The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1939
APR 3
®US
MUtA,
SECTIONS
TWO
SECTION
—
ONE
LIBRARY
The
ontmcrria
l
COPYRIGHTED IN 1939 BY WILLIAM B. DANA
COMPANY, NEW YORK,
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879. AT THE POST OFFICE AT NEW YORK,
NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
William B.Dana Co.,Publishers,
VOL. 148.
,-"d^8«eYra0opy~
BROOKLYN
THE CHASE
BANK
BANK
NATIONAL
OF THE CITY OF NEW YORK
Chartered 1866
-
NO. 3849.
William cor. Spruce St*., N.Y.City
TRUST
COMPANY
-
NEW YORK, APRIL 1,1939
OF
George V. McLaughlin
The
President
chase
ditionally
is
tra-
bankers' bank.
a
BROOKLYN
NEW YORK
For
Member Federal
*■
Depositllnsurance
Corporation
YORK
served
and
as
correspondent
York
New
bankers
and
banks
of
number
large
a
has
it
years
many
depository.
reserve
Insurance
Member Federal Deposit
Corporation
FUNDAMENTAL
Canadian
INVESTORS
Securities
INC.
DIRECT PRIVATE WIRE
TO
TORONTO
Harriman
Prospectus
available from
Ripley & Co.
Incorporated
•
"
local dealers
Underwriters of capital issues
and
T'hc
dealers in
ment
BOSTON
FIRST
U. S. Govern¬
Bonds, Municipal Bonds
and other investment
securities.
CORPORATION
BOSTON
NEW YORK
Hallgarten & Co.
NEW
'
I
New York
»
san francisco
philadelphia
and other
Established 1850
63 Wall Street,
;
chicago
Chicago
Philadelphia
Boston
Representatives in other leading
principal citihs
Cities
YORK
London
Chicago
City of
V.
Philadelphia
NewYbrkTrust
Commonwealth of
Pennsylvania
BEAR, STEARNS & CO.
Bonds;
ONE WALL STREET
NEW YORK
Capital Funds
.
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
IOO
40TH
HOMER & CO., Inc.
40
BROADWAY
ST. & MADISON
FIFTH
AVE.
AVE. & 57TH ST.
to
Banks and
Dealers since
NEW YORK
Exchange Place, New York
Service
1888
HORNBLOWER
European Representative's Office:
8
CarlM.
Loeb,Rhoades&Co.
61
KING WILLIAM STREET
Wall Street
NEW YORK
BROADWAY
Paris
WEEKS
Established 1888
40
LONDON, E. C. 4
Members New
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
NEW YORK
London
&
Amsterdam
Member of the Federal Deposit Insurance
Corporation
.
This advertisement
appears
ing of these shares for sale,
as
matter of record only and is
a
or an
offer to buy,
made only by the Prospectus but the
shares in
new
any
State to
or
under
solicitation of
no
is unlawful for such
issue
circumstances to be construed
offer to buy,
an
Prospectus does not constitute
to whom it
any person
a
ApnI 2> 1939
Chronicle
Financial
n
an
offer by
underwriter
/
any
of such shares.
any
underwriter to sell
make such offer
to
as
offer¬
an
The offering is
in
of such
any
such
State.
'
Famsworth Television & Radio
Corporation
(A Delaware Corporation)
600,000 Shares
'
•
.
(
h
(
r
.
■
-
• *
. •
.
.
Common Stock
Par Value $1 per
Share
Price $6.00 per
Copies of the Prospectus
may
Share
be obtained only from such of the undersigned as'may
legally offer such shares under applicable securities laws.
E. H. Rollins & Sons
/
'Incorporated
Eastman, Dillon & Co.
W. E. Hutton'&^Co.
Hemphill, Noyes & Co.
Hallgarten & Co.
Riter & Co.
H. M. Byllesby and Company
.
"
■
.
.
.
Wm. Cavalier & Co.
Incorporated
.
O'Melveny-Wagenseller & Durst
Exempt from
come
all
present '1(
Federal In¬
Taxes—-Tax-Free
in
the
Commonwealth of Kentucky.
DISTILLERS
NATIONAL
NOTICE
TEN-YEAR
OF
PRODUCTS
REDEMPTION OF
CORPORATION
WE OWN AND OFFER
ALL
4^2% DEBENTURES (due May 1, 1945)
Id the Holders of the Ten-Year 4^2% Debentures (due May 1, 1943)
$5,0000 Franklin County
of National Distillers Products Corporation issued under an Inden¬
ture dated as of May 1, 1933, between National Distillers Products
Corporation and Chemical Bank & Trust Company, as Trustee:
School Imp. Co.
Notice is hereby given
Debentures registered as to principal must
instruments of transfer
be accompanied by
duly executed in blank.
1957-59 ®
PRODUCTS
f
'
,4%,
Descriptive
proper
the
of
the
$6
American
1939.
Available.
Request
BANKERS
1802 Kentucky
'
'
BOND
ca
Home Life Building
LOUISVILLE, KENTUCKY
BIRMINGHAM
National Power & Light Company
Manufacturing Company has declared the regu¬
lar quarterly dividend of $1.25 per share on the
Preferred Stock of the Company payable March
31. 1939, to Stockholders of record March 15.
ROBERT
CORPORATION
Dividends
Brooklyn, New York
Directors
Circular
on
'
COMPANY
Noble and West Streets
of
..
1940-59 @ 2.75%-3.80%
Secretary-Treasurer
Dividends
Board
'•
School bldg. Rev.
By THOS. A. CLARK
Dated, New York, N. Y., March 31, 1939
IB The
:
:
Incorporated
NATIONAL DISTILLERS
MANUFACTURING
100
$40,000 Franklin County
By Order of the Board of Directors.
AMERICAN
;
3y2%
that, pursuant to the provisions of the above
mentioned Indenture, National Distillers Products Corporation has
elected to, and will, pay off and redeem in lawful money of the United
States of America on May 1, 1939, all of its outstanding Ten-Year
41/2% Debentures, due May 1, 1945, at 104% of the principal amount
thereof together with accrued interest to May 1, 1939. The Corporation
has deposited with The Chase National Bank of the City of New York,
as Fiscal Agent under said Indenture, a sum
of money sufficient to
redeem all such debentures, and payment of the redemption price of
said debentures, including interest to May 1, 1939, will be made at
any time hereafter at the principal office of The Chase National Bank
of the City of New York, as such, Fiscal Agent, at its Corporate Trust
Department* 11 Broad Street, Borough of Manhattan, City and State of
New Y)rk, upon surrender of said debentures with all coupons apper¬
taining thereto maturing on and after May 1, 1939. From and after
May 1, 1939, interest on said debentures will cease to accrue.
B. BROWN, Treasurer.
PREFERRED
The
share
regular
on
STOCK
quarterly
MARX & CO.
DIVIDEND
dividend
of
SI .50
per
BIRMINGHAM, ALABAMA
the $6 Preferred Stock of National Power
&
Light Company has been declared for payment
May 1, 1939, to holders of record at the close
of business April 1, 1939.
-•
ALEXANDER
SIMPSON,
Treasurer.
SOUTHERN
MUNICIPAL
AND
CORPORATION BONOS
CONTENTS
Editorials
The Financial Situation
Is
PAGE
1849
_
-
Competitive Bidding for Utility Issues Ahead
The Challenge to
18621866
Retrenchment....
*
'
J
.
''
"
•
.
•
-
Comment and Review
The Business Man's Bookshelf
Week
on
the European
1867
...
Stock Exchanges.-...
-----1854
1859 & 1899
Foreign Political and Economic Situation..
Foreign Exchange Rates and Comment-_ .
Course of the Bond Market
1868
...
Indications of Business Activity
—
Week
on
the New York Stock Exchange.
Week
*
1854
-
on
1868
-.1852
:_.-1898
!
the New York Curb Exchange
.•
News
Current Events and Discussions.
1879
.
1897
General Corporation and Investment News...—.1943
Dry Goods Trade
..—-_.M998
State and Municipal Department
.....
1999
Bank and Trust Company
v
Items
.
—
....
Stocks and Bonds
;
1907 & 1909
Foreign Stock Exchange Quotations
1901
1901
Bonds Called and Sinking Fund Notices.
Dividends Declared.
1
New
1901'
.1910
York Stock Exchange—Bond Quotations..1910 & 1920
York Curb Exchange—Stock Quotations.n
1926
New
New York Curb
.
—
Auction Sales
New York Stock
Exchange—Stock Quotations.
Over*the-Counter Securities—Stock &
'
.
Bond Quotations .1939
Reports
Foreign Bank Statements.
Course of Bank Clearings
.......
....
,
General Corporation
and Investment News
;_1858
.1899
..1879 & 1907
......t
Federal Reserve Bank Statements
—
....—1943
Commodities
The Commercial Markets
Cotton^
.._
Bread stuffs..!
and the Crops.....—..—.1988
....
-
<
1930
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations .....—1932
Canadian Markets—Stock and Bond Quotations...
1936
Other
-
•
\
...1991
. 1996
. .
.
April 1,
Chronicle
Financial
VI
1939
$73,444,000
Metropolitan Water District
of Southern California
4%% and 3V2% Colorado River. Waterworks Refunding Bonds
Due
Dated February 1, 1938
Principal and semi-annual interest, August 1 and February 1, payable at the
New York, or at the
February 1,
as
shown below
principal office of The Chase National Bank of the City of
the option of the holder.
and interchangeable with the consent
office of the Treasurer of the District in the City of Los Angeles, California, at
Coupon bonds in denomination of $1,000, registerable as to principal and interest,
of the District and at the expense of the holder.
'
,s
,
In the opinion of
Counsel, these Bonds
are
'
•
•
,
.
.
Exempt from Personal Property Taxes in California and the
Exempt from present Federal Income and California State Income Taxes
interest thereon is
.
.
Legal Investment for Savings Banks and Trust Funds in California
AMOUNTS, MATURITIES AND PRICES
$56,452,000 4M%
Bonds
$2,040,000
2.80
2,040,000
1954
1950
»' 2.90
2,040,000
1955
1951
3.00
2,040,000
1952
3.05
2,040,000
1948
336,000
1949
1,318,000
1,646,000
2,040,000
2.70%
2,040,000
ea. yr.
"
2,041,000
"
•
"
"
ea. yr.
1961-62
3.40%
3.15
2,040,000
M
1963-65
3.45
3.20
2,040,000
"
"
1966-68
3.50
1956
3.25
2,040,000
"
"
1969-72
3.55
1957-58
3.30
2,040,000
"
M
19T3-7T
3.60
1959-60
3.35
:
\ $16,992,000 314%
;
$2,040,000
v
ea. yr.
$2,040,000
3.10%
1953
112,000
$
To Yield
To Yield
To Yield
Bonds
$1,929,000
1934
@100
$722,000
1986
@
100
1,705,000
1978-81 @ 100
1982-83 @ 100
1985
@
100
394,000
1987
@
100
(Accrued interest to be added in all cases)
Circular
The above
'
*
-
It'
'
V
•
'
".-.,.,4
.
'•
Bonds are offered when, as and if received by us.
Legality has been approved by Messrs. Thomson,
expected thai temporary bonds will be delivered in the first instance pending preparation of definitive bonds.
Bankers Trust Company
The'Chase National Bank
-
Request
Hoffman, Attorneys, New York City, and Messrs. O'Melveny, Tuller & Myers, Attorneys, Los Angeles.
Wood &
It is
on
■'
*
of New York:
The First
Harriman Ripley & Co.
•
Bostoo^Corporation
Lehman Brothers
R. H. Moulton & Company
The National City Bank
v-*
:
incorporated'"
.
Lazard Freres & Co.
Blyth & Co., Inc.
Incorporated
Ladenburg, Thalmann & Co.
Blair & Co.
Dean Witter & Co.
The Northern Trust
Weeden & Co., Inc.
Stone &
Company
Chicago
INC.
Wejider and Blodget
Krrporated
The Anglo California
Phelps, Fenn & Co.
National Bank
Bankamerica Company
San Francisco
of Los Angeles
American Trust Company
San Francisco
Bank of America N. T. & S. A.
Security-First National Bank
Union Securities Corp.
>
F. S. Moseley & Co.
A. C. Allyn and Company
Incorporated
Bond Department
San Francisco
Mercantile-Commerce
Bank and Trust
R. W. Pressprich & Co.
Hallgarten & Co.
Eastman, Dillon & Co.
Paine, Webber & Co.
Stifel, Nicolaus & Co., Inc.
Chicago
Company
Roosevelt & Weigold
Kean, Taylor & Co.
Tucker, Anthony & Co.
B. J. Van Ingen & Co. Inc.
Incorporated
Hemphill, Noyes & Co.
Merrill Lynch & Co. Inc.
Schwabacher & Co.
Kelley, Richardson & Co., Inc.
;
Wells-Dickey Company
Minneapolis
New
york, April 1, 1939.
Arthur Perry & Co., Inc.
Boston
Equitable Securities Corporation
Chicago
The Wisconsin Company
Milwaukee
The Financial Situation
ers
IN WASHINGTON the tideDeal normalcy turned;
trend back toward New seems to have
a
or more
ago
the headlines
dispatches screamed appeasement.
idea it was supposed to represent
about
as
Official,
the
After
public that the Presi¬
are now
absorbed above all else by
a
desire to stimulate
total
ing to
for
there
that
little
is
the subject
pipes of
indicate
to
be¬
peace are
filled by either Mr.
ing
Lewis
or
Mr. Green.
evitable concessions in
nection with
social
moment
at
con¬
secur¬
least less
aggressive than he has been
'
upon some
occasions in the
past in pushing various
It may
so-
be that.
when
less
the
Only
worried about the absence
of
full-blooded
when
so
cotton
an
the facts remain
alibi, but
as
welfare
end of
a
will
never
be
legislators with farmer con¬
some
of their colleagues
they will "recipro¬
by
voting
and
relief
appropriations.
undertaken in this all too usual "bargaining
have
so
far
produced
no
and
doubtless
economy-minded
upon
is farthest
minds
the
of
advisers,
including
,
Hopkins,
Mr.
Mr.
Morgenthau and the
rest.
If,
as
was
said at
times to be the case,
Hopkins
tions
of
Mr.
actively at
was
work promoting
modifica¬
existing
legisla¬
tion in ways,
thought to be
helpful to business, he does
to have been
appear
able to make much prog;
and it
ress,
clear
never was
that he knew what would
would
or
be
not
really
helpful.
normal
About the only conces¬
sion which seems to
have
been wrung from the Presi¬
dent
were
its
so-called
pension scheme,
as
yet is his reputed
ment
in
or
postponement
Ways
and Means
The
members
all occasions, sinfe it, offers
week,
from
able
from
law."
Committee of the
tax
revenues
substantial
large
House late
be substituted
'
consider¬
a
expected interest earnings
fund
reserve
:
may
inequity—for
proportion of the
the
"Four
Morgenthau told the
"have shown that supplemental funds
general
—without
age
consequent readjust¬
of the scheduled increases
Mr.
experience,"
last
a
connection therewith.
payroll taxes in
"Deals"
under the old
reserves
and with
process''
fruit of importance.
would
cerning the
of
possible aid in preventing either the relief spend¬
and
program,
President and his
not
years
^"economy bloc" should find this situation to their
liking,
but
tary of. the Treasury con¬
want assurances from them that
cate"
panacea,
course,
the
from
Pennsylvania Ave¬
happened before,
of
now
agreement with the Secre¬
bickering and its usual attempts to trade horses.
As has
a
Deal
of the
its
than that
worse
that, of
export subsidy be
restored to
state
a
general undoing of the
New
a
Congress is finding itself ensnarled in its usual
stituents want money,
would be
obtaining. What business
Meanwhile, at the other
nue
re¬
were
needs is not
,
stated.
or,
affairs
means a
an
or
he alive,
sult
competitive position until American planters
are
willing'to grow it for whatever it will
bring in world markets without assistance
from Other sections of the population^
Toward this end the President's plan con¬
tributes exactly nothing.
recovery
foreign affairs afford
Convenient
the
Mr. Hopkins
responded, the end
if it
question need be asked—how
plan "restore American cotton
to its normal competitive position"?
Obvi¬
ously it will not do so.
It mighty it is true,
make it possible to export cotton in competi¬
tion with foreign producers—with the finan¬
cial assistance of the taxpayer—but American
it
or
Solomon,
competitive
formulated,
panacea
one
Would such
public mind is
developments,
any
But abandonment of
market, and that
provided for cotton.
be that they feel less
may
take
for
event not yield to
either by
haVe cotton "in the loan" and who release it
engrossed with Euro¬
pean
not
to the
time
a
did
for¬
come
panacea
existing would
now
in any
sharp drop in
the already pitifully meager income of the.,
producers."/ And so he proceeds to insist
that the loan arrangement be continued, that
additional benefits be paid to farmers who *
it would be politically more
await
We
into account.
the loan for this year
Washington have
to
if
growers
reached the conclusion that.
effective
ation
Having made this confes¬
sion of failure—for that is what it really is—
and having quite correctly placed his finger
upon the sore spot, that is, the need of restor¬
ing "American cotton to its normal competi¬
tive position," one might expect the President
td come forward with some plan which was
reasonably adapted to the end stipulated.
If, however, anyone expected anything of the
sort, he was sadly mistaken.
What the President actually said was this:
"This might be done by abandonment of the
loan
the astute stage managers;
in
normal
its
no
dustry and trade. The situ¬
at
to
no
depressed conditions in in¬
.
called reforms, but this is
about all.
cotton
commun¬
need feel
of Commerce has
ward with
So far, so good.
ity taxation, and he is for
the
continue
business
course,
regret that the Secretary
position."
politically in¬
some
Regrets About Lost
The
than 11,000,000 bales,
more
American
The
President appears to have
made
the statute
way to
ity, of
. "
.
Carrying charges
already in the loan ap¬
proximate $45,000,000 annually.
.
.
.
"So great is the cotton surplus that the cur¬
rent loan of 8.3 cents a
pound—a loan only a
little more than half of parity—-has proved a
price-pegging loan.
Foreign cotton is under¬
selling our
cojtton in world markets, and is
likely .to continue to do so until we restore
good while past, and
a
Competitive Position"
than fifty years.
*
alone on the cotton
has had noth¬
say on
the
on
books.'
and if our
their present rate our
shipments of cotton abroad for the year end¬
ing August 1, 1939 will be the lowest in more
supposed to be reading
labor leaders,
r
business is
of
economy
legislation well designed
or
several years
exports
the riot act to discordant
"
to encourage
either
that
assurance
; In explaining "the cotton
situation" the President added: "Loan stocks
The President, who
was
•
much
substantial importance
effective action."
recov¬
ery.
;
give
any
of economic planning
axid .central management of the cotton-grow¬
ing industry, the President on Tuesday last
felt obliged to say in a formal statement that
"the cotton situation requires prompt and
constantly assuring
dent and his aides
but
many
Panaceas
ing "Normal
longer find it expedient
be
that
are
No
spokesmen
to
well
too
depths of his inexperi¬
no
-
to
grandiose plans which the recently-appointed Secrewas putatiyely formulating from
the
,
to be
Noth¬
long while past about the
a
only
such only at the other
rate, there is little or
nothing in the situation now existing in Congress
tary of Commerce
ence.
-
now appear
lobby from obtaining funds,
teaches
prophets of frugality
fellow's expense.
At
Washington
The term and the
in Washington as in Europe.
passe
ing has been heard for
V
over
farm
experience
appears.
Six weeks
the
or
"
■
contemplated
,
by
,/
April l, 1939
Chronicle
Financial
the essential dependency of benefits on eontributions."
Words vs. Facts
a little reflection quickly reveals the fact, that the
Secretary is here using words rather than dealing
ing payroll taxes from general revenue.
For all with facts. What earnings in interest or otherwise,
classes of beneficiaries the values of the benefits
pray, does the reserve fund enjoy other than those
which the act provides are, and for a long time will
paid by the Treasury itself? .How could such sobe, substantially in excess of the contributions uii- ' called earnings, either current or accumulated, be
der the schedules provided in the law."
utilized to pay benefits except as they are provided
The Secretary then advises substitution for the
at the time of such payment by the Treasury, Since
present plan of a contingency reserve fund to
accumulated earnings are invested in Treasury ob-
apparent that The argunot have the validity
which four years ago it seemed to possess.
There
is no need at the present time, and. I believe there
will be no need in the near future, for supplement"Therefore, it becomes
large reserve does
ment for a
v
ligations and current earnings must be provided
the highest
"not more than three times
amount to
by
benefits in the ensuing five - the Treasury? Where will, where can, the Treasury
years." All this and more of the same order is used
obtain the fpnds to pay such benefits (whether out
to lay the basis for recommendations looking toof "earnings" or past "contributions'') except from
ward either a reduction or an elimination (accordtaxation or borrowing at the time the payment is
annual
prospective
due? Were all actually true that the Secretary
of the Secretary is
ing to which of the suggestions
"In periods
during the years immediately ahead.
incomplete business recovery like the present,"
of
insurance system should be so financed as
old age
It
ness.
is, therefore, a pertinent question whether
substantial
a
allowed to
do not place any
avoidable burdens
productive enterprise."
House
with what the
accord
and the
conception
ing which benefits
have"
such
measures
or
In considering the question of
anything else.
whether payroll taxes should be imposed at present
.
for the purposes in hand, or if imposed should not
be permitted to increase next year according to
reserve
a
of
schedule, the only relevancy which accumulating
quite ration-
was
sheer
course
claims under the Social Security Act have lies in the
non-
still to be under
fact that pay-roll taxes are inherently a vicious
form of taxation and will hurt, nqt help, our ability
of
he "must advise Congress that accept-
contingency
a
seems
reserve
future date either
basis
means
a
avoidable tax burdens should be placed upon industry, but his statement leaves much unsaid which
a
the
from other tax
contingency
schedule
sources.
reserve
of tax
a
few years,
substantially,
suggested.
of
rates
provided in the
Consequently, it
increased
fund somewhat larger than
ated, but those which must be imposed should be
so framed as to bear least injuriously upon the
business community.
Such a requirement the presBut
ent system of payroll taxes could never meet.
there
are
even
more
important
considerations,
precisely forecast at this time,
be desirable to anticipate
tinue to mount, with the result that deficits give no
may
larger
neither
*
I;
The first thought to come to mind is the fact that
not only should all avoidable tax burdens be elimin-
Merely to avoid taxation while expenditures, cash
and accrued (under the old age pension plan), con-
are
contingency
first few years of
representative,
age
nor
a
during the ' ^promise of ever having an end, is to remove the
reserve
benefit payments.
eontributary old
In addition,
insurance principle would
jeopardized it, for the
reserve,
may
under the standard I have here
their amount be
somewhat
are
we
However, the earlier annual disbursebenefits
ought to be before the public at this time,
system is adopted
unless benefits
a reserve
would be
necessary
or
On the other
Security Act remains unchanged,
have for
ments
when he says that in times like the present no
deficiency which the Government will have
hand, if
if
as
there
to make up
Social
to meet large claims years hence under the scheme
it now stands. The Secretary is, of course, right
that at
payroll taxes will have to
higher than the present Act provides
will be
be
this!
running into
that
prior to this experience it
for he says
tly
as
of experience (dur-
not payable) has taught, or
Indeed, the Secretary
some
can
do to the
strange delusions' concerning these matters,
sense.
and
claimants "con-
nation, shall have to face the task of raising the
required funds when claims come due—quite regardless of reserve funds, contributions now made,
ally considered essential, is
be
prospective
figures is not in the least necessary,
taught,
astronomical
whereas
having
present their claims, the fact remains that we, as a
year can
of
were
of
tribute" in advance against the day when they will
exigencies of politics
The contention that four years
some
vantages
the
election
an
Whatever may be the educational or "social"- ad-
-
altogether clear, but it
reduction of it
proportions, is in order. / V
Secretary advises.
what
approach of
"liberal"
ance
to relatively innocuous
American
on
For this reason,
that it is being accumulated.
its abolition, or, at the very least, a
presumed that in general the President is
It is remarkable
could
of temptation to reckless spending throughout the
years
-
The position of the White
to details is not
as
must be
in
of the things claimed for it, and is a constant source
the : American
upon
It is a mischievously
of business
makes it especially urgent that at this time
economy
we
of world affairs
state
entirely different order.
misleading device which actually accomplishes none
,
the present stage
at
occur
an
be
rate should
the tax
The depressing effect of the present dis-
recovery.
turbed
increase in
or even
reserves
possible deterring effect on busi-
have the least
to
to condone, abolition of the large
envisaged in the act as it stands. The real
argument against the present reserve system is of
justify,
Secretary told the Committee, "the contributory
the
im-
plies about contributions made now or in the years
immediately ahead providing the means of later
benefit payments, it would be difficult indeed to
adopted) of the increases in old age pension taxes
purpose
the rate of contributions
of reducing the
was
reduced
or
shadow but leave the substance of existing difficul¬
ties untouched. Let it be carefully noted that at
the same time that the Secretary of the Treasury
and, apparently^ the President are showing signs
inadequately increased during the period when the
of
public had not yet
thought whatever to lightening the burden of ex-
come
to understand completely
distress
about
taxation,
they
are
giving
no
Volume
and
penditures,
not
Financial
148
rise in
a
increase,
payroll taxes next year would be en¬
couraging to business, but not nearly
such
as
an
be if
action would
so
encouraging
accompanied by steps
which reduced the need of the Government for
both
enue
now
rev¬
and in the future.
Meanwhile, what about really helpful modifica-,
Labor Relations Act?
most
urgently to be hoped that this important mat¬
ter is not
National
It is
of the
being pushed into the background while
makes
the Administration
sions here and
relatively minor conces¬
there, and members of Congress em¬
ploy their time trying to bargain their way out of
The National Association
embarrassing situations.
of Manufacturers has
be
no
as
the law
again warned that "there can
permanent solution of labor problems so long
places restraints upon one party to the
of
representative
throughout the country.
conditions
-
Although the Treasury acquired $85,000,000 gold
week, deposits of gold certificates
in the statement
with the 12
regional institutions amounted to $115,-
997,000, indicating use of some of the large amount
of
"sterilized"
unofficially
previously
metal
ac¬
The gold certificate holdings of the Federal
quired.
tion
remains
formance
Action by Congress which would pre¬
pension plan.
vent
indeed planning
are
decrease, in accrued claims under the old age
a
1851
Chronicle
Reserve Bank
were
raised to
$12,423,718,000.
Other
dropped slightly, and total reserves of the 12
cash
regional banks were increased $113,515,000 to $12,-
Federal Reserve notes in actual cir¬
836,950,000.
culation
Total
moved
$9,947,000
up
consisting of
balances
reserve
advance of member bank
an
by $135,679,000 to $9,124,860,000;
decrease of the
Treasury general account balance
$1,201,387,000;
$20,819,000 to
by
account
with the
$108,510,000 to $10,830,994,000,
variations
a
$4,345,363,000.
to
deposits with the regional banks increased
an
of
advance
employer-employee relationship and leaves the other
foreign bank deposits by $7,525,000 to $242,286,000,
party free of all restraint," adding that "neither
and
can
there be
association
free
of
permanent solution until the right
a
freedom of action
commit unfair
extent
to
do not
practices is recognized to the same
case
of employees. „Nor can
The
461,000.
deposits by $13,875,000 to $262,-
ratio moved up to 84.6% from
reserve
Discounts by the regional banks were off
84.5%.
$117,000
to
$3,322,000.,
Industrial advances
fell'
$86,000 to $14,005,000, but commitments ^to make
increased
advances
such
$123,000 to $12,647,000.
Open market holdings of bankers bills increased
national labor /policy
$7,000 to $561,000, while holdings of United States
the
administer
unless all persons
stand equally before the law and
administrative
the
part of employers and
fall of other
public confidence in the agencies es¬
any
tablished
the
their part so long they
on
it is in the
as
there be
on
a
agencies
with full
and
equal
securities
Treasury
unchanged
were
at
$2,564,-
015,000.
•
rights to fair hearings and impartial decisions."
■
"•
Foreign Trade in February
Very little that Congress could do would more
;
effectively encourage the business man than for it
to heed such words as these.
'
\
increase in that month is contrary to
remembered how
OFFICIAL advance of idle credit resources, with
rapid banking statistics this week reflect
signs pointing to continuance of the trend for
some time
to come.
Monetary gold stocks of the
all
country increased a Further $85,000,000 in the state¬
week
Marcn
to
another record at
is
rise
due to
metal for
29, raising the aggregate to
$15,160,000,000.
higher,
ever
engagements of the
shipment to the United States are limited
only by shipping space.
measures
as
The golden tide
•
In the absence of counter-
by out monetary authorities, this flow of
gold will tend to increase our credit resources even
beyond
United
burse
States Treasury, moreover,
sizable
with the
sums
of
all
member
in
in January declined 21% from
preceding month, to the lowest level since August,
It
1936.
that the
last
columns,
is, nevertheless,
some
satisfaction to observe
sharp downward trend of exports in evidence
month, at least,
appears
to have
Imports, however, suffered
been checked.,
sharp reduction in
a
February, whereas the seasonal expectation is for a
slight decrease in the month;
as a
down to the lowest level since
result the total was
July last
year,
just
prior to the improvement in domestic business con¬
ditions which resulted in
larger imports during the
latter part of 1938.
v
7
•
•
-
the resources of member
institutions
increased $160,060,000
increased $7,000,000, which
only noteworthy offset to the ad¬
circulation
constituted
the
of idle bank reserves.
thcmember banks
their efforts to
are
It remains evident that
meeting with little success in
put their funds to profitable use.
Weekly reporting member banks in New York City
found their business loans off $6,000,000 for the
week, to $1,360,000,000.
collateral fell
as
the
As noted in these
In the week to March 29 the excess reserves
$3,520,000,000, and thus stand only $80,000,000
below the record high of last January.
All cur¬
vance
month ago, exports
Reserve Banks, and this also
to
rency
a
from its huge general account
12 Federal
will make for additions to
banks.
current. ;• The
is likely to dis¬
the enormous, figures now
sharply January's shipments were
reduced from December's.
a
ment
the seasonal
trend, the fact loses most of its significance when it is
Federal Reserve Bank Statement
\
EXPORTS of the United States in February were
slightly higher than in January, and while an
Brokers loans on security
$33,000,000 to $611,000,000, obviously
the consequence
of dealer unloading of Treasury
obligations acquired in connection wTith the March
■refunding
operation.
The
New
York
City
per¬
Representative Karl E. Mundt of South
Dakota recently
economic
decried the "drift toward
taking
centralization" that is
place in the Government under the New
Deal, and warned that America "should
quickly awaken to the fact that economic
dictatorship" by bureaucrats
as
devastating
by autocrats."
The
ment
as
be just
*
American
calls
can
"political dictatorship
philosophy of
for government
govern¬
by laws, not
government by men.
Do your
best to stamp out bureaucracy!
Help keep America American.
7
Financial
1852
of the opposite trends in imports
In consequence
and
the export balance of
February,
in
exports
trade for the month
$60,524,000, from $34,-
to
rose
the export
708,000 in January; a year ago, however,
balance
$98,984,000. Exports in
much higher, at
was
compared with
$212,909,000 in January and $261,935,000 in Feb¬
ruary, 1938. February imports of $158,035,000 com¬
pared with $178,201,000 in January and $162,951,000
February amounted to $218,559,000
in
February last
\
year.
accounted for
and
from February, 1938
by reduced shipments of raw cotton
Cotton
grains.
reduced all
have been
exports
during the current crop season,
sharply
but the
market is a newer ex¬
perience; corn exports in February totaled only 2,681 ,000 bushels compared with 16,250,000 bushels in
February, 1938; corn shipments in January this year
of 7,012,000
bushels compared with 13,254,000
bushels in the corresponding month of 1938; in the
disappearance of
corn
our
last six months of 1938, exports
of this grain
aggre¬
gated 49,891,000 bushels. Wheat exports in February
planned to take over the Free City of Danzig
possibly encroach on the Polish corridor. The
this aspect of foreign
and
markets here drifted lower on
Beginning in the last hour of trading on
reports.
continuing
and
however,
Thursday,
but
In the thin markets current
cessively lower levels.
under, the
present political dispensation at Wash¬
Little
fashion.
rallying
power was
in evidence, and
prices at the close yesterday were two to ten points
under those current
of the year were
all
and
week earlier.
a
leading
cpmpilations
average
episode of last September were
of
dealings
week.
of the
Thursday
on
the final hour of that
British
The first
bales worth
February totaled 282,307
in
exports
Raw-cotton
$13,732,137,
as
compared with 420,176 bales valued
$21,161,556 in February, 1938. The decrease from
January
was
and
that
in
not
great
as
sense
as
is usual for that
improvement
an
season,
shown.
was
of such
a
fully intended to draw
fully realized, in view of the
process were
desperate internal situation of Germany, and prices
into
went
nose-dive,
a
with
all
When the reports.were
affected.
leading
yesterday, through Prime Minister Neville Cham¬
berlain^ statement before the House of
at
Of
in several weeks followed.
late
Thursday
leum, automobiles, and iron and steel products.. On
out
yesterday's session.
the other
toward
higher.
more
'
cane
also
of'
in
February,
imports of
mohair,
effect since last
war scares
began.
the
ers
selling
of American
securities, but
liquidation also
a
good deal of local
somewhat
were
in the
hides and skins,
tobacco and diamonds.
were
at the high rate
August when the succession of
The February influx amounted to
obligations
showed
than
downward
was
light of the European crisis.
Treasury
stable
more
Rubber receipts
increases
Much of
involved.
was
bonds
Listed
less than
a
easily. traceable to European hold¬
was
stocks, but there also the tendency
paper,
cocoa, raw
were
The inevitable tendency
liquidation of securities in the face of
Sizable
1938.
^Imports of gold in February
in
thei whole,
A sharp drop
imports, which
considerably smaller.
shown
wool and
sugar
The decline that started
virtually uninterrupted through¬
was
genuine war crisis made itself manifest.
V'V:'
on
than did the total, while other items
higher than in February, 1938.
half the size
considerably
were
>•' ?'\
..
occurred in
were
shown in machinery, petro¬
imports, agricultural items,
decreased
were
were
hand, aircraft exports
;
As for
were
earlier
year
Commons,
selling developed, and the most active period
-;
non-agricultural exports ^'substantial decreases
a
issues
confirmed early
fresh
from
cordon
a
The dangers
January exports amounted to 307,833 bales valued
$14,974,962.
hours
equally dull, but in
were
sanitaire around Herr Hitler's Reich.
$4,000,000 less.
four
day reports began to circulate
that the
were
was
500,000-share level in each of the first
sessions
three
approximated.
the New York Stock Exchange
on
close to the
confirmed
The depressed levels of the Munich
these results.
Trading
Lowest levels
established in hundreds of stocks,
slightly higher than in February, 1938 in volume,
value,
through
all
yesterday's session, liquidation took place at suc¬
in
were
at
think, early in the week, that Chancellor
to
son
Hitler
ington, offerings pressed prices lower in sensational
;
Half the decrease in exports
was
April 2, 1939
Chronicle
United States
excellent
resistance
during most of the week, and achieved fresh highs
until
Thursday.
affairs
sent
The critical state of international
them
lower,
yesterday,
and
grade domestic corporation bonds also
highest
soft.
were
$223,296,000^ in comparison with $156,427,000 the
Speculative railroad and other domestic bonds fell
month
along with equities, but on a more modest scale.
before; in February,
metal amounted to
1938,
imports
only $8,211,000.
of the
Gold exports,
in the
preceding 12 months, were of no account at
all; in the entire period they did not even aggregate as
much as a million dollars. Silver imports of $9,927,000 in January were offset by exports of $2,054,000;
in January imports totaled $10,328,000 and exports,
$1,671,000.
•■"'/. '•^ '
-UV ;
as
the
foreign dollar bond section sharp declines
noted, with little regard to
service.
debt
of
status
origin
importance
trends.
influences
as
of
SWIFT declines in prices of securities took place
markets, owing to
this week
the New York
on
Europe
gold from
transfers
anxieties
variation, but
tilities.
"business
to
a
possible outbreak of general hos¬
Unsettled
in
any
appeasement" within the United States,
the markets
plunged
ever more
daily reports of the foreign
gloomy.
vent
event by the failure of
precipitately
scene
became
as
ever more
Efforts by the British Government to
further
territorial
annexations
the
pre¬
by Germany
proyoked the keenest fears of desperate actions by
the Nazi leaders of the Reich.
There
was
every rea¬
reflected
United
the
of
space
the
shipments
States,
the
and insurance
The official controls maintained
accommodations.
sterling and
as
to
were
were
stock and bond
enormous
being limited only by
European developments that occasioned the gravest
on
exchange markets
Foreign
European strain principally by
The New York Stock Market
the actual
or
Commodity markets
irregular throughout the week, but they
little
In
were
French
some
"with relatively little
francs
of the other currencies
"yere
sharply depressed.
On
the
touched
New
new
York
high levels
stocks touched
Curb Exchange
new
the
New
the
new
Stock
year
27
stocks
-while
641
On the New York
27 stocks touched
York
changed" at 1%.
Exchange
for
low levels.
and 313 stocks touched
on
Stock
new
high levels
low levels.
Call loans
Exchange
remained
-
.
un¬
...
Volume
On
the
Financial
148
New
the
York
half-day session
shares;
shares;
676,810
Wednesday,
on
Thursday, 984,600 shares, and
on
2,888,390 shares.
the sales last
22%; Canada Dry at 14% against 16%; Schenley
439,270
were
566,160 shares;
were
shares;
Mfg. at 94 against 105; Lorillard at 20% against
Exchange the sales at
Saturday last
Monday they
on
Tuesday,
Stock
on
Distillers at 13% against 15%, and National Dis-
on
tillers at 25% against 27%.
465,380
The steel stocks were marked by wide losses this
Friday,
on
On the New York Curb Exchange
Saturday
1853
Chronicle
United States Steel closed yesterday at 50
week.
Mon-
against 57% on Friday of last week; Inland Steel
on Tuesday, 126,000 shares; on
Wednesday, 95,100 shares; on Thursday, i.90,335
shares, and on Friday, 398,665 shares.
^
at 77 against 82%; Bethlehem Steel at 59% against
were
73,155 shares;
on
day, 108,920 shares;
On
Saturday last inaction ruled the
trading.
the
to
up
liquidation caused stocks to
day irregularly lower.
tured
mostly irregular
foreign situation, long
verse manner
on
and
rubber
In the
Goodyear Tire & Kubber closed yester-
B, F. Goodrich at 15% against 20%, and United
.
States Rubber at 36% against 43%.
The domestic and
The. railroad
shares closed this week with broad declines.
obstacle to the market's
Penn-
sylvania RR.' closed yesterday at 18% against 20%
ad-
Tuesday proved to be just another
on
Friday of last week; Atchison Topeka & Santa
Fe at 27% against 33%; New York Central at 14%
At the start stocks broke
from fractions to within two
group,
day at 26 against 31% on Friday of last week;
soon
an
against .75%; Packard at 3% against
3%, and Hupp Motors at 1% against 1%.
the
weakened and fob
course.
an
day of declining prices.
At their
Monday, but
on
continued to influence stocks in
progress,
ler at 67%
A display of strength fea-
opening transactions
a
up
closed
week; General Motors at 41% against 46%; Chrys-
a
mild
when
and wind
ease
faded, and equities from then
lowed
closing,
In the motor group, Auburn Auto
yesterday at 3 against 3% bid on Friday of last
of
course
Opening steady, the market moved in
spiritless fashion
67%, and Youngstown Sheet & Tube at 36 against
43%.
against 17%; Union Pacific at 91 against 98; South-
points of former levels.
worst, equities accumulated losses extend-
ern
Pacific at 12% against 16%; Southern Railway
ing to three points, followed by a period of dulness.
at 13% against 18%, and Northern Pacific at 8%
Near the close sufficient
stability was attained "to- .against 11.. Among the oil stocks, Standard Oil
moderately
reduce
the
■Wednesday's session
inactivity. V Beginning
losses
net
the
day
losses, stocks made moderate
"hour,
converting
earlier
gains, and from then
Stocks
on
tern of
trading
of
with
recovery
as on
of N. J. closed yesterday at 45% against 47%
day.
declines
on
held to
12%, and Atlantic Refining at 19% against 20%.
In the copper group, • Anaconda Copper closed
yesterday at 23% against 27% on Friday of last
fractional
into
a
fractional
steady
week; American Smelting & 'Refining at 36%
against 43%, and Phelps Dodge at31%against37%.
Trade and industrial indices show little change
course,
same
pat-
other days of the week until
hour, when the market suffered
attack of weakness and
an
on
Friday of last week; Shell Union Oil at 11% against
in the first.
Thursday followed much the
the fourth
the
distinctive for its extreme
was
this week from the situation
acute
prices tumbled in wholesale
year
fashion," losing two to four points on the decline,
The European; situation was offered as the reason
as
established late last
Steel operations for
and since maintained.
the week ending today are estimated by American
Iron and Steel'; Institute at 56.1% of capacity
for
this sudden spell of
liquidation, and while those
fully acquainted with developments abroad could
,
against 55.4% last week, 55.8% a month
35.7% at this time last
ago,
and
Production of dec-
year.
advance no definite explanation for this
action,
they recognized the steps taken by England and
trie power for the week ended March 25 is reported
by Edison Electric Institute at 2,198,681,000 kwh.-
France to
consti-
against 2,225,486,000 kwh. in the previous week and
peace
of Europe.
Yesterday, in broad trading running into about
3,000,000 shares, equities again succumbed to war
1,975,239,000 kwh, in , the corresponding week of
last year., Car loadings of revenue freight for the
week to March 25 amounted to 605,462 cars, the
tuted
"
a.
keep Herr Hitler within bounds
grave
,
menace
threats and shed
to
the
to three
■
Association of American Railroads reports. This
was an increase of 10,894 cars over the preceding
of last
week, closing figures yesterday reflected the
week and 32,510 cars over the similar week
broadest declines both for the week and
year.
Gen, :.-°f 1938.
eral Electric closed
yesterday at 34% against 42
As indicating the course of the commodity mar-
levels.
As
one
points from previous
compared with final prices on Friday
,
on
Friday of last week; Consolidated Edison Co. of
N. Y. at 29 against
35%; J. I. Case Threshing Machine at 75 against
83; International Harvester at 54 against 58%;
Sears, Roebuck & Co. at 68 against 71%; Montgomery
worth
Ward & Co. at 43% against 483%; Wool-
at
Tel. at
45%, against 47%, and American Tel. &
153% against 158%.
yesterday at 18 against 20%
Allied Chemical &
Western Union closed
on
Friday of last week;
Dye at 166 against 168%; E. I.
du Pont de Nemours at
Cash
141% against 149; National
Register at 17% against 21%; National Dairy
Products at
24%
13% against 15%; National Biscuit at
against 27%;
Texas Gulf Sulphur
at
28%
.
kets, the May option for wheat in Chicago closed
yesterday at 68%c. as against' 67%c, ■ the close
32; Columbia Gas. & Elec. at 6
against 7%; Public Service of N. J. at 32 against,
,
.
Friday of last week.
May
corn at
on
Chicago closed
yesterday at 47%c. as against ,47%c. the close on
Friday of last week. May oats at Chicago closed
yesterday at 28%c. as against 29%c. the close on
Friday of last week.
The spot price for cotton here in New York
closed yesterday at 8.83c. as against 8.90c. the close
on
Friday of last week.
The spot price for rubber
yesterday was 15.80c. as against 16.10c. the close
on Friday of last week.
Domestic copper closed
yesterday at ll%c., the close on Friday of last week.
In London the price of bar silver yesterday was
19 15/16 pense as against 20 pence per ounce the
against 30; Continental Can at 37 against 39%;
close
Eastman
York closed yesterday at 423%c., the close on Friday.
Kodak
Brands at
at
165
against
170%;
Standard
6% against 6%; Westinghouse Elec. &
on
Friday of last week, and spot silver in New
of last week.
In
Chronicle
Financial
1854
the
Prices rallied at first and lost a little of
Eome.
cable
exchanges,
foreign
the
of
matter
April 1, 1939
;
at $4.68 as
the gain in later dealings, so that net changes for
against $4.68% the close on Friday of last week,
and cable transfers on Paris closed yesterday at
the session were of little moment. Rentes and
French equities were a little higher, but interna-
transfers
2.64
13/16c.
closed yesterday
London
on
depressed on Tuesday by the insurgent victory in
Spain and reports of increasing German diplomatic
.
European Stock Markets
V
\
The Bourse was
tional securities were irregular.
against 2.64%c. the close on Friday
as
of last week.
; ■
pressure
,
securities
French
Poland.
on
drifted
reflected
STOCK markets in the continued uneasiness this international obligations. Hardly werebusiness in
leading European financial slightly lower, while larger losses any recorded
was
centers
week
steadily
difficulties which
cal
international politi-
to the outcome of the
as
Berlin securities
London, Paris and
exchanges was toward lower
in, the week, but the tone thereafter was
with only occasional rallies in evidence.
Polish differences
'
Polish corridor
the
on
levels,
the Warsaw
no
The German-Polish problem outweighed even the
was
„
drifted downard, while international issues showed
Prices ad-
the largest recessions of any group.
mood to make "volun-
inclined to
Rentes were weak and French equities also
nessi
vanced yesterday, owing to the British / pledge for
Poland, and all groups joined the movement,
The reports that
guarantee the Polish
tary sacrifices" to Herr Hitler.
Great Britain
eral approval of the comments by Premier Daladier.
Italian demands and produced widespread uneasi-
problem of Danzig and the
regime is in
in modest demand, while French
were
The tone was soft on Thursday, despite gen-
tain.
•
reported under discussion, and
were
the market preferred to
as
equities, and international issues remained uncer-
early
adverse,
German-
prevailed that hostilities might result, since
the fear
Rentes
day.
degree of optimism seemed to prevail
A mild
Wednesday,
on
await the declaration by Premier Daladier, late that
becoming more
are
The main trend on the
marked.
done
helpful to the markets, since
The Berlin Boerse displayed its anxiety over the
they introduced the ominous question of a general
international position and the German "new economic plan" by a severe drop of prices, Monday,
The program of issuing special certificates for taxes
frontier did not prove
conflict in
The differences between Italy •
Europe.
depressed the financial mar-
France likewise
and
kets.
The
inove
entirely
tendency of the European
continues the
collected in advance inspired fears of simple mone-
markets to
political considerations merely
situation of the two previous weeks,
on
>
Heavy shipments of gold from Europe to the United
States reflect the same state of affairs.
Trade ve-.
.
of
Europe.
Trading
mained soft.
coun-
changes
"li -"'.V'
,
London Stock Exchange, .was
the
on
change this week in
leading industrial
the business indices of the
tries
of
drifted
small
trifle lower,
a
Gilt-edged
importance.
little
The developing tension between the Ger-
.
recorded in
altogether
were
of
.
one
thereafter,
that sizable losses
so
were
gilt-edged issues and industrial stocks.
Gold and other
mining issues
marked down-,
were
Wednesday
on
unimportant.
A
.
few
Gains
to four points were registered in a few issues,
and a better tone was reported also in fixed-income
The Boerse was dull and hesitant yester-
securities.
day, because of the changed international situation,
V
,
v
:
>
.
European Crisis
The opening was weak and the tone
remained soft
listless session
Banking support was extended the German
and Polish Governments depressed the market
Tuesday.
on
a
market on Thursday, and the tone improved.
but in the industrial section
gains outnumbered the equally modest losses,
issues and international securities were
irregular.
man
dull.
issues
Mining
In
specialties advanced, but the market as a whole was
.quiet in the initial session of the week, with price
changes
Losses of a point or two were common on small
The tone improved on Tuesday, and the
offerings.
losses of the previous session were regained. Fixedinterest issues were neglected, however, and re-
ports are of only secondary importance, but it may
be noted that there was little
tary inflation, and buying of securities was virtually suspended pending clarification of the issue.
\Y7AR talk and
W
Europe in
a
war
preparations kept all of
state of nervous apprehension
the diplomatic picture
this week, with
changing
ward, and Anglo-American favorites led the inter-
daily and decisive actions reported imminent every-
national
where.
department to lower levels.
Fresh declines
developed during most of the dealings
day, but
on
Wednes-
late rally offset part of the losses.
German Nazi intentions .continued to pro-
voke most of the distrust, although Italian gestures
toward
France also added to the general uncer-
edged and industrial issues closed with Only small
tainty.
That the present moment is a critical one
losses, but the commodity section proved vulnerable
is hardly to be denied,
and Continental securities found few
patches from
a
American
the
issues
York.
New
were
Modest
early dealings
tional
firm
buyers. Anglo-
good reports from
on
improvement
was
the rule in
of Thursday, but the interna-
reports again took
on an
ominous note and
prices resumed their downward drift.
and industrial stocks
the
Gilt-
were
Gilt-edged
virtually unchanged at
close, while commodity shares and international
securities showed losses.
quiet,
with
prices
lower
The session
despite
yesterday
a
modest
was
rally
toward the end.
.
Activities
on
his
over
to make
week-end
.counted greatly.
even
if the ominous dis-
of European centers are dis-
British and French strength is
growing daily, and Chancellor Adolf Hitler doubt-
less is
that his bloodless conquests will prove
aware
progressively
prove
more
possible
at
difficult in the future, if they
all.
Attempts
obviously
were
being made in Berlin this week to take advantage
of the immediate situation and settle the Danzig
question to the satisfaction of the Reich.
With the
exception of Italy, all neighbors of Germany were
profoundly troubled lest they be called upon next
the Paris Bourse
Monday by relief
lini failed
a score
influenced
on
the fact that Premier Musso-
specific territorial demands in
address
were
to
his
fascist
followers
in
to make
"living room" for a-Fuehrer who
own
promises and now stands revealed
the
seizure
of
anything that
weaker countries.
can
as
scorns
bent
his
upon
be taken from
The parlous economic situation
,
Volume
the Reich
of
Financial
148
Financial
revealed
was
Plan"
which
again, through
amounts
to
"New
a
pressure
within
Fresh efforts
to
organize
plainly
The
day dispatches said that Great Britain would go
the
the whole length of agreeing to guarantee the pres-
ism of the totalitarian
to be
factor of
a
others
the effort shows
regimes.
and
also
while
Danzig,
would exclude
guarantee
It
was
indicated
such
might exclude Soviet Russia, which in
moves
turn suggests that the London Government may be
for if
peace,
Poland,
that any mutual defense alignment resulting from
expansion-
This also turns out
potential danger to
of
stated that the
Danzig and the Polish corridor.
counter-weight for the Rome-Berlin
a
axis that would suffice to halt the brutal
borders
ent
by Herr Hitler.
being made in London
were
Confusion
commitments.
Continental
to
persisted for the time being, however, as some Lon-
Germany increased
fears of further "adventures"
respect
more
nothing
than the immediate collection of future taxes.
economic
18551
Chronicle
disinclined to interfere with
signs of promise the German Nazis
any
plans the German
might decide to hasten and enlarge their depreda-
dictator entertains regarding the Russian Ukraine,
tions.
The possibility was advanced, however, of
Possibly for this
,
good deal of
very reason a
mystery cloaked the diplomatic
in
clear
House
the
Government
is
Commons
of
in
engaged
that
the
leries of London the report
British
conversations
with
man
details.
anti-Hitler
military
bloc, reputedly
commitments
lacking, and that Great Britain
fight
Continental
a
of
tion
conscription
Commons
in
war
the German press this coming event was marked by
our-National*Guard
units, by 100%,
'
The
campaigns, it
indicated
on
tations with Opposition leaders, and with the American and Russian Ambassadors, Prime Minister
Chamberlain read to the House .of Commons, late
en-
yesterday, a statement pledging British defense of
Wednesday.
Polish independence on an unqualified basis, while
consultations are proceeding for a wide anti-Hitler
pressing threats to European
bloc,,
peace
and'stability, notwithstanding the 10-year treaty
of
amity signed in 1934.
recent
more
sidered
in
a
the
and
former
concern over
German
the last week-end about
is aware,
The Polish Ambassador to
with
a
conversation in Berlin with For'
'
'
•
eign Minister
Joachim
"
Ribbentrop.
von
circulated that the German
The issue
was
obscured
demonstrations
demonstrations in the Reich.
that German
made,
as
suggestions
authorities
on
and
Dan-
a
through
free
It appears,
"demarche."
Warsaw
A
'
"As the House
governments,"
Mr.
Chamberlain
con-
make perfectly clear the
position of His Majesty's Government in the meantime, before those consultations are Concluded, I
"In
'
"
order to
'
'
.
'
■
have now to inform tlie House that during that
period, in the event of any action-which clearly
threatened Polish independence and which the Polish Government accordingly considered it vital to
resist with their national forces, His Majesty's Gov-
however,
ernment would feel themselves bound at once to
were
Reich officials denied an "ultimatum" but.
admitted
differences
counter
Danzig actually
on
'
somewhat by anti-
Poland
in
.
Reports
suggested German-Polish conversations
German
London believes in adjust-
certain consultations are now proceeding
other
tinued.
Berlin,
Lipski, went to Warsaw to report to his Gov-
zig.
international
method of negotiation," he added.
city of
for restoration of Danzig and the
moves
promptly
of
ments
stitution of force or/the threats of force for the
ernment, after
had
attack against Poland.
-
con-
The rapid absorption by Germany of
Czechs
Polish corridor.
Josef
Mr. Chamberlain said the Government had
0
official confirmation of rumors of a projected
negotiations, and "sees no justification for the sub-
Memel aroused
possible
no
five-year-old promise stand
likely to let
alien
Having disregarded far
pledges, Chancellor Hitler is not
his way.
the
attitude
British policy abruptly and brought sensationally
elements into the situation. After long consul-
question of German-Polish relations appeared
to offer the most
clarified its
that changed the traditional
The
by intensive voluntary
was
a manner
new
almost to
or
conscription, it has considerable significance.
increase will be effected
listment
yesterday in
.
is far short of
move
British Government
The
Chamberlain
which is equivalent to
Although this
men.
appeals to the Poles not to heed "foreign sirens."
The introduc-
He did decide, however, to in-
the Territorial army,
500,000
unprepared to
was
any case.
early this week, with Mr.
opposing this step.
crease
Poland's Foreign Minister,
Josef Beck, is to visit London next week, and in
Britain
argued in the House of
was
"clarification"1 of Poland's
a
attitude toward Russia.
were
Great
from
Prussia, and
East
an
the grounds that firm
on
settle-
to connect the Reich and its severed province of
British,
French, Polish dhd Russian regimes to join in
a
German-controlled motor road across the corridor
The Polish Government last week held
aloof from the proposed agreement of the
emanated that the Ger-
Government had suggested to Poland
ment of the Danzig question, the construction of a
others, but until yesterday he declined to disclose
any
exten-
From the diplomatic whispering gal-
future date.
Prime Minister Neville Chamberlain made it
days.
an
si on of the territorial guarantee to Rumania at some
of recent
maneuvers
dispatch
of
lend the Polish Government all the support in their
power.
They have given the Polish Government an
to this effect. I may add the French Gov-
assurance
Wednesday to the Associated Press stated that con-
ernment has authorized me to say that they stand
versations
in the same position in this matter as His Majesty's
actually had started with a view to set-
tling the future status of Danzig.
ters it
were
was
denied
being made
theless
vigorously that any "demands"
upon
Poland.
were
never-
likewise increased day
day.
British
Thursday
prompt
that
the
action.
apparently
critical
Cabinet
change in
was
decided late
situation
meetings
on
required
proceeded
intimated that
a pro-
British policy might result with
Government."
In reply to questions from Opposition members
which plainly were intended only to clarify any disputed
points, Mr.
Chamberlain
added
that
the
pledge to Poland is intended to cover the "interim"
period of negotiations.
.
authorities
througout the day, and it
found
But Poland
poured troops into the corridor and German
forces in East Prussia
after
In German quar-
He indicated also that the
conference of anti-Hitler Powers includes the Russian Soviet.
The measures that may be taken will
be considered next week on the arrival in London
of the Polish Foreign Minister, Josef Beck, it was
added.
After adjournment of the House,.a British
1856
\
Financial Chronicle
'
'
,
,
•
.
••
.
*
•
April 1, 1939
.
'
'
'
asserted that the Mussolini returned to the charge on Thursday, with
including the corridor,
a speech in which he said that Italy does not intend
and also the Free City of Danzig, provided Poland
to remain a prisoner in the Mediterranean.
resisted any action against Danzig with its national V
It is possible that these are portentous developforces.
The international effect of the address was
ments, but it seems more likely that they represent
spokesman was reported to have
pledge covers all of Poland,
'
little more than idle moves on the diplomatic chessboard of Europe. Premier Mussolini doubtless feels
It was viewed with intense satisfacGerman official news
electrifying.
Paris and Warsaw.
tion in
about the rapid territorial
agencies derided the statement as an attempt to ere- - somewhat disgruntled
distrust of the Reich.
The Gerexpansion at the other
end of the Rome-Berlin axis.
His position, however, is far different from that of
ate international
'
view
man
that Great Britain and France were
was
the German Nazi regime. In order to make his demands effective, Signor Mussolini might have to
risk combat with the highly-armed and well-prepared French nation, which unquestionably would
receive the immediate support of Great Britain.
Whether Germany would actually support Italy in
such a fray remains doubtful, for the best trained
observers of international affairs incline to the belief that the famous Rome-Berlin axis is a mere
matter of convenience and not of steel. n The German Nazis have been proceeding against relatively
weak opponents in Central and Eastern Europe,
probably with no expectation of Italian aid or approval, and no need of either. Premier Mussolini
well may feel that the Italian position is being jeopardized by the recent developments, for the close
alliance of Great Britain and France is a product
of Herman expansionism, but is directed also
against Italy. There is some reason to believe that>
a coolness has developed in Italian circles on the
axis question, for Chancellor Adolf Hitler sent a
message to Premier Mussolini, last Saturday, which
virtually urged the Italian dictator to take a firm
stand. The two nations stand "shoulder to shoulder against attempts to restrict the justified will
the event
pledged previously to support Poland in
aggression, and it was maintained in Berlin that
of
nothing had taken place with regard to that country
to
.
declaration.
justify the British
German
areas
Hungarian and Slovakian troops
moil this week.
in
clashed
of
lack
by Hungarian troops and the
clearly defined frontier.
a
thorities intervened and
suggested frontier adjust-
will prove acceptable to the
ments which doubtless
of
At the request
regime,, however, the German au-
of the Slovakian
small nations concerned.
two
by the
"vest-pocket war" induced
the
of Ruthenia
seizure
?
directly affected by the recent
territorial acquisitions remained in tur-
Epropean
Rumania, possessed
•
large Hungarian minority, continued to mo-
a
bilize, and the Hungarians took the same course,
Berlin continued'to
congratulate itself
the trade
on
Government
commercial pact with Ru-
treaty with Rumania, but the French
yesterday initiated
a
the Nazi-
mania which minimizes the importance o
agreement.
In the effort to provide a
market for Rumanian
products the French agreed
Rumanian
duties
to slash
Rumanian agricultural and oil ex-
Yugoslavian political factions were reported
ports.
to
on
consolidating, in order to present a united
be
Lith-
front to the Reich should the occasion arise.
uania, which recently gave up Memel to Germany,
the throes of a Cabinet crisis until
struggled in
Tuesday, when
coalition Government was formed
a
Even Switzerland, the
by General Jonas Cernius.
traditional
to take
neutral
of Europe,
found it advisable
precautions of a military and economic na-
against possible German moves. Swiss reserves
ture
concentrated
were
on
the German
border,,and gold
holdings of banks in any possible danger zone were
'
shipped to places of greater safety,
*,
/
\
France and Italy
^
;
*
-
/,
for living of the German and Italian peoples," Herr
Hitler said. This assurance appeared to carry little
weight, for II Duce's speech on Sunday was relativelv mild.
H
'
The occasion for Premier Mussolini's address was
a belated celebration of the 20th anniversary of the
founding of fascism. An enormous crowd gathered^
in Rome to hear the Premier, who dwelt long on the
achievements of his regime. The need for European
peace was emphasized in the address, but the world
v was informed that Italy will make no contributions
..'.'\to that peace until her aspirations
r
.
.
\
^
are
satisfied.
Jtalo-French negotiations could not proceed while
DESPITE aand the deal of thunderous interest- the Spanish war was in progress, but the imminent
good publication of some speech- end of that conflict provided an opportunity for
making,
ing diplomatic exchanges, little progress was made
this week toward
adjustment of the territorial dis-
adjustment of differences, Signor Mussolini indi-,
cated.
Those • differences, he added, carried, the
of "Tunisia, Djibuti and the Suez Canal."
putes that have strained the relations of Italy and
names
France.
The
The assertion was made that France had a bill of
the
that much of the available information
the
sense
Italian
problem lias been clarified
demands
now
has
been
made
only in
on
public.
Premier Benito Mussolini treated his fascist followers
he
to
a
forensic
declared
that
note last
no
on
Dec.
aware
Premier
a
of
the
Italian
set forth in
Edouard
Daladier
a
re-
stern declaration that
The French spokesman also indicated that
note failed
completely to set forth
any
and the note promptly
was
with the French reply of Dec.. 25.
the
documents
bears
out
M.
Signor
few graceful admissions, such
declaration that France and other nations also
until the "sacred rights"
is
Italian specifications for remaking of the political
map,
;
a
as
a
France
Wednesday, with
the Italian
Italian note of Dec. 17.
have rights in the Mediterranean.
single inch of French territory will be relin-
quished.
...
17.
an
Mussolini also made
outburst, last Sunday, in which
requirements, since they had been
plied
particulars in
He said that
of Italy have been
recog-
nized, the country will continue to arm and will
carry
that process even to the complete extinguish-
ment of all civil rights.
Premier Daladier replied for France in a general
radio address on Wednesday evening, and he minced
no
words.
any
France always is prepared to negotiate
difficulties that may unsettle relations with
published along
Italy, he said, but never on the basis of the sur-
Examination of
render of French territory or French rights.
Daladier.
Premier
made
He
impressively clear the will and the ability
Volume
of
Financial
148
resist any
France to
Tunisia
on
recalled
was
cation of French
As to
The convention
dier
ing
created
of Ethiopia
conquest
solini
his
and the cities of Alicante, Murcia, Almeria,
Jaen, Cuenca and Guadalajara likewise fell into
insurgent hands.
In some places the ' insurgent
sympathizers and the populace in general simply
assumed that the change was effective and established new regimes • before the insurgent troops
arrived. Formal termination of the conflict was
making at Cosenza, Thursday, with a thunderous
took
press
ments
is not to be "imprisoned" in
The closely
Mediterranean.
the
controlled Italian
announced by General Franco on Wednesday afternoon, and it was indicated that only police opera-
most unfavorable view of the state-
a
by Premier Daladier.
.
,
Peace
-
,c
tions remained to be carried out.
,
in Spain
,
•
_
AFTER
alist airplanes
-
warfare, in which
than 32 months of
more
.
' ' All reports from Spain indicate that the warweary
pletion of the victory won by General Francisco
his
and
Franco
duly
in the
manded
concentration
day without the firing of a shot, and the rest of the
salient went over to the insurgents on Wednesday,
v
.
ending of the bitter struggle on that day.
this
With
and
episode
a new
certain to
is
struction
a
prove
Spanish recon-
1
long and arduous
or
of
tasks now, to be faced,
hundreds of thousands of Catalonians who fled to
France must be effected.
The country must be
brought back in general to a peace basis. Highly
important will be the international relations of the
numerous
From the international viewpoint the end
conflict
the
brings
■ up
the problem of Italian
troops in Spain and the extent of insurgent
tions
the
to
which
new
for
years
an
as
But peace
occasion
for profound
brings to Spain and to
Europe problems of no lesser import than those
war.
/
' - '
representatives with the loyalists.
of
Ever since Catalonia fell to
the
were
initiated by the junta
collapse of
problem of foreign troops in Spain no longer can
be evaded, now that the war is ended, and some
Late last week these discusoccasion formal
baffling aspects are presented by the integration of
Nationalist Spain in the present European scheme,
advanced sufficiently to
exchanges./ For this purpose
emissaries to Burgos on
loyalist airplanes bore
March 24, and it was gen- -
the terms of capitulation
the demand for unconmade by General Franco.
The
erally understood that
would
closely
ditional
resemble
surrender
insurgents would
number of leaders
loyalists requested only that the
not
oppose
the departure of a
of the elected
was
the
granted.
regime, and apparently
last
this request
occurred, for
surprise military attack in
A slight hitch may have
insurgents started a
Cordoba
Sunday.
Chancellor Hitler sent the felicitations
of the German Government to General Franco. The
command in Madrid on- the
loyalist regime.
sions
allies the sympathetic response of the Italian Gov-
ernment.
aroused the greatest conjee-
Peace discussions were
took
that
.
loyalist cause was lost, and
the terms of surrender
ture.
the insurgents it has
When Madrid
fell, Premier Mussolini conveyed to his insurgent
the
been evident that the
Spain, for the interventions of nearly three
will make impossible the sort of isolation
enjoyed previously.
Insurgent officials warned
other countries on Tuesday to "keep their hands
off Spain," the remarks being directed especially
against countries that had maintained diplomatic
General
blessed, and its return to Spain
regarded
thankfulness.
obliga-
Governments,
German
activer assistance
Peace is
be
must
and
Italian
provided
Franco.
the other, and one of the immediate questions
that external financial aid will be
the
which suggests
sought.
The great bulk of Spanish
has been enlisted in the war on one side
faced by General Franco is the return of the huge
armies to peaceful pursuits. ' Repatriation of the
that the resources
for
by the return of peace.
It is hardly to be surmised
left1 after the long civil war will
try will find painful.
suffice
Religious and
monarchist insignia appeared as if by magic. To
one degree or another these manifestations were re¬
man-power
which the wai*-torn and impoverished coun-
process,
aided mightly in the
insurgents.
chapter opens in Spain,
possibly in Europe ,as a whole.
and
peated in the many other cities which fell to the
There was also, however, an undercurrent of anxiety as to the new problems introduced
making it possible for the insurgents to proclaim
the formal
camps,
transfer of the city, it is indicated.
Madrid fell on Tues-
by General Franco.
welcomed the insurgents, who brought
prisoners were promptly released from jails and
surrendered, virtually on the terms de-
was
The city of Madrid, besieged since early
war,
food to the starving citizens.; Some 18,000 political
loyalists at the start of the
still held by the
area
the
over
people greeted the end of the war with relief
and joy.
loyalist Government. -The Madrid-Valencia
elected
week
forces
insurgent
7
Miaja.
Spain this week through the com-
restored in
were
A fleet of 14 loy-
carried to the safety of Algiers a
of loyalist leaders headed by General Jose
group
^han 1,000,000 lives were sacrificed and
material damage done, peaceful conditions
more
untold
On Wednes-
manner,
Premier Mus-
liking, for he resumed his speech-
declaration that Italy
Insurgent sympathizers appeared
day the insurgents took over Valencia in the same
apparently found the French candor not in
the least to
shot.
terially in the occupation of the city.
rights for
new
distributed food to the hungry people and
a
in great numbers and aided the Franco forces ma-
17, M. Dala-
note, quite accurately, as an argument that
Italy, which must be examined anew.
army
fired not
He described the
expressed great surprise.
help from the beleaguered populace,
marched into Madrid,
obviously through prearrangement, for the invest-
by M. Daladier as an indi-
Signor Mussolini's claim that the Italian aims
Italian
even some
On Tuesday the insurgents
willingness to make adjustments,
had been set forth in the note of Dec.
the
and
aggression, and called for
clarification of the Italian stand.
1857
Chronicle
They met little resistance,
7
■
p
f
'
ar as
„ /.
DOSITIONAL warfare was waged aggressively
*
this week by the Japanese invaders of China,
and some important territorial gains were reported
by the aggressors. The inland city of Nanchang,
long considered virtually impregnable, fell to the
Japanese militarists last Monday, and there is no
reason to doubt the official Japanese reports that
their losses were small while those of the defenders
were deplorably large. Consolidation of the im-
Financial
1858
territorial
mense
resist
is
evident
time
to
the
that
continue for
will
war
Oriental
diplomatic
with
maneuvers are
the latter amount,
developments in the Sino-Japanese situation.
which
to
torial waters for
this
on
difficulty
that many
are
remains,
It
voked
figures with comparisons for preceding years:
Mar, 29,
Germany, if the Soviet Union were
the aggressor.
This is an undisguised bid for Reich
Government
German
appar¬
ently took a most materialistic view of this "ideo¬
as
made for return
Kiaochow
suggestions
Circulation.
....
Public deposits
Other deposits..
1935
£
£
to the Reich of
-
'
•
481,986, 000 485,410, 073 473 ,836,760 413,018,030 386,990,820
10,549,197
9,736,394
21,774, 000 17,766, 651 52 ,246,279
134,777, 081 145,515, 375 100 ,808,960 141,117,342 150,132,865
98,508, 737 108,132, 417 62 ,346.594 102,647,914 109,673,882
38,469,428 40,458,983
36,268, 344 37,382, 958 38 ,462,366
95,874,996
96,096.044
Governm't securities 102,301, 164 110,816, 164 100 ,529,300
24,691,126
16,737.024
Other securities
27,247, 976 28,922 778 30 ,022,076
Otber accounts.
__
10,108,293
5,781,511
14,582,833
10,955,513
48,616,336 66,158,177
Coin and bullion.!.. 227,231, 217 327,233, 957 314 ,645;760 201,634,366 193,148.997
Proportion of reserve
41.17%"
32.22%
to liabilities......
26.06%
'28.9%
25.6%
'
2%
!
Bank rate
.2%
2%
2%
148s. 6d. 84s
llj^d. 84s. imd. 84s. ll'fcd. 84s. 11 Hd.
Gold val. per fine oz.
4,776, 139
22,471, 837
Dsct. & advances.
45,244, 000
Reserve notes & coin.
8,702, 238
20,220 540
41,823, 884
7 ,138,513
22 ,883,563
40 ,809,000
'
<
...
said to have been
are
;•+;/ Bank of France Statement
Tsingtao and the
Tokio saw little
proposals, it is said, and the comfort¬
merit in such
April 3,
1936
Bankers' accounts.
•
Bay area, which Japan took from Ger¬
during the World
many
April 1,
1937
£
Securities..*...
support of Japan in the event of Russo-Japanese
logical" matter,
Mar. 31,
1938
extraordinarily interesting.
aggression" would bring Japan immediately
the
Mar. 30,
1939
Tokio, last Saturday, that "unpro¬
But
COMPARATIVE STATEMENT
ENGLAND'S
OF
to be under scrutiny,
to the side of
hostilities.
and £37,682, respectively.
£1,596,852
present a tabulation showing the current
BANK
of the results
stated in
was
rose
we
Japanese participation in the
anti-communist group appears
some
The latter
discounts and advances, and securities,
Below
the Manchukuo-Siberian border..
on
of the
The extent
Government securities increased £2,-
ago.
which
the other hand,
on
and £560,152 to other ac¬
proportion dropped to 28.9%
,
year
consists of
reported imminent early this
was
a
reserve
895,000 and other securities £1,634,534.
A compromise
.
crack divisions of Japanese troops now
concentrated
with
terri¬
of
areas
Japanese vessels.
The ominous fact
week.
certain
aside
set
£6,863,076. Of
an addi¬
£6,302,924 represented
31.7% last week and compares with 25.6%
from
again became acute after the Soviet Govern¬
refused
The
counts.
result,
as a
Public deposits fell off £6,-
tion to bankers' accounts
Equally inscrutable are the negotiations between
Tokio and Moscow regarding the fisheries problem
ment
Reserves,
a year ago.
823,000, while other deposits rose
affairs would not be surprised at
Far Eastern
of
£485,410,000
decreased £4,488,000.
unpredictable, however, and experienced observers
new
Circulation expanded £4,574,000 in
days.
month-en<! requirements, and notes
outstanding now aggregatq^£481,986,000, compared
long
a
148s.
was
the market rates prevailing
were
anticipation of
persists in the high Chinese command it
come.
those
on
and if the will
their harassment of the aggressors,
to
5d.; both figures
guerrilla forces kept up
used
while Jon March 22 the price
ounce,
gains is the obvious aim of the
But the Chinese
invaders.
April 1, 1939
Chronicle
'HE
War.
expansion in
an
March
week ended
the
for
statement
showed
note
23
circulation of
francs/which raised the total out¬
2,508,000,000
ing conclusion can be drawn that there is no genm
standing to 115,922,000,000 francs. Notes in circu¬
ine
lation
understanding between the German and Japa¬
Governments.
nese
V /'%,//
;
Rates of Foreign
Discount
and
,.
Central Banks
THEREdiscount noof
have been changes during the week in
the
of the foreign central
rates
Present
any
the
at
rates
leading centers
shown in the table which follows:
are
'
.
French
Effect
Date
Mar 31
Established
3X
Mar.
Batavla
4
July
Date
vious
Established
Rate
Country
Rate
'
Argentina..
4
Hungary...
2^
Oct.
1 1935
27 1938
3
India..... _v
6
Aug. 15 1935
7
Italy
Canada
2^
Mar. 11 1935
Chile
3
Dec, 16 1936
_
2 1936
3
Aug. 29 1935
'■ Nov. 28 1935
*
4
Colombia..
Czechoslo¬
i
<
3.29
3
Java.
Lithuania..
1 1936
3^
5
6M
Norway
5
■
Jan!
3
Japan.....
"
4
Morocco...
18 1933
July
•
'
.
vakia
—
3+j
...
5
May 181936
4H
Apr.
14 1937
July
3.65
6 1936
Jan.
1 1938
4
5M
May 28 1935
5 1938
4H
4
Jam
discounted
of
1,197,-
and
securities
creditor
decreases of 8,000,000
.
current
accounts
francs and
The Bank's gold holdings remained
A
unchanged at 87,265,942,141 francs.
the
registered
585,000,000* francs
valuation rate
of the
franc
year ago,
was
43m.g.
,
gold, 0.9 fine, gold holdings totaled 55,806,989,832
francs.
The proportion of gold on hand to sight
liabilities fell off to 62.50%, compared with 46.81%
last year and 55.09% the year before.
Below we
furnish the different items with comparisons for
4M
3K
Dec.
bills
000,000 francs, while the items of advances against
when
2M
2
Holland...
1 1936
Bulgaria...
Belgium..
Pre-;
Effect
Afar31
vious
,
to an all-time high of
rose
An increase also appeared
commercial
respectively.
Rate in
Pre¬
Rate in
Country
aggregated 94,815,301,260 francs
ago
year
Sept. 29, 1938 it
on
124,428,000,490 francs.
in
banks.
a
'
17 1937
Jan.
2 1937
5
Poland.
4M
Dec.
3H
Feb.
23 1939
4
Portugal-
4
Aug. 11 1937
4H
Eire..,—.
3
June 30 1932
Rumania
3H
May
England-
June 30 1932
South Africa
3H
Estonia
4H
1 1935
5
Spain
5
5 1938
May 15 1933
July 15 1935
4H
2
3H
2U
3 1934
4H
Sweden....
2H
Dec.
2 1939
4
Danzig
Denmark
.
.
Finland...,
4
Oct,
Dec;
France
2
Jan.
4
Sept. 22 1932
5
6
Jan.
4 1937
.
_
7
....
Germany
Greece
.
.
....
5
BANK
OF
FRANCE'S
5
1 1933
3
1H
Nov. 25 1936
2
Yugoslavia.
5
Feb.
6H
for Week
y
Gold holdings
_
No change
months bills
as
as
on
1%@1 Ys%
and
week,
against %%
on
bills discounted-
for
three-
Friday of last week.
Adv. against secure.
Note circulation
Credit current accts.
on
call at London
Paris the open
on
Friday
At
was
market rate remains at 234% and in
*
Switzerland at 1%.
Bank of
Mar.
24,
1938 Afar. 26, 1937
Francs
Francs
87,265,942,141 55,806,959,832 57,358,742,140,
14,648,263
39,193,875
*14,013,465
England Statement
'HE statement of the Bank for the week ended
7,639,000,000 11,567,863,309 8,440,485,464
826,877,276 1,179,817,106
745,000,000
3,332,000,000 3,627,166,055 3,697,578,148
115,922,000,000 94,815,301,260 85,745,930,295
+ 2,508,000,000
24,392,734,213 18,381,190,805
—585,000,000
+ 1,197,000,000
No change
—8,000,000
23,^)4,000,000
cTemp. advs. with¬
out Int. to State._
Propor'n of gold on
hand to sight liab.
•
Money
•
aFrench commercial
;
IN bills Friday market discount rates for short
LONDON open 1 \i% against 11-16%
Friday of last
2?, 1939
Francs
Francs
b Bills bought abr'd
were
Afar.
\
Foreign Money Rates
on
,
Changes
Credit bals. abroad.
/•-
COMPARATIVE STATEMENT
4H
Switzerland
11935
'/%■-;
previous years;,:
a
No change
.
Figures as of Mar. 9,1939
Includes bills purchased
the process of
20,627,440,996 36,673,974,773 20,065,793,264
62.50%
—0.87%
46.81%
*
55.09%
■
'
b Includes bills discounted abroad, c In
gold under the decree of Nov. 13, 1938, the
In France,
revaluing the Bank's
representing temporary advances to the State
were wiped out and the unsatisfied balance ef such loans was transferred to a new
entry of non-interest bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold, 0.9 fine, per franc), under the
deeree of Nov. 13, 1938, was effected In the Statement of Nov. 17, 1938; prior to
that date and from June 20, 1937, valuation had been at the rate, 43 mg. gold, 0.9
fine, per franc; previous to that time and subsequent to Sept. 26, 1936, the value
was 49 mg. per franc; and before Sept. 26, 1936, there were 65.5 mg. of gold to
three entries on the Bank's books
the franc.
March 29 shows
of its
a
gain of £86,471 in the value
Bank of Germany Statement
gold holdings, entirely due, however, to the
higher rate of value placed
on
the gold in the latest
THE contraction in note circulation of 110,000,000
quarterly statement dated March 23 showed
'
statement.
In the March 29 statement the value of
the Bank's bullion
was
placed at 148s. 6d.
per
fine
a
marks, which further reduced the total
outstanding
Volume
ago
Discount Rates of the Federal Reserve
Notes in circulation a year
7,463,800,000 marks.
to
aggregated 4,807,821,000 marks and the year
4,444,884,000 marks.
Reserves in foreign
recorded
other
daily
The
marks.
Bank's
remained
holdings
gold
the
for
bills of
Rale in
Boston
with comparisons
investments
Atlanta
IX
Chicago
St. Louis_
Minneapolis
IX
IX
IX
'
Dallas
San Francisco
'
Mar.
No change
—76,100,000 6,992,267.000
al79,472,000
Bills of exch. & checks.
Silver and other coin
.
Investments
Other assets
..
...
_
_
_
6,000,000
+ 200.000
Reserve In foreign curr.
Advances
70,772,000
10,572,000
No change
...
abr'd
—1T.2bo.666
„
36,934,000
975,621,000
No chanbe
1
al539,755,000
_
Reichsmarks
Reichsmarks
narrow
the
Propor. of gold & for'n
curr. to note clrcul'n.
a
1939.
.
' V,
..
New York Money
'
Hardly any new
Market
throughout the
on
was
week in bankers' bills and
pared with
week
a
now
The
a
commercial
further issue of $100,awards
again ranged from slightly above par to 99.999,
the
borrowing was practically
.
Call loans on the Ne^v York Stock
change held to 1% for all transactions,
loans remained at
Ex¬
while time
1*4% for maturities to 90 days,
1%% for four to six months' datings.
and
New York
The
range
and
$4.68
$4.67 13-16
for cable trans¬
$4.68^,
com¬
of between $4.68 and $4.68 9-16
;
,
market
The spot rate for
sterling is held steady by the cooperation of the ex¬
change funds.
The ordinary seasonal factors which
.
less
disturbed times
would. dominate exchange
longer have
any
effect on the market.
the controlling in¬
Political conditions in Europe are
fluence and are
movement of
...
responsible for the extremely heavy
foreign funds to the
The London price for
United States.
;
open market is
gold in the
kept sufficiently low through the
British exchange
operation of the
equalization fund to permit rela¬
tively small takings of gold in the open
Money Rates
controls.
general trend of the foreign exchange
movements no
that
2
for official account con¬
week.
'./..
in
means
2
unchanged from last week.
is
The
paper.
a range
week ago.
000,000 discount bills due in 91 days, and
which
2
2
the buying of future
has been
and $4.6834 for bankers' sight
between
been
has
Treasury sold last Monday a
costless^
2
Exchange
bills, compared with a range of between
and $4.68 7-16 last
modest scale.
business develops from week to
business
and
ending
2
and commercial interests for the most
between $4.67 13-16
/
were
forward
2
part confine their activities to
CONDITIONS in the New York weeks, as rates
unchanged from previous money market
carried
' •/
exchange. /The range for sterling this week
fers
were
' '
2
leading exchange
the
of
operation
tinue limited
1.66%
1.58%
1.03%
+ 0.02%
Figures as of March 7,
2
2
limits.
Actual transactions except
—110,000,000 7,463,800,000 4,807,821,000 4,444,884,000
834,547,000
832,199,000
+ 339,000,000 1,303,400,000
174,406,000
204,626,000
a454,104,000
Notes In circulation.
IX
IX
IX
The steadiness
due entirely to
STERLING exchange continues toisfluctuate within
67,486,000
70,771,000
18,842,000
20,333,000
5,705,000
5,622,000
4,921,760,000 4,405.058,000
247,996,000
239,830,000
45,424,000
44,216,000
494,122,000
422,980,000
831,023,000
830,909,000
Liabilities—
ther liabilities..
8ther daily matur. oblig
2
23,1939 Mar. 23,1938 Mar. 23,1937
Reichsmarks
Reichsmarks
Assets—
Of which depos.
Rats
2,1937
Aug. 27, 1937
Sept. 4,1937
May 11,1935
Aug. 27, 1937
Aug. 21,1937
Aug. 21,1937
Sept. 2,1937
Aug. 24,1937
Sept. 3,1937
Aug. 31,1937
Sept. 3,1937
Course of Sterling
Changes
for Week
Gold and bullion
XX
xx
:
Kansas City
CORPORATIVE STATEMENT
<
IX
for previous years:
REICHSBANK'S
IX
Richmond..:
Previous
Sept.
1
Philadelphia
remained un¬
changed. The proportion of gold and foreign cur¬
rency to note circulation is now at 1.03%; a year '
ago it was 1.58%.
Following are the different items
&nd
abroad
Date
Established
IX
New York
deposits
RESERVE BANKS
Effect on
Mar. 31
Federal Reserve Bank
-
11,200,000 marks, while, the items of
in advances of
the different
at
paper
DISCOUNT RATES OF FEDERAL
A decrease was shown in
a year ago.
exchange and checks of 76,100,000 marks and
of
classes
various
Reserve banks:
un¬
changed at 70,772,000 marks, compared with 70,771,000 marks
effect
following is the schedule of rates now in
The
339,000,000
of
obligations
maturing
rates
and
increase of 200,000 marks
an
Banks
THERE have been of the Federal Reserve banks.
no changes this week in the
rediscount
before
currency
1859
Chronicle
Financial
148
market for
New .York,
However, by far the major part of the gold which is
now
arriving represents shipments by the central
arbitrage account and for shipment to
DEALING in detailfrom4 day toloan rates was the
with call day,, 1% on the
Exchange
Stock
ruling quotation all through the week for both new
and renewals.
The market for time money
banks of Europe.
loans
continues
wqre
quiet.
The
only transactions reported
occasional renewals at rates previously reported.
nominal at 1M% up to 90 days and
Rates continued
The market
comparatively quiet
lK% f°r four to six months maturities.
for
-
prime commercial paper was
little change in the de¬
Rates
/
past
believed that France has also been
bills
are scarce
has been
no
and the demand has fallen off.
change in rates.
There
Dealers' rates as re¬
ported by the Federal Reserve Bank of New York
and including 90 days are Yi% bid and
for bills up to
7-16% asked; for bills running for four months 9-16%
bid and
asked; for five and six months, Y%%
bid
of
and
the
9-16%
New York
asked.
Reserve
The
bill-buying
Bank is
running from 1 to 90 days.
The
Bank's
holdings of acceptances
$554,000 to $561,000.
rate
for bills
Federal Reserve
increased from
earmarking metal
/
in New York.
The intensification of anxiety
of March 14 and 16 has
were
an
increase in the
merchandise shipments,"
made effective in London on Mar. 24.
The revised minimum scale for
United States
the
.'/;■;
following the events
resulted in
risk insurance rates on
New rates
THERE has been little activity this week in the
market for prime bankers' acceptances. Prime
It is
Switzerland and Sweden have done likewise.
war
Bankers' Acceptances
exchange equalization
sending gold for earmark in New York
this week. 4 There has been
mand, but the supply of prime bills declined/
are unchanged at %@%% for all maturities.
fund is steadily
and in the
few weeks the central banks of Holland, Belgium,
The British
or
goods shipped to
Canada is 2s. 6d. per £100
and from the United States or
Canada to the United
Kingdom is 5s. per £100, to the Pacific 5s per £100,
and from the Pacific 10s. per £100.
The rate for
gold and securities from Europe to the United States
remains at Is. 3d. The previous minimum scale for
war
to
risk insurance rates on
the United
shipments of merchandise
States and Canada was 2s.
6d.
per
homeward and outward voyages. Thus
schedule leaves outward voyages from the
£100 for both
the
new
United
rate for
Kingdom to America unchanged, but
European bound cargo is doubled.
the
Financial
1860
While the
Monday,
above the "insurance
is taken out with other
risk of the
176.76
Friday,
Mar. 31.......176.75
Tuesday,
Mar. 28
Thursday,
Mar. 27.....148s. 5}^d.
(FEDERAL RESERVE BANK)
While the
Monday,
gold
paid a premium as high as
1% of the value of the gold. It is therefore
Mar. 27
Tuesday,
Mar. 28.___.,
20s, or
Bankers'
Mar. 30
35.00
Friday,
Mar. 31
35.00
the gold is sent by central
Saturday last
sight
fers $4.68
regard safety of their reserves as the
consideration.
Arbitrage transactions can be
steady in
was
On Monday trading
3-16@$4.68%.
tinued dull with
chief
$4.68 1-16@$4.68% for bankers'
slight profit when the London dollar
@$4,68%
At the rate charged
for some parts of current shipments the London gold
price would have to drop below $34.50 to make,
equivalent is $34.77 per ounce.
•
.
,
placed under earmark does not enter the
Gold
con¬
range was
sight and $4.68 3-16
On
Tuesday
the
steady. U The
were
$4.68 1-16@$4.68 3-16 for bankers' sight
was
range
and rates
quiet
was
The
quotations.
transfers.
and $4.68 3-16@$4.68 5-16 for cable transfers.
Wednesday sterling
;
.
market
narrow
cable
for
limited market.
a
$4.68 1-16@$4.68)4; cable trans¬
was
banks which
:
...$35.00
Thursday,
Referring to day-to-day rates sterling exchange
on
arbitrage transactions possible.
,
Wednesday, Mar. 29
$35.00
35.00
35,-00
Saturday, Mar. 25
£100, it is understood that a great part of the
effected at only a
Mar. 30... 148s. 6^d.
Mar. 31...148s. 6y2d.
Friday,
148s. 5>£d.
PAID FOR GOLD BY THE UNITED STATES
PRICE
coming at this time has
believed that, most of
Mar. 30.
Wednesday, Mar. 29... 148s. 6d.
Monday,
companies to limit the
original insuring companies.
176.78
Thursday,
148s. 5d.
Saturday, Mar. 25
specie shipments continues at Is. 3d. per
for
rate
PARIS
LONDON OPEN MARKET GOLD PRICE
over
As the amount of insurance increases, rein¬
to vessel.
surance
Mar. 28
ON
Wednesday, Mar. 29.
176.82
176.82
...176.81
Mar. 27____
Tuesday,
and
limit/' which varies from vessel
gold is loaded
CHECK RATE
LONDON
Saturday, Mar. 25..
England for shipment to New York are command¬
ing additional premiums as
April 1, 1939
MEAN
specie rates to] New York remain un¬
changed, the extraordinarily heavy loadings of gold
in
Chronicle
Bankers'
sight
easier
was
in
quiet
On
trading;.
$4.68@$4.68%; cable transfers
was
observers
monetary stocks of the United States.
Unofficial
are
of the opinion that slightly under
steady.
$1,000,000,000 of foreign central bank gold is ear¬
sight and $4.68%@$4.68% for cable transfers.
marked here.
Friday
Other
$4.68H@S4.68ji*"-
'U/•'><■
indicating the extreme anxiety in
factors
reflected in the erratic
movements
at
Call
market.
transfers.
of security
are
was
continued
On
hold
to
$4.67 13-16@$4.68%
range was
sight and $4.68@$4.68 3-16 for cable
Closing
/
Commercial
bills at
for
[1%%y 3-months bills
quotations
on
Friday
were
sight bills finished at $4.67 15-16; 60-day
$4.66%; 90-day bills at $4.66 5-16; documents
(60 days) at $4.66%, and seven-day
payment
bills
grain
1 15-16%, and 6-months
1M-1 %%> 4-months bills
pound
$4.68@$4.68% for bankers'
control
exchange
The
Thursday the
$4.67 13-16 for demand and $4.68 for cable transfers.
against bills is in supply
money
%%r 2-months bills
the
bankers'
for
prices abroad, the limited Volume and hesitant trading, and the hardening of money rates in the London
open
range was
sterling steady.
besides the heavy
gold shipments and increase in war risk insurance,
Europe over the imminence of war,
are
The
On
$4'.67 5-16.
at
Cotton and grain for
payment closed at $4.67 15-16.
vi:
im%.
All the
gold
offer in the London
on
destination.
continues to be taken for unknown
On
Other Foreign
Continental, and
market
open
*
FRENCH francs continue exceptionally steady in
both sterling and the dollar.
The
available £291,000, on
Monday £635,000, on Tuesday £389,000, on Wendesday £938,000, on Thursday £716,000 and on Friday
that there is
£694,OOOL'-;:;v>^^
foreign exchange transactions
Saturday
there
last
<
was
At the Port of New York the
:
gold movement for
the week ended March 29, as
reported by the Federal
Reserve Bank of New
was as
York,
follows:
Imports
'
INCL
Exports
,
India
2,293,000 from
future franc
The French
seem
Gold Earmarked for Foreign Account
receipts
Noto—'We have been notified that
received at San Francisco, of
approximately $8,882,000'of gold
was
which $8,643,000 came from Japan, $145,000
figures
for
are
the week ended
On Thursday $8,690,000 of gold
England.
There
were no
metal, but gold held earmarked
count decreased
of
gold
was
$1,763,000.
or
on
was
exports of
foreign
ac¬
On Friday $36,282,000
received of which $34,084,000
came
from
England, $1,951,000 from Belgium and $247,000 from
India.
There
were
exports of the metal but gold held
earmarked for foreign account
Canadian
exchange
a
Montreal funds
discount of
The
rate
decreased $1,059,000.
continues
although still ruling at
dollar.
on
relatively
steady
discount in terms of the
a
ranged during the week at
35-64% and
a
discount of 13-32%.
following tables show the
Paris, the London
and the price,
balanced by imports of gold,
,
The control has also beeri
a
on
a
moderate scale.
open
mean
London check
market gold price,
paid for gold by the United States:
These
to have entirely offset some French
seem
demand for sterling
hension
from Australia and $94,000 from China.
the
been
have
European market which is receiving capital.
.
Decrease: $7,106,000
.
Wednesday/
in small amounts and operations
currency
to
T/:
Net Change in
received from
exchange equalization fund has been
political strokes Paris
$31,499,000 total
above
However,
limited.
obliged several times during the past few weeks to sell
'
The
the unit.
are
Despite the uncertainties created by the German
seems to be the only free
824,000 from Holland
.
exchange is small, indicating
real pressure on
no
buyer of dollars and sterling
None
2,181,000 from Canada
on
chiefly from London.
$26,201,000 trom England
.
of
terms
.\
discount
foreign
GOLD MOVEMENT AT NEW YORK, MARCH 23-MARCH 29,
Exchange
the
that
and dollars induced by
Daladier
appre¬
Government might
be
seriously handicapped by the collapse of the Munich
program.
_
French banking
between the
:
';
\-v
circles note the close cooperation
English and French controls which has
caused the dollar to rise and fall in Loncon. and in
Paris
in
narrow
exactly the
same
One
limits.
reason
proportions and within
French
the
control
is
operating with great ease is the fact that there are no
large foreign balances in Paris.
has not been
years.
•_
Revenue
ruary
center for
a
.
"
:
The French Capital
fugitive
money
^
of the French Government
for several
■,
.
during Feb¬
amounted to 3,918,000,000 francs, which
was
1,007,000,000 francs in excess of February a year
ago.
for
Of the total amount income taxes accounted
569,000,000 francs, an increase of 240,000,000
Volume
francs
Financial
148,
last year.
over
francs
steadily.
On
at 16.82% for bankers' sight bills and at 16.82% for
increase of 619,000,000
an
February of last
over
on Friday
Friday of last week,
In New York sight bills on the French center finished
at
2.64%, * against
2.64%;
cable transfers at
2.64 13-16, against 2.64%.
Antwerp belgas finished
The yield from indirect taxes
3,201,000,000 francs,
was
The London check rate
year.
wholesale price index continues to advance
index is
based
1914
on
averages
100.
as
Paris closed
on
'at 176.75, against 176.83 on
Despite the improved financial outlook the French
The
1861
Chronicle
March 18 the index stood at 679, against 619 a year
cable transfers, against 16.82% and 16.82%.
earlier.
quotations for Berlin marks were 40.12 for bankers'
.
Belgian
which has been under
currency,
with respect to the spot rate.
and the
16.95
sight bills and 40.12 for cable transfers, in comparison
severe
since January, is showing greater steadiness
pressure
,16.82%.
for bankers' sight bills and at 5.26% for cable trans-
gold shipping point is estimated at
fers,
As
quotation this week was 16.83,
The
of the low
Exchange
on
Most banks, however, refuse to make corn-
3.43.
result
a
5.26%.
and
5.26%
against
Czechoslovakia is nominally quoted in New York at
Several times during the past two weeks
average
Italian lire closed at 5.26%
with 40.09 and 40.10.
Par of the belga is
spot belgas ,have been quoted at this figure.
Final
mitments
Czech
in
Exchange
currency.
on
Bucharest closed at 0.72%, against 0.72%; on Poland
ruling rates Brussels has made numerous
shipments of gold to both London and New York,
at 18.87%, against 18.89%; and on Finland at 2.07,
Like the other
against
European countries Belgium has been
sending gold here to be placed under earmark in an
effort to insure the safety of its gold reserves.
The extreme pressure on
the discounts
the
in
on
futures, which
of
case
any
March 21 the discount
between
and
10
17
are more severe
H,
than
Since
30-day belgas has ranged
on
cable
basic
indicative of
•
In
discount
A
rate.
pressure.
of
3
even
Holland
,
the countries neutral during the
on
March
in
move
Scandinavian
The
14.
sympathy with
sterling.
The
guilder and the Swiss franc also move with
sterling, but these units are affected in addition by
points is
the
war
fears
engendered by the German aggression,
The Swiss spot rate is ranging between 22.41 and
A
.
invasion
currencies
belgas have been between 32 and 53 points under the
on
follows the trends manifest since the Czecho-
war
si0Vak
points below spot, and 90-day
—•—~
>
r»XCHANGE
other important unit.-
0.86,
at
-
;
the belga is reflected in
closed
exchange
Greek
2.07.
against 0.86.
February and early March the pressure
the
on
22.50%, below which it is not expected to go.
This
belga resulted from internal political dissension which
brings tbe gwiss unjt in closer proximity to sterling,
caused several cabinet changes.
to wbich for a
Since March 14 the
threatening attitude of the German Government has
Sept. 26.
aggravated the difficulties of the Belgian unit.
German
The
mark
The, so-called free
obscure.
continues
situation
The
.
in New York
central bank vaults to
sterling,,, the Holland guilder and neighboring cur-
'
All
the
various
parity of 40.33,
same
The latest
ties is
a
of
Federal,
on
; after
future taxes,
one
Government's
since
.
type of draft
jn
of current accounts between individuals
both
,
here
and
in
Europe
see
in
back into the sterling
this
inflation,
since the certificates which will be issued presumably
to the extent of about 6,000,000,000 marks annually
will serve the same purpose as legal tender.
But as
ma reduction in the fiduciary issue is contemplated
they represent supplementary buying power.
An importent objection which financial experts note is that
if the Reich overspends and draws on future revenues
now it will be necessary in the future to issue these
close resemblance to
a
certificates in
ever
increasing quantities.
following table shows the relation of the
leading European currencies to the United States
dollar:
Parity
France
Parity
(franc)
3.92
6.63
13.90
16.95
i£2
32:67
Holland (guilder)
40.20
68.06
c
a
New dollar
Detween
a
/
mercial
:
b]
22.44% for checks and at 22.44% for
ainst 22.49% and 22.49%.
transf
^
.
^
I -V
,
i(1Ann
or
This Week
2.64% to 2.64 15-16
to 16.83^
-22MH%22^h
53.08
to 53.16
parity as pefore devaluation of the European
2.79 cents
a
franct
i
^
Copen-
L
e
4.
hagen checks finished at 20.90 and cable transfers at.
20.90, against 20.91 and 20.91. Checks on Sweden
closed at 24.12 and cable transfers at 24.12, against,
finished at
24.14 and 24.14; while checks on Norway
23.52, against 23.53%.
and 23.53%.
»
currencies
EXCHANGE on the South American countries is
JL_i
gtrfct
oept. 30 and Oct. 3, 1936.
pound,
Swiss
sight bills at <53.02, against 53.03.
francs ci0Sed at
16.82^
quiet and steady.
The steadiness is due to the
control exercised in the Various republics.
_
b Francs cut from gold and allowed to "float" on June 30,1937.
cOnMay 5, 1938, the franc was devalued on a de facto basis of 179 francs
to the
90-day
on
Range
New Dollar
Belgium (belga)__^
The discount
Bankers sight on Amsterdam finished on Friday
at 53.08%, against 53.09 op Friday of last week;.
cable transfers at 53.08%, against 53.09; and com¬
23.52 and cable transfers at
Old Dollar
b
bloc.
.
currency
The
which in view of the decline
sterling in the past several weeks, bring the guilder
guilders is from 10 to 13 points below spot, reflecting;
J
F u
T7,
feaxs felt concerning
' U
#
Financiers
totaling approximately
guiider is ruling steady between 53.08
and 53.16 for spot, rates
other than forsalaries.
procedure
reserves
March 14.
The Holland
months and the other after three years.
credit bills are also made legal tender for the
payment
gold
$750,000,000 has been sent to London and New York
seven
The tax
shipping
It is understood that about half of the
Lausanne.
a
basis, 60% in cash and 40% in non-interest-
to be used to pay
Schaffhausen, Zurich, Lucerne,
goid from the country or southward to Geneva and
municipal, postal
bearing tax credit bills (a form of scrip).% The bills
are
region of Lake Constance is shown by the fact
an(f other northern Swiss towns have been
March 24, providing for
State,
hiding place in the Alps,
disquiet caused by German troop concentration
that banks in Basle,
.
Federal railway, and highway orders
service,
60-40
all
on
some
The
in the
marks, with the
of the German financial authori-
move
scheme evolved
payment
blocked
at severe discounts.
are
gold
and has been removing gold from the
steady and fluctuates closely in close relation to
rencies.
•
anxiety felt concerning the future is seen in
tbe fact that Switzerland has been earmarking
gold mark is held relatively
or
long while it had been allied until last
/
■'»"
\
.
.
.
Argentine foreign trade returns for rebruary showed
,
,
,
i
;„^„noAd
o
1™ not
Q
+,*rvino
.that the export balance increased almost 3 tiipcs.
Chronicle
Financial
1862
fective since March
January and almost 10 times over February a
over
year
1st, this rule is apparently di¬
underwriter's fees with far greater
toward
rected
according to dispatches received by the
ago,
April 1, 1939
Argentine Information Bureau at New York.
force than toward finder's
ports from the United States
of
Im¬
declined to 29,055,236
pesos from 46,502,529 in February of last year.
Argentine paper pesos closed on Friday at 31.22
for bankers' sight bills, against 31.23 on Friday of
last week; cable transfers at 31.22, against 31.23.
The unofficial
or
free market close
was
ditions in the expenses
the
while underwriter's fees constitute the
23.00@23.05,
The
quoted at 20, against 20^,
.
Y"'-
of
Y
sents
under
through exchange controls.
the
Closing quotations for yen check yesterday were
Shanghai
7-32;
16
163^@16^8>
at
Bombay at
54.50;
against
35.07; and Calcutta at 35.02, against 35.07*
of
'
:
,
of the
or
through direct
directors,
or
ments" between
against
35.02,
"HE
insure
as a
bullion (converted into pounds sterling at
the
in
84s. ll^d.
principal European banks
dates of most recent statements,
four years:'
executives,
;
'
Y/
-
.
-
; a,
1938
,
•
■'
1
,
1936
1937
*129,998,979
295,815,871
327,233,957
293,720,843
314,645,760
3,000,000
2,621,900
2,432,200
i-*..
c63,667,000
87,323,000
Netherlands
823,400,000
115,500,000
6,555,000
87,323,000
25,232,000
122,150,000
92,761,000
70,300,000
20,323,000
6,642,000
8,222,000
7,442,000
France
Germany b_
Spain
Italy
Nat.Belg-.
89,086,000
Switzerland
110,936,000
33,111,000
Sweden
Denmark
..
Norway
42,675,000
70,630,000
104,403,000
83,525,000
25,635,000
0,550,000
6,603,000
2,959, 050
90,766, 000
62,987, 000
67,718, 000
58,057,000
94,722,000
48,145,000
66,555, 000
23,893,000
16,094, 000
"6,554,000
7,395 000
6,582, 000
64,814, 000
6,602,000
879.291,850 1,067,549,700 1,097,950,700 1,099,570,390 1,240,097,388
907,432,687 1,075,965,534 1,098,826,879 1,100,908,205 1,246,981,344
Total week.
Prev. week.
*
193,148, 997
661,077, 341
■201,634,366
524,694,624
2,570,400
90,117,000
42,575,000
347,628.740
Pursuant to
the Currency and
Bank Notes Act.
which
formerly the basis of value.
On the market price basis (about 148s. 6d.
the Bank reported holdings of £227,231,217, equivalent, however,
to only about £129,998,979 at the statutory rate (84s. ll&d. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with former
well as with the figures for other countries in the tabulation, we show
English holdings In the above in statutory pounds.
In making the calculation we
as
Bank was
148s. 0d. per fine ounce.
"
'
'
:
a Amount held Dee. 31, 1938, latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which la now
reported at £550,000.
c As of April 30, 1938, latest figure available.
Also first
report subsequent to Aug. 1, 1936.
^
The value of gold held by the Bank of France is presently calculated, In accordance
with the decree of Nov. 13,1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
franc; previously and subsequent to July 23, 1937, gold In the Bank was valued at
43 mg. gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26,1936,65.5 mg. gold, 0.9 fine, equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values Its gold
holdings (7.9881 gr. gold ll-J2ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold in the Bank of France Is now Just about £1; when there were 43 mg.
gold to the franc, the rate was about 190 francs to the £1; when 49 mg., about 165
francs per £1; when 65.5 mg., about 125 francs equaled £l.
Competitive Bidding for Utility
electric
and
gas utilities of the country are now
subject to Commission control of their capital en¬
gagements.
Accordingly, with the
capital issues, the SEC is
the
actual: presence of
all future
In
the
Exchange Commission
Utility Act of 1935,
a
adopted, under the Public
rule designed to require af¬
firmative proof of the reasonableness of
any fee paid
in connection with the
issue, sale or acquisition of
any
security by
a
subsidiary where it
an
absence of
registered holding
company
or
appears to the Commission that
arm's-length bargaining exists.
Ef¬
seeking to insure
now
dealings between public utilities and their
Y
In
to
discussing the application of the present rule
underwriter's fees,
the Commission has an¬
nounced that it will be
necessary
utilities "to show either -
for all financing
(1) that appropriate and
diligent effort
by
means
was
made to obtain competitive bids,
of publication
affiliate's bid
or
otherwise, and that the
(that submitted by
capable of exercising
the decisions of the
some
underwriter
any
degree of control
financing utility)
over
was not less
favorable than that of any other
it
was
not
bidder, or (2) that
practicable to obtain competitive bids
are
mission has
underwriter
five per
dealing at arm's-length, and that the
necessary."
whose
does
remuneration in
fee paid to
any
participation
a
not
receive
connection
does
an
not, exceed
commission
any
with
the issue
fee computed at the rate
other underwriters
in the
However, the Com¬
expressly excluded
cent of the total offering, provided such
underwriter
dition to
paid is reasonable and does
customary fees for similar services where
service rendered is
closing days of 1938, the Securities and
dictate
dispose of their
arm's-length bargaining in
security underwriters.
parties
By Ernest R. Abrams
power to
the rules under which utilities
may
not exceed
Issues Ahead?
oper¬
would
lie without the sphere of Commission
and that the fee to be
Is
areas
jurisdiction, by far the greater proportion of the
was
have had to assume that the rate used by the
In the absence of specific information.
although the many unassociated
ating companies with intrastate service
per fine ounce),
periods
registered holding companies and their subsidi¬
aries.- And
1939, the Bank of England
statements for March 1, 1939. and since, have carried,the gold holdings of the Bank
at the market value current as of the statement date. Instead of the statutory price,
in the
the Commission to permit of the attain¬
still appear to
1935
£
England-.-
all
•'
■"
Y
or
objective but, with the passage of the
Utility Act of 1935, the SEC secured full
jurisdiction over the financial operations of at least
are
■
-
;
Public
by
us
•
.
was necessary
ment of this
of respective
reported to
agree¬
to
arm's-length dealings between the utilities
powers to
corresponding dates in, the previous
1939
Banks of—
the
(Friday); comparisons
special cable yesterday
shown for the
as
their boards
Exchange Act granted sufficiently broad regulatory
fine ounce)
per
through the
or
on
result of "gentlemen's
their
es¬
indirect ownership of
or
Nothing, however, in the Securities Act
European Banks
following table indicates the amounts of gold
British statutory rate,
control
investing public, and that
financing utilities,
and their bankers.
Gold Bullion in
"psychological"
or
of banker representatives
presence
7-16.; Manila at 49.80, against 49.80; Singapore at
54.45,
financial
the shares of the
16
against
of bank¬
or groups
disruption of these relationships, frequently
tablished
Hongkong closed at, 28.69@28 15-16, against 29 3-16@
,29
the continuing underwriting rela- -
operated to the best interests of the af¬
fected utilities
>
;27.30, against 27;32 on Friday of last week.
,
that
their
have not
sterling, to which they are allied either legally or
of
1933, various SEC spokesmen have consistently
ing houses have maintained with public utilities
trend
All these currencies follow closely the
weeks.
obvious. Ever
seem
tionships which certain bankers
new
no
*
adoption by Congress of the Securities Act
contended
EXCHANGE on the Far Eastern countries , prefeatures from those of recent
in
principal objective of the Commission in the
since the
/
,
♦
or
major spring
,
promulgation of this rule would
Chilean exchange is quoted
"(official), against 5.19.
Peru is nominally
5.19
of borrowing utilities,
profits of the distributors of their securities,
of investment banker revenues."
(official), against 5.90.
at
since the latter
play but little part under present underwriting con¬
Brazilian milreis are quoted at 5.90
against 23.05.
fees, although both forms
will be affected,
remuneration
offering.
taking
a
in
or
ad¬
applicable to
similar participation
-
"
"
,
Volume
Mandatory in Massachusetts for approximately a
Accordingly, under any reasonable interpretation
participation in its offerings, but he will be
the development of a paucity of long-term borrowings by
utilities of that State, since these undertakings have
advan-
seemingly preferred, whenever possible, to issue and
though affiliated with
financing utility will be compelled to withhold
decade, its practical effect there has been
.
.
of this
the
from
rule,
banker
no
even
such restrictions that
surrounded with
tage may be derived from his
no
affiliation. ' And the
practical effect of its application will probably be
a
realignment of underwriters in many future util-
ity financings, and the reduction of those underwriters, financially, "psychologically" or "emotion-
ally" affiliated with specific utilities, to minor positions in any
Or its
of their future security offerings.
application may result in the extension of
competitive bidding device to the entire field of
the
public utility financing since, under that method
of
capital engagement, the potential adversities of
banker influence
held to
method of
be
can
And for that reason, it might
merits of
the
review
to
utility underwritings
over
minimum.
a
well
be
the
.
competitive
capital engagement, as well as the results
obtained from its
use
public utility underwritings on the util-
the field of
ities and their rate payers, on
and their customers.
security underwriters
v
.
-
Competitive bidding for security issues is by no
means an untested innovation in the United States
long been established in the field of public
for it has
finance
1926, in' the underwriting of
since
and,
equipment trust obligations.
due
But any measure of
arising from its use in those fields has been
success
-
comparative simplicity of their
the
to
more
credits and to the standardization of their debt contracts than to any
self.-
.
'■
■.
virtues inherent in the device it-
'■'.••■kd--'-'-.
Sovereign Governments and their political subdivisions
accordance
in
borrow
must
and
scribed
with
interpreted rules laid down
pre-
by the
people themselves in their constitutions and legisenactments, and once compliance has been
lative
with these laws,
had
bodies become
within
or
the debt contracts of public
binding obligation toward the pay-
which very
ment of
revenues
definitely prescribed property
accruing to these public cor-
cial
the spreads between the prices utilities have received for their issues and those at which they were
- acquired by the investing public have been uniformly smaller under the competitive arrangement
than where issues have been engaged through the
more orthodox method of negotiation between util- ities and their bankers.
During the four years,
1 1935-1938 inclusive, 11 bond issues with an aggregate face value of fl05,587,000 and carrying
coupons raging from 3%% to 4%%, but with a
weighted average of 3.4077%, were undefwritten
under the competitive arrangement at an average
price of 101.954. And these 11 utility issues were,
turn, offered to the public at an average price of
103.406, or at an average of 1.452 points above their
cost, with individual spreads running from 0.76 to
2.26 points.
..
During these same years, 22 orthodoxly negotiated utility bond issues with an aggregate face
value of $278,272,500 and carrying coupons ranging
from 3%% to 4%, but with a weighted average of
3.512%, were underwritten at an average price of
100.205 and offered to the public at 102.285, resultiug in an average spread of 2.080 points, although
individual spreads ranged from one to three points,
Furthermore, their finan-
porations are pledged.
and their economic stabilities are
standings
readily establishable, and the elements of risk in
their
pledges susceptible of comparatively accurate
ligations
credit
ment
relatively
are
railway, equipment
Likewise,
determination.
simple
ratings depend-more on
degree of solvency of the issuing corpora-
tion.
.
But
nothing in the record of successful engage-
ment of
of
ob-
contracts whose
the type of equip-
pledged and its established resale value than
upon any
capital for public use or for the acquisition,
railway equipment by the competitive arrange-
ment offers any assurance
success
can
only
are
that the same measure of
the extension of
be obtained through
that device to the field
not
of public utility finance, for
most of our public services in a state
debt contracts must be
of constant flux but their
refund, through established underwriting channels,
issues of notes running for not more than three
years, which are exempted from the competitive requirement, than to risk the uncertainties of cornpetitive sales of long-term issues. And, beginning
with July of 1935, the public service commissions
of New Hampshire, Maine, Vermont and the Disstrict of Columbia have compelled certain utilities
under their jurisdiction to engage capital at various
times under the .competitive arrangement,
At first glance, the results obtained during this
brief trial of the device in New England and the
District of Columbia would appear to justify its
further use in the field of public utility finance, for
-
in the
past, and to appraise
probable effects of its widespread adoption in
the
1863
Chronicle
Financial
148
Accordingly, if these samples of competitive andi
non-competitive underwritings are a fair criterion
of the results to be obtained under the two methods
of capital engagement, an advantage of approximately 0.625 of a point, representing a savings of
about 30% in underwriter's fees, would appear to lie
with the competitive device.
However, where nearly all the competitively engaged issues in the foregoing comparison were un,
.
derwritten and sold in the midst of a hungry mar-
ket, a considerable proportion of the negotiated
issues were distributed when the edge was off the
market and bonds were not being blown "out the
window" by a hurricane of orders. Furthermore,
where practically all the competitively underwritten
issues were distinctly high-grade, these non-competitive issues were not the cream of the offerings
of the past four years but were, rather, run-of-the-
peculiar problems sur-' mill securities that were not uniformly oversubundertaking, and are,
scribed or bid at a premium immediately after their
therefore, unsusceptible of standardization. Neveroffering.
theless, the success of the competitive device in pubAccordingly, while the competitive arrangement
lie and railway equipment finance has been largely
has worked to the advantage of financing utilities
responsible for its rather limited application to
of exceedingly high credit during periods of scarcity
public utility financing in the recent past.
of gilt-edged offerings, nothing in this limited ex-
continually adjusted to the
rounding
each
individual
Chronicle
Financial
1864
and their customers, instead of largely tor the
short-term benefit of the borrower.
<
perience would indicate that equally satisfactory
prices
stormy mar-
For, in the last analysis, the investing public is
that equally advantageous prices could be
the ultimate source of all investment capital and,
through its willingness or unwillingness to purchase
to similar issues
tion
kets,
ers
distribution would result from its applica-
or
or
obtained from
an-
during weak
extension of the
or
competitive de-
securities at specific levels, it dictates the prices
Ac-
vice, to second-grade issues.
But
the
from
and yields at which issues must be marketed.
long-term point of view, there .is
strong probability that the apparent bargains
utilities have secured in the cost of
bution may prove
these
investors with the operation of the device that they
would refuse to buy competitively engaged issues,
by the several purchasers of
.
largely at the expense of the successful bidders for
issues, and through denial to investors in their
the profit potentialities that aid so
investor-demand for
developing
in
greatly
except at distinctly bargain; prices.
And, in that
event, borrowers who have resorted to the com-
petitive, device may discover their apparent bar-
securities of
future issues.
market action by competitively arranged
or
offerings might have the effect of so discouraging
,
securities, these benefits have been obtained
their
any
ception
somewhat cosfly in the end for,
investment
total
the
continued record of unfavorable re-
cordingly,
security distri-
although they have received a greater proportion of
their
April 1, 1939
gains in security distribution were dearly bought,
their
Unquestionably, during the era of utility
For, by the very nature of the de-
expan-
sion and frantic finance that ended with the late
vice, competitive bidding compels underwriters to
1920*8, bankers having financial or "emotional"
reach to the utmost for desirable
trol
forcing of these securities into the market at
in the
the
issues, and results
be absorbed, with little or no profit possibilities
their rate
remaining in the securities to sweeten the purchases
of investors.
In
nine
nine competitive
the
that
found
ever
offerings
selling 0.64 of
their
among
original prices six weeks after their respective;
above their
bid
offering prices.
ditions
as
average
But the 19
stockholders
or
rate
to the reasonableness of the fees paid to
we
or any sugges-
find substantial opposition to its throat¬
ened extension
the competitive issues, were selling at an
another, political expedition for "
as
further control.of utility activities and increased!
,
profit of 1.28 points above their hverage
regimentation.
;
Furthermore, the disclosure requirements of the
ing, while in no single instance would the acceptof the
or
un¬
find little question
device be extended to the full field of utility finance,
Rather,
offering,price six weeks after their original offer-;
ance
utility managements
we
the underwriters of their securities,
period and under the same market con-
same
And today
tion by these affected interests that the competitive
non-competitive issues, underwritten and sold during the
over-
character, brought a definite end to that
payers as
offerings, while only three of the nine issues were-;
then
well.
But the adoption of the
1933, with its requirements of full
happy practice.
point, on the average, below,
were
a
the investors in their
as
disclosure of underwriter's compensation of what-
competitively engaged and 19 negotiated util-
was
not only these utilities and
on
Securities Act of
.
ity bond underwritings by the writer two years ago,
it
on
but
payers
priced securities
study of the comparative market actions of
a
con-
uncon-
scionable fees in the distribution of their securities,
peak of prices at which it is hoped they / with adverse effect
very
may
public utilities too often charged
over
Securities Act have'placed all investors
open-market bid price have resulted in
on
notice
to,the proportion of their- capital contributions
as
loss to any
original purchaser.
that
The recent
a
underwriting of the Cincinnati Union
utors of utility securities, and no audible protest
Terminal
3%s
may serve
as an
illustration of the
workings of the competitive arrangement.
sale of bonds with
ders
permitted to
were
result that
arate
face value of
a
proposals
were
has been
In this
raised by the investing public that the
retension of
$12,000,000, bid-
name coupon
retained by the underwriters and distrib-
are
sums
equivalent to $20
$1,000 face value
rates With the
stitutes unreasonable
submitted for five sep-/ vital services
or
$25 for each
of underwritten securities
gross
con-
compensation for such
the determination of the risks in-
as
ranging from 3.35% to 3.75%, al-
volved in utility investment, .the erection of safe-
though each of the four bidders did not submit bids
guards to protect investors from those risks, the
coupons
for all five coupons.
to the
made
At
rate? the money cost
any
borrower under the nine separate
ranged
3.03%
from
to
3.25%;
proposals
the
acceptance; of the risk of successful distribution'
through the original 'purchase of utility securities
.
lowest
by the underwriters, and the actual
money-cost bid was accepted; the bonds were "offered
even
of
a
on
as
approximately
as soon
they sold
as
3%s at 107.38 to yield
underwriting spread
gross
point; the syndicate
with
and
February 14th
3%; the
a
was
closed
on
was
/ And in the absepce of protest from utilities^ their
an
0.617
customers
March 17th
seems
fifth of the bonds unsold;
as a
free market for the bonds
low
as
and
the
logical to
buyers
assume
of their
securities, it
that all question
as
to the-
reasonableness of the fees paid in the underwriting
existed,
of utility issues results primarily from a lack of
1.625 points under the original
appreciation by public regulators of the value of the
offering price.
services performed by underwriters to the financing
Obviously, this unimpressive record cannot be
attributed solely to the frailties of the
method of
task of dis-
tributing these securities to the investing public,
competitive
capital engagement, for underwriters of
utilities and to the purchasers of their securities,
,
If the successful
involved
no more
underwriting of utility issuer
than
a
determination of the prices
negotiated issues have too often misjudged markets
at which these securities could be successfully dis-
and offered securities
tributed—the major service, aside from the actual
beyond the reach of investors,
But it is reasonable to
assume
that had the
offering
price in this instance not been competitively boosted
to
an
unattractive
level, the operation might have
been concluded to the satisfaction of the underwrit-
security distribution, performed by the underwriters
of public debts and equipment trust obligations,,
no
valid objection to the extension of competitive
bidding to the entire field of utility finance could
Volume
Financial
148
each
and
But, as lias already been noted, public
not .susceptible of standardization
'individual borrowing presents its own
and provisions of any contemplated securities, and
since few utility executives are widely experienced
in investment banking or are close students of
changing investor requirements, the resultant issues might be wholly unsuited to and unsalable in
are
peculiar problems and risks which must be
expertly
appraised in the preparation of debt contracts that
will benefit borrowers and lenders alike.
For borrowers,
left to their
tempt to engage
restrictions
lenders
are
useless
and
own
inclinations, will ever at-
capital with the fewest possible
surrounding its use, while over-cautious
inclined
to
burdensome
"hog-tie" borrowers with
And, there-
restrictions.
fore, security underwriters must act as
this
that
For
houses
reason,
of the
■
the more substantial banking
creators, underwriters and
distributors of utility
and necessarily high-
,
Of course, the utilities might turn in
their pre-
dicament to the SEC itself and, through consultation with their experts in utility finance, devise
security issues that would carry wthe implied, if not
official blessing of that body, or they might consult
one or more of the recognized financial information services. Yet, the resultant issues would still
vestigation*of proposed financing and the construelack the benefit of the cushion which underwriters
tion of debt contracts that will not only protect
provide in the assumption of original risk through
lenders from all discernible risks but will insure
the purchase of underwritten securities with their
borrowers of a proper freedom of action as well,
own funds—the underwriters of Pure Oil preferred
And they also maintain efficient and costly sales
stock are reported to be currently carrying an undepartments to advise with the buying departments
sold third of that issue, since neither Federal comin the creation of issues that will meet the requiremissions nor statistical organizations assume any
ments of careful investors, and to then distribute
responsibility for the quality of their advice,
the actual securities.
For while the buying perIt wouM appear, thehVfrom a perhaps too limited
sonnel may be more expert in devising safeguards
experience with the application of competitive bidto protect, investors from risk, the actual distribuding to the field of public utility under writings for
tors of utility securities are in closer touch with the
conclusive judgment, that the device can operate
needs of investors and, consequently, both viewwith some measure of success only in the distribupoints are vital to the production of safe and salable
tion of high-grade securities in a hungry market,
securities. />
and then only through denial to investors of adeFurthermore/ underwriters who have had prequate profit potentialities, and to underwriters of
vious relations with utility borrowers and who have
adequate compensation for their services,,
But
closely followed the results obtained by these utili:
nothing in this brief experience would indicate that
ties from the use of the capital they have provided
the competitive method of capital engagement can
are
better qualified to judge the needs of these
operate with even this measure of success during
utilities for additional funds and to design debt
falling or stormy markets, or when applied to all
contracts that will protect both present and proshigh-grade issues in a given market, or when expective investors without hamstringing the borrowtended to second-grade issues,
ers than are other underwriters whose acquaintance
Furthermore, the only benefactors of its past apwith their operating problems and financial condiplication would appear to be those utilities who
tion is less intimate.
And since their investigations
have received a greater proportion of the sum-total
of these utilities have been continuous and they do
of investment in their issues than would have been
not require elaborate surveys for each, individual
forthcoming under the more orthodox method of,
piece of financing, these underwriters are able to
negotiation, which they may ,yet regret, and utility
engage capital at lower cost to these utilities, disregulatory commissions who, through the adoption
regarding actual underwriting fees, than can new
of this device, have succeeded in shifting responunderwriting groups.
sibility for determining the fairness of underwrit*
But the benefits of expert advice from underwriter's fees to the underwriters themselves. And for
ers familiar with specific utilities would be largely .
that reason, it would appear that any further exlost to these borrowers under any extended use of
tension of competitive bidding in the field of public
the competitive device for, while it is common .. utility underwriting would only serve to retard the
knowledge that in most cases of competitive engageflow of investment capital required for the expanment of capital in recent years, the issuekfor which
sion of utility facilities, without conferring any
proposals were sought were set up with the adyice
compensatory benefits on these undertakings,
and assistance of bankers familiar through previous
But one result of its general application to utility
underwritings with the needs of the borrowing utilifinancing might prove beneficial to security underties, and that some of .these bankers w^ere the suewriters. Slightly more than a fifth of all corporate
cessful bidders for the issues in whose preparation
bond financing undertaken in this country during
they had assisted, no underwriter would be justified
the past five years, and only a little less than a third
in risking the cost and effort required in any deof all such financing last yearv were privately placed
tailed investigation of a proposed issue, if the fruits
by borrowers with institutional investors, with an
of his labor wrere possibly to accrue to other under^
estimated loss in gross fees to underwriters of some
writers who had made no contributions toward its
eleven million dollars in 1938 alone. And approxisecurities,
maintain
large
pricecl buying departments for the
.
capacities; as
country, in their joint
the very market for which they were being created,
Or issues might be created which, while without
such major flaws as would render them unsalable,
might still contain ill-advised provisions that would
later rise to plague borrowers and lenders alike,
umpires in
struggle for advantage.
1865
selves would be forced to determine the type, terms
be sustained.
utility issues
Chronicle
exhaustive in-
,
preparation.
-
Eventually, then, under widespread
the
competitive
arrangement,
the
application of
utilities them-
mately half of this volume of privately;placed securities was comprised of utility bonds of obviously
high grade.
Financial
1866
However, if competitive bidding had been in effect
Chronicle
which
is
April 1,
running
rate
the
at
of
1939
approximately
In other, words, the prof-
during those years, these institutional buyers would
$9,500,000,000 annually.
have been faced with the
ligate scattering of funds supplied by taxation and
in
necessity of openly bidding
competition with security underwriters for de-
sired
issues,
they have done in certain past in-
as
stances in New
England,
underwriters to occupy
So just
possibly, like that toad William Shakespeare
mentioned in "As You Like
for
of permitting security
or
the competitive field alone,
the pledge of future taxation, so
upon
with him, not long
up
against depression, suddenly becomes; in the ex-
utility securities, "though ugly and venomous,"
pensable incident of the American Government as
now organized
and-administered.
Congress is
"a precious jewel in its crown."
wear
asked to face the situation of immensely increased
\
*
,
The
The
have
?i
expenditure and at the
■
D
Challenge to Retrenchment
irrespressible and ironical Mr. Eccles must
briefly
He succeeded in
concentrated
stealing the lime-light
the
upon
Morgenthau,
kins, and Hanes combination for business
ment, and that in itself
But there
ment.
radical
most
Deal, he
lenge
of
was
the
was a
much
performance of
appease-
until
remote future
a
enormous
On behalf of the
swelled
beyond
arrogant chal-
an
the heads of economy-minded CongressSenators, to the entire body of public sen-
over
and
that budget balancing is
spite of
more.
as
now
any
this utterance
authority.
In fact, it
by the Administration
it emapated
as an
have
failed
to
everywhere
or
that
definite
cerned,
in
of
^continuance,
and
prerequisites
the
Gallup
eral tenor of editorial
.Mr.
~
arguments
against
rate
economy
his
the
spending,
and
to recovery.
polls,
im-
increasingly
balanced
a
pres-y
budget
He
through
dis-
the
not
Government
to
impending
was
disaster.
accurate and
he
by
all
this,
Mr.
no means exagger-
ated the truth.
Furthermore, he declared, what the
majority of the people plainly desire, the public is
entitled to receive at the hands of
Mr. Eccles
course
Congress.
But
cisely stated.
and
definite and clear-cut issue
a
The great mass of the
of, Congress itself is
on
con-
public, of the
the
side
one
favoring economy and planned progress towards an
ultimately balanced budget; Mr. Eccles and a bakdozen, perhaps, of the youngest and
dent New Dealers
Probably, there
does
especially adroit and well-timed
expedient to render opposition ridiculous and futile,
Such adroit and subtle planning is not always
successful.
The dramatic
resourcefulness
the
and
may
be over-worked, and
of
courage
a
legislative
body reawakening to the responsibilities and
portunities afforded by
a new
op-
and extended public
sentiment has frequently been under-estimated. The
was
intended to bring to the Congress
attempting to correct fiscal conditions widely believed to be without warrant
have
exactly
an
or
justification
effect.
contrary
It
may
may
prove
rudely awakening and strongly provocative to in-
dependence.
It is undeniable that the average legis-
lator, Federal, State,
or
municipal, dearly loves
an
appropriation and ordinarily has little interest in
economy
for its
own
expenditure for its
from such outlays.
:
.
of the
of the Seventy-sixth Congress,
regarded in the circle from which
sake.
own
But neither does he love
sake; rather it is for its
personally believes, he asserted, that the ' pleasing consequences in .rallying to his support
by popular sentiment is sure
those groups of citizens particularly benefiting
Thus emerges
er's
deliber-
thus indicated
t° lead to disaster.
press,
a
challenge that
expenditures
In
by the highest
unmistakably
and the public a sense of impotence in facing and
only practicable but the imperative alter-
native
Eccles
in
was
cur-
comment, and in all the
public sentiment, irrefutable evidence
large majority of the public, believes that
notable retrenchment
that
gen-
rent indices of
a
expectation
any
can suppose
ate, planned, and comprehensive challenge to the
public, that opinion
overwhelmingly
its
over
convinced
the
comparable
any
patient
convince
is
his persuasion.
income, in
not considered carefully in ad-
was
courage
that all
None
sanctioned beforehand
and
vance
national
precedent and
was
upon
dream not to be realized
a
when
reasonably entertained.
capacity and
candidly admitted
now
curtail-
and poorly-adjusted taxation, has
No doubt, it
Eccles
or
ment the present level of outlay must be sustained,
wasteful, impotent
for
good, ultimately destructive and immediately
foolhardy, the extravagant spending policy adopted
is
time is plainly told
materially curtail the
nor
function of government
any
substantial achieve-
permitted to address
was
Hop-
warring factions of the New
timent that has condemned
that
same
that it dares not abolish
enjoyed his position in the center of the stage y exercised, that without such abolition
last week.
are
a weapon
and utilized in the warfare
pressed opinions of its principal apostle, an indis-
_
ent
solely defended as
ago
voluntarily taken
It," competitive bidding
might still
men
borrowed
dear to the heart of Mr. Eccles and those who agree
on
regard
is at least
the
ar-
one
respective
pleasing to constituents is nicely balanced by
man
in the office
Washington who
alignments
in-
as
a
wholesome disinclination to increase taxation that
may
antagonize the
between these
and
most
time to
Federal Reserve Board in
not
most
the other.
Moreover, this prevalent desire
liberally to finance those activities most directly
same
legislative bodies
time, by
a
by
an
are
dominated,
from
predilection favorable to enlarge-
ment of governmental
or
constituents. The struggle
conflicting propensities is perpetual
functions and expenditures,
alternating disposition to restrict
or
to
diminish taxation and, to that end, enforce econ-
trinsically unequal. The challenge
followed, thinly
disguised as a concession to the fundamental
tailment of functions too casually assumed.
ciple of majority-rule and
characteristic that when Congress is in the mood
prin-
obligations of Congress
lature.
to take
In
a
genuine
that
essence
as
a
and effect
an
homily
the
upon
the
sufficient
is
there
current
first described, it yields readily to executive domina-
Congress
tion, which is natural, because the executive branch
retrenchment,
was
defied
being
told
opportunity materially
rate
of
cur-
It is
representative legis-
single substantial step in the direction of
and
nowhere
diminish
as
omies in administration with sometimes actual
Federhl
to
expenditure,-
of any
Government is instinctively inclined towards
its own bureaucratic aggrandizement.
every
Necessarily,
legislature lags far behind its associated
ecutive
power
ex-
in such imaginative and constructive
Volume
148
They will - be recorded in history as spendthrift Congresses, almost heedless of rising
costs and the augmenting requirements of debt
service and taxation.
The elections of 1938,
however, were plainly influenced by an enlarged
general consciousness of the grave fiscal dangers
confronting the country. Consequently, the SeventySixth Congress, with notably reduced Democratic
limited
yields
readily to the broader vision and vaulting ambitions
capacity and, whenever its motivation is not
its responsibility for the purse-strings,
by
Quite contrary is the con-
of the executive branch.
when
dition
the
legislature finds its
1867
Chronicle
Financial
.
public op-
mounting
burdens of expanded and expanding public debt.
It, is rare in-
pressed by the costs of government, the
dangers of heavy taxation, and the
majorities in both its branches, is quickened by a
healthy and gratifying sense of its responsibilities
executive branch or is ungrudgingly accepted by
and obligations to the taxpaying public. Its memthat department as entitled to- controlling forte,
bership has not been deaf to the public demand for
Whenever the public that creates legislators and.
economy and retrenchment in the Federal Governdeed
that, in the face of such conditions, the im- >
primarily from the
pulse towards economy comes
executives determines that taxation and
ment and its history, so. far, has been marked
public debt
limits
effectively
within
held
be
shall
definite
branch is at
once
legislative body
stitutional authority to develop and control policies,
It has always been
Now, instructed so clearly by Mr. Eccles that in
fact and within the knowledge of the Administra-
fact very well illustrated
tion there exists a heavily preponderating sentiment
and tends to become dominant.
so
in the United
States,
a
against continued spending upon the existing scale,
it is confidently to be hoped that this Congress will
be aroused to new determination to effect the economies its constituencies. so strongly desire. In ef-.
In the first New
Deal Congress, from 1933 to 1935, executive domination was complete and the commitment of the canduring the life of the New Deal.
successful
didate
by-
assertions of its independence and its con-
strengthened in its aspirations
adapted to existing conditions, the
or
numerous
the
in
preceding political
cam-
feet, the Administration has declared that public
sentiment desires and demands that which the Exthat the half-hearted and temporary steps towards "• excutive alone believes to be impossible, and has
retrenchment in a few lines were soon abandoned
uttered the politically intolerable challenge which
paign to economy in Federal administration proved
to be
immediately
and
are
debt
now
so
ephemeral
inadequate and
asks "what are you going to do about
Expenditures and
almost forgotten.
rapidly increased throughout this period.
The
Seventy-Fourth and Seventy-Fifth Congresses, from
1935
to
1939,
from the White
directions
influenced
or'
-
only slightly less swayed by
were
restrained
House and
were
little
action although it will not ask the
by fiscal considerations,
5
J
■
a g g
.
K
'
!
rM
.
The Business Marts
Bonds
r»
o
i?
:
Tost.
„
and London,
was
today non-existent.
The debt rose rapidly during our
participation in the war, and a market was made for Government obligations, but not the organized, continuing, trading
market now existing.
Most of the post-war years prior to
1929 were marked by a steady and substantial reduction in
the debt of the National Government, and from all appearances we
were headed for a return of conditions in this
those of pre-war days,
continual rise in the
public debt, and the increase even before the advent of the
New Deal was substantial, but it was not until 1933 that the
respect more or less comparable to
The Thirties have, of course, seen
a
Government bond market as it not exists began to
develop.
author's
The book here under review undertakes, in the
own words, to present "the story of the creation and rapid
growth of the United States Treasury's own market" during
the past six years.
"It is the story of the factors that were
responsible for its development and the influences that today
determine the price movements of billions of dollars of Amencan Government obligations."
"This," adds the author "is a book about the profit
and income opportunities that have been developed in this
market for the benefit of any
ested
to
American
individual
or
institution inter-
them," a book written "for the 15,000
banks whose stability and whose earnings are
discover
closely related to the trend of Government bond prices; for
the thousands of corporations who hold large amounts of
Government securities; for investors, speculators, and businessmen and business women curious about the fundamental
changes that have occurred in their
Government during the
past decade."
United States Government
been the revolution
Government's financial and economic policies, that
Feeling that "so young is the
securities market, and so sudden has
in the
to
date virtually nothing has been written on
The author sets out to fill the gap,
■
I
Bookshelf
appendices containing tables and
/
the subject,"
and to this task 19 chapters
volume on public
expenditures,
and of the methods employed by the Treasury in raising new
money, including such incidentals as "free riding, the author
Spts down to trading in United States Government obliga-
outstanding debt of the Federal
almost negligible in amount and anything
in the nature of a Government bond market as we know it
Government
'
deficits and the like of necessity creep into the text here and
there. After relatively brief accounts of the rise in the public
debt during the past six years (and before for that matter)
-
Harper & Brothers, NewYork
pp. 238.
1939.
$3.00
Before the World War the
The
impracticable.
finance, although, of course, the volume of
#
By S.-F. Porter, Financial Columnist, New
York
•
The book is about a market, not another
"
-o
t
the like, a bibliography and references.
y
.
=
f* devoted—exclusive of
How to Make Money in Government
it?"
public is not convinced that the Seventy-Sixth Congress
lacks the statemanship demanded by the
times, or is impotent to cope successfully with their
problems. It will anticipate strongly ameliorating
-
tions, explaining the technique and practices which have
grown up in recent years, and even undertakes to apply
chart reading to the market, although it is admitted that
"charts" as they are known in the stock market are not commonly employed in the Government market.
,
Then follow chapters on the factors governing prices,
including excess reserves, interest rates, gold movements, ana
the like. The financing program of the Treasury is outlined
m its relation to the market, and the efforts of the Treasury,
itself to control prices are not overlooked. The distribution
of outstanding obligations is analyzed in some detail, lite
insurance companies being honored with a chapter devoted
wholly to them and their relation to the market. A chapter
is devoted to the relation between the so-called Government
market and the other markets, and still another to the rise or
quasi-Governmental debt, i. e. the guaranteed obligations of
Governmental instrumentalities, and the obligations or numerous other agencies traded in the Government market
and for which the Treasury is believed by many to be morally
obligated in one degree or another and whose issues enjoy
tax privileges.
.
The three closing chapters are given over to discussion of
tax exemption, a comparison of the U.S. bond market with
corresponding markets of England, France, ana Canada,
and a broader discussion of the significance of the national
debt. The size of the national debt is compared with
national income, and the total burden of the debt considered
in relation to the assets of the National Government,
There is a foreword by Morris S. Tremaine, Comptroller
of the State of New York.
t. ,
„
The book is evidently intended for the enlightenment ol
the rank and file, particularly, perhaps, the security
dealer and banker who has not interested himself _in the
Government bond market. They will find a good deal ol
enlightenment in it.
1868
Financial
London Stock
Chronicle
High-grade railroad bonds have displayed an irregular
closing prices have been mixed compared with last
week's.
St. Paul Union Depot 5s, 1972, were up 1 x/i points
at \Y1Y%, while Pennsylvania
4^s, 1960 dropped 1 point to
117.
In spite of carloadings registering a new 1939 high of
605,000 cars together with comparatively favorable March
earnings estimates, medium-grade and speculative railroad
bonds have scored declines.
Particularly vulnerable have
been the junior bonds of Southwestern roads, whose traffic
movement has been rather lethargic furing the first quarter
of the current year.
Southern Pacific deb. 43^s, 1981, at 46
lost 3 points and Missouri Kansas & Texas 1st 4s, 1990, de¬
clined 33^ to 42>£.
Following the declining pattern of the
Exchange Official Year
trend and
Book
Thomas Skinner & Co.
(Publishers), Ltd.,
New York
"The Stock
Exchange Official Year Book" edition for 1939
which is the 65th year of issue and published under the sanc¬
tion of the London Stock Exchange has just been released.
This issue contains loans representing in all more than
21,000 securities of which approximately 12,400
are
quoted
dealt in on the London or Associated Stock Exchanges.
Particulars of 95 companies and 27 Government and munici¬
or
pal loans have been added to the 1939 issue and comparative
figures for the previous year's issued being 261 or 433,
■respectively.
In accordance with previous practice the front
portion of
the
book
includes lists of members of the
various
stock market, defaulted rails have been lower.
;
The selling wave which developed in the stock market on
Thursday and was continued on'Friday affected medium
lower-grade utility bonds materially.
International
Telephone & Telegraph 4^s, 1952, closed at 62 on, Friday,
off 4 for the week; Western Union Telegraph 5s, 1951, at 61
lost 5.
Higher grades held up well, such issues as Buffalo
General Electric 4h£s, 1981, Illinois Bell Telephone 3^s,
1970, and Pacific Gas & Electric 3M> 1961, advancing frac¬
tionally.
Specific developments in the industry have been
lacking, however.
'
YYY<."
/'
Industrial issues suffered along with other groups in the
price break toward the week-end, but generally speaking,
they have not been so hard hit as has been true of other
sections of the corporate list.
The better medium-grade steei
loans resisted pressure well, as did oil and metal company
issues.
In fact, many in the petroleum group have been
firm to fractionally higher, an exception to this being the
Standard of New Jersey 3s, 1961, off
at 104.
The lower
medium-grade Otis Steel 4^s, 1962, were off 4 points at 72.
The main trend in foreign bonds has been towards lower
levels., Brazilian bonds, which have been among the better
performers of last week, lost most of the ground gained.
Colombian issues improved but the rest of the South Ameri¬
can group turned softer.
Japanese bonds have been some¬
what better while Australian issues displayed some tendency
to decline.
In the European group, it has been the Danish
and Polish issues which continued to lose heavily with declines
of over 6 points registered by Copenhagen issues and over
4 points for the Polish 7s.
German 7s after spurting to 25,
dropped to 22^.
'•
\YY-Y;fYv Y/Y.
and
Stock
Exchanges of the United Kingdom, an article on Indian
finance, a summary of the year's principal legal decisions
affecting companies and the tables of statistics relating to
the finances of counties of England and Wales,
municipalities
of Great Britain and Northern Ireland, the British Dominions
and the Sovereign States of the World.
A Supplementary Index
containing reference to the many
thousands of defunct and other companies which are no
longer dealt with in the book is published simultaneously
with this issue.
"The
,;
;•
Stock
Exchange Official Year Book" is published
jointly by Thomas Skinner & Co. (Publishers), Ltd., of
London and New York and the Trustees and
Managers of
the London Stock Exchange.
The Course of the Bond Market
The outstanding trend in the bond inarket this week has
been the fractional upward movement of UY S. Government
bonds to
highs.
new
The
price index of 8 Govern¬
a new top for recent
years.
In fact one must go back to the early part of the
century for comparably high levels.
The corporate section
oflthe bond market has moved down, with some softness in
high-grade issues and moderate declines in lower grades,
particularly rails.
ments stood at
115.04
on
April 1, 1939
average
Thursday,
MOODY'S BOND PRICES t
(Based
U. S.
All
1939
Govt.
Domes-
Dailv
Bonds
on Average
MOODY'S BOND YIELD AVERAGES f
Yields)
(Based
tic
120
120 Domestic Corporate *
120 Domestic
by Ratings
Corporate by Groups *
»
All
1939
Averages
Aaa
Corp.*
Averages
Corp.
Baa
RR.
102.30
84.83
91.51
109.24
112.86
Mar. 31—
104.48
119.47
115.35
102.12
85.65
92.28
109.44
113.07
30—
104.67
119.69
115.35
102.30
85.93
92.59
109.64
113.27
29-'28-
30..
115.04
29.
114.98
.
Aa
115.14
103.93
P.
U.
