The Brooklyn Daily Eagle from Brooklyn, New York • Page 19

COMMODITIES BUSINESS REAL' ESTATE CLASSIFIED BROOKLYN, N. THURSDAY, JANUARY 20, 1938 19 Brooklyn Daily Eagle Financial Section VOICES PLEA YICE PRESIDENT Business Head IL S. Pipe 1937 Today's Market U. Exporters Bear Brunt of Mexican Tariff Stocks Rally in Extremely Light Trading-Advances General Throughout List-Gold Stocks Show Strength RiiJl AVERAGES Compiled bu Dom Jonet INDUSTRIALS 1938 High, 134.35; Low, 120.57 11 a.m. 131.00 .91 2 p.m.

131.29 1.50 12 m. 1 p.m. 130.62 .53 3 p.m. 130.54 RAILROADS 1938 High, 32.33; L. 11 a.m.

12 m. 30 18 .19 30.03 .06 29.17 1 p.m. 29.99 .02 2 p.m. 3 s.m. 30.10 .13 UTILITIES 1938 High, 21.86; Low, 20.46 11 t.m.

12 m. 1 p.m. 21.01 .30 20 90 .19 20.79 .08 2 p.m. 3 P.m. 20.89 .18 See later editions for closing prices.

The stock market rallied today, despite extremely light trading. Turnabout of the market had little meaning In face of the diminished volume. Advances were not conned to any particular group. Prices were generally higher throughout the list. Gold stocks displayed considerable strength and Homestake Miners9 Spokesman Opposes Federal Coal Lands Buying Brennan States Industry's Ills Cannot Be Cured by Government Ownership-Wants State Control SETS STANDARDS Leo T.

Crowley Crowley Sets Bank Program Urges Strong Support of FDIC Efforts to Strengthen System Milwaukee, Jan. 20 CP) Leo T. Crowley outlined a set of standards for bankers today and urged their whole-hearted support of the Federal Deposit Insurance Corporation's "efforts to strengthen the banking system as it now exists and so to preserve It." The FDIC chairman, addressing the Wisconsin Banking Association's mid-Winter meeting, said the "transition period" since Jan. 1, 1934, has brought the nation's banking system "to a basically Improved position," but warned "it would be fatal to assume our task Is done." Present List Crowley listed among the things "that remain to be Increased attention to "improving the quality of bank assets as well as to the problem of bank capital." Progressive acquisition of high-grade, acceptable assets to build a satisfactory security portfolio and "a relatively risk-proof note pouch." Maintenance, by "going" institutions, of a "satisfactory ratio of capital funds to total assets so that ordinary fluctuations in the value of assets will not result in impairment or Insolvency." Regular and sizable additions by banks to their capital funds out of earnings before payment of dividends. Close study of the chances for sue.

cess before chartering new banks. Consideration, by bankers, of earn ings in terms of net profits after elimination of losses before venturing Into new types of earning assets about which tney Know nme or nothing. Acquisition, by bankers, of greater knowledge of the credit standing of institutions whose securities they hold. December Plate Glass Total Less Pittsburah. Jan.

20 The total production of polished plate glass by members of Plate Glass Manuiac-turers of America for December was 8920809 sauare feet, against 311 in November and 7,371,236 in De cember, 1936. This makes 192.592.600 square feet produced during the year 1937, against 198,068,838 In 1936. 'i lillESf Income Equals $3.21 a Share Net in 1936 Was $3.45 a Share-Directors Vote 50c Dividends! The United States Pipe and Foundry Company reported a net income for the year ended Dec. 31, 1937, at $2,235,756, after charges and Federal taxes, equal to $3.21 a share on common stock. The company reported a net income of $2,427,867, or $3.45 a.

share, in 1936. Four quarterly dividends of 501 cents each on the common were Ae clared by the directors. The dividends are payable as follows: March 19 to record of Feb. 28, June 20 to record of May 31, Sept. 20 to record of Aug.

31 and Dec. 20 to record of Nov. 30. In 1937 four dividends of! 75 cents each were paid. In declaring the dividends direc tors stated that the payment wa after considering the present busi ness conditions and the uncertainties as to the character and scope of possible changes In the Federal tax laws.

