Apr
70% Feb 19
pref
8% participating
700
11
12
8
Ian 10
Oct
Jan
7,700
2,400
8%
7%
7
11
*2%
084
1034
3
*258
3
18%
Oct 19
"
Dec
500
234
7%
2%
Oct 29
63
200
3
2%
Jan
27
Jan
52
*46%
70%
42
1,600
*46
36% May
5% non-cum pref erred.. 100
Devoe A Taynolds A ..No par
Diamond Match
No par
200
45
Feb 27
117,
......
6%
6%
63g
62
21%
700
400
Jau
Nov20
Apr
......
2,500
35
106
45
1,400
2,500
Dec
90
June
20
.
.
19%
3%
I884
334
5,400
6,100
9% Mar
2178
4
500
70
114
Jan
Jan
Sept
13
400
131
4
Deo
7
20
99% 103
149%
19%
1234
1378
*11
100
144
....
4
4%
1,000
5%
18%
584
4
3
5
18%
3%
20
7%
18%
*6%
4
3
161%
*159
20%
1934
100
1
5%
150
152
113% 11334
114
478
5%
700
%
*107
107
101%
13134
13134 13134 *131
111% 111% *110% 11034
*113
114
......
11
*%
2%
12%
107
100
1,100
*38
1
*11
♦107
108
5%
150
155%
11%
11%
102% 109
132% 132%
*11134 112
114
*113
12
20,100
2978
1078
%
*%
%
100
6
*27
297«
11
*%
♦11%
1,300
6,800
47%
32%
*5%
30
*10
130
31
5%
*27
400
16%
10%
Apr
24%
19
Distil
16%
4
6
Jan
44%
Jan
6,400
1,800
31%
114
May 13
2,100
19
99% Mar
May
77«
31
0
22
15%
*16
14% Mar
Deo
30
65%
17%
Deo
20
129
Oct 19
7%
20
Jan
12% Oct 15
34 Nov20
18% Ocj 19
7%
32
Sept
0%
91% Nov 24
14%
17%
*31
9
uot
...100
Ry Co... 100
66%
33%
83%
10%
Hudson
14
7%
Deo
Jan 14
6
*65
778
Dec
3%
86
5
Conv 5% pref
25
Dayton Pow A Lt VA % pf-100
68
7%
6684
125
59
24
$8
Delaware *
95% Apr
1% Sept
18% Nov 23
7% pref.. 100
14%
*5%
*27
8% Mar
23>4 Mar
14
307s
83%
Oct 19
68
19%
17
32
2
Dec
20% Feb 11
8% Oct 19
67% Aug 19
1
19%
03% Jan
35% May
1078 June
127
Oct 28
1578Nov26
1
Aprf
28
4
109% Jan
Diamond T Motor Car
19%
17
*31
Oct 18
A..
Deo
7% May
14% Jan 12
Jan 11
43
Mar 1
Nov 20
14%
14
*65
18%
47%
200
34
14%
65%
16%
15
67
^
17% Jan
4
69
7%
14%
*65%
m
Oct 19
40
Curtlss-Wrlght
44
Jan 11
Packing
50
(The)...No par
Preferred
No par
200
m
3
234 Oct 19
Curtis Pub Co
91% Nov
58% Nov
49% Nov
46% July
135
75
Cudahy
3538 Sept
Jan
43%
3
8
8184 Mar 3f(
MarlO
Oct 19
10
100
Det A Mackinac
.
56% Jan
Nov 26
3
100
Sugar.
15% Mar
28«4 Jan 15
1007g Feb
% Oct 19
Detroit Edison....
10
*5
Nov
738 Mar
IO884 Apr 15
21
700
2%
2%
Day
921
18,900
"377,
47% Jan 28
25% Apr 13
80
500
8
7% :
Mar
8% Oct 19
10
100
Delaware Lack A Western.. 50
tDenv A Rio Gr West 0%pflOO
1,000
6,000
Deo
"35"
64% Nov 23
7%
40,500
1,200
50%
Nov 16
33
No par
Davega Stores Corp
23
Oct
Oct 19
2,700
70
Deo
July
7
2,700
300
Oct
82% June
170
4
56% Feb
28% Nov 23
37% Nov 8
22%
14
Deo
Apr
09%
63% Aug
Jan 16
preferred...
No par
Cutler-Hammer Inc newNo par
13
2%
9412
""io
Mar
40
41
37
Preferred
Class
4
447,
Dec
3
Nov 23
.100
100
(The).......No par
Cushman's Sons
100% 100%
7%
2%
3%
31
*6%
*13%
giving
95%
2%
3
*2%
*98
7
7%
Exchange
634
1334
*6%
100
65
19%
1934
13%
21
20%
19
21
22
22%
Stock
31
12
*54%
65
48
3%
11%
338
1178
4,000
1,600
26,500
13,400
6
Oct 19
21
-5
....No par
Cuban-American
Feb
Aug 13
Cuba RR 6% pref
60
900
16%
1578
57g
47%
48
xll
*25
40
76%
*75
6
3%
338
20%
208,
16%
12%
1334
1334
*9934100
2134
19%
14%
*13%
100
2,700
534
*47%
18%
21%
6»4
7%
678
14
*99% 100
3,000
4%
*24
31
20%
21%
*21
%
6
3%
11%
*54%
65
*24
24
24
*%
5
4%
6
47
3%
12%
3%
1134
78
5
46
Aug
115
Preferred
Cuba Co
Jan
24% Mar
158
Oct 19
Crucible Steel of America.
100
Nov
Nov
87%
171% Jan 14
10% Mar 10
90
Crown Zsllerbach Corp
$5 conv pref
4
109
55% Apr
22% Nov 20
Pref ex-warrants
438
76%
17
53,
49
*47
3%
11%
*54%
6,100
80
8
Feb 13
71% Jan 15
50% Oct 20
Apr 14
3
25
77
Nov 23
153
$2.25 conv pref w w..No par
28%
35% Mar
9% Oct 19
26% Mar
35% Nov
17% June
35% Apr
2% Apr
28% June
378 Feb 11
July 19
Oct 19
47
No par
Crown Cork & Seal
500
49
78 Oct 19
24
Crosley Radio Corp...No par
21,200
9
2584 Jan 23
4284 Jan 23
69% Jan
Oct 19
23
No par
Cream of Wheat ctfs
1,400
2,900
7,400
80
4%
10934 Feb 17
No par
25
100
Co
5% conv pref
27
5
5%
17
17
17
17%
6
Crane
800
85
4%
80%
Oct 18
*100
Coty Inc
4,100
7,800
34%
10%
65%
*34
%
%
*5%.
4%
*5
65
Preferred
200
27%
26%
*78
87
*80
100
40% Nov 24
5% Oct 19
—
15®4 May
Jan
1% Jan
07% Jan
0384 Dec
5% Jan 15
20
.5
Continental Insurance..-32.50
Continental
Motors
1
Continental Oil of Del
6
Continental Steel Corp. No par
Corn Excb Bank Trust Co..20
Com Products Refining
25
Deo
1%
10%
Oct 19
Continental Diamond Fibre.
Jan
Deo
37%
J....
1
Continental Can Inc
65%
9%
Oct 19
No par
preferred
9%
12% June
0
6
92% Aug lfl
37% Apr 13
3784 Jan 14
8%
1284 Nov
June
2
13% Apr
52% Apr
7% Oct 19
Class B-.
106% June
% May
1% Feb 27
% Oct 16
Oct 19
16
Jan
5% Sept
10% Oct 19
41
*33%
3
9% Nov
17% Dec
101
Continental Bak class A No par
65
103s
1
July
109
378 Apr
80% Oct 19
"loo
33%
*63
Nov
2% Oct 19
Feb
Feb
Oct
48%
11% Apr
5
1057g Jan 23
10% Jan 4
Amerlca_20
6,000
21%
8%
30%
*35
41
10
65
87
8%
2978
33%
10%
1034
68%
10%
21%
101
Jan
102
1778 Apr
Oct 19
Consumers P Co $4 50pfNo par
Container Corp of
910
90
8
*35
*66
1034
*85
30
13% Feb 20
7,200
2,000
3,000
6,200
21,500
1,100
5
21
%
Nov 26
7
7%
20%
4% Sept
3% Oct 19
100
25%
Nov
15% Apr
27% Apr
92
4,800
5,700
*4%
Nov
95
9
No par
5
Consol Oil Corp.,
-No par
$5 preferred..
No par
Consol RR of Cuba 0% pf-100
fConsolldated Textile..No par
Consol Coal Co (Del) v t C--25
5% preferred v t o
100
preferred
Dec
19«4
85
Jan
5% Jan 20
18'4 Jan
4% Oct 19
4978 Jan 23
108
Jan 12
%5
11%
1%
7478
41%
8%
27%
1%
26%
1378
47%
54%
165%
June
72%
Oct 19
11,3001
23%
90
21
33%
33%
3578
*33%
3578
10%
*02
*85
41
53
23%
2234
90
*35
41
*35
41
*35
25
23
1%
14
*12%
163
163
165
*159
165
*160
Oct 19
Consol Laundries Corp
13%
13%
*71
1
100
86
8
65«4 June
Mar 11
22
100
19
,,
*84%
14%
1%
1
No par
$2 partic pref
Aug
7
18% Jan 15
Mar 2
4% Oct 19
44% Jan
2584 Mar
33% Jan
Jan
15
Consol Edison of N Y..No par
1,500
1,400
4%
4%
4
1334
79
96
36,800
1o
4
13
134
Oct 21
""300
4
38
%
*15%
*83%
85
*11
03
Ho
9%
16
87
103
*3%
4
16
*85
%
4%
878
*100
4
4
4%
4%
3g
'V::
9
*3%
3%
£
103
*100
103
3%
4%
4%
9
87,
*100
103
*100
384
100
100
800
*1%
*6%
2378
July
preferred
% prior pref w w
Consol Film Industries
2,300
1,000
39,200
1,000
1%
20
Oct 18
7%
69
Oct 19
8
68
69
22
65
Consolidated Cigar
*60
30% Aug
Jan 14
6% Oct 18
1
No par
Consol Aircraft Corp
68
634
534
Nov 24
700
*60
19% Feb 11
45% Mar 11
19% Jan 23
Oct 19
8
3,300
6
1%
94%
*4%
10%
11%
6
25%
21
$ per share $ per share
7
July
15% Deo
$ per share
share
4% Oct 19
per
Highest
Lowest
Highest
Cigar
No par
Conn Ry & Ltg 4H % pref.100
Congress
*5%
134
10O-Share Lou
Congoleum-Naim inc..No par
300
1078
684
$
No par
Conde Nasi Pub Inc
300
2,700
9%
68
70%
23%
9%
6%
Par
Shares
7
24
*8%
On Basis of
Lowest
*60
68
*93%
*100
5%
*9
6%
22%
8%
1%
778
*5
10%
1034
*9
10%
*8%
EXCHANGE
*6%
22%
6%
6%
the
Week
CENT
$ per share
$ per share
6 84
134
1%
*7
934
8
9%
*69
7378
*69
22
12
*60
68
6%
22%
934
9
*9%
*60
*6
22
7%
*8%
$ per share
$ per share
23
22%
Nov. 25
Range for Previous
Year 1930
Range Sines Jan. 1
STOCKS
Nov. 26
Wednesday
Nov. 20
NOT PER
NEW YORK STOCK
Friday
SHARE,
Sales
for
SALE PRICES—PER
AND HIGH
LOW
3457
New York Stock Record—Continued—Page 4
145
16
Feb 23
7% Feb
0
26% Jan 14
784
Feb
Jan
257,
Deo
3284
Jan
Jan
Deo
Jan
Jan
94%
87%
Dec
Dec
Jan
8
29%
44% Jan 10
2
Jan 19
39%
29
Jan 18
60
Feb 11
Feb
Dec
7
Jan 18
1,7%
6
0%
92% Jan
8
1578 Nov
%
1%
2284 Nov
53% July
110
Aug
55%
1%
0%
29%
Jan
Feb
Deo
Deo
69
Feb
110
July
105i;sJune 10
115% Jan 19
3
Oct 19
17% JJU> 10
7%
Jan
16%
Dec
41
Oct 21
78% Jan 30
45%
Jan
8484
Oct
Feb 19
48
Jan
89% June
Jan
97
45
NOV
51
3
81
Nov 23
80% Feb 10
55
1% Oct 19
4% Oct 19
8% Oct 19
9>4 Jan 15
23% Mar 17
35% Mar 17
11
Oct 19
28% Mar 17
5
*75%May 27
80
Jan 14
3
Oct 19
14% Jan 21
7
Oct 19
34% Mar
1% Oct 14
1
Oct 19
7% Oct 18
23% Oct 19
150
26
Mar 31
Oct 18
7% Oct 19
74
Nov 24
3
684 Jan 21
6% Jan 28
34%
Oct
II84
Jan
29
Oct
68
Jan
69
Jan
12
Jan
10
23% July
4% Jan
2% June
157, Aug
407,
Jan
8% Mar
484 Mar
8%
Apr
25
Deo
3484
Jan
71«4
122%
210%
Deo
Dec
Jan 11
31%
Jan
Feb
70
Jan 28
61%
Deo
Deo
29% Jan 18
Jan 4
18»4
Apr
27j4
84
Jan
101%
Dec
Mar 11
37
Aug
92
Mar
Apr
697, Mar
123% Nov
Jan
12% Mar
103
150
Oct 19
129
2
Oct 19
2%
1%
Oct 19
Oct 19
s Ex-dlv
June
107, Deo
18% Sept
7178 Jan 15
28
90
Oct 19
Apr
Apr
210% Jan 14
60% Jan 27
17
5% Apr
2
11% Feb 19
11% Feb 26
6
Jan 14
43*4 Mar
v Ex rights
4
7%
3
2%
20%
Apr
Jan
Jan
0
Deo
0
Oct
40% Nov
t Called fo tredemption
New York Stock Record—Continued—Page 5
3458
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
fGT
-
NEW
JUT
Saturday
Monday
Tuesday
Wednesday
Thursday
Nov. 20
Not .22
Nov. 23
Nov. 24
Nov. 25
$ per share
$ per share
9 per share
$ per share
65*4
65*,
27*2
28*
*20
92
*86
20
32
*16
20',
20
*89
323)
3ih
30%
16
16%
17
16
29
*20
30
*26
*17*2
23
*17*2
23
*15%
20
*15%
2h
2%
27
28
234
27*2
28
28
28
28
80
80
80
86
85
80
*84%
16*8
18
16*2
18
15%
17%
77
68
68
*66
80
4
4
4
4
*3%
*45%
21*4
50*8
21%
45
45
*42%
2h
*08
4*8
4*4
50
50
21*4
2134
105
105
*104
32
*25
28
30
29
*66
434
100
Florence Stove Co
100
J FollansbeeBrothers.-No par
Food Machinery Corp
100
434 % conv pref
——100
1,400
360
18*4
9,400
80
21%
2,900
104%
S7
600
40
*42*8
21%
No par
Foster- Wheeler
30
4%
45*2
4*4
Oct 18
Nov 22
27
Oct 19
80
Oct 20
2-
18
Oct 19
30
30
2934
30
60
11%
11
11%
13
14
1,150
$6 2d preferred...--No par
0l2 Oct 19
2
2%
*2
5
5%
5*4
534
40
3
32
234
Gabriel Co (The) cl A--No par
4%
5
5
5%
1% Oct 18
338 Oct 19
*20%
14*4
*20%
22
400
14%
15
15
100
*87
88%
*87
6
6%
6%
45
Dec
25*2 Mar
3?g Aug
3
40*g Sept
30*4 Dee
105*4
58*g
423s
66*4
34*4
11*4
June
10
*20*2
157g
22
*15
16
14%
90
90
*87
90
88
88
22
*20*2
6*4
6*8
6*4
*6%
90*2
31*2
7*2
6*2
6*8
*90
97
32*4
7*8
*115
34*2
7*2
*115
130
4
23
11
23
*65
80
*110
21*2
*65
23%
2338
1*4
*33
50
50*8
*33
50*4
33*8
*6*4
•
32%
6%
*116
*92
35
35
7%
24*g Apr
95*4 July
Jan
9
63
Jan 13
Mar 25
80
♦116
4
4
4
1134
11%
12%
22
23
24
84
*75
22%
80
110
37
28*8
1*4
*33
*65
23*8 Z23%
23*4
110*4 *110
121%
39
z36% 37%
■29
28*2
1%
1%
*33
50
51
51*4
119*4 119*4 *119
51%
3134
33*8
115
115
Nov zl35
Jan
4
47*8
Jan
Jan
8
31*2
Apr
7% Mar 3
153s July 19
z39%June21
3*4
Jan
28
28
28
4%
5*8
1134
104*8 10412
1%
1%
18*2
1834
5
4%
*10
*10
11%
*89
10412
1%
17%
100
19
*85
1%
3134
78
18
18
2234
22
20
2134
20
21%
20%
*12*4
15
13
13
13
14
14%
14*4
*17*2
22
*17%
22
*16%
20
11*4
10*4
11%
10
10
10%
64*8
0%
*60
53
*49
9
10
*60*4
8%
*55
57
53
20
*46*4
25g
25S
"1578
17
*65
56*8
20*8
19*8
*79*2
4%
85
*61
06
4*2
40%
*ie
2%
♦
2%
3%
95
"1534
2%
3
92
55
55
55
20%
18
19*8
83
79*2
79*4
4l2
80
61
61
*79
4%
1%
4
1%
12*2
*12*4
14%
4*4
*60
13%
25*4
25
13
12%
24*4
27%
*50*2
177S
*31
97s
64*2
27*2
132
16%
20
80
80
4*2
4*4
*58
1%
134
3%
1«4
4
15
15
14%
15
25%
24*2
2584
12
12
24
25%
*27%
24%
29%
27%
*
132
~50%
64%
17
17
17
59
*35
59
*45"
50*2
2634
700
17*4
*35
—
64*2
10
1734
59
2,000
.
9%
10*4
9%
10
9%
10%
9%
10*8
16~900
834
1*4
834
1*4
884
1*4
9
8*2
8*2
834
*1*4
884
1,200
184
400
*14%
5
14
21
*14
5
*4
.
1*4
21
5
*1*4
134
*14
21
15
6
*4%
*5
15
40
638
17
14
15
15
15
*16
17
25
25
*25
27
25
25
*23
25
34
*31%
34
*2234
*3134
33
*31%
33
*31%
6l«>
*21%
*95
99
*97
92
92
*92
213s
*121
2134
128
7
*63g
*66
2*4
*85
6%
*90
71
25S
89%
634
22
*121
*6%
*60%2%
85%
6%
0*2
23
98%
100
22
7
71
2%
85*2
634
91
90
90
130
130
14
*106
110
*126
129
*40
51
*83
85
*15
21
20
20*2
9338
95
14*4
14%
105*2 105%
*126
*44
85%
7*2
21%
*20
22*2
98
98
*95
98
*92
100
21
127% *121
*125*8 140
14
*6*2
21
129
6
*60
2*4
81
6%
*81
71
2*4
87
6*2
90
129*2 130
1434
1434
10534 10534
*120
129
49
*43
44
85%
*85
87%
23
*17
23
*17
20
20
1934
94*2
94%
96
12
10%
22%
21
*92
21%
21
127*2 *121
6*2
6%
6*2
6%
*20
100
30
21
21%
*121
127%
6
71
84
534
*60
2%
6*4
2%
*85
,
6%
89
6%
89
129
534
2,600
"""766
Preferred
'
Green Bay A West RR Co. 100
100
Greyhound Corp (The)-No
"2" 500
600
6%
8,700
90
300
80
16
800
50
54
300
126
0% preferred.
Hackensack
Hamilton Watch Co
Motors
Hercules Powder
0%
92
80%
80%
*79%
84
6*2
42%
1%
44
41%
2
*1%
2%
700
5%
5%
100
7*4
I84
7%
11,300
7,600
10%
25,700
43*4
44*2
*80%
634
43%
2
2
2
634
*5
6*2
134
97g
18
*3584
73s
»
7
634
*5
7*8
z42
2
2
7
5%
7%
1%
134
734
1%
1%
9%
18*4
1%
10%
1034
7h
39%
7*4
2
*5
7%
18*2
7
44%
534
7*4
40
6%
44
18*4
39*2
7*4
9%
10
*5
*79%
6%
634
5*2
82
7*8
184
9i2
7%
1
I84
10*4
1634
17
9%
17*2
18
39%
39
39
6*2
*6
7*4
t In receivership.
*6%
7
a Def.
Household Fin
——100
27*4 Feb 1
48% Feb 8
47*8 Jan 6
28% Mar 8
56»4May20
10
Jan
32*4
Jan
2
31
Jan
145% Mar 2
04% Mar 10
39i2 Mar 10
136
Jan
Jan
59
65
397g Nov
Apr
May
Deo
24
5
59% Mar
34»4 Feb
0
9*4
30*2
8
30
Jan
30
7
33
June
20*8 Feb 10
6
July
Jan
Jan
Jan
12.50
6
30*g
Jan
com
5% preferred
55
120
Jan
12
Jan
104
Nov
115
4*8 Apr
99*8 Dec
1258 Aug
9
Mar
133
Mar
136*2 Dec
18*4 Nov
21*8
141
Jan
165
Deo
11
Oct 19
42% Nov 26
39*8 Feb 11
185
84
Jan
150
Deo
126
Aug
135
Apr
67*4 Jan 21
83
Nov 26
111
Nov 19
37
109
Oct 19
x3934 Oct 19
Jan 19
June
587j Sept
102
Sept
80
Jan
119
Feb
4
52*4 Feb
5
120*2 Jan
4
108
June
Mar
Jan
Mar
Nov
9
7
3
9
Jan
33*4
19*4
Jan
427, Deo
108
Feb
115
8
407
Dec
644
Jan
30*4
43*2
114*4
62*2
30*s
Jan
49*4 Deo
124
397g June
44*4
22*4 July
33
stk. No par
100
44
Oct 19
73
Jan 11
64*4 June
8078 Nov 23
434 Oct 19
94
Jan 22
Mar 10
Jan 21
Jan 21
Feb 17
Aug 17
Mar 17
U2 Oct 19
100
8
Oct 19
38
.10
Oct 19
07*2 Mar 11
30
June
39
0
Nov 23
72
Jan 20
68
Jan
25*2 Mar 11
11
May
r
1000
Cash sale
*
Oct 19
llg Oct 19
3% Oct 19
4
Oct 19
Oct 19
Ex-dlv.
y
Dec
Oct
Oct
Feb
Feb
Mar
*78*8 Nov
Mar 20
0% preferred series A—100
37
Oct
3
2
20
1512 Oct 19
41
Feb
135*2 Feb
6
—100
Jan
May
41
Leased lines 4%
RR Sec ctfs series A
Jan
117
277g Feb 11
1
Deo
Feb 26
Oct 19
Hupp Motor Car Corp.-
Nov
17«4 Jan 11
17*2
90*2
67g
167g
23*4
4*4
New stock,
15*2 Dec
32
125*2 NOV
105*2 Mar
Oct 19
No par
Deo
19*4 Mar
0212 Oct
347g Deo
37
Aug
0
100
Jav
4*4 Deo
60
23
...
Oot
177s No
par
6% preferred
n
1
95
1*8 July
9
68l2 Mar
Deo
60*2 Mar
Jan
140
44
52*4 Not
22*8 Oct
40*8 Oct
4214 Deo
149*2 Aug
22
17% Mar
Jan
Feb
Mar
Jan
*25*8 Nov
No par
Houston Oil of Texas v t C—25
Howe Sound Co
5
Hudson A Manhattan.—100
200
delivery,
June
1*8 July
150*4 July
25*2 Apr
Oct 19
No par
Class B
70
7
2
3*g Apr
10
Apr
24*2 Aug
28*2 Jan
Deo
Deo
July
9
May 22
Houdaille-Hershey ol A. No
1,600
39%
Jan
6
Homes take Mining
17
77
Apr
Jan
6,500
39
Dec
8*2 Apr
Feb
15i2 Oct 19
17
Dee
NOV
166
Holly Sugar Corp
7% preferred
39
35*2
86*2
317g
1057g
14*8
90*2
4ig
11*4
6*8
21*g July
zlOO
9
Oct
Jan
Sept
120
2,200
5,900
13*8
7*2 Feb
10*4 Feb
118
Nov 24
Oct 19
11,700
Feb
Jan 12
98
Jan
Deo
Nov 24
Nov 19
100
7%
44
4»4 Feb
Jan
0*4 Nov
6*8 Jan 22
42%
55*4
89
10
600
5
16
Jan
NOV
129
93
8,100
700
Jan
Jan 14
6% conv preferred--No par
Hollander A Sons (A)..
-5
■
Bid and asked prices: no sales on tnis day,
11
Mar 11
Feb 26
125
Illinois Central
94
25%
50
37g
13% Jan 18
96
90
66
74
141
*193g "Oct
37*2 Dec
62*4 Sept
60% Mar 11
87>4 Mar 11
473g Mar 11
8
105
No par
Deo
92
116
107
Oct 19
Deo
27*2 Nov
Feb 17
117% Aug 13
1578 Jan 25
6
71
89
31*4 Deo
44*8 Nov
Oct
84
07g Feb 25
8i4 Feb 19
115
70% Noy 19
li2 Oct 19
Nov 23
48i2 Dec
2
81
100
Hudson Motor Car
1%
*74
Oct 28
Oct 19
No par
No par
cum preferred
50
10%
Oct 19
5
100
w w
Hercules
18
123
1
Feb
Dec
118*2 Mar
47a Deo
Jan
14*4
100
Hayes Body Corp
2
Hazel-Atlas Glass Co
25
Hecker Prod Corp v I c.No par
Helme (G W)
26
Preferred
100
*49%
50
0*4
June
51
*2434
Oct
13% June
Aug
70
100
10
25*2
1
Jan 22
50
26
Feb
Feb 23
Mar 9
Mar 9
Jan 28
Jan 18
105
6% preferred
Hat Corp of America cl A
June
6*8
Aug 30
Oct 26
$4 conv preferred
No par
Hlnde A Dauche Paper Co. 10
Holland Furance
No par
50~34
33*4 Jan 25
437s Feb 11
92
Hershey Chocolate
50*2
6
Jan
33*4 Apr
32*2 Apr
17
July
30*8 July
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrao. No par
51%
50
88
7
Jan
10%
51*4
4
Deo
10
50%
25*4
2
Apr
26*2 May
Jan 20
487g Jan
70% Feb
Jan
14
300
----
634
106
*104
51%
27
*109*2
57
Feb 18
10%
*25
*109*2
110
Feb 16
200
590
Jan
3*2 Apr
32% Apr
31
20
1,800
5*8 Jan 13
65% Feb 4
117% Jan 22
8
Oct 15
Nov
Jan
lU2Mar 18
4«4 Jan 11
Vg Oct 19
77
5*4
105
107g Feb
3% Oct 19
Jan
Au
123*8 Nov
59*2 Deo
15*4 Deo
7% Oct 19
12
Oct
123
Jan
Jan
Feb
Jan
1
Jan 19
71
70*2
18*8
108
83
21%
*109%
Feb
637g
9
Oct 19
48%
51*2
2134
Jan
Nov 26
42%
"i",3o6
Jan
Oct
Deo
43s
July
19
83
1034
2134
14
58
95
42%
20
Jan
100
preferred
*15
100
7s
Jan 18
No par
6%
20
10*8
Nov
7*2 Oct 19
Nov 19
85
20
Deo
44
65
2612 Apr 17
434 Oct 19
44
100
55
Feb
3
25
85
11
162
33*8
Mar
25
44
1934
Nov 15
Oct 19
*15
97
60
19
19
27
14
19
12
10
10
50*4
*11
2312 Oct
2312 Oct
13H2 Oct
50i2Sept
1512 Oct
25
Water
Hall Printing
48%
22*2
11*2
Oct 19
100
18% 19*4
*9734 100
10
10%
21%
21% 21%
*109%
51%
5034
5034
25*2
2434 25%
10*4
10%
10-%
11*8
22%
*109%
10
No par
8% preferred
-100
Gulf Mobile A Northern.. 100
Oct 19
14l2Nov 20
24% Nov 20
10
preferred
Guantanamo Sugar
40
*15%
10
par
1
634%
634 % preferred
2%
89
126
129
100
Green (H L) Co Inc
Greene Canaea Copper
71
*125% 130
1434
52%
14%
n50
*126
90
N* par
No par
Jan
34*2 Apr
Mar 20
1*8 Oct 19
Oct 19
140
19
I3g Oct 19
3
20
21
129
400
95
*92
127%
2%
*81%
22%
Oct 19
1
7% preferred class A
""806
95
100
*5%
*60
300
6*2
65
1
33
6*2
2H4
Oct 19
3l2 Oct 18
6
1,200
25
*31*2
6*2
2114
200
100
Grant (W T).
No par
Gt Nor Iron Ore Prop-No par
Great Northern pref
100
Great Western Sugar.-No par
25,300
27*2
16l8 Oct 19
77
No par
$3 conv pref series
Granite City Steel
500
132
Oct 19
Nov 22
Graham-Paige Motors
3,900
*
par
No par
13
55
Granby Consol M S A P
Grand Union Co tr ctfs
2,500
12%
preferred
Preferred
2,800
25
12*2
conv
par
59*2 June
110
Oct 19
Oct 28
128*4 Nov
118
Ug Oct 19
2
Jan
Feb 11
Feb 2
24
90
Dec
Jan
Dec
70i2
122*8
60%
15%
2078
88%
2938
90'4
61%
58%
he
6
60*8
17
70*2
10
Oct 19
Oct 25
Jan
Deo
1
Oct 19
43
11*4
28
Feb
Oct 19
49% Oct 19
20% Oct 19
Oot
Oct
Jan
124
8
7»4 Oct 19
Deo
Nov
49
0412 Jan 29
657g Jan 18
66
*32 OCt
Gotham 811k Hose
700
12
*50%
16%
18
134
12%
12
24%
29%
132
96
500
700
2
3%
I84
60
5% preferred
..No
Goodyear Tire A Rubb. No
12,700
7,900
1%
*35
1*4
600
30
3*2
No par
preferred
conv
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)—
No par
12,400
60
-No par
No par
8
70
20
155
Jan 13
3«4
Oct 19
13% Oct 19
9i2 Oct 19
19% Oct 19
Rights
23,400
4*4
Brothers
434%
2,300
4,400
5934
64*2
17%
5*2
284
19%
59
21
100
92
"l5%
*50%
17%
9
3,300
3%
Oct 19
Oct 19
10 preferred
GUdden Co (The)
14,200
*50%
*31
10*2
200
%e
234
3%
*--
60
1134
24
25%
1
14
Glmbel
8,700
47
8
18
Gillette Safety Razor—No par
95 conv preferred
No par
300
57
*1%
12*4
*27%
8,300
1%
12*4
14%
25%
*.
6,100
9*2
Nov
1
Gen Theat Equip Corp.No par
Gen Time Instru Corp .No par
General Tire & Rubber Co.. 5
------
1134
334
12
26
660
10%
Oct 19
16 preferred
No par
General Refractories
No par
Gen Steel Cast $6 pref.No par
1,700
60
*10
'
*4
25
15
25%
1234
13%
20
19*2
79%
60
1%
21
54*4
18
*5*8
*16
1%
3%
1%
12*4
14%
1,900
*47%
24%
16
59
*834
114
*15
*_..
4*4
66
5,500
19
19
19
15
1% Oct 19
No par
6% preferred
Gen Realty <fe Utilities
6,200
3%
54*4
18%
85
2
2%
"15%
10*4
100
19
Day
92
18%
1%
27*2
2%
10
8%
giving
%0
3
17
*44
25%
*_.
55
1%
26*2
2
3
*
No par
22%
Thanks¬
47
'10
"15%
334
132
2434
No par
10
54
*44
17
4*4
178
*
*48
General Printing Ink
$6 preferred
Gen Public Service
Gen Railway Signal
500
60
9
834
25*2
46%
*10
134
15
9
30
100
*11*4
Closed
Oct
Oct
Oct
Oct
31% Oct 19
18
*17
10*2
Oct 25
21%
3i2
8%
10334
1
Nov
Jan 23
6478 Jan 21
44% Feb 9
Oct 19
May
4
152
Nov 16
48
2,200
2,200
13%
Exchange
111
33
10
No par
Gen Outdoor Adv A.,.No par
Common
No par
1,400
20
Stock
10%
53
5
2
61
25
378
12*4
1412
24*4
1234
24%
2712
10
26
2
178
10
61
8%
'10
20
10*2
10%
49
3
3*8
95
*17
800
400
27%
1734
20*2
17
26
50
3*8
17
20
*40*4
26*2
*10
♦
1634
22
64
934
33% 175,300
*85
21%
2134
1034
10
117
General Motors Corp
95 preferred
700
30
105*2 Aug
177s Nov
14*8 Nov
104*2 Apr
7
Mar
62%
Oct 19
$6 conv pref series A. No par
General Mills
No par
6% preferred
100
------
2
19
68
No par
2
22
11
6,200
Gen'l Gas A Elec A
1%
23*2
10
34
100
Jan
Feb
6*4
126*8 Mar 31
28is Nov 23
a4 Oct 19
11%
21
*00
No par
No par
2238 Nov 26
110
Sept 27
Jan
141
4
65
Oct 25
66
7% preferred..
General Electrlo
General Foods
104%
2178
100
97
Deo
7*g Aug
42*4 Apr
10*4 Apr
Feb 11
32% Mar
14i4 Oct 19
No par
preferred
40
5
2
cum
6,700
*10
85
7%
Mar 9
Jan 5
Feb 17
Jan 14
4
Nov
15*4 Dec
8*2 May
Oot
Feb
Apr
63*2
11*2 May
100
1
Feb
14
2l2 Oct 19
6% Oct 19
117,000
*99
2
6
40
115
18
1%
153
No par
Class A
--
123
115
85
100
Oct 13
No par
1134
104*2
134
1634
20*4
117
General Cigar Inc
50
*27
18
Cable
52
*119
1%
17%
Oct 19
1,200
1%
5
Bronze
General
----
29%
51%
27%
General
Jan 16
Jan 28
Feb
5
5
Nov
3U2 Nov 22
110
*33
33%
*99
2
50
115
27%
*434
11%
83
37%
28*2
• ■;
51
115
1,700
1%
•
—
33
106%
5i2 Oct 19
91
.
...
12,700
2,400
2234
110
■
29*4
lh
123
31%
115
28
*17
—
*3%
23*8
34%
2,600
130
10%
20%
*05
50
134
130
3%
115
*80
7*4
1134
22%
31
2
7%
4,600
Feb
97*4
3558
23*2 July
108
48ia
19i2
16%
105%
80i2
19i2
Gen Amer Investors—No par
$6 preferred
No par
Gen Am Transportation.,
5
General Baking
6
$8 1st preferred
No par
4
Mar
45*8 Dee
127
July
73
Oct 19
Nov 23
Oct 19
88
Dec
Deo
Deo
Jan 12
32%
10i8 Oct 19
No par
$6 pf_.No par
Gar Wood Industries Inc
3
conv
100
3634
7%
20
10
-
Gannet Co
700
100
35*4
1
Gamewell Co (The)
2,200
3%
116
100
6%
6%
Galr Co Inc (Robert)
J3 preferred
20
1034
22%
4*8
1134
23%
*28
*86
*92
35%
*116
1,400
7,200
88%
0%
0*4
98
7%
130
*115
*4*8
53g
11
107s
*104i2 105
2
*178
18i2
18*2
22
6%
101
34%
7*4
50*2
50%
*119*4 123
3434
6%
*92
23%
*110
121%
37*8
39%
30
2834
1*4
1%
39%
29*4
1*4
*119*4 123
0%
90%
33%
7*2
23%
121*2
36*8
28*s
6
6*2
130
4
4*4
12
978
434
20%
Nov
Nov
4812 Dec
"
2*8
5%
20%
14%
share
per
1153g Nov
49*4 Nov
Jan
Jan
Feb
Apr
30*2 Sept
Jan 14
117
20i2 Oct 19
20*4
x24%
100i2
1
183g
Oct 19
102
Free port Sulphur Co
Apr
9
135
Nov 23
Dec
38
5
5
9
1
83
45
Highest
share 9
per
105
9
Sept
234 Oct 19
29
2
♦104
9
18
19
11
64% Feb
Nov 22
68
2
12*4
2
98
lll2 Oct 19
—10
Francisco Sugar Co
No par
F'k'n Simon & Co Inc 7 % pf 100
110
8
$
share
per
45*8 Jan
39>4 Feb
41% Mar
107i2 Feb
52% Mar
46% Feb
58% Feb
39% Mar
97g Feb
68
Apr
17l2Nov26
1% Oct 19
preferred—No par
conv
Nov
Lowest
108% Mar
11% Oct 19
Florsbelm Shoe class A-No par
85*2
17
50
First National Stores.-No par
Fllntkote Co (The)—-No par
400
29
*84%
80
*08
90
10
6% conv preferred
100
Fuller (G A) prior pref.No par
*25
11*4
2
11*4
28
85*2
17*4
10
6% preferred series A___100
2,100
9,200
2%
S
share
Oct 19
22i2 Oct 19
2518 Sept 30
10i2 Oct 19
200
18*2
31%
17%
17%
*214
z65
4,300
------
32%
2%
per
Fllene'8 (Wm) Sons Co.No par
Firestone Tire A Rubber—10
90
Year 1936
Highest
10*4
32
11
2%
20%
21*2
20%
20%
104*2 104*2 *104
104%
105
*25
2%
Fed Dept Stores 4H.% pf-_ 100
203{
20
2l2
9
Fldei Pben Fire Ins N Y_.2.50
32
30
15%
1,100
2,000
17
*21
17
29
66
90
31%
16*2
31
15
Par
27%
26
1937
Range for Previous
10Q Share Lot*
Lowest
Shares
20
.■
90
*25
Week
66
*20
193< 1; ■
*86
Ranot Since Jan. 1
On BatU of
YORK STOCK
27,
EXCHANGE
2634
27*^
1934
90
31
20
.
9 per share
26
*20
20
19%
92
Nov
66
65*2
20%
27*,
27%
39
32
00
65%
273 1
*20
20* j
92
20
65* 2
65*2
2734
2
39
32
share
0 per
the
Friday
Nov.
Ex-rights
6*s Jan
48*4 Jan
3*8 June
8*2 Apr
13*2 May
18*8 Apr
137g
Deo
65
Deo
57s
Jan
17*8 Feb
22*8 Nov
29*2 Oot
64*8 Sept
73*4 Oct
20
1 Called tor redemption.
Oct
3459
New York Stock Record—Continued—page 6
LOW
AND
HIGH
SALE
PRICES—PER
SHARE.
Monday
,
Nov. 22
1
$ per share
$ per share
7%
2012
79i2
78
*132
138
*132
Nov. 24
Nov. 25
$ per share
5 per share
138
8
714
17i2
I8I4
78
59U
60%
984
11
10
11
138
59
60
105s
10
1034
978
378
53S
27l2
74
*132
60
60
72
138
*132
4
378
434
*434
5%
*25
5
26
*25
*96
100
*96
5S34
4
♦132
2434
5
25
24
24
98
98
*98
100
4l2
100
5
4%
*98
6034
1138
4%
5
27
338
35S
3U
314
338
33s
85s
914
8I4
87S
8%
27g
87g
27S
31S
3
3
2212
129l2
22
22
129
577s
*142
27s
278
22
22
21
127l2 129l2
5312
60l2
140
129
142
140
6I4
714
65s
75s
678
7b
4I4
4%
414
4%
4
129
55
12712 12912
53l2
56
142
61
143
58
83s
83s
383S
814
405g
*126
132
9%
103s
958
41
43%
4334
Z3834
41%
35g
41
43%
*334
4
46%
47%
45
22%
*21
3%
27g
3%
3%
3%
6i8
2414
Deo
5
Oct
77g
Jan
X Interboro Rap Transit- —100
1078
Dec
1878
Jan
Intercbemlcal Corp
6%
Oct 19
64% Apr 20
37
May
100
98
Nov 19
llli2 July 16
107
Apr
No par
6
Internat Agricultural..No par
2
Iron
Prior preferred
Jan
4
194
Deo
120
Aug
5
568s
Jan
1051a
Deo
Jan 18
14812
Jan
160
Apr
284
Apr
Int Hydro-EIeo Sys cl A.-.25
Int Mercantile Marine-No par
Internat Mining Corp
700
Int Nickel of
33,000
Inter Pap A Pow
Class B—
41%
17",800
3%
630
Oct 19
15% Apr
9
412
18'4
7
1338
37
Nov 23
733gklarl0
13534 Jan 5
19% Sept 22
18
Apr 6
No par
Internat Rys of Cent Am.. 100
'"350
21
20
20
21
21
300
International Salt
3334
18%
*32%
33
700
International
18%
20
700
76
90
33%
3334
18
18
1834
1834
18%
18%
18%
72
84
*75%
84
63g
7
6%
67g
634
6%
634
7
658
7
7
7%
12%
11%
*75
12
84
*78
10
10%
*21
11
*9%
*21
24
*116
125
50
50
71
17-%
125
52%
74
123
*..
*23g
2%
22
14%
165s
534
14%
17
2%
*20%
3%
24%
65%
67%
68
300
16
16%
*1534
17
1,500
14%
143g
17
14%
16%
1534
29%
26
6%
26
17
167s
167g
17%
12%
12%
23
147g
*6%
*12%
17%
15%
18%
125
*98
6%
*1
10%
10%
*10
*16
22
14%
8%
12%
14%
*6%
11%
15%
12
9
18
17
17
100
*95
100
17%
6%
6
634
*95
1
1
45g
5
4%
26%
*87
90
90%
90
160
*159
17%
17%
24
26
347g
35
l73s
17
50%
52%
1017s
101
13g
1%
36%
35
3%
19%
3%
19%
*102% 106
17%
177g
*130% 132
24%
87%
88%
*159
*17
23%
*34
giving
15
420
16
6,700
*5%
2478
1658
*10%
500
25
1634
7
*6
12
12
17%
18
17
100
6%
*95
100
634
6%
36
2438
24%
24%
873g
24%
87%
24%
88
87
87
90
8734
89
88
88%
160
160
18
*17
160
160
18
*17
160
17%
3678
77g
24
24%
*86
87%
88%
160
89
160
18
*17
25%
22
23%
22\
2334
24%
247g
38
34%
34%
33
34
33
33
900
600
19%
19%
*102% 106
17%
17%
130% 130%
17%
16%
35s
334
384
19%
*19%
19%
102% 102% *102% 106
17%
17%
167g
17%
130
17%
17%
50
51%
49
51
49%
16
17
16
1634
15%
*30
32
31
31
*16%
*30
130
*129
17
131
16%
16%
49%
48%
50
16
15
1534
*30
31
3034
*123% 128% *123% 128% *123% 128% *123% 128%
19
21
20%
19% 20%
1934 20%
19%
28
29%
29
27%
28
27% 28%
27b
*9%
10
10
10
25
25%
24%
25*4
978
25%
978
*9%
25%
*23%
934
26
13
Nov 20
80
7
Nov 20
Oct 19
4
Oct 19
92
Oct 29
Kennecott Copper
28% Nov 8
5% Oct 19
693g Mar 10
19% Nov 19
134 Oct 19
4684 Apr 14
Kelsey Hayee Wheel conv cl A1
Class B
1
No par
Keystone Steel A W Co No par
Kimberly-Clark
No par
Kinney (G R) Co
1
$8 preferred
No par
$5 prior preferred
No par
Kresge (8 S) Co
10
Kresge Dept Stores
No par
Kress (8 H) & Co
No par
Kroger Grocery A Bak.M? par
Laclede Gas Lt Co St Louis 100
234
*1%
*1%
2%
2%
*1%
2%
9
6%
*15
21
7
7
10%
178
67g
*1%
11
1%
7
1%
*5
6
10
10%
*15g
2%
*5%
*6%
*14
6%
1078
lb
6%
*1%
*5%
*9%
*15g
*6
8
*6%
9
21
*14
*634
7
11
*10%
*6
8%
*6%
6%
*14
20
*6%
7
10
11
3684 Aug
Jan 14
19% June
Oct 19
277g Jan 14
2012 Apr
8
Oct 19
4li2 Jan 14
32
Lambert Co (The)
No par
13
Oct 19
24
No par
5
5*2 Oct 19
4% conv preferred
Lehigh Valley RR
2338 Nov 23
100
Preferred
6,600
131
1,700
4512 Nov 24
9934 Nov 24
No par
Inc
No parr
$6.60 preferred.—
Inc
6%
4314
101
Oct 30
14l2 Oct 19
preferred
48l2 Nov 24
13i8 Oct 19
2634 Oct 20
No par
MacAndrews A Forbes
100
1
10
123i8Novl9
18l2 Oct 19
No par
13%
1334
12%
13%
3%
37s
3%
3%
*28%
30
37g
27%
24%
155
39%
39
5%
5%
25
*24
145
36%
534
*24
28
26%
26
23
145
145
38
34
6
57g
23%
25
13
*3%
*27
27
23
24%
145
*145
34
36%
24
4
27%
23%
151
347g
934
24%
700
Magma Copper
8I4 Oct 19
1812 Oct 19
ll2 Oct 19
63
10
"*I% "2%
Certificates of
Pref ctfs of
7
30
27%
100
10%
13
16,600
13%
37g
*3%
3,800
600
29
700
24
4,500
155
40
29
23%
*145
60
35
3534
4,400
23%
6
900
23%
*2334
25
300
93%
93%
93
94
*14%
14%
14
14%
884
9
80
*75
•
8%
*75
9%
80
"14%
8
*75
9234
145s
♦
*80
92%
8%
80
Bid and asked prices; no sales on
"l4~
834
14%
9%
*13%
14
*75
80
*75
this day.
9
% In receivership,
9%
30
1,200
5,400
80
a
Del. delivery,
Dec
20
May
57i2
Jan
22U July
33
Oct
127i2
Jan
27b
Jan
40% Apr
Jan
34%
Jan
15g
Jan
6
Oct 16
30
Jan 11
7
Nov 10
deposit--—100
Marshall Field A Co
Co
Martin-Parry Corp
Martin (Glenn L)
Dec
16*2 Jan 20
1278
Dec
Oct 19
H4 Oct 19
.
20b Jan 30
634 Feb 17
14% Feb 13
17% May
2% Jan
5% Oct 19
1
Sept 10
Midland Corp
preferred.
32
Oct 19
912
Market Street Ry.—
prior preferred
3i2Mar29
3
Oct 19
20
Jan 21
9
100
100
100
Oct 16
39
Jan 20
1% Oct 19
1
No par
--1
307g Mar 1 u
Oct 19
10
29% Apr 30
1378 Jan 10
134 Oct 19
Feb
8
74
165
142
ex-warr.JVo par
No par
McCall Corp
No par
McCrory Stores Corp
1
6% conv preferred
100
35
34
Nov 23
8% Apr
1% Jan
6% July
18% Jan
2% July
41
11%
May
Jan
6% Apr
6
4184 Jan
Oct 18
22% Oct 19
May 17
20
7% preferred
100
May Department Stores—10
Maytag Co
No par
$3 preferred w w
No par
4
5184 Mar
Oct 19
9U
No par
Masonlte Corp
No par
Mathleson Alkali Wks.A'o par
678 Mar 27
Oct 21
26
Jan 25
66% Mar 11
15% Jan 11
27% Apr
Jan
15378
43% May
13%
Apr
412 Oct 19
23% Nov 23
44
Jan 13
43%
3
45
Jan 13
44
Nov 22
111
Jan 22
103
Jan
Oct 19
734 Oct 19
art6
Oct 19
36
2
29
Feb
June
93
$6 1st cum pref
r Cash sale,
Jan
6
June
4 >4
25]
6% 2d preferred
Marlin-Rockwell Corp
Apr
7
10
100
Exploration—1
5
100
21 ijs
7%
167g Jan 11
39
Jan 14
Oct 20
Oct 19
6%
No par
n New stock,
140
Mar 10
100
-
$3 preferred
*
Oct
Apr
Mar 30
Manhattan Shirt
6%
6%
2118
Jan
May
77g Jan 12
7
-
Maracalbo Oil
107
Jan
8%
Oct 15
Mandel Bros
Marine
8
153g Jan 20
1
Modified 5% guar
1,200
9
8
deposit.—100
X Manhattan Ry 7% guar. 100
*5%
55g
62U Mar
58U Mar
Madison
92%
5%
6%
13%
132i2 Feb
800
*5
4
4134 Mar 11
Feb 11
10
Oct 19
Mar 17
36
27
*1%
14
May 12
99
Macy (R H) Co Inc
No par
Square Gard—lVo par
8
8
14734 Jan 20
2834 Jan 13
8,400
2
13
Jan
2858 Feb
5,800
978
10%
110
29
*1%
Jan
Apr
2
Oct 19
28%
*7
Apr
July
"43
Apr
*0412 Feb
18
20
100
19
257g
36
338
*38%
10
6%
1,200
9784 Mar
Oct
35i2
100
Steel
378 Feb
Mack Trucks Inc
978
Jan
160
IO84 Jan 26
preferred
7%
877g Aug 11
Jan 23
110
21
*26
Jan
47U
75U Mar 11
Louisville Gas A El A—IVo par
*123% 128%
10%
May
12
387g May
Oct 19
1578 Oct 19
125
Oct 29
Ludlum
10%
89
Oct 19
Lorlllard (P) Co
Louisville A Nashville
*4%
10b
June22
2i8
100
preferred
1,700
21
5
Liquid Carbonic Corp .No par
Loew's
5,600
6%
Jan
July
9% Apr
267g July 26
40
10%
Jan 13
Oct 19
2,300
2734
Jan 28
175
14
17
500
114
8312 Feb 15
63
Aug 14
12,100
97g
Jan 16
79
Nov 24
48%
7%
9
33
80
17
1%
5%
9%
2%
*26
58b Jan
No par
Link Belt Co
10
1%
10%
213g Feb 11
Oct 19
1
634
28
Oct 19
151
Lily Tulip Cup Corp—No par
Lima Locomotive Wks.lVo par
900
1%
978
43%June 10
8
23
1
5
8i2
2
23%May
6%
*1%
*4%
*26
18*2 Jan 18
1512 Oct 19
I8I4 Oct 19
800
1%
5%
28%
Oct 19
3
50
25
B
Series
800
100
.3,900
134
5
Jan 18
384
Mar
6%
2
245g Mar 17
97
1%
10%
203
Apr
94i2 Apr
4
1%
5
1
Oct 19
Jan
July
15i2
113% Feb
6%
*1%
Feb
Nov 12
34 Oct 19
7i8
12
82l2 Oct 19
8312 Oct 19
May 20
1%
*9%
1
Liggett A Myers Tobacco.-25
1%
2%
51% Feb
500
0b
534
1
2778 Mar 11
June
1578 July
900
3,500
6%
10
1784 Mar
Oct 19
4%
No par
Lerner Stores Corp
6
Oct 19
934
No par
Mar
May
*1%
10%
*145
10%
24%
6
preferred..—
32
678
Apr
4&s
247gNov26
14i4 Oct 19
No par
*6%
20% Apr
47% Jan 23
Long Bell Lumber A—No par
Loose-Wiles Biscuit
25
*14
6
2
1578 Jan 16
May
*1%
10
2534
7
30
Feb 30
7
1%
17S
28%
25
17
93g Mar 30
35*2 July
295s Jan
Loft
*6
Jan
378 May
Apr
I8i2
25
678
31
*25
7%
6%
8
Oct 19
Lone Star Cement Corp No par
*24
1784 June
100
6%
Preferred
*5%
6%
Jan
20*2 Mar
Oct 19
4
X Manatl Sugar.-.-.--..-100
*1%
Feb
28%
12
5,300
3034
87
4
5
1,900
30%
Dec
109% Feb
1558Nov24
2,300
16
Dec
17i2
2
19%
£48%
19%
1912 Jan 14
71
9,300
16%
Jan
23 3g Feb 11
Aug
*102% 106
167g
16%
131
Dec
80
Jan 14
110
Oct 13
4
19
Jan
2378
27U Jan 18
20>8
3534
1%
Jan
17
5
1538 Mar
3,600
3%
19%
5
Kelth-Albee-Orpheum pf_.100
Kayser (J) &Co
Mar
29
27,800
3%
35
100
-
Oct 19
18%
3%
Oct 19
preferred
Oct 19
4838
9984 101
1%
3434
334
15
4%
5
18
1%
Kaufmann Dept Stores.$12.50
1914
Jan 16
23
46
35
4478
34% Nov 24
18%
1%
Jan
Oct 19
39% July
6
Llbby McNeill A Llbby No par
Lite Savers Corp
5
48
33%
13
14%
Jan
46
Llbbey Owens Ford Gl.No par
7,800
2,600
18
1%
Nov
Mar 17
100
45%
35
76% May
Feb 15
29
-100
City Southern
100
50
1834
13g
Feb
Oct 19
20
49
34
121»4
5
City P A L pf ser B No par
Kansas
1,900
6,000
101
1%
88
2
116
14
17
35%
Jan
May
8
Jan
Mar 17
Lehigh Portland Cement.--25
46
1%
5812
Jan
126
121
6434 Nov
Lee Rubber A Tire
101
34
Jan
155
136
10
1,200
17%
9934 100
87%
Apr
113
4
5
241
30
46% 517g
101% 101%
16%
Aug
Jan
243s Aug
Apr 15
127
65l2 Nov 22
Mar 18
pref—100'
Kalamazoo Stove A Furn
6,800
1,100
7b
15
15l2Nov23
115i2 Apr 8
Jones & Laugh Steel
2534
35
758
1001
Preferred
Jan
82
30
120
Apr
10%
6
26b Jan 30
10712 Apr
497g Nov 24
No par
6% conv preferred
Lehman Corp (The)
Lehn A Fink Prod Corp
34
7%
Oct 18
No par
Johns-Manvllle
Lehigh Valley Coal
247g
77g
Jewel Tea Inc
1,800
247g
35%
—.1
preferred
85gNov 10
Jan 18
93g Oct 20
20% Oct 19
C116
Sept 23
.1
lli8 Sept
157s Feb 19
36%
Oct 19
7214
No par
Corp
2,500
11%
4%
24%
914
100
1
24
7%
Oct 19
638 Oct 23
No par
Interstate Dept Stores.lVo par
4%
1
34%
4
preferred
Foreign share ctfs
Oct
47
Lane Bryant
40
,
14%
8%
14%
2,500
12
22
22
500
6%
11
25
10
14%
24
11
25
*24
Closed
Thanks¬
1034
1078
8
1,300
24
233g
11
36%
2%
24%
1034
257a
11
7%
800
23%
2434
35
*20
2434
1
11
8,700
60,000
4,900
8
7%
*20%
2%
4%
25
8%
3334
1
26
36%
5%
92
"31%
4
25
25
50
4,300
4%
24<g
25%
10%
34%
778
*
Day
147g
6%
1,900
8%
1
1
4%
*24%
13%
8%
5%
Exchange
300
84%
*81
Stock
1,800
1,300
20
12
*14%
*5%
11%
16%
6%
1934
13%
12
22
1%
4%
1634
22
1478
*5%
100
65g
19
*165g
34
1634
12%
12
9
14
*25
17
1678
5%
5%
34
*25
*119% 120%
8%
8%
16
247g
12%
*22
♦18
1434
15%
No par
7%
Inter Telep & Teleg
Kan
155g
14%
5
*5
2%
24%
2%
*20
14%
16%
5
534
*27
24%
100
June
Oct 19
Kendall Co $6 Dt pf A .No par
6434
2%
2%
*20%
Apr
50
20
*116% 122
*116% 122
16
65
15%
1734
*118% 120% *119
120% *119% 120% *119% 120%
9
8
75«
7%
8%
8%
7%
7%
19
19%
17%
17%
185g
19%
19%
19%
18
17
17&s
175g
17% *16%
*17% 19
13
13
13
14%
13%
14%
*1334
14%
*81
*81
*81
80
80
87%
84%
87%
8
8
8
8
734
8%
8%
8%
5
5
558
47g
53s
5%
5%
55s
#
♦
92
93
*_
93%
92% *-___
z30% 3178
"30% 33% "3l" 33% "3l" 33
8
8
8
8%
77g
734
77s
7%
20
20
19%
1934
19%
19%
♦19% 21%
22
500
8,700
68
17
15
Feb 19
$6
70
72
Mar 11
125
52%
123
52
110
Island Creek Coal
70
16
Oct 19
Oct 19
Intertype
50%
72
16
65
200
67
*_
74%
100
200
497g
Jan
Apr
23
International Sliver
11%
69%
Jan
19%
30
21%
52%
Jan
3
Jan 30
Feb 16
Jan 25
Jan 4
No par
*9%
67
Oct 19
Nov
Jan
Shoe
Preferred
*50
69%
158
384
19% Oct 19
21%
*116
6
Apr
884
57%
2884
493g
418 Sept 25
35
100
preferred
663s Nov
136
Jan
No par
84
*78
*116
65%
122
*116
3,800
12
52
*49%
68
73
107g
125
*118
122
9,000
11%
21%
*21
125
41,300
734
84
*9%
23
7%
7%
11%
*78
11%
*93S
*21
24
67g
7%
11
84
*78
84
*71
73%
7%
6%
634
11%
11%
12%
*78
75
73
5%
2U
91(
36% Oct 19
2% Oct 19
100
Feb
Feb
18% Dec
43U May
125U
68*2 SePt 22
10
Feb 16
884 Sept 13
4i2Sept 10
No par
_
5% conv pref
Ian
Deo
8
Deo
12778May 27
712 Oct 19
10ia
Jan
Oct 19
par
15
Co
.
17g
100
Preferred
Jan 29
1678
Apr
160
6
1
Canada—No
67,200
46
33
Deo
678 Mar
714 Deo
162
"44"
35
I8I4
189
44
22%
2284 July
127% Nov 22
44
35
63*2 Apr 14
Oct 19
Jan
95g July
53% Nov 22
140
Nov 23
3 ' Oct 19
100
Preferred
45
35
278 July
No par
Internat Harvester
44
34%
212
28% Mar 11
9% Apr 14
; Oct 19
18%
100
11% Mar 16
Oct 19
,
48»4 Nov
112
Sept
578 Deo
Int Business Machlnes.lVo par
30,200
6,900
10%
Oct 19
218
No par
200
40
20
Rubber
Intercont'l
Interlace
Jan
No par
preferred
46
21
Nov
1334 Jan 20
Voting trust certlfs—IVo par
*21
Deo
122
33% Feb 23
6
Jan 18
132
3
6
1% Oct 19
Insuranshares Ctfs Inc
700
734
"39"
140
1
No par
Steel
Class C40
147
Aug
885s July
125
13114 Mar
Feb
May
106
Feb
300
8i8
934
10%
4138 Nov
255s May
6
July 30
800
4
*126
934
143
1,400
22,900
38%
3834
Oct 16
Inspiration Cons Copper—20
593g
734
132
132
preferred-—
22,000
1,700
141
714
105g
97S
105g
38
*126
100
10
4
8
144
400
5534
4
*734
3834
132
*126
132
4
8I2
37
397g
37%
*126
778
814
132
*138
*13814 142
714
8
4
Nov 24
58«4 Nov 23
6i4 Oct 19
378 Oct 19
23i2
27g
*22l2
21
Oct 19
72
17,100
2,300
8b
3
16
No par
Inland
33s
938
3
33g
912
22% Jan 20
47% Apr 20
Oct 19
5%
10
No par
Highest
$ per share $ per share
15% Nov
4ig Jan
share
per
Ingersoll Rand
"4", 100
13314
33s
85s
$
$ per share
Industrial Rayon
6%
100
33s
22l2
Indian Refining
2,600
6,700
1,000
138
5914
10i8
*37g
*434
*24ig
4
4
Par
Lowest
Highest
Lowest
Week
7i8
18i2
74
x7b
17i2
72I4
EXCHANGE
Shares
share
per
714
18
$
Range for Previous
Year 1936
100-Share Lots
On Basis of
STOCK
YORK
NEW
the
Friday
Nov. 26
Thursday
Nov. 23
5934
*378
Wednesday
$ per share
8
8is
17
1912
79i2 '*74
77S
17%
7%
18i2
79i2
Tuesday
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
for
Saturday
Nov. 20
13%
x
Ex-dlv.
Jan
24% Feb 11
106% Mar
2
Deo
Nov
2% May
92
June
tEx-rlghts. 1 Called for redemption.
New York Stock Record—Conti ued—Page 7
3460
HIGH
AND
LOW
SALE PRICES—PER
SHARE,
NOT PER
CENT
STOCK8
Sales
Monday
Nov. 22
Nov. 23
S per share
14
15
$ per share
$ per share
Tuesday
9
9
9
36%
22%
37%
223g
9h
36'4
14%
93g
37
22
*14
2234
9%
14%
35
35
9
734
77g
77g
15%
213g
87g
13!2
22
yi8
34%
7i2
77g
7l2
the
Nov. 26
Week
$ per share
Shares
»
$ per share
9
9
1,500
Mclntyre Porcupine Mines. .5
2034
2OI4
21%
3,200
3,600
y>8
33%
9
9'i>
11,500
7'2
333g
7i2
7iZ
*81
333$
1,400
*66i2
80
76
12%
*66%
75
*66%
*55
62
♦55
60
*55
60
*55
65
*55
50
50
48'2
50
42
44
43
45
43
44i2
47g
5
47$
20i2
*5
5h
22%
5'g
5'g
434
20
22
12'%
4'H
47$
21
*81
1234
22
22
16%
37%
16
16
37%
36'2
7%
8%
77g
18%
18Vg
1934
20i2
201$
88
89
87
87
*91
100
*1534
18
18
22
2Vz
89%
897g
90
17%
*21
89%
57
*1%
]34
1*8
16%
*13s
1*8
178
27«
1534
16
16%
74
75%
32%
35i2
39%
1
1534
*71
3478
J0r,8
1
1
12
z%
167g
1134
%
17%
12%
78
17%
1134
1214
18%
18U
18%
173g
19
16%
11%
18%
5is
47S
*57
117g
53
50
107
*105
*7
6
578
10%
12%
7%
1912
13%
*lli4
16%
*40
4212
1678
1734
14%
14%
110
*109
10834 109
*107
150
*154
23%
15812 *154
*132
135
132
20
18%
73s
8%
%
♦%
*14
56%
59
22
2434
2434
20
*23l2
72
"4"
71
4%
83s
4%
8%
834
*26i8
30
*66
75
*38
3912
*98
6%
*4i4
6*8
*414
53g
2134
20
2012
18
18
634
6%
2234
158%
2018
20
634
22
20%
154
*153
132
*126
135
*
19
18
18
712
*%
"1814
8%
183$
3184
8%
8%
884
34
*%
*i4
55ig
20%
23%
*65
70
*66
*37%
39
*95
I6I4
99l2
9%
1334
30i2
17%
3778
*95
173s
16
*29
30i2
17
41«
*8i2
*25
414
878
2834
33
31
31%
31
32
19%
33i2
2234
4%
87g
23%
4%
30l4
22%
37g
834
22%
378
22%
23
*3%
4i2
9%
114%
*%
*
6
l&a
878
3
6%
"2%
1%
1%
434
5
*35
7
6%
97
94
*91
117g
105g
35
*31
47l2
*36
60
90
*81%
*91%
99
51%
*9114
7S
180
7S
180
103% 105
203$ 22%
51
51
7
6%
7
97
*95%
97
94
11%
*91%
10%
93%
11%
35
*31
34
1
183
1034
60
217g
*126
9%
*50
22
130
10
57%
*2%
34
214
Jan
27
Oct 19
998g Mar 19
70
May
36% Feb 11
21
Jan
50
90
Mar 13
447$ May
102% July
Nov 23
102
5
Oct 19
618 Oct 19
18% Oct 19
145
May 18
16
Oct 19
90
Aug 20
39
Oct 19
13
Oct 19
12
Oct 19
No par
preferred
Mar
10
300
18
1134
26%
13%
11%
2434
13%
27
4,700
14
90
7,700
90
90
90
*65g
67g
2234
*684
2H2
*126
938
*50
2212
130
♦126
97g
12%
*50
25,200
30
7U
800
2334
4,400
130
1034
57l2
40
10
11,500
14
13
13
*13
15
*40%
*114l4
50
*4012
50
53
55
53
55
56
10%
10
10%
10
10i8
*4
434
4
4
4
*14
15%
*12%
13%
7%
7%
12%
7%
♦114%
~57~%
10
*24% Jan 28
Mar
333gMar
167
103i2 Feb
57% Aug 17
387$ Feb 25
26% Feb
and asked prices; no sales on this day,
7
f In
reoelvership
a Dot
460
delivery
Deo
3734
Deo
Dec
107%
Deo
21
Apr
Apr
~32%
Nov
21
Oct
28% July
11284 Mar
107
Dec
112
10
Apr
112
May 20
164%
100
1078$
24% Mar
Deo
Dec
112% Mar 11
5U Oct 19
Oct
19%
15% Mar
3834 Jan
June
107g Jan 28
Oct 19
9
24% Nov
Mar 17
25% June
338$ Mar
28
377$
National
...10
18
100
153
100
127
Nat Mall A St Cast's CoNo par
National Power A Lt ...No par
18
Lead
7% pr» ferred A
6% preferred B
5% 2d preferred
National
4l2 Oct 19
Mar 11
171
Jan 22
155
Oct
171
Deo
150
Jan 29
137»4
Jan
147
Nov
64
Dec
617$ Jan 22
1434 Jan 14
2U Jan 18
Oct 19
19l4Nov24
99U Aug 14
261$ Nov 12
23
Nov 24
30
Nov 23
80%
263$ June
36% Nov
61%
147$
Oct 30
1
Jan 18
9% May
7$ Jan
%
57%
3
Jan
Apr
Feb
1%
78
121$ jan 15
No par
3i2 Oct 19
65s Oct 19
13% Feb 25
77$ July
10% June
1
2384 Oct 20
57U Feb 13
3234
Apr
41
65
Oct 27
37
Oct 19
87
12% Nov
13%
9
6434 Mar 10
8
109
Jan 11
104%
Apr
Apr
110
Nov
37
Mar 17
10%
Feb
43
Apr
9
Apr
40
Deo
Deo
10ig Oct 19
4134
Jan 18
64% Nov
N Y Air Brake
No par
29
Nov 26
98i2 Feb 10
32%
Jan
83
New York Central
No par
15% Oct 19
5514 Mar 17
2784
Jan
49%
6%
14
NYC Omnibus Corp.-No par
New York
Dock
72
100
15
No par
5% preferred
Oct 19'
3014 Nov 24
preferred series A...100
Jan
Nov
Sept 21
Nov 24
9912Nov
N Y Chic A St Louis Co.—100
Feb
Deo
60
Nelsner Bros Inc
Deo
Feb
Oct 29
70
100
Apr
44
Nov 19
55
No par
Natomas Co
9
Oct
181$ Apr 22
Oct 19
100
514% prior pref
Oct 19
July
3
i2Sept 9
%Sept 11
Corp
25
National Supply (The)PcnnalO
$2 pref
40
National Tea Co
Oct 19
5
Steel
Oct 19
234 Oct 20
Mar
17Y
Jan 22
Oct
17«4
Jan
531$
36l2
Jan
95
Sept
15
Nov
Oct
317$ Mar 19
127S Jan 22
253$ Jan 22
3i8 July
10% May
No par
5
Oct 19
50
110
Oct 19
135
Jan 20
119
Jan
150
Oct
10% pref
..50
t N Y Investors Inc...No par
113
Nov 24
137
Mar 12
138
Sept
Oct 18
2
ag
Co.. 100
JNYNH4 Hartford—100
Conv preferred
69
Oct 23
2
100
Oct 15
418 Oct 19
JNY Ontario A Western.. 100
1
3
Corp part stk..l
7% preferred
100
Oct 19
Oct 15
30
N Y Shlpbldg
Oct 19
97
125
Jan
7
1
Jan
Feb 10
90
Jan
3
73$
Apr
Apr
4
July
Jan
9'4 Mar
Adjust 4%
67$ Feb 11
1912 Feb 11
May
3
83
Mar
73
9
112i4May
5
93%
% Oct 19
434 Mar
3
100
June
180
102
76i2 Jan 22
60
272
Jan 14
210
Jan
114
Jan
105
May
8
347$ Jan 14
57% Feb
3
173$ Jan 21
8
Jan 28
Oct 19
365s Mar 11
Sept 25
1% Oct 19
No par
Preferred..
Oct 19
6312 Jan 22
67$ Mar 3
978
Telegraph...60
Norwalk Tire A Bubb
Apr
11$ Aug
Apr 8
14% Oct 19
48%June 18
No par
6% preferredNorth Amer Aviation
9% Apr
67
10234May
100
pref...
North American Co
8
26l2 Feb 25
63i2June 14
100
231$
5284
Apr
658
Jan
98
97i2
Feb
Jan
291$ Nov
2% Feb
99U Sept
6%
99
Sept
104
Nov
109U Aug
27$ Jan
310%
Oct
115
Oct
35i2 July
59
14%
2
Jan
19
Aug
June
Deo
106i2 July
Apr^ 103
237$ July
50
Aug
Deo
18% Deo
7i2 Feb
155s Mar
3634
57
Nov
Feb
Mar
4i2 Mar
60
15
Oct 19
40
...No par
Oliver Farm Equip
No par
Omnibus Corp (The) vto No par
9
Oct 19
24
Nov 23
227$ Apr 5
73
Apr 20
121$ Aug
2418 Jan
59i2
Dec
6i2 Oct 19
26% Feb 16
17
July
251 $
Mar
107
Jan
Ohio Oil Co
8% preferred A
...100
Oppenheim Coll A Co.-No
Otis
Elevator
90
20i8 Oct 19
100
Otis Steel
125
No par
prior preferred
Nov 19
5i2 Oct 19
par
No par
6% preferred
Nov 10
618 Oct 19
112% Jan 23
100
$5.60 conv 1 st pref.-No par
Outboard Marine A Mtg
5
Outlet Co
No par
Preferred
40
8
Oct
Jan
3078
47%
Mar
114
Jan 18
Feb 13
193$ Mar
4514
140
1
Jan 21
Feb
3
2438 Mar
8
154% Oct 25
55
Oct 22
97
13
Nov 24
28
Oct 13
75
Jan 12
8
Jan
2414 Apr
123
Jan
12% July
70
July
32
18
Nov
Deo
115% Feb
195g Nov
3984 Nov
136
June
2034 Mar
12034 Nov
Jan 26
48
114
100
Pacific Amer Fisheries Inc
Pacific Coast
130
3
2 8'4
153
Apr
35
Owens-Illinois Glass Co. .12.50
*4
2
Jan 18
3384 Jan 13
9%
38
5,700
*13
20% May
12% Apr
Oct 19
3,800
7
9
183s Jan 21
Oct 19
10i2
4l2
14%
78s
4
Deo
17
5~9%
15
79% Aug
108
18
10i2
7
101% Jtfov
3T5«4 7Dec
No par
58
*13
*3%
1,100
Oct
Nov
Nat Enam A Stamping .No par'
Nat Gypsum Co
1
V%
54"
1
4
10
Nat Distillers Prod
Apr
100 xl0734June
1
100
104l2 Oct 19
Norfolk A Western
18
2J$ Nov
15U Aug 16
58*4 Nov 22
1178Nov23
100
w
7%
500
20
50
16i.
Mar 15
34
34
214
10%
7%
Feb 13
61
Northwestern
*18
34
56
Bid
26
243200
*2
13%
7%
431$
105
*40%
*114%
14
Apr
Oct 14
14
4
283$
91
50
'
38% Jan 15
Northern Central Ry Co—60
Northern Pacific
100
14
♦114%
Jan
93%
12is
93%
1112
*40%
14%
50
84
*9134
11%
13
23
Feb
3% Feb 26
*9134
1078
*31i4
IH4
2434
130
Feb
71
104i2 Jan
13%
23
4U
8
5934
Oct 27
11%
2534
*126
Nov
Nov
68
Jan
Oct 19
1234
23
8% Oct 19
17
Mar
Jan
3
11
126
A w
ser
X Norfolk Southern
1,000
Deo
33%
103
Dec
93
51%
197$ Aug
May
79
60%
1
24
634
10
7% cum pref
100
Nat Bond A Invest Co. No par
900
320
Jan
47i2 Mar 11
No par
N Y Steam $6 pref
No par
$7 pref series A......No par
67,900
37$
Feb
3584
4112
No Amer Edison $6 pf.No par
2258
Sept
Feb 17
300
2'%
51%
678
Deo
66% Jan 18
14,300
13%
90
8
7
117g
684
Mar 10
46
Nov
39% Nov 22
*%Nov 26
12i2 Oct 19
97
27
*88
69
30
24
107i2 Aug 27
Sept 24
*95%
12%
7
Oct 19
297$
109
103
11%
92
Oct 19
103
26
20
407g Jan 23
Nov 23
105
103% 103%
20% 2134
*51 %
53
6*8
67g
*95i2 97
12
*18
2%
~~1%
Feb
190
13%
22
*2
*1
784
190
28
2%
"T
Feb
185%
125g
*50
2,800
*35
*81%
27
59%
5i8
40
*18
934
400
89
18%
10%
134
*35%
18%
11%
634
4,200
Oct
4
2
6% Mar 17
12% Mar 17
Feb
24
Nat Aviation Corp
National Biscuit
N Y Lack A West Ry
"uoo
6U
*1U
5%
484
2
*88
3
6
1*4
4*8
2%
67g
*234
6
958
333$
Feb
6i2
Oct 20
N Y A Harlem
400
Jan
Jan
Apr 5
984 Mar 17
Feb
6%
Oct 19
90
67
234
*H4
2%
90
%
*82%
*90%
*103% 105
203$ 22%
98%
"234
330
320
5i2
14i2
8
234
8
10
123
897g
105
51
*113
58
40
----
105
51%
114
67
6
134
*86%
*96%
22
234
6
6
5%
90
113
*'2
*
5
3934
19%
113
%
67
9
118
123
%
*
834
*114
*1%
5
51%
6%
87g
118
*113
%
23
4
*114
69
"234
2%
63g
4
2,700
1,900
2,100
34
345s Mar 17
4
*71
1
96,800
500
Dec
13g July
2i2 Aug
234 Jan
1634 June
5'8 Mar
6% Jan
10
National Acme
30%
177g
"loo
94
Nash-Kelvlnator Corp
6
Nashv Chatt A St Louis.. 100
29
317g
22%
200
Oct 19
Jan
621* Nov
1
33
Oct 19
Oct 13
Oct 19
2)4 Jan 23
Oct 19
5i8
1%
15s
14%
3
123$ Mar
Jan
Newport Industries...
18
2
Aug
Jan
43
11,700
18%
108
Nov 24
6%
5714
71
1478
18
Deo
54
16% Mar.11
Oct 18
100
19
Nov
120
47
f New Orl Tex A Mex
18%
Sept
112
Dec
2284' Mar
10
1634
109
Apr
Apr
30
100
Mar
14
934
*9
19%
5s
400
Jan 22
106
20 84 Feb 11
1334
18
87g
300
2,700
1,300
Feb
108i2 Jan 26
4X % conv serial pref...100
Newberry Co (J J)
No par
5% pref series A
100
19%
118
9,200
16,600
485s Sept
131% Mar
21%
110
88
Nat Rys of Mex 1st 4% pf-100
"""166
75
38
1
7
38
567g
21%
23i2
56
50
16
123
10
1,900
15,700
h
t
75
*28
185
10
22%
*66
31
1
14
135
80
8i2
31
185
*40%
<t>
100
307$ Nov
Jan
2
8
6%
2H4
158i2
Apr
5
Jan
Oct 19
Nat Depart Stores
18,300
11,000
zl7%
48i2 Mar
122
Deo
3
130
7&S
2178 23%
*153
158%
7>4
Nov
ie'4
No par
2,600
100
*19~
par
(G
pref class A
7% pref class B
I53466
Oct
65
*65
B...1
No par
C)
No par
5% preferred...
100
Murray Corp of America... 10
30
1984
*25
9
1
*114%
51%
7
203g
Co
6% pref
21%
19
Murphy
6
834
1314
189
*50
7
*17
class
Nat Dairy Products...No par
267S
14
118
900
45
Jan
Jan
119
...
6,800
*4
Day
Motor Products Corp. .No par
Motor
Wheel
6
Mueller Brass Co
1
16,9001
*105% 105%
7
10
$4.50 preferred
No par
Mont Ward A Co Inc. .No par
Morrel (J) A Co
-No par
Morris A Essex
60
Mother Lode Coalition.No par
143g
108
4%
812
28i2
11
*113
400
20
Monsanto Chemical Co
Nat Bond A Share CorpNo par
Nat Cash Register
No par
*38
103
11,600
100
""'766
*66
38
280
Jan
584
Mar 17
100
preferred...No
3D2
Mar 10
153s NOV 26
Mfg Co
Deo
120
No pqr
conv
Oct
12
124
No par
$7
91
Nov 24
100
Mullins
55U Jan
67$ May
Deo
Deo
Nov
405$
%Sept 15
1% Oct 15
7g Oct 19
Munsingwear Inc
122
98% Oct 19
4% Oct 19
7% preferred
4% leased line ctfs
Mission Corp
8484
41l2
16%
8%
75
*184
95g
I684
26%
30
1
126
16%
X1378
x 108
giving
70
418
9912
*1%
6%
21%
397g
Closed
19%
152
*75
17
70
*914
6
90
Exchange
5i8
20i2
4
99i2
"2%
11
6*8
152
16%
108l2
70
13%
73
*31
Stock
Thanks¬
4
1134
H
*92
109
70
418
834
14%
123
*97
84-%
3912
1714
14%
71
13%
22%
4%
9
9%
114% 114%
45g
*36%
*86%
*96%
*7i2
I884
20*8
23U
*98
43g
..
400
23
*1034
22%
*111
784
73s
19%
24
18
16
2,900
20l2
19%
56%
32i2
*30
11%
*22
55
59%
2114
'17/365
14
26
*l4
11%
10*8
1234
7*8
♦%
♦%
55%
1914
14i2
13
Oct 26
conv
Myers F A E Bros
135
*16
67g
154
38
14
14
109
7,600
11
16
143g
10
578
47%
13
150
16%
634
512
*42
1034
16
110%
20
*2678
*66%
103
*10
91
preferred.No par
Minn St Paul A S S Marie. 100
80
400
11*8
150
108% 108% *107
1087S
534
4712
7
18*4
17%
734
*12
107
10l2
12*8
11*8
40
1634
7
22
53
*3712
40
5
6%
53
*104
512
11
17%
1,000
53
*42
64,100
3,800
3,400
1,500
4,500
105
*75
684
20%
57g
47%
58',100
57g
5734
1234
*50
16
*414
*18
5
*12
105
107
43
34
*50
12
8434
7
6*8
52%
5%
58%
*15
5
217$
5
*75
7
173s
*m2
17
14
1434
110% *109
33
*51
4
1178
8434
*4
20
5
68
13%
11
10%
7
*6i2
19%
18*8
•14814 153
738
*75
17*8
13%
1934
150
18l2
10%
14
12
7
8434
5*8
*42
47%
11*2
19
*148% 152
15%
74
100
53
14
15%
73
*1083s
Dec
12>4
3538 Mar 10
Oct 19
53
100
3
Jan
IO8I4
28«4
5
Oct 19
Preferred series A
Dec
z95
Jan 16
72*4 Mar
Nov 24
5% conv preferred
Mohawk Carpet Mills
27g
250
17%
49U Nov
213$ Nov
11% Apr
*95
26% Feb 23
15
100
41
h
Jan
148$ Nov
85$ Apr
3784 Jan
Jan 13
41
3
87
fMissouri Pacific
17«
24%
5
11%
14
10
1,300
1,300
1,000
4,900
178
3
16
$6.50
Nov
100
Mo-Kan-Texas BB
41
♦150
12
15
No par
1st pref
2,100
*23
1238
56%
20
cum
4,800
8,800
41
12
58
8%
1534
2
74
Deo
24U
498$
Oct
93i2 Aug 13
86
3384 Nov 23
4% Oct 19
5
278
IOI4
24
17%
14
9
30
33%
12%
*42
100
100
31*8
17%
57S
15%
234
*108*8
33*8
78
1%
2
24
12
47%
*34
*112
*3912
1212
56i2
55
40
1
17
107
634
1®8
1%
16%
234
9i2
73
73%
31%
60
18%
100
26
12
21%
*91
250
40
18%
6
Midland Steel Prod
87
*24
58i4
20%
1,900
213$
41
1
5i8
♦18
7,100
21
87
26
*24
12%
14l2
19
1
Vs
278
15%
*108*8
59
110
9
2
234
59
1678
278
9%
27*
18
*42
*112
1%
15%
2*8
16%
2*8
87*
2
26
*17
16
3
93g
4034
;
18
54
*34
1%
♦107
19
54
1
2
17
534
Merch A Min Trans Co. No par
Meets Machine Co
6
Miami Copper
Mid Continent Petrol
300
60
♦34
June
8
55
*50
1
278
77
*42
4784 Mar
Minn Moline Pow Impl No par
9
*107
*105
9,100
Oct 18
6,700
56
16
9
20
7
2
5
2,200
8h
163s Feb
100
1st pref
conv
Feb 16
Oct 25
MUw El By A Lt 0% pt..l00
Minn-Honeywell Begu.JVo par
4% conv pref ser B
100
3%
12i2
18%
20
35%
8
634
share $ per share
38i«
3484 Apr 19
101
Oct 19
50
16%
27«
17
167$
35%
6%
Nov 15
Nov 23
1,900
55
3
78
*15
520
11% Oct 19
3
57
6i2
Highest
per
$
8
62
105
67g
Jan
42
55
6*8
19
112% Jan 14
1
Mengel Co. (The)
♦103
16%
3334
*20
1,400
2,100
54
10
40
65
105
*1%
*24
73
$5.50 pref ser B w w'bNo par
Melville Shoe
No par
5,300
53
13.1
75
123$
75
103
214
*16%
Oct 19
$ per share
21
Sept 21
28i2 Jan 19
42i2 Jan 14
42i2 Mar 24
I6I4 Mar 17
47% Jan 12
Oct 19
-
54
*1%
2
Oct 19
6
No par
Stores
105
*H2
*3 <8
33
79
preferred
*51
7%
19
19
1
conv
105
*7g
1%
3
96
23
19
6% conv preferred
100
Mead Corp
...No par
$6 pref series A
No par
McLellan
57
1
16>4
18
,
12% Oct 19
5
107
6%
55
1
347$
778
8
McKesson A Bobbins
share
878Nov
30% Oct
19% Oct
58s Oct
10
54
7
*50
35%
7>2
McKeeeport Tin Plate
$3
per
1
new
105
5734
120
6%
♦15
167g
3334
*92
100
*92% 100
*105
*.
*16
3634
83g
187$
22
20
Year 1936
Lowest
Highest
■
92
12
167$
35%
83g
185$
20!4
21
MoGraw EJec Co
800
634
80
117g
92
800
117$
*66%
1234
$
McGraw-Hill Pub Co..No par
365$
90
12%
Par
13%
14
1937
Range for Presume
1QO-Shore Lou
Lowest
363$
*81
12*8
Range Since Jan. 1
On Boat of
27,
EXCHANGE
13%
36l4
20i8
834
33i2
94
*81
Friday
914
363g
9
914
36%
34
90
♦81
$ per share
87$
9l2
Thursday
Nov. 25
24
Nov
3534
35
*34
Wednesday
YORK STOCK
NEW
for
Saturday
Nov. 20
Nov.
May
4
5
51J4 Nov 20
984 Oct 19
115
Mar
June
8
9
79
Deo
83%
47
Jan
70
Nov
114
July
114
July
22
Dec
Deo
10384 Aug 11
23
Jan
7
13
10
212 Oct 19
158$ Feb
1
July
3>2 Jan
15
Deo
1st preferred
No par
7l2 Oct 19
40
Mar
3
8U July
321$
Deo
2d
No par
4
27i4
Feb
2
4U
297$
Dec
n
pref
Me»
gtwa
*
("ash sale,
z
Oct 19
Ex-div
v
Ex rights
Ian
$ Called for redemption.
Volume
New York Stock Record—Continued—Page 8
14$
HIGH
SALE PRICES—PER
Monday
SHARE,
Wednesday
Nov. 20
Nov. 22
Tuesday
Nov. 23
$ per share
9 per share
$ per share
9 per share
14
14
14
25
2578
2512
36i2
3612
12
12
2478
3512
12i2
118
120
115
134
134
*134
13
13
13
1314
47g
*8l4
10
*13
5
5is
*8i8
10
II4
4478
lh
4478
35
99i2
11
414
22i8
45g
60,300
200
434
5
478
5
434
5
10
8U
9
*8U
10
U4
*85
895s
90
89l2
91
90
90
11
10i8
10&8
10i2
1058
10i2
1U8
24
*22
25s
23g
17
5l2
11
2
10
2
37
1034
5
19l2
35l2
♦
40
*
4
3858
*234
58
7134
*012
3978
50
373g
*3
3i8
35
6i8
2U2
*
....
4312
6778
6
6
63s
2U*
2D2
6
*31
*30
0i2
3,000
Penn-Dlxle
*
3U4
*5
Nov 24
2138
23,400
50
20
Oct 19
3334
34
Oct 25
10
3,500
39l2
-
4
5
100
100
39
Nov 20
87
Jan
7
251* Apr
641* Jan
35
Nov 26
91
Jan
8
56
Jan
90
Dee
par
11
Oct 15
25
Jan 11
16
Jan
31
Nov
120
1412
-
•
-
-
-
3,100
34i2
400
*
4
34
58
34
*58
7414
8i2
70i2
*6I2
7234
70i2
*334
*&8
7214
8U
8U
50
3934
3658
3912
37U
61*
2U2
*
"*534
7
*5
700
2934
2934
6i8
2112
6i4
2,100
700
2D2
215g
2D2
*
Stock
37
"~534
63g
55
*55
65
55
55
169
*160
169
5
55
*166
*166
*6
Closed
400
400
166
55
81*
71*
7U
81*
12
12
11
11
*41
50
*41
50
*1
Us
•9*4
2lg
18
2i4
96
♦35
1234
♦58
1612
♦10
13
H4
17
1478
*1
*9
2
*60
123s
*38
I6I4
♦10
10l2
?8
9
18
*60
13
12
12
14
14
814
2l2
*7,
334
♦1
Us
♦4
414
7*4
*734
8i2
♦24
9l2
734
*7
358
334
712
8
*73s
*24
26
4514
♦115i2
34
"2",600
3
800
Us
*1
n8
35s
358
378
4
778
83S
8
938
814
8»2
8i4
*7
9*2
25
*24
25
25
♦96i4
4558
46i2
46'2
46l4
45%
116
116i2 Z11512 115*2 *11514 ii5i2
3414
34i4 23314
3234
3514
333a
95
95
*92
*91
9614
9534
106
108
108
106
10834 10834
3514
9678
IO884 10834
124
124
*122
♦136
138
137
4514
124
137
*120
*136
*11114 112is *llll4 11312 *11114
29
2778
2734
2912
28i8
1412
9
*2218
116
*10U
9
26
45i8
17l2
124
"""180
1U
1812
*234
*1
9l2
*58
234
1*4
Us
414
812
*120
137
136
II84
*94
7l2
*14
96
75«
14i2
63s
7
IOI4
1034
1078
IOI4
10*4
11134 11134 *11134 112
1158
11134 11134
*93
75s
14
6i2
*91
96
73s
778
*13
14
6*4
678
96
36
8,900
93
600
*103l2 108
400
6% preferred
127
100
7% preferred
8% preferred.
50
29
"li", 600
1058
1D4
52,800
11Ds8»
Uj5IJ
30
634
100
*75
5018
412
99
99
99
50
51*2
493s
5i2
434
2U2
22
21
20i2
20l2
34i2
1914
20>2
2U2
19i2
34
34
*30
♦20
*4
25
4l2
81
♦40
*U2
2
*8
10
9
9
*20
1834
*25
25
2434
4
4
4
*40
81
*35
1*2
*7
*ll4
1*2
*7
10
*8i2
*934
858
■91*
77g
14
7
"4",200
100
103,400
400
2078
19
1*2
*75
84
30
13l2
1534
I684
16i8
173s 100,600
85
69
69
69
69
700
70
*51
800
13
1334
6734
13t2
6734
14
67U
13l2
2612
143s
3,100
27
*25
60
*21
95
60
45
1518
92
93g
45*4
14l2
*81
*93s
4434
"434
33
*15*
92
63
*103s
11*4
5
10
10
*41
46
*42
44
19
19
♦18U
23*2
10i2
1012
18
2,600
92
"l"300
43
44
60i2
60
60
59*2
IOI4
47g
*1012
1U8
*10l2
11'8
100
412
47g
4i2
434
9,500
4i2
958
44'8
*185s
*2
3i8
*2
28
29i2
1*4
27
234
3
»414
9
9i8
9l2
978
9
10
*46l2
45
*1914
43
50
10
*44i2
2U2
24
934
21*
*2
19
212
,
3
234
234
9
*414
27l2
27i2
13g
234
188
D2
27«
234
9
*414
10
*7i2
*414
9
30
Bid and asked prices; ne sales on
*2
26i2
28
1*2
*8
*914
45
1*4
*80
92
4434
U4
•
10i2
1584
*80
90
60l2
IOI4
212
12
62
4378
2934
*7
120
914
4314
59i2
1'4
37
*92
*
62
100
93s
2i2
•10
30
9*8
2834
1*4
278
*414
*27
120
15
*81
9i2
4534
*60i2
478
*92
♦
62
16
63
478
I27g
26i2
120
*
92
1158
*60i2
*
1678
*92
2534
*92
70
93s
15,300
69
100
♦81
2i2
*70
♦25
"l5"
2-3s
23s
214
23s
69
*92
*
19
19
19
19
19
Oct 19
20
43U Oct 19
1141* Mar 25
30«* Oot 19
Oct 20
91
6% preferred
Purity Bakeries
No par
55 preferred B
Feb 11
651*
1181*
5284
112U
Jan 4
Jan 21
Feb 8
Jan 15
1281* Jan 21
132
1621* Jan 25
1131* Jan 25
721* f eb 4
110
Sept 29
June 17
2512 Oct 19
8»4 Oct 19
No par
Feb 10
80
1031* Oct 19
117
Oot 25
107i2June 28
85
Oct 18
Quaker State Oil Ref Corp_.10
Radio Corp of Amer...No par
31
6»4 Oct 19
Oct 20
14
434 Oct 19
97l2 Nov 17
48U Nov 24
214 Oct 19
1401* Jan 20
24s, Feb 3
1128, Feb 27
Feb 15
107
2384 Feb 25
187* Jan 21
1284 Mar 0
115
Nov
5
21
Jan
41i4 Apr
li* Apr
117* Jan
20
May
12
Jan
418
Jan
II4 Jan
684 May
171* Oct
I784 Oct
671* Oot
40U May
11684 Deo
Feb
Dee
Mar
Dee
Dee
Deo
Deo
Dee
2814 Deo
7314 Deo
3>4
2734
20i*
295*
IU4
384
13i«
28U
56
Dee
1221*
Feb
Apr
1031* Feb
1131* Apr
128
Apr
146
Apr
601* Nov
113
July
164
July
112
114
Apr
39
Jan
130
July
1441* July
Jan
697* Deo
16
Aug
103
May
247, Mar
13384 Apr
1171* Mar
307*
91U May
9% May
10i*
Oct
9*4 May
831* Jan
681* Apr
20i* Nov
19U Oct
14U Jan
1081* June
351* Mar 31
80
1412
Oct 19
Deo
4** Deo
301* Deo
91* Apr
934 Oct 19
8ig Oct 19
80
13i2
NovU9
112 Oct
«4 Oct
2i2 Oct
6ig Oct
5i2 Oct
5
Jan 12
3
297* Apr 22
221* Aug 30
331* Feb 4
117* Jan 22
37* Jan 22
161* Jan 20
317* Feb 11
110
11214 Nov
Reliance Mfg Co..
10
Remington-Rand
1
Preferred with warrants..25
Rensselaff A Sar RR Co. ..100
Reo Motor Car.
...5
17*2
82
1512
7
4714 Mar
Deo
Jan
100
*10
10
10
"""166
10,000
200
171*
127g
Oct 19
Dee
29
Oot
June
16
112
9
9l2
13
71*4
81* Oct 19
i2 Oct 19
13
14
Oct
137*
28*
581*
5
9i2
62
16
Jan 12
89* Feb 1
July 14
8
*7
884
1234
70
28
141
9
Jan
li4 May
Mar
1®4
9
884
81
62
*66
Oct»22
13* Oot1l9
X97U Apr 29
49
228, Feb
800
*3618
*114
1212
75
Jan 12
30
4
4
4
81
64
1712
MarlO
4
81* Oct 19
200
1214
70
122
Nov
Reliable Stores Corp...No par
25
64
1534
4
«4 Nov 24
"""600
100
*20
25
*6
1,100
35
17**
70
Mar
100
100
18% conv preferred
23i* Deo
43
No par
Pure Oil (The)
8
Oct 19
65i* Oct
17* Apr
125, May
193s
*25
3418
6512
*7114
...No par
Pullman Inc
187
3>g Oct 19
Oct 19
1
Sept 11
8
Oct 21
1,900
1314
"2U
May
160
2434 Nov 23
1938
18i2
22
12
25»
Dee
Feb
*20i2
*64
214
77
Mar
22
*10
80
Feb
I8I4 Deo
37U Jan
62i« Aug
18U Deo
71* Apr
No par
Raybestos Manhattan.No par
Reading
50
4% 1st preferred
60
4% 2d preferred
60
Real Silk Hosiery
6
Preferred
100
Rets (Robt) A Co.
No par
1st preferred...
...100
6512
2i2
Deo
84
176
16,600
17*2
1234
83l2
Deo
11&*
155
51*
4
85s
Mar
523,
8
434
*36i8
*U4
10
Nov
88
7
20
5
*20
4l8
81
16
Jan
190
53.50 conv 1st pref ..No par
181*
25
Mar
107* Mar
38* Jan
101«4 July
Jan 18
175
8,100
*25
36
oot
12
Mar
Apr 12
98
12
214
7i* June
351* Apr
505s
*58
♦80
Deo
2
98
13
*
49*4
18>4 Jau
49
66
80
Feb 17
60
98
12
17l2
Deo
49
*95
*63
»934
278*
*2058
5i8
478
658
658
63s
50'4
4*4
*13i8
14
July
4814
434
99
51
7l2
71*
714
*1
95
*91
100
......100
-.100
Pub 8er El A Gas pf 55.N# par
*llli4
95
*93
734
14
....5
60
No par
6% pf (ser ol Feb. 1 *29). 100
Pub Serf Corp of N J ..No par
55 preferred
...No par
100
1
1034
*111^J 112
No par
6% conv 2d pref..
Procter A Gamble
100
70
Jan
174ig Apr 23
46g Oct 19
1
A.No par
6% conv 1st pref
100
5,700
38>« Jan
51* July
8
105
tPostal Tel A Cable 7% pf.100
Pressed Steel Car Co Inc
1
7,300
May
741* Jan 13
20«4 Apr 6
338* Jan 18
No par
100
Porto Ric-Am Tob cl
"V.eoo
Mar
7*4 Apr
68
1021*
1001* Aug 14
Class B__
142
0
64
July 26
91* Jau20
Nov 18
Plymouth Oil Co
6
Pond Creek Pocahon..No pat
Poor A Co class B
No par
5,200
8I1* jan
314 Jan
81* Jan
U* July
66
Jan 16
87i4 Jan
Nov 20
3412
28
20
6
93
*136
137
*11114 113
28i8
29*8 £27i2
26
4634
45l2
*115i4 11512
*119
124
412 Oct 19
3i* Feb 1
951* Aug 31
x55
100
6% preferred
100
Pittsburgh United
..25
Conv pref unstamped...100
Pittsburgh A West Va
100
Pitts ton Co (The)
No par
50
5,100
8I4
*78
258
2i«
25s
141*
878
2i*
*9
818
2U
*10
834
258
1714
Nov 19
37
2
Jan 12
761* Jan 22
1414 Aug 16
7% pref class B
U4
171*
1412
858
17U
1038
1478
85S
21*
*58
20U Oct 19
8
71* Feb
14
Oct 19
Pitta Term Coal Corp...
1,000
95
1*4
2
18
95
17*8
258
*014
*2
*60
*5<t
30>8 Oct 19
234 Oct 19
60
2
12&S
Nov 22
50
....100
1
95
Us
Oct 19
55s Oct 19
lOOU Jan
25
Pitts Ft W A Chicago
50
♦84
9
9
l2 Oct 15
05
8
2
13
814
9
2U Oct 19
Pittsburgh Steel Co....No par
*41
'
Oct 18
800
1U2
Day
1
June 28
2
Pittsb Screw A Bolt...No par
*1114
50
84
76
Oct 19
$5 conv pref
30
*60
218
96
*41
78
56>4 Deo
548* Aug
"7% "ih "7",000
giving
11
105s
50
*41
Us
11
Jan
4
7% gtd conv pref.......100
758
£7i8
7l2
19i* Mar
Jan
451*
Pitts Coke A Iron CorpNo par
Thanks¬
778
lots June
258,
541* Jan 14
Oct 19
3
pref...100
6% preferred
20
166
*4834
169
200
18U Deo
1812NOV 22
Oct 19
.25
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa
100
Nov
34l2N0V 26
27
Pillsbury Flour Mills
122
123* June
100
Pierce Oil 8% conv
...
71*
31*2
678
3U2
712
*5l2
2D2
37
"*6i8
Exchange
35
*30i2
7i2
*
534
5
Preferred
20
6I4
No par
Phoenix Hosiery.
»
3412
100
7% preferred
Phillips Petroleum
19,700
-
No par
Phillips Jones Corp
71* Feb
461* Aug
218* Mar 11
1314 Feb 19
697* Mar 10
93g Oct 19
No par
Phillip Morris A Co Ltd...10
80
-
60
Phlla A Read C A I
100
39
No par
60
preferred
7% preferred
9,100
6I4
31
31
84
8
3l2
*3
314
110
4
25
60
Phelps-Dodge Corp
Philadelphia Co 6% pref
56
*2934
038
37
0i2
3D4
3678
38i2
*3
35
*31
50
6
No par
Pfelffer Brewing Co
fPhlla Rapid Tran Co
50
*012
No
Milk
Petroleum Corp of Am
212
74l2
72
50
50
4
*3
2l7g
7
50
50
6i2
334
Pet
72
"*2~
2h
334
34
35
.
'
1,000
43,200
*314
3i8
5% Prior preferred
6% preferred
170
•
514
72
Oot
58
Mar
481* Mar
1078
"*2"
Jan
17
Oct 19
2234
*
Apr
4
Oct 19
Oct 15
5i8
2i2
38
Oot
591* Nov
II684 June
9
20i8
34l2
72
Feb
Mar
3
51*
"*§"
30
Deo
45
22
3712
3434
28U Apr
2784 July
100
2058
*32
Feb
100
5i8
3484
73
1121* Nov
67* Jan
Pere Marquette
35
1012
Apr
10
117* Apr
17i* Nov
384 Deo
Peoria A Eastern
*14
11
5i4 Jan
47U Mar
32U Nov
101* Mar
110
Mar
37i* Deo
74
9
63
Deo
Deo
2284 Deo
Jan
June
II084 Jan 27
651* Feb 6
110U Sept 27
25
174
Jan
4i*
28'4
17
971* Feb
1091* Deo
700
193a
*102
3i* June
Jan
4U Apr
74i* Apr
1212
51*
'♦
4*4
6% conv preferred
100
People's G L A C (Chic). .100
Jan
Aug
Mar
li*
208*
200
m
-
No par
60
09
Deo
July
231* Deo
136* Oot
4i2
20i2
*25
2i2
Pennsylvania RR
Peoples Drug Stores
36
412
*1178
1412
169
*4834
*166
Oct 19
14
41* Jan
68* June
101* May
64
2U Oct 19
15
40
40
*14
No par
Cement
97 conv pref ser A...No par
5'8
41
"*5%
*38
16l2
1058
10
Penn G1 Sand Corp v t cNo par
3414
12
12
Coal A Coke Corp
300
*110i4 114
43g
40 84 May
23
Apr
10384 Mar 8
6*8 Jan 23
12i* Feb 2
761* Feb 1
2984 Feb 10
SOU Mar 17
57i2 Nov 23
114 Oct 19
June
81* Aug
171* Jan
234 July
7«s Feb 18
Jan 9
2l2 Oct 19
Nov 23
37
1,000
34
*4
No par
*30i4
114
3378
3
No par
(J C)
2058
34
114
43
1012
5
72
"*2~
55
478
Penney
14l2
22
18l2
11
35i2
55
Penn
*30
40
40
35
58
*31
40
*14
203g
5
74l2
8i2
1,100
2058
18l2
58
238
14
1078
7314
*012
*2
20U
1078
51*
4
4
23g
414
2034
2078
35i2
21*
Penlck A Ford
438
69
101* Jan 5
237* Mar li
Peerless Corp
*12i2
16i2
Oct 19
Apr
July
7ig Aug
7&s Jan 14
Oct 19
1,900
9,200
21
42
Oct 19
ll4 Oct 10
3,600
*12
40
Oct 19
8
4
15
*14
Oct 19
4
65
21
*401*
1
28
Co.|_.2.50
60
4i8
34
1
Transporta'n.lVo par
No par
Patino Mines A EnterprNo par
6012
21
18l2 Oct 19
1
18
28
28
28
5
25
3
25
Pathe Film Corp
1058
*2
Oct 19
8
67
103
MarlO
1097* Mar
28*4 Jan
2001* Jan
26*4 Jan
34ig Jan
8i4 Feb
4484 Feb
29!% Aug
Parmelee
4D2
14
*30
100
10
90
23
30
19
19
67* Jan
12U Aug
13* Jan
18i* Jan
12
4
21
35
1
No par
Parker Rust Proof
3834
10i8
3212 Nov
Sept
8i2 Oct
801* Oct
£95
100
Inc
5812
414
No par
Parke Davis A Co
1038
4
*30
Oct 19
3834
20
35
29
41* Jan 25
121
May 13
4,000
5,400
37g
II84 Apr
17ig Jan 20
Park Utah CM
500
Ds
6
434
20
72
"*2~
134
578
2278
14
Oct 19
10i8
384
2
21
4184
16*2
1718
152
Oct 19
100
July
153
Jan
Oct 19
3834
3914
62i2
2
1,700
1,100
5l2
Jan
140
1
6% 1st preferred
6% 2d preferred
"lO", 900
2
5l2
334
5712
212
30»4
17l8
17
*134
534
IOI4
334
37g
17
17i2
*134
6i8
30
118
2
7
Park-Til ford
23g
30i4
212
23g
2978
4
Jan
4
1,500
8,200
24
*22
24
*22
212
30i4
30
3034
Jan
29»4 Apr
6
123g Feb 18
4% conv preferred
Paramount Pictures Ino
76,666
4714 Deo
58*« July
149
1 Panhandle Prod A Ref No par
1,100
92i2
3912
6514
414
39i2
37
41
152
133
Pan-Amer Petrol A Transp__5
95
1218
*12l2
2012
4134
37
5334 Jan 14
447* Jan 9
Nov 22
110
100
conv preferred
Parafflne Co Ino
398* Nov
14U May
30>4
Apr 28
12ig Oct 19
100
Oil Corp
10
Packard Motor Car
No par
8%
Deo
Jan
44«4 Dec
Jan 12
38
Highest
share S per share
per
30
32*4 Jan 14
z34*4 Oct 19
10i8 Oct 19
par
No par
6% preferred
350
*85
95
-No
Corp—
9
5 per share
Oct 19
22
25
Pac Western
1,000
13s
43
1U4
213g
39
*U4
40
3
35
95
*91
138
40
u4
*3718
*111
114
*11034 114
♦110i2 111
33
34
3412
3478
3558
3314
4i2
4i2
5i2
*412
5i2
*4i2
14
*12
14
13i2
*12l2
1278
*14
Pacific Telep A Teleg
60
24
21
15
15
2014
*3178
230
1,400
*125s
1212
1134
2
22l2
Pacific Mills
IDs
37*
39l2
62i2
2i8
900
13
2
2
1212
1134
534
IOI4
66
I2l2
139
18
65
12
115
3312
2
4
Pacific Ltg
11
17
IU4
3,400
*134
32l2
178
39i2
3812
♦111
95i2
12is
6
378
38
139
35
1778
11
Pacific Gas <fc Electric
*83$
178
39l2
7,500
114
51*
534
1734
300
27
Lowest
Highest
5 per ehare
11
Oct 19
(Cal).lO
15
255g
3758
£1212
41
2l2
3014
Pacific Finance Corp
*13&8
137g
2534
*134
1U
*22
2&S
30*4
Par
*110
39i2
9U4
IOI4
11
9 per share
Shares
115
110
138
~IIl4
Nov. 26
9 per share
Year 1938
100-Shaie Lou
Lowest
*13412 139
13
1278
4H2
♦
24
2l2
30i4
139
13
35
93
*22
1212
11812
3712
138
123s
92U
lOU
35i2
*1134
1378
2514
*363s
1178
2534
4014
35l2
*90
247g
38
Nov. 25
On BasU of
Week
Nov. 24
15
*13
EXCHANGE
Friday
Thursday
Range for Previous
Range Since Jan. 1
NEW YORK STOCK
the
NOT PER CENT
STOCKS
//k*
AND
Sales
JOT
LOW
Saturday
3461
this day,
*7l2
X In receivership.
2D4
2I2
2834
8,800
60
1,800
600
600
100
134
6,000
1,700
27«
1,200
9
30
q Def delivery.
tRadlo-Keith-Orph
Republic Steel Corp—Ne par
6% conv preferred.... ..100
6% oonv pr>or pref ser A. 100
Revere Copper A Brass
Class A.
........
7% preferred
514% preferred
6
10
100
100
No par
100
1
Reynolds (R J) Tob class B.10
Reynolds Metals Co
5 >4% oonv pref
Reyno ds Spring
—10
Pow...
No par
Ritter Dental Mfg
No par
Roan Antelope Copper Mines
Ruberoid Co (The)
No par
Rutland RR 7% pref
100
St Joseph Lead
10
X St Louis-San Francisco.. 100
6% preferred
100
X St Louis Southwestern..100
6% preferred
100
Common
Rhine Westphalia El A
Richfield Oil
n New
stock.
Corp
r
Cash sale.
x
20
Oct 19
Jan 15
80
Jan
107, Nov
371* Aug 25
287*
Jan
383, Nov
8
3512
Jan
50 84
Jau 11
39
Jan
50
Dee
8
138* Jan 16
37
Jan
47
NOV
47
Nov 22
49
50
61i2 Nov 8
797g Oct 19
Mar
43*4 Jau
Jan 20
83
41* Mar
291* Mar
5
9
94U Jan 30
Feb 18
110
1«4 Oct 19
91* Feb 18
1214 Oct 19
47i4Mar 11
124
Apr 23
llOUMar 10
493, Apr 14
69
NOV 25
67
Oct 20
9
Oct 19
26i2Nov24
90
Oct 28
60
Nov 19
12*4 Oct 19
80
Nov 12
98
Apr 14
139
Apr 17
9584 Jan 26
308* Jan 14
112
Jan
8
97*
Jan
Aug
171* Aug
81
Deo
991* Sept
41* July
107, Apr
77
May
78i4 May
10
Apr
24U June
90
Apr
128
1041*
Dee
Oot
398« Dee
79i* Dee
Oct
117
Jan
25
July
50
Apr
65.
Oct 19
67
Jan 26
10i4 Nov 9
4ig Oct 19
14
Feb 23
36i4 Nov
601* Nov
587* Sept
884 Nov
655*
135,
Feb
"Feb
35""
Mar
61* Oct 29
3U* Feb 4
191*
44ig Nov 23
17U Oct 19
861* Mar 10
32
Oct 19
984 Feb 19
65
Apr
8'4 Mar
297, Deo
Feb
8
26i2 Nov 24
Nov
901* Nov
Nov
58
June
25
114
98
34U Jan 22
38
Deo
241, Nov
34
Oct 19
1
31
138
Oct 19
Nov 26
Jan
Dee
4i* Dee
Dec
8
Jan
16*4
100
Oct
221* May
105
Apr
92
43
9
July
5
18l2 Nov 24
34
80
101* Apr 19
jan
Jan
75*4 Dee
June
"lOi* "Feb
4
Mar 11
68*
22
July
503*
Dee
Oct 19
484 Mar 17
li*
Jan
35, Mar
U* Oct 15
31* Oct 20
111* Feb25
20»4 Mar 5
23,
Jan
684
77,
Jan
15
Oct
Nov 19
3712 Mar 11
Jan
37
Oct
1
10
Ex-dlv.
v
Ex-rights.
18
1 Called for redemption.
Dee
New York Stock Record—Continued—Page 9
3462
SHARE.
SALE PRICES—PER
HIGH
AND
Range Since Jan. 1
Sales
NOT PER CENT
STOCKS
for
LOW
NEW YORK STOCK
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 20
Nov. 22
Nov. 23
Nov. 24
Nov. 25
Nov. 26
9 per share
$ per share
$ per share
$ per share
On Basis of 100-Share
Week
$ per share
Shares
2212
23%
23%
*
*.i._
92
101% 101%
1414
14%
2434
2612
103
15
*13%
1334
14
25
25i2
2434
25%
747s
25%
91
76
91
30
100
60
78
75
76
75*2
*s4
5%
36i4
*78
7l
5%
3734
1
*34
5%
36i2
7s
7«
514
3634
*5%
6
*4 ]*
35%
%
365*
3514
3514
7«
78
2'2
*3i2
2i2
20 I2
4
66
56'2
2%
1912
*3l2
51U
2i2
20%
334
5534
14%
1434
14
1412
*74%
6
*77
19?g
17l2
65
*4634
48
♦27
30
16
*90
46%
27%
1478
16%
*90
96
8
778
21J8
*2%
2134
2818
734
20 78
22%
3
234
13%
♦51
16
47
♦4478
27
27%
16
15%
97-%
*92
8%
22%
2%
7%
20%
*2%
*21%
27%
51
53
14
1434
*17%
*58
63
*4%
47
300
27
27
30
15*8
1534
1534
16%
92%
91
92
7%
22
29
93
88
68
*97
20%
220 84
20 34
267g
*87%
69
106
7%
213S
27%
J1*
88
70
7%
20%
*2%
3
100
22%
28%
11
Oct 19
27% Mar 2
51% Mar 17
37% July
•114% Mar
17% Nov
55% Nov
98% Mar 15
93
101% Mar
24% Nov 23
400
Jan
44
Feb
No par
preferred
100
14% Nov 22
91
-
10
2% Nov
19
197
MarlO
96
June 17
120
Mar
13
Oct 19
54%
13
Oct 19
40%
104%
40
18
18
18%
19%
1584
13%
13%
137g
137g
1,100
1,300
10%
14i4
11%
12
12
11
11
11
11
*10%
11%
900
$6 preferred
No par
Smith (A O) Corp
10
Smith & Cor Typewr..No par
Snider Packing Corp...No par
58,200
Socony Vacuum OH Co Inc. 15
13
Oct 19
Solvay Am Corp 5 34 % pref 100
110
Mar 18
2%
24i8
*132
2%
2334
234
24%
132
140
14
14<%
1334
112% *110
112%
2%
2%
2%
2%
278
2334
23%
132
*131
I97a
20
1978
187s
1934
17%
20%
17%
10-%
1878
17%
1234
11
12
10%
1714
18%
17
1734
*26%
*3%
"4%
36
278
*8i8
*4858
*27
*29
36
9
24
42
*29
3
*131
45
24%
12%
43%
*41%
10%
10
12
11
1234
117S
54
54
52
18
18
8%
*100% 104% *103
3
3%
5%
3%
478
5
21
22
10%
207«
23%
♦1%
2634
24%
2984
30%
32%
97S
Jdlh
*25%
44%
11%
1
1%
29%
31%
*25%
35
43%
45%
22
55
55%
10
*21
23
10
*984
10
55%
9%
*934
1234
15
14
5%
6
*56
120
1318
56
24
2%
13%
21%
*8%
2%
14%
17
22%
7%
6
7%
*43
*6
22%
2%
13%
*19%
*8%
21%
12%
17%
23%
778
6%
7%
434
30
34
Jan
69
42
*31
*25%
42%
49
5%
11%
21
25
29%
*1
Day
13g
700
30%
3134
No
...No
No
$7 cum prior pref
..No
Stand Investing Corp ..No
1 Stand Gas & El Co
33,900
26
1234
23%
27%
21,000
11,500
29%
$4 preferred
$6
3,800
16,700
cum
Feb
2
36
Jan
2
Oct 19
2384 Jan 12
35
Aug 14
60
44
10
14% Nov 26
40
prior pref
Oct 20
8% Oct 19
49
Nov 23
16
Nov
8
7% Oct 19
101
Oct 20
2% Oct 19
2% Oct 19
par
24% Aug
Jan
37
Jan
5384 Mar
2184 Apr
14% Apr
4384 Nov
8
9% July
5% Apr
9% Jan
13% Mar
9% Feb
27% Deo
Jan 12
2434 Apr
62
Dec
26«4 Apr
72%
3%
Deo
48% Mar
8
16% Jan 20
104% Oct 2
12% Jan 22
14% Mar 8
6
Oct 19
32% Mar
par
10
Oct 19
65
14
Oct 19
72% Jan
par
1
Nov 22
7
4
Jan 11
2
Feb
Aug
Standard Oil of Calif..No par
28% Oct 19
50
Feb 19
35
Standard Oil of Indiana
25
26% Oct 19
60
Feb
32*4
Standard Oil of Kansas
10
30%May 14
9
25
31
Deo
Mar
9
6
55% Jan
24<4 May
70%
40%
Deo
Mar
66
54%
55%
*53
54%
55
2,400
Nov
8
75
Jan 29
65
9%
10
6,500
21
Feb 11
16% Apr
*934
15%
14%
6%
15%
15
Stokely Bros & Co Inc...—1
Stone & Webster
No par
5% Oct 19
834 Oct 19
6% Oct 19
78% Nov
24% Apr
10
934
10
Sterling Products Inc.--—.10
Stewart-W arner
5
64
9%
54%
9%
934
1
3
Oct 19
14%
9%
Jan
Studebaker Corp
30%
15%
-.-.-No par
49
Nov 26
70
Deo
91
Mar
6% preferred....100
—10
118
118
Jan
125
Nov
9
Oct 19
20% July 12
Superheater Co (The) .-No par
Superior Oil
1
Superior Steel
100
Sutherland Paper Co
10
Sweets Co of Amer (The)—50
18
Oct 19
6IS4 Feb
3
27
Jan
60"
734 Mar
2
3
Jan
684 Mar
42% Deo
978
678
56
z61%
*120
13%
21%
24
2%
2%
13%
14%
21%
19
12%
*7
*
CO M
5
7
6%
35%
3%
29
7%
634
7%
6%
*16%
*56
60
*55
63
*55
5
6
*55
63
5%
55
378
*25
35
*25
2
2
*2
*4%
5
*4%
5
13%
14
3%
*
2%
938
984
14%
5%
163g
678
51%
49%
123
120
35
49%
57g
49
*120
120
49
123
14
14
15
22%
23
24
5,700
2,800
2%
13%
*14
18
18
*8%
1234
1678
23%
7%
578
23%
23%
*7
8
*67g
*43%
4%
6%
35%
3%
287S
7%
6%
*16%
44%
47g
634
36%
2%
13%
19%
12%
17
16%
23
23
7%
44%
6
6%
3634
334
29%
7%
6%
2%
18
634
334
3%
*
13
13
3
4%
3
12%
1438
13%
11%
1378
81
80
80
*4%
11%
133s
.77
y
Swift International Ltd
Symington-Gould Corp ww_.l
5,600
3,700
300
44%
4%
Talcott Inc (James)
900
7
Telautograph Corp
4,300
3734
9
Feb 17
77% Jan 11
125
Jan
8
Oct 19
18
Oct 13
39%
734 Oct 19
15% Oct 19
22% Oct 19
434 Oct 19
4% Oct 19
6% Oct 19
20%
28%
33%
2334
Texas Corp (The)
5
47% Mar 11
Jun 25
23
Jan 20
Mar 31
6% Jan
20% Apr
28% Apr
Jan 20
17% Jan 21
12% Nov
Mar
8
16«4 Jan
67% Feb
8% Jan 12
Oct 19
15% Mar 3
65% Apr 22
9% Mar 15
28%
6
Nov
44
33
Jan
6,700
Texas Gulf Produc'g Co No par
5,900
Texas Gulf
8
5,400
Texas Pacific Coal & Oil—10
11,700
Texas Paciflo Land Trust—1
No par
Sulphur
3434 Oct 19
2
Oct 19
2334 Oct 19
538 Oct 19
6% Oct 19
Mar 30
16% Jan 22
15%
Jan 28
Texas <fc Paciflo Ry
15% Nov 19
Thatcher Mfg
19
Oct 19
48
Feb 19
33% Apr
*55
57g
200
60
...
65
Oct 19
64
Jan 13
59
*5%
65
*55
3%
"600
5%
65
2,900
35
'
"*2~
«.
"
*
—
-
100
Thompson (J R)
25
Thompson Prods Inc..No par
Thompson-Starrett Co. No par
$3.50 com pref
No par
5
13%
14
3,000
33g
14
3,800
*13
1
10
100
$3 div conv pref
Third Avenue Ry
*4%
11%
100
...
Thermotd Co
-
5
3%
Preferred
300
2%
13%
3
No par
The Fair
10
4
3%
*_.
2
$3.60 conv
300
13%
13%
14
11,300
77
77
77
400
Tide Water Assoc Oil
$4.50
conv
10
6
3% Oct 20
13«4 Mar
1
Nov 23
93% Jan
13% Feb
z40
Sept
4
3
2
55
2% Oct 19
Sept 25
1% Oct 19
36
4% Nov 23
10
0
Oct 19
1% Oct 19
6% Oct 19
13% Oct 19
77
No par
pref
54% Mar
Nov 24
8% Jan 13
15% Mar
28%
10%
40s4
21%
98%
28%
5
Feb 11
Jan 25
Jan 25
Feb
4
11-%
11%
1178
5,200
Tlmken Detroit Axle
40%
1078
44
40%
43
40
41%
39
41
8,100
Tlmken Roller Bearing.No par
36
Oct 19
79
10%
10%
1034
10%
40%
10%
6%
7%
378
39%
11
10%
11
20,400
Transamerlca Corp
17
Aug 2
22% Jan 11
27% Jan 22
*
88
""5%
5%
*
""5%
8
8
20
2034
26%
5%
26%
434
46
45
45
77S
*2
8
2%
378
6
9
5%
3%
88
*8
26%
4
20
7%
*2
21%
26%
5%
45
*
87
~"e"
*7%
19%
25
434
*44
66
61%
65%
61%
1934
19%
82%
*80%
22%
1934
84%
80
•
17
50
45
49
84%
18%
25%
47
82
83
2034
25
238
9%
22%
10
20%
26%
434
*734
1934
8
51%
17
10
2
10
22%
6
7%
53
*80%
"534
2
978
63%
19%
53
97S
9%
187S
*
47S
734
*2
46%
4
Oct 19
Transue A Williams St'l No par
7,200
Tri-Contlnental Corp ..No par
5% Oct 19
3% Oct 19
87
•
M
*
-
-
-
6%
1,900
*8
978
100
21%
12,200
20%
*25
28
5%
48
*42
8
$6 preferred
Truax Traer Coal
50
1,500
90
...No
20th Cen Fox Film Corp No par
$1.50 preferred
No par
Twin City Rap Trans.-No par
Preferred
100
Twin Coach Co
8%
2,600
100
46%
2%
48%
2,200
Under Elliott Fisher Co No par
10
10
5,700
Union Bag A Pap
67
23,800
*2
-
10
1
No par
Ulen A Co
958
65
62%
19%
8384
19
193s
19%
1978
8,100
Union Oil California
80
81
817g
83
4,400
600
Union Pacific
2,200
Union Tank Car
9%
65
83
82
82
81
23
22
223g
16%
1778
173s
63
81
22%
18%
18%
Bid and asked prloes.; no sales on this day
par
.No par
10
Truscon Steel
1,800
5%
734
2%
23
Oct 19
Transcont A Weat'n Air Inc. 5
600
""e"
5
46%
10
7,500
8%
378
334
2
638
6
*7%
87
6
8
52
*_
81
>
81
*22
23
$ In re<*elvenibip.
18
a
884 Oct 19
10
18%
Def
28.600
dellv«vy
new-No par
Union Carbide A Carb.No par
25
100
New stook.
r
Nov 16
Jan
Deo
Deo
8%
Deo
4484 Nov
15% Feb
14% Mar
49
July
48% Nov
63%
Oct
16
Nov
110
Feb
8% May
12% Mar
Jan
"9% "Feb
8%
24%
4%
Jan
Jan
Jan
13% Nov
3234 July
8% Mar
3984 Feb
21*4 Deo
Jan
27%
Apr
74% Nofi
26
14*4
56
11% Mar
4
8
109% Jan 21
12
Mar
3
7% Oct 16
26% Mar
8
18% Oct 19
40% Mar 13
25
50
Mar 13
Oct 19
17% Jan 22
40
Oct 19
94
Jan 20
7
Oct 19
25
JaD
Apr
1%
Oct 19
Deo
"Jan
27%
Apr
10% May
14%
7%
93
22%
Deo
Jan
12
Feb
Jan
110
4% Jan
7% Apr
22% June
31% Apr
884 May
65% Jan
Oct
9% Nov
28
Deo
38% Nov
47*4 Nov
Mar 29
234
47
Nov 23
9
Oct 19
0%
Jan 25
100% Jan
8
18% Sept 17
17%
109
Deo
Deo
2% June
74%June
8%
Jan
102%
Deo
Nov
61% Nov 23
111
Feb 20
"71% "Jan
I6514
17% Oct 19
Nov 23
28% Feb 4
148»4 Mar 16
20*4 Aug
108% Jan
90% Jan
22% Jan
20% Apr
28% Feb
149*4 Aug
80
78
Oct 19
22
Nov 24
31% Feb
4
10®4 Oct 19
35% Mar
5
r
Oct
9%
13
55%
3%
Feb
100
Cash sale,
Jan
Mar
884 June
85
12%
4% Oct 19
Nov 23
28
Feb 11
No par
4% preferred..
United Aircraft Corp---——5
%
86
37% Oct
13% Nov
26% Nov
35% Jan
20% Deo
15% Deo
Aug 13
11
6
Jan
9% June
7%
800
11%
27%
3%
Jan
19
11
6%
73.1
684 May
5% Apr
25
Co....100
No par
pref.....No par
Dee
3
Oct 19
12
7%
Nov
5%
11%
6
15
Jan
Dec
Oct
8
12%
6%
8%
9% July
4
334
Nov
4
Jan
42
2934
7%
20
50
Tennessee Corp
45,600
1% Oct 19
Oct
17% Jan 20
33% Jan 29
5
-.--6
25
534% preferred
"
7
-1
Without warrants
6
Jan
25
19
35
"2"
2
25
Swift & Co
Aug
Mar
6%
*17%
60
*5%
»
7%
8
*55
500
6,300
2,500
6%
8
60
1
7
24%
*55
17
57g
334
Sunshine Mining Co
7,500
1,600
12%
29%
*23%
5%
18
*8%
16%
*43%
4%
634
3534
3%
287g
1934
24%
55
2%
15
(The)
Sun Oil
90
1378
22%
2%
13%
234
11%
200
53,400
19,000
1,300
5%
14
4%
12%
133S
3%
934
1534
934
6
22%
345g
""2"
35
1134
4%
Feb
76
24
4
Deo
48
17%
8%
334
Jan
47%
48%
36% July 12
24
6%
Jan
18% Nov
Nov 26
17%
8%
' Nov
28% Feb 11
95% Apr 28
Nov 24
44%
5%
6
Oct
Oct
Jan
42
24
11%
27
92%
3684
20
17
6
June
May
11434 Nov
984 Mar
Starrett Co (The) L S_.No par
7%
*7%
Jan
Apr
Jan 18
par
par
Apr
Standard Oil of New Jersey.25
7
12%
1378
6
5%
11%
22
giving
94
Oct 19
20
1
Stand Co mm Tobacco
2,300
16,900
3%
No par
73% Sept 20
584
6%
73%
2984
16%
13%
900
578
*80%
Thanks¬
$4.50 pref.
Feb 26
43.200
7
14
3%
200
31
Oct
20
24
13
104
...No par
Standard Brands
101% Mar
Oct 19
7
Oot
82
437g
578
81
Closed
2,900
29,400
8%
104
63% June
20
678
1334
1934
8
77% Mar 17
104% Jan 7
9% Jan 28
42%
*25%
44%
5%
81
51%
19%
35% Oct 19
76
Oct 21
1% Oct 19
11% Nov
20
22%
3
50
Exchange
16,800
1,140
10%
97g
32
7%
13
70
6«4 July
44
17
3%
Stock
30%
31
6%
334
...
11% Mar 16
35
24
4
...
65% Jan 20
42
378
2978
5%
584
12%
22%
26%
32
*43%
65
75
Nov 19
1% Oct 19
32% July
47% Oct
*19
23%
6%
24%
3
30
7%
634
*48%
*20%
12%
51
1%
7
7%
8
32% Jan 13
65% Mar 11
21
*8%
1634
29
400
8
75
*1%
578
8
""2% "2% "3', 160
24%
12%
3
35
22%
378
30%
10
Oct 19
21
45
17%
*5
42
Spalding (A G) <fc Bros.No par
1st preferred
100
Spang Chalfant & Co 6% pflOO
Sparks Wlthington
No par
Spear & Co
-1
$5.60 preferred
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) vto
1
Splcer Mfg Co
;
No par
$3 conv preferred A ..No par
Spiegel Inc
2
Conv $4.50 pref
No par
Square D Co class B
1
Oct 25
1734 Oct 19
17
22
35
17
44%
5%
-
800
i
25
100
31%
*25%
37%
*1078
Mobile & Ohio Stk tr ctfs 100
3%
978
5%
1178
31%
31*
234
40%
3%
3
287S
35%
378
Det
*27%
19
18%
18%
8%
8%
83S
103% 1033s *103% 104%
32%
38
5%
1038
62
30%
36%
3%
*56
54%
12
134
6%
6%
Jan
100
-
Southern Pacific Co
200
*1%
7
7%
Deo
19
8% preferred
Southern Calif Edison
13,900
1%
634
30
26%
6
14%
24%
120% *118% 123
14
14
1378
21 %
43% Mar 17
60% Mar
*48%
*203s
21%
27%
5%
58
Oct 19
Oct 18
127g
10%
Mar
9
40
21
160
15
14%
538
Feb
100
40
117s
Jan
25
100
15
22%
2634
1.50
6% preferred..
43%
10%
3
2
July
7% Feb
35% Aug
Southern Railway
*40
3
Jan
26
30% Deo
17% Nov
114
9,300
8
1043e
3% July
Apr
6% Feb 26
42% Jan 12
Mar
18%
1734
8%
8%
12% May
110
12%
*14
49
19
8%
9
June
Sept
17
15
54
1734
"72" "Jan
21
113g
41
97fi
40% June
117S
41
1078
Deo
17%
38%
3%
*14
16
43%
Nov
23% Jan
12% Apr
*30
75
*41%
Apr
85
10
234
*16
132
5,100
42,800
23,100
*131
8
*20
47%
19% Jan
97% Dec
54
Sept
I87g
2%
*48%
23% Aug 14
155
Nov
21
8
76
130
45
28% Deo
127% Nov
14% Jan
48% Oct
684 Jan
140
234
24%
1% Oct 19
20% Oct 19
De°
197g
9
*20
So Porto Rico Sugar--.No par
Deo
Deo
64
17%
3
42
2%
South Am Gold & Platinum. 1
1,000
Deo
18%
3%
*48%
16
140
3,000
Nov
8
Jan 11
f<eb 16
29*4 Feb 15
115
Nov
11
11%
75
12%
24
......
Nov
20%
1934
17%
17
2278
1234
1784
*20
14%
112%
2%
2%
25
2438
934 Oct 19
Nov
16%
*27%
20%
18%
*8
834
23%
140
*3
3%
234
*8%
278
1578
*27%
35
3%
14
*110
-
Deo
Deo
7%
101%
31%
1984
32%
104%
11%
8
Nov 24
18%
13%
137#
Oct
67
18%
*110
26
Sloes Sheff Steel & Iron.,.100
630
Dec
8»4 July
60% Apr 22
102% Feb 4
26% Nov 24
30% Apr
1434 Apr
102
1934 Jan
z3% June
Nov 23
6% preferred
July
Marl6
4% Apr 21
88
25
100
Skelly Oil Co
13%
1434
8
89
17% Mar 11
68
4
Oct 19
MarlO
3434 Feb 19
105% Feb 2
5% Oct 19
17% Oct 19
Silver King Coalition Mines.6
Simmons Co
...No par
Simonds Saw <fe Steel.-No par
Nov 26
14
115
Jan
43%
18%
14
20a4
Jan 21
14
♦110
42% Mar 10
65
18%
15
Jan
44% Nov 24
24% Oct 20
1938
115
Jan
11%
Jan
18«4
*13%
*110
15%
Feb
Feb
Deo
44
Jan
4
17% Feb 10
434
5 H % conv
100
*97
69%
34
1
900
97
98% Aug 18
13% Oct 19
6% Oct 19
Feb
4,100
97
49% Nov 23
Feb
2%
8%
Apr
14
28%
67
2
30% Aug
3% July
334 Oct 19
27
67
1
120
2034
68
11% Mar
4%
20%
Jan
Nov 20
Slmms Petroleum
67
Oct 19
%
65
234
2034
90
1% Oct 19
Dec
l%May
7% June
Oct 19
500
*88
45% Jan 14
2% Jan 2
8% Jan 2
64% Apr 5
June
15
4,400
10,900
90
11
3% Feb 9
23% Feb 10
3% Oct 19
1
Shell Union Oil
8,600
23
234
110% Sept
No par
n7h
3
108
3
$3.50 conv pref ser A_No par
Sheaffer (W A) Pen Co .No par
2,600
5%
*44
6
Feb
No par
$5 conv pref
-----No par
Sbarpe & Dohme
No par
200
Nov
Jan
113
16
Servel Inc
Shattuck (F G)
Sharon Steel Corp.
9,300
2,400
Deo
114
113
34% Nov 26
% Oct 19
Seagrave Corp.--.
No par
Sears, Roebuck & Co.-No par
40,300
9,300
1934
92%
*97
98
3%
49% Nov
99
Nov 26
Seaboard Oil Co of Del. No par
800
Dec
Aug
share
per
July
96
Nov 22
Scott Paper Co
3,900
27
6
Mar
90
74% Nov 24
% Oct 19
3% Oct 19
800
1578
21%
8% preferred.
Highest
$ per share $
100
-100
1
100
6J^% preferred
JSchulte Retail Stores
.11,000
3%
30
103
3
94
69
74
*27
Oct 29
21
*234
4478
Oct 19
$ per share
No par
J Seaboard Air Line—No par
4-2% preferred
100
%
20
47*
21
92
Safeway Stores
1
490
8%
4478
27
5%
35
8%
478
47
600
400
70
*58
5%
1
85*
16%
16%
65
5
514
8%
85*
28
95
97%
50 %
14
21%
28%
71
52%
4934
13%
77«
15%
*85
22
*85
35*
.
5
234
20%
3%
5134
137*
500
77
5%
34%
78
1
2%
25*
21
400
8,100
1
78
19%
3%
*2%
65
514
5
78
7«
19%
I
16i2
16
173.1
65
1
734
8%
8
%
16 f
27%
*14%
26%
25%
747*
No par
6% preferred
100
6% preferred
100
7% preferred
---100
Savage Arms Corp
No par
Schenley Distillers Corp
5
2,600
Year 1936
Lowest
$ per share
46
Jan 13
Par
100
Range for Previous
Lots
Highest
Lowest
92
92
101% 102%
*13%
14%
*102% 108
22l2
*
92
*91
90
90
22%
2284
♦
92
90
103
22
2234
22%
#
92
90
share
per
23%
*
92
$
Nov. 27,
Ex-dlv.
v
9934
Ex-nghts.
Jan 13
100
June
31%
Feb
32%
Feb
1 Oalleo tor redemption.
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
145
HIGH
SALE
PRICES—PER
SHARE,
NOT
PER
NEW
for
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 20
Nov. 22
Nov. 23
Nov. 24
Nov. 25
Nov. 26
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
On Basis of
STOCK
Week
$ per share
YORK
7
7%
7%
*8
10
73s
9
634
9
I8I2
*1734
47
49%
24
23
19%
*11H2
48%
*23
3%
334
7
*834
*82
t
47
*21i2
22i3
3%
30i2
65s
8i2
3%
31i2
82
30%
7%
9
9
*82
7%
*8i2
17l2
*111%
4512
*2112
334
3078
634
834
82%
5
3%
6%
87
18i2
46
23
30
7%
934
9
*llli2
338
31
30
714
*8
17%
*111%
49%
*18%
85
7
8i2
7i4
9
1734
"2~200
22%
2212
400
4
4
414
32
3334
69,900
5,200
5,100
30
85
5
"~5
31
31
30
30
30
30
29%
31
30
30
55%
55%
5478
10i2
55
53
54
5212
5234
52%
11
10%
53
1178
5
5
5%
10%
113s
*102
5
7%
7%
77
634
684
8%
53%
634
7%
8%
I
8
56
*156
165
8
*30
38
19
19
19
8
7%
20%
5%
5%
734
7%
1,700
4,200
*32%
1,200
19
20
18%
18%
478
7%
5
5
734
7%
"2", 100
2,100
86
27%
28
5%
2384
584
26
47%
5334
49
86
26
27
5%
45%
26%
47%
64%
55
*64%
48%
68
106
*145
149
2
2%
6384
*•—
*-
51%
■
26%
5%
23
5%
24%
4534
52%
46%
54%
*647g
4834
6634
^
„
120
2%
6334
26%
5%
23%
♦35
35% Nov
Oct 19
46% Jan 14
Apr
Apr
48% Aug
Oct 19
16
Apr
16%
9
Oct 19
101
Oct 20
20
100
Corp..-5
60
137
Feb
172
Oct 20
70
100
No par
55,100
No par
20
8% 1st preferred
100
60
U S Smelting Ref A Mln
Preferred.-
Oct 19
24
3% Oct 18
20
Oct 19
43% Feb
112
72% Mar
9
Jan
7%
Apr
19% Deo
Jan
49% Nov
47
Jan
118
Feb 18
105
Mar 11
Oct 22
136
Mar
Apr 29
278 Oct 19
169
2%
2%
2%
2,700
1
Oct 19
Jan
Jan
Sept
16%
52% Nov 23
United Stockyards Corp
1
United Stores class A..No par
9%
18%
104
21%
147
1,800
Jan
19% Jan 12
114
4%
20% Nov
62% Nov
59
Apr
72% Mar 31
100
4%
Feb
169%
Jan
71
Mar 30
Feb
Aug
31% Aug
4% Oct
10
Aug
9
15% Mar 13
22% Mar 17
No par
S Tobacco
Preferred
4%
39% Jan
125% Nov
8%
72% July
68% Jan
126% Mar 11
100
2384 Not
49
48% Nov 23
100% Oct 19
100
Preferred
Jan
Apr
80% May
May
76% Jan 18
U S Steel Corp
Nov
5
160
Mar 22
45% Nov 23
63
100
Jan
23% Mar 22
Oct 21
50
"26"
Jan
24% June
3
Apr
10
Feb 10
6% Oct 19
85
Sept 23
Jan
2
Nov 23
16% Oct 19
334 Oct 19
Nov
19%
113% July
13
154% Nov 4
6% Oct 19
No par
Partlc «fc conv class A .No par
Jan
91
20% Jan 19
34% Jan 13
z34
87
8
24®4 Mar 9
100% Feb 3
3% Jan 28
53
8% Doc
£0®4 Nov
Jan
14% Nov
438 Oct 20
5% Oct 19
No par
preferred
July
109
Oct 19
Nov 23
34
->100
preferred
16% Feb
6% Oct 19
70
100
Jan 14
17
Feb
29% Aug
June
105
66%
2
113% Jan 14
3% Oct 19
No par
U S Leather
U
4
Mar
Feb
9%
32% June
9% Mar 11
86®4Mar 19
U S Industrial Alcohol-No par
20
Jan
63
U S Rubber
....
Jan
Oct 19
10
U S Hoffman Mach
7,700
15
93
Oct 19
U S Pipe & Foundry
U S Realty & Impt
2,500
26®4 Apr 19
106% Feb 26
Nov 16
258 Oct 19
13,900
55
8
52
Prior preferred
400
63%
50
5234 234,400
6,300
101% 103%
300
*117% 128
Mar
24
"7" 700
2534
50%
*145
Jan
538
40%
10%
6l2 Oct 19
6%
54
«•
4%
2%
22%
80
2734
46
120
*145
Mar 17
8% Jan 14
10
No par
U S Freight
U S Gypsum
—
63
51%
104%
4%
86
*70
103
120% 120%
4%
4%
2%
2%
6384 *—
—_
53%
6634
105
*145
4%
2%
4%
4%
86
2534
24%
46%
103
117% 117% *117% 120%
149
*70
5%
45%
52%
*64%
48%
52%
105
106%
5%
22%
5%
23%
53%
50%
106
*70
28
27%
55%
66'M
6634
86
♦70
9684 Nov
35
5
'
*70
Jan
25%
100
S6 first preferred
3,600
68
6
5M% conv pref
5%
8%
3
No par
U S Distrlb Corp
40
Feb
117
Oct 19
United Gas Improvt—.lVo par
7%
Oct
Oct 19
United Electric Coal Cos—.5
Conv
111
2
5
United Eng <k Fdy
United Fruit
33% Nov
Jan
6
20
.--No par
United Dyewood Corp
Preferred..
37% Nov
117®4 Feb
91
No par
$3 preferred
United Drug Ino
30
8%
38%
5%
734
5
7%
8
160
*8
784
United Corp
25% Sept
45l2Nov24
No par
U S & Foreign Secur-..No par
61%
*155
1834
18%
6
*31
Oct 15
United Carr Fast Corp No par
170
8
56
55%
160
7%
39
*30
8
7%
54
♦155
United Carbon
100
100
8
55
110
2,000
H2
*78
7%
156
100
2"200
8
H2
8
7%
Apr
24% Mar
15 preferred
United Paper board
"
70
*78
53
Jan
16%
30% Jan 11
7i2
7i2
*60
;:7,;
156
8
*5%
7%
6i2
24% Jan 12
31% Feb 10
13
Oct 19
53s Oct 19
5l2
514
70
19,800
104
678
67s
8
40
8%
6%
♦51
70
11%
*102
5%
6,100
1,000
3,400
538
1%
*31
8%
H38
104
*5
6%
6%
70
8%
56%
54%
165
11%
*102
5%
1
684
!■,: \
5
11%
104
6
75
1
1%
♦156
5%
718
♦70
♦1
4«4
10412 *102
5%
*70
5%
*
105
478
\
400
9l2
*
85
_
7
67S
9i2
Highest
share $ per share
Oct 19
Preferred
47
per
7
United Biscuit
46
$
share
per
15
Un Air Lines Transport
5
United Amer Bosch...IVo par
500
46
23
$
share
$ per
No par
100
18i2
*1738
*11H2
3178
634
834
Par
.
Lowest
Highest
Lowest
12,700
778
Year 1936
100-Share Lots
EXCHANGE
10
7%
*9
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
Saturday
3463
46%
115%
Jan 22
150
Jan
63%
101
Deo
Nov
10384 Nov
Apr
75%
Jan
Apr
79% Deo
15484 Nov
144
July
9
131
Jan
5
160
Oct
168
9% Feb
9
8% Feb
5
5
Apr
884 Nov
102
Nov
6734 May
July
46
Oct 25
11%
300
Universal-Cyclops Steel Corp 1
11
Nov 22
21
May 17
47
47
100
Universal Leaf Tob
No par
47
Nov 26
86
Jan 21
Apr
92
Nov
*127
135
100
136
Nov 10
164
Jan 19
153
Mar
165
Universal Pictures 1st pref. 100
29
Oct 20
108
Jan 18
50
Jan
115
Aug
Apr
*__
6334
$6
63»4
conv
pref. A
No par
84% Jan 11
*
*11
12
11
*47
55
*46%
136
136
*34
*127
135
31
31
31
1%
1%
78
%
25%
78
20
25%
20%
37
*
80
"3%
334
24
23%
36%
106
II84
106
4 y
434
12
*10%
*112% 118
32%
130
13s
1%
1%
4,400
1,000
%
*34
*22
20%
9734
9834
*9734110
36
*35%
37
1,000
■■■
""3%
22
106
10534 106
4
*4
*
65
3%
22%
Exchange
10%
10%
*10%
*112% 118
*112% 118
;
8
8
8
8
2034
8
20
1934
*7434
20%
19%
*7434
SO
80
8%
784
38%
40
40
734
39%
40%
18%
18%
18
18
.♦18
12%
12%
12
12
11
3%
3
7%
3
8%
50
*40
7
7%
44
♦35
3%
3%
3
3%
*40%
50
678
*30
45
*35%
684
7%
*
8%
1934
8%
19
Vadsco
*8%
---
200
4
4%
800
4%
—-
8%
2,700
Waldorf System
3,600
Walgreen
100
24,400
2,500
300
12
*11
12
400
3
3
3
3
3,100
42
*37
45
634
7%
"~3%
~43~306
3%
*7%
5,700
12
3%
200
20
21
21
1,500
Warren Fdy A Pipe
14
14
14%
1434
2,000
Waukesha
25
26
24%
26%
25
23
24
25
4,800
234
1%
*1%
73%
73%
26%
73%
27%
73%
60
90
90
90
90%
92
94
94
84%
84%
84%
94%
84%
94%
84%
119
119
118
119
112
113
112
113
17
4%
♦6%
*1%
2%
25%
17%
4%
9%
1%
.3
27%
2478
26
90%
9534
90%
94%
♦87
94
84%
85
86
50% Feb
40
Oct 19
99% Mar
18
*1%
*1%
2%
2%
2578
24%
27%
2534
25%
2%
26%
2%
26%
94%
1234
1234
25%
*75
105
*75
93
93
4%
16%
.
*16%
4%
24%
25
87%
43g
*6%
92
123% 123%
*91
6%
118
160
*23%
89
14%
14%
*32%
3478
*32%
12%
12%
23
23
*21
*75
*75
105
95
*90
95
.
11%
*90%
15
*32%
34%
11%
24%
1,100
34%
12%
24%
12%
*75
105
95
*90%
105
21
2134
21
22
*70
100
*60
75
75
75
*75
90
*75
60
*49%
60
*49%
59%
*49%
59%
*49%
16
16
*15
15«4
15
*15
16
24%
984
*10%
178
10%
11
1%
14%
*2%
15
2%
3
6%
5%
2%
6%
6
55
55
36%
17%
63%
2134
934
10%
*2
14%
2%
3
6%
5%
55
38%
36%
1784
16%
63%
50%
37%
63%
*45
59
*37
40
24%
10%
10%
15
9%
9%
10
10%
2
2
14
2%
2%
3%
6%
278
6%
5%
6
55
9?g
10%
2%
15
15
15
55
1%
*1334
14%
2%
27g
6%
*2%
2%
6%
534
55
5%
55
3634
37%
17%
35%
16%
17
64
59
61%
50%
50%
50%
37%
37%
37%
3534
16%
*5834
*4934
*34%
22%
10
934
9%
10
107
Jan
110
102
Oct 19
123%Mar
9f
115% Jan
8
Jan
Jan
124% Sept
9
116%
HI84
11684 Deo
West Penn Power 7%
2%
6%
5%
10%
9%
6%
v
,'v7.
1st preferred
3,800
340
300
36
*36
37%
200
*45
47
*43
45
*51
52
62
62
*62%
*23
24%
22%
23
*21%
2234
23
23
9%
934
2234
9%
9%
*80
10%
90
22%
36%
*65
22%
38
85
19
18
3
3%
•
9%
10%
*80
89
85
85
22
22
21%
21%
35%
*65
17%
3
37%
81
18%
35
*65
17%
3%
3
3634
75
177g
3
Bid and asked prices; no sales on
*85
21%
34%
*70
9%
95
21%
36%
75
17%
18
2%
3
this day.
52
52
170
500
2434
900
10%
28,800
95
*80
21
21%
37%
35%
*65
10
700
23,800
80
18%
3
a
6,400
3%
17%
I In receivership,
_
'
63
9%
Jan
160
5,200
Jan
27% Feb 23
1984 June
32
July
34% Jan 7
Apr 13
31»4 Nov
34
Jan
35%
Nov 23
Oct 19
115
93
Nov 20
126
Aug
Oct 19
Nov 23
Oct 18
Oct
Nov
Oct
July *120
39% Dec
21% July
84
109% Feb
July
Mar 11
19
75
60
91
99
6
par|
126% Aug 14
90% Aug 31
23%May 15
11
$4 conv preferred
Willys-Overland Motors
6% conv pref...
134 Oct 19
1
10
2% Nov 19
6% Oct 19
4% Oct 19
Wilson A Co Inc
No par
preferred..
100
10
56
Woolworth (F W) Co
54
65
r
Cash sale.
Oct 19
46% Jan
3%
4
6% Jan 25
5% Sept 7
12
Sept 7
16
2<4
Feb
Apr
Apr
Jan
6% June
28% Nov
17% Nov
684 Nov
43
Nov
6% Mar
11
Jan
91% Mar
12% Feb 27
2
70
June
87
Jan
65% Jan 20
4484
Apr
71
Nov
23%
Apr
36*4
Deo
54% Oct 20
112% Mar 25
56
Apr
8684
Dec
40
100
MarlO
47
Jan
80«4
Oct
12
—
stock,
Nov 26
35
WorthlngtonPAM(Del)No par
Preferred A 7%
100
Preferred B 6 %
100
Prior pref 4H% series—10
Prior pref 4^ % convserleslO
Wright Aeronautical ...No par
Wrlgley (Win) Jr (Del)-No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
Preferred—100
Young Spring A Wire.-No par
Youngstown S A T
No par
5X% preferred
100
Zenith Radio Corp
No par
Zonlte Products Corp.
1
a New
Oct 19
—5
Wilcox Oil A Gas
Def. delivery,
Oct
Jan
39
35%
Mach—No par
No par
63
52
Jan
22% June
1384 July
*51
62
94%
3384
100
White Sewing
700
Feb
Oct
75
23
Feb
978
123%
Jan 22
30% Jan 22
39 May 6
18%
5434
48
31% Nov 19
10«4 Oct 19
--—No par
170
Preferred
14,700
52
Oct 19
6% Mar 22
1734
62
*42
Oct 18
4
96% Nov
*50% Deo
153% Oct
18% Jan 25
37%
54
1034
5% Aug
72% May
34«4 Jan
33% Feb 16
62%
63
54
87% Nov 23
113
.>■
1% Oct 19
16%
6134
23% Sept
11% Mar 17
83% Jan 22
57®4Mar 6
167% Jan 22
1,000
60
5034
*45
Apr
1% Nov
Oct 19
17%
56
15
8% Oct 19
63
6634
57
6
4% Mar 17
1% Oct 19
25% Oct 19
1734 Oct 19
6% conv preferred
600
*63
"l2% "Feb
23% Mar
Oct 15
1
6
6
36%
Apr
14% Oct 19
54
36
""8%
White Rk Mln Spr ctf. -No pan
1,900
1,000
7,000
6%
6
WhlteDent'lMfgCo(The 8S) 20.
1
3
534
11% Mar
6% Oct 19
Weston Elec Instrum't.No par
Class A.
29% July 12
White Motor Co
400
700
54
60
---50
Westlnghouse El A Mfg
Oct 19
Apr
Sep
2% Oct 19
Westlngh'se Air Brake.No par
1,200
55
16
9,700
2%
2%
2%
6%
110% Apr
Western Union Telegraph. 100
100
15%
2%
*50%
*40
5,000
*14
2%
117%
30
Wheeling A L Erie Ry. Co.100
5H% conv preferred--.100
Wheeling Steel Corp...No par.
*2
15
2%
2334
Sept
Jan
Feb
59%
23
Dec
15 conv prior pref..-No
90
*51
8384
Feb
96
Westvaco Chlor Prod.-No par
10
78
4
87
100
95
Deo
91®4
800
'
Jan
52%
Aug 26
10
*20
2®4
33% June
1
Aug 26
Feb 11
30
15%
Feb
6% June
1
Aug
11%
6
Mar 17
9% Feb
2% Jan
103
100
15%
50% Aug 10
Oct 19
109
preferred
8,100
42,300
39% Dec
108
1,200
,
Deo
Apr
Oct 20
1%
97
37%
19%
MarlO
38% Feb 19
Oct 23
2%
28%
24%
-
21
Oct 19
20
100
23%
91%
*123%
24%
9234
Deo
46
16
Deo
Oct 25
Western Pacific
10,500
38%
76
100
27
1284 Deo
Jan
Apr
Nov 24
69
88
200
♦1%
2%
123% 123%
14
105
4%
9%
1%
2%
27%
18% Deo
Apr
84
8
1,800
1,900
Nov
Jan
Apr
7% Nov
105
Nov
100,
4%
90
1634
52
100
preferred
preferred
8
11334
1634
Nov
Jan
Apr
12% Deo
West Penn El class A ..No par
4%
17
20
Jan
11% Oct 19
1
pref.100
6% preferred
100
Western Auto Supply Co—.10
Western Maryland
100
4% 2d preferred
100
*112
138
2%
*23
7%
80
11334
*112
13s
35
410
112
8
35
60
95
4984 Nov
Apr
4%
15%
84% Feb
90
Jan
Apr
44
73% Nov 20
95
xNoa
39% Deo
12% Jan 25
35% Jan 16
No par
*87
61
Apr
,
69% Jan 23
9
No par
-.6
$4 conv preferred
Feb
A/far
Oct 19
Wesson Oil A Snowdrift No par
9484
♦85%
118
16%
Motor Co
Jan
73<
25S Oct 19
66
94%
11834
112
434 Oct 19
4%
103s Mar
4738
9%
5
36
an
1384 Deo
5%
26%
17%
10%
2%
2
2% Oct 19
1
July 15
23% Oct 19
200
9%
30
10% Feb 26
100
6
Jan
4% June
8
Oct 19
1
90%
1,300
3%
No par
27%
74%
*118% 11834 *118
*6%
14%
27
Feb
Aug
6
19% Feb 11
49
Oct 19
Webster Elsenlohr
*73%
.7
1%
35
1334
7434
8
4%
♦32
25
*73%
8
13
*23
75
17%
13
*1234
26
16%
1
4%
88%
*123%
13%
♦123%
2578
*73%
1%
2%
Mar 17
7%
Wells Fargo A Co
200
234
7% Oct 19
16
2
Wayne Pump Co.-
234
*1%
23%
*2%
*2%
120
10% Mar 16
18% Mar 16
98
No par
1934
*1%
70
122% Jan 11
2% Oct 19
2% Oct 19
tWarren Bros
No par
S3 convertible pref—No par
14
24%
2%
1%
26%
Mar 12
2
Oct 16
Oct 23
1
20
*1%
26%
137% June
2
No par
19%
*2%
Aug
52
11734 Feb
8
13%
1%
Aug
131% Aug
86
Feb
19% Jan
14
234
Jan
61% July 15
19%
1%
28
*114%
Oct 20
14
234
4
Oct 19
19%
234
Mar
Oct 19
21%
1434
*1%
*27%
135
17
14%
9
41% Deo
11934 Sept 23
32
19%
9
114% May
Apr
No par
*8%
Mar
May
...No par
10
-
109
Feb 15
(H)Good A W Ltd No par
10
Aug
8% Deo
5884 Deo
4
Oct 19
13.85 conv pref
80
2834 Aug
14
Nov 24
Warner Bros Pictures—
48% July
Jan
4%
5
Ward Baking class A...No par
100
40
40
3%
49% Nov
Aug
116
7
18
Class B
Deo
Jan
*74
Preferred
Oct
Deo
30%
12% Jan
—No par
No par
Walworth Co.
Walk
116
5
2%
57
37
pref with warrants 100
Co
Mar
92% Aug 18
18% Mar 11
4H %
Preferred
734
7%
42
3%
June 29
115
6% Mar
Oct 20
100
100
6% preferred A
5% preferred B
19
8%
♦35%
6
105
--.100
tWabash Railway
78
8%
18%
7%
....
3
39%
38
74% Apr
6% preferred
100
Virginia Ry Co 6% pref.—100
Vulcan Detlnnlng
100
Preferred
100
*11
i
May
3% Oct 19
8
3%
72
6
8
38
12
Mar 27
12% Apr
Va El A Pow $6 pref-.-No par
*18%
7%
80
Virginia Iron Coal A Coke. 100
♦4
8%
19%
Apr
30
*234
Day
Jan
Feb
40
40
*52% 61
*118% 125
f:
100
preferred
2884
*110%
May 12
2% Oct 19
18% Oct 19
No par
Chem
44% Jan 20
Apr
47
11%
11%
giving
Oct 19
Oct 19
230
*112% 118
Thanks¬
14%
5
#4
Closed
June
16%
97
5
Vlck Shreve A Pac Ry Co.100
6%
30
39% Mar 11
3534 NOV 24
66
Sept 27
-100
1st preferred
Vlck Chemical Co
Va-Carollna
1
58% Jan 20
Oct 19
%
___6
Van Raalte Co Inc
7%
Oct 19
Oct 19
9%
16
100
—
3%
Jan
July
No par
Sales
Preferred
57%
4% Jan 13
2% Jan 20
Oct 19
34
1
Vanadium Corp of Am .No par
4,100
8%
3834
18%
z38
187S
"3%
22% 2434
*105% 106
*1734
8%
3834
378
"3",500
18%
*73%
*74
3%
_
4%
74
77
45
1,800
65
—4"
Stock
5
12
21%
preferred
tUtilltles Pow A Light A
100
3534
62
*52%
*52% 64
*52% 61
*118% 125
*118% 125
*118% 125
3
278
234
*2%
2%
*2%
*4
4
4
4
4
4%
378
*4
*4
♦4
4%
4%
4%
4%
*74
11,300
8%
20
16
20
234
*4
26
20%
14%
20%
*118% 125
*2%
384
34
84
32
15%
22
106
31%
1478
20%
*4
80
31%
*22
"3%
*
135
1%
*9834 110
36
♦10%
4734
147g
23%
22%
5
26
4
65
107
13%
1934
1% £
34
36%
59%
3%
"334
*4
112% 118
65
*52%
%
*22
36%
*
*106
*10%
1%
13%
14%
20% 20%
*9834 110
100
37
11
*127
32
15
100
11
*46%
135
26
13%
11
49
*31
1%
*25%
11
*46%
*126
32%
*30%
1%
11
50%
Oct 19
Oct 19
47
Jan 22
34% Nov
3
39
Nov 13
51
3
54
Nov
5
Oct 19
Nov
Jan
140«4 Sept
128
Mar
6
62%
58% Oct 19
76
Jan
7
63
Aug
79
Feb
22% Nov 22
62% Jan 27
33%
Apr
51
Nov
7% Oct 19
37% Feb 16
8«4
Jan
23%
38
85
Nov 23
21
Oct 19
34% Nov 24
70
Oct 25
12
Oct 19
2%
2
Oct 19
Ex-dlv.
v
142
Jan 23
46% Feb 15
101% Mar
115
6
Jan 27
Jan 16
Ex-righta.
105
11%
43®4 Aug 31
9%
83% Jan
42% July
41»4
Jan
Jan
Jan
584 July
Dec
163% Doc
55
87«4
Apr
Oct
122
Aug
42% Nov
93$
Jan
T Called for redemption.
I
Nov• 27> 1937
3464
Friday
N.
Range or
Sale
STOCK EXCHANGE
Y.
Week Ended Nov. 26
Friday
Bid
Price
Since
Friday
A
Asked
Lots
High
No.
Low
Mar. 15 1946-1956
M
Jun« 15 1943-1947 J
116.9
116.10
47
O
106.26 106.21
106.29
110
D
111.24 111.21
111.26
23
109.12115.20
110.7
110.7
15 1942-1947 J
Mar.
1 1942-1947
M
J
116.6
113.16121.14
104.2
109.26
24
107.12114.9
107.16 107.6
107.15
11
104.28110.18
103.17 103.14
103.20
55
101
104.21 104.17
104.23
35
102.10107.30
106
105.28
106
46
106.22
8
D
Sept. 15 1951-1955 M S
June 16 1946-1948 J D
June 15 1940-1943 J D
Treasury 3*fl
Mar 15 1941-1943 M S
Treasury 3*s
June 16 1946-1949 J D
Treasury 3*s__.Dec. 15 1949-1952 J D
Treasury 3*s_
Aug. 16 1941 F A
Treasury 3*8—.Apr. 16 1944-1946 A O
Treasury 2*8
Mar. 15 1955-4960 M 8
Treasury 2*8
Sept. 16 1945-1947 M S
Treasury 2 *s_.-Sept. 15 1948-1951 M S
Treasury 2*8
June J 5 1951-1964 J D
Treasury 2*s...Sept. 15 1956-1959 M S
Treasury 2 He—-Deo. 15 1949-1953 J D
Federal Farm Mortgage Corp—
3 *S
Mar. 15 1944-1964 M 8
3s
-May 15 1944-1949 M N
Jan.
Range or
EXCHANGE
Week Ended Nov. 26
Price
106.26
105.12
104.20107.27
104.24108.24
110
1
106.28
♦Costa Rica (Rep of) 7s
102.24108.18
104.24108.24
106.23
24
101.11
165
101.4
101.13
122
99.2
104.16
100.14
100.22
287
98.4
103.17
100.4
100.13
98~27
98.20
99
14
50
104
109.25
99
104.30
100.18106.16
98
96.6
101.22
106.10
103.11
103.14
10
101.7
102.22
102.26
59
100.11105.17
103.17 103.17
103.19
3
101.8
105.23
102.12
2
99.6
104.10
8
102.8
1 1939-1949
1942-1944
F
A
J
J
86
1:
101.1
101.4
100.23 100.20J 100.26
Denmark 20-year extl 6s
External gold 5 Ms
21M
105M
4
21*
105*
11
~~2
102
102
103
39
62
145
61 *
59M
103m
O
103M
O
21M
17
103M
103M
1G3M
4
36 M
100 H 105 *
101
102
103
1942
99.24105.3
99
98.28103.2
47
98.16102.31
104M
1955
Apr 15 1962 A
Deutsche Bk Am part ctf 6s...1932
External g 4 Ms
104M
105
31
100
100
99
99
100*
100*
65
O
(♦Stamped extd to Sept 1 1935.. M S
Dominican Rep Cust Ad 5 Ma—1942 M S
1st ser 5 Ms of 1926
1940 A O
37
104M
97* 102
102
47 M
105
68 *
103 M 105 M
103 M 105 M
104M 107 *
100
103M
97M 101M
45
*60M
60
65
65
82 M
*60
68M
70
82
*60
75
65
82
61M
71
61
59
81M
81M
65
2d series sink fund 5 Ms
1940 A O
Customs Admins 5 Ms 2d ser.1961 M S
5 Ms 1st series
1969 A O
♦El Salvador 8s ctfs of dep.
A
1948 A
♦Gtd sink fund 6s
F
O
♦External s f 7s series B
^External s f 7s series D—.1945
♦External s f 7s 1st series
1957
a20M
020 M
99M
2
21
99
27
97
100M
6
6
6M
3
6
6
7
14
6
20 M
20
6M
6M
5
6
20
5
6
20*
6M
5M
5M
♦External
sec s
f 7s 2d series-1957
5M
♦External
sec s
f 7s 3d series. 1957
5M
97
97
Antwerp (City) external 5s
1968
Argentine (National Government)—
81 external 4*s
—.1971 MN 188 *
S f extl conv loan 4s Feb
1972 F A tSOH
8 f extl conv loan 4s Apr
80
1972 A O
1955 J
J
88*
80
80
T104*
104M
104M
100*
103M
104M
1956 M N 100
J 1103M
1957 J
f 7s
6
6M
6M
97M
16
9
5*
5M
3
6M
17
97
30
17M
16 M
16M
102
Estonia (Republic of) 7s
Finland (Republic) ext 6s
V-
59
61
61
♦20*
81
19
61
9154
84 M
84 M
105M
105M
101
103M
139
209
71
89 M 103*
80
95M
80
94M
53
104 M 110M
83
10454 110
66
7
Belgium 25-yr extl 6*8
External s f 6s
External 30-year s f 7s
Bergen (Norway) extl s f 6s_..1960
♦Berlin (Germany) s f 6 Ms
1950
♦External sinking fund 6s... 1958
♦Brazil (U S of) external 8s
1941
♦External s f 6*s of 1926
1957
♦External s f 6 Ms of 1927—1957
♦7s (Central Ry)
1952
Brisbane (City) s f 5s
..1957
Sinking fund gold 5s
1958
20-year s f 6s
1950
M S
A
O
J
D
19M
J
D
23
1854
22
D
20
19
23
98
98
98 M
8
9954
10154
18
M
8
F
A
J
D
J
1952 MN
Aug
15 1945 F
1961 J
A
J
1944 J
J
1954 J
♦External sinking fund 6s... 1960 A
♦Extl sinking fund 6s
Feb 1961 F
O
A
J
♦Ry ref extl s f 6s
Jan 1961 J
♦Extl sinking fund 6s..8ept 1961 M S
♦External sinking fund 6s... 1962 M 8
♦External slnxlng fund 6s... 1963 M N
1957 J
...
J
A
O
......
2354
1005i
10854
*70
20
20
106
104
26
1965 J
1965
♦5 Ms of 1930 stamped
♦5 Me unstamped
♦5 Me stamp(Canad'an Holder)'65
♦German Rep extl 7s stamped. 1949 A
18
47 M
98
103 M
♦7s part paid
♦Sink fund secured 6s
4
11
16
100
f 5s
Italy (Kingdom of) extl 7s
25
2
25
35M
25
26
8
25
28
1
96M 101M
J
104
18*
*18
mm,
17
1
104
15M
25
20M
107
20
5
17M
30M
20
14
18M
17*
18*
30*
30*
27M
62M
18*
58*
25*
18*
2
58*
58*
17
47M
1951 J
9
21M
3054
♦4s of 1904
38
22
33H
♦AssentiDg 4s of 1904
111
♦114*
D
75*
73*
*71*
S
41
57
60
75 M
75*
65*
40*
81*
65*
6
65
115
70
6
40*
A
*20*
D
*.—..
104*
5*
115*
6*
mmmm
....
65M
93M
65
75*
82
57
J
108
43
112M
9954
14
4554
3854
3254
3254
3254
13M
20
15
104M 110M
10954 114M
97
101M
96 M 103 M
98
9954
91
95
47
60
32 M
5454
2654
26M
8054
40
21
12
....
4
3
40 M
♦Medellln
(Colombia) 6 Ms
1954
♦Mexican Irrlg assenting 4 Ms. 1943
♦Mexico (US) extl 5s of 1899 £ 1945
♦Assenting 5s of 1899
1945
♦Assenting 5s large
♦Assenting 5s small
D
5M
MN
...........
J
3*
J
*3 *
4*
Q
J
94
.157
82M
67M 100M
52M
29*
19*
95
89M
42
26
1954 J
3*
D
100 M
2*
*1*
J
Milan (City, Italy) extl 6Ms—.1952 A
Mlnas Geraes (State)—
59
S
10*
•mm*
-
-
—
m
100*
106*
f
A
20-year external 6s
1944 f
A
12M
1354
45
12
1956 M S
1965 A O
106*
103 M
102*
1254
13M
14
31
11M
4s
1963 F
A
102
13H
14
Bank extl ■ f 5s...1970 J
(City) extl 6s
1952 f
D
12 M
12M
1254
12M
1254
24M
2454
2454
24M
21M
21M
21M
External sink fund 4 Ms
External s f 4Ms
6
9
10
*20
40
11M
954
954
8M
39H
22
23
18M
15M
1554
1354
1254
38
M
mmmmm
mmmmm
101*
101*
107
1M
4M
2M
9
9*
9M
9
13*
13
33
2
59 M
76
34
60
68 M
19
100
105 M
14
100 M 105
5
104* 108M
106*
103*
102*
101*
107
11
104*
103*
24
120
102*
51
105* 109
101M 106 M
99* 104*
95* 102*
104
104
2
20
20
20
1
S
61
61*
57*
63
54
60
55
57*
2M
22
A
MN
11
2
102* 104 M
17
25*
52 M
85
47M 79*
97* 103*
103 M 107
26M
1354
1354
1953
1958
1955
1953
8
11*
82
mmmm
100
25
Oriental Devel guar 6s...
Extl deb 5 Ms
Oslo (City) s f 4 Ms
8M
11*
10M
10*
60
*55
100 M
25
10M
17
59
12
100M
12
9
;w
66
O
12
Municipal
♦Nuremburg
"60*
«
59*
A
12
12
10
2*
6
35
F
23
41
2
3*
12
A
36
f ext loan
""3* ~"~5
10*
11
1959 M S
..1952 J D
MN
59
10 M
O
1958 M
s
2M
5*
3M
3*
1
14
12
•••
3
J
14
1
"3*
3*
♦fTreas 6s of *13 assent(large) *33 J
J
♦(Small
♦6s series A
..1959
New So Wales (State )extl 5s.. 1957
External s f 5s
Apr 1958
Norway 20-year extl 6s
1943
•
5M
7M
5*
*3
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small...
♦Sec extl s f 6 Ms
♦Montevideo (City) 7b
1
*2*
.1954
♦Sec extl s f 6 Ms
36
3*
Q
48M
25M
11
11
UM
1.154
14
20
20
J
1154
UM
9
26
104
1960 MN
♦Leipzig (Germany) s f7s
1947 F
Lower Austria (Province) 7*8.1950 J
32 M
62
A12M
97
•
66
38
18
97
80
22
2154
73
38
Panama (Rep) extl 5 Ms
♦Extl 8 f 5s ser A
♦Fernambuco (State of) 7s
♦Peru (Rep of) external 7s
s
D
101*
103*
14
6
7
54
85
43
76
18
10*
80*
24
11
28
.—.1963 MN
43
43
44*
1947
..1959
M S
10 M
11*
10*
11*
D
9*
O
9*
9*
9*
UM
11*
10*
10*
O
57*
57
57*
13
47
62*
O
68M
53M
68*
68*
53*
18
60
80
20
45*
64
M
f 6s 1st ser ..I960 J
♦External sink fund f 8s
100*
103*
O
J
1963 MN
♦Stamped
♦Nat Loan extl
A
♦Nat Loan extl s f 6s 2d ser..1901 A
♦Poland (Rep of) gold 6s..
1940 A
♦Stabilization loan s f 7s
1947 A
25
97
33 M
102 M
3054
53
14
3469,
42
32*
25
Japanese Govt 30-yr s f 6 Ms—.1954 F A
Extl sinking fund 5 Ms
1965 M N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
65M
9354
Oct 1961 A O
For footnotes see page
30*
*19
10554
5054
99541 19954
9854
99M
12M
22*
s
2
99M
13
101
Irish Free State extl
88
147
9854
12M
12M
12M
34
29 *
2
♦15
Italian Cred Consortium 7sserB,'47 M
Italian Public Utility extl 7s—1952 J
98 M 103M
9754 106 M
80
93*
98 *
12M
1254
1254
23M
2
30*
1952
1946 J
f g
67
3054
32M
32 M
s
41
5054
3254
3254
23
4
33
......
....
♦7s secured
86M
50 54
13254
29*
30*
mmmmmm
♦Hungarian Land M Inst 7 Ms. 1961 MN
♦Sinking fund 7 Ms ser B
1961 M N
♦Hungary (Kingdom of) 7MS-.1944 F A
85 M
71
"~32M
25*
28*
31M
28M
25M
36
30 M
33
28*
1968 FA
♦Hamburg (State) 6s
1946
♦Heidelberg (German) ext! 7 Ms '50
Helslngfors (City) ext 6 Ms
1960
Hungarian Cons MunldpalrLoan—
♦7Ms secured s f g
1945 J
65 M
67
"3854
"31M
124
30*
1968
64
68
I
18M
25M
26M
30
30
1964
♦6s part paid
10
65M
""3854
23
25
O
♦(Cons Agrlc Loan) 6 Me
1958 J D
♦Greek Government s f ser 7s..1964 MN
25
66
65M
9354
20M
*20
1949
8454
64
"93*
100
26M
92
65M
107M
HIM
26*
25M
23
D
47
86
93 M
101 M
101
German Prov & Communal Bks
78M
64
112
217
55M 66M
98
100M
105M 109
17*
25M
102
124M
94
119M
105M 130
106
92 M
*102 M
ipiM
7s unstamped
.1949
German Govt International—
63 M
6754
107M
18 M
25M
10554 111
10154 110M
11154 118M
99
103 M
18
25H
18M 25
22
69M
18
47M
107M
20M
a93
99M 103 M
98
104M
18
87
63M
30*
32 M
239
82
64
Jan 1961 J
J
22
*70
♦Chinese (Hukuang Ry) 5s.... 1951 J D
♦Cologne (City) Germany 5 Ms. 1950 M 8
♦6s extl s f g
2254
100««
*92
D
1961
1962 M N
♦Chilean Cons Munlc 7s...... 1960 M S
Colombia (Republlo of)
♦6s of 1928
101M
100»u
D
196i
♦Chile Mtge Bank 6 Ms
♦Sink fund 6*s of,1926
f 6s
98 M
98*
101M
J
1950 M S
J
♦Farm Loan s f 6s. .July 16 1960 J
♦Farm Loan s f 6s
Oct 15 1960 A O
♦Farm Loan 6s ser A Apr 15 1938 A O
♦Chile (Rep)—Extl s f 7s...... 1942 MN
♦Guar s f 6s
19
J
1967 J
30-year 3s
♦Carlsbad (City) s f 8s...
♦Cent Agrlc Bank (Ger) 7s
126
J
Canada (Dam of) 30-yr 4s..... 1960 A O
10-year 2 Ms
25-year 3Ms—
7-year 2*8—-
7
19
1968 MN
6S
7
2
19
1967 J
f 7s
11
O
J
♦Stabilization loan 7 Ms
11
O
,.1984 J
3% external s f $ bonds
Bulgaria (Kingdom of)—
3
A
1976 F A
1976 A O
1975 M N
f 4*eh4*s
3
A
♦Budapest (City of) 6s
1962 J D
J
Buenos Aires (City) 6 Ms B-2.1955 J
♦Buenos Aires (Prov) extl 6s...1961 M 8
♦6s stamped...