Indus
28—
114.95
104.48
119.69
115.14
102.12
85.79
92.43
109.64
113.27
27—
114.88
104.48
119.92
115.14
102.12
85.93
92.43
109.64
113.27
25- 114.70
104.48
119.92
114.92
102.12
85.93
92.43
109.64
114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.64
114.54
104.30
119.47
22—
114.51
104.11
21-
114.61
104.48
20— 114.45
18— 114.36
119.25
15- 114.77
119.69
104.67
16- 114.74
114.72
119.69
104.30
.17- 114.64
114.72
119.69
104.11
101.94
114.72
114.93
102.66
86.64
93.06
109.84
93.53
109.84
113.89
87.07
93.37
110.04
105.41
115.14
103.02
87.21
93.53
110.04
113.89
106.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
9- 114.49
105.22
120.69
115.14
102.84
86.92
93.21
110.04
114.09
8- 114.39
4.46
3.48
3.30
4.90
4.46
3.48 '
3.31
4.91
4.47
3.48
3.30
3.31
3.32
3.75
3.00
3.22
3.87
4.91
4.46
3.49
3.31
.3.77
3.00
3.23
3.89
4.94
4.49
3.49
3.76
3:00
3.22
3.89
4.92
4.47
3.49
3.31
17—
16—..
113.89
11— 114.73
ilO- 114.79
T
4.90
:
v.
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
3.73
2.98
3.21
3.85
4.86
4.42
3.47
3.28
3.76
-
18-
113.68
87.07
102.84
3.30
3.50
20.
•
113.68
102.84
3.48
'4.48
113.07
115.14
4.46
4.93
109.44
114.93
4.91
3,90
92.28
120.37
120.59
3.88
3.22
85.65
120.14
3.21
3.02
112.86
120.59
3.00
3.77
109.44
105.22
3.30
3.49
91.97
106.22
3.31
3.48
4.48
85.38
13- 114.74
3.49
4.45
4.92
101.94
14— 114.77
4.47
4.90
3.89
21
109.84
4.92
3.87
3.22
113.07
93.06
3.88
3.01
109.44
86.50
3.20
.3.20
3.88
92.43
102.66
3.01
3'88
22
113.27
>■/•■
-
300
.3.75
—
3.88
112.86
115;i4
3.32
3.75
3.74
———
3.21
109.24
114.93
Indus.
3.22,
92.12
104.85
U.
3.21
85.52
104.85
3.50
P.
2.99
85.79
109.64
4.52
2.99
102.30
92.43
RR.
4.98
2.99
101.76
86.07
Baa
A
3.91
3.75
113.07
102.30
Aa
3.21
3.75
109.44
114.93
3.02
3.75
92.12
119.92
120.14
Aaa
3.78
,24——
23_r—•
.
85.65
101.94
120 Domestic
Corporate by Groups
,
27
■
.
114.72
\
25
113.27
23-
:v.'
113.07
24-
by Ratings
tic
119.25
114.85
•
Individual Closing Prices)
120 Domestic Corporate
Domes¬
Daily
,
Mar.31—
120
on
—
—
'
15
3.73
3.22
3.71
2.96
3.22
3.84
13—
3.71
2.97
3.21
3.84
•.
3.85
14
.
•
11
2.98
4.85
3.32
4.42
3.47
3.28
4.82
4.39
3.47
3.27
4.82
4.40
3.46
'
3.27
2.96
3.21
3.83
4.81
4.39
3.46
3.27
2.97
3.22
3.84
4.81
4.39
3.46 '
3.28
3.71
'2.96
3.21
3.84
4.83
4.41
3.46
3.26
8—
.
3.70
3.71
9—
'•
3.73
2.97
7—
—
io
104.85
120.37
114.93
102.66
86.50
92.90
109.84
113.89
7— 114.28
3.22
3.85
120.14
4.86
4.43
104.67
3.47
114.72
3.27
102.48
86.07
92.43
109.64
113.68
3.74
6— 114.05
£.98
3.23
3.86
104.67
120.14
4.89
4.46
3.48
114.72
3.28
102.48
85.93
92.28
109.84
113.48
4„ 113.93
".■6
3.74
2.98
3.23
3.86
104.67
120.14
4.90
4.47
114.93
3.47
3.29
102.30
85.93
92.28
109.84
113.68
4
3— 113.59
3.74
2.98
3.22
104.48
3.87
120.14
4.90
4.47
3.47
114.72
102.30
3.28
85.52
91.97
109.64
113.48
3
3.75
2.98
3.23
3.87
4.93
4.49
3.48
3.29
3.77
2.99
3.24
3.89
4.95
4.53
3.48
3.29
3.77
2.99
3.24
3.89
4.96
4.54
3.49
3.29
3.81
3.00
3.25
3.94
5.03
4.61
3.51
3.30
3.30
3.29
■
2- 113.74
104.11
119.92
114.51
101.94
85.24
91.35
109.64
113.48
2
1— 113.74
104.11
119.92
114.51
101.94
85.10
91.20
109.44
113.48
1—
Feb.24.. 113.38
103.38
119.69
114.30
101.06
84.14
90.14
•17— 113.30
103.38
119.69
89.99
109.05
113.27
10— 113.21
17—
3.81
3.00
3.25
103.20
3.93
119.69
5.05
4.62
3.51.
114.09
101.06
83.60
89.69
108.85
112.45
3- 113.16
10...
3.82
3.94
119.47
3,00
3.26
102.84
5.07
4.64
3.52
113.68
100.88
83.19
89.10
108.66
113.48
3.84
3.01
3.28
3.95
5.10
4.68
3.53
3.29
27—......
3.89
3.03
3.31
4.01
3.57
3.32
3.82
3.00
3.29
3.94
5,19
5105
4.76
20-
4.65
3.53
3.29
Weekly—
Jan. 27.. 112.59
20— 113.18
13- 112.93
6- 112.95
Hlgh 1939 115.04
Weekly—
114.30
101.23
83.87
109.05
113.27
101.94
119.03
113.07
99.83
82.00
87.93
107.88
113.48
83.87
89.55
83.06
89.10
108.66
107.88
112.25
100.53
83 06
88.80
107.69
112.86
105.41
120.59
115.35
103.02
87.21
93.53
110.04
3
113.48
113.07
101.06
100.53
102.48
119.69
119.47
119.25
Feb. 24—
112.86
103.20
114.09
102.66
...
Jan.
113.27
—
-
13
3.85
6
High 1939
3.01
3.31
3.97
5.11
4.68
4.57
3.30
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.32
3.89
—
—„
3.05
3.37 '
4.01
5.19
4.76
3.60
3.34
'
Low 1939 112.59
101.94
99.83
82 00
87.93
107.30
112.45
Low 1939
3.70
101.76
118.60
118 60
111.84
High 1938 112.81
2.96
3.20
3.83
4.81
4.39
3.46
111 43
100.18
82.27
Low 1938 109.58
1 Yr. Ago
88.36
107.11
112.05
112 45
3.34
3.85
4.68
6.98
6.11
4.23
3.76
102.66
89.10
62.76
71.15
96.11
104.30
High 1938—
Low 1938
4.70
88 80
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
4.23
3.75
3.94
3.61
1
Mar. 31'38 109.71
2
■
112.86
103.93
89.25
62.76
71.36
96.11
104.48
Mar. 31, 1938-2 Years Ago—
4.69
3.32
3.78
4.67
6.98
6.09
112.05
108.46
99.83
88.22
96.61
101.06
107.11
Mar. 31, 1937—.
3.91
3.36
3.54
4.01
4.74
4.20
0VC1030 yxciuo uu mo uaais ui uue
®0ve°Q®nt
typical' Dona
3.26
v.
88.95
-;v~-
.
wiIiH
yield
Year Ago—
•■
101.58
Yts.Aqo
Mar.31'37 107.82
■
•
,
"
coupon, maturing in au years;, ana ao not purport to snow eitner tne average
actual
Price Quotations. They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
the latter being the truer picture of the bond
market.
t The lastest complete list of bonds used in
computing these indexes was published In the issue of Feb. 18. 1939, pages 939 and 940.
averages,
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
'
Friday Night, March 31, 1939.
Business activity instead of
showing the usual seasonal
expansion, has been slowing up to a discouraging degree,
The uncertainty and apprehension
concerning the political
.
crisis
abroad, not to speak of the confusion and lack of
harmony at Washington and the uncompromising attitude
of the President toward business—are
having a telling
effect in ^business and financial circles, and this was re¬
flected most strikingly in the action of the stock market
late yesterday.
The sudden wave of selling in a thin market
caused consternation in the financial district, and at first
was
attributed to
heavy foreign selling based
on
a
rumor
that German-Polish relations would be strained within the
next
an unconfirmed report that Great
military alliance to Poland.
How¬
ever, domestic liquidation was said to be the chief factor in
the day's decline of the securities markets, this selling
day
Britain
or
two
would
and
offer
a
Volume
Financial
148
apparently being influenced by the discouraging change in
the business and political outlook.
The "Journal of-Com¬
merce" business index figures show a decline from the
preceding week, the recent figure being 85.8, as compared
with a revised figure of 86.3 for the previous week and 71.6
for a year ago.
All components for the index lost ground,
it is said, with the exception of carloadings which registered
a new top for the year.
Thus March failed completely to
show any business gains, while even last year, it is pointed
out, a moderate advance of 1.8 points was scored for the
month.
Hesitation marks steel demand
closes, March business having
as
the first quarter of 1939
made
no
1869
Chronicle
substantial gain,
Age" says in its current summary.
Sales of some
products, it is pointed out, barely exceeded those of Feb¬
'"Iron
the
soil
mostly
germination.
condition for
favorable
in
Rain is still needed along the east Gulf coast and in Florida.
In the latter State showers at the close of the week were
decidedly beneficial,
but were inadequate to break the
drought.
In the New York City area the weather was more
or less unsettled, with moderating temperatures.
Today it was cloudy and cold here with temperatures
ranging from 43 to 48 degrees.
The forecast was for cloudy
tonight.
Partly cloudy Saturday.
Overnight at Boston it
was 44 to 48 degrees; Baltimore, 44 to 54; Pittsburgh, 34 to
54; Portland, Me., 34 to 36; Chicago, 32 to 38; Cincinnati,
36 to 44; Cleveland, 32 to 50; Detroit, 30 to 34; Charleston,
60 to 72; Milwaukee, 30 to 40; Savannah, 58 to 82; Dallas,
52 to 62; Kansas City, 44 to 56; Springfield, Mo., 40 to52;
Salt Lake City, 42 to 60; Seattle, 50 to 54; Montreal, 30 to 36,
and Winnipeg, 26 to 48.
shorter month, exceptions being tin plate and
The magazine estimates ingot production
Revenue Freight Car Loadings Total 605,462 Cars in
slightly lower this week at 55% of capacity, caused largely
Week Ended March 26
V
by a drop to 60.5% from 72% at Birmingham as well as a
decline at Detroit.
"If the steel industry were solely de¬
Loading of revenue freight for the week ended March 25
pendent on current buying operating rates would be lower
totaled 605,462 cars, the Association of American Railroads
than they are," the review observes. "However, the volume
announced on March 30.
This was an increase of 32,510
of business that has been placed during the last two or three
cars or 5.7% above the corresponding week in 1938, but a *
months, particularly in rails, track accessories, car material,
decrease of 1 £>0,954 cars or 20% below the same -week in
structural steel and tin plate, is a sustaining factor in oper¬
1937.
The Association further reported:
L oading of revenue freight for the week of March 25 was an increase of
ating schedules. Despite the discouragement caused by the ;
failure of steel business to expand in the degree that had been
10,894 cars or 1.8% above the preceding week.
Miscellaneous freight loading totaled 252,099 cars, an increase of 9,799
expected by many in the trade, there is still confidence that
cars above the preceding week, and an increase of 1,143 cars above the
the second quarter will make a fairly good showing, possibly
corresponding week in 1938.
bringing some improvement over the first quarter. Though
Loading of merchandise less than carload lot freight totaled 153,714 cars,
scrap is more plentiful at some points, particularly Chicago
an increase of 1,389 cars above the preceding week, and an increase of 903
and Youngstown, prices have not eased except at Pitts¬
cars above the corresponding week in 1938.
burgh." '
Coal loading amounted to 113,805 cars, a decrease of 2,559 cars below
Production by the electric light and power industry for the
the preceding week, but an increase of 32,383 cars above the corresponding
a
ruary,
structural steel.
"
week ended March 25 declined for the third week in
succes¬
sion, dropping to 2,198,681,000 kwh, compared with 2,225,486,000 hours in the previous week and 2,237,935,000 in the
week ended March 11, according to the Edison Electric In¬
stitute.
Output for the latest week, however, increased
223,442,000 kwh., or 11.3% over the total of 1,975,239,000
in the week ended March 26, 1938.
Although the week-toweek
comparison showed a decline, the yearly percentage
gain increased to 11.3% from 10.3% in the week ended
March
18:
'
Association
The
of
American Railroads reported today
freight were loaded during the week
This was an increase of 10,894 cars,
or 1.8%, compared with the preceding week, an increase of
32,510, or 5.7%, compared with a year ago, and a decrease
of 150,954, or 20%, compared with 1937.
Automobile and truck output in the United States and
Canada this week totaled 85,980 units, according to the esti¬
mate of Ward's Automotive Reports, Inc.
This was a rise
of 49.5% from the like week of last year and 3,420 units less
thap last week. The slight decline from the preceding week
was principally because manufacturers balanced production
against orders and field stocks. The immediate-production
movement will depend largely upon reports of retail sales,
which have been hampered
somewhat by unseasonable
weather and the European war scare.
Ward's said that
present indications are that April output, normally the big
month of the year, would amount to about 350,000 units,
compared with 238,129 in April a year ago, and an estimated
382,000 units in March.
The service indicated that the
weekly rate will probably hold around the 85,000 to 90,000
level, but a shorter number of working days will be a factor in
reducing the total.
^
"
Retail sales were in sharp expansion this week, Dun & "
Bradstreet, Inc., said today.
The credit agency said ap¬
parel items led in the advance, presumably because of the
nearness
of Easter;
but electrical appliances, speciallypriced house furnishings, garden hardware, paint and ferti¬
lizer also were mentioned as showing sizable gains.
Auto¬
mobiles were reported selling in the period at a less than
seasonal rate and food items declined to a point somewhat
under volume for the comparable period a year ago.
Some
605,462
cars
of
/
1
modest increase in wholesale
•
orders also
was
credit agency's
weekly review, but the gain in this division
said, was not impressive.
Businessmen were reported
continuing to express mild optimism over second quarter
prospects, though at the same time making every effort to
hold down inventories by producing and purchasing on a
hand-to-mouth basis.
whole
by 4 to 8%.
•
year
There
a
The estimated retail volume for the
was
larger than in the same week last
spectacular features to the weather the past
week.
For the country as a whole the week was character¬
ized by abnormally warm weather and widespread, light to
moderate precipitation, occurring principally during the
latter part of the period.
High temperatures for the season,
associated with sunshiny weather during much of the week,
made decidedly favorable conditions for outside operations
on farms and for the growth of vegetation.
Grasses, winter
grains, and fruit trees responded rapidly to the warmth,
with pasture lands greening well into the interior of the
country.
Also early fruit trees are blooming as far north
as eastern Maryland, Kentucky and southern Missouri.
The recent cold weather apparently did little damage to
peach bloom in Georgia.
According to Government ad¬
vices, in the South spring planting was very active, with
were no
of
below the
loading totaled 31,680 cars, an increase
products
grain
above the preceding week, but a decrease of
6,218
cars
In the Western districts alone, grain and
1938.
25 totaled 18,646 cars, an
grain products loading for the week of March
above the preceding week, but a decrease of 5,377 cars
increase of 792 cars
week in 1938.
below the corresponding
-
V
11,315 cars, an increase of 96 cars above
Livestock loading amounted to
corresponding
week id 1938.* In the Western districts alone, loading of livestock for the
week of March 25, totaled 8,394 cars, an increase of 151 cars above the
preceding week, and an increase of 535 cars above the corresponding week
week, and an increase of 696 cars above the
the preceding
in 1938.
Forest
products loading totaled 28,109 cars, an increase
above the preceding
v
-
.
7,577 cars, a decrease of 1,355 cars below the
Ore loading amounted to
corresponding week
preceding week, and a decrease of 72 cars below the
in 1938.
V
"
:
,
7,163 cars, a decrease of 151 cars below the
Coke loading amounted to
the corresponding week
preceding week, but an increase of 3,067 cars above
in 1938.
'
\
\
,
All districts reported increases
in 1938 except
reported
of 1,979 cars
week, and an increase of 608 cars above the corre¬
sponding week in 1938.
•
r'
,
compared with the corresponding week
which
compared with the
the Northwestern, Central Western and Southwestern
All districts reported decreases
decreases.
corresponding week in 1937.
1
).
'
•
»
,
'
'
V
*
.
,
1937
1938
1939
Four weeks in January
v
'2,256,717
2,302,464
2,297,388
2,714,449
598,691
2,155,536
552,892
2,763,457
730,329
591,691
556,730
744,499
Week ended March 18-.—--—-
594,568
540,365
754,922
Week ended March 25
605,462
572,952
756,416
6,990,264
6.635,192
8,464,072
Four weeks in February
Week ended March
-a——
4_.._.
-
—
Week ended March 11
.
.■
1
TOtal.
ine
Iirsi
r-V.-
lo
major ranroaus
to import iui
turn
wmma. cuucu
March 25, 1939 loaded a total of 284,918 cars of revenue
freight on their own lines, compared with 280,512 cars in
the preceding week and 267,836 cars in the seven days ended
March 26, 1938. A comparative table follows:
FROM CONNECTIONS
REVENUE FREIGHT LOADED AND RECEIVED
(Number of Cars)
'
•
Received from Connections
Weeks Ended—
Loaded on Own Lines
Weeks Ended—
Mar.25 Mar. 18 Mar.26 Mar.25 Mar. 18 Mar.26
1939
1939
1938
1939
1939
1938
17,962
27,-925
18,974
20,340
5,149
5,235
4,647
26,873
23,984
14,676
15,473
9,046
Chicago Burlington & Quincy RR.
19,537
13,930
14,625
8,883
12,781
20,351
13,914
6,948
17,544
17,131
13,779
17,681
7,059
Chicago Milw. St. Paul & Pac. Ry
7,247
12,989
12,497
3,391
14,030
1,659
3,738
2,135
Atchison Topeka &
Santa Fe Ry.
Baltimore & Ohio RR
5,255
5,255
50,404
4,550
3,470
4,453
4,600
7,263
6,987
7,078
9,180
1,615
2,319
2,568
8,247
28,865
8,012
3,698
30,474
3,969
3,497
24,870
24,631
23,980
7,944
8,223
8,166
5,061
4,941
5,336
8,249
7,844
6,907
284,918 280,512 267,836 181,589 177,019
Chesapeake & Ohio Ry.
156,273
-----
12,091
International Great Northern RR
—
New York Central Lines
N. Y. Chicago <fe St. Louis Ry—
Norfolk & Western Ry
-
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Wabash Ry
Total
LOADINGS
37,262
36,081
4,722
4,282
10,010
18,111
14,629
4,409
4,131
53,670
36,904
5,155
35,589
AND
RECEIPTS
9,457
1,507
3,455
4,902
4,739
—
Southern Pacific Lines
TOTAL
8,259
33,718
3,828
Mls80uri-Kansas-Texa8 RR
Pennsylvania RR
11,982
34,568
/ 3,282
1,687
Gulf Coast Lines
Missouri Pacific RR
1,945
4,147
12,633
6,721
9,127
1,492
2,468
2,596
8,595
35,276
4,927
18,425
54,792
Chicago & North Western Ry—
2,668
FROM
9,041
4,820
CONNECTIONS
Weeks Ended—
Mar.
25,
1939 Mar.
19,
1939 Mar.
26,
Chicago Rock Island & Pacific Ry.
Illlnols Central System
23,058
22,935
23,524
29,167
28,858
St. Louis-San Francisco Ry-
12,379
11,847
28,028
12,317
63,640
63,869
,
and
cars
noted in the
it
country as
Grain
1,696
corresponding week in
revenue
"ended last Saturdays
'
week in 1938.
Total.
—
64,604
„
1938
to,
1870
Financial
Chronicle
April 1, 1939
1939.
During this period 89 roads showed increases when
cpmp&red with the same week last year.
if' In the following
we undertake to show also the loadings
for separate roads and systems for the week ended March 18,
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MARCH 18
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1939
y
Eastern District—
Ann Arbor--.-
1939
1937
■'
545
648
2,360
7,103
1,587,
2,025
6.745
1,413
17
32
24
1,202
4,387
8,789
1,258
3.433
7,454
5,979
10,675
—
Bangor & Aroostook————
Boston A Maine.————..
Chicago Indianapolis A Loulsv,
Central Indiana.—.*—!———
Central Vermont.—.—
Delaware A Hudson—*.*—*—
<
Delaware Lackawanna A West-
1938
Southern District—{Concl.)
Mobile A Ohio........——
989
585
192
188
213
9,994
1,930
9*659
1,644
51
40
1,702
6,850
6,593
1,529
6.348
Southern System..
5,551
Tennessee Central————
•
1,443
1937
1,902
2,511
1,058
1,810
2,824
1,206
Nashville Chattanooga A St. L.
Norfolk Southern............
from Connections
1938
1939
2,156
8,877
1,894
,
Total Loads Received
1938
1939
2,125
3,329
1,293
1,874
2,535
2,149
2,652
894
860
406
366
466
949
795
305
270
334
9,363
19,793
Piedmont Northern ........
9,068
17,859
10,236
23,836
4,591
4,267
13,487
4,780
4,142
11,873
366
348
583
—
Richmond Fred, A Potomac...
Seaboard Air Line
—...
528
035
244
279
378
loo
100
Wlnstqn-Salem Southbound...
143
131
175
708
633
1,895
1,431
3,632
921
263
190
433
3,282
10,769
1,066
2,483
Total..—.———————
97,020
89,523
118,282
64,251
60,888
12.497
2,325
17,131
3,163
12,559
2,467
16,155
3,111
16,069
2,386
9,127
2,518
6,721
2,958
8,638
2,379
'6,788
2,766
Detroit A Mackinac---——.
Detroit Toledo ATronton
Detroit A Toledo Shore line—
11,323
4,259.
10,118
3,489
13,955
6,040
195
190
173
1,705
7,658
2,431
3,859
2,009
34,568
9,389
1,199
4,722
5,353
4,902
1,189
6,225
2,547
3,211
1,166
30,863
8,045
1.434
3,730
3,484
4,203
1,737
10,240
3,332
5,609
2,595
46,380
11,654
1,659
5,207
8,719
7,385
305
310
619
fErle.————
Grand Trunk Western..—....
Lehigh A Hudson River.......
Lehigh A New England
Lehigh Valley
*.*——
Maine Central.——.......
...
Monongahela——
Montour !.
1938
Total Revenue
Freight Loaded:
Railroads
------
New York Central Lines......
N. Y. N. H. A Hartford—...
New York Ontario A Western.
N. Y. Chicago A St. Louis....
Pittsburgh A Lake Erie
Pere Marquette—..........
Pittsburgh A, Shawmut
*■Pittsburgh Shawmut A North..
Pittsburgh A West Virginia—
.
•
...
312
343
048
•632
541
464
4,941
3,490
4,558
132,267
422
6,751
1,592
9,663
6,967
1,675
992
877
6,926
3,114
6,686
3,242
223
234
Duluth Miasabe A I. R—.——
415
556
31
30
Duluth South Shore A Atlantic-
288
455
740
227
349
36,081
Elgin Jollet A Eastern——
Ft. Dodge Des Moines A South*
6,288
4,314
9,720
5,767.
4,335
408
; 440
386
195
158
Great Northern.—*—
—Green Bay A Western......
8,419
8,564
'636
8,851
2,411
3,543
618
478
516
4,502
4,820
30,631
10,048
1,454
8,403
3,426
4,285
32
32
y
11,616
1,890
9,041
222
2,889
7,385
2,325
174,398
144,391
128,035
549
767
657
36,413
3,040
14,625
1,410
13,574
114,496
369
539
Northern Pacific.
—
19,454
3,753
999
307
101
48
97
1,809
1,892
3,183
1,745
2,202
2,808
„
1,752
5,159
7,768
■,
169
120
451
.
1,486
4,126,
1,445
4,080
7,432
-
756
7,844
—
Lake Superior A Ishpemlng
Minneapolis A St. Louis.——
Minn. St. Paul A S. S. M—
1,143
988
444
1,349
607
5,916
4,702
A North Western—.
Great Western.
Mllw. St. P. A Pacific.
St. P. Minn. A Omaha-
—
161
1,359
Northwestern District—
Chicago
Chicago
Chicago
Chicago
Wabash..————
Wheeling A Lake Erie.——**.
Total——
;
9,688
2,775
122
105
132
212
226
1,203
1,526
1.433
1,210
.1,296
65,856
64,475
81,593
38,876
37,015
18,974
2,579
19,735
2,524
21,004
5,235
JAlton.*..*.....*._.*.—**.—
Rutland............—^.—.
3,082
1,953
Bingham A Garfield-.———
322
318
85
Burlington A Qulncy..
A Illinois Midland....
Rock Island A Pacific.
A Eastern Illinois...—:
Colorado A Southern....
13,930
1,873
10,524
12,998
1,503
11,070
379
16,787
2,572
11,786
3,298
940
2,034
Spokane International.*.—...
Spokane Portland A Seattle...
■
Total,—
Central Western District—
Atch. Top. A Santa Fe System.
'Alleghany District—
Akron Canton A Youngstown..
Baltlmore A Ohio
Bessemer A Lake Erie...—...
20,873
1,703
Buffalo Creek A Gauley
Cambria A Indiana.........*
Central RR. of New Jersey....
291
272
319
3
1,532
5,580
1,106
1,616
7,614
15
12
4,957
11,019
10,162
Cornwall—
548
549
59
Cumberland A Pennsylvania—
Ligonier Valley
...........
237
192
150
114
Long Island..!
Penn-Readlng Seashore Lines—
Pennsylvania System—**—
Reading Co...—..—
Union (Pittsburgh)—.........
West Virginia Northern—.—
Western Maryland......——.
518
———
23,471
1,166
Chicago
Chicago
Chicago
Chicago
900
5
'
2,557
3
53
332
25
24
30
Fort Worth A Denver
509
701
1,128
72,401
16435
3,061
1,301
35,589
16,125
16,042
1,587
2,830
1,230
30,314
14,274
1,206
978
843
53,670
11,710
47,417
10,474
10,153
6,177
719
1,883
Missouri-Illinois*..
Nevada Northern.—......
1,019
1,569
1.107
'1,722
North Western Pacific——
618
Illinois Terminal—.—..
—
Peoria A Pekin Union.
1,181,
1,591 ^
75
.
728
8,712
2,442
1,210
2,188
2,924
6,998
679
8,184
2,138
1,352
2,087
594
24
4
.1,129
A
2,118
992
1,039
1,332
1,037
325
249
307
380
City..—
4,806
1,941 v
V'.
6,948
11
Denver A Rio Grande Western.
Denver A Salt Lake——
25
2,405
740
—
209
;
,
367
500
1,349
1,869
119
81
,303
695
342
269*.
J:-.
24,
is
,
48
i
*4*860
31
104
Southern Pacific (Pacific)—--
18,051
5,855
Toledo Peoria A Western——
Union Pacific System,——
258
309
19,940
,-'294
"4*383
4,068
"M58
19,784
2,767
1,143
1,028
13,198
11,793
14,159
6,091
6,094
117,804
Total.—
26
3,407
100,414
160,574
91,461
80,435
.Utah-—...
Western Pacific*—.————
229
.230
586
7
5
1,154
1,143
1,512
1,551
1,403
Total....——————.
94,595
89,797
106,216
45,761
44,378
Pocahontas District-
Chesapeake A Ohio.—.......
Norfolk A Western.,——**—
Virginian——
19,537
18,111
4,305
16,053
15,673
3,505
27,644
25,215
4,458
8,883
4,131
1,192
6,969
3,641
1,057
Total........—.
42,013
35,231
57,317
14,206
11,667
;
Southwestern District—
133
199
348
290
144
3*391
3,808
1*492
1,541
International-Great Northern.Kansas Oklahoma A Gulf-
1,659
1,948
176
4,374
2,106
2,468
2,626
259
191
1,906
1,415
1,758
1,474
Burlington-Rock Island—
Fort Smith A Western.*....—
Southern DistrictAlabama Tennessee A Northern
122
Gulf Coast Lines..——_*_.
.
159
203
193
196
Atl. A W. P.—W* RR. of AlaAtlanta Birmingham. A Coast—
678
902
1,145
1,152
Kansas
046
543
743
990
1,138
Louisiana A Arkansas—.
Atlantic Coast Line—*—Central of Georgia.—.
10,433
4,115
10,012
4,023
11,663
5,393
Louisiana Arkansas A Texas.*.
89
137
165
339
252
,416
389
473
Midland Valley—
522
597
690
1,093
1,046
1,442
2,644
1,096
1,644
Litchfield A Madison——
438
4,670
2,723
1,157
1,977
4,673
Charleston A Western Carolina
363
308
374
470
410
193
184
,
747
Cllnchfleld...—
Columbus A Greenville
Durham A Southern,*
151
Georgia
*———**—.
Georgia A Florida.!.————.
Gulf Mobile A Northern..
Illinois Central System.
255
... .
Louisville A Nashville.—*.
Macon Dublin A Savannah....
....
759
91
1,560
1.334
•165
621
1,145
9,599
4,924
696
2,014
23,890
25,321"
197
-• -•
The movement Of the Index
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
March 24
was as
\
262
March 25—__
—*142.5
March 27
142.2
March 28...*........141.4
March 29-..——.....141.2
Thurs., March 30.-..-.......140.7
Frl„
March 3
....140.6
.... ... .
.
.
Year ago,
Wetherford M. W. A N. Wv
Total.*.'
■'
1
March 17
/:
Feb. 28—
145.0
■
'
materials-
Chemicals..
_
Beef
per
17,
1934, when the index was 77.9.
The an¬
issued by the "Annalist" on March 27 further
commodity prices
have
been
now
in
an
uninterrupted
bear
early part of September, 1937.
The pace of the decline
during ~ the past year, however, so that between
23, 1938, and last week only 3.8 points have been lost.
most
was
a
hundred
The grains
exports
258
65
46
22
40
39
56,438
34; 588
34,708
0,366
4,066
V
•
205
',
44
,
21
,
4,199
46,429
45,013
OF WHOLESALE
r
■.
Mar. 18,
1939
Mar. 23,
1938
-
,
'
,
March,
February,
March,
1939
1939
1938
74.7
74.8
79.8
76.1
76.4
79.7
72.7,
-
*
_
r.
..
'
69.0
,72.5
69.6
70.1
a60.2
58.8
59.8
59.6
84.0
84.0
87.7
84.1
84.4
88.0
97.4
102.8
97.4
67.8
97.4
102.8
.67.8
59.3
69.6
71.2"
88.6
67.8
71,2
86.0
86.0
88.6
86.3
86.5
69.1
71.1
69.5
69.8
71.4
78.5
a78.8
82.3
78.9
79.1
§2.5
.
t
All1 commodities-
Wholesale
68.9
*59.9
a
Revised.
Prices Declined 0.1% During
According to Uiiited States
Department of Labor Index
Commodity
Week Ended March 25,
commodity prices, according to the United
States Department of Labor, Bureau of Labor Statistics'
index number, declined 0.1% dining the week ended March
25, Commissioner Lubin announced on March 30.
"The
decrease brought the all-commodity index to
76.6% of the
1926 average," Mr< Lubin said. "The wholesale price level
is now at the low point of the year."
The Commissioner
added:
Wholesale
March
2,365
3,216
69.2
—.
Miscellaneous
■^Wholesale
reported:
been
108
4,007
2,608
3,017
4,030
97.5
—
Metals-*..
Building
*..*130.1
1939 High—March 6-—*.—*145.g
Ijow—March 31 j*---..-140.
products*.--
Food products—
March 31——*_.140.8
—152.9
1938 High—Jan. 10
Low-—-June 1
market since the
has
90
3,906
2,382
188
.•
Textile products...
Fuels---*.,!*—
-.143.5
Commodity prices last week fell into the lowest ground
since the latter part of 1934, with the "Annalist" index clos¬
ing at 78.5 on March 25, a decline of 0.3 of a point, as com¬
pared with the previous week and the lowest since the week
nouncement
8,318
120
7,984
2,433
7,851
4,885
'
-
Mar. 25,
1939
Farm
Index of Wholesale Commodity Prices in
Week Ended March 25 Declined to Lowest Level
Since Dec,
17, 1934-~-Aver age for March Below
Dec.
16,060
:
-
"Annalist"
ended
126
6,476
THE "ANNALIST" WEEKLY AND MONTHLY INDEXES
COMMODITY PRICES.
(1926=100)
♦Preliminary,
Month Ago
12,194
80
6,545
2,239
0,590
3,727
•
" x Discontinued Jan. 24., 19?9.
\\
•
ago,
Month pgo,
271
2,358
12,p05
Wichita Falls A Southern.—-.
377
follows;
*.—.142.4 Two weeks
262
2,596
8,695
!
* Previous figures,
'
160
163
—
Moody's Commodity Index declined from 142.4 a week ago
to»140.6 this Friday,
The only individual changes materiallyiaffecting the Index were the declines in hide and hog
..
'778
4,648
Texas A Pacific.—
Moody's Commodity Index Declines
prices.
436
777
246
.
626
202
158
Note—Previous year's figures revised.
599
1,105
10,155
5,136
395
.
452
«
,133
Texas A New Orleans--——.
293
1,078
4,018
Louis-San Francisco
St. Louis Southwestern.*.—.
St.
996
1,689
155
Quanah Acme A Pacific--—.-
82
,
1,544
18,291
15,254
,116
137
_..
350
714
1,040
815
319
42
<
915
1,504
1,177
202
2,067
1,619;
3,738
.
1,485
33
1,585
19,468
18,878
—
_
Missouri A Arkansas.
181
2,178
24
816
■
City Southern-.*—
Missouri-Kansas-Texas LinesMissouri Pacific——.——
170
1,306
Florida East Coast..i!.—...
GalnsvlUe Midland-—-—.—
Mtsslnnlnpt Central...
'•
moderate
soft
spot last week,
pounds from $18.75,
lost fractionally,
under
the
proposed
but sillc had another spell of
with
our
average
dropping to $17.75
Most pork products; were also easy.
but cotton improved on prospects ior larger
subsidy plan".
Rubber rose with securities,'
profit-taking.
A
farm products, and smaller
building materials, and chemicals
sharp drop in average market prices for
declines for hides and leather products,
and drugs, largely accounted
for the decrease.
Little change
was reported
of the other major groups of commodities.
The general level of,
commodity prices is 0.3% below a month ago and 3.3% lower than a year
ago.
Raw material prices declined 0,4%, largely because of price decreases
of agricultural commodities.
The group index is 0.8% below four weeks
ago and 2.9% lower than last year. After remaining steady for three weeks,
in prices
the index for semi-manufactured commodities advanced
0.3% to
an
index
Volume
of
Wholesale prices of finished products
74.7%.
month ago
72.8%.
steady and industrial commodity
index
27, continued:
foodstuff group; in
point
unchanged,
at the year's low point, with a decline in cotton offset by higher prices
for livestock.
Another fractional increase took place in the average of
all commodities other than farm products and foods, making the fifth
the preceding week the
modities other than
reached
and foods" is 2.5% lower.
quoting
of Labor, in its announcement
Commissioner Lubin as above, also stated:
The Department
since
consecutive
market prices for livestock and
poultry,
contributed to the 0.6% decline in the index
for farm
Further reductions in wholesale
cotton, eggB, and wool,
products.
and wool.
Quotations were higher for oats,
declines were corn, rye, calves,
peanuts, cotton, eggs, flaxseed,
wheat, steers, sheep, live poultry,
the prices
of higher
and
prices.,
1
..
.
-
r,
.
'
'
.
*
(1926-1928=100)
Latest
Preced'g
Year
Month
Week
Ago
Feb.25,
Mar. 25, Mar. 18,
26,
!
1939
1938
69.0
69.6
69.7
73.8
50.4
51.6
62.9
65.4
65.9
63.3
77.8
63.5
63.5
64.5
67.6
Cotton
47.7
48.3
47.6
48.3
Grains
52.3
52.3
53.5
67.8
Livestock
69.8
69.7
71.3
72.2
50.7
Cottonseed oil
Farm products
23.0
!
•
17.3
Fuels
76.1
76.1
75.9
80.8
10.8
Miscellaneous commodities..
77.8
77.6
76.9
77.2
Textiles
60.9
61.1
60.4
59.6
Metals..
90.5
90.4
90.4
96.6
8.2,.
•'7- 7.1
"
84.4
83.8
81.7
6.1
Chemicals and drugs..
91.9
92.2
92.4
95.0
0.3
Fertilizer materials
71.4
71.4
71.3
72.1
0.3
Fertilizers
77.6
77.6
77.7
77.8
0.3
for
Building materials
84.6
1.3
products, and the miscellaneous com¬
modities groups. Cotton textiles showed slightly lower prices and silk and
rayon tended upward. Quotations for crude rubber were down and those for
*
Ago
Mar.
1939
1939
Foods...Fats and oils....
products, metals and metal
Farm machinery
94.8
94.8
94.9
98.0
72.8
72.6
72.8
75.8
...
All groups combined
100.0
,
„
and pulp rose fractionally.
cattle feed and paper
The following table
of com¬
for March 26, 1938. March 27, 1937,
shows index numbers for the main groups
five weeks and
modities for the past
Electric Output
Above
(1926=100)
"
Edison Electric
The
Mar. Mar. Mar. Mar.
25,
Commodity Groups
1(
^
1939
4,
25,
26,
27,
28,
30,
1939
1939
1938
1937
1936
1935
11,
18,
1939
1939
78.9
76.6
76.7
77.0
76.7
76.8
79.2
87.8
79.3
66.7
All commodities.
a
Year Ago
.Institute, in its current weekly re¬
port, estimated that production of electricity by the elec¬
tric light and power industry of the United States for the
week ended March 25, 1939, was 2,198,681,000 kwh.
The
Jar. Mar. Mar. Mar.
Feb.
1939, 11.3%
for Week Ended March 25,
and March 30, 1935.
.•
\
Group
25.3
,
of lower prices for cotton blankets.
price fluctuations resulted in no changes in the index numbers
•'
•
Total Index
goods group mainly because
•\j ,'*
■
Bears to the
for denatured and grain alcohol, copra, and
coconut oil, were responsible for a minor decrease. Reductions in anthracite
and bituminous coal prices caused a drop in the index for fuel and lighting
materials.
A fractional decline was also recorded for the housefurnishing
March 28,1936,
average,
Week
•
Per Cent
drugs group weakening prices
textile
price
Each Group
Ilk The index for hides and leather products declined slightly because of
lower prices for hides and goatskins and sole leather.
In the chemicals and
Minor
drug
-
'
■
'
and
,
,
"
.
material items accounted for
the 0.3% drop in the index for the building materials group.
Yellow pine
timbers and butyl acetate declined in price and linseed oil, turpentine, and
yellow pine flooring recorded minor advances.
No changes were reported
in prices of brick and tile, cement, plumbing and heating, and structural
'
The only other group index to decline during
Compiled by the National Fertilizer Association.
for certain lumber and paint
steel.
In
WEEKLY WHOLESALE COMMODITY PRICE INDEX
canned spinach, cured and fresh pork,
fish, lard, peanut butter, edible tallow, and peanut and coconut
Lower prices
metals,
chemical
declines.
22
wheat flour, corn meal,
oils.
The group indexes
has moved upward.
average
of
reflecting a decline
'
•
;
Twenty-three price series included in the index advanced during the
week and
24 declined;
in the preceding week there were 24 advances
and 24 declines;
in the second preceding week there were 25 advances
and fruits and vegetables. Food items for which
advancing prices were reported were butter, fresh mutton and veal, canned
salmon, raw and granulated sugar, and cottonseed oil.
Prices were lower
coffee, cured
product price average remained
fractionally.
the
was
in alcohol
prices for dairy products
for rye and
this
prices
of woolen goods.
week
the
below last year.
increased 0.1%, principally as a result
rose
cotton
and sweet potatoes. The current farm
products index, 66.7, is 1.5% below the level of a month ago and 4.2%
prices of foods
of food prices had been at the lowest
farm
building materials and miscellaneous
the textile group lower prices for
goods, wool, burlap and silk more than offset slight increases in
the
commodities
apples (Chicago), lemons, and white
Wholesale
that
week
index"
The
1934.
representing
Important items registering price
hogs, apples (New York), oranges,
cows,
announcement,
sharpest rise during the week occurred in the
The
Compared with a year ago, the index for "all com¬
farm products" is down 3.2% and that for "all com¬
prices declined 0-1%.
modities other than farm products
b.etween 72.6% and
under date of
fluctuated
has
Association's
The
March
and 3.8% below a year ago.
Non-agricultural commodity prices were
the
weeks
nine
remained unchanged at
under a
The level for the group is fractionally
80.3% of the 1926 average.
1871
Chronicle
Financial
148
67.1
68.0
67.2
67.7
69.6
94.7
76.8
77.5
71.4
73.1
87.5
79.7
81.8
current week's output is
11.3% above the output of the cor¬
92.3
92.6
92.5
92.3
92,4
93.7 105.7
95.3
85.7
66.1
66.1
66.0
65.9
65.6
67.7
78.1
70.4
68.8
responding week of 1938, when production totaled 1,975,239,000 kwh.
The output for the week ended March 18,
1939, was estimated to be 2,225,486,000 kwh., an; increase
73.6
73.7
73.6
73.3
73.4
78.1
76.9
76.7
74.2
of
Metals and metal products.. _
94.4
94.4
94.5
94.5
94.5
96.0
96.0
85.7
85.0
Building materials-
89.9
90.2
90.2
89.6
90.0
90.7
96.2
85.2
84.9
76.0
76.2
76.3
76.2
76.0
78.1
87.0
79.1
80.4
89.6
90.3
82.7
81.9
68.8
Farm products
70.8
Foods
/Hides & leather products...
Textile products.
—
materials
Fuel & lighting
Chemicals and drugs_•
...
.
.
commodities
other
73.0
74.1
79.3
68.2
70.6
70.7
70.9
72.4
90.0
77.2
74.6
74.5
74.5
74.4
75.0
90.5
74.5
X
80.3
80.5
80.4
80.4
83.5
86-8
81,2
78.8
79.0
78.9
78.8
81.4
86.2
79.8
10.3%
the like week a year ago.
over
PERCENTAGE INCREASE FROM
PREVIOUS YEAR
Week Ended
Week Ended
Week Ended
1939 Mar. 18, 1939 Mar. 11, 1939
X
Week Ended
Major Geographic
*
Mar. 25,
Regions
X
.
80.7
80.6
80.6
80.4
80.4
10.9
7.0
85.8
78.8
77.3
8.3
9.2
12.8
3.2
v
8.0
12.9
1
West Central.*
»■
13.8
'
5.4
7.3
10.5
8.7
8.1
8.7
9.3
10.2
12.9
9.4
9.9
9.3
11.3
10.3
»11.1
10.2
Rocky Mountain
Pacific Coast...
'.
12.0
*
4.0
<
62
Southern States
82.7
1939
,
'
Middle Atlantic.
79.2
Mar. 4,
12.2
13.1
12.3
14.7
New England..
Central Industrial
than
and foods
farm products
86.6
73.2
71.2
than
farm products.
All
86.6
73.4
78.8
other
commodities
86.6
73.9
.80.3
Finished products
"
86.6
74.7
.
Semi-manufactured articles
86.5
70.3
......
Miscellaneous
All
71.5
73.9
Housefurnishing goods
Raw materials
71.4
70.7
,
Not computed.
x
Total United States.
Bank Reports Gain of 3.8% in Chain
February as Compared with Last
New York Reserve
Sales
Store
RECENT
FOR
DATA
.
(THOUSANDS
WEEKS
*
Percent
Year
"Total February
sales of the reporting chain store systems
higher than
last year, the same year-to-year percentage increase as was
indicated for January," states the Federal Reserve Bank of
New York in its "Monthly Review" of April 1.
The Bank
.
«
add ten-cent and variety chain stores continued to registier
last year, while the shoe and candy chains
recorded somewhat smaller declines
in sales from a year ago
1938
4.....*
Feb.
Feb.
18
Feb.
2,082,447
2,052.302
2,059,165
2,287,248
2,268,387
11
Feb.
25
Mar. 11—
2,248.767
2,225,690
2,244,014
2,237,935
Mar. 18
2,225,486
Mar. 25..**.
2,198,681
than in the
—
4.
Apr.
8
2,031,412
2,035,673
2,014,729
2,017,653
1,975,239
1,978,753
1
Apr.
previous month.
4
■
1932
1929
from
Mar.
moderate increases in sales over
■
\
1937,
1939
' 1938
„
(New York) District were 3.8%
also had the following to say:
The grocery
1939
Week Ended
ft.
Change
-•
in the Second
KILOWATT-HOURS)
OF
in
by the grocery and candy chains in the number of
decrease between February, 1938 and
4H% in the total number of chain stores in opera¬
sales per store of all chains combined in February were
/
2,201,057
2,199,860
2,211,818
2,207,285
2,199,976
2,212,897
2,211,052
2,200,143
2.146,959
+ 9.8
+ 10.5
+ 9.2
+ 9.6
+ 10.2
+ 11.1
+ 10.3
+ 11.3
2,176,368
1,990,447
...
1,688,863
1,578,817
1,545,459
1,512,158
1,519,679
1,538,452
1,537,747
1,614,553
1,480,208
1,465,076
1,728,203
1,726,161
1,718.304
1,699,250
1,706,719
1,702,570
1,687,229
1.683,262
1,679,589
1,663,291
Owing to reductions
operated, there was a net
units
February. 1939 of about
Average
tion.
5% in Department Stoie Sales in February
Compared with February, 1938, Reported by
New York Reserve Bank
Decrease of
as
February, 1938, in contrast with an increase of less
4% in total sales, owing chiefly to substantially larger sales in grocery
8Yi% higher than in
than
•
stores.
•
.
February total sales of the reporting
the month of
For
department stores in the
Percentage
Change
February,
1939,
Compared with February, 1938
Type of Chain
Number
of
Total
Sales Per
Second (New York) District were
5% lower than last year, a smaller decline than in
January.
In noting this in its "Monthly Review" of April 1,
the New York Federal Reserve Bank also had the following
about
Sales
Store
—11.1
+ 3.2
+ 16.1
+ 0.6
+ 4.3
+ 3.7
+0.8
—4.1
—4.9
year
—9.1
—2.8
apparel stores in this district were
Stores
to say:
Grocery
Ten-cent and variety..
Shoe
..
—6.5
Candy
In most localities
—4.3
+ 3.8
+ 8.5
Stocks of merchandise on
stocks
Wholesale Commodity Prices
Week
Ended
Fertilizer
Advanced Slightly During
According to National
25,
March
Association
slight increase in the
general level of wholesale com¬
recorded during the week ended March 25
by the index of the National Fertilizer Association, which
advanced to 72.8% from 72.6% in the previous week.
A
ago
75.8%,
(based on the 1926-28 average of 100%)
and two years ago at 88.6%.
During
1937.
ago
in
hand in the department stores, at retail
valua¬
be lower than in the
the apparel stores/
modity prices was
at
Total sales of the leading
5H % lower than last year, also a smaller
preceding year, while apparel store
recorded the first increase over a year previous since November,
Collections of accounts outstanding continued slower than a year
the department stores, but were practically the same as last year in
tion, continued to
year
showed more favorable year-to-
the previous month.
reduction than in January.
All types
A
department store sales
comparisons than in
it stood
the past
this district during the
higher than in the correspond¬
ing 1938 period, the most favorable year-to-year comparison in a number
of months.
While the improvement in year-to-year comparisons was con¬
tributed to by the declining tendency in sales last year, and by the some¬
what earlier date of Easter this year than, last, the rate of sales appears to
have increased more than seasonally between February and March.
Total sales of the
four weeks ended
reporting department stores in
March 25 were nearly 3%
Chronicle
Financial
1872
Outstanding Jan.
immediately
31
Collected in February
with
Locality
Stock on
Sales
of Month
—5.9
_
Hand End
—9.0
arrival in this country, plus withdrawals for consump¬
amounted to $152,528,000 in February compared
upon
warehouse)
$169,323,000
1938
1939
46.5
46.0
in
328,000
—6.1
42.5
Imports
42.0
—2.3
—11.5
55.5
—2.7
—3.4
Northern New Jersey..
—4.0
—5.0
40.9
in February.
The value was $223,$156,427,000 in January, 1939, and $8,211,000
imports totaled $9,927,000
Silver
1938.
in February, $10,-
38.4
35.8
30.6
Febru¬
in
continued large
gold
of
February,
54.0
Syracuse
$155,923,000
with
.
296,000 as compared with
—3.8
and
1939,
January,
in
1938.
ary,
Net
New York and Brooklyn..
from
tion
(goods which entered merchandising channels
consumption
Imports for
Per Cent of Accounts
Percentage Change,
February 1939 Compared
with February, 1938
April 1, 1939
Buffalo
Rochester...
......
...
+0.2
+8.5
...
4.2
—0.1
30.0
Northern New York State..t.
—16.8
Bridgeport
...
Elsewhere
Southern New York State.
—4.8
Central New York State
—6.2
Westchester and Stamford
—4.6
'
«r —
-
-
~
mm
m
;
<v
'
'
,
mi ml
'
m
mm
''
economic
total
Apparel stores..
—5.5
.....
+ 1.3
39.4
!
43.1
39.2
a
year
in
January—the
in
this
for
low
$12,000,000 less than the aggregate
Passenger automobiles, motor
machinery, and metal-working machinery,
of
1938.
February,
in
well-drilling
aircraft,
This
February.
in
approximately
shipments
number
a
$118,128,000
years—to
two
over
,however,
of
trucks,
and
exports of finished manufactures moved
other
abroad in
Substantial increases in value
made in shipments pf passenger automobiles
larger value in February than in January.
February sales and stocks in the principal departments are compared with
those of
class
was,
■
value
44.2
—7.7
$107,365,000
from
m'
—
—J>.1
All department stores
advanced
value
Their
Jm
j.
+0.2
Niagara Falls
.
finished manufactured articles over January was pri¬
marily responsible for the enlarged value of total exports in February.
—1.7
Hudson River Valley District.
by Classes and Commodities
Exports
The, increase in
mm"
m
and $15,488,000 in February, 1938.
Gold
negligible, and silver exports were $2,054,000.
1939,
exports in February were
37.3
36.5
37.5
January,
in
the previous month were
over
previous in the following table:
to
Belgium, Sweden and the Philippine Islands; of motor trucks ahd buses,
Stock on Hand
to
Japan, Burma, Canada, Venezuela, Union of South Africa and Hongkong;
Percentage Change
of
airplanes to France, Peru, United Kingdom and Japan; of well-drilling
Net Sales
Percentage Change
364591—CRBMDAPochsvitlmandep.
February, 1938
+3.1
—3.0
-+♦.*-« ~
—2.9
...
—3.7
Llnens and handkerchiefs.....
furnishings..
'
"
r'*
furnishings.......
"
+8.0
—12.2-
—6.4
with
V:''
•
and
—8.9
•
*;
and
+0.6
.
10% Higher Than Last Year
accounts,
22
March
ended
week
for the
reported by banks in
as
aggregated
maintained since
reported
on
SUMMARY BY FEDERAL
NO.
of
17
$444,843,000
3,773,098,000
18
438,872,000
25
486,276,000
'
24
293,850,000
26
250,013,000
1,151,884,000
244.779,000
.....
8—St. Louis
16
•
17
219,501,000
137,856,000
250,551,000
148,887,000
252,309,000
10—Kansas City.........
28
18
218,136,000
29
655,062,000
the
L..1
274
Washington
$8,358,009,000
March 25
on
trade
The
was
was
months
of
After
to
about
month
of
The
value
of
of
was
$8,747,023,000
of
with
plus
pared
with
the
includ¬
imports,
of
to
and
cocoa
silk,
raw
as
the
imports
principal imports
These in¬
February.
The
sugar.
by
decline
in
smaller entries than
unmanufactured
wool,
wood
pulp,
newsprint.
decreased 8%
g, group,
were
,
1938.
9%
down
5% above the value in February,
from
1938.
•
value
in
in
witli January,
January; they
^
..
.
com¬
1939.
Including
Reexports,
General
BY
were
'
r
MONTHS
Imports,
and
Balance
issued
the
lower
in
2 Mos. Ended Feb.
February
Exports and Imports
its
statement
the
the
with
in
in
States
January
both
comparisons
February
decline.
volume
February
by
1937
exports
less
over
than
Month of
imports
exceeded
the country)
$178;£01,000
February, 1938.
in
amounted
and
from
January,
1,000
1,000
Dollars
Dollars
162,951
158,035
333.639
431,468
336,236
60,524
217,367
95,232
As
value
the
in
than
1,000
Dollars
Reexports—
January......
March
a
other
a
contra recent
year
corresponding
ago.
month
3% lower in value.
were
relatively large
balance of
the
to
1,000
Dollars
218,559
1934
Period
Exports, Including
;
....
April
551,006
1,000
Dollars
—119,538
+ 2,597
value
last
of
year.
1939,
and
with
1938
1939
1,000
1,000
1.000
Dollars
Dollars
Dollars
Dollars
Dollars
176,223
163,007
185,026
198,564
182,024
195,113
268,945
289,922
265,341
268,184
289,071
261,935
275,308
274,472
257,273
232.730
227,527
222,665
233,125
256,566
192,795
165,459
170,244
173,230
172,126
198,803
221,296
269,838
223,469
200,772
229,800
323,403
334,972
339,230
380,587
455,789
135,706
166,832
187,482
240,444
170,689
132 753
152 491
192 774
2 mos. ended Feb..
ended Dec..
198,701
277,709
307,474
202,779
286,837
191,697
191,077
284,735
195,056
265,214
193,073
215,701
212,692
196,400
245,161
245,668
233,142
218,559
162 951
177.356
170,500
191,313
206,413
194,712
September
,
212,909
185,693
180,390
178,975
277,031
230,786
220,539
296,579
264,949
226,364
332,710
314,697
246,337
277,667
252,272
268,844
551,006
2.132,800 2,282,874 2,455,978 3.349,167 3,094,223
431,468
General Imports—
in February,
Whereas the
merchandise
$158,035,000 in
1937
1,000
164,151
171,984
October...
mos.
162,752
190,938
179,427
160,197
170,519
161,672
1936
1,000
170,654
...
June
12
172,220
'
1935
•
158.105
May....
July..
August
December
the unusual
exports
(+)
1938
98,984
.....
February
showed
a fairly steady rate since last summer
January 4% above the total in the corresponding
imports of merchandise decreased during February.
Com¬
were
Increase
Deerease{—)
1939
261,935
....
NovemDer
1938, imports
Trade
Excess of Imports.
on
February,
United
of
Department of Commerce
general imports (goods entered for storage in bonded ware¬
goods which entered merchandising chapnels
immediately
in
tin,
burlaps and
imports,
number
January
a
from
caused, principally,
was
rubber,
non-agricultural
Imports—
The value of
arrival
agricultural
value
diamonds,
trade
coffee,
Excess of exports
The report is as follows:
the
following
was
merchandise
upon
preceding month and
foodstutffs
$7,618,792,000
imports
by $34,708,000 in January, the export balance in February was
$60,524,000.
The corresponding figure for
February, 1938, was $98,984,000.
Exports, including re-exports, amounted to $218,559,000 compared with
$212,909,000 in January, 1939, and with $261,935,000 in February, 1938.
houses,
commodities,
in
furs,
total
cattle,
Exports,
205,150,000
634,999,000
figure in
excess
the
133.591,000
*
pared with February,
although it
was
crude
were
243,952,000
less than in January, the trade for the two months
ending
22% smaller in value than the aggregate for the first two
1938,
both
MERCHANDISE TRADE
211,149,000
,
1938.
a
various
221,179,000
1,022,963,000
having moved upward at
reach
in
parison with February, 1938, and 11% in comparison
The
States for February and
United
Though the relative decrease
February
These three
1938.
Manufactured
1938.
1,000
months back to 1934.
last year
imports declined
Dollars
ended
trade
of
Exports
foreign trade of the
increase
earlier.
year
crude
and
1938
The Bureau of Statistics of the
the
the
January of crude
copper,
Country's Foreign Trade in February—Imports and
Exports
months
one-
a
by Classes and Commodities
smaller than
of
considerably
undressed
value
449,459,000
259,065,000
626,566.000
eeasonal
70%
with
lower in value than in the corresponding month of
were
371,734,000
190,722,000
12—San Francisco....
export
year
(which decreased less than
'
.
The
com¬
a
were
$418,997,000
1,105,018,000
one-third lower in value than
$28,827,000,
Among
3,446,554,000
236,516,000
41
1
•
ing beverages, valued at $18,635,000, increased "as compared with January,
"
,
7
,
of " agricultural
$48,073,000,
but
Mar. 23, 1938
4,368,866,000
430.342,000
462,390,000,
273,818,000
compared
as
semi-manufactures,
increased
$444,877,000
15
2—New York
months
1939
corresponding month
•
Mar. 15, 1939
'
y
exports
and
increased
foodstuffs, valued, respectively,
$34,047,000 and $22,947,000, while finished manufactures,
in
Mar. 22, 1939
in
at
Centers
Incl.
exported
1938,
flour
at
DISTRICTS
Week Ended—
■
Exports of
February,
Wheat
February from the value attained in January, for three of them it
cluded
Federal Reserve District
two
of
materials,
March 27, 1939, by the
Reserve System:
RESERVE
'
.
classes,
economic
this year have been
in
$15,151,000.-
larger than in the corresponding month of
separate
January, 1919, amounted
Governors of the Federal
February, 1939.
$13,365,000
to
principal manufactured foods
Imports
■
These figures are as
1939,
Although the value of four of the economic classes of
in
a
the
from
increased
January,
broader
far
so
months
,
last year,
at
were
to $11,402,000 in
1939,
in
4% below the total reported for the pre¬
year.
Total....
in
comprised approximately 75% of the total exports in the first two
sixth)
$7,690,000,000, compared with $8,123,000,000 the preced¬
ing week and $7,017,000,000 the week ended March 23 of
.
value
lower
a
,
from
Exports of non-agricultural products
ago.
or
7—Chicago., b
"
February.
modities
to
of
fruit
canned
Considering
Aggregate debits for the 141 cities for which
Board
$14,608,000
value in
individual
been
showed
decrease in exports of grain, the crude food
$26,076,000 in February, 1938, and $16,*
a
in value
foodstuffs
manufactured
—7.8
ceding week and 10% above the total for the corresponding
has
materials
crude
1938.
February,
443,000 in January,
—14.3
—3.8
Bank Debits
total
other
the
of
in
dropped
exports
•:
—9.7'
.
—33.2
Miscellaneous
last
While
crude
because of
Principally
—11.9
—16.2,'
—18.7
Silks and velvets
Women's and misses' ready-to-wear
of
number
a
February than
—12.3
•;
—7.1
—10.3
•-
Toys and sporting goods
week
and were nearly $12,000,000 under the value
Januray,
1938.
various
•
—8.4
■
—6.7
,
Men's and boys' wear
cities
—0.3
de¬
as
leaf tobacco exports, particularly to China—
materials—increased in February as comparedJanuary, tobacco exports as well as exports of cotton, crude petroleum,
the
among
—6.9''
in February,
'
Cotton goods
$8,358,000,000,
February,
—7.4
—5.8
Woolen goods.
compared with
in
—5.6
Women's ready-to-wear accessories....
material
as
—115
.
—3.8
'■
Musical Instruments and radio........
leading
„
crude
+3.7
—9.4
.
—4.4
<
Luggage and other leather goods.
to
,
—3.8
■i
—...
Toilet articles and drugs.............
Debits
•
—2.3
Furniture
metal-working
and 'of
valued at $34,868,000
compared with January, but were approximately
in the corresponding month of 1938.
Similarly,
exports, at $36,485,000, in February showed little change
only slightly
$7,000,000 less than
—12.2
—1.4
J...
Hosiery
creased
Sweden;
Union, and Japan.
semi-manufactures,
pf
and
Argentina
Venezuela,
to
machinery to the Soviet
—8.5
0
-
♦..Mi-
—
Books and stationery..
f
machinery
Exports
Shoes...—
Men's
1939,
Compared with
Feb. 28, 1938
Compared with
Silverware and Jewelry..
Home
Feb. 28,
February, 1939,
Classification
February. com¬
$162,951,000 in
January
,
February
,
March
April
146.523
May
154,647
136.109
127,229
119,513
131,658
129,635
150,919
132,258
June
July
August
September
October
November..
December
2 mos. ended Feb..
12
mos.
ended Dec..
170.533
156,754
176,631
169,030
161,647
189.357
169,385
186,968
286,224
224,299
223,090
208,833
173,372
159,827
148,248
145,869
140,809
178,201
158.0315^
165,516
167,592
178,024
176,166
171,315
268,459
319,324
380;256
518,153
333,639
1,655,055 2,047,485 2,422,592 3,083,668 1,960,476
336,236
Volume
Financial
148
February
Imports for Consumption
States Merchandise and
Exports of United
was
Increase
2 Mos. Ended Feb.
February
1939
1938
1939
1938
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
259,160
Exports (U. 8. mdse.)..
Imports for consumption
216,035
152,528
155,923
b
319,235
Value
Total
Years
The
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
173,560
160,312
;—
April
June..
;
October
November
Decern oer
ended Feb..
12
mos.
ended Dec..
229,671
192,405
189,574
197,020
267,258
181,386
177,006
175,825
217,925
262,173
223,920
252,443
264,627
285,081
256,481
264,613
259,160
270,429
271,509
253,710
220,931
333,873
167,865
169,683
169,851
188,860
203,536
192,156
168,442
August
179.381
Exports and Imports of Merchandise
and 1937
Department of Commerce on Feb. 7,
VALUE
OF
INCLUDING
IMPORTS
GENERAL
375,070
448,734
INTO,
REEXPORTS FROM, AND VALUE
THE UNITED STATES BY GRAND
COUNTRIES
(Corrected to Jan. 31, 1939)
' '
(000 Omitted)
Value In Thousands of Dollars
224,858
311,212
319,431
the tables complete:
The following are
EXPORTS
DIVISIONS AND
228,308
243,596
274,058
249,735
266,259
544,932
293,374
329,373
1939, issued
the merchandise imports and exports by
229,558
273,561
Countries for
and Principal
Divisions
1938
and 1937.
OF
226,666
196,040
218,184
329,194
210,259
216,035
285.772
167,278
159,128
_____
219,063
160,511
159,791
157,161
167,902
July
195,689
181,667
169,577
159,617
187,418
176.490
January
mos.
ago
grand divisions and principal countries for the years 1938
1,000
Dollars
February
2
February a year
over
its report showing
1,000
Merchandise—
September
gain
1939
1938
1937
1936
Dollars
Exports—U. S.
May
The
1930.
since
of
by Grand
—118,639
+2,616
426,293
321,851
544,932
1935
1934
Month or Period
March
performance
18%.
{+)
Decrease(—)
Exports and Imports
i!
1873
Chronicle
EXPORTS
IMPORTS
12 Mos. End. Dec.
12 Mos. End. Dec.
Grand Division and Country
2,100,135 2,243,081 2,418.969 3.298,929 3,056,952
1938
1937
1938
1937
426,293
$
$
3,349,167 3,094,095 3,083,668 1,960,528
Grand total
Imports for
North America.
168,482
186,377
228,680
125,047
153,396
152,246
155,923
175,485
194,296
260,047
295,705
141,247
147,467
166,070
199,776
280,899
189,008
155,313
194,311
173,096
197,458
278,118
278,300
262.919
147,123
135,067
124,010
117,262
149,893
<_
March
______
April
May
;
— —
June
July
August..
i
September
October
690,476
490,427
519,058
475,472
407,431
267,605
509,316
467,662
398,309
260,274
185
13i
155,118
166,756
128,976
February.
739,987
169,323
152,528
163,312
189,590
840,126
Northern.
Consumption—
January.:
December
Canada*.,
147,779
147.767
180,381
168,683
189,806
200,783
248,730
218,425
233,959
213,419
226,470
178.447
200,304
212,382
3
Greenland..
Mlquelon and St. Pierre Islands*-.
Newfoundland and Labrador.
171,023
172,909
162,828
137,975
149,470
126,193
;
November
173,196
165,366
203,644
240,230
179,760
Guatemala*.
Honduras*
Nicaragua*
Panama (Including Canal Zone).
Increase
2 Mos. Ended Feb.
February
{+)
:
1939
1938
1939
1938
1,000
1,000
1,000
Dollars
Dollars
Dollars
96
8,211
223,296
5,241
15,365
379,723
8,036
Imports—
223,281
10,124
—5,145
+364,358
956
5,750
379,627
"
318,354
87,677
39,200
6,469
34,197
Netherlands West Indies*
2,054
15,255
—
.
44,196
43,608
16,532
French West Indies*
—23.940
Haiti*,——.—
South America
North Coast
Silver
Gold
——
1937
1938
1939
1936
1937
1938
1939
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
_
_
Surinam (Netherlands)
French*
Venezuela
233
176,764
154,437
274,484
144,744
1,546
191
Argentina.—
1,668
1,841
1,144
250
Brazil*
94,183
86,772
68,631
61,955
138,940
120,638
40,707
97,937
4
8
743
644
4
212
81
131
206
65
138
169
17
143
-
197
December
'99
15,052
16
42
129
11
.
1,671
2,051
East Coast...
———,+?
v—
Falkland Islands..
Paraguay
193
Uruguay
278
•
317
254
214
203
\
November.
401
285
J
823
,J
1.259
West Coast
23,975
12
46,020
'
5,889
3,094
3,922
588
12,042
.......
—
....
'
28,708
9,927
2,821
Austria _b
3,165
15,757
17,952
23,981
6,025
Czechoslovakia
Denmark
France*.:
16,074 175,624
63,880
6,574
4.476
16,637
4,964
3,085
_a—
8,363
171,866 145,623 520,907
90,709 562,382
November.
75,962
52,194 177,782
26,931
4,451
December
57,070
33,033 240,542
2,267
218,929
October-
76,019
15,365 379,723
52.983 241,663
2 mos. end. Feb
182,816
12 mos. end. Dec 1144117 1631523 1979458
8,427
5,701
10,633
23,151
16,926
17,211
164,528
107,588
693
2,408
174
131
12,152
93,524
26,947
96,753
Norway
22,210
22,567
64,231
24,098
Hungary
24,987
Iceland
21,533
;_
Germany.
25,072
Ireland...
44,196
20,256
„
!
——
:r
of business
the history
during the month of February
"Business
fornia)
the institution's
"record
results in other sections of the
department
of
sales
and
apparel
during February as
February
was
issued by 50 representative Far Western
$15,090,523,
which
the
review notes
is the be^t
11,991
17,578
1,244
18,074
1,462
767
558
699
1,172
922
24,696
19,568
13,417
42,892
69,691
30,768
24,064
98,608
82,095
71,546
54,743
321
222
720
Republics.
459
355
433
2
2
76,830
58,266
48,170
Portugal
15,091
10,947
8,848
6,012
Albania
12,226
13,806
18,604
32,137
23,877
147
Southeastern.
41,202
3,923
9,157
16,989
1
Spain
275
137
150
2,214
14,873
490
Greece
760
1,862
5,948
Bulgaria
8,052
17,234
Rumania
Yugoslavia
809
761
1,678
330
6,938
2,657
Malta, Gozo, and Cyprus Islands...
*
Dollar value of building permits
58,278
937
Italy
The most important retail sales increases,
Exposition.
70,790
1,572
511
Gibraltar
the review notes,
were
in
Central California, where 12 stores showed an average gain of
13%.
In the Bay region 34 stores reported a sales increase of 10%, this
latter indicating the beneficial effects of the Golden Gate International
earlier.
110,112
...
Azores and Madeira Islands.
country."
showed an advance of 4% in
compared with the same month a
84,953
Union of Soviet Socialist
further stated:
stores
958
58,655
26,897
202,691
25,987
26,297
-
Southwestern.
reveals
particularly outstanding when
business
1,030
1,864
53,287
Poland and Danzig
Lithuania
in the Far West
that month, prepared by
The bank's announcement in the matter
Western
Latvia
Analysis and Research Department,
of retail
with
compared
Finland*
the Bank of America's (Cali¬
Review" for
'
1,744
Estonia
Bank of America (Calif.)
92,468
5,512
12,265
'
February Reveals Record
75,609
10,585
521,124
536,490
Northeastern
reviewing
1,276
41,693
26,174
3,320
54,061
64,537
3,544
1,206
31,371
15,688
45,104
23,036
118,247
64,452
9,622
—,
United Kingdom....
Far Western Business During
430,219
5,757
75,081
37,183
6,835
1,244
_
...
Sweden*..
91.877 230,631
<
24,811
133,835
126,343
........
Switzerland*
Retail Sales, Says
668,856
76,936
26,493
Netherlands *
September.—
in
746
95,341
13,233
!
Belgium *.__
4,985
55,438
12,813
567,118
•
1,159,060 1,115,153
Northwestern and Central
'
'
16,525
843,329
14,440
67,524 105,013 165,990
Cities
28,234
2,584
10.328
15,488
5,589
4,989
71,236
52,987
2,846
14,080
58,48.3
17,536
8,115
August
year
865
46,668
4,012
_
—
—
4,490
7,155 156,427
8,211 223,296
52,947
July
value
1,363
5,052
19,001
Peru
19,186
18,326
the
68,568
5,395
24,003
3,311
16,893
1,359,610 1,325,964
.Imports—
169,9.57 155.366
277,851 262,103
50,202
5,863
23,997
7,082
Chile...,
3,724
Europe...
7,795 154,371
28,106 215.825
44,496
1,355
—
.....
J.
45,981 121,336
7,002 120,326
4,730
Bolivia..
«.
1.344
11,965
96
5,241
27,534
1
14
1,096
13,809
53,913
*
*
236
536
2
,
13,203
1.463
380
527
.
l
Ecuador
a
20,035
1,811
1,704
1,468
In
22,770
535
1,611
of
36
52,278
♦
2,337
14
June.
3,055
85
282
Dollars Dollars
'
16
May
816
3,035
119
689
—
15
20
145
232
April-.;
739
767
1,061
*__
,-j.
174
..
13
30,084
:
49,432
355
127
March.
52,345
2,112
117
February
73,375
40,884
1,025
Dollars
32
January
262,616
78,974
1,753
1,341
39
695
end. Dec
422,026
95,072
Dollars
5
mos.
299,711
81
77
2 mos. end. Feb
193
2,967
Dollars
October
12
233
2,896
5,067
51
September,——_
1,233
105,840
5,745
20,579
Dollars
2,315
AUgUSt
1,636
i'Tl
.
23,637
June..-
372
1,197
Dollars
Dollars
July
316
431
Colombia*
Guiana—British
Period
c
400
46,445
+ 3,136
3,724
20,256
7,874
15,488
Imports..
588
9,927
233
May
5,672
140,078
1,590
3,169
1,507
148,045
7,377
19,503
.
2,247
4,084
Cuba*.;
Silver—
Exports
April
5,692
2,478
569
8,563
185,152
7,442
3,486
76,329
5,696
42,785
2,009
3,642
Trinidad and Tobago.
Dominican Republic.-.-
March
9,529
~X 352
3,952
5,117
7,758
3,750
92,263
Jamaica
Other British West Indies
Excess of Imports—_
February
6,292
2,833
978
British—Bermuda
Barbados
15
338
9,611
,6.674
3,103
4,623
1,000
Dollars
Goldr—
"
2,344
4,102
4,434
6,863
4,134
West Indies and Bermuda
1,000
Exports—
1,764
160,995
3,628
Salvador*
Dollars
January.,______
33,737
1,057
5,449
10,165
14,238
3,527
152,047
Panama, Republic of
Panama Canal Zone..
Decrease(—)
Exports and Imports
1936
49,007
37,773
1,004
4,477
7,612
5,568
3,353
24,981
British Honduras
Balance
Exports, Imports and Net
or
222,822
60,120
321,851
Costa Rica*
Month
283,045
62,043
50,424
109,450
50,622
Mexico
SILVER BY MONTHS
GOLD AND
Excess of Imports—
17
264,515
321,068
Southern
375,968 '488,726
254,023
320,728
1,636,003 2,038,905 2,423,977 3,009,852 1,949,611
ended Dee..
mos.
•
6,582
7,677
171,647
319,235
2 mos. ended Feb..
733
23
8,374
9,557
Central America.
12
725
'
6,283
4,978
6,248
2,474
3,837
Countries with which reciprocal agreements are
ment
became
effective
April
16,
Germany beginning May 6, 1938.
1938.
2,472
in effect,
a Reciprocal agree¬
Austria Included with
b Statistics for
•
.
April 1, 1939
Chronicle
Financial
1874
three
EXPORTS
12 Mos. End. Dec.
weeks
trade
IMPORTS
12 Mos. End. Dec.
Grand Division and Country
showed
1937
$.
$
s
$
35,409
37,201
814
234
5,456
9,119
2,779
(Persia)
Iraq
..........
2,742
3,166
4,171
5,943
6,946
3,076
233
555
547
705
4,863
2,268
3,240
1,025
2,548
-
Raudl Arabia.
Syria
14,916
13,218
17.855
175,049
168,697
609,316
British India.......
Ceylon
'
French Indochina*;..'.....
Philippine Islands
....
Other Asia...
3,128
126,061
3.267
527
311
1,441
3,874
3,682
4,445
Slam..
■
68,711
7,137
94,263
..........
2,349
,
capacity,
Inarch steel production increased to about
automobile output was also in somewhat larger
and
'
Textile
•16,346
a
weeks' of
three
first
of
volume.
112,271
242,872
20,706
115,189
6,577
1,344
27,518
25,050
2,532
85,032
...
V
following
assemblies,
the
56%
224
86,472
1,724
...
'
about
at
There was some decline in auto¬
period of considerable increase.
Output
of lumber and plate glass continued to decrease in February, while cement
production* which, had been curtailed in January, increased considerably.
mobile
In
■"
2,323
8,854
~8~836
L..._
British Malaya—
Netherlands Indies*....
;
58*349
33*441
remained
production
ingot
and
volume
limited
in
54% of capacity throughout the month.
95,942
43,747
....
advance.
were
,
361,486
.....
Burma
steel
index
adjusted
seasonally
average.
seasonal
■
18,958
*■,
British India (including Burma)
i.
1923-25
3,243
-—
Turkey
Southern and Southeastern..*...
>
2,688
Board's
usually there is an increase, and
declined further to 98% of the
In the steel industry activity did not show the usual
Pig iron production increased, but new orders for
previous months, although
the two
in
as
the
Iran
'■' ■'
production was at about the same rate in February
Volume of industrial
L
Palestine—-
said:
further
Production
29,039
304
363
Aden
change."
little
Board
the
.
516,747
30,327
Western.
26,
569,499
967,261
579,971
Asia.
to
March
1938
1937
1938
industrial activity and
Commodity prices con¬
In its summary, issued
however,
increases.
seasonal
show
tinued
0Concluded)
March,
of
production
■'
,
about
at
was
the
'
y
■.
February
in
rate
same
in
as
At cotton and woolen mills activity increased somewhat, but at
mills there
was
a
marked decline.
Output of shoes and tobacco
January.
silk
V
In the meat-packing industry activity
a decrease in activity at sugar
products continued at high levels.
declined
further,
and
there
also
was
refineries.'
Eastern
374,596
312,640
320,744
178,974
49,703
;..
34,772
21,288
17,005
103,622
9,213
3,708
204,201
47,160
China......—..—
Hongkong..
...
20,266
—
Kwantung——
Japan
•
3,367
1,627
126,820
16,068
288,558
93,399
68,428
73,517
23,881
68,823
23,366
843
628
707
582
43,639
22,268
1,252
1,270
152,158
118,287
92,148
54,666
26,435
23,135
21,147
10,969
2,426
1,402
......r.
239,575
,98,948
...
.......
maintained in February, and Crude
in substantial volume.
Anthracite
output declined in February, and in March was reduced further as mine
owners
and workers agreed on a curtailment program.
Value of construction contracts awarded declined in February, according
"...
Australia
2,699
1,435
13,320
3,741
1,029
13,533
2,434
2,005
4,772
131
236
150
2,360
1,361
240
248
71,001
.....
....
—
....
•
New Zealand.......—......
British Oceania
.....
French Oceania*......—.j,-.-—
Africa——....
—
Mediterranean...
1
.
•
—
...............
16,203
i'
8,714
6,559
to
F.
awards
W.
Dodge
for
residential
Tunisia*
—
Spanish Africa—Canary Islands.....
■13,712
1,515
4,371
2,845
Other Spanish Africa.:..........
165
3,222
1,189
1,138
125,723
95,152
Egypt
^.
... .
.
Italian Alrlca.c.
Morocco
*
,
...;——
Other Africa.....-.*.
Employment
Factory employment and payrolls increased somewhat less than is usual
the middle
between
as
in
625
seasonal
sales
239
2,556
1,555
„
South—Union of South Africa.
Other British South Africa.....
West—Gold Coast
.1
Nigeria
Other British West Africa.
French Africa, North, East, South:
Madagascar*
3,759
4,764
14,402
1,697
2,786
2,176
2,977
6,725
4,077
,
458
494
13.302
406
508
984
V
freight.
y
3,823
8,52
813
1,070
166
1,286
899
552
prices
commodity
74
1,286
»
•
were
1,057
5,904
February,
to
generally maintained, with little
change during. February and the first three weeks of March.
As is usual
at
this
season,
prices6 of livestock and meats increased, while dairy
products declined.
Silk prices, advanced considerably in this period.
In
the early part of March current prices " of pig iron and of semi-finished
608
8,428
from
Prices
Commodity
Wholesale
1,821
1,108
5,010
department store
■/.
January
reflecting foi: the most part reduced shipments of grains, forest products,
and miscellaneous
15,983
4,551
21,562
February
in
sales at variety stores
March
part of
somewhat
declined
loadings
car
the early
'y;
5,527
70,065
5,138
88,723
1,487
5,591
4,012
/.
volume
the same
increased.,
In
amount.
-■
East—
!
y.
.
about
in
were
Changes in
seasoiial nature.
a
seasonally, while mail Order sales rose by slightly more
less than
the
Freight
53
of
January, although some increase is usual, and
increased
43,696,
sales
store
than
1,875
and the middle of February.
of January
lines were largely
Distribution
Department
8
363
Belgian Congo
British Africa:
decrease
work.
Contracts for privately-financed
further, while awards for private non-resi¬
increased
612
■
2,270
Ethiopia
further
principally to a
figures,' owing
Corp.
publicly-financed
building
non-manufacturing
Algeria*—
was
continued
building remained at the low level of other recent months.
dential
318
production
likewise
output
in
Oceania..
coal
Bituminous
petroleum
...
Other French Africa,* N. E. S
6,621
2,501
"
finished
and
steel
reaffirmed
were
for
second
the
of
quarter
this
year.
'
Liberia
a
—
Portuguese Africa—Mozambique
Other Portuguese Africa
*
Includes Tripolithe Red Sea, and Italian Somaliland.
Countries with which reciprocal agreements are in effect,
tania and Cirenaica (Libya), Eritrea on
c
.v:Bank Credit
Investments
banks
In
period
and
February Truck Loadihgs Hold Above 1938 Tonnage,'
V
;
A. T. A. Survey Discloses
,
The movement of
freight by truck continued to hold above
the volume of a year ago, according to loading reports com¬
piled and issued on March 26 by the American Trucking
Association.
Traffic in February, 1939, exceeded the ton¬
nage pf February, 1938, by 25.7%.
The February volume,
however, was 3.1% under January, 1939.
The Association
further reported:
\
increased
(lbond
issues
received from 212 motor carriers in 40 States
were
who transported an aggregate of
ported
797,031 tons.
total of 633,896 tons in
a
February,
February
stood at
figures represent
Thus, the
average.
A.
an
low
by the
Yields
carriers trans¬
"
T. A. truck loadings index figure for February
a year ago,
and 103.85
1939.v In computing the index figure, 1936 monthly average;
tonnage is taken to represent 100 %.
,
.
New
issues ,«? of
continued
rates
seasonal trends in large
a
unchanged.
,7
.
V
.
;
On
March
ported, showed
the
Over
volume of
was
which represented
decrease of 7.4%
month
year.
/"
>
'
Transporting of automobiles
a
decline of 17.7% under
February, 1938.
Reports listing tonnage for household goods, heavy machinery, tobacco
miscellaneous
commodities
also
were
received,
and
included
in
the
general total.
:
.*
■
'
Summary of Business Conditions in United States
by Board of Governors of Federal Reserve System
Industrial
—February
Activity
Continued
at
January Rate Without Showing Usual Rise
In
February industrial activity continued at the January
rate, without showing th£ usual rise, and retail trade in¬
creased less than seasonally, said the Board of Governors
States,
based
upon
System in its monthly summary of
financial conditions in the United
statistics
three weeks of March.
-
of
the
Federal
*
V,
,
Without
y
Seasonal Variation
Feb
'
'
*■
Seasonal Adjustment
(
3,
1939
Feb.,
1938
Jan...
Feb.,
1939
Feb.,
1939
''
Jan.,
1939
1938
99
79
f
Industrial
production—Tfctal
79
101
p98
p99
*
Manufactures—Total
p97
75
2>98
98
Z>83
88
54
p83
84
54
P109
110
94
pill
111
96
pl09
'110
103
pl04
105
98
p71
po5
86
51
P62
70
44
55
32
p49
45
28
p85
111
N on-durable
Construction contracts,
Residential
value—Total_
J...
...
•100
•
for
February
and
the
firsjt
The Board added that "in the first
76
p72
90
56
88.9
V 90.7
89.5
88.2
P83.4
..
66
91
83.6
81.0
80.1
99.4
p82.6
96.4 «p98.4
P85.3
p 78.3
V 93.1
81.6
J?98.8
Durable goods
97.0
95.9
83.2
76.9
_
_
.
!'
—
Miscellaneous
...
Department store sales, value
Department store stocks, value
.
67.2
90.9
'
87
"
.
87.8
62
62
63
57
76
69
64
65
59
88
75
68
4-
76.4
69
67
Freight-car loadings, total.
V
.
p9l .3
All other
Factory employment—Total
Non-durable goods
and
/'''A
:;'.o
Adjusted for
Non-durable goods __1
business
to
open-market
INDEXES
'•
"■>
Durable goods
general
Other
'
Factory payrolls—Total
of the Federal Reserve
renewed;
continued
Durable
Over the
a year ago.
the preceding month, the February volume represented an increase of 94.5%
and
March.
(1923-1925 Ayera?e=100)
;
12.8% pf the total volume re¬
While transportation of iron and steel, showed
over
bills
Treasury
Governors
of
BUSINESS
V
.
;
.
Board
the
26
88
69
69
70
67
70
65
60
67
J
Preliminary.
Note—Production, carloadings, and department store sales Indexes based on dally
To convert durable and non-durable manufactures Indexes to points In
total Index of manufactures figures, shown In Federal Reserve Chart Book, multiply
averages.
durable by 0.463 and non-durable by 0.537.'
Construction contract Indexes based on three-month moving averages,
Dodge data for 37 Eastern States.
centered
To convert indexes
Book, multiply total by $410,269,000, residential by $184,137,000, and all other by $226,132,000.
Employment Index, without seasonal adjustment, and payrolls Index compiled
at second month, of F. W.
to value
figures, shownl n Federal Reserve Chart
by Bureau of Labor Stat sties.
•
financing.
1.5%.
4.5% under January, but increased almost 70%
February
March
accompanying
y'-
■.
under January, but a 13.4% increase
last
the
in
March
during
.v,
'
a
corresponding
declined only
This decrease
of
91-day
basis
general merchandise class, which accounted for 74% of the total volume of
Petroleum products,
»
System issued its monthly indexes of industrial
production, factory employment, &c., as follows: > ■
•
•
The slightest February decrease under the preceding month was in the
freight handled by truck.
.
Reserve
traffic centers, accompanied by the fact that
short month.
<
Monthly Business Indexes of Board of Governors of
Federal Reserve System for February
:
February is
new
member
be raised
middle
no-yield
a
The 3.1% decrease in total tonnage under January, 1939, was attributed
to
would
Europe.,
practically
on
notes
for
States Government, securities declined to new
to March 10, following the announcement
the
sell
March.
Treasury
of notes
27
cash
no
after
in
of
Money Rates
„
Feb.
that
tension
of
reserves
slightly
rose
half of
first
.
.
from
levels
Treasury
the
holdings
exchanges
part
largely in accordance with- changes in Treasury bal¬
Reserve bajnks,
'
•:
Average yields on United
record
and
their
822,452 tons in
increase of 1.9% over the 1936 monthly
101.90 compared with 79.51 for February
for January,
same
and
"
January,1939.
The
These
1938,
Excess
15.
.:
...
.
Comparable reports
the
Federal
the
reduced
reflecting in
banks continued
high level of $3,600,000,000 reached-at the end of
fluctuating
at
ances
bonds,
March
below
somewhat
January,
banks
member
their
February
in
considerably
on
'
United States Government obligations by New York City
in
increased
this
-.'
■
Volume
Financial
148
PRODUCTION
INDUSTRIAL
March
(1923-1925 Average=100)
1875
Chronicle
18,
All except
1939.
Cypress and Northern Hardwood reported
All regions reported orders above those of corres¬
shipments above output.
All but
ponding week of 1938 except Western Pine and Southern Cypress.
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
West Coast, Western Pine, Cypress
Feb., 1 Jan.,
Feb.,
Feb.,
Jan.,
1938
1939
1939
1938
1939
week.
Lumber
Manufactures
orders
reported for the week ended March
softwood mills totaled
204,510,000 feet;
Durable Goods
94
87
Iron and steel
50
90
53
the
71
91
47
feet,
Pig iron
73
72
46
75
Steel ingots
88
96
51
92
92
63
98
105
62
98
105
62
Automobiles
Locomotives
13
19
11
Cement
80
57
48
42
34
133
147
35
133
147
66
7
as
or
10
1939. by 447
18,
16% above the production of
reported for the same week were 198.256,000
Production was 176,818,000 feet.
12% above production.
or
business
new
9,337,000 feet,,
as
Shipments as reported for the same week were
11% above production.
85
p7
Shipments
35
72
mills.
same
Reports from 103 hardwood mills give
or
19
69
and Northern Pine reported shipments
Southern Pine, West Coast, California Redwood, South¬
Cypress and Northern Hemlock reported production above the 1938
ern
Feb.,
1939
above last year.
--
Plate glass
Tin deliveries
~6
pi
Beehive coke.
week's production of 438 idential softwood mills
Last
feet, and
196,751.000 feet, and 200,073,000 feet; and orders received 203,046,000
84
109
79
pi 15
114
110
85
119
116
90
97
107
88
104
122
94
83
87
86
83
101
85
74
100
73
feet; shipments 7,844,000 feet and 6,312,000 feet and orders 7,681,000 feet
and
Silk deliveries
Slaughtering and meat packing
74
66
100
97
109
88
98
111
111
100
104
164
147
151
154
94
Sheep
92
89
91
90
106
83
69
70
81
61
53
61
62
53
123
121
129
122
116
127
pl22
124
103
pl24
114
104
*
103
81
*
98
83
*
100
79
*
101
84
-.-w
Newsprint production—
Newsprint consumption.
Leather and products
Tanning.
Cattle hide leathers
—
89
*
97
81
*
92
195
*
205
*
262
*
115
115
*
145
145
*
113
112
...
Fuel oil—
106
114
—
Lubricating oil...
143
162
Cigars
165
157
147
157
77
79
73
67
61
237
226
211
232
206
78
78
77
'79
79
78
-
Manufactured tobacco
75
64
p83
83
68
-
P61
53
p66
74
pl64
164
71
69
*88
90
96
87'
I
Silver
p
94
which
our
of prices both of refined sugar and
These statistics are available upon request to
104
in this
supplies are derived.
the important markets of New York and London.
of raw sugar in
97
86
93
used in the production of export com¬
One section is devoted to a compilation
168
67
...
with respect to
contain information
exports
country, emphasizing the areas from
57
171
86
l
171
70
u.
Petroleum, crude..-..-
69
pl68
Anthracite
tables on
The tables on consumption are confined to consumption
modities.
p79'
the
and
drawback paid on duitable sugar
Minerals
Bituminous coal
re¬
include statistics with respect to duties and customs
Tables of imports
revenues
,
Cigarettes-
„
March 27
a
63
231
Tobacco products
on
compilation of statistics on sugar, covering produc¬
tion in the principal sugar producing countries of the world,
with particular reference to production in the mainland and
insular areas of the United States.
Our import and export
trade in sugar over a long period of years is shown in detail.
An announcement in the matter further said:
leased
243
Gasoline
1
Tariff Commission
United States
The
82
98
Compilation of Sugar
Statistics
195
118
*
Issues
Commission
Tariff
84
205
*
Calf and kip leathers
Goat and kid leathers
Petroleum refining.
Kerosene
5,409.000 feet.
86
70
61
Wheat Hour
Sugar meltings
In the case of hardwoods, 90 identical mills
191,895,000 feet.
feet, and
reported production last week and a year ago 6,866,000 feet and 10,278,000
104
150
67
--
—
v
96
108
157
„
Cattle.-,Calves
Zinc
175,406,000
Z>109
r.«
Cotton consumption.
Lead
was
it was 169,663,000 feet; shipments were respectively
a year ago
111
Textiles
Hogs
8,386,000 feet
was
Identical Mill Reports
Non-durable Goods
,
Production
9,297,000 feet, or 11% above production.
the U.S. Tariff Commission,
Washington, D. C., or may be obtained from its
Custom House.
New York office at 71,2
..
.
* Data not yet available.
Preliminary.
EMPLOYMENT AND PAYROLLS
FACTORY
•
Accomplishments
Under
AAA Farm
Shown in Report for Year and Half
Period Ended June 30, 1938
J ,f
V
Conservation
(1923-1925 Average=l00)
Programs
Payrolls
Erhployment
*
Adjusted for Sea¬
Without Sea¬
sonal
sonal Variation
I i
,
sonal Adjustment
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
1939
1938
1939
1939
1938
1939
1939
1938
Iron and steel
87.6
87.7
85.7
8,.2
85.9
85.3
79.8
77.7
63.2
Machinery
03.9
92.2 100.0
93.4
91.5
99.7
91.6
87.4
91.1
Transportation equipment..
92.5
93.3
77.0
96.5
95.8
79.9
91.6
91.9
65.9
77.4 105.2 10b.2
Durable Goods
97.0 100.6
94:0
88.4
93.5
92.4
88.0
87.8
84.7
66.3
63.6
62.3
61.9
60.6
52.8
52.0
48.0
71.4
73.6
67.6
66.5
66.4
63.0,
57.7
56.8
51.3
'
products.
—
Stone, ciay and glass..i....
1, 1937, to June 30, 1938. The report, made to Secre¬
of Agriculture Henry A. Wallace, is signed by H. R.
Tolley, Chief of the Bureau of Agricultural Economics,
who was AAA Administrator during the period covered by
tary
74.4
65.3
99.2 102.1
—
....
the
Non-durable Goods
98.2
products
89.6
Fabrics.
98.4
92.2 100.9
90.0
81.1
91.9
115.9 116.0 116.2 119.4
Wearing apparel...——
92.8
Leather products
121.8
Food products
89.9
96.6
124.2 124.2
111.3
.92.8
97,5
94.7
90.8
80.8
87.2
of
77.9
work
83.1
80.9
<8.7
69.0
such
96.6
82.4
92.8
AAA
93.5
83.1
77.5
77.0
i
Chems.
group,
110.3
81.2
.........
111.0 112.4 111.1
74.1
81.3
81.3
110.6 113.4 116.1
81.1
74.1
82.4
the month.
and payrolls are for payroll .period ending
February, 1939, figures are preliminary.
in
,
addition
Movement—Week
March 18,
1939
covering the operations of important softwood
that of the* corresponding
7% above that period.
Reported
production was 1% above and-shipments were 1% below
last year's week.
For softwoods-~production, shipments and
new orders were respectively 3% greater, 2% less and 6%
greater than in corresponding week of 1938.
New business
(hardwoods and softwoods) was 15% above production and
shipments were 12% above output in the week ended
March 18.
Reported production for the 11 weeks of the year
to date was 18% above correspondinjfwfeeks of 1938; ship¬
ments were 11% above the shipments, and new orders were
4% above the orders of the 1938 period. New business for
the 11 weeks of 1939 was 10% above output; shipments were
11 % above.
The Association further reported:
in six weeks hew business exceeded
week of
It
1938.
produced 185,204,000
207,553,000 feet;
booked orders of 213,847^000 feet— Revised figures for the preceding week
were mills, 539, production 178,660,000 feet, shipments 194,809,000 feet;
of
orders,
softwoods
and
hardwoods
combined;
shipped
191,119,000 feet.
All regions
Hardwood
Northern Hemlock and Northern
above production in the week ended
except Southern Cyress,
reported
new
orders
the "detailed
said :
account of
the application
of
each
are
Agricul¬
/
of the program
1933.
Adjust¬
reviewed
is devoted to the
in effect from 1933 to 1938 are
outlined.
<
A
chapter
made
conservation
agricultural
282,6^9,000
applied to
participating was 3,020,037.
The emphasis placed on
tenants and landlords
3,743,904 apd the number of farms
of -owner-operators,
took part in the program totaled
who
'
the report shows that the program
nearly 65% of the total crop-land in the
program,
acres, or
number
'The
States.
United
,
...
soil-building and soil-conserving crops and
practices in the 1937 program is evidenced in the results contained in the
report.
Thes'e practices included hew seedings of legumes and grasses,
planting of green-manure and cover crops, applying lime and fertilizer
to
soil-conserving crops, forest and 1 orchard improvement, constructing
other erosion control practices.
'
'
soil-improving crops was the. practice most widely carried
report shows that approximately 29,000,000 acres were seeded
-terraces and adopting
was
During the week ended March 18, 1939, 534 mills
feet
to
objectives
the
progress
lumber
and
hardwood mills.
Reported shipments were 7% greater and
production was 4% heavier than in the preceding week.
Reported new orders were 12% greater. For the first time
tions
of the entire Nation.
in administration of the programs.
The effects of the
program on farm prices and income are appraised' and the experience of
the AAA in marketing adjustment is recounted.'
The report makes public complete and detailed figures on the results
of the AAA program for 1937.
In the summary of results of the 1937
Ended
industry during the week ended March 18,
1939 stood at 57 % of the 1929 weekly average of production
and 65% of average 1929 shipments.
Production was about
60% of the corresponding week of 1929; shipments, about
63% of that week's shipments; new orders about 61% of
that week's orders, according to reports to the, National
Lumber Manufacturers Association from regional associa¬
The
better than before, continuing to serve the interest
and
and conservation programs
and
Lumber
of
under ceaseless attack by powerful
But because so many people have
is real, it has emerged from all these
been
have
opposition.
1937, the report reviews the activities of the AAA since
ment
Weekly' Report
of
ture, bearing on the report, also
58.9
In
Note— Indexes of factory employment
nearest the middle of
.
for the program
need
stronger
but the launching
announceipent issued by the Department of
115.2 110.8
83.9
,
forces
agriculture and
An
except
petroleum refining
Rubber products.
assaults
of
the
that
felt
52.6
49.7
51.2
59.2
63.2
62.7
64.5
64.2
63.9
105.9 106.0 106.1 105.9 105.7 106.1 102.5 102.2 101.2
Paper and printing
117.3
Chemicals & petroleum prods. 111.7 112.3 114.4 112.2 111.9 115.1 119.9 119.7
117.6 117.7 122.9 116.4 117.1 121.7 132.2 134,5 138.2
Petroleum refining
Tobacco products....
.
programs
organized
is only begun,
effort is in itself a significant event in the Jiistory of
During all five years of the existence of the
.
farm
the
finished and perhaps
not
effort.
an
and
113.7 113.3 112.2 115.2 114.2
is
great social
a
111.0 119.8
92.9
The report states:
report.
The
Textiles and
and
Jan.
62.7
82.1
93.9
Automobiles
Nonferrous metals
Lumber and
fertility
soil
of
protection of farm income under Agricultural Adjustment
Administration farm programs are shown in the report of
the AAA issued March 9 for The year and a half period,
Feb
1939
conservation
in
Accomplishments
Without Sea¬
Seeding of
The
out.
to
legumes and grasses and
and
cover
fertilizer
practice carried but on a large scale was the use
encourage the growth
of soil-conserving crops.
to
applied
farmers
that
states
12,287,000 acres were seeded to. green-manure
crops.
Another
nearly
5,000,000
tons
approximately 400,000 tons of phosphate and other
tion
with soil-onserving crops and pastures.
Range
1937
of
of lime and
The report
limestone, and
fertilizers, in connec¬
and improvement practices encouraged under the
carried out on 37,455 ranches in 17 Western States.
154,500,000 acres with a total grazing capacity
conservation
were
program
covered
ranches
These
of
6,584,000
animal units.
The report shows that natural and artificial
than 15,000,000 acres including 12,841,000
seeding was carried out on more
reseeded
acres
from
by
deferred
grazing.
the 1937 program diverted 26,362,538 acres
which was almost 13% of the normal or base
of soil-depleting crops on the participating farms.
improving their soil by diversion from soil-depleting crops and
Farmers
participating in
soil-depleting crops,
acreage
For
carrying out
farmers
soil-building practices under the 1937 program, cooperating
$306,744,000.
The average payment was $81.93.
earned
1876
Financial
The report features the Agricultural Adjustment Act of
1938, giving the provisions of the new law and pointing
out its objectives.
It describes as a significant change in
emphasis the provision of
ever-normal
further
given in
ment, and
The
As
granary.
notes:
Sources of agricultural
are
a
disadvantage and the search for
of all recent farm
summary
administration
work
of
process
In
of
the
improve
These
and
is
explained,
presented
/protecting
to
the
lead
and
locally
programs
and
in
basic
the
its
relation
been
have
been
have
These
products.
''
able
and
their
for
into
put
removalS?rograms.
marketing? agreement
surplus
Through
improving
developing
in
marketing conditions
and milk
ducers.
is
legislation is added.
adjustment
by
review of AAA administration.
a
farmer
The educa¬
character
to
the
of
democratic
the
government.
measures
their
AAA
program
addition
taking
are
the
of
informational
farmers' tariff
a
historical review of the background of agricultural adjust¬
an
committeemen is described in
tional
mechanism for developing an
to the report, the department
a
effect
through
farmers
resources,
designed
programs
the
points
report
marketing
affected
programs
producers
more
of
\
vegetables
fruits,
orderly selling conditions for
approximately
1,500,000
pro¬
■'
.
Surplus
to
out.
agreement
•
programs,
establish
to
their soil
operating
products,
removal
the report explains,
programs,
are
\
designed to improve
marketing conditions for producers by taking out of commercial
channels
price depressing supplies which result in low prices and waste of products
which
could
otherwise
not
be
used.
Surplus Commodities Corporation
the
of
other
new
needy
and
unemployed
Surplus
sources.
for farm
uses
products and
Programs administered
the
in
products bought by the Federal
distributed to State agencies for
addition
to
operations
encourage
commodities
have
also
of
the
received
sought
to
AAA
in
behalf
also
are
of
described.
Stedman
D.
ticular credit by
report.
and
Harold
B.
Rowe
discussed
consumers
'.V
Alfred
use
from
develop
domestic and export sales.
under the Sugar Act of 1937
Activities
report.
are
in
removal
The
are
are
.J
given par¬
Mr. Tolley for their help in preparing the
=: ——
and
Petroleum
Its
.
Products—Texas
■■.
,
Seen
Remaining
Five-Day Production Week—Louisiana's Move
Compact Seen Responsible—Oklahoma and
on
to Join
V
Hold
California
Crude
Allowable
Down—Daily
Above Federal Forecast—
Crude Stocks Gain—Bell Oil Advances Petroleum
Average
;
Prices
Output
Still
•
Texas moved to abandon its recently
adopted April-6-day
production week as the threat of a substantial increase in
crude output in the Lone Star State was reported to have been
the deciding factor in Louisiana's announced decision to
join the Inter-State Oil Compact Commission.
: Although the order by which production in Texas would be
maintained on the 5-day week schedule which has ruled for
several months was ready for the signature of Lon A. Smith,
Chairman of the Railroad Commission, his absence from
Austin held up formal confirmation of Commissioner E. O.
Thompson's statement early in the week that the Saturday
shut-down would be maintained during April,
*
,
Late
in
the
week, "Chairman Smith and
Commissioner
Sadler of the Taxas Railroad Commission signed an order
amending the original April proration rules which had re¬
stored production to a six-day week, rather than
rescinding
the April production schedule as had been thought
likely.
The allowables for Refugio, Harris, Neuces and Midland
counties were slashed 302,000 barrels daily below the
present
allowable.
Giving effect to these reductions, the April X
Texas quota will be 1,253,005 barrels
daily, against the
Bureau of Mines estimate of 1,412,700 barrels.
No change
made in the East Texas allowable ^
Disclosure of the change in the attitude of the Louisiana
was
Chronicle
tral Committee of California Oil Producers in Los Angeles
on March 28.
Off 25,000 barrels from the March figure of
600,000 barrels, this is the lowest allowable recommended
by the Central Committee in two years. Th' new allowable
also represents the first time in months that the quota set
by the Committee has been below the monthly market de¬
mand estimate of the United States Bureau of Mines, which
for this April was 592,000 barrels daily.
As expected, the Oklahoma Corporation Commission on
March 29 approved the recommendations of W. J. Arm¬
strong, Chief Conservation Officer, and set the April allow¬
able at a daily average of 428,000 barrels, unchanged from
the figure which has ruled for several months past.
The
oil conservation department of the Commission issued figures
showing February production totaled 452,168 barrels daily,
which is nearly 25,000 barrels over the figure set by the
Corporation Commission but more than 30,000 barrels under
the daily market demand estimate released by the United
States Bureau of Mines.
.
78,000 barrels.
friend
personal
of
and close
Governor
Leche, announced that the
Governor would issue the necessary order within a week or so.
Governor Leche's decision to enter Louisiana in the InterState Compact group came, following a conference,
attended;
by Mr. Farrell, Charles F. Roeser, President of the Inde¬
pendent Petroleum Association of America and W. R. Boyd,
Executive
Vice-President
Institute
the
,
American
,
Louisiana's refusal to join the Inter-State Oil Compact
Commission, in addition to encouraging other producing
States to remain out of this
group, has long been a source of
irritation to Texas oil
men.
Oil operators in the Lone Star
long complained of the fact that large quantities
of Louisiana crude hit the Texas
markets, much of the time
at cut price levels.
State have
Issuance of
executive order by Governor Leche is the
for Louisiana to become a member of.
the Inter-State Oil
Compaq Commission. Under Louisiana
only step
an
necessary
laws, approval of this action by the Legislature is not neces¬
sary with the Gov°rnor possessing authority under the State
Constitution to take such.action.
The State Conservation
Department set April allowable for Louisiana
on
March 25
of 257,920 barrels,
up 3,700 barrels from the previous
month's figure.
The daily average crude oil allowable for California
during
April was set at 575,000 barrels in orders issued by the Cen¬
.
^
a barrel increase in the posted
price for crude oil
Burkburnett, North Texas, and Texas-Oklahoma River
Bed areas was announced by the Bell Oil and Gas Co. of
Grandfield, Okla., on March 29, effective April 1. Under
the new schedule, prices start at 79 cents a barrel for 28 to
28.9 gravity, and advances 2 cents for each degree to a top
of SI .03 for 40 and above.
Another step in the tangled legal battle over the seizure of
foreign-owned oil properties by the Mexican Government a
year ago developed on March 30 when the Second Federal
District Court denied all petitions of the American and
British companies filed in an effort to recover their expro¬
priated properties. The oil Companies have five days after
they have been formally notified of the decision to appeal
the court's ruling before the Supreme Court. -Major point
Cited by the lower court was the failure of the companies to
take action in early 1936 when the expropriation law was
passed, and waiting until March, 1938, "when a subsequent
act of authority enforced it."
;
Pricechanges follow:
:,
-
.
March 29—A 4-cent
a
barrel increase in crude oil prices in the Burk¬
burnett, North Texas, and Texas Oklahoma River Bed
by the Bell Oil and Gas Co., effective April l.\
area, was
posted
^
-
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
Lima (Ohie OU Co.)
Corning, Pa.—
Illinois
52.00
are
not shown)
..$1.05
1.02
1.25
Kentucky
Mid-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above......
Smackover, Ark., 24 and over
Darst Creek.:
1.25
a...
Eldorado, Ark., 40.1
Rusk, Texas, 40 and over,.
1.02
Western
Michigan crude
1.20
1.10
Sunburst, Mont...
1.25
Kettleman Hills, 39 and over
Petrolia, Canada
.75
..
..
1—
...
..
.......
..
Huntington, CaUf., 30 and
over.
..
..
...
...
1.09
.782
1.22
1.24
1.25
2.15
refined products—mid-continent gas prices advance
Petroelum
joining the Inter-State Compact
group, it is^ considered likely that California and Arkansas
also will swing into line and
join the Commission.
Illinois'
recent rise in importance as an
oil-producing State makes it
necessary for the Commission to bring this State into mem¬
bership in the group also.
.
'
A 4-cent
With Louisiana
of
,
in the
Administration, which thus far has refused to become affili¬
with the Inter-State Oil Compact
group, came on
man
,
Daily average crude oil production in the United States
during the week ended March 25 was off 1,800 barrels to a
daily total of 3,382,350 barrels, according to the mid-week
report issued by the American Petroleum Institute.
Despite
the reduction, daily Average production held far above the
market demand figure fixed by the Bureau of Mines in its
monthly forecast.
The Federal agency set the probable
March demand at a daily total of 3,340,000 barrels.
A decline of 15,500 barrels in California production failed
to offset gains in other States, and a net gain for the week
was thus established.
California's 15,500-barrel reduction
pared the total there to 624,600 barrels daily. Louisiana also
showed a loss,
production there easing 1,150 barrels to a
daily total of 261,900 barrels. The sharpest gain was shown
in Kansas, where output rose 5,600 barrels to a daily total
of 166,750 barrels.
Texas was not far behind with a gain of
5,200 barrels, production there rising to 1,324,900 barrels.
Oklahoma was up 4,950 barrels to 451,450 barrels.
Inventories of domestic and foreign crude oil gained 493,000
barrels during the week ended March 18, totaling 273,345,000
barrels, according to a Bureau of Mines' report issued in
Washington on March 29.
Domestic crude oil stocks ad¬
vanced 415,000 barrels while foreign crude holdings gained
ated
March 25, when J. E. Farrell, Port Worth oil
April 1, 1939
again—motor
refinery
fuel
stocks
operations
reduced...
show
nominal
gain-
.
slacken—kerosene
prices
"
•
Wholesale gasoline prices advanced Xi cent a gallon in the
mid-continent area upon news of the maintenance of the five-
day production week for Texas plus the 5% increase in de¬
during the first three months this year
as compared with the like 1938 quarter.
The advance, the third this month, lifted prices to the
best level since last fall.
Under the new price schedule,
which became generally effective in mid-week, third-grade
gasoline is held at 3.875 to 4.25 cents a gallon at Oklahoma,
with regular grade held at 4.625 to 5 cents a gallon.
While
these levels do not provide any profit according to oil men,
they do cut the loss margin.
^
Rising seasonal demand, aided by a slight slackening of
refinery operations, held down the increase in stocks of
finished and unfinished motor fuel to 270,000 barrels during
mand for motor fuel
,
,
the
week ended
March 25.
Total
stocks
were
shown
at
87,561,000 barrels in the mid-week report of the American
Petroleum Institute.
Refinery operations were off 0.9 point during the March
week, dropping to 78.6% of capacity with a decline in
daily average runs of crude stills qf 25,000 barrels to 3,225,000
barrels.
Production of gasoline during the period was off
25
Volume
Financial
148
231,000 barrles to 9,423,000 barrels. Stocks of gas and fuel
oils were off 1,333,000 barrels to 129,038,000 barrels.
Feature of tbe local refined products market during tb9
week was tbe March 29 announcement by Standard Oil Co.
of New York of a reduction of
cent a gallon in tank car
prices of fuel oil to 4^ cents, New York harbor. The decline
seasonal and not
unexpected in view of the somewhat
topheavy statistical position of gas and fuel oils.
Improvement in the wholesale and retail price structure
for gaoline developed in the Camden area during the past
week.
An advance of Yi cent a gallon in the dealer tankwagon posting was quickly followed by an advance of 1 cent
a gallon in the general retail price level, making quotations
14.9 cents a gallon, including State taxes.
Representative price changes follow:
was
>■•&*■>*
posted.
area was
These
a
Bureau of Mines calculations
are
the Bureau's estimated
requirements to determine the amount of new crude to
produced.
and
March 25, approximately 1,298,503 barrels
Texas...
(Figures in thousands of barrels of 42 gallons each)
Dally Refining
to Stills
•
Finished
Reporting
tial
Total
Rate
—
...—
New
(Meads.
Gulf
.07%
ports
Tulsa..
|
Los Angeles..
27 plus—
'
....
Terminal
342
I
..$.04
4,700
274
3.909
96
60.4
1,588
66
284
767
85.7
213
1,635
149
145
97.3
136
93.8
9,015
1,521
680
372
1,817
7,153
1,357
55
55.0
45
81.8
116
62
.04% .-05
Rocky Mtn.
118
64
54.2
46
71.9
1,811
86
741
828
745
90.0
473
63.5
12,140
2,494
1,280
97,533
3,662
85.8
2,879
78.6
•.
La. Gulf
100
No. La., Ark
,
_$0.90
1.45
.
F.O.B. Refinery or Terminal
I
28-30 D.........$.053
4.268
Mar. 18 *39
Buying
that
estimates
Institute
Petroleum
the
United States Department of the Interior
of the restrictions imposed by the various
the
total
Daily average produc¬
tion for the four weeks ended March
barrels..
use
ports for the week ended
and receipts in bond at principal
March' 25 totaled 433,000 barrels,
136,857
daily average of 61,857 barrels, compared with a daily average of
barrels for the week ended March 18
for
and 105,429 barrels daly for the four
week
the
no
'
V
receipts of California oil at Atlantic and Gulf Coast ports
ended
March
March 18
in the week ended
barrels
weeks ended
March"T25..
■
.
8,857
and 13,929 barrels daily for the four
compared
25,
.,/. ;,V
•
.
With
daily
a
of
average
/ ';.;YY
■
•
Reports received from refining companies owning 85.8% of the 4,268,000estimated
barrel
dail^ potential refining capacity of the United States
indicate that the industrty as a
whole
ran
to stills, on a Bureau of Mines
of the end
107,551,000 barrels of heavy fuel oil.
Total
87,561,000 barrels of finished and
of the week,
gasoline; 21,487,000 barrels of gas. and distillate fuel oil, and
gasoline
by
production
,
'
'
for
companies
owning
84.9%
of
the
total
■*'
.•
(Figures In Barrels)
State
Week
Change
Weeks
Allowable
Ended
from
Ended
Ended
Require¬
Mar,. 1
Previous Mar.
Week
1939
ments
25, Mar.
26,
1938
1939
Kansas
.
473,200
150,300
428,000
156,850
451,450
166,750
+ 4,950
446,350
+ 5,600
counting
are
152,950
604,800
178,750
Panhandle Texas...
64,650
+ 1,300
65,600
72,250
North Texas..
80,550
+ 100
80,600
some
on
appears
212,200
West Texas
+ 2~200
.....
372,850
Texas...
250,450
+ L750
Coastal Texas
217,500
—150
Total Texas
1,363,900 bl,805,757 1,324,900
Texas
30,600
210,100
•
tons of
copper.
Advices
foreign
This
viewed
was
eases.
as
here
received
Chile
from
situation
a
on
good showing.
March
28
stated that the Senate
profits instead of the original plan to
impose an export tax on copper.
The Chamber of Deputies .and the Presi¬
dent, will have to act on the bill before it becomes law.
Sales of copper outside of the United States have been satisfactory.
has
agreed
10%
a
on
on
amounted to about 66,000 tons so far this month,
abroad have
Bookings
tax
Cartel is selling its current production.
which means, that the
V
Demand
4,230
lead
in
tons
the
Lead
-V.'Y
•"*
fair, notwithstanding the activity early in March,
was
week amounted to
for the last
sales
and
for
4,428 tons, whicfy compares with
preceding seven-day period.
Producers feel satisfied
of lead is moving upward.
Consumers have been
actual consumption
than in February, and there is a strong possi-,
that deliveries for the current month will rise to
about 40,000 tons.
Books have been opened for May-shipment lead, and
a
substantial tonnage remains to be bought for that position.
With any
encouragement from London, the price structure here would soon strengthen
larger quantities
taking
say,
York, which was also the contract
Smelting & Refining Co., and 4.70c.,
Quotations continued at 4.85c., .New
settling basis named by the American
Louis.
St.
"
28,450
188,950
American Smelting & Refining
Co., in Chihuahua, accepted a new contract during the, last
strike that lasted a little more than, a day.
The Federal
Mexico
of
contract.-
'
intervened
induced the
and
workers
to
week, ending a
Labor .Depart¬
the new
accept
■•_'=.
Zinc
'.V.
■.
'*
'
.
95,850
372,800
96,100
East Central Texas.
Southwest
good business here as 6oon as the
to be strengthening, as cheap
the
'
30,600
West Central Texas.
;•
^
The so-called'outside market
offerings of copper fof nearby deliv¬
ery are gradually drying up.
The producers held their quotation at ll^c.,
Valley.
Domestic business booked so far in March totaled 24,597 tons.
Fabricators shipped
products during February that contained 53,500
over
71,300
East
"■
Copper
tension
ment
;.
The
also up.
quiet, sales for the last week totaling 5,441
Workers at the Avalos lead smelter of the
(Match)
Oklahoma
Y--
■
Producers
tons.
Week
lated
25,
resulted from
Tin was moderately higher
appreciably, market authorities contend.
Four
B. of M.
Calcu¬
Mar.
r
:
Domestic trade in copper was
bility, producers
DAILY AVERAGE CRUDE OIL PRODUCTION
V
..
Quotations on major items were un¬
A downward revision in cadmium
week, with quicksilver and bismuth
the
.that
daily refinery capacity of the country amounted to 9,423,000 barrels.
for
during
dull, but. lead and tin
publication further reported:
basis,-. 3,225,000 barrels of crude oil daily during the week, and that all
had "in storage at refineries, bulk terminals,. in transit and in
unfinished
its issue of March 30,
Copper and zinc were
volume.
selling pressure from abroad.
companies
pipe lines as
Moderate
in
Unsettled
and Mineral Markets," in
fair
sold in
ynded March 25.
were
Metals
Non-Ferrous
buying in the market for non-ferrous metals
cautious
The
Imports of petroleum for domestic
There
,v,+
March, 1938, daily average.
reported that political tension, abroad and here, made
25, 1939, is estimated
daily average output for the
week ended March 26, 1938, totaled 3,405,600 barrels.
Fur¬
ther details as reported by the Institute follow:
3,358,000
weeks
7,281 121,741
z
Volume—London
oil-producing States during March;
.
25,201
Major
of
changed.
States
59,830
z3,093
6,613 130,371
$.17
.135-.15
.1851 Philadelphia....
1,800 barrels over the output of the previous week, and the
current week's figure was above the 3,340,000 barrels cal¬
United
25,846
25,547
Estimated Bureau of Mines basis,
x
the last week.
a
55,355
55,131
6,360 129,038
3,250
"vY-.
daily average gross crude oil production for the week ended
March 25, 1939, was 3,382,350 barrels.' This was a loss of
at
3,225
4,268
4,268
4,268
Mar.25 '39
;
Crude Oil Production During Week
25, 1939, Placed at 3,382,350 Barrels
American
by
720
xMar.25 '38
__.!$.02%-.03
| Tulsa
.1951 Boston
the
25,126
4,380
606
xEst.tot.U.S
'
1591 Buffalo
Average
be
6,260 126,108
100
2,930
50,975
'
Est. unrepd.
"Metal
to
761
Station, Tax Included
Ended March
culated
319
346
Reported
including'2% city sales tax.
The
2,961
73.7
50.3
89.5
419
U.S.B, of M.
I Newark..
Brooklyn
Daily
252
727
5,117
159
'
'
\ Gasoline, Service
zNot
81.6
6,993
307
668
3,829
895
i
j Chicago—
zNew York_.i._...$.195
z
11,203
|Tulsa.n._—. .03%-.04,,
/ •'
Gas Oil,
'
1,588
89.1
316
New Orleans C__
$1.00-1.25 Phila., Bunker C
1.651
(Bayonne)—
85.9
458
1,292
1,000
Mo...—
iNew Orleans. $.05 %-.05%
___.$0.95
:
Y.
N.
110
89.5
7,090
Inland Texas
$.04
' I California 24 plus D
Diesel.....
85.9
514
„
80.7
Oil
Distil.
&c.
13,235
1,532
496
Texas Gulf__
.03%-.05
I North Texas....
$.04%
C
ated fineries
age
-.05%'
,06%-.07
.05%
Chicago.... _$.05
$.07%
.08%
Fuel Oil, F.O.B. Refinery or
Bunker
P. C.
615 100.0
Fuel
Term'Is Nap'tha
At Re¬
128
615
and
in
Oper¬
Okla., Kan.,
F.O.B. Refinery
Other Cities—
Shell Eastern
•
(Bayonne)—
P.
Gas
Uhfin'd
C.
Daily
Aver¬
Poten¬
149
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
N. Y.
Stocks
•Unfinished Gasoline
•>
District
574
.07%
"
Stocks of Finished and
Crude Runs
Capacity
;
•
■.
Ind,,Ill.,Ky.
.07%
(Bayonne)
WEEK ENDED MAR. 25, 1939
GASOLINE AND GAS AND FUEL OIL,
Appalachian.
j
Gulf.....
.06
.08%
New York—*
UNFINISHED
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND
California
Stand. Oil N. J_$.06%
Warner-Quinlan..
dally,
Recommendation of Central Committee of California Oil Producers.
c
reduction
New York—
New York—•
Richfield Oil(Cal.)
Shutdowns are ordered for all Saturdays
14.
Calculated net basic seven-day allowable for week
Sundays during March.
ended Saturday morning,
'
Socony-Vacuura..
Tide Water Oil Co
be
•
b Base allowable effective March
York harbor to 4% cents a galldn.
U. S. Gasoline (Above 65 Octane), Tank Car Lots,
detailed forecast for the month of
March.
As requirements may De supplied either from stocks or from new produc¬
tion, contemplated withdrawals from crude oil Inventories must be deducted from
East Coast
March 29—Standard Oil of New York posted a % cent a gallon
in the tank-car price of kerosene in New
of the requirements of domestic crude
oil based upon certain premises outlined in its
galloil in wholesale gasoline
March 29—A general advance of K cent a
prices in the mid-continent
1877
Chronicle
99,300
429,150
228,300
199,700
248,400
217,250
+ 5,200 1,321,200 1,317.400
Buyers
and
of
sales
The
tons.
intimidated by the poor showing of the London market,
the common grades for the last week amounted to only 1,400
were
quotation
on
4^c., St. Louis.
above 4^c., New York. Zinc
in the Tri-State district because of a
Western continued at
Prime
Foreign metal was offered here at a shade
concentrate
advanced
$1
per
ton
in the ore market.
Imports of slab zinc during February amounted to 3,142 tons, against
340 tons in February last year.
Imports in the first two months of the
tight situation
Coastal
Total
+ 100
71,650
77,100
70,550
191,350
—1,250
192,500
183,600
254,220
261,900
—1,150
264,150
260,700
53,090
53,200
—100
52,050
125,500
163,800
—4,400
100,300
94,400
—1,700
47,700
58,350
—-650
53,600
13,500
57,600
+ 6,700
53,150
163,850
96,100
57,950
52,050
13,100
—550
13,800
4,200
3,700
—200
3,750
109,700
108,600
North Louisiana
Louisiana..
Louisiana
259,700
current
the
Arkansas
50,000
Illinois
Eastern
(not Incl. 111.).
Michigan
Wyoming
Montana
Colorado
New
Mexico
...
109,700
107,750
\ 140,800
'
52,150
62,350
12,950
4,200
104,950
California
588,400
2,757,750 + 13,700 2,733,050 2,681,100
724,500
625,550
c602,000
624,600 —15,500
amounted to 4,877 tons, which compares with 1,211 tons in
of 1938.
Out of the total quantity imported in the
period
January-February period, 1,200 tons came from Canada;
and
1,743 tons from Belgium,
Argentina contributed
about
manufactures
1,151 tons.
in the first two months of 1939 contained
exported
3,570 tons of zinc against 2,763 tons in the same
.'
3.340,000
3,382,350
-
Note—The figures indicated above do not include any
might have been surreptitiously produced.
1,833 tons from
and 101 tons from Poland.
Imports of zinc in ore in the first two months of 1939 amounted to
3,182 tons, against 25 tons in the same period last year.
Shipments from
Mexico accounted for 2,031 tons in the January-February period this year,
Mexico;
Zinc
Total east of Calif.. 2,751,600
year
same
period last year.
Tin
1,800 3.358,600 3,405,600
estimate of "any oil which
Tin-plate
(March
24
mills
and
in for a fair
but trade over
came
25),
on Friday and Saturday
remainder of the week was
tonnage
the
inactive.
fixed
The
at
Chronicle
Financial
1878
that
news
28*4%
Malaya'6
UNITED
ESTIMATED
the second quarter has been
for
quota
confidence on the buying
end.
The tin-plate industry of the United States is operating at fully
60% of capacity, which reveals an upward trend in actual consumption
Chinese
March
Mar. 18 Mar. 11 Mar. 19
99%,
tin,
nominally
was
45.025c.; March
24,
March
follows:
as
23,
Bituminous Coal
45.000c.
Straits
Electrolytic Cower
Lead
Tin
Nbw York
New York
St. Louis
1938
1930
8,000
1,333
5,814 346,946 382,432 502,475
5,421
5,371
5,500 263,210 281,891 219,768
969
1,180
1,707
1,302
of
barrels
Mar.
23....
11.025
9.925
46.250
4.85
4.70
4.50
of 50 full weeks ending
Mar.
24
11.025
9.950
46.625
4.85
4.70
4.50
ESTIMATED
Mar.
25
11.025
46.700
4.85
4.70
4.50
Mar.
27---_
11.025
9.975
46.700
4.85
4.70
4.50
9.975
46.500
4.85
4.70
4.50
Mar.
28
11.025
Mar.
29.—
11.025
9.950
46.600
4.85
4.70
11.025
9.954
46.563
4.85.
4.70
March 18,1939, and corresponding periods in other coal
PRODUCTION
PENNSYLVANIA
OF
COKE
BEEHIVE
years
ANTHRACITE
AND
'
,
(In Net Tons);
4.50
Average..
and statistical convenience the
lignite, semi-anthracite and anthracite outside of Pennsylvania,
produced during the week converted to equivalent coal assum¬
ing 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal,
c Sum
b Total
St. Louis
9.950
1939
1,278
7,670
Includes for purposes of historical comparison
a
production
Refinery
1929-
Zinc
Export,
Refinery
c
1937-
Crude Petroleum b—
Coal equivalent of weekly output.
Domestic,
^
a—
Total, including mine fuel
Daily average
("E. & M. J." QUOTATIONS)
DAILY PRICES OF METALS
WITH
1938-
1938
1939
1939
44.650c.;
March 29,
45.100c.; March 27, 25.100c.;
25,
COAL
Coal Year to Date
Week Ended
here.
tin
SOFT
(In Thousands of Net Tonsi
country was favorably received and inspired some
of
OF
PRODUCTION
STATES
1939
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
exports from that
of liquidating excess
tor the purpose
April 1,
4.50
Calendar Year to Date
Week Ended
•
Domestic copper, f.o.b.
46.275c.; New York lead,
and silver, 42.750c.
"M. & M. M's" appraisal of the major United States
Average prices for calendar week ended March
25 are:
;
,
refinery, 11.025c.; export copper, 9.921c.; Straits tin,
4.850c.; St. Louis lead, 4.700c.; St. Louis zinc, 4.500c.;
The above quotations are
Penna.
v;
1939
1939
1938
1938
1929
c
c
791,000 769,000 611,000 11,106,000 10,824,000 16,410.000
172,200
131,800 128,200 101,800
167,800
254,400
10,550,000 10,283,000 16,228,000
a
Dally average
New York or St. Louis, its noted.
1939
Anthracite—
Total, inch colliery fuel
by producers and agencies.
They are reduced to
Ail 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.
In the trade, domestic copper prices are quoted on a delivered basis; that is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Deliv¬
markets based on sales reported
the basis of cash,
Mar. 18 Mar. 11 Mar. 19
Commercial prqductionb 751,000 731,000 580,000
Beehive Coke—
United States total.....
b Excludes colliery fuel,
operations,
England avemge 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
On foreign business in copper sellers usually name a c.i.f. price—Hamburg,
189,500
2,871
23,600
3,933
2,433
282,800
4,285
1,322,300
20,035
Includes washery and dredge coal, and coal shipped by truck from authorized
a
ered prices in New
14,600
15,400
2,567
Daiiy average.......
c
Adjusted to make comparable the number
of working days in the three years.
'
Steel Orders Sagging in
Some Lines—Operations Lower
'.
-
.
<
board.
Havre and Liverpool.
f.o.b.
above
refinery
The c.i.f. basis commands a premium of 0.325c. per pound
quotation.
Daily London Prices
The "Iron
Zinc
Lead
Tin, Std.
Copper
Copper, Std.
Age" in its issue of March 30 reported that the
steel industry winds up the first quarter on a note of hesita¬
tion.
March business made no substantial gains.
Scales
of some products barely broke even with those of February,
exceptions being tin plate and structural steel.
The "Iron"
Age" further reported:
:
Electro.
3M
(Bid)
Spot
42%
43%
48%
215
Spot
Mar.
23.
3M
3M
Spot
14%
1413i«
1415,6
1311,6
13U,6
14%
1311,6
13%
14uie
1413i6
13"l6
13%
149,6
14%
13%
13%
43
43%
48%
217
215%
43%
216
29..
431,6
435,9
48%
215%
214%
214%
—
Mar.
Mar.
13%
14%
215%
43m«
48%
48%
217
28......
—
27
1315,6
214
43%
43%
Mar, 24
Mar.
3M
Spot
.
Production of ingots is estimated by the "Iron Age" to be slightly lower
this week at 55%
for the first session of the
Prices for lead and zinc are the official buyers' prices
is
buyers'
London Metal Exchange; prices for copper and tin are the official closing
a
of the industry's capacity.
of importance
but
where
has been
All are in pounds sterling per long ton (2,240 lb.)
prices.
insignificant,
district,
The change in the
fact
the
been
have
operations
is
that
for
steady
average
the Birmingham
in
several
weeks, there
drop of three furnaces, reducing the rate from 72% to 60,%%,
while in Detroit, where buying by the automobile industry has been below
expectations, one plant has reduced to 10 open hearths
Weekly Coal Production Statistics
While Pittsburgh district operations remain steady at
weekly, report of the National Bituminous
The current
coal in the week ended March 18 is
estimated at 7,670,000
net tons.
Compared with the output in the preceding week,
this shows
a
Production
decrease of 330,000 tons, or 4.1%.
week of 1938 amounted to 5,814,000
the corresponding
in
-tons.
1937-38.
;
production in Pennsylvania for the week ending March 18
is estimated at 791,000 tons, or 131,800 tons per working
day, an increase of 22,000 tons, or nearly 3%, when com¬
pared with tonnage in the preceding week.
In comparison'
with the week of March 19, 1938, there was an increase of
than 29%,
53% and the St. Louis district has dropped sharply
V
:,v
Partly offsetting these losses
point to 51%.
up one
:
'
would
track
rails,
be
than
lower
they
ments and are subject to
carloadings and river ship¬
receipt of monthly tonnage reports from district
revision on
and State sources or of final annual returns from the
placed during the past two
accessories,
car
operators.]
:
Stale
•
1
1,.
1
,
L
II. .11
"
l
-
I..1
l)j
11.
'
-
'■
_
^
ll.ltp
| 1 1
expand in the degree
that had been expected by
to
many in'the trade, there
possibly bringing
the first quarter.
improvement
some
over
fairly good showing,
a
A mixed trend has developed in the scrap markets.
A slight easing in
the price for No. 1 heavy melting steel at Pittsburgh has brought a reduc¬
tion of 12c. a ton in the
The
sumers.-
there, but this is
Philadelphia situation has been
shipments
export
average
more
than offset by an
advance of 25c. at Philadelphia, reflecting small purchases by con¬
average
than
as
to
purchases
no
greatly influenced by
more
by domestic demand.
Negotiations with
repre¬
Scrap Convention, who are in this country,
conclusion, being held up, it is said, by a difference in
"The Japanese, however,
price.
soon.-
Though
1
9
Awe.1
1929
1937
1938
1923e
3
2
225
by
312
392
423
46
129
77
181
195
s
.
from
consumers
coverages
'
8
panies may require only fill-in lots.
45
56
154
96
156
1
1
1
1
1,106
699
1,571
1,170
396
....
Iowa
443
293
502
401
575
only about 12,000
98
122
total only 15,400 tons,
157
144
tons for two
1,684
,
95
97
65
162
94
183
617
719
498
883
935
560
159
203
153
264
302
215
30
30
26
39
58
52
...
Maryland
■■
pronounced in sheets
up
.
1939 models.
Some other Com¬
Buying of steel for try-out
runs
on
1940 models is not expected before May.
s
119
Kentucky—Eastern
Western
8
119
....
Kansas and Missouri...
more
result of inventories built
a
made last fall at low prices is not clear
sufficient steel to complete their runs on
993
Illinois..
probably been
Whether this is
strip than elsewhere.
23
Georgia and North Carolina.....
expected to make further
are
plentiful at some points, particu¬
At least two automobile companies in the Detriot district appear to have
2
274
...
more
figure since October, 1937.
The sagging of steel orders has
and
'
2
..
is
scrap
larly Chicago and Youngstown, prices have not eased except at Pittsburgh.
134
Arkansas and Oklahoma.
Colorado
and tin plate, is a,
will make
Mar.
4 Mar. 12 Mar. 13 Mar.
1939p
1939p
.....
Alabama
Indiana
Mar.
269
Alaska
three months, particularly in
or
Because of the rise at Philadelphia, the "Iron Age" scrap composite price
~L-
v
Mar A1
tl
business
Despite the discouragement4 caused by the failure of steel business
Week Ended—
„
volume of
material, structural steel
is up 12c. to $15.29, the highest
'
However, the
are.
sustaining factor in operating schedules.
views
(In Thousands of Net Tons)
„
>
•
:
If the steel industry were solely dependent on current buying, operating
rates
have reached
[The current weekly estimates are based on railroad
.
■
gains in the Wheeling-Weitron area,
are
11 points to 76%, and in the Youngstown district, which is
sentatives of the International
WEEKLY'PRODUCTION OF COAL, BY STATES
ESTIMATED
of 16 available.
52.%, the Chicago
is still confidence that the second quarter
reported that anthra¬
The United States Bureau of Mines
\
-A, ■'■;■■■.
which is up
cite
more
■
.
'.V.-
•
45%.
to
~
that has been
1 •
production of soft coal in the present year
to date is 9.3% below that in the same period of the 1937-38
years; cumulative production of hard doal, 12.3% below that
Cumulative
in
is two points lower at
reported that the total production of soft
Coal Commission
out
district has dropped three points to 53% %, the Cleveland-Lorain district
New structural steel work this week is in light volume, awards totaling
tons,
taking
none
much
as
of which 3,000 tons is for
brook, N, Y., and
1,000 tons for
a
1,000 tons.
as
Inquiries
school in Chicago, 2,500
a
bridges at Pollock, Cal., 1,200 tons for
an
infirmary at Willowin Chicago.
pumping station
Rein¬
forcing steel lettings of about 11,000 tons include 2,600 tons for work at
Michigan
6
5
14
28
14
32
Grand
Montana
59
64
40
63
76
68
W.
New Mexico
25
26
20
41
54
53
North and South Dakota
57
57
38
42
831
s34
457
450
363
645
410
740
1,934
1,880
1,527
2,855
2,772
3,249
96
Ohio."..
Pennsylvania bituminous
111
71
139
112
118
Tennessee
16
Texas
13
14
23
19
68
39
101
101
68
262
235
318
263
230
Virginia
36
35
26
39
51
1,560
1,338
2,091
1,892
546
45°
760
689
112
Qso
131
132
1
1
s4
s7
8,442
6,439
1,012
11,348
10,447
915
1,028
1,176
10,764
2,040
8,769
9,357
7,451
12,374
11,623
12,804
a
low point, though a
*
Other Western States.c
—
Total, all coal
reaffirmation of prices on bolts, nuts and rivets,
set
cap
screws
Includes operations on the N. & W., C. & O., Virginia,
with stove bolts and
up¬
prices of reinforcing
slightly higher, and a firming up in
bars in several markets.
THE
"IRON AGE"
COMPOSITE PRICES
Finished
Mar. 28,
One week ago
1939, 2.286c.
a
Steel
(Based on steel bars, beams, tank plates.
2.286c.-!
wire, rails, black pipe, sheets and hot
Lb.
.
2.286c.
One year ago
2.512c.(
rolled strips. These products represent
85% of the United States output.
High
2.512c.
2.512c.
2.249c.
2.062c.
1938
K. & M., B. C. & G.;
and on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest of State,
including the Panhandle District and Grant, Mineral and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
p Preliminary,
s Alaska, Georgia, North Carolina, and South
Dakota included with "other Western States."
* Less than 1,000 tons.
a
Engineers at Huntington,
considerable number of cars are pending.
One month ago
Total bituminous coal
Pennsylvania anthrac ite. d
S.
Price developments include an advance of $2 a ton on lawn fence, the
136
2
769
Wyoming
U.
.
717
8,000
...
1,440 tons for
1,172
542
105
Virginia—Southern .a
Northern-b
Dam and
Buying of rails and rolling equipment by the railroads has dropped to
74
1,495
Washington
West
17
73
239
Utah
Coulee
Va.
1937.
1936
1935
1934
1933
1932
1930--..-.
1927
2.118c.
1.953c.
-—.1.1.915c.
-2.192c.
2.402c.
.......
....
Low
May 17
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Sept. 6
Jan.
7
Jan.
4
2.211c.
2.249c.
2.016c.
2.056c.
-
10
Jan.
8
1.945c.
Jan.
2
1.792c.
"
Mar
May
1.870c.
1.962c.
Mar. 15
2.212c.
Nov.
Oct.
Mar.
Oct.
8
2
2
29
1
Volume
1199337625
Financial
148
Chronicle
Pig Iron
Mar. 2S, 1939, 520.61 a Gross Ton
One month ago—
furnace and foundry Irons at Chicago,
20.61
Philadelphia,
23,251
One year ago
1199338764
In most other districts business shows little change from the volume a
(Based on average of basic iron at Valley
$20.61)
One week ago
Buffalo,
and
Valley
Low
June 21
$19.61
16
Mar.
9
20.25
Feb.
19.73
Nov. 24
18.73
Aug. 11
18.84
Nov.
5
17.83
May
17.90
27
Dec.
6
Jan.
7
15.90
Dec.
Jan.
4
17.54
Nov.
/
»
Based
1
stances
V '
"
latest
No.
on
1
heavy
melting
1939.
——
to
a
received
—
1935---
peak for the
an order
has
from
Action still is
railroads.
,
.
June
Nov. 16
Dec. 21
12.67
June
Dec. 10
10.33
Apr. 23
portant outlet for heavy steel products.
13.00
Mar. 13
9.50
Sept. 25
be required for a
1927
8
Aug.
6.75
Jan.
-
Jan.
12
6.43
July
18
11.25
Dec.
9
Jan.
17
13.08
while
5
Feb.
15.25
-
concrete
3
8.50
Nov. 22
The American Iron and Steel Institute
March 27
on
1938—
1938—
an¬
Mar.
of the
Mar. 21Mar. 28-
tons
steady,
one
17- —49.4% Jan.
16.
.52.7%
24.. .—53.7% Jan.
23.
.51.2%'
31-.
56.8% Jan.
30.
.52.8%
higher.
.61.0% Feb.
6.
.53.4%
to
Feb.
13.
.54.8%
Nov. 21— u—61.9% Fcb.
20.
Aug.
1—
Aug.
8—
Nov.
7..
—
Nov. 14.. .-62.6%
39.8%
39.4%
57.6% Mar. 13Mar. 20.
6— .„39.9%
Dec.
.
19—
Dec.
-,-51.7%
a
ago.
Mill quotations generally are
Responsible for the lower output
a year ago.
Chicago
56 A,
at
Birmingham at
78,
are
less buoyant in certain areas, but prices are steady or
in
S.
Steel is
week
estimated at better than
before and 5214% two weeks
54M%. against nearly 55% in
beading independents are
ago.
57%, compared with 56A% in the preceding week and 57M%
two weeks ago.
letdown
in
immediately.
operations
better business next
hand and in prospect to
,
fact,
In
The
Demand
with
but hesitancy is noted in
directions,
some
others, and ingot production has slipped one point to 55 A%•
is at
following table gives
some
producers
quarter than during the current period.
look
Industry
for
Production
1939..
—
—.
—
1938,
;
steel
markets
is
attributed
In spite of this, activity in Eastern
to
V„i
not
and is
At the
same
56 K
76
+2
95^
The Week with the Federal Reserve Banks
+ 1
A
—1
54
—3
A,
+3
69
+1
97 A
+
K
93 K
■
90
'
96
Banks in
+1
—
—
79A
,84
2A
New York
+1
A
+
—
2A
City and
Below is the statement of the Board of Governors of the
Reserve System for the New York City member
•
Federal
banks and also for the
Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
000 in
IN CENTRAL RESERVE CITIES
,
'
•••.', .'■■■■
(In
Millions of Dollars)
——-New York City
■
.
.
Chicago—:
—
Mar.29 Afar.22 Mar.30 Mar.29 Mar.22 Mar.30
-
,
.
1939
Assets—
on pages 1908 and 1909.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
—IK
23 A,
Chicago—Brokers' Loans
other Federal Reserve accounts and increases of $85,000,000
in gold stock, $5,000,000 in Reserve bank credit and $3,000,-
found
15
+1A
—1
,
83
"
—2
-90
Returns of Member
The statement in full for the week ended March 29 will be
15M
85
.
...
51A
'
—2
—
».
+6 '
—1
46
J
—1'
55
',
63
—1A
41
25
1928
During the week ended March 29 member bank reserve
balances increased
$136,000,000.
Additions to member
bank reserves arose from decreases of $21,000,000 in Treas^
ury cash, $21,000,000, in Treasury deposits with Federal
Reserve banks and $7,000,000 in non-member deposits and
week.
43 A
+1
1927........
Treasury currency, offset in part by an increase of
$7,000,000 in money in circulation.
Excess reserves'-of
member banks on March 29 were estimated to be approxi¬
mately $3,520,000,000, an increase of $160,000,000 for the
54
~1A
—1
1929
giving tangible evidence in ah iiicreasing amount of small industrial
construction programs.
A
+A
—1
1930...,,—.......
time private industry is busibr
+
34
93
15
...
57
+2
+3
+11
24
•
.
\
86
,
1931.,..
only builders of heavy machinery but also smaller companies. such as
makers of light stampings.
.
47
1933
1932
Independents
1
A
—
34
1
+8A
'
45
..
1934
markets is tending to expand.
This reflects partly the Government rearmament program which is aiding
ments.
+1
59
—
__
+1
90
1935.
foreign develop¬
54 H
34
Steel'
U.S.
:
se
—
1936
and the automotive industry will also provide considerable support.
in
k
.
the nearest corresponding week of previous years, together with the
1937
unsettlement
:
•
comparison of the percentage of production
approximate changes, in points, from the week immediately preceding;
'
while requirements of building and engineering construction, shipbuilding,
Some
a
prevent any marked
of rails and tin plate will help to sustain steel making in April and May,
.
composite 8 cents
scrap
.
gains
55,
at
The finished steel composite is unchanged at $56.50.
credited with
'
Steel business this month has, fallen short of expected levels.
business
Cincinnati
57H'» Youngstown at 54, eastern Pennsylvania at 40, and
.
U.
Cleveland, in its suntmary of the iron and
steSel markets, on Mareh 27 stated:
'
further small
bolts and
on
drop in steel ingot production leaves output well
ingot production for the week ended March 27, is
placed at 56% of capacity, unchanged from the previous
week, according to the "Wall Street Journal" of March 30.,
Two weeks ago the rate was
55lA%The "Journal" fur¬
ther reported:
'
of
Sufficient
Scrap exports
slightly ahead
Steel
the
shows
are
simplified list of discounts
new
An advance in the East has raised the
$15.04..
13— —27.1% Sept. 20.. .i_46.7%
"Steel"
at
Scrap markets
6— —.26.2% Sept. 19L. —47.3%
June
—
6.
year
a
New England at 65.
.56.1%
12-
Dec.
St. Louis
.55.4%
60.7% Feb. 27.
—
5.. -'-59.9% Mark
Sept.12.. —45.3%
June
.51.7%
26— .—38.8% Mar. 27.
Nov. 28_.
Dec.
Sept.
.50.7%
.53.7%
.55.8%
.55.1%
-55.7%.
Aug. 15- .—40.4%
Aug. 22.. —42.8%
Aug. 29— —44.0%
203,850 tons
Minor revisions have been made in warehouse prices
35% prevailing
included
Oct.
July
and
Feb-'
134,777 tons, compared with
Buffalo increased 4 points to 37A %. while other districts were unchanged.
Oct.
..,—
barges involving 5,800 tons.
totaled
scrap,
im¬
an
were reductions of 2 points to 48% at
Pittsburgh, 10 points to 63% at
Wheeling, 2 points to 52H at Cleveland, and 4 points to 72 at Detroit.
Oct.