VALSPAR CORPORATION and' subsidiaries reported for the fiscal year ended Nov. 30, 1937, consolidated net profit of $269,328 compared with $183,390 for the preceding fiscal year, an Increase of 4fl percent. Net profit reported foe the 1937 period Is -after interest, provision for Federal and foreign income tax and surtax on undistributed profits and other charges including provision for contingencies and for unrealized depreciation of marketable securities. Profit from operations for the fiscal year totaled $2,398,585 compared with, $2,074,278 for the year ended Nov. 30, 1936.

During the year the corporation paid off $205,000 of funded debt, reducing the outstanding amount as of Nov. 30, 1937, to $2,279,522. MADISON SQUARE GARDEN CORP. and Its wholly owned sub sldiaries report net profit of after depreciation and all other charges for the three months endad Nov. 30, 1937 (the second quarter of its current fiscal year), as compared with net profit of $137,447 for the corresponding quarter of the previous fiscal year.

Operations for the six months ended Nov. 30, 1937, showed a net loss of $28,850 as compared with a net loss of $56,114 for the correspondin4T period of the previous year. AMERICAN 'NTERNATIONAL CORP. report for year ended Dec. 31, 1937, certified by independent auditors, states that net assets at close of year, based on market quotations, or, in their absence, on valuations established by board of directors, were $17,453,438, equivalent to $1,745.34 per $1,000 principal amount of outstanding indebtedness.

After deducting outstanding indebtedness, net assets were equal to $7.45 per share on 1.000,000 no-par sharvs of common stock, excluding 60.955 shares held In treasury. On Dec. 31, 1936, net assets were $31,065,111, equal to $2,588.76 per $1,000 of Indebtedness and $19.06 per share on 1,000,000 no-par shares of common stock, excluding 60,955 treasury shares. For year ended Dec. 31, 1937, profit was $257,469 after taxes and interest, but before income taxes and exclusive of net amount realized in excess of book value of $1,019,128 on sales of securities, which was credited to earned surplus account.

In 1936 profit was $200,128, exclusive of $4,335,833 net amount realized in excess of book values on tales of securities. II. II. Cnthrell, vice president of the Brooklyn Union Gas Company, has Just been elected third vice president of the Electrical and Gas Association of New York, at the association's annual A. L.

Bush was elected president and other officers elected are: First vice president, E. F. Jeffe, vice president, Consolidated Edison Company of New York, second vice president, J. II. Mc-Kenna, Eastern sales manager, A.

J. Lindemann Hoverson fourth vice president, David S. Youngholm, vice president, West-inghouse Electric Manufacturing Company; treasurer, P. Schuyler Van Bloem; secretary, S. J.

O'Brien, president, S. J. O'Brien Sales Corporation, and assistant secretary, II. C. Calahan, district manager, General Electric Supply Corporation.

Pay Insurance On Lost Liner President Hoover Loss Accepted Payment Is Said to Be Record Washington, Jan. 20 (U.R) A check for $2,500,000 was presented to the Maritime Commission today, representing full payment of the American share In the loss of the Dollar liner President Hoover, which went aground near Formosa last month. With the payment by the American Marine Insurance Syndicate underwriters In this country and abroad complete their acceptance of the liner's total loss. Approximately $5,000,000 was paid last Tuesday in the London insurance market. The announcement of today's payment said: Proofs Waived "This is believed to be the largest loss check ever delivered by marine underwriters In this market and one of the circumstances of Interest in connection with this payment is that it is being made without some of the usual formal proofs of loss, notably the master's protest.

"The master (Capt. George Yard-ley) is reported to be ill in a hospital at Hong Kong and in view of the difficulties of obtaining the usual proofs, a committee of underwriters on Monday last considered the mat ter and recommended that the loss be paid without delay which would be entailed by the observance of all the usual formalities." Wheat Advances On Weather News Chicago, Jan. 20 (If) An upward trend in Chicago wheat prices showed itself early today. Overnight moisture in domestic wheat areas Southwest was regarded as yet insufficient to be of material benefit to the crop. Opening unchanged to higher, May, July, 90, Chicago wheat futures later well exceeded these figures.