..1961 M 8
♦6*8 stamped..
..1961 F A
■Extl s f 4*s-4*s
1977 M 8
Extl re-adj 4*s-4*s
Extl s f 4*s-4*s
20
20*
105M |105 M
10254
103M
113
HI*
100
99M
21M
21M
19M
12154
22
2654
56
100
107*
♦Frankfort (City of) s f 6 Ms.-.1953 MN
Haiti (Republlo) s f 6s ser A
1945 F A 120
1949 M S
J
1955 J
102*
1955 J D 111*
♦Bavaria (Free State) 6 Ms
*50
100
J
1948 J
J
1967 J
M S
1945
French Republic 7 Ms stamped. 1941 J D
7 Ms unstamped
1941
External 7s stamped..
1949 j"6
♦7s unstamped...
1957 m^s
External g 4 Ms of 1928
30
a20*
99M
1945
Australia 80-year 6s
External 5s of 1927
21
6
1945
♦External s f 7s series C
22^r 22
1
6*
1963 MN
J
♦Antloqula (Dept) coll 7s A.—1945 J
Akersbus (Dept) Ext 5s
s
80
99
& Municipals—
Agriculture IMtge Bank (Colombia)
♦Gtd sink fund 6s
1947
♦Guar
90
53 M
86
*103 M
1969 A O
♦Dresden (City) external 7s...1945 MN
s
77
53 M
84 M
5 Ms 2nd series
♦Secured
93
31
30 *
30*
101M
100M
103.18
170
96
96
80 M
98
53M
1949 F A
Sinking fund 5Ms...Jan 15 1953 J
♦Public wka 5Ms...June 30 1945 J D
1951 A
1942 A
98*
95
External loan 4 Ms
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B
20
80 *
95
Cuba (Republic) 5s of 1904
1944 M S
External 5s of 1914 ser A....1949 F A
103.7
"
"98*
20
22
1951 MN
102.20108.24
11
103
2*8 series B..Aug.
2*s series G
s
High
20 M
23
21M
21
21
Copenhagen (City) 5s
1962 J D
25-year gold 4Mb
1953 MN
♦Cordoba (City) 7s
1957 F A
♦7s stamped...
1957 F A
Cordoba (Prov) Argentina 7s..1942 J
71
101
1 1944-1952 M N 102.21
Refunding
Jan. 1
Low
High
O
♦Sinking fund 7s of 1926
1946 MN
♦Sinking fund 7s of 1927—1947 F A
41
103.5
"lb(U7
♦Colombia Mtge Bank 6Ms—1947 A
106.26
ioTi'
3s series A_.__May
Austrian (Govt) s
Since
$9
Asked
<k
Low
105.8
105.12 105.6
105.8 105.3
106.25 106.18
106.15
Home Owners' Loan Corp—
Ferelgn Govt.
Bid
Range
Is
Friday
Sale
High
O
Treasury 3s
Treasury 3s
Treasury 3*s
3a
STOCK
Foreign Govt. & Mun. (Cont.)
Treasury 4*s
Oct. 15 1947-1952 A
Treasury 8*s...Oct. 15 1943-1945 A
Treasury 4s
Dec. 15 1944-1954 J
2*s
N. Y.
Jan. 1
U. S. Government
Treasury 3*8
Treasury 3*8
BONDS
Range
Week's
Last
Week's
Last
BONDS
.1950 J
S
J
53
88
9*
26
93
9*
26
Volume
Week's
Lost
Ranee or
Range
Sole
Friday
Since
y. 8tock exchange
Week Ended Not. 26
Pries
Bid
(City of) 8s
♦Extl loan 7Ms
1961
12M
J
1966 J
MN
Queensland (State) extl s f 7s—1941
25-year external 6s
1947
25m
26 m
16
20"
28"
22
21M
22
19
18 m
27
21m
21m
1
18 M
20
26 M
99m
91 %
101m
*112
92%
475
107m
107M
5
107
112
50 %
Lots
♦Deb sinking fund 6 Ms
2
106 m
106 m
106
107m
21
109
14
106
25
2
20
25
Ms—1951
1959
1955
♦Berlin Elec El A Undergr 6 Ms 1956
Beth Steel cons M 4mb ser D—1960
Cons mtge 3 Ms series E
1966
26
♦Berlin City Elec Co deb 6
21M
"25"
No.
J
D
31
20 M
A
F
High
J
100
20 m
25m
25 m
17m
16m
104m 113m
113
♦Debenture 6s
11
A
O
12m
12m
13m
A
10M
10M
12m
34
32 m
34 m
Big Sandy 1st 4s
10m
28
F
33
Boston A Maine 1st 5s
O
14
D
10
1946 A
♦68 extl s f g
1968
J
♦7s extl loan of 1926
1966
M N
♦7s municipal loan
1967
J
15
29
12m
38
11
12m
48
11
11m
11
61M
63m
41%
23 m
18
14
9m
11
D
A
O
♦Roumania (Kingdom of) 78-__ 1959 F
A
1953
J
J
1952
m n
1957
M n
(City) 6s
Sao Paulo (City of, Brazil)—
♦8s extl secured s f
♦6 Ms extl secured s f
San Paulo (State of)
1936
41
10M
J
*17m
♦7s extl Water loan
1950 J
1956 M S
♦6s extl Dollar loan
1968 J
♦8s external
11
32 m
11
32 m
{{♦Botany Cons Mills 6 Ms
♦Certificates of deposit--
60
83 m
Brooklyn City RR 1st 5s
25 m
43
27
Bklyn Manhat Transit
Tom
17%
12m
13m
44
43m
10m
45 m
34m
98
f 7s
1940
A
O
1945
1946
J
D
25
Buff
20 m
Bklyn Edison cons mtge
35%
34m
10m
♦Sinking fund g 6 Ms
J
D
18
"55
105
6
*22
25m
*22
35 m
22
25
29m
28m
25
31m
♦7s series B sec extl
1962
1962
♦Silesia (Prov of) extl 7s
m n
1958
28m
28m
M n
24
31
D
*51m
53
40 m
57
F
A
*25
28
28
39 m
A
*94
Taiwan Elec Pow s f 5 Ms
1971 J ■*
1952 M S
1961 A O
F
A
98%
101M 106
90m
104
104m
105m
59
60 m
6
49
4
64 m
10
101%
48 %
50
"49"
:
1960 Wl N
1964 M N
47m
46 m
52 m
50 m
48
47
47 m
47
73 m
80 m
103
48 %
72
46 m
70m
99 %
"39
49
♦External
s
f 6s
♦External s f 6s
♦Warsaw
1958
1961
(City) external 7s
Yokohama (City) extl
6s
F
137
47
70 m
47
52 m
*65m
80
78
83m
'166"
98m
100
88
100m
51m
51m
52
39 m
67
62 M
62 M
64
51m
86m
A
D
J
78 %
50
49M
3M-4-4M% extl read!
1979 M N
Venetian Prov Mtge Bank 7S--1952 A O
M N
Vienna (City of) 6a
1952
♦Uruguay (Republic) extl 8s
{{♦Burl C R A Nor 1st A coll 5s
68.1953
1948
D
56
59M
77
Alb A Susq 1st guar
3 Ms
Alleghany Corp coll trust
Toafc"
♦58 stamped
Allegh A West 1st gu 4s
Allegh Val gen guar g 4s
Allied Stores Corp deb 4 Ms
1950
67
97
97
73
76
30
59
61M
59
39
25
27M
*27m
O
A
S
5M8--1949
92
100M
1955
Term 58.1964
A Co (Del) 4s series B.1955
Ark A Mem Bridge A
"163"
J
96M
1st M b f 4s ser
Atchison Top &
C (Del)-.---1957
Santa Fe—
1995
General 4s.
1995
Adjustment gold 4s
Stamped 4s..:
Conv gold 4s of 1909
Conv 4s of 1905..
1995
1955
—--1955
Conv gold 4s of 1910—
1960
Conv deb 4 Ms
1948
Rocky Mtn Dlv 1st 4s—.—1965
Trans-Con Short L 1st 4s—1958
Cal-Arlz 1st A ret 4 Ms A
1962
Atl Knox A Nor 1st g 5s
1946
Atl A Charl A L 1st 4 Ms A
1944
1st 30-year 5s series B
1944
Atl Coast Line 1st cons 4s July 1952
General unified 4 Ms A
1964
10-year coll tr 5e
May 1 1945
LAN coll gold 4s
Oct 1952
Atl A Dan 1st g 4s
1948
J
J
A
O
gold 5s
series C
A W Va Sys ref 4s
Ref A gen 6s
For footnotes see
page
3469
105M
95
96
100
101M
33
107 m 112m
8
92
101m
87 m 100 %
"239
1
96
105
93M 102M
80
54M
87 M
4
87
39
80
90 M
90 %
107
80
D
84
99
109M
42
86 M 106 %
153
111M 114
118
I00"nll3
265
96 %
258
96 % 102 %
95
200
11
8
106
91
102 M
110M
99 % 107
19
1st A cons g
48
80
48
90
48
50
51
48
91 %
44 m
46 M
28
44m
85 m
F
A
44m
8%
8%
14
8%
34%
A
O
9M
9M
8M
26
7%
7m
41m
41m
J
44
J
57
F
M N
99 M
Warm Spring
100%
100
112
M N
106%
101 %
107
14
100
112
V 1st g
J
D
J
D
J
D
J
D
J
J
*105
105M
103M
105M
105M
J
J
*111 %
114
M
S
104M
"105M
lol%
161%
711"
J
D
J
J
M
S
85M
D
75 M
U2M
J
19
"99M
~99M
"74M
J
114
111
113m
106
111 m
99 M 116
100
27
*21
61M
61M
25
25
*75
94-
76%
74m
99 m
27
60 m
27
"74M
88%
75M
85 % 105m
99 %
73%
32 \
75%
28M
29
54
62 M
26
61m
J
104
104
A
O
A
O
25
85 m
102
106m
99 m 107 m
6
102
104
A
O
77
76 M
78
292
J
D
43 M
40
43 M
203
73 % 108 %
40
94 m
A
O
80 %
79 %
128
79
116m
D
48 M
46
82 M
49
148
46
103 m
N
68
67M
69
52 M
51
58 M
50
50 M
7
39
42 M
38 M
95
42 M
J
"~42M
37 M
35M
42 M
39M
*112M
105M
105M
Tol%
*
34
67 m 105
51
107 %
50
38m
99m
93 m
420
33
82 m
143
38m
93m
124
111
106" "~5
105M
72
"
*
106
8
119k
109 m 110
113M
H6M
16
118M
10
118M
115M
"6
h8m
114m 121
114m 121
112m 118m
114M
29
110* 116m
113
113m
113M
3
123m
123m
123M
14
85m
85m
86M
76
110m 116
128 m
120
80
99 m
101
102
39
100
105 m
111m
101M
112M
17
102M
27
109 m u5m
98 m 110m
96m
96 M
36
90m 105m
83 m
50
m%
101 %
"2
101 % 105 m
D
107
107M
5
MN
*50
87 %
67
96m
*
F
55
1
A
J
D
F
"70m
D
J
A
O
*7M
7m
7
"2
S
ioiM
S
*66 M
S
*105M
40
24
31
11m
25
*
18
34
90
244
67
125m
101M
69M
107
38
75 m
32
32
46
35M
28
88 m
29M
29
78 m
94
112m
101
108 m
*26 M
95 M
94
*
S
"
iTTm"
105M
105M
IVI N
72 %
88
"44
31
20
104 m 108
105M
14
105m 109
117M
12
116m 128m
105M
MN
93 %
93 M
94
17
F
94
93%
94 M
37
*
■
105 m
S
108
*106 M
22 m
J
104m
28
22
104M
52
22
105
9
104
68m
110
108m 113m
109
*108
J
111m
120M
109m 115
108m
108
113 M
*109
0
93 m 102 m
92 m 102 m
107 m 111
109M
♦106M
113M
92
116m 125 m
96 m
55
117M
A
95 m
76
1
s
117M
66 % 104m
88
90
116M
60
57
60
M S
14
98 M
~69M
A
*
gold 5s
1982
West 1st 4s—1959
104 m
100 m 108 m
38
M N
Chicago A Erie 1st
109
90
96 %
106M
IVI N
1958
1977
1971
23m
102
93 M
*105M
94
*
IVI
23m
25
14
*7
IVI N
IVI
81M
36 m
23 m
9m
15
A
IVI
8M
7M
40
7
'44
13
97 m
18
71
5
24 %
F
F
70 m
2
70
Tim
111M
89 % 106m
93
71
72
MN
1960
107
20
20
1
*116
107
108M
107
117m
A
102
102
103M
31
102
116m
A
IVI
104m
104M
107
45
104 m 119
s
O
{{♦Chicago A East 111 1st 68—1934 IVI N
{♦C A E 111 Ry (new Co) gen 5s.1951
♦Certificates of deposit
{♦Chicago Great
42
4m
u5m
113m
D
RR ref g 3s
1949
Chic Burl A Q—111 Dlv 3MS—1949
J
Illinois Division 4a
1949
1st
73 m
102 m 105 %
113m
J
May 1940
4s—1946
1989
1989
5s
1941
series B—
A ref 5s series A
83
20
114
J
.1949
4s—1954
4s
90 m
43 m
55
107
*118
D
1949
lit A ref 4 Ms
83
20
115m
118m
115%
5
104M
113
115m
118m
31
"35
57
*106
32
7
47
*9m
J
Chic A Alton
General
83
.
9m
1
107 m
88
88
88
1
88
14
12M
11M
14
13m
IVI N
M S
"l6m
J
12m
J
{♦Chic Ind A Loulsv ref 6s
1947 J
♦Refunding g 5s series B_—_1947
J
109M
15M
12M
10
46 m
48
9
45 m
109M
12
18M
232
15
109 % 124
15
51M
12 m
22
44 m
43
""8
10m
39 h
19
20
*11
101M
101
13M
83 m
95
102
M N
104m 111
107
105
93 M
85%
*
MN
108
110
*103M
M N
J
104
716
118M 118M
J
J
111
"'I
104 % 109 m
103 m 110
26
J
106M 116
5
"35
83
4s
2d consol gold 4a
104 m 105m
45
93
7
*40 m
Craig Valley 1st 5s
Potts Creek Branch 1st
80
108 m 112m
9M
55
1947
1948
102
"23
~50M
45
55
4mb
1992
A lmpt mtge 3 Ms ser D..1996
A lmpt M 3 Ms ser E
1996
R A A Dlv 1st con g
iiiM
9m
"47"
......
J
General gold
74
in"
O
J
109
94
103m 107
♦105m
O
coll 5s 1937
75M 100M
2
A
1942—...
Central Steel 1st g 8 f 8s
1941
Certaln-teed Prod 5 Ms A
1948
Champion Pap A Fibre deb 4Ms '50
Cbes A Ohio 1st con g 5a
1939
39
105M
J
ref gu gold 4s.
Ref
36
111m
O
1945
A
♦Ref A gen 5 Ms series B
1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur money g 4s—1951
♦Mac A Nor Dlv 1st g 6s
1946
♦Mid Ga A Atl Dlv pur m 58.1947
♦Mobile Dlv 1st g 5s
1946
M
Central Foundry mtge 6s
1941 M
Gen mortgage 5s.
1941 M
Cent Hud G A E 1st A ref 3 M«-1965
Cent III Elec A Gas 1st 5s
1951
Cent Illinois Light 3 Ms
1966
{♦Cent New Eng 1st gu 4s
1961
Central of N J gen g 5s
1987
General 4s
1987
42 M
110m 132m
82 m 106
97 M
7
6s—Nov 1945
f ♦Cent RR A Bkg of Ga
5s extended to May 1
108 m 122 M
100
M N
deb 5s w w 1950
gold 4s
1198
Through Short L 1st gu
Guaranteed g 5s
60
To
105m
A
A
115m
82 M
96
D
A
83
78
J
♦Consol gold 5s—
Cent Pacific 1st
29
112M
111M
97
A
F
104
55
~82m
*
"82 M
D
J
101m
105m
67
108m
108m
M N
J
97 m
131
84
81M
81M
M N
F
72
"59
60
A
J
5
61M
48 %
J
J
1938
A.Dec 15 1952
{♦Central of Ga lBt g
57
M N
1960
4mb ww
Branch U P 1st g 4s
49M
102
101M
J
Celotex Corp deb
♦Cent
8*
►
102
Carriers A Gen Corp
Cart A Adlr 1st gu
8M
M N
—.1944
23
188
107M
9
M N
5s....Dec 1 1954
6s ser
99 m
48 m
4Ms—
trust 4 Ms
89 m
48
S
Guaranteed gold 5s
July
Guaranteed gold 5s.-—Oct
trust ctfs
25
99 m 106 m
O
1957
J
1969
O
1969
A
Guaranteed gold 5s
1970
D
Guar gold 4mb
June 15 1955
A
Guaranteed gold 4 Ms
1956
S
Guaranteed gold 4 Ms.-Sept 1951
J
Canadian Northern deb 6 Ms—-1946
J
Canadian Pac Ry 4% deb stk perpet J
M S
Coll trust 4mb
-1946
Canadian Nat gold
99 % 105
1
*211
*20
High
A
M
1940
Canada Sou cons gu 5s A
Low
M N
100
100
~75M
J
-.1942
1962
Ref
39
80 M
72 m
93 m 102 m
108 H
July 1948
J
1995
M
P L E
1941
J
Southwest Dlv 1st 3Ms-5s.-1950
Tol A Cln Dlv 1st ref 4s A--.1959
Ref A gen 5s series D
2000
Conv 4Mb
1960
Ref A gen M 5s series F
1996
Bangor A Aroostook 1st 5s
1943
Con ref 4s
1951
4s stamped
-..1951
Battle Creek A Stur 1st gu 3S..1989
Beech Creek ext 1st g 3 Ms
1951
Bell Telep of Pa 5s series B.___1948
1st A ref 5s series C
1960
1st
24 m
100
SS coll tr 6s
1959
Auburn Auto conv deb 4Ms—1939
Austin A N W 1st gu g 5s
1941
5s stmpd.1940
Bait A Ohio 1st g 4s
July 1948
Refund A gen 6s series A
1995
105
93 m
Nov
Atl Gulf A W I
Baldwin Loco Works
113M
IOOH31 100»i«
99M
100M
99M
100 M
33
1948
Second mortgage 4s
97
112M
J
A
103M
96
S
F
96
102M
Jan
q
55 M
95 M
N
M
98
54M
D
J
101M
98
55M
Teleg—
M N
112 M
20-year sinking fund 5 Ms—1943
J
J 100"3i
<1Convertible debenture 4 Ms-1939
A O
100M
3Ms debentures
—1961 J D
100M
3Ms debentures
—1966
J
J
105M
♦Am Type Founders conv deb. 1950
M N
95
Amer Wat Wks A Elec 6s ser A. 1975
A O
100M
Anaconda Cop Mln s f deb 4Mb 1950
1967
166"
96 m
38
86 %
S
S
93
*
101m
59
78
107
71
2
74
97
107M "~4
107m
A
Amer Telep A
Armour
57
1
88
F
76
51
38
M
{Ann Arbor 1st g 4s
62
COM
Alpine-Montan Steel 7s
1955 IVI
Am A Foreign Pow deb 5s——2030
J
American Ice s f deb 6s
1953
M
Amer I G Chem conv 6 Ms
1949
♦Anglo-Chilean Nitrate—
Sf income deb
102M
*57
debentures
1951
M
Allla-Chalmers Mfg conv 4s—1952
Am Internat Corp codv
110m 115
110
101
73 M
1998
1942
4 Ms
93 % 105m
99 m
76
97
1949
1950
1950
♦Coll A conv 5s
77
101"
109 m
94m 106
90
105m
96M
77
2
*55m
1946
5s—1944
Coll A conv 5s
56
92
96
stamped._ 1946
7s....—1952
Ala Gt Sou 1st cons A 5s
1943
1st cons 4s series B
1943
Albany Perfor Wrap Pap 6s—1948
68 with warr assented-..—1948
10-year deb 4 Ms
Adriatic Elec Co extl
48
91
*90%
1947
Coll trust 4s of 1907
C3M
*
S
92 m
1960
{♦Car Cent 1st guar 4s
Caro Clinch A Ohio 1st 6s
J
O
1955
Consol 5s
Collateral
M
A
1934
JBush Term Bldgs 5s gu
CalPack conv deb 6s
Coll trust gold
AND INDUSTRIAL
COMPANIES
{{♦Abitlbi Pow A Paper 1st
4s
99m
1952
{Bush Terminal 1st 4s
5s equip
RAILROAD
Adams Express coll tr g
J
49%
52 m
62 m
*99m
62 m
M N
1946 F A
Trondhjem (City) 1st 5 Ms.—1957
J
4s—...1938
B
1981
Nlag Elec 3 Ms series C—1967
Roch A Pitts consol 4 Ms.-1957
♦Camaguey Sugar 7s ctfs
1946
1955
O
♦Certificates of deposit
F
Syria (Province of) 7a.
Sydney (City) s f 5Ms—
External s f 6 Ms guar
27
J
♦Slleslan Landowners Assn 6s._1947
Tokyo City 5s loan of 1912
28m
A
*
Buff
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
O
Buffalo Gen Elec 4 Ms ser
17%
12M
45m
48 %
A
Bruits A West 1st gu g
19 m
6
15
10m
F
A
1934
13m
*9M
J
1961
1955
1941
3MB-.1966
4Ms_—1966
Bklyn Qu Co A Sub con gtd 5s. 1491
IB'lst 5s stamped
1941
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s
1945
Ift.lst lien A ref 6s series A
1947
Debenture gold 6a
—1950
w
1st lien A ref 5s series B
1957
Brown Shoe s f deb 3Ms—
1950
13
13
♦Saxon State Mtge Inst 7s
s
{♦Boston ANY Air Line 1st 4s
—
{♦8s extl loan of 1921
Secured
33
9%
32
13m
♦Saarbruecken
"eiM
4Mb series JJ
1st g
40
14
13m
11m
♦20 M
1952
Rome (City) extl 6 Ms
1944
1967
1955
A C
1st M 5s series II
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
Jan. 1
Asked
A
J
11
~~4
Since
Friday
Bid
Belvidere Delaware cons 3 Ms.-1943
92
3
95
20 m
O
A
1946
1953
♦Extl sec 6Ms
11%
33 m
Range
Range or
Sale
Price
High
11
20 M
1950 M S
♦Rio de Janeiro (City of) 8s
2
♦93
Prague (Greater City) 7 Ms
1952
♦Prussia (Free State) extl OMs-1951 M S
♦External s f 6s
1952 A O
♦Rhine-Main-Danube 7s A
No.
12m
11
D
J
Low
Hioh
12m
Low
Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre
Last
BONDS
STOCK EXCHANGE
Week Ended Nov. 26
N. Y.
Jan. 1
Asked
A
Week's
Friday
Friday
BONDS
n.
3465
New York Bond Record—Continued—Page 2
145
3
116
103
110m
105 m 116m
60
78m
100
101
103 m
118M
1X7%
118M
115m 121M
126M
126
126M
120
131
C
A..
♦1st A gen 6s series B-.May
Chic Ind A Sou 50-yr 4s
Chic L S A East 1st 4Ms
♦Refunding 4s series
♦1st A gen 5s series
1947
1966
1966
1956
1969
Paul—
♦Gen 4s series A..
May 1 1989
♦Gen g 3 Ms series B—May 11989
♦Gen 4 Ma series C—May 1 1989
♦Gen 4mb series E—May 1 1989
♦Gen 4mb series F—May 1 1989
{♦Chic Mllw St P A Pac 6s A. .1975
♦Conv adj 5a
Jan 1 2000
{♦Chic A No West gen g 3 Ms.-1987
J
1987
Fed inc tax 1987
stpd Fed inc tax._1987
♦Gen 5a stpd Fed Inc tax
1987
♦4 Ms stamped.-.——
1987
{♦Secured 8M8
1936
♦1st ref g 5s
May 1 2037
♦1st A ref 4Mb stpd.May 1 2037
♦Stpd 4s non-p
♦Gen 4mb
C.May 1 2037
series A
1949
♦1st A ref 4 Ms ser
♦Conv 4mb
'Tom
10M
13
IVI N
5%
5M
4
5m
J
J
5%
6
5
5m
J
J
93
1
J
D
Chic Mllw A St.
♦General 4s
J
J
93
1
112M
26 M
26%
27%
39
25
57 m
28
30 M
"13
28
69 m
28
30
15
28
69 %
28 M
29
17
28m
71m
10
382
8
3%
3M
350
3
12%
16M
17M
35
16
49 m
17
18
66
17
52 m
18
52 m
17m
54 m
18
56
'"28"
J
"29"
A
10
O
3%
MN
M N
'TT~
M N
9
*16M
17M
M N
M N
19
18
18M
"~7
19M
76
52
20
61
10M
9%
28
9M
38
12
9
36 m
9M
9
9M
65
9
36 m
6
5M
6
5m
24 m
10M
J
D
9M
D
36 %
56
D
M N
66
21 M
21
J
J
26m
37
M N
IVI N
110M 112M
112M
J
A
26%
26 m
107 m
112M
J
J
93
20
9M
9M
307
New York Bond Record—Continued—Page 3
3466
Nov.
I*
BONDS
N
STOCK
Y.
EXCHANGE
Week Ended Nov. 26
Bennett 'Bros. & Johnson
Connections
1\£. T. 1-761
BONDS
Range or
Sale
Range
Friday
Price
Bid
Since
Asked
Low
Jan. 1
High
Low
High
{ {♦Chicago Railways 1st 5a stpd
53
65
D
*38
65
45
48
D
37
55
M N
*38
1965 J
Nor Dlv 1st 4a.-1948
O
A
26% par paid
{♦Chic RI4P Ry Ren 4s
60 H
1988
18 H
1954
131%
A
♦Certificates of deposit
18H
101H
100 H 106 H
gu
1961 J
22 H
Gen
16
Ref A lmpt 5s of 1927
814
7%
179
5
D
D
100
D
*68
S
2654
1944 A
1st mtge 4s series D
1st mtge 354 a series E
"§3H
~~
4s... 1952 J
107 H
105
95
1962 M S
58
F
1966
gu 4s
D
1942 M
Ref A lmpt 4 Ha series E
Cairo Dlv 1st gold 4s
N
1977
3454
10254
50
106 H
3
*10054
10754
104 H
*
-
*60
10254
J
M N
M
*--.
*
-
109
20
105
19
3
82
7054
10254
8754
9154
A
O
95
10854
92 H 10554
55
104H
10954
10954"
—
-
—
-
—
-
-
*18
11
82
102 54
89 H
108
108
100
166
6
103H
9754
51
9654
95H
90 H
1977
90
*10554
*
-
1980 M N
41
3854
41
41
4s. .1948 A
O
1955 F
92 54
9154
93
92 H
92 54
89
92 H
91 H
11154
9054
A
11154
Commercial Credit deb 354a...1951 A O
2 Ha debentures
1942 J D
Commercial Invest Tr deb 3 Ha 1951 J
J
94 H
94 H
4Ha
1943 A
s f
3 Ha debentures
99
9854
10154
•
-
-
106 54
F
A
104
107
20H
2
__
105
6
47
10454
10454
8
20 H
1
107 54
94
96
19
159
19
*15
<
111H
107H
50
1946 J
D
*107
107H
10354
103H
10354
103
10354
1943 J
100
D
16
10254
102 H
91 H
A
100
97 H
10554
10354
1942 J
D
97 54
10554
103H
3654
37
90
113
111H
105H
112H
99H 108
59
96
38H
77 H
90
10554
92 H
89
105
109
102
10554
11454
94
10854
100H
98M 101
99 H
104
105 H
106
10254 10654
99 54 107H
26
1854
105H 108 H
10754
41 H
1936 J
{♦Des Plains
Val 1st gu 4 Ha—1947 IVI
For footnotes
see
page
3469.
-----
J
J
10554
*10354
-----
107
A
6H
♦Certificates of deposit
1952
{{♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4a
1982
{{♦Proof of claim filed by owner MN
96 H
10
6
6
46
9954
10554
10354
10154 105 H
79 H 103 54
99 H 102 H
97
103 H
15
101H 106
42
30
45
2
*154
♦Certificates of deposit
Fort St U D Co 1st g 4 Ha
-1941 J
Framerlcan Ind Dev 20-yr 7 Ha 1942 J
63
1
105H
10554
3
108
107
Francisco Sugar coll trust 6a... 1956 MN
♦Sinking fund deb 6Hs
♦20-year a f deb 6s
1940 J
*45
16-year 354a deb
1951
Gen Pub Serv deb 6 Ha
1939
Gen Steel Cast 5Hs with warr.1949
{♦Ga A Ala Ry 1st cons5s Oct 1 '45
A
J
97
"44
D
90
1950 J
Ha
102 H
96 H
27
19H
2254
2454
89
93
85
89
107
89
89
92
83
89
10154
92
106
89
10754
10154
10654
95
69
98 H
95 H
108
10454
104H
97
97
89
90
87
8754
102
10054
94 H
J
9254
77 H
77H
10854
105H
99
90 54
8854
102
94 H
78 H
*5054
954
11
11
*104H
O
28
108
43
10054 119H
33
32
83
87
98H 141H
89
111H
77 H
96
188
86
50
"15
75
*60
91 H
65
15
106H
106H
75
10354
91
*60
7H
106
83
"83
J
89
116H
11554
10954
10854
128
....
O
97
242
65
o
o
85
101
10054
{{♦Housatonlc Ry cons g 5s
1937 M N
Houston Oil sink fund 5 Ha A..1940 M N
Hudson Coal 1st s f 5s ser A
1962 J D
75
85
10154
1940 M N
A
24 H
"63"
*4454
58
98H
99
29
3154
11854
32
11854
50
5154
11854
52
1
66"
93 H
85
99 H
9754 105 H
102 H 10554
10554 108
22
28
114H 12654
61
97 H
43
8654
9654 10354
28
57 54
116H 124
48
8554
14
36 54
O
1754
1654
18
O
10754
10754
108
10154 110
J
Illinois Bell Telep 3 Ha ser B—1970
Illinois Central 1st gold 4s.
1951
A
*97
101
110
J
*93
99
98
O
96
96
96
I
Cairo Bridge gold 4s
1950
106H 10854
Litchfield Dlv 1st gold 3s
1951
*-—-I
106 W 10854
11
36 H
Loulsv Dlv A Term g 3 Ha
.1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s—1951
*1—11
*-—-I
107
107
10
5
23
30
4
22 54
32 H
7H
103 H
111
61
1952 J
254
95
76 H
Purchased lines 3 Hs
Collateral trust gold 4s
Refunding 5s
40-year 45is
Aug
10154 108
95 H
6054
42
106 H
30 H
72
1955 MN
5H
-
103 H
95
J
A
238
52
21H
74
1966
♦Adjustment Income 5s Feb 1957
1
9754
4454
72
Feb
A.1957 F
20
J
1961
ser
11
103 H
A
Gulf States Steel s f 4 Ha
Gulf States Utll 4s series C
10-year deb 4 Ha
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s
41 H
19
10454
106H
*88
.1940 MN
Hoe (R) A Co 1st mtge
92
13
87
D
Feb
4 Ha
21
13
101
101H
J
..1952
g
30
4154
29 H
44
9854 105
9854 105H
2454
9154
1946 J
Gulf Mob A Nor 1st 5Hs B
1950 A
1st mtge 5s series C
1950
Gulf A S 11st ref A ter 5s Feb 1952
30
2254
1946 J
1967 J
106 H
44
41H
19
1976 J
1977 J
Gen mtge 4s series H
102 H
97
44
12
96 H
Great Northern 454s series A..1961 J
General 5 Ha series B
1952 J
General 5s series C
1973 1
General 4 Hs series D
General 4Hs series E
General mtge 4s series G
99
98
101
mtge 4Hs
1956 J
Goodyear Tire A Rub 1st 68—1957 M N
Gotham Silk Hosiery deb 5s w w '46 M 8
Gouv A Oswegatchle lat 6s
1942 J D
Grand R A I ext 1st gu g
4Hs..l941 J
Grays Point Term 1st gu 6a
1947 J
Gt Cons El Pow (Japan) 7a
1944 F
101
53
1951 IVI 8
1952 A O
6
-
87 H
10054
121H 12254
"44
Refunding 4s
5
23
11054
6054
10354
43
42
1st
1951 J
5
—
107
60
*44
J
1951
6
-
5
102
F
Goodrich (B F) conv deb 6a_..-1945 J
Stamped
44
J
1st gold 3 Ha
38
454
654
254
106H 10754
119H
10054
10054
A
{{♦Ga Caro A Nor 1st ext 6s.-1934 J
♦Good Hope Steel A Ir sec 7s..1945 A
1st A gen s f 6
*
J
J
Extended 1st gold 3 Ha
1st gold 3s sterling
11
1054
954
84 H
1948 M N
Gen Motors Accept Corp deb 3a *46 F
65
15
45
9
454
Collateral trust gold 4s
104
20
254
*10454
al06H al06H al06H
10154 104
65
6
254
104 H
4
10754
87
2054
103
21
40
81H
654
1254
*154
61
98
9H
20
o
1454
*354
654
9654
Fonda Johns A Glov 4 Ha
♦116H
14
*
166
J
13
J
8
754
1999
1944
13H
O
6H
754
71H
110H
107H
10854
103H
99 H
*108
1354
13H
60
50
554
J
60
10354
98 H
*10554
108
55
*45
1974 M S
57
107
64 H
g 4s
D
105
82
24 H
62 H
55
{♦Consol gold 4H8
1936 J
{♦Den A R G West gen 6s. Aug 1955 F
♦Assented; subj to plan)..
♦Ref A lmpt 58 ser B
Apr 1978 A
{♦Des M A Ft Dodge 4s ctfs__.1935 J
{♦Florida East Coast 1st 4 Ha.-1959 J
104H
86
95
103
42 H
1951 IVI N
J
98 H
94 H
*25
107
35
tax
1943 J
10054
95
J
35
Stamped as to Penna
{{♦Den A R G 1st cons
J
J
50
f 6a...1951 IVI N
D
10054
10054
o
47
s
1954
8054
105
H 103 H
98 H 102 H
*95H
10054
1946
42
1969 J
9754 103 H
8
1949
*40
1st mortgage 4 Ha
Den Gas A El 1st A ref
97
8
1952
*44
6054
95
Hackensack Water 1st 4s
J
107 54
99
96
♦Harpen Mining 6s
Hocking Val 1st cons
D
6054
64 H
9954
9554
40
41H
D
-----
63
99
96
40 H
2
89
99H
8
1946
f 7s
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
108H
1952 J
ref 3 Ha 1960 A O
Del A Hudson 1st A ref 4s
1943 IVI N
Del Power A Light 1st 4 Ha
J
1971 J
1st A ref 4Ha
J
1969 J
30-year deb 6s series B
100 H
7Hs Berles A extended to 1946... J
6s series B extended to 1946
J
Dayton Pow A Lt 1st A
8
1942
Gen mtge 354 a series 1
♦Green Bay A West deb ctfs A
92 54
15
89
40
11454 119
112H 11854
11454
1942
105H 112H
104 54 107 54
12
100
A
J
95 H
10
10254
91H
100
1951 J
100
103 H
100
F
1950 M N
155
15
50 54
1966 M N
43 H
27
50
-----
102 54 11654
15
19
1951 F
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53
*18
1960 J
Copenhagen Telep 5a..Feb 15 1954
deb 3 Ha
238
108
*15
94H
-----
Consumers Power 354s.May 1 1965 IVI N
1st mtge 3 Ha
May 1 1965 IVI N
1st mtge 3 Ha
1970 M N
Crown Cork A Seal s f 4s
Crown Willamette
Paper 6s
Cuba Nor Ry 1st 6Hs
35
9754
10054
94 H
*15
1956 J
1st mtge 3 Ha
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16-year deb 5a
4
40
104
20 H
10754
{♦Consol Ry non-conv deb 4s..1954 J
♦Debenture 4s
1955 J
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1956 A
44
*106
104
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of Upper Wuertemberg 7a...1956 J
3
103
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10454
10454
10454
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CodsoI Gas (N Y) deb 4 Ha.—1951 J
Consol Oil conv deb 3 Ha
1951 J
f 6s
111H
111H 115
104
-
65
306
10154
-----
1956 A
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-
104
1951 J
...1951 J
3548 A
1961
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s f
-
9
11154
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.'to
60
4054
9354
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1947 J
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109
100 J4
59
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s
29
59
1965 M N
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93 54
1970
Columbia G A E deb 5s_—May 1952 IVI N
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Apr 16 1952 A O
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J
Jan 15 1961 J
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10
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94 H
55
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108
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1945
Colo Fuel A Iron Co gen s f 5a. .1943
guar
98 H
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104
109 H H3
107
109
*
f 5s series B guar—-.-1973
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107 H
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1977
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Columbus Ry Pow A Lt 4s
109 54
43 H
9254
9454
4754
109
1942
f 6s stamped
♦1st A ref 6s serlea A
*109H
......
J
1950
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Colo A South 4Ha series A
6s International series
1st lien 6s stamped
104 H 106H
104 H 108H
110H
52
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52 54
J
D
a
80 H 106 54
4754
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1954
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19
69
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1956
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a
8254
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52
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A
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106
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105
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1972
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94
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7
37
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4fl
1990
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W W Val Dlv 1st g 4s
1940
Cleve-Cllffs Iron 1st mtge 4548.1950
Cleve Elec Ilium 1st M 3 54s. ..1965
Cleve A Pgh gen gu 4 Ha ser B.1942
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...1942
93
106
------
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1993
5
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3
43
65
to
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1943 J
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1
9254
-----
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—1967 J
11
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1957
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99 H
91
58
108
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...1975 A
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78
97
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9954
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1955
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86
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65
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Gold
1940 J
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1939 J
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conv
55
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1937 J
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65
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Week's
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113
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Detroit Term A Tunnel
135 So. La Salle St.
Friday
Asked
1995 J
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113
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1952 A
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Y.
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''New York,
Last
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ser
1937
27,
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Price
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One Wall Street
Friday
12
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1955 MN
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1951
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111
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Friday
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bonds
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St L ft N OA
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BROKERS IN BONDS
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High
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1963
43 3*
40%
45 34
1963
38
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4134
40 34
67
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12
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1940
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87M
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1940
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1950
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43
14
14
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100
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54
56 34
114
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20
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32
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56
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1932 A
§♦ 10-year 68
o
1947
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stamped 1942
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1952
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........1956
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1956
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1944
Int Merc Marine s f 6s
1941
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1955
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1947
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1939
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1955
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1946
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1987
Kentucky Central gold 4s.
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1965
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6s
1951
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Little Miami gen 4s series A —1962
Loews Inc s f deb 3 Ms
1946
Lombard Elec 7s ser A
1952
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1950
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1938
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—1949
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—
rvi n
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1966
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1945
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1946
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1955
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1951
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112H
98
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106
108
103
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13
90
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4s. 1990 a
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68
72
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126
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Maine Central RR 4s ser
102
*106H
8
Stores Corp s f deb 58.1951 iv! n
McKesson A Robbins deb 5 Hs. 1950 ivi n
McCror
70H
71
M
2003
35*8 series E
Paducah A Mem Div 4s
St Louis Div 2d
j
1940
2003
2003
2003
Unified gold 4s
11834
76
38
10634
1955
Constr M 4 Ha series B
1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5%—1941
I Namm (A I) A Son—See Mfrs Tr
Nash Chatt A St L 4s ser A
1978
Nassau Elec gu g 4s stpd
1951
Nat Acme 4Hs extend to
1946
Constr M 5s series
Nat Dairy
Lorlllard (P) Co
a
A ref 35*8.1966
5s
1941
series A
1955
5s series B
1955
4Hs series C..1955
5s series D
1955
1st gu 3 Ha
2000
Gen A ref s f
65
69
ivi
ivi N
Gen A ref s f 5s
1293*
37
30
*17
Montreal Tram 1st A ref
122
122
j
M n
Montana Power 1st
136
28
3934
21
1960
...1965
122
39
M s
6s debentures
110
8834
37
MN
Mohawk A Malone 1st gu g
32 H
11
43
7
Monongahela Ry 1st M 4s ser
115 H
129
45
4s. 1991
Monongahela West Penn
122
*11134
45 H
♦17
gold 4s—1938
5s..1947
1977
notes
1938
107
80
6134
9634
44H
20 M
♦Ref A Impt 4 Hs
109
71
"22 H
♦Montgomery Div 1st g
75
96
i 35
41
37
4%-July 1938
40
96
4
7434
5
71
45 H
1981
1003*
90
28H
95 H
'
of deposit
45
38
*
o
67
35
35
j
of deposit
64H 1033*
25 H
72
275*
703*
30
7H
67
67
71
{♦Mobile A Ohio gen
♦Secured 5%
41H
8
8
38
j
1949
H——-.1980
♦1st A ref 5s series I—
Mo Pac 3d 7s ext at
8
10
M n
'
86
117
3034
3234
32 H
29M
32%
8H
37 H
32
9
10
7H
67
j
1978
deposit
♦Certificates of
20
59%
j
J
1940
4s..—2003
10
2 M
95
~~8
ivi
deposit
1st mtge 4Hs
Leh Val N Y 1st gu g 4Kb
2134
234
1934
♦1st a ref 58 series G
♦Conv
12%
8
1977
♦1st A ref 5s series F
4
....
57
3H
15
1334
15
*9%
.....1975
♦General 4s——
14
86J4
46 H
4
12H
deposit
♦Certificates of
♦1st A ref g 5s series
♦1st mtge Income reg
Lehigh A New Eng RR 4s
603*
89
54
91H
15
57
3%
*2%
1990
A..-1962
40-year 4s series B__
1962
Prior Hen 4H8 series D
1978
♦Cum adjust 5s ser A
Jan 1967
{♦Mo Pac 1st a ref 5s ser A
1965
♦Certificates of
Lake Sh A Mich So g
Lautaro Nitrate Co
23 H
5
99 34
77
4%
4%
2%
M-K-T RR pr lien 5s ser
Lake Erie A Western RR—
5s 1937 extended at
993* 1043*
90
"91"
85
90
54 %
s
83
16
F
ivi
1949
1978
1941
1959
5Hs
1st ref 5 Ha series B
1st Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
Mo Kan A Tex 1st gold 4s
1942 F
Coll tr 6s series A
43
int
1st cons 5s gu as to
92 H
j
1947 f
1959 ivi
3Hs collateral trust notes...
98 H 102
1st cons 5s
z98
101
95
15
M n
1962 Q
A
90 H
88
d
"l2%
993* 114
107M 108H
146 H 161
-
105
*77
j
j
1938
1938
1946
83 H 108 3*
-
105
97
80
d
4s int gu_1938
M St P A SS M con g
12
.
98
99
98H
12H
14
-
26
100
j
99
108
1073*
109 H 1093*
101
88
99
s
j
88
24
ivi
♦Ref A ext 50-yr 6s ser
90
88
.
84 H
11034
104H 110H
88
j
4s.—1947
{♦Mllw A State Line 1st 3H8—1941
{♦Minn A St Louis 5s ctfs
1934
♦1st A ref gold 4s
1949
1940
{♦Mil Spar A N W 1st gu
101H
*98
10434
s
j
99H
*107
103H 105 H
o
83 H
j
j
d
2
d
M
ivi N
B
28~~
2i"
102
j
15034
84 M
*234
-
j
a
10734
100
D
434
*234
j
150
a
s
107H
102H 109H
100
104H
734
1 634
134
534
7%
7%
*1%
1st mtge 5s.
*166
o
1941 j
{♦Kreuger A Toll
1153*
108
89 H 101H
1954 j
4a_.
35
86 H 100
S
J
1954 j
1st A ref 6Hs
31
25
■
25
21
m
M
1949 F
Kings Co Lighting 1st 5s
44
40
-
1
24 H
*28
1937 A
4s...
102 )* 105
6
---
C
{♦Mid of N J 1st ext 5s
Milw El Ry A Lt 1st 5s
1093*
101
1961
1971
{ 8♦MilwANo 1st ext 4 Hs(1880) 1934
1st ext 4Hs-....——-.1939
Con ext 4 348
1939
95
106
*24
1961
unguaranteed
47 H
24 H
24 H
mn
1961
Plain
104 H
*35
1961
Kings County El L ft P 6s
27
100
1979
gold 3J4s.
58 H 100
69
58
10734
60
60
M n
Stamped
63 H
10634
103 H
j
o
103
93
99 H
10734
a
High
85
107
1951
Ref A Impt 4Hs series
Jack Lans A Sag 3H8
Low
97 M 104
70
100
s
9734
1952
92H
25
No.
91
J
♦4s (Sept 1914 coupon)
1977
♦Mlag Mill Mach 1st s f 7s
1956 j
Michigan Central Detroit A Bay
City Air Line 4s
1940 j
Since
Jan. 1
70
70
o
N
M
25
j
1980 j
High
1977 M s
♦Mex Internat 1st 4s aastd
29
X'o
1950 j
Apr
Kresge Foundation coll tr
9H
102H
1943
1947 a
A...April 1940 Q
Mead Corp 1st 6s with warr.-1945 ivi
Metrop Ed 1st 4Hs ser D
1968 ivi
Metrop Wat Sew A D 5 Ha
1950 a
F
{{♦Met West Side El (Chic) 4s. 1938
1A I Namm A Son 1st 6s
Range
§2
*102 283J
D
j
Market St Ry 7s ser
25
9234
Friday
Bid
dk
Asked
Price
Marlon Steam Shovel s f 6s
"29"
1936 AO
4s.
gold 3s
Kings County Elev 1st g
38 H
j
4s_. 1990
:§»K C Ft S & M Ry ref g
♦Certificates of deposit
4 Ha
97 H
J
S
Kansas City Term
933* 102
96 H
75
943*
M
Ref A impt 5s
95
53 H
Steel 43*8 A.. 1961
Kan City Sou 1st
86
*80 H
~97M
a
1023*
80 H
•.
Range or
Sale
STOCK EXCHANGE
Week Ended Nov. 26
Y.
Low
76 H 1013*
m N
f
N.
Mfrs Tr Co ctfs of partlc In
SIM
S
Week's
Last
bonds
423*
17 H
403*
403*
"<343*
M
Friday
104K
H 102
"is""
j
A. T. a T. Tele. N. Y. 1-1598
91H
58 v
iv! N
J
NEW YORK
Wall St.
Telephone WHltehaU 4-2900
5834
Exchange
j;:;;-'.Members New York Stock
63
70
O
a
1st 4s... 1959
Kanawha & Mich 1st gu g
985* 105H
1
60 M
♦Certificates of deposit.
James Frank A Clear
8
H
59 M
1932 M s
5*10-year conv 7% notes
BANKS AND DEALERS
FOR
111 CeDt and Chic
Jones A Laughlln
3467
New York Bond Record—Continued—Page 4
145
52
82
52 H
74 H
12234
118H 12734
121H
11634 12534
106""
n
123
121
12234
10734
100
A
106
101
104 H 108H
7234
►
7534
98
8534
45
4534
45
9434
94 34
9034 10334
94 %
94
95
94%
78
78
78
"4534
8934 103
100 34
New York Bond
3468
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended Nov. 26
Price
Lout
High
A
O
♦25
A
O
33
69 x
64 X
33 x
32
60
Parmelee Trans deb 6s
30
65 x
Pat A Passaic G A E cons 6e—.1949 M
43
' 34x
33
F
80
78 x
80
45
A
86
86
86
9
A
63
61x
63
75
A
70 x
70
71
82
68
83 x
81x
89 x
83x
91x
57
91x
74
81 x 109x
89 x 105
♦110
M N
Conv secured 3X8
N Y Cent A Hud River M 3X»-1997 J
J
1942
Debenture 4s
99 x
*63
A
A
2013
3X8—-1998
Ref A lmpt 4X8 ser
Lake Shore coll gold
110
63 x
80 x
{♦N Y Chic A St L 1st g 4s
Ref 6Xs series A
Ref 4Xa series C
59 x
80x
4 X» A
1st guar 68 series B
N Y Dock 1st gold 4fl
98x
80 x
97 x
96 x
99i»„102x
69
69
60
57 x
""
*
1953
1963
1951
1938
9
69
136
53
95 x
77
71x
60X
♦
1946
4s collateral trust
100x
105x
77 x
87 x
105
90
47
"4
43 x
47 x
45
13
37 x
72
45
3
40 x
60
107x
♦108 x
47
43 x
Certificates of deposit
106
109x
108x 109x
47
72 x
102
101 x
102
46
97
101X
1965
1966
E
108 X
44
Serial 5% notes
N Y Edison 3X8 ser D
1st lien A ref 3X8 ser
16
1937
N Y Connect 1st gu
103
101x 108x
81
1974
.-1978
-.-Oct 1 1938
3-year 6s.
"92
81x
62
81X
Mich Cent coll gold 3X8—--1998
113x
77x 106 x
104x
69 x
96 x
86
101X
102
17
97 x 105 x
122 x
114
10
110x 125x
109 x 117x
105x
N Y A Erie—See Erie RR
68-1948
*122
4s
1949
114
Purchase money gold
N Y A Greenwood L gu g
N Y A Harlem
6s—. .1946
gold3Xs
-
90
"85*
I
85
94
85
1973 M N
-
97 x 101x
99 x 107
*102
1973 IVI N
N Y Lack A West 4s ser A
4X8 series B
M N
2000 M N
98
102
99
105 x
109 x
N Y L E A W Coal A RR 5Xs. 1942 M N
*88"
NYLE&W Dock A lmpt 5s. 1943
105
105
105
101x
101X
101x 108 x
*20 x
*24
J
1941 M S
4s
O
{♦N Y A N E (Bost Term) 4s.. 1939
{♦N Y N H A H n-c deb 4s—. 1947
N Y A Long Branch gen
19x
♦Non-conv debenture 3Xs.. 1954
*16
1955
♦Non-conv debenture 4s
1956 M N
♦Conv debenture 3Xs
1956 J
1948 J
J
1940 A
1927...
1967 J
D
♦Harlem R A Pt Chea 1st 4s. 1954 M N
{♦N Y Ont A West ref g 4s
♦General 4s
M
1992
18x
18x
23
24 x
20x
38
35
71
18x
"*8
8
21x
82
80
J
106 X
J
*90 x
42
42 x
8
Guar 3X8 trust ctfs D
Guar 4s ser E trust ctfs
42 x
40
*119x
"80
1942 M
110X
~82x
80
102 x
1944 J
1963 F
1951 IVI N
98
1947 IVI N
91
97 x
107x
1951 M N
45
97
97
98 x
Penn-Dixle Cement 1st 6s A...1941 M S
90
90
91
103
"ioi"
1981 J
32
95X 1O0X
9
104
101
D
O
103 x
88
102
105 X
101
107
109X 111
Pennsylvania PAL 1st 4 Xs—1981 A O
Pennsylvania RR cons g 4s
1943 IVI N
"ioox
100
ioox
130
108x
108
il2X
112
109 x
112 x
15
Consol gold 4s
1948 IVI N
4s sterl stpd dollar May 1 1948 IVI N
5
109
110x
110
nox
18
93 x
95
Gen mtge 3X8 ser C
Consol sinking fund 4Xs
1970 A O
91x
91x
A
117
117
117x
6
101
101
105 x
105x
102 x
107 x
134
D
96 x
151
95X
111X
65
95 x
111X
82 X
111X
Debenture g 4X8
General 4Xs series D
1970 A
O
O
95x
J
114
87
1981 A
1984 J
cons
1952 A O
6s
Refunding gold 5s
cons
1943 A
April 1990
65
96
95x
95 x
97
84 x
83 x
86 x
166
i09~"
iiox
"45
O
1947 M S
4s—1940 A O
Apr
Peoria A Pekin Un 1st 5X8
1974 F
1956 J
J
1956 J
109"
6
J
1st g 4Xs series C
1980 IVI 8
Phelps Dodge conv 3Xs deb...1952 J D
Phlla Bait A Wash 1st g 4s
1943 M N
.
68
~~7x
~~7x
A
Pere Marquette 1st ser A 6s
1st 4s series B
115X
105X 123
86 X
69
~76x
76 x
80
70
70
"69x
69 x
71
97 x
107
10
1
4
163
76 X
100
70
101
69 X 103X
97X 119X
107
113X
110
110x
1974 F
A
1977 J
J
no"
110
"3
1981 J
D
108 x
90 x
109
2
110
87
106 X
104 x
15
105
96
102
105 X
17
40
13
5x
iox
21
4X
40
8
14
106
110
D
8
105
{♦Phlla & Reading C AI ref 6s. 1973 J
J
17
♦Conv deb 6a
1949 M
91x
8
{♦Philippine Ry 1st 8 f 4s
1937 J
J
Plllsbury Flour Mills 20-yr 6s.. 1943 A O
Pirelli Co (Italy) conv 7s
1952 M N
13
71
Phlla Co sec 6s series A
1967 J
Phlla Electric 1st A ret 3X8—1967 M
"69"
conv
4Xs A. 1952 Ml
5x
5x
9x
95
101X 109x
91
105x
97 x 108x
98
107 x
102 X
98 x
105x
105 x
15
169"
107x
91x
116
O
Series B 4Xs guar
Series C 4Xs guar
1942 A
129
110
119
108 X 117
98
108 x
107 x
107 x
92 x
F
A
16
16
8
7
108
108
50
106x
106
101
109 x
103 x
77
94 x
{{♦Norfolk & South 1st
103 x
103 x
*
D
J
M
A
104
A
*9x
12 x
9
55
55
55
116
116
117
112
101X
101
101x
100 x
102
103x
104 x
5
99x
31
8x
A
cons
Series I
cons
Series J
cons guar
1963 F
4Xs
113X
113X
110X 113X
108
112X
106
110
111
109
*111
114X
114X
125X
124X
109
A
*117
1964 M N
4Xs.
*116
1970 J
D
109
Gen mtge 5a series B
Gen 4X8 series C
1975 A
O
*103
1977 J
J
101
102
Pitts Va A Char 1st 4s guar
1943 MN
Pitts A W Va 1st 4Xs ser A—.1958 J
D
120
113
111
no"
109
110
110X 123 X
103 x
101
"64"
Gen mtge 5a series A
Gen & ref 4Xs series A
1974 IVI
♦{Northern Ohio Ry 1st guar 5s—
103x
98
as to sale of
104
82 x
122
97
106x
98 x 105 x
125
ioix 106 x
95x 107
120
coupons.1945
*70
120
72 x
83
71
87
87
72 x
81x
90 x 112x
61
82 X
April 1 '33 to
April 1 1937 lncl coupons—1945
North Pacific prior lien 4s
1997 q
Gen Hen ry & Id g 3s Jan
2047
Ref A lmpt 4Xs series A
Ref & lmpt 6s series B
*70
j
92 x
90 x
93
94
F
62 X
62
63
34
70
Q
112X 113
64 X
90 X
106
*
2047
Ohio Edison 1st mtge 4s_.
J
"ioox
ioox
A
J
D
1946 J
4s debentures
D
Ontario Power N F 1st g 5s
1943 F A
Ontario Transmission 1st 5s...1945 IVI N
95
99 x
100 x
33 x
13 x
10
109x 109x
96
106x
91x 100
ioix
96
nox
1
99 x
209
Paducah & 111 1st
s
f g 4 Xs
For
s
f g 3s loan ctfs
footnotes
see
page
1955 F
3469.
"74"" "l5
97x
77
84
105
106
99 x
130 X
78
84
78
100
♦Rhelnelbe Union
s
f 7s
97 x
27
99 x
97x 106
♦Direct mtge 6s
1952 IVI N
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
Richfield OilCorp—
Rlchm Term Ry 1st gen 5s
♦Rima Steel 1st s f 7s
104
47
1953 F
A
1955 A
O
1952 IM
S
84
77
85
1952 J
J
103
103
1955 F
A
{♦Rio Grande June 1st gu 5s..1939 J
♦Rio Grande West 1st gold 4s..1939 J
con A
coll trust 4s A
1949 A
67 x
91
91X
49 x
49 x
84
20 x
18x
O
*19
S
*114
116x 117
8
*108x
107 x
x
J
*9
4X8—1941 J
J
117
103 x 107 x
99 x 103 x
69 x
92 x
82
103
111
99 x 107 x
94 x ioox
5
ioix
102 x
"51
101X
7
98x 104 x
"l9
108x 108x
97
101X
1977
M
1962 Ml
{{♦R I Ark & Louis 1st 4X8-1934 IVI
♦Stamped
♦Rutland RR
1st
con
♦Stamped
Safeway Stores s f deb 4s
1947
Saguenay Power Ltd 1st M 4Xs '66
USt Jos A Grand Island 1st 4s-.1947
J
*14x
J
J
D
A
O
J
St Lawr A Adir 1st g 5s
1996 J
2d gold 6s
1966 A
St Louis Iron Mt A Southern—
8
8
*10
100x
99 x
109x
101x
99x
J
8
x
95
97 x
102 x
99
105x
62
75x
♦{Rlv & G Dlv 1st g 48—1933 IVI N
♦Certificates of deposit
*11—I
{♦8 L Peor A N W 1st gu 5s...1948 J
St L Rocky Mt A P 5s stpd
1955 J
20 x
13
14
25 x
13x
16
34 x
15
J
12x
103x
97
104x
109x
107
112x
96
103x
98
92
102
55 x
58 x
*70 x
12
1950
1978 MS
39
55
63
73 x
89 X
88 X
20
57 x
48
70
85
13
136
10x
37 X
12
206
10
33 X
36 x
33 x
10x
lix
13
11
J~"j
♦Prior lien 5s series B
♦Certificates of deposit
♦Con M 4 Xs series A
♦Ctfs of deposit stamped
11x
13
11x
11x
40
10x
"iox
9x
iox
305
9 x
9x
8x
9x
97
8x
13
15
99 x
100
19x
J
32 x
102
*54
J
{♦St L-San Fran pr lien 4s A..1950 J
♦Certificates of deposit
58 x
109x
28x
94
*
J
O
8x
85x 102 x
63
52 x
18
43
62 x
28 x
49
J
99x
106
32
J
16
85 x
93
"97"
100
ioix 104X
53 X
60
48
D
24
54
18
t
A
77
78 x
*19
ioix
1955
115x
105
*14
99
102
Panhandle Eastern Pipe L 4s.. 1952
Paramount Broadway Corp—
1st M
1
119
62 x
107 x
g
1966
112
212
J
115
85x
1938
C
88
112
110
O
107 x 115
103
99 x
x
113x
1948 A
110
1
107
104
94
110
II2"
1949 J
6
105x
ser
Gen mtge 4Xs series B
1961 F A
Purch money 1st M conv 5Xs '54 M N
Gen mtge 4 Xs series C
1956 IVI N
Revere Cop & Br 1st mtge 4Xs. 1956 J
J
91x
n
♦Rut-Canadian 1st gu g 4s
61
118
3Xs
91x
112"
♦Ruhr Chemical s f 6s
ioix
104
Ref mtge
S
Roch G A E 4 Xs series D
Gen mtge 5s series E
118
Pacific Tel A Tel 3Xs ser B—.1966
Remington Rand deb 4Xs w w.1956 IVI
Rensselaer A Saratoga 6s gu—1941 IVI N
Republic Steel Corp 4Xs ser A. 1950 M S
109x 112x
95
ioox
97x 104
121 x
123
1966
108
92
11
115
1938
86
84
107x
14
x
116x
2d ext gold 5s
91
30
114
1st & ref mtge 3Xs ser I
Pac RR of Mo 1st ext g 4s
86
J
126x
30x
106
107x
108x
84
19 X
1
Pacific Gas A El 4s series G
1964
1st A ret mtge 3Xa ser H...1961
104x
84 x
95
19 x
111x
*38
77
91x
93
101
19 X
3
"72"
1997 J
78
84 x
85
28x
108
J
Gen & ref 4 Xs series B
77
85
87
30 x
108
1946
28x
90
85x
30
115
1962 J
{♦Debenture gold 6s
—1941 J D
Reading Co Jersey Cent coll 48.1951 A O
Gen & ref 4 Xs series A
1997 J
J
10
85 x
28 x
30
104 x
J
Pacific Coast Co 1st g 5s
7x
85 x
D
s
28
110
76x 109x
110x
*100x
71x
7.x
100
30 x
78
D
104
45 x
106
70
26 X
6s...1946 J
J
9x
100
18
....
30
110
J
76
24
77
19
111x
8
12x
104
18
4s...1946 J
1961 J
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)._. J
88 x
22
g
1963 IVI
J
108x
48
28
con
Ore-Wash RR A Nav 4s
1948 J
75 x
104
20 x
cons g
Oslo Gas A El Wks extl 5s
Otis Steel 1st mtge A 4Xs
f deb 5s
*6
41
5
30
Oregon RR A Nav
1946 J
{♦Providence Sec guar deb 4s..1957 IVI N
{♦Providence Term 1st 4s
1956 Ml S
♦1st
iiox
99x
ioox
11
103 x
70
1951
151
20 x
Ore Short Line 1st
Guar stpd cons 5s„
Pressed Steel Car deb 5s
4s s f conv debentures
10
iix
{♦Postal Teleg A Cable coll 58.1953
Potomac Elec Pow 1st M 3X8-1966
56 x
104 x
52
30
107
11
104 x
*45
30
103
14
54
55x
6s..1942
20x
j
F
conv
J
*102x
J
q
Port Gen Elec lst4Xs
1960 M S
1st 5s 1935 extended to 1950..... J
J
Porto Rlcan Am Ton
119X 124X
*110
J
S
1965 M N
D
1946 J
2
1st mtge 3Xs
1972
Ohio Indiana & West 5s..Apr 11938
UOhlo Public Service 7s ser B..1947
Oklahoma Gas A Elee 3Xa
1966
D
1977 J
110X
A
1974 J
1st 4xb series D
97 X
108
109x
96
♦Rhine-Ruhr Water Service 68.1953 J
J
J
1962 F
let gen 5s series C
*108
62
♦Rhine-Westphalia El Pr 7s... 1950 M N
71x
1948 J
A
62
64
112
76 x
76 x
J
4s
D
ser
1st gen 5s series B
62
106
1
O
gu g
1948 J
Pitts Y A Ash 1st 4s
62
70
78
Stamped..
J
Ohio Connecting Ry 1st 4s—1943 M
O
83
70 x
86 x
♦Og A L Cham 1st
1960 A
64 x
42
84 x
78
2047
1st mtge 4Xs series C
*61X
137
2047
1938 A
Northwestern Teleg 4 xb ext.—1944 J
O
'97 x
28
2047
Ref & lmpt 5s series C
Ref & lmpt 5s series D
Nor Ry of Calif guar g 5s
1959 A
124
107X
125x
119
8
♦Oct 1937 and sub coupons—1945
♦Stpd
75
1st mtge 4Xs series B
111X
109
A
1953 J D
1957 M N
1960 F A
4s
guar
ioox
107 X
*110x
*110x
*110x
1942 M N
Series G 4s guar
Purity Bakeries
S
Deb 5Xs series B_ —.Aug 15 1963 F A
Deb 5s series C
Nov 15 1969 NM
North Cent gen A ret 5s
1974 IVI 8
106
98
22 X
109 x
108
95x 109 x
9
32 x
31
8x
A
1957 IVI
4x
100
"9l"
98 x
1961 F
ser
71x
5x
104 x
91
89 x
98
91
A
5s...1941 IVI N
4s
1996 O A
70
*107 x
IVI N
O
106 X
103 x
80
"
4x
S
O
10x
60
106 x
g
Norf & W Ry 1st cons g
North Amer Co deb 5s
♦Oct. 1 1934 &sub
*35
106X
*
{{♦Norfolk South 1st A ret 5s..1961 F
♦Certificates of deposit
No Am Edison deb 5s
12
—1946
{♦N Y Westch A Bost 1st 4X8-1946 J
30
108 X
87
108
69 x
Niagara Falls Power 3Xs
1966
Nlag Lock & O Pow 1st 5s A...1955
Niagara Share (Mo) deb 5XS--1950
Nord Ry ext sink fund 6X8
1950
50 X
26X
85 X 102
86
O
Series H
109
101 x
8
1940 A
46 x
42 x
ioix
68
106 x
92 x
105 x
10 x
Pitts C'okc A Iron
PftiaCCCA St L4X8 A
1949 F
5
20 X
113
General g 4 Xs series C
General 4Xs series D
1945 M N
♦General gold 5s
1940 F A
♦Terminal 1st gold 5s
1943 IVI N
N Y Telep 1st A gen s f 4Xs—1939 M N
J
99
5X
107
107
116X 121X
109
117X
7x
90 x
98
115X 120
101
General 6s series B
Series D 4s guar
8x
103X
D
Series E 3X8 guar gold
Series F 4s guar gold
J
1967 J
1946 J
ilex
89 X
1960 F
Gen mtge 4xb series E
Conv deb 3X8
Peoria A Eastern 1st
112X
109X liex
1965 J
General 5s series B
Peop Gas L & C 1st
96 X ioex
..1968 J
General 4Xs series A
99 x
J
ref mtge 3X8 ser B
102
7
16
*99x
80
100
105 x
1956 M N
N Y Trap Rock 1st 6s
6s stamped.
96
107
103 X 107X
104 X 110
104
A
Penn Glass Band 1st M 4X8—1960 J
Pa Ohio A Det 1st & ref 4 Xs A. 1977 A
77 X
122 X
101X 106X
D
1952 MN
96X
103
80
102 x
104
37 x
65
6
105x
91
N Y A Rlchm Gas 1st 6s A
7x
10
5
*97 x
*62 x
N Y Steam 6s series A
—
1968 M
20
23 x
82
9
O
M N
9
21x
9x
N Y Queens El Lt A Pow
High
89 X 105 X
72 X
90
28-year 4s
4Xs series B
Low
12
17
60
36
5x
A
1st mtge 6s
47 x
47
23x
O
{♦(N Y SusqA West 1st ref 68.1937
{♦2d gold 4X81937
18x
19x
20 x
8
A
1st mtge 5s
46 x
44 x
19 x
D
1955 J
{♦N Y Providence A Boston 4s. 1942
N Y A Putnam 1st con gu 4s...1993
3 Xs-1965
IN Y Rys prior lien 6s stamp.. 1958
19x
19x
20 x
O
1967 M N
♦lBt A ref 4Xs ser of
47
20
♦Debenture 4s
debenture 6s
19x
18X
98
20 x
21
J
♦Collateral trust 6s
♦Conv
106 x
98
♦Non-conv debenture 3X8— 1947
♦Non-conv debenture 4s
x 102
No.
90
76 x
92 x
.1944 A O
♦Income 4s
N Y Gas El Lt H A Pow g
High
74
♦Paullsta Ry 1st ref s f 7s
1998
Since
Jan. 1
89x
Penn Co gu 3 Xs coll tr ser B—1941 F
Guar 3X8 trust ctfs C
1942 J
1946
2013
2013
1952
Range
Asked
1968 J
62 X
4X81946
A
1947 M
67
10-year 3X8 Bee s f
Ref & lmpt 4X« series A
C
debentures
Paris-Orleans RR ext 5X®
conv
30
Newport A C Bdge gen gu
N Y Cent RR 4s series A
Ref A lmpt 6s series
3X»
32 x
45
Bid
Low
Paramount Pictures deb 6s
61x
30
♦
Range or
Friday
Sale
Price
High
33x
32
33x
J
Low
1937
27,
Week's
Last
ll
Y. STOCK EXCHANGE
Week Ended Nov. 28
35
33
♦1st 5Xs series A
♦Certificates of deposit
No.
29 x
♦
——.1966
1964
♦1st 4X8 series D
N.
35
1966
♦1st 6s series C
BONDS
Since
Jan, 1
33 x
♦
♦Certificates of deposit
Range
Friday
A
Asked
Bid
1964
♦let 68 series B
Nov.
Friday
Range or
Salt
1936
{{♦N O Tex A Mex n-c inc
Record—Continued—Page 5
Week's
Friday
33 x
30 x
New York Bond
Volume 145
BONDS
N. Y.
Last
STOCK EXCHANGE
•3
Range
22
Friday
Bid
Price
No.
High
1
74
-—-—
36
§*lst terminal & unifying 68-1952
1990 J
J
D
*96
J
J
8
8
F
A
8
8%
4a._l968
{♦St Paul E Gr Trk 1st 4%s—1947
{♦St Paul & K C Sh L gu 4%s_1941
con g
26
25%
45
26
19%
21
J
N.
1942 J
Virginia El A Pow 4s
1955 M N
Va Iron Coal A Coke 1st g 5s._. 1949 M
54
Va A Southwest 1st gu 4s
109%
J
J
J
J
-1943 J
J
San Antonio Pub Serv 1st 6s__1952 J
J
1940
1972
S A A At Pass 1st gu g 4s
*
Virginian Ry 3%s series A
1966 IVI ij3
♦{Wabash RR 1st gold 5s
1939 IVI N
♦1st lien g term 4s_
♦Det A Chic Ext 1st 5s
85
1
103%
4
108% 112%
108
108
1
105% 110%
113
{♦Wabash Ry ref A
116
110
gen
*112%
19%
19%
1
16
41%
♦Ref A gen 5s series B
19%
19%
4
19
43
28%
29%
8
27%
28
29%
5
25
44
43%
f
6%a series B
♦Stamped
Scioto V & N E 1st gu 4s
1989
§{♦Seaboard Air Line 1st g 4s—1950
i*GoId 4s stamped
-—1950
♦Adjustment 5s
Oct 1949
I ♦Refunding 4s
1959
♦Certificates of deposit
♦1st A cons 6s series A
1945
A
O
M N
28
—
—
-
11%
63
82%
94
97
55
60
55
60
71%
91
97%
99%
10%
A
*
*11
11M
11
10%
11%
10
O
"ioi
11%
10%
10M
11
♦Certificates of deposit
♦Ref A gen 5s series D
—1980 A
35%
36%
Walker(Hlram) GAW deb 4Ms. 1945
"I ok"
O
"65
D
J
103%
100
100
41
43%
39%
44
10%
12%
10
♦Certificates of deposit
44
12
11%
10M
44%
41%
10%
2
61
12
1978 A
81
12
11
11
A
98%
86
100%
10%
118
U%
11
1976 F
10
49
13%
107%
103%
30
16
25
*13
—
-
mtmmrnmm
65
*33
♦Certificates of deposit---.
121
110
*111%
A O
F
—
'
O
A
-
101
70
33%
♦Certificates of deposit
♦Ref A gen 4 Ms series C
— —
69
25
104%
65
65
A
5 Ms A„ 1975
J
J
i
1946 A O
101%
1941
1941
♦Toledo A Chic Dlv g 4s
--1946 J
6%s
♦Stamped
67
110
84
1939
♦Des Moines Dlv 1st g 4s
♦Omaha Dlv 1st g 3 %a
110
85
45
103
1941
85
104% 109%
70
"
104 %
104%
1954
124
110
110
Santa Fe Pres A Phen 1st 58—1942 M S
s
1939 F
101% 106%
113
1
118
*
27
High
41%
8
12
45
*
37
Low
13
103
*40
J
No.
10
109%
108%
S
1958 A
Since
Jan. 1
High
9%
10
109%
O
2003 J
5s
7%
104
118
4s—1965 M N
San Diego Consol G A E
♦Guar
D
♦2d gold 5s
fPaclflc ext gu 4s (large)
St Paul Un Dep 6s guar
guar
cons
A
8
St Paul Minn & Man—
{♦Schulco Co
1st
ser
Range
Friday
&
Asked
Bid
Price
Low
♦Vertlentes Sugar 7s ctfs
65%
15%
14
Range or
Sale
Si
74%
96
4
Last
EXCHANGE
Week Ended Nov. 20
100
25%
19
---
-
STOCK
Y.
High
76
40
J
♦Gen & ref g 5s series A
Low
76
*35
J
BONDS
Since
Jan. 1
Asked
dk
LOW
{St L SW 1st 4s bond ctfs
1989 M N
♦2d g 48 inc bond ctfs
J
Nov 1989 J
St Paul A Duluth 1st
3469
Week's
Friday
Range or
Sale
Week Ended Nov. 26
Record—Concluded—Page 6
Week's
Friday
19
22
40
109%
100
3%
6%
3%
5
15
2%
13%
O
69
68%
70%
43
5
20%
1955 A
O
78
78
78
5
78
99%
6
6
5%
20
Warner Bros Plct deb 6s
1939 M S
78
77
81%
45
70
100%
M S
8%
106
6%
1941 IVI
36
35%
37
21
30
7%
33
23%
22%
{♦Warren Bros Co deb 6s
♦Certificates of deposit
i^AIt A Blnn 1st gu 4s
1933 M S
{♦Seaboard All Fla 6s A ctfs—1935 F A
7%
6%
6%
6%
8%
Walworth Co 1st M 4s
6s debentures
1955 A
6
6
Warren RR 1st ref gu g 3Ms...2000 F
19%.
38%
Washington Cent 1st gold 4s
1948 Q-JVI
14%
14%
Wash Term 1st gu 3 Ms
1st 40-year guar 4s
1945 F
A
*107%
1945
A
*109%
Wash Water Power
1939
J
*105%
♦Series B certificates
—1935 F
1951
1952
1935
1951
1946
1941
Shell Union Oil deb 3%s
Shlnyetsu El Pow 1st 6 %s
♦ISlemens A Halske s f 7s
♦Debenture 8 f 6 %s
7
A
96
96
J D
J
J
M S
------
7s
deb 4s
Socony-Vacuum Oil 3%s
59%
59%
21%
78%
78%
84
78%
84%
94%
—'
61
20%
94%
106%
J
94%
A
106%
106%
South Bell Tel A Tel 3%s
1902
A
Southern Calif Gas 4 %s
1961
M
1965
F
101
-
-
Southern Kraft Corp 4%s
1946 J
84
82%
102%
94% 102%
100% 107%
5
45
130
118
29
107%
4
98% 102
105
107%
20
101% 107%
107
107%
107%
100
100
D
1
106%
100
91%
92%
9
89% 100%
94%
96
5
67
65
68%
17
94% 101%
65
99%
70%
68%
72
60
58%
Southern Natural Gas—
1951 A O
coll)--1949 J D
S
1st 4%s (Oregon Lines) A—1977
s
Gold 4%a
1968
Gold 4%s
1969 IVI N
Gold 4%s
—1981 M N
J
10-year secured 3 %s
—1946
1st mtge pipe line 4 %s
So Pac coll 4s (Cent Pac
..
65
60
63
57
84%
84%
59% 1370
129
86%
103%
103%
59
--1950 A O
San Fran Term 1st 4s
61
58
59
59%
J
.
86%
1955
1st 4s stamped
1955
Southern Ry 1st cons g 5s
1994
Devel A gen 4s series A
1956
Devel A gen 6s
-.—--1956
Devel A gen 6%s
1956
Mem Dlv 1st g 5s
—1996
St Louis Dlv 1st g 4s
1951
East Tenn reor lien g 5s
1938
M S
1938
M S
1964
S'western Gas A Elec 4s ser D—1960
♦{Spokane Internat 1st g 5s—1955
Staley (A E) Mfg 1st M 4s
1946
D
------
MN
------
So Pac RR 1st ref guar
4s
Mobile A Ohio coll tr 4s
S-western Bell Tel 3 %s ser B -
-
J
J
79%
79
80
47%
45
49%
181
43%
55
53
59%
123
53
55%
62
o
59
D
-
109%
35
98% 106%
11%
40
100% 106%
14%
23
25
99%
148
95
102
10
100
103
67
97
59% 159
102% 107%
100
65
104%
68%
104%
39
*114%
99
106%
----
99
88
97
2
19
115
126
93% 105
S
"§5""
"84"
*105
107%
116
------
116%
116
------
*
114%
83%
104%
83
*
J
1952 J
J
-----
99%
6
----
1
30
32
31%
61
6%
6
82
*72
----
100%
99%
"82% 104"
106
109%
115
118%
105% 111%
88
108%
100
105%
105
110%
110% 128%
83
106%
101
D
60%
D
Tol A Ohio Cent ref A Imp 3%s 1960
1950 A O
Tol St Louis A West 1st 4s
99%
1953
4s— 1946
1949 M
Trenton G A El 1st g 5s
deb A—.1953
.1955
Tyrol Hydro-Elec Pow 7%s__-
Trl-Cont Corp 5s conv
sec s
J
J
62
116
99%
101
6
104%
30
5%
S
*116%
J
109%
-
-
-
—
—
27
110
O
89M
90
66
J
97M
97%
98%
23
West N Y A Pa gen gold 4s
1943
o
107%
107%
{♦Western Pac 1st 5s
1940
8
17
18
S
17
17%
99
98
99
46
66 M
66%
70%
67%
09
27
21%
21%
—
-
—
—
—
—.1946 IVI
Western Union coll trust 5s
79
51
83
103
102% 107%
{ f*Unlon Elev Ry (Chic) 6s.
.1945
O
Union Oil of Calif 6s series A—. .1942
.1952
3 Ms debentures
A
A
*11%
11%
117%
....
41
117%
♦Ctfs for col A ref
91%
-
-
-
—
107
108
113%
89%
89
84% 103%
94%
14
92
"l7%
"92~"
92
,
3
"I
13%
11
12%
8%
12%
9%
88
*9
20
♦Certificates of deposit._.
1943
----
2
69
11
51
111%
53
110
116%
105%
132
103
109%
114%
7
92
32
93%
90%
91%
28
16
107
,1952 A
O
.1953 M
S
U N J RR A Can gen 4s.
.1944 IVI
8
J
.1934 J
I {♦United Rys St L 1st g 4s
U 8 Pipe A Fdy conv deb 3%s. .1946 M N
J
U 8 Rubber 1st A ref 5s ser A_. .1947 J
♦Un Steel Works Corp 6%s A_. .1951
♦Sec s f 634s series
C
-
74%
73%
*108%
111% 110%
90% 101%
91% 101%
105% 109
—
--
-
-
-
60
....
—
101
60
No sales.
Cash sale; only transaction during
r
current week,
Deferred delivery sale; only
a
during current week,
n Under-the-rule sale; only transaction during
x Ex-Interest.
I Negotiability Impaired by maturity,
t Accrued
transaction
current
week,
Interest
payable at exchange rate of 14.8484.
T Bonds caUed for redemption or nearlng
M 1 4—
maturity.
——
reorganized under
j 4
\
transacted during current week.
{ Companies reported as being in bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by such companies
•
No sales
Friday's bid and asked price.
♦
Bonds selling flat.
z
Deferred
64%
24
In the yearly range:
Adriatic Elec. 7s
•
1952, Nov. 22 at 75.
Kresge Found. 4s 1945, Nov. 23 at 96.
Transactions
New
the
at
York Stock Exchange,
Daily, Weekly and Yearly
Railroad <fc
Number
Nov. 20, 1937
State,
United
Total
Mis cell.
Stocks,
Municipal <k
States
Bond
For'n Bonds
Bonds
of
Bonds
Shares
20
106
1,640,860
—
— ..
986,840
1,214,000
484,000
1,291,000
1,098,000
204,000
346,000
Holiday
1,183,920
5,167,000
$29,379,000
238,000
$5,021,000
6,766,000
$1,734,000
$36,734,000
1,361.000
6,561,110
Frloay J
—
174
100
107%
6
25
....
27
22
33%
25%
2
23%
25
27
21
19%
32%
32%
87%
90%
24
Week Ended Nov.
Sales at
Jan. 1 to Nov.
26
New York Stock
1937
Exchange
87%
84
92
-
—
-
-
-
185
84
{♦Utll Power A Light 5 Ms
.1947
51
50%
51
70
41
50%
50%
50%
75
41
377,602,050
$337,012,000
State and foreign
RaUroad and Industrial
29,379,000
$7,945,000
7,873,000
45,310,000
1,918,470,000
T$294,499,000
305,721,000
2,600,306,000
$36,734,000
$61,134,000
$2,574,365,000
$3,200,526,000
■A m
Total
318,877,000
Stock and Bond Averages
#
81%
83
11
81% 111
F
1957
M N
Cons s f 4s series B
A
-----
—
———
■
|*Vera Cruz A P 1st gu 4%s__,1934 J
J
i*July coupon off
^5
daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Below
are
the
as
compiled by Dow, Jones & Co.:
67%
81%
1955
443,970,972
i+mm 4
9,018,720
$1,734,000
5,021,000
Bonds
Government
69
.1959
Vandalla cons g 4s series A
1
6,561,110
Stocks—No. of shares.
106%
.1944
Vanadium Corp of Am conv 5s. 1941
20
1930
1937
1936
87% 105%
-
--
O
$5,352,000
7,878,000
8,861,000
7,877,000
170%
102%
25%
-
25
A
Sales
$462,000
$657,000
$4,233,000
0,180,000
7,366,000
6,433,000
1,232,100
1,517,390
Tuesday-
Saturday
36%
108%
Utah Power A Light 1st 5s
^Debenture 5s
Included
the current week and not
delivery sales transacted during
72% 103%
114%
25
25
.1951
♦Sink fund deb 0%s ser A—. .1947
.1944
Utah Lt A Trac 1st A ref 5s
105
109
100
—
-
-
-
106%
*22
-
-
78
110%
7
96
98
'
Un Cigar-Whelen Sts 5s_«
United Drug Co (Del) 5s
24
:'
range:
23
104
105%
25%
7
97%
110%
105%
32%
6%
10%
included In the yearly
current week and not
Cash sales transacted during the
12%
8
97
96
90
-1901 IVI N
104%
100%
100% 115
35%
10%
28
j"j
62
92
87%
108%
47
101% 104
89
j1. ;•
12%
{♦Wis Cent 50-yr 1st gen 4s
1949
♦Certificates of deposit
J*Sup A Dul dlv A term 1st 4s '30 IVI N
47
7
58
108%
t:
1960
1st mtge s f 48 ser C
35
101%
97%
105
12%
12%
4
7%
101%
1947
{♦Wor A Conn East 1st 4 Ms
Youngstown Sheet A Tube—
17%
7
D
Wilson A Co IstM 4s series A..1955
Conv deb 3M*-—
44%
*15%
17%
J
1938
Winston-Salem 8 B 1st 4s
96
68
92
7s A. 1935 MN
-
100%
73
84%
84%
1940 M N
conv
Wllmar A Sioux Falls 5s.
102% 106%
113%
-
*111
{♦Wlikes-Barre A East gu 58—1942 J
116% 121%
101
114%
104%
O
107%
1949
{♦Wickwire Spencer St't 1st 7s. 1935
J
♦Ctf dep Chase Nat Bank
Total
.1970
34-year 3 %a deb
.1971 M N
35-year 3 Ms debenture
United Biscuit of Am deb 5s... .1950 A O
105
100
77%
£104%
*107%
Thursday——
101%
105%
8
1
1960
D
ser
White Sew Mach deb 6s
123
90
105%
M
5
68
Wheeling Steel 4%s series A—1960
104
90
*70%
June 2008
10
73
68
RR 1st consol 4s„
Wednesday
1
J
1st Hen A ref 5s
60
2301
119
4
8
111%
31
72
73
Registered
e
39%
104%
65% 111%
66% 107%
63% 109%
19
25%
98
99% 108%
98%
.1962 J
J
*67%
40%
16%
10%
5
101%
97
.1945 M
J
Union Pac RR 1st A Id gr 4s—. .1947
1st Hen A ref 4s
June 2008 M S
J
1
31
109%
-—.2361
Wheeling ALE Ry 4s
96% 101%
97
UJlgawa Elec Power s f 7s
Union Electric (Mo) 3%s
------
1938 J
Funding A real est g 4%s
1950 IVI N
D
25-year gold 5s
1951
S
30-year 5s
——I960
♦Westphalia Un El Power 68—1953
46%
98
—
A
88% 100%
97% 108%
106
111%
1952
116
:
102
1977
A
123%
100% 111%
19
107%
107%
88%
73%
------
17
110
96% 100%
84% 108%
96
93%
ioi"
117
101M
Monday.—..
*_____
M N
.1952 F
f 7s
60%
D
1942 M S
Tol W V A Ohio 4s ser C
Guar
J
127%
116
120%
3
1966
Week Ended
1st 6s dollar series
121%
100%
100
100M
8
80
102%
84% 108
Tokyo Elec Light Co Ltd—
Toronto Ham A Buff 1st g
1961
107% 110%
107%
6%
1937 J
24
84%
*
|*Thlrd Ave RR 1st g 5s
----
83%
84%
-
88
110%
83
Tide Water Asso Oil 3 Ms
---
104%
------
O
2
88
_
♦
111%
1960 A
12
103%
103%
----
109
109
------
31%
Jan
102
101%
98%
J
♦AdJ lnc 5s
95%
5
101
100
-
1960 J
Third Ave Ry 1st ref 4s
80
12%
A—1964
Tex Pac Mo Pac Ter 5%s
1
107%
99%
105
100%
------
S
D
1977
1979
1980
Gen A ref 5s series D
-
----
80
107%
98%
—■--
J
J
4%s._-1939
1st cons gold 58..
1944
Gen refund s f g 4s
1953
Texarkana A Ft S gu 5 %s A—1950
Texas Corp deb 3 %s
1951
Tex A N O con gold 5s.—
—1943
Texas A Pac 1st gold 5s
2000
Gen A ref 5s series C
100
------
M N
Term Assn of St L 1st g
Gen A ref 5s series B
96%
12%
D
M
101% 105%
90% 103
80
J
1947
79%
*
A
M
85%
105%
55% 110%
88%
------
J
118
112%
79
*
------
J
F
88
*
J
Staten Island Ry 1st 4%s
Tenn Elec Pow 1st 6s ser A
85% 108%
100% 100%
98
------
103% 109%
o
1961
1943
♦Studebaker Corp conv deb 68-1945
Swift A Co 1st M 3%s
1950
Tenn Coal Iron A RR gen 5s—1951
Tenn Cop A Chem deb 6s B—1944
Tennessee Corp deb 6s ser C—1944
57
88%
85%
84% 102%
O
_
Standard Oil N J deb 3s—
45
106
97%
57
100
110%
108% 112%
104% 108%
*109
1st mtge 4s ser H
1st mtge 3%s series 1
Western Maryland lst4B—
West Shore 1st 4s guar
68% 100%
58%
98
58
97%
77
100
107
121%
J
ser
76
70
*119%
D
1st A ref 5 Ms series A
90
67%
100
*.....
A
Gen mtge 3%s-.
1907
West Penn Power 1st 5s ser E—1903
♦5s assented...
101%
100
J
68
-
,
107%
1947 J
3
73
25%
101
------
Southern Colo Power 6s A
18%
26
-
50%
4
f 5s
b
S
Westchester Ltg 6s stpd gtd—.1950
89%
100
100
-
12
85
*115
------
102
93
64%
-
20%
F
South A North Ala RR gu 5s—1963 A
1st mtge A ref 4s
4%
113
97%
F
1951
1950
Skelly Oil deb 4s
3%
1
*98%
A
33
*56
-------
6%
17
20
4%
4%
4%
S
M
20
19%
4%
1952 A
♦Silesia Elec Corp 6%s
Slleelan-Am Corp coll tr
Simmons Co
A O
----
----
•
Bonds
Stocks
10
107% 111
110
113%
2
5%
10
30
20
20
Total
10
First
Second
10
Indus¬
Date
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Ralls
ties
Bonds
103.18
trials
Total
—
—
—
4
:'r
4
118.26
30.48
22.23
101.16
60.05
91.97
26
103.50
Nov.
Nov.
—
25
113.64
29.15
21.10
38.87
103.30
100.91
58.71
91.54
24
103.25
Nov.
115.78
29.35
21.53
39.51
103.68
100.84
58.54
91.60
23
103.34
Nov.
22
114.19
29.55
21.16
39.12
104.11
101.31
59.34
103.35
92.03
Nov.
20
120.45
31.06
21.85
41.10
104.25
101.50
59.56
103.21
92.13
Nov.
40.57
HOLI DAY
New York Curb Exchange—Weekly and Yearly Record
3470
Nov.
27,
1937
disregarded In the week's range unless they are the only transactions of the week, and when selling outside of the
footnote in the week In which they occur.
No account Is taken of such sales In computing the range for the year.
NOTICE—Cash andjdeferred delivery sales are
regular weekly range are shown In a
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. 20, 1937) and ending the present Friday (Nov. 26, 1937). 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
Week's Range
for
Sals
Par
of Prices
Low
High
Week
Pries
234
Agfa Ansco Corp com
1
Alnsworth Mfg common..5
Air Devices Corp com
1
~~7~X
Air
"SOO
Oct
Oct
Sept
Oct
Mar
5634
22
Feb
7% 1st preferred
4
May
Borne Scrymser Co
*
pref
S6 preferred
100
7
60 %
25
57
Oct
80
June
68
68*
100
55
Oct
87
Jan
62X
80
Oct
77
Oct
Sept
60 X
554
3454
Oct
154
Alles & Fisher Inc com.
2H
Sept
634
Alliance Invest common
2
Sept
5
Allied Internat Invest com*
12
Nov
5
Oct
15
Nov
72 X
Nov
26
Class A
Aluminium Co common.
15
100
72 X
77
109X 112
8,800
1,050
109
Oct
15
200
14
Oct
15
75 34
100
preference.
112
Aluminum Goods Mfg—*
15
Aluminum Industries com*
Aluminium Ltd common
6% preferred
Oct
com...-10
Allied Products
6%
X
—*
pref..
conv
—
May
....
American Airlines Inc—10
119
1
100
Amer Box Board Co com.l
'"*866
"55k "eo"
1034
American Beverage com_.l
American Book Co.
165*
2634
17734
11954
1754
1454
200
119
Jan
Bowman-BUtmore
10
50
Sept
8X
934
1,700
5
Oct
334
334
900
55
"Ik
55
75
2454
Class
A
common...10c
334
10c
X
*
23 X
78 X
$3 preferred
$5.60 prior pref
Amer Centrifugal Corp.—l
134
IX
800
1X
IX
Nov
Oct
11
Nov
Oct
Oct
42
154
8934
554
-.25
Class A with warrants 25
1
Class B
Amer Cyanamld class A. 10
Class B n-v
10
Amer Equities Co com___l
Amer Foreign Pow warr...
2534
334
26X
175
28 X
3
25
334
300
1,500
Apr
34
IX
Oct
Oct
234
1634
Oct
July
Feb
Jan
Feb
Jan
Jan
Mar
Apr
Mar
Feb
Feb
Mar
July
4
Nov
25
27 X
27X
27X
125
10 x
20
12X
550
8
20
200
*20
Preferred
4X
700
450
...
Preferred
American Thread pref
5
Anchor Post Fence
*
IX
20
.
Oct
38
Feb
Oct
Oct
26H
2834
5434
Jan
Oct
Oct
82
X
Oct
»16
26
2,100
800
X
1
X
Arkansas Nat Gas com...*
4X
IX
76%
15X
334
600
254
59
234
X
76 X
20
734
434
Apr
£1
Common
1
1,700
X
Oct
3
6,300
2X
Oct
10,300
2
Oct
6X
1,100
4X
40
66 X
7%
400
434
4,300
4X
IX
Feb
Feb
Jan
Feb
Atlantic Coast Line Co..60
Atlas Corp warrants
Atlas Plywood Corp
Axton-Flsher
Class A
*
Purch warrants for
com..
Barium Stainless Steel
Barlow A Seellg Mfg A
1
3X
12 X
Nov
Oct
1334
3
Jan
Mar
Jan
534
3954
?S2
1X
Jan
Jan
Jan
Feb
34 May
Sept
90
Sept
1334
5754
Mar
Oct
2,200
X
Oct
600
Oct
X
»u
3,300
2X
600
9X
X
154
7X
700
6X
Oct
6
Oct
7% 1st pref
6% pref without
7% preferred.
warr
100
100
Oct
Oct
4
2934
354
9
1154
1654
Feb
Jan
Mar
Mar
Feb
Mar
Aug
*
Chamberlin Metal Weather
Strip Co
2X
4X
'~4~X
300
Oct
3X
4X
100
80
150
83
Nov
10
Sept
1534
Nov
15
Aug
Preferred BB
*
Cities Serv P A L $7 pref.*
$6 preferred.
*
Claude Neon Lights Inc
1
Clayton A Lambert Mfg..*
Cleveland Elec Ilium
*
Nov
zl8
May
22X
July
X
7
400
74
25
254
2
754
6
254
City Auto Stamping
City A Suburban Homes
*
2,300
1,i*
2734
Aug
IX
IX
900
Get
434
May
lix
lox
lix
400
8
Oct
2 X
2 X
1,000
2
Oct
1854
834
July
1
1334
100
158X
158X 159 X
240
Bell Tel of Pa
Benson A
634% pf-100
Hedges com
""334 "3X
""loo
Conv pref
Purchase warrants
IX
*
*
Blrdsboro Steel Foundry A
Machine Co com
IX
X
IX
7i#
4,400
1134
7,«
Bickfords Inc common
$2.60 conv pref
lix
200
X
X
1,000
7X
8
700
5X
7
2",000
~1834
'"l75
com
9
6X
12
Crtfsfor u v common..*
Bliss A Laughlin com
5
page
"18"
3475
4X
6X
15
Nov
June
Nov
170
Sept
12534
534
Mar
Mar
Sept
30X
Bliss (E W)<fcCo com...
For foot rotes see
3X
16
Berkey A Gay Furniture. 1
Blauner's
15854
11354
Mar
19
Feb
Oct
4
Jan
Oct
Oct
Oct
234
1554
3734
Feb
Mar
Feb
1434
July
Oct
15
Sept
Oct
2434
Oct
Oct
10
Oct
41
Jan
Sept
Aug
6% conv pref
£1
Colorado Fuel <fe Iron warr.
Colt's Patent Fire Arms.25
15
57
10534
Mar
Mar
Mar
Oct
96
82 34
7
Nov
88
Oct
Nov
74
Nov
2234
9154
Apr
634
Jan
1
Oct
Feb
34
Oct
254
254
Oct
2734
Jan
16
225
7
Oct
52
Jan
Oct
3334
2654
Jan
Jan
3
4
454
654
654
100
754
434
734
200
3,400
Oct
234
Oct
7
Mar
Oct
19
6
Oct
1654
May
Feb
2754
Sept
1954
9954
9954
9534
Oct
35
40
750
32
Oct
934
1034
300
7
Oct
54
200
50
100
"24"
Apr
Oct
Oct
he
30
60
Sept
Oct
134
15
134
Oct
Oct
"~"l"CC
24
Nov
534
58
Jan
Jan
Jan
7934
Feb
50
28
Oct
76
Feb
400
4
Oct
Feb
Sept
1534
454
2034
30
534
~30~~
123
7634 May
1834 July
2%
Feb
923d
Apr
Jan
sy
13
30
Jan
Nov
734
19
19
400
18
Nov
40
154
1,000
54
150
3234
30
534
534
3
18
Jan
134
Feb
Apr
Oct
334
1034
4834
2
Oct
16
Aug
3
134
Oct
9
Apr
3
37
37
Cohn A Rosenberger Inc.*
Colon Development ord
3
Jan
June
675
40
Cockshutt Plow Co com..*
1
124
254
16
II
Bell Aircraft Corp com
Bell Tel of Canada
Jan
Aug
7,800
10
Bellanca Aircraft
com
6
Jan
8
54
100
Clark Controller Co
7X
7
74
234
Feb
Jan
70
234
Cleveland Tractor com
*
Cllnchfleld Coal Corp.. 100
Club Alum Utensil Co
*
Beaunlt Mills Inc com.. 10
$1.60 conv pref
20
Beech Aircraft Corp
1
2334
74
.*
Feb
Aug
8434
2,800
8
June
8234
2654
21
1134
113*
200
2334
Oct
103
1254
2654
Oct
Oct
1234
*
Mar
Oct
87
375
5
Apr
83
30,400
Nov
IX
IX
1054
234
Oct
9
July
Oct
1
Preferred B
Nov
85
..5
Preferred
350
42 34
2
300
54
3634
Jan
1,800
3834
June
2",600
14
2
Jan
IX
Oct
28
"_334 ""354
33
43
2X
9X
10
Feb
Feb
234
156
700
654
1434
400
3534
Oct
5
9,800
*
Oct
2
Sept
Jan
Feb
2734
100
16
10X
Oct
2434
Chllds Co preferred
Cities Service common
60
700
14 X
Oct
78
75
50
..4
140
300
Oct
334
10254
9734
6734
Oct
54
2,100
Chic Rivet A Mach
Chief Consol Mining
655
5,600
13
July
July
84
6
Charls Corp
10
Cherry-Burrell com
5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
76
4
1
2654
834
35
84
Conv preferred
100
Conv pref opt ser '29.100
17 X
5
Bath Iron Works Corp_..l
Baumann (L) & Co com..*
Cent P A L 7% pref
100
Cent & South West Utll 50c
Cent States Elec com
1
65
12X
8
134
Oct
Oct
19
Jan
Jan
IX
3X
10X
7X
IX
IX
Oct
334
200
19
Oct
Feb
Oct
{Baldwin Locomotive—
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
15
19
Cent Hud G A E com
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref-100
Cent Ohio Steel Prod
1
16
75
54
19
200
10
1,000
Jan
2334 May
254
Jan
Oct
Oct
20
Oct
12
Tobacco—
common
134
6
Feb
IX
lix
5
1
1
Jan
1554
83*
Oct
3
70
"134
Oct
Oct
Feb
7% 1st partlc pref...100
Celluloid Corp common. 15
Centrifugal Pipe
ux
200
1,300
Feb
Oct
July
11
934
Oct
Mar
Oct
Oct
900
254
34
3134
834
754
334
Oct
Oct
4X
1
20
Oct
Oct
3
Oct
29
1
934
134
Oct
1434
50
7234
1
1
2034
25
554
3X
Feb
Feb
*
700
X24
Oct
534
3234
*
2,800
2,000
4X
Jan
Oct
Mar
1st preferred
6,500
24
154
$7 dlv preferred
IX
•it
Babcock & Wilcox Co
1
com
Oct
Jan
IX
3,i
34
"160
*
common
8
3 34
*
25c
Jan
Mar
Oct
Jan
10X
IX
Automatic Voting Mach.
Avery (B F)
Capital City Products
Carlb Syndicate
Jan
Mar
96
7X
Austin Sliver Mines
Automatic Products
1
Feb
Mar
Jan
Aug
Oct
IX
IX
*
Marconi...
Nov
Jan
Apr
Sept
Mar
Oct
8X
83
334
1,100
Apr
Feb
IX
V t c common
Atlanta Birmingham A
Coast RR Co pref
100
Atlantic Coast Fisheries.
3 54
5
3834
34
554
Feb
1234
1334
1054
10X
Assoc Laundries of Amer.*
Oct
Oct
11
334
Oct
Jan
Oct
Aug
Feb
June
2254
19
Castle (A M) com
.10
Catalin Corp of Amer
1
Celanese Corp of America
X
3X
4X
X
134
70
Feb
Mar
454
2734
Jan
Oct
Option warrants
334
"x ""x
Jan
Oct
X
200
2
5934
2X
8X
100X
1
Class A
354
Carolina P A L $7 pref...*
$6 preferred
*
Carrier Corp
*
Carter (J W) Co common. 1
Casco Products
*
40
9X
13 34
2,800
134
Nov
34
Carnegie Metals
Assoc Gas A Elec—
$5 preferred
1554
32
Jan
300
700
134
99
3X
10X
14
*
Nov
554
854
4234
11034
9X
15
*
Jan
Industries
Amer deposit rets
Oct
3
Oct
6%
3X
Jan
3034
5134
2534
10634
3134
90
Oct
Oct
73
Jan
Oct
Oct
B non-voting
Canadian
5X
9
*
53
Oct
6
Mar
*1534
2854
1234
Oct
20
*
1
3X
Mar
85
3
100
3934
Carman & Co class A
Class B...
3X
72
~~3~% ""354
800
common
934
Oct
200
$3 convertible pref
Warrants
234
60
4034
Carnation Co
6X
6%
Apr
Oct
2134
Jan
100
72 X
Jan
Oct
Nov
3934
Nov
700
10
234
234
2134
934
1,600
Preferred
3
4
600
800
5
1034
Oct
2X
X
3X
634
Nov
50
Oct
200
15,200
28
3,050
May
pref25
Nov
77
ix
554
35
20
1
com
6X
3
4
Arkansas P A L $7 pref...*
Art Metal Works com
5
Ashland Oil & Ref Co...
4H
Brown Rubber Co
Bruce (E L) Co
Sept
2
.*
Elec
6
6
28
._*
X
200
"~6~% "~8X "(>"166
Common class A
Associated
Oct
3X
Wupperman__l
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
Arcturus Radio Tube
20
30
Calamba Sugar Estate..20
Canada Cement Co com..*
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
14
10
X
834
Amer dep rets pref shs £1
103X 103X
Angostura
Class A pref
134
33
Brown Forman Distillery. 1
$6 preferred
...*
Mar
4
"_2k
Brown Co 6% pref
100
Brown Fence & Wire com.l
37
23
25
77
39
May
100
Amer Potash A Chemical.*
4 34
Oct
Sept
200
Am dep rets ord reg.. 10s
British Col Power class A. *
Class B
*
Cables A Wireless Ltd—
300
X
"~7%
Feb
Jan
4,000
24
.10
32
2054
£1
Feb
17X
%
Republics
Jan
Oct
Amer dep rets reg
British Celanese Ltd—
42
79 X
Amer Seal-Kap com
2
Am Superpower Corp com*
1st preferred
33
32
14 X
Amer Pneumatic Service
American
Oct
Oct
15
*
Mar
2554
2654
Burma Corp Am dep rets..
Burry Biscuit Corp.-1234c
Cable Elec Prod vtc
*
23 X
100
Amer Meter Co
Mar
25
Burco Inc
13
16
Amer Maracalbo Co
2634
Oct
Jan
Mar
Mar
Mar
Am dep rets ord bearer£l
Feb
12
Feb
1234
31
Oct
3654
Oct
Feb
Mar
16
Oct
22 X
27
Oct
May
Jan
Apr
Feb
19 X
Feb
Jan
734
28
2034
$5 1st preferred.
*
Bunker Hill A Sullivan 2.50
23 X
14 34
200
77
Aug
*
800
4
854
Registered
10434 108 X
24 X
834
Oct
Mar
British Amer Tobacco—
500
434
25
*
British Amer Oil coupon..
16*666
24X
500
250
200
334
...»
28X
$2 preferred
1
$2.60 preferred
1
Amer Hard Rubber com.50
6% preferred
25
Amer Mfg Co common 100
Class A
Nov
Oct
3 54
2034
Brlllo Mfg Co common
3X
99
3 34
1734
•
*
200
Jan
100
34
100
3X
IX
Jan
MOO
34
Corp class B__
7% preferred
Buckeye Pipe Line
American General Corp 10c
Amer Lt & Trac com
*
Class A.
Buff Niag A East Pr
10834
*
Amer Laundry Mach_..20
Brill
Mar
Mar
Aug
*
Amer Invest (111) com
Bright Star Elec clB
Aug
4854
11234
Mar
10834
"1134 "1254
100
37
24
3034
1434
534
2154
10834
334
734
1634
Oct
Jan
Oct
Nov
7
Jan
Oct
1054
1,800
8
Oct
Jan
1034
*
Preferred
Jan
Jan
8
954
Jan
Mar
Sept
9X
Machine
Jan
134
Bridgeport
47
1
Oct
Oct
Nov
12
Oct
Oct
Jan
21H
Oct
34
10
100
2
37
24 X
334
500
10
3
Oct
~28~~
10
300
Oct
""Ik"
Jan
Sept
400
4154
554
434
34
734
234
3234
34
100
17 X
*
Preferred
2d preferred
27X
3%
IX
Feb
234
Oct
2
Jan
19
700
X
54
100
8 ,600
Amer Fork A Hoe com...*
Amer Gas & Elec com
Oct
454
434
com..
*20 X "22X
"
"22k
23 X
22 X
5634
Oct
634
Am Cities Power A Lt—
Class A
11
Oct
6
American Capital-
Common class B
Oct
100
7% 1st preferred
Jan
Jan
Jan
9
234
Mar
Oct
334
434
4834
43 54
11
25
6X
May
300
Oct
234
131
1
4
4
UX
140
3254
354
Nov
800
Brazilian Tr Lt A Pow...*
Nov
Oct
3434
634
Breeze Corp
-.1
Brewster Aeronautical.—1
Nov
7X
500
634
35
Jan
55 X
119
Oct
Jan
Mar
Oct
900
11
IX
High
134
3634
134
100
25
Jan
Jan
24
Low
200
134
{Botany Consol Mills Co
Bourjols Inc
4X
60
....100
Jan
634
Range Since Jan. 1 1937
Shares
4
(8) A Co
Bohack (H C) Co com..
38
2534
*
$3 opt conv pref
Oct
Price
1
*
Blumenthal
Oct
X
Ala Power 17
Blue Ridge Corp com
Feb
-
Gt Southern..60
Week
6X
X
IX
60 X
68
100
for
of Prices
Low
High
1®
500
61X
Warrants..
S3
Jan
IX
IX
nx
IX
ux
Conv preferred.
Alabama
900
234
.....
1
common—*
Investors
234
Week's Range
Sale
Par
16
*
Class B
SaUs
Last
High
25
Supply Mfg class A.*
Aero
Low
Shares
20
Acme wire v t c com
Friday
STOCKS
Continued)
Range Since Jan. 1 1937
Last
STOCKS
454
434
434
1,700
Oct
900
54
12
Oct
254
234
5,100
22
Sept
2
Sept
3
234
Sept
734
Oct
954
854
434
2454
7434
234
534
1,900
50
5034
300
41
Oct
5934
5934
50
57
Sept
434
534
50
534
12,800
454
Oct
Mar
Jan
Jan
Mar
Mar
Feb
Feb
Feb
Feb
Apr
Columbia Gas A Elec—
Conv 5% preferred.. 100
Columbia OH A Gas
Columbia Pictures com
1
Commonwealth Edison..25
Commonwealth A Southern
2634
8,800
Jan
Jan
39
Jan
2034
Oct
33
Aug
34
Sept
Oct
34
8,500
2734
125
13
1934
2034
150
18
•11
54
500
34
4ii
1
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv__l
Oct
June
»u
25
26
Warrants
Commonw Distribut
2 34
29
*
10434
1034
27
26
1934
*i«
Jan
234
Jan
Oct
Oct
34
64
34
Oct
254
Jan
Jan
Mar
Volume
Sales
Friday
STOCKS
Last
{Continued)
Week's Ranoe
Sale
Par
of Prices
High
Low
Price
Range Since Jan. 1,1937
for
Week
Cities Service Co.
High
Low
Shares
Compo Shoe Mach—
v t c
Common
ext to 1946
13
12
300
13
Oct
1734
38
Oct
BO UGHT—SOLD—Q VOTED
13 preferred
38
•
Consol Biscuit Co
1
354
334
354
300
Consol Copper Mines
5
434
4 34
16,600
Consol G E L P Bait
*
4 34
64
com
5% pref class A
Consol Gas Utilities
1
134
Consol Min & Smelt Ltd .5
Consol Retail Stores
50
1
8% preferred
1
Oct
2 X
3X
Jan
11
Oct
11^4
Oct
89X
11434
4X
50
Jan
Feb
Mar
100
X
Oct
48X
Nov
3X
Nov
1034
3X
4M
500
Oct
IH
2
600
IX
Oct
*
3 X
4X
2,000
2X
Oct
69 X
Oct
3X
17J*
10234
234
2634
90
54
Cont Roll & Steel Fdy
*
Continental Secur Corp..5
"% ""X
"400
Oct
»««
STOCKS
Jan
(Continued)
15
9
Oct
52
Oct
2134
61X
35
Apr
Jan
Amer dep rets
100 frcs
Fox (Peter) Brewing
5
834
734
834
2,100
3 X
Oct
17 X
17 X
200
17 X
Nov
*
6 34
634
634
300
434
Oct
34
5
IX
234
"3/266
Jan
6% conv preferred
*
23
..1
*
ht
X
Feb
20X
Oct
900
X
Feb
Sept
16
Feb
Oct
5
Jan
16 X
Sept
25
Feb
3K
"260
Oct
X
600
100
29
9
9X
200
8X
9X
1,200
May
2X
Sept
1,900
1,300
~7~X "~7~X
"166
".3
~~3X
MOO
354
834
100
34
*
1
8)4
20
834
200
12
12
Oct
Sept
Aug
ex
9
Oct
Nov
254
13
Jan
June
15
5034
10834
1634
34
1854
1534
28J4
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Apr
5
Oct
Oct
33
Apr
Oct
16
Jan
Nov
87
May
ex
Oct
2X
52 X
Nov
834
Oct
12
Nov
854
89
July
Aug
1954 May
20
Feb
334 May
1
*
IX
234
IX
2,100
IX
Oct
2%
300
2
Oct
11
Feb
2 X
"lX
Detroit Gray Iron Fdy
1
Det Mich Stove Co com..1
Detroit Steel Products
Nov
50
Dennison Mfg 7% pref. 100
Detroit Paper Prod
29
8K
16
1
3
800
2X
Oct
1034
Jan
Oct
64
Feb
2034
19
200
15
Gen Rayon Co A stock
»
$3
conv
General
pref...
Tire
&
$5 preferred
May
Nov
Driver Harris Co
100
2X
25
20
130
56
55
19 X
55
14
10
IX
100
1X
400
150
67
66
1X
X
1
*
634
10
Eagle Plcher Lead
Aug
Mar
Apr
Sept
'~9K
6
634
6X
8X
800
50
Apr
Oct
96
Jan
Aug
Oct
4234
111
654
Oct
52
Durham Hosiery cl B com *
Duval Texas Sulphur
17 X
100
July
Oct
Oct
10534
100
Dubllier Condenser Corp.l
Duro-Tost Corp com
Oct
79
Oct
134
734
1054
27%
134
100
1134
134
11
1,400
70
7334
75
4
Oct
,634
1,000
3X
Oct
9K
9,000
7
Oct
Feh
*
Common
3 34
3X
3X
800
2
Oct
1034
Jan
Oct
80
Jan
52
150
52
28 X
30
250
26 X
Oct
71
Jan
UK
434 % prior preferred. 100
6% preferred
100
53
Oct
Oct
2634
634
Feb
IX
Eastern Malleable Iron_25
Eastern States Corp
*
IX
16 preferred series B
*
*
"20"
Easy Washing Mach B
*
434
17 preferred series A
1
IX
1,300
20
22
125
20
18
21
250
16 K
454
434
900
12 X
Economy Grocery Stores.*
Edison Bros Stores
2
Elsler Electric Corp
1x
12 X
50
12 X
13X
400
IX
8234
Jbn
Oct
8234
Jafl
Oct
3
10
X
21
Jen
24
Mar
Oct
434
2834
Jan
Jan
80
Feb
8734
Elec Bond & Share com..5
12
118,900
5X
Oct
*
49
4734
50
600
47 X
Nov
*
55
53
56
2,300
16 preferred
Oct
50
1
Class A
Elec P & L 2d pref A
334
354
700
2X
1
Elec Power Assoc com
Oct
334
3 34
800
IX
Oct
*
35
3034
434
Option warrants
130
35
554
1,200
1134
Jan
Jan
954
Jan
Oct
22
2X
80
Jan
Oct
14
Jan
S7 preferred
1
Common
$6 conv. pref w w
Elec Shovel Coal $4 pref.
.
*
"ex
'i'x
634
1,800
IX
1
Eureka Pipe Line com—50
European Electric Corp—
Esquire-Coronet
60
Oct
10
Oct
1,000
100
26
IX
Oct
35
25
25 K
Oct
7234
Feb
35
25
26 X
Oct
74
Feb
33
35
100
24
Oct
77
Mar
32 34
36
400
26
Oct
81
Feb
22
34
22
834
22
Nov
1,000
7
Oct
834
30
Jan
1
4,200
X
9
600
Oct
Oct
10 34
Nov
150
24X
Oct
4734
Feb
34
200
'k
*16
2,500
Oct
Aug
134
3%
4534
2754
854
1154
2534
1734
1534
4734
134
8254
Feb
Feb
Mar
Mar
Feb
34
X
*
8
K
734
8
150
5
Oct
754
10
10
4,600
7
Oct
Falrchlld Aviation
2K
2%
500
1X
Oct
Falstaff Brewing
1
754
8
700
5
Oct
1
Metallurgical—*
Fed den? Mfg Co
5
20 34
Fanny Farmer Candy
2034
100
534
5
Fansteel
200
16 K
Oct
Nov
5
8 X
6i«
X
1
53
53
X
120
Oct
K
Oct
1,400
54 X
Oct
15X
Ferro Enamel Corp
41
Oct
Mar
Aug
Feb
Mar
Feb
Jan
Jan
113
.100
ex
ex
11434
30
ex
2,300
109H June
3X
50
100
115
Oct
Oct
1834
Mar
Oct
92
Mar
55
Apr
Apr
Jan
Nov
16
Feb
4534
1234
Feb
Aug
Feb
Nov
Oct
15
Jan
Oct
51
Feb
Oct
39 54
Feb
34
2,500
254
200
200
934
8ept
34 June
254
Nov
28
107
Feb
54
754
Oct
24
......
38
Oct
Feb
Jan
Apr
100
19
534
1
134
3,800
534
534
600
650
53
53
5734
7% 1st preferred..^.100
119
119
11934
25
Greenfield Tap & Die
*
Grocery Sts Prod com__25c
32
Gt Northern Paper
3134
125
300
32
Nov
11734
Jan
Aug
Jan
Jan
Jan
Oct
Oct
616
3734
7,400
3
35
Jan
Jan
Jan
Feb
234
1134
33
Oct
Nov
90
Nov
95
Jan
Sept
1734
734
Apr
Jan
3
600
234
12
600
1134
""2"
""GOO
Oct
Nov
24
Sept
8
5454
1554
Nov
70
Jan
Aug
Jan
1
15
8
1
100
54
Oct
234
334
l
134
800
34
Oct
4
434
......
534
400
434
Nov
15
Feb
800
7
1834
1734
Feb
Feb
14
"2x
15
8
2
Nov
Oct
35
1,000
5
Oct
200
834
35
35
Nov
52
Nov
Apr
Jan
854
634
934
634
Feb
7,100
554
Oct
100
454
Oct
2534
934
7
"*954
Oct
11
Apr
J*
Oct
1034
Jan
Oct
2834
Jan
200
734
Oct
200
3154
Nov
1654 'July
4734 Aug
50
20
20
*834
*834
3234
Heyden Chemical
10
Hires (C E) Co cl A
*
Hoe (R) & Co class A... 10
"32 k"
Holllnger Consol G M...5
"iik "1134 *1234 "2",300
Holt (Henry) <fe Co cl
3154
20
1254
45
June
35
Apr
1534
3334
1134
2234
Jan
Feb
Mar
Oct
Oct
554
2334
275
Oct
Sept
16
2254
*
234
1834
Oct
Oct
9
4154
112
100
preferred
100
(Harvey) Inc..-5
Bay Mln & Smelt—*
"2634
*
Hummel-Ross Fibre Corp 6
200
Nov
11
Oct
1634
1134
1134
18
21
8,000
1534
Oct
42
5654
5434
7,300
1,200
Nov
87
634
5734
654
5434
654
*
34
1
34
100
Jan
July
Jan
Jan
Sept
Feb
Feb
34
Oct
1234
July
Jan
434
17
jHylers of Delaware Inc—
Apr
Nov
9
10
*
A__*
Hormel (Geo A) Co com.*
Horn (A C) Co com
1
Mar
Jan
36
Holophane Co com
Hussman-LIgonler Co
Mar
134
6334
10
5
Humble Oil & Ref.
6
7834
*
2
25
Hewitt Rubber com
Oct
67
*
ww
1634
4
3
50
com
Apr
300
"36"
25c
Rubensteln
Feb
47
600
61S
1
*
1
Hat Corp of Am cl B com.l
Hazeltlne Corp
*
Hearn Dept Store com..5
Class A
128
Oct
400
5
preferred
Oct
27
11654
354
__1
Hecla Mining Co
53
654
Hartman Tobacco Co
Hud
Oct
3
Hartford Rayon vtc
Co
454
3334
434
1834
2254
6
com.*
Hartford Elec Light
25
Preferred
Oct
3
Hamilton Bridge Co
Helena
Oct
1634
634
Gulf Oil Corp
6%
1
8
19
134
*
Non-vot com stock
23
Mar
2
Feb
Sept
100
6
Oct
2734
Feb
7% pref unstamped.. 100
Hydro Electric Securities.*
8
Nov
26
Apr
4%
154
Nov
Oct
13
7% pref stamped
154
5
Hygrade Sylvanla Corp..*
Hygrade Food Prod
Illinois Iowa Power Co—*
50
Preferrred
36
"~4k
17
7
Ctfs of deposit
Illinois
*
Zinc
4
1554
6
2
2,500
37
250
17
2,200
1,100
7
1,600
434
Imperial OH (Can)
Registered
.....
coup..*
*
1334
1334
1334
6,766
100
Nov
34
Sept
6234
Feb
June
1434
1434
Oct
Oct
954
2434
Mar
Mar
24
Feb
Oct
15
Mar
754
13
534
Oct
Oct
4434
400
15
Mar
30
1034
1034
Oct
Oct
36
Jan
3934
Jan
Oct
105
134
1
1
100
Nov
134
Oct
34
_*
*
-
July
10
84
734
1234
100
-
3354 May
1334 May
Oct
Jan
3554
450
Indpls P & L 634% Pref 100
Indian Ter Ilium Oil—
Class B
334
1134 May
1254
1134
"ilk "1754 "1834
pf_100
7% preferred
8
Oct
Oct
234
Mar
8%
1034
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain and Ireland..£1
Indiana Service 6%
Feb
Oct
35
554
5334
50
1134
Imperial Chem Indust—
Am dep rets ord reg..£l
Oct
Oct
Jan
Jan
4%
434
Jan
Jan
254
2234
7534
Feb
July
Industrial Finance—
1
Vtc common
7%
3475.
Nov
1154
3654
9534
Pac Tea—
Atl <fc
preferred
—
10C
Insurance Co. of No Am.
page
Oct
85
*
Non-voting class A...
National Stores—
Flsk Rubber Corp
Feb
Mar
Jan
Feb
5
Illuminating Shares cl A.*
Option warrants
10
3134
1954
254
30
X
8X
30
150
934
Sept
Sept
65
107
24
5%
35
Oct
Feb
34
Hubbell
Jan
Feb
Gorham Mfg Co—
Jan
Feb
Feb
Mar
Mar
354
2254
5134
50
12
,.*
$3 preferred
Jan
35
X
100
3
Oct
50
5
300
634
Oct
Oct
5,100
Mines.. 1
Gorham Inc class A
Common
100
100
100
100
Empire Power part stock.*
Emsco Derrick & Equip..5
Equity Corp com
10c
Oct
Oct
60
Empire Dlst El 6% pf.100
Empire Gas & Fuel Co—
8% preferred
20
IK
100
11
134
25
15
254
67
10
Electrographlc Corp com.l
1
234
67
7%
9854
2234
1754
534
40J4
22 X
2X
*
Oct
654
2734
1254
554
2734
*
Goldfleld Consol
Horn & Hard art
Electric Shareholding—
1
854
Oct
Jan
254
554
Godchaux Sugars class A.*
Class B
*
Heller
1334
Nov
Oct
12 X
1,200
12 X
Nov
IX
934
15 preferred
1X
Jan
Mar
8
♦
Glen Alden Coal
Harvard Brewing Co
East Gas & Fuel Assoc—
10034
Oct
Haloid Co
Mar
Jan
Jan
Nov
5
Feb
Mar
Feb
>u
9634
*
Gladdlng-McBean & Co..*
Gilchrist Company
Feb
Jan
100
Oct
Oct
25
Gulf States Utll S5.50 pref »
$6 preferred
*
Gypsum Lime & Alabas..*
Hall Lamp Co
*
May
Feb
Aug
Mar
Nov
'32
July
Guardian Investors
7% preferred..
For footnotes see
50
6
Great
100
Nov
Oct
75
3,200
7534
5454
Jan
15
$6 preferred
2554
134
32
Mar
83
7% 1st pref.
Oct
Oct
*
26
534 % preferred
100
Douglas (W L) Shoe Co—
7% preferred
100
Draper Corp
*
Fire Association (Phila)
1034
34
*
Preferred
Jan
Domln Tar & Chem com.*
Fldello Brewery
23
1,000
*
Gilbert (A C) com
Apr
Dominion Steel & Coal B 25
Corp
Oct
600
1'i«
7
9
2834
7% preferred
Feb
3234
7334
Varnish
*
Gray Telep Pay Station. 10
Oct
Evans Wallower Lead
Nov
654
i
Georgia Power S6 pref...*
Vtc agreement extend. *
Oct
7% preferred
954
7034
Oct
Grand Rapids
10
634% preferred
Oct
134
.*
S3 preferred
Grand National Films Inc 1
13
6% preferred.
Oct
6534
100
6% preferred A
Gen Water G & E com
Apr
3X
1354
Mar
85
Sept
3534
98
Rubber—
1034 Sept
20
Jan
Jan
20
2
*
30
3X
Jan
19
July
45
Nov
13 X
1434
2134
1334
12
134
1154
General Telephone com. 20
Sept
1
Oct
Nov
4334
July
Dobeckmun Co com
Jan
534
Jan
II34 June
1434
Feb
600
~6954
75
£1
Elgin Nat Watch Co
1034
ht
16
1034
2954
534
2234
Electrol Inc vtc
14
50
Warrants
6
Duke Power Co
150
*
16 preferred
10X
Dlvco-Twln Truck com._l
Oct
200
2
Gen Outdoor Adv 6% pflOO
Gen Pub Serv S3 pref
.*
28X
Corp
Oct
634
Feb
Feb
19
10
Diamond Shoe Corp com.*
Distilled Liquors
Distillers Co Ltd
200
1134
13i«
10
Preferred
Oct
4
1554
13
Gen Fireprooflng com
*
General Investment com.l
12
Oct
35
Derby Oil & Ref Corp com*
754
Amer dep rets ord reg-£l
Sept
Oct
734
De Vllblss Co com
Mar
834
2954
3134
834
Jan
IX
6X
834
5
1034
2
*
Aug
10
Mills.*'.
Oct
15
"6954* "68"
100
Mar
102
Dayton Rubber Mfg com.*
Oct
*
com
6% preferred
IK
4
29
Oct
17
Nov
75
38 X
20
100
19
3X
14
250
*
Oct
4X
5
First
.
Oct
l'ioo
X
Ex-Cell-O
preferred
Fruehauf Trailer Co
X
3
3,900
.5
ww..
65
Gen Electric Co Ltd—
lb",800
he
6% pref
1034
General Alloys Co..
100
Preferred
Gatlneau Power Co
Jan
IX
Cusl Mexican Mining..60c
Detroit Gasket & Mfg
July
1454
Oct
X
*
Dejay Stores
28
Nov
8X
vtc.*
com
Oct
10 X
IK
19
2,400
.....
734
"15"
Gamewell Co 16 conv pf.
""206
10
Cuneo Press Inc
Oct
Conv
IX
13X
300
*
1734
""160
1
Jan
Mar
July
4,100
7X
ht
11
25
com
.....
15
7%
94%
534
Oct
23
6X
554
5
1734
1634
1734
1
Nov
(Md).5
Class A
Oct
2,000
1
2
10X
21
7H
com..25c
Davenport Hosiery
Corp
63
Crown Cork Internat A. _»
Darby Petroleum
High
2134
254
5X
6
Curtis Mfg Co
Low
Froedtert Grain & Malt—
2
1034
Crocker Wheeler Elec
634% preferred.
Franklin Rayon
100
60
Creole Petroleum
com
Jan
1,000
234
IX
£1
Crown Drug Co
Preferred
-
2,650
40
5
554
1734
1734
*
63
234
63
1
Courtaulds Ltd
Crown Cent Petrol
Jan
May
554
Class B
X
1
Cramp (Wm) & Sons com.l
Crowley, Milner & Co
Ford Motor of Can cl A..*
Common
*
Croft Brewing Co
Oct
IX
Am dep rets ord reg..£l
Mar
18%
Oct
20
10
com
34
Range Since Jan. 1, 1937
for
Week
Shares
Ford Motor of France—
5234
Feb
1734
16 preferred A
Cosden Petroleum
of Prices
High
Low
40
Oct
*
Corroon & Reynolds—
Common
Price
*
Oct
*
6% preferred
Cuban Tobacco
Florida P & L 17 pref
Ford Motor Co Ltd—
4
com
com..
Week's Range
Sale
4
600
prior preference
Copper Range Co
Copperweld Steel
Cord Corp.
Sales
Last
Par
*
14 preferred
N. Y. 1-1943
Teletype:
Friday
Mar
Mar
Jan
Jan
Feb
Street, New York City
2-5383
HA
*
Cook Paint & Varnisn.
Crystal OH Ref
Wall
60
Jan
135
10
434
INC.
Mar
1,300
100
WILLIAM P. LEHRER CO.,
Mar
Oct
500
134
48 X
Cont G & E 7% prior pf 100
Continental Oil of Mex
1
13
400
60
110
63 X
100
Consol Royalty Oil
Consol Steel Corp com
Preferred
and
Jan
Oct
8X
Conn Gas A Coke Secur—
Cooper Bessemer
3471
New York Curb Exchange—Continued—Page 2
145
10
10
"5634
10
50
5234
100
1,100
534
46
Oct
Feb
New York Curb Exchange—Continued—Page 3
3472
Sale*
Friday
STOCKS
Last
Wee*,'* Range
(Continued)
Sale
of Price*
Low
High
Par
International Cigar Mach *
Price
Jot
Wee*
Low
18
Oct
Moore (Tom) Distillery.. 1
Mtge Bk of Col Am she
Mountain City Cop com 5c
44
Jan
Mountain Producers
14%
18
3%
30
2%
28%
3%
30
17,600
2%
Oct
9
6,700
23%
Oct
Nov
39%
Mar
38
3%
6
%
800
Oct
9%
1,800
Oct
Oct
A stock purch warr...
%
Internat Metal Indus A.
10
Internat'l Paper A Pow war
International Petroleum. _*
*
Registered
Sept
31%
International Products—*
2%
Internat Radio Corp
1
6%
Internat Safety Razor B_*
%
2%
4
1,900
Oct
Oct
%
100
Oct
2%
Jan
*
Class A...
1
$3.60 prior pref
Mar
%
Vitamin—1
International
3%
3%
4
4
3%
Interstate Home Equip.. 1
8% Apr
15% May
1% Feb
Interstate Power $7 pref-*
Investors Royalty
Irving Air Chute
Ieotta Franschlnl Co—
1
2%
Oct
1%
Oct
100
%
11%
5%
Oct
Mar
7
July
7ie
7it
"l2%
12%
7%
7%
13%
8
1,800
%
%
%
200
%
Oct
Sept
1,500
%2
4%
200
1%
Oct
Feb
42%
24%
Mar
27%
18%
Feb
sept
450
250
5%
7%
%
7%
Jan
Jan
Jan
1
100
*
....
Co
.1
Jeannette Glass Co
6%
.*
6%
2%
7
2%
Nov
1
Nov
Feb
Feb
Oct
2%
%
18%
Oct
14
Jan
Feb
Jersey Central Pow & Lt—
6% % preferred
100
6% preferred
..100
7% preferred
100
Jonas A Naumburg...2.60
Jones A Laughlln Steel-100
65
65
75
81
83
190
2%
27%
2%
31%
2
%
31%
1,100
2,300
......
106"
Kansas G & E 7% pref. 100
6
Breweries
Nov
Oct
2%
2%
3
2%
3%
3,100
3
1%
1%
Lackawanna RR (N J). 100
Lake Shores Mines Ltd
1
1,100
26
"7 %
225
""400
61%
"51% "52%
2%
3", 900
*
*
100
16%
8
2%
46%
37%
12%
3%
%
%
16%
18
11%
15
14%
9%
9%
6%
7%
2
30
114%
Mar
Jan
Jan
52
Aug
Feb
1
13%
60%
21
5
"4%
7%
%
7%
%
Feb
Jan
12%
2%
13%
21
58%
500
2%
23%
62%
Newmont Mining Corp. 10
Feb
New Process common
N Y Auction Co com.
Sept
0
Oct
Oct
45%
1%
Oct
Oct
Nov
Oct
110
City Omnibus—
Warrants
Feb
Mar
Feb
10%
Oct
20
Jan
2%
Oct
Apr
%
Sept
Feb
600
13%
12%
9%
Oct
39
Aug
Oct
34
July
Nov
13
Oct
5%
5%
5%
5%
Nov
21%
5,100
3,000
3,600
7
Nov
Jan
Nov
Oct
4
Oct
91%
12%
2~300
3%
Oct
19
%
1,700
%
Sept
2%
"4"
300
%
Oct
"4%
2
1%
1
13%
11%
18%
Jan
4
Oct
16%
Feb
5%
Oct
14%
Jan
1
Oct
"4%
58
Nov
Nov
Oct
7
Oct
7
10
57%
"60 "
4%
9%
73%
100
17
17
Jan
5
Oct
Oct
1~800
4%
Oct
250
13%
Nov
1,000
13%
14%
£52
'"16"
50
"11%
96
4%
1~206
250
4%
58
1,200
25
%
ht
£52
Nov
?s
90
Oct
Oct
Oct
%
4%
Michigan Steel Tube..2 60
Michigan Sugar Co
3%
8%
"%
%
lio
»
33%
22%
3%
10%
25%
Jan
Aug
Feb
Jan
Jan
9%
99%
9%
400
99%
10
3%
4%
3%
200
4%
900
7
9%
75
30,600
72%
325
6
*
Northern Pipe Line
Novadel-Agene Corp
125
July
Jan
Oct
Oct
53%
7
Mar
6
2
Feb
%
Jan
Oct
37
Feb
106
Jan
11%
18%
Mar
Oct
1%
3%
200
'g
Oct
Oct
3
800
2%
800
%
com.
conv
pref..
1%
1%
800
1%
3%
4%
1,300
2%
Sept
Oct
3%
11%
2%
2
4,200
1 %
Oct
7%
20
2%
38
23%
20%
20%
Pacific Tin
*
8
Jan
Oct
7
Feb
Pan-Amer Airways
.6
Pantepec Oil of Venez
1
Paramount Motors Corp. 1
Oct
2
Feb
spec stock
Parker Pen Co
24
Nov
100
20%
Nov
4%
%
72
4%
»ie
300
1,400
Parkersburg Rig A Reel..l
4%
14%
Mar
13
Aug
Pender (D) Grocery A
Class B
Jan
Oct
5
*11%
43
Jan
Oct
98
Jan
Oct
4
Oct
71
340
08
Oct
75
20
72
Nov
6%
12
6%
200
13%
4,500
"n"
"n"%
109%
12
Oct
Oct
16%
11%
11
Nov
20
Oct
108% 109%
90
Oct
25
1
Oct
Nov
200
5
Nov
100
Pennroad Corp vtc
Apr
Pa Gas A Elec class A
Pa Pr & Lt $7
May
Jan
67
Jan
111%
Jan
112
Jan
Feb
102%
June
Oct
90
Sept
9%
Oct
7%
20%
87%
1%
7%
21%
500
6%
Oct
300
19%
Oct
111%
104%
14%
14%
32%
Oct
106
Feb
Oct
6
Jan
87%
50
2%
3,600
7
7
100
3%
300
85
Nov
10
28%
T,206
"98% "99%
"250
28%
Feb
10%
Aug
Oct
32%
29%
107%
Feb
26%
25%
100
17
"3l"
5%
17%
200
29
31%
500
5%
Nov
50
5%
Oct
98%
Nov
2%
14%
26
101%
"ie"
"15% "17%
"MOO
4
4%
27,200
4%
4%
4%
100
£15
2%
3%
15%
Oct
Oct
Oct
Apr
Oct
Oct
Oct
15%
20
3%
22
17%
""560
23
3%
22
"i'.ooo
200
50
Jan
54%
106%
26%
9%
6%
Mar
Aug
Oct
30
14%
Oct
30%
Nov
53
Oct
43
Oct
12%
30%
20
3%
19
Oct
109% May
29%
29%
50
3%
3%
100
2%
2%
"92%
10%
92%
2%
10%
29%
*
28
Oct
110
42%
Nov
72
Nov
9,100
49%
3%
2%
200
9%
Sept
8%
5%
17%
Oct
25
86
Oct
79%
92%
Oct
112
275
115
Oct
179
*
50
17
Jan
Pennsylvania Sugar Co..20
24%
24%
100
24%
Feb
*
125
142
Nov
113
24%
Nov
Sept
Sept
37
Jan
Penn Traffic Co
2.50
Pa Water A Power Co
*
2
27%
66%
69%
300
02
Oct
95
Nov
44
Jan
Pepperell Mfg Co
58%
70
550
58%
Nov
151
Oct
37
Oct
45%
184
Aug
Apr
Perfect Circle Co
|
*
25
Jan
Jan
8%
24%
23%
"15%
Feb
89
24
Aug
Apr
10%
Oct
120%
27
Jan
Oct
50
180
Feb
7
50
*
Feb
July
2%
157
100
Mar
200
3%
1
100
Jan
35%
110
pref
$6 preferred
Feb
Feb
Oct
Penn Salt Mfg Co
Sept
0%
Nov
Feb
2%
4%
41
37
Nov
28%
98
3%
__1
tA
96%
103%
12% May
11%
*
Feb
Oct
"loo
Jan
Jan
51% Aug
50%
Apr
51% June
4%
6%
10
"22"
*
Oct
Oct
7
Jan
89
*
$5 preferred
5%
Feb
103
*
$2.80 preferred
Oct
77
Sept
72
%
Peninsular Telp comllI—*
Preferred
100
Penn Edison Co—
Feb
Nov
3%
Oct
Oct
69%
Patchogue-PlymouthMllls*
2
24
Oct
20
10
Jan
Penn Mex Fuel Co
5
37
500
47%
%
*
Mar
4
5
300
Page-Hersey Tubes Ltd..*
60
120% 123%
28% 28%
37%
2%
10
100
Feb
1%
87%
90
500
4%
4
1
Oct
1
Feb
Feb
Apr
100
Oct
5,900
Feb
%
2%
Aug
21%
3
5%
2%
Oct
Oct
115
15
50
53
200
3i«
Feb
Nov
15
Jan
Voehrlnger
8%
8%
4%
5%
£13% £13%
1%
1%
69%
10
5
Feb
Oct
Feb
100
100
*
Nov
16%
Feb
10
325
Pacific Public Service
$1.30 1st preferred
Nov
Jan
Oct
4
Mar
10
35
150
1%
65
10
31%
475
6%
12%
5%
Oct
Aug
Pacific Can Co com
*
Pacific G A E 6% 1st pf.25
5%% 1st preferred
25
Pacific Ltg $6 pref
*
Pacific P A L 7% pref.. 100
Feb
Nov
8
Oct
16
35
6%
Jan
80
Oct
100
Oct
4
02
Oliver United Filters B.__*
Overseas Securities
*
Nov
6
200
Feb
Mar
Jan
98
600
Oldetyme Distillers
2%
1,400
Oct
Mar
Mar
Oct
21
Jan
100
1%
Nov
15%
115%
105%
2%
91%
20
Jan
1.000
7%
34
Oct
Oct
2,800
20
11%
Oct
Oct
8%
90%
Sept
7
*
31%
Oct
10
30
6 %
Oct
Oct
%
6%
Oct
500
13%
Oct
1%
%
8%
%
8
37
32%
10
$3 preferred
Mar
4%
4A
5
135%
31
7
cl A..100
6% 1st preferred
Ollstocks Ltd com
Oklahoma Nat Gas
Jan
63
com
Ohio OH 6% pref
100
Ohio Power 6% pref... 100
Ohio P S 7% 1st pref...100
Jan
60%
1%
7%
Oct
32%
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*
65% May
14%
Feb
44% Feb
3%
100
Nov
Oct
2,000
loo
Pond
Aug
4%
Minnesota P & L 7% pf 100
3475.
Nov
%
INor Texas Elec 6 % pf. 100
Northwest Engineering..*
Oct
Missouri Pub Serv com_.
page
50%
%
Nor Sts Pow
Apr
1%
27%
28%
Oct
2,300
60
Nov
Feb
Jan
Mar
Nov
8
24
1%
9%
Feb
Mar
Mar
%
4
*
53
100
98
Common
.....1
$6 preferred
*
North Amer Rayon cl A..*
Class B com
2%
»
1,400
1,450
1%
11%
100
Jan
10,700
1
t c
Montreal Lt Ht A Pow
1%
50%
Nor Amer Lt A Pow-
3%
Moody Investors pref
Moore Corp Ltd com
Class A 7% pref
9%
53
35
88
140%
30%
94%
Aug
Jan
%
*
Nov
79%
Jan
7
1
10
98
94
Mar
73
78
Montana Dakota Utll
Oct
20
100
100
93
Oct
20%
Montgomery Ward A
58
Oct
80
Nov
2%
27
%
Oct
Nov
"150
65*
Feb
Class A pref
Jan
58
3,300
Mexico-Ohio Oil
*
Michigan Bumper Corp"1
Michigan Gas & Oil
.1
Nov
4%
July
"7l"
5%
53
93
Nor Ind Pub Ser 6% pf. 100
7% preferred
100
%
"l%
50
500
05
10
17
2%
23%
89%
6%
Oct
100
Sept
5
19%
Oct
100
Nov
300
Oct
Oct
100
4%
Sept
Oct
24
5%
4%
Oct
Nov
6%
15%
Nor Cent Texas Oil
5
Nor European Oil com._.l
Corp com..
Molybdenum Corp
1
Monarch Machine Tool..*
Monogram Pictures com.l
800
June
3%
28%
2%
112%
59%
80%
19%
3
90
15% Apr
25% May
18%
30
9%
22
9%
Oct
800
2.50
"166
6% prior preferred
50
No Am Utility Securities.*
2%
1%
400
20
Jan
preferred
60c
Oct
Oct
59%
100
82
2%
io
Midwest Piping & Sup
*
Mining Corp of Can
*
Minnesota Mining A Mfg.*
53
4%
~64~
Oct
58
62
Oct
13
Oct
2%
*
7%
53
Oct
20
3%
♦
%
10%
100
5*
%
Metropolitan Edison pref
pref
35
"5% "5%
2%
42%
100
Middle States Petrol—
Class A v t c
600
78%
200
Mercantile Stores com..
l
Oct
102
1,800
%
200
Merchants A Mfg cl A__
Participating preferred.
Merrltt Chapman & Scott ♦
Warrants
1%
1st pref
Nineteen Hundred Corp B1
Niplssing Mines
5
Noma Electric
__i
6%
18
_
13
33%
1%
95
Memphis Nat Gas com.
Memphis P & L $7 pref..*
%
13
Oct
%
1%
Class A opt warr..
Oct
1%
150
28
7%
2d pref cl A
2d preferred
2d pref cl B
Class B opt warr..
Niagara Share—
Class B common
6
44%
37%
4,600
Oct
Sept
1,200
1,500
1%
10
Mar
Oct
100
■"*
%
7%
57%
5%
1%
47
Oct
18
8%
N Y Water Serv 6%
pf.100
Niagara Hudson Power—
Nov
1%
1,075
430
Oct
3%
Common
2,400
13%
2%
100
13%
19%
13%
Oct
2%
55
.
$0 preferred.
N Y Shipbuilding Corp—
Founders shares
1
New York Transit Co
5
Feb
10%
4%
300
12
18
45
Oct
N Y
N Y A Honduras Rosarlo 10
N. Y. Merchandise
10
N Y Pr A Lt 7% pref..100
0%
Oct
Oct
8%
35
21
8
4%
14%
3%
10%
700
*
Jan
Jan
Oct
July
450
8
New Mex A Ariz Land...l
Apr
%
25
3%
34
£52
_
300
1,100
1,400
m
%::
"2%
..100
New England Tel A Tel 100
New Haven Clock Co
*
New Jersey Zinc
..25
Mar
Feb
Inc
see
800
10%
35
8
*
6% preferred
Jan
Oct
4
.....
'
6%
15%
2%
55%
5%
10%
""5% "T"
Mead Johnson & Co
For footnotes
23
Nov
10
100
Jan
2
w
Monroe Loan Soc A
13%
Nov
Tioo
100
Jan
Feb
8%
♦
common
conv
Nov
6%
»
New Bradford Oil...
New Engl Pow Assoc
Oct
18,900
9%
7%
8
44%
37%
2%
17
Mid-West Abrasive
Midwest Oil Co
100
35
8%
Neptune Meter class A...*
7% preferred
Mar
12
28%
3%
88%
65%
8%
8%
1%
155%
28%
12%
*
Nestle-Le Mur Co cl A
Nev-Callf Elec com
3
Nov
Nov
8%
12%
7
Nelson (Herman) Corp ..5
3,500
4
2%
62
51%
2%
33
5%
McCord Rad A Mfg B__
McWllllams Dredging.
Mock, Jud,
Common
Jan
%
.1
Master Electric Co
Midland Oil
Mldvale Co
9%
126%
Nov
125
300
1
1st preferred
7%
8%
5~I66
13
300
12%
17
Marlon Steam Shovel
Mass Utll Assoc v t c
Preferred
13
10
125
.....
10%
6
Margay Oil Corp
6%% A preferred
Mesabl Iron Co.
Metal Textile
Oct
Oct
"~6% *"7%
1
13%
10
Communication ord reg£l
Mills
5
4%
4%
9
1
7%
%
Ma pes Consol Mfg Co..
Marconi Intl Marine—
w
Apr
6~30C
12%
Navarro Oil Co
*
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref. 100
Nehl Corp common
_*
100
1
preferred
Manlschewltz (B) Co
v
Jan
*
17%
111%
12%
21%
78%
59%
9%
Oct
88
conv
Class B
Jan
Nat'l Tunnel A Mines
Nat Union Radio Corp
21
%
15%
Mangel Stores
Partlc
Jan
96%
National Tea 5% % pref. 10
National Transit
12.50
8
2,500
4%
1
3%
10
_
Lynch Corp common
Majestic Radio & Tel...
Hosiery
Conv part preferred...*
National Steel Car Ltd...*
Nlles-Bement
Lucky Tiger Comb G M
$4 preferred
89
100
$
High
Oct
8%
"2l"
National P A L $6 pref..
National Refining Co
25
Nat Rubber Mach
*
Nat Service common
1
Oct
200
10%
1
6%
Corp
7% preferred
May
Nat Mfg A Stores com..
National Oil Products
Oct
10
89
10
6
6% pref class B
100
Loudon Packing
*
Louisiana Land & Explor. 1
Massey Harris
$3 conv pref
50
National Container (Del)
National Fuel Gas
0%
100
400
2%
89
"2% "2% ""460
Long iBland Ltg—
Common
Oct
00
~
26
Lockheed Aircraft
Oct
Feb
10%
com
Locke Steel Chain
$6
103
"7
3%
Le Tourneau (R G) Inc_.l
Lion Oil Refining
100
8%
101
_
Lehigh Coal A Nav
Lone Star Gas
4%
Low
800
1%
"4% "5%
125
National Candy Co com. .*
National City Lines com.l
6
8%
101
1
Llpton (Thos J) cl A
0% preferred
Oct
15%
Lakey Foundry & Mach
1
Lane Bryant 7% pref.. 100
Langdendorf Un Bak A
*
Develop
Nov
1%
2%
100
1
Lefcourt Realty com
Preferred
Nov
27%
1
_
Oct
36%
1
Koppers Co 0% pref... 100
Kress (8 H) A Co pref
10
Kreuger Brewing Co
1
Oct
6%
10%
100
Knott Corp common
Nov
100
12
Klein (D Emll) Co com..*
Klelnert (I B) Rubber.. 10
Lit Brothers
Oct
1
Klrkl'd Lake G M Co Ltd. 1
Oil
Nov
23%
""200
"6% "T%
12
Oct
1%
27%
106
Kings Co Ltg 7% pref B100
Leonard
Nov
1
6% preferred D
Kingston Products
Klrby Petroleum
Oct
Nov
81
30
6%
Ken-Rad Tube & Lamp A *
Kingsbury
106"
Co 7% pflOO
Kennedy's Inc.
63%
72
81
Julian & Kokenge com—*
Keith (Geo E)
1%
Range Since Jan. 1,1937
Share*
National Sugar Refining..*
Italian Superpower A
Warrants...
Jacobs (F L)
Oct
7%
.20L
Amer dep icts
Aug
3%
800
25
1
Iron Fireman Mfg vto..10
38
Oct
Oct
1,200
Interstate Hosiery Mills..*
4%
Nat Auto Fibre com
1
National Baking Co com.l
Nat Bellas Hess com
1
Oct
30
New warrants
"5
Mountain Sts Tel & Tel 100
Feb
Feb
Sept
Oct
8
1%
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2 %
N achman-Springfilled
*
21%
3%
15%
Oct
%
2,900
*
Price
Mountain States Power..*
Mar
Oct
7%
%
......
$1.76 Preferred
10
Sept
18%
International UtilityClass B
Week
Feb
Feb
18
1%
60
for
of Price*
Low
High
28%
4%
19%
Internat Hydro-Eleo—
Pref $3.60 series
Wee*'* Range
Sale
Par
19%
Internat Holding A Inv.
Last
High
119%
1937
27,
Sale*
Friday
STOCKS
(Continued)
Range Since Jan. 1, 1937
Share*
100
Nov.
4%
Jan
Sept
Jan
Feb
Jan
July
Feb
Feb
Feb
Mar
Apr
Volume
Sales
Friday
Range Since Jan. 1, 1937
STOCKS
Last
West's Range
for
(Continued)
Sals
of Prices
Low
High
Week
Par
Pharis Tire A Rubber
Philadelphia Co com
Phila Elec Co $5 pref
Pries
1
Phila El Power 8%
3%
3%
3%
400
3%
Conv pref series A
Oct
34
2
Oct
15%
3
3%
11%
Mar
40
"§66
Oct
2%
Oct
19
"10%
i%
"~3%
1%
200
1%
Oct
Nov
3
1
Pioneer Gold Mines Ltd-.l
3%
4,000
2%
Oct
6%
Feb
Mar
33%
3%
6%
*
5
700
5%
Telephone HAnover 2-9030
Feb
Feb
Pittsburgh Forgings_._-.l
Pittsburgh & Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass -.25
Pleasant Valley Wine
Plough Inc
6%
53%
52%
7%
7%
Potrero Sugar com
----
%
5
Powdrell & Alexander
700
8
3%
Pratt A Lambert Co
*
Premier Gold Mining
1
m,
2%
%
Oct
ilH
Oct
2
100
1,400
*ie
%
7%
1
•
8
8
200
6
Oct
*
8%
8%
100
7%
Oct
Prudential Investors
*
6
Oct
98
Sept
$6 preferred
Pub Ser of Col 7% 1st pf
6%
Oct
27%
280
22
Oct
68%
13%
140
10%
13
Common
41
Oct
98
Jan
Oct
93
Feb
..100
120% 120%
275
110
Nov
120% 120%
120%
100
f7% preferred
Pub
Mar
Oct
74
60
If 6% preferred
25
115
Sept
120%
120%
Nov
Nov
Service of Okla—
84%
6% prior lien pref...100
7% prior Hen pref...100
10
84%
Nov
77
Oct
90
Oct
%
Pub Utll Secur $7 pt pf..
Feb
103
106%
4%
Jan
Jan
Puget Sound P A L—
30
28%
*
Pyrene Manufacturing.. 10
Quaker Oats com
*
6% preferred
100
Quebec Power Co
*
15
13%
Ry. A Light Secur com...*
11%
15
preferred
$6 preferred
500
Oct
10%
Oct
100
8
8
26
775
30
15%
6%
Oct
91
131% 131%
"~20
11%
"275
Nov
9C%
6Q%
14%
124%
Jan
Jan
Feb
Jan
Jan
150
125%
Apr
15%
10
Nov
Nov
25%
28%
Jan
10
Oct
1%
Jan
2
Jan
»I6
Railway A Utll Invest A--1
Jan
Rainbow Luminous Prod—
Class A
*
Class B
•
%
»ie
400
% June
»
%
600
»«
%
July
Feb
Raymond Concrete Pile—
*
50c
preferred
Raytheon Mfg com
conv
14%
14%
100
14
Oct
30
14%
Common
$3
30
200
30
Nov
Oct
1
*
Reed Roller Bit Co
49
Mar
53%
7%
Mar
*
*
4%
900
23%
3%
23
600
""% """%
Relter-Foster OH
11
11
Reliance Elec & Engin'g .5
2%
Reybarn Co Inc
2%
%
%
Reynolds Investing
Rice Stlx Dry Goods
46%
8%
%
11
Oct
Nov
1,500
2%
Nov
900
%
Oct
4
*
Richmond Radiator
21%
Oct
Nov
3%
i"666
200
2%
%
Nov
21
4
3%
Red Bank Oil Co
Reeves (Daniel) com
1
900
1%
Oct
1
Oct
1%
32%
5%
2%
13%
7%
Feb
Sept
Mar
Feb
Apr
Mar
Jan
Feb
Mar
Feb
Rio Grande Valley Gas Co-
100
1
Voting trust ctfs
%
95%
Rochester G & E0 % pfD 100
Rochester Tel 6 % % pf.100
Sept
Nov
110
200
13
12
Roeser & Pendleton Inc..*
Oct
12
Nov
%
104%
July
Feb
112
July
13%
Nov
Rolls Royce Ltd—
6
Roosevelt Field Inc
'2%
Root Petroleum Co
$1.20
conv
5%
1%
2%
9%
20
pref
6
1%
3
10
5%
Oct
200
1
Oct
600
2
Oct
300
9%
1,800
S16
Rossia International
Royal Typewriter
•
Russeks Fifth Ave
40
.2%
550
6%
8
7
40
7
1,900
2%
3%
600
1%
1%
900
*
50
5
7% preferred
100
Samson United Corp com. 1
3%
2%
Oct
2%
1%
Oct
13,500
75
3
200
"1
"T% ""loo
"26% ~2§" ""§66
Manufacturing..25
Jan
5?*
1%
Oct
Nov
Oct
May
1
Oct
Oct
36%
Securities Corp general
*
*
Seeman Bros Inc
*
1
Selberling Rubber com...*
Selby Shoe Co
*
Segal Lock & H'ware
18
18%
29
18%
29
200
1
1%
2%
2%
2%
600
18%
200
29
2,900
18%
2
16%
51
6%
July
Jan
%
15%
38%
11%
117%
6%
69
4%
26
Jan
Apr
Apr
Apr
Jan
July
Feb
Jan
May
54% May
78%
5%
Jan
Jan
50%
4%
9%
Feb
Mar
Oct
30
Jan
Jan
Common
1
1
1
1%
1,200
1
Oct
Convertible Stock
5
9%
9
9%
200
9
Nov
600
59
Nov
4%
28%
101%
59%
Nov
104
1%
Jan
%
Oct
$5.50 prior stock
68
60
25
AUotment certificates
59
59%
68%
1,000
Selfrldge Prov Stores—
Amer dep rec
Sentry Safety Control
£1
1
*16
6ie
4%
♦
4%
Seversky Aircraft Corp...l
Denn Mining..5
1%
1%
7%
7
Shawlnlgan Wat A Pow..*
19%
Seton Leather com
Shattuck
Sherwln-WUllams
com.
16
4%
2
300
400
%
Oct
1,500
3%
Oct
19
72%
77
750
72%
Nov
106% 107
.25
5% cum pref ser AAA 100
Sherwln Williams of Can.*
320
106%
Oct
900
18
5%
21
*
Simmons Hard're A Paint *
1%
SlmpUclty Pattern com_._l
Singer Mfg Co
-.100
5%
225
Singer Mfg Co Ltd—
Amer dep rec ord reg-£l
5
2%
1%
June
12%
6%
28%
33%
154%
114
28%
Feb
Jan
Mar
Jan
Feb
Feb
Mar
Feb
Apr
5
Nov
35
Feb
130
200
4%
Oct
Nov
Apr
3475
July
16
•
Jan
Aug
Nov
Nov
1,500
1
10%
2
Skinner Organ com
Jan
Mar
Mar
Sept
Nov
1%
4%
221%
700
98
100
For footnotes see page
1%
2
4%
5%
221% 228%
Oct
2%
7
37%
1,800
1,400
35
Oct
56
20
50
20
Nov
42
Jan
Oct
1
Mar
2%
6%
Feb
1%
370
July
Jan
5%
Standard OH (Ohio) com 25
"22%
5% preferred
Standard Pow A Lt.
Common class B
"1%
%
100
Apr
Jan
5% Sept
29% Mar
Jan
14
Oct
23%
100
16
Oct
27
18%
63%
21%
13%
Sept
45
Mar
17%
8%
16%
8%
Oct
Oct
8
700
Oct
16
700
23
21
2,600
Oct
14%
Oct
Aug
Apr
Jan
Aug
Apr
Oct
105%
.Tan
Oct
7%
Jan
1
Oct
7%
20
Oct
69%
Jan
6
Oct
25
Feb
100
100
*
1%
"T% "i%
'7*466
1%
500
1%
%
6%
1
%
Standard Steel Spring
Standard Tube cl B
5
1,200
7
Jan
6
Oct
12
Jan
Sept
2%
Oct
8
Mar
16%
8ie
Feb
25
Mar
st«
400
9
9%
600
2%
3%
1,000
Oct
"u
Wholesale Phosp
A Acid Works com...20
Starrett (The) Corp v t c. 1
3%
3%
2%
93
"166
107
Feb
"766
3
Oct
13%
275
30
Oct
40
Sept
preferred
8
Oct
15%
13%
7%
6%
Mar
30
30
50
20
5%
2%
Stetson (J B) Co com
._*
Stlnnes (Hugo) Corp..-.5
9%
"766
4%
Oct
4%
2%
11%
1%
12%
800
3
Oct
1,500
2
Oct
4%
2%
9%
Stroock (S) & Co
Sullivan Machinery
4%
1%
200
9%
Nov
300
1
Sept
12
550
21%
July
Feb
107
Feb
7$
Feb
Mar
Feb
Feb
Feb
Mar
Oct
Oct
2%
33%
2%
33%
Feb
Mar
2
Oct
19%
4%
100
32
Oct
50
Jan
Oct
22%
Feb
44
2%
4,100
10
Sunray Drug Co
•
Sunray Oil..
5% % conv pref
50
Superior Ptld Cement B
*
Apr
46
Apr
$3.30 class A partlcipat
Oct
109%
108
108
225
Oct
98
17
Feb
119
Aug
Oct
4%
4%
25%
5%
26%
4,200
%
%
48,200
%
%
700
%
Oct
1%
1%
18%
5%
800
Mines
16%
18
4%
1
900
6,300
1,600
4%
12
1
8
Oct
Oct
Nov
%
Jan
Mar
34
Aug
6%
77%
Feb
Jan
July
100
96
Nov
4%
9%
4%
12
600
2
Oct
800
9%
Nov
Sept
600
5%
Oct
Mar
8
9
3
3%
200
""2% "2%
*400
112
Jan
7%
10%
Jan
Jan
Nov
Apr
2
Oct
4%
Oct
Oct
18%
1%
»
3
55
Tlshman Realty A Const.*
Tobacco and Allied Stocks*
Tobacco Prod Exports
Oct
u*
Feb
Jan
41
53
96
96
.5
Roofing Inc.
25% Nov
96
Tenn El Pow 7% 1st pf. 100
Texas P A L 7% pref... 100
Texon OH A Land Co
2
16%
Nov
"i«
com.
Jan
Jan
6%
Swan Finch OH Corp...15
Swiss Am Elec pref
100
Securities
10%
5%
13%
"12%
*
com
14%
Nov
"5%
"5"
Sterling Aluminum Prod.l
Sterling Brewers Inc
Sterling Inc
Thew Shovel Co
Feb
"l3~
100
preferred
Teck-Hughes
Feb
10
93
"4% "5"
6%% preferred
Sterchl Bros Stores
"l3"
'13
Stein (A) & Co common.
Taggart Corp com
Tampa Electric Co
Oct
Feb
%
500
Steel Co of Canada ord.
3
Feb
32%
Oct
74
July
Oct
105
Feb
Oct
115
Mar
Jan
66
July
Trust
14%
Am dep rets ord reg
£1
£1
*
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont Devel.l
Am dep rets def reg
200
38
36
Todd Shipyards Corp
90
95
%
Tonopah Mining of Nev.l
%
250
%
Jan
%
%
%
600
%
Oct
>ig
2
Jan
Jan
Feb
Trans Lux Plct Screen—
2%
3
5
Tri-Contlnental warrants.
*
Tublze ChatlHon Corp
1
80c div preferred
Ulen A Co 7% % pref
Unexcelled Mfg Co
Union Gas of Canada
Union
"7%
Investment
1%
Oot
4,400
4%
Nov
%
600
%
Oct
7%
300
6%
Nov
7%
8%
4,300
6%
Oct
1
*
35
33
1
Class A.
2,900
5%
%
%
.
Trunz Pork Stores
Tung-Sol Lamp Works
3
4%
7%
1
10
Common
Transwestern Oil Co
"2%
600
33
Nov
1%
Oct
300
2%
25
2
2%
6%
1,000
6%
2%
100
5%
1%
Oct
Oct
Oct
2%
1%
Aircraft
Feb
Feb
Feb
Jan
Oct
Oct
Jan
4%
Oct
July
Apr
Apr
%
10
11%
1,000
Oct
12%
85
10%
8%
8%
8
200
Jan
85
4
Oct
Mar
Oct
30%
13%
July
62%
May
Nov
1%
Nov
9%
2
47
•11
Nov
Jan
Feb
%
1
11,400
2,400
Oct
2
Jan
*11
*18
Cigar-Whelen Sts-.lOc
Corp warrants
Mar
*11
Mar
5%
41,500
3
Oct
600
78
»1«
United Elastic Corp
1
United Gas Corp com
5%
4%
89
non-voting
88
80
80
1
Option warrants
United G A E 7% pref. 100
89
1%
3,000
80
110
4
12,100
%
**!•
80
Oct
Nov
Nov
13%
124
3%
Feb
Jan
Jan
94
3%
3%
Common class B
Jan
*
$6 1st preferred
29%
23%
Jan
$3 preferred.
11%
Oct
Jan
14%
Oct
11%
76%
Jan
16,200
17
Nov
45
Feb
55
May
75
Feb
18
18%
50
69%
62
xl
xl
5%.
dep rets ord reg-
100
*
10
Oct
30%
69%
United MUk Products..
1%
2%
United Lt A Pow com A.*
Preferred
Feb
1%
United
Am
May
11%
$3 cum A part pref.
United Profit Sharing
11%
13%
9%
6%
4%
500
Transport
Unlted N J RR A Canal
86
200
United Chemicals com
Un
Jan
9% May
31%
Feb
1%
100
Warrants
Feb
Apr
13%
Union Oil of Calif deb rts..
United
3
1%
com..*
Union Stockyards
5%
13%
12%
10
*
United Molasses Co—
6%
1
300
1
Tobacco
Sept
"420
Mar
Apr
Jan
18
Standard Products Co
Standard SUver Lead
Tllo
Oct
16
Preferred
2d
Oct
9
17%
1st
1%
12%
4%
May
4
800
14
Standard Invest $5% pref*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
1st $7 pref
Slmmons-Broadman Pub—
Smith (H) Paper M1U
Nov
%
Sllex Co com
Sioux City G4E7% pf
Oct
17
Shreveport El Dorado Pipe
Line stamped
25
Conv pref
Oct
4
2,400
Aug
Aug
35
®16
Unlon Premier Foods Sts.l
7%
19%
Mar
Feb
Apr
18
preferred
.10
Standard Dredging Corp—
$1.60 conv preferred. .20
5% preferred
Selected Industries Inc—
59
7%
5%
11%
Feb
Mar
15
Conv
Technicolor Inc common.*
Oct
Oct
163
Oct
Oct
Oct
s
%
Jan
Mar
Oct
July
3%
1%
6%
1%
Mar
July
Apr
Jan
55
Nov
%
83
100
5%
Standard Brewing Co_.__*
Standard Cap & Seal com.l
Standard
Jan
8%
Oct
*
com
1
Oct
1%
100
1%
Jan
Mar
28
July
reg._£l
55%
110%
14%
17%
109
Nov
18
7
35%
1%
Oct
Sept
Stahl-Meyer Inc
Nov
Nov
20
2%
5
25
Taylor Distilling Co....__
Oct
23%
900
Sept
25%
23%
700
23%
154%
Jan
18
Apr
Apr
41%
29%
Jan
1
Rights..
Tastyeast Inc class A...1
Mar
Nov
26
23%
s.
8
Scranton Spring Brook
Water Service pref
Aug
Feb
Jan
141
%
109
Scranton Elec $6 pref
*
Scranton Lace Co com...*
Aug
Oct
13
%
27%
15%
4%
13%
Nov
58
*
ScovlH
3%
62
57
3
5
Schlff Co common
Oct
5%
3%
*
Savoy Oil Co
5
300
pref A
Sanford Mills com
Oct
27%
%
%
St. Lawrence Corp Ltd
conv
5%
73
St. Anthony Gold Mines. 1
$2
Nov
36%
pref
*
Ryan Consol Petrol
*
Ryerson & Haynes com__l
Safety Car Heat A Lt
*
conv
St Regis Paper com
Oct
35%
1,100
8
6%
1
Rustless Iron & Steel
35%
Nov
Sept
32
Rotallte OH Co Ltd
$2.50
June
26
Amer dep rets ord reg.£l
Rome Cable Corp com
5
Aug
July
65
Am dep rets ord bearer £1
Spencer Shoe Corp
*
Jan
74
*
16 preferred
23%
*
Am dep rets ord
June
Pub Serv of Nor 111 com.
Mar
2%
10%
5%
Sept
33%
West Pa Pipe Line. .50
Spanish & Gen Corp—
Public Service of Indiana—
17 prior pref
3
25%
So
98
98
Oct
Oct
10
South Penn OH
10
98
4%
700
3
1%
500
100
Southland Royalty Co
100
100
100
251*
preferred
3
1,500
7
Oct
100
Southern Union Gas
Oct
%
Producers Corp
preferred
South New Engl Tel
Southern Pipe Line
Oct
Prosperity Co class B
Providence Gas
1
2%
1%
7
2%
1%
26%
High
1%
300
Southern Colo Pow cl A. 25
Oct
16
l
5% original preferred.25
6% preferred B
25
6% % pref series C
25
Oct
1%
200
2%
1%
._l
Low
Shares
Southern Calif Edison—
Oct
15
500
2%
18
17%
Price
1
South Coast Corp com
Oct
1,500
17%
17%
-mm
2%
18
Pressed Metals of Amer..*
Week
Soss Mfg com
Nov
300
2,900
for
of Prices
Low
High
Sonotone Corp
Oct
1%
7%
Power Corp of Can com..*
Week's Range
Sale
Solar Mfg Co
Nov
500
%
4%
4
4%
77
2,100
2%
%
7%
25c
5
Oct
1%
1%
*
_
Nov
6%
7%
Co.l
Polaris Mining Co
83
77
83
52%
100
7%
Last
Par
Nov
260
58
5%
Range Since Jan. 1, 1937
STOCKS
(Continued)
Nov
1,000
6%
5%
Sales
Friday
Jan
Oct
4%
39
Pitts Bessemer & L ERR 50
New York
Broad Street
30
Pltney-Bowes Postage
Meter
Exchange
Mar
4,400
"m "16%
3%
*
Curb
York
Feb
10
Winterfront
116%
30
3%
New
Members
Jan
June
200
3%
3%
1
Common
July
20
Oct
6%
*
Pierce Governor com
8%
Nov
111
pref.25
Phillips Packing Co
Phoenix Securities—
QUAW &, FOLEY
High
Low
Shares
*
*
Pines
3473
New York Curb Exchange—Continued—Page 4
145
244
100
%
8%
Jan
8%
Apr
Oct
253
Aug
Oct
Oct
2
July
12
Mar
Friday
,
STOCKS
Last
Sale
of Prices
Par
A-.-l
United Sblpyardu cl
694*
Preferred...—...---25
384*
United Specialties com...l
U S Foil Co class B
1
5)4
5?*
0)4
with warr
U S Lines pref
U S Playing Card
90
1,400
3,900
H
Oct
374*
44*
Apr
63
14*
200
214*
350
34*
2,400
24*
400
14*
3
24*^ 24*
com...--*
1st pref
*
mTh "54*
4*
19
'"""16
2,900
4,400
m
34*
34*
2
I
24*
24*
Universal Pictures com—1
134*
Utah-Idaho Sugar...
5
Utah Pow & Lt $7 pref...*
Mar
Mar
Oct
14*
Nov
"166
Oct
Oct
34*
Oct
143
Apr
42
24*
Oct
Nov
4*
14*
Oct
Oct
4*
Oct
Jan
Sept
Mar
1
100
com__l
#16
250
16
§>24*
132
114*
Oct
64*
Jan
Feb
30
72 4*
Oct
74*
400
64*
Nov
184*
Feb
24*
200
14*
Oct
10
Jan
114*
83 4*
Oct
23
Aug
Nov
98
Aug
Wagner Baking vtc
7% preferred
100
(The) Co common.*
Wahl
1
Waltt A Bond class A...*
Oct
6
Oct
♦
4*
Oct
4*
100
44*
114*
24*
Nov
Walker Mining Co
1
1
14*
800
Wayne Knit Mills
5
74*
74*
200
6
Oct
54*
400
44*
Oct
1 04*
6?*
.500
5
Oct
24*
24*
4,000
34*
34*
300
Jan
Jan
Jan
Jan
5
Feb
Aug
Mar
Mar
9
1
1.25
24*
1
Oct
94*
104*
134*
74*
134*
1024*
214*
76
West Cartridge 6% pf.100
Western Grocery Co
20
Oct
117
Nov
z32
Feb
July
Aug
9
June
2
Oct
24*
101
Oct
Feb
Apr
Apr
Mar
Mar
Jan
Western Maryland Ry—
7% 1st preferred
Western Tab A Stat
100
*
Westmoreland Coal Co...*
!T
4
19
*19
300
20
19
84*
West N J A Seashore RR 50
60
West. Texas Utll 16 pref..*
76 4*
.764*
20
744*
Oct
2
24*
700
Oct
1
6 4*
64*
100
14*
64*
*
44*
5
300
4
Oct
44*
4?*
400
2
Oct
West Va Coal A Coke
*
Weyenberg Shoe Mfg
Williams (R C) & Co
Williams Oll-O-Mat Ht..*
At 24*
?[44*
IWll-low Cafeterias Inc.-l
500
he
Nov
62
954*
54*
14
94*
124*
14*
94*
1i»
Nov
_.*
1
*
11
12
300
114*
Nov
Wlllson Products
1
10
10
100
10
Nov
Winnipeg Electric cl B
*
6
Jan
10
Conv preferred
Wilson-Jones Co
Yukon Gold Co
5
1
Oct
Apr
Mar
1st & ref 5s
1951
1st & ref 5s
1968
Feb
5s ex-warr
stamped.
Jan
Jan
1st & ref
1967
Jan
Feb
Feb
Gen Wat Wks A El 5s. 1943
7
200
5
Oct
124*
Jan
Georgia Power ref 5s__1967
Georgia Pow A Lt 5s.. 1978
Nov
304*
3,000
14*
14*
Oct
44*
44* s
Amer Seating 6s stp._1946
Appalachian El Pr 5s_ 1956
Appalachian Power 5s. 1941
Debenture 6s
1074*
1968
1977
Assoc T A T deb 6Ks A'55
Jan
Hall Print 6s stpd
15,000
87
Oct
105
Jan
2,000
86
Oct
3,000
784*
Oct
1054*
994*
Jan
77
87
71
Oct
102
Apr
72,000
79
87
1054*
14.000
17,000
92
3,000
104
1034*
13,000
1054*
"99"
1084* June
1064*
Jan
Jan
1064*
Nov
Nov
87
52,000
107
1084*
Mar
May
Oct
107
Oct
1104* June
1194*
Jan
109
Mar
984*
994*
12",000
98
Oct
23 4*
Oct
204*
224*
Oct
61
Jan
Oct
Jan
22
Oct
654*
654*
Indiana Gen Serv 5s..1948
Indiana Hydro Elec 5s 1958
Jan
Oct
69
3,000
324*
69
Oct
95
Oct
914*
1054*
3T 64 4*
Jan
Jan
Jan
II30"
1st lien A ref 5s
1963
64*s series C
7s series E...
7s series F
844*
59
59
Mar
128
"
Interstate Power 5s...1957
Debenture 6s
1952
Sept
Oct
91
Sept
Mar
Oct
994* [20,000
92
1,000
944*
1,000
714* 111,000
874*
76,000
95
Oct
874*
Cct
88
Oct
73
Oct
*34,000
54*s ex-wafrrants
1954 ▼ 414*
394** 414* [83,000
Cent States P & L 54*8 '53 ▼414* ▼414* ¥424*
15,000
Chic Dlst Elec Gen 44*s'70
1064* *1054*11064* 112,000
6s series B
1961
$1054* 107
Chicago & Illinois Midland
92
92
Ry 44*s A.