—
January
change being
ahead of the
32.3%
July
excluding
Last week's one-point
18«. .-".36.4%
25— .j.37.0%
11-
——35.7% July
continues
which bids recently were take
This results in little variation in net prices from former levels.
nuts.
Oct.
4—.,—32.6%
Apr. 11—...32.7%
Apr. 18
.32.4%
Apr.'25
32.0%
May
2
30.7%
May
9
30.4%
May 16.
30.7%
May 23——29.0%
May 31—.—26.1%
in
February rate.
...28.0%
Apr.
also
About 13,000 tons of steel will
on
and quantity differentails in some districts.
These
9.
Shipbuilding
Warehouse sales of steel products so far this month
32.1% June 27_. —28.7%
5- —22.4%
33.7% July
Mar. 14
markets.
airplane carrier
declined from 93,096 tons in January to 90,136 in February.
Oct,
2.
bar
navy
shipments,
134,788
1939—
3— --47.9% Jan.
10- —61.4% Jan.
reinforcing
St. Louis barge line has ordered 15
a
ruary
96% of the steel capacity of the industry will be 56.1% of
capacity for the week beginning March 27, compared with
55.4% one week ago, 55.8% one month ago, and 35.7% one
year ago.
This represents an increase of 0.7 point, or
1.3%, from the estimate for the week ended March 2Q,
1939.
Weekly indicated rates of steel operations since
March 7, 1938, follow:
7——29.9% June 20-.
'
Steel exports are steady but are lagging behind the 1938 volume.
nounced that telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having
1938—
the
on
.
Public building projects still figure prominently in structural shape and
9
15.00
-
was
little'new
awaited
.
11.00
—
-
35,230; Chrysler
fairly large volume of equipment by various
a
12.92
12.25
1932
1930
This
17.950 units to
from the Wabash for 7,500 tons of rails,
appeared
Mar. 30
-
gain of 2,675
20,825; while all others curtailed from 11,690
13.42
-
assemblies
car
a
10,995.
roads.
9
Ford from
36.515 to
Nov. 22
—r__r_.
—
by
dropped from
contemplated purchase of
31
increase
an
Motor
89,400 units,
than 57% larger than a year ago.
more
from
Motors
year at
17.75
—
—
—
of
boxes
The business is said to have been
21.92
-
5,000,000
industry continue small in most in¬
15.00
-
for
contract
a
parts makers are more active.
new
resulted
Except for
"
$14,875 Jan.
7
some
General
business
Low
requirements of packers are
the next five years to American Can Co. of
automotive
practically unchanged at
steel
,
High
$15.17
Mar.
has
over
preceding week and
upturn
22,350.
'
■
the
over
13.17v
'
although
,
last week reached
quotations at Pittsburgh, Philadelphia
and Chicago.
15.08
;
,T
'
3
producer
Steel orders from the
16
$15.17
One year ago__
•,
Jan.
13.56
slowly than was antici¬
more
can
obtained in the face of keen competition from mills in this country.
Steel Scrap
,
Mar. 28. 1939. 515.29 a Gross Ton
One week ago
V
Jan.
13.56
5
19.71
1927
16.90
5
Jan.
18.21
1930
May
Dec.
1
16.90
14.81
English
Canada, according to foreign reports.
14
1934
60% and
up to
for additional increments in coming weeks.
on
plate for delivery
6
23.25
-
One month ago
counted
tin
July
Tin plate demand has improved
pated, but production is
An
High
523.25
11
month ago.
Southern iron at Cincinnati.
1938
1879
$
1939
$
1938
$
1939
1938
1939
$
$
$
Loans and investments—total
7,895
7,942
7,576
1,974
2,091
1,883
Loans—total
2,864
2,896
3,158
541
529
614
1,360
1,366
1,649
363
355
416
Commercial,
agricultural
industrial
and
loans
>'
Mar.
Bills
discounted.
Bills
bought
advances
or Decrease
Since
1939 Mar. 22, 1939
(—)
Mar. 30, 1938
-9,000,000
3,000,000
-
1,000,000
U. S. Government securities
Industrial
29,
(+)
(not
118
119
150
15
16
25
Loans to brokers and dealers..
611
644
542
32
30
34
190
190
205
70
68
Real estate loans
108
108
119
13
13
77
75
66
loans
400
394
427
bills
68
Other loans for
carrying
Other
Treasury
2,564,000,000
purchasing
or
securities
notes
United States bonds
—3,000,000
14,000,000
—4,000,000
+ 5,000,000
+ 3,000,000
2,578.000,000
--15,160,000,000
+ 5,000,000
—9,000,000
Obligations fully guaranteed by
United States Government
Gold stock
Treasury
Money in circulation
Treasury cash
+85,000.000
-
-
;
Treasury deposits with F. R. bank..
Non-member deposits and other Federal Reserve accounts
212
664
240)
210f
664
-
—
56
896
j
Res. banks..
434
109
124
91
1,182
1,155
325
324
282
4,390
4,282
2,958
708
672
543
1.054
1,052
+ 2,366,000,000
+157,000,000
Cash in vault
55
24
25
22
Balances with domestic banks..
128
92
76
154
193
84
Other assets—net
392
386
476
50
49
53
7,135
6,958
6,100
1,265
1,439
1.110
629
620
648
.471
472
465
111
113
•288'
83
83
116
+ 3,000,000
6,765,000,000
+ 136,000,000
+ 7,000,000
2,722,000,000
—21.000,000
1,201,000,000
—21,000,000
+ 909,000,000
—7,000,000
+184,000.0 00
+ 436,000,000
—829,000,000
55
53
Liabilities—
Demand deposits—adjusted
Time
,
762,000,000
2,829
12
47
+1,813,000,000
2,837,000,000
9,125,000,000
currency
Member bank reserve balances
Reserve with Fed.
48
~
1,186
Other securities
Tota» Reserve bank credit
749 y
1,975j
71
»
_
123
88)
742
J.981
Treasury
Including
$13,000,000 commitm'ts—Mar. 29)
Other Reserve bank credit
Open market paper
Loans to banks.
Increase
deposits
United States Govt.' deposits.
-
1880
Financial
-New York City-
Chronicle
-Chicago-
Chilean
Apr// 1,
Senate
Mar.29 Mar.22 Mar.30 Mar.29 Mar.22 Afar.30
1939
1939
1938
1939
1939
1938
Liabilities—
l
$
$
I
$
Reconstruction Bill
*
The Chilean Senate
Domestic
banks.
2,651
2,724
1,966
806
754
...
540
544
312
10
10
8
—
314
"314
361
17
"l5
18
1,480
1,482
1,476
258
257
242
.
Foreign banks.
614
Borrowings
11
Other liabilities...
Capital account—
the
All companies employing less than
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
week,
same
instead of
being held
Approval of the project came during Senate consideration of the bill,
article by article, after the measure had passed the first reading yesterday*
until
The
the following
Monday, before which time the statistics cov¬
body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
the
ering
Federal Reserve
profits tax, according to his proponents, would
but
operations,
and
be
levied
a
on
tax
estimated at
The
Senate
already
has passed the
measure,
>■
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
The condition
cities
ing
March
statement
shows
the
weekly reporting member banks in 101 lead¬
following
Decreases
22:
of
$85,000,000
securities,
City
of
principal
$81,000,000
in
in
changes
loans
balances
reserve
to
with
the
for
brokers
week
and
Federal
Commercial,
industrial
brokers
to
and
and
agricultural
dealers
in
securities
loans
increased
decreased
..."
•
district, and $53,000,000 at all reporting member banks.
Hold¬
States Government bonds increased $37,000,000 in New
York City, $16,000,000 in the Cleveland district, and $50,000,000 at. all
member
States
banks.
Holdings
Government
increased
of
obligations
$15,000,000 > in
$13,000,000 at all reporting member banks.
increased
$20,000,000
in New York
banks.
member
Demand
trict,
As
United
United
By
York
and
4
:
$89,000,000
in
member
banks.
Deposits
credited
banks
March
A
may
■
..
Loans
1939
Increase
(+)
Decrease
or
or
Mar. 15, 1939
re¬
(—)
Mar. 23, 1938
■
andfinvestments—total....21,742,000,000
—80,000,000
4-830,000,000
8,209 000,000
—72,000,000
—596,000,000
3,805,000,000
310,000,000
4-11,000,000
794,000,000
—81,000,000
530,000,000
1,136 000,000
Loans to banks........i..
:
90.000,000
Other loans
1,544,000,000
Treasury bills
434,000,000
Treasury notes........ 1.999,000,000
—1,000,000
—78,000 000
4-7~,bbb"666
r—12,000,000
4-3,000,000
4-31,000,000
Loans—total....
Commercial, industrial and agri¬
cultural loans
Open-market
Loans
to
paper.
Other
addi¬
In order that bondholders who may have had
to the ultimate success of the committee's suits against
still deposit
their bonds,
27 to April
have extended the
we
15, 1939."
„■
.
,
.
the city
period for deposit
■
;
loans
for
.'
Securities
and
ODD-LOT STOCK TRANSACTIONS OF ODD-LOT DEALERS AND SPECIAL¬
ISTS
ON
THE NEW
YORK STOCK EXCHANGE—WEEK ENDED
—501,000,000
MARCH 25, 1939
—112,000,000
-'"A
purchasing
4-73,000,000
SALES
or
■
carrying
securities.
Real estate loans......
'
—8,000,000
United States bonds
by
States Government.
2,036,000,000
.
3,259,000,000
7,379,000,000
416,000,000
Reserve with Fed, Res. banks....
Cash in vault
PURCHASES
{Customers' Orders to Buy)
{Customers' Orders to Sell)
No. Ord.
Mar. 20____
...
6,607
Shares
4-13,000,000
4-21,000,000
4-14,000,000
—87,000,000
245,959
5,158
137,474
$6,450,501
123,485
9,230
Mar. 24 & 25.....
6,909
Total for week..
+ 1,606,000,000
+ 100,000,000
Balances with domestic banks.... 2,572,000.000
4,581
Mar.'22-.w.'L...x,..
4-870.000,000
+ 194,000,000
—85,000,000
Value
174,968
Mar. 21...
4-362,000,000
United
Other securities
'
Mar. 23..........
—53,000,000
4-50,000,000
5,805,000,000
.....
Obligations guaranteed
i'
■
Trade Date
—30.000,000
.......
"
...
brokers and dealers in
securities—.J...
*'
share of
excellent precedent has been estab¬
>
Since
Mar. 22,
$
•
an
the prior
have been
Exchange Commission
made public a summary for the week ended March 25, 1939,
of the corrected figures on odd-lot stock transactions of
odd-lot dealers and specialists on the New York Stock
Exchange, continuing a series of current figures being pub¬
lished weekly by the Commission.
The figures for the week
ended March 18 were given in our March 25 issue, page 1724.
The data published are based upon reports filed with the
Commission by odd-lot dealers and specialists.
porting member banks, together with changes for the week
year ended March 22, 1939, follows:
•
We feel that
On'March 30 the
and the!
Assets—
as
our pro rata
Odd-Lot Trading on New York Stock Exchange During
Week Ended Mai ch 25
:
of the principal assets and liabilities of
:
immediately apply for collection of
decreased
weekly reporting member banks amounted to $1,000,000
22.
summary
as
from March
$108,000,000 in New York City and $156,000,000 at all reporting member
Deposits credited to foreign banks increased $40,000,000 in New
York City. •
on
and judgments, as soon
y
banks.
Borrowings of
can
tionally deposited bonds.
the
domestic
to
attachments
lished in regard to other suits which we may institute with respect to
doubts
Chicago dis¬
$34,000,000 in the San Francisco district, and $167,000,000 at all
reporting
we
the pledged revenues.
Holdings of "other securities"
.
of these
result
satisfied,
City and $21,000,000 at all reporting
deposits—adjusted decreased
a
attachments obtained in respect of pending coupon collections
the
City
guaranteed
New
7%
on
the committee states:
Francisco
reporting
Payment
March 29 announced, in connection with its actions
against the municipality concerning $1,014,000 of these
bonds, the receipt of advices that attachments and final
judgments have been granted for the entire amount for
which suit was brought.
In a letter sent to bondholders
Holdings of Treasury bills decreased $40,000,000 in the Chicago district
$39,000,000 at all reporting member banks.
Holdings of Treasury
notes decreased
$17,000,000 in New York City, $10,000,000 in the San
of
for
on
and
ings
(Argentina)
:
City of Cordoba "(Argen¬
tine Republic) 7% external.sinking fund gold bonds of 1927
due Aug. 1, 1957, headed
by Fred J. Young as Chairman,
New
in
Cordoba
of
including the cPpper-
P-,
The bondholders committee for
$11,000,000.
$71,000,000
York City and $81,000,000 at all reporting member banks.
copper
^
in
banks,
$87,000,000 in balances with domestic banks, $167,000,000 in demand
deposits—adjusted, and $156,000,000 in deposits credited to domestic banks.
Loans
as
$$,000,000
External Gold Bonds of 1927—Time for Depositing
Bonds Extended to April 15
ended
dealers
Reserve
aa well
between
changes in the bill must be approved by the Chamber of
which
export tax.
of business March 22:
n<)t affect nitrate
profits .from iron
was
$5,000,000.
Deputies,
System respecting the
would
Revenue from such
mining.
entire
of Governors of the
200 workers would bh exempt from
payment ,of the profits tax.
taneously with the figures of the Reserve banks themselves
covering the
Government's
earthquake reconstruction-national deThe committee eliminated the export levy
from the measure on March 21, as was reported in our issue
of March 25, page 1723.
United Press advices of March
30 from Santiago added:
Reserve
and
on
velopment bill.
Returns of Member Banks of the Federal
System for the Preceding Week
Complete
_
March 30 approved a 10% tax on
profits from mining operations as proposed by the Finance
Committee last week to replace the export tax bn copper in
deposits:
inter-baiiK
1939
Approves 10% Mining Profits Tax in
32,485
No. Ord.
5,953
Shares
154,808
'
-
Value
$5,443,346
4,617,564
3,847
95,457
3,456,618
7,887,965
6,414
184,719
6,055,422
4,774,704
110,616
6,961,598
4,104
5,502
3,637,434
4,879.204
867.851 $30,692,332
25.820
185,965
-
140,250
685.8*0 $23,463,024
+ 627,000,000
'f» Liabilities—
Demand deposits—adjusted.
15,976,000,000
Time"deposits...........
5,212,000,000
United,States Government deposits
630,000,000
...
—167,000,000
+ 14,000,000
—3,000,000
—67,000,000
—156,000,000
+ 39,000,000
+1,316,000,000
+ 258,000,000
Inter-bank deposits:
j- Domestic banks
6,501,000,000
612,000;000
1,000,000
Foreign banks.......
Borrowings
Exports from Memel Territory
Duties
Rules
Member
+1,675,000,000
—19.000,000
to Be
Subject to German
Customs
New York Stock and
New
York
during the week ended March 11 in trading
foi: the account
of all members, except odd-lot dealers, in relation to total
trading, was made known by the Securities and Exchange
^Commission yesterday (March 31). During tbe same week,
however, the percentage of trading by members of the New
on
the New York Stock Exchange
"
,
of
on
Exchanges During Week Ended March 11
An increase
in stocks
+ 1,000,000
Commissioner
Trading
Curb
4*
.-v-^irk Curb Exchange for their own account to total transac¬
Moyle, Comtuissioner of Customs,
tions was below the previous week ended March 4.
sent a telegram to all United States Collectors fo
Customs,
During the week ended March 11, according to the SEC,
advising them that since the Lithuanian Government has'
j+the total roundlot volume of trading for the account of
eeded the territory of Memel to
Germany they should regard
members of the Stock Exchange was 2,542,985 sliares,
products exported from thif area as products of Germany
which was 21.12% of total transactions on the Exchange of
for determining applicable rates of duty.
6,019,850 Shares. In the preceding week ended March 4 the
The following is the telegram sent on March 24 to all
Stock Exchange members' transactions of 2,066,785 shares
United States Collectors of Customs:
was 20.27% of total trading of 5,096,810 shares.
On the
Treasury Department today advised by State Department that it has
Curb Exchange, member trading for their own account
been informed by the Lithuanian Minister that his Government has for¬
during the week ended March 11 was 408,315 shares, or
mally ceded the Memel Territory of Lithuania to Germany and State
19.04% of total trading of 1,072,270 shares; This compares
Department accepts such transfer as a fact.
Products of the area men¬
with a percentage during the previous week of 19.47%,
tioned exported from any country on or after March 25,
1939, shall be
member trading during that week having amounted to
regarded as products of Germany for the purposes of the marking pro¬
On March 24 James H.
,
visions of the
duty.
Tariff Act of 1930 and for
determining applicable rates of
Give importers all possible notice.
Customs
Apply provisions Article 822 (e)
Regulations 1937 in determining dates exportation.
JAMES
H. MOYLE,
Commissioner of Customs.
Reference to similar action taken
by ?the Customs Depart¬
regard to products shipped from the
former territory of Czechoslovakia was made in our issue
of March 25, page 1730.
ment last week with
370,245 shares and total volume to 950,920 shares.
The data issued by the SEC is in the series of current
figures being published weekly in accordance with its program
embodied in its report to Congress in June, 1936 on the
"Feasibility and Advisability of the Complete Segregation of
the Functions of Broker and Dealer."
The figures for the
week ended March 4 were given in our issue of March 25,
page 1723.
The Commission, in making available the data
for the week ended March 11, said;
Volume
148
Financial
The data published
Chronicle
based upon weekly reports filed with the New
are
2.
1881
The amount of fee paid by a member of such service, where such
York Stock Exchange and the New York Curb Exchange by their respective
service Is not prepared by
members.
service rendered and based
These reports are classified
follows:
as
New
York
New
York
Stock
Curb
Exchange
Exchange
,
Total number of reports received-....
1. Reports showing transactions as specialists......
floor
on
1,079
3.
105
cost
the
261
59
3. Reports showing other transactions initiated offJthe
floor...........
Z...r~\302
117
4. Reports showing
580
transactions...........J......
490
as well as
If such service is furnished
a
non-member free of
on
a
fee basis, the fee
The fee for investment
advisory service may be based
on a percentage
Different fees may be charged to different customers for the
more
Where
member furnishes
a
a
.
York
.
.
stock exchange for
same
or,
statistical or Investment advisory service
a fee, said fee may be waived or remitted
between them to compensate for commissions received.
at times, a single reportmay
carry entries in more than one classification.
of
equivalent statistical service.'
to another member for
classifications may total
received! because,
stock transactions on the new
fee basis.
profits realized.
those of the specialist.
various
on a
stated annual or
the principal amount of the funds Involved but may not be based upon the
in stocks in which they are registered are not
strictly comparable with data similarly
designated for the New York Stock Excham
since specialists on the New York
Curb Exchange perform the functions of
New York Stock Exchange odd-lot
The number of reports in the
than the number of reports
or
a
"N-*«
Such service may be furnished by a member to
non-member.
Note—On the New York Curb Exchange the round-lot transactions of specialists
dealer,
comparable fees charged by other organiza¬
may be adjusted in accordance with commission business received from the
.....
no
the member, shall be commensurate with the
on
similar services, and shall be on
same or
other periodical basis.
819
208
....
2. Reports showing other transactions initiated
tions for the
4.
A commission of
fixed proportion of the fee received
a
or
adjusted
by the member
from, the non-member may be paid to employees of the member.
5.Occupancy of a member's quarters by a non-member engaged in the
account of members* (shares)
business of rendering any type of statistical or investment advisory service
Week Ended March 11,1939
is in contravention of the office space rules of the Committee oh Member
Total for
Per
Week
a. Total round-lot volume........
:
.
furnishes statistical
or any
617,810
adyisory service,
»
.
*'
New. York Stock* Exchange
Restrictions
10.07
investment
full description of such facts shall be made to
♦
1,212,920
/
or
of his partners is substantially interested in any
a
595,110
............
...............
on
Postpones Rule Placing
Margin Accounts
MeitiberV
_
2. Other transactions Initiated on the
Sold....
Total
The New York Stock Exchange antLOi^need on March 25
that the effective date of the rule designed to restrict mar¬
floor—Bought433,800
461,580
.......
Total—...............r........
—
—
Total...
215,195
219,490
...
1,244,105,
1,298,880
...
1....
...
8.61
434,685
.......
4. Total—Bought—.......
Sold—
7.44
895,380
.........
.....
3. Other transactions initiated off the floor—Bought..
Sold...
..........
gin trading of members has been postponed from April 1,
as originally planned, to about July 1.
The Exchange ex¬
plained that in their 15-point program to afford additional
protection to the public, adopted by the Board of Governors
last October, the section dealing with members' margin
accounts was only a statement of policy.
The announce¬
ment of the
21.12
2,542,985
Section
of specialists and
odd-lot dealers:
■
1. In round lots—Bought
140,500
185,660
—
Sold.-..
......
the Exchange Program to .Afford Additional Protection
Public in Its Brokerage Dealings with Member Firms, adopted by
the Board of Governors on Oct. 26, 1938, reads as follows?
"After April
members of
terms
2.71
——j..—326,160
Exchange in the matter follows:
VIII of
the
to
C, Transactions for the odd-lot accounts
Totals.....
organization in which the member or any of his
or any
an interest
customers who subscribe to the service.
„
...
member
a
security recommended,
1. Transactions of specialists In stocks in which they are
Total.
If
apd the member
transactions for account of members (except
transactions for odd-lot accounts of specialists and odd-
registered:)—Bought..
Sold
6.
partners have
B. Round-lot
lot dealers):
Firms (Directory and Guide page G—342).
"Cent a
6,019,850
.......
....
1, 1939,
no member firm carrying
margin accounts for others than
national securities exchange or registered brokers or dealers, as the
and registered 'broker' and 'dealer; are defined in the Securities
a
'member'
Exchange Act of 1934, and
no
general partner of any such firm,
shall trade in
margin accounts with their
2. In odd
lots—Bought
Sold
801,453
762,719
...
Total——
....
i
carry securities nor embrace such activities as underwritlngs, &c.
Appropriate,
exemptions to the rule will be considered for certain types of transactions by members
1,564,172
.....
on
STOCK TRANSACTIONS ON THE NEW YORK CURB EXCHANGE FOR
ACCOUNT OF MEMBERS* (SHARES)
Per
Week
Centa
-
A.
Total round-lot volume
B.
Round-lot transactions for account of members:
1. Transactions of specialists in stocks In which they are
1,072,270
......
......
was
policy.''
statement of
a
Board
Governors
To effectutate the policy the adoption
implementing rule is required.
No
The effective date of such rule
in the original program.
However, it is now expected that- an appropriate rule to effectuate the
policy described above will be adopted by the Exchange to. be effective on
or before July
1, 1939.
A reasonable period of time will be provided,
such
Total for
registered—Bought^
the noor."
This
by the
Week Ended March 11,1939
*
own firm or with any other member firm.
This pro¬
will not prevent the obtaining of bank loans with which to purchase or
hibition
rule
will
not
has
of
be
of
an
yet been promulgated,
as
April
1,
1939,
as
contemplated
.
between
121,815
152,065
i........
Sold
A. general
was
Total.
273,880
12.77
35,585
33,510
Sold-.
the promulgation
of the rule and its effective date,
■
of the program adopted last October
issue of Nov. 5, page 2806.
summary
given in
our
Amendments to New Rules Under Section 17
(c) of the
Holding
Sold
—
Total—..—.—
4. Total—Bought.
Sold—
—
29,310
36,030
...
i.——
—
221,605
..
'
i
19.04
408,315
^
i
Securities and Exchange
Commission on March 24
adoption of several minor amendments to the
Public Utility Holding
Company Act of 1935, which were announced March X;
1939. The new rules, as amended, go into effect on April 1.
In part, the Commission's announcement said:
announced the
new
Total....
'
The
3.05
65,340
....
Company Act Adopted by SEC-—Affects
Interlocking Relationships of Directors,of Holding;
Companies
3.22
69,095
rules under Section 17 (c) of the
.
Odd-lot transactions for account of specialists—Bought...
sold
C.
92,310
67,558
—
Section 17 (c) of the Act makes It unlawful for a Registered
pany or any
Total—........—_'.T.....
♦The term
"members"
159,868,
includes all Exchange members,
their firms and their
partners, Including special partners.
a
Shares in members* transactions
as
percent of twice total round-lot volume.
In calculating these percentages the total of members' transactions is compared with
on the Exchange for the reason that the total of
volume
transactions
includes
both
purchases and
sales,
while the Exchange
Includes only sales.
York
Stock ^Exchange
Adopts
Rules
Regarding
plied by Members
Committee
on
Member
Firms
of
the
New
York
Stock Exchange has adopted rules
with regard to the furnish¬
ing of statistical and investment advisory services by mem¬
bers
to other
members
sent to members
on
and
non-members.
In
a
circular
March 24, the rules were described as
follows:
A member may furnish to a non-member a
1,
statistical or investment
holding
director
com¬
any, person
company, investment
The Commission is authorized under
the
public interest
or the
interest of investors
or Consumers
will
not
be
adversely affected.
All of the
one
or
exemptions granted
of which
by the
new
a company from selling its secufities either
financial institution if an officer or director of the
a
Company has had a financial connection
at any
rules are subject to two limi-.
prohibits
indirectly to
with the purchasing institution
time during the preceding 12 months.
Generally speaking, the
new
amendments provide the following exceptions from his prohibition:
(1) Both operating and non-operating companies m&f renew notes, &c.,
owing to banks with which the company's officers or directors have financial
connections. This exception expires Jan. I, 1941 and Is applicable only to
loans made to the company by the partcilar bank prior to April 1, 1939;
(2) Operating companies may seU securities to and borrow from local
banks despite interlocking directorates provided that the common directors
have no financial connections except with local banks;
(3) Both operating and non-operating companies may sell securities to
and borrow from banks if the company's only representqtive among the
officers and directors of the particular bank is a fuU time employee of the
company who has no investment banking connections.
The probision which allows regular employees of utility holding companie®
advisory service.
(a)
similar financial institution.
tations,
.Statistical an4 Investment Adyisoty Services Sup¬
The
or
directly
^
New
banker
or
this Section to adopt rules permitting such interlocking relationships where
twice the total round-lot volume
members'
of its subsidiaries to have as an officer
a similar capacity for a bank, trust
who serves in
prepared by the member
and subsidiaries to act
,
as
directors of commercial banking institutions has
(b)
prepared by another member and given or sold to the member,
been widened to apply to all such employees whose only other employment,
(c)
prepared by a wholly-owned corporate affiliate of the member, or
if any, is with a public-utility company which is not a part of a registered
(d)
purchased from
a
non-member statistical or Investment advisory
Where such service is not prepared by the member, it must
to the non-member
be furnished
directly by the member; except that, with the prior
approval of the Committee, arrangements may be made for the furnishing
of such services directly to the non-member by the organization
such services
are
as
member.
therefor
to
association
or
firm" has been amended
the prohibition in Section
company or
directors
so as to remove
banking
from the purview of
17 (c) situations in which a registered holding
subsidiary has officers or directors who are also officers or;
of banks which, although they do not quite meet the
Federal
time, so that the member is fully
Deposit Insurance Corporation requirements set forth in the definition, are
nevertheless not ordinary banks, but primarily trust companies, savings-
same
In any event, the member must assume the same responsibility
as
of the particular holding-company system involved.
The definition of "bank, trust company, investment banker, or
the nature of the information being furnished to the non-
furnished to the member at the
aclvised
by which
prepared, provided duplicate copies of such material are
Previously this exemption was confined to full-
hclding-company system.
time employees
organization.
if said services
http://fraser.stlouisfed.org/ \
Federal Reserve Bank of St. Louis
were
prepared by his own organization.
banks,
&c.
This amendment and that in the preceding paragraph are
expected to affect only
a
few exceptional cases.
Financial
1882
1.
amendments clarifying the
The Commission also adopted several other
these
rules announced March 1 were reported in
new
columns of March 4, page
1242.
2.
16% since Dec.
§EC Reports Sales on National Securities Exchanges
During$February Decreased 39,3% from January
and
all
than
registered
securities exchanges in February,
1939,
$781,252,481, a decrease of 39.3% from the
sales in January and a decrease of 1.6% from
to
of
Stock sales, including rights and war¬
value of $054,563,087, a decrease of 42.0%
from January.
Bond sales were valued at $126,686,964, a
decrease of 19.5% from January.
The Commission added :
February/ 1938.
had
rants,
from
sold
January's total.
Total
$166,855,182, a decrease of 25.7%
was
from
all
sales,
stock
of
99.5%
and
.
bond
of
the highest figure on recqrd, an
$2,245,000,000, or 15%.
Total
6.
by
capital
Dec.
1938,
31,
The
commercial banks increased
of total assets on
Dec. 31, 1937.
insured
the
of
accounts
and amounted to 11.3%
during 1938,
$31,000,000
compared with 11.8% on
as
assets
of
statement
comparative
LIABILITIES OF INSURED
31, 1938; JUNE 30, 1938, AND
DOLLARS)
PRELIMINARY STATEMENT OF ASSETS AND
DEC.
OF
AS
BANKS
(IN THOUSANDS OF
31, 1937.
DEC.
Dec.
32.8%
increase of
an
January.
over
/ * '
•
,
;
Prices
by
Noted
Recovery
Business
on
Guaranty Trust Co,
;
"
In vault..
In process
4
;
'■'/> '
•
■
Governors
of
of the
legislative attempt to bring about and
given price level and by the report of the
disapproving
maintain
any
a
March 7 to the Temporary
Committee.
National Economic
observation
this
on
The trust company makes
Commission
Trade
Federal
the statement of the Board
Federal Reserve System on March 12
the
in
27
March
"Guaranty
of the
issue
Survey," its monthly review of business and financial con¬
In part,
ditions.
The report
Economic
as
gation.
The
whether
determine
in
seems to be generally
"anti-monopoly" investi¬
object of this phase "of the study appears to he to
the
alleged "decline of competition" has resulted
rigidities
price
ployment.
that
which
into prices,
inquiry
the principal
main
S.
feature of the so-called
have
tended
as
factors
many
interfere
to
the
price
these
of
"concentration
to
ence
executives' that
industrial
that
was
levels
reductfpns • in
prevent
labor
unit
.....
Total loans and securities
..........—•-
and
business
that
account of acceptances
reductions
be
would
concerns
Investments
and
bank
senting
other
assets
premises
489,556
the demand for their products declined.
of
labor's
share
of
the loss
The
lightly
more
most
restriction
aimed
field.
a
It
of
groups,"
was
and
Administration
an
industry
among
codes
were
ing minimum "price
attempt
156,143
the
variations
control,
and
is
is
Vital
do
56,800,254 54,363,062 54,206,354
In
the
final
business
to
tends
factors.
If
is
recovery,
or
costs
hold
can
largely
down
a
prices
of
appears
the
to
.
v
progress
of
a
drastic price recession.
men,
generally
far
so
costs.
as
it
is
Competition
by unyielding cost
prices and production
can
sured
commercial
000,000
as
of
Dec.
the Corporation.
$2,594,000,000,
The
all
•
also
or
1938,
29
total
that
assets
the highest
ever
13,659 in¬
of
statement
the
banks
issued
following significant
12 months ende&Dec. 31, 1938:
assets
by
and
the
7,336,072
512,370
a——
—
7,022,078
332,429
6.476,086
466,036
49,778,676 47.453,119 47,217,626
17,584
,
26,929
140,404
428,336
122,601
30,082
176,128
367,920
378,476
586,324
,._/_•
1—.
517,450
584,686
—
■
741,674
365.206
Unidivided profits
&<?—_.
I—
Total liabilities and capital accounts
Revised
.....
6,435,254
6,392,493
711,186
731,829
349,957
,
394,531
6,404,042
56,800,254 54,363,062 54,206,354
;
\
and other assets of $53,891,000 (chiefly loans).
owned or other real estate, were reported
separately for the first time by all Insured banks for Dec. 31, 1938.
For earlier
dates these items were reported chiefly under securities and under loans,
b Includes United States Treasurer's time deposits, open account. 1
, '
Investments of $1Q2,252,000
Indirectly representing bank premises
Losses of FSLIC During Five
Less Than
In
a
reported to
liabilities
of.
Corporation
changes during the
Years' Existence Reported
2% of Premium Income
statement with reference to the
Insurance Corporation, on
Loan
•
Federal Savings and
March 25, Nugent Fallon,
general manager, reported that the
Corporation's losses
of existence have totaled less than
2% of its premium income.
According to Mr. Fallon, the
Corporation thus far has been called upon to make good
in but seven cases, with contributions to protect investors
totaling but $140,000.
The total assets of the Corporation
are $117,800,000, said an announcement issued by the Fed¬
eral Home Loan Bank Board, which further quoted Mr.
Fallon
as
Loan
Insurance
well-selected,
assistance
of
By
are
well-trained
of the
more
Corporation
is
losses ahead, but the Federal Savings and
completely liquid financially.
It has a
organization,
and
profits
from
the
continued
agencies of the Federal Home Loan Bank Board through¬
and the cooperation of the competent supervisory
various States and of the Federal Government.
the
the
years
follows:
Undoubtedly there
out
of
.
50,365,000 47,970,569 47,802,312
accounts)
2,981,666 3,018,570 3,030,146
Capital stock, notes, arid debentures._ J
i...
Surplus (paid In by stockholders or accumulated
.from
earnings as
an
added
protection for
i
depositors).—...
—L........ 2,346,708 2,292,137 2,268,179
$56,800,-
Since Dec. 31,1937, total assets increased
commercial
revealed
March
about 5%.
comparative
insured
31,
on
reported
j
.
Total liabilities (excluding capital
its
Crowley of the Federal Deposit Insur¬
banks
j———
i.. _ „
Total miscellaneous liabilities
be relied
ative Statement of Assets and Liabilities
announced
23,476,863 21.986,370 22,106,285
Outstanding acceptances and bill3 of exchange...
that
$2,594,000,000 Above Dec. 31, 1937, Total—Compar¬
Leo T.
.n_ .
Borrowed money—
related
\
Corporation
_
would
if they
FDIC Reports Record Assets of $56,800,000,000 for
13,569 Insured Banks as of Dec. 31, 1938—Total Is
ance
corporations,
Total deposits
during its five
Chairman
corporations,
and
travelers' checks———
Foreign banks
to be a
adjustment
prompt
be blocked
can
and
partnerships,
Amounts set aside tor contingencies,
'
growth of monopolistic
this
prices, in
problem
bo reduced, both
to respond.
upon
the
among
profit margins.
of
..
partnerships,
certified and cashiers' checks
outstanding, ■ cash
letters
of
credit
and
which
promote
action
products by reducing prices
wiping out their
\
Domestic banks,
a
a
business
concerned,
are
analysis, the problem
reduce
to
largely
more
whether
'
'
Other liabilities... i.
brqad, economic point of view than
a
/'
Total capital accounts.———
resulting in overproduction and
without
so
-
*
due
gladly expand the markets for their
could
td
competition, still
2,055,060
14,012,540 14,021,180 13,985,754
deposited for periods of time..
1
927,269
670,562
b924,062
United States Government and postal savings3,516,769 3,420,500 3,256,196
States and political subdivisions
....J—
Problem-
field
probably
desirable from
prices themselves
as
Act,
(
open-question
an
more
adjustment
far
Act
schedules.
demand
it
Individuals,
The tendency of industrial output to respond promptly
in
supply, is not
As
cooperative
been made in.gauging markets than to
has
slower
the
of
sections of the industrial
most
potent force.
that
of
22*8,340
1,994,387
output
and
,
.
the typical features of the National Recovery
provisions for regulating output and maintain¬
Costs the
to
intent
purpose
avowed
.
.
practically the entire
over
227,272
2,149,183
.........i—
payable on demand.....
a
on
maintenance
price
at
free competition
for
Deposits:
Individuals,
result
selected
instead of distributing
depression1 burden
larger section of the population.
modify
or
511,115
257,750
/This, in turn,
under the National. Industrial Recovery
rqade
♦
"organization
trade
over
thoroughgoing
was
eliminate
to
business
In
the
consisting of those who had lost their jobs,
group
very
means
505,129
other real
or
—
Liabilities—
left available to them—reduc¬
costs by the only
157,141
1.
,158,464
Indirectly repre¬
owned
estate.a.....
influ¬
The
made.
ing employment
threw the bulk
111,499
1,150,487
Other assets
"frozen" at the existing
reluctantly forced to lower the
were
122,371
1,123,363
and fixtures../
of debt;
Other real estate, acquired in settlement
not used as bank premises.
temporarily
were
217,852
37.474,986 35.997,945 37,220.450
...—-
—
Bank premises owned and furniture
In the
and secured pledges from many
aggregate of these
as
power"
„
Federal Governpiept psed its
rates
2,586,920
207,938
••
banks
Guarantees and securities of customers and
apparently regarded
is
2,679,696
3,732,227 3,870,011
Other securlties.a
^
132,637
134,494
133,510
Stock in Federal Reserve banks..—
:
Loans and discounts (Including overdrafts).a... 16,024,318 15,719,380 16,743,678
shows
haVe
recent years
governmental in origin.
are
wage
such
no
costs
in
economic
elasticity that
factors
.early days of the depression the
very
of
3,011.333
214,512
Total miscellaneous assets
developments
economic
than
with
Some
desirable.
and
other
72,250
17 176,085 16,370,730 14,930,844
3,583,522
Total assets............
that
business
789,519
2,319,081
7,005,209
4,744,785
14,506,807 13,525,194 13,669,352
Possible Causes of Price Rigidity
A glance at
909,727
1,945,536
8,004,090
5,392,446
118,931
obligations
and
obligations
...
Foreign securities
7
;
\
.
and funds due from banks
Government
13,795
reduced em¬
and
demand
curtailed
unduly
53,638
———
guaranteed by the U. S. Government...
on
the Commission apparently marked the beginning of the
of
U.
....
...
Obligations of States, political subdivisions, terri¬
torial and insular possessions—
the "Survey" adds:
Committee's
regarded
Total cash
emphasized by
was
13,723
$
1,813,703
8,694,388
5,663,962
.-r-———
With other domestic banks.
With foreign banks
31,
1937*
$
950,394
—
of collection
Dec.
1938?
■■■■'
With Federal Reserve banks—
pointed out by. the Guaranty Trust Co. of New York
that the vital importance of prices as a factor in business
It is
recovery
June 30,
13,659
Number of hanks..--
Cash and funds due from banks:
of
31,
1938
Assets—
Effect
and. liabilities
follows:
February was $806,211,
all exempt exchanges in
on
$49,779,000,000,
since
registered exchanges.
Total value of sales
in¬
/
'
inauguration of deposit insurance.
All major
classes
of deposits
showed increases for the year except United States
Government and postal savings deposits.
i
value
on all
sales,
continued to increase, and on Dec. 31,
increased about 5% during the year to
figure
COMMERCIAL
93.6%
but
$17,176,000,000,
to
for the year of
highest
leading New York exchanges accounted for 94.6% of the
sales,
$16,024,000,000, were $719,000,000, or 4%
were $305,000,000, or about 2% higher
at
1937,
31,
1938.
30,
Total deposits
5.
the
January.
The two
of
of bonds
amount
45.6%
of
decrease
a
during the year.
discounts,
Dec.
on
June
increased
Holdings of
States and political subdivisions
Cash and funds due from banks
crease
in February were
including rights and warrants,
stock,
shares,
26,056,805
principal
of
than
on
1938, .amounted
a
sales
Total
decreased
Loans and
3.
4.
March 30 by the Securities
Exchange Commission that the dollar value of sales on
6%.
or
1937, and amounted to $3,011,009,000.
31,
securities
lower
and,^1.6% from February, 1938
Announcement was made on
amounted
$837,000,000,
obligations and obligations
amounted to $14,507,000,000,
Government
States
United
Holdings of obligations of
other
value
of
increase of
an
The
Holdings
guaranteed by the United States Government
rules.
new
April 1, 1939
Chronicle
"
country,
promptly and
effectively handling each difficulty as it arises, the
Corporatiori already has demonstrated it is a real aid to the
structure
of
the
forces
country.
whole financial
Volume
Financial
148
Although not established by Congress until 1934, the Cor¬
Mr. Fallon indicated, now insures the savings of
poration,
2,200,000
both
investors
Federal
and
in
2,115
State
institutions,
charter.
associations
Insured
clude 1,365 "Federals" with assets of approximately
000,000 and 750 State-chartered associations with
of about
The
said,
is
estimated
through
its
resources
of
the
and
it
reserves
has
$1.00 in cash
or
Government securities for each $13.00 of insured risk.
present
19/20
annual
of
income
which
is
Board
$6,000,000,
approaches
currently
being
placed
the
in
Its
than
more
reserve
fund.
transfer
by
a
to
January
Savings and loan associations accounted for 30% of the
and 27% of the amount of all mortgages of not
more than $20,000 recorded in cities and towns throughout
date
Bank
advices
frpm
nouncement
The
based
in
44
States
of
was
listed
District
begun
Loan
National
League,
by
received
and
United
States.
of
of
lenders
The
the
Columbia.
of
National
the
Association
Groups
an¬
Board
This
the' only
is
and
was
from
study
of
complete
Cooperating
Association
90,555
estimate
numbered
stated.
hundreds of savings and loan executives,
many
of lender,
Board's
the
property
officials
recently
the
in
the
recordings
the
From
non-farm
on
$244,015,000,
and
recordings
stated.
associations
these
other class
any
quote:
recorded
at
mortgages
and
also
reports
upon
Nationally,
than
Board
the
we
mortgages
valued
were
Board.
mortgages
more
after
accounted
'
•
,
of
survey
are
the United States Building
Title
of
Companies,
„
for
counties
mortgage
the Board
with
Mortgage Bankers.
which
were:
application for
should
be
seventh
for
the
an
of
In
third
Similarly,
further
approved by the
be
the
or
for
of
a
transaction
transfer of the transaction
a
extension
for
or
In case an exten¬
particular transaction,
transfer
a
before the
upon
Committee
may;
of
it
will
the
of
further
receive
the
such
the
total
and
the
»
„
recorded
mortgages
Number
Amount
total of $320,261,000 was
tendered to the offering of
thereabouts, of 91-day Treasury bills dated
March 29 and maturing June 28, 1939, it was announced on
March 27 by Secretary of the Treasury Henry Morgenthau
Jr.
Of this amount, Secretary Morgenthau said, $100,495,000 was accepted at an average price fractionally more than
$100,000,000,
or
99.999.
.
.
The tenders to the offering of Treasury bills were received
at the Federal Reserve banks and the branches thereof up
to 2 p. m.,
Eastern Standard Time, March 27.
Reference
offering appeared in our issue of March 25, page 1727.
The following regarding the accepted bids to the offering is
from Secretary Morgenthau's announcement of March 27:
to the
Total accepted, $100,495,000.
62.697.000
....
recorded
companies
January, $4,700, and other
banks, $3,500; banks and
this
highest
companies,
trust
size
average
were:
$3,100;
in
mortgages
mutual savings
other
mortgagees,
$2,400, and individuals,
associations,
and loan
7,525,000
49,032,000
35.943,000
size mortgages
average
.
$2,000.
volume of mortgages recorded was under
in keeping with the customary seasonal decline.
estimated/dollar
December, figures
were
Board of Governors of Federal Reserve System
Interprets
Three-Day Clause in Margin Ruling—Holds That
Application Under Regulation T for Extension of
Period May Not Be Approved by Business Conduct
Committee of Securities Exchange
-
Reserve System
The Board, of Governors of the Federal
March 20
on
issued
ruling interpreting Section 3(b)
a
obtain
the deposit
of
customer effects
general account the creditor must
Regulation T, which provides that when
certain transactions in
a
of cash
or
a
securities before the expira¬
the transaction.
The
the 'Governors' opinion, an
application for an extension of time or transfer of a trans¬
action may not be approved by a Business Conduct Com¬
mittee of a securities exchange after the expiration of the
period originally applicable to the transaction.
The follow¬
tion of three full business days after
interpretation
that,
said
in
ing is the text of the ruling of the Board of Governors:
Extension
of
Time
Expired
Section
certain
3(b)
of
Regulation
transactions
in
deposit of certain cash
cash
the
date
the
of
securities
are
however,
transaction.;
not
be effected
must
when
the
creditor
a
customer effects
must
obtain
the
Section
3(e)
and must obtain
provides that if such
cash
or
obtained within the specified period, certain liquidations
in
the account
during the period.
Section 3(f)
provides,
.!
follows:
as
that
such
expiration of three full business days following
securities before the
or
account
securities in the account,
or
transactions
of
Time—In
provided such committee is satisfied that the-creditor is
effected,
are
acting in good faith in making the application and that the circumstances are in
fact exceptional and warrant
Section
general,
4(c)
if
by
purchased
which
the
otherwise
a
relating
in
the
the
.
special
cash
account
provides
the creditor
security
was
purchased
liquidate
the
transaction.
Another
shall promptly cancel or
paragraph of the section
►
the
"If any
section
then
the
thereof,
extend any
limited periods
purchase
of a
registered or exempted security which has been effected by the customer in the
account, authorize the transfer of the transaction to a general account or special
omnibus account and the completion of the transaction pursuant to the previsions
regulation relating to such accounts."
April 3.
to 2 p. m., Eastern Standard Time,
up
Tenders will not be received at the Treasury
Department,
Washington.
In his announcement of the offering Secretary
Morgenthau also said:
;
They (the hills) will be issued in bearer form only, and in amounts or
(maturity value)
No tender for
•
•
an
1
Frac¬
three decimal places, e.g., 99.25.
be used.
not
will be
Tenders
and trust
-
;
Each tender
The price offered must be expressed on the
of $1,000.
basis of 100, with not more than
must
$500,dO0, and $1,000,000
'
amount less than $1,000 will be considered.
must be in multiples
tions
$100,000,
$10,000,
$1,000;
of
denominations
accepted without cash deposit from incorporated banks
companies and from responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
ment securities.
of
10% of the face amount of Treasury bills
are
applied for, unless the tenders
accompanied by an express guaranty of payment
trust company.
or
by
Immediately after the closing hour for receipt of tenders on
able prices will
follow
incorporated
an
,.•/.•
'
all tenders received at the Federal
■
April 3, 1939,
Reserve Banks or branches thereof up
opened and public announcement of the accept¬
as soon as
possible thereafter, probably on the follow¬
right
the
Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
The Secretary of the Treasury expressly reserves the
ing morning.
to
reject
amount
any or
all tenders or parts of tenders, and to allot less than
applied for, and his action in any such respect shall be final
..
The Treasury bills will
,
be exempt, as to principal and interest, and any
disposition thereof will also be exempt, from all
estate and inheritance taxes.
(Attention is invited to
gain from the sale or other
taxation,
except
Treasury Decision 4550, ruling that Treasury bills are not exempt
gift tax.)
from the
bills
No loss from the sale or other disposition of the Treasury
shall be allowed as a deduction, or
now or
otherwise recognized, for the purposes
hereafter Imposed by the United States or any of its
possessions.
Treasury
Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern
the conditions of their
issue.
President
action, such committee, on application of the creditor, may (a)
period specified in the two preceding paragraphs for one or more
with the circumstances, or (b) in the case of the
of this
on a discount basis to the highest bidders apd on
maturity date the face amount of the bills will be payable
without interest.
There is a maturity of a similar issue of
bills on April 5 in amount of $100,722,000.
The tenders to the new offering, announced March 30,
will be received at the Federal Reserve Banks, or the branches
will be sold
Roosevelt
Issues
April 6
regularly constituted committee of a national securities exchange having
commensurate
Thereabouts, of 91-
transactions,
provides:
Jurisdiction over the business conduct of its members, of which exchange the creditor
is a member or through which his transactions are effected, is satisfied that the
creditor is acting in good faith in making the application, that the application
relates to a bona fide cash transaction, and that exceptional circumstances warrant
such
or
Announcement of a new offering of $100,000,000, or there¬
abouts, of 91-day Treasury bills was made on March 30 by
Secretary of the Treasury Henry Morgenthau Jr.
The bills
will be dated April 5 and will mature on July 5, 1939.
They
of any tax
in
not
specifies different periods of time for certain special types of
and
that,
make full cash payment for a security
account within seven days after the date on
does
customer
him
such action."
to
$100,000,000,
Offering of
Day Treasury Bills—To be Dated April 5, 1939
April 5, 1939.
exceptional cases, the three-day period specified in
Section 3(b) may, on application of the creditor, be extended for one or more limited
periods commensurate with the circumstances by any regularly constituted com¬
mittee of a national securities exchange having Jurisdiction over the business conduct
of its members, of which exchange the creditor is a member or through which his
"Extensions
New
to the closing hour will be
provides
T
general
a
accepted.
•
bank
Committee of Exchange After Original Period Has
by
was
22,704,000
20,003
2,143
24,974
11,286
...
Individuals
100,001 down
price being fractionally more than the latter price.
$66,114,000
4.866
Banks and trust companies.
Mutual savings banks.
the
a
99.999
A
to 99-999, the average
27.283
Insurance companies
While
following
period
application,
of $320,261,000 Received to Offering of $100,000,000 of 91-Day Treasury Bills—$100,495,000 Ac¬
cepted at Average Price Fractionally More Than
Total applied for, $320,261,000;
Savings and loan associations
savings
be
applications, each Business
limit
any
32% of the amount bid for at the low price
$3,100;
should
Tenders
.
Group
Insurance
application
any
transaction
the
of
expiration of the prior extension.
course,
which
within
midnight of the
by the committee not later than
upon
to facilitate its consideration
transaction
case
day
day after the date of the transaction.
acted
and
Conduct
not
business
full
in
extension of time
an
passed
calendar
order
could
account
the
of time, has been granted for a
a
not he granted
may
of the three-day period applicable
extension
general
midnight
transaction.
special cash
an
application
an
The accepted bids were tendered at prices ranging from
Other mortgagees
be approved
may
following the
in the
account to which the standard seven-day period is applicable,
the
of
United States in January, it was reported on March 11
by the Division of Research and Statistics of the Federal
recorded
in
transaction
a
the
Loan
extension of time
an
4(c),
,
number
Home
for
or
Section
to
has expired.
application
an
committee
Savings and Loan Associations Accounted
in
pursuant
It is the view of the Board that such
after such period
for
for 30%~of
27% of Amount of Mortgages Recorded
3(f),
Section
pursuant to
transaction
a
nally applicable to the transaction.
received
Number and
recently been asked whether an application for such an
has
time
of
Business Conduct Committee after the expiration of the period origi¬
sion
.
of
or
$1,330,-
Corporation, Mr. Fallon
$1,525,000,000.
It is added that
at
capital
in¬
The
extension
Thus
$835,000,000.
liability
potential
under
operating
1883
Chronicle
On
March
as
Proclamation Designating
Army Day
16 President Roosevelt issued a
proclamation
declaring April 6 as Army Day and inviting the Governors
of the States to issue similar proclamations.
The Presi¬
dent
ordered
military units
in
the United
States and its
possessions to assist civic bodies in the appropriate observ¬
ance of the day.
Referring to the congressional resolution
designating Army Day, the
President added:
Chronicle
Financial
1884
It
Now, therefore, I, Franklin D. Roosevelt, President of the United States
of
America,
declare
April
the several
of
the
means a
lot of work.
hock to the North.
the aforesaid concurrent resolution, do hereby
6, 1939, as Army Day, and I hereby invite the Governors
States to issue Army Day proclamations ; and, acting under
to
pursuant
April 1, 1939
It
incidentally, getting the South out of
means,
It means establishing your own enterprises down here
I don't believe that the South is
with your own capital.
You young men and women who go through
authority vested in me as Commander in Chief, I hereby order military
throughout the United States, its Territories and possessions, to
civic bodies in the appropriate observance of that day.
broke that it
so
put its own capital into the establishment of its own eterprises.
cannot
Auburn and
go out into every
units
country in this State have a great responsibility, a responsibility not only
assist
to put into
practice what you have learned here but also the responsibility
of trying to devise
President Roosevelt Tells National Rivers and Harbors
methods, new means—experiments, if
new
in order to improve
like-
you
the conditions during your own lifetime.
I believe you can do it because you are
getting the fundamentals, the
Congress That Proper Development of Waterways
essential training that will put you into the personal position, give you the
Is
personal capacity to use your imagination.
Essential
until we do
The 34th Annual Convention of the National Rivers and
and
more
I have been called
more
We will
never get
anywhere
of that.
imaginative person, an experimenter, a seeker of
an
Harbors Congress at
new
after
something else that does not sound so good.
Washington adjourned on March 24
recommending construction of flood, harbor improve¬
ment and soil erosion projects costing $696,689,946.
Presi¬
dent Roosevelt told the Congress that proper development
of waterways was "essential to the safety and defense of the
nation."'
"
v ■"
The suggestion and recommendations of some of the prin¬
cipal speakers were described briefly in Associated Press
dispatches from Washington, Mar. 23, as follows:
ideals and, generally, when I have
been called that, I have been called
I believe that this country is going somewhere, but it must depend for its
future!
and prosperity very largely on the younger generation, the
progress
under 30,
people
afraid of trying
v
American ideals and
the people who have got
things.
new
not
are
/
,
.
..
Senator Bailey suggested
Congress set
meeting
of the
organization's
I
Bailey recommended that the delegates keep
economy
and in
in mind,
„
addition approve only projects which
would provide opportunity for the
waterways
Roosevelt
told
the
congress
that
proper
of
development
written message in
a
which Mr.
to the organization "in no small measure" the
Governor Dixon, Dr. Patterson and you, the students of Tuskegee:
Some of my more conservative friends in the North accuse me of being
during the past six years in
the effective development of
and the solution of flood control
problems."
we
for the good of humanity,
our
and part
have made
waterways
I
and
:
•'
'
■
Migratory, Relief <• Problem
Action—Transmits Findings of
problem and special legislation would be necessary to create
nation-wide program to deal with
1.
2.
in
where they
areas
are
The resettlement of other migrants in
now
in California
areas
American could
As
Congress.
or to
an
And then I hear that he
or
influence
she is
States
I did not
here to make
come
Tuskegee is
gathering.
a
homely place.
of
Hock
to
said "I think that
.
neighboring communities just in the
more
are
we
have
its
row
own
different from
/
",■
Georgia.
More and
more
«
as
it was 20 or 30 years ago.
have tp take part, all the way down to
other
with
your
Alabama cannot
Neither can
States.,
my
''
of
State
"
•.
•'
'
There is one thing you are learning and that is that you
operate
fellow-men and
cooperate
women,
done
in those
been not only interested but
That is why I have
your
•
have got to co¬
in your own com¬
Dr.
Moton
to say,
was
years
as
I
conserve
am
always horrified, at all that needs to be done in the
the soil of the
South.
/
of the great problems that lies with this
generation and with
of the coming generation.
the South is to survive.
we
.
.
have done
60 years all through these
We
"Why should I keep on living?"
are
coming to the realization that it is a great privilege to be alive,
matter what the number of years
no
so
to
how old
we
you
have covered.
As somebody has
get to want to keep on living because
be done.
That is the spirit of you youngsters; it is
and it is the spirit, increasingly
the spirit of us in middle life
of the older people in our nation.
And so, my boy and girl friends, keep
the ideals of your youth all through
your lives.
I
am
regards.
The
happy to have been here.
I will if I
can.
I want to come back some day in the
In the meantime I give you my affectionate
Good luck in all the days to come;
President reached Warm Springs in
the evening of
March 30.
^
That is part of the necessary economy if
President
......
more
Roosevelt
in those six years than in the
previous
Southern States
to
make them
self-supporting,
balanced economy that wiR spell a higher wage
greater purchasing power and a more abundant life than they
aU their history.
There is one thing that he
talking about getting old.
future and
six years
proud of all that
exemplifies and that is the thought that it is a terrible thing for anybody
I have been talking with your Governor and the Senator and the
Congress¬
man from this district,
driving over from Tuskegee, about land.
I have
60
more
very
graduates are doing, of the fine spirit of humane service that the over-
whelming majority of them carry with them throughout their lives.
much
previous
a
we
that no State can become
way
they have got to plan, plan for the future, plan for the
there is still
give them
r
■
Because of.
part of a nation which, because of
a
present, plan to work with the other fellow.".
all through th6se southern
It means a lot of
incidentally getting the South out
of hock to the North."
In part the President's address at
the Polytechnic Institute follows:
we
States to make them
self-supporting."
work" he said; "it means
to
same
becoming
the smallest community and the home, in national affairs.
hoe
no matter
I think that
Stales
great many other homes in its own community and with other people in
a
said, it is grand
you
higher standards the American
munity, in your own State and throughout the country.
Polytechnic Institute at
Auburn, Ala. and the other at the Tuskegee Institute, at
Tuskegee, Ala, founded by the late Booker T. Washington.
In his address at the
Polytechnic Institute the President
one
homely
necessity and modern invention it must extend its interest, its contacts with
the
before the students of the Alabama
That is
is a
doing much,"through your great
up to
That home today is not the old home of half a century ago.
Some¬
President Roosevelt left Washington on March 29 for his
proposed two weeks' stay at Warm Springs, Ga.
En route
the President delivered two
speeches on March 30,—one
been horrified,
are
Alabama Cannot Hoe its Row Different from other
•?
future to
You
This
We think, necessarily and rightly,
home.
•
than in the
graduate of Tuskegee and that is what
body of graduates to improve end brtng
.
Out
who is making good,
human service in his community.
over
formal address to you.
a
in terms of the American home.
where suitable employ¬
Self-Supporting and Says
South
•
"!'•
counts..
Stay at Warm Springs, Ga.—Addresses En Route
Students of
Tuskegee Institute and Alabama
Polytechnic Institute—Speaks of Endeavors to
North"
a
entirely self-contained or be as self-contained
"Getting
.
only in the Lower/South but in the
woman, not
a man or a
somebody who is having
likely to be found.
Southern
.
•_
^
I hear about
President Roosevelt Leaves Washington for Two-Weeks
Means
being
,
changing conditions, means that
Make
are
matter of fact, I notice, because I travel around the country a good
a
More and
it
members of that
.
middle of the country and in the North, somebody
assistance.
some
I wish that
what has been done.
see
right here.
a
thing could be done immediately through existing agencies for the migrants
in California and he suggested to Representative Elliott that this
might be
worked out in cooperation with State agencies.
The Federal Government
give
Tuskegee ar.d
come to
deal, I notice the graduates of Tuskegee more than some of you who are
and other
Congress to decide.
And
persistent and consistent and here I am, I am proud to come
am
penitentiary
For broad national action, the President said at his
conference, legislation
would be required and that was something for
could
saying, "Why don't you come to
of his who had said that no graduate of Tuskegee had ever gone either to a
The return of migrants who are willing to go back to their States of
ment for them is most
see me,
Your Congressman was telling me as we drove in here about a predecessor
become self-supporting.
could
.
bors, but also throughout their State and throughout their nation..
origin and assisting them with public funds to reestablish themselves in
their former environments.
'
3.
'
-
only among the body of graduates, not only among their immediate neigh¬
the situation.
The resettlements of migrants who
that
me at
the things that their graduates do are things that count very greatly, not
This legislation, the report suggested, might take three lines, as follows:
States
He asked
doing and what his boys
The things that they do in their institution count, but, more than that,
No existing Federal agencies, the report asserted, could deal effectively
the
was
watched by the outside world.
gesting methods of dealing with the California migratory
relief problem, which he later discussed at his press conference
that day. The President in explaining the report said that the
problem was national in scope and not confined to California.
From a Washington dispatch of March 28 to the New York
"Times" the following is taken:
_
what he
institution, the faculty and the students, realize how much they
Oil March 28 President Roosevelt sent to Representative
Elliott of California the findings of a special committee sug¬
with
\ :
see
I do not know whether in any individual institution ihe
California Report
»
Tuskegee and
Tuskegee because I am proud of what Tuskegee has done.
Says
Calls for National
first talk with Booker Washington.
Dr.. Moton kept coming to
Well, I
/
every
Roosevelt
Scotch
am part
I try to be persistent and
right.
are
then Dr. Patterson in these later years has been saying, "Come and see us."
to
President
that it is because I
say
visit us in Tuskegee?" I kept on saying, "Yes, I am going to come."
,
appropriation of only $110,000,000 for the next fiscal
■
They
afraid they
girls were doing.
years,
templated expenditure of $140,000,000 .annually, in addition to authoriza¬
Mississippi Valley, but that the Bureau of the Budget
am
I could not go then and I kept putting it off and then, for a good many
He said flood control authorizations under the 1936 End 1938 acts con¬
had recommended
I
'• "
■/•
,
■
;■
fulfilling today a piece of persistency that began nearly 30 years ago
time to come to
needed.
year.
am
when I had my
Chairman Whittihgton of Mississippi told delegates that projects au¬
thorized by past sessions of the United States Congress were imperatively
tions for the Lower
Dutch.
consistent.'
"
'
when I once make up my mind that a thing ought to be done
very persistent
Roosevelt credited
"great strides
toward Auburn than I have before.
more
Tuskegee, the President, according to the Associated
Press, spoke as follows:
•
■
"essential to the safety and defense of the nation."
was
here today and next Fall I shall—
you
little bit
a
At
,
Foremer Representative Driver of Arkansas, president of the congress,
read at the luncheon
do and
„
people to increase and improve production by their own efforts.
President
I hope to be
For the achievement of that
come true.
been with
glad to have
am
well, perhaps I shall lean
Mr.
annual convention,
of that ideal
ideal you are going to be responsible in large part.
'
,
I would like to live long enough to see
lot of other States.
a
back to this State and to the State of Georgia before I
come
at least a part
see
example of "self-Imposed restraint" in preparing plans for
an
luncheon
a
able to
today that the National Rivers and Harbors
Federal waterway projects.
At
I would like to live long enough to see soil erosion completely stopped in
this State and
the products of factories supplying local needs, State needs.
have
scale,
a
had in
of
Approves Plans for Construction
Battleships
45,000-Ton
The White House announced
Roosevelt had
on
March 28 that President
approved Navy Department plans for the
construction of two 45,000-ton battleships.
With regard
Volume
Financial
148
to the President's action
Washington dispatch March 28
following to say:
a
to the New York "Times" had the
The
ships wi,ll be streamlined giants approaching
new
but of about the
same
beam
900 feet in length
uuder
the six 35,000-ton battleships now
as
construction, thus assuring easy transit of the Panama Canal.
Let
ments
880 feet long, 108 feet abeam and 36 feet in draught.
They are to be 130
North Carolina, Massachusetts, Indiana,
feet longer than the Washington,
South Dakota, the six battleships now under construction.
Alabama and
Each of the latter is estimated to cost between
to be between
the
$70,000,000 and $75,000,-
but it is said
The cost of the 45,000-ton ships has not been disclosed,
000.
$85,000,000 and $100,000,000, probably nearer the first than
latter figure.
'
Washington to mean that the
for the larger capital units Is interpreted in
has
Government
Japanese are
truth of reports that the
of the
evidence
plans
building three battleships, each of more than 40,000 tons displacement.
refused to confirm these reports.
The Japanese Government has
by the United States last year
invoking the escalator clause of the 1936 London Naval
Treaty, thus permitting this country to construct larger'ships
than the 35,000-ton limit, was made in our issue of April 2,
1938, page 2141.
<
j '
*
amendments should be
by
of
Plan to Increase Tax
on
Harrison That
Oils and Fats Would Run
Senator
Agreements—Attached as Rider
Taxing Federal Employes Would Result
of Measure Says President
Counter to Trade
to
Bill
in
Veto
President Roosevelt, who,
had indicated at
a
press
earlier in the month (March 14)
conference his disapproval of pro¬
posals to increase the excise taxes on imports of vegetable
oils ana fats, declared in a letter on March 30 to Senator
Harrison, Chairman of the Senate Finance Committee, that
the amendments "run directly counter to the provisions of
reciprocal trade agreements already in force with such im¬
portant countries as ^the United Kingdom, Canada, The
Netherlands and Brazil."
The increases proposed by Sena¬
tors Tom Connally, Democrat, of Texas; Josiah W. Bailey,
Democrat, of North Carolina, and Guy M. Gillette, Demo¬
crat of Iowa, are called for in amendments attached as
riders to the pending bill for reciprocal taxation of the salaries
of state and Federal employees, a measure which has Ad¬
ministration support.
The President in his advices to
Senator Harrison states that "the adoption of the amend¬
ments would make it my clear duty to veto H. R. 3790 how¬
ever meritorious the bill may be."
Under date of March 30
Associated Press advices from Washington said:
Senator Harrison read the President's letter to
afterward,
Senator
Connally's
amendments
the Committee and soon
were
withdrew his amendments.
upon
}
,
.
by a vote of
rejected
Senator Gillette there¬
12 to 6, and Senator Bailey's were beaten, 11 to 7-
billion dollars worth of our agricultural exports
trade
to
bill when it
Senator himself said that the next
move
he expected would be held within a
came
before the
Senate, the
depended upon a conference which
few days.
•'
r
Secretary of State Hull and Secretary of Agriculture
appeared before the Senate Committee during the month
(the former on March 6 and the latter on March 7) and
voiced opposition to the increased tariffs, contending that
they would violate trade agreements with other countries.
President Roosevelt's letter to Senator Harrison follows:
My Dear Senator Harrison:
I*
I feel impelled to write to you in regard to certain amendments now under
which would amend H. R. 3790, a bill
consideration before your committee
subject of reciprocal
which deals with the important and entirely separate
taxation of incomes of Federal and
would raise to
new
fats and oils.
I
heights the taxes—in effect tariffs—on
am
of this
under the prin¬
ciples of equality and mutual profit, without which full and stable economic
recovery in this country and in other countries cannot be realized, would be
country in the great task of
course,
But there should be
are
The
trade
We are not dealing here with
agreements
directly
rim
worth
our
in the interest of American
The issue is clear.
exports of agricultural
products alone,
proved of great benefit to American
stand have
an
149%,
In the place
on
the embargo
the basis of 1938 import values the rates as
ad valorem equivalent
151%
and
they
of 89% in the case cf palm oil,
countries
period.
1
This comparison, striking as it is, does not take into account the agri¬
cultural benefits obtained recently in the agreement with the United King¬
increased by only 3% over the same
dom
or
in the
new
In 1936 the United Kingdom
agreement with Canada.
alone bought one-third
sold abroad. Con¬
obtained in the agreement,
of the agricultural products we
92% of those purchases were
cessions covering
effective Jan. 1 of this year.
In other words, we have
or more
obtained in one single trade agreement
improved
third of our total agricultural exports,
stable markets for nearly a
lard and tobacco.
Our trade agreements with 19 foreign countries have done more for
American agriculture than to improve and stabilize foreign markets for
many of our agricultural products.
They have increased purchasing power
including such key products as wheat, cotton, corn,
in the domestic market for our
When, for example,
.
our
farm crops.
* \
■
.
of automobiles to Brazil under a
exports
agreement Concession increase, as they
trade-
$4,500,000, there is
workers to buy meat, butter, milk,
have done, by
more
purchasing power available for our
eggs,
fruits and vegetables.
countries in the two-year
Our total exports to 17 agreement
were
greater in value by 61.2%
than the average for the
period 1934-35, while exports to all other
period 1937-38
pre-agreement
countries increased by an average
of only 37.9.
be treated
receive the kind of
This Would
include study of the proposals on their own merits by experts of the Tariff
Commission and other agencies of the government and by the appropriate
committees of the Congrass, as elements in tlje general tariff structure and
Such tariff
as
or tax
proposed, obviously should
increases, when
amendments of existing
tariff legislation apd should
consideration that would be given to
specific tariff legislation.
country's commercial policy as a
in relation to the
Veto of Bill if Rider
>•
and a much more difficult
President the necessity
It imposes upon the
Executive.
situation for the
/
of or as riders on other legisla¬
difficult situation for the Congress
a
whole.
is Included
The inclusion of tariff revisions as parts
tion creates
consider contrary to the
legislation. His only alterna¬
perhaps endanger the
of the Act. In this case the adoption of the
my clear duty to veto H. R. 3790, however
tariff rate revisions which he may
public interest in order to preserve the main
tive is to veto the whole act
desirable and major portions
amendments would make it
and thereby delay and
meritorious the bill may be.
•
t
is an essential part of our
general program for economic recovery in this country.
It is also, particu¬
larly at this critical stage of world affairs, a vital part of our foreign policy.
Attacks on the trade-agreements program such as that represented by this
new drive for embargo tariffs on fats and oils are, therefore, attacks on our
efforts to attain full prosperity at home and to promote economic disarma¬
ment and peaceful relations throughout the world. ( <.
Very sincerely yours,
Let
me
repeat, the trade-agreements program
,
FRANKLIN
be
108%, respectively.
of present rates on wool grease, ranging from
of from 60% to 146%.
43% to 93%,
By and large
The re¬
could be described by no other word than "embargoes."
If
is thus to receive an embargo, all will demand it.
Then other
the already high rates.
nations will inevitably impose embargoes on our
exports.
immediately, ;which
would have meant outright violations of our trade agreements with the
United Kingdom, Canada, The Netherlands and Brazil.
Now it is sug¬
gested, that the effect of the conflicting tax increases shall be postponed
until the four agreements mentioned, which are 9f such great value to
American agriculture and industry, can be modified and terminated at the
earliest possible moment under the terms of those agreements.
At first, the proposals
called for these tax increases
Subsidy
Export
D.
ROOSEVELT.
Plan for Loan
Cotton
Proposed by
President Roosevelt
the plans in behalf
made on March 28
by President Roosevelt for,, a plan embodying an export
program for cotton, which Would include a payment on all
cotton exported during the life of the program.
According
to the President, the details of such a plan remain to be
worked out, but it probably would include:
Among the developments incident to
industry was a suggestion
of the cotton
A payment of
$1.25 per bale to producers who release
their loan cotton
to the market.
A moderate payment on
2.
The
total
all cotton exported
after the plan goes into
President
pointed
out
that
the
stocks of cotton
charges alone
than 11,000,000 bales, and carrying
"on the cotton already in the loan
more
approximate
The President likewise said that
"if our exports continue at their present rate our shipments
of cotton abroad for the year ending Aug. 1, 1939, will be
he
oil.
ad valorem equivalents would
these proposals call for 50% increases over
industry
the fiscal year 1937-38 over
products to non-trade-agreement
Our exports of farm
operation.
disastrous Hawley-Smoot Tariff Act.
the proposals would substitute rates
sulting rates
1935-36.
seek to benefit from the amendments appar¬
edible palm kernel oil, and 65% on inedible palm kernel
increased to
foreign market.
our
agriculture, notwithstanding the
Our exports of farm products to
trade-agreement countries increased by 55% in
1.
agriculture and industry.
Under the proposed amendments these
one
than a quarter of a
during the pendency of the Trade Agreements Act, to
ently ignore the fact that
on
If enacted, they
these agreements under
It is whether to sustain our present policy or to return
The private interests who
96%
seriously impair
efforts to conclude additional trade agreements
tariff policy exemplified by the
now
of reciprocal
with such important countries as the
Netherlands and Brazil.
of American
they would hamper
now, or
the provisions
have obtained concessions benefitting more
billion dollars
and
to
counter
already in force
would destroy or at the very least
we
but with what in purpose antj
tariffs of the embargo variety.
amendments
United Kingdom, Canada, The
which
which already
These amendments would seriously undermine a program
the chairman.
illusion about the vital import¬
no
of the issue the amendments present.
bona fide excise taxes for revenue purposes,
effect
7 '
1
virtually destroyed.
know that the Senators who introduced these amendments
acted in good faith.
ance
manylmported
rebuilding international trade
addressing this letter to you because the amendments
have been referred to the committee of which you are
I, of
These amendments
State employees.
'
the power for leadership
I should like them to know that
And
of accepting
Both
agricultural and industrial
our
*
.
While Senator Connally's friends predicted that he would endeavor to
attach the amendments to the
amendments would hamper our
benefits for
additional
obtain
danger of retaliatory
affected.
countries adversely
I should like them to know that these
,
amendments, if passed,
that these
know
this huge volume of trade to the
in the
restrictions
efforts
and other products.
would
of dollars worth of our exports of factory
later expose
sooner or
.
.
obtained on more than a quarter
and on several hundreds
of which concessions have been
means
a
of millions
depressed state of
Advises
Roosevelt
the cost would be if these
that the en¬
seriously jeopardize trade agreements
I should like them to know
adopted.
actment of these amendments would
has
President
producer of surpluses in this country,
in all walks of life, to know how great
producers.
A reference to action taken
the same.
convicted of violating
would still inevitably lose a
of losing all of them.
I should like every farmer, every
every one
I should like them to
The fact that the President has told the navy to go ahead with its
All this
outright
sub¬
important agreements and would run
of the benefits of these
the grave risk
and the trade agree¬
The real issue would remain exactly
program.
four of our international agreements: we
7
.
,
basic conflict between them
modification means is that we would not be
1938, will be about
amend¬
modification of the
be lulled into thinking that this
no one
ments would remove the
stantial part
of three such vessels provided
Each of the 45,000-ton ships, which are two
for in the $1,000,000,000 Naval Authorization Act of
1886
Chronicle
said
$45,000,000 annually."
more than 50 years."
Washington bureau the "Wall Street
the lowest in
From its
of March 29
General outline of the plan was
Roosevelt,
appeared
would not
and
a
short
time
what
proposed subsidy
State Department issued
be an unenthusiastic statement that the
be in conflict with the reciprocal trade policy.
however, ran into immediate
difficulty on Capitol
of 195 to 98, an Administration pro¬
$15,000,000 available for the program at this
The House rejected, by a vote
posal which would have made
time.
announced late yesterday by President
later, the
to
The export program,
Hill.,
Journal"
reported advices which said in part:
President Booeevelt estimated this amount would be necessary to
would be necessary
no
was
finance
1 and that from $60,00C,000 to $90,000,000 a year
the plan until Aug.
There
thereafter
definite
for
,
indication of the amount of cotton which the
$45,000 for Naval Academy repairs.
The President said the objective should be "our fair share" of
Senate
the
of Agriculture, officials hinted this
Department
Greatest Defense Allotment in
"fair" share
of United States
might be as high as 6,COO,000 bales, or about 1,000,000 bales less than the
season, exports
For the first seven months of the current marketing
For the 1937-38 market¬
amounted to only 2,465,000 bales.
ing year, exports amounted to 5,598,000 bales.
The effort to provide funds immediately for the cotton program was made
Mr. Jones offered
Department appropriation bill which
by Chairman Jones of the House agriculture committee.
amendment to the
an
Agriculture
would have made $60,000,000 available for
President Roosevelt's statement
conference
press
cotton, issued at his
on
March 28. follows:
on
The cotton situation requires
total
increaing consumption of farm
Of this amount, $15,000,000 could have been used for cotton.
commodities.
>
prompt and effective action.
Loan stocks
than 11,000,000 bales and if our exports continue at
more
will be the lowest in
more
their present
for the year ending Aug. 1, 1939,
And unless we build a spillway
rate, our shipments of cotton abroad
Approves $513,188,882 War Department Appro¬
Bill—No Dissenting Vote Cast Against
Peace-Time History
priation
Estimates on "Fair" Share
At
improvements at the New
additions, and
submarine base; $364,000 for naval reserve
world markets with the aid of the
the world market.
1928-37 average.
machinery
and other ordnance material; $300,000 for tools and
guns
Norfolk, Va., training station; $225,000 for
at
London, Conn.,
Administration will try to place on the
subsidy.
April 1, 1939
Financial Chronicle
1886
than 50 years.
resumed discussion of
Members of the Senate this week
appropriations and of proposals to revise
the neutrality law.
The Senate on March 27, without a
single dissenting vote from the 20 members who were pres¬
ent, approved the largest peacetime War Department ap¬
propriation bill in history, carrying a total of $513,188,882,
and containing allotments for the purchase of 784 war
planes during the fiscal year ending June 30, 1940.
Pollowing. its adoption this week by the Senate the bill was
sent to conference to adjust the differences between the
Senate measure and that passd by the House on March 3,
reference to which was made in our issue of March 4, page
1247.
Before the adoption of the hill by the Senate, on
March 27, Senator King, Democrat of Utah, expressed him¬
self as "so much opposed to the enormous appropriations
we are making that I think it is time that we should try
to bring about a little economy."
"I therefore move," he
added, "to recommit the pending bill with instructions to
the committee to reduce the appropriations to the extent
of 10%."
The motion was, however,, rejected and the bill
was
passed
without a roil call.
From Washington,
March 27, United Press advices had the following to say,
defense
national
,
out of the loan we are
likely to add several million more bales from the 1939
crop to the mass overhanging
Carrying charges alone on the
the market.
already in the loan approximate $45,000,000 annually.
cotton
The present status Of the cotton industry goes back in .large
almost
19,000,000 bales of cotton we grew in
part" to the
This record crop
1937.
followed the invalidation by the Supreme Court of the control provisions
of the
original Agricultural Adjustment Act.
Since that time another law
enabling an effective control program has been enacted, but several years
of adjustment will be necessary to bring pur supplies to
So great is the cotton surplus that the current loan of
a
loan only a little more than half of parity—has
loan.
normal.
8.3 cents
proved
a
a
pound—
price-pegging
Foreign cotton is underselling our cotton in world markets, and is
likely to continue to. do
so
until
we
competitive position.
if
sharp drop in the already pitifully meager income of produc¬
tinuance of the loan for 1939, and with that continuance action to prevent
the loan from doing more harm
1. The
cotton:
merchandising in
'
tion
an
orderly fashion of
our excess
objectives:
supplies
Senate's
cf
^
:
the verbal, fire¬
attending most measures bearing on Administration foreign policy.
Department bill contains appropriations for the regular opera¬
the
military establishment
737,281
for
the Army Air Corps, and
$32,205,938 to enable
first
'
,
sharply with
contrasted
debate
meager
of
than good.
A cotton program at this time should include the following
part, regarding the bill
The
The War
did not take the
we
But abandonment of the loan for this
The continuance of protection for the growers necessitates the cohr
ers.
.
works
;'
:
y
This might be done by abandonment of the loan
welfare of the growers Into account,
year means a
in
restore American cotton to its normal
line
planes.
The bill
during fiscal 1940, appropriates $95,-
quick start
a
it authority
gives
to contract for
.expansion of the corps to
on
6,006
■'
'•
!
,
•
reported to the Senate by the Senate Appro¬
priations Committee on March 24, at which time the United
Press stated:
'
.^ •. /.:V
was
,
2. The maintenance of our fair share of the world market for cotton;
3
The protection of producer income;•<
4, The accomplishment of our aims with the least possible cost to the
As
passed by the House, the bill appropriated
.
Treasury.
of
y. Various
of
proposals are pending which aim at the retention and expansion
foreign
our
for
markets
cotton and the reduction of loan stocks.
them, I believe the best plan is
which, would include
an
export program for cotton,
a program
payment pn all cotton exported during the life of
a
in
''
plan remain to be worked out but it probably would,
a
^ :
■■
_
1. A payment of
to the market.
$1.25
per
u;
/
■,
,
plan would protect mill inventories by fixing
a
a
well from foreign importations.
Several
''
smaller additions
A payment could be made on
Text:
Frankly, I wish it
,
possible immediately to expand domestic
were
of cotton to the point
where
our own
uses
people would absorb the surplus.
That time has hot .yet arrived and pending its arrival our
fanners, and con¬
too, Will be injured unless we protect our foreign markets,
The plan does not contemplate payments
Bill
of
and our normal share of the world market
American
cotton
to pay the growers to
calls only
a good deal less than proposals
keep their cotton out of the loan. The export program
for payments
all the crop.
on
on cotton sold
.
abroad; the other plan calls for pay¬
And the export proposals promises to be more
effective in retaining and expanding our foreign markets.
As you know, an export program has been in effect for wheat for several
months.
This program was adopted to retain our share of the World Wheat
market.
I believe the
majority of wheat producers will agree the plan is
the, reasons why wheat prices in this country, are more than 20 cents
compared with the normal
as
The rejection of
an
relationship^ than L iverpool prices
export plan for cotton is certain to raise doubts
advisability of its continuance for wheat;
as
to the*
'
for cotton export program is in
repudiation of the reciprocal trade programs.
If the spirit
behind these trade programs had prevailed in the
post-war era it would
sense
75
camps,
millimeter
guns,
$1,000,000 for Air
a
not be necessary now to take
steps to protect, our export markets.
reciprocal trade programs
are
an
The
effort to restore order out of the chaos
prevailing in international trade.
They should be pressed vigorously.
I believe the export plan, if
put on a sound and workable basis, will not
only help the cotton farmers, but will help the entire Industry,
As I see
Plan would not do away with the long established system for handling
cotton, but would eventually reduce surpluses and restore trade so that this
system could be put
on a
new
-
raised
the
Reserve Officers Training Corps
'• :
,/ ■. -!
bill
$50,804,330 above the
appro¬
life
30, 1941,
been noted in these columns, we are giving
of the bill as approved by President Roosevelt
of the Reconstruction Finance Corporation to June
already
March 4.
on
The bill went to the President for his signa¬
ture after the Senate had ,on Feb. 22 concurred in amend¬
ments made in the measure as passed by the House on
20.
The
Feb.
16.
The
bill
had previously passed the Senate on
only distinction between the Senate and
House bill, it was indicated had to do with a paragraph
by the House which the Senate accepted.* The
amendment, said Senator Glass in the. Senate on Feb. 22,
increased the capital
tion
from
Feb.
20
stock of the Disaster Loan Corpora¬
$20,000,000
to $40,000,000, and extended theauthority for loans because of floods or other catastrophes
through the year 1940.
In explanation of the provisions of
the bill, Representative Sabath stated in the House on
trical
that
Home
"the
bill
authorizes
the
RFC
and
the
Elec¬
Farm
and
Authority, which is operated in
connection with the RFC, to continue to perform their re¬
spective functions until Jan. 15, 1941."
He added:
Furthermore,
I want to emphasize that the
proposal
no
replacement of machinery
French
inserted
.
An export plan for cotton should cost
higher,
old
Extending Life of RFC to June 30, 1941
Feb.
on exports in excess of our
What we are
exports over a representative period in the past.
proposing is to restore the normal competitive position of
of
expansion
While congressional action on the'bill extending the
here the text
one
Corps
priation for the present fiscal year.
has
ments
$6,000,000 for
modernizing,
:
disadvantage in the world markets..
Average
for
$2,183,298 for 54
Zone, and
exports of manufactured goods so the program would not put them at a
^
added
rate at which
I believe there is ample authority
under existing ligislation to establish import quotas which would protect
both the domestic producers of raw cotton and probably domestic manu¬
as
Canal
units.
;
cotton could be released from the loam
,
Air
.•
$332,480
arsenals,
the
accelerate
to
.
committee
$1,375,000 for construction of National Cuard
bale to producers who release their loan cotton
2. A moderate payment on all cotton exported after the plan goes into '
operation.
"
sumers
provided
was
.
Senate
The
$499,857,936, of which
additional contractual authority
An
Corps experimental research, $1,500,000 for construction at Albrook Field,
The details of such
include:
facturers
for the Air Corps.
was
$19,505,988
V".'
program.
Of
the plan.
Such
$94,737,281
Corporation,
arid
or
it
to
the bill' increases
also operated
authorizes
appropriate,
also
amends
been
raised
as
Section
as
to
additional
make
some
stock of the Disaster Loan
the RFC,
with
loans
which
It
is
a
of
the
statutory affirmation.
$40,000,000,
to
may
the result of possible disaster in 1939
9.
to the validity
owning
groups,
it
the capital
in .connection
be necessary,
or
bonds.
Consequently
1940,
It
The .question has
of the jurisdiction^ by certain
owners
and
that section has been
inserted.
The text of the bill
as
enacted into law follows:
firmer basis.
IS.
1102]
AN ACT
President
Roosevelt Asks Congress to Provide
574,500 More for Navy Department
President Roosevelt
additional $19,574,500
on
$19,*
March 27 asked Congress for an
appropriation
for
the
Navy, to be
spent largely for airplanes and artillery.
The supplemen¬
tary budget estimate was sent by the President to Speaker
of the House Bankhead,
Regarding the items included in
the request, United Press
Washington advices of March 27
said;
..
v
Under the supplemental estimate he outlined the following major proj¬
ects: $14,298,000 for airplanes and air navigation
equipment; $4,348,000
To
continue
the functions of the Reconstruction
for
other purposes.
Finance Corporation, and
A
Be it enacted
by the Senate and House of Representatives of the United
(a) section 1 of the Act
approved Jan. 26, 1937 (50 Stat 5), is hereby amended by striking
therefrom "June 30, 1939" and inserting in lieu thereof "June 30, 1941";
(b) section 1 of the Act approved March 31, 1936 (49 Stat. 1186), as
amended,, is hereby further amended by striking from the first sentence
thereof "June 3,0, 1939" and inserting in lieii thereof "June 30, 1941";
(c) section 9, of the Reconstruction Finance Corporation Act (47 Stat. 9),
as
amended, is hereby further amended by inserting after the second
States
of America in Congress Assembled, That
sentence
thereof
the
following
sentence:
"Such
obligations
may
mature
Volume
subsequent to the period of succession of the Corporation
section 4 hereof.";
and
in
lieu
the first sentence "$20,000,000"
"$40,000,000"; and by striking from the
in lieu thereof "1938, 1939,
thereof
paragraph
"or
1938"
inserting
second
According to special advices March 27 to the New York
of Commerce" from its Washington bureau the
"Journal
and inserting
for sub¬
business
deferred
the contro¬
George resolution to block Administration plans
sidizing exports of cotton was made the unfinished
of the Senate that day, but a vote on passage was
1940."
or
Approved, March 4,
1939.
♦
Bill
Text, of
by
Passed
Functions of
Extending
President Roosevelt
pending further developments in the House on
versial parity payment appropriation and Department of
Agriculture plans for encouraging cotton exports. From the
account to the "Journal of Commerce" we also quote:
and Approved by
Congress
Ex¬
port-Import Bank and CCC Until 1941—Borrowing
Corporation Increased from $500,000,000
Power of
We
The
$900,000,000
to
the text of the bill passed by
and signed by President
Congress,
Roosevelt
should not
Commodity Credit Corpo¬
ration and the Export-Import Bank of Washington until
June 30, 1941.
The bill was finally disposed of by Congress*
on Feb. 24, when the House accepted amendments incorpo¬
rated in the measure as passed by the Senate on Feb. 23.>
In the text of the bill, as given further below, it will be,,
noted that it contains an amendment to Section 4 of the*
Act relative to the Corporation as passed by Congress a
year ago, and signed by President Roosevelt on March 8, '
1938; that Act was given in these columns April 2, 1938,
page 2135.
The amendment which is made effective under
the measure just enacted by Congress affects the resources
of the CCC and changes its borrowing authority from $500,000,000 to $900,000,000.
This was explained by Representa¬
tive Steagall in the House on Feb. 21, as follows:
is the
of
the
«
.
resolution authorizing Commodity
modities held as security for loans
to redeem such
and head of the Commodity
\in
.
•
•'
•
Congressional approval of the conference report on the
reorganization bill was completed on'March 29
when the House adopted the report by a voice vote.
The
Senate had passed the report the day before (March 28) and
the bill now goes to the President for his signature.
Agree¬
ment on minor differences in the Senate and House measures
Government
-
reported by the conferees on March 27. Reference to
of the bill was made in our issue of last week,
page 1731.
A Washington dispatch of March 29 to the New
York "Times" noted passage of the report by the House as
was
mislead¬
The text of the bill as
To
Senate passage
it
"
^
.
follows:
.•
functions
the
of
Commodity
Corporation
of America in
approved
other
or
■
4),
as
amended," is
Secretary of the Treasury with the approval of
coordinate
be according
major purposes, to reduce the number of agencies by consolidating those
having similar functions, to abolish those not necessary to efficient conduct
of government and to eliminate overlapping and duplication of effort.
Any
plan submitted to Congress becomes effective unless both houses, within
In
essence
the
bill
authorizes the
Government agencies, with
stock" ;
and
60 days, adopt a concurrent
resolution rejecting it.
is
108),
by
hereby, amended
Approved,
striking
from
inserting in lieu thereof
"$500,000,000"- and
the • first sentence
"$900,000,000."'
thereof
,
March 4, 1939.1
Transportation
New
Approves Bill to Permit Cotton
Reclaim 3,000,000 Bales Held as Col¬
Government Loans—Frazier "Cost of
Committee
Glowers
lateral
to
for
Bill Reported Out of Committee—
Resolution on
Cotton] Subsidy Given
Right of Way in Senate
Production"
George
subsidy plan for cotton suggested
this week by President Roosevelt (and to which further
reference is made elsewhere in today's issue of our paper)
various other measures affecting cotton- growers have been
In addition to the export
before Congress
this week. On March 30 it was stated that
brought forth a domestic subsidy
the so-called Senate bloc
plan of its own (sponsored it is said by Senator Bankhead),
which would cost the Treasury about $90,000,000 a year.
As to this Washington advices March 30 to the New York
"Herald Tribune" said:
'
cbtton
bloc plan,
embodied in two bills reported by the Senate
would permit cotton growers tcKjsopossess up to
3,000,000 bales of loan cotton on payment of three cents a pound and would
Agriculture Committee,
give the growers a
subsidy of three cents a pound on cotton produced on a
with the acreage allotment agreements of the
The advantage to
Senators
session of cotton on
and they
the growers under the plan
would be twofold.
proposed by the Southern
At a cost of three cents they would gain pos¬
12 cents
pound on their next crop.
which they now owe the Government up to
would receive a bounty of three cents a
same day (March 30) the Senate Agriculture Com¬
reported out the "cost of production" farm bill spon¬
sored by Senator Frazier (Republican) of North Dakota and
16 other Senators. According to a dispatch from Washington
to the New York "Times" the bill would substitute govern¬
On the
ment
price-fixing On a long list of farm commodities for the
marketing controls. The same
advices said:
in
additional
,
..
$250,000,000
farm benefit payments which the House eliminated from the
Also, legislation was
introduced in,the Senate to provide the
Senator
companies was introduced on March 30 by
Wheeler, Democrat, of Montana, Chairman of the Interstate Commerce Committee.
The measure embraces the recommendations made by
President Roosevelt's committee of six representing railroad
management and labor,
The measure is the key bill of a
series of legislative proposals, some of which have already
sleeping
car
.
been introduced.
C. is given powers, for rate-making purposes,
transportation by air.
The seven major points of the bill are:
It directs the I. O. C. to investigate the "relative economy" and fitness
*
of rail, water and motor Carriers and submit recommendations to eliminate
The I. C-
over
"wasteful and destructive"
It directs the I.
competition.
.
C. C. to investigate the entire
subject of governmental
including rights-of-way, transportation facilities
services provided them from public funds.
the Commission permission to prescribe "just and reasonable"
subsidies to all carriers,
and special
It grants
It
be charged by all carriers.
lays
national transportation policy,
down a
the basis of which is
of all lines.
provides that all carriers make regular reports to the I.
sets up joint Federal-State boards for treatment of local
impartial regulation
It
It
It grants the
C. C.
situations.
qualifications and maximum
carriers, and authority over security issues of
I. C. C. power to determine
hours of employees
of motor
all companies.
"This bill revises the
ments
thereto,
and
Truman, Democrat,
The measure is
of 1887 and the amend¬
more logical and more orderly,"
issued by Senators Wheeler and Harry S.
Interstate Commerce Act
will make the act
according to a joint statement
mittee
present program of crop and
by
.
Senator Burton K.
reduced acreage in accordance
soil conservation program..
Introduced
\A bill laying down a national transportation policy and
extending the powers of the Interstate Commerce Commission
over bus and motor freight lines, water carriers, pipe lines
rates to
The
Bill
Wheeler
.
and
Senate
' '
mm—*
the President, may continue
subscription to preferred
ol the Act approved March 8, 1938 (52 Stat.
section 4
(d)
President to group and
the 21 exceptions, as nearly as may
supply from time to time through loans or by
to
those adding
which may not be abolished, con¬
They are the
reorganization plan.
to
shall not have outstanding at any one time
of $100,000,000, the capital for
Finance Corporation, when requested by the
Reconstruction
any
Federal Reserve System
obligations to it in excess
'
which ' the
Stat,
(49
under
Federal
Congress assembled, That
1935
transferred
or
Deposit Insurance Corporation, the Board of Governors of the
and the Mississippi River Commission.
Other accepted Senate amendments provide that no reorganization plan
may continue any agency or function beyond the period authorized by law,
or
authorize any agency to exercise a function not otherwise expressly
authorized.
A compromise was reached on one Senate amendment to per¬
mit abolition of any agency when it ceases to be useful.
Bank of Washington, and for other purposes.
of Washington
Import Bank
loans
31,
Jan.
18 quasi-judicial agencies
solidated
and the
(a) section 7 of the Act
hereby further
amended by striking from the first sentence thereof "June 30, 1939" juid
inserting in lieu thereof "June 30, 1941";
(b) section 9 of the Act
approved Jan. 31, 1935 (49 Stat. 4), as amended, is hereby further
amended by striking from the first sentence thereof "June 30, 1939" and
inserting in lieu thereof "June 30, 1941";
(c) Section 9 of the Act
approved Jan. 31, 1935
(49 Stat. 4), as amended, is hereby further
amended by inserting before the period at the end of the last sentence
thereof a colon and the following: "Provided further, That the ExportStates
of the accepted Senate amendments were
three to the
Credit
by the Senate and House of Representatives of the United,
enacted
"
Most important
Export-Import
Be
.
AN ACT
the
continue
[H. It. 4011]
■
•.
'
"
■"'
appeared
Bill Sent to White House Following
Congressional Approval of Conference Report
signed by President Roosevelt on March 4 follows:
•
Credit Corporation.
proposals to increase cotton exports
these columns a week ago, page 1736.
Reorganization
,
lending power of the Export-
ing as to some of its provisions.
Tenn.) and will
of R. F. C.
by Chairman Jesse H. Jones
A reference to
accounts at that time were somewhat
press
the market value.
sponsored by Senator McKellar (Dem.,
The resolution is
of com¬
producers
Credit Corporation to dispose
made to producers by allowing
commodities upon payment of
be discussed before the Committee
by Congress
1101,
today was an¬
N. Y.) of the Senate Banking
by his committee on a
Committee that hearings would be held tomorrow
Bank to $100,000,000.
While the adoption of the
was noted In our issue of Feb. 25, page
Import
bill
of $600,000,000.
instead
also restricts the
The bill
Today
bearing on the cotton problem
by Chairman Wagner (Dem.,
nouncement
make its borrowing power $900,000,000,' making its resources
000,000, to
$1,000,000,000
cotton they
of the 11,500,000 bales of loan
be overlooked by Congress.
Senate Hearings Open
$900,000,000, mentioned in
...
without a dissenting voice being
that the leadership was against it
that if there are opportunities
farm State members who feel
Another new development
the amendment
.
.
.
amount fixed by the amendment in this bill increasing the resources
CCC from $100,000,000 capital, plus its borrowing power of $500,sum
as some
available for getting rid of some
March 4,
on
well
as
continuing the operations of the
This
given right of way
was
measure
raised, although there were indications
herewith
giving
are
nobrecommended by
President Roosevelt.
(50 Stat. 19),
amended, is amended by striking from
as
The payments were
Agricultural Appropriations Bill.
provided by
as
(d) the Act approved Feb. 11, 1937
and
1887
Chronicle
Financial
148
of Missouri.
designed to place the regulation
portation on the same basis as
of other forms of trans¬
the regulation extended to
railroads.
boards or agencies,
with the regulation of all
forms of transportation, rather than different agencies regulating different
carriers." This is in line with the President's views, who asserted a year
ago that it is not efficient and economical for many Government agencies
"The bill," Mr.
only a single
to
Wheeler said, "does not create new
independent body to be charged
regulate transportation.
Under the bill, the
gate two
I. C. C. Is directed to
broad questions of transportation
proceed immediately to investi¬
service and cost.
Financial
1888
Chronicle
The
the relative economy and fitness of carriers by rail, water
-The first is
and motor for transportation
service, or for any particular sort of transpor¬
fitted,
especially
is
transport
so
mittee,
as was
1732.
wasteful and destructive
lessen
to
as
In
indicated in these columns a week ago, page
noting that action on the bill had been deferred
Saturday March 25 until the present week, advices to
competition.
on
The Commission is directed, also, to investigate the whole subject of
This inves¬
y-
the New York "Herald Tribune" March 25 said in part:
governmental aid of subsidy to rail, motor or water carriers.
After four hours of turbulent debate
tigation is to include the extent to which right-of-way or other transpor¬
special services have been, or are being, provided from
tation facilities and
Agricultural Appropriation bill was sent to the floo
on March 23 by the House Appropriations Com¬
of the House
with the view of determining the service for which each form of
tation,
April 1, 1939
over
the $1,000,000,000 agricultural
supply bill, the House broke away from Administration leadership tonight
public funds for the use of each
and adjourned suddently in the midst of a
adequate compensation to
000,000 appropriation for farm-parity payments.
of the three types of carriers, without
the Government therefor.
fight over
The unexpected adjournment put over until next
"The bill contains a rate-making rule applicable to all forms of trans¬
the same as the rule now contained in
Section 15-A of the Interstate Commerce Act," the statement said.
p,
showdown
portation, and for all purposes is
efforts to organize an
on
by
requested
unbudgeted $250,-
week the anticipated
urban-rural bloc under which support
for the $2.50,000,000 in parity payments
$150,000,000
an
might be traded for votes for the
for the Works Progress
Roosevelt
President
Administration.
Majority leader Sam Rayburn's plea to stay in session
Would Have Called for,
House Kills Resolution Which
responded quickly to
journment
March 24, in tabling the
There
response
Representatives
on
adverse
Mr.
resolution
The
On
to
support
defeat"
and
defer
Supreme
Court.
has
(The-Department
"
the
weak
that the Department was
moved to
that it
Labor
the
of
part
Bridges.
clear' there
officials
Department
•
vote,
cease
consideration of the bill for today
109 to 84.
the motion carried
to demand a teller vote.
up
.
Immediately Rep¬
Representative
Democrat; of Missouri, pilot of the
House
roll-call vote in the
a
motion to adjourn,
a
on
the
.
'
.....
to a
•
•
.
been conceded Jby the members of the Ap¬
day it had
point of order.
An amendment has been prepared to place
the current appropriation.
delegations
Mr,
V
,
immediately
propriations Committee that the parity rider-as drawn would be subject
the
on
prosecution of
abandon
to
intention
no
was
"to
,
the funds
for the parity payment under the same conditions that govern them
was
soil-
Representative Anderson moved that the committee
adjourn until Monday.
Earlier in
action on Mr.
There is no evidence,
had purposely appealed a
deferred
**
'
The committee declared
officials
accused
the
that
committee,
case.
reading clerk reached the parity provision and while
When Mr. Rayburn took the chair to preside, Mr. Cannon
Bridges pending final decision of the Strecker case.)
said
by adjourning
again by a 25-vote margin, 129 to 104.
bill, asked for
good faith in carrying the Joseph Strecker deportation case
acting in
the
to
House in session for a vote tonight.
the week end.
scenes over
Rayburn leaped
won
of
of the farm parity item thought they could
discover and show just which ones of us are leaning on the shovels."
deportation.
Mr. Thomas's allegation
The committee denied
not
Bridges's
Mr.
the parity payment item and final passage
Representative Clarence Cannon,
Texas, stated in a lengthy document that there is no
"to
of strategy in the overwhelming
still Wrangling over an amendment to decentralize the
division
a
Anderson
by
headed
Committee,
Judiciary
the
was
resentative
Representative Summers
competent evidence
the charge that the Labor Department officials had conspired
26-man
before
of the whole arise and
In the Washington "Post" of March
of
on
opponents
conservation service,
Houghteling, Commissioner of Immigration.
25 it was stated:
L.
vote
a
working behind the
the House
Republican.
Others named in the resolution
Gerard D. Reilly, Solicitor of the Labor Department,
and James
was
Some
the provision by holding the
Just
New Jersey,
were
suggestion
no
Other opponents believed they could rally more opposition
and
Representative Thomas of
by
offered
was
be
suggestion to quit.
Rayburn had said that he expected to hold the House to its task
bill.
defeat
Bridges, West Coast labor leader.
laws in the case of Harry
The
the
.
appeared to
until there
of
Labor Frances E. Perkins* thus killed the resolution, which
had charged, it is said, failure to enforce the deportation
investigation of impeachment charges against Secretary
Ad¬
consideration of the bill for today,
cease
followed.
to the
C. Arthur Anderson,
Representative
by
motion
a
.Democrat, of Missouri, to
report of its Committee on the Judiciary, which
unanimously agreed that there was no ground to justify an
The House of
ignored when
was
Democrats and Republicans alike, in violent temper after hours of wrangling,
Investigation into Impeachment Charges Against
Secretary of Labor Perkins^r-Finds Sufficient Facts
Not Presented to Warrant Action
agreement to support
...
under
This unexpected admission gave the big city
breath of life in their fight to force farm members into an
a new
the $150,000,000 WPA fund in exchange for metro¬
politan support for the farm parity payments.
From
March 24, advices to the New York
Washington,
An Associated Press advices from
"Times" said, in part:
it
While the full committee report,
the
officials,
.
.
report criticizing
in seven findings, completely exonerated
and her
Perkins
issued
minority
Republican,
the
.
Miss
was
today
aides.
Ferguson,
double
to
Washington March 28
-
Representative
additional
an
stated:
the
Democrat,
$250,000,000
of
fund
Oklahoma,
the
in
asked
House
the
Department
Agriculture
appropriation bill for parity payments to farmers.
Findings
Committee
of
'The findings of the committee were:
jL. That there is
or
The committee appreciates fully that conspiracies are difficult to
may rarely be established by direct evidence, and that such cases
prove,
„
must
rest
% That there is
accused
no
release
out
requiring
That
4.
Ferguson's
move
•
for the army
•
came
stricken
was
the
after
immediately
on
a
provision for
the
technicality and Rep¬
evidence to support the charge that the
competent
and to defeat the deportation of
appropriations suh-cbnimittee, sought to restore the amount by changing
defer
is
that
evidence
no
the
"conspired
accused
together
Mr.
to
can
bond of not less than $500."
a
there
is
no
evidence to support the charge that the
competent
committed
overt
many
acts
to
the
effect
object
*
said
of
Cannon
attempted to limit debate
to an hour and a
Bridges after his arrest on his own recognizance, and with¬
"have
accused
the $250,000,000 unless
even to
Ferguson remarked that the question
the language of the section,
there
Harry
•
$250,000,000 already in the bill
"unlawfully conspired to
That
objections
Mr.
resentative Cannon, Democrat, of Missouri, Chairman of the agriculture
Harry Bridges."
3.
navy.,
Mr.
inferences.
on
is tapped,
revenue
of economy never is raised when Congress appropriates money
support the charge of con¬
spiracy.
often
In the face of administration
-
offsetting
evidence to
competent
110
:>•'
"
;
As1
the whole parity question
on
half, but failed when Representative Marcantonio,
Laborite of New
York, objected.
proposed in the House
Ameri¬
.
on
Cannon's amendment read:
March 28, Representative
'
.
conspiracy."
6. That
the
there
Supreme
•*
drawn
tion
that
137,
United
7.
venal
was
is
no
failed,
have
States
Code,
case
reasonable inference
a
may
be
other
or
consideration of all
careful
a
unanimous
adduced
or
"To
illegally
its
in
000,000:
„
case,
this
opinion that sufficient facts have not been
warrant
to
""
the
interposition
of
the
constitutional
of impeachment by the House.
The minority report of the subcommittee was signed by.
Representatives Guyer, Hancock, Michener, Robsion, Reed
of
Illinois, Gwynne, Graham,
Pierce,
Monkiewicz and
Springer, said the
as
same paper,
which quoted the minority
saying "we are ,in, general agreement with the findings
and recommendations contained
in
the
report
of the com¬
mittee, but disagree to the extent and in the particulars
tained in these additional views."
A
reference
appeared in
bearing
to
the
action
of
the
Judiciary
our issue of a week ago, page
the testimony of Miss Perkins
columns March 25, page 1733.
on
was
that
she
was
reported Miss Perkins
the
and found
charges
she
item
had
were
done
as
in
as
Phila¬
saying
Associated Press advices further
follows:
made, she said, she "reexamined" her conscience
nothing
wrong.
Provided,
*
Passes
tion
Bill
tion for
$1,067,274,427 Agricultural Appropria¬
Rejecting Proposal for Appropria¬
Farm Parity Payments of $250,000,000
After
On March 28 the House passed the
$1,067,274,427
Agri¬
Appropriation bill after rejecting by a vote of 191
yeas to 204 nays, an amendment by Representative Cannon
of Missouri, calling for an appropriation of
$250,000,000 for
farm parity payments
•
cultural
make parity payments to
to
rice and tobacco pursuant to the pro¬
1938, $250,-
however, that, in expending the appropriation in this
paragraph the rate of payments with respect to any commodity shall not
exceed the amount
less than
75%
by which the
average
farm price of the commodity is
of the parity price."
In reporting the action by the House on March 28 as
Washington advices to the New York "Journal of Commerce"
said in part:
A coalition of economy bloc members, Republicans and urbanites
forced
rejection by the House tonight of the Cannon amendment to the agricultural
appropriation bill to appropriate $250,000,000 for payment of parity benefits
to
growers
fiscal
co-operating in the farm adjustment program during the next
year.;
.
.
"
.
As the bill goes to
the Senate it provides
;
an
1
appropriation for the de¬
appropriation bill of last year by approximately $439,000,000, due chiefly
to the fact that last
year's bill carried
rural rehabilitation loans which
are
an
now
appropriation of $175,000,000 for
proposed to be taken care of in
the relief bill and the $212,000,000 fund of last year
the Administration in the House dumbfounded.
certain of their position throughout the fight
overtures of members
for parity benefits.
The farm
bloc had felt
and had flatly refused to accept
from urban centers that they "trade" votes on the
parity and relief appropriations.
They believed their position to be even more secure when the House,
by
a
vote of 226 to 70, rejected the Ferguson amendment to boost the parity
appropriation
to
$500,000,000.
There
had
been
reports
that
the
Re¬
publicans and urbanites would support this amendment in order to raise
the amount
House
corn,
Rejection of the parity appropriation left leaders of the farm bloc and
"sincerely grateful" to the House Judiciary
Committee for its action.
When
an
Secretary of Agriculture
partment for the fiscal year 1940 of almost $900,000,000 which is under the
given in these
Speaking before the Democratic Women's Club
on March 27, Miss Perkins is reported
delphia,
con¬
Committee
1732, and
the
visions of section 303 of the Agricultural Adjustment Act of
within the
evidence in this
enable
producers of wheat, cotton,
refused to enforce Sec¬
aliens
\
That, after
presented
-
faith,
neglected
against
Parity Payments
to
in good
not
or
in
the
Strecker
appeal
evidence from which
accused
the
United
the
that
States.
committee is
powers
Cviderice
n6
Court
That there
6.
is
so
high that even the farm bloc could not support it on
a
roll
cal| vote.
Passes
Measure
Providing
for
$100,000,000
Appropriation for WPA—Endorses Action of Com¬
mittee in Cutting Funds from $150,000,000
House
Cutting from $150,000,000 to $100,000,000 the additional
appropriation requested by President Roosevelt, the
House Appropriations Committee, on March 29, by a vote
of 25 to 13, reported to the Housr the resolution, making
relief
Volume
for
provision
Financial
148
appropriation
the
the
for
Works
supported
that
Yesterday (March 31) the House passed the resolution by a
of 290 to 110, retaining the amount /($100,000,000)
fixed by the committee.
In Associated Press advices last
night (March 31) it was stated that by a 205 to 156 teller
vote, the House rejected an amendment by Representative
Fitzpatrick (Dem., N. Y.) to add 50,000,000 to the bill's
the
this
in
WPA
the
shall
House
during the
study.
legislation it
Just before this vote it refused to cut the fund to
adopted by the House reads as follows:
as
House Resolution
Resolved, That for the
basis
for
of
shall
criticizing some of WPA operations that it felt that its proposal was on the
the
recommendations
after
Committee
Appropriations
the
Representative
action,
had reported
President replied, Mr. Sabath asserted, that his aides
that if the smaller sum were finally
needed, but
was
approved the WPA would have to stretch it out and do the best it could.
Sabath's
Mr.
committee
granted the measure legislative right of way,
barring all amendments to it except those which would change the amount
of money involved.
Debate
the bill is expected to start tomorrow.
on
The $100,000,000, it is said, would
the preceding year
or
make the total available for WPA in
"How¬
recognizing that time is the essence just now because of the pressing
however brought about, to project administrative procedure for the
ever,
need,
remainder of the fiscal year,
up," the committee said.
the committee, perforce, has pursued a more
liberal policy than a searching inquiry
A
March 21 to the New York
deliberations of the House
Appropriations Committee on that,date said, in part:
Washington
dispatch
,
With the "economy" bloc of Democrats, five or six in
subcommittee in immediate charge of the bill leading a
called
conference
into
Democrats unexpectedly
today found themselves confronted with a variety
$75,000,000,
20-odd
the
Edward T. Taylor mentioned the
But it became apparent that
assurance
$125,000,000 figure.
$100,000,000 if given
the amount on the
that the leadership would not attempt to raise
Since Speaker Bankhead
and Mr. Rayburn were not in position to
deadlock.
give such assurance, the meeting ended in a
Hearings in the subcommittee were terminated late
WPA activities in his State,
the
on
.
H
today after members
Allen, Democrat, of Pennsylvania, report
had heard Representative Robert
on
Chair¬
the subcommittee Democrats made a strong
impression when they agreed to support a bill carrying
floor.
Before the full committee is asked to pass
bill, testimony at the executive hearings last
week will be made
available to members of the House.
WPA officials drafted orders to cut 400,000
Meanwhile
Revised
people from the relief rolls by April 1 unless the additional
appropriation is granted.
There would be a further 600,000
cut in May and an additional 200,000 reduction in June,
under this plan.
Mayor LaGuardia of New York City an¬
nounced on March 20 that unless Congress appropriates the
amount asked by President Roosevelt, 25,000 WPA em¬
ployees would be dropped in New York on April 3. ■
Investigation of WPA Called for in Resolution
President
Passed
Resolution Required by
by House—No Action on
or
-
tion, to be conducted by the House Appropriations Commit¬
tee.
This marked the first time since the creation of the
authority
of relief requirements and
WPA, in 1935, that the committee was granted the
make
result
in
relief
March 21
appropriations.
The House Rules Committee on
voted favorably, 7'to-4, on the resolution, according to the
Washington "Post" of March 23, which said, in part:
In the Rules Committee meeting Representative Sabath vainly demanded'
that Colonel Harrington, WPA Administrator, be allowed to testify before
committee voted
the
on
the investigation.
'.
.
.
.
'
For—Representatives Cox,
Smith,
Dies,
Lawrence Lewis and Dernpsey (Democrats), and
Representatives Mapes and Allen (Republicans) ; against—Representatives
Sabath, Delaney, Colmer and Nelson (Democrats).
Representative Dies
The
vote
approving
on
the resolution
was;
Howard
was
making his
month
first appearance in
if
a
\
said that he
it
was
funds
Robert
Hon.
F.
V
We understand your sub-committee has reported
the Cole bill now before the House.
to
been made
wish
we
investigation
resolution,
Georgia, requires
of
no
We also understand
a statement
Senate Committee that the principal
If these facts are correct,
emphatically that while the form of the bill has been
to state
a
serious deterrent to business expansion.
Appreciating
as we
do the
fairness of the hearings which you granted us, we hope you will in fairness
to your
Committee and to business explain that we do not consider legiti¬
mate business
objections have been met.
now
have
.
We find it hard to believe that
still further to the burdensome restrictions
the Senate is preparing to add
business, particularly in view of the fact that the SEC
hampering
presented such Slight proof to show any pressing need for it.
INVESTMENT
BANKERS ASSOCIATION OF AMERICA
Jean C. Witter, President,
John
.
Starkweather,
Committee."
•
'
'
Chairman,
,
Federal
-
were
in
Legislation
•
_•
.
and Mr/ Starkweather
Witter
Mr.
K.
March 27,
introduced
by Representative
Cox, Demo¬
Cox
that
of
who
the
assured
he
the
was
Democratic
convinced
administration of
the
there would
said
by
be
House
no
it
would
atetmpt
the
Representative
the inquiry would
leader,
that
attend the fourth annual conference March 30 and 31 of the
the Association. In an address at a
summarized the Association's
Central States group of
luncheon meeting, Mr. Witter
objections to the measure as follows:
We opposed che
bill at the last session of Congress and the changes made
bad then. We approve most of tho objectives
have not met the objections we
of the
measure
We
are
it
Naturally
and will gladly work to accomplish them.
want investors to have every
we
reasonable protection under trust identures.
obliged, however, to oppose this particular measure on the grounds
dangerously substitutes the theory of "commission approval" for
the principle
of "full disclosure," which is the sound basis of present Federal
It substitutes
commission
judgment
for established statutory rules of conduct.
according to its own opinions and changing personnel.
for
business
It injects a
Federal commission into business negotiations, with power to
dictate terms
It would add tre-.
ticularly so
as
to small industries.
It would be an added incentive for
private placement.
From its
March 31
be
a
Washington bureau the "Wall Street Journal" of
reported the following advices:
measure
is a redraft of the
visions contained in the
bill
on
Barkley bill to embody clarifying pro¬
which hearings will be held by the House
Committee on next Tuesday.
Under the new bill much of the discretionary regulatory
WPA."
not
political
to whitewash anybody or
investigation
anything.
,
Chicago to
mendously to the expense of financing, already over-burdensome, and par¬
action of the Senate or President to make it
supported
was
Texas,
credit
"reflect
and
revised
opinion and we find this new draft highly objectionable to our business
and
The
measure
Rayburn
Mr.
on a
radically altered, the practical aspects of it remain virtually unchanged in
and
effective.
The
to the
by the SEC
objections raised by us and others have been met.
judgment
In addition, he pointed to the
the question of appropriating $150,-
favorably
Barkley bill (S. 477) similar in form to confidential draft number two and
intending to conduct an extensive inquiry into WPA before
for the fiscal year 1940.
Banking and
'
stated:
was
of
of the
102
C.,> 1934 ed.,
Senate Committee on
Wagner, Chairman
legislation.
In Associated Press advices from Washington,
The
S.
Currency, Senate Office Building, Washington, D. O.
securities
000,000 for the remainder of the current fiscal year.
crat
(U.
objections of tha Investment Bankers Association of America
to the measure, according to a joint statement issued at
Chicago on March 30 by Jean C. Witter of Dean Witter &
Co., San Francisco, President of the Association, and John
K. Starkweather of Starkweather & Co., New York, Chair¬
man of its Federal
Legislation Committee. Informed that
the SEC had submitted a revised bill to the Senate Banking
and Currency Committee, accompanied with a statement
that changes in it met tha principal objections raised by the
Association, the officials of the Association telegraphed
Senator Robert F. Wagner of New York, chairman of the
Senate committee and every member of it that this is not
the case.
The revised bill, sponsored by Senator Barkley,
was
approved by the sub-committee on March 30:
The
following is the telegram addressed on that day to Senator
Wagner by Messrs. Witter and Starkweather:
that
"no objection to the investigation
had
hearings held for the past few days on
it
amended
as
,
it," but added that the Appropriations
majority of the House wants
Committee
voting
the Capitol since an appendectomy a
ago.
Speaker Bankhead
States,
Revisions to the Barkley trust indenture bill proposed by
Securities and Exchange Commission do not meet the
policy to guide the House in future
a
United
the
administration.
to
the
192).
independent survey
The findings of the committee are expected
an
of
having
who,
or
pertinent to the matter herein
Objections by IBA to Revised Barkley Trust Indenture
Bill
Favorably Reported by Sub-Committee of
Senate Banking Committee
our
Representatives on March 27, by a vote of
351 to 27, adopted a resolution sponsored by Representative
Cox for an investigation of the Works Progress Administra¬
The House of
to
default,
makes
be held to the penalties provided by Section
shall
Statutes
2, sec.
has
Senate
wilfully
thereof,
Every person
witness by authority of 6aid committee
a
as
to answer any questions
refuses
authorized,
title
summoned
subcommittee
any
appeared,
"
number, on the
fight for a cut to,
One member said the situation changed somewhat after
of views.
man
even
or
,
would justify."
"Herald Tribun}" discussing the
$100,000,000
or
and $1,833,456,971 in the year before.
"This expense should not be building
'
.
member thereof may administer oaths to witnesses.
any
who, having been
compared with $1,427,701,994 in
present fiscal year $2,163,868,406,
the
deems desirable.
it
with such
investigation, together
of its
as
subcommittee
thereof, is authorized to sit and act during the present Congress at such
times and places within the United States, whether or not the House is
sitting, has recessed, or has adjourned, to hold such hearings to require
the attendance of such witnesses and the production of such books, papers,
and documents, and to take such testimony, as it deems necessary.
Sub¬
poenas may be issued under the signature of the Chairman of the committee
or
any
member designated by him, and may be served by any person
designated by such Chairman or member.
The Chairman of the committee
with the reduced appropriation.
$150,000,000
results
legislation
•>
House as soon as practicable during
the purposes of this resolution the committee, or any
For
the White House that he had asked the President how he could get along
The
for
by
'
Sabath, Democrat, of IUinois, Chairman of the Rules Committee, said at
that
report to the
Congress the
present
or
Administration and the administration
administered by it.
regulations and orders
committee
whole
as a
directed to conduct a thorough investiga¬
is authorized and
side of liberality.
Shortly
Committee on Appropriations,
legislation the
laws,
The
130
of obtaining information necessary as a
purpose
tion and study of the Works Progress
Roosevelt's request, the committee said in a report
the Appropriations Com¬
the committee to submit a report to the
deem advisable.
may
subcommittee,
.
fields
Congress, along with any recommendations for
raise the amount to $125,000,000 and cut it to
Referring to Mr.
.
.
stipulate what
It requests
present
The resolution
$54,293,575; it is further stated that the House also refused to
$75,000,000.
President Roosevelt's message to Congress requesting the
$150,000,000 additional relief funds waj given in our March
18 issue, page 1566.
In Associated Press advices from
Washington March 29 it was stated:
were
not
the Republican leader, also
that the American demand
in a fair and impartial manner.
Political
an
outstanding issue in his congressional
election, he continued.
does
resolution
mittee
declaration
the
be conducted
district at the last
The
with
inquiry
agency
activities
vote
Massachusetts,
of
Martin
Representative
Progress
Administration during the fiscal year ended June 30, next.
total.
1889
Chronicle
respect to
trust
authority with
indenture standards (s removed and specific statutory
requirements substituted.,
'
,
,
.
provislon\agreed
The bill contains a new
to yesterday which
ture bill or
which are required under the indenture
new
tax
the
makes definitely mandatory the
exemption from the bill of all issues of $1,000,000 or less.
Under the bill
as it entered the Committee yesterday the SEC was given authority to
provision agreed to yesterday
said
Still
of the indenture legislation.
prevent avoidance
$1,000,000 issues in order to avoid coming
appeared in
weather
burden
declar¬
ing that the taxpayer is clothed with the implied constitutional tax im¬
munity to the government by which he is employed.
That assumption
under the provisions of the act.
Stark¬
stitutional
Versa—Two Justices Dissent—Findings
Vice
decisions, one
two, ruled on March 27 that a
State may tax the income of an employee of a Federal
agency and that the Federal Government may also tax the
income of a State employee.
These findings reversed previ¬
ous legal precedents of almost 100 years and, in the opinion
of legal authorities, makes it unnecessary for Congress to
revise the Federal statutes to permit reciprocal taxation of
their employees by Federal and State Governments.
Presi¬
States Supreme Court, in two
Roosevelt had recently urged that move, as
of
On
employees.
Government
9
Feb.
The
York "Herald Tribune"
New
Without
for
waiting
sponsored
passage
sal¬
House
which
measure
seeks
to
Authority
also
as
case,
legal testing of an Administrationeffect the same result, the Supreme
to the constitutional¬
State
,
the Federal .Government may
exemption
Salaries
Low
it
securities.
tax State bonds and
Still
Exempt
.
>
2,600,000 State and local employees, with an indi¬
cated payroll of $3,640,000,000 a year, suddenly become subject now to
Federal taxation.
At the same time some 1,200,000 Federal employees
some
getting $2,000,000,000 in pay become liable to State
will in great part escape present State tax rates.
The
members, Congressmen and division heads would be
among those required to pay,
however, if their residences be in States,
having income taxes.
/
/
.
'
'
■
The Treasury figures that $16,000,000 a year will be the Federal revenue
is.
$1,500
from
levies
.
to the States is
revenue
so
indefinite
as
to be beyond estimate.':
In
4
attorneys as among the most
year."
Justices Butler and McReydissented from the majority decision in the New York
described
Government
by
momentous "in many a
nolds
which was delivered by Justice Stone, wrho said
Supreme Court had "refused to imply a constitu¬
case,
that
the
prohibition of Federal income taxation of State em¬
ployees" to the 1938 decision in the case of the New York
Pork Authority, holding that Federal taxation of the sal¬
aries of State employees also was constitutional.
Justice
Frankfurter, in a concurring opinion, indicated that the
ruling went back to the days of Chief Justice John Mar¬
tional
shall in the noted
case
of McCulloch
vs.
Maryland, and after
remarking that "for 120 years" the Supreme Court had been
concerned
with
refinement"
of
"unfortunate"
power
claims
of
this thesis
remark
immunity,
had
been
said
he
that
"the
constructed upon
the
by Chief Justice Marshall that "the
to tax involves the power to destroy."
From Associated
March
*2-7, we quote the following with reference to the Supreme
Court's findings:
Today's
Owners'
Justice
Loan
Stone,
cisions
^
tional
decision
made
was
Corporation
reading
immunity from
the
case
of
James
attorney whom New York
the
were overruled
in
majority
opinion,
income
a
taxation
of
the
State Government
an
salaries
or
O'Keefe,
a
Home
State sought to tax.
declared
"so far as they recognize
ployees of the National or
B.
that previous
de¬
implied constitu- *
of
officers
or
em¬
their, instrumentalities."
in
the performance
in which
of its
functions.
.
.
*
court has held that the salary of an
this
employee of one government or its
or
and employees.
its officers
of
and
munity
and
11
Wall.
113, was later extended to confer
in
cases
the ihdom'e of a contractor engaged
was
in carrying out a Government project '
rejected both in the ease of a' contractor
Mitchell,
v.
V.
James
:
Day,
derived by a lessee from lands leased to
th'e perfofmance of a governmental function,
Oklahoma, 257
393,
im¬
him by the
Gillespie v..
U. S. 501; Burnet v. Coronado Oil & Gas Co., 285 U. S.
cited, although the claim of a like exemption from tax
v.
income
on
Government
on
Dpbbins
in
Collector
in
made with respect to the salary of a govern¬
v. Commissioners of Erie County, 16 Pet.
435,
assumption,
This
mental officer
supra,
of
of
and
a
contractor
Contracting Co., supra.
Dravo
much
So
the
of
burden
a
a State, Metcalf & Eddy,
the National Government,
with
with
*
.
.
non-discriminatory
general tax upon the
State or national, as, may be
passed on economically to that government, through the effect of the tax
on
the price of labor or materials,
is but the normal incident of the
organization within the same territory of two governments, each possessing
of
incomes
the
of
employees
a
government,
taxing power.
can be said to exist or to affect the Govern¬
incidental way, is one which the Constitution
presupposes, and hence it cannot rightly be deemed to be within an implied
restriction upon the taxing power of the national and State governments
which the Constitution has expressly granted to one and has confirmed to
The
burden,
in
ment
the
if
so
far
it
as
indirect or
any
other.
immunity is not one to be
The
Press advices from Washington,
other
the
four scases
the
(2)
opinions
149; Helvering v.
instrumentality was immune
from taxation by the other it, was assumed, without discussion, that the
immunity of, a government or its instrumentality extends to the salaries
"
of:4 the Supreme Court, handed down
March 27, were rendered on attempts by New York and
Utah to tax the income of Federal employees, and were
The
qualified approval, that a tax on income
and, the only possible basis for
376,
S.
with
ment
officer
while the amount of the reciprocal
State and local salaries,
on
a
a
Doyal, 286 U. S. 123 ; James v.
Mountain Producers Corp.,
implying a constitutional
immunity from State income tax of the salary of an employee of the
National Government or of a governmental agency is that the economic
burden of the tax is in some way passed on so as to impose a burden on
the National" Government tantamount to an interference by one govern--
Cabinet
President,
economically
or
Contracting Co., supra
U.
303
year
a
legally
Davo
existing Federal tax and the Federal employees whose average income
to the
once won
-
Mitchell, 269 U. S. 514; Fox Film Corp. v.
As a
income taxes.
practical matter, however, the great bulk of State and local governmental
workers who average about $1,400 a year do not earn enough to be subject
which
theory,
indirectly.
or
tax on its source, is no longer tenable, New
York ex rel Cohn Graves, 300 U, S. 308, 313, 314; Hale v. State Board,
302 U. S. 95, 108; Helvering v. Gerhardt, supra: cf. Metcalf and Eddy v.
is
.
...
„
The
.
directly
the privilege of receiving
upon
from the funds of the Govern¬
paid from his private funds and not
is
ment either
bonds was not directly touched upon.
governments may tax Federal
Theoretically
laid
pensation for his services, and the tax
The matter of whether
more
when exemption from
follows that
It
the
on
by the corporation or the Government t from their funds. ■ It is laid Upon
income which becopies the property of the taxpayer when received as Com¬
constitutional.
was
claimed
no
*
the
By its action today the court whittled down the issue of tax
a
constitutional matter to the single question of tax-exempt
speak,
it has authority to
•
immunity
implies
Congress
Constitution.
the
is
employees. There was flat
decision last May in the New York Port
that Federal taxation of the salaries of State employees
line with
unable to discern.
are
of
of
ity of State taxation of the salaries of Federal
in
when
than does the silence
State taxation
ground that the Federal Government is burdened by the
tax, and Congress has disclosed no intention with respect to the claimed
immunity, it is in order to consider the nature and effect of the alleged
burden, and if it appears that there is.no ground for implying a constitu¬
tional immunity, there is equally a want of any ground for assuming any
purpose on the part of Congress to create an immunity.
,
'
'
The present tax is a non-discriminatory tax on income applied to sal¬
aries at a specified rate.
It'iS' not in form or substance a tax upon the
Home Owners' Loan Corporation or its property or income, nor is it paid
Silence
Court, divided six to two, gave sweeping indorsement
implication,
\
-
of, governmental
immunity
which courts
said:
and
*
exercise.
application of that doctrine to the
instrumentalities.
The constitutional im¬
munity of either government from taxation by the other, where Congress
is silent, has its sourde in an implied restriction upon the powers of the
taxing government.
So far as the implication rests upon the purpose to
avoid interference with the functions of the taxed government or the impo¬
sition upon it of the economic burden of the tax, it is plain that there
is no basis for implying a purpose of the Congress to exempt the Federal
Government or its agencies from tax burdens which are unsubstantial or
of these cases was
each
in
;
(1) But there is little scope for, the.
tax
made in
these columns Feb. 11, page 814, and Feb. 25, page 1100.
In commenting on the effect of the Supreme Court rul¬
ings this week, a Washington dispatch, March 27, to the
to the action
in the O'Keefe
the O'Keefe case said, in part:
silence of Congress,
that the
true
•
.
congressional power and the effect of its
passed the Doughton bill proposing reciprocal taxation of
salaries /of Federal and State employees, and the Senate
Finance Committee later (Feb. 22) approved the bill.
Ref¬
erence
announced.
was
sometimes give rise to an implication as to the congressional purpose.
nature and extent of that implication depend upon the nature of the
may
indicated
the
is
It
.
did not participate in the Utah
Hughes is said to have concurred
Justice Stone's opinion in
Government securities and
taxation of both
the
aries
■
without writing.
case
the enactment
from
dissent
Justice
to Congress of Jan. 19, reviewing his recommendation
of legislation to remove the exemption
sage
for
"
Hughes, who has been ill,
Justice
No
case.
21, page 868, in which we gave his mes¬
in our issue of Jan.
The court merely ruled
income tax.
sent the case
involved and
issue
by the States."
,
Chief
rendered by a vote of six to
dent
Federal
the
taxation
Overthrow Century Old Doctrine
The United
Finance Corporation
the Utah
from
immunity
W. Q. Van Cott,
in Utah, had no con¬
today, the court held that
back to the State court
for decision'as to whether Utah wanted to tax Federal employees.
Justice Black siad, in the court's opinion in the Utah case, that "sal¬
aries of employees or officials of the Federal Government or its instru¬
mentalities are no longer immune, under the Federal Constitution, from;
munity foi Federal and State Employees—Decisions
Permit Federal Government to Tax State Workers,
and
.
.
.
decision
similar
the Reconstruction
for
counsel
Rulings End Tax Im¬
Court
Supreme
States
longer be made.
another
In
on
United
,
no
can
Feb. 11 issue, page 816.
our
the latter."
is no basis
the assumption that any such tangible or certain economic
imposed on the Government concerned as would justify a court's
is
This would prevent an
previous objections to the bill by Mr.
A reference to
the "control of another and dis¬
government is "subject to
a
government," the former "can exist only at the mercy of
Justice Stone held in today's decision that there
"for
$2,000,000 issue under a single debenture into two
issuer from dividing a
if
vs.
However,
$1,000,000 issue.
third change provides that the $1,000,000 exemption applies to
issues of an issuer under the same indenture in one year so as to
a
powers
that
tinct
exempt up to a
the total
individual
an
might some day be used for destructive purposes.
overruled by today's decision wras the noted 1871 decision
Day," a case in which the Federal Government tried to
the income of a Massachusetts probate judge.
Ruling against this,
court referred at time to the "great law of self-preservation," and
tax
"Collector
in
embodied in such a summary.
Another
wrote
Specifically
of a trust
he is not liable for the statements
analyzes or summarizes effects
indenture for inclusion in a prospectus
but
decision,
this
in
in which he said that previous decisions setting forth immunity
could nqt 'stand appeal to the Constitution and its historic purposes."
Justices Butler and McReynolds dissented.
Appearing to hint that the
opinion
bill.
This means that where an issuer
joined
Frankfurter
Justice
provides an
criminal or civil liability under either the inden¬
the Security Act for statements or omissions in analysis of the
exemption for issuers from
effects of certain indenture provisions
April 1, 1939
Chronicle
Financial
1890
allowed
taxing
In
it
power
his
would
impose to an
implied from the Constitution, because
inadmissible extent a restriction on the
which the Constitution has reserved to
concurring
opinion,
the State governments.
Justice Frankfurter
said, in
part:
120
For
from
taxes
because
years
intervention
this court has been concerned
imposed
of the
in
by
one
authority
taxpayer's relation to the other.
this
field
with claims of immunity
system of government
The basis for the court's
In our dual
has not been any
explicit provision of the Con-
.
Just
official
same
of
range
the Union,
formed
they
after
taxing
power
8,
reach
can
The
arguments
McCulloch
which
upon
their
had
refinements unrelated
roots
to affairs.
Maryland,
v.
In
113, 128.
11 Wall.
Day,
National
firmed.
being
ment
Collector
for
..
'•
.
.
of the
of
careful review
part:
in
court's decisions
this
the question of inter¬
on
of
interpreted
as
by
re-examine" that
the
We
Graves
Graves
now
and
* * Rogers v. Graves, supra."
and
re-examined
478,
No.
in
Anticipating that this court might
apply a "different test," the State
case.
decision
such is done the States are bound by the,
Sppreum Court in *
have
salaries
interpretation
said that,"until
court
of
the
governmental duties" and that
violated the Federal Constitution
"essential
performing
respondent's
taxation
State
Graves
overruled
doctrine
.the
this
O'Keefe,
v.
day
decided.
-
of
,,
are
the
spondent,
any
far
officials
or
can
the
functions
now
of
question
as
Rogers
v.
Salaries
of
of
of
be
decided
constitutional
Federal
by the State's highest court apart from
immunity, and without the necessity, so
is concerned,
of attempting to divide
Constitution
into
government
those
which
are
diction
have
we
review but
the
frequently
have
to
power
make
held
was
noted:
in
to
the
exercise
correct error
disposition of the
right disposition of the
In the Associated
27, it
that
not only
such
case
of
in
as
case.
Bress advices from Washington, March
" '
of
than 7,000 groups of small farmers had bor¬
of $4,404,132 to purchase equipment and
beginning of its Community
July, 1935, up to Jan; 1, 1939.
loans have enabled 128,856 farm families, composing
Such
in
program
7,183 borrowing groups, to expand and improve the effici¬
of their farming operations through purchase of equip¬
ency
ment
not
services
or
This
munities.
was
ture announcement
went on to
silage
combines,
say:
cutters,
These
|
purebred' sires,
cold
terms with the large, mechanized corporation iurms.
been used to purchase canning, laundry, and sew¬
also
have
ing equipment to lighten the burden of the farm
the
of
size
Average
com¬
could afford, have enabled small farm„ operators to com-
CPete on more equal
loans
purchase and use
financing group
loans,
single individual
Such
their
hay bal¬
|
of equipment which no
hatcheries, and tractors.
ers,
in
bulldozers and terracing equipment, syrup mills,
storage plants,
1
available
previously
reported in a Department of Agricul¬
which
include
services
These
during
made
loans
the
home work.
first three and
one-half
Loan program, has been $594.51 per group, or
$34.10 for each farmer participating.
The loans may. beretired over a
period of five years and bear 3% interest.
They are available only to
FSA's
of
years
any
.
■;
other
„
Group
who cannot obtain adequate credit
low-income farmers,
:
source.
from
"
+>
■
,
Foreclosures
Estate
Real
Non-Farm
Declined 3.2% in
January from December, According to FHLBB
non-farm real estate fore¬
(8,733 cases) than in
month since the 1933 peak days, according to an an¬
Except
1938,
October,
for
closure activity was less in Januaryany
issued March
nouncement
of
2 by Corwin A. Fergus, director
Division of Research and Statistics of the
the
Loan
Board.
Bank
"Howevfer,"
Mr.
United
said,
Fargus
December, which lowered the index
falls somewhat short
7.3% drop manifested by the December to January
four-year average movement. Also the 14.5% decrease from
January of last year is not so favorable as the 18.1% de¬
crease shown by a similar comparison for December."
Mr.
/'the 3.2% decline from
(1934 equals 100)
from 46.9 to 45.4,
of the
Fergus further reported:
There
were
States
26
reporting
declines
from
December
aggregating
Connecticut, Massachusetts
and Pennsylvania) ;
20 States reporting increases totaling 724; and two
States and the District of Columbia showing no change in the number of
foreclosures.
Hence, there was a net decline of 294 foreclosure cases from
December.
Eleven States reported more foreclosures this January than for
the
(60% of which was due to
foreclosures
1,018
our appellate juris¬
the judgment under
justice requires.
And
in determining what justice does require, the court is bound to consider
any change,
either in fact or in law, which has supervened since the
judgment was entered.
We may recognize such a change, which may
affect the result, by setting aside the judgment and remanding the case
so
that the State court may be free to act.
We have said that to do
this is not to review, in any proper sense of the term, the decision of
the State court upon a non-Federal question, but only to deal appropri¬
ately with a matter arising since its judgment and having a bearing upon
We
cost
Security Administration announced, on March
Loan
Service
essential and those which
non-essential.
are
the
total
a
Home
,,
the Federal Government or its instrumentalities
no
longer immune, under the Federal Constitution, from taxation by
States.
Whether the Utah income tax, by its terms, exempts re¬
employes
of
as
services for group use from the
governmental immunity, the State court concluded that the Reconstruction
Finance Corporation and the Regional Agricultural Credit Corporation were
"instrumentalities"
share
large
a
receipts.
more
rowed
opinion,
Black, said,
Justice
assumes
public improvements such
maintaining
The Farm
3, that
needy and
After
also
Service
Forest
and
Small Farmer Groups Bor¬
$4,404,132 Under Community Service Loan
Program from July, 1935, to January, 1939
1'
;
(
in the case of the effort of the
State of Utah to tax the salary of W. Q. Van Cott, delivered
by
used
are
rowed
direction differing from that at first seemingly intended.
But
safely it may be said that presently marked for destruction is the doctrine
of reciprocal immunity that, by recent decisions here, has been so much
other
units
supplemented by an additional 10%
FSA Announces Over 7,000
given
The
Government
local
to
are
Service for building and maintaining roads and trails
Forests of the State from which the income is de¬
National
The
tenth
service to be taxed and
depend
"
impaired.
National
which
in
roads, trails,
campground developments, and winter sports areas within the National
Forests, using other funds appropriated by Congress in addition to . one-
Graves,
judicial revision.
Futile, indeed, are the vague intimations that this court may pro¬
tect against excessive or destructive taxation.
Where the power, to-tax
exists, legislatures may exert it to destroy, to discourage, to protect or
exclusively for the purpose of raising revenue.
See e. g. Veazie Bank v.
Fenno, 8 Wall. 533, 548 ; MeCray v. United States, 195 United States 2(7,
53 et seq.; Magnano y. Hamilton, 282 United States 40, 44 et eeq.; Cin¬
cinnati Soap Co.-v. United States, 301 United States 308.
' "
Appraisal of lurking,;, or apparent implications of the court's opinion
can
serve no
useful end for, should occasion arise, they may be ignored
or
the
rived.
legislative discretion not subject to
on
available
made
by the Forest
constructing
prescribed in the exertion of the newly disclosed power
rates
the counties
to
The announcement in the matter fur¬
an
compensation for past as well as for future
the
thus
funds
within
Brush v. Commissioner (1937) 300 United States 352.
Thus
now
it appears
that the United States has always had power to tax
salaries of State officers and, employes and that similarly free have been
the States to tax Salaries of officers and employes of the United States.
The
basis
area
located.
are
public schools and roads and
used
Butler, said:
11 Wall. 113, New York ex rel. Rogers v.
^
The
*
just announced
Day (1871)
v.
Cash
stated:
ther
and
supra,
Service of the United States De¬
$4,671,133 of which 25% was turned over to 38
and Puerto Rico, for apportion¬
an
on
Forests
it is clear that the ..court has over-'
The Commissioners of Erie County (1842) 16 pet. 435,
v.
paid into the United
States, as well as Alaska
1
the decision
Dobbins
ruled
said the
retroactive
prevent
to
act
sale of National Forest timber, use of
range,
and other forms of land use,
Forest
amounted to
the .Home Own¬
instrumentality of the United States,
heretofore deemed immune from State taxation, "it necessarily results," as
held in New York, ex rel. Rogers v. Graves <1937) 299 United States 401,
"that fixed salaries and compensations paid to its officers and employes
in their capacity as such are likewise immune"; and that the judgment of
the State court, unquestionably required by that decision, should be af¬
From
to
of receipts
by the Forest
from the
receipts
McReynolds and I are of the opinion that
Corporation,
Loan
ers
have
partment of Agriculture, it was announced on March 5.
„.
dissenting opinion, by Justice M.
Justice,
Mr.
probably
Treasury last year by the 158 National Forests ad¬
ministered
though it were a constitutional mandate.
But
of the most trenchant minds on the , Mar¬
shall
court, Justice William ; Johnson, early analyzed the dangerous in¬
roads upon the political freedom of the States and the Union within their
respective orbits resulting from a doctrinaire application of the gen¬
eralities uttered in the course of the opinion in McCulloch v. Maryland.
(3) The seductive cliche that the power to tax involves the power to
destroy was fused with another assumption, likewise not to be found
in the Constitution
itself, namely, the doctrine that the immunities are
correlative—because the existence
of the National Government implies
immunities from State taxation, the existence of State Governments im¬
plies equivalent immunities from Federal taxation.
When this doctrine
was
first
applied, Mr. Justice Bradley registered a powerful dissent,
(4)
the force of which gathered rather than lost strength with time.
The
,
workers.
Federal
of
.
having- income tax laws, experts
States
33
would
legislature
States
was treated as
not Without protest.
One
v.
,
the
shared, in the distribution
dictum
Collector
of
case
Nearly one-fifth of the 3,070 counties in the United States
Maryland.
Id. at p. 431.
This,
the
Cash Receipts from National Forests in Fiscal Year 1938
Amounted to $4,673,133—25% Returned to States
involves the power to de¬
phrase that "the power to tax
to the
currency
stroy."
even
view
retroactive.
taxation
flourish of rhetoric and partly because the intellectual fashion
times indulged a free use of absolutes, Chief Justice Marshall gave
the
or
in
State
a
as
1938,
taxing
conceivably levy on incomes received
earlier, but it was considered unlikely that they would
of the Federal Government's decision not to make its
might
They
employes.
taxation
316,
4 Wheat.
remark in the opinion in McCulloch v.
ity from an unfortunate
Partly
was
Federal
so,
and local
These taxes will be due in March, 1940.
no word here tonight as to when the State would start
employes.
There
immunities on govern¬
tax
intends to levy taxes on 1938 incomes of State
The Treasury
do
the future.
the question for
apparently wiped out all
salaries—National, State or local.
mental
in
1938
on
decision
Today's
But they have been distorted by
These refinements derived author¬
actuality.
in
rested
sterile
of
every
an
statement
returns
government.
of
instruments
and
person
every
file
doubt about
all
dollar in the land with due
regard to constitutional limitations as to the method of laying taxes.
But, as is true of other activities of the State and National Govern¬
ments, the fact that we are a federalism raises problems regarding these
vital powers of taxation.
Since two governments have authority within the
iame territory,
neither through its power to tax can be allowed to cripple
the operations of the other.
Therefore, State and Federal Governments
must avoid exactions which discriminate against each other or obviously
interfere with one another's operations.
These were the determining con¬
siderations that led the great Chief Justice to strike down the Maryland
statute
as
an
unambiguous measure of discrimination against the use
by the United States of the Bank of the United States as one of its
Sec.
the
of
1938 Federal returns,
for filing
deadline
15
informed State and local employes that they
income.