Corn started unchanged to sup, May, 60 1 4 July, 61, and afterward rose all around. GRAIN AND PROVISIONS Wheat Urges Attack On Recession F. D. R. to Seek Opinions of Small Businessmen in War to End Slump Continued from Page 1 ized for financial manipulation or to concentrate wealth in few hands.

The President will propose strengthening of anti-trust legislation to curb monopoly. He was reported to be contemplating revision of patent laws to prevent monopoly. Before the Senate committee Chester presented statistics showing 40 representative industrial firms reduced employment 11 percent from September, 1937, to January, 1938. and that in the same period average work weeks In 75 percent of these firms had been cut 16 percent to an average of 32.5 hours. Chester's testimony was met by a statement from Committee Chairman James F.

Byrnes (D S. that his confidence In attacks on the undistributed profits tax had been shaken by testimony of indus trialists before the committee. Doubts Sincerity of Criticism He pointed out that the tax had been criticized as preventing firms from storing up reserves for a rainy day. Business testimony, however, indicated reluctance to use reserves to retain workers during slack periods, he said. "It's a matter of record that industry, during the 1929 depression and for a few years afterward, spent $28,000,000,000 to keep men at work and the factories going," Chester countered.

"Do you feel that an employer should use the surplus to retain his workers?" Byrnes asked. "I think there is a very definite duty for the management to keep the men employed as long as possible," the witness said, but pointed out that the company should not be placed in "Jeopardy." Chester proposed modification of the undistributed profits and capital gains tax. Chester's business survey showed that two-thirds of the manufacturers expected a "definite" upturn in business this year. Roosevelt Plans Council Consumers, Investors, credit men, farmers, laborers, distributors, transportation men, financiers, and big and little business men all these should have a voice In a permanent council to help the Administration formulate national economic policies, President Roosevelt told 49 prominent industrialists late yesterday. Stephen Early, White House secretary, emphasized this did not point to a revival of the NRA.

Mr. Roosevelt, who said a week ago he was working toward the abolition of all holding companies, qualified this yesterday by saying he recognized that some types are in the public Interest. The business men, finding much to indorse In Administration efforts, pledged support for the principles of wage and hour legislation, Federal protection for farm Income, modernization of anti-trust laws and long-range planning to keep Industrial employment steady. Chamber Urges Repeal of Surtax Washington. Jan.

20 if'i Spokes men for the United States Chamber of Commerce told the House Ways and Means Committee today that its tax revision program did not "go far enough" and that the undistributed profits tax should be repealed. Fred Clausen, Horicon, manufacturer and chairman of the chamber's committee on Federal finance, asserted "there Is sound basis for our position that any penalty taxation of corporate earnings that are legitimately held, not for the purpose of avoidance of the in dividual surtax, should be repealed. "If the principle Is accepted that employment in private business is better than Government relief, then we contend that the repeal of the surtax on undistributed earnings should be inc tax revision program as recommended by a ways and means subcommittee provides modification of the undistributed profits and capital gains taxes, reduction of gift and estate tax exemptions and many other tax law changes. Nickel Plate Shows Sharp Income Drop Cleveland, Jan. 20 (P) The December net income of the Nickel Plate Railroad was $132,053, a de crease of $4,587,502 under the corre sponding month In 1936, company officials announced today.

It was explained that the December 1936 income included a special dividend on old Wheeling fc Lake Erie 7 per cent prior lien stock amounting to $4,031,755. Net income for the year ending Dec. 31, 1937, was $2,556,999.19. a de crease of $4,823,482.71 under 1936. nl af ihm Mnn of York 26 Court Su HronklTii New Schedule Effec tive Friday Contains Two Seasonal Rates Mexico City, Jan.

20 (U.f Exports from the United States will receive the full force of Mexico's new "prohibitive tariff" on items considered to be luxuries, It was disclosed today. The tariff decree, signed by Pres ident Lazaro Cardenas on Dec. 30 and effective tomorrow, fixed two so-called "seasonal rates." A high er rate of duty will be collected from' Jan. 1 to April 30 than from May 1 to Dec. 31.