1956
-:924* 19,000
31
5s series
Oct
1914*
*984*
*92
.1981
Cent Ohio Lt & Pr 5s. 1950
Cent Power 5s ser D..1957 f 714*
Cent Pow A Lt 1st 5s. 1956 ▼864*
Cent States Elec 5s...1948 ▼42
.
page
3475
¥94 4*
*69
*854*
F40
424*
39,000
13?*
124*
4?*
44*
95?*
109
96?*
Jan
Jan
Mar
Mar
Jan
Jan
Jan
May
115
Feb
2,000
101
July
104?*
Oct
103?*
934*
Jan
103
55
54
Oct
55
10,000
5,000
103
2,000
1014*
12,000
102?*
17,000
1034*
8,000
103
1044* 104?*
1044* 104?*
$93
95
834* 87
1044*
734*
1084*
93?*
Mar
Oct
Jan
103
Sept
Oct
1054* Mar
105?* June
1034* June
63
Jan
Aug
Feb
Jan
93
Sept
65", 000
72
Oct
1004*
Jan
15,000
82
Oct
71,000
99
Sept
17,000
Oct
100?* 100?*
5,000
9,000
Sept
1014*
104?*
102?*
101?*
1014*
1044*
994*
Jan
102
102?*
100?* 100?*
"84?*
85
102 4*
100?*
87
78
Nov
85
Oct
96
78
784*
85
85
744*
73
744*
73
73
1,000
584*
704*
Jan
77
'77"
77
77
5,000
724*
Oct
97
87
83
87
95,000
74
Oct
68
68
68
1,000
58
Oct
$28?*
3,000
8,000
21?*
36
Oct
Mar
1054*
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
88
Jan
31
Aug
894*
894*
Feb
70
42",000
60
Oct
60
60
7,000
56
Oct
894*
894*
1,000
894*
Nov
105
Jan
106?*
Jan
107
June
$107
110
69
'69
$52
55
384*
40
"i",666
40
"o, 000
82
7,000
$21?*
$
954*
$20
62
$
Oct
944*
Oct
62
28
Oct
100?*
Sept
754*
109?*
Jan
Jan
Jan
Jan
Jan
Oct
102
Apr
107
80
Nov
1024* Feb
374* Sept
23
204*
25
Jan
Mar
91
894*
98
68
43
$100
98
2,000
11,000
964*
Oct
98
Nov
954*
Nov
25
"2,000
62
65
~6~ 000
Oct
62
Nov
74
304*
Sept
106
Jan
274* Aug
1044* Feb
1054* Sept
1034* June
334* Apr
884* Feb
864* Feb
108
Aug
Oct
1064*
Feb
89
91
77,000
11,000
844*
90
834*
Oct
884*
854*
884*
50,000
79
Oct
Jan
75
74
77
15,000
74
Oct
1064*
1044*
99?*
97
1074* 1074*
974*
954*
$864*
$90
77
"81"
76?*
$1084*
80?*
106
57
1054*
57
82
934*
78
4,000
"8l""
4",000
106
5,000
105
Jan
Oct
1064*
Jan
Oct
99
Aug
108
Oct
Oct
101
Jan
78
494* 50 4*
1054* 1054*
57
59
Mar
Feb
Jan
107?* June
Ill
June
17", 000
45
Oct
794*
Jan
15,000
48
Cct
78
Jan
5,000
49 4*
Nov
824*
Jan
25,000
103?*
Mar
106?*
Apr
52
58
554*
554*
1064* 1074*
105?*
109?*
58
$45
57
Oct
70
106?*
"
"584*
Jan
Jan
854*
884*
$1114*
57
4,000
53
1,000
554*
Oct
Oct
77
Jan
834*
Feb
Nov
81
Feb
Mar
109
May
5,000
105
42
41
43
72,000
32
Oct
28
254*
28
53,000
18
Oct
5s series B
63
Oct
31
Ssserles B
Mar
914*
Oct
/
"404*
Kansas Power 5s
100
Jan
1947
62
584*
95
1054* 1054*
98?*
99?*
57
58
5,000
3,000
1,000
25,000
2,000
80
Oct
Oct
92
June
92
July
104?*
99
Apr
Oct
764*
69?*
Jan
96
Jan
Jan
884*
Jan
104?* Feb
1044* Feb
1064* May
1054*
Jan
79?* Feb
54
Oct
71
Oct
80
Feb
324*
Oct
71
Feb
404*
45
27", 000
36
36
2,000
35
Oct
56?*
Jan
7,000
103
Mar
105?*
105?*
Apr
1044* 1044*
1947
44*8 series C
1961
Kansas Elec Pow 34* s. 1966
Kansas Gas A Elec 68-2022
Oct
Apr
14,000
13,000
96
$70
57
Stamped
Jersey Central Pow A Lt—
Oct
33
1034*
1044*
98?*
71
664*
95
95
96
1961
Isotta Fraschlnl 7s
1942
Italian Superpower 6s_ 1963
Jacksonville Gas 5s.—1942
Oct
68
64
1956
Iowa Pow A Lt 44*8—1958
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 78.1952
m
90 4* B 92
D
44*8 series F
.1958
Iowa-Neb LAP 58—1957
Feb
994*
864*
1968
Jan
Interstate Public Service—
101
15,000
July
80
1024*
1044* 105
644*
68
105
International Salt 5s—1951
Oct
102
,
1957
Oct
4,000
1014* 1014*1103
101
1054* Jan
1094* Mar
1074* Apr
1064* May
2,000
Oct
.1952
Nov
734*
i",666
1064*
• 93
Oct
Oct
1955
59
954* 116,000
1134* 11134*11134*
1,000
1106
Ind*polls P L 5s ser A. 1957
International Power Sec—
85
10,000
5,000
f$804*
88
11034* 1034*
Nov
Mar
1144*
2,000
83
113
1,000
Nov
Mar
574*
85
1950
Jan
Mar
6,000
Sept
71
1004*
65
1957
Indiana Service 5s
Nov
1114*
see
6s
Feb
59
11284* 130
"
For footnotes
..1951
110
74
68,000
10,000
1953
5s series C__
5,000
1184* *1184* 1184*
f122
122
Broad River Pow 5s.. 1954
Canada Northern Pr 6s *53
♦Canadian Pao Ry 6s. 1942
106
Carolina Pr A Lt 5s
1956 f 93
44*s series H
64*s series B
40,000
113
1
"i~66o
1
764*
1064*
7,000
674* 220,000
Sept
39,000
Indiana A Mich Elec 5s *55
95
Cct
Oct
14*
87?*
♦Indianapolis Gas 5s A 1952
Birmingham Elec 44*s 1968 183
Birmingham Gas 5s
1959 *59
ser F.1967
1st A ref 5s ser C
1956
S f deb 54*8...May 1957
Indiana Electric Corp—
6s series A.
1947
33
60
Ssserles G
ser B.1954
$28
*113
1956
54*s
834* May
624*
Jan
63
6s series E
1st A ref
Oct
113
Cedar Rapids M A P 5s '53
Central 111 Public Service—
111 Northern Utll 5s... 1957
111 Pow A Lt 1st 6s ser A '53
Oct
95
Oct
794*
1949
55
1st M 5s series A...1955
1st M 5s series B
1957
1998
6s series B
28
f29J* *284*1 30
154,000
364* 136
364*
2,000
172 4*
724*
75
26,000
Oct
77?*
warrants. 1943
7,000
Convertible 6s
1950
Bell Telep of Canada—
Bethlehem Steel 6s
Jan
64*8 with
72,000
53,000
97
974*
86
♦Hungarian Ital Bk 74*8*63
Hygrade Food 6s A...1949
63
32
50,000
10,000
77?*
Heller (W E) 4s w W..1946
Houston Gulf Gas 6s.. 1943
39
86*666
4
Jan
$26
Oct
294*
1,000
♦Hamburg Elec 7s... 1935
♦Hamburg El Underground
A St Ry 54*s
1938
89
▼ 30
4?*
80
924* 109,000
|274*
Oct
106
1,000
$105
62
29
Oct
98?*
24*
1947
90
Works—
1960
1024*
1044*
674*
Oct
Oct
Nov
52
60
4
1977
37
924*
384*
44**-1955
Ssserles C
Jan
1074* June
Oct
107
$1114* 113
95
Jan
Oct
68
1034*
1054* 1064*
107
.1950
Debenture 5s
Conv deb 54*s
Apr
1084*
83
1054* 1054*
Associated Gas & El Co—
Conv deb 54*8
1938
Conv deb 44*s C...1948
1949
1044*
Oct
954*
924*
1064* 1074*
77
2024
Ark-Loulslana Gas 4s 1951
Arkansas Pr & Lt 5s.. 1956
Associated Elec 44*s._1963
Jan
6,000
604*
99?*
92
874*
"894*
Guardian Investors 5s_1948
Hackensack Water 5s. 1938
42,000
6,000
103
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd.,1950
97
774*
10,000
8,000
65
1953
102
106
157,000
Jan
934* Mar
984*
Jan
1044* July
1044* 1044*
Sept
Mar
$9,000
106
Oct
54*
"68?*
ri004*
754*
1054*
44*s
'674*
♦Gesfurel 6s
824*
754*
60
1
Glen Aid en Coal 4s... 1965
Gobel (Adolf)
44*s... 1941
3 1044*
944*
5,000
2~4~666
106
Jan
92
944*
Apr
101?*
1084*
105
1004*
71
71?*
Jan
6s series A
"824*
118
4?*
Apr
100
106
1st & ref
1956
Deb gold 6s. June 15 1941
Deb 6s series B
1941
184^
Jan
$95
1004*
Amer G A El debt 5S..2028
Am Pow A Lt deb 6s..2016
Amer Radiator 44*s__1947
Locom
Gatineau Power 1st 5s
95
2,200
Jan
1,000
$1?*
1944
Oct
234*
644
84*
Feb
109?*
125?*
Gary Electric A Gas—
Oct
14*
14*
Aluminium Ltd debt 5si948
Baldwin
Banks 6s-5s stpd...l961
Firestone Cot Mills 5s_ 1948
Firestone Tire A Rub 5s '42
Oct
144*
15
1956
1st & ref 5s
Lt
64*8 series A
1953
Erie Lighting 5s
1967
Federal Water Serv 64*s '54
Finland Residential Mtge
7
1942
Alabama Power Co—
1st & ref 5s
1946
Gas
Empire OH A Ref 54* s. 1942
Ercole Marelll Elec Mfg—
July
BONDS
Atlanta
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s A
19.50
Empire Dlst El 5s
1952
June
May
164* May
Oct
1044*
5
Grocery Store Prod 6s. 1945
Guantanamo A West 6s '58
Abbott's Dairy 6s
Conv deb 44*s
Conv deb 5s
Edison El 111 (Bost) 34*s '65
Elec Power A Light 5s.2030
44*
Oct
Apr
6,000
964*
$50
1014*
1084*
1044*
994*
105
Jan
Jan
79
95
♦Deb 7s
Aug 1 1952
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
984*
101
130
101
101
.1950
2
Apr
Sept
Aug
63
76?*
78
Detroit Internat Bridge—
♦64*s
Aug 1 1952
♦Certificates of deposit
100
6
Oct
93
May
107?* Aug
1064*
Jan
1044* June
904* Jan
July
60
"95"
Oct
56
123?*
119
60
994*
Oct
Mar
105
119
First Bohemian Glass 7s '57
Florida Power A Lt 5s. 1954
Mar
24
54*
144*
112
102
8,000
964*
1034*
400
154*
Apr
1004*
1084*
54*
7,900
1134* Apr
1134* Sept
1124* July
Jan
16.00C
66
103
24*
74*
154*
Apr
$124?* 130
1940
5s 1st series B
Jan
107?*
107?*
102?* 129,000
$107
6s ser A stamped
1943
Cont'l Gas A El 5s... 1958
Crucible Steel 5s
1104*
1104*
41,000
23,000
1074*
1954
Gen mtge 4V*s
Consol Gas Utll Co—
Jan
1,000
1,000
1114*
62
Jan
Nov
2,000
106
954*
66
80
684*
2,000
1124*
1124*
1114*
1939
6b
General Bronze 6s
1940
General Pub Serv 5s.. 1953
Gen Pub Utll 64*8 A. 1956
♦General Rayon 6s A. 1948
74*
1024*
(Balt) 34*s ser N—1971
Consol Gas (Bait City)—
61
74*
1074*
106
Conn Light A Pow 7s A '51
Consol Gas EI Lt A Power-
54*
Woodley Petroleum
1
Woolworth (F W) Ltd—
Amer dep rets
6c
Youngstown Steel Door..*
300
1?*
112
1124*
1114*
1114*
1064*
104?*
1024*
1957
24*
Wise Pr & Lt 7% pref. 100
Wolverine Portl Cement-10
Wolverine Tube com
2
6% preferred
£1
Wright Hargreaves Ltd..*
44*s series D
1st M 4s series F...1981
34*s series H
.1965
Com'wealth Subsld 64*s '48
Community Pr A Lt 5s '57
Community P S 5a... 1960
Denver Gas A Elec 6s. 1949
Det City Gas 6s ser A. 1947
Oct
■J 5
1st
1953
Jan
4*
80
54
Delaware El Pow 5>*s 1959
64*
Welsbaum Bros-Brower..l
Oct
Oct
464* June
Feb
24*
64*
-*
364*
36
Apr
5,600
Apr
16,000
33
14*
Jan
1044*
79?*
37,000
Cuban Telephone 74*s 1941
Cuban Tobacco 5s
1944
14*
Jan
103
Oct
67
Jan
Feb
94*
34*
83
Oct
54
Feb
Nov
Jan
Oct
88
45
52
73
Sept
82
42
654*
52
Oommerz A Prlvat 54*s'37
Commonwealth Edison—
284*
104*
34*
10,000
335,000
52,000
Oct
Oct
13 4*
Jan
92
Oct
300
105?*
994* 1004* 27,000
50
534* 109,000
2
200
80
Jan
Jan
Nov
99?*
26
34*
14*
80
2
90
57
25
34*
*134*
Va Pub Serv 7% pref..100
Vogt Manufacturing
*
6
894*
2,000
60
60
Feb
94?*
Cities Serv PAL 54*s. 1952
54*8
1949
Jan
1014*
544*
1943
84
Nov
93?*
Line 6s
Jan
110
Nov
564*
300
24*
32
14
"
Venezuelan Petroleum... 1
Went worth Mfg
Western Air Express
Jan
2 4*
"loo
4*
1,600
pref. —
5
Van Norman Mach Tool.6
Venezuela Mex Oil Co. .10
Wellington Oil Co
Feb
434*
4*
conv
Class B
Jan
44*
100
1
Class B
19
Jan
Nov
43
87
935*
1st M 5e series A
July
Apr
1054*
14,000
15,000
91
91
1st M Ssserles B...1954
1st 44*s series C...1956
18
84*
224*
11,000
High
1950
Feb
Jan
Low
Shares
1054* 1064*
43
464*
90
894*
45
90
1966
5s
Conv deb 5s
Range Since Jan. 1 1937
Week
Cities Service Gas 54*s *42
Cities
Service
Gas
Pipe
Feb
6
Sept
Oct
"300
Jan
Oct
1
"24* "24*
Jan
Sept
900
43
[43
14*
184*
14*
44*
354*
x2J*
804*
2
14*
14*
Utility Equities Corp...
Priority stock
—*
Utility A Ind Corp com...5
Conv preferred
7
|UtU Pow & Lt common.. 1
Waco Aircraft Co
Oct
94*
34*
•
Utah Radio Products
c
16
14
T660
2
Feb
Oct
124*
14*
344*
Oct
Oct
Oct
8
1
Universal Products..--.
Vot tr
Mar
Oct
14*
Insurance-----8
Cities Service
Jan
2tf
Universal Consol Oil—-10
Universal Corp vtc
Feb
Mar
4*
Verde Exten—60c
Wall Paper
Aug
Oct
Oct
1
United Stores v t c
United
184*
for
of Prices
Low
High
Chic Jet Ry & Union Stock
Yards 5s
-....1940
f*Chlc Rys 5s ctfs
1927
Cincinnati St Ry 54*s A '52
6s series B._
..1955
Oct
H
47
June
44*
United
7% preferred
Valspar Corir v t
Oct
74* May
44*
Jan
964*
Jan
474*
Jan
15
Week's Range
Sale
Price
Nov
100
300
204*
214*
3H
Nov
4
»i«
U S Stores Corp
Universal
Oct
534*
U S Rubber Reclaiming..
conv
375
Last
High
Oct
14*
1
U S Radiator com
2
500
71
394*
64*
64*
»j«
47
•
*
..10
1st pref
1
694*
384*
44*
U S and Int'l Securities.. •
Loto
300
24*
1
1
United Shoe Mach com.25
PONDS
(Continued)
1937
27,
Sales
Friday
Range Since Jan. 1,1937
| Week
High\ Shares
24*
24*
1
Class B
Low
Price
Sales
for
Week's Range
(Concluded)
$7
Nov.
New York Curb Exchange—Continued-Page 5
3474
1034*
103
?$954*
1134*
99?*
113
994*
77,000
98?*
1134*
"5",000
1104*
99?*
12,000
103?*
Nov
93?* June
97
98
Nov
Nov
98
1214*
1044*
Jan
Oct
Jan
Jan
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
1
Shares
\
f79
63*8 series D
53*s series F
1948
1955
5s series I
1969
'963*
963*
t92J*
94
33*s *66
"161?*
973*
793*
73*8..1946
29
*22
Lexington Utilities 58.1952
96
-
—
Llbby McN A Libby 5s *42
102?*
102
96
102?*
Long Island Ltg. 6s___1945
102
102
Louisiana Pow A Lt 5s 1957
943*
-
23
43*8.1952
99
Mar
July
263*
105
Jan
Nov
106
Feb
100
Oct
107
May
102 3*
87
Oct
106?* May
July
Jan
105
Jan
1955
70
Miss Power A Lt 5s... 1957
80
63*8 ctfs.1937
33*
99?*
Deb 5s series B.....2030
"5,000
86
Oct
36,000
95
Oct
Jan
106
733*
82
68
23,000
'
—
Oct
78
Nov
107
25,000
—- -
Feb
1,000
92
Nov
69?*
9,000
93?*
33*
99?*
80
6,000
_
Oct
44
—
-
Oct
May
1063* June
Oct
1063*
9,000
-
Nov
67
16,000
-
Oct
71
■
46,000
69
June
23*
99?*
4,000
90
"3",000
89
Nov
703*
75
23,000
69
Oct
113
Apr
*116?* 1183*
"57"
553*
__
Mar
Feb
Jan
Jan
Jan
99?*
1003*
1093*
Jan
85
51
Jan
110
May
101
3,000
1063* 107
81,000
14,000
96
N Y A Westch'r Ltg 4s 2004
*102?* 1043*
1954
*112?* 1143*
—
-
853*
40
413*
1083* 1083*
-
-
-
"
993*
993*
933*
102?* 103 3*
933*
90
1043*
N'western Pub Serv 5s 1957
883*
1945
1023*
102
108
108
108
105
105
105
.1946
5s conv debs
Nov
104?*
Feb
-
Nov
104?*
94
Oct
Nov
1093*
1073*
1043*
Aug
Pacific Coast Power 5s
Apr
1043*BNov
1103*
-
Apr
112?*
86?*
Feb
1003*
Jan
Pacific Invest 5s ser
1153*
Oct
3,000
13,000
6,000
Nov
Oct
35
106?*
693*
Jan
Jan
108?*
Nov
17,000
32,000
46,000
16,000
10,000
17,000
95
Oct
__
"643*
Penn
"86?*
53*8 series B..1959
Jan
1023*
Jan
84
90
1113*
*112?* 1133*
63
64?*
56,000
1,000
*91
843*
95
86?*
51
993*
Nov
Oct
Mar
30
26,006
—
'
—
-
18",000
Oct
833*
Oct
95
Oct
873*
5,000
95
933*
103
Jan
37?*
1053*
105?*
Jan
Jan
Nov
103
6s
106
Mar
103
11,000
80
Oct
105?*
105
"
5,000
45,000
May
1003* May
1073* Mar
109
Apr
1063*
1113*
Jan
1,000
105
Mar
108
76
Oct
100
Jan
{♦Peoples Lt A Pr 5s.. 1979
12
103*
12
21,000
13,000
20,000
1093* HI?*
53*
Oct
108)*
Mar
*67
80
76
Nov
63*8 '60
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6s... 1948
60
64
8,000
52
Oct
106
106
106
97
97
1,000
7,000
Potomac Edison 5s E. 1956
1961
Potrero Bug 7s stmpd.1947
Power Corp (Can)43*sB '59
43*8 series F
*203*
♦Prussian
Electric
25
_
------
593*
~9~000
"107k
1073* 107?*
21,000
106?*
106?* 106?*
7,000
*55
60
1003* 1003*
L000
57
*
-
"1003*
-
i
-
—
96
183*
303*
113
993*
77
Jan
Oct
1956
1966
1st A ref 5s
5s series C
1978
43*8 series E
1980
1st A ref 43*8 ser F.1981
43*8 series 1
1960
43*s series D
130
131
130
1093* 1093*
Aug
Oct
53
Oct
973*
Oct
73?*
5,000
47,000
613*
Oct
23,000
103
13,000
52
Oct
6,000
77
Nov
103
Jan
25,000
84
Nov
102
Jan
3,000
85
Oct
Jan
4,000
81
Oct
1043*
1023*
75
Oct
101
Jan
11
Oct
100 3*
*803*
15
82
Mar
June
163*
11,000
1043* 105
12,000
|104?*
1063* 106 3*
104?* 1053*
973*
*95
19,000
103
West Penn Traction 5s '60
"lol"
101
853*
West Penn Elec 5s
106)*
2030
1,000
383*
53* s '55
1966
York Rys Co 5s
89?*
94?*
107
Jan
Jan
Jan
96?*
115
Jan
Jan
893*
Jan
Jan
108
Jan
Apr
107
Mar
93
Oct
101
Nov
75
Oct
10,000
11,000
383*
Nov
102U
Oct
1053*
106?*
105?*
1143*
993*
793*
1053*
Feb
"
2~66O
4,000
Feb
Jan
Jan
Jan
Feb
Jan
893*
108
Apr
Oct
105
24,000
80
*
323* June
NOV
June
6~O6O
86?*
90
903*
1043* 105
903*
1937
1043*
105)*
23,000
"
102
853*
1073*
Nov
Isov
1023*
1073*
Jan
1003*
Jan
103?* June
81)* May
Jan
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
Buenos Aires
12,000
4,000
108
Oct
107
25
♦Cauca Valley 7s
85
Jan
Jan
108
July
Apr
109
Jan
Nov
81
Mar
Oct
104
Feb
583*
96
25
July
1283*
Oct
147
Jan
1073*
103?*
Oct
Mar
1123*
105?*
90
......
833* May
943*
Aug
85
-
82
Nov
96
Sept
6
Nov
21
Feb
Apr
29
Sept
63*
7,000
24 3*
24)*
23?*
23?*
2,000
3,000
20
Mar
1003* 1003*
8,000
99
Apr
1003* 101
5,000
97
Apr
6
Danish
...1952
1955
53*8
1003*
1953
5s
Danzig Port A Waterways
External
543*
543*
20
1952
63*s
♦German Con Munic 7s '47
20
203*
1947
♦Secured 6s
543*
213*
203*
50
Apr
77
Feb
17
Jan
17
Jan
253*
253*
Aug
Aug
21
♦Lima (City) Peru
20
21
Feb
Oct
963*
♦Issue of
May
♦Issue of Oct
203*
Apr
203*
$203*
11?*
113*
♦Mtge Bk of Chile 6s. 1931
6s stamped
1931
'l3"
1958
63*8.-1959
63* s.
1919
♦63*s certificates... 1919
♦53*s
1921
♦53*8 certificates
1921
♦Parana (State) 7s
11
♦Rio de Janeiro
Russian Govt
.
123*
13
11
113*
Mtge Bk of Denmark 5s '72
28
97?*
1927
1927
NOV
21?*
Oct
273*
273*
Feb
Feb
11
2,000
21
12
Oct
213*
Mar
1.000
113*
3,000
113*
99
5,000
953*
Apr
6,000
12
Nov
34
353*
July
16,000
3*
3*
.
------
11?*
3*
3*
*3*
3*
*3*
103*
Nov
9,000
3*
Oct
Oct
13,000
3*
Oct
------
Oct
1949
103*
Nov
Apr
♦Santiago 7s
11
9?*
Nov
94
Oct
2,000
5,000
1,000
25,000
91?*
Nov
107
223*
Mar
28?* Aug
25?* Aug
108?* May
183* Mar
104
Oct
7,000
88
$70
*8
33,000
38,000
2,000
13,000
Oct
July
Aug
Mar
1043*
33
Apr
Sept
21H
------
73*
Oct
17?*
13
62
102
1003*
105
73*
------
26
Mar
7
22,000
$143*
Aug
253*
293*
Mar
17
2,000
20
26
85
30
21
1958
July
9?*
1961
♦7s
Jan
Feb
1,000
$20
63*8.*58
July
1,000
♦Hanover (Prov) 63*8.1949
♦Maranhao 7s
27?*
1023*
1013*
14,000
74
10,000
Mar
19?*
♦60
1043* 1043*
Oct
101
Mar
♦Santa Fe 7s stamped. 1945
102?* 103
100
Feb
25
$65
♦Prov Banks 6s B..1951
♦
Mar
293*
Cent Bk of German State A
Aug
Nov
Feb
30
Nov
$65
1952
1947
1948
♦73*s stamped
Jan
Apr
104
57
18
1,000
Nov
Sept
203*
213*
------
213*
(Province)—
♦7s stamped
Jan
Nov
102?*
al05
213*
3,000
22?*
22?*
t20
Mtge Bk of Bogota 7s. 1947
2,000
11,000
11,000
18,000
al05
203*
19471
19511
♦20-year 7s
♦Baden 7s..
Mendoza 4s stamped.. 1951
1023* 104
1023* 103
"i023*
28
47
19,000
84)*
♦Medellin 7s series E.1951
102?*
------
July
66,000
fl04)*
Feb
Public Service of N J—
6% perpetual certificates
Pub Serv of Nor Illinois—
Jan
Feb
27
~2"66O
Wash Water Power 5s 1960
Mar
105?*
18
30
*213*
6s. 1954
1173*
793*
69
♦Hanover (City) 7s.-.1939
Transit 6s 1962
Portland Gas A Coke 5s *40
Oct
Mar
62 3*
Wash Gas Light 5s... 1958
Wash Ry A Elec 4s...1951
June
87
97
493*
163*
Jan
107
♦Pomeranian Elec 6s. .1953
Mar
"4",666
1954
♦5s income deb
Jan
86
1093*
111
Jan
June
25
83
1946
♦6 series A
107
53*8-1972
55
Waldorf-Astoria Hotel—
Jan
Oct
87
Piedm't Hydro El
943*
Oct
90
843*
Nov
1981
Phlla Rapid
Oct
31
66
88?*
Aug
89
843*
Peoples Gas L A Coke—
Phlla Elec Pow
Apr
1053* 1063*
105)*
Va Pub Serv 53*s A..1946
1st ref 5s series B...1950
Jan
117
Jan
109
59?*
90
Wise Pow A Lt 4s
Oct
1043*
Jan
*1063* 1063*
1968
Oct
Jan
80
1063*
24
•
Yadkin River Power 5s '41
119
Jan
35
84
Jan
108
Jan
*24
1944
Jan
Oct
Jan
Aug
Sept
Feb
55
803*
111?*
Nov
July
20J*
193*
61
105
Oct
1073* 1083*
B
$113)* 115
59
593*
59
77
Oct
H
56
4,000
60
Oct
88
101
Jan
49?*
106?*
106?*
983*
853*
35,000
38
363*
1973
101?*
1133*
103
series
30,000
105?* 105?*
102
103
4s
"8",660
87
Wise-Minn Lt A Pow 5s '44
6,000
108
43*s series B
84
107)* 108?*
61
62)*
Wheeling Elec Co 5S..1941
1153*
115
..1954
D
series
"84"
Jan
Jan
Penn Water A Pow 5s. 1940
5s
Feb
Jan
100
843*
Penn Pub Serv 6s C..1947
Feb
113
6s series A
105?*
1043*
1053*
Nov
95
85
106
Nov
Utah Pow A Lt 6s A..2022
Oct
Penn Ohio Edison—
Deb
Nov
98
99?*
$96
1952
Oct
Nov
88
1950
Jan
102
76,000
103
102
102)*
1956
95
79
853*
82
86
1971
106
62)*
893*
80
96?*
79
37
6s series A
Oct
403*
383*
1043* 1043*
*1073* 107?*
105?* May
Jan
100?*
Jan
1083*
*32
Penn Electric 4s F
92)*
West Newspaper Un 6s *44
Oct
1964
Cent LAP 43*s. 197/
1979
61,000
59
West United G A E
Feb
102
5s
80
53*s '52
Jan
*92
'
1st
16,000
Oct
Jan
103
102
Park Lexington 3s
Oct
53
107
108
1938
Palmer Corp 6s
Nov
55
1073*
Oct
Jan
*84
5s..1942
Pacific Ltg A Pow
Pacific Pow A Ltg 5s..1955
70
16,000
1,000
West Texas Utll 5s A 1957
54
84
102?* 102?*
'40
1941
A. 1948
17,000
63
60
6s series A
July
Pacific Gas A Elec Co—
1st 6s series B
Mar
Un Lt A Rys (Del) 53*8 '52
United Lt A Rys (Me)—
Jan
100
-
-
101
Jan
104?*
82
813*
1023*
1962
43*8
1,000
1,000
30,000
21,000
1,000
2,000
95
96
Okla Power A Water 5s *48
12,000
"76"
105)* 106
78
75
713*
Jan
Indiana P 8—
43*s ser D. 1956
Okla Nat Gas 43*s...1951
Mar
713*
i",ooo
65
84
1st A ref
102
Jan
1013*
102?*
New York Penn A Ohio—
Ohio Power 1st 5s B..1952
May
6,000
99
Oct
883*
Apr
37
1053* 1063*
99
99
Ogden Gas 5s
37
12,000
1053*
1959
Oct
97
43?*
393*
;
63*8
2,000
933*
1033*
43?*
393*
19)*
43?*
393*
68
99
993*
443*
61 ?*
99
1970
N'western Elec 6s stmpd'45
Oct
"24"
N Y Central Elec 53*s 1950
1969
193*
16
Mar
Ulen Go—1
Jan
5s series D
18
19,000
2022
Toledo Edison 5s
Twin City Rap Tr
Jan
43*s series E
Mar
1974
81
99
96
63*8.
92
993*
Jan
Oct
United Lt A Pow 6s...1975
95?*
1966
102
35
Jan
Oct
C
Nov
92",066
50
Jan
Oct
"40k"
72
54
Jan
60
1956
74?*
United El Serv 7s
85
No Indiana G A E 63.1952
167
'54"
United Elec N J 4s—.1949
2,000
Nor Cont'l Utll 53*s._1948
96
Jan
843*
65
Oct
Jan
13,000
Nippon El Pow 63^8..1953
No Amer Lt A Pow—
393*
84?*
38,000
95
61,000
Jan
77
43*8 1980
573*
Jan
913*
"1063*
54
85
58,000
101
Mar
573*
993*
121)*
843*
75
4)*s stamped..1950
N Y P A L Corp 1st 43*s '67
96
110
903*
Ext
Mar
Oct
1263*
♦Income 6s series A. 1949
913*
953*
40
Conv 6s 4th stamp. 1950
New Orleans Pub Serv—
1942
Oct
53,000
943*
Tide Water Power 5s.. 1979
Tletz (L) see Leonard
Mar
42
58
57
Jan
95
42
53
94)*
Jan
Oct
9,000
57
Feb
Mar
10,000
Texas Elec Service 58.1960
Texas Power A Lt 5S..1956
107?*
973*
Mar
95
25,000
63
107
95
Oct
56
1940
6s series A
Jan
Oct
563*
Oct
85?*
40
Jan
106
56
Oct
82?*
3,000
Jan
104?*
55
Oct
82
534s....1954
Oct
Oct
763*
Jan
104
543*
44
84?*
New Eng Pow Assn 5s. 1948
993*
Jan
103?*
58
1946
Super Power of 111 43*s '68
1st 43*8
1970
Tennessee Elec Pow 5s 1956
Jan
87
Nov
~2"666
Jan
55
~55)*
45
543*
553*
Oct
90
Jan
42
Feb
1003*
143*
87
56
Nov
75
2,000
25,000
80
3*
108
Nov
51
1003*
Tenn Public Service 5s 1970
Ternl Hydro-El 63*8-1953
Apr
1023*
96
473*
53
1950
57
54
2d stamped 4s
2d stamped 4s
104
92
♦United Industrial 63*s.'41
♦1st s f 6s
...1945
53,000
8,000
43,000
523*
54
553*
14,000
53
90
56
Jan
Oct
Oct
90
1948
{♦Stand Gas A Elec 6s 1935
♦Certificates of deposit
♦Convertible 6s
1935
99?*
99)*
11,000
20,000
51
92
♦Starrett Corp Inc 5s. 1950
Stlnnes (Hugo) Corp—
Nov
*114?* 118
"703*
105
*95
100?*
79
67
——i— mi m
N E Gas A El Assn 5s. 1947
series
Nov
{Standard Pow A Lt 6sl957
95
44?*
44?*
1093* 1093*
44?*
—
New Amsterdam Gas 5s '48
6s
Jan
Jan
1053*
Standard Investg 53*s 1939
64
33*
"69"
Nevada-Calif Elec 5s. 1956
Northern
1073* 1083*
105
1053*
110?*
100
Jan
5,000
99?*
Nelsner Bros Realty 6s *48
53* s series A
108
Mar
So'west Pow A Lt 6s..2022
Apr
3,000
*76
{♦Nat Pub Serv 5s ctfs 1978
Nebraska Power 43*s 1981
6s series A
2022
5s
Mar
Apr
9,000
"91""
118
69
933*
Nassau A Suffolk Ltg 5s *45
Debenture
28,000
S'western Lt A Pow 5s 1957
Oct
82
80
Nat Pow A Lt 6s A...2026
N Y State E A G
1033* 103?*
1033* 103?*
Debenture 6s
1951
Debenture 6s.Dec 1 1966
Power—
5s stamped
103)*
52 3*
Oct
8,000
70
....1944
Conv deb 5s
Aug
43*s 1968
Nov
1073*
993*
973*
106?*
102?*
*108?* 1093*
69?*
69?*
Missouri Pub Serv 5s. 1960
5s
1073*
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
803*
81
5,000
7,000
87
94
893*
98?* 1003*
Miss River Pow 1st 5s.1951
Sou Counties Gas
104
69
"98?*
Montana Dakota
Mar
♦Certificates of deposit
*93
893*
1955
Debenture
Aug
104
82
6)*s '45
43*8..1967
PAL 43*s
1978
♦Munson SS
101
1033* 104
Mllw Gas Light
53<s
Oct
Nov
973*
76
84
83
Aug
273*
223* May
1,000
9,000
95
82
Midland Valley RR 5s. 1943
Mississippi Pow 5s
103
80?* 180
91
903*
So'west Pub Serv 6s__ 1945
78
*89
Mengel Co conv 4)*s_1947
Metropolitan Ed 4s E.1971
-
24,000
103)*
107 H
Jan
Oct
28,000
993*
*773*
Memphis Comml AppealDeb 4)*s
1952
Memphis P A L 5s A..1948
1st A ref 5s
1043* 1053*
Ref M 33*s B.July 1 '60
1st A ref mtge 4s
1960
Jan
1113*
102
7,000
23
99
23
McCord Rad A Mfg 6s '43
Minn
Jan
1053*
Ref M
101?*
Oct
93
69?*
*673*
♦78 without warr*ts.l941
Middle States Pet
1093*
3?*s
1945
3?*s.May 1 1960
Mansfield Mln A Smelt—
Marlon Res Pow
101
Oct
Debenture
Mar
183*
-
26,000
1033* 1043*
103?*
53*s 1951
-
"4", 000
104
♦Manitoba Power
Oct
77
Jan
Oct
93
Jan
70
Sou Calif Edison Ltd—
Oct
993*
58
Mar
1,000
7,000
41,000
Jan
Oct
653*
_
72
91?*
Southeast PAL 6s_._2025
93
"9",000
1003* 1013*
Oct
823*
Carolina Pow 5s. 1957
Sou
Jan
85
3,000
89
"793*
*85
783*
Lehigh Pow Secur 6s..2026
♦Leonard Tletz
§60
60
High
Low
Shares
High
60
Jan
99?*
107?*
1033*
993*
Oct
65
16,000
80
78
Range Since Jan. 1 1937
eek
Low
Sheridan Wyo Coal 6s_1947
1961
for
of Prices
Price
High
Kentucky Utilities Co—
1st mtge 58 aer H
Sale
(Concluded)
Low
Week's Range
Last
BONDS
Range Since Jan. 1.1937
Last
Price
Sales
Friday
Sales
Friday
BONDS
{Continued)
Lake Sup Dlst Pow
3475
New York Curb Exchange—Concluded—Page 6
145
9?*
3,000
Jan
Aug
133* Aug
1003* June
2
13*
13*
1?
81?*
203*
20?*
—,
Jan
Jan
Apr
Apr
Apr
Apr
Mar
Mar
Mar
June
Nov
105?* May
Pub Serv of Oklahoma—
1966
4s series A
Puget Sound P A L 53*8 '49
1st A ref 5s series C. 1950
1st A ref
43*8 ser D.1950
Queens Boro Gas A Elec—
53*8 series A
1952
♦Ruhr Gas Corp 63*8.1953
♦Ruhr Housing 63*8—1958
Safe Harbor Water 43*8 '79
{♦St L Gas A Coke 6s. 1947
993*
993*
99?*
69
67
70
65
65
65
64
613*
64
92
92
25?*
213*
1083* 1083*
25?*
213*
*73*
8
B.1958
"I6l3*
1003* 1013*
B '52
1955
♦Saxon Pub Wks 6s..1937
♦Schulte Real Est 6s..1951
"263*
*110
112
24?*
263*
San Antonio P S 5s
126
San Joaquin L A P 6s
Sauda Falls 5s
Scripp (E W) Co
Servel Inc 5s
24
53*8.1943 "96"
1948
Shawlnlgan WAP 43* s '67
1st 43*8 series B
1968
1st 43*s series D...1970
127
24
95
96
*107
"163"
103
------
23,000
6,000
------
1033*
Jan
Jan
•No par
Oct
Oct
96
Jan
the
543*
Oct
923*
Jan
range,
18
Apr
1043*
Jan
7
Oct
1003*
Apr
107
Nov
132
125
107?*
Feb
1113*
Jan
♦
Oct
Mar
35
Sept
1,000
24
Oct
47
delivery sales not Included In year's range, n Under
year's range,
r Cash sales not included In year'a
x
sales were transacted during current
T Called for redemption.
e
Cash sales transacted during
the current week and not
16,000
------
5,000
94?*
Nov
105?*
Apr
Jan
103?*
1073* May
Oct
105
1013*
Oct
1013*
Mar
1043*
1053*
1013*
Feb
Feb
July
Included 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:
Mar
8.0C0
week.
Bonds being traded flat.
{ Reported In receivership.
Jan
22
a Deferred
not included in
value,
rule sales
Ex-divldend.
y Ex-interest.
$ Friday's bid and asked price.
No
Jan
"6.000
------
*1033* 104
103)* 1033*
1053*
98)*
603*
57
No sales.
z
Deferred delivery sales
transacted during the current
week and not included
In weekly or yearly range:
No sales.
Abbreviations Used Above—"cod," certificates of deposit;
'cons," consolidated;
"cum," cumulative; 'conv," convertible; "m," mortgage; "n-v," non-voting stock;
"v t c," voting trustj ertifloatee
without warrants.
"w 1," when Issued; "w
w," with warrants ;"x-w."
3476
Financial
Chronicle
Other Stock
Nov.
Exchanges
Friday
New York Real Estate Securities
Unlisted Bonds
Ask
Bid
Alden (The) 6s_......l941
B'way 38th St Bldg—
7s
Park
90
Bryant Park Bldg 6 Ms 1945
38
6MB
Ask
Dodge Corp—
Par
for
of Prices
Low
High
Week
Price
Common
100
9
Linotype.
Apt Hotel 0s %
1938
3
78
12
Old Colony RR
(Ctfs of dep).
*
_
Established
Calvert St.
1853
39
BALTIMORE, MD.
Louisville, Ky.
Nov. 20
to
Nov. 26, both
Corp
Atl Coast Line
for
of Prices
Torrington Co
com v t c.
1st pref vtc
Black & Decker
Price
16
22
%
2%
14%
*
com
100
16%
1
14
22
13%
63%
Mfns Finance
434
65
35
m'mmm
"42"
Owlngs Mills Distillery..1
9
13%
Oct
38
62
Oct
89%
5
Oct
48
95
96
108
89
Oct
136
10%
10%
116
10%
16
17
1,010
%
7%
%
2%
7%
%
2%
20
Oct
23%
%
July
7%
%
Jan
4%4%
Apr
100
2
Oct
2
Oct
16%
15
Nov
41
Jan
42
42
1
42
Nov
45
June
9%
10%
1,166
8%
Oct
1K
1,525
850
1%
%
Nov
%
1%
%
63
to
Nov. 26, both
1st pref
Feb
2
1%
Mar
18%
Feb
13%
13
13%
1,294
11
Oct
29%
Jan
25
24%
25
22%
Oct
41%
Jan
27
27
25
Oct
48
Jan
91
Nov
96
Aug
$19,500
2,000
92%
4,000
30 State
Feb
-----
4
10%
10
10%
80c
143%
90
102%
117
80c
12%
12%
140% 148%
90
90
99% 102%
116% 124
4%
sales lists
Range Since Jan. 1 1937
50
15
3,773
Oct
10
192
721
87
99%
116%
Jan
Jan
Jan
—
—
Preferred
9%
11
69%
30%
Mar
Jan
56%
18%
Mar
20
Mar
5
Nov
29
Mar
Oct
Georgian Inc(The)clA pf 20
Gilchrist Co
13
Oct
Nov
5
Oct
20
50
20
Oct
*
•
1
Common
Mar
25
5
Oct
48%
Oct
61
Jan
3
Oct
12
Jan
20
Nov
14
14
For footnotes see page 3480
14
19
650
70
4,800
S7
89
13
Oct
Jan
Aug
53%
26%
Mar
47
Mar
Jan
6
Oct
3% June
14%
Jan
8%
Oct
20%
Oct
2
Feb
Jan
100
18
Oct
27
Mar
10
13
Oct
19
Jan
Dexter Co (The)
Dixie Vortex Co
Class A
Nov
OO H-*
1%
250
com. *
com
Oct
78
Oct
12
3%
Feb
Jan
&
Feb
6%
110%
Mar
Jan
Nov
15
Nov
18%
18%
50
18%
Nov
26%
Sept
%
%
%
200
%
Jan
%
2%
32%
%
2%
32%
%
50
%
Jan
%
Jan
2%
9,500
1%
32%
Oct
6%
Mar
—
—
—
—
—
—
2%
33
9%
1%
9%
100
2%
4,550
25
25
26
25%
26%
20%
20%
21
3%
2%
3%
30
Nov
2
Jan
48
Feb
35
Oct
77
Mar
62
Nov
77
May
6%
1%
25
Oct
Oct
Nov
27H
5%
37
com
*
"ll"
9%
mmmmm m
20%
Oct
33%
550
20%
Nov
48%
850
2%
66%
2,650
12
13
2
9%
16
3%
60
6
mmmmmm
___*
FitzSlmACon DAD com.*
Fuller Mfg Co com
1
10,000
3%
60
5
Elec Household Utll cap. 5
Elgin Nat Watch..
15
15%
31%
3%
26
3
9%
16
Jan
Jan
May
Oct
1%
Oct
140
60
360
12
300
250
5%
14
Nov
Oct
Oct
Oct
New common
Gen Candy Corp A
Gen Finance Corp com
Gen Household Utll—
*
1
Aug
Feb
Jan
Feb
110%
26%
Mar
28%
32%
11%
Apr
Feb
Apr
3%
150
2
Oct
60
60
Nov
90
10
6
Nov
17%
Jan
150
15
21
Oct
25
Feb
6
16%
31%
3%
26
2%
11%
11%
10
5
11
60%
24%
7%
2%
mmmmmm
2
50
1,750
2%
Oct
41
Oct
Oct
12%
40%
Oct
20
750
21
7%
100
5
2%
1,450
2%
Oct
12%
690
11%
Nov
10
200
9H
Oct
300
Gardner Denver Co—
Common
Feb
19
Nov
48
80
12
Oct
5%
300
2%
2
6%
49%
%
Mar
Edison—
New
Compressed Ind Gases cap*
Consolidated Biscuit com.l
26%
Loews Theatres (Boston) 25
Oct
1
Oct
*
320
25o
Mar
July
12
2%
Feb
43
170
89
Feb
Feb
Nov
14%
5%
Mar
July
Aug
13
14
48
50%
22%
15%
28%
30%
18%
36%
17
6
Feb
Mar
Oct
20%
%
Feb
Feb
Oct
150
mm
30%
14%
14%
43%
6%
250
mm, mm.
Aug
5%
21
*
Chicago Yellow Cab Co..*
Cities Service Co com
*
Coleman Lamp A St com.*
Commonwealth
Oct
6
Feb
22
100
22
*
218
100
450
Oct
Feb
20%
23%
2,350
19%
Participation pref
*
Chic City A Con Ry com.*
Chicago Corp common
»
30
%
18%
7
8%
20%
*
30
%
8%
7
------
1
28
18
7%
7%
——————
*
Cumul class A pref...35
Decker (Alf) A Cohn com 10
Preferred
100
18
8%
*
Cent 111 Pub Serv pref
Central S W—
Jan
*
8%
------
1
81
Int Button Hole Mach._10
20
10
Nov
62
Oct
24
60%
26%
90
Oct
100
95
359
Oct
6
350
53
1%
4%
150
2,200
Dayton Rubber Mfg
6%
8%
2,350
6
Jan
10%
450
7
13
Jan
9%
Oct
28%
10%
6%
10%
Nov
Nov
13
Oct
Hathaway Bakeries—
Mar
27
Oct
Oct
9
13
4%
Nov
Jan
Oct
27
5%
Mar
Mar
*
1
Jan
Feb
July
9
5
com
Feb
17
7
16%
4%
Apr
Oct
400
2%
15
9
Oct
Jan
Mar
Nov
19%
Cord Corp cap stock
27%
1%
9%
12%
Oct
18
80
15
300
750
Oct
19%
245
90
13%
6%
-
1%
2%
1,000
20
Nov
Nov
325
12%
6%
12%
42
Nov
17
—
9%
13
64
3%
20
......
mm mm
9%
10%
12%
35
5
27%
350
250
62
20
15%
12%
1
Cudahy Pack'g Co pref. 100
Cunningham Drg Stores 2%
20
15%
%
3%
450
39
210
27%
1%
*
400
2%
3%
-
62
5
240
— —
Chi Towel Co—
Common
4
4
—
—
2%
2%
1
20%
17%
3
1%
3%
2%
1%
*
-
*
cap
30
.....
12%
6%
Chic Flexible Shaft com..6
Oct
Eastern Steamship com.-*
Oct
48
Jan
Nov
30
6
7
180
Jan
18%
100
400
250
Feb
11%
3%
East Mass St Ry—
Oct
10
54
160
65
50%
4%
10
147
540
3%
Oct
115
12%
4%
215
Oct
9%
Oct
19%
5
3
180
Nov
19%
52
400
Nov
11%
4%
3%
470
Feb
Feb
Nov
1,000
1,350
12
~~4
30
187%
55%
Nov
4%
6
Preferred
54
100
Nov
52
3
Class B
12
139%
2%
Nov
9
750
6
Prior den pref
Chain Belt Co—
High
Nov
36
600
17%
12%
12%
17%
23%
84%
13%
52
(New) common
*
Cherry-Burrell Corp com.5
65c
High
250
Aro Equipment Corp com 1
Asbestos Mfg Co com
1
Convertible pref
Low
Low
7,300
Common
52
3
*
9
-
6%
5% conv preferred
30
Castle (A M) common. .10
Sales
for
...
Gillette Safety Razor
35%
m
-
5%
Brown Fence A Wire
Class A preferred
Exchange
Shares
Range Since Jan. 1 1937
Shares
Borg Warner Corp—
(New) com.
Brach A Sons (E J) cap
Week
Price
High
6
Butler Brothers
of Prices
Low
High
East Gas A Fuel Assn—
*
Low
6
Bruce Co (E L) com
Burd Piston Ring com
inclusive, compiled from official
6
Employers Group..
Sales
Bliss A Laughlln Ino cap. 5
N. Y. Tel. CAnal 6-1541
Week's Range
St., CHICAGO
36%
9%
4%
4%
-m
100
Berghoff Brewing Co
Lewiston
25
General Capital Corp
Chicago Stock Exchange
Chicago Curb Exchange
for
Allied Products Corp com 10
Amer Pub Serv pref
Armour A Co common
Binks Mfg Co capital
Tyson
and
1887
St., Boston
Unlisted
Week
Barlow A Seeltg Mfg A com 6
91
Copper Range
Common
SECURITIES
Automatic Products com.5
Automatic Wash conv pref*
95
Athey Truss Wheel
*
100
Jan
of Prices
Allied Laboratories com..*
103%
8%
6%
1st preferred
Feb
95
Week's Range
-
Adams (J D) Mfg com...*
Adams Royalty Co com..*
Advance Alum Castings. .5
Feo
Oct
7%
6% preferred
89
Nov
inclusive, compiled from official sales list
Price
*
Sept
18%
Oct
Abbott Laboratories—
Common (new)
Nov
25
Common
Nov
72
Sale
Par
Nov
Calumet & Hecla
4%% Prior pref
63
1,000
Last
Stocks—
13%
100
a
1,000
74
Chicago Stock Exchange
Nov. 20
75
Boston A Maine—
Class
Jan
63
10 So. La Salle
68
*
Class A 1st pref stpd. 100
Class D 1st pref std.100
Feb
Members
2
50
-
19%
12%
Jan
American Pneumatic Serv-
100
Oct
PaaJ RDavls & ®<x
10
Sale
Prior pref
Jan
46%
Jan
2% June
74
New York Stock Exchange
New York Curb (Associate)
35
Last
Boston-Herald-Traveller
Sept
CHICAGO
13%
Friday
100
3%
41% May
98
Oct
63
1948
Central Cold Stor com..20
Central Illinois Sec—
100
Nov
Nov
Oct
75
Boston Stock
..100
91c
27
7%
2%
Jan
345
Portland
Boston Elevated
300
210
694
70
13%
Bangor
Boston A Albany
Boston Edison Co
1
70%
38%
375
Jan
1%
12%
2%
Oct
Oct
48
Private Wire System
loo
Jan
Feb
28
Friday
UNLISTED TRADING DEPARTMENT
Preferred
Jan
33%
8%
3%
Aug
Members
100
3%
Oct
Jan
Mar
New York Stock
Exchange
Boston Stock Exchange
New York Curb Exchange (Asso.)
Amer Tel & Tel
Nov
8
Apr
13%
1,325
Established
Blgelow-Sanford Carpet Co
2%
6%
Aug
2%
Townsend, Anthony
_
Jan
340
3%
com.*
Belden Mfg Co com
10
Bendlx Aviation com....5
1st preferred
Jan
1,865
8%
3%
Bastlan-Blesslng Co
Common
91c
Mar
Oct
75
-
1947
Par
25 %
Mar
11%
51c
Jan
Nov
14
64
•
115
Oct
2
Finance Co. of America—
Stocks—
Nov
50
48
70
-
Nov. 26, both
21
Jan
30%
Oct
110%
Bonds—
to
50
2%
15%
Oct
2,750
70
Phillips Packing pref..100
Nov. 20
Nov
9oC
Jan
10
%
Boston Tel. LAP 7010
3
91c
Jan
310
1%
com. *
4%
528
44%
91c
Jan
Oct
2
225
10%
Bait Transit Co 4s (flat) '76
A 5s flat...
1975
Jan
Oct
27
*
Mar
June
245
22
91c
Mar
3%
10%
19%
38%
Mar
16
-
23
20
120
1
Apr
3
7%
18%
--
New Amsterdam CasualtyS
North American Oil com..
Seaboard Comm'l com A 10
U S Fidelity A Guar
2
23%
54
%
7
2%
2%
Common class A
Penna Water A Pow
Oct
Nov
257
%
1
Merch A Miners Transp..*
National Marine Bank..30
Nov
Listed and
18
25 mm'm.m-rnm
26
5
5
Mar
12%
21%
High
113
common vt..
1st preferred
2d preferred
Mar Tex Oil
*®'
2%
12%
"70"
Eastern Mass St Ry—
8erles A 4%s
1948
113%
7
100
Oct
Waldorf System Inc.....*
Nov
430
2%
14%
2
18%
95%
10%
16%
Fidelity & Deposit
20
Finance Co of Am cl A___*
Houston Oil pref
4%
z6
142
Bonds—
113
1
Preferred
110
Oct
Nov
64%
37%
Warren Bros Co
Low
215
1%
Eastern Sugar Assoc—
Common
6%
1
98
68%
38%
Range Since Jan. 1 1937
380
27
%
*
6% preferred
Sept
3
*
Utah Metal A Tunnel
York, Pa.
Shares
High
16%
*
Consol Gas E L & Pow
Low
22
*
...
*
com
(new)
40c
185
574
21
United Shoe Mach Corp. 25
Preferred.
25
Week
(Conn)..60
Bait Transit Co
15%
Sales
Week's Range
*
Apr
950
2%
inclusive, compiled from official sales lists
Sale
Arundel
Feb
11%
50c
Exchange
Last
Par
3%
Series B 5s
Friday
Stocks—
56
Oct
950
11%
20%
20%
Suburban El Sec
Broadway
Members New York, Baltimore and Chicago Stock
Exchanges
Chicago Board of Trade
New York Curb Exchange (Associate)
Baltimore Stock
50
25
Reece Button Hole MachlO
Reece Folding Mach Co. 10
Stone A Webster
*
NEW YORK
Hagerstown, Md.
24% May
Oct
3%
1%
5
Qulncy Mining Co..
Exchange
Stein Bro s. &B oyce
S.
23
5%
100
Pennsylvania RR
6
8% [Oct
155
1%
99% 102
1%
100
Pacific Mills Co
Baltimore Stock
High
45c
National Tunnel A Mines.*
New England Tel & Tel 100
North Butte
2.50
20
1943
on
Low
127
9%
25%
24
Inc
10 East 40th St Bldg 5s 1953
250 W 39th St Bldgs 6s *37
Orders Executed
Range Since Jan. 1 1937
Shares
Narragansett Racing Ass'n
t c
v
616 Madison Ave
28
11 West 42d 8t 6Ms-.1945
internat Commerce Bldg—
Bid
Mergenthaler
Place
Income bonds
1945
Stocks (Concluded)
Week's Range
Sale
Maine Central-
Unlisted Bonds
32
Sales
Last
Exchange
Closing bid and asked quotations, Friday, Nov. 26
27, 1937
------
3%
4
1%
1%
1%
12,100
3%
Oct
1%
Oct
Jan
Jan
Feb
Jan
Mar
Jan
5% May
23%
19
July
Feb
5% May
10%
Jan
Volume
Financial
145
Week's Range
of Prices
Week
Low
Price
High
Shares
Stocks
High
Low
300
10 x
Oct
42 X
Mar
600
5X
Oct
July
7X
Great Lakes D A D com..*
12%
12X
500
9
Oct
200
7
Nov
14
Apr
6
Nov
20
Mar
5
Oct
UX
Jan
Oct
139*
Mar
7
Hamilton Mfg A part prf 10
"~7X
7X
ox
Hlbb Spencer Bart com..25
ion
Houdaille-Hershey cl B...*
Hubbell Harvey Inc com.5
'ioiix
-
-
"5
*
100
21
Nov
400
5
4X
Nov
Jan
—
—
—
— —
—
223*
Jan
Feb
Feb
P & G
21
200
19X
Oct
51
Feb
Randall B
Aug
Rapid
300
5
6,700
39
Oct
4
Oct
5
55
Jan
36
Feb
Apr
25
125
23
Oct
35
160
33
Nov
303*
499*
9
9
50
8
Oct
113*
99 3*
18
97
Oct
19*
68
19*
24
293*
163*
12X
Feb
U S Playing
Mar
30
30
463*
453*
46 3*
162
23*
490
40
19
Oct
439*
54
23
Card
19*
203*
213*
23
213*
Mar
89*
Jan
45
Feb
July
Jan
Oct
63 3*
Nov
113*
Jan
44
19*
22
192
Oct
38
Feb
193*
9
23
Nov
Feb
Mar
106
Oct
349*
Feb
63*
Feb
Jan
70
2
10
U S Printing
Feb
19*
19*
30
*
289*
99 3*
99 3*
Jan
Oct
24
*
Oct
450
20X
60
89
100
3X
Oct
1
300
X
Oct
2X
1,550
IX
Jan
7X
50
7X
Nov
8
350
5X
Oct
73*
33*
39*
199*
159*
4
50
2X
Oct
12 3*
30
130
27X
Oct
45
15
17
500
15
200
*
2
2
2 3*
165
1
Oct
50
Preferred
7
7
7
100
6
Oct
21
Jan
Jan
Oct
3X
IX
61
33
*
Oct
200
1
25
25
233*
25
iox
ox
UX
29
—
—
"16X
------
113*
25
Feb
Nov
9
*
Nash
29?*
46
113*
62
33
50
Moores Coney A
27
Oct
Nov
343*
233*
Little Miami Guar
Oct
6
14
2X
7X
7X
—
113*
273*
*
Kahn com
13X
20
50
Oct
22
*
Hobart A
400
3X
2X
16
Nov
Oct
10
113*
*
14
50 X
m ■»
' —"
—
Mar
5%
89*
9
22
89*
22
25
*
Hilton Donls pref
Aug
103* May
4
—
—
9
25
9
Formica Insulation
17 X
6
July
6
6
6
22
Gibson Art
Mar
49
1
-
*
$33* preferred
Oct
UX
— -
10
Manhatt-Dear'nCorp com*
43*
19%
lux
190
5
Aug
Oct
92
253*
Kingsbury Breweries cap. 1
La Salle Ext Unlv com...5
Lion Oil Refining Co com. *
Nov
300
ox
——
50
Le Rol Co com
IX
4X
150
200
4
4%
1
Llbby McN A Llbby...10
Lincoln Printing Co—
Common
*
12 9*
11
IX
45
Ken-Rad T & Lamp comA*
100
Oct
Nov
Jan
81
118
Early & Daniel
20 X
Kellogg Switch A Sup com *
6% preferred
Nov
7
0
Joslyn Mfg A Supply com 5
Kerlyn Oil Co cl A com..5
10
Jan
103
80
*
Jan
109*
100
118
*
Jan
Nov
Oct
80
.10
Eagle-Pic her Lead
43*
99
118
Dow Drug
Jan
68
180
50
-
143*
Oct
5
43*
*
Cln Telephone
Jan
Oct
94
270
Coca Cola A
13 9*
Oct
5X
5
80
96
95
High
Low
59*
120
73*
73*
73*
96
Week
7
7
5
17
— -
——
-
"17 X
Jefferson Electric Co com.*
Ky Utll Jr cum pref
4.50
523* May
Feb
27?*
100
12
4X
*
1
Nov
*
Cln Street Ry
14
-
Iron Fireman Mfg v t o
120
3X
40
107 X
21
106
21
Jarvls (W B) Co cap
Co com.,
109*
ox
■
100
Indep Pneum Tool vtc..*
Indiana Steel Prod com__l
Katz Drug
44 X
IX
-'
111 North Utll pref
—
150
UX
Hupp Motor com (new)__l
Illinois Brick Co cap
10
pref.
30
700
5X
10
_
7X
40
6X
Heln-Wern Mot Pts com.3
ox
5
Harnlschfeger Corp com. 10
Helleman Brew Co G cap. 1
Interstate Pow 87
7X
Jan
Shares
7
Cln Gas & Elec pref.. ..100
13
129*
20X
7
for
of Prices
Low
High
Price
♦
8
24X
23%
243*
Gossard Co (H W) com..*
[.Concluded)
Churngold
Cln Advertising Prod.
Godchaux Sugar—
Goldblatt Bros Ino com._*
Par
Week's Range
Sale
for
Sale
Range Since Jan. 1, 1937
Last
Range Since Jan. 1 1937
Last
Par
Sales
Friday
Sales
Friday
Stocks (Concluded)
3477
Chronicle
Mar
Jan
Ohio Listed and Unlisted Securities
Aug
July
Members Cleveland Stock Exchange
Mar
Jan
Jan
Nov
33**
JlllV
Oct
43*
Jan
■X
20
WOODcb
e ILL IS
Nov
30X
Mar
Mapes Cons Mfg capital..*
*
50
19
~10X
ox
10 X
3,300
9
Mer & Mfrs Sec cl A com.l
4
3%
4X
2,400
3X
Nov
Mlckelberry's Food Prod—
Common
1
2X
2X
650
IX
Oct
7X
2X
5X
Oct
15%
Jan
2X
1X
2X
12,260
2,450
3X
X
Oct
79*
Jan
X
X
3X
X
250
X
Oct
200
IX
Oct
13*
129*
Jan
3X
2X
2X
20
IX
Oct
2
2X
30
2
Oct
Middle West Corp cap
Stock
19
19
Marshall Held com
5
purchase warrants
7X
Nov
Oct
7
Feb
5
Jan
Union Trust Bulldlnf, Cleveland
A. T. & T. OLEV. 565 & 566
Telephone OHerry 5050
Midland United CoCommon
*
Conv
*
preferred A
6%
100
100
prior lien
7% prior lien.
Miller & Hart conv pref..*
Modlne Mfg Co com
•
Monroe Chemical Co com *
Montg Ward A Co cl A—.*
2
Nov. 20 to Nov. 26,
-
-
—-
_
.
Pictorial Paper
4
200
4
Oct
10
30
120
Nov
156
Feb
200
15
Nov
153*
23 X
400
X
21X
Nov
Oct
50
960
153*
363*
Feb
Nov
39*
Feb
18
X
19
Nov
58
Feb
2X
2X
150
143*
OX
15X
350
143*
Nov
1,100
5X
Oct
12
12
12
150
10%
Oct
16 3*
37
16X
10
163*
300
153*
Oct
293*
X
X
Oct
29*
Jan
Oct
243*
Mar
4X
Nov
Mar
X
Oct
73*
3X
4X
13 X
50
4X
------
Pack com.6
7
X
13X
------
4X
100
IX
2
Oct
250
IX
IX
Pines Wlnterfront com___l
11
ox
18
Feb
Sept
Jan
Mar
Feb
Public Service of Nor 111—
*
Common
preferred
7% preferred.
Quaker Oats Co com
100
100
*
6%
100
Preferred
Rath Packing Co com... 10
50
66
Oct
120 X
120
L2017m
1,380
104
Oct
Jan
993*
120un Nov
120 X
120
L20»u
360
105
Oct
122
60
86
Nov
140
121
—
-
—
—
—
—
—
75
-
75
50c
Common vtc._
6
6% pref vtc
*
Sangamo Electric Co
Schwltzer-Cummlns cap__l
Sears Roebuck A Co com.*
Rerrlck Corp cl B com
90
-
91X
135
135
135
163*
------
50
169*
Apr
Nov
10
—
2X
350
1
163*
450
10
2X
X
——
------
— —
80
11
11
75
75
*
.1
City Ice A Fuel
Controller
Cleve Cliffs Iron pref
*
100
July
Oct
Oct
100
Nov
21
11
129*
12 9*
129*
193*
183*
20
66
64
66
339*
163*
33 9*
15
35
17
243*
25
1,040
8
123*
Jan
Feb
403*
1013*
633*
Feb
145
Cliffs Corp vtc....
Federal Knitting Mills...*
18
Oct
475
58%
Oct
303
31
Oct
1,250
*
Foote-Burt
14
Oct
50
20
Oct
49%
Feb
8
8
10
8
Nov
22%
Feb
50
40
Nov
60
Jan
May
A..*
100
40
40
40
36
35
36
130
35
Nov
50
*
40
40
40
755
40
Nov
Mar
Jan
Kelley Isl Lime A Tra...*
Lamson A Sessions
*
16
16
16
Interlake Steamship
Leland
Electric..
Lima Cord Sole A
_*
Heel.-.l
5
53*
11
11
5
5
12 3*
Nov
50
27
Nov
20
100
20
163*
27
20
*
3
3
3
40
100
71
71
71
18
National Tile
49*
27
163*
July
Jan
304
27
Oct
20
29*
Feb
14
Oct
16
27
Feb
30
Oct
9
100
*
*
Feb
Nov
5
70
Medusa Portland Cement *
73*
16
240
5
McKee (A G) B
Metro Paving Brick
Mar
20
53*
McKay Machine
Mar
Mar
73 3*
Greif Bros Cooperage
Halle Bros pref
33*
363*
Oct
249*
Jan
150
373*
Cleveland Ry...
Oct
X
1
1,450
X
Oct
23X
12X
950
2ZX
Nov
12 X
100
ux
Oct
50
------
BIX
51X
450
50
7X
550
ex
------
Oct
Jan
83* June
26%
583*
Mar
Mar
Feb
60
113*
Mar
Nov
23*
71
Nov
85
Mar
25
49*
39*
49*
385
33*
Oct
12 3*
Feb
*
23*
23*
29*
485
2
Oct
10%
Mar
Mar
Jan
42
Apr
289*
Feb
Nov
98
Aug
Nov
143*
Mar
ox
17
150
17
Oct
40
Apr
25
Nov
35
Mar
273*
Mar
*
Preferred
30
25
25
10
14X
15
400
So Bend Lathe Wks cap. .5
South Colo Pow A com..25
Southw Lt A Pow pref
*
St Louis Natl Stkyds cap.*
Standard Dredge com
•
65
2X
3
Sept
35%
29*
31
35%
410
30
Nov
573*
Mar
93*
Apr
10
10
Setberling Rubber
S M A Corp
65
Oct
839*
Jan
Oct
2,800
2X
ox
Oct
Nov
Oct
4X
13 X
4X
50
4X
Nov
14X
250
ux
Oct
IX
IX
300
IX
Oct
X
X
250
X
Sept
IX
200
ix
Oct
------
16
IX
179*
------
37
37
Feb
Mar
29*
25
103*
150
10
Sept
4
Oct
103*
Apr
6
Oct
13 3*
Mar
29*
29*
Jan
19
43*
43*
43*
25
7
7
7
25
IX
20
339*
283*
153*
263*
43*
Mar
29*
69*
2
3
1,230
2
Nov
69*
69*
100
6
Oct
153*
23*
23*
23*
910
2
Oct
5%
63*
Feb
Nov
24%
Feb
Nov
40
Jan
Oct
Oct
_
19
20
Feb
14
110
21
Feb
17 3*
26
Jan
Jan
July
Watling, Lerchen & Hayes
Members
Jan
16
X
Weinberger Drug Inc.. _
*
2
*
Apr
2
37
18
Refining
Mar
July
90
800
Tool
Mar
180
250
*
Van Dorn Iron Works
5
New York Stock
Detroit Stock Exchange
Jan
DETROIT
Buhl Building
Feb
493*
New York Curb Associate
Chicago Stock Exchange
Exchange
Telephone: Randolph 5530
pref—.—*
80
------
Wisconsin Bank shs com. *
2
Woo da 11 Indust com
com..*
30
84
4X
4X
------
5
4X
200
4X
5
Williams Oil-O-Matlc com.
0
4,100
1,500
1,350
17 X
18 X
18 X
Nov
80
Oct
93
June
Feb
2H
4X
Nov
12
5
Nov
153*
Feb
Oct
439*
Aug
12 X
123*
Mar
Detroit Stock
Nov. 20 to Nov. 26,
Exchange
both inclusive, compiled from official
Last
Members Cincinnati Stock Exchange
Sale
Active
Trading Markets in
Par
Stocks—
Cincinnati and Ohio Listed and Unlisted Securities
Auto City Brew com
Price
Allen Electric
Baldwin Rubber com
Phone Cherry 6711—Bell Sys.
of Prices
High
Low
*
5,600
X
Oct
600
1,356
IX
5X
Oct
8
both inclusive, compiled from official sales lists
19
643
16
Oct
2 X
66
15
IX
4%
295
2
Oct
Range Since Jan. 1, 1937
Par
for
Week
Price
Shares
Low
5
5
59*
140
53*
..20
17
17
183*
119
16 9*
7
2
2
..8
5
For footnotes see page 3480.
5
2
53*
51
150
IX
4%
*
IX
Detroit & Cleve Nav com 10
Detroit-Edison
92
com...100
2
5
Oct
Oct
May
Nov
133*
363*
39*
8 3*
General Motors com
Goebel Brewing com
14 X
Oct
4X
Nov
200
78
2X
3
9%
3X
11 >6
1,060
IX
92
IX
Oct
Nov
Oct
35
7X
122 X
22
39*
UX
Feb
July
Feb
Jan
Jan
Mar
Mar
Jan
Feb
Mar
3% Mar
Jan
1453*
3X May
11
Feb
2
Oct
900
2X
Oct
10
165
8X
Oct
23
Jan
100
2X
Oct
119*
Feb
150
113*
Nov
21X
July
4X
Oct
19 X
Feb
Oct
70
Feb
Oct
8
Feb
665
3
63*
10
1
33 3*
32
6X
349*
4,193
33*
3
33*
2,990
6X
Nov
IX
180
1,400
11X
Fruehauf
Gar Wood Ind com
370
Nov
250
IX
2%
9%
3X
*
Federal Motor Truck com*
Feb
Feb
Feb
Feb
52 X
2X
Federal Mogul com
High
IX
96
2,174
IX
5
Detroit-Mich Stove com_.l
Detroit Paper Prod com._l
*
.
143*
Detroit Gray Iron com
Sales
of Prices
Low
High
56X
270
18
Crowley Mllnercom
Cincinnati Stock Exchange
Week's Range
Nov
20 X
2%
52 X
3
1BX
17 X
66
2X
Oct
19
Continental Motors com.l
Sale
High
Low
X
IX
com__.123*c
Chrysler Corp com
...5
Burry Biscuit
Tel. Cln. 363
Last
Week
Shares
3*
IX
Consolidated Paper com. 10
Friday
Range Since Jan. 1,1937
for
Burroughs Adding Mach. *
CINCINNATI
TRUST BLDG.
1
Brlggs Mfg com..
BALLINGER & CO.
UNION
Week'* Range
79*
3*
1
sales lists
Sales
Friday
Nov. 20 to Nov. 26,
Oct
73*
63* *Jan
203* May
3X
15X
IX
.1
Upson-Walton
.50
22 x
18X
*
1
1
Troxel Mfg
Warren
50
IX
18
Vlchek
900
------
Nov
Jan
2,450
•
*
11
Jan
17X
Walgreen Co common
Wieboldt Stores Inc—
70
7
13X
Wahl Co (The) com
13
75
23 X
....*
11
Oct
16 X
7
Viking Pump Co com....*
11
Oct
13 X
X
IX
34
Oct
Oct
22 X
6
67
Oct
3
2
16%
Utll A Ind Corp com
Convertible pref
Oct
173*
50
12
13X
13X
IX
283*
367
4
75
2ZX
------
5
18
4
20
15
Thompson (J R) com...25
Trane Co (The) com
2
Utah Radio Products com •
34
18
4
20
3X
25
International
34
18
_*
*
Peerless Corp
3
Reliance Electric A Eng..5
Richman Bros
*
66
78
-------
34
Patterson-Sargent
78
3X
3X
------
Convertible preferred..*
Swift A Co
Stocks—
Feb
209*
11
80
565
75
Clark
143*
Oct
5
11
Apex Electric Mfg pref. 100
Oct
IX
0
1
Common
Zenith Radio Corp
6
7% cum pref
National Refining
26
1
1
------
17
Cumul prior
0
0
125
ox
Airway Elect Appl pref. 100
Akron Brass Mfg..
*
Jan
1253*
Slgnode Steel Strap—
Preferred..
High
Low
Shares
Ohio Brass B
1
Common
Swift
High
163*
Rollins Hos Mills—
•
Par
Stocks—
Range Since Jan. 1, 1937
for
Week
of Prices
Low
Jan
Raytheon Mfg—
Reliance Mfg Co com... 10
Week's Range
Sale
Jan
150
6X
-
Last
Price
Jan
120
19
21X
*
Penn El Switch conv A.. 10
Jan
sales lists
Sales
Friday
Jan
463*
X
------
Parker Per. Co (The* com 10
Peabody Coal Co B com..6
89*
Oct
22
•
Northwest Eng Co com..
Oct
------
Northern Paper Mills com*
Northwest Bancorp com.
1
21
15
15X
Noblitt-Sparka Ind com. .6
North American Car com20
50
150
4
--
National Standard com..10
Natl Union Radio com_._l
2X
23X
120
4
Muskegon Not spec cl A..*
Mar
2X
—---
both inclusive, compiled from official
Feb
99*
0J4
23X
------
Cleveland Stock Exchange
Jan
Midland Utll—
32
2X
Jan
3478
Financial
Last
Graham-Paige
Week's Range
far
Sale
Par
of Prices
Low
High
Price
Range Since Jan. 1, 1937
Low
Shares
134
1,035
»i«
134
300
High
Oct
General Finance com
1
334
4
695
134
34
354
Hall Lamp com..
*
334
334
100
234
Hoover Ball «fc Bear com. 10
1034
1134
415
10
Oct
15
15
301
15
Nov
1034
1034
100
9
Oct
734
2,217
Oct
23
Grand Valley Brew com._l
»U
334
Hoskin8 Mfg com
*
*
Hudson Motor Car com..*
Kingston Products com..l
-
-
34
234
2034
134
------
1
1
10
534
Packard Motor Car com..*
434
Telephone: VAndike 2201
Feb
Feb
Oct
134
834
2934
629
16
34
Oct
134
Jan
Friday
150
234
Oct
934
Feb
Last
Week's Range
for
Sale
of Prices
Low
High
Week
75
19
1,467
2,000
2,400
Oct
134
34
28
June
54
Jan
Oct
Apr
Feb
Stocks (Concluded)
.*
Parke-Davis com
-
-
-
_
5
Reo Motor com
2
*
Rickel (H W) com
.
.
.
34
Oct
134
Oct
434
4
Oct
2034
Feb
General
7
7
7
100
3734
634
Nov
*
Oct
2754
6254
1554
4
Oct
1234
Feb
32
32
32
100
32
Nov
6834
Mar
28
Oct
Feb
654
634
654
500
354
Oct
Oct
Aug
North American Co
*
2154
2154
2154
200
1654
Oct
1734
3434
Jan
1054
4434
1934
Montg Ward & Co Inc—*
North Amer Aviation
1
234
Oct
534
Aug
Nov
634
Jan
Packard Motor Car
*
Nov
1234
Feb
1,990
30
11
Oct
Jan
Jan
Mar
Jan
Commonwealth & South.*
Electric
Tlmken-Det Axle
pref-.100
1,087
2
400
2
2 54
270
2
1,938
234
Oct
934
534
Feb
3 34
Feb
Sears Roebuck & Co
*
334
225
334
Oct
634
Jan
Standard Brands Inc
*
834
834
834
100
6,875
234
10234
Oct
1034
11154
Jan
United Corp (The)
U 8 Rubber Co
(Del).*
434
434
434
100
2434
4954
654
2434
4954
754
300
5
1
Wayne Screw Prod com..4
Wolverine Brew com
1
10
Feb
US Steel Corp
*
4954
Oct
8
Feb
Warner Bros Pictures Inc.5
654
July
Aug
6
450
5
Nov
13
334
Oct
11
654
900
5
100
51
51
5
100
Feb
Feb
Feb
Jan
Oct
1254
Nov
6634
Oct
Nov
16
Jan
Oct
8
Jan
Nov
2434
4954
534
100
Mar
Jan
30
Nov
Nov
11754
July
Oct
1754
Feb
Feb
2734
500
834
Jan
425
------
Warner Aircraft com
2434
Oct
134
534
------
34
------
234
54
3
34
34
34
100
2734
Nov
3834
434
Oct
934
Feb
134
Oct
834
Mar
785
54
234
Oct
154
734
Jan
1,100
534
2
100
1,175
534
2
*
B
*
2
10
5
634
51
3,575
2734
2734
*
Universal Cooler A
634
51
4,249
5
mm
------
10
U S Graphite com
Radio Corp of America—*
5
Jan
Oct
3
Oct
5
434
Nov
834
334
10634 10634
334
434
134
134
134
*
*
100
334
------
Union Investment com
234
1054
234
334
434
United Shirt Dist coin
100
200
1,240
200
234
1
3954
Oct
2
3
1
*
134
3
334
Tlvoli Brewing com
Co
& Tel
334
1054
1054
3954
100
154
334
1054
3954
11
------
Tom Moore Dist com
1
Curtlss-Wrigbt Corp
Electric Bond & Share...5
154
154
334
234
_
High
800
3,072
------
1
Standard Tube B com
Low
520
634
-----4.
River Basin Paper com
Range Since Jan. 1, 1937
Shares
34
5
234
Prudential Investing com.l
Price
134
30
------
-
Penln Metal Prod com—1
Par
Sales
234
134
234
134
ht
1
mternat Tel
Parker Wolverine com—*
ANA
Feb
Nov
Teletype: LA 477
SANTA
FRANCISCO
SAN
Feb
Oct
EXCHANGE
SPRING STREET.LOS ANGELES
650 SOUTH
July
Co.
&
STOCK
ANGELES
LOS
200
434
Murray Corp com
MEMBERS
V,
34
134
534
34
134
Feb
234
2034
134
34
Michigan Sugar com
*
Mid-West Abrasive comSOc
Jan
22
June
2
34
ht
7
1634
16
—
Oct
34
Revel Miller
Feb
Nov
1,250
2 34
234
-
------
Masco Screw Prod com.__l
McClanahan Ref com
-
-
.
McClanahan Oil com
-
-
500
34
------
Lakey Fdy <fe Maeh com
1
Mahon Co (R C) A pref..*
.
—-
-
..10
1
Klnsel Drug com
7
734
«»•
Hurd Lock & Mfg com___l
Kresge (S 8) com
—
——
434
234
534
Oct
STOCKS
BANK
ANGELES
LOS
Feb
22 34
2734
4
134
Houdallle-Hershey B
1937
27,
Week
1
com
Nov.
Sales
Friday
Stocks (Concluded)
Chronicle
600
34
July
Oct
Feb
Established 1874
Deliaven
Feb
fit Townsend
Members
Feb
New
York Slock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1013 Walnut Str.et
30 Broad Street
Wm.Cavalier & Co.
MEMBERS
New York Stock Exchange
Los Angeles Stock
Exchange
Nov.
20 to Nov. 26,
both inclusive, compiled from official sales lists
San Francisco Stock Exchange
Los Angeles
523 W. 6th St.
Philadelphia Stock Exchange
Chicago Board of Trade
Friday
Par
American Stores...
Nov. 20
to
Angeles Stock Exchange
Nov. 26, both inclusive,
Sales
Friday
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Price
Co.,.1
Bandlnl Petroleum
Range Since Jan. 1, 1937
Week
334
Low
High
334
334
Low
Shares
1,100
Oct
Cons__l
45c
45c
45c
800
35c
134
1
134
400
6234c
Oct
Barnhart-Morrow
Jan
Feb
Lehigh Coal <fc Navigation *
Lehigh Valley
50
Mitten Bk Sec Corp pref_25
Natl Power & Light
*
Pennroad Corp vtc
1
Feb
Pennsylvania RR
50c
50c
50c
100
50c
234
234
400
1.10
Oct
5c
5c
5c
500
4c
Sept
13c
20
In vestment... 100
1.40
Chapman's Ice Cream
Chrysler Corp
..25
Farmers & Merch Nat.100
1.40
55
100
200
53
Nov
Nov
Nov
300
100
4
Oct
534
Jan
300
9
9
5
5
5
434
434
434
72
934
854
954
8,200
75c
75c
80c
600
390
1 40
Oct
834
390
20
654
754
754
9
•
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
General Motors
120
734
Consolidated Oil Corp
Creameries of Amer v t c.l
District Bond Co
1.40
53
53
6
Claude Noon Elec Products
22
20
390
70
Oct
Philadelphia Traction...50
390
Nov
3234
Nov
534
534
200
5
Oct
2134
500
18
Oct
16c June
460
70
Low
High
3,933
7
Nov
1,163
14054
Nov
10
40
203
5
454
5534
2 6 34
Oct
112"
May
Feb
2654
18734
Jan
43
Mar
Mar
12734
1454
165
234
Oct
432
254
5254
Nov
13454
Mar
Jan
165
Oct
Jan
13
Feb
872
2^54
Feb
4454
665
3154
334
Nov
7034
42
Nov
1334
Jan
60
3334
334
634
434
Oct
2434
Mar
Oct
1
Oct
534
5
Oct
1454
Jan
4,110
234
Oct
554
Apr
1,974
1954
10954
3034
254
234
Oct
Mar
Nov
5054
11734
3554
Oct
1354
Jan
Nov
1634
Feb
484
327
85
898
476
652
Oct
Feb
Feb
Apr
Feb
Feb
Salt Dome Oil
Corp
11
1
10
Jan
Feb
3034
1134
2734
72 34c
Mar
Jan
Aug
Jan
19c
4,800
Lincoln Petroleum Co.. 10c
15c
15c
16c
4,600
10c
Oct
60c
654
634
734
800
534
Oct
1634
Feb
*
33*4
1124
Preferred
*
...
Westmoreland Inc
*
19c
Corp-.l
Los Angeles Industries Inc
2
234
154
234
154
154
Oct
654
Feb
1
234
154
1,500
Menasco Mfg Co
200
90c
Oct
454
585
3 3 34
12
5,737
1034
539
534
2254
Oct
30
3
Oct
3534
Aug
756
3
134
Oct
Feb
Oct
754
834
80
154
25
4054
Jan
1734
11434
1434
Jan
834
9 34
377
9
225
854
Oct
11
86,000
53$
Oct
1634
103
834
Jan
Oct
Oct
854
10034
854
9
104
Jan
105
331
Oct
Oct
Jan
Jan
10c
10c
10c
5,400
lc
Jan
1.00
1.25
290
60c
Oct
Feb
23c June
1.25
.*
Bonds—
Jan
Mid-Western Oil Co... 10c
W estmorelan dCoal
434
30 34
4 34
__*
Corp com
Preferred
United Gas Improve com.*
2534
Feb
Lockheed Aircraft
United
3
50
11
2534
234
334
Scott Paper............*
534
18c
Mar
Union Traction
Oct
Klnner Air & Motor Ltd.l
354
Mar
8
21
"31 k"
Mar
100
2134
Phlla EJee of Pa $5 pref— *
Phila Elec Pow pref.
25
Shares
134
134
734
834
234
234
2034
2134
11434 11534
3034
3134
4
334
3
234
134
8J4
Phila Rap Transit 7% pf 50
154
8
*
6
634
234
Jan
Feb
1934
8
Hancock Oil Co A com
7
334
634
Feb
Oct
8
1,000
1234
1754
3134
2134
Oct
33
3434
434
135
24 34
2534
50
50c
10
3234
43
Feb
Jan
7
Gladding McBean & Co..*
Globe Grain & Milling..25
com
■
4
5234
10
Apr
234
Central
4%
*
90c
Buckeye Union Oil v t c..l
Nov
Budd (E G) Mfg Co.—
Budd Wheel Co...
Range Since Jan. 1, 1937
for
Week
934
14054 14834
15
1534
11554 117
Bell Tel Co. of Pa pref.,100
General Motors
Bolsa Chica Oil A com.. 10
_
14434
Range
7
10
Jan
354
234
754
Warrants
100
Barber Co
934
Oct
Berkey & Gay Furniture. 1
Price
854
Chrysler Corp
-.5
Electric Storage Battery 100
High
234
of Prices
Low
High
*
American Tel & Tel
compiled from official sales lists
Week's
Sale
Stocks-
Los
Sales
Last
Teletype L.A. 290
Mar
Mills Alloy Inc A
*
234
*
15c
15c
15c
100
11c
AUg
50c
Feb
Mt Diablo Oil Min & Dev 1
5734c
5734c
60c
700
50c
Oct
9754c
Apr
5
15c
15c
15c
1,000
13c
July
45c
Feb
.1
1.05
1.05
1.05
200
70c
Jan
2.00
Mar
40c
El & Peoples tr ctfs 4s 1945
Mar
B
Nordon Corp Ltd
H. S.
EDWARDS fit CO.
f
Member*
Oceanic Oil Co
__1
20c
20c
20c
2,000
16c
Sept
Pacific Clay Products
*
634
634
634
100
634
Oct
Pacific Distillers Inc
1
45c
45c
50c
800
45c
Nov
Pacific G & E 5 34 % 1st pf .25
Pacific Lighting com
*
2534
2534
26
200
2534
36
36
36
200
36
Nov
*
9854
9854
9854
Nov
13
13
13
Olinda Land Co
Oct
Republic Petroleum com.l
434
434
434
2,300
9854
1234
254
Richfield Oil
5
454
5
2,600
434
Oct
1.25
Oct
6%
preferred
Pacific Western OH
10
*
com
Warrants
75
100
134
Roberts Public Mkts lnc.2
Ryan Aeronautical Co_._l
Samson Corp 6% pref--.10
134
134
100
434
134
434
434
134
254
100
234
134
234
100
400
Signal Oil & Gas Co A...*
Sontag Drug Stores
*
22
22
22
100
9
9
9
300
So Calif Edison Co Ltd. .25
21
21
2,100
Original pref
25
6% pref B.
534% pref C
25
..25
25
6% pref A
4
154
2854
5254
107
2854
1354
1054
354
954
334
Oct
234
Nov
Tel. Oourt-6800
120
Jan
BROADWAY, NEW YORK
Jan
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Apr
Feb
May
Pittsburgh Stock Exchange
July
Jan
Nov. 20 to Nov. 26,
Feb
48
both inclusive, compiled from official sales lists
Nov
1434
Feb
Friday
Last
Week's Range
for
Jan
Sale
of Prices
Low
High
1954
3534
2634
2354
Shares
28
28
19
Oct
3234
Jan
3534
55
3434
Oct
41
2634
200
Oct
200
2934
2834
Jan
24
Mar
Arkansas Nat Gas pref. 100
100
2554
2354
2734
1754
2834
31
Aug
Armstrong Cork Co
*
Nov
6254
Mar
Blaw-Knox Co
*
Oct
Feb
Byers (A M) common
*
1
Southern Pacific Co... 100
1734
1734
1834
Standard OH Co of Calif--*
29
29
30
Sunray Oil Corp
Superior Oil Co (The)
Transamerica Corp
1
25
35
•_*
Union OU of Calif.
Universal Consol OU
800
Nov
Oct
Par
Stocks—
Allegheny Steel
Price
1634
common.
Oct
49 54
5
30
36
1,400
2934
Oct
55
Mar
1034
1034
11
2,500
954
Oct
Aug
25
1934
19
1954
3,800
1754
Oct
1654
2834
Feb
Devonian
10
634
654
654
100
Oct
1854
1
634
254
634
254
654
200
5
Oct
3
300
254
1334
534
July
Apr
June
6
Wellington Oil Co
Yosemite Portl Cem pref..
254
Range Since Jan. 1, 1937
Week
1,400
254
100
2
5
Nov
Feb
Carnegie Metals
Oil
6
300
Low
1434
High
Oct
43
Mar
Nov
6
1034
Jan
Oct
Oct
70 34
Mar
2934
2134
Mar
134
3634
934
60
134
334
3,300
90c
Oct
4
200
304
Oct
Oct
854
934
334
434
2034
Jan
18
834
80c
12 34
I
157
490
3134
934
534
Oct
July
Feb
Feb
19
363
17
Oct
26
Feb
9
110
5
Oct
41
July
80c
600
60c
Oct
134
Jan
2134
128
1834
Oct
5834
Mar
75
Jones & Laugblln St'l pf 100
80c
2034
Harb-Walker Refrac com.*
Minlng—
414
3334
ill 34
934
134
334
10
Follansbee Bros pref...100
Fort Pitt Brewing
1
1834
834
Clark (D L) Candy Co—*
Columbia Gas & Elec
*
254
Sales
Feb
28
3534
2634
2354
PITTSBURGH, PA.
A. T. <fc T. Tel. PItb-391
Mar
654
Nov
834
SSS (A»oc<«e,
BANK BLDG.,
May
Mar
Oct
Oct
UNION
Feb
Oct
1.35
22
18
Mar
75
5
100
Nov
75
10
107
Sept
16c
1534c
16c
3,000
12c
Oct
<
Oct
11134
Calumet
Gold
Mines.. 10c
134c
134c
134c
3,000
lc
Mar
4c
Feb
Lone Star Gas Co
*
734
734
431
Oct
Jan
Gold
Mining.__1
20c
20c
400
20c
1434
Cardinal
20c
534
Sept
8234c
Feb
McKinney Mfg Co
*
1
Oct
Imperial Develop Co._25c
Tom Reed Gold Mines..1
2,000
434
Feb
3c
134c
Jan
9c
Feb
Mesta Machine Co
5
134
3534
300
3c
134
3c
65
35
Nov
Mar
31c
31c
32c
7234
3,100
30c
Oct
48c
Jan
Oct
534c
434c
534c
2,000
434c
Nov
1234
Zenda Gold Mining Co...l
15c
Jan
Oct
10
Blk Mammoth Cons Mln 10c
39c June
Koppers Gas & Coke pref 100
Mountain Fuel & Supply
Nat Flreprooflng Corp
Preferred
1254
*
234
for footnotes see page
Brewing
10
5
*
1
Unlisted—
Amer Rad & Std Sanitary *
3480
1234
234
12 54
300
234
100
12
134
10234 10234
35
'
Pittsburgh
Cities Service Co
102 34
Oct
2934
Feb
Oct
554
Jan
*
Pittsburgh Forging
1
Pittsburgh Plate Glass. .25
534
2
234
2234
534
80
534
234
254
2234
534
8134
188
260
334
134
234
300
22 34
Nov
534
Nov
2,500
230
60
80
Oct
Nov
834
Feb
Jan
Mar
Feb
50
Feb
27
Feb
14734
Feb
Volume
Last
(Concluded)
Price
Par
Plymouth Oil
734
Reymer & Bros com
San Toy Mining Co
1
Standard Steel Spring
*
Oct
29 X
Apr
Oct
2 X
Nov
4X
Mar
May
2c
Jan
4c
Jan
985
Oct
80
2 X
9
Oct
12
100
23 X
Oct
61X
3
1
2
9%
9%
31
31
Mar
10.900
2c
2 *4
Shamrock Oil & Gas
12 X
170
2c
2c
United Engine & Fdry__.5
4X
30
2
2
*
1
660
1,300
1
1
19 X
Oct
17*4
1
Stocks
High
Low
Shares
834
16*4
5
Co
Jan
7%
Oct
*
4434
44%
100
40
Oct
23X
25%
924
1'8
Oct
56 X
89
Nov
Mar
Sept
56
Westinghouse Air Brake.. *
163 X
Vanadium Alloy Steel
for
of Prices
Week
Week
Pittsburgh Screw & Bolt.*
Renner
Week's Range
Sale
for
of Prices
Low
High
177
92*4
89
Westinghouse El <fc Mfg.50
Feb
Jan
(Concluded)
Par
8
9
440
24
65c
85c
9,180
37*4
37*4
37*4
16
16
16
10
Home F&M Ins Co
Honolulu Oil Corp
Hunt Bros
*
10
Langendorf Utd Bak A...*
*
inc....l
...1
10
New York Curb (Associate)
Chicago Board of Trade
New York Stock Exchange
St. Louis Stock Exchange
Paauhau Sugar
534% pref............25
*
6% preferred....
*
St. Louis Stock Exchange
Nov. 26, both inclusive, compiled from official sales lists
Nov. 20 to
Week's Range
Last
Sale
Par
Stocks—
'L
m
Dr Pepper
430
150
490
35
8
28%
{V,i
«• -
«...
20
24
Oct
Oct
Oct
Jan
Oct
Oct
39*4 May
Mar
6
48
Feb
125
June
Mar
1134
4034
•
mm.
Preferred........... 100
Nov
6
13
50
13
Nov
23
July
45
100
45
Nov
57
July
8
20*4
55
1H
d
*
Laclede-Christy Clay com *
1*4
Rlieem Mfg Co com
__1
*
Richfield Oil Corp com
Roos Bros
Shell Union Oil
Sound view Pulp Co com. .5
So Cal Gas Co 6%
pref. .25
100
Southern Pacific Co
Standard Oil Co of Calif..*
30
12*4
Transamerica
"2534
10
Jan
Victor Equipment
33
Nov
4934
834
1034
Nov
Nov
16
Feb
21
Aug
230
11
Nov Y 22
552
12
70
10
11*4
15
31H
v
Oct
.1941
"56 "
23
Mar
'
3234
*
United Rys
4s c-ds
Oct
1,342
534
2
Oct
634
4*4
Y
40
2934 Nov
58
Nov
Nov
2234
2634
23
Nov
70
May
50
110
Nov
40
5
Oct
,
9*4
Oct
5
2,930
4
Oct
1934 June
10*4 May
17
300
15
Oct
33
1,420
1*4
373
1
Oct
3*4
150
2
Oct
15*4
23*4
28*4
18*4
30*4
1334
134
334
15*4
19*4
28*4
1734
2934
12*4
437
1,360
4,315
150
150
830
Mar
30
34
150
30
Nov
5
Oct
20
100
Nov
102
Aug
Members: NewYork
20
854 Nov
11734 June
12
Mar
cisco Curb
128
Mar
30
29*4
1154
49%
5
Oct
19
Oct
$1,000
72
Nov
91
Jan
1,000
56
Nov
102
May
23
25,000
22
Nov
3434
Stock Exchange; San Fran¬
NewYork Curb Exchange (Assoc.)
Teletype S. F. 138
Stock Exchange: San Francisco
Exchange; Chicago Board or Trade;
Direct Private Wire
Mar
10
,442
Feb
Francisco Curb Exchange
compiled from official sales list
26, both inclusive,
Nov. 20]to Nov.
Jan
& Co.
Private leased Wires
BONDS
Beverly Hills
Ppscdena
long Beoch
Sales
Friday
Par
Range Since Jan. 1,
Sales
Alaska Juneau
10 A-ll*4
Gold
8 F2Q V 16
3
Inc—Iff
Anglo Calif Nat Bk of
Assoc Insur Fund
8
Eng—*5
534
Bishop Oil Co
-.5.
20
Calamba Sugar com
20
20
7% pref...—.20
%
Callf-EngeLs Mining.
1 '«•>
Atlas Imp Diesel
>■
100
Calif Packing Corp com..*
Preferred
.50
Calif Coiton Mills com.
Caterpillar Tractor com..*
Chrysler Corp........i_5
Cst Cos G & E 6% 1st pflOO
Cons Chem Indus A
*
Inc._l
Bk._100
Zeller Corp com—5
Creameries of Amer
Crocker First Natl
Crown
3
725
2
Oct
8
552
4
Oct
25
Feb
434
5*4
740
434
Oct
10
Feb
20
20*4
290
20
Oct
20
20
475
20
Nov
3234
2334
134
46*4
48*4
'* 190
229
Alaska Treadwell
Jan
50
30
4934
Nov
40
41
661
40
Nov
720
53
Nov
20
100
Oct
30
290
29
Nov
5
480
3
Oct
320
20
320
Apr
327
Nov
Oct
25
Apr
56
101*4
29
5
320
25
53
56
101*4 101*4
29
4*4
320
9*4
64
3*4
25
8,912
68*4
900
64
4
630
27
260
2*4
2234
5
10c
7c
50c
50c
143 %
1
71c
American Toll Bridge
36
7034
27%
7034
27
29
5
53
99*4
Feb
Aug
Feb
Mar
106*4
Mar
634
Cardinal Gold
z
Central Eureka
Preferred
_
1
10
.......
1
...1
1
Cities Service
Columbia Rivei Packer
Electric Bond &
Apr
May
2
General Metals
1,475
5
1734
9*4
"2 34
— -
.1
1
1
2 Klnner Air & Motor —1
Kleiber Motors
10
M J & M & M Consol
1
Mountain City Copper. . 5c
Olaa Sugar Co
—20
Ono mea 8 ugar Co
20
Italo Petroleum
Preferred...
17*4
Mar
2
Oct
59
Mar
Nov
9
Sept
Pacific Port
Nov
27
Oct
490
27
Oct
36
70
35
Nov
73
230
6934
710
27
24*4
47*4
Park-Utah Mines
America
Radio Corp of
Riverside Cement A
Mar
Schumacher Wall
Mar
Sherwood Swan
Oct
18
18
90
1634
Oct
22
34
1,911
32*4
Nov
7034
Feb
Shasta Water
Brdjpref.
Co com
100
534
14%
m
6
7,236
15
340
20
8X
50
900
141
55c
12
1.80
8
3*4
3*4
13*4
8*4
10
Oct
97c
Feb
Nov
2734
Feb
Oct
11.50
Jan
Oct
18*4
Mar
Oct
13
Mar
Oct
Oct
Nov
Oct
13*4
Jan
31
Aug
2534
Feb
82
Feb
1.50
1.70
3,200
40c
Jan
1.90
Mar
1.65
350
40c
Jan
1.90
Mar
1*4
IX
2%
1,039
534
Jan
lX
380
70c
Jan
3*4
Mar
4.00
100
3.00
Mar
5.26
Mar
9
535
450
8*4
2%
6*4
Nov
3X
17*4
8*4
28*4
Mar
37*4
Nov
"7%
7%
600
1%
7
61
61
5
50
35
35
5
34k
Oct
Oct
Oct
Oct
Oct
Nov
6434
1034
Apr
Jan
Feb
Oct
79
July
48*4
Mar
Mar
63c
70c
850
Oct
1.60
2.00
2.00
80
1.40
Jan
2.00 May
3.60
Apr
50c
734
Jan
5.00
4.90
5.25
1,650
50c
50c
60c
2,350
45c
Oct
1.85
Mar
9%
277
5*4
Oct
15*4
Feb
'36c
36c
43c
1,048
30c
Oct
1.25
Mar
2.20
2.00
2.45
2,883
1.45
Oct
7*4
Mar
10c June
72c
16c
16c
12
20c
12
2,700
800
"28c
25c
29c
14,150
534
4*4
5%
2,440
7
7
145
10
24c
Oct
Oct
Oct
434
6k Sept
36*4 Nov
36%
20
200
1.20
6X
1.30
45c
50c
950
40c
2.00
2.00
25
2.00
Nov
50
1.20
1
Jan
3234
700
25
100
Feb
18
40
4 *4
U%
Cement...100
Pref ei red
Mar
m
37%
Packard Motors
42
32*4
Oct
Jan
4.00
50
10
46
July
5
340
434
Oct
2X
300
2
Oct
6%
1,058
Oct
8%
150
9X
5%
100
534
634
9k
5*i
ex
Aggregates.. 10
Mar
60
10X
Pacific Distillers
Pac Coast
Jan
600
m
4%
6%
Internat'l Tel & Tel
Oct
Aug
186*4
37X
7X
.20
1
1
Idaho-Maryland Mining. 1
Apr
85c
Oct
11*4
Holly Development
Intel nat'l Cinema
Sept
336
725
Holly Oil Co
2
Feb
40c
650
12
m
3%
-
...
Hawaiian Sugar Co
NOV
50c
—
Gt West Elec Chem com...
2
Feb
3.10
Jan
1.60
1.70
1
Share—5
General Electric Co
50c
Jan
4.00
—
Claude Neon Lights
Jan
6c
19
5%
15
1
Calif Art Tile A
z
10834
Nov
96*4
57*4
3480
Mar
125
46
4 *4
Amer & Foreign Power
.
75c
10c
45c
1,600
4.00
Mining...—-.5
6
Atlas Corp com
Bancameriea-Blair
71c
High
200
'
12
Anglo Nat'l Corp....—
Argonaut
14134
55c
147
Y
Low
700
20c
10c
1937
Week
1.80
Anglo Amer Mining
Amer Tel & Tel
...100
Pacific Clay Prod
36
5
834
10*4
Fireman's Fund
Mar
49*4
Fireman's Fund
For footnotes see page
Mar
41
Oct
310
Indem._10
Insur...25
Food Mach Corp com—10
Foster & Kleiser A pref. -25
General Motors com
10
Mar
50
Oct
12c
1.55
Feb
22
11
22
250
4%% cum pref w
Oct
275
5*4
Corp. *
W...50
Oct
•930
17*4
11*4
29*4
Emporium Capwell
34
1,200
1734
1034
27*4
*
*
934
15*4
*4
13*4
%
1734
1134
27*4
Doernbecher Mfg Co
Feb
8
11*4
16*4
22
3%
Eldorado Oil Works
Oct
3
16
Shares
Price
Curtiss-Wright Corp.___.l
15%
3134
7*4
11*4
for
of Prices
Low
High
Consolidated Oil...——
High
Low
12
45.*
rlQ9
Week
Shares
22
Fruit com...i. 10
S3 preferred
High
13*4
10*4
66*4
Pi ef erred
Di Giorgio
of Prices
Range Since Jan. 1, 1937
Week's Range
5
-.26
Alaska Mexican
z
Francisco Stock Exchange
26, both inclusive, compiled from official sales lists
San
for
STREET
OFFICE; 25 BROAD
Mar
56
Low
Jan
(Hanover 2-9050)
Bunker Hill-Sullivan..
Sale
64
Street, San Francisco
133 Montgomery
NEW YORK
June
BoardofTrade
New York Curb Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
San Francisco Seattle Tacqmo Portland NewYork Honolulu Los Angeles
Price
Jan
Feb
Mar
40*4
STRASSBURGER & CO.
195
534
Members: NewYork Stock Exchange, San Francisco Stock Exchange, Chicago
Par
July
32
Alaska United Gold
Stocks—
Mar
18*4
.50
83
Week's Range
Oct
19
Oct
75
Nov
Dean Witter
Last
28*4
Nov
350
Nov
Friday
Sept
Oct
Stocks—
Nov. 20 to Nov.
Feb
Oct
11
Stockton ;Fre»no
Aug
28 34
434
10*4
3534
10
3934
275
275
Last
Sacramento
16*4
Oct
17
290
Sale
Oakland
Feb
5
Oct
Nov
Mar
Mar
72
MUNICIPAL AND CORPORATION
Oct
Nov
16
70
22
Nov
Nov
Apr
Apr
1234
Feb
33*4
6934 July
30*4 Aug
6534 Mar
Feb
49*4
21*4 June
275
10
56
1*4
9*4
17*4
1,251
11
10*4
3934
Oct
Nov
Mar
7*4
^
5
50
6
6X
11
11,429
19*4
20*4
634
20%
Oct
686
70
11
19
28
6,435
1*4
1X
10*4
15*4
19*4
27*4
1734
.
940
6
25*4
Jan
13*4
18*4
70
23
Apr
17
13%
13*4
100
Feb
50
1734
Yellow Checker Cab A
Mar
116
23
110
8%
8%
120% 121
Feb
1834
1334
Mar
11
23
9%
Jan
87
Mai-
15
65
6%
Jan
152*4
Nov
31
70
Jan
Jan
24
Oct
2*4
300
Jan
7*4
Oct
1134
929
18
Jan
107
Mar
10
72
Scullin Steel 6s
98
275
San
*
30
100
Steel Co. 10
Wells Fargo Bk & U Tr.
Western Pipe &
740
:
Walalua
pref—5
Agricultural Co.20
Bonds—
St Louis Car 6s extd
Oct
Oct
33
1*4
25
6
1
15
3534
32*4
2934
5334
Jan
985
100
1034
19*4
2034
6%
10*4
3934
*
Corp.___.-2
Thomas-Allec Corp A
25
100
121
2734
2534
Oct
212
324
16
334
15*4
2334
28*4
17*4
*
com
Universal Consol Oil
70
*
S'western Bell Tel pref. 100
Jan
11*4
4*4
134
Union Sugar Co com.:
6%
5%
11
Jan
38
31
17
..1
com
Schlesinger Co (B F) com.*
Preferred
25
Union Oil Co of Calif
110
Scruggs-V-B Inc 1st pf. 100
Scullin Steel pref..
*
Securities Invest pref.. 100
22*4
Oct
27*4
25*4
38*4
4*4
4*4
31*4
13*4
4*4
Jan
12*4
*
*
Nov
5
*
.1
50
Feb
15
23
Jan
10
23
Oct
Feb
11*4
100
18
200
1034
27
Nov
3%
15
Oct
Nov
15%
12*4
Oct
9*4
5
Nov
15
4*4
70
'
35
Nov
29%
12*4 May
575
Apr
Mar
4,518
13
113
Nov
McQuay-Norris com
*
Meyer Blank com
*
Mo Ptld Cement com...25
Natl Bear Metals com. i
*
17*4
27
120
Petroleum.
Jan
Oct
Oct
671
•
211
32
Oct
934
555
50c
14%
29%
Mar
35
3
"ii%
Feb
16*4
122
10
9
13*4
5
Ry Equip & Rlty com
Oct
Oct
Nov
35
50
10*4
10
Nov
12
443
13K May
Oct
113
25
33%
Feb
35
50c
8%
..10*4
Jan
28
115
3
Laclede Steel com...... 20
..
10
20
Jan
5
108
*
com
8%
11
ibx
430
1,300
Jan
Feb
Oct
6*4
6*4
9*4
2034
1,405
Jan
Feb
Nov
8
705
Feb
Nov
*
(Non-vot) pref
Paraffine Co's
50c
'
*
*
20
16*4
634
99
%
9734
1134
1,045
Feb
13
33
International Shoe com—*
Oct
18
3
....
-
5
Feb
16)4
4*4
45*4
16*4
Oct
2,720
T3*4
23X
1034
4%
1734
Super Mold Cor of Calif. 10
Apr
45
8K
-.5
Wagner Electric com
24*4
2%
19*4
118*4
4*4
Feb
1
IX
J
+
430
29
8
2m
Hydraulic Pr Brick com 100
Sterling Alum com....
Feb
3*4
8
Hdssmann-Ligonier com.. *
Pref ser 1936
50
Sfeloff Packing com
Jan
9
23%
3X
Ham-Brown Shoe com.--*
Rice-Stix D Gds com
37
Nov
121*4 121*4
-
*'•
National Candy com
Nov
4
143
27
22
—
-
Gr!esedieck-W Brew com.*
Preferred
22
100
4
5
Key Co com
Knapp Monarch com
49*4
22
27
com—.__*
Ely & Walk D Gds lstpf 100
Falstaff Brew com
_1
Huttig S & D com
25
Nov
36
22
"27 "
Coca-Cola Bottling com__l
Columbia Brew com
Nov
35%
343
37
Sou Air L pref..-10
14
Aug
7
Nov
897
934
7*4
8*4
36
134
2,341
14
27*4
25.14
5
534% Pref
Aug
20
20
35%
■Wm-
22
...1
Burkart Mfgcom..
Chic
«.
«
Pac Pub Sor(non-vot) com*
Republic
High
Low
Shares
4
...__*
Brown Shoe com
High
20
20
*
American Invest com
Range Since Jan. 1, 1937
for
Week
of Prices
Low
Price
200
Pacific Tel & Tel com.. 100
Sales
Friday
134
1634
7*4
1*4
9734
10
,
27*4
2534
3834
9934
25
6% 1st pref....
Oct
25
1034
Pacific Lighting com
10
13
27
Telephone Central 3360
670
6
634
Pacific G & E com......25
Oct
11
1034
13
15
Mar
Oct
*4
Oct
16
Pacific American Flshcries5
St. Louis, Mo.
315 North Fourth St.,
*
B
Chicago Stock Exchange
4434
3134
4*4
16
2
23M
16
Oliver United Filters A—*
Nov
34
315
9734
11*4
8*4
6*4
8*4
1234
834
734
8*4
12*4
2334
1034
O'Connor Moffatt AA_.„*
Nov
134
1
14
.10
40
100
Sept
1.40
3
6
1*4
9734
Feb
3634
1*4
14*4
'
Apr
Nov
10
134
1534
6*4
Feb
Oct
65c
100
1*4
2*4
134
2*4
1034
10
com..,
Preferred
12
Jan
22
347
24*4
76c
Occidental Insur Co
i
Oct
11*4
Nat Automot Fibres (new)*
MEMBERS
Oct
24*4
Natomas Co-___.„.——*
North Amer Oil Cons
10
Enquiries Incited on all
Southern Securities
Oct
2*4
*
Meier <fc Frank Co
Mid-Western and
8
1,258
4
*
Marchant Cal Mach com.5
1874
485
18%
3134
8*4
Hale Bros Stores Inc
(I) Mangin & Co 6% pf 100
Established
Oct
Hawaiian Pineapple
Rights
High
!
7
3*4
11*4
24*4
4
Magnavox Co Ltd.....234
I. M. SIMON & CO.
Low
444
7*4
834
7%
8*4
.*
Golden State Co Ltd
LeTourneau (R G)
Lockheed Aircraft
ST. LOUIS MARKETS
734
com..*
Gladding McBean & Co..*
—•
Shares
High
Low
Price
General Paint Corp
B
Business
Range Since Jan. 1, 1937
Last
Range Since Jan. 1, 1937
Week's Range
Sale
Sales
Friday
Sales
Friday
Stocks
3479
Chronicle
Financial
145
6*4
4%
2X
6*4
6)4
9X
5X
28
28
400
50
5
6
90c
25
50
Feb
Mar
63c
Feb
17*4
1734
Mar
50
Mar
Jan
Feb
Oct
1834
Oct
4.15
Oct
1.80 May
8*4
60
12*4
8
Jan
Feb
Feb
Feb
Feb
Jan
Nov
12*4
20*4
Mar
Nov
27
Mar
Oct
10
May
Oct
41*4
Jan
3480
Financial
Chronicle
Nov.
Toronto Stock Exchange—Curb
Nov. 20 to Nov. 26, both
Schwabacher & Co.
York
New
Slock Exchange
Sales
Broadway, New York
Stocks—
Cortlandt 7-4160
Private wire to
offices In
own
San
Francisco
Los Angeles
-
Par
Blssell pref
Brett Trethewey
—
Del
—
Monte
Friday
Last
Par
Price
•
■
.
Hollywood
Hills
Beverly
-
Range
of Prices
Low
High
for
of Prices
Low
High
Week
Price
55
1
*
Malting
Range Situ* Jan. 1 1937
for
Central Manitoba
35
Shares
Low
...1
..25
5% % pieferred
6% preferred
z
448
24
378
25%
100
15
15
20%
2VA
25%
25
25
S P Gd Gate Ferr 6^- pf 100
Standard Brands Inc..
z
20
•
Consolidated Press
High
15
30
8%
53c
53e
60c
2,900
1.25
Oct
1,600
44
Oct
3c
56,900
4
Nov
1,215
8%
7
Oct
220
35
30%
July
Feb
21c
Oct
35
12
Oct
Jan
10%
38%
Apr
Feb
1.20
800
1.00
Oct
3%
Jan
4%c
1%C
800
4c
Sept
31c
Mar
6,500
lc
Oct
3%c
Jan
12%
Feb
22
Oct
19% May
lc
14
...
14
14
40
6
7
5,935
6
24
6%
June
Jan
32%
28%
29%
Oct
7
300
95c
Stearraan-Hammond 1.25
Texas Consol Oil
1
8%
Oct
10%
23%
25%
High
70
Sept
1.10
.
Consolidated Paper...
Sou Calif-Edison
9c
40
4%c
1.15
....1
Cobalt Contact
Week
7%
33%
8%.
Low
5
4
4
4
Shares
55
8%c
*
*
Canadian Marconi......_1
Sales
Week's
Sale
Stocks (Concluded)
—
Bruck Silk
Canada
Barbara
Week's Range
ion
Canada Bud
Santa
Range Since Jan. 1, 1937
Last
Sale
111
Section
inclusive, compiled from official sales lists
Friday
Members
1937
27,
Mar
*
Dominion Bridge
Jan
Foothills
Honey Dew
28%
610
Oct
58%
45c
50c
2,275
30c
Oct
3.35
45c
45c
300
40c
Oct
1.75
Feb
10c
10
7%c
SeDt
15c
Apr
Oct
41%
Feb
25
*
Jan
♦
8%
Nov
16%
50c
Oct
2.70
Mar
*
Preferred
Jan
45c
10c
*
Hudson Bay M & S...
21
18
25
*
21
25 %
30
7%
90
7
Oct
10
75
Nov
3,591
15%
Apr
Feb
75c
Oct
3.75
Feb
Humberstone
Tread well-Yukon.
50c
50c
100
40c
Oct
2.25
Feb
Inter Metals A
United Corp of Del
8%
3%
200
3
Oct
8%
Jan
-.1
1.10
1.30
1,650
95c
Oct
2.90
Feb
Nov
126%
Mar
Kirkland
14%C
Oct
55c
Apr
Aug
Malroblc—
1
lc
1%C
34,500
lc
Nov
4%0
Feb
Nov
Mandy
♦
42c
12c
2,375
12c
Oct
69c
Montreal LH& P....
#
28%
29
567
Oct
37%
Jan
National Steel Car
*
28
30
225
Oct
57%
Jan
Oil Selections
*
3%C
4%c
26%
18%
3%c
Oct
12c
Jan
l%c
l%c
1,000
1%C
Oct
6c
Feb
1.52
1.70
11,015
1.25
Oct
6.65
4%
4%
105
2%c
1%C
3%
2%c
4,000
6,500
19
19%
3%
U S Petroleum
US Steel
100
52%
1H
52%
...25
2.15
2.75
5
corn
6%
Utafc-Idaho Sugar
Vlca Co com
Warner Brothers
2
15
51
200
Oct
1.00
Oct
482
7
1%
1,015
4%
Oct
3
3.50
18
Feb
♦
No par value,
c Cash sale,
a A. M. Castle & Co. split its common stock on
two-for-one basis on March 9, 1937.
b Ex-stock dividend,
d Stock split up on a
two-for-one basis,
g Stock dividend of 100% paid Sept. 1, 1936.
r Cash sale—Not
included In range for year,
x
Ex-dividend,
X Company in bankruptcy, receivership
y
Ex-rights,
Listed,
z
fin default.
*
Preferred
Townslte...
Pawnee-Klrkland
1
...1
1
♦
Ritchie Gold
October
Business Activity in California Sustained at
Higher Levels Than in October, 1936, According to
Wells-Fargo
Bank
&
Union
Trust
Co.
(San
Francisco)
its
November
"Business
Outlook," the Wells-Fargo
...1
Stand Paving
Stop fc Shop
Supertest ord
Temlskaming Mines
index,
■
*
last year, although receding
moderately from the higher levels
of mid-summer.
The index for October stood at
.
109.8%
year
ago
cyclical upswing.
in October the index stood at 104.9%.
An
*
*
12% above the comparable figures for 1936.
have declined rather sharply, but these recessions
are
returns
in
Present
to
Oct.
to
some
extent
are
being
Author¬
likely to be the best
Business
recession in business south of the
reflected to an extent in
a
boundary
was
later
Canada, and unless the present set¬
some curtailment
of retail trade, although only by com¬
parison with its heavy volume In the last
quarter of 1936, and, as wages
and salaries are
generally speaking higher than a year ago, merchants are
making their preparations for another good Christmas trade.
One en¬
couraging feature has been the steady diminution of the number of
people
on the relief
rolls; the number of recipients of public relief in
September
was 854,000 as
compared with 956,000 in September, 1936,
despite the fact
Par
AdmInIsteredFund2ndInc*
Affiliated
Fund Inc.—1%
Amerex Holding Corp.
*
Amer Business Shares.50c
—
Corp.
+
Canadian
Newsprint Production Showed Small Gain
During October—Output in United States Also
Slightly Higher
during October totaled
314,594 as compared with 312,351 tons in September of this
year and 301,106 tons in
October, 1936. Production in the
United States was
slightly higher than in September and
3.1% higher for the first 10 months of this year as
compared
foregoing, the Montreal
The Increase in October, 1936, was
considerably greater than the Increase
same month of this year,
production during the 1936 period
gain of 31,324 tons between Sept. 30 and Oct.
31, while this
showing
year
the
The increase in October
figures
as
compared with last year is 4.4%.
3,042,961 tons
an increase of
as
16.9%.
Corp *
Industry Shares.. 10
Boston
Fund
10-month period
was
Production in
3.1% higher.
Stocks of newsprint paper at the end of October
ons as
were
reported at 81,317
Canadian mills and 27,692 tons at U. S.
mills, a
compared with 110,851
on
Nov
3.50
Nov
39
8,200
16c
Oct
1,100
1%
Mar
9%
Jan
June
58c
2%
Jan
Mar
Nov
25
Feb
Jan
1.50
200
1.25
Oct
3.25
Jan
1%
300
1.00
Nov
500
Feb
Sept. 30 of this year.
total of
Bid
Par
Ask
12.15
3.90
4.30
15
16%
.65
.72
Bullock Fund Ltd...
1
Canadian Inv Fund Ltd.. 1
Century Shares Trust
*
Commonwealth Invest
1
Continental Shares pf.100
Corporate Trust Shares..1
9.89
23 99
14.66
16.03
.63
Series K-l
15.46
16.86
10.56
11.56
Series S-2
15.17
16.56
Series S-4
.70
5.16
Major Shares Corp
Maryland Fund Inc
*
10c
Mass Investors Trust
5.69
1
18.48
19.61
10
10.28
11.23
.57
Nation Wide Securities 25c
3.14
21.58
23.08
1.34
13%
Voting shares
National Investors Corp.l
New England Fund
1
1.21
12%
4.76
5.01
11.49
12.36
N Y Bank Trust Shares.. 1
2%
3.35
3.75
19.52
20.99
3.15
6
3.37
Mutual Invest Fund
—
7.72
Building supplies
Accumulative series...1
2.02
Electrical equipment
Insurance stock
mod
1
Series ACC mod
..1
10
com
8% preferred.
2.47
-
Crum & Forster Insurance
Deposited Insur Shs
1
7.88
8.53
8.28
8.96
6.83
7.12
No Amer Tr Shares 1953.*
7.71
52%
1.98
Series 1955
3.50
3.40
D
.1
5.00
5.60
25c
1.12
1.24
—
j.
2.43
1
2.38
Series 1958
2.41
C
1
Series 1956
Diversified Trustee Shares
1
Pacific Southern Inv pref. *
Class A
*
Class B
2.18
27
29
8
*
10
%
16.39
17.60
26.66
28.65
25 %
28%
17.00
18.30
Fiscal Fund Inc—
Bank stock series
10c
Insurance stk series. 10c
Fixed Trust Shares A
2.45
2.73
2.99
3.35
.42
Quarterly Inc Shares. .10c
Representative TrustSbslO
Republic Invest Fund.25c
Royalties Management-.1
Selected Amer Shares.2%
9.91
.45
.65
8.73
9.51
3.84
Sovereign Investors
Spencer Trask Fund
Standard Am Trust Shares
10
8.69
10
6.95
3.60
3.85
State Street Invest Corp.*
Fundamental Invest Inc.2
15.13
16.08
Super Corp of Am Tr Shs A
Fundamental Tr Shares A2
4.45
5.00
Standard Utilities
-»
General Capital Corp
*
General Investors Trust.*
28.02
3043
4.41
4.80
Group Securities—
.32
.37
1.07
1.17
.80
.88
shares
1.18
1.29
1.07
1.17
Food shares
.73
.81
Investing shares
.72
Merchandise
Building shares
Chemical shares.
2.50
2.83
AA
1.95
2.96
1.95
C
5.32
-.3
8.74
Series C
1
1
2.16
Trustee Stand Oil Shs A.l
6.09
Series D
Trusteed Amer Bank Shs B
.92
Trusteed Industry Shares.
.88
1.16
U S El Lt & Pr Shares A—
.98
1.07
Series B
B
13%
1.85
.74
1.14
Un N Y Bank Trust C-3-*
2%
1.00
Un N Y Tr Shs BerF
1
Guardian Inv Trust com.*
Huron Holding Corp
1
Institutional Securities Ltd
%
%
.35
.75
1.11
1.24
1.17
1.31
15.79
%
32
16.98
1%
36
Voting shares
Wellington Fund
Investm't Banking
*
x
.69
.96
13%
1.95
1
12.89
.93
3%
1%
14.21
Corps
Bancamerica-Blalr Corp.l
Central Nat Corp cl A.—*
5
6
30
35
*
2
5
class B
10
11%
Schoelkopf, Hutton &
Pomeroy Inc com—10c
1%
First Boston Corp
109,009
Ex-coupon,
....
.85
.67
.91
e
----
.62
Tobacco shares
value,
9.50
2.20
1.04
10
'
Trustee Stand Invest Shs—
.80
shares
com.
----
5.32
D
1.06
Group shares
Insurance Group Shares
Incorporated Investors..*
Insuransharea Corp (Del)l
.68
77
.84
Bank
2.70
.63
74
5.33
RR equipment shares—
-
14.93
1
shares
shares
-
.69
14.18
Inc.50c
Supervised Shares
Agricultural shares
-
9.35
B
4.05
-
8.85
BB
B
.50
-
•
.63
*
Foundation Trust Shs A.l
par
1%
Plymouth Fund Inc.--10c
Selected Income Shares—
Eaton <fe Howard Manage¬
ment Fund series A-l
No
7.62
6.30
No Amer Bond Trust ctfs.
2.62
B1
ser
8.46
7.04
Steel
7% preferred..
100 109
Cumulative Trust Shares. *
4.28
Deposited Bank Shs ser A1
1.48
Deposited Insur Shs A
7.96
Machinery
Railroad equipment
26
23
8.11
7.35
7.82
—
7.12
Oils
—
25
.100 115
Common B shares... 10
8.35
7.49
6.57
Metals
2.47
22
3.24
N Y Stocks Inc—
Agriculture
7
2.09
•
6.31
15.53
2.02
Invest Co. of Amer
5.72
2%
.42
3.32
.1
Series AA
Series AA
Ask
9.32
21.93
Bank stock
Crum & Forster
Bid
1
Series K-2
8
6
Investors Fund C
Keystone Cust Fd Inc B-2
Series B-3
11.42
14.52
Inc
British Type Invest A
1
Broad St Invest Co Inc.-5
Steel
a
over the
Oct
75c
31%
2%
1
3
Petroleum
of the year totals
shipments to 72,127 tons,
total output of 392,946 tons, with shipments at
394,788 tons!
Newfoundland produced 28,638 tons,
bringing the total for North America
to 421,584, as compared with a 1936 total of
412,489 tons. United States
ons at
2%
110
200
62%
2
Basic
Mining shares
Canadian shipments for the month totaled
322,661 tons.
the United States amounted to 78,352 tons and
production
Feb
Oct
6
Automobile
in the
making
34
June
5%
B
Production of newsprint in Canada
months
490
Jan
8%
Oct
17
4%
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pre! 1
Fidelity Fund Inc
•
period
ten
17%
30
4 %
ended September, 150,000
people have found employment of various kinds.
Output for the first
Jan
145
Amer Gen Equities Inc 25c
Am Insurance Stock Corp *
Dividend Shares
compared with 2,602,689 tons last year,
12% C
Closing bid and asked quotations, Friday, Nov. 26
that the number of persons on relief
in the Western drought areas had risen
from 99,931 to 202,112.
It is estimated that in the 12-month
a
Oct
1%C
2% June
122
Bankers Nat Invest
back in the United States is soon rectified it can
scarcely fail
to have repercussions in the
Dominion."
The bank con¬
tinued:
increase amounts to only 2,243 tons.
Feb
24%
Assoc. Stand Oil Shares..2
Set-Back
Canada, as indicated by the latest available
statistics, is holding its own remarkably well despite the
fact that the purchasing
power of a large area in Western
Canada is again deplorably small,"
says the Bank of Montreal
in its current "Business
Summary," dated Nov. 23.^ "The
close interlocking of the economic fortunes of Canada and
the United States,
however, has in the past usually meant
with last year.
In reporting the
"Gazette" of Nov. 13 also stated:
16c
No par value.
1
United States May Extend to Canada
There has been
Oct
Oct
2c
an¬
"Business in
that
Feb
5
38
•
Amer & Continental
Fears
Jan
A
since 1929.
Montreal
June
Mar
19c
1.30
1.30
Jan
18%
Recently farm prices
made up by further recent increases in the
near-bumper yields.
ities still believe that this year's total farm
of
2
Feb
32%
108
Investing Companies
The cash income of California farmers for the nine months
Bank
Nov
37
37
*
nouncement in the matter also said:
was
40
25
24
100
pref
485
75c
32
2%
*
preferred
P'uel
3,000
4
17c
17C
3,200
l%c
75c
32
1
.
Waterloo Mfg A
of 1923-25 average, as against 110.2 a month earlier and 113.1
in May, the high point for the recent
3
*
Walkerville Brew
was
Thayers
United
3%
*
♦
Thayers
to the Bank's
sustained at higher levels than those of October
2%c
*
Rogers Majestic
Shawlnlgan W & P...
Bank & Union Trust Co., San
Francisco, states that October
business activity in California,
according
1.65
...1
Robb Montbray
In
4%c
Pend Oreille
75
16%c 16%c
16%c
l%c
Prairie Cities
or reorganization.
7%
75
.100
Ex-dlvldend.
y
Ex-Stock dividend.
13
2%
new york security
members
Telephone HAnover
52 WILLIAM STREET
building*
aldred
TORONTO
j
'
connect offices
wires
private
•
Canadian Markets
AND
LISTED
Provincial and
UNLISTED
Montreal Stock Exchange
Municipal Issues
Province of Alberta—
4%s
Oct
11956
6s
Sept 15 1943
June
116% 117
117% 118%
107
106
Oct
5s
55%
54
July 12 1949
May
4s
58
fb 6%
Prov of British Columbia—
5s
1 1942
110% 111%
5s
1 1948
98% 100%
4%s
94%
96
4%S
Aug
1 1941
92
94
5s
June 15 1954
92
94
4s
6s
Dec
2 1959
93
95
1 1953
Oct
Province of
4% s
Prov of
Prov of New Brunswick—
5s
Mar
June 15 1943
75%
76
78
75
76%
*
Lake
*
Lang & Sons (John A)
10%
*
Oil
M cCo Il-Fro ntenac
Montreal
Canadian
Pacific
4%s
4%s
5s
July
6a
1 1954
July
1 1960
97
96
"30%
Ask
Bid
Ask
Bid
Canadian Northern Ry—
113 % 113 %
116
116%
1 1951
Sept
4%s
5s
June 15 1955
Feb
11956
July 1 1957
July
1 1969
5a
Oct
1 1969
Feb
1 1970
118
124
4%s
4%s
114%
114
Jan
1 1962
107
3s
Jan
1 1962
95
...
96
Exchange
official sales lists
1,1937
Range Since Jan.
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Oct
42%
Oct
43%
Oct
57%
370
29
Oct
54
Feb
2,946
37
Oct
83
Feb
98
170
Oct
300
Mar
Amal Elec Corp
pref
13
ii %
40
4
»
3%
Bruck Silk Mills
Building Products A
*
*
Canada Cement
.
m
13%
32%
30
25
35
3.485
103%
9%
25
9%
May
100
946
Nov
27%
Nov
28%
28
1,193
10
80
10
Oct
80
2
82
Nov
99
Jan
20,%
15
20
Jan
23
June
5
127
Feb
130
455
12
Oct
20
,mm
mm mm
14
15%
Jan
Feb
33%
48%
Apr
14%
Nov
60
49%
Oct
79
15
Oct
25%
Oct
11
June
19
Jan
25
Aug
45
15%
228
9
110
25
8%
Jan
18%
10,105
45
.....
7%
Mar
Jan
24
20
20
10
29
Jan
Jan
20
29
*
*
16%
10%
16%
35
18
Oct
33
Apr
99
99
99
25
Rolland Paper v t
157
870
10%
11,314
Oct
May
Nov
30
Oct
4
285
Nov
5
140
3%
460
2
Oct
315
40
Nov
41
Oct
5%
16%
4
Oct
15
2,200
12
Oct
39%
Apr
50
48
51
43
Oct
98
Aug
Shawlnlgan W & Pow
Sherwln Williams of Can. *
19%
19
20
1,260
2,967
17%
Oct
33%
16
16
155
15
Oct
30
Apr
110
110
40
101
Jan
110
Aug
5
50
Sons pref.100
13
13%
Sept
18%
Feb
60
62
835
63
Oct
96%
Mar
54
57
405
49
Oct
88%
Mar
Jan
Apr
Western
23%
Apr
Winnipeg Electric A
170
Feb
30%
39%
11%
11%
Mar
73
Mar
Preferred
8%
2,185
280
7%
86
Nov
Oct
91
95
15
15
15
130
10
Oct
18%
2%
17
19
210
16%
Oct
3
1,526
2%
2
July
22%
111
20%
29%
6%
18%
Jan
Mar
34%
3
Oct
20
19
Nov
35
20
115
Oct
115
107
2%
955
2%
13%
2%
2%
13%
100
Sept
1,132
107
"2%
..*
15
10
4
18
*
B
11%
10
3%
4
30
18
10
*
*
*
Grocers pref..100
30
Feb
54
..*
25
42%
Apr
61%
Southern Canada Power..*
Steel Co. of Canada
190
5
11%
June
Oct
10%
Jan
Oct
10
Jan
Oc
43
Jan
60
June
Oct
2
1.85
12%
Jan
Jan
Banks—
Apr
Montreal
Feb
Nova Scotia
Jan
Jan
Apr
Royal
100
Canada
Canadienne
59%
58%
59
50
100
100
100
100
Jan
Commerce
7%
Apr
103%
95
4%
14%
3,890
16%
United Steel Corp
Sept
95
Canada Steamship (new).*
80
123% 123%
14
14%
16%
14%
m
Wabasso Cotton
110
*
Canada North Pow Corp. *
Oct
57
10
27%
— mm mm
25
Rolland Paper
Jan
Nov
Oct
100
Preferred
Can Forgnlngs class A
117
Oct
55
161%
Aug
157
158
136
160
Jan
150
152
196
150
Nov
211
"l95"
195
195
44
193
Nov
214
Feb
290
290
290
50
290
Nov
340
Mar
169
169
171
203
168
Nov
226
Feb
157
Jan
Apr
9
9
10
770
9
Oct
Converters. .100
35
34
35
330
10
Sept
30
Jan
100
105
105
105
10
101
Oct
110
Mar
50
Preferred
Canadian
160
31%
40
British Col Power Corp A. *
11%
11
12%
31%
Brazllllan Tr Lt & Power. *
B
27
10
159
160
10U
Bell Telephone
13
27
50
Batburst Power & Paper A*
56
65
80
,
Tooke Bros pref
103?4 103%
Alberta Pac Grain pref.100
36%
225
215
__*
Preferred
High
Low
Shares
Agnew-Surpass Shoe—
100
Oct
24
Simon (H) &
Sales
Friday
Preferred
Mar
25%
St Lawrence Paper pref 100
118%
Price
Mar
17
4,641
15%
Preferred
4s
both inclusive, compiled from
Par
Mar
15
48
8%
Saguenay Power pref. .100
St. Lawrence Corp
*
Grand Trunk Pacific Ry—
112% 113%
115% 116%
Montreal Stock
Stocks—
16%
Jan
4%
33
225
100
Regent Knitting
Oct
Apr
38
36
45%
Quebec Power
A preferred
Nov. 20 to Nov. 26,
720
100
43%
100
_*
*
Price Bros & Co Ltd
Mar
1,060
118% 118%
5s
123%
39
45%
28
Preferred
1 1946
July
6%s
37%
32
Power Corp. of Canada.
4%s
22
Jan
Feb
Feb
Feb
Feb
Jan
30%
Ottawa Traction......100
Canadian National Ry—
Oct
Jan
153
30
*
Penmans pref
13
89%
27%
Ottawa L H & Power...100
Bonds
60
32
(New)
Ontario Steel Products
Dominion Government Guaranteed
29%
*
*
-
Aug
15
*
Noranda Mines
Jan
27
2,250
39
National Steel Car Corp.
Niagara Wire Weaving
43}^
44
37
37
*
Ogllvle Flour Mills..
111
109
1 1944
Dec
100% 101%
102
101
1 1946
5s
85%
85%
debentures.
Sept 15 1942 /105% 106
99%
98%
Dec 15 1944
48 perpetual
Sept
4%s
Ry—
Ask
Bid
Canadian Pacific Ry—
Ask
Bid
Oct
Oct
6
10%
88
..
25
Preferred
98
9
100
58
60
40
National Breweries
Nov
10
700
28%
"28%
Montreal Tramways.-.100
Railway Bonds
76
13
13
44
_
*
Telegraph
60
605
16%
5%
9%
5%
10
*
100
Montreal Cottons
73%
39%
12%
80
13
*
Mtl L H & P Consol
114% 116
1 1960
Lake of the Woods
Sulphite
Nov
Oct
Nov
10
100
Preferred
36%
23%
3%
16%
*
International Power
Mar
Mar
Jan
35
17,662
2,245
40%
30%
3%
77
Internat-Pet Co Ltd.....*
High
Low
Shares
36%
28%
3%
39%
30%
*
Intl Nickel of Canada
1, 1937
Week
High
Low
Range Since Jan.
for
of Prices
Price
Par
77
Nov 15 1946
Oct
1 1951
107% 108%
Sept 15 1952
Stock* (Concluded)
Week's Range
Sale
Massey-Harrls
Saskatchewan—
5%s
4%s
Province of Nova Scotia—
4%s
106% 107%
110%
109
5s
106% 108
104
103
Apr 15 1960
Apr 15 1961
4%s
4%s
108% 109%
1 1961
May
114%
113
Jan 15 1965
Quebec—
Mar 2 1950
Feb
1 1958
4%s
4%s
Province of Manitoba—
1 1959
1 1962
Last
Ask
Bid
Province of Ontario—
Ask
Bid
Sales
Friday
Closing bid and asked quotations, Friday, Nov. 26
Jan
7
,
3481
145
5s
BONDS
AND
royal bank building
YORK
NEW
MONTREAL
Volume
Cable Address Hartwal
ny 1-395
INDUSTRIAL STOCKS
UTILITY AND
CANADIAN
IN
SPECIALIZING
dealers association
Bell System Teletype
2-0980
Cndn Bronze pref
Canadian Car & Foundry.*
934
8
9%
2,790
5%
Oct
21%
Feb
20
18
20
710
12%
Oct
32
..*
Preferred 7%
.100
Cndn Fairbanks pref...100
1834
18%
19
375
15%
Oct
31
Mar
Cndn Foreign Invest
18
HANSON BROS Canadian Government
Feb
25
Preferred
Canadian Celanese
*
Canadian Indust Alcohol.*
*
Class B
Canadian Locomotive
Canadian Pacific Ry
Cockshutt Plow
Con Min <fe Smelt new
*
25
*
25
Crown Cork & Seal Co
*
*
5%
4
7%
7%,
8%
Dominion Bridge
Dominion Coal pref
25
Dominion Steel & Coal B 25
Dom Tar & Chemical
110
Oct
126
Mar
5
100
Nov
103
Sept
18
160
17
Oct
33
Feb
13%
15%
29
25
29
18*4
13%
18%
18%
12
13%
6
71
7
1.25
12%
2
7
71%
149
7%
Goodyear T pref Inc '27.50
53
General Steel Wares
Gurd, (Charles)
*
Gypsum Lime & Alabas..*
Hamilton Bridge
*
9%
70
9%
10%
Oct
29 \
2,148
24
Oct
610
15
Oct
7,950
10
Oct
58%
23%
28%
Mar
Mar
Mar
Mar
5%
Oct
18%
85%
July
"64
231
76
Oct
70
135
Oct
149
Nov
20
Apr
611
5%
Oct
Oct
Nov
2
Oct
30
10
June
576
9
Oct
603
435
6,500
4%
55
8%
53
20
13
14
17%
1334
17%
13%
18%
13%
26
25
26
Jan
31
Apr
Sept
56
Jan
15%
18%
18%
15%
Feb
Oct
20
Asbestos Corp Ltd
10%
Oct
14
Mar
Apr
Jan
Jan
Jan
14
13
Oct
5,408
14%
Oc»
Apr
Mar
4,095
12%
Oct
34%
24%
15%
40
24%
Oct
38%
Jan
5
230
1.75
2.00
18%
*
Mar
Range Since Jan.
for
17%
Oct
30
17%
Nov
Nov
21
17%
67
100
67
52
58
2,496
40
4%
4
4%
40
Beauharnote Pow Corp—*
Beld-Corticelll 7%cm pflOO
Brewers & Distill of Van._5
6%
6
7%
130
7,725
Ltd
130
4%
Can & Dom
preflOO
Canadian Breweries Ltd. *
Can Nor P 7% cum
35%
110
1.20
-
Preferred
13%
"
Can Dredge <fc Dock
Co..*
Cndn Gen Investments
Cndn Intl Invest Trust
•
No par value
*
*
34
33
8%
13
33
79%
135
Oct
122%
3%
Oct
12%
4
Oct
9%
130
Apr
Apr
Apr
Mar
Apr
Apr
Jan
Jan
123%
July
5%
Nov
Oct
26%
Mar
195
16%
10%
Oct
22
Mar
68
100
60
Apr
82 %
Aug
35%
545
32
Oct
39
Apr
54
109
Jan
112
Feb
11
108
80
20
5
20%
68.
Sugar Co..*
Canada Malting Co Ltd..*
15%
1,270
20
11
4%
20%
Nov
9,455
3,690
17%
130
High
Low
1.75
67
58
1 1937
Week
Shares
Batburst Pr & Pap class B *
Brit Amer Oil Co
5
14
Jan
16%
2.00
British Columbia Packers*
Oct
20
Jan
of Prices
High
Low
20
*
Aug
5%
Howard Smith Paper
dep
Ltd
Aug
380
Holllnger Gold Mines
Pref ctfs of
Price
lists
Sales
reek's Range
Mar
6%
Holt Renfrew
100
100
6% cum pref
18
6
120
Abltibi Pow & Paper Co.. *
14
Oct
2,480
Sale
Par
Stock*—
75%
7%
8
Last
Aluminium
Mar
compiled from official sales
Friday
Oct
5
12%
8%
both inclusive,
Oct
252
8
6%
24
Nov. 20 to Nov. 26,
Jan
8
12
Jan
Industrial Bonds
Montreal Curb Market
Apr
11,000
53
8
1,684
7%
53
12
5
...100
*
Imperial Oil Ltd
-.*
Imperial Tobacco of Can.5
Industrial Acceptance
*
22
12%
69
9
Jan
75
70
934
Oct
18
100
*
100
*
Preferred
45
886
13%
9%
Jan
Mar
Mar
Mar
Montreal
330 Bay St., Toronto
Sparks St, Ottawa
Jan
Public Utility and
1883
255 St. James St.,
Jan
20
2
11
8%
7%
23%
17%
22%
100%
5,608
1.25
11
Gatineau
Oct
13
10
*
Foundation Co. of Can—*
Oct
7%
1.25
13%
9%
English Electric B
Oct
7
430
15%
12%
5
8%
149
*
1
6
7.271
7%
8
16
Prod..*
Oct
1,075
*
Electrolux Corp
Oct
3
5%
4
7%
51
7
3%
475
4%
3%
7%
7%
100
Dryden Paper
Eastern Dairies
Enamel & Heating
*
4
100
15
71
Dominion Textile
Preferred
107
18
47
51
*
Distill Corp Seagrams
107
100
Municipal
incorporated
established
110
35
1.20
Nov
1.50
1,465
14%
535
12
Oct
50
32
Nov
33
9
4.00
Apr
Jan
23%
Aug
47
Mar
8%
8%
85
7%
Oct
11%
Feb
1.00
1.00
30
1.00
Nov
5.00
Jan
3482
Financial
Chronicle
Nov.
1937
27
Montreal Curb Market
Friday
Sales
Last
Stocks
(Concluded)
Par
Canadian Marconi Co
for
of Prices
Low
High
Price
*
7%
Ltd..
Duncanson, White
Week
1
Can Vlckers
Week's Range
Sale
1.10
Range Since Jan. 1,1937
Shares
1.25
Low
200
1.00
High
Oct
3*
4
160
2
Oct
16
Jan
15
15
10
10
Oct
65
JaD
3
15
Members Toronto Stock
Jan
4
100
Canadian Wineries Ltd..
cum pref
Co.
&
STOCK BROKERS
3
510
1.70
July
Catelll Food Prods Ltd...*
3*
4*
4*
60
3*
Nov
City Gas <fe Elec Corp...
11*
50c
50
50c
Nov
2.50
Mar
25c
25c
700
20c
Sept
80c
Jan
1.30
1.50
500
1.25
Oct
4.00
New York Curb (Associate
Feb
50c
Claude Neon Gen Adver.
Commercial Alcohols Ltd
Exchange
Canadian Commodity Exchange, Inc.
Jan
Consolidated
1.50
Paper Ltd.*
Jan
6*
22,705
6
Oct
24*
770
6
Oct
19*
6
5*
4*
6
255
5
Oct
19
5
5
770
3
Oct
13
*
5
5
5
25
16*
16*
5
Nov
10*
29*
50
Oct
Nov
50
Apr
Apr
49
Jan
75
Oct
110
Mar
25
Nov
5,420
37*
100
80
86
455
25
25
35
3
"i(T"
Voting trust ctfs
*
Frelman (A J) 6%cm pf 100
37*
GenStlWares7% cum pflOO
Inter-City Baking Co.. 100
Intl Paints (Can) A..
3
15
3
3
Internatl Utilities Corp B.l
85c
1.00
85c
Lake St John P & P
33
MacLaren Pow & Paper.. *
18*
Massey-Harr 5% cu pf 100
McCoIl-F Oil 6% cm pf 100
40
75
20
875
40
245
89
6
2
32
6
39*
11
Oct
Jan
Jan
3*
Nov
13*
Oct
87
Aug
3*c
3*c
7,800
3c
Oct
25c
Feb
8c
8c
500
5*C
Oct
16c
Feb
59*c
57 *c
59 *c
62
14*c
16c
5,050
Aztec
Mining.
50c
50
Bagamac Mines
1
Beattie Gold
*
100
1,000
100
7*
165
260
4
Nov
5
Apr
July
25
7
Sept
22
Jan
104*
Sept
108
25
Jan
1.00
3*
51*
100
Bankfleld Cons
Oct
32
Oct
17*
Oct
Jan
July
20
Feb
42c
44c
5,850
30c
Oct
1.90
3c
3c
3*c
Oct
4*c
Jan
22c
25c
19,800
4,500
l*c
22 *c
19C
Sept
65c
30c
36c
468
36c
Nov
72c
Feb
"I6c
Bulolo Gold Dredging
9c
11c
5c
Bouscadlllac Gold Mines. 1
Brownlee Mines (1936)...1
5c
6c
15,952
94c
27
6
24*
27
9,600
7c
Nov
2*
Feb
Nov
13c
1
10c
10c
11c
Central Cadillac G M Ltd 1
Central Patricia Gold M..1
Consol Chlbougamau
1
34c
33c
35c
10,900
22o
Bldgood K'rkland
Big Missouri
1
1
Sept
65c
2.30
2.35
800
2.00
Oct
5.16
1
9*c
'
*
7.70
—.—*
12*
20*C
22c
2,500
20c
Nov
2.70
Dome Mines Ltd
"21c
*
47*
Duparquet Mining Co__.l
East Malartlc Mines
Eldorado Gold M Ltd
92c
6c
6c
1
47*
6*c
84c
"2.00
1
85c
1.85
2.05
Falconbrldge Nick M Ltd. *
Francoeur Gold M Ltd...*
4.80
5.00
35c
35c
Graham-Bousquet G M..1
4*c
5c
4*c
4*c
19*
Granada Gold Mines
1
Hudson Bay Mln & Smelt *
J-M Consol Gold
19*
1
Lake Shore Mines
19*
18c
...1
52
Lamaque Contact G M..*
Lebel Oro Mines Ltd
1
Lee Gold
1
"4" 70
52
"i~5c
Macassa
18c
Mines
Mackenzie-Red
15c
2*c
4.70
4.95
1.08
6
1.08
37
Oct
90c June
lie
Oct
30
20*
*
47* C
Jan
i
11*
2*C
*
Burt (FN)
50*
Jan
15c
Mar
3,600
60c
Oct
2.03
Jan
B
4,500
1,655
2,300
4,000
1,000
4*c
Nov
4*c
Nov
39c
15*
Oct
41*
Feb
57c
Feb
Oct
3.60
Apr
4.70
Oct
12.75
Feb
34c
Oct
1.58
Feb
5,200
18o
Oct
Sept
3 *c
Oct
Canada Cement
Preferred
Oct
30c
JaD
Jan
8.50
Jan
Jan
»
34c
34c
150
25c
1.19
2c
2c
1,000
l*c
Oct
8c
Jan
8c
8c
500
5c
Nov
45c
Mar
4.55
5.10
16,485
2.45
Oct
2.90
13*
Jan
2.90
100
2.15 June
4.05
Jan
34c
37c
4,950
1.10
Mar
Pamour Porcupine M Ltd *
Pandora Cad
1
Parkhill Gd M Ltd new..l
Pato Gold
1
Pend-Orellle
"37c
12*c
1
1.74
Perron Gold Mines Ltd...l
Pickle Crow Gold
1
Placer Development
1
1.10
9c 12*c
2.20
2.25
1.55
20c
Oct
15,332
7*c
Nov
42c
1,500
1.70
Oct
3.80
1,450
Oct
6.50
1.10
4,650
60c
Oct
2.51
700
4.30
Sept
9.10
14
14*
410
12
Oct
17
40c
100
30c
Oct
85c
40c
Preferred
Carnation pref
Castle Trethewey
Sullivan Cons Mines Ltd.l
95c
Sylvanlte Gold
*
50
Cad
1
31c
1
Cad
2.50
Jan
35c
1.00
7,950
8O0
Oct
2.25
20
2.60
Oct
4.70
Feb
5.10
550
4.50
Oct
6.10
Feb
30c
32c
99c
1.05
35*
Nov
210
Apr
1.20
"13*
1.50
1,230
13*
14*
488
Oct
3.60
Oct
4.10
Oct
3*
23*
337
3
Oct
17
121
17
Oct
9
387
6*
Oct
8
9*
1,240
5*
Oct
10*
20*
12*
21*
"9*
5
20
32*
4*
32*
5
4
3*
4
*
90c
90c
93c
*
11*
100
115
7*
*
7*
3
1
1.56
100
98*
1
60c
12
115
7*
3
1.63
99
64c
1
2.40
1
1.30
*
15*
.1
21c
16
21c
26
28
15*
13*
15*
48*
Dominion Tar pref
Dorval SIscoe
Feb
80c
Nov
8
18*
*
Feb
47
100
25
Jan
Aug
Mar
Jan
Jan
Feb
100
13
Oct
32
Jan
100
Oct
47
May
275
29*
3*
3*
Oct
7*
Jan
Jan
12,387
85c
June
2.30
Feb
2,320
Oct
436
11
Nov
11
112
Nov
1,587
3
Oct
670
8*
18*
135
17*
Jan
Jan
Mar
1*
Oct
3,000
1.30
Oct
30
97*
Oct
57C
Nov
1.66
Jan
5.25
Feb
4
1.75
107
Mar
Jan
Feb
25
51
1,900
20c
Nov
Oct
2.14
Jan
23
Feb
2.70
Feb
Oct
100*
Mar
157
192
Oct
211
Mar
3
100
Aug
105*
10c
6,000
Nov
2.95
9*C
46*
195
3.374
14,400
3,925
Oct
40
Aug
10*
Oct
28*
Mar
36
Oct
51
Nov
250
Jan
17
Oct
24
Mar
3*0
Oct
13*
4,010
5*
Jan
20
194
500
12
Feb
23
4*c
81
8*
244
18*
~8l"
45
4,525
18*
"l3*
1
15
197*
197
4*C
*
100
47*
155
Jan
103* 103*
194
"18*
1
Dominion Stores
Feb
38c
1.00
12
17
4*
17
27
Dom Steel Coal B
32*
149
*
Dominion Bank
1.00
195
*
Dominion Coal pref
Dominion Explorers
35*
155
10c
Jan
*
149
1
Jan
*
Aug
♦
Dome Mines
Oil-
Co
Apr
79
50*
Apr
Home Oil
155"
18
May
197}.103*
2.15
6.40
Apr
July
50
.5
8.10
Oct
7
July
9
50
100
73* c
1.25
2
72
100
Oct
1,800
1,750
9,770
1,540
9*
68
22*
Oct
51c
570
9
May
Oct
1.90
3
2*
65
1.00
16c
50c
July
1,400
19c
180
Feb
160
1.45
5.80
51c
Apr
98
Sept
1.45
150
1.90
23
Oct
140
*
Chlbougamau
23,459
15,200
*
Oct
65
2
25
25
7*
405
Jan
36c
*
9
*
*
385
68
141
Mar
7.50
Dalhousle Oil Co
"~2*
*
20
8*
66
141
*
*
7*
Feb
Oct
32c
Calgary & Edmonton
Oct
7*
7.50
Wright Hargreaves M Ltd*
30c
3*
180
Consumers Gas
Cosmos pref
Jan
2.85
Mar
125
Darkwater Mines
Da vies Petroleum
Mar
95c
1.75
35c
8*
Cons Smelters
Jan
2.90
Feb
3*
Dlst Seagrams
6.65
Oct
Nov
5.00
1
8*
68
*
Conlaurum Mines
Feb
2.85
1
Teck Hughes Gold..
Thompson
*
Cons Bakeries
Nov
6.55
8
Cons
28c
Jan
Oct
1.15
Aug
8*
Feb
74c
44*
*
Feb
2.25
Oct
Cockshutt Plow
Feb
142,089
30
Feb
16c
48c
205
19
95c
22c
80c
Nov
Oct
1.13
3.50
12
8,870
13,565
32c
Feb
255
15c
Oct
80c
1.90
10c
29c
Oct
32c
1.75
32
39
25c
2c
3.20
Mar
23c
129
28c
30o
48c
Mar
74*
2,200
26,390
43c
2*c
30*c
3.35
6*c
Nov
Sept
2*c
42
1.47
34c
*
2c June
2*c
14*c 16*c
12
12*
Jan
Oct
1.25
1
Feb
Oct
l
1
12.50
Oct
...]
Stadacona-Rouyn
Apr
11*
1.85
5c
4.00
8.25
11
Jan
65c June
7*c
5c
Oct
Nov
38
Feb
97c
23c
6,300
1,291
8,225
4,700
2.00
1.30
34c
Mar
7,400
Sept
1.10
32c
11*
48c
20c
SIscoe Gold Mines Ltd
Sladen Mai
39
Nov
2.45
1,800
19,900
1,600
Sept
Oct
5
16*
9*c
42c
6c
29
25
3,105
45c
38c
7,100
2,800
8,340
2,750
80
5
2.32
39c
40c
Oct
32
7*c
Feb
5*c
2*c
20*
Mar
46c
6.85
Ritchie Gd Mines Ltdt—-1
Feb
Mar
20
Oct
*
Oct
Shawkey
Sherrltt-Gordon
9.00
30*
9*
26%
4*
Jan
Central Patricia
Central Porcupine
Chromium Mining
Feb
2.25
1
6.40 May
Jan
10
5
Commonwealth Petroleum *
May
600
Reward
8.373
3,350
12,055
3.25
*
2,750
5
5
Mar
Canadian Wineries
Cariboo Gold
3.20
Red Crest
7.86
13*
7.70
♦
CP R
Feb
1.25
Jan
Nov
B
Jan
5.25
Feb
29C
42
Canadian Malartlc
Canadian Oil
Feb
1.74
1.00
Jan
72c
Oct
60
Canadian Dredge
Feb
1.70
Oct
8c
45
Canadian 2nd Alcohol A
Feb
5.15
Quebec Gold Mine Corp..l
Read Authier Mine
1
Wood
Oct
Oct
29c
44
..*
Preferred
Jan
1
36o
3,925
11,500
3*
100
1st preferred
2nd preferred
Can Car & Foundry
42
Jan
Feb
10*
Canadian Cannera
7*c
Oct
Apr
9*
176
102*
59*
Preferred
Oct
30*
112
Oct
Apr
Oct
new
Oct
26
Aug
4*
164
Nov
Can Bank of Commerce 100
Apr
Feb
92
Jan
1.56
522
1.75
10
Canada Wire A
10c
Oct
100
4,336
Feb
Apr
Oct
50
3.95
1.00
30
96c
24*
92
Canada Packers
Jan
June
65c
Oct
92
.
l*c
200
37
59
27*c
35c
*
Canadian Breweries
46*
1,000
1,000
3,000
1,550
15
Oct
100
Canada Permanent
Can Steamship (new)
Feb
60c
Montague Gd Mines Ltd.l
4.90
1
Canada Bread
Jan
110
1.45
Nov
12c
20,050
30
1.86
A
McWatters Gold
1
—25
Calmont Oils
Oct
Sept
U*c
...*
Calgary & Edm
6c
Moffatt-Hall Mines
O'Brien Gold
.»
Burlington Steel...
Z6H
42 *C
39
*
Bunker Hill
120
5
10
10c
11
33c
...
Building Products
Feb
Mar
35c 35 *c
9*c
5
—»
Buffalo-Canadian
Feb
2.28
Aug
273
5
.*
Brit Col Power A
7,100
890
3c
14c
2*c
1
Molntyre-Porcuplne
52
3c
1
Lake
19c
20
40c
Jan
340
Nov
8,800
7*
1.85
Nov
234
1.34
6
Sept
Apr
Feb
31
5
Buffalo-Ankerlte
Feb
93c
53c
Jan
49c
245
286
1.25
42c
Feb
Cartler-Malartlc G M Ltd
Nov
Nov
60
15
100
35c
Bobjo Mines
Brown Oil
Mar
Can Malartlc Gd M Ltd..*
14*c
5,500
101* 101*
Oct
Feb
161
14c
158* 160
1.42
190
13,345
10*
12c
B
Jan
2,120
3,250
5,950
""f.28
159*
B A Oil
Feb
1.14
5
"~6H
Bralorne Mines
63c
22
10
*
Beauharnols
195
57c
14c
Bell Tel Co of Canada. 100
FeD
Big Missouri Mines Corp.)
63c
Beatty Bros 1st pref—100
Brewers & Distillers
42c
190
*
Brazilian
Mines—
Aldermac Copper Corp...*
Alexandria Gold Mines...1
Beaufort Gold
1
194
1
100
Feb
15* June
Bank of Montreal
Oct
56
200
100
525
1
*
Feb
410
Astona-Rouyn
*
Jan
Mar
107
245
Feb
Batburst Power A
30
110
1.50
13c
Base Metals Mln
Oct
18*
Feb
Sept
Barker's Bread
Oct
Nov
40
1.15
5c
Feb
Nov
1.25
Oct
500
9*
Oct
95
18
18c
6*c
235*
5*
80
39
25c
6*c
3*c
295
50
1.25
23c
6*c
234
985
18*
23c
1
286
220
39
1
Ashley Gold..
286
5
High
Arntfleld Gold
235
95
Walkervllle Brewery Ltd
Walker-Good & Worts (H)»
SI cum pref
...♦
Low
22
3,200
5,400
Bank of Toronto
12
12
27c
Bank of Nova Scotia... 100
88
32
27c
Range Since Jan. 1 1937
for
Shares
Feb
10
4*
1
High
Mar
Mar
95
8
Low
9.00
Oct
80
106* 107
18
18
Argosy Gold Mines
Price
Nov
89
12
4
Par
Week
1.50 June
32*
Jan
80
8
Stocks (.Continued)
Sales
Range
of Prices
37*
73*
100*
Mitchell (Robt) Co Ltd..*
Sarnla Bridge Co Ltd A..*
Sou Can Pow 6% cum pflOO
United Securities Ltd..100
Exchange
Week's
Feb
Page-Hershey Tubes Ltd.*
Power 6% cum 1st pref. 100
Price Bros 4% conv debs
Quebec Tel <fc Pow A
*
Sale
Bank of Canada
33
228
6*
Sept
70c
52
2
10
14*
12*
13*
525
33
18*
38*
87*
Melchers Distilleries Ltd.*
656
Last
Feb
14*
14
517
Stock
Friday
July
Oct
Oct
17
15*
16*
37
—*
Pre/erred
Toronto
Jan
Ford Motor Co of Can A.*
WA. 3401-8
Apr
7
5
Falrchlld Aircraft Ltd
Fleet Aircraft Ltd
Cos Ltd
7
6
King Street West, Toronto.
Apr
Apr
B
Fraser
6
m
Donnacona Paper A
15
6
140
81
25
10
5*
81
Oct
Nov
Nov
Jan
15c
Jan
28*
12*
Mar
116
Mar
Feb
Toronto Stock
Nov. 20 to Nov. 26, both
inclusive, compiled from official
Last
Sale
Par
AbitibI
6%
Price
*
preferred
100
Acme Gas & Oil
*
Afton Mines Ltd
2.00
18*
21
*
45c
Gold
1
3c
Lew
High
1*
Oct
20
9
Sept
43*
Jan
Oct
1.89
Feb
15
45c
18*c
17c
21c
1.40
1.35
1.40
Anglo-Huronlan
3.55
3.50
3.75
14,900
27,700
48,500
1,500
2,157
16*
16*
16*
5
85c
80c
85c
9,160
*
4*
4*
10
1.80
2.05
12,709
—
1
*
1
1
Foundation Pete
25
3*c
*
1
1.65
18
Nov
Oct
15*
80
Apr
Apr
9c
Nov
20c
2o
Sept
10*c
Jan
22 *c
Sept
57c
Jan
6*
Frost Steel pref
Gatlneau Power
Jan
1*
Nov
4*
12
Oct
24
Oct
2.05
Jan
Nov
9*
Feb
1.50
Oct
3.65
A pi-
4.75
Oct
12.90
May
16*
60o
4
Oct
31c
1.50
Nov
8.75
Feb
6,080
2,505
14*c
87,525
Feb
18c
1,000
17*
5,513
16*
16c
16c
17c
13,900
33c
*
33c
36c
8,900
107* 107*
9
9*
70
67*
35
100
*
100
325
45
Oct
25*
6*c Sept
54c
Jan
Oct
26c
July
Oct
29*
Jan
16c
15
16*c
33c
100
7*
58
Oct
Nov
Sept
14
75*
Aug
Aug
65c
May
14c
30,400
12c
1
5*c
9,000
3*0
July
49c
4*c
47* c
5*c
*
50c
9,950
40c
June
17c
17c
3,000
15
30c
32c
4.000
22
8*c ll*c
36,600
I
1
32c
Goodfish Mining
1
11c
•
No par value
7*0
Feb
Feb
Nov
Oct
12c
Gold Eagle
1.58
Oct
14c
1
1.25
126
Aug
Oct
1
Nov
340
5.20
20*
11c
God's Lake Mine
Goldale Mines
Nov
Nov
4.75
19*
17c
14c
Gillies Lake Gold
Glenora
Jan
lie
1.00
Preferred
4.85
20
"17*
Francoeur
Mar
30c
2.00
25c
Ford A
2,500
1
Shares
30c
3c
Feb
Firestone Petroleum
2*
Anglo-Can Hold Dev....*
*
Week
2*c
41c*
45c
Fanny Farmer
9*c
14
Copper
Feb
Nov
Falconbrldge
9c
29c
1.22
10c
Federal-Kirkland
Range Since Jan. 1 1937
3,141
2,450
8,000
1,000
2*
Alberta Pacific Grain pf 100
Amm Gold Mines
High
Nov
29,300
sales lists
2*c
*
Aldermac
Low
9*c
1
Alexandria
of Prices
for
16c
12 *c
Eastern Steel
Mar
Sales
Week's Range
1.65
20
1
AJax Oil & Gas
Alberta Pacific Grain
59*
5,200
10c
East Crest Oil
Exchange
Friday
Stocks—
Oct
20c
"l2c
Easy Washing
Eldorado Mines..
24c
16c
*
East Malartlc
Royallte Oil Co
30c
Jan
1.02
Jan
Oct
49
Jan
Oct
68
Apr
Apr
July
22c
Volume
3483
Chronicle
Financial
145
Canadian Markets—Listed and
Unlisted
Exchange
Toronto Stock
F. O'HEARN & CO.
11 KING ST. W.
Par
Paymaster Cons
MEMBERS
Cobalt
Montreal
Noranda
The Toronto Stock Exchange
Sudbury
Photo Engravers
Hamilton
Kirkland Lake
Winnipeg Grain Exchange
Montreal Curb Market
Sarnia
North Bay
Owen Sound
Bourlamaque
(Inc.)
A.... —i
Powell Rouyn
....
Price
Par
Stock* {Continued)
Great Lakes Paper.-
Gunnar
Nov
63c
Feb
57c
Feb
3,000
4%C
Nov
18c
Jan
11
321
548
15
75
"~85c
2,000
1.50
*
97c
1
11c
*
Hinde & Dauche
*
Hollinger Cons
5
12%
,..*
98c
Huron & Erie..
Huron & Erie
100
12,000
8c
Oct
7
37
7,675
18%
13%
12
18
97
100
8
40
36%
40%
30%
28
30%
8
42c
1,000
26c
1
Keivinatof.
.
.
.. ..
_
1
L21
1
Kirkland Lake
"52
Lake Shore
1
Lake Sulphite
Lamaque Contact
Lang & Sons
1
Cap Gold
Lebel
t
Shawkey Gold
Nov
1.35
9c
7c
Oct
48%c
Feb
Oct
227
Mar
Sherritt Gordon
2,410
24
70
125
56
Jan
78
Apr
38
97
Nov
118
June
1.35
1.41
31c
36c
88c
90c
1.12
1.28
Jan
5c
Aug
47c 125,880
945
52%
Oct
96
Feb
55
Oct
88
Mar
4,600
9%o
Oct
Jan
Mar
15%
Southend Petroleum.. .--*
Feb
58
58
13c
2.35
2.65
1,650
3,500
9c
94e
1.00
4,425
80c
Oct
3.25
Jan
2.90
3.00
4,260
2.50
Oct
4.80
Feb
14%
14%
3%c
100
14%
Nov
9,349
3c
Oct
16%
28%0
Feb
4.25
Oct
6.00
♦
3c
1
Teck Hughes
Texas Canadian
Tip Top Tailors
m-mrnrn
16
77
80
Feb
1.70
Apr
25c
Oct
1.10
Feb
Ventures
Oct
59%
Jan
Vulcan Oils
13%
30
13%
Nov
21%
Apr
49c
26,800
33c
Oct
1 33
Jan
Jan
10c
Oct
30C
Jan
3,500
2c
Nov
7%c
Jan
36c
Oct
1.35
Jan
Oct
23%
Aug
6,755
3.70
Oct
8.60
Jan
Oct
9.10 May
Sept
2.25 June
Oct
4.65
Feb
July
80c
4.85
Jan
37c
Nov
1.20
Mar
Wright Hargreaves
Ymir Yankee Girl
Madsen Red Lake
1
36% C
36c
42c
29,233
51,375
McDougall-Segur
*
16c
16c
16c
2,000
10c
Oct
*
2c
2c
2%c
8,600
2c
June
16c
*
9%c
9c
10c
6,150
75c
Jan
4.00
3.00
3.00
3.00
5
2%
Jan
5%
35
1
Oct
5,875
31
Oct
52%
19
1,638
16%
Oct
20
30c
9%
m'im
m'm
1%C
m.mrn'm
mm
3c
m
m
m
Manitoba &
East
Maple Leaf Gardens
Preferred
5
5
100
41
37
*
10
5
36%
-.1
1.05
Maple Leaf Milling
*
Preferred
McCoU Frontenac
Mclntyre
2%
6%
1
*
Mines
Maralgo
Massey Harris
Preferred
.100
m m
Mines
McKenzie Red Lake
McVIttie-Graham
McWatters Gold
1,826
12,265
Oct
1.07
85c
Oct
2.03
Monarch
25c
Oils
Corp
1,000
50c
Nov
63c
14c
12c
Oct
57c
34c
24o
Oct
1.18
Muir heads
13c
Nov
63c
Mar
6c
700
6c
Sept
39c
Feb
5.00
Feb
1
"mc
National Grocers
*
1
*
1
New Golden Rose
5
Nipissing
Jan
2,620
1.25
Oct
4c
3%c
Nov
35c
3,300
3,000
32c
Oct
1.15
17%c
17%c
Nov
56c
95o
June
31%
755
25
Oct
15
140
Oct
1.70
146
1.98
45%
19%e
20,200
15c
Oct
88c
50
25c
Oct
1.50
2%c
3%c
15,000
2%c
July
10c
9
12%
770
100
12%
Nov
21%
38c
8,600
20c
Oct
1.05
Feb
2%c
2%c
1,100
2%c
Oct
12c
30c
33c
8,800
30c
Nov
1.49
Jan
3.60
Feb
1.77
43%
66c
6
70c
1,063
1.55
4,866
1.85
46
36%
Oct
2,186
65c
Nov
Sept
83
2.23
Feb
Feb
July
2%c
3c
2,000
2%c
Oct
16%C
Jan
1
15c
16c
1,500
14c
Sept
49c
Feb
North Canada
*
64c
67c
6,800
11,500
20c
Oct
77c
12,660
6.80
Oct
8.10
Jan
25c
24,100
18c
Oct
52c
Feb
95c
Apr
13.25
Jan
5%s ex-stock.
5.05
28,965
2.50
84c
85c
5,300
65c
Oct
4.10
Feb
Dom Gas & Elec
3c
4c
4,000
lc
Oct
12c
Jan
1
36%c
36c
38c
9,020
30c
Oct
1.28
Jan
107
107
2
106
Jan
112
Aug
10
10
10
10
Nov
18
Jan
40
4
*
*
4%
*
*
Pantepec Oil
Payore Gold
Parkhlli
4%
L
Partanen-Malartlc
1
1
1.13
1.05
1.14
5,300
8%c
82%
8c
9%c
82%
87
275
3.00
2.84
3.00
4%e
16%c
4%c
12%c
6%c
6,345
700
Oct
10
Jan
85c June
2.20
Mar
Nov
43% C
Feb
24,050
"l8c
Porcupine
SECURITIES
Municipal
•
•
between New York,
New York
•
Corporation
Montreal and Toronto
8C
Oct
81
1.90 June
2%
Oct
118
4.00
9%
Mar
Jan
Jan
18c
9,250
15c
Oct
35
July
9%c 12% c
17,064
7%c
Nov
40
f 58%
65
62
113
bid
Ask
59
Manitoba Power
63
Maple Leaf Milling—
113%
96%
96
'
107
-
-
—
103%
96
95
101
_
.
7c
8,000
5c
Oct
6%s_19
...1956
4s
East Kootenay Pow
7s 1942
45%
J
73%
75""
73%
74%
95
1950
6s—1956
5s *55
lot Pr & Pap of Nfld 5s '68
Lake 8t John Pr & Pap Co
Gt Lakes Pap Co 1st
5%s
100
1951
41c
•
Apr
No par vMue
«*
102% 102%
91
90
1961
6s
mm
54
101
Fraser Co 6s—Jan 1
Gatlneau Power
2%s to '38—5%s to
45
'49
93%
Massey-Harris Co 5s..1947
McColl Frontenac Oil 6s *49
94
103% 104
36
1945
Montreal Island Pr 5%s '57
Montreal L H & P ($50
100
37
103
1939
..1956
1973
Minn & Ont Paper 6s.
par
value) 3s
50
94%
50%
101
95
f Flat price
Montreal Tramway 5s
100% 101%
Ottawa Valley Pow
/44%
51
Eastern Dairies 6s
70
5%s.l951
3%s
3%S-_.
94
93
112%
Ask
100% 101%
MacLaren-Que Pr 5%s *61
70
59
103
Bonds
quotations, Friday, Nov. 26
104%
1941
5%s'70
Power Corp of Can 4%s '59
5s
Dec 1 1957
Provincial Pap Ltd 5%s '47
Saguenay Power 4%s A '66
4%s
ser
99% 100%
99% 100%
103% 103%
101% 102%
1966
W&P4%s'67
B—
Shawlnlgan
Pa Mills 4%s *51
Smith H
United Grain
76
Growls. 1948
5%fl *52
Winnipeg Elec 6s.Oct 2
95
66
n
99% 100%
102""
66
United Securs Ltd
101
Feb
6%c
HAnover 2-6363
•
Tele. NY 1-208
Donnaconna Paper Co—
_*
Pamour
1961
4.55
4c
50
Page Hersey
Exchange—Curb Section
ma
5s '53
1946
Beauharnois Pr Corp 5s '73
Bell Tell Co of Can 5s. 1955
Burns & Co 5s.
-.1958
Calgary Power Co 5s.. 1960
Canada Bread 6s
1941
Canada North Pow 5e.l953
Canadian Inter Pap 6s '49
Canadian Lt & Pow 5s 1949
Canadian Vlckere Co 6s '47
Cedar Rapids M & P 5s '53
Consol Pap Corp 5%s 1961
Alberta Pac Grain 6s.
85c
*
Feb
36c
Closing bid and asked
Oct
Ontario Steel
Oils
Aug
Industrial and Public Utility
60c
Ontario Loan
Pacalta
95
7.60
Bell System
4.90
Ora Plata Mining
Jan
Royal Securities Corporation
*
Orange Crush pref
53
21c
30 Broad Street
*
Omega Gold
Jan
10
* » * * * **
Oct
?
...
44
33c
Abltibl P & Pap Ctfs
11
1
Gold
10
Oct
7.35
Feb
Oct
Norgold Mines
Nordon Oil
Oiga Oil & Gas
Nov
10
36c
Private wire connection
Jan
*
Okalta Oils—
Jan
2
40
7.50
Government
Feb
40c
Nor metal
O'Brien
Jan
26
Apr
25c
67c
Jan
Feb
10
*
CANADIAN
Aug
18c
7%
67c
Nov
^
June
190
12%
1.85
Oct
2%
July
1.84
14,000
21,640
25c
31c
6c
17C
Oct
3c
45
24c;
Feb
21c
33%c May
12%
46
Noranda Mines
1.70
3%C
Apr
Feb
*
National Sewer pipe
Nay bob Gold
Newbec Mines
30
40c
*
Murphy Mines
l%c
500
Jan
13c
^
Feb
13c
4,900
4,200
7,700
146
"l9c
1
Kirkland
.500
See Page 3480
July
30
30
100
A
Morris
1.83
1
*
Moneta Porcupine
Moore
18c
l%c
3c
2%
2%
:::
Jan
1
...
Toronto Stock
Jan
50c
36%
June
32c
1
Model Oils
Mar
8%
1.50
4c
*
Mar
Mar
6c
...»
Corp
485
1.00
36
*
Gold..
10
Mar
28c
5c
Mar
Mar
74
30c
13c
*
Minto
36c
16%
Oct
13c
Merland
Mining
Oct
Oct
32
50c
Mercury Oil
Oil
910
106%
Oct
85
Jan
14%
42%
9%
1
1
...»
McKJnley Mines
11
Feb
8e
2,699
65
mm
Nov
30
2,000
65
13
m
36%c
18%
Aug
Nov
15
2
2
Oct
9%
44c June
4%
155
6
41
2%
m'm
m m
100
25c
770
5c
5c
Jan
1,000
30c
10
85
85
5c
Nov
5%
2%
15,248
40%
18
......
July
10
1.27
38%
*
B
Wood (Alex) pref
1.15
1.15
39%
18%
100
Wood Cadillac
Oct
1.00
Mar
90c
...*
19%
1.15
Feb
11%
1.00
*
70
1
70c
Oct
3.30
nil
Wiltsey-Coghlan
Winnipeg Elec A
8.40
MacLeod Cockshutt
Oct
2%
1
25
4.90
12c
2,335
.--*
Oct
4.65
11,500
1.22
Oct
4.75
13c
4%
12%
1,950
*
22
....*
13%
12% c
3,475
White Eagle
15,950
21
Jan
19
Oct
1.00
Whitewater
3c
69c
21
Aug
5.10
.....
65c
Jan
Feb
1.10
1.00
.....
Preferred
2%c
Feb
2.00
■
1,225
*
12%c
4 00
11%
Feb
110
Oct
50c June
4.80
Preferred
14c
330
Nov
38c
1.00
*
69c
2,760
77
5,050
5.00
Westons
4.90
11
11,750
90c
3%
Westflank Oil
23%
21%
Aug
40c
13
Waite Amulet
Feb
4.50
Apr
52
4%
Walkers...