The statement was made in view
Treasury's expectation that Congress and the court would remove
Treasury
not
need
the March
before
continued to have
which they had before, barring only
duties
affecting exports, imports, and on tonnage.
2. Congress, on the
other hand, to lay taxes in order "to pay the debts and provide for the
common
defense
and
general welfare of the United States," Art.
I,
the
States,
The
etitution.
1891
Chronicle
Financial
148
Volume
month of
same
four
All
groups
community showed declines from December
but in each instance the decline was less
for this period by the four-year average.
In relation
(small communities
than
to
that
shown
January,
decrease.
1938.
by size of
the least),
1938, the group of smallest communities revealed the greatest
decreases
for the larger
groups
were progressively
Similar
smaller.
The
5.6
rate
January foreclosure rate for
cases
for
per
the
the United States on an annual basis,
1,000 pon-farm dwellings,
year
1938.
>
compares
favorably with the 6.3
Financial
1892
FHA Has Insured
businesses, $16,347,149 of which has been withdrawn and $70,531,182
During February,
to
since enactment of the National Housing
1934, of which more than $200,000,000 has been
insured since Feb. 3, 1938, when this type of insurance was
revived, Administrator Stewart McDonald announced on
ment
purposes
18.
It
loans
of
it
insure loans
renewed
was
mand
and
numbered
loans
up
available to the
Act, the FHA insures "character"
limited
of
types
loans
11,
to
under
provisions
restored
Title
of
<2,971
This total represented
by private lending institutions which
commercial
properties.
of
during
the last half of
and'
modernization
for
for
new
period
similar
any
1938 loans accepted for
construction
the
during
be
longer
no
can
same
In
that
for
used
installation
of
movable
issues)
The
an
I
'•
"
Through
having
par
value
of $632,005,549.
Corporation has agreed with the Administrator to purchase,
a
later date, such part of
sefciirities having
The
>
listed
report
follows disbursements and repay¬
from Feb. 2, 1932, to Feb. 28, 1939:
:
as
ments for all purposes
/
Disbursements
Disbursements
$
$
Loans under Section 5:
Banks and trust companies (lncl. receivers).. .1,975,501,459.13
Railroads (Including receivers)
630,211,631.06
"
1,854,431,058.93
*194,072,617.80
498,653,099.90
382,395,714.42
387,236,000.00
387,236,000.00
173,243,640.72
173,243,640.72
118,221,782.80
116,291,461.93
90,693,209.81
86,670,104.31
22,402,504.87
.17,099,128.01
Regional Agricultural Credit corporations
Building and loan associations (lncl. receivers).
Report of Operations of RFC Feb. 2, 1932, to Feb. 28,
.
19$9—Loans of $13,144,541,707—$2,194,143,219 Can¬
celed—$7,308,992,228 Disbursed for Loans and In¬
vestments—$5,375,023,264 Repaid
Insurance companies
Joint Stock Land banks
State funds for insurance of deposits of public
moneys
13,064,631.18
12,971,598.69
9,250,000.00
5,643,618.22
719,675.00
600,095.79
.
-
...
Federal Intermediate Credit banks
Corporation, stated
Agricultural Credit corporations
Fishing Industry
that authorizations and commitments of the RFC in the
.
.
Livestock Credit corporations.
monthly report, issued March 23, Jesse H. Jones,
re¬
.
Credit unions
..
....
13,034,631.18
12,971,598-69'
9,250,000.00
5,559,058.67
351,075.63
523,951.21
'
Processors
during February amounted to $81,594,807,
previous authorizations and commitments
covery program
rescissions
of
amounted to $333,915,
Feb. 28,
the
month,
of $13,144,541,707.
This
a
from
3,253,174,759.56
purchase
3,300,COO.OO
of
teachers' salaries and
for
3,300,000.00
85,855,662.08
3,361,499.47
refinancing out¬
standing indebtedness—
Loans to aid in financing self-llquldating construc¬
tion projects.......
Loans for repair and reconstruction of property
organization through Feb. 28, 1939.
Authorizations aggregating $3,864,417
...3 ,938,427.695.23
Secretary of Agriculture to
.....
agencies and $4,800,000,000 for relief
h,
14,718.06
Loans for refinancing drainage, levee and Irriga¬
tion districts
Loans to public school authorities for payment
total of $1,054,501,066 authorized for
includes
'fl
14,718.06
...
cotton..
latter
other governmental
amounts
to
"6
distributors for payment of pro¬
Total loans under Section 5
Loans
1939, and tentative commitments outstanding at
of
or
cessing tax
making total authorizations through
the
end
still held.
aggregate par value of $61,830,000 as the PWA is in a position to deliver
period
and
Of this
having par value of $440,798,796 were sold at a premium
Mortgage loan companies
Chairman of the Reconstruction Finance
a
Public
maturing
Securities having a par value of $166,821,767 are
Federal Land banks
In his
collected
also
having par value of $458,909.
securities
from time to time.
$120,425,069.
equipment
Corporation
of securities
$12,817,795.
time, that the proceeds of Title I insured loans
machinery.
'
block (1 issue) of securities having a par
one
to be held and collected or sold at
that
the largest amount
was
operations.
268,805 loans were accepted for insurance in the amount of
explained, at the
the fact
insurance under Title
purposes
FHA's
was
$345,255,195 has been disbursed and $156,-
and sold securities having par value of $4,202,900 at
$16,763.
In addition, the
•
,
McDonald pointed out,
Mr.
.Particularly significant,
of
amount securities
insured against loss
are
loans
Feb. 28, 1939, the Corporation has purchased from the PWA 4,021 blocks
I
to 10% of the volume of advances for improvement of residential, farm,
and
He
value of $57,000
premium
Works Administration
the
1939. 276
During February the Corporation purchased from the Federal Emergency
employment.
insured
borrowers.
Administration of Public Works
construction.
new
Through Feb. 28.
$166,300.
self-liquidating projects aggregating $491,201,615.
on
977,114 has been repaid.
this nature expired on April 1, 1937, but
as a result of widespread de¬
of
439,834 in the amount of $203,730,852.
made
repayments amounted to
by last year's amendments
stimulus
a
as
March
On
certain
including
property,
Authority, to
Cancellations and with¬
$40,704,243 of this amount has been withdrawn and $105,242,177 remains
repair, modernization, and improve¬
monthly payment terms for
on
ment
public agencies for self-liquidating projects.
have been authorized
further reported:
was
Under Title I oi the National Housing
loans in the amount of $302,000 were authorized
seven
drawals amounted to $521,000, disbursements amounted to $253,500 and
Act in June,
March
re¬
mains available.
amounting to $765,583,161 for property improve¬
loans
has
or
agreed to the purchase of participations aggregating $100,371,363 of 1,322
Housing Administration has insured 1,899,-
The Federal
with¬
were
Through Feb. 28, 1939, the Corporation has authorized
drawn.
Enacted in June, 1934
242
April 1, 1939
ing February and similar authorizations aggregating $994,823
1,899,242 Loans Totaling $765,683,161
Property Improvements Since Housing Act was
for
Chijonicle
or
and other catastrophes
........
Loans to aid In financing the sale of agricultural
surpluses In foreign markets......!
Loans to business enterprises
22,302,000.00
156,977,113.87
damaged by earthquake, fire, tornado, flood
during February, Mr. Jones said, making total
cancellations and withdrawals of $2,914,143,219.
A total
.22,450,000.00
345,255,195,01
were
canceled
of $822,490,196 remains available to borrowers and to banks
Loans to mining businesses.
on and purchases of assets of closed banks.
Loans to finance the carrying and orderly markets
lng of agricultural commodities and livestock:
purchase of preferred stock, capital notes and de¬
bentures^;'......;'.
"
: •. ■'
1
'
'• '".V ::
During February, $18,193,107 was disbursed for loans and
investments and $31,433,734 was "repaid, making total dis¬
bursements through Feb. 28, 1939, of $7,308,992,228 and
repayments of $5,375,023,264 (approximately 73.5%).
.
were
authorized to three banks and trust
panies (including those in liquidation) in the
tions and withdrawals of loans to banks
thorifc
in
liquidation^
$2,349,271 repaid.
amount of
and
trust
Commodity Credit Corporation
'
com¬
(including
disbursed and
Through Feb. 28, 1939, loans have been authorized to
companies aggregating $1,332,596,959,
and 1,121 loans were authorized in the amount of
by preferred stock,
a total authorization
debentures of 6,854
banks
and
$23,237,755 to be secured
companies
of $1,355,834,714.
$169,593 ,552 of this has been withdrawn and $39,561,700 remains
available
the banks when conditions of authorizations have been
met.
to
During February, loans
were authorized for
amount of $2,487,309, cancellations and with¬
drawals amounted to $361,579, disbursements
amounted to $219,039 and
repayments amounted to $2,349,271.
and
$327,873,560 of this
$22,507,681 remains available
to
the
amount has
borrowers.
been withdrawn
$983,920,827
has
been disbursed and $920,855,222.
approximately
Dining February the authorizations
tion
districts
$367,386
1939,
were
loans
were
increased
to
$254,600,
withdrawn and $255,228
have
been
authorized
to
93.5% has been repaid.
finance drainage, levee and irriga¬
authorizations in the amount of
was
disbursed.
refinance
634
Through Feb. 28,
drainage,
Public
has been disbursed.
was
added to the Recon¬
1934, and amended April 13,
1938, 110 loans to industry aggregating
$3,291,836 were authorized during
February. .Authorizations in the amount of
$1,816,778
were
459,354.131.08
*....7,308,992,227.74 ,5,375,023,263.79
*
••••■'.
....
...
'
55,000,000.00
capital
for
'58,021,074.55
pro-
-
-
-
-
•.
.......
,
40,500,000.00
...
97,000,000:00
14,000,000.00
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
Purchase of capital stock (lncl. $39,500,000
held In revolving
-
115,000,000.00
Stock—Commodity Credit Corporation
Expenses—Prior
-
10,000,000.00
Sec. of Agricul. for crop loans to farmers
(net)._
Governor of the Farm Credit Administration for
provide
.
/
To create mutual mortgage Insurance fund..
For other pin-poses
ductlon credit corporations
......
-
•
2,600,000.00
,
.
revolving fund to
.
145,000,000.00
-
Joint Stock Land banks.
Federal Farm Mtge. Corp. for loans to farmers.
Federal Housing Administrator:
«
200,000,000.00
124,741,000.00
for loans to:
Farmers
'
.
Secretary of the Treasury to purchase:
Capital stock of Home Owners'Loan Corp...
Capital stock of Federal Home Uoan banks..
Farm Loan (now Land Bank) Commissioner
fund)
44,500,000.00
3,108,278.64
13,563,102.92 /
to May 27, 1933
Since May 26, 1933
Administrative
Administrative expense—1932 relief
114,921.13
126,871.85
Total allocations to governmental agencies.. 923,275,249.09
For relief—To States directly by
To
Under the provisions of Section 5
(d), which
struction Finance Corporation Act
June 19,
-
596,090,209.49
levee and
irrigation districts aggregating $143,100,495, of which
$20,848,145 has been
withdrawn, $36,396,688 remains available to the borrowers and
$85,855,662
canceled
States
on
certification
Corporation
of
Federal
299,984,999.00
17,159,232.30
Relief
Administrator
499,999,010.22
Under Emergency Appropriation Act—1935.500,000,000.00
Under Emergency Relief Appropriation Act,
•1935
500,000,000 00
or
withdrawn
during February.
Through Feb. 28, 1939, including loans to
mortgage loan companies to assist business and
industry in cooperation with
the National Recovery Administration
program, the Corporation has au¬
thorized 6,061 loans for the benefit of
industry aggregating
Total for relief...
Interest
on
—1,799,984,009.22
' 17,159,232.30
notes Issued for funds for allocations
and relief advances
33,177,419.82
$297,875,793.
Of this amount $71,328,679 has been
withdrawn and $77,751,305 remains
available to the borrowers.
In addition, the
Corporation agreed to pur¬
chase participations amounting to
$5,801,507 in loans to.40 businesses dur¬
of
Allocations to Governmental agencies under
provisions of existing statutes: •
Through Feb. 28, 1939, loans have
been authorized for distribution to
depositors of 2,774 closed banks aggre¬
gating $1,334,302,068.
7,666,955.13
1
-
distribution to depositors of"
fouy closed banks in the
508,534,468.59
576,201,423.72
Emergency Administration
Works security transactions.
for preferred stock, capital notes
trust
.•
,
34,475,000.00
Total
have been made for the purchase of preferred
stock, capital notes and de¬
bentures of 6,776 banks and trust
"
$1,082-,
...........1,217,154,461.56
Federal
,
During February, authorizations were made to purchase preferred stock,
capital notes and debentures of four banks and trust companies in the
aggregate amount of $6,600,000.
Through Feb. 28, 1939, authorizations
and
and
Total
Of this
mortgage and trust company.
disbursed
on loans secured by
the purchase of preferred stock)..
latter amount $1,896,092,772, or
93.8% has been re¬
Only $8,775,440 is owing by open banks and that includes $7,597,314
one
$18,063,730
repaid
pref. stock) __1,146,679,461.56
Purchase of stock of the RFC Mortgage Co
25,000,000.00
Purchase of stock of the Fed. Nat. Mtge. Assn..
11,000,000.00
Loans secured by preferred stock of Insurance
companies (Including $100,000 disbursed for
Of this amount $505,961,756 has been withdrawn
$20,128,781 remains available to borrowers and $2,020,721,661 has been
from
2,425.46
of preferred stock, capital notes and
debentures of banks and trust companies (In-
eluding
gating $2,546,812,198.
paid.
18,809,912.49
purchase
7.535 banks and trust companies (including those in receivership) aggre-,,
disbursed.
767,716,962.21
19,617,491.78
49,850,000.00
Total loan8.excl.of loans secured by
pref.stock.5,495,747,556.69 4,339,467,708.99'
738.32
was
767,716,962.21
Other
$37-309. Cancella¬
companies
amounted to $361,579, $219,039
45,220,202.27^.41,661,713.41
Loans to Rural Electrification Administration
The Chairman continued:
During February, loans
45,224,586.66 ^ 22,177,690.67
156,587,006.13
44,060,114.45
4,239,700.00
1,521,251.64
Loans
in the
' 4,402,265.76
12,003,055.32,
....
withdrawn
Grand total
*
10065428,905.87 5,392,182,496.09
Does not include $5,155,000 represented by notes of the
Co., which
were
accepted in payment for the balance due
Minneapolis St. Paul & Sault Ste. Merle Ry. Co.
Canadian Pacific Ry.
on
loan made
to
«
the
volume
in addition
the
to
repayments of funds disbursed
for relief under the
Statistics
Emergency Relief and Construction Act of 1932, the Corporation's notes
for
1
,
i
->
At the end of 1938, all life insurance companies held farm
$869,000,000, or 4.2% of the total of all invest-
„,ortgagcs
$
j
,
Aberdeen A Rockflsh RR. Co...
Co0"77?_',77:
2.500,000
Ann Arbor RR. Co.
(receivers)—
'
gat'e loans made were equal to about 17.8% of the total estimated new
investments m those years.
434,757
400,000
53,960
13,200
J)ec.
139,909
CAtlantlcCoa^L^neandLouis-
Chic. Mllw. St.P. APac. RR. Co
Copper Range rr
1927
the end of 1938 was placed nt $2 159,000,000, including real estate tnken
156,632
4.338.000
838
......
53,500
Litorayfnto
hi Jfonn
mavt
IS ptiyillj-, 3. lOWGr 3VG13SG UltGrCbt ffttG OD 111S Iflnn nxort*
gage today than at any time on record, and an average
rate lower tlian the long-term interest charge paid by any
—
mMr
hm
227,434
I •"
V*J?0U^r°D ^ Hie»^ nR. Co.
——
10^539
Fla^R?Cfc).y("r^ivera)
3cffl
354>21
52o!ooo
"""
52o!ooo
22,867
35.290,000
520.000
115,000
" mooo
'mooo
---1
*350.000
loo.ooo
loo.ooo
5.J24.000
loo.ooo
2,300,000
99.266
——
MS!s?S2ernR^::::::'eS
9*9:555
::::::
1,070,599
1,070,599
25,000
25,000
——
«S
-
""*221
7.'699',778
28,900.000
30i?:otS
Pittsburgh aw. va. rr. Co...
4,976,207
::::::
■-
•
PubIication-
sait^kl AUtoh^(corJ»ver8)
2——
i62!6oo
utilities, and $1,682,000,000 for urban properties.
At the same time Governor Hill indicates that the farm
le^eoo
162^600
———
m0:000
mortgage debt itself has declined steadily for more than a
::::::
22,000,000
46,625,000
100,000
5,147,700
2,297,672
100,000
Sumpter Valley Ry. Co
100,000
5,147,700
108,740
700,000
Tennessee Central Ry. Co
Texas Okla. A Eastern RR. Co..
Texas A Pacific Ry. Co....
SSfEff
700-900
SI
——
....
750.000
WrlgbtsvlUe A Tennille RR.
......
22,525
-
•
1,403,000
3,600,000
400,000
,
,.i
i.
a«„if
o™
ttnM
Paul A Sault Ste. Marie Ry. Co. (The Boo Line)
secured by Its bonds, the interest on which was guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went Into bankruptcy, we sold the balance
was
the loan to the Canadian Pacific,
accdrint
enterprises;
about
for
is
guaranteed
and
In addition to the above loans authorized the Corporation
in principle, loans in the amount of
has approved.
$119,395,675 upon the performance of
one-tenth,
properties,
of all
at the beginning of 1938.
the
.
Federal
farms
$28,500,000,000.
Unitprl
the
in
States
rarried
mnrte-afrps
The debt amounted to $7,082,000,000, pf which
about 40%,
or
Farm
Mortgage
held
was
by the Federal Land banks and
holdings
Their
Corporation.
held about 12% of the total farm mortgage debt.
?
,,
.
,
.
,
...
,
were
greater
In 1928 the Land banks
than those of any other group of creditors.
,
Most of the increase
,
.
,
.
occurred in the period 1933-3o, when the Land banks and the Commissioner
refinanced large numbers of mortgages formerly held by other creditors,
^
♦
,
,
_
.
.
.
,
,
,
_
_
,
Work of Department of Agriculture Kesearcn LaboraIs
Described
by
Dr.
Henry
G.
Knight—
CHemist Discusses Efforts to Find More Profitable
jjge for Wagt:e Farm Products
course
Mortgage Loans Made by Insurance Companies
in 1938 Totaled $111,853,000 Reports FHLBB
Life insurance companies are putting more
emphasis on
making of farm mortgage loans than they have for over
decade, the Federal Home Loan Bank Review reported
March 18, in its March issue.
The Review published a
survey of investments of all kinds
life insurance coma
on
long period of uncertainty in
farm financing, their farm mortgage
off their downward trend in volume.
the
more
a $7,800,000,000 long-term
debt of
$13,100,000,000; public utilities, $13,-
railroads,
urban
slightly
or
which farm
than $7,000,-
of
The Department of Agriculture is conducting an intensive
^
a
,,
_
Approximately ^%of aiitarmsin the United btatcscarrioimortgages
tories
specified conditions.
.
,
,
$70,000,000,000,
about
compared' With
Anoroximatclv 33^
...
$5,000,000 guarantee; In addition the Corporation also
■
.
period of 10 years, $350,000
the payment of interest.
by
,.
receiving $662,245.50 In cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, maturing over a
of which matured and was paid in Feb. 1. 1939.
panies showing that, after
debt
private
This
$2,835,900,000,
,Tha
p„
ox.
long-term
900,000,000,
22,525
menrof\meresta guarantee: 111 a<^dltton the Corporation also guaranteed the pay-
...
-According to a recent publication of the Department of Commerce, the
industrial
4,366,000
13,502,922
,760.000
22,525
747,914,217 106,393.556 630,211,661 199,222,618
i«ji)
,
+
000,000.
——;
.
>■
mortgages
15,731,683
4,366,000
»Wichita Falls A Southern RR.Co
,
700,000
Iffl
The 1CA
SflvS''
total
"o'ooo
(trustees). 13,502,922
olon
TL;
147,700
......
16.731.583
Western Pacific RR. Co
acie and is smajler now that the long-term debt of any
ot the five principal groups of private debtors.
■
108,740
'
MoXx
group.
18,672,250
36.ooo.ooo
Review
the private-debt
18,672,250
::::::
pared " for the
of
any
—40o!ooo
1.200,000
the
of
117.750
'V&Soo
Farm
that
than
The farm interest bill of.,$3T2,000,000 in 1937 compared
with $410,000,000 on the long-term debts of industrial enter-
51,405,000
b Includes a
smaller
l'rlses. $596,000,000 for railroads, $653,000,000 for public
87,200,000
on
Th? FGA also reports that Mr. Hill also said
the dollar amount of agriculture's mortgage interest bill
was
788,600
southern Pacific Co
due
n
a
j.
ilmSn
Joolooo
II—
loan tri Minneapolis St.
a
a
.T.M»:ra
Southern Ry. Co
a
a?
i
4,975.207
st. Louis-Southwestern Ry. Co.. 18,790,000
Tt!.
Trie
a.
^
::::::
^fiKn4r?aTRy,o;.^::
Total
long^
on
ties. / These figures, according to the announcement of the
l1 CA, are taken from a recent Department of Commerce
a
•
,0??:SS
<nS
mortgages on urban properties and
on
term indebtedness of railroads and 4.71% on public utili-
28,900,000
Ro^TT.«tS7R§?::::::::
ac-
The average interest rate of 5.25%
important enterprise except the 4.55% paid
any
*786!937
600,000
decline during 1938,
further
?;28,%„f0r a11 lnduatrial enterprises, it is stated. It is added
that the average farm mortgage rate was lower than for
18 200 000
7i70o,'ooo
Col
in 192,9 to 5.25% in 1937, and
a
record.
on
of 5.90% paid
age
.i—
Pennsylvania rr. Co.—...— 29,500,000
ipdicate
*aim mortgages in 1937 was lorer than U',u aver;
paid
11™'i Sn 222
1,070,599
,-
~"7"7
(receivers)
Murfreesboro-NasbviiieRy. Co..
•
farmer has to pay is not only smaller than for a long
cording to figures given by Mr. Hill, who said this was the
MjiSM
*0
—
Co"
The number
above $160 per mortgaged fariri.-
now averages
available data
*-
«3m5
m
Mr. Hill added:
year.
The average interest rate on all farm mortgages dropped
"SS
Meridian a Bigbee River Ry. Co.
Mississippi Export rr. Co.—
their places
lowest level
!,fS
oXoks
"3.066.
pa^ tMx* years .from |868,WOOO
1037, and approximately $3bo,-
$372,000,000
to
fi'om approximately 6%
—
_
2 mm
was reported as stat-
time, but also the interest bill takes a smaller part of his income.
6,000,000
: "
(receivers)..:—
•
During
March 20 that the total farm mortgage interest bill
of dollars the
-II-
6,000,000
Ri"c6::::
Western Pac. RR. Co.
n
,
The annuai interest bill of 2,250,000-odd farmers who have mortgages
tOOl.OOO
nno
99,422,400
364>21
Louisiana a Arkansas Ry. Co...
WabashRy. Co.
j
™
Governor F. r.'Hill of the FCA
on
1928
on
umSom"*mKv c6:::: 10 moo!!
,
r
n
000,000 last
10,539
35.312,667
sand springs Ry. Co
i>
Governor Hill of FCA AnnouncM
bw
H—
—I—I
105,422,400
Gutf Mribiie^fe N^hern rr,""col
;
ing
in
—11—
—
3.183,000
h. a Hartford rr.
„,,viT,<y
ties.
mM
8'176'000
iVnnn'
78.0C0
(receivers)
n" y'n.
Has .Declined
According to the Farm Credit Administration, the farmer
.
227.434
-
8,lM
Mobile A Ohio RR. Co
tj
Bill
rast iu rears, governor niu or tla Announces
8,300.000
1,560.912
582.000
RR'
*
•
o-n
n.
Interest
Mortgage
Past 10 Years
16.582,000
MStoSdni re??.
-
.
Farm
major industrial group except the railroads and public utili-
Ft-Smith & w.Ry.Co.(receivers)
.
further evidence
as
53,500
16,582.000
Co
taken
^
niHoo
minois Central rr.
was
......
—
Siso
Great Northern Ry. Co
This
functions.
60,000
■'
::::::
Georgia A
in their official
2,098,925
53,600
—
De™4s'«trLVkew«t".RR:o>'. 3.1^:150
RR. Co
at
0f the considerable improvement in the mortgage foreclosure situation.
r
soo'.ooo
Midland
held
estate
real estate sold on contract, and business properties used by the
companies
„
,
losilooo
Galnsvllle Midl'd Ry
real
of
3,840,000
3,840,000
2X9.666
Gainesville
the total
of
3.840,000
1,150,000
13.718.700
8,300,000
29,460,800
500,000
12,000,000
moo!ooo
r
figure
40,000
537
Co:
Erie rr. Co
estimated
The
1936.
to
over,
Denver & Rio Grande w.rr.Co.
..
or
W
:
IS
53,500
Gra^rwRR
23.6%,
which
of
bonds.
Government
1 For the second consecutive year, the ratio of real estate owned by the
companies to total assets showed a decline, after having risen steadily from
—
—
dctvw a Rio
Co
States
150,000
11,600,000
150,000
1,150,000
Chicago R. I. & Pac. Ry. Co.- 13,718,700
cth«innati Union Terminal Co- 10,398,925
ColQ/ado & Southern Ry. Co
29,504,400
l5ohimbus & Greenville Ry. Co..
60,000
^
The total investments held on
$20,936,000,000,
about
in United
were
5,916.500
46,588,133
—
1,000
XChlc. No. Shore A Mllw. RR. Co.
I
1938
in
HoS
1,289.000
Chic. Miiw. St.P. APac. RR. Co.
Trustees
companies
mort-
slightly over $3,500,000,000, which was about $54,000,-
aggregated
1938,
the non-farm
insurance
life
by
1937
arid
1 >289,000
Chicago & Eastern 111. RR. Co5,916,500
Chicago & North Western RR. Co 46,589,133
(trustee)
kinds
all
1938
220,692
MMWff-7----
Chic^o Great W^tern RR. Co—
Chlc.Gt West. RR Co.
31,
$4,944,000,000,
1
'
'•
14,150,000
3,124,319
14,150,000
3,124.319
of
investments
both
In
000 ovcr the 1937 Placement of funds.
'
535,800
$622,244,000.
was
were estimated at
ll!204
10,5531437
total
New
400,000
12,171,721
---
cSESctty'
Dec.
on
mjrtl
634,757
549,000
lessees)
property
town
the
95,343,400
' 53[960
vilie A Nashville
city and
on
This 1938 figure was a slight increase over 1937 when
the year 1938. '
$
.—
11.069A37
Central of Georgia Ry. Co
the companies
31,1938, totaled $4,500,000,000, with $630,146,000 being added during
14,600
i,
companies.
127,000
—
400,000
Union-Carollna~RRlI3—
Carlton & Coast RR. Co
the
sSlooo
I:""
2hs^-RR»*
BostonRR.--.?."-!
Buffalo
by
127,000
634,757,
Ashley Drew & Northern Ry. Co.
held
ments
Repaid
$
127,000
Alwn PR.
$80,430,000, wh.le ,n 1934 .t was
aggregating
Mortgages held by
Disbursed
The Boaid further Stated,
$32,574,000.
,,
WUhd!atZ
Authorized
,
based
Board,
insurance Com-
which was 3.1% of estimated sew investments of these
Authorizations
.
50
rin.sss.ooo
railroad, together with the amount disT
i
i
P
:
i, 77
v
bursed to and repaid by each, are shown m the foUowing
table (as ot Feb. 28, 1939), contained m the report:
•
Bank
-^than 90% of the assets of all such com-
each
,
Loan
Home
obtained from about
Farra mortgage loans made by all insurance companies in 1938 totaled
with-
or
Federal
the
panies in the United States.
Act (Public No. 432) approved Feb. 24, 1938.
The loans authorized and authorizations canceled
drawn
of
information
upon
agencies and for relief by direction of Congress and the interest paid thereon,
pursuant to provisions of an
1893
Chronicle
Financial
m
portfolios have leveled
The survey was pre-
Division
of Research
and
of
industrial
research
in
the four
research
labora-
tories provided by Congress as a means to develop more
profitable uses for waste and surplus farm products and
by-products, Dr. Henry G. Knight, Chief of the Department's Bureau of Chemistry and Soils, said on March 29
in an address delivered before the fifth annual meeting of
the National Farm Chermurgic Conference at Jackson,
Miss. Dr. Knight said that Secretary of Agriculture Wallace has appointed a committee to decide how the country
should be divided into major farm producing areas as the
law directs, and also has selected the commodities on which
each laboratory is to work. He continued, in part:
Financial
1894
Of first timportance were
Chronicle
banks.
the principal crops grown.
But
it was not possible, as most of you know, to follow the boundaries of those
crop areas because Of the overlapping and variations in agricultural con¬
ditions.
Therefore, we considered various other factors—farm population,
value of farm
property, cash income from crops and livestock, land in
farms, and total land areas.
No single one of the four regions has less
than 7% of the farm population nor more than 34%.
None has so little
of the total value of farm property as to be considered of minor im¬
and
and no area has enough
portance,
so
when
out of line
we
we
of this amendment was to reconcile conflict¬
it also effected a number of substantive changes which deal principally
but
with
Among the more important of these changes
loan and investment powers.
were:
An increase in the amount permitted to be loaned on residential real
(a)
property, from 60% of appraised value to 66 2-3% of such value;
(b) A prohibition against loaning on unimproved real property;
(c) A reduction of the total amount that may be loaned on mortgages,
exclusive of mortgages insured by the
70% of resources to 65% of resources;
it might be considered overwhelm¬
dominant.
The same can be said of cash income.
Crop income
is fairly evenly divided as to the Southern, Eastern and Western areas.
The Northern area, with 42% of the cash income, is not considered too
when
of the statute applicable to savings
complete revision
a
The principal purpose
ing provisions and eliminate obsolete and impractical requirements,
ingly
much
effected
which
the natural boundaries determined by the long-
practices
agricultural
established
April 1, 1939
Federal Housing Administrator, from
A liberalization or the statute to permit investment in interest-bearing
corporate obligations which may be added to the legal list by the Banking
Board;
(e) A restatement of the tests under which obligations of railroad corp¬
orations qualify as investments.
s
(d)
take into account the other criteria, especially
,
tliBTC*
'
*'
surplus problems found
the type of agriculture and the
consider
i
4,4
'
.j *'
.
- .*
The
1 \
had
We
the
balance
to
loads
research
laboratories,
the four
of
to have earned fixed
once
$3,200,000,000
list
the Southern.
geographic
the
Once
,
areas
for
the laboratories had
by the committee, we had other fish to fry and
the men who worked on the job of selecting
in the volume of
for a time, as I remember,
total security
with
faced
lack
the
of
a
to be studied,
of crops
simple
times
two
We
and
In the report on
reflected
size
of
them
the number of acres
or
For
the
Southern
used in producing them.
after
area,
with .all
consultation
creased
rate,
take
on
some
of these
commodities.
groups
will say
.
has
But
they
are
not all here,
are
a
more
been offset
widespread adaptation of terms of repayment to meet
had
The movement toward lower interest
adverse effqet upon income which
an
by an increased volume of business.
Only in part
While
shares.
indicated that
continue.''
it
is
toward
more
■
seem to be
people who
Who knows what is big and what is small?
eliminating
reducing or
concerned,
some
moderate dividend rates
/
....
also been the
be
before
any
amendments to
fundamental reform in this field will
A survey of Home Owners Loan
possible.
possibility of
of the miscellaneous costs incidental to the
subject of much discussion and criticism, but
the statutes are necessary
Corporation foreclosures
reveals that the average cost of foreclosure proceedings
New York
in
Superintendent of Banks, in Anntial Re¬
ports, Reveals Real Estate Constituted Greatest
Savings Bank Problem in 1938—Says Rehabilitation Expenditures May Not Justify Original In¬
vestment—Finds
Cost of
Mortgage Foreclosure
•
York
Among Highest in New York
the
times
,
average
foreclosure costs
Massachusetts
are an
figure.
Excessive
and
unnecessary
obstacle to home construction and home ownership
because a lending institution is forced to charge higher rates and to make
order to provide for possible
smaller loans in
foreclosure
become
necessary.
A
uniform
future expenditure should
mortgage
law
sponsored
savings and loan leaders has been proposed as a solution to this
Of the
216
by
problem.
State chartered associations whose assets aggregate $258
000,000, only 30 have subscribed to the share insurance offered by the
last year.
surance
of five over
Many associations are still desirous of organizing a share in¬
fund under the provisions of State law.
The number of institutions,
however, which have signified a willingness to assume responsibility for the
organization of such a fund, is less than the one hundred required by the
It is believed by some associations that the law kbould be amended
statute.
to
permit a lesser number of associations to organize such a fund.
There is considerable interest on the part of State associations in broaden^
White, New York State Superintendent of
Banks, in two separate annual reports submitted to Governor
Lehman and the State Legislature March 15, discussed the
status of savings banks, investment companies, safe deposit
companies, licensed lenders, savings and loan associations, the
Savings and Loan Bank of the State of New York, and credit
unions.
The regular annual report by Mr. White was
noted in these columns Jan. 21, page 364.
His latest re¬
William
is
higher, with one exception, than in any other jurisdiction, and that it is 10
Federal Savings and Loan Insurance Corporation, an increase
New
will
"
The high cost of foreclosure in this State has
making of mortgage loans.
'
plenty of
Some
impossible to predict future dividend policies, it is
the movement
''
Savings and loan associations have given attention to the
-
...
misunderstand me—there
don't
and
associations, therefore, have effected minor reductions in dividends paid on
you
of by-products, and-that our big surpluses
quantities
great
included.
charges on mortgage loans, an in¬
tendency to make the degree of risk a factor in determining loan
...
know fairly well why we selected these crops.
Cer¬
tainly they are all important at first glance.
You see at once that there
is a lot of starch involved\in corn, wheat and potatoes; that there are
By and large,
y
characterized savings and loan operation during
charges On mortgage loans has
milk products and
agricultural waste
products, and for the Western area, fruits (other than apples), vegetables, '
Irish potatoes, wheat and alfalfa.
Later I will touch eoniewhat on our
program and indicate by means of a few samples the directions research
;
which
the needs of individual.borrowers.
,
will
.
unpledged shares outstanding.
Developments
the Eastern area, tobacco, apples, Irish potatoes,
vegetables; for the Northern area, cbrn, wheat and
for
>v■
^
the year included reductions of .interest
sweet potatoes and peanuts;
Secretary's committee decided on cotton,
the
,•
of
savings and loan associations, Mr, White
/
moderate increase both in the mortgage loan account and in the
a
amount of
again
All our im¬
need of attention because
surplus, the number of agricultural workers dependent upon
The increase in this class of
Reports submitted by savings and loan associations as of Dec. 31, 1938,
picked out commodities that seemed most in
we
with $1,672,000,000,
New investments have been confined
Jan. 1, 1931.
all other obligations, indicating some liquidation of securities
said in part:
far vye haven't.
so
...
other than those of railroads.
But we could not Use the shotgun method
hope to bring down big game.
So we concentrated.
For first work
that
*
obligations exceeds the total reduction in railroad securities plus the total
portant crops are now and then in surplus, and some of those that are
not so important.
Under the law we might consider any number of
crops
38% of resources, which compares
resources on
increase In
were
we
method.
two
30% of
or
largely to United States Government issues.
"
,
selection
to the
came
bonds
,
basis of par values now aggregate
holdings, which on the
$2,393,000,000,
or
and convenience in obtaining supplies, services and equipment.
■Also we had to consider the availability of goOd sites and housing and
it
!* >
During this eight-year period, savings banks have been adding to their
region,
conditions.
of investment
1931, and the percentage of railroad
holdings to total investments and to total resources.
accessibility of the State agricultural experiment stations of the.
When
observe that savings
The following table shows the par value of all railroad
1931.
held by sa vings banks in each year since
producing areas or points of concentration for the farm commodities of
the region ; the ease of access to i-elated processing industries, particularly
those that have been developing new processes and new materials through
living
one-half times in the year 1938 and in sub¬
qualifying securities.
In considering railroad obligations , it is intersting to
in mind for every one of these locationsr-^-the
stimulus of proper environmeqt and professional contacts, the need for
technologic assistance and services of the various kinds all laboratories
need.
We considered transportation; the relation of the city or town to
research;
result
The amendment further provides that fixed charges
banks have been steadily reducing their holdings in this class
marked off
(near San Francisco).,
a
sequent years, a requirement which is expected to effect further reduction
certain requirements
kept
As
value of railroad bonds were removed from the legal
must be earned at least one and
the definite locations for
the "labs" were right in with the fish, frying to a crisp.
I think we
■considered about 200 localities and visited about 80 of them, out of
which we could use only four.
But it is all over now and the fire has
died down.
We selected locations at New Orleans, Wyndmoor, Pa. (near
Philadelphia), Peoria, 111., and Albany, Calif,
par
July 1, 1938, a reduction of 48% of the total rail securities previously
on
since
been
charges must be earned at least
immediately preceding investment.
number of roads to meet this requirement, approximately
a
eligible for purchase.
<,
.
of sub¬
charges in order to continue its bonds on the legal list.
in five of six test years
of the failure of
since
effect
of rail securities eligible for savings bank
The 1938 amendment provides that fixed
funds are allocated equally among them.
That fact explains
why you will find a certain crop worked on in one laboratory when it
might just as well have been in another.
Tobacco, for example, is
allotted tp the Eastern region, but it would not have been out of place
in
railroad obligations had the
to
Since 1931, it had not been necessary for a railroad corporation
purchase.
by law the
,
relative
stantially reducing the volume
14% of the land in farms, it has^
28% of the farm population;
On the other hand, the Western area is
the largest geographically, but the smallest in farm population.
After painstaking study of all the selected factors we decided that our
final grouping involved less total divergence among the four areas than
any other grouping.
But if you who haven't already tried it want some
entertainment to compete with a combination of cross-word, Chinese and
jigsaw puzzles, I recommend this regional-laboratory-area gamev
<
Although the Eastern area has only
n
provision
R.
ports abserve that the management and liquidation of real
greatest problem confronting savings
banks in 1938, find said that the real estate accounts has
ing the scope and expanding the services of the Savings and Loan Bank.
This institution with proper
support might profitably function as a central
of idle funds, manage a share
bank to assist members in the investment
insurance plan and co-operate in
the formulation of standards governing
management and operating policies.
During the year 1938, the number of associations subject to State super-.
vision was reduced from 220 to 216.
mergers
Two institutions were absorbed by
and two others went into voluntary dissolution.
conversions from State to Federal charter or
There
were no
from Federal to State charter
during the year.
estate constituted the
a heavy burden on income.
The report revealed that
approximately $3,200,000 in railroad bonds had been re¬
moved from the legal investment list for savings banks as a
result of a law passed in 1939.
It also noted an increase in
been
Government
bond
investments
and
continued
decline
on
mortgage loans.
During the year 1938, deposits in savings banks increased approximately
l
$112,700,000, which
credited.
was
$8,500,000
more
than the amount of dividends
which cash
These State-wide
It appears that this was the first year in several in
withdrawals
did
not
greatly
exceed
cash
deposits.
figures, of course, are not applicable to each institution.
munities
a
slow but steady decrease in deposits is
In some com¬
evident.
1937, the
bill sponsored by this Department.
Continuing the recodification of the Banking Law initiated in
last session of the
Legislature passed
a
tion in
Report
on
Study of Stock Transfer Taxa¬
New York—Committee Headed by Senator
Mastick
Points
to
Effect
on
Functioning of New
Revenue to
Exchange and Loss of
State—Remedial Measures Proposed
York
of
The report on savings and loan
associations said that the cost of foreclosing mortgages in
New York State is higher than in any other jurisdiction, with
one exception.
The report on savings banks said in part:
interest
Issuance of
Stock
According to a report of a study of stock transfer taxa¬
tion
in
New
which former
man,
York, released
State
Senator
March 21 by a committee of
Seabury C. Mastick is Chair¬
the present New York State tax on security transac¬
tions is driving
business out of the State, and if this trend
continues for any
appreciable length of time it will cause
impairment to the effective functioning of the New
York Stock Exchange, in addition to causing a substantial
serious
loss of revenue to the
State.
Reference to the forthcoming
report appeared in these columns Ma,rch 18, page 1574,
which time it
was
at
noted that the preliminary report .would
shortly be made public.
The report, which is based
on'an
stand
stock
stock
of
transfers
in
The extensive advertising programs
(3)
in
carried on by other exchanges,
to be gained by trading
tax advantages
to the
reference
outside of New York.
that this diversion
The committee concludes
\
will produce
the following four effects:
(a) A loss of revenue to the State
other
and
tax
..
.
New York
basis of New York City and
(b) Impairment of the economic
transfer
of New York from the stock
sources.
'
State.
,
•
the public in general and reduction of
the efficiency of the national security market.
(d) The loss by the New York Stock Exchange of its position as a
(c) Increased cost of trading to
market.
•world
Committee states:
\
the diversion of stock trading from
The Mastick
It
that
obvious
is
factors just described, has an
State stock transfer
States, resulting from the
other
-
.
New York to
York's
New
on
unfavorable
the lose may become very
which has also begun to occur,
The considerable
Exchange in
Stock
odd-lots, according to the
the
,
,
State may repeal its present emergency
(amounting to l^c. to 2c. per share,
amendment, or subsequently, the
An
the
of
rate
■depending
the
normal rate- of
unfavorable tax
above, thus removing the primary cause of the
value of the shares), leaving only the
effect.
This would still further reduce the
in
tax
differential,
diversion -of
the
referred to
stock trading from this
to Mr.
addition
In
tax
transfer
stock
on
State."
<
Mastick the membership of the
conl
the study is composed of Louis K. Comstoc-k,
President of the Merchants Association of New York; for¬
mittee making
Saxe; Jules I. Bogen, editor the
"Journal of Commerce"; Howard Froelick of DeCoppet &
Howard Br Smith,
Stock Transfer Association.
Doremus,
York
and
Chairman of the New
;Amendments to Wagner Labor
of Employer and Employee
Labor unrest will
persons
ciation
Proposes Eight
Act—Seeks Equality
continue in the United States
until all
"stand equally before the law," the National Asso¬
of Manufacturers said on March 25 in a statement
urging amendment of the Wagner
Labor Relations Act on
major counts.
The Association's proposed changes
place unfair labor practices on the part of employees
under the law, would restrain the National Labor Relations
Board from alleged encouragement of unionization, would
would
prohibit union members from coercing others to join unions,
would outlaw the closed shop and the check-off, would pro¬
tect individuals and minorities among workers who do not
respect con¬
confer with workers on
labor problems, would prevent the NLRB from favoring
one
type of union against others, and would assure fair
trial and judicial review for persons accused of violating
wish
to
join
unions, would compel unions to
tracts, would permit employers to
the law.
In
summarizing its statement
the Association
added, in
on
unwelcome
by Congress
in
them
the
of
Relations Act.
branches
certain
evidence of
conclusive
is
a
public
widespread
other
only complainants
"at
\
interest in prompt
the necessity for important revision of the
While there have been-some complaints by
organized labor that the NLRB discriminated
of
favor of
administration.
against the Act and its
against
by no means
branches of organized labor, they are
The em¬
believe, a legitimate and convincing case
to lay before Congress.
Polls of public opinion disclose that the over¬
whelming majority of the people of the country desire amendment of the
Act.
The* press of the country is almost a unit in asking the Congress
to review and revise the Act.
We continue to firmly believe that the
ployers of the country have,
we
from the interest, of consumers, emdemands early and full open hearings on the
question of possible amendment of the Wagner Act.
We feel that unless your committee gives early consideration, to this
economic recovery,
in
stake
public
.
ployees and employers alike,
subject there is,little likelihood of
outcome,
an
the
congressional action this session. Such
only by employers but by
believe, would be deplored not
we
largo,-because confused and uncertain employment
public at
relations
improved business.
We urge, therefore, that the Senate Committee on Education and Labor
announce hearings
on the Act and its administration at the earliest con¬
venient date, and we assure you that this Association will be pleased to
continue
to
be
a
real obstruction to
produce witnesses to
testify as to the necessity for amendments.
Opposition to Legislation to Create Wage-Hour Law
in New York State Voiced by Merchants' Asso¬
ciation of New York
h
Merchants' Association announced on
the purpose of the Act to
safeguard the right of collective bargaining "a thoroughly justified" one.
"We have no desire," the statement said, "to curtail in any way the
The
Association
that it believed
emphasized
bargain
voluntarily chosen representatives."
of
men
who
wish
to
collectively
to
do so through their
method for
peaceful.settlement of industrial disputes, the Association asserted:
"The country
has witnessed since the National Labor Relations Act
Recalling that
into'effect
proponents of
a
wave
of
the Act had advanced it as a
sit-down
strikes
with the Committee on
had filed
it
Assembly at Albany its
of the
March 24 that
Labor and Industries
condemnation of the legisla¬
pending which would create a wage-hour law for
York State, somewhat in line with the Federal Wage-
New
wage-hour law is contained
Philip M. Kleinfeld
and in
the lower ■ house by Assemblyman Garcia-Rivera.
Examination by the Association's Industrial Committee, it
is said, disclosed that the provisions of the proposed State
law are more drastic than those of the Federal law.
The
Association takes the view that it would be a real hardship
for employers of the State to be compelled to comply with
the terms of the proposed State Act, and that there should
be no State wage-hour legislation until there has been fur¬
ther experience with the Federal law.
In its letter to the
Committee on Labor and Industries at Albany the Associa¬
The proposal for a
Hour Act.
in
a
bill introduced in
and
other strikes
involving
the Senate by
said:
tion
the
In
proposed
measures
the
requirements are more extensive than
designated in the Federal Act.
While both the State bills and
Federal Act set employees' wages at 25c. per hour the first year,
those
Act
Federal
sets
the State bills
part:
went
very
tion now
eight
right
definite
part of
Association's President, in a letter
Chairman of the Senate Com¬
Education and Labor, proposed on March 7 that
consideration
The
National Association of Manufacturers
•
and
clarify the statute to express in
obligations it embraces.
Failure on the
easily
State Senator Martin
mer
;
so
Senator Thomas of Utah,
There
'
round-lqt trading, and the unfavorable tax differential on odd-lot trans¬
actions effected in New York ^vould be halved.
Concurrently 'with such
statute when
them the burden of interpreting a vague
hearings on the Wagner Act be held by the committee
the earliest convenient date."
He said, in part:
would be brought toburden of taxation as
same
a
National Labor
<
bear the
would
be
must
mittee
described, the committee sug¬
to say:
preserving the integrity
Howard Coonley, the
to
double taxation of odd-lot sales
trading
odd-lot
end,
-an,
the
way
who have a stake in
responsibility places the courts in the unenviable
criticism and abuse when they discharge
duty.
If the Congress will make its
statute clear and definite,
it will serve the public interest by defining
and
clarifying the area of Labor Board discretion. and obviating the
necessity of court interpretation of what should have been clear enough
that it needed little interpretation."
\
,
this
the Board
by
position of being the recipient's of
New York of an amendment
exempting the odd-lot sales
by odd-lot dealers from the tax, so that only the sales by
the public to odd-lot dealers would be taxed thereunder.
In
those
could
rights
the
what
gests "passage by the State of
to the stock transfer tax law
The committee goes on
On
Congress to discharge this
committee's
;
the condition
alleviate
To
all
upon
Congress
tei'ipa
New York
fact that the odd-lot customer is
required to pay the New York stock transfer tax on both
his purchase and sale, whereas the round-lot customer is
required to pay the tax only on his sale. This double taxa¬
tion of odd-lots, it is observed, doubles the tax savings
which an investor may obtain by placing his orders on the
exchanges of Boston, Chicago, San Francisco"p and other
cities rather than in New York.
Furthermore, it is stated,
the Securities and Exchange Commission, by granting to
these exchanges the privilege of unlisted odd-lot trading
in securities listed on the New York Stock Exchange, has
enabled small investors to make the most of these tax
•
members.
should join in urging the Congress to clarify the
Labor Relations Act.
It is unfair to the courts that they should
thrown
have
report, results from the
.savings.
of unions and their
judicial system
our
National
considerable.
diversion of trading from the
seen.
In none
the NLRB taken a
before
; '
"Furthermore,
of
Act
Relations
Labor
instrument.
tax.
from the
revenue
never
clearly wrong construction of the
continued until the Supreme
Court of the United States, in its decisions of Feb. 27, 1939, called a halt.
"The
clear-cut declaration by
the Supreme Court that the sit-down
strike
'was a high-handed proceeding without a
shadow of legal right'
is properly hailed as an utterance of the greatest significance.
There is
danger, however, that many people will feel that the decision of the
.Supreme Court in this important matter has rendered unnecessary con¬
gressional revision of the National Labor Relations Act.
On the contrary,
the decisions of the court have emphasized the necessity of congressional
action, for tfyese decisions deal only :with one or two outstanding situa¬
tions which haVe arisen in the course of administration of the Act.
There
are
many defects in the Act and its administration whlfch are not in any
way corrected by the decisions of the court.
.. .
"Aside, however, from the fact that the NLRB has been reversed in
several respects by the Supreme Court, it is obvious that the Act should
be amended so
that the Board will no longer have any grounds for
forcing those wronged by its decisions to go to court, in order to secure
redrdss.
Many employers and organizations of employees adversely affected
by decisions of the Board cannot afford the burden of long-drawn-out and
expensive litigation.
The statute itself should be so clear that the Board,
no
longer has the excuse to pervent it into a punitive and appressive
That
the State is already losing some revenue as a
result of this diversion
can
hardly be doubted.
The diversion has only recently begum
If it
continues, particularly by extending still further into round-lot trading,
effect
has
This
employer.
their
with
National
Exchange Commission.
particularly
strikes
disputes
out-of-Sta'te exchanges by the Securities
Encouragement given to the
(2)
or
in numerous decisions the Board has ordered employers to
many cases with back pay—employees who engaged in sitand other forms of unlawful conduct during the course of
contrary,
down
tax in this State than in other
is especially pronounced in the
less than 100 shares, commonly known as
which
exchanges,
"odd-lots."
and
against such conduct on the part
the
the transfer
rate of
higher
having
of
case
decisions
reinstate—in
The
it
as
public statements by its members has
of its
reasons:
(1)
such
intimidation,
and
violence
committee by Dr. Paul Studenski, Professor of Economics at New York University, states
that stock trading is leaving New York for three major
investigation made for the
States
1895
Chronicle
Financial
148
Volume
for
the
rate
while
24,
The
hours
the
six years, hut
minimum at 30c. per hour for the next
35c. an hour
The minimum
prescribe 30c. per hour for the next two years,
following two years,
40c.
of
1943,
Oct.
a
the
per
and 40c. an hour thereafter.
hour would be reached under
under
the Federal
the State bills on Oct. 24,
Act this rate will not be
reached until
1945.
requirements of the New York State bills concerning the minimum
are
more exacting and more adverse to employers than those
also
prescribed in the Federal Act.
They set up daily maximum hours as well
weekly maximums, while -under the Federal Act the maximum hours
of work are set on a weekly basis only.
The Federal requirements allow
as
Chronicle
Financial
1896
employers in emergencies to work employees, without penalty, for extended
of the week,
periods during specific days
is
Under
exceeded.
not
State
the
bills
Earlier
provided the weekly maximum
daily work period for em¬
March
to eight hours and all working time above this
the rate of time and a half, a
ployees would be limited
which
is
required
not
by the Federal Act
except
on
York
New
State
State
whether engaged in
employers,
have
would
to
the
meet
Act, if the bills became law.
increased
costs
placed at
a
Because
requirements
They would be compelled to meet the
the
law-
State
and
Banks
Consider
to
All
ization
Standards
Act
and
that
because
In
addition
the
to
of what employees must be considered
ticular employee engages,
its
ranks,"
The
advisable to
seem
sider all the employees of banks to be subject to the Act.
the
production of goods for interstate
Act at all.
•"*
and
on
Mr.
Magruder's opinion
Baltimore.
contained in
was
interpretative bulletin
an
strength
welcome to
come
of
another,
making
the
Hi
Meese, Vice-President of Western
Formerly Served as Chairman
Co.—Had
Rehabilitation Committee for Federal
Vice-President of the Western Electric
of its Point Breeze Works in Baltimore,
March 26 at the Union Memorial Hospital in
Meese
co-receiver
was
to
1935.:
Commerce from 1933 to 1935, and
Community
as
Fund from
Fifth
the
the Committee
(Richmond)
graduated
co-trustee
of
Baltimore Association
from
President
was
1932
1934.
to
the
of the
He
Committee and
Federal
Reserve
Industrial Rehabilitation.
on
whoi "was born at Michigan
on
the scope of an hour's exemption provided in the Act for employees "with
the
member of the National
a
for
man
on
He was President of
,
and
Railways & Electric Co., Baltimore, from 1933
of
1
'
the
to
a
unified labor movement, adding the
a
,
Mr.
United
the
be subject to the
to
commerce
^
in
We still
manager
Md., died
•
commerce or
•'
created
stood,
it.
deserted
r
William II. Meese,
Co.
Baltimore
in
division
the
have always
we
never
extending those who left
worker
each
W.
of
served
be engaged in interstate
as
now
Reserve District of Richmond.
\
must
continues
of
power
of March 24
Such employees, of course,
responsibility for
any
moved from it,
invincible.
Magruder, on March 24, likewise ruled that employees
of private, common and contract carriers, other than drivers
are
not exempt from hour provisions of the Fair Labor
Standards Act.
This ruling was referred tp in Washington
dispatches to the New York "Herald Tribune" under date
follows:
further quoted Mr. Green
"We stand
never
of Industrial
Mr.
as
we
We want to reestablish
Electric
con¬
*
disavows
he said.
L.
of
F.
Death
double the amount of any unpaid minimum
recover
organ¬
as
the further question is being investigated whether
unpaid overtime compensation, it would
or
A.
whole
therefore, in view of Section 16 (B) of the Act, which gives
employees the right to
Tribune," that his
to
Gompers and other leaders stood.
back again.
economic
L.
labor;
where
stand
the activities of all the employees of banks are so closely interwoven, with
wages
of
home of
activities in interstate commerce, as to be a part thereof.
At this time,
stated, according to Boston
part, these a<|vices
F.
within
because of the activities in which the par¬
commerce
of Labor,
:
A.
the
stated:
question
engaged in interstate
ready
The
counsel for the Administration (on behalf of Administrator
Elmer F. Andrews) who notified the banks of the ruling by
was
In
follows
as
the
of
stood
served.
•
penalties they might be subject to, advised that all employees
should be considered as coming under the Act.
The ruling was issued by Calvert Margruder, general
letter in which it
members
welcome back the "prodigal sons"
who left to form a "rival, rebel union," but added that the
A. F. of L., its structure and its philosophy must be pre-
Act
Labor
Federation
advices to the New York "Herald
Wage-Hour Administration on March 24 (as briefly
noted in our issue of last week, page 1740) notified all State
and National banks that their employees were subject to
Fair
of anthracite miners,
Commodore, Mr. Lewis discussed
declaring
peace,
Boston, on March 26, William Green, President of the
American
Advised
The
the
labor
of
'
Employees Subject to Fair Labor Standards Act—
Interstate Motor Carrier Employees Also
Subject
to
reported
was
the price of peace with the A. F. of L.
of March 23 reported this and
as
Mine Workers, at the Hotel
problem
In
National
O.
On
1576.
page
I.
that "the C. I. O. and its many
organisations do not propose to dissolve themselves into a multitude of
pieces as the quid pro quo of becoming associated with the A. F. of L."
adverse business conditions most employers in
undoubtedly experience considerable hardship aB a
requirements of the proposed
18,
C.
the
before the tristate convention
Speaking
the
present
would
State
of
repre¬
columns
these
"Times"
York
of the United
disadvantage in comparison with employers of other States.
the
and^ March
Lewis
between
in
added:
the
of
New
The
intrastate
or
by the State bills, and would unquestionably be
proposed
of
York
result of
interstate
exacting
more
appeared
groups
1414,
page
conversations
the
to
two
Chairman
dissolve
agree to
activities,
New
11,
the
1939
declaring that the C. I. O. and its affiliates would never
as
weekly
a
basis.
of
22
March
period would have to be compensated at
condition
references
sentatives
the
April 1,
also
Chair¬
District
Mr. Meese,
City, Ind.,
University
on Sept. 3, 1883, was
Michigan in 1905 with
of
the degree of B.S. in electrical engineering.
The same year
entered the employ of the Western Electric Co. as a
respect to whom the InterstateXJommerce Commission has power to estab¬
lish qualifications and maximum hours oTsqrvice pursuant to the provisions
he
of Section 204 of the motor carrier act
member of
193?
,
The opinion said that the scope of the Interstette Commerce Commission's
hjad
power under Section 204
Chicago/
not been fully determined by the Commission.
In
The opinion therefore is (Subject to,revision if future action by the Com¬
mission
requires and merely Indicates the
so
unless the
1910
Mr.
department.
which Administrator
course
Andrews will follow unless directed otherwise by the courts or
bulletin itself is later revised.
the
London
■
plant
transferred
the
C.
I.
of
O.
Representatives
Labor
on
Washington
and
Lewis
Peace
New
to
A.
of
F.
of
of
L.\ and
Transferredjfrom
Again
York—Both
Messrs.jGreen
That Neither \V£HLSurrender
Indicate
of
of
Ho
following
New
York
1924
he
labor,
view
a
to
meeting
scheduled
recessed for six
effecting
within the ranks
peace
in New York City
were resumed
for
Washington
days after
March
on
brief session.
a
24
having
March 24
On
The
conversations
be
will
resumed
New
in
a
The
new
two
Frances
peace
Perkins,
view
"So
she
the
far
I
at
have
10:10
and
m.
passed
is negotiat¬
were
three
joined
and
against forecasting an
out,
been
by
Miss
half
hours
was
a
being
early settlement in
involved.
they
are
certain
getting along in
fundamental
defined—and
Harry C. Bates, Chairman of the A. F. of L. negotiators and spokesman
for the conferees, was not as optimistic as Miss
Perkins, but he indicated
.
that
the meeting took place
effort
was
"We
in
atmosphere of sincerity and that
an
at
length
some
the
propositions submitted," he said.
the
situation
been
thoroughly,
the
12
would
situation
viewpoint
confronts
have
endeavored
advanced
by
C.
readmitted
Council
I.
O.
as
to
and
us
the
to explore
each
side
go
beyond
that
statement,
it
has
understood
was
today revolved about the reply of the A.
the
unions
C.
I.
which
constituted
O.'s
request
formerly
today,
or
for
were
whether
in
information
the
F.
Federation
of L.
whether
on
would
be
they would be asked to drop
members recruited in fields outside their
original jurisdiction.
new
The answer,
it was said, was neither "yes" nor "no."
The A. F. of L.
is reported to have pointed out that the constitution of the Federa¬
group
does
tion
the
not
give the
peace
right to Bign away to
one
committee
or
even
the
A.
F.
of
from
position
union,
the A.
the
In
capacity.
Mr.
plant,
he
1913
Meese
was
When
directed
in
the
France,
States
machine
in
1916
division
Mr.
year
assistant
made
in
and
the
at
year
made
was
Hawthorne
Mr.
plant,
under
assistant
Works.
He
and advanced to assistant
1920.
Meese
came
superintendent
the
to
in
the
headquarters
company's
installation
department.
in
Yri
operating superintendent at the- Hawthorne Works, and
Meese,
third
was
elected,
was
in addition
the
company's
of
construction.
He has
a
Vice-President
of
made works
three
remained
main
its
head
there.
Western
manager
factories,
Electric,
its Point
at
and
at
that
executive since.
Among his other activities Mr. Meese served
as
a
mem*
ber of the Construction and Civic
Development Department
Committee, United States Chamber ctf Commerce; member
of the late Governor Ritchie's Advisory Committee on Un¬
employment Relief;
director and member of Executive
Committee, Hopkins Place Savings Bank of Baltimore;
member Maryland State Recovery
Board, &c. /•
'
Death
L.
Council
of
Colonel
F.
Superintendent
l_,
S.
of
Greene, Recently Resigned
Public Works of New York
State
Colonel
Frederick
Stuart Greene, whose resignation as
Superintendent of Public Works, was
announced March 23 by Governor Herbert H. Lehman,
died in Emergency Hospital, Washington, on March 26.
He was in his 69th year.
Governor Lehman, in his an¬
York
State
nouncement, said that Col. Greene had intended to resign
because of ill health.
One of the oldest members of the
State Cabinet in point of service, Col. Greene was first
appointed by Governor Alfred E. Smith in 1919 and, with
the exception of the two years (1921-1922) of the Nathan
Miller Administration, had served continuously as super¬
visor of the State's public works program and
highway
system.
From
a
Washington account of March 26 to the New
York "Herald Tribune" the following is taken:
of
the A.
F.
jurisdiction assumed by C. I.
eration
United
the
the following year
Breeze
union certain jurisdiction previously granted
to another.
The
as
was
1928
New
that
"Both sides
the
and
not
conversations
Executive
the
real
given consideration by the others."
Although he
that
a
being made to end the labor schism.
discussed
War, closed
Co..
same
the
in
fashion,"
some
problems
' "
progress."
means
a.
She
I. 0.,
soft coal operators.
emerging said that "some progress"
on
reporters
make
can
"There
the Appalachian
Labor.
of
multiple problems
as
said.
that
and
She cautioned
of
met
groups
Secretary
with the conferees,
made.
contract with
wage
and
"York, where John L. Lewis,
head of the .United Mine Workers and President of the C.
ing for
In
time
United Press advices from Washington
said, in part:
Electric
plant
three years later Wan advanced to assistant works
manager
March 30, the
on
the
of
superintendent
by representatives of the American
of
to
foreman
Federation oi' Labor and the Congress of Industrial Organ¬
izations, with
England as' chief inspector of the
Western
promoted to general foreman the next
The
The conferences held
World
state, in part :
inspection investigation
telephone systems in the Scandinavian countries,
returned
operating
Principles,
advanced to chief of the
was
Antwerp, 'Belgium,
the"
Hawthorne Works in
career
in Switzerland.
general
was
to his
as
the International
the
to
advent
and
Meese
its
at
course
The next year he went to
installation
Conference
student
Further advices
F.
the
waiver
of L.
union
by the Federation.
of
of
L.
negotiators
was
that
in
cases
where
0. unions overlaps the field held by a Fed¬
jurisdictional rights weuld have to come
involved
before it could
be
formally
approved
Governor Alfred E.
of
Highways in April,
Nathan L. Miller in
Governor
Governor
Smith appointed Ool.
1919.
Greene State Superintendent
When Governor Smith
1921, Col. Greene resigned, but
was
was
succeeded
by
reappointed, by
Smith following the latter's election in
1923.
Subsequently
Smith appointed Col. Greene Superintendent of Public Works
,
Financial
Volume 148
and he had served in that capacity
individual
under Governors Franklin D. Roosevelt
cal
A.
be
will
in
and conservation
expansion,
industrial
sponsored
by
particular
cellulose,
the
biological, medicinal, organic, microchemical and physi¬
and agricultural and food
inorganic,
divisions.
Republican, he refused throughout his career as a State official to
a
permit
Democratic leader
any
department
interfere in
or
or
organization to dictate appointments in his
Under his direction
with his policies.
any way
New York State embarked upon an extensive
^Governor Lehman had
President
of
F.
Nominates
a
as
Governor of New York
Robert A. Drysdale, a Governor of the New York Stock
Exchange since 1935 and a partner of Drysdale & Co. since
1928, resigned March 29 as a Governor of the Exchange at a
meeting of the Board of Governors.
Mr. Drysdale was
Chairman of the Arbitration Committee and Vice-Chairman
of the Committee on Stock List.
He had also served a s
Thompson as
Commission
I.
Communications
Federal
Resigns
Stock Exchange
reappointed him last January.
Roosevelt
Member
Drysdale
road-building program which
carried out without hint of scandal.
was
and
R.
who appointed him was succeeded
welfare,
community
resources
petroleum, rubber,
AlthougtjrCol. Greene has been prompt in turning in his own resignation
by
and
natural
of
and Lehman.
in 1921 when the Democratic Governor
1897
Chronicle
Thompson, of Mobile, Ala, was nominated by
on March 28 as a member of the Federal
Communication Commission to succeed Eugene 0. Sykes,
Frederick I.
Committee.
member of the Finance
a
President Roosevelt
is
He will serve the unexpired seven-year
Sykes, which runs until 1941.
Mr. Thompson
publisher and
Shipping Board.
former Southern newspaper
a
ber of the United States
The 47th annual convention of the
it
Club of Pittsburgh has elected
officers who will serve for the ensuing year:
President—Nathan K.
Secretary—William G. Simpson, H. M. Byllesby
Robert
Robert
C. Schmertz, Phillips,
•
,
j
Securities Corp.
Issues
Directory
been
the Twentieth
proceedings of its 1938 annual convention held at
Sulphur Springs, W. Ya. in October last, was made
March. 11 issue, page, 1417.
The
Brown
H.
Named
several
corporations.
fact-gathering,
the
General
troller
on
of
The
March
after serving 15 years
of 15 years at a
salary of $10,000 a year.
He will take over the duties that
have been performed by Richard - N. Elliott, who became
Acting Comptroller General after Mr. McCarl's retirement.
Mr. Brown was elected to the Senate in 1932 and was de¬
feated for re-election last Fall by Representative Charles
W. Tobey.
The retirement of Mr. McCarl, in 1936, was
reported in our issue of July 4, page 41.
-
COMPANIES,
TRUST
BANKS,
ABOUT
final
&c.
meeting of
arranged for this meeting includes a
Bankers Trust Co. and a dinner
at Busto's Restaurant, 11 Stone Street, New York City.
A
talk on the work of the Corporation Files Committee will
The
program
visit to the library of the
by Miss Frances Walsh, Chairman.
he- given
After
Mr. Brown will serve a term
post.
formulate a
The Fund will then publish
the Special Libraries Association,
York Chapter, Financial Group, will he held on April
New
as/
McCarl, who retired on June 30, 1936,
in that
findings and
the
with the recommendations, in book form.
factual materials, together
ITEMS
30, nominated Fred II.
New Hampshire, as Comp¬
the United States, succeeding John II.
Roosevelt,
review
will
recommendations for action.
concrete
in our
former' Senator from
Brown,
Pennsylvania
Burns and his staff have completed their
After Dr.
committee
the
of
•
Comptroller General of United States
President
Commissioner
Service
Henry Scattergood,
and a director of
by J,
special Fund committee headed
a
Public
White
President. Roosevelt
by
with
former
of
of
"
utilities
sultation
series
The announcement
School.
Graduate
Century Fund says:
non-partisan appraisal of these controversial issues in the
field will be made under the guidance of and in con¬
Fund's
electrical
15.
Fred
Columbia University economist,
appointed
Columbia
the
in
of
1939
March,
Power
Research Director of the Twentieth
Century Fund's survey of the problems arising out of Gov¬
ernment relations with the light and power industry, it was
announced March 20 by Evans Clark, the Fund's Executive
Director.
Dr. Burns is an Assistant Professor of Economics
Bankers
Investment
its
Industry
has
Association of America has
4'Directory," designed to provide
information regarding each member of the Association.
The
publication contains explanatory data on members' main
off ices, registered branch offices and exchange memberships.
Also included are a list of the officers and governors, national
committees, group committees and constitution and by¬
laws.
Reference to the Association's volume containing the
The
Century
and
Harriman, Ripley & Co.
Association
Burns
R.
Dr. Arthur Robert Burns,
/
Co.
Appointed Research Director of
Fund's Survey of Problems
Arising Out of Government Relations with Light
following members:
Membership
issued
time
Twentieth
Schmertz & Co.
Wilson A. Scott, Grubbs, Scott &
Bankers
the League that
been held in Atlantic City, and
in New Jersey.
Conventions were held in
meeting has
City in 1912 and Newark in 1918.
A.
Dr.
& Scribner.
R. Crookston, Singer, Deane
Investment
United States Building
.
and Co., Inc.
The Board of Governors consists of the
Davidson Herron,
third
Atlantic
of Pittsburgh.
Reed, Jr., Union Trust Co.
John P. Woods, Mellon
national
the
the following
& Co.
Vice-President—Alan G. Clifford, James H. Scott
S.
Hold
Kay, Richards & Co.
Parker,
Treasurer—Robert B.
was
the
Bond
to
27-29
will be held in Atlantic City, Sept. 27-29,
announced March 25 by Clarence T. Rice, President.
It will be the second time in the history of
of Bond Club of
Pittsburgh
The
League
Loan
and Loan League
,
♦
K. Parker Elected President
N.
and
Building
Annual Convention in Atlantic City Sept.
former mem¬
a
States
United
who has resigned.
term of Mr.
banking career of over 50 years,
active
an
Lewis
Chairman of the Board of Irving
Trust Co., New York, at a regular meeting of the Board
of Directors, on March 30.
In accepting the resignation,
following his re-election as Chairman fast'January, the
Board abolished the office of Chairman A created that of
Pierson
E.
^
resigned
as
elected Mr. Piershn to the latter
Honorary Chairman, and
since
Partners Association Elects
Governors to Board—A. F. Clear Named
New York Curb Exchange
Five New
Chairman
&
\
tiie New York Curb Exchange
March 24, the following new Gover¬
Victor N. Barton of Bar¬
elected to the Board:
of Dean Witter & Co.;
Jones of Eastman, Dillon & Co.; Sterling
George D. Cronin
Barton;
Lawrence
H.
meeting of
Association,
Partners
nors were
ton
•
the annual
At
Auchincloss, Parker &„
Redpath/ Governors reelected to serve on the Board were:.
Nordhouse, and Albert G. Iledpath of
David
Z.
J.
drew
child
At
Albert
Fox
Jr.,
Posner & Rothschild;
Andrews,
Henry L.
and
'
V
L. F. Rothschild & Co. was
J. Fox Jr. was elected
Treasurer ; Thomas E. Quinlan of Johnston & Quinlan was
elected Secretary, and George H. Dunkle was reappointed
Chairman; Henry L. Heming of
Andrew
Vice-Chairman;
Executive Secretary.
Chemical
in
Baltimore
Hold 97th Convention
Next Week
Society.
According
to
the
stated,
Chem¬
announcement more than
addresses in 17 major fields will be deliv¬
ered at 60 sessions opening with a general meeting at 2
o'clock Monday afternoon (April 3) in the main ballroom
of
the
Lord Baltimore Hotel.
The announcement also
500 papers and
states:
.
Outstanding'
leadership
in
presentations
pure
and
of
new
/
,^.
developments evidencing American
and bearing em national defense,
applied research
Director
A sketch of
issued by the Irving Trust follows.
career,
.
,
Trust
where he remained
1898, when, he was elected Cashier and Vice-President of the New
National Exchange Bank, the parent institution of the present Irving
Co.
In 1904, he was elected President of that institution and in
,1916
Chairman
In
1885,
until
York
he
of
United
New
1927
States,
also
which position, he, retires.
.extended
have
Bank,
into
mapy
to
1923
1909 to 1910;
;
the
Chamber
fields. ■ He was
1903-to 1904;
from
the Merchants Associa-,
of
Commerce
of
the
is now a member of its Senior Council
Board of its publication, Nation's Busi¬
been Chairman of the Board of Regents of the Amer¬
1928 and
to
Governing
Association
Bankers
ican
1922
the
of
has
He
ness.
from
National
York State Bankers Association
York,
Chairman
and
Board
the
Bankers Association,
American
of
Hanover
activities
President of the New
tion
the
entered
Pierson's
Mr.
Graduate
School
of
Banking at Rutgers
Univer¬
School was founded.
Mr.
Ward, who was born in New Haven, Conn., entered the employ
the New York National Exchange Bank in October, 1901, a few months
since the
sity,
the
his
graduation
of
grades
President
From
week, some 4,000 chemists, it is
will gather for the 97th convention of the American
In Baltimore, next
ical
his
after
Society to
been
a
figure in American banking for many years.
of
+.
American
performed by the Chairman.
Mr. Pierson
of the Company, and will continue to
maintain his office in the Irving's Headquarters Building
at One Wall Street.
Mr.-Pierson has been an outstanding
remains
the
meeting of the Board, following the annual meeting,
F. Clear of Hirsch, Lilienthal & Co. was elected
elected
1919, assumes in addition, those duties which hereto¬
a
fore have
An-'
Heming of L. F. Roths¬
Co.
&
a
Andrews of
been
result of this action, Harry E. WM1> who has
President and administrative officer of'the Company
As
post.
1924
from
Yale
University,
Rising successively through
Assistant Cashier, Cashier and Vice-President, he became
of the institution which
is now Irving Trust Co.
1926 and from 1930 to 1932, he served as a member of the
1919
in
to
Committee of the New York Clearing House Association,
is Chairman of that Committee.
He is director of the
American Smelting and Refining Company; a Director and a member of
the Executive Committee of the Missouri-Kansas-Texas Railway Company,
Clearing
and
at
and
a
House
present
Director
affiliations,
a
member
Board;
of
of
•
Merchants
Refrigerating
Company.
Among other
Trustee of the Union Dime Savings Bank;
Board of the National Industrial Conference
of the Council on Foreign Relations, and Chairman
Council, New York Chapter, American Institute of Bank¬
member
a
the
Ward is a
the Governing
the Advisory
ing.
of
Mr.
Financial
1898
of
Incurables, New York City, on March 30. He was 78 years
A native of Jersey City, N. J., Mr. Fisk was graduated
from Princeton University in 1881 and entered the invest¬
the
Civil War.
Pliny Fisk later became head.
activity
in 1938, to 181.9 (1936 equals 100)
'
ers, rose,
1937."
banking house of Fisk & Hatch, which was founded
by his father, Harvey Fisk, during the
increased
"This
fact that the index figures,
old.
the firm's name was changed to Harvey
of operations," the directors' report stated.
is graphically illustrated by the
reflecting the extent to which
bank's credit facilities have been utilized by its custom¬
within its sphere
Pliny Fisk, former head of the investment banking firm
Ilarvey Fisk & Sons, New York, died at the Home for
ment
April 1, 1939
Chronicle
In 1884,
THE
Fisk & Sons and
from 140.6" in
CURB EXCHANGE
lower during the early
became more precipitate
as the week progressed.
Many of the popular trading issues
in the public utilities have tumbled to lower levels,, and
Curb market stocks were generally
Having played an important
part in the work of refunding maturing Civil War bonds,
the firm, during this period, dealt almost exclusively in
Government bonds, and its customers, in the main; were
part of the week, and the decline
One of the firm's clients was
Hetty Green, to whom Pliny Fisk sold millions of dollars
worth of securities.
Around 1900, Mr. Fisk consolidated a
there has been little demand for the
of railroad locomotive building companies into the
financed the build¬
ing of the Hudson tubes connecting railroad terminals in
Jersey City and New York. He retired from active business
have generally been small.
Higher prices prevailed during the forepart of the abbre¬
viated session on Saturday.
The advances were small, and
while there were occasional gains of a point or more, they were
without special significance:
Public utilities were irregular,
Cities Service pref. advancing 23^ points to a new top of
54 A, while United Light & Power pref. dipped 2 points to 29.
Aircraft stocks did not participate in the advance and oil
shares were quiet with little change either way.
Industrial
specialties were active but the gains were light and mining
and metal stocks were unchanged from the preceding close.
hanks and large investors.
transfers
group
American Locomotive Company and also
in 1919.
;
♦—
To mark the completion of 40 years of service,
officials
City Bank of New York
gave Harry D. Hall, Assistant Cashier, a buffet supper at
Block Ha 1, 23 South William Street, on March 27.
A
testimonial scroll, signed by the 250 guests present, was pre¬
and
employees of The National
sented to Mr. Hall as well
as an
of the session approached the market fell off,
exceeding the gains as the day ended. Among
the advances were U. S. Playing Card, llA points to 343i;
North American Light & Power pref., 1 point to 55K, and
Pittsburgh & Lake Erie, 13^ points to 563^.
;
Small sales and irregular prices were the outstanding
characteristics of the Curb market trading on Monday.
As
electric wood working out¬
National
the
City Bank;
Burgess, ViceBrady, Jr„ Senior
Vice-President.
Mr. Hall entered City Bank as a messenger,
March 27, 1899.
After passing through nearly every de¬
partment, he was appointed Assistant Chief Clerk on July
13, 1917, which position he filled until November, 1918,
when he was appointed Division Head.
In 1919 he went
to the Foreign Department and became Division Head of
several of .the foreign departments.
He was appointed As¬
sistant Cashier June 28,1920.
W.
the
Randolph
Chairman of the Board and William Gage
The transfers
The Board of Trustees of
ana
L.
Richard
Bowery
Brower
three years
Mr.
Brower
joined
He was
connected with Peat, Marwick, Mitchell & Co.
a
the discontinuance of the branch
located at 54th Street and Fifth Avenue, it is learned
from the Department's
"Weekly Bulletin" issued March 24.
.
(head office Montreal) was announced on March 28. * Mr.
Hazen, who has been with the agency for 20 years, is suc¬
ceeded by Archibald J. O'Brien, who has been in the credit
information department for several years.
The New York State
Banking Department,
on
March 18,
approved
an increase in the capital stock of the Farmers'
& Merchants' Trust Co. of
Bath, N. Y., from $105,000 (con¬
sisting of 3,000 shares of the par value of $35 each)
$162,500, to be made up as follows:
(1) $75,000 par value of preferred stock A, divided into
of the par value of $15 each.
..\v
to.
•
(2) $57,500
par
value
shares of the par value
(3) $30,000
par
of
the
preferred
stock
B,
5,000, shares
divided into
1,150
of $50 each.
par value of common
value ,of $10 each.
stock, divided into 3,000 shares of the
v
,
•
Directors of the Union Old Lowell National Bank, Lowell,
Mass., announce the death of their President, John; P.
Sawyer,
March 25, 1939.
on
and First
Vice-President,
Was elected President, succeeding
Stevens, who resigned because of impaired
health after holding the office for 18
years; Joseph Fullerton, formerly Second Vice-President, was advanced to
William
H.
Chairman of the Board and First
Vice-President, and Wil¬
Cunnick was elected Second Vice-President.
A.
liam
W.
Kirkbride continues
and
O.
E.
Morris
as
Treasurer
and
Executive
Officer,
Secretary.
Mr. Hutchings, the new
director of the institution since the
organized some 35 years ago.
He is a retired
President, has been
bank was
as
a
merchant.
Net
Stocks
profits
of
the
Milan, Italy)
New
York
distribution of
on
a
March 30.
The
directors
4% dividend and to
carry
proposed
the
the balance of
the
earnings to undivided profits, which now amount to
10,600,000 ljre; "During 1938 the bank intensively particip¬
ated in the country's
increased activity in
ecpnorpic life and developed a greatly
handling the business which comes
gave
in demand,
pronounced
as
the day progressed.
rally lower as the market closed on
pick-up in the number of trans¬
fers but there was considerable selling apparent throughout
the day, the losses ranging up to 2 or more points»
Aircraft
shares continued to move toward lower levels and there was
little change from the previous close in the oil stocks and
mining and metal issues.
The industrial specialties were
generally weak, Mead Johnson declining 4 points to 137 on a
small turnover; Royal Typewriter, 2 points to 56 A', Pitts¬
burgh Plate Glass, 23^ points to 105, and Niles-BementPond, 2M points to 55^.
Public utilities were irregular
and closed With advances and declines about evenly divided
with most of the changes in minor fractions.
The'transfers
for the day were 126,050 shares, against 108,970 on Monday.
■>
Brisk rallies following early declines carried Curb prices to
higher levels oh Wednesday. Some of the gains were partly
canceled in the final hour but the market, as a whole, was
higher at the close.
Fractional gains were registered by the
leading stocks in the aircraft group and minor changes on the
side of the advance were recorded by the public utilities.
Industrial specialties again moved ahead but the movements
were less pronounced.
Prominent among the stocks closing
at higher levels were Aluminium, Ltd., 13^ points to .113;
Niles-Bement-Pond, 1A points to 57; Pa. Power & light $6
pref:, 2 A points to 98Ai Pittsburgh Plate Glass, IA points
to 106 At and United Light & Power pref., iA points to 29%.
were
gen-
,
X)oint
or
a
was some
firm start in which prices were marked up a
stocks tumbled sharply downward on
more, Curb
Thursday, and in many instances the losses ranged from
points.
The early dealings were rather light,
but the volume gradually increased, and in the closing
hour liquidation was unusually heavy;
During the morning
trading the aircraft stocks were in demand at higher prices,
hut most of the gains were cancelled as the trend turned
downward.
In the industrial specialities Singer Mfg. Co.
registered a decline of 4 points to 181, and Sherwin Wil¬
liams fell off 234 points to 101.
Mining and metal shares
were
weak, Lake Shore Mines slipping back to a new
low for the year at 37, while Aluminium, Ltd., dipped 5
two to three
points to 108.
due to disturbing conditions abroad,
on Friday, the declines ranging from
2 to 8 or more points.
The losses extended to every sec¬
tion of the list, but were especially noteworthy among the
industrial specialties and the public utility preferred stocks,
which were the weak points in the list
The declines in
these groups included, among others, Mead Johnson,
8
points to 129; Chicago Flexible Shaft, 4% points to 6634;
Pepperell Mfg. Co., 4 points to 61; Aluminum Co. of
America, 434 points to 10034; Bell Aircraft, 334 points to
21; Childs Co. pref., 6 points to 36; General Public Service
pref., 334 points to 41%; Jones & Laughlin Steel, 334 points
to 21; Ala maba Power pref
(7), 3 points to 81; Cities
Heavy liquidation,
from
in
again climbed upward
swept into the market
Banca Commereiale Italiana (head
for 1938, increased to 35,800,000 lire
34,900,000 lire in 1937 and 18,300,000 lire in 1936, the
Board of Directors
reported to stockholders at the annual
meeting- in Milan, Italy, according to cable advices received
office
but
Following
Several changes " were made recently in the
personnel of
the Dollar Savings Bank
Co.. of Niles, Ohio. William A.
Hutchings, heretofore Chairman of the Board of Directors
were
while the interest in this section was more
Tuesday. There
The
retirement, effective yesterday, March 31, of John
Hazen as Manager Of the credit information department
of the New York Agency of the Royal Bank of Canada
early firmness
advance, 81 declined and 96 were unchanged.
V
City, conditioned upon
now
as
Co. pref., 1 V% points to, 14^; Jones & Laughlin Steel, 2
points to 26; Singer Mfg. Co., 2 points to 184; Dayton Rubber
Co. A, 13^ points to 26, and Newmont Mining Co., 1 point
to 723£.
The transfers for the day were 108,970 shares with
280 issues traded in.
Of these 103 closed on the side of the
the
The Chemical Bank & Trust Co., New York, has applied
the State Banking Department for permission to open
branch office at 11-13-15 West 51st Street, New York
to
low level
Public utilities were irregular and mining and metal issues
were weak.
Outstanding among the advances were Brown
formerly
ago.
a
industrial specialties
^
the Bowery
auditor.
as
organization
down to
than in other groups, the sales were small.
Aircraft stocks
and oil issues were inclined to move against the market
Savings Bank of
City, announced, on March 23, the election of
York
were
why to late weakness,
trend
New
end
the declines
fit, Among the guests were Gordon S. Rentschler, President
of
oil shares,'mining and
and aircraft stocks.
The industrial specialties
have attracted most of the speculative buying, hut the
metal issues,
Volume
Financial
148
THE ENGLISH
Service pref.,
3% points to 45%, and Duke Power, 4 points
Friday of last week, prices were
lower all along the line, Aluminum Co. of America closing
last night at 100% against 109% on Friday a week ago;
Aluminium, Ltd., at 104 against 117%; American Gas &
Electric at 32% against 36%; Babcock & Wilcox at 18%
against 21%; Bell Aircraft at 21 against 26; Childs Co.
pref. at 36 against 48; Chicago Flexible Shaft' at 66%
against 72;. Faircliild Aviation at 10% against 13; Gulf
Oil Corp at 33% against 36%; Humble Oil (new) at 56%
against 59%; Lake Shore Mines at 34% against 40%;
Lockheed Aircraft at 25% against 29%; New Jersey Zinc
at 50 against 53; Niles-Bement-Pond at 52% against 59%;
65.
to
As compared with
GOLDJAND^SILVER MARKETS
We
reprint the following from ' the weekly circular of
Samuel Montagu & Co, of London, written under date of
March 15, 1939:
GOLD
The Bank of England gold reserve against notes on March 8th was
£226,033,091 at 148s. 2d. per fine ounce, as compared with £226,414,475 afc
148s. 5d. per fine ounce on March 1st.
In the open market about £2,640,000 of bar gold changed hands at the
daily fixing during the past week.
The price showed hardly any change
until today whenf; following the firmer tendency of the dollar due to develop¬
ments in Central Europe, there was an advance of 2#d. to 148s. 5#d.
Resales were made on Continental account, but a substantial proportion
of the supplies was provided by the autorities; offerings were readily
absorbed by purchases for the Continent and for shipment to New York.
14%
76%
chinery at
DAILY
at
17%,
against
TRANSACTIONS
AT
Shoe
Ma¬
March
1
79.
against
United
and
YORK
March
EXCHANGE
CURB
Foreign
of
Shares)
Mar. 31, 1939
Domestic
$36,000
Monday
108,920
126,000
1,262,000
25,000
4,000
23,000
Tuesday
7,000
1,069,000
1,273,000
95,100
1,123,000
9,000
15,000
1,147,000
Thursday..
190,335
1,582,000
13,000
23,000
Friday
398,665
2,150,000
25,000
37,000
992,175
37,989,000
$112,000
$120,000
Total..-
Sale
Germany.
£3,193,873
Gold shipments
from Bombay last
£95,000 was shipped by the
SS. President Polk,
11,660,205
$7,989,000
$8,168,000
$130,976,000
$77,921,000
201,001
1,488,000
2,068,000
202,001
1,643,000
The market has maintained a
11,705,576
1,897,000
112,000
Foreign corporate
120,000
,
'<■
$8,221,000
Total.-
EXCHANGE
FOREIGN
made further
latter
EXCHANGE
CERTIFIED
RATES
RATES
for
purchases of forward, but there was also some re-selling by the
by other operators.
as
delivery
near
were
1
Denmark-
Hong Kong-....——
Belgium
RESERVE
36,836
22,245
Sweden
41,885
Netherlands.
*
Germany
Mar. 27
Mar. 28
Mar. 29
c6,230
1,932
$
$
3
Quotations during the week:
3
Belgium, belga...-.
.168225
.168225
.168225
.168252
.168225
.012125*
.012125*
.012125*
.012125*
.012125*
a
a
a
.209006
.208993
.208943
.208900
.681250
a
Engl'd. pound sterl g 4.682291
4.682o69
t .682222
19 15-16d.
20d.
4.681527
:.680069
.020565
.020554
.020565
.020565
.020560
March
.026477
.026478
.026475
.026477
.026477
March
15
20 9-16d.
11
Germany, reichsmark
.400833
.400983
.400931
.400962
.400975
.401000
20 9-16d.
March I4....20#d.
Greece, drachma
.008585*
.008585*
.008571*
.008585*
.008587*
.008585*
March
...
.196125*
.196000*
.196000*
.196000*
.196000*
.196000*
Italy, lira
.052600
.052600
.052600
.052600
.052600
.052600
Netherlands, guilder.
.530800
.631072
.530794
.530783
.530766
,630788
.235256
.235237
,235225
.235175
.235192
.188475
.188380
.188425
.188475
.042495
.012443
.042468
.042465
.012440
.042440.
Rumania, leu
.006821*
.006985*
.007071*
.007028*
.007042*
.007014*
9
March 14
—
--
43
43
.43
-43
43
March 13
cents
cents
cents
ctents
cents
20.0104d.
on New York recorded during the period
-20.5833d.
.188475
Portugal, escudo
.
43 cents
10
11
March
8-...
.235156
.188560
20#d.
March
March
20 l-16d.
13
March
20d.
20d.
20 l-16d. ;
9—--20#d.
March 10.
20 #4.
.026475
YORK
(Per Ounce .999 Fine)
Oz. Std.
2 Mos.
March
.020587
Finland, markka
France, franc
IN NEW
Bar Silver pet
'Cash
a
£42,556
b Coin not of legal tender
'
LONDON
IN
,168227
.012075*
.201,000
*
'
£171,641
a Coin of legal tender in the United Kingdom ,
in the United Kingdom,
c Sundry coin.
Mar. 31
Mar. 30
$
.208968
4,853
b3,062
dependencies
British West Africa.,
.
$
krone.
860
Other countries
a2,800
Aden and
Bulgaria,
Denmark,
i_
New York
Mar. 25
Czechoslov'la, koruna
.
France
4,016
------
Eire
31. 1939, INCLUSIVE
a
Exports
America—£31,360
1,355
1,200
2,928
Australia
Unit
lev
the harder
although
United States of
£37,394
—15,241
Other countries.
Europe—
made by* America,
France
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
steady tone and prices have shown a slight
Imports
BANKS TO TREASURY UNDER TARIFF ACT OF 1930
MARCH 25, 1939, TO MARCH
£8,627,472
week amounted to about £171,000, of
SS. Stratheden and £76,000 by the
United States of America..
-
FEDERAL
BY
Other countries
tendency of the dollar yesterday and today caused orders from this quarter
to be limited to slightly higher rates.
Reluctance 6n the part of sellers contributed to the steadiness of the
market which, at the moment, offers little prospect of any important
change, although the present level of prices would appear sufficiently high.
The following were the United Kingdom imports and exports of silver,
registered from mid-day on the 6th inst. to mid-day on the 13th inst.:
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
FOREIGN
well
as
Sales
Pursuant to the
give below a record for the week just passed:
•
improvement during the week.
There has been buying to cover bear sales and the Indian Bazaars have
$81,886,000
$134,107,000
$8,571,00<
Switzerland
SILVER
1,683,240
Bonds
Domestic....
21.235
57,095
6,107
1,784
Netherlands
60,788
13,912
......
Other countries
which
992,175
Foreign government
Switzerland
1938
1939
1938
1939
Exchange
Stocks—No. of shares.
Belgium
$8,221,000
New York Curb
>
£8,541,251
90,705
8,855
Netherlands
1,64S\000^.
2,2i«f0ecr
'
;
Canada
130,171
2,398,774
18,379
Soviet Union
Jan. 1 to Mar. 31
Week Ended Mar. 31
■-
at
Exports
33,999
British India
$902,000
315,000
3851,000
Wednesday.
1
United States of America.
£438,290
British East Africa
1,021,000
_..
,
March 15
Average
I
Imports
British West Africa.
Total
Corporate
73,155
Saturday
148s. 3d.
148s. 5#d.
148s. 3.33d
March 14
,
Kingdom imports and exports of gold,
registered from mid-day on the 6th inst. to mid-day on the }3th inst.:
Foreign
Government
3d.
3d.
3d.
2#d.
The following were the United
Bonds (Par Value)
Stocks
11.
March 13
CNumber
Week Ended
Ounces
Ounces
-148s.
148s.
148s.
148s.
9
March 10
NEW
THE
Per Fine
Per Fine
Quotations:
'
Technicolor
;
1899
Chronicle
Hungary,
pengo
krone
Norway,
Poland,
Spain,
zloty
-
a
peseta..
.241337
.241335
.241293
.241268
.241275
.241193
Switzerland, franc...
Yugoslavia, dinar...
.224830
.224725
.224661
.224691
.224068
.224225
.022866
.022806
.022600
.022650
.022650
.022650
Cbefoo (yuan) dol'r
.160333*
.159916*
.159916*
.159750*
.159916*
Hankow (yuan) dol
.160333*
.159916*
.159916*
.159750*
.159916*
.159760*
Shanghai (yuan) dol
.161031*
.160406*
.160250*
.160437*
.160250*
.159968*
Tientsin (yuan) dol
.159625*
.159000*
.159000*
.158875*
.158687*
.158875*
Hongkong,
.290484
.290250
.290328
.290125
.289093
.286875 *•
.350327
.35029?
.350295
.350131
.350212
.349873'
.272728
Asia—.
.
dollar.
British India, rupee.
.159750*
.272900
.272885
.272814
.272800
.272800
.543500
.543500
.543500
.543312
.643500
1543000
Australia, pound.... 3.730125
3.730437
.729950
3.728750
3.728662
3.727734
!...
dol
Japan, yen
Straits Settlem'ts,
March 15, 1939, was 4.69# and
OF BANK
COURSE
Bank
CLEARINGS
.745200*3.744750* 3.744250*3.743750*
New Zealand, pound. 3.745875*3.745187*
compared
clearings this week will show a decrease
a
year ago.
for the week follows:
Australasia—
th6lowest4.68#.
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, April 1)
bank clearings from all cities of the United States from which
it is possible to* obtain weekly clearings will be 1.8% below
those for the corresponding week last year.
Our preliminary
total stands at $5,543,714,112, against $5,644,655,315 for
the same week in 1938.
At this center there is a gain for the
week ended Friday of 1.7%.
.Our comparative summary
with
Sweden, krona
China-—
highest" rate of exchange
The
a
a
Average-
from March 9, 1939, to
'
.
.
,tPer
Clearings—Returns oy Telegraph
Week Ending April 1
Cent
1939
1938
$3,516,952,126
$2,475,812 ,136
+ 1.7
244,388 ,858
—1.6
Africa-
4.634500
4.634375
4.634062
4.633375
4.625000
.995214
.995703
.994785
.995390
.995429
.995351
Cuba, peso-._u._-...
.999000
.999333
.999333
.999333
.999333
.999333
Mexico,
.200260*
.200240*
.200240*
.200240*
.200240*
.200240*
.992734
.993242
.992343
.992968
.993007
Union South Africa, £ 4.634791
New York
North America-
Canada. dollar
...
peso.-.
Newfoundl'd,
dollar.
-
—
Chicago.
----—-
Philadelphia-
.——j-------
Boston
—
Kansas City
.993046
;
—--
St. Louis
South America—
.312137*
.312137*
.312106*
.312118*
^312065*
.312040*
Brazll, mllrels
Chile, peso—official
.058580*
.058775*
.058600*
.058580*
.058580*
.058600*
.051733*
.051733*
.051733*
.051733*
.051733*
"
.040000*
.040000*
.040000
.040000*
.040000
.040000*
.569840*
.569680*
.569840*
.569840*
.569840*
.569840*
.616091*
.616125*
.616095*
.616016*
.615912*
-
~.
export.
Colombia, peso
Uruguay, peso
*
Nominal rates,
a
.051733*
as
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sal.,
Sliver, per oz__
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
March 25
March 27
March 28
March 29
March 30
March 31
20d.
Gold, p. fineoz. 148s.5d.
Consols 214%.
Holiday
19 15-16d.
19 15-16d.
19#d.
148s.5#d. 148s.5#d. 148s.6d.
£68
£67#
£67#
19#d.
148s.6#d,
£67#
19 15-16d.
.
148s .6
#d.
Holiday
Holiday
£95#
£95#
£95#
£95#
£105#
£105#
£105#
price of silver per ounce (in cents) in the United
States on the same days have been:
•
The
,
BarN.Y.(for'n)
TJ.
Closed
42#
42#
42#
42#
42#
64.64
64.64
S. Treasury
(newly mined)
64.64
64.64
"
64.64
64.64
+9.9
54,931 ,322
+4.6
$3,648,310,668
662,163,380
+ 1:7
$4,310,474,048
1,334,181.267
+2.3
-15.1
$5,543,714,112
$5,644,655,315
-1.8
700,177,875
$4,411,428,427
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
them
today,
inasmuch
as
+ 5.7
by the
cannot
the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day of
has to be estimated.
In the elaborate detailed statement, however, which we
the week in all cases
£105#
£96#
£106
62,627 ,677
until
British 4%
1960-90
day.
£67#
British 3#%
W. L
68,853,034
57,467,339
$3,711,250,552
five days...---- — -.
Total all cities for week
furnish
4.3
—8.3
—
_
All cities, one
FINANCIAL MARKET—PER CABLE
+ 5.1
+ 17.5
Baltimore
Total all cities, five days.
ENGLISH
—-0.5
99,820 ,000
64,764 .602
—*—•
Eleven cities, five days
The daily
——0.1
62,253 ,044
66,100 ,000
i
+ 5.1
161,991 ,964
1,132,285,685
i
Cleveland
273,000 ,000
82,621 ,065
Pittsb urgh
Detroit
Other cities,
No rates available.
95,569,000
75,780,438
76,099,806
San Francisco
.615854*
Argentina, peso
240,365,428
287,000,000
161,954,962
65,408,419
65,800,000
:
below, we are able to give final and complete
previous—the week ended March 25.
For that week there was an increase of 8.4%, the aggregate
of clearings for the whole country having amounted to
$5,490,316,453. aerainst $5,063,495,641 in the same week
present further
results for the week
Financial
1900
in 1938.
Chronicle
Outside of this city there was an increase of 10.5%,
this center having recorded a gain of
Week Ended March 25
the bank clearings at
6.9%;
serve
April 1, 1939
Cleanings at—
—rr
the cities according to the Federal Re¬
districts in which they are located, and from this it
We
Inc. or
group
appears that in the New York Reserve District (including
this city) the totals show a gain of 7.0%, in the Boston
Reserve District of 9.6%, and. in the Philadelphia Reserve
Dec.
1937
1936
%
Seventh Feder al Reserve D istrict—Chi cago
Mich.-Ann Arbor
Ind.—Ft. Wayne
Indianapolis—
In the Cleveland Reserve District the
tptals are larger by 17.7% and in the Atlanta Reserve Dis¬
trict byJ15.9%, but in the Richmond Reserve District the
totals are smaller by 0.5%.
In the Chicago Reserve Dis¬
trict the totals show an improvement of 9.3%, in the St.
Louis Reserve District of 6.1%, and in the Minneapolis
Reserve District of 3.9%.
In the Kansas City ^Reserve
District the increase is 5.0%, in the Dallas Reserve District
11.5%, and in the San Francisco Reserve District 9.3%.
In the following we furnish a summary by Federal Reserve
245,367
78,480,392
2,111,542
15,826.000
+ 54.5
131,923,830
+ 15.6
+ 10.3
216,615
95,801,194
2,416,920
1,036,675
1,000,285
13,008,000
593,208
4,307,173
331,027
+ 11.4
878,024
720,420
14,120,000
378,992
87,420,251
2,441,798
1,088,548
794,731
Detroit
District of 16.0%.
877,996
954,679
-r-8,0
1,099,082
1,089,205
+0.9
2,013,152
1,373,588
928,579
16,411,000
1,272,202
4,893,173
20,645,981
054,094
7,369,457
2,866,161
367,467
324*097,040
811,277
4,369,417
1,334,021
1,190,595
425,780,504
389,470,376
+ 9.3
524,052,061
420,552,052
Eighth Federa i Reserve Dis trict—St. Lo uia—
+ 1.1
80,200,000
81,100,000
91,400,000
27,223,593
+21.7
33,839,456
83,000,000
26,182,205
16,893,948
+ 5.1
18.034,806
13,864,583
601,000
51?, 000
—3.1
549,000
421,000
132,484,008
124,834.541
+6.1
143.823,262
123,467,788
Reserve Dis trict—Minn
ea polls
2,359,531
2,482,692
—5.0
3,065,f87
65,667,238
22.959.592
53,975,889
22,075,865
+3.1
+4.0
1,888,533
687,858
1,995,622
—5.4
+ 24.4
2,625,031
547,768
527,790
1,853,331
+36.2
58,480,429
21,140,085
1,776,236
441,236
590,234
2,291,403
2,073,457
54,829,428
24,614,710
1,554,190
603,723
482,262
2,120,868
86,744,169
83,458,957
+3.9
87,784,810
86,278,638
99,676
122,656
128,687
96,684
2,573,401
31,462.233
1,428,349
Grand Rapids
Lansing—
South Bend.
+24.0
+ 12
+25.2
1,077,036
3,854,134
17,739,014
1,076,507
7,589,375
2,927.048
281,280
1,348,010
4,418,406
Terre Haute.
+14;0
Wis,—Milwaukee
10,743,282
la.—Ced. Rapids
Des Moines...;
111.—Bldomlhgton
Chicago.......
1,051,204
8,299,113
3,136,955
375,258
273.481.629
352,371,446
+8.4
Decatur......
783,903
827,641
—5.3
3,215,337
3,127,266
+2.8
Sioux
City...
Peoria.——
Rockford—.
V.V"
Districts:-
1938
1939
Springfield
+ 11.3
—2.4
+ 9.4
•
+7.2
+ 33.4
'16,696,246
792,365
8,303,022
3,055,697
280.Q93
272,231,755
910,216
3,698,683
810,794
'
1,033,111
SUMMARY OF BANK CLEARINGS
Total (18 cities)
Inc.or
1939
Week End. Mar. 25,1939
Federal Reserve Dists.
■
1st
Boston——12 cities
2d
New York—13
M
3d
PhlladelphlalO
"
4th
Cleveland..
7
Richmond— 6
$
s
248,325,625
,
1937
226,632,657
1936
$
Dec.
1
Mo.—St. Louis..
+7.0
-
3,863,627,634
.
224,022,583
3,839,937,845
"
378,082,518
378,597,100
339,402,535 !
219,554,937
+17.7
300,633,288
108,807,615
-0.5
120,570,066
111.—Jacksonville
104,721,425
6th
Atlanta——10
'*
162,443,646
.140,216,070
+15.9
153,969,296
Chicago.
18
-
425,780,504
389,470,376
+9.3
524,052,061
4
"
132,484,008
124,834,541
143,823,262
Total (4 cities).
x
-
■
■.
x
123,467,788
9th
+6.1
+3.9
+5.0
+11.5
+9.3
x
.
Qutocy
426,552,002
St. Louis.—
.
118,932,463
7th
8th
33,120,682
17,762,326
Tenn.—Memphis
241,223,076
108,297,349
,
325,984,243 +16.0
258,320,056
"
Ky.—Louisville
274,549,894
3,0o3,623,919
3,266,196,550
-
"
5th
1938
Minneapolis 7
"
86,744,169
83,458,957
10th Kansas City 10
11th Dallas
6
"
123,227,946
117,331,783
"
69,544,855
62,361,975
12thcSan Fran... 10
**
230,869.227
211,219,568
.113 cities
6,490,316,453
Outside N. Y, City——
2,318,233,782
Total—
Canada........32 cities
87,784,810
285,508,644
291,690,276
120,914,723
64^090,433
52,176,114
244,044,972
6,063,495,641
4-8A
2,097,354,031 +10.5
86,278,638
142,713,730
206,126,101
6,298,466,548
N. D,—Fcrgo
2,137,703,852
—2,1
-
360,361,825
Minneapolis.
St, Paul......
5,883,755,343
2,541,148,407
Ninth Federal
Minn.—Duluth_.
...
S.D.—Aberdeen.
Mont. —Billings
Helena..
315,071,401
.....
Total (7 cities)
We
add
now
our
k
.
656,386
+25.6
detailed statement showing last week's
figures for each city separately' for the four years:
'
Reserve Dis trict 'r-Kans
Tenth Federal
as
City
•
Neb,—Fremont..
Clearings at-
$
First Federal
Reserve Dist rict-
Me.—Bangor—
.Portland-
343,080
.1,672,342
216,798,136
623,084
454,428
620,467
3,023,884
1,601,268
9,019,961
3,713,454
10,024,400
631,122
t
Mass.—Boston.
Fall River
_
-
Lowell—..
New Bedford..
Springfield....
,
Worcester.....
Conn.—Hartford
New Haven—.
Boston
1937
Dec.
478.480
2,929,895
1,608,225
8,637,682
3,548,564
8,875,500
420,500
584,567
123,227,946
602,081
1,825,184
241,479,125
_
548,593
+ 31.8
636,999
357.439
+8.8
+3.2
529,513
3,016,930
285,870
611,726
2,186,933
—0,4
2,036,975
1,469,848
+6.0
+4.6
10,549,343
St. Joseph...,
Colo.'—Col. Spgs.
535,848
1,651,787
197,619,346
7,177,040
2,747,807
.8,902,600
385,185
—28.9
+ 10.4
—0.3
3,560,359
9,512,900
-443,046
Pueblo..
403,483
Eleventh Fede ral Reserve
Texas—Austin..
N.H.—Mancbee'r
Total (12 cities)
Second
+20.3
226,632,657
+9.6
ll Reserve D istrict—New
Fedei
248,325,625
+ 12.9
1,382,717
48,387,140
Galveston...i.
948,548
31,300,000
406,601
Buffalo
I
"Elmlra
Jamestown....
New York—
Rochester.....
776.972
1,172,082,671 2,966,191,610
6,251,578
5,786,782
3,255;038
3,348,656
3,280,090
2,990,669
4,070,661
4,057,411
318,298
243,223
16,541,231
15,804,179
22,671,020
21,643,232
Syracuse
Westchester Cc
+ 19.9
+ 10.9
+48.0
Newark..
Northern N, J.
Total (13 cities) 3.266,196,550
Third Federal
Pa.—Altoona..^.
465,355
♦515,000
Chester......'.
Lancaster..—
York......—.
N. J,—Trenton..
330,116
1,193,394
366,000,000
1,132,304
2;028,096
725,502
1,126,251
4,566,500
Total(10 cities)
378,082,518
Philadelphia.
Reading—
Scranton—
'
Wllkes-Barre..
Fourth
5,672,982
862,974
27,800,000
487,511
439,039
3,746,051,491
5,989,736
3,232,049
•
346,939
492,421
219,157
1,063,508
317,000,000
2,027,834
54,500,876
83,631,074
...
Cincinnati....
Cleveland..—
Columbus.—.
Mansfield.....
8,664,300
1.561,129
2,028,126
Youngstown...
Pa.—Pittsburgh
.
Twelfth Feder al Reserve' D istrict—San
105,906,717
1,582,441
48,036,559
66,277,905
8.603,800
1,404,514
1,449,965
92,199,753
+ 5.0
142,713,730
—9.6
+2.1
+23.0
—7..1
+8.2
+ 14.1
+8.4
1,295,132
49,384,705
•
1,039,547
40,885,733
5,624,002
2,634,960
+ 11.5
04,090,433
52,176,114
Franc!
1,356,000
735,872
SCO
2,214,244
Santa Barbara,.
1,163,581
1,863,282
1,908,170
1,054,263
1,696,368
+ 10.4
+ 9.8
total (10 cities)
230,869,227
211,219,568
+ 9.3
244,044,972
2(042,902
Calif.—L'g Beach
3,957,608
294,195
2,866,637
Pasadena .....
279,168
14,683,196
29,530,101
San Francisco.
.32,208,177
6(92,544
33,418,291
11,256,043
4,333,195
3,456,517
121,226,000
4,493.412
3,658,492
129,832,000
Yakima.......
18,728,973
26,833,773
773,989
Ore.—Portland±.
37,880,420
13,563,233
Utah—S. L. City
4
+4.7
582,666
120,914.723
-+4.7
—8.1
—22.3
San Jose—...
2,995,456
+30.9
+4.7
.2,407,836
78,825,617
2,898.316
510,934
7,117,784
2,208,000
926.418
3,158,394
Stockton...—
35,426,574
.
+9.7
+0.3
•
+39.8
29,084,155
1,757.108
2,819,339
102,497.316
2,916,088
515,268
539,001
—24.4
39,736,362
865,550
32,115,810
14,928.961
4,123,248
4,013,700
142,789,000
2,483,590
1,112,129
1,876,622
Wash .—Seattle.
,757,308,141
6.734,812
3,697,116
+ 10.0
+ 16.8
+ 13.4
+20.5
+ 3.7
+5.8
+ 7.1
+ 16.0
30, £80,132
»
665,995
25,585,920
12,268,623
3,808,852
2,984.848
126,095,000
1,976,507
877,793
1.582,531
206,126,101
+7:0 3,863,627,634 3,839,937,845
+ 34.1
+4.6
+5O;0
+ 12.2
+15.6
+10.0
'
370,757
327,993
272,784
1,463,069
369,000,000
1,071,480
1,908,794
665,339
1,240,884
2,276,000
£78,597,100
314,370
406,321
203,390
•
+ 14.9
OutsldeNew York
2,318,233,782 2,097,304,031
329,000,000
1,025,980
2,695,6018
830,005
V
2,081,316
62,624,576
00,839,968
11,904,000
2,120,791
49,704.309
72,266,174
9,062,600
1,403,981
2,228,468
2,725,222
128,385,050
104,476,228
2,137,703,852
Clearings at—
1,172,274
2,383,000
339,402,535
+ 8.4 6,298,456,548 5,883.755.343
+ 1Q.5 2,541.148,407
Week Ended March 23
*
2,033,68,1
+20.2
+0.7
(113
cities)-,.—— 5,490,316,453 5,063,495,641
Inc.
1938
1939
;
101,463,240
Montreal.------
Winnipeg.
Vancouver
...
.
15,057.925
-—-
13,355,290
3,624,561
2,387,683
4,476,503
4,103,701
1,500,800
1,596,967
2,146,735
3.194,830
2.484,639
215,317
357,914
978,290
Ottawa.——
Quebec.-v-—-—
Halifax..
90,339,008
27,652,956
_
Hamilton.-—__
Calgary——.—
,
108,158,168
92,783,127
22,417,655
14,734,883
13,441,226
3,629,062
2,338,408
4,663,126
5,585,894
or
Dec.
Canada—
Toronto--——
+28.1
+ 13.5
+ 11.2
+39,9
Grand total
1,371,527
Feder al Reserve D istrict—Clev eland-
Ohio—Canton
62,361,975
+6.9
+8.0
.—2.8
998,598 + 13.4
1,798,380 + 12.8
708,399
+2.4
—5.7
1,194,841
2,162,000 + 111.2
325,984,243
69,644,855
Worthr.
+16.0
2,363,123
'
Reserve Dis trict—Phila delphi
(.' .Bethlehem....
'
3,053,023,919
467,537
595,766
'■
'
■N. J.—MoDtclalr
6,582,680
831,028
34,600,000
+27.4
,
Conn .—Stamford
*
—20.3
5,823,811
744,815
26,100,000
366.744
622,787
3,275,542
6,247,384
2(024,000
1,191,761
3,128,973
Total (6 Cities).
York-
4,-293,842
926,100
La.'—Shreveport.
"
N. Y .—Albany—
t~Binghamtoh._-
55,215,382
6,770,790
1,861,000
Fort
224,022,583
274,549,894
+33.3
+36.3
+ 14.8
District—Da lias—,
1,496,041
.
Dallas.......
Wichita Falls..,
R. I .—Providence
,
117,331,783
Kan.—1Topeka
Wichita..—.
Mo.—Kan. City.
—36+
>
——_
2,038,397
24,665,007
2.422,259
2,504,675
82.331,914
2,346.183
434,431
418.065
Total (10 cities)
1936:,
_%
539,516
2,352,751
196,371,623
625,208
344,713
139,979
2,340,762
28,623,446
1,831,058
2,264,344
84,062,732
2,886,747
Lincoln.—.
Omaha......
Inc. or
1938
1939
68,146
102,706
90,828
Hastings......
Week Ended, March 25
%
—6.2
—2.6
1937
123,117,122
1936
117,070,391
90,429,507
.+6,3
—0.6
119,573,387
38,681,440
„■/ 19,342,453
15,990,711
—0.1
4,247,179
3,173,374
+2.1
4,567,729
5,891,502
1,349,845
1,446.020
2,296.575
3,014,364
+23.4
37,880,463
16',925,108
13,625,057
1,747(456
—7.8
2,269.495
4,761,859
5,830,256
2,111,211
1,546,771
2,273,469
.3,641,891
—li:7
3,772,982
—10.2
230,73
—1.0
444,03
—9.9
1,109,553
1,128,565
+28.6
428,784
—4.0
—26.5
"—6.1
Brantford.
Total (7cities).
Fifth Federal
258,320,056
Reserve Dist rict
W.Va.—Hunt'ton
,
Va.—Norfolk...
S. C.—Charleston
Md.—Baltimore
P. C.—Wash'b'n
Total(6cities).
Sixth Federal
322,274
2,287,000
34,029,810
1,244,769
49,787,792
20,625,704
Richmond.
'
108,297,349
4,W0,316
Nashville.....
17,336,145
Ga.—A tlanta....
56,800,000
1,080,121
806,890
Augusta-.
Macon
.
Fla.—Jack'nvllle
Ala.—Birm'ham
_
MobileMiss.—Jackson.
"
Vicksburg....
La.—New Orleans
300,633,288
241,223,076
-Richm ond-
+21.9
—2.9
331,693
3,047,000
32,471,645
1,068,610
+4.8
40,039,474
1,041,805
53.464,398
22,645,696
782,425
49,876,296
18,055,113
108,807,615
—0.5
120,570,066
104,721,425
:
+ 22.7
+ 19.2
21,029.000
20,581,876
1,628,507
676(926
♦15,500,000
16,920,087
1,280,754
*95.330
114,474
—16.7
38,945,461
35,174,880
+1017
+35.7
+21.0
+27.2
677,977
—22.3
544,052
803,111
(95,062
New Westminster
640,373
151,443
611,788
+5.6
662,918
515^96
177,946
—14.9
188,599
193,
Peterborough.—
494,104
—7.7
Shrebrooke
538,446
882,078
535,322
600,375
970,415
2,641,310
554,042
552,804
471,029
Lethbridge
+4.9
880,633
449.092
-
Edmonton-
—0.0
+30.2
+2.1
+ 14.7
—9.0
Fort William..
-
165,551
2,088,000
33,754,040
52,992,087
19,655,940
3,181,095
16,986,221
49,500,000
756,615
558,568
064,129
St. John..
Victoria-
London——
264,333
2,355,000
+ 16.5
1,597,678
1,437,437
2,549,060
3,465,999
2,814.832
239,903
361,656
1,086,196
414,028
831,074
Medicine Hat—
+ 17.7
Reserve Dist rict—Atlant
Tenn.—KnoxvUle
.
219,554,937
3,069,247
17,215,830
58,700,000
1,269,561
887,848
18,769,000
21,248,514
1,490,130
x
2,840,314
13,266,385
42,300,000
——
Brandon
—
Saskatoon...,
532,487
Moose Jaw
Kitchener—
162,443,646
140*215,070
+ 15.9
153,969,298
—9.1
904,555
—4.7
13.796,000
Moncton
16,380.714
1,100.521
Kingston
478,769
Chatham.
559,511
441,346
684,187
482,532
469,842
431,601
816,509
+ 19.1
+2.3
—16.2
451,991
865,334
285,506.644
291,690,276
-2.1
360,361,825
Windsor
Prince Albert—
Sarnla
.
77,679
j-
Sudbury--
2,517,180
243,027
701,627
274,369
650,888
27,362,161;
Total (32 cities)
Total (10 cities)
—10.3
3,095,386
292,468
736,332
459,427
526.672
988,261
820,428
x
107,814
31;211,354
Regina.
+ 11.1
—15.8
118.932.463
♦
Estimated,
x
No figures available.
—11.4
+7.8
-—0.8
-
3,747.590
236,383
408,914
532,391
1,006,195
2,783,819
263,173
599,954
376,665
466,936
422,927
773,305
315,071.401
V
Volume
REDEMPTION
NATIONAL BANKS
FUND
SINKING
AND
CALLS
NOTICES
Below will be found
a
and preferred
from the office of the
for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
loflfl.t,inn in wllipll tho rlo+oilo wroi«<i mtron ir» flifl "ChrOIlicI©" "
location in which the details were given in the
stocks of corporations called
Date
Company and Issue—
May
May
June
1
Bethlehem Steel
Apr.
Corp. 30-year s. f. 3l4 % bonds.
British Columbia Telephone Co. 1st mtge. 5s
Brown Shoe Co., Inc., 15-year 3J4% debs
1
1
Apr. 13
1
Apr.
10
10
Cuneo Press, Inc., preferred stock
Dayton Power & Light Co. 1st & ref. mtge. 3
♦Equitable Office Building Corp. 5% debentures.
Family Loan Society, Inc., partic. pref. stock
Federal Light & Traction Co. 1st lien bonds
(M. H.) Fishman Co., Inc. preferred stock
Gemmer Mfg. Co. 534 % gold debs
♦Godchaux Sugars; Inc., 1st mtge. 5s_
Great Northern Power Co. 5% gold bonds
H. L. Green Co., Inc. 7% preferred stock
Hackensack Water Co
first mortgage 4s 1952
Holland Furnace Co., preferred stock
Helvetia Coal Mining Co. 1st mtge. 5s
Illinois Iowa Power Co., 1st & ref. mtge. gold bonds
Illinois Northern Utilities Co. 1st & tot. 5s, 1957
Illinois Water Service Co., 1st mtge. 5s
International Salt Co. 1st mtge. 5s
International Salt Co. 1st mtge. 5s
Kaufmann Department Stores 7% preferred stock
Lawrence Portland Cement Co. 534% debs
1
1
1
l!
1
1
26
1
1
5
1965
737
1813
1967
1176
1
741
Aeronautical Securities, Inc
1
887
Amerada Corp.
1
1969
—May
May
1
1969
—Aprl
5
Adams (J. D.)
Aug.
May
1817
1
1817
1
Apr.Vfi
1040
1819
11
1977
1977
Properties, Inc., 4% class A (s.-a.)- —
Arkansas Fuel Oil Co. 6% pref. (quar.)-,
Associated Electrical Industries ord. reg_ —
Amer. dep. rects. for ord. reg. (final)
Associated Telephone Co., Ltd., pref. (quar.)_
Atlas Acceptance preferred (quar.)-.;
—
1977
Autoline Oil Co.
1659
May
—May
——May
—May
July
29
29
16
1
..June
1
—r.
Stocks
'
■
1661
1 Arlington Mills, par
"
--—-r
—
$100—,—— —7-—.
$100; dividend on.....
RR., par $100
I Kansas City
,7034
60
-------- — ——„
Mfg. Co. common, par $25
Plymouth Cordage Co., par $100--..'.
50 Chapman Valve
1 Western Massachusetts Cos-.
21
—
3234
79..
— —
—
1 Providence & Worcester
2
' % per Share
43
23%
—
2 Nashua & Lowell RR., par
——
—-
— —
———
—
Stock Yards common, par $100.—
$100
15 Real Estate Associates, par
•-<
-s.—
Association preferred, par $100---.3 Massachusetts Utilities Associates preferred, par $50——
8 New England Power
-
32%
40
534
6334
32
Stocks
Berkshire Fine Spinning
54
\
Associates common.,
$100
$ per Share
..——$3 lot
70
200
25 American Lanolin Corp—
—-----—•- 6
2 Massachusetts Real Estate <Qo., par $100—
1
—i-—x—
20
2 Hampton (N. H.) Water Works 6% preferred, par $100——-r
60
1 Fall River Gas Works, par $25—
—'
————i —15
II Columbian National
Life Insurance Co. par
Boston Athenaeum, par
1
$300—
-----
—
—
CURRENT
NOTICES
Philadelphia of W. H.
Bell & Co., Inc., to conduct a business in general investment securities.
The new firm will continue a business started in 1926. retaining the same
offices at 1500 Walnut Street and a majority of the personnel.
William Howard Bell, head of the new organization, has been engaged
in the securities business in Philadelphia for a number of years and since
1928 has managed the business to which the new firm succeeds.
Besides a large retail distributing staff in Philadelphia and respreentatives
—Announcement is being
in principal
to
New
made of the formation in
Pennsylvania, a statistical department and
maintained, together with private wires
facilities to provide a comprehensive service in
cities in Eastern
active trading
department will be
York and other
investment securities.
the formationo^
Tameling & Co., members of the New York Stock Exchange to conduct a
general investment and brokerage business. Mr. Sealy and Mr. Tameling,
who is a member of the New York 8tock Exchange, were partners in the
former firm of J. E. Baker & Co., and have been engaged in the securities
—-Robert
Sealy Jr. and Gerard
business for a number
P. Tameling announce
New York Stock Exchange
and other
an
principal security and commodity exchanges, announce the opening of
office in the Hotel St. Moritz, 50 Central .Park South. New York City.
5
Apr. 15 Apr.
May
Apr. 20
SIM
—— —
10c
15c
10%
10%
3134c
SIM
20c
—--
—
'
75c
,
75c
25c
—
—
May
Apr. 20
Mar.;31
Apr.
Mar. 23
Apr.
Mar. 18
Apr.
Apr, 13 Mar. 28
May
Apr. 15
Mar. 20
Apr.
Mar. 24
Apr.
Mar. 20
Apr.
May
Apr. 21 '
May
Apr. 12
May
Apr. 15
Beatty Bros., Ltd.. 6% 1st pref. (quar.) _J_ ——
Mar. 31 Mar. 31
Bell Telephone of Pennsylvania (quar.) - Mar. 31 Mar. 23
75c
Boston Storage Warehouse Co. (quar.)
— 40c
Apr. 15 Mar. 31
Bridgeport Hydraulic Co. (quar.).-- —;—,—
9
50c June 20 June
Bower Roller Bearing Co —
— -----25c
May
5 Apr. 15
Banker Hill & Sullivan Min. & Concent'g Co.
70c Apr. 10 Mar. 31
Burdin's, Inc., $2,80 preferred (quar.)
—
SIM
5
Apr. 15 Apr.
Burgess Battery Co. (irregular)
Mar. 30 Mar. 28
SIM
Butler Mfg. Co, 6% pref. (quar.)I —
-----1 Apr. 10
S1.59M May
Byers (A. M.) Co. 7% preferred
—
T
Mar. 31 Mar. 28
"1
Calaveras Cement Co. 7 % preferred—.— - —
Apr. 15 Mar. 31
M
California Oregon Power 6% pref. (quar.)
Apr, 15 Mar. 31
6% preferred, series of 1927 (quar.)
—
SIM Apr. 15 Mar. 31
7% preferred (quar.)_
—-----1 Mar. 20
37 Mc Apr.
California Water & Telephone Co. 6% pf. (qu.).
6.
150c Apr. 15 Apr.
arborundum Co. (irregular)-ganadian Breweries, preferred (quar.)
50c
Chilton Co., common..-.
Co
Connecticut Investment Management
Connecticut River Power Co. 6% pref. (quar.) —
Consolidated Water, Power & Paper Co. (quar.)
Continental Gas & Electric prior pref. (quar.) —
(quar;) —,—— —
7 % preferred
—
Corn Products Refining Co
— —
7% preferred (quar.)
—
Creamery Package Mfg. Co (quar.)-----Cresson Consolidated Gold Mines..^
Crystalite Products Co. pref. (quar.)
Cuneo Press, Inc. (quar.)
Preferred (quar.)
tSIM
t$1l
10c
10c
SIM
•
Rubber Co
Preferred
25c
50c
25c
6Mc
tSIM
SIM
75c
10c
—
30c
25c
(quar.)
75c
(quar.)
Oil Co. (Texas)—
(quar.)
18c
50c
$2M
SIM
75c
(quar.)
6% conv. preferred
May
June
SIM
preferred (quar.)
Forbes & Wallace, Inc., class
Fort Street Union Depot Co.
General American
Mar. 31 Mar. 24
10c
Telephone Co
Eureka Pipe Line Co
Famise Corp. class A (quar.) — --------- — - Fen ton United Cleaning & Dyeing Co. 7 % pref.
Fibreboard Products 6% prior pref. (quar.) ——
Preferred
Apr. 15
30c
2c
SIM
30c
—
Gardner-Denver Co.
Mar. 30
75c
(quar.)
A (quar.)
(s.-a.)
Franklin Telegraph (semi-annual)
Frick Co. 6% preferred (quar.) —
Froedtert Grain & Malting Co. (quar.)
Mar. 29
SIM
Eastern Townships
Fisk Rubber
Apr.
May
Apr. 15
Apr. 20 Apr,
4
Apr. 15 Apr.
4
Apr. 10 Mar. 31
May 15 Apr. 29
75c
— —
Fields
Firestone Tire &
Apr.
1 Mar. 25
Apr. 15 Apr.
1
June
May 15
SIM
—
. —-
Detroit Gasket & Mfg—
Driver-Harris Co
Mar. 31
1 Mar. 24
15 Mar. 31
Apr. 15 Mar. 31
May
1 Apr. 15
May
1 Apr. 15
Apr. 14 Apr.
4
Apr.
May
SIM.
-
1
Ap/.
Apr.
12Mc
Decca Records, Inc
Dominguez Oil
May
SIM
SIM
SIM
Coon (W. B.)
Diamond State Telephone
Mar. 31 Mar. 28
20c
-
Electric (qu.)
434% preferred (quar.— Central Kansas Power 7% pref. (quar.)
—
6% preferred (quar.)
Central Power & Light 7% preferred— 6% preferred
Central Hudson Gas &
—
6% conv. pref. (quar.) —
General Capital Corp. (Boston, Mass,) — ——
General Telephone Allied Cofrp.—'
$6 preferred (quar.)__
General Brewing Corp.
of years.
*
—Granberry & Co., members of the
Mar. 31 Mar. 25
Collyer Insulated Wire
By Crockett & Co., Boston:
Shares
„
(quar.)
Barnsdall Oil Co-
Wednesday
*
Bank, Boston, par $50
Boston, par $12.50
SIM
t68r^c
Automobile Finance Co.
Volume 147.
U
Apr. 15 Apr. 14
A P W
1978
1 Apr.
SI %
preferred (quar.)——
Badger Paper Mills, Inc., 6% pref. (quar.).'
1657
1975
,.Apr.
pref. stock
Appleton Co. (quar.)
Preferred (quar.)__.
By R. L. Day & Co., Boston:
8 National Shawmut Bank,
—
*
.- —
—
1655
of the current week:
2 Webster & Atlas National
(quar.)—
& Light—
Opt. div. of l-32nd sh. of cl. B stk. or cash.
7% pref. (quar.)-,.
American Stamping Co. 7% preferred %quar.)-American Stated Utilities Corp. 5H% pref—- —
1179
May
10c
__Apr. 17
Sept. 1
June 15
Apr. 4
June 1
following securities were sold at auction on
■Shares
75c
5c
>
American Furniture Co.
1970
„
50c
—
—
—
American Cities Power
$3 class A (quar.)
May
1 Apr. 15
Apr. 20 Mar. 31
Apr.
6 Mar. 27
Apr. 29 Apr. 15*
15c
Mfg. Co. (quar.).—
Administered Fund Second
,
AUCTION SALES
The
name
1967 <
bonds
Spang Chalfant & Co.. Inc. first mortgage 5s
*(A.) Stein & Co. 634% preferred stock
Timken Detroit Axle Co. 7% preferred stock
•..../
•
News
1
-
——
M
.
1648
Apr.
1945
••
Further details and record of past
given under the com¬
been paid.
Oct.
—
x
r
grouped in two separate
1
-
——
Announcements this week,
;'
,
1
Paris-Orleans
♦
'
are
in our "General Corporation and Investment
Department" in the week when declared.
The dividends announced this week are:
pany
,
_
I
..
dividend payments in many cases are
283
21
•
May
♦Northern Indiana Gas & Electric Co. 1st mtge. 6s_
♦Northern States Power Co'. (Wis.) 1st mtge. 5s.:
Oklahoma Natural Gas Co. 1st mtge. 4348..-
1st lien 5s, series B
\
have not yet
1647
May
15,000
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
1647
1
$50,000
of increase
Bank of Schellsburg, Schellsburg,
$40,000; amount of increase.
-
DIVIDENDS
.
Dividends
585
Apr.
5% debentures A
Northeastern Water A Electric Co. coll. trust 6s_
Sayre Electric Co., 5% gold bonds
Solvay A ierican Corp. 5>4% cum.
♦South Pittsburgh Water Co.—
From $25,000 to
Pa.
1965
1
Bank of Coudersport, Coudersport,
From 50,000 to $100,000; amount
Pa.
Mar. 24—The First National
1811
1
CAPITAL STOCK INCREASED
COMMON
1327
1
Apr.
Apr.
Bank of River¬
21—The Citizens National Trust & Savings
Mar. 22—The First National
13460
440
1
17
May
15,000
AUTHORIZED
side. Jtiverside. Calif.
Location of branch 201 North Eighth
Street in the City of Colton, San Bernardino County, Calif.
Certificate No.
1427-A.
1325
734
280
734
1
Apr.
♦National Dairy Products Corp. 3%% debentures
♦National Distillers Products Corp. 434% debentures
1st mtge. 5s, 1955—
1st lien 5s, series A
Mar.
I2ff3
1
Apr.
..June
July
♦Mead Corp. 1st mtge. 6s—
.—•Metropolitan Corp of Canada, Ltd., 6% gold bonds
Metropolitan Stores Ltd. 4% notes
Morristown & Erie RR. 1st mtge. 6s
BRANCH
1476
1641
1323
1959
1643
1643
Apr.
Apr.
Apr.
20,000
-
1027
17
Apr.
A Dr.
Pa.
Washington, Iowa
(class "B" sold locally)
1956
1
May
Cheltenham,
(class "B" sold locally)
—
Mar. 20—The National Bank of Washington,
1320
1
—May 15
RR. 534% bonds.:
Procter & Gamble Co. 5% preferred stock
San Francisco & San Joaquin Valley Ry. 5%
♦San Jose Water Works 1st mtge. 3Ms__.
"B" ISSUED
Bank,
National
Cheltenham*
Mar. 20—The
1474
1801
IJune 30
Apr.
1
Libby, McNeill & Libby 1st mtge. 5s
Apr.
1
♦Luzerne County Gas & Electric Corp. 7% gold bonds—May* 1
McCrory Stores Corp. 5% debentures
May 1 2
♦Pacific Lighting Corp. 434% debentures,
Paramount Pictures, inc. 29-year 6% debs
Washington, Iowa
15,000
STOCK
PREFERRED
X4051
Apr. 15
.
Nord Railway Co. 634 % bonds
North American Edison Co.
ISSUED
RFC)___
(class "A" sold to
1801
.
1
1
May
MacLaren-Quebec Power Co.:
30-year 534% bonds, series A and B
Manufacturers Finance Co. 434 % notes
"A"
Mar. 20—The National Bank of Washington,
576
May 13
-.May
Sept.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
;
$50.000
STOCK
PREFERRED
1636
1636
1165
1637
Community Public Service Co. 1st mtge. 5s
Cuban Telephone Co. 1st mtge. bonds
111.
1314
Apr.
Consumers Power Co. 1st mtge. 4% bonds
Amount
Greenville,
Greenville,
in
Bank
National
(sold to RFC)
1312
1795
4
Apr.
debentures—Apr. 15
xo
Cleveland-Cliffs Iron Co. 1st mtge. 454s
Commercial Investment Trust Corp. 3H%
STOCK ISSUED
PREFERRED
1947
1
Apr.
mortgage 5s series B
Comptroller of the Currency, Treasury
-
Mar. 20—First
1943
1944
1
June
Chicago Union Station Co., 4% guaranteed bonds—
Citizen Water Co. of Washington, Pa.
First mortgage 5J4s series A-
Department:
Page
♦Algoma Central & Hudson Bay Ry. 6% gold certifs
♦American European Securities Co. coU. trust 5s
♦Bedford Pulp & Paper Co. 1st mtge. bonds
First
following information regarding National banks is
The
list of bonds, notes
1901
Chronicle
Financial
148
1 Apr. 20
15 June
1
Apr. 25 Apr.
Apr. 20 Apr.
10
5
Mar. 31 Mar. 31
Apr. 29 Apr. 21
Apr. 10 Mar. 31
Apr. 15 Mar. 31
1
1
15
May
1
Apr. 20
Apr. 20
Apr.
Apr.
May
May
Apr. 15*
Apr.
Mar. 20
Apr.
Apr. 14
Apr. 15
Apr.
5
Apr. 10
Mar. 24
Mar. 31
Apr.
Apr.
May
Apr.
Apr. 20 Apr.
May
1 Apr.
15c
15c
Apr.
24c
Apr.
SIM
May
15
Mar. 20
Apr.
M:ay
1
15
15
10
20
Mar. 20
Mar. 31 Mar. 24
10 Mar. 31
,
1 Apr.
15
Financial
1902
Share
General Public UtilijMes, Inc., pref. (quar.)
General Theatres-Equipment Corp. (qu.)
$1H
Girobel Bros., Inc., $6 pref
Glen Alden Coal Co. (omitted)
$1H
25c
(quar.)
lie
—
Hartford Electric Light
(quar.)
Hartford Steam Boiler Inspection &
682*c
__
_
-
40c
—
—
— _
_
5%
June
May
_—
_______
—
87 He
—
t25c
10c
37 He
S1H
$1 %
—.
20c
Johnson-Stephens & Shinkle Shoe Co. — _
Allegan & Grand Rapids RR—...
Kalamazoo
$2.95
$13*
31Mc
7% preferred (quar.)....
pref. (quar.)
cum. conv.
4c
—
lc
—
4c
Kootenay Belle Gold Mines (quar.).-..
Extra
:
—
lc
—
Lane Bryant, Inc., 7% preferred (quar.)
Link Belt Co. (quar...—
Preferred (quar.)
-
%
21
—
T _
sih
Little Long Lac Gold Mines
Loraine Telephone Co., 6% pref. (quar.)!——-
$1H
■
_ _
_
!
_
;
10c
—...
Lowell Electric
Light Corp. (quar.),..
Typographical Co., $6 pref. (quar.)...
McCall Corp. (quar.)
Manning, Maxwell & Moore, Inc. (resumed)...
Maritime Telephone & Telegraph Co
7% preferred (quar.)
90c
._
Ludlow
25c
-—
15
12Hc
17 He
17Hc
—
June
4
25
25
15
11
20
20
5% participating preferred (quar.)
62 He
_____
15c
Memphis Natural Gas..
Michigan Public Service, 7% pref. (quar,)....
6% preferred (quar.)
Middlesex Products Corp. (quar.)
$13*
$1H
....
25c
Montana Power Co. $6 preferred (quar.)
$1H
»2M
-
Montreal Tramways (quar.)
.
Mutual Investment Fund Shares
National Power & Light Co. $6 pref. (quar.)
Neilson (Wm.), Ltd., 7% pref. (quar.)
Neisner Bros., Inc., preferred (quar.)...
New Bedford Gas & Edison
Light Co
Irregular dividend.
l1^
—
$13*
__
____
'
•
10c
May
Apr. 20*
Apr. 10 Apr.
6*
Apr. 15 Mar. 31
Mar. 31 Mar. 27
Mar. 31 Mar. 27
May
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
Apr.
15
$2
$13*
$1
25c
20c
7% preferred (quar.)...
87 He
l
Northern Indiana Public Service 7% preferred.
$13*
$1H
$13*
$13*
$13*
_
6% preferred
53-12% preferred....
_j.
North Penn Gas, preferred (quar.)__.
Northwestern National Insurance (quar.)-.._j
Northwestern Title Insurance (quar,.)
Ohio Loan & Discount (quar.)^_
6% preferred (quar.)
'___
6% preferred (extra)
1_._
5 % preferred (quar.)
^.i._
Ohio Telephone Service Co.,
7% pref. (quar.)...
.....
$2
10c
.
$1H
50c
_
$13*
$13*
—
Old Dominion Fire Insurance Co., Inc.....
Pacific Gas & Electric Co. (quar.)
25c
2
Pacific Portland Cement preferred
t$3
Parkersburg Rig & Reel, pref. (quar.)
Pp.yne Furnace & Supply Co., conv. pref. A & B
Peoples Telephone Corp. (quar.)..I.
Philadelphia Electric Co. $5 pref. (quar.).
Philippine Long Distance Telephone Co
Pittsfield Coal Gas (quar.)_>
Prentice (G. E.) Mrg. Co.
(quar.j.__;
Reading Co. (quar.)..
______ ___
15c
$2
$13*
______
42c
...
$1
50c
25c
^
Reda Pump Co_
*_.___
Richmond Insurance Co. (N, Y.)
(quar.)._____
Rochester Button preferred (quar.).i
Roses 5-10-25c. Stores
(quar.)
,
15c
37 He
20 c
.
Royal Typewriter Co., Inc..
Preferred
15c
_
75c
...
(quar.)^__________
(quar.)
St. Louis Investment Co.
$13*
50c
__________
5% preferred (quar.)
Antonio Public Service Co, 8% pref.
7% preferred (quar.)
San Die
an Diego Consolidated Gas
~
& Electric
Preferred (quar.)__
Mar. 21
15 Mar. 31
$13*
(irregular)
j,.
.___
Shasta Water Co.
(quar.).
Southern Acid & Sulphur,
7% pref. (qu£r.)_
Southern Indiana Gas & Electric
4.8% pref....
Southern New England
Telephone.....
_
.
(quar.)____.
$1H
Corp
Stecher-Traung Lithograph Corp—
7H% preferred (quar.)__
Stein
(A.)
& Co. (quar.)
50c
15c
.___
563*c
25c
(quar.)
1 Mar. 20
1 Mar. 20
1 Mar. 20
14 Mar. 31
14 Mar. 31
14 Mar. 31
15 Apr.
1
31 Mar. 20
Mar. 23
Mar.
Apr. 15 Apr.
May 11 Apr.
Apr- 10 Apr.
1 Apr.
May
June
1 May
1 Apr.
May
Apr. 15 Apr.
Apr. 15 Apr.
1 Mar.
Apr.
1 Mar.
Apr.
Apr.
30
30
30
30
24
27
31*
24
20
6
31
10
20
21
1
13
3
10
20
20
5
5
25
1 Mar. 23
Mar. 27
1
May
Apr. 15
Apr. 15
1
Apr.
1
Apr.
1
Apr.
1
May
Apr. 15
Mar. 20
Apr. 15
Mar.
Apr.
31
5
Mar. 20
Mar. 20
Mar. 23
Apr.
15
Mar. 31
May 15 May
1
1 Apr. 22
May
1 Apr. 22
May
May
May
_
Apr.
Apr.
Apr.
10c
10c
25c
_
(qu")
6% prior preferred (monthly)
6% prior preferred (monthly)--6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)______
7 % prior preferred (monthly)
7% prior preferred (monthly)
7% prior preferred (monthly)
United States Graphite
Co-______.
1 Mar. 31
1 Apr. 15
1
Apr.
15 Apr.
20
11.
$13*
50c
1
Apr. 11
Mar. 28
15 May 19
Mar. 31 Mar. 24
1 Mar. 20
Apr.
53c
May 15 Apr.
1 Apr.
May
lime
1 May
1 June
July
1 Apr.
May
53c
June
50c
50c
„
_
_
"
July
58 l~3c May
58 l-3c June
__t
58 l-3c July
25c
Apr.
_
Vermont & Massachusetts RR. Co.
(s.-a.)__
53c
__
,
1
_I
15
5
June
20c
I
6% pr. pref. (monthly)
19 Apr. 29
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
Apr. 15 Mar.
Apr. 15 Mar.
June
1 May
Apr. 15 Apr.
Apr. 15 Mar.
1 Apr.
May
Apr. 29 Apr.
8 l-3c
Producing (interim) I" I
Mining Co.
Troy Sunshade
II
_
1
Mar. 31 Mar. 31
Apr.
37Hc
12 He
Texamerica Oil Corp
Texas Gulf
_
11
5
31
Mar. 31 Mar. 31
1 Mar. 29
Apr.
20c
Sun Ray Drug Co__
I
I
Preferred (quar.)
"
Superheater Co. (quar.)__
"
"""""
Super-Mold Corp. (Calif.) (quar.)"
Union Electric Co. of Mo.
$5 pref.
Umted Light & Railways
15
21
Mar. 31 Mar. 28
12Hc
_
_
5
15
Mar. 31 Mar. 24
Stouffer Corp. class A
(quar.)
Class B (interim)
Sun Glow Industries
Tintic Standard
31
25
Mar. 31 Mar. 21
_______
Spicer Mfg. Corp. $3 preferred (quar.)____
Springfield City Water Co. 7 % pref. A & B
6% preferred O (quar.).
Springfield Fire & Marine Insurance.
Squibb (E. R.) & Sons, 1st $6 pref.
State Street Investment
Apr. 15 Mar.
Apr. 15 Apr.
May 1 Apr.
1 Apr.
May
1 Mar.
Apr.
1 Apr.
May
Apr. 15 Apr.
Apr. 15 Mar.
1 Apr.
May
Mar. 31 Mar. 21
50c
_
$3
Apr.
_
_
_
_
_
_
_
._
June
2Hc
37Hc
$1H
Apr.
May
May
May
Apr.
5
Apr. 15
Apr. 29
Apr. 10
37 He
$1H
S1H
%l%
25c
25c
—.____
.
_
25c
,25c
—
—.. ...
T
Apr.
Apr.
Apr.
Apr.
May
— _—
Zenith Radio.
1
—
Oct.
37)|c
15
20
20
20
July
Aug.
Sept.
Apr.
Apr.
June
20
19
20
15
10
20
June 20
July
Aug.
Sept.
25c
—
12
Mar. 15
Apr.
May
Apr.
May
May
25c
.
Mar. 21
Mar. 21
June
;
Below
we
,
May
Apr.
give the dividends announced in previous weeks
and not yet paid.
nounced this week,
The list does not include dividends an¬
these being given in the preceding table.
Per
Name of Company
Share
Abbott Laboratories, preferred (quar.)
Acadia Sugar Refining Co. 6% pref. (quar.)___
When
Holders
Payable of Record
15 Apr.
1
1 Mar. 18
10 Mar. 20
1 Mar. 17
1 Mar.
4
——
Aero
$13*
$1H
$6 preferred (quar.)
Shaler Co., class B
Class Aj_._-.__;
.
_
Mar. 31
$13*. Apr. 15 Mar. 31
50c
1 Mar. 28
Apr.
1 Apr. 20*
May
1 Apr, 20*
May
20c
1 Mar. 23
Apr.
50c
Apr., 1 Mar. 23
_
Santa Cruz Portlaad Cement Co
Securities Corp. General $7 pref.