As an example of how the tariff will affect Imports from the United States, on a five-passenger eight-cyl inder automobile, a duty of 700 pesos ($194) will be Imposed dur ing the first four months of the year and 600 pesos ($167) the re mainder of the year. The present duty Is approximately 450 pesos Items Included Duty Increases on other Items Included: Velvets and pills, 100 percent; radio cabinets, 400 percent; cameras, 200 percent; machetes, 150 percent; crafts paper, 300 to 400 percent; felt hats, 65 percent; sewing machines, 100 to 200 percent; calculating machines, 200 percent, and typewriters, 225 percent. The increase on automobiles up to four cylinders affected mostly German cars. It was 66 percent. Duties on American automobiles generally were raised from 133 to 150 percent.

According to officials In the Treasury Department, the new tariff schedule was intended to help balance Mexico's International payments. Kings County Votes Payment Regular Quarterly $20 Is Declared Other Dividends Announced The Kings County Trust Company declared a regular quarterly dividend of $20, payable Feb, 1 to record of Jan. 25. The United States and Foreign Securities Corporation declared a dividend of $1.50 on first preferred, payable Feb. 1 to record of Jan.

27. The same amount was paid Nov. 1. The United States and International Securities Corporation declared a dividend of $1.25 on first preferred, payable Feb. 1 to record of Jan.

27. The same amount was paid Nov. 1. Emporium Capwell The Emporium Capwell Corporation has declared a year-end dividend of 50 cents and a regular quarterly dividend of 25 cents, both payable Jan. 31 to record of Jan.

22. The current quarterly dividend of 25 cents is not due until April 1 and normally would be paid on that date, but the payable date has been moved up to Jan. 31 in order that the disbursement might be made within the fiscal year which ends Jan. 31. The board also authorized charging out of surplus $1,000,000 representing 4jolng concern value that was included In the price of an Oakland business purchased ten years ago.

Amer. Re-Insurance American Re-Insurance Company declared a dividend of 40 cents a share on the capital stock, payable Feb. 15 to record Jan. 28. National Paper National Paper Type Company declared a dividend of 25 cents on new common payable Feb, 15 to record Jan.

31. Celotex Corp. Celotex Corporation declared regular quarterly dividend of $1.25 on preferred payable Feb. 1 to record Jan. 29.

Centrifugal Pipe Centrifugal Pipe Corporation declared four quarterly dividends of 10 cents each, payable Feb. 15, May 15, Aug. 15 and Nov. 15 to record Feb. 5, May 5, Aug.

5 and Nov. 5. Appleton Co Applcton Company declared regular quarterly dividend of $1 on common payable Feb. 1 to record Jan. 20.

South Coast Corp. South Coast Corp. declared a dividend of 15c on common payable Jan. 27 to record Jan. 26.

On Jan. 25, 1937, the company distributed a dividend of 30c, payable in stock of South Shore Oil Development Co. Cook Paint VarnLsh Cook Paint Varnish declared regular quarterly dividend of 15c on common payable March 1 to record Feb. 18. Vanadium-Alloys Vanadium-Alloys Steel Co.

declared a dividend of 60 cents payable March 2 to record Feb. 19. A year ago a similar amount was paid. National Oats Co. National Oats Co.

declared a quarterly dividend of 25 cents payable March 1 to record Feb. 19. Last year payments were 25 cents each March 1, June 1 and Sept, 1 and 50 cents Dec. 1. J.

C. Reld, formerly vice president and general manager, was elected president, succeeding J. R. Matthews, who was appointed chairman of board. J.

Garnett Matthews, formerly secretary, was elected vice president and treasurer and J. Cooper was appointed vice president and secretary. was at a new high. As trading went into its last minutes activity Increased slightly and prices remained firm. For the first four hours transactions totaled 570,000 shahes, compared with 750,000 shares yesterday.

Stocks showed a generally firmer tone at the opening but soon afterward prices eased. Around midday demand tapered off and some profit selling appeared. Advances enjoyed by leading Issues at the start were reduced so that some registered fractional losses. Quiet strength In leading industrials at times gave the market a mild rallying appearance. A few of the rails managed to show some small advances while coppers sagged a bit when producers cut the price of the metal to 10 cenU a pound.

U. S. Steel touched 60 and fell to 58, off Small declines were noted lii some chemical, and build ing stocks. Utilities made gains ranging to a point. Gold stocks made new highs to gains ranging to near' 3 points In Homestake Mining.