28c
22%
46
*
Oct
4.65
Nov
Nov
"""1
3o
23
Jan
16
81c
United Steel
2,000
*
Jan
46
35c
*
...
4.65
Oct
1.79
Jan
Aug
13c
*
Union Gas
2.35
16
25
90c
United Oils.
Oct
Feb
Jan
200
35c
Exploration.. 1
1.00
10
580
48%
80
V
16
48%
90c
*
2.20
48%
45%
15c
2.10
mm
m'rnm'mm'm
8,441
July
11%
55
*
~
Preferred
•
1.30
3.G50
7 50
Toronto Elevators
38,000
6,150
77
7,650
1.30
11
2.20
Feb
Oct
5.15
1.25
1.30
""l
Apr
68c June
4.85
5.05
*
*
2.65
58
Jan
94c
3.30
10
Feb
40% c
2.90
Tamblyns
Feb
Oct
6.90
Oct
1.75
12c 13% c
15%C
1
Sylvanlte Gold
3.25
Apr
,1
Sullivan Cons
Feb
2.85
Jan
Oct
12c
12%c
Feb
110
Nov
2.65
*
1
Sudbury Contact
15
12c
*
Sudbury Basin.......
Mar
28
63%
Straw Lake Gold
39%
Aug
33c
25
Preferred
73%
27
5c
m
58
Tashota
Mar
m
47c
Jan
1.62
m
mm
m
*
_.
Mar
105
mmmm
Stadacona
Steel of Canada.
Oct
9,900
26,650
Oct
19c
Oct
1.00
Aug
Aug
Nov
75c
60
Feb
4%
5c
1.40
91c
3.95
500
...1
Slave Lake..
22,047
1,300
40c
Oct
Feb
Feb
Nov
90c
240
4
2.50
39
10
Feb
1.00
Nov
Oct
370
1.10
Apr
15c
11%
13
Oct
60c
18c
25
3%c
Jan
29c
15c
mm
Uchl Gold
40c
Aug
2.40
2.49
Toronto General TrustslOO
1.23
36%
Oct
6.65
Towagmac
52
Jan
Oct
1.19
Oct
Feb
1.10
32c
14%
16
16
mm mm
12o June
15
4,275
10,300
4,700
23,218
11,000
15c
12% c
74c
Feb
1.00
Mar
60
Oct
35
;
Mar
1.64
Jan
11,175
7,000
Dairies pref..*
Silverwood
59c
98c
169
100
1.23
53c
13
182
97
—.1
Toburn Gold
15c June
171
167
70
mm
2.15
~~92c
1
57c
7%c
12,410
12,500
r 35c
:
_50c
2%c
Mines...
68c
13c
Oct
Loblaw
B
Apr
65c
mmmmmm
Oct
Little Long Lac
Macassa
1.52
1.36
1
A
Oct
33
San Antonio
1
Gold
Feb
25c
...i
St Anthony
St Lawrence A
...1
Oro
Lee Gold
Leitch
Preferred
Nov
60
*
Lava
Feb
1.78
500
70
18c
13%
Laura Secord
1.95
Nov
32c
35
21c
10
Lapa Cadillac..
Sept
15c
32c
mm
100
*
100
60c
3%c
45c
200
44,700
8c
11,600
51
*
1
*
2,925
2,100
21c
65c
10,773
70,270
35c
1
Gold
43c
15c
mmmm
90c
1.50
1~57
1
Kirk Hud Bay
Laguna
*
...1
Kerr Addison
39c
mm
16c
22c
13
"
3.00
Feb
mm
18c
86c
1
Cons
Aug
6.85
3.20
.«*
82c
21c
1
Mines...
M Consolidated
2.00
Oct
84c
Mar
Oct
42c
Nov
79c
24%
65c
1
1.00
2.25
79c
May
Oct
Jack Waite
1,700
1
Jan
15%
Nov
300
1.15
3.25
Bladen Malartic
Jan
240
36%
80c
Jan
1.00
Nov
June
23%
75c
1.47
Nov
72c
5,381
1
Oct
2.40
19%C
*
Nov
60c
3%
81%
87c
47,046
Jan
Feb
Oct
17%
10
Mar
Oct
International Pete
J
July
4.50
36
1.50
364
29,000
2.10
19
13,595
90c
7c
Intl Utilities B
Jacola
Oct
420
*
Jellicoe
Oct
14%
8
98
International Nickel
Nov
99
13
100
1
' ;•
Nov
6%
Feb
3.45
Jan
195
July
81%
80
82
Feb
29c
Feb
33c
95
33%
Oct
3.15
Jan
Oct
2.20
Oct
,13%
81%
22%
15%
Nov
June
15o
3.35
405
21c
75o
12
Jan
3%
81%
Oct
68
Feb
1
Oct
Oct
6.85
Simpsons pref
Slscoe Gold
Oct
2c
Oct
Jan
Jan
7
3.44
9%
9,170
2,500
12,400
Feb
85c 90% c
1.96
Sheep Creek
14
150
3,995
197
17%
Oct
10c
12
6%
17%
Oct
9,900
1,900
Imperial Tobacco.......5
Intl Mining Corp
July
Oct
30c
195
197
Imperial Bank
100
Imperial Oil.......«..._*
Intl Milling pref
3.00
Nov
70c
73
73
100
20%
Jan
3%
25c
27c
28c
1
Howey Gold
7c
1.50
1.01
25c
1
Homestead Oil
Oct
5
1.03
95% c
10% c ll%c
10c 10%c
15
15%
12
12%
1.00
Home Oil Co
2c
60
1
Highwood Sarcee
Ap
1.50
1
_
Jan
2%c
1
Barker
1.25
18%
475
Harding Carpets
Aug
Sept
9.20
3,200
11,150
17%
Apr
53%
Oct
12,800
Hamilton Theatres
26%
25
5%
85c
6%
Halerow-Swaze
Oct
Nov
15
65o June
80c
6
2%c
Oct
7
23%
Oct
2.35
230
28c
2.05
Russell Motors
30
1.32
15%
26c
18%
Royalite Oil
Nov
*
Hard JEtock
Jan
57
4c
4%c
10
1.20
3%
26%
Jan
Nov
4.10
10,730
3,465
10,650
13%
mm--mm
13,200
28
3.15
l'.30
Royal Bank
13,000
15
1
Gold
Gypsum Lime & Alab
Oct
97%
5c
30
3.05
Roche Long Lac
5%c
4%c
"io""
*
*
Preferred
Oct
Aug
4%c
4%c
Great West Saddlery pf 100
»« m
14
in*
in*
nil
Reeves-Maodonald
54
*
Mines
72%
52%
150
54
5.40
mmm
nil
Red Lake G Shore
4c
1
Mines
5.00
1.10
*
Reno Gold
125
6
1.15
4%c
1
Granada
Nov
17,375
3,500
90c
54
50
Preferred
Graham Bousquet
1
18
1
18
-.1
Red Crest Gold
1 1937
High
Low
Shares
76
73
*
Goodyear Tire
50%o
1
1.01
Prospectors Airways.. ...*
Range Since Jan.
of Prices
Low
High
33o
.25c
Preston E Dome...-.
Read Authier
Sale
31,650
...1
Pressed Metals
for
M
...»
Prairie Royalties.
Premier
Sales
Jan
42c
18
...1
Power Corp
Week
Jan
40c
...
,i... nil
Pioneer Gold
Exchange
1.38
2.50
80
1
1
..*
Pickle Crow
Canadian Commodity Exchange
Chicago Board of Trade
Jan
Oct
Oct
8,200
5.15
Perron Gold
Timmlna
46c
Oct
13c
41c
1
.
Pet Cob Mines
Ottawa
Weel's Range
High
Low
9c
1.10
Toronto
Friday
Wee
Shares
9c
Paulore Gold
OFFICES
Grandoro
Price
Range Since Jan. 1 1937
for
of Prices
Low
High
TORONTO
WAverley 7881
Last
Week's
Sale
Stocks (Concluded)
Toronto Stock
Sales
Range
Last
GRAIN
BONDS
STOCKS
Friday
Nominal.
70
'54
f
Financial
3484
Quotations
o3fl
Jan
1 1977
<*33*i
a33*s
a33*s
a33*s
a33*a
a3?*s
July
1 1975
May
Nov
Mar
1 1954
Bid
a4a
July
May
1 1957
a4s
Nov
1 1958
a4s
May
1 1959
a4s
May
1 1977
a43*s
a43*s
a43*s
1023* 1033* a43*s
a43*s
1013* 103
100?* 1023* a43*s
103
105
a43*s
106
108
a4?*s
108
106
a43*s
106
108
a43*s
105
107
a43*s
a4s
Oct
1 1980
106
108
1103*
903*
953*
993* 100?*
102 3* 1033*
1 1964
1 1960
15 1976
Jan
1 1975
...
1 1960
109
1 1902
Par
Ask
1 1966.
109** 111
Apr
Feb
109 X 111?*
1113*
1103* 111?*
1103* 112 •
111
1123*
15 1976.
Jan
1 1977.
110
Nov
Mar
15 1978.
May
1 1957.
112
114
Nov
1 1957.
112
114
1 1981.
Bid
Ask
Par
Bank of Manhattan Co. 10
21
22 3*
Klngsboro
Bank of Yorktown._00 2-3
1093* 111
Apr 15 1972.
1 1974.
June
1 1963.
Mar
1 1965.
June
1 1967.
a43*s July
<z43*s Dec 151971.
1 1979.
a4Mb Dec
1093* 110?*
1 1904
a43*s Sept.
a43*s Mar
a43*s Mar
27. 1937
New York Bank Stocks
City Bonds
Ask
Bid
Nov.
Over-the-Counter Securities—Friday Nov. 26
on
New York
Chronicle
55
64
Merchants Bank...
Bensonhurst National.—50
95
125
Chase
303*
263*
13.55
City (National)
Commercial
123*
100
115
50
40
45
123*
13
National Bronx Bank
32 3*
National Safety Bank.
Penn
Exchange
137
Peoples National
-100
860
910
Public National
Fifth Avenue
First National of N Y..100 1670
54
50
65
45
25
26?*
Sterling Nat Bank & Tr.25
243*
283*
263*
Trade Bank
1730
35
100
15
113*
93*
10
131
Ask
65
100
28
National.. 100
Flatbush National
Bid
National...100
21
25
123*
.
\
1123* 1143*
112?* 114?*
113
115
114
116
115
117
New York Trust
1093* 110?*
Par
Banca Comm
Bid
Companies
Ask
Italiana. 100
100
382
Par
106
Bk of New York & Tr._100
392
Fulton
Bid
Ask
100
220
240
...100
Guaranty
223
228
10
46
7
100
84
89
20
86
89
Chemical Bank & Trust. 10
39
41
Clinton Trust
50
52
58
...20
45
47
Colonial Trust
25
143*
New York
25
97
100
Continental Bank & Tr.10
113*
Title Guarantee & Tr
20
6
Underwriters
100
70
United States
100 1500
Bankers
Bronx County
Brooklyn
New York State Bonds
Bid
Ask
38 1974.
38 1981
Bid
62.70 less 1
62.80 less 1
World
Highway
5s Jan & Mar 1964 to '71
62.90
mm —
131
mm —
131
mm —
Barge C T 4s Jan '42 & '46
128
...
Barge C T 43*s Jan 1 1945.
123
...
Irving
83*
Corn Exch Bk & Tr
62.10
Improvement—
4s Mar & Sept 1958 to'67
Canal Imp 4s J&J *60 to '67
mm-
Ask
War Bonus—
43*s April 1940 to 1949.
Canal & Highway—
Highway Imp 43*s Sept '03
Canal Imp 43*8 Jan 1964..
Can & High Imp 43*8 1965
Central Hanover
49
63*
20
46?*
163*
12?*
47?*
Empire
10
213*
223*
10 1034
1134
100 1060
Kings County
Lawyers
1700
25
20
Manufacturers
Preferred
31
343*
36
363*
7
80
1550
123
1103*
1133*
...
Chicago & San Francisco Banks
Par
Bid
Ask
American National Bank
Port of New York
& Trust
Authority Bonds
Ask
Port of New York—
Gen & ret 4s Mar 1 1975.
1063* 107 H
Gen & ref 2d
ser
1023* 104
Gen & ref 3d
ser
Gen & ref 4th
3?*s '65
33*s '70
100
3s 1970
Gen & ref 33*s
1977
George Washington Bridge
43*8 ser B 1940-53.M N
973*
1013*
953*
ser
Bid
Holland Tunnel
43*s
ser E
M&S
1938-1941
1942-1960....
Inland Terminal
M&S
43*8
60.75
110
75
79
175
180
M&S
61.00
1942-1900
M&S
100
Par
39
41
FRANCISCO
NT&8A..123*
Bid
Ask
Par
Bid
Ask
10
72
743*
Home Fire Security
10
23*
3?*
40
42
Homestead Fire
10
14?*
10
21?*
233*
Importers & Exporters
5
73*
67
Ins Co of North Amer
50
163*
83*
513*
173*
19
Knickerbocker
5
103*
11?*
5
26
Lincoln Fire
6
23*
10
8
273*
93*
113*
283*
19?*
39?*
253*
Maryland Casualty
1
Mass Bonding & Ins.-123*
3?*
4
383*
36
41
25
10
Equitable. J
American of
United States Insular Bonds
American
Bid
Honolulu 5s
43*8 Oct
43*8 July
1959
101
103
U S Panama 3s June 1 1961
1952
101
103
Govt of Puerto Rico—
6s
Apr
1955
100
102
43*s July
1958
5s
Feb
1952
106
109
5s
1948
3.00
July
114
10
25
Automobile
10
118
10
Merch Fire Assur com
5
Merch & Mfrs Fire New'k5
Casualty
10
23*
108
1103*
Bankers & Shippers
Boston
108 3*
111
Camden Fire.
3.50
5?*
4?*
25
71
74
100
515
520
10
National Liberty
National Union Fire
2
20
New Amsterdam Cas
2
33*
40
83*
Merchants (Providence). .5
National
National Fire
Baltimore Amer
d3.70
U S conversion 3s 1946
9?*
26?*
18?*
37?*
23?*
Re-Insurance. 10
American Surety
Ask
63.50
643*
Newark...23*
American Reserve
Ask
1013*
1083* 1103*
SAN
Bk of Amer
10
American Home
53*8 Aug 1941
Hawaii 43*8 Oct 1956..
520
Aetna Cas & Surety
Aetna
American Alliance
Bid
Ask
310
480
Aetna Life...
1073*
1093* 1113*
100
Bid
280
Insurance Companies
2.00
American
4s 1946
Par
Harris Trust & Savings. 100
Northern Trust Co
100
1.75
Agricultural
Philippine Government—
190
....100
112
1938-1941
983*
100
Trust.. .33 1-3
&
First National
Ask
D
ser
100
Continental Illinois Natl
Bank
Bid
—
93*
4
6
143*
523*
63*
105
9?*
16
543*
73*
110
Conversion 3s 1947
10?*
<m4
Federal Land Bank Bonds
5
163*
183*
New Brunswick
10
25
263*
193*
20?*
New Hampshire Fire
10
40
42
City of New York
1083* 111
10
10
17 3*
35
24?*
25?*
New Jersey
New York Fire
20
10
Continental Casualty
Eagle Fire
116
Carolina
Connecticut Gen Life
113
5
203*
22 3*
Northern
23*
33*
19
4?*
2
-
.......
12.50
North River
2.50
37
14?*
163*
78
82
ar23?*
253*
1153* 1203*
3s 1955 opt 1945
3s 1956 opt 1946
3s 1950 opt 1940
J&J
J&J
M&N
33*8 1955 opt 1945..MAN
Ask
1013*
1013*
1013*
102?*
101?*
101?*
101?*
Bid
4a 1946 opt 1944
4s 1958 opt 1938
J&J
Pacific Fire
25
98
32 3*
343*
95
100
Phoenix
10
Fidelity & Dep of Md.„20
Ask
39
Federal
Bid
Employers Re-Insurance 10
Excess..
5
673*
13?*
693*
15?*
Fire Assn of Phlla
52 3*
Pro vldence-Washlngton
27
29
..10
5
M&N
109?* 1103*
101?* 101»i«
Fireman's Fd of San Fran25
43*8 1958 opt 1938..M&N
1033* 1033*
Firemen's of Newark
5
7?*
Franklin Fire
5
25?*
103
10
70
42
5?*
54
Northwestern
National.25
Preferred Accident
5
.
10
73
8?*
273*
Reinsurance Corp (N Y)-2
21
22 3*
10
18?*
203*
Bid
Atlanta 3s
Atlantic 38
Ask
Bid
99
....
Burlington 5s
California 5s
100
Louisville 5s..
100
Maryland-Virginia 5a
Mississippi-Tennessee 5a.
100
60
100
Dallas 3s
...
Denver 5s
96
First Carollnas 6s
First of Fort Wayne 43*s_.
First of Montgomery 5s
First of New Orleans 5s
First Texas of Houston 5s.
First Trust of Chicago
43*8
Fletcher 33*8
New York 5s
f5H
6?*
993* 1003*
98
91
95
99
101
95
97
98
100
98?* 99?*
993* 100?*
Greenbrier 5s
98
/60
111 of Montlcello
100
Pac Coast of Salt Lake 5s..
Pac Coast of San Fran 5s..
100
Pennsylvania 5s
Phoenix 5s
....
107
m
San Antonio 5s...'
100
Southwest 5s
70
85
Southern Minnesota 5s
Tennessee 5s
96
Union of Detroit 43*s
100
La Fayette 5s
99
100
Lincoln 6s
80
—
mm
100
100
92
363*
Seaboard Fire & Marine..5
123*
14
Seaboard Surety
29
34
72
77
Security (New Haven
10
Springfield Fire & Mar. .25
18?*
203*
5
1
Halifax
10
10
8
223*
263*
9
23?*
28
.-10
Stuyvesant
5
43*
7
53*
184
8
10
223*
27
283*
993* 102 3*
6
7
Sun Life Assurance
100
390
440
Travelers
100
399
409
Hartford Fire
10
64
66
U S Fidelity & Guar
U S Fire
10
58
60
U S Guarantee
253*
27
Westchester Fire
5
5
175
133*
143*
4
44
46
10
41
44
265*
283*
Co..2
2.50
■
100
St Louis 5s
100
343*
5
5
100
Potomac 5s
81
43*8
43*s._.
Iowa of Sioux City
Kentucky 5s
5
05
Pacific Coast of Portland 5s
Pao Coast of Los Ang 5s..
75
100
St Paul Fire & Marine...25
Hartford Steamboiler
Home
100
102
99
Rossia
20
Hanover
Ohio-Pennsylvania 6a
Oregon-Washington 5s
100
100
Greensboro 3s
Illinois Midwest 5s..
rnmm
100
70
Fremont 5s
22
18
Great American
Great Amer Indemnity
Ask
98 3*
99 3*
99?* 100?*
North Carolina 5s
253*
20
Globe & Rutgers Fire...15
2d preferred
15
100
99
/45
Chicago 5s
233*
10
Gibraltar Fire & Marine. 10
5
63*
10
Revere (Paul) Fire
Rhode Island
General Reinsurance Corp5
Glens Falls Fire
Globe & Republic
5?*
Republic (Texas)
Georgia Home
Joint Stock Land Bank Bonds
102
/14
100
98
Virginia-Carolina 5s
Virginian 5s.
...
...
29
...
75
10
...
100
100
85
100
Surety Guaranteed Mortgage Bonds and Debentures
109
Bid
Ask
Allied Mtge Cos Inc—
All series 2-5s
83
Arundel Bond Corp 2-5s *53
Arundel Deb Corp 3-6s *63
54
Associated Mtge Cos Inc—
Debenture 3-6s
1953
43
Cont'l Inv Bd Corp 2~5s '53
Contl Inv DebCorp 3-6s'53
86
2-38
Inc 2-58
Par
Bid
Par
Bid
100
50
60
New York
100
11
38
42
Dallas
North Carolina
100
ioo
73
76
Pennsylvania
Ask
Ask
73
45
...
m
-
—
—
-
—
Bond
44
(all
Corp
Issues) 2-5s
1953
71
Potomac Cons Deb Corp—
(Central
1953
46
...
32 3*
41
44
41
44
1953
41
44
Maryland Deben¬
ture Corp 3-68
1953
Potomac
Realty
Atlantic
Deb Corp 3-6s
1953
41
series)
Franklin Deb
Co
—
3-6s
Potomac
80
...
part ctfs
Funding
1953
3-6s
Potomac
1945
Nat Bondholders
100
1954
Potomac Deb Corp 3-6s '53
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Atlanta
53
—
Empire Properties Corp—
Atlantic
1954
Potomac
76
Ask
Mtge Corp—
Series A 3-6s
Series B 2-5s
76
...
Joint Stock Land Bank Stocks
Bid
Nat Union
1953
/30
33
14
Nat Cons Bd Corp 2-5s *53
71
74
43
48
Nat Deben Corp 3-6s. 1953
41
44
100
25
Realty
Bond
&
70
—
44
Mortgage
30
Denver
100
10
15
Potomac
De8 Moines
100
65
55
60
San Antonio
100
38
3
6
5
Fremont
1
100
1
3
Lincoln
100
50
100
2
4
45
33 3*
42
100
42
3134
70
100
First Carollnas
1953
deb 3-6s
Unified Deben Corp 5s 1955
Virginia
Virginia-Carolina
Telephone and Telegraph Stocks
13*
55
Par
Am DIst
Teleg (N J) com.*
Preferred..
83
FIC 13*8.
_
100
1583* 160?*
Pac & Atl Telegraph
1153* U73*
Peninsular Telep com
l3*S_—Apr
6 .35%
15 1938 6 .40%
15 1938 6. 40%
15 1938 6 .45%
15 1938 6 .50%
Bid
Ask
Preferred A
393*
53 3*
583*
Franklin Telegraph
100
Gen Telep Allied Corp—
33
88
85
88
$6 preferred
.Dec 15 1937
FIC 13*s...Jan
FIC 13*8...Feb
FIC 13*8
Mar
FIC
Ask
FIC
:::
15 1938 6.55%
15 1938 6 .60%
*
16 1938 6 .50%
FIC
13*8...May
I3*s._.June
FIC 13*8...July
FIC 13*8.—Aug
...
New York Mutual Tel. 100
100
Cuban Telep 7% pref.. 100
Emp & Bay State Tel..100
Bid
Par
A st
87
Bid
20
Ask
25
1133* 116 ?*
Beli Telepof Canada
Bell Telep of Pa pref
Federal Intermediate Credit Bank Debentures
Bid
100
Int Ocean Telegraph...100
Mtn States Tel & Tel..100
85 3*
813*
1243* 1283*
15 1938 6.65%
For footnotes
see
page
3480
25
*
14
18
22
24
100
1073* 1103*
100
110
25
Sou New Engl Telep...100
17
142
1443*
S'western Bell Tel pref. 100
119
122
Wisconsin Telep 7% pf_100
116
1183*
Rochester
Telephone—
$6.50 1st pref
So & Atl Telegraph
115
22
Volume
Quotations
3485
Chronicle
Financial
145
Over-the-Counter Securities—Friday Nov. 26—Continued
on
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
3oscpb CUalker $ Sons
Tor* Stock Extbamgo
AUmben
Dealers in
120 Broadway
e. sloane & co.
Membert New York Security Dealers
GUARANTEED
NEW YORK
41 Broad St., N.
2-6600
STOCKS
Bulletin
Request
john
Tel. RE ctor
.
Monthly
Earnings and Special Studlea
on
.
QUOTED
.
Y.
-
HAnover 2-2455
Association
Bell Syst. Teletype NY
-
1-624
(Since18551
Railroad Bonds
Bid
Asked
1945
1945
1953
1939
1957
April 1, 1943
51
63
51
63
94
97"
1950
1942
1944
1940-45
1961
45
65
50
58
54
60
Guaranteed Railroad Stocks
Akron Canton & Youngstown 5Ms
(Guarantor In Parenthesis)
6s
Augusta Union Station 1st 4s
Dividend
Par in Dollars
Baltimore & Ohio 4Mb
Asked
Bid
too
6.00
63
68
Albany & Susquehanna (Delaware & Hudson)
-100
10.50
128
135
Allegheny & Western (Buff Roch <fc Pitts)
Beech Creek (New York Central)
-100
6.00
70
75
50
2.00
32
34
(New York Central).
Boston & Providence (New Haven)
-100
8.75
101
104
100
8.50
80
-100
2.85
44
47
Carolina Clinchfield & Ohio (L & N-A C L) 4%.. -100
4.00
82
85
6 00
83
86
5.00
90
69'
57
95
90
Canada Southern (New York
Birmingham Terminal 1st 4s
Boston <fe Albany 1st 4Mb
90
96
Alabama & Vlcksburg (Illinois Central)
.
Boston <fc Albany
.
Central)
Common
5% stamped
Cleve Cinn Chicago & St Louis pref (N Y Central) -100
50
Cleveland <fe Pittsburgh (Pennsylvania)
3.50
25
Prior Hen 4Mb
Convertible 5s
-100
5.50
55
Georgia RR <fc Banking (L & N-A C L)
Lack & Western)... ..100
172
4.00
51
54
Michigan Central (New York Central)
Morris & Essex (Del Lack & Western)
50.00
900
Georgia Southern & Florida 1st 5s
Goshen & Deckertown 1st 5 Ms
178
1050
Lackawanna RR of N J (Del
40
64
Northern Central (Pennsylvania)
91M
95
Northern RR of N J
4.00
45
66
.60
4.50
50
56
50
1.50
38
42
(Erie)
Oswego & Syracuse (Del Lack & Western)
.
Pittsburgh Bessemer <fc Lake Erie (U S Steel)
3.00
175
Rensselaer & Saratoga
-100
6.82
-.100
6.00
140
Second
Utica Chenango &
6.00
141
..100
10.00
236
240
6.00
64
69
5.00
80
(Pennsylvania)..
..100
Susquehanna (DL&W)
United New Jersey RR & Canal
Western)
(Illinois Central)
..100
Valley (Delaware Lackawanna &
Vlcksburg Shreveport & Pacific
Preferred
mm
Warren RR of N J (Del
mm
59
60
65
50
3.50
34
38
...50
(Pennsylvania)
54
3.00
58
2d 4s
Terminal 4Mb
St Clair Madison <fc St
Louis 1st 4s
Shreveport Bridge <fe Terminal
Somerset Ry 1st ref 4s
Southern Illinois & Missouri
Associated
Bid
68 M
72
74
*
4
*
8M
10
8M
10
*
pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec $7 pref.*
Buffalo Nlagara&Eastern—
Atlantic City El 6%
Philadelphiai Pa.
Boston & Maine 4Mb
3.00
2.25
63.60
2.75
5s
63 60
2.75
3 Mb
63.50
2.75
63.25
2.50
63.25
2.50
63.20
2.40
63.50
2.00
Dec 1 1936-1944
5s
Canadian
Pacitlc 4Mb
Cent RR New Jersey 4 Mb.
3.00
5s.
63.75
2.75
5 Ms
63.75
2.75
63.80
2.75
New Orl Tex & Mex 4Mb..
67
69
22
pref..*
*
83 M
85 M
78
81M
81
83
70
71 M
73 M
75 M
preferred
pref
ed
100
$6 preferred.
100
Cent Pr & Lt 7% pref.. 100
Consol Elec & Gas $6 pref. *
Consol Traction (N J). 100
Consumers Power $5 pref. *
Continental Gas & El—
5s
2.00
5s
61.75
1.00
4s
65.50
4.00
2 Ms series
series
E
Dec 1
4.00
65.75
5.00
Pere Marquette
5.00
1937-49
1937-50
Reading Co 4Mb
65.75
4Mb
88
64.00
3.00
63.75
5s
5Ms
-
—
2.50
63.75
2.25
Erie RR 5
Ms
—
2.50
6s
62.50
1.75
4Mb
63.25
62.25
1.75
61.80
1.26
61.80
1.25
61.75
1.00
3.00
61.75
1.20
62.00
1.25
1.00
62.90
2.00
Great Northern 4Mb
2.40
Interstate Natural Gas.
2.40
Interstate Power $7
1.10
Iowa Southern
97
98
63.75
3.00
2.00
63.00
2.40
2.00
2.50
2.00
63.20
2.40
63.20
5s
Hocking Valley 5s
2.40
62.25
4Mb
5B
Illinois Central 4Mb
63.25
2.50
Virginia Ry 4Mb
61.70
5s
1.75
3.00
Long Island 4Mb
63.15
2.50
5s
62.75
2.00
5 Ms
95
100
6s
95
100
Loulsv <fc Nash 4Mb
5s
61.75
1.10
61.75
1.10
Western
63.25
2.50
Western
63.25
2.50
5Ms
63.76
3.00
95
-
5 Mb
Minn St P & S S M 4s
62.75
62.65
5b
Maine Central 5s
95
Maryland 4Mb—
Pacific 5s
7% cum
$7
7%
87
87 M
*
88
—*
Pub Serv of Colo 7%
Queens
pf.100
Borough G & E—
preferred
100
M
98
89M
100
108M 109 M
88
89
96
97 M
101
103 M
48 M
52 M
92
93
58
62
101M 105
50
67
108
25 M
27 M
5
7
38
43
1
3M
4M
6% preferred C
100
Sioux City G & E $7 pf.100
Southern Calif Edison—
94M
95 %
Republic Natural Gas
Rochester Gas & Elec—
87
89
25
pref series B
26
27
178
.50
52
54
South Jersey Gas & El. 100
pf.,100
Kan Gas & El 7% pref. 100
Kings Co Ltg 7% pref—100
Long Island Ltg 6% pf.100
7% preferred
.100
Memphis Pr & Lt $7 pref.*
Mississippi Power $6 pref.*
$7 preferred
*
81
83
Tenn Elec
105
107
35
42
35
40
44
48
preferred
44
70
preferred
178
Jamaica Water Supply—
7M%
37
42
100
*
pref
120
111
35
67
—
109
27M
66M
92
Ohio Power 6%
7%
105
65
26
99
pref—-100
pf-,100
100
Okla G & E 7% pref-_100
Pacific Pr & Lt 7% pf—100
27
Penn Pow & Lt $7 pref.
*
28
30 M Philadelphia Co $5 pref..*
40
3
22
97 M
preferred.—100
preferred
6%
Jer Cent P & L 7%
pf.100
50 M
52 M
..100
Pow 6%
53 M
55 M
preferred
7%
pf.100
Toledo Edison 7% pf A. 100
United Gas & El (Conn)—
Texas Pow & Lt 7%
100
preferred
7%
57 M
60
45
49 M
Utah Pow & Lt $7
48
53 M
Virginian
Bid
2.25
2.00
64.00
3.00
Berland Shoe Stores
*
7M
9M
98
79
81
42
44
100
135
145
Par
88
10M
11M
*
30
31M
$2.50 conv pref
1M
C) common...*
7% preferred
—100
Diamond Shoe pref
100
Bo hack (H
Kobacker Stores
7%
preferred
Co Inc..*
*
100
3M
Kress
Bid
11M
(S H) 6% pref
95
preferred
100
Foods inc common..*
Blck fords lnc
*
7%
B /G
2
3.00
64.00
97
96
pref..*
Ry.
Ask
100
100
95
Chain Store Stocks
Par
Flshman (M H)
For footnotes see page 3486.
—
100
1.00
62.50
5s
26
6
89M
Ohio Pub Serv 6%
28 M
107
Northern States Power—
1.00
64.00
Wabash Ry 4Mb
114
UtUltles—
preferred
1.00
Intemat Great Nor 4Ma-
5s
*
pref..*
1.00
61.70
5s
7%
108
120
6
1.60
61.50
61.50
Union Pacific 4Mb
preferred
2.00
62.75
Texas Pacific 4s
*
100
preferred
63.10
94
10
Idaho Power—
7%
106
pf 100
pref.100
100
New Eng G & E 5M% P*-*
N E Pow Assn 6% pref.100
New Eng Pub Serv Co—
$7 prior Hen pref
*
New Orl Pub Serv $7 pf..*
New York Power & Light
$6 cum preferred
*
6%
62.75
63.25
5s
preferred...*
$7 cum preferred
.*
Gas & Elec of Bergen.. 100
Hudson County Gas—.100
$6
62.60
Southern Ry 4Ms
110
25
$6 cum preferred
$6.50 cum
63.00
5 Ms
Southern Pacific 4Mb
Gas
59 M
Nebraska Pow 7%
Ohio Edison $6 pref
Federal Water Serv Corp—
2.50
5s
Essex Hudson
95
St Louis Southwestern 5s..
5s
63.50
3.06
Ask
25
77
34
2.00
67 M
22
100
preferred
74M
178
2.50
Bid
24M
(Minn) 5% pref
100
63.25
62.00
8t Louis-San Fran 4s
4Mb
Denver & R G West 4Ms—
53
23
(Del)
Derby Gas & El $7 pref..*
pref. 100
64.25
63.20
5s
85
9l"
47
West Penn
pref
25
Mountain States Pr com..*
92
Dallas Pr & Lt 7%
G non-call
65.50
5s
86
Pub Serv 7%
46
1.25
due
Jan & July
Chicago R I & Pacific—
Trustees' ctfs 3 Ms
107
104
43
2.25
61.50
62.75
5s
83"
78
Mississippi P & L $6 pref.*
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line..5
90
63.00
64.00
5s.
Northern Pacific 4Mb
4MB
Chic Mllw & St Paul 4Mb.
100
preferred
62.50
5s
N Y N H & Hartf 4 Ms
5s
Chicago & Nor West 4Mb.
7%
7
62.00
New York Central 4Mb...
Pennsylvania RR 4Mb
Chesapeake & Ohio—
Ask
64.00
Missouri Pacific 4Mb
N Y Chic & St L 4Mb
Canadian National 4Mb—
60
Nassau & Suf Ltg 7%
119
Central Maine Power—
Bid
Ask
64.00
03
85
Par
7%
109
21M
6%
Equipment Bonds
63.75
91
87
Monongahela
M
25
7%
Ohio 4M8—
89
75
Newark Consol Gas
67
Carolina Pr & Lt $7
5s
86
Ask
$1.60 preferred..
Baltlmore &
61
Utility Stocks
pref__*
preferred
$6.50 preferred
$7 preferred
Stroud & Company Inc.
Private Wires t« New York
1.25
90
57
1954
7% pref *
Gas & Electric
Original
12 00
70
58
88
1955
1951
1957
1966
Bridge 1st 4s
Washington County Ry 1st 3Mb
Alabama Power $7
Quotatione-Appraieale Upon Request
Atlantic Coast Line 4 Ms—
90
1955
Hamilton & Buffalo 4Ms
Toronto
Arkansas Pr & Lt
.
35"
25
1951
—-
1st 6s.
Public
EQUIPMENT TRUST CERTIFICATES
Bid
62
85
1946
1966
1951
.1945
1957
-
Par
Railroad
100
46
62
-100
Lack & Western)
West Jersey & Seashore
95
Toledo Terminal RR 4Mb
5.00
5.00
_
11
Consolidated 5s
mmmm
—100
(Terminal RR)...
92
-
70
3.00
preferred
Tunnel RR St Louis
Portland RR 1st 3 Ma
Rock Island Frisco
70"
89
93
general 5s
1st mtge 3 Ms
Piedmont & Northern Ry
|
50
65
/7
New York <fe Hoboken Ferry
82
78
St Louis Bridge 1st
(Delaware <fe Hudson)
pref (Terminal RR)
Minneapolis St Paul & Sault Ste Marie
Montgomery & Erie 1st 5s
178
45
90
91
Maryland & Pennsylvania 1st 4s
Meridian Terminal 1st 4s
169
75
70
1951
1955
1949
1956
-
5s
Macon Terminal 1st
78
165
7.00
Preferred
76
7 00
Preferred
Pittsburgh Fort Wayne & Chicago (Pennsylvania) -100
34
65
1965
Long Island ref mtge 4s...
69
4.00
3.875
.50
73
70
.1949
Western 1st 4s
Little Rock & Hot Springs
42
5.00
...
-100
(D L & W)
New York Lackawanna & Western
70
/23
1945
1978
.....1946
1978
-.1939
-
........
Gulf 1st 5s
Kansas Oklahoma &
90
1949
1965
...1995
1st 5s
Cleveland Terminal & Valley 1st 4s
Hoboken Ferry 1st 5s
55
1942
-
Cincinnati Indianapolis & Western
60
10 00
-
Chateaugay Ore <fc Iron 1st ref 5s
Choctaw & Memphis 1st 5s
44
..100
-
Buffalo Creek 1st ref 5s
50
41
Prior Hen 4s
81
47
2.00
stock
(Pennsylvania)
Fort Wayne & Jackson pref (N Y Central)
77
2.00
..
Betterment
Delaware
Boston & Maine 3s
4M
17
102
Reeves
6
23 M
105
(Daniel) pref—.100
100
Stores
*
17
11M
10
29
108
---
22
95
Sons common.
6M% preferred
100
Murphy (G C) $5 pref.100
Miller (I)
Ask
7
9
6M
8M
75
82
United Clgar-Whelan
$5
preferred
20
3486
Financial
Quotations
Public
Chronicle
Over-the-Counter Securities—Friday Nov. 26
on
Ask
Bid
Specialists in
Ask
67""
69"
Green Mountain Pi 5s. 1948
101 M
Amer Wat Wk & El 5s '75
Houston Lt <fe Pow 3
103 M 104
1
Federated TJtil 5 Ms.-.1957
mm
85
89
Associated Electric 5s_1961
43
Assoc Gas & Elec Corp—
Income deb 3 Ms
1978
27
29
59
61
Idaho
Ms '66
Power 3 Ms
1967
98 %
Sou Utll 5 Ms
Iowa
1950
95
29 M
28
29 H
30 M
Kan
Income deb 4Ms
34
36
Kan Pow & Lt 1st
98M
R.E.Swart & Co.
28 X
Conv deb 4s
Works Securities
Complete Statistical Information—Inquiries Invited
97
27M
deb 3 Ms
1978
Income deb 4s...—1978
1978
City Pub Serv 4s .195 7
4Mb '65
Keystone Telep 5 M8--1955
108
INCORPORATED
103 M 104 M
.1973
54
56
1973
Conv deb 5s.......1973
66
59 M
61
Metro p
Conv deb 5 Ms
1973
8-year 8s with warr.1940
68
70
87
90
Missouri Pr & Lt 3 Ha. 1966
Mtn States Pow 1st 6s. 1938
8s without warrants. 1940
86 M
108 M
40
58
EXCHANGE PLACE,
89 M
Conv deb 4 Ms
Edison 4s
ser G *65
Narragansett Elec 3 Ms '66
Newport N & Ham 5s. 1944
Assoc Gas & Elec Co—
Cons ref deb 4M8..1958
29
27
1983
24
27
N Y State Elec <fc Gas Corp
4s
1965
Sink fund inc 4Ms.. 1983
Sink fund inc 5s
1983
27
29 M
31
North Boston Ltg Prop's
Secured notes 3 M8..1947
Sink fund Inc 4s
Sink fund Inc
28 M
5Ms-.1983
93
95
97
90
Tel. HAnover 2-0510
95
91M
Bid
Alabama Wat Serv 5s. 1957
33
36
Northern N Y Utll 5s. 1955
25
27
North'n States Pr 3 Ms
29 M
31
Ohio Edison 4s
34
36
Atlantic City Elec 4Mb '64
52 M
54 M
Parr Shoals Power 5s-.1952
91
—
Pennsylvania Elec 5s. 1962
97 M
Penn Telep Corp 1st 4s '65
Peoples L & P 5MB...1941
Bellows Falls Hy El 5s 1958
Blackstone V G & E 4s 1965
102
103
108
.
Calif-Oregon Pow 4s..l966
89 M
90 M
Cent Ark Pub Serv 5s. 1948
Central G & E 5Ms. ..1946
86
88
65
67
68
101H 102 H
General mtge 4Ms.. 1962
Central Public Utility-
99M
/2M
3M
102
series
B
1954
1954
series A
5s
105
41
43"
1962
41
43
Cumberl'd Co P&L 3 Ms '66
96
97
6s series B
Dallas Pow &Lt 3 Ms. 1967
104 M
105 M
61
117
5s
101M 102
B
101
62
65
Richmond W W Co 5s. 1957
104M
99
Roanoke W W 5s
Bid
1958
1st mtge 58
1958
88 M
95
98
B'way Barclay 1st 2s..1956
B'way <fe 41st Street—
1st leasehold 6M8..1944
24M
37 M
41
1948
63
61 M
1945
Chanin Bldg inc 4s
50
/22M
/22
97M
4s with stock..
1956
Court & Remsen St Off Bid
1st 6s
Apr 28 1940
Dorset (The) lst6s-..194l
/30M
...
/23
East Ambassador Hotels—
1947
/5
6
Eqult Off Bldg deb 5s.l952
60
63
Deb 5s 1952 legended...
99 M
1942
100M
50 Bway Bldg 1st 3s inc '46
500 Fifth Avenue—
1949
43
27
5 Ms series BK
5 Ms series C-2
6s
Nov 1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 3M8-6M8 8tpd__1948
Fox Theatre & Off Bldg—
1st 6 Ms
Oct 1 1941
Fuller Bldg deb 6s
1944
2M-48 (w-s)
Graybar Bldg 5s
1949
1946
Harriman Bldg 1st 6s.l951
36
38
100
1st & ref 5s A
91
/40
46
1st 6 Ms
Apr 15193',
Lincoln Bldg inc 5MS.1963
w
cn is
00 00 ^
104
58
36 M
Nov 15 1939
/5
6M
43
48
36
102
1960
104
Spring! City Wat 4s A *56
1954
103
Terre Haute Water 5s B '66
■
mmm
mmm
91
100
103 M
6s series A
10i"
99
1949
■
mmm
mmm
99M
101M
100 M 102 M
'
W Va Water Serv 4s..1961
86
1957
103
104 M
Kokomo W W Co 5s-.1958
103
106
100
91
Lexington Wat Co 5 Ms '40
Long Island Wat 5 Ms. 1955
Monongahela Valley Water
5Ms
1950
5s series B
1950
1951
94
93
-
-
101M
Wichita Water—
58 series B
104M
93"
90
98
90
1st mtge 5Ms
1950
Westmoreland Water 5s '52
102
99 M
95
Western N Y Water Co—
1st mtge 5s
23 H
••
•
101M
Union Water Serv 5 Ms '51
1966
94
102
Texarkana Wat 1st 5s. 1958
1958
24
97
5s series C...
100
98
1956
101
101M
1960
6s series A
56 M
59
35
39
70
41
41
103M
,..1949
mmm
104
1952
102
5 Ms stamped
1961
Realty Assoc Sec Corp—
1943
63 H
41
19'
/18M
Cuban Atlantic Sugar...10
Eastern Sugar Assoc
1st fee & l'hold 6 Ms.1940
/7
10
*
mmm
616 Madison Av 1st
6Ms'38
88
1958
1st 5 Ms
...
60
/41
Doc 1940
Ask
1
M
30M
32 M
3M
4M
Corp..l
No
value,
par
on
Interchangeable,
a
n Nominal quotation,
New York Curb Exchange.
b Basis
price,
d Coupon,
When issued,
t
x
e
Ex-rlghts.
Ex-dividend,
v
Now
Ex-stock dividends.
listedjin^New York Stock Exchange.
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams
of"?ure
gold.
43
NOTICES
58
—Brown Harriman & Co., Inc., announce that James S. Baker has been
85
57
/45M
47
Jerome Thralls will be Mr. Baker's principal assistant.
Through the department which has been placed under Mr. Baker's direction,
26M
Government
of the company.
24M
A6M
17M
35
/22
25"
company
business
active
an
Federal
Farm
as
dealer
a
Mortgage
in
United
Corporation
States
bonds,
41
—The general investment business formerly conducted under the
36
name
of Ericson, Nichols &
Bobbins, Inc., will be continued under the bame of
63
37M
1939
73
77
52
Field
Bldg., Chicago.
Henry
H. Garrett,
Oct 19 1938
Republic
Co.
The
other
officers
are
Donald
E.
Nichols
1st 4 Ms
1951
w-s
1st
____
York
/16
22
Stock
April 1 1955
2s
Aug 15 1938 J101.4 101.8
IMs
June 1 1939 101/9 101
Reynolds Investing 5s. 1948
72
75
100.11 100.14
Graham
Triborough Bridge—
4s
101.15 101.1
4s serial revenue 1942-68
f revenue
1977.A&0
partial list
—Richard
—
Corp
100.29 101
100.13 100.16
105 M 106
62.50
60 Broadway, New York City, members New
issuing
a
has
taken
study of stocks selling
&
3.75
&
over
the
under
$10,
business
of Walter Thomson & Co. at the
name
Hanson,
25 Broadway,
of securities
paper companies
104M
are
Thomson
Ask
Henry Hudson Parkway—
s
C.
—Hanson
a
Home Owners' Loan
Exchange,
formerly operated
by Thomson, Martin & Co., 330 Bay St., Toronto, and will continue it
66 M
Bid
& Co.,
which includes over 200 issues, all listed on the New York Stock
Exchange.
—Walter
fee & leasehold 4s '48
and
Charles C. Robbins.
—Or vis Brothers
Corp—
who
has just become associated with the firm, was
previuosly connected with the
55
4s
QQ
on
Intermediate Credit Bank debentures, Federal Home Loan Bank de¬
bentures, in other instrumentalities of the United States and in securities
Central
Ask
92 M
carries
securities,
Home Owners' Loan Corporation
bonds, Federal Land Bank bonds, Federal
of the United States Territories and Insular Possessions.
39
Westlnghouse Bldg—
92
appointed Manager of the United States Government Bond Department
/53
Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)
1st 6 Ms
Federal Home Loan Banks
April 1938
July 1938
West Indies Sugar
19M
2
47
Trinity Bldgs Corp—
Federal Farm Mtge Corp—
1939
17 M
Nichols, Garrett & Co.,
Textile Bldg—
1st 3-5s (w s)
Bear Mountain-Hudson
1953
104
Bid
Haytlan Corp Amer
*
Savannah Sug Ref com___l
8M
w
the
61~"
91M
1
Par
13 X
7
selling
70
44
Savoy Plaza Corp—
3s with stock
1956
Sberneth Corp—
3-5 Ms deb Inc (w s).1956
60 Park PI (Newark) 6s '37
59
Bid
Ask
UK
1
Preferred..
Miscellaneous Bonds
Associates Invest 3s..l946
Bid
/ Flat price,
/39M
88
m
Sugar Stocks
Par
21
Roxy Theatre—
3M-5s with stock...1950
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
59 M
81
W'insport Water 5s
■
—
61 Broadway Bldg—
60
100
28
under the
2a
1960
5s series B
101
t Now
39
Metropolitan Corp (Can)-
1Mb
102
5s series A
CURRENT
Wall & Beaver St
6s.
IMS
64
1954
Joplin W W Co 5s
1 Park Avenue—
2 Park Ave
(Bklyn)
1942
6M8 (LI)......
1
99
60
108
Middlesex Wat Co 5 Ms '57
Monmouth Consol W 5s '56
(The)—
5s Income
/43
1st 6s
Sept
97
Prudence Co—
38
Ludwig Bauman—
IMS
81
(Phila)
July 7 1939
86 M
River Bridge 7s
84
84
1967
South Pittsburgh Water—
1st mtge 5s
1955
95
48M
39
6s
100 M
81
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
95
91
Ask
31M
2d mtge 6s
1951
103 E 57th St 1st 6s.-.1941
165 Bway Bldg 1st 5 Ms '51
/45
67M
Lefcourt Manhattan Bldg
1st 4-5s extended to 194J
Lewis Morris Apt Bldg—
1st 6s
1st 6s
39
1st
98 M
Water Service 5s. 1961
1952
49 M
5 Ms series F-l
5 Ms series Q
19th & Walnut Sts
Oliver Cromwell
52d & Madison Off Bldg—
1st
104M
1958
Scranton-Sprlng Brook
...
1952
60
6 Ms stamped
100
54
Chsebrough Bldg 1st 6s '48
1st & ref 5 Ms
62
Athletic Club—
1st mtge 2s stpd & reg '55
1st & gen 6s
1946
Broadway Motors Bldg—
4-6s
85
95
4Ms
.1942
64
Playhouses Inc—
56
1945
N Y
82
St Joseph Wat 4s ser A__'66
Scranton Gas & Water Co
Indianapolis Water—
S f deb 5s
rnmm
1950
E St L & Interurb Water—
5s
1962
Illinois Water Serv 5s A '52
Bid
Metro pol
mmm
92 M
6s.
Ask
'
Roch & L Ont Wat 5s_1938
4 Ms
5s series B
Mortgage Certificates
mm-
1946
5s
/34M
/36
122
93
104
1st mtge 3 Ms
1941
108
90
Plalnfield Union Wat 5s '61
Indianapolis W W Securs—
(The) 1st 6s '41
106
101
63
Hackensack Wat Co 6s. '77
150Broadway, N. Y.
Alden 1st 6s
105
59
5 Ms series B
1977
Huntington Water—
INCORPORATED
Broadmoor
98
102
Phila Suburb Wat 4s—1965
5s series B
BArciay 7
101
99
1948
1948
1948
..1946
Connellsvllle Water 5s 1939
AMOTT, BAKER &, CO.
Real Estate Bonds and Title Co.
100
Pinellas Water Co 5 Ms. '59
Pittsburgh Sub Wat 5s '58
58 series A
2360
91
97
Prior lien 5s
Consol Water of Utlca—
Reports—Markets
mmm
89
1950
1st consol 4s
mmm
99
1960
Greenwich Water & Gas—
Utilities—Industrials—Railroads
83 M
1st consol 5s
5s series D
Public
80
73
Peoria Water Works Co—
mmm
100 M
104 M
1954
6s series B
Estate Securities
91
70
69
1st coll trust 4M8..1966
6s series A
Real
88
1st & ref 5s
1941
series
6s series A
101M 102 H
102 M 103 M
105
65
60
Penna State Water—
102 M
1st 5s series C._
1957
Clinton W Wks Co 5s_1939
102 H 103 M
74
76
Wisconsin G & E 3 Ms. 1966
Wis Mich Pow 3M8-1961
101
102
Community Water Service
Western Mass Co 3 Mb 1946
Western Pub Serv 5 Ms '60
86
98
City Water (Chattanooga)
96 M
40
Wisconsin Pub Service—
1st mtge 4s
1961
102M 104M
1951
series A
5 Ms series B
Colorado Power 5s... 1953
Consol E <fc G 6s A...1962
65
82
City of New Castle Water
64
59
1951
Ore-Wash Wat Serv 5s 1957
99 M 101
1951
5 Ms
103 M 104 M
Utlca Gas & El Co 5s..l957
1951
Ohio Cities Water 5 Ms '53
Ohio Valley Water 5s.1954
Ohio Water Service 5s. 1958
104
104
Chester Wat Serv 4 Ms '58
Citizens Wat Co (Wash)—
74M
95 H
m
103 M
5 Ms
99"
38 M
m
New York Wat Serv 5s '51
101
Butler Water Co 5s...1957
99 M
Income 5 Ms with stk '52
1957
5s
Sioux City G <fc E 48—1966
Sou Cities Utll 5s A
1958
—mm
101M
Newport Water Co 5s 1953
C
Calif Water Service 4s 1961
Tel Bond & Share 5s--1958
Central New York Power—
'
99
5 Ms
series
5s
105M
62
104
New Rochelle Water—
5s
99 M 100
/73
102
104"
As t
103
Muncie Water Works 5s '65
New Jersey Water 5s 1950
Birmingham Water Wks—
99""
70
1st lien coll trust 6s. 1946
Cent Maine Pr 4s ser G '60
Public Serv of Colo 6s. 1961
Pub Utll Cons 5 Ms... 1948
Morgantown Water 5s 1965
5s series B
97 M
98M
Ohio Pub Service 4s—1962
Old Dominion par 5s..l951
96M
97 M
104 M
101
Atlantic County Wat 5s '58
29 M
Sink fund inc 5-6S..1986
8 f inc 5M-6MS...1986
Bid
96
Ashtabula Wat Wks 5s '58
102 M 103
103
98 M
Ask
92
Alton Water Co 5s—1956
93
28
1967
New York 1-1073
Water Bonds
102 K 103 M
102 M 104M
Sink fund Inc 4-5s..l986
'67
NEW YORK
Teletype:
98
8 f inc
4M8-5MB.—1986
-Continued
—
Water
102 M
44
Income
1937
Utility Bonds
Bid
Amer States P S 5 Ms. 1948
Amer Utility Serv 6s. 1964
m
Nov. 27,
A.
of printing,
same
address.
New York City,
publishing,
are
distributing
advertising,
pulp
and
having an over-the-counter market.
Lewis,
Co., is
now
formerly
manager
of the
Philadelphia
office
of
associated^with Burton, Cluett & Dana in their
Philadelphia office.
—Ballman
a
new
&
Main,
municipal bond dealers of Chicago,
office in the Dime Bank Building, Detroit,
John W. Ballman.
have opened
under the direction
of
Quotations
on
3487
Chronicle
Financial
145
Volume
Over-the-Counter Securities—Friday Nov. 26
Concluded
Foreign Stocks* Bonds and Coupons
Tennessee Products Common
Inactive Exchanges
S. EDWARDS
H.
& CO
/ Pittsburgh Stock Exchange
j New york curb Exchange (Associate)
Aiemoera
52 William
Teletype N. Y. 1-869
Tel. REctor 2-7890
Union
BRAUNL
WALTER E.
York
120 Broadway, New
Tel. HAnover 2-5422
St., N. Y.
Building, Pittsburgh
Bank
Foreign Unlisted Dollar Bonds
Friday, Nov. 26
Closing bid and asked quotations,
WICKWIRE SPENCER STEEL
5
8
fecpsteAA £jcc/ifi4tgz,
Bavaria
24
/21
24
/13
18
5
6*8 to
1939
1939
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7*8 '32
Hungarian Discount & Ex¬
change Bank 7s
1936
6s unstamped
25
8
7s.
/20*
22*
Bavarian Palatinate Cons
New York City
52 Wall Street,
/20*
/20
/21
5
8s.
Hansa SS 6s stamped.
22*
7
New Common
Antioquia
Ask
Bid
Ask
Bid
/79
/94
/20
/21
/21
/24
5
1-1642
18
/9
11
Ilseder Steel 6s
/21
24
5
8s
/15
7
/8
10
Jugoslavia 5s funding. 1956
49
50
7
A. T. & T. Teletype N. Y.
HAnover 2-3080
13 X
13X
13 X
Jugoslavia 2d series 5s. 1956
49
60
8
7s.
7s.
9
6s.
Inc.
Houston Oil Field Material Company,
0
-
7*8
ROBINSON, MILLER & CO.
/20
n,£>?j
Burmelster A Wain 6s. 194 0 1110
27*
59
Ohio Match Co
Pathe Film 7%
American
19*
*
20*
14
25
Hardware
Amer Maize Products
85
75
100
pref__
cum
Petroleum
12
*
*
pref
American Mfg 5s pref._100
5
39
Andlan
*
81
77
*
42
19
21X
5
7*
National
Corp
*
5*
7
Beneficial Indus Loan pf_*
49*
Radio
Corp
1st preferred
3*
*
4*
$1 cum preferred
»
Continental Can 4 * % pf_ *
Crowell Publishing com..*
12*
106 X
/60
70
/17
22
9
/17
22
Panama City
9
117
22
Panama
28*
7*
15
6
6s.
12*
Dentists' Supply Co
10
Devoe A Raynolds B com *
32
36~~
47
3
1
6*8
2
8*
4
5*
(Northam)—
*
(Jos) Crucible... 100
50
55"
18
23
54
58
Draper Corp..'
Federal Bake Shops
*
*
Preferred
r
3*
30
American
shares
2*
*
m
19*
93*
1*
►
f
*
44
46
Wilcox A Gibbs com
Gen Fire Extinguisher
*
17
18
10
31
1
5
4*
6*
100
44
5
1
1
7%
12*
58
13*
63*
Harrisburg Steel Corp
Kildun Mining Corp
King Seeley Corp com
X
90
7*
106
8*
1H
IX
■
16
100
200
100
100
6
Lord & Taylor com
1st 6%
2d
preferred
8% preferred
80
8
-
—
50
54
28
30
/ll*
preferred..100
114
Preferred
6%
Mock Judson & Voehrlnger
100
75
90
Muskegon Piston Rlng.2 *
12
Casket
*
44
48
*
110
113
Martin
13
7%
preferred
National
Preferred
Nat Paper A Type com
4*
N Y
Shipbuilding 5s._1946
75
12
/!..
78
88
6
15
18
10
22
f20X
22
120 X
390"
1937
1946
56
58
56
58
/60
/42
120X
Certificates
Certificates
1936
1946
4s.-.1946
4s.
_.
22
157
145
147
135
65
7% gold ruble
-.1943
71
15
6
187.20 91.83
120 X
96
22
/ 20
120X
22*
22
22
For footnotes
1942
110
20*
90
Witberbee Sherman 6s 1944
133
49
Woodward Iron—
36*
38*
page
3486.
36
46
see
Standard Textile Products.
1945
5
Pharmacal
1st 5s
106 X 107*
AUCTION
1962
5s__1962
.
102
75
Shares
80
following securities were sold at auction on
Wednesday
of the current week:
—-
preferred, par $100..
1 Public Service Co. of New Hampshire $5 preferred—
10 Newton Estates Trust pref.. par $100; 10 Newton Estates
20 Newton Real Estate Trust
5 The New Method Loan Co. common A——
—
5 Marconi Wireless Telegraph Co
10 Regal Shoe Co. preferred, par $100-..100 Kennecott Copper Corp
—
$1,000 Congregation Mishkan
Stocks
$100
-
25 Eastern Utilities Associates common
74 Warner-Qulnlan Co. common
-
-
preferred, w. w., par $100
Springfield Gas Light Co., par $25.
Rhode Island Public Service preferred, par $27.50
Co., Boston, par $10
Spinning Associates common
Bonds—
By Crockett & Co., Boston:
55 United Elastic Corp
$ per Share
Stocks
20 United States Trust
2 Esmond Mills
3486.
20 National Electric Power Co. 7%
SALES (Concluded)
By R. L. Day & Co., Boston:
AUCTION SALES
8
to April
unstamped. 1936
107
92
6*
Scovill Mfg 5*s
For footnotes see page
3
14
/58
/55
...
22
100
par
9*
tlnnes 7s
7s unstamped
/20*
5 Berkshire Fine
Shares
Oct 1935
6*
111* 112*
46
/42
20
27
Yeast...100
30 Cornell Mills,
1954
6s.
23
2d conv Income
The
26
/24
/12
15
Guatemala 8s
20
lst 6s assented
Preferred 6 *%
1956
1950
2d series 5s
Great Britain & Ireland—
*
100
New Haven Clock—
Norwich
115
120X
/30
Mtge Bk Jugoslavia
5s
12*
13*
110
1946
Nat Radiator 5s
27
21*
133
120X
.1947
68.2930 13Q0
Coupons—
Oct 1932 to April 1935
27
/14*
Graz (Austria) 8s
*
5% preferred
New Britain Machine
Northwestern
1939
1951
6*s
tettln Pub Util 7s...
(Glenn L)—
Conv 6s
-
/11*
Kelsey Hayes Wheel Co—
75
-
June 1 '35 to June 1 '37..
94
1948
Sao Paulo (Brazil) 6s.. 1943
Saxon Pub Works 7s.. 1945
19
82
*
Merck & Co Inc common. 1
...
19 X
mx
'37.
70
f68
Scrip
State
132 X
131
9*
21*
/83
Slem A Halske deb
German Young coupons:
94
/18
17 X
S20X
120
Saxon State Mtge 6s.
Dec 1 '34 stamped.
Cont'l Roll A Steel Fdy-
78
...
German Dawes coupons:
Apr 15 '35 to Apr 15
110
—
J6X
German scrip
95
115
Macfadden Pub common.*
81
93
18
250
—
80*
1947
stamped-1942
8antander (Colom) 7s.
136 X
135 X
134
125
/25
July to Nov 1937
109
95
Lawyers Mortgage Co..20
Lawrence Portl Cement 100
1948
8s
8%
99
.
4s scrip
Santa Fe 7s
32*
July to Dec 1935
1957
deposit. 1957
deposit. 1948
Santa Catharlna (Brazil)
195
July to Dec 1936
Jan to June 1937
1945
88 ctfs of
/32*
-
Jan to June 1936
127
Bonds-
1
23
158
140
July to Dec 1934
Jan to June 1935
9
1
/20
...
:
61
prt
25
July to Dec 1933
Jan to June 1934
80
___1C
preferred
7%
33
8
16
11*
SOX
30
Preferred
...
/99*
/22
30
11*
47
28
Great Northern Pa per...25
/99*
8
1
Int ctfs of dep Jan
7%
7s ctfs of
6
9*
Welfare 7s '46
Saarbruecken M Bk 6s '47
e
53
York ice Machinery
R C Church
1933
6*8 '46
Royal Dutch 4s
22
105
5
99
13
35
Great Lakes SS Co com..*
...
22
27
l
6*
*
Corp
...
/99*
0
6s.
2*
18
WjR The Goodwill Sta..
Golden Cycle Corp
100
7
6s.
21*
96*
93*
Garlock Packing com
Good Humor
/21
/20*
4
White Rock Mln Sprtng-
8*
Graton A Knight com
/28
8
)
5*
3*
3X
118
/50
1941
Salvador
103*
*
20
17
Foundation Co For shs...*
1941
Rom Oath Church
16
3
7%
French Nat Mall SS 6s
44
14
5
Douglas Shoe preferred. 100
Dixon
39
/19
/25
/25
Eleo 7% '36
2
7s.
(Ger¬
5s
Rio de Janeiro 6%
6
10
40
24
5
117
Preferred
Warren
Prov
24
128
121
6
1
/8
1946
Bk Westphalia 6s '33
Bk Westphalia 6s '36
7
7*8
35
1968
7
vestment
22*
/30
/25
many) 7s
Rhine Westph
1*
f20X
Porto Alegre 7s
Prov
22
/98* 100
60*
58 X
f20X 24*
1952
0*8
5% scrip
Protestant Church
---
European Mortgage A
1*
7*
*
)
51
100
0
51
*
3
93
*
2*
Dictaphone Corp
120 X
/20*
/22
/22
5
85
6*
120X
120 X
5
3*
37*
57
J5X
8
14
2*
*
150
9
8*
16*
36*
)
33
IX
Dennison Mfg class A...10
30*
*
107 X
30
...1947
4s
8
109
100
preferred
/21
—
6
*
Tennessee Products
14 X
$7
/21
City Savings Bank
4*
/21
Mtge 7s
1948
North German Lloyd 6s '47
13
68
1
6*
Columbia Baking com
/II
/65
3
6*
/24
Hungary 7*8
1962
National Hungarian A Ind
13"
/II
-
f20X
Nat Central Savings Bk of
/22
8
7s assented
Taylor Wharton Iron A
4%
22
23*
Panama
7
*
10
Chilton Co common
62
57
/20X
/22
6*8.1946-1947 /91
6*8.1948-1949. /90
Costa Rica funding 5s.
*
10
8
1
Burdines Inc common
1*
Bank
(A & B)
Cordoba 7s stamped--:
?
Sylvanla Indus Corp
Nat
—
5*
3
13*
9
100
6*
6*8 '38
4*
*
Hotels
Bowman-Blltmore
Nassau Landbank
Oberpfals Elec 7s
1946
Oldenburg-Free State
7s to
1945
-
51
Belmont
7*
28*
26*
226
220
)
Singer Mfg Lid
Skenandoa Rayon Corp..
Recklinghausen 7s..1947
6*
(C & D)
4
Madge burg 6s
:
Chile Govt 6s assented..-
43
3*
5
43*
Art Metal Construction. 10
Bankers Indus Service A_*
*
*
Petroleum Heat A Power.
17
8*
97
93
*
Munlc Bk Hessen 7s to '45
Central German Power
17
7*
Conversion... 1
1945
7s to
12
15 X
/4 '
7
Ask
Bid
*
Ohio Leather common...
52
American Hard Rubber—
8%
6
r
24
—
15 X
/3
15 X
4
Ask
Bid
*
100
Munich
Municipal Gas & Eleo Corp
Industrial Stocks and Bonds
Par
120 X
Meridlonale Elec 7s.-. 1957
55"
150
7
Book..
f20X
—
m
-
6
American Arch
1948
Mannheim A Palat 78.1941
/24
196 3
6*s
/20*
Luneberg Power Light A
-
—
Water 7s
Bank
196 2
Buenos Aires scrip
/22
Leipzig Trade Fair 7s. 1953
_
...
Brown Coal Ind Corp—
INC.
HAnovS-h2-n*282 52 William Street, N.Y.
_
_
/22*
0
British Hungarian
/41
/20
/53
Leipzig O'land Pr 6*s '46
42*
5
6s.
1937
Nov 1935 to May
22
40*
155
/58
Koholyt 6Mb
1943
Land M Bk Warsaw 8s '41
7
/20*
1
Prospectus on request
Nov 1932 to May 1935
4*
/5
1948
Coupons—
4*
3
Brandenburg Elec 6s.
Preferred and Common Stock
American
4*
-—
$ per Share
$12 lot
22%
..$5 lot
7*-7
$3 lot
9*
28X
Tefila 5*s, July 15, 1953...
By Barnes k Lofland,
Shares
Germantown Trust
Trust Co., par
Co., par $10
$5
Bonds—
$20,000 United Rock
Trust common:
-
..$10 lot
5
55 »ot
39*
31 X
PeT Cent
---7% flat
Philadelphia:
Stocks
100 Land Title Bank A
21
12*
4
98*
01X
Asphalt Co. 1st 6*s, 1942, series
5 7>cr Share
4*
13
Per Cent
A, certlf. of deposit-.$100 lot
3488
Financial
General
Chronicle
Nov.
1937
27,
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
(J. D.) Adams Mfg. Co.—Extra Dividend—
The directors have declared
extra
an
dividend of 25 cents per share on
the
common stock, payable Dec. 15 to holders of record Dec.
6.
An extra
dividend of 30 cents in addition to the regular quarterly dividend of 15 cents
RIGHTS-SCRIP
per
New York Curb Exchange
Broadway, Naw York
OF
REGISTRATION
STATEMENTS
UNDER
SECURITIES ACT
The following additional
registration statements (Nos.
3527 to 3532, inclusive and
3298, a refiling have been filed
with the Securities and
Exchange Commission under the
Securities Act of 1933.
The total involved is
approximately
11,557,153.
City,
N.
Y.-—Gets
Federal
are
375 holders of par¬
ticipation certificates.
The mortgage was issued on April 29, 1930.
After approving the
petition, Judge Byers signed an order temporarily
continuing the debtor m charge of the institution and granted an order
staying the foreclosure action and the collection of occupational rents.
He
also ordered a hearing for Dec. 20 at 2:30
p. m. in the Brooklyn Federal
Building to determine Whether a reorganization trustee should be appointed
or the college be
permitted to remain in possession of the property.—V.
145, p. 3336.
Aero
Supply & Mfg. Co.- -Class A Accumulations Cleared
Up—Initial "B" Dividend—
The directors have declared
a
dividend of 75 cents per share on the $1.50
class A
cum.
stock, no par value, payable Dec. 23 to holders of record
Of this payment 37^ cents is on account of
accumulations, thus
clearing up all back dividends and the remainder—37 Yi cents is the dividend
ordinarily due at this time.
The directors at the same time declared an initial dividend of
12
Dec. 10.
Worldart, Inc. ((2-3527, Form A-l) of New York, N. Y., has filed
a registration statement
covering 750 shares of $100 par 4% non-cumulative
preferred stock and 2,625 shares of no par common
stock, to be offered in
units of 10 shares of
preferred stock and 35 shares of common stock.
Price
per unit, $1,000.
Proceeds will be used for production and working
capital.
No underwriter was named.
Julius Fleischmann is President of the com¬
pany.
Filed Nov. 18, 1937.
Fidelity Fund, Inc. (2-3528, Form A-2) of Boston, Mass., has filed a
registration statement covering 500,000 shares $5
par capital stock. Proceeds
will be used for investment.
Fidelity Distributors, Inc., will be underwriter.
Albert L. Sylvester is President of the
company.
Filed Nov.
xy t
Garden
held oy the Title Guarantee & Trust Co. and there
Talaphona REctor 2-7815-30
Ball Taiatypa NY 1-1640
FILING
College,
Adelphi College obtained Nov. 22 from Federal Judge Mortimer W. By(
era
In Brooklyn approval of a petition for reorganization under Section
77 B
of the Federal Bankruptcy Act.
The petition, filed by McLanahan,
Merritt & Ingraham, listed assets of $2,950,678 and liabilities of
$3,307,573,
leaving a deficit of $356,895.
The principal liability was listed as a first
mortgage of $1,000,000 on the
college's 68-acre campus and buildings at Garden City.
The mortgage is
Memborx
ISO
paid on Nov. 1, last.—V. 145, p. 2379.
was
Court Permission to Reorganize Under Bankruptcy Act—
J^C f)ONNELL & CO.
New York Stock Exchange
share
Adelphi
Specialists since 1917
per share on the class B
Dec.
10.
Aetna Ball
The directors
amount
Silversmith
Mines, Ltd.
paid
on
Akron Canton &
(2-3529,
Form A-2) of Seattle, Wash., has
covering 1,000,000 shares common stock,
riled
a
registration statement
20 cents par value.
Proceeds will be used for plant,
machinery, develop¬
ment and
working capital.
No underwriter was named.
Eimar E. Soot is
President.
Filed Nov. 19, 1937.
Bearing Mfg. Co. —40-Cent Dividend —
Nov. 20 declared a dividend of 40 cents per share on the
payable Dec. 20 to holders of record Dec. 10.
A like
was paid on Sept. 25,
last, and an initial dividend of 25 cents was
June 25 last.—V. 145, p. 1406.
on
stock,
common
19m /.
Ys cents
stock, likewise payable Dec. 23 to holders of record
145, p. 1406.
See also —V.
Youngstown Ry.-—Hearing Set—
The Interstate Commerce Commission has
assigned Dec. 2 for oral argu¬
on the reorganization of the
company and the Northern Ohio Ry.
Reorganization plans call for a consolidation of these two carriers.—V. 145,
ment
2832.
p.
Lima
Cord Sole & Heel Co.
(2-3530, Form A-2) of Lima, Ohio, has
registration statement covering 22,520 shares of common stock
$1
par, to be offered first to stockholders at
$5 each and then to public at
$5.50 each.
Proceeds will be used to repay bank loans and for
working
capital.
A. II. Harrison & Co. will be
underwriter.
J. E. Grosjean is
President of the company.
Filed Nov. 20, 1937.
filed
Puget Sound Distillery, Inc.
has filed
(2-3531, Form A-l)
of Seattle, Wash.,
registration statement covering $500,000 of
5% 10-year notes
due in 1947, and 100,000 shares of
45-cent cumulative class A no
stock.
a
par common
Ihe securities
cornnion
are to
be offered in units consisting of 20 shares
and one $100 note at
$299 per unit.
Proceeds are to be used for
building, land, equipment and working
capital.
No underwriter was
P. J. Gibbons Jr., is President of the
company. Filed Nov. 20, 1937.
named.
Associated Telephone Co., Ltd.
(2-3532, Form A-2) of Santa Monica,
Calif., has filed a registration statement
covering $1,800,000 of 4% first
mortgage bonds, series B, due 1965, and
36,688 shares $1.25 cumulative
preferred stock, without par.
Offering prices will be filed by amendment.
Of the net
proceeds, $637,125 will be used to liquidate bank loans.
Of
this amount, $337,125 was
borrowed to repay to General Telephone Corp.,
parent, which was used to make
plant additions and betterments.
The
other $300,000 was borrowed to
reimburse company's own treasury for
.r,
Alabama Gas
a
expenditures
made
in
connection
with
plant
additions
and
Ihe balance of the net
proceeds will be devoted to further
and
of Missouri (2-3298, Form A-l,
Rowland S
Mott is named
purchase additional factory
as
underwriter.
Proceeds
used
to
Alabama Great Southern RR.—To
SEC
has
announced
that it has consented to the
of the
following registration statements filed
under the Securities Act of 1933:
withdrawal
Eastern
par
Consolidated Gas Co.
common
stock.
Filed
Dec.
missed
11,
(2725) covering 750,000 shares of $1
1936.
Stop order proceedings dis¬
Nov. 11, 1937 and
registration statement withdrawn on same date.
Northern States Power Co.
(3330) covering 275,000 shares of $5 cum.
preferred stock and 1,100,000 shares of
common stock
(no par.)
Filed
Aug. 5, 1937.
4"l93'p0"
Fitecfoct
covering 28,965 shares of capital stock (par $1).
The last previous list
.
in our issue
of registration statements
was
of Nov. 20, page 3336.
given
regular preferred dividend
being payable Feb. 15 to holders of record Jan. 4, and the common divi¬
dend payable Dec. 24 to holders of record Dec. 3.
An extra dividend of
$2 per share was paid on the above issues on Dec. 26,1936.—V.
145, p. 2998.
Alabama Power
Period End. Oct. 31—.
Gross
x
Abbott Laboratories (&
„
,
Cost
of
sales
Prov. for retir.
Subs.)—Earnings—
shipping expenses)
x
on
No
pref. stock
provision
4,825,797
4,830,390
$353,332
195,178
Net income
Divs.
$8,771,538
398,709
$420,339
195,178
$3,945,740
2,342,138
13,530,278
2,342,138
$225,160
$1,603,602
$1,188,139
$8,360,668
fixed
charges
was
made in
1936 for
Federal
surtax
on
undistributed
Erofits as made for such tax in 1937.—V. 145, p. 2832.
No provision
been all taxable income for that year was distributed.
as
(The) Alden (225 Corp.), N. Y. City—Auction Sale
The
—
15-story
Alden Apartments on the northwest corner of Central
82d St., and the adjoining four-story stone
dwelling at
7 West 82d St. were bid in at auction Nov. 10 by the Manhattan
Co.,
plaintiff, for $2,500,000.
The property was sold in satisfaction of a judg¬
ment of $3,273,214 against the 225
Corp., defendant.
James R. Murphy
was the auctioneer.—V. 144,
p. 3826; V. 145, p. 595.
Park
West
and
Allied Kid Co.— Sales—
The company reports October sales of $603,025, which were off
sharply
from the $841,330 shown in the same month a year
ago because of reduced
buying by shoe manufacturers, due to uncertainties regarding price levels
The company states that present trends indicate that sales for
on a low level and that although December
sales
a marked improvement over November
they will nevertheless
branch
and
3,41! ,970
©3 735 335
expense!IIIZIIIIIIIIZIIII
2'.142[229
24,397
$1,619,009
income
1936, when there was heavy buying in an¬
ticipation of higher price levels.
The company notes that sales for the 10 months ended Oct.
31, 1937 were
$8,843,283, compared with $7,846,313 for the same period
a year ago,
selecting higher average selling prices due to increased cost of raws kins
prevailing throughout most of the year.
The company expects that the decline in rawskin prices will necessitate
,
$7,197,605
Operating profit.
Other
other
$819,048
402,461
&
$755,793
$158,154
Interest
be decidedly below December,
Ended Sept. 30, 1937
Gross profit
Provision for doubtful accounts
reserve..
Gross income.
1937—Month—1936
1937—12 Mos.—1936
$1,748,781
$1,703,301 $20,326,283 $18,262,044
764,882
716,753
9,062,848
8,220,645
228,105
167,500
2,491,896
1,680,730
November will continue
discounts, returns and allowances
(including advertising, royalties,
Selling, general and administrative
Oper. exps. and taxes.
Co.—Earnings—
should show
Earnings for 9 Months
_
Gross sales less
revenue
for shoes.
»
Pay $4 Extra Div.—
have declared an extra dividend of $4 per share on the
and participating preferred stocks, both payable Dec. 24 to holders
of record Dec. 3.
The directors declared also the regular semi-annual
dividends of $1.50 per share on both issues, the
building, for machinery, equipment and raw
materials and to provide sufficient
working capital to commence operations.
W. E. Hamacher is President of
the corporation.
Filed Nov. 22, 1937.
The
Exchange Commission has authorized the company
$400,000 of notes without filing the usual declaration
In so doing the Commission stipulated that the
comply with all conditions imposed by the Alabama
The directors
a
be
will
Co.—$400,000 Note Issue Allowed by SEC —
common
refiling)
or
Louis, Mo., has filed a registration statement
covering 50,000 shares
class A common
stock, $5 par value, to be offered at $6.75 per share.
*
Securities and
company should
P. S. Commission in connection with the note issue.
The notes are to be
sold to the First National Bank of Birmingham, and will be secured
byfa
pledge of merchandise sales contracts made by the company with its
customers.—V. 144, p. 3318.
betterments.
plant additions
betterments.
Bonbright & Co., Inc., will underwrite $720,000 bonds and
14,676 shares
preferred, while Paine, Webber & Co. and Mitchum,
Tully & Co. will under¬
write $540,000 bonds and
11,006 shares preferred each.
C. F. Mason is
President of the company.
Filed Nov. 22, 1937.
alyT°°^ Container Corp.
St.
The
to issue and sell up to
with the commission.
a substantial writedown of its rawskin
inventory values at the close of the
but it reports that its Oct. 31 inventory of raw skins in dozens was
about 25% below the quantity at the first of the year and
15% under the
quantity on the same date last year.—V. 145, p. 2536.
year,
46,804
Allied Stores Corp. (&
Total income
Interest paid
Sundry charges
Provision for income tax
$1,665,813
6
_!!!!!!!!
181
92*574
239^479
Net income
$1,327,580
Note—Net income for nine months ended
Sept. 30, 1937 is based upon
book records of
inventories, &c., subject to year end adjustments.
No
provision has been made for Federal surtax on undistributed income
which
may be payable for the calendar year 1937.—V. 145,
p. 3336.
Abitibi Power & Paper
Co., Ltd.—Earnings—
Month of October—
x
Profit
x
Before
1937
$431,931
depreciation, bond interest and
1936
$270,979
income taxes.—V. 145, p. 3336.
Period End.
x
Profit
Oct. 31—
Subs.)—Earnings —
1937—3 Mos.—1936
$1,166,059
$1,330,850
1937—12 Mos—1936
$4,001,761
$3,574,536
After depreciation, interest and provision for sub. preferred dividends
but before Federal income and undistributed profits taxes.
For the nine months ended Oct. 31, 1937, profit was
$2,096,279
x
compar¬
ing with profit of $2,127,966 in like period of 1936.—V. 145, p. 1573.
Aluminum Goods Mfg. Co.—40-Cent Dividend—
The
directors have declared a dividend of 40 ceDts per share on the
stock, no par value, payable Dec. 15 to holders of record Dec. 3.
This compares with 25 cents paid on Oct. 1, July 1 and on
April 1, last;
a special dividend of 30 cents
paid on Dec. 15, 1936, and a regular quarterly
dividend of 15 cents paid on Oct. 1. 1936.
In addition, an extra dividend
of 15 cents was paid on July 1,1936 and an extra of 10 cents was
distributed
on July 1, 193o.—V. 145,
p. 99.
common
Volume
American Business Credit Corp.—Stock Offered—Public
offering of 200,000 shares of common stock class A was
announced Nov. 22 by Clarence Hodson & Co., Inc., New
York.
The shares which are being offered by means of a
prospectus are priced at $6.25 each.
Transfer
3489
Financial Chronicle
145
WE DEAL IN
City of Philadelphia Bonds
Scott Paper Co. Conv. 3)^8, 1962
N.
warehouse receipt, such accounts, conditional sales contracts and
being guaranteed by the sellers or distributors.
Up to Oct. 31,
the total face value of obligations purchased by tne corporation
amounted to $302,850, of which $195,443 were outstanding on that date.
The corporation,
although having broad powers under its charter,
intends to engage in specialized forms of financing, consisting principally
of the extension of credit to, and the financing of, business concerns seeking
financial assistance, by purchasing, advancing funds on, factoring,
or
otherwise acquiring, current accounts receivable, book debts, notes, drafts,
acceptances, choses in action, instalment lien obligations and contracts,
mortgages, chattel mortgages, leases, bonds, and lending money on, or
extending credit on, merchandising, commodities, securities and other
property, and in some cases without security.
by
notes
1937,
Capitalization—Capitalization
on
Oct. 15, 1937, was as follows:
Authorized
None
20,000 shs.
40,000 shs.
Northern Central Rwy
Stock
YARNALL & CO.
A. T. & T. Teletype—Phila.
22
Philadelphia
Walnut St.
1528
1936, this latter being the first dividend paid since December, 1932, when
regular quarterly dividend of $1.75 per share was distributed.—V. 145,
1088.
a
p.
American Meter
Co.—Special Dividend —
special dividend of $1 per share in addition
regular dividend of 75 cents per share on the common stock, both
payable Dec. 21 to holders of record Nov. 30.
A dividend of 75 cents was
paid on July 15 and on April 15, last; $1.50 was paid on Dec. 15, 1936,
and a dividend of 75 cents per share was distributed on Oct. 15, 1936,
The directors have declared a
to the
being the first dividend paid on the common stock since April 30.
1932, when 25 cents per share was disbursed.
A dividend of 75 cents was
paid on Jan. 30, 1932.—Y. 145. p. 100.
this latter
Outstanding
100,000 shs.
1,000,000 shs.
100,000 shs.
Voting preferred stock (no par)
Common stock class A (par $1)__
Common stock class B (par $1)
Y., Phila & Norfolk Stock Tr. 4s, 1948
Phila. Electric Co. Common Stock
Southern Trust Co., Wilmington, Del.
Registrar,
Peoples Bank & Trust Co., Wilmington, Del.
History and. Business—'Corporation was incorporated in Delaware on
July 1, 1937, by Collateral Bankers, Inc., Yonkers, N. Y., and began
business on Sept. 2, 1937.
Its principal business office is located at
30 Church St., New York.
Corporation has done a limited amount of business consisting of the
purchase of current open accounts from sellers of merchandise, the purchase
of conditional sales contracts and notes thereunder from distributors of
commercial refrigerators and display cases and an inventory loan secured
agent,
All outstanding shares of capital stock are fully paid and non-assessable.
value per share in respect of the voting preferred stock is to
The stated
the issuance of any such shares.
Neither the common stock class A nor the common stock class B has any
nominal or fixed dividend rate; no dividends have been declared or paid
on
such stocks and no dividend dates have been fixed.
No dividends
shall be declared or paid to, or set apart for the holders of common stock
class B before July 1, 1940; dividends, if any, declared or paid before
July 1, 1940, being distributable solely to the holders of common stock
class A, after the requirements with respect to preferential dividends on
the voting preferred stock (if any shall be outstanding) shall have been met.
Present Offering—Corporation, pursuant to an agreement dated Aug. 11,
1937, with Clarence Hodson & Co., Inc., New York, sold to Clarence
Hodson & Co., Inc., 20,000 shares of common stock class A at $5 per
share to be offered to the public at $6 25 per share.
Pursuant to said
agreement, as amended Oct. 13, 1937, the corporation has agreed to issue
and sell as purchased and paid for from time to time through that company,
as agent, not exceeding an additional 180,000 shares of comm stock class A
to be offered to the public at $6.25 per share.
Under such agreement
Clarence Hodson & Co., Inc., has agreed to use its best efforts to effect
the sale of sucn 180,000 shares of common stock class A but is not obligated
to purchase any part thereof.
Clarence Hodson & Co., Inc., intends to
fill orders for common stock class A out of the 20,000 shares of common
stock class A presently owned by it prior to the sale of all or any part of
the 180,000 shares of common stock class A which are issuable, pursuant
to the agreement between Clarence Hodson & Co., Inc., and the corpo¬
be fixed by the board of directors prior to
(& Subs.)—Earnings—
American Power & Light Co.
1937—3 Mos.—1936
1937—12 Mos.—1936
$24,774,815 $23,014,357 $97,594,268 $89,439,181
incl. taxes. 13,396,345
11,901,624 51,537,733 46,025,608
Period End. Oct. 31—
Operating
revenues
Oper. exps.,
Property retir. and deple¬
tion
reserve
approps
Gross income
Interest to public & other
deductions
6,658,073
8,823,862
$9,428,987 $37,232,673 $36,755,500
45,865
211,627
193,841
$9,474,852 $37,444,300 $36,949,341
3,992,219
3,983,249
15,987,821
15,933,922
Cr84,769
Cr6,294
Cr327,834
Crll,587
Interest charged to con¬
struction
Balance
Pref. divs. to
1,683,746
2,337,069
$9,041,401
80,199
$9,121,600
Net oper. revenues
Other income (net)
public
$5,214,150
1,792,898
$5,497,897 $21,784,313 $21,027,006
1,792,714
7,171,427
7,170,750
21,033
78,724
83,410
Portion applic. to mino-
16,515
ity interests
Net
of Amer.
Power & Light Co.
equip,
income of subs
$3,404,737
Amer. Power &Lt. Co.—
$3,684,150 $14,534,162 $13,772,846
v
Net equity of Amer. Pr.
&
Light Oo. in income
of subsidiaries
$3,404,737
16,130
Other income
$3,684,150 $14,534,162 $13,772,846
8,575
45,866
22,685
ration.
200,000 shares of common stock class A and 5,000 snares of common stock
class B will be approximately $1,010,937 if all of the 200,000 shares of
common stock class A are sold, including $125,000 received by the cor¬
Expenses, incl. taxes—
96,470
Interest & other deduct's
728,439
$3,692,725 $14,580,028 $13,795,531
139,645
395,361
442,100
731,379
2,910,197
2,908,470
poration from Clarence Hodson & Co., Inc., for 20,000 shares of common
5,000 shares of common stock class B now issued and
outstanding, but after allowing for estimated expenses of $14,082.
Balance carried to con-
$2,595,958
$2,821,701 $11,274,470 $10,444,961
It is
estimated that the net proceeds to be raised by the sale of the
sol. earned surplus.
stock class A and
Officers—Dudley
H.
Pres.;
Dorr,
Fallon, Sec. and Treas.
Directors—R. W. Burman,
R. W.
Burman, V.-P.; James J.
Clinton, Dudley H. Dorr, E. L.
Kincaid, William J. Malone, Walter P. Schwabe, Frederick J. Shoyer,
Cortland A. Wilber.—V. 145, p. 2685.
Harry E.
American European
Securities Co.—Accumulated Div.
The directors have declared
a
dividend of $5 per share on account of
accumulations on the $6 cumulative preferred stock, no par value, payable
Nov. 30 to holders of record Nov. 27.
A dividend of $3 was paid on June
29, last; one of $5 was paid on Nov. 30, 1936; $2 was paid on June 29, 1936,
and dividends of $1.50 per share was paid on Dec. 27, 1935, and on Aug.
31, 1935, this latter
being the first payment since Jan. 30, 1932, when a
regular quarterly dividend of $1.50 per share was
distributed.—V. 145,
Notes—(1) All intercompany transactions have been eliminated from the
Interest and preferred dividend deductions of subsidiaries
represent full requirements for the respective periods (whether paid or not
above statement.
interests is the calculated portion of the balance of income applicable to
minority holdings by the public of common stock of subsidiaries.
The
net equity of American Power & Light Co. in income of subsidiaries includes
interest and preferred dividends paid or earned on securities held, plus the
proportion of earnings which accrued to common stocks held by American
Power & Light Co., less losses where income accounts of Individual sub¬
sidiaries have resulted in deficits for the respective periods.
(2) No provi¬
sion has been made thus far in 1937 by American Power & Light Co. and
subsidiaries for Federal surtax on undistributed profits.
The income tax
returns for 1936, with three exceptions among the subsidiaries totaling
$4,930, show no surtax on undistributed profits for that year.
Accumulated Dividends —
American-Hawaiian
Steamship
Co.—Affiliate to Dis¬
The directors have declared a dividend
During October the Oceanic & Oriental Navigation Co., 50% of whose
capital stock is owned by American-Hawaiian Steamship Co., distributed
most of its assets, including its fleet of 13 cargo ships, to its two stockholders
in anticipation of the dissolution of the company which is to be effected as
practicable.
The appraised value of the assets received by American
Hawaiian Steamship Co. exceeds the cost of this stock to it by approxi¬
mately $860,000.
The gain from this source is not included in the appended
soon as
report of October results.
Consolidated Earnings for Period Ended Oct. 31
Period End. Oct. 31—
1937—Month—1936
$1,629,907
1,405,568
Operating earnings
Operating expenses
$253,750
1,945
$824,025
67,771
$1,486,137
49,976
$242,073
70,635
$255,695
62,903
$891,796
647,998
$1,536,113
578,130
$171,438
$192,791
$243,798
5,764
$957,982
24,593
$171,438
Total profit
Provision for depreciat'n
$5 cum.
American
1937—10 Mos.—1936
$1,493,913 $12,963,158 $12,951,737
1,240,163 12,139,133
11,465,600
$224,339
17,734
Net profit from oper
Other income
$192,791
$249,562
$982,576
Public Service Co.— Accumulated
Total
158,583
Exp.incident to maritime
Net profit before Fed¬
eral income taxes...
Dividend
American
$171,438
$192,791
$90,979
$982,576
delcared an extra dividend of 40 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
common shares both payable Dec. 24 to holders of record Dec. 10.—V. 145,
The directors have
Republics Corp.—Listing & Registration—
American Home Products Corp.—Extra Dividend —
declared an extra dividend of 20 cents per share
in addition to the regular monthly dividend of 20 cents per share on the
capital stock, par $1.
The extra dividend will be paid on Dec. 24 to holders
of record Dec. 14 and the regular monthly dividend will be paid on Jan. 3,
likewise to holders of record Dec.14.
An extra dividend of 10 cents was paid
on Dec. 24, 1936.—V. 145, p. 2833.
The directors on Nov. 24
American Ice
American Smelting &
admitted the common stock, $10 par,
145, p. 3337.
Refining Co.—Si Special Div.—
declared a special dividend of $1 per share on
stock, no par value, payable Dec. 22 to holders of record
Dec. 1.
This compares with a dividend of $1.75 per share previously de¬
clared and payable Nov. 30; dividends of 75 cents paid in each of the three
The directors on Nov. 24
common
preceding quarters; 50 cents paid on Nov. 30 and on Aug. 31, 1936, and 40
cents paid on May 29 and Feb. 28. 1936, this latter being the first dividend
distributed on the common stock since Feb. 1, 1932, when 12M cents per
share was paid.
In addition, a special dividend of $2.25 per share was paid on Dec. 22,
..
_
The directors have declared a
p.
Dec. 3.
Divi¬
and March 25,
and on Oct. 25, 1935;
share were distributed.
New Director—
elected a director to succeed the late
145, p. 2833.
Otis Glazebrook was
Locomotive
The directors have declared a
Col. Grayson
Co.—Preferred Dividend—
dividend of $7 per share on account of ac¬
cumulations on the 7% cumul. pref. stock, par $100, payable Dec. 20 to
holders of record Dec. 6.
A dividend of $3 per share was paid on Dec. 18,
2216, 2061; V. 144, p. 2638, 2464, 1586.
American Sumatra Tobacco
dividend of $1 per share on the 6 % non-cum.
last; Dec. 19, July 25, April 25 and Jan. 25, 1936,
prior thereto regular quarterly dividends of $1.50 per
Murphy.—Y.
The company issued the following statement:
"To avoid the heavy
penalty for undistributed earnings now imposed In the tax laws, the special
dividend on the common must be paid at a time which requires payment of
the next quarterly preferred dividend in advance of the usual time in order
to comply with the following provisions of the company's charter: Dividend
may be paid upon the common stock only when the preferred stock shall
have received dividends from the time of the issue thereof."—V. 145,
Co.—Preferred Dividend—
pref. stock, par $100, payable Dec. 20 to holders of record
dends of 50 cents per share were paid on Sept. 25, June 25
American
listing and registration.—V.
1936
2833.
M.-P.
to
the
—
Dividend —
declared a dividend of $1.75 per share on ac¬
accumulations on the 7% cum. pref. stock, par $100, payable
Dec. 16 to holders of record Dec. 4.
A dividend of $1.25 was paid on Dec. 9,
1936, this latter being the first payment made since April 1, 1932, when a
regular quarterly dividend of $1.75 per share was distributed.—V. 145,
p. 3337.
The directors on Nov. 23
count of
The New York Curb Exchange has
Balance, income
Non-recurring items
Extra
of $1.12H Per share on the no
$6 cum. pref. stock and a dividend of 93 H cents per share on the no par
pref. stock, both payable Dec. 20 to holders of record Dec. 1.
Dividends of $1.50 and $1.25 per share, respectively, were paid on Oct. 1,
July 1 and April 1, last, Dec. 18 and Oct. 1 ,1936; dividends of 75 cents and
62 & cents per share, respectively, were paid on July 1, 1936; dividends of
373^ cents and 31M cents per share paid on April 1 and Jan. 2, 1936, and
dividends of 75 cents and 623^ cents per share paid on the respective issues
on Nov.
15, 1935.
The dividends due July 1, 1935, were omitted, prior
to which the company paid dividends on both issues at only one-quarter
the full rate in the nine previous quarters.—V. 145, p. 2999.
par
solve—
p.
The portion applicable to minority
paid) on securities held by the public.
2537.
p.
$3,420,867
Total
The directors have declared an extra
Corp.—Extra Dividend—
dividend of 50 cents per share In
the regular quarterly dividend of 25 cents per share on the
common stock, no par value, both payable Dec. 15 to holders of record
Dec. 1.
An extra of $1.25 was paid on June 15 last and extra dividends of
50 cents were paid on Dec. 15, 1936 and on Dec. 16 and Sept. 16, 1935.
An extra dividend of 25 cents per share was paid on Sept. 15,1934.—V. 145,
addition
p.
to
2686.
American Toll Bridge
Co.—Extra Dividend—
dividend of four cents per share in
quarterly dividend of two cents per share on the
stock, both payable Dec. 15 to holders of record Dec. 1.—V. 144,
The directors have declared an extra
addition to the regular
common
p.
4165.
Financial
3490
American
Works & Electric Co.,
Water
Chronicle
a
Output of electric energy of tne electric properties of American Water
Works and Electric Co. for week ending Nov. 20, 1937 totaled 44,631,000
kilowatt hours, a decrease of 5.31 % under the output of 47,134,000 kilowatt
hours for the corresponding week of 1936.
A. P. W. Paper
Comparative table of weekly output of electric energy for the last five
years follows:
Nov.
6
Nov. 13
Nov. 20--.
49,530,000
48,431.000
47,728,000
47,134,000
October Pouter
The
1935
42,949,000
42,629,000
43,446.000
43,756,000
1936
47,370,000
46,531,000
44,513,000
44,631,000
30
1934
34,057,000
33,737,000
34,257,000
35,014,000
32,725,000
31,484,000
33,629.000
33,065,000
^
Cap Corp.—Special Dividend —
The directors at a special meeting held Nov. 18 declared a special divi¬
dend of 30 cents per share and a regular quarterly dividend of 15 cents per
share on the common stock, both payable Dec. 20 to holders of record
Nov. 30.—V. 145, p.
DrS.700
$234,217
41,476
Provision for aeprec'n..
Gen. adm. & selling expsi
Interest on funded debt.
Int.
on
144,503
(bj 276,698 shares of
Corp.;"
common stock
(no par) bearing thejname
tract), in consideration of tne delivery to Hocking Glass Co. of 441,852
shares of the corporation's common stock.
A special meeting of the stockholders held Nov. 18, 1937
approved an
amendment
common
the
to the certificate of incorporation, increasing the authorized
stock from 500,000 shares to 1,000,000 shares and also
approved
from other
sources.
Prior to the transfer of properties to the corporation
Hocking Glass Co.
will pay or make provision for the payment of its indebted
as
less
provided in the contract, and will issue and sell 30,000
of its common stock for
and liabilities
additional shares
consideration of $2,250,000 in cash, such sale to
a
be made to
an aggregate of not more than five
persons, each of whom will
that he takes the same for investment and not with a view to the
distribution thereof.
In connection with the acquisition by the
corporation of the property of
Hocking Glass Co. corporation changed its name to Anchor Hocking
Glass Corp.
agree
Pro Forma Consolidated Balance
Sheet, June 30, 1937
[After giving effect to (1) issuance of 441,852 shares of common stock
(incl. 3,000 shares held in treasury) as consideration for the purchase of the
assets of Hocking Glass Co. (adjusted to
give effect to (a) the proposed
sale of additional
shares
of its
common
stock
for
cash
in the amount of
$2,250,000, (b) the proposed dissolution of a wholly owned subsidiary,
(c) the application of $771,129 to the payment of all liabilities shown in
balance sheet as at July 17, 1937, and on the balance sheet as of the
same
date of the subsidiary to be dissolved,
except sinking fund bonds due 1939
and accrued interest thereon of
$652,344), (2) the consolidation of the
accounts as of July 17, 1937 of a
partly owned subsidiary of Hocking Glass
Co.; and (3) an increase in the authorized common stock of Anchor Cap
Corp. from 500,000 shares to 1,000,000 shares.]
Assets—
Cash
Liabilities—
$2,819,353
U. S. Govt.
sec. at cost
729,327
Notes & accts. receivable..2,043,579
Inventories
3,742,589
a
Notes payable, banks
Accounts payable
Prov. for
Amt. realizable from sales
Arkansas Power &
67,663
85,727
Miscellaneous assets
Land, bldgs., mach'y, equip¬
ment, &c. (net)
exps. & def'd charges
Patents and patent rights...
9,219,332
b Goodwill
Prov. for Fed. taxes, prior yrs.
162,318
Notes pay. (not current)
Contractual obligation
700,000
6% sink, fund bonds
Unearned income
647,400
3,521,398
Prepaid
127,534
1
subsidiary
Preferred
stock
surplus
Earned
surplus
$22,356,504
a
113,116
4,090,500
13,555,768
497,375
1,192,377 "
stock
Capital
Of
6,000
Minority int. in net worth of
Common
a
11,940
Total
$22,356,504
$0.08
1937.—Y. 145,
$0.05
Nil
Light Co.—Earnings —
1937—12 Mos.—1963
$8,884,366
$7,813,199
4,806,492
4,391,822
807,400
597,600
$280,868
$3,270,474
11,998
103,001
116,834
$327,375
$2,823,777
$292,866
$3,373,475
990
539
17,094
$2,940,611
10,328
$328,365
151,523
9,374
Crl ,008
.
$293,405
151,161
6,773
$3,390,569
1,816,297
102,372
CY19.386
$2,950,939
1,814,682
78,548
Cr8,716
$1,491,286
$1,066,425
Cr222
Net income....
$168,476
$135,693
Dividends applicable to preferred stocks for the
period, whether paid
unpaid
949,265
...
949,265
$542,021
or
Balance..
x
2380.
9,055
Int. on mortgage bonds.
Other int. & deductions
Int. charged to constr'n.
x
p.
,
Gross income
$117,160
Dividends
accumulated and unpaid to Oct. 31, 1937 amounted to
Latest dividends, amounting to $1.75 a share on $7 preferred
$1,265,687.
stock and $1.50 a share on $6 preferred stock, were paid on Oct.
Dividends on these stocks are cumulative.
1, 1937.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.—
V. 145, p. 2834.
Arkansas Utilities Co.—To Issue
Refunding Bonds—
The company has applied to the Arkansas State Utilities Commission
for authority to issue $1,900,750 first mortgage 7% refunding bonds to
meet a 1938
Proposed refunding bonds would mature in 1963.
maturity.
Ashley Drew & Northern Ry.—Stock-—
The Interstate Commerce Commission
on
Nov.
16 authorized the
pany to issue not exceeding $300,000 capital stock,
for 5,000 shares of capital stock of (par $100).
com¬
(par $25) in exchange
The report of the Commission says in part:
By our order of Sept. 9, 1937, the applicant was authorized to issue not
exceeding $400,000 of first-mortgage 5% bonds, upon condition, however,
that until it filed with us an application for authority to issue its capital
stock in the reduced amount of $300,000, having a par value of $25 a share
and received authorization therefor, it should actually issue not more than
$225,000 of such bonds.
This condition was imposed because the appli¬
cant's capitalizable assets would not support a capitalization of $900,000,
consisting of $500,000 of stock and the proposed $400,000 of bonds, but
would be sufficient to support a capitalization of $700,000. or $300,000 of
stock plus $400,000 of bonds.
In August, 1937, the applicant procured an amendment of its charter to
provide for a total capital stock of $300,000, consisting of 12,000 shares of
a par value of $25 each.
In conformity with this amendment and in com¬
pliance with the provision attached to our order of Sept. 9, 1937, the
applicant now proposes to issue to its stockholders, in exchange for their
present holdings, 12,000 shares of the par value of $25 each, or, on a basis
of
12 shares of the
costs incurred in
new
stock for five shares of the old.
There will be
no
effecting the exchange, as the holders will surrender their
present certificates either directly to the applicant or to it through the
Bank of Crossett, Crossett, Ark., Whereupon the new shares will be issued
to them or their nominees.
In further support of its proposal
the applicant calls attention to the fact
that the reduction of $200,000 in capitai stock will be credited in its accounts
so as to effect a reduction in corporate deficit, which, as of July 31, 1937,
amounted to $278,486.—V. 145, p. 3001.
Associated Electric Co. (& Subs.)—Earnings
12 Months Ended Sept. 30—
Operating
revenues
—
1937
1936
.-$24,719,463 $22,891,299
11,553,474
11,248,029
2,014,803
2,124,163
1,806,951
1,454,647
*
Operating expenses
Maintenance
Provision for retirements
Federal income taxes
Other taxes
492,654
1,948,647
$7,021,878
2,084,559
3,550,000
1,026
247,863
3,550,000
$1,534,867
Gross income
Sub. companies'deductions from income
$6,432,231
589,646
$7,381,157
2,047,401
Operating income
237,717
1,394,510
$6,902,932
478,225
-—-—
Other income (net)
$1,127,043
Associated Electric Co.:
Interest
on
funded debt
Interest
on
unfunded debt
Amortiz. of debt discount and expense—
b $560,149
assets, other than goodwill, of such subsidiary, and
$2,961,248, the proposed
stated value of capital stock to be issued in
exchange for the assets of
Hocking Glass Co. in excess of the book amount of the net assets of
such
129
prof$8,771
$318,320
Operating income
Other income (net)
subsidiary acquired during 1934, of doubtful
salability in the
collateral security).
15
$8,232
(net)
ordinary course of business and (or) collectible on or prior to June
1, 1938
from the former stockholders of such
subsidiary (1,000 shares of pref. stock
of Anchor Cap Corp. deposited in escrow as
stated value of capital stock, issued in
exchange for the capital stock of a
subsidiary acquired during 1934, in excess of the book amount of the net
50,701
1937—Month—1936
$850,745
$751,186
427,425
414,518
105,000
55,800
Net oper. revenues
Rent from lease of plant
958,865
61,524
159,321
48,128
Nil
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
Fed., Can. & State
taxes..
of merchandise
Total
$200,000
Accrued wages, comm's. &c..
$246,045
24,681
160,707
51,757
156,884
Note—No provision has been made for surtax on undistributed profits for
acquiring of Hocking Glass.
The Hocking Glass Co. was organized in Ohio on Nov.
2, 1905, and is
engaged in the manufacture and sale of pressed and machine blown table
glass ware and special glass ware for industrial use.
It wholly owned
subsidiary, General Glass Corp. (Ind.), manufactures glass containers.
Another subsidiary, Standard Glass Manufacturing Co.
(Ohio), in which
Hocking Glass Co. owns a 60% stock interest, produces cut glassware from
banks which are purchased in part from Hocking Glass Co. and in
part
$239,185
39,818
1,352
the three months ended Sept. 30,
"Anchor Hocking Glass Corp.," in substitution for an equal number of out¬
standing and previously listed shares of its common stock (no par) bearing
the name of Anchor Cap Corp.; with authority to add to the list (c)
438,852
shares of common stock upon official notice of the issuance thereof upon the
acquisition of the properties and assets of Hocking Glass Co.; and (b) 128,442
shares of common stock upon official notice of the issuance thereof upon the
conversion of shares of the corporation's $6.50 dividend convertible pref.
stock, making the total amounts applied for to date: 40,905 shares of $6.50
dividend convertible preferred stock and 843,992 shares of common stock.
The directors, at a special meeting held Oct. 29, 1937, authorized the
making and execution by the corporation of a contract between it and
Hocking Glass Co., embodying a plan of reorganization between such
corporations providing among other things for the conveyance, assignment
and transfer to the corporation of all of the properties, assets and business
of Hocking Glass Co. (exclusive of cash to be retained by it for the
purpose
of paying indebtedness as provided in the contract, but
including the proper¬
ties, assets and business of General Glass Corp., a wholly owned subsidiary
of Hocking Glass Co., wuich are to be conveyed, assigned and
transferred
by the subsidiary to Hocking Glass Co. prior to the closing under the con¬
$248,926
Dr2,881
590
$1,389 prof$12,239
Net loss
Earns, per sh. on 158,215
shs. com.'nopar)....
Period End. Oct. 31—
"Anchor Hocking Glass Corp.," in substitution for an equal number of
outstanding and previously listed shares bearing the name "Anchor Cap
$238,595
48,555
1,073
unfunded debt..
3338.
Anchor Hocking Glass Corp.—Listing —
The New York Stock Exchange has authorized the listing of (a) 40,950
shares of $6.50 dividend convertible preferred stock bearing the name
$778,601
529.675
$261,652
39,266
160,668
$237,917
Total earnings
the electric subsidiaries of the American Water
for the month of October totaled 211,416,935
kilowatt hours, against 219,670,627 kilowatt hours for the corresponding
month of 1936, a decrease of 3.7%.
For the 10 months ended Oct. 31, 1937, power output totaled 2,172,571,924 kilowatt hours, as against 1,992,406,701 kilowatt hours for the same
period last year, an increase of 9%.—V. 145, p. 3338.
Anchor
Gross profit
Other income
1934
1935
$789,937
551,342
$260,265
1,387
$790,585
552,668
Cost of sales
Output—
1936
$854,732
594,467
1937
Net sales
1933
power output of
and Electric Co.
Works
Co., Inc. (& Subs.)—Earnings —
Qvar. End. Sept. 30—
1937
Week Ended
Oct.
mi
n,
Anheuser-Busch, Inc.—To Vote on Stock Split Up—
A special meeting of stockholders has been called for Jan. 26 to vote on
proposal to split the outstanding capital stock of the company five for one.
There are currently outstanding 180,000 shares of $100 par value capital
stock which under the proposal would be increased to 900,000 shares of
$20 par value.—V. 145, p. 100.
Inc.—Weekly
Output—
t
Nov.
Balance of income
12,412
247,863
Notes—(1) This statement includes operations of all subsidiaries now part
of Associated Electric Co. consolidation, irrespective of dates acquired.
(2) No provision is made in this statement for Federal surtax on undis¬
tributed profits, if any, for the year 1937.—V. 145, p. 1248, 932.
company.—V. 145, p. 3338.
Associated Gas & Electric
Andes
The
Copper Mining Co.-—Dividends Resumed—
directors
common
have
declared
a
dividend
of
50
cents
per
stock, payable Dec. 14 to holders of record Dec. 6.
the first dividend paid on the
cents
shares since Feb.
This company is
common
per share was distributed.
Anaconda Copper Mining Co."
For the week ended Nov.
net electric
share
on the
This will be
9,
1931 when 25
97.77% owned by
Preliminary Consolidated Income Account 9 Months Ended
Sept. 30,
Operating income.
Other income—Income from railroad and miscellaneous
income.
on
United States and Chilean income taxes
(estimated")
depreciation and obsolescence
Consolidated net income without deduction for
depletion
per share on 3,582,379 shares capital stock
Earnings
145,
p.
Associated Telephone
1937
X80 345
"II
1,007,299
800,700
x$3,797,257
(kwh).
This is an increase of 2,954,-
week a year ago.
other utilities, amounted to 103,527,166
3338.
or 3.3% above the same
Gross output, including sales to
units for the week.—V.
Co., Ltd.—Registers with SEC-
See list given on first page of this
$5,463,646
321,955
$5,785,601
loans
Provision for
output of 92,231,772 units
714 units
Atchison Topeka
1937
$15,620,661
Gross.
Net ry operation income
—V. 145, p. 3001.
Austin
Silver
Statement—
$1.06
period last year consolidated net income amounted to
$532,518, or 15 cents per share.
Note—No provision has been made in the above
preliminary consolidated
fact.
Mining
.
1936
1935
$15,271,319 $13,758,018
1,248,651
2,460,907
Co.— SEC'S Report
on
2,341,269
Registration
1
of
income account for surtax, if any, or undistributed profits.—V.
145, p. 1248.
department.—V. 144, p. 4167.
& Santa Fe Ry. System—Earnings-
Month of October—
Total income
Interest
Co.—Weekly Output —
19, Associated Gas & Electric System reports
x
For
the
same
John F. Davidson, trial examiner for the Securities and Exchange Com¬
mission, reported Nov. 15 that the registration statement for 225,000 shares
common stock contained untrue statements and omissions of material
His report,
on
which the Commission will decide whether a stop
Volume
order
shall
Financial
145
be
issued, found fault with replies to nine questions in
registration statement and with statements in the prospectus.
Six
of
the
the
replies dealt with a transaction in which Franklin V,
Canning placed 58,000 shares of Austin stock at the disposal of Klopstock
& Co.
The trial examiner found, in effect, that parts of the agreement
with respect to these shares were never intended to become effective and
consequently were misleading.
Mr. Davidson also found that Klopstock & Co. had artificially influ¬
enced the market for Austin stock on the New York Curb Exchange and
had sold 11,000 shares at prices below the public offering level.
The most serious discrepancies were found in the report of the Canning
transaction, it was asserted.
In this, Mr. Davidson found, Austin agreed
to sell 225,000 shares of stock to Klopstock & Co. at $1,125 a share and the
latter agreed to advance funds against later registration and sale of the
issue.
At the same time (Dec. 2, 1936) Klopstock & Co. agreed to sell
David R. Posner 200,000 shares at $1.50 a share, 100,000 shares to come
from the new issue, following registration.
nine
The examiner found that
Klopstock & Co., retired from market opera¬
tions in December of last year, when the sub-underwriting deal with David
R. Posner was signed.
The greatest price advance took place between
the signing of that agreement and the effective date of the registration
statement, but the Commission adduced no evidence of manipulation
by Mr. Posner.
Mr. Davidson found that there was "no evidence sufficient
to establish that the market price on March 22 was in fact being influenced
or manipulated by either of the underwriters."—V. 144, p. 1590.
Bagdad Copper Corp.—Suit Against SEC Dismissed—
Justice F. Dickinson Letts of the U. S. District Court for the District
of
Columbia
on Nov. 19 dismissed without opinion an action brought by the
corporation against the Securities and Exchange Commission.
In its suit the corporation sought a declaratory judgment that Bagdad
Copper stock was exempt from registration under the Securities Act of
1933, and the Commission said that this was the first attempt to obtain a
court decision through this form of procedure as to the meaning of the
exemption provisions of the law.
The Commission's contention was that a suit for a declaratory judgment
could not be maintained against it in the absence of its
a "real controversy" were shown to exist.—V. 144, p.
Baltimore & Ohio
Chronicle
consent and unless
2640.
RR.—Earnings—
Period End. Oct. 31—
1937—Month—1936
1937—10 Mos.—1936
Ry operating revenues._$14,518,066 $15,893,214 $145963,306$139190,756
Ry operating expenses.. 10,741,624
10,984,892 109,272,213 101,989.835
$3,776,442
Ry. tax accruals
871,048
Equipment rents, (net).
249,800
Joint facility rents, (net)
198,734
$4,908,322 $36,691,093 $37,200,921
875,575
9,273,380
8,399,139
407,078
2,401,694
2,571,096
168,995
1,707,697
1.627,434
$2,456,860
Beneficial Loan Society (Del.)—Smaller Dividend —
The
a dividend of 15 cents per share on the
value, payable Dec. 1 to holders of recrod Nov. 20.
paid on Sept. 1, last; 15 cents paid on March 1,
last, and previously, regular quarterly dividends of 10 cents per share were
distributed.
In addition an extra dividend of 20 cents was paid on Dec. 5,
1936, and extra dividends of 5 cents per share were distributed on Sept. 1
and on March 9, 1936.—V. 144, p. 3488, 1099.
from ry oper.
rev.
directors
common
stock,
have
declared
no par
This compares with 20 cents
Bohn Aluminum & Brass Corp.—$1.25
a dividend of $1.25 per share on the common
stock, par $5, payable Dec. 21 to holders of record Dec. 6.
A like amount
was paid on Oct. 1 last.
Previously regular quarterly dividends of 75 cents
per share were distributed.—V. 145. p. 3189.
Boston
Fund, Inc.—Asset Value —
The company reports as of Oct. 31, net assets of $1,282,937 after de¬
duction of accrued expenses, accrued taxes and reserve for dividends of
18 cents a share payable Nov. 20. On the 75,531 shares outstanding at the
end
of
October,
this
total
amounts
to
$16.98
income.
2835.
oper.
1937—Month—1936
Oper.
exps.
$533,245
347,293
305,530
3,438,398
3,344,543
$185,952
$237,423
$1,510,506
491,877
49,562
Gross income
Other
on
funded debt-
deductions-
$1,260,025
22,732
$1,018,629
35,737
$185,198
59,098
1,241
$1,282,757
591,382
18,949
$1,054,366
591,269
17,729
$85,310
Other income
62,164
$175,259
9,939
$146,543
59,381
1,852
Operating income
$1,713,293
453,268
$136,390
10,153
Net rev. from opers__
Tax accruals
$124,859
$672,426
$445,368
Net income
for 1937 includes adjustment account of repeal of
Excise Tax Act of 1935 (Pension Tax), credit to cancel accruals in 1936,
Note—Tax
accruals
$64,988.—V. 145, p. 3188.
fund
was increased to a moderate extent.
"Since then on days of extreme weakness in the market,
weakness and to take advantage of buying opportunities as they develop."
The report of investment changes during the three months ended Oct. 31
shows new investments made in common stocks of Carrier Corp., Caterpillar
Tractor, and Loew's Inc., aid elimination from the portfolio of Crane Co.
5% preferred, Engineers Public Service $5.50 preferred, Ruberoid Co.
common and Superheater Co. common.
Other changes chiefly resulted in
net increases in holdings of stocks already included in the portfolio.—V.
145, p. 1411.
Brazilian
Traction, Light & Power Co., Ltd.—Earnings
**Period End. Oct. 31—
Gross
$3,209,571
1,462,461
1937—10 Mos.—1936
$2,844,657 $32,393,040 $26,445,255
1,291,719
14,484,523
11,951,059
$1,747,110
$1,552,938 $17,908,517 $14,494,196
1937—Month—1936
from oper-_
earns,
Operating
expenses
Upon surrender to the Commercial National Bank & Trust Co. of New
York, 56 Wall St., New York City, after Jan. 1, 1938, of coupon No. 11,
accompanied by a duly executed ownership certificate, an amount equivalent
to 13 H % of the principal amount of the debentures to which such coupon
appertains will be paid.
Upon similarly surrendering, after July 1, 1938,
coupon No. 12, accompanied by a duly executed ownership certificate, an
amount equivalent to 3 % of the principal amount of the debenture to which
such coupon appertains will be paid.—V. 143, p. 4145.
Co.—Special Extra Dividend—
p.
2836.
The directors have declared
a dividend of 10 cents per share on the capital
value, payable Dec. 17 to holders of record Dec. 10.
This
with 25 cents paid Sept. 30 and June 30, last; 15 cents paid on
March 31, last, and previously regular quarterly dividends of 10 cents per
share were distributed.
In addition, a special dividend of 50 cents was
paid on Dec. 18, 1936, and an extra dividend of 15 cents on Sept. 30, 1936.
no par
compares
Arranges Bank Loans—
The company has entered into an agreement with the New York Trust
under which the latter, in consideration of the payment of $12,500,
Co.
the company up to $2,500,000 at 33^% on or before June 1,
1938, according to information filed with the Securities and Exchange Com¬
The amounts borrowed are to be repaid on or before Dec. 31,
1940.—V. 145, p. 2837.
agrees to loan
mission.
Briggs & Stratton Corp.—Smaller Dividend—•
The directors have declared a dividend of 75 cents per share on the capital
stock, payable Dec. 15 to holders of record Dec. 3.
A dividend of $1.25
was paid on Sept.
15, last, and previously regular quarterly dividends of
75 cents per share were distributed.—V. 145, p. 2837.
Brillo Mfg. Co.,
Period End. Sept.
x
y
Earnings
IncEarnings—
30—
per
1937—9 Mos.—1936
1937—3 Mos.—1936
Net profit
$47,193
$0.24
share
$159,680
$0.85
$50,409
$0.26
$164,534
$0.87
x After depreciation, amortization, Federal and State income taxes, but
provision for Federal surtaxes on undistributed profits,
y On
145,310 shares common stock (no par).
At Sept. 30, 1937, the balance sdeet showed total current assets, in¬
cluding cash of $293,931, of $544,633 (not including company's own
securities held at a cost of $176,374) and current liabilities of $138,344,
a ratio of about 4 to 1.
Earned surplus at Sept. 30 amounted to $675,043.
At Sept. 30, 1936, total current assets were $497,186, including cash of
$283,354 (not including company's own securities held at cost of $163,370)
compared with current liabilities of $119,102.—V. 145, p. 750.
before
Brooklyn-Manhattan Transit System—Earnings—
[Including Brooklyn & Queens Transit System)
Period End. Oct. 31—
\&Z7—Month—1936
1937—4 Mos.—1936
$4,288,147
2,877,330
$4,518,486 $16,365,444 $17,054,885
2,869,345
11,483,299
11,222,969
$1,410,817
523,012
$1,649,141
545,205
$4,882,145
2,056,533
$5,831,916
1,924,147
$887,805
86,278
$1,103,936
184,234
$2,825,612
324,228
$3,907,769
431,857
$974,083
687,601
$1,288,170
655,536
$3,149,840
2,752,582
$4,339,626
2,617,604
surplus
Accruing to minority int.
ofB.&Q.T. Corp--
$286,482
$632,634
$397,258
$1,722,022
27,204
30,095
5,173
92,318
$259,278
$602,539
$392,085
$1,629,704
Total operating revenues
Total oper. expenses
Net
Taxes
Gross income
Total income deductions
Current inc. carried to
have declared a special dividend of $1.20 per share on
stock, par $10, payable Dec. 15 to holders of record Dec. 1.
directors
Note—The above is without provision for tax on
1936.—
undistributed profits.
[Excluding Brooklyn & Queens Transit System]
Nov. 15
Y. 145, p. 3002.
from oper—-
oper. props—
Operating income
Mfg. Co.—Special Dividend—
The regular quarterly dividend of 15 cents per share was paid on
last.
An extra dividend of $1.70 was distributed on Dec. 26,
rev.
on
Net non-oper. income—
• .-4
The directors on Nov. 22 declared an extra dividend of 25 cents per share
in addition to the regular quarterly dividend of $1 per share on the common
stock, both payable Jan. 3, 1938, to holders of record Dec. 10.
Similar
amounts were paid on Oct. 1, last, and in each of the three preceding quar¬
ters.
A special dividend of $1 per share which had been previously de¬
clared will be paid on Dec. 15 to holders of record Nov. 22.
See also V. 145,
p. 3002.
common
145,
Bal. to B.-M. T. Sys-
dividend of 25 cents per share in
dividend of 18 % cents per share on the
common stock, no par value, both payable Dec. 15 to holders of record
Nov. 30.
Similar amounts were paid on Dec. 15, 1936.—V. 145, p. 3339.
The
Before depreciation and amortization.—V.
stock,
Bayuk Cigars, Inc.—Special Dividend—.
The directors have declared a special
addition to the regular quarterly
the
Net earnings
x
debentures, due July 1, 1947,
being notified that (a) the amount of accumulated interest declared by
payable on the debentures on Jan. 1, 1938, »s
$369,738, which is equivalent
to 13 M% of the principal amount of the
outstanding debentures and represents all current interest due on, and all
arrears of interest to, said date; and (b) the amount of accumulated interest
declared by the board of directors to be payable on the debentures on
July 1, 1938, is $82,164, which is equivalent to 3% of the principal amount
of the outstanding debentures and will represent all interest from Jan. 1,
1938, to said date.
Of the total amount of interest being paid $390,312
constitute the consolidated net earnings of the company for tne year ended
Sept. 30, 1937, determined in accordance with the agreement under which
the debentures were issued.
the board of directors to be
Be Id en
Boston Fund
has purchased stock at attractive prices.
The management is continuing
to hold a certain amount of cash as protection against further intermediate
are
Beech-Nut Packing
holdings
11.8%
Commenting on investment policy during the third quarter, Cecil E.
Fraser, President, observes:
"The management has maintained that underlying business conditions
coupled with prospects for the future did not warrant any broad change
in the long-term investment policy, and it has continued to keep the bulk
of the funds invested in common stocks.
Early in September, however,
because of the unfavorable near-term outlook, the cash position of the
Baragua Sugar Estates—Interest Payment—
Holders of 15-year participating income
Cash
Bridgeport Brass Co.—Smaller Dividend —
1937—10 Mos.—1936
$5,151,691
$4,855,049
(incl. maint.
and depreciation)
Interest
$542,953
share.
.
Bangor & Aroostook RR.—Earnings—
Period End. Oct. 31—
Gross oper. revenues
a
amounted to $165,829 on Oct. 31, on which date they comprised
of the total fund
x
Netry.
—V. 145, p.
Dividend—
The directors have declared
$3,456,674 $23,308,322 $24,603,252
Net
3491
Period End. Oct. 31—
Total oper. re venues
1937—Month—1936
$2,506,275
$2,710,827
1937—4 Mos.—1936
$9,617,673 $10,278,516
5,966,210
5,722,277
1,466,767
1,419,240
$1,039,508
322,563
$1,291,587
354,988
$3,651,463
1,282,046
$4,556,239
1,250,943
$716,945
83,139
$936,599
182,166
$2,369,417
311,905
$3,305,296
541,307
$800,084
572,595
$1,118,765
551,394
$2,681,322
2,295,282
$3,846,603
2,210,303
$227,489
Total oper. expenses
$567,371
$386,040
$1,636,300
Birmingham Electric Co.—Earnings—
Period End. Oct. 31—
Amort,
of
1937—Month—1936
$655,010
$598,443
1937—12 Mos.—1936
limited
502,736
457,436
$7,534,034
5,595,908
311
Operating revenues
Oper. exp., incl. taxes._
316
3,115
$6,644,353
5,033,219
3,791
term
investments.
res. approp.
40,000
40,000
480,000
$111,963
366
$100,691
25
$1,455,011
7,405
$1,127,343
108
$112,329
$100,716
$1,462,416
45,750
549,000
549,000
4,403
4,470
51,384
50,205
$50,496
Dividends applicable to preferred stocks for the
period, whether paid or unpaid—
$862,032
$528,246
429,174
429,186
Prop, retir.
Gross income.
Int.
mtge. bonds
Other int. & deductions.
on
$62,176
Net income.
x
from oper
oper. props
Operating income
$1,127,451
45,750
rev.
on
Net non-oper. income—
480,000
Net oper. revenues—
Other income (net)
Net
Taxes
Gross income
Total income deductions
Current inc. carried to
Note—The above is without provision for tax on
V. 145, p. 3189.
Brown
Co.
(Maine)—Bondholders1 Committee
Only About 25% of Bonds Have Assented—
The bondholders protective committee
$432,858
$99,060
unpaid to Oct. 31, 1937, amounted to
$250,352.
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on Oct. 1, 1937.
Dividends on these stocks are cumulative,
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145, P. 2836.
Balance
x
Dividends
accumulated
and
.
undistributed profits.—
man,
Informed
(Charles Francis Adams, Chair¬
and Serge Semenenko, Vice-Chairman, on Nov. 22 issued the following
statement:
"Bondholders should not
be misled by recent statements appearing in
the public press to the effect that 'assents are now needed only from a
minority of the bondholders to meet the statutory requirements.'
"This committee was informed in writing on Nov. 16 by one of the
principal promoters of the company's plan that 'after checking the transfers,
&c. carefully, I find that we now have assents to the Brown Co. plan for
a little over 25% of the bonds
.
.
.
Financial
3492
Chronicle
"Under the provisions of Section 77-B of the Federal Bankruptcy Act.
bondholders are bound by a plan only if holders of 66 2-3% of all the bonds
accepted the plan in accordance with the statute.
"It is significant that despite the intensive campaign of solicitation which
has now been carried on for over three months, the company has bden able
to obtain 'assents' to its plan from only a relatively small percentage of the
bondholders—even assuming that such assents represent the approval of
the plan by present holders of the bonds and will be regarded as binding and
effective acceptances in the pending proceedings.
"This committee wishes to again emphasize that it is now negotiating
with the other interests and that the giving of assents at this time will not
only serve further to confuse the situation but may also seriously prejudice
the ability of the bondholders to obtain better treatment for their bonds."
....
,
.
of
all
committees
of company
Canadian Western Natural Gas, Light, Heat & Power
Co., Ltd .—Dividends Resumed—
The directors have declared a dividend of $1 per share on the common
stock, payable Dec. 15 to holders of record Dec. 14. This will be the first
dividend paid by the company since Jan. 16, 1933 when a regular quarterly
dividend of $1 per share was distributed.—V. 144, p. 2643.
Carolina Power &
Period End. Oct. 31—
the
Operating revenues
$1,112,178
Oper. exp., incl. taxes..
520,559
Prop, reitr. res. approp.
90,000
nite steps would be considered to bring
V. 146, p. 3340.
about
complete
$1,820,546
1,453,174
$6,798,677
5,529,858
$4,973,550
$4,261,768
31,040
31.844
$485,943
191,667
7,764
$446,167
191,667
5,771
$5,004,590
2,300,000
72,548
Crll2
$4,293,612
2,300,000
58,177
Crl.457
$286,512
$248,729
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$2,632,154
$1,936,892
1,255,237
1,255,237
charged to constru.
Net income
Balance....
$1,376,917
$681,655
Regular dividends on $7 and $6 preferred stocks were paid on Oct. 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
1937.—V. 145, P. 2836.
$6,828,746
5,513,742
$380,597
Net rev. from oper___
$443,652
2,515
on mtge. bonds
Other int. & deductions.
1937—4 Mos.—1936
1937—Month—1936
Total oper, expenses
$484,441
1,502
Int.
cooperation.—
$1,794,549
1,413,952
revenues—
$4,467,220
205,452
Int.
x
oper.
205,963
Gross Income
Brooklyn & Queens Transit System —Earnings —
Period End. Oct. 31—
$5,179,513
Other income (net)
committee;
representing the preferred stockholders committee, and Orton B. Brown,
representing the Brown Co., announced jointly that progress had been
made and that further meetings were to be held forthwith, at which defi¬
Total
$460,767
17,115
Rent for lease of pl't (net)
Lee S. Buckingham, representing the Buckingham bondholders committee;
Robert Cook, representing the general creditors committee; Edward Osgood,
1937—12 Mos—1936
$1,018,476 $12,079,536 $10,647,865
477,709
5,890,023
5,220,645
80,000
1,010,000
960,000
$501,619
17,178
Net oper. revenues—
security holders met
the plan of reorganiza¬
It.
This was the first
bondholders
Adams
Light Co.—Earnings —
1937—Month—1936
Operating income
joint meeting of all interests.
Serge Semenenko, representing
27
,
Representatives of All Committees Confer—
Representatives
Nov, 23 with the company representatives to discuss
tion and to reconcile divergent points of view about
Nov.
x
propertiesi
200,448
$367,372
190,218
$1,268,819
774,487
$1,315,004
673,204
Operating income
Net non-oper. income..
$180,149
15,577
$177,154
14,432
$494,332
61,773
$641,800
59,443
Total income deductions
$195,726
136,733
$191,586
126,323
$556,105
544,887
$701,243
501,047
The directors on Nov. 23 declared an interim dividend of 25 cents per
share on the common stock payable Dec. 20 to holders of record Dec. 10.
Like amount was paid on Sept. 20, last; a final dividend of $1 was paid on
$58,993
$65,263
$11,218
$200,196
last.—V. 145. p
Taxes
on oper.
Current inc. carried to
surplus
Note—The above is without provision for tax on undistributed profits.
—V. 145, p. 2687.
Brown Rubber Co.—To
The
directors
have
declared
dividend
extra
of
10
cents
share
of 15 cents per share on the
stock, both payable Dec. 15 to holders of record Dec. 1.
Like
paid on Sept. 15, last.—V. 145, p. 2383.
amounts were
Brown Shoe
1937
uct to customers
1935
g$29,389,752a$24,012,186e$25,320,282 $26,831,966
28,283,644
23,195,440
24,094,157
25,481,385
Prem. on debs, retired.
Est. income taxes
140,479
6,377
156,000
_
144,000
$15,974,575 $12,202,956
2,136,901
1,876,155
70",666
looiooo
Net profit before Federal taxes
Net profit
212,000
x
.
Total surplus
Deduct—Pref. divs. (7%)
$8,371,814
Common dividends
Oth. prof. & loss chgs.
$602,746
7,690,103
744,375
41,193
$1,108,124
d8,322,151
$8,292,849
Profit & loss surplus..
740,625
27,098
Shs.com.stk.out.(nopar)
$7,686,246
247,400
$7,525,127
1246,500
$3.21
$1,138,581
8,937,294
120,471
$9,430,275 $10,196,347
220,857
222,421
741,000
741,000
778,315
15,743
See b
Earns, per sh. on com..
$2.44
$7,690,103
c247,000
$3.59
$9,217,182
c247,000
$3.71
Includes income from sundry investments of $4,075 less sundry inter¬
$3,247; balance, $829; and elimination of reserve for ad¬
Oct. 31 '37 Dec. 31 '36
Assets—
vertising, reconditioning of building and legal matters of $150,000, less
expense charged thereto of $150,000. b Called for redemption Oct. 31,1935.
c Does not include
5,000 shares held in treasury, d After deducting amount
segregated and set up as contributed surplus of $895,031.
© Includes int.
income, net, of $12,142; income from sundry investment of $4,685, and
elimination of inventory reserve provided out of income in prior years (less
amount transferred to reserve for
advertising, reconditioning of building
and legal matters of $150,000) of $400,006.
f Does not Include 5,500 shares
held in treasury,
g After deducting sundry interest expense (net) $11,218,
less income from sundry investments of
$4,376; balance, $6,842.
h Pro¬
portion of the proceeds of 2,500 shares'of treasury common stock sold during
the year to the President and other
employees,
i Cost of material, labor
and selling, admin. & gen. exp., incl. deprec. & int.
charges, bad debts, &c.
Consolidated Balance Sheet Oct. 31
1937
1936
$
$
1937
Liabilities—
Real est., build¬
ings, machinery,
equipment, &c_ 2,760,742
Lasts
%
Accounts payable.
Fed. & State pay¬
2,749,047
1
roll
taxes
Accrued accounts,
1
c
228,812
1,047*22I
6,163,620
7,075,020
6,690,022
&c
Inv. in suhsids
Cash
Accts. receivable..
Inventories
Prepaid int., Ins.,
licenses, &c
Reserve
Inventories
s.
53,137
b Common stock..
247,400
3,123,558
Contributed surp.
945,031
Earned surplus... 7,586,246
Capital sin-plus
16,906,521
16,409,6531
Total
16,906,521
3,840,000
30,631
246,500
3,112,195
895,031
7,525,127
16,409,653
After
In 1936.
Budd Wheel Co.
2,582,147
expenses
555,928
383,934
500,000
Res.for Fed. taxes.z2,3l2,463
1,983,931
Pref.stk.(parSlOO) 6,014,776
6,014,776
y Common stock. 9,411,200
9,411,200
Capital surplus.-.13,733,577 13,733,577
Earned surplus...15,008,574 15,029,104
...
Total
x
55,364,945 49,638,669 |
Total
55,364,945 49,638.669
After reserve for depreciation of $12,223,490 in 1937 and
$11,615,154
Represented by 1,882,240 no par shares,
z Does not include
any amount for Federal surtaxes on undistributed earnings,
a $1,016,305
current dividend payable and $5,646,720 not current.
In 1936.
y
Listing of Additional Preferred Stock—
The New York Stock Exchange has authorized the listing of 56,467 addi¬
tional shares of pref. stock (5% cumulative) upon official notice of issuance
in payment
of
a
dividend upon the
common
stock, making the total amount
of pref. stock applied for 116,614 shares.
At a meeting of the directors held on
Oct. 28, an extra dividend was
declared upon the common stock to holders of record Nov. 15,
payable on
or about Dec. 15, in preferred shares at the rate of 3-100ths of a
preferred
share per common share.
Preferred shares and fractional share warrants
totaling 56,467.2 shares (par value $5,646,720) will be issued in payment of
this dividend.
Fractional share warrants are convertible into full shares of pref. stock at
Bank of California, N. A., 400 California St.,
San
Francisco.—V. 145,
Central
Aguirre Associates—Larger & Special Div.—
The trustees have declared
cents
per
a special dividend of 38 cents and a dividend
share on the common stock, no par value, both payable
Dec. 20 to holders of record Dec. 4.
The 38-cent special distribution will
be made from net income of Luce & Co., S. En C., by the trustee holding
the shares of Luce & Co., S. En. C., for benefit of shareholders of Central
Aguirre Associates.
Luce & Co., S. En C., is a Puerto Rican limited partnership, in the shares
of which the shareholders of Central Aguirre Associates have a beneficial
interest.
It owns and leases land in Puerto Rico devoted primarily to the
cultivation of sugar cane, ground at the mills of the Central Aguirre Sugar
Co. and the Central Machete Co. in Puerto Rico.
Extra dividends of 50 cents per share in addition to regular quarterly
dividends of 37
last, and
on
cents per share were distributed on Oct. 1 and Jan. 2,
Oct. 1 and April 1,1936.—Y. 145, p. 1895.
Central Arizona Light & Power Co.
—Participation Dividend —
The directors have declared a participating dividend of 25 cents
per
share in addition to the regular
quarterly dividend of $1.75 per share on
the 1st pref. stock, both payable Dec. 31 to holders of record
Dec. 17.
Similar payments were made on Sept. 30 and on June 30
last.—V. 145.
p. 2688.
1937—Month—1936
Period End. Oct. 31—
—Earnings —
1937—12 Mos.—1936
$3,926,325
2,650,131
$3,373,255
2.240,376
31,500
2,982
29,000
35,623
326,990
35,126
276,539
$68,546
12,002
$913,581
$821,214
163,297
$75,789
18,959
res. approps
$281,611
181,083
$65,577
10,212
investments
$318,946
218,956
2,913
Operating revenuesOper. exps., incl. taxes..
Amortiz. of limited-term
Prop, retire,
Bullard Co.—To Distribute Bonus to Workers
$
1,665,403
payroll &
and goodwill...
1
1
Land, buildings,
equipment, Ac.19,538,295 18,845,241
Miscell. properties
201,970
Prepaid Insurance,
taxes, &c
48,351
35,121
trade-mks.
x
of 50
3,700,000
Accrued
11,576.037
$
Accounts payable.
Dividend payable.a6,663,025
Notes payable
104,354
f.
debentures
Oct. 31 *37 Dec. 31 '36
Liabilities—
2,309.929
20,607,832 16,670,371
Pat'ts,
240*287
deducting $3,180,905 for depreciation in 1937 and $3,114,124
b Represented by 247,400 (246,500 in 1936) shares of no
par value,
c Consists of current
year's taxes of $166,000 ($70,000 in 1936) and prior
years' of $36,051 ($34,354 in 1936).—V. 144, p. 3830.
a
$8,971,420
P.3341.
148,317
196,428
5,694,547 Reserves
1
$
$
3,020.757
Notes & accts.rec.f
less reserves
12,149,709
in¬
for
come taxes
15-yr. 3%%
1936
415,528
202,051
1
1
367,282
26,961
512,892
Tradenames, &c_.
704,353
$
Cash
est expense, net, of
Total
x$l 1,799,910
deducting provision for any amount which may become due for
earnings—carried to surplus.
Balance Sheet
$793,251
7,525,127
b53,436
i
Securities,
Before
10,000
Assets—
$14,334,884 $10,854,658
2,534,974
1,883,237
Provision for Federal taxes
surtaxes on undistributed
(estimated)
Net pro
Add— Preivious surplus.
a
$13,837,674 $10,326,800
503,081
533,429
5,870
5,572
Interest earned
18,000
undist. profits
on
Gross profit (inventory estimated)
Depreciation
Interest paid
15-yr. 3 % % sink¬
ing fund debentures..
a
1934
on
Surtax
1937
1936
$66,151,120 $52,058,544
50,176,545
39,855,588
Profit
1936
prod¬
I Deductions
Int.
Cost of sales, oper. exp., &c.t less miscell. income.
Co., Inc.—Earnings—
Years End. Oct. 31—
Net sales finished
2838.
Caterpillar Tractor Co,—Earnings—
Net sales.
per
in addition to the regular quarterly dividend
common
June 20, last, and an interim dividend of 25 cents was paid on March 20,
12 Months Ended Oct. 31—
Pay Extra Dividend—
an
Carpenter Steel Co.—Interim Dividend—
$80,548
31,250
779
$1,058,632
260,768
7,616
Cr3,293
$984 511
375,000
7,292
$48,519
$793,622
$602,219
108,054
108,054
—
The company announced on Nov.
17 that it is distributing a bonus of
salary to all employees continuously in its employ from Jan. 4
21,1937, and one-half week's salary to those employed from May 31
to Dec. 21, 1937.
Those not included in either of the foregoing periods will
receive $5.—V. 145, p. 3340.
one week's
145,051
to Dec.
i.
Canada Dry Ginger Ale,
Otis A.
Inc.— New Directors—
Glazebrook, and Thomas Hildt, have been elected directors of
Net income
this company.—Y. 145, p. 1735.
x
Canadian National
1Q37
$3,757,463
1Q36
$3,887,608
Balance
T)prrt>jt<n»
$130,145
—V. 145, P. 3341.
Canadian Pacific
Week Ended Nov. 21—
Traffic earnings
—V. 145, p. 3341.
Divs. applic. to pref.
paid or unpaid
Rys.—Earnings—
Earnings of System for Week Ended Nov. 21
Gross earnings
637
Ry.—Earnings —
1937
1936
Increase
$2,897,000
$2,735,000
$162,000
$56,193
stocks for period, whether
$685,568
$494,165
x Regular dividends on $7 and $6 pref. stocks were paid on
Aug. 2, 1937.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.
Regular dividends on these stocks were declared
for payment on Nov. 1, 1937.
Note—No provision was made for Federal surtax'on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145, p. 2838.
Volume
Financial
145
Central Maine Power
Period End. Oct
31—
Co.—Earnings—
Operating revenues
Operating expenses
State & municipal taxes.
Federal taxes(incl. Inc.).
$564,501
234,198
59,816
25,829
$596,934
206,291
56.292
18,594
$6,823,651
2.428.356
717,926
Net oper. income
Non-oper. income (net).
$244,658
1,756
$315,757
$3,393,186
3.053
36,864
$246,414
107,142
6,676
14,528
$318,810
114,342
7,403
28,944
$3,430,050
1,293,790
64,509
260,934
$3,287,681
1.397.467
$118,068
$108,099
$168,121
$108,099
$1,810,817
$1,297,182
$1,492,839
$1,297,182
.
Net earnings from utility operations for the 10-months' period increased
the corresponding period of 1936 approximately $3,132,000 or the
over
19.37—12 Mos.—1936
1937—Month—1936
3493
Chronicle
$6,414,707
2,362,821
674.427
132,444
284.183
$3,245,015
42,666
equivalent of 48 cents per share on the average number of shares outstanding
during 1937.
27 cents of such increase is the effect of the policy of capitalize
ing certain indirect construction expenditures.
Income from investments
increased
approximately $1,059,000
or
16
cents
A substantial
share.
a
part of this latter increase is due to income from a larger number of shares
of Public Service Co. of N. 111., and to the special dividend declared on the
common shares of Public Service Co. which special dividend was credited in
October and substantially increased net income for that month.
The
in¬
special year-end Public Service dividend in 1936 was taken into Edison
Gross income.
Bond interest
Other interest— (net)
Other deductions
Net income
Pref. div. requirements.
77.933
319,442
Note—Preferred dividends have been paid at one-half of the regular rate
since Oct. 1, 1934 and arrearage for the quarters ending Sept. 30, 1934,
31, 1934, March 31, 1935 and June 30, 1935 were paid on Jan. 1,
1937, April 1, 1937, July 1, 1937 and Oct. 1, 1937, respectively.—V. 145,
2689.
Central Vermont
Operating
Operating
Federal
revenues
taxes
(incl.
Public Service Corp.—Earnings—
1937—12 Mos.—1936
1937—Month—1936
expenses
State and munic. taxes.
$196,741
150,987
10,863
$1,956,862
$2,162,029
1,206,558
167,820
$177,031
98,781
12,883
1,106.570
146,224
in¬
5,340
3,720
99,593
47,857
$39,551
$61,647
$688,058
3,954
$656,211
6,405
$692,012
245,000
1,374
$662,616
293,824
2,019
tax)
Net oper. income
Non-oper. income (net).
93
Other interest
$61,895
20,417
519
Bond interest
248
$29,644
20,417
Gross income
CY478
(net)
Acceleration of amort, of
debt disc. & expense.
Other deductions
l",830
40,202
11,945
13,798
21,475
5,708
1,913
"
Net income
$6,878
18,928
Pref. div. requirements.
145,
p.
$314,626
227,136
$410,365
227,136
$34,335
18,928
of 75
dividend
cents
per
share
on
the
October
Output—
Output—Gas output of the Commonwealth & Southern Corp. system
of October was 1,288,253,000 cubic feet as compared with
1,100,948.900 cubic feet for October, 1936, an increase of 17.01%.
For
the ten months ended Oct. 31, 1937, the putput was 11,996,997,800 cubic
feet as compared with 10,483,353,300 cubic feet for the corresponding period
in 1936, an increase of 14.44%.
Total output for the year ended Oct. 31,
1937 was 14,842,317.500 cubic feet as compared with 12,760,239,100 cubic
feet for the year ended Oct. 31, 1936, an increase of 16.32%.
Electric Output—Electric output of the Commonwealth & Southern Corp.
system for the month of October was 721,543,579 kilowatt hours as compared
with 707,292,715 kilowatt hours for October, 1936 an increase of 2.01%.
For the 10 months ended Oct. 31, 1937, the output was 7,163.345,455 kilo¬
watt hours as compared with 6,365,664,819 kilowatt hours for the cor¬
responding period in 1936, an increase of 12.53%.
Total output for the
year ended Oct. 31, 1937 was 8,590,307,507 kilowatt hcurs as compared
with 7,540,448,311 kilowatt hours for the year ended Oct. 31, 1936, an in¬
crease of 13.92%.
paid
on
February,
Centrifugal Pipe Corp. of Delaware—Special Dividend
Divs.
An extra dividend of 65 cents was paid on
Holders of 1st mtge. 6%
bonds
may
1937
_
Net after rents
receive in exchange, at the office
Coney Island Theatre,
railway
-
1937—12 Mos.—1936
$375,700
$345,027
$4,219,o91
$4,016,341
125,720
113,640
1,419,234
1,255,514
surplus of Community
Power & Light Co
430,320
_
272,226
Federal surtax on undistributed
1937, since any liability for such tax cannot be
of the year.—V. 145, p. 30u5.
Compo Shoe Machinery Corp.—$1 Extra Dividend—
$9,787,360
4,482,333
3,513,840
The directors have declared an extra dividend of
111,807 908
53,159,452
42,542,921
92,184,309
40,871,566
30,976,548
93,883,494
41,056,125
31,980,282
$1 per share in addition
the regular quarterly dividend of 25 cents per share on the common
stock, both payable Dec. 15 to holders of record Dec. 4.
An extra dividend
of 75 cents per share was paid on Dec. 15, 1936.—V. 145, p. Ib9f.
to
Consolidated Biscuit Co.—10-Cent Dividend—
—V. 145, p. 3342.
The directors have declared a dividend of 10 cents per share on
mon
Copper CoDividend Doubled—
declared
dividend
with
share on the
common stock, par $25, payable Dec. 15 to holders of record Dec. 6.
This
compares with 50 cents paid on Nov. 29, Aug. 28, and on May 27, last, and
with dividends of 25 cents paid in each quarter since and including Nov. 29,
1935, prior to which no dividends were disbursed since Sept. 30, 1931, when
a quarterly payment of 37H cents per share was made.—V. 145, p. 3344.
have
$3,207,048
1934
1935
1936
36,517,697
$6,938,142
1937—Month—1936
cos
income for the year
determined until the end
..
-
$615,374
Note—No provision has been made for the
..$12,315,190 $13,742,824 $11,748,397
5,914,371
7,482,249
5,980,280
4,873,205
6,323,889
4,945,916
-108,760.854
47,851,473
sub.
net
..
Gross from railway
revs.,
Gross income, sub. cos.Bal. available for divs. and
From Jan. 1—
Net after rents
$553,977
Community Power & Light Co. (& Subs.)—Earnings—
Chesapeake & Ohio Ry.—Earnings—
October—
Gross from railway
Net from railway
a
of
$1.00
Cleveland Electric Illuminating Co.
have declared
a
per
on
announced a general basic wage increase of 25 cents per day
1.
The increase will affect 7,500 empoyees.
In addition
Blaycock, Vice-President and general manager, said a Christmas
bonus of $50 would be paid to all married men in the company's employ
for more than a year and $35 to single men.
Those employed between
six months and a year would receive half as much.—V. 145, p. 433.275.
The company
effective Jan.
S.
the
Dec. 31 to holders of record Dec. 10.
An
dividend of 25 cents per share was paid on Dec. 22, 1936.—V. 145,
G.
3004.
Consolidated Steel Corp.,
Larger Div.—
dividend of $2.37^
an
extra
Columbia Oil & Gasoline
Ltd.—Accumulated Dividend
50 cents per share on account
$1.75 cum. pref. stock, payable Dec. 18 to holders
A similar payment was made on Oct. 25 and on Aug. 20,
The directors have declared a dividend of
share in
addition to a quarterly dividend of 50 cents per share on the common stock,
par $25, both payable Dec. 20 to holders of record Dec. 1.
The company had paid dividends of 37>£ cents per share on Sept. 30,
June 30 and on March 31, last.
Three quarterly dividends of 31 cents
and one of 32 cents, and a special dividend of $1.25 per share were paid
during 1936.
A special dividend of 50 cents per share was paid on Dec. 31,
1935, 1934 and 1933 —V. 145, p. 432.
have declared
Co. of Canada, Ltd.
—Wage Increase—Bonus—
both payable
Colt's Patent Fire Arms Mfg. Co.—Extra &
previously.—V. 145, p. 1414.
Consolidated Mining & Smelting
Year-End Div.—
year-end dividend of 25 cents per share
share
the com¬
stock, payable Dec. 23 to holders of record Dec. 4.
This compares
a dividend of 10 cents per share paid on June 23, last, and each three
months
—
in addition to the regular quarterly dividend of 50 cents per
The directors
$1,365,138 $15,935,468 $12,204,141
749,764
8,997,326
8,997.093
Period End. Oct. 31—
Oper.
Inc., pursuant to the plan of reorganization.
stock,
$1,303,766
749,789
Dividends were paid in full to Jan. 1, 1935, and at the rate of $3
share per annum since that date.—V. 145, p. 2840.
per
Dec. 15.1936.—V. 145, p. 431.
of the Bank of the Manhattan Co., new bonds of the
pref. stock..
on
annum.
Coney Island Improvement Co .—Exchange —
The directors
$4,589,267 $55,574,933 $52,203,689
3,224.129
39,639.465
39.999,548
x Includes provision for Federal surtax on undistributed profits for 1936.
No provision has been made for such tax in 1937.
y Reflects deduction
for full preferred stock dividend requirement at the rate of $6 per share per
last.
directors
$4,605,566
3,301,800
Balance.
a special dividend of 55 cents per share on
stock, payable Dec. 10 to holders of record Nov. 30.
The regular quarterly dividend of 10 cents per share was paid on Nov. 15,
common
exps.
Net income
y
common
Chile
1937—12 Mos.—1936
1937—Month—1936
_-
and taxes.$12,849,294 $11,744,355 $148141,484 $132582.236
Prov. for retire, reserve.
6,888,008
6,122,83 5
77.53 9,705
68,929,453
1,355,720
1,032,252
15,026,845
11,449,093
The directors have declared
Net from
revenue
Oper.
Sept. 30 and July 20. last, and on
Dec. 7,1936, these latter being the first dividends to be paid since
1932.—V. 145, p. 3341.
.
Chanin
(Incl. Subs.)
Earnings for Month and 12 Months Ending Oct. 31
Gross
a
at one-half these amounts were
p.
a
Gas
Int. & other fixed chgs—
meeting held on Nov. 23 declared dividends as pay¬
ments against arrears of $3.50 per share on the prior lien preferred stock,
$7 dividend series, and $3 per share on the prior lien preferred stock, $6
dividend series, to be paid Dec. 20 to holders of record Dec. 4.
Dividends
extra
declared
Gross Income
Central & South West Utilities Co.—Accum. Divs.—
The
have
3341.
The directors at
the
Divi¬
Preferred—
directors
preferred stock, $6 series, payable Jan. 3 to holders of record Dec. 10.
A payment of like amount (which is one-half of the regular rate) was made
in each of the 11 preceding quarters.
x
'
—V.
on
The
for the month
Period End. Oct. 31—
come
year.—V. 145, p. 3343.
Commonwealth & Southern Corp.— Accumulated
dend
Dec.
p.
in November of that
come
of accumulations on the
per
of record Dec. 4.
last;
on
a
dividend of 67Y cents was paid on Dec. 21, 1936, and one of 60 cents
15, 1936, this latter being tiie first payment made
1931.—V. 145, p. 3343.
Nov. 20 and on Aug.
since January,
Consumers Gas Co. of Toronto
-Earnings-
1936
1935
1934
$5,226,763
1,640,060
$5,234,375
1,488,017
309,142
9,697
252,898
6,384
1,688,708
228,971
7,661
$5,362,195
1,713.725
167,587
$7,126,384
$7,126,104
$7,159,714
1937
Years End. Sept. 30—
$5,319,528
Gas sales
Corp.—Dividends —
Residuals
The directors have declared a dividend of 40 cents per share on the
stock, amounting to $934,730.40.
There has also been declared a
participating dividend amounting to $934,730.40 on the preferred stock.
Both dividends are payable Dec. 18 to holders of record Dec. 3, 1937.
With respect to tne common stock which stands in the names of the
voting trustees, against which there are outstanding voting trust certifi¬
cates which have not been surrendered for exchange, this dividend will be
paid to the Corporation Trust Co., 15 Exchange Place, Jersey City, who
will pay the dividend as the voting trust certificates are exchanged.
An initial dividend of 20 cents per share was paid on the common stock
on
Dec. 21, 1936.—V. 145, p. 432.
produced-...
Merchandise sales
common
Miscellaneous revenue..
Prod,
distrib.
7,121
$7,250,628
admin.
&
5,173,194
5,287,566
5,405,887
$1,953,190
92,778
$1,872,148
$1,844,740
77,632
81,172
96,999
$2,045,968
Interest earnings.
5.200,370
$1,925,734
$2,003,366
$1,941,739
508,294
460,991
463,288
$1,953,320
504,215
$2,506,959
1,436,767
$2,466,654
1,405,520
$2,457,535
1,405,520
$2,450,033
1,405,520
1,070,192
Total net income
1.061.134
1,052,016
1,044,513
Commercial Credit Co.—Extra Dividend—
on Nov. 19 declared a regular quarterly dividend of $1 per
share and an extra or special dividend of $1 per share on the common
stock, par $10 both payable Dec 15 to holders of record Nov. 26.
An extra dividend of 50 cents was paid on Sept. 30 last, and one of $2
per share was paid on Dec. 15, 1936.
See V. 143, p. 3461, for detailed
Transfer from reserve fd.
record of previous dividend payments.
Spec. sur.acct.Sept.30
Shs. of stock outstand¬
Nil
Nil
Nil
Nil
ing ($100 par)
...
Earnings per share be¬
fore plant and bldgs.,
145,552
140,552
140,552
140,552
$14.06
$14.26
$13.90
The directors
To
Plant and
Pay Bonus to Employees—
Desiring to recognize the efforts of the officers and employees of the cor¬
poration and its subsidiaries who are in good standing, the directors declared
a special compensation amounting to one month's salary for those full-time
employees who are on the payroll as of Dec. 15, 1937, and who have been
continuously on the payroll since Dec. 31, 1936.
For those employees
who were placed on the payroll of the company between Jan. 1 and July 31,
1937, and who are in good standing as of Dec. 15, 1937, a special compensa¬
tion of one-half of one month's salary was voted.—V. 145, p. 3192.
buildings, re-
renewal fund---
1937
Assets—
S
$
Commonwealth Edison Co. (&
1937—10 Mos— a1936^
$6,828,901 $71,882,302 $68,230,681
Net income
1,695,786
929,912
12,280,997
7,980,634
Per share earnings
b$0.23
c $0.14
d$1.87
d$1.24
a As adjusted,
b On 7,370,847 shares outstanding Oct. 31,1937.
c On
6,449,732 shares outstanding Oct. 31.1936.
Thesesharse are the equivalent
in new $25 par value shares of 1,612,433 shares of $100 par value out¬
standing at that time,
d Based on average numoer of shares during the
Operating revenues
periods.
$7,345,629
,
1,989,861
Materials, &c
Subs.)—Earnings —
1937—Month—al936
1,984,886
1,212,281
288,632
1,318,690
15,118
901,937
775,992
Cash
Acc'ts receivable-int.
due).
Prepaid
taxes
34,824
Total
37,074
109,038
-
6,007,216
Renewal fund.... 5,418,238
Accounts payable.
339,993
Reserve fund
4,936,462
454,350
363,880
495,040
351,380
105,461
Bank advances
81,623
-
Prov. for Dominion
Govt, taxation
26,789,989 26,336,496
-V. 144. p. 1104.
14,055,200
5,962,436
105,835
&
Insurance
$
%
LiabUUles—
Capital stock-.-.-14,555,200
Reserve for divs..
(not
Accrued
1936
1937
1936
22,258,388 22,093,925
Plant, <fcc._
Other investments
Period End. Oct. 31—
$13.82
Comparative Balance Sheet Sept. 30
Total
.
26,789,989 26,336,496
Financial
3494
1937—Month—1930
1937—12 Mos.—1936
$3,303,902
$2,807,669 $37,227,634 132.357,660
Gross
revenue-!
_
1,728,336
1,321,23*
335,500
Oper. expenses & taxes
Prov, for retire, reserve.
x
262,500
325,455
368,392
Int. & other fixed chgs__
3,730,000
16,205,694
3,100,000
$1,223,935 $14,516,262 $13,051,965
$1,240,066
Gross income-
18,981,372
4,338,806
4,468,701
The
1937
27,
Co.—10-Cent Dividend
Crocker-Wheeler Electric Mfg.
Consumers Power Co.—Earnings—
Period. End. Oct. 31—
Nov.
Chronicle
have declared a dividend of 10 cents per share on
stock, payable Dec. 22 to holders of record Dec.Jr.
A lfke i
directors
common
paid on Dec. 22, 1936, this latter being
common shares since 1925.—V. 145. P. 938.
was
the
the first dividend paid on the
Cuban-American Manganese Corp.—Preferred Dil
dividend of 20 cents a share on the 8%
preferred stock, payable Dec. 20 to holders of record
Dec. 10, covering arrears on this class of stock for the five quarters follow¬
ing issuance of the stock and ending Oct. 15, 1934.
At the same time consolidated net income of $185,818 was reported for
the nine months ended Sept. 30, 1937. after depreciation, depletion. Federal
and Cuban taxes.
These net earnings compare with a consolidated net
loss of $174,920 for the corresponding period of 1936.—V- 144, p. 1780.
Directors on Nov. 23 declared a
class A cumulative
pref. stock
pref. stk. exp.
on
Balance
$898,479 $10,177,456
350,672
3,932,585
$871,673
274,051
Net income
Divs.
65,278
Amort, of
.
$5,787,922
made in 1936 for Federal surtax on
all taxable income for that year was distributed.
has been made for such tax in 1937.—V. 145, p. 2841.
x
No provision was
profits
$8,583,264
4,207,960
456,948
.
$547,807
$532,344
-
,
as
Continental Gin Co., Inc.— Resumes
$4,375,303
undistributed
No provision
paid a dividend of $5 per share on its common stock on
Nov. 26. This was the first payment made since July 1, 1931, when a divi¬
dend of 25 cents per share was paid.—V. 144, p. 275.
The company
Continental
mittee
Shares,
[Including Cumberland Securities
Period End. Oct. 31—
Operating
states:
hearing before the Maryland Court on Oct. 4, three groups,
representing primarily common stockholders, appeared by separate counsel,
denied the authority of the Court to order a distribution of the assets,
$393,417
269,836
opposed such distribution on various lewga! and equitable grounds.
On behalf of one of the groups there was filed an intervening answer and
cross petition asking that the receiver be discharged, the old corporation
revived and all of the remaining assets returned to that corporation.
committee appeared by counsel as representing preferred
opposed distribution and asked additional time for the
presentation of a plan of reorganization.;
The hearing lasted
days, evidence of the existing situation was pre¬
sented, the matter was briefly argued by counsel for each of the groups
represented; and within approximately 10 days after the hearing a brief
was submitted on behalf or this committee and Palmer Securities Corp.,
one on behalf of the Charts committee and one on behalf of a group repre¬
senting primarily common stock.
On Oct. 23 the Court handed down a carefully considered opinion sum¬
marizing the facts and stating certain conclusions vital to all preferred
stockholders, one of the most important of which is summarized in the
following statement quoted from such opinion:
"But there is no corporation to dissolve; there is only the mere right of
resurrection, and this Court has full power to authorize that which the
Palmer Securities Corp. and its allies (this committee) now request, namely,
liquidation and distribution of the remaining assets of the defendant
The
28,941
235.955
$4,362,876
2,671,447
onv'iffi
207,316
21,136
21,893
180,317
$71,578
5,404
$97,586
5,122
$1,404,798
61,876
$1,140,565
60,386
Gross income
$76,982
32,745
$102,708
40,836
216
6,764
7,992
$1,466,674
393,753
1,691
209,357
$1,200,951
529,437
168
$37,305
$24,580
$53,664
$19,997
$861,873
$294,964
$540,412
$239,964
Federal taxes (incl. inc.)
income.
Non-oper. inc. (net).
Bond interest
Other interest (net)Oth er deductions
Net income..
Pref. div. requirements.
—V. 145, p. 2691.
Dallas Ry. &
Charts
stockholders,
'corporation'
2,909
128,193
Terminal Co.--Earnings—
$269,561
202,457
24,383
Gross income
Int.
on mortgage
bonds
Other int. & deductions.
$39,690
1,041
$420,002
12,854
$500,108
15,417
$40,731
23,853
2,026
$432,856
286,230
25,519
$515,525
286,230
25,459
$2,485
Operating income
Other income
$686,171
186,063
2,274
_
$606,065
186,063
$28,612
23,853
Net oper. revenues
Rent for lease of plant.
$55,195
15,505
$27,216
1,396
_ .
$286,623
207,736
23,692
$42,721
15,505
Operating revenues
Oper. exps., incl. taxes
Prop. retire. r es. appr op.
$14,852
$121,107
$203,836
103,901
103,901
Net income
x
Dividends applicable to preferred stock for the
period, whether paid or unpaid..
$17,206
$99,935
x Dividends
accumulated and unpaid to Oct. 31, 1937, amounted to
$415,604.
Latest dividend amounting to $1.75 a share on 7% preferred
stock was paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
Note—Includes provision of $32,182 made during the 12 months ended
Oc«. 31, 1936, for Federal surtax on undistributed profits.
No such pro¬
vision has been made for 1937.—V. 145, p. 3007.
Balance...
Davega Stores Corp.—Earnings—
6 Months Ended—
Sept. 25/37 Sept. 26/36
$5,442,132
$5,024,407
178,649
254,680
Net sales
y
Net profit from operations.
Provision for Federal income and
State franchise
36,694
on
Net income
Pref. Stock—
Coty, Inc.—Forms New Company—
The company has notified the New York Stock Exchange that as of Nov. 1
this year, a new company, known as the Coty Sales Corp., was incorporated
ujnder the laws of the State of Delaware.
Its functions are to engage in the
sale of Coty merchandise, and it will take over the selling functions of the
following companies:—Coty, Inc. of New York, Coty Co., Ltd. of Mary¬
land, Coty Co., Ltd. of Tennessee, Coty California Corp. and Coty New
Jersey Corp.—V. 145, p. 1254.
Craig Gold Mines, Ltd.
—
SEC Gets Injunction—
The Securities and Exchange Commission announced Nov. 20 that it
had obtained an injunction in the U. S. District Court for the "Western
District of New York, in Rochester, N. Y., against Craig Gold
Mines,
Ltd.; Craig Mining Syndicate, Inc.: Grunau & Co., Inc.; Walter N. Agnew;
Frederick J. Slater, and Frederick William Clements, all of Rochester,
N- Y.
The injunction was entered by Judge John
Knight for violations
of the registration and fraud provisions of the Securities Act of
1933, as
amended.
The Commission's
*-?
er
bill alleged that the defendants
,
falsely represented,
that the proceeds derived from the sale of Craig
Mines, Ltd., stock would inure to the benefit of the company, that
was exempted from the
provisions of the Securities Act of 1933,
a well-defined and sound
plan of financing
operation of a gold mine owned by Craig Gold
Mines, Ltd.
The bill also alleged that the defendants
represented that the Craig
Gold Mines, Ltd., was in a sound financial
condition, whereas in truth it
the stock
and that the defendants had
the full development and
vTij8 bankrupt, and that the defendants represented that the stock
being sold at prices which were fixed on a un form scale
relation to the progress made in the
was
having a definite
development of the mine, whereas in
which were arbitrarily fixed
stock or to the development
truth shares were sold at
widely varying prices
and which bore no relation to the value of the
work
at
the
mine.
The
decree
was
entered
with
the
consent
of
the
defendants.
Crane Co.—To
The
Pay $1 Common Dividend—New Secretary—
directors have declared a dividend of $1
per share on the common
stock, payable Dec. 15 to holders of record Dec. 1.
This will be the first
disbursement made on the common shares since Dec.
15, 1931, when 15
cents per share was distributed.
J-b-Holloway
was elected Secretary of the company to succeed Howard
Bishop, retired.—Y. 145, p. 1415.
Crown Cork & Seal Co.,
9 Months Ended Sept. 30—
Net sales
Cost & expense—
Inc. (& Subs.)—Earnings—
1937
1936
.$20,004,248 $12,526,555
16,484,096
9,609,350
1935
$8,743,261
6,546,779
Balance available for
Equals
common
Interest & amortization
Amortization of expense, &c
Depreciation-
Net profit—
Preferred dividends
Common dividends
Surplus
Shares
common
per
V. 145, p.
$2,917,205
174,673
$2,196,482
212.127
86,890
share of common stock...
per
stock
share
2388.
805,067
520,330
14,938
409,672
314,724
1,550
$2,016,586
320,907
371,289
$1,368,319
293,631
277,978
$1,324,390
373,594
$796,710
370,619
$4.54
$2.90
$212,262
$0.45
$0.97
...
Without
providing for Federal taxes on undistributed income, such
taxes not being determinable until the end of the fiscal year,
y After
charging $26,001 for deprec. and amort, in 1937 and $27,779 in 1936.
Note—The preferred dividend shown above is the amount actually paid
during the period.
The outstanding stock at the present time consists o f
56,700 shares of 5% cumulative convertible preferred stock (par value $25
per share) and 219,950 shares of common stock (par value $5 per share).—
V. 145, p. 2388.
x
Dennison
Mfg. Co.—Meeting Further Adjourned—
The special meeting of stockholders has been adjourned until Nov. 30.
Meeting was originally scheduled for June 24 to act on a plan of recapitali¬
zation already approved by the board of directors and the Investors Advisory
Council, representing interests of debenture, preferred and Class A stock¬
holders.
There have been four postponements of this special meeting.—
V. 145, p. 2542.
Derby Oil & Refining Co .—Limits Pref. Payment—
Directors at
a meeting held on Nov. 6, last, voted that not more than $6
preferred stockholders for the present
against arrears on the issue, A. L. Derby, Chairman, stated in a letter
to stockholders.
It is the consensus of the directors. he adds, that this
dividend be declared and paid some time before Dec. 31, 1937.
"Your directors will consider before Dec. 20, 1937," Mr. Derby con¬
tinues, "the request of some of the preferred stockholders for the declara¬
tion of a dividend in common stock of this corporation payable on the
18,849 shares of preferred stock of the corporation in an amount not to
exceed 2K shares of such common stock for each share of such preferred
cash could be paid as a dividend to
year,
"Before making a decision with reference to the
declaration and payment
would like to have
in common stock,
if voted, will be accepted by the preferred stockholders as the equivalent
of a payment in cash on account of dividends in arrears on such preferred
stock, each share of common stock thus received to be credited as the
equivalent of $5 in cash."
of
a dividend payable in common stock, your directors
the preferred stockholders consent that such dividend
Whether directors will declare a dividend in common stock will depend
on
stockholders.
Oil Co., substantially of the stock
the number of consents received from preferred
He says that the directors of Derby
of which is owned by Derby Oil & Refining Corp., voted to convert 31,151
shares of the cumulative convertible preferred stock, series A, of tne latter
by Derby Oil Co. into common stock.
The result of this conversion
will be that the 31,151 shares of said preferred stock will be retired and
canceled, leaving outstanding only 18,849 shares of such preferred stock.
—V. 145, p. 3343.
held
Dominion Foundries & Steel,
Ltd.—Earnings—
8Mos. End. \2Mos.End.
Aug. 31,'31
Operating profit
Depreciation
-
-
—
-
-
Dec. 31,'36
$758,177
181,277
$588,450
228,542
92,000
48,588
$484,900
$311,320
54,000
72,000
370",966
$1,922,121
379,756
774,721
41,409
x$100,546
Income tax
$767,644
Federal income tax
Other expense net
Earnings
$3,520,152
170,806
$212,262
....
stock
Period—
Operating profit
42,418
x$ 141,955
taxes
Dividends paid on preferred stock
Cooper-Bessemer Corp.—Stock Dividend
The directors have declared a dividend of l-20th of a share of common
stock on the $3 prior preference stock, payable Jan. 1 to holders of record
Dec. 10.
Similar amount was paid on July 1, last.—V. 145, p. 1898.
Gold
1937—12 Mos.—1936
$2,996,838
$2,895,478
2,256,768
2,052,188
134,005
157,119
1937—Month—1936
Period End. Oct. 31—
.
.
The Court later in the opinion stated, however, that because of the
large debts still owed by the receivers and the necessity of liquidating large
blocks of stock on an already depressed market, distribution should not be
ordered at this time.
He therefore reserved action on the petition and
cross petition for a period of 60 days, saying that it would be in order for
the opponents of liquidation, if they so desired, to present within sucb
time a plan of reorganization involving the creation or a new corporation
and that if such a plan, fair to all concerned, should be proposed and
approved by the Court, a further time would be given in which to obtain
such assents as may be necessary to carry it into effect.
The Court further indicated that the plan proposed by this committee
in 1936 involved "as much as the common stockholders have the right
to expect at the hands of the preferred shareholders.."
The committee will continue its participation in the proceedings before
the Baltimore Court and its general efforts to secure for the preferred
stockholders their equity in the remaining assets, and will keep stockholders
advised of further important developments in the situation as they may
occur.—V. 145, p. 2541.
T,
$4,630,597
2,678.993
$384,375
30,867
revenues
Operating expenses
State and munic. taxes.
the
and
P.
Corp.]
1937—Month—1936
Net oper.
Inc.-—Preferred Stockholders Com¬
for Reorganization Issues Statement—
Frank A. Scott, Chairman of the preferred stockholders' committee for
reorganization, In a letter dated Nov. 22, issued to preferred stockholders,
advising them of the developments which have taken place since its letters
of Aug. 24 and Sept. 23, and the situation as it stands today.
The circular
At
& Light Co.—Earnings
Cumberland County Power
Common Dividend
517,584
$2.98
223.887
21,183
Net profit
———
Preferred dividend.
Common dividend
32,687
$398,213
512,944
-
Surplus forward
Shares outstanding
Per
common
—Y.
145,
p.
108.
-
—-—
$239,320
273,625
$911,157
119,513
$512,944
96,000
$3.60
Surplus
Previous surplus..
$2.49
Volume 145
Financial
3495
Chronicle
Electric Storage
Dolphin Paint & Varnish Co.—Accumulated Dividend—
Battery Co.—Final Dividends—
The directors have declared a dividend of 50 dents per share on account
of accumulations on the $2 cumulative class A stock, no
par value, payable
Dec. 15 to holders of record Dec. 1.
A similar payment was made on
The directors have declared a final dividend for 1937 of $1 per share on
the common stock, no par value, and on the cum. par tic. preferred stock,
Dec. 20, 1936 and a dividend of 25 cents was
paid on Dec. 20, 1935, this
latter being the first dividend paid since Feb. 1, 1931 when 25 cents per
Bhare was also distributed. Prior to Feb. 1,1931 regular quarterly dividends
of 50 cents per share were paid.—V. 143,
p. 3996.
50 cents per share have been paid in each of the first three quarters of 1937,
1936 and 1935.
A final dividend of $1.25 per share was paid on Dec. 21,
1936, and one of $1 per share in addition to a special dividend of $1 per share
was distributed on Dec. 30,
1934.—V. 144, p. 1782.
Dominguez Oil Fields Co.—Extra Dividend—
The directors have declared an extra dividend of SI.75 per share in addi¬
tion to the regular monthly dividend of 25 cents
per share on the common
stock,
no par
value.
The regular monthly dividend will be paid on Nov. 30
holders of record Nov. 24 and the extra distribution will be made on
Dec. 20 to holders of record Dec. 10.
An extra dividend of $1.50 was paid
Nov. 30, 1936 one of 10 cents was paid on April 1, 1935, and an extra
to
on
dividend of 25 cents per
1932.—V. 145, p. 108.
share
Dominion Scottish
the 5%
disbursed
Dec. 1, 1934, and on Dec. 1,
on
Investments, Ltd.—Accum. Div.—
The directors have declared
accumulations
was
a
last;
1
to
Elgin National Watch Co .—Larger Dividend—
The directors have declared
a dividend of $1.50 per share on the capital
$15, payable Dec. 15 to holders of record Dec. 1. This com¬
Sept. 15, June 15 and March 15, last; $1.25
paid on Dec. 15, 1936; 50 cents each paid Sept. 15 and June 15, 1936;
25 cents paid March 16, 1936; 55 cents on Dec. 16, 1935, and 15 cents per
share distributed in each of the three preceding quarters, prior to which
no payments were made since Feb. 1, 1931, when a dividend of 37 H cents
per share was disbursed.