(quar,)._____
_
_
Mar.
Mar.
$2H
25c
Monthly
Monthly.
j
j ^
Monthly
Monthly
Monthly
Zeller's, Ltd., 6% preferred (quar.)
Addressograph-Multigraph (quar.)
$2
(qu.)__
flH
Extra
Mar. 31
$13*
San
—
10
22 Apr. 15
22 Apr. 15
Apr. 14
May
June
May 10
June 15
July
Apr. 24 Apr. 14
Mar. 23
Apr.
Apr, 43 Mar. 31
Apr.
1 Mar. 21
May
1 Apr. 14
Apr.
3 Mar. 31
Apr. 15 Mar. 20
Apr. 15 Mar. 20
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
75c
___
—
Holders
Mar. 15
„
Cumul. prior preferred (quar.)
_
-
Apr. 10
1 Apr. 15
$1,183* May
87Hc Apr. 14 Mar. 31
New York Telephone Co. (quar.)......
New York Trap Rock, preferredNorfolk & Western Ry. preferred (quar.)...
North American Finance Corp., class A (qu,)..
_
(quar.)
$4H preferred (quar.)
Detinning Co
—
Walkerville Brewery Ltd. (quar.)
Washington Gas Light Co. (quar.)
$4H cum. conv. preferred (quar.)
J_
Westvaco Chlorine Products, 5% pref. (quar.)._
White Villa Grocers, Inc., 6% pref. (qu.)_
Wisconsin Electric Power Co., 6% pref. (qu.)
Wisconsin Telep. Co. 7% preferred (quar.)
Wrigley (Wm.) Jr. (monthly)—
—
When
Payable of Record
20
Massachusetts Utilities Associates—
_
Vulcan Corp. $3 conv. prior pref.
Vulcan
Mar. 27
Al
%1%
—
.
1
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
50c
$1
—
Kirkland Lake Gold Mining (semi-annual),
Extra
__—'
Apr. 10
Apr.
May
May
May
May
_ _ _
-
1
Mar. 31 Mar. 31
Apr. 10 Apr.
Apr.
May
May
Insurance (quar.)
*
Hercules Powder, pref. (quar.),.--.,
Hershey Chocolate (quar.)
—_
Preferred (quar.)
2
Holly Sugar Corp., preferred (quar.)
Horn & Hardart (N. Y.) (quar.)___
Imperial Chemical Industries, ord. shs
Amer. dep. rec. for ord. shs. (final)
Interchemical Corp., preferred (quar,)_
International Utilities Corp.
■
> ■
$3H preferred, series 1931 (quar.)
—
$1 % preferred, series 1931
Investors Fund "G," Inc
Investors Mortgage Co. (Bridgeport, Conn.) qu.
7% preferred (quar.)
...
Jamaica Water Supply, preferred (quar.)
Kennedy's, Inc.,
Mar. 28
Apr.
Apr. 17 Apr.
7
Apr, 25 Apr. 10
May
—
Goodman Mfg. Co
Great Southern Life Insurance Co.
Kansas Utilities Co.,
Per
Share
Name of Company
Payable of Record
—
Goebel Brewing (div. omitted)
Goldblatt Bros, stock div, of l-60th shs. of com
for each com. share held
_
April 1, 1939
Holders
When
Per
Name of Company
Chronicle
—
Supply Mfg. Co. class A (quar.)
Aetna Casualty & Surety (quar.)
Aetna Insurance Co. (quar.)
Aetna Life Insurance (quar.)
Affiliated Fund, Inc. (irregular)__.
1 Mar. 16
1 Mar.
4
——
Agnew-Surpass Shoe Stores, preferred (quar.)__
Agricultural Insur. Co.(Watertown, N.Y.), (qu.)
Ahlberg Bearing Co., class A (quar.)__
Air Assoc.. Inc.. $7 cum,
preferred
Air Reduction Co., inc. (quar.)
Alabama Fuel & Iron Co. (quar.)
1 Mar. 20
1 Mar. 16
15 Mar. 31
1 Mar. 20
1 Mar. 15
(quar.).____
Alabama Power Co. $7 preferred (quar.).
$6 preferred (quar.)
$5 preferred (quar.)
Alabama & Vlcksburg Ry. Co. (s.-a.)__
1 Mar. 15
1 Apr. 18
1 Mar.
8
—
Alaska Juneau Gold Mining (quar.)
Allied Laboratories, Inc. (quar.)__
1 Apr.
4
1 Mar. 15
1 Mar.
4
—
Allied Products (interim)
Class A (quar )_
1 Mar.
Allied Stores Corp., preferred (quar.)
Aloe (A. 8.) Co., 7% preferred (quar.)_____—
Aluminum Co. of America 6% pref. (quar.)____
$1H
20c
Aluminum Mfg. Co., Inc„ (quar.)—
Quarterly
50c
:
!
50c
50c
SIM
$1M
SIM
—
:
—
25c
American Bank Note
Preferred (quar.)
1 Mar. 13*
Extra
;_
,<
...
25c
1
1 Mar. 15
15c
."_
1 Mar. 15
,5 Vlar. 15
1 May 25
1 Aug. 25
1 Nov. 25
1 Mar. 17
,12 He
S1H
1 Mar. 14
.5 Apr.
40c
5
1 Mar.
7
1
S1H
8
Apr.
25c
5
____'
c
43 Mc
50c
30c
37Hc
60c
SIM
t75c
t62Hc
$"1M
3
3
1 Mar. 20
1
Mar
.
20
1 Mar. 20
1 Apr.
1 Apr.
14
14
1 Mar. 25
1 Apr.
1
1 Mar. 10
1 Mar. 10
20c
1 May 26
1 Mar. 20
.5 Mar. 31
50c
SIM
3%
1H%
30c
SIM
SI H
,
S2M
2oc
Preferred (quar.)__
1 Mar.
1 Mar.
12c
.
American Smelting & Refining pref. (quar.)_-_.
American Snuff Co. (quar.)
Preferred (quar.)
American States Insurance Co. (quar.)__
American Sugar Refining, preferred (quar.)____
American Superpower Corp., 1st pref. (quar.)__
American Telep. 8c Teieg. (quar.)
-
1 Apr. 14*
1 Mar.
1
'
97 He
25c
5c
-■
$5 preferred
!___
American Radiator,& Standard Sanitary—
Preferred (quar.)
_ij.__.__.
American Screw Co. (quar.)._______________
American Seal-Kap (Del.)i
American Ship Building
1 Mar. 15
20c
.
1 Mar. 11
25c
______
87 He
1
Apr.
9 Apr.
15
7
1 Mar.
9
1 Mar.
9
Vlar. 15
3 Mar. 6*
1
1 Mar. 10
5 Mar. 15
1 Apr. 20
1 Mar. 22
87 He
American 1 obacco Co.. preferred (quar.)_
American Water Works & Electric Co.:
$6 1st preferred (quar.)
1
1H%
^
T
Mar. 17*
Mar. 25
1 Mar. 10
SIM
SIM
SIM
SIM
$1H
American Light & Traction (quar.)__
Preferred (quar.)..
American Motorists Insurance Co. (quar.J.. j_.
American Oak Leather Co.,5% cum.pref.(quar.)
American Power & Light Co. $6 preferred
Preferred (quar.)
1
12Hc
American Investment Co. (Ill,), 8% pref. (qu.)_
7% prefered (duar.)
$2 preferred (quar.)
American Thermos Bottle
1 Mar. 13*
vlar. 22
1
68 Mc
-
1 Mar. 10
June 20
S1H
(s.-a.)_
1 Mar. 17
75c
Amoskeag Co. (s.-a.)
5 June 24
5 June 24
5 Apr.
4
S2M
Anchor Hocking Glass
15c
Corp
$6H preferred (quar.J
Apex Electrical Mfg. 7% pref
Appalachian Electric Pow., $7 oref. (quar.)
Arkansas Power & Light $7 preferred
$6 preferred
Armour & Co. (Del.), pref. (quar.)
%1H
t$2
SIM
—
Arrow-Hart & Hegeman Electric
—
_
Mar.
9
1 Mar. 15
1 Mar. 15
1 Mar. 10
1
1
25c
-
(Can.),pref. (quar.)
Atlanta Gas Light Co. 6% cum. pref. (quar.)
Atlantic Refining Co. 4% conv. pref. A (quar.)__
Mar. 17
1
30c
tSIM
preferred*
(quar.)
J1
-
tSIM
tSlH
SIM
J
1 Mar. 22
25c
Art Metal Construction (reduced)
Artloom Corp.,
Associated Breweries
10 Sept. 15
11 Dec. 15
1 Mar. 15
10c
.
Arundel Corp
10 June 15
8Mc
1M%
Class A and B common (quar.)
American District Telegraph (N. J.) pref (quar.)
American Envelope Co. 7 % pref. A (quar.)
Preferred
1 Mar. 15
I Mar. 16*
10 June 15
10 Sept. 15
II Dec. 15
75c
American Beverage Corp., preferred
American Can Co. preferred (quar.)
American Capital Corp., $3 preferred
American Cities Power & Light $2 H cl. A (qu.)_
Opt. div. cash or l-16th sh. of cl. B stock.
American Cyanamid Co.,5% cum. pref. (quar.)
7% preferred A (quar.)__I.
'___
7% preferred A (quar
American Express Co", (quar.).
American Forging & Socket Co
American Fork & Hoe, pref.(quar.)
American Gas & Electric (quar.)
Preferred (quar.)
;■
American Hardware (quar.)
____*.
American Hawaiian Steamship^___^
American Home Products (monthly)
__•«!
American Indemnity Co
,u
i___
American Insurance Co. (semi-annual)
4
1 Mar. 17
1 Mar. 21
Aluminum Goods Mfg._
Quarterly,
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Bakeries Co., class B
SIM
S1H
SI
Mar. 23
Mar. 24
5 Apr.
1
1 Mar. 20
1 Mar. 15
1
Mar. 15
1
Apr.
5
15
Attleboro Gas Light Corp. (quar.)
Autocar Co., $3 cumul. and partic. pref.
Automatic Voting Machine (quar.)
15
Automobile Finance Co.
15
6% preferred (quar.)
Automobile Insurance (Hartford) (quar.)
Avery (B. F.) & Sons, preferred (quar.)
1 Mar. 20
Avondale Mills (semi-ann.)
1 Mar. 15
1 Mar. 25
29
15
1 May 15
1 June 15
1
Apr. 15
May 15
Juqe 15
15 Apr.
3
1
1
7 Mar. 28
-
15 Mar. 31
1 Mar. 15
1 Mar. 20
1
(quar.)
(Greenwood,S.C.)(qu.)
Badger Paint & Hardware (quar.)
Bakelite Corp.. preferred (quar.)
Baker (J.T.) Chemical Co. 5H% pref. (quar.)__
Bangor & Aroostook RR. Co
Cumulative convertible preferred (quar.)
_______
Mar. 15
1 Mar. 20
1 Mar. 20
1
Mar. 20
1 Mar.
1
4
Mar. 20
1 Mar. 20
1
Mar. 16
1 Feb.
28
1 Feb.
28
Volume
Per
Name
Bangor Hydro-Electric 7% pref. (quar.)6% preferred (guar.)
(quar.)
Bank of the Manhattan Co. (quar.)
Bank of New York (quar.)
Mar. 15
5% preferred (quar.)
5% preferred (quar.)
5% preferred (auar.)
City Baking Co., 7% preferred (quar.)
City Investing Co.; pref. (quar.)
Mar. 31
Citizens Water Co.
Apr.
Apr.
Apr.
Mar. 14
Clearing Machine Corp
Cleveland Cin. Chicago & St. Louis
$1
Apr.
Apr.
$1 Apr.
$1*. Apr.
t$2 Apr.
$194
Apr.
75c
Apr.
Apr.
2<
Apr.
4UC
Apr.
Apr.
6234c
Apr.
t$l>4
Apr.
t$l 34
Mar. 10
25c
Mar. 10
$1H
$1H
25c
50c
-
r
-
——-
Birmingham Electric, $6 preferred
$7 preferred
Birmingham Fire Insurance Co. (quar.)
Bohn Aluminum & Brass
Cluett. Peabody & Co., Inc. pref,
Coca-Cola Bottling Co. of St. Louis
Mar. 20
Coca-Cola Co
Mar.
Coca-Cola International
25c
Colgate-Palmolive-Peet (quar.)
Mar. 23
Preferred
(quar.)
1234c
6% preferred
Mar. 14
Colon Development
Mar. 14
Colonial Ice Co. $7 cum. preferred
Series B preferred (quar.)-.
u—_
—1 —
Columbia Baking, $1 pref.
(quar.) —
Columbus & Southern Ohio
Apr.
25c
Apr.
Mar. 17
$2
May
Apr. 10
Apr.
Mar. 10
Apr.
Apr.
Mar. 25
Apr.
Apr.
Apr.
Apr.
Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Mar,
Mar.
17
Apr.
Mar.
3
t$134
Apr.
Mar.
50c
'
Apr,
Mar.
Apr.
Apr.
Apr.
Mar. 20
,
20c
—- —
10c
8734c
$134
$134
20c
50c
—
*25c
234%
6% preferred (quar.)
A (quar.)
20c
(quar.)
——75c
Brooklyn Borough Gas Co. (quar.)__
75c
6% partic. preferred (quar.)—
$134
Brunswick-Balke-Collender, $5 pref.(quar.)
$134
Bucyrus-Erie Co. preferred (quar.)_.
—
45c
Bucyrus-Monighan class A (quar.)
:—
$134
Buffalo Niagara & East. Power 1st pref
—
40c
Preferred (quar.)-;
1734 c
Building Products Ltd. (quar.)
$134
Bunte Bros., 5% preferred (quar.)___
$134
5% preferred (quar.)
i
—
SIX
5% preferred (quar.)
,---■—
u
Burger Brewing Co., preferred (quar.)
3oc
Burkart (F.) Mfg. Co. (irregular)
55c
$2.20 preferred (quar.)
15c
Burlington Steel Co. (quar.)
—
4 annas
Burma Corp., Amer dep. rec. (interim)
10c
Burroughs Adding Machine Co
75c
Burry Biscuit Corp., pref. (quar.)
-37 He
Butler Bros., preferred (quar.)
^—
234%
Cable & Wireless (Holding) pref. (s.-a.)
40c
Calamba Sugar Estates (quar.)
35c
Preferred (quar.)
,
6234c
California Packing Corp., preferred (quar.)____
$1
Cambria Iron Co. (s.-a.)
25c
Cambridge Investment Corp. A & B (s.-a.)
t3734c
Canada Bread Co., preferred B__—
6234c
Preferred B (quar.)
—
$134
1st preferred (quar.)
—
t$234
Canada Iron Foundries 6 % preferred—*
J30c
Canada Northern Power Corp., Ltd
*134%
7% cumulative preferred (quar.)
—
r/5c
Canada Packers Ltd (quar.)
British Columbia Power class
Broad Street Investing
Mar. 23
1
15
Mar. 15
11
Mar. 31
Mar. 14
Mar, 20
Mar. 20
May
Apr.
Apr.
Mar. 15
Apr.
Mar.
15
15
May 24
Sept.
Aug. 26
Dec.
Nov. 24
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Feb.
10
June
Apr.
29
Apr.
.Mar.
20
June
May 10
Apr.
Apr.
Apr.
Mar. 15
May
Apr.
Apr.
Apr.
Mar. 21
Apr.
Mar. 22
Apr.
Apr.
Mar. 22
Apr.
Apr.
Apr.
Apr.
Mar. 31
Mar. 20
Mar. 20
Mar. 15
o
Mar.
O
Mar. 15
29
Mar. 15
Mar. 22
15
Mar. 15
Apr.
Apr.
Mar. 15
150c
Apr,
Mar, 21
Mar. 15
June
Aug. 31
Nov. 30
125C
Apr.
Mar. 15
U5c
Apr.
Mar. 15
Apr..
Mar. 24
Apr.
■
—
Dec.
144C
1—
(.quar.)
May 31
Sept.
Mar. 17
DejayStores, Inc.De Long Hook & Eye
(xuar.)
Denuison MJg. Co. debenture
Dentists' Supplv Co. (N. Y.),
Apr,
Apr.
Apr.
Mar. 17
Denver Union
5*1
-.
t$l 34
1S134
$134
Canadian Fairbanks Morse, preferred (quar.) —
t$2
Canadian Foreign Investment, 8% pref. (qu.)_.
11234c
Canadian General Investments (quar.)
111 34
Canadian Industries Ltd., 7% pref. (quar.) —__
Canadian Industries, class A & B
—— —
|$134
f$134
-
Ltd., pref. (quar.)
Canadian Westinghouse Co. (quar.)_
—
Canadian Wire bound Boxes (class A)
Cannon Mills Co
Capital Administration, preferred A (quar.)——
Cariboo GoJd Quartz Mining Co. (quar.).
t$2
Canadian Oil Cos..
—1
Extra
—
preferred (quar.—— —
Carolina Clinchfield & Ohio Ry__—
Carolina Power & Light, $7 pref. (quar.)
$6 preferred (quar.)--—-—— - — ---Carolina Telephone & Telegraph Co. (quar.) —
Carriers & General Corp
—Carnation Co.
*
(quar.)
7% prior preferred-.
1st partic. preferred (partic. div.)
Case (J. I.) Co., preferred
Celanese Corp. of America
Central Aguirre Assoc. (quar.)
Central Franklin Process Co. 7%
pref. (qu.) —
Hanover Bank & Trust Co. (auar.)—;Illinois Light 434% pref. (quar.)
Extra
pref. (quar.)
6% cumulative preferred
Champion Paper & Fibre Co., 6% pref.
Chemical Bank & Trust Co. (quar.)
Mar.
31
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
(s.-a.)
,
Preferred
(quar.)—
Chesapeake Corp. (liquidating)
Chesapeake & Ohio Ry. Co
Preferred (quar.)
Chester Pure Milk Hosiery Co. (initial)
(quar.)
pref. (quar.)
Chicago Junction Ry. & Union Stockyards6% cum. preferred
Chicago Daily News
Quarterly
6% preferred (quar.)
'
Chicago Pneumatic Tool prior preferred (quar.)_
$3 preferred (quar.)
—:
,
Chicago & Southern Air Line, pref. (quar.)
Christiana Securities, preferred (ouar.),
—
$1
10c
$2 class A (s.-a.)
(quar.):.-----
Deposited Bank Shares,
Detroit Edison Co
—
Detroit Steel Products
Mar. 31
Devoe & Raynolds
Mar. 31
Diamond Match Co., common--;—
;— - -- --
Apr.
Common..
Apr.
Mar. 20
Participating preferred
Participating
—
—■-
(s.-a.)
preferred (s.-a.)--
—
Apr.
Mar.
Apr.
Mar. 18
Diamond Shoe Corp.-
75c
Apr.
Mar. 20
Apr.
Apr.
Apr.
Apr.
Mar.
8
Mar.
8
6)4% preferred ^quar.) .—
Discount Corp. (N. Y.) (quar.)___—_
Distillers Corp .-Seagrams Ltd,, 5% pref.(quar.)
Dixie-Vortex Co., class A (quar.)
Apr.
Mar. 14
Apr,
Mar. 14
Apr.
Apr,
Mar. 25
4c
lc
$134
$134
$134
$2
234c
$154
$154
19c
3734c
M
Mar. 18
Mar. 17
Mar. 15
Dominion Tar A
10
Mar. 24
Apr.
Mar. 11
Apr.
Apr.
Apr.
Mar. 17
vtar.
Apr.
31
Mar. 17
Apr.
Dr. Pepper
Chemical, preferred
(quar.)
(quar.) —
Dominion Textile Co.
Preferred (quar.)
—
RR. Co.
Apr.
Mar. 20
Dover & Rockaway
t5oc
Apr,
Mar. 10
Apr.
Mar. 10
Apr.
May
Apr.
Apr.
Apr.
Mar. 15
Mar. 15
Preferred (quar.)
Dunean Mills 7% pref.
Apr.
Mar. 31
Dunlop Rubber
Apr.
Mar. 31
Apr.
Apr.
Mar. 20
Apr.
Apr.
Apr,
Apr.
Apr.
Apr.
Mar.
9
Mar.
8*
8*
lc
$154
$134
$134
45c
35c
50c
$1
10c
15c
$154
$234
$134
6234c
75c
1734c
$154
10
Mar. 20
Mar.
Mar. 27
Mar. 27
Mar
20
Apr.
Apr.
Apr.
Apr.
1
1
1
1
1
1
Mar. 15
Mar. 15
Mar. 16
(quar.)Ltd. Amer. dep. rec
Bonus
Duplan Silk Corp., preferred (auar.)
du Pont (E. I.) De Nemours, debenture (quar.)
Preferred (quar.)
—
Duquesne Light Co., 5% cum. pref. (quar.)
Eagle Picher Lead, preferred (quar.)
Early & Daniel Co.. pref (quar.)
Eason Oil Co. $134 cum. conv. pref. (quar.)
Steamship Lines preferred
Products pref. (quar.)
Eastman Kodak Co. (quar.)
Preferred (quar.)
—•—
Eastern
Mar. 16
Mar. 22
Mar. 20
Corp
Electric Auto-Lite
Electric Bond & Share Co. $6
$5 preferred (quar.)
Ecuadorian
Apr.
Mar. 20
June
Sept.
May 10
Aug. 10
25c
Dec.
Nov. 10
75c
Aug. 10
Sept.
3-1-40 2-10-40
75c
30c
30c
30c
150c
37c
J25c
$134
$124
Apr.
Apr.
Apr.
May
1 Mar;. 20
1 Mar. 20
Apr.
1
June
1 May
Sept.
1
Mar. 23
1 Apr. 20
10
Mar.
18
1 Aug. 18
1 Nov. 18
Apr. 20 Mar. 31
1 Mar. 15
Apr.
1 Mar. 20
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Dec.
1
15
Aor.
%\%
M ay
$134
1 Mar. 15
Apr,
Apr. 15 Mar. 31
$124
Apr.
Apr.
Apr.
1 Mar. 31
1
1 Mar. 15
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar.
4
1 Mar. 20
Mar. 21
1
22 Mar
."23
22 Mar.
1 Mar.
25 Apr.
25 Apr.
15|Mar.
1 Mar.
23
20
10
10
15
15
June 30 June 20
Apr.
5 Mar. 28
Apr.
Apr.
Mar. 24
Mar. 15
Mar.
4
Apr.
Mar.
4
Apr.
Mar.
4
Apr.
Mar, 17
Apr.
6
Apr.
6
Apr.
—
>-
prsf. (quar.)
$124
$134
J$134
62 34c
Apr.
Eastern Steel
Apr.
Apr.
Mar. 31
Apr.
Apr.
Draper Corp. (quar.)
Dravo Corp. 6% preferred (quar.)
Driver-Harris Co., 7% preferred (quar.)
Duke Power Co. (quar.)
4c
Mar. 27
Apr.
(semi-annual)
$134
Mar. 10
$124
1
Mar.
50c
(quar.).
Co. (increased quar.)--— -Quarterly-----——
Quarterly
—
*
Dome Mipes. Ltd (quar.)
Dominion Coal Co.. 6% preferred (quar.)
Dominion Foundry & Steel (initial)-!—;———
Dominion Glass Co. (quar.)
Preferred (quar.)
—
—
Apr.
Apr.
Apr.
Apr.
50c
25c
;
'
June
Mar. 20*
50c
preferred (quar.)—
Common
15
-- -
Apr. 20
Apr
1
Apr
Apr.
$124
Mar. 20
May
25c
Mar. 31
Mar. 20
$2
$124
50c
$1
—
Mar. 31
Ipr,
Ipr.
$.0075
series N. Y
—
Apr. 15
Mar. 15
vlay
$2
'—
(quar.)
——
7% pref. (quar.)Stockyards (quar.)_
$134
(quar.) ——
Central Power Co., 7% cum.
Mar. 15
Common
Dayton Rubber Mfg.
t$134
$154
preferred
$6 preferred
Central Maine Power, 7% preferred
Central New York Power Dref. (quar.)
Central Patricia Gold Mines
itiiHc
Apr.
Apr.
$E63 May
634% preferred (quar.)
10c
Apr.
Commercial Alcohols Ltd. preferred (quar.)
$1
Apr.
Commercial Investment Trust (quar.)
$1.0634 Apr.
$434 conv. preference (quar.)
$2
Apr.
Commercial National Bank & Trust (quar.)..
75c
Apr.
Commonwealth & Southern $6 preferred
Apr.
$134
Commonwealth Utilities Corp., 7% pref. A—
June
$134
6 34 % preferred O (quar.)
$134 Apr.
6% preferred (quar.)
/ $124
Apr.
Commonwealth Water & Light Co. $7 pref. (qu.)
Apr.
$134
$6 preferred (quar.)_
t5c Apr.
Coniarum Mining, Ltd
75c
Apr.
Connecticut Gas & Coke Securities, pref. (qu.) _ 20c
Apr.
Connecticut General Life Insurance Co.
75c Apr.
Connecticut Light & Power Co. (quar.)_
J25c Apr.
Consolidated Bakeries iCanada) vquar.)
15c
Apr.
Consolidated Copper mines——
t$234 Apr.
Consolidated Dry Goods Co., 7% preferred—
1 Mar. 31
$134 May
Consolidated Edison Co. (N. Y.), Inc., pref——
1 Mar. 15
25c Apr.
Consolidated Film Industries, pref
1 Mar. 15
90c
Apr.
Consolidated Gas Electric Light & Power
1 Mar. 16
Apr.
$134
5% preferred (quar.)
1
May
Apr. 15
Consolidated Laundries preferred (quar.)
8
Apr. 29 Apr.
Consolidated Lobster, Inc., (quar.)
i,
—8
30c
Apr. 29 Apr.
Extra
'—
20c
May 15 Apr. 15
Consolidated Oil (quar.) —
—
Apr.
1 Mar. 10
$2
Consolidated Retail Stores preferred (quar.)—_
1 Mar. 15
Apr.
$234
Consumers Gas (Toronto, Ont.) (quar.)
1 Mar. 10
Apr.
$134
Consumers Power Co. $5 preferred (quar.)
1 Mar. 10
A.pr.
$134
$434 preferred (quar.)
1 Mar. 20*
Apr.
$2
Continental Baking Co. preferred (quar.).
1 Mar. 17
20c
Apr.
Continental Bank & Trust Co. (quar.)
1 Mar. 10*
Apr.
$134
Continental Can Co., Inc., $434 pref. (quar.)_
1 Mar. 15
Apr.
$124
Continental Gas & Electric pref. (quar.) ——
1 Mar. 15
25c
Apr.
Continental Steel Corp
1 Mar. 15
$124
Apr.
Preferred (quar.)
1 Mar. 15
Apr.
$124
Continental Telephone Co. 7% pref. (quar.)- —
1 Mar. 15
Apr.
$124
634% preferred (quar.)-—-- —
1
75c
Apr.
Cooper-Bessemer, $3 prior pref. (quar.)
1 Mar. 24
Apr.
$3
Corroon & Reynolds, preferred A— —
$134
Apr. 15 Mar. 31
Cosmos imperial Mills Ltd., pref. (quar.)
1 Apr. 17
Vfay
30c
Coty, Inc
.1 Mar. 20
50c
Apr.
Cream of Wheat Corp__ — —i
j>—•
1 Mar. 10*
t25c
Apr.
Crown Cork International Corp., class A———
1 Mar. 13
Apr.
1234c
Crown Zellerbach Corp.
5
Apr. 15 Apr.
25c
Crum & Forster, Inc. (quar.) —
—j
tune 30 June 20
8% preferred (quar.)
—
5
Apr. 20 Apr.
25c
Cunningham Drug .Stores (quar.)
.—
5
Apr. 20 Apr.
$134
Preferred B (quar.)^
>—
25c
Ipr.
1 Feb. 28
Curtis Publishing Co., $7 preferred—
—
5
fune 15 June
50c
Daniels & Fisher Stores Co. (quar.)
5
<ept. 15 8ept.
50c
Quarterly
---— ——
Apr.
1 Mar. 22
25c
Davenport Hosiery Mills
Mar. 15
Ipr.
$134
Davidson-Bontell Co. 6% pref. (quar.)———
Mar. 15
Ipr.
$1
Dayton & Michigan RR. 8% pref. (quar.)——Mar. 15
Apr.
8734c
•
Mar. 31
Apr.
$1
$1
25c
1 Mar. 20
1 Mar. 20
1 Mar. 15
1 Mar. 15
1 Apr. 15
15 Apr.
1
1 Mar. 10*
1 Mar. 10*
1 Mar. 22
1 Mar. 13
1 Mar. 15
1 May 15
1 Mar. 15
1 Mar. 20
1 Mar. 20
4 Mar. 15
1 Mar. 15
1 Mar. 18
1 Mar. 15
1 Mar. 15
15 Apr.
3
l|Mar.24
he
Mar. 20
June
t$2
Canada Silk Products, class
Mar. 31
Mar. 15 *
13734c
(quar.)____A (quar.)——
Canada Steamship, Ltd., 5% preferred—
Canada Wire & Cable, class A (resumed) _i
Canada Permanent Mtge.
Central Maine Powtr 6%
Mar. 20
Apr.
Apr.
Apr.
.
(quar.)
Mar. 31
Apr.
Apr.
Electric 6% pref
Apr.
Apr. 30 Apr. 20
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Mar. 24
I
Apr. 15 Apr.
Apr.
1 Mar. 21
Apr, 20 Apr. 10
Apr.
1 Mar. 13
Apr.
1 Mar. 14
Apr. ,15 Mar. 31
May 15 Apr. 18
6
Apr.
1 Mar
134%
$1?4
$134
—
(quar.)
15
15
—T_—
pref
Canadian Cottons, Ltd, (quar.)—:
Preferred (quar.)
j._—v
Canadian General Electric (quar.)
$1,34
___
,
Apr.
$4
Canadian Car & Foundry,
50c
$3.85
-
Coleman Lamp & Stove.
Mar. 23
4UC
L*..
preferred (quar.).-.
25c
Corp
Mar. 15
(quar.)
;
tiff
-
(quar.)
(quar.)
-
Mar.
$134
Bridgeport Machine preferred (quar.)
Co., Inc. (quar.)
—
Class A (quar.)
British American Oil Co. (quar.)
1
British-American Tobacco pref. (s.-a.)
British Columbia Electric Power & Gas—
Central
Clinton Water Works Co.
Mar. 20
Apr.
Brilio Mfg.
Central
7% pref. (quar.)
Mar. 15
Mar. 23
3
50c
(quar.)
Apr.
Brandtjen & Kluge, Inc., 7% conV. pref. (qu.)_.
Brazilian Traction, Light & Power preferred
7%
$134
5% preferred (quar.)
*
Cleveland Electric Illuminating
Preferred (quar.)
Clinton Trust Co. (quar.)
Apr.
;
:
Preferred
Mar. 15
—
Ry. Co.—
n
(quar.)
Bralorne Mines, Ltd. (quar.)
2d preferred
Mar. 15
(Wash., Pa.) 7% pf. (qu.)
25c
Boston Insurance
Canadian Canners 1st
Mar. 14,
62J4c
Boston Herald-Traveler Corp.
Class A (quar.)
Class A (quar.)
Mar. 15
25c
Borg-Warner Co
Boston Edison Co. (quar.)
Boston Elevated By. (quar.)
Extra
Mar. 25
(quar.)
Mar. 15
class A (quar.)
Class B (quar.)
>.
Mar. 14
Record
Apr.
1 Mar. 15
Apr. 15 Apr. 10
Apr.
I Mar. 17
Apr.
1 Mar. 20July
1 June 19
Oct.
1 Sept. 18
1-1-40 Dec. 18
May
1 Apr. 27
Apr.
1 Mar. 28
Apr.
1 Mar. 21
Apr.
1 Mar. 15
_
Cincinnati Union Terminal 5% pret.
Mar. 24
50c
Belding-Corticelli Ltd. (quar.)
Preferred (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone Co. of Pa. 634 % pref
Belt RR. & 8tockyards Co. 6% pref. (quar.)
Bethlehem Steel Co., 7% pref. (quar.)
5% preferred (quar.)
Bon Ami Co.,
Cincinnati Postal Terminal & Realty, pref.
Cincinnati & Suburban Bell Telephone (quar.)
15
June
25c
(quar.)
Mar. 10
of
■_
Mar. 15*
6834c
Preferred (quar.)
Bayuk Cigars, Inc., 1st preferred (quar.)
Beatrice Creamery Co. (quar.)_
Preferred (quar.)
i
Beech Creek RE. (quar.)
Beech-Nut Packing Co. (quar.)
Preferred
Cincinnati Gas & Electric 5% pref. (quar.)
June
.
-
Mar. 10
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$334
preferred (quar.)
,
Share
Company
60c
Bastian Blessing Co. (quar.)
Extra
Name of
20c
Bankers Trust Co
Bickford's, Inc
Apr.
Apr.
Holders
Per
Holders
Payable of Record
$1H
$134
Bank of America N. T. & S. A.
Barker Bros.,
When
Share
of Company
1903
Chronicle
Financial
148
May
May
1904
Financial
Per
Name of Company
iVhen
Share
Electric Controller & Mfg. Co. (reduced)
Elizabeth & Trenton RR. (semi-annual)
Preferred (semi-annual)..
El Paso Electric (Texas), $6 preferred (quar.)_
-
Emerson Drug
Co. A & B (quar.)
Preferred (quar.)
Emerson Electric Mfg. Co. 7% pref.
(quar.)
Empire Trust Co. (quar.)
Emporium Capweil Corp
4 H % preferred A (quar.)
4H % preferred A (quar.)
4)1% preferred A (quar.).....
4H % preferred A (quar.)
7% preferred (seml-ann.)..
Endicott Johnson Corp
5% preferred (auar.)
Engineers Public Service Co. $5 pref. (qu.)....
S5H preferred (quar.)_
:—..
$6 preferred (quar.)...
Ex-Cell-O Corp
Falstaff Brewing Corp. (quar.)
Preferred (seml-ann.)..
.....
Fansteel Metallurgical Corp., $5 prefFanny Farmer Candy Shops
•„
Faultless Rubber Co. (quar.)........
Fedders Mfg...
Federal Insurance Co. (J. C., N. J.) (quar.)—
Feltman & Curme Shoe Stores pref. (quar.)
Fifth Ave. Bank (N, Y.) (quar.
Filene's (Wm.) Sons Co. (quar.)
V
30c
56 Mc
56 he
56Mc
75c
...
SIM
SIM
%1H
S1H
20c
——
15c
3c
...
SI H
37 he
—
25c
—
...
15c
—.—
-
—
Fish man
.
.
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Apr. 15 Mar. 31
Mar. 22
Apr.
Mar. 22
Apr.
Mar. 20
Apr.
Mar. 24
Apr.
Mar. 21
Apr.
June 22
July
Oct.
Sept. 21
Jan.
Dec. 21
Apr.
Sept. 23
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May 31
Apr.
1
Apr.
Apr.
Apr.
Apr.
35c
Apr.
Apr.
Mar. 21
Sept. 13
Mar. 23
Mar. 23
Mar. 16
Mar. 16
Mar. 16
Mar. 10
May 16
Mar. 15
Mar. 15
Mar. 13
June 30 June 23
Mar. 16
—
Apr.
1
Apr.
1
•
,
Mar. 21
...
Mar. 21
Mar. 15
-—
Mar. 15
Mar. 15
—-—.
Fort Wayne & Jackson KR., pref. (semi-annual)
Fox
Aug. 19
(Peter) Brewing Co. (quar.)
Extra
1
'
Convertible preferred (quar.)
Franklin Process Co. (irregular)
Fruehauf Trailer Co
Mar. 15
Mar. 15
Mar. 15
...—
Mar. 17
...
Fundamental Investors
Fuller (Geo. A.), 4% pref. (quar.).
Fuller Brush Co. 7% pref. (quar.)
llMar.
l'Mar. 17
...
*
...
±
....
Mar. 24
.......
Mar. 15
Mar. 20
(quar.)..
Mar. 10
General Baking Co
Preferred (quar.)
General Electric Co...
Mar. 18
...
Mar. 18
...
....1.
Mar. 17
General Finance Corp—
General
Apr. 10
....
Mar. 18
Mar. 18
.....
-
Apr. 10
July 10
.....
....!
Mar. 10*
.....
General Motors Corp, preferred
(quar )
General Paint, preferred (quar.)
General Printing Ink Corp
Apr.
Mar. 14
Mar. 14
$6 cum. preferred (quar.)
i..
General Railway Signal Co., Dref.
(quar.)
General Time Instruments pref. (quar.)
General Telephone Corp., $3 conv. pref.
(quar.)
General Water Gas & Electric
Mar. 10
Mar. 13
...
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 20
...
Gillette Safety Razor, preferred
(quar.)
Glens Falls, Inc. (quar.)
Apr.
Glidden Co. 4M% conv. pref.
(auar.)...
Globe & Wernicke Co., pref.
(quar.)
Godchaux Sugars, class A.
56 He
$7 preferred (quar.)__
Gold & Stock
Telegraph (quar.)__._.J._______
Goldblatt Bros., preferred
(quar.)
Goodyear Tire & Rubber (Can.) (quar.)
Preferred (quar.)
Gotham Silk Hosiery Co., Inc.,-—
...
7% cum. preferred (quar.).....
Grant (W. T.) Co.
(quar.)
Preferred (quar.)
Mar. 17
50c
Mar. 20
Mar. 20
SIM
Uh
62 He
t62c
162 He
20c
Horder's, Inc. (quar.)
Horn & Hardart Baking (quar.)
Houdaille-Hershey, class A (quar.)
Household Finance (quar.)
Preferred (quar.)
Humble Oil & Refining Co
25c
$1H
62J|c
$1H
37 He
Hydro-Electric Securities
Hygrade Sylvania Corp
Preferred (quar.)
-J
Idaho Maryland Mines (monthly)
Illuminating Shares class A (quar.)
Imperial Life Assurance (Can.) (quar.)—
Quarterly
,
t$lH
J—
Mar. 10
Mar. 15
Mar. 15
Apr. 12
Mar. 31
Mar. 20
60c
....
Mar. 14
Mar. 14
SIM
$3 M
-_i
__
...
Greif Bros.
Cooperage Corp., class A
.....
Greyhound Corp.
(quar.)
preferred (quar.)-—.
—
Griggs, Cooper & Co 7 % pref. (quar.). *
Group Corp., 6% preferred
_!!_"!_!
Guaranty Trust Co. (N. Y.) (quar.)...
Gulf Oil Corp
Gulf Power Co., $6
pref. (quar.)
"11."
-
__
-
-
t
Hamilton Cotton Co., Ltd., $2 conv.
pref......
Hanes (P. H.)
Knitting, 7% preferred (quar.)..
Hanover Fire Insurance (N.
Y.) (quar.)
Harbison-Walker Refractories Co., pref.
(quar.)
Harrisburgh Gas 7% preferred vquar.)
Harns-Seybold-Potter prior pref. (qu.)
Harshaw Chemical (
reduced)
Hart & Cooley Co.
(irregular)
I
-
Stock dividend of
100%.
Hartford Fire Insurance
(quar.)...
Mar. 15
Mar. 15
Mar. 15
5% prior preferred (quar.)
Haverty Furniture Cos., pref. (quar.)
Hazel-Atlas Glass Co
Heath (D. C.) &Co, 7%
preferred"(quar!)"!!!!
Hecker Products Corp.
(quar.)
Hedley Mascot Gold Mines (quar.)""!!!!!
Extra......
Helme (Geo. W.) Co. common
(quar.).!!_.Ill"
Preferred (quar.)
Hibbard Spencer, Bartlett
(monthly)."!!
Monthly
Monthly
~
Hickok Oil Corp., 7% prior
preferred "(quar.) I!
5% preferred (quar.)---—_____
_..L
Holland Furnace Co. (Del.)
,--1-_„_-!!
$5 conv. preferred (quar.)
"!_ !!_"!!
___
_
...
50c
Mar. 15
.
40c
Apr. 15
15c
Mar. 15
31 He
Mar. 20
_
_
—
25c
$1H
5%
Stock dividend—
International Button Hole Sewing Machine--—
International Harvester Co. (quar.)
—
International Milling Co. 5% pref. (quar.)
International Nickel Co. (Canada), pref. (qu.)_
International Ocean Teleg. Co. (quar.) —
International Power Co. 7% preferred^International Salt Co. (quar.)__International Shoe
— —
—
(quar.).—
Silver Co., preferred
International
Interstate Bakeries Corp., preferred
—
30c
40c
$1H
XUH
$1H
$1H
37Hc
37 He
$2
50c
Equipment—
11c
Investment Co. of America (quar.)
Investment Corp. (R. I.) $6 pref. (quar.)
Investment Foundation Ltd., cum. pref
25c
Apr.
Apr.
Apr.
Apr.
1 Mar. 20
1 Mar. 22*
1 Mar. 22
1 Mar. 22
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr,
1
Apr.
1
Apr.
1
Apr. 20
Apr. 15
Apr.
1
Apr.
1
Apr.
1
Apr.
• 1
M!ar. 25
Mar.
3
Mar. 15
Mar. 20
Mar. 15
Mar. 20
Mar. 17
Apr.
6
Mar. 31
Mar. 20
Mar. 24
Mar. 24
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
Mar. 23
Mar. 20
May
Apr.
Apr.
Mar. 17
Mar.
29
Apr.
10
Mar.
1
Apr.
Apr.
Mar.
1
Mar. 11
Mar. 11
Apr.
Apr. 18
May
June
Apr,
Apr.
Apr.
Apr.
May 16
June 20
Mar. 21
Mar. 21
Mar. 16
Mar. 16
Mar. 10
Mar. 10
Apr.
11
Mar. 16
Mar. 31
June 30
2 Sept. 30
9'
1 Mar.
1 Mar.
Apr.
9
May
Apr.
Mar. 31
Apr.
Apr.
Mar. 15
1
5
Mar. 20
Mar.
Apr.
Apr.
Apr.
Apr.
Mar. 20
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1
1
Mar. 31
Mar. 15
Mar. 15*
Mar. 15
Mar. 17*
Mar. 21
Apr.
Apr.
Apr.
1
Mar. 15
Mar. 20
Mar. 31
75c
Apr.
Mar. 31
30c
June
Quarterly
Quarterly
Irving Air Chute Co., Inc
Irving Trust Co. (quar.)
30c
Sept.
May 10
Aug. 10
50c
50c
—
—
__
Kalamazoo Stove & Furnace (quar.)
Kansas City Power & Light, pref. B (quar.)
Kansas Gas & Electric 7% preferred (quar.).
$1M
S1H
$1H
$1H
$1H
$1H
SIM
$1H
12Hc
$1H
%IK
$6 preferred (quar.)
$1H,
Kansas Power Co., $6 cum. pref. (quar.)
$1M
—
Keith-Albee-Orpheum Corp., 7% pref_
Kellogg Switchboard k Supply
Preferred (quar.)
—r _ _ - _
Kemper-Thomas, 7% special pref. (quar.)__
7% special preferred (quar.),
7% special preferred (quar.)____
Kendall Refining Co
Kentucky Utilities 6% pref. (quar.)
Kerlyn Oil Co., class A (quar.)
Keystone Public Service, preferred (auar.)
Keystone Steel & WireKimberly-Clark Corp Preferred (quar.)
;
Kings County Lighting Co., 6% cum. pf. (qu.)
7% cum. preferred B (quar.)
5% cum. preferred P (quar.)„Klein (D. Emil) Co
Knapp-Monarch Co., preferred (quar.)
Knott Corp
Koppers Co. 6% preferred
Kresge (S. S.) Co. (quar.)
^
Kresge Dept. Stores, pref. (quar.)-^
Kroger Grocery & Baking, 6% pref. (quar.)-..
7% preferred (quar.)
Lackawanna RR. of N. J. (quar.)Lamaque Gold Mines (quar.)
i
—
t$lM
10c
—
_-r.
-
__
70c
'■»
20c
25c
$1H
S1H
SIM
SIM
25c
62Hc
10c
-
:
_____
___i
Preferred
(quar.)
Mar. 15
Apr.
10
Mar. 15
Apr.
Apr.
May
Aug.
Sept.
10
10
22
22
Nov. 21
-
Mar. 24
Apr. 15 Mar. 27
Apr. 10 Mar. 10
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 27
Apr.
Apr.
Mar. 20
Mar. 10
Mar. 10
Mar. 15
Mar. 15
Mar. 15
Mar. 21
Mar. 31
June
$1
Apr.
Mar. 25
$1H
SIM
Apr.
Mar. 18
x
Mar. 11
2
May
Apr. 20
Apr.
Apr.
Apr.
Apr.
May
Aug.
Mar. 10
Mar. 10
May
Aug.
5
5
Nov.
Nov.
4
SI
tlOc
Mar. 10
Mar. 17
17 He
Apr.
30c. Apr.
5c
Apr.
50c
Apr.
75c
SIM
Mar. 15
Mar
.
31
Mar. 31
Mar. 31
Mar. 31
Apr.
Apr.
Apr.
Mar. 21
Mar. 21
'
S3
35c
62 He
25c
SI
SI
20c
50c
S1H
Apr." 15 Apr.
8
1 Mar. 25
Apr.
Apr.
May
July
Apr.
Apr.
Apr.
May
65c
June
30c
1 Mar. 15
1 Apr.
14
1 June
14
1 Mar. 14
7 Mar. 24
15 Apr.
5
1
Apr. 20
15 May 31
1 Mar. 21
1 Mar 15
12c
Apr.
Apr
SIM
Apr.
1 Mar. 10
30c
30c
May
1
SIM
25c
25c
37 He
Little Miami RR., original capital (quar.)
$1.10
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Liquid Carbonic Corp.Lock Joint Pipe Co. (monthly)
Monthly
____^
Monthly
Locke Steel Chain (quar.)__
$1.10
$1.10
__—
Mar. 14
Mar. 20
Mar. 20
June
30c
Lipton (Thos. J.) class A (quar.)
Mar. 14
30c
7 He
•____
Lawyers Title Insurance Corp. (Ya.)—
6% preferred (semi-annual)
Lawyers Trust Co. (quar.)
Leath & Co.. preferred (quar.)
Lehigh Portland Cement Co
4% preferred (quar.)
4% preferred (quar.).
Lehman Corp.
Lerner Stores Corp
Preferred (quar.)
Leslie Salt Co. (quar.)
Liberty Loan Corp. A & B (quar.)
Life & Casualty Insurance Co
(Tenn )__
Liggett & Myers Tobacco, preferred (quar.)
Lincoln National Life Insurance (quar.)
Link Belt Co., preferred (quar.).
Apr. 20
Mar. 14
25c
^
Lion Oil Refining Co. (quar.)
May
25c
Class A (quar.)_
Preferred (quar.)_-__
1
Mar. 15
Mar. 15
Apr.
Apr.
25c
-
La Salle Extension University
Preferred (quar.)
Apr.
75c
37Mc
-
■
17
Mar. 17
Dec.
S1H
8Mc
t5c
-
—
Mar
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
-
Quarterly
Quarterly
Lang (J. A.) & Sons (quar.)
Langendorf United Bakeries class B (quar.)
Mar. 10
Mar. 10
Mar. 10
Apr.
30c
—
...
Mar. 23
Max. 23
Mar. 23
Mar. 31
June
-
Lambert CoLandis Machine Co. (quar.)--_.
Nov. 10
Mar. 15
Mar.
7
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
SIM
SIM
SIM
-
Extra
Apr.
Apr.
Apr,
$1H
— —
Jersey Central Power & Light 7% pref. (quar.)__
6% preferred (quar.)
5H % preferred (quar.)
J
Johns-Manville Corp. 7% cum. pref. (quar.)—_
Joliet& Chicago RR. 7% gtd. (quar.),
Joplin Water Works Co.. 6% pref. (quar.)——Kansas Electric Power 7 % pref. (quar.)__
6% junior preferred (quar.)
$7 cum. preferred (quar.)
Katz Drug Co., preferred (quar.)
Kaufmann Dept. Stores
Apr.
50c
—
Anr.
15c
Preferred (quar.),
____^
Jamaica Public Service (increased)
Jarvis (W. B.VCo
Dec.
25c
Island Creek Coal-
30c
,t«:—-
——
50c
50c
50c
20c
67c
67c
66c
30c
'
May 15 Apr. 21
Apr.
1 Mar. 6
Apr.
1 Mar. 11*
Apr.
Apr.
Cumulative preferred-i
31
2
Mar. 15
Iron Fireman Mfg. Co. (quar.)_
Extra
Apr.
Coal Co.—
2H%
-
-
_
$1H
$1H
-
31
1-2-40 Dec. 30
Mar.
9
Apr.
30c
Indianapolis Power & Light 6H % pref. (quar.)
Indianapolis Water Co., 5% pref. A (quar.)—
Institutional Securities, Ltd.—
Insurance group shares (s.-a.) payable in stk.)
Interlake Steamship Co
International Business Machines Corp
20
20
20
21
20
Apr.
$1H
$1H
_
3
1
1
21
1
1
3
Oct.
$1H
Indiana Pipe Line Co..
Interstate Home
_
Apr.
Apr.
Apr.
Apr.
Apr.
July
50c
$3H
$3H
$3h
Quarterly
Quarterly
—
Mar.
Apr.
Mar.
Apr.
May
1 Apr.
Mar.
Apr.
Mar.
Apr.
Apr. 15 Mar.
Apr. 15 Mar.
Apr.
1 Mar.
37Hc
%1%
5c
Mar. 17
Mar. 15
Apr.
Apr.
Apr.
Indiana General Service Co., 6% pref—
Indiana & Michigan Electric Co.'
7% preferred (quar.)_
6% preferred (quar.)—
When
Holders
Payable of Record
20c
—
35c
25c
*
-
Preferred (quar.)...
Green (H. L.) Co.
(quar.)
Greening (B.) Wire Co. (quar.)......I
,_!
Greenwich Gas,
participating pref. (quar.).....
Greenwich Water & Gas System, Inc.—6% preferred (quar.)
Mar. 20
Mar. 31
SIM
.....
Great Lakes Power Co., A preference
(quar.)...
Great Western Life AssuranceGreat Western Sugar Co
7% preferred (quar.).
Green (D.) Co. (irregular
3
Mar. 15
......
__
15c
__
(quar.)......
$3 preferred (quar.)..
Georgia Power Co., $6 preferred (quar.)
$5 preferred (quar.)._...
Gibson Art Co. (quar.).
10
Mar. 18
_
Hatfield-Campbell Creek
11 h
$1.05
—
—
General Machinery Corp. (quar.)
pref. (quar.)
1
Mar. 20
Mar. 20
;...
Preferred (quar.....
General Mills, Inc,
Common
cum.
preferred (quar.)
Holophane Co., preferred (semi-ann.)
—
Apr.
.....
Fireproofing Co
Preferred (quar.)
General Foods Corp.. preferred (quar.)
6%
Mar
16
Mar. 23
Mar. 16
Mar.
1
—
Galland Mercantile Laundry Co. (quar.)
Gatineau Power Co., preferred (quar.).
Gemmer Mfg Co., class A
Gannett Co. Inc., $6 conv. DrefGeneral American Investors Co., Inc., prefGeneral Box Co.
15
ljMar. 20
...
Share
Hlnde & Dauch Paper,
Apr. 20
u,Mar. 31
Fruit of the Loom, Inc., preferred (initial)
Fulton Trust Co. (N. Y.) (quar.)
Company
Home Gas & Electric preferred (quar.)
Hoover Ball & Bearing
Apr. 15
Mar. 21
Mar.
1
(M. EL.), 7% preferred (quar.)—,
5% preferred (quar.)
Florida Power Light, $7 preferred$6 preferred..
Florsheim Shoe Co. class A (quar.)
Class B (quar.)
1——
Formica Insulation Co. (quar.)
Per
Name of
Mar. 18
Mar. 31
Apr.
Apr. 25 Apr. 15
Apr. 25 Apr. 22
_
April 1, 1939
Hoders
Payable of Record
87 he
.....—
Preferred (quar.)
First National Bank (Jersey City) (quar.)
First National Bank (N. Y.) (quar.)
Chronicle
Apr. 26
Aug.
1 July
Nov.
1 Oct.
1 Mar.
Apr.
Apr. 20 Mar.
27
27
15
31
1 Mar. 24
Apr.
1 Mar. 24
Apr.
June 10 May 24
Sept.
9
Aug. 24
Dec.
9 Aug.
June 10 May
Sept. 9 Aug.
Dee
9 Nov.
1 Mar.
Apr.
Apr. 29 Apr.
May 31 May
June 30 June
1 'Mar.
Apr.
24
24
24
24
16
19
31
20
15
Volume
1905
Chronicle
Financial
148
~\
Loose-Wiles Biscuit Co.,5% preferred (quar.)__
Longhorn Portland Cement Co.—
5% refunding par tic. preferred (quar.)
June
Sept.
Sept.
Extra
May
May
Aug.
Aug.
Dec.
—
5% refunding partic. preferred (quar.)_
Extra
20
20
21
21
Dec.
Taylor (quar.)__
2nd preferred (quar.)
Lorillard (P.) Co. (quar.)
Preferred (quar.)
Mar. 17
17
May
__
Apr.
Apr.
Apr.
Mar. 15
(quar.)
preferred (quar.)
_
1H%
-
1 H%
6% cum.
5% cum. preferred (quar.)Lunkenheimer Co., preferred (quar.)
Preferred
'MS
n%
%\%
$1H
(quar
Preferred (quar
Preferred (quar
MacAndrews & Forbes Co. (quar.)
50c
Preferred (quar.).
McColl-Frontenac Oil preferred (quar.)
*-
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quar.).
7% preferred (quar.^
Mc Crory Stores Corp., preferred (quar.)
McKay Machine Co_
McKee (A. G.) & Co., class B (quar.)
__
1H%
$i k
43 He
43 HC
43 He
$1H
50c
50c
55c
—
—
(quar.)
—j
Marion-Reserve Power Co. $5 pref. (quar.)
Marion Water Co., 7% preferred (quar.)
II tf
—
Marsh (M.) & Sons. Inc. (auar.)__
Massachusetts Investors Trust (quar.)._
Mead Johnson & Co. (quar.)—
Extra
1
Memphis Power & Light, $7 pref. (quar.)——.
$6 preferred (quar.)__
_—>•
Merck & Co
(quar.
___
Metropolitan Edison Co. $7 pref. (quar.) —
$6 preferred (quar1
$5 preferred (quar.)
—
——.
$7, prior preferred (quar.)
(quar.)_
j
$5 prior preferred (quar.)—_______
Meyer-Blanke, preferred (quar.)
Michigan Assoc. Telep. 6% pref. (quar.)—_—
Michigan Gas & Electric, 7% prior lien__
.__$
$6 prior lien _______ _—...
u
_
Mickelberry's Food Products Co., $2.40 pfd—
Middle States Petroleum Corp., class A
——
—
Class B_
1st preferred (quar.)
Mid vale Co
—.
—
_—-
Midwest Piping & Supply
—
1—1
(quar.)
Minneapolis Power & Light, $7 pref.
$6 preferred
6% preferred
Mississippi Power Co., $7 pref. (quar.)
$6 preferred (quar.)____
_
Mississippi River Power 6% Dref. (uuar.)
Mississippi Valley Public Service— •
Preferred (quar.)
Missouri Gas & Electric Service
Mock Judson
Mar. 20
Mar. 31
Mar. 31
5
5
_____
—
Apr.
— _—
Apr.
Nor walk Tire & Rubber
Apr.
Mar.
1
8
Novadel-Agene Corp. (quar.)
Ogilvie Flour Mills (quar.)
Ohio Edison Co., $5 preferred (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)_ j—
$7.20 preferred (quar.\i__/_'L
Apr.
(quar.)__
Apr.
_ —
Old
Monongahela Valley Water, 7 % preferred-_—
Monroe Chemical, preferred (quar.)
Monsanto Chemical Co., $4H class A pref.(s-a)
Montana Dakota Utilities Co__
—
6% preferred (quar.)
5% preferred (quar.)—,___
Montgomery Ward & Co
Class A '(quar.)
Montrea. Light, Heat & Power Consol. (quar.).
Montreal Telegraph Co—
—
— _
Moore Corp., Ltd. (quar.)
___
—
Preferred A. & B. (quar.)___——
Moore (Wm. R.) Dry Goods (quar.)
— __ —
Quarterly.—T—
_
—____—
Quarterly
Quarterly
——
________
Morrell (John) & Co
____
Morris (Philip) & Co., Ltd
5% conv. cum. pref. series A (quar.)____
- -
pref. (monthly).,
Colony Insurance (quar.)
— _
Oliver United Filters, class A (quar.)
Omnibus Corp., pref. (quar.)
—
Ottawa Light, Heat & Power
(quar.)
Special
—
$1
Page-Hfersey Tubes Ltd—. (quar.)
A&B.
M
Paramount Pictures, Inc., 1st pref. (quar.)__—_
2d preferred (quar.)
Mar. 20
Pearson
Peninsular Telephone (quar.)
11
10
15
15
15
20
20
31
31
10
10
1
1
30
2
Apr. 25 Apr.
1
Apr.
Murphy (G. C.) Co. 5% preferred (quar.)_____
Muskegon Motor Specialties, pref. A—i_——_
Apr.
3 Mar. 24
"
5
Apr, 10 Apr.
June 28 June 15
Mutual Chemical Co. of Amer., 6% pref. (quar.)
Sept. 28
6% preferred (quar.)
6% preferred (quar.)
Sept. 21
Dec. 28 Dec. 21
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr. 15 Apr.
3
1 Mar. 20
Apr.
(quar.).
8% cum. preferred (quar.).
Nachman-Spring-fiMed Corp.
(quar.)
Apr.
15 Mar. 14
Apr.
Apr.
Apr.
Apr.
15 Mar. 31
1 Mar. 15
National Cash Register Co
National Casket Co
Apr.
15 Mar. 30
May
National City Bank of Cleveland (s.-a.)
National City Lines, class A (quar.)
Apr.
15 May
1
1 Mar. 18
National Bond & Share Corp__.
National Breweries, Ltd. (quar.)
Preferred (quar.)
2nd pref. (quar.)__
May
May
Apr.
Conv. preferred (quar.)
National Dairy Products (quar.)
Preferred A & B (quar.) —
Apr.
May
National Distillers Products (quar.)_.
National Fire Insurance (quar.)
National Funding Corp., class A & B (quar.)
Class A & B (extra)
_
$5H conv. preferred (payable in cum. stock)
National-Standard Co_;
,
National Steel Car (qu&r.)___—_______
_
-
1
Mar. 15
1 Mar. 11
1 Apr.
1 Apr.
15
15
1 Mar.
2
2
1 Mar.
1
Apr. 15
1 Mar. 23 Apr.
1 Apr. 14*
May
Apr. 15 Mar. 31
Apr. 20 Mar. 31
Apr. 20 Mar. 31
1 Mar. 15
Apr.
1 Apr. 21
May
National Food Products Corp., class A
National Fuel Gas (quar.)
National Grocery Co. prior preferred (initial)
National Lead Co., preferred B (quar.)
National Manufacture & Stores Corp.
Preferred A (quar.)_
Preferred A (quar.)
Penna.
Pennsylvania Power Co. $5 pref. (quar.)
Pennsylvania Power & Light $7 pref. iquar.)
1
Pennsylvania Telep. Corp., 6% pref. (quar.)_._
$2M preferred (initial)
Pennsylvania Water & Power (quar.)__—___
Preferred
(quar.)
—
Peoples Drug Co..'
______
Peoples Gas Light & Coke Co_—_——,
Peoria Water Works 7% pref. (quar.)
Perfect Circle Co. (quar.)
_—
%5H
37 Mc
50c
Apr. 15 Apr.
1
Apr
1 Mar, 15
Apr. 15 Mar. 31
Pet Milk Co.
common.—
Mar. 21
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 15
1 Mar. 24
1 Mar. 24
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 20
1 Apr. 21
I Mar. lo
ll
IMar. 15
Alar. 15
1 Mar. 20
1 Apr. 20
1 Mar. 15
1 June 15
Uuly
5
May 15 May
5
Aug. 15 Aug.
Apr.
62>|c
1 Mar. 10
Apr.
Apr.
SIM
SIM
SIM
SIM
l'Mar. 16
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
%
Mar. 15
50c
SIM
50c
1 Mar. 10
IMar. 15
J.1 Apr. 15
1 Mar. 15
1 Mar. 15
liMar. 15
Mar. 15
Mar. 15
Mar. 15
Apr.
Apr.
Apr."
Apr.
Apr.
Apr.
*m
25c
—
Philadelphia Co.. com* (quar.)
6% cum. preferred (semi-ann.).—---——$6 cum. pref. (quar.) — -——.—r—„
$5 cum. preference (quar.)
—
Philadelphia Electric Power pref. (quar.)__
Philadelphia Dairy Products 1st pref. (quar.)___
Phillips Packing Co., preferred (quar.)
Phoenix Insurance (Hartford) (quar.)
Pilot Full Fashion Mills, Inc.—
6 M% cumul. preferred (semi-ann.)
Pioneer Gold Mines of B. O. (quar.)
—
Pittsburgh Bessemer & Lake Erie (semi-ann.)..
Pittsburgh Ft. Wayne & Chicago Ry. Co
—
Pitts. Ft. W. & Chicago Ry. 7% pref. (quar.)—
7% preferred (quar.) — -—
7% preferred (quar.)-.7% preferred (quar.)
Pittsburgh Plate Glass
—Plainfield Union Water Co. (quar.)_____
15c
SIM
SIM
SIM
50c
,
Mar.
8
Mar. 25
Mar. 21
Mar. 22
Mar.
Apr.
Apr. 15,Mar.
Apr. 25 Apr.
May
llApr.
IMar.
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
$1$31*M Apr.
11
31
1
1
1
1
10
20
Mar. 15
Mar. 15
50c
Apr.
65c
Apr.
Apr.
Apr.
Apr.
Apr.
July
1
1
1
1
4
5
Oct.
4 Sept, 10
10c
76c
SIM
SIM
SIM
W'i
1-4-40
Mar. 15
Feb.
25
Mar. 15
Mar. 10
Mar. 10
June 10
12-10-39
—
Pratt & Lambert, Inc
-—^c-Y-
(quar.)
Procter & Gamble, stock dividend of Js75th sh.
of com. for each share of common held
Premier Gold Mining
Quarterly
5% preferred (quar.)
Procter & Gamble 8% preferred (q
Providence Gas Co. (quar.) — —
Provincial Paper Co,, 7% preferred
Prudential Investors $6 preferred (quar.)—L—
_
*\&
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 25
1 Mar. 15
25c
Plough, Inc
Potash Co. of Amer. (Initial)
Power Corp. of Canada, Ltd.—
6% cumulaiive preferred (quar.)
6% non-cum. preferred (quar.)
Mar. 18
Mar. 21
1 Mar. 15
Apr.
25c
—
Pleiffer Brewing Co
3
Mar, 20
Mar. 10
1 Mar. 10
1 Mar. 24
May
40c
(quar.).
Pennsylvania Edison, $5 prei. (quar.)—
$2.80 preferred (auar.)__
Pennsylvania Glass Sand Corp. pref, (quar.)___
5 preferred (quar.)
f6 preferred (quai.)_
15
& Granting
Co. for Insurances on Lives
Annuities (Phila.)
1
1
1
_
Apr.
SIM
SIM
-
—
June
15c
50c
"
1
2 Jan.
Jan.
SIM
SIM
3lMc
60c
prer.(quar.)___
Co., Inc., 5% pref. A (quar.)_----_ —
17
22
lTSlar. 20
Apr.
1 Apr. It
May
1 Apr. 15
May
1 Apr. 15
May
Apr. 15 Mar. 31
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
15 Mar. 31
Apr.
1 Apr. 15
May
Apr. 15 Mar. 31
Apr. 15 Apr.
5
liMar. 15
Apr.
liMar. 15
Apr.
Apr. 15 Apr.
1
1 Mar. 15
Apr.
1 Mar. 16
Apr.
1-
Panhandle Eastern Pipe Line pref.
Paraffine Cos., preferred (quar.)
18
27
Apr. 15
June
Apr._
Pacific Lighting Corp., $6 pref. (quar.)
Pacific Public Service, preferred (quar.)
Pacific Telep. & Teleg. Co., pref. (quar.)
Packer Corp. (quar.)
24
Mar. 31
Apr.
Y—_
28
Mar. 20
Apr.
5% preferred (quar.)
_____
Co., $6 pref. (quar.)________
$5M preferred (quar.)
Pacific Finance Corp. (Calif.)
5% preferred (quar.)
—
Preferred A (quar.)
Preferred C (quar.)
;
Pacific Gas & Electric (quar.)_
Pacific Indemnity Co. (quar.)
Extra.
10
15
15
Mar. 31
Apr.
-
—
28
20
24'
Mar. 31
May
Apr.
—
Otter Tail Power
1 May 15
3 Mar. 15
15 Mar. 31
——.
Ohio Public Service Co.* 7%
Mar. 15
Apr.
National Candy Co., 1st and
—-—
First preferred (quar.)——-*--Second preferred (quar.)_
Mar. 20
,
$1.65
40c
—<—
Ohio Leather Co
Mar. 15
MorristowD Securities Corp. common
Mountain States Telep & Teleg. (quar;)—_____
National Battery Co., preferred
National Biscuit Cd. (quar.)—
25c
jLIl________
6% preferred (quar.)
50c
SIM
SIM
—
28
Apr.
Apr.
-
:
15
Mar. 22
June
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Ohio Finance Co
Mar. 15
1 Mar. 15
Apr. 15 Apr.
1 Mar.
Apr.
June
1 May
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
Apr. 15 Mar.
1 Mar.
Apr.
Apr. 29 Mar.
Apr. 15 Mar.
1 Mar.
Apr.
1 Mar.
Apr.
1 Apr.
Apr.
1 July
July
Sept, 30 Sept.
15
25
Mar. 10
Apr.
6% preferred (monthly)
—
5% preferred (monthly) —.
Ohio Service Holding Corp., non-cum. pref
Mar. 31
1 Mar. 18
15 Mar. 31
1 Mar. 16
1 Mar. 15
1
10
15
Mar. 10
Apr.
Nova Scotia Light & Power
Pathe Film Gorp., $7conv.
voehringer, preferred (quar.)
Mutual System, Inc.
pref. (quar.)
ord. (quar.)
Mar. 15
1 Mar. 15
1
1
1
1
I
Apr.
__
—
Apr.
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 21
Apr.
1 Mar. 18
Apr. 20 Mat. 31
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 11
Apr.
1 Mar. 11
Apr.
1 Mar. 24
Apr.
1 Mar. 24
Apr.
1 Mar. 16
Apr.
1 Feb. 28
Apr.
1 Feb. 28
Apr.
1 Feb. 28
Apr.
1 Feb. 28
Apr.
1 Feb. 28
Apr.
1 Feb. 28
Apr.
1 Mar. 25
Apr.
Apr.
Apr.
Apr.
Apr.
87 Mc
—
_
Mar. 24
Aug.
15
15
Mar. 10
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
—
Apr/ 1
—
_
Mitchell (J* S.) & Co., 7% pref.
11
May
1 Apr. 15
May
1 Apr. 15
Apr.
1 Mar. 21
Apr. 20 Mar. 31*
Apr. 20 Mar. 31*
3
Apr.
1 Mar.
Apr.
1 Mar. 3
Apr.
1 Mar. 3
Apr.
1 Mar. 25
Apr. 10 Apr.
3
;
—
—
30c
(quar.)
75c
6% preferred (quar.)
5H % pref. (two, mo period, 47.91667c.75c
North American Rayon, prior pref. (quar.)
25c
Northern Illinois Finance Corp.,—
Preferred (quar.)
37Mc
—
Northern States Power Co., 7% cum. pref. (qu.) $1.31 M
$1M
6% cum. preferred (quar.)
—$1M
$5 preferred (quar.)___
—
Northwestern Electric 7% preferred
$1H
—_
Northwestern Yeast Co. (liquidating) _____—
$2
Mar. 20
May
10
13
15
15
16
Nov. 15 Nov.
50c
Class A (quar
*•)North American Co.
10 Mar. 22
1 Mar. 17
Apr.
__
$2 preferred
1 Apr. 20
1
1
1
Apr.
1
Apr. 15
Apr. 15
Apr., 1
May 15
Aug. 15
Apr.
.___
Midland Steel Products
Nov. 30 Nov. 29
Apr.,, 1
Apr. 15
Apr.
1
Apr. 15
Margay Oil Corp. (quar.)__—
Marine Midland Corp
$6 prior preferred
May 30
Aug. 30
4
Nov. 15 Nov.
Apr.
1 Mar. 20
Mapes Consol. Mfg. (quar.)
Marchant Calculating Machine
Preferred
Mar. 31
Apr.
Manischewitz (B.) Co.t preferred (quar.)__
Manufacturers Trust Co. (quar.)
Marlin Rockwell-
Mar. 31*
Mar. 20
,.
—
_
Mar. 31*
May
*
______
ii"!
.
Dec. 23
15
15
15
31
31
Apr.
Apr.
Preferred (quar.)
Preferred (quar.)
Mesta Machine Co
1-2-40
Apr.
Apr.
Apr.
May
Aug.
75c
-
-n__—
Oct.
1 Mar. 20
—
(quar.)
McQuay-Norris Mfg. (interim)
Mahon (R. C.) Co., class A (quar.)
Preferred (quar.)_____,,
Mahoning Coal RR
Mangin (I.) & Co., pref. (quar.)
1 Mar. 22
1 June 21
I Sept. 22
Apr.
July
$iy3
Extra_:
Mc Lellan Stores, preferred
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr. 15 Mar. 31
May
Apr.
25c
25c
.___
Preferred
50c
_ _—
Mar. 15
Louisville Gas & Electric Co. (Ky.)—
7 % cum. preferred
20c
-
%
Nov. 20
Apr.
Lord &
I Holders
Payable{of Record
25c
Refining Co. (N. J.)
NatomasCo. (quar.)
Nehi Corp
Nov. 20
June
_
5% refunding partic. preferred (quar.)
Share
of Company
1 Mar,
Apr.
IMar.
Apr.
1 Mar.
Apr.
1 Mar.
1st preferred
Apr.
(quar.)
$
Mar.
50c
Apr.
Newberry (J. J.) Co. (quar.)
Apr.
May
$16A
Newberry (J. J.) Realty Co., 6M% pref. A (qu.)
Apr.
SIM
May
6% preferred B (quar.)
___
Mar.
New Amsterdam Casualty Co. (s.-a.)
32 Mc
Apr.
Mar.
Newark & Bloomfield RR. (quar.)
Apr.
Mar.
New England Power Assoc., 6% preferred..
Apr.
Mar.
$2 preferred
t33 l-3c Apr.
J
Mar.
New England Power Co., pref. (quar.)__
Apr.
$1M
Mar.
New Hampshire Fire Insurance Co
40c
Apr.
Feb.
New Jersey Power & Light Co. $5 pref. (quar.) _
Apr.
$1M
Feb.
Apr.
$6 preferred (quar.)__
$1M
____•_—__—_
Mar.
New Jersey Water Co., 7% preferred
$1 ¥<< Apr.
__
Mar.
New OrDans Public Service. $7 preferred.______
Apr.
tUH
Mar.
New York Lackawanna & Western (quar.)
$1M
Apr.
Mar.
New York Power & Light 7% pref. (quar.)
Apr.
Mar.
Apr.
$6 preferred (quar.)
Feb.
New York State Gas & Elec. pref. (quar.)
31 Mc
Apr.
Mar.
New York Transit Co
15c
*
Apr.
Mar.
New York Trust Co. (quar.)
Apr.
——
Mar.
Apr.
Niagara Alkali Co. 7% pref. (quar.)
Mar.
Apr.
Niagara Fire Insurance Co. (N. Y.) (quar.) __ ___
Mar.
25c
Apr.
Niagara Wire Weaving Co. (quar.)
50c
May
May
1900 Corp., class A (quar.)
Class A (quar.).
50c
Aug. 15 Aug.
National Sugar
Apr.
1 Mar. 18
Apr. 20 Mar. 18
Lone 8tar Gas Corp
Extra
Name
Payable of Record
Company
When
Per
Holders
When
Name of
Apr.
1 Mar. 15
75c
m
3c
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr.
1 Mar. 15
Apr. 15 Mar. 15
May 15 Apr. 14
May 15 Apr. 14
ay 24
Junei 16
Mar. 24*
Ap^
1 Mar. 15 "
Apr. 1 Mar. 15
Mar. 31
Apr.
Chronicle
Financial
1906
Per
Share
Name of Company
When
5% preferred (monthly)
Public Service Co. iOklahoma) 7% prior lien...
0% prior lien (quar.).......—......—..
Public Service Corp. of N, J , 6% pref. (mthly>
Publication Corp., original preferred (quar.)...
Pure Oil Co. 5% preferred (quar.)............
5 H% preferred (quar.)—,
—..........
6% preferred (quar.).....
.............
Quaker Oats Co.. preferred (quar.).......... i—
Radio Corp. of Amer. 1st pref. (quar.)........
B preferred (quar.)........—
20c
20c
Preferred (quar.).......1...........—...Rath Packing Co. (quar.).. ...—
33 l-3c
Reading Co. 2d pref. (quar.)—.....
Share
Name of Company
Mar. 20
Mar, 15
Mar. 15
Mar. 15
Trade Bank of New York (quar.)Traders Finance, preferred A (quar.)
Preferred B (quar.)
——
Apr.
1
Trlco Products (quar.)
Apr.
1
Tri-Continental Corp., $0 cum. pref. (auar.)—
Troy & Greenbusb RR. Assoc. (s.-a.)
...
Tubize-Chatillon 7% preferred (quar.).-——-
Mar. 20
Mar. 10
Mar.
Mar.
-
8
Union Pacific RR.
Preferred (semi-ann.)—
Mar. 31
Mar. 31
—————
Apr,
Mar, 23
United Biscuit of America, preferred
Apr.
Apr.
United Bond A Share Corp., Ltd. (quar.)
Class A (quar.).
Reliance Mfg., common............
Apr.
Mar. 20
Mar. 15
Mar. 15
May
Apr. 20
7% cumulative preferred (quar.)...........
Reliable Stores Corp., pref. (quar.)..
Remington Rand, Inc. pref, (quar.)
Reynolds Metals Co. 534 % conv. pref
—
Rhode Island Electric Protective Co. (quar.)...
Rice-Stlx Dry Goods Co., 1st & 2d pref. (quar.)
Richman Bros, (quar.)...*
.....£....
Riverside Silk Mills, class A (quar.)...........
Rochester Telephone. 0)4% pref, (quar.)..
Apr.
Mar. 21
Apr.
Apr.
Apr,
Apr.
Mar. 25
Mar, 10
Mar. 17
Apr.
Mar. 16
.
Roeser & Pendleton (auar.)
Ross Gear & Tool (quar.).—.-i......
Rubinstein (Helenajclass A (quar.).-.-.-.--.
Safeway tftoresylnc..... ......
6% preferred (quar.)....
6% preferred (quar.).—..—
7% preferred (quar,).—
———————
St. Joseph Ry. Eight Heat & Power Co*
5% preferred (quar;)
— . ——...
St. Paul Union Stockyards Co. (quar.)..——Sangamo Electric Co....—..
.............
Savannah Sugar Refining (quar.)——————:
Schenley Distillers, pref. (quar,).............
Scott Paper Co., $4)4 cum. preferred (quar.) —
.......
—
(quar.)—.
Preferred (quar.)..
1
Preferred
(quar.L—...
(quar.)
Preferred
............
......
Seven-Up Bottling (irregular).....—
Sharon Steel Corp., convertible $5 preferred...
Sheep Creek Gold Mines, Ltd (quar,)..—
Extra.-.:.--.
Shell Union Oil Corp,,
......
....
534%
Sbeller Mfg
conv.
-
pref. (quar.)
Sherwin-Williams Co. (Can.), pref. ... . r .—- — Silverwood Dairies:——...
Simms Petroleum Co., (liquidating)..
......
Skelly Oil Co., pref* (quar.) :
——Smith (L. C.) A Corona (Typewriters.—....
Preferred (quar.)
——
.......
Smiths Howard) Paper Mill, preferred (qu.)—,-
Mar. 14
—-
South Carolina Power $0,1st preferred (quar,).
South Pittsburgh Water Co. 7% pref.(qu.).—
I
2%
50c
6234c
x
3734c
34 He
25C
3734c
3734c
3734c
J20c
0 % preferred A (quar.) ————:
......
Southern Canada Power (quar.)——————:
0% curd, preferred (quar.).i.—- tlH%
Apr.
Apr.
Apr.
Apry
Apr.
Apr.,
Apr.
Apr.
Apr.
15
15
1
1
1
1
15
15
15
15
14
14
May
Apr.
Apr.
May 15
Apr, 15
——
...
(qu.)—
Preferred
(quar.).
...
'
0% convertible preferred (quar.)..Y.
Steel Co. of Canada (quar.)—..
.1——
U
40c
75c
t43Hc
Preferred (quar.)...—.—
A..
Stein (A.) A Co., preferred
(quar.)
„\————
Suburban Electric Securities Co. $4 pre:
Sun Life Assurance Co. (Can.) (quar.)-A,-.—.
Sunray Oil Corp
1...Xl—1..-.
Preferred (quar.)...—...——ATr———
A—J.¬
Superior Water. Light A Power Co., $7 pf. (qu.)
Supervised Shares, Inc. (quar.)———————.
m-
M
68 He
Superior Portland Cement class A
Swift A Co. (quar.)—
Tacony-Palmyra-Bridge, preferred (quar,). . -,r Taggart Corp., preferred (quar.)....—.
t—
—-
Talcott, Inc., common (quar.)
...
534% participating preference (quar.)
...
Correction: previously reported as 67He.
Tamblyn (G.) (quar.)
5% preferred (quar.)—
—
Taunton Gas Light Co
—
Teck Hughes Gold Mines (quar.)
Tennessee Electric Power Co.—
5% 1st preferred (quar.)
6% 1st preferred (quar.)
7% 1st preferred (quar.)
7.2% 1st preferred (quar.).
6% 1st preferred (monthly)
7.2% 1st preferred (monthly).—.
Texas Corp. (quar.)
—
"1
30c
$134
6234c
—
_
Texas Electric Service, pref. (quar.)...
Apr.: 29
Mar. 20
—
pref. (quar.)
Tip-Top Tailors, Ltd. (quar.)
7% preferred (quar.)...
Todd-Johnson Dry Dock, Inc.
Preferred A A B
...
...
(quar.)
Toledo Edison Co.,
7% preferred (monthly).:
6% preferred (monthly)-....5% preferred (monthly).....
—Toledo Light A Power Co., preferred (quar.)
Toronto Mtge. (Ontario) (quar.). i—— —
Torrington Co.
50c
412-3C
.
14
$134
$134
30c
1 Mar.27
1
10 June
9 Sept, 1
1
9 Dec.
1 June 15
1 Mar. 8
1 Mar.
8
1 Mar. 20
May
1
Apr. 12
Apr. 20 Apr. 10
July 20 July 10
Oct; 20 Oct. 10
1
Apr.
1
Apr.
1
Apr.
Apr., 15
June
June
Apr.
.
$1:
Apr.
May
Aug,
Apr.
Apr.
Apr.
Apr,
Apr.
May
May
May
May
Apr.
Mar. 20
Mar. 20
Mar. 18
Mar. 31
1 May
«
15
1 May 15
1 Mar. 15
1 Mar. 17
31, May 15
31 Aug. 15
Mar.27
_
Mar. 15
Mar. 15
Mar. 15
Mar. 22
15 Apr. 21
15 Apr. 21
1 Apr.
5
1 Apr.
5
1 Mar. 22
1 Mar. 15
1 Mar. 15
1 Mar. 10
1 Mar. 15
Apr*
Apr.
Apr.
Apr.
1 Mar. 27 '
Apr.
Apr. 15 Mar. 20
Apr. 15 Mar, 20
$6 cumulative preferred^
West Virginia Pulp A Paper Co...
West Virginia Water Service $6 pref. (quar.) —
Western Commonwealth Corp., class A (s.-a.)..
Western Grocers, Ltd. (quar.)..
—
_
—
_
Whitaker Paper Co.
1
1 Mar.
1
1 Mar; 20
Apr.
.......
Preferred, (quar 0Western Tablet A Stationery 5% pref. (qu.)
Westinghouse Air Brake Co..—
Westmoreland, Inc. (quar.)—
Westmoreland Water Co. $6 preferred (quar.) .,.
Weston Electric Instruments, class A----.—.
Weston (Geo.), Ltd. (quar.):
....
Preferred (quar.)
Wheeling Steel, prior preferred——
White Rock Mineral Springs Co.— >
1st preferred (quar.)..
.......
2nd preferred (quar.)
1 Mar.
Dec.
.....
—
1 Apr. 12
1 Mar. 28
1 Mar. 15
July
—
1 Mar. 24
1 Mar. 16
Apr,. 27 Mar. 9
Apr;
1 Mar. 9
Apr.
1 Mar. 23
Apr.
1 Mar. 15
Apr. 15 Mar. 31
Apr. .1 Mar. "1
May 1 Mar, 17
$134
50c
20c
:
$134
t50c
1 Mar,. 20
Apr.
Apr. 29 Mar. 31
Apr.
1 Mar. 15
Mar. 20
Apr,
Mar. 20
Apr.
Apr.
Mar. 15
May
Apr. 15
Apr.
Mar. 16
Mar. 28
Mar. 28
1 Mar. 20
(resumed)"....——...——'
18
7% preferred (quar.)—..
...j.—
Whitman (Wml 7% pref.
(quar.)..,—....—
Wichita Water Ob. 7 % preferred
1 Mar. 15
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr,
(quar.).——.r.-:
(quar.)
il Mar. 30
Apr.
Apr.
Wagner Baking Corp., 7% pref. (quar.)...—
Waldorf,"System, Inc.——
———
Ward Baking Co., preferred
Warren RR. (semi-annual)—-__1._
Washington Ry. A Electric Co,, 5% pref. (s.-a.)
5% preferred (quar.)..—A_.
....
Waukesha Motors Co. (quar.)—
_Wayne Pump Co...
Welch Grape Juice Co., preferred (quar.)
...
Preferred (quar.).....
Weils Fargo Bank A Union Trust Co
■
Wesson Oil A Snowdrift Co., Inc-i—.
West Coast Utilities, $6 preferred.
$6 preferred (quar.).—.
West Kootenay Power A Light, pref. (quar.)
West Penn Electric Co., 7% preferred (quar.)..
6% preferred (quar.)
West Penn Power Co., 7% pref. (quar.)....—.
6% preferred (quar.)—
West Point Mfg-.
West Texas Utilities Co., $6 cum.pref,(quar.)..
Mar. 18
Mar, 18
Apr.
1
Mar. 22"
Mar. 22
(quar.)———-
Wieboldt Stores, prior pref. (quar,) ..... .J.
Preferred (quar.)....
Will A Baumer Candle Co., Inc., pref. (quar.)..
Wilson-Jones Co
...
————————
Mar. 16
Mar. 16
Mar. 15
Mar, 15
Apr. 24
—
Winn A Lovett Grocery, class
Class B (quar.)..;
Preferred (quar)....
Mar, 10
Winsted Hosiery
Extra.....
Mar. 15
Mar. 20
Mar. 20
Mar. 20
A (quar.)
.....
...
....
Co. (quar.)—
Apr, 15
Apr. 15
—.
•
Mar.
Mar.
Mar.
Mar.
15
15
15
15
Mar 15
Mar. 3
Mar. 15
Mar. 15
...
—
Quarterly...
July 15
July 15
....
.Extra..
Quarterly.
Oct. 15
Oct. 15
11
18
15
15
...
Wiser Oil Co. (quar.f.—
Wood Preserving Com., preferred
Mar.
Mar.
Feb.
Feb.
...
Wright-Hargreaves Mines, Ltd. (quar.)..
Extra
.
Apr. 29
Wrigley (Wm.) Jr. Co. (monthly)..—.........
Mar. 20
Wuriitzer (Rudolph) (no action).
Mar. 20
Mar. 10
Mar. 20
Preferred (quar.)
.....
Yale A Towne Mfg. Co
Yellow Truck A Coach Mfg., preferred..:.:—
Young (J. S.) Co. (quar.)
—.
Mar. 20
,
Preferred
AW
Sept.
..—
Apr,
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
...
Prior pref. (quar.)
Tide Water Assoc. Oil,
.
Apr. 15 Mar. 31
Apr;
1 Mar. 20
Apr.
1 Mar. 20
Apr,
1 Mar. 20'
May
1 #rv
g
May ; 1 Apr.
6
Apr.
1 Mar* 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
...
Thatcher Mfg. Co——
Convertible pref. (quar.).—
^Thompson Products, Inc
Preferred
Preferred
31
1
1
1
1
June
...
Mar. 31
Apr.
Apr.
-
——
Apr. 20
Apr.
(quar;)
—
Mar. 20
Apr.
Apr.
Apr.
Apr.
15c
.68 He
Apr.
May
Apr.
Apr.
Apr.
Apr*
Apr.
Apr.
Vapor Car Heating Co., Inc., 7% pref. (quar.).
7% preferred (quar.)———-..——.—
7% preferred (quar.)—
Vermont A Boston Telegraph-.-..
Vicksburg Shreveport A Pacific Ry.
——
Preferred (semi-anh.)
Victor-Monoghan Co,, 7 % pref. (quar.)
—Virginia Railway,preferred (quar.).
........
Vulcan Detinning. pref. (quar.)——.———...
1 Feb. 17
June .15 June
1
Stedman Bros., Ltd. (quar.)
■Extra...'
Van Camp Milk preferred
Apr.
—L——
—
Standard Oil Co. (Ohio), 6% cumul . pref. (qu.)
July 15 July
5
1 Mar. 21
Apr.
Mar. 21
Apr,
——
$6 preferred——
Valve Bag Co. 6% preferred (quar.)—————
Sept. 15 Sept. 14
Dec. 15 Dec. 14
8% preferred (quar.) ———„—
8% preferred (quar.)
Standard Brands, Inc. (quar.)
——
8% preferred (quar.).—
Upressit Metal Cap Corp., 8% pref..—
Utah Power A Light, $7 preferred
Mar. 20
Mar. 20
June 15 June
Corp—
—
(quar.)..-.
United States Trust Co. (quar.)
———-.—
Extra...-:—
;—
United Stockyards Corp., conv. pref. (quar.)—Universal Leaf Tobacco Co., Inc-——
—
Mar. 16
Southwestern Portland Cement 8% pref.
Southwestern Consolidated
Apr,
1 Mar. 16
9*
June 23 June
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Apr.
5
Refining A Mining
Preferred
Mar. 15*
Southwestern Gas & Electric Co. pref. (quar.)*..
Southwestern Light A Power $0 preferred. ....
....
United States Sugar Corp. preferred (quar.)...
1
1
Mar. 14
Mar. 14
Apr. 10 Mar. 31
Apr.
1 Mar. 15
Apr.; 1 Mar. 20
Apr.
1 Mar. 15
Apr.
b Mar. 20
Southern Franklin Process 7% pref. (quar.)——
Southern Railway Mobile & Ohio (semi-annual)
Apr. 17 Mar, 31
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Apr. 20
May
June 20 May 31
Sept 20 Aug. 31
Dec. 20 Nov. 29
Quarterly.^,....——r.._————.
United States Smelting,
Preferred (quar.)
5 Mar. 14
Apr.
-——
—
Quarterly—..i.
Apr,
Apr.
Mar
(quar.)
United States Playing Card Co (quar.)——...
United States Rubber Co. 8% 1st pref-...-.—
Apr. 15 Mar, 31
Apr.
1 Mar. 20
1
Apr, 10 Apr.
Apr.
1 Mar. 10
Apr.
1 Mar. 15
SJp3rth Mfg. Co. (quar.) -———.>.....„■—
0% preferred (quar.) ——.:
'South porto Rico Sugar Coy, com, (quaf.)
—
Preferred (quar.)———.——'—:—..]———
South West Pennsylvania Pipe Lines———:Southern & AtlanticTeleg. gtd. ls.-a.).*..—...
Southern Calif. Edison brig. pref. (quar,)—
534% preferred O (quar.)
vOriginal preferred (special)
....—
Southern Calif, Edison Co., Ltd. (quar.)—....Southern Calif. Gas, 0% pref. (quar.)——
Preferred
United States Fidelity A Guaranty (quar.)—...
United States Gypsum Co, (quar,)——
——
Preferred (quar.)United States Hoffman Machine, pref. (qu.)—
United States Pipe A Foundry Co. (quar.) —
.
..w..—.
Solar Aircraft Co.—
—w ———
So no tone Corp., preferred (quar.
Mar. 20
Mar, 14
Mar. 14
Mar. 14
1 Mar, 15
1 Mar, 23
1 Mar, 18
1 Mar. 15
Apr.
1 Mar, 23
May
1 Apr. 20*
Apr.
1 Mar. 15
Apr.
1 Mar, 9
Apr:! Mar, 20
Apr.
1 Mar. 17
July
1 June 16
Oct.
1 Sept. 15
1-3-40 Dec. 15
Apr.
1 Mar, 22
Apr,
1 Mar, 28
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr.
1 Mar. 10
Apr,
1 Mar. 23
Apr.
1 Mar. 15
Apr.
1 Mar. 10
Apr. 11 Mar. 28
4
May
1 Apr.
Apr." 1 Mar, 18
Apr.
1 Mar. 18
Scranton Electric, $6 pref. (quar.)...,
...
Selected Industries, $534 preferred (auar,)..—.
Serve), Inc., preferred
_——.—.. -
Mar, 20
1 Mar, 18
1 Mar, 10
Apr.
Apr. 15 Mar, 23
1 Mar, 15
Apr.
1 Mar. 15
Apr.
1 Mar 15
Apr.
1 Mar. 23
Apr.
1 Mar. 23
Apr,
1 Mar. 23
Apr.
Apr. 10 Mar .20
Apr. 29 Mar. 31
Apr.
5 Mar. 14
Participating preferred (quar.)-.—,
—Participating preferred (participating div.)
United New Jersey RR. A Canal (quar.)———
United Profit Sharing, pref. (semi-annual).
United Shoe Machinery (quar.)..—. ——_—'
Mar, 20
Mar. 10
Mar. 15
Mar. 15
Mar. 20
Mar. 14
Mar. 17
1
15 June
1 Mar. 20
Apr.
:
(quar.)
United Light A Rys. 7% prior pref, (monthly)—
0.36% prior preferred (monthly)-.
6% jprior preferred (monthly)..^
United Milk Products.—: —:
Apr.
Apr,
Apr,
Apr,
—
Scovill Mfg. Co...
........—.
United Dyewood Corp., pref.
United Fruit Co_
Mar. 24
Apr.
Apr.
—
Quarterly
United Carbon Co. (quar.)—J—.:—:
Mar.15
Apr.
'
.
Quarterly
Mar. 21*
Apr.
Apr,
Apr,
Apr.
Apr,
Apr # i
Apr.
....
(quar,)
Apr. 20
June
Union Premier Food Stores (quar.)..—.—.
Union Twist Drill Co. pref. (quar.)————
Reece Button Hole Machine Co...—.........
Reed Drug Co.(Dela.), common............
Holders
When
Apr.
Apr. 15 Mar. 31
1 Mar. 20
Apr.
1 Mar. 15
Apr.
1 Mar. 10
Apr,
1 Mar. 25
Apr.
1 Mar. 6
Apr.
1 Mar. 6
Apr.
1 Mar. 15
Apr.
1 Mar. 21
Apr.
1 Apr. 13
May
Apr* 15 Mar. 31
July 15 June 30
Oct. 16 Sept. 30
—————... -
Mar. 20
1939
Payable of Record
Apr.
Apr.
...-
.—.
1
8
May
—
Tuckett Tobacco Co., pref. (quar.).
.
Twin Disc Clutch
Twin State Gas A Electric, 7% prior lien (quar.)
Union Carbide & Carbon Corp
——.—
Union Investment Co., pref. (quar.)...—
Mar. 10
Mar. 10
May
Apr.
Apr.
Apr,
Apr,
Apr.
...——
...—
1,
May
Apr.
Apr.
Apr.
—,—.—
Travelers Insurance (quar.)-—
Mar. 15
Apr.
Railroad Employees Corp.,class A&B.
Per
Solders
Payable of Record
Apr.
Apr.
Apr.
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Public Nat. Bank & Trust Co. (N. Y.) (quar.)
Public Service Co. (Colorado), 7% pref. (mo.)..
0% preferred imontbly)...................
April
Feb. 24
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 22
(quar.)
Mar, 20
Mar, 20
Mar. 23
Mar. 13
Mar. 24
Mar. 24
Mar. 11
....
Youngstown Sheet A Tube pref. (quar.).
Zion's Co-operative Mercantile Institution.
*
t On account of accumulated dividends.
,
i
Apr.
5
Transfer books not dosed for this dividend,
■,
/
Payable In Canadian funds, and in the case of non-residents of Canada;
a tax of 5% of the amount of such dividend will be made.
deduction of
Volume
York
New
Clearing House
following shows the condition of the Federal Reserve
1939,
The
Bank of New York at the close of business Mar. 29,
weekly
City
Friday afternoon is given in full below:
on
members of
of
statement
issued by the New York
statement
Clearing House
with the previous week and the corresponding
>.
'
in comparison
date last year:
York City
Weekly Return of the New
Condition of the Federal Reserve Bank of
The
1907
Chronicle
Financial
148
clearing house
new york
the
association at close of business thursday, march 30, 1939
29,1939 Mar. 22, 1939
Mar.
Mar.
30,1938
*Surplus and
I
Time
Net Demand
Undivided
Deposits,
Deposits,
Profits
Capital
Clearing House
Assets—
Average
Average
Members
Gold certificates on hand and due from
United States Treasury _x
5,678,286,000 5,564,848,000 3,984,256,000
1,714,000
1,853,000
1,745,000
113,153,000
109,917,000
109,010,000
-
-
Total reserves..
.....
Bank of New York
Bank of Manhattan Co.
20,000,000
5,789,041,000 5,676,618,000 4,099,123,000
„
Redemption fund—F. R. notes.,
Other cash t
National City Bank
Chem Bank A Trust Co.
77,500,000
20,000,000
90,000,000
42,243,000
Bills discounted:
Secured
direct
Guaranty Trust Co...
Manufacturers Trust Co
U. 8. Govt, obligations.
by
1,029,000
2,484,000
1,229,000
81,000
fully guaranteed....
Other bills discounted
or
133,000
Cent Hanover Bk&Tr Co
"
264,000
2,748,000
223,000
1,362,000
216,000
3,834,000
3,834,000
4,320,000
257,500,000
332,401,000
134,762,000
257,500,000
332,401,000
134,762,000
211,515,000
336,228,000
191,811,000
724,663,000
724,663,000
739,554,000
729,830,000
730,075,000
746,837,000
discounted..lL.._
Bills bought In open
1,110,000
market...
Industrial advances
215,000
Continental Bk & Tr Co.
Chase National Bank
United States Government securities:
Bonds
Treasury notes
1..—.
Treasury bills
Total U. S. Government securities—
Total bills and securities
....
Federal Reserve notes of other banks...
1
Unoollected Items
Bank premises.:..
...—
Other assets
62,000
—
47 759,000
25,254,000
3,027,000
5,299,000
259 ,561,000
543 ,848,000
541 926,000
2,949,000
52,936,000
135,516,700 d2,327 ,550,000
3,741,400
Bankers Trust Co......
25,000,000
79,464,100
£900 ,181,000
1/6,000,000
4,519,000
29,741,000
2,249,000
4,007,000
25,268,000
47 ,547,000
13 764,000
107 ,477,000
Marine Midland Tr Co.
5,000,000
J/4,966,900
9,252,700
New York Trust Co
Comm'l Nat Bk & Tr Co
12,500,000
27,881,500
332 ,997,000
8,000,000
84 ,125,000
1,804,000
Public Nat Bk & Tr Co.
7,000,000
8,297,700
9,355,600
80 ,785,000
51,241,000
918,899,900 11,036,143,000
636,541,000
Totals.:
*
519,013,000
As per official exports:
companies, Dec. 31; 1938.
12,669,000
National, Dec. 31, 1938.
State, Dec. 31, 1938: trust
a: Surplus,
v Jan. 31, 1939.
'
/ 1
branches as foUows:
Includes deposits in foreign
C
Total assets
4,319,700
819 ,502,000
Title Guar & Trust Co..
4,047,000
129,871,000
9,940,000
9,005,000
13,143,000
540 ,186,000
50Q.000
Fifth Avenue Bank
65,000
2,782,000
143,969,000
55,000
3,069,000
156,060,000
9,005,000
13,481,000
Due from foreign banks
45,713,000
168,742,000
5,103,000
61,528,000
95,165,000
41,991,000
45,129,400
71,537,000
19,038,800
109,072,800
152,935,000
'50,000,000
4,000,000
100,270,000
Irving Trust Co
10,005,000
168 ,958,000
13,716.400
456 968,000
26,178,200
60,054,900 al,692 ,063,000
553 ,858,000
55,632,700
182,808,400 61,517, 088,000
21,000,000
15,000,000
10,000,000
Corn Exch Bank Tr Co.
First National Bank....
Total bills
$
*
6,000,000
a
$282,809,000: b $80,500,000^
$6,052,000: d $107,542,000; e $39,313,000,
6,700,541,000 6,575,654,000 5,002,552,000
......
Liabilities—
910,304,000
1,017,788,000 1,001,652,000
3,475,091,000
Deposits—Member bank reserve acc't— 4,921,363,000 4,825,440,000
173,556,000
194,819,000
200,924,000
U. 8. Treasurer—General account
42,005,000
84,027,000
86,434,000
Foreign bank.
^
152,541,000
207,095,000
195,329,000
Other deposits.....
F. R. notes In actual circulation.....L_
LONDON STOCK EXCHANGE
THE
Quotations of representative stocks as received by cable
-•
each
day of the past week:
Deferred availability Items..,
Other liabilities incl. accrued
...
dividends—
142,208,000
1,340,000
158,167,000
1,454,000
127,773,000
1,612,000
Mon.,
March 27
Boots Pure Drugs.....
Brltlsh Amer Tobacco.
Cable A Wire ordinary.'
6,581,459,000 8,456,581,000 4,882,882,000
Total liabilities
.
Canadian Marconi
Central Min & Invest..
V
Cons Goldflelds of S A.
Courtaulds S & Co.—
Capital Accounts—
Capital paid in_.
:
.
Surplus (Section 7).
7,457,000
8,172,000
Surplus (Section 13-b)
Other capital accounts
50,944,000
De
51,943,000
50,989,000
52,463,000
7,457,000
8,164,000
50,990,000
52,463,000
,
.....
Distillers
Beers
Co.
7,744,000
Electrlc & Musical Ind.
9,039,000
Ford
Ltd.....
..
Gaumont Pictures ora.
Total liabilities and capital accounts..
6,700,541,000 8,575,654,000 5,002,552,000
A
'
Holiday
of
deposit and
liabilities combined....
total
F. R. note
to
reserve
89.9%
90.1%
;
.
Contingent liability on bills purchased
for foreign correspondents
Metal
,
to
make
Industrial
Rand Mines..
ad¬
Roan Antelope
t "Other cash" does not include
'
These are certificates given
over
Federal
Royal Dutch Co.—...
Shell Transport
Swedish Match B——.
Federal Reserve notes or a bank's own
Reserve bank notes.
x
Rolls Royce..-i...—
by the United States
United Molasses
1934, devalued from
to the extent of the
having been appropriated as profit by the Treasury
provisions of the Gold Reserve Act of 1934.
Vickers
100 cents to
under the
r
;
...
£1654
4/-
■
£1634
'
60/-
„
26/£7M
90
6
i,
\Vf-
'
130/-
£1214
£13
19/-,
3//
1/-'
23/132/-
90/11/18/3/-.
i/22/-
.
76/£834
£1254
£12«4
£12»4
15/105/-
105/-
£1234
15/6
105/-
£34
£34
£34
£4
£4
.
15/-
26/9
35 /-
;
'
■
,
20/1034
20 /9
21/-
£3334£4
26/6
34/,22/6
34/22/-
22/6
15/106/3
£4
..
26/-
,
£13
76/£834
-
;
131/- ;
£13
76/£834
75/-
£654
90/11/-
'
22/130/-
25/-
£654
■
"
,
60 /-
60/26/—
60/734
25/£6%
90/-
'
,
£40
■
4/£1634 '
26/34/22/20/9
Wltwatersrand
West
difference, the difference Itself
£4034
4/,
40/6
96/-
40/6
96/-
>
£4 34
26/34/3
23/3
21/3
.
Unilever Ltd
Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31,
59.06 cents, these certificates being worth less
■
March 30 March 31
£40
41£16%
19/-
15/6
106/3
£3434
Cop M.
4,251,000
2,646,000
2,646,000
vances
£41
Frl.,
Thurs.,
Wed.,
40/3
95/-
40/3
95/-
76/3
£8M
£13
Box
Rio Ttnto.....
Commitments
3/1/21/6
132/£12^
>
March 28 March 29
*17/—
,
—
Imp Tob of G B & I—
London Midland Ry...
86.2%
22,000
41/96/9
£43
4/£ 1734
61 /10 H
26/6
£6%
91/10/6
*
Hudsons Bay Co...—
Ratio
!
Tues.,
Sat.,
March 25
5,404,050,000 5,311,381,000 3,843,193,000
Total deposits....
*
£5
£454
£5
£5
Areas
£454
,
of the Federal Reserve System
Weekly Return for the Member Banks
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the prineipal
Items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
banks themselves. The comment of the Board of Governors of
in our department of "Current Events and Discussions "
also give the figures of New York and Chicago reporting member banks for a week later.
These figures are always a week behind those for the Reserve
the Federal Reserve System upon the figures for the latest week appears
mmediately preceding which we
of May 19, 1937, various changes were made In the
Federal Reserve Bank of New York of April 20, 1937, as
Commencing with the statement
described in an announcement of the
breakdown of loans as reported in this statement, which were
follows:
amounts
—•—■
—
_
—
New~York City"^^sio^has beenlnade^also" to include "acceptances of own bank purchased or discounted" with "acceptances and commer
eial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans,"_as formerly.
J 4>
,
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.
outside
ASSETS AND LIABILITIES OF
Federal
WEEKLY REPORTING MEMBER BANKS IN 101
investments—total—....
Loans—total
Commercial. Indus, and agricul. loans
21,742
Banks.
%
8,788
1,133
1,845
677
610
3,164
7?7
372
652
507
2,147
652
233
307
866
309
155
256
246
963
'
184
234
100
171
498
183
77
153
162
325
23
9
9
3
29
3
4
19
1
20
310
126
35
5
1
5
3
12
79
11
7
10
14
50
99
50
794
650
30
23
20
3
7
26
17
13
34
27
530
24
247
32
80
196
52
168
3
75
1
1
1,544
120
487
434
5
97
88
1,999
5,805
2,036
3,259
7.379
194
23
20
380
3
5
85
113
52
69
46
46
175
8
'"70
14
7
1
244
31
7
5
29
3
1
70
805
42
203
152
32
342
60
35
85
50
123
303
2,191
1,115
323
590
179
112
1,001
164
117
116
80
629
94
106
49
58
252
63
17
56
49
131
1,341
4,404
262
280
64
84
469
100
298
275
392
151
111
897
132
55
11
46
133
349
41
134
53
75
*
166
107
7
12
11
21
320
416
Balances with domestic banks
Other assets—net
139
70
17
42
19
12
178
162
291
164
168
433
139
101
269
233
291
2,572
1,264
143
80
485
105
104
36
49
81
23
17
22
29
233
1,025
7,521
789
1,133
443
365
2,185
436
257
492
428
902
15,976
250
1,004
283
750
199
184
898
190
119
144
137
5,212
Cash In vault
1,054
15
131
20
2
23
34
110
630
40
289
129
360
199
280
LIABILITIES
Demand deposits—ad justed
Time deposits.
United States Government
' "'
S
1.467
.
Reserve with Federal Reserve
'
3,248
...
Obligations fully guar, by U. 8, Govt.
-i
%
90
Other securities
San Fran.
Dallas
City
%
I
S
1,129
1,136
Treasury bills..
'
64
——
Treasury notes
bonds
'
572
Real estate loans
United States
St. Louis Minneap. Kan.
251
Loans to banks
Other loans
%
8,209
3,805
carrying
securities
Chicago
S
$
$
$
Atlanta
412
Open market paper...
Loans to brokers and dealers In secure.
Other loans for purchasing or
■
LEADING CITIES BY DISTRICTS ON MAR. 22, 1939 (In Millions of Dollars
Cleveland Richmond
Phila.
S
%
A8SETS
Loans and
New York
ston
Total
Reserve District*—
deposits..
132
Inter bank deposits:
Domestic banks....
Foreign banks.
Borrowings;.- :....s
Other liabilities
Capital account
6,501
259
612
24
1
■
53
42
28
2.799
319
365
253
253
996
545
10
1
1
11
19
"390
1
18
3
1
1
5
"""306
99
83
.......
...
755
22
"""320
16
16
"""29
6
3,686
244
1,604
222
367
95
92
92
56
•
342
Financial
1908
Chronicle
April 1, 1939
Weekly Return of the Board of Governors of the Federal Reserve System
was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Mar. 30,
showing the condition of the 12 Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
The
following
Reserve note statement
returns
(third table following) gives details regarding transactions in Federal Reserve notes between the
Agents and the Federal Reserve banks.
Reserve
The comments of the Board of Governors of the Federal Reserve System upon th
for the latest week appear in our department of "Current Events and Discussions"
COMBINED RESOURCES AND
Three Cipher»
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 29,1939
Mar.
(000) Omitted
Mar. 22.
29,
1939
U. S. Treas. x.
Redemption fund (Federal Reserve notes).....
12,423,718
Feb. 21,
1,
1939
$
1939
12,154,719
10,130
9,904
432,094
415,243
Feb. 8,
1939
Feb. J5,
1939
'
'
Feb.
1,
Mar.
30,
1938
1939
S
S
$
%
72,183,719
9,295
403,401
10,163
405,551 ;
403,630
Mar.
8,
1039
12,253,762
12,307,721
9,602
Mar.
/
S
$
8
ASSETS
Gold ctfs. on hand and due from
Mar. 15,
'
1939
1039
$
$
9,212,708
12,006,218
12,049,719
,10.259
445.875
11,979,223
11,947,218
'8,856
438,850
9,908
441.936
10,441
440.142
473,506
.
J9.874
12,836,950
12,723,435
12,606,458
72,609,092
12,596,717
12.505,853
12.453,924
12,431,007
12,397,801
H,834
1,488
1,871
1,608
1.932
,1,525
1,690
1,649
1,954
1,744
2,289
2,128
3,078
1,981
5,294
2,100
2,880
1,993
3,866
3,322
3,439
3.457
3,345
3,698
4,417
5,059
7,304
4,873
12,040
561
Bills discounted:
9,696,088
554
554
553
553
553
556
556
550
14,005
14,091
14,059
14,122
14,686
14,647
553
14,662
14,738
,14,811
17,177
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,145,260
507,056
840,893
7,215.466
607,650
840,893
1,215,466
507,656
840.893
1,215,466
607,656
840,893
1,215,466
507,656
840,893
1,209,931
513,101
840,893
1,209,931
513,191
1,165,691
2,564,015
2,564,015
2,564,015
2,664,015
2,564,015
2,564,016
2,564,015
2,564,015
2,564,015
2,564,015
2.583,632
2,584,289
2,586,703
2,684,255
2,593,782
;
Secured by U. 8. Government obligations,
direct or fully guaranteed—r—_r——
Other bills discounted—..............———
,Total bills discounted—-—
........
Bills bought In open market...
Industrial advances-
——
securities—Bonds..
United States Government
Treasury notes.————————..—-
Total U. S, Government
9
*
*
securities.......
"
/
8474'
733,320
665,004
.
h
.
ft. '
Other securities
Foreign loans oh gold
;
——
Total bills and securities.--.—-..--——.
Bank
premises.—
:
——-—
2,582,852
"""lfii
""*169
635,646
42,735
51,687
10,008,086 116,070,446
15,840,746
15,920,704
"**168
19,444
692,833
42,723
47,384
16,111,152
;
Total assets
2,682,035
20,826
718,097
42,732
t46,081
*""161
19,498
581,828
42,682
48,130
Uncollected items..
2,682,085
2,582.099
2,581,903
Gold held abroad—
Due from foreign banks——j— ———t
Federal Reserve notes of other banks...
.
,
"""169
""*166
""*166
"■""l70
21,247
701,774
42,827
49,512
22,337
623,879
42,831
48,391
26,324
683,874
42,831
20,138
502,834
15,788,872
19,058
634,023
169
17,480
169
.
19,382
15,853,742
688,753
42,804
42,735
51,150
50,181
.
44,837
47,870
42,940
15,755,374
15,683,121
12,900,789
,
LIABILITIES
Federal Reserve notes In actual circulation.—.
4,345,363
4,335,416
4,335,313
4.343,566
4,355,946
4,344.462
4,349,836
4,344,753
4.347,209
4421,705
Deposits—Member bank—reserve account— T.
United States Treasurer—General account..
9,124,880
1,201,387
0,077,284
8,707,191
1,250,417
7,311,529
260,340
233,476
9,017,844
931,295
208,215
279,377
887,021
185,766
292,237
117,228
237,344
8.840,548
1,180.791
225.974
268.904
9,046,811
1,058,714
269,292
282,759
8,984,989
1,101,562
255,935
264,113
8,941,650
1,167,818
262,461
8,989,181
1,222,206
234,701
270,336
283,161
198,121
10,830,904
10,722,484
10,688,049
10,596,599
10,593,108
10,516,217
10,457,424
10,436,731
10,402,759
7,919,115
705,482
73,058
553,056
3,336
630,626
3,044
580,973
2.955
699,503
2,947
,627,021
2,589
586.003
3.131
510,023
4,890
15,663,744 715,732,502
15,490,557
15,582,724
15,444,607
15,509,710
15.411,094
15,339,192
12,555,733
134,956
149,152
27,264
732,572
134,948
135,016
149,152
27,263
32,549
134,930
140,152
27,264
32,825
134,899
149,152
27,264
32,965
134.790
149,152
27,264
32,723
147,739
27,683
32,919
134,913
149,152
27,264
32,703
16,008,086 716,076,446
15,840,746
15,926,704
15,788.872
15,853,742
15,755,374
15,683,121
12,900,789
84.2%
84.1%
84.1%
84.1%
80.5%
12,907
12.800
12,905
12,892
13,110
3,316
4.031
3,804
242,286
Foreign bank
Other deposits.————
Total
<———*-
deposits—
-
602,179
580,372
yOther liabilities Including accrued dividends.
3,029
Deferred availability Items———....
Total liabilities.
-
.
.........................
15,760,658
3,660
,
.
«
246,296
CAPITAL ACCOUNTS
Capital paid In..
———
Surplus (Section 7)
...
Surplus (Sectionl3-b)
yOther capital accounts......——...
—
16,111,152
Total liabilities and capital accounts
Ratio ,of total reserves to
liability
on
135,006
149,152
27,264
32,920
*
149,152
deposits and Federal
Reserve note liabilities combined
Contingent
135,031
149,152
27,264
33,047
bills
\
n
133,302
36,332
■
84.6%
'84.5%
84.3%
84.4%
84.3%
12,647
......
purchased
■
,
27,264
12.524
12,545
12,570
12^925
2,309
2,394
2,289
2.688
for
82
Commitments to make Industrial advances
Maturity Distribution of BiUs and
-
I
,
t
Short-Term Securities—
1-15 days bills discounted ....
16-30 days bills discounted
31-60 days bills discounted
2,368
176
140
138
152
6.267
172
262
346
387
381
303
301
265
251
247
179
258
238
813
334
325
314
.307
304
824
3,439
3,457
3,345
3,698
4.417
222
187
'228
61-90 days bills discounted
.............
Over 90 days bills discounted....—
233
Total, bills discounted——...——1.
3,322
—
236
,
'
369
,
-
;
445
299
341
285
482
7,394
4,873
12,040
'
5.050
09
97
16-30 days bills bought In open market.......
83
728
68
97
74
-335
59
142
152
151
**"226
143
74
270
270
304
72
23
106
Total bills bought In open market....——.
625
178
.
335
.
31-60 days bills bought in open market.......
61-90 days bills bought In open market.......
Over 90 days bills bought In open market-
1-15 days bills bought In open,market
10,289
272
•
165
,
74
48
304
23
23
256
256
271
71
255
262
262
"*"220
200
75
551
554
654
653
553
653
553
556
556
550
2,405
2,410
2,123
2,231
2,428
2,143
2,283
2.036
2,096
1,777
i
'
1-15 days Industrial advances..............
16-£0 days Industrial advances...—.........
160
233
31-60 days Industrial advances......
267
: 280
337
342
566
648
229
232
205
202
243
266
10,944
10,036
10,064
10,928
11,204
11,443
14,005
14,091
14,059
14,122
14,586
14,647
101,710
74,745
52,010
1....
61-90 days Industrial advances
Over 90 days industrial advances............
Total Industrial advances
^
days U. 8. Government securities......
16*30 days U. S. Government securities.!....
1-15
430
.
145
419
.
149
331
434
501
357
147
326
310
64
,
296
343
566
640
11,564
14.353
"
-
:
11,439
11,544
14,062
14,738
101,988
■
14,811
17,177
111,390
101,988
.198,465
71,018
2,081,154
56.482
74,745
124,720
164,203
2.098,359
95,885
103,383
152,720
114,348
2,097,679
1,958,805
■
<
31-60 days U, S. Government securities......
61-90 days U. 8. Government securities......
Over 90 days U. 8. Government securities.....
lb7,163
2,139,209
52,010
26,500
179,703
181,733
2,124,069
2,100,659
2,106.907
147,733
101,710
78,510
179,703
2,058,359
Total U. 8. Government securities.........
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2.564.015
2,564,015
2,564,015
2,564,015
2,564,015
4,631,078
4,631,875
296,459
4,615,432
280,119
4,624,142
280,576
4.637,302
281,356
4,645,819
301,357
4,657,531
307,664
4,670.386
325,633
4,678,715
4,436,672
285.715
331.506
314,967
4,345,363
4,335,416
4,335,313
4,343,566
4,355,946
4,344,462
4,349,867
4,344,753
4,347.209
4,121,705
4,774,500
3,102
4,764,500
3,193
4,768,000
3,181
4,768,000
2,977
4,771,000
3,284
4,771,000
3,656
4,778,000
4,304
4,778,000
4,781,000
4,153
4
72*518
185,125
124,720 V
164,203
198,233
2.076,859
193,788
124,720
72,518
185,125
115,848
,
72,472
183,568
292,688
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation..........
.......
Collateral Held bp Agent as Security for
Notes Issued to Bant—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities.
Total
collateral
-
501,632
.
10,741
15,000
.....
4,777,602
*
"Other cash" does not include Federal Reserve notes,
x
These are
cents on Jan.
6,678
4,767,693
4,771,181
4.770,977
4,774,284
4.774.656
4,782.304
4,784.678
4.785.153
4,527,373
t Revised figure.
certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was
devalued from 100 cents to 59.06
31, 1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under
provision of the Gold Reserve Act of 1934.
y with
the statement of Jan. 4, 1939 two
two Items corresponds
statement for
new
Items appeared, "Other liabilities, including accrued dividends," and "Other capital
exactly to the total of two Items formerly in the statement but not excluded, vis.;
M^rch 30. 1938 has been revised on the new basis and is shown accordingly. *
accounts.'*
The total of these
"All other liabilities, * and "Reserve for contingencies."
The
,
Volume i4i
Financial
Chronicle
1909
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OP EACH OP THE 12 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS
MARCH 29,1939
Three Ciphers
(000) Omitted
Federal Reserve Agent at—
Total
A 8SETS
Gold
certificates
from
on
hand
United States
and
New York
PhUa.
*
%
%
Cleveland Richmond
Atlanta
Chicago
St. Louis
$
$
$
S
$
,
Minn cap. Kan. City
%
Dallas
$
San Fran.
%
«
due
12,423,718
744,105 5,678,286
970
1,745
109,010
31,384
606,028
691
789
512
303
957
718
494
358
403,630
32,301
27,210
19,516
21,641
58,014
17,627
9,272
19,426
12,836,950
Treasury
776,459 5,789,041
640,020
856,371
362,866
281,340 2,204,711
338,020
253,746
318,589
Redemption fund—Fed. Res. notes..
Other cash *
Boston
$
9,602
„
Total reserves......
Bills discounted:
828,372
342,838
259,396 2,145,740
319,675
243,980
213,371
742.120
612
18,371
1,455
39,858
232,354
298,807
783,433
.
Secured by U. S. Govt, obligations
direct or fully guaranteed
1,834
1,488
1,029
155
26
42
81
25
49
169
319
1,110
180
75
229
561
Total bills discounted...
Bills bought In open market
Industrial advances..
277
3,322
Other bills discounted.........
42
223
56
51
•
60
•19
49
ioi
68
100
52
384
271
192
72
100
71
433
372
260
70
2
2
16
16
40
459
6
857
215
617
945
50
""iol
22
24
19
819
t
14,005
1,797
3,834
2,882
385
1,189
911,090
66,806
257,500
28,588
46,939
37,815
118,310
54,962
36,906
60,592
'48,813
34,962
134,762
47,964
24,831
•22,019
99,779
128,802
52,219
42,577
332,401
47,446
61,247
42,073
86,238
476,816
73,149
94,427
38,283
91,650
1,176,109
22,283
14,961
24,566
19,790
76,768
99,099
40,176
U. S. Government securities—
Bonds....
......
Treasury notes.
Treasury bills.
1..
Total U. S. Govt, securities
Total
2,564,015
Items....
724,663
205,859
257,924
133,524
118,404
280,800
119,822
80,455
132.097
106,418
216,043
190,164
729,830
134,966
119,343
281,401
119,930
81,385
132,761
107,423
217,288
12
55
208,977
1,7
258,435
161
Due from foreign banks..
Fed. Res. notes ef other banks
188,006
2,581,903
16
7
6
21
3
2
5
5
19,498
542
3,069
909
1,360
1,516
2,570
3,113
1,914
1,191
1,460
508
581,828
42,682
48,130
bills and securities....
Uncollected
55,997
156.060
49,973
64,975
47.991
76,022
26,475
14,044
26,570
19,601
23,878
2,931
3,091
9,005
20,242
2,086
2,166
3,936
4,763
2,283
1.517
1.518
3,222
1,256
2,040
2,249
1,887
3,217
4,115
353.403
484,856
...
.......
Bank premises....
,
Other assets
...
Total assets......
54,312
.
4,668
4,252
13,481
5,980
2,602
.
5,445
3,123
908,816 1,192,582
16,111,152 1,029,196 6,700,541
....
•
553,071
427,733 2,573,967
490,665
12
.
1,346
363,033 1,033,289
LIABILITIES
F. R. notes In actual circulation
4,345,363
376,449 1,017,788
312,135
415,951
194,663
147,718
979,674
178,940
134,235
168,027
9,124,860
1,201,337
432,820 4,921,363
413,029
509,929
235,302
189,203 1,144,515
40,531
292,050
8,483
29,328
195,743
123,680
68,041
60,002
7,029
5,575
230,935
41,320
7,029
5,526
4,430
6.379
247,560 1.471,419
275,243
75,697
344,086
181,050
547,291
62,848
747
7,029
3,556
67,446
17,452
16,286
195.636
280,031
254,483
638,475
14,322
26,586
•'21,766
25,904
102
190
Deposits:
*
Member bank—reserve account...
U. 8. Treasurer—General account.
.
Other deposits
.....
200,924
49,052
86,434
73,914
23,511
138,916
17,452
22,542
10,422
262,461
—
116.343
242,286
Foreign bank...
5,797
195,329
4,914
7,988
2,166
572,412 5.404,050
.
Total deposits—....—.—.
10,830.994
515,368
679,375
Deferred availability Items.
...
Other liabilities, incl. accrued dlvs...
586,372
56,189
158.167
48,825
64,434
3,929
355
1,454
310
319
■
Total liabilities
15,766,658 1,005,405 6,581,459
Capital Accounts—
Capital paid in
876,638 1,160,079
9,343
296,942
'
•,
,
46,586
19,765
77,937
25,912
100
156
421
109
143
270
415,199 2,529,451
480,204
344,336
474,894
2,912
4.241
3,153
3,613
1,142
4,007
3,892
1,266
966
1,821
-
538,291
.
352,047 1,008,655
-
v
135,031
Surplus (Section 7)..
•27,264
33,047
„
Other capital accounts
50,990
7,457
13,696
4,416
8,172
2,874
12,048
52,463
9,405
10,083
149,152
Surplus (Section 13-b)
2,018
■
1,429
12,647
.
1.299
2,646
13,682
14,323
5,075
4,517
13,651
3,966
4,983
5,630
22,666
4,685
1,007
3,491
3,293
1,429
713
1,429
6,770
545
1,265
908,816 1,192,582
1,553
1,353
16,111,152 1,029,196 6,700,541
Commitments to make Indus, advs.
*
.
,
'
553,071
427,733 2,573,967
490,665
353,403
612
193
1,674
1.129
151
80
.
•
1,001
2,001
,
10,537
9,965
2,121
2,011
484,856 : 363,033 1,033,289
671
44
2,91
"Other cash" does not Include Federal Reserve notes.
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
RESERVE
Boston
New York
PhUa.
S
Total
S
S
NOTE
STATEMENT
Cleveland Richmond
Atlanta
St. Louis Minneap. Kan. City
Chicago
$
$
Dallas
SanFrcn*
PI
Federal Reserve notes:
S
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
S
%
4,631,078
285,715
396,711 1,102,202
84.414
20,262
324,545
12,410
436,780
20,829
10,885
4,345,363
376,449 1,017.788
312,135
415,951
194,663
205,548
«
S
$
$
159,492 1.017,328
37,654
11,774
193,145
14,206
138,104
3,869
979,674
178,940
134,235
168,027
.• ■
'X
L
Collateral
held
by
Agent
147,718
certificates
security
as
hand
on
^
•
.
7,357
53.860
344,086
b
'
and
Eligible paper
i
due
from United States Treasury....
.:.
4,774,500
3,102
345,000
439,500
210,000
155
420,000 1,115,000
309
1,110
75
229
169,000 1,035,000
196,000
35
180,000
143,500
72
31
69
' H
87,500
434,000
366
''ft 236
43^235
u
416
'
Total collateral...........
Unitfcd States
4,777,602
420,309 1,116,110
345,155
439,575
210,229
United
Treasury Bills—Friday, Mar. 31
States
York Stock
April
5 1939..
0.05%
3
1939
May 24 1939
0.05%
0.05%
0.05%
...
April 20 1939,
May
Bid
..
.
,
June
May 31
——
»0
60 6 O
June 14 1939—..
0-05%
June 21
1939—
June 28
1939—
...
0.05%
——
********
10
1939-
7 1939
0.05%
May 10 1939
May 17 1939
Asked
I8d,416
143,531
Government
Securities
Exchange—See following
Transactions
Asked
Bid
196,035
169,069 1,035,072
Rates quoted are for discount at purchase.
April 12 1939
April 19 1939
the
at
New
Stock and Bond
page
Averages—See
Stock
page
THE
PARIS
1925.
as
32ds of
more
Francs
7,600
1,155
480
Banque de l'Unlon Parlslenne..
Cle General© Transatlantique
Bid
Rate
Maturity
Asked
7,600
1,132
468
Mar. 29 Mar. 30 Mar.Zl
Francs
7,600
1,132
468
Francs
7,500
1,127
461
Francs
7.700
172
Citroen B
B
166
167
162
165
14,600
620
1.38Q
37
515
816
"200
1~40O
540
14,400
770
1,400
36
520
14,100
760
1,430
37
14,300
770
1,410
37
786
—
Cle General© d'Eleotriclte
•
Int.
Asked
Bid
Francs
14,700
Pacific...
Cie Dlstr d'Eiectrlolte
Int.
Rate
Maturity
Francs
Canadian
cable
>
Bank of France—
-
received by
day of the past week:
Banque de Paris et Des Pays Baa
or
Exchange.
BOURSE
Quotations of representative stocks
Canal de Sues cap
'
New
10
Mar. 31
-
the
1925.
Mar. 25 Mar. 27 Mar. 28
Figures after decimal point represent one
6n
"O
Quotations for United States Treasury Notes-—Friday,
point.
"87,866
Jpage.
York
Daily, Weekly and Yearly—See
each
a
c
397,936
75,697
•
tor notes issued to bank:
Gold
83,054
8,$06 i,
■
In actual circulation
r
176,233
«
$
■I
;
<
....
June
15 1939—
June
15 1941...
1H%
103.1
103.3
Comptoir Nationals d'Escompte
Coty S A
837
210
834
210
830
200
15 1939—
H%
IH%
100.12
Sept
101.26
101.28
Dec.
15 1941
1 H%
103.4
103.6
Courriere
222
221
15 1939—
1 H%
102
102.2
Mar
15 1942
1H%
104.13
104.15
Credit Commercial de France
540
538
218
534
218
Dec.
Mar. 15 1940—
IH%
IH%
102.13
102.15
105.27
105.29
Credit
102.14
102.16
Dec
15 1942...
1 H%
104.26
104.28
Eaux dee Lyonnalsecap
1X%
1H%
102.25
102.27
June
15 1943
1H%
102.6
102.8
Energle Electrlque du Nord
103.1
103.3
Dec.
15 1943
1
102.7
102.9
Energie Electrlque du LlttoraJ..
1,570
1,410
321
558
1,670
1,390
322
551
1,560
1,390
319
651
1,550
1,380
315
549
36
June
15 1940—
Dec.
15 1940—
Mar. 15 1941—
2
'
—
—
Sept. 15 1942—
2%
—
—
H%
Lyounalse
...
626
THE
BERLIN
STOCK
Per Cent of Par
25
27
Allgemelne Elektrlzltaets-Geeellschaft (6%) 112
Berilner Kraft u. Llchl (8%)
159
Deutsche Bank (6%)—
118
Deutsche Reichsbahn (German Rys.pf.7%).123
Mar,
28
Mar.
29
Mar.
30
Mar.
87.40
88.90
88.30
31
113.70
6,210
—
159
159
159
159
159
Saint Gobaln C A C
1,895
112.30
6,050
1,885
118
117
117
117
117
Schneider
A Cle...
1.220
1,214
111
111
112
115
Royal Dutch
Soctete Francalse Ford
111
111
111
123
111
124
.111
111
Soclete Generate Fonclere
,149
146
147
147
/148
150
Societc Lyonnalse
(5%).............107
,
i
178
108
109
109
110
112
Soclete Marseilles.......
178
178
178
178
178
Tubize Artificial Silk preferred-.
179
180
180
181
184
190
Unto
.*103
103
103
103
103
105
Wagon-Lits—
Reichsbanks (8%)
Vereinigte Stahlwerke (0%)—
123
123
123
113
Rentes. 5%. 1920
Dresdner Bank (5%).....
Mannesmann Roehren
430
4H%. 1932, A
Rentes Perpetual 3%
Farbenindustrle I. G. (7%)
Siemens A Halske (8%)
439
Rentes 41932. B
Capital
Rentes4%, 1917
Mar.
1,120
Rentee4%, 1918
received by cable
day of the past week:
Mar.
615
1,120
1,124
884
Rentes
Pathe
Pechiney
as
617
1,130
1,132
893
438
36
1,659
81.70
84.00
84.00
87.10
88.40
112.50
5,960
1,140
1,137
896
439
36
1,6.56
81.10
84.20
84.00
86.90
NordRy..
Orleans Ry 6%
EXCHANGE
Closing prices of representative stocks
each
617
930
853
434
36
1.679
82.00
84.75
84.75
Holiday
Liquid©
Lyon (P L M).__
•
—
56
56
77
72
1,410
1,392
36
1,645
81.30
83.50
83.40
86.80
—
—
87.75
89.10
113.00
56
71
56
50
1,395
643
1,381
1,860
1,224
71
89
89
640
89
491
487
488
66
65
06
65
644
83.90
112.25
5,940
1,860
1,205
92
644
8.175
83.75
88.70
498
"
d'Eiectrlolte
1,580
1.370
1,150
Kuhlmann...................
L'Alr
200
633
6,010
April 1, 1939
1910
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless
in computing the range for the year.
United States Government Securities
furnish
we
on
•
.
■
.
•
,
the New York Stock Exchange
Federal Farm Mortgage
daily record of the transactions, in Treasury, Home Owners' Loan and
Corporation bonds on the New York Stock .Exchange during the current week.
'
V
Quotations after decimal point, represent one or more Z2ds of a point.
/ • .
Below
No
they are the only transactions of the day.
account Is taken of such sales
a
V
v
'
,
Dally Record of U. S. Bond Prices
105.30
106
120,7
High
2MB, 1956 59————< Low.
105,18
120.13
105.18
105.29
106
106.2
105.28
120,13
120.7
Close
105.18
105.29
106
106.2
105.28
10
7
2
5
-mm-
.
115.22
115,22
115.21
115.22
115.21
115,21
2
7
104.31
105.3
105
105.4
— —
mm
Close
105.3
105
'
'
m-m-
6
105,29
50
17
105
Total sales in $1,000 units...
2
■
106.3
1
105.3
105.4
2Mb, 1958-63———— Low.
115.24
Low
$1,000 units,..
Total sales in
$1,000 units..
High
[Close
'
Total sales in
6
115.21
115.24
...
Treasury
115.22
115.21
115.21
....
120.9
120.14
$1,000 units...
[High
4s, 1944-54.
.
120.12
(Milgh
1947-52—.——.—[Low.
[Close
Total sales in
•>;,
120.12
120.12
Treasury
4148,
•
Daily Record of U. S. Bond Prices Mar. 25 Mar. 27 Mar. 28 Afar, 29 Mar. 30 Mar. 31
Mar. 25 Mar. 27 Mar.28 Mar. 29 Mar. 30 Mar, 31
105.1
105.9
105.9
104.27.
105.9
104.27
93
8
1
25
High
104.20
104.28
1Q5
105
105.1
140.28
Low.
104.19
104.21
104.27
104.25
105.1
104.19
Low.
Close
104.19
104.28
104.27
105
105.1
104.19
[Close
Total sales in $1,000 units...
954
264
2MB, 1900-05-——
High
8MB, 1940-56....
...
74
163
300
250
107.28
107.28
2Mb, 1945-—.—.— Low.
107.28
107.28
107:28
High
Total sales in $1,000 mils.
•m
_
m m
107.28
[High
104.23
104.22
104.26
104.24
Close
.] Low.
104.23
104.22
104.26
104.24
Total sales in $1,000 units...
104.23
104.22
104,26
104.24
High
107.4
107.10
1
*1
17
1
LOW.
107.4
107.10
107.4
107.10
'
3Hs. 1940-43...
[Close
.
$1,000 units.
Total sales in
..
•
.
2Mb, 1948—-.—--
'f
'3
5
•
- -
-
Close
'
[High
106.19
..J Low.
100.19
[Close
$1,000 units—
106,19
3«», 1941-43
Total sales in
-
'w-*-
104:27
104.29
104.30
106.18
104.26
104.29
104,25
104.29
104.26
104.31
104.31
104.29
High
2Hs, 1949-53....-— Low.
Close
7
Total sales in $1,000 units...
[High
[Close
[High
Low.
104.23
Close
1
110.27
Total sales in $1,000units..
2
2
J^Si 1950-62-..:.—
8Mb, 1941........
•'
.
..
110.23
110.23
110.23
110.24
110.20
110.23
110.23
110.24
110.20
110.23
$1,000 units...
[High
*3
1
110.30
110.31
110.30
ZH», 1944-40——.:- Low.
110.30
110.31
110.30
[Close
110.30
110.31
110.30
110.23
2
111.2
110.24
2
110.23
Total sales in $1,000 units...
104.27
105
105.2
104.27
105
105.2
104.27
3
1
2
i.
30
'
104
J*
104
104
■
-
-
104.2
4*
-
103.27
103.27
104
104
Total sales in
17
52
mm
1
$1,000 units...
mmmJl
;>
br
,
.
-
Vf—
^
•mmmm-
108.13
High
1
3s, 1944-49............ Low.
108.8
108.8
'
'
108.13
Close
108.13
-
mm m
3
108.8
110.29
-
^
'
109
v.
V'.M
110.20
—mm'
'
mm——
mmmm
110.29
Total sales in $1,000 units...
110,31
i
110.29
High
106.25
106.24
106.27
106.21
Low.
106.25
100.21
106.26
106.21
106.25
106.24
106.26
106.21
3s, 1942-47.—.
4
111.5
111.3
111.3
111.2
QJ Qgg
in.
'
109
108.30 ,109.
108.30 109
Close
,
2
1
109
109
108.30
110.31
110.31
111.2
[High
3^8. 1946-49.......... Low
'
35
105.2
105;2
'
*•
104.25
3
25
105
Close
Total sales in $1,000 units...
.Federal Farm Mortgage
High
8Mb, 1944r04—— Low.
110.23
Close
*
.
'
High
1943-45——— Low
*•
_
105.2
-
104
107,4
I Close
\
—
Low.
—
107.4
...[Low
Total sales in $1,000 units..-
Total sales in
—
,
'
High
;
2Sjl947.._
107.4
[High
.
_
105.2
.4.
'
.,
,
104.29
101
104.23
Total sales in $1.000 units...
110.27
104*23
110,27
8Mb, 1943-47...—Low.
"
'
2
,
——.
1
104.31
104.29
106.18
1
■
50
Total sales in $1,000 units...
106.18
....
111.4
110.30
110.30
J
Close
• <4-
.
^
,
L,
-
-
n
—
1
■«.
ir—
-
mm
-
4
201
5
Total sales in $1,000 units...
mmm'm
im mm-
mm'
12
'
••
High
'
105.21
",•»
mm
mm,--
mm'
'
Total sales in $1,000 units...
6
62
254 s, 1942-47...
*18
.
-■
^
105.21
'
Home Owners
■
[t lose
$1,000 units...
Loan
—
—
—
-
-
105.21
-
^
"
f*«
3s, series A, 1944-52.... Low.
»
'
110.12
110.12
Total sales in $1,000 units...
110.17
110.12
High
102
$1,000 units...
27
I
"2548,'serles B, 1939 49.. Low.
102
m
m
m
108 ;6
108.8
108.10
108.6
"
"
10
1
■
m
108.6
102.2
Tola', sales in
<
m —
108,10
102.2
108.5
Close
m
108.10
108.8
108.8
110.17
110.14
[Close
"
-
—
108.9
108,8
[High
-
■'
108.8
108.5
3», 1946-48.. .........Low.
'
m~mm
^,— mm
2
'
108*5"
High
,
,
mm*—
'
'
.
Total sales in $1,000 units...
1949-52..—......] Low.
Total sales in
^
Close
[High
8MB,
Low.
1
-
12
«U--
3
5
mm-
101.28
mmmm
101.28
mm — —
102.2
'
101.28
i
101.30
'
109.22
109.23
109.24
109.27
109.22
Low.
109.20
109.21
109.19
109.27
109.17
Close
Total sales in $1,000 units..
(Close
109.21
109.21
109.24
109,27
109.17
High
,Total sales in $1,000 units...
16
(High
3s. 1951-55.
—
2
10
3
30
100.28
100.25
107.4
107.6
,107.5
107
107.3
107.1
Idose
100.28
107.4
107.5
107.4
Total sales in $1,000 units...
6
5
[High
108,25
108.26
108.31
108.25
108.26
108.31
109
109
108.27
Low.
*',
.Close
Total sales in $1,000 units...
108.25
108.26
108.31
109
108.27
[High
2Mb,
1955-60.———.[Low.
1
;
254s, 1942-44
2Mb, 1945-47————
66
'■
1
1
■
6
[High
107.9
107.6
107.0
1
48
108.2
107.30
108.2
107.30
Total sales In $1,000 units...
[High
10
106:28
100.24
106.17
106.28
100.24
[Close
106.21
106.28
100.24
55
8
1
Total sales in $1,000 units...
m
■
I.IC
51
5
'm
104.31
104.31
104.26
104,30
-0,
4*
—
104.31
104.26
20
t
1
104.28
_
.....
.
.
104.26
t Deferred delivery sale.
above table includes only sales
Transactions in registered bonds were:
of
coupon
1
106.21
Low.
2548.1951-54.
.4
'
104.30
4Trea.4Ks, 1947-1952.120.9 to 120.9 j lTrea.8Mb, 1944-1946.110.24to 110.24
1 Trea.
8%b, 1943-1947.110.24to 110.24 21 Trea.'2ft8* 1955-1960.106.25to 106.21
1 Trea. 3tfs, 1943-1945.110.21 to 110.211
107.30
108.2
(Close
.
104.28
$1,000 units..^
Odd lot sales,
bonds.
1
1948-51.—.....j Low.
2 Mb.
102.2
-
~
Note—The
108.27
3
»
fm m
104.28
•_
Close
*
2
104.28
"
Total sales in
106.23
V -
,
,
1
'
Low.
107.2
106.23
41
102.2
102
_
United States Treasury Bills-—See previous page.
United States Treasury Notes, &c.—See
previous
page.
New York Stock Record
LOW
,
AND
Saturday
HIGH
SALE PRICES—PER
Monday
Mor. 25
Mat'. 27
$ per share
$ per share
*60:
*38
*34%
*62
140
*195
62
*125
4234
37
22%
*23%
8%
22%
2412
54
54%
834
%
*68
9i4
*%
11%
9%
9%
14
• 1%
m4
9%
9
14
*8»4
170
22
22
*21
22%
*22%
24
*22
24
*22
55
1
53
53
53%
*71
....
9
9%
%
11
9%
878
*14
21
*59
914
*1084
11%
11
12
*884
172
*1034
12
39
9:
67
9%
*65
9
*65
*1514
*134
3934
17
2
*15la
6OI4
*1838
14%
38%
*15
1
11%
9%
9
15%
2184
62
9
*
34
.34
8%
*38
*34
8%
STOPTTQ
Sales
7o
9
52%
*%
*1
10%
884
8%
13%
19%
*30
9
9%
1%
IO84
834.
8%
,,V«
11
12
V--9
834
11
9%
381
Adams-Mi] lis
300
Address-Multigr
52%
47
50
6,000
84
"*8%
9
8%
17%
61
19
,
55
14
19%
20%
*50
8%
168
62
8%
172
1034
1034
1234
12
9
11%
8%
*60»4
38%,
37
15%
15
,
2
*134
15
15
*58%
*18%
*1334
14%
8%
8%
13
9
%
11
66
37%
25%
*1%
16
54%
8%
11
*62
1%
54
...
170
*11%
8%
65
37
%
8%
•
7
7
11%
16%
*50
%
10%
8%
8%
12%
19%
"""900
170
166
8
2,800
10%
800
11%
8%
3,100
9
10%
10%
7%
63
6OS4
6034
400
38%.
15%
34
37%
1534
1%
15%
13,200
1,300
1,000
15%
2
1%
*13%
15%
*13%
58
59%
56%
57
19%
*18
16%
18
13%
18%
14%
12
13%
56%
56U
58
14%
55
,
t In receivership,
59
15,900
Allegheny Corp
5%j % pf A with $30
8M % pf A with $40
5M% Pi A without
6%
conv
Jan
1%
1478
13%
1234
Mar 31
par
15
Mar 30
1
n
New stock,
134 Mar 20
15
52
193
Mar 29
56% Mar 31
16% Mat 31
% Mar
Aug
884 Mar
7g Mar
6% June
67
Mar
5% June
784 June
14% Sept
Jan 19
11% Jan
4
28
May
4% Mar
"
3
124
Mar
13% Jan 21
13% Jan 4
Mar 31
34
..No par
Am Agric Chem(Del)— Wo par
0% prefem»d_„._
166
Mar
May
5
28% Jan
Jan 19
par
Amerada Corp..
American Bank Note
52
3
Jan
Jan
Mar
Jan
19
Mar 31
100
preferred—....50
40
Feb 20
10% Mar 20
10% Mar 31
7% Mar 31
IO84 Mar 31
par
30
10
67g Mar 31
No
5% preferred.
Allis-Chalmers Mfg
..No
Alpha Portland Cem..Wo
Amalgam Leather Co Inc
6% Mar
14% Mar
16% Mar
68
Allen Industries Inc...
1
Allied Chemical & Dye. Wo par
Allied Kid Co
..........h
Allied Mills Co Inc
No par
Allied Stores Corp
Jan
Mar
Feb 20
7
7
Mar
Jan
11% Jan
70
Mar
38
48% Jan
197s Jan
2% Jan
19
8% Mar
4% Mar
.
Jan 20
Mar
34% Mar
11% Apr
1% Mar
2984"Nov
28
May
14% Aug
197
Oct
1234 Oct
147s July
13% Nov
70% Oct
55% Oct
20
Oct
Oct
3%
Jan
May
92
Dec
Mar 31
1734 Jan
3
60
6
46%
Mar
10
Mar 28
Ex-rlghts.
J %V Jan
I %¥ Jan
17%fJan
17% t Jan
21% Nov
July
55
12
y
l-%fFeb
i78
3
3
54
Ex-dlv.
1 % July
Oct
6,%
24
.10
x
Oct
Aug
67% Nov
Mar
09% Jan
24% Jan
Jan
1284 July
24
10
__50
r" Cashsale.
Jan
52
11
11% Mar 31
16% Mar 31
220
a Pef. delivery,
wai.100
Oct
Oct
June
27% Jan
65% Jan
1% Jan
Mar 31
Ndv
45:
18
87s Mar 23
7, Jan 25
8% Mar 31
$2.50 prior conv pref.Wo par
Alghny Lud Stl Corp..Wo par
Alleg & West Ry 6% gtd—100
200
2,100
1,000
3;700
war.100
61
12384
25
Mar 31
7
36% Feb
119% July
30% Mar
Highest
1 pet share
Jan
45
% Jan 30
.