Farm issues were higher I with Case up points at Its top. Governor "call a special session of the Legislature to solve the Ills of the anthracite Industry." He said he would advocate formu lation of a plan for State control "on the grounds that anthracite is a form of property that should be reserved for the authority of the State." STl'DY EARLE CHARGE Washington, Jan. 20 (U.PJ The Department of Justice is studying Gov. George H. Earle's charges that Pennsylvania anthracite coal production has been maneuvered Into a monopoly by the railroads, it was learned today.

Earle placed his charges before President Roosevelt, Attorney General Homer Cummings and Assistant Attorney General Robert H. Jackson at a conference on Monday. Before the Interstate Commerce Commission he accused the railroads, in asking higher freight charges on coal, of "industrial cannibalism." A Department of Justice official, who confirmed that the department was studying the Governor's accusations, refused to say whether the department's anti-trust staff was looking into alleged monopoly of coal production in areas other than Pennsylvania. Reduce Copper Quotation Here Leading domestic copper producers today reduced the price of electrolytic copper to 10.50 cents a pound delivered Connecticut Valley, a reduction of .50 cent a pound. At the same time a leading smelter lowered the price to 10.25 cents Valley base from 10.50 cents established yesterday.

Following the reduction In the metal, leading wire and cable manufacturers adjusted their price lists accordingly. Little Activity The market displayed little activity either here or abroad. Domestic Inquiry was limited at best and export sales were not numerous. Some covering on overnight business was done during the morning at 10.60 cents CIF European base ports, but with the London Metal Exchange equivalent down to 10.38 cents, sales at around that price were expected before the day ended. Some busl-nss was closed in the morning at 10.55 cents CIF, but a lower figure was anticipated In view of the London quotation.

Labor Puzzled By F. D. Request Washington, Jan. 20 (IP) President Roosevelt's suggestion that laixp asserts should make public ttMr financial statements left union leaders today both bewildered and angry. All of those that could be reached In the capital said that they made "public" their financial reports, although most of them defined "making public" as giving the statements to their members.

William Green, American Federation of Labor president, said the Federation annually gave both its members and the press a "complete financial statement." The A. F. of L. report Is presented to its convention each Autumn. "I can say the same, too, for the United Mine Workers (C.

I. Green asserted. Harry Bates, sandy-haired presi dent of the Brlckla 'rs Union, was Incensed by the President's suggestion. He slapped a 08-page finan cial report of his union down on his desk and angrily said that every member of his union knew how every dollar was spent. Arnao on McManus Laboratories Board McManus Laboratories, with ices in Manhattan, Brooklyn lewark, N.

J. and Jamaica, L. I. nnounce that Victor E. Arnao has turned his duties as treasurer and ember of the board of directors of company.

Mr. Arnao was form-iy a member of the RillingrArnao Co. of Minneapolis. Philip A. Benson Benson Voices Harmony Plea Head of Dime Savings Addresses the Illinois Bankers' Association Chicago, Jan.

20 A plea for co- operation between business and government was voiced here at the annual mid-Winter dinner of the Illinois Bankers' Association by Philip A. Benson, first vice president of the American Bankers' Associa tion, who spoke on the subject of "Progress and Prospects in Bank ing." Mr. Benson, who Is president of the Dime Savings Bank of Brooklyn, N. stated that progress Is being made by the country's banks and that banking service to the public is beinc steadily broadened. And he declared that banking Is "no mon opoly." He acknowledged the co-operation of governmental banking agencies with banks and their contribution to banking progress through their conservative policy in the matter or chartering new banks.

Pleading for co-operation between business and government, Mr. Benson said: "I have spoken of cooperation that exists among bank ers and with government officials, and it is Important that this co operation continue. It is more im portant, however, at the present time that there be co-operation between all the business of the country and government. It is only through genuine and whole-hearted efforts to restore confidence on the part of both government and bus! ness that the upward trend will again be resumed. Nothing could be more deplorable under present circumstances than controversy between business and government.