A dividend of 50 cents was paid on Nov. 1, 1930,
and quarterly payments of 62 H cents per share were made previously.
—V. 144, p. 1782.
stock,
Emerson Electric Mfg. Co .—Earnings
cum.
a
Douglas Aircraft Co., Inc.—No Common Dividend—
at
par
pares with 50 cents paid on
holders of record Nov. 24.
Directors
Dividends of
dividend of 50 cents per share on account of
red. preference stock, par $50, payable
Like amount was paid on Sept. 1,
dividend of $1.75 was paid on June 1, last, and one of 25 cents was
paid on March 1, last. Accruals after the current payment will amount to
$5,50 per share.-—V. 145, p. 605.
Dec.
on
$25, both payable Dec. 21 to holders of record Dec. 1.
par
meeting held Nov. 17 accepted the recommendation of
management that no dividend be paid during the current fiscal year that
ends Nov. 30,1937.
This action confirmed announcement by management
a
Years Ended Sept.
Net income.
—
29,000
$544,054
85,000
$157,381
$459,054
$186,381
Provision for Federal & State income taxes
Net income for the year
Add'l assessment of Fed. income tax for 1934---
Excess
1936
1937
30—
of purchase price
over
209
value of pref.
par
613
on
capital stock acquired
Dividend paid on 7% cum. pref. stock—
The last payment on the common stock was the 75 cent dividend dis¬
tributed on Sept. 27, 1935; prior to this latter payment no dividend was
distributed since Sept. 21, 1933, when a semi-annual distribution of 37H
x Not
including $50,883 portion of dividends in arrears paid during year
and charged to earned surplus or the balance of arrears of $180,931 charged
Nov. 4 that it would recommend no dividend be declared at this time
due to the necessity of preserving working capital.
cents per
share
to
made.—V. 145, p. 3344.
was
Net surplus
The directors
Nov. 22 declared
special dividend of $2 per share and
quarterly dividend of 75 cents per share on the larger amount of common
now outstanding, both payable Jan. 4 to holders of record Dec. 4.
A
regular quarterly dividend of 60 cents per share was paid on the smaller
amount of common stock outstanding on Oct. 1, last.
See V. 144, p. 3669,
for detailed record of previous dividend payments on common stock.
—V. 145, p. 2842.
on
a
a
stock
directors
have
declared
dividend
of
10
cents
per
East Missouri Power Co .—Earnings—
Period End. Sept. 30—
1937—3 Mos.--1936
Operating revenues
Gross income
$48,316
32,801
$139,401
98,615
$127,081
88,047
$17,269
Net oper. income
Other income (net)
$15,514
$40,786
1,080
$39,034
$15,514
2,831
$41,866
8,412
$39,073
9,458
8
44
26
157
166
473
1,270
51
106
and expense
Net income
Divs.
on
39
24
Taxes assumed on int. &
miscell. inc. deduct'ns
$14,275
1,487
Balance
$12,509
1,487
$32,885
4,462
$28,213
4,462
$12,788
7 % pref. stock.
1937
$11,021
$28,423
1936
$124,957
Accts. and trade
a
accept, receiv..
Advs. to salesmen.
Inventories
566,332
1,363
1,884,299
Cash for pref. div.
(contra)
15,454
Notes rec. matur'g
subseq. to 1937.
Patents,
1,351,425
93,604
Associates-—Preferred Dividend—
preferred stock,
par $100, payable Jan. 1 to holders of record Dec. 15.
Similar payment was made on Oct. 1, July 1 and on April 1 last and
prior
thereto regular quarterly dividends of $1.50 per share were distributed.
Eastern Massachusetts Street Ryv
Railway
Railway
1937—Month—1936
Total
....$4,037,495 $3,289,684
$519,192
341,448
$5,457,252
3,537,662
$5,621,347
3,555,682
Net oper. revenue
Taxes
$155,127
$177,744
43,251
$1,919,590
412,140
$2,065,665
357,382
Net after taxes.
Other income
$114,688
5,752
$134,493
$1,507,450
$1,708,283
59,195
2225.
6 Months Ended Oct. 31—
Rental income (incl. rent on corpora¬
1937
1936
1935
offices)
Other operating income
$1,640,176
145,962
$1,579,722
162,079
$1,571,340
Total operating income
Maintenance and repairs
$1,686,138
.,741,801
40,492
$1,704,726
own
44,043
Depreciation
400,200
310,547
5,546
Other operating expenses
Provision for doubtful accounts.
Taxes.
.
$120,440
$147,258
$1,566,645
$1,792,111
Gross corporate inc...
on
funded
debt,
12,765,
Int.
► rents, &c.
52,080
105,358
55,961
106,503
$36,998
$15,206
Deprec.& equalization..
Net loss
before
145,
p.
617,381
1,084,711
$11,446 prof$90,019
27,867
44,868
Net expense in connection with lease
at 139 Broadway
Other general expenses
10,092
71,196
67,036
62,707
$648,276
7,123
$756,689
9,308
$695,938
8,215
$655,399
552,521
18,000
21,000
$765,997
564,525
31,500
$704,153
577,056
17,500
$63,877
$169,972
$109,598
Other income-
Eastern Utilities Associates
1937
Operating revenues—subsidiary companies
1936
$8,627,899
$8,485,081
1,622,006
309,824
Balance for Eastern Utilities Associates divs. &
1,799,009
1,717,692
309,824
1,907,608
Fed. surtax
on
undistrib. profits
income-
for the payment of principal on the funded debt.
After
deducting the net income of $63,877, as shown above, and the prpvision for
depreciation, amounting to $123,504, charged against operations in ac¬
cordance with rates allowed by the United States Treasury Department,
the balance amounting to $67,428 has been debited to the surplus account.—
V. 145, p. 1584.
been provided
sur.
.
—Weekly Input —
For the week ended Nov. 18, 1937, 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 1936, was as follows:
Increase-
Oper. Subsidiaries of—
1937
Amer. Pow. & Light Co. 111,425,000
Elec. Pow. & Light Corp. 53,044,000
Nat'l Pow. & Light Co.. 80,077,000
—V. 145, p. 3344.
Edmonton Street
Period End. Oct. 31—
Total revenue
Oper. expenditure
—
Taxes
I*
Erie
RR.—Earnings—
(Including Chicago & Erie RR.]
1937
Net after rents........
From Jan. 1—
Net from railway
1936
102,393,000
51,748,000
76,515,000
Amount
9,032,000
1,296,000
3,562,000
$12,388
5,776
5,000
9,934
$14,524
5,776
4,000
$8,088,017
2,888,403
1,985,583
69,852,524
21,084,685
$8,322
sur$4,748
62,434,727
16,633,688
10,632,445
1934.
$6,725,768
2,003,206
1,290,761
63,902,288
17,999,926
11,368,535
Law—Remedy Seen
in Interstate Commerce Act—
Federal Judge John C. Knox
dismissed Nov. 19 an action for triple dam"
of $3,000,000 brought under the Sherman Anti-Trust Law by the
Terminal Cold Storage Co. against the Erie RR.,
the Seaboard
Terminal & Refrigeration Co., the City Ice & Fuel Co. and Dennis P.,
si
60,000
99,105
Kennedy.
The plaintiff alleged that it had been damaged by discrimina¬
tion on the part of the Erie in favor of the Seaboard company.
Judge Knox said the Supreme Court's decision in the case of the Terminal
Warehouse Co. against the Pennsylvania RR. on March 2, 1936, made it
necessary for him to rule that:
"Discrimination by a railroad in favor of a warehouse or of shippers who
were customers of a favored warehouse would not give rise to a cause for
triple damages under the Anti-Trust laws, for the remedy would lie solely
in the Interstate Commerce Act."
The plaintiff has pending a suit for
$92,107
single damages of $1,400,000 against
the Erie and the Seaboard undo* that Act.
The Erie did not join the other defendants in the motion for
dismissal
of the suit, but Judge Knox's ruling, unless it is reversed on appeal, means
that the Erie also will be eliminated as a defendant, since it may apply for
4.7
dismissal
1937—10 Mos.—1936
$551,806
$552,536
427,044
430,022
$124,752
57,764
Union
$122,514
57,764
55,000
on the same ground.
'
[The arrangements between the Erie RR. and the Seaboard Terminal &
Refrigeration Co., and the leasing of space in the latter company's buildings
in Jersey City will be the subject of a hearing to be conducted by the Inter¬
state Commerce Commission on Jan. 11 the Commission announced Nov.
19.
The hearing will continue the Commission's investigation of ware¬
housing and practices of rail carriers at New York.]—V. 145, p. 2843.
Exchange Buffet Corp,—EarmingsPeriod End. Oct. 31—
Profit
Depreciation.
-
1937—3 Mos.—1936
$9,285
loss$5,072
sur$9,750
Net loss
-V.
145, p. 3195.
1937—6 Mos.—1936
28,378
25,291
$14,119
56,756
$10,079
52,116
$19,092
$30,363
$42,636
$42,037
«
Total deficit
—V. 145, P. 2692.
13,513,134
1935
$7,501,932
2,719,652
2,039,217
2.5
Ry.—Earnings —
1937—Month—1936
$55,576
$55,661
41,052
43,272
1936
$7,610,333
2,321,670
1,594,303
72,224,518
21,078,550
13,327,286
October—
Gross from railway
Net from railway......
ages
It. Note—No provision has been made for the Federal surtax on undistributed
net income for the year 1937 since any liability for such tax cannot be
determined until the end of the year.—Y. 145, p. 3007.
Ebasco Services, Inc.
funded debt,
on
Court Dismisses Suit Under Anti-Trust
-Earnings-
Net earnings of subsidiary cos. applicable to East¬
ern Utilities Associates
Other income of Eastern Utilities Associates
Operation surplusFixed charges
Renewals
on
for Fed. inc. tax & surtax
undistributed profits—
Interest on funded debt
Provision for Federal income tax
prov.
Net after rents...
2843.
12 Months Ended Oct. 31—
36,934
128,877
408,900
290,327
22,077
17,111
41,853
Alterations for tenants.
Gross from railway
prov.
far retire, losses
—Y.
530,505
1,047,586
133,385
123,505
391,500
299,543
6,098
18,187
38,751
123,505
Real estate taxes..
83,828
40,439
$4,037,495 $3,289,684
Total
Note—For the six months ended Oct. 31, 1937 the sum of $254,810 has
1937—10 Mos.—1936
$511,118
355,991
oper. revenues.
oper. expenses.
883,100
1,350,000
540.526
Equitable Office Bldg. Corp.—Earnings —
Net
-Earnings—
373", 157
\
15,454
a After reserve for bad debts of $12,500.
b After reserve for depreciation
of $1,500,627 in 1937 and $1,440,174 in 1936.
c Represented by 310,014
shares of $4 each,
d Represented by 13,500 shares or $100 each.—V. i45,
—V. 145, p. 3194.
Period End. Oct. 31—
$142,902
goodwill,
Net inc. before int.
Eastern Gas & Fuel
$385,200
500,000
125,925
service contracts
32,553
15,092 Pref. 7% cum. stk.
883,100
1,240,056
1,207,970 Common stock
45,308 Surplus
855,207
•—V. 145, p. 940.
The directors have declared a dividend of 75 cents per share on the
6%
1936
1937
2,788 Accrued accounts.
1,222,467 Pref. div. payable
(contra)
Reserve for prepd.
$23,750
Note—No provision has been made for Federal undistributed profits tax.
Liabilities—
$248,343 Accepts. & accts.
payable
547,715 Notes payable
&c
tion's
$17,269
2,812
Int. on funded debt
General interest
Amortiz. of bond disct.
Assets—
Cash
p.
1937—9 Mos,—1936
$51,456
34,186
Oper. expenses & taxes...
-
Def'd debit Items.
share on the
common stock, par $10,
payable Dec. 20 to holders of record Dec. 8. Similar
payment was made on Oct. 1, July 1 and on April 1, last, and compares
with 40 cents paid on Dec. 19, 1936, and 10 cents paid on Oct. 1 and on
July 1, 1936, this latter being the first payment made by the company on
the common stock since
April 10, 1930, when a dividend of 20 cents per
share was distributed.—V. 145, p. 1416.
a
paid-in surplus.
b Fixed assets
Eagle-Picher Lead Co.—10-Cent Common Dividend—
The
$458,233
$95,817
^
Balance Sheet Sept. 30
Draper Corp.—25% Stock Dividend—Special Cash Div.—
The directors recently declared a stock dividend of 25% on the common
stock, payable to holders of record Nov. 13.
x61,817
*
Financial
3496
Corp.—Extra Dividend
Ex-Cell-O
Chronicle
Fohs Oil Co.— Initial Dividend
—
have declared an
extra
amount of
1937—Month—1936
$73,531
$70,618
43,533
35,537
4.712
10.094
al2,236
10,992
Operating
Operation
revenues...
Maintenance
Taxes
....
Four Wheel Drive Auto Co.—Initial Div. on New Stock —
share on the
$10 par common stock, payable Dec. 15 to holders of record Nov. 30.
The company's stock was recently increased and the par value changed
The directors have declared an initial dividend of 30 cents per
3
21
117
$179,920
last, arid
accruals
5,000
60,000
$9,016
charges-——
$8,051
1,014
813
$119,920
12,132
$120,973
11,881
$7,037
$8,203
$107,787
$109,091
105,889
Net income
Dividends
105.889
declared
Taxes
$138,982
37,968
Profit
Other income
Corp.—Common Dividend—
-
-
Experimental
expenses written off
Amortization of investment in subsidiary not
Knitting MUIs Co.—To Liquidate—
Earns, per share on 182,000 shares
liquidated.
Assets—
Cash
Notes
&
$187,197
$129,788
82,570
2~5~606
xNotes & accts. re¬
ceivable
784,665
Inventories
Sund.
Corp.—Interest—
Patents
894,334
1,341,493
10,241
6,329
marks.
be payable on the bonds on Jan.
Fiscal Fund,
Inc.—Increased Dividends
payable Dec. 15 to holders of record Dec. 1.
ex-dividend at the close of business Nov. 30.
103,160
Acer. wage. & com.
67,262
37,829
Acer, real estate &
40,986
The shares will be quoted
$2,792,099 $2,899,318
After
x
475
Period End.
x
Sept. 30—
734,318
$2,792,099 $2,899,318
Total
Corp.—Earnings—
1937—9 Mos.—1936
$174,993
$0.77
Earns, per share on com.
145, p. 278.
1,719,700
After reserve for depreciation of $1,024,812 in 1937
1936.
z Par $10.—V. 144, p. 4178.
Net income
x
_zl ,820,000
601,234
y
Franklin Rayon
1.
portfolio stocks of that date.—V.
4,313
10,000
for doubtful notes and accounts of $15,000 in 1937 and
reserve
$25,191 in 1936.
and $1,188,313 in
amounted to $2,448,838 on the basis of market value of
10,000
Amt. rec. on subs.
Total
shares of the bank
series.
Total net
27,037
stock taxes
Res. for conting's.
37,242
44,012
... .
As of Sept. 30, 1937, the fund had outstanding 360,702
stock series and 395,912 shares of the insurance stock
8,147
21,763
Res. for inc. excess
to cap stock
Capital stock
Surplus
were
11,423
Acer, excise & cap.
2,533
_
—
paid on both series on June 15, last, payment
on the bank stock series being 2>£ cents and on the insurance stock series
3 H cents.
Original public offering of the shares of the fund was made late
in January of thi3 year, the initial dividend covering the period from
Initial cash dividends
assets of the fund
154,811
45,271
63,818
336,085
outstanding stock, declaration on the bank stock series being 5H cents per
share and on the insurance stock series 6 cents per share.
Both dividends
to June
$203,518
379,926
y
The directors have declared semi-annual cash dividends on both series of
Jan. 21
Accounts payableDealers' comm. &
Fixed assets, cost
Other assets..
1, 1938, is 5>£%.
—V. 134. p. 3466.
are
$100,000
Deferred charges..
interest determined to
1936
banks...
profits taxes
trade
&
1937
at
person, prop, tax
&
interest
accrued
Corporation has filed with the Irving Trust Co., trustee under the 1st
mtge. 20-year gold bonds due 1952, a statement and a certified copy of
resolutions of !ts board of directors from which it appears that the rate of
1,324,588
debtors
30
June
payable
custs, credit bal.
Marketable bonds.
Investments
of this department.—V. 145, p. 607.
Sheet
Liabilities—
1936
1937
hand
on
clem, deps
Fidelity Fund, Inc.—Registers with SEC—
15 Park Row
19,500
capital stock (par $10)
Balance
Consolidated
liquidatio j, according to letter sent to share¬
holders, Is that radical change in ti.e knit goods industry "during the last
few years have plated the company in a particularly unfavorable competi¬
tive po it ion and rendered its future successful operation increasingly dfificult and unlikely."—V. 145, p. 278.
The reason for the proposed
$176,950
1,134
3,710
1,201
$151,405
107,194
$0.83
Net profit
Dividends paid
recommendation of directors that the company
See list given on first page
consolidated
of $500
Provision for Federal income taxes, including a provision
for surtax on undistributed profits
stockholders meeting has been called for Dec. 6
to approve
be dissolved and completely
A special
-
Interest paid
dividend of $1.25 per share on the common
piyablo Doc. 15 t > holders of record Dec. 1. Of this dividend 25
will l>e paid in c; sh t.nu the 1) Lnce—$1 per share—will be paid in
Ju-jo.r debenture notes.— V. 145. p. 2545.
Federal
35,521
51,397
30,095
21,417
1,819
641,965
7,930
Rents
ents
5%
3,208,811
Royalties
Selling, general & administrative expenses—
Provision for doubtful notes & accounts receivable.
stock,
t
$4,137,938
(other than Federal income taxes)
Total income
Falstaff Brewing
being the first
Maintenance & repairs.
Provision for depreciation
No
The directors have declared a
the old $100 par shares on June 10,
Gross sales, less discounts, returns & allowances
Cost of sales
provision has been made for the Federal surtax on undistributed
net income for the year 1937 since any liability for such tax cannot be
determined until the end of the year.—V. 145, p. 2693.
a
on
Dec. 1, 1934, when a similar distribution was made.
Consolidated Statement for the Fiscal Year Ended June 30, 1937
60.000
Gross income
paid
of $2 was paid on Dec. 21, 1936, this latter
one
payment made since
$180,973
reserve
Interest
from $100 to $10 per share.
A dividend of $4 per share was
233
$14,016
Balance
Retirem.
new
$180,739
$179,803
$13,051
5,000
Non-oper. income (net)-
3
The company's stock was recently split up on a 7-for-l basis, seven new
$1 par shares being issued for each old no par share.
A regular quarterly dividend of $1 per share was paid on the old no par
stock on Sept. 15 last.—V. 145, p. 2074.
1937—12 Mos.—1936
$872,819
$872,056
467.040
464,028
74,081
71,975
al51,894
155,313
$13,995
$13,048
Net oper. revenues—
New Stock—
share on the larger
capital stock, par $1, now outstanding, payable Dec. 12 to holders
of record Doc
Fall River Gas Works Co.—EarningsPeriod End. Oct. 31-
on
1937
27,
The directors have declared a dividend of 15 cents per
dividend of 30 cents per share ia
addition to a dividend of 20 cents per share on the common stock, both
payable Dec. 22 to holders of record Dec. 7.
A dividend of 20 cents per
share was paid on Oct. 1, July 1 and on March 15_ last, and dividends of
15 cents per share were paid on Dec. 1 and on Aug. 15, 1936, this last being
the first payment made since July 1, 1930, when a dividend of 20 cents per
share was distributed.
In addition, a special dividend of 45 cents was paid
on Dec. 1, 1936.—V. 145, p. 2843
The directors
Nov.
After operating expenses and
$73,291
$0.31
1937—12 Mos.—1936
$287,062
$192,815
$1.27
$0.84
normal Federal income charges, but before
provision for Federal surtax on undistributed earnings.—V.
145, p. 1257.
Florida Power & Light Co.—Earnings—
Fraser
Period End. Oct. 31—
1937—Month—1936
1937—12 Mos.—1936
Operating revenues
$1,018,922
$911,200 $13,705,752 $12,240,017
Oper.e<ps.,incl. taxes..
581.249
503,606
.7.342.891
6,801,977
Prop, retire, res. approp.
66,667
33,333
933,333
400,000
$371,006
221
$374,261
$5,429,528
2,651
2,651
$371,227
11,328
$374,482
$382,555
216,667
$385,887
$5,432,179
451,479
19,673
216,667
110,000
25,703
$5,883,658
2,600,000
1,320,000
266,191
$5,384,230
2,600,000
1,320,000
295,444
$33,517
$1,697,467
$1,168,786
1,153,008
1,153,008
$544,459
$15,778
x
11,405
After
183,346
bond,
369,275
(George A.) Fuller Co. —Capital Readjustment Plan
343,539
The stockholders will vote Dec. 21 on approving a
Gross income
Int. on mortgage bonds.
Int. on debentures
Other int. & deductions.
Net
x
Income
110,000
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Balance
plan adopted by the directors on Nov. 26.
outlining the plan states:
of capital.
$6
cum.
30,000
150,000
Oct. 31, 1937, unpaid accrued cumulative dividends
preferred
prererrea
stock
stocK
or
of $33.50 a share, aggregating
$33.bu
a
snare,
aggregating
$2,388,349 for both classes.
Sinking fund instalments on both classes or
preferred stock are also in arrears.
Company, has, as of Oct. 31, 1937, a
deficit of $2,699,163,
which prevents the payment of any dividends.
The present reserve for
possible losses on investments is deemed
adequate; in connection with the consummation of the plan a greater
part
of such
reserve
will be applied to reduce the book value of
investments
and
the
remainder
will be transferred to deficit account.
dividend of $1.75 per share on the
Bryan O. Hanks, President, stated that the substantial increase in business
In the area served by the company and recent freedom from hurricane losses
have made these dividends possible.
company
could
pay a
M. Hanks expressed pleasure that the
dividend to its preferred stockholders, of whom several
Consequently, it s proposed in connection with the plan
value of the Bethesda Stone plant and Rockwood
Such writedown is deemed advisable in view of the
reduced demand for stone in the building industry and severe competition
in the stone business.
Certain adjustments will be made in connection
carried at clost.
to
Operating
Operating
1937—Month—1936
$43,278
39,958
revenues
expenses
—Earnings
reduce
Alabama
Miama rate case is disposed of, as has been indicated recently by Miami
officials, it is hoped that the company may be able to determine a more
definite dividend policy than circumstances in the past have permitted.—
V. 145, p. 2844.
Fonda Johnstown & Gloversville RR.
the
with
the plan with respect to other real estate, deferred cost of quarry
stripping, inventories of stone, expenses of the capital readjustment, cash
in closed banks, moving expenses of plant of a subsidiary, and doubtful
accounts
—
$467,435
402,661
Reclassification of Outstanding Stock
$467,486
428,839
$5,711
$64,774
40,869
$38,646
27,876
$23,905
14,629
$10,770
13,369
$2,548
$38,534
$24,139
14,856
.142,751
142,479
book
Stone Co.
1937—10 Mos.—1936
$46,064
40,353
of
class
Further, there is no reserve against fixed assets (which are carried at cost)
except a reserve for depreciation.
Although the true present value of the
fixed assets cannot be accurately determined, the directors believe that, in
connection with the consummation of the plan, the book values of certain
of such assets should be revised and that the same should no longer be
thousand live in Florida, and to whom no dividends have been paid for the
last five years. He said that if business continues good in Florida and if the
Period End. Oct. SI—
each
on
Preferred Divs.—
a
cum.
There are, as of
1937.
Nov. 22 declared
indebtedness, but has the following capital
has no par value:
No of Shs. Stated Value
36,279
$3,627,900
& participating prior pref. stock
35,015
3,501,500
& participating 2nd pref. stock
Common stock
(2) No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
on
Lou R. Crandall, President, in
The company has no funded
stock outstanding, all of which
Stock—
$6
Resumes
—.
capital readjustment
financial condition and capital structure of the
company, it is believed essential that the company effect a recapitalization
and thereby adjust its
corporate structure to present-day conditions.
Another factor making capital readjustment advisable is that the existing
deficit prevents the payment of income as dividends to stockholders;
furthermore, at present, the Internal Revenue Act of 1936 subjects un¬
distributed income to a severe penalty tax which must be paid even though
a distribution of such income is prohibited by statute as an impairment
Oct. 31, 1937, and of $750,647 for the 12 months ended Oct. 31, 1936.
The directors
720,461
145,
view of the present
In
x
Dividends accumulated and unpaid to Oct. 31, 1937, amounted to
Divi$5,572,872.
Latest regular quarterly dividends paid Jan. 3, 1933.
dends on preferred stocks are cun ulative.
cumulative $7 preferred stock and a dividend of $1.50 per share on the
cumulative $6 preferred stock, both payable Dec. 21 to holders of record
Dec, 6. These will be the first dividends paid on the preferred stocks since
Jan. 3, 1933.
167,840
depreciation and other charges.—V.
&c., interest,
p.2546.
$5,040,691
$36,215
Operating income
Other incoiue (net)
Sept. 30. '37 June 30. *37 Mar. 31, '37 Sept. 30. '37
$672,558
$834,306
$635,468
$2,142,333
Net profit
$5,038,040
221
9 Mos. End.
3 Months Ended
x
Net oper. revenues
Rent from lease of plant-
Cos., Ltd. (& Subs.)—Earnings—
Period—
Net earnings
stocf
date
Net
revs,
from opers.
$3,320
Tax accruals
4,226
de $906
Operating income
Other income
-
Gross income
3,548
$2,163
263
385
def$642
Deduc.
from gross inc.
(incl. int. accruals on
outstand'g fund, debt)
v
1.
Each'share of cumulative and participating prior preferred stock,
including al accumulated unpaid dividends thereon to the effective date
of the plan, will be reclassified into: 2-3 of a share of new 4% cumulative
convertible preferred stock and 1-3 of a share of new common stock.
2.
Each share of cumulative and participating 2nd preference stock,
including all accumulated unpaid dividends thereon to the effective date
of the plan, will be reclassified into: ^ of a share of new $3 convertible
stock and 1-5 of a share of new common stock.
3.
13.949
of
Net deficit
—Y.
—
-
145, p. 3008.
$14,592
$12,308
$104,216
$118,339
Each share of
new common
All
of
the
common
stock will be reclassified into: 1-5 of a share
stock.
present
common
present prior preferred stock are
ment Co.
stock and approximately 32.2% of the
held by United States Realty & Improve¬
Volume
Financial
14S
Capital Stock
as
Assets—Cash, $485,102; work completed on building
payments received on account, other accounts, notes and
Reclassified
(A) 24,186 shares of 4% cumulative convertible preferred stock (par
$100) will entitle the holders thereof to preferred dividends cumulative
from Jan. 1, 1938, payable quarterly, commencing April 1, 1938; will
of $100 per
to one vote per
Erovisions with stated value of $25 per share; will entitle the holders thereof
ut will have
respect to the 4% preferred stock; will be without par value,
a
to
preference in assets upon liquidation to the extent of $50 per share,
a
plus divs. if any, and no more; will entitle holders thereof to divs. at the
rate of $3 per share per annum and no more before any divs. are paid
upon
the
common
stock in
any
such year, such dividends
being cumulative
its subsidiaries
of the dividend
from Jan.
shall
1, 1938, only to the extent that company and
have consolidated net earnings in each year in excess
requirement of the 4% preferred stock for such year; will entitle the holders
thereof to one vote per share on an equal basis, share for share, with holders
of the 4% preferred stock and new common stock; red. either in whole or
in part at $50 per share, plus divs., if any, at any time on 30 days' notice:
will be convertible into new common stock on the basis of % of a share of
new common stock for each share of new $3 convertible stock; and will be
full-paid and non-assessable.
(C) 25,096 shares of common stock (par $1) will be subject to the terms
and provisions with respect to the 4% preferred stock and $3 convertible
stock; will entitle the holders thereof to one vote per share on an equal
basis, share for share, with holders of the 4% preferred stock and $3 con¬
vertible stock; and will be full-paid and non-assessable.
(D) 24,186 additional shares of new common stock will be authorized
and reserved for issuance upon conversion of the 4% preferred stock and
13,131 additional shares of new common stock will be authorized and
reserved for issuance upon conversion of the $3 convertible stock.
Application for Listing—Upon final consummation of the plan, it is the
intention of the company to make application to the New York Stock
Exchange for listing the new preferred stocks and the new common stock.
Capitalization Upon Consummation of the Plan
No. of Shs.
$3
$2,418,600
437,788
25,096
pref. stock ($100 par)
cum. conv.
*
Gamewell Co.—Clears
stock (no par)
Common stock ($1 par)
conv.
$2,881,384
Total.
stock will
(2) 12,093
The 36,279 shares of present outstanding prior preferred
be reclassified into: (1) 24,186 shares of new preferred stock; and
(A)
shares of new common stock.
(B) The 35,015 shares of present outstanding second preference stock
be reclassified into: (1) 17,507H shares of new $3 convertible stock;
7,003 shares of new common stock.
(C) The 30,000 shares of present outstanding common stock will be
reclassified into 6,000 shares of new common stock.
Preferred Arrears—
The directors have declared a dividend of $5.50 per share on the $6 cumu¬
lative preferred stock, no par value, payable Dec. 15 to holders of record
Dec. 6.
Of the current payment, $4 per share represents the balance of all
unpaid accruals
and
$1.50 per
share represents the dividend ordinarily
due at this time.
share was paid on Oct. 15 last; one of $5 was paid on
May 25 last, and one of $6 per share was distributed on April 7 last, this
latter being the first payment made since Sept. 15,1934.—Y. 145, p. 2075.
A dividend of $3 per
Gatineau Power Co.
Period End
Sept. 30—
Operating
revenue
Other income.
Loss
Stated Value
24,186
17.507H
25,096
Stock—
4%
Par or
contracts (less
accrued interest
$2,589,162, and less—reserve for doubtful accounts, $169,682), $2,419,479; inventories of materials and supplies (incl. limestone at quarries,
$192,778) (quantities, condition and valuation determined by the manage- &>.
ment), $226,717; deposits in closed banks (less reserve of $29,832); invest¬
ment in 1107 Fifth Avenue Corp., a subsidiary not consolidated (written
down in 1934 by $125,999), $1; mortgages, stocks, bonds and other invest¬
ments (incl. securities having a book value of $81,587 deposited under
New York State Workmen's Compensation Law), $1,117,884; fixed assets
(real estate and buildings, $588,720; construction plant and equipment,
incl. plant and equipment of Bethesda stone plant and of Rockwood
Alabama Stone Co., $298,109), $886,829; prepaid expenses and deferred
charges, $26,034; total, $5,162,047.
Liabilities—Note
payable, $610; Accounts
payable (incl. estimated
amount of bills in transit for work done on building contracts and amounts
retained
from
sub-contractors
until completion of work—$1,304,246),
$1,382,293; provision for estimated expenses in connection with capital
readjustment, $50,000; provision for moving expenses of a subsidiary,
$15,000; accrued taxes and interest, $38,871; first mortgage on real estate
of subsidiary, 6H%, past due since July 1, 1935, $300,640; reserve for
accident insurance, $50,639; 4% cum. conv. pref. stock (par $100), $2,418,600; $3 conv. stock—issued 17,507H shares (no par) stated value $25
per share,
$437,688; common stock (par $1), $25,096; capital surplus,
$442,610; total, $5,162.047.—V. 145, p. 2693.
rec.
entitle the holders to a
preference in assets upon liquidation to the extent
share, plus dividends and no more; will entitle holders thereof
share on an equal basis, share for share, with holders of the
new $3 convertible stock and new common stock; red., either in whole or
in part, at $100 per share, plus dividends, at any time on 30 days' notice;
will be convertiole share for share into new common stock; and will be
full-paid and non-assessable.
(B) 17,508 shares of $3 convertible stock will be subject to the terms and
3497
Chronicle
exchange
on
expenses
—
1937—12 Mos.—1936
$8,398,526 $8,241,472
74,077
61,974
369
27,242
& taxes.
$1,927,169
344,119
$8,472,234
1,405,871
$8,276,204
1,379,734
$1,583,050
862,758
319,684
140,763
85,162
5,048
$7,066,363
3,441.746
1,214,785
671,565
337.178
aCr44,292
$6,896,470
3,460.603
274,723
155,731
83,951
14,500
$410,128
Total income
Oper.
(& Subs.)—Earnings
1937—3 Mos.—1936
$2,133,419
$1,913,414
23,751
13,996
294
241
$169,633
$1,445,380
$1,051,700
$2,156,876
359,461
Net income before int.,
deprec., &c
$1,797,415
Int., bonds & prior liens
858,380
debentures and other-
Deprec. and amort
Amort, of disc. & expense
Provision for inc. taxes-
1,305,876
595,876
341,831
140,583
will
and (2)
Upon consummation of the plan, the following shares will be
The consummation
create a
of the
plan will
'
Liabilities—
Assets—
a
$485,102
Work completed
2,659,479
b Inventories
272,337
--
5,663
Deposits in closed bks. (net)-c Invests, in 1107 Fifth Ave.
1
bonds
stocks,
2,383,046
1,924,887
Fixed assets
26,034
128,306
Prepaid insur., taxes, &c
Def. cost of quarry
stripping..
$7,784,754
Total
a
300,640
6 First mortgage
1,482,102
partlc. prior pref.
i $6 cum. &
;
stock
&c.
Investments
e
1.382,293
38,871
payable
Accrued taxes and interest
h Reserves
Corp
d Mtges.,
$610
Note payable
f Accounts
On building contracts,
j $6
cum.
.
3,627,900
-
.
partlc. 2d pref.
&
3,501,500
160,000
2,699,163
stock
k Common stock
Deficit
$7,784,754
Total
$2,589,162; less—reserve
receivable,
b Of materials and supplies (including limestone at quarries $238,398)
(quantities, condition ana valuation determined by the management),
c A subsidiary not consolidated (written down in 1934 by $125,999).
d Including securities having a book value of $81,588 deposited under
New York State Workmen's
«
Real
estate
1,777,459
1,494.372
deducting $60,433 overprovided in prior years,
b To reflect the
amalgamation of the company with Canadian Hydro-Electric
After
of
234,788
467,716
General American Transportation
The directors have declared a
and equip¬
and equipment of Bethesda stone plant and of Rock$1,263,924; total, $2,904,810; less—reserves for
Corp.—Larger Div.
dividend of $2 per share on the common
stock, par $5, payable Dec. 15 to holders of record Dec. 2.
This compares
with $1.50 paid on July 1, last; an extra of 25 cents and a regular dividend
of $1 paid on Dec. 21, 1936; a semi-annual dividend of 87H cents paid on
Jan. 1 and on July 1, of 1936 and 1935, and serai-annual dividends of 50
Cents per
Compensation Law.
buildings, $1,640,885; construction plant
and
ment, including plant
as
acquired, as at Sept. 1, 1937, all the assets of Canadian Hydro-Electric
Corp., Ltd. except shares of this company's capital stock, the distribution
of which is now being effected to the shareholders of Canadian HydroElectric Corp., Ltd. in conformity with the plan.
If the amalgamation had been in effect for the whole of the periods
under reveiew, the balances added to surplus for the quarter and 12 months
ended Sept. 30, 1937 would have approximated $467,717 and $1,777,460,
respectively.
Pursuant to the plan the share capitalization of Gatineau Power Co. was
changed to consist of 121,960 5% cumulative preferred shares (par $100)
and 3,000,000 common shares (no par).
All or such preferred shares and
1,621,960 common shares are outstanding and fully paid.—V. 145. p. 3196
less payments received on account, other ac¬
notes and accrued interest
for doubtful accounts, $29,682.
counts,
on
Corp., Ltd. for the full periods indicated.
The plan of amalgamation of Canadian Hydro-Electric Corp., Ltd. with
Gatineau Power Co. has become effective and Gatineau Power Co. has
(Exclusive of 1107 Fifth Avenue Corp.)
Cash
a
effect
1937
divs.
adjusted-
deficit and
eliminate the existing
before
preferred stock
b Balance before divs.
outstanding:
capital surplus.
Consolidated Balance Sheet as at Oct. 31,
Bal.
.
share previously distributed.—V. 145, p.
General Capital
2845.
Corp.—Capital Reduced—
notified the Boston Stock Exchange of the reduction
capital stock through the retirement of 55,133 shares of common
by the corporation.
After giving effect to the foregoing, there remain outstanding on Nov.
12, 1937, 129,355 shares.—V. 145, p. 2547.
The company has
wood Alabama Stone Co.,
of its
depreciation, $979,923.
r Including estimated amount of bills in transit for work done on building
contracts and amounts retained from sub-contractors until completion of
stock owned
work, $1,304,246.
g On real estate of subsidiary, 6H%. past due since July 1, 1935.
h For possible losses on investments—unapplied balance, Oct. 31, 1937
(prior year's provisions made from earned surplus except for $425,600
representing the excess of stated value over cost of preferred stock retired
in 1932), $1,430,834; for accident insurance. $50,639; other reserves, $630.
value (minimum liquidation value $105 per share) (cumula¬
tive dividends unpaid since April 1, 1932, amount to $1,215,430 equal to
$33.50 per share—sinking fund instalments for 1933 to 1937, incl. in arrears
aggregate $675,000); issued and outstanding—36,279 shares.
f Without par value (minimum liquidation value $105 per share) (cumula¬
tive dividends unpaid since April 1, 1932, amount to $1,173,003 equal to
$33.50 per share—sinking fund instalments for 1932 to 1937, incl. in arrears
aggregate $657,000); issued and outstanding—35,015 shares.
k Authorized and issued—30,000 shares.
i Without par
^
Consolidated Income Account for
10 Months Ended Oct. 31,1937
[Exclusive of 1107 Fifth Avenue
Corp.]
Income Account
——--$10,033,817
9,620,377
construction contracts
Cost of work executed on construction contracts
Gross income on
Profit
on
construction contracts
Profit from allied operations
$413,440
29,563
—
(net)
$443,003
Gross profit from operations
Other income-—dividends, interest, &c. (net)
83,234
Total
$526,237
-
and corporate expenses, $398,421; interest charges,
$18,518; taxes—other than real estate and Federal income
$20,605; provision for estimated Federal surtax on un¬
distributed profits, $6,000—
Depreciation
——
—
———
———
General
General Electric Co .—To Pay
Receive
$1 per share on the
of record Nov. 26.
and April 26 last;
duarterly dividend
of 25 cents paid on Dec. 21, 1936.
A dividend of 25 cents was paid on
Oct. 26, 1936, and each three months previously.
In accordance with the general profit-sharing plan of the company, ap¬
proximately $3,700,000 will be paid to employees in the semi-annual pay¬
ment on or about Dec. 20, it was announced by President Swope.
Two
per cent additional will be paid on the G-E Employees Securities Corp. 5%
bonds, it was also announced.
Mr. Swope's statement follows;
"Until last year it was the company's practice to pay the fourth quar¬
terly dividend in January of the following year.
The Federal tax law im¬
poses a surtax upon earnings undistributed in the current year.
An esti¬
mate has been made of the company's income for the year 1937, and, based
on this estimate, the board of directors has declared final dividend for the
year 1937 of $1 a share (75 cents a share was paid for the final dividend
433,544
72,511
*n'"The^i61st dividend of $1
$2,709,677
above
Adjustment of prior year's Federal income taxes
—— — --—
$2,699,162
was
Unfinished Business Oct. 31, 1937
-
10 months ended Oct. 31,
Unfinished business—Oct.
a
of the board of directors held Nov. 19, James H. Perkins,
of the National City Bank of New York,
fill a vacancy.—Y. 145, p. 2693.
director of this company to
Corp.—Earnings—
Net
earnings
1937^
—
-
Shares common stock
$0.79
preferred dividends
145, p. 3196.
After all charges but before
$28,798,655
9,988,307
$18,810,347
Corp.), New York—Earnings—
General
Motors
Building
The General Motors Building,
net
profit, before interest,
1936
$31,649,701 $18,431,737
713,010
384,124
853,550
680,550
Earnings per share
tributed profits.—V.
Balance Sheet—Oct. 31, 1937—(Exclusive of 1107
giving effect, as at Oct. 31,1937. to proposed plan:
Pro Forma Consolidated
Fifth Avenue Corp.), but
31,1937
1937-——-
elected
General Finance
x
-
,
11 Months Ended Oct. 31—
Gross volume of business
x
Unfinished business—Dec. 31, 1936
—-----—--------$13,987,478
New business booked during the 10 months ended Oct. 31,1937- 14,811,177
Total
1937, to stock¬
James H. Perkins Elected Director—
At the meeting
10,182
332
Net profit, as
Work executed during the
share will be paid on Dec. 20,
profit-sharing plan authorized by the
stockholders in April, 1934, payments to employees are made semi-annually.
Payment for the first half of 1937 has already been made.
The estimated
amount available under the general profit-sharing plan for the last six month®
of 1937 is $3,700,000 ($2,191,000 was the comparable amount for the second
half of 1936).
This will be paid to the participating employees on or about
Dec. 20, 1937.
This distribution is on the same basis as the estimated
profits as made for the stockholders.
"Further, in 1938 there will be paid out of the 1937 profits of the General
Electric Co. 2% additional on the G-E Employees Securities Corp. 5%
bonds, which will amount to approximately $500,000.
"In
Chairman of the board of directors
1
Consolidated deficit—Oct. 31, 1937——
a
of record Nov. 26, 1937.
accordance with the general
holders
$10,182
DeficU Account Oct. 31, 1937
Consolidated deficit—Dec. 31, 1936
19 declared a dividend of
Nov.
The directors on
stock, no par value, payable Dec. 20 to holders
This compares with 40 cents paid on Oct. 25, July 26
and an extra dividend of 50 cents in addition to a regular
common
_
taxes,
Net profit
$1 Dividend—Employees to
$3,700,000 —
$0.51
and surtax on undis¬
(Broadway Motors
currently reported 87%
Bldg*
occupied, showed
amortization, depreciation and
reorganization
Financial
3498
for the eight months ended Aug. 31, 1937, compared
full year 1936, according to Amott, Baker & Co., Inc.
expenses, of $240,896
with $390,004 for the
report on the property just issued.
These earnings, on an annual basis, were at the rate of 7.99% on the
$4,524,500 of outstanding 4% mortgage bondsTor the first eight months
of this year, against 8.62% for the full year 1936.
First leasehold mortgage 4% fixed and income registered, bonds were
issued, par for par, for old 6% first mortgage bonds late in 1936 under a
in
a
,
*
,
~
reorganization plan dated July 28, 1936. Fixed interest is payable at the
rate of 4% and the bonds will be entitled to an additional 1% cumulative
interest from Aug, 1,1938 and additional 2 % from Aug. 1,1944. A minimum
sinking fund of $ 100.000 cash is cumulative each year.
The General Motors Building has been assessed this year at $7,900,000
and real estate taxes are paid to date.
Reorganization expenses approved
in Federal Court to date total .$105,116.—V. 144, p. 3323.
General Motors
Chronicle
who have
Nov. 19.
3,115 cars, the largest for that month since
1929 and compare with 1,110 in the 1936 month.
Dealers still are inadequately stocked with 1938 models and manufac¬
turing operations are being stepped up to meet the immediate demand,
Mr. Abrens stated.—V. 145, p. 3345.
were
General Outdoor Advertising Co., Inc.—To Cut Capital
the New York Stock Exchange of a proposed
shares to 275,000 shares,
stock from $10 per share
$7.50 per share.—V. 145, p. 3345.
The company has notified
General Public Utilities, Inc.— Optional
Common Div.
—
Directors have declared a dividend of $3 per share on the common stock
payable on Dec. 18 to holders of record Nov. 30.
Stockholders have the
option of receiving this dividend in common stock in lieu of cash, at the
rate of one-fifth of a share of common stock for each share held.
Stock¬
holders, if they choose to receive this dividend in common stock must
notify the company to that effect at or before 3:00 p. m. on Dec. 15, 1937,
or else the dividend will be paid to them in cash.
The last previous payment by the company on the common shares was
the $1 distribution made on Dec. 23, 1936.—V. 145, p. 2846.
General
Bell
J*
,
the time for
depositing bonds and other securities of the company either with the
Chemical Bank & Trust Co., 165 Broadway, New York, or the PeoplesPittsburgh Trust Co., Pittsburgh, as depositories, has been extended to
and including Dec. 31, 1937.
It is, however, hoped that an amount of
deposits sufficient to enable the plan to be declared operative as a voluntary
plan will be secured before the expiration of this extended date.—V. 145,
2392.
p.
(W. T.) Grant Co. (Del.)—Listing—
The New York Stock Exchange has authorized the listing of
350,138 shares
of 5%
cum. pref. stock (par $20), and 1,190,554 shares of common stock
(par $10) on official notice of issuance pursuant to the terms of the agree¬
ment of consolidation dated Oct. 25, 1937.
(See V. 145, p. 3197.)
Gray Telephone Pay Station Co.—Director Resigni
H. Otto Vogt on Nov. 17 resigned as a director of this company.
In a letter, which he is sending to a partial list of stockholders,
Telephone
Corp.-
■Two
Subsidiaries
Acquire
Jany. Heyear while tneobjects to been Long drawinga asubstantialmore since
particularly firm has Mr. operating at
salary of loss than
50,000 a
1934.
The surplus from 1930 to 1936 decreased from $2,761,764 to $1,443,810.
Mr. Vogt declares that the present policies of the company should be
radically changed, and that unless the management takes on new and
additional manufacturing lines the future outlook is "very gloomy,"—V.
142, p. 2322.
Properties—
subsidiaries, the Pennsylvania Telephone Corp. and the Indiana
authorized to acquire important
telephone property in Johnstown, Pa., and in northwestern Indiana from
Bell System interests, according to an announcement issued Nov. 23 by
John Winn, President of General Telephone.
The prices paid will total
approximately $1,000,000, it was reported.
Johnstown is one of the very
few remaining communities in which two companies have been in competi¬
tion for local business, Mr. Winn said.
This is in sharp contrast with the
situation even two decades ago when there were competing systems in
practically every large American city.
The Pennsylvania property will be acquired by orders of the Pennsyl¬
vania P. 8. Commission and the Federal Communications Commission,
while the acquisition of the Indiana property has been authorized by the
Indiana P. S. Commission.
'.
■
•,
Under the terms of the authorization, the Pennsylvania Telephone Corp.
within the next 60 days will take over properties at present operated by the
Bell Telephone Co. of Pa. rendering local exchange service in Johnstown
and certain adjacent communities, and certain local toll lines in territory
Great Lakes Utilities
Corp.—Not Subject to Act—
Corporation has filed an application (File No. 30-25) under the Holding
Company Act asking for an order of the Commission declaring it has ceased
to be a holding company.
The application states that the corporation,
since filing notification of registration, has disposed of all its property and
assets as a result of a reorganization.
Opportunity for hearing in the
above matter will be given on Dec. 13.—V. 144, p. 1786.
Greene Cananea
Copper Co.— Extra Dividend —
The directors
addition
common
have declared an extra dividend of 25 cents per share in
the regular quarterly dividend of 75 cents per share on the
stock both payable Dec. 13 to holders of record Dec. 6.
A special
to
dividend of $1.25 was paid on
Sept. 13, last.
Preliminary Consolidated Income Account 9 Months Ended Sept. 30, 1937
Operating income
$2,329,099
Dividends and miscellaneous income
13,446
Two
Associated Telephone Corp. have just been
Mr.
Vogt scores George A. Long, President, and the management of the com-
decrease in authorized class A stock from 279,085
and a reduction in capital represented by common
to
such
the plan, by the speedy deposit by
yet assented to
Corp.—Cadillac and LaSalle Deliveries—-
Motors Corp., said on
deliveries
27,
holders of their oonds with one of the depositories.
With the consent of the representatives of the bondholders,
Retail deliveries of Cadillacs and LaSalles during the first 10 days of
November totaled 1,016 units, against 545 in same period a year ago,
D. E. Abrens, General Manager of Cadillac-LaSalle division. General
October
not
Nov.
Total income
United States and Mexican income taxes (estimated)
$2,342,545
409,264
Provision for depreciation and obsolescence.
$1,933,281
237,484
Consolidated net income without deduction for depletion____x$l,695,797
Earnings
share
per
For the
on
500,000 shares capital stock
$3.39
period last year consolidated net income amounted to
$624,736, or $1.25 per share.
Note—No provision has been made in the above preliminary consolidated
income account for surtax, if any, on undistributed profits.—V. 145, p. 1259.
x
same
,
_
south of Johnstown.
Grumman
Aircraft
Engineering Corp.—Files Amend¬
with SEC—
ment
A second-post effective amendment has been filed with the Securities
and Exchange Commission by the corporation.
The amendment states
been conducting in a few small communities north of Johnstown will be
turned over to the Pennsylvania Bell.
In Johnstown and the adjacent area from which the Pennsylvania Bell is
that John J. Bergen & Co., Ltd., is underwriter of its common stock issue.
Originally, Hemphill, Noyes & Co. headed the underwriting group con¬
sisting, in addition, of G. M.-P. Murphy & Co., —
ing,
G."
Murph
"
~
Hayden, Stone & Co.,
and Gibson, Leefe & Co.
V. 145, P. 2548.
withdrawing, Pennsylvania Telephone Corp. renders service to something
over 12,500 telephones, whereas the Pennsylvania Bell has been rendering
service to only about 1,100 telephones.
By this purchase and merger
competition will be eliminated and Johnstown will be given a unified service,
October—
Gross from railway
Certain minor operations
which the Pennsylvania Telephone Corp. has
Mr. Winn said.
In the second case, Indiana Associated Telephone Corp. will acquire the
properties and assets of the North-Western Indiana Telephone Co., which
Indiana, namely,
Valparaiso, Hobart, Chesterton, Louts, Wheeler and Ogden Dunes.
Some¬
thing over 4,400 telephones are served in these communities, with a gross
income, for the past 12 months, of approximately $165,000.
These com¬
munities lie immediately adjacent to La Porte and other nearby properties
of Indiana Associated and are now connected with them by jointly owned
toll lines.
Some years ago, these properties were acquired by certain
interests on behalf of the Bell System, but for various reasons acquisition
by the Bell was not completed and the present sale to Indiana Associated
is with the full cooperation of Bell interests, according to Mr. Winn.
—V. 145, p. 3196.
renders service to certain communities in north western
-
Gulf Mobile & Northern
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway.,
Net after rents
-Week Ended Nov. 14-
1937
Gulf Oil
Operating revenues.....
—V. 145, p. 3345.
$19,550
$1,165,915
$23,275
1936
$1,036,660
Period End. Oct. 31—
Oper. exps. & taxes
Frov. for retir. reserve..
x
x
1937—12 Mos.—1936
1937—Month—1936
$2,373,020 $28,925,965 $25,939,593
$2,544,838
1,131,464
14,843,044
13,181,196
1,271,891
160,000
2,570,000
1,613,750
230,000
$1,081,556 $11,512,921 $11,144,647
531,497
6,474,989
6,243.725
$490,890
245,862
$550,058
245,870
$5,037,931
2,949,741
$4,900,921
2,950,444
$245,028
No provision was
$304,187
$2,088,190
$1,950,477
made in 1936 for Federal surtax
on
undistributed
Erofits as made for such tax in 1937.—V. 145, p. 2847.
been all taxable income for that year was distributed.
No provision
as
145,
16
granted this company permission to extend to February, 1943, the ma¬
turity date on its outstanding 6% first mortgage bonds due February, 1938.
According to company officials, holders of $548,000 of the $860,000 bonds
outstanding have agreed to extension.
Close to 100% approval is predicted
by the company within a short time.—V. 145, p. 3009.
United Theatres,
Building, Inc., Pittsburgh, Pa.—Reorganization
"W. J. Strassburger, President, in a letter to the holders of first mortgage
leasehold 7% sinking fund gold bonds states:
amounting
deposited a]
1937.
_
having been paid on
July 22, last; one of $5 on Feb. 8, last, and on Dec. 14, 1933, and one of
$25 per share on Aug. 15, 1933.—V. 145, p. 610.
Hartford Steam Boiler
permit the consummation of that plan, with Court approval
under the provisions of Section 77-B of the Bankruptcy Act; but it is
hoped that additional bonds will be deposited speedily, thereby permitting
the company to reorganize voluntarily under the plan submitted, thus
avoiding legal proceedings and their attendant delay and large expense.
The company has accumulated funds in a sufficient amount to make
payment or the Oct. 1, 1937, interest upon the new collateral trust bonds
to be issued, together with other securities, to holders of first mortgage
leasehold 7% bonds under the plan, and such payment of interest on these
new collateral trust bonds will be made immediately upon the plan becoming
operative. The consummation of the plan can be accelerated by the co¬
operation of holders of first mortgage leasehold 7% sinking fund gold bonds
Inspection & Insurance Co.—
Extra Dividend—
The directors have declared an extra dividend of 20 cents
per share on
the capital stock, par $10, payable Dec. 1 to holders of record Nov. 22.
The regular quarterly dividend of 40 cents was paid on Oct.
1, last.
Pre¬
vious extra
payments were as follows: 30 cents on Dec. 1, 1936; 40 cents on
Dec. 2,1935; 20 cents on Dec. 1,1934; $1 on July 2, 1934, and 20 cents
per
share on Dec. 1, 1933 and 1932.
—V. 143, p. 3633.
T,
x
,
—
shares
After
-Earnings —
-3 —....... EndedMonths
«
Earns, per sh. on
x
Mfg. Corp.
,
PeriodNet income.
—9 Months-
Sept. 30 *37 June 30. *37 Mar. 31, '37 Sept:30, *37
$59,253
$61,342 loss$30,668
$89,927
105,000
$0.56
$0.58
Nil,
$0.86
______
operating
expenses
and
normal
Federal
income
charges,
but
before^rovision for Federal surtax on undistributed earnings.—Y. 145,
Haverhill Gas Light Co.
Operating revenues
Operation
Maintenance
Taxes.
Earnings-
1937—Month—1936
$49,840
$48,947
30,149
30,222
2,341
2,306
a7,617
6,557
1937—12 Mos.—1936
$563,207
361,965
28,608
a85,356
$563,249
354,252
22,763
85,472
$100,761
$9,731
$9,860
$87,276
3
Dr2
78
55
$9,734
2,916
$9,857
2,916
$87,354
35,000
$100,817
35,000
Gross income
Interest .charges
$6,818
$6,940
124
187
$52,354
2,126
$65,817
2,903
Net income
Dividends declared
$6,694
$50,228
54,054
$62,913
_
These deposits, and junior securities deposited, are each in sufficient
per share.
Harmony Mills—Fifth Liquidating Dividend—
Net oper. revenues
_
Ltd.—Accumulated Div.—
The directors have declared a partial
liquidating dividend of $6 per share
the 7% pref. stock, payable Dec. 7, to holders of record Nov. 30.
This
will be the fifth distribution made, a dividend of $10
Period End. Oct. 31—
*
4,354,632
1,205,168
405,026
1420.
p.
Haskelite
Graham-Paige Motor Car Co.—Permitted to Extend Bonds
The Michigan Public Trust Commission after a hearing held Nov.
Grant
5,058,940
1,684,014
886,947
on
Giddings & Lewis Machine Tool Co.—$1 Dividend—
The directors on Nov. 17 declared a dividend out of surplus earnings
for the year 1937 of $1 per share on the common stock payable Dec. 15 to
holders of record Dec. 1.—V. 145, p. 2847.
.
6,041,734
2,332,113
1,191,259
$7.25
$1,042,946
Int. & other fixed charges
552,055
Balance
6,394,286
2,245,620
1,137,932
The directors have declared a dividend of $1.50
per share on account of
accumulations on the 7% cumulative preferred stock, par $100,
payable
Dec. 31 to holders of record Nov. 30 leaving arrearages of
—V.
Gross income........
Net income
Divs. on pref. stock
$460,681
134,166
58,644
fining Co. and the Texas Co.
There still remain 16 corporate defendant
who are alleged by the Government to have maintained
gasoline prices
artifically during the National Recovery Administration era.
The trial
is in its eighth week.—V. 145, p. 3345.
Georgia Power Co.—Earnings—
Gross revenue
1934
$635,273
251,197
160,375
Corp .—Anti-Trust Case Dismissed—
Hamilton
1937
...
1935
$715,211
331,254
190,915
Judge Patrick T. Stone, of the Federal Court, Madison, Wis., has dis¬
missed the Government's anti-trust case against Gulf Oil
Corp., Gulf Re¬
——Jan. 1 to Nov.
1936
...
1936
$677,553
226,246
105,879
—V. 145, p. 2847.
Georgia & Florida RR.—Earnings—
Period—
RR.—Earnings—
1937
._
Non-oper. income (net).
amounts to
Balance
Retirement
res.
7
net
accruals
XVI
l
uuciai
DUlWtA
Oil
the year 1937, since any liability for such
determined until the end of the year.—v. 145, p. 2848.
income
for
$6,753
VUV
58.968
UAJUUSLriUULCU
tax cannot be
Financial
*Volume 145
Hart Schaffner & Marx—Resumes
Common Dividend—
The directors on Nov. 18 declared a dividend of 50 cents per
Co.—Year-End Dividend—
Hawaiian Sugar
The directors have declared a year-end
dividend of 20 cents per share
holders of record Nov. 20.
the common stock, par $20, payable Dec. 1 to
regular quarterly dividend of 60 cents per share was paid on Oct. 15,
last.
For detailed record of previous dividend payments see—Y. 143,
A
3633.
p.
(George W.) Helme Co.—Extra Dividend
—
dividend of $2 per share in addition
the common stock,
$25,
1935—V. 144, p. 3335.
Hercules Powder Co.,
Inc.—Year-End Dividend —
The directors on Nov. 24 declared a year-end dividend of 75 cents per
on the 1,310,958 shares of common stock now outstanding, payable
.
share
Dec. 21 to holders of record Dec.
10.
voted to split the
company's stock on
The stockholders on Nov. 4, last,
a
contributions.
composed of present members of the board
city officials and with representatives
Ry. security holders " Mr. Bigelow said.
The first com¬
mitter, he indicated, is working oi plans for unification and the other is
seeking a solution to the controversy over Manhattan's underlying
"There
two committees
are
of directors of I. R. T. conferring with
securities.
regular quarterly dividend of $1.25 per share on
both payable Jan. 3 to holders of record Dec. 10.
Similar
payments have been made each year since and including Jan. 2, 1929.
In addition, a special extra dividend of $4.75 per share was paid on Jan. 2,
par
to
of Manhatta i
The directors have declared an extra
to the
Questioned by a stockholder concerning the company's present dilemma,
Bigelow replied that the main problem was the lack of current cash
maintain operations.
He remarked that a modification of the terms
of the sinking fund provisions of the company's 5% bonds would allow
the company to have the necessary cash available to meet present operating
costs.
Mr. Bigelow explained that there were only two ways in which
the sinking fund provisions could be modified:
First, through agreement
of all the bondholders to forego their priority as to the sinking fund, and
second, a ruling by Federal Judge Julian W. Mack suspending sinking fund
Mr.
share on the
stock, payable Nov. 26 to holders of record Nov. 22.
This will be
the first common dividend paid since Nov. 30,1931, when $1 per share was
distributed.—V. 144, p. 775.
common
on
basis.
two-for-one
Dividends of $1.50 per share were paid on the smaller amount of common
shares previously outstanding on Sept. 25, June 25 and March 25, last; a
dividend of $2 was paid on Dec. 21, 1936; $1.25 on Sept. 25 and June 25,
1936;
and
75 cents per share distributed each three
dividend of 50 cents was paid on
In addition, an extra
months previously.
Dec. 20, 1935.
Earnings for
At the regular
monthly meeting held Nov. 24, directors elected four new
They are W. R. Ellis, general manager, Explosives
Department; Lloyd Kitchel, general manager, Virginia Cellulose Depart¬
ment; P. W. Meyeringh, manager, Foreign Relations Department; and
E. B. Morrow.
Mr. Morrow, who resigned his position as Secretary of the
also was elected a member of the Finance Committee.
H. F. Smith, secretary to the President, was elected Secretary of the
company,
of the
These elections bring the total
The Board now includes
company.—V. 145, p. 3198.
in the rate of traffic.
carried 18,235,693 passengers,
5.51% as compared with October 1936.
Cor¬
irregularity of the calendar, the rate of traffic was lower by
approximately 3.5% than in the corresponding month of last year.
The number of passengers carried on the entire system in October was
86,583,356, a loss of 4,622,515, or approximately 5.07% as compared with
The Manhattan Division during October
a
decrease of 1,063,879, or
recting for the
October
1936.
Subway Division Operations
$3,872,558 $13,252,150 $13,594,680
2,135,406
8,941,572
8,305,991
$1,737,151
$4,310,578
196,210
Net oper. revenue
$3,761,102
2,223,146
$1,537,956
Operating expenses
Taxes
1937—4 Mos.—1936
1937—Month—1936
Gross operating revenue.
165,092
717,003
$1,341,746
$1,572,059
$3,593,575
$4,695,489
$3,820,659
-
Mr.
com¬
membership of the board of directors
representatives of all main divisions
Income from oper
Current rent deductions
Balance
Used
Honolulu Gas Co.,
E. Murray Jr., as receiver,
Traffic—The Subway Division during the month of October carried
68,347,663 passengers, a decrease of 3,558,636, or approximately 4.95%
as compared with October
1936.
All lines on this division reported less
traffic than in the corresponding month of last year.
The additional Sun¬
day in October of this year over the same month in 1936 accounted for
2% of the loss, leaving a loss of approximately 3% to be ascribed to decline
Period End. Oct. 31—
members to the board.
to sixteen.
Month of October—Thomas
in his monthly report states:
Company Elects Four New Directors —
pany.
3499
Chronicle
Ltd.—Year-End Dividend—
for
purchase
enterprise
218,707
218,707
874,830
$1,123,038
—
$1,353,351
$2,718,744
of
37,727
Cr4,746
163,800
$1,315,624
$2,723,491
$3,656,858
$1,315,624
871,133
Contract No. 3
Household Finance Corp.—Extra Dividend —
The directors have declared an extra dividend of $1 per share on the class
A and B common stocks payable Dec. 10 to holders of record Dec. 4.
The
regular quarterly dividend of $1 per share was paid on Oct. 15, last.
A
detailed record of previous dividend payments is given in V. 144, p. 281.
145,
Gross inc. from oper-
charges
Fixed
Net inc. from oper—
Non-oper.
Hudson & Manhattan
Gross
operating revenue
Manhattan
1937 10 Mos.—1936
$6,472,673 $6,433,106
Operating exp's & taxes.
431,178
408,933
4,256,146
$232,304
11,772
$263,540
17,334
$2,216,527
122,988
$244,076
$280,874
$2,339,515
290,071
298,264
2,903,935
$45,995
$17,391
$564,419
$3,633,135
3,693,965
$3,728,139
3,384,022
Net oper. revenue
Rental of jointly op .lines:
$38,511
$141,694
def$60,829
$344,117
4,944
3,927
3,521
6,716
20,063
15,440
14,204
26,171
19,823
15,551
13,981
26,317
$19,109
$75,879
$75,673
$122,584 def$136,709
$268,443
$421,813
Lexington Ave. LineWhite Plains Rd. Line
Other rent items
$19,162
3010.
Hudson Motor Car Co.—To Resume Common Dividends —
Nov. 20 declared a dividend of 25 cents per share on
payable Dec. 16 to holders of record Dec. 1.
This
will be the first dividend paid on the common shares since January, 1932,
when the company distributed 25 cents per share.—V. 145, p. 3347.
—V.
The directors on
declared a dividend of $2.75 per share on
1937
$557,638
194,653
Net after rents
1—
Gross from railway
Net from railway
Net after rents.
—V. 145, p. 2849.
151,474
ago.
The directors at
5,227,966
1,919,439
1,272,783
4,934,774
1,803,261
1,235,677
4,341,792
1,376,483
950,006
International Paper & Power Co.
124,821
82,644
Gross sales
for lease
property
Operating taxes
4,080,370
1,213,626
783,361
$111,540
58,857
$102,484
53,911
$1,080,775
>
584,725
$997,415
526,976
$52,683
$48,573
$496,050
$470,439
50
15,392
70
10,600
541
738
116,950
of oper.
-
$37,241
Net oper. income--
$37,903
152,483
$343,026
$352,751
2849.
Hydro-Electric Power Co,—Accumulated Div.—
The directors on Nov. 18 declared a dividend of $1.75 per share on account
of accumulations on the 7% cumulative preferred stock, par $100, payable
Dec. 15 to holders of record Nov. 30.
A similar payment was made on
Indiana
Indian Refining
Jfrior to
of $1.75
Co.—Common Dividend—
declared a dividend of 15 cents per share on the com¬
mon stock, payable in 5% dividend notes on Dec. 23 to holders of record
Nov 29.
A dividend of $1 per share was paid in dividend notes on Dec. 2,
1936, this latter being the first distribution made on the common shares
since* December, 1920.—V. 144, p. 3336.
The directors have
Taxes
Interborough Rapid Transit Co.—Meeting Adjourned —
meeting of stockholders was adjourned Nov. 22 until Dec. 22
of a quorum.
Only 130,975 voting shares were represented,
whereas a total of 175,001 shares is necessary to conduct the meeting.
Ernest A. Bigelow, recently elected Chairman of the Board, presided
at the unofficial meeting and remarked that the Transit Commission,
in his opinion, was seeking to bring about a workable plan for unifying
the city a
traction system.
(other than in¬
taxes)
come
Outward freight and
$94,662,256 $81,249,830
1,012,337
884,011
*
Profit
Int.
on
funded debt
Int.
on
other debt
Amort .of debt
disc.& exp
Depreciation
Depletion
683,710
652,535
1,976,159
1,685,185
3,642,702
1,478,765
3,639,094
1,450,978
10,960,514
4,382,830
458,518
10,890,508
4,417,912
de¬
livery expenses
Sell., gen. & admin. exps
Prov. for doubtful accts.
-
Prov. for income taxes..
156.746
153,425
$6,325,192
1,010,951
12,484
107,805
1,079,616
227,459
851,935
Divs.
accr.
703,685
385,459
but not being
currently paid on pref.
stocks of subsidiaries.
Net
469,069
$4,768,081 $17,840,459 $11,303,312
2,843,546
3,048,454
1,005,390
496,799
17,295
75,492
292,627
314,137
119,447
3,652,031
3,174,379
1,193,211
564,437
811,887
209,539
676,206
2,352.846
322,426
Provision for Federal un¬
distributed profits tax
profit—
a5,559
171,653
a59,384
525,974
$3,029,384
$1,285,464
$8,062,077
$1,548,006
contain no provision for dividends on the preference
& Paper Co. of Newfoundland, Ltd.
Under
a recent
agreement, such dividends are non-cumulative until 1939.—V.
145, p. 3348.
The 1937 figures
shares of International Power
International Silver Co.—Accumulated
Dividend—
The directors have declared a dividend of $2 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable Dec. 27 to
holders of record Dec. 13. A like amount was paid on Oct. 1 and on July 1
last and compares with $4 paid on May 1, last, and on Dec. 15.1936, and
a dividend or $1 paid on Oct. 1, 1935.
See also V. 143, p. 3845, for detailed
record of dividend payments.—V. 145, p. 2696.
Interstate Bond
The annual
because of lack
&discts—$31,627,640 $28,305,869
347,732
324,062
Total income
$31,975,372 $28,629,932 $95,674,594 $82,133,842
Cost of sales—Pulpwood,
48,418,983
54,326,225
16,352,775
labor, materials, &c. 17,605,293
4,948,872
5,729.889
1,609,721
Maintenance & repairs
2,086,285
a
from June 15, 1933, to and including Hept. 15, 193b.
June 15, 1933, the company paid regular quarterly dividends
per share.—V. 145, p. 1904.
each quarter
less returns
allowances
Other income—net
.
Net oper. revenues--
(& Subs.)—Earnings
[Excluding International Hydro-Electric System and Subsidiaries]
Period End. Sept. 30—
1937—3 Mos.—1936
1937—9 Mos.—1936
1934
$421,209
Associated Telephone Corp.—Earnings —
Period End. Oct. 31—
1937—Month—1936
1937—10 Mos.—1936
Operating revenues
$111,540
$102,484 $1,081,400
$998,121
Uncollectible oper. rev-625
706
Rent
stock dividend of 5% deliverable
April 1, 1938, or as soon thereafter as practicable to holders of record
15.
A stock dividend of like amount was paid on April 1, 1937;
one of 3% was paid on Feb. 10, 1936; 2% paid on Jan. 10, 1935, and divi¬
dends of 5% paid on Jan. 11, 1932, Jan. 10, 1931. and Jan. 10, 1930—V.
145, p. 3198.
Indiana
Operating revenues
Operating expenses
taken on account of the
action was taken a year
March
_
_
the same time declared a
ordinarily
1937, and therefore
stock, no par value,
on
Previously
145. p .3198.
132,667
From Jan.
Corp.—Advanced
19 voted that the dividend
payable Dec. 23 to holders or record Dec. 15.
The directors stated that the above action was
Federal surtax on undistributed profits.
Similar
the capital
1935
$497,104
179,714
107,997
Gross from railway
Net from railway
1936
$547,838
218,720
Machines
The directors at a meeting held Nov.
Co.—Earnings-
Illinois Terminal
October•—
Business
payable in January, 1938, shall be paid in December,
declared a dividend of $1.50 per share on the common
Telephone Co.—Dividend Increased—
The directors have
2849.
p.
Regular Dividend—Stock Dividend—
Hummel-Ross Fibre Corp.—Special Dividend—
declared a special dividend of 20 cents per share
on the common stock, payable Dec.
15 to holders of record Dec. 1. The
regular quarterly dividend of 20 cents per share was paid on Nov. 15, last.
An extra dividend of $1 per share in addition to a quarterly dividend of
25 cents was paid on Dec. 1, 1936 and an extra dividend of 75 cents per
share was distributed on Sept. 1, 1936.—V. 145, p. 3010.
stock, par $100, payable Dec. 15 to holders of record Dec. 3.
regular quarterly dividends of $2 per share were distributed.—Y.
145,
International
The directors have
Illinois Bell
$19,349
Bal. of net oper. rev
the common stock,
—V. 145, p.
5,046
3,952
3,538
6,625
Queensboro line
3,082,187
Deficit
1937—4 Mos.—1936
874,579
Inc. charges—inc. int. on
—V. 145, p.
3,148
930,847
$2,660,373
adj. inc. bonds @ 5%.
$177,630
Operating expenses
$2,439,286
221,087
Gross income
$445,479 def$671,230
Division Operations
1937—Month—1936
$969,358
$1,016,273
Period End. Oct. 31—
Gross oper. revenue
3,990,820
Operating income
Non-operating income..
$174,481
778
$309,526
RR.—Earnings—
1937—Month—1936
$663,483
$672,473
$3,656,858
3,482,377
$308,747
income
Balance
Period End. Oct. 31—
$2,723,491
3,397,842
$444,490 def$674,350
989
3,120
$1,160,490
851,742
2848.
p.
874,830
Cr37,451
4017.
—V.
593,199
Bal.—City & company $1,160,490
Payable to city under
assets of
year-end dividend of 60 cents per share on
the common stock, payable Dec. 10 to holders of record Dec. 1.
The regular
quarterly dividend of 45 cents per share was paid on Oct. 20, last.—V. 141,
The directors have declared a
p.
$5,288,689
Six Months Ended Sept.
Co,—Earnings—
30—
y
Earnings per share
1937
$53,635
.1930
$33,938
$0.18
$0.05
_
xNet income
«.
—_—
operating expenses and normal Federal income charges, but
provision for Federal surtax on undistributed earnings,
y On
111,715 class B common shares.—V. 145, p. 611.
x
After
before
3500
Financial
Chronicle
for
nine
months ended
used in public service is $2,301,917, based in repro
duction new, and $2,124,934
reproduction less depreciation.
The engi¬
neers said this property was used in Kansas for public service, but could
not be classed as useful for Missouri public service.—V. 145, p. 3348.
1937. amounted to $1,151,329.
Sept. 30,
For the year 1936 sales were $1,345,418.
Earnings for 9 Months Ended Sept. 30, 1937
Net profit after charges
and Federal Income taxes
Kansas
$163,802
.
—V. 145, p. 1743.
Italian
[Including wholly-owned subsidiary]
1937—3 Mos.—1936
Sept. 30—
1937—12 Mos.—1936
Income: Dividends.a
"$386
Total
Expenses
$386
43,966
16,691
35,672
200
15,348
—
637
36,762
730
7,972
Interest paid and accr.
on debentures.
b Net loss for period..
a
Dividends in lire
on
157,560
630,240
$195,772
$503,960
157,560
$177,412
>
630,240
$735,460
securities owned by the corporation are
being col¬
lected and
deposited
in Italy by the corporation s representative.
As
exchange restrictions, in effect since Nov. 1935, have prevented the conver¬
sion of these deposits into U. S. currency, the corporation does not include
them in income.
A comparative statement of lire dividends received in
periods, none of which have been converted into U. S. cur1937—3 Mos.—1936
is given below:
1937—12 Mos.—1936
Divs. received in lire
494,616
11,331,396
20,520,990
20,432,169
Equivalent In U. S. currency at the new par of
'
exchange of $.052634
W established Oct. 5. '36
$26,034
$596,417
$1,080,102
$1,075,427
K
The equivalent in U. S. currency of lire dividends not taken into income
$1,089,272
9,472
$1,267,175
$121,065
31,977
6,051
71,962
$1,098,745
471,640
77,803
860,528
$1,290,537
384,042
88,398
855,788
145,
p.
$16,745
sur$l 1,075
$311,225
$37,690
25,735
2,482
155
265.965
24,820
23.362
2697.
Kansas City Southern Ry.—To
Pay$ 1.50 Pref. Div.—
The directors have declared a dividend of $1.50
per share on the noncumulative 4% preferred stock, par $100,
payable Dec. 15 to holders of
record Nov. 30.
This compares with $1 paid on Dec. 3, 1936, this latter
being the first payment made since April 15, 1933, when 50 cents per share
had been distributed.
Dividends of 50 cents per share were paid each quar¬
ter since and including July 15,
1932; prior thereto
regular quarterly divi¬
dends of $1 per share had been disbursed since and
including October, 1908.
—V. 145, p. 3348.
Kansas Gas & Electric Co.
the respective
rency,
$1,557,961
Depreciation
16.176
loss$38,211prof$126,280 loss$105,219
c
$1,457,315
285,705
82,337
Other fixed charges
—V.
16,176
—
1937—12 Mos.—1936
$6,786,993
$6,654,415
5,329,677
5,096,454
5,031
72,167
funded debt.
Net deficit
devaluation of
lira
$120,910
$101,413
40.959
Operating income
Non.operating income..
on
$149,127
$101,276
137
Social security taxes
Interest
$591,673
442,545
$134,031
24,802
7.953
expenses
Gross income.
8. inc. and
...
to
$586,008
451,976
Net oper. revenues...
General taxes
for
capital stock taxes
Interest paid
Loss on foreign exchange
Prov. for loss on lire bal.
due
$193,010
30,421
$5", 144
$4,504
b Taxes, incl. pro v.
1937—Month—1936
revenues
...
$193,010
Interest.
normal U.
City Public Service Co.—Earnings
Period End. Oct. 31—
Operating
Operating
Superpower Corp.—Earnings —
Period End.
27. 1937
In the property not
Irving Air Chute Co., Inc.—Sales—
Sales
Nov.
Period End. Oct. 31—
Operating
revenues
Oper. exp., incl. taxes..
Amortization of limited-
—Earnings
1937—Month—1936
$526,743
$505,339
278,703
251,034
—
1937—12 Mos.—1936
$6,145,143
$5,767,568
3,276.675
2,952,731
.
is included in "unrealized income from lire dividends and interest received
and not converted into U. S.
balance sheet.
currency"
on
the Sept. 30, 1937 consolidated
Sb No provision has been made for possible normal U. 8. income tax on
earnings and surtax on undistributed profits both resulting from receipts
of lire dividends and interest by Italian Superpower Corp., which have not
been included in income,
c Not including interest paid and accrued on
debentures held by wholly-owned subsidiary..
Statements of Consolidated Surplus 3 and
12
Adjustment
^Adjusted
3
Months
$65,518
328,243
_
balance, at beginning of period
def$63,820 sur$262,726
capital stock taxes for prior periods
455
Total
...
Net loss for period as above..
457
def$63,365sur.$263,183
177,412
503,960
$240,777
389
50,000
600,000
600,000
Net oper. revenues...
$198,040
Other income (net).....
$204,305
$2,268,375
1,859
460
17,781
$2,214,448
14,175
$199,899
60,000
15,000
8,899
$204,765
60,000
15,000
7,651
$2,286,156
720,000
180,000
106,170
Cr2,022
720,000
180,000
90,765
Cr456
$116,045
$122,114
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,282,008
$1,238,314
520,784
520,784
Gross income
Int.
Int.
on mtge. bonds
on debenture bonds.
Other int. & deductionsInt. chgd. to construc'n.
Cr45
Net income
x
$2,228,623
$1,833,351
$2,720,367
186,258
328,243
745,032
$1,647,093
Deficit, Sept. 30, 1937
Capital Surplus—
Balance, at beginning of period
Amounts reserved for dividends
on
$1,647,093
preferred stock
t accrued but not paid:
Previously charged to earned surplus, as above.
Provision for period
Balance, Sept. 30,1937
x|To restore that portion of the amount reserved for dividends on pre¬
stock owned but not paid, which was
previously charged hereto
was in excess of available earned surplus.
ferred
but
Consolidated Balance Sheet
Assets
as at
35-year 6% gold debs., series
A, due 1963
$10,504,000
$29,248,540 Capital and surplus
dl3,935,517
Cash: Dollars on deposit in the
Int. accr. on debs., not incl.
TJ. S
those held by wholly-owned
158,783
Lire on dep. in Italy, sub.
subsidiary
157,560
to exchange restrict'ns._ a2,238,755 Debenture
coupons due but
not presented for payment.
11,340
Accr. taxes, Incl. U. 8. inc. &
capital stock taxes
Accounts payable
17,298
372
Unrealized inc. from lire divi¬
dends and int. rec. and not
preferred stock
Total........
$31,646,0781
aiStated at the
Total...
b2,177.284
c4,842,708
$31,646,078
shares
$6 cum. pref. stock, 970,015 no-par shares common
stock class A and 150,000 no-par class B common
stock.
Note—There are outstanding option
warrants, series of 1929, to purchase
59,985 shares of common stock, class A, as such stock may be constituted
at the time of purchase, at any time up to and
including Jan. 1, 1938 at
a price of $20 a share,
on which last-named date the
rights represented by
such option warrants, series of 1929, expire.
Note—No accrual has been made in the above balance
sheet for possible
normal TJ. S. income tax on earnings and surtax on
undistributed profits
both resulting from receipts of lire dividends and
interest by Italian Super¬
power Corp. which have not been included in income.
The income tax re¬
turns for the years 1935 and 1936 have been
examined by the Internal
Revenue Department which has proposed assessments
of $27,790 in respect
to the year 1935 and $147,712 for the year 1936 on
lire receipts not included
in income in those years.
Corporation has protested the assessments and
has requested a hearing thereon.—V. 145,
Jewel Tea
Period End. Nov. 6—
Sales
Kansas
2079.
Co., Inc.—Sales—
—V. 145, p. 2850.
1937—4 Wks.—1936
$1,849,746
1937—44 Wks —1936
$1,608,627 $19,438,161 $16,883,307
City Power & Light Co.—Valuation—
The total value of the property if the
company was fixed, on a basis of
reproduction new, at $73,421,034 in an appraisal filed Oct. 25
with the
Missouri State Public Service Commission by the
Commission engineering
staff.
On the basis of reproduction, less depreciation,
the property was
valued at $65,659,566.
The Commission engineers value the electric
property used in public
service, at $59,006,097 on a reproduction basis and $53,540,014 on a
re¬
production less depreciation basis.
Steam heat property used in public service was valued at
$3,624,175 for
reproduction and $3,127,566 less depreciation.
► water property used in public service
duction and $259,975 less depreciation.
was
p.
2697.
(B. B. & R. Knight Corp.—Meeting Adjourned—
Stockholders held a meeting on Nov. 16 for the
purpose of approving
the reorganization plan.
As there was not a sufficient amount of stock
represented at the meeting, it was adjourned until 10 a.
m., Dec. 14.—V.
p.
3199.
Period Ended Oct. 31,1937—
Sales.
Month
11 Months
$6,404,764
5,601,743
$878,499
769,895
Coast of sales
Gross profit
$108,605
66,107
Net profit
—V. 145, p. 2850.
$803,021
$42,498
Expenses (net)
$279,122
'
523,899
Kreuger & Toll Co.—Claim Appeal—
from a U. S. District Court decision of Oct. 23, 1937,
holding
a claim of $43,502,166 filed
by the I ee Higginson Trust Co, in the
Kreuger & Toll Co. bankruptcy proceedings are to be subordinated to the
claims of all other unsecured
creditors, was filed Nov. 19 with the United
States Circuit Court of
Appeals.
The Trust
American certificates issued against the
Co., representing holders of
company's debentures, asks that
Jhe lower court's decision be reversed.—V.
Laird &
145,
p.
3349.
Co.—Earnings—
Period Ended Oct. 31, 1937—
Sales
Month
10 Months
$122,032
88,347
Cost
Gross profit
$33,684
27,173
Expenses (net)
Net profit-
$633,418
447,472
'
$185,945
$6,511
—V. 145, p. 1424.
Lamson & Sessions
183,267
$2,679
Co.—Meeting Adjourned—
The special stockholders' meeting was
adjourned until Dec. 14.
The
meeting was called to consider a plan for exchanging outstanding no par
common
share-for-share basis for new $10 par common stock and to
exchange outstanding 7 % cumulative preferred stock on which there is an
accumulation of unpaid dividends on tne basis of seven shares of new
pre¬
ferred stock and one share of new common for each share of old
preferred.
on
a
Obituary—
John G. Jennings, 81, Chairman of the Board died
on
Nov. 21 of
a
heart
attack.—V. 145, p. 3199.
Lefcourt State Building, N. Y. City—Add'l Interest—
Earnings of the 24 story Lefcourt State Building at Broadway and 37th
Street have increased substantially for the six months ended Oct.
25, 1937,
according to a report completed by Eli T. Watson & Co., Inc.
For the
current six months, the gross income amounted to
$300,263 up from $281,760 for the preceding six montus.
Net income for the current period after
allowance for current operating expenses and ground rent and real estate
taxes accrued for the
income
on
the
same
period amounted to $86,036 compared to $52,851 net
basis for the six months ended April 25, 1937.
An additional interest distribution of
$4.50 per $1,000 bond has been
declared payable Nov. 25, 1937, the first additional
payment made since
reorganization early this year.
Minimum interest at the fixed rate of 4%
per annum was paid on May 25, 1937. and will be paid on Nov. 25.
A
total of $9,723 was available for operation of the
sinking fund from earn¬
ings for the six months ended Oct. 25, 1937.
Real estate taxes have been
paid for the full year.
fixed at $282,242 for
repro¬
Property not used in public service was valued at $10,508,520 for
repro¬
duction and $8,732,011 less depreciation.
In that group was electric
property at $10,054,166 *or reproduction and $8,350,836 less depreciationsteam property $454,044 for reproduction and $380,920 less
depreciationand water property, $310 reproduction and $255 less depreciation.
145,
An appeal
new
p.
Sreferred stock and common stock underand including Dec. 15, 1937.—V.
the plan of recapitalization dated
larch 12, 1937, has been extended to
that
official parity of $.052634 established Oct.
5, 1936.
Thejvalue of these lire will depend upon the rates of exchange at which
they
may be converted into U. 8. currency when, as and if such
conversion is
authorized,
b Not to be included in income until
convertible into U. S.
currency; stated at the new official parity of $.052634 established
Oct. 5,
1936.
c Dividends on preferred stock have been
paid up to March 31,
1931; unpaid cumulative dividends are $39 a share.
dRepresented by
no-par
Inc.—Exchange Time Extended—
Kolmar, Inc.—Earnings—
$23,225,809)
converted Into U. 8. curr..
Res. for accrued dividends on
(G. R.) Kinney Co.,
The company has notified the New York
Stock Exchange that the time
within which $8 cumulative
preferred stock may be exchanged for $5 prior
145,
Sept. 30,1937
Liabilities—
Invest., cost or declared val.
(market val., Sept. 30, '37,
$761,224
$717,530
x
Regular dividends on 7% and $6 preferred stocks were paid on Oct. 1,
1937. After the payment of these dividends there were no
accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed
profits
for 1936, inasmuch as the
company reported no undistributed adjusted
net income for that
year.
No such provision has been made to date for
1937.—V. 145. p. 2850.
$240,777
t
r
124,172
93
50,000
Balance
Net adjustment of provision for U. 8. income and
W
12 Months
$63,820
investments
res. approp.
Months ended Sept. 30, 1937
Earned Deficit—
Balance deficit at beginning of period
x
term
Prop, retir.
Lehigh Valley Coal Co.—To Extend Notes—
The company
on Nov. 22 proposed to holders of Its 5-year secured
6%
1,1938, a plan for extension of maturity.of these notes for five
1, 1943, at 6% per annum.
Because of conditions now prevailing, neither the
company nor the Lehigh
Valley RR., which has guaranteed the bonds as to principal, interest and a
notes due Jan.
years to Jan.
Volume
Financial
145
sinking fund of $250,000 per year, is able to provide in the usual
by the sale of securities, or otherwise, sufficient cash for the pay¬
maturity, it was stated.
The original issue made on Jan. 2, 1933, totaled $6,340,000, which had
been reduced through sinking fund operations to $4,698,500 on Nov. 1,
1937.
It is estimated that from Nov. 1 to Dec. 31, 1937, approximately
$52,000 additional notes will be retired, leaving $4,646,500 notes out¬
standing on Jan. 1, 1938.
Of these notes, $2,164,500 are owned by the
Lehigh Valley RiR.
The plan to extend the maturity provides, among other things, that the
present sinking fund provisions be continued and the present collateral
security continue to be held by the trustee.
The Lehigh Valley RR. will
deposit its notes under the plan and proposes to continue its guaranty of
the extended notes as to principal, interest and minimum sinking fund.
As additional consideration to holders of notes other than the railroad com¬
manner
the latter has agreed, if the plan becomes effective, that none of the
$2,164,500 notes it holds shall be entitled, during the period of the exten¬
sion, to be purchased or redeemed either through the operation of the sink¬
ing fund or through any redemption provisions of the indenture unless all
otner notes in the issue are retired or provided for.
The railroad further agrees that the lien of the notes it holds on the col¬
lateral security shall be subordinated to the lien of all other notes on the
oollateral security until all such other notes are retired or provided for.
Holders of the notes may assent to the plan by depositing their notes at
the office of J. P. Morgan & Co., New York, or Drexel & Co., Philadel¬
phia, depositaries, or the Miners National Bank, Wilkes-Barre, Pa.f subdepositary.
Interest due Jan. 1, 1938 on the notes will be paid to each depositing
noteholder at the time of deposit if the depositor furnishes at that time ap¬
propriate Federal income tax ownership certificates.
The extension offer
will remain open until the close of business Dec. 24,1937, and notes should
be deposited by that date.—V. 144, p. 3179.
pany,
Lehn & Fink Products Co.—To
Pay 623^-Cent Div.—
Dec.
directors
on
declared
have
a
the common stock, par
2.
A
like
amount
was
Co.—Registers with SEC—
department.—V. 145, p. 945.
Bal. Sheet
1937
Land, buildings,
equipment, &c_10,803,255
264,633
1,385,926
Cash
Notes
z
x
9,646.408
260,288
1,241.951
Investments
&
receivable
5,636,769
46,912
Marketable securs.
$
32,205
191.665
2,911,525
1
1
-
Goodwill, pats.,&c.
Cusl.
758,727
215,995
410.026
credit
bal.-
Res. for inc. taxes.
2,,749*823
2,.691,218
221,300
237,820
35,342
183,985
Skg. fd. pay. due.
Mln. int. in capital
stks.
104,508
Miscell. reserve
140,000
-
$2,098,907
875,000
48,584
$1,063,014
$1,175,323
356,532
356,532
$185,071
72,963
72,917
4,308
4,176
$141,650
$107,978
stock for the
on
Net income
x
Dividends applicable to preferred
period, whether paid or unpaid
$818,791
Aug. 2, 1937.
unpaid div-I
for pay¬
$706,482
Balance
Regular dividend
x
„
$6
on
preferred stock was paid on
After the payment of this dividend there were no accumulated
dends at that date.
Regular dividend on this stock was declared
ment on Nov.
1, 1937.
$31,860 for
Note—Includes provision made during December, 1936, of
on undistributed profits for 1936.
No such provision
Federal surtax
been made to date for 1937.—V. 145, p.
has
3013.
Louisville & Nashville RR.—Extra
Dividend —
dividend of $1 per share on the
23 to holders of record Nov. 29.
regular semi-annual dividend of $2.50 per share was paid to Aug. 25,
The
directors
The
have declared
an
extra
stock, par $100, payable Dec.
last.
share was paid on Dec.
An extra dividend of $1.50 per
23, 1936.—V. 145,
2853.
p.
Gulf Ry . —A bandonment—
Lufkin Hemphill &
Nov. 13 issued a certificate
interstate and foreign commerce by the
company of its entire line of railroad, extending from a connection with the
Gulf Colorado & Santa Fe Ry. at Bronson in an easterly direction to Hemp¬
hill .approximately 10.47 miles, all in Sabine County, Texas.—V. 122, p.
The Interstate Commerce Commission on
permitting abandonment
to
as
&
Radiator
McCord
Up
Co,— Clears
Mfg.
Class A
of one share of the
recently created
funding stock for each share of class A stock held, payable half on Dec. 15,
1937 and half on Jan. 10, 1938, to holders of record Dec. 1.
This dividend
will clear up arrears on the class A stock, which will total $19.50 per share at
the year-end.—V. 145, p. 3013.
134,194
984,444
22,821,228 18.562.471
Total
Represented by 700,000 (350,000 in 1936) no par shares,
y After
deducting reserve for depreciation of $7,378,187 in 1937 and $6,874,210 in
1936.
z After reserve against receivables of $500,000.
The earnings for the years ended Sept. 30 were published in V. 145, p. 3349.
(Marcus) Loew's Theatres, Ltd.—Accumulated Div.—
The directors have declared a dividend of
Macfadden Publications,
The
Inc.—Accumulated Dividend—
a dividend of $3 per share on account
pref. stock, no par value payable Dec. 21
directors have declared
accumulations on the $6 cum.
of
to
Similar payments were made on Sept. 21, and on July 15, last; on Dec. 10,
July 15 and Jan. 15, 1936, July 15 and Jan. 15, 1935, and on July 10,1934,
22, 1932, when a regular
distributed.—V. 144, p. 4012.
being the first made since Jan.
this latter payment
semi-annual dividend of $3 per share was
MacKinnon Steel
148,072
1,014,297
x
$1.75 per share on account of
accumulations on the 7 % cum. pref. stock, par $100, payable on Dec. 15
to holders of record Dec. 4.
Similar amount was paid on Sept. 30, last:
a dividend of $3.50 was paid on June 30, last; dividends of $1.75 were paid
March 31 last; Dec. 15, Sept. 30, June 30
$1,992,233
875,534
53,685
$218,921
mortgage bonds,
Gross income
87,500
& surp., of
subsidiaries
on
$2,079,222
19,685
Other int. & deductions-
Int.
714,541
287,103
profit-
Dividends payable
22,821,228 18,562,4711
$1,970,359
21,874
holders of record. Nov. 30.
ment ins. tax
Reserve for
sharing
Total
$184,306
765
The directors have declared a dividend
Res. for unemploy¬
94,760
689
$218,011
910
Operating income
Other income (net)
payable, ac¬
cruals, &c
4,183,768
4,472,589
Deferred charges-211,143
Inventories
*
Capital surplus--- 2,747,721
Earned surplus
3,104,584
3,191
Arrearages by Paying Stock Dividend—
3,412,500
debt
$1,967,168
$218,011
(net)
—
10,500,000 10 ,500.000
Capital stock
Funded
Accts.
accts.
Other assets
1936
Liabilities—
5
$
Assets—
y
Sept .30
1936
1937
$2,078,533
$184,635
Dr329
Net oper. revenues
Rent from lease of plant
3207.
first page of this
Liquid Carbonic Corp. (& Subs.)
revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
paid on
Lima Cord Sole & Heel
See list given on
1937—12 Mos.—1936
$7,751,805 $6,986,946
5,047,137
4,325,913
737,500
582,500
1937—Month—1936
$716,821
$659,654
443,310
400,019
55,500
75,000
Period End. Oct. 31—
Operating
common
semi-annual dividend of 62 M cents per
$5, payable Dec. 14 to holders of record
June 14, last, and compares with
87cents paid on Dec. 1, 1936
62Yi cents paid on June 1, 1936, and
50 cents paid on Dec. 1, 1935, prior to which the company paid regular
quarterly dividends.
Dividends of 37H cents per share had been dis¬
tributed each three months from Sept. 1, 1934, to and including June 1,
1935.
From June 1, 1932, to and including June 1, 1934, divs. of 50 cents
per share had been disbursed each quarter.—Y. 145, p. 2698.
The
share
Co.—Earnings —
Louisiana Power & Light
minimum
ment of these notes at
3501
Chronicle
and March 31,1936; on Dec. 21,
Sept. 30, June 29 and April 1, 1935, and on Dec. 31, Oct. 1 and June
1934.
Semi-annual payments of 3)4 % were made on Jan. 15 and July
1931.—V. 145, p. 1907.
30,
15,
Corp., Ltd.—Accumulated
Dividend—
dividend of $1.75 per share on account of
cumulative preferred stock, par $100. payable
Dec. 15 to holders of record Nov. 30.
This will be the first dividend paid
by the company since February, 1933, when 87H cents per share was dis¬
tributed on this issue.
Prior to this latter date regular quarterly dividends
of $1.75 per share were paid.—V. 143, p. 3323.
The directors have declared a
accumulations on the 7%
Manhattan
Ry.—Trustee Issues Statement —
in a letter to the holders
draws attention of the bondholders to
Central Hanover Bank & Trust Co., trustee,
of the consolidated mortgage bonds
The letter says in part:
letter written on Oct. 7 by
York to the Comptroller requesting that the
properties be sold.
So far as the trustee is
legal proceedings have been taken to initiate a sale of the tax
the mounting tax liens against the company.
On Oct. 8, 1937,
newspapers referred to a
the Mayor of the City of New
tax liens upon the Manhattan
advised
no
liens.
According to the city's calculations, the real estate and special franchise
taxes which are in default, with interest and penalties, aggregate to Oct. 1,
1937, $6,985,595; and the October, 1937, instalment of such taxes amounts
$735,046.
(The Inter borough receiver estimates that, in addition to
special franchise taxes, there are taxes on Manhattan ducts,
Federal income taxes, State francnise taxes and other overdue Manhattan
to
Long Island Lighting Co.—Preferred Divs.
Reduced —
meeting held Nov. 26 declared a dividend of 87.5 cents
preferred stock, series A 7%, and a dividend of
the cumulative preferred stock, series B 6%, both
payable Jan. 1, 1938, to holders of record on Dec. 15, 1937.
These pay¬
The directors at
a
a
share on the cumulative
75
cents
a
share on
ments represent
one-half the regular quarterly dividends due at this time
on these stocks, upon which the full dividends have been paid,
without
interruption, since issuance.
The reasons for the reduction of dividends are set forth in a letter which
being sent by Edward F. Barrett, President of the company, to the
preferred stockholders and reads in part as follows;
Although the gross earnings have increased during 1937, and we have
added over 5,000 new electric and 3,000 new gas customers, several factors
have materially increased the cost of doing business, with a result that your
-operating officials estimate that the net income for the calendar year 1937
will be less than the full preferred stock dividend requirement.
The factors responsible for these increased costs, are, among others, new
taxes, the New York State tax alone of 2% _n the gross operating income
of all utilities (effective July 1, 1937), having an estimated annual cost to
your company of $240,000; increases in labor costs, estimated at over
.$200,000 a year, either because of unavoidable increases in rates of pay or
shorter hours; as well as mounting costs of all materials and supplies; re¬
tirement annuities and pensions costing in excess of $180,000 for the year
1937.
Furthermore, one of our subsidiary companies, Kings County
Lighting Co., which for several years prior to 1937 paid dividends on its
common stock to this company amounting to about $290,000 yearly, failed
to earn or pay such dividends in 1937.
The management has made all presently available savings in the cost of
its capital by refunding 6% and 5% mortgage bonds with issues bearing 4%
interest, and has reduced expenditures for new construction to the lowest
amount consistent with meeting the imperative demands of the consuming
public in its territory .
Estimates for the new money requirements of this company for 1938,
iindicate that we will need approximately $1,500,000, in addition to ap¬
proximately $400,000 necessary to complete the new turbine installation
(already in the process of construction).—Y. 145, p. 2698.
is
(P.) Lorillard Co.—30-Cent Dividend—
24 declared a quarterly dividend of 30 cents per
stock, no par value, payable Dec. 16 to holders of
The directors on Nov.
share
on
the common
record Dgc
X
stated that this dividend anticipates the dividend which
would have been payable Jan. 2, 1938. The present dividend is payable out
of current earnings for 1937 and to the extent that such earnings are not
sufficient they are charged against surplus and undivided profits.—V. 145,
p. 2230.
The company
*
Louisiana & Arkansas
The company
Ry.—To Issue Securities—
Commission for
has applied to the Interstate Commerce
-authority to issue $850,000 additional of first mortgage 5% bonds, series C,
to be dated Jan. 1, 1938, and to mature Jan. 1, 1969, to reimburse in part
,its treasury
for expenditures made in
the acquisition of the railroad and
properties formerly owned and operated by Louisiana, Arkansas & Texas
Ry.
The company proposes to sell the bonds at the best price obtainable
but all not less than 90% of par.—V. 145, p. 2851.
Louisiana Land &
Exploration Co.—Extra Dividend—
declared an extra dividend of 10 cents per share In
regular quarterly dividend of like amount on the common
stock, both payable Dec. 15 to holders of record Dec. 1.
Similar amounts
'Were paid on Dec. 15, 1936.—V. 145, p. 3350.
The directors have
-addition to the
real estate ane
aggregating $957,031, without interest and penalties.)
By the Greater New York Charter it is provided that the city may sell
have been in default for three years.
We understand
the city's position to be that if any instalment of taxes shall be in default for
three years it may sell the lien or all past-due real estate and special fran¬
chise taxes, including taxes in default for less than three years; but that such
sale may be prevented by payment of those taxes (with interest and penal¬
ties, unless the same are waived by the city authorities) which are three
years or more overdue.
The city has recently asserted that the taxes
which are three years overdue, with interest and penalties to Oct. 1, 1937,
aggregate $2,810,265.
If the city's calculations are correct (and unless
interest and penalties should be waived) this amount, together with interest
and penalties from Oct. 1,1937, would, if paid, prevent a sale of the tax liens.
Under the terms of the lease to Interborough of Manhattan properties,
Interborough is obligated to pay the Manhattan taxes.
The Interborough
receiver has applied to the Fedreal Court for authority to disaffirm the
Manhattan lease.
The right of the Interborough receiver to disaffirm the
lease and also to disaffirm certain
contracts with the city is now being
litigated in the Federal Court in proceedings to which the city and the
Transit Commission are parties.
No decision has yet been rendered as
to whether or not such lease may be disaffirmed or whether In the event
of such disaffirmance the Interborough receiver is nevertheless obligated to
pay the overdue taxes.
If such taxes shall not be paid by the Interborough
receiver the real estate and special franchise taxes, and such other taxes as
may constitute a prior lien upon the Manhattan properties, will continue
(together with accruing interest and penalties) to constitute a prior lien upon
tax items
tax liens when taxes
the properties.
,
„
contai ing the
the Interborough
Oct. 1,
The Court, under date of Oct. 6, 1937, made an order,
reservations referred to above, directing the payment by
Nov. 29 in the instalment of interest ($813,660) due
1937, on the consolidated mortgage bonds.—V. 143, p. 3637; V.
3678, 38^2- V. 145, p. 2398.
receiver by
144, p.
Manila Electric Co.—Earnings—
12 Months Ended Sept.
30—
Operating revenues
Operating expenses
-------
Maintenance
-
-
Provision for retirements
-
-
-
Gross Income
Interest on funded debt
Interest on
$2,039,499
...
$1,815,512
$2,081,985
$1,826,141
115,716
974,224
42,486
—
--—
-
-
105,972
——
unfunded debt
Amortization of debt discount and expense —Amortization of miscellaneous suspense —
Interest
614,743
151,244
—
—
charged to construction
Balance of income.---
-
1936
$4,880,904
1,848,044
451,359
591,155
154,580
—-———
income.—
Operating
2.001,282
460,842
-—-—
Provision for taxes
Other income
1937o^
_
$5,247,359
-
1,008,399
104,100
10,629
104,100
9,000
CV2.602
03,711
$866,116
$626,812
—-
-
-
—V. 145, p. 1426.
Master Electric Co.—40-Cent
Dividend —
dividend of 40 cents per share on the
of record Dec. 4.
A like amount
Oct. 1, last, and compares with 25 cents per share paid each
The directors on Nov. 20, declared a
common
was
stock, payable Dec. 20 to holders
paid on
3502
Financial
was
paid on Dec. 10,
1936.—V.
7% notes.—V. 145,
145, p. 3201.
Mathieson Alkali Works —Year-End Dividend
on
(Frank K. Shrader, Chairman),
1937. The report
following:
National Pole & Treating Co. Refinancing—The plan for extending the
maturity for a period of five years of the notes of National Pole & Treating
Co., which became due Dec. 1, 1936, became effective on April 1, 1937 at
which time $1,698,110 out of $1,710,800 in principal amount of the notes
Memphis Natural Gas Co.—Larger Dividend—
The directors have declared a dividend of 30 cents per share on the com¬
were
compares
Stockholders at a special meeting held Nov. 18 approved amendments
company's articles of incorporation providing for a capital reorganization
designed to eliminate dividends in arrears on convertible preference and 8%
preferred shares.
The plan calls for the creation of a new issue of 5%
preference stock into which holders of the old convertible preference and
8% preferred shares may convert their stock.—V. 145, p. 613.
Mergenthaler Linotype Co.—New Director—
John R. Fell has been elected a director of this company and Norman
Dodge, who has been Chairman of the Board since his retirement from the
presidency in 1936, has resigned as Chairman, but continues as a director
and member of the executive committee.—V. 145, p. 3350.
Merrimack Hat Corp.—Dividend Doubled—
The directors have declared
a
dividend of 25 cents per share on the new
stock, no par value, payable Dec. 1 to holders of record Nov. 19.
Dividends of 25 cents were paid on Sept. 1 and on June 1, last, this latter
being the first dividend paid on the larger amount of shares now outstanding.
The common stock had been recently split up on a four-for-one basis.
common
See V. 144, p. 1444 for
amount of common stock
detailed record of dividend payments on smaller
previously outstanding.—V. 144, p. 3508.
Merritt-Chapman & Scott Corp.—Certain Stockholders
Oppose Plan—
Certain
stockholders, owning an aggregate of 585 preferred and 430
shares, oppose the Aug. 25, 1937 plan of capital adjustment.
In
opinion, this plan would benefit only management personnel at the
expense of stockholders.
Its adoption, they think, would be even more
harmful than the 1934 abolition of cumulative voting rights.
Its defeat
they believe would enhance the value of all stock.
The stockholders further
report covering the period ended Sept. 12,
,,
„
extended.
The principal amount of the
30 cents
to
a
affords the
mon
Corp.—Dividend Plan Voted—
Co.—Report —
The bondholders' protective committee
has issued
regular dividend of 37 A cents per share was paid on Sept. 30, last, and each
three months previously.—V. 145, p. 2552.
Mercantile Acceptance
the
the
770.
p.
Minnesota & Ontario Paper
—
The directors have delcared a year-end dividend of 52 lA cents per share
the common stock, payable Dec. 23 to holders of record Dec. 1.
A
stock, no par value, payable Dec. 17 to holders of record Dec. 7. This
with 20 cents paid on Sept. 10, last; 10 cents paid on May 20, last;
paid on Dec. 29, 1936; 20 cents paid on May 11, 1936, and 10 cents
paid on Feb. 15, 1935, and on May 24, 1394; this latter payment was the
first made since April 15. 1932, when a regular quarterly dividend of 15
cents per share was distributed.—V. 145, p. 2699.
1937
Extension agreements have been executed by all depositors excepting
holders of 82,000 par value of the 6% bonds and $2,500 par value of
5 cents paid Jan. 2, 1936 to and including In addition, and dividends of
?uarter from each three months previously. July 1, last, an extra dividend
of 25 cents
Nov. 27,
Chronicle
extended notes has further been reduced by a
principal payment of 4% on the original principal amount of the notes
reducing the principal amount of the notes so extended under the plan to
$1,625,850.
Keewatin Lumber Co., Ltd., as a debtor of National Pole & Treating
Co., has liquidated indebtedness owing by it, by the transfer to the Pole
of $78,300 of notes extended under said plan for a credit of
$73,868; and at the same time has paid in cash $99,384. National Pole &
Treating Co. has caused said $78,300 in principal amount of notes to be
canceled, with the result that extended notes outstanding have been reduced
to $1,547,550.
National Pole & Treating Co. has provided to the fiscal agent, the $99,385
received from Keewatin Lumber Co., Ltd., together with 8100,000 from
other funds. The aggregate of these two items plus the sum of approximately
83,000 in the possession of the fiscal agent, will be used for the purpose of
redeeming additional notes.
The extension of the five-year notes of National Pole & Treating Co. was
accomplished and resulted in the reduction of extended notes to the prin¬
cipal amount of $1,547,550. Following the extension the company provided
funds for the redemption of notes, with the result that at June 30, 1937.
the principal amount of notes outstanding is $1,330,540.
(As of Sept. 30,
1937, the principal amount of notes outstanding was $1,296,180.)
Backus-Brooks Co. Adjustment with its Creditors—On June 30, 1937, all
creditors of Backus-Brooks Co. and of Kenora Development Co. Ltd.,
having concurred therein, distribution was made of Minnesota & Ontario
company
,
_
Paper Co. shares, both common and preferred, to such creditors.
As to other assets of Backus-Brooks Co. the creditors will
continue to
participate in their respective full pro rata shares and on that basis the
trustees will receive 72.5569% of such assets.
There have heretofore been
distributed to the trustees as their share of assets (other than shares of the
capital stock of Minnesota and Ontario Paper Co.) the sum of $32,183. It
is expected that future distributions to the trustees will bring the last
mentioned sum to a figure in excess of $100,000.
common
Consolidated Income Statement (Including Subsidiaries)
their
state:
Instead of the agreed 6A% for every year, the plan provides that nothing
need ever be paid preferred stock for unprofitable
years, and
even
for
profitable years less than 5% might be paid.
The proposed approximate
50% increase in number of common shares would correspondingly decrease
(Excluding National Pole & Treating Co. & European companies)
Jan.3,'37 to Jan.5,'3Qto
Sept. 12, '37 Sept. 13/36
rev.) less freight, allowances &
$11,192,047
$8,684,678
x Cost of sales (including mill burden)
9,451,237
7,846,504
Selling, administrative, trustee expense
1,150,725
983,846
Period—
.
Sales (incl. railroad
cash discounts
the value and dividend prospects of same.
$590,084 loss$145,671
Operating profit
Reduction in preferred dividends and abolition of cumulative rights are
proposed only after ability to pay seems imminent.
Profits for 1937 may
exceed 814 per share of preferred.
The plan would pay very little of this
in cash, although stockholders have received nothing since 1931.
Under the plan, preferred stockholders would lose forever the
right to
receive more than 8180,000 for every year.
Even for profitable years the
loss might exceed 840,000.
Common stock would not necessarily gain
thereby, as amounts involved could go to management as additional com¬
pensation.—V. 145, p. 2231, 3013.
Other income
68,975
81,080
Net income
$659,060
44,727
1,576,852
154,787
5,482
def$64,591
12,803
3,357
1,527,705
156,515
4,877
$1,122,788
$1,769,850
21,408
7,133
Cr50,112
14,930
9,620
182,728
135,519
$1,101,218
6,730,105
$2,112,649
10,025,286
$5,628,887
$7,912,636
Interest
on
funded debt of sub. companies
Other current interest
being accrued and paid
Int. being accrued but not paid—On funded debt
On other obligations
Head office depreciation
—
Net deficit
Michigan Steel Casting
Co.—Earnings —
8 Months Ended Aug. 31—
Net income
x
Profit & loss items—Net:
1937
843,120
After operating expenses and normal Federal income
charges, but before
provision for Federal surtax on undistributed earnings.—V. 145, p. 1908.
on
Loss
1936
871,274
Loss
on
retirement of capital assets
sales of capital assets.-
Miscellaneous debits & credits—Net
x
;
Reserve for redemption N. P. & Tr. Co. stock
Midland Oil Corp.—Accumulated Dividend—
Net loss
The directors have declared a dividend of 25 cents per share on account
on the 82 cum.
conv. preference stock, no par value,
.
y
-
Surplus (incl. appreciation) at beginning of
year-
of accumulations
payable Dec.
1 to holders of record Nov. 24.
A like payment was made
June 18 and March 20, last, and on Dec. 16 and on Sept.
15, 1936, and
50 cents paid on June 16 and March 16,1936, and on Dec. 23,
on
compares with
1935; 25 cents paid on Nov. 15, Sept. 16, Juue 15 and March 15, 1935; 50
paid on Feb. 15,1935 and on Dec. 15,1934, and with 25 cents per share
distributed on Sept. 15, June 15 and March 15, 1934, while on Feb.
15,
1934, a payment of 50 cents per share was made.
In addition, a regular
payment of 50 cents per share was made on May 15, 1934. This company
was formerly known as the Midland
Royalty Corp.—V. 144, p. 3844.
cents
Midvale Co.—To
The directors
Pay Larger Dividend—
Nov. 23, declared a dividend of 82.50 per share on the
value, payable Dec. 18 to holders of record Dec. 9.
This compares with 81.50 paid on Oct. 1,
last; 81.25 paid on July 1, last;
75 cents paid on April 3, last; 83 on Dec. 19, 1936; 81 on Oct.
1, 1936;
50 cents on July 1 and April 1, 1936; 81 on Dec.
7, 1935, and on Nov. 7.
1934; 50 cents on Jan. 1, 1933; 75 cents on Oct. 1, 1932. and from Jan. 1,
1930 to and incl. July 1, 1932, quarterly
distributions of 81 per share were
made.—Y. 145, p. 1427.
capital stock,
on
no par
Midwest Oil
9 Months Ended
Gross profit
Co.—Earnings —
Sept. 30—•'
1937
1936
81,344,660
81.247,401
x571,714
116,278
depreciation, depletion, provision of 849,550 for Federal income
taxes, &c., and after deducting 8192,976 loss on
storage oil contract and
825,167 loss on sale of securities.
y
The loss
to
prior
the
applicable
capital loss the provision for income taxes for
Sept. 30, last, would be 878,496 —V. 145, p. 1908.
years or limited as a
months ended
nine
Minneapolis Brewing Co.—Earnings
x
Amort,
y
Earnings
x
1937
operating expenses and normal Federal
before provision for Federal surtax on
undistributed
capital shares.—V. 145,
income
earnings,
p.
8395,824
80.79
charges, but
y On 500.000
have
issued
following;
a
report
$6,240,973
2,784,839
'
5,608
5,608
38,750
33,750
485,000
405,000
Net oper. revenues-..
Other income
$319,214
$273,968
$3,169,997
894
34
3,499
$3,051,134
1,260
Gross income
Int. on mortgage bondsOther int. & deductions-
$320,108
136,217
6,105
Cr581
$274,002
137,004
5,604
0108
$3,173,496
1,638,117
69,478
05,958
$3,052,394
1,652,280
62,654
01,616
$178,367
$131,502
$1,471,859
$1,339,076
Int.
charged to constr__
Net income-..
x
Dividends applicable to preferred stocks for the
990,748
period, whether paid or unpaid
N
Balance-.--
990.654
$481,111
$348,422
x Dividends
accumulated and unpaid to Oct. 31, 1937, amounted to
$392,734.
Latest dividends, aggregating $2.33 a share on 7% preferred
stock, $2 a share on 6% preferred stock, and $2 a share on $6 preferred
stock, were paid on Oct. 1,1937.
Dividends on these stocks are cumulative.
income for that year.
—V. 145, p. 2854.
No such provision has been made to date for 1937.
Outstanding
Dec. 31, 1936
,
$3,993,500
6% bonds
7% notes
Mississippi Power & Light Co.—Earnings
Period End. Oct. 31—
—
1937—12 Mos.—1936
$689,253
447,673
58,333
$617,586
419,302
31,666
$6,715,612
4.588,687
521,500
$5,683,931
3,901,373
385,000
Net oper. revenues
for lease of plant
$1,397,558
$183,247
$166,618
$1,605,425
——
109
0609
5,892
Cr3,627
$1,401,185
Rent
(net)
Outstanding
Retired
1937—Month—1936
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
v
Retirement of Bonds and Notes
.
$6,834,319
3,173,714
res. approp.
2082.
Miller & Lux,
Inc.—Report—
uThue bondholders' and noteholders' committees
which
the
1937—12 Mos.—1936
$589,115
281,397
limited-term
investments
Prop, retire,
Co.—Earnings—
$0.65
After
affords
1936
8324,617
per share
of
$608,416
244,844
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
—
10 Months Ended Oct. 31—
Net income..
3,
1937—Month—1936
Operating revenues
Oper.exps., incl. taxes.-
on
storage oil contract has been considered as a deduction in the
year of 1937 for income tax purpose.
This item is in controversy with the
Internal Revenue Department.
Should this loss be determined
Jan.
Minnesota Power & Light
.
After
Includes—Depreciation,
Period End. Oct. 31—
Net income
x
Surplus (incl. apprec'n) end of period
1937 to Sept. 12, 1937, $520,855;
Depletion, Jan. 3,1937 to Sept. 12,
1937, $240,866; Jan. 5, 1936 to Sept. 13, 1936, $202,013. y Appreciation
from book write-up of properties
amounting to not less than $24,246,915.
See also National Pole & Treating Co. below.—V. 145, p. 3351.
x
Jan. 5,1936 to Sept. 13,1936, $495,049.
Nov. 13, 1937
Operating income.--.
Other income (net)
$183,138
157
$167,308
133
$1,599,533
1,891,500
83,527,500
1,490,000
1,916
2,236
-85,885,000
Total-
8466,000
401,500
8867,500
85,017,500
Gross income
Int. on mortgage bonds.
Other int. & deductions-
$183,295
$167,441
$1,601,449
$1,403,421
68,142
68,142
817,700
817,700
5,777
6,187
76,896
72,473
$93,112
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$706,853
$513,248
403,608
403,608
Balance
$303,245
$109,640
Sales of Land and Interest
Payments
Company has made sales of land during the year 1937
amounting to
1937, to 81,952,283.
A portion of the proceeds has gone for commissions and a portion is represented
by outstanding contracts, but enough
money has come in so that the committees have recommended the
...
Nov. 13,
payment
earlier this year of two instalments of
interest, and hope to be able to recom¬
to the company that it pay another
instalment of interest during
Net income
x
$109,376
mend
December, 1937,
or
January, 1938.
Price of Securities
The price of the bonds and notes has been
very steady and they have re¬
cently been quoted at 118 flat bid for the bonds and 114 flat bid for the notes.
As all expenses of the committees to date have been
paid by the company
there is no charge against the depositors for such
expenses.
The ratio of deposited securities at Nov.
13,
Bonds, 86.7%; notes, 79.0%.
1937.
stood
as
follows:
x Dividends
accumulated and unpaid to Oct. 31, 1937, amounted to
$622,229, after giving effect to a dividend of $1.50 a share on $6 preferred
stock, declared for payment on Nov. 1, 1937.
Dividends on this stock are
cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145, p. 3014.
Volume
Financial
145
Missouri Edison
T.
Co.—Earnings—
1937—9 Mos —1936
1937—3 Mos.—1936
$69,050
$57,944
44,864
40,988
Period End. Sept. 30—
Operating revenues
Operating exp. & taxes._
$198,015
132,162
3503
Chronicle
$160,383
113,799
Henry Foster, President, states:
Failure to operate at a profit for the fiscal year just ended can be attrl-buted to abnormal conditions under which our company has been operating,
As pointed out in
which we draw our
and eastern Kansas, havesuffered more severely from the effects of the drought than many other
areas.
As a result we have been compelled to operate our plants on very
reduced quotas of hogs and at a time when wagas, taxes, and other operating
especially in connection with the supply of live stock.
my letter of July 14 to stockholders, the sections from
supplies, southern Iowa, eastern South Dakota,
$24,186
$16,956
1
$65,852
$46,584
15
$24,186
8,937
771
Net operating income-
$16,957
8,937
$65,852
26,812
795
2,268
$46,599
26,812
2,434
Other income (net)
Gross income
Int.
on
funded debt
General interest.
Amortiz. of bond disc. &
855
misc. deductions
855
2,564
2,564
148
)
202
270
238
$33,937
$6,167
$13,473
$1.75 per share was paid Oct. 1, 1937.—V. 145, p. 1909.
Mother Lode Coalition Mines Co.—To Pay 45-Cent Div,
a dividend of 45 cents per share on the com¬
stock, no par value, payable Dec. 23 to holders of record Nov. 29.
A dividend of 123^ cents was paid on Dec. 21, 1936, this latter being the
first the dividend paid since June 30, 1930, when 10 cents per share was
mon
distributed.
Motor Finance
seeking to
introduce evidence brought out
Mode CP Day
debentures will be 98.
an
to
will be $7.75 each.—V.
145. p. 3201.
Monarch Knitting Co.,
The directors have declared a
Ltd.—Accumulated Dividends—
dividend of $1.75
per
share on account
of accumulations on the 7% cuto. pref. stock, par $100, payable Jan. 3
to holders of record Dec. 10.
A like dividend was paid in each of the 11
The current dividend will be pajd in Canadian funds
Non-residents of Canada will be subject to a 5% tax.
After the payment of the current dividend accruals will amount to $49
per share.—Y. 145, p. 1427.
preceding quarters.
The directors have declared a dividend of 50 cents per share on account
cumulative preferred stock, par $10 payable
Dec. 15 to holders of record Dec. 1.
Dividends of 25 cents were paid on
of accumulations on the 8%
Aug. 15 and on May 15 last.
A dividend of 50 cents was paid on Dec. 15,
1936, and dividends of 25 cents per shrae were paid on Aug. 12 and May 9,
1936, Dec. 10, 1935, Dec. 10, June 10 and March 10. 1934, and on Sept. 28,
1933.
The last regular semi-annual payment of 40 cents per share was
made in January, 1930—V. 145, p. 771.
Monolith Portland Midwest Co.—Initial Pref. Div.—
dividend of 25 cents per share on
payable Dec. 15 to holders of record
The directors have declared an initial
the 8% cumulative preferred stock
Dec. 1.—V. 135, P. 143.
1937—9 Mos.—1936
1937—12 Mos—1936
$9,822,665 $9,012,184
49,057
43,414
$7,358,733
36,770
$6,802,304
33,949
Gross earnings.
$7,395,503
Oper. exp., maintenance
and taxes
4,777,361
Reserved for R. & R
519,633
$6,836,254
$9,871,722
$9,055,598
4,254,430
449,642
6,351,483
687,395
5,545,416
622,109
$2,098,508
1,088,412
Cr5,431
104,495
9,783
$2,132,181
1,093,236
30,458
96,393
16,057
$2,832,844
1,452,350
5,152
13,263
$2,888,073
1,437,845
62,063
112,212
22,564
$901,249
383.102
$896,036
383,098
$1,214,651
510,802
$1,253,388
510,798
$518,147
$512,938
$703,848
$742,590
Operating revenue
Non-operating income..
Gross income
Interest
on
funded debt.
Interest—otner
Amort, of disct. & exp—
Miscell. deductions
Net income
Preferred dividends
Balance
147,428
has been made in the above income accounts for
.distributed profits, inasmuch as for the year 1936
dividends paid in cash by the company and its subsidiaries exceeded
adjusted net taxable income as estimated by the companies, and for
year 1937 the amount of the surtax cannot be finally determined until
end of the year.—V. 144, p. 3680.
Note—No deduction
Federal
the
the
the
the
surtax
on
u
Monsanto Chemical
Co.—Special Dividend—
director have declared a special dividend of $1 per share on the
common stock, par $10, payable Dec. 22 to holders of record Dec. 1.
The regular quarterly dividend of 50 cents per share which had been
previously declared will be paid on Dec. 15 to holders of record Nov. 24.
An extra dividend of 25 cents was paid on March 15, 1937 a special of
$1.25 was paid on Dec. 15, 1936 extra dividends of 25 cents per share were
paid in each of the five preceding quarters and on Dec. 15, 1934 and an
extra dividend of 75 cents was distributed on Dec. 29, 1933.
The
Bonus to
Employees—
payment of one week's extra pay to all employeess
already working under incentive plans who have been continuously
employed by Monsanto and its American subsidiaries one year or more with
a proportionate part to those with less than a
year's service.—V. 145, p.
Directors ordered a
Oil,
••
share in
addition to the regular quarterly dividend of like amount on the common
stock, no par value, both payable Dec. 1 to holders of record Nov. 15.;
Similar payments were made on Dec. 1, 1936.—V. 143, p. 3325.
States
Mountain
Power
Co.— Earnings —
1937
Net oper. revenue
(before
approp.
1937—Month—1936
Period End. Oct. 31—
Operating revenues
$1,240,525
Oper. exps., incl. taxes._
643,391
Prop, retire. & depletion
reserve appropriations
152,273
1937—12 Mos.—1936
$1,063,598 $15,302,392 $12,458,637
568,304
7,508,298
6.328,394
oper.
717,504
1,467,742
Drl6,151
revenue
Other income (net)
$444,861
3,575
$435,711
5,839
$6,326,352
23,309
$5,412,739
33,709
Gross income
$448,436
$441,550
$6,349,661
$5,446,448
161,120
44,125
34,85 1
Cr26,164
128,467
1,887,544
589,537
392,353
1,568,029
625,000
286,665
Cr255,844
Cr2,053
on
Int. on
mtge. bonds
debentures
Other int. & deductions.
Int.
charged to construe.
$234,504
Net income
x
Divs. applic. to pref.
52,083
27,283
Crl,856
$235,573
$3,736,071
$2,968,807
stock for period, whether
paid or unpaid
957.285
956,649
$1,443,214
300,000'
$1,196,736
5,000
477,521
45,917
$1,143,214
12,000
484,256-
16,020
—-
48,768
398,273
5,197"
$274,002
Amort, of debt discount and expense
$194,719-
378,274
(net)
Other income deductions
Net income
of income accounts, net income for the
ended July 31, 1936 and for the last five months of 1936 (included in
the above income account for the year ended July 31, 1937) has been
reduced by $39,107.09 and $14,212.69, respectively, to reflect adjustments
of amortization of debt discount and expense charged to surplus in 1937
and sundry other items charged or credited to surplus after the close of the •
respective periods affected, which have been applied retroactively in the
accounts.—V. 145, p. 3351.
Note—In the above statement
year
Mutual System,
Inc.—Extra Common Dividend—
dividend of one cent per share in
dividend of five cents per share on the
record Nov. 30. Similar
made on Oct. 15 and on July 15, last.—V. 145, p. 1909.
The directors have declared an extra
addition to the regular quarterly
common
stock, both payable Jan. 15 to holders of
payments were
Narragansett
Dividend'—
Racing Association,
Inc.—To Pay 50-
Cent
dividend of 50 cents per share on the com¬
payable Nov. 26 to holders of record Nov. 16.
This
$1 paid on Dec. 21 and on Nov. 12, 1936; 25 cents paid on
and a dividend of $50 per share in cash and 49 shares of
stock for each share held paid on Sept. 16,1935.—V. 143, p. 3850.
The directors have declared a
mon
stock, par $1,
compares with
Dec. 6, 1935,
common
National Bond & Share Corp.—To Pay
Special Div.—
The directors have declared a special dividend of $3 per share on the
capital stock, payable Dec. 15 to holders of record Nov. 30.
Similar special
dividend was paid on Dec. 15, 1936.
The regular quarterly dividend of 25 cents per share was paid on Oct. 15
last.—V. 145, p. 2554.
_
,,
National Bondholders Corp .—Distributions—
on account
of principal, have been authorized on the
following series at the rates indicated.
Distributions will be payable on
or before Dec. 16 to holders of participation certificates of record as of the
close of business Nov. 30, 1937.
Transfer books will be closed for a period
not exceeding 15 days, beginning Dec. 1, 1937.
Distributions
Amount
—
Title—A series.-—
Mortgage—O series
Investors Mortgage—A series
D series
Guaranty—AD series
AE series
AF series
E
Security—A series
series
Union
—V.
4%
45%
45 y
45'
48'
46'
57'
5%
37%
42<
5%
7%
4%
53%
----
51%
36%
-
Mortgage—G series
4%
4%
37%
15%
29%
4%
40%
5%
4%
-
45%
40%
44%
41%
53%
40%
4%
7%
series..;
Meline—A series
Mortgage
to Date
5%
4%
5%
Home Bond—A series
Mortgage
Authorizedt
Authorized
40%
40%
5%
5%
series
Federal Home—A series
G series
D series
C
Previously
Authorized
5%
Series—
Central Funding—A series
National Reserve—CA series
$2,778,786
$2,012,158
x Regular dividend
on $6 pref. stock was paid on Aug. 1, 1937.
After
the payment of this dividend there were no accumulated unpaid dividends
at this date.
Regular dividend on this stock was declared for payment on
$1,496,736
300,000
Gross income
D series
Int.
(before
Rent for lease of electric property
Interest on funded debt
Instalment
Net oper. revenues
$1,194,885
245,1207
3,208
jobbing and contract
and other income
appropriation for retirement reserve)
Appropriation for retirement reserve
Net
Guaranty
59,583
$1,267,867
241,986
3,034
for retirement
reserve)
Income from merchandising,
work
1936
$3,502,419
2,307,534
$3,874,848
Rents from lease of properties
Miscellaneous non-operating revenues
C series
D series
(& Subs.)—Earnings —
2,606,980
Year Ended July 31—
Operating revenues
Operating expenses, maintenance and taxes
B
Montana Power Co.
Co.—
Development
The directors have declared an extra dividend of one cent per
not
2855.
&
Mining
Dividend—
Other interest
Monongahela West Penn Public Service Co. (& Subs.)
Period End. Sept. 30—
Diablo
Mount
Extra
■
Monolith Portland Cement Co.—Accumulated Dividend
paid on Dec. 24, 1936 an extra of 80 cents in addition
quarterly of 20 cents was paid on Nov. 30, 1936 and an extra dividend
share was distributed on Aug. 31, 1936.—V. 145, p. 771.
extra of $1.20 was
a
of 20 cents per
with the Securities and Exchange Commission
the offering price on its $400,000 6% convertible
The offering price on its 20,000 shares capital stock
share in addition
regular quarterly dividend of 25 cents per share on the common stock,
no par value.
The regular dividends will be paid on Nov. 30 to holders of
record Nov. 13 and the extra distribution will be made on Dec. 23 to holders
of record Nov. 22.
An extra dividend of $1 was paid on July 31, last,
to the
Corp.—Offering Prices Given—
The company has filed
amendment stating that
Corp.—Extra Dividend—
The directors have declared an extra dividend of $2 per
told the Interstate Commerce Commission Nov.
an
"Since the mine of this
cash distribution is being
tion."—V. 145, p. 1746.
intervene in the reorganization,
19 it would endeavor to
in the investigation of that road's operation
by the Wheeler committee.
The committee, representi Jg gen. mtge. 4%
bonds, is headed by C. W. Beard.
A committee representing an insurance group, headed by John W.
Stedman, appeared in opposition to the Beard committee's intervention.
—V. 145, p. 3351.
committee,
the company issued the following
corporation is nearing exhaustion this
made looking toward a liquidation of this corpora¬
In connection with the current payment
statement:
Missouri Pacific RR.—Committee Would Intervene—
bondholders
in splendid shape, and with
crop, and the promise of an increased hog supply next
there is every reason to believe that the present adverse condition is.
temporary, and that the company will be able again to operate on a satis¬
factory basis in the near future.—V. 145, p. 443.
«
corn
The directors have declared
pref.
$14,550
Notes—-(1) No provision has been made for Federal undistributed profits
tax.
(2) Dividend requirements at full cumulative rate for a three-months'
period on preferred stock outstanding Sept. 30, 1937, amounted to $3,216.
(3) Cumulative preferred dividends not declared and not accrued on books
at Sept. 30, 1937, aggregated $22,515 or $12.25 per share.
A dividend of
A
increasing.
The finances of the company, however, are
the bountiful
year,
expense
Taxes assumed on int. &
Net inc. before
dividends
expenses were
31%
31%
5%
31%
4%
5%
20%
37%
5%
59%
5'
60'
55'
40'
41 <
19<
36'
44 <
36 <
35'
36«
24'
42'
64 %
145, p. 2083.
Balance
Nov.
1, 1937.
provision was made for Federal surtax on undistributed profits
the companies reported no undistributed adjusted net
No such provision has been made to date for 1937.
—V. 145, p. 2855.
Note—No
for 1936, inasmuch as
income for that year.
(John) Morrel & Co.—Earnings—
loss in operations for the fiscal year ended
was about $700,000.
This is the first year since 1911 that
has failed to operate at a profit.
Payment of dividends on
pany's stock was discontinued last summer.
The company reports
1937,
pany
Oct. 30,
the com¬
the com¬
National Dairy Products
The directors
common
Corp.—30-Cent Dividend—
the
holders of record Nov. 29.
have declared a dividend of 30 cents per share on
stock, no par value, payable Dec. 15 to
Similar payments were made on Oct. 1, July 1, and April 1 last and
and Oct. 1. 1936, and each three months pridr thereto.—V. 145, p.
National Distillers Products Corp. (&
Dec. 15
2233.
Subs.)—Earns.
1937—3 Mos.—1936
1937—9 Mos.—1936
x
$1,301,461
$1,320,946 y$4,094^99 $4,081,394
Earnings per share
$0.64
$0.65
$2.01
$2.00
x After depreciation,
Federal income taxes, interest, amortization, &c.
y After deduction of $1,323,133 on sales subject to deferred delivery carried
forward to subsequent months during 1937..—V. 145, p. 1267.
Period End. Sept. 30—
Net profit—-
3504
Financial
National Gas & Electric Corp. (&
Period End. Sept. 30—
Operating
Operation
revenues
—
Maintenance
60,505
a87,348
$31,395
721
$373,716
7.549
$32,116
9,759
$381,266
129,509
$326,024
103,098
$586,451
326,386
37,500
$241,973
535
$222,565
5,389
$2,769,057
71,255
$2,721,797
262,836
$242,508
61,875
17,500
9,231
$227,954
61,875
17,500
8,073
$2,840,312
742,500
$2,984,633
210,000
210,000
105.186
88,826
Cr417
Crl,551
Cr46.822
Cr6,772
Net income
$154,319
$142,057
x Dividends applicable to pref. stocks for the
period, whether paid or unpaid
$310,011
16,012
$45,450
14,233
$1,829,448
$1,950,079
499,100
499,100
$1,330,348
Gross income..
Balance
Retirement accruals
Int.
on
Int.
on
mtge. bonds
debenture bonds.
Other int. & deductions.
Gross income
$31,217
8,646
Net
income
$22,357
6,166
$251,757
77 565
$16,191
$174,191
$147,270
tion
No provision has been made for the Federal surtax on undistributed
net Income for the year 1937, since any liability for such tax cannot be de¬
a
termined until the end of the year.
Note—The operating results of subsidiaries sold since Nov. 1, 1935,
have been eliminated entirely from this statement and othsr adjustments
have been
made
place all prior figures on a basis comparable to the
operating results of the system as constituted on Sept. 30, 1937, except
that new properties acquired Aug. 19, 1937, are; ncluded only since date
of acquisition.—V. 145, p. 2856.
Treating Co.—Earnings
9 Months Ended Sept. 30—
Bales less freight, allowances & cash discounts
*
Cost of sales (including mill burden)
1937
$1,281,249
1,199,119
112,760
$31,050
77,902
$91,122
15,398
Crl ,840
Operating loss
Other income—Net
Net loss.
Interest
on
New
$108,952
1,493
Cr70,394
expenses
$34,610
3,560
$25,726
65,396
.
$994,944
919,605
109,949
$30,630
4,904
Selling & administrative
funded debt
Net deficit
1936
Amortization bond discount and expense—debitMiscellaneous credits
Net loss
$22,222
747,914
year
Surplus at Sept. 30
$725,692
♦
Includes—Depreciation,
1937, $564; 1936, $2,101.
1937,
See also Minnesota & Ontario
National Power &
Period End. Oct. 31—
$43,741;
1936,
$43,192.
$122,510
858,694
$736,184
Depletion,
1937—3 Mos.—1936
1937—12 Afos.—1936
Operating revenues
$21,117,136 $19,685,566 $83,593,015 $76,869,714
Oper. exps.,incl. taxes..al2,090,890 bll,416.540 c47,641,662 b43,807,174
Prop, retire, res. approp.
1,960,526
1,651,500
7,467,961
6,128,960
Net oper. revenues... $7,065,720
Rent for lease of plants
(net).-
30,119
Operating income
Other income
Other income deductions
$7,035,601
95,059
69.566
$6,617,526 $28,483,392 $26,933,580
35,389
124.060
New
&
Association—50-Cent
Electric
Jersey & New York RR.—Earnings-
October—
1936
1935
Gross from railway
Net from railway
1937
$61,876
defl0,656
$68,385
$63,874
def585
defl6,024
Net after rents
def30,922
defl9,941
def33.008
$67,557
defl7,425
def38,560
From Jan. 1—
Gross from railway
Net from railway
621,404
def76,714
653,751
def55,889
def285,682
def263.682
643.481
defl64,833
def354,161
698,270
defl55,175
def358,138
Net after tents
—V. 145, p. 2857.
New York Chicago & St. Louis RR.-
Net from railway
Net after rents
Balance
Pref. divs. to public
Por. applic. to min. int.
$7,061,094
3,011,159
Cr8,711
$6,597,472 $28,447,453 $26,898,438
3,109.452
12,115,661
12,387,449
Cr4,137
Cr23,601
Crl7,525
$4,058,646
1,515,420
854
$3,492,157 $16,355,393 $14,528,514
1,515,788
6,062,717
6,063.281
1,927
5,655
11,419
....
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
1935
1934
$3,887,586
1,471,549
918,413
$3,451,295
1,390,420
991,616
$2,819,933
851,550
431,681
34,248,423
12,323,823
7,412,233
28.328,891
9,139,576
5,461,791
28,017,162
9,056,569
4,793,986
1,062,283
612,846
35,807,226
-
11,892,964
7,110,862
—V. 145, p. 2857.
New York & Richmond Gas
Period End. Oct. 31—
Operating
revenues
Gross income after
depre
Co.—Earnings —
1937—Month—1936
1937—12 Mos.—1936
$103,776
27,886
$102,755
21,720
$1,158,415
260,261
112,602
Co. in inc. of subs.—
Other income
Total
$2,542,372
36,063
$2,578,435
Expenses, incl.
taxes.._
47.400
Int. & other deductions.
341,884
Balance carried to
solidated earned
$8,453,814
$1,974,442 $10,287,021
6,807
124,344
$1,981,249 $10,411,365
64,763
dl89,316
341,450
1,358,118
$8,514,079
207.592
1,356,372
con¬
sur.
$2,189,151
$1,575,036
$8,863,931
$6,950,115
provision of $1,410 made within this period for Federal surtax on undis¬
tributed profits in 1936, but incl. no provision for 1937.
Notes—(1) All inter-company transactions have been eliminated from
the above statement.
Interest and preferred dividend deductions of sub¬
sidiaries represent full requirements for the
respective periods (whether
paid or not paid) on securities held by the public.
The portion applicable
to minority interests is the calculated
portion of the balance or income
applicable to minority holdings by the public of common stocks of subsidi¬
aries.
Minority interests have not been charged with deficits where income
accounts of subsidiaries have so resulted.
The net equity of National
Power & Light Co. in income of subsidiaries includes interest
and preferred
dividends paid or earned on securities held,
plus the proportion or earnings
which accrued to common stocks held
by National Power & Light Co.,
less losses where income accounts of individual
subsidiaries have resulted in
deficits for the respective periods.
(2) The above statement includes full revenues of a
subsidiary without
provision for possible revenue losses, not exceeding $120,000 for each 12month period, from natural gas rate reduction now involved in
litigation.
(3) Figures for 1936 as previously published have in certain cases been
rearranged in the above statement.—V. 145, p. 3203.
of
Mexico—Earnings—
(Mexican Currency)
oper. revenues.
oper. expenses.
Net oper
liability for such tax cannot be
New York
Shipbuilding Corp.—Earnings —
Period End. Sept. 30—
1937—3 Mos.—1936
1937—9 Mos.—1936
$301.335prof$370,125
$289,147 pfx$446,341
$423,261 profit on sale of 14,200 shares of Allis-Chalmers
Manufacturing Co. stock,
y After taxes, int. & deprec., before undis¬
tributed profits taxes.—V. 145, p. 3204.
Includes
New York New Haven & Hartford
Period End. Oct. 31—
Total oper. revenue
a Net railway
oper. inc.
c Net def. after charges.
RR.—Earnings-
1937—Month—1936
1937—10 Mos.—1936
$6,915,197
$7,177,583 $68,795,697 $64,418,109
117,506
1,271,689
4,343,647
5,566,803
b917,004 bsur370.381
b5,552,145
b4,444,556
a The leases of the following
companies were rejected on dates stated
below, but net railway operating income includes the results of operations
properties: Old Colony RR. June 2, 1936 Hartford & Connecticut
Western RR., July 31, 1936, and Providence, Warren & Bristol RR.,
Feb. 11, 1937.
b Effective as of those dates no charges for the stated leased rentals are
included covering the Old Colony RR.
Hartford & Connecticut Western
RR., and Providence, Warren & Bristol RR. leases.
c Before guarantees on separately operated properties.—V. 145,
p. 3204.
New York
Susquehanna & Western RR.-
October—
Gross from railway..
Net from railway
1937
1936
Earnings—
1935
1934
$278,522
$303,957
77,138
35,389
58,947
14,116
72,596
24,091
2,707,517
829,250
,972,605
893,051
309,237
From Jan. 1—
Gross from railway
Net from railway
$252,920
2,710,781
Net after rents
$268,862
84,023
35,391
347,969
3,061,149
765,488
339,910
Net after rents
797,347
282,535
—V. 145, p.3353.
New
York
Series B-1
Trustees
Title
&
Mtge.
Co.—Plan Proposed to
Aid
Investors -
of
the
defaulted
$5,500,000
series
B-l
guaranteed mortgage
certificates of the company, now in liquidation, applied, Nov. 18 in New
York Supreme Court for permission to accept certificates at this face value
in the reduction of underlying mortgages and in the sale of real estate now
It is the first time that such a proposal has been advanced.
While there is no regular market for the certificates, which have been in
default about four years, sales have been made at figures considerably
below the face value.
These prices, the trustees said, do not reflect the
intrinsic worth of the securities or the possible eventual re - lization on them.
The trustees also claimed in support of their application that approval
in their hands.
Rys.
Period End. Aug. 31—
Railway
Railway
any
of these
a Incl. provision of $29,251 for Federal
surtax on undistributed
profits
in 1937.
b Incl. provision of $32,000 for Federal surtax on undistributed
profits in 1936.
c Incl. prov. of $26,814 made within this
period for Fed¬
eral surtax on undistriouted profits in 1936 and
$129,170 in 1937.
d Incl.
National
1937, since
Net loss.
$8,453,814
60,265
the year
determined until the end of the year.—V. 145, p. 2857.
x
$1,974,442 $10,287,021
$1,188,245
314,767
158,184
Note—No provision has been made for the Federal surtax on undistributed
net income for
y
Net equity of N.P.&L.
Co. in inc. of subs.. $2,542,372
National P. & L. Co.—
Net equity of N. P. & L.
—Earnings—
1937
Net income
Gross income
Int. to pub. & other ded.
Int. charged to constr'n.
1934
$3,502,070
October—
Gross from railway
142,167
$6,582,137 $28,359,332 $26,791,413
96,374
365,010
382,067
81,039
276,889
275,042
Gas
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $5.50 cumulative preferred stock, no par value,
payable Dec. 24 to holders of record Nov. 30.
A similar payment was made
on Oct. 1, July 1, and on
April 1 last and on Dec. 24, 1936/ Diviednds of
25 cents per share were paid on Oct. 1 and July
1, 1936, and compare
with 37H cents paid on Oct. 1, July 1, and April 1, 1935; 75 cents paid
on
Jan. 1, 1935, and r
lar quarterly dividends of $1.37^1 per share
previously.—V. 145, p.
Paper Co. above.—V. 145, p. 3352.
Light Co. (& Subs.)—Earnings—
England
Preferred Dividend—
Profit & loss items:
Surplus at beginning of
$1,450,979
paid on Sept. 1,
x
Regular dividends on 7% and 6% preferred stocks were
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
1937.—V. 145, p. 2857.
to
National Pole &
742,500
Int. charged to construc¬
$222,92.5
75,655
$22,571
Interest & amortization.
1937—12 Mos.—1936
$7,417,252
$7,045,731
4,094,028
3,873.934
554,167
450,000
$650,668
364,528
44,167
Net oper. revenues...
Other income..
58,366
72,963
$45,206
244
Net oper. revenues
_
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
Balance
5,575
7,517
7,867
Non.oper. income (net).
1937—Month—1936
Period End. Oct. 31—
1937—12 Mos.—1936
$1,151,339
$989,311
629.768
547,969
a7,599
— — .
Taxes
27, 1937
Nebraska Power Co.—Earnings—
Subs.)—Earnings —
1937—Month—1936
$126,541
$94,827
65,868
50,338
Nov.
Chronicle
revenue—
1937—Month—1936
12,509,878
10,546,694
10,262,405
9,086,336
Otherincome
Total income
Deductions
83,459,016
68,164,931
15,294,085
2,247.473
1,460,358
18,371,200
52
30,263
2,247,473
328,521
1,460,358
159,009
18,371,148
1,692,385
15,263,822
1,134,245
2,575,994
758,315
1,619,367
490,910
20,063,533
5,335,902
16,398,067
3,806,963
1,817,679
1,128.457
14.727,631
12,591,103
Tax accruals and uncol¬
lectible revenues
Balance
1937—8 Mos.—1936
95,635,804
77,264,604
was
'
Net oper. income....
—V. 145, p. 2554.
New Britain Machine Co.—$1 Div.
on
Common Stock
—
The directors have declared a dividend of $1
per share on the common
stock, payable Dec. 20 to holders of record Dec. 15.
This compares with
$1 paid on Sept. 30 last, 40 cents paid on June 30 and on March 31 last,
and $1 per share distributed on Dec. 15, 1936, this latter
being the first
payment made on the common shares since 1930.
The company is offering 15,000 shares of common stock in the ratio of
one new share for each six held at $20
per share.
Rights will be issued
on Nov. 29.—V. 145, p. 3204.
of the policy proposed would have the effect of increasing interest and prin¬
cipal payments to the other holders of certificates.
The procedure, they
contended, would also strengthen the value of mortgages now held by the
trustees as part of the collateral for outstanding certificates.
These mort¬
gages in many instances are considerably higher than they should be, it
stated.
Three specific proposals were laid before Justice Alfred H. Frankenthaler
by the trustees, Henry Hetkin, Adolph Kaufman and Ivor B. Clark. Two
involved the reduction of mortgages and the third the sale of real estate.
The trustees have made tentative contracts, subject to court approval,
for the reduction of mortgages totaling $747,000 by $127,000, of which
$19,000 would be paid in cash and the balance by B-l certificates having a
face value of $108,000. The mortgages in question, according to the trustees,
are unsound because they are so high.
The alternative to the policy they propose, the trustees added, was
the foreclosure of the mortgages, In which case, they said, there would be a
possibility of loss on a resale.
The third tentative contract, likewise subject to Court approval, involves
the sale of property at 1590 Bedford Ave., Brooklyn, for $184,500.
Of the
tota1 price, $7,000 would be paid in cash, $43,500 in B-l certificates at their
face value and the remainder by a purchase money bond and mortgage.
In this case, the trustees said, the proposed price exceeded the market
value of the property and was warranted only by the acceptance of cer¬
tificates m part payment.
_
The State
approval.—V. 144, p. 3848.
Frankenthaler reserved decision in all three cases.
Justice
Mortgage Commission recommended
Niagara Hudson Power Corp .—To
Pay Common Div.—
declared a dividend of 40 cents per share on the
15 to holders of record Nov. 30.
Dec. 15, 1936, this latter being the first dividend
Weekly Output—
stock, par $15, payable Dec.
paid
A like amount was
on
ividend of 30 cents per share was paid on per
Said since March 31, 1933, when 25 cents Sept.share was distributed. A
30 and on Dec. 31, 1932.
—V. 145, p.
pared with the corresponding
Aviation, Inc.—Initial
declared an initial dividend of 12 H
stock, payable Dec. 22 to holders of record
which
Period Ended
cents per
Dec. 10.
for Dec. 1 next for the purpose
i of distribution of 1,000,000
also the formation of a new
would also distribute 1,000,000 snares.
has called a special meeting
submitting to shareholders the questio
shares of Kirkland Gold Mining Co. and
Dividend—
The directors on Nov. 22
share on the capital
Profits
on
Norfolk & Western Ry.—Earnings1937—Month—1936
1937—10 Mos.—1936
Railway oper. revenues. $8,556,859
$9,429,726 $81,147,051 $76,733,199
Railway oper. expenses.
4,695,892
4,803,205 45,048,988 41,196,174
$4,626,521 $36,098,063
1,139,146
11,776,440
Netry. oper. revenue. $3,860 967
1,165,226
$35,537,024
10,945.327
Ry. oper. income
$2,695,740
Equipment rents (net).. Cr416,618
Joint facil. rents (net).
Dr23,134
$3,487,374 $24,321,622
Cr374,123 Cr3,3*3.249
Dr 139,292
$24,591,696
Cr2,995.847
Dr243.627
$3,089,224
77.990
$3,851,080 $27,565,579
Dr42,435
903.944
$27,343,916
" 451,436
$3,167,214
funded debt.
178,816
$3,808,644 $28,460,523
178.816
1,788.167
$27,795,352
1.788.133
$2,988,398
$3,629,828 $26,681,355
$26,167,219
Drl0,417
.
Net ry. oper. income.
Other inc. items (bal.)__
Gross income
on
Net income
Extra Dividend of
$6 Per Share Declared—
—
policy
of financing them
through sales
of this policy, the board authorized an
totaling $3,700,000, including purchase of 25,000
rail and fastenings, Pres. Jenks stated.—V. 145, p. 3204.
improvement
tons of steel
for improvements instead
of
/
securities."
new
In
pursuance
program
(&. Subs.)—Earnings —
1937—9 Mos—1936
$3,060,602 $2,901,330 $8,902,567 $8,487,969
2,179,026
1,913,688
6,243,305
North West Utilities Go.
1937—3 Mos —1936
30—
Period End. Sept.
Total oper. revenues._.
Total oper. exps. & taxes
Net oper.
$881,575
_
$987,642
3,827
income
Other income (net)
$2,659,262
3,818
.
$51,725
25,000
45
Note receivable
Accts. receivable..
1,837,910
10.429
$2,857,130
9,170
$885,402
462,083
4,586
$991,460
456,472
3,579
$2,669,692
1,380,775
14,316
$2,866,301
1,498,652
15,061
and expense
Taxes assumed on int. &
87,436
99,780
273.073
200,995
deductions...
2,715
2,402
10,872
44,462
888
1,007
Explor's & options
(l"ss res.).
nect.
(less
fern,
Of lice
deprec'n)
$1,978,979 $1,974,558
Total
$429,226
210,024
$990,654
839,441
$1,138,422
630.074
69,772
139,545
209,317
418,635
def-58,104
$89,712
$1,978,979 $1,974,558
Total
1936).
shares
$863,973.—
Sept. 30, 1937, $2,418,265 ($1,933,048 in
b Authorized, 5,000,000 shares of no par value; Issued, 2,500,000
of no par value, $2,350,000; less discount on old share capital,
V.
115. p. 1911.
Market
a
value at
Years Ended S pi.
1936
$30,882,016 $29,850,971
18,504,192 17,902,138
1937
Operating revenues
Operating expenses, maintenance
Net oper. rev.
Other income
and taxes
(before approp. for
Gross income
Interest on funded debt.
General
Amort,
(net)..
interest
for
$13,431,361 $13,030,816
(net)
and expense
Other income deductions
for Federal or State income
it will claim as a deduction
in its Federal and State income tax returns for the year 1937, debt discount
and expense on bonds redeemed in 1937 consisting of unamortized discount
and expense on such bonds at date of redemption, and premium and expense
on
redemption together with duplicate interest charges, which will result
income.—V. 145, p.
in no taxable
3354.
Electric Co.
Northern Texas
Subsidiaries * Earnings—
1936
Month
of October—
Oper. revs. (Ry., bus and
Operation
„
Divs.
not accr.
pref.
on
stocks of subs, held by
the
public
Balance
a
deH2l,006
_
$79,656
paid on preferred stock? o< sv<tsidiarifs held
b Before cumulative dividends on North West Utilities Co.
prior lien and preferred stocks.
Notes—(1) it is estimated that the North West Utilities Co.
subsidiaries have no liability for Federal undistributed profits tax
(2) North
period.
Taxes
$28,235
West
Utilities Co. cumulative pr or lien and pref.
accrued at Sept. 30, If37, aggregated $4,basis as follows: 7% prior lien stock,
and $6 pref. stock, $33.75.—V. 145,
$40,739
undistributed
cannot be
$27,638
depreciation.
provision has been made for the Federal surtax on
the year 1937 since any liability for such tax
determined until the end of the year.
Note—Figures appearing in this report have been compiled
shown on the books of the subsidiary companies and of A. F.
Receiver of Northern Texas Traction Co., after intercompany
—V. 145, p. 3016.
income for
from those
Townsend,
eliminations.
Norwalk Tire &
Rubber Co.—Earnings—
Northern Berkshire Gas Co.—Exempted—
Securities and Exchange Commission has exempted the company
from the necessity of filing a declaration under the Utility Act covering the
issuance and sale of 43 shares of common stock, par $luO.
The stock is to
be issued to the Massachusetts Lighting Cos. in exchange for outstanding
stock of the Charlemont Electric Light & Power Co., under a plan of con¬
solidation.
Northern Berkshire Gas Co. is a subsidiary of the New Eng¬
Association.
Operating revenues
Oper.
Co. (Del.) (&
$26,522,070 $25,653,902
$35,715,971 $34,419,203
15,519,989
14,976,829
(before
approp.
for retire¬
ment reserve)
$11,002,080 $10,677,072
20,766,437
63,231
52,238
82,288
64,084
reserve)..$11,065,312 $10,729,311
Approp. for retire, res've
2,160,000
2,160,000
$15,031,821 $14,728,267
$8,905,312
3,092,538
$8,569,311
4,444,931
$12,131,821 $11,828,267
4,568,309
5,926,929
471,597
47,575
423,229
39,592
Gross income
(net)...
debt disct. and
Interest charges
Amort, of
expense
Other income
deductions
Divs. on pref. stock of
subs.co. held by public
Minority int. in net inc.
of subsid. companies-.
Divs. on 6% cum.
613,938
60,747
2,900,000
563,999
50,639
pf.stk.
pf.stk.
48,479
66,763
69,937
$3,613,079
2,045,452
1,756,183
$5,974,146
$5,216,763
2,727,270
2,727,270
2,341,578
$18,426
y28,150
7M%.—V. 145, p. 1749.
Oriental Navigation
def$78,068
Co.—To Dissolve—
preceding page.
Co., Ltd.—$2 Extra
Dividend—
share on the common
Dec. 15. The regular
1 last.
Company at a special general meeting of shareholders to be called In the
near future will recommend that the present shares-of the company be split
directors have declared a bonus of $2 per
payable Jan. 3, 1938, to holders of record
quarterly dividend of $2 per share was paid on Oct.
stock,
the rate of
It
is stated
eight-for-one.
question of dividing
that the
the present capital
stock into
from
share¬
for the
investors
put forward by various classes of shareholders
The company recognizes definite advantages both to
holders and prospective investors in bringing about real markets
security with less likelihood of drastic fluctuations, while for new
shares would be more readily available.—V. 145, p. 3017.
smaller units has been
time to time.
Ohio Edison
Co.—Earnings—
1937—Month—1936
1937—12 Mos.—1936
$1,641,147 $1,514,088 $19,642,060 $17,403,940
x Oper. exps. and taxes.
Pro v. for retire, reserve-
Gross income
Int. & other
fixed chgs—
2,341,578
$4,000,000 Unsecured Notes—
Company, a registered holding company, has filed with the Securities
and Exchange Commission a declaration (File No. 43-93) covering the
issuance of not exceed $4,000,000 of 3% unsecured notes under a bank
credit agreement pursuant to which the company will pay an initial com¬
mitment fee of K of 1% quarterly on the $4,000,000.
The agreement
runs to Dec. 31, 1937, but is automatically renewed upon payment by the
company of an additional quarterly commitment fee of H of 1% of the
credit to be extended.
The notes will be issued to certain banks (but
not jointly) when and as funds are needed and will mature Oct.
1, 1939.
Proceeds will be used for expansion, additions, or replacements.
Oppor¬
tunity for hearing in the above matter will be given at 10:00 a. m. Dec. 6.
To Issue
1,117
x$49,918
American-Hawaiian Steamship Co. on a
Gross revenue
49,275
2,045,452
1,756,183
1,057
$18,426
"
Period End. Oct. 31—
$4,396,409
Net income
Divs. on 7% cum.
2,900,000
847,916
847,916
x$14,999
33,802
The
$14,949,533 $14,664,183
at
(before approp.
«
Ogilvie Flour Mills
& other
for retire,
6M%.
y
Oceanic &
See
19,755,020
Net oper. rev.
Other income
profit
Loss,
$61,952
40,769
1,700
—.
Surplus
x
1937—12 Mos.—1936
expenses, mainte¬
and taxes..
inc.
Net
x$18,640
3,641
$29,673
paid
Interest
$42,215
19,737
$63,711
z34,038
income...
Federal income taxes (est.)..
Undistributed profits tax
Subs.)—Earnings
1937—9 Mos.—1936
nance
Net oper. rev.
Total
Depreciation..
$145,457
164,097
$125,361
43,864
11,575
4,560
1,651
Operating profit-
$247,606
205,391
$98,040
27,321
Expenses.
1936
$1,703,280
1,455,675
$357,997
259,957
30—
Preferred dividends.
Northern States Power
Period End. Sept. 30—
1935
1937
$2,249,895
1,891,898
Years Ended Sept.
Other income
The
Power
312
No
a
net
stock dividends not declared or
land
$41,052
596
Net operating revenues.
and its
for this
896,228, equivalent on a per share
$38.50
7% pref. stock, $39.37M,
p. 1268.
67,942
14,810
11,571
18,180
al0,067
Maintenance
Accrued at rates currently
by the public,
$135,376
$123,552
67,069
misc.)
Misc. interest paid
Dividends
$4,941,026
$6,638,435
Net income
Note—The company is making no provision
for the year 1937 as it is contemplated
taxes
Balance before
Balance
a
2,440,813
2,445,576
$10,985,785 $10,590,003
3,713,317
5,075,191
582,282
532,994
—
51,750
40,792
Gross income
of debt discount
miscel.
1,081,983
1,053,537
Appropriation for retirement reserve
Amortization of debt discount
$11,948,832
retire, res.)—$12,377,823
inc. (before approp.
Net oper. rev. & other
retirement reserve)
Interest charges
Subs.)— Earns.
Co. (Minn.) (&
30—
13,168
$328,580
279,813
1,486,027
88,495
1,852,364
71.861
(less res've)
$2,039
402,368
1,486,027
84,124
$2,089
402,368
Profit & loss acct._
other
1936
1937
Liabilities—
Mlscell. accts. pay.
25,000 Reserve account..
b Capital stock...
1936
50,000
•
I
1937
in
30
Sheet Sept.
$43,274
Assets—
Cash
cos.
32,021
$89,312
$104,371
100,000
-—
Balance
Shares
$108,613
12.720
30,501
profit
Dividends paid
Northern States Power
declared an extra dividend of $6 per share on
the common stock, oar $100, payaole Dec. 22 to holders of record Doc. 3.
The regular quarterly dividend of $2.50 por share which had bee j orevionl<y
declared likewise bears the above dates.
An extra dividend of $5 was paid
on Dec. 19, 1936, and extra dividends of $2 per share we^o distributed on
March 19. 1936, March 19. 1935. March 19, 1934. Dec. 19, 1931 and on
Dec. 19, 1930.
In announcing the current dividend Pras. Jenks stated:
"Total dividends
for the year are equivalent to a return of 4.48% unon property investment.
From present indications earnings for the year will amount to approximately
6.47% upon the property investment.
"These earnings upon the relatively small capital stock have been realized
In part as a result of low fixed charges, due to retirement during the past
12 years of more than $71,000,000 of funded debt, and conservative
for more than three decades of expending large amounts of net income in
The directors on Nov. 23
prosperous years
-
Net
a
I936
1937 _
$102,091
32,780
&c
sales of securities
Period. End. Oct. 31—
Railway tax accruals...
21 Months
Year End.
Sept. 30—
Income from dividends, interest,
Expenses
—V. 145, p. 3204.
Interest
Ltd.—Special Meeting
Corp.,
Northern Canada Mining
The company
of
company
3204.
North American
Power Co. system for the week
kwh., an increase of 7.4% com¬
week last year.—V. 145, p. 3354.
Electric output of the Northern States
ended Nov. 20, 1937, totaled 26.990,322
The directors on Nov. 23
common
3505
Financial Chronicle
145
Volume
Net income
Divs. on
preferred stock
Balance
x
No
746,379
125,000
9,478,891
2,125,000
8,153,969
$611,203
280,686
$642,709
277,233
$8,038,169
3,232,012
$7,799,971
3,771.434
$330,517
$365,476
155,577
$4,806,157
1,866,923
$4,028,537
1,866,917
829,944
200,000
155,577
$209,899 $2,939,234 $2,161,620
1936 for Federal surtax on undistributed
$174,940
provision was made in
been
Erofits asmade for such tax infor that year was distributed.
all taxable income 1937.—V. 145, p. 3354.
as
1,450,000
No provision
Co.—Special Dividend—
The directors have declared a special dividend of 50 cents per share in
addition to the quarterly dividend of 30 cents per share on the common
stock, both payable Dec. 22 to holders of record Dec. 10.
The special
Ohio Finance
3506
Financial
dividend will be paid in 5% notes.
paid on Oct. 1, last.
See V. 144.
payment*.—"V. 145, p. 2701.
Chronicle
A5 quarterly
p.
dividend of 30 cents was
3684 for record of previous dividend
Nov.
1937
27
Pennsylvania Glass Sand Corp.—Dividend Doubled—
The directors
on Nov. 23 declared a dividend of
50 cents a share on com¬
stock voting trust
certificates, payable Dec. 15 to holders of record
Dec. 6.
This compares with 25 cents
paid on Oct. 1 and on July 1 last,
while on Dec. 15, 1936, an initial dividend of
50 cents per share was paid.
—V. 145, p. 3355.
mon
Ohio
Valley Gas Corp.—Trustee—
Toe Marine Midland Trust Co. of New York has been
appointed trustee
under trust agreement dated as of Jan.
1, 1938, to secure $255,000
amount of
Otis
five-year7M% secured notes due Jan. 1,1943.—V. 145,
principal
p.
616.
Pere
Company—Par Value Reduced—
Stockholders
Marquette Ry.—Earnings—
Period End. Oct. 31—
1937—Month—1936
1937—10 Mos.—1936
$3,038,423
$3,154,233 $27,275,334 $26,374,597
2,216,632
2,014,319
20.761,109
19,344,762
...
the annual meeting held Nov. 16 approved reduction
O par value of the company's
40,800 shares from $45 to $30 per share,
involving a payment of $15 to be made on Nov. 23 to stock of record
Nov. 19.
Stockholders also approved change in location of the
Operating
Operating
principal office from Ware
Railway tax accruals
$821,790
169,033
$1,139,913
267,935
$6,514,224
1,415,714
$7,029,834
1,775,757
Operating income
Equipment rents (net)..
Joint facility rents (net).
$652,757
64,871
68,011
$871,977
69,609
63,889
$5,098,510
437,586
514,764
$5,254,076
Net ry. oper. income.
Other income...
$519,874
17,920
$738,478
22,038
$4,146,160
313,743
$4,260,425
368,690
Total income
Misc. deduct, from inc..
Fixed charges
$537,794
4,541
277,035
$760,517
3,981
277,321
$4,459,903
57,724
2,773,369
$4,629,115
57,025
2,794,501
Net income
Inc. applied to sinking &
other reserve funds...
$256,238
$479,214
$1,628,809
$1,777,588
3,326
3,097
$1,625,483
$1,774,491
Pacific
at
to Boston.—V.
revenues
expenses
Net oper. revenue
company's
145, p. 3206.
Indemnity Co.—Extra Dividend—
The directors have declared an extra dividend of
10 cents per share in
addition to a quarterly dividend of 40 cents
per share on the common stock,
$10, both payable Jan. 1 to holders or record Dec. 15.
Similar payments were made on Oct. 1,
July 1, and on April 1 last.
An extra divi
idend
of 20 cents in addition to a quarterly dividend of
30 cents per share was
paid on Jan. 2, 1937.—V. 145, p. 1595.
par
Pacific Public Service Co.
(& Subs.)—Earnings'
(Including Coast Counties Gas & Electric Co.)
Period End. Sept. 30—
1937—3 Mos.—1936
1937—9 Mos.—1936
Operating revenue
$1,448,175
$1,344,532
$4,284,409
$3,876,712
Operation.
585,444
508,291
1,667,302
1,492,411
Maintenance & repairs.>
37,789
37,240
119,160
118,392
Deprec. & amortization.
161,572
164,831
496.143
494,137
Taxes (other than Fed.
inc. & profits taxes)..
90,923
72,504
260,670
215,693
Net operating revenue
Other income
$572,446
11,923
$561,664
20,081
$1,741,134
Total income
Interest on funded debt.
Amortiz. of debt disc. &
$584,370
68,050
$581,746
72,550
$1,774,045
207,500
$1,606,133
expense
$1,556,078
50,054
32.910
221,000
3,228
Other int. & deductions,
x Prov. for normal Fed.
3,228
892
9,686
1,557
9 686
282
► income tax (estimated)
Divs. on pref. stock of
84,567
76,871
253,617
222,493
subsidiary
53,296
.
of 1st pref.
53,296
159,889
159.889
$374,907
$1,141,795
$0.92
...
$0.92
$2.81
$2.44
Pacific Western Oil Corp.—75-Cent Dividend—
The directors have declared
mon
a
dividend of 75 cents per share
on
an extra dividend of 75 cents
per share in
quarterly dividend of 50 cents per share on the common
stock, both payable Dec. 20 to holders of record Dec.
8.
Previous extra
dividends were paid as follows: 50 cents on
July 1, last; 25 cents on Dec. 22,
1936; 50 cents on Dec. 15, 1936, and 50 cents on Nov.
1, 1936.—V. 145,
2239.
p.
Permutit Co.—Initial Common Dividend—
The directors have declared an initial
dividend of 50 cents per share on
the common stock,
payable Dec. 20 to holders of record Dec. 1.—V. 132,
2212.
p.
Pettibone Mulliken
Packard Motor Car Co.—Deliveries—
daily, five days
with orders, Mr. Gilman said.
a
week, in
Period End. Sept. 30—
1937—3 Mos.—1936
1937—9 Mos.—1936
Net profit
$1,698,587
$595,251
$4,244,523
$2,196,263
Earnings per share
$0.36
$0.12
$0.90
$0.46
x After
depreciation, depletion and Federal taxes.
before provision for
possible surtax on undistributed profits,
y On 4,702,944 shares of common
y
(par $5).,
Si Dividend—
1937
$242,000
228,000
183,000
$216,000
126,000
153,000
$333,000
212,000
.$653,000
$495,000
$874,000
$601,000
.$204,000
October
—V.
145,
p.
$200,000
$301,000
$176,000
Pet Milk Co. (& Subs.)*
1937
Assets—
Balance Sheet
1937
898,872
2,939,699
Accounts payable.
Notes pay. to bks.
55*864
970,994
Acer. sals. & wages
Accrued taxes
35,447
2,178,281
59,744
23,524
15,048
Sundry accts. pay.
88,717
81,599
158,497
Fed. income tax..
249,757
324,941
17,679
4,745,518
15,379
Notes payable, not
2,437,406
652,392
650,567
hand
accts.
rec._
agents
Inventories
Invest. & advs
Real est., mach.
& equipment
Goodwill
6,950,548
912,505
124,193
6,036,309
945,447
16,503,511
Park &
Tilford, Inc.—Special Dividend—
Nov. 19 declared a
special dividend of $1 per share
a
quarterly dividend of 50 cents per share on the common
stock, par $1, both payable Dec. 20 to holders of record
Dec. 1.
on
Total
$
1,407,510
1,473,312
2,400,000
800,000
800,000
Res. for insurance.
236,827
231,099
Res. for contlng..
MIn. int. in subs.,
150,000
4,797
3,794
Common stock..
7,798,534
3,272,180
7,798,534
3,045,474
16.503,511
14,123,112
14,123,112
112,262
$
current
z
Earned
surplus._.
The
The directors
1936
Liabilities—,.
Due from em pi. &
y
Sept. 30—
$
Customers' accts.
Misc.
329,000
1936
$
Cash in banks and
on
1936
$229,000
182,000
190,000
952.
Def. chgs. to oper.
directors have declared a dividend-of
$1 per share on the common
stock, par $5, payable Dec. 21 to holders of record Dec.
6.
This dividend
will be paid in 7 year
3J^% notes.
A dividend of 60 cents per share also
payable in these notes was distributed on Dec.
21, 1936.—V. 145, p. 1431.
follows:
Shipments
1936
July.
August
September
& notes receiv..
x
were as
-Bookingsmi
x
Pan-American Petroleum &
Transport Co. (& Subs.)
1936
$58,681
244.000
expenses.
According to corporation's books, bookings and shipments
an
declared.—V. 145, p. 2860.
1937
x$101,754
371.000
These earnings were equivalent to 67 cents
per share on the new stock
after depreciation and interest but before
Federal taxes and certain reor¬
x
Third quarter
The company now has
bank of 14,000 unfilled orders from
distributors and dealers, he said.
Packard plans to operate at capacity
throughout December, Mr. Gilman
stock
Corp., Chicago—Earnings-
Profit before deprec. int. & Federal taxes
Unfilled orders Nov. 1
com¬
Retail deliveries during the first 10
days of November totaled 2,284 units,
an increase of
10% over the 2,044 deliveries reported for the first 10 days
of October.
Deliveries were also ahead of those
reported in the like 10
days of November a year ago, M. M. Gilman, Vice-President
and General
Manager, stated.
Packard is operating two eight-hour shifts
a
Perfect Circle Co.—Extra Dividend—
ganization
the
stock, payable Dec. 15 to holders of record Nov. 26.
This compares
with 65 cents paid on Dec.
18, 1936; 25 cents paid on Dec. 23, 1935; 40
cents on Nov. 30, 1934, and a dividend
of 25 cents per share distributed
on Oct. 25,1933, this latter
being the initial payment on the issue.—V. 145,
P.L3206.
catch up
$479,214
Quarter Ended Sept. 30—
Does not include any provision for
surtaxes on undistributed
profits.
—V. 145, p. 3354.
to
$256,258
The directors have declared
addition to a regular
$991,130
x
effort
transfer¬
able to profit & loss.
—V. 145, p. 2703.
stock held
by public
balance
1,934
$374,946
co
Net profit to surplus.
Consol. earns, per share
Inc.
Cr20
512,272
481,378
Total
150,000
After
reserve for doubtful debts and discounts of
$118,245 in 1937 and
$86,060 in 1936.
y After reserve for depreciation of $6,200,847 in 1937 and
$58,898,765 in 1936.
z Represented
by 441,354 no par shares.
The earnings for three months ended
Sept. 30 were published in V.
145, p. 3355,
x
in addition to
__totai dividend of $1.50 will be
payable in cash but stockholders
have the option to receive
6% cumulative preferred stock in lieu of
cash in ratio of 50 cents of
par value of preferred for each 50 cents of divi¬
dend.
This option must be exercised
before Dec. 14.
The company states that in view
of the additional dividend of $1 on the
common, the quarterly dividends of 50 cents
which would normally be
declared in March and June,
1938, may not be declared.
Last previous dividend was 50
cents, paid Sept. 20 last, with option
will
to take cash
or
preferred stock.—V. 145,
p.
3207.
Peninsular Telephone Co<—Extra Dividend—
The directors have declared
addition to the regular
no par value.
of record
p.
2668.
Pennsylvania RR. Regional
System—Earnings—
'Excludes L. I. RR.
and B. & E.
RR.]
1937—Month—1936
1937—10 Mos.—1936
revenues_$39,978,176 $42,642,227 $394064,936
$363446,707
expenses. 27,925,133
29,073,605 289,522,515 258,235,367
Period End. Oct. 31—
Railway
Railway
oper.
oper.
W Net rev. from ry. oper.$12,053,043
$13,568,622 $104542,421 $105211,340
K91IWQV
9
9R1
Ann
O
Am OAT
Railway f.a.vaa
taxes
3,361,600 " 3,040,247 "25,961,400
23,479,044
Unemploy. insur. taxes.
358,267
174,234
3,757,932
1,636,822
xRR. retirement taxes.
556,342
650,128
5,089,080
4,560,984
Equip, rents (Dr.) bal._
368,784
258,303
3,063,348
5,499,818
Joint fac. rents (Dr.) bal.
162,142
232,508
1,553,648
2,158,888
O r
Net ry. oper. income.
$7,245,908
$9,213,202
r\f*t
Ar\r\
r»r»
oj
a
$65,117,013 $67,875,784
x Amount of
$650,128 included in October, 1936 and
$4,560,984 in the
10 months period of that
year, on basis of charge of
3K % of payroll, effec¬
tive March 1, 1936.