Mar lO
42*4 Mar
Mar 31
68
.No par
war.100
64*4 Mar 15
2
31% Mar 31
7% Mar 31
19% Feb 3
47
No par
Air Way El Appliance..Wo par
4,000
9,700
1,800
2,100
1,400
8,100
130
Feb 18
22
Alabama & Vlcksburg Ry—100
Alaska Juneau Gold Min—10
62
6%
...No par
800
$ per share
"*
Corp.—*.10
Air Reduction Inc
$ per share
35% Feb
Adams Express—.——Wo par
lb"600
60%
Bid and asked prices; no sales on this day,
400
%
10
x
62
*8%
1178
64
*15'
■■
170
12
67
541*
9,700
23
Lowest
126
Abbott Laboratories...No par
4)4% conv pref.—
100
Abraham & Straus
No par
Acme Steel Co.
25
23
600
Year 1938
Highest
$ per share
55
Jan 27
Par
22
%
1
11
*50
39%
1678
*53
Shares
1,000
Range for Previous
of,100-Share Lois
Lowest
*21%
9%
%
On Basis
•
Week
per share
34
9
EXCHANGE
22%
23%
2?5034
*13% 14
20% .20%
*11
*15%
60%
*18%
14%
'
8
8%
Range Since Jan. 1
NEW YORK STOCK
,
34
22%
i
62
11%
6078
193s
143s
$
the
31%
7%
*22
'
„
10
178
34
7%
9%
9
170
9%
34
23%
23%
52%
13%
20%
*8
12
36%
8%
8
7fl
Mar:. 30
»
*69%
170
55
*53
4234
172%
1%
17l2
CENT
Friday
Mar. 31
62
59
62
62
149% *123% 149% *123% 149%
*38
42%
42% *38
42%
*22
834
21
171
60%
,140
*125
*125
*38
62
2012
*59
■$ per share
428i
36%
834
*%
—
9
60
Thursday
$ per share
*61
62
$ per, share
•
62%
*35
NOT PER
Wednesday
Mq.r. 29,
Mar.'28
140
*38
SHARE,
for
Tuesday
*
H Called for
■
2812 Oct
23% July
Apr1
63
Nov
redemption.'
Volume
LOW
AND
New York Stock Record—Continued-Page 2
148
HIGH
Saturday
SALE
PRICESr-PER
SHARE,
NOT PER
CENT
Tuesday
Wednesday
Thursday
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Sftare Lots
the
Friday
STOCKS
for
Monday
EXCHANGE
Mar. 25
Mar. 27
Mar. 28
Mar. 29
Mar. 30
Mar. 31
Week
$ per share
$ per share
$ per share
8 per share
$ per share
8 per share
Shares
5%
5i2
42
*5%
41%
42
6
5%
42%
*131
*130% 140
90
89is
89%
134
*169
26%
*43
19%
*101
*118
*
8%
878
*62i4
378
w
*5i4
278
-.17%
7%
,
26
43
170
43
*131
89
89
170
24%
25%
41
5%
40%
134
131
89%
42
*41
3,100
86
170
*168
134
3,500
171
23
24%
1934
42
35
37
4%
15
*14
14
14
30
30%
45%
178
45%
178
*17%
5%
*1%
18
17%'
5%
22%
13%
3%
13%
3%
5%
43%
16%
*159
5%
""eoo
300
45%
44
28%
45%
I84
*45%
1%
17%
17%
46
*1%
45%
1%
18
1%
18%
134
17
1,300
1,200
400
17
4,500
10,700
1,000
4,800
"2,900
,
....
*159
*159
*159
4,100
1384
15%
56
58
13
13
15%
14%
15
15%
31
31
*32
' 32%
32%
41%
43%
44
42%
41%
42%
135
135
*135% 137% *135
137%
*63%
65
65
*63%
65
*63%
13%
14
12%
14
1,600
*31
32%
30%
31%
300
40
41%
36%
41%
*131% 135%
20,700
149% *_.__
*9
12
81%
84%
17%
84%
27%
149%
28%
9;
*9%
10
50
18%
*112% 114%
*42
*2
*101% 102%
' 4%
4%
102
434
10
10
10
10
19%
20
17%
1938
82%
83%
83%
83
85
82
84
17%
*17
158
*17%
17%
159
82%
83
84%
84%
86%
41
*50
75
42%
43
11%
11%
8%
8%
95
*80
*119
8%
4%
40%
2%
24%
*119
42
40
4%
13,800
*50
75
50
41
41
37%
11%
9%
10%
8%
8%
100
323£
*80
9
*93
*92%
8
8%
95
8%
8%
*80
8%
81
*75
55
53%
53%
*33%
36
93%
93%
*92% 100
96
31%
34%
8%
*'95
'
8%
95
8%
8
*78%
8%
7%
6
8%
95
"
6%
■78
*76
*50%
54
a52'2
52%
*33%
*93%
36
33%
33%
95
*93%
95
*93%
94
94
*93
30
33
81
*76
*92% 100
32
32%
33
78
200
2,700
1,800
2,800
8
*78%
8%
50
95
7%
"e'joo
76
76
*51
«
32%
300
300
62
62
62
61
62
62%
63
21
21%
20%
21
20% 21%
20%
19%
8
' 8%
*8
8%
8%
8%
7%
7%
*13
14
1419
12
14
14
*13%
13%
21
2034 20%
20% 20%
20%
20%
21%
109% *108% 109% *108% 109%
*108% 110% *108
8
8%
7%
7%
7%
7%
7%
7%
45
45
*4-4%, 45
■*44%. 45
*44%
45%
62%
19%
7,800
6%
7%
1,900
12
12
1934
2034
108% 10834
7%
7%
44%
(44%
*56
59
*55
59
*55
59
*53
58
*50
124
*123
124
*123
124
*123
124
*123
6%
♦534
*3%
*2%
'3%
2%
28%
3%
6%
3%
2%
*26%
29
6%
14%
*25
6%
6
*2%
6%
3%
3
26
27
6%
6%
;6%
v6%
14%
14%
13%
13%
6
6
.
Atlas
400
7%
.7%
24%
*22%
7%
24%
74
*71
74
16%
17
15%
Q
Q
9
32
*30
15%
16
16
9
7%
16
7
*22%
71
16
15
7%
24%
71
15%
9
12%
15%
5,400
7%
400
29%
31%
29%
15%
15%
15%
13%
15%
13,900
"""600
*29
19
18
19%
18%
16%
18%
*112
*113
*113
*111
*111%
19% "l9%
18%
18%
19%
19%
19% *19%
19% *19% "19%
102% *100
102% *100
102% *100
102% *100
102% *100
102%
*29
*29
30>4
*29
*29
30%
30%
30% *29
124
124
15%
19%
19%
*113
*19%
*100
8%
*70%
23%
19%
8%
*122
8
15%
18%
16
19%
125
122
8
*70%
*8
15%
18%
122
8%
15%
18%
*118% 122
23%
19%
24%
22%
23%
23
19%
*50%
*50%
51
51
19%
50%
19%
51%
52
52
67
68%
66%
69
19%
51%
51%
65%
17
17
*17
17%
113
*110% 112% *110
*15
*110
22%
22%
19
22
22
*21
l7%
8%
8%
17%
111
23
"
23%
19%
51%
51%
*118% 122
8%
734
*70%
18%
22
34",500
19%
19%
18%
19
3,400
*51
7%
51%
50%
50%
50%
51
49
50
66%
62
66%
5834
63%
17%
17%
17
17%
16%
111
*22%
110
111
110
1,000
21%
21%
19
21
1,000
18
18
18
15%
12%
*35
25%
22%
♦
12%
10
*19
21
*19
23
20
20
*17%
20%
45
*19
12%
22
*35
45
*35
<45
*35
45
*35
45
*35
800
45
26%
25%
26%
24%
23
22%
22%
221*
25
22%
12%
*21%
23
100
23%
25%
20%
24%
"I8/366
21%
24% *25%
Bid and asked prices; no sales on this day,
7,600
21%
21
21%
1,600
j In receivership.
a Def. delivery.
50
94X2
Mar
59% Dec
77i2 Dec,
125g Nov
75
Aug
7312 Sept
39X2 Nov
95, Nov
72
Nov
4
Mar
May
55 prior A
No par
48
Dec
27
Mar
Jan
96
Mar
72
Mar
Jan 18
7
96% Mar 10
42% Jan 4
22% Mar
44% Nov
71
Mar
9
40
May
72
30% Jan 3
10% Mar 14
14
Mar
30
Dec
4%
6%
17%
1017s
5%
Mar
Mar
8X4
14X2
27%
109x4
9%
4812
July
68
Nov
9
26% Mar 31
58% Mar 31
15% Mar 31
6% Jan 26
11
JaD
3
18
MarlS
23% Jan 10
110
Jan 18
Jan 26
Mar 31
2% Mar 29
23
Jan 24
5
Mar 31
30% Jan
6% Mar 31
50
20% Feb 15
10% Jan
30% Jan
4
4
70
87
Jan 11
Conv 5% preferred
Barber Asphalt Corp
100
72
Jan
Mar
Apr
Mar
11% Mar 31
5
Feb 11
8% Jan
17%
3884 Mar
4% Apr
2% June
2
Mar
12% Mar
2% Mar
5
4
■
Mar
Mar
5% Mar
24% Dec
82
Beatrice Creamery
55 preferred w w
Jan
July
Aug
Jan
Aug
I26I4 Dec
8
Nov
6i2 Jan
5% Dec
36% Dec
8i2 Deo
17% Dec
11
13%
36
Dec
July
Jan
July
July
21
Jan
6
Mar 20
13
Jan
5
Mar
14
Oct
33
Feb 28
21% Mar
34
Nov
13% Mar 31
1678 Mar 31
19% Feb 24
21% Feb 18
10% Mar
2138 July
No par
100
25
..No par
12% Mar 31
9
113
Maris
17% Jan 26
98% Jan 20
50
28
Beech-Nut Packing Co
20
No par
Belgian Nat Rys part pref..
70
Belding-Hem 1 nway
Aviation
.5
Beneficial Indus Loan..No par
priorpf52,50dlv ser'38No par
Best A Co..
No par
preferred
20
Black A Decker Mfg Co No par
Blaw-Knox Co
No par
20% Mar
4
100
Feb 24
3
29
Mar 23
125
Mar
77« Jan 24
Mar 22
18% Mar 31
18% Mar 31
50% Mar 22
49
Jan 28
5834 Mar 31
16% Mar 31
106% Jan 26
19
114% Jan 16
Jan 24
121
Mar 31
Jan
8% Jan 20
73% Jan 25
29%
21%
52%
57%
3
Mar 11
Mar 13
Mar 11
Jan
80
Jan
18
Jan 11
115
27
Jan
4
7
Feb 28
15% Mar 31
22% Jan
10
17% Jan
Mar 31
4
3
4
12% Mar
5
Mar
21
Nov
Apr
115
Jan
5% Mar
67
Sept
8% Mar
75
Mar
17% June
984 Mar
23% Mar 11
37
21
Mar 31
y
Ex-rights.
Jan
Nov
44
Ex-dlv.
July
56
Feb 23
5
9
83
30i2 Dec
78% Dec
Feb 22
x
Dec
26% Mar
3984 May
1234 June
37
Cash gale,
Oct
30% Mar
117
Dec
19
Bohn Aluminum A Brass
102
21
20% Mar 31
Feb 24
19i0 Dec
15% Mar
Boeing Airplane Co
3484 Jan
281; Ian
Oct
9
11% Mar
90% Apr
25
Apr
94% Apr
Bloomlngdale Brothers. No par
Blumenthal A Co pref
100
.5
23%
109
10% Mar
13% Apr
r
Jan
5
Bayuk Cigars Inc
New stock.
Nov
29% Mar 31
10
No par
preferred
Barnsdall Oil Co
»
95
50
Barker Brothers...
5%
5
4% Mar 10
3% Jan 6
6% Jan
100
4% preferred
Bangor A Aroostook
Bendlx
127
6
100
5H%
Jan 26
5
3
884 Jan
Baltimore A Ohio....
Deo
*52
Mar 31
t C. .13
9
Feb 27
5
3
4
v
Nov
MarlS
Jan
Corp. of Del (The) .3
13
54% Mar 15
Jan
No par
Jan
24% Mar
5% Mar
2% Mar
105
7% preferred
100
Blgelow-Sanf Carp Inc.No par
110
22%
13
12%
17%
112
*20
18
12%
Jan
Jan 11
17
23
13
18%
13%
July
122
par
Oct
7
72
5% conv preferred......100
Bethlehem Steel (Del).No par
15%
12%
*18%
103%
3% Mar
28% Mar
Mar
600
800
Apr
Mar
36
No par
Oct
64% Oct
2178 Aug
July
66% Jan
"Lack Corp
Oct
82
Jan 24
83,400
1,400
13
*18%
2,600
5
Nov
July
20
3
Mar 11
10% Jan
9%
78
Beech Creek RR__
200
10% Jan
85
45
116
Mar
57
1st preferred
23%
8
65%
*51
3,600
20%
*70%
*70%
*70%
24%
19%
51
51%
51%
64%
*118% 122
*6
4
Jan 4
MarlS
Apr
Mar
2
8
3
10
*8%
*29%
Dec
9x2 Nov
16x8 Nov
91
Aug
7% July
113X2 Oct
20i2 Oct
4x2 July
31i2 Aug
122% Oct
\
10
5
Baldwin Loco Works
9%
*8%
*30
,
13
97
-
8% Jan
160
60
58
10% Mar
47% Mar
Aviation
71
Jan
65
■<
5
Apr
6
19,300
70%
Jan
<
Jan
26,100
13,000
3,200
88% Aug
91% Oct
152
36
7% Mar 31
6
7
68
44
13%
23%
52
Jan 15
Jan 9
Jan 6
Jan 4
Jan 10
Jan 4
Mar
preferred...........50
Atlas Powder......
No par
■
31%
31%
Corp
5
6%
*22%
6
Oct
6
Jan
1934 Mar 31
11%
584
Jan 23
106% Feb 28
6%
15%
2%
29%
121%
103%
6is
Mar 31
37% Mar 31
9% Mar 31
6 ,Mar 31
....25
27%
5
,3% Mar
36% Jan
54% Jan
20% Jan
114% Mar 21
Mar 31
70
*..100
Refining..
26%
6
4% Mar 31
conv pref series A... 100
Austin Nichols..
*22%
*30
5% preferred
Atlantic
500
5%
Apr
Jan
Jan
51% Feb
1
32% Mar 31
Atlantic Coast Line RR...100
Atl G A W I SS Lines..No par
2%
6
Jan 30
6% Mar 31
.100
2%
7%
9
5% preferred
3
25,
Mar 17
73
100
tAuburn Automobile..No
25
Mar 31
101
.
7% 2d pref erred... i
100
Assoc Investments Co ..No par
Atlas
6%
22
119
50
1
500
14
Mar 31
38
Constable Corp
Artloom Corp....j,. *..No par
7% preferred
100
500
5%
,Jan 23
2
Arnold
6% 1st preferred.
Mar 29
10% Mar 31
7%
Armstrong Cork Co.1..NO par
3
13
111
pref........No par
preferred
100
Associated Dry Goods*
Mar 28
23% Mar 31
conv
5%
24%
32
56
5%
7%
*29%
7% preferred
100
Armour ACo (Del) pf7%gtd 100
Armour & Co of Illinois.....5
3
*22%
*71
preferred. No par
6%
7%
74
conv
3%
6%
8% Jan
484 Mar 31
25
Copper Mining.....20
3%
*2%
24%
*71
56.50
*5%
14
130
Mar
5%
28
Mar
58% Mar
29
3%
6%
13%
5%
Mar
58
Dec
42%
5%
2%
111
Jan 19
Jan 16
May
Lead A Smelt.-.l
*3%
2%
27%
.
12% Mar
Jan
Mar 11
Dec
117% Mar
I20i2 Oct
150X4 Dec
21
11,200
124
*5%
*5%
*3%
*2%
Dec
43
4%
56
*123
82
4% Mar
25
Mar
200
i>
Jan
31
7% Jan
33
Jan
Amer Zinc
800
6,300
Dec
19
43% Jan 10
2,000
15%
19%
■
3% Mar
23% Mar
Jan
90
61
Jan
June
6% Jan 10
5% pref with warrants.. 100
58%
12
4
55 pref without warrants 100
Atch Topeka A Santa Fe—100
28,600
Feb 18
40%
11%
Mar 31
;•
31%
Feb 20
Mar 31
10
100
61% Dec
150
Jan
15% Mar
6% Mar
4
60
26%
130
29
82
60
95
Apr
100
100
54
32%
Jan 18
5888 Nov
140
Dec
Mar
4584
No par
900
41%
10%
103
Mar 21
Jan 24
153
4
Mar 21
23i2 Nov
36% Jan
No par
Preferred
60
40
47
Mar 31
Jan
Jan
13%
14%
22%
91%
18%
170%
87%
8984
4% Mar 31
8% Mar 31
A P W Paper Co.^.....No par
Archer Daniels Mldl'd.No par
4%
41
Mar 10
80% July
20% Jan
$6 1st preferred
Andes
38
Jan
Mar 31
Jan
Jan
American Woolen..
200
70
41% Nov
19% Oct
165% Jan
24X2 Nov
Mar
148% July
13% Mar
14% Jan 20
93% Mar 10
200
900
Mar
9
Jan
7% Oct
47% Nov
16% Mar
34%
53%
137%
64%
151%
17% Mar 31
75% Mar
16% Mar 31
149% Jan
80% Jan 26
10
29%
3% Mar
19
18% Jan
..
Am Water Wks A Elec. No par
112%,112%
10%
10%
400
Oct
Nov
44% Mar 11
Jan
16% Mar 31
23%
45
122
Mar
Dec
42
119
Feb
Mar
20
Jan
July
Dec
99% Mar
49% Mar 11
8% Jan
10 Mar 30
AnchorHockGlass Corp No par
22
23
July
17% July
5% Jan
Mar
68,900
IOI84 10134
Nov
Mar
7% Mar
2234 Apr
28% Mar
55 prior conv pref..*....25
2
79
12
147
200
2
June
58
600
:
Dec
June
20
100
preferred......
Inc
45%
Oct
2% Mar
Jan
162
Nov
10
Mar 20
7
Nov
5% Nov
44
Jan
Jan
Jan
Jan
Jan
z26
15
36
2%
20%
884
30%
1%
7% Jan
30%
79%
1534
4%
40%
124%
20% July
13% Nov
4% Mar
12% Mar
72% Jan
15% Mar
82
1,700
75
*80
6%
30% Mar
Mar 23
22% Jan
....25
Am Type Foundries
Mar
Mar 51
22
No par
Common class B.
12
Mar 22
150
Amer Telp A Teleg Co.... 100
American Tobacco
25
Mar
13
6% preferred.
100
Amer Steel Foundries.-No par
American Stores.......No par
American Sugar Refining.. 100
Preferred.
1G0
Am Sumatra Tobacco..No par
7% Nov
May
56
60
American Stove Co
Jan
6% July
Mar
9
2
2
Jan
.
10
Jan
13% Mar 31
25
17%
119
40%
100
Jan
83
5% Mar
18% Feb
36% Mar 31
129% Feb 17
4184
*41
16%
12
160
Amer
Preferred.
Nov
16%
Mar
46% Mar 14
12% Mar 31
;29
Jan 24
American Snuff..
4
34% Feb
Jan 14
American Seating Co...No par
Amer Ship Building Co.No par
par
Mar 22
5% Feb
4% Mar 31
26
Smelting & Refg. No
15
Mar
8% Mar
67% Dec
2% Mar
16% Mar 11
Mar 31
32% Mar 31
11% Mar 31
Anaconda Copper Mining..50
Anaconda W A Cable..No par
""11%
94
16%
26%
*11%
94
74
23%
*50
94
,
27%
*41%
*93
6%
*40
5%
25
101% 101% *101% 10 3~~
A
4%
4%
4%
4%
40%
434
11%
34%
14
24
3,700
5,800
25
*112% 114,
27%
2,600
100
9% Nov
15
37
„
4H% conv pref
too
American Safety Razor.. 18.50
100
4%
33%
5%
17
*2
94%
4
30
42%
*10
27,900
29
*82%
4%
34
17
2%
5,200
5%
1034
75
34%
124
5%
*25
8%
43
*75
108l2 108%
8
8%
*44%
45%
*56
59%
4%
33
4%
43
*53%
22%
8%
14
,14
20%
20%
*89%
5%
11%
94%
*11%
35
*7%
5%
10%
1.
No par
9
.
Dec
5% July
23
$5 pref erred....... .No par
Am Had A Stand San'y. No par
American Rolling Mill
July
25% Feb
12% July
120% Jan 25
No par
$6 preferred
Oct
20
2% Mar
2% Mar 31
29% Mar 31
Amer Power A Light ...No par
300
'
*50
55
20%
150% 150% *150% 15034
11%
81
61%
85%
17%
*119
...
82
42
12
400
17
13,900
1,000
5,200
25%
42%
114
800
82%
43%
*75
61%
42
3,200
81%
43%
*33%
33%
44
200
157%
153
*11%
*53
33%
■
*101% 103
41
75
*50
*42
26%, •27%
1634
■
*81%
26%{
26%
*17
17%
156% 159%
83%
84
85%
.
8234
84%
4-1
45
*41
2,700
11%
;
*81%
28%
....
9%
20
158% 159%
17%
102
9
*9
*17%
17% *17%
17%
17%
114% 114% *112% 114
*112%
*10%
12
*10%
12
*10%
*2
*2
2%
*2%
3
*25
27%
24% - 24% *24%
12
2%
*24%
26%
119% 119% *119
*10%
10
20
*81%
83
85%
44
20/500
12
*
*17
149%
26%
*
20
'
27%
22
28%
1
No par
100
6% conv preferred.
125
13% Mar
Mar 31
American News Co
117
13% Sept
4% Mar
3% Jan 20
20% Mar 11
9% Jan
12
800
100
Mar 31
Mar 31
Amer Mach A Fdy Co ..No par
Amer Mach & Metals..No par
17,800
6334
6334
149%
"26%
9%
150% 150% *150% 151
*150% 150% *150% 150%
5%
5%
6%
6%
5%
5%
*5%
6%
11%
11%
11%
11%
10%
10%
11
11%
*90
92%
92%
94% *89% * 94% *89%
94%
5
5
5
4%
5
*4%
5%
*4%
34
34% 34%
35% 35%
34%
34%
34%
5%
5%
5%
6
5%
534
5%
5%
*25
30
25
25
*25
30
*25% 30
27%
65
*9
159% 160
*81%
28%
135
*63%
20
20%
20%
'82%- 82%
17
159%
149% *145
27%
9%
134
*
6
Mar 3
1,500
15%
*32%
Feb 21
Mar 31
51
1,200
13%
50
No par
Preferred
16%
5% Jan
2% Mar 31
28% Mar 31
43% Jan 27
1% Jan 24
14% Jan 23
4% Mar 31
17% Mar 31
No par
Amer Metal Co Ltd
Feb 16
Mar 31
100
42,800
59%
*14%
Corp
Preferred
Feb
88% Mar
89%
12% Mar 31
100
American Locomotive
9
8% Feb 24
11% Jan
10% Jan
66
Mar
9% Mar
10% Mar 31
.
No par
pref
non-cum
Amer Internat
..
15%
82%
*44
6%
21,600
2,600
4,500
13%
*80%
26%
American Ice
100
58%
12
84
6% preferred.
American Home Products
270
16%
20%
9
*1%
*17%
18
60%
13%
*9
16%
*26
5%
5%
5%
5%
5%
5%
4%
5%
21% 21%
22
20% 22
20
17%
20%
*56%
59%
60
60%
57
56
51
52
12%
13
12%
12%
12
12%
12%
12%
3%
3%
*3%
3%
2%
3%
2%
3
321
30% 31%
32%
29%
29%
31
32%
*119% 125
*119% 125
*119% 125
*119% 125
25
26
25%
25%
25%
25%
24%
24%
5%
5%
5%
5%
5
5%
4%
5
42%
43%
40
42%
43
42%
37
40%
37% 38
38
38% 38%
35%
32%
36%
14
13
14
13%
13%
13%
11%
13%
10
10
28%
45
*1%
29%
No par
31
*30%
32
16%
20%
17
$6 preferred..,
Amer Hawaiian SS Co
American Hide A Leather.
13%
10
6
8,200
60%
28%
No par
1,900
1,000
13%
*
No par
3%
3
Feb 11
$7 2d preferred A
13%
122% Jan
Mar 31
$7 preferred
Amer & For'n Fower.-.lVo par
13%
27
14% July
12% Mar
5
4
7% Mar 31
8
,2%
6
2%
14%
2%
2
61
1st preferred
100
American Encaustic Tiling.
Amer European Sees...No par
1234
45
Feb 24
Mar
4
Jan
24% Jan
115% Mar
6% Jan 13
6%
10%
31
"
American Colortype Co
10
Am Comm'I Alcohol Corp. .20
American Crystal Sugar
10
14
16%
10%
81%
116
preferred
14%
60
29
*10%
112
2,400
3,200
16%
150
*71
"9" 400
13%
65
28%
7%
*22%
5,800
60
136
6
60
17%
43%
*123
,'200
13%
32
158
3,200
2
61
43%
*._.-
"""600
100
No par
Am Coal Co of Allegh Co NJ 25
American Chicle
14
*30
34% Deo
57% Nov
2334 Nov
Jan
14
3%
Aug
105% Oct
176% Nov
Jan
55
14
3%
Nov
135
70% Jan
160% Mar
6
3
Feb 17
Mar
35
14%
4%
32%
52
Mar 31
*13%
*4
3
23% Mar
114
Apr
Mar
*14
4
167% Mar
share
6% Mar
4
15
16%
32
100
per
4
Jan
19% Mar 31
13%
16
Mar 31
Highest
;
Jan
35
61
*15%
*63%
Preferred
14
*159
Fen 16
86
share
per
8
Am Chain & Cable Inc.JVo par
13%
13%
.
33%
129
25
Lowest
%
54%
132%
100%
178%
7,600
1,700
16%
62%
*61
*135
3%
124% 124%
25%" 25%
5%
5%
44
44%
38%
39%
13%
14%
14
...
13%
*3%
32%
5%
44
*159
64
13%
39%
13%
23%
*61
32% 33
*119% 125
*25
v.. 25%
*38%
6
22%
59%
100
14%
3%
30%
45%
1%
17%
6
23%
59%
4%
32% Mar 31
5,700
18%
15'
14
Mar 31
American Car & Fdy__JVo par
Preferred
100
*102
*13%
4%
14%
Corp
American Can
200
23%
40
42
Highest
4
5%% conv pre!
10
88%
Bosch
Range for Previous
Year 1938
5 per share
Am Brake Shoe A Fdy.No par
'
45
.
*131
89
170
3,100
37%
„
*2834
'
131
88%
*168% 171
25
25%
32%
American
4
39%
38
Lowest
5 per share
Par
5%
5
-•
4
'
5
19%
19%
19%
15
18%
19%
18%
115% *102
115% *102
115% *102
115%
120ig *118% 120% 118% 118% 119
119
117% 117% 116
116
15
*.___
15
*__■-17%
17% *
15% *__._
15%
7*4
*7%
8%
8
7%
7%
*7%
"~7~
7%
684
7%
83
8%
8%
8
8%
8%
8%
8%
8%
7%
8%
9
8%
<
8%
8%
8%
8%
8%
8
8%
8%
6234
*61%
62% *61%
62%
62%
62%
63%
63%
62%
62%
4
*3%
4
3%
3%
3%
3%
3%
3%
234
3%
8:
8
8
*5%
8
*5%
*5%
*5%
7%
*5%
8
3
3
3
>
2%
2%
2%
2%
2%
2%
2%
2%
* 1758
17
17
17
17%
18
17%
16%
17%
14%
15%
75s
7%
7%
7%
7%
7
7%
7%
6
7%
7%
14%
•
134
88%
26%
20%
19%
20
1151
11512 *102
*13%
-
♦131
90%
5%
40%
I
*7%
,'
*169
27'g
4478
5io
41%
40
171
171
1911
May
Sept
3
19
3
15% Mar
18% Nov
114% Nov
29%
Oct
2412 Nov
1934 Nov
21%
55
Oct
July
.35% Dec
3012
^ Called for redemption.
Oct
New York Stock Record -Continued
1912
Mar. 25
Mar. 29
Mar. 30
Mar. 31
Week
*
18%
19
18*2
19%
15%
18%
253s
25
26%
21
2*4
2*4
*1%
26%
2*4
*134
2*2
2534
25*4
2534
2534
26*2
2734
*634
1234
7
7
7
*684
6%
25%
634
634
6%
12*4
934
22%
36*2
28,300
44%
1%
6%
500
12%
12%
24
25%
23*4
39
37*4
37*4
*36%
2334
37*4
*44%
1*2
4634
45%
"12%
'
10
36
36
45*2
1%
*7*2
10*4
36*4
16%
16*4
16*4
16*2
15%
38*2
*35%
38%
*35*8
1%
8%
10%
;
13*2
13*2
137s
13%
13%
*10*8
10*2
10
1034
934
'
5%
5%
6
43*4
4
4
42
4
4
30
30
7*2
34
32
33
14%
1534
*35%
38%
34%
16*2
34%
13*2
35
35
10%
12%
9*2
8
9%
12,100
*23*2
15*4
1434
15%
1%
15%
1*2
1%
15*4
*1%
9*2
9*2
9%
9%
*9
8
*7%
21*4
34is
14%
17*4
*50
50*4
1
18
22
2,400
1484
13
1334
5,600
15%
1*2
14%
15
4,800
2,000
Bush Terminal
10
*9
634
/e%
14
14
14
43g
4*4
6%
*6*4
*82
*1578
*105
1934
434
5
978
4034
*8*2
22
3534
*88
*3s
*2
I684
3*4
83
80
120
120
11*4
14*4
7,900
70
70*2
110
20
*19%
3%
20
20
20
3%
3*2
*6
6*4
*4%
*4*8
4%
434
5
42
101
*90
40
*110
110
110
*110
*6
5
*4%
40
39*2
9*2
9%
934
3834
41
3934
39*2
39*2
%
%
*%
%
%
2%
*2%
2%
2%
*11*4
*11*8
%
%
%
*2
*%
*2
%
%
h
%
*84
%
%
**2
58
15
**2
*2
37
44%
*2%
15%
15%
*23g
1434
37*2
*35%
*44%
34
2%
45%
*44%
1
1
2%
15
36*2
45*4
84
*%
*2
*2
34
34
%
%
*84
1%
%
*8*4
9%
*8*4
9%
*8*4
9*2
*1
„
1%
*12
*9%
1214
10%
28
28
75
76*4
12
*9%
*27
1%
12
1134
9*8
10%
29
*27
11S4
9%
28
10*4
10*4
85
85
85
85
*10*8
'85
*53
62
*52
62
*52
62
9%
*3*4
3*2
22
22
*68
70
74%
3*4
22*4
22%
*68
70
48
48
27*2
28%
47
*6U2
*960
*960
14*2
*10278 104
14*2
30
30%
15%
104
29
104*o *100
*100
280
38*2
35%
10
102
24
1,100
400
8*4
20
35
8*4
19*4
31%
88
88
88
88
2,500
18,700
600
100
*2
400
2
2
2%
2%
33%
*%
*2
*%
*2
*%
2%
%
%
600
2%
*
'2%
2%
10*4
700
11
10*2
9%
%
1,700
34
84
^
*2
*2
15
*%
*1
*8*4
1
*34
11%
10%
85%
11*2
-
-
28
*129
1434
*103% 103%
27
2734
104% *100
31
104%
15
7484
500
*«4
800
8%
11*4
200
8%
4,200
8
•
11
,
7%
67
10*4
85
9%
*82*2
62
*52
3%
23
70
93
•>
—
«.
«
1
"45
46%
26%
28%
18%
47*4
28%
125
125
*60
61%
70
13*2
15%
103% 103% *103% 103%
220
11434
25
1,100
93
*77
42%
25
—
«
-
«.
M.
46*2
2634
7,000
10,900
30
900
119*2 123
*60
61%
103% 103%
28
26%
22%
2834
26% .2834
104%
104% *100
IO2I4 102U *100
-
•
w
-
~
15,900
300
6,000
23
*7
23
17*2
*7
17%
17*4
6
*5*4
*6*4
6
*5*4
*6*4
7
*5*4
6
16*2
16*2
17
87
87*2
*11*4
1U8
*27*2
I684
29
6%
7*8
893s
89%
*7812
5U2
*5*4
*16
16*4
*86*2
*11%
*27%
6%
89%
*7
*16*4
5*4
7*4
6S4
*5*4
16*4
6
1634
16*4
90
7*4
80
81
52%
5134
52
23
*7
23
*7
16%
14*2
16%
5%
5%
5*4
133g
4*2
1434
5*4
*6*4
*5*4
6*2
634
4%
6
*6
6
5*4
5
90
16*4
2,200
90
15%
85%
14%
15%
15
16
86
85%
86
11*4
10
11%
16%
16
*87
90
*88%
11*8
*11*8
*27%
634
29
*27*4
7
90
6%
87%
6
89
684
*86*2
6%
89
88%
83
86
53,100
1,300
*80
83
82%
83
81
81
80
81
4812
51*4
45%
49
8,200
7
50
51
51%
49%
*106*2 108
*106*2 109
f27
29
10%
27
27
.
*
H % Pref.
100
Central RR of New Jersey .100
Central Vloleta Sugar Co— -19
Central 111 Lt 4
Bid and asked prices; no sales on this day.
$ in
receivership,
-.
Century Ribbon Milla.No par
100
Cerro de Pasco Copper .No par
6% prior preferred
6%
100
Mar 31
6
6*8
Dec
4
Mar
dlv No par
JChlc Rock Isl 4 Pacific—100
100
7% preferred..
6% preferred
100
Chicago Yellow Cab...No par
Chlckasba Cotton Oil......10
No par
Child" Co.-
...25
5
Co
Chrysler Corp—
City Ice 4 Fuel
preferred.
No par
100
100
5
City Stores
No par
Class A..
June
Dec
22
June
Mar
2
70
90
Dec
1*2 Mar
*4 Aug
2*4 Sept
.
58 Jan 4
37s Jan
5
13*2 Mar 11
4
.
i2 Jan
87s Mar
*4 Nov
3
2
3*2 Jan
20*4 Jan
387g Mar 14
Mar 31
48*8 Mar 11
»4 Feb 6
44^8 Mar 25
% Jan 16
Collins 4 Alkman
No par
100
5% conv preferred
100
2.50
Class B
Columbian Carbon v t c No par
Columbia Plct
v
t c
No par
$2.75 conv preferred .No par
Columbia Gas 4 Elec_.No par
6% preferred series a
6% preferred
Commercial Credit
preferred
9*8 Mar
8
Mar
12
Mar
13*8 Jan
7ifi Mar 31
Mar 31
n
New stock,
r
Cash sale.
8*4
Jan
33*4 Nov
1234 July
48i2 Mar
38i2
Jan
89
Jan
Feb
1*4
4
July
1*4
Jan
53g
Jan
15% July
1
Jan
178
184
Jan
Jan
6*4 July
1934 Diec
3984 Nov
47
Nov
3*4 Mar
May
Jan
July
2*2
Jan
,;1234 Jan
19*4 July
13*2 Nov
Oct
51
784 Sept
88*2 Nov
13*2 Jan
85*2 Mar 28
5
69
Jan
80
Dec
Mar 11
54
Mar
60
Feb
3
2
Mar
58
MarlO
3
Oct
Mar 10
6618 Jan 26
54
Oct
12i2
35% Mar
85*4 Mar
11
Apr
25
33
9% Jan 24
678 July
104
9
Jan 11
26
Ma! 31
4*4 Jan
26
183s Mar 31
Mar 11
.
lOSg Mar
5*2 Nov
27*2
Oct
Feb 10
69
Feb
4
70
Nov
75
Mar
3,
116
Feb
9
106
Apr
115
Aug
"J,aD
42
3
Jan
15*4 Mar
78
,
Mar 13
67*4 July
76
Jan
43
Mar
44
45
Feb
3
127U Jan
60*8 Jan 5
30»4Mar 15
135
Mar 16
119i2Mar 31
133
4214 Mar 31
2334 Jan 26
5
58
7
Jan
Mar
6
2
16*4 Mar
4
62
Jan
22i2Mar31
102
Mar 21
104
Jan
36*4 Jan
106
Jan
9
5
9
111
Mai 31
2334 Jan
5
4*2 Mar 31
4*8 Mar 31
Jan
4
9»r Jan
7
484 Mar 20
7*2 Jan
1412 Mar 31
18*2 Mar
15*8 Jan 28
81
Feb 23
18*4 Mar
3
4
8
8
93
Jan
61*2 Nov
May
7*8 Mar
May
78
1314 Mar
87»4 June
June
9*s Mar
3*4 Mar
414 Mar
4
Apr
13*2 Mar
13
Mar
Jan
3
53'4
Apr
155s Jan
9
Mar
J„an 26
4
6
25*2
Feb
9
6
Mar 31
5*8 Mar
67
Feb
8
50
May
May
Jan
3
23
Mar
109*4 Mar 20
84
Mar
57
100
10584 Jan 10
49*2 Jan 27
60
Jan 11
110
107*4
Dec
Mar 14
91
74*2 Jan
Jan
3
Feb 14
Nov
142% Aug
30*2 Mar
9
129
57*2 July
9*8 Mar 31
26*2
60*4 Nov
2584 July
105*2 Mar
20
"133s
Dec
32*2 Mar
10*2 Mar
976
llSg Jan 27
lOUs Feb 1
30*2 Nov
29i2 Mar 10
Mar 3i
7434 Jan 23
83
$6 preferred series
No par
Commonwealth Edison Co..25
Jan
1*4
14% Jan
3
4,800
28
5% July
111*4 Nov
14
July
3
Mar 31
455s Mai 31
Commonw'lth 4 Sou..No par
Sept
19*8 Dec
72i2 July
Dec
.
Mar 31
10
Commercial Solvents.-No par
96
Dec
*4
8
62*8 Jan 13
66,300
Mar
37% June
11
100
100
Comm'l Invest Trust..No par
67g Mar
22
% .Dec
No par
Colo Fuel 4 Iron Corp .No par
Mar
1
1% Jan
1*2 Jan
Jan 30
84 Mar 24
Dec
Dec
83
*2
Jan
Cora-Cola Inter Corp..No par
Colgate-Palmolive-Peet No par
6% preferred
100
Apr
U
83 Jan 14
334 Jan 4
2% Mar 31
11% Mai 31
23
100
6
20
1
Co (The)-J
gtd.50
50
Preferred
May
1*8 Jan
Clev El Ilium $4,50 pf.No par
Cluett Peabody 4 Co ..No par
18
i2 Mar 22
68
Coca-cola Co (The)...No par
3
»4 Jan 28
111
Climax Molybdenum__No par
June
9
95s Mar 31
38 Jan 3
Clark Equipment
No par
CCC4StLouMP.yCo5% pref 100
Clev 4 Pitts RR Cj 7%
94
8
9
Jan
July
Oct
Mar 28
79
Aug
58
Mar
Mar 21
40!8 Mar
2% Mar 23
1
120
1065a Dec
26% Nov
106
Aug
z25% Mar
Jan 24
34
Jan
22*2 Nov
4i2 Jan
107*2 July
46
Feb 25
Pr pf ($2.60) cum
Nov
89
59*4
11
.
45
4i2 Mar
17*2 Mar
Jan 27
Chicago Pneumat Tool .No par
$3 conv preferred
.No par
Jan
July
884 Aug
26*4 Mar
Jan
8
19% Mar 31
Jan 26
88 Jan
8*8
42
13
47*2 Jan
31
2
Jan
Oct
88
3*4 Mar
Jan
3s Jan
Aug
2*2
527g Jan
Mar 31
86
JaD
51
5i2 Jan 3
5i2 Mar 11
96
Feb 24
30
3¥,66o
a Def. delivery,
Mar 31
4% Mar 22
88
Jan 12
Mar 31
$4.25 conv pf ser '35.No par
26,100
Apr
21
^Chicago Great Western.. 100
4% preferred—...
100
Chicago Mall Order Co
6
J Ohio Mil 8t P 4 Pac..No par
6% preferred
-.100
^Chicago 4 North Wesfn.100
Preferred
100
4 H% conv
"¥,300
Mar
9934
102
tChlc 4 East 111 Ry Co—100
6% preferred.,
—.100
900
1,300
2,200
Dec
2
6
9*2 Jan
5
4
18's
Jan
7i8 Mar 31
—
Dec
Mar
22*2 Jan 11
514 Jan 3
111
3.58a Mar 31
99i2 Jan 25
6% pf. 100
Common.,
No par
Checker Cab..
6
Chesapeake Corp.
No par
Chesapeake & Ohio Ry
25
Preferred series A
-.100
Mar
July
46
1
-.
Cham Pap & Fib Co
Clev Graph Bronze
9
128s
-
100
Certain-Tee d Products
Jan
82
4
72*2 Mar 14
*
24l2
46*2 Nov
100*8
.
Jan
Jan
Oct
Apr
98*4 Jan
29% Mar
Mar 11
19 ig
2i2 Mar 31
109
Mar 22
37
Mar
Mar
94
8
Feb
Z6684 JaD 26
19
Mar 18
220
29
9%
Mar 31
16
89
5
153s Nov
4412 Nov
22
July
Mar
12% June
2i2 Mar
62i2 Mar
Jan
Jan
107*8 Jan
243s Jan
24
1034
May
4i2 Mar
34i4 Mar
83i2 Apr
Feb 18
55
No par
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl a.2.50
10
11*8
4
5% preferred
100
Central Agoirre Assoc .No par
Central Foundry Co
1
Celotex Corp,—-
200
16*4
15*4
Jan
llUMar 31
Colorado 4 Southern
5*4
5
-—100
470
16
*106*2 108% *106*2 108%
♦10612 109*8 *106*2 HO
52
53
55
53
54
52
54
55
5434
5334
5434
49%
♦107
110%
110% *107
110% *107% 110% *107% 110*2 *107% 110*2 *107
11
10
11%
11%
11%
10»4
10%
10%
11%
11%
IO84 11
1*4
1*2
1*2
1%
1%
1*2
13s
1%
1*2
1%
1%
1%
58
56
57
57
51*2
55%
56*4
64%
5734
55%
57*8
55%
2784
26%
2734
27%
27»4
27%
27%
2734
27%
2758 2734
27%
,
1,700
15%
6
116
100
Colonial Beacon Oil
23
16%
*5*4
16%
89%
80
*7
16%
5*4
634
16
11%
29
23
284 Mar 31
76
Mar 31
Jan
July
July
12*8 Mar
Jan
20%
3%
94i2
122*4
3*2
10
37*2
Jan 18
4
85
80 is Mar 18
14
Mar 31
100
Co———
Preferred
110
'
*17
Case (J 1)
38% Mar 31
Dec
163s Aug
22*4 July
20*2 Aug
21*2 July
7*8 Jan 9
42i2 Feb 17
100
6
1
100
~
"14
13
—
29
8% May
534 Mar 31
Special gtd 4% stock
134
*129
«
-
*960
*960
-
15%
1,100
2,400
,
21
*67
A
$3 preferred
Oct
6*4 Mar
.
A——1
10
Carpenter Steel Co..
Carriers 4 General Corp
Chile Copper
Jan
5
City Investing Co
3*4
~
132
600
8434
62
—
129
139
120
7134 112,600
2,000
10*4
3
113% 113% *113
23
26
25%
*77
600
27
26
10*4
93
*960
15*8
9%
1
85
12412 124% *123% 124*2
*60
61% 61*2
0134
*960
.
11%
29
*67
%
1
*52
,
46
%
3*4
21%
600
1
70%
70
-
*2
9*4
9
384
22%
—
100
*44%
1
*28
74%
10%
85%
••
47
2%
48*2
%
11*4
834
62
*3*4
600
%
28
73*8
6,500
3434
*8*2
9*2
984
2%
13*2
34
1
1*8
400
11%
36*4
2%
k,
%
%
2,300
%
*2
15
*2%
13*2
2%
/
1,200
1,100
%
%
*4434
*76*4
46%
27%
-
*2
%
45*8
*43 ;
-
*%
%
*113% 114
*27
27%
93
*43
4584
2684
%
*
45
22
26
1534
104
11,700
39*2
*3434
*68
114
*129
*124% 12534
6134
*61% 6134
4,000
9
834
36%
70
20
*76*4
*2%
1434
22
114
28*2
125
125
21%
*68
48
2784
*129
39
7%
20%
*35*4
*52
3*4
3*4
3*2
*113*2 114S4 *113% 11434
*26
27
*26*4 2734
93
*7634
*77% 88
*43
*43*2
♦129
7134
77%
%
*84
**2
28
73*2
10*4
85*2
10
37
9%
Mar
21
Preferred
40
834
-
100
'
*35*4
2%
15%
4478
11%
*11
11
4*8
20%
32%
2%
11*2
11
1,100
101% 101*2 *100
21
24%
24%
%
*2%
500
4*4
4%
101
38%
*2
5%
4
*90
9
234
11%
5
5
39*2
40%
110*2
40
101
*90
93g
10%
5,600
4%
*4%
101
*90
300
3U
6
*4*4
4%
20*4
2*2
110
110%
6
6*4
4*4
*1934
3%
3*2
3%
Mar
1
15*8 Mar
3
7% prior preferred
15%
Mar
6*4
103i2Mar 27
15,400
13
45
34i2 Mar 11
5% preferred
100
Celanese Corp of Amer.No par
70
*%
*2%
18*4
Mar
44*8 Jan
200
95
20
1734
20%
4114 Mar 31
14*2
*2%
*3484
15
*92
95
Jan 11
2ig Jan 17
85s Jan
Caterpillar Tractor -—-No par
70
14%
'
%
770
15
101
41
1,300
Mar
17% Jan 5
19*8 Mar 9
60*4 Mar 30
6,300
72
15*4
434
934
78
118*2 119
42%
41*4
*103*2 104%
6
334 Mar 31
Carolina Clinch 4 Ohio Ry
1,300
3
234
75
81*2
120
*92
96
10212 *101*2 102% *101*2 102% *101*2 102
*25
26
25
25
25
25*2
25%
*834
934
834
834
*834
984
9%
22
21% 21%
21%
21%
21*4
21%
35
3434
35%
35%
36
36*4
3534
89
88
88
89
89
*87%
89%
*%
%
*2
*2
%
*%
*2
2
2
3
*2
*2%
2%
234
%
3
3
,
83
*92
6*8
41%
4134
934
40-%
24%
—
*90
4084
17
100
*70
3%
6%
*4%
*412
101
*101*2
20*4
*110
"¥*4
*4*4
*4%
*90
u
3%
*20
378
*6*8
90
14
20
72
*109*2
81
14
72
1434
15%
72
20
loo
80*2
*70
15*2
72%
*3%
Capital AdmiD class
38%
45
96
*92
96
*93
200
82
4
30"8 Feb 15
Cannon Mills
534
42%
82
23g Mar
Jan
37
4
Jan
6
9
4% Mar
13*4
Mar 31
14
5% May
1658 Mar
No par
200
534
*3812
38%
-
23«4 Mar
•
Mar 31
44
5
Jan
9*2 Mar 23
9% Jan 3
26
Canadian Pacific Ry
14,700
*14
39
*3
40
45
16
72i2
634
10
31*2
6*4
6%
8,600
1
Cop..6
Campbell W 4 C Fdy._No par
Canada Dry Ginger Ale
5
Canada Sou RyCo..._—100
14i2 Mar
li2 Mar
3
Oft
13*8
100l2 Nov
7*2 Dec
54% Jan
534 Oct
39
July
13*4 Mar
634 Mar
Jan
23«
2'% Jan 26
13% Mar 31
15% Mar 31
48*2 Mar
1
% Feb 15
6% Mar 31
lli2 Mar 31
Calumet 4 Heola Cons
3U Mar
153s Feb 28
-
60
5% preferred
Callahan Zinc Lead
Mar
30
3
No par
4*8
31%
34
*32
3,400
50
3»4
4%
45
42*2
45%
*103*2-105
*103% 104*2 *103% 105
103*2 105
18
19
19
19%
19%
20%
18*4
1938
96
*19*2
14
*37*2
4*8
8,700
10,300
12%
15%
11%
1334
16
119
.
1
6%
85
39
*15
3*8
83
119
1
5%
44
*8*4
83
1%
15%
34
*82%
119
47
46
106*8
20*2
16
*3
3*4
84
119% 119%
46*2
*92
*15%
17%
84
87
120
46*4
*81
51%
6*2
6%
12%
4%
*32
42%
84%
17%
*39
8334
3*4
3*4
*3
*83
*119
42l2
8334
*15%
California Packing
100
Mar
3
15*8 Mar
7%Mar■31
Byron Jackson Co—-.No par
44
4%
684
*6*4
634
*6*4
*39
42%
84*2
17%
*39
1,300
2,300
13%
16%
16
34
*32
14
16
*50
62
19% Jan1 28
Byere Co (A M)......No par
Participating preferred.. 100
15*4
17*4
50*4
49
13%
*38
4%
4*4
35
'
1
350
33
"
13*4
15
50*4
Butte Copper 4
2,500
8*2
7%
30
Zinc
2,100
3%
Jan
Apr
5% Jan
3414 Mar
7
14*2
5% Mar
65*2 Jan
•22
l%Mar
6% Mar 31
Mar 31
1
100
30
6
h°7 conv preferred
800
20
Jan
Mar 31
1
12*4 Jan 28
128
12*8 Jan
10
Butler Bros
5,900
7%
,
9%
34%
16*2
6*2
15%
3
1
1
14
7
—
|Bush Term Bldgdep7% pf
Oct
41
75
1884 Jan
46*4 Nov
233g
■31
3% Mar
24% Mar 31
18
1434 Nov
5i2 Mar
Mar
8
Jan
Nov
27®4 May
4% Mar 31
Mar 51
Bullard Co..
580
8
■,
20
3%
*14%
6%
49
4%
*32
32
32
15
17%
50*4
*50
6*2
7%
34%
15
17
1
1334
15%
1034
49
414
35
6%
*37*2
14%
.
*37*2
60
10
*3414
50*4
•
21%
7%
3%
8%
1%
1*2
1%
10
21
3%
1
6%
16*4
16%
16*2
*37*2
8
22
3%
15%
1%
100
12
10*8 Mar
•
32
—No par
Bulova Watch
23
6*4
■
1%
1*8
6%
*50
Budd
14
*9*4
17
60*4
28
preferred...
100
G) Mfg
No par
preferred,.--—.— ,100
Wbeel
No par
Jan 26
15
,
34%
14%
16*2
4,200
4,100
3%
■
Mar 31
22
7%
34%
14*4
3*2
24%
28%
8
96
I
Jan 19
3
Mar
14% Mar 16
13*8 Jan 6
10% Mar 31
.---.-6
14%
23*8
*21%
3%
"9*4
17
*14%
*1634
15
28
7Jr
430
193*
Dec
2«4
538 Mar
x1684 Mar
35
3
43
35g Mar
1
Dec
373s Aug
40*4 Aug
l*s Mar
1
1378 Mar
43% Mar
153s Mar 22
31Jan
Budd (F
13,100
5%
38
Jan 20
2
10
734 Mar 31
32
Mar 31
16
Feb
Mar
li4 Mar 31
Oct
8% Aug
Mar
47
6% Mar 31
..No par
Burlington Mills Corp
1
Burroughs Add Mach..No par
*9*4
15%
35
35
35l2
17
4
3%
'
3%
4*2
7%
18
28
39% Jan
Jan
28
53g Mar
1234 Mar
3
1
3
Jan
Mar
Mar 11
Mar 31
43
IP
434
Mar
4
Dec
62l2 Dec
14*4 July
195s Jan
36% Oct
1*2 Dec
14
4
5
1578 Jan
3 U8 Jan
34U Feb
No par
.—
Bucyruo Erie c0
40
98
32
Jan 12
share
107
15
May
16*2 Mar
3
Jan
2*4 Mar 8
2734 Mar 30
7«4 Feb 27
934 Mar 31
Bruns Balke-Collender.No par
28%
8
9*4
9%
9*2
38
98
5%
41%
512
534
42
Brown Bboe Co.
200
14%
*15%
1*2
1%
3i2
3%
3%
10
*50
22
21*2
334
*9%
1534
8
8
22
*3*2
14
99
99
100
1,400
4,100
28%
23*8
21*4
734
*2134
23%
15%
9
10
5%
10
25
12*2
13%
13%
9%
32
-
2,800
29*2
23%
1414
15*2
23*2
9*4
9%
3%
15%
15*8
1*2
734
934
1,100
7,100
1534
213s Mar 10
Mar 31
J34 Mar 31
Mar 31
No par
Briggs Manufacturing.No par
Brlggs 4 rftratton.....No par
Bristol-Myers Co
6
Brooklyn 4 Queens Tt.No par
16 preferred...
No par
Bklyn-Manh Transit..No par
$6 preferred series A.No pa
Brooklyn Union Gas ...No par
1,600
33%
June
I6I2 Jan 12
Bridgeport Bras* Co
600
1634
41
23*2
5*2
Brewing Corp ol
10
*99
30
1%
7
9
America—3
2,700
30
9%
4
3%
1%
7
19% Mar 14
6
12,400
100
10%
*34
42
29
44%
1%
44%
44%
46*2
1*2
8%
1212 Jan 30
per
Jan
55l2 Mar
23
6%
34*2
Apr
40
Co —17
Bower Roller Bearing
11%
19
37
*7
29*2
*
24%
37
12*2
*U4
5%
5%,
*41
43*2
10*2
21%
37%
82
9
21
3,500
Highest
per share $
I
$ per share
110
I eh 18
Jan 24
Borg-Warner Corp
—
6
Boston 4 Maine RR—.100
20,100
25*2
1%
24%
*45
100
*99
100
♦99
*98*9! 100
19
25%
134
23
37%
10*8
36*2
16*8
38*2
13%
9%
934
*35
36*4
17%
12%
2334
44%
1*2
44*2
*1*4
7%
1*2
8*2
10*4
17
17
17
17%
25
534
42*4
Borden c0 (The)
19
26
51
1
16
Bond Stores Inc..
19
25*4
*134
*17
12*2
*36
1,100
9,700
19%
24*4
*7*2
Class B
170
54*2
15%
104
No P<*r
No par
Bod aid! class A
130
27%
*38*4
7*8
*54*4
54
"l734
24i2
7*8
1284
24i2
55
55
mmm
55
per
Year 1938
Lowest
Highest
share
Jan 23
$
Par
Shares '
*108*2 109
109
109
109
109
$ per share
$ per share
$ per share
25*2
27%
2*4
On Barn of
Lowest
17%
20
*1%
Friday
19*4
26%
*178
Y734
*17*2
193g
26%
Thursday
*53*2
*54
*54
Wednesday
t per share
109
109
109
109
108
108
EXCHANGE
the
Mar. 28
$ per share
% ver share
1, 1939
Range for Previous
1
100-Share Loir
Range Since Jan.
STOCKS
NEW YORK STOCK
Tuesday
Monday
Mar. 27 /
Saturday
CENT
NOT PER
SHARE,
SALE PRICES—PER
Sales
for
HIOH
AND
LOW
April
Page 3
-
31*2 Mar
90
Jan
976
May
17
Nov
IO4I4 Dec
3934
Oct
107*2 Nov
29
Feb
2378 Nov
834 Jan
II84 Jan
10
June
2234 July
223s July
98*2 July
19
Nov
358s July
97j Oct
83
Oct
70
Oct
59% Nov
108*2 Nov
64
112*2
Nov
Oct
Mar 31
13«4 Feb 25
578 Mar
1*4 Mar 31
6
6478 Mar 9
28*4 Mar 11
1
Mar
12*4 July
2*4 Oct
25
Mar
5584
10
45*4 Jan
3
26*2 Mar 31
xEx-dlv.
y
2*8 Feb
Ex-rights.
22*8 Mar
28
5 Called for redemption.
Oct
Ma
New York Stock Record
Volume 148
LOW AND
HIGH
Saturday
Monday
Mar
Mar
SALE PRICES—PER
SHARE,
NOT PER
-
$ per share
*7
7%
•24%
*7
7
Range Since Jan. 1
Mar. 29
Mar. 30
$ per share
f v'tr share
*7
7
24%
*5
7
23%
*7%
*77%
*85*4
♦1%
*10%
31*4
23%
23%
23%
22%
22%
8
*7%
8
*7%
7*4
*5
84
*75
87
86
1%
10*4
32%
*5
•7%
*6%
8%
8%
2*4
8%
*2%
*2*4
*75
86
♦2%
*2%
*10%
3
12
*96%
97%
13%
13%
17%
17%
1%
1%
♦92%
93
39*4
40
*112*4 113%
7%
7%
32% 32%
234
2%
27
27%
24
24
53-
53%
65%
65%
176
176
6%
8%
2%
2%
12
*11
97%
97%
13
18%
17%
13%
17%
1*4
1%
1%
92
93
175
180
.
7
>
175
32%
2%
25%
22%
*52%
63%
5%
28
5*4
5%
28%
28
*104% 107
*30% 30%
10% 10%
105
5%
26%
105
31
31
*30
10%
30
*33%
11*4
*85%
12.
*85
36%
86%
37%
80
80
*4
5
3*4
334
*58% .62
14%
*13%
36%
*42
*74
86
35%
80%
3*4
60
*78
82
*4%
334
3%
56
*13
56
19%
6%
"13%
4%
41%
5%
5%
24%
24%
'77
42
*74
♦49%
19
19
14%
4%
42
tm.tm
mm
400
*
3,000
16,700
10,900
2%
25*4
2,800
20%
52*4
64%
250
4,000
175
26
100% 105
21*4
.85
82
83%
32%
36%
29.
34
4%
3%
*55%
*13%
4%
41%
5*4
23%
*75
*49%
19
17*8
80
*74
4
17
3%
3%
27
26%
26%
30%
27
31
31
*30
31
41%
7%
*40%
41%
7%
26%
*40%
'7%
18%
*18%
*84%
*11%
*3234
12%
33%
*84%
*11%
32*4
15
15
15%
14l8
32%
■7%'
18*4
41%
7%
32*4
33%
33
86
*84%
11%
33%
11%
33%
'
14%
32%
6%
68-%
126% 127%
6
*5%
66%
8
7
18
18%
86
*5%
6
66
68%
64*4
126
126% 127
8
*734
12
12
12
*10%
11
*10%
8%
12%
i;%
*10
11
83
-
<•
5%
*74
*49%
-
23%
-
-
^
23*4
-
41%
170%
169
169
1134
2%
9%
,32*4
29*4
28%
17*4
1,600
4,000
84%
12%
3234
14%
33%
6%
65%
*11%
*32%
33%
*5%
.
33%
65
6%
12*8
11%
11%!
32%
14%
£32%
33
30
3034
14%
33%
6%
12%
14
31%
67
58
6534
*125% 128
*8-
7*4
11%
11%
*10%
,
6%
*11%
*4
300
33%
*41%
10
*1-
34%
33
43
70%
10%
70%
*77%
78%
81
81
•
*40
1%
•
1
*40
43
105% 105% *105
2
2
31%
3234
11*4
*2%
11%
2%
9
32%
9%
32%
30%
11
200
90
16/000
2,200
600
9%
74%
,71
77%
*1*4
5
5
*5
*9%
*19%
9*4
19*4
5,800
40
40
105
42
105
140
10
34,800
8%
9%
69
69
71
100
500.
4
77%
74
74
400
85
79
79
200
3%
1%
1*8
*1%
1%
♦1%
1*8
1%
1%
1%
3%
*1%
3*8
1*4
1%
3%
1%
2*4
3%
1,100
1,500
1,800
1%
*1%
2
1%
3%
1%
1%
3%
1*4
1%
1%
*80
,
33%
*1%
1%
3%
1%
3%
■83"
85
32
105% 105%
80%
*79.
1
'33*4 '34%
*71
1%
30%
1,900
"*76
*79
267g
33
884
1,506
*40
1
1*4
1%
1*1
700
5%
*5
5%
9%
4*8
5
*184
1%
9*4
19*4
*134
*5
634
*5
5%
9%
19%
19
9*4
*
1%
7
1
9*4
*4
*5
*9%
*19
19
1%
1*4
5%
8%
19%
1%
*5
7
5%
10
18
*1%
7
*4%
7%
14%
19%
1%
1%
6
4%
1
8%
18%
1%
4%
1,000
3,700
4,900
600
40
27
32
6% cum preferred......100
Co
4
23
23%
3,900
1,400
.No
36 preferred..
No
Elec Storage Battery..No
Elk Horn Coal Corp...No
37 preferred
6
Evans Products Co—..—.—5
108
*85
108
$6 preferred
.....100
Federal Mln A Smelting Co 100
3%
2,200
Federal Motor Truck—No par
2%
2%
1%
2%
1%
23
23
*84%
861?
33
33
*17
24%
•
2%
*1
23
108
3*4
*2%
1%
1
1
1
22
22
22
21
2*4
1%
21%
85
*84%
86
85
85
32%
31*4
31%
24%
85%
*84%
33%
24%
32%
*17
Bid and asked prices;
2%
32%
24%
ho sales
on
*2%
32
*17
2*4
24%
this day.
*17
3%
Jan
3
12*4 Mar 30
t In receivership,
a pel. delivery,
Pf-100
Fidel Phen Fire Isn N Y..2.50
Fllene's tWm)
n New stock,
Sons Co.No par
r
Cash sale
x
2
Jan 26
Ex-dlv.
y
173
Deo
Jan
2
.
Mar
Mar
6
.
Apr
40
Mar
Mar
5*2 Jan
3
1%
Jan
5*8 Mar
8
Jan
3
24*2 Jan 3
2*4 Jan 20
6*2 Feb 27
43*8 Jan 5
29is Jan 4
16*8 Mar 4
897b Mar 10
Mar 15
6
MarlO
Mar 17
4
2%
5%
10%
1%
3%
1912
22*2
67b
Dec
Oct
35
,
Nov
2*4 Nov
29% Nov
45% Nov
111% Dec
10% Oct
71
•
Oct
72% Dec
79*2
2%
Oct
6%
8*4
Jan
6*2
Jan
Jan
Jan
Deo
Oct
64
Mar
Mar
6
16
Oct
Apr
25
Dec
Mar
Mar
May
May
Mar
11%
Jan
43
Dec
67
Apr
52% Apr
96% Feb
2% Mar
1% Mar
1
Jan
46% Oct
41*4 July
Mar
94% Apr
2% Mar
38*2 Mar
Dec
14
2% Sept
6% Mar
22% Mar
33
Deo
Nov
25% Deo
5%f uly
36% Deo
15% Dec
.
13*4 Mar
1% Dec
1*2 Dec
284 Mar
Ex-rights
Nov
10% Mar
46
Jan
Nov
Deo
187
Jan
Nov
3*4 Mar
8
1*4 Jan
2*8 Jan
13
138*2
120%
118*2
17%
8%
Apr
Jan 20
19
2,300
Fed Dept Stores 4 H%
Jan 20
Mar
18*4 Jan 23
31%
24%
86
35
83%
31
*17
78
80
Mar 31
Mar
21
400
7
Jan 30
83*2 Mar 31
Mar 31
1
Federated Dept. Stores. No par
Federal Screw Works--No par
Jan
154*4 Deo
157
31
2
Federal Water Serv A. No par
1,600
1
Oct
115
Mar
Mar
8*2 Mar
121% Mar
3% Jan 7
1*8 Jan 19
26*8 Mar 11
89*4 Feb 6
1,200
1,700
1
12
Apr
90%
130*4
109%
111*4
13*4
6
l'lTjMar 10
Deo
1-9% Deo
,
102
8
Mar 13
43*4 Jan
141
Jan
1*4 May
62
4
21%
84%
2
21
<
4
100
Preferred...—
*96
3%
1
2%
33
4
22
2%
1%
23
*84%
*17
*95
*96
......
Mar
877s
Jan
Deo
25*2 Oct
84% Aug
.8% Jan
80*4 Dec
27% July
4% June
31
21*4 Mar
% Mar
17
Feb
111
17
35
Mar
3
5
6
300
Oct
23% Nov
91% Nov
30*8 Mar
1*4 Jan
36
110
500
*3%
Jan
11
Mar
18
Feb 17
12%
85
*96
5
Mar
6
3% Mar 31
12%
83
*95
Jan
Dec
Feb
97
12%
90
3%
Mar 31
Jan 24
12%
*86%
110
2
81
*13
3%
'
Mar 31
*86
*96
Mar lO
42
12
27% Mar 10
3% Jan 4
23
89*4
*95
5
40%
30%
Jan
65% June
8*2 Sept
28*4 June
Jan 25
Jan 18
1861a Jan
183iz Feb
Fajardo Bug Co of Pr Rico—20
Federal Light A Traction—15
*13
3*4
8
Mar 31
*86
110
142
121
Oct
Oct
Jan
81*2
5
118*2 Feb 27
18%Mar 2
27
24
3*4
'
156*4 Jan
Fairbanks Morse A Co.No par
24
*95
12
115
7»a Mar 31
14&8 Mar 31
1% Mar 31
4i2Mar31
32
*96
Mar 31
17512 Jan
195s Mar 31
1*4 Mar 22
115% Deo
Mar
20*4
11*4 Jan 5
19*4 Jan 13
.—3
Exchange Buffet Corp-No par
Fairbanks Co 8% pref
100
Ex-CeU-O Corp
24
3*4
165
Mar
25
Mar
6
—.60
Eureka Vacuum Cleaner
34
110
MarlO
26
Jan 25
3814 Jan 19
Endicott-Johnson Corp....50
5% preferred:.
—,10f ml03*8 Mar 22
8I4 Mar 31
Engineers Public Sear vice—1
68
Jan 16
35 conv preferred——N« var
71% Jan 3
35preferred w w..No par
76
Jan 14
36 preferred.
..No par
1*4 Mar 31
Equitable Office Bidg_.No par
1*2 Jan 23
{Erie Railroad..
....100
2*4 Mar 31
4% 1st preferred
...100
15s Mar 31
4% 2d preferred
-.100
24
3*4
10'
*4 Nov
Jan 9
Jan 16
Jan 3
Mar 29
6*2 Mar 14
78% Jan 3
Jan
Jan
Nov
25% Dec
8*4 Nov
2% Jan
4
1214
35*4
2214
337s
135
Feb
17
Mar
11
268s Mar 31
1
Mar 13
24
*95
114*4 Feb 3
.6
Mar 31
Deo
76
Mar 11
par
34%
*96
Mar 31
12% Mar 31
30% Jan 26
El Paso Natural Gas——*3
24
14
IOI2 Jan 30
>30
Dec
July
25
7*2 Mar
9*8 Jan
87
Nov
17%
11%
111%
25%
102*2 Jan
13*4 May
19*4 Mar
20*2 Mar
par
par
34
90
Mar 23
Mar 31
Jan 26
Jan 23
38
36
*86
40U
6U
155s
79*4
4% Mar
32*8 Jan 11
3284 Mar 13
44
Jan 16
24
24%
14%
89*4
*12%
23% Mar 30
28i£ Jan 26
par
24%
13
3
Oct
60
29% Nov
8% JUly
614 June
9
Jan
83
Mar
J3% Mar
_
7i2Mar31
2678 Mar 31
Electric Power & Light.No par
35
86
1131s Jan
June
13*4 Mar
.
3*8 Mar 6
12*8 Jan 19
4112 Jan 20
35
12%
1512 Mar 31
478 Mar 31
*4 Feb 1
3812 Mar 10
15*8 Jan 4
24%
14%
86
21% July
; 8% Aug
66
Aug
7% Deo
28% Nov
18
15*4 Mar
25*4 Jan
8*4 Jan
1*2 Jan
123*2 Feb 25
Jan 23
34
35
Feb
26%. Jan 24
9% Mar 31
,.3
34
*24
87
3*4 Mar
12% Mar
48*8 Jan
Mar
,
Erie A Pitts RR Co
*5
6% July
May
85
Feb
26
Jan
13% Feb
4% Mar
49% Mar 23
24*2 Jan
6*8 Jan
17*2 Mar 10
878 Jan
111
Jan 26
24
10% Feb 24
..No par
-.100 111% Jan 4
14H2 Mar 31
DuPde Nem (E I) A Co., 20
6 % non-voting deb- .... 100
136*4 Jan 26
34.50 preferred., -i ..No par •117*« Jan 26
Duquesne Light 5% 1st pf.100 115*4 Jan 4
12*4 Mar 31
Eastern Airlines, Inc.....—-1
Eastern Rolling Mills
-.5
4is Mar 31
Eastman Kodak (N J).No par
78
Jan 26
8% preferred:
Electric Boat.1.....
"
94%
Mar
12
Jan
48
17
Duplan Silk
Elec A Mus Ind Am shares...
1
10%
Dunhlll International
2,000
28,000
4,900
27
42*4
Dresser Mfg Co .......No par
12,900
27%
105
.No par
...No par
22,300
26%
io„
.....
Class A
2%
24
104
Dlxie-'Vortex Co
11%
28%
*40
5% pref with warrants.. 100
Eitlngon Schlld
.No par
Flectrlo Auto-Lite (The)..—5
27*4
1%
43
2
Distil Corp-Seagr's Ltd.No par
6,800
*1
71
1%
Diamond T Motor Car Co
1%
31%
27
105%
9%
No par
Eaton Manufacturing
27%
78
1»4
3%
50
1%
33%
33
Reynolds A
4,400
28 "
78
*81
2,300
92*2 Nov
44% Jan
58*2 May
7*2 Jan
-28*4 Jan
23*4 Jan 9
12*4 Jan 26
1
400
Nov
15% Nov
Mar
3
Jan
Feb 28
Feb 24
9,200
Oct
37% Nov
Apr
5% Mar
0U Jan
109
Mar 31
28
71
1%
Delaware Lack A Western..50
5% Mar 31
5
*1
32*4
__1C0
Delaware A Hudson
4*8 Mar 31
I6I2 Mar 20
'
58
28
78%
83
1*4
Diesel-Wemmer-Gllbert.... 10
Mar 31
Douglas Aircraft......No par
Dow Chemical Co....-No par
28
1
'72%
'
..No par
20
Preferred.........:
2%
7%
9%
*71
78%
Deere & Co..
978
2%
10%
9%
% pf 100
?7%
33%
11*4
2*8
1*4
2
8%
29%
2%
10
1*4
-
'
32
33%
*13s
*3%
:
23
'■
105
105
.
■
1%
Dayton Pow A Lt
Jan 24
16
Dominion Stores Ltd...No par
i-i—•
40
19*4 Mar
Jan 21
16
6
45
200
167
16712168% 165
*176% 180% *176% 180%
22
1>9%
22% 23%
168
180
22*4
.74% Jan
Doehler Die Casting Co No par
Dome Mines Ltd..No par
......
68
OS's Jan
Mar 31
7,400
5
63*4
Oct
10% July
43*4 Nov
70
Jan
4% Jan
Mar 31
17,000
1,800
2,800
2,700
33%
5
62*4
123% 126% 123% 124%
6
7%
7*4
7*4
10
11
11%
11%
11*4
*10
12
12
12
*10%
115
*110% 115
*110% 115
149% 145% 149% 141% 147%
180
6
5
No par
Davega Stores Corp...
6
Conv 5% preferred------25
Davison Chemical Co (The).l
270
2,300
8%
168
168
Mar 25
96
2Hs Mar 31
38 preferred...-.—-No par
Cutler-Hammer Inc
300
15
47*4 Jan
39*4 Mar 22
—...1
6% partlc preferred......25
16%
Jan 10
91
Mar 31
-.1
...
.100
84
33%
.
Diamond Match......No par
18%
Mar
14*8 Jan
.4 Mar 22
314 Mar 31
--........No par
Class A...i
Devoe A
85%
*176% 181,
*176% 181
22% 23
23% 24%
2
1%.
2%
2%
33
3414
31% 32%
12 •
11%
11*4
11%
12%
2%
2%
2%
2%
*2%
9
9%
9%
8*4
9%
31*4 32>4
32% 33%
33%
28
30%
*28% 29%
28% ;
28
28
28%
28% 28%
*1
Preferred
Curtlss-Wright.
540
18
42*2
'
1,200
85%
,
Jan
Deo
117% Nov
29% Nov
21% Apr
5*4 Mar
2214 Mar
29
Apr
25*2 Apr
7*2 Mar
Jan
Feb 28
Mar 31
80
......
600
18%
Jan
Mar
Nov
July
Nov
Deo
July
6% Nov
Mar
29
.
{Denv A R Q West 6% pf.100
Detroit Edison...
....100
88%
12%
23%
2%
3334
33
.*
18
*176% 181
,2%
-
*85
10%
168
_
1,100
.
.
*
17,100
14,800
*110% 115
*110% 115
*110%
148
150
150%
139% 148%
139
137% 138% *147% 139
139% *137*4 141% *137*4 1413s
120
120
121
122
*120
*120
*119% 121
120% 120% *120% 122
117
116
117%
116
117
*116
*116
116% 117% *117
117% *117
14
15
16
15
12*4
16
14%
14
15%
14% 15
1534
•*5"
434
5%
5
4%
5%
5%
*5%
5%
5%
5%
5%
233s
_
500
41%
6%
7
«
19
85
Mar
82
-
200
30
41%
-
26,800
24t2
29
«.
900
70*4
177
2*4 Mar
Mar
June
29% Nov
66
Apr
Apr
Apr
Jan
10
31*4
12*2
41*2
40*4
37*2
11%
36%
3%
35*4
'
,
300
J
*
40
z53
162
Jan
116
21*4 Mar
7b May
2114 Mar
10
Mar
Jan
38
,
Mar 10
Mar-10
49
June
Jan 16
57*2
6678
176*4
6*8
1212 Mar 31
4% Mar 31
2,900
17%
4
,
Jan
6
31*2 Jan
29*4 Jan
.
8
54
83
M.
30
15
Feb
107
35*4 Mar
1018 Mar 31
""
16
18%
115*4 Jan 18
10*8 Jan
Jan 26
33
—No par
Cushman's Sons 7% pref. .100
40%
5
21%
25
7
49
Pref ex-warrants
40
40
6
Mar 31
81% Jan 26
1725s Mar 11
3% Jan 26
21*4 Mar 31
99U Feb 10
26% Jan 3
8*4 Jan 27
2414 Mar 31
Cudahy Packing
50
Curtis Pub Co (The). j.No par
4%
22*8 Mar
6i8 Mar 31
Crown Zellerbach Corp
5
35 conv preferred... No par
Crucible Steel of America— 100
90
24%
36*2 Mar
16*2 Jan
Jan 23
"1,000
2,100
1,100
45,700
8,900
42
284 July
103% July
Jan
36
_.
Jan
44
32.25 conv pref w w..No par
13
30
*110% 115
149% 150
*137% 139
169
Crown Cork A Seal-.—No par
55
4%
23%
7%
100
6% conv preferred..,.
22
8% Mar
Preferred.............100
86
126
7*4
Crane Co...-.-..--.—...25
12%.
30 m
41%
7%
18%
1
54
4%
26%
O _OO
S1
—
14%
25%
*
Coty Inc...........
57
30%
*40%
26%
100
Jan 10
Oct
1*4 Mar
65*2 Mar
2is Mar 31
2312 Mar 31
I6I4 Mar 31
...
2<2 Sept
2*4 Mar
1Q
Mar
78
Apr
9*4 May
Jan
.Nov
7%
10*4 July
7% Jan
5% Jan
Mar
Jan
112
Continental Oil of Del— .-.--5
Preferred
104
3612 Mar 31
Continental Steel Corp. No par
Corn Excb Bank Trust Co. 20
25
7
Jan
Jan
96*4 Mar 17
3Hs Mar 21
Corn Products Refining
Mar 10
Mar
Mar
$2.50
Continental Motors
887b Apr
27s Mar
2
Cuba RR 6% preferred... 100
Cuban-American Sugar ... 10
Preferred
100
2,800
,
30%
*40*4
.
-
17
Mar
15
12% Deo
34% Oct
4*2 Mar
Mar 10
Dec
86% Aug
2% Oct
Mar
100
1
Continental Insurance.
1
Jan 26
.60
.4
3%
35
76
71
Ha Jan 27
89
200
80
4%
240
*5
6
6
47«
6
6
6%
*5%
*5%
*16
17
17
17
*15% 17
*15% .17
*15%
*6%
6%
6%
6%
6%
6%
6%
6%
6%
5%
6%
*109
110
*109
109*4 *109*4 110
*108
*109% 110
110
*109% 110
21
20% 21%
20% 20%
20%
19%
,21%
20% 20*4
17*4
19%
26
*26%
*25% 26
25*4 25*4 ♦25%
*25% 25*4
25*s 25%
25%
14
*13
13
13
*13
14
*13
13
13%
13%!
12%
13%
19
19% 20%
19% 21
1934
19*4 20*8
19%
18%
20%!
15%
6
6%
6%
.6%
584
4%
6%
0*4
6%
6%
5%
6%
1
*1
*1
*1
1
1
1
1
1%
1%
%
%
1%
117
117
*112
115
*118
120
117
*112
119
117
116% 117
*5
*16%
6%
No par
Feb 27
95% Nov
17*4 Oct
26% July
...No par
34.50 preferred
"""260
9,100
Mar 31
214 Mar 31
1178 Feb 28
Continental Diamond Fibre .5
.
8,200
2
6
Mar
107*2
778
9*4
3*4
3*4
14is Mar 31
Class B-j,—
Crosley Corp (The)...-No par
11%
Jan 27
1
5
.
Jan 24
8
per
2% Jan
12i8 Mar 10
Mar 31
8% preferred..........100
Continental Can Inc.......20
2,400
2,900
33
6
29
101*4 Jan 4
5% Jan 16
Continental Bak Co cl A No par
9%
10%
75
Jan
8
Mar 31
Mar 31
27
33
Mar 30
6
11
Cream of Wheat otfS—*No par
11%
85%
55
5
18*4 Jan 24
;
Mar 31
6
Jan 13
900
35
85
88
Mar
94
9%
24%
10%
28*4
Mar 31
82*4 Jan 11
6
6
5% preferred v t c
.100
Consumers P Co$4.50 ptNo par
Container Corp of America. 20
30%
38
.•
...5
No par
30
80%
*35
11%
...No par
Consol Oil Corp...
700
53s
25*2 Jan 3
87S Feb 28
85s Feb
30*8 Jan
2112 Mar 31
1% Feb 27
Consol Laundries Corp
200
10,600
20,400
5
100
Highest
share $ per share
9% Aug
37s Apr
15
Mar
29*4 Dec
6
Mar
8*4 Oct
4
Dee
14% July
26% Nov
10*2 Sept
414 Mar
10% Nov
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v 10..25
S5 pieferred
500
1,700
6%
32%
52
*173
6,300
38%
112
.....100
$2 partic pref.
.No par
Consol Edison of N Y..No par
6,200
91
62
5*4
5,900,
7,200
1%
38
5%
24i2
75%
484
112
27%
'*74
4%
334
23*4
75%
*50%
18%
5%
*15%
*50%
*19
*32
13%
4%
41%
5*4
83
*74
83
20
35
11%
86% '86%
*35*4 36%
80%
13
91
36%
105
*36
58
56
25
30%
10%
27%
""**200
17
53
105
38
4
,4
96*8
64%
5%
11%
'
11
96%
177
200
2%
*8
2%
23%
16%
*32
86
35%
13% .13%
4*4
4%
41% 41%
6
5%
24% 24%
24%
*50%
18*4
86%
37%
300
23%
*36
11%
4
6
6%
24*4
11%
4*4
5%
26% 27
*102% 105
*30% 31%
10% *10% 11
28
28% 29%
35%
83%
5*4
.
2
2%
26%
*174
30%
37%
*4
43%
1
*36
2
25
27*4
12%
.
*3«4
*58
6*4
39%
35%
*81
5
*4*4
28
.
.
8
1%.
7% preferred
6 M % prior pnef w w
6%
14%
% per share
Consol Film Industries
8
>
Consol Aircraft Corp...
..1
Consolidated Cigar
No par
10
5*4
11
Conde Nast Pub Inc... No par
Congoleum-Nalrn Inc..No par
Lowest
Highest
% per share
6
Mar 31
Congress Cigar..
No par
Conn Ry A Leg 4H % pref.100
50
10
2%
Pat
300
30%
105%
22
63*4
200
2,500
51,100
1,700
3,700
33,300
29
105
6%
31%
*52
177
7
7%
32%
32%
2%
64*4
105
30%
10%
38
373s
105
10%
29
*36
30
,
12
,
28*4
37%
29%
*35
85%
1*8
33%
2%
26%
22%
54
13,400
75
85%
1%
9%
6%
"
5%
75
7
*174
90
80
1%
1%
1%
1%
*91% 93% *90
93%
38% 39
38
39
113% 113*4 *111*4 114
92
39% 40%
38% ,39
113% 113% *111*4 113*4
7
7
7%
7%
3234 33
32% 33
2*4
2%
2%
2%
26% 26%
2634 27%
22% 22%
23% 24
>63
53*4
52% 52%
66
66
64% 65%
*174
5
*1%
6%
8%
*2I4
*2%
600
1,800
21%
6
*85% 86
1%
*1*8
1%
10
10%
10% 10%
31% 31%
32
30%
106% ,107
X105
105
6%
6%
6%
6%
8%
8%
8%
,83s
*2%
2%
2%
2%
*2%
3%
3
*2%
*11
12
12
*10%
*97% 97
*96% 97
13% 13%
12*4 13%
17% 17*4
16% 18
1%
97*4
13%
*1%
92%
5
19%
7
86
•
12
*10%
*97%
13%
17%
5
23%
7
100-Share Lots
Lowest
300
*75
80
86
10
10%
30*4 31%
106% 106%
6%
8%
2%
3%
6
5
On Basis of
Shares
6%
23%
6
21
84
*1%
'
*6%
6
21%
7
7
7%
86
106
7
24%
*6
Range for Previous
Year 1938
EXCHANGE
Week
share
per
23%
!
23
*7
*75
86%
1%
10*4
32*4
106
22%
,
Mar. 31
$
7
7
*5
7
'
84
*1%
*10%
31%
106
106
7
24%
*6
7
*6
7
24%
7%
24%
7
*6
STOCKS
NEW YORK STOCK
the
CENT
Fridau
Mar. 28
7%
24*4
24*4
Thursday
$ per share
$ per share
2434
*6
27
Wednesday
Sales
for
25
Tuesday
1913
Continued-Page 4
Sept
Oct
2% Nov
35*4
Oct
16% Oct
84% Nov
133
Nov
99*2 May
6% Aug
4% July
2% July
12% Mar
29
Oct
67%
90%
Oct
Jan
22% Mar
36% Nov
15
25
June
f Called for redemption
Oct
New York Stock Record—Continued-Page 5
1914
April 1, 1939
HIGH
AND
.Mar
SALE
Monday
25
NOT
Mar. 28
Mar. 29
Mar. 30
$ per share
S per thare
$ per share
STOCKS
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100- Share Lots
the
CENT
PER
Thursday
$ per share
$ per share
2234
SHARE,
Wednesday
Friday
Mar. 31
27
Mar
$ per share
PRICES—PER
Tuesday
Sales
for
LOW
Saturday
EXCHANGE
Lowest
22% 22%
102% 102%
43% 43%
2234 23%
22% 22%
21%
2234
10258 102% *102% 104
42
43% 43%
43%
2334 24
20% 24%
1934
22
102% 102%
40% 41%
Par
Firestone Tire «fc Rubber
Lowest
$ per share
$ per share
19% Mar 31
25
25%
30
*29
31
*29
31
*29
31
*27
31
*26
31
100
Florence Stove Co
19%
19%
19%
*18
19%
18
18
300
Florehelm Shoe class A .No par
2%
26%
*2
19%
2%
*18
2%
20%
2%
*18
2%
*1834
*2%
2%
2
2
600
t Follansbee BrothersNo par
26
26
*25
27
105
105
104
104
2%
*26
27
*26
27
20
*99
104%
*99
104
104
-
2184
22
*80
86
*80
2U
2%
22
22
1®4
*11%
12%
*11%
5%
2%
21%
134
19
2%
*1%
*3
*1034
11%
21%
2
3%
11%
9
12%
5%
2% 2%
1,000
Francisco Sugar Co
16%
*15
16
*15
*46
50
*47
50
*40%
*98
8%
103%
*98
52
52%
*7%
152
*146
146
*3%
4
13%
13%
*26
27
*58
70
23%
*23
38%
4134
*34
%
3
130
20
Gannet Co
10% Mar 31
.No par
*51%
6334
81%
125
*123
*52
81
*123
6334
81%
12434
123
47
46%
47%
46%
124% 124% *123% 125
35
31% 31%
*32%
5%
8%
534
*8%
5%
8%
109
*108
*19%
*91%
*108
1%
*1%
,
20
1%
5%
*8%
9
108% *108
1%
*1%
20
*91%
94%
1%
2034
94%
1%
1834
31
30
23%
13%
13%
99%
24%
22%
1234
19%
*913g
377g
6%
034
634
52%
11%
52%
113g
*52%
11%
53%
11%
52
10%
11
63
63
62
00
62
20
20
21
19%
4334
3%
42
*13
4434
*42
3%
19%
*42
"
3%
*2%
62
2%
'.3%
2%
*76
80
*76
20
32
1
1
14
28%
*23%
2812
23%
*14%
1%
6%
13%
14
•
15
13%
14
14%
29%
23%
*14%
29%
23%
1%
"
27%
31%
32
1834
19%
12%
12%
%
*%
14
*12%
4%
*334
66
3184
31%
*32
45
*32
27%
138
*36
66 •
'
29
*23%
14%
37 78
20
42
*39
2%
78
634
3%
238
*77
6%
1934
6412
30%
378
*75
*75%
4
78%
*36
66
30%
30%
*42
45
19%
11%
11%
*84
*12
.18%
12
%
.
4%
*3I4
18%
*12
%
14
1334
*3%
18%
12
*34'
10%
*16
17
102
102
■
15
4%
15
10
10%
22%
26
*16
31
30
*32
187g
1734
*12
12%
*34
7g
14
*334
*1438
4%
18
1634
*12
>
27
29%
*32
"moo
41% Nov
34
Gen Time Instru Corp. No par
General Tire & Rubber Co—;5
12%,Mar 31
98% Mar 28
19% Jan 26
8% Mar
14% May
Gillette Safety Razor..No par
6% Mar 31
..100
6% preferred...
$6 preferred.
Glidden Co (The)
79
76
76
2%
*160
14%
70%
163
14%
71
131% 131%
*59
*105
*16
163
14%
163
14%
*69
72
130
16%
18%
50,900
1134
11%
5% preferred
2378
34
%
700
*334
14
58
58
107
130
334
4%
12
334
14
14
31
*30
'
$5
conv
preferred
No par
Graham-Paige Motors
1
Granby-Consol M S&P
36
*35
5% preferred
Gt Nor Iron Ore Prop.No par
Great Northern pref...s... 100
Great Western Sugar..No par
Preferred
100
.......
Green Bay & West RR
Green (H L) Co Inc...
*6%
*75
16
9
11%
*130
6%
6:
79
100
100
1
—
51%
7
10
1
15% Mar
5
24
22% Jan 23
1234 Jan 26
19% Mar 31
Jan
16% Jan
31% Jan
28
24% Jjan 28
Jan 13
139
135%
5
4
23% Apr
Apr
10%
16
16
5,700
200
23®g
136
6%
103
70
20
22
2,200
*130
28% Nov
50
June
22
Dec
Jan 26
21*4 Mar
6%
79
6%
'79
6%
1,666
60
79
3
3
2%
234
2,600
'101
10234
101
101
97%
977g
10%
116%
159%
12%
69%
130%
400
10%
10%
10%
10%
'110
121
*110
121
'162
163
160
162
9%
*109
159%
14%
12%
1384
1134
72
70
70
68%
130
14%
*70
130
130%
*55%
'105
57
44
*43
4334
57
*56
60
105
59
107
105
*104
107
*17%
41%
20
43%
*10634 108
9%
12
9%
*8%
12
12
9
12
9,100
500
1,900
60
preferred
64
3084
*30
1334
13%
*68%
70%
1384
*68%
63%
107
6%
50
63%
31%
6334
6334
30
30
14
13% 13%
70%
68% 68%
107
*10534 107
60%
63%
5,600
30
29%
2934
700
13%
13
13%
934
*68%
70%
70%
67%
107
300
106%
£104% 104% *103
5%
6%
6%
634
6%
49
50
47
45% 47
6%
6%
49%
49%
184
50
1%
1%
5%
31%
*4%
31%
434
6%
6%
1%
6%
6
6%
1%
1%
13s
1%
1434
14%
147g
13%
27
*1%
1%
*13g
*4%
6
*43g
5%
*4%
*32%
3234
6%
1%
1%
31%
6%
13g
32%
6%
1%
31%
6%
1%
1434
15%
14%
15%
14%
*23
28
25
25
*44%
46%
*7%
9%
46%
*8%
46%
10%
6%
*1%
*23
27
634
*23
1%
1%
1%
4%
3%
3%
29%
31%
5-
6
I47g
1%
11%
6,000
7,900
4,500
25,100
23
23
19
1%
137g
21%
41
31%
32
45%
44%
4434
42%
45
41
-8%
8%
*7%
8
*6%
8
7
t In receivership,
7%
300
a Def. delivery.
Jan
35% Mar
30
5
Mar
8%
16
5
Jan 27
Jan 26
9934 Feb 18
Jan
5
100
20
136
Mar 31
Mar
4
47g Feb
3
71
Jan 19
2% Mar 31
97% Mar 31
9% Mar 31
110
Feb 20
159
Feb 24
12
17% Mar 10
10334 Mar 28
12
Mar
101
Nov
100
Nov
4
15
Mar
138% Jan 11
7% Mar 10
120
Apr
32
79
Jan
Mar 11
4% Jan
106
Jan
5
4
12% Mar 10
4% June
75
l%June
7634 June
111
5% Mar
81
May
140
Jan
5
10
Mar
Hercules Powder......No par
68% Mar 31
86
Jan
3
4234 Mar
.100
130
Mar 18
No par
54
Jan 28
135% Mar 6
61
MarlO
Jan 24
109% Feb
preferred....No par xl04%
Holland Furnace (Del)
$5 conv preferred-
10
98
..
No par
.100
Household Fin
Jan
4
17
Jan
6
98
Jan
17% Jan
stk.No par
67% Mar 31
70% Jan
3
3
v
t c—25
Howe Sound Co
5
Hudson & Manhattan
9
8% Jan
6
Jan 27
55% Mar
9
Jan 12
13g
.100
3% Mar 31
Hudson Bay MIn & Sm Ltd 100
Hudson Motor Car
No par
29% Mar 31
preferred
5
Mar 31
Aug
35%
18%
72%
105%
934
53%
3%
6
Mar
46%
83%
Jan
5
Jan
Mar
23% Mar
Oct
Oct
Nov
Nov
July
Jan
1
May
3
Mar
~9% July
20% Mar
35% Nov
5
Mar
10
July
Jan
Mar 31
35
3
41
Jan 28
49
23
44
7
Mar 31
19
Leased lines 4%
100
RR Sec ctfs series A...1000
x
66
17% Mar
20% Dec
35% Dec
100
Gash sale,
May
48% Apr
6% Mar
12
Apr
11% Mar 31
r
1334 July
25% Jan
108
Mar
4
100
« New stock,
11% June
102
% June
6% preferred series A
•
I84 Jan 20
5% Jan 9
35% Jan 10
87g Jan 5
584 Mar
3
1% Mar 31
Central
Oct
2% Jan
2034 Jan
1
Hupp Motor Car Corp
109% Mar 16
5% Mar 31
44
.100
Illinois
MarlO
934 Mar 31
Houston Oil of Texas
5%
ll%Mar 9
15% Jan 4
104% Jan 12
9
Jan
60
21% Nov
52% Oct
118
Aug
Jan
103%
Oct
Dec
135% Dec
105% Dec
66
100
87
Mar
36% Mar
5% preferred
Dec
20%
Sept
51
11% Mar 31
104% Jan 12
Dec
161
15
110
Jan 26
111
80
Mar 31
35
Oct
Dec
11% Nov
7
No par
com
Mar
Nov
7
29% Mar 31
...
40
Jan
6%
Jan
19
60% Mar 31
.12.50
Houdaille-Hershey cl A .No par
12634
105% Mar 18
7%
Homestake Mining
Class B
17% Mar 31
34% July
140
Dec
x734 Jan
50% Mar
Jan
Hershey Chocolate
35 Jttne
13% Nov
21% Jan
June
Feb 17
Hlnde & Dauch Paper Co.. 10
,
83
Mar 17
Mar 24
6% cum preferred
6% July
8884 June
103
17
900
250
Nov
32
117
200
*4
44%
3,100
300
1%
317g
Bid and asked prices: no sales on this day.
9,000
Nov
30
165
400
107
24
Apr
Apr
•
Jan 21
6,800
67%
*67%
6%
50%
1%
13
Mar
5% Jan
1134 Mar 31
Holly Sugar Corp
63%
Mar
8
24
..100
1,400
63
3
Jan
Jan
...1
.25
1,200
2934
Jan
22
100
1134
31%
Oct
Jan
31
3% Mar 22
14
...No par
conv
28
Jan 27
100
Hollander & Sons (A)
6334
Mar
Mar 31
preferred
8%
63%
*30%
13%
12
29%
;
Preferred...
$4
1«4
..25
Water
Hercules Motors
13
Feb
78 Mar
..25
...100
preferred—
Hecker Prod Corp
Helme (G W)
100
35
40%
106% 108%
11%
18% Feb
Corp of Amer class A..
6)4% preferred w w
100
Hayes Body Corp....
2
Hazel-Atlas Glass Co...—25
60
100
8
11% Mar 31
Hat
"l40
1,800
1,200
17%
17%
100
7%
1% Jan
Hanna (M A) Co $5 pf. No par
Harbison-Walk Refrac.No par
136
Oct
13% Mar
Jan
12% Jan
Hall Printing
10
Hamilton Watch Co ...No par
6%
JaD
Dec
50
34% Mar
734 Mar
40
Jan 27
Gulf Mobile & Northern._100
20
103
32
142
July
5
Jan 21
-
July
24% Dec
15% Nov
30% Dec
Jan
122
1
Jan
32% Mar 14
24% Jan 26
11%
30
9% Mar
12% Mar
35
34 Mar 11
8% preferred
6%
Mar
20
Mar 11
Mar
2
8% Oct
2% July
14% Nov
22% Nov
10% May
19
Apr
7
Dec
6% Nov
Mar
8
3
Jan
z3134Mar 13
Nov
7234 Dec
84 Mar
20
$7
108
2% Mar
.
Jan
Jan
26% Oct
68% Dec
38% Dec
2% Mar
52% Mar
1% Jan
Jan 26
85
15% Mar
Mar
778 Jan
ia4 Jan
3%
June
6934 June
July
3% July
Mar
32
Feb
1534 July
2% Sept
60% Apr
Jan
80
3
61
Mar
1®4 Mar
Mar 13
5
% Mar 31
5% Jan 27
1% Mar 27
16
.10
7% preferred class A
*75
43%
63%
*
'
Feb
2812 Nov
Apr
No par
5)4% preferred.....
Guantanamo Sugar
Hackensack
3%
44
6%
Mar 31
Greyhound Corp (The).No par
300
*3
*43
50
Mar 31
75
Mar
Mar
24®4 Jan 4
74% Mar 16
38% Jan 3
10934 Jan
3% Mar 31
35
36
2284
20
3034
684
5
...1
.10
20
7% preferred
50
25
13
37
79
4
100
No par
.......100
Preferred
Jan
67
5
334 Mar 14
2% Jan 4
Jan 26
■
June
27% Nov
11% Feb
37% June
47
Jan 23
15% Mar 31
Goodyear Tire & Rubb.No par
80
31%
16
136
*17%
106% 107% *106% 108
9%
9%
9%
9%
12%
1234
12% 12%
11%
15
15
10%
24
19
108
70
100
Mar 14
24% Jan
Mar 31
56
Mar
6% June
46% Dec
54
2% Mar 31
..No par
Gotham Silk Hose
Jan 24
2%
June
9
Nov
I684 Nov
20% Nov
1378 Jan 3
66% Mar 11
Mar 31
39
Mar
98
_
14% Mar 31
No par
4)4 % conv preferred
(Adolf).
Goebel Brewing Co
Jan
99% Feb
27% Mar 10
8% Jan 3
Jan 26
8
53
Gobel
700
%
*35
130
106% *105
60%
19%
12%
*102% 103% *102% 103%
44
*107
44
No par
Greene Cananea Copper.. 100
45
July
13
100
580
95
15% Mar
Jan
35,900
1,300
1
15%; Jan
1634 Jan
Mar 31
26
Nov
2% July
27% Nov
41
2434
23
110
2% July
12
'I984
101% Apr
1% Dec
1284 Mar
x85
Sept
July
97g July
12% July
634 Mar
26% Oct
11^
3,000
45
Mar
4
Mar
Grant (W T)
14
Au3
53% Nov
124% Nov
13% Mar
$3 conv pref series...No par
Granite City Steel
No par
13%
*2934
11%
16%
*17%
12%
3034
*103
24
*76
10%
20
12%
*23% ' 23%
125
25% Mar
11178 Apr
21% Mar
1% Jan
Grand Union (The) Co
800
Dec
20% Jan
800
1,400
,
Nov
79
Mar 23
1
800
1234
13634 137
*45"
60
45
*34
*13
*17%
108%
9%
60
45
20
9%
137
*45
66
10334 10384
2%
2%
2%
*101% 102%
102% 102% *100% 103%
11
1034
IO84
1034
10% 105g
121
*110
*110
118
*110
117%
*43
1%
>
25
26
137
*103
24%
23% 23%
*120% 136
*120% 136
*120% 136
*6
6%
*534
6%
63g
6%
*107
7,300
1%
Oct
50
Jan
Jan
118
'
19
*103
107
12,400
6%
13
10
*17%
1
%
5%
91% Mar 22
1%
Mar
50%
32% Jan
20
27%
10
*105
75
25
11% Feb 10
45,100
1,100
75
77
3
5
40% Nov
117% Nov
% Mar
17% Mar 31
29%
1,800
2278 Mar
10834 June
16% Mar 31
Goodrich Co (B F)_..._No par
384
Not
24% Mar 31
20
101
Feb
Nov
48
$6 pref. No par
Eq Corp. No par
3,100
3%
6
Nov
28
Gen Theatre
25,200
25
Jan
Jan
87
General Refractories..-No par
19
27%
2378
*26%
137%
90
Mar
Mar
Mar
13^
5
3
1% Jan 20
28
Oct
5% July
19% Oct
38% Nov
Gen Steel Cast
77
100
110
Mar 24
64%
77
678 Jan
1078 Jan
Mar 31
15%
2%
9,000
4,300
Jan 11
1
15
61
2%
*27%
*23%
13%
106%
Feb 28
38
Mar 31
No par
50
1
1
Gold & Stock Telegraph Co 100
29
10
*129% 131%
00%
60%
334
200
29
36
70%
300
....No par
Mar 31
136
108% Apr
27% Mar
9
Jan 27
51% Mar 9
125% Mar 11
4% Mar 31
Gen Railway
5,600
29
*35
70%
880
1,800
3%
12
36
14%
1,200
4,400
127
Signal
No par
6% preferred....
..100
Gen Realty & Utilities
1
$6 preferred
..No par
Gen Public Service
18%
12...'
*35
103
"5" 000
Mar 30
7
1
i 11% July
207g Mar
Mar 17
30
No par
39
3
1584
29'
23%
14%
-25
36
14%
Common
General Printing Ink..
1434
13%
*35
*160
4,000
Mar
40%, Mar 31
Gen Outdoor Adv A....No par
$6 preferred
""eoo
55
122
59% Dec
6
83
123% Mar 31
39
13%
40
2%
1,200
5
Jan 12
1% Jan
9% Nov
102% Dec
11
42% Mar 15
117
Oct
Sept
Mar
35
_
3
Jan
__10
$5 conv preferred....No par
*1%
*35
79
$5 preferred
2,800
3
Jan
52
534 Mar
72% Jan 26
39
Glmbel Broth ere.......No par
149
*133g
31
234
300
30
1%
*2934
*70
30
100
Jan
....No par
General Motors Corp
44%
Dec
19% Nov
Mar
Apr
2% Mar
130% Mar 31
% Mar 21
No par
6% preferred...
.
600
13%
13%
31%
24
44% 138,800
1%
*2984
24
120
124
4034
General Mills
75
Jan
25% Jan
36% Jan 27
114
$6 conv pref series A .No par
123% 124
13%
13%
17
17
T. 100
14
31%
*
80%
1
*2934
104
No par
1,000
6%
*15
*16
No par
No par
1,300
1
18
*103
$4.50 preferredGen Gas & Elec A
12,900
6
31
*102
General Foods
400
3,100
58%
1
24
100
51%
10%
6%
14%
No par
8
65%
31%
"102
*75
23%
147g
,24%
27
137%
Jan
11,400
1%
1%
13%
35
21% Jan 28
125% Jan 31
3334 Mar 31
July
n
8%
Sept
June
115
4% Jan
52% Mar 31
57
20%
334
*15%
*2934
'
18
28%
Mar 31
..100
7% preferred
30
2%
80
64%
19
No par
...
7% cum preferred
63,600
6%
3%
101
Class A
18
97
6% Mar
Jan
41%
40
6%
3%
64%
31%
18
11534 116%
34
34
*51
6334
12,700
6,600
1
26% 26%
137% 137%
30%
•
40
99%
2%
80
Mar 31
General Cigar lnc
1,100
2234
6%
*23%
*32
45
18
*39
20%
9
Oct
5% July
July
4% Mar
Mar
—No par
3%
18
82
Mar
148
Mar 31
42
10%
5834
3%
23g
11
Jan 18
3
11
60
18%
*52
103
23%
14%
23
6%
8% Jan 26
134
..5
Sept
29
60% Jan
-—6
—
General Cable
11,500
99% *.—
19%
24%
634
53%
2184
Jan
Jan
Nov
32
4% Mar
103% Mar 28
No par
Bronze
General Electric....... No par
124
46%
*
42
33g
23%
*36
25%
27%
138
139
*86
15
24
25%
25
*26%
*137
1%
*12%
*13%
122
43%
22
130% 130%
3334
37
79%
124% 124%
♦30
37%
11%
627g
187g
29% 303g
101% 103
3%
37g
*75
78%
1
1%
6%
122
52%'
1984,
1%
*1234
81
46%
1078
*6012
I884
52%
67
78%
1%
6%
81
99%
193g
4
*75
1%
13%
3%
2%
34
6334
*51
6334
81%
237g
634
52%
64
4
7
*1%
6%
*31
98
23%
634
2084
68%
31
32%
104% 104%
*101% 104%
*4
4%
*75
78%
634
98%
22%
84
1134
.
6834
67%
31%
„
78
80
20
20%
67
2%
13
*11534 118
123
45%
38%
41%
36%
41
417g
9
Jan 26
47% Mar 31
5
Baking...
$8 1st preferred."
General
,
634
15
General
20
800
3
5%
5%
4%
5
5%
5%
5%
7
8%
834
9%'
834
8%
8%
L08
108%
108%
108% *108
108% *108
1%
*1%
1%
1%
1%
*1%
1%
15
18
1934
18%
197g
19% 20
94% *913g 94% ♦91% 94% *91% 94%
1
1
1
1%
1%
1%
1%
18
16®4
1734
*1734 19%
17%
17%
24%
27%
30%
29% 30
27%
30
17% 22
23%
22% 2234
22%
22%
13
12
12%
13%
13%
12%
13
13
*12% 1484
12%
12%
*12%
1434
99%
13%
.
1%
18
5,500
3
'
24%
23
13
,
123
4534
23%
22%
•
Gen Am Transportation
900
*98%
30%
18%
30%
4,000
300
38%
48
96
No par
51
19%
1%
18%
3034
23%
13%
13%
*98%
23%
1%
18%
$6 preferred
47%
52%
22%
125
*29%
534
Gen Amer Investors...No par
100
19
123
4434
125
"MOO
52%
>
%
634
103
56
3784
41% 417g
41%,
11534 11534 "11534
a4
%
*34
*51% 6334 *51%
*81
80% 81
Jan
4712 Mar 22
6% Mar 31
2584
37%
52
50
Nov
5%
58
Mar
13
5)4 % conv preferred
,
91
9% Mar
1834 Jan
14
50
109% Nov
29% Oct
Mar
85
Mar 31
.5
56
37%
Mar
7% Jan
Gaylord Container Corp
25%
22%
Jan
100
4% Mar 31
j,100
60
22%
14
Jan 28
95%
$6 pref No par
conv
3
9
*130%
10
Gar Wood Industries lnc
13
23%
Jan
2% Jan
1% Feb 23
—10
J3 preferred
Game well Co (The)
2,400
8%
9%
934
9%
*143
*143
152
152
....
Jan
13
2,600
2,100
12
'*22%
4
Mar 31
Jan
133g
26%
"130%
Feb 14
10
30
1,100
Mar
2% Mar
Apr
1978 Mar
1% Mar
2% Mar
19% Mar 28
13%
2034
*130%
25
2% Mar 23
Freeport Sulphur Co...
10
Gabriel Co (The) cl A..No par
Galr Co lnc (Robert)-..
1
*3
23%
Mar
6,600
3%
60
50
14%
6%
3%
Mar
4%
14
*97
51%
51
152
70
%
51%
9
Mar
11
4% Oct
37% Nov
1% Mar
Jan
98
*47
7
85
2934 Jan
9034 Jan
334 Jan
55
10%
10%
4%
103
108% Jan
Mar 31
*3%
13%
26%
23
42%
6%
*97
18
Feb 10
38
10%
50
Jan
3% Jan
35% Jan
F'k'n Slmon&Co lnc 7% pf.100
98
14%
*47
734
51%
934
334
26%
♦11534 118
14%
103
*58
4134
42%
*115% 118
*7
*97
«23
39%
15
50
70
38
387s
81%
2734
*47
152
13
*130%
*130%
50,
*3
14
*58
*22%
*143
3%
3%
1334
2734
14%
7%
*7%
103% 103%
52% 53%
9%
9%
7%
97g
9%
146
7%
103%
53% 54%
10
9%
16
Oct
21
Mar 31
31% Dec
Apr
16% Mar 31
76
Mar 31
"
*16
39%
15
3
I84
.5
1934 June
Mar
21%
2
3
12
Jan
20
25% Mar 22
No par
10
101
36
10
20
5
31% Jan
104
No par
38
*98
5%
$7 conv preferred
3%
*1078
101
*98
100
100
Nov
43% Nov
Jan 27
2
.10
20
38
9
Machinery Corp
Oct
267S
100
17% Jan 16
19% Mar 31
30
Foster-Wheeler
16% Mar
Apr
76
Highest
S per share
24% Mar
107g Mar
No par
76
107g
3%
10%
4834 Feb
No par
(The)
43^ % conv pre!
30
7,000
2134
21%
Food
500
20
76
2%
Flintkote Co
16,300
25% Mar
104% Mar
99%
6 % preferred series A...100
First National Stores..-No par
104
16%
45
*38
600
3.200
2534
*99
80
2%
21%
*2434
207g
80
50
20%
'
21%
86
*40
3%
10%
11
11%
*98% 101
5
4%
12%
!
*4%
5%
5%
2%
134
3%
10%
100
100
*97% 100
*80
50
19%
134
3%
11%
3%
*11%
3%
11%
2%
21%
20%
86
*38
50
21%
2
3%
11%
20%
*80
2%
2%
50
104
19%
86
*38
*38
*134
22%
20%
2%
19%
6,200
Jan 16
40% Mar 31
10
30
"
Highest
$ per share
Week
Shares
22% 22%
103% 103%
4334 44%
23% 25%
22%
103% 103%
43% 4334
Range for Previous
Year 1938
Jan
Mar 13
11% Jan
Ex-div., y Ex-rights,
4
Mar
3% Apr
234
Oct
Nov
11% Dec
f Called for redemption.
Volume
HIGH
AND
PRICES—PER
SALE
Tuesday '
Mar. 25
Mar. 27
Thursday
Friday
Mar. 30
Mar. 31
*6%
684
23%
24
24%
$ per share
*146%
6
23
*6
23% 23%
102% 103
107
107
106
*14fb
6
6%
23%
23%
102% 102%
6%
6%
$ per share
$ per share
$ per share
$ per share
6%
6i2
24
*146%
*146%
5
84%
84%
82%
83%
80
81
79
8~i%
14%
14
14%
13%
*434
13%
1334
434
14%
1278
14%
484
434
13i2
*434
434
434
92
3
3
*175
179
6
21%
7
7
.
11%
162
5%
534
4%
534
*7%
*
174
2%
10%
800
578
170
700
56%
338
7%
*95
96
96
7%
-
6%
7%
8%
8%
8%
12%
12%
8%
1234
11%
*83
87
8
734
734
*12i8
8%
758
*11%
*83
85
9
■9
"
10
*8I2
■
*8%
9%
.*8%
9%
77S
8%
1134
634
113s
*8%
Jan 26
...100
15
Jan 11
8
Mar 31
8
8
7%
778
*16i2
18
16%
*10%
11
*10%
98
*90'
98
16%
*14
15
*14%
15
*14%
*87
*87
98
*87
98
*1134
*
15
98
12
H78
8
:
1134
12%
8%
*1134
8%
8%
8
.
1734
10%
*90
98
14%
*15
10%
*1
*90
12%
8%
10%
14
14
98
*87
12%
884
80%
*78
11
12%
834
8%
80
83
82%
*83%
84%
82%
82%
*80
36%
8212
35U
35%
36%
35%
11%
36
33%
*11
11%
11
26
23
*22%
*2%
23
*22%
22%
2%
11%
11%
lli2
*22%
2%
25
*23%
2%'
25g
*35
41
*17%
.
17%
23%
*2%
234
39
*35
41
*35
1778
39
*16
2234
23%
*15%
17
*15%
23
23%
5
2634
2684
26%
24
24%
23%
26%
2384
934
9%
9%
5%
.4.
10
934
*17
434
33'
16%
16
32%
21
*116
*116
*116
"5
4%
"4%
J
—
2%
16
15
22%
434
5
800
25%
26
22%
23%
1,000
6,000
10
19%
157g
15%
15
15%
15%
16
*3%
5
*3%
5
3278
31%
20%
34%
29%
19%
*116
120
434
%
*%
%
%
%
2
134
134
2278
217g
22%
*1%
2134
2234
1%
20%
11
11
11%
11%
11
11
11
%
1%
2134
1034
27%
45%
%
*1%
10
*2934
3034
30
30
4912
50%
48%
*5%
3734
5%
5%
37%
37%
377s
104
*102
104% 104%
176
*173
*101% 104
104
105
*173
176
3034
*29
5%
47%
47%
5%
50
5%
36%
36
103
103
103% 104%
*173% 176
*1034
*29%
47
5%
*36
104
11
*107g
*29%
3034
45
47%
5%
31
27%
47%
41
5%
4%
5%
35% 36
36%
36%
104
104%
104% *101
5%
:
3638
104
104% 105%
176% 176%
10434 105
*174
2
176
•
*16
*16
1634
16%
16%
*16%
16%
29
30%
29
29
27%
29
24
4134
41%
40%
*41
41
41
40
17%
167s
16%
16%
16%
16%
15
16%
16%
44%
43% 45
108%
108% *107
8%
7%
8%
51%
50%
52%
5012
3%
7%'
734
49%
50%
3%
20%
3%
*3%
20%
107
107
7%
*3
433s
42%
4434
*107
3%
1634
3
3%
20%
21
*49
*29%
50%
32
49%
30%
*29%
24%
39%
40
39
2378
3834
2534
39
33%
*1%
*534
17
17
17
33%
3334
3334
1%
7
12
*11
*6%
634
*11%
1234
*6%
*11%
*1%
*16%
3234
1%
1%
1%
6%
634
634
11
11
11
*1%
1%
434
434
4%
1%
478
634
*6%
634
*11%
35%
35%
3578
3378
4
*3%
27
27%
27%
177
*173
*48%
*5%
33%
*98%
*13
50
5%
33%
100
13%
1234
13%
*100% 102%
*
*173
48
27%
177
1%
6%
6%
1?
1%
35
48
*16%
*31%
*1%
*634
6%
12%
3%
38%
17
3284
434
13
3%
12%
35%
3%
48
48
2678
27%
177
*173
23%
39
1%
12%
•
24%
6
13
46%
131
434
V
1234
46%
*30%
11%
6%
7
12%
*6%
*3%
48%
32
*12834
25
*16%
49
48
49%
30%
*12834
24%
-
200
6,700
2,900
1,300
600
3,000
300
12
*6%
*11%
*1%
434
*6
12%
35
3%
48
*27%
*173
49%
49%
49%
4934
49%
*5%
534
5%
*33%
5%
*5%
33%
*99
*12%
12%
33%
100
13%
13%
100% 100%
33%
9934 100
12%
12%
12%
*95
Bid and asked prices; no
12%
101
33
*99
*1234
48%
48%
31% ; *29
*130%
22%
2434
3878
37%
48%
17
131
16%
31%
1%
32%
1%
6%
31
-
.
-
80
29
29
200
10
*130%
$6.50
Loft
177
49
4934
5
5%
33%
*32%
20
■
lis Mar 31
5% Feb 16
10
guar.100
„
L) Co.—...1
267s Mar 17
Martin (Glenn
1,000
Martin-Parry Corp—No par
1,100
2,700
Masonite Corp
43
Mathleson
-No par
Alkali Wks.No par
25i2 Mar 31
100
164
26%
preferred
177
47
2,300
May Department
5
2,400
Maytag Co..
31%
32%
V
~
«
-
-
u
800
99
99
99
99
160
13
12
12%
1234
11%
12
1,500
9,400
J In receivership,
2
53,700
46
95
Feb
234
*175
1034
6
1178
101
44)0
s Def. delivery.
7%
$3 preferred w
Stores—10
-—No par
w—.No par
$6 1st cum pref.
McCall Corp
No par
No par
McCrory Stores Corp
6% conv
1
pref erred100
n New Stock,
r Cash sale.
234 Mar 31
Mar 31
Jan
6
44% Jan 26
4i2Mar31
28i2 Jan 30
I8I4 Nov
40*4 Nov
50
Mar
12i8 Mar
33
99
■v
.
Mar
Dec
,84 Mar
Nov
21i2 July
62i2 Nov
IIH4 Oct
Oct
9
63i4
Oct
2% Mar
14*4 Mar
July
Mar
1
92
584
23i2
107ig
2134
164
Nov
June
1384 Mar
125
Apr
12is Mar
2978 Apr
Jau
5
Mar 29
3084 Jan
4
Mar
32
126
22
16
Mar
4312 Feb
19i2 Jan
-
10
38% Jan
184 Jan
18% Mar
h Mar
46s Mar
584 Mar
25s Mar
7% Mar
16
Jan 17
138s Mar
I84 Jan
9
Mar
Mar
1% Mar
46s Sept
638 Dec
5% Mar
14% Mar
214 May
56s Jan
57i2 Jan
3
3
25
Jan
4
1984 Mar
36
175
Feb 14
52
Mar 11
6'sMar 10
3612 Maf 10
101
Feb 14
Nov
Dec
Dec
195s Oct
57i2 Dec
1166s Mar
247g Mar
9
7
58s Jan 5
8is Mar 9
15i8 Feb 17
396s Feb 24
4i2Mar 31
pr
Jan
Dec
4
9
878 Jan 17
IOI4 Mar 31
Corp
Market Bt Ry 6%
9
3714 Nov
102
Mar
IDs Mar 31
H4 Feb 20
5
pref.100
Marine Midland
July
148s Nov
355s Oct
683s Nov
26
534 Mar 31
100
Shirt—.——25
Modified 6% guar
Maracaibo Oil Exploration.. 1
15,400
46
4%
Mar 31
29
10384 July
17612 Dec
20i2 Mar 13
58
Jan 3
3534 Mar 31
No par
Bros..
Manhattan
Feb
Oot
Apr
15312 Jan 28
Mar 31
1178
34%
102
s^les on this day.
124
Oct
714 July
li8 Jan
514 Jan
29
5
248s Feb 25
3
4
Marshall Field & Co...No par
33
1134
12%
12%
101%
*100% 102% *100
14712 Jan
1534 Jan
Dec
120
5
109
6
2034 Jan 26
—1
6
*175
Jan 26
Jan
805s
£255s
4i2 Jan
22% Mar
1534 Mar 31
6
5%
18
712 July
Jan
62
Mar 23
28i2 Mar 31
7
50
3
.10
6%
2,500
11% : " 300
400
1%
177
9
31
46i4 Mar 31
Garden...No par
534
11%
1%
25%
Mar
Jan
4
108
Mar 20
IHs Jan 19
33
6%
11%
1%
4%
27%
6
19
Jan
146s Mar
20% Mar
81i2 Mar
54i2 Jan
131
1178
1%
47g
27
106% Jan
2
2
t Manhattan Ry 7%
27%
157
Mar 31
1,000
3
1784 Jan 20
401; Jan 5
47
Mar 13
29
1%
Jan
1761s Mar 21
No par
Macy (R H) Co Inc._.No par
Magma Copper...
Manatl Sugar Co.
Dec
Mar
Mar
Mar
1934 Mar
23% Mar
5i8 Dec
8s
178
1988
678
Mar 20
Mack Trucks Inc
Madison Sq
234
Mar
16% Mar 2.7
Mar 31
900
32%
3
Mar
45
600
43
Jan
Mar
Nashville..-.100
MacAndrews A Forbes.....10
6% preferred
No par
5,700
3%|
IOI4 Mar
13ia Mar
95
25
Louisville &
16%
47
5
Mar 16
683 Jan
40
105
Mandel
3
3
preferred..
100
(P) Co
—10
7% preferred
100
Louisville Gas A El A..No var
160
47
Nov
100% Jan 23
6%
300
3%
Jan
17
81
Lorlllard
6
3578
30
Jan 10
Long Bell Lumber A
No par
Loose-Wiles Biscuit—.—25
10%
48
18
Mar
8I2 Mar
3i8 May
106i2 Mar 14
10784 Mar 14
173
..No par
No par
Corp No par
preferred
Inc.—
Lone Star Cement
2934
10%
Mar
Mar
Mar
2784 Jan
4%l^lar31
35i2Mar 31
100% Jan 27
—25
..100
37%
12%
3634
118
Jan
Oct
July
315s July
215s Nov
8
15
35i2 Mar 10
25
Mar
~
Jan 26
41
Tobacco—25
10
11%
3334
6i4 Jan
Jan 24
Dec
19i2
223s
8
5684 Mar 13
6%
12%
Jan 27
,
22
1312 Jan 20
23% Jan 20
I8i8 Mar 9
Mar 31
1534
230
Mar
Feb 15
25
27% Mar 31
28%
4,700
9
Juljr
3«s July
35
Jan
3
Mar
No par
Llbbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
Life Savers Corp
6
3534
6
30
125s
'12% Mar 10
32«4 Mar 13
16%
31%
1%
4%
Feb
145s NOV
114 Mar
No par
..50
....1
Fink Prod Corp....6
38%
6
19
9
6s Jan
6,600
4%
6
5
158 Mar 22
2038 Mar 31
10
Mat 31
23
'
Oct
3s Jan
1134
:
Oct
268g May
6i2 Mar
51
Mar
5
3
558 Jan
11%
6%
*11%
*1%
4%
7
100
Mar 31
*534
12
Jan
4
20
.•
Mar
Jan 24
Corp
Oct
3
*2714 Jan 19
3
l9i2Mar31
Lehigh Valley Coal
Oct
143s
10i8
484 Mar
Jan 28
,
Deo
80
113
23%
1%
*5%
8
8
Jan 11
Mar 22
25
5
Cement—25
4% conv preferred....-.100
Lehigh Valley RR
60
400
1,100
2,000
Nov
2i2 Mar
Mar 31
18
91
5U Jan 16
Mar 31
47%
Nov
Mar 31
15
152%
17%
45
Dec
16
1Si8 Mar
39
10
100
19
Liquid Carbonic Corp—No par
Loew's Inc..
No par
800
12
Dec
2378 Mar 29
1,900
12,000
8,300
Dec
Jan 11
4
Oct
13i8 July
24i2 July
10% May
63
Apr
Jan 28
14
Jan
123
11
284 Mar 24
15% Mar 31
Lehigh Portland
Liggett & Myers
Series B......
Preferred
Mar
Si8 Mar
40% Mar
Mar 31
22
150
,
100
100
July
78
24i2 July
27% Jan
Jan 27
Feb 15
Jan
130
100
J3
Mar
3,600
118
9
par
par
(The)...—No par
....No par
Lemer Stores
Jan
Apr
12i2 Mar
13%
2038
434
25i8
2034
Bryant
Lehn A
Mar
4984
Mar 13
443s Jan
39
45,800
4,900
58
122
4
Mar
10U Mar
178 Jan 26
par
Lee Rubber A lire
Jan
Nov
745s Dec
llli2 Oct
12
92
24
19
19
Lane
24
124
4
1484 Mar
2
400
3,100
106% 106%
2034
Lambert Co
June
4
Jan
12
6% Jan 24
10
Nov
997s Jan 17
1612 Jan 20
95
Jan 18
4
934 Jan 27
32
18
83i4 Nov
12»4 July
Feb
Mar
16
11% Jan
13% Mar 31
i88
Feb 20
22
Jan
6
48i2 Jan
3014 Nov
8584 Jan
358s Nov
96% Dec
116s Oct
1178 Oct
II314 Apr
4414 Mar
9
23
6% Mar 31
145s Mar 31
834 Feb 1
15i8 Nov
6278 Nov
8
7
12184 Jan 20
117% Jan 27
par
par
Jan
Jan
576s Nov
July
6i8 Mar
19i2 Jan
Lily Tulip Cup Corp ...No par
Lima Locomotive Wks.No par
Link Belt Co
.....No par
200
3
284
109
*128%
7%
49%
46%
3%
20
20
*20
20%
20%
*106% 109
*106% 109
*106% 109
*106% 109
22
2234
2134
22
21?s 22%
21%
22%
22%
22%
152
152
152%
*152
153
15334
152% 152% *150
*152
18
1834
*1834
19%
19
19%
18% 19
19%
*18%
*20U
*106U
6
Mar 18
6% conv preferred
10634 108
7%
3%
43
39
44
43%
42%
108%
108% *107
7
7%
778
49
49%
49% 50
42%
*107
15
Lehman Corp (The)
40
17
41%
1634
preferred
5%
500
26%
*40
28%
40%
2834
*40
16%
17
64
Jan
63
Jan 10
132
Mar 31
1
6.40Q
1,300
1634 1
29%
29U
.
160
6,300
4,000
100% 10378
174% 174%
16%
*16
.
8,200
1,500
116
4
434
—...
20%
115
120
4%
434
20%
22%
*%
2,500
32%
21
2
%
80
16
24
*%
*134
510
9%
9
17
23
%
2%
170
11,900
5%
9%
Mar 31
44
Mar
Feb
6
3
70
12538Mar 30
Mar
Mar
46% Mar
5i2 Feb
79U Mar 16
105
Jan 3
80
June
12
Dec,
140
Mar
Mar
Mar
Mar
Mar
28
125
1
...No
$5 prior preferred...No
Kresge (S 8) Co
Kresge Dept Stores....No
Kress (S H) A Co
No
Kroger Grocery A Bak .No
Laclede Gas Lt Co St Louis
Jan
Jan
414
185s
214
28i2
1912
2078 Mar 20
8
958Mar 31
"
3
B
Jan 26
d A
Oct
Mar
3678 Mar
Jan 27
Feb
Oot
9i8
478
117s
132
70
97
16478
684 Mar
82i2 Mar 14
1034 Jan 5
3058 Mar 31
Kinney (G R) Co
$8 preferred
24%
24
*3g
400
2634
17
193g Feb
Jan
Mar
2
120
..No par
800
*5
9%
•
Keystone Steel & W Go.No par
Kimberly-Clark..
No par
Kennecott Copper
47,900
2,500
23%
'
9
Mar 29
9
May
70
97s Feb 28
143^
95s Mar 31
Kendall Co $6 pt pf A..No par
70
15
2378
23"4
*134
Kelsey Hayes Wh'l conv
Class B
2,200
3,800
26
5%
24
434
-
10
24
,
-
41
5
*116
"434
434
22%
*35
20%
32%
21%
34
2178
10%
22%
2%
*37g
*384
5
*334
3334
30%
9%
3234
.16
5
26?8
*17%
157g
17%
17%
33%
217g.
21
•
18%
*16
"
3334
21
5
5%
*17
16%
*334
*5
934
19%
16i8
*26%
23%
9%
5
27
24%
*5
24
^
778
84%
23%
237g
1,500
^
7
185
3i8 Mar
Feb 10
34
Jan
Mar
141
6484 Mar 10
634 Mar 31
1
29
96s Jan 19
Jan
7712 Jan
5% conv preferred
100
Kayser (J) & Co
......
6
Kelth-Albee-Orpheum pf._100
Mar
48
6'4 Mar 31
..100
preferred
4%
Kaufmann Dept Stores..
300
Mar
353s Jan 21
3l78Mar 9
96
Mar 24
84
Kansas City Southern.... 100
...
41
*35
23%
*478
23%
300
400
15%
17
'
*26l2
2%
234
41
'
23
234
•„
20
300
11
684
11%
35%
5,300
1,700
98
10%
3534
11%
34%
11%
—
_
300
2
15
£130
MarlO
6
Apr
65s July
16i8 Nov
378 Jan
678 Mar
4
3134 Jan
No par
Foreign share ctfs
No par
Interstate Dept Stores -No par
Preferred
..100
Intertype Corp
...No par
Island Creek Coal
1
$6 preferred...
1
Jewel Tea Inc..
No par
Johns-Manvtlle
No par
Preferred
100
Jones & Laughlin St'l pref. 100
Kalamazoo Stove & Fura
10
Kan City P & L pfser B No par
600
-
Mar
1434 Jan
5184 Jan
2214 Jan 27
100
preferred
Inter Telep & Teleg
60
14%
13%
7%
47,400
11,000
3,200
98
*90
98
Shoe
International
International Sliver
98
2
5534 Jan 3
Feb 17
Jan 12
29
No par
.No par
-.50
International Salt
100
500
147s
10%
14%
10%
1784
0
100
preferred
900
7%
6%
77g
*87
14%
98
*87
8%
7%
98
*15
10%
10%
*90
8
*734
15%
15%
11
*90
8
*784
5%
9'8 Nov
3412 Nov
137
315s Mar 31
3% Jan 23
39i2 Jan 9
.100
Cent Am.. 100
Internat Rys of
460
J-_
Co
5% conv pref
200
1934
1934
19%
19%
19%
19%
19%
*19%
*19% 20
19%
193g
*116% 123
*116% 123
*116% 123
*116% 123
*116% 123
+116&S 123
74
70
*75
75
75'
*75
7578
75%
7578
*75
76% *75
78
70
79
77
78
76%
79
82
80
79%
83%
82%
126
126
126
125% 125% *122
*1253s 12634 *125% 12634 *125% 12634
44
45
45
4484
*45
*45%
487g
50
487S
*47
46% 465S
15
15
16
16
167«
16
15%
*16
15%
*15%
*16
16%
*11784 121
*11734 121
*117% 121
*11712 121
*117% 121, *117% 121
,
Inter Paper & Power
760
83
9
Preferred
w*
28,500
16,700
200
7%
11%
81%
10
6i2Mar31
46
9
85
*83
1
134
„■
9%
Int Mercantile Marine.No par
Int Nickel ol Canada..No par
—
Mar
June
278 Mar
668s Mar 9
1627g Mar 23
8U Jan 6
484 Jan 12
87g Jan 5
159% Mar 31
4i2Mar 31
3i8 Mar 31
32,500
7%
6%
7%
8%
12%
87
*83
77g
7%
8%
11%
8
87
*83
734
8
Jan 26
Internat'l Mining Corp
90
*88
95
95
96
*95
97%
No par
52
class A .25
15
3i8 Jan
276s Jan
19534 Mar 13
11,600
4,200
1,600
,
97%
Mar 31
Int Hydro-Elec Sys
198s Oct
514 Nov
Apr
80
1534 Jan
Mar 31
100
358
9i8Mar
Mar 30
Preferred.
Mar
Nov
95
7i8 Mar
93i2 Mar
4% Jan
2
700
Feb
5614 June
28i2 Jan
19
Internat'l Harvester
11,500
135
Feb
5
168
Agricultural..No par
preferred
Mar
945s Jan
1714 Jan
..100
Prior
10U July
303s Aug
119i2 Dec
146
Sept
4
60
151
Int Business Machines.No par
Internat
600
3%
No par
Interlace Iron
1,300
46
487S
47%
49%
49%
48%
50%
48% 4878
49%
50%
*135% 138
*135% 137
*135% 138
*135% 138
*135% 138
*135i2 138
8
978
11
10%
10%
9%
10%
978
10%
10%
1034
lOSg
38
3678
31%
38%
35%
37%
36% 37%
39%
39% 40%
3814
5
4%
4%
4%
5%
4%
434
5
434
5%
434
514
50
49%
49
52
46%
50%
47% 47%
50
*49
*49%
49.
*31
*31
*31
31%
33%
34
3478
31%
*32
3434
*31 "
33%
*34
3334
3458
34%
32%
*3334
34%
34%
34% 3434
34i2
34%
24
26
*26
26
28
23%
*26
27%
28
27% 27%
*2614
*95i2
6%
12,500
49
.
t Interboro Rap Transit.. .100
No par
Mar
143g Mar
6
29i2 Jan 16
Jan 3
10l4Mar 31
412 Jan 14
5% Mar 31
19i8 Mar 31
9H2 Jan 9
2% Mar 31
8i2Mar 31
Interchemlcal Corp
2
37g
7%
preferred
.......100
Intercont'l Rubber
No par
53%
5%
7%
150
534
159% 159%
5%
4%
161%
3%
578
4%
95
434
No par
Inland Steel
Jan
$ per share $ per share
share
119
Mar 31
77
Inspiration Cons Copper...20
Insuranshares Ctfs Inc
1
20
13,200
1,400
3,400
1,500
20
168
58
56%
preferred
13
19
2
20%
161
6%
~2~ 700
2
2
58%
*4
7%
7
10%
20%
*161% 162
378
7
5634
3
11
zl74
177
*175
92%
^92%
2%
21%
*20%
57%
,56%
162
*2
2%
177
177
163%
5%
6%
4
4%
4
7
3%
11%
2%
21%
6%
4
9234
*3
lb
58%
162% *162
5778
162
92
3
11
20i8 Mar 31
95% Mar 31
14812 Mar 20
79
10%
4%
5%
19%
*92%
2%
8%
23
Ingersoll Rand
!
|
77
6%
21
92
3
11%
11%
2%
2%
*21% 22
178% 178%
57% 58%
11%
2%
22%
IBs
21«
22U
6
6%
24
*23
3%
3%
434
6%
6%
2234
92
92
92
92
6%
24
23
24
5
22%
6%
6%
634
6%
23
5
97
10
Industrial Rayon
Highest
Lowest
per
8
$
No par
No par
100
Indian Refining..
Lots
Highest
Lowest
$ per share
5
Mar 31
Par
1,000
4,500
1,800
534
2234
20%
100
101%
95%
*146%
*146%
23%
83%
*82
On Basis of 100-Share
Week
Shares
Mar. 28
$ per share
—
EXCHANGE
Wednesday
Mar. 29
Saturday
Monday
Range for Previous
Year 1938
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE.
Sales
for
LOW
1915
New York Stock Record—Continued—Page 6
148
156
Mar
Aug
32i2
49i8
195s
401;
23s
10%
20ig
Dec
Jan
Nov
Aug
Oct
Nov
Oct
Nov
Jan
108s Nov
July
284 Jan
712 Jan
16
16
Aug
147g Nov
373s Dec
7%
61
Oct
Oct
3678 Nov
165
Feb
53
Oct
28i2 Mar
3i2 Mar
168s June
77S Aug
281; Deo
75
Apr
97
Dec
115sMar31
934 Jan 26
1714 Jan 20
884 Mar
16
Jan
1412 Mar 16
6
Mar
138g Nov
Jan 13
IOB4 Mar 15
61
Mar
9218 Nov
93
88
Jan
* Ex-rdlv.
3
tc/x-rights. ^Galled for redemption.
L.
New York Stock Record—Continued—Page 7
1916
SALE PRICES—PER
April 1, 1939
AND
HIGH
SHARE,
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
NOT PER CENT
STOCKS
for
LOW
EXCHANGE
Saturday
Mar. 25
Monday
Mar. 27
Tuesday
Mar. 28
Wednesday
Mar. 29
Thursday
Mar. 30
Friday
Mar. 31
Week
$ per share
$ per share
$ per share
$ per share
I per share
$ per share
Shares
19
Lowest
Par
McGraw
Elec
Co
$ per share
$ per share
17
Mar 31
Mar 31
Jan 2?
*8
8%
19%
8%
19%
*7%
1934
8*2
7
8
300
McGraw-Hill Pub Co..No par
56i2
*7%
55%
»734
66
55
56
53%
55
52
54
13i4
8*2
13U
812
13%
8i2
13%
13
13
13
13
12
13
11
12
5,700
2,500
2,700
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
11
*9434
IOI4
*66)8
96
*95
100
7% Mar 31
88
Jan 27
10>4
80
103s
10%
*66%
9%
*66%
No par
$6 preferred series A.No par
66% Mar 31
*58
96
8%
8i2
66i8
♦58
80
66%
64
54
*54
55
*434
4%
24
5
243g
*1514
16j2
23«4
*15%
3518
36%
34<
*58
53
8%
*55
66%
*55
54
*53
54
484
484
484
24%
15%
*24%
*15%
33%
33%
2234
93g
938
93$
9%
9
14%
2412
143s
14%
24%
14%
24%
23
23
111
111
*69
70
70
*110
116
♦110
*49
*49
*'4
*110
484
51%
*%
*%
*3s
*48%
*%
*%
*12
1%
13%
9834
*115
120
48%
*39
♦35%
14%
*14%
24%
6%
40
*11
*58%
*108
6%
49
7%
*20
1384
I07f
116.
4%
51 %
%
%
*3g
%
1%
1234
1%
6%
*%
1%
%
6s
*12% "13%
1%
1%
1234
1%
6%
1234
.
7014
*%
*'4
34
23
120
33
33
14
6%
6
6
9%
13
112
67
116
4%
48
334
*45
*%
6
6%
12%
*1%
5%
68%
109i2 *108
58% *58
109% <108
7
49
7%
7
49
6%
49
7%
63,
*47
7
7%
*20
21%
*1834
14
21%
14
14%
1334
61
62
*58
109i2 *108
6%
50%
7%
20
1334
10%
26%
*58
109% *108
6%
6%
*47
50
*46
62
1,200
—"—
135
19
20
*131
19%
8%
71%
1C34
8%
72
72%
10 %
10%
138
*131
138
7%
,
20%
1334
10%
26%
13%
*135
19%
7%
70%
8
8
7084
69%
10%
10%
19%
*14
15%
15
15
*143a
15
*503s
53
*50
53
*50%
74
3%
11%
*50%
*3%
11%
22%
74
3%
11%
22%
50%
*50i4
3%
50%
74
338
10*8
*14%
*49%
*50%
3%
*11
11%
21%
10%
*21%
*3%
11%
*22%
*75
24
83
*73
21%
80
*74
80
3,700
Monsanto Chemical Co
2%
*74
138
7
19%
12%
138
19%
8%
18
70%
10*4
68
7%
63
9%
1434
*4938
74
*5014
15
338
11
23%
80
*115
*115
a4.
84
100
Munsingwear Inc
58
300
Murphy Co (G C).....No par
5% preferred
100
45
7%
45
6%
16%
11%
834
19%
13%
138
300
6%
1834
12%
934
19%
10%
1434
51
74
3%
11%
*21
23%
3%
15%
7%
64%
8
6934
80
22,300
230
8%
13%
49%
*50%
*
,3
*74
*%
34
11%
74%
.
11%
74%
*180
*109
22%
*65%
16%
*87
10%
*107%
12
12%
75
75
4,300
Nat Aviation Corp
National Biscuit
13,800
200
400
*234
3%
>7%
*115
Nat Bond 4 Invest Co.No par
.200
8,100
800
19,800
1,300
500
10,600
100
17,400
20
Jan 26
17
Mar 31
_
Nat Dairy Products
18
3,100
14,800
23%
22%
23%
17
17%
17%
17%
I684
110
*104
110
*104
Nat Dept Store
No par
6% preferred
Nat Distillers Prod
No
par
Stamping.No
par
Nat Enam 4
Nat
234
7
1
$4.60 conv, preferred-No par
National
Lead.
'...10
preferred A
6%
preferred B.__
5% Mar 31
4*2 Jan 13
23% Jan 27
12
8
Mar 31
16% Jan
106
135
4
4
MarlO
3
94% Nov
30% July
20
154
June
127
June
178% Oct
145*2 Sept
13% Mar
2834 Nov
7% Mar 31
9% Mar
-9%
14
49%
74
8,700
National Supply
81% Jan
15% Jan
3
27% Jan
5
Mar
$2
8% Mar 31
13% Mar 31
20
Jan
3
18
Dec
30
July
200
5H% prior preferred...100
6% prior preferred
100
49% Mar 31
59*4 Jan
3
55
Dec
82
July
70
Feb
75
Feb
"i;206
1,100
500
""loo
National Tea Co
..No par
3
Mar 22
:#.No par
Natomas Co
10
Jan 21
Nelsner Bros Inc.
4% Jan 7
11% Feb 8
2484 Mar 14
1
19% Jan 27
4%% conv Serial pref...100
Newberry Co (J J)
No par
5% pref series A.
100
75
Mar 22
8
40
Marli
107*2 Mar 14
110
....
73% Mar 14
Feb
36
12*2 Sept
2% May
7% Mar
14% June
58
Apr
28
Mar
234
250
7
270
6 119
20
New
*115
2%
lg
tg
2%
*%
11%
12%
934
33
74%
1934
*55%
13%
88
3%
3%
♦34*2
36%
*34%
8%
8%
22
8
2I84
8%
21%
20%
17
16%
16%
16%
No par
111
...50
120
Ry Co.. 100
55
6,800
{N Y N H A Hartford
2,900
Conv
%
11 a4
6,300
7434
100
7%
40,200
*32
North
10%
107%
60
33,100
6
1
101
Mar
7
8
54
1% Jan
4% Jan
4
1
5
Jan
Jan 25
Jan 10
111
6% preferred series......50
North Amer Aviation
J
Northern Central Ry Co...50
Northern Pacific
100
North'n States Pow Co $5 pf.
Northwestern Telegraph...50
334
3,166
34%
30
Norwalk Tire A Rubber No par
Preferred
50
74% Mar 24
1934Mar 31
Jan 23
55
13% Mar 31
82
Jan
3
8*2 Mar 81
102% Jan
4
Feb 24
30
Marl6
26% Feb 27
57
Jan
1484 Jan
{ In receivership,
a Def.
16,100
200
6% preferred
100
Otis Steel
$5.50
No par
200
1st pref..No par
Outboard Marine A Mfg
5
140
Outlet Co
10
3,000
3,100
190
Jan
111% Sept
200
Apr
4
Mar
1384 Mar
8% Mar 31
42% Mar 30
18
Mar 30
58% Mar 31
Coast
10
1st preferred
2d preferred
210
83%
4
3
8
C._$2.50
Pacific Amer Fisheries Inc...5
Pacific
9
8% Jan
27% Jan
143% Mar
100
Class
No par
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Pacific Ltg Corp
Pacific Mills,.
4% Mar 31
3
Jan 13
12% Jan 26
4% Mar 31
10% Feb 17
28
Jan 13
60
6% preferred
100
Pac Tin Corp (sp stk).No par
146
Jan 30
n
New stock,
r
Cash sale.
*
5
19*4 Mar 25
Ex-dlv.
y
60
Nov
6
10
Mar
22% Aug
9
39%
52
Oct
115
Apr
Jan
116% Mar 25
115
Apr
Apr
Jan
3
40
Mar
7% Mar
3% Jan
2
3
5*2
2*2
10%
334
9'4
70
16
Jan
5
6
Jan
4
1284 Mar 14
3484 Mar 10
Mar 10
14% Mar 11
Jan
6% Mar
30% Apr
45
10
121
Nov
5
no par
100
147
4
49
Mar 31
10
29% Nov
Jan
Jan
41% Jan 30
Pacific Telep A Teleg
delivery,
15
122
54% Jan
22% Jan
No par
60
200
4
112% Mar
40*8 Jan 24
114% Jan 26
No par
Preferred
Owens-Illinois
50
8,300
3,400
3,200
conv
Sept
Feb
Jan
17*2 Mar 31
Jan 13
Dec
1984 Nov
484
534 Mar 31
140
Jan
14% July
103
32%
Jan 23
110
9384
Dec
7% Mar
Oppenheim Coll A Co..No par
104
June
6% Mar
9212 Sept
Oct
57% Dec
20
19*8 May
"""466
No par
75
26%
3
20% Mar
....100
1334 Mar
4584 Apr
5% Mar
Dec
6
Jan
14% Mar 31
6% preferred A
Dec
30
17
Otis Elevator
Jan
110
Nov
Omnibus Corp (The)vtc No par
9,400
90
198
Mar
Sept
Oliver Farm Equip....No par
110
Mar
June
100
14%
7,300
*104
38
133
8% Sept
4,600
110
7*2 July
1*2 Jan
16% Dec
5
16%
Mar 31
% Dec
2% Mar
*2 Jan
434 Mar
63*2 Nov
284 Jan
41
2034
7% Mar 31
Apr
'Pr
June
35
1434
par
434 Jan
1134 Mar
120
May
1% Mar
16%
No
Dec
1284 Mar
2134
.