Re criminations are out of order at a time when the public is distressed by an evident recession. When un employment is Increasing and numbers of our people are anxious about their Jobs, both sides should be seek ing a way out instead of talking aoout, wno is to blame." Output of Cement Decreases 21.5 Washington, Jan. 20 OP) The Portland cement Industry produced 7,044,000 barrels last month. It shipped 4,780,000 barrels from the mills and had 24,899,000 barrels In stock at the end of the month. Production and shipments, the Bureau of Mines said today, showed decreases of 21.5 and 23.5 percent.

respectively, as compared with De cember, 1936. Portland cement stocks at mills were 8.9 percent higher than a year ago. Preliminary figures on production and shipments for 1937 show increases of 3.4 and 1.0 percent, respectively, over the final totals for 1936. Foreign Money Parity of Currencies on gold standards Is quoted at present gold relationship In dollars; all others gold dollar parity. Cable Quotations to 2 VM.

Previous Close Todai Sterling (4.8665') $4,999 $4 999 Quotation! In Cents Pranee, franc (6.63) 3.361 3.305 Italy, lira (8.91) 8.263 5 263 Belgium, belga (16 95) ....16 913 16.93 Ocrmanr, mark (40.3'') 40.29 40 28 Switzerland, franc (32 23.11 23.115 Holland, guilder (68 06) ...55.72 55.725 Denmark, krone (26.8) 22.32 22.32 Norway, krone (26 081 25.12 25.125 Sweden, krona (26 25.77 25 77 Minor European Exchange Austria, schilling (16 0691 .18.91 18 91 Czechoslovakia, kor (2 96). 3 512 3.512 Finland, markka (2.518).. 2 22 2.22 Greece, drachma (1.30) .917 .917 Hungary, pengo (17.49) 19.90 19 90 Jugoslavia, dinar 1.76 2.35 2.35 Rumania, leu (0.598) 75 .75 Portugal, erio (1.0342)... 4 543 4.543 Far Eastern Eiehanse Yokohama, yen (49.85) ....29.08 29.07 Bombay, rupee (36.44) ....37.76 37.78 Shanghai, dollar 29.67 29.67 Hongkong, dollar 31.33 31.33 Canadian Exchange Canadian dollar ($1.00) .11.0000 $1.0000 South American Exchange Argentina (free peso) 29 40 29 40 Brazil (11.96 8.30 8 30 Chili (5.19) 4 00 400 Peru (28.00) 24 63 24.63 Uruguay (1.0342) .54 00 54.00 'Par given represents old dollar parity. Pottsvllle, Jan.

20 (Opposition to Gov. George H. Earle's proposal that the Federal Government purchase the State's anthracite fields and lease them to private operators came today from a miners' organization. "Federal purchase of coal lands will never cure conditions as they now exist," said P. Joseph Brennan of Heckscherville, president of the Independent Miners and Truckers' Association of Schuylkill and Northumberland Counties.

While some of Pennsylvania's Congressmen Indorsed the proposal, Brennan, spokesman for a large group of so-called "bootleg" miners, said: "The only Federal control necessary for anthracite Is to see that It Is protected In the channels of transportation and distribution In other States." Governor Earle, In announcing approval of his plan Tuesday by leading operators and officials of the United Mine Workers, said he believed unauthorized mining on company-owned lands would be eliminated by the "process of reemployment." Brennan asserted in a statement that he would "demand" that the Trusts Report Holdings Gain Net asset value per share of Massachusetts Investors Trust at the close of 1937 was $18.64, according to the 13th annual report of the trustees made public today. Cash and short-term U. S. Treasury notes amounted to 12.5 percent of the fund on Dec. 31.

Distributions from investment Income received during 1937 totaled $5,426,845. Including 17 cents a share payable today, these distributions totaled $1.10 a share. At the close of 1937 there were 5,240,684 shares outstanding held by 47,756 Investors, the highest totals in the history of the Trust. Reviewing the present business outlook in the light of current trends, the trustees declare that: "The readjustment downward which has taken place in commodity prices and the improvement in the Inventory position of many industries form a healthy basis for a revival of business. It Is our belief that some time in the year 1938, if certain remedial legislation becomes law and confidence is again restored, the upward trend will again manifest itself." CLINTON TRUST CO.

Ellwood M. Rabenold, chairman of the board of Clinton Trust Com pany, reported to the stockholders at the annual meeting that the cap. ital funds of the bank on Dec. 31, 1937, were $1,102,624, which showed an Increase as compared with 082.025 on Dec. 31, 1936, and tht deposits at the end of the year were $8,144,413 compared with $7,294,488 for Dec.