Earnings of Compnay Only
Period End. Oct. 31—
1937—Month—1936
1937—10 Mos.—1936
Railway oper. revenues.$39,902,999 $42,559,658
$393246,228 $362579,512
Railway oper. expenses. 27,829,387
28,988,939 288,607,704 257,331,040
Net rev. from ry.
oper.$12,073,612
Railway taxes.
3,348,994
Unemploy. insur.
taxes.
RR. retirement taxes.
rents (Dr.) bal„
Joint fac. rents (Dr.) bal
x
Equip,
Netry.
oper. income.
$13,570,719 $104638,524 $105248,472
3,027,521
25,869,940
23,386,656
358,976
173,477
3,755,453
1,634,808
557,915
648,897
5,080,476
4,551,295
367,092
256,791
3,047,671
5,485,871
162,465
232,854
1,556,876
2,161.958
$7,278,170
$9,231,179 $65,328,108 $68,027,884
Amount of $648,897 included in
October, 1936 and $4,551,295 in the
10 months period of that year, on basis of
charge of 3H% of payroll,
effective March 1, 1936.—V.
145, p. 3207x
The plan
was due Nov. 19, but the
company, in a petition filed by its
counsel, William Clarke Mason, said that details could not be worked out
because of economic and legislative difficulties in the
anthracite industry,
of which however, are
expected to be cleared up by congressional
most
action
The
soon.
bondholders' protective committee the ref. mtge. 5s
(George W.
Chairman) said in a communication to bondholders, that since
was
formed there has been deposited with it more than
$7,300,000 of the Donds.
As this amount is in excess of 25% of the total
bonds of this issue outstanding and in excess of
10% of the total indebted¬
ness of the company, the committee is in a
position, under Section 77-B,
to propose at any time a plan of
reorganization.
But the committee added: "We do not
believe, however, that this is an
opportune time to offer a plan.
We believe that before any plan can be
formulated which would do justice to the bondholders and meet with
the
approval of the court, further progress will have to be made toward the
solution of the problems of anthracite coal
industry as a whole, and there
the
an
144,
The company has been granted an extension of
three months in which
plan for the reorganization of the company under Section 77-B.
to present a
Norris,
extra dividend of 40 cents
per share in
quarterly dividend of like amount on the common
The extra dividend will be
paid on Dec. 22 to holders
Dec. 15 and the regular
quarterly distribution will be made on
Jan. 1 to holders of record Dec.
15.---V.
stock,
Philadelphia & Reading Coal & Iron Co.—Granted
Reorganization—
Extension for Plan of
committee
will have to be some further evidence of the
earning capacity of this
com¬
pany."
It was announced that each of the four bond-holders'
protective com¬
mittees has appointed a representative to act as a committee of the whole.
It is composed of George W. Norris,
representing the Philadelphia refunding
5% bondholders' protective committee James J. Kann,
representing the
New York refunding 5% bondholders'
protective committee, C. A. Sullivan,
representing the Philadelphia 6% debenture bondholders' protective com¬
mittee
and Jacques Cohen, representing the New York
6% debenture
bondholders' protective committee.
Mr. Sullivan was elected Secretary
of the committee of the whole.—V.
145, p. 2087.
Pierrepont Hotel Corp., Brooklyn, N. Y.—Earning
Period Ended Sept. 30, 1937Gross profit
Other
Month
$19,296
on
certificates
on
...
chattel mortgage
$150,656
6,817
$20,027
8,160
3,243
2,680
Total gross income
General unapportioned expenses
Real estate taxes
Interest
Interest
$157,473
79,086
29,190
24,120
59
Extraordinary expenses—reorganization
fees, incl. costs of recording mtges., &c..
Adjustments from accrued income to cash income,
as
reflected in variations of accts. receivable
made in 1937
tional sales agreement
Capital additions
Available net earnings.
on
principal
703
and trus¬
tees'
Payments
9 Months
731
income
on
14,426
233
Crl64
1,366
Cr39
12,296
3,530
$4,324
loss$5,714
condi¬
Volume
Financial
145
$1,072,000 1st mtge. fee (3%-4%) ctfs. due July 1. 1951, int. payable
issued pursuant to a plan of reorganization consummated early
proceeding entered into under Section 77-B of Bankruptcy Act.
In accordance with the terms of the plan, holders of former first mortgage
fee 5%% sinking fund bond certificates received in exchange an equal face
amount of new bonds, together with a non-detachable and non-interestbearing warrant due and payable and maturing on July 1, 1951 (providing
such certificate shall not have been redeemed, paid or retired prior to such
date), evidencing the pro rata share of the certificate holder in and to
interest on said principal sum of $1,072,000 new bonds from June 1, 1934
to July 1, 1936, at the rate of 1 >£% per annum.
Interest shall be at the fixed rate of 3 % per annum for the first five years,
and 1% additional interest, if and to the extent earned.
After five years,
fixed interest is at the rate of 4% per annum.
Additional interest is noncumulative.
Additional interest applies only to first five-year period.
Company shall deposit with the trustee on March 1 each year, commencing
March 1, 1937, such portion of the net earnings for the preceding calendar
year as shall be available therefor from such net earnings for such calendar
year or portion thereof, not exceeding 2%% of the largest principal amount
of said certificates (excluding, however, the face amount of warrants at¬
tached to such certificates) issued and outstanding at any time during such
calendar year.
Bonds purchased for such funds may be deposited by the
company with the trustee in lieu of cash.
There is a first chattel mortgage which is held by I. & I. Holding Corp.
This mortgage and the obligation secured thereby in the aggregate prin¬
cipal amount of $32,790 shall be liquidated by 24 monthly payments of
$1,366.27 each, with interest at the rate of 4% per annum from Sept. 17,
1934, on the unpaid balance, payable monthly with each monthly payment.
The first payment was made in November 1936.
Through October 1937
the company had made 12 monthly payments on account of principal,
totaling $16,395.27, leaving a balance of $16,395.28 to be paid.
In addi¬
tion there is a second mortgage of $85,759 and warrants payable total
$33.500.—V. 126, p. 3941. *
The
J. & J. 1, were
in 1937 in a
Pittsburgh Coke & Iron Co.—Dividend Plan Voted—
stock on Nov. 18 authorized the issue
Holders of the company's preferred
in 1937 of not exceeding 7,500 shares of $5 preferred stock as a
dend on the common stock, if in the discretion of directors it
stock divi¬
is deemed
advisable to declare such a dividend.
convertible debentures, however, have indicated
the recent decline in market quotations
Holders of the 10-year
that owing among other things, to
preferred stock, they did not deem it wise to lift the restrictions on
payment of the dividends on the common stock, which are provided for in
a trust agreement securing such debentures.
Definite action by the holders of these debentures will be secured at an
early date, it was said after which directors will definitely determine what,
if any dividend on the common stock can be paid at this time.—V. 145,
p. 3208.
for the
Pittsburgh Screw & Bolt Corp.—Completes New Financ¬
ing
"V
-
this year sold privately $1,500,000 4J£% 1st mtge.
bonds, dated May 1, 1937, due May 1, 1948, payable first five years $60,000
per annum, subsequent years $200,000 per annum.
Payment may be
anticipated at 3% to May 1, 1942, premium reducing ^ of 1% each year
The company earlier
thereafter.
On April 1, 1937, company
neogtiated five serial notes each in the amount
or a total of $700,000.
Interest average 3 1-3%.
Serial
paid in full from proceeds of sale of 58,302 shares of treasury stock.
The company also sold privately 58,302 shares of stock formerly held
inlits treasury, proceeds being used in part to pay the serial notes.
of
$140,000,
notes
New Directors—
Three
<.
directors have been elected to the board of
new
directors—George A.
Blackmore, President of Westinghouse Airbrake Co.; John 8. Craig and
Leon E. Hickman.
There were two vacancies and the board is increased
to 10 from 9.—V. 145, p. 3355.
Pittsburgh Thrift Corp.—Extra Dividend—
of 20 cents per share in
quarterly dividend of 17 M cents per share on the
The directors have declared an extra dividend
addition to the regular
common
p.
stock, both payable Dec. 20 to
holders of record Dec. 1.—V. 141,
3871.
Plymouth Oil Co.—Earnings—
1937—Month—1936
$257,965
$142,878
Period End. Oct. 31—
Net after all charges
$0.14
$0.25
Earnings per share
Extra Dividend
1937—10 Mos.—1936
$2,371,936
$1,409,176
$2.26
$1.34
—
declared an extra dividend of 25 cents per share in
quarterly dividend of 35 cents per share on the
stock, par $5, both payable Dec. 22 to holders of record Dec. 6.
See V. 144, p. 3515 for record of previous dividend payments.—V. 145,
p. 2703.
The directors have
addition
to
the regular
common
Plywood Container Corp. of Missouri—Registers
3507
Chronicle
with
SEC—
A special dividend of 15 cents was paid on Dec. 23, 1936; ah extra of 15
2, 1936, and an extra dividend of 5 cents was paid on Aug. 1,
1936, at which latter time the regular quarterly dividend was raised from
10 cents to 15 cents per share.—V. 145, p. 1597.
cents on Nov.
Puget Sound Distillery, Inc.—Registers
See list given on
first page of this department.—V. 145, p.
has filed papers with the Securities Division of the
Department of Public Utilities in connection with its application for
The company
2087.
of—
Coal mined (tons)
—V. 145, p. 2703.
Oct. 1937
151,293
„
Sept. 1937
152,926
individuals and institutions.
stock Geqrge Putman, a trustee, holds 10,225 shares
Cunningham, a trustee, 100 shares and Charles M. Werly, a trustee,
75 shares.
As of Nov. 4, 1937, the Trust had a liquidating value for each
of the 10,400 shares of $14.50 a share.
The S. H. Cunningham Co. is the exclusive general distributor of the
shares of beneficial interest.—V. 145, p. 3209.
trust for
Of the outstanding
S. H.
Prairie Cities Oil Co., Ltd.—Offer for Assets—
offer from the North Star Oil, Ltd., to pur¬
the company, and the shareholders will be asked to vote on the
matter in the near future.
Under terms of the offer, shareholders would
receive $300,000 in cash in return for the transfer of the assets of the
company.
North Star Oil, Ltd., would also assume all liabilities, in¬
cluding the $415,000 mortgage bonds of Petroleum Kealty Corp., whollyowned subsidiary.—V. 143, p. 2532.
Directors have received an
chase
Co. of New Hampshire—Earnings —
a
—
dividend of 75 cents
Jan. 1, 1938, to
The directors, at a meeting held Nov. 26, declared a
share on the 6% cumulative preferred stock, payable
This payment represents one-half
the regular quarterly dividend on the stock, upon which the full dividend
has been paid, without interruption, from the date of the original issue.
The reasons for the reduction of dividend are set forth in a letter which
is being sent by Edward F. Barrett, President of the company, to the pre¬
ferred stockholders, and reads in part as follows:
The gross earnings of the Queens Borough Gas & Electric Co. increased
during 1937 and the company has had a healthy growth; it has added over
1,200 new gas and over 1,300 new electric customers, and has earned its
of record
holders
1937.
15,
Dec.
on
E referred stock dividend requirements. Compelling their business judg¬
moved your board of directors, in the exercise of reasons, however,
ave
of the company, to reduce
preferred stock dividend. The company, as you know,
quarterly on this preferred stock without interruption
and throughout the recent depression, from the date of the original issue of
such preferred, stock
Certain matters have seriously affected the entire utility industry, in¬
cluding your company. Some of these happenings are national in character
and others are peculiar to the local situation.
The State of New York
imposed a tax of 2% on the gross operating income of the company in
territory outside of New York City. This new tax became effective July 1,
1937, and takes approximately $65,000 of gross annual income. There have
also been large unavoidable increases in labor costs estimated at over
$135,000 per year, most of which became effective shortly after July 1.
These increases in labor costs followed very closely Federal and State labor
legislation and the apparent governmental support of new labor programs.
The retirement annuity and pension system made effective by your com¬
pany during the present year, in accordance with similar effort of nearly
all other business corporations to provide enough in addition to the Federal
Old Age Benefit tax to make reasonable monthly payment to employees
upon retirement, will cost about $70,000 annually.
Increased costs of
materials entering into the manufacture of gas and production of electricity
ment and for the
protection of the best interests
the 6% cumulative
has paid dividends
amount
to
$100,000 a year.
taxes on the
Increased New York City assessments and
within the city are also a factor in
property or your company
largely increased operating expenses of the company.
Furthermore, there has been constant agitation for decreased rates in
your company's territory.
The company has had for some years past
rate proceedings pending before the Public Service Commission, during
the course of which the Commission in 1933-34 imposed a 15% decrease in
electric rates for a year's period, which was enjoined by the courts, and is
now being reviewed in the rate proceedings.
These rate proceedings are
now being expedited, and various other matters pending before the Public
Service Commission in relation to the purchase of subsidiary companies
of the Queens Borough Gas & Electric Co. have been completed before the
Commission.
The determination of the rate case and of these last men¬
tioned proceedings will undoubtedly be made early in 1938.
Since no one
can forecast the outcome, it seems wise and expedient to provide for eventu¬
alities which may further reduce the company's revenues.
In the mean¬
time, the company must continue to furnish the best possible utility service,
both gas and electric, to its customers.
In order to do so, the operating
officials have estimated that the new money requirements for the company
for 1938 approximate $700,000 for necessary additions and extensions to
the property.—V. 145, p. 2704.
„
the
Queensboro Gold Mines,
The Securities and
Period End. Oct. 31—
1937—Month—1936
$491,712
228,079
$510,516
275,617
inc.)
25,223
66,933
8,418
$136,247
4,584
$140,831
56,018
interest (net)--Crl,398
deductions
8,902
1937—12 Mos.—1936
$5,991,068
2,881,631
$5,338,307
2,651,452
264,784
763,757
118,501
$188,282
4,186
$1,979,067
38,566
$1,804,597
35,394
$192,468
52,226
3,244
9,271
$2,017,633
665,008
Cr9,595
111,343
$1,839,991
618,008
16,185
117,879
11,500
73,429
Net oper.
income
Non-oper. income
(net).
Gross income
Bond interest
Other
Prov. for
special reserve.
$77,309
Net income
19,800
134,230
$116,227
$1,231,077
$953,689
865,586
52,176
47,384
616,850
557,780
Notes—The above figures include the operating results of the New
Hampshire Power Co. from March 31, 1936.—V. 145, p. 2704.
Pref. div. requirements.
Progress
Corp .—Special Master's Report
Subject to Certain Modifications—
acceptance of the plan of reorganization with
Radio-Keith-Orpheum
recommending
certain modifications, was filed Nov.
with Federal -Judge William Bondy.
declared an extra dividend of 10 cents per share in
the regular quarterly dividend of 15 cents per share on the
stock, no par value, both payable Dec. 1 to holders of
Nov. 20.
Like amounts were paid on Sept. 1, last.
Extra dividends
The directors have
addition
to
5 cents were
record
of
paid on June 1 and on
March 1, last.
23 by George W. Alger,
special master,
modification which he suggested, the
plan, which had the backing of the Atlas Corp. and other security holders,
was fair and equitable.
He recalled that under the plan holders of deben¬
ture notes and also general creditors would receive 100 cents on the dollar in
new securities,
and that stockholders would receive one share of the re¬
organized company's issues for every two s,hares they now hold.
The report Tecommends that 500,000 shares of new stock be issued to
Rockefeller Center, Inc., in exchange for its claim against R.-K.-O., the
valuation of which was fixed at $9,150,628 by Thomas D. Thatcher, former
Solicitor General, sitting as a referee some months ago.
Mr. Alger noted
that this stock was worth $10 to $12 a share, and that Rockefeller Center
Mr.
Alger ruled that, subject to
would receive $6,000,000
He ruled in his
for its claim.
„
...
opinion that there was no
-^a
a
Edward
involves
due compensation.
by
merit in the claim of
Hickey of Washington, D. C., a stockholder, that the plan
a pro¬
posed seizure of property without due process of law or
Mr. Alger suggested that the term "available income" used
propo¬
nents of the plan in connection with new debentures should require a more
concrete definition if "the word is to be of any substantial value as a pro¬
tection to debenture holders."—V. 145, p. 3356.
Period End. Oct. 31—
Total ry. oper. revs
Total ry. oper. exps
1937—Month—1936
$4,958,024 $5,446,947
3,501,893
3,437,895
from ry. oper.
$1,456,131
254,833
Net
rev.
1937—10 Mos.—1936
$50,040,0^9 $48,611,357
34,671,761
$2,009,052 $15,368,278
33,183,373
3,852,717
4,285,627
$1,201,298
Equipment rents (net)_67,706
Joint facil. rents (net)__
6,702
$1,451,390 $11,515,561
$11,142,357
income. $1,275,706
2862.
$1,530,849 $12,057,105
Railway oper. income-
Net ry. oper.
—V.
145,
p.
Reliable Stores
Period End. Oct. 31—
Consolidated net sales..
—V. 145, p. 2704.
Remington
557,662
87,162
Dr7,703
516,570
24,974
Dr47,107
$11,564,180
Corp.—Sales—
1937—Month—1936
$856,010
$978,606
Rand, Inc.— Interim
Directors on Nov.
Laundry Co.—Extra Dividend—
common
pursuant to Section 8(d) of
has suspended the effectiveness
filed by the company, an Ontario
Urges Acceptance of Plan
Railway tax accruals—
Federal taxes (incl.
Other
Ltd.—Stop Order—
Exchange Commission,
Reading Co.—Earnings—
(Including Manchester Street Ry.)
Operating revenues.
Operating expenses
State & municipal taxes.
Co. —Preferred Divi¬
Queens Borough Gas & Electric
dends Reduced
A report
Service
quali¬
corporation.—V. 144, p. 1974.
Oct. 1936
188,250
Portland General Electric CoListing of Add'l Bonds —
The Boston Stock Exchange has approved for addition to the list $1,216,000 1st & ref. mtge. gold bonds 4Yi% series, due Sept. 1, 1960, in addition
to $40,000,000 presently listed.
The $1,216,000 principal amount is represented by one additional bond,
which was issued by the company on Aug. 1,1937, and immediately pledged
with Chase National Bank, New York, as part of the collateral security for
two 4% bank loans due July 1, 1939, made to the company by Chase Na¬
tional Bank, New York, and Harris Trust & Savings Bank in the principal
amounts of $1,400,000 and $100,000 respectively.—^V. 145, p. 2862.
Public
Mass.
There are 10,400 shares $1 par)
already issued and it is now proposed to offer for sale 250,000 shares.
Capi¬
talization consists of an unlimited number of shares of beneficial interest,
all having equal rights.
All of the proceeds from the proposed issue will be invested in securities
or held in cash pending investment.
Assets of the Trust may also be used
to repurchase shares or the Trust.
The Fund will operate as a management
fication of its shares of beneficial interest.
Securities Act of 1933, as amended,
of the registration statement (No. 2-2922)
Pond Creek Pocahontas Coal Co .—Output—
Month
Boston—Proposes to Offer
(George) Putnam Fund of
250,000 Shares for Sale—
the
See list given on
with SEC—
first page of this department.
23 declared an interim
1937—10
Mos.—1936
$7,618,534
$6,961,812
Dividend —
dividend of 25 cents per share on
$1, payable Jan. 3 to holders of record Dec. 13.
An interim dividend of 35 cents was paid on Oct. 1, last; one of 25 cents was
paid on July 1, last, and previously, quarterly cash dividends of 15 cents,
and stock dividends of 1 % distributed.
In addition, a special dividend of
15 cents was paid on March 26, 1937.—V. 145, p. 2704.
the common stock,
par
3508
Financial
Chronicle
(R. J.) Reynolds Tobacco Co.—To Pay 60-Cent Dividend
The directors have declared
mon and
Doc
a
dividend of 60 cents per share on the com¬
class B common stocks, payable Jan. 3, 1938 to holders of record
4.
This'declaration
is in accordance with the company's plan as announced
Oct. 21 last and published in the "Chronicle" of Oct. 23. page 2704.
See also V. 145. p. 2704.
on
Roan
Antelope Copper Mines, Ltd.— Listing—
The New York Stock Exchange has authorized the listing of (1)
1,663,320
American shares, each representing four units of ordinary stock,
upon official
notice of issuance in substitution for an equivalent number of American
Shares, each representing four ordinary shares previously authorized to be
listed upon official notice of issuance; (2) 375 additional American Shares,
each representing four units of ordinary stock, upon official notice of issu¬
of the allotment on Aug. 11, 1937 to an employee of 1,500 ordinary
shares pursuant to the exercise of an option; (3) 3,327,390 additional Ameri¬
can shares, each
representing four units of ordinary stock upon official
notice of issuance on account of the authorization for issuance as a bonus
of two additional shares in
respect of each share outstanding on Oct. 1, 1937,
ance
making a total of 4,991,08o "American shares"
upon official notice of issuance.
The "American shares"
authorized
to
listed
be
issuable under the deposit agreement, dated
July 10, 1928. made between Chas. D. Barney & Co., American Exchange
are
Irving Trust Co. (now Irving Trust Co.), as depositary and all present
and future holders of certificates issued and to be issued under said deposit
agreement, as modified by an agreement dated Oct. 31, 1937.
Resolutions were adopted by the shareholders of the company at an
extraordinary general meeting held on Oct. 20, 1937.
The effect of the
resolutions is (1) to increase the number of authorized shares of the company
from 7,000,000 to 20,000,000; (2; to authorize the allotment of additional
fully paid shares to the persons registered as shareholders on Oct. 1, 1937
and to persons delivering to the company coupon No. 4 belonging to the
company's issued share warrants to fearer, in the proportion of two shares
for every share held, and (3) to change the designation of the
company's
shares, including those allotted as bonus shares but excluding shares repre¬
sented by share warrants, from "ordinary shares" to "ordinary stock."
The designation of the shares represented by share warrants will l>e similarly
changed upon surrender of the warrants for any reason.
Surh change in
designation does not, in the opinion of counsel, filter the rights of the holders
of tne company's shares and the change was made for the
purpose of facili¬
tating the effecting of transfers.
Under English law identifying numbers
are not required for sales of units of stock whereas the
identifying number
of each share sold must be listed on the bill of sale in the case of the sale
In a single transaction of
more
than
one
share.
Included among the shares outstanding on Oct. 1, 1937 were 1,500 shares
on Aug.
11. 1937 were allotted by a committee of directors to an
which
employee for 7s. 6d. per share, pursuant to the exercise of
an
option.
No
previous application for the listing of the 375 American shares, which
might have been issued against the deposit of such 1,500 shares, has been
made.
The 375 American shares which may be issued against the
deposit
of such 1,500 shares have therefore been included in this
application.
For the purpose of making available to the holders of "American shares"
the bonus distribution referred to above, the depositary will issue certificates
for two additional "American shares" for each "American share"
held of
record
a date to be fixed after such additional "American
shares" shall
on the New York Stock
Exchange upon official notice of
and registered unders the Securities Exchange Act of
1934, as
amended.
Holders of American shares entitled to the distribution
on
have been listed
issuance
may,
however, elect on or before the close of business on the third business day
following such record date to take delivery in London of the bonus
ordinary
stock to which they are entitled in registered form in lieu of
receiving sucn
additional "American shares."—V. 145, p. 2862.
,
^
Royal Typewriter Co., Inc. (& Subs )—Earnings —
3,Months Ended Oct. 31—
1937
$643,245
$705,673
Earnings per share..
$2.15
$2.38
x After
depreciation, Federal income taxes, &c., but before any provi¬
for Federal surtax on undistributed
profits,
y On 268,618 shares
common stock (no
par).—V. 145, p. 3020.
y
sion
Ruberoid Co.
—
Year-End Dividend
—
A quarterly cash dividend of 15 cents
per share,
to holders of record Dec. 6, was declared on
Nov. 23
In addition to the cash
stockholders,
as
a
payable on Dec. 20,
by the directors.
distribution, the directors voted to distribute to
dividend, registered promissory notes of the
year-end
company at the rate of $1.40 of face value for each of the
397,806 shares of
stock outstanding.
These notes in the total sum of $556,928.40 will bear
interest at the rate of
4% per annum and will be distributed at the same
time and under the same conditions as the cash
dividend.
The notes will
carry a due date of Dec. 20, 1940, but any or all of the notes
may be re¬
deemed, at the option of the corporation, at the face amount and accrued
interest at any time on or after March
20, 1938, upon 30
Redemption
of
days'
less
than
all
of
the
notes
will
be
made
by lot
notice.
by
the
corporation.
Herbert Abraham, President of the
company, stated that the object of
the directors in authorizing issuance of the
notes was to enable the
company
to have an
equivalent amount of cash available for general corporate
pur¬
poses. See V.
145, p. 1434 for record of previous dividend payments.
V. 145. D. 2862.
St. Louis-San Francisco
Ry.—Files Reorganization Plan
A modified plan of
reorganization for the company has been filed
with
the Interstate Commerce Commission
and with the U. S. District Court for
the Eastern District of Missouri
by the management.
The plan provides that the
outstanding $9,190,000 equipment trust
certificates and the $6,506,200 Kansas
City, Memphis & Birmingham bonds
will remain undistributed and that
$86,720,000 of
first mortgage
bonds be issued, which would result in interest
charges of only $3,252,000
In addition, there would be issued in
connection with the recapitalization
of
47° income bonds, $50,487,800 of 5% prior preferred stock;
292,944 shares of preferred stock, and 1,452,062 common shares.
Holders of Kansas City, Fort Scott &
Memphis bonds will receive under
the plan $16,792,700 of the first
mortgage bonds, $9,042,300 of income
bonds and 21,606 shares of common.
The outstanding $91,887,100 prior
lien, series A, would be exchanged for
$27,566,100 first mortgage bonds; $18,377,400 income
bonds, $22,971,800
prior preferred and 181,998 common shares.
$25,561,500 prior lien, series B, would be exchanged for
$7,668,400 first mortgage bonds, $5,112,300 income
4s, $6,390,400 prior
preferred and 56,256
common
shares.
For the consolidated, series
A, of which there are $108,305,000 out¬
standing, there would be issued $27,076,200 first
mortgages, $21,661,000
incomes, 16,245,800 prior preferred shares and 294,372 shares of
common.
For the consolidated, series
B, $10,000,000 outstanding, there would
be issued, $2,500,000 first
mortgages, $2,000,000 incomes, $1,500,000 prior
preferred and 31,032 common shares.
Reconstruction Finance Corporation loans,
amounting to $5,190 000
would be exchanged for $2,076,000 first
3%s, a like amount of income 4s.
$1,038,000 prior preferred and 6,588 common shares.
Railroad Credit Corporation would receive for
its loans, totaling $3,286.100, $985,800 of first mortgages, $985,800 income
bonds, $1,314,500 prior
preferred and 1,566 common shares.
Holders of bank loans,
aggregating $5,136,900. would receive $2,054,800
of the first
mortgage bonds, a like amount of income bonds, $1,027,300
prior preferred and 6,582 shares of common.
There would also be issued 655,432 shares of
new common for the
$65,294,944 of new preferred and 196,630 of new
common for the $49,157,400 of old
preferred.
The plan would scale down fixed-interest
charges from nearly $13,000,000
a year to
$3,956,000.
543,200 of old
common
and
Trustees Oppose Interest Paymentr
Primarily because operating
costs
going up and revenues down,
Judge Moore, have opposed
amounting to $950,260,
representing the April 1, 1933, coupon on bonds of the Kansas
City Fort
Scott & Memphis Division.
Application for the payment was made by
James H. Brewster, representing a bondholders'
committee.
Last month
the
trustees,
immediate
in
a
hearing
payment
of
before
overdue
are
Federal
bond
interest
special master John T. Hardin recommended to the Court that the
applica¬
tion be denied, but the committee filed
exceptions to the report.
Judge
Moore has taken the matter under
advisement.—V. 145, p. 2863.
1937
27,
Ry .—Reorganization Plan —
The Interstate Commerce Commission on Nov. 20 approved a plan of
reorganization pursuant to Section 77 of the Bankruptcy Act as amended.
The plan as approved provides:
The immediate capitalization of the debtor, after consummation of the
plan shall be substantially as follows: Maximum outstanding secured loan
of $1,700,000; and 12,590 shares of preferred stock, par value of $1,259,000;
and 10,000 shares of common stock without par value.
The preferred
stock, with certain exceptions, is to be issued on the basis of $1,200 for each
Brinson Railway bond and $240 par value for each Savannah & Atlanta
bond.
The outstanding $500,000
of receivers' certificates shall be surrendered
The outstanding $865,000 of Brinson Railway 5% mortgage
bonds, due May 1, 1935, and the outstanding $2,5x0,000 of Savannah &
Atlanta Railway 6% mortgage bonds, due May 1, 1935, shall be surrendered,
and the mortgages securing them satisfied of record and canceled.
The new company shall create its first mortgage which will be a first lien
on substantially all the property owned by the new company on the comple¬
tion of the reorganization (subjec t to equipment trusts, accrued taxes, and
except as otherwise provided) and with sucn exceptions as shall be approved
by tne court.
Bonds shall be issued under the mortgage which shall be
fixed obligations of the new company, mature in 25 years, bear interest at
the rate of 4
%. and be limited to the aggregate face amount of $2,000,000
at any one time outstanding.
The so-called Newtonville Lead, or Port
Wentworth branch, owned by the Port Wentworth Corp. (Ga.), and now
subject to the lien of the Brinson Railway mortgage shall not become sub¬
ject to the Jien of the first mortgage and title thereto shall remain vested
in Port Wentworth Corp.;
however, that the Newtonville Lead
shall be subject to the 99-year lease (to be assigned by the old company
to the new company) from Port Wentworth Terminal Corp. (N. Y.), to
the debtor, which lease was successively assigned by the lessor to the
Port Wentworth Co. ( Viass.). and by it to Port Wentworth Corp. (Ga.).
A sinking fund shall be arranged to become operative whenever any of the
bonds may be sold or become actually outstanding.
Such a sinking fund,
subject to the approv- I of this Commission fn connect,inn with actual
issue of the bonds, sh ill amount to not less than I % a year of the maximum
principal amount of such bo i. s -t. ?nv time outstanding.
Provision
should be made far calling such bonds for payment bcft.ro maturity upon
and canceled.
reasonable terms.
The new comoanv shall cra.te 12,590 shares of preferred sfxk ($100 par).
This stock shall be entitled to receive div idends in the amount of $5 a share
before any dividends shall be paid, or set aside/for
payment, on the common stock.
For the first three-year period commenc¬
ing on the first day of the month in which the preferred stock is issued the
dividends shall be payable annually and be cumulative in any and ail of
those three years only to the extent of an amount eqm.l to three-fourths of
the net earnings for sucn dividends after interest and Federal taxes and after
the deduction of $1>
subject to the maximum yearly dividend of 5%
per annum and no more
of the par value of said stock.
After the first three years following the date
of issuance of the preferred stock dividends thereon shall be fully cumula¬
tive.
The
new
company
shall create
10,000 shares of
common
stock without
value.
par
The board of directors of the new company shall consist of seven mem¬
bers.
Six of them shall be elected by the common stockholders and one
by
the
preferred stockholders, the latter voting
as
a
class.
In
the event that
amount of dividends accumulated
upon the preferred stock and re¬
maining unpaid should at any time equal 10% of tne par value of the pre¬
ferred stock, the holders of the preferred stock, voting as a class and not
cumulatively, shall have the right to elect four directors of the board in¬
stead of one, such right to terminate one year after the payment of all divi¬
the
dends in arrears and the restoration of the full dividend, subject to revival
and termination from time to time.
The preferred stockholders shall not
be entitled to elect four directors instead cf one should default in dividends
be caused by a flood, accident, or other physical calamity.
The preferred
stock shall be redeemable in whole
1936
xNht profit.
Nov.
Savannah & Atlanta
or in part at par and accrued dividends
the option of the new company on 30 days' notice.
shall be made that, without the consent of the holders of a
majority in par value of the new preferred stock outstanding at any time,
at
Provision
evidenced
either in writing or by affirmative vote at a meeting,
(a) no
change shall be made in the certificate of incorporation of the new company;
(b; the new company shall not dispose of its properties as a whole or sub¬
stantially as a whele by sale, consolidation, merger, lease, or otherwise;
(c) no mortgage other than the new first mortgage herein referred to shall
be created on the lints of railroad of the reorganized company;
(d) bonds in
excess of $2,Quo,000
principal amount shall not be issued under the new
first mortgage; (e) the authorized amount of preferred stock shall
notlbe
increased; and (f) no class of stock ranking as to preferred dividends or assets
senior to or
on
a
parity with
new
preferred stock shall be issued.
The new company shall cause to be organized a
company, herein for
convenience designated as the Foundation
company, all of whose stock
shall be held by the new company.
The purpose of the Foundation com¬
pany will be to take, hald
and convey title to a tract of land of about 450
acres, designated as the Foundation Tract.
Application shall
be made to the Reconstruction Finance Corporation
loan not to exceed $1,700,000, to be represented
by a note secured by
first-mortgage 25-year bonds of the new company in such amount as
shall be required by the Finance Corporation.
The total amount borrowed
from the Finance Corporation shall not exceed
$l,30u,0uo, except with the
for
a
the
prior written approval of the reorganization committee or, after consumma¬
tion of the reorganization, of two-thirds in amount of the
preferred stock of
the new company.
The proceeds of the loan shall be used for retiring the
receivers' certificates
outstanding, for working capital, for expenses of re¬
organization, and for additions and betterments.
The note to the Finance
Corporation shall bear interest at the rate of 4% a year, mature in not less
than 5 nor more than lu years, and be issued under an
agreement to be
approved by the court.
Subject to limitations, to the owner of each $1,000 Brinson Railway bond,
there shall be issued $1,200 of the new 5% preferred stock, and to the owner
of each $1,00U Savannah & Atlanta bond $24J
par value of the same stock.
Piedmont owns $37imXM1 of Brinson Railway bonds and $1,028,500 of the
Savannah & Atlanta Railway bonds.
Piedmont shall receive only $311,840
of new preferred stock and in consideration of its
waiving its right to receive
the remaining $3/9,000 of preferred stock to which it would be entitled
on the above basis of
exchange and in consideration of its conveying to the
Foundation company, .the Foundation Tract, it shall receive lO.OOo shares
of new common stock.
Piedmont shall cause to be conveyed to the Founda¬
tion company the Foundation Tract, consisting of
approximately 450 acres
of land, together with the right of access to the traffic originating from the
plant of the Certainteed Products Corp. and that of the Mexican Petroleum
Corp. of Georgia occupying sites that were formerly part of the Foundation
Tract,
Among the assets held by the debtor is the entire capital stock of the
Midland Properties Co. which owns certain properties in or near Savannah
and among the assets of the new company upon
the completion of the re¬
organization will be the entire capital stock of the Foundation company.
It is desired that these subsidiary companies be permitted to
convey title
to the properties owned or to be owned by them free and clear of the new
mortgage.
The
company will be vested with the properties covered by the
liens of the Brinson Railway mortgage and the Savannah &
Railway mortgage (other than the trackage connecting the main
line with Port Wentworth, known as the Newtonville Lead) and all other
properties of the old company and the receiver.
new
respective
Atlanta
Robert H. Bradley, Herbert S. Welsh, J. C. Traphagen, Philip W.
Henry and Theodore G. Smith will act as a reorganization committee and
general supervision over the plan and the consummation thereof.
have
The receiver under an equity proceeding existing immediately prior to
this proceeding issued or was about to issue
approximately $160,000 of
equipment-trust certificates pursuant to a contract for the acquisition of
196 box cars, authorized by the Commission.
The trustees of tne debtor's
property in this proceeding assumed the obligations for the purchase of these
cars.
The new company will also assume all contracts,
liabilities, and
obligations of the trustees and all executory contracts of the existing com¬
pany which shall have been affirmed or adopted by the receiver and the
trustees.
All other contracts, liabilities and obligations shall be deemed
to have been rejected and disaffirmed.
There shall be paid in cash as a part of the plan:
other lawful claims for taxes and interest
and all
Claims for county taxes
on
taxes
accrued to the
effective date of the reorganization; customs duties due the United
States;
priority claims allowed in the equity receivership unclaimed by the holders;
outstanding receiver's certificates; current operating expenses authorized
by the court; and expenses of reorganization allowed
77 of the Bankruptcy Act.—V. 145. p. 1598.
as
provided in Section
Financial
Volume
Sherwin-Williams Co. of Canada,
The directors
have declared
of accumulations
to
a
dividend
Ltd.—Accum. Div.—
of SI.75
share on account
per
3
1,
July 1, April 1, and Jan.
the 7% cum. preferred stock, par $100, payable Jan.
of record Dec. 15.
A similar payment was made on Oct.
holders
on
July 2, April 1, March 1, and Jan. 2, 1937; Oct. 1,
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. 145, p. 1752.
Silversmith Mines,
See list given on first page of this department.
Simmons-Boardman
Publishing Corp.—Common Divi¬
/
The directors have declared
a
the com¬
This will be the
145, p. 778.
dividend of 75 cents per share on
mon stock, payable Dec. 15 to holders of record Dec. 1.
first dividend paid on the common stock since 1930.—V.
(William) Simon Brewery—Extra Dividend—
have declared
The directors
an
dividend
extra
of 2
cents
share in
per
addition to the regular quarterly dividend of like amount on the capital
stock, par $1, both payable Nov. 30 to holders of record Nov. 19.
Similar
payments were made on Aug. 30 and May 29 last, and on Nov. 30, 1936.
An extra of 10 cents was paid on May 31, 1936—V. 145, p. 1114.
Sioux
being the unpaidjportion of the principal of a promis¬
April 1, 1936, of the Los Angeles Union Terminal Co. to
Fargo Bank & Union Trust Co.
The Southern represents that it is theowher of all the outstanding capital
stock of the Los Angeles, a non-carrier corporation; that, to save the
expense of maintaining a separate corporate existence ana to simplify
accounting and corporate relationships, it proposes to bring about the
dissolution of this corporation; that upon dissolution it will acquire all of
with interest thereon,
sory note dated
the Wells
stockholder's liquidating dividend;
and the distribution of its
of the laws of the State of
California, under which the terminal company was incorporated, which
permit the dissolution of a corporation having debts or liabilities if such
liabilities are assumed by a financially responsible transferee; and that the
terminal company, on April 1,1936,issued a promissory note for $1,460,000
to the order of the Wells Fargo Bank & Union Trust Co.
The Southern, as
sole stockholder of the terminal company, proposes to assume obligation
and liability with respect to the unpaid principal of the note, together with
the assets of the terminal company as a
that the dissolution of the terminal company
assets will be carried out under the provisions
Ltd.—Registers with SEC—
dends Resumed—
3509
Chronicle
by a supplemental
p.3359.
Southern
agreement between
Ryv—Earnings—
City Stock Yards Co. — Common Div. Omitted—
viouslj^regul^cjuarterly dividends of 37H cents per share were distributed.
1937
$2,403,626
Southwest Consolidated Gas Utilities
Dividend—
share in
addition to the regular quarterly dividend of five cents per share on the
capital stock, par $1, both payable Dec. 15 to holders of record Nov. 30.
A similar extra was paid on March 15 last and on March 14, 1936.
See
V. 142, p. 1303, for detailed dividend record.—V. 145, p. 3211.
South Porto Rico Sugar
for Years Ended Sept. 30
1936
1935
1934
339,850
325.000
301,250
348,900
-$1.4,011,616 $12,719,512 $11,058,019 $13,471,982
Sugar made (tons)
Mfg., &c., exps., taxes,
interest, &c
10,495,733
9,238,636
8,823,338
10,745,123
Net earnings
$3,515,883
Int. on investment, &c..
133,909
Profit on sale of securi¬
$3,480,876
201,333
$2,234,681
197,640
$2,726,858
246,330
3,020
48,327
__
ties owned
Profit
Interest
318,584
$2,799,232
$2,973,188
11.077
785,868
440,754
12,220
794,623
366,896
759", 318
283,930
870", 071
249,527
$2,537,528
400,000
2,088,055
$2,635,180
$1,755,983
400,000
1,491,468
$1,853,591
2,237,202
sur$49,473
3,731,245
$2,022
3,683.267
$135,485
3,818,751
$336,171
8,929,850
and
exchange
collection
123,690
$3,808,919
,
charges
Reserve for depreciation
Res. for income taxes
Net profit...
Preferred divs.
(8%)
Common dividends
Previous surplus
Transfer
from
res.
400,000
400,000
1,789,762
for
17,311
contingencies
—
...
44,671
IHedged with the Guaranty Trust Co. as security for a the amount under a
agreement dated July 1, i936. As of July 31,1937 loan made remain¬
oan
ing due on that loan was $4,264,462At the present time Southwestern has a short-term note outstanding in
the principal amount of $5,613,000, all of which nature on or before July 1,
1942. The issuance of the above note would increase its short-term indebted¬
ness to approximately $8,905,000, with the largest maturity in a single year
amounting to $2,862,298.
$3,731,245
Promissory Notes
50,000
$3,842,699
$3,683,267
$8,593,679
Stock of Marancha Corp.
distributed to common
4,474,927
stockholdersRed.
val.
in
of
The directors
300,000
-
to holders of record Nov.
April 1 last.
A
paid on Oct. 1 and
of 50 cents paid in
1933, and $1.50 per
on
Total
profit and loss
surplus Sept. 30
$3,746,837
Shs. com. out. (no par).
745,734
Earnings per share
$2.86
.
Spencer Kellogg & Sons,
1937
§
y
5,000,000
Preferred stock.__
Invest's
—
Marketable
Sugar
on
&
1,996,349
securs.
2,086,151
264,815
531,518
744,860
311,340
1.065,664
1,067,054
205,966
197.822
339,722
1,421,154
477,342
Accts.rec.(le88 res.)
Advs. to planters
.
1,269,607
229,042
cane
Mdse. for sale
280,039
309,198
452.690
Items..
432,184
Reserve for Income
388,923
hand
Growing
19.906,783
3,731,245
182,243
Supplies & mat'Is.
Livestock
taxes
hand.
-
-
gencies, &c
74,000
74,654
of domestic
Cost of sales
x
—
After
in 1936.
..29,460,349 29,454,065
Profit£rom operations
Other income (net)
$1,939,826
y
$25,819,670 $22,011,489
22,133,454 18,239,203
2,642,683
421,216
2,241,577
423,476
410,925
$1,021,163
50,801
$1,697,690
63,528
$1,328,228
557,463
$1,990,627
102,819
$1,761,218
61,797
$1,401,569
81,136
25,000
....
Idle mill expenses
Int. on disc, on debs
65,000
380,406
Total
.29,460,349 29,454.065
Net
43,995
91,387
paid
y342,511
279,576
167",792
225,032
$1,428,910
7,083,135
$1,310,850
6,587,598
$1,112,395
6,503,151
$1,504,742
5,625,934
$8,512,045
$7,898,448
$7,615,546
800,000
36,481
$7,130,676
Federal taxes
profit
....
Previous surplus—
Telephone & Telegraph Co.—Earnings
,885,691
84,607
68,875
2,434
40,246
Other deductions
Prov. for bad debts
$11,468,937 in 1937 and $10,846,341
Represented by 745,734 shares (no par value).—V. 145, p. 1435.
Southern Bell
Aug. 31,'35 Sept. 1, '34.
* 1 *
"$4,761,589 $3,686,216 $3,772,286
$5,415,647
2,996,756
479,065
for depreciation of
reserve
into
Gross profit
Selling & gen. expense._
Depreciation
Interest
Total
ktoss
subsid._x$47,122,095 x$37228,372
41,706,448
32,466,783
Totalincome
53,959
Other assets
ISTot/ 83i1gs incl
Reserve for contin¬
Restricted sugar on
Deferred charges
Aug. 28*37 Aug. 29,'36
Years Ended—
payable and
accrued
714,570
5,000,000
3,746,836
Common stock..19,906,783
Earned surplus.._
Accts.
molasses
$
Inc.—Earnings—
1936
$
Liabilities—
15,075,694 15,549,169
(lessres.). 1,570,441
1,740.652
5,148,934
6,281,425
30.
dividend of $1.75 was paid on Dec. 19, 1936: $1.12)4
July 1, 1936; 75 cents paid on April 1, 1936; dividends
each of the 10 preceding quarters; 75 cents on July 1,
share previously each three months.—V. 145, p. 3021.
$1.95
30
xReal prop. & pl't
Cash
$3,818,751
745,734
$1.82
1936
$
SS€tS
$3,683,267
745,734
$3,731,245
745,734
$3.00
Consolidated Balance Sheet Sept
1937
Power Co.— Accumulated Div.—
of $1.75 per share on account
pref. stock, no par value, payable Dec. 18
Dividends of $1.12
were paid on July 1 and
have declared a dividend
of accumulations on the $6 cum.
49.818
Res. for income taxes
Dividends —
Southwestern Light &
46,045
Adjust, of deprec. of cane
fields, &c---_
as
Company has filed a declaration (File No. 43-90) under the Holding
Company Act, covering the issuance of $2,040,300 of unsecured 4%
promissory notes due July 1,1943. The notes are to beissued as dividends.
Opportunity for hearing in the above matter will be given Dec. 1.—V. 145,
p.2245.
certain
land in Santo Domingo
Total surplus
800,000
15,313
$6,508,297
$7,083,134
18,834
$4,956,792 $52,002,631 $47,363,584
15,814
199,204
148,268
Operating revenues
Operating expenses
$5,303,897
3,563,759
$4,940,978 $51,803,427 $47,215,316
3,238,948 34,386,571 31,117,512
1,053,629
Prior period items
Cr 15,718
Amount trans to cap. stk.
940,836
Adj. of res. for deprec.
applic. to prior years.
Prov. for contingencies.
25,000
Net operating revs...
Operating taxes
$1,740,138
666,681
$1,702,030 $17,416,856 $16,097,804
607,233
6,564,785
6,019,201
Shares capital
$1,094,797 $10,852,071 $10,078,603
600,000
27,526
standing (no par)
Earnings per share
Period End. Oct. 31—
Operating revenues
1937—Month—1936
$5,322,731
Uncollectible oper. rev._
Net operating income.
—V. 145, p.3211.
$1,073,457
1937—10 Mos.—1936
directors
Southern
have declared
Net from railway
Net after rents
y
1936
1935
1934
$15,432,897 $15,290,087 $12,815,170 $10,491,306
4,440,094
3,149,852
3,975,720
5,064,555
2.792,062
2,057,986
1,885,284
3,588,909
141,466
50,000
Includes $53,376 for surtax on
Net after rents
undistributed profits.
Commission Nov. 13 authorized the company
obligation and liability in respect of the payment of $1,221,102,
Liabilities—
$
9,079,877
1,145,053
Inventories
13,368,719
Cash
1,549,418
Accts.receivable.. 3,571,159
Deferred charges.
295,674
x
Plant and prop..
Other assets
_
Capital
stock.12,230.325 10,000,000
8,070,980
1,134,395
y
9,545,292
Notes
1,458,164
Accrued taxes
3,119,731
201,344
2,463,980
5,200,000
14,969
Acer. int. payable.
9,219
Fed. income tax..
342,511
1,559,484
3,100,000
203,629
200,000
Accounts payable.
Div.
payable
payable
Long-term note.--
95,392,459
26,477,273
14,796,612
Assumption of Obligation—
to assume
Aug. 28'37 Aug. 29'36
$
$
Aug. 28 '37 Aug. 29'36
1,750,000
286,970
Earned surplus...
6.508,297
Capital surplus...
Total
The Interstate Commerce
500,000
$3.01
Consolidated Balance Sheet
Reserves
145,619,681 124,568,062 102,934,697
<15,484,527 34,574,006 27,730,076
13,901,380
16,666,043
19,861,957
$6,503,151
509,213
500,000
500,000
$2.81
$2.62
$2.22
Including steampship and elevator revenue of $1,336,706.
Jan. 1—
Gross from railway
Net from railway
$6,587,598
stock out¬
dividend
1937
October—
From
a
Pacific Co.—Earnings-
Gross from railway
Balance.
Co.—Accumulated Dividend —
of $1 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable Dec. 15
to holders of record Nov. 30.
A similar amount has been paid on this issue
quarterly since and incl. June 15, 1933, as against $1.25 per share on March
15, 1933, and $1.75 per share in preceding quarters.—V. 145, p. 3021.
The
Dividends
x
Southern Colorado Power
appli¬
$2,092,000.
The instalments are payable on Jan. 2 of each year from 1939
1943, inclusive. The note is to be secured by a pledge of the bonds to be
acquired and an additional principal amount of $3258,000 of such bonds
now owned by Southwestern and already pledged with the Guaranty Trust
Co. as part of the security for another loan.
The note is also to be secured
by a junior lien on all other collateral which Southwestern has heretofore
Transfer from reserve for
income taxes
Co.—Acq. of Securities, cfee.
Commission on Nov. 15 approved an
by the company for approval of its acquisition of $3,292,000 first
mortgage and collateral trust 15-year 6% sinking fund gold bonds due
Jan. 1, 1945 issued by South Plains Pipe Line Co.
$150,000 in principal
amount of the bonds are to be purchased from the Amarillo Oil Co., a
subsidiary of Southwestern, and the remainder are to be purchased from
Consolidated Oil Corp. which is the owner of 51% of South western's out¬
standing voting securities.
The price to be paid is 100 plus accrued int.
to the date of purchase.
The Southwestern proposes to borrow the money
with which to effect this purchase from the Guaranty Trust Co. of New
York and the Securities and Exchange Commission approved a declaration
cation
principal amount of $3,292,000 is to bear 4% interest and is to be repaid
in four annual instalments of $300,000 each and one final instalment of
125,435
$3,775,227
(net)
Total income
2, 1936.
and $3.50 per share on Dec 30,
1935, this latter being the initial payment on the issue.—V. 144, p. 3020.
with respect to the issuance of its 4% collateral note to be issued to that
bank to evidence the loan.
The note which Southwestern is to issue to Guaranty Trust Co. in the
sale of sugar &
molasses prod. in prior
on
years
dividend of $1 per share on the common
June 1, 1936; 25 cents on March
The Securities and Exchange
1937
Total receipts
a
stock, payable Dec. 10 to holders of record Dec. 1.
This compares with
50 cents paid on Sept. 1 and on June 1, last; 25 cents paid on March 1 last;
$1 paid on Dec. 21, 1936; 75 cents paid on Sept. 1, 1936; 50 cents paid on
Southwestern Development
Co.—Earnings—
Consolidated, Income Account
Corp.—Dividend
Increased—
The directors have declared
Siscoe Gold Mines, Ltd.—Extra
The directors have declared an extra dividend of one cent per
Jan. 1 to Nov. 13
1936
1937
1936
$2,673,473 $116683,009 $109817,829
Week November—•
—2nd
Period—
Gross earnings (est.)
—V. 145, p. 3359.
The directors at a meeting held Nov. 10 decided to omit the dividend
ordinarily payable at this time on the company's common stock.
Pre-
stated in the note, as modified
the maker and holder.—V. 145,
interest thereon, in accordance with the terms
29,009,900 23,529,907
Total
25,570
279", 576
222",978
7,083,134
1,059,163
.29,009,900 23,529,907
1936. y Re¬
x After depreciation of $6,960,305 in 1937 and $6,533,571
in
presented by 509,213 (500,000 in 1936) shares (no par).—V.
145, p. 621.
3510
Financial
Spokane International Ry.—Earnings
October—
Gross from railway
Net from railway
Power & Light
—
1937
Gross from railway
Net from railway
Net after rents
$74,765
20,521
19,998
$62,462
5,058
def3.618
$52,278
725,604
188,888
107,888
-
1936
$82,164
29,003
17.791
Net after rents
653,472
163,737
85,636
494,278
435,750
1935
1934
§*751
4,835
48,773
,
18.721
defl2,475
def38.154
—V. 145, p. 2864.
Standard Oil Co. of
Ohio—Special Dividend—
The directors have declared a special dividend of 50 cents per share In
addition to the regular quarterly dividend of 25 cents per share on the
stock, par $25, both payable Dec. 15 to holders
A special dividend of $1.25 per share was distributed
—V. 145, p. 293.
common
or record Nov.
on
Dec. 21,
30.
1936.
Stanley Works -Year-End Dividend —
The directors have declared a year-end dividend of $1.40
per share on
the common stock payable Dec. 15 to holders of record Nov. 26.
A
regular
quarterly dividend of 40 cents was paid on Sept. 30, last.
The company
paid dividends totaling $1.75 per share on Dec. 15, 1936.—V. 145, p. 957.
Sterling Aluminum Products, Inc.—Earnings—
10 Months Ended Oct. 31
Estimated net earnings
x
Earnings
y
1937
1936
$346,555
par value
_
the claims.
Earnings for Month and 12 Months Ended Sept. 30 (Jncl. Subs.)
lExcl. of Deep Bock Oil Corp., debtor under Section 77-B of the Federal
Bankruptcy Act, as amended, and The Beaver Valley Traction Co. (sub. of
Philadelphia Co.) in receivership, and the subs, of such companies.]
Period End. Sept. 30—
1937—-Month—1936
1937—12 Mos.—1936
Sub. Public Utility Cos.—
Operating revenues
$8,198,554
$7,765,187 $102353,879 $95,168,789
Oper.
exceptions) of Plymouth Packing Co., Inc., making the total
applied ror 666,500 shares..
The company entered into an agreement dated and
effective May 31,1937
but actually.executed July 2,1937, with Plymouth
amount
Packing Co., Inc. (Wis.),
providing, pursuant to a plan of reorganization also executed
July 2, 1937,
among other things (1) for the exchange of 11,500 shares of the
company's
common stock for all of the assets and the
property of Plymouth Packing
Co., Inc.. including its entire good-will and business as a
going concern and
(2) for,the assumption by the company of all of the liabilities
(with the ex¬
ception^ certain liabilities) of Plymouth Packing Co., Inc. other than
$70,000.of serial judgment notes due 1937 to 1940.
Plan of reorganization
provides'for.the dissolution of Plymouth Packing Co., Inc. and for the
ex¬
change^ 11,500 shares of the company's common stock for the
outstanding
serial judgment notes and the issued and
outstanding capital stock of
Plymouth Packing Co., Inc.—Y. 145, p. 2246.
Standard Gas & Electric Co.—Files Plan
lion—To Register
Under
be asked to consider
a
55,961,502
retire.
$3,496,064
$3,613,654 $46,571,850 $45,565,471
&
1,070,534
1,063,683
12,835,250
12,082,947
3,083
3,083
37,000
37,000
$2,422,447
971,371
$2,546,888
102,271
1,020,543
112,138
14,072
119,666
14,253
1,377,025
136,954
1,320,797
129,068
5,766
5,766
41,667
69,192
500,000
69,192
500,000
35,629
376.720
Gross income
Rents for lease of props.
Interest on funded debtAmort, of debt discount
102.297
& expense
Other interest
Divs. on pref. cap. stock
by subs,
guar,
co
Approp. for spec'l res've
Fed. & State tax
on
41,667
on funded debt
Amort, of flood expenseOther income deductions
32,214
25,000
9,951
Cr20,211
3,757
Cr7,125
390,171
125,000
101,317
Crl31,027
35,199
Cr54,969
$1,128,182
$1,210,461
$18,149,363
$17,048,397
761,499
761,509
8,939,173
8.789.110
Crl,510
30,298
530,579
632,819
$368,193
$418,654
$8,679,611
$7,626,468
Int. chgd. to construct'n
Balance
Divs. on cap. stks. held
—
by public.
Min.
int.
of Reorganizes
Bal.
of
$33,699,600 $33,445,524
1,227,460
1,229,564
11,754,145
12,791,556
int.
.
in
undistrib.
inc.
of
sub.
public util. cos. ap¬
plicable to S. G. &
E. Co
-
Oth. inc. of S. G. & E. Co.:
Divs.
from
non-affil.
33,403
25.053
402,051
302.144
34.682
34,682
420,238
427,446
$436,278
$478,389
$9,501,900
$8,356,168
23,582
20,172
254,775
285,498
$412,696
$458,217
$9,247,125
$8,070,670
368,247
7,082
368,247
10,600
4,418,970
51,621
4,418,970
126,674
cos
Int.
petition,
to all security holders, who for
plan In the reorganization pro-
on
indebtedness
of affiliates
Other interest
110
C66(lln^S*
According to the plan of reorganization as now submitted
to the Court,
the company plans to register as a
holding company with the Securities and
Exchange Commission under the Public Utility Act of
1935 upon consum¬
mation of the plan of reorganization.
fc»The petition reveals that the plan as it is now
Exps. & taxes of 8. G. &
approved by all of the note, debenture and
bondholders' committees, by
the only prior preference stockholders'
committee and by one of the two
$4
cumulative
preferred
stockholders'
committees.
These
assenting
committees are the protective committee for
notes and debentures, of which
Samuel McRoberts is
Chairman; the
Inc. chgs. of 8. G & El. Co.:
constituted
for
has
Total
E. Co
Consol. net inc. before
been
deduction of income
charges
Int.
independent protective committee
the notes,
of which W. S. Kinnear is
Chairman; the protective com¬
$7 and $6 prior preference stock, of
which James W. Gerard is
Chairman; the protective committee for the $4
cumulative preferred stock,
of which John K. MacGowan is
$73,649,500
of funded debt of the
be given a sinking fund
and an additional sinking fund out
of annual net gains,
represented by cash, from
transactions in capital assets,
Provisions for their security in the event of the creation or assumption of
additional debt, the right to elect a
member of the board of
directors, and
the right to the utilization of
proceeds of the sale of
capital assets to retire
tinder certain conditions.
In
addition, under the plan now
filed the company agrees not to
pay cash dividends
except out of earnings
or earned
surplus accruing after Dec. 31, 1937.
^agreement accompanying the plan, but not forming a part or con!>
°f its, the company agrees that within 60 days after the consummation
of the plan it will
register under the Public
Utility Act of 1935 and apply to
the Securities and
Exchange Commission for
S;j.
'649,500 of 6%
authority to grant to the holdnotes and debentures an option
-y V^y either retain their present
$1,000 principal
amount
securities or exchange each
thereof for $500 in
principal amount of a new 4^%
plus 25 shares of the common stoclc
nirnh?benture due in 25 years,
Co., two shares of
rtftouu
of Philadelphia
rlCQ
the common stock of
Pacific Gas & Elec-
^'E68 of/l?e common stock of San Diego Consolidated
wIiTkI attached to each reclassification of the last named stock).
a 4-for-l
be 9?"
There will
of
72,453
60,408
213,671
213,353
Oonsol. net income..$12,287
$56,658 x$4,490,410
For the 12 months ended Sept. 30,1937 includes
x$3,251,265
$500 principal
5UP(L .debentures
Philadelphia Co. at
amount
a warrant to purchase 10 shares
of the
new
4K%
earnings of sub. companies applicable to capital stock
Gas & Electric Co.
Of this amount approximately
held by Standard
$1,358,000 is not available for distribution to
Go. in the form of dividends
due
on
common
principally to accumulation of divs.
Standard Gas & Electric
stocks of certain of the sub. cos.
pref. stocks in prior periods and
surplus for other purposes.
Comparable amounts for
Sept. 30, 1937^ are approximately $1,334,000 and
$498,000, respectively.
Notes—For comparative purposes the above figures have been revised
to reflect certain changes in
classification, due to the uniform system of
accounts which became effective Jan. 1,
1937, and for the 1936 periods have
been further revised to reflect equalization of
adjustments recorded sub¬
sequently, but which are applicable to such periods.
"
tne retention
the
12
months
on
of
ended
Statement of Income (Company Only)
Period End.
Sept. 30—
Divs. from public utility
affiliatesDivs. from others
Int. on fd. debt of affil
Int. on indebt. of affil—
Int. on bank balances—
-
Profit
by
on
red. of
$377,718
33,403
10,885
34.682
rt*mI
1937—12 Mos.—1936 ~
1937—Month—1936
$383,604
25,053
10,885
34,682
$6,221,343
$6,112,072
302,144
152,300
427,446
402,051
130,625
420,238
110
secure.
an affil
28,125
Total
$456,688
23,582
Expenses and taxes
$454,224
20,172
$7,174,257
254,775
$7,022,197
285,498
$433,106
368,247
7,082
$434,052
368,247
10,600
$6,919,482
4,418,970
51,621
$6,736,699
4,418,970
126,674
of common stock
$15 per share for 10 years after
issuance
is a copy of a letter
dated Nov. 18. 1937. from
Accompanying the plan
PmnmLi^ to Mr. Lynch, as
Commission, trtMrreCi0r' JPiiblicXItiHtles Division,
approximately $2,328,-
000 of undistributed
to
of notes and debentures will
put of the company's earnings,
Anr?y ^
4,913
17,799
disct.
x
company.
The $73,649,500
«m
7,274
17,806
of debt
& expense
to evidence its
support of the plan as it is now
of reorganization as now submitted
for consideration of the
Court provides for an extension of the
$24,649,500 of 6% notes, which were
due Oct. 1, 1935, to a date ten
years from the
consummation of the plan,
with no change in the
maturity or interest rate of the
$49,000,000 of deben¬
tures constituting the remainder of
the
payable
funded debt—
Amort,
Chairman; and the noteholders' and bond¬
holders' committee, of which
George McAneny is Chairman: the latter
committee
being the latest
on
Other interest
Fed. & State tax on
int. on funded debt.
mittee for
constituted.
The plan
49,724,759
& deplet. reserves
Amortiz. of contractual
Company Act—
a petition Nov. 24 in the U. S.
District Court for the
Wilmington, requesting the Court to set a date
the company's plan of reorganization dated as
of Nov. 1,
1937, and for permission to solicit acceptances of the
plan from holders of
securities of the company, according to a
statement by Bernard W.
Lynch,
President.
The order of the Court, if entered
pursuant to the
by the mailing of the plan
for
4,153,909
$3,611,278 $46,392,377 $45,444,030
2,376
179,473
121,441
net income.--..--—-
on
the first time will
4,719,803
$3,478,751
17,313
Net oper. rev. & other
income
Approp.
Company filed
will be followed
&
J._I
Net oper. revenue
Other income (net)
District of Delaware, at
hearing
maint.
exps.,
taxes.
with certain
a
,
capital expenditures.-
The New York Stock Exchange has authorized the
listing of ll,500!additional shares of common stock ($1 par) on official notice
of issuance and
payment in full in connection with the acquisition by the
company of all
of the assets (and the assumption by the
company of all of the liabilities,
for
2,162,607 out¬
^
Stokely Brothers & Co., Inc.—Listing—
Holding
1937
27
out of
can elect four of the six directors.
Neither the prior preference stock nor the $4 cumulative
preferred stock
previously had the right to vote.
Provision also Is made in the plan for the appointment
by the Court of a
special trustee or trustees to litigate for the company any of the claims as¬
serted by the petitions of Delevan Corp. and Emma A. Graham, as holders
of prior preference stock, to exist in favor of the
company against interests
nor or formerly identified with the
company.
On Nov. 22, 1937, the Court
confirmed a report of special masters recommending the
rejection of an
offer to settle the claims against certain of the
proposed defendants for the
sum of $1,000,000 and stated that it would
appoint a special trustee for
$1.39
capital stock outstanding.—V. 145, p. 293.
Utility
Nov.
Corp.s which holds 1,160,000 shares
standing,
$342,095
$1.40
share
charges, including
per
After
depreciation, normal Federal and State
income taxes and undistributed profit taxes,
y On 246,500 shares of $1
x
Chronicle
Securities and Exchange
President of the
company, reading
as
follows:
the Saf?of thft^^i?r?TTtiini^rrii ^iSit t0 WasWngton, you exhibited to
Diyl8io? a proposed plan for the reorganiza8
?1P1
& Electric Co., dated as of Nov. 1, 1937. Standard
5v,as Electric Co. has not yet seen fit to register with the Commission under
the Public
Ii™if
n
Gross income
Int.
on funded debt
Other interest
Fed. & State tax on int.
on funded debt
7,274
4,913
72,453
60,408
17.806
17.799
213,671
213,353
$32,697
$32,493
$2,162,767
$1,917,294
Amort, of debt disct. &
expense.-..-
o
Utility Holding Company Act of 1935.
Therefore,
ously indicated to you, the Commission has
not taken action
as
previ¬
upon or ex¬
pressed any opinion with respect to the
plan, and this division is not author¬
ized to take action
thereupon or to express any opinion with
respect thereto.
If
any representation is
made to the effect that
Standard Gas & Electric
to register with the
Commission, or to submit to the Com¬
the plan referred to
above—or any other plan—I
suggest that you
circulate and give the widest publicity to this letter, so that no
Co.
proposes
mission
°P
? the .-erroneous impression that the
one
will
Commission or any member of its
staff has expressed an
opinion that the plan, or any part
thereof, meets with
the approval of the
Commission.
Should your company
register, we shall
be happy to consider
any plan that may be filed with
us, but until such time
we cannot take
official cognizance of
any such matter."
N Under the plan there will be no
change in the present outstanding
368,348
shares of $7 cumulative and
100,000 shares of $6 cumulative
prior prefer¬
ence stocks, the
757,442 shares of $4 cumulative
preferred stock nor the
common stock of the
company, except that all the preferred issues
will
receive full voting
powers.
«
m The $7 and $6 prior preference
stocks will be entitled to elect two
direc¬
as a class.
The $4 cumulative preferred stock
and the common stock
be entitled to elect the
six remaining directors and
may vote cumu¬
latively, but in such election each share of
$4 cumulative preferred Btock
is to have one and one-half
votes.
tors
will
The *plan
permits the holders of the $4 cumulative
preferred stock to
electfctwo of these six directors and they,
voting together with the common
stockPf Standard Gas & Electric Co.
held by the public, other than
Standard
Net income
Notes—(1) The above figures do not include divs. on Louisville Gas &
Electric Co. (Del.) class B common stock owned by Standard Gas & Electric
Co. for the three months December, 1936, to February, 1937, inclusive.
Dividends on such stock included therein are $35,323 for the months of
September, 1937 and September, 1936, $247,264 for the nine months ended
Sept. 30,1937, $317,911 for the nine months ended Sept. 30,1936 $317,911
12 months ended Sept. 30, 1937 and $423,882 for the 12 months
ended Sept. 30, 1936.
_
„
(2) Dividends on the prior preference stocks have been paid f
in full to
Sept. 30, 1933, and, for the 12 months ended Sept. 30, 1934, were paid at
30% of the cumulative rates, and since the latter date none has been de¬
clared or paid.
Dividends on the $4 cumulative preferred stock have been
paid in full to Feb. 28, 1933, and, since that date, none has been declared
or paid on this stock.
The aggregate amount of dividends in arrears at
Sept. 30, 1937, on the 368,348 shares of prior preference stock, $7 cumu¬
lative, outstanding at that date was $9,540,213 on the 100,000 shares of
prior preference stock, $6 cumulative, outstanding at that date was
$2,220,000 and on the 757.442 shares of $4 cumulative preferred stock
outstanding
at that date was
$13,886,437, a total of $25,646,650.
for the
—
Court Orders
Judge
John
P.
Trustee to
.
,
..
.
Litigate Lawsuit for $100,000,000—
Nields, presiding over the reorganization proceedings
ruling Nov. 22 in the U. S. District Court of Delaware
calling for the appointment of a special trustee to litigate a $100,000,000
law suit for stockholders against certain directors and officers
of the
handed down
a
Financial
145
Volume
H. M. Byllesby & Co., Standard Power &
company,
Light Corp., and
others.
special masters' report submitted to the courts two months ago,
recommendation was made for the appointment of a trustee, for in the
opinion of the special masters, W. H. Button and W G. Mahaffey, an
offer of settlement of the projected suit for $1,000,000 was considered
"not satisfactory and inadequate."
In
a
Federal income tax purposes,
Weekly Output —
Webster,
Inc.— To Change Holding
Status—To Distribute Public Utility Stocks
The directors Nov.
Company
—
23 voted to recommend to stockholders that
the major
portion of the corporation's holdings of Engineers Public Service Co. and
Sierra Pacific Power Co. be distributed pro rata to stockholders.
Stock¬
holders of Stone & Webster, Inc. would receive 4-5 of a share of the common
stock of Engineers Public Service Co. and 1-10 of a share of the common
stock of Sierra Pacific Power Co. for each share of stock of Stone & Webster,
Inc. held.
After such distribution Stone & Webster, Inc. would own 65,635
shares of common stock of Engineers Public Service Co. and 4,672 shares
of the common stock of Sierra Pacific Power Co., which holdings together
with the corporation's holdings in certain other utility companies would
be transferred to trustees with full voting powers for the purpose of sale
period of years.
In the opinion of counsel, when these steps are taken, Stone & Webster,
Inc. will cease to be a holding company under the Public Utility Holding
over
a
Company Act of 1935, and its remaining subsidiaries will be able to continue
activities in the engineering and construction, investment banking,
and service fields, including the development and organization of new en¬
their
The effect of the Act on Engineers
terprises.
subsidiaries is not changed by the
Public Service Co. and its
distribution.
dated Nov. 26 being sent to
A letter
stockholders says
for 1936, stockholders were informed that corporation
was reviewing its status under the Public Utility Act of 1935 in view of two
Court decisions rendered in 1936 in cases involving the constitutionality
of the Act—one decision by the Circuit Court of Appeals for the Fourth
Circuit in the case of Burco, Inc. vs. Whitworth, et al., holding the Act
unconstitutional as far as it related to a holding company not engaged in
interstate commerce, and the other by the U. S. District Court for the
Southern District of New York, in the case of Securities and Exchange
Commission vs. Electric Bond & Share Co., et al., recently affirmed by the
Circuit Court of Appeals for the Second Circuit, upholding the separability
of the provisions requiring registration of holding companies from the rest
of Title I of the Act and holding such registration provisions to be con¬
stitutional, at least as far as they apply to a holding company directly or
indirectly engaged in interstate commerce.
In reviewing its status under the Act, corporation was confronted with
In the annual report
problems which are not common to most public utility holding companies.
Among its important subsidiaries are Stone & Webster Engineering Corp.,
which does construction and consulting engineering work for companies
in
various types of business activities; Stone &
is engaged in the business of underwriting
Blodget, Inc., which
Webster and
and distribut¬
types of
ing investment securities issued by companies engaged in various
business activities; and Stone & Webster Service Corp., which
supervisory and advisory services to public utility companies.
these subsidiaries is a public utility, as defined in the Act, but
renders
No one of
all of them
corporation register as a public utility holding company)
the provisions of the Act insofar as they relate to
public utility holding companies.
After careful
consideration of the possible results of restrictions of the Act on the activities
of such subsidiaries and of the uncertainty of the present status of your
corporation and its subsidiaries under the Act pending determination of its
constitutionality by the U.S. Supreme Court, your directors have concluded
that your corporation's business, as a whole, and the interests of its stock¬
holders, would be best served by your corporation divesting itself of the con¬
trolling interests in public utility and public utility holding companies not
exempt under the Act, by pro rata distribution to the stockholders on the
basis set forth below of shares of the common stocks of Engineers Public
Service Co. and Sierra Pacific Power Co. held by the corporation and di¬
vesting itself of the undistributed balance of the common stocks of Engin¬
eers Public Service Co. and Sierra Pacific Power Co., and certain shares of
stock in other public utility or public utility holding companies referred
to below, by transferring the same to a trustee or trustees with full voting
powers for the purpose of selling the same and accounting to your corpora¬
(should
of
Counsel have a so advised
subsequent disposition
gain from the sale or exchange of property.
that for the purpose of computing gain or loss from a
of either the common stock of Engineers Public Service
stock of Sierra
your
would be subjected to
subsidiaries of registered
Pacific Power Co., the cost
Co. or the common
basis tnereof will be the
business
through subsidiary companies are the result of the expansion of the
over a period of nearly
50 years.
Stone & Webster Engineering Corp.,
wholly owned by Stone & Webster, Inc., carries on a general engineering
and construction business, which also includes appraisals, examinations,
and report work.
Since organization this branch of the business has com¬
pleted in excess of $1,000,000,000 of construction work and
of appraisals for companies in the utility and industrial fields.
Stone &
Webster, Inc. has an 88.5% interest in Stone & Webster and Blodget, Inc.,
which is engaged in underwriting and distributing, at wholesale and
$11,000,000,000
retail,
and preferred and common
and
important participant in many underwriting groups offering corporate and
municipal securities.
Stone & Webster Service Corp., wholly owned by
Stone & Webster, Inc., provides supervisory services in the organization,
development, and operation of public utility properties.
The combined
annual gross earnings of the properties which Stone & Webster Service Corp.
now supervises exceeds $60,000,000.
This amount does not include the
corporate. Government, and municipal bonds,
stocks.
It has a history going back 50 years,
and has been an active
Eross had their of thesupervisory service corporation since 1931.—V.which
earnings own subsidiaries of Engineers Public Service Co. 145,
ave
1116.
Studebaker
Corp.—Sales—
President of the corporation, reports the sale
and trucks in October compared with 12,150 in
Paul G. Hoffman,
passenger
cars
For the year to date Studebaker
in the first 10 months of last year.—V.
1936.
sales of 81,724
145, p. 3359.
Sun Glow Industries, Inc.—Year-End Dividend—*
declared a year-end dividend of $1 per share on the
stock payable Dec. 20 to holders of record Dec. 10.
The present
policy of the company is to pay an annual dividend prior to the close of the
The board of directors
year.
The company
reported a nine months profit of $161,425 before deductions
bonuses to employees, undistributed profit taxes,
year-end adjustments, as compares with $145,557 on a
basis for the same period in 1936.
Present indications point to net earnings
for Federal income taxes,
comparable
and
share on 100,000 shares common stock now outstanding for the
full fiscal year ending Dec 31,1937, after all the above deductions are made
and after provision for dividends of 5% on 10,000 shares of preferred stock,
which is the same amount earned per share for the year 1936.—V. 145,
p. 2407.
of $1.70 per
Symington-Gould Corp.—Merger
A
Proposal —
special meeting of stockholders will be held Dec. 15 for
of approving an agreement of merger of McConway &
purpose
McConway* is
Pittsburgh,
steel devices
a
Pennsylvania corporation with
Pa., and is engaged in the business
and forgings used in the construction
the primary
Torley Corp.
its principal office In
of manufacturing cast
of railway freight and
cars and locomotive equipment.
The principal products are
yokes and miscellaneous steel castings.
The present
corporation and its predecessors have been operating such business since
1884, the immediate predecessor of the present corporation being one of
the pioneers in the development of the automatic car coupler.
McConway
is a party to various patent agreements with other companies (incl. Syming¬
ton and its subsidiary Golud Coupler Corp.) engaged in similar business
and owns or is licensed under various patents covering railway equipment
specialities approved as standard or alternate standard by the Association
of American Railroads
.
McConway's plant is located on a site owned in fee (subject to mortgage)
of approximately 5H acres within the city limits of Pittsburgh, Pa.
In
addition, it owns a plot of about 106^ acres of vacant coal lands located at
Logans Ferry, about 16 miles northeast of Pittsburgh, partly in Allegheny
passenger
couplers and draft
productive or mining
the principal or
and partly in Westmoreland County.
There are no
improvements on this coal plot.
The plant buildings,
which were
Distribution,
Reduction of Capital and Disposition of Certain
Other Stocks
special meeting of the stockholders will be
the proposed distribution to the
and vote upon
held Dec. 16 to consider
stockholders of
your cor-
and of 4-5ths a a share common stock of Sierra Pacific Power Co. in
Soration l-10th of ofshare of of common stock of Engineers Public Service
o.
respect of each share of capital stock of your corporation, and
duction of the capital of your corporation.
On Oct. 31, 1937
upon a re¬
the capital
capital surplus was $51,810,121.
$20,000,000 to $5,000,000 and,
after contemplated adjustments in book values to be made at or before the
year end, the capital surplus of your corporation, in addition to the proposed
reduced capital of $5,000,000, will, it is expected, be approximately $7,000,000, making the combined capital and capital surplus approximately $12,-
of your corporation was $20,000,000 and its
It is proposed to reduce the capital from
000,000
The distribution will divest your
corporation of 1,683,512 and four-fifths
1,749,148 shares of common stock of Engineers Public
held and 210,439 and one-tenth shares of the 215,111 and
three-fifths shares of common stock of Sierra Pacific Power Co. now held.
Subject to the approval of this distribution by the stockholders of your
corporation, the directors have fixed Dec. 3, 1937, as the date for taking
the record of stockholders entitled to receive the distribution and, ac¬
cordingly, persons owning stock of Stone & Webster, Inc. not standing in
their own names who desire to receive this distribution directly, should
have the stock transferred into their own names prior to that date.
It is
shares out of the
Service Co. now
proposed to make the actual distribution on or about Dec. 27, 1937.
After this distribution on the basis of the nearest convenient fractions
above mentioned, your corporation will own 65,635 and one-fifth shares of
common stock of Engineers Public Service Co. and 4,672H shares of com¬
mon stock of Sierra Pacific Power Co., a substantial interest in Jamacia
Public Service Ltd. (a corporation controlling public utility companies in
Jamaica, British West Indies) and certain other holdings in other public
utility and public utility holding companies, and it is proposed that to the
extent your directors shall deem it necessary or advisable, the same will be
transferred to the trustee or trustees with the power and for the purposes
above stated.
Script Certificates
to be Issued in Lieu of
Fractional Shares
fractional shares of common stock of Engineers Public Service
Co. and Sierra Pacific Power Co., stockholders will receive non-voting script
certificates issued by Stone & Webster Service Corp., transfer agent.
Such script certificates will be exchangeable when combined in amounts
aggregating one or more full shares for stock certificates (plus any accumu¬
lated dividends) and will provide that after Jan. 1, 1941 and not later than
July 1. 1941 any shares covered by script certificates then outstanding
are to be sold by the transfer agent and the proceeds held for account of the
holders of script certificate^.
Federal Income Tax Status of Distribution
In lieu of
It is
planned to make prompt application to the
ruling as to the treatment of the
Revenue for a
Commissioner of Internal
proposed distribution for
brick and
erected in 1901, 1903, 1908 and 1914, are mainly of
steel construction, with a gross floor area of 260,800 square feet.
As of Dec. 31, 1936, the properties of McConway were appraised by
American Appraisal Co. as follows:
Appraised Cost
Net
of ReproducAppraised
values
tion New
Buildings
Land—Plant site
—Logans Ferry
$330,254
$830,112
1,416.'267
221,000
180,000
452.291
221,000
180,000
$2,647,379
Machinery" andequfpmentlV- -VI
""$1,183,545
site
subsidiaries.
A
October
common
of counsel, will no
Proposed
of 8,389
compared with 75,449
tion for the proceeds.
After such distribution
and such transfer your corporation, in the opinion
longer be subject to the obligations, duties and liabilities
imposed upon holding companies as defined in the Public Utility Holding
Company Act, as none of its subsidiaries will be a public utility company
or a public utility holding company as defined by the Act, except for the
fact that Stone & Webster and Blodget, Inc. holds temporarily for the pur¬
pose of resale and distribution certain voting common stock of Northern
Oklahoma Gas Co. which, in the opinion of counsel, is at the present time
an exempt holding.
By these proposed divestments your corporation and
its then subsidiaries will, in the opinion of counsel, be substantially relieved
from the provisions of the Act, but the effect of the Act even after such
divestments will continue in respect of Engineers Public Service Co. and its
fair
the date of distribution.
In the case of non-resident alien individuals, non-resident partnerships
and non-resident foreign corporations, the distribution will be subject to
the withholding provisions of the Federal income tax law and Treasury
regulations.
The businesses which Stone & Webster, Inc. will continue to carry on
market value of such stock at
p.
in part:
engaged
stockholders as soon as such rul¬
as a
operating companies in the Standard
ended Nov. 20, 1937, totaled 109,977,519 kwh., a decrease of 0.2% compared with the corresponding week
last year.—V. 145, p. 3359.
Electric output of the public utility
&
and to advise
ing is received.
However, on the basis of data now availaole, counsel for
the corporation have advised that for Federal income tax purposes a rela¬
tively small portion of the fair market value at the date of distribution
the shares to be distributed will constitute a taxable dividend, and the bal¬
ance will constitute a capital distribution to be applied in reduction of the
tax-cost to each stockholder of his shares of stock of this corporation, any
excess of such balance over such tax-cost being taxable in the same manner
Gas & Electric Co. system for the week
Stone
3511
Chronicle
Total
acquired in 1931
$1,495,000 in cash
the plant
business and goodwill of McConway were
previous owners by the present corporation for
received from Patapsco Corp. and a purchase money mortgage on
of McConway in the principal amount of $475,000 retained by the
owners.
This purchase money mortgage was purchased in January,
The assets,
from the
previous
1937
subsidiary or
a company controlled by jDonald
Symington and John F. Symington, acquired for $1,625,000 in cash all
of the capital stock and $1,325,000 5-year 6% notes, dated Dec. 22, 1931,
of McConway, representing its entire funded debt other than the purchase
money mortgage.
Patapsco and its stockholders owned at Oct. 31, 1937 in
by Depew Securities Co., Inc., an
Symington.
The Patapsco Corp.,
indirect wholly-owned
Symington, representing
that date.
of the notes and capital
stock of McConway, Patapsco borrowed from Depew the sum of $519,307
and pledged as collateral security for this indebtedness all such McConway
securities.
The principal of the note of Patapsco has been reduced by pay¬
ments to $333,667 and interest at the rate or 5% per annum has been paid
to Nov. 19, 1937, the most recent of such payments having been made on
the aggregate 47,675 shares of common stock of
approximately 6% of such stock outstanding on
In connection with the purchase by Patapsco
that date.
Pursuant to an
.
agreement between Patapsco
and Depew, Patapsco has
contribution to the latter's capital, all of
the above-mentioned notes of McConway and accrued and unpaid interest
thereon.
Since Oct. 31, 1937, McConway has paid to Patapsco, as its
sole stockholder, a dividend of $74,000 and Patapsco applied a like amount
on account of the principal of and accrued interest on the note of Patapsco
surrendered to McConway, as a
held by Depew as stated above.
The agreement of merger provide
that McConway shall be
_ **
merged into
Symington, which will be the surviving corporation.
# * *. 1
The merger agreement provides that the authorized capital
or
Symington shall be 1,500,000 shares of common stock (par
ing an increase of 300,000 shares in the authorized common
ton.
Symington, as the surviving corporation, is to issue to Patapsco,
sole stockholder of McConway, 180,000 shares of Symington's common
stock and a stock purchase warrant or warrants entitling the holders thereor
to purchase all or any part of 90,000 shares of such common
per share at any time or from time to time on or before Oct.
merger will not involve any exchange of securities by holders
ing common stock or warrants of Symington and neither
shares nor the price per share of stock issuable upon exercise
will be changed by the merger.
As at the close of business on Nov.
there were issued and outstanding 800,854 shares (including
fractional shares) of common stock of Symington and there were
272,942 shares of such common stock for issuance upon exercise
standing warrants.
.
...
Upon the merger becoming effective, Patapsco has
pay
the balance of its note presently held'by Depew.
As a result of the merger, Symington and its subsidiaries will own
Symington plant at Rochester, N. Y. on the line<of the
stock
$1), represent¬
stock of Syming¬
as
stock at $5
1, 1941. in©
of outstand¬
the numoer or
of warrants
15,193/.
scrip for
reserved
of out¬
agreed to
in full
the
New4York Central
3512
Financial
Pennsylvania and Baltimore & Ohio, the McConway plant at Pittsburgh,
Pa. on the lines of the Pennsylvania and the Gould Coupler Corp.
plant at
Depew, N. Y. on the lines of the New York Central, Erie, Lackawanna and
Lehigh Valley railroads.
In the opinion of the directors of Symington, the
acquisition of the
assets, business and goodwill of McConway by merger is advisable and in
the best interests of the stockholders and will increase the proportion of the
total amount of
railway equipment business which may be done by Symington and its subsidiaries.
The merger has been approved by the directors
of McConway and Patapsco as sole stockholder has agreed to vote in favor
«.
Chronicle
Nov.
for additional shares of
share of
common
common
stock for each 18 shares held.—V. 145, p. 3360.
The Interstate Commerce Commission on Nov. 15 issued a certificate
permitting the company to abandon the line of railroad known as its New¬
division, extending from Newport Junction, Cocke County, Tenn.,
to Crestmont, Haywood County, N.
C., a distance of approximately 21
miles.—V. 132, p. 3880.
„
port
Texas & Pacific
By action of the directors of Symington, the 135,325 shares of special
Symington (par 10c.) originally pledged with the trustee under the
first mortgage, dated Feb. 1, 1936, securing the first mortgage convertible
income bonds, due Feb. 1, 1956, of Symington and Gould Coupler
Corp.,
which shares were
acguired by Symington upon the redemption on Aug. 17,
1937 of all such bonds then outstanding, have been retired and the issued
capital stock of Symington has been reduced to the extent thereof.
Stockholders to Vote
on
approving
salary adjustment plan
a
Ry.—Earnings —
Period End. Oct. 31—
1937—Month—1936
1937—10 Mos.—1936
$2,692,428
$2,724,822 $25,432,480 $22,867,959
1,830,763
1,804,273
17,275,422
15,759,923
Railway tax accruals.216,171
183,068
1.911,256
1,489,320
Equip, rents (net)
113,126
107,597
1,284,939
1,176,965
Jt. facil. rents (net)...
5.369
8,424
35,982
74,153
Operating
Operating
'
Salary Adjustment Plan —
on
The stockholders will also vote
1937
27,
no par, in the ratio of one additional
Tennessee & North Carolina Ry.—Abandonment—
thereof
stock of
stock,
revenues
expenses
Net ry. oper. income..
$537,737
34,883
$621,460
70,856
$4,924,881
401,966
$4,367,598
450,495
$572,620
$692,316
21,224
331,450
$5,326,847
$4,818,093
83,960
327,684
3,297,641
67,418
3,366,842
$235,967
Other income
$339,642
$1,945,246
$1,383,833
adopted
by the directors Nov. 16.
The purpose of the plan is to provide a method whereby eligible officers
and employees in the employ of Symington or any of its subsidiaries on
Oct. 31 of any year beginning with the year 1937 may be permitted to
participate on the basis of their remuneration over the preceding five years
in the consolidated net earnings (determined as provided in the
plan) of
Symington and its subsidiaries for the fiscal year ended on the folowing
Jan. 31.
The plan provides that, after dividends at the rate of 50 cents
per share
on the outstanding common stock have been declared and
paid or funds for
the payment thereof set aside in such fiscal year, there shall be set aside out
of such consolidated net earnings a "salary adjustment fund" in an amount
to be determined
by the directors of Symington not exceeding the sum of
10% of such consolidated net earnings in excess of $500,000, and not in
of $750,000; 15% of such consolidated net
earnings in excess of
$750,000, and not in excess of .$1,00 ,000; 20% of such consolidated net
earnings in excess of $1,000,000, and not in excess of $1,500,000; and 25%
of such consolidated net earnings in excess of
$1,500,000.
For example,
in the event that consolidated net earnings
(determined as provided in the
plan) for the fiscal year ending Jan. 31, 1938 should amount to $1,100,000,
the maximum amount which the directors might set aside as the
salary
adjustment fund for that fiscal year would amount to $82,500.
McConway & Torley Corp.—Balance Sheet as at Oct. 31, 1937
Assets—-Cash on hand and in banks, $212,609; accounts receivable—
trade, $109,362; inventories, $201,973; prepaid expenses and deferred
charges, $9,239; certificate of indebtedness—Baltimore Trust Co. (due
July 1, 1938 with interest at 2% per annum), $1,238; land, buildings and
equipment, (less reserve of depreciation of $786,478), $1,127,290; patents
and goodwill,
$2; total, $1,661,715.
Liabilities—Notes payable, $10,000; accounts payable—trade,
$1,632;
accrued expenses, $17,971; provision for Federal and State income
taxes,
$15,600; purchase money mortgage, 5H%, owned by Depew Securities
Co., Inc., due Nov. 22, 1937, $475,000; accrued interest thereon, $2,903;
5-year notes, 6%, owned by the Patapsco Corp., due Dec. 28, 1936, $1,325,000; accrued interest thereon,
$303,476; miscellaneous
operating
reserves, $10,000; capital stock ($100 par), $300,000; deficit, $799,867;
total, $1,661,714.
Total income
Miscell.
Fixed
Net
—V.
deductions
8,969
charges
income-
145, p. 2865.
Thatcher Mfg. Co. —To Pay
The
directors
have
Special Dividend —
declared
a
special dividend of $1.50 per share in
quarterly dividend of 25 cents per share on the
common stock, no par value, both payable Dec.
15 to holders of record
Nov. 30.
An extra dividend of 25 cents was paid on Dec.
15, 1936.—V.
145, p. 3212.
addition
the regular
to
excess
Income Account for 10 Months Ended Oct. 31,
1937
[McConway & Torley Corp.]
Net shipments.
Cost of shipments (not incl. depreciation)
$898,485
712,392
Gross profit
1
Other operating income
:
Gross J.iicome__
Engineering, selling and general administrative
Provision for depreciation
$186,093
52,423
$238,516
34,957
77,313
expense
-—
Tobacco Securities Trust
Co., Ltd.—Final Dividend—
The directors have declared
and
a final dividend of 11
% on the ordinary stock
deferred shares, less tax, both dividends payable
Net revenue was reported at £575.883.—V. 144, p. 3520
4.5714%
Dec. 14.
on
the
i
Trojan Oil Co.—Earnings
—
Earnings for 4 Months Ended July 31, 1937
Net income
—V.
144,
before income
taxes
$1,258
3696.
p.
Treadwell Yukon
Co., Ltd.—Plan of Reorganization—
In accordance with the program approved by the stockholders in
principle
at the annual meeting last March, there nas been submitted to
stockholders
for their consideration and action a plan of
reorganization, involving dis¬
solution of the present company and formation of a new
corporation having
the name Treadwell Yukon Corp., Ltd., as its successor.
The reasons for reorganizing are briefly outlined as follows in a
letter
to stockholders
by P. R. Bradley, President;
Company as at present constituted is unable to make any real progress
in reducing its indebtedness,
notwithstanding that there may be sub¬
stantial operating profits, because of the extremely heavy interest
charges
which accrue concurrently.
The result is that, for the most part, the
benefits of successful operations are nullified.
Furthermore, the abnormal
financial condition creates a constant problem due to restriction of
working
capital, which is a handicap to both the immediate and long-range
operating
program.
To add to this unsatisfactory situation, the recently imposed
Federal undistributed profits tax would reduce severely
any earnings over
and above interest charges used for debt retirement
because this tax
applies unless all earnings are paid out in dividends, and, as matters now
stand, it is improper for company to pay dividends even if earned, owing
its
to
deficit.
Thus,
position is such that
in
addition
other
to
disadvantages,
our
present
we cannot
protect ourselves in the matter of taxation.
it is very evident that a correction of this situation
through reorganization would be of distinct benefit to both creditors and
For these reasons,
Income from operations
Other income
$126,246
3,666
-
Total income
$129,912
87,946
15,600
Other charges
Provision for Federal and State income taxes..
stockholders.
The realization of this has actuated your
management to
develop and submit a workable plan of reorganization, which has been
facilitated greatly by the understanding and generous cooperation of the
remaining preferred creditor as well as the friendly stockholder-creditor
relationship of the parent companies.
Under such circumstances it has
possible to work out what is believed to be a very equitable plan
embodying the elimination of all priorities, with a single exception involving
an amount equal to only
slightly more than 4% of the total preferred claims.
Preference will be waived with respect to the remaining 96% of this in¬
debtedness, placing it on a parity with the common stock, with the result
that each present stockholder and (or) creditor participant will share in the
been
Net income
Deficit, Oct.
31,
$26,366
799,867
1937
Note—Subsequent to Oct. 31, 1937, a contribution of capital by Patapsco
Corp., owner of all the capital stock of the corporation, was made, amount¬
ing to $1,628,476, through the surrender and cancelation of
5-year notes
incl.
interest accrued thereon, totaling the
foregoing amount.
Also,
subsequent to Oct. 31, 1937, a dividend of $74,000 was declared and
paid.
These two transactions, if given effect as of
Oct. 31, 1937, would change the
surplus (deficit) to a net credit balance of $754,609.
Provision for Federal and State income taxes is deemed
ample to provide
for Federal income, excess
profits and undistributed profits taxes and State
income taxes accruing with respect to
operations in the 10 months' period
ended Oct. 31, 1937.
Pro Forma Consolidated Balance Sheet
as
at Oct.
Assets-
Cash.
31,074,789
1,769,371
1,014,106
...
Accounts receiv. (not current)
Prepaid expenses and deferred
charges
Claim
for
refund
of
294,814
Federal
90,088
144,675
expenses
income taxes
13,536
15,308
Cash (escrow account)
Investments
16.500
Deferred liabilities
12,000
980,733
Capital stock (par SI)
Surplus
a500,000
Land, buildings & equip, (net)
6,028,157
3,537,615
Patents and goodwill
$8,061,002
Total
$8,061,002
Security investments (at cost) Colonial Radio
class A stock, par $10
per share and 160 shares class
a
share.
Corp.
Corp.,
8,000
shares
B stock
par $10 per
The book value of these
shares, per balance sheet of Colonial Radio
as
$847,274
$2,778,274
20.93159
1,968,932
971,237
70,673
5,744,932
3,007,237
242,673
43.28247
22.65660
1.82830
Percentage
Alaska Mexico G.M. Co
2,036,000
172,000
Total- creditors
Common stockholders--
$7,915,000
1,500,000
$3,858,116 $11,773,116
1,500,000
88.69896
$9,415,000
$3,858,116 $13,273,116
100.00000
Total basis.
—
,
11.30104
The percentage column indicates the proportion of the total
outstanding
new company which each interest would receive.
It is proposed that the new company shall have an authorized
stock of the
capital
($1 par), of which 1,522,504 shares would be immediately
to the reorganization.
On the above basis this
of $2,000,000
outstanding
pursuant
would work out
4
Total
Total
$3,278,274
500,000
234,036
Miscell. operating reserves..
Reserve for Federal taxes and
7,794
Acer. Int.
$847,274
10,000
Accounts payable...
79,807
Certificate of indebtedness..
$250,000
Accrued royalties, &c. expens
Prov. for Fed., &c taxes
48,671
-
AlaskaTreadwellG.M.Co
Notes payable to banks
Notes payable to others
$2,431,000
500,000
Bunker
Liabilities—
Accounts receivable (net)
Inventories
Principal
Preferred creditor
Less amt. pay. in cash
Preferred creditor (net). $1,931,000
Hill & Sullivan
M. & C. Co
3,776,000
31, 1937
[Symington-Gould Corp.]
'
apportionment of the new company's stock in exact proportion to its dollar
position in the present company.
To illustrate this in figures, a tabulation
is given below showing the amounts involved as
they will appear Dec. 31,
1937, with not more than minor variation:
as
follows:
To the preferred creditor
To Bunker Hill & Sullivan M. & C. Co.
To Alaska Treadwell G. M. Co
To Alaska Mexican G. M. Co
20.93159%,
43.28247%,
22.65660%,
1.82830%,
To present stockholders
11.30104%,
or
100.00000%,
or
.
318,684
658,977
344,948
27,836
172,059
or
or
or
or
shares
shares
shares
shares
shares
at
July 31, 1937, was approximately $545,000.
The value-of
these shares at Dec. 31,
1936, as determined by American Appraisal Co..
was $204,000.—V.
145, p. 3360.
.
Total
This
1,522,504 shares
leave in the treasury of the new company 477,496 shares
possible future use.
to their position as creditors, for which they will receive
the number of shares shown above, the parent companies are substantial
would
to be held for
In
Tennessee Electric Power
Period End. Oct. 31—
Co.—Earnings
1937—Month—1936
Gross revenue
x
Oper. exps. & taxes
Prov. for retire, reserve.
Gross income
1937 -12 Mos.—1936
$1,301,096 $16,063,945 $14,726,399
775,220
9,486,482
8,520,542
105,000
1,260,000
1.260,000
$420,876
$6,317,463
$4,945,857
222,025
2.781,905
2,692,480
$1,399,385
789,243
105,000
Int. & other fixed chgs__
$5J5,141
233,670
Net income.
Divs. on pref. stock
$271,471
129,394
~
Balance.
x
No provision
$142,077
was
made
in
1936
$198,850
129,385
'
$69,465
for Federal
$2,535,557
1,550,875
$2,253,376
1.550,876
$984,682
$702,500
on undistributed
surtax
Erofits asmade for such tax infor that year was distributed.
all taxable income 1937.—V. 145, p. 2865.
been
as
Operating
revenues
Gross inc. afcer deprec..
Net
1937—Month—1936
$377,743
117,581
$349,376
108,754
income
—
•,
in
the
1,445,142
common
present
amounts
the stockholders
out
of the
stock of the present company.
Their respective
common stock will entitle them to the following
of tne total of 172,059 shares allocated to all of
existing company:
Present
Percent
Shares in
Share-
of
Total
Company
1,378,574
Dealings—
The New York Curb Exchange has admitted to
when-issued dealings the
Mghts of holders of common stock to subscribe at the
price of $20 per share
New
Alaska Mexican G. M. Co.
Alaska United G. M. Co..
Individuals
holdings
750,000
50.00000
329,993
114,197
149,950
155,860
21.99953
7.61313
9.99667
10.39067
86,030
37,852
13,099
17,200
17,878
1,500,000
Bunker Hill & Sullivan M. & C. CoAlaska Treadwell G. M. Co
The rate
1937—12 Mos.—1936
$4,494,128
$4,186,267
1,458,035
1,391,516
Note—No provision has been made for the
Federal surtax on undistributed
income for the year 1937, since
any liability for such tax cannot be
determined until the end of the year.
of the
additional
Total.
net
When Issued
holders
interest
100.00000
172,059
No provision
Tampa Electric Co.—Earnings —
Period End. Oct. 31—
addition
of
exchange for all common stockholders
as above shown is
share new stock for each 8.718 shares of old stock; that
is, each present share will represent 1.000-8.718th share of the new stock,
As this ratio will result in fractional
shares, it is the intention to issue
equivalent to
one
scrip in denominations of 1-lOOths share for amounts less than one full
share, according to the nearest hundredths.
At such time as the plan may become operative,
application will be
made for a charter for the new company along the lines of that of the
present
company, probably under the laws or the State of Delaware.
The successor company will then take over all of the assets of the
present
and assume all of its ordinary liabilities excepting loans and
interest, with respect to which it will obligate itself for an amount
company
accrued
not to exceed
$500,000.
Expected Balance Sheet of the Reorganized Company as at
$71,600
.
receivable
Inventories,
8,200
Mines
Wernecke
Accounts
Accrued
288,900
Accrued
279.200
(ore & concentrate—at cost)
necke Mines)
Other prepaid
items
royalties-.
—
payable (pref. creditor).
Capital stock
Surplus (or deficit)
deductions
vision has
$3,000
20,700
10,000
51,800
500,000
1,522,504
not
and deferred
26,100
'
1936
1937
Assets—
$2 ,561,500 $2,574,000
262,502
256,921
Deferred liabs
3,189
1,326
Due affiliated cos.
bonds
1,200
1,200
233,364
240,481
51,504
Bank loans & oth.
10,753
32,779
56,279
6,699
30,808
Accounts
Misc.
investments
Cash
Sec.
& organizat'n
$2,108,004
Total
Def.
valued at $1.
_
.
Total
25,606
9,588
..
$6 cum. pref. stock
Common stock..
z
6,460
118,304
78,114
808,844
600,000
820,000
84,633
828,401
600,000
820,000
84,685
343,661
Reserves.
and
charges
prepaid accts.
5,000
6,590
99,660
79,621
notes
Deferred income.
13,928
Mining property (after depletion):
Wernecke Mines, Yukon Terri¬
tory, S394,800; Errington Mine, Ontario, $475,000; Tybo Mine, Nevada
(nominal value), $1.
Mining plants and equipment (after depreciation);
Wernecke Mines, $191,500; Tybo Mine, $25,000; Errington Mine (nominal
value), $1; miscellaneous, $18,701; all other mining investments—nominally
x
payable.
payable.
Accrued liabilities-
revenue.
expense
$2,108,0041
1936
1937
5M % gold
1st lien
$5,334,249 $5,285,241
ment, &c
.
.
30
Liabilities—
Plant, prop, equip¬
Mat'ls & supplies.
1,105,004
Capital assets
_
30, 1937.
Consolidated Balance Sheet Sept.
Accounts receiv
None
329,000
_
—
Total
reflected in the above income accounts.
No pro¬
to possible Federal tax on undistributed
been made in respect
income for the nine months ended Sept.
Unbilled
(Wer¬
mining
...
Notes
Deferred charges:
Preparatory
payable
taxes
Other accrued expenses
Supplies
x
certain
Jan. 1, 1938
Liabilities—
Assets
Accounts
3513
Financial Chronicle
VoJum§ 14$
Capital surplus—
Earned surplus...
290,269
..$5,687,364 $5,646,314
shares.—V. 145, p. 1438.
$5,687,364 $5,646,314
Total
all liabilities
impair¬
property
then
realize the full benefits of continued production from its operating properties,
which are now in splendid condition and capable of repeating in the future
capital stock, par $5, payable Dec. 15 to holders of record Dec. 3.
amounts were paid on July 15. last and on Dec. 15, 1936, this latter
the
the initial dividend.
The new company will have an excess of current assets over
other than capital stock from the beginning; also, there will be no
of capital notwithstanding some substantial reductions in
valuation.
With this sound position as a basis, company should
z
enjoyed this year.
The plan has been approved in its entirety by directors at a meeting held
Nov. 17, with recommendation for acceptance by the stockholders at their
special meeting called for Dec. 10.
success
Represented by 9,900 no par
United Aircraft
ment
Corp.—50-Cent Dividend—
The directors on Nov. 22
declared a dividend of 50 cents per
share on the
Like
being
^
Changes in Personnel—
Donald L. Brown,
President of the corporation, on Nov.
22 announced
changes in personnel as follows:
Truax-Traer Coal Co.
3 Mos. End. Sept. 30—
x
(& Subs.)
1937
$181,562
Net profit...
—
Earnings —
1936
y$149,015
After depreciation, depletion, interest, taxes,
count on debentures purchased for sinking fund
x
145, p. 1601.
Federal income taxes.—V.
Twentieth
1935
1934
y$36,249
$80,992
&c. y Exclusive of dis¬
requirements and before
Century-Fox Film
is
$1 per share on the common
stock, payable Dec. 15 to holders of record Dec. 3.
This compares with
50 cents paid on Sept. 30, June 30 and on March 31. last, and dividends of $1
paid on Dec. 11, and on Oct. 23, 1936, this latter being the initial payment.
—V. 145, p. 3023.
Twin-State Gas & Electric Co.—Earnings —
(Including Berwick & Salmon Falls Electric Co.)
1937—12 Mos.—1936
1937—Month—1936
$2,383,065
$211,048
$211,454 $2,526,557
Operating revenues
1,653,704
1,573,987
153.400
138,915
Operating expenses
_ _
190.061
180,762
State & municipal taxes.
8,604
15,707
98,685
51,184
Federal taxes (mcl. inc.)
8,154
Cr21,820
$584,107
2,422
$577,132
$586,529
133,986
12,402
8,311
$78,585
11,166
10,851
31,093
110,905
38,403
$580,711
225,882
39,424
57,971
$9,830
$20,789
$25,475
$20,789
$303,235
$249,475
$257,434
$249,475
$41,709
Gross income
Other
11,166
interest—(net)
deductions
Net income
Pref. div.
.Dr67
819
Bond interest
Other
$78,652
$40,890
requirements.
2708.
have
directors
common
General expenses
Trans. for invest
$16,709,871 $16,899,374 $136,436,235 $126,103,982
1,360,733
16,097,144
14,755,103
1,280,810
2,458,850
26,127,886
24,147,274
2,722,222
322,518
3,837,456
3,208,406
380,309
4,920,839
45,620,245
40,434,013
5,226,999
269,533
3,076,275
2,661,842
314,088
539,804
4,989,216
5,448,947
486,159
$6,299,284
Railway tax accruals...
987,517
rev.
CY156
CY15
from ry. oper.
Net
Cr249
$7,027,112 $36,688,169 $35,448,646
1,097,565
11,811,995
10,866,732
Net of items
$5,311,767
1,319,921
23,682
$5,929,517 $24,876,174 $24,581,914
1,058,702
6,923,735
6,309,232
49,351
449,313
472,209
$3,968,164
Railway oper. income.
Equipment rents (net)..
Joint facility rents (net).
$4,821,494 $17,503,126 $17,800,473
Note—Approximately $286,700 was credited to railway tax accruals in
October (similar
amounts
aggregating $1,146,800 were credited during
the months June to September, inclusive), representing one-seventh of the
amount (approximately $1,801,000) charged to that account from March 1
to Dec. 31, 1936, inclusive, that would have been payable under the pro¬
visions of the Taxing Act (companion to the Railroad Retirement Act of
1935) which was repealed by the Carriers' Taxing Act of 1937, and oneseventh of the difference (approximately $206,000) between the amount
charged to railway tax accruals from Jan. 1 to May 31, 1937, inclusive,
under ohe repealed act, based on a tax rate of 3 Yi %, and the amount accruing
for that period under the new Act, based on a tax rate of 2 %%.
The balance
of approximately $573,500 will be credited to railway tax accruals in equal
proportions in each of the months November and December, 1937,—V. 145,
P.2709.
Union Water Service Co.
12 Months Ended
(& Subs.)—Earning
cents per
share was made.—V. 145, p.
Nov. 20, '37 Nov.
Week Ended—
145,
p.
3,774
24,962
59,994
$489,321
121,057
Cr3,258
6.873
25,461
58,241
$284,909
513
$280,948
1,033
$285,421
141,384
1,905
$281,981
141,972
1,492
$494,561
127,235
Cr6,312
Operating revenues
Operation
General expense charged to construction
Provision for uncollectible accounts
Maintenance
General taxes
Net earnings before prov. for Federal
& retirements & replacements
income tax
Other income
Gross corporate income
Interest on funded
debt
Miscellaneous interest
Amortization of debt expense
190
..
Net income.
Net income, year
Earned Surplus for the Year
ended Sept, 30,1937, as above
204
Cr 13 7
Cr804
7,953
3,716
30,550
8,371
31",300
$99,862
charged to construction
Prov. for Federal income taxes—Normal tax
Surtax on undistributed profits
Provision for retires. & replaces, in lieu of deprec..
Interest
Summary of Consolidated
Balance, Sept. 30, 1936
$99,447
Ended Sept. 30, 1937
$290,269
99,862
$ 390,131
5,520
36,000
4,950
Total
Miscellaneous adjustments
Dividends—On preferred stock
On common stock
$343,661
Federal income taxes for the period under review
allowance under the income tax law and regulations of
Balance, Sept. 30, 1937
Note—The provision for
s
based upon
the
91,589,483
(kwh.)
Electric output of system
—V.
2561.
Co.—Weekly Output —
United Gas Improvement
Years Ended Sept.
—
30—
income
Gross
13, '37 Nov. 21, '36
90,255,917
94,148,843
3338.
(& Subs.)—Earnings—
1937
1936
$179,859
25,542
income..
Earnings per share
....
$57,318
14,092
$0.32
...
Net
$0.18
including mortgage interest and Federal and State
Oh 79,636 shares of class A common stock.—V. 145, p. 136.
After all expenses,
taxes,
y
Corp.—Earnings—
I ight Co.—Subsidiary Company]
1937—3 Mos.—1936
1967—9 Mos. 1936 ^
$166,452
$176,263
$479,791
$522,103
119,126
124,561
371,837
379,767
United Public Service
[Including Kentucky Power &
Period End. Sept 30—
Operating revenues
Total oper. exps. & taxes
Net
$51,701
$107,953
24
109
I>r661
39
$47,350
18,549
$51,810
19,297
$107,291
460
Gross income
Int.
on
funded debt
General interest.
Amorti. of bond discount
505
■; 1,265
$142,375
58,958
1,495
2,298
6,892
7,951
1,107
Miscell. amortization—
2,367
3,151
int—
180
and expense
Taxes assumed on
$142,335
$47,325
operating income.
(net)
Other income
56,068
""180
6.968
"'575
$22,641
$29,529
$34,006
$74,376
Note—It is estimated that the subsidiary company, Kentucky Power &
Light Co. had no liability for Federal and State income taxes and undis¬
tributed profits tax.
United Public Service Corp. has made no provision
or Federal undistributed profits tax.—V. 145, p. 1439.
Net income
United Public Utilities
Corp.—Accumulated Dividends—
share on the $3
declared a dividend of 60 cents per
cum. pref. stock, no par value, and a dividend of 55 cents
count of accumulations on the $2.75 cum. pref. stock, no
payable Dec. 15 to holders of record Dec. 1. Dividends
amounts were paid on Dec. 15, 1936.—V. 145, P. 3024.
The directors have
Upson-Walton Co.—Extra
The directors have
per share on ac¬
par value, both
at double these
Dividend —
declared an extra
dividend of 10 cents per share
in
dividend of 20 cents per share on the common stock,
par $1, payable Dec. 20 to holders of record Dec. 10.
Similar payments
were made on June 21, last, and on Dec. 21, 1936.
An initial dividend of
30 cents was paid on Sept. 30, 1936.—V. 145, p. 2092.
addition to a quarterly
Utilities
1936
1937
Sept. 30—
the
of record Dec. 4. A like amount
paid on Dec. 18, 1936, this latter being the first payment made on the
common shares since July
1, 1933, when a quarterly distribution of 10
...
Transportation
Miscell. operations
dividend of 20 cents per share on
declared a
stock, payable Dec. 15 to holders
was
x
1937—10 Mos.—1936
1937—Month—1936
Freight revenue
.$13,964,220 $14,360,762 $109,990,796 $103,098,416
14,716,960
12,612,072
Passenger revenue
1,488,165
1,328,638
3,805,019
3,993,677
411,507
Mail revenue
427,551
1,760,336
1,779,986
212,594
Express revenue
181,099
3,065,846
3,770,373
375,223
All other trans, revenue.
424,098
1,762,293
2,184,443
210,650
Incidental revenue.
224,738
the class
Pay Common Dividend—
United Corp. — To
The
x
Union Pacific RR.— Earnings—
Traffic
dividend of 45 cents per share on
payable Nov. 30 to holders of record Nov. 15. Previously
regular semi-annual dividends of 30 cents per share were distributed.
In
addition, an extra dividend of 10 cents was paid on these stocks on Dec. 15,
1936—V. 145, p. 784.
United Investors Realty Corp.
Period End. Oct. 31—
Vought Aircraft,
that division.—V. 145, p.
Ltd.—Dividends Increased —
United Amusement Corp.,
The directors have declared a
y
.
General Manager of
advanced to Assistant
A and B stocks
3,579
—V. 145, p.
Railway oper revs
Maint. of way & struc.
Maint. of equipment
Bridgeport, becomes Vice-
2866.
Period End. Oct. 31-
Net oper. income
Non-oper. income (net).
Sikorsky Aircraft division at
Manager of the
President in Charge of the Airplane Divisions of United.
Charles J. McCarthy, Engineering Manager of Chance
Corp.-—$1 Dividend—
The directors have declared a dividend of
Eugene E. Wilson, Senior Vice-President of United Aircraft Corp. and
General Manager of the Chance Vought Aircraft division, is advanced to
the position of General Assistant to the President of United Aircraft, re¬
taining the rank of Senior Vice-President.
Rensselaer W. Clark, Vice-President of United Aircraft Corp. and General
Power
& Light
Corp.—Annual Meeting Post¬
poned Until Dec. 17—
Federal
Judge
order instructing
William H. Holly at Chicago on
the trustee to postpone the annual
Nov. 19 entered an
stockholders' meeting
Richmond, Va.
of the class B stockholders
shall be held until the ownership of 182,001 shares of class B stock held
by the trustee of Webster Securities Corp. shall be determined.
Committee1 s Activities Limited—
Federal Judge William H.
Holly has entered an order temporarily
enjoining the general protective committee for the security holders of
Utilities Power & Light Corp., Associated Gas & Electric Co., Associated
scheduled for Nov. 29, 1937, until Dec. 17 at
The Court also decreed that no meeting
Utilities Corp.,
Associated Investing Corp., and
individuals affiliated with
corporations from sending out any general communications to
Public Utiliies Securities Corp. and U. P. & L.
Corp. unless a copy of the proposed communication shall have been
submitted to an approval py the Court.
,
m
,
On Nov. 10 it was charged by Frederick Z. Marx, trustee of Webster
Securities Corp., that title to 130,000 shares U. P. & L. stock was being
clouded because of the solicitation of proxies by various groups representing
U. P. & L. security holders and the trustee wanted it determined if Webster
owned the stock or not so he could rightfully vote at the annual meeting.
The Court in entering the order found that it was for the best
of the various security holders that the sending of the communications to
stockholders be first submitted to the Court as the former practice is likely
to lead to confusion in the minds of security holders.
Judge Holly granted
six days in which all persons temporarily enjoined should show cause
the above
creditors or stockholders of
first
interest
the temporary
injunction should not be
Vanadium Corp.
made permanent.—V. 145, p.
of America—Resumes
Common Div.
the common
will be the first
when 75 cents
The directors have declared a dividend of $1 per share on
stock, payable Dec. 15 to holders of record Dec. 1.
This
dividend paid on the common shares since Feb. 16, 1931,
per
share was
distributed.—V. 145, p. 1278.
why
3361.
Financial
3514
Van
Chronicle
Since
Camp Milk Co.—Earnings-
sions of
me Months Ended Sept. 30—
1936
1937
M
*H7i7AU
2,014,657
Cost of sales
Gross profit on sales
$273,283
68,507
63,176
Selling, administrative and general expenses-.
the meeting on Nov. 29.
The plan proposed by
49,140
the directors contemplates an initial dividend on
the
common shares consisting, at the option of such stockholders, of either
25 cents in cash or 30 cents in par value of new 6% convertible preferred
stock, subject to authorization or the new issue.
It is further proposed that
this initial dividend will be followed before the close of the year by an addi¬
$204,776
22,602
$99,738
Net profit from operations
Miscellaneous income—Net
1937
27,
approval of 66 2-3% of the stock Is necessary to carry out the provi¬
the plan, the meeting was adjourned to Nov. 29.
A letter is being
sent to stockholders requesting prompt action by those who have not yet
returned proxies in order that the plan may be declared effective following
$2,608,439
2,335,156
*162,914
Sales, net.
Nov.
tional
dividend of 70 cents per share, payable only in
the
new
preferred
sfcock«
Provision for possible price
adjustments
$227,378
26,107
25,000
$148,878
Net profit before provision for income taxes
Provision for Federal and State income taxes
27,247
...—
Among the purposes of the special meeting, which has been adjourned,
is the authorization of an issue of $1.500,000 of the new 6% preferred stock
and
150,000 shares of additional common stock.
It is proposed that the
preferred stock be issued in shares of the par value of $10 each and that
April 1.
1938, to Dec. 31, 1938, incl.: at the rate of 4-5 of a share of common stock
throughout 1939 and at the rate of 3-5 of a share of common stock through¬
out 1940.
Subject to the right of holders to convert prior to any redemp¬
tion date, it is proposed that the new preferred shall be redeemable at tne
par value of $10 a share.
The authorization of additional common stock. Increasing the total au¬
thorized issue to 1.550,000 shares, is proposed in order to provide for such
conversion.
The directors have recommended that they be given authority
to sell, in case It becomes advantageous to do so, such amounts of common
and preferred stocks as are not required for dividend purposes.—V. 145.
p. 3214.
new
Net profit to earned
Dividends declared
or
46,971
$176,271
30,000
$74,660
$1.24
$146,271
$1.95
$121,631
surplus—
..
paid on preferred stock
Balance at Sept. 30, 1936
Earnings per share on 75,000 shs. common stock-.
it be convertible into common stock on a share-for-share basis from
Balance Sheet Sept. 30
Liabilities—
1936
1937
Assets—
$411,680
270.917
$246,906
•
220,316
Accounts recelv.
Cow notes rec.
1,707
expenses.
15,801
$192,962
31.646
40,759
27,139
32,780
15,000
70,000
Prov. for Fed. tax.
and State Income
160.730
5,157
taxes
Dividends declared
payable Oct. 1..
Reserve for contlng
Reciprocal
insur.
subs.' fund and
surplus
$170,058
Accrued expenses.
4,518
379,032
10,453
(net)
Inventories
Prepaid
1936
1937
Accounts payable.
Cash in banks and
12,683
14,558
reserve.
Reserve
for
ible price
Deposits in closed
70,000
Walgreen Co. (& Subs.)—Earnings—
Years End. Sept.
sales
poss¬
Net
adjust¬
15,000
1,118,400
25,000
1,200.000
stock
75,000
Frenzel Jr., trus¬
Capital surplus
380,074
75,000
335.460
tee In
Earned surplus
201,700
146,271
banks—less
ments
res.
819
$9,000
Due
J.
from
Van
1,455
Preferred stock
Common
P.
bankrup'y,
17,541
$3,036,534
$2,587,738
210,674
181,688
285,800
$2,658,013
246.224
$3,584,644
245.748
x583,074
$3,218,222
Cr52,190
415,879
$2,873,538
267,451
285,715
$2,904,237
175,134
170,208
$2,755,822
6 )^ % pref. dividends—
zl50,598
4)4 % pref. dividends—
213,745
Common dividends
y6,072,054
Shs. com. stock outstdg1,292,791
Earnings per share
$1.87
$2,784,903
265,433
$2,320,372
265,433
$2,558,895
265,922
1,570,370
828.961
$3.04
921,294
814,711
$2.52
760,354
Total income
Other charges
Federal taxes
17,541
136,405
net.
b Land, bldgs., ma¬
chinery & equip. 1,090,833
136,405
Estab. milk supply
system........
Total
-
69,631
Net profit
1,000
1,000
(net)
Capital stock and fran¬
chise taxes, &c
1,096,390
Total
$2,119,571 $2,118,478
$2,119,571
$2,118,478
..
a
After
for doubtful accounts, discounts, &c., or $15,324 in 1937
reserve
and $12,870 in 1936.
70 ^
b After reserve for depreciation of $569,777 in 1937
0>T
and $617,706 in 1936. -V. 145, p. 1918, 137.
t
("TArt
i
Art A
tr
HAS"
4 A4
O
1
Vapor Car Heating Co.—Larger Dividend—
The directors have declared
a dividend of $3 per share on the common
payable Dec. 10 to holders of record Dec. 1.
This
on Sept. 10 and June 10, last: 50 cents paid on March
10, fast, and $2.50 paid on March 10. 1936, and on Dec. 10, 1935.—V.
144, p. 3859.
stock,
no
The registration statement
effective
July
8,
was
the
Securities Act.
The examiner's report was filed on Aug. 24 and "with but one immaterial
exception, found that the registration statement was in fact deficient as
charged," the opinion states.
The company has not taken exception to the
examiner's
as
findings, neither has it asked for oral argument
on
the findings
it is entitled under the Act.
"Inasmuch as the registrant has not excepted to the findings of the
trial examiner, it is not entitled to any extended discussion
by the Com¬
in addition to the findings or fact," it is asserted.
The Com¬
mission
mission found that "the assets as shown on the balance sheet have thus
been inflated by not less than $184,029 through the erroneous
capital¬
ization of operating losses and the misrepresentation of the cost of the
mining properties and equipment."—V. 144, p. 4365.
Virginia Public Service Co. (& Subs.)—Earnings—
12 Months Ended Sept. 30—
Operating
1937
136,091
income
Gross
Interest
....
income.------
funded debt
unfunded debt
Amortization of debt discount and
expense
Interest charged to construction
Interest
on
on
$3,009,181
100,801
$3,109,982
1,925,135
64,611
169,626
Cr8,447
$959,058
605,754
.
$3,079,687
66,776
$997,168
Operating income
Other
648,721
$3,146,464
1,933.725
60,294
170,005
Cr14,729
Provision for retirements
Federal income taxes
Other taxes
605,754
1
3,192,620
100,409
756,787
warrs.
Warehse. receipts.
220,160
Inventories
10,003,560
Walgreen
$
6H% stock
pref.8tock__10,000,000
Common stock—11,853,567
Accounts
1936
$
4,083,700
6,816,690
payable,
&c
3,187,073
2,950,459
Employees' invest¬
422,662
217,504
9,032,471
1,087,602
718,396
1,826.827
charges—
Investments
46,650
470,371
453,215
Earned surplus..- 2,719,488
z
Common treas¬
7,142,296
Dr369,456
Dr369,456
917,539
50,000
58,000
ment certificates
Tax
provision
50,000
ury
stock
Mgrs.
Investment
Co-
Total
.27,919,045 21,123,554
27,919,045 21,123,554
Total
x After
depreciation of $4,626,070 in 1937 and $4,600,588 in 1936Represented by 1,336,963 (858,409 in 1936) no-par shares,
z Repre¬
sented by 44,172 no-par shares in 1937 (29,448 in 19360.—V. 145, p. 3214.
y
Wayne
Co.,
Pump
Wayne,
Fort
Ind.—Withdraws
Finance Plan—
At a special meeting of the directors held Nov. 16, it was decided that In
view of the prevailing condition of the securities market it was not in the
best interests of the company and its stockholders to proceed with the plan
which the company had announced for the issuance of additional stock
and the offering of rights to stockholders to subscribe to such stock.
Accordingly, the board has decided to withdraw the registration state¬
had filed with the Securities and Exchange Com¬
ment which the company
mission for the registration under the Securities Act of the additional shares
of stock which it was proposed to offer.
See also list given on first page of this department.—V. 144, p. 2710.
104,056
724,752
Operating expenses
Maintenance
$7,795,320
3,028,038
465,183
540,140
y
1
5,326,302
Taxantlcip.
Prepaid
6,572,360
lease¬
Accts. receivable..
1936
$8,132,315
3.120,384
449,111
622,289
revenues
1937
Liabilities—
Pref.
8,547,396
Cash
(No. 2-3243) of the company, which became
by the Securities and Exchange Com¬
rulep of
$
Land, bldgs. and
Goodwill,
holds,
suspended
mission Nov. 16 in an opinion handed down by the Commission
supporting
the examiner's evidence listing various infractions of the
1936
$
Assets—
x
equipment
Virginia City Gold Mining Co.— Registration Suspended
$3.00
Consolidated Balance Sheet Sept. 30
1937
$1 paid
Veeder-Root, Inc.—Extra and Initial Div. on New Stock —
The directors have declared an extra dividend of $2 per share and a quar¬
terly dividend of 25 cents per share on the larger amount of common shares
now outstanding, both payable Dec. 15 to holders of record Dec. 1.
The company's stock was recently split up on a two-for-one basis.
An extra dividend of $1 and a quarterly dividend of 50 cents per share
was paid on Sept. 15, last, on the smaller amount of stock then
outstanding.
See V. 145, p. 1118, for detailed record of dividend payments on old stock.
—V. 145, p. 2561.
763,285
Includes $116,930 additional
provisions for prior years including interest,
y Includes 50%
stock dividend of 445,654 shares paid March 9, 1937,
at the then stated book value ($3,951,195) of common shares, $8,866 per
shares,
z Includes
$23,041 dividends on 6)4% preferred stock from
March 24, 1937, date of call, to date of redemption.
x
value,
par
compares with
1934
$3,373,970
Operating profit
Due fr. Van Camp
Products Co.
(banrkupt)
1935
1936
$67,890,138 $61,783,953 $58,106,876 $53,654,657
64,516,168
58,747,419
55,519,138
50,996,644
Other income
Camp Pro¬
ducts Co
1937
30—
.
Cost of sales & expenses-
Wentworth Manufacturing Co.—Earnings—
Years Ended Oct. 31—
x
x
1936
1937
Net profit
$158,760
1935
$235,381
$349,426
1934
$99,016
After depreciation and taxes.—V. 145, p. 1441.
Net sales for the 1937 period were within l-10th of 1% of the 1936 volume.
Inventories as of Oct. 31, 1937, totaled $718,733 as compared with $694,330
on
Oct. 31, 1936, an increase of 3)^%.
After year-end adjustments of
inventories, which, the company said, reflected in full the rapid decline in
cotton goods prices from April through October, the quarter ended Oct.
31, 1937, resulted in a net loss of $13,229.
The company stated that future
commitments are limited and not over current prices.—V. 145, p. 1441.
Warner Bros.
Pictures, Inc.—EarningsConsolidated Income Statement
™BiSlanSe on ^come
of
Dividends
preferred stock
Aug. 28,'37 Aug. 29,'36 Aug. 31,'35 Aug. 31,'34
$42,164,493 $34,933,657 $31,419,227 $26,828,737
20,185,020
21,250,565
18,160,209
25,445,916
Amort, of deprec. of prop c4,772,132
c5,450,610
c6.174.278
c5,098,475
Int. & misc. chgs. (net)- e4,573,743
©4.888,198
5,092,959
©4,786,832
Prov. for inv. in affil.co's
230,841
290,874
140,153
168,233
Prov. for contingencies
305.682
200,000
Misellaneous
20", 600
42,280
charges.
Net income
Amount of film costs
Balance-
$391,414
$353,304
Note—No provision is made in this statement for Federal surtax
distributed profits, if any, for the
year 1937.—V. 144, p. 4365.
Wabash Ry.—- Trustee
on
un¬
Notifies Bondholders of Default—
Central Hanover Bank & Trust Co., as
trustee,
Wabash RR. 1st mtge.
5% bonds due
has sent to holders of
May 1, 1939, a letter advising them
of the steps taken by the trustee to
protect their interests and informing
them of their rights.
The Wabash Ry. has been in
receivership since Dec. 1, 1931, but the
receivers made interest payments in full on the
bonds until
May 1, 1937.
However, the receivers defaulted In the payment of the interest due on
May 1, 1937, and subsequently by an order of the U. S. District Court for
the Eastern District of Missouri, Eastern
Division, the receivers were
authorized to pay 80% of the instalment of interest and
funds for such
payment were made available at the offices of the receivers, 15 Broad
St.,
•N. Y. City.
The balance of the instalment of interest remains
unpaid.
By order of the same Court, 80% of the instalment of interest due on Nov.
1,
1937, has been similarly made available by the receivers.
The mortgage under which the bonds were issued
provides that after a
default made in the payent of the interest due on the bonds has
continued
for a period of six months, the holders of a
majority in principal amount of
the bonds then outstanding shall determine whether
they wisn to have the
bonds become due and payable at once.
The letter to bondholders from
Central Hanover Bank & Trust Co. calls attention to this
provision of the
mortgage and encloses a form of letter as to whether or not they wish to
have the bonds become immediately due and payable.—V.
145,
p.
Walworth
Years Ended—
a
Co.—Stockholders1
Meeting
_
$644,558 h$2,809,258
438,296
268,579
$7,442,308
bl,570,000
of net earnings
or losses applicable to
minority stockholders
>
Profit
on redemption of
6% debentures
Settlement
Elec.
made
$3,872,583
685,000
$1,082,853 h$2.540,679
396,998
Cr3,875
10,270
,
Research
$5,876,183 g$3,177,313
14,961,310
10,469,148
867,441
562,941
11,697
10,166
$674,159 h$2,530.514
16,346,564
19,547,005
1,022,481
1,155,172
with
Prod.
Inc
Net ins. recovery in ex¬
cess of book value of
studio assets destroyed
5,099,789
d336j)35
$3,693,388
494,656
f1,029,584
276.225
30,131
159,447
$9,886,972 $14,343,568 $15,663,112
617,743
582,176
683.452
$4,188,044 $10,469,148 $14,961,310 $16,346,564
have ap¬
proved the plan proposed by the directors for payment of dividends, it was
announced by R. B. Currier, Treasurer, following a special stockholders'
meeting Nov. 23.
$3,351,949
520,634
Propor.
Miscellaneous debits
common
$6,881,827
560,481
Other income
1755.
57% Approve Plan—
_
Net profit before min.
interest
Adjourned—Over
W More than 57% of the 1,310,504 outstanding shares of
_
a
Before providing for amortization
-aneous
charges,
amount of
and depreciation, interest miscel"
surtaxes on undistributed profits in the
The provision for Federal surtaxes on undistributed
b Includes
$310,000.
Volume
Financial
145
profits does not include any'pro vision in respect of $4,600,000 representing
undistributed profits of Warner Bros. Pictures, Inc. (parent) in excess
of $2,084,050, the amount of accumulated dividends to and including
June 1, 1937 on the
preferred stock outstanding. In the opinion of counsel,
for the year ended Aug. 28, 1937, the company is not liable for any surtax
on undistributed profits in excess of the accumulated dividends on the
outstanding preferred stock,
c Includes depreciation of studio properties
amounting to $991,453 in 1937; $752,318 in 1936; $574,601 in 1935. and $691,
011 in 1934.
d Includes credit resulting from exchange of bonds of a
subsidiary company of $240,000 and adjustments, of reserves and accruals
provided in prior years of $96,635.
e Interest expense only,
f Includes
recoveries of provisions made in prior years for Investments in affiliated
companies occasioned by sales of investment during the year of $329,794,
adjustments of Federal income tax liability to and including the fiscal
year ended Aug. 31, 1929 of $309,484 and adjustment of other reserves and
accruals provided in prior years of $390,304.
g Profits^are^not^subject
to the surtax on undistributed jprofits.
h Loss.
^
No participation is given by the amended plan to the existing common
stock, all of which is owned by Midland Utilities Co.
General claims are to be paid^by the new company to the extent
allowed
by^the Court.
A public hearing
Notes receivable
Trade customers
on
this matter will be
West Penn Electric Co.
held on Dec. 7.—V. 145, p. 2869.
(& Subs.)—Earnings—
xl937—12 Mos.—1936
Operating revenue
xl937—9 Mos.—1936
$30,358,709 $28,054,359
Non-operating income..
221,625
377,193
$40,406,603 $37,170,067
309,495
456,151
Gross'earnings
$30,580,334 $28,431,553
Oper.exp., maint.& taxes 17,495,471
15,433,796
2,682,699
2,221,073
$40,716,098 $37,626,218
23,087.506 20,140,359
3.423,441
3,002,293
Period End. Sept. 30—
Reserve for R. & R
$10,402,164 $10,776,683 $14,205,150
$14,483,566
3,434,595
65,482
4,527,982
4,650.162
Cr63,687
Cr39,820
90.205
476.338
2,102,928
Gross'income..
359,784
2,102,849
423,734
2,803,864
136,027
Deductions Sub. Cos.:
Aug. 28, '37 Aug. 29, *36 Aug. 31, *35
$
$
$
4,058,253
3,888,217
3,312,593
1 1,415.522
1,310,661
1,019,735
Cash
such stock
Holders of preferred stock would receive for each share of
and accumulated dividends five shares of new common stock.
Consolidated Balance Sheet
l*"Assets—
3515
Chronicle
J
Interest
.
funded debt.
3,394,902
Interest—Other
Amort, of disct. & exp..
on
Preferred
137,170
110,107
751,670
2,804,915
195,170
$4,354,512
$4,703,864
$5,965,232
$6,379,571
187,500
20,357
187,500
16,655
250.000
23,765
250,000
25,842
$4,146,655
$4,499,709
$5,691,467
$6,103,728
1,700,408
1,700,766
2,267.211
2,267,807
309,020
310,410
dividends
MisceU. deductions.....
97,879
205,196
100,601
273,610
335,869
257,508
Inventories
20,285,392 116,865,964 112,550,026
Rights and Scenarios
2,083,307
1,613,945
1,088,457
Dep. to secure contr. & sink, fund'dep
1,405,902
1,379,124
1,819,766
Mortgages receivable.
511,018
446,847
94,673
Officer & employee notes^accts. rec.
Sundry accounts receivable
Accts.
^ ary
Balance
_
DeducVsW.P.El.Co.'
Interest 5% debentures.
Other
from officers under Febru-
rec.
Properties owned and equipment
Properties leased and .equipment
Deferred charges
Net
lib, 00
1,778,776
1936agreement
Investments and advances...
1,286,803
1,565,678
120,803,9711120,682,92U121,129,118
15,073,187
15,497,270 ,16,623,675
1,133,727 1
977,340
961,393
Good-will
8,227,483
8,239,981
8,299.503
Total
177,544,606 173,009.0121168,471,830
Liabilities—
{
1,875,000 lfl,960,000
2,283,611 |I 2.814,161
9,939,471 *8,035,720
Due to affiliated companies
109,738
174,572
Deferred income.
1,362.434 1 1,745,343
Royalties payable
11,168,697
1,012,151
Advance payment'of film'deps., &c_.
478,154
484,566
Notes payable
Unsecured notes payable
Accounts payable &feundrylaccruals_.
Net current liabilities of subsidiaries..
Remitt. from for'n
cos.
held in abey—
Purchase money obligations
Reserve for Federal income taxes
Reserve for
deductions
1 1,559,550
511,075
6,822,477
198,176
12,036,587
811,834
307,011
49,026
1,294,643
1,500,000
590,521
1,510,853
1,075,474
1,220,262
5,063,304
30,700,000
45.369,872
2,926,825
31,924,000
50,029,024
546,212
1,052,058
598,303
933,963
3,012,773
1,270,000
contingencies
Serial bonds, sinking fund require¬
ments, purchase money & contract
obligations, &c
4,778,371
Opt. 6% conv. debs., ser. due 1939— 29,412,985
Mortgages and funded debt
43,045,273
Propr. of cap. & surp. of sub. cos.
applicable to minority stockholders
238,914
y Preferred stock
5,670,885
x Common stock
19,006,723
Capital surplus
57.044,331
Deficit
4,188,044
income.
7% and 6% pref. divs..
Class ^dividends
$3,012,229 $3,421,810
subject to audit insofar as they contain earnings
$2,137,226
Balance
x
All figures shown are
-
581,358
273,432
5,670,885
5,670,885
19,006,723
56,650,505
14,961,310
,
„
J
,
the system, the Federal surtax
determined and recorded each
However, in the case of one subsidiary
undistributed profits, if any, is necessarily
on
year
in the month of December.
group,
Potomac Edison Co. and subsidiaries,
because of the fact that it
definitely known that a surtax for the year 1937 will be payable by certain
companies in the group, estimated accruals for the surtax have been made
during that year.—V. 145, p. 1441.
is
West Penn Power Co.
(& Subs.)—Earnings—
Period End. Sept. 30—
1937—9 Mos.—1936
Operating revenue
$17,388,625 $16,107,668
Non-operating income..
139,605
382,196
1937—12 Mos.—1936
$23,168,864 $21,305,229
207,320
462,428
$17,528,230 $16,489,864 $23,376,184
Gross earnings
$21,767,658
ODer. exp., maintenance
9,483,938
1.187,561
8,075,994
1,077,214
12,448,490
1,530,166
10,615,311
1,366,932
$6,856,730
1,477,500
Reserve for R. & R
$7,336,655
1,511,250
46,344
167,607
$9,785,415
2,105,000
61,193
198,420
60,794
50,527
$9,397,528
1,970,000
Cr27,396
371,035
123,431
$5,107,427
1,432,154
$5,560,926
1,432,154
$6,960,458
1,909,539
$7,360,007
1,909,539
$3,675,273
Gross income
Interest on funded debt.
$4,128,772
$5,050,919
$5,450,468
&43,767
Interest—other
Amort, of disct. & exp..
Miscell. deductions
230,846
84,724
Net income
Preferred dividends
Total
177,544,606 173,009,012 168,471,830
x Represented
by 3,801,344 shares common stock,
y Represented by
103,107 shares of no par value.—V. 145, p. 626.
$2,488,534
for the year 1937.
Note—In the case of most companies in
and taxes
19,006,723
56,774,519
10,469,148
414,111
412,027
Balance
Includes all subsidiaries except Monongahela West Penn
and its subsidiaries, whose accounts are not herein con¬
solidated.
(2) No deduction has been made in the above income accounts
for Federal surtax on undistributed profits, inasmuch as for the year 1936
the dividends paid in cash by the company and its subsidiaries exceeded the
adjusted net taxable income as estimated by the companies, and for the
year 1937 the amount of the surtax cannot be finally determined until the
end of the year.—V. 145, p. 1441.
Notes—(1)
Public Service Co.
Westinghouse Electric & Mfg. Co.—$2 Dividend—
The directors
mon
and 7
on Nov. 24 declared a dividend of $2 per share on the com¬
% partic. pref. stocks (both of $50 par value) both payable Dec. 21
to holders of record
Dec. 7.
The regular quarterly dividend^of $1 per share which had been pre¬
viously declared will be paid on these issues on Nov. 30.
► Dividends of $2 per share were paid on the common and preferred stocks
on Dec. 21, 1936.
For detailed record of previous dividend payments see
V. 144, p. 796.
Patent
Suit
Period—
Operating revenue
Non-operating income..
Dismissed—
Holding that the Court'hadjno''jurisdiction in the matter, Judge Albert N.
District Court fat (Philadelphia on Nov. 22 dismissed a
by Nakken Patents Corp. against the,company concerning patent
rights for photo-electric itubes.
The object of the suit was to have the
Court rule that the patent rights, which are now held by Westinghouse,
really belong to Nakken but Judge Maris decided that the Federal Court
of Eastern Pennsylvania has no authority to determine the litigation
because Westinghouse, being a resident of Pittsburgh, is not within the
jurisdiction of the Court ^Philadelphia.—V. 145, p. 2870.
Maris in the U. S.
suit
West Ohio Gas Co.—Amended
The
„
Reorganization Plan —
Securities
and;Exchange Commission has announced that a com¬
mittee for holders of company's 6% 1st & ref. mtge. bonds has filed an
amended plan (File No. 52-4) dated Nov. 1, 1937, for the reorganziation
of the company.
The committee has amended its
application filed Oct. 22, 1937, to ask
(1) approve the amended plan pursuant to Section
11(f) of the Act, (2) to make a report on the amended plan pursuant to
Section 11(g) of the Act, and (3) either make a report on the letters and
that the Commission
$2,175,117
°Pandfa?«m.a."!!
Reserved for R. & R
Gross income
Interest on funded
debt.
Interest—other
Amort, of disct. & exp..
Miscell. deductions.....
$2,741,231
$3,557,430
1.133.524
56,859
1,435.174
71,436
1,460,992
76,944
$1,121,290
212,587
359
1,401
22,052
212,587
313
$1,234,619
283,450
493
1,401
$2,019,493
283,450
1,016
------
^
29,406
22,037
dividends paid in cash by the company and its subsidiaries exceeded the
adjusted net taxable income as estimated by the companies, and for the year
1937 the amount of the surtax cannot be finally determined until the end
of the year.—V. 144, p. 2850.
Maryland Ry.—Earnings
Western
12E-4, and 12E-5 under the Holding Company Act.
—
1937—Month—1936
1937—10 Mos.—1936
$1,428,933 $1,532,876 $15,016,353 $13,418,404
894,110
908,405
9,829,857
8,728,262
Period End. Oct. 31—
Operating revenues
Total operating expenses
is
$534,823
100,000
Net oper. revenue
Taxes.
...1
-
-
-
Net ry. oper.
$5,186,496
1,155,000
$4,690,142
980,000
$514,471
$4,031,496
0 221,727
Prl30,407
$3,710,142
0233,543
Prl35,189
$3,808,496
63,519
$434,823
Crl9,871
$537,371
6,986
$4,122,816
$450,625
262,575
$544,357
262,816
$4,206,790
2,619,567
$3,872,015
2,634,366
$188,050
....
charges
Cr36,512
Prl3,612
$440,819
9,806
income.
Other income
Fixed
$624,471
110,000
Drl3,875
Operating income
Equipment rents
facil. rents (net)
Jt
Gross income
Under the amended plan the capitalization of the new company would
of $676,500 of 5% 1st mtge. bonds due in 1958 and 151,437.25
shares of common stock (par $10), assuming that the holders of the small
24,737
$839,880
$886,352
$919,869 $1,710,290
Note—No deduction has been made in the above income accounts for
Federal surtax on undistributed profits, inasmuch as for the year 1936 the
tion of the committee
Terms of Committee Plan
------
Net income
it does not contemplate making
is filed pursuant to Rules 12E-3,
(The original applica¬
was described in V. 145, p. 2869.)
The committee
composed of David C. Patterson of New York and Max J. Mauermann
and David Copland of Chicago.
The company is an
operating subsidiary of the trustees of Midland
Utilities Co., a registered holding company, and has been in the process
of reorganization under Section 77-B of the Federal Bankruptcy Act
since June 25, 1934.
I A reorganization plan was filed by the company with the Commission
on Aug. 13, 1937
(described in V. 145, p. 1279).
However, in connection
with the filing of the committee's amended plan, the company has re¬
quested permission to withdraw its plan.
$2,311,674
1.048,400
50,435
$1,076,281
Gross earnings
documents to be used in connection with the solicitation of assents to the
amended plan or advise applicants that
such a report.
The amended application
(& Subs.)—Earnings—
1937—9 Mos.—1936
1937—12 Mos.—1936
$1,106,076 $1,198,856 $1,532,779 $1,577,378
1,069,041
1,112,818
1,208,451
1,980,052
West Penn Rys.
$281,541
$1,587,223
$1,237,649
83,974
consist
underlying bond issue do not elect to exercise an option given
common
stock.
The present bondholders would receive 70.3% of the new common stock,
Midland Utilities Co. would receive 18.3% of the new common
stock as holder of the $65,633 of demand notes and of 52.1% of thepresent
while
The preferred stockholders, other than Midland Utilities
remaining 11.4% of the new common stock.
$1,300,000 6% 1st & ref. mtge. bonds, on which no
Interest has been paid since Dec. 1, 1933, would receive $500 of the new
5% 1st mtge. bonds, $30 in cash and 80 shares of new common stock
for each $1,000 of the present bonds.
^ Holders of the $53,000 6% 1st mtge. bonds of Delphos Gas Co., on
which the interest has been paid«to Oct. 1, 1937, would receive $500 of
new 5%
1st mtge. bonds and 46.25 shares of the new common stock for
each $1,000 of the present bonds.
These bonds are secured by an under¬
lying mortgage and the amended plan provides that in lieu of participation
in the amended plan the bondholders as a class may, at their election,
receive a conveyance and transfer to them of the properties securing such
bonds and assume the obligation of West Ohio Gas Co. incident to such
preferred stock.
Co.. would receive the
Holders
of
the
properties.
,
.
.
The holder of $65,633 of demand notes of the company, on which
interest will amount to $12,953 on Jan. 1, 1938, would
accrued
9,006 shares of new common stock.
Net
income
them by
plan to repossess that portion of the property covered by their mortgage.
This compares with the present capitalization of $1,353,000 of 6% mtge.
bonds, $65,633 of demand notes due to the parent company, 7,196 shares
of 7% cumulative ($100 par) preferred stock, and 78,600 shares (no par
the
unpaid
receive
Jan. 1 to Nov. 14
—Week Ending Nov. 14—
1937
Period—
$299,942
(est.)
3362.
Gross earnings
—V. 145, p.
West Texas Utilities
Period End. Sept. 30—
Operating revenues
Total oper. exps. & taxes
Net oper.
income
Other income (net)
-
Gross income
Int. on funded debt
General
interest
Amort, of bd. disc.
& exp.
..
Nfe^^vidfendsP.r-t
1937
1936
$331,641 $15,587,675 $14,075,582
1936
„
Co.—Earnings—
1937—3 Mos.—1936
1937—9 Mos.—1936
$3,941,179 $3,638,451
2,454,381
2,191,942
$1,554,054
894,762
$1,410,302
804,808
$659,291
8,116
$605,493
5,785
$1,486,797
15,093
$1,446,509
13,056
$667,407
286,799
3,575
21,540
$611,278
290,970
4,668
21,851
$1,501,891
865,144
$1,459,565
881,904
4,430
3,750
14,289
11,000
$351,061
$290,037
$546,854
$486,408
64,981
it'oof
66,224
It is estimated that the company has no liability for Federal
undistributed profits tax.
(2) Dividend requirements, at full cumulative
rate, for a three months' period on preferred stock outstanding Sept. 30.
1937, amounted to $109,008.
(3) Dividends totaling $2 per share were
Notes— (1)
paid
3516
Financial
Oct.
1, 1937
24,207 shares
on
are
72,672 shares of preferred stock outstanding, of which
owned by American Public Service Co.
After this pay¬
ment, cumulative dividends not declared and not accrued
aggregated $545,040, or $7.50 per share.
Accumulated Dividend
the
on
books
—
a dividend of $2.50 per share on account of
$6 cum. pref. stock, no par value, payable Jan. 3
to holders of record Dec. 15.
A dividend of $2 was paid on Oct. 1, last; one
the
on
of $1.87K was paid on July 1, last; one of $2.50 was paid on April 1, last;
$1.50
was
paid
on
Jan. 2. 1937; $1.12K paid on Oct. 1,1936, and dividends
have declared a dividend of $1.12)4 per share on the
pref. stock (par $100), and a dividend of $1.31)4 per share on
pref. stock (par $100), both payable Dec. 15 to holders of
record Nov. 30.
Similar amounts were paid on Sept. 15, June 15 and on
March 15 last. Dividends of 75 cents and 8734 cents per share, respectively,
were paid on Dec. 15,
Sept. 15, June 15, March 16, 1936, and on Dec. 16,
1935, prior to which dividends were paid on the 6% and 7% cum. pref.
stocks on Sept. 16 and June 15, 193o, at the rates of 50 cents and 58 1-3
cents per share, respectively.—V. 145, p. 3362.
cum.
cum.
Woodward Iron
The New
shares of
Period End.
1937—Month—1936
Sept. 30—
Telep. & cable
Inc.—Earnings—
1937—9 Mos,
1936
$8,352,858 $76,077,572 $72,438,455
$72.4
$8,398,827
oper. revs
Total telep. & cable oper.
7,089,019
expenses
Net
teleg.
6,807,442
64,490.106
59,027,460
cable
&
$1,309,807
33,596
452,674
oper. revenues
Uncollectible oper. revs.
Taxes assign, to opers—
Operating income
Nonoperat. income
$1,545,415 $11,587,466 $13,410,995
41,764
355,234
456,737
327,540
4,092.729
2,973,192
$823,537
190,613
$7,139,503
1,205,227
$1,014,149
610,657
$1,269,091
616,362
$8,344,730 $11,040,136
5,519,272
6,029,689
$403,492
Gross income
Deducts, from gross inc.
$1,176,111
92,979
$652,728
Net income
$9,981,066
1,059,070
$2,825,457
$5,010,446
—V. 145, p. 3214.
1937
The directors
6%
of 75 cents per share were paid on July 1
1936, and each quarter since and
incl. Oct. 1, 1933, prior to which regular quarterly dividends of $1.50 per
share were paid.— V. 145, p. 1603.
Western Union Telegraph Co.,
Nov. 21,
j£ Wisconsin Power & Light Co.—Preferred Dividends—
the 7%
The directors have declared
accumulations
Chronicle
York
common
Co.—Listing—
Stock
Exchange has authorized the listing of 263,506
stock ($10 par), issued and outstanding in the hands of
the public, with authority to add to the list 202,124 shares of stock upon
official notice of issuance upon conversion of outstanding second mortgage
bonds (with certain conversion privileges) and with
authority to add to the list 40,516 shares of stock upon official
exercise of option granted to H. A. Berg, President
cumulative income
further
notice of issuance upon
of the company.
On March 31, 1937, the company compledted a recapitalization under a
plan of reorganization, dated Dec. 1, 1936, submitted to the U. S. District
for
Court
Division
Southern
the
of
Northern
the
District
of
Alabama
Section 77-B of the Bankruptcy Act, as amended.
The plan
approved and confirmed by the Court by order entered Jan. 29, 1937,
and consummated March 31, 1937, the new securities being made available
for distribution in accordance with the plan April 1,1937.
The proceedings
were finally terminated by orders of that court entered April 29,
1937,
and May 3, 1937, respectively.
Pursuant to the plan outstanding securities received cash and new securi¬
pursuant to
was
ties
as
follows:
The old collateral trust 6% gold notes, due Feb. 1, 1937
($1,875,000
outstanding) received unpaid accrued interest thereon in full with interest
on
defaulted interest from date of each default.
The holders of these notes
permitted with respect to principal to accept either cash in full or
first mortgage bonds of an equal principal amount.
$186,000 elected
receive and were paid cash.
$1,661,000 elected to receive and were
were
Weston Electrical Instrument
9 Mos. End. Sept. 30—
1937
Profit after expenses
Other deductions (net)..
Corp.—Earnings-
1936
1935
to
1934
issued
$564,779
Crl9,947
134,806
76,200
Common dividends
Surplus
Including 50 cents paid
$298,834
116,271
27,530
$216,090
2,909
106,619
14,384
$161,885
44,436
40,146
$154,968
x68,752
$92,178
x69,600
$212,219
Net profit
Class A dividends
$315,398
Ol 1,524
129,387
35,650
$373,720
41,064
120,438
Depreciation
Federal taxes
x
new
$77,303
$86,216
$22,578
65
accumulated dividends.
on
Note—No provision has been made for surtax
Consolidated Balance Sheet
on
cash.
undistributed profits.
Sept. 30
1937
1936
Inabilities—
1937
1936
b Capital stock
$2,500,000 $2,500,000
Accounts payable
64,593
116,266
Accrued accounts.
67,238
Land,
buildings,
mach., fixt., &c.$l,391,287 $1,391,269
'
cLand A bldgs. not
used in oper'ns
69,470
Divs. class A stock
(rented)..
50,000
Patents A goodwill
Cash
50,000
2
pay.
2
38,385
Oct. 1,1936
Notes pay .to bank
127,865
for prior years._
A accts. recelv..
422,540
1,321,269
Inventories
County
&
13,686
400,000
400,000
Fed. inc. taxaddlt.
Notes, tr. accepts.
2,578
5,000
76,200
35,650
127,504
141,824
896,894
654,318
323,787 Deferred income..
1,128,698 Res. for Fed. tax._
munlc.
732,381
669,405
Res. for conting..
Res. for unrealized
W.E.I. Co., Ltd
109,844
182,882
12,690
61,608
11,946
consol. Eng. sub.
Earned surplus
13,800
76,524
__
Total
$4,140,006 $3,962,3781
Total
17,363
$4,140,006 $3,962,378
After
reserve for depreciation of
$1,455,727 in 1937 and $1,368,330
b Represented by 27,376 no par shares of class A and
160,583 no
par shares of common stock,
c After
reserve for
depreciation and re¬
valuation of $41,569—V. 145, p. 1757.
a
in 1936.
Wheeling Steel Corp.—Preferred Dividend—
The directors have declared
accumulations
holders
of
on
record
quarters.—V.
(par $100) received
stocks, 177,814 shares of its common stock, $7,548,000 of its first mortgage
5% bonds, due Jan. 1,1962, and $7,064,400 of second mortgage cumulative
5% income bonds (with certain conversion privileges), due Jan. 1, 1962.®
No securities were issued
against securities previously held under pledge
for the collateral trust notes, in the sinking fund or in the company's treasury.
During the period of default, the management had accumulated sufficient
cash to meet the cash requirements for reorganization pursuant to the plan.
Cash payments to holders of old securities on consummation of the plan
amounted to $2,221,566, as follows:
(a)
To old notes; (1) Principal, $186,000; (2) with interest on defaulted
^552
(b) To old bonds ($125 per $1,000 principal amount), $1,471,750.
(c) To old 7% preferred stock ($2.81 per share), $10,835.
After giving effect to cash payments above set forth and the expenses
of reorganization and other adjustments resulting from reorganization, the
company's remaining cash at date of consummation of the plan of reorgani¬
zation was $1,330,779.
No new company was organized, the charter of the company
being
amended by proper corporate action in the respects necessary to reclassify
all stock into a single class—common stock
($10 par).
Since April 1, 1937, as a result of conversion of second mortgage bonds
for stock the company has issued from shares specifically reserved and
authorized for issuance for the purpose 80,192 additional shares of its
common stock and on partial exercise of the option from shares
specifically
authorized for issuance for the purpose 5,500 additional shares of its common
stock.
$6,500 of such second mortgage bonds have been called for redemp¬
tion and have failed to convert into stock within the time specified for
iiitcrGst
lnterco. prof, in
inventory of un-
Sundry dep. accts.
rec., invest., Ac.
Deferred charges
securities
Inv. A accts. rec.,
Holders of the 63,714 shares of old common stock
for each share thereof 1 share of new common stock.
Under the plan as consummated the company accordingly issued against
previously outstanding bonds, collateral trust notes, preferred and common
(Including Domestic Subsidiary Company)
Assets—
a
$1,661,000 of the new first mortgage bonds.
The unpaid accrued interest Dec. 31, 1936, on the $11,774,000 of the old
5% sinking fund bonds then outstanding in the hands of the public amounted
to $2,649,150.
Holders of these bonds received in satisfaction of the prin¬
cipal of and interest thereon for each $1,000 principal amount thereof
(a) $500 of new first mortgage bonds; (b) $600 of new second mortgage
income bonds, and (c) $125 cash.
Holders of the 28,744 shares of old 6% preferred stock (par $100) then
outstanding received for each share thereof 3 34 shares of new common stock.
Holders of the 3,856 shares of old 7% preferred stock (par $100 per share)
received for each share thereof 3 34 shares of new common stock and $2.81
a dividend of $1.50
per share on account of
the 6% cum. pref. stock, par $100,
payable Dec. 23 to
Dec. 11.
Similar payments were made in
preceding
145, p. 2870.
such conversion.
Comparative Statements of Income
8 Mos. End.
1936
Aug. 31, '37
discts.,
&c
$6,377,230
Cost of sales.
4,143,779
Depreciation
466,682
Depletion
66,194
Selling, general and ad¬
ministrative expenses.
350,910
■Years Ended Dec. 311935
1934
Gross sales—less
Wichita Falls & Southern RR.-—Reconstruction Loan—
The
not
Interstate Commerce Commission on Nov. 13 found the
company
be in need of financial reorganization in the
public interest at this
and approved the extension of time of
payment to not later than
to
time
Jan.
1, 1938, and further extension for a period not to exceed six
months
beginning that date, of a loan of $300,000 by the Reconstruction Finance
Corporation, maturing Nov. 18, 1937.—Y. 145, p. 1441.
.
Operating profit
stock,
directors
payable
cents was
and
an
paid
have
Dec.
on
declared
a
15 to holders
July 1 last
one
,
initial dividend of 10 cents
Wisconsin
Privately
Michigan
dividend
of
of record
paid
Power
on
20
cents
Nov.
of 20 cents
was
—Larger Dividend—
27.
on
A
the
dividend
of
10
paid on Dec. 15, 1936
July 1,1936.—V. 145, p. 3027.
was
Co .—To
Place
Securities
Int.
$1,375,698
101,770
$224,492 loss$441,737
37,282
44,280
$1,477,468
699,520
$261,774 loss$397,457
699,520
699,520
12,485
30,593
112,844
48,891
96,310
17,118
Amortization of debt dis¬
count and exp ense
Other interest
Federal income taxesOther deductions
r®9uirement8 for filing a declaration with reference to the
issue of $2,000,000
istmtge. bonds, series due 1961, and 3% serial notes
aggregating
$700,000•
The bonds are to be sold to a limited
number of private purchasers and the notes,
maturing serially at the rate of $140,000 in each of
the years 1938 to 1942, are to be
issued to a limited number of banks
The proceeds are to be used for the
purchase of the hyro-electric generating
and transmission system of the Northern
Paper Mills for a price of $2,350,000, and the balance of the proceeds to reimburse the
applicant for expendi¬
tures previously made and for
additional working capital
Opportunity for hearing in this
matter will
be
given
p. o027•
Dec.
9.—V.
145,
Net income
x$774,623
xNet income for period Jan.
1 to March 31 before giving effect to the
Balance Sheet
Earnings for Year Ended June 30,
,
Net sales
Liabilities—
$1,387,508
Notes & accts. receiv. (net)
Total inventories
846,155
1,099,941
Total Invest'ts & other assets
79,468
Total reserves
30,
Capital
®qoc
374,457
surplus
9,005,550
407
29^931
1937
hand &
on
deposit
$34,821
Accounts rec.—customers
178,800
Total
$25,140,059
Total...
$25,140,059
-V. 145. p. 2411.
Notes payable
Accounts payable
109,667
Accrued expenses
active
in
production—
including editorial work
Property & intangibles
Officers', employees' & sundry
10-year
12,605
100,439
_
2%
serial
2%
6,141
18,754
75,000
$536,228
p.
3736.
19,965
notes—due
serially to July 1,1945
Notes payable to Individual—
sinking fund
July 1,1945
.
Total
account
The
indebtedness
Association.—V. 145,
z>r50
__
County Electric Co.—A ote —
to
p.
proceeds
its
are
parent
to
be
used
company,
the
discharge an openNew England Power
to
3214.
3,523
68,000
130,200
53,000
Common Stock ($1
par)
Worcester
The Securities and Exchange Commission has made effective a declaration
of the company filed under the Utility Act and covering $250,000 in
2%
promissory notes.
27,100
notes—due
4% preferred—($10 par)
Treasury stock
Unearned surplus
Earned surplus
Total
59,842
106,860
due serially to July 1, 1945.
notes A accounts receivable—
less allowance for doubtful..
Deferred charges
Goodwill
132,
debt
163,066
227,234
331,558
113,774
12,107,900
2,634,940
Liabilities—
Merchandise inventories
-V
Funded
416.001
1937
IIII
Sheet June
$181,590
Taxes accrued
21,310,986
(net)
!
wages, commissions,Ac
Interest accrued
Earned surplus
_
Balance
Accts. payable
Unpd.
Capital stock
Net profit after all charges
Assets—
Aug. 31, 1937
Assets—
Cash
Total lixed assets
__
Plates,
17,770
$633,927 def$487,58ldf$l, 157,185
$24,214; net income for the period Jan. 1 to March 31—carried to earned
surplus prior to reorganization, $400,166; net income for the period April 1
to Aug.
31—carried to earned surplus since reorganization, $374,457:
Total as above, $774,623.
Total deferred charges......
on
31,639
28,569
reorgan. adjustments $424,380; deduct increase in interest expense from
Jan. 1 to March 31, less reduction in taxes, occasioned by the reorganization,
(Wm. H.) Wise & Co., Inc.—Earnings—
Cash
30,593
1,472
—
Company, a subsidiary of North American Edison Co. and an
indirect
subsidiary of the North American Co., both registered
holding companies,
-It
Securities and Exchange Commission an application
(File No. 32-74) under the Holing
Company Act for exemption from the
^
268,115
$1,349,665
53,669
...
funded debt
on
405,224
$3,081,300
2,341,845
946,145
38.727
■I
196,320
454,491
-
Gross income
common
$4,886,888
3,606,307
726,645
61,329
.1.1,403,334
_
Other income
Wisconsin Investment Co. (Del.)
The
$7,531,456
4,960,619
689,743
100,172
_
43,574
24,212
$536,228
Worldart, Inc.—Registers with SEC—
See list given on first page of this department.
Yale & Towne Mfg. Co.— Special
Dividend
—
The directors on Nov. 23 declared a special dividend of 40 cents per share
in addition to the regular quarterly dividend of 15 cents per share on the
common
holders
made
was
stock, par $25.
of record
on
paid
The special dividend will be paid on Dec. 17 to
6, and the regular quarterly distribution will be
A special dividend of 40 cents
17. 1936.—V. 145, p. 2871.
Dec.
Jan. 3 to holders of record Dec. 6.
on
Dec.
Volume
Financial
145
Youngstown Sheet & Tube Co.—Exempted from
visions
The
Pro¬
of Holding Company Act—
Securities and Exchange Commission
has granted an application
by the company for exemption from the provisions of the Public Utility
Holding Company Act.
The application was filed because the company
owned 397,778 common shares of the Rio Grande Valley Gas Co., repre¬
senting part payment for pipe sold to the utility company in 1927.
Exemption was granted on the ground that the Youngstown company's
business is primarily that of selling iron and steel products.
In this connec¬
SEC said that as of Dec. 31, last, total assets of the applicant
than $207,000,000 while its investment in the common stock
carried on its books at only $351,607.
For 1936, Youngstown's gross revenues from its primary business were $105,828,748, while
the gross revenues of the utility for the same year were but $700,320.
K Originally the application had sought exemption also for the Youngstown
Corp. and the Continental Supply Co., but amendments had been filed
tion the
more
were
3517
Chronicle
of the utility was
to
show that
Continental
Supply was not a holding company within the
meaning of the statute of 1935 and that the Youngstown Corp. had been
dissolved and all its assets conveyed to Youngstown Sheet & Tube.—-V. 145,
p. 2872.
Youngstown Steel Door Co.—75-Cent Div. on New Stock
The directors have declared
amount of common stock now
dividend of 75 cents per share on the larger
outstanding. Payable Dec. 15 to holders of
a
holders of record Dec. 1.
Stockholders
stock
on
on
Sept. 10, last, approved a plan to
split-up the company's
two-for-one basis.
a
the old stock on Sept. 15,
last
cents was paid on March 15,
last and regular quarterly dividends of 25 cents per share were previously
distributed.
In addition, an 3xtra dividend of $1 per share was paid on
A
dividend of $1.25 per share was paid on
one of 75 cents was paid on June 15, last 50
Dec. 15, 1936.—V. 145, p. 2250.
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC*
Rio coffee prices
COMMERCIAL EPITOME
December
Friday Night, Nov. 26, 1937
Coffee—On
the
20th inst.
futures closed unchanged to
totaling 29
lots. The Rio contract closed 1 to 10 points net higher, with
sales of 8 lots. Final prices were 5 to 9 points off from the
highs of the day. Early buying was based on the better
Brazilian dollar rate, which was reported improved by 20
reis at 16.480 milreis to the dollar, and on the steadiness of
the spot Santos quotation in Brazil, which came in at 21.000
2
points higher in the Santos contract, with sales
unchanged.
Likewise, those quotations were re¬
influencing the advance of 4 to 6 % francs at Havre
and the steadiness of cost and freight offerings to the New
York market. On the 22d inst. futures closed 4 points higher
milreis,
ported
as
point lower in the Santos contract, with sales of 64 lots.
points lower to 5 points higher,
with sales totaling 15 lots. Brazil's dollar rate was unchanged
at 16.48 milreis to the dollar, but the spot price of Rio 7s
was 100 reis lower at 15.700.
Bulk of the activity on both
sides of the market was for the account of operators and
to 1
The Rio contract closed 4
trade houses, the selling
representing hedging and liquidation
buying hedge lifting and new speculation.
The
Havre market closed % to 334 francs lower.
On the 23d
inst. futures closed 16 to 11 points down in the Santos
contract, with sales totaling 145 contracts.
The Rio con¬
tract closed 8 to 15 points net lower, with sales totaling 35
contracts. Easier cost and freight offers and weakness in the
the
and
coffee futures,
Santos
contracts opened 6 to 9 points lower, while Rios were 8 to 9
points down. The Brazilian milreis was 270 reis weaker at
16.75 milreis to the dollar.
Cost and freight offers from
Brazil were 10 to 20 points lower, with Santos 4s for prompt
milreis
with
against the dollar, brought selling into
Santos contracts touching new
all-time lows.
shipment at from 7.00c. to 7.40c. For January-December,
1938, shipment, Santos 4s could be purchased at 6.35c.
Manizales were offered at 9c. A further 31,000 bags cleared
yesterday for the United States, but despite the
slightly heavier shipments, no large buying has taken place,
merely a replenishing of depleted stocks. In Havre futures
were 34 to 2-francs lower.
On the 24th inst. futures closed 21 to 25 points lower in the
Santos contract, with sales of 190 contracts recorded.
The
Rio contract closed 11 to 21 points net lower, with trans¬
actions totaling 48 contracts.
New all time lows were estab¬
lished in Santos contracts, as Brazilian prices again dipped
and the milreis was slightly weaker against the dollar.
In
from Brazil
the
early afternoon, with about 40,000 bags traded, Santos
16 to 22 points off, with May at 6.18c., off
contracts were
22
points, while Rios were 9 to 18 points
lower, with May at
Cost and freight offers from Brazil were
5 to 10 points lower, with prompt Santos 4s believed available
below 7c., while for 1938 shipment less than 6.25c. was be¬
lieved acceptable.
In Brazil spot No. 7s in terms of milreis
dropped 400 reis per 10 kilos to 15.3. The milreis was 30 reis
weaker at 16.7 to the dollar.
Significant were reports that
4.18c., off 13 points.
January shipment Manizales, a
sold at 8%c., a new all time low,
typical Colombian grade,
while prompt coffees were
offered at 8J4> off 34c.
Havre futures were 534 to 9
off.
To-nday futures closed 13 to 18 points down
francs
in the
with transactions totaling 201 contracts.
points up on December, with the
balance of the list 17 to 11 points off.
Transactions totaled
Santos
contract,
The Rio contract-closed 8
hit new all-time lows
day. Brazilian and European
houses were reported the largest sellers.
Thirty seven De¬
cember notices were issued.
In early afternoon Santos con¬
tracts stood 17 to 25 points lower, with September at 5.99c.,
off 17 points.
Rios hit new seasonal lows, with Sept. at 4.02c.
off 10 points.
Contributing to the selling pressure were a
weaker exchange rate, absence of roaster buying and heavy
clearances from Brazil against recent purchases of prompt
coffees to fill gaps in stocks here.
Exchange here was 16.9
and the Rio de Janeiro spot No. 7 price dropped 900 reis per
10 kilos.
Havre futures were 1434 to 18 francs lower.
44 contracts.
Santos coffee futures
to-day, first December notice
closed
as
follows:
4.691 July
_
-.4.031 September
March
.4.00
.4.01
4.011
May
Santos coffee
prices closed
as
follows:
March
6.151 July
6.03 [September
May
.6.01
6.001
December
Cocoa—On the 20th inst. futures closed 19 to
-6.01
12 points
higher.
Following a break at the opening into new low
ground for the year, cocoa futures rallied sharply under short
covering and some new buying, which resulted in substantial
gains at the close.
Transactions totaled 299 lots, or 4,007
tons.
London came in Is. 3d. weaker on the outside, re¬
net
flecting severe local losses in the American market on Friday.
Local closing: Nov., 5.26; Dec., 5.26; Jan., 5.33; May,
5.45; July, 5.35; Sept., 5.64; Oct., 5.63.
On the 22d inst.
futures closed 23 to 17 points net lower.
This represented
a fair rally from the day's maximum losses of 25 to 28 points.
Transactions totaled 379 lots, or 5,079 tons.
Most of the
reported to have come from tired longs.
The
atmosphere reflected in most markets appeared to
be the chief depressing influence.
Local closing: Nov.,
5.08; Dec., 5.08; Jan., 5.10; May, 5.23; Sept., 5.42; Oct.,
5.46.
On the 23d inst. futures closed 16 to 18 points net
selling
was
bearish
The strength displayed in this market today was
largely to reports of a determination on the part
of natives on the Gold Coast to hold cocoa for better prices.
This caused a resistance to further pressure in the local mar¬
ket, with the result that prices rallied 10 to 15 points, Dec.
going to 5.22c. in the early afternoon.
Transactions for
the day totaled 435 contracts.
The London market was
reported steady.
Local closing: Dec., 5.26; Jan., 5.28;
March, 5.31; May, 5.40; July, 5.50; Sept., 5.60; Oct., 5.63.
On the 24th inst. futures closed 19 to 20 points net lower.
Transactions totaled 967 contracts.
This pronounced weak¬
higher.
attributed
to-day's session was due largely to apparent anxiety
to get out of their December commit¬
could. Sales to early afternoon totaled
500 lots, mostly December contracts.
Warehouse stocks
continued to decline.
An overnight loss of 6,000 bags re¬
duced the total to approximately 1,175,000 bags.
Local
ness
in
the part of longs
ments as fast as they
on
closing:
Dec.,
5.07
March, 5.12; May, 5.20; July, 5.31;
Sept., 5.41.
To-day futures closed 24 to 33 points net
higher.
Transactions totaled 718 contracts.
Arrival of
first notice day on December contracts brought a sharp rally
in cocoa futures when it was learned that notices of delivery
were being stopped, presumably by Hershey brokers.
Alto¬
gether 254 notices were issued. In addition two transactions
in December, totaling 43 lots, were posted at 5.16c., up 9
This afternoon December was selling at 5.20c. At
400 lots.
Warehouse stocks con¬
tinued to fall.
They now total about 1,169,000 bags, off
6,000 bags over the holiday.
Local closing: Dec., 5.31;
Jan., 5.33; March, 5.36; May, 5.46; July, 5.56; Sept., 5.66;
points.
that time trades totaled
Oct., 5.69.
Sugar—On the 20th inst. futures closed unchanged to 2
points off. A report that freezing temperatures in Louisiana
were adversely
affecting the cane crop, 50% of which is
said to be still in the fields, did much to counteract the
likelihood of a beet quota reallotment of 50,000 tons to be
made shortly.
As a result of these bullish crop reports from
of the late months
However, there was no spectacular action of
market closed rather tamely, with transac¬
tions totaling 510 lots, of which 418 were in switches.
In
the market for raws no business developed Saturday.
Fri¬
Louisiana, there was some new buying
by operators.
values and the
day's previously unreported sales were a cargo of Cubas for
January freight, to an operator, and 2,000 tons of Puerto
Ricos, ex warehouse, at 3.45c.
The world sugar contract
closed 34 point lower to 34 point higher, with transactions
totaling only six lots. London terme prices were 3id. lower
to 34d. higher.
On the 22d inst. futures closed unchanged
to 3 points higher.
The market ruled firm during most of
the session, influenced considerably by the reports of con¬
tinued low temperatures in Louisiana, which, if they con¬
tinue to prevail, may cause consideraole damage to the crop
3518
that
is
Financial
local trade opinion holds.
Half of the total business, which amounted to 226 lots, rep¬
resented switches.
Ten May and July were exchanged at
1 point, 33 March and July at 1 point and 10 March and May
at
an
only half harvested,
basis.
even
easier, although
contract
closed
so
The tone of the
raw
market
was
a
shade
sales were effected. The world sugar
% to 1 point lower, reflecting the easier
no
London market for
Sales in the world sugar contract
raws.
totaled 83 lots, of which 67 were in March and the balance
in May. The London terme market was %d. lower to yd.
higher, while
raws
there
were
about 1.06c. f.o.b. Cuba.
offered at 5s. 10Hd., equal to
points net lower. The market opened 1 point lower
and later stood unchanged to 2 points lower on all except the
spot November position, which was 4 points, higher. This
was the range up to early afternoon.
In the raw market
Cubas, Philippines and Puerto Ricos of the 1938 quota were
offered at 3.35c., with a good many offers believed subject
to shading.
Scattered small warehouse lots of 1937 sugars
were
thought available slightly above 3.45c.
There was
nothing new out of Louisiana regarding the damage from
frost.
World sugar contracts opened 1 point lower to un¬
changed and closed unchanged to 1 point higher, with sales
totaling 26 contracts. London futures were yd. to iyd.
lower, while raws were reduced lMd. to 5s. 9d. per cwt.,
equal to about 1.04Kc. per pound f.o.b. Cuba, with freight
at 21 shillings per ton, a further reduction of 1
shilling.