23
25
7%
.17
Ohio Oil Co
2134 Nov
38% Jan
3784 July
3934 Jan 19
10% Jan 5
8%
18,500
4
10784 Mar 13
32% Jan 18
3%
34%
3% Mar 31
33% Feb 20
9
19«4 Jan 3
88% Mar 27
3%
36%
8
5
109
,_:.10
Mar
Mar
48*2 Nov
110
Mar
168
American Co
Mar
5% Mar
62
...100
100
2
Jan
preferred—_.ldo
preferred
200
33
9
118% Mar
16% Jan 3
89% Mar 2
195% Mar 10
Norfolk A Western
Adjust 4%
384 Feb 28
18
120
2% Mar 31
*2 Feb 17
9% Mar 3l
Corp part stk.. 1
43*2 Feb 25
12% Mar
7
preferred
.....100
{N Y Ontario A Western..100
N Y Shlpbldg
Jan
Jan 19
Mar
% Mar 27
500
1534
Jan 17
100
80
5534
2% Mar 31
6*2 Mar 31
50
3
88
8*2
'106
'
3%
36%
..No par
....
10% preferred
234
*32
Dock
preferred
N Y Lack A West
61
12%
3
York
5%
N Y A Harlem
Jan
19% July
5,900
32% Jan 14
Nov
40
9% Mar
37
-
71
4
33
14% Mar 31
July
17% Jan
47*4 Jan
22% Jan
38%
par
26
10834 Nov
4
31% Mar 31
Central-.No
Jan
12% Aug
'99% Apr
38
No par
Air Brake...
Yoik
9% Mar 31
4%
Feb
6
Mar 31
Y.
New
1
,
.
Jan
21
°8
23
700
(The) Pa.. 10
preferred.......
40
6 % preferred series A... 100
NYC Omnibus Corp
No par
*58
9% Oct
8134 Nov
4484 Mar
10,800
61
31
Mar
27
2%
6*2
July
"l7%~
Feb
21
♦111
Nov
20% July
1684 Oct
Mar
Mar
234
30
Apr
4
Mar
,7%
115% Nov
113% Oct
10% Oct
684 July
3% Mar
17% Mar
11*2
Oct
16% July
11% Sept
106*2 Mar
105*4 Mar
3% Mar
Mar
119
25*2
145
Mar 25
15% Mar 31
1034
20%
Mar
NOV
27*2 Jan
169% Feb
18% Mar 31
'Jan 14
165
100
4
18% Jan 10
Mar 31
99
Jan
6% Feb 17
28*2 Jan
10% Mar 31
,.100
5
Mar 27
Oct
65
Sept
12*2 Mar
■*
7
234
no sales on this day.
:.
114
64% Mar 31
*684
7%
7%
7%
*684
7%
*6%
7%
*6*2
634
534
6*2
19%
19%
18%
1934
18%
1834
18%
19
18%
19%
17%
18%
*143% 145% 143
143
143
143
143% 143
*143
145% *143
145*2
11% 11%
10%
11%
10% 1034
10
10*2 10%
10%
8%
10%
44% 44% *42%. 47
*42% 44
41
*42% 47
42%
42% *35
*18%
21s4 *18% 2I84 *18% 2134
*18
18
20%
18% *17%
21
*42% 45
42
*42% 45
*42
45
42
*42% 45
42%
42%
*116
116% 116% *116
*116
*116
♦116
62% 621?
62% 62%
61%
61%
6I84
6184
60*2
62%
60%
584
534
5%
5%
*5%
534
*53g
5%
5*4
5%
4%
5*8
3
*3
*3
3%
3
3%
3*2
3
3%
*3%
3*2
*12% 13%
13%
13%
13% 13%
1384
1334
13*2
13%
13%
13%
*4%
4%
*4%
4%
*4i4
4%
*4%
4%
4*2
4%
4%
4%
*1034 11%
IO84
11% *10% 11%
*10%
11%
*10%
11% *10%
11
32
32
32% 33
33%
32%
32%
32% 23134 32%
30%
3U2
4684
4634
46%
47
45%
46
46
46
45%
45%
43%
45%
12%
12%
11%
12%
11
11%
11%
10
11
*113g
12
11%
*125
130
*126
128% *124
121
122
126% *122% 127% *122
12634
*150
151
150
150
150
150
150
150
*140
151
%... 151
19%
19% *19% 22
*19% 22
*19% 22
19*2
19% *18*2
21
* Bid and asked prices;
Co
117% Jan
Nat Mall A St'l Cast Co No par
%
*104
Gpysum
10
2
Nov
19
10
*%
11%
110
Jan 20
168%
10*4 May
,20
%
*104
Feb
109
Jan
Nov
14% Dec
28
Jan
4
%
110
111
National Pow A Lt-v—No par
National Steel Corp
25
41,400
23
100
100
7%
5,5O0
734
22
8%
12% Jan 13
pref class A
7% pref class B
80
8%
No par
26% Jan 5
1284 Mar 3
16% Mar 10
8*2 Mar 31
68
700
8%
1
July
14% Nov
15% Mar
150
6
4
%
4
Cylinder Gas Co
7%
111
4%
w w
Jan 17
15% Mar 7
94% Mar 27
23% Mar 9
Jan 13
Nat Bond 4 Share Corp newNo
Nat Cash Register.„
No par
National
400
9,900
181
36%
12% Mar 31
92
10
111
4
175
12%
Mkr
6
14% Jan 3
28% Mar 11
7
100
6% pref series A
350
173
*3414
Mar
23% Jan
*115
33
Mar 31
23% Jan 24
163
Mar 31
284
*32
100
15% Mar 15
29
29%
*111
...
5
10
pref
cum
Mar 31
54
7% Mar
8*8 Mar
12
36%
116
.1
Oct
Dec
10% July
37% Mar
684 Mar
4
16%
75
75
80
*7434' 80
1187
180% 180% *181
*181*2 187
183% 183%
111
110% 110% *110
109
110*2 110% 109
23
22% 23%
22% 22%
22%
225g,
21% -2234
56
*55%
56
56
5534
56
55%
55%
56
I684
16%
17
15%
16%
16%
16%
15%
16%
88%
88% 88% *87% 88%
*88
88%
88%
89%
11
10%
11
10%
10%
10%
IQ34
934
1034
10734 *107% 10784 107% 107% *107*2 10734 *107
107
4)4
Jan
9% Jan 20
25*2 Jan
110%
Mar
N. Y. Chic 4 St Louis Co..100
%
36%
51
Mar 31
Apr
4
N.
26
*6%
4%
*34%
8%
Mar 31
Jan
15% July
62%
4,700
14%
17
234
634
33
Mar 31
6%
16*2
11%
834
Apr
95
9% Jan
Oct
8% July
64%
3434 Mar
Feb 15
2,000
89,400
17%
234
684
114% 114% *110
*31%
334
*3414
8%
21%
5% Mar 31
Mar
9*8
64% Mar
110
32
Mar
12
35
16
37%
7%
200
111
33
Jan 10
45
4
26
14% Mar
Jan 27
'
190
*32
11% Mar 31
52
108
Mar
11% Mar
7% Jan
44% Mar 13
Jan 28
8
Oct
2284 July
17% Nov
10*2 Mar
•*
Jan
Newport industries
16
37%
33
5% Mar 31
36
Jan
12:300
33
37%
11%
19
54%
Mar
12*g
32%
16%
36%
17%
29.
*32
*104
1634
*17
Nash-Kelvlnator Corp
.5
Nashv Chatt A St Louis...100
National Acme.
80#
9%
31%
29
234
*%
11%
*7484
Murray Corp of America... 10
Myers (F 4 E) Bros...No par
"""230
3
10%
20%
1234
*58
3
No par
No par
4,100
138
138
1134
1734
29%
34
%
2%
*%
3
40% Nov
Mullins Mfg Co class
1234
63
.....
3
12%
*35
*115
*
*61
38% Aug
25
58,
50
*11
*74
16%
28%
36%
7%
22% May
Mar
300
13
*234
*634
25
37% Mar 13
3,600
13
2%
7%
54% Mar 10
39
Jan 25
584
B.....1
Dec
117% Sept
Jan 26
38%
11%
Co
110
32
16% Mar 11
38
*284
7%
Mar
Jan
3% Jan
11% July
2% Jan
3% Jan
20% Nov
34
30
109
*114% 118% *114% 118%
Jan
Mar 31
♦35
38%
May
Mar 31
*108
37%
67
111
Jan
12
37
38%
111
119% Jan 17
12034 Mar 17
11% Mar 31
109
38%
Mar 31
Mar 22
20
37
30%
95
Mueller
~M~66
Dec
Mar
115
Motor Products Corp. .No par
Motor Wheel
5
preferred
1% July
1784
Dec
%
1%
10
2,100
*108
30
Jan
2,400
109%
.109% *108
6;
5%
6%
Dec
"
1
2% Jan
17% Jan
3
Mar 31
5%
36%'
11%
62
Jan
Jan
484 Mar
2,000
37
17
1% Feb
12
Oct
84
1%
934 Jan
13%
13%
conv
72*2
Feb
Dec
119% Mar 10
43% Mar 31
10
Montg Ward A Co. Inc.No par
Morrell (J) 4 Co......No par
Morris A Essex
60
$7
Mar
%
%
%
10% May
1% Mar
23
109
17%
preferred
Brass
July
No par
Preferred series B
100
20
Oct
Nov
8
Feb 15
12
11%
13
I
$4.50
150
420
..100
92
Apr *117
Mar
No par
100
58,000
..100
Jan
Jan
July
35
MarlO
20
37
36
{Missouri Pacific
5% conv preferred
Carpet Mills:
22%
30% Nov
4
100
14% Jan
2% Jan
4% Mar 31
% Mar 15
Mohawk
33
1
% Jan 26
Mar 31
47*2 July
1484 Oct
111
% Jan 12
7% preferred series A... 100
300
Dec
% Jan 31
1% Feb 18
1,900
2,000
Dec
1634
49*2
Feb 28
3
% Jan
12
30
5«4 Mar
% Jan 31
100
10
54
May
June
12% Mar
15% June
76
Apr
6% Jan
Mar 30
48
Nov
57% July
7% Nov
14
Jan
112
73
2684 Mar
85*2 Jan
Jan 16
Oct
Jan
11
Mar 13
115% Mar 14
334 Mar 31
No par
%
*108
1734
18
30%
4% leased line ctfs
29
58% Mar 31
110
100
1%
13%
95
96%
115% 11534
120
120%
43%
47%
*35%
39
38
36
No par
%
1%
109
1738
17%
29%
preferred
5,600
*37
36
$6.60
534
*108
17%
Mollne Power lmpt_..l
Mission Corp
38
17%
Minn
Mo-Kan-Texas RR
109
35
107% Mar 22
7% preferred
12
Mar 31
8% cum 1st pref
100
Minn-Honeywell Regu.lVo par
4% conv pref series B...100
100
*37
17%
7% Mar 31
13
Nov
1584 July
80
32%. Apr
3% Mar
39% Jan
12% Jan
16% Jan
20% Jan 26
600
*108
17
.6
*
.No par
600
38
35
Copper
Mar 31
Midland Steel Prod
*2
109
12%
Miami
5
Mid-Continent Petroleum.. 10
1%
*37
123$
*3434
16%
28% Jan
{Minn St Paul & 8 8 M...100
*108
13%
6% Jan
Mar 31
Feb
'
7
*2014
19
1934
8%
73%
10%
Mar 31
33
%
10
10% 11
10%
1034
10%
10%
27
26
27%
26%
27
26%
26%
26%
2434 26%
*167
170
*167
*16634 170
*16634 170
*16634 170
169% 166% 168%
14
14
*13
*13
*13%
14%
14% *13
14%
14%
12%
13
*93
*93
*93
*93
93
93
94%
9418 94%
95%
95%
95%
21% 21% *12% 23%
*21% 23% *21% 23%
2:21*4
21% *20%
21
21
21 '4
20
21
*20
17
20
1934 20
19% 2034
20%
11
11
*10
11
*10%
11
*10%
11
10%
10%
8*2
10*2
14%
1434
15
15%
1434
15%
14%
15
14%
15
13*2
14%
*114
115
*114
115
*113% 115
114% 114*2 *112% 115
*112% 115
113
113
113
113% 113% 113% 114
*113% 114
113% 113% 113
*6
6
6
*6
6%
6
*6%
6%
6%
6%
6%
684
538
*5%
534
5%
5%
5%
*538
534
5%
5%
5%
5%
27
27
27% 27%
27% 2734
273s
27%
27% 27%
25% 26%
*12
*12
*12
*12
12
12
15% *12 - 15%
15%
15%
15%
1338
13%
13%
14%
14%
1334
13%
1334
13%
14%
1034
13%
*99
101
99
99
99%
99% *'99% 101% *100
100
101
100%
22% 23
22% 23%
22% 22%
22% 221*
21% 22%
1.8*2 22
*166
170
*165% 170
*165% 170
*165% 170
*165% 170
*165% 170
135
4
23
Mesta Machine Co
12%
33
6534 Mar 15
1
1%
4%
6%
58
17
95
Apr
50
Jan 19
13% Jan 25
Apr
55
Jan 26
Mengel Co (The)
63% Oct
26% Jan
11% Nov
684 Mar
7084 Jan
51
Merch A M'n Trans Co No par
200
50
12
12%
184
6,600
4%
*%
*%
*%
*%
30
116
58i2
♦110
434
48%
%
1234
1%
8*4
14
20% 23
110% 110%
%
%
*%
*%
%
%
*%
J8
1%
*1%
1%
1%
1%
1%
1%
1%
*1%
13
13
14
*13%
14% *13
13%
13%
13%
97
97
96
96
96
99%
99%
96% 98%
116
116% *115% 116% *1153s 116% 116
116% *115
120
120
12034 ♦120% 12034 120% 120% *120% 12034
48
46%
4784
4878
47% 4834
46%
4834
39
39
40
*38
3984 *39% 3934
*37% 3984
33
34
35
36
33
33
33
33
3512
14
14
13
14
14)2
14%
14%
*14%
14%
14
14%
14%
14%
14%
14%
14%
14%
14%
24% 24%
22% 23%
24l2
23%
23%
23% 23%
*6
534
6%
6
5%
6
6%
584
6
41
40
40
40
*3812 40%
40%
3984
40
13
*11% 13% *11
12% *11
12% *1034
11%
62
7%
,
14%
24%
2,200
7,100
3,700
2,500
MarlO
Mar
70
Mar 27
12
20% Nov
12% July
5
MarlO
96
Mar
35% Mar
13% May
18% Jan
834 Mar 31
Jan
7
49
No par
5% conv 1st pref
10
1034 Jan
10
Highest
$ per share $ per share
59% Mar 10
60
Melville Shoe
270
15%
*110
%
%
2,200
preferred
conv
$5.50 pref serBw vr.No par
4
8%
54
51%
""506
4%
*55
6%
Stores
.
Mead Corp
70
15
2284
*48%
*%
*%
*%
1234
1%
3,400
66%
66%
51%
23
9*4
484
20
884
66%
484
14%
23%
116
*93
10*8
80
8%
9934
24%
16%
33%
9%
484
7*2
3,800
4%
14%
*110
19
24%
*15%
33%
112
*109
111% *109
66% 6884
65
*66% 6734
5
5
5378
43
25
16%
8%
9484
66%
.54
54
*109
116
5
*4%
9934
10%
9484
9%
*66%
15%
36
8%
80
10
*2334
4%
24%
16%
8%
*66%
14%
24%
110
8%
*9484
10
80
66%
33%
9%
14%
*108
19%
Lowest
22% Jan 21
Mar 31
McLellan
20
1934
1
7
50
9
56! 2
19%
8%
56
17
*8
21
Year 1938
Highest
66
20i2
Range]or Previous
131
Mar 16
151
Feb 20
25%
Jan
Ex-rights.
7
Dec
Mar
Mar
Mar
Mar
22284 Mar!
32% Mar
9% Mar
87
Apr
xl32% Mar
17% Dec
15% Nov
Nov
76% Nov
11%
5%
Jan
Jan
21% Nov
9% July
15% July
30
43%
Nov
Dec
19% July
121
Dec
149
Nov
30
June
5Called for redemption.
=====
Volume
LOW
AND
New York Stock
148
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 8
Range Since Jan. 1
STOCKS
Sales
CENT
On Basis of 100-Share
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Mar. 25
Mar. 27
Mar. 28
Mar. 29
Mar. 30
Mar. 31
Week
$ per share
S per share
$ per share
? per share
1038
103g
3%
*10i4
37$
*12%
*514
1314
6i2
1
5184
103$
*10%
10%
334
12%
*514
125$
35g
12i2
*5U
334
12%
-
6l2
1
*100% 104
*10i4
334
37g
13%
*514
1
5134
10f2
334
13
1
53
53
6
1
51
per
share
10%
3%
*5%
1%
13
6
1
1
50
50
50
*10012 103
Si 02
102
50
*10012 103
9
10%
3%
1034
*5%
84
384
934
9014
*90
103$
*10%
105$
*10
IOI4
10l4
10%
10%
10%
2U2
*20
2U2
17g
*20
2H2
20
20
20
20
*20
97$
9i2
87g
91
90
9%
884
95
*90
6
"
9
47,800
87
834
2
134
17b
134
17g
1»4
134
1«4
41'
41'
40»g
4012
403g
40%
40
40%
39%
40%
16%
167$
167g
1678
*16lg
167$
2%
16%
16
734
2
2
*17g
2f8
8I4
103s
834
9
8%
8i4
834
103g
8%
*1014
52
81%
li8
.
52
8012
10i2
414
4
103$
*10^4
10%
10
*52
53i2
5212
52%
*52
8012
80
8034
103g
4
81
U2
Ds
Us
4
4
26
26
*26
*14
28
*26%
15
15
275$
*14
15
*14
15
....
2OI4
*123
207g
*28
203g
....
♦111
35U
26
No par
3958 Mar 31
15% Jan 24
15s Jan 26
43
078Mar 31
984 Mar 31
11
10,200
4,000
10%
50
300
*14
1
1,000
3%
384
2,900
Penn-Dlxle
25
25
20%
25
1434
15
14
14
600
*32i2
*257g
27l2
*1812
19
9
9
9
9
734
778
8
8
38%
44lg
37
38l4
36
*123
20
20%
19%
20%
18%
*19%
39,200
*28
28%
28
28
2584
26%
300
*111
116
Cement
116
■
116
♦111
10
116
No par
No par
*43
4412
*42
81
81
*79
85
2
2
*134
2
*312
*l4
93l4
4
4
4
*3434
34i2
*27g
33
'
2514
*17%
35%
27g
314
14
14
*18
Mar
8
16% Mar
9
10
124
834
8»,i
*884
784
77$
8
preferred...100
Peonies G L & C (Chic)...100
116
*
*42
34%
3,400
2%
12%
200
Peoria A Eastern
500
27
30
550
20
22%
150
18
18
8%
40
*
85
*4
4%
4
42
Mar
Mar
6% July
1734 July
Mar
43
15
Mar
17% Mar
88% Jan
1784 Nov
13% Jan
8f2 Oct
4712 Nov
Feb 17
30
Mar
43
60
Apr
74
Nov
114 Apr
2% Mar
3
NOV
Mar 31
41
MarlO
20
Mar 31
34
Mar 10
17
Jan 18
19.
Mar 16
Petroleum Corp of Amer
5
Pfelffer Brewing Co
No par
8f2Mar31
638 Jan 26
10
Mar 10
734 Mar
Phelps-Dodge Corp.. ......25
3012 Mar 31
8i« Mar 14
5
Philadelphia Co 6% pref...50
$6 preferred
.No par
tPhlla Rapid Trans Co.*._.50
40
4
350
5%
7%
490
.
pi eferred
17
Jan
7
47
Jan
7
86
38
*l4
935g
*140
33g
*24%
36
38
.314
45i2
812
25i2
*234
438
*313g
34
3834
377g
*234
3i2
45
*42
8
8
24%
35%
24U
*2414
3514
3534
*
115
*3%
18%
*4l4
*137
35$
*42
37
*
145
3%
*3l3g
38
*8
*l4
93
94i2
•
40
*43
%
94
I42ig
33g
*3l3g
375g
*234
.
"
*
38
6
2
34
Feb 27
4
Mar 27
3
45
25%
24
3534
*35f2
40
*24%
*35%
40
35%
115
*41?
6%
67
7
11,300
400
Pillsbury
190
Pirelli Co of Italy "Am shares
urn*
*0O12
*172l4
67
*60%
*172%
67
*60%
67
67g
7
*172i4
07g
*97g
10
67g
,
*1018i 1012
7%
IOI4
10%
,
*3334
39
*35
39
*17
I8I2
*17
18%
*26
27l2
*1U4
*14
1134
20%
*8
20%
8i2
12%
*26
12%
„
10
h
*9l2 1012
*29% 34
5612 56%
*11234 113
3434 35M
108% 108%
122
122
*13512 1371s
*155
15534
*115% 119
30
30%
9,
914
91
*88
7934
7934
15
153g
13
*12i4
07g
7%
*7834 100
*64i4
6434
2
2lg
1834
*18%
*lll4
12
2O84
8
12ig
*15g
mm'm
*300
334
16%
400
1214
2ig
11%
1012
*14
*20
4
4%
67
500
*
21$
18%
11%
2
2%
18ia
*18%
11%
19I4
153g
11
1834
*14%
*23l4
*1812
2lg
1834
11
2lg
1834
I884
15
14%
23
23
23%
20
*18%
*4lg
20
434
53
53
*51
9
*7
9
*7
11
*10
137$
*71%
*6712
1%
19
14%
133$
73
*71%
70
67,
U4
19l2
*10
13%
135g
500
155
119
1%
18%
*57
63
*57
62
*57
5834
14%
14%
'
57%
14%
500
300
110
156
*150
J 4
14 Jan
*115% 119
Porto Ric-Am Tob cl A.No par
158 Jan 26
3g Feb
-No par
6
1037g Jan
4
115
4
preferred...
..No par
preferred..........100
preferred..:
...100
8 % preferred,—
—.
100
Pub Ser El & Gas pf 55.No par
_
90
88%
88%
300
77%
77%
77%
700
13%
143g
63%
60%
134
Jan 26
Kaybestos Manhattan.No par
2,800
......1
..25
Reading
.60
4% 1st preferred—.....50
4% 2d preferred—:
—50
Real Silk Hosiery..
—6
900
14%
1,300
23
2134
2184
500
20
*17%
20
334
4
500
51
Rayonler
52
20
9
Rels (Robt) A
8
8%
8%
Reliable Stores
1%
7f2 Mar 23
1%
17
57
57%
14%
100
Preferred witb warrants.-25
50
Co.. 100
.._6
Republic Steei Corp—No par
0% conv preferred
100
0% conv prior pref ser A. 100
Revere Copper & Brass
6
64
Jan 24
1
Mar 31
I84 Jan
15% Mar 31
253s Jan
10
40
71
65%
65%
1%
15%
,1734
7,500
62,200
*50
57
100
55%
57
*50
57
300
1334
14%
1034
13%
30
4,000
Rensselaer & Sara ,RR
JReo Motor
Class
70
20
7%
51
49
70
5H%
10%
75g
387g
383s
383$
*53
86
*53
55
86
86
9
10%
*7%
734
7%
38%
38%
3834
65
54
55
*53
37%
*53
57
86
1,700
...
7%
6
7%
38%
...
93.
*82%
86
7%
3834
6
5
11% Jan 12
17i8 Jan 5
75f2 Mar 15
300
.57,
97g
*82%
9% Jan
984 Jan
8,000
2.300
38%
6.200
20
57
Carif
.
A
100
100
preferred..
preferred
Reynolds Metals Co—No par
5H% conv preferred
100
Reynolds Spring.
1
Reynolds (R J) Tob class B.10
Common
.10
958Mar 31
l-2i4 Mar 31
Mar 31
71
72
Mar 15
5
87g
85$
*7i2
712
*14
914
15i4
24
24l2
834
7i2
*14%
15
26
*84
1%
*241$
*34
3812
38i2
381$
8i2
7i2
*1418
2312
85g
8%
8%
8%
712
*71$
734
*7%
15
*141$
24
*24
U4
*34
1
381$
37%
38
14%
24%
7%
8%
20,100
8
6%
7%
1,100
900
1334
14%
13%
14%
23%
23%
22
24
1
*34
36%
*34
1
38
38
*84
38
8%
32
'2
*3$
h
*%
%
*%
%
100
1%
*2(8
1%
1%
*21$
1%
3%
*1%
1%
1%
1%
2,800
*2%
3%
*2%
3%
*5
9
*5
9
*5
9
34%
95%
35
31
34
*93%
93
93%
9
3334
*5
9
3434
3414
93
93
95l2
10712 *10512 107f2
111
15
*111
14%
112
1414
*5
33
*93
105
*111
*1314
9
*93%
112
111
16
Bid and asked prices: no sales on
3334
34ig
94l2
105l2
32%
f4%
105% 105% *105% 107
*13%
112
*111
15%
this day.
12%
112
13
14,500
290
105% 106
170
110
90
13
600
1.0
12%
X In receivership,
No par
No par
Mines.
No par
o Def.
delivery.
38
1084 Mar 31
20'4 Jan
5
40% Jan
r Cash sale,
x
May
778 Mar
Jan
Jan
July
11
Jan
113s July
13% July
17b8 July
78
'
Dec
09
Dec
III4 May
3912 Mar
Nov
358 Oct
255s Nov
7814 Nov
77% Nov
195g Oct
Mar 30
77% Mar 15
17U Mar
Apr
3812 Dec
70
65
49
Mar 31
54
Jan 18
45
Dec
6412
Jan
9
Mar 31
10
Sept
17«4
Jan
Sept
Jan
7834 Jan
4
Mar 31
6
1434 Jan
85
4
Mar 13
11% Jan
5
37i2 Feb 20
45
Jan
4
8
58
Jan 31
77f2 Dec
4% Mar
3334 Mar
6H4 Jan
85
94
Jan
12% July
Jan
4012
5
54
Mar
713 Mar 31
6i2Mar 31
1314 Mar 31
22
Mar 31
7g Mar 22
No par
» New stock,
"
Jan
l2i2Mar 30
Savage Arms Corp
June
9Bg Mar
1
Jan
58
*
49%,May
40
Apr
Jan
104l2 Jan 11
Lead
9
Jan
27i2 Jan
0i8 July
6% Mar
71
100
10
tSt Louls-Snn Francisco... 100
0% preferred
..100
tSt Louis Southwestern... 100
5% preferred
100
Safeway Stores
No par
5% preferred
100
6% preferred..
100
7% preferred
100
Joseph
34U Mar
5
Apr
July
30%
13^4 June
284 Mar
70
X Rutland RR 7% pref
138
*5
Roan Antelope Copper
St
*3$
*%
Mfg
3,100
1
36%
1%
*21$
%
Dental
Ruoerold Co (The)
J2
4
Rltter
1,600
1%
4
Rtchfie d Oil Corp
24
103s June
18
Mar
Mar 30
32
Mar 31
i2 Jan 20
UgMar31
2U Mar 22
29
Jan
4
3
Ex-dlv.
34
2
Mar
13% July
2084 Jan
13
Jan
3312 Dec
2ig Jan
49% Oct
1«8 July
Mar
84
U4 Jan
4684 Jan
84 Jan
Dec
2512 May
88 Dec
li8 Mar
I84 Dec
378 Dec
Jan
3% Jan
33)} July
6% Jan
7% July
2984 nov
6
12
Mar
Feb 27
68
Mar
10712 Mar 11
11212 Mar 8
68
Mar
99
Nov
79
Mar
108
Nov
884 Mar
19
Jan
Feb
3
82i2 Jan
96
Jan
16% Jan
Aug
5
IOI4 Jan
9i2 Jan
5812 Jan
8I2 Jan
978 Nov
712 Apr
14% Mar
Rhine Westphalia Else A Pow.
834
.,
Oct
Jan
2412
29%
J22
* Mar
55i2Mar 30
57
63s
1484 June
18
Oct
6078 Deo
8ig May
Mar 20
54
9%
67
9%
80
Jan
•
Jan
183g Jan
25f 2 Jsn
21i2 Mar 13
6is Feb 11
13%
49
10%
*82l2
Jan 24
»■
Jan
17
9%
71
8812 July
15% Nov
I6I4 Jan
484 Mar
4
23 ig
12%
1334
7234
1%
18%
Mar
June
Co 1st pref. 3100
Corp... No par
Reliance Mfg Co
.—10
Remington-Rand.
1
*18
103g
334 Mar 31
47% Feb 7
*6%
*65
■10%
*8212
*73g
1284 Mar 31
1734 Jan 26
*7
70
1034
1334 Mar 31
51
30
*10%
*82i2
73$
100
Preferred
Mar 31
17
9
ol
107g
..
.....
.
70
*10%
Inc
preferred.
65
I87g
7
9
.60%
*7
60
13% July
98% Jan
7412 June
I84 Sept
17
1
39f2 Nov
Apr
Mar 11
13
Nov
162% Dec
Sept
814 May
81
No par
600
-
134
21% Maf
3
90ig Mar 29
81% Jan 3
1654 Mar 11
27g Jan
2214 Jan
1334
10
117
Jan
134Mar31
1734 Mar 31
9% Mar 31
14%
67
9
Jan 19
393s Jan 4
11714
11% Jan
Oct
Jan
105f2 Oct
11834 Nov
X Radio-Keith-OrpheumNo par
18%
*71%
Mar
3512
112
Mar 13
159
Mar
80f4 Mar
101% Apr
112
Apr
132
Mar
12234 Mar 27
138
Jan
Dec
Dec
Dec
122U May
Nov
25
Feb 27
109
69
3912 Mar
114
3714 Mar
18
,
4I2 Mar
1334 Mar
Jan 5
Jan
Mar 14
Feb 27
3838Mar 11
1,4%
43i2
577b
11934
8i2 Jan
18%
10
1458 Jan
14,800
10%
*6^2
Dec
Jan
67% Jan
*25
54
6
Jan
16%
3s8
U8
14%
1412
42i2
Mar 31
75
*51
Jan 21
11
1% Mar
12 Oct
434 Mar
60% Mar 3}
33
54
12
Mar
6i8 Mar
53.50 conv 1st pref..No par
54
*51
1034 Jan 26
Mar
84 Jan
2538 July
8
Feb 27
9
17% Nov
Dec
Radio Corp of Amer...No par
*70
54
116% Mar 7
24% Mar 31
7i2 Mar 31
75
75
*51
9
"5% conv preferred......100
Puiity Bakeries
No par
Quaker Stato Oil Ref Corp.. 10
33
*27
Jan
Jan 23
preferred
55 preferred B
2
9%
434
Jan
Mar
•
1,600
62%
1734
*4
150
83
*7834 100
2
Aug
July
45
75,800
6%
6
7
100
12,000
No par
Jan
129i2 Jan 10
....100
6%
*27
*51
....No par
Pullman Inc
Pure Oil (The)
'
Mar 16
0%
7%
13,800
13
112
$5
22,300
*12
No par
9
83s
13
;
*7% Mar 31
9i2 Mar 23
25% Mar 31
x535$ Jan 24
3D4 Jan
7%
14%
1
6
60
5% pf (ser of Feb 1 '29) .100
Pub Serv Corp of N J..No par
24f2
23
-
5% conv 2d pref:
Procter & Gamble..'
834
28
62
30
16
1634 Jan
2<4 Jan
84, Jan 17
.5
Jan
914 July
I684 Jan
May
i8
22t2 Jan
10*2 Mar 30
*70
33l2
*92I2
Mar
3g Jan 20
4
19i2Mar 31
7% Mar 31
75
4
174
Jan
9% Nov
712 Mar
2012 Apr
IH2 Apr
6
33
12
June
712
478 May
Jan
1584 Jan
*70
1%
145
17284 Feb 16
9% Jan
8% Mar 31
Mar 31
*26
*2ig
Nov
9
75
55
5
75
3612 Jan
37
*53
Jan
55g Mar 31
Mar
i st ser conv prior pref 100
*70
86
166
.
41
23
*28
734
3834
Mar 16
35
Jan
30%
11%
13%
70
*57
147$
8%
*67
.
1
32
1834
1334
6712
60
330
10%
11
7234
*57
75g
63
*51
*7U2
u4
118
18% •185g
.
3,300
25%
55%
18%
,
73
62
1434
*614
812
11
*57
38l2
Mar 31
90
,20% Jan
7% Jan 11
67
Jan 12
No par
500
56l2
112% 11234
14%
65
*7
8
60
*82i2
4
July
July
3% Mar
I8I2 Dec
37g Mar
Jan
*5
May
Jan 14
B
July
62
2434
Class
July
9
Oct
42
Pressed Steel Car Co Ino—
4NOV
43
39
3
Mar 31
Poor & Co class B
44% July
26% Nov
Mar 31
5% conv 1st pref.....
*18%
434
9
-
16,700
8%
25%
*7%
18%
1434
*0t2
153g
17
I6I4 Mar 31
Feb
Pond Creek Pocahontas No par
200
%
8,400
2
11%
18%
*54
15
21$
*18l2
*107$
18
*4
434
.
70
*10
1%
187g
100
1%
9
34%
35%
'
*7
70
1%
5,500
*10634 108
108
120% *119% 121%
136%
136% *134
'*
*53ig
73
56%
.
24
14
27%
112%
,
21
11
103g
50% Mar
<
Jan
Mar 31
Plymouth Oil Co
400
8%
Oct
.
2012
Jan 27
14
1,500
8
Oct
Mar
30
3,900
550
Mar
814 July
Jan
4
23
%
2
Mar 14
100
2034
•
30f4
"
-•
*4
8
11%
10%
Mar 16
100
5M
1
Mar
7% pref class B
%
7%
7%
1134
2
Nov
144%
27U Mar
MaJ 29
6% pref class A.
19%
8
8
~~3%Mar
No par
100
*3g
*18
9
20
9
No par
Pittsburgh Steel Co
60
10%
'%
4i2
70
%
20%
3I4
45f2
8%
2514
44U
>
90
z23% Feb 14
35% Mar 27
Pittsburgh A West Va.-_.100
Plttston Co (The) *
No par
9
97g
934
24
1%
18%
%
"
.
Pitts Screw & Holt
"
%
2U2
*6712
*8
25
Pittsburgh Coal of Pa..... 100
6% preferred
,.100
PItt3 Coke A Iron Corp No par
290
24
*1%
*18
*7214
J4
20%
11%
%
20%
900
15%
23
26
3,800
32
%
*22l2
133g
3g
9
14
10%
■11%
,2034
*8
: 30
16
*3$
153$
*23I4
*7%
11
8%
34
23%
~
9
15
30
~
Mills
Flour
55 conv preferred. i . :No par
Pitts Ft W A Ch 7% gtd pf 100
634
*30
18%
*26
11
9%
97$
34
mm
5%
7
10
h
15
*10
30
*173
6%
17g
*3g
1914
*7
97g
34
*60%
67
*173
..
7
*16
18%
*60%
9i 2
934
10ig
93g
934
8%
9%
*9
*912
10l2
10%
*912
10%
*8%
27
27
*28
26
*291$
295$
2834
•563g
565g
56l2
561$
56%
56%
5614
112
11234
112% 11234
112l2 112%
112%
35
3434
347g
34%
35%
351$
3412
107% 108
IO8I4 1083g *10712 108
*107%
121
1217B *1207$ 123
12234 12234
120%
13534 13534
13512 13534 *13412 136i2 *134
154
155%
*15514 15534
15514 15514 *154
*1151$ 119
*115%
*115% 119
*115% 119
28
29%
30%
305g
30i2
3II4
29%
87g
87$
87$
8%
834
812
9's
91
91
90 ig
90
901$
*88ig
*88%
78
78
78
7834
77%
*7834 7934
14
14%
141$
15%
14%
145$
145$
*12
13
*12
13
*12
*12
12-%
7
7
7
7b
67$
6%
67g
*7884 100
*7834
*7834 100
*7834 100
'
64
*63
62%
6334
6314
63i2
6334
"
*1414
*53%
.
6%
11%
2%
*183s
.
.
7
35
*3g
11%
'4
*19
*4
*17214
67$
*l5g
l2
*60l2
*4%
IU4
*15$
2is
*3g
*26
8
%
.934
30
11%
h
20%
'
*1%
35
*16
43g
3
32l2 Mar 23
4384 Jan
July
14384
June
4ig Mar
32
Sept
P.tts CC&StLRR Co... 100
115
"
43g
Jan
7% Jan 26
Pierce Oil 8% conv pref—.100
24%
35%
.■
.
36
.100
Preferred .;
1,200
16%
19
3212 Mar 23
34ig Mar 31
21a Jan 9
114
Oct
63s Nov
;
.
Jan
"334
3%
378
*17%
Mar 23
7%
*
115
37g
19
3
34
7%
25%
mm''
Phillips Jones Corp. ..No par
7% preferred
......100
Phillips Petroleum
No par
Phoenix Hosiery
6
Philip Morris & Co Ltd..
130
*2414
19
Mar
43
25i2
"*35$
154
42
7%
6
•
Jan
14 Mar
75f4 Mar
6
103% Mar
Mar 31
300
7%
37g
Mar31
135
3
734
197g
'.87
36%
734
8
38 Jan
.10
3
43
43
4
5% conv prof series A.-.100
34%
3%
*3
14 Jan
No par
.900
4%
*31%
38%
36%
3i">
*43
45
*414
*1414
484
Mar 25
100
6,100
92%
: 135
4
4%
Phlla & Read C & I
•%
87
135
140,
*31%
38%
3i2
*%
3g
93%
.
4%,
34
*313$
3i2
*%
92,
*135
4%
38
115
*17
197g
*4
40
"*3%
37g
*17
3g
94%
145
*138
43$
8
115
"1%
414
19
*14
93i2
38
9334
143
6
111
8% Mar
,
Feb 16
158 Feb
50
«
4434 Jan
Mar 31
75
Feb
Mar
27
6%
Jan
31
22i8
I84
6i2
173s
Pet Milk..No par
/
Dec
2412
"
*139
*105
11584 Dec
Mar
Mar 31
2
4
4
4
"2
110
12
83%
2%
116% Mar 14
40% Feb 6
3% Jan 24
July
121
100
prior preferred.....100
pielerred
100
40
"*134
4
Mar 14
157g Nov
120i8 Dec
14i8 Mar
1914 Mar
400
3534
2
2
384
*40
30%
44
35%
Mar 16
29
SBs July
30
Mar
2,200
2,100
17,000
7%
37
90
*
85
.
..100
Mar 16
124
243g Jan
8
6
200
8%
6%
7%
Feb
32i2 Mar 31
2% Mar 31
Pere Marquette
834
#7%
45
....
45
"2
■
36U
365$
.
8
conv
5
Mar 15
24
19
834
87$
37
Jan
18i4Mar31
No par
Peoples Ilrug Stores
25%
*18
8512 July
2i2 Jan
5ig Jan
Dec
33
2%
25%
20
28.
6868 Aug
Mar
1%
14
12
31
32%
20
Mar
55
20% Mar 31
32%
3%
13
884 Mar
41
par
ser A
31
*2%
13
2558
33
35
34%
27$
14
*12%
32%
*25l2
1
3
2i2 Mar
10i2 Mar
Corp vtoB
Pennsylvania
Oct
Oct
1458 Nov
13% July
3% Mar
Jan 16'
15g
Oct
21%
284
14,
57i2 Jan
3i2Mar31
57 conv pref_.
6K%
JI84 Mar
423$
Mar
1% Mar
4
Dec
13% July
July
38s Oct
30
1% Mar
31% Mar
Jan
Dec
13B8 Dec
103
Mar
13
Aug
61% Nov
102
6% Mar
2% Feb 25
Mar 31
1
Mar
16
23g Jan
Mar
2
Mar
534 Mar
Jan
88
Feb
65
1358 Jan
50ia Mar 20
75i8 Jan 13
914
No par
RR___„.
50
pref
conv
Penn Gi Sand
200
"
*43
J7
700
15
2014
■
34l2
20
*27g
Patlno Mines «fc EnterprA% par
Penlck & Ford...
No par
Penney (J O)
No par
Penn Coal & Coke Corp
10
4,400
80%
"
29
37%
Parmelee Trans porta'n. No par
Pathe Film Corp
No par
'
*18
32l2
*263g
•
500
2.50
Oct
Dec
8884 June
Jan
...
Parker Rust Proof Co
Jan
0
I8I4
29
Mar
19
Park Utah C M
Parke Davl« <fc Co.
1578
Deo
6% Nov
1
Sept
14i8 Jan
107f2 Jan
884 Mar 31
1
'
378
*123
Mar 31
18% Feb 20
134 Mar 28
Wl
*
Mar 31
1
287g
1934
*28
3512
314
I6I4
3334
*14
984
8
87
Mar
314 Mar
1584
Feb 14
104
..10
5,200
2,500
8
79
1%
334
*123
«.
*111
35
31.4
15i2
3234
3514
*27g
*123
21f4
287g
*28
287$
*111
.
*1
4
6%
*48
1
..100
1st preferred
10
5
4
li2 Jan
60i2 Jan
Mar 29
6% 2d preferred
1%
81
50
IOOI4 Jan 27
_10Q
600
I84
54
80%
1%
1%
*384
*26%
*123
*2
80
53%
80%
*1%
53 f2
1%
*4
*2
534 Mar 24
34 Mar 31
Highest
share $ per share
per
117g Jan 5
434 Jan 3
163g Jan 4
684 Jan 20
1034 Mar 31
No par
share
per
Park & Tiiford Inc
16
87g
16%
2%
87S
10%
218
5
500
20
17
*2
6%
share
Lowest
2,000
9%
Year 1938
Highest
10i8 Mar 31
312 Mar 22
.10
No Par
4% conv preferred
Paramount Pictures Inc
600
20
Corp
per
Pan Amer Airways Corp
5
Pan-Amer Petrol & TiaDsp_.fi
Paraffine Co Inc
8
41
ls4
Pac Western Oil
Packard Motor Car.
S
Panhandle Prod A Ref new__l
50
*1%
'
Par
1,000
4012
*16%
1%
Lowest
5,606
%
46
87
9%
92
88
5,100
123g
*9934 1013,
93g
96
334
*45
9014
*9%
9i2
2,300
28,100
10%
Range for Previous
Lots
EXCHANGE
Shares
per share
0
10%
12%
6
*1
1
51
*10012 103
f
1917
98
18%
y Ex-rlghta.
Jan
3
8312 Dec
1 Called for redemption.
New York Stock Record—Continued—Page 9
1918
HIGHiSALE PRICES—PER
Monday
|
Mar
27
1
per
share
Mar. 25
*
f per share
153,
15%
*71
73
%
Range Since Jan. 1
*6
6%
491'
*48%
48b
48%
*4834
116
11534 11534
*115% 11534
%
%
1*3
1%
*1%
1%
18%
%
178
18%
*2%
18%
234
72
70%
15%
15%
15%
10
1534
1534
15%
03
,
63
5%
5%
5%
51
*10%
*30%
12%
10%
*105
33
106
48
49%
%
%
%
1%
*1%
1%
18%
18%
18
300
%
7,100
5%
5%
1,900
48
4834
700
48
116% *116
*116
8,300
14%
71
%
6
534
116
13%
71
%
%
6
116
*%
%
%
1%
1%
17%
1%
16%
2%
3,600
17
17
%
4,500
*2%
234
2%
400
70%
7134
70
72
68
70%
12,700
15%
15%
1534
14%
1534
13%
11,000
15%
15
15
13
14%
14%
647g
*58
*58
63%
5%
5
*58
647g
5
5%
5%
60
50
10
10
33
*31
33
13
12%
104% 10534
50
64%
5%
10
*47
Highest
Lowest
$ per share
i per share
4%
5,400
200
48
4,300
32
33
33
30%
*32%
32%
12
12%
12%
12%
12%
11%
10534 10534 *10434 106% *105
10534
4,800
10
87g
140
13ig Mar 31
5
514% preferred
JSchulte Retail Stores
8% preferred
Scott Paper Co
100
%Mar 31
4% Mar 31
1
$4.50 preferred
4534 Jan 23
No par
No par
tSeaboard Air Line
No par
113
Seaboard Oil Co. of Del-No par
Seagrave Corp
4
Jan
i2 Feb 8
U2Mar 22
16% Mar 31
2i2 Feb 21
100
4-2% preferred
3
Jan
68
100
No par
Jan 25
Sears Roebuck & Co...No par
Servel Inc
1
67
Sbaron Steel Corp
No par
13
Mar 31
No par
60
Jan 26
100
5
*45
50
1,300
934
,
12%
106
50
10
234
*2%
Schenley Distillers Corp
700
1%
3
*57
Lowest
$ per share
Par
100
116%
70%
10%
*3()34
*12%
12%
10534
49%
116
51
10%
84
15% .,157g
15%
15%
5%
*50
*50
15
71
6
17%
*2%
6934
65
*56%
14%
71
%
72%
15
234
15%
*%
534
*4834
Range for Precious
Year 1938
100-Share Lots
On Basis of
Week
Shares
71
1%
234
71
18
Mar. 31
$ per share
15
578
6
6 >4
Mar. 30
71
h
stocks
1939
exchange
$ per share
15%
*%
%
%
29
Mar
$ per share
73
1478
*71
1534
15%
*71
73
Mar. 28
$ per share
Friday
Thursday
new york stock
the
SHARE, NOT PER CENT
Wednesday
Tuesday
Sales
for
LOW AND
Saturday
April 1,
$5 conv pref
13% Mar 31
4i2 Mar 31
G)...No par
(W A) Pen Co.No par
Sheaffer
Shell Union Oil
117
%
Jan
6
Jan
6
Jan
.%
Jan
1%
Mar
15% Mar
234 Dec
Mar 13
47
18% Jan 10
21% Jan *6
10
Jan 11
89
7%
5
36
107
Mar
45% Mar
3
Jan
Feb
Mar
9% Mar
1134 Feb 24
Jan
Mar
3434 Mar
112% Dec
5
5
Jan
Jan 25
28
.100
% Sept
3
Mar 17
2%
22%
3%
77%
June
62
Jan 20
10% Jan 25
50% Mar 10
11% Mar 31
104% Jan 7
No par
514% conv preferred
1
5
50% Feb 16
47
Sbattuck (Frank
1334 Sept
75% Mar 15
8% Mar 31
Sharpe A Dohme.
No par
$3.50 conv prefser A.No par
100
9
17% Mar
Highest
Mar
36
Aug
934 Mar
6
20%
Apr
10
Mar
Feb
93
Mar
Jan
484 Mar
12% Mar
2% Apr
1478 Mar
18% Mar
15% Jan
'
5%
27%
3%
*19
5%
27%
5%
27%
5%
28%
*5%
26%
27%
3%
z2%
2%
*2%
27g
93
16%
15%
14%
12%
16%
15%
14%
12%
114*10 114*i«
2%
*16%
132
nl
2%
16%
132
26%
1534I
17%
25%
*32%
*4
2634
16%
18
5%
21%
*2%
19%
*19
19
24
1934
23%
27g
19%
2234
23
22%
23
98
*93
96%
*93%
97
*93%
97
95
*86
95
*86%
89
85
*87%
105
*19
23%
*2%
*2%
1,900
5%
26
11,000
40
4%
53
53
40
*4
53%
*3%
55
*30
40
*30
40
*30
*4
Jan 26
94
Mar 18
80
Jan 30
101
101
Jan 18
105
510
1,400
600
1,800
33,000
4,400
6,100
800
*30
$0 preferred
So Porto Rico
Sugar
8% preferred
No par
100
Southern Calif Edison
Mar 18
13D2Mar 31
23% Jan 24
1214 Mar 31
...100
35,200
Southern Ry
No par
800
4
1334 Mar 31
19% Mar 31
5% preferred
100
Mobile A Ohio stk tr ctfs 100
20,700
40
52%
'180
2%
7,600
5%
100
Spear & Co
*16%
17%
1634
16%
100
41%
39%
42%
37
4034
34,$00
16
15
16
137g
47
47
*46%
47
45
Spencer Kellogg & Sons iyo par
Sperry Corp (The) vtc
_I
Splcer Mfg Co
No par
$3 conv preferred A..No par
53
-
414
3%
54
54
48
Mar 22
2% Jan 25
Sparks Wlthington.—No par
6%
34
Spalding (A G) & Bros.No par
1st preferred....100
2%
5%
4%
4%
53
Mar
91
May
19% Jan 5
17% Mar 11
Feb 28
13
Apr
10
Mar
1334
„' 16
35% Jan 17
Apr
45
8% Mar
1034 Mar
Jan
Feb 21 115»%«Mar 30
1% Mar 31
25
Southern Pacific Co
*84
7
17
111
Solvay Am Corp5H% pf__100
South Am Gold & Platinum.
Jan
Jan
Jan 19
Feb 21
1134Mar 31
Socony Vacuum Oil Co Inc. 15
Jan
Jan
Mar
13% Jan 26
12% Jan 26
Snider Packing Corp...No par
16
4%
53
14% Jan 26
Smith (A O) Corp
—10
Smith A Cor Typewr_.No par
90
5,600
—No par
62,500
-
*31
21
150
85'
105
1
40
18% Jan 27
25
6% preferred
100
SI088 Sheffield Steel A Iron.100
300
2,400
97
,
26%
1
3234
3%
2134
29%
95%
Skelly Oil Co
1834
22%
85'
ar2% Mar 27
Slmonds Saw & Steel.-No par
18%
86%
5% Jan 23
21% Mar 31
10
Simmons Cot
Slmms Petroleum
21
*93%
No par
Sliver King Coalition Mines_.5
200
2%
*104% 105% *104% 105% *104% 105%
103% 103%
*
16
15
15
16%
16%
1534
1434
1534
1534
1434
*15
15
14
15
16
14
1434
10%
*1434
1434
15
15
14
15
15
14%
14%
14%
14%
1334
12
12% 01234
12%
12%
12%
12%, 12%
1134 12%
II53132
114% 11434 1145it II484 114233« 115%« 11534 1153%2 115
2
2
2
2
2
2%
2%
2%
1%
2%
16
16
16
*16%
16%
*16%
16%
16%
16%
16%
*131% 140
*131% 139
*131% 139
131% 131%
*131% 141
27
26
25
26
26%
26%
26%
2634
207g
26%
15
15
1534
1534
16%
14%
15%
157g
12%
14%
17%
183s
167g
1734
17%
177g
163.1
17%
1334
10
25
25%
2034
24%
2534
26%
25%
23%
19% ,23%
4%
*52%
2%
1934
19%
98
105
5%
2634
5%
25%
28
24
19%
24%
*85
57g
*5%
*27
*93
*24
*93
*104
5%
111
3Jan 10
Apr
1% Mar
18% Jan 20
15% Dec
141
Feb
128
4
27% Mar 11
21% Jan 4
23% Jan 4
33% Jan 4
39% Mar
Jan
19%
9%
Mar
Mar
6% Mar
8% Mar
17% June
Sept
2%~
"
4
4% Mar 14
Mar 16
29
Mar
Jan
2
Mar
8% Feb
4
Mar
21% Jan
19%
Dec
57
"
•
*2%
*6%
*17
234
234
*6%
7*4
18%
*17
42%
4234
41
10
16
,
1334
16%
47%
13%
71
71
71%
27
27%
6%
*46%
13%
634
47%
100% 100%
1%
3%
7%
1%
3%
7%
*25 '■
234
234
*6
*17
47
.2%
2%
*6
7
*6
*16
18
PAOh
210
13
13
13%
12
13%
10%
12%
32,700
70%
70%
70
70%
66
69%
410
25
25
*2334
26
2534
2534
1%
3%
3%
50%
*45
46%
45%
50%
471.1
21,100
27
28
26
26
800
7234
73%
70%
72
9
97g
4%
12%
10%
4%
12%
8%
10
10
61
59
59
58
*
*%
%
*%
28%
20%
283g
27%
26%
12534
*45
734
27
*45
52%
13%
8
7%
59
59
9
29
29%
8
2%
2%
16%
2%
16%
30
30
*9
12%
19%
28%
7%
12%
m
19
19
2734
2734
7%
7%
7%
6
5%
7
39
*638
39
6%
*5%
5
5%
6
7
39
6
5.i
5
4%
cum
4% Mar
10% Sept
Mar
*18"
19%
*18
19%
*55
£9
4%
397g
3%
*57'
59
20%
57%
*18%
*55
59
*4
4%
*4
*33
39%
*33
3%
20
*3%
*17
*4
4%
3978
*33
3%
•334
19
*17
2
2
234
334
*3
334
25%
,*24
2434
*3%
2334
2%
2%
"13
13%
95%
1434
43%
6%
*2
2%
*10%
13%
*95
*33
397g
3%
3%
18
*1634
234
334
*17g
2%
*3%
2334
2334
17
117
$3 div conv preferred
Third Avenue Ry__
15% Mar 31
10
1% Jan 17
40
Jan
15
14%
15%
40%
6%
8%
42
38
2%
3%
84
*81
37g
37g
*9
10%
21%
20%
32
*30
27g
84
37g
27g
*81
10
60
60
*62
*17%
2%
77
77
3%
9
10
21%
32%
2%
10%
234
207g
*30%
2%
*22%
9%
2%
54
*52
32
3
10%
21%
23
200
18%
21
10,600
30
30%
21
Jan 10
700
2
9
79
73
7734
177g
17%
18
96
9678
97
99%
95
18%
99%
91
95%
86
86
86
86
86
86
83
20%
36%
20%
37%
21
21
20%
20%
3734
36%
38%
20%
3334
84%
20%
3634
10%
11%
10%
17%
10%
10%
17%
11
18
61'
*17%
61%
18%
Kid and asked prices; no sales
on
*115
61%
*17%
17%
117
*115
61%
18%
this day.
60%
*17%
Jan
88
Jan
Truax Traer Coal
No par
Truscon Steel
10
20th Cen Fox Film Corp No par
$1.50 preferred
10%
8%
9%
,
1734
17%
9
8,400
6,200
Twin City Rap Trans
Mar 22
6
Mar 28
434 Jan
Under Elliott Fisher Co No par
Union Bag<fe Pap new..No par
50
Mar 31
Union Carbide & Carb.No par
73
Union Oil of California
25
17% Mar 31
100
88% Jan 27
100
81
8% Mar 31
Mar 31
Feb
7
10%
21,800
Un Air Lines Transport
6
9% Jan 26
No par
15% Feb 24
112% Mar 13
60
15
1634
a Def.
~2~ 300
500
delivery,
2% Mar
3% Jan
2
.
100
No par
54
Jan 26
United Carr Fast Corp.No par
15
Mar 31
United Carbon
n
New stock.
r
Cash sale.
June
26% Jan
34% Jan
Mar 31
2% Mar 31
22% Mar 23
33% Jan 24
57
77
No par
Preferred
Dec
Mar
18% Mar 31
30
20% Mar 28
18%
5%
4
478 Apr
2% Mar
5% Mar
16% Mar
25% Mar
5
61
M|ir
16
United Biscuit
&©r
Mar
3% Mar
No par
1,800
Mar
8
Jan
117
Mar
Mar
31%
12% Jan
4% preferred
Mar
Mar
478 Jan
United Aircraft Corp
18
1
3% Mar
8%
'1%
534
10%.
77%
Mar 31
Union Tank Car
Mar
I334 Jan
38,600
*115
15
8
Union Pacific
Apr
2% Mar
Mar 30
9
No par
100
Apr
35
u
^
3% Mar 31
37
117
J In receivership,
6
Mar 31
Mar
278
...1
Preferred
800
1,600
38
No par
Ulen A Co
76
17
4
Mar 31
2,500
10
9
Mar 31
2%
18%
Feb
2
2%
79
Jan
77
2
Twin Coach Co
10
334
Tri-Contineutal Corp..No par
$6 preferred...
No par
110
18%
Mar 31
1078 J;.n
8,900
77%
10
,
3
4
Mar 31
934
1,200
6,500
18,200
Jan JO
7% Jan 24
22%
52
Mar
6
Traasamerica Corp
8
50
3
37g
28% Jan
Transue A Williams St'lNo par
10%
54
Mar 22
Transcont'l A West Air Inc..5
25%
2%
.10
3
20% Mar 31
2
Mar 31
3
3
734 Jan 10
10% Jan 3
300
2%
No par
Tlmken Roller Bearing.No par
2%
22%
10
117
4,400
11,000
10,100
1,300
11,000
1,100
334
18%
17
4,500
10
78
*115.,)
2,900
300
9%
62%
18
2
2%
81
18%
17%
*17%
634
77%
80%
18%
101%
87%
21%
3834
11%
117
8%
37g
*2%
23
6%
7%
6
67g
9
*30%
2034
6'
8I9
17
3%
2%
*9
234
79
4
*334
53%
55%
2%
27g
83
10%
21%
3134
541"
.
7
100
3,000
15
7
434 Jan 10
18% Jan
5414 Jan
•"
41%
*52
*16%
Mar 31
12% Mar 31
*3%
20%
15
2%
*115
Mar 18
3
41
334
24
40%
27g
11%
1,200
33
1
Thermold Co
Mar
53% June
9
14%
42%
2
11%
40
...100
Preferred
-
Marl6
4% Feb
96
3
*20%
37%
-
21
597g Feb 17
93% Mar 17
97g
38%
*
4,800
Jan 28
3% Feb 27
$4.50 conv pref..
Tlmken Detroit Axle.
934
21%
1%
15%
1%
•
56
No par
700
24%
87%
17
1
17% Mar 31
par
No par
94%
14%
9%
21
31,4
16%
1%
434
23%
2%
No
$3.60 conv pref
The Fair..
95
*22%
37%
10%
39%
100
22% Jan
95
23%
10%
98%
*33
300
400
3%
Mar
7
684 Mar
13
Mar
Jan
95%
23%
*86
'
3%
■,
'
59
14% Mar 31
9
2% Mar
26
10% Jan
*94%
3
99
1734
7% Mar 31
100
Texas & Pacific Ry Co
Thatcher Mfg
1
;
95
*2%
98
4
Mar 31
32% Mar
Jan
95
7
*85
1%
334
23%
2%
700
8
10
534
95%
67g
10
397g
3%
14%
•
378 Mar
15% Jan 3
14% Mar IO
8%
18%
59
*33
7%
5,200
4,200
3
18%
*57%
3%
Texas Pacific Cpal & Oil
Texas Pacific Land Trust
8%
7%
14%
1734
*57%
37g
16
32% Jan
Texas Gulf Produc'g Co No par
Texas Gplf Sulphur
No par
7,600
8
;
48% Jan
4% Mar 31
28% Mar 31
25
5,500
4%
Apr
3
6% Jan
12% Jan 24
7
78%
29
6
Tide Water Associated Oil.. 10
6%
10
23,600
28%
Tennessee Corp
Texas Corp (The)
Mar
34
4% Mar
200
8%
18%
40%
29%
3% .May
,5
6% Mar 11
10,600
7
80%
2,700
4% Jan 26
4% Mar 31
37% Mar 31
13%
7
1838
434
41%
434
4%
37%
4%
Telautograph Corp.—.....6
10
884
10
47g
6% Mar 31
37% Mar 31
2
7
7934
500
12%
94%
12%
6%
55
5%
8% Jan 4
7% Mar 11
42% Jan 24
9
50
10
8%
55
5
4% Mar 31
1
(James)..
514% preferred
Mar
22% Mar
434 Mar
4
2%
7
3
57g
Without warrants
Talcott Inc
10% Jan
13%
2%
9
3%
18
30
5% Mar 31
w__l
6% June
15
Jan 19
12%
'
6%
10
29
200
10% Jan 13
1978
13
'2%
7
23%
10%
.
5%
6%
38%
w
1778 Mar
?8% Mar 27
*10'
14%
21%
37%
Jan 12
Jan
13%
41
*30
67g
9% Jan 27
26% Jan 26
134 Mar
834 Mar
3% Jan
13%
'
9
3
534
39
22%
18'
25
Swift International Ltd
Symington-Gould Corp
Dec
17% Mar
30% Mar 14
Jan 26
Feb
8%
2% Mar 31
12% Mar 31
...10
Swift & Co
Mar 31
Mar
119%
127% JaD
11% Jan
38% Jan
27
,
....100
Sweets Co of Amer (The)...60
_
3,700
1,500
6,900
2,100
6%
25
45
Jan
1234
2U
6%
30%
5%
*6%
*38%
*5%
47g
40%
4%
__
_
120% Jan 27
8% Mar 31
.100
...10
5% Mar
3% Mar
8% Mar
66
*10%
15%
*9
67g
12%
18%
■27%
Jan.25
12%
9
10%
21%
6%
*8%
18%
2634
5%
4%
6%
2734
9% Mar 31
6% Jan 27
55
13%
43
3
12%
1834
*27%,
June
13
1434
334
Sutherland Paper Co
May
5
*10%
2%
43
*81
Superior Steel
1,400
Mar
6
6% Jan
17% Jan
1234
13%
334
7%
3%
1,100
12%,
27%
49
12% Jan
Mar 31
100
Thompson (J R)
25
Thompson Prods Inc..No par
Thorapson-Starrett Co.No par
$3.50 cum preferred.No par
24
7%
4
6,000
2%
15
29
17
9
84
2%
13%
283g
2%
15
15%
4%
*37g
18
*1%
*3%
2434
16
No par
Studebaker Corp (The)
1
Sun Oil
No par
6% preferred
3934 Mar
17% Mar
4
1
Stone & Webster
Jan
7% Mar 31
...5
Superheater Co (The)..No par
Superior Oil
...1
28%
*8%
18%
434
1534
Stewart-W arner
1,100
28%
7%
*16%
17%
207g
Stokely Bros & Co Inc
27
27%
2%
7%
7%
6,900
2,500
Sunshine Mining Co
7%
734
414
210
7%
734
8%
7%
17%
747,8 Mar 11
5,500
8%
25/
834
*8%
Jan 30
834
8%
9
69
10
12534
834
834
9
Sterling Products Inc
50% Mar
Dee
2434 Mar
32% Apr
3
1,200
*124
,
834
8%
7%
33%
45% Mar 31
124% 125
29%
8%
7%
Jan 26
50% Mar 20
25
900
41%
4%
29%
26
10
Standard Oil of N J.
34,100
35,600
29
41%
434
30%
53% Jan
Starrett Co (The) L S__No par
Standard Oil of Kansas
1134
7%
834
29% Jan
%
5
9
3
59%
9%
634
41%
434
43
.
•
25
57
8
4134
434
29%
42%
*
$7
60
7%
47g
29%
*16
4
434
30
17
7%
4%
1234
*57
42%
4%
'
10
11%
8%
59
42%
4%
2934
434
"
9
12 34
12%
*45
4%
4%
4%
12534 *125
12534
9
8%
87g
27%
28%
28%
*27%
2%
2%
2%
2%
16
17
*15%
*15%
29
29
29%
29%
*8
12%
*7%
12%
19
1834
18%
187g
28
*27%
2734
2734
7
7
7
6%
.5%
5%
534
534
*6%
67g
"*6%
6%
39
*38%
39
*38%
6
*5%
57g
*5%
29
16%
*6%
4634
9
9%
30
*38%
5%
.
125% 12534 *125
9
*16%
5,100
'
%
28%
26%
27%
*115
25% Mar
Standard Oil of Indiana.
4%
55
% Mar 13
30% Mar 14
13,900
10%
3
13
% Mar 22
2684 Jan 26
25
Mar 31
26%
4%
12%
*334
*8%
21%
30%
*2%
*22%
10%
3%
24% Jan 19
25
10%
*81
Mar 31
26%
50%
473g
10%
4%
13%
7%
2%
*10%
13%
*9434
1434
*42%
6%
10% Jan 20
20% Feb 6
15
26
73
*10%
5% Mar 31
13% Mar 31
26%
73
3%
No par
No par
26%
73
Mar
No par
26%
7234
Mar
1% June
2.
prior pref
Stand Investing Corp..No par
Standard Oil of Calif
No par
73
4
$6 cum prior pref
$4 preferred
15,500
72%
Mar
94
Jan 20
%
73
*18%
57%
Jan
5%
27%
*72
17
2%
*%
47%
30% Mar 10
7% Jan 3
101
Feb 23
I3g Mar 24
2634
29
Jan
2% Mar 31
400
18
29
Mar 15
t Stand Gas & El Co..-No par
%
14
15
48
t Stand Comm Tobacco
27%
*45
•
98
*%
*28
*5
21%Mar 31
6% Jan 27
.1
27%
27
5%
.No par
preferred
%
52%
47%
•
$4.50
2734
27
*9
4234 Jan 25
.No par
Square D Co class B__
*%
27%
57g
13%
734 Mar
6% Mar
%
7%
14%
1834
18% Mar 14
48% May
12% Mar
6% Mar
Standard Brands
13,300
6%
14%
17%
Jan 28
8
28%
7%
46%
16%
*28%
6%
13
9
"19%
17
15% Mar
16% Mar
18%
48%
17
20%
477« Feb 18
75% Mar
7%
*14%
,
29
29%
2%
900
6,800
Mar 31
10% Mar 31
7%
28
9
1%
3%
37
62% Jan 28
16%
47%
*125
1,300
1%
234
3%
33.
2
1934
31
7%
1,600
23,800
2% Mar 31
5% Mar 31
1634 Mar 31
Conv $4.50 preferredNo par
Spiegel Inc
7%
52%
48%
*57
6%
25
100
'
1
*14%
19%
16%
*29
.
3
3%
2034
9%
6%
6%
100% 100%
1%
1%
100% 100%
*1%
1%
1%
3%
3%;
77g
634
6%
100
.00%
21%
6%
M
634
6%
100
19%
*%
28%
2034
*45%
47%
4%
12%
1,300
71
*15
20
15
1234
.
784
*15%
1534
2%
2%
70
100% 100%
*1%
1%
3%
40%
47
7
684
4034
*15%
187g
42'%
16%
47%
13%
72%
27%
187g
40
7
234
7%
lEx-div.
y
30
Jan
41
12% Jan
90% Jan
1934 Jan
57
66
104
Mar
Mar
7% Mar
Mar
17% Mar
65% Mar
5934 Apr
Mar
89
Mar
1% Mar
Mar
23% Jan
42% Feb 25
20
4
5
Mar
Sept
13% Mar
Mar
19% Mar
18
Mar 31
14
117
Mar 22
100%
Jan
65% Mar 10
39
Jan
20
1284
Apr
Mar 13
Ex-rights,
f Called for redemption.
Volume
LOW
HIGH
AND
SALE
PRICES—PER
SHARE,
NOT
Tuesday
PER
' Thursday
Wednesday
,
CENT
STOCKS
NEW YORK STOCK
the
Mar. 25
Mar. 27
Mar. 28
Mar. 29
Mar. 30
Mar. 31
$ per share
$ per share
$ per share
$ per share
2?g
3
*6
*6
6
6
63
*62
4%
434
*3112
33i2
*30%
7314
73
73
12is
1214
*111
114
83»
12ig
123g
*11214 114
113
83g
4%
1
2%
34%
6%
64
*5%
61%
434
4%
434
113
8%
5%
8,
8%
%
*%
%
-
812
95
95
176
'
6%
6%
*26i4
*1934
30
2134
*2614
*412
4%
*4i2
43l2
478
>35%
3578
46
3
*4412
*5714
6634
1,500
5
5%
""136
7%
7
7%
1,200
U S Freight
90%
2,200
U S Gypsum
*7%
97%
54
99%
97
a:56%
56%
5334
56
53
*64%
66
65
'
65
*63
*4434
2%
2%
2%
2%
234
*7%
8%
7%
1%
1%
*1%
49%
*10%
2
*2
2l4
1%
*4934
52%
12i8
7712
*49i2
52I2
4934
4934
*11
12 lg
11
11
77i2
76
76
h
%
,
—-
*160%
73
.
*h
*185g
2334
....
*63%
*%
35%
*44%
24
24%
32
32
53% 142,900
49%
56
700
112% 11634
116
35%
1,300
*44%
2%
46
234
"""766
7%
7%
2
1%
1%
3,300
77%
*72l4
*116
*7214
78.
*124
*124
*11*
*2i8
H4
2l2
*1%
*1%
2%
*112
H4
2%
2%
*6%
678
*6%
67g
181*2
18%
185g
*887g
44
44
„
19%
1934
44i2
*1934
*1U4
1134
2l4
41
534
2i4
*3734
55g
-
72
74
400
Universal Leaf Tob
*%
*18%
100
200
Universal Pictures 1st pref. 100
50
%
700
Vadsco Sales....
52
«.
j,
800
240
400
"1.866
2,800
193g
*26
27
22%
II6I4
27U
50%
25g
1%
44%
20
41
42%
1,900
Mar 31
20
Walk(H)Good & W Ltd No par
Preferred
No par
41
20
11
10%
18
2534
234
1%
*1%
58
*i2
%
l!g
2014
21
-
*31
32
31
60
50
,55
,
>72% 110
2314
23%
*52
.
*lli4
*11%.
11%
1014
534
*1%
934
*31*
3'4
3%
2%
2l4
2%
2%
4i2
4%
414
44
4%
412
4'4
4334
*1%
*19
4%
*4234
6
112
195g
*19
•
41g
4334
*167
*108
21
21
21
5%
*1%
'175s
IS
*3%
•
3%
110
300
Westiughouse El & Mfg
60
—60
93
Mar 31
120
Jan 26
145
1,600
19%
"""300
'
30
120
11
1634
1734
2%
2-%
1,100
2%
2%
2%
1%
2%
12,700
4%
2%
4%
2
4%
4%
4%
3%
4%
4
4%
4
4%
334
4
6,000
*41
4134
*30%
40%
105
79
*77
28%
17%
*27%
3%
7834
14%
41%
27%
*39%
153g
7834
14%
42%
86%
42
16%
1334
16
30%
33
44
79
39
43
13%
35%
*76%'
40%
White Sewing
1
8
Mar 31
Spr C0N0 par
5
Mar 31
;
Mach...No par
$4 conv pref erred... .No rar
—6
Wilcox Oil & Gas
Motors.... 1
preferred
10
No par
Willys-Overland
6%
conv
Wilson & Co Inc,„
$6
.100
preferred.
15,200
45
Jan
Jan
4
42
May
61
Nov
Mar 31
1334 Jan
4
Sept
1% Mar
11
Jan
3
Jan
2434
Oct
334 Mar
1% Mar
3% Aug
3% Feb
6% Feb
1% June
33g June
3%
5
3
Mar
32
Mar
49%
108%
25%
503g
23%
Jan
Jan
Jan 12
Jan 4
Jan 5
Jan 4
103
42
20
60
Mar 31
33% Mar 13
13% Mar 31
2134 Jan 5
114% Feb 17
Preferred A 7%..
82%
36
Jan
11% Mar
Mar
27%
5334
27%
72%
75%
Nov
Nov
Nov
July
Nov
Jan 31
66
Mar 10
58
Feb 16
65
Jan 18
27
Mar 31
38
Jan
4
27
38
Mar 31
53
Jan
5
28% Mar
48% Nov
65% Nov
94% Mar 31
75
Mar 31
120
Jan
3
55% Mar
121% Dec
80% Mar 14
61% Mar
2034 Jan
25
7034
83g
71
Oct
Mar
Jan
Mar
78
Dec
39
July
2134
109
Oct
Oct
100
105
Jan 30
12
Mar 31
21% Jan
No par
5H% preferred..
.100
Young8t'wn 8teel Door. No par
35% Mar 31
55% Jan
24
Mar
57% Nov
85
62% Mar
11% Mar
86% Nov
Preferred
...
Youngstown 8 <fe T
83%
22%
19
21%
"4", 100
1634
17%
17
17%
17%
16%
18%
7,900
Zenith
3
3
18%
2%
2%
1,700
Zonlte Products Corp
a Del, delivery,
Oct
10% Mar
Oct
6% Jan
5% July
60% Jan
IO634 Dec
Young Spring & Wire—No par
110
2,100
37,500
-
6% Mar
15% July
15% July
8«4 Mar
23
1334 Mar 31
Prior pref 4J4 %
Dec
5
Jan
134 Jan
Worthlngton P&M(Del)No par
6% preferred B
1084
Mar
7
4,700
20%
receivership,
Jan 19
107
10
*79%
* In
1% Mar 31
3% Mar 31
334 Mar 31
40
Mar 31
Woolworth (F W) Co—
86%
this day.
1% Jan 13
15% Jan 27
2% Mar 31
1534 Mar 31
22%
2%;
95
12% Mar 10
21%
2%
Mar
60
*79%
3
75
4
5
22
3
Jan 27
4
Yellow Truck & Coach cl B..1
106
14% Mar
80
3134 Jan
10% Jan
1,100
1,000
12
18% Mar 31
Jan 27
80
54 % Feb
55,800
106
31% Dec
32*4 Nov
(The 8 8)20
White Dent'l Mfg
16%
14%
20% July
Jan
_
26%
14
Mar
Mar
13%
106% 10634
10
60
25
14%
43%
Oct
Dec
90
10
70
21
39
Apr
Woodward Iron Co
200
Oct
9% Mar
,31% Mar
Mar
75
38
94%
33% Nov
124% Nov
144
Mar
17%
38
Jan
33g July
34% July
65
800
""266
Jan
1%
60
27
44
*94% 102
7734
7834
22% Jan 4
232% Jan 13
Jan
9
20
"¥,300
65
27
27
Feb 24
4%
Jan 12
15%
*
38
Jan
Nov
119% Nov
26% Dec
Feb 20
27
*36
105
66
*.„—
65
18% Feb 16
30
Mar 31
20% Jan
9734
126
75
96
77%
64
*
12% Mar 31
Mar 3
37
Mar
102% Jan
103% Deo
60
100
100
series.
10
Prior pf 4^ % conv series 10
Wright Aeronautical-..No par
Wrlgley (Wm) Jr (Del)-No par
Yale & Towne Mfg Co
25
*
27%
*14%
Bid and asked prices; no sales on
60
65
*102
45
18
46%
30%
*50%
*37%
27%
16%
16%
16%
16%
106% 106% *106% 110%
86% ; *79%
22
23%
18%
40%
105
47
17%
1534
Jan
Feb 20
30
Wisconsin Elec Pr 6% pref. 100
20%
47%
19%
*17
*30%
40
40
*107%
*107%
21
4734
Oct
July
Mar 27
3,200
4%
1%
75
1,000
3
4134
103
1
$5 conv prior pref-..No par
100
4%
50
—
100
34% Nov
Co. —...100
5% conv preferred..
48
'
«
5H % con v preferred .... 100
Wheeling Steel Corp...No par
Preferred..
.......100
'
Wheel & L E Ry
1%
"4,200
19
47
Prod—No par
White Motor Co
•*74
4%
100
Westvaco Chlor
600
60
30
*_-..
.No par
Class A....
38
*37%
19%
2
33
437g
Weston Elec Instrutn't.No par
Mar
% Mar
84 Dec
16% Mar
1534 Mar
6134 Mar
Mar
W hite Rock Mln
....
2% Mar
3
Jan
130
1st preferred
280
1,100
;
Mar
111% Jan
1234 May
1% Jan
24% Jan
3134 Jan
17,700
'
9,800
*20%
47%
116
84 Jan
98
1%
*41
Mar
Jan
8
93
5
*107
74
4% Jan
% Feb 20
Feb 16
9%
4234
3
Apr
Apr
823g May
9
31% Mar
Mar 31
13g
20%
116% Jan
Mar 31
3
20
Jan 26
5%
Mar
1
19
4134
2% Mar 31
70
Mar lO
19
13934
12% 14
Oct
Mar
1% Mar
98% Mar 14
12434 Mar 10
18
5
*105
Feb
6% preferred..'.
100
Union Telegraph. 100
3
22
'89
Westlngh'se Air Brake.No par
137'
Dec
Nov
25
17
Jan
Western
1,400
8
*19
2,
9,100
10,000
1
934
19
7
1934
3
...
100
4% 2d prererred-.w—-.100
Western Pacific
100
5%
*13g
Jan
2234
1
8
31
Mar
6%
3284 Jan
3% Jan
preferred.-
5%
1%
19%
Mar 31
7% preferred..
6%
93g
5%
*1%
23
Mar 31
2
Dec
11
6
82% July
5%
9%
5%
1%
20%
22%
16% Mar 31
1634 July
Mar
16% Mar
3134 Mar 14
22
4% July
134 Mar
Mar 13
5
24% Mar 31
24% Jan
July
71
*10
*74
6
Mar
■
79
*40
110
3% Jan 3
123gMar 16
18
31%
60
100
%
3%
79
*79%.
23%
17%
3%
*....
Aug
20
Western Maryland-
*4%
165g %7%N
*107i4 lIOisJ 106% 107
1434
14a*? 14% 15
4234
44%
12S4
435g
88%
20%
July
July
45
Mar 21
56
1,400
3%
19
28%
1634
23
38"
*19%
31%
22%
65
33
23
*37%
*74
66
*79%
38
20
8
4
Mar 30
11%
*37%
787s
*37%
51
19
1%
21
20
•
Mar
3% Mar
Mar
6% Jan
Dec
19% July
66
52%
*50%
28
1%,
20
Z22% 2334
9534 102
14034 140%
15
15%
4
23
44
4,900
5%
%
Mar
203g
$4 conv preferred
No par
West Penn El class A. ..No par
11%
65
*7812
1%
%
2
97
3
*5
5%
*%
Mar
39
*50
66
100
5%
14% Mar
2% Jan
8
1734 May
34 Sebt
11%
10
*
*41
%
7
2%
3%
Nov
54
Mar
30
107
110
Marl
Jan
20% Jan
3
130
87% Dec
10% July
Mar
4%
50 84
100 102% Jan 31
89
Jan 3
..100
West Penn Power 7% pref.100 a:120% Jan 4
6% preferred
-100 114% Jan 24
22%. Jan 26
Western Auto Supply Co...10
280
74
9% Jan
Feb
8% July
20%- Jan
1384 June
3
25% Mar
56%
*.__.
47
3%
20%
21
2334
24.
100% lOl^H
14034 1
15%
15'
47%
17%
103
70
310
33g
Dec
534 Mar
Mar
*11%
*16-34
*4212
91%
98
4% July
1%
28% Jan
*50
18
*100
91%
105% 105%
94%
96
9134
Mar 13
5
77% Dec
119% Oct
2% Jan
Mar 31
54
11%
10%
4734
*30%
66%
9% Mar 31
Mar
1% Mar
,1
Mar 13
90
Jan
1
95
173g
33
66%
Mar 31
2
,
Mar
1
784 Feb 16
1884 Jan
Jan
32%
110% Nov
4% Jan
1534 Jan
120% Feb
20
*70
47U
*31
69
3
Jan
Oct
-.1
95
18
65
21
Feb
36
.
Mar
37
Jan
Deo
Snowdrift No par
Wesson Oil &
*70
4734
66
800
1
...
Webster Elsenlohr.....No par
Wells Fargo & Co
2034
434 Mar 31
No par
$3.85 conv pref
95
18
*--..
-900
"3766
34% Jan 24
.5
JWnrren Bros.. ..... ..No par
$3 convertible pref-.No par
$1 1st preferred.
No par
Warren Fdy <fe Pipe—-No par
Waukesha Motor Co
^...5
Wayne Pump Co
Mar 31
2
100
preferred...."
110
18%
21%
*70
95
4634
*
2%
1%
20%
*13g
20
3%
*%
lig
22%
*11%
1%
1,700
1,800
25
»
2
2%
97
*3%
*5%
3%
7
110
*50%
11%
23g
"""966
17
16%
22
*13g
60
56l2
200
27"
"24%
18
32
*52.
7,000
9%
9%
12
26%
26
*91%
*30
5534
2%
3
10% Mar 23
.....No par
Warner Bros Pictures
280
46
2
2%
105% 106
*..._
'
48
34,900
Jan
19% Feb 20
cl A .No tar
Class B
7%
500
5%
1734
93
50
22
2%
35%
434
44
16% Jan 26
Co-..^...r-No par
Ward Baking Co
800
35%
5%
"2534
98
31
*70'
10
*55g
500
66
50
95
2%
37
123
12234 12234
*122% 123
*116% 11734
116% 116% *116% 117
,23
25
2534
26%'
25% 26%
U.
*70
103g
534
1%
19%
3ig
10
.*"•
123
20%
*74
.•
~26%
71
.
97
5
95
*70
*9%
31
31
*55
12
*91%
26
1%
20%
li8
2,114
25%
2%
29
18%
26%
234
1%
21%
123
*5%
*%
7
71
23%
24
24ig'
24ig
2414
98% 100 34
^i02£l0434 '101 105
^!3^142i2 *13934 142 *14034 141%
16
16
15%
15%
*151*2
17%
*3634
38
*3634
38
*36-%
38
*19% 20
*1934
2012 *19 ' 205s
*72% 110
2234, 22«4
10%
2
....
21
116%
3% 5
314
*9%
*3%
*27%
18%
2534
234
*1%
48
105% 106
25
2 734
26
234
93
106%
97%
*91%
5%
50%
234
73
106
36
5%
50%
.,
*2%
39%
5%
21%
21%
2%
*2%
*36
26
97
9712
122% 122% 123
116ig 116i2 *116
7
20io
Mar 31
•
*2% '
314
*5'.4
*12
5
2734
18%
3
Hfi
*5i4
85
50%
2%
10%
9712
3
3
Mar 31
6
Mar
Nov
25%
116% July
4
2
4H% pref with warrants 100
2%
*71
2734
3
3% Jan
1% Mar 20
Walworth Co.........No par
55g
*9H4
93
105% 10512
1% Mar 31
....
57
100
3
500
300
8
1»4 Jan
Feb 14
1
18,400
37%
72ig
*7112
MarlS
6
5%
23
131
17%
*2%
37%
15g
.
22
Mat 16
88
*3%
*2%
*13g
212
1%
Jan 11
77
5
11
»
120
42
1% Apr
5% Mar
9
Jan 11
17
2,500
Jan
6
113
June
105
8
67% Jan 24
125
Mar 7
100
No par
Walsreen
2% Mar
June
13% Sept
234 Mar
1534 Mar
Feb 18
1
Mar 29
—100
100
Waldorf System...
Dec
30% Mar
31% Jan
120
5% preferred
100
Virginia ity Co 6% pref—100
Vnlcan Detlnnlng.
...100
Preferred
100
1,400
6
11% Mar
14% Mar
Feb 18
117
134 Feb
87
12
'1834
27
Jan 11
114
pref. ..No par
6%
1,000
1% Jan
2834 Oct
28% Nov
36% Nov
83
Mar
97
4% Jan
18% Mar 31
6% preferred.......i.. 100
tWabash Railway
5% preferred A
2"5%
18%
6
63g
6%
*11
3
26%
,
2% Mar 31
2%
-
12
52
•
3
*1812
*116
19% Mar 31
No par
88%
*6%
*11
10%
9712
122% 12234
Vlcksb'g Sbrev & Pac Ry Co 100
Victor Chem Works....
5
5% preferred B
2
% June
42% Mar 13
18
6%
42%
27%
97%
""560
1%
1%
*1%
1%
Dec
159% Dec
16
Mar 24
.
88%
*6%
*1934
12
92
9212
*10512 106
1%
2%
6%
Nov
86
40
...
2%
Dec
15
May
27% Mar
30% Jan
18%
*1%
2%
*1%
52
134
35% Mar
114% Feb 24
89
2%
20
28%
73
*119%
3% July
Feb
7% June
48
Mar
37
36% Jan 24
5
Va-Carolina Chem
584 July
10% July
Dec
1% Mar
6
Feb
18%
2%
44
*9
.
"""40
Mar 31
89
1%
*1%
44
2l4
40lg
6-.
*3lg
28%
18i2
-2234
1%
....
19
2734 Mar 31
47% Sept
7% Nov
84 Jan
20
Feb 23
113
Virginia Iron Coal & Coke. J 00
""26
70%
70%.
72%
1st preferred...
Vick Chemical Co
3
3
8
Feb 25
78
% Jan 16
100
7%
3
17
100
Va El & Pow S6
7
56% Mar 15
1234 Jan 21
8384 Jan 3
162
Feb 28
Jan 27
No par
Vandlura Corp of Am. No par
Van Raalte Co Inc
5
1,400
30
preferred.,
Preferred
»
7,200
6
72%
*119%
8%
10
120
*1934
12
*71
6
*115
44%
20
44
28
21.2
*1%
8
120
*1934
"'28"
.
*6
*115
*2
63g
6%
*10l4
,
6
120
77%
Jan
157
60%
%
%
June
8% Mar
2% Mar
*74
60
Oct
36
3% Jan 20
10% Feb 24
72
Mar 31
160% 160%
121
29% Mar
40
Apr
4584 Jan
48% Mar 31
63
9184 May
3
7% Feb 20
pref ANo par
...
71% Nov
2% Mar 31
Unlverstvl-Cyclops Steel Corp 1
63
Oct
70% Mar
Mar
43% Feb 16
No par
7234
2:4434 Mar
38
1
200
conv
109% Nov
July
4
Jan1
35% Jan
1% Mar 31
$6
Jan
7
Mar
25
United Stores class A ..No par
"
2%
pref t.70c>
56% Nov
45%
5
No par
United Stockyards Corp
Conv
8
49%
Mar
12084 Mar 11
900
12
*37%
55g
33% Jan 24
10%
20
12
52
52
*18%
*88%
4478
49% Mar 31
112% Mar 31
89
6%
,6%
No par
...—100
Oct
21% Mar
2% Mar
21
3
x55
70
....No par
Corp.:..
Preferi ed._
U S Tobacco..
Oct
Nov
Mar■27
68
1%
2%
2%
6%
18%
2%
*1%
89
6i2
65g
U S Steel
.
Jan 23
7%
13% Nov
71
Mar
50
Mar 13
5234 Jan
111% Mar
65% Jan
52% Jan 24
60
51
*124
1%
•V
18%
*88%
89
63*
V
*2ig
100
1st preierred.
10%
%
*72%
*124
8%
US Smelting Ref & Mln.--.50
Preferred.............. 50
48%
*160%
13% Mar
3% Mar
53g Mar
6% Mar 10
334 Mar 31
35% Mar 31
90
Jan 26
12'
76%
67
24
Jan 18
49
Jan 26
37%
par
....10
Imp.....No
51
%
78
*72%
10% Jan
6134 Feb
7534
6
6%
*116
120
*6
87g
*117% 120
Mar 31
61% Jan 20
100
20
*10%
,
*6
8%
7
32
55
■
400
3212
120
5% Jan
7% preferred.....
2%
7%
46
.
*6
35% Jan
30% Nov
Mar 30
U 8 Rubber
2,000
3434
35%
....
*114
June
2534 Mar
4
Partic & conv cl A..-No par
9,200
3,000
65
*185g
26
*18%
26
26
*18%
26
22
19
22
23%
2334
24
25
2334
23%
22%
*3134 ,33
31
2734
30
32% *3134 32
3134
113
113% *110% 116
11412 *110% 114% *113% 114%
*110% 11412 *113
*38 ■
39 •
*38%
39
39%
39%
393.1
30% *39I2 - 4034
38%
38%
*
*
*
*60
SO
80
80
80
*.
80
.80
21
19% 21
22%
23%
22%
22%
2334
21%
*231*
2334 *23%
3
*3%
3%
3%
2%
3
3i2
*3%
3%
3%
314
33S
22
18%
22
*22%
24%
24l2 *22% 24%
22%
23%. 23% *2212
115% 115% 115
*115% 116
*115% 116
115%
*115i2 116
*115% 116
*2i4
27g
*2%
234
*2%
2%
*2%
2%
*2%
2%
*214
278
2£
*185g
26% Mar 28
16
Mar 31
No par
*49
....
*63
5g
%
50
53^ % conv pref
51
12
7534
*160%
68%
52%
116
46
Nov
10% July
U S Realty &
91
9734
57%
*44%
Nov
173
8,600
99%
99%
66%
55
116%
3534
4534
*8
115
"6,000
40% 116,100
125g Nov
Mar
4%
334
35%
37%
9% July
534 Mar
4% Mar
40%
434
Jan
3% Mar
4
162% Mar
Prior preferred—
U S Pipe & Foundry..
4334
42%
1%
Dec
Dec
Mar
1,800
58
*50
Nov
7% Jan
7%
7
7%
13
8734
May
3g
Oot
85g
4% Apr
62
Jan
180,
U S Leather
58
41
54%
55%
116% 116%
*35% ,3534
113
Jan 21
U S Industrial Alcohol-No par
4%
54%
Mar 31
7% Jan
10% Jan
10% Aug
5% Mar 31
7,700
38%
*35%
85
173
2,300
4%
116%
Mar 31
4%
43%
97%
3g Feb 11
Mar 31
4
4%
66
5
17%
42%
116i2 11634
3512
35%
*44l2
457g
*63
7%
*50
Mar
4
Nov
114
Sept
Corp.,-.5
preferred
U S Hoffman Mach
100
Mar
6
Oct
Jan
July
Jan
July
Oct
67% Aug
12% Nov
Mar
3
5
Oct
4%
38
884 Mar
8
% Jan 24
7
16
42
57%
*160i4
1,100
Jan
No par
100
No par
20
100
4%
4
42%
7%
11
Mar 31
Mar
100
87% Mar
80
19%
4134
2
—
534
30
*20
Conv preferred....
10
434
42%
8%
2
67
'0
45g
41%
8l4
*63
177
5%
30
I684
8h>
*170
6
*20
58
85
93%
177
*534
41%
3'lg
*75
93
6
*50
*8
*160%
94
177% *170
*534
%
7% Jan
100
U S Dlstrib Corp
%
534
8
58lS
68
57%
*76
\
*%
6
Mar
50
78% Mar 11
zl3% Feb 27
115% Feb 14
108gMar 6
3
4&g Mar 31
534 Mar. 31
10
$6 first preferred
100
7%
*2%
*11
80
534
7%
*278
'7%
534
86
United Paperboard
4
33% Jan 12
Jan
7%
U S & Foreign Secur... No par
*80%
%
94
111% Jan
No par
7%
734
86
21
434
56
$5 preferred
Feb 11
6% Jan
11% Jan 13
United Gas Improv't-.iVo par
,200
United Mer & Manu Inc vtc.l
30
.
3,600
22,300
3,000
2,100
*203g
*4%
44lg,
5
4514
9912 102
5
Jan 30
5
*22
42%
45g
43%
44
4314
44%
iooi2 101%
*57
5812
*67i4
69I2
5578
5678
11634 11634
63
United Fruit
734
*3g
59
8%
39%
No par
884 Jan
74
Jan 26
7
8
80%
Mar
30
834
*50
Apr
3
21% Mar
5
4%
26%
65
60
United Eng & Fdy
2
22
•
61% Mar 30
4
Mar 31
7%
20%
*77s
5
100
5
*534
4%
4% Mar 31
10%
5%
7%
20
4%
10
4% Mar
8%
26%
434
8I4
73«
Preferred
*7%
6
4% June
734
213g
,
*50'
60
...
177% *170
6
7% Ma.- 10
5
7%
30
21
834
834
*50
*7%
94
93%
39% Mar 14
434 Jan 26
United Dyewood Corp
8
*170
614
31% Jan 26
5
United Electric Coal Cos
30
,
No par
No
Corp
$3 preferred
8%
*80%
1
United
United Drug Inc
7%
8
96
176
9514
179
*176
1,100
65
4
par
$ per share
384 Feb i
,5%
83g
734
*6%
8l2
7
5%
*60%
100
*5
86
*3g
*534
*784
7i2
8%
*38
*5%
*6
7%
*80%
86
4%
7,200
2,700
5%
8I4
*80%
86
6%
4%
8%
5%
40,700
5,300
Highest
Lowest
$ per share $ per share
$ per share
2% Mar 31
Par
*303g
32% *30
31
31
33%
72%
72%
69
7134 73
7134
12
12%
12%
12%
11%
12%
11334 113-% *113% 114
*113% 114
32%
72%
12%
12
5%
6
61%
434
'
*8
v
2%
32%
*5%
<*62%
8'
*5
2%
34%
6%
6
4%
72
5-li
*82
,
7312
6
234
3334
6%
64%
*30
85*
*5%
434
33
2%
34%
6%
6%
6%
63
6%
69
4%
2%
35
343g
6
34%
27g
234
357g
612
6%
*65
3
35
35
Year 1938
Highest
Lowest
Shares
6%
1
On Basis of
Week
$ per share
2%
Precious
EXCHANGE
Friday
% per share
35
Ranoe for
1
100-Share Lots
Ranoe Since Jan.
Sales
for
Monday
Saturday
1919
New York Stock Record—Concluded—Page 10
148
n
Radio Corp^—.No par
New stock,
r Cash sale,
1
Feb
80
9
Jan
19
Mar 31
31% Jan
16
Jan 26
22% Jan
2% Mar 20
3% Jan
x Ex-dlv.
y Ex-rlghta.
5
93g Mar
9
234
25% Aug
31%
Dec
Mar
2534 July
Jan
634 Mar
^Called for redemption.
April 1,
1920
NEW
1939
YORK STOCK EXCHANGE
Record,Bond
Friday, Weekly and Yearly
Cash and deferred delivery sales are disregarded in the
weekly range are shown In a footnote
NOTICE—Prices are "and Interest"—except for Income and defaulted bonds.
week's range, unless they are the only transactions of the week, and when selling outside of the regular
n the week in which they occur.
No account Is taken of such sales in computing the range for the year.
i
Friday
Friday
Range or
Sale
Friday's
Bid
<fc
Asked
tQOQ
No.
BONDS
EXCHANGE
Week Ended March 31
Price
High
11
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
4*4s_——.1947-1962
1944-1964
...1046-1956
3 Ma
1940-1943
3 Ms-'1941-1943
3 Ms
1943-1947
3*4s
1941
3*48
1943-1946
3*4s
..1944-1946
3*48
1946-1949
3*4s
1949-1962
3s
1946-1948
3s...
1061-1966
2J4s~
....1955-1960
2*48
1946-1947
2*48
1948-1961
2*48.
1961-1964
2*48.
1966-1969
2*48....—...1958-1963
2*4s.——....1960-1965
2His....
.1945
2 Ms
*
.1948
2 He.
1949-1953
2*48
.......1960-1962
2s...
-.1947
A
O
J
D
M
—
120.7
N. Y. STOCK EXCHANGE
Week Ended March 31
Jan. 1
Low
D
J
«,
M S
120.7
m
*,
—
-
-
-
XJ
120.14
23
118.26120.22
115.24
12
106.15106.27
109.30110.27
107
O
110120
110.20
110.24
24
110.29 110.29
110.31
6
109.22111.1
J
D
110.30 110.30
111.5
79
109.11111.8
109.2 111.6
D
J
-
-
4m
«
-
109.22110.25
*111.13 111.6
"28
D
110.12
M S
109.17 109.17
109.27
MS
106.23 106.23
107.9
M S
108.27 108.25
109
M S
107.30 107.30
108.2
11
105.19108.2
D
106.24 106.17
106.28
64
104
106.28
M S
105.28 105.18
106.3
75
103.4
106
J
D
104.27 104.27
105.9
133
J
D
104.19 104.19
105.1
2005
J
D
107.28 107.28
J
M S
«.
110.17
108.19110.17
107.4 109.27
61
104.12107.7
172
107
7
109
102.20105.9
108.1
♦Costa Rica (Rep of)
104.27 104.23
105.2
37
102.16105.2
D
103.27 103.27
104
55
102
102.13104.31
171
M S
-
~
-
t-
«
*1 ^ -
109
107.9 109
106.26108.13
29
108.13
2
106.27
218
106
7s......1951
1944
106.3
2
31
106.26108.10
101.26 102.22
External g 4Mb
101.28 101.28
102.2
J
104.26 104.26
104.31
A
A
26
O
104.1
73
104.31
26M
1
25*4
27
26
M
26
26
1
26
26*4
94*4
14*4
14M
14*4
14M
13*4
13M
93
93*4
"12"
"12"
13
"25
10M
J
12
12
13
23
9*4
J
12
12
13
3
J
13
J
12
22
12
12
1
9*4
12
12
12*4
5
9*4
♦External sec s
o
9*4
13*4
1958
D
"90*4
*11*4
90*4
91*4
"l9
Argentine (National Government)—
S t external 4Ms
...1948
M N
91M
91M
92*4
159
1971
M N
86 M
86
90
,
S f extl conv loan 4s Feb.—1972
77 M
13 M
A
O
77*4
77 *4.
98 M
98M
85
76
92*4
87*4
78*4
71
76
79
78*4
J
99 M
77 *4
89 M
158
78*4
Apr....1972
...1955
181
19*4
25
26
1
25M
26M
26
26
1
25*4
27M
25*4
26
96*4
94*4
F
J
D
*26
A
MN
F
F
A
107
80 M
108
79
79
*45
A
J
80 M
79
"88 M
87*4
81M
J
"44 %
43
50
55
%
45 X
73
70
50
".50
40
51M
4
70
80*4
♦23
MN
26*4
22*4
*101*4
"53 M
105
100*4 102 M
-----
55
33
103
2
53 M
60
101*4 103 M
53 M
103
108
105
♦103 M
A
30*4
100
M S olOOM alOOM alOOM
67 M
68*4
9
67*4 ,73M
27
27
2
25
75
*27
67*4
46
30
76
„
98*4 105
J
98*4
99*4
340
A
97 *4
97
98 M
234
97
85*4
85
261
85
97 M
71*4
1948
J
1967
1945 M S
♦Frankfort (City of) s 16Ms—.1953 MN
French Republic 7 Ms stamped. 1941 J D
7 Ms unstamped
1941
External 7s stamped..
1949 J D
7s unstamped
i
-.1949
Estonia (Republic of)
65
73 M
70
65
70
65
71
70
70
66
71*4
75
66 M :
71
71
*68*4
*68*4,
75
16
18
14 M
21
all 9*4
105*4 107
17*4
19
10 >M 109
105*4
20
105M
106M
105
105
10 5 M
—
105
104
113*4 120
103*4 105
al 19*4 all9*4
*103*4
100
96
97
96
105*4
*^--_.
65
17M
17M
105*i
71M
23
*——
7s
Finland (Republic) ext 6s
72
*68
J
♦El Salvador 8s ctfs of dep
10 L
*70 M
6M8--1942 M S
1940 A O
2d series sink fund 5 Ma
1940 A O
Customs Admins 6 Mb 2d ser. 1961 M S
5M8 1st series
....—.1969 A O
5 Ms 2d series
—1969 A O
♦Dresden (City) externa! 7s.-.1945 MN
Dominican Rep Cust Ad
1st ser 5 Ms of 1926
*
r
96*4 103*4
97*4 103 M
lOi
1965
♦5 Ms unstamped
,
1965
♦5 Ms stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949
♦7s unstamped.
1949
♦6 Ms of 1930 stamped
98 M
99 M
30
External g 4 Ms of
1956
MN
93 M
93*4
94 M
120
91*4
99
♦Austrian (Govt's) s f 7s...*--1957
J
11*4
11*4
11*4
1
11*4
17 M
♦Greek Government s f ser
20*4
♦7s part paid
♦Sink fund secured 6s
♦Bavaria (Free State) 6 Ms... .1946 F A
.1949 M S
Belgium 25-yr extl 6 Ms
—
.1956
External 30-year sf7s
♦Berlin (Germany) s f 6Ms... .1950
♦External sinking fund 6s.. .1958
♦Brazil (U S of) external 8s... .1941
♦External s f 6 Ms of 1926.. .1967
104
D
D
104
102
111
♦
•
I'll
O
105*4
58
103*4 108
105*4
76
113 M
35
110
21
18*4
5
13
19M
24*4
107
11*4
17
17
1'9M
208
9*4
28 *4
23
O
17 M
17*4
19*4
146
D
15*4
15*4
18*4
48
Sinking fund gold 5s.
2u-year s f 6s
.1958 F
A
.1950 J
D
♦Budapest (City of) 6s
♦Buenos Aires (Prov of)
♦6s stamped.
External s f 4M-4M8
Refunding s f 4 *4s-4 Ma
.1962 J
♦
A
A
9
J
3
9
a9M
50*4
53
......
(Cons Agric Loan) 6 Ms
1958
7s_.l964
1964
15
68
,
14*4
25
20
21M
18
17M
19 M
27
16
49
22
J
23M
33*4
30
22M
24*4
26 M
*23*4
*25
27
22 M
33*4
24
27*4
D
23M
MN
*28*4
1968 FA
21
-.1988
♦6s part paid..
Haiti (Republic) s f 6s ser A
98 M
102
20*4
21*4
73
73
20*4
11
16*4
22
73
75
15M
18M
13*4
73*4
64
Irish Free State extl s f 5s
Italy (Kingdom of) extl 7s
1951 J
27
52*4
Italian Cred Consortium 7s ser B '47
60*4
2
49 M
55
54
3
50 M
54*4
38
42
J
7s_._1952 J
Japanese Govt 30-yr s f 6 Ms... 1954 F A
Extl sinking fund 5 Ms
.1966 MN
....
20
2
20
16
19M
7
16
29
32 M
102*4
*5
M
D
7M
9*4
7M
08*4
8*4.
¥
.
♦Jugoslavia (8tate Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s.
1947
♦Lower Austria (Province) 7 Ms 1950
A
O
F
A
J
8*4
10
18
*...;_
21*4
,
102*4 105
1
7 M
11
11
5
9
10
7*4
1
37 M
■
"2l"
10
8*4
30*4
19M
,
10 ^
33
30
101M 103
110
60
66M
91
59 M
62
65
13
62
"45 M
45
51
49
45
55
75M
75
76M
80
75
85M
60
S
Italian Public Utility extl
17
102*4
a8*4
1960 M N
62 M
50*4
*
13M
*13"
102*4
"
48M
20
17
22*4
22*4
*14M
4''
39
*_•
O
64
49
49*4
A
69
51
48 M
J
♦Stabilization loan 7Ma.... .1968 M N
89
97
*55
48 M
.1976 M N
.1967 J
2
9*4
22*4
9M
21*4
93*4 „98M
17
100
99*4
O
.1984 J
_
95 M
„
99 M
M 8
.1976 F
-
94 M
94 M
D
.1977 M 8
22
'
„
18*4
18
17M
11M
14
18*4
22*4
*19
.1957 M 8
18*4
18 M
*14
1952
♦Hamburg (State) 6s
-.1946
♦Heidelberg (German) extl 7 Ma '50
Helslngfors (City) ext 6 Ms
1960
Hungarian Cons Municipal Loan—
J
♦7Ms secured s f g...
1945
J
♦7s secured s f g.....
.1946
MN
♦Hungarian Land M Inst 7MS-1961
♦Sinking fund 7 Ms ser B
1961 MN
♦Hungary (Kingdom of) 7Ms..1944 F A
Extended at 4 Ms to
1979 F A
116M
22*4
V-
D
109*4 108
O
.1962 J
re-adj 4*4s-4Ms.- .1976
-
D
1927.. .1957
.1961
16
20
102M
J
.1955
*
J
German Prov & Communal Bks
'
♦Secured sf 7s
23 M
O
J
98 *4
8% external s f $ bonds
Bulgaria (Kingdom of)—
J
A
M N
F
M S
External s f 4Ms-4*4s
J
1962
1942
-.1955
1957
External
26M
26M
.-Apr 15 1962 A O
External 6s of 1927
s f 6s.
19 M
19*4
23M
96*4
55
A
(City)
16*4
Gorman Govt International—
F
Brisbane
....
O
1949
.1977
External gold 5Ms--
8
A
....
35
105.26
105.21
108.10
12
—
M
1949 F
Sinking fund 8s ser B_.
108.5
12,
♦7s (Central Ry)
D
Sinking fund 5M8—-Jan 15 1953
\. ♦Public wks 5Ms---June 30 1945
Czechoslovak (Rep of) 8s...—1961
105.21
o
♦External s f 6 Ms of
24 *4
External loan 4 Ms ser C
106.27
O
.......
141
4 Ms external debt
104.3
*
1967
f 7s 3d series. 1967
External 8 f 6s
24 *4
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
♦External sec s f 7s 2d series.
1928
23M
23*4
1927.Jan 1961
6Ms.,—1947
♦Sinking fund 7s of 1926
1946
♦Sinking fund 7s of 1927-—1947
Copenhagen (City) 5s
—1952
25 year gold 4 Ms
. .1953
§♦ Cordoba (City) 7s unstampedl957
{♦7s stamped..
__1957
Cordoba (Prov) Argentina 7S..1942
107.10
10*4
10*4
S f external 4Mb
19M
J
•\
1948
Antwerp (City) external 6b
~io~H
19M
12*4
102.20105.1
M S
Akershus (King of Norway) 4s.1968
♦Antloqula (Dept) coll 7s A.*. 1945 J
♦External s f 7s series B
1945
♦External s f 7s series C
1945
♦External s f 7s series D
1945 J
♦External s f 7s 1st series—.1957
loan 4s
20
*9M
10*4
*14*4
♦6s extl gf gold of
106.6
M S
conv
17*4
Denmark 20-year extl 6s
♦Gtd sink fund 6s_—
S f extl
9*4
10M
16*4
14*4
14*4
♦Colombia Mtge Bank
105.1
104.31
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
...1947 F
Australia 30-year 5s
14*4
13*4
Colombia (Republic of)—
♦e* of 1928
....Oct 1961 A
8
Municipal—
&
Govt
10
8
1951
♦Cologne (City) Germany 6 Mb-1960
51
104.25 104.25
J
6
14
12*4
12*4
..I960 M S
107.28
D
J
16*4
11M
13*4
♦Chinese (Hukuang Ry) 5s
107.10
107.4
12
10M
♦Chilean Cons Munlc 7s
7
107 12
14
O
♦6s assented..
2
O
2*4s series B._Aug
1 1939-1949 F
2J4s series G
^-...1942-1944 J
Foreign
High
O
1962 MN
3
110.27
107.4
A
1 1944-1962 MN 108.6
May
Low
1961 A
106.19
A
1 1942-1947
Mar
Since
—1961 A
♦Guar sink fund 6s
104.23105.8
Home Owners' Loan Corp—
3s series A
No.
High
Range
Jan. 1
—1962 MN
♦6e assented
107.4
**
"*
^
2J4s..--
"26
£104.23 104.26
108.30
Mar 45 1944 1964 M S
108.8
May 15 1944-1949 MN
J 106.21 106.21
Jan
161942-1947 J
3s
§1
It
(Concluded)
♦Guar sink fund 6s
113.10115
110.27
A
J
Chile Mtg Bank
114.17116.31
♦114.26 114.30
106.18 106.18
n
1
F
«r
.
8s
■s.
Price
Friday's
Bid
& Asked
High
116.21
S
Federal Farm Mortgage Corp—
3*48
Range or
Sale
Low
BONDS
Since '
Foreign Govt. & Mun. (Con.)
Treasury 4s
Treasury 3*4s
Last
"-■ft.
Range,
U. S. Government
Treasury
Week's
I*
Week's
Last
Lovs
'
N. Y. STOCK
>
.
76M
75
57
57
58
41
66
65 M
32-
32
32
"'"5
32
38 M
20
20
20
T
16M
23
24*4
25
14*4
72
D
*
Canada (Domof) 30-yr 4s.... 1960 A O
6s
L
.......1952 MN
110M
38
109*4
110
110
110*4
71
109*4
102*4
102,34
103
33
102M 104
1954
Mendoza (Prov) 4s read)
1954
♦Mexican Irrigat'on gtd 4Ms—1943
103
103
103 M
45
102*4
102*4
9
102*4 104*4
101*4 103
99*4
100 M
126
J
J
102*4
J
99*4
7-year 2 *4a
30-year 3s
..1944
J
J
1954 J
1950 M S
♦Farm Loan st 6s.. July 15 1960 J
J
♦6s July coupon on.....-I960
♦Carlsbad (City) 8s
♦Cent Agric Bank( Ger) 7s
s
16 1960 A
f 6s. .Oct
♦6s Oct coupon on
♦Chile (Rep)—Extl s f 7s
♦7s assented
Feb 1961
18*4
11
16
27
14*4
8
10*4
8
18*4
16*4
18M
16*4
18*4
16*4
18M
16*4
18*4
12
F
14M
14M
15*4
F
11
10M
11*4
8
14*4
10M
14M
14 M
15*4
21
14*4
11*4
J
11 M
4
11
15
15*4
6
14M
11*4
*14M
11*4
15
2
13
11M
1957 J
D
*9'M
13
1961 J
D
13*4
14
1961 J
D
*13
9M
10*4
14*4
10M
2
15
11
16 M
18M
16M
13*4
15
9M
11
14*4
_
11*4
D
9M
1
11*4
15
J
1925
14M
15*4
11
For fo'.t.n->te« see page
3
15*4
11M
♦External sinking fund 6s...1963 MN
♦6s assented
1963 MN
♦6*4s assented
27 M
23 M
11
11*4
1957
24*4
19*4
14*4
♦6s Assented
Pept 1961 M S
♦External sinking fund 6s.—1962 A O
♦68 assented
...1962 A O
♦6 Ms assented
22*4
11
*10*4
1961 J
19*4
21*4
-
-
25*4
11
15
♦Sink fund 6*4« of 1926
♦4s of 1904
25
15
♦Extl sinking fund 6s..8ept 1961 M S
♦Chile Mtge Bank 6 Ms
32
27
-1
14*4
O
Jan 1961 J
...Jan
30
24 M
27
23
-
-
...
.
.
_
16
10
14*4
16*4
14*4
4
13*4
1
9M
s f
1
**4
♦Montevideo (City) 7s.
1M
*4
1M
1*4
1*4
J
J
f 5s
Norway 20-year extl 6s
20-year external 6s
—1952
J
A
O
47
M
47 M
S
10*4
10*4
12 M
10
S
10M
10M
12*4
11
52*4
53
M
M
J
D
52*4
*48
97 M
O
f 5s
A
D
66 M
7M
7 M
16
15M
"7
48
54
45 M
4
60
99
1M
44M
52
95
101*4
98*4
8
94*4 101*4
103 M
25
102*4 104*4
104
104
105
26
103 *4
102*4
102*4
103
57
102*4 105
100
100
101M
97
100
100
62
A
1970 J
61
98*4
102*4
O
51*4
102*4
A
M S
A
1M
1*4
1M
J
1963 F
s
1
1*4
*4
A
1956
1965
1*4
*4
F
f ext loan
1*4
*4
*1
5s..1957
External sink fund 4 Ms
External s f 4 Ms
M
1*4
*4
*M
*1
Apr 1968 A
1943 F
—1944 F
New So Wales (State) ext!
s
M
.*4
M
1
— ~
1*4
D
1959 M N
♦6s series A
Municipal Bank extl
M
*1
D
1958
1959
1952
6 Ms
♦Sec extl s f 6 Ms
4s
65*4
M
Milan (City, Italy) extl 6 Ms
Mlnas Geraes (State)—
s
65*4
*M
J
....1954
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
{♦Treas 6s of *13 assent (large) '33
{♦Small
External
10*4
1954 J
♦Assenting 4s of 1904..
♦Sec extl
13
*1
♦Assenting 5s of 1899
16M
5
25*4
*
-.1942 M N
s f 6s
♦6s assented
O
98*4 101
M N
♦Assenting 5s large
♦Assenting 5s small
-
29
*
1942 M N
♦Extl sinking fund 6s..Feb 1961
29
-
13*4
—1943 M N
£.1945 Q J
—1945 Q J
♦4Mbstmp assented
17
21*4
25*4
29
1960
♦External sinking fund 6s... 1960 A
♦6s assented..
..I960 A
♦6s assented
*14
{1134
111*4
♦Medellin (Colombia) 6 Ma--
12
65*4
♦Mexico (US) extl 6s of 1899
A
1967 J
25-year 3 *4a
♦Ry ref extl
110
...Aug 16 1946 F
:
1961 J
10-year 2 Ma
♦Farm Loan
110
99*4
99*4
102*4
102*4
3
103M
103*4
98*4 101*4
101
104
Volume
148
New York Bond Record—Continued—Page 2
Friday \
Friday
Week's
Last
Range or
Sale
Friday's
bonds
N. Y. STOCK EXCHANGE
Week Ended March 31
Price
Bid
Oriental Devel Tuar 6s
Extl deb6%S—-.
Oslo
(City)
♦Panama
£ 4%s
s
..1953 J
(Rep) extl 5%8
a
s
n
O
D
f 6s 2d eer—1961 A
♦Poland (Rep of) gold 6s
♦Stabilization loan
a f
1940 A
7a..-.1947 A
•External sink fund g 8s
4%s assented—
1950 J
1958
4 Ha assented
19 h
57
43%
10 H
5%
11%
9 h
11
8%
12 h
10 H
11
8%
12H
32
O
o
J
~35H
32
30h
38 h
50
35
h
37
%.
31
31
34 %
30 h
33
30
32%
«28
33
Queensland (State) extl a 1 7a„1941 A o
25-year external 6s
1947 f A
1950 M s
♦Rio de Janeiro (City of) 8a—1946 A o
♦Extl sec 6 Ha
1953 f A
h
♦7a municipal loan
.*...1967 j D
Rome (City) extl 6 Ha
1952 a O
♦Roumanla (Kingdom of) 7a...1959 f A
19
30
9
104
2
103h
101%
103 h
"l'lH
11h
16
19H
19
14
,
106 H
107
101
a
..1968 J
1940 A
f 7a
11
11
2
"54
54
59
39
50
15 h
15h
11
15h
69 h
20h
15%
3
15
20
19
19
5
24%
10 %
14 h
14 H
11
*10
6%
6h
14%
%
*12%
15
11%
13
10
11H
■11%
10
j
•9%
9%
11h
37
25h
25%
29%
107
20%
.1962 MN
■18H
20 h
22 H
22%
25h
D
36
27
33
1958 j D
♦Slleslan Landowners Assn 6s—1947 f A
24
25
Sydney (City)
a
.....1955 f
f 5 Ha
♦Uruguay (Republic) extl 8a... 1946 F
♦External
54
49%
54h
41
43 h
41
49
53 %
50 h
58
47
43
47
45%
46 h
42 h
51
40
49
45h
41%
42 h
37
43 h
40
40 h
36
41
35
1979 MN
external conversion
3%-4%-4*i6S extl conv.
4-4%-4H% extl readj..
3 Ha extl readjustment
Venetian Prov Mtge Bank
1978
1978
1984
7s..1952
...1962
J
d
f
A
j
J
1961
J
A
*36h
42
o
and
43
37 %
„
42%
*45
36 h
49
49
36h
14h
37
d
17
k#
30
29 h
24
22
31
57 h
55
,
cons
59,
107
108%
106
104
105h
32 h
..1949
a
J
1950 a
5a_.
Allied Stores Corp deb 4 Ha
4 Ha debentures
100 H
34
1946
5a
33
O
O
A
.1950
a
1951 F
*
♦Alpine-Montan Steel 7s
Am A
Foreign Pow deb 6a.
1953 j
f deb 5s
8
Amer Telep A Teleg—
20-year sinking fund 5Ha..-1943 m n
3Ha debentures
1961 A o
1
33 h
27%
*46 %
106%
100
96%
80
85 h
63
76 h
48 h
27h
'62
'■19
4
tl*
60
103 % 106 H
96 h 100
91h
2
89
94
109%
91%
108
108
105
108
112
10
151
2
102
102%
107
101
103 h
30%
48h
h
40
60 h
102 H
31h
58 h
102 H
"162"
101%
103
100 H
100 %
102 h
113
100% 104%
111%
111 H
111%
149
107%
107 %
108 h
85
111% 112%
105% 108%
108%
71
105% 108%
104 h
30 %
52 h
52%
107 %
*
3%s debentures
.....*...1966 J d
J
Am Type Founders conv deb. .1950 J
Amer Wat Wks A Elec 6b ser A. 1975 mn
107%
1q4h
1:04 %
103%
103
104
o
105 h
105 H
Anaconda Cop Mln a f deb 4 Ha 1950 A
1X8
59 %
105 h
-
38
50
■
27 h
D
Amer IG Chem conv 6Hs
,.1949 MN
J
Am Internat Corp conv 5H8...1949 j
30
"105%
"01%
72
43
70 h
*
1955 M 8
2030 M
82 h
39 h
74
2
80
68 H
36%
35
-
76 h
O
a
35
32 %
79 h
"76 %
o
1952 m s
104h
%
*32
D
Allls-Chalmers Mfg conv 4s
s
108 H
108%
♦5a stamped.—.
—1950 a O
Allegh A West 1st gu 4s_.
.1998 A O
Allegh Val gen guar g 4s..—1942 M 8
American Ice
104 h
66 H
*105 h
Alleghany Corp coll trust 5a...1944 f
conv
58
1943 J
Alb A Susq 1st guar 3 Ha
♦Coll A
104
a51
104
7
104 h
111%
11
102%
107.*.'
105%
37
24%
10
104%
106
♦Anglo-Chilean Nitrate—
5 f Income deb
..1967
Jan
{Ann Arbor 1st g 4a
1995 q J
Ark A Mem Bridge A Term 5s. 1964 M 8
Armour A Co (Del) 4a series B.1955 F a
1st
m a
f 4s
21
*
.
J
98
98
o
107
107
1995 m n
♦Stamped 4s
"93"
*92 h
Conv gold 4s of 1909
Conv 4s of 1905
1965 J
d
D
96
Conv gold 4s of 1910
Conv <ieb 4 Ha
1960 j
1948 J
D
*89
Rocky Mtn Div 1st 4a
1965 J
Trans-Con bbort L 1st 4a....1968 j
J
99 h
Cal-Ariz 1st A
Atl Knox A Nor
-
ef 4
cons
10-year coll tr 5s
L A N coll gold
99
For footnotes see page
30%
42
96
98
97%
99%
99%
41
97%
106%
110
86%
93
93
87%
95
91
91%
97%
98%
89
96
"97"
95
102 h
103h
100
99% 102%
98% 100%
109
*111 %
iioji
43
43
33
52%
44%
40%
20
34%
44
37
52 '
47%
9
104%
34
90%
90%
2
44
"90%
90%
91%
47%
*35
*
18
.
117%
117%
131
25
117%
131
131
<
"25%
"2
25%
26%
4
J
D
S
N
107%
103%
138
101 %
305
97% 102%
107%
1
106% 107%
24
39%
25
40%
23
37%
6%
10%
38
111
107% 111
110%
33%
35%
22
31%
32%
27
7
7%
14
57
58%
MN
MN
108%
75%
154
41%
MN
J J
F A "86"
41%
41%
1
*50%
107%
106
MN
MN
A1952
{♦Central of Ga 1st g 5s—Nov 1946
♦Consol gold 5a...
♦Ref A gen 5%s series B
♦Ref A gen 5a series C__
f
A
1945
f
j
*5.
*67%
o
39.
53
55
97%
gu
4s
/
Central of N J gen g 6s
General 4s..
J
116
41
114% 116%
115%
48
5
114% 110%
117% 120
119
119
119
1
118%
116%
*41
114%
114%
115%
20
122%
122%
>77 %
122%
23
78
98%
113%
113%
•
84 h
63%
79
72
96%
87%
87%
*37
.87%
87%
*
a
25
45
97%
36
91%
*
55%
16
*31%
43%
107%
15
87
87%
52
97
16
,
32
32
63
8
8
8%
8
12%
3%
3%
4
3%
3%
3%
*7%
4%
3%
.0
7%
6%
0%
10
9%
"*4%
4%
6
8
.v
*7
97
97%
97
107
68
97
11
65
75
109% 111%
*110%
32
103%
103%
1
103
104%
110% 111%
110%
110%
25%
30%
11
25%
39%
18
19%
24
17
28
1,6
"25%
18
8
16
24
109
,17
107
110
67
68
108%
68
68
73%
52
56%
*
".*52"
65%
73%
"41
50
115
52
*54
60
115
115
12
77
83
30
"77"
102
m s
\
92
52
1
MN
O
97% 100%
112% 114%
96% 100%
87% 94%
40
mn
1948 M S
116%
113% 115%
122% 124
77%
82%
105
90%
94%
115
"24
106
*12%
O
1960 f
41
98%
114
"93%
'*93%
16
1954
56
80
,
43%
105%
,
j
64
,
98,%
118% 119%
116% 118%
*117%
115%
1960
m s ~m%
101%
1950
M S
121%
Ches A Ohio gen g 4 %s
1992
97%
Ref A Imp mtge 3 %s ser D—1996 mn "97%
F a
98%
98%
Ref A impt M 3 %s ser E
1996
*.._—
Craig Valley 1st 6s
May 1940 J
\
Potts Creek Branch 1st 4a
1946 J
*
*109"
R A A Div 1st con g 4a
1989 \ J
*108
2d consol gold 4s
1989 J £
Warm Spring V 1st g 5e
1941 M S
89%
71%
64%
"
115%
J
a
86 %
99%
90%
119%
1987 J
1949 A
3%a._.1949 J
1949 J
General 4s
.1968 M
lat A ref 4 %s series B
1977 F
1st A ref 6a series A
1971 F
55
92
90%
118%
O
Certain-teed Prod 5%s A
Champion Paper A Fibre—
S f deb 4%s (1935 issue)
S f deb 4%s (1938 Issue)
49
47
.12
114%
18
1941
41
6
■
38
115%
j
5b extended to May 1 1942...
3
118%
1961
J
.1987
Central N Y Power 3%s——.1962 A
Central Steel 1st g a f 8s
8%
75
.
m s
Cent Pacific 1st ref/gu gold 4s—1949 f
A
Through Short L' 1st gu 4s
Guaranteed g 6a
Central RR A Bkg of Ga—
40
10
7
68
95%
94%
25%
7
97%
'95
J
m s
j
3
41
J
Cent Hud G A E 1st A ref 3 %s. 1965 M S
f A
Cent 111 Elec A Gas 1st 6s
1951
a o
Cent Illinois Light 3 %s
1966
84 h
64
79%
J
{♦Cent New Eng 1st
"20% '45%
3
34%
7%
8%
7
A
♦Mid Ga A At Div pur m 5s.1947 j
j
♦Mobile Div 1st g 5s...
;1046
.1941
"l2
"35" "27
34
J
1959
1959 a o
..1941
112%
33
d
♦Chatt Div pur money g 4a..1951
j
♦Mac A Nor Div 1st g 5s
1946
Central Foundry mtge 6a
Gen mortgage 68—
24
29
„
112
d
MN
a
83%
98%
106% 108%
103% 107
72% 85
93
99%
105* j* 108%
111% 113
115
O
J
92
99%
80
D
m s
72%
4
115%
A
j
Chic Burl A Q—111 Div
Illinois Division 4s
72 h
21
106
53
Carriers A Gen Corp deb 5s w w 1950 mn
f A
Cart A Adir 1st gu gold 4s.
1981
Celotex Corp deb 4%s w w—..1947 J d
j D
♦Cent Branch U P 1st g 4s
1948
♦Chio A Alton RR ref g 3a
64 h
108
105%
45
40
80%
*109
o
—1956
97
63 h
107%
J
Guaranteed gold 4%s__Sept 1951 m s
Canadian Northern deb 6 %s. *1946 J
Canadian Pac Ry 4% deb stk perpet J
m s
Coll trust 4%s
...;
1946
j
6b equip trust ctfs
..1944 J
86
72%
"33
33
AO
....I960
j
—1949
82%
40
88
*,105
MN
Coll trust gold 68.*— Dec 11954 J
J
Collateral trust
64
70%
35
95
86
47
107% 109%
71%
»
ser
8
11
109
"71%
V*
4%s
163
35
32
33%
a
85
84%
63%
107%
107%
106
108%
101% 104
32
1960
{♦Car Cent 1st guar 4s
Caro Clinch A Ohio 1st 6s
27
103
O
A "7%
57
J
1966
1970
26%
106%
99
J
M
M
A
F
Power 4s........1966 a
Oct 1969
28'
19
"5
103%
{Bush Term Bid go 68
1962
21%
21
26%
106%
j
5s A
"20% "28"
24
26%
1952 AO
cons gu
117% 119
129% 133
5
"25%
*20
Bush Terminal 1st 4s__.
Consol 6s
—a—.a..
gu
103% 108%
84%
98%
89
101%
90
♦Certificates of deposit
——
{{♦Burl C R A Nor 1st A coll 5s 1934 AO
♦Certificates of deposit
89%
1925.
4
103%
44
80
Calif-Oregon
14%
55%
50%
41%
37%
98%
4%s.l957
23%
14%
37
103%
110
*91
"64 "
44%
MN
96 H
Oct 1952 mn
23
49
J D
95
D
49%
23%
23%
*0%
f deb 3%s
♦Buff Roch A Pitts consol
24%
23%
10%
45
1950 F A
Buffalo Gen Elec 4%s series B.1981 F A
Buff Niag Elec 3 %s series C—1967
s
95 h
1952
1964
250
12%
53%
1950
Debenture gold 5a
j
110h
*110h
May 11945 MN
4s
...1941
1950
110 h
1944 J
4s July
General unified 4 Ha A
Bklyn Manhat Transit 4%s._.1966
Bklyn Qu Co A Sub con gtd 5s.l941
1962 M s
1946 J d
j
1944 J
Ha A
1st g 5s
Atl A Charl A L 1st 4 Ha A
1st 30-year 5s aeries B
Atl Coast Line 1st
9
"98
109 %
100
102 H
J
26
97 %
*96
1955 j
d
21
96%
*
1996 Nov
♦Adjustment gold 4a
.
"98 %
'*98 %
1995 A
Atchison Top A Santa Fe—
General 4s
41
40
40
1957 j
C (Del)
ser
21
12%
10%
37
.
104
101
103
Albany Perfor Wrap Pap 6s...1948
6a with warr assented
—1948 a
conv
101
103
a50
4s series B
67
102H
*100
—1943 J
A 5s.
50 %
,.57%
*100
h
a
Coll A
51H
51h
50 h
1962 a
Adriatic Elec Co extl 7s
cons
{♦Boston A N Y Air Line 1st 4s 1956
Brooklyn City RR 1st 6s......1941
Bklyn Edison cons mtge 3%S—1966
gold 4 %s
d
30%
50%
Guar gold 4%s_—_.June 15 1956 j D
f A
Guaranteed
{{♦Abltlbl Pow A Paper 1st 5a.l953 J
1st
1967
1955
1961
Guaranteed gold 5s
Guaranteed gold 5s
industrial
Adams Express coll tr g 4a—1948 m s
Coll trust 4s of 1907
1947 m;d
10-year deb 4%s stamped
1946 F a
20
37%
j
Canadian Nat gold 4%s
1957
Guaranteed gold 6s..._July 1969 J
34
23
56%
19
16%
16%
16%
50
1966
—1952
4%a aeries JJ
Canada Sou
companies
Ala Gt Sou let
1st g
18h
51
*27
56 h
16
22
'
20%
1955
1944
1
mn
♦Vienna (City of) 6s
♦Warsaw (City) external 7s....1958 f A
4 Ha assented
1958 f A
Yokohama (City) extl 6s..
43
42
18%
49
20%
21%
,
10%
♦Berlin Elec EI A Undergr 6 %s 1956
Beth Steel cons M 4%s aer D—1960
TBrown Shoe
47
42 h
,
30
20%
19%
(18
17%
lat lien A ref 5s aeries B.....1957
53
52 h
*46 h
3%-4-4%s ($ bonds of *37)
external readjustment
1979 MN
3J*-4-4H% (* bonds of *37)
railroad
103
.—I960 MN
;
f 6s
a
95%
1964 MN
f 6a
a
18%
19
-
Bklyn Union El lat g 5a
Bklyn Un Gas 1st cons g 6s
1945
1st lien A ref 6s series A.....1947
29
53 h
a
♦External
"99 %
99
53 h
o
f 5%s guar.
a
23%
24%
.1959
1st 6a stamped...
28
41
1961 A
External
.
28
A
Taiwan Elec Pow s f 5Ha..—1971 J
Tokyo City 6s loan of 1912
1952 m
17
110
10%
1948
_
28
4 Ha assented
Telep of Pa 6s series B
Boston A Maine 1st 5a A C
1st M 5s aeries II
32
18h
j
32
22
"19"
1st A ref 6a series C
1960
Belvidere Delaware cons 3%s—1943
♦Berlin City Elec Co deb 6 %s..l951
14H
6H
17 h
20 h
25 h
21%
1958
20%
19
1989
.1951
Big Sandy 1st 4s...
18 H
♦Silesia (Prov of) extl 7s
24
18
18
*.1951
15
20 H
....
62
16%
1961
4a stamped
Battle Creek A Stur 1st gu 3s
Beech Creek ext 1st g 3 %s
7
20 H
extl,
63
47%
15%
22
sec
♦Certificates of deposit...
7h
3
o
1945 J d
♦Sinking fund g 6Ha..
1946 J d
Serbs Croats A Slovenes (Kingdom)
♦8a secured extl
1962 MN
49
7
91
17%
Cons mtge 3 % s aeries E
3%a s f conv debs
18
11
51
75
54%
20
♦Deb sinking fund 6%s
♦Debenture 6s
10 %
10%
59
72
62%
48%
20%
53%
19%
^1960 FA
♦Certificates of deposit
P L E A W Va Sys ref 4s
.1941 MN
Certificates of deposit
♦S'western Div 1st mtge 58—1950 y j
Bell
76
54%
1959
10 %
%
57%
102
18%
2000 MS
6s series D
♦Certificates of deposit
1943
10
♦Saxon State Mtge Inst 7a
♦7s aeries B
♦Ref A gen
Toledo Cin Div ref 4s A
"10%
2
19
j"D
gen 6s series C—
♦Certificates of deposit
Bangor A Aroostook 1st 6s
15%
15%
14%
25
72
100
80
100%
18
1985
♦Certificates of deposit
13h
7h
6%
7h
7h
62
105%
21
29
18%
*Ref A
14 h
5
44
37%
54%
53%
fb
5h
83
12
103%
100%
53%
53%
—-
6h
12h
103
103
1995
31h
30
10 %
11
J
J
..1950 j
...1956 M s
♦6s extl dollar loan
♦Secured
m S
j
.
29
San Paulo (State of)—
♦7a extl water loan
103
Con ref 4a
15%
j
109
"7
1?h
ii%
9%
,70
102 %
36 h
*25
i"j
1952 MN
1957 MN
1936
.
42
14h
18 H
1966 M n
...
62
♦Certificates of deposit
♦Convertible 4%s„
10 H
{♦8a extl loan of 1921
8
♦Ref A gen 5s series F.....1996 MS
10(3 h
Rio Grande do Sul (State of)—
♦8a extl loan of 1921
...1946 A o
♦to extl s f g
..1968 j D
♦8s external....
58
17h
—
♦6 Ha extl secured a t
55%
15
103 h
♦Rhine-Main-Danube 7b A
♦8a extl secured a f
55%
9h
2
1953
J
9%
•2
paid....
1959 j
*10 %'
j
19h
coupon
33 %
28%
*10 %
d
30 h
♦February 1937
9
♦Certificates of deposit*
37
*22
a25
30 h
♦Saarbruecken (City) 6a
Sao Paulo (City of, Brazil)—
13 h
13 h
35%
.19 h
♦7a extl loan of 1926
30
34%
♦Ref A gen 5s series A
'
10 H
42%
32
*67
10
10 H
40%
32
j
Austin A N W 1st gu g 5s
1941 J
Baldwin Loco Works 5s stmpd.1940 MN
Bait A Ohio 1st mtge g 4s.July 1948 a o
♦
1st mtge g 5s
;
July 1948 A O
11
11
40%
j
*20
*61H
High
Low
J
J
68
No.
High
1948 J
Refln'ng deb 3s
1953
{ #»Auburn Auto conv deb 4%sl939
67h
Jan. 1
Asked
A
—.1948 J
Atl A Dan 1st g 4a
Second mortgage 4s
Atl Gulf A W 1 88 coll tr 6s
Atlant'o
102
100
MN
1952
52 %
Since
Friday's
Bid
Low
High
loon 103
♦Prussia (Free State) extl 6%s.l951 M s
♦External a f 6a
.1952 A o
Prague (Greater City) 7 Ha
Last
50
9%
10
o
1961 J
...1966 j
♦Extl loan 7%s__—
46
102 H
59 h
1968
♦Porto Alegre (City of) 8
27
*60
1963 MN
♦Pernambuco (State of) 7s
1947 M 8
♦Peru (Rep of) external 7b
1959 M s
♦Nat Losd extl s f 6s 1st ser..1960 J
d
a
Price
52 h
48 h
Range
Range or
Sale
Week Ended March 31
1
17
110h
*100
N. Y. STOCK EXCHANGE
Low
56
53 %
49 h
100%
♦Stamped
♦Nat Loan extl
No.
20
49
BONDS
Since
Jan.
High
"52 %
53 %
49
1963 M N
♦Extl 8 f 5s ser A
Range
12
Asked,
A
Low
1952 F
1953 M
1958 M
1955 A
♦Nuremburg (City) extl 6s
1921
Week's
10
99%
10
99%
102%
102
102
123
99%
99%
109%
6
8
28
78
57
76%
77%
72%
63%
55
115%
86
100% 102%
100% 102
118% 124%
96
95%
100
99%
104% 105
114""
117%
104% 111
117%
109%
10
14%
11%
18
100%
34
97% 100%
103
71
101% 103%
J
8
102%
99%
43
96% 100
A
89%
89%
92
21
89%
A
96
96
98%
42
94%
98
98
94%
99%
New York Bond Record—Continued—Page 3
1922
BONDS
N. Y. STOCK
Last
EXCHANGE
Week Ended March
Price
Low
( (♦Chicago A East HI
1*0 A E
A
1st 6s...1934
O
WIN
....1951
111 By gen 5a
No
High
1494
"80
1794
14
14
1694
6s—..1982
MN
86 H
2
M $
17
86 H
17
8694
(♦Chicago Great West 1st 4s—1969
{♦Chic Ind A Loulsv ret 6s....1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C..
1947
♦1st A gen 5s series A.......1966
♦1st A gen 6s series B_.May 1966
Chic Ind A Sou 60-year 4s..—1956
Chic L 8 A East 1st 4 94s—-1969
IChlo Milwaukee A St Paul—
■
♦Gen 4s series A.....May 11989
♦Gen g 3 94s series B. .May 11989
♦Gen 4 He series C—May 11989
♦Gen 4 Ha series B...May 11989
♦Gen 494s series F.-.May 11989
(♦Chic Milw 8t P A Pac 5s A..1976
♦Conv adj 5s
...Jan 12000
(♦Chic A No West gen g 394S-1987
1994
125
*1094
994
1494
•Certificate# of deposit.
Chicago A Erie 1st gold
.
-
♦General
4s....———-1987
J
J
J
J
J
J
"ZH
4H
J
J
D
J
J
3
J
J
J
3
J
3
A
Tz'
11H
MN
12
(♦Secured 6 He
MN
♦Certificates of deposit
J
D
J
D
J
F
3
352
9
H
.
tT"
k
794
13
...
9
7
7X
8
(♦Refunding gold 4s
1934
♦Certificates of deposit
(♦Secured 4 94s series A.
1952 Mi
♦Certificates of deposit———
♦Conv g 4Xs————1960 MN
Ch St L A New Orleans 5s...—1951 J D
Gold 394s.———June 16 1961 J D
Memphis Dlv 1st g 4s
1951 J D
6
-"
7.
7%
7
227
794
; 394.
1294
1894
1694
9
894
994
82
1494
6
094
794
64
6
22
694
894
■6%
7
22
694
14
59
——„ i—....
.1944 AO
.1963 J
J
1st mtge 4s •-rles D
J
1st mtge 394s series E—■ .1963 3
894s guaranteed..——. .1951 M S
,
J
Chic A West Indiana con 4s... .1952 J
1st A ref M 494s series D.—. .1962 M S
.1943 AO
Chllds Co deb 5s
104 %
90
0%
......
♦Series B—
♦Gen
65
6394
64
43
6094
.1967 J D
1st mtge 394 s
Cln Leb A Not 1st con gu 4s... .1942 MN
f Cln Un Term 1st gu 6s ser C»; 1957 MN
1st mtge guar 394s series D., .1971 MN
J
Clearfield A Mah 1st gu 5s— .1943 J
10694
10994
5
10894
32
8
11
10494
94
50
9594
27
76
17
70
5
13
conv
;—...
D
10894
10994
7
102 >4
103"
10594
.
General 5s series B————. .1993
.1977 J
Ref A lmpt 4 >4s series E
Cln Wabash A M Dlv 1st 4a, .1991 J
72
10594
5
10894
10
"4
10894
11094
10094
10594
10794
63
75
D
J
1st lien
.
"W"
■22
.52
69
s f
*6494
11094
♦Certificates of deposit.
11194
•
90
AO
J
*10694
*10394
*10694
MN
*10594
8894
79
7594
*10094
164"
8694
8294
63
75T55"
7694
26
70
11
58
44
40
39
10294
102
195
112
112
Columbus A Tol 1st ext 4s
1955 F
*10994
104
102 %
10294
10494
102^4
10894
A
O
J
D
J
J
lOS^alOS^
MS
J
10894
D
109 >4
3
J
107 H
A
J
J
J
F
'
38
■50
<21
10794
•71
10994
16
O
A
O
A
0
J
J
51
109.94
210
11594
109
4
110,
11094
10
10694
26
10794
10694
103
10594
10594
106J4
10594
106
106
107
106
J
J
10994
109
A
A
*11194
10394
J
♦Debenture 4s.. *..........1955 J
♦Debenture 4s.———....1955 A
*2094
10394
*954
*994
6
35
2494
10494
26
1394
.
10994
108
4594
9
10994
10894
4
9
10994
10994
10994
10
M N
109
10894
10594
10594
10994
10594
21
M N
J
D
J
D
1948 J
D
f deb 3 Ha
1951 F A
a f 4s—..I960 M N
Crown Cork A Seal
Cuba Nor Ry 1st 694s—..1942 J
Cuba RR 1st 5s g.
1952 J
D
7>4s series A extended to 1946...
J
Dayton Pow A Lt 1st A ref 3 He 1960 A O
Del A Hudson 1st A ref 4s
1943 MN
....
166"
107
107
10894
10394
10394
10394
10594
10594
10594
5
3694
3494
3794
43
42
44
D
J
30
99
D
6s series B extended to 1946..... J
*10494
"99"
33
......
33
*3394
10894
59
10894
5894
47
9294 10294
94
10294
10294
9294
10994
10994
10794
11194
11094
103
105
112
102 94 103 94
103»»»*107
106
10894
10794 11094
10794 10994
10794 11194
8994 8994
11094 11294
10894 109
109
11094
105
10094
10694 10794
105
108
10594 10754
1994
2294
10294 10494
10
1094
994
1394
10
14
41
4494
40
4694
4594
87
90
143
7
285
5
7
38
10994
6494
"26
148
4494
j"j
76
100
10094 10194
166""
100
1
102
*10194
Tio
103
103
10394
*9694
10394
10494
9894
98
100
10094 102
10294 10394
8794 9894
10294 10494
,
142
40
*38
"11
63
694
694"
40
02
.6594
97
694
10
29
694
,994
3%
794
794
194
1794
*194
194
294
10194
10194
.
10194
194
41
10094 102
40
4394
41
*12394
10094
4594
38
10894 11094
7094
'5294"
1
10
1
6
5294
45
10394
10594
104
10594
10494
50
10394 10794
106
^5
10594 10794
100 94 10194
6794 7194
13
10
14
18
*J—
100
5894
,
65
109
13
1
6
AO
*35
48
D
D
MS
J
J
87
3
*10,5
>.
"7694
7694
6994
3994 45
9994 10294
101
99
8494
10394 10594
10594,
"78""
9
77
77
7
104
J
105
97
J
45
9494
9494
9794
.1973
8994
90
1976
5
8194
8494
8194
9494
8494
General 494s series E
—1977
General mtge 4s series G—1946
8494
40
9994
107
Gen mtge 4 sseries H
,
6294
*50
J
A
126
,
D
F
101
10094
8594
10094
8594
61
10294
9994
9994
D
3
59
5594
5194
15
J
60
60
14
J
10294 105
9994 10494
"5194
*
J
8694
86
90
76
77
*55
7394
6494
8094
78
10094 10594
94
10194
8794 94
79
8994
7894 8994
94
10394
8394 94
60
General 5s series C
General 494s series D
9494
1946
Gen mtge 3|4s series I—....1967
♦Green Bay A West-deb ctfs A—... Feb
♦Debentures ctfs B..„.......... Feb
Greenbrier Ry 1st gu 4s—....1940 MN
Gulf Mob A Nor 1st 594s B
1st mtge 5s series C
Gulf A Ship Island RR—-
1950
..1950 A
O
1st ref A Term M 5s stampedl952
Gulf States Steel s f 494s..——1961
Gulf States Util 4s series C.
7
7
1966
110-year deb 495s..—.....1946
IHackensack Water 1st 4s.:
1952
♦Harpen Mining 6s——.1949
Hocking Val 1st cons g 4 94s
1999
Hoe (R) A Co 1st mtge.......1944
((♦Housatonlc Ry cons g 5s_—1937 MN
Houston Oil sink fund BHb A. 1940 MN
Hudson Coal 1st s f 5s ser A...1962 J D
Hudson Co Gas 1st g 5s.
Hudson A Manhat 1st 5s
794
"7694
9494
10894
9494
10894
12094
1951
1951
0
8194
794
7794
09
7694
95f4
45
10894
21
81
79
91
9394 9094
10794 110
10294 10594
105"m105«M
118
12094
121
71
71
■"75
67
30
30
30
3894
102
101
10294
10194
10194
3194
12494
3094
12494
94
124
4394
1194
14
11194
112
12
1294
1U94
91
91
.