31, 1936. He reported that thep had been a substantial Increase in number of accounts during the year. The five directors whose terms expire at this time were re-elected for another period of three years, namely, Lee S. Buckingham, John Horn, Samuel Miller, John Mullen and Robert C. Schock.

Joseph Zneiner was elected assistant trust officer in charge of the mortgage trust department. Trust Companies Quoted the N. Y. Becurltj Dealers Also 1:30 p.m. Quotations.

NATIONAL SURETY CORPORATION VINCENT CUUEN, Praaldant FINANCIAL STATEMENT December 31 it, 1937 ASSETS Cash in Banks and Trust Companies 2 323.6' 6 79 Investments; Bonds 8.346,900.3-1 Stocks 7,482.931.58 15 8:9 63192 Prev. Open Low Cloe Close 95 95 'i 95 95 90 91 90 90-' 89 "i 89' 90 'I 89 'i 89 89' a Corn 60'i 60'i 60 i 60'; 61 61 N. 61 61 60 i Sept 61'3 61U 61 Oats 32 32'h 31 32 Rye 74'i 75 '-i 74 'i 74 Ti 74'i July 70 70 70 69 Sept 68 67 'i 67 67U Lard 8.30 8 25 8.30 8.20 March. 8 92 9.00 8.82 8.97 8.82 Premiums in Course Collection, Over 90 Days Due 1 281,388 72 Accrued Interest, Dividends and Penis 130 699 38 Reinsurance and Other Accounts Receivable. i 61.665 43 Home Olfice Builiinj 6S0J)0C00 TOTAL ADMITTED ASSETS i $20,477,232.29 LIABILITIES Reserve lor Losses and Lcsn Adjustment Expenses 4.179 097.70 Reserve lor Unearned Premium.

5 391,163 98 Reserve lor Corr.tr.issions. Exper.res mi Taxes 1 X0 438 4' Contingency Reserve 731 92 Capital 2 530.300 0-3 Surplus i 6.861.770 Treasury Statement Washington, Jan. 20 (P) The position of the Treasury on Jan. 18: Receipts. expenditures, balance, customs receipts for the month, $14,911,201.97.

Total Capital and Surplus 9 351.773 22 TOTAL. i i i i $20,477,232.29 Management of Mortgage Investments for Individual, Institutional and Fiduciary Holders Booklet will br srnt upon request. T1IK MoiiTGAGH Corporation OF NEW YORK 'Represents dlllerenca- between total faius earned in asse's for ail bonds rind stocks owned and tot-ii values based on December 31, 1937 market quotations. Securities carried at I U56.457.81 are deposited lor purposes required by law. Rid Bk Y-T Banca Bankers Bronx Brooklyn Cen Han Chemical Clinton Colonial Con'l Corn Empire 21 i 22 Ji Fulton 200 215 Ouarairtee 242 247 Irving 11 14 12a KI1KS Co 1600 1650 Lawyers 2n tr- Mfg TCo 38' 40'i MfrsTCo 50 5: York R5 op Title OAT 6i 7': un states 1440 149 un Writer 80 9 Bank Stocks QnotwJ bJ the N.

Y. Secuntjr Dealers Ass. Bid wuoiauoni. Bk Amer 47 49 'i BkMhtn 23 'i 25 Bk Yorkt'n 48 54 Bpnsmih'jt 89 130 Chase 32V, 34 'i City a-3 Comra'l 140 146 Fifth Ave 835 t5 FtiotNst 1780 lB'J am as 85 100 40 13 30 Platbush Kingjboro Merch Nxt Brnni Nat Sale Public Peo Nat 47 Storing 25 27' 21 Bid Ask 360 loo loe 4A'a 80'i 6'a 8' 84 89 96 99 43 45 63 58 13 16 133, 54 55 Under th aupervuion of It 42 (roadway New York PETER NEW YORK DEPARTMENT 118 William Street BROOKLYN BRANCH OFFICE 32 Court Street BKNNETT Prrsldpnt Capital and surplus FUNDS AVAILABLE FOH FIRST MORTGAGE LOANS.