On the 24th inst. futures closed 3 points down to
unchanged
in the domestic contract.
The market started 1 point lower
to unchanged and held to that
range until the early after¬
noon.
In the market for raws the
spot price dropped 7
points to 3.38c. on a sale of about 1,000 tons of Perus from
warehouse to Arbuckle.
However, with so little 1937 sugar
still unsold and the year so near the
end, prices for spots
have little effect on the general market.
More important is
the size of the 1938 quota, to be announced in December
by
the AAA.
World sugar contracts opened
% point
and closed with a net gain of 1
point, transactions
higher
totaling
29 contracts.
In the domestic market transactions totaled
186 contracts.
London futures were %d. lower to
yd.
higher, while raws there were still offered at 5s. 9d. per cwt.
Refined was reduced iyd. per cwt.
Today futures closed 1
point up to unchanged in the domestic contract, with sales
of 53 contracts.
The world sugar contract closed
2% to
3% points up, with sales totaling 33 contracts.
Sugar
ruled
higher during most of the session.
In the
domestic market the opening
range was 1 point higher to
unchanged, futures holding the slight gain, with March this
afternoon standing at
2.35c., a price at which a block of
2,000 tons were sold.
No sales were reported in the raw
market, but sugar for early 1938 arrival was offered from
3.30 to 3.35c., with buyers at 3.25c.
World sugar contracts
advanced 1 y to 2 % points
by early afternoon, with March
selling at 1.14%c.
Futures-were 1% to l%d. higher in
London, while the equivalent of 1.09%c. was asked for raws
after sales as low as
1.03%.
Closing quotations
December
were as
1
follows:
Marcb
2.33 I May
2.36
2.351July
2.34] September
January
Nov.
2.38
2.37
Lard—On the 20th
inst. futures closed
unchanged to 17
points higher.
The opening range was 5 to 10
points lower
on the
nearby deliveries, due to the heavy receipts at the
principal Western markets, which totaled 25,300
head,
against 35,400 head for the same day last
year.
Cash mar¬
kets were weak on account of
heavy hog receipts, and the
price of cash lard at Chicago finished 115 points lower on the
week, while the price on loose closed 175
points below final
quotations of a week ago. No export shipments of lard were
reported from the Port of New York at the close of the week.
DAILY CLOSING PRICES OF LARD
Sat.
Mon.
December
8.90
January
March
8.85
8.80
May
8.82
FUTURES IN CHICAGO
Wed.
Tues.
8.72
8.72
8.72
8.75
8.65
8.70
8.67
8.75
8.65
8.70
8.75
8.82
36c.
Crude, S. E., 5%c.
iTecember...
falling
off in the domestic cash
demand. Over the week-end total
export clearances of lard from the Port of New
York were
250,800 pounds, destined for
Southampton and Bristol. Hog
prices at Chicago closed about 10c.
lower.
The top price
reported
$8, while the major portion of sales
ranged from
Western hog receipts totaled
96,700 head,
against 120,600 head for the same
day a year ago. Liverpool
was
$7.35 to $7.95.
lard futures
were
Is. to 6d. lower.
closed 7 to 2 points net- lower.
On the 23d inst. futures
Opening prices
were
5 to 10
points lower, but additional
selling carried the market 12 to
17 points below the
previous
there
was a
closing levels. Subsequently,
rally, due largely to short covering. Lard
exports
from the Port of New York
totaled 309,000
pounds, destined
for Liverpool and Manchester.
The hog market closed 5 to
10c. higher. The
top price was $8.05, with the bulk of sales
ranging from $7.75 to $8. Total
hog receipts at the leading
Western packing centers
today amounted to 81,600 head,
against 131,100 head for the same
day a year ago. Liverpool
lard futures were 3 to 6d. lower.
On the 24th inst. futures closed
unchanged to 10 points
net higher.
The opening range was 2 to 5
points up from
the previous close.
Later these gains were extended to
7 to
10 points above the
previous finals, part of this advance
being erased in the later session.
Export clearances of lard
from the Port of New York
today
(Wednesday)
were
479,400
8.97
9.17
including switches, 236 contracts.
Prices closed
as
follows:
7.04
„
January
February—!
7.05 April.
7.06
_
7.06®
May.
June-
7.11#
7.15#
7.05
7.06
March
7.16#
July.
7.17
tk Rubber—On the 20th inst.
futures closed 17 to 20 points
net lowers
Transactions totaled 4,350 tons for the short
trading session.
The open range of prices was 16 to 31 points
off.
The outside market
was quiet.
Outside prices were
basis of 1434c. for standard sheets, a new
London and Singapore closed weak and quiet
respec¬
tively, with price 34 to 34d. lower.
Local closing: Nov.,
14.13; Dec., 14.15; Jan., 14.20; March, 14.34; May, 14.46;
July, 14.50; Aug., 14.53; Sept., 14.57; Oct., 14.63.
On the
22d inst. futures closed 3 to 11
points net lower.
Trans¬
actions totaled 2,690 tons.
It is stated by observers that
rubber markets are now marking time in view of the
ap¬
proaching meeting of the International Rubber Regulation
Committee, scheduled for a week from tomorrow (Tuesday).
The futures market opened 4 points lower to 15
points
higher.
Considerable hedge selling developed towards the
close, which gave the market a decidedly heavy appearance.
Outside prices were quoted on a
spot basis .of 1434c. for
standard sheets, a new low for the current move.
London
and Singapore markets closed
steady, prices unchanged to
l-16d. higher.
Local closing: Nov., 14.02; Dec., 14.04;
Jan., 14.15; March, 14.25; May, 14.35; July, 14.44; Sept.,
quoted
on a spot
low.
14.54.
On the 23d inst. futures closed 31 to 42
points net
improvement, which
learned yesterday that the
strike of rubber workers in Akron had been
mainly
8.90
9.10
Rosins: $6.55 to $8.10.
Cottonseed Oil, sales,
hogs,
today.
responsible for the declines registered
Packers are not anxious to purchase
supplies of hogs
Peri°d of heavy markets due to the recent
Fri.
Oils—Linseed oil
deliveries currently are at very low
levels, according to certain sources. Tank cars are quoted
9.8c per pound. Quotations: China Wood: Resale,
nearby,
tanks 14%c nominal; Futures 1434c nominal.
Coconut:
Crude, November, forward .0434; Pacific Coast .03% to
.03%.
Corn: Crude, West tanks, nearby .0634.
Olive,
Denatured: Spot, drums $1.15 to $1.20; Shipment $1.05;
New crop 90c.
Soy Bean, Crude: Tanks, West, forward
.0534c to .05%c; L.C.L., N. Y. .08c. Edible: 76 degrees
1034. Lard: Prime ,12c; Ex. winter strained 10%c. Cod,
Crude: Norwegian, light filtered 39c.
Turpentine: 32c to
higher.
was
Thurs.
H
O
L
Pork —(Export),
mess,
$33.75 per barrel
(per 200
pounds); family, $31.75 (40-50 pieces to barrel), nominal
per
barrel.
Beef:
(export), steady.
Family (export),
$26
to
$27
per
barrel (200 pounds), nominal.
Cut
Meats: Pickled Hams-Picnic, loose, c.a.f.—4 to 6 lbs.,
13c.;
6 to 8 lbs., 12%; 8 to 10 lbs., 12%c.
Skinned, Loose, c.a.f.—
14 to 16 lbs., 18c; 18 to 20 lbs., 1634c. Bellies: Clear, f.o.b.
New York—6 to 8 lbs., 19%c; 8 to 10 lbs., 19c; 10 to 12 lbs.,
18%c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to
18 lbs., 15%c;
18 to 20 lbs., 15%c; 20 to 25 lbs., 15%c;
25 to 30 lbs., 15?4e. Butter:
Creamery, Firsts to Higher than
Extra and Premium Marks—3134c to 3934* Cheese: State,
Held *36—22c to 24c.
Eggs: Mixed Colors—Checks to
Special Packs—18c to 3234c.
On the 22d inst. futures dosed
Further liquidation induceu
17 to 5 points net lower.
by the continued weakness in
27,1937
pounds, destined for the United Kingdom.
Liverpool lard
futures were 3d. to Is. lower.
Hog prices at Chicago closed
5 to 10c. higher.
The top price was $8.15, while the bulk of
sales ranged from $7.70 to $8.05.
Total hog receipts at the
leading Western packing centers amounted to 52,000 head,
against 97,100 head for the same day last year.
Today
futures closed 25 to 35 points net higher.
The market ruled
firm during most of the session today, influenced by the
general recovery in most commodity markets, which caused
many shorts to cover.
On the 23d inst. futures closed
2 to 3
futures
Chronicle
set in
This
continued
immediately after it
collapse of
also
market
a
sit-down
was
strike
in
its
the
factor.
settled.
The
automobile
industry
2 to 10 points higher,
The opening was
gains were reported later, with the market up
17 to 21 points in the
early afternoon.
Transactions totaled
189 contracts.
London and Singapore advanced, closing
1-16 to y8d. higher respectively.
Local closing: Dec., 14.40;
Jan., 14.46; March, 14.60; May, 14.70; July, 14.86; Sept.,
was
a
and further
14.95.
On the 24th inst. futures closed 23 to 14
points net higher.
Transactions totaled 268 contracts.
This market continued
to recover in fairly active trading, which to
early afternoon
reached 2,020 tons.
sought to
national
even
up
Rubber
Buying was credited to shorts, who
before next Tuesday, when the Inter¬
Committee
will
consider
1938
quotas.
Higher prices in London and favorable Malaya statistics also
were market factors.
London closed 3-16 to yd. higher.
Singapore also advanced and c. i. f. offerings were lighter.
Local closing: Dec., 14.60; Jan., 14.69;
March, 14.78: May,
14.90; July, 15.00; Sept., 15.09; Oct., 15.14. Today futures
closed 2 to 7 points net higher.
Transactions totaled 202
contracts.
The market was steady in a dull trading session.
Prices started 1 point higher to 10
points lower, and early
this afternoon stood 7 points lower to 1
point higher, with
December at 14.53, off 7 points.
Transactions to that time
totaled 630 tons.
London closed unchanged to l-16d.
lower, but Singapore was 1-32 to 3-32d. higher. The market
plainly is awaiting the rubber committee's meeting next
Volume
week.
In
the
meanwhile
statistics point
to
a
declining
primary movement, owing to the low price. Closing:
14.62; Jan., 14.71; March, 14.85; May, 14.94; July,
Sept., 15.15; Oct., 15.20.
Hides—On the 20th inst.
Dec.,
15.07;
of wool values, it was not surprising to many that prices
should at last swing definitely downward.
Small sales of
prices closed 12 to 16 points net
The market opened weak, values showing losses of
points in the initial trading. However, the tone of
the market improved greatly during the later dealings,
apparently reflecting the marked strengthening in the securi¬
ties market. Buying power was fairly strong and when the
closing bell sounded the market revealed substantial gains,
as noted above.
Transactions totaled 7,800,000 pounds, one
of the most active short sessions in some time.
Stocks of
higher.
10 to 20
certificated hides in warehouses
remained
unchanged> at 817,781
licensed by the Exchange
hides.
Nothing of im¬
portance occurred in the domestic spot hide market. Local
closing: Dec., 8.40; March, 8.75; June, 9.05; Sept., 9.40.
On the 22d inst. futures closed 28 to 42 points net lower.
opened with losses of from 10 to 20 points, and
through almost the entire session. Transactions
again were heavy, totaling 8,840,000 pounds. The stocks of
certificated hides in warehouses licensed by the Exchange
The market
ruled easy
hides to a total of 816,666 hides. The
pronounced and renewed weakness in the securities market
along with declining prices in other commodity markets
influenced a considerable volume of liquidation by dis¬
couraged longs, according to trade observers. Local closing:
Dec., 8.00; March, 8.35; June, 8.67; Sept., 8.98.
On the
23d inst. futures closed 11 to 7 points net higher.
The
market started with gains of 10 to 16 points, but renewed
liquidation of the December position quickly weakened the
market, with the result that this afternoon prices were 9 to
12 points lower. There was a subsequent rally, however, on
short covering and new buying, causing prices to close with
substantial gains for the day. The market was active, sales
aggregating 313 contracts.
Local closing: March, 8.43;
June, 8.78; Sept., 9.07; Dec., 8.07.
On the 24 th inst. futures closed 25 to 30 points net lower.
Transactions totaled 158 contracts. Although 172 transfer¬
able notices were issued in the hide futures market, they were
readily stopped and December held well. Opening 8 points
lower, it stood unchanged at 8.07 in early afternoon. Other
positions were 2 points higher to 6 points lower. In the late
session, however, heavy selling developed which sent prices
off sharply for substantial losses, from which setback there
was very little recovery shown at the session's end.
Stocks
of hides in licensed warehouses decreased by 7,000 pieces
and now total 809,666 hides.
Local closing: Dec., 7.82;
March, 8.17; June, 8.48; Sept., 8.77. Today futures closed
70 to 63 points up.
Transactions totaled 116 contracts.
News that a large manufacturer had stepped into the hide
market and purchased freely, caused shorts in hide futures
to run to cover, with the result that the market rebounded
nearly 70 points before profit taking checked the rise.
Trading was active, with a total of 3,080,000 pounds to early
afternoon, when December was selling at 8.50c. and March
at 8.79c.
Certificated stocks in licensed warehouses were
reduced to 803,555 pieces.
Local closing: Dec., 8.52; March,
8.80; June, 9.15; Sept., 9.45.
decreased by 1,115
Freights—Demand for grain tonnage continues
fairly active out of the Gulf, though no important changes
have taken place in rates.
Charters included: Grain: 42
loads, 10%, Gulf to Antwerp-Rotterdam, January 1-15,
3s. 7Hd.
38 loads, 10%, Gulf to Antwerp-Rotterdam,
January 1-15, 3s. 6d; option picked United Kingdom ports
at 3s. 9d.
40 loads, 10%, Gulf to German ports; January
15-30, 4s.
36 loads, 10%, Gulf to Antwerp-Rotterdam,
December 15-31, 3s. 9d.
Grain Booked: Three loads New
York to Rotterdam November 17c. (barley). Scrap: Atlantic
range to Gdynia, December, 28s.
Sugar: Cuba to L.L.G.
A.R.A., December, 21s.
Philippines to San Francisco,
January, no rate given.
Cuba to United Kingdom Conti¬
nent, December, 21s.
Ocean
look any too promising,
adverse influences that present themselves
Coal—The coal situation does not
with the many
just now. Industrial recession, declining security and com¬
modity values and persistent easiness in coal prices serve to
offset better activity which has developed in bituminous and
anthracite with colder weather, so it is stated.
Well in¬
formed sources assert that no stabilization in the bituminous
situation is possible until the National Commission issues the
minimum prices which the industry has been waiting for
since last April.
In the meantime steel operations and other
important barometers of industrial activity continue to re¬
cede, and the coal fraternity here looks for no promise of an
upturn until after the turn of the year. Mineijuotations for
soft coal remain at wide range, giving effect td qualities and
Copper, Tin, Lead, Zinc,
influences operating against the raw
wool markets, it was hard to see how values could be sus¬
tained for any further great length of time. With most other
commodity markets declining, the continued decline in the
securities markets, and the almost constant chiseling away
so many
A few small lots,
65c.
prices, are now bidding not over
approximately class 4 wool, said to be available at 61 to 63c.,
find ready purchasers.
However, wool owners and consign¬
ees, as well as far western growers, are reported as not caring
to sell wool at prices indicated by the top futures market.
It is stated that although raw wools are strongly financed
and optimism was noticeable at the annual meeting of the
Boston Wool Trade Association, trading at Boston continues
as dull as ever and from all appearances manufacturers are
unlikely to enter the market until early
in the new year.
closed net 1 H®. to 4c. lower.
The market opened with losses of 1 He. to 2 H®Transactions
totaled 1,650 bales.
A break of 4Hc- marked the average
spot price of crack double extra. Grade D at Yokohama was
25 yen lower, while at Kobe the loss was also 25 yen on
Grade D.
Futures at Yokohama and Kobe showed losses
of 16 to 21 yen and 13 to 28 yen respectively.
Sales of cash
silk on these markets totaled 975 bales, while transactions
in futures totaled 9,600 bales.
Kobe yen exchange rose Hc.
to go to 29but Yokohama held at 29M®Local closing:
Nov., 1.57M; Dec., 1.52; Jan., 1.49H; March, 1.46H; May,
1.46; June, 1.45H- On the 23d inst. futures closed He. down
to He- up. No raw silk quotations were received from Japan
owing to general observance of a holiday in that country.
However, the local market was active and lower, with losses
ranging from He. to 1 H®» in the early afternoon, when
transactions totaled 1,470 bales.
The price of crack double
extra silk in the New York spot market was unchanged at
$1.61 HLocal closing: Nov., 1.57H; Dec., 1.51 H; Jan.,
1.49; March, 1.46H; May, 1.46; June, 1.46.
On the 24th inst. futures closed 5H to 3H cents net lower.
Transactions totaled 268 contracts.
Issuance of thirtythree transferable notices caused a further decline in the
futures market. December lost 4 cents under heavy liquida¬
tion, standing in the early afternoon at $1.47H« Moreover,
the price of crack double extra silk in the New York spot
Silk—On the 22d inst. futures
market lost 2 H cents to
Yokohama closed 3 to 11
$1.59H*
10 yen lower at 682 H
bale. Local closing: Dec. 1.46; Jan. 1.45; March 1.43;
May 1.42; July 1.41H.
To-day futures closed He to 2H
cents net higher.
The market had a rather weak opening,
the near deliveries being 2 cents to H cent off, with the
exception of distant May, June and July, which were H to
1 cent up.
The market ruled firm during most of the
session, the early losses being replaced at the close by sub¬
stantial net gains.
Transactions totaled 130 contracts.
Local closing
Dec. 1.46H; Jan. 1.47; March 1.45; May
1.44H; July 1.44.
yen
lower, while grade D silk was
yen a
COTTON
Friday Night, Nov. 26, 1937
indicated by our tele¬
of the Crop, as
The Movement
from the South tonight, is given below.
For the
this evening the total receipts have reached
160,560 bales, against 195,034 bales last week and 245,688
bales the previous week, making the total receipts since
Aug. 1, 1937 , 4,697,412 bales, against 4,228,359 bales for
the same period of 1936, showing an increase since Aug. 1,
1937, of 469,053 bales.
grams
week ending
Receipts at—
Galveston.
Houston
21,799
6,879
7,065
3,709
—
14,894
7,381
715
mi.
174
225
Lake Charles....
—
-
-
580
54,917
4,875
-
379
—
24
—
24
287
-
1,115
2,362
2,367
1,740
~
2,367
—
18
65
186
30
51
361
499
mm
mm
mm
mm
Baltimore
41.854
22,495
31,893
20,952
15,351
213
716
2,331
245
49
569
Wilmington
Norfolk.
Totals this week.
36,908
—
m.
146
196
«.
11,820
1,866
224
199
Charleston
Tota
54,623
12,092
10,135
3,531
127
_
—
259
27
570
Jacksonville
Savannah-'-—__
—
11,166
1,345
9,656
Mobile
7,973
2,735
"
453
Corpus Christi-New Orleans
5,694
9,919
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
245
28,015 160,560
following table shows the week's tota .receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
The
with last year:
-
Stock
1936
1937
Receipts to
Nov. 26
Texas City
Houston
Corpus
Christ!-.
Since Aug
This
Since Aug
Week
Galveston
This
1,1937
Week
1, 1936
Mobile
Pensacola, &c._
Jacksonville
Savannah
80,478 1,283,440
36",908 1,201",185
62",225
831,075
88,966
16,427
944,606
83,508
14,585
3.927
159,770
77,758
43,333
11,127
27,688
614,166
66,071
27,054
781,027
""166
"""213
3,296
3.555
975
950
580
54",917
4,875
"24
Lake
2,331
Charles-Wilmington
213
383,057
7,814
1,250,855
141,515
52,560
3,451
108,964
157,722
69,984
5,724
27,626
50
1,618
967,757
274.374
9,426
60,698 1,143,771
149.012
4,508
889
77,607
3,516
"490
94,894
130,344
3,227
51,462
"559
11,179
20,345
1.121
Newport News.
New York
Boston
Baltimore
Totals
1936
967.743
54,623 1,276,768
1,115
2,362
2,367
Charleston
1937
913,378
Norfolk
fully.
encouraged by their success in breaking
75c., and topmakers,
New Orleans
Steel
and Pig Iron, ususally appearing here, will be found in the
articles appearing at the end of the department headed
"Indications of Business Activity," where they are covered
Metals—The report of
Wool—With
original bag French combing territory and of average 12
months' Texas have been made within the range of 70 to
Beaumont
the seller.
more
3519
Financial Chronicle
145
245
10,187
1,750
11,232
113.628
8,753
2,721
158,218
67,206
27,732
18,114
32,246
2,889,447
160,560 4.697.412 217,563 4.228,359 3,220,519
Financial
3520
In order that
comparison
Chronicle
There
be made with other years,
may
with
give below the totals at leading ports for six seasons:
we
Nov.
active switching of December contracts forward,
was
1936
1935
36.908
54,917
4,875
80,478
62,225
60,698
4,508
1,115
490
63,069
63,476
45,517
24,523
8,934
34,949
24,263
41,629
2,528
3,337
2,362
"3",227
"5*. 761
~3", 920
213
559
2,331
1.121
1,509
532
1,498
1,927
1937
Receipts at—
Galveston
54,623
Houston
New
Orleans.
Mobde
Savannah
Brunswick.
96,248
81,604
51,131
9,646
1,506
5,881
1,674
98,665
130,162
770
2,571
2,999
*
Charleston
Wilmington
..
Norfolk
Newport News
The late recovery of the market was furthered
fresh outside buying.
confusing,
week-end
probably
accelerated the evening-up of commitments.
Prices closed at about the highs of the day.
Southern spot
markets, as officially reported, were 5 to 10 points higher.
Average price of middling at the 10 designated spot markets
was 7.81c.
On the 22d inst. prices closed 3 points lower to
2 points higher. The opening rate was 3 to 5 points above
the previous close.
Whenever the market showed a ten¬
dency to rally, liquidation and scattered selling developed.
The continued weakness of the stock market and practically
all other commodity markets did not help matters much.
Continued inactivity in the textile trade and the discouraging
tenor of industrial news generally, acted as a drag on con¬
structive endeavors despite the higher ruling of foreign
markets, smaller ginnings and continued price-fixing by the
trade on the scale-down.
Ginnings of 14,949,078 bales out
of the 1937 crop prior to Nov. 14, as reported by the Census
Bureau, were said to be below expectations. Southern spot
markets as officially reported, were unchanged to 1 point
lower. Average price of middling at the 10 designated spot
markets was 7.81c.
On the 23d inst. prices closed 5 to 10
points net higher. The opening range was 3 to 5 points
lower, influenced mainly by the disappointing Liverpool
cables, although the latter were offset by the firmness at
Bombay.
December liquidation and switching continued
to be a trading feature, and while it was still a matter of
surmise as to the probable amount that may be delivered
against contracts tomorrow (Wednesday), the impression
was that the outstanding interest has been appreciably re¬
duced, and that the notices, if issued, would probably meet
with a prompt stoppage.
Interest was displayed in Dallas
reports concerning movement of receipts into the loan,
1932
by
'
7",302
922
"
4,257
"9.1 II
"5",704
16,680
19,827
160,560
Total this wk.
217,563
222,432
119,755
266,062
375,711
1__ 4,697.412 4,228,359 4,463,264 2.782,415 4,673.971 4,840,236
The exports
for the week ending this evening reach a total
of which 26,171 were to Great Britain,
30,575 to France, 22,504 to Germany, 2,012 to Italy, 5,066
to Japan, 3,469 to China, and 31,879 to other destinations.
In the corresponding week last year total exports were 108,169
bales.
For the season to date aggregate exports have been
2,351,764 bales, against 2,167,304 bales in the same period
of the previous season.
Below are the exports for the week.
of
121,676 bales,
Exported to—
Week Ended
Nov.
1937
26,
Great
Exports from—
Ger¬
France
Britain
Galveston
Houston.
"44
New Orleans
China
Japan
2,284
1,517
Other
1,940
1,529
Total
57,942
23,361
10,540
2,012
4,308
3,751
5,588
17,215
321
Lake Charles...
Mobile
Italy
many
14,810
14,241
8,407
6,631
20,916
321
2~317
...
2,317
100
Jacksonville
100
248
Pensacola, &c...
248
Savannah
100
Los Angeles
975
100
L397
1,500
865
150
4,681
1,741
1,294
San Francisco...
400
11,750
15.391
Total
26,171
30,575
22,504
2,012
5,066
3,409
31,879 121,076
Total 1936
13,082
47,712
11,105
15,036
5,903
44,578
2,954
30,043
57,304
8,696
48.377
250
14,911 108,169
30,6171222,999
Total 1935
From
that it would take
a sharp advance in price to dislodge any
portion of holdings.
Southern spot markets
were
unchanged to 10 points higher.
Average price of
middling in the 10 designated spot markets was 7.90c.
considerable
Ger¬
France
Italy
many
103,967117,474
128,058
60,227
Houston
136,090102,409
81,818 62,982
93,062
50,705
Corpus Chrlstl.
Beaumont
-
Lake Charles-.
Mobile
Jacksonville
615
Pensacola, &c.
-
m
-
—
-
-
15,809
50,217
23,031
8,776 100,268
3,500 53,457
507,965
325,710
5,278
-
-
-
3,588
-
-
---
10,807
200
-
1,200
-
-
-
—
— —
—
-
-
-
--
-
—
—
-
—
—
—
147,62
250
768
—
-
—
-«
749
-
-
-
742
243
-
-
-
-
99,120
14,235
100
2,260
5,761
1,065
-
-
132
-
-
-
1,457
-
4
a
was
irregular,
very
evidence of
was
with
trading
very
investment buy¬
new
some
substantial portion of the dealings were evening
in December delivery, incident to first notice day, and a
general exchanging of contracts in the later months.
To¬
69,192
4,876
420
1 point higher to 1 point
up
39,797
3,281
2,670
1,339
-
-
market
There
ing, but
97,723
60
—
The
up.
mixed.
wards
'
1,879
inst. prices closed
off, with the exception of December, which closed 5 points
441,390
28,985
—
-
-
100
648
-
-
79,515
9,075
—
-
25,604
-
-
10,056
67
870
-
-
1,109
1,142
New York
-
39,629
22,231
9,727
Norfolk
Gulfport
51,535
23,644
-
-
On the 24th
616,759
39
'
Total
7,833 108,558
64,740
112
39,659
74,219
Charleston
-
mm****
28,535
Savannah
.
Other
30,642
1,900
3,178
141,390104,860
5,024
7,991
51,647
9,769
New Orleans..
China
Japan
Galveston
some
accumulation of stocks in the interior, and the intimations
Exported to—
Great
Nov. 26, 1937
Exports from— Britain
active covering and
more
While Washington reports of farm legislation were
the uncertainty of what might happen over the
104,447
7,245
2,493
3,216
All others
Since Aug.
1933
absorbing the near-bys against sales of
spot houses
later months.
1934
27
the
there
close
was
noticeable
a
increase
in
hedge
selling in deferred positions. The market opened steady, with
an
advance of 1 to 7 points.
Sentiment overnight
was favor¬
'
142
Boston
Baltimore
-
-
-
-
-
mmmm
-
-
-
-
-
113
----
70
----
515
14,412
Philadelphia...
Los Angeles
San
-
6,604
-
200
-
—
'
-
-
-
-
-
-
-
—
-
-
ably influenced by the cables.
70
-
9,075
1,162
16,594
1,727
23,553
....
2,188
13,426
21,375
--
-
-
----
----
2,555
Total
749,014|412,627
442,908 208,677
98,994
Total 1936
443,800377,556
591,123 267,590
327,046 108,286
622,613
625,966
330,188155,374
Canada—It has
to
been our
to Include in the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to
give
returns
districts
concerning the
never
practice
In view,
receiving regarding the matter, we will
say that for the month of September the exports to the Dominion the present season
have been 10,169 bales.
In the corresponding month of the preceding season the
we are
exports were 14,754 bales.
16,348 bales exported,
as
For the two months ended Sept. 30, 1937, there
against 24,308 bales for the two months of 1936.
were
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Southern
Leaving
Great
Galveston—X
Houston
New
I.
Orleans..
Ger¬
France
7,600
14,087
31,332
6,600
4,504
30,386
Other
Coast¬
many
Foreign
wise
14,500
3,213
4,874
18,000
12,518
Stock
Total
2,500
49,200
35,276
954
7,977
74,569
Savannah
Charleston
2",632
2",763
Mobile
6", 930
1,535
Norfolk
864,178
795,799
870,037
159,770
77,758
76,578
27,688
Other ports
■
....
Total 1937..
Total 1936
Total 1935
55,782
36,795
36,766
Speculation
in
44,122
48,010
55,849
cotton
-
22,587 40,030
14,653 107,552
33,292 140,768
for
future
-
-
182,736
-
3,454 165,975 3,054,544
3,300 210,310 2,679,137
18,705 285,380 2.690,090
delivery
during
mixed.
termed
a
operate
dull
either
Altogether
affair.
way,
the
week's
There appears
uncertainty
no
market
real
might
Today
incentive
to
market
the
doings
at
trade.
13
On the 20th inst. prices closed 5 to 10
points net
market opened 2 to 4 points off.
Lower
a
early break in stocks and the
re¬
further slackening of industrial activity, brought
selling and more December liquidation. After
firmer
the
selling spent itself and the market hardened.
and
tone,
Trading
up.
The
narrow.
registered in
were
7.98,
in
the
limited
was
cotton
afternoon
volume
of
advance of 9 points, and January was
Futures on the Liverpool Exchange
an
steady, with
in
the
a
limited demand for spots.
Most of the
local
market were supplied by foreign
hedges and selling through leading spot houses.
Liverpool,
the Continent and trade shorts
were
the principal buyers.
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for
grade and
staple in relation to the base grade, Middling %<, established
on contract
on
Dec. 2, 1937.
Premiums and
discounts for grades and staples are the average
quotations
of 10 markets, designated
by the Secretary of Agriculture,
and staple premiums represent 60% of the
average premiums
over 2^-inch cotton at the 10 markets on Nov. 24.
for deliveries
Vk
15-16
1 In. 4
Inch
Inch
Longer
15-10
Inch
White—
Inch
1 In
4
Longer
Spotted—
Mid. Fair
.65 on
.90
on
1.14
on
Good Mid
.14
on
.33
on
.54
on
8t. Good Mid..
.58
on
.83
on
1.07
on
St. Mid
.05 off
.15
on
.36
on
Good Mid
.50 on
.75
on
.99 on
Mid
.64 off
.43 off
.84
on
♦St. Low Mld..
.48
on
♦Low Mid
.35
.61
on
Mid
Basis
.25
on
St. Low Mid...
.61 off
.36 off
Low Mid
on
.18 off
.23 off
1.48 off 1.32 off 1.18 off
2.24 off 2.14 off 2.07 off
Tinged—
1.41 off 1.25 off 1.13 off
Good Ord.
Good Mid
2.15 off 2.10 off 2.05 off
St. Mid..
2.77 off 2.75 off 2.73 off
♦Mid
.45 off
.29 off
.13 off
.50
on
.75
on
.99
on
St. Mid
.35
on
.61
on
.84
on
.71 off
.53 off
.36 oft
1.50 off 1.39 off 1.27 off
♦St Low Mid.. 2.30 off 2.24 off 2.17 off
♦Low Mid
2.89 off 2.84 off 2.80 off
Yel. Stained—
Mid
Even
.25
on
.48
on
Good Mid
1.22 off 1.05 off
St. Low Mid...
.59 off
.35 off
♦St. Mid
1.72 off 1.52 off 1.43 off
2.41 off 2.28 off 2.22 off
•Good
Ord..
.
White—
Low Mid
*8t
•
.16 off
1.39 off 1.22 off 1.11 off
•Mid
Good Ord. 2.13 off 2.08 off 2.02 off
Good Ord
Good MM.....
St. Mid
•Mid
•
Not deliverable
on
future contract.
.93 of
Gray—
2.75 off 2.73 off 2.71 off
out scattered
awhile
points
higher at 8.00.
Good Mid
higher.
Liverpool
ports of
at
12 points
Extra
cables than expected, the
further gains
4
to
fluctuations
At the start of the final hour prices were up 9 to
points from
Wednesday's closing levels.
December
traded
•St
considerable part in depressing sentiment of the
reported, were un¬
Average price of middling at
trading.
playing
The
its
St. Mid
regarding
officially
as
12
with
maintained
session
Washington and the continued downward trend of business
a
closed
prices
the
be
markets,
moderately active
past week was moderately active, with the price trend de¬
cidedly
some
the 10 designated spot markets was 7.91c.
contracts
Shipboard Not Cleared for—
Nov. 26 at—
Britain
spot
changed to 5 points higher.
were
On
Reports from the
dull and easy situation,
a
merchants estimating that aggregate sales during November
will be
the smallest
for any
single month since 1932.
from week to week, while reports from the customs
same
the Canadian border are always very slow in coming to hand.
on
however, of the numerous inquiries
liquidation that developed in December, following
dry goods trade indicated
10,947 276,9902167,304
16,197 382,0282368,466
NOTE—Exports
The principal trading feature
the issuance of 42 transferable notices.
21,309 418,175 2351,764
Total 1935
the
was
71,400
2,541
3,220
Francisco.
250
'
"
-
*
.56 off
.36 off
.19 off
.80 off
.69 off
.43 off
1.40 off 1.26 off 1.15 off
•
Volume 145
Financial
The official quotation for middling upland cotton in
New York market each
day for the past week has been:
Nov. 20 to Nov. 2Q—
Sat.
Mon.
Tues.
7.91
Middling upland
Futures—The
the
7.90
7.99
highest,
8.04
and
lowest
Fri.
8.12
Wed. Thurs.
Holiday
closing
prices
at
New York for the past week have been as follows:
Saturday
Dec A
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 20
Nov. 22
Nov. 23
Nov. 24
Nov. 25
Nov. 26
3521
Chronicle
figures for 1937 show an increase over last
28,844 bales, a gain of 530,401 over 1936, an
increase
of
984,078 bales over
1935, and a gain of
726,526 bales from 1934.
above
The
week
of
7.66- 7.78
7.74- 7.83
7.71- 7.85
7.85-
7.93
detail below:
7.76-
7.75
7.84
7.89-
7.90
Movement to Nov.
1937
Movement to Nov. 26,
7.89- 8.00
Closing
7.97- 7.98
.
7.77
7.69- 7.81
7.78-
Closing.
7.81
7.78
7.75-
7.86
Week
8.00
7.88
27, 1936
Receipts
Nov.
27
Week
Season
Week
Stock
ments
26
Ship¬
Nav.
Week
Season
Stocks
ments
7.90- 8.10
7.96
7.88-
7.88
7.88
Ship¬
Receipts
Towns
Jan. (1938)
Range..
the
corresponding period of the previous year—is set out in
1937)
Range..
is,
movement—that
the
Towns
Interior
the
At
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
Feb.—
Closing
7.83**
.
7.81**
44
33,883
10,319
263
7,950
40,821
648
53.114
153
36,234
7.74-
Closing.
7.86- 7.87
7.87
7.83- 7.93
7.82- 7.94
7.85-
7.94
7.95- 8.10
8.01
7.95-
7.95
7.86
—
8.04- 8.06
Selma
Ark.,Blytheyille
Forest City-
April—
66,191
767
66,241
3,205 108,289
1,161
8,210
51,041
1,518
7.89**
.
Hope...
8.077*
DAY.
7.987*
7.97**
7.87 n
30,587
2,152
155,271
28,277
1,445
15,560
68,047
4,124
51,876
1,691
33,068
644
38,658
26.534
2,951
59,581
1,396
50,456
1,872
21,609
977
27.771
1,466
4,420
116,130
3,184
Newport
1,118
34,560
848
Pine Bluff
9,358
130,505
5,140
Walnut Ridge
7.88- 7.98
7.92- 7.93
7.90-
7.92 n
7.92 n
.
7.92
7.998.01
—
8.09
—
2,504
46,198
2,480
Ga., Albany...
199
15,521
178
32,903
742
Range..
8.127*
8.017*
8.01«
7.83-
Closing
7.93- 7.95
.
7.92- 8.00
7.91-
7.95
2,373
41,038
2,058
24,328
10,860
177
31,757
885
17,355
1,040
18,117
22,862
Atlanta
85.772
1,810 130,273
14,483
108,095
8.14
Augusta
7,797
121,555
137,374
15,400
5,334 139,116
1,000 35,150
725 35,889
3,944
1,200
800
7,725
550
30,263
477
Rome
8.137*
8.047*
8.04n
6,886
Miss.Clarksdale
Range..
8.12**
8.067*
8.0671
Columbus
1,272
Greenwood..
8.01 **
7.99**
Closing
Oct.—
8,402
1,804
22,164
1,630
16,458
50
39,586
30,217
77,258
1,531
96,483
2,201
42,429
9,353
83,543
8,079
125.145
7,943
63,656
649
32,966
1,415
35,080
7,323 128,787
5,846
220,767
8.02- 8.10
8.04
8.09
—
—
836
55,707
13,696
2,598
764
1,116
33,563
2,025
1,801
36,407
697
12,686
241
36,171
2,096
53,713
2,500
61,214
499
503
1,588
47
8,997
21,809
35,288
2,601
2,513
34,540
373,611
8.05- 8.20
-
8.06- 8.21
Jackson
8.08
8.12
7.99-
8.03
2,139
2,269
5,142
N.C.,Gr'nsboro
7.95- 8.04
Closing
8.12
Natchez
—
Vicksburg...
Nov.—
Yazoo City..
Range..
.
Nominal.
56,905
15 towns *
Dec.
1937-
7.66
Nov. 20
8.00
Nov. 26
7.53
Nov.
8 1937 13.93
Jan.
1938..
7.69
Nov. 20
8.10
Nov. 26
7.50
Oct.
9 1937 13.94
Apr.
Apr.
Feb.
1938..
7.69
Nov.
3 1937 13.85
Mar. 31
7.52
Oct.
8 1937 13.97
Apr.
200
15,940
200
20
12,943
75
1,664
76,283
Paris
1,551
7.74
Nov. 20
8.10
Nov. 26
5 1937
5 1937
1937
5 1937
Oct.
8 1937 12.96
Nov. 26
Aug. 27 1937 11.36
July
27 1937
Nov. 20
8.18
Nov. 26
7.65
Oct.
8 1937 11.36
July
Nov. 20
8.21
Nov. 26
7.85
Nov.
4 1937
Oct.
16 1937
8.52
""84
13,689
8,888
145,643
102.146
12,080 115,015
3,013 76,779
78,767
1,731
,457,558
74,062 737,297
33,846
986
761
13,699
1,082
1,233
429
410
3,617
2,813
12,977
1,844
12,003
5,806
,471
2,032
3,175
17,840
2,189
5,147
67,618
844
25,943
2,356
62,682
22
1.118
42
13,362
346
714
423
6,877
473
942
19,982
20,764
1,743
32,536
1,284
13,829
2,133
71,236
1,908
9,249
7,305
37,364
82,097
1,027
..
1,500
874
,500
1,709
Total, 56 towns 248,356 3,862,161206,4912501559 207,413 3,865,126183,982 2397188
Includes the combined totals of 15 towns in Oklahoma.
afloat
above
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
this week's returns, and consequently all foreign
totals
that
show
the
stocks
interior
have
bales and are tonight
104,371 bales more than at the same period last year.
Th.3
receipts of all the towns have been 40,943 bales more than
the
during the week
week last
same
41,865
vear.
are
brought down to Thursday evening.
To make
complete figures for tonight (Friday) we
item of exports from the United States, for Friday
are
the total show the
add the
The
increased,
.
The Visible
only.
New York Quotations for 32 Years
quotations for middling upland at New York on
Nov. 26 for each of the past 32 years have been as follows:
The
1937
1937
740,000
Nov. 26—
Stock at Liverpool
Stock at Manchester
bales.
8.12c.
1936
1935
12.25c.
847,000
1934
12.70c.
1934
85,000
59,000
69,000
812,000
173,000
247,000
20,000
42,000
13,000
3,000
-
Stock at Rotterdam
22,000
7,000
5,000
501,000
148,000
87,000
12,000
36,000
72,000
9,000
2,000
916,000
348,000
159,000
27,000
69,000
48,000
12,000
7,000
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
499,000
474,000
European stocks
.1,365,000
India cotton afloat for Europe
29,000
American cotton afloat for Europe
567,000
1,286,090
89,000
328,000
Total
Egypt, Brazil,&c.,afl't for Europe
147,000
199,000
366,000
670,000
867,000 1,586,000
68,000
72,000
555,000
230,000
175,000
12.25c.
1933 .....10.10c.
1932
5.90c.
Stock in U. S. ports.
Stock in U. S. interior towns
5,102
today.^
Total visible supply
17,216
38,279
1921
18.00c.
15.85c.
1913
1920
1919
39.45c.
1911
12,319
and other descriptions are as follows:
bales.
Manchester stock
Bremen stock
Havre stock
__
Other Continental
stock
371,000
248,000
183,000
218,000
63,000
149,000
202,000
59,000
45,000
44,000
93,000
69,000
75,000
38,000
282,000
133,000
92,000
118,000
203,000
25,000
328,000
555,000
230,000
2,889,447 2,975,470 3,106,439
2,397,188 2,350,425 1,973,968
5,102
17,216
38,279
12,319
American afloat for Europe
U. S. port stock.
567,000
3,220,591
U. S. interior stock
2,501,559
U. S. exports today.
Total American
7,138,252
East Indian, Br aril, &c.—
Liverpool stock—
Bremen stock
Havre stock.
stock
Indian afloat for Europe
479,000
63,000
36,000
Manchester stock
Other Continental
6,270,851 6,383,174 6,085,726
369,000
40,000
55,000
44,000
29,000
89,000
31,000
22,000
29,000
259,000
15,000
54,000
18,000
57,000
68,000
629,000
31,000
66,000
26,000
71,000
72,000
Egypt, Brazil, &c., afloat
147,000
199,000
175,000
174,000
Stock in Alexandria, Egypt
297,000
549,000
365,000
580.000
274,000
394,000
280,000
520,000
Stock in Bombay, India.
1,543,090
7,138.252
supply....
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple,s'fine.Liv
29.60c.
1917
31.25c.
1909
1916
20.95c.
1908
9.35c.
1915
12.30c.
1907
11.40c.
25.70c.
1914
7.75c.
1906
11.40c.
6.20c.
1930
10.20c.
1922
9.24d.
3.99d.
5.99d.
4.14d.
Continental imports for past
12.20c.
11.70d.
5.58d.
7.99d.
5.62d.
12.20c.
10.49d.
6.lid.
14.75c.
Market and Sales at New York
on the spot each day during the
indicated in the following statement.
of the reader, we also add columns
The total sales of cotton
week at New York
For
the
closed
are
convenience
which show at
on
glance how the market for spot and futures
a
day.
same
12.80c.
9.45d.
5.66d.
week have been 143,000 bales.
SALES
Futures
Spot Market
Saturday
Monday
Tuesday
Wednesday-
Market
Closed
Closed
Steady,
Steady,
Steady,
Steady,
2
1
9
5
Contr 'ct
Spot
pts. adv__ Steady
Steady—
pt. dec
-i
._
-
Total
-
pts. adv.. Steady
pts. adv.. Steady
HOLI DAY.
"400
"400
Steady, 8 pts. adv.. Steady
Friday
217
217
Total week.
Since Aug. 1
30,947
617
617
78",666
108,947
Overland Movement for the Week and Since Aug. 1
We
—
statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
give below
a
reports Friday night.
Aug. 1 in the last two
The results for the week and since
follows:
years are as
1936
1937
Via St.
Week
Louis
Via Mounds, &c
Via Rock
Island
Week
Aug. 1
200
175
12,891
5,225
300
160
125,059
66,415
2,767
5,204
3,245
.39,741
66,420
264,258
6,131
33,000
255,520
51,535
455,603
57,707
527,164
245
10,187
1,750
...
points
Total gross overland-
3,175
72,199
Shipments—
Overland to N. Y., Boston, &c—
Between interior towns..;
3,430
352
4,934
84,476
16,283
155,053
9,779
98,093
18,385
171,219
—41,756
357,510
39,322
355,945*
Total to be deducted
Leaving total net overland
11,232
233
9,301
....
Inland, &c., from South
*
Aug. 1
61,157
60,620
1,241
1,907
4,999
..
Via Louisville
Via Virginia
Since
Since
Nov. 26—
Shipped—
1,880,000 1,314,000 1,869,090
6,270,851 6,383,174 6,085,726
8,681,252 8,150,851 7,697,174 7,954,726
4.64d.
6.72d.
6.59d.
6.96d.
8,12c.
15.15c.
1910
1918
24.45c.
36.15c.
1931
Deduct
Total visible
13.30c.
13.00c.
9.40c.
21.40c.
Via other routes, &c
Total East India, &c
Total American
.....
1925
Thursday
American—
Liverpool stock
1912
174,000
8,681,252 8,150,851 7,697,174 7,954,726
above, totals of American
17.40c.
1928.....21.00c.
1927
19.75c.
1926
13.05c.
1929
1924
1923
297,000
365,000
274,000
280,000
549,000
580.000
394,000
520,000
3,220,591 2,889,447 2,975,470 3,106,439
2,501,559 2,397,188 2,350,425 1,973,968
Stock in Alexandria. Egypt
Stock in Bombay, India.
U. S. exports
1935
442,000
126,000
Stock at Bremen
Stock at Havre
1936
727,000
866,000
185,000
233,000
23,000
Total Great Britain
Of the
Texarkana
*
cable and
figures
603
27 1937
7.95
1938..
Nov. 1938.
as
2,768
.
Sept. 1938
Oct.
25,138
51
Mar. 21 1937
8.16
9.63
1938—
Nov. 20
7.83
1938._
Aug. 1938
7.60
7.79
1938—
1,730
12,891
5,449
82,893
Robstown
San Antonio.
Waco
May
48,612
123,784
107
15,656
Brenham
1938
July
2,878
25,,090 228,161
Dallas
June
29,456
6,879
19,306
1,457
12,885
S. C..Greenville
3,753
50,450
2 ,333 69,714
Tenn., Mem phis 118,374 1,195,442 106 ,095 618,335
,271
7,982
40,118
Texas., Abilene
2,412
Austin.
Range Since Beginning of Option
Range for Week
Option for—
Apr.
784 36,101
6,330 112,308
Oklahoma—
Range for future prices at New York for week ending
Nov. 26, 1937, and since trading began on each option:
Mar. 1938—
627
600
Mo., St. Louls.
Range..
5,077 142,184
4,557 138,374
300 34,800
2,334
14,792
129,204
162,344
32,943
215,970
3,059
La.. Shreveport
Sept.—
35,814
860
Macon
7.98 n
7.96**
76,039
95,006
8.03- 8.18
—
Range..
Closing.
20,661
165
8.02- 8.10
8.03
1,031
5,972
8.02
8.02- 8.03
—
12,823
1,314
8,362 119,395
2.213
Columbus
7.95
Range..
7*
152,575
25,610
1,270
8,428
Athens
Aug.—
Closing
17,225
1,843
99,205
25,991
84,294
37,460
19,147
June—
Closing.
July—
878
6,663
27,559
T ittle Rock.
8.11-8.12
Jonesboro
7.79- 7.93
Closing
7.86- 8.00
8.00
Range..
74,109
8,339 112,340
1,155
8.01- 8.16
May—
93
37,234
113,536
1,362
1,231
Helena
HOLI¬
Range..
2,494
56,063
10,691
66,066
395
1,325
4,093
1,502
Montgomery.
Range..
Closing
37,707
9,283
Eufaula
8.027*
7.91**
7.91**
1,279
83
709
2,145
Ala.,Birming'm
Range..
March—
2,548
53,801
Including movement by rail to
Canada.
Financial
3522
The foregoing shows
the week's net overland movement
has been 41,756 bales, against 39,322 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 1,565 bales.
this
year
1936-
1937
In Sight and Spinners'
Receipts at ports to Nov. 26
Net overland to Nov. 26—
South'n consumption to Nov.
Since
Since
Aug. 1
4,697,412
Week
160,560
Takings
41,756
Aug. 1
217,563
39,322
125,000
357,510
26--105,000
Week
1,990,000
Chronicle
Nov.
27, 1937
with 124.1 for
September; 130.5 for August; 121.9 for July;
June; 137.6 for May, and 123.9 for October, 1936.
The average number of active spindle hours per spindle in
place for the month was 259.
The total number of cotton
spinning spindles in place, the number active, the number of
active spindle hours, and the average hours per spindle in
place, by States, are shown in the following statement:
136.6 for
4,228,359
355,945
2,165,000
Active Spindle Hours
Spinning Spindles
for August
State
381,885
23,431
307,316
41,865
marketed
Interior stocks in excess
Excess
over
Southern
of
mill
7,044,922
1,680,004
1
1933—Dec.
Bales
274,744
--.233,697
421,548
-
inf October
Total
United States
20,757,298
23,724,272
2,927,893,432
259
Cotton-growing States
18,756,644
7,169,218
5,619.744,913
1,177,666,208
300
New England States.
All other States
17,604,590
5,444,236
831,436
675,446
130,482,311
157
1,910,676
1,746,024
530,083,711
277
518,003
8,481,728
8,921,770
-
61.416
552,737
sight in previous
1934—Nov. 30
Oct. 31
405,316
349,181
North, spinn's'takings to Nov. 26 44,657
1935—Nov. 29--
Active Dur-
1,214,421
196,844
consumption to Nov. 1—-
Movement into
In Place
Connecticut
years:
Since Aug. 1—
Bales
7,923,370
5,329,282
7,810,006
1935
1934
*
-
1933
670,116
596,512
121,796.742
182
3,239,872
3,033.884
708,752
607,824
207,636
2,817,308
166,520
975,248,819
191,426.758
522,707,187
270
3,997,524
52.796,796
254
677,498
Georgia
555,566
120,947,781
179
Maine
Massachusetts
Mississippi
Hampshire
New
New
York
Closing Quotations for Middling Cotton on—
Saturday Monday
Galveston
New Orleans-.
7.61
7.97
7.85
7.61
7.97
7.85
8.06
Mobile
Savannah
Norfolk
8.06
8.05
8.05
Montgomery
Augusta
Memphis
7.85
Tuesday
Wed'day Thursday
7.71
7.75
8.06
7.86
8.03
7.85
8.14
8.15
7.95
8.19
8.15
DAY.
7.76
8.00
8.20
7.85
7.77
7.70
7.31
7.31
7.70
7.30
7.30
7.80
7.39
7.39
7.80
7.40
7.40
Houston
Dallas
Port Worth
8.19
HOLI¬
7.75
7.66
7.85
Friday
7.85
8.15
7.85
8.10
7.75
7.66
8.11
Little Rock—
383,300
272,468
44,637,742
116
North Carolina
6,047,3.50
5,602,430
261
1,016,816
788,130
5,663,856
5,477,2.50
1,578,785,028
205,291,876
1,950,716,153
Tennessee
601,782
590.468
204,541,026
340
Texas
255,076
213,034
70,553,312
277
634,064
742,980
623,002
217.596,746
140,763,755
343
Island
South Carolina
7.96
8.25
8.25
8.07
8.30
7.95
7.87
7.90
7.50
033,852
in full:
NUMBER
OF BALES OF COTTON GINNED FROM THE GROWTH OF
1937 PRIOR TO NOV. 14, 1937, AND COMPARATIVE STATISTICS TO
CORRESPONDING DATE IN 1930 AND 1935
THE
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Running Bales (Counting Round as Half Bales
and Excluding Linters)
Stale
Tuesday
Wednesday
Thursday
Friday
Nov. 23
Nov. 24
Nov. 25
Nov. 20
1936
1,092,574
Arizona
103,369
67.034
Arkansas
1,429.713
1,148,817
623,371
395.486
208,356
27,410
981,732
144.078
1.002,557
730,427
529,462
1,776,367
279,235
81,960
1.178,161
433,900
254,624
461,420
California
Florida
34,713
December-
7.95
7.95
8.01
8.04
8.15
Georgia
Jan.
7.93
7.94
8.02
8.05
8.14
Louisiana
1,362,000
976.195
Mississippi
2,112,093
7.97
7.90
8.05
8.05- 8.00
(1937)
February
-
April..
HOLI¬
8.18- 8.22
7.99
May..
8.00
8.09
8.07- 8.09
Missouri
242,718
93,279
628,953
594,233
New Mexico
DAY.
North Carolina
8.22
June
Oklahoma
8015-802a
July
8.01- 8.02
8.10
8.10
South Carolina
8.22
August
Texas
..
8.07- 8.08
8.14- 8.15
8.10
8.15
640,968
877,117
Tennessee
September
October
1935
1937
1,479,167
127,630
Alabama
Nov. 22
436.708
Virginia
376,282
4,118,882
26,047
2,536,478
All other States
8.22&-8.24a
—
Tone—
Steady.
Spot
Options
Steady.
Steady.
Steady.
Steady.
8teady.
Steady.
Steady.
189
bales of cotton (counting round as half bales and excluding
linters) ginned from the crop of 1937 prior to Nov. 14, com¬
pared with 10,767,140 bales from the crop of 1936 and
8,436,538 bales from the crop of 1935.
Below is the report
7.50
Monday
344
individual returns of the ginners, shows 14,949,078 running
New Orleans Contract Market—The
Saturday
Nov. 20
202
Cotton Ginned from Crop of 1937 Prior to Nov. 14—
The Census report issued on Nov. 22, compiled from the
for
March
131
Rhode
All other States
(1938)
301
Virginia
of the week:
Nov
164
648,324
Quotations for Middling Cotton at Other Markets —
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Week Ended
Nov. 26
Average per
Spindle in Place
takings
Came into sight during week
Total in sight Nov. 26
Week—
6,749,304
Alabama
Total
13,044
23,315
11,314
United States
*14,949,078
*10,767,140
Steady.
Steady.
1,007,119
20,106
106,582
40,737
253,543
672.430
239,580
2,001,482
18,623
*8,436,53r
4,241
*
Five Elected to
Membership in New York Wool Top
Exchange—At a meeting of the Board of Governors of the
New York Wool Top Exchange held Nov. 22, the
following
were elected to
membership: Harold J. Walter of Uxbridge,
Mass., Treasurer and General Manager of the Uxbridge
Worsted Co., Inc., who do a textile manufacturing
business;
Joseph H. Wing of Boston, Mass., who does a commission
business; Louis Rosenthal of Rosenthal Bros., of Boston,
Mass., who do a wool topmaking business; L. Hudson
Leathers of Marshall, Geer & Co., New York, who do a
commission business, and Pierre H.
Laneres, Treasurer of
Prouvost Lefebre & Co., Inc., of
Boston, Mass., who do a
topmaking business.
Includes 142,983 bales of the crop of 1937 ginned prior to Aug. 1, which was
counted In the supply for the season of 1930-37, compared with 41,130 and 94,340
bales of the crops of 1930 and 1935.
The statistics in this report include 267,961 round
for
of
Through
announced
received
Loans
Nov.
on
of
CCC
18—The
Nov.
19
Aggregated
$100,739,174
Commodity Credit Corporation
that
by it through Nov.
bursed by the
"Advices
18,
of
Cotton
Loans"
1937, showed loans dis¬
Corporation and held by lending agencies
on
2,270,217 bales of cotton.
The amount of the loans ag¬
gregated $100,739,174 and represented an average loan of
8.43 cents per pound.
Activity in the Cotton Spinning Industry for Octo¬
ber, 1937—The Bureau of the Census announced on Nov. 20
that, according to preliminary figures 26,757,298 cotton
spinning spindles were in place in the United States on Oct.
31, 1937, of which 23,724,272 were operated at some time
during the month, compared with 23,886,948 for September;
24,353,102 for August; 24,394,300 for July; 24,558,398 for
June; 24,656,284 for May, and 23,662,464 for October, 1936.
The aggregate number of active spindle hours
reported for
the month was 6,927,893,432.
Since the inauguration of this
inquiry in 1921, the average hours of operation for the day
shift for all of the mills was used in computing the
monthly
percentage of activity.
The hours of employment and of
productive machinery are not uniform throughout the in¬
dustry.
However, in order that the statistics may be com¬
parable with those for earlier months and years, the same
method of computing the percentage of
activity has been
used.
Computed on this basis the cotton spindles in the
United States were operated during October, 1937, at 111.1%
capacity on a single-shift basis.
This percentage compares
,
7,884 for 1936, and 9,490 for 1935; also
3.537 bales of Sea-Island for 1937.
The statistics for 1937 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton
bales.
CONSUMPTION,
ginned this season prior to Nov..l is 13,164,312
STOCKS, IMPORTS, AND
EXPORTS—UNITED
STATES
Cotton consumed during the month of October, 1937, amounted to
526,464 bales.
Cotton on hand in consuming establishments on Oct. 31
was 1,418,602 bales, and in public storages and at compresses 9,758,419
bales.
The number of active consuming cotton spindles for the month
was
23,724,272.
The total imports for the month of October, 1937,
were
Cotton
bales for 1937, 225,575
Included in the above are 6,801 bales
1936, and 167,251 for 1935.
American-Egyptian for 1937
were
8,743
bales and
the exports of domestic cotton, excluding linters,
798,921 bales.
WORLD
STATISTICS
The
world's production of commercial cotton, exclusive of linters
in 1936, as compiled from various sources, *was 30,024,000 bales,
counting American in running bales and foreign in bales of 478 pounds
lint, while the consumption of cotton (exclusive of linters ni the United
States) for the year ended July 31, 1937, was 30,820,000 bales.
The total
number of spinning
cotton spindles, both active and idle, is about
149,000,000.
grown
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that ginnings for the present
period will undoubtedly fall below the previous period, but
there is no indication that the falling off will be abnormally
large.
-Thermometer■
Rain
Amarillo
-—
Inches
High
2
Texas—Galveston.:
Rainfall
Days
1.13
0.04
2.60
64
2
2
Austin
59
64
66
Abilene
1
Brownsville
2
0.16
0.24
Corpus Christi
3
2.04
64
Dallas
1
Del Rio
1
0.26
0.02
64
El Paso
62
68
dry
70
2
Houston
Palestine
72
...
Port Arthur
San Antonio
0.78
1
1
0.24
0.36.,
70
62
2
0.56
66
0.04
62
Oklahoma—Oklahoma City—
Arkansas—Fort Smith
Shreveport
Mississippi—Meridian
Vicksburg
62
dry
Little Rock
Louisiana—New Orleans
56
dry
1
2
0.12
2
0.04
0.18
1
dry
58
64
68
62
Volume
Financial
145
3523
Chronicle
According to the foregoing, Bombay appears to show a
Thermometer-
Rain
Rainfall
Davs
Inches
0.48
decrease compared with last year
2
2
0.20
13,000 bales.
Montgomery
0.40
Florida—Jacksonville
of
..
,
_
...
_
Alabama—Mobile
2
....
Birmingham
2
0.46
Miami
1
0.01
Pensacola
2
0.26
2
in the week's receipts of
Exports from all India ports record a decrease
50,000 bah s during the week, and since Aug. 1 show^a
decrease of 192,000 bales.
2
0.96
0.76
Atlanta
2
0.26
Augusta
2
0.12
Tampa
Georgia—Savannah
Carolina—Charleston__
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
0.08
2
Macon
South
0.28
2
North Carolina—Asheville
dry
dry
Charlotte
1
1
1
2
Nashville
0.22
0.40
0.03
0.50
1
Raleigh
"Wilmington
Tennessee—Memphis
Chattanooga
0.22
a
Nov. 27, 1936
Feet
Feet
This week
390,000
Since Aug. 1
4,410,268
2.0
To
Above zero of gauge.
5.4
Above
of gauge.
9.4
To Manchester, &c
To Continent and India
Above zero of gauge.
Above zero of gauge.
10.2
9.4
4.3
3.2
Memphis
Nashville
Shreveport
Vicksburg
of gauge.
zero
zero
Week
1
Aug.
Since
This
Since
Week
1
1
Aug.
Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Received from
Stocks at Interior Towns
Receipts at Ports
Plantations
Ended-
1935
1936
1937
1935
1936
1937
1935
64,894
4.000
59,099
9",O6O 62.081 10,000 65,490
13,000 231,455 27,000 195,331
9,979
2,000
8,822
1,000
Total exports
Note—A
9,000 81,235
9,000 57,609
37,000 278,682
11,866
3,000
23,000 361,457 43,000 335,694
Liverpool
To America
the
from
|
Aug.
9.3
Above
1936
390,000
4,311,108
This
Since
This
Week
Exports (Bales)—
2.5
4.7
New Orleans
I
400,000
4,483,424
Receipts (cantars)
Nov. 26, 1937
1937
1935
Nov. 24
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Week 1
1936
1937
Alexandria, Egypt,
The
Receipts
fen
Alexandria
58,000 429,392
Egyptian bales weigh about 750 lbs.
is 99 lbs.
can tar
This statement shows that the receipts for the week ended Nov.
390,000 cantars and the foreign shipments were 23.000 bales.
24 were
received by cable to¬
Manchester Market—Our report
night from Manchester states that the market in both yarns
and in cloths is steady.
Demand for both yarns and cloth
is poor.
We give prices today below and leave those for
previous weeks of this and last year for comparison.
Aug
27..
21.570141.365159.138
806.6491.140.781 1.119.686239.811 149.970 184.700
1936
1937
Sept.
836.739:1,219.831
918.1781.339.682
10.. 309.808 271.456215.017
17-. 347.270340,815 265.021 1,050.9141.499.275
24.. 411,538
1^45.6391.677.862
3.. 300.222201.842188.943
314.287|836,897
Oct.
1_. 479.801319,754326,252
1,178,879330.292 280.892 248.136
1274.081j361.614 391.307810219
1.414.604480.006 500.408405,544
1.610.222,606.163
1,490,564!l ,832,0261,784.489*724,826 473.918500.419
1.715,6931.980,3361.990.723 666.850478.343 593.294
15.. 379.066370.723,872.945 1.904.0352,098.733 2.132.345 696.889489.120514.666
22.. 323.319378.683 405.164 2.051.912 2,179.563 2 220.75l'471.196 483.163 493,570
29.. 313.437385.111372,149 2.129.804,2.266271i2.253,100 391,329,471.919.404,498
Cotton
32s Cap
ings, Common
Middi'g
Twist
to Finest
Upl'ds
32s Cap
Middl'g
Twist
to Finest
Upl'ds
d.
d.
492,874|532.515
8-. 441.721330.033 387.060
8K Lbs. Shirt¬
Cotton
8K Lbs. Shirt¬
ings, Common
d.
d.
s.
d,
s.
s.
d.
d.
8.
6
6.70
1K@10
4K
6.70
4K@10
@10
7K
3
6.99
6.73
11K013K 10
27..
1K@10
4H
5.63
10K@11H 10
1K@10
Sept.
388,719295,054398,140
12,342,886 2.316.783 406,335 305,198 359,714
5.. 263.182 259.641 363,686 2 226,9232,301,7842,287,554
12.. 245.688 264.096 330,485
19.. 195.034 251.440 271.993 2.459.694 2.373.757 2,321,538 267.158
26- 160.560217,563 222,432 2,501,559 2,397,188 2,350.425 202,425
3..
1144 <§>13
10
IK@10
4K
5.56
lO-
11K @13
10
1K@10
11
@13
10
1K@10
4K
4K
5.46
ir..
Nov.
5.33
10K@11K 10
10
10K@12
10K@11K 10
0
24-
11K@13
10
0
3
5.08
10H@11K 10
0
@10
3
282,31l|276,748
1_.
8-
plantations was 202,425 bales, stock at interior
having increased 41,865 bales during the week.
6.98
IK
4.89
0
@10
3
7.02
@10
4.75
11
@12K 10
0
@10
3
6.86
9 10K@10
IK
4.82
11
@12K 10
4K@10
7K
6.99
9 10K@10
9 10K@10
IK
4.89
3
6
6.96
4.83
10K@12
10K @12
10
IK
10
9
0
6.81
IK
4.55
11
@12
10
@12K 10
@12K 10
@12K 10
7K@10 10K
9
@11
0
3
@10
6
9
@11
0
11J4@12K
11M@12H
11K@12H
11K@12K
11K012K
15-
(1) That the total receipts
plantations since Aug. 1, 1937, are 6,386,733 bales;
in 1936 were 5,431,473 bales and in 1935 were 5,668,319
bales.
(2) That, although the receipts at the outports the
past week were 160,560 bales, the actual movement from
The above statement shows:
@10
Oct.
240,994 251,319
from the
e.
AUg:
2229-
9 10K@10
10K@12
9
9
10H@11K 10
@10
@11
Nov.
12..
10J4@12H
9 10K@10
9 10K@10
IK
4.63
11
19-
10H@12
9
10K@10
IK
4.55
11
10^ @12
9 10K@10
IK
4.64
11
5-
26-
6 92
6.71
6 76
6.72
towns
Shipping
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
sight for the like period:
World's Supply and Takings
News—As
shown on
previous page, the
a
exports of cotton from the United States the past week have
reached 121,676 bales.
The shipments in detail, as made
up
from mail and telegraphic reports, are as
follows:
Bales
GALVESTON—To Antwerp—Nov. 23—Elizabeth von Belgia, 200
...Nov. 20—San Mateo, 193
Nov. 24—Western Queen/
643
340
To Ghent—Nov.
23—-Elizabeth von Belgia, 500—Nov. 20—
413
Nov. 24—Western Queen, 1,545
To Havre—Nov. 23—Elizabeth von Belgia, 2,752—-Nov.
San Mateo, 2,773
Nov. 24—Western Queen, 3,296
2,458
San Mateo,
Cotton
1936
1937
Takings,
Week and Season
Visible supply Nov.
Visible supply Aug.
4,899", 258
4,339", 022
349,181
8,921,770
34,000
7,000
214,000
103,000
78,000
9,000
Nov. 26Bombay receipts to Nov. 25-Other India ship'ts to Nov. 25
Alexandria receipts to Nov. 24
Other supply to Nov. 24 *b
875.200
15,000
80.000
139,000
10,000
405,016
47,000
8,150,851
8.681,252
8,681,252
26
8,481,428
283,000
177,000
898,200
160,000
8,608.251 14,898,886
9,129,589 14,591,992
Total supply
Deduct-
Season
8,051,235
8,652,408
19__
1
American in sight to
Visible supply Nov.
Week
Season
Week
8,150.851
9 249
To
457,400
324,400
133,000
5,910.740
4.200,940
1,709,800
448,337
306,337
142,000
Of which other
6,748,035
5,301,835
1,446,200
receipts in Europe from Brazil, Smyrna, West Indies, &c.
since Aug. 1 the total estimated consumption by
Southern mills, 1,990,000 bales in 1937 and 2,165,000 bales in 1936—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 3,920,740 blaes in 1937 and 4,583,035 bales in 1936,
*
Embraces
This
a
total embraces
2,210,940 bales and 3,136,835 bales American,
of which
b Estimated.
India Cotton Movement from All Ports—The receipts
of Indian cotton at Bombay and the shipments from all India
,
ports for the week and for the season from
for three years,
have been
as
Aug. 1 as cabled,
follows:
..
Japan—Nov20—Vinni" 2,284
5,420
14,784
20,916
2,284
1.940
20—Vinni, 1,940
To Hamburg—Nov. 23—Kellerwald. 26
To Rotterdam—Nov. 24—Western Queen,
650
HOUSTON—To Rotterdam—Nov. 22—Leerdam. 650—-Nov. 18—
Cardonia, 775
Nov. 20—Western Queen, 341
To Tallin—Nov.
22—Leerdam, 21
Western Queen,
To Ghent—Nov.
10
-- ---
von
4,084
19—Elizabeth von Belgie, 632—-Nov.
20—Western Queen, 995
Japan—Nov. 18—Vinni, 1,517
China—Nov. 18—Vinni, 1,529
—
Lisbon—Nov. 18—Cardonia, 100
Oporto—INOV. 18—Cardonia, 1,476
Bremen—Nov. 20—Kellerwald, 3,716
18—
4,323
1.617
Cardonia, 2,696-.-Nov.
To
To
To
1935
To Hamburg—Nov.
—
1.529
100
1,476
3,716
„
592
20—Kellerwald, 592
Naples—Nov. 19—Montello, 75
19—Montello, 1,937
To Oporto—Nov. 20—Western Queen,
To
NEW ORLEANS—To
2,015
Belgie,
-
To Havre—Nov.
To
60
----
20—
827—-Nov.
18—Cardonia.
19—Betty, 3,706; Elizabeth
To Dunkirk—Nov.
To
1,766
21
19—Elizabeth von Belgie, 156—-Nov. 22—
Leerdam, 927..-Nov.
Western Queen, 105
378
26
650
19—Elizabeth von Blegie, 50—Nov. 20—
„
To Genoa—Nov.
1936
1937
8,821
To China—Nov.
To Antwerp—Nov.
Total takings to Nov. 26 .a
Of which American
20—
23—Elizabeth von Belgia, 8.#7—-Nov. 20—
Betty, 1,600; San Mateo, 3,013
To Bremen—Nov. 20—Youngstown, 9,881.._Nov. 23—Kellerwald, 4,903
To Liverpool—Nov. 18—Ligre. 11,667—-Nov. 23—Diplomat,
To Dunkirk—Nov.
Liverpool—Nov.
150
—
12—Additional—Divisian
44
Nov. 25
Week
Since
Since
Since
Receipts—
Week
Aug. 1
Aug. 1
Week
Aug. 1
214,000
47.00C
283,00(
55,000
To
333,000
To
0
To
Since Aug. 1
For the Week
To
Exports
Great
From—
Britain
Great
Contir \Jap'n<k
nent
J China
Total
Conti¬
Britain
China
Total
1936
1935
61,000
64.000
124,000
190,000
.
.
-
236,000
308,000
.
1,000
1,000
2,000
3,000
1,000
5,000
5,000
1,000
45,000
47,000
8,000
31,000
9,000
83,000
1,000
...
6,000
7,000
29,000
74,000
103,000
8.000
7.000
15,000
71,000
106,000
177,000
13,000,' 17,000
30,000
66,000
104,000
170,000
29,000
213,000
305.000
Other India1937
1936-
---
1935
PENSACOLA, &c.—To
2,000
9,000
15,000
1,000
9.000
8,000 45,000
17,000 29,000
12,000
62,000
61,000
34,000
79,000
75,000
135,000
170,000
187.000
124,000
236,000
213,000
293,000
485.000
475,000
-----
To
Japan—?—400
India—7—11,400
To
2oU
850
300
21
978
1.339
"
LfOU
\tk
150
—-
-———
Chile—?—206
..........
......—
?—-Uddeholm.
248
248—
Britain— 7—1,500
SAVANNAH—To Gdynia—Nov
2,823
Pedro, 300
Bremen—Nov. 23—Barbara Cater,
SAN FRANCISCO—To Great
A V
T9 UCi UIOUJ
|
A, I -XA.
Germany—?—1,741
4,412
250
—......
MOBILE—To Liverpool—Nov. 18—Divisian, 978To Manchester—Nov. 18—Divisian, 1,339——-—
To
1937
1936
6,631
—
250...—
LAKE CHARLES—To Havre—Nov. 18—San
To Dunkirk—Nov. 18—San Pedro. 21
252
22—Kongs-
1,000—Nov. 19—Stureholm,
-
Gothenburg—Nov. 19—Stureholm,
Abo—Nov. 19—Stureholm, 850
To Holland—?—150
Total all—
1935
To
To
Bombay—
1937
Gdynia—Nov. 10—Dalham,
1,823
Japan &
nent
1.703
To Ghent—Nov.
To
34,000
Bombay
17—West Quechee, 1,703
Antwerp—Nov. 17—West Quechee, 252
Havre—Nov. 17—West Quechee, 2,631.—Nov.
fjord, 4,000
Rotterdam—Nov. 17—West Quechee, 4,412—
Havana—Nov. 13—Metapan, 250
75
1.937
150
100
11
400
200
100
3524
Financial
Chronicle
Bales
LOS ANGELES—To Liverpool—No v. 25—Dinteldijk, 1,294
To
refused to go below the 90c. level.
nevertheless, led the price declines and
touched a low of 9034c.
On the 23d inst. prices closed
124 to 234c. net lower.
As a result of nervousness over the
general financial unsettlement and the persistent dearth of
any big export buying of North American wheat, prices took
a sharp tumble
today, the maximum decline being 324c. a
May contracts,
50
750
225
To Bremen—Nov.
25—Virginian, 1,39725—Washington, 100To Japan—Nov. 25—President Hoover, 865
JACKSONVILLE—To Liverpool—Nov. 24—Zonnervijk. 100
1.397
To Rotterdam—Nov.
100
865
100
Total
121,676
bushel.
Observers said the Chicago wheat
market was
honeycombed with stop-loss orders from holders unable, or
unwilling to put up further collateral required as protection
Cotton
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
High
Stand-
Stand-
High
for brokers,
Stand
.67c.
Trieste
Density
ard
d 46e
60c
Manchester ,52c.
.67c.
Flume
d •*.,«.
Antwerp
.67c.
Barcelona
•
•
Venice
.67c.
Japan
•
•
Copenhag'n.57c.
.52c.
.67c.
Shanghai
•
•
Naples
d.46c.
.60c.
Bom hay «
.60c.
4,66c.
Leghorn
d.45c.
.58c.
.73c.
Bremen
.62c.
,57c.
.72c.
.78c.
Hamburg
.62c.
.52c.
52c.
.52c.
Havre
Rotterdam
Genoa
Oslo
..
Stockholm
•
No quotations
Only
«
small lots,
Piraeus
Salonlca
60c
67c.
.
,85c
ard
1.00
,85c.
1.00
d.86c.
1.00
Gothenb'g
.72c.
.67c.
Nov. 5
Of which American
-----
Total imports
Of which American
Amount afloat
Of which American
Nov. 12
66,000
769,000
336,000
58,000
39,000
Total stocks
Nov. 19
56,000
781,000
334,000
72,000
25,000
351,000
274,000
290,000
203,000
—
and that automatic execution of
On the 24th inst. prices closed %c. lower to
%e. higher.
wheat market continued to rule
heavy today, appar¬
The
ently feeling the influence of
a depressed stock market and
emphasized lack of foreign demand for North American
Chicago wheat values averaged lower today despite
spasmodic rallies.
Leading specialists said maintenance of
Nov. 26
58,000
an
59,000
866,000
434,000
126,000
802,000
362,000
85,000
56,000
352,000
288,000
wheat.
101.000
wheat price
288,000
215,000
buying
"
of
gains
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
appear
ers
States
in
Market
.
Monday
Tuesday
Wednesday
Thursday
sooner
later
or
ing confidence
Friday
of
for
supplies
A lair
.
12:15
Quiet.
Quiet.
mated
Quiet.
doing.
4.50d.
Mid.Upl'ds
Futures.
4.59d.
Quiet, 1 pt.
Market
decline to
1
opened
Market,
changed
P. M.
1
4.64d.
Quiet.
4.66d.
Steady,
pts. 4 to 5 pts.
decline.
advance.
1
3
to
2
pts.
Quiet but Q't but st'y Q't but st'y
7 pts. unch'ged to stdy., 2 to 3 to 5 pts. 1 to 3
pts.
to
Prices of futures at
1
pt.
adv. 4 pts. adv.
advance.
Liverpool for each day
are
decline.
given below:
more
Nov. 20
Sat.
Mon.
Tues.
Wed.
Thurs.
to
Nov. 26
December
d.
d.
d.
d.
d.
d.
d.
carryover
stocks
(1937)
4.49
4.54
January (1938)--
4.43
4.50
4.50
4.46
4.50
4.55
4.54
4.58
4.55
March,._„
4.48
4.55
4.55
4.52
4.56
4.60
4.60
4 63
4.61
of
was
MayJuly
May
4.53
4.61
4.60
4.42
4.57
4.46
4.61
4.51
4.51
4.65
4.65
4 68
4.66
July
4.57
4.64
4.64
4.60
4.64
4.68
4.68
4 71
4.69
October
4.63
4.70
4.69
4.65
4.69
4.73
4.73
4 76
DAILY
—
OF
CLOSING
Season's
High
4.72
4.73
4.76
4.79
4.78
4.74
December
4.75
4.78
4.82
and
131 %
4.80
4.77
4.78
4.80
4.84
4.83
May
4.73
4.79
4.80
May
July.
4.82
4.86
4.85
122%
105%
July...
4.74
4.80
4.81
4.83
4.87
4.86
Friday Night, Nov. 26, 1937.
markets, all
been
structions
the
incentive
to
do
any
It
is
definitely removed.
are
quite
routine
buying
reported
now,
the
trucking strike being ended.
to
appears
that
have
shipping in¬
shortage created by
Wheat—On the 20th inst.
prices closed 234 to 2J4c. net
higher.
In the rise today the losses for the week were
wiped
out.
The maximum rise was 3c. a bushel
in the final hour,
and was attributed
largely to a report that frost in an im¬
portant Argentina wheat-producing area was more
damaging
than expected.
The gains were fairly well held
up to the
close.
The wheat market was
strong from the start, rising
about lc. in early
trading as a result largely of rallies in the
stock market and more active business
in North American
wheat for export overnight.
Later in the session a
report
from R. O. Cromwell, a
Chicago expert now in Argentina,
said his survey of southern Buenos
Aires Province disclosed
heavy frost damage.
He estimated the Argentine
crop at
185,000,000 to 195,000,000 bushels.
Earlier
this
week
private estimates ranged up to 225,000,000
bushels, com¬
pared with a crop of 247,000,000 last season.
Although
European takings of North American wheat
continued dis¬
appointing, a moderate business in Canadian
grain was
reported.
Sales in all positions were estimated at
less than
250,000 bushels, with business in domestic hard
negligible.
On the 22d inst. prices closed
winter wheat
}4 to 134c. net
The chief factor
operating against values today was
sharp break in prices in the Winnipeg
market, values
there tumbling an extreme of
334c. a bushel.
The maximum
decline on the Chicago Board
registered 234c., prices recover¬
ing somewhat towards the close.
Other adverse
lower.
the
influences
were
a
lack of any new export demand
either for Canadian
United States wheat.
the amount of wheat on
or
weight
on
balances
markets
4,352,000
visible
Further,
ocean
everywhere,
bushels
a
substantial increase in
passage to
Europe acted
and more
decrease in the
than
as a
counter¬
United
States
supply, a decrease more than double that of a
year
ago.
It was pointed out that today was the third consecu¬
tive session in which the
May delivery of wheat in Chicago
When
Made
105
NEW
Wed.
104%
FUTURES
Mon.
Tues.
91%
91%
86%
by
crop.
Season's
Low
YORK
Thurs. Fri.
HOL 105%
IN
Wed.
89%
89%
84%
y
December
July 29. 1937 May
Sept. 28. 1937 July
November.
December
noteworthy developments in the
flour market the past week.
The market had rather a
prelioliday appearance.
With the erratic state of the wheat
offset
CHICAGO
Thurs.
89%
89%
84%
and
H
Fri.
90%
90%
85%
O
L
When
Made
Nov.
Nov.
Nov.
84%
85%
81%
8, 1937
8, 1937
8, 1937
DAILY CLOSING PRICES OF
BONDED WHEAT IN
WINNIPEG
'
-U
Mon.
Tues.
Wed.
Thurs.
Fri.
•vr
no
106%
92%
92%
86%
—
4.71
were
esti¬
crop advices, was
York stock market.
New
WHEAT
-
4.66
Flour—There
than
more
WHEAT IN
Mon.
Tues.
Sat.
4.68
BREADSTUFFS
OF
—
January (1939)
March..
—
PRICES
.
4.75
December
world
105,222,000 bushels.
December
4.46
undermin¬
authoritatively
been
the
Sat--——.108
d.
4.39
4.46
of foreign¬
was
Meanwhile,
were
had
CLOSING PRICES
■
.
No. 2 red
d.
holders.
season
encouraging action
'
XT
fl.
in
DAILY
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
this
Open interest in wheat
Frl.
liberal scale
a
Wednesday's close.
Stimulated by late announcement of
North American
export
purchases totaling upward of 1,000,000
bushels, wheat scored
moderate advances on
the Chicago Board today, after fall¬
ing 2%c.
An aid to wheat rallies from the
declines which
were due to bearish
Southern Hemisphere
pts adv.
Very stdy.,
advance.
on
speculative
265,000,000 bushels enlargement in the estimated
world
Today prices closed % to 134c. above
pts. decline to 2
advance.
continued backwardness
as
bushels
4.64d.
Q't but st'y Q't.
pts. 2 to 4
Quiet,
to 6
adv.
9
Quiet,
advance.
un¬
4
pt.
6 to
adv.
pt.
Quiet,
4.55d.
Steady,
Quiet.
he expected until
European
Canadian wheat broadened
showing 55,000,000 bushels increase over the 19361937 total.
It was explained that a reduction
of 210,000,000
business
P. M.
to
and
entering the market
wheat
Saturday
not
was
United
appreciably.
Statements were current that although much
larger export purchases of wheat from this
country would
The tone of the
each
Spot
these orders
consequence.
d Direct steamer
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Forwarded
a
Adding to the influences operating
against values was an abrupt drop of around 2c. in quotations
at Liverpool, where an advance of
134c. had been looked
for.
Weakness of Winnipeg wheat prices started the
selling
stampede on the Chicago Board of Trade.
Disturbed con¬
fidence, as reflected in the behavior of securities, was especi¬
ally apparent as a bearish wheat factor.
.60c.
;63c.
was
.60c.
d.45c.
Liverpool
Density
1937
showed resistance and
1,294
Antwerp—Nov, 25—Dinteldijk, 50
To Havre—Nov. 25—Washington, 750
To Dunkirk—Nov. 25—Washington 225
Nov. 27,
May
July.—
117% 115% 113% 112%
109%
114% 112% 110%
110%-107%
112% 111
108% 109% 107%
107% 107% 104% 105%
103%
-
111%
110%
110%
106%
Corn—On the 20th inst.
prices closed 134c. to 124c. net
The advance in this grain was
stimulated by pro¬
nounced strength in
wheat, decreasing country
offerings to¬
gether with reports of further
export business out of the
Gulf said to be in excess of
750,000 bushels.
On the 22d
inst. prices closed
34c. to %e. down. There was
higher.
nothing
special in the news concerning this grain,
prices in this mar¬
ket ruling lower in
sympathy with the sharp declines in
wheat.
On the 23d inst.
prices closed unchanged to 24c.
lower.
The steady action of the corn
market in face of ex¬
treme weakness in wheat
markets of the
quite remarkable.
A falling
played a part in the steadiness of
as
On the 24th inst.
in
this
special
grain
was
feature.
attributed
off
world,
in
The
market's
regarded
marketings
prices closed 34 to 3/2c. down.
.comparatively
light,
and
apparent
Trading
without
heaviness
largely to the heaviness displayed
market and
was
rural
corn.
the continued downward
any
was
in the wheat
tendency of the stock
Today prices closed %c. off to V8e.
up.
Trading
was
moderately active, though without
any
noteworthy
feature.
Open interest in corn was 46,289,000
market.
bushels.
DAILY
_„
_
CLOSING PRICES
Sat.
-.
No. 2 yellow.
December
54%
57%
58%
74
66%
70%
IN
Tues.
70%
NEW
Wed.
YORK
Thurs.
HOL
69%
Fri.
70%
PRICES OF CORN FUTURES
IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
July
Season's High and
Dec. (new)... 86%
CORN
Mon.
70%
DAILY CLOSING
May
July
OF
54%
57%
58%
54%
57
57%
53%
56%
57%
When
Made
Season's Low and
July
8,1937 Dec. (new)
53
July 29,1937 May
56%
Sept. 30.1937 July
57%
H
O
L
53%
56%
57%
When
Made
Nov. 16, 1937
Nov. 20. 1937
Nov. 7. 1937
Oats—On the 20th inst.
prices closed 34c. to 34c. higher
Trading was dull, which accounted for the
meager response
to the
strength in the other grains. On the 22d inst.
prices
closed unchanged to
34c. up. Trading was light and without
feature.
On the 23d inst. prices closed
J4c. to 34c. off.
This was
largely in sympathy with the declining markets
in wheat.
On the 24tli inst. prices closed
34 c.
very little to report on this
was
tively
inactive.
Today prices
Trading in this grain was more
off to 34c. up.
There
grain, trading being rela¬
closed 34c. off to
%c. up.
or
less routine.
Volume
.
Financial
145
Sat.
December
May
July...
Season's
High
December
May
July
Mon.
30%
29%
28%
....^
Tues.
30%
29%
29
Season's
When Made
July
6. 1937 December
July 29, 1937 May
Oct.
2, 1937 July
and
41%
33 %
32%
Oct. 13. 1937
Oct. 13. 1937
Nov. 6. 1937
27%
28%
28
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
November
47%
46%
48
48% 46%
45%
December
45%
May
44
....
44%
43%
45% 44%
44% 43%
45%
43%
44%
43%
Rye—On the 20th inst. prices closed 13^c. to 1 ^c. higher.
This
about matched the gains in corn,
excellent response to
the strength in
and was regarded an
wheat and corn. On
the 22d inst. prices closed l/$c. to %c. lower. Usually
rye
makes a full or substantial response to the action of wheat,
but today held remarkably steady in face of the pronounced
weakness in wheat values.
On the 23d inst. prices closed
23^c. to 2%c. down. This grain registered greater net losses
than wheat, and was the result of heavy selling of long con¬
tracts, largely influenced by the heavy declines in other
markets, especially securities, which accentuate greatly the
bearish feeling that has prevailed for some time past.
On
the 24th inst.
Trad¬
ing was comparatively light, and was confined largely to
evening up over the holiday. Today prices closed % to %c.
higher.
Trading was relatively light and without special
feature.
The
prices closed %c. off to lAc. up.
undertone
steady
was
during
The exports from
of
most
statement:
CLOSING
PRICES
RYE
OF
Sat.
December....
Mon.
71
May
July
High
December
96
84
70
CHICAGO
IN
add
Low
H
O
L
67%
67%
63
64%
63%
62
8, 1937
8, 1937
8. 1937
Nov.
Nov.
Nov.
CLOSING
PRICES
RYE
OF
Sat.
December
May
DAILY CLOSING PRICES
OF
Mon.
75%
77%
__
Sat.
57
May
56%
Closing quotations
were as
72%
74%
Tues.
58%
56%
56
WINNIPEG
Thurs.
Wed.
72%
75
Soft winter
straights
Hard winter straights
Hard winter patents
Hard winter clears
143",000
684",000
105,000
201,000
868,000
2,000
85*666
55*666
103,000
110,206
82,095
329,000
88,000
Total week 1937.
Same week
3,502,000
3,558,000
_
1936..
destination of these exports for
July 1, 1937, is
th<-
77,000
ek and since
w
below:
as
Corn
Wheat
Flour
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
Nov. 20
July 1
1937
Nor. 20
July 1
Nov. 20
July 1
1937
1937
1937
1937
Bushels
Bushels
Bushels
Bushels
1937
Barrels
United
Barrels
102,000
1,039,794
197,156
1,489,000
1,569,000
28,991,000
2,401
So. & Cent. Amer.
13,000
256,500
139,000
933,000
West Indies
28,000
10,655
474,500
108,226
2,000
303,000
1,173,000
Total 1937..... 110,206
2,076,176
3,502,000
53,263,000
Total 1936.
2,242.021
3,558,000
64,515,000
Other countries
The
82,095
22,146,000
407,000
~i"66o
161,000
103,000
849,000
1,000
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
at
seaboard ports
Saturday, Nov. 20,
GRAIN
were as
follows:
follows:
Wheat
Corn
Oats
Bushels
Bushels
New York...
"
-
Rye
-
-
35,000
164,006
29,000
39,000
3,000
64,000
1,000
2,000
46,000
73,000
75,000
Galveston
-
-
-
^
6,000
...
_
Barley
bush 32 lbs bush 56 lbs bush 48 lbs
bush 60 lbs i bush 56 lbs
bbls 196 lbs
Rye
198,000
582,000
3,732, 000,
313,000
22,000
752,000
1,049, ooo;
590,000
161,000
788,000
1,225, 000
538,000
17,000
819,000
12,000
1,002,000
22,000
18,000
29,000
44,000
3,000
24,000
676, ooo;
44,000
21,000
St. Louis
98,000
305,000
779, ooo;
135,000
2,000
Peoria
33,000
31,000
817, 000
56,000
33,000
Kansas City..
13,000
740,000
781, 000
78,000
158,000
1,110, 000
87,000
-
-
—.
86,000
61,000
223,000
24,000
50,000
185,000
8,000
778,000
610,000
25,000
114,000
5,849,000
1,171,000
38,000
10,000
6,000
1,712,000
830,000
572,000
77,000
10,000
76,000
19,000
11,229,000
6,439,000
3,400.000
1,380,000
637,000
100,000
131,000
992,000
5,466,000
Sioux City
St. Louis
...
...
...
afloat
..
.
On Lakes
1,641,000
837,000
428,000
10,362,000
297,000
13,814,000
107,000
1,397,000
6,500,000
...
851,000
2,004,000
...
Minneapolis
1,134,000
2,000
2,795,000
4,000
1,317,000
2,000
1,335,000
969,000
549,000
782,000
4,005,000
...
8,387,000
550,000
88,000
161,000
308,000
....
1,788,000
170,000
Duluth....
874,000
Detroit
Buffalo
...
"
afloat
...
^
28,000
1937.--.110,296,000 19,621,000 24,925,000
114,648.000 14,721,000 25,221,000
66,330,000
5,801,000 42,888,000
Total Nov. 20,
Total Nov. 13, 1937
Total Nov. 21, 1936
Note—Bonded
grain
'
1,286,000
...
...
Milwaukee..
-
not
included
above:
Oats—On
175,000
134,000
5,801,000 10,516,000
5,910,000 10,275,000
5,837,000 17,671,000
Lakes,
189,000
bushels:
bushels, against none In 1936.
Barley—Duluth, 107,000 bushels;
on Canal, 25,000; on Lakes, 647,000; total, 814,000 bushels,
against 3,615,000 In 1936.
Wheat—New York, 684,000 bushels; New York afloat,
90,000; Buffalo, 1,283,000; Buffalo, afloat 683,000; Albany, 318,000; on Lakes,
3,117,000 on Canal, 273,000; total. 6,448,000 bushels, against 25,969,000 bushels
189,000
total,
New York, 35,000;
in
c
1936.
Wheat
Corn
Oats
dye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
Cndn. & oth.
elev.
800,000
68,000
634,000
-
Lake, bay, river & seab'd 15,325,000
Ft. William & Pt. Arthur 16,118,000
913,000
2,694,000
1,569,000
31,927,000
9,234,000
345,000
6,903,000
1,326,000
11,166,000
11,073,000
6,566,000
Total Nov. 20,
1937.
63,370,000
10,668,000
1937.
66,622,000
10,883,000
1,328,000
Total Nov. 21,
1936.
64,364,000
5,361,000
1,137,000
.110,296,000
19,621,000 24,925,000
10,668,000
5,801,000
752,000
46,000
162, 000
122, 000
*
741,000
2,503,000
Total Nov. 13,
Oats
-
1,415,000
223,000
102,000
1,196,000
6,590,000
4,883,000
...
On canal.
Corn
f
4,694,000
25,014,000
...
Omaha
Oth.
Wheal
-
13,000
7,000
Wichita
i
Flour
-
_
96,000
239,000
6,349,000
...
Bushels
—
83,000
335,000
New Orleans
Fort Worth..
-
31,000
...
1,279,000
...
-
127,000
31,000
31,000
■' l 1
■
Barley
Bushels
-
1,642,000
—
Chicago
years:
m
361,000
afloat
Philadelphia
Peoria
All the statements below regarding the movement of grain
—receipts, exports visible supply, &e.—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
5,000
2,000
227,000
Indianapolis
4.50 @ 4 65
_6.20@6.40 Rye flour patents.
6 65@
5 75<§>5.90 Seminola, bbl.. Nos.1-3
2.45
5 40@5 70 Oats, good
2.10
4.75@5.00 Corn flour
5 30@5.60 Barley goods—
Coarse.
4.00
5.45@5.60
Fancy pearl, Nos.2.4&7 5.25@5.60
4.95@5.15
STOCKS
Bushels
United States—
Boston.
St. Joseph
Kansas City
58%
55%
56%
Wneat. New York—
. Oats.
New York—
No. 2 red, c.i.f.. domestic
105%!
No 2 white
43%
Manitoba No. l.f.o.b N.Y.. 144%
Hye.No.2 f.o.h bond N. Y— 82%
Barley, New York—
Corn, New York—
j
47% lbs. malting
---55%
No. 2 yellow, all rail
70%
Chicago, cash
38-60
Receipts at—
281,000
20,000
56,150
Kingdom.
Continent
Hutchinson
Fri.
57%
55%
55%
GRAIN
of the last thrc
103", 000
9,000
491,000
Three Rivers
"
Sprirg patents.
•Clears, first spring
184,000
2,000
1*666
1,833,000
....
The
58,000
44,206
•
'
490,000
Montreal
Sorel
17,000
56,000
3,000
Galveston
WINNIPEG
58%
56%
56%
KIOUK
Spring oats, high protein
Barley
Bushels
541,000
Thurs.
IN
Wed.
58%
56%
56
Fri.
71%
73%
73%
75%
FUTURES
Mon.
59%
December
Tues.
74%
76
BARLEY
November
IN
FUTURES
Rye
Bushels
Philadelphia
Baltimore
DAILY
Oats
Bushels
New Orleans
67%
67%
63%
Made
When
Flour
Barrels
Fri.
Thurs.
Wed.
67%
67%
62%
Season's
When Made
May
6,1937 December
Aug. 10. 1937 May
Oct. 21, 1937 July
and
May
July
Tues.
70%
70
65%
70%
65%
Season's
FUTURES
Corn
Bushels
New York
granary
DAILY
Wheat
Bushels
Exports from—
the
session.
the several seaboard ports for the week
Saturday, Nov. 20, 1937, are shown in the annexed
ended
Made
When
and
30%
29%
29
H
O
L
30%
29%
28%
Low
Fri.
Thurs.
Wed.
30%
29%
28%
3525
Chronicle
DAILY CLOSING PRICES OP OATS FUTURES IN CHICAGO
•Chicago
Minneapolis..
Duluth
Milwaukee...
Toledo
Indianpolis...
Omaha
St. Joseph
Wichita
.
112, 000
18,000
..
172,000
45,000
<
33*666
25,000
Buffalo..
12, 000
3,000
..
200, 000
4 ,000
9,000
4,000
2,187, 000
313,000
100,000
380,000
12,964,000
5,723,000
5,825,000
2,245,000,
397.000
1,429,000
1,654,000
718,000
466,000
Total Nov.
21, 1936
8,750,000
Same week '36
423,000
321,000
6,911,000
6,732,000
"
|
i
1936
.
1935
7,127,000 21,682,000
7,238,000 21,348,000
6,974,000 24,237,000
showi, in the following:
72,745,000
61,186.000
38,448,000! 8.182,000 50,016,000
40,468,000
Since
Week
Nov.
19,
Since
Since
July 1,
July 1,
July 1,
July 1,
1937
1936
1937
1937
1936
Bushels
60,002,00017,390,000 46,561,000
7,098,000121,924,000
Since
1937
Bushels
Bushels
Bushels
Bushels
Bushels
Nor.
6,297.000 175,550.000
Corn
Wheat
Week
I
6,536,000 211,334,000
1937.....J
10,516,000
11,166,000
4
Exports
!
1,326,000
shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Nov. 19, and since July 1, 1937. and July 1, 1936, are
1,719,000
2,230.000
354,000
"Since Aug. 1—,
173,666,000 19,621,000 35,593,000
181,270,000 14,721,000 36,104,000
130,694,000 5,801,000 48,249,000
1937
Total Nov. 13, 1937
3,055,000
Total week '37
Same week *35
Total Nov. 20,
63,370,000
The world's
111,000
.
.
62,000
4,956,000
Sioux City
Summary—
American
Canadian
78,094,00010,995,000 42,340,000
19,
North Amer.
Total
the
receipts of flour and grain at the seaboard ports for
week ended Saturday, Nov. 20, 1937, follow:
5,301 .(XX)
70,537.000
96,394,000
817,000
1,000
Black Sea...
2,744,000
46,818.000
33,890,000
2.791.000
8,038,000
Argentina...
1,012,000
15,990,000
7,563,000 149,069.000159,005,000
929,000
28,001,000
22,785,000
26,329,000
544,000
9,744,000
4,720,(XX)
264,000
9,448,000
11,072,000
Australia
India
...
Oth countries
Flour
Receipts at-
Wheat
Corn
Oats
Rye
102,000
«.
3,496,000
*
-
*.
-
45,113,000
10,036,000
Barley
Total..... 10.794,000180.538.000 195.1n6 000 11,101,000 197,790.000 1 77.080.000
bbls 196 lbs
New York
bush 60 lbs
165,000
bush 56 lbs
bush 32 lbs bush 56 lbs bush 48 lbs
526,(XX)
170,000
202,000
12,000
Baltimore
21,000
2,000
38,000
43,000
New Orleans *
25,000
315,000
83,000
Montreal
55*666
1,833,000
^OOO
lO^ 000
Boston
14,000
49,000
88,000
1,000
30,000
Philadelphia
_
31,000
8,000
11,000
1,000
143,000
684,000
643,000
Galveston
6,000
At the beginning of the week a depression
over
the lower Mississippi Valley.
491,000
Sorel
centered
88,000
Three Rivers.
south
311,000
3,898,000
1'37 12,545,000
86,000,000
419,000
29,012,000
5,587,000
3,866,000
622,000'
439,000
22,000
79,000
Since Jan. 1*36 13,457,000 120,016,000
9,451.000
7,221,000
4,374.000
3,812.000
Total week '37
Since Jan
.
Week 1936...
*
•on
Receipts do
310,000
361,000
774,000
203,000
5,894,000 10,217,000
not Include grain passing through New Orleans
through bills of lading.
Weather Report for the Week Ended Nov. 24—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Nov. 24, follows:
for foreign ports
attended by
coast
and
thence northeastward, off
Mississippi River, with some heavy
the
same
snowfall
Central
of considerable energy was
It moved eastward to the
the coast, and was
widespread precipitation in practically all sections east of the
Atlantic
Valleys and
Southeastern States,
overspread
the
attended by much lower tem¬
peratures, with freezing nearly to the east Gulf coast.
On the 19th and 20th pressure was again low in the
precipitation general east of the
At
Northwest, with
rainfall in the extreme Southeast.
time precipitation was widespread over the far
northern interior sections.
High pressure
in
^
'
South and East and
Mississippi River, with snow reported as
Financial
3526
Also a second extensive "high"fadvanced from
the first general zero temperatures of the season
far south as Atlanta, Ga.
the Northwest, bringing
States.
This "high'' moved slowly eastward,
the entire eastern half of the country, with abnormally
Central-Northern
the
to
covering by Nov. 22,
ort lower, were reported
Georgia .land freezing well
has.become considerably
weather prevailing.
Temperatures of zero,
as far south as Iowa, below 20 deg. in northern
into the Florida Peninsula.
In the meantime, it
cold
the Northwest.
in
warmer
..
,,
,
.
-
abnormally cold, except in the extreme Northeast and the
It was one of the coldest November* weeks of record
over a large area from the south Atlantic and Gulf coasts northwestward to
the Canadian border, with mean temperatures ranging generally from 12 deg.
to 20 deg. below normal.
In the extreme Northeast about normal warmth
prevailed, while in the Pacific States and the Great Basin of the West,
The week was
more western
States.
Nov.
Chronicle
1937
27,
accomplished.
Progress of winter wheat fair and condition fair to very
good,* but* crop! needs* moisture in extreme west.
Picking cotton slow
advance,- but; only a little ungathered; probably some^damage by cold.
Livestock in good condition.
Arkansas—-Little Rock: Very littleTcotton picked during week due'to
unusually low temperatures and two rainy days; little change in crop during
week, except deterioration of lint.
Gathering corn and threshing rice
delayed,by cold,' rainy weather/ Snow cover in north very favorable
for wheat, oats,1 meadows,' and pastures.
Livestock on range suffered.
Winter crops in central and south in good condition.
| M
Tennessee—Nashville: sowing winter grains} and* harvesting corn and
cotton
stopped by precipitation and cold weather.
Handling tobacco
made good, progress with moisture favorable.* Growth; of winter grains
and clover arrested, but conditiongood.
Many hogs butchered.
also
the plus.departures ranged up
temperatures were decidedly above normal <
to 8 or 9 deg. in some sections.
It will be noted that readings of 32 deg.. or lower,
east of the Rocky Mountains, exceptlin southern Florida
extreme
southern Texas.
Tampa, Fla., New Orleans, La., and Galveston,
had freezing weather.
In the interior the zero line extended to
ocaured generally
and
Tex.,
central Iowa
and central Nebraska.
The lowest temperature reported from first-order
stations was 10 deg. below zero at-Devils^Lake, N. Dak., on the 20th and
at Sioux City, Iowa, on the 21st.
Thelowest of record so early in the season
reported from Sioux City, Iowa Kansas City, Mo. Augusta, Ga.
Columbia, S. C., and Appalachicola and Tampa, Fla., while some other
stations in the Southeast equaled the previous low record.
This cold wave
brought the first extensive subzero weather of the season.
An interesting and probably unprecented, temperature record has been
established at Harlan, Iowa.
On Oct. 29 a near record high maximum
occured at that station, 89 deg., while[during the recent cold period the
minimum was 16 deg. below zero, 10 deg. lower than previously recorded in
was
This makes a range of 105 deg. in 23 days.
Precipitation was heavy locally in the west Gulf area, along the east
coast, and generally in northern California, Oregon, Washington,
Idaho, and northern Nevada.
In other sections of the country the amounts
were mostly light to moderate, in the form of snow in northern sections.
In the far Southwest, including the southwestern Great Plains, there was
November.
Gulf
practically no precipitation, with stations
only sprinkles, too light to measure.
The outstanding feature of the week's
generally reporting no rainfall or
weather was the abnormally low
temperatures that prevailed generally over the, eastern two-thirds of the
county.
Damage from the unusual cold was not material, except in
more southern sections where it was considerable.
The Carolinas reported
but little harm to truck, but in northern Florida and from southern Georgia
westward damage was more extensive, especially to tender vegetation
which suffered materially in all Gulf districts, except southern*Florida and
extreme southern Texas.
In northern Florida tender truck was killed
and there was considerable damage in central sections, with some harm
reported from lowlands in the extreme south.
In Louisiana cane buds were damaged extensively, but> the" harm to
standing cane is dependent largely upon subsequent conditions continued
cold and dry weather are needed to check deterioration.
In Texas there
was more or less harm to tender vegetation in the extreme south and to
hardier truck in other portions of the State.
There is no report of injury
to citrus fruit in Florida
the crop is coloring rapidly and shipments are
increasing.
Over a large northwestern area substantial precipitation during
was decidedly beneficial; snow isxaccumulating in
the higher mountains,
while soil moisture is now about* normal for the season in most places.
However; in the far Southwest, where there was practically no rainfall,
the week
droughty
conditions cobtinue,
the area including
principally southern
southeastern Utah.
beneficial in the north
and the cover is now rather general; helpful amounts occurred as far south
as
northern Kansas, where from 1 to 6 inches of snow fell.
Drought
continues in the southwestern Plains, and much more precipitation is
California, Arizona, much of New Mexico, and
In the trans-Mississippi area moderate snows were
-
Plains States.
Mississippi River except for
needed in the northern
East of the
t
freeze damage in the extreme
conditions continued generally favorable, although with frequent
precipitation and continuous cold weather, outside operations were
at a standstill.
A light snow-cover is general from the northern Ohio
south,
largely
northward and in interior sections of the Northeast; 6 inches, or
more, of snow fell in central and northern Maine, while at this writing
the cover extends southward over the Appalachina Mountains to West
Valley
Virginia
Because
of frequent snows
and cold weather,
livestock required much
westward, though they
was bene¬
lands and
Moisture is still badly needed in
feeding in Northern States from the Lake region
continue in fairly satisfactory condition.
Recent precipitation
ficial for the range over a large northwestern area, but pasture
ragne are dry in the
extreme southern Texas.
the
Southwest.
cold weather of the past week did very little dam¬
age to winter grains as there was a more or less general snow cover from
the Ohio Valley westward.
Wheat made very little growth in the Ohio
Valley, but while quite short in places it continues in fair to good condi¬
tion.
The snow was of much benefit in northwestern parts of the main
Winter Wheat Belt, although still mostly insufficient to replenish subsoil
Small Grains—The
moisture.
In
Kansas 1 to 6
subsoil
inches of snow were
moisture continues
beneficial in some parts, but the
In Texas and Oklahoma,
generally deficient.
fair to good advance, although moisture is needed in
some sections.
Precipitation is needed also in New Mexico and eastern
Colorado but in northern Rocky Mountain sections general helpful rain
or snow occurred,
with an adequate snow-cover in Montana during the
extremely cold weather.
Abundant precipitation occurred in the Pacific Northwest, extending
southward over northern California, with the soil moisture generally re¬
winter wheat made
plenished and early sown grain making good growth.
Early seeded grains
are in good conditions in southern and eastern States, but the week was
somewhat too cold for germination and growth of late-seeded grains.
Cotton—With unfavorable weather for field operations, corn
little progress during the week, but this work is well
along generally.
The bulk of corn has been husked in central and west¬
ern Ohio Valley and gathering is practically completed in the extreme west¬
ern belt.
In Iowa many ears of corn are on the ground and covered with
snow in the unhusked fields.
Picking the remainder of the cotton crop made rather good progress in
the northeastern belt, but in other sections, Because of unfavorable weather,
work was inactive and little was accomplished.
Some further damage is
reported to lint in the Mississippi Valley area.
In Texas and Oklahoma
only a little cotton remains ungathered.
Corn and
husking made but
»
The Weather
Bureau has furnished the
of conditions in the
South
following
resume
different States:
Carolina—Columbia:
Cold, with lowest temperatures for time
in sections Sunday and Monday.
Little damage to coastal truck.
Light to moderate rains 16th and 19th.
Grain coming to good stands;
some still unplanted.
Cotton and corn mostly gathered.
Hog butchering
of year
made
good progress.
Florida—Jacksonville: Cold killed tender
truck in extreme north, dam¬
retarded growth in central, and caused some damage on
south.
Early potatoes fair; preparing land for main
crop in Hastings area.
Citrus good; no cold damage reported; fruit coloring
and sweetening rapidly and shipments increasing.
Mississippi—Vicksburg: Week cold; freezing on coast Saturday and
aged truck and
lowlands of extreme
Light to moderate precipitation.
Little farm work accomplished.
damage to cotton in fields.
Some damage to pastures and truck.
Louisiana—New Orleans: Unfavorable week; freezing to coast last 3
Sunday.
Further
Extensive
days, with hard freezes in north and central.
damage to cane
buds throughout belt; some windrowed, but total damage to
standing
cane will depend on
weather conditions hereafter; continued cold, dry
weather needed to check deterioration.
Considerable damage to truck in
south.
Winter crops in north at standstill, but undamaged.
Little prog¬
ress
in picking remnants
of cotton in northeast.
Texas—Houston: Temperatures averaged
extreme west where about normal.
Light
heavy in east, except
Little cotton remains
14 deg. below normal, except in
rains in west and moderate to
in Rio Grande Valley where moisture badly needed.
in fields.
Progress and condition of winter wheat
mostly good, though moisture needed in some
feed crops have been harvested, but tender
west-central districts.
Most
truck in extreme south and
damaged by freeze. Ranges are deteriorating in
north and west, but continue fair to good elsewhere.
Oklahoma—Oklahoma City: Only light showers or snow flurries, but
Id, with hard freeze every night over most of 8tate and little farm work
hardy truck elsewhere
THE DRY GOODS TRADE
New York,
Friday Night, November 26, 1937.
Mild temperatures and a further slackening in industrial
activities the country over, served to hold retail trade down
Certain rural sections and districts
managed to register moder¬
ate gains in volume over last year, generally however, sub¬
stantial declines were reported ranging from 8 to 15%. Some
initial buying of holiday gift items was noted but their total
volume fell below expectations.
A little more activity pre¬
vailed in the home furnishing division, due, however,
chiefly to increased efforts on the part of merchants to
stimulate sales through special promotions at price con¬
cessions.
Department store sales in the metropolitan area
during the first half of November, according to the usual
survey of the Federal Reserve Bank of New York, declined
4.1%, as compared with the corresponding period of last
year.
Losses in sales by New York and Brooklyn stores
were limited to 3.4%, whereas in the Northern New Jersey
establishments a decline of 7.4% was registered. 1 •
Trading in the wholesales dry goods markets continued
disappointing, with purchases confined to small fill-in orders
for the holiday business.
Although inventories of both
retailers and wholesalers were said to have undergone a
steady reduction, the growing uncertainty over the nearby
outlook for general business caused merchants to refrain
from entering the market in any substantial degree.
Follow¬
ing the impending annual inventory taking period, however,
wholesalers are expected to begin replenishing their stocks
early during the next month.
No further price revisions
were announced although it was reported that concessions
from prevailing quotations were not difficult to obtain on a
number of items.
Business in silk goods slowed down
materially but prices held fairly steady. Predictions were
heard that an early revival in the market for printed fabrics
may materialize.
Trading in rayon yarns continued inactive,
with surplus yarn stocks in producers' hands showing further
increases.
The policy of curtailing production for the pur¬
pose of preventing a too rapid accumulation of unsold yarn
supplies, gained more adherents, and most producers were
reported to either have reduced operations by from 25 to
33% or contemplate a lengthening of the complete shutdown
periods, apropos of impending holiday interruptions.
to
relatively low levels.
in the Southeast and Northwest
Domestic
Cotton
gray cloths
dull, with total sales absorbing
Goods—Trading in the
markets remained extremely
only a minor fraction of the current production. Prices held
fairly steady, however, chiefly under the influence of the
better stability displayed by the raw cotton market, and in
part owing to the further spread of curtailment measures.
While the inventory position of both converters and retail
establishments is reported to have improved perceptibly of
late, no material revival in buying is anticipated until the
flow of finished goods in distributive channels, now at low
ebb, broadens considerably. A feature of the week was the
decision of the Navy Department to order its textile needs
for the coming year and open bids for 13,178,000 yards of
cotton goods.
Business in fine goods continued inactive
although it was noted that converters are beginning to show
more interest in offerings, and predictions were heard that
an early
moderate revival in buying may be anticipated.
Closing prices in print cloths were as follows: 39-inch 80's,
6M to 6^c.; 39-inch 72-76's, 6^c.; 39-inch 68-72's, 5^
to 5^c.; 38^-inch 6A-60's, 4^c.; 38H~inch 60-48's, 4c.
Woolen
Goods—Trading in men's wear fabrics
contin¬
previous desultory fashion, with mill operations
generally showing further contraction.
While clothing
manufacturers maintained their previous attitude of en¬
ued in its
tirely staying out of the market, little doubt was felt that
supplies are being steadily reduced, and that before long
cutters will feel the necessity of replenishing their thinning
stocks.
Reports from retail clothing centers made a some¬
what better showing as the scattered advent of winter tem¬
resulted in a quickening absorption of heavy
the consuming public.
Business in women's
materials remained stagnant.
Some further orders
received from the cruise and winter resort trade, but
peratures
apparel
wear
were
in
by
general between-season factors
influence
on
Foreign Dry
livened by
continued to exert a halting
business.
Goods—Trading in linens was again en¬
the arrival of numerous
small orders for holiday
The total volume of business, however,
remained limited reflecting the general slowness of trade in
all other textile divisions.
Business in burlap continued at
a virtual standstill, with sales restricted to occasional small
fill-in lots.
Prices ruled a trifle easier, in line with the
slightly lower trend in the Calcutta market. Domestically
lightweights wrere quoted at 3.75c., heavies at 5.15c.
gift merchandise.
Volume
Financial
145
3527
Chronicle
Certified Public Accountants on Nov. 22, it was pointed out
by A. A. Berle, jr., Chamberlain of the City of New York,
that States and cities, since they lack the power of the Na¬
tional Government to create their own credit, must maintain
Specialists in
Illinois & Missouri Bonds
balanced budgets through
operation of economies.
Local expenditures fall into two categories: current and recurrent and
those which create added wealth, the speaker declared in his address on
"Taxation and Municipal Finance."
There is no excuse for local units to
attempt the financing of the first group by incurring long term debt, such
deficit financing being justified only when further wealth is created, de¬
clared Mr. Berle.
Whenever possible such new wealth should be of the type which will
be self-liquidating unless it is productive of greater enjoyment to the citizens,
STIFEL, NICOLAUS &. CO., Inc.
105 W.Adams St.
DIRECT
CHICAGO
314 N. Broadway
WIRE
ST. LOUIS
the
speaker said.
In the first category he placed the municipal water
system and transportation facilities, while parks, schools, hospitals and the
like fall into the second group.
"We can afford a tax if it produces
tribution, psychic
or
physical, is made,
additional values, but if no con¬
tak can be afforded," Mr. Berle
no
said.
PUBLIC
WORKS
ADMINISTRATION
In
Report on Municipal Bond Dealings with RFC—The follow¬
ing is the text of a press release (No. 3266), sent out recently
from Washington by the above named Federal agency:
The resignation of B. W. Thoron as Director of the Public Works Ad¬
ministration Finance Division was announced by Administrator Harold L.
Thoron is resigning to become Chief of the Bond Service Section of
Self Liquidating Division of the Reconstruction Finance Corp. which
has been acting as agent for PWA in the sale of bonds which the latter ac¬
Ickes.
the
cepted as security for Public Works loans.
The sale of all of these bonds to the RFC has been arranged to provide
funds for the loans and grants allotted during the past few months.
When
between PWA and RFC are completed about 1,600 municipal
transfers
bond issues, aggregating over $150,000,000, will be held
As of Nov. 10, the PWA has placed with RFC a total
by the latter.
of $511,560,000 of
municipal bonds.
On parcels of these sold to the public by RFC, there
has been a total profit exceeding $10,000,000.
Thoron become Director of the PWA Financial Division in December of
1935.
He graduated from Harvard University in 1919 and Massachusetts
Institute of Technology in 1922.
Before entering Government service
he had private experience as a civil engineer and as an investment banker.
He joined the PWA staff when it was organized in 1933, and was shortly
afterward made Assistant Director of the Financial Division.
News Items
Jersey—Governor Convenes Senate in Second Special
Session—Governor Harold G. Hoffman on Nov. 22 called a
New
special session of the Senate for Nov. 24, to consider the con¬
firmation of appointments which were blocked by the De¬
mocrats in the upper house at the special session on Nov. 15.
At
the
earlier session the
Governor submitted 17 names for appoint¬
committee reported favorably on 11, including that
Glynn Walker, Democrat, of Arlington, Speaker of the 1937
Assembly, as a lay judge of the Court of Errors and Appeals to succeed
the late Dr. Blase Cole.
The Democrats held up the appointments, partly because the Republicans
wanted the designees to be approved in a group rather than individually
and partly because they wanted a Democrat to be named to the Common
Pleas Court in Cumberland County, an appointment for which the Governor
has proposed a Republican.
The Governor is eager to have Mr. Walker's
appointment confirmed so that pending applications for commutation of
death sentences may be acted upon.
The Legislature is scheduled to return for its regular session on Dec. 20.
Governor Hoffman conferred with Senator Edward P. Stout, Democratic
minority leader, and with Republican Senate leaders on the program for
The judiciary
ments.
of Thomas
Jersey—Present Governor Appointed to New Post —
Hoffman has been appointed to the
Governor Harold G.
$12,000-a-year post of Executive Director of the State Un¬
employment Compensation Commission, effective when his
term as Governor expires on Jan. 17, according to Trenton
advices
on
Democratic
said
he
Toohey of Jersey City, State Labor Commissioner, who is a
member of the Unemployment Compensation Commission,
thought that there was
"no doubt" that the retiring
Governor
would accept.
Appointment of Mr. Hoffman, it was learned, vas made by unanimous
vote of the members of the Commission present at a meeting held on
Nov. 18. at which they obtained the resignation of James G. Robinson of
Chicago, an expert on State government, who was brought in as acting
Executive Director when the Commission was created by the Legislature
at a special session a year ago.
State—Unicameral
Legislature Proposed—
Samuel Seabury recommended on Nov. 20 that the State
Constitutional Convention, which will meet in Albany during
the first week of next April, provide for a unicameral legisla¬
ture with members elected by proportional representation.
Such a body, he said, would be more efficient, more demo¬
cratic and more representative than the present Legislature.
Mr. Seabury advanced his proposal in an address made at the
close of the 43rd annual convention of the National Munici¬
New
York
pal League.
He also suggested that the constitutional con¬
vention provide that delegates at large to future conventions
be chosen by proportional representation instead of "the
partisan and haphazard method now in force."
At the pre¬
sent time Nebraska is the only State which has a unicameral
Legislature.
Pennsylvania—Authority
Bonds
Held
Legal Investments
for Trust Funds—It was ruled on Nov. 22 by Attorney Gen¬
eral Charles J. Margiotti that State Authority bonds, to be
issued for financing construction of projects in its $65,000,000
institutional building program, are proper securities for
investment of trust funds by fiduciaries, according to Harrisburg dispatches of that date. ,
Mr. Margiotti is said to have pointed to the State Consti¬
tution, as amended in 1933, wherein the Legislature specifi¬
cally prescribed bonds such as the above Authority
to be proper investments for trust funds.
United States—States and Cities Urged to
—In
an
The aim of National finance, he stated, was to bring about a maximum
production and secondarily, the greatest utilization of that
production for the satisfaction of human needs.
of National
Connecticut—List of Legal Investments for Savings Banks
—Complying with Chapter 209 of the Public Acts of 1937,
Walter Perry, Bank Commissioner, issued on Nov.
1,
1937, the list of bonds and obligations which he finds upon
investigation are legal inyestments for savings banks.
This
list is revised semi-annually on May 1 and Nov. 1.
The
Commissioner again calls attention to the wording of the
law, which discriminates against the "special assessment"
or "improvement" bonds, or other bonds or obligations which
are not direct obligations of the city issuing the same, and
for which the faith and credit of the issuing city are not
pledged.
This newest issue of the list is notable only for the
number of changes made in the section devoted to rail¬
road companies.
The last list published was for May 1,
1937, and appeared in the "Chronicle" of May 15, 1937, on
pages 3370 and 3371.
We print the Nov. 1, 1937, list here¬
with in full, indicating by means of an asterisk (*) the
securities added since May 1, 1937, while those that have
been dropped are placed in full-face brackets.
The following table shows the State and municipal bonds
which are considered legal investments;
First—Bonds of the United States, or
those for which the faith of the United
Council Bluffs, Iowa Middletown, Ohio
Covington, Ky.
Milwaukee, Wis.
States is pledged, including the
the District of Columbia.
Cranston, R. I.
Minneapolis, Minn.
Danville, HI.
Mollne, 111.
Davenport, Iowa
Dayton, Ohio
Decatur, 111.
Muncle, Ind.
U
bonds of
8. Panama Canal 3s, 1961
Treasury bonds and notes, all issues
Home Owners' Loan Corporation
(guar-
Denver, Colo.
anteed)—All Issues
Federal
Farm
Mortgage
Corporation
Muskegon, Mich.
Nashua, N. H.
Newark, Ohio
New Albany, Ind.
New Bedford, Mass.
Ohio New Castle, Pa.
thm*
Newport, Ky.
Dee Moines, Iowa
Dulutb, Minn.
(guaranteed)—All issues
Second—Legally issuod bonds and in-
terest-bearing obligations of the following
States:
East Liverpool,
riair*
jygin,
•
HI.
Newport, R. I.
will issue,
Balance Budgets
Society of
address made before the New York State
Nevada
Elkhart, Ind.
Eimlra, N. Y.
Newton, Mass.
Nor. Adams, Mass.
New Hampshire
Elyria, Ohio
California
New Jersey
Erie. Pa.
Colorado
New Mexico
Connecticut
New York
Evanston, HI.
Evansville Ind.
Northampton, Mass
Norwood, Ohio
Oakland, Calif.
Ogden, Utah
Oshkosh, Wis.,
♦
Alabama
Delaware
*
Florida
North Dakota
Everett, Wash.
*
Ohio
Fargo. N. Dak.
Idaho
Oklahoma
Illinois
Nov. 23.
Mr. Hoffman has not stated whether he would accept the appointment,
but John J.
flow of wealth."
Arizona
the 1938 session.
New
differentiating between State and local and National finance, the
Chamberlain declared that actually in the National field it is not "finance,"
but really "a method of apportioning a claim on income and directing the
Georgia
North Carolina
Everett, Mass.
Oregon
Fltchburg, Mass.
Fond-du-lac, Wis
Indiana
Pennsylvania
Fort Wayne, Ind
Iowa
Rhode Island
Fresno
*
Kansas
South Carolina
Kentucky
South Dakota
*
Tennessee
Calif.
Galesburg, 111.
Ottumwa, Iowa
Parkersburg, W. Va.
Pasadena, Calif.
Peoria, 111.
Pittsfield, Mass.
Port Huron, Mich.
Portland, Me.
Gary, Ind.
Glendaie, Calif.
Gloucester, Mass.
Gloversville, N Y.
Green Bay, Wis.
Hamilton, Ohio
Pottsville, Pa.
Washington
West Virginia
Hammond, Ind.
Richmond, Ind.
Riverside, Calif.
Missouri
Wisconsin
Montana
Wyoming
Haverhill, Mass.
Holyoko, Mass.
Louisiana
Maine
Maryland
r
'
•
■
Texas
Utah
Vermont
Massachusetts
Michigan
i
Minnesota
*
Mississippi
Virginia
Ilarrisburg, Pa.
Third—Legally issued bonds and obligatlons of any county, town, city,
school district,
or sewer
borough,
fire district, taxing district
district in State of Connecticut,
and in the obligations of
the Metropolitan
District of Hartford County, provided
the investment In the obligations of such
county, town, city, borough, school district, fire district, sewer district or metro-
politan district shall not exceed 2% of the
deposits and surplus of any such savings
bank.
,
authorized bonds of
the following cities outside of Connecticut
Fourth—Legally
and which are the direct obligations of the
city Issuing the same.
"Special
Assess-
raents" and "Improvement" bonds which
are
not the direct
obligations of the city
_
St.
;?dlanaP?"®!.Ind*
Salem, Mass.
Ithaca, N. Y.
Jamestown, N. Y.
Janes ville. Wis.
Jollet, in.
Joplin, mo
Kalamazoo,Mich,
Kenosha, Wis.
Ko^m^YndY*
cros^e
afayette'
La
j
*
Wis
Ind
Lakewood
Tancaster
'
Ohio
Pa
Mich
r„nfi|ni,
pledged
LebaS?'pa
are not
allowable.
Alton. HI.
Altoona, Pa.
1
Beverly, Mass.
Binghamton, N. Y.
Bloomington, III.
Brockton. Mass.
Lowell
Burlington, Iowa
Butte
*
Cambridge, Mass.
Aurora, 111
Lewiston, Me
Boise City, Idaho
Auburn, N. Y.
Augusta, Ga.
mmq
Lexington, Ky.
Lincoln, Neb.
Lock port, N. Y
Ashtabula, Ohio
*
Atlanta, Ga.
Mont.
Canton, Ohio
Cedar Rapids, Iowa
Mass.
Lynn, Mass.
♦
Macon,
Ga.
Madison, Wis.
Maiden, Mass.
Manchester, N. H
Central Falls, R
I
Manitowoc, Wis.
Charleston, W. Va. Mansfield, Ohio
Bangor, Me
Marion, Ind.
Battle Creek, Mich. Chelsea, Mass
Marlon, Ohio
Chicago Hta., 111.
Bay City, Mich.
Mason City, Iowa
Chicopee, Mass.
Belleville, 111.
Ma8silon, Ohio
Belllngham, Wash. Cincinnati, Ohio
Bakersfield, Calif
Baltimore, Md.
Beloit, Wis.
Clarksburg, W. V«.
Berkeley, Calif.
Colorado Rpgs., Col
Berlin. N
H.
Concord, N. H.
Rock Island, 111.
Hutchinson, Kan.
TAwrpnro
Alameda, Calif.
Rockford, 111.
Huntington, W. Va. Rome, N. Y
Huntington Park,
Sacramento, Calif,
Saginaw, Mich.
Calif.
and for which its faith and credit are not
Alharabra, Calif.
Providence, R. I.
Quincy, 111.
Qulncy, Mass.
Racine, Wis.
Reading, Pa.
Cloud, Minn.
Salt Lake City, Utah
San Diego, Calif.
Sandusky, Ohio
San Francisco, Calif.
San Jose, Calif.
Santa Ana, Calif.
Santa Monica,
Calif.
Scran ton. Pa.
Sheboygan, Wis.
Shenandoah, Pa.
Sioux City, Iowa
Sioux Falls, S. Dak.
Somervllle, Mass.
South Bend, Ind.
Spokane, Wash.
Springfield, 111.
Springfield, Mass
Springfield, Mo.
Springfield. Ohio
Steubenville, Ohio
Taunton, Mass.
Terre Haute, Ind.
Topeka, Kan.
Waltham, Mass.
Warren, Ohio
Waterloo, Iowa
Wauwatosa, Wis.
Wheeling, W.jVa.
Wichita, Kan.
Wllkes-Barre, Pa.
Willlamsport, Pa.
Woonsocket, R. I.
Worcester, Mass.
Medford, Mass.
York, Pa.
Melrose, Mass.
Middletown, N. Y.Zanesville, Ohio
Financial
3528
Fifth—Railroad
finds
bonds
which
Bank
the
First mortgage 3 Ms,
Atchison
General
&
Topeka
mortgage 4s,
Santa
and 4Ms, 1942
Guar. gen. A ret. 4Mb, 1977 A 1981
Columbia A Port Deposit 1st 4s, 1940
Connecting Ry. 4s, 4 Ms and 5s, 1951
Elmlra A Wllllamsport RR. 1st 4s, 1950
Erie A Pittsburgh RR. gen. 3 Ms, 1940
Bangor & Aroostook System
5s,
1947
Little Miami RR. 1st 4s, 1962
N. Y. Phlla. A Norf. RR. 1st 4s, 1939
Ohio Connecting Ry. 1st 4s, 1943
Consolidated refunding 4s, 1951
First mortgage 5s,
1943
Piscataquis Division 5s, 1943
Van Buren Extension 5s, 1943
Phlla. A Baltimore Central 1st 4s,
St. John's River Extension 5s, 1939
Boston & Albany
First mortgage
First 4s, 1943
1939
GuJlford-Chester
RR.
4 Ms. 1943
Rochester
&
general 4s, 1948
_»
lRt
First A ref 5s, 1941
First A ref. (incorp.) 3Ms,1965 A
cons.
1st mtge. 5s, 1939
3Ms, series A. 1962
1st A gen. 3 Ms, 1966
1st A gen
*
D4Ms. 1983
Also under Subdivision 22
bonds
any
Or interest-bearing obligations of the fol-
'owlng water companies:
Ansonia Water Co.
Bridgeport Hydraulic Co
Consol
o
„
1941
Wilkes-Barre A Scranton Ry. 1st 4Mb. '38
Chesapeake & Ohio RR.
First consolidated 5s,
1939
Craig Valley Branch 1st 5s, 1940
Rich. A Allegheny Dlv. 1st 4s, 1989
Rich. & Allegheny Dlv. 2nd 4s, 1989
Warm Springs Valley Branch 1st 5s, 1941
Green Brier Ry. 1st 4s, 1940
Big Sandy Ry. 1st 4s, 1944
Paint Creek Branch 1st 4s, 1945
1st mtge. 3Mb, 1965
New Haven Water Co.
1st mtge. 4s, 1944
Stamford Water Co.
A 4s, 1945
Consolidated gold C 4Ms, 1942
in
England Telephone Co
—
Gen. A ref
Gen. A ref. 4s
Duquesne Light Co. 1st mtge. 3M*. 1965
Duke Power Co. 1st a ref. 3 Mb a 4s, 1967
Cos. Outside of Conn-
Savings banks
may invest not exceed
Lake Superior District Power Co.—
1st 3 Ms, 1966
First mtge. series D4Ms, 196S
♦Amer. Tel. A Tel. Co.—
First mtge. series E 4s, 1971
First mtge. series G 4s, 1965
♦Debentures, 3Mb, 1966
♦Debentures, 3Mb, 1961
♦Debentures, 3Mb, 1943
♦Debentures, 4Ms, 1939
Narragansett Electric Co.—
[1st series C 5s, 1958]
1st series A
N. Y. Telephone Co. 1st 4Mb, 1939
New England Tel. A Tel
1st 5s, 1952
Delaware
Columbus & Toledo RR. 1st ext. 4s, 1955
Norfolk Term. & Trans. Co. 1st 5s, 1948
East Pennsylvania 1st 4s, 1958
ing 5%
* New York Short Line 4s, 1957
*
the following
Chicago Burlington & Qulncy
Illinois Division
1st 3 Ms A 4s,
1949
Reading Company
and 4s, 1963
St. Paul Union Depot (guar.)
5s,
Del.
Lack.
&
(guar.) 1st 4Mb, 1955
Western
*
*
(guar.) ref. 3 Mb, 2000
Warren RR. (guar.) ref. 3 Ms, 2000
N. Y. Lack. a West, (guar.) 1st 4s and
1953
Phila. A Read. Terminal 5s,
1941
Reading Belt 4s, 1950
Wllm. A Nor. 1st 4Mb, 1977
Texas & Pacific Ry.
*
First mortgage 5s, 2000
♦Texas Pacific—Missouri Pacific Term,
(guar.) 5Mb, 1964
of their deposits and surplus in
bonds, but not more than
2% In the bonds of
phone company.
First mtge 4 Ms, 1960
N. Y. A Queens El. Lt. A Power Co.
1st Aeons. 3Ms, 1965
New York Edison Co.—
one such
any
Edis
Telep. of Pa
1st A ref. 5s. 1948
N
Bell Telep. of Pa.
1st A ref. 5s, 1960
Illinois Bell TelephoneSeries B 3 Mb, 1970
*
Terminal Railroad Association of
St. Louis
Chicago St. Louis a New Orleans—
Cohsol 3Ms and 6s, 1951
Memphis Division 4s, 1951
111. of N. Y. 1st cons. 5s, 1996
Gas, E. L
Y. Gas, F.. L
N. Y
.,
H. a P. 1st 5s, 1948
H. a P. pur M.4s'49
State Electrie a Gas Co.—
,
1st 4s. 1965
1st mtge. 4Mb. 1980
1st mtge. 4Ms, 1960
N. Y. Tel. Co. ref. 3Mb, 1967
Pacific Tel. A Tel. ret. 3Mb, 1966
Niagara Falls Power Co.—
[Southern Bell Telep. 1st 5s, 1941]
1st A ref
Southwestern Bell Tel. 1st ref. 3Ma. 1964
*
3 Ms. 1966
Ohio Public Service Co. 1st 4s,
Pacific Gas A Electrie Co
Tenth—
of Gas and Electric Lighting
Companies in Connecticut
Savings banks
may
invest not exceed"
Consolidated mortgage 5s, 1944
First mortgage 4Mb, 1939
surplus therein
Gen. refunding mtge. 4s, 1953
and electric bonds of all
1st A ref. 3 Ms.
1966
1st A ref. 3Ms, 1961
Pennsylvania Electric Co.—
ing two percentum of the'r deposits and
or a
1962
—
1st A ref. 6s, 1941
1st A ref 4s 1964
Bonds
1973
Illinois Central System
El
1st A ref. 3Ms, 1965
1st A ref. 3 Mb, 1966
tele¬
N. Y.
Bell
3Ms, 1966
New England Power Co. 1st 3Mb, 1961
New Jersey Power A Light Co —
*
Savings banks may invest not exceed¬
Prior lien 4 Mb, 1943
*
B 4 Ms, '61
Also undei Subdivision 34.
1955
Delaware River Terminal 5s, 1942
Delaware River Term. Ext. 5s, 1942
System
Morris a Essex RR
4 Ms,
*
*
1st & ret.
1972
Paducah & Illinois
*
1st 3Ms
consoli¬
Philadelphia A Reading—
*
General mortgage 4s, 1958
(guar.)
3 Mb,
RR.
North Pennsylvania 3Mb,
*
New England Tel. A Tel. ser
Atlantic City RR. 5s, 1954
Catawissa RR. 4s, 1948
dated
1st M. 5s, 1948
1st ref. 5s and 5 Ma. 1954
Metropolitan Edison Co.—
Col. & Hock. Val. RR. 1st ext. 4s, 1948
,
Co. 1st M. 5s, 1945
Kings County Lighting Co.—
ing two per centum of their deposits and
*
™
3 Ms. 1965
surplus therein.
Pittsburgh & Lake Erie
Brook
III. Co. of Boston-
First mtge
Indiana Gen. Service Co
Bonds of Telep
B 4s, 1957
Bound
1961
1965
Gen. A ref. 3M«, 1966
Edison Elec
Ninth—
1992
Refdg. A impt., series D 3 Ms, 1996
Refdg. A impt., series E 3Mb, 1996
Hocking Valley Ry. 1st consol. 4Mb, 1999
A
4 Ms.
Fall River Elec. Lt
Monongahela Ry. (guar.) 1st 4s, 1960
*
—
Gen. A ref. 5s, 1952
Conn.
Debenture 3^9, 1966
General mortgage B 5s, 1975
General mortgage C 4 Ms, 1977
Vandalia RR. cons. A 4s. 1955
General mortgage 4Mb,
Telephone Cos.
1st 5s. 1948
Consolidated gold F 4s, 1953
Consolidated gold G 4s, 1957
Consolidated gold H 4s, 1960
Consolidated gold I 4Mb, 1963
Consolidated gold J 4Mb, 1964
General mortgage A 5s, 1970
*
of
So. New
Consolidated gold D 4s, 1945
Consolidated gold E 3 Ms, 1949
Coal River Ry. 1st 4s, 1945
Potts Creek Branch 1st 4s, 1946
Bonds
Ms, 1965 and 1970
1st mtge. 3Mb, 1966
Detroit Edison Co
Eighth—
Savings hanks may invest not exceed¬
ing two per centum of their deposits and
surplus therein.
Consolidated gold A 4 Hs. 1940
Consolidated gold B 4 Ms, 1942
cons.
1st mtge. 3
Torrington Water Co.
Pitts. Cin. Chic. & St. L. RR.
Vandalia RR
Kanawha Bridge & Terminal 1st 5s, 1948
Co.—
1st mtge 3 Ms, 1966
Consumers Power Co.—
Greenwich Water Co.
Naugatuck Water Co.
JMtts. System Wash. Term, (guar.) 1st 3Ms
*
Chicago Union Station
Gas Electric Light a Power
General 4s, 1944
New Jersey System
1962
Cons. Gas of Baltimore 1st M. 5s, 1939
Cons. Gas of Baltimore gen. 4 Ms. 1954
Cumberland County Pr A Lt. Co.—
General 3 Ms, 1951
General 4Ms. 1973 and 1979
N. Y. A Long Branch RR. gen. 4s A 5s,
*
4s, 1960
Central N. Y. Power Co. 3Ms,
Cleveland Electric Illuminating Co.—
Gen. mtge. 3 Ms. 1965
Stamford Water Co. 1st 5s, 1952
.A
fttifW
1967
Central Maine Power Co.—
,
4Mb, series B, 1970
1st A ref. series
United New Jersey RR. A Canal Co.—
General 4s, 1948
Allegheny A Western Ry. 1st 4s, 1998
Clearfield A Mahoning Ry. 1st 5s, 1943
Central Ry. of
Co.
Water
1956]
1981]
Gen. A ref. 4Mb,
1st A ref. series C 4 Ms, 1981
Gen. series D 4Mb, 1981
Pfl
Pitts. Youngstown a Ashtabula rr.
[Debenture 4)^8, 19371
Debentures, 5s, 1942
Refunding 6s, 1946
Terminal 3 Ms, 1951
Terminal 3Ms, 1952
Refunding 5s, 1963
Improvement 4Mb. 1978
Buffalo
♦1st A ref.
1st A ref
m
Gen. mtge. A 4s, 1960
Gen. series B 5s, 1974 *5
Gen. series C 4Mb, 1977
Gen. A ref. 5s,
Central Hudson Gas A Electric Co.—
5s, 1939
New Haven Water Co.—
1951
m
First A ref. 5s, 19391
fFirst mtge. 5s, 1939]
Bridgeport Hydraulic Co.—
Series E 3«s, 1970
Series F 3 Ms, 1965
Series G 3 Ms, 1971
Philadelphia Baltimore A Wash.—
Washburn Extension 5s,
[Buffalo General Electric Co.—]
of their deposits and
per centum
conso|. 5s, 1945
6s, 1947
First ref.
First ref. 5s, 1957
surplus therein.
Jfm
Guar. gen. 3 Ms
1995
Brooklyn Union Gas Co.—
t
First
ing two
Guar. gen. 3 Ms, 1950
Fe
Transcontinental Short Line 4s, 1958
Aroostook Northern
Seventh—
Savings banks may invest not exceed¬
Guar. gen. 3 Ms, 1948
♦
7
(savings
invest not exceeding 2% of their deposits and
therein):
surplus
Cleveland & Pittsburgh—
1946
27,
banks may
Bonds of Water Cos. in Connecticut
Pennsylvania System
Albany & Susquehanna RR. Co.
Nov.
Other securities in which banks may invest are
Commissioner
be
legal investments are shown below.
Savings
banks may invest not exceeding 25% of their deposits and
surplus therein:
to
Chronicle
1st A ref
total of 25% in gas
series F 4s, 1971
1st A ref. series G 4s, 1961
companies:
1st A ref
series H 5s,
Union Pacific RR.
Louisville & Nashville
First mortgage 4s,
1947
1962
(guar.) 4s, 1952
Memphis Union Station (guar.) 5s, 1959 Oregon Short Line—
Consolidated 1st 5s, 1946
Mobile a Montgomery 4Mb, 1940
Paducah a Memphis 4s, 1946
St. Louis Division 3s,
Consolidated 4s, 1960
Income 5s, 1946
1980
Oregon-Washington RR. A Nav. Co.
1st A ref. (guar.) 4s, 1961
J
•'
Newport a Cincinnati Bridge 4Mb, 1945 Refunding mortgage 5s and 4s, 2008
South a North Alabama 5s, 1963
Unified mortgage 4s, 1940
*
New York Central System
Kalamazoo Allegan a G. R. 1st 5s, 1938
N. Y. a Harlem RR. ref. 3Mb, 2000
Western Maryland
Baltimore A Harrlsburg 5s, 1938
First mortgage 4s, 1952
Potomac Valley 5s,
N.
Y.
N.
H.
& Hartford
1941
System
*
Boston a Prov. RR. deb. 5s, 1938
Wheeling & Lake Erie
Bridgeport Gas Light Co. 1st 4s. 1952
Penn. Pub. Ser v. 1st A ref
6s. 1947
Connecticut Power Co.—
*
Lou. a Nashv. Term,
Penn. Pub
5s, 1954
1st A gen. 3 Ms. 1956
Philadelphia Electric Co
r*
Connecticut I ight A Power Co
1st
1st A ref. F 3Mb, 1966
1st A ref. G 3Ms. 1966
Danbury A Bethel Gas A Electric Light
Providence Gas Co
Co
1st ref.
1st A ref
1st mtge. series C and D 3Ms, I960
1st mtge. series F,, 3 Ms, 1961
3 Ms, 1961
1st mtge
—
*
gold 5s, 1971
Refunding 4s, 1966
United Illuminating Co. 1st 4s, 1940
Guar, series C 1st 5s, 1957
Guar, series D 1st 3 Ms, 1971
Consolidated mortgage 4s, 1996
Norfolk Terminal Ry. 1st 4s, 1961
Scioto Val. a New Eng. RR. 1st 4s, 1989
Southbound—
Detroit A Toledo Shore Line 1st 4s, 1953
New London Northern RR. 1st 4s, 1940
Portland A Rumford Falls Ry. 5s, 1951
Guar. 1st 4s, 1960
of
Public
Authorized
Utility
under
Companies
Subdivision
following bonds, but not
more
gen
than 5% in
the bonds of any one such corporation.
City
1964
Elec. Co
mtge. 3Ms.
Sixth—Equipment trust obligations as follows (savings
invest not exceeding 6% of their deposits and
surplus
therein):
Series U 5s
serially 1924-38
Series V 5s. serially 1925-39
Series W 4 Ms, serially 1926-40
Series of 1029 4Mb, serially 1930-44
Series of 1930 4 Ma, serially 1931-45
Series of 1935 3s, serially 1936-50
*
Series B, 4s, serially, 1929 to 1943
Series C, 4Ms, serially, 1930 to 1944
Series D, 2 Ms, serially, 1938 to 1952
Series of 1936 2Mb. serially 1937-46
Series of 1937 2s, serially 1938 47
.
* Chicago Burlington & Quincy
Texas & Pacific
Series GG, 5s, serially, 1925 to 1939
Series HH, 4Mb, serially, 1926 to 1940
Series JJ, 4Mb, serially, 1928 to 1942
Series A, 4Mb, serially, 1929 to 1943
Union Pacific
Series C, 4Mb, serially, 1928 to 1938
Series D, 4Ms, serially, 1929 to 1938
Series E, 2Mb, serially, 1938 to 1952
*
Series of 1936,2 Ms, serially, 1937 to 1946
Virginian Railway
Series of 1937,2 Ms, serially, 1938 to 1947
Series D, 5s, serially, 1924 to 1938
Series E, 4 Ms, serially, 1926 to 1940
*
Cincinnati New Orleans & Texas
Series H, 2Ms, serially, 1938 to 1952
^
*
Louisville & Nashville
Series E, 4Mb, serially, 1923 to 1937
Series F. 5s, serially, 1924 to 1938
Series C, 2Mb, serially, 1938 to 1952
*
Western Maryland
Trust of 1922, 5s, serially, 1923 to
1937
Series E, 4Ms, serially, 1927 to 1941
Trust of 1936, 2Mb, serially, 1937 to
1946
♦
Wheeling & Lake Erie
Series D, 2Mb, serially, 1937 to 1946
Series E, 2Ms, serially, 1937 to 1941
Ref. mtge 3Ms, 1960
Ref. mtge. 4o 1960
A
Valley
Gas
Electric
*
Electric
111.
Utica Gas A Electric Co.—
Equit. Gas A Eiec. 1st 5s, 1942
Ref. A ext. 5s, 1957
Co.
West Penn Power Co.—
1st mtge. series E 5«, 1963
1st A gen. 5s, 1939
Brooklyn Boro Gas Co.
Brooklyn Edison Co.—
Cons. 3Ms, 1966
1962
[Union Eiec. Light A Power Co.—]
[Gen. mtge. series A 5s, 1954]
[Gen. mtge. 4 Ms and 5s, 1957]
1st 3Ms, 1966
Edison
Chesapeake & Ohio Ry. Co.
[Series T 5Ma. serially 1923-373
Bangor Hydro-Elec. Co
Co.—
—
Toledo Edison Co. 1st mtge. 5s,
■
Blaekstone
banks may
1960
Southern California Edison Co
33.
Savings banks may invest not more than
25% of their deposits and surplus in the
Atlantic
[Det. A Tol. Sh. Line RR. 1st 4s, 19531
[Duluth A Iron Range KR. 1st 5s, 1937]
1962
San Diego Consol. Gas A Electric
1st mtge. 4s, 1965
Eleventh—
Bonds
series F 3Ms, 1966
Rochester Gas A Electric Co.—
Gen. mtge, series E 5s,
Gen. mtge. series F 4s,
5s, 1948
*
Winston-Salem
Winston-Salem Term, (guar.) 1st 5s, 1966
cons
Co. of N. J. 1st 4s, 1949
3Ms, 1965 and 1966
Public Service Co. of N. H.—
A Pr. Co. 1st 5s. 1946
Rockville-Willimantic Lighting Co
—
First mtge. 4s, 1963
United Elec
New Britain Gas Light
Northern Conn. Lt
3Ms, 1966
Public Service Electric A Gas Co.—
Co. 1st 5s. 1953
Danbury A Bethel Gas A Electric Light
Co. series A mtge bonds 6s, 1948
Norwich a Worcester 1st 4Mb, 1947
Prov. a Wore. RR. 1st 4s, 1947
Cincinnati Union Terminal—
-
Gen. A ref. 6s, 1953
Stamford Gas A Elec. Co.
Chattanooga Station 1st 4s, 1957 (guar¬
anteed by Cin. N. O. A Texas)
Cleveland A Mahoning Valley 1st 5s, 1938
Connecticut A Passumpslc River 4s, 1943
3Ms, 1967
Potomac Electric Power Co
—
1st A ref. A 7s, 1951
1st A ref. E 3 Ms, 1965
First consolidated 4s, 1949
Other Roads
—
Phila. Electric 1st A ref
1st 5s. 1956
Holyoke a Westfield RR. 1st 4Mb, 1951
Norfolk & Western System
Serv. 1st A ret
gen
1st mtge. series H 4s, 1961
Aret.5s, '67
1st mtge
series I
3 Ms. 1966
*
Co.
of
Brooklyn
1st cons. 4s, 1939
Wheeling Elec. Co. 1st 5s, 1941
Wisconsin Gas A Electric Co.—
1st mtge. 3 Ms
Kings Co. El. L. A P. 1st 5s. 1937
Kings Co. El. t. A P. pur. M. 6s, 1997
1966
York Haven Water A Power Co.—
1st mtge
5s, 1951
Twelfth—(This section was eliminated in great part byChapter 290 of the Laws of 1933.)
Savings banks may in¬
exceeding 10% of their deposits and surplus in the
obligations of the Government
of the Dominion
of Canada or any of its Provinces, provided such obligations
are
payable in United States dollars within this country,
have a fixed and definite date of maturity, and shall be the
direct obligations of such Government or Province and that
vest not
.
the full faith
shall
be
and
credit of
such
.
.
Government
or
Province
pledged for its payment, principal and interest,
and provided the Province issuing such bonds or obligations,
or said
Dominion, shall have not defaulted for more than
ninety days in the payment of any part of either principal
or interest of
any bond or interest-bearing obligation for the
five years next preceding the making of such investment.
Volume
Financial
145
3529
Chronicle
general principles of law nor
The investment of any
ticular
bearing obligations of
Authority bonds from taxation, I
find the situation markedly distinguishable.
The statutory provision grant¬
ing immunity to Port Authority bonds is in the Comprehensive Plan, which
as a supplement to the
Treaty of 1921 is as much a part of that treaty as if
it had been formally signed by the respective officers of both States.
"This provision, unlike the one involved in the Hale case, is not a part
of a general taxing statute.
On the contrary, this exemption is wholly
independent of and apart from any general taxing statutes.
Following the
rule of statutory interpretation applied by the majority in the Hale case
this provision is to be read in the light of the context of the statute of which
it is a part.
As I have already said, it is to be treated as part of the 1921
oer
savings bank in the bonds or interestProvince shall not exceed two
of the deposits and surplus of such savings bank.
cent
New York
any one
City—Sales Tax Barred
on
Out-of-State Articles
—The State Court of Appeals in Albany ruled on Nov. 23
that merchandise sold in New York City but delivered from
outside the State is exempt from the city's sales tax of
levied to
2%,
provide unemployment relief funds.
In two unanimous decisions the court
upheld lower court rulings which
prevented the city from collecting the tax on the sales of the National Cash
Register Co. of Dayton, Ohio, and the West Publishing Co. of St. Paul. In
a third case the court ruled that Dun & Bradstreet, Inc., is exempt from the
sales tax because it sells "confidential information," which is not among
the taxable services listed in the Sales Tax Law.
This decision reversed a
ruling of the Appellate Division of the Supreme Court.
Oscar S. Cox, Assistant Corporation Counsel in charge of the tax division,
said that the decisions would result in a loss of from $4,000,000 to $5,000,000
in the city's income for relief purposes.
He said the law department, after
it had studied yesterday's decision by Judge Irving Lehman, would decide
whether or not to appeal to the United States Supreme Court.
Mr. Cox said that the decisions yesterday were based on the contention
that the Legislature could not confer the power on a city to tax a transaction
in interstate commerce.
This legal point, because it deals with interstate
commerce, Mr. Cox said, could be used to bring the matter before the
highest court in the country.
This ruling, according to legal advisers of the city, does not exempt all
goods manufactured outside of New York from the sales tax.
The ruling
applies only to goods ordered by prospective purchasers from New York
City branches of manufacturing companies in other States, with these
goods delivered directly to the purchaser.
y.
"
"
1
^
New
York, N. Y.—Deputy Mayor Selected—Mayor F. H.
La Guardia announced
on
Nov. 20 the
appointment of Magis¬
trate
Henry H. Curran, Republican, as Deputy Mayor, an
office created by the new charter under which New York
City will be governed from Jan. 1. Magistrate Curran will
take office on that date.
The appointment is the first the
Mayor has made under the terms of the new charter.
In
announcing it the Mayor said: "My plan is to make the ad¬
ministrative side of the city Government a continuing office,
regardless of changes in the Chief Executive."
The office of Deputy Mayor is a new one and is provided for in Article 1,
Section 9, of the new charter.
This section reads:
"The Mayor may appoint a Deputy Mayor, who shall possess such
of the powers of the Mayor and for such times and subject to such cor*
ditions
as shall be expressed in written authority to be signed by the Mayor,
excepting the power of appointment or removal, the power to approve or
disapprove local laws or resolutions, the power to act as a magistrate and
the power to hold any hearings which the Mayor is required by law to hold
personally.
The Deupty Mayor, if thereunto authorized by such written
authority, may act in the place of the Mayor as a member of the Board
of Estimate or any other board, body or committee but not as Chairman
thereof.
Such written authority shall be filed and remain of record in the
offices of the Mayor, of the Comptroller and of the City Clerk, and may
be terminated or changed by the Mayor by written notice of such termina¬
tion or change filed in the same manner as the original authority."
Manhattan
Councilmen Elected— Three Democrats,
a
Re¬
publican and one candidate each of the Fusion and American
Labor parties were elected officially on Nov. 23 to represent
Manhattan in the new City Council, after 20 days of counting
the votes cast in the city's first attempt to select its Coun¬
cilmen by proportional representation.
The six winning candidates and the total vote for each were:
P. Nugent, Democrat, former State Assemblyman and a
of the Board of Aldermen since 1931, 75,000.
John
from
1929 to
Republican, member of the Board of Alder¬
1934 and elected its minority leader in 1930 and 1932;
former State Senator, 74,796.
Robert K. Straus, Fusion, son
of the late Jesse Isidor Straus; Assistant
Executive Director of the TERA in 1931; formerly Deputy Administrator
of the NRA and Assistant Division Director of the Resettlement Adminis¬
tration, 65.177.
Howard H. Spellman, Democrat, member of the law firm of Spellman &
Spellman, 115 Broadway; Deputy Assistant District Attorney for New
York County from 1923 to 1925; associate counsel of the New York State
Housing Board in 1927, 60,131.
William A. Carroll, Democrat, member of the Board of Aldermen repre¬
senting the 24th Aldermanic. District, 57,556.
The make-up of the entire Council of 26 members will not be known until
the count of proportional representation votes in Brooklyn, Queens and the
Bronx has been completed.
Port
of
New
York
Authority—Opinion Confirms Im¬
munity of Bonds from State Taxation—
Continuity of immunity of bonds of The Port of New York
Authority from taxation by either the State of New York or
the State of New Jersey is upheld in an opinion written by
Julius Henry Cohen, General Counsel of the Port Authority,
and concurred in by Thomson, Wood & Hoffman, municipal
•
bond counsel.
The opinion resulted from an inquiry by Frank C. Ferguson, Chairman
of the Board, concerning the effect on Port Authority securities of the recent
decision of the United States Supreme Court in the Hale v. Iowa case,
wherein the
Treaty
majority held that interest from Iowa school, county, road, and
the income tax law of
soldiers' bonus bonds, was subject to taxation under
the Sate of Iowa.
if it
old ones.
the immunity of Port
......
written into the words of that Treaty.
were
"In my opinion, the 1921 Port Treaty and the supplementary legislation
constitute a contract between the States of New York and New Jersey, the
are protected from impairment by the Federal Con¬
The provision that the bonds shall at all times be free from
by either State is a provision of the contract which is also protected
from impairment.
This, of course, is well settled.
"The only inquiry which can be made is concerning the interpretation to
be placed upon the exemption features of the treaty.
Since we are dealing
with a treaty, the canons of construction applicable to treaty interpretation
are pertinent.
Treaties, the Courts have said, are to receive such a liberal
interpretation as will further the board general intent of the signatories.
"The docrtine that exemption statutes are to be strictly construed is
a doctrine of
statutory construction which, in my mind, is not applicable
to treaty interpretations.
In passing, however, it should be observed that
the rule of strict construction of exemption statutes is not absolute, for the
courts have said that this doctrine is to be applied in the light of the purposes
to be furthered by the exemption and applied so as not to thwart such pur¬
obligations of which
stitution.
taxation
poses.
"The States of New York and New Jersey entered into the 1921 Compact
which created the Port Authority, intending to create an instrumentality
which could and would effectively function in the field of long range port
development.
The desire to substitute action and harmony in port de¬
velopment for inaction and conflict was too predominant in the minds of
the legislatures of both States to create a temporary or short-lived body.
"In creating the Authority, the States had the option of doing one of two
things.
They could on the one hand reserve the power to tax the Port
Authority and its bonds, but since the 'power to tax is the power to destroy',
such a reservation would have enabled either State to destroy the Au¬
thority by taxation.
That, of course, was wholly inconsistent with the
States' intent to solve the difficulties of port development by a treaty calling
for affirmative and continuous cooperation involving, as it does, the raising
of large sums of money at low interest rates.
"On the other hand, since the States could assure themselves that the
Port Authority would be protected against destruction by taxation by a
simple convenant on the part of each signatory not to tax Port Authority
securities, this is the alternative which the two States clearly adopted.
"In this connection, it will be recalled that when the 1921 port treaty
was signed, New York
already had an income tax law in existence.
Obvi¬
ously, New York and New Jersey did not intend to create an agency to issue
bonds which could be subjected to taxation by New York.
"In the light of that background, the phrase that 'the bonds or other
securities of the Port Authority shall at all times be free from taxation by
either State' can ipean but one thing:
The States relinquished absolutely
any right to tax Port Authority bonds or the interest therefrom under ex¬
isting or future legislation.
"This point of view is in accord with the opinion expressed by the Hon.
Charles Evans Hughes under date of Nov. 10, 1925, rendered to the Port
Authority before it sold any bonds to the public, in which he said in part:
'The Bonds issued by the Port Authority for the construction of the
two (Arthur Kill) bridges and the income therefrom will be exempt from
"
both
Federal and
State taxation.'
"In the same opinion, he also adopted the opinion of Attorney General
Katzenbach of New Jersey, dated March 5, 1925, with respect to the effect
of the treaty obligations between the two sovereign States.
It is also in
accord with the opinion expressed by Attorney General Bennett of the State
of New York on the 8th day of February, 1934, in a letter to the State
Department of Taxation and Finance."
Bond Proposals and Negotiations
ALABAMA
GUNTERSVILLE, Ala.—COURT UPHOLDS
CONSTRUCTION—The Alabam
Supreme Court
MUNICIPAL
on
Nov.
PLANT
18 dissolved a
power system,
holding it had "full legislative authority to that end."
The
Alabama Power Co., which attacked
decision is said to have been agairnt the
the sale of $134,000 in bonds and the proposed construction as illegal.
It
was stated by counsel for the city that the proposed system would use Ten¬
nessee
Valley Authority
power.
HUNTSVILLE, Ala.—BONDS VOTED—At the election held on Nov. 16
—V. 145, p. 2884—the voters approved the issuance of the $75,000 in not
to exceed
5% semi-annual school improvement bonds by a count of 537
388, according to N. M. Payne, City Clerk and Treasurer.
Dated Dec.
1937. Due from Dec. 1, 1940 to 1962 callable cm or after Dec. 1. 1942.
MOBILE, Ala.—BOND CALL—It is stated by H. G. Zeigler, City
to
1,
Comp"
troller, that in accordance with the bond ordinance adopted Jan./8,
the following bonds are being called for payment at the Irving
New York City, on Jan. 1, on which date interest shall cease:
Public works refunding, series Y, No. 1912.
1936»
Trust Co..
Public works refunding, series AB, No. 2533.
Public works funding, series AB, No. A-129.
Public works refunding, series I J, Nos. 1-4.
Public works funding, series IJ, Nos. A-227.
Public works refunding, series MN, Nos. 302-310.
Dated Jan. 1, 1936.
Due on Jan. 1, 1966.
REPORT
above
ON
notice,
1937
the
BOND
REDEMPTIONS—In
following report
January, waterworks available:
ear has been made 3s, matured
on
connection
bonds retired
during
and paid
January, waterworks 5s, matured and paid
May, refunding 2-5s, purchased on tender and retired
June, refunding 2-5s, call at par and paid__
October, refunding 4Hs, matured and paid
November, refunding 2-5s, purchased on tender and retired..
December, waterworks 5s, matured and paid
_
Total
general principles of law were laid down in the Hale decision nor
did it reverse any old ones, Mr. Cohen said.
Unlike the statutory pro¬
vision on which the Hale case turned, the Port Authority counsel pointed
out that the immunity accorded Port Authority bonds was not a part of a
general taxing statute.
The conclusions were declared to be in accord with the opinion given to
No
as
now to
temporary injunction restraining the above city from building a municipal
since
men
"Turning
member
B. Charney Vladeck, American Labor, Russian-born general manager of
"The Jewish Daily Forward" since 1922; Socialist member of the Board of
Aldermen from 1917 to 1921 and member of the City Housing Authority
1934, 75,000.
Joseph Clark Baldwin 3d,
It therefore lays down no new
case.
does it reverse any
with
the
the current
$17,000.00
14,000.00
363,813.85
15,050.00
734,000.00
158,775.21
8,000.00
$1,310,639.06
new
ARKANSAS
Markets in all
the Port Authority by the Hon. Charle3 Evans Hughes on Nov. 10, 1925,
prior to the offering of any Port Authority bonds to the public.
Since that
tine, bonds in the amount of $272,000,000 have been issued for all purposes,
and $205,000,000 are now outstanding.
The opinion, as written by Mr. Cohen and concurred in by Thomson,
Wood & Hoffman, reads as follows, in part:
"Careful study of the Hale case and the opinions of both the majority and
BONDS
State, County & Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS
MO
minority lead me to say that I find nothing in them to change my opinion
that Port Authority bonds and the income from them are immune from
taxation by either State.
"In the Hale case, the
majority held that the interest from Iowa school,
county, road and soldiers' bonus bonds is subject to tax under the income
tax law of that State.
The decision turns upon the fact that the statutory
provisions exempting the bonds referred to from taxation are not general
exemption provisions.
"The dissenting opinion is rested upon the ground that the provision is to
be interpreted independently of the context of the taxing statutes.
So in¬
terpreted, the minority reached the conclusion that the exemption is un¬
qualified
.
that the difference of opinion in the Hale case
the applicability of certain rules of statutory construction.
opinion, the Hale decision should be confined to the facts of that par¬
"It becomes clear at once
s
with respect to
In my
ARKANSAS
CYPRESS CREEK DRAINAGE DISTRICT (P. O. Arkansas City),
Ark.—BOND REFINANCING PLANNED—Using proceeds of a $502,500
loan
by the Reconstruction Finance Corporation,
the above District ex¬
indebtedness in four issues, and hear¬
the plan will be held Jan. 17 before Federal Judge T. C. Trimble at
Little Rock.
The District comprises portions of Chicot and Desha coun¬
ties.
The plan, which has approval of 97% of bondholders, proposes to.
refinance two issues at 21%, one issue at 50% and one issue at 100%.
After approval of the plan in March, 1936, some sections of the bankruptcy
act were invalidated by the United States Supreme Court, and the refiling
pects to refinance $1,416,000 of bond
ing
on
Financial
3530
to'conform
Is
to
regulations set
Nov.
Chronicle
27, 1937
by Congress after the decision was
up
announced.
bids will be received until
Ark .—BOND OFFERING— Sealed
Clyde C. Pierce Corporation
$27,000, 1943; $28,000, 1944: $30,000, 1945; $32,000, 1946; $34,000, 1947;
$35,000,1948; $37,000,1949:39,000.1950 1950; $40,000, 1951 $41,000,1952;
$43,000, 1953; $45,000, 1954; $47,000, 1955. and $50,000 in 1956.
Callable
in entirety or in part on Jan. 1, of any year.
Bidders to name the rate of
Interest.
No bid of less than par and accrued interest for bonds bearing
will be
4 M % interest
considered.
BONDS
FLORIDA
6 (P. O. Hot
HOT SPRINGS SPECIAL SCHOOL DISTRICT NO.
Springs),
2 p. m. on Dec. 10. by A. B. Rhine, District Secretary, for the purchase
of a $626,000 issue or refunding bonds.
Dated Jan. 1, 1938.
Due on
Jan. 1 as follows: $23,003. 1939; $24,000. 1940; $25,000.1941; $26,000,1942;
?Ut na
Barftpwt National Bank Building
JACKSONVILLE
■
•
FLORIDA
Branch Office: TAMPA
First National
Subject to the approval of the attorneys
Bank
T. S. Pierce, Resident Manager
building
for tne Board, the purchaser may, by so designating in his bid, convert the
issue into an issue of bonds bearing a lower rate of interest, upon such terms
than the amount bid
The district will furnish the executed bonds, together with
opinion of Wallace Townsend, of Little Rock.
Bonds will
be delivered as soon as practicable, as the outstanding bonds of the issue
to be called are surrendered and cancelled under the provisions of Act 169,
of the Acts of the State, 1931, and all amendments thereto.
The successful
bidders may exchange on a par for par basis, these bonds for outstanding
bonds as long as their present maturity position is maintained. It is stated
that these bonds will be secured by a pledge of building fund heretofore
voted in the amount of six mills, to be levied against all taxable property
in the district as long as any of these bonds remain outstanding, and shall
be further secured by mortgage on all of the property owned by the district
FLORIDA
that the district will receive no less and pay no more
for the bonds.
BARRINEAU
the approving
and used for school
purposes and further secured by the State apportion¬
A certified check for $5,000, payable to the district, must accom¬
ment.
the bid.
pany
,
PARK
SPECIAL TAX SCHOOL
DISTRICT (P. O.
Pensacola), Fla.—BOND OFFERING— It is stated by J. H. Varnum,
Superintendent of the Board of Public Instruction, that he will receive
sealed bids until 10 a. m on Dec. 20, for the purchase of a $10,000 issue of
construction bonds.
These bonds were approved by the voters at an elec¬
tion held
on
June 8.
Fla .—COMPLETES REFUNDING CONTRACT—The
1937, entered into a contract with Dee and Co.,
Corrigan-Miller and Co., Miami, Fla., as fiscal
work out an adjustment and refunding of Its outstanding bonded
EAU GALLIE,
above city on Nov. 1,
West Palm Beach, and
agents to
debt.
.
.
-
.
■
The fiscal agents own and represent over 50% of the outstanding debt.
Certain bonds held by property owners of Eau Gallie are to be
retired in payment of delinquent taxes due 1934 or prior and in the liquida¬
cancelled and
ARIZONA
tion of assessment liens.
NAVAJO COUNTY SCHOOL DISTRICT NO. 23 (P. O.
Ariz.—BOND OFFERING—Chester Sharar,
Clerk, Board
Supervisors, will receive bids until 2 p. m. Dec.
less than par of $1,000 coupon, registerable as to
rate is not to exceed 6 %.
Holbrook),
of County
6 for the purchase at not
principal bonds.
Interest
CALIFORNIA
CALIFORNIA
(State of)—WARRANT OFFERING—Harry B. Riley,
State Controller, will receive bids until 11:30 a. m. Nov. 29 for the purchase
of $2,874,263.85 registered warrants, the proceeds from which will be used
to replenish the revolving fund from which general fund State expenses are
paid.
Bidders are to specify rate of interest, in a multiple of %%.
Sale
will be made in blocks or not less than $50,000.
The warrants will be dated and delivered Dec. 1, 1937.
CHOWCHILLA, Calif.—BOND SALE—The $60,000 sewer bonds of¬
fered on Nov. 22—V. 145, p. 3040—were awarded to Dean Witter & Co.
of San Francisco as 5Ms at par plus a premium of $108, equal to 100.18,
a basis of about 5.48%.
Dated Jan. 15, 1938.
Due $1,500 yearly.
This leaves a
principal outstanding indebtedness
of $380,000 of which amount 50%, namely $190,000, will be refunded into
35-year term bonds callable at par and interest on any Interest payment
date.
New refunding bonds will be dated Jan. 1, 1938, and bear interest
at the rate of 2% per annum for the first three years, 2M % for the succeed¬
ing two years, 3% for the succeeding five years, 4% for the succeeding five
years, and 5% thereafter to maturity.
All interest due Jan. 1, 1938 or
prior will be cancelled.
For the remaining 50% of the present outstanding
indebtedness, namely $190,000, the City will issue non-interest bearing
certificates of indebtedness, which certificates shall be liquidated by the
city from any assessment lien collections and delinquent tax collections for
the year 1934 and prior at the rate of 40c. on the dollar during the year
1938, 50c. on the dollar during the year 1939, and 60c. on the dollar during
the year 1940.
In the event the entire amount of these certificates ah
not be liquidated by Jan. 1, 1941, the city shall thereafter liquidate and pay
these certificates then outstanding at 75c. on the dollar by the levy of a
special tax which will produce an amount sufficient to pay one-seventh of
tne certificates each year for a period of seven years, all certificates to be
paid and discharged on or before Jan. 1, 1948.
Refunding circular will be
available shortly and may be obtained by writing the fiscal agents.
ESCAMBIA COUNTY (P. O. Pensacola), Fla.-^SCJTOOL DISTRICT
OFFERED—The Board of Public Instruction will receive bids
BONDS
Calif.—BOND SALE—The
INDIO,
$20,000 issue of highway relo¬
17—V. 145, p. 3227—was awarded
Royce & Co. of Los Angeles, as 3Ms, paying a premium of
cation bonds offered for sale on Nov.
Redfield.
to
>ue $2,000 from Jan. 2, 1938 to 1947, incl.
f26.00, equal to 100.13, a basis of about 3.72%. Dated Jan. 2, 1937.
KERN
COUNTY
(P.
BONDS VOTED—The
Nov.
on
O.
Bakerifield), Calif.—ROSEDALE SCHOOL
residents of Rosedale
Union
High
School District
10 voted approval of $20,000 school improvement
COUNTY
LASSEN
(P. O. Su.anville),
bonds.
Calif.—SCHOOL DISTRICT
BONDS VOTED—At the election held on Nov. 13—V. 145, p. 2885—-the
approved the issuance of the $135,000 in not to exceed 5% Westwood
School District construction bonds by a wide margin.
Due in from one to
voters
nine
years.
It is said that these bonds will be placed on the market about Jan. 10.
COUNTY
MERCED
O.
(P.
Merced),
Calif.—MARQUIN SCHOOL
BONDS OFFERED—P. J. Thornton, County Clerk, will receive bids until
11 a. m. Dec. 1 for the purchase of $25,000 school building bonds of Marquin
Union Elementary School District.
Bidders are to name rate of interest,
not to exceed
Denom. $1,000.
5%.
Dated Dec. 1, 1937.
Principal and
semi-annual interest (April 1 and Oct. 1) payable at the County Treasurer's
office.
Due $1,000 yearly on Oct. 1 from 1938 to 1962.
Certified check
for 10% of amount of bonds bid for, required.
REDDING,
Calif.—MOTION
SOUGHT
TO
DISMISS
BOND
IN¬
JUNCTION—A new report from San Francisco to the "Wall Street Journal"
of Nov. 23 had the following to say:
Motion to dismiss the preliminary injunction secured by California Water
against city of Redding, Calif., to prevent use of proceeds of
$200,000 bona sale and $162,000 Public Works Administration grant for
aid in construction of municipal water system was submitted
to three
judge Federal Court, dependent on filing of briefs for motion to dismiss
with allowance of 10 days for city to answer briefs.
George Herrington, Counsel for several investment dealers and one bank,
named as additional defendants in suit, also served notice of motion to
dismiss.
Bonds were sold Oct. 21 and preliminary injunction granted re¬
straining use of funds.
Counsel for the water company claims suit raises
Service Co.
points analagous to Duke Power Co. and Alabama Power Co. cases now
before the U.S. Supreme Court as to use of Federal funds for construction
of utility facilities duplicating existing privately owned facilities.
SANGER, Calif.—BOND OFFERING—Frank Niles, City Clerk, will
receive bids until 8 p. m. Dec. 7, for the purchase of $50,000 water works
bonds.
Interest rate is not to exceed 4%.
Denom. $1,000.
Dated Jan. 1,
1938.
Principal and semi-annual interest payable at the City Treasurer's
office.
Due $5,000 yearly from 1939 to 1948.
Certified check for 3% of
amount of bonds bid for, payable to the city, required.
SAN MATEO COUNTY (P. O. Redwood City),
Calif.—SAN CARLOS
SCHOOL BONDS OFFERED—E-. B. Hinman, County Clerk, will receive
a. m. Dec. 7 for the purchase of $3,000 5% bonds of San Carlos
bids until 11
Elementary School District.
Denom. $1,000.
VENTURA COUNTY (P. O. Ventura), CaYif.—MOORPARK SCHOOL
BONDS OFFERED—L. F. Hallowell, County Clerk, will receive bids until
10 a. m. Dec. 6 for the purchase at not less than par of $22,000 3% build¬
ing
bonds of Moorpark Union Elementary School District.
Denom.
$1,000.
Dated Jan. 1, 1938.
Principal and semi-annual interest (Jan. 1
and July 1) payable at the County Treasurer's office.
Due $2,000 yearly
on Jan. 1 from 1939 to 1949.
Certified check for 2% of amount of bid,
payable to the County Clerk, required.
COLORADO
RIO GRANDE COUNTY
NO 2 (P. O. Monte Vista),
CONSOLIDATED
SCHOOL
DISTRICT
Colo.—BOND SALE DETAILS—It is re¬
ported that the $80,000 building bonds purchased by the J. K. Mullen
Investment Co., and Sidlo, Simons, Roberts & Co., both of Denver, as 4s,
at a price of 100.14, as noted here recently—V. 145, p. 3041—are due as
follows: $2,000, 1940 to 1943; $3,000, 1944 and 1945; $4,000, 1946 and
until 10 a. m. Dec. 20, for the
follows:
EVERGLADES DRAINAGE DISTRICT (P. O. West Palm Beach),
Fla.—ATTEMPTED
REDUCTION
OF
TAXES
ASSAILED—The
Legislature's attempt to cut the above District's taxes by more than twocame under legal assault recently in the Supreme Court.
Attorneys for A. M. Lawler argued the 1937 law cutting tax rates in
the 11 counties that compose the District took away his security for collec¬
tion of district bonds issued subject to higher levies provided in a 1925 law.
Robert J. Pleus of Orlando, Mr. Lawler's counsel, asked the Court to
compel assessors in the South Florida counties to set the tax at the 1925
thirds
Defending the act, Francis D. Wheeler of Jacksonville declared Mr. Pleus
had not shown that the lower tax rates would produce less than enough to
pay
years, giving a
basis of
off the bonds and interest.
WALSENBURG, Colo.—BOND SALE DETAILS—In connection with
$1,000.
Due $5,000 from
These bonds
were
1940
to
1969 incl.
Interest
issued to retire water bonds due
on
payable J.
Jan. 1, 1938.
&
J.
Delay in the case was asked by Mr. Whee er, who said the District had
hoped to refund its ob igations at a great saving to Everglades property
owners.
FORT PIERCE, Fla.—BOND VALIDATION SOUGHT—Petition was
in Circuit Court at Fort Pierce by City Attorney G. R. Norring-
filed
ham
sum
seeking a decree validating and confirming city refunding bonds in the
of
mision
LEWES,
validated.
HOMESTEAD, Fla.—PETITION FILED FOR BOND REFUNDING—
Petition of the city to refund $980,000 of its outstanding bonds was filed
in Circuit court recently and will be heard by Judge Worth W. Trammell on
Dec. 4.
All of the outstanding bonds of the city would be refunded under the
plan of the city council, which provides that bonds maturing for the first
two years of the issue bear 2% interest; for the next two years, 2M%*.
for the next six years, 3%; for the next 10 years, 4%, and for the remainder
of the maturities to 1967, 5%.
The interest rate on the outstanding bonds now is 6 %, with the exception
of a small portion which have a rate of 5 M %.
All of the bonds were issued
between 1916 and 1928 and are for public improvements.
The city is
represented by Ira C, Haycock, attorney.
JACKSONVI LLE,Fla.—BOND
Del.—BOND OFFERING—J.
receive sealed
bids until Dec.
LAKELAND,
Fla.—COURT
INVALIDATES
BOND REFUNDING
invalidated by
ISSUES—Lakeland's $6,557,000 bond refunding issue was
Supreme Court on Nov. 16.
Necessary legal provisions were not made In the new bonds, the Court
said, to show that the area of property subject to taxation had been reduced
since the original bonds were issued.
In addition, it said the city could not change special assessment bonds
into general city bonds without an approving election.
The decision reversed an order of validation entered by the Polk County
the
Whitfield wrote the Court's opinion.
RR. Co. attacked the refunding bonds.
city would be required to pay more in retiring
city's limits had been reduced by five miles
original bonds were issued.
Circuit Court, Justice J. B.
The Atlantic Coast Line
It said property within the
the obligations because the
since the
MELBOURNE-TILLMAN DRAINAGE DISTRICT (P. O. Melbourne)
Fla.—RFC LOAN ADVANCED—It is reported that the
Reconstruction
Corporation has advanced a loan of $300,000 at 4% for
maturing in from 3 to 33 years.
refinancing
purposes,
POLK COUNTY SPECIAL TAX
Bartow),
Fla.—BOND
SCHOOL DISTRICT NO. 5 (P. O.
OFFERING—Sealed
bids will be received until
5 p. m. on Dec. 10, by C. I. Hollingsworth, Superintendent of the Board
of Public Instruction, for the purchase of an $8,000 issue of 4% coupon
school bonds.
Denom. $1,000.
Dated Aug. 1, 1937.
Due $1,000 from
1940 to 1947 incl.
Prin. and int. (F. & A.) payable in lawful
the office of the above Superintendent, Bartow, or at the Chase
Bank, New York.
These bonds were approved by the voters
June 30, and have been
validated by a circuit court decree, given on
1,
National
on
Orton
15 for
OFFERING—The City Commissioners on
bonds.
Dec. 20 will offer for sale an issue of $205,000 refunding
money at
Marshall, Town Treas¬
of $36,000
3M% coupon refunding bonds.
Dated July 1, 1937.
Denom. $1,000.
Due July 1, 1957; optional after five years.
Principal and interest (J. & J.)
payable in Lewes.
The bonds will be issued pursuant to House Bill No. 212,
approved by the Governor on April 19, 1937.
A certified check for $1,000,
payable to the order of the Town Commissioners, must accompany each
proposal.
Legality approved by Tunnell & Tunned of Georgetown.
will
$3,456,000, issuance of which was authorized by the City ComNov. 9.
on
Judge Thomas issued an order requiring that cause be shown, if any,
at a hearing before him at 10 o'clock Dec. 2 why the bonds should not be
Aug.
DELAWARE
urer,
has permitted the District
levy the 1937 tax at rates set by the new law, which attorneys said re¬
duced the levy from $2,000,000 to about $600,000.
Mr. Pleus said similar laws of 1929 and 1931 were held unconstitutional.
to
Finance
the sale of the $150,000 4% refunding water bonds to Bosworth, Chanute,
Loughbridge & Co. of Denver, at par, noted in these columns recently—
V. 145, p. 3227—we are now informed that the said firm headed a joint
account in this purchase.
Coupon bonds dated Jan. 1, 1938.
Denom.
Without such proof he argued, the new law
could not be attacked successfully.
While the case is pending, the Supreme Court
1948Jto 1950'- $6,000, 1951 and 1952; $7,000, 1953 and 1954;
$8,000, 1955, and $9,000 in 1956; optional after 10
about 3.94%.
purchase of the following 6% bonds:
Tax School District No. 23 bonds.
Due on June 30 as
$300, 1939 to 1958; $400, 1959 to 1966, and $800, 1967.
10,000 Special Tax School District No. 19 bonds.
Due on June 30 as
follows:
$300, 1939 to 1958; $400, 1959 to 1966, and $800, 1967.
Denom. $100.
Dated July 1, 1937.
Principal and semi-annual interest
(June 30 and Dec. 31) payable at the Central Hanover Bank & Trust Co.,
New York, or at any county depository for school funds.
$10,000 Special
the purchase
Aug. 27, 1937.
The bonds will be sold subject to the approving opinion
of Caldwell & Raymond, of New York.
A certified check for 2M % must
accompany the bid.
(These bonds were offered for sale without suecess on Sept. 6, as noted
in these columns at the time.)
„
of
.
„
STUART, Fla.—CITY SUED ON DEFAULTED BONDS—Declaration
a $40,000 suit to recover on defaulted bonds was filed against the city
Volume 145
In
Federal
Financial
District court
on
Nov.
12 by Thornton B.
3531
Chronicle
Cox, bondholder,
INDIANA
according to newspaper advices.
BAUGO TOWNSHIP (P. O. Elkhart, R. R. 4), Ind.-t-BOND SALE—
The $57,525 bonds offered on Nov. 20—V. 145, p. 3042—were awarded to
the Fletcher Trust Co. of Indianapolis, as follows:
GEORGIA
BASTONVILLE CONSOLIDATED SCHOOL DISTRICT (P.
O.
Stapleton), Ga.—BOND SALE DETAILS—It is now stated by J. I.
McNair, District Secretary, tha't the $5,000 (not $9,000) building construc¬
tion sold recently, as noted in these columns—V.
145, p. 3378—were pur¬
chased by E. E. Griffis, of Gibson, as 5s,
paying a premium of $276.02,
equal to 105.52,
McDONOUGH
CONSOLIDATED
SCHOOL
DISTRICT
O.
(P.
McDonough), Ga.—INTEREST RATE—It
is now reported by the Sec.the $40,000 building bonds pur¬
chased by the First National Bank of Mc Donough, at a price of 104.46,
as noted here
recently—V. 145, p. 3378—were sold as 4s, giving a basis of
about 3.65%.
Due from Jan. 1, 1940 to 1967.
Treas.
of the Board
of Education
$29,000 Civil Township bonds of 1937 were sold as 3s, at par plus a premium
of $351, equal to 101.21, a basis of about 2.87%.
Due $1,000 each
six months from July 1, 1942 to July 1, 1956, incl.
28,525 School Township bonds were sold as 2ms, at par pius a premium of
$88, equal to 100.343, a basis of about 2.70%.
Due as follows:
$1,000 July 1, 1938; $1,000 Jan. 1 and July 1 from 1939 to 1950.
incl.; $1,000 Jan. 1 and $2,525 on July 1, 1951.
Each issue is dated Nov. 1, 1937.
*
FAIRFIELD
that
„
MONTEZUMA, Ga.—BONDS SOLD—It is stated that $10,000 water
system bonds approved
by the voters last July, have been purchased by
the Trust Co. of Georgia, of Atlanta.
a. m.
ADA
COUNTY
O. Boise),
(P.
Idaho—MATURITY— It is
now
re-
noted in these columns recently—V. 145, p. 3378—are due on Dec. 1 as
$20,000. 1939 to 1941; $21,000, 1942; $22,000, 1943 and 1944;
follows:
$23,000,1945 and 1946, and $24,000 in 1947, giving
a
basis of about 2.40%.
BOUNDARY
COUNTY
INDEPENDENT
SCHOOL
DISTRICT,
CLASS A, NO. 4 (P. O. Bonners
Ferry), Idaho—MATURITY—In con¬
nection with the sale of the $40,000 school bonds to Brown, Schlessman,
Owen & Co. of Denver, as 3Ms, at a price of 100.567, as noted in these
columns in October—V. 145, p. 2426—we are now informed that the bonds
mature on Oct. 1 as follows: $2,000, 1942 to 1949, and $3,000, 1950 to
on
Oct. 1, 1947, giving
a
(P. O. Auburn), Ind.—BOND
Rowe, Township Trustee, will receive bids until 10
G.
on an
issue of $22,200 bonds.
FRANKLIN SCHOOL CITY (P. O. Franklin), Ind.—BOND OFFER"
ING—Austin Flinn, Secretary of the Board of Trustees, will receive sealed
1945, incl.; $4,000, 1946 to 1952, incl.; $5,000 from 1953 to 1959, incl.
$6,000 in 1960 and 1961.
Bidder to name one rate of interest, ex-
and
E>rted Trust theSavings Bank, of Chicago, as jail bonds price of 100.588,the
arris that &
$195,000 court house and 2Hs, at a purchased by as
1957, optional
Dec. 10
bids until 8 p. m. (Central Standard Time) on Dec. 6, for the purchase of
$93,000 not to exceed 5% interest high school addition bonds.
Dated
Nov. 15, 1937.
Denom. $1,000. Due Jan. 1 as follows:
$3,000 from 1940
to
IDAHO
SCHOOL TOWNSHIP
OFFERING—Ora
basis of about 3.18%.
irect obligations of of school city, and all of its taxable
Sressed in a multiple the H of 1 %. Interest payable J. & J.property will are
The bonds be
subject to the levy of unlimited ad valorem taxes in order to pay both
principal and interest.
No conditional bids will be considered and the
successful bidder will be furnished with the approving legal opinion of
Matson, Ross. McCord & Clifford of Indianapolis.
Bonds will be ready
fqr delivery within 12 days after the award.
HAMMOND
DISTRICT.
PARK
Ind.—BOND
OFFERING—The
Comptroller of the City of Hammond will receive bids until 10:30
Nov. 30 on an issue of $66,000 bonds of Hammond Park District.
KNIGHTSTOWN SCHOOL TOWN,
a.
m.
Ind.—BOND SALE—The issue
of $4,000 school ouilding bonds offered on Nov. 22—V. 145, p. 3042—
was awarded to the Fletcher American Bank & Trust Co.,
Indianapolis,
2J^s, at
as
par
plus
premium of $5.10, equal to 100.12.
a
Other bids
were
made by the First National Bank and the Citizens National Bank, both of
Knightstown, and the Johnson Finance Co., Indianapolis.
Municipal Bonds of
MARION COUNTY
ILLINOIS INDIANA MICHIGAN IOWA WISCONSIN
$164,300 bonds offered
(P. O. Indianapolis), Ind.—BOND SALE—The
on Nov. 18—V. 145, p. 2887—were awarded as
follows:
Bought—Sold—Quoted
$148,300 Julietta Infirmary Bldg. bonds were sold to Halsey, Stuart &
Co., Inc., New York, as 2s at a price of 100.526, a basis of about
1.90%.
Due as follows:
$7,000, June 15 and Dec. 15 from
1939 to 1944 incl.; $8,000, June 15 and Dec. 15 from 1945 to
1947 incl.; $8,000, June 15 and $8,300, Dec. 15, 1948.
16,000 real estate purchase bonds of 1937 were sold to John Nuveen &
Co., Chicago, and the City
Securities Corp., Indianapolis,
jointly, as lMs at 100.212, a basis of about 1.68%.
Due $2,000
MUNICIPAL BOND DEALERS
.
135 So. La Salle St., Chicago
State 0540
Teletype CGO. 437
on
ALTAMONT,
June 15 and Dec. 15 from 1939 to 1942 incl.
Each issue is dated Dec. 1,
ILLINOIS
Other bids
111.—BOND SALE DETAILS—In
connection
with
were as
previous report in these columns of the sale of $23,000 3 M% sewage dis¬
posal plant bonds to the White-Phillips Corp., Davenport, we learn that
the award was made subject to approval of the issue at an election on
Dec. 2.
Previously, it was stated that the election would be held in Novem¬
ber.
Under the terms of the sale, the bonds will be sold at par.
1937.
follows:
Julietta Infirmary Building Bonds for $148,300
Int. Rate
the
Bidder—
Brown Harriman
Harris Trust
&
Co
Savings Bank
Bancamerica-Blair Corp
Boatmen's National Bank of St. Louis
..........
Blyth & Co., and First of Michigan Corp
Paine, Webber & Co., and C. F. Ohilds & Co
Braun, Bosworth & Co., Toledo, Ohio, and Prudden
& Co., Toledo, Ohio
John Nuveen & Co., Chicago, 111., and City Securi¬
ties Corp., Indianpolis, Ind
Union Trust Co. of Indianapolis; Fletcher Trust Co.,
Indianapolis, and Indianapolis Bond & Share Corp
—
CANTON, 111.—BOND SALE DETAILS—In purchasing several months
of $200,000 water works system bonds, as reported in these
columns at the time, O. W. McNear & Co. of Chicago paid a price of par
ago
an issue
Due in 1969.
for 4s.
COUNTY
CARROLL
(P. O. Mt. Carroll), 111.—BOND SALE RE¬
PORT—Answering our inquiry concerning a report that the firm had con¬
tracted to purchase from $200,000 to $250,000 road bonds, H. C. Speer
& Sons Co. of Chicago, advise as follows:
"We have your inquiry of the 15th, asking about the Carroll
County
Road
bonds.
"This company has a contract with Carroll County
size issue is necessary in connection with the proposed
covering whatever
county wide improve¬
ment of State aid roads.
"At
the
present
time
no
bonds
have been
authorized.
The
contract
Erovides yet beenpurchase of 3M% bonds athas price of reached that stage."
Other details
not for the
determined, as the project a not yet par.
ave
COUNTY
COOK,
(P.
O.
Chicago),
111.—DELINQUENT
TAX
BUYERS AGAIN ACTIVE—Buying oi delinquent taxes, a practice whicb
died out in Cook County during the depression, has been revived on a
considerable scale in the sale of 1935 delinquent taxes,
County Treasurer
Horace G. Lindheimer said recently.
As a result, Mr. Lindheimer warned taxpayers, those who
neglect to pay
their bills again run the risk of having liens placed on their property which
cost a minimum of 24% a year for redemption.
He urged that
Chicago
taxpayers, whose properties are yet to be offered for sale, pay their 1935
bills before the auctioneer reaches their property.
For
a
Real Estate Purchase Bonds
2M%
2M%
2M%
2*4%
2*4%
/
$978.65
887.00
817.75
812.68
769.68
253.70
2K%
260.00
2M%
1,169.00
2H %
752.00
for $16,000
Int. Rate
Bidders—
Bancamerica-Blair Corp
Halsey, Stuart & Co
Brown Harriman & Co
Harris Trust & Savings Bank
Paine, Webber & Co., and O. F. Childs
National Bank of St. Louis
Boatmen's
Blyth & Co., and First of Michigan Corp...
Union Trust Co.; Fletcher Trust Co., and Indiana¬
polis Bond & Share Corp
Braun, Bosworth & Co., and Prudden Co
Premium
2M%
2%
2M%
2*4%
2*4%
2*4%
2*4%
$267.75
2%
2m%
29.00
18.00
84.16
209.60
207.00
181.60
173.49
84.80
MONROE SCHOOL TOWNSHIP
(P. O. Alexandria), Ind.—BOND
OFFERING—William Cunningham, Trustee, will receive sealed bids until
10:30 a. m. (Central Standard Time) on Dec. 13, for the purchase of $60,000
not to exceed 5% interest school building bonds.
Dated Nov. 15, 1937.
Denom. $1,000.
Due as follows: $2,000 July 1, 1939; $2,000 Jan. 1 and
July 1 from 1940 to 1949, incl.; $3,000 Jan. 1 and July 1 from 1950 to 1952,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
number of years almost all
delinquent properties were forfeited to
the county, the procedure followed when no taxbuyers
appear.
On the
1933 tax sales, covering hundredds of thousands of real estate items, buyers
appeared for only 13 items, paying taxes totaling $557.
The sales last
year of 1934 taxes produced much the same result, 17 items and payments
of
Premium
2 H%
&
$534.
This year,
however, 628 items have been sold in the countyr towns alone,
paid by the taxbuyers have aggregated $120,759.
Further
large sales are anticipated when the selling reaches Chicago properties.
In return for. paying delinquent taxes on a piece of
property, the taxbuyer
is given a lien on all or part of the property.
The owner of the property has
the legal right to redeem this lien at any time within two
years.
To do so,
however, he must pay 12% interest for each six months the lien has
run,
double the rate charged by the county on forfeited property.
At the end of two years, the taxbuyer can convert his lien into a tax
deed, which is a cloud on the title of the property and in
practice usually
an effective bar to its sale.
The buyer may charge the property owner
any price he pleases for the redemption of this tax deed.
A New York organization, the Atlantic
Municipal Corp., of which
Kenneth Smyth is the Chicago manager, has been the principal
buyer at
the current tax sales.
The amount of delinquent 1935 taxes paid by tax
buyers in various country towns to date follows:
and the taxes
Calumet
$25,831.32 Northfield
Cicero
Evans ton
Leyden
Lyons
$10.84
15,951.34 Norwood
8,404.83 Oak Park
1,148.38 Proviso
4,419.01 River Forest
9,726.62 Riverside
j.
Maine.
New Trier
21,737.68
1,728.19
Niles
Total
.....
with the approving
legal opinion of Matson, Ross, McCord & Clifford of
Indianapolis.
NEW HAVEN, Ind. BOND SALE—The issue of $6,000 bonds offered
by the town on Nov. 22—V. 145, p. 3379—was sold to the Peoples State
Bank of New Haven, at par plus a premium of $10, equal to 100.16.
PIKE TOWNSHIP SCHOOL TOWNSHIP (P. O. New Augusta).
Ind.—BOND OFFERING—Edward Cook, Trustee, will receive sealed
10 for the purchase of $80,000 not to exceed
4H% int. school building bonds of 1937.
Dated Dec. 1, 1937.
Denom.
$1,000.
Due as follows:
$3,000, July 1, 1939; $3,000, Jan. 1 and July 1
from 1940 to 1951 incl.- $3,000, Jan. 1 and $2,000, July 1, 1952.
Bidder
to name one rate of interest, expressed in a multiple of
of 1%.
Interest
bids until 9:30 a. m. on Dec.
payable J. & J.
The bonds are direct obligations of the school township,
payable from unlimited ad valorem taxes on all of its taxable property.
No
conditional
oids will
be considered and the successful bidder will be
furnished with the approving legal opinion of Matson, Ross, McCord &
Clifford of Indianapolis.
The bonds will be ready for delivery within 10
days after the award.
VANDERBURG COUNTY
(P. O. Evansville), Ind.—BOND OFFER¬
7,854.34
16,742.65
1,150.89
2,446,90
3,606.28
ING—On Dec. 20 the County Commissioners will offer for sale an issue of
$120,759.27
ALLERTON, Iowa—BOND SALE—The $26,000 issue of coupon water
works bonds offered for sale on Nov. 23—V. 145, p. 3379—was awarded
as 3J^s, paying a premium of $45, equal to 100.173, a basis of about 3.48%,
according to the Town Clerk.
Dated Dec. 1, 1937. Due annually begin¬
ning Dec. 1, 1939.
Ip his announcement Treasurer Lindheimer emphasized that once the
sale is held he is powerless to assist the taxpayer in
redeeming his
The latter's only protection is to pay the taxes before sale.
tax
property.
KENILWORTH, 111.—BOND ISSUE DETAILS—The $340,000 storm
bonds to be considered by the voters at an election Dec.
28,
not more than
4M%, according to C. M.
Village
Manager.
Dated March
1,
1938.
Denom.
$1,000.
Due March 1, as follows: $2,000, 1941 $3,000, 1942 $4,000, 1943 and
1944,
$5,000, 1945 and 1946 $6,000, 1947 and 1948 $7,000, 1949 and 1950,
$8,000, 1951 $9,000, 1952 $10,000, 1953 and 1954 $11,000, 1955 $12,000,
1956 and 1957
$13,000, 1958 $14,000, 1959 and 1960
$16,000, 1961,
$17,000, 1962 and 1963
$18,000, 1964 $20,000, 1955, $21,000. 1966.
$22,000, 1967 $23,000 in 1968, and $24,000 in 1969.
sewer revenue
if issued
ditional
will bear interest at
Osborn,
$100,000 courthouse refunding bonds.
Due in 10 years.
Interest rate is not to exceed 3% %.
IOWA
AMES SCHOOL DISTRICT, Iowa—BOND OFFERING— Frank B.
Howell, Secretary, Board of Directors, will receive bids until 7 p. m.—
Dec. 2 for the purchase at not less than par of $175,000 school building
bonds.
Bidders are to name rate of interest.
Dated Jan. 1, 1938.
Prin.
and semi-ann. int. (Jan. 1 and July 1) payable at the office of the School
Treasurer.
Due on Jan. 1 as follows:
$1,000, 1939; $2,000, 1940; $3,000,
1941; $4,000, 1943; $5,000, 1943; $10,000, 1944 and 1945; $15,000. 1946
to
1949^and $20,000, 1950 to 1953.
Certified check for $5,250, payable
Treasurer, required.
Approving opinion of Chapman &
will be furnished by the district.
The purchaser is to
supply the blank bonds.
Bids must be made on forms obtained from the
to
the
District
Cutler of Chicago
MANITO, III.—ADDITIONAL SALE REPORT—In
connection with th®
previous report in these columns of the sale of $6,000 4% water works con¬
struction bonds to the Stiers Bros. Construction Co. of 8t. Louis—V. 145.
3378,
p.
an
we are advised that the company also purchased at the same time
issue of $21,000 water revenue bonds.
The $6,000 bonds are general
obligation liens.
STERLING,
bonds
was
All of the bonds bear 4% interest.
111.—BONDS SOLD—An issue of $9,100 3%
judgment
sold to the Central National Bank of Sterling, at a price of par
district.
BEEBEETOWN
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Beebeetown), Iowa—BOND OFFERING DETAILS—In connection with
the notice given in our issue of Nov. 20, that $10,000 construction bonds
would be offered for sale on Nov. 29—V. 145, p. 3379—It is now stated
by Hugh Hanks, District Superintendent, that the bonds are dated Dec. 1,
1937, and mature as follows:
$500, 1939 to 1945; $1,000, 1946; $1,500,
Financial
3532
1947
These bonds were approved by the
1949, and $1,000 in 1950.
held on Oct. 18.
to
voters at an election
Iowa—BOND SALE—The $60,000 issue of river dam
22—V. 145, p. 3379—was awarded tot h e
of Des Moines, as 3s, paying a premium of $725,
equal to 101.208, a basis of about 2.66%.
Due on Nov. 1 as follows:
$1,000 in 1939; $3,000, 1940 to 1952, and $4,000, 1953 to 1957; optional
CEDAR FALLS,
bonds offered for sale on Nov.
,
on
Nov.
1, 1941.
Iowa—BOND SALE DETAILS—In connection with
the sale of the $10,000 street and sewer bonds and the $85,000 refunding
bonds jointly to the White-Phillips Corp., and Vieth, Duncan, Worley &
Wood, both of Davenport, as noted here recently—V. 145, P. 3379—it. is
stated by the City Clerk that the bonds were sold for a premium of $1,750,
equal to 100.184, a basis of about 3.12%, on the bonds divided as follows:
$85,000 3%% refunding bonds. Due on Nov. 1 as follows: $15,000, 1954;
$10,000, 1955, and $30,000 in 1956 and 1957.
10,000 2%% street and sewer bonds.
Due on Nov. 1 as follows: $3,000,
1940 and 1941, and $4,000 in 1942.
Denom. $1,000.
Dated Nov. 1, 1937. Prin. and Int. (M. & N.) payable
at the City Treasurer's office.
DAVENPORT,
SCHOOL
CONSOLIDATED
DAWSON
DISTRICT,
Iowa—BOND
receive
OFFERING—B. D. Witter, Secretary Board of Directors, will
bids until 1:30 p. m. Nov. 30 for the purchase of $18,000 bonds.
EARLING, Iowa—BOND SALE DETAILS—We are now informed that
aggregating $14,278.07, purchased on Nov. 17 by
Carleton D. Beh Co. of Des Moines, as noted in these columns—
V. 145, p. 3379—were awarded as follows:
the two issues of bonds
the
$5,278.07 street improvement bonds as 5s at par plus expenses.
9,000.00 funding bonds as 3%s for a premium of $105, equal to 101.166,
plus expenses.
These bonds are said to have a maturity of six
years, nine months.
CITY, Iowa—BONDS AUTHORIZED—The City Council has
resolution authorizing the issuance of $18,852.99 street paving
IOWA
passed
a
bonds.
IOWA FALLS INDEPENDENT SCHOOL DISTRICT (P. O. Iowa
Falls), Iowa—BONDS DEFEATED—At the election held on Nov. 23—
the proposal to issue $85,000 in school
bonds, not giving the measure the required 60% majority.
V. 14o, p. 3043—the voters defeated
IOWA, State of —REPORT ON NOV. 1 BOND PAYMENTS—'The State
paid off on Nov. 1, $1,411,388 in principal and interest of country primary
road bonds.
Of this sum $400,000 was for retirement of bonds in six of
83 counties in which payments were made.
The following principal sums
were paid:
Linn County,
$110,000; Polk County, $100,000; Marshall County,
$75,000; Woodbury County, $70,000; Clinton County, $40,000; Johnson
County. $5,000.
All payments were drawn on the primary road fund of
the State.
»
IRA INDEPENDENT SCHOOL DISTRICT, Iowa—BOND
OFFERING
—Raymond Loynachyn, District Secretary, will receive bids until 1 p. m.
Dec. 6 for the purchase of $2,500 bonds.
Bidders are to name rate of
Denom.
interest.
KNOXVILLE,
$250.
Iowa—MATURITIES—It is now stated by the City
Clerk that the $17,971.29 improvement fund bonds sold to the Carleton D.
Beh Co. of Des Moines, as 3s, at a price of 100.35, as noted here recently
dated Nov. 1, 1937, and mature as follows: $471.89
May 1, 1938; $500, Nov. 1, 1938, and May and Nov. 1, from 1939 to
1955, giving a basis of about 2.96%.
He also reports that the $37,072.51 street improvement bondspurchased
by the above company, as noted here—V. 14fl, p. 3228f—as 3%s, at a
price of 100.01, are due on May 1 as follows: $4,072.51 in 1938; $4,000,
1939 to 1945, and $5,000 in 1946; optional on any interest payment date,
giving a basis of about 3.745%.
—V. 145, p. 3228—are
on
NEW
The Court, in
INDEPENDENT
SHARON
SCHOOL
DISTRICT, Iowa—
Secretary, Board of Education,
Pearl Harper,
BOND OFFERING—Mrs.
$25,000 school
building bonds.
Dated Dec. 1, 1937.
Due serially to 1957.
Bonds and
attorney's opinion will be furnished by the district.
will receive bids until 7:30 p. m. Dec. 8 for the purchase of
SIOUX CITY,
Iowa—BOND OFFERING—Sealed and auction bids will
for
$445,591.32, divided as
another
case,
1937
27,
overruled the application of C. C. Price for
a temporary injunction to prevent the Ashland Board of Education from
contracting with the Ashland Public School Corp. to obtain a junior college
building. The school board proposes to lease the building from the corpora¬
tion for 20 years, after which the property would be deeded to the board.
Beh Co.
D.
Oarleton
Nov.
Chronicle
Ky.—BOND SALE—Stein Bros. & Boyce of
$14,000 4%% sewer bonds.
Due
CAMPBELLSVILLE,
Louisville have purchased an issue of
$1,000 on Jan. 1 in each of the years, 1939,
1949, 1950, 1951, 1952, 1953, 1954, 1955,
1941, 1943, 1945, 1947, 1948,
and 1956.
COUNTY (P. O. Lexington), Ky —BOND OFFERING—
Sealed bids will be received until 11 a. m. on Dec. 1, by D. Y. Dunn,
County Superintendent of Schools, for the purchase of an issue of $150,000
school building revenue bonds.
Bidders to name the rate of interest in
multiples of % of 1%, and must state the amount bid for the entire issue of
bonds.
The bonds are to be sold to provide funds for school building con¬
struction, under and in full compliance with the Constitution and State
laws, including among others, Chapter 15, Laws of 1934, First Extraordinary
Session.
All of the said bonds will be redeemable on any interest payment
date on 30 days' notice at par, and a premium of % of 1 % of the principal
amount thereof for each full year or major fraction thereof from the date
FAYETTE
called for redemption to the date of maturity.
Prin. and int. (.M. & S.)
payable in lawful money at the Union Bank & Trust Co., Lexington.
The school building revenue bonds will be delivered to the successful
purchaser as follows:
Maturities, March 15, 1956.
$22,000 Block No. 1, Jan. 15, 1938.
60,000 Bxock No. 2, July 15, 1938.
Maturities March 15, 1953 to 1955.
68,000 Block No. 3, Nov. 15, 1938.
Maturities, Mar. 15, 1939 to 1952.
or at any time prior to such dates, on 30 days' written notice given by the
Superintendent of County Schools to the purchaser.
Such final delivery
price to be paid by the purchaser will be adjusted up or down in the same
degree of fluctuation to cdnfo^m to the average price of the following bonds
existing on the date the purchaser is required to take up and pay for any
allotment of the county school building revenue bonds:
Approximate Price
Name of Issue—
{dale of advertising)
U. S. Treasury 4%s of 1947-52
115%
U. S. Treasury 3%s of 1943-47
107%
U. S. Treasury 3%s of 1941196%
U.S. Treasury 3 % s of 1940-43
105%
American Tel. & Tel. 5%s of 1943
113
Consolidated Gas of N. Y. 4%s of 1951
107
..
Louisville & Nashville unified 4s of 1940
105
,
107
and pay for his own legal opinion.
The print¬
ing of the bonds will be paid for by the County Board of Education.
En¬
close a certified check for $5,000, payable to the County Treasurer.
Illinois Steel 4%s of 1940
The purchaser will furnish
KENTUCKY, State of—BOND SALE—The $915,000 issue of bridge
Project No. 13, bonds offered for sale on Nov. 23—V. 145, p.
revenue,
3043—was awarded to a group headed by Almstedt Bros, of Louisville as
3s at par.
Dated Dec. 1, 1937.
Due on Jan. 1, 1953.
All of said bridge revenue bonds, will be redeemable on any interest pay¬
ment date on 30 days' notice at par, and a premium of 2%% of the prin¬
cipal amount thereof if redeemed on or prior to July 1,1940, and a premium
2% of the principal amount thereof if redeemed thereafter and on or
prior to July 1, 1941, and a premium of 1%% of redeemed thereafter and
on or prior to July 1, 1942, and a premium of 1% if redeemed thereafter
and on or prior to July 1, 1943, and a premium of % of 1% if redeemed
thereafter, and on or prior to July 1,1944, and without premium if redeemed
thereafter and before maturity.
of
LAUREL COUNTY (P. O. London),
Ky .—COURT APPROVES BOND
ISSUE—The State Court of Appeals on Nov. 17 upheld the validity of an
issue of
$45,000 refunding bonds.
MAYSVILLE, Ky.—BONDS VOTED—At the general election
on
Nov. 2,
the voters approved the issuance of $15,000 in 4% incinerator bonds, accord¬
ing to Hazel Larkin, City Clerk.
Due in 10
years.
MI DDLESBORO, Ky.—BOND SALE DETAILS—We are now informed
by the City Clerk that the $175,000 power revenue bonds purchased by
Lewis, Pickett & Co., Inc., of Chicago, as noted in these columns recently
—V. 145, p. 2725—were sold as 5%s, for a premium of $1,095.00, equal to
100.625.
Coupon bonds, maturing over a period of 18 years, without option
of prior retirement.
be received until Dec. 1, at 2 p. m. by C. A. Carlson, City Treasurer,
the
purchase of four issues of bonds, aggregating
Offerings Wanted:
follows:
$300,000.00 flood protection bonds.
Dated Nov. 1, 1937.
Due $20,000
from Nov. 1, 1939 to 1953, inclusive.
25,000.00 improvement bonds.
Dated Dec. 1, 1937.
Due on Dec. 1,
as follows:
$2,000, 1939; $3,000, 1940, and $20,000 in 1941.
88,000.00 paved roadway bonds. Dated Nov. 1, 1937.
Due on Nov. 1
as follows:
$6,000, 1939 to 1950, and $8,000 in 1951 and 1952.
32,591.32 street improvement bonds.
Dated Oct. 22, 1937.
Due on
May 1 as follows:
$12,591.32 in 1938, and $10,000 in 1939
LOUISIANA &. MISSISSIPPI
MUNICIPALS
Bond
NEW ORLEANS,
and 1940.
The bonds will not be sold for
Prin. and int. payable at the City
opinion of Chapman & Cutler of
Chicago, will be furnished.
A certified check for 2% of the bid is required.
(This report supersedes the previous offering notice given on these bonds
—V. 145, p. 3379.)
Bidders to
name
Department
WHITNEY NATIONAL
Bell
the rate of interest.
BANK
LA.
Teletype N. O. 182
Raymond 6409
less
than par and accrued interest.
Treasurer's office.
The approving
SIOUX CITY, Iowa—BONDS VOTED—It is stated by the City Treas¬
that at the election held on Nov. 22 the voters approved the issuance
urer
of the $100,000 in airport
VINTON
SCHOOL
bonds.
DISTRICT,
Iowa—BOND OFFERING—W.
Secretary, Board of Education, will receive bids until 2 p.
Dec. 7 on an issue of $50,000 school building bonds.
Conder,
L.
in.
KANSAS
GEARY
COUNTY
(P.
O.
Junction City), Kan.—MATURITY—In connection with the sale of the $8,500 2% semi-ann. poor relief bonds to
Beecroft, Cole & Co. of Topeka, at a price of 100.631, as noted in these
columns recently—V. 145, p. 3379—it is reported that the bonds mature
as follows: $2,800 in 1938 and 1939, and $2,900 in
1940, giving a basis of
about 1.63%.
LOGAN,
Kan.—BONDS
AUTHORIZED—An
ordinance
has
been
passed authorizing the issuance of $24,967.20 sewer system and sewage
disposal plant bonds.
MARYSVILLE
SCHOOL
DISTRICT
(P.
O.
Maryville),
Kan.—
BOND OFFERING—It is stated by the Clerk of the Hoard of Education
that he will sell at public auction on Nov. 29, at 8 p. m., two issues of
coupon
bonds aggregating $104,775, divided as follows:
high school bonds.
Due on Aug. 1 as follows: $5,775 in
$29,775 2%%
1939 $5,000, 1940 and 1941, and $7,000 in 1942 and 1943
75,000 2% % high schpol bonds.
Due on Aug. 1 as follows: $7,000, 1944
and 1945; $8,000, 1946 to 1948; $9,000, 1949 to
1951, and $10,000
in
lyoz•
,
(
•
Dated Dec. 1, 1937.
If a bid of par and accrued interest on the bonds
bearing interest as stipulated a Dove cannot be obtained, bids will then be
received for bonds bearing the lowest single rate in
multiples of % to 1 %
for which a bid of par and accrued interest will be made.
The Board of
Education will furnish the printed bonds and the
approving opinion of
Bowersock, Fizzell & Rhodes, of Kansas City.
The bowls are being offered
subject to the purchase by the State School Fund Commission
check for 2% of the amount of bonds bid for is required.
A certified
SALINE COUNTY (P. O. Salina), Kan.—'BONDS SOLD—It is stated
by M. E. Ford, County Clerk, that $15,000 poor relief bonds have been
purchased by the County Sinking Fund.
TONGANOXIE, Kan.—BOND ELECTION—An election
Dec. 7, for the purpose
works extension bonds.
on
of voting on
a
LOUISIANA
CALDWELL PARISH (P. O. Columbia), La.—
The
$10,000 issue of excess revenue bonds offered on Oct. 20—V. 145, p. 2427—
was purchased on Nov.
1 by the Citizens Progressive Bank, of Columbia,
as 6s at par.
Dated Nov. 1, 1937.
Due from Nov. 1, 1938 to 1947 incl.
LAKE CHARLES FIRST SEWERAGE DISTRICT
(P. O. Lake
Charles), La.—BOND SALE DETAILS—In connection with the sale of
the
$160,000 public improvement bonds to the Whitney National Bank of
New Orleans, noted in these columns recently—V. 145, p. 3379—we are
now informed that the bonds were sold as follows:
$24,000 as 4%s, matur¬
ing $6,000 from Nov. 1, 1939 to 1942; $90,000 as 4s, maturing on Nov. 1:
$7,000. 1943 to 1946; $8,000. 1947 to 1949; $9,000, 1950 and 1951, and
$10,000 in 1952 and 1953; the remaining $46,000 as 3%s, maturing on
Nov. 1:
$11,000, 1954 and 1955, and $12,000 in 1956 and 1957.
Prin.
and int. (M. & N.) payable at the Manufacturers Trust Co., New York.
Legality to be approved by Chapman & Cutler of Chicago.
LOUISIANA (State of)—TEN MONTHS' REVENUES EXCEED BY
ALMOST $1,000,000 AMOUNT COLLECTED DURING 1936—Louisiana
tax receipts for 10 months of 1937 exceed by almost a million dollars those
for the entire year of 1936, reflecting a "remarkable quickening of the busi¬
ness pace throughout the State," according to a statement issued Nov. 20
by Governor Richard W. Leche.
The Governor's report showed State tax collections for the 10 months
ended Oct. 31 of $8,734,550 compared with receipts for all of 1936 totaling
$7,832,149.
Tne gain in revenues was accomplished without any increase
in rates and was due to "vastly improved business conditions in Louisiana
in wnich our campaign to attract new industries by offering property tax
exemption is playing a major part," Governor Leche said.
The report also showed a cash balance qn Oct. 31 Qf $15,469,017 against
a balance on
tjhe same d^te last year of oniy $3,500,344.
Among the largest gains in collections this year, according to the
Governor's statement, were those received from taxes oh occupational
licenses, electric power, natural gas sales, petroleum products licenses,
beer, tobacco and kerosene.
For 10 months of this year the levy on occupational licenses yielded
$802,534 against $685,280 for the entire year of 1936.
The tax on electric
power yield $491,991 against $454,334; on natural gas sales $104,912 against
$32 ,889; on petroleum products licenses $400,072 against $242,845; on beer
$567,713 against $420,728; on tobacco $2,959,864 against $1,844,004;
and on kerosene $209,902 against $109,933.
WINNSBORO, La.—BONDS SOLD TO PWA—It is stated by E. R.
Lowery, Town Treasurer, that $33,000 4% water revenue bonds were pur¬
at par
by the Public Works Administration.
Denom. $1,000.
chased
will
be
held
proposal to issue $15,000 water
Dated Oct. 1,
1943 to 1956.
1937.
Due
as
Prin. and int.
follows:
$1,000, 1938 to 1942, and $2,000,
(A. & O.) payable at the office of the Town
Treasurer.
KENTUCKY
ASHLAND, Ky.-—COURT OF APPEALS UPHOLDS BOND ISSUE—
Judgment of Boyd Circuit Court holding that the City of Ashland is auth¬
orized by law to incur an indebtedness of $62,500 for school improvement
purposes and to issue and sell its bonds for such purposes was affirmed
Nov. 17 by the Court of Appeals.
MARYLAND
SALISBURY, Md.—BOND OFFERING—Sealed bids will be received
by J. R. Laws, City Clerk, until 8 p. m. on Dec. 6, for the purchase of
$50,000 not to exceed 4% interest sewer and drain bonds.
Dated Dec. 1,
1937.
Due serially on Dec. 1 from 1938 to 1957, incl.
Interest payable
J. & D.
Bidder to name the rate of interest in a multiple of % of 1 %.
Volume
Financial
145
Chronicle
3533
MASSACHUSETTS
AGAWAM, Mass.—NOTE
was
sold
We
SALE—An issue of $50,000 revenue
Nov. 19 at 0.59% discount.
Due Nov. 15, 1938.
on
advised that the issue
are
taken by
was
of Boston.
We
notes
Frederick M. Swan & Co.
Account
Buy for Our Own
MICHIGAN MUNICIPALS
CANTON, Mass.—NOTE
due Nov.
10, 1938
was
SALE—An issue of $100,000 revenue notes,
sold on Nov. 18 at 0.45% discount.
Cray, McFawn & Company
The Second National Bank of Boston
purchased the issue.
CHESTER, Mass.—NOTE SALE—An
was
sold
Nov.
on
and $10,000 Oct.
15 at 0.57%
issue of $25,000 revenue
DETROIT
notes
discount.
Due as follows: $5,000 Sept.
15, 1938, and $10,000 Nov. 15, 1938.
Wrenn Bros & Co. of Boston purchased the issue.
MICHIGAN
MEDFORD,
Mass.—BOND SALE—The $145,000 coupon bonds de¬
below, which were offered on Nov. 24, were awarded to Halsey,
Stuart & Co. of Boston on a bid of 100.918 for 2
Ms, a basis of about 2.09%:
$120,000 municipal relief bonds of 1937.
Due $12,000 on Dec. 1 from
scribed
1938 to 1947 incl.
25,000 water mains bonds.
Due Dec. 1 as follows: $2,000 from 1938 to
1947 incl. and $1,000 from 1948 to 1952 incl.
Each
J.
issue is dated Dec. 1, 1937.
Denom. $1,000.
Prin.
& D. payable at the National Shawmut Bank of Boston.
Goldman, Sachs & Co. of New York bid 100.573 for 2Ms.
Faiancial Statement
as
int.
Int. Rate
Rate Bid
2M%
2M%
2M %
2M %
2M%
2M%
National Shawmut Bank
Merchants National Bank of Boston
Frederick M. Swan & Co
Newton, Abbe & Co_
100.375
100.34
100.125
100.06
101.037
100.096
MENDON, Mass.—NOTE OFFERING—Moses U. Gaskill, Town Trea¬
will receive bids until 10:30 a. m. Dec. 1 for the purchase at not less
of $32,000 coupon schoolhouse addition notes.
Bidders are to
than par
of interest, in a multiple of M %
Denom. $1,000.
Dated Dec.
Principal and semi-annual interest payable at the Home National
or at the Merchants National Bank of Boston.
Due yearly
on Dec. 1 as follows:
$2,000, 1938 to 1949; and $1,000, 1950 to 1957.
The
notes will be certified as to genuineness
by the Director of Accounts, De¬
partment of Corporations and Taxation, Commonwealth of Massachusetts.
name rate
•
1, 1937.
Bank. Milford
MERRIMAC,
award
Mass.—NOTE SALE—Wrenn Bros. & Co. of Boston
an
issue of $10,000 notes at 0.58% discount.
Due
of
Other bidders
were:
Bidder—
in
Water bonds
Levy
SALEM, Mass.—NOTE SALE—The $500,000
revenue anticipation notes
145, p. 3380—were awarded to the Naumkeag
0.35% discount basis.
The notes are dated
Nov. 22, 1937 and will be payable $100,000 March 24, 1938, $100,000
April 21, 1938; $100,000 May 26, 1938, and $200,000 Oct 27, 1938.
The
Second National Bank of Boston bid 0.351% discount.
offered
Trust
Nov.
on
Co.
of
financing necessary.
1963
1933 and 1934
were
cared for by
Dated Oct.
1,
1937 and due serially from 1940
inclusive.
Financial Statement
Assessed valuation of city
Total bonded debt
General
-
$9,571,305.00
145,600.00
obligation serial
bonds to be retired
$15,000 a year for the next eight years.
Special assessment bonds to be paid by special
assessment against property improved. Last
$120,000.00
bond will be retired in 1942
Bonds
25,600.00
authorized not issued special assess¬
ment for pavements
$47,500.00
Tax Collection Record—Fiscal Year Aug. 1
Taxes
collected pay expenses for current year.
xl937
1936
eral
or
1935
1934
gen¬
property.tax.....$114,738.06 $104,790.00 $104,483.61
$91,522.35
Uncollected at end of tax
fiscal year
as of Nov. 1,
or
8,714.60
16,136.99
13,366.57
7,794.88
9,762.58
5,960.59
Uncollected
1937
x
11,567.42
Current.
Delinquent
1937
$2,226,998.00 $2,269,587.00 $1,995,623.00
3,555.70
137,963.78
767,227.18
Uncollected to date.
Tax anticipation notes due in
refunding bonds in the amount of $28,000, with interest at 4% and
NILES, Mich.—BONDS NOT SOLD—Walter Enger, City Clerk, states
held, $44,946.78; tax title loan, none; total uncollected taxes
prior to 1935, $1,059.80.
1936
$51.00
that the sale of $230,000 4% sefl-liquidating sewer revenue bonds which
was scheduled for Nov. 18—V. 145,
p. 3230—was postponed, pending the
award of construction contracts in order to determine the actual amount
Tax titles
1935
Par
maturities from 1939 to 1950.
>
hand
1947.
callable
Total ad valorem
$58,330,870.0
1,629,000.00
261,000.00
430,000.00
Premium
4%
4%
plan for the above district is 90% completed.
Plan provides for exchange
of $285,000 refunding bonds for a like amount of old bonds, the new securi¬
ties being dated July 1, 1937, due in 1967, with a callable feature, and
bearing interest at 3% for the first five years and thereafter at the rates
carried in the original bonds.
Past due interest to Dec. 1, 1936 amounting
to $53,000 was refunded for 3% callable certificates of indebtedness, due
to
Financial Statement Nov. 1, 1937
Int. Rate
LAK.E TOWNSHIP SCHOOL DISTRICT NO. 1, Mich.—REFUND¬
ING REPORT—Cray, McFawn & Co. of Detroit report that the refunding
of
PITTSFIELD, Mass.—NOTE OFFERING—H. Edward Hayn, City
Treasurer, will receive bids until 11 a. m. on Nov. 30 for the purchase at
discount of $200,000 revenue anticipation notes for the current
year.
Dated Nov. 30, 1937.
Denom. $25,000, $10,000 and $5,000.
Due Nov.
25, 1938.
Said notes will be authenticated as to genuineness and validity
by the First National Bank of Boston, under advice of Messrs. Ropes,
Gray, Boyden & Perkins (Boston), and all legal papers incident to this
issue will be filed with said bank, where they may be inspected.
Notes will
be delivered on or about Wednesday, Dec. 1, 1937, at the First National
Bank of Boston, 17 Court Street office, Boston, for Boston funds, and are
payable at the First National Bank of Boston, in Boston, or at the Central
Hanover Bank & Trust Co., in N
Y. City.
on
inclusive.
Bidder—
Board of Park and Cemetery Trustees
McDonald, Moore & Hayes, Grand Rapids
0.59%
0.68%
Assessed valuation, 1937
Total bonded debt
us that the
following bids were rejected at the offering on Nov. 17
$13,365 not to exceed 5% interest special assessment street improvement
Dated Nov. 1, 1937 and due $1,485 on Feb. 1 from 1939 to 1947
bonds.
Discount
First National Bank of Boston
Merchants National Bank of Boston
Cash
4%
HOLLAND, Mich.—BIDS REJECTED—Oscar Peterson, City Clerk,
of
Bancamerica-Blair Corp
Estabrook & Co._
obtained
proposal.
DISTRICT, Mich.—BOND SALE—An issue
gymnasium-auditorium bonds has been sold to Samuel J.
Long of Croswell.
Dated Sept. 1, 1937.
Denom. $500.
Due as follows:
$1,500 from 1938 to 1941 inclusive and $2,000 in 1942.
of $8,000
informs
bids:
Aug. 19, 1938.
each
accompany
$79,394,500
3,407,000
399,000
30,000
-
Bidder
surer,
BENTON HARBOR. Mich.—BOND OFFERING—John F. Null, City
Clerk, will receive sealed bids until 4p.m. (eastern standard time) on Dec.
6 for the purchase of $98,000 special assessment public improvement bonds,
being direct full faith and credit obligations of the city.
Dated Oct. 1,
1937.
Denom. $1,000.
Due Oct. 1 as follows: $11,000 irom 1939 to 1946
incl. and $10,000 in 1947.
Bidder to name the rate o* lowest.
Principal
and interest (A. & O.) payable at the
City T^easu er's ouice.
City to
furnish transcript of proceedings; successful bidder to furnish
legal opinion
and to pay cost of
printing bonds.
A certified check for $2,000 must
CROSWELL SCHOOL
Sinking funds other than water
Population 1934, census, 62,000.
Other
and
of Nov. 15, 1937
Asssessed valuation 1937
Total debt (present loans included).
Water debt, included in total debt
A. T. T. Tel. DET 347
Telephone CHerry 6828
1
collected by County Treasurer and he has not
settled for collections received by him in August which will materially reduce
outstanding taxes as many people took advantage of Michigan's moratorium
on taxes which expired on Sept.
1, 1937, for years above.
Estimated population of city, 12,000.
taxes
are
22—V.
Salem
on
a
SOMERVILLE, Mass.—BONDS OFFERED PUBLICLY— Brown, HarF. L. Putman & Co. of Boston are offering to investors an
issue of $160,000 2^% relief bonds, dated Oct. 1, 1937 and payable serially
on Oct. 1 from 1938 to 1947.
The offering is being made at prices to yield
riman & Co. and
OWOSSO, Mich.—NOTE OFFERING—G. A. Van Epps, City Clerk,
2p.m. (Eastern Standard Time) on Nov. 29,
$21,900 not to exceed 6% interest general obligation tax
anticipation notes.
Dated Nov. 1, 1937.
Three notes of $5,000 each;
six of $1,000 each, and one note in amount of $900.
Due Sept. 25, 1938.
Interest payable May 1 and Sept. 25, 1938.
Principal and interest pay¬
will receive sealed bids until
for the purchase of
able at the City Treasurer's office.
pay
the cost of printing the notes.
each proposal.
City will furnish the legal opinion and
A certified check for $300 must accom¬
pany
from
.90% to 2.25%, according to maturity.
The bankers paid a price of 100.50 for the issue, a basis of about 2.40%.
SPRINGFIELD, Mass.—NOTE SALE—The issue of $500,000
POWELL
revenue
notes o fered on Nov. 23 was awarded to the Merchants National Bank of
Boston, at 0.30% discount, plus a premium of $10.
Due as follows: $400,000 on Aug. 11, 1938 and $100,000 Oct. 5, 1938.
Second high bidder was
Jackson & Curtis of Boston, the rate being 0.31%.
Tax
Collections
Tax for 1937 collected
75.5%
Tax for 1936 collected
99.8%
99.9%
Tax for 1935 collected
Tax
titles
reduced from
on
Jan.
1,
1935 to $434,828,
ROYAL
.31%
.327%
.34%
x.35%
.35%
.367%
Whiting, Weeks & Knowles, Boston
Second National Bank, Boston
Washburn & Co., Inc., Boston
The First National Bank of Boston
The First Boston
Corp., Boston
.369%
Bancamerica-Blair Corp, Boston
.375%
Day Trust Co., Boston
Bankers Trust Co., New York
R. L. Day & Co., Boston
x Plus $1.25 premium.
.39%
WALTHAM,
Mass.—BOND
.44 %
.46%
SALE—The
$40,000
coupon
municipal
relief loan bonds offered
on Nov. 24 were awarded to Estabrook & Co. of
bid of 100.34 for 2Ms, a basis of about 2.19%.
Dated Dec. 1,
1937.
Due $4,000 yearly on Dec. 1 from 1938 to 1947.
The First Na¬
tional Bank of Boston bid 100.25 for 2Ms.
Boston
on a
WORCESTER,
offered
on
Nov. 23
Mass.—NOTE
were
SALE—The $400,000 revenue notes
awarded to the Bancamerica-Blair Corp. of Boston
.267% discount basis.
Dated Nov. 24,1937 and payable July 20, 1938.
The First National Bank of Boston bid .29% discount plus $1 premium.
on a
MICHIGAN
BAY
CITY, Mich.—BOND OFFERING—O. A. Kasemeyer, City Com-
Stroller, will the purchase of $300,0004not m. exceed 3% interesttime) on
Tov. 29 for receive sealed bids until
p. to (eastern standard general
obligation bridge construction bonds.
This issue was approved at the
June 8, 1937 election.
Bonds are dated Dec. 1, 1937.
Due Dec. 1 as
1938\*md 1939; $15,000, 1940 to 1945 incl.; $17,000 in
1956 and 1957.
Principal and semi-annual interest payable at the City
Treasurer's office.
City to furnish bonds and success ul bidder to furnish
legal opinion.
A certified check for 2% must accompany each proposal.
follows- $13,000 in
Big
Bay),
Nov. 30, for the purchase of $28,000 not to exceed 5% interest coupon,
registerable as to principal only, school building bonds.
Dated Sept. 15,
1937.
Due $7,000 on March 15 from 1939 to 1942, incl.
Principal and
interest (M. & S. 15) payable at the office of the Treasurer of the Board of
Education.
Successful bidder to pay cost of the printing of bonds and
ROUGE,
Mich.—BOND
ditions are more favorable.
Jackson & Curtis, Boston
Leavitt & Co., New York
O.
on
RIVER
Discount
*
(P.
ISSUE
REPORT—Raymond
J.
Peters, City Clerk, reports that the $368,000 4% refunding bonds for which
bids were rejected on Sept. 9, will be readvertised when market con¬
were:
Bidder—
DISTRICT
all
on
Nov. 1, 1937.
Other bids
SCHOOL
legal opinion.
Tax for 1934 collected
99.9%
All previous taxes collected..100.0%
$1,533,587,
TOWNSHIP
Mich.—BOND OFFERING—Mrs. Bertha Raymen, Secretary of the Board
of Education, will receive sealed bids until 5p.m. (Central Standard Time)
OAK
TOWNSHIP,
-
Oakland
County,
Mich.—REFUND¬
TO BONDHOLDERS—Matthew Carey, 2149
Detroit, and H. V. Sattley & Co., Inc., Hammond
Bldg., Detroit, joint refunding agents for the above township, are advising
holders of township bonds as follows in connection with a revised plan of
refunding approved by the Township Board on Oct. 26, 1937:
On Dec. 21, 1936, the Township Board adopted a resolution providing
for the refunding of all of its funded indebtedness as of Oct. 1, 1936.
Re¬
funding agents had been engaged Aug. 15, 1936, and the interest require¬
ments of a refunding plan were anticipated in the 1936 debt service levy
authorized in October, 1936.
The financial condition of the township necessitated the refunding of all
interest maturing to the date proposed for the refunding obligations.
No
statutory authority existed for the refunding of 1935 and 1936 interest and
the expedients proposed for the disposition of such interest were not satis¬
factory to the Public Debt Commission.
Consummation of the refunding
plan was, therefore, delayed pending passage of supplemental legislation at
ING
PLAN SUBMITTED
Union Guardian*Bldg,,
•
the 1937 session. A revised plan was approved by the Board on Oct. 26, 1937, and is sub¬
mitted herewith.
It retains the Oct. 1, 1936, dating for the refunding
bonds, because provision for 1937 interest thereon has already been made.
increased from 3.93% to 4.10%—provi¬
The average interest rate has been
sion is made for 2% interest on the
interest refunding certificates, and some
made and improvements added.
During the period in which the township has been in default, collections
of delinquent taxes and special assessments have not alwasya been allocated
as originally pledged.
These pledges have been complex and, in view of the
difficulties involved in a dedtailed analysis and the fact that the refunding
plan simplifies this situation and makes adequate provision for interest and
retirement of principal, it has been decided to clear the slate and go forward
minor changes have been
from here.
The Township Board feels that the return of delinquent properties to a
taxpaying basis would be accelerated ( and the security of the refunding
bonds enhanced) by permitting interest refunding certificates to be used
in payment of delinquent taxes and instalments of special assessments.
The Board has conditioned its approval of interest bearing (2%) certificates
Financial
3534
upon bondholders optioning $50,000 par
authorized) to the Board for
value of certificates (50% of the
period of six months following the
65 flat.
The Board
a
time they are available for distribution, at a price of
plans to offer the optioned certificates to taxpayers.
The plan is now before the Debt Commission.
Before taking final
favorable expression from a sub¬
Debt Commission ap¬
proval and early consummation of the plan will be expedited by a prompt
expression from you on the formj)rovided.
action,
the
Commission
will
require
stantial proportion of the bond
a
and note holders.
_________
T
ST.
CHARLES, Mich.—BONDS VOTED—The residents of the village
recently voted approval of $41,000 water supply bonds.
|
F ST.
CLAIR,
Mich.—BOND
OFFERING—Gertrude
German,
City
Clerk, will receive sealed bids until 7:30 p. m. (Eastern Standard Time)
Nov. 30, for the purchase of $57,500 not to exceed 5% interest bonds,
on
divided
as
follows:
•*
"
"*
*?_
$42,500 special assessment bonds.
Due Oct. 15 as follows:
$12,500 in
*
1939, and $6,000 from 1940 to 1944, incl.
i 15,000 general obligation paving and street improvement bonds.
Due
Oct. 15 as follows:
$2,000 from 1939 to 1944, incl. and $3,000 in
———
1945.
"*
-
_
of
approving legal opinion of Miller, Canfield, Paddock & Stone
Detroit, and the bonds.
or
APPLETON
INDEPENDENT
CONSOLIDATED
SCHOOL
DIS¬
TRICT NO. 1 (P. O. Appleton), Minn.—BOND ELECTION—A special
election will be held on Nov. 30 for the purpose of voting on a proposal to
jssue $35,000 warrant funding bonds.
BAYPORT
INDEPENDENT SCHOOL DISTRICT NO. 15 (P. O.
Minn.—BOND OFFERING—Sealed bids will
be
received
3, by C. E. Alvin, District Clerk, for the purchase of
a $50,000 issue of
building bonds.
Interest rate is not to exceed 3%, pay¬
able J. & D.
Denom. $1,000.
Dated Dec. 1, 1937.
Due $2,000 from
Dec. 1, 1939 to 1963, Incl.
The district reserves the right to pay all or
any part of the bonds maturing from 1952 to 1963, on Dec. 1, 1951.
Prin.
and int. payable at the First National Bank, St. Paul.
The approving
opinion of Junell, Fletcher, Dorsey, Barker & Colman, of Minneapolis,
will be furnished.
A certified check for 2 % of the bonds bid for, is required.
Bayport),
until 7 p. m. on Dec.
BRECKENRIDGE, Minn.—CERTIFICATE OFFERING— Ruth Hamilton, City Clerk, will receive bids until 8 p. m. Dec. 6 for the purchase at
not less than par of $60,000 4% refunding permanent
improvement revolv¬
ing fund certificates of indebtedness.
Denom. $1,000.
Dated Dec. 1,
1937.
Interest payable June 1 and Dec. 1.
Due on Dec. 1 as follows:
$2,000, 1942; $5,000, 1943 to 1953; and $3,000, 1954; redeemable on any
interest payment date.
Certified check for $6,000, payable to the City
Treasurer, required.
hi
CROOKSTON.
Minn.—WARRANT SALE— The $1,616.30 improve^
ment warrants offered on Nov. 23—V. 145,
p. 3230—were awarded to the
Polk County State Bank of Crookston on a bid of par for 3s.
HENNEPIN COUNTY (P. O. Minneapolis), Minn.—HOMESTEAD
TAX ACTION APPROVED—Judge E. A.
Montgomery
of
Hennepin
County District Court on Nov. 16 upheld in Minneapolis the Board of
Education's disregard of homestead tax exemptions In
fixing its 1937 tax
levy at $5,960,000.
The Court sustained demurrers entered
on behalf of the city and
county
a
taxpayer's suit attacking the validity of the levy and asking for an
interpretation of the statute under which it was made.
► An appeal will be taken immediately to the Supreme Court.
Norton M.
Cross of plaintiff's counsel said that notice of
appeal already has been
prepared and was to be served. Counsel for both sides will request an
early hearing so that the case will not delay the spreading of the tax
levy.
to
MINNEAPOLIS, Minn.—DETAILS ON SINKING FUND SALE—
connection with the report given in these columns
recently that the
Sinking Fund Commission will offer for sale on Nov. 30 a total of $650,000
city bonds, in which the sinking funds of the city have been invested, it
is now stated by O. J. Turner,
Secretary of the Board of Sinking Fund
Commissioners, that the sale will be made on both sealed and auction bids.
In
Semi-annual coupon bonds in the denomination of
$1,000 each.
bonds bear interest at the rates per cent and mature at
various
specified in the following schedules:
Sewage System Bonds
Date Due—
June
June
June
June
June
June
June
June
June
June
June
June
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1,1950
1,1951
1,1952
1,1953
1,1954
1,1955
1,1956
1,1958
1,1959
1,1961
1,1962
1,1963
1,1964
1,1946
1,1947
1,1948
1,1949
1,1950
1,1951
1.1952
1,1953
1,1954
1,1955
Int. Rate
3.5%
3.5%
3.5%
3.5%
3.5%
Amount
Date Due—
3.5%
3.5%
3.5%
3.5%
3.5%
40,000
3.5%
3.5%
2.9%
2.9%
2.9%
2.9%
40,000
20,000
10,000
21,000
21,000
21,000
3.5%
2.9%
11,000
2.9%
2.9%
2.9%
2.9%
2.9%
21,000
21,000
21,000
22,000
22,000
Said
dates
Int. Rate
are
received for all
Date Due—
or none.
of said bonds.
The above offerings are made by authority of the City Council of Minne¬
apolis under date of Feb. 11,1937 and Oct. 29, 1937.
MARTIN COUNTY INDEPENDENT SCHOOL DISTRICT NO. 89
(P. O. Welcome) Minn.—BOND SALE— The $31,000 issue of school
building bonds offered for sale on Nov. 23—V. 145, p. 3230—-was pur¬
chased by the Welcome State Bank, according to the District Clerk.
Dated
Jan. 1, 1938.
Due from Jan. 1, 1940 to 1954; redeemable on any interest
payment date.
'
CLEVELAND, Miss.—BONDS SOLD—It is reported that $12,000 AH %
semi-ann. bonds were purchased by the First National Bank of Memphis,
divided as follows:
$8,000 special street improvement, and $4,000 street
intersection bonds.
Dated Oct. 1, 1937.
The total bonded debt of the Cleveland municipality is $285,000 as comI ayor W.
Sared with W. Simmons. Dec. 31 in 1929, according to announcement of
$302,500 on
On June 5, 1928, according to a resolution adopted by the mayor and
board of aldermen on that date, the total bonded debt of the city amounted
$276,500 and between that date and Dec. 31, 1929, other bonds amount¬
$22,000
22,000
22,000
22,000
22,000
22,000
22,000
22,000
5,000
property in the city
The total assessed valuation of all property in
amounted to $2,425,550.
the city according to the last completed assessment roll is
$2,205,000.
COLUMBUS,
Miss.—BOND SALE—The
$25,000
bonds described
below, which were offered on Nov. 23—V. 145, p. 3381—were awarded to
Cady & Co. of Columbus and M. A. Saunders & Co. of Memphis, as 3^s,
at par plus a premium of $35, equal to 100.14, a basis of about 3.48%:
$15,000 street intersection refunding bonds.
Denom. $500 and $1,000.
Due $1,500 yearly on Jan. 1 from 1940 to 1949.
10,000 general refunding bonds.
Denom. $1,000.
Due $1,000 yearly
on
Jan.
1
1940 to 1949.
from
Dated Jan. 1, 1938.
Prin. and semi-annual int. payable at the Central
Hanover Bank & Trust Co., in New York.
The Whitney National Bank
New Orleans offered a premium of $30 for 3H % bonds.
Int. Rate
1,1946
1,1947
1,1948
1,1949
1,1950
1,1951
1,1952
1,1953
1,1954
1,1955
2.9%
2.9%
2.9%
2.9%
l'l%
2.9%
2.9%
2.9%
2.9%
2.9%
of
HATTIESBURG, Miss.—BOND SALE—The $75,000 refundingbonds
offered on Nov. 19—V. 145, p. 3230—were awarded to Dane & Weil of
New Orleans and the Equitable Securities Corp. of Nashville as 4s at par
plus premium of $211.50, equal to 100.282, a basis of about 3.98%.
Due
on Dec. 1 as follows:
$1,000, 1942 to 1947; $2,000. 1948; $3,000. 1949 to
1957, and $4,000, 1958 to 1967.
HATTIESBURG, Miss.—BONDS OFFERED TO PUBLIC— The $75,000
Issue of refunding bonds that was purchased on Nov. 19 by Dane & Weil,
of New Orleans, as noted in these columns as 4s, at a price of 100.282, a
basis of about 3.98%, is being offered by the successful bidder for general
investment
priced
103 and accrued interest, to yield about 3.48% to
at
callable date and 4.00% thereafter. Dated Dec. 1,1937. Due from Dec. 1
1942 to 1967 incl.
Callable In inverse order of numbers and maturities a
par and accrued
interest
on
June 1,
thereafter
on
30 days' notice.
Trauernicht, of St. Louis, Mo.
1944, or any interest payment date
Legality to
be approved
by Charles &
HURLEY CONSOLIDATED SCHOOL DISTRICT (P. O. Pacagoula)
Mis*.—BONDS SOLD TO PWA—It is stated by the Jackson County
Superintendent of
building bonds
the Board of Education that $16,500 4%
were
semi-annual
purchased by the Public Works Administration, as
4s at par.
MONTICELLO, Miss.—BOND OFFERING—Joseph Dale, Town Clerk,
11 a. m. Nov. 29 for the purchase of an issue of
$30,000 5% registered water works and fire department bonds.
Dated
Nov. 1, 1937.
Prin. and semi-ann. int. (May 1 and Nov. 1) payable at
Town Treasurer's office.
Due annually as follows: $500, 1938 to 1941;
$1,000, 1942 to 1944; $2,000, 1945; $1,000, 1946; $2,000, 1947 to 1952;
$3,000, 1953 and 1954, and $4,000 in 1955; redeemable in inverse order on
any interest payment date at par plus a premium of M % for ©ach year
or part of a year, but not to exceed 2H%Sale will be made subject to
approval of the State's Bond Attorney.
*
will receive bids until
.
_
________
"is stated by Attorney
offering on Nov. 19 of the above bonds—Y. 145
p. 3230—they were not sold.
It Was decided at that time to make the
said re-offering.
.
PREVIOUS
UNSUCCESSFUL OFFERING—It
at the
Amount
2.9%
2.9%
2.9%
2.9%
2.9%
2.9%
2.9%
2.9%
2.9%
1,1956
1,1957
1,1958
1,1959
1,1960
1,1961
1,1962
1,1963
1,1934
Work Relief Bonds
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
bids
C. E. Gibson that
Sewage System Bonds (Cpncluded)
$4,000 Sept.
9,000 Sept.
4,000 Sept.
5,000 Sept.
10,000 Sept.
10,000 Sept.
18,000 Sept.
18,000 Sept.
40,000 Sept.
40,000
no
ing to $50,000 were issued while $24,000 was paid.
At that time the total assessed valuation of all
MINNESOTA
June
unless
The securities will be accompanied by certified copies of the approving
opinions of the attorneys who passed upon the legality of original issues
to
In ^
1937
MISSISSIPPI
WADHAM SCHOOL DISTRICT (P. O. Port Huron, Route No.
3)7
Mich.—BOND OFFERING—Sealed bids will be received by V. D. Harner,
School Director, until Nov. 27 for the purchase of $5,000 building bonds.
t
21,
bearing 2.9% interest to and including the date of sale.
The successful
bidder (or bidders) will be required to pay, in addition to the purchase
price, accrued interest on the face value of the various securities at the
rates of interest thereon for any delay In accepting and paying for the
securities beyond the date of sale, including the day of payment.
Bids for less than the full amount of the securities offered will not be
considered unless and until all bids for all or none thereof have been rejected,
___
Each issue is dated Oct. 157*19377 Principal and semi-annual interest
(A. & O. 15) payable at the Commercial & Savings Bank of St. Clair.
A
certified chedc for 5% of the amount of bonds bid for, payable to the order
of the City Treasurer, must accompany each
proposal.
The city will
furnish the
Nov.
.
amount
Chronicle
______
SARDIS, Miss.—BOND OFFERING—A.
B. Friend,
City"^lerkTwill
receive bids until 7:30 p. m. Dec. 7 for the purchase of $15,000 4% street
paving
bonds.
Denom. $1,000.
Dated Jan. 1,
1937.
Principal and
(Jan. 1 and July 1) payable at the Bank of Sardis,
semi-annual interest
Due serially on Jan. 1 from 1938 to 1952.
SENATOBIA SEPARATE SCHOOL DISTRICT (P. O. Senatobia),
LOAN
CANCELED—It
is
stated
by
Harper Johnson.
Miss.—PWA
Town
Clerk, that
the sale
on
Nov.
17
of the $57,000
4%
semi-annual
building bonds to E. E. Moore of Senatobia, as reported in these columns
—V. 145, p. 3382—cancels the loan of like amount approved by the Public
Works Administration in August.
Amount
$2,000
2,000
2,000
2,000
2,000
2,000
2.000
2,000
2,000
2,000
All bonds
baring interest at the rate of 3.5% were issued June 1, 1934;
bonds bearing interest at the rate of
2.9% were issued Sept.
MISSOURI
BARNARD-BOLCKOW DRAINAGE
DISTRICT (P. O. Maryville),
with the sale of the $64,000
Mo.—RFC SALE DETAILS—In connection
(not $61,500) 4% refunding bonds to the Reconstruction Finance Corpora¬
tion, as noted in these columns last July, we are now informed that the bonds
are in the denom. of $1,000 each and mature as follows: $1,000, 1939 to
1941; $1,500, 1942 to 1950; $2,000, 1951 to 1957; $2,500, 1958 to 1962;
$3,000, 1963 to 1966; $3,500,1967 and 1968, and $1,000 in 1969.
HERCULANEUM SCHOOL DISTRICT (P. O. Herculaneum) Mo.—
BOND SALE DETAILS—We are now informed by the Secretary-Treasurer
1, 1935.
1 he sewage system bonds were
issued with the approval of Chapman
*™Ftler of Chlca?0; the work relief bonds were issued with the approval
of Thomson, Wood & Hoffman of New
York City.
Interest
coupons^due Dec. 1, 1937, on all bonds bearing interest at the
rate of 3.5%, will be
removed, said bonds being offered for sale subject to
purchased by the Bank of Pevely, as noted^in these columns recently—
N. 145, p. 3382—were sold as 4s, at a price of 101.00.
Coupon bonds, regis¬
tered in the office of the State Auditor.
Dated Dec. 1, 1937. Due in from
The bonds will have attached interest
coupons for all interest instalments
due subsequent to the year 1937.
HILL, Mo.—PRICE PAID—It is now reported by the
City Clerk that the $13,500 paving bonds and the $500 water extension
bonds purchased by the Pleasant Hill Bank, as noted here recenly—V.
145, p. 3230—were sold as 4s, at a price of 100.025.
such removal.
to
the provision that the
reject any or all bids.
Sealed
favorable, subject
Sinking
Fund
Commission
reserves
the
right
bids will be received until
10 o'clock a. m. of the date of sale,
and open bids will be asked for after that hour.
Each proposal and sub¬
scription must be addressed to the Sinking Fund Commssion, care of H. C.
Brown, City Treasurer, City Hall, Minneapolis, Minn., and be accom¬
by a certified check (or bank cashier's check) payable to H. C.
Brown, City Treasurer, for an amount equal to 2% of the amount of the
obligations bid for, to be forfeited to the city in case the purchaser refuses
to pay for the obligations when
ready for delivery.
Proposals and sub¬
scriptions must state the total number of obligations bid for, and total
amount offered therefor, including accrued interest from the date of
sale
panied
to and including the date of payment.
Bidders will be required to bid the total number of dollars offered for
any of said securities, said bid to include accrued interest on the securities
three to 20 years.
Denom. $500.
building addition bonds
Interest payable J. & D.
PLEASANT
^.^^tioo to the purchase price, purchasers will be required to pay
the Sinking Fund Commission 30 cents
per each $1,000 of securities pur¬
chased to apply on the cost to the Commission of
conducting this sale and
of delivering the securities to the
purchaser.
Delivery will be made at
the office of the City Treasurer,
Minneapllis, Minn., or at any National
bank in Chicago or New York
City satisfactory to the purchasers, any
charge made by said bank for delivery service to be paid by the purchasers.
Said obligations will be sold to the bidder
(or bidders) offering bids
complying with the terms of this sale and deemed most
to
of the Board of Education, that the $17,000 school
ST. JOSEPH SCHOOL DISTRICT (P. O.
St. Joseph), Mo.—BOND
7:30 p. m on Dec. 13, by
Secretary, for the purchase of an $80,000 issue of coupon
refunding bonds.
Bidders are tojuame a single rate of interest in multiples
of H of 1%.
Denom. $1,000.
Dated Feb. 1, 1938.
Due on Feb. 1,
1958.
Prin. and int. (F. & A.) payable in lawful money at the Guaranty
Trust Co., New York. These bonds are issued for the purpose of providing
funds for the refunding of previously voted bonds of a like amount.
It is
the intention of the Board of Education to require the amount of the bid
to be deposited with'the Guaranty Trust Co., New York, where this issue
of bonds will be delivered and funded issue will be taken up; the deposit
check will there be returned.
No interest will be allowed on such check.
A $2,500 certified check, payable to the district, must accompany the bid.
OFFERING—Sealed bids will be ^received until
T. E. Dale, District
WEST PLAINS SCHOOL DISTRICT (P. O. West Plain*), Mo.—
ADDITIONAL INFORMATION— In connection with the report given
in these columns recently that $50,000 school building bonds had been
sold—V. 145, p. 3230—we are informed by M. M. PYeeman, Secretary of
the School Board, that the district contracted to sell these bonds to the
Commerce Trust Co. of Kansas City, Mo., on a when issued basis, but
up to the present
the Federal Government has not
approved the expected
The bonds will
the proposed construction.
is not forthcoming.
grant of $79,000 to be used on
not be issued if the grant
Volume
Financial
145
MENDHAM, N. J.—BONDS APPROVED ON FIRST
MONTANA
CHOUTEAU COUNTY SCHOOL DISTRICT NO. 44 (P. O. Geraldine), Mont.—BOND SALE—The $15,000 issue of refunding bonds offered
on Nov. 18—V. 145, p. 2890—was purchased by the State Board of
for sale
Land Commissioners, as 4Hs. at par,
payable on the amortization plan,
according to H. M. Magnuson, Clerk or the Board of Trustees. No other
bid was received.
LEWIS AND CLARK COUNTY SCHOOL DISTRICTHOTlSlPrO.
Wolf Creek), Mont.—BOND OFFERING—N. C. Wirth, District Clerk,
receive bids until 2 p. m. Dec. 18 for the purchase of $6,500 school
will
building bonds.
Amortization bonds will be the first choice and serial bonds will be the
second choice of the School Board.
If amortization bonds are sold 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
annual installments during a
period of
are
issued tney
of $1,300 will
sum
Nov. 15 the Borough Council gave first reading to an
the issuance of $33,000 general refunding bonds.
issue.
Board of Land Commis¬
the sum of $100, payable
to the order of the Clerk.
SAVAGE HIGH SCHOOL DISTRICT NO. 7 (P. O.
Savage), Mont.
building
—BOND SALE POSTPONED—'The $35,000 issue of high school
bonds scheduled to be offered for sale on Nov. 20, as noted in these
columns
p. 2890—was not awarded at that time because the offering
postponed, according to Frank Balogh, District Clerk.
Due
in 20 years; optional after five years.
—V.
date
145,
was
SHELBY SCHOOL DISTRICT, Mont.—BONDS VOTED—At"a recent
a proposition to issue $35,000 school building bonds was approved
by the voters of the district.
election
BRUNCWICK* N. J.—BOND ISSUE REPORT—The $250,000
NEW
BERGEN
NORTH
TOWNSHIP,
N.
J.—NEW PAYING AGENT—
Mayor Paul F. Cullum advises holders of refunding bonds dated Dec. 1,
1936, as follows:
The Seaboard Trust Co. has resigned as paying agent of the Township of
North Bergen refunding bonds dated Dec. 1, 1936.
Their resignation has
been
accepted by the Board of Commissioners of the Township of
North
Bergen.
Inasmuch
because
as
they
Central
the
were
Hanover
Bank
Trust Co.
&
was
appointed
the correspondents of the Seaboard Trust Co., it has
been deemed advisable to
appoint new paying agents.
therefore advised that the interest coupons on the above men¬
tioned bonds due Dec. 1, 1937 and all future coupons, will be payable at
You
are
Trust Co., 57 William St., New York, N. Y., or at your
option, at the Hudson County National Bank, 75 Montgomery St., Jersey
City, N. J., instead of as heretofore.
Trusting that this change of paying agents will not inconvenience you,
I remain,
Very truly yours,
the Colonial
The bonds will be sold for not less than their par value with accrued In¬
terest, and all bidders must state the lowest rate of interest at which they
will purchase the bonds at par.
All bids other than by or on behalf of the State
sioners must be accompanied by a certified check in
READING—On
ordinance authorizing
funding bonds proposed to be issued will be dated Dec. 1, 1937.
Denom.
$1,000.
Due $25,000 each June 1 from 1938 to 1947, incl.
Prin. and int.
(J. & D.) payable at the City Treasurer's office.
Legality to be approved
by Caldwell & Raymond of New York City.
Details or the offering are
being handled by R. P. March, City Comptroller.
and interest to be payable in semi¬
five years from the date of issue.
will be in the amount of $1,300 each.
become payable on December 1 1938, and a like
amount on the same day each year thereafter.
The bonds, whether amortization or serial bonds, will bear date of Dec. 1,
1937, and will bear interest at a rate not exceeding 6% payable demiannually, on December 1 and June 1 in each year, and will be redeemable in
full on any interest payment date from and after five years from the date of
bonds
If serial
The
3535
Chronicle
PAUL
COMMITTEE
REPORTS
F. CULLUM,
ON REFINANCING
Mayor.
EXPENDITURES—A
of an audit filed with the North Bergen Township Commission at its
meeting Nov. 17, showed that the Barker Committee, which represented
a large group of bondholders in the refinancing of the municipality, spent
considerably more money than the fees allowed by the township, reports
the "Jersey Observer."
Haskins and Sells, certified public accountants, of New York City,
reported that the comittee's disbursements aggregated $119,182.51.
The
copy
township paid the committee $110,000 upon the adoption of the refinancing
plan.
The report contained a notation to the effect that the audit was as of
May 3 last; that it was not final and that a few small items still outstand¬
ing were yet to be included.
R. D.),
PARSIPPANY-TROY HILLS TOWNSHIP (P. O. Boonton.
N.
J.—BOND SALE—The $86,900 coupon or registered water bonds of¬
on .Nov. 22—V. 145, p. 3393—were awarded to Colyer, Robinson &
fered
NEBRASKA
Co. of Newark, as 4Ms, at a
The
price of 100.64, a basis of about 4.19%.
sale consisted of:
SOLD—It is stated by Raymond L.
Crosson, City Clerk, that the $35,000 refunding bonds authorized by the
City Council on Oct. 25, as noted in these columns—V. 145, p. 3230—
have been purchased by the City Water and Light Department as 2H?
at par.
Denom. $1,000.
Dated Oct. 1, 1937.
Due on Oct. 1, 1947;
optional after five years.
P*HASTINGS,
Neb.—BONDS
$20,000 series A bonds.
CONCORD, N. H.—BOND SALE—The $135,000 coupon storm sewer
on Nov. 26—V.
145, p. 3382—were awarded to the First
Boston Corp. of Boston on a bid of 100.889 for 234s. a basis of about 2.15%.
Dated Nov. 1, 1937.
Due on Nov. 1 as follows: $8,000 1938 and 1939;
and $7,000 1940 to 1956.
Kennedy, Spence & Co. of Boston bid 100.679
for 2Ms.
bonds offered
O. Manchester), N. H.—BOND
SALE—The $25,000 3% coupon farm and hospital bonds offered on
Nov. 22—V. 145, p. 3231—were awarded to Blyth & Co. of Boston on
a bid of 104.414, a basis of about
1.49%.
Dated Oct. 18, 1937.
Due
$5,000 yearly on Nov. 1 from 1938 to 1942 incl.
Other bids uncluded:
HILLSBOROUGH
COUNTY
Name—
(P.
.•
Price Bid
v
104.404
104.2935
103.899
103.52
First Boston Corp., Boston..
Ballou, Adams & Whittemore, Boston
Goldman, Sachs & Co., New York
E. H. Rollins & Sons, Boston
Pi FORT LEE, N. J .—REFUNDING ASSENTS—'The Municipal Finance
Commission reported under date of Nov. 19 that assents to the plan of
refunding for the borough totaled $445,500, which together with assents
not evidenced by specific documents on file makes a grand total of bonds
aggregating $945,500 agreeing to the refinancing.
RIDGEWOOD, N. J.—BOND SALE—The $163,000 improvement bonds
3046—were awarded to the First of
Michgan Corp. and Campbell, Phelps & Co., both of New York, as 23<s,
at par plus a premium of $81.75, equal to 100.05, a basis of about 2.24%.
of 1937 offered on Nov. 23—V. 145 p.
Dated Oct.
1, 1937.
Due Oct. 1 as follows: $15,000, 1938 to 1947; and
Shields & Co. and Washburn & Co., both of New York,
bid, offering a premium of $935.62 for 2^8.
$13,000 in 1948.
submitted the second high
Other
bids:
Int. Rate
Bidder
B. J. Van Ingen &
Co., Inc
Blyth & Co., Inc
Edward Lowber Stokes & Co. and J.N. Hynson &
ran
& Co
John B. Carroll & Co. and Bacon, Stevenson
New
Jersey and General Market Issues
J. S. Ripple & Co. and
H. B. Boland & Co
Schlater, Noyes
B. J. Van
Ingen & Co. Inc.
57 WILLIAM STREET,
Telephone: John 4-5884
N. Y.
$20,000 PARSIPPANY-TROY HILLS, N. J.
4J* % Water Bond., due Nov. 15, 1938-42
Price, to yield 2.25%-3.25%
Colycr, Rofemson % Company
INCORPORATE®
1180
Raymond Blvd., Newark
MArket 3-1718
A. T. & T. Teletype
NWRK 24
York Wire:
REcter 2-2055
New
NEW
~
DUMONT, N. J.—BOND OFFERING—Henry J. Bersch, Borough Clerk,
purchase or $20,000
will receive sealed bids until 8 p. m. on Dec. 3 for the
5% coupon or registered bonds, divided as follows:
Due $1,000 each Oct. 1 from 1938
1950 inclusive.
7,000 sewer assessment bonds.
1945
Due $1,000 each Oct. 1 from 1939 to
inclusive.
Each issue is dated Oct. 1,1937.
Denom. $1,000.
A.C. Allyn & Co., Inc. & E.H.
a
Bid for $162,000 bonds.
In submitting an offer,
Hoyt & Washburn of
furnished the successful bidder.
(The bonds failed of sale at a previous offering on Oct.
New York City will be
18.)
RUTHERFORD, N. J —BOND OFFERING— On Dec. 6 the
Borough Council will offer for sale an issue of $289,000 refunding bonds.
WEAST
DISTIRCT, N. J.—BOND SALE—The
school bonds offered on Nov. 19—
issue of $32,000 coupon or registered
V. 145, p. 3231—was awarded to Van Deventer, Spear & Co. of Newark
as 3.90s at a price of 100.28, a basis of about 3.86%.
Dated Nov. 1, 1937,
and due Nov. 1 as follows:
$2,000 from 1938 to 1950 incl., and $3,000
in 1951 and
1952.
HANOVER TOWNSHIP FIRE DISTRICT NO. 3 (P. O. Cedar
Knoll'-), N. J.—BOND SALE—The district has sold an issue of $16,500
Savings Bank of Morristown as 5s.
fire house bonds to the Morris County
(P. O. Jersey Cry), N. J.—BOND SALE DE¬
TAILS—The $750,000 tuberculosis hospital bonds sold to the! Sinking
Fund Commission, as previously reported in these columns, bear 4% in¬
terest and were sold at par.
HUDSON COUNTY
Rollins & Sons, Inc
w
al,279.80
al,069.20
al ,015.50
NEW YORK
BEACON, N. Y.—BONDS AUTHORIZED—The City Council has
passed an ordinance authorizing the issuance of $56,000 refunding bonds.
CALEDONIA
UNION
FREE SCHOOL
DISTRICT NO.
5
(P. O.
Caledonia), N. Y.—BONDS PUBLICLY OFFERED—Sherwood & Co. and
Rogers, Gordon & Co., Inc., are offering a new issue of $140,000 Town of
Caledonia, New York (Livingston County), Union Free School District
No. 5, 2.90% bonds.
The bonds are priced to yield from 1.00 to 2.90% for
maturities ranging from 1938 to 1962.
They are legal investment. In the
opinion of the bankers, for savings banks and trust funds in New York
State.
the school district, as officially reported on
assessed valuation of $2,263,810. The issue of
offered today will constitute the district's total
The financial statement of
Nov.
11, 1937, shows an
$140,000 of bonds being
bonded debt.
SCHOOL DISTRICT No. 4 (P. O. Chaumont),
OFFERING—Wesley A. Daniels, District Clerk, will receive
6 for the purchase at not less than par of $16,000
coupon, fully registerable, general obligation, unlimited tax, school building
bonds.
Denom. $1,000.
Dated Dec. 1, 1937.
Principal and semi-annual
interest (June 1 and Dec. 1) payable at the Northern New York Trust Co.,
Watertown.
Due $1,000 yearly on Dec. 1 from 1939 to 1954.
Biddders are
to name rate of interest, in a multiple of \i% or 1-10%, but not to exceed
5%.
Cert, check for $500, payable to Florence M. Haas, District Treasurer,
required.
Approving opinion of Clay, Dillon & Vandewater of New York
will be furnished by the district.
bids until 3 p. m. Dec.
MORRIS, N. Y.—BONDS SOLD—The First National Bank of Morris
purchased June 8 last an issue of $7,500 3H% registered water works
improvement bonds at a price of par.
Dated June 1, 1937. Denom. $500*
Due $500 each Dec. 1 from 1937 to 1956 incl. Interest payable J. & D.
NASSAU
COUNTY (P. O. Mineola), N. Y.—BOND OFFERING—
Jr., County Comptroller, will receive sealed bids until
12:30 p. m. on Dec.
SCHOOL
al .022.57
572.27
518.43
409.33
Gardner, Inc. and McBride,
Theodore
EATONTOWN
m
Miller & Co
the bidder is required to consider the entire $20,000 bonds as constituting a
The approving legal opinion of Reed,
619.40
423.80
188.00
m
2*A%
2% %
H. L. Allen & Co
single issue. The bonds cannot be sold for less than par. Principal and
Interest (A. & O.) payable at the Dumont National Bank.
A certified
check for $400, payable to the order of the borough, must accompany each
proposal.
$684.60
N. Y.—BOND
DETAILS
—In connection with the report in these columns of the sale of $100,000 4%
school bonds to the Rutherford National Bank, Carlstadt Branch, we are
advised that the issue was for refunding purposes and was sold at a price
of par.
Dated June 1, 1937 and due serially to June 1, 1964.
Denom.
$1,000.
Coupon bonds, interest payable J. & D.
$13,000 public Improvement bonds.
Premium
m
LYME UNION FREE
JERSEY
CARLSTADT SCHOOL DISTRICT, N. J
to
&
& Co.
Ewing & Co
Newark Tel.: Market 3-3124
A. T. A T.: N. Y. 1-730
$3,000 In
H. B. Boland & Co. of New York, the only other bidder, offered par and
premium of $1,467.50 for 4)^s.
Co., Inc
Fidelity Union Trust Co—
Minsch, Monell & Co. Inc. and Dougherty, Cork-
MUNICIPAL BONDS
1957
incl.
86,900 series B bonds.
Due Nov. 15 as follows: $3,900, 1938;
1939, and $4,000 from 1940 to 1959 incl.
All of the bonds are dated Dec. 1, 1937.
a
HAMPSHIRE
NEW
Due $1,000 each on Nov. 15 from 1938 to
Bedell
2, for the purchase of $2,500,000 not to
exceed 4%
registered bonds, divided as follows:
$1,500,000 land purchase, series H bonds.
Due Dec. 15 as follows: $60,000
from 1938 to 1947, incl. and $90,000 from 1948 to 1957, incl.
interest coupon or
750,000 bridge, series D bonds.
Due Dec. 15, as follows: $30,000
1938 to 1947, incl. and $45,000 from 1948 to 1957, incl.
from
250,000 improvement, series A bonds.
Due Dec. 15 as follows: $20,000
from 1938 to 1942, incl. and $30,000 from 1943 to 1947, incl.
All of the bonds will be dated Dec. 15, 1937.
Denom. $1,000. Bidders
to name the rate of interest In multiples of A or l-10th of 1%, and must
be the same for all of the bonds of each issue, but not be the same for all
of the issues.
Award will be made on the basis of the bid figuring the lowest
Principal and interest (J. & D. 15) payable at
office.
Delivery and payment for the bonds
County Trust Co., Mineola, unless other¬
wise agreed.
The county is authorized and required by law to levy upon all
taxable property of the county such ad valorem taxes as may be necessary
to provide for the payment of both principal and interest on the bonds,
interest cost to the county.
the
County
Treasurer's
awarded to be made at the Nassau
without limitation as to rate or amount.
The bonds will be prepared and
supervision of the Nassau County Trust Co., Mineola.
A certified
$50,000, payable to the order of the County Treasurer, must
accompany each proposal.
The approving legal opinion of Reed, Hoyt «
Washburn of New York City will be furnished the successful bidder.
the
check for
Financial
3536
Trends (as of Nov. 1. 1937)—
$50,169,000 *$53,025,000
6,637,275
43,531,725
2,643,082
50,381,918
833,555,904
840,766,917
7,121,673
Resulting net bonded debt
Taxable
assessed
eluding
valuation
real
of
Operating budget
Cash basis
6,862,129
500,000
reserve
4,277,345
Debt service
Gross budget
*
Tax rate per $1,000
*
Includes County
4.526.838
11,648,511
11,639,474
*$11.43
*$11.85
Police district tax, Armory, Supreme Court tax.
Gross debt
.$53,025,000
..
....
I
...
.
6,421,550
59,446,550
Deductions—
1199334657654- 8
Sinking funds (cash) held for tax
Cash
Cash
revenue
bonds
hand and held for the payment of outstanding bonds.
hand and held for the payment of outstanding tax
on
on
as
1,016,082
1,627,000
anticipation notes issued against 1935-36 school taxes
Cash on hand and held for the payment of outstanding tax
anticipation notes issued against 1936-37 school taxes
Cash on hand and held for the payment of notes issued for
emergency relief purposes and public works (WPA ma¬
terials and supplies)
183,602
436,063
971,262
—
$4,234,009
Net debt
_.$55,212,541
Unfunded Debt (as of Nov. 1, 1937)—
obligations:
1937 county tax notes (due December and January)
$1,055,000
1936-37 school tax notes (due December, January and March)
1,724,400
Tax delinquent obligations:
1936 county tax notes (due December).
;
1,750,000
1935-36 school tax notes (due December and January).
800,000
A. S. Huyck & Co
PELHAM
MANOR,
N.
Y.—BOND OFFERING—Gervas H.
Kerr,
Village Clerk, will receive sealed bids until 10 a. m. on Dec. 1 for the
purchase of $48,000 not to exceed 6% interest coupon or registered bonds,
—
All of the bonds will be dated
992,150
(due No¬
100,000
Total unfunded debt.
$6,421,550
Sinking Funds (as of Nov. 1, 1937)—
Cash
$1,016,082
Bonds of this municipality.
Other obligations of this municipality (specify).
All other sinking fund assets (taxes)
1,149,089
Total
$2,165,171
Tax Collection
Fiscal Year
Total
Beginning
at End
General
or
Tax
Property Tax
$17,484,230
12,334,548
13,765,867
13,711,837
School Tax
Levy
$7,087,362
7.402,664
8,241,300
8,870,840
*Tax became
a
lien Oct.
of
or Fiscal
Year
Uncollected
at
Approxi¬
Available Date
mately Same
Nov. 1, 1937
Date Last Year
$655,016
734,889
1,557,216
2,402.936
$901,384
1,623,629
3,165,383
$1,794,394
1,713,121
1,725,751
Rate of
payable at the Chemical Bank & Trust Co., New York City.
Bids are
required to be on forms which will be furnished by the Continental Bank &
Trust Co., New York, which will certify as to the genuineness of the signa¬
tures of the village officials and the seal thereon.
The bonds are general
obligations of the village, payable from unlimited taxes.
A certified check
for 2% of the bonds bid for must accompany each proposal.
The approving
opinion of Caldwell & Raymond of New York City will be furnished the
successful bidder.
YAN,
N.
Y.—BOND
OFFERING—Ernest B. Reed, Village
m. on Dec. 6 for the purchase
6% interest registered bonds, divided as follows:
$6,000 Brown St. paving bonds.
Denom. $1,000.
Due $1,000 on Oct. 1
Treasurer, will receive sealed bids until 2 p.
from 1939 to 1944 inclusive.
4,000 Court St. paving bonds.
1, 1937.
Payable
7,000 fire
on or
1937
at Approximately Same
1939
1940
1941
1942
$749,304
1,312,240
or
$127,000
2,350,000
450,000
Tax Levy
$5,000
1,277,000
3,047,000
3,070,000
3,298,000
3,298,000
Specific Information:
Population, Federal Census, 1910, 89,930; 1920, 126,120; 1930, 303,053.
The present population is estimated to be
450,000.
When are tax payments due?
School Tax, October and April; County
Tax, January and July.
Is any principal or interest
past due?
If so, explain—$46,798.25 bonds and
Fiscal year, January 1.
10th
of
the
following months.
Yes.
coupons not presented for payment.
YORK, N. Y.—MAY SELL BONDS
City officials
TO SINKING FUND—
considering the possibility of selling an issue of long-term
bonds to its own sinking funds, instead of
making a public offering.
The
sinking fund holds about $90,000,000 of temporary debt,
maturing within
the next six months, which was incurred
by the city to finance capital ex¬
penditures in anticipation of the sale of permanent
securities.
By issuing
bonds to the sinking fund, the
city will thus liquidate the short-term debt
and at the same time avoid the
necessity of perhaps having to contend with
the present uncertain state of the
municipal bond market.
The sinking
are
fund in turn could afford to retain the securities
pending the most opportune
to
dispose of them through a public offering.
The financing thus
contemplated, it is said, would consist of corporate stock and bonds matur¬
ing in from 5 to 40 years.
Rate of interest has not been determined.
YORK
(State of)—BOND OFFERING^-Morris S.
Tremaine,
State Comptroller, will receive sealed bids
until noon on Dec. 7 for the
purchase of $10,000,000 not to exceed 4% interest
grade crossing elimination
bonds
Dated Dec. 8. 1937 and due
$200,000 annually on Dec. 8 from 1938
1987 incl.
Principal and interest (June 8 and Dec. 8) payable in lawful
States at the Bank of The Manhattan
Co., 40 Wall
St., New York City. Bidder to name a single rate of interest on the entire
issue, expressed in multiples of M of 1%.
The bonds are exempt from all
Federal and New York State income taxes.
Bidders may condition their
bids upon the award to them of all but no
part of the entire $10,000,000
bonds and the highest bidder on the basis of "all
or none" will be the one
whose bid figures the lowest interest cost to the
State after deducting the
amount of premium bid, if
any.
No bids will be accepted for separate
maturities or for less than par value of the
bonds, nor unless accompanied
by a deposit of money or by a certified check or bank draft
upon a solvent
bank or trust company of the cities of
Albany or New York, payable to the
order of the "Comptroller of the State of New York"
for at least 2% of the
value of the bonds
to
money of the United
bid for.
par
No interest
will be allowed
upon the good
check of the successful bidder.
All proposals, together with the
security deposits, must be sealed and endorsed "Proposal for bonds" and
enclosed in a sealed envelope directed to the
"Comptroller of the State of
New York, Albany, N. Y."
The Comptroller reserves the
right to reject
any or all bids which are not in his opinion
advantageous to the interest
of the State. Approving opinion of Honorable John
J. Bennett Jr., Attorney
General of the State, as to the
legality of these bonds and the regularity of
faith
be furnished the successful bidder
upon delivery of the
If the definitive bonds of this issue can not be
prepared and
the purchaser, the State reserves the
right to
deliver interim certificates pending
preparation of the definitive bonds and
will endeavor to have these interim certificates
ready for delivery on or
will
bonds to him.
a
time to suit
about Dec. 8, 1937.
The net debt of the State of New York on
Nov. 1, 1937, amounted to
$667,304,788.63 which is about 2.6% of the total assessed valuation of the
real and personal property of the State
subject to taxation for State purposes.
$1,000.
Due
Due $1,000
$1,000
on
Oct.
on
Oct.
1
1
from
1938 to 1944 inclusive.
9,500 unemployment .(elief bonds.
each.
Due Oct.
1
as
follows:
One
bond for $1,500, others $2,000
$1,500 in 1938 and $2,000 from 1939
1942 inclusive.
The bonds are general obligations of the village and payable as to both
principal and semi-annual interest (A. & O.) at the Village Treasurer's
A certified check for 5% of each issue bid for, payable to the order
of the Treasurer, is required.
Bids will be received on one or more of the
several issues, but will not be considered for a portion of an issue.
Different
interest rates may be bid for each of the several issues and bonds will be
sold to the bidder or bidders whose bid or bids figure the lowest net interest
costs to the village.
No claim against the Village of Penn Yan, or any
of its officers for attorney's fees in the investigation of the
legality of the
office.
execution
issuance or
of the
The bond debt of the
bonds will be allowed.
Village of Penn Yan, including the amount of the
proposed issues, is $84,000.
Assessed valuation of property
subject to the taxing
power
of the Village
Population of the Village of Penn Yan is 5,317.
The total debt above stated does not include the debt of any other sub¬
division having power to levy taxes upon
ject to the taxing power of the village.
any
and all of the property sub¬
Tax Collection Record
1934
Taxes levied
1935
1936
$48,728.89
$48,600.68
$49,336.05
2,988.74
323.72
1937
646.86
$49,340.46
uncollected
Nov.
......
to
1937
339.89
213.51
Unpaid to date, $4,771.15.
Bonds will be ready for delivery Jan. 3, 1938.
16,
410.28
—
POMFRET SCHOOL DISTRICT NO. 16 (P. O.
Fredonia), N. Y.—
BOND SALE—An issue of $12,000 school bonds has been sold to the Dun¬
kirk Trust Co.,
Dunkirk,
as
3%s, at
par
plus
a
premium of $15, equal to
100.12.
To Be Paid By-
Penalties?
1% per month, effective
Are tax sales held annually?
Yes.
Denom.
DateLast Year
before Nov. 10, 1937,
Other Funds
$132,000
3,627,000
3,497,000
3,070,000
3,298,000
3,298,000
1938
bonds.
UTICA,
N.
Y.—BOND OFFERING—'Thomas J.
Nelson, City Compnoon Dec. 2, for the purchase at not less than
of the following coupon, fully registerable, unlimited tax, general
obligation bonds:
$10,000.00 public improvement bonds.
Denom. $1,000.
Interest payable
June 1 and Dec. 1.
Due $1,000 yearly on Dec. 1 from 1938 to
troller, will receive bids until
par
Sinking
Total Due
truck
of fiscal year
Uncollected
Bond Principal Maturing
(Includes Maturities
This Issue Due Next
Five Years)
Denom. $1,000.
from 1939 to 1942 incl.
Taxes
$347,052
725,797
1,294,419
7,234,948*
without penalty.
at
Denom. $1,000.
Taxes uncollected at end
Report (/School Taxes)
Uncollected
Uncollected
at End of
Latest
Tax or Fiscal Available Date
Year
Nov. 1, 1937
Total
Beginning
July 1
Uncollected
Latest
$3,989,075
2,918,304
2,626,901
Tax Collection
Fiscal Year
issue
1, 1937.
of Penn Yan is $4,839,745.
Report
Uncollected
Valorem
Ad
Jan. 1
(Last
Three Years)
delivered
Dec.
interest to be expressed in a multiple of 1-lOth of 1%.
Different rates may
be named on the respective issues, but in that event all of the bonds of
each issue must bear the same rate.
Principal and interest (J. & D.)
to
Emergency relief notes (due November and April)
Public works notes (WPA materials and supplies)
vember and December)
their
follows;
as
$32,000 land and improvement, series 56 bonds.
Due Dec. 1 as follows:
$2,000 from 1938 to 1941, incl. and $3,000 from 1942 to 1949, incl.
16,000 refunding, series 57 bonds.
Due $1,000 on Dec. 1 from 1938 to
1953, inclusive.
Other:
NEW
100.367
100.20
101.167
4%
5%
5H%
of $26,500 not to'exceed
Tax anticipation
time
Rate Bid
Int. Rate
Sherwood & Co
PENN
Total deductions
NH1W
1937
27,
follows:
Bidder—
R. D. White & Co
divided
Debt Statement
Funded Debt (as of Nov. 1, 1937)—
Total funded debt, including this issue..
Special assessment debt
Total unfunded debt
Nov.
N. Y.—BOND SALE—The $18,000 coupon or regis¬
tered general improvement bonds offered Nov. 22—V. 145, p. 3231—were
awarded to the Oystermen's Bank & Trust Co., Sayville, as 3s, at 100.355,
a basis of about 2.92%.
Dated Nov. 1, 1937 and due Nov. 1 as follows:
$2,000 from 1938 to 1945, incl. and $1,000 in 1946 and 1947.
Other bids
were
in-
estate,
franchises
special
1937
1936^
_
Total bonded debt (""including this issue)
Less: Deductible items applicable to bonds
Chronicle
OCEAN BEACH,
Financial Statement (Nov. 22, 1937)
1947.
32,250.39 deferred
assessment bonds.
Denom. $1,000, except one for
Interest payable annually.
Due Dec. 1 as follows:
$4,250.39, 1938; $4,000, 1939, and $3,000, 1940 to 1947.
71,471.32 delinquent tax bonds.
Denom. $1,000, except one for $471.32.
Interest payable June 1 and Dec. 1.
Due Dec. 1 as follows:
$15,471.32, 1938, and $14,000, 1939 to 1947.
Bidders are to name rate of interest, in a multiple of
K% or 1-10%, but
not to exceed 4%.
Dated Dec. 1, 1937.
Principal and interest payable at
the City Treasurer's office, with New York exchange.
If the purchaser
desires, the city will purchase from him the $250.39 and $471.32 bonds for
the sinking funds at a price no greater than that paid to the city for the
entire offering.
Certified check for $2,274.43, payable to the City Comp¬
troller, required.
Approving opinion of Clay, Dillon & Vandewater of
New York will be furnished by the city.
$250.39.
ROCKLAttD, CALLICOON, LIBERTY. NEVERSINK, COLCHES¬
TER, ANDES AND HARDENBURGH CENTRAL SCHOOL DISTRICT
NO. 2 (P. O. Livingston Manor), N. Y.—BOND SALE—The
$352,000
coupon or registered school bldg. bonds offered Nov. 23—V. 145, p. 3384—
were awarded to the Manufacturers
& Traders Trust Co., Buffalo, and
Safford, Biddulph & Co
Inc., New York, jointly, as 3.10s, at 100.759, a
basis of about 3.05%.
Dated Nov. 1, 1937 and due Nov. 1 as follows:
$10,000, 1940 to 1952 incl.; $12,000, 1953; and $15,000 from 1954 to 1967
,
incl.
Other bids
were as
follows:
Bidder
Int. Rate
Sherwood & Co., Marine Trust Co. & R. D. White & Co.3.20%
A. C. Allyn & Co., Inc., E. H. Rollins & Sons, Inc. and
B. J. Van Ingen & Co....
3.40%
Rate Bid
Gibbons & Co., Inc., Bacon, Stevenson &
Co., Roosevelt & Weigold, and Adams, McEntee &
Co., Inc
3.40%
100.66
100.543
George B.
100.54
SCHENECTADY, N. Y.—TAX RATE LOWER—City Council has
adopted a gross budget for the city for 1938 of $6,920,084, of which $4,025,990 will be raised by general tax levy of $26.10 per $1,000 of assessed
valuation.
The
new
tax rate is $1.19 less than the 1937 rate and 10 cents under the
rate
proposed in City Manager C. A. Harrell's tentative 1938 budget.
on the 1937 ievy up to and
including Nov. 19 were $5014,094, or 91.849% of the total letvy, officials report.
Tax collections
SYRACUSE,
N.
Y.—FINANCING
PROVISIONS
UNDER
NEW
CHARTER—Investment bankers, potential participants in future financ¬
ing by the City of Syracuse, are showing considerable interest in the financial
feature of the revised city charter, which will go into effect on Jan. 1, 1938.
The revised charter provides that a City of Syracuse funded debt for
general improvements may be created only by an ordinance passed by the
Common Council and approved by the Board of Estimate, and later
approved by the qualified electors or the city at the next city election, but
not less than 20 days after the passage of the ordinance.
A city election will be held every second year,
beginning with 1937.
Purposes for which the Common Council, under the revised charter,
may create funded debts without a referendum, are (1) for refunding pur¬
poses; (2) for local improvements, the cost of which, in whole or in part,
will thereafter be
assessed
against
particular property owners; (3) for
welfare; (4) for any purpose, other than general improvements, provided
for by general law; (5) for purposes of the city water supply.
The revised charter creates the office of Commissioner of Finance, who
will be appointed by the mayor, and who will manage the fiscal affairs of
the city.
A city auditor, elected by the people, must maintain a continuing
audit of the books of the city, and of each office, department, board,
commission or agency of the city.
Among other new fiscal features of the charter are provisions for the
payment of city taxes in four equal instalments, at the option of the tax¬
payers, and for the operation of the annual city budget on a monthly basis.
Volume 145
Financial
SYRACUSE, N. Y.—CERTIFICATE SALE—The $1,350,000 tax anti¬
cipation certificates of indebtedness offered on Nov. 22 were awarded to
ttamey, Stuart & Co. of New York on a 0.49% interest basis, plus a premium
-521.
Dated Nov. 24, 1937 and payable May 24, 1938.
The Bancamerica-Blair Corp. of New York was associated with Halsey, Stuart &
Co. in the purchase.
Other bids were:
Bidder—
int. Rate
$13.00
—
Wrenn Bros. & Co., Boston
First Trust & Deposit Co., Syracuse
Lazard Freres & Co..
Par
17.77
37.00
Par
13.00
Par
TIOGA COUNTY (P. O. Owego), N. Y.—BOND OFFERING—E.
Burt Cornell, County Treasurer, will receive sealed bids until Dec. 2 for the
purchase of $100,000 3% highway bonds.
Dated Nov. 15, 1937 and due
$20,000 annually on Nov. 15 from 1938 to 1942 incl.
WOODSTOCK
(P. O. Woodstock), N. Y.—BOND OFFERING—
Martin F. Comeau, Attorney for the Town, reports that sealed bids will
be received until 3 p. m. on Dec. 3, for the purchase of $32,000 town hall
bonds.
Due $2,000 each year from 1938 to 1953, incl.
A certified check
for $640 is required.
Legality approved by Clay, Dillon & Vandewater
of New York City.
YONKERS,
N.
Y.—BOND
GRAFTON, N. Dak.—BOND OFFERING—W. F. Schutt, City Clerk,
will
receive bids until 2 p. m. Dec. 17 at the County Auditor's office in
Grafton for the purchsae of $15,000 4% bonds.
Denom. $1,000.
Dated
Nov. 1, 1937.
Interest payable Jan. 1 and July 1.
Due $1,000 yearly on
Jan. 1 from 1939 to 1953.
Certified check for 2% of amount bid, payable to
J. H. Kelley, City Treasurer, required.
Prem.
0.52%
0.53%
0.55%
0.56%
0.56%
0.60%
0.68%
First Boston Corp. and Third Nat. Bank, Boston.
National City Co
Manufacturers & Traders Trust Co., Buffalo.....
Salomon Bros. & Hutzler
OFFERING—James
E.
Hushion,
City
3537
Chronicle
HASTINGS
SCHOOL
DISTRICT
NO.
Bottineau
28,
County,
N. Dak .—CERTIFICATE OFFERING—Pearl Buckingham, District Clerk,
will receive bids at the County Auditor's office in Bottineau until 3 p. m.
Dec. 6. for the purchase of $10,000 7% certificates of indebtedness.
JAMESTOWN, N. Dak.—WARRANT OFFERING—A. R. Thompson.
City Auditor, will receive bids until 9 a. m., Dec. 2 for the purchase of
$30,000 special assessment warrants.
Denom. $1,000.
Certified check
for 2%, required.
KIDDER COUNTY (P. O. Steele), N. Dak.—BONDS AUTHORIZED
—The
County
Commissioners have passed
a
authorizing the
resolution
issuance of $40,000 funding bonds.
LONE TREE SPECIAL SCHOOL DISTRICT NO. 154, Ward County,
N. Dak .—CERTIFICATE OFFERING—Geo. A. Luke, District Clerk, will
receive bids until 2 p. m.
debtedness.
TURTLE
of
an
issue of $3,000 certificates of in¬
,
LAKE, N. Dak.—BOND SALE—The city has sold
$32,000 waterworks
School
Dec. 11 on
revenue
issue
an
bonds to the State Board of University and
Lands.
Comptroller, will receive sealed bids until 11 a. m. on Nov. 30 for the
pin-chase of $850,000 not to exceed 4% interest coupon or registered debt
equalization bonds.
Dated Dec. 1, 1937.
Denom. $1,000.
Due Dec. 1
follows: $1,000, 1943 to 1945 incl.; $2,000, 1946; $50,000, 1947 and 1948,
$60,000, 1949; $75,000, 1950 to 1953 incl.: $60,000, 1954 and 1955; $50,000,
as
OHIO
1956 to 1959 incl.; $35,000 in 1960, and $30,000 in 1961.
Rate of interest
in a multiple of M of l-10th of 1%.
Principal and interest
(April 1, 1938 and A. & O. thereafter) payable at the City Comptroller's
office.
A certified check for 2% must accompany each
MUNICIPALS
to be expressed
MITCHELL, HERRICK & CO.
Legality
proposal.
approved by Hawkins, Delafield & Longfellow of New York City.
700 CUYAHOOA BUILDING,
Financial Statement
Assessed valuation, real property (including special franchises) -$314,895,650
Total bonded debt (including this issue)
35,263,850
194350 1945708 1954 1967342
CANTON
AKRON
CINCINNATI
CLEVELAND
SPRINGFIELD
COLUMBUS
—
Population, 1930 Census,
134,646.
'
Tax Collections
Uncollected End
Year—
1934......
1935--.
1936
1937...
—......
...
Levy
$12,595,302.53
11,074,997.89
10,803,966.52
10,768.121.47
NORTH
HENDERSON,
offered
N.
Uncollected
Fiscal Year
$3,598,069.08
2,788,958.51
2,129,864.17
on
$629,952.40
712,632.29
1,152,467.60
1,942,996.66
—
C.—BOND SALE— The
$42,000
Trust Co. of Henderson
as
coupon
bonds
follows;
$17,000 refunding bonds as 3Ms at a premium of $17, equal to 100.10, a
basis of about 3.23%.
Due on Dec, 1 as follows:
$1,000 in 1938,
and $2,000, 1939 to 1946, inclusive.
25,000 funding bonds at par plus a premium of $25, equal to 100.10, for
4s, a basis of about 3.98%.
Due on Dec. 1 as follows:
$1,000 in
1938, and $2,000, 1939 to 1950.
Scott, Horner & Mason of Richmond, were second high bidders on both
issues, offering a premium of $14 for 4s on the $17,000 issue and a premium
of $25 for the $25,000 issue, divided into $19,000 4s and $6,000
3Ms.
Financial Statement Nov. 1, 1937
Population, 1930 U. S. Census, 6,345; estimated present, 7,500.
Outstanding Debt—
Sewer bonds 5%
$5,000
Sewer extension bonds 6%
9,000
Sewer bonds 5M%-8,000
Street improvement bonds 5%
100,000
Street improvement bonds 5%
15,000
Street improvement bonds 5%
40,000
Street and sidewalk bonds 5M%
48,000
Street and sidewalk bonds 5K%
48,000
Fire equipment bonds 5%
10,000
Municipal building bonds 5%
23,000
Refunding bonds 5%
29,000
Refunding bonds 5M%
9,000
Refunding bonds 5M%-_
28,000
Refunding bonds 6%
2,000
Underpass bonds 3%
8,000
Underpass bonds 4%
9,000
Water bonds 4M%162,000
Water bonds 5%
175,000
Revenue anticipation notes
20,000
Bond anticipation notes to be retired from proceeds of bonds now
offered
;.
42,000
—
....
.....
—
...
—
-
------
.
-
-
—
-
-
-
....
...
.
Total.
.
$790,000
__
Taxes—
1935
1936
1937
$6,196,055.00
$6,544,811.00
$7,048,774.00
Tax rate
1.25
1.25
1.75
Tax levy
78,775.00
2,451.33
83,462.61
124,195.11
90.313.24
$14,000,000.00
Assessed valuation
Uncollected-
5,228.11
Estimated actual property value
Maturity of all bonds, including those
1938-—$38,000
40,000
45,000
1941
40,000
1942
41.000
52,000
34,000
65,000
1946
$17,000
14,000
14,000
15,000
20,000
1951-.-. 13,000
1952
13,000
—
now
offered:
1953---$113,000
13,000
19,000
1956-... 14,000
1957-... 15,000
1958
16,000
1959--.. 14,000
$300,000 5% sewer bonds. Due $12,000 each Oct 1 from 1939 to 1963, incl.
256,000 5% street improvement bonds.
Due Oct. 1 as follows: $10,000
from 1939 to 1957, incl. and $11,000 from 1958 to 1963, incl.
84,000 5% street improvement bonds.
Due Oct. 1 as follows:
$8,000
from 1939 to 1944, incl. and $9,000 from 1945 to 1948, incl.
67,000 5% grade crossing elimination bonds.
Due Oct. 1 as follows:
$2,000 from 1939 to 1961, incl. and $3,000 from 1962 to 1968, incl.
185,000 4M% water works improvement bonds.
Due Oct. 1 as follows:
$7,000 from 1939 to 1953, incl. and $8,000 from 1954 to 1963, incl.
The bonds will be dated Nov. 1, 1937.
BUCYRUS, Ohio—BOND SALE—The $75,000 coupon sewage dis¬
posal plant bonds offered Nov. 20—V. 145, p. 3048—were awarded to Prudden & Co. of Toledo, as 2 Ms, at par plus a premium of $271, equal to 100.36,
a basis of about 2.715%.
Dated Oct. 1, 1937 and due as follows: $1,000
April 1 and $2,000 Oct. 1 from 1939 to 1943 incl. and $2,000 April 1 and
Oct. 1 from 1944 to 1958 incl.
The following is a list of the unsuccessful
bids:
Int. Rate
Bidder
Fox, Einhorn & Co., Cincinnati
Seasongood & Mayer, Cincinnati
Merrill, Turben & Co., Cleveland
BancOhio Securities Co., Columbus
Pohl & Co., Inc., Cincinnati
E. H. Rollins & Sons, Philadelphia
Meyer, Smith & O'Brien, Cincinnati
Widman & Holzman, Cincinnati
G. Parr Ayers & Co., Columbus
Halsey, Stuart & Co., Columbus
Ryan, Sutherland & Co., Toledo
Hawley, Huller & Co., Cleveland
1960
$14,000
14,000
14,000
14,000
14,000
1965---- 14,000
14,000
7,000
1961.-..
NEW
BERN, N. C.—BOND SALE—The $30,000 coupon, registerable
principal, general obligation, water/light and sewer refunding bonds
offered on Nov. 23 were awarded to Suplee, Yeatman & Co. of Philadelphia
on a bid of par for 5Ms.
Dated Aug. 1, 1937. Due $5,000 yearly on Aug. 1
to
.3%
3%
3%
-
on
SCHOOL
BATTLEVIEW
N.
NO. 120, Ward County, N. Dak.—
$1,200 certificates of indebtedness
3047—were not sold, as no bids were re¬
SOLD—The
145,
p.
SPECIAL
SCHOOL
DISTRICT
NO.
28
(P.
O.
SCHOOL
DISTRICT
NO.
85,
Ward
County,
N. Dak .—CERTIFICATES NOT SOLD—The $1,000 certificates of indebt¬
on Nov. 15—V. 145, p. 3048—were not sold, as no bids were
edness offered
received.
DARROW SCHOOL DISTRICT NO.
SOLD—The
122 (P. O.
$1,500
Minot), N. Dak.—
CERTIFICATES
NOT
offered for sale
Nov. 13—V. 145. p. 3048—were not sold as no bids
on
certificates
of
indebtedness
were
received, according to the County Auditor.
DUNSEITH SCHOOL DISTRICT NO.
1 (P. O. Rolla), N. Dak.—
10 a. m.
Henry Sunderland, District Clerk, for the purchase of a
certificates of indebtedness.
Interest rate is not to exceed
$200.
Dated Dec. 8, 1937.
Due on Nov. 15, 1938.
A
for 5% must accompany the bid.
CERTIFICATE OFFERING—Sealed bids will be received until
Dec. 8, by
$2,000 issue of
on
7%.
Denom.
certified check
202.50
116.25
85.60
765.00
^
CLEVELAND, Ohio—PLANS BOND SALE—City officials are plan¬
ning to apply to the Ohio State Tax Commission for authority to issue
$300,000 to $400,000 in bonds to meet poor relief needs.
from
Frankfort), Ohio—BOND OFFERING
Clerk, will receive bids until noon Dec. 14 for the
CONCORD TOWNSHIP (P. O.
Surchase of $6,000 6% land purchase bonds.Due $1,000 yearly on Dated
Denom. $1,000. Oct. 1
>ec
1. 1937. Interest payable semi-annually.
1939 to 1944.
Certified check for $100,
Township Trustees, required.
FAIRFIELD COUNTY (P. O. Lancaster),
Edson
payable to the Board of
Kindler, Clerk,
Ohio—BOND OFFERING—
Board of County Commissioners, will receive bids
13 for the purchase of 1,700 6% special assessment ditch
bonds. Dated Dec. 1, 1937. Interest payable semi-annually.
Due Dec. 1,
1939.
Certified check for 1% of amount of bonds bid for, payable to the
until
Dak.—CERTIFICATE OFFERING—It is reported that
Dec. 6, by M. A. Setterlund,
for the purchase of an issue of $1,500 certificates of
CENTERVILLE
963.00
937.50
822.00
780.75
CONVOY, Ohio—BOND SALE—The Village Council has sold an issue
& Co. of Toledo at par
sealed bids will be received until 2 p. m. on
District Clerk,
indebtedness.
1108.33
of $24,000 3M% sewer bonds to Ryan, Sutherland
plus a premium of $84, equal to 100.35.
DAKOTA
ceived.
Bowbells),
1015.00
'
DISTRICT
NOT
13—V.
Nov.
151.00
129.00
67.50
CINCINNATI, Ohio—JAN. 1 BOND FINANCING—Nearly $1,500,000
and referendum bonds will De offered for sale around Jan. 1
major projects on the 1938 bond program, Willis D. Gradison,
Council Finance Chairman, has announced.
Legislation to approve the
sale of the bonds will be introduced in Council immediately.
Included in the bonds are $225,000 for the Recreation Commission for
construction of McKinley playground and comfort stations at a number
of new swimming pools.
Other projects to oe financed are improvements at Lunken Airport,
$10,000
municipal garage, $240,000 addition to incinerator, $140,000
streets, $600,000 sewers, $100,000, and Columbia Avenue Park, $100,000.
from
ANNA
607.50
484.25
387.50
380.00
319.00
307.00
of Council
STANLY COUNTY (P. O. Albemarle), N. C.—NOTES SOLD—It is
reported that $30,000 revenue notes have been purchased by Louis G.
Rogers & Co. of Charlotte, at 1M%, Plus a premium of $6.
offered
905.00
900.99
795.00
-
—C. R. Acton, Township
CERTIFICATES
$57.00
961.85
952.50
3%
3%
_3%
3%
3%
3%
State Teachers Retirement System, Columbus
3%
Braun, Bosworth & Co., Toledo
3%
The Weil, Roth & Irving Co., Cincinnati
3%
Stranahan, Harris & Co., Toledo
3M %
Saunders, Stiver & Co., Cleveland
..—3m%
Mitchell, Herrick & Co., Cleveland
3M%
The Provident Savings Bank & Trust Co., Cincinnati..3M %
McDonald, Coolidge& Co., Cleveland..
3M%
Wm. J. Mericka & Co., Cleveland
-3M %
Paine, Webber & Co., Cleveland
-3M%
Siler, Carpenter & Roose, Toledo
3M%
EUis & Co., Cincinnati
3M%
Arthur V. Katz & Co., Cincinnati
i
3>3%
from 1942 to 1947.
NORTH
Premium
-2M %
—3%
3%
—
to finance
The city is not in default in payment of principal or interest on its bonds.
as
AKRON, Ohio—BOND SALE—The $892,000 bonds offered on Nov. 22
—V. 145; p. 3232—were awarded to the Provident Savings Bank & Trust
Co. of Cincinnati, at a price of 100.10 for a combination of 5s and 4J^s.
Only one bid was submitted at the sale.
The bonds will bear interest
rates as noted below:
CAROLINA
Nov. 23—Y. 145, p. 3384—were awarded to the Citizens Bank &
on
OHIO
Nov. 20, 1937
noon
Dec.
Board of County Commissioners,
required.
FRANKLIN, Ohio—BOND SALE—The $70,000 sewer bonds approved
by the voters on Nov. 2 have been sold to Seasongood & Mayer of Cincin¬
nati, as 3s, at par plus a premium of $260, equal to 100.371.
GEAUGA COUNTY (P. O. Chardon), Ohio—BOND SALE—The
$1,915.20 special assessment street improvement bonds offered on Nov. 22
—V. 145, p. 3233—-were awarded to Saunders, Stiver & Co. of Cleveland,
as 3Ms, at par plus a premium of $3, equal to 100.15, a basis or about
3.725%.
Due Sept. 1 as follows: $115.20 in
1939, and $200 from 1940 to
1948 Incl.
LAKEWOOD, Ohio—BOND OFFERING—Henry A, Rees,
Director of
Finance, will receive sealed bids until noon on Dec. 11, for the purchase of
$100,000 2H% coupon hospital bonds, being part of the $420,000 auth¬
orized at the Nov. 2 election.
Dated Jan. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows:
$4,000 from 1939 to 1948, Incl. and $5,000 from
1949 to 1960 incl. Interest payable A. & O.
Bidder may name a different
rate of interest, provided it is not higher than 6% and in the case of a
Financial
3538
Nov.
Chronicle
fractional rate, the fraction must be expressed In a multiple of H of 1%.
A certified check for 5% of the bonds bid for must accompany each proposal.
City of Philadelphia
LUCAS COUNTY
(P. O. Toledo), Ohio—BONDS APPROVED—
The State Tax Commission has approved an issue of $863,000 poor relief
bonds, the proceeds of which will be for the refunding of $743,000 of
now outstanding and provide $120,000 additional for relief costs.
4% Bonds due November 1, 1946
Price: 103.799 & Interest to Net 3.60%
bonds
MIDDLEPORT EXEMPT VILLAGE SCHOOL DISTRICT (P. O.
Middleport), Ohio—BOND SALE—The issue of $7,000 funding bonds
the Citizens National
Oct. 15, 1937 and due
15, 1945, incl.
Other
Moncure Biddle & Co.
offered Nov. 20—V. 145, p. 3233—was awarded to
Bank of Middleport, as 3s, at a price of par.
Dated
$500 each six months from April 15, 1939 to Oct.
bids were as follows:
1520 Locust St., Philadelphia
Premium
Int. Rate
Bidder—
1937
27.
Ryan, Sutherland & Co
Pox, Einhorn & Co—;
—————
State Public School Employees' Retirement Board-_
SH%
$13.00
330.30
3H%
10.00
Middendorf & Co
Bliss Bowman & Co
3M%
4H%
8.40
11.90
MINERVA, Ohio—BOND OFFERING—J. H. Lippincott, Village Clerk,
purchase of $14,000 4% special
street improvement bonds.
Denom. $700.
Dated Dec. 15,
1937.
Interest payable June 15 and Dec. 15.
Due $700 each six months
from June 15, 1938 to Dec. 15, 1947, incl.
Certified check for $140, payable
to the village, required.
will receive bids until noon Dec. 3, for tne
PENNSYLVANIA
$1,000 in 1940, 1943, 1946 and $949,
bids were as follows:
follows:
and $2,000 in 1952.
Armstrong County Trust Co.,
Chandler & Co., Philadelphia
Kittanning
—
—
assessment
PARMA, Ohio—BONDS AUTHORIZED—'The City Council has auth¬
refunding bonds.
orized the issuance of $1,115,000 special assessment
O. Canton). Ohio—HIGHER VALUATION
APPROVED—The State Tax Commission has approved an increase of
12.62% on real estate valuations which will be the basis for the December
tax duplicates. Stark County Auditor Lester S. Lash announced Nov. 17.
The figure equals an increase of $27,289,200 in property valuation and
brings the total of all property in the county to a taxable value of $243,STARK
COUNTY
(P.
553,290.
This increase in
appraised value is the first since the peak year of 1929,
while deduction in valuation in the years 1930 through
1933 equaled a 45%
SCHOOL
DISTRICT,
Pa .—BOND OFFERING—E.
Knaell, District Secretary, will receive bids until 8 p. m. Nov. 29, for
MARS
but not to exceed 3H%.
Denom. $1,000.
Dated Dec. 1, 1937. Interest
payable June 1 and Dec. 1.
Due $1,000 yearly on Dec. 1 from 1940 to
1954, incl.
Certified check for $1,000, payable to the District Treasurer,
required.
(A similar issue was scheduled to be
SUMMIT COUNTY (P. O. Akron),
Ohio—BOND OFFERING—W. B.
Clerk, Board of County Commissioners, will receive bids until
noon Dec.
15, for the purchase of $102,000 4% bonds.
Denom. $1,000.
Dated Oct. 1, 1937.
Principal and semi-annual interest (March 1 and
Sept. 1) payable at the County Treasurer's office.
Due March 1 as follows:
$14,000, 1938; $12,000, 1939; $14,000, 1940 and 1941; $15,000, 1942:
$16,000, 1943, and $17,000, 1944.
Certified check for 2% of amount of
bonds bid for, payable to the Board of County Commissioners, required.
Wynne,
_
TO
BE SOLD—'The
Sinking Fund
issue of $2,700 4% hospital equipment bonds.
Dated Dec. 1, 1937.
Denom. $540.
Due $540 each Dec. 1 from 1938
to 1942 iqcl.
Principal and interest (J. & D.) payable at the City Treas¬
r WADSWORTH.
Trustees
will
SALE—An issue of $50,000 funding
of)—LOCAL
ISSUES
an
WELLSTON CITY SCHOOL DISTRICT,
Ohio—BOND OFFERING
$2,800.
Dated Jan. 1, 1938.
Interest payable
Due $2,800 yearly on Jan. 1 from 1940 to 1964, incl.
check for $700, payable to the Board of Education, required.
Denom.
annually.
semi¬
Cert.
W.
Barton:
Director of Finance, will receive sealed bids until noon (Eastern
Standard
YOUNGSTOWN,
Ohio—BOND
OFFERING—Frank
Dec. 9, for the purchase of $150,000 4% bonds, proceeds of which
a similar amount of outstanding scrip incurred prior
1, 1937.
The bonds will be dated Oct. 1, 1937.
Denom. $1,000.
Due Oct. 1, 1942.
Principal and interest (A. & O.) payable at the office
of the sinking fund trustees.
Bidder may name an interest rate other than
4%, although where a fractional rate Is bid such fraction must be expressed
In a multiple of
of 1%.
The bonds represent the balance of an Issue of
$290,000, the remaining $140,000 having been taken by the sinking fund
trustees.
A certified check for $3,000, payable to the order of the city,
must accompany each
proposal. The approving opinion of Peck, Shaffer &
Williams of Cincinnati will be furnished the successful bidder upon pay¬
on
will be used to retire
the cost thereof.
Approved
Amount
$50,000
Nov. 17
10,000
Nov. 19
County—Paying part cost of construction of a
school building; purchase equipment therefore
Center Township School District, Beaver County—
Purchase necessary and suitable real estate; pay
part cost of erecting, equipping and furnishing
Nov. 16
30,000
ton
school building thereon.
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—The
De¬
partment of Internal Affairs, Bureau of Municipal Affairs, has approved
the following bond issues.
Information includes name of the municipality,
amount and purpose of issue and date approved:
Date
Municipality and Purpose of Issue—
Approved
Borough,
Jefferson
County—Grading, •
paving, guttering and draining various streets in
conjunction with WPA
Oct. 18
Plains Township, Luzerne County—Constructing a
sanitary sewer; storm sewer; street improvements;
Amount
Brookville
thereon
Eurchase lot for fire house; construction of fire
ouse
\
$16,000
27
25,000
Oct. 27
55,000
Oct. 27
95,000
Oct. 28
950.000
Oct.
Bell Township School District, Westmoreland County
—Raise money to pay for erecting, equipping and
furnishing a high school building
City of Hazel ton, Luzerne County—Improving city
hall; WPA projects; new fire apparatus; improve¬
ments of public grounds; construction of sewers—
Lower
Merion
Township School District, Mont¬
County—Erecting, equipping and furnish¬
ing new junior high school building; repairing,
equipping and furnishing school buildings; pur¬
chase and acquire sites or grounds for school
gomery
to Jan.
ment of the pro-rata share of
APPROVED—The
Date
Municipality and Purpose—
Taylor Borough School District, Lackawanna County
—Funding floating indebtedness
-West Alexander Borough School District, Washing¬
—Lulu A. Willis, Clerk, Board of Education, will receive bids until noon
Dec. 9 for the purchase at not less than par of $70,000 3 H % school building
Time)
(State
following is a list of local bond issues approved by the Department of
Internal Affairs, Bureau of Municipal Affairs.
Information includes name
of the municipality, amount and purpose of issue and date approved:
Ohio—BONDS
purchase
urer's office.
bonds.
sold on Nov. 22.)
PROVIDENCE TOWNSHIP (P. O. Darby), Pa.—BOND
and sewer bonds was sold on Nov. 22
to Dougherty, Corkran & Co. of Philadelphia, as 2Hb, at a price of 101.48,
a basis of about
1.97%.
Due $5,000 annually on Nov. 1 from 1938 to
1947, inclusive.
P NETHER
PENNSYLVANIA
biggest portion of the increase is on property within the county's
three largest cities, Canton, Massillon and Alliance.
In Canton, the property valuation is raised by the new schedule from
$103,557,780 to $117,077,350, an increase of 13.05%.
Massillon's property valuation is raised 14.43% from $25,221,710 to
$28,860,170 and Alliance values were stepped up from $21,619,240 to
$22,779,840.
The largest increase to any village in the county was the increase from
$3,266,300 to $4,104,650 in valuation of North Canton real estate, an
advance of 25.62%.
L»
the
Eurchase bonds. less thanare toof $15,000 of interest, registered high school
par name rate coupon or in a multiple of J4%,
uilding at not Bidders
cut.
The
Other
Premium
Par
$10.14
Bidder—
purposes
-
PROSPECT PARK SCHOOL
DISTRICT, Pa .—BOND OFFERING—
Harry J. Conwell, District Secretary, will
receive bids until 8 p. m
Dec. 6.
the purchase of $50,000 coupon, registerable as to principal, school
building bonds.
Bidders are to name rate of interest, in a multiple of
for
M%. but not to exceed 3H%.
Denom. $1,000. Dated Dec. 15, 1937.
payable June 15 and Dec. 15.
Due $2,000 yearly on Dec. 15 from
1962.
Certified check for 2%, required.
Legality approved by
morgan, Lewis & Bockius, of Philadelphia.
Interest
1938 to
O. Coudersport), Pa.—BOND OFFERING—
will receive sealed bids until 4 p. m. on Dec. 14
purchase of $40,000 refunding bonds.
Due $5,000 each Dec. 15
1938 to 1945 incl.
Legality to be approved by Townsend, Elliott
W POTTER COUNTY (P.
R. J. EDWARDS, Inc.
The County Treasurer
for the
from
Municipal Bonds Since 1892
& Munson of Philadelphia.
I*
Oklahoma
AT&T
coupon, registerable as to principal, borough hall bonds.
name rate of interest, in a multiple of M%. but not to
exceed 3H%.
semi-annually.
Due $5,000 on Dec. 15 in each of the
1943, 1946, 1949, 1952, 1954, 1956, and 1957.
Certified
check for 2% required.
1
Lang Distance 158
OkJ3yjl9_
YEADON, Pa.—BOND OFFERING—Frank R. Gulp, Borough Secre¬
8 p. m. Dec. 6 for the purchase or $40,000
Bidders are to
tary, will receive bids until
City, Oklahoma
Interest payable
years
1940,
OKLAHOMA
HEXT CONSOLIDATED SCHOOL DISTRICT NO. 40 (P. O. Erick),
Okla.—BOND OFFERING—J. H. Hardin, District Clerk, will receive bids
imti 2 p. m. Nov. 29 for the purchase at not less than par of $12,500 school
building bonds.
Bidders are to name rate of interest.
Due $1,000 yearly
beginning four years after date of issuance, except that the last instalment
will amount to $1,500.
Cert, check for 2% of amount of bid, required.
MAYES COUNTY SCHOOL DISTRICT NO. 7 (P. O. Pryor), Okla.
OFFERING—B. R. Roberts, Clerk of the school board, will
receive bids until 2 p. m. Nov. 29, for the purchase of $5,000 school build¬
—BOND
ing
bonds.
Bidders
are
Jan. 1 from 1941 to 1950.
PITTSBURG
NO.
1
name rate of interest.
Due $500 yearly on
Certified check for 2% of amount of bid, required.
to
COUNTY
UNION
GRADED
SCHOOL
(P. O. Savanna), Okia.—BOND OFFERING—J. R.
District Clerk, will receive bids until
10
a.
m.
DISTRICT
Covington,
Nov. 29 for the purchase
at not less than par of $12,000 building bonds.
Bidders are to name rate
of interest.
Due $1,000 yearly, beginning three years after date of issu¬
ance.
Certified check for
2% of amount of bid required.
OREGON
HARNEY COUNTY SCHOOL DISTRICT NO. U9 (P. O. Andrew.),
Ore.—BOND SALE—The $5,000 building bonds offered on Nov. 18—V.
145, p. 3234—were awarded to Atkinson-Jones & Co. of Portland on a bid
Dated Dec. 1, 1937.
Interest payable semi-annually.
1938 to 1947.
of 100.177 for 5s.
Due from
MULTNOMAH
COUNTY
SCHOOL
DISTRICT
NO.
45
(P.
O.
Portland, Route 3, Box 1178), Ore.—BOND SALE—The $40,000 issue
on Nov. 22—V. 145, p. 3234—was awarded
to the Baker, Fordyce Co. of Portland, according to the District Clerk.
Dated Dec. 1, 1937.
Due from Dec. 1, 1939 to 1957.
of school bonds offered for sale
PENNSYLVANIA
BOYERTOWN, Pa .—BOND OFFERING—Philip I. Haring, Borough
Clerk, will receive sealed bids until Dec. 10 for the pin-chase of $70,000
sewer bonds.
This issue was approved at an election held March 23.
MANORVILLE. Pa.—BOND SALE—The $6,000 4% coupon street
Improvement bonds offered Nov. 19—V. 145, p. 3234—were awarded to
Glover & McGregor of Pittsburgh, at par plus a premium of $25, equal to
100.41, a basis of about 3.95%.
Dated Oct. 1, 1937 and due Oct. 1 as
J
■I
PHILIPPINE
ISLANDS
I.—BONDS TO BE PAID—It was announced by the
War Department on Nov. 24 that a total of $1,000,000 bonds of the city
will mature on Jan. 2 and will be paid as of that date.
MANILA,
P.
PUERTO
RICO
(Government of)—BOND OFFERING—Sealed bids
Gruening, Director, Division of Territories and
Island Possessions, at Room 6510, Department of Interior Building, Wash¬
ington, D. C., until 11 a. m., on Dec. 9, for the purchase of a $75,000 issue
of 3 }A % Loan of 1937, Series C, Isabela Irrigation coupon refunding bonds.
Denom. $1,000.
Dated Jan. 1, 1937.
Due on Jan. 1, 1976. The right is
reserved to redeem all or any of said bonds at 5% above par, with accrued
interest on Jan. 1, 1947, or on any interest payment date thereafter, by
PUERTO
RICO
will be received by Ernest
giving 60 days' notice in such manner as may be prescribed by tne Treasurer
of Puerto Rico.
Prin. and int. (J. & J.) payable at the Treasury of the
United States at Washington, D. C.
Each bid must be accompanied by a
bank draft or certified check for 2% of the par value of the bonds bid for,
payable to the above director, in New York City funds.
The issuance of these bonds will be effected in accordance with authority
contained in Section 3 of an Act of Congress, approved March 2, 1917,
entitled "An Act to provide a civil government for Puerto Rico, and for
other purposes," as amended by an Act of Congress approved March 4,
1927, and in accordance with the authority of the Legislature of Puerto
Rico as specifically granted in Act No. 59, approved June 18, 1919, as
amended by Act No. 61, July 21, 1923, Act No. 31, July 20, 1935, Act
No. 77, May 12. 1936, and Act No. 126, May 14, 1937.
Under date of Nov. 17, 1937, the Attorney General of the United States
rendered an opinion in which he passed upon the legality of the proposed
issue of bonds, a copy of which will be furnished to the successful bidder.
The United States Treasury Department authorizes the statement that
bonds of the Government of Puerto Rico are acceptable at par, under the
regulations of the Treasury Department, as security for deposits of public
moneys.
The Postmaster General authorizes the statement th?t these
bonds will be accepted at par as security for deposits of postal savings funds.
They will also be accepted at par by the Government of Puerto Rico as
security for deposits of funds of that government, or as security required
by any of the laws of Puerto Rico to be deposited with the Treasurer of
Puerto Rico.
Section 3 of the Act of Congress approved March 2, 1917, as amended
by the Act of March 4,1927, provides that "all bonds issued by the Govern-
Financial
Volume 145
ment of Puerto
Rico, or by its authority, shall be exempt from taxation
by the Government of the United States, or by the Government of Puerto
or of any political or municiapl subdivision thereof, or by any State,
Territory or possession, or by any county, municipality, or other municipal
subdivision of any State, Territory or possession of the United States, or
by the District of Columbia," and, under the provisions of Section 22 (b)
of the Revenue Act of 1936, the term "gross Income" does not include the
following, which shall be exempt under that title (4) Interest upon (c) obli¬
gations of the United States or its possessions.
Unless otherwise stated in the bid, each bid will be understood as being
for all or any part of the bonds applied for. If the bid makes no mention of
accrued interest, it will be understood that accrued interest from July 1,
1937, to date of delivery, is offered by the bidder in addition to the price
Rico
3539
Chronicle
3049—atTatpriceJof 101.55, aTnet interest cost of about 2.97%, taking
$1,085,000fsanitary interceptlngl{sewer'bonds as 3s and $154,000 school
building bonds as 2Ks.
The bonds are described as follows:
$1,085,000 sanitary intercepting sewer bonds.
Due $35,000 from Nov. 1,
P.
1938 to 1968, inclusive.
154,000 school building bonds.
Due
1948, inclusive.
Denom. $1,000.
Dated Nov. 1,1937.
that these bonds
are
all
.
^
^
$14,000 from Nov. 1, 1938 to
It is reported by the Comptroller
general liability bonds, payable from all general
Principal and interest payable in lawful money at the City Hall
in Memphis, or at the Chemical Bank & Trust Co. in New York, at the
option of the holder. >The bonds may be registered as to principal only or
may be discharged from registration and again registered at will.
revenues.
named for the bonds.
The right is reserved to reject any or all bids.
anv bidder fails to make payment of the purchase
awarded to him, at the time and at the place designated by
Territories and Island Possessions for such payment, he
price of bonds
the Division or
will forfeit all
right to such bonds and to the check accompanying his bid.
fe» Accepted subscriptions will be payable on Thursday, Dec. 16, 1937, at
a bank in New York
City to be designated by the Division of Territories
and Island Possessions
Interior Department, and the bank so designated
TEXAS
P If
will
make
exchangeable for
delivery of interim certificates, which will be
the definitive bonds at the office of the Secretary of the Treasury, Division
of Loans and Currency, Washington, D. C., as soon as the bonds can be
prepared.
the purchase of a $300,000 issue of
Interest rate is
from
school building bonds.
exceed 3H%» payable semi-annually.
Due $30,000 annually
1947 incl.
These bonds were approved by the voters at the election held on
19—V. 145, p. 3387—by a count of 119 to 8.
not to
Nov.
Texas—BOND ELECTION
CANCELED—It is now reported that the election which was scheduled
for Nov. 20, to vote on the issuance of $300,000 in bridge bonds, as noted
in these columns—V. 145, p. 3235—was called off by the County Com¬
missioners' Court on the advise of the Attorney General.
We understand
that another election will be called to^comply With the recommendations
BRAZORIA COUNTY (P. O. Angleton).
Puerto Rican Statistics
Net
►
"-ALVIN INDEPENDENT SCHOOL DISTRICT (P. O. Alvin), Texaa—
BOND OFFERING—We are informed by the Secretary of the Board of
Education that he will receive sealed bids until 7:30 p. m. on Dec. 6, for
Insular
Government
Receipts for the
year
ending June
$17,019,925
30, 1937
Net disbursements for the year ending June
Cash on hand June 30, 1937
30, 1937
16,328,121
-
-
2.683,622
295.893,430
of the Attorney
98.875,491
114,953.827
28,230,000
Assessed valuation of property, June 30, 1937
Imports for the year ending June 30, 1937
Exports for the year ending June 30, 1937
Total indebtedness, June 30, 1937
CHEROKEE COUNTY ROAD DISTRICT NO. 6 (P. O. Rusk),
Texas—BONDS APPROVED—The Commissioners' Court is said to have
(This includes municipal bonds of Puetro Rico aggregating $1,-
R.
$580,457
ISLAND
RHODE
PAWTUCKET,
I.—BOND SALE—An
of
issue
3X%
$120,000
SsliceInc. of Boston. Dated Nov. 1, sold privately on$1,000.23 Due Burr &
and fire protection bonds was 1937. Denom. Nov.
to $5,000
o.,
each
Nov. 1 from 1938 to 1961, incl.
Principal and interest (M. & N.)
payable at the First National Bank of Boston, Legality approved by Storey,
Thorndike, Palmer & Dodge of Boston.
»S|
$30,000
NORTH CAROLINA
Due Jan.
Highway 4l/2s
1, 1944 at 2.30% basis
Texas—BOND TENDERS INVITED—It is stated by
S. E. Duncan, City Secretary, that he will receive sealed tenders until
Dec. 14, for refunding bonds, series 1935, dated March 1, 1935.
The
city is said to have approximately $5,600 with which to purchase bonds and
only tenders of less than par and accrued interest will be considered.
The
city will accept the lowest offer or offers sufficient to exhaust the funds
on hand for such purpose and reserves the right to accept or reject any
portion of the amount of bonds that may be offered by any one person.
GALVESTON, Texas—BOND SALE—The $500,000 issue of series O
school bonds offered for sale on Nov. 26—Y. 145, p. 3387—was
a syndicate composed of Lazard Freres & Co., and C. F. Childs &
Co., both of New York, Mahan, Dittmar & Co., San Antonio,|Soettcher &
Co., Denver, and Neuhaus & Co., Inc., of Houston, paying a premium of
$109.00, equal to 100.0218, on the bonds divided as follows: $297,000 as
3>£s, maturing from Jan. 1, 1939 to 1953, the remaining $203,000 as 2%b,
maturing from Jan. 1, 1954 to 1960, all incl.
BONDS OFFERED FOR INVESTMENT—'The bonds were re-offered by
the successful bidders for general subscription, the 3Ks priced to yield
from 1.25% on the earliest maturity up to 3.00% on the 1953 due date,
wh le the 2^% bonds are to yield from 3.00% in 1954 up to 3.10% in 1960.
coupon
awarded to
HEBBRONVILLE SCHOOL DISTRICT (P. O.
F. W. CRAIGIE & COMPANY
—BOND ELECTION—It is stated by the
an
Richmond, Va.
ir
CAROLINA
SOUTH
BRANCHVILLE, S. C.—BONDS REFUNDED—An annual saving of
$1,300 in interest has been'effected by the town of Branchville through the
refunding of $65,000 of outstanding bonds.
An exchange of the new issue
for the old bonds has just been effected at a meeting of the town officials
and bondholders.
At this meeting|$49,000 of the old bonds were taken
up and burned.
The remaining $16,000 will be exchanged within the near
future.
All of the bondholders agreedltojaccept the new issue in exchange
CHESTER. S. C.—BOND OFFERING—J. H. McClure, City
Clerk^anti
Treasurer, will receive bids until 3 p. m. Dec. 2, for the purchase at not
less than par of $65,000 coupon water and sewer extension system bonds.
Bidders are to name rate of interest, in a multiple of M % not to exceed 6%.
Denom. $1,000.
Dated Jan. 15, 1938.
Interest payable semi-annually.
Due Jan. 15 as follows:
$4,000, 1939 to 1948, and $5,000, 1949 to 1953.
Principal and interest are payable solely out of revenues derived from the
city's water and sewer system.
Certified check for $1,000, payable to the
city, required.
Approving opinion of Clay, Dillon & Vandewater of New
York will be furnished by the city.
SOUTH
MIDLAND INDEPENDENT SCHOOL
DISTRICT (P. O. Midland),
by the District Clerk
$40,000 gymnasium bonds approved by the voters on Nov. 6,
Texas—BONDS TO BE SOLD—We are now informed
that
as
the
145, p. 3387—will be sold to
noted in these columns—V.
Texas
the State of
at.3%,
COUNTY
(P.
Corpus Chrlsti),
O.
PROVED—The Commissioners'
Court is said to
Texas—BONDS AP¬
have approved recently
$100,000 of 3H% refunding road bonds, to care for a 4% issue maturing
It is said that these new bonds will mature from 1943
from 1952 to 1954.
to 1948.
TENAHA
SCHOOL
DISTRICT
(P.
O.
SALE DETAILS—It is stated by the Secretary
Tanaha), Texas—BOND
of the Board of Education
$18,000 school building bonds purchased by the State Board of
Education as noted here recently—V. 145, p. 3235—were sold as 4s at par,
and mature in from one to 30 years.
that the
UTAH
OGDEN, Utah—BONDS SOLD—It is stated by M. L. Critchlow, City
Auditor, that the $25,000 6% semi-ann. Curb and Gutter District No. 136
bonds offered on Nov. 18—V. 145, p. 3387—were sold in small blocks to
local investors, at par.
Due in from one to five years.
SOUTH OGDEN *(P.'rO. Ogden), Utah—BOND OFFERING EX
PECTED—ItjjisisaidithatlS127,000 water system bonds will be offered for
DAKOTA
BUTTE COUNTY (P. O. Belle Fourche), S. Dak.—BONDS AUTH¬
ORIZED—The County Commissioners have authorized the issuance of
$88,000 warrant funding bonds.
+gjg
HI
ELK POINT
INDEPENDENT
CONSOLIDATED
SCHOOL DIS¬
TRICT NO. 13 (P. O. Elk Point), S. Dak.—BOND SALE— The $50,000
coupon, registerable as to principal,
school building bonds offered on
Nov. 22—V. 145, p. 3387—were awarded to Harold E. Wood & Co. of
St. Paul and the Northwest Security National Bank of Sioux Falls, as
3Hs, at par plus a premium of $125, equal to 100.25, a basis of about
3.48%. Dated Nov. 1, 1937. Due yearly on Nov. 1 as follows: $2,000,
1940 to 1947; $3,000,1948 to 1953: and $4,000, 1954 to 1957.
The WachobBender Corp. of Omaha bid a premium of $1,075 for 3% % bonds.
JAVA, S. Dak.—NO BIDS RECEIVED—The $18,000 5% water system
on Nov. 23—V. 145, p. 3235—were not sold, as no bids were
received.
Dated Nov. 23, 1937.
Due $1,000 yearly on Nov. 23 from
bonds offered
1939 to 1956.
TENNESSEE
COLUMBIA, Tenn.—BONDS SOLD—We
DISTRICT (f» O. Hen¬
with the sale of the $37,500
building bonds to the First National Bank of Henderson, as 3 J^s, and the
$37,500 building bonds to private purchasers, as 3Hs. as noted here recently
—V. 145, p. 3235—it is stated by the Secretary of the Board of Trustees
that the bonds were sold at par.
NUECES
,
bonds.
HENDERSON INDEPENDENT SCHOOL
derson ), Texas—PRICE PAID—In connection
for the old.
pa The bonds refunded include: A $10,000 issue of electric light bonds and a
$55,000 issue of water works .bonds.
Both issues carried an interest rate
of 6%.
TheYefunding bonds are serial, falling due $2,000 annually.
The
interest rate for the first 11 years is 4%.
The rate is then advanced to
5% for several years and for the remainder of the time the interest rate is 6 %.
The legal opinions for the new issue were given by Nathans & Sinkler, bond
attorneys, of Charleston.
Hebbronville), Texas.
Superintendent of Schools that
of $86,000 in school
election will be held on Dec. 4 to vote on the issuance
site purchase and construction
A. T. T. Tel. Rich. Va. 83
Phone 8-9137
Due
FLOYDADA,
$427,000)
outstanding temporary loans amounting to
Balance in redemption funds on June 30, 1937
exceed 5>4% road
recently the issuance of $25,000 in not to
on Jan. 1, 1948.
approved
bonds.
tk 129,500, issued since March 4, 1937, to the payment of which
the good faith of The People of Puerto Rico is pledged and
General.
sale
shortly.
VIRGINIA
ROANOKE, Va .—BOND OFFERINGWOT SCHEDULED—We are now
informed by the City Clerk that the $400,000 bridge and incinerator bonds
approved by the voters on Nov. 2, as noted in these columns—V. 145,
p. 3050—will probably not be offered for sale until after the first of the
year.
Thejnterest rate is to be determined.
Bonds will mature over a
period of 20 years.
VERMONT
HARDWICK, Vt.—BOND SALE—The issue of $40,000 refunding bonds
offered Nov. 12—V. 145, p. 3050—was awarded to Brown Harriman & Co.,
Inc.. as 33^8, at a price of 100.537, a basis of about 3.43%.
Dated Nov. 1,
1937 and due $2,000 annually on Nov. 1 from 1938 to 1957 incl.
RUTLAND, Vt .—BOND OFFERING—H. A. Colburn, City Treasurer,
Nov. 29, for the purchase at not less than par
$25,000 coupon sidewalk and curbing bonds.
Bidders are to name rate
of interest, in a multiple of >£%.
Denom. $1,000.
Dated Nov. 15, 1937.
Principal and semi-annual interest (May 15 and Nov. 15) payable at the
National Shawmut Bank of Boston.
Due $5,000 yearly on Nov. 15 from
will receive bias until 2 p. m.
informed by F. E. Kannon. City Recorder, that the $147,000 refunding and school building bonds
authorized recently by the City Commission, as noted here—V. 145, p.
3387—have been sold to Nunn, Shwab & Co. of Nashville.
are
Tenn.—BoWft
DYER SPECIAL SCHOOL DISTRICT (P. O. Dyer),
bids will be received by O. E. Gladhill, District
Secretary-Treasurer, until noon on Dec. 1, for the purchase of a $50,000
Issue of building bonds.
Interest rate is not to exceed 5%, payable M. & N.
Denom. $500.
Dated Nov. 1, 1937.
Due from 1939 to 1967.
Prln. and
OFFERING—Sealed
of
to 1946.
These bonds will be
1942
.
,
,
,.
.
<e
engraved under the supervision of and authenticated
genuineness by the National Shawmut Bank of
bank will further certify that the legality of this issue has
as
to their
by Storey, Thorndike, Palmer & Dodge,
Boston. This
been approved
of Boston, a copy of whose opinion
scheduled for sale
will accompany the bonds when delivered, without charge to the purchaser.
All legal papers incident to this Issue, together with an affidavit certifying
to the proper execution of the bonds, will be filed with the National Shaw¬
the
mut
int.
payable locally, or at a point to be agreed on with purchasers.
bonds
voted
at an election
held
These
June 22.
They were originally
on Nov. 8, but the offering was canceled in order to permit
of an amended act of authorization—V. 145, p. 3235.
A
certified check for $500 must accompany the bid.
were
on
passage
MARYVILLE,
Tenn.—MATURITY—It
is
now
stated~by~the—City
Recorder that the $85,000 Z%% semi-ann. building bonds purchased Jointly
by the Fidelity-Bankers Trust Co. and Booker & Davidson, Inc., both of
Knoxville, at a price of 100.311, as noted here recently—V. 145, p. 3387—
mature on Nov. 15 as follows:
$4,000, 1938 to 1940: $6,000, 1941, 1943
and 1944; $7,000, 1946 and 1948; $10,000, 1950 to 1952, and $11,000 in
1953, giving a basis of about 3.71%.
MEMPHIS, Tenn.—BOND SALE—A syndicate composed of Blyth &
Co., Goldman, Sachs & Co., Estabrook & Co., Eldredge <fc Co., Bacon,
Stevenson & Co.. all of New York; the Cumberland Securities Corp., Nash¬
ville; Fox, EInhorn & Co., Cincinnati; C. H. Little & Co., Jackson;
Jack M. Bass & Co. and the Thomas H. Temple Co., both of Nashville,
was^a warded the $1,239,000 coupon bonds offered on Nov. 23—V. 145,
M
Bank*of Boston, where they may be inspected.
•*( 't.
Assessed
HI
**
valuation
Financial Statement, Nov. 15, 1937^
1937, net 50%
Total bonded debt (present loan
Water debt
included)
—
#
$12,209,849.00
1,070,000.00
Sinking funds other than water
Population, 17,315 (1930 census).
None
211,950.25
WASHINGTON
EAST WENATCHEE (P. O. Wenatchee), Wash.—BOND
—Lee L. Thulean, Town Clerk, will receive bids until 8 p. m.
OFFERING
Dec. 4, for
of $3,000 coupon general sewer bonds.
Interest rate
not to exceed 6%.
Due in 20 years. Certified check for 5% of amount
bid, required.
for the purchase
is
of
Financial
3540
Nov. 27,
Chronicle
1937
series C bonds, maturing on May 1, 1942, and $100,000 series D bonds,
maturing on May 1, 1943.
Both series are dated May 1, 1938.
NORTHWESTERN MUNICIPALS
UNION
sold
Washington—Oregon—Idaho—Montana
GROVE,
Wis.—BONDS
LOCALLY—The
SOLD
$27,000
been
disposal plant bonds recently approved by the voters have
locally.
sewage
WAUPACA, Wis.—BOND OFFERING—Walter J. Nelson, City Clerk,
6 for the purchase of $57,000 coupon
bonds.
Interest rate is not to exceed 4H%.
3, 1938.
Interest payable annually on April 1.
Due $3,000 yearly on April 1 from 1939 to 1957.
Cert, check for $570,
required.
The purchaser will furnish the bonds and the legal opinion.
will receive bids until 10 a. m. Dec.
^rumtalbr, EhrMman & IDhib
SEATTLE
Teletypes SEAT 187,
elementary school building
Denom. $500.
Dated Jan.
SEAT 188
WYOMING
(P. O. Thermopolis), Wyo.—PRICE
purchased
the American National Bank of Cheyenne,
as 3^s, as noted in these columns recently—V. 145, p. 3236—were sold for
a premium of $600, equal to 101.00, a basis of about 3.61%.
Due $4,000
COUNTY
SPRINGS
HOT
WASHINGTON
PAID—It is now reported that the $60,000 court house bonus
COUNTY (P. O. Seattle), Wash.—HIGHWAY DISTRICT
NO. 1 BONDS OF 1919 TO BE PAID—Holders of the old 1919 bonds of
the King County Independent Highway District No. 1 will receive full
value and accrued interest for their bonds Dec. 4 at the Treasurer's office of
King County, according to Albro Gardner, Secretary of the district.
Because there have recently been attempts made to purchase the bonds
at discount rates, Mr. Gardner cautioned holders to accept only full par
KING
by
syndicate
a
headed by
from 1942 to 1956, inclusive.
plus accrued interest for the securities.
NACHES SCHOOL DISTRICT
$48,000
BOND SALE—The
coupon
NO. 121 (P. O. Yakima), Wa.h,school bonds offered on Nov. 20—
145, p. 3050—were awarded to the State of Washington on a bid of
par for 4s.
Dated Jan. 1, 1937. Due on Jan. 1 from 1939 to 1960; optional
on any interest payment date after Jan. 1, 1938.
V.
NORTH BELLI NGHAM SCHOOL DISTRICT
Wash .—BOND OFFERING—On
an
issue of $10,000
Dec.
10
(P. O. Bellineham),
offer for sale
the district will
bonds.
SEATTLE, Wash.—BOND OFFERING DETAILS—In connection with
the offering scheduled for Dec. 31 of the $500,000 municipal water exten¬
bonds, 1937, Series No. 1, noted in our issue of Nov. 13—V. 145, p.
particulars have been furnished by H. W. Carroll,
City Comptroller, who will open the bids at noon on the said date:
Said bonds shall be issued as of and be dated Feb. 1, 1938; they shall
be serial in form and maturity and numbered from one upward consecutively
in denoms. of one thousand dollars ($1,000) each, and shall mature in four
CANADA
sion
3234—the following
(4) equal annual instalments, as near as may be, lowest numbers first,
without option, commencing with the seventh year (1945) and ending with
the 10th year (1948) after their said date of issue.
They shall bear interest
from their date at not to exceed six per cent. (6%) per annum, payable
semi-annually, as provided in Ordinance No. 67719, and shall be an obliga¬
tion only against the Municipal Water Extension Bond Fund 1937, as
provided in said ordinance. Both principal and interest will be payable at
the Washington fiscal agency in New York City, or at the City Treasurer's
office in the city of Seattle, at the option of the
be approved as to legality by Thomson, Wood &
of New York City, whose favorable opinion will
holder.
Said bonds shall
Hoffman, bond attorneys
be delivered to the pur¬
chaser free of charge.
Bidders shall submit separate bids on blank forms furnished by the City
Comptroller specifying (a) the lowest rate of interest and the premium, if
above par at which the bidder will purchase said bonds; or (b) the
the bidder will purchase said bonds: at
any,
lowest rate of interest at which
par.
Said bids shall be without condition, interlineation, explanation or
erasure.
All bids shall be sealed, and, except as to the bid of the State of Wash¬
ington, if one is received, shall be accompanied by a deposit of five per cent.
(5%), either in cash or by certified check, pay/able to the order of the City
Comptroller, of the amount of said bid, which shall be returned if the bid
is not accepted, and if the successful bidder shall fail or neglect to complete
the purchase of said bonds within thirty (30) days following the acceptance
of his bid, the amount of his deposit shall be forfeited to the City of Seattle,
and, in that event, the corporate authorities may, at their option, accept
the bid of the one making the next best bid.
The right is reserved by the
city to reject any and all bids, but no bid may be withdrawn after the same
shall have been filed with the City Comptroller, unless permission so to do
is first obtained by resolution of the City Council.
Said bonds shall be registered as to principal, or as to principal and inter¬
est, at the option of the holder.
The bonds will be delivered in Seattle,
New York City, Chicago, Boston or Cincinnati, at the option of the
purchaser.
SKAGIT
COUNTY
SCHOOL
DISTRICT
NO.
306
(P. O. Mount
Vernon)* Wash.—BOND OFFERING—-Sealed bids will be received until
10 a. m. on Dec. 4 by George Dunlap, County Treasurer, for the purchase
of a $50,000 issue of school bonds.
Interest rate is not to exceed 4%,
payable semi-annually.
Bidders are required to submit a bid specifying
(a) the lowest rate of interest and premium, if any, at which the bidder
will purchase the bonds, or (b) the lowest rate of interest at which the bidder
will purchase the bonds at par, bearing 4% interest.
Due in from one to
20 years, callable at any time after five years from date.
Prin. and int.
payable at the office of the County Treasurer.
A certified check for 5%
of the bid is required.
(This report supplements the offering notice given here in our issue of
Nov. 20.)
WAHKIAKUM
COUNTY
(P. O. Cathlamet), Wash.—INTEREST
RATE—We are informed by the County Auditor that the $100,000 general
obligation bridge bonds purchased on Nov. 8 by the State of Washington,
at par, as reported in these columns—V. 145, p. 3235—were sold as 4s
Due serially within 15 years.
WEST VIRGINIA
MORGAN
COUNTY
(P.
O.
Berkley
Springe), W. Va.—BONDS
building bonds was approved
VOTED—A proposition to issue $99,000 school
by the voters at an election held on Nov. 16.
ALBERTA
of)—OFFERS INTEREST PAYMENT AT
REDUCED RATE—Hon. S. Low, Provincial Treasurer, is advising hold¬
ers of bonds which matured June 1,1937, that the Province will pay interest
to bona fide holders of debentures of the above issue at the rate of 2 H%
per annum in respect of the half-year ending Dec. 1, 1937, being the sum
of $11.25 for each $1,000 denomination.
Holders will be paid interest as
above on presentation of their debenture or debentures for notation thereon
of such payment of interest at the principal office of the Imperial Bank of
Canada in any of the cities of Toronto, Montreal, Winnipeg, Edmonton,
Calgary or Vancouver, in the Dominion of Canada, or at the Bank of the
Manhattan Co. in the City of New York, in the United States of America.
Bonds presented in New York must be accompanied by a letter of consent
to the payment offered, which letter may be obtained from the Bank of the
Manhattan Co., N. Y. City.
ALBERTA
of)—REDUCTION
(Province
IN
DEBT—Alberta's
net
funded and unfunded debt decreased $746,317 during the last six months,
it was shown in an interim financial report issued Nov.
Provincial
debt
The
Treasurer.
of
as
Sept.
30
18 by Solon Low,
stated the net funded and unfunded
compared to $153,730,493 on
report
$157,984,176,
was
March 31.
Cash surplus on combined income and capital accounts on Sept. 30 was
$374,920, contrasted with a deficit of $2,442,449 a year before.
MANITOBA
(Province
of)—DEBT HIGHER—Public accounts of
the year ended April 30, 1937, show an increase in gross
funded debt, incl. treasury bills, of over $4,300,000 to $125,700,000.
On ordinary account the province had a surplus of $280,381, compared
with $121,699 in the previous year.
The improvement was entirely due
to buoyant revenues which showed an increase of $655,142 while expendi¬
tures increased only $495,921.
Relief expenditures charged to capital account amounted to over $3,Manitoba for
900,000 so that the real deficit for the year was about $3,700,000.
In the
previous year relief expenditures totaled $3,300,000.
Included in ordinary expenditures is provision of $333,321 for sinking
funds and $160,289 for amortization of debt discount.
Comparative revenue and expenditure statements are shown below:
Debt Position
as
at
April 30
1937
Bonds outstanding
25,041,219
Of which
5,740,207
$121,360,307
9,350,880
-
$49,009,147 in 1937 and $43,331,949 in 1936 was revenue
bearing.
."
NIAGARA
H. E.
5,715,120
-
Gross funded debt*
Sinking funds
$95,480,881
20,139,219
$125,718,820
10,121,984
Exchequer bonds
*
1936
$94,962,481
Treasury bills
FALLS,
Ont.—OBLIGATIONS
TO
BE
REDEEMED—
Goddard, City Manager, is advising holders of past^due debentures
Dec. 12, 1937, that the city is now
and debentures maturing on or before
prepared to honor such obligations in full through its fiscal agent, Guaranty
Trust Co. of Canada.
Debenture holders are requested to present the
aforementioned debentures for payment to Guaranty Trust Co. of Canada,
70 Richmond St. W., Toronto, Ont.
Simple interest at the debenture rate
will be paid on overdue principal to the date of payment, but interest will
not accrue on said overdue debentures after Dec. 1, 1937.
Interest will
not accrue or be paid on debentures maturing on Dec. 12, 1937, after that
date.
Letters or transmittal, which may be obtained at the Toronto or
Windsor offices of Guaranty Trust Co. of Canada, must accompany all
debentures delivered to the fiscal agent for payment.
It is suggested that
in forwarding any debentures the holders should do so by registered post,
insured.
YORK
NORTH
WEST VIRGINIA, State of—PRICE PAID—We are now informed by
(Province
TOWNSHIP,
Ont.—REFUNDING PLAN EFFEC¬
TIVE—A refinancing plan for North York Township, providing for removal
the State Road Commissioner that the $360,000 3H% semi-ann. Parkers-
of the
burg-Bel pre, Marietta-Williamstown, St. Marys-Newport bridge revenue
bonds purchased by Young, Moore & Co. of Charleston, and C. W.
McNear & Co. of Chicago, jointly, as noted in these columns—-V. 145, p.
3388—were sold for a premium of $277, equal to 100.076, a basis of about
3.47%.
Due from July 1, 1939 to 1952; callable at any time after three
years from date of issue at a premium of 3 %.
stage.
The plan, as prepared by the Ontario Department of Municipal Affairs,
and approved by tne debenture holders' committee provides for full cash
WISCONSIN
ASHLAND
COUNTY
(P.
O.
Ashland), Wis.—BOND ELECTION—
township from the list of defaulting municipalities, is now in its final
and interest maturities now in default.
of all principal
settlement
ment of interest will consist of the
Pay¬
difference between the contractual rate
3% rate which has been paid during the defaulting period.
The necessary cash is to be raised by issue and sale of $500,000 newl5year 4}4% debentures, which, with cash on hand, will be sufficient to take
care of the amount of the default.
Negotiations are already under way for
and the
the
of the
sale
new
issue
to
holders of the defaulted securities, and it is
It is stated by the Clerk of the Board of County Supervisors that an elec¬
tion will be held on April 5, 1938, in order to vote on the proposed issuance
of $400,000 in paving bonds.
expected institutions will take the major portion.
BARABOO, Wis.—BOND OFFERING—A. F. Reiner* City Clerk .will re¬
ceive bids until 10 a. m. Nov. 27 for the purchase or $132,000 sewage dis¬
posal plant and intercepting sewer bonds.
Cert, check for 2% required.
The plan has been passed by the North York Township Council, and final
approval by the Ontario Municipal Board is regarded as certain.
A period
or 30 days must then elapse before the plan becomes valid, so that actual
settlement is expected to get under way late in December.
FORT ATKINSON, Wis.—BONDS DEFEATED—At a special election
on Nov.
16, the voters turned down a proposal to issue $100,000 in
grade school construction bonds by a margin of better than two to one,
according to news dispatches from Fort Atkinson.
(We had previously reported that a similar issue was approved by the
held
voters at an election held on Nov.
1—Y. 145, p. 3388.)
HARTFORD CITY HIGH SCHOOL DISTRICT
(P. O. Hartford),
Wis.—BOND OFFERING CONTEMPLATED—We are informed by Otto
Mickelson, District Clerk, that the $100,000 high school addition bonds
approved by the voters on Oct. 26, as noted in these columns—V. 145,
p. 3236—will be offered for sale in the near future but no definite date
has been scheduled
as
yet.
MARINETTE COUNTY (P. O. Marinette), Wis.—BOND OFFERING
—Sealed bids will be received until 2 p. m. on Dec. 14, by Geo. E. Costello,
County Clerk, for the purchase of a $60,000 issue of 3^ % semi-ann. high¬
way improvement bonds.
Denom. $1,000.
Dated May 1, 1938.
Due on
May 1, 1943. A certified check for $1,000, payable to Bernard M. Stehle,
County Treasurer, must accompany the bid.
MONROE COUNTY (P. O. Sparta), Wis.—BONDS AUTHORIZED—
The County Board of Supervisors is said to have approved the issuance of
$200,000 in 2% % semi-annual highway bonds, divided
as
follows:
$100,000
Financial
position of the municipality indicates that all principal and
interest maturities from now on can be paid on the full contractual basis,
as the plan provides.
TRENTON,
DEBT SETTLEMENT—Settlement
believed near.
While no definite
understood that the creditors and the
Ont .—ARRANGING
of the Trenton, Ont. default situation is
plan
has
council
been
are
in
announced,
general
it is
agreement
as
to
suitable terms of settlement of
should be forthcoming shortly
defaulted principal maturities, and a plan
from the Ontario Department of Municipal
Affairs.
Full cash payment is considered likely, with the required funds probably
coming from the sale of a new debenture issue, supplemented by cash on
hand.
WINDSOR, Ont .—BOND EXCHANGE 75% COMPLETED—Guaranty
Trust Co. of Canada, transfer agent for the City of Windsor, engaged in
exchanging of debentures and settlement of claims of the four Amalgamated
Municipalities new comprising the corporation of the City of Windsor,
reports that more than 75% in value of the old debentures and claims have
been exchanged or settled for new general refunding debentures due Dec.
31, 1975.
The four defaulting municipalities of East Windsor, Walkerville, Windsor and Sandwich were amalgamated into the City of Windsor
Since Sept. 20, when the old debentures were called for
exchange, day and night staffs have been engaged in delivering many mil¬
new securities of the new city of Windsor.
The new gen¬
eral refunding debentures total slightly more than $34,000,000.
July 1, 1935.
lions of dollars of
@FedFRASER