2894
33
12494
4994
46
46
111
77
36 H
12594
5194
1594
11294
87
91
8394
91
*8594
85
63
*8594
*
——-
75
5594
52
35
51
56
54
5194
4794
62
50
6094
62
71
46
53
"56"
"56"
*
55
*47
6594
.
"4694
"4094
52
8394
5694
8394
90
63
63
63
65
60
63
5194
8394
*64
70
*50
214
5994
*5494
Loulsv Dlv A Term g 394s..1953
Omaha Dlv 1st gold 3s
..1951
394s
6894
30
—
g
,14
15
40
*35
12094
52
Springfield Dlv 1st
i
91
7694
51
St Louis Dlv A Term g 3s.—1951
Gold 3948—.
1.
1951
■
*10594
1955 MN
Refunding 5s
1955 MN
40-year 494s
Aug 1 1966 F A
Cairo Bridge gold 4s
.....1950
Litchfield Dlv 1st gold 3s—.1951
,158
*60
1st gold 3s sterling:
.....1951 M S
Collateral trust gold 4s.....1952 A O
J
Purchased lines 894s
1952 J
Collateral trust gold 4s.....1953 MN
2
"79"
*70
1st gold 394s.—
.....1951
Extended 1st gold 394s.—1951
Refunding 4s
.
*103
A O
Illinois Central 1st gold 4s..—1951
39
10394
10194
10394
10094
13
52
10794 10994
10694 10894
10794 10994
108
110941
10394 10594
10394 10594
9894 100
107
10994
10394 10594
10494 10694
3194 37
36
4094
56
70
104
103
MN
...1949 MN
ser A. 1957 F A
♦Adjustment Income Ss.Feb 1957
Illinois Bell Telp 394s ser B—1970
34
6
78
105
*70
10494
*10194
694
Great Northern 494s series A..1961
General 594s series B...
.1952
Western lines 1st g 4s._
For footnotes see page 1.925.
9%
91
10
A
12
1
45
6594
-----
1956 J
1960 J
Consumers Power 394S.May 11965 MN
1st mtge 3 Mb
May 11965 WIN
1st mtge 3Ha
..—...1967 M N
s
10694
10894
10994
10794
"52
O
Conn Ry A L 1st A ref 4 J4s—1961 J
Crane Co
1
10894
104
30
-----
10894
MN
7994
10694 10694
10294 104
63
10094
10094
A
8994
9194
15
112
AO
10794
,
82
85
*103?4
J
108
1194
1194
4494
4394
13/
100 H
294s
2194
18J4
14
r59.94
100 >4
conv
22,
18
*5294
J
1961 J
Continental Oil
2294
1794
15
15
*85
J
7594
1948 A O
—
19
1794
1694
*41
(♦Ga A Ala Ry 1st cons 5s Oct 1 '45
((♦Ga Caro & Nor 1st ext 68—1934
♦Good Hope Steel A Ir sec 78—1945
Goodrich (B F) conv deb 6s
1945
1st mtge 494s...
—..—1956
Gotham Silk Hosiery deb 5s w w *46
Gouv A Oswegatchle 1st 68——1942
Grand R AI ext 1st gu g 4 94s—1941
Grays Point Term 1st gu 5s...1947
Gt Cons El Pow (Japan) 7b
1944
1st A gen a f 694s——1950
224
1st mtge 394s
...1970
1st mtge 3>4s
...1966
Container Corp 1st 6s........ 1946
15-year deb 6s
....1943
"4§" *48"
2194
10
Gen Steel Cast 694s with warr.1049
10194
5s.
"4794
1994
4394
108" 108"
10094'
a f
10394 10394
"*9?4 "994
105
88 H
79
40
65
9594
23
108
10494
6294
40
65,
6494
10394
T5"
10894
—
11194
10694 10694
109
——
100 %
♦Debenture 4s
Consolidation Coal
*50
9294
142
10594 10994
100
10794
45,94
Gas A El of Berg Co cons g 5S..1049 J D
Gen Amer Investors deb 6s A—1952 F A
J
s f 594s A.——.1947 J
90
"25
1952 MN
1952 A O
494s——.1961
Conn Rlv Pow s f 394s A..—.4961
Consol Edison (N Y) deb 3 >48.1946
8 He debentures———
.1948
8H8 debentures——.^.....1956
394s debentures.._„_1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 78—1956
Consol Oil conv deb 394a
1951
(♦Consol Ry non-conv deb 4s..l954
*10794
18
85
10994
Columbia G A E deb SB—May
Debenture 58——Apr 15
Debenture 6s_.— Jan
16
Columbus A H V 1st ext g 4s—
guar
10894
10794
*1494
1941
Francisco Sugar coll trust 6S...1956 MN
10994
1980 MN
Stamped
107
139
*102
—
((♦Proof of claim filed by owner
♦Certificates of deposit..
—
J
J
H
105
8594
92
.
14394
lor"
(Germany) 7s
1945 J J
•Sinking fund deb 0 948—1940 J D
♦20-year s f deb 6s—
1948 MN
Gen Motors Accept Corp deb 8s 1946 F A
A
15-year 394s deb,—.
..—1951
J
Gen Pub Serv deb 694s
...1939
Colo A South 494s series A
4s....1965
Commercial Credit deb 394s—.1951
2%b debentures———..—1942
f Commercial Invest Tr deb 3 >4s '61
Commonwealth Edison Co—
1st mtge g 4s series F
1981
1st mtge 3ks series H......1905
1st mtge 8Kb series I.
.1968
Conv debs 8 J4s—-——1958
Conn A Passump River 1st 4s.-1943
*90
♦Gen Elee
02
11194
*140
((♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4s.—1982
103
10894
10994
99
♦5s Income mtge.....—.*.. 1970
112
103
11094
Fonda Johns A Glov 4 94s— .1952
96
*81
110
18
10
*10594
694
9994
1st s f 4 94s series C—n—. 1977
Coal River Ry 1st gu 4s....... 1945
Colo Fuel A Iron Co gen s 15s.. .1943
Columbus Ry Pow A Lt
11094
*63"
*9994
A
10694 10894
105
10694
1294 19
40
10694
"9894 103*
4
10594
1594
1994
Gen Cable 1st
J
42
40
7
11
10694
10594
ref 5s series A.......1974 M S
-♦ist A
69
F
11194 113
11194 H294
11094 112
*50
5s stamped...—.1942 M S
1942 M 8
6394
5794
70
.
1094
594
694
35
"10594
J
(♦Fla Cent A Pennln 5s...... 1943 J
(Florida East Coast 1st 4 94s. ..1959 J D
77
77
58
*59
AO
10694 108
10594 10794
10594 107
994 1594
11
1494
394
894
394
594
394
494
"&i"
4s series D......1963
5694
6394
J
20
High
109
*102
30-year deb 6s series B
1954 JO
Firestone Tire A Rubber 394S.1948 A O
63
68
90
"52"
J
St L Dlv 1st coll trg 4s—... .1990 MN
.1940 MS
Spr A Col Dlv 1st g 4s
WW Val Dlv 1st g 4s...—.. 1940
Cleve Elee Ilium 1st M 394s-: 1965
Cleve A Pgh gen gu 4 94s ser B. 1942
Series B 3 94s guar * ..—. .1942
Series A 494s guar....——. .1942
Series C 894s guar......... .1948
Series D394s guar..——... 1950
Gen 494s series A—— 1977
Gen A ref mtge 4 94s series B. .1981
Cleve Short Line 1st gu 4 94s... 1961
Cleve Union Term gu 594s.... 1972
1st s f series B guar....—... 1973
5
72
72
J
1953
Fort St U D Co 1st g 494s
Cleve Cln Ohio A St L gen 4s—, .1993
7
10194
J
1st lien 8s stamped......
15
*55
22
*40
JO
Ernesto Breda 7s............1954
79
13
:
108>4
4
10094
D
Fairbanks Morse deb 4s——1956
Federal light A Traction 1st 5s 1942 M S
M S
5s Internationa -series.
.1942
107
104
■
10994
10594 10894
10094 10494
8794 97
88
9694
9394
*111 %
~m%
26
*2594
|*3d mtge 494s—........1038 M >S
107
90
75
7
494
Low
60.94
"13
(♦Choc Okla A Gulf cons 6s—. .1952 MN
.1966 F A
Cincinnati Gas A Elee 3>48
50
1194
1294
"foOM
♦N Y A Erie RR ext let 4s..l947 MN
66
60
107 >4
104 >4
MN
in 94
J D
7594
3
60
109
1995
4948—1961
deb 3s.......—1951
♦1st consol gen lien g 4s
1996
♦Conv 4s series A————1963
8
6
.....
106>4
A
(♦Erie RR 1st oona g 4s prior..1996
Chicago Union StationGuaranteed 4s.
F
494
8394
5
51
694
394
8994
H
6H
M S
♦Ret A Imp, 5s of 1927——.1967 MN
♦Ref A lmpt 5s of 1930—1976 AO
J
♦Erie A Jersey 1st 0 f 6s—...1955 J
J
♦Geneesee River 1st s f 0S..1967 J
4894
Chic T H A So'eastern let 58—1960 J D
lne gu 5s.————Dec 11960 M S
1
4
5s stamped
1905
Erie A Pitts g go ^948 ser B
1940
Series O 394s
...—1940
67
1494
*62 H
*63 >4
"l2
11
J
((♦put Sou Shore A Atl g 5s—1937
Duquesne light 1st M 394s
1965 J
594
4794
1294
3
10794
10094
11194
A
East Ry Minn Nor Dlv 1st 4s..1948 AO
East T Va A Ga Dlv 1st 5s
1956 MN
J
Ed El 111 (N Y) 1st eons g 58—1995 J
Electric Auto lite conv 4s....1952 F A
Elgin Joliet A East 1st g 3s
1941 MN
El Paso A S W 1st £s
—....1965 A O
11
U
68
494
*69 H
994
994
....
394
J
1294
8
8'-
6
3
J
A
Dul MlssabeAIr Range Ry 3 94sl962 AO
20
1594
5%
.6%
J
J
F
*10794
10694
10694
11194"
Dow Chemical
.
-
4794
*"094
J
10694
111 94
♦Second gold 4s
19
8
294
1194
14
AO
10494 10694
*11194
Detroit Term A Tunnel
1694
17
1594
394
108
5
16
'.7.X
7
——-
29
29
2894
13
2
.1986 AO
Gen A ref M 4s ser F
27
14
No.
100
394
694
>7*394
*2394
11194,
2894
2294
2394
794
High
10894
10594
Gen A ref mtge 3 94s ser G...1966 M S
♦Detroit A Mao 1st lien g 6s
1095 J D
6
2194
2294
2294
s
-
894
13
"l594
12%
15
1194
12
"l594
~T%
MN
1494
1494
1694
12
13 H
MN
12
394
16
1694
152
294
1394
1394
*12
k
f 5a—1951
Stamped as to Penna tax
1951
((♦Den A R G 1st cons g 4s
1936
(♦Consol gold 494s
1936
(♦Den A R G West gen 5s. Aug 1955
♦Assented (subj to plan)....
♦Ref A lmpt 5s ser B
Apr 1978
(♦Des M A Ft Dodge 4s ctfs
1936
(♦Des Plains Val 1st gu 494s
1947
Detroit Edison Cd 4944 ser D..1961
Since
Jan. 1
Asked
10894
106
J
Den Gas A El 1st A ref
17
294
11>4
A
J
4
25
'
D
MN
46
25
2394
7
294
MN
MN
stamped.....—.——1987
—..—1936
♦1st ref g 5s—.....--May 1 2037
♦1st A ref 4HS stpd-May 1 2037
♦1st A ret 4Hb ser C-May 1 2037
♦Conv 494s series A
-1949
((♦Chicago Railways 1st 5s stpd
AUg 1938 25% Part paid ., ...
treble R I APac Ry gen 4s- 1988
23
"7 H
A O
♦4 94s
2494
*21
1st mortgage 494s—....—.1969 J
8694
2494
1394
6694 76
111
,11V
28
2394
23 H
21
17
394
&
Range
I:
Friday's
Bid
J
J
81H
4
494
75
2194
*2194
J
F
21H
4"''
Del Power A Light 1st 4948——1971 J
1st A ref 494»—
—1969 J
22«
994
♦U194
.
Sale
Price
Low
High
100
14
Range or
Lasi
Week Ended March 31
1
1494
1194
494
75
J
Low
10
994
394
"•
J
J
11
13
*7 >4
MN
♦Stpd 4s non-p Fed lne tax 1987 MN
*Gen 494s stpd Fed lno tax.. 1987 MN
♦Gen 5s stpd Fed lne tax—1087 MN
■
"m
Jan.
97
101
*9694
1494
il
Asked
A
N. Y. STOCK EXCHANGE
Since
Fridays
Bid
BONDS
Range
Range or
Sale
31
April 1, 1939
Week's
Friday
Week's
Friday
7594
k
85
*72"'"
611
"ei"
*6094 .IF
Volume
New York Bond Record—Continued—Page 4
148
BOND&
Last
N. Y. STOCK EXCHANGE
V y
Week Ended March 31
&
N. Y
Since
Asked
Low
BONDS
Range
Friday's
Bid
1963
High
No.
51H
55 %
69
45H
51H
50 H
104
31
Low
1st A ref 4%s series C_
Illinois Steel deb 4%s
1963
1940
45 H
104
104
♦Ilseder Steel Corp 6s
1948
Ind Bloom A West 1st ext 4a..1940
Ind 111 A Iowa 1st g 4s
Industr'al Rayon 4 %s
1948
1961
{Interboro Rap Tran 1st 5a...1966
Certificates of deposit
(♦10-year 6s.
...1932
(♦10-year conv 7% notes...1932
Inland Steel 3%s series D
S
95
70 %
11
104%
J
J
94 H
94 H
F
A
108H
107 H
108 H
9
J
J
57 H
57H
6354
154
96
*58 H
21
93
97%
107% 109%
57% 70
68
69%
63
AO
34%
34 H
36
"2l
M S
57 H
57 H
62
11
58 H
58 H
60 H
10
Interlake Iron conv deb 4s
1947 A O
83H
83 H
85
12
Int Agrlc Corp 5s stamped
1942 WIN
♦Certificates of deposit
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A. .July 1952
J
A
♦1st 5s series B
1956 J
♦1st g 5s series C
Internat Hydro El deb 6s
1956 J
1944 A
Int
1941
,Merc Marine s f 6s
Internat Paper 5s ser A A
B...1947
11%
"97 %
J
A
J
13%
72%
20
49%
5
97H
99
19
87 H
"93"
91
22
83
62
67
69H
135
2H
S
M
5
2%
95%
62
71%
63%
75%
6
2%
Ref A lmpt 6s
9454
93%
84 %
84 H
1
79
96%
85%
30
31%
48
30
36%
28 %
28%
O
'84 %
O
J
* J
104
6654
56
108
108
D
30
63
63
J
10854
104H
27
103H
*
♦Karstadt (Rudolph) 1st 6s_..1943 M N
♦Ctfs w w stmp (par 1645)..1943
97%
.....
Kentucky A Ind Term 4%s.—1961
Stamped
...1961
Kings County El L A P 6s....1997
Kings County Elev 1st g 4s...1949
Kings Co Lighting 1st 5s
1954
1st A ref 6%b
1954
85
F
J
1941 J
D
1951 M N
J
Kresge Foundation coll tr 4s__1945 J
3%s collateral trust notes... 1947 F A
Koppers Co 4s series A
{♦Kreuger A Toll secured 5s
102
8%
%
J
r99
S
1979 J
*96"
O
1939 J
89%
D
"90% "97""
*72 H
:
72%
11
t
42 H
*44%
*25 H
1939
{♦Mil Spar A N W 1st gu 4a
1947 MB
J
{♦Mllw A State Line 1st 3 Ha—1941 J
{♦Minn A St Louis 5s ctfs
1934 MN
96
t
J
1940 A
76%
14%
50
25%
82
11%
13
*28 H
30
17%
31%
11%
*5%
6
8
*2 %
♦1st A ref gold 4s
1949 M S
♦Ref A ext 60-yr 5s ser A...1962 Q F
2%
2%
3%
5%
8%
*1%
J
20
J
20
72%
J
♦25-year 5 Hs
1949 M S
4%
3
6%
9
;,6
"2
3%
1H
1978 J
J
12
66%
1959 J
J
28
45
1990 J
♦1st A ref 5Hfl series B
{♦ Mo-Ill RR 1st 6s series A
%
D
1946 J
4
2%
D
28
1962 J
J
70
26
.1962 J
J
14
20%
68%
55%
51%
37%
32%
1978 J
J
9
21
34
♦Cum adjust 5s ser A....Jan 1967 A
O
29
9%
17%
1965, F
A
20
16%
1975:M S
109
4%
1977|M S
104
15%
16%
16%
16%
21%
20%
6%
21%
20%
21%
19%
4%
21%
20%
21%
20%
65
65
Mo Kan A Tex 1st gold 4s
M-K-T RR pr lien 5s ser A
20
40-year 4s series B
27
Prior lien 4Hs series D
~85~"
1
10254
10654
163"" 166%
11
98
10354
102
103
102%
106%
103
2
96
88
79
1
95
6
754
102
♦1st A ref 6s series F
72
7%
7
{♦Mil A No 1st ext 4 Hs
♦Con ext 454s
87
64 H
96
A
{♦1st cons 5s
1938 J
(♦1st cons 5s gu as to Int...1938 J
96
100
102%
102% 105
100
103%
41
•
Uniform etfs of deposit.....1959 M S
39
1962 MN
,
83%
"
102% 104%
110% 111%
O
Ref A lmpt 4 Hs series C
{♦Mid of N J 1st ext 5s
"72" "73%
102 54
102%>
1951 M
Jack Lans A Sag 3Hs
1st gold 3Hs
{♦Mo Pac 1st & ref 6s ser A
103H
102 H
81
80
♦1st A ref 6s series A
95
95
82%
102»«
103
94% 100
107%
88 54
85
101
40
107
90
102%
10654
J
4
♦General
48
*164H
A
22%
81
1977 M S
1977 M S
♦4s (Sept 1914 coupon)
27
"9254
*70
33%
20
J
71%
109%
27
1939 MN
♦Mex Internat 1st 4s asstd
con
High
105% 107
67
72%
39 H
51%
25% 31%
35%
28%
""§
Market St Ry 7s ser A...April 1940 Q J
Mead Corp 1st 6s with warr..1945 MN
Metrop Ed 1st 4Hs series D
1968 M S
{(♦M St P A SS M
Low
S
M
1953
4s
20
"99"
*7154
4%s unguaranteed
Kinney (G R) 5%s ext to
97H
*105
203
D
g4s Int gu *38 J
103% 107
30% 36
17% 17%
25
*73
1961
—1961
Plain
k
*72H
1946 m'b
J
.1987 J
16
37
♦Ctfs with warr (par 5925).. 1943
Kentucky Central gold 4s
63
108
"24
35
67%
36H
*11111
stmp (par 5925)..1943 M N
Keith (B F) Corp 1st 6s
5
68
A
Kansas Gas A Electric 4%s.—1980 J
Kansas City Term 1st 4s
58%
10
94 H
♦Certificates of deposit
1950
Apr I960
1960
52
94%
55
8
M
Kanawha A Mich 1st gu g 4a..1990 A
{(♦K C Ft 8 A M Ry ref g 4S..1936 A
gold 3s
20
28 H
Jones A Laughlln Steel 4%s A..1961
57
55
D
7
1959 MN
J
{♦Man G B & N W 1st 3Ha...1941 J
Marlon Steam Shovel s f 6s
1947 A O
87
88%
215
64 H
64H
20
97% 100
87% 94%
80
83%
"l4
94 H
92 H
62
Manila RR (South Lines)
1st ext 4s
60%
57
'
James Frankl A Clear 1st 4a. .1959 J
w w
5
21
20
f 5s
s
♦Mlag Mill Mach 1st 8 f 7s
1966 J
Michigan Central Detroit A Bay
City Air Line 4s
...1940 J
4
169
*80 H
87 H
Manila Elec RR A Lt
2013 J
Metrop Wat Sew A D 5Hs
1950 A
{(♦Met West Side El (Chic) 48.1938 F
66
2%
11%
17
84 %
56 H
A
♦Ctfs
11%
79H
A
-.1955 F
Kan City Sou 1st
18
*11
68
83% 89%
101% 102%
11%
20%
"41
2%
43
57%
66%
k
13%
2H
11H
1st lien A ref 6%s
1947 F
Int Telep A Teleg deb g 4%8__1952 J
{♦Iowa Central Ry 1st A ref 4s. 1951
102
♦102H
11%
"§6~"
Ref s f 6s series A
1955 M S
Int Rys Cent Amer 1st 6s B...1972 MN
Debenture 53
"iik"
2H
J
34%
,
♦Certificates of deposit
♦Second 4s
95
70%
9% 10%
104
104%
Jan. 1
Gen mtge 4Hs series A
66
♦103
Since
Asked
D
1960 J
Manatl Sugar 4s 8 f
Feb 1 1957 MN
A O
{♦Manhat Ry (N Y) cons 4s
1990
*8
Ind Union Ry 3%s series B..1986 M
&
McCrory Stores Corp s f deb 6s. 1951 MN
Maine Central RR 4s ser A
D
1945 J
70%
{♦Ind A Louisville 1st gu 4s._.1956
Range
Friday's
Bid
No.
60%
45%
56%
103% 105
32
41%
34
Range or
Sale
Price
High
51%
95
1950
Last
STOCK EXCHANGE
Week Ended March 31
Jan. 1
HI Cent and Chic St L A N O—
Joint 1st ref 6s series A
Week's
Friday
Range or
Sale
Price
1923
Week's
Friday
7H
7%
♦Certificates of deposit4s
17%
—
♦Certificates of deposit
♦1st A ref 5s series G
1
,
M N
8
1949 MN
156
2%
O
6
16%
1978
♦Certificates of deposit
16%
♦Conv gold 5Hs
♦1st A ret g 5s series H
-
1980 A
♦Certificates of deposit
♦1st A ret 5s series I
17%
1981
F~A
"80
♦Certificates of deposit.
(♦Mo Pac 3d 7s ext at 4% .July 1938 MN
16
13%
{Mobile A Ohio RR—
53
54 54
37
5354
45
1942
poll tr 6s series B
53
51H
*41
1960
Coll tr 6s series A—
•
8654
44
51H
Laclede Gas Light ref A ext 5a.l939
Coll A ref 5 24s series C
1953
Coll A ref 5%s series D
82
83
1942
79%
91%
45
45%
58%
58%
4554
42%
51
4454
43
50%
Lake Erie A Western RR—
6s 1937 extended at
2d gold 5s
7154
3% to-1947
1941
Lake Sh A Mich So g 3 Ha
7154
*6454
88
1997
7154
I
"40
89
75
67
88
86
Lautaro Nitrate Co Ltd—
.1975
J
Lehigh C A Nav s f 4%s A
1954 J
J
Cons sink fund 4%s ser C—1954 J
Lehigh A New Eng RR 4s A...1965 A O
Lehigh A N Y 1st gu g 4s
1945 M S
♦Lehigh Val Coal 1st A ref e f 5sl944 F A
♦1st mtge Income reg.
5854
25
2554
52
5654
60 54
12
*55
22%
54%
*
27%
64
59
53
64%
Gen & ref s f 4 Hb series C
91
84%
91
Gen A ref
*31
9j2
31%
39
*3754
92
39
39
8954
1954 F
♦Certificates of deposit
♦1st A ref s f 5s
1954
.1964 F A
1964
1974 FA
♦Certificates of deposit
♦1st A ref a f 6a
,
♦Certificates of deposit
1974
Sec 6% notes extend to..—. 1943
Certificates of deposit
1943
Leh Val Harbor Term gu 5s...1954
2054,
A
20
"2654
20,54
2
2054
"5
1954
j""j
"H"
19%
8
41
43 54
3
F"
"is"
19H
*3454
A
48
44H
"§
50
23
16%
s
Leh Val N Y 1st gu
1940
4 %s
46
J
20%
19%
49%
18%
30
!
1
"46"
1
ICO
cons
1
*4 %s assented
cons
46
60
48%
52
18
17%
21%
18
16
21%
16
16
18
18
21
16
16
18
*1954
2003 MN
5a
20
2003 MN
♦5s assented
Leh Val Term Ry 1st gug 5s...1941 A
68 assented
1941 A
Lex A East 1st 50-yr 5s
*-.
Nash Chatt A St L 4s
12854
80
128
11
10854
.10954
Liquid Carbonic 4s conv debs.. 1947
Little Miami gen 4s series A...1962 MN
Loews Inc s f deb 3 %s
t
1946 F A
W8H
loo H
10054
b
5254
52 54
Lone Star Gas 3%s debs
.1953 F A
♦Long Dock Co 3%s ext to—.1950 A O
Long Island unified 4s
1949 M S
10554
10554
1952 J
Lombard Elec 7s series A
D
ser
65
*85
53 54
65
Louisiana A Ark 1st 5s
ser
86
8554
8534
A..1969 J
13
10
.
1
9134
85 H
1951 F
5s
.
107
85 %
128
*"39
21
115%
129%
108
J
Louisiana Gas A Elec 3%S——,1966 M S
Ldiils A Jeff Bridge Co gu 4s__1945 M 8
"§8%
49
101%
56%
J
1946 J
Nat Dairy Prod deb 3%
w w__1951 MN
Nat Distillers Prod deb 4 Hs.^ 1945 MN
Gypsum 4Hs a f debs
.1950
National Rys of Mexico—
♦4Hs Jan 1914 coupon on...1957
♦4Hs July 1914 coupon on*.1957
♦4%s July 1914 coupon off
1957
103
79
10954
10854
34
108
10754
107 54
2
105% 107%
100
10054
116
95
9554
10
99 H 101
94
9954
87
128
9054
9054
92
14
1st A ref 4s series D
8654
87
6
8454
1st A ref 3%s series E
2003 A
83 H
84
3
129%
92%
110
79
Paducah A Mem Dlv 4s.
1946 F
St Louis Div 2d gold 38
Mob A Montg 1st g 4%s
1980 M 8
8554
M S
*10954
M
For footnotes see
oage
1925.
77
"~9
66%
48
64
42 H
42
49
107%
107
45%
107%
*115
116
100
18
100
104% 107%
114% 115%
97% lOQ
71
39H
7i%
39 H
69%
41
72
29%
71
46
102
102
*102
'
104 H
105%
124
103% 105%
104»8J
104 %
104*16
18
104»»i 106%
104% 105%
*106
*%'
*%
*%
'*%
*%
%
%
""%
%
'%
*%
%
*%
♦Assent warr A rets No 5 on '77
1
1%
1%
1%
Nat RR of Mex prior Hen 4 Hs—
(♦Assent
warr
A rets No 4 on *26 J
♦4s April 1914 coupon on
1951 A
♦4s April 1914 coupon off—.1951 A
♦Assent
warr A rets
No 4
on
J
IX
1
1%
O
""l"%
O
%
106%
""%
%
105%
'61
..—1965 J
—1954
{♦Naugatuck RR 1st g 4s
Newark Consol Gas
cons
D
105%
MN
*40
D
124
5s...1948 J
A—1952
-.1961
New Orl Great Nor 5s A—
22
J
1983 J
J
*18%
22%
,
"l6
9
105 % 109%
122% 124
22
22%
24%
"3
27%
27%
127
.127
125%
125%
15
124% 128%
123% 126%
107%
125%
109""
18
107% 109%
70%
J
J
ig
56
72
3
65
54
56
5
51
75
122% 126
2003 A
107
49
24
♦4s April 1914 coupon On
1977 AO
♦,4a April 1914 coupon off...1977 A O
MN
1st g 4Hs series B
N J Junction RR guar 1st 4s._1986 F A
N J Pow A Light 1st 4Hs
1960 A O
8854
10954
74
33
22
♦Assent warr A rets No 4 on '57
86%
8554
*105
67%
52
J
87
"8554
"74""
72%
'67%
50%
J
J
80%
2003 A
A
97%
70%
42 H
J
J
80
1st A ref 4%s series C
J
South Ry Joint Monon 4s—1952 J
Atl Knox A Cln Dlv 4s
1955 MN
95%
75
48
J
2003 A
Lower Austria Hydro El 6 Hs. 1944 F
96% 100
96
49%
D
2
2
J
J
1st A ref 5s series B
♦
.
{♦New England RR guar 6s_..1945 J
♦Consol guar 4s
—.1945 J
15
4
107% 109
100% 105%
48
MN
New England Tel A Tel 5s
125 54
10054
8754
163
50
D
65
12854
10054
A
83
12554
10054
8
99%
"75
62
95
1945
104%
79
1951 J
N O A N E 1st ref A Imp 4 Ha A
93 54
89 H
8554
97 H 10054
82 H
8754
110
1HH
77
7054
10454 10554
24 H
24 H
1952
New Orl Pub 8erv 1st 5s ser A—1952 A O
1st A ref 5s series B
1955 J D
54
102%
103%
20
102% 104%
103 %
103
104
16
103
104%
74%
34%
65
67%
28
65
O
30
30
1
30
1954 A
O
30
32
2
30
♦1st 5s series C
1956 F
A
32
32
"I
♦
1956 A
F
27
28
4
O
A
30
32
12
1953 J
{(♦N O Tex A Mex n-c lnc 5s—1935
♦1st 5s series B
J
65
♦1st 5H8 series A
♦Certificates of deposit
1954
30
33%
37
33
31%
♦Certificates of deposit
1st 4 Hs series D_.
59%
103%
A
New Orleans Term 1st gu 4s
1940 J
13
108%
97%
*67"
81%
105% 108%
Louisville A Nashville RR—
Unified gold 4s
65
102% 105%
110%
128
12854
A
58
*
Nassau Elec gu g 4s stpd
127% 130
100
1944 A O
Lorlllard (P) Co deb 7s..
7
10154 "47
85%
M
.
105
*103
MN
1978 F
A
Nat Steel 1st coll s f 4s
8
....1949
4s stamped....
61
106
1949 M 8
Guar ref gold 4s
58
112
128
k"
*
104%
Nat Acme 4 Hs extended to
22%
61
120
22%
57
128
12854
1951 F
J
19%
-*68~"
*113"
gu.__1965 A
52
19
*57
O
Ltgget A Myers Tobacco 7s...1944 A
6s
22
20'
29%
34
107%
Mountain States TAT 3%8—1968 J D
Mutual Fuel Gas 1st gu g 5s_—1947 MN
22
16
2003 MN
...2003 MN
4 %s
'
♦General
4654
18
16
24%
47%
18%
16%
*42
2003 MN
♦4s assented
♦General
46
22%
22
29
1955 A
Nat
4%s assented
1940 J
♦Lehigh Val (Pa) cons g 4s....2003 MN
18
25%
24 H
..1955 A
f 5s series D
Mut Un Jel gtd 6s ext at 5%—1941
18
,
20%
22
24H
97 H
Morris A Essex 1st gu 3H
2000 J
Constr M 5s series A.......1955 MN
Constr M 4 Hs series B
1955 M N
"20"" "23"
"*18 54
20%
20
22
Gen A ret s f 5s series A.....1955 A
Gen A ret s f 5s series B
1955 A
*22
♦Certificates of deposit
♦1st A ref s f 6s.
:
25
20
1960 A
1st mtge 4HS--
90
,
A
♦Montgomery Dlv 1st g 6s_.1947
♦Ref & lmpt 4HB-1977 M S
(♦Secured 5% notes
...1938 M S
Mohawk A Malone 1st gu g 4s_1991 M S
Monongahela Ry 1st M 4s ser A '60 MN
Monongahela West Penn Pub Serv
6s debentures...;
.1965 A
Montana Power 1st A ret 3%s.l966 J
Montreal Tram 1st A ret 5s
1941 J
67
67
-
F
35
31%
36%
27
35%
39%
34%
30
33%
New York Bond Record—continued—Page 5
1924
Week's
Friday
Sale
Range
BONDS
Friday's
A Asked
Last
Pries
Since
N. Y. STOCK EXCHANGE
Week Ended March 31
Bid
Lots
Newport A C Bdge gen gu 4 X®-1045
N Y Cent RR 4a aerlea A—.--1998
10-year 3Xs sees f-.—1946
Bef A lmpt 4 He aeries A
2013
Ref A lmpt fie series C.——2013
Conv secured 3X«
1952
NY Cent A Hud River 3 Ha —1997
Debenture 4s
—.-.-.-.--1942
Ref A lmpt 4 Xs ser A——.2013
T-flfcw Shore coll gold 3 He— 1998
Mich Cent coll gold 3X»
1998
N Y Chic ASt Louis-—
♦Ref 5 H» serlee A
1974
♦Ref 4 Hs series C.^——1978
J
High
111
No.
♦109
63
66 X
"zi
63
70
78H
79H
21
52 H
68 X
64H
62 X
62 X
69 X
52 X
69 H
148
O
140
58
69 X
64
64
60
77 X
79H
81
61
79
84 H
82
82
83 X
20
78
85X
O
52 X
52
F
A
68 H
F
A
A
O
i
J
J
A
71
41
58
141
52H
68
69
44
64H
62 X
70
67
67
3
0OH
68 X
60
60
67 H
89
66X
48'
48
55 X
331
48
75
75
71X
59X
83 X
80X
72 X
X
A
"*86H
'id 6H
16
'
86 H
67
86
70
13
67
106 H
107
31
104
107
106
106X
59X
*107
"Wh
109H
56
*"8
54
54H
52H
53
2
H
18
108
108
108X
13
108 X
108 H
108 X
10
D
124H
124 H
1
A
117
117
5
N Y A Harlem
*17 X
101H
io-i'X
N
♦53
F
lake 6s.. 1946 Wl N
gold 3
2000 M N
Y Lack A West 4s aer A
1973 M N
♦N Y A Greenwood
♦Conv debenture
6s..*—-.1948
*50
UH
Wl 8
Wl S
A O
J J
WIN
J J
J J
A O
WIN
J D
{♦NY Providence A Boston 4s 1942
N Y A Putnam 1st con gu 4a. .1993
NY Queens El Lt A Pow 3Hs 1966
N Y Rya prior lien 6s stamp.—1958
N Y A Ricbm Gas 1st 6s A....1961
N Y Steam Corp 3Hs——1963
{(♦N Y Susa A West 1st ref 6s 1937
{♦2d gold 4 Hs.
—.1937
♦General gold 5s..——.1940
♦Terminal 1st gold 6s ——1943
N Y Telep 1st A gen s f 4Hs.—1939
Ref mtge 3H* eer B
1967
N Y Trap Rock 1st 68——..1946
66
-
—**
"
'
60
33
60
60
50 '
70 X
99 X
70
75X
11X
*10 X
UH
13 H
,1'IX'.
10X
11X
1IX
11X
12
12
12H
12H
12 H
18
12
14
96
12 X
.23
12
20
12
12H
12 H
20
20
5H
5H
2
.
18
6
5H
15
12 H
12 X
14
48
53
53
53H
U
6H
». -
6H
3H
••••
7
*52
A O
8
3H|
—1
*60
A O
29
H
11
;6 X
12X
53
6X
3X
77
58
60
77
109
104
102
102 %
3
93
J
IoIH
2
F A
MN
M N 102 6i e
J J
J D ""75*
Q
*39
45 X
A
120 X
Wl s
Wl s
62
80
70X
81
3
39
45
60
50
55X
♦Ctfs of deposit stamped
Apr '33 to Oct '38 coupe.. 1945
North Pacific prior lien 4s——1997 Q
Gen lien ry A Id g 3s Jan
2047 Q
J
81
F
47
81
;
J
J
55
"elk"
J
1st mtge 3H8—........—.1972
Oklahoma Gas A Elec 3Ke—.1966
46 debentures..............1946
OntulQ Power N F 1st g 6s....1943
Ontwlo Transmission 1st 5s
1945
Oregon RR A Nay, con g 48—.1946
Ore Short Line 1st cons g 5s.-.1946
Guar stpd cons 6s
...1946
Ore-WaBb RR A Nav 4s—1961
Otis Steel 1st mtge A 4 Ha
.1962
1st A ref mtge 3Xs
1st A ref mtge 3Hs
Paramount Pictures deb 6s—1955
3Ha conv debentures.......1947
f Paris-Orleans RR ext 5Hs... 1968
Parmelee Trans deb 6s
....1944
Pat A Passaic G A E cons 58—1949
♦Paulteta Ry 1st s f 7s
1942
Penn Co gu 3Hs coll tr ser B..1941
Guar 8Hs trust ctfs C......1942
Guar 3 Hs trust ctfS D
1944
Guar 4s ser E trust ctfs
1952
28 year 4s.—«—
—1963
61.X
74X
54
65
55,
64
165
*4H
5H
*105 H
"106
106 H
106
106
104 H
104 H
109 H
"IO4" 104
k
113H
58;
3
58H
1
108 H
100
30
6H
5H
53
109X
0
«111X
107X
11
•
J
1925.
48
8
109
82
90X
93X
5
;1
*108
-
»
-
—
m
—
^
•,
-
-
P
105
116X
,
1
112 X 116 X
10
102X 107X
106X
22
98 X
26
107
47 X
i
49
8
101X 106H
93X 98X
106X 107X
45
SIX
45
SIX
44X 52
1
104
108:
—
46X
104
—
•
49
.
"47X
A—-1048 J D
165"" 105"
105
*107X
46X
104X, 105X
108X
112
97
k-
'
107X 112X
89 H
90H
93
94H
106"" 100""
115X1
105 X
07
4
14
100 X 106X
—
-•Pi-
*115X
115X
115X
106X
106X
AO
—
-—
104
106
*110
*105 X
"m"
-J---
"65"
"70X "219
107
107
37X
37
37X
11
37X
ux
14
108 X
——
1
37 X
......
*81X
37 X
43
2
35X
41
419
'
'
85
7
3
•58X 75X
106
107
1
109
3
4
11
16 X
108 X 109 X
SIX
2
3.
*44 X
3
88
4
40
100
—
100..,
D
(♦Debenture gold 6a.......1941 J D
Reading Co Jersey Cent eoll 4s. 1951 A O
Gen A ref 4Hs series A—;—1097 J
J
Gen A ref 4Hs series B....i.l097 J
J
-
*110
AO
Port Gen Elec 1st 4Hs....—1900 M S
1st 5s 1935 extended to.....1050 J
Porto Rico Am Tob conv 6S..1942
6s stamped...—1942
{(♦Postal Teleg A Cable coll 58.1953
Potomac Elec Pow 1st M 3Xs.l960
Pressed Steel Car deb 6s..—.1951
«•
*106X
*107 X
''
-
•V
*104
14
'
107
-
*105 X
-
*
1st gen 5a series B—.....1962 F A
1st gen 5s series C..—1974 J D
1st 4Hs series D..:.—....1977 J D
108X
*108 X
-r
112
10X
10
5
103X
110
3
93X
""62"
look
47
49 X
97X 100 X
"62"
"05" ""68
~62_" "79"
55
,55
24
77 X
78
78
101
101
69
80
10
70
80
5i
78X
.78X
66
55
57
77 X
108X
78H
97
100
104
flX
„
5
107
109 X
k
104
106X
♦Rlma Steel 1st
113 H
1
3
103 H
105 X
92 X
100X
"93 X "37
105X
,92X
100X
50
81
26
---•
-•1-
36
•••
•
*25"
25
*26X
M
37
106X
93X
1Q0X
*19""
30 X
26
Rlchm Term Ry 1st gen 58—1052 J
17
-J.
91X
Z
....
26 X
8
V
89 X
"94X
105X107
90X 94X
99 X
101X
38X
51
20
22
21X
27X
21
28
24X
28
24
27X
101X 105
109 H
105 *
106 H
54
75H
34
68
H
,2
112H
48
111H
109 H
79
23
31
8
*68
103
«.»•.
.103
"91k
1965 A
105
1
108H
*101H
♦Cons mtge 0s of 1930
Richfield Oil Corp—
106
"3
107 H
109
108X
108X
♦Direct mtge 08.—......._1962 WIN
♦Cons mtge 6s of 1028...—1953 F A
19
116H
110 H
108 H
0
107
108
109k
58
112H
4
106
117 H
72
107 X 109 X
Remington Rand deb4X0 w w.1950 M 8
Rensselaer A Saratoga 6s gu
1941 WIN
Republic Steel Corp 4 Hs ser B.1961 F A
Purch money 1st M conv 5Ha '54 MN
Gen mtge 4 Hs series C— ..1956 WIN
Revere Cop A Br 1st mtge 4XS.1956 J
J
♦Rhelnelbe Union s f 7s—..1040 J
J
♦Rhine-Ruhr Water Service 08.1953 J
J
♦Rhlne-Westphalla El Pr 7s...1950 MN
"l8
116H
117H
105H
72
,
108 H
109
"30
16.4 k
"40
4
112X H3X
112X 115X
107 X HO
113X 116 X
116X H8X
103 X 106 X
72
81X
56
60
111X 113X
109
111X
105 X 1C9X
67
4s
s
f conv
debenture8....J.i962
s
Wl
f 7s—1955 F
J
{♦Rio Grande June 1st gu 5s. .1939
.{♦Rio Grande Weet 1st gold 4s.l939
49
103 X 107 X
105 X
ux
8
103 X 105X
1L
17
19X
34
'
*122 X
•
13X
45
^
34X
18
40
33
44
15 X
20
••-
4
io8x iiix
108X
1
«.
•si!*--
*109X
8X
9
5
*24
30
-••1
26
0
"""8X
108 X
*108X
M
s f 0s
..1948 A
{♦Rut-Canadian 4s stmp._
.1949 J
{♦Rutland RR 1st con 4H8..1941 J
^
33
18X
'
♦Ruhr Chemical
♦Stamped...................
105X
33
J
♦1st con A coll trust 4s A.—1049 A
Roch G A E 4Hs series
D.
1977 M
Gen mtge 5s series E_—1902 M
Gen mtge 3Xs series H—1967
Gen mtge 3Hs series I
-.1967
fl*R I Ark A Louis 1st 4H8..1934
I
104X
104X
*10X
*44 X
104X
S
6
6
4
j *5
J
.
9X
■'
-
-
•
-
8X
13X
.26
6
5X
4
5X
4X
—-
6
5X
5X
7X
83
65 X
72
107X 109 X
108X 109X
101X 101X
103 X 105 X
Safeway Stores s f deb 4s
..1947 J
Saguenay Pow Ltd 1st M 4X8.1966 A
106
106
1
106
105X
106
10
*107X
7
*.____
93X
*7111
St Jos A Grand Island 1st 4s—1947 J
St Lawr A Adlr 1st g 5s
__1996 J
2d gold 06—
—.—I960 A
88X
-
-
•.
....
104 X 106 X
105X 107
106X107
....
1
1
1 r
1
1
1
1
-----
St Louis Iron Mtn A Southern-—
54H
101H
100 H
54
%
8
101 %
36
86
87 H
36
100
100 H
6
101H
86
53
53
5
*124
*-
—
102 H
*101H
*101H
102 H
102 H
101H 101H
64X 57 X
99X 102
83 X
89
98X 102 X
{♦St L Peor A N W 1st
45
St L Rocky Mt A P 6s sptd—1955 J
58
123X 123 X
*62
61
102 H
102 H
102
1
107
61
101X 102 X
101X 101X
99 X 101X
08 X 102 X
98 X 102X
{♦St L-San Fran
gu 5s
*40
♦Certificates of deposit
♦Prior Hen 5s series B_._
1950 J
J
♦Certificates of deposit.—
-—
r
♦Con M 4Hs series A.
—1978 Wl S
♦CtfS of deposit stamped
63
—
4
56
65X
59 X
64
12 X
54X
17 X
12X
13
60 X
3
9
iox
61
9
8X
8X
9X
18
8X
9
9
9
iox
56
9X
9X
1
sx
8X
8X
iox
9X
61X
127
8X
1989
♦2d 4s lne bond ctfs...Nov 1989 J
55
55
♦{St L SW 1st 4s bond ctfs
60X
60
—
J
44
9
12X
1948 J
pr lien 4s A—1950
56
56
♦(Rlv A G Dlv 1st g 4s.
.1933 WIN
♦Certificates of deposit.—..—
56
73
*29
33
18
18
18
3
10X
iox
12
34
1
see page
21
109X
107
98 H
47
flio4x atom
(♦1st terminal A unifying 5S.1952 J
♦Gen A ref g 5s series A
1090 J
For footnotes
17
89X
""ml
MN
J
104
111X
11X
3X
107 X
110
108
104
78
8
71
108 X 110
107-
3X
,67 X
01X
1O0X ue
5
11
1Q2X
iox
3X
8X
107X
Series J cons guar 4Hs..—1064 WIN
Gen mtge 6s.series A.......1970 J D
J
112X
110X
.1949
29
109X
106X
100 X.
110X
6H
58
-
68
"160k
107
109
117 H
106
85
107
20
108
*115
111H
(♦Pae RR of Mo 1st ext
(♦2d ext gold 5s
Pacific Tel A Tel 3Xs ser
Ret mtge 3X& series C --.-1966
Paducah A 111 1st s f g 4H8....1956
Panhandle Eastern Pipe L 4s—1052
Paramount Broadway Corp—1
1st M s f g 3s loan ctfs.—;.1956
60 X
67H
5H
112H
ser"
53 X
63
61H
57
58 H
Pacific Coast Co 1st
Pacific Gas A El 4s
46
■i
J
113H
79X,
4
55H
108
108
98
31
49 H
H
J
A
82 H
47
is—1948
{♦OgAL Cham 1st gug
♦Stamped... .—iji—i...—...
OhloConnectlng R7flBt4s
1943
Ohio Edison 1st mtge 4s
1966
1st mtge 48—
......1967
1977
1981
Phlla Co see 5s aeries A.......1967
Phila Electric 1at A ref 8H8...1967
{♦Phlla A Reading C AI ref 5S.1973
58X
4X
103 H 104X
76
63X
*47
,
Ref A lmpt 4 He series A
2047
•
Ref A lmpt 6s series B—...2047
Ref A lmpt 6s series C..4—2047 J
Ref A lmpt 5s series D—..2047 J
Northern States Power 3He...1967 F
Northwestern Teleg 4Hs ext..1044 J
^
inx
109
{♦RadlOrKelth-Orph pt pd ctfs
for deb 6s A com stk
(65% pd).—
115H
64X
"62X
106X
1O0X
118X 123
60
30
72 x
»
106"" IW
15
69
90X
62
j
—
106X
Phi la Bait A Wash 1st g 4s—.1943
General 5s series B
1974
ser
8
109
97
116X 117X
112X 115X
15
—
""62X
1st g 4Hs series C—..1980
Phelps Dodge conv 3Hs deb.. 1952
Pitts Y A Ash 1st 4s
96 H
X
77X
6
53X
6X
*
{♦Providence Sec guar deb 4s.. 1957 WIN
{♦Providence Term 1st 4s..—1950 WIS
Purity Bakeries s f deb 5s_—.1948 J
J
64
121 %
*50
*38
4
109X 111X
108
109X
95
1O0X
100X105»»u
HX
17X
12 X
15X
♦105 H
♦Oct 1038 A sub coupons—.1945
.
108X HI
59
120 H
*113
45
102«ul03X
90X
92
113
U4X
*106
""69"
81...
92
117
♦4X
103X 107 H
38
87X
52 X
53
100
72
97
116X
114X
97
136
.
90
85X
89
87 X
96X
94X
81X
»X
41
'102'u 102i,a»
110H HI
75
76 H
78
79H
*49
WIN
O
q
5X
"sx
*5H
95
114X
Pere Marquette 1st ser A 5s—1956
1st 4s series B—.....
1956
ll*
93
J15X 119
107
106X
84 X
95 X
Gen mtge 5s series B—.1975 AO
Gen 4Hs series O..........1077 J
J
101X 105 X
8
12 X
19
99 X
94X
♦Income 4s—.—..April 1990
Peoria A Pekln Un 1st 5Hs—1974
Pitts Ya A Char 1st 4s guar
1943
Pitts A W Ya 1st 4Hs ser A. .1958
1st mtge 4 Hs series B...„..1959
1st mtge 4Hs series C.
.I960
71
118
105X
•
2
90
98
105X
84 X
.
Series H cons guar 4s.
..I960 F A
Series I eons 4 Hs.....—..1983 FA
104X
-
{
98
Series F 4s guar gold....*, ..1953 J D
Series a 4s guar...
..1957 MN
110 X
100
27
109 X 112X
....V-
.
25
14
8H
26
88 X
117
117
Series D 4s guar......... ..1945 MN
Series E 3H8 guar gold... ..1949 FA
54
110 X
105 H
10lH
18
mx
Peop Gas L A C 1st eons 6s.—1943
Refunding gold 5e„
—.1947
Peoria A Eastern 1st cons 4s—1940
,
104
8
nix
93 X
93
81X
OH
5
110
*4
111
Cony deb 3Xs———1952
8X
Ii6:"
104 X
108X
109
104 X 106 X
107 X 109
113
'10
Gen mtge 4Xs series E.....1984
17 X
57X
104
J
2
108
Pitts C C O A St L 4HB A.. ..1940 AO
Series B 4Hb guar
..1942 AO
Series C 4Hs guar.j
..1942 MN
M N
J J
Wl N
J
F A
97X
111
15X
16X
17X
27 X
15X
100
105X
97X
"88X
10
13 X
High
93
106 X 107 H
m
1HX
{(♦Philippine Ry 1st s f 4s—.1937 J
Phillips Petrol conv 3s
—1948
Pirelli Co (Italy) conv 7a
1952
Pitts Coke A Iron conv 4 Hs A.1952
13
J
-
108 X
—1968
Debenture g 4Hs—.....^.1970
General 4Xs series D-......1981
♦Cony deb 6s
-
Low
12
98
—
105
97X
105
General g 4 Ha series C.
General 4 Hs aeries D—
58
*
{(♦Norfolk A South 1st g 6s—1941
Norf A W Ry 1st cons g 4s
1996
North Cent gen A ref 5s
1974
Gen A ref 4 He series A.w—1974
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons..1945
17X
101X
03
61
78.
stamped..—....———1946 ....
3
3
3
{(♦N Y Westch A Boat 1st 4 Xs '46 3
J
109H
109H
Niagara Falls Power 3H«—1966 M S
"""AO "l09"
109
109H
Nlag Lock A O Pow 1st 6s A..1955
97
97»■
98 H
Niagara Share (Mo) deb 6HS.1950 WIN
f Nord Ry ext sink fund 6HS..1950 AO 104»l# 104"i6al04«ia
11H
11H
13
{(♦Norfolk South 1st A ref 6s. 1961 FA
*10 H
♦Certificates of deposit..—
15 H
-
123 X 126
116X H7X
58
12
6s
—
X
107X 109X
99 X
59X
58
107 X 108
12H
..1040
♦Debenture 4a__-.--.
1957
♦1st A ref 4 Hs ser of 1927 -i"1907
{♦Harlem R A Pt Ches 1st 4a 1954 Wl N
{♦N Y Out A West ref g 4s—.1992 M 8
♦General 4a———....—1956 J D
60 X
*65"
4s.—1941 M
48-1039 A O
♦Collateral trust 6c
49
17
♦54*
{♦N Y A N E (BoSt Term)
{♦N Y N H A H n-« deb 4s—.1047
♦ Non-Conv debenture 3HS..1947
♦Non-conv debenture 3 He—1964
♦Non-conv debenture 4s.—1955
♦Non-conv debenture 4a
1956
♦Conv debenture 3 Ha——1956
78 X
70
4Hs series B—.——-1973 WIN
♦N YLB4W Coal A RR 5Xs '42 WIN
♦N Y L E A W Dock A Imp 6a 1943 J
J
N Y A Long Branch gen
73 X
No.
High
97 X
Since
Jan. 1
......
General 5s series B—
M S
.
gold 4s—.1949
H
Range
ll
Asked
&
*106 X
4Xs series B
...1981
Pennsylvania P A L 1st 4 Xs
1981
Pennsylvania RR cons g 4s
1943
Consol gold 4s.
........1948
4s steri stpd dollar. May 11948
Gen mtge 3Xs series C..—1970
Consol sinking fund 4 Hs
I960
General 4Hs series A..
...1965
78 H
O
Bid
97X
1941
Penn Glass Sand 1st M 4Xs—1960
Pa Ohio A Det 1st A ref 4 X« A. 1977
O
J
Sale
Price
Low
Penn-Dlxle Cement 1st 6s A
73X
82 X
A
collateral trust-.....-.—1946
1st mtge 3Hs extended to.—1947
■3-year 6% notes
—.1941
N Y Connect 1st gu 4H» A*-—1953
1st guar 6s series B——1963
N Y Dock 1st gold 4s—
1961
Conv 6% notes——.
.1947
N Y Edison 3 Xs ser D
1st lien A ref 3X» ser E
.1966
N Y A Erie-See Erie RR
J
N Y Gas El Lt H A Pow g 6e__1948
Purchase money
High
109 X 109 X
A
INN
Range or
Friday's
Last
ll
Low
A
F
4s
Jan. 1
63
j
FA
3*
1
Range or
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 31
April 1, 1939
Week's
Friday
•
••
-
9X
8X
8X
54X
29X
62 X
14
13X
14X
14
14
13X
05
35X
18
23X
iox
15X
Volume
New York Bond Record—Concluded—Page 6
148
N. Y.
K
STOCK EXCHANGE
Week Elided March 31
---
.
-
.
Last
O
Hanoi
&
Low
8t Paul A Duluth 1st
eon g 4a..1968 J D
{♦St Paul E GrTrk 1st 4%s
1947 J J
{♦St Paul AKCSh Lgu4%s—1941 F A
Asked
BONDS
Sinci
52
Friday's
Bid
Price
NO,
v
N. Y. STOCK EXCHANGE
Jan.,
No.
Hioh
7
Virginian Ry 3Ms series A
5
J
1943 J
J
8 A A Ar Pass 1st gu g
4a
..1963 A
San Antonio Pub Serv 4s
116%
1946 J
i
J
166"
J
106
1966 MN
1942 M S
{♦Schulco Co guar 6 Ma
♦Stamped
1
♦Guar
a
.......
A
♦Stamped.——.———,.—,
Scioto V A N E 1st gu 4s
17%
17%
27%
'
O
18
6
14
11
18
11
.
4%
"*6%
♦Certificates of deposit...
{ (♦Atl A Blrm 1st gu 4s
1933 MS
{♦Seaboard All Fla 6s A ctfs...l935 F A
6%
3
4%
6%
cons
6s series A
A
O
1935 F
♦Series B certificates!.
Shell Union Oil deb 3 Ha
Shlnyetsu El Pow 1st 6 Ms
*.
-Jr
""65^"
A
J
A
A
A
65
73%
103%
105%
1Q3%
106
*110
"107%
107%
20
109%
lop%
110
10
104
104
104%
9
94 %
11
1947 J
Southern Kraft Corp 4%s—.1946 J
93%
93%
Western Maryland 1st 4a..
1st A ref 5 Ms series A
m
109 m 110%
100% 104 m
103%
103%
Registered..
9
101
48
48
58%
90
50
93
53
50
50
46 m
61%
57%
55%
52%
45%
52
173
45%
46
46
51%
344
46
67m
59
59
61%
94
67 m
68
88
88
90%
45
84m
93
63
,
Devel A gen 4s series A.....1956
Devel A gen 6s—.——.1956
50
Devel A gen 6 Ms.......... 1956
Mem Dlv 1st g 5s....-——1996
St Louis Dlv 1st g 4s.—.—.1951
68
>
87%
"119
80
91%
197
60
61%
56
68
65
75
79
80%
72
80
65
96
76 m
68
51
71%
65
*76
•
•
m'ftm
~
'
9
71%
71%
mTmmmm
74
105%
6
103%
105%
62
104
104%
84%
58
103
105
77
80
34
111%
106%
108%
100%
■
108%
I
17%
31
15
"104""
—.1961
——.1963
Studebaker Corp conv deb 6s..1945
Swift A Co 1st M 3MS
—.1950
Tenn Coal Iron A RR gen 5s—1951
Tenn Cop A Chem deb 6S B...1944
Tenn Elec Pow 1st 6s ser A.
1947
Term Assn of St L 1st g 4 Ms
1939
1st cons gold 5s.——.—1944
Gen refund s f g 4s—..—1953
Texarkana A Ft 8 gu 5Ms A—.1950
Texas Corp deb 3 Ms
1961
Texas A N O con gold 59—1943
Texas A Pacific 1st gold 5e
2000
104
——
79
79
-
28
106%
106%
125
57
107%
125
125
.
102%
"99%
12
102%
100
191
102
102
1
"113%
113%
106%
88%
106%
88%
113%
107%
99%
106%
106%
.
*
"116%
Gen A ref 5s series B——1977
-
106
114
81
89
82
89
81m
3
86
12
*100%
Third Ave Ry 1st ref 4s.—...1960
♦AdJ income 6s.....—.Jan 1960
39%
39%
'
43%
10%
8
8
1
171
92%
92%
4
105%
{{♦Third Ave RR 1st g 6s——1937
38m
7%
87m
,45
■
105
Tide Water Asso Oil 3Ms——1962
Tokyo Elec light Co LWH-
"l05%
105 %
29
1st 6s doll&r series.———1953
Tol A Ohio Cent ref A Imp 3Ms I960
55%
54'
55%
71
53
90%
90%
90%
io
85
60
60
Tol St Louis A West 1st 48—1950
!
1942
To! W V A Ohio 4a series C
I
*104
^
*
1
Toronto Ham A Buff 1st g 4s—1946
Trenton G A El 1st g 5s——1949
Tri-Cont Corp 5s coiiv deb A..1953
100%
m
m
m •
f
Ujlgawa Elec Power s f 7s
1945
3%s—.1962
{(♦Union Elev Ry (Chic) 5s
1945
Union Oil of Calif 6s series A—1942
3Ms debentures..........—1962
Union Pac RR 1st A Id gr 48—1947
1st lien A ref 4s———June 20Q8
1
*124
I——I
M
*105%
♦Tyrol Hydro-Eleo Pow 7Ms—1955
♦Guar sec s f 7s..—.—1952
107%
rn mm -
*22%
30
__
123
m 124
106
_
....
109
■
20
26
115l«
107%
108%
42
112%
{13%
98
111m h4m
108
108%
43
106
H'1%
4
110
96%
111%
96%
59
95
97%
97%
12
96
*11
[ "l07%
I 113 %
I 108
'111%
June 2008
34-year 3Ms deb..—.....—1970
35-year 3 Ms debenture. ....1971
United Biscuit of Am deb 6s—1950
108%
" 76
17
20
109%
v
11*
98
108%
-
:
-
-
3
2
United Clgar-Whelan Sts 5s—1952
United Drug Co (Del) 5s
..1963
*
'
74%
U N J RR A Canal gen 4s
1944
{{♦United Rys St L 1st g 4s—1934
U 8 Pipe A Fdy conv deb 3MS.1946
U 8 Steel Corp 3Ms debs...... 1948
♦Un Steel Works Corp 6Ms A—1951
♦Sec s f 6 Ms series C—— —1951
♦Sink fund deb 6Ms ser A—1947
United Stockyards 4mb w w—1951
'
110%
89%
>
89%
97%
89
Utah Lt A Trac 1st A ref 5s...1944
97%
98
35
Utah Power A Light 1st 5s
1944
1
97%
97%
98%
59
{{♦Util Pow A light 6Ms.
1947
{♦Debenture 5s..—........1959
>
67
66
67%
1
67
66
67%
Vanadium Corp of Am conv 5s_194l A
)
70
74%
110%
28%
76
1
79
09
110%
29
J
108
108
112%
>
106
105%
38%
106
>
38%
39%
)
I
>
1
6
8
80
'■
1955
Va Elec A Pow 3 Ms ser B.
.
1968^ M
110
~uo"
Va Iron Coal A Coke 1st g
*31
Va A Southwest 1st gu
42 m
*
Friday's bid and asked price.
1st cons 5s..
.........
1958 a
58
50%
•'
9
7
7
5
12
108
18
110
110%
25
5
,107%
D
J
11%
9%
8-M
5%
4%
10
107%
5
AD
113
110
14
7
,
5%
106% 108%
107% 110%
9%
5
*8M
110
100
100
106
119
100
104%
104m
105%
123
104% 107%
the yearly
,■
Accrued Interest payable at
bond Issues Which have
V
,,
Bonds selling flat.
No sales .transacted during current week,
.
Deferred delivery sales transacted during the current Week and not
thq yearly range:
z
■
Included in
No sales.
Transactions
the
at
New
York
Stock Exchange,
Daily, Weekly and Yearly
Stocks,
Week Ended
March
31,1939
Railroad <k
Total
MisceU.
Stale,
Municipal &
United
Number of
Shares
States
Bond
Bonds
For'n Bonds
Bonds
75
81
543,000
$6,136,000
$3,450,000
$36,170,000
6,020,610
$26,584,000
Wednesday ....
Thursday
Friday........
465,380
984,600
Total...
678,000
427,000
-•i
Jan.
1 to March 31
1939
1938
1939
,
489,000
1,173,000
Week Ended March 31
Sales at
New York Stock
Exchange
829,000
850,000
'
1938
83H
69
1,619,000
1,031,000
2,888,390
3,470,000
4,579,000
3,789,000
4,770,000
8,1 A,000
$121,000
1,192,000
$634,000
439,270
'566,160
,676,810
Sales
$2,590,000
6,491,000
5,918,000
6,498,000
.6,370,000
10,303,000
$1,835,000
Saturday—....
Monday......^
Tuesday.......
0,020,610
8,151,740
63,018,847
62,533,215
$5,421,000
$24,341,000
State and foreign
$3,450,000
6,130,000
Railroad and industrial
26,584,000
6,249,000
35,869,000
71,055,000
368,121,000
$43,698,000
69,935,000
357,188,000
$36,170,000
$47,539,000
$464,117,000
$470,821,000
Stocks—No. of shares
110m
24% 30
108
118 %
104m106
93
94m
99m
13
66
69 m
50
65m
.
Bonds
109 m
2
87m
5
99
69m
103m
Government
Total....
.....
Stock and Bond Averages
the daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Below
are
compiled by Dow, Jones & Co.:
106 % 106%
7
lorn iio%
27
m
10
10
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
63
30
Indus¬
Dale
72
56%
Bonds
Stocks
35
72
58
'
*7%
MN
1
10
Invqst. trust 3%s 1951, April 15 at 103%.
106m100m
H
%
*72
5_—1949 M
5s
..2003 J
9
200-pound unit of bonds.
♦
107% 109 m
50
50%
90
98m
—-
110%
per
'
38 m
•*_
J
,93%
112m
9%
93%
112 m
{ Companies reported as being In bankruptcy, receivership, or reorganised under
Section 77 of the Bankruptcy Act. or securities assumed by such companies'
99
38
*105
..1957 MN
Cons s f 4s series B—
101
27
102%
97
92%
101% 101%
6
10%
101
103%
94% 97%
50
"46"
*105
F
{♦Vera Cruz A P 1st gu 4 Ms—1934 J
J
"{♦July coupon off——...
100%
t2
103%
8%
37
Nord Rys 0%s 1950. Oct. 1 at 102.
Paris Orleans 5%s 1908, Sept. 1 af 100.
as
Vandalla cons g 4s series A
too %
95%
102
10 m
92 m
*101%
Hackensaok Water 4s
108m
116%
99m
38 m
13
—-
"46 " "46"
69
Gulf States Util 4%s 1946, Mar. 23 at 102%.
1952, April 20, 1939 at 105»
,
23 m
20
—
14
115J32
1
Commercial
"98" loo"
_
72
71%
109%
62%
159% 116%
111
*109
been called in their entirety:
Brown Shoe 3 %s, 1950, Apf. 13 at 105.
Cine Un Term 6s ser. C1957, May 1 at 105.
60%
90%
65m
71m 85
108% HO
9m 13
115i»»116m
107m 109 %
71%
109%
67%
22%
49%
45%
8
33
08
67
17 M
.:..■
.—-
L
Union Electric (Mo)
1st lien A ref 5a
60
54m
1
40m
13m
93
106m
54m
49m
J
J
58
14
47
T The following Is a list of the New York Stock Exchange
96% 100m
101
45
22
.
the dollar quotation
89
85
85
65%
exohange rate of $4.8484.
118m
45
69
r Cash sale: only transaction during current week,
a Deferred delivery sale; only
transaction during current week,
n Odd lot Sale, not Included In year's range.
z Ex-lnterest.
( Negotiability Impaired by maturity,
t The price represented la
108 M
45
85
13
66m
Treasury 3%s 1940-43rMar. 28 at ^04.22.
rn'mmm
'
Tex Pao Mo Pao Ter 5 Ms A—.1964
95
79
58
84%
117%
63%
range:
,
17
,90%
107
84
■'84.'
1
Gen A ref 6s series D..—... 1980
:
116%
83%
83%
1979
■'
1
32
3
17%
,
95
Odd lot sales transacted during- the current week and not Included in
e
100% 107 m
120 m
125
101M 103
94% 101
102 M
102
113% 115 %
107 %
103
2
24
53%
4s—..———1948 M
f 4s ser C
.—1901 MN
1st mtge a
110m 112 m
104% 107m
106 m 108 %
18 M
13 m
104 % 105 m
103 % 106 %
*110%
"106%
17 m
104% 107%
16
23%
17% 23%
50
66%
*104%
"92 M
deb
5
89%
82%
•
20
"47"
79
12
92
107 m
61%
——
Conv
105%
B—1964
Gen A ref 6s series C
72 m
-
♦{Spokane Internat 1st g 5s...1955
Staley (A E) Mfg 1st M 4a—1946
2MB
63
50
65
1st A ref 3s series C——1968
8o*western Gas A El 4s ser D..1960
Standard Oil N J deb 3s
86
"li;" "si"
Southern Ry 1st cons g 6s.....1994
So'western Bell Tel 3 Ms ser
66%
03
48
61
...—1949 M S
{♦Wis Cent 50-yr 1st gen 4a
1949
♦Certificates of deposit...
(♦Sup A Dul dlv A term 1st 4a '36
♦Certificates of deposit...
Wisconsin Elec Power 3 Ms.—1968
Wisconsin Public Service 4s...1901
{♦Wor A Conn East 1st 4mb—1943
Youngstown Sheet A Tube—
105 m 107m
87m
17m
Wilson A Co latM 4s'Series A.1956 J
.102%
Conv deb 3Ms...
-—....1947 A O
93%
Winston-Salem S B 1st 4s..... 1960 J
,
119m 121m
110% him
60
{(♦Wilkes-Barre A East gu 68.1942 J D
57m
5
10
16
1960 M S
ser D
7
hom
91M
106%
"Io'0M
123 m 126%
105% 108%
15
106m
85
1977 J
40
40
110%
100%
85
——2361 J
RR 1st consol 4s—
10-year secured 3%a
1946 J
San Fran Term 1st 4s.——1950 A
1st 4s stamped........—.1955
1952 A O
80
106m 108%
107
107 m
1001«1#101%
*109
White Sew Macb deb 6s_—1940 MN
Gold 4 Ms.....
........1969
Gold 4MS-.—.............1981
Sp Pac RR 1st ref guar 4s..—.1965
40
D
66m
75
89% 101%
86
95
38 m
47
*107%
Wheeling Steel 4 Ms series A—.1966 F A
46%
45%
46%
.
Wheeling A L E Ry 4s
104 m
.36
103%
48
1st 4Mb (Oregon Lines) A...1977
Gold 4 Ms-.-..-.
.1968
40
West Shore 1st 4s guar.—....2361 J
95
Southern Natural Gas—
1st mtge pipe line 4Ms......1961 A
So Pac coll 4s (Pent Pao coll)..1949 J
40%
16
{♦Western Pae 1st 5s ser A...1946 M S
♦5s assented..—...1946 M S
Western Union Teleg g 4Ms.-1950 MN "eo"'
25-year gold 5s—„... 1951 J D : 6i
30-year 6s.....I960 M S
61U
♦Westphalia Un El Power 6s—1953 J
20
107 m
90m
90%
West N Y A Pa gen gold 4s.—1943 AO
115
117m
106 m 108 M
108
106
3
F
99
105
78
107%
82
102 M 105
W-!.
-
107%
107%
75%
21M
96
67
26
103%
106%
59m
79
100%
90%
40%
"liOM
1st mtge 3Ms series I—....1966 J
West Va Pulp A Paper 4Mb.
1952 J
62
65
,47
98
90
96
60
—
5
64 m
20m
~m*.m
60
66m
13
10 5 m 107 m
J 100»16 100»i« I00i«i6
Westchester Ltg 6s stpd gtd—1950
D
*124% 125m
Gen mtge 8Mb—.—...
.1907 J D T08%
108% 108%
West Penn Power 1st 6s ser E.1963 M S
121
121
55
*19%
105m
12%
8
Wash Water Power s f 5s..:—1939
5
103 m 105
30
,67%
—
10M
,
7%
D
17
13
^
8
i
14
8
8
,7%
Washington Cent 1st gold 48—1948 Q M
Wash Term 1st gu 3 Ms
—1945 F A
1st 40-year guar 4s
—1945 F A
2M
68
104%
17 m
41m
8
{♦Warren Bros Co deb 68—1941 MS
Warren RR 1st ref gu g 3Ms..2000 F A
6M
3
58
*
17
15m
m
40
Warner Bros Plct deb 6s...—1939 M S
Certificates of deposit...——
8
52%
i7
Walworth Co 1st M 4s.......1955 A O
6a debentures....;
......1965 A O
11
14
41
3%
50
mm
25
mmmm
3
-—-
104%
104%
D
1941 F
Southern Colo Power 6s A
6%
16%
6%
Walker (Hiram) GAW deb 4 Ms 1945
4
4%
4m
6M
6%
14
182
.7%
30
28
m
K50
20
3
13
5%
"2%
A
18
rnmrnrn
■5:
*13
1951
..1952 J
1952
Skelly Oil deb 4s—...........1951
Socony-Vacuum Oil 3 His
..I960
South A North Ala RR gu 5S..1963
South Bell Tel A Tel 3%s
1962
Southern Calif Gas 4%s——1961
1st mtge A ref 4s
1965
— -
"
♦Siemens A Halske deb 6%s—1961 M
♦Silesia Elec Corp 6Hs—
..1946 F
Slleelan-Am Corp coll tr 7a
Simmons Go deb 4a
~
m
50%
J
49 m
28%
20
24
gen 5 Ms A.1976 M 8
♦Ref A gen 6s series B
1976 F A
♦Ref A gen 4 Ms series C—.1978 AO
♦Ref A gen 6s series D—1980 A O
mm
,116% 116%
18
19%
11
17 m
....
m'tmm
12%
1945 M S
♦1st
m.
15
40 m
2°
J
{♦Wabash Ry ref A
19m
27 m
27
29
28
*2%
4%
'm
1«M
4
,
,
120%
♦16%
^
106%
112M
109 m 110 m
18
*117
FA
106
110
mm
28
27
27
O
10
'■mm
Jan. 1
Hioh
105m 107 m
(♦Des Moines Dlv 1st g 4s..1939 J J
♦Omaha Dlv 1st g 3 Ms-.—1941 A O
♦Toledo A Chic Div g 4s
1941 M S
68 m
12
106%
111%
110%
♦1st Men g term 4s
1954
♦Det A Chic Ext 1st 5s.....1941 J
57
27%
AO
A
11
Since
li
40 m
115% u8
17%
17%
1989 MN
({♦Seaboard Air line 1st g'4s—1950
(♦Gold 4s stamped
1950
♦Adjustment 5s
Oct 1949
(♦Refunding 4s—..........1959
♦Certificates of deposit...
,
111^
*109
1946 AO
16 Ms series B
59%
Ranoe
■3^
Asked
&
106 %
97 m
7
57
O
San Diego Consol G A E 4s
Santa Fe Pres A Phen 1st 6s
117%
1966 M S
{{♦Wabash RR 1st gold 5a
1939 MN
♦2d gold 6s.!......—......1939 F A
"11
98
Bid
Low
\
10%
98
i
Ranoe or
Friday's
Sale
Price
Nft.
1
*87
♦6%
6%
Last
Week Ended March 31
St Paul Minn A Man—
t Pacific ext gu 4s (large)
1940 J
St Paul Un Hep 6s guar.......1972 J
Week's
Friday
Co
Ranoe or
Sale
IS
/
:
-
1925
Week's
Friday
BONDS
roads
ties
Stocks
trials
Ralls
Rails
ties
Bonds
Total
Mar,
31
131.84
26.38
21.70
43.75
106.70
93.00
50.14
107.17
Mar.
30
136.09
28.61
23.08
45.88
106.89
94.14
61.94
107.61
Mar.
29
139.75
29.75
23.8.7
47,13
106.97
94.05
52.26
107.84
90.43
Mar.
28
139.33
29.34
23.50
46.82
107.08
94.28
52.29 -107.49
90.29
Mar.
27
141.14
29.74
23.88
47.45
107.03
94,40
«62.71
107.41
90.39
Mar.
25
141.55
29.73
24.05
47.58
100.96
94.34
52.71
107.44
90.36
%-
89.27
90.15
April 1, 1939
and Yearly Record
New York Curb Exchange—Weekly
1926
and when selling outside
range for the year.
following extensive list we furnish a complete record of the transactions on the New York Curb ExchangeYor the
beginning on Saturdav last (Mar. 25, 1939) and ending the present lYiday (Mar. 31, 1939>
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, m
which any dealings occurred during the week covered.
In the
week
Last
Bale
STOCKS
Par
com—20
Mfg class A. •
*
Acme wire vtc
Aero Supply
Class B
of Prices
Price
High
Low
27%
"sh
20
Mar
Feb
20%
Jan
3%
Mar
4%
34%
7%
2.500
500
6%
7%
1%
10b
7%
1%
Mar
"600
%
25
32%
6%
7%
7%
common—•
Conv preferred
..
*
1%
1%
Air Investors
Warrants.
Alabama Gt Southern..50
*
pre!
—*
preferred..
.
81
81
86%
Invest com
75 X
75%
79%
Feb
Mar
Jan
86%
Mar
Jan
Blue Ridge Corp com
Jan
%
9
Mar
100
Jan
7%
Jan
Mar
18%
Jan
Jan
115%
Jan
15%
,
4
Mar
Jan
4,700
1%
300
108J4
10
18X
IX
American Book Co
48
1%
1%
Amer Box Board Co oom.l
7
6%
Common class B
Jan
9%
Jan
Mar
2%
Mar
'"i'x
1
Jan
Mar
23
Feb
Feb
75
Mar
1%
"4" 100
30%
29%
300
27
400
26
:
Jan
%
18%
—1~
1
1
%
2%
Jan
Jan
...25
29 X
29%
27X
27%
Class A—...
Class B
.....1
IX
1%
.
Amer Cyan amid class A. 10
Amer Gas A Elec com...*
*
113%
11,10.0
$2.60 preferred
1
Amer Hard Rubber Co..60
9%
32%
36%
113% 115
4
4%
12,600
Feb
4
Mar
300
25%
31%
112%
900
24
Jan
Jan
""6%
~~6%
"§X ""*366
"10%
"l6%
if" *"560
Amer Lt & Trao com—.25
ux
14%
preferred
0%
>
Preferred..
Amer Maracalbo Co
1
Amer Meter Co.
*
Amer Potash & Chemical. *
"7"
,100
Registered
Jan
Amer dep rets reg
British Celanese Ltd—
Am dep rets ord
Class A pref
$0
preferred....!
*
Rubber.Co com...1
Brown
Jan
20
22%
4,000
$5 1st preferred
15
Jan
66
Jan
29
Jan
Mar
64%
Jan
Mar
Camden Fire Ins Assoc
Canadian Car A Fdy pfd 26
Canadian Indus Alcohol A*
~4"206
15%
Mar
Feb
Capital City Products...*
400
3%
Jan
3%
Jan
Carlb Syndicate
1%
500
1%
Jan
1%
Jan
Carman A Co class A
1%
11
{Arcuturus Radio Tuf>e..l
Common class A
*
Preferred
Ashland Oil A Ref Co
Associated
2
2%
2%
.10
Arkansas P A L $7 pref..*
Art Metal Works com.-.5
.1
100
300
111% 111%
7i«
%
2
2%
Appalachian El Pow pref *
Arkansas Nat Gas com...*
«
2%
11%
2%
2%
11
6%
2%
6%
/'
Mar
2%
4%
Feb
3%
14
Jan
Jan
112
'
Mar
%
Feb
2%
Mar
3%
Jan
800
5%
Jan
7%
Feb
Carter (J
3,500
4%
Jan
Jan
Class A
1
$5 preferred..—...
,
*
6%
•%
16ie
9%
'hi
Option warrants
%S
2,500
%
2.100
5%
Jan
700
'it
Atlantic Rayon Corp
...
Corp warrants......
Atlas Plywood
Corp
*
Austin Silver Mines!
%
5
Automatic Voting Mach._*
Avery (B F)_
5
Castle (A M) common..10
Catalin Corp of Amer.—.1
Mar
96 X
2%
2X
20
20
20
3%
3%
%
3%
18%
13
13%
%
"2%
2%
•
2,600
20
2%
Jan
Mar
22
Jan
%
,2%
~~2X
13
10
94
94
12%
5%
10%
"12% "if
Jan
31%
3%;
Mar
0%
7%
'MOO
700
5% • -6%
500
10%
11
18%
18%
3%
2%
2%
50
2,900
preferred
...100
preferred—.100
Charls Corp
Feb
15
Feb
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach__,4
Chief Consol Mining
.1
3.901
7%
3%
Mar
Mar
1%
2%
35%
18%
1
Jan
Mar
Mar
45
Mar
Jah
1%
4
29%
,
Jan
Jan
Jan
Strip
Pipe
*
Co..
Mar
1,050
Jan
200
5,300
Bath Iron Works Corp..
Baumann (L) Co com...*
4%
4%
6%
Childs Co preferred ....100
Cities Service common.. 10
9
Jan
24
56
59
""566
>
14%
14
14
"92"
"92"
Mar
87
Mar
12 X
Mar
5%
Feb
10% ' Mar
18% Mar
21%
Jan
Jan
6
,
Jan
15
Jan
23%
Jan
Mar
4%
Jan
Feb
2%
91%
Mar
Feb
5%
Mar
75
19
Feb
Feb
27%
6J%
Mar
48
13%
Jan
14%
Jan
Mar
91%
Mar
96
Mar
500
4%
Jan
50
*18
4,200
Jan
Jan
1%
Mar
9%
98
Feb
Mar
7si
Jan
Jan
Jan
Mar
5
Mar
14
Mar
3
3%
475
10
10%
125
10
Jan
.4%
3%
Jan
5%
Jan
4%
3%
Mar
4%
5%
3
Mar,
1%
3
2,100
'"""16
Mar
Feb
Jan
122
122
71%
66%
66%
Jau
4%
Preferred
*
8%
55%
6%
45%
Jan
%
7%
Mar
1%
Jan
City Auto Stamping..—.*
Jan
10%
Mar
Jan
6%
Mar
Clark Controller Co
Mar
f 8%
525
1
Jan
2
Jan
Clayton A Lambert Mfg__*
Mar
50
Jan
Cleveland Elec Ilium
10
39
'"166
11
7%
9%
7,200
4%
5%
21
1%
7
Jan
40
Feb
Cleveland Tractor
*
com
*
Jan
130
Jan
79
Feb
Feb
8
Jan
%
Jan
Mar
9%
Feb
16,800
15,800
55%
Mar
Mar
30
6%
58
Jan
43%
3%
Mar
1,500
Feb
5
Mar
51
210
37
Mar
51
Mar
71
71
25
55
Jan
84
Feb
71%
5%
75
53 X
Jan
81
1,400
4%
Mar
7
4%
4%
"l9
■
Jan
5%
Mar
Jan
Mar
69%
4%
19
.
%
2
37%
2
37%
Feb
Jan
38%
400
34%
Jan
20%
1%
3%
38%
4%
1%
Mar
6%
Mar
20
18,
2
250
16
%
3,800
200
4%
4%
5%
900
"2%
2%
2%
1166
2
Mar
Mar
Jan
Jan
Feb
5
Jan
Clinchfleld Coal Corp..100
13
Jan
Club Alum Utensil Co..
Jan
11%
Feb
Cockshutt Plow Co
Mar
Feb
36%
2%
Jan
Feb
Cohn A Rosenberger Inc.*
Colon Development ord...
Mar
10%
Jan
*
170*
10
Jan
175
Mar
120
Jan
123
Mar
Colt's Patent Fire Arms.25
29
50
16
Jan
35
Mar
37%
150
27
Jan
42%
Mar
Mar
Mar
7%
100
7%
Jan
2%
3
900
2%
Feb
4
4%
2%
Feb
4%
"~6%
Y.506
76
81%
68%
69
"f
"f
76
Mar
Jan
Mar
5
Mar
700
76
Mar
94%
Jan
150
55%
Jan
72%
Mar
9
Jan
Columbia Gas A Elec—
36
Mar
3%
7%
£1
29
2
Jan
Mar
7%
8%
com.
Colorado Fuel A Iron
Jan
2%
7%
Jan
Feb
0% conv preferred
Jan
45
Claude Neon Lights Inc__l
Jan
36
Mar
5
City A Suburban Homes 10
5%
4%
Jan
62
6
15
Jan
40%
36
36
Jan
Jah
Jan
121%
6%
6%
BB
50
860
7%
is
Mar
5%
4%
Mar
11%
4,800
4,000
14
45%
7%
1%
6%
40
2,300
4
3%
Cities Serv P A L $7 pref. ♦
$0 preferred
*
11%
Rights
3%
,
*
Feb
40
For footnotes see page 1931.
si6
6ie
*18
*
,
Mar
$1.60 conv pref......20
Beech Aircraft Corp
1
Conv pref..
96
Jan
7%
Preferred B
22%
7% 1st pref vtc
100
Beaunlt Mills Inc com..10
170
Feb
,
91%
21
56
10
2
Bell Tel of Pa 0 54 % pf.100
Benson A Hedges com
*
85
*16
20
5%
4%
'4%
21
...6
Preferred
8,700
300
7
Jan
Mar
84
Conv preferred
.100
Conv pref opt ser *29.100
Jan
600
26
4%
28%
'
'
Feb
6
21
Mar
»
Jan
78
l
com
8%
4%
16%
10
21
•
Feb
Cent States Elec
Jan
5%
7%
-
Feb
Jan
3%
Jan
9%
36
1%
+
Chamberlin Metal Weather
7%
21%
6%
36
Jan
8
Feb
24%
%
85
Jan
9%
5%
1,500
*"225
Feb
Barlow <fe Seelig Mfg A...6
Basic Dolomite Inc com.
100
5
1%
%
1
"36"
Jan
3%
300
28%
27%
27%
1%
2%
30
6%
2%
'"l%"Mar
■
1%
Jan
%
Bell Tel of Canada
Feb
Cent A South West Util 50c
Mar
%
1
*
com
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref.100
*i«
'•it
com
Cent Hud G A E
.....*
1%
1
Bellanca Aircraft
1st preferred
600
9,100
19%
com..
7% 1st partlc pref...100
Celluloid Corp common. 15
$7 div preferred
...»
1.900
Bardstown Distill Ino
Corp
*
Centrifugal
36
22%
19%
Baldwin Rubber Co com.l
Bell Aircraft
5%
%
Feb
98
Jan
"3"
30
7% 1st preferred....100
75
1,700
""180
25%
%
5%
Barium Stainless Steel
Jan
Jan
"33% "Mar
Mar
'•ie
"98"
Mar
1,300
500
5%
7% preferred
1%
"93"
Baldwin Locomotive—
Purch warrants for
17%
Jan
"2~800
94%
Jan
500
"2
Mar
Feb
"94%
i'
7%
18%
X
Mar
Li 7% pfd 100
Jan
%
Jan
4%
com.
35
1%
4
90
Mar
3%
35%
18%
Babcock & Wilcox Co....*
Mar
'it
%
15
10
11
3%
7%
"3%
Jan
26
Class A common
Jan
100
Warrants..
Aviation & Trans Corp... 1
Axton-Flsher Tobacco—
1%
2,300
3%
%
Jan
Feb
30
Cent Ohio Steel Prod....1
0% preferred xw.i__.25
w w
Jan
"it
Jan
10
0% preferred
1
common. 1
Products.
Cent Pow A
1
Automatic Froducts
Co
Casco
Feb
10
Jan
Assoc Tel & Tel class A„*
Atlanta Gas Lt 6% pref 100
Atlas
Jan
Jan
%
200
Assoc laundries of Amer. *
Common vtc
*
Atlantic Coast Fisheries..*
Atlantic Coast Line Co-.60
%
"T~200
5%
5%
5%
*
*
$0
Mar
7%
6%
^
%
%
Carolina P A L $7 pref
W)
"'ie "T
1
Mar
92
Jan
Celanese Corp of America
£1
1
*
com
5,800
"
1%
1%
1%
P
■_*
•
common
Carnegie Metals
2,900
Jan
Jan
*
preferred.. 1
Carrier Corp common
Jan
Assoc Gas & Elec—
Common
B
Carnation Co
"
..
25c
3
Feb
2%
.16%
,_1
Jan
Elec Industrie?
Anier deposit rots
Class
Marconi
Mar
6%
Mar
*
non-voting
2
8
4%
27
B
Canadian
108%
%
40
400
""6% "6% "uio6
434
Mar
Mar
11
80
6%
Feb
77%
Jan
5
3%
Jan
1
15%
2%
3%
5%% Pref shs £1
Calamba Sugar Estate..20
19%
67
6%
Jan
Jan
1%
700
Am dep
'
9
•
"""106
Jan
Cables A Wireless Ltd—
Mar
Jan
Jan
Cable Elec Prods vtc../
Jan
'"T% "1%
Jan
Mar
Mar
107
Jan
11%
2
Burry Biscuit Corp__12%c
6
17
Mar
105%
Jan
Feb
34%
23%
Jan
150
13
12%
Burma Corp Am dep rets..
Mar
"12%
20
Jan
Mar
2%
Mar
Feb
Feb
7%
Mar
2,800
106% 106%
*
Jan
Mar
2%
20
Jan
7
'3^266
Buff Nlag A East Pr pref 25
18
Feb
Jan
11
Jan
*
'"2% "1"
2
27%
Jan
Angostura Wupperman—1
Apex Elec Mfg Co com
»
3%
27
200
%
-
400
'
Feb
200
4%
3%
2%
2
5
21
31%
1,800
15%
100
12
5,800
15%
700
11
y
*
6%
21%
20
30%
6%
6
5
27
Mar
Mar
11
Bunker Hill A Sullivan 2.60
in
Feb
Feb
7%
'
30%
6
%
..*
14%
21%
Brown Forman Distillery. 1
10
"7% "2~506
»i$
23%
750
7%
*
29
Mar
Jan
Feb
u
Jan
X
Mar
£1
ree—lOs
Mar
21
Mar
24
Buckeye Pipe Line.....60
Mar
Mar
22%
Mar
Mar
Jan
Mar
22%
Bruce (E L) Co com
18
Jan
Mar
31
20%
Mar
10%
31%
Mar
11%
Mar
Jan
Jan
British Amer Tobacco—
66
800
Jan
Jan
31
24
*
X5 %
$0 series preferred
12%
*
British Amer Oil coupon..*
Amer Seal-Kap com.—..2
American Thread pref
Anchor Post Fence
9%
Co common—_*
Am Superpower Corp com*
1st $0 preferred
Feb
1%
4%
5
4%
28%
31%
....
American Republics.... 10
Mar
11%
1%
Brown Fence A Wire com.l
Jan
55
25%
21
Jan
12%
8%
2%
Jan
Jan
3~600
%
21'
5%
%
»
preferred
Brillo Mfg
Class A
Jan
24%
5%
10%
77
Feb
14%
125
Jan
3
"
*
27
"
Jan
Mar
4%
8
-
8%
116
Mar
6%
500
,11%
10
10
11
100
jBrown Co 6% pref—.100
16%
4,100
15%
"29
27
26
Jan
7%
Jan
20%
100
.
Feb
24
32
8%
40%
Jan
200
»
Amer Mfg Co common 100
Jan
4
50
7
•
,1*
Mar
20
com
Amer Laundry Macy
Preferred
Jan
Mar
500
17
15
28%
Jan
2Gi
25
1%
15
Jan
1%
39%
2%
1%
Jan
17%
20%
9
British Col Power cl A—.*
Mar
24%
"25"
.1
Jan
Mar
"3% "I"
4
Mar
26
21%
21%
Jan
2%
Mar
27
"32%
American General Corp lOc
Amer Invest of 111
Mar
'"9% "9%
"2 i%
Amer Fork & Hoe com..*
$2 preferred.!
Mar
34
23
10
Amer Foreign Pow warr...
$6 preferred...
35
Jan
%
10
Class B n-v.
Jan
Mar
1%
200
1%
23
23
8
5%
Am dep rets ord bearer£1
Am Cities Power A Lt—
Class A with warrants.26
Aeronautical... 1
Brill Corp class B
Class A...
60%
67
Feb
Bright Star Elec class B._*
Mar
100
300
20
18%
1834
1
Jan
Mar
Mar
■
39
Bridgeport Gaa Light Co.*
Bridgeport Machine
*
7%
10c
..._*
*
Amer Centrifugal Corp_.l
53 preferred
$5.60 prior pref
Corp
Mar
American Capital—
Class A common.... 10c
100
3%
6%
48
10
500
7% 1st preferred
preferred
110%
25%
2%
48
48
*
Jan
Jan
18
,
*
2d
Brewster
Mar
..25
com...
Mar
108
300
2%
20%
9%
141
Mar
50
2%
7
Mar
Jan
17
1,300
20%
100
9%
Mar
Jan
%
Jan
"600
Breeze
3
Mar
13
5,300
-
"fx
""5"
Brazilian Tr Lt A Pow...*
104
108% 109%
23%
18%
100
1%
Mar
150
3%
13%
18%
1%
9
3%
2,000
104
300
6%
18%
3%
4
104
16"
Mar
131
%
Feb
%
900
400
16
5%
5%
*
Jan
118
4
Ltd common.*
American Beverage com__l
Mar
7% 1st preferred
Borne Scrymser Co
B our Jo is Inc
Bowman-Blltmore
%
z34
Bohack (HQCo com...*
Jan
14%
250
X
15 '
*
*
17%
100%
110%
2.350
100% 108
112
113%
15%
15%
100%
%
15-
High
Low
2,80C
X
%
X
1
$3 opt conv pref.—
Blumenthal (8) A Co
Mar
1%
Jan
Mar
%
Shares
*
Mar
2
Range Since Jan. 1, 1939
Week
5
7%
Aluminum Industries com*
100
1
Bliss A Laughlln com.
94%
%
Aluminum Goods Mfg—*
6% preferred
Bliss (E W) common.....
Jan
Jan
1
100
American Airlines Ino
Jan
Jan
Mar
9
100
Class A conv com
Aluminum
18
62%
240
13 conv pre!
*
Allied Products com....10
6% preference
Blauner's common
%
60%
Allied Internet Invest com *
25
Aluminum Co common..41
Jan
71
*
*
Alles & Fisher Ino com.
...*
com
Jan
01%
265
Blckfords Inc
Jan
1%
65
65
65
warrants....
8%
Feb
16
Purchase
"%
Mar
Price
Berkey A Gay Furniture. 1
$2.60 conv pref
*
Blrdsboro Steel Foundry
A Machine Co com
•
Mar
Jan
.26
050
Jan
6
Mar
200
3%
6%
Alliance
.
31%
18%
100
Jan
"~% '""% ""%
-
32 %
$6
24
25
Par
(Continued)
High
1
for
of Prices
Low
High
Sale
STOCKS
Low
Week's Range
last
Range Since Jan. 1, 1939
Shares
27%
20
27%
Agfa Ansco Corp com
1
Ainsworth Mfg common. 5
Air Associates Ino coin—1
Ala Power $7
for
Week
Week's Range
Sales
Friday
Bales
Friday
170
164
Conv 5%
warr.
preferred..100
V
Volume
New York Curb Exchange—Continued—Page 2
148
Sales
Friday
STOCKS
Last
Week's Range
Sale
(Continued)
Par
Columbia Oil A Gas
1
333
3%
Low
353
1,900
Columbia Pictures Corp..*
11
Par
High
Mar
4%
14
Jan
;
Jan
Jan
Flsfe Rubber Corp.,
f0
Warrants
Jan
Florida P A L J7 prel
Feb
Ford Hotels Co Inc
33
Commonw Dlstribut
3,100
*31
Jan
33
300
%
Jan
Jan
36K
Mar
Mar
29K
Mar
%
1
»16
"16
Community P A L S0 pref *
30%
3033
33
300
29%
Community Pub Service 25
2633
26
28
325
26
Community Water Serv—1
he
he
200
15%
1533
100
%
*1*
1
1
15
Jan
Jan
37
"~5% ""5% "553 •V"100
—1
6
Consol Copper Mines
x6
86
1,700
1953
Mar
23
Jan
75
1953
Mar
23
Jan
rl 53
rl%
200
153
Mar
Jan
1053
353
Feb
4%
Jan
6%
Mar
933
6
653
1,500
17
1733
433
200
;
2
233
Jan
Gatlneau Power Co com.*
Jan
Mar
Mar
he
Mar
Genera! Alloys Co,.,,.
Jan
Jan
Jan
55%
'
9
Jan
Jan
20
Mar
Mar
Mar
2
""33
Feb
TSOO
33
,
■
2,400
wl
-Urn
*.
6ie
14
'"56
3
49
51
500
-
-
~b"
""400
"633
6
Jan
'533
100
Feb
20%
Feb
l%
Jan
"
100
133
m
J
*
Mar
Jan
1433
Mar
42%
%
52%
Jan
Jan
Jan
5033
Mar
6233
J an
hi
Jan
500
.
""166
~24%
"306
"22
14
150
23
21M
400
133
133
H"
•
'
'
•
"
"
■+* -
-
-
MM.
333
353
433
833
833
933
'«•
21K
3%
400
7%
*m
*
"""30
"68"
"~1% "133
Feb
Jan
Mar
25
Mar
Feb
5%
Mar
Feb
73%
20%
Mar
Mar
Jan
Jan
Mar
833
,133
400
1%
18%
Mar
750
8%
6
10 33
25
6
53
1233
14
1233
1233
1333
75
2%
253
333
800
Stores......2
"lb'"
,
50
1633
133
133
1033
6533
333
333
'
1
1253
Jan
10
Feb
Oil
1,700
60%
Jan
2%
Jan
3,500
■
Jan
2%
Jan
3%
Mar
450
18%
Mar
29%
Jan
'3%
Mar
5%
Jan
,
'
a
"
16"
500
10
Class A
Heller Co common...—2
w
Jan
3%
Mar
Jan
IK
10
10 K
Jan
Feb
Jan
w
—..25
C) Co com......1
Horn A Hardart—..... *
Common
375
51 %
Feb
71
Mar
200
56
Feb
71
Mar
70 33
950
70
7133
350
6%
400
7
25
....
Feb
73
Mar
74
Mar
2453
Mar
6%
Mar
10 K
Jan
%
Mar
53
Jan
350
25
Mar
28 %
Mar
1,900
5
Mar
853
Jan
33
533
5,500
Mar
20
Jan
Jan
%
Jan
""1633 "13" "5" 100
9%
Jan
16
Feb
8%
900
7%
Jan
Jan
2133
300
19%
Jan
8%
23%
Mar
400
Jan
853
Mar
Feb
7
Jan
Fairchlld Aviation
1
10 33
Falstaff Brewing
1
7%
7%
Fanny Farmer Candy coml
2033
2033
Fansteel Metallurgical...*
633
633
633
18
200
1833
6
4%
5%
1.000
16%
he
900
7
9%
Fiat Amer dep rights
ht
Jan
he
JaD
he
,
■
7%
'7%
24%
3%
33
Feb
Mar
133
Mar
Jan
633
Mar
23
Mar
23
Mar
Feb
36
Mar
29
Jan
22
Mar
953
Feb
he
.Jan
Jan
Jan
7%
7%
24%
Mar
533
Jan
7%
Feb
2233
'933
200
3%
Feb
4
Feb
300
Feb
Mar
7%
933
Jan
100
7%
7%
50
24%
Jan
Jan
Jan
9
Jan
37
Jan
7
Mar
10
Jan
37'
100
2633
Mar
Mar
5%
13%
Mar
'""866
37
26 33
Jan
45
7
Mar
24
"~5% ~~6~~
"206
1,600
400
■
Mar
10
Jan
8
Mar
,4133
833
1233
12
Jan
2433
37%
37%
38
625,
Jan
■
109
Jan
3933
Jan
11033
Mar
"""50
9%
Mar
3,000
56%
Mar
1,100
Mar
10%
100
3%
10%
100
%
%
553
8%
200
6
Jan
Mar
Mar
35%
5953
4%
"~~9~% "9%
5653
3%
3
Man
Mar
8
Jan
Mar
Jan
Feb
15
1153
3
Feb
Feb
50
24%
Mar
Feb
12
Jan
533
12
Mar
Mar
Jan
33
Jan
Mar
9
Jan
JaD
9
Jan
Mar
433
Mar
IK
Jan
23%
2%
Jan
Mar
233
2933
Mar
4
25
25
26%
-
250
2%
2%
3%
16%
16%
20%
1,200
2,100
3%
5
1,600
15%
1553
16%
1,000
10
16
30 %
6%
34
16%
Mar
3%
Mar
Mar
54%
4 33
Feb
54 33
Mar
17
200
16
Jan
1633
Feb
30%
100
6%
100
291^;
633
Jan
Mar
103
1033-3
50
8%
103
200
7%
1653
Feb
Feb
7
Jan
1033
12 33
108
Mar
133
%
Mar
133
Jan
200
%
Jan
Jan
Jan
>he
he
*
Mar
32
Mar
Mar
Feb
Feb
Jan
8
Jan
633
6% Mar
15%, Mar'
30
Jan
Feb
25
15%
»
B...
Mar
Jan
3%
3%
7%
7%
24%
8%
Jan
Jan
Industrial Finance—
V
Pref
Mar
21%
Jan
24>3
Mar
1433
Mar
Mar
2133
33
Mar
Mar
433
-Jan
67%
550
63
23%
24%
900
14%
18%
1,200
64%
23%
64%
15
Jan
Elec—
93.60 series.:
A stock
Mar
10
68 33
9 53
100
International Cigar Mach *
Internet Hydro
33
Jan
Feb
1
t c common
7% preferred
Insurance Co of No Am. 10
50
purch warrants.
1
Intl Industries Inc
I
6%
Class
Mar
65
Moo
■'7%l
10
pf.100
Non-votlng class A
4
Jan
16%
7% preferred
100
IndpHP AL653% pf—100
Indian Ter Ilium Oil-
Indiana Pipe Line
Indiana 8ervice 6%
Mar
4
-
Imperial Tobacco oi Great
Britain A Ireland
£1
Registered
Jan
Jan
Mar
133
1,100
Imperial Tobacco of Can.5
Feb
2K
11
%
""foo
3%
,3%
*
Feb
17%
For footnotes,see page 1931.
"31"
"§r
3%
Imperial Chem Indus..£l
Imperial Oil (Can) coup..*
Jan
Mar
1,500
•5%
54%
633
European Electric Corp—
Option warrants
ht
6%
5%
52
2733
%
%
"is"
5%
%
60
Feb
Mar
40
%
""466
10%
21%
1
1%
%
Div arrear ctfs
6833
1
1%
153
10%
5% conv preferred
Mar
Jan
33
IO233
10733
%
53
16
Mar
7133
5
'""566
*
Hydrade Fpod Prod...-.5
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co...*
70%
69 33
533
250
4
03
jHuylers of Del Inc—
Jan
100
Esquire-Coronet
1
Eureka Pipe Line com..50
1%
;—1
100
Hussmann-Llgonler Co
Jan
100
25
Jan
100
6% preferred
Hubbell (Harvey) Inc
20
68 33
1
Jan
8%
1%
Horder's Inc.—
53
6933
Equity Corp common.. 10c
2%
100
Hey den Chemical
-10
Hires (Chas E) Co cl A.
Illuminating Shares A
633
200
25
Hewitt Rubber common..6
25
'
Jan
2%
,2%
io%: 10%
ex-war
100
153
2233
'""10
*
—*
Helena Rubensteln..
Preferred
Jan
Mar
105% 10553
.
6% conv preferred...60
Hecla Mining Co
25c
70
100
70
Empire Power part stock. *
Emaoo Derrick A Equip. .5
Jan
Hartman Tobacco
20
133
70
69
Mar
26
Hartford Elec Light
153
2153
133
68
100
100
33%
Jan
Mar
95%
103%
Hamilton Bridge Co com
6933
20
Jan
7~, 300
6
20
133
15
%
"§353 "33% "§653
7% pref unstamped.. 100
Hydro Electric Securities.
•
Empire Dlst El 6% pf 100
Empire Ga~ A Fuel Co—
15%
Feb
Feb
39
733
233
2%
96 preferred—
7% oref stamped
Electric Shareholdings
1
3" 900
3%
1,000
«■I
2
"iik" "11% "18"
Hummel-Ross Fibre Corp 6
5,700
\
Mar
Mar
3%
«-
Mar
56%
4.%
"16"
12933
Mar
6
*
19%
v
Mar
5%
Humble Oil ARef—
333
Elec Shovel Coal S4 prel—*
Feb
8633
36%
Mar
333
Jan
Mar
Jan
11
Jan
2234
Jan
69%
124%
10%
Feb
iiH
Feb
7 J3
Horn (A
72%
3%
he
12 %
350
10%
Mar
Jan
Feb
9833
Feb
125
Hall Lamp Co.
Mar
65
,
Mar
1,000
14%
1833
Gen
Feb
Mar
'l0553
Mar
1253
-
he
6%
•
5%
13%
333
'
11
3753
37
5%
3%
'
Mar
9%
126
125
13%
1833
'
6
*
5 53
Co class A—10
Jan
Feb
450
Hoe (R) A
*
r
Jan
Feb
33
"soo
85
Holllnger Consol G M—6
..1
■
5
Mar
200
Jan
warrants.——.
•
25
pref *
Holophane Co common
Holt (Henry) A Co cl A—*
*
Hormel (Geo A) A Co com*
2
Jan
Mar
70%
333
-1
Corp
Jan
1853
7%
53%
Jan
23
'"166
22
78%
79
Jan
Mar
•
Jan
200
58
Jan
37
6%
stock....*
'19K
Mar
Mar
no
Jan
153
Jan
1
66,400
5633
6533
Mar
19K
353
1753
1,900
733
1%
Jan
16
300
Jan
153
25%
15
_
—...
8
Jan
Jan
Mar
%
12%
12%
2%
200
1233
5633
7
1453
Feb
750
Mar
7
Feb
3%
78
Mar
400
7%
'"~9% ~l6%
953
Greenfield Tap & Die
Preferred
$7 preferred series A...*
$6 preferred series B—*
Easy Washing Mach B
*
Economy Grocery Stores.*
*
-
72
Mar
%
Corp—..1
-
""l%
5
•33
Elec Bond A Share com..5
•
Jan
O
6
•
Jan
Jan
100
6
*
Mar
-
23
Jan
Jan
6 33
Great Atl & Pac Tea—
Co....*
Harvard Brewing Co
1
Hat Corp of Am cl B com.l
Haverty Furniture cv pfd. *
Hazeltlne Corp
*
Hearn Dept Store com—6
Jan
Mar
3,300
833
Eastern Malleable Iron. .25
21
extend. *
Grand Rapids Varnish—*
Gray Manufacturing Co. 10
Hartford Rayon v t c—.1
■
1%
'
18
V t c agreement
Mar
Jan
5%
1833
Mar
94%
Jan
9%
x30
Mar
133
*
Guardian Investors
21%
Mar
1833
Mar
96
50
97 preferred
Jan
Feb
1
*
37
Jan
28
2,700
23
6
Goldfield Consol Mines..1
Grumman Aircraft Engr.l
Mar
4
prior preferred. 100
preferred
100
4%
23
Godchaux Sugars class A
Class B
Jan
Mar
153
Mar
100
5
4
*
Gulf States UtU 95.50
500
1033
10
Jan
79%
4%
Gulf
1
'
30
Mar
31
300
65
Mar
433
5
"266
89
30
Mar
1
9
'33%
.*
common.—*
10
2
,
Mar
6
Mar
4
"""4"
100%
$5 preferred
Jan
Jan
1%
Jan
87%
8753
*
Grocery Sta Prod com..25c
Jan
12%
64
95%
"32
$3 preferred
Georgia Power $6 pref—
Non-vot com
60
100
200
69
,65
10
Jan
tm
"65"
Jan
99%
19%
Jan
14%
52 33
Jan
Jau
64
100
1453
14%
—
Feb
Mar
9
mi
49%
2%
60
~
500
16%
■
"68" "6§"
5053
*
Jan
Feb
99%
6% preferred A
100
Gen Water G A E com._.l
37
Jan
x30
Mar
General Tire A Rubber—
Haloid Co..—.
W'O
Feb
1733
.*
l,'
L100
80 %
49%
4953
126
Jan
1%
2J3
Jan
Jan
93 preierted — .—
Gorham Mhg Co—
2%
Mar
10,
'
Jan
Gorham Inc class A
Mar
Feb
14
Mar
.....
Feb
24
—
$3 conv
Jan
Mar
53
67%
"800
Mar
Jan
6%
Mar
20
.....
com.20
preferred
»
25
1%
Jan
H
'
200
1%
~16
"l5~
15
General Telephone
Glen Aiden Coal
Feb
153
1
________
$6 conv pref ww_
100
200
,
Common
7% 1st preferred
153
:
stock—*
Gt Northern Paper
1%
"26" "26"
4 33 %
Corp
19
General Shareholders Corp-
Gilbert (A C)
Preferred
Mar
26
Mar
1%
1
83 conv pref
Jan
*
Jan
7
Jan
1%
9
Fldello Brewery
1353
Mar
13%
300
5
Ferro Enamel
.1253
Mar
1,00
133
133
,
—10
Feddere Mfg Co
1253
pref B__*
Gen Gas & El 6%
General Investment oom.l
^15%
1%
2%
2%
31%
27%
1333
133
East Gas A Fuel Assoc—
preferred
633% preferred
7% preferred
8% preferred
*
Gen Fire proofing com
Jan
16 %
11
Feb
Jan
1333
Eagle Ploher Lead
6%
1753
Jan
""lOO ""7%
■
00
133
Duval Texas Sulphur—..*
Elgin Nat Watch Co
1753
2
Jan
1753
Mar
18%
17%
27%
Mar
-----
Durham Hosiery cl B com *
Electrol Inc v t c
100
Jan
."IK
7%
7%
Jan
25
133
133
Jan
Mar
680
433
433
24
Jan
5%
4%
3,800
433
...100
.1
"Mdo
ord reg-£l
Amer dep rets
Jan
4%
51%
109 %
Feb
633
■'
Feb
Feb
24%
•-
Jan
%
Jan
,100
Mar
10
Jan
26 33
Dubiller Condenser Corp.l
Shareholdings Corp
""l% """153 "153"
1%
Jan
17%
14%
100
Electrographic Corp
100
preferred
52
Feb
12%
25
10
to
8833
Feb
70
Mar
200
15
24
*
changed
5%
Jan
1%
1,100
1833
5%
f
6Ji
*0
—
~
■
Name
Jan
""l"66
Jan
3
Mar
108
*
Dominion Textile Co. ...*
"
Mar
88
"1453 "14%
Feb
Jan
46%
Col.—*
Class A
16
—f "*
%
10 %
8%
Dominion Steel A Coal B 25
Option
Jan
-
66
3
Mar
■
Elec PAL 2d pref A.
Mar
12*3
— —
41%
Jan
3
200
25
ord reg__£l
....
Mar
83
50
Jan
,..'75
13
Divco-Twln Truck 00m..1
Dobeckmun Co common. 1
Elec Power Assoc com
Mar
42
Mar
40
Mar
1633
Distillers Co Ltd—
._*
Jan
Mar
1
1
$0 preferred
Jan
Jan
2833
34
46
Jan
2
—
10
preferred
17%
150
67 K
9%
%
200
18
Distilled Liquors Corp...5
$5
600
42
67
Mar
2
"13"
10
7% preferred..
Diamond Shoe Corp com.*
Elsler Electric
2853
4053
41%
Jan
10
9%
..
Edison Bros
2653
67 %
23K
Mar
700
"~b"
...1
Detroit Steel Products.— *
6%
27%
40%
4153
Mar
2
Detroit Paper Prod
Eastern States Corp.
Mar
Gen Pub Serv $6 pref
Jan
"
Det Mich Stove Co com.-l
Common..—..
26
Gen Rayon Co A
Mar
300
"
1
Duro-Test Corp com
Jan
Mar
1%
100
3
6% pref w w
,20
Detroit Gray Iron Fdy—.1
Duke Power Co
15 %
Mar
653
2
preferred
*
Detroit Gasket A Mfg— 1
preferred
175
3%
90
6%
133
"49"
■
Feb
3,000
he
A conv
7%
26
Warrants..
Feb
"~8% "833
__
*
Corp
Mar
2453
Feb
Mar
%
Derby Oil A Ret Corp com *
Draper
19%
$6 preferred
6
18K
4%
300
1933
553
1633
1
Driver Harris Co
Feb
Jan
%
4%
3,700
5
433'
ht
,
Dennlson Mfg 7% pre! 100
Dominion Bridge
10
1,800
5%
14 %
Jan
74
~
433
35
Am dep rets
Jan
Mar
600
233
"18% ""1833
Davenport Hosiery Mills.*
De Vllbiss Co com
Jan
4%
______
5
v.
Jan
1,900
753
Gen Electric Co Ltd—
Jan
9 J3
10
6
■
.
—25
Stores
17
1753
83
Co com—1
$3 cony stock
—*—*
4% conv preferred
100
6%
92%
Mar
■
15%
400
""
Cuban Tobacco com v t c. ♦
Dejay
250
9%
18%
Mar
1853
1553
1
'
m-
-
1
„
Jan
Mar
Gen Outdoor Adv 6% pi 100
Jlam
9%'
Decca Records com.i....
Jan
6
92
Jan
13%
433
,r433
-
2
Class A.,
Mar
Jan
15
Jan
653
1753
7
15
partlo pref
Gamewell Co $6 c v pref
52%
6
1733
1
_
60
Com
1%
15J3
2453
1
Common
8%
300
833
8%
9%
Dayton Rubber Mfg com
Froedtert Grain A Malt
Feb
84
""600
2
Darby Petroleum com—5
Jan
.....
7
25
""733 "'7% "733
Crown Drug Co com—25c
preferred..—100
Feb
1%
3%
2,200
9133
Crown Cork Internal A-.*
033%
Mar
Mar
153
200
>
533
333
91%
,
86
10
,133
2
Curtis Mfg Co (Mo)
6K
Mar
3%
100
86
133
49
300
333
333
2
*
Mar
Fuller (Geo A)
153
1
Cuneo Press Inc
Jan
4K
2053
Jan
51
Crowley, Mliner A Co—*
Crown Cent Petrol (Md).5
*
10
934
20 K
Fruehauf Trailer Co
33
1
Jan
19K
Feb
433
Preferred
Feb
9
19%
1%
33
Crystal Oil Ref com
6% preferred
73
19%
Jan
433
Croft Brewing Co
Mar
1953
%
5% conv preferred..^.50
Ltd
£1
Crocker Wheeler Elec
61
*
200
33
Courtaulds
5
*
200
*
B
Feb
Cosden Petroleum com...1
Creole Petroleum
63
Ford Motor of France—
Mar
333
86
*
preferred A
61
Ford Motor of Can cl A,.*
8%
80%
49
1
S6
Mar
61
Jau
117%
"46""
Cook Paint A Varnish—*
Common
90
Jan
Jan
%
S4 preferred
*
Cooper Bessemer com——*
S3 prior preference
*
Copper Range Co
.*
Copper weld Steel new
5
Corroon A Reynolds—
Mar
Jan
353
Mar
.
71
Continental Oil of Mex..l
Cont Roll A Steel Fdy—.*
1233
73
1,200
113%
3%
E 7% Prior pf 100 : 9133
Cont G A
Jan
125
4%
280
%
100
preferred
Consol Royalty Oil
10
Consol Steel Corp com...*
7,400
83
4K
700
15,400
733
7453
114
Mar
11
9
453
77
x6
74%
5% pref class A..—.100
Consol Gas Utilities
1
Consol Mln A Smelt Ltd.5
Consol Retail Stores
1
8%
Am
11333 114
x6
Consol GBLP Bait com *
9"
68
7753
9
100 frcs
Fox (Peter) Brew Co
6
Franklin Rayon Corp—_1
37
Jan
High
Jan
Jan
16
Jan
5%
6453
58
7753
Amer dep rets...
——*
Low
140
dep rets ord reg—£1
Conn Gas A Coke Secur.. *
S3 preferred
Consol Biscuit Co
Range Since Jan. 1,1939
for
Week
Shares
Ford Motor Co Ltd—
Class
Compo Shoe Macn—
V t c ext to 1946
62
62
1
100
*
preferred
of Prices
High
Low
Price
Fire Association (Phila).10
Commonwealth A Southern
Week's Range
Sale
(Continued)
Shares
High
Last
STOCKS
Range Since Jan. 1,1939
for
Week
of Prices
Low
Price
1927
Sales
Friday
.....
....
hi
.....
I" 500
Jan
'
2,
April 1, 1939
New York Curb Exchange—Continued—Page 3
1928
Last
(Continued)
Sale
Par
Price
Week's
Range
of Prices
Low
High
Week
Week's Range
for
SaU
of Prices
Low
High
Week
2
6,200
3,800
Par
Mar
5X
4X
27X
Mock. Jud, Voehringer—
Common
$2.60
Mar
Mar
5X
2%
26 X
2
Last
High
Low
Shares
Internat Metal Indus A__*
Jan
Jan
Ptfw warr
2X
International Petroleum__*
24%
24 X
2H
2X
2K
100
25X
2X
Mar
3X
Jan
—1
Monarch Machine Tool..*
Monogram Pictures com.l
*u
*16
300
X
Mar
K
Feb
Monroe
200
7X
X
Jan
X
Internal Pa pel A
Registered
24 K
—.
International Product®—*
9
B.*
Internat eaiety Razor
Mar
Jan
27
Jan
Molybdenum Corp
'8
14
14
preferred..-..—*
$3.50 prior pref
*
Warrants series of 1940—
Vitamin—I
15X
Mar
Feb
38 X
Mar
>w
Feb
ht
Jan
4%
3X
900
500
4K
13
lex
Irving Air Chute.—
,16
*
5% preferred D
Kingston Products
Mountain Sts Tel A Tel 100
Murray Ohio Mfg. Co.-
10X
63 %
Klein (D Emll) Co
21X
Jan
1,900
15X
Mar
Feb
"3366
3X
Jan
4X
Jan
200
IK
Jan
2X
Feb
100
67K
"""*90
80 X
80
"95"
91X
175
25
"4 X "ix
"360
7K
100
7K
10
107
Mar
ht
National City Lines com.l
Mar
Jan
$3 conv pref——--60
National Container (Del).l
20
Jan
National Fuel Gas
7X
105
Jan
9
Feb
107 K
Jan
53
Mar
53 X
38
Jan
58
t
•'
"iox
Conv part preferred.—*
Jan
5K
Jan
6X
Feb
12X
2,500
Mar
Mar
Mar
13X
Mar
11%
UK
Lion Oil Refining
16
16
18 K
2,500
1
500
13
K
500
46 X
""506
13
13
73
Jan
Mar
45
Mar-
Jan
12
Jan
Mar
7
Jan
Feb
Mar
,
3X
V
Jan
7%
Jan
3K
Jah
New England Tel A Tel 100
Feb
K
Jan
Mar
Mar
New Idea Ino common—*
3,000
X
25X
,
HX
100
Mar
Jan
New Jersey Zinc—
Mar
20 X
Jan
New Mex A Ariz Land—1
11K
450
32 X
15
16
300
1,300
12X
Mar
17
Feb
Newmont Mining Corp. 10
Jan
23
Feb
IX
S*
•
22
*
Locke Steel Chain.......6
11K
11X
Lockheed Aircraft
25 K
25 X
12 X
30 X
8
Jan
22
Jan
Warrants
1,400
*200
IK
0
7
35
Mar
Jan
30
Mar
Jan
Mar
IK
7K
Jaa
Jan
Mar
Jan
Mar!
hi
Feb
Feb
IX
Mar
1
98
100
100
5% 1st pref...
6% 2d preierred
Jan
K
IK
Mar
""l0
Jan
25
200
Mar
2
Feb
19
~
Feb
34
5X
200
2
Feb
6X
"260
M ar
17
Mar
5
2
Feb
4X
£
2X
Jan
Feb
53K
Mar
7X
Jan
Mar
15
500
*
18 K
Jan
Feb
Feb
64
—1
$0 preferred
*
North Amer Rayon cl A—*
Class B common.,
•
0% prior preferred
60
No Am Utility Securities.*
Common..—.
Nor Central Texas Oil...6
6 % preferred
100
McCord Rad A Mfg B..„*
MeWllllams Dredging...*
Memphis Nat Gas
6
com
100
IK
IK
3K
94
Mercantile Stores
17
17
2X
Jan
11
Mar
17
Jan
125
Jan
149
Mar
Jan
4
Feb
3K
94
Mar
400
700
95 %
17"
3^
Memphis P & L $7 pref..*
IK
*
'
275
13 H
11
125K 141
60
3X
Mar
Mar
Oklahoma Nat Gas com. 15
98 X
Mar
15X
Jan
20 X
Feb
Merchants A Mfg ol A
1
4K
4K
700
4
Mar
Participating preierred.*
Merritt Chapman A Scott *
27 X
27 %
5
50
26
Mar
1,300
"66""
*""175
ll16
5,000
IK
200
"
3K
3K
3X
Warrants
X
62*"
6X% A preferred.—100
Meaabl Iron Co..—
Metal Textile
Corp
PaHlcipat preferred—16
Michigan
Michigan
Michigan
Michigan
X
,'l6
1
26c
Metropolitan Edison—
$0 preierred
Mexico-Ohio Oil.—
*62"
IK
IX'
33
33
;
10
02
Mar
1 X
33
X
77
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
6X
Jan
Mar
Tii
5X
28
IX
35
*
*
X
K
200
X
1,100
95X
•
Feb
95
Feb
K
Feb-
0% conv prior pref—100
Oldetyme Distillers
—1
K
Jan
IX
25 X
"u
Feb
2X
Jan
6X
Mar
3K
3K
3X
Mar
8X
3K
Feb
Feb
Midland Steel Products—
6X%
12
98X 101X
450
Jan
93
Jan
IX
200
1
Mar
8
Mar
12
1
Mar
8
8K
1,400
IK
IK
100
Midwest Piping & Sup..
Jan
Paramount Motors
Jan
IK
Jan
Parkers burg Rig A
8K
Jan
12
Mar
600
Minnesota P & L 7% pf 100
Miss River Power pref. 100
3X
3X
200
Jan
37
Jan
50X
Mar
Mar
90
Mar
115
49
IK
87
44 X
Mar
Jan
115X
Feb
Feb
4
Mar
IK
3X
■
82
Jan
*11
Feb
Jan
Mar
10
64X
Mar
7X
Jan
Jan
IK
5K
Mar
IX
65X
Feb
22X
21X
Feb
IK
1,100
4X
5
7,000
IX
4X
1
1
IX
2,300
1
53
53
55 X
457
6-i
Mar
17
Jan
"l6X
16 X
""306
18
Class
Preferred
1
16 X
Mar
Feb
X
3X
Mar
200
*16
*16
86 ""
*
81X
Jan
Jan
Jan
Jan
Feb
X
Feb
Jan
94 X
Mar
94 X
20
Jan
100 X
Mar
5K
200
4X
Feb
5X
Mar
7K *, 9K
17X
19
28'
29X
2,900
7X
Mar
12X
Feb
20 X
31
Mar
86
86
X94
5X
7X
Feb
4
Jan
.10
3X
l16
3X
Mar
Mar
IX
Feb
100
47
*
i.
88
15
Jan
600
27
Jan
25
19
Mar
225
100
Jan
105 X
Mar
Mar
111X
Feb
112X
114X
111X
Jan
ii3K m" """116
28
500
110
17X
Mar
105
Mar
19
19
101
101
19
103K
Jan
108 X
108 X HO
X
80
104 X
100
100
1C0
'
60
100
Mar
9
Feb
9X
26
Feb
Jan
Jan
39 X
150
""ix ""ix "ix
90~
39 X
39 X
Jan
Jan
9X
13X
Mar
39
Jan
43 X
Mar
100
"iox "iox "iiK """906
Feb
103 X
Mar
33
29K
105K 107X
78 X
78 X
Jan
YA
Feb
Mar
4K
Mar
8X
32 X
Feb
3K
29K
IX
5
Jan
Jan
9X
Mar
32
Jan
33X
Mar
50
28 K
Jan
30
Mar
150
105K
Mar
10
68 X
2,700
Jan
108 X
86
Mar
6
Jan
7X
Mar
20
Jan
21K
Mar
99
105 K
78 X
Jan
101X
6
Mar
Mar
7X
3X
16
Jan
Mar
4X
Mar
50
13 X
11K
4K
28,600
3X
13X
"l3X "13X
15
Mar
Feb
15
15
Mar
39
"io
37 X
Jan
7X
Jan
Jaa
14
Mar
20
Mar
100
8X
30 X
200
30 X
4X
4X
4X
100
8K
100
39 X
12
Feb
Jan
29
Jan
30
Jan
53
39 X
30 X
*
*
B
Peninsular Telephone com*
.
43
"~3X
Mar
Mar
Jan
7X
IX
4
Reel-.l
Pender (D) Grocery A
50
,100
4X
Patchogue-PlymouthMills*
Jan
56
X
Feb
100
Penn Edison Go—
$2.80 preferred
$5
Jan
90 X
•7X
Corp.l
preferred
—*
_*
Penn Gas & Elec class A..*
"1931.
Mar
Mar
Mar
Mar
4X
Parker Pen Co
15X
109
9X
91X
Mar
87
*58X "l~206
$1.301st preferred
*
Page-Hershey Tubes com.*
Pantepec OH of VenezuelaAmerican shares
*
Feb
r7K
IX
7X
Mar
6X
Mar
22 X
82
425
86
82
*52 K
Mar
50
Jan
4X
Jan
6X
1
1,100
13 X
Jan
6K
13,700
8K
Jan
Mar
5K
6K
For footnotes see page
X
6K
9X
17C
4X
32 X
Feb
Mar
18
.100
800
29 K
Middle West Corp com..6
Midland Oil Corp—
"~3 K
10
*2l"
5X
1st preferred—25
Pacific Ltg $0 pref
*
Pacific P A L 7% pref—100
Pacific Public Serv
*
8
Jan
4.K,
Pacific G & E 0% 1st pf.26
Mar
Missouri Pub Serv com.
900
4X
Jan
4X
K
44 K
Jan
z7%
450
8
2
Jan
500
*
23 X
26X
Mar
Feb
1,700
Minnesota Mln & Mfg
Feb
Mar
X
l6i«
7K
10
26
'16
2X
5K
Mining Corp of Canada..*
Jan
IX
Jan
%
1
Jan
10X
1,100
Mar
4K
50c
2
""400
Mar
*
Midwest Oil Co
Mar
Ke
2X
*
Mid-West Abrasive
IK
IX
ex
tc
98X
Jan
100
IX
ht
*
27
z78
82 X
300
tc
dlv shs
Mar
Jan
4
""166
v
Co
25
25X
19
7
\
non-cum
Jan
200
IX
100
10
2X
ClassB
$2
80
21
8
6K
pref
Mar
21
2K
4X
70
1
Overseas Securities
»
Pacillc Can Co common. _*
1
10
Jan
1,400
IK
15
1.600
Omar. Inc..
Class A
Mid vale
50
preferred
Jan
Middle States Petrol—
conv
Northwest
Feb
800
IK
X
7i«
Sugar Co.—...*
Preferred
$2
Nor Sts Po<w new cl
$3
Bumper Corp—1
Gas A OH
l
Steel Tube—2.60
Jan
IK
IK
72 X
25
IX
70
Ollstocks Ltd common—6
Jan
Feb
*
com—1
Nor Ind Pub Ser 0% pf_100
7% preferred
-.100
Northern Pipe Line..—10
A—25
Engineering—*
Novadel-Agene Corp—..*
Ohio Brass Co cl B com... *
Ohio Edison $0 pref
*
Ohio Oil 0% pref—
100
Ohio Power 0% pref.—100
Ohio P S 7% 1st pref—100
0% 1st preferred
100
80
com
400
62 K
50
Nor European Oil
—
IX
Mar
1,300
Nor Amer Lt A Power—
Mar
Class B common.
McColl-Frontenac Oil—
11
50
53
Mar
Niagara Share-
Mar
Feb
20X,
31
"266
1
129
14
"'"ht
Mar
Mar
31
10 X
....
*
Mar
IX
6
Class A preferred—.100
NIlee-Bement -Pond
--*
Nineteen HundredCorp B 1
Nlplsslng Mines..
..0
Noma Electric
1
Feb
Marconi Intl Marine
Mead Johnson A Co
10 X
50
Class A opt warrants
16K
Jan
Mar
900
1
,
Class B opt warrants
15
8
200
Jan zl03X
Jan
"4% "sii
Mar
.
100
Mar
"15*
Mar
111
—.*
Corp—
Founders shares..,
1
New York Transit Co
5
N Y Water Serv 0% pf.100
Niagara Hudson Power—
Common
.—10
2X
Massey Harris common..*
Mar
72 X
Jan
.Jan
12 X
"ix
15
Jan
56X
104 X
5
10X
k
Mar
Mar
20
iox
IX
3X
40
5K
5
70
■
""450
65K
107
107
preferred
X
IX
1
"eiX "oix
Feb
Mar
Feb
N Y Shipbuilding
Jan
"•3"
Jan
3X
38X
Jan
Mar
Marlon Steam Shovel..*..*
X
"~25
40
IK
IK
1
*
100
.....
Jan
9X
Hi,
.
Mar
Mar
27 H
6K
5X
Mar
500
6K
Mar
'
9
1,300
Communlca'na ordreg £1
Jan
4X
.500
27
IK
25
5X
110
31X
"20"
Mar
Jan
IK
*
Feb
4
Jan
N Y A Honduras Roeario 10
27 K
25
5X
40
——————
IK
"26'
50X
78 X
—
27 K
26
Mar
Jan
Jan
107
ht
"26"
111K
42 X
N Y Merchandise—10
Jan
6
3,800
,
$5 conv preferred.....*
Jan
Jan
N Y Pr A Lt 7% pref—100
92 X
Mapes Consol Mfg Co.—*
Jan
Jan
19X
Louisiana P A L $0 prel—*
Manlschewltz (B) com...*
K
Feb
26
400
IK
6
Mar
Jan
1
76
IK
Feb
Mar
$0
20
Jan
15 X
13X
Mar
2,900
23
Feb
36 K
Mar
Long Island Lighting—
1
8X
2X
IX
Mar
1IX
25K
IK
N Y City Omnibus
24
400
21%. 30X
Feb
Jan
29,000
8K
IK
25
*
N Y Auction Co com....*
Jan
24
....
Mar
4
4%
4X
New Process Co
22
»
..100
preferred
Mar
Mar
X
'"260
4
New Haven Clock Co—.*
2,200
*16
0%
Jan
Jan
12
Feb
8X
Jan
Jan
5X
78 K
43
.....
New Engl Pow Assoc...
K
Feb
Jan
Mar
Mar
102
"43"
100
preferred
Feb
Mar
•
Nevada Calif Eleo com. 100
Feb
Mar
"~2X "*3X
'
K
Nestle Le Mur Co cl A—*
Mar
60 K
65
13
IK
*
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref. 100
Nehl Corp common
*
1st preferred
——*
Nelson (Herman) Corp—6
Neptune Meter class A...*
Jan
Feb
4X
7%
1
2K
12X
11
100
1
Jan
60 X
200
Nat Union Radio Corp—1
Mar
Jan
IK
IK
13 X
Mar
\2K
IX
8X
IK
32 X
Mar
5K
IK
57
2,100
Jan
X
8
Nat Tunnel A Mines...— *
Six
Jan
*16
5X
10
12.60
National Tea 6X % pref.
National
5
1
5X
25
Mar
11X
5
Tioo
Mar
45
Mar
12 X
"l2"
"l2"
Mar
Navarro Oil Co..
Mar
Mar
Jan
2X
""160
»ie
IK
Jan
Jan
Mar
49
""ht
8X
15X
10
6
40
'n
13X
Jan
Jan
85 X
Jan
4
Jan
Mar
Mar
33 X
1,000
"Jan
Transit
43
100
0X
Mar
10
400
28X
12X
May Hosiery Mills Ino—
$4 preferred
42
Feb.
5X
12 X
10
25X
Master Electric Co
12
42
"2^766
National Sugar Refining.*
64
25 %
Mass Utll Assoc v t c
"ii"
11
Jan
,
"~5K
' 4X
Feb
""600
3 X
2X
'"300
«x
12K
Jan
X
2X
Mar
■
Jan
2,000
X
Nat Service common.....1
3X
~32 X "iix
Le Tourneau (R G) Ino ..1
Lme Material Co
6
Margay Oil Corp.—
Mar
9X
"2%
Nat Rubber Macb....—*
Jan
8
*
Natl Refining new com
Jan
Mar
100
*16
Mangel Stores..."
Jan
70
2X
50
*ie
Lucky Tiger Comb G M.10
Ludlow Valve Mfg. Co
.*
Lynch Corp common..-.6
Majestto Radio A Tel
1
Manati Sugar opt warr...
Mar
100
National Steel Oar Ltd—*
-
2%
*
Mar
350
K
Louisiana Land A Explor.l
Mar
14K
200
7X
"23"
Mar
10
Jan
400
Jan
5
64
7% preferred.—..—100
100
130
Feb
IOX
3X
2K
"166
12X
Develop—26
0% pref class B
Loudon Packing..—
123 X
8
UK
78 K
300
*12 X
12
1
20
300
;
126
11X
34 X
Feb
48
*
X
75 X
Mar
45
*
Mar
3X
•29X
IK
2X
*
*
Common.....
Jan
X
3X
1,000
2
5
..1
4K
200
300
125 X
125 X
1,800
X
5
.
75 X
Mar
K
30
12
Loblaw Groceterias cl A..*
Mar
Mar
7,300
5X
X
National P A L $0 pref— *
National Oil Products
79
45
Ltpton (Thos J) class A... 1
0% preferred
26
Jan
5K
6X
5X
11K
Nat Mfg A Stores com..
Jan
Jan
12
...*
Jan
Jan
5K
3X
29 K
Feb
6X
56
45
2%
X
4
116X
Feb
34 %
Jan
Mar
11X
3K
29X
Mar
10
Lake Shores Mines Ltd—1
31K
28 X
K
IK
Lakey Foundry A Mach.l
Lane Bryant 7% pref..100
Lefcourt Realty common. 1
Jan
Feb
11X
Mar
8
Kreuger Brewing Co——1
Lone Star Gas Corp
Mar
99 X
Mar
Lackawanna RR (N J). 100
Class B
94
39
Mar
29 K
100
30 K
National Candy Co
22 X
112X
4X
*
Lit Brothers common.
Mar
""30
2 X
10 X
Jan
156
110
Jan
5X
23
25X
1
87
"73"
T2X
Kresge Dept Stores
4% conv 1st pref
100
Kress (S H) special pref. 10
Leonard Oil
Jan
Mar
Koppers Co 0% pref—.100
Lehigh Coal & Nav
Jan
Jan
21
1,100
20
2X
.1
Conv preferred
Mar
100
162
Nat Auto Fibre com...—1
IX
com..*
ColO
Kobacker Stores Inc
Mar
6X
Mar
6% pref
— 100
Nacbman-Sprtngf illed
*
IX
Klelnert (I B) Rubber
Knott Corp common
5X
Mar
8
18X
1
Kir by Petroleum
Klrkl'd Lake G M Co Ltd 1
Mar
6X
166 K
161
Muskegon Piston Rlng.2 X
Muskogee Co com—.—*
"3rX "Tx
K
100
1
1
2X
Jan
5
Jan
73"
73
Mar
3X
Feb
107
Kimberly-Clark 6% pf.100
IX
5
Mar
22 X
Kingsbury Breweries ..-..I
Kings Co Ltd 7% pf B 100
100
3K
•7X
ht
Kansas G A E 7% pref. 100
7%
ix
6X
Mountain City Cop com 6c
19X
21
4X
Jan
IX
Mountain Producers..—10
Jan
78
Kennedy's Inc.—.—.—5
Ken-Rad Tube A Lamp A *
3X
Mountain States Pow com*
Jan
79
21
Jan
Jan
Jersey Central Pow A Lt—
'93'
2
Feb
Nat Bellas Hess com
79
5.700
Mar
F"eb
IX
6X% preferred...—100
6% preferred
100
7% preferred
100
Jones A Laughlin Steel-100
Julian A Kokenge com...*
2X
4X
X
7*3H
—-1
2
2"
6X
14X
15X
Iron Fireman Mfg v t
Jan
Jan
X
15X
4
20
iMoore (Tom)Col Am shs..
Distillery. 1
Itge Bank of
700
100
300
30 K
200
,
Feb
14K
4,000
3K
"lei"
K
5X
<:
K
Jan
11K
3K
600
13 X
4X
21X
12X
3K
Jan
Mar
High
Low
20
12 X
Soc A
17 X
5X
1
c—*
-1
A—„_*
2K
1,000
5X
14K
4X
13
Shares
Moody Investors part pf.*
'
—37
3
Hosiery Mills..*
Interstate Power $7 pref-.*
Jacobs (FL) Co
Jeannette Glass Co
Jan
11
50
'
Interstate Home Equip—1
Italian Superpower
Jan
"
Interstate
Investors Royalty
K
Loan
Montgomery Ward A..
Montreal Lt Ht A Pow.
Mar
10
Jan
34 X
X
$1.75
International
100
8
1
Class B
Price
1
Montana Dakota Utll—10
International Utility—
Class A...........—
Range Since Jan. 1,, 1939
STOCKS
(Continued)
Range Since Jan. 1, 1939
for
Salct
Friday
Sales
Friday
STOCKS
3X
Jan
5X
Mar
Jan
Volume
New York Curb
148'*
Exchange—Continued—Page 4
Sales
Friday
STOCKS
Tsist
Week's Ran ye
Sale
of Prices
Friday
for
(Continued)
Week
Par
Penn Mex Fuel Co
Penn Traffic Co
Price
Low
High
Range Since Jan. 1, 1939
STOCKS
Shares
Low
P» Pr A Lt $7 pref—
11
K
100
K
13*
55*
IK
5%
1%
7%
4,200
IK
Jan
23*
Feb
5%
Mar
93*
Jan
102%
325
Jan
1063*
Feb
102
98
130
Jan
100
Mar
167
Feb
16
Jan
♦
99
61
61
»
Jan
843*
Conv $3 pref series A. 10
Pierce Governor common.*
.
Pines Winter front Co
100
61
Mar
713*
Feb
26K
100
8%
400
6%
200
253*
Feb
27
Jan
103*
73*
Mar
Jan
118%
Feb
1183*
75
29%
Feb
303*
2,100
2K
Jan
33*
Mar
4,300
Mar
63*
Jan
450
3%
18%
Mar
29
Jan
500
13
Mar
183*
Feb
3K
18 %
3%
18H
4%
21
13
13
14
Feb
Bono tone
2%
2 K
2K
1.100
2%
Mar
23*
6%
*
63*
6%
700
6K
Jan
Mar
73*
.
Pitts Bess ALE RR
Jan
Metallurgical 10
Plate Glass..25
7
7 K
500
99%,
99% 1073*
*
Plough Inc
33*
Power Corp of Canada..- *
Pratt A Lambert Co
*
Premier Gold Mining
Producers
new
Corp
1
K
300
K
3K
1,600
Feb
Mar
200
33*
10
43*
19
200
2
18%
3,500
183*
23
Mar
13*
6
Mar
Jan
103*
Mar
Jan
Mar
Standard
2,700
53*
Mar
Standard OU (Ohio) com 25
943*
Mar
73*
1,000
*ti
6%
100
Mar
3*
Feb
Jan
Feb
53*
83*
73*
Jan
100 3*
108%
10
107
*
——*
51
51
56%
325
30
30
32%
220
443*
263*
Mar
Common class B
100
Preferred
*
60
Mar
Standard SUver Lead
1
35
Mar
Standard Steel Spring
Standard Tube ol B
98%
98%
20
47%
18
53%
22%
17%
993*
Mar
Jan
1063*
Mar
3*
Jan
Jan
58 3*
Mar
Stein (A) A Co common..
Jan
343*
1,375
14
43*
253*
Mar
63*% pref
Sterchi Bros Stores
-...*
43*
140
120
116
113
40
151
Feb
1583*
Jan
16
160
16
Mar
Mar
Sterling
113*
225
10
Jan
183*
123*
Mar
Stetson (J
Feb
»i»
Feb
•16
1,850
16
13%
Mar
21
Feb
133*
41
13*
3
Mar
3
100
3
3
28**
263*
700
Mar
263*
60c
Reliance Elec A Eng'g—5
he
si«
10 K
Reynolds Investing...
1
Rice Stix Dry Goods—..*
3*
-
300
103*
300
200
4*
2,000
23*
Mar
3*
Mar
2%
2%
3
12)*
Feb
Jan
Jan
Jan
7
Mar
si«
4%
%
4
Mar
Jan
333*
Jan
10%' 10%
3*
4
Radiator—— 1
400
*
5
Jan
Reeves (Daniel) common.
Jan
23*
Mar
6
27%
3*
Jan
Mar
Jan
5
,
Jan
4
Jan
Co-
Voting trust ctfs
..
%
5
9%
9%
1%
.....
21
20
pref
43*
4%
2
4%
*
Rustless Iron A Steel
1
22.50 conv pref
55%
"8%
236
Jan
Tishman Realty A
Feb
23*
Mar
Tobacco Allied Stocks
63*
Mar
Safety Car Heat A Lt....*
St Lawrence Corp Ltd.
—
71
"s'% 16%
2~500
393*
100
53
53
i-H
Scranton
23*
800
•i«
Feb
175
3
Todd Shipyards Corp
Jan
Mar
Jan
Jan
65*
Mar
Feb
43*
Jan
"2" '
com
Selby Shoe Co
Jan
Tublze ChatUlon Corp—
13*
Feb
Jan
13*
I
Jan
Jan
"""206
20
93*
Jan
113*
Jan
1,200
203*
Mar
27 3*
Mar
19
Mar
223*
Jan
30
*
Jan
Mar
l*i«
Jan
9
1,100
7?*
Mar
1
13*
2,100
1
Mar
13*
73*
14
73*
14
100
100
13*
31
3*
Mar
K
2,000
8%
16,700
4%
Jan
300
123*
Feb
»16
»i«
»
13*
31
31
14
Mar
Mar
7%
•
28
133*
13*
13*
323*
7%
*
Convertible
stock
25.50 prior stock
Seton Leather
Shattuck
common
Denn
I65"
2 3*
Mar
45*
Jan
103*
Jan
113*
1,100
1,200
1,900
53*
23*
23*
3
23*
33*
400
63*
•
1
Jan
70
Mar
3*
Feb
A--------Tung-Sol Lamp Works
Feb
Mar
1
Jan
9
80c div.
preferred-
...
*.1
*
-10
73*
Feb
1
Jan
L3O0
2
33%
335*
100
33
Feb
37
403*
1,700
37
Mar
453*
.....
"2
"37"
"2%
Mar
Jan
Feb
Jan
Jan
Mar
Feb
Jan
Mar
#
Feb
403*
Mar
14
42'
Mar
14J*
Mar
53*
Jan
43*
43*
10c
43*
Mar
3
35*
1,900
3
Mar
53*
350
31
Mar
363*
Jan
Jan
3*
l,H
Mar
33
34
%
14
.5*
14
3*
173*
1,100
10,700
913*
913*
923*
71',
K
300
6,
Mar
Mar
103*
103*
11
135*
125*
""566
Jan
94
"83* '""83* "33*
693*
Jan
3
Feb
Jan
Feb
223*
Jan
99
fob
1013*
Feb
Jan
4
500
103*
Mar
153*
800
11
Mar
153*
"~4~K "4%
43*
Feb
143*
60Q
Mar
IK
653*
13*
100
13*
Feb
653*
713*
225
653*
Mar
1003* 101
30
100 3*
Mar
110
20
1073*
Jan
""3OC
1103*
K
2
33*
1.00C
4,600
15*
33*
*18
400
•18
1103*
Mar
Jan
53*
Mar
13*
33*
13*
33*
*
•
9
28
""63*
32
25*
63* '
25*
65*
1053*
111
Mar
Jan
Jan
Jan
Mar
53*
Jan
9
Mar
28
Mar
500
300
13* ■*
13*
400
133*.
143*
"4% "4%
"260
85
23*
Mar
33*
Jan
63*
Mar
73*
Jan
Feb
5%
Jan
13*
Mar
Jan
85
85
Mar
225*
Mar
Mar
20
Feb
Mar
14
Jan
•it
Jan
Jan
Mar
7
2
Mar
3 5*
Jan
923*
Mar
Jan
863*
Feb
7,400
80
23
Mar
Mar
3
Jan
Jan
25*
363*
Mar
75
—10
United Shipyards ol A...1
203*
093*
Feb
23
Mar
Jan
733*
Mar
53*
United profit Sharing..25c
112
U33*
U53*
13*
Jan
Mar
*
Mar
Mar
Mar
11%
13*
50
1.10C
dep rets ord reg
United N J RR A Canal 100
98
3*
Jan
Jarrt
Mar
11,100
85
23
20
42 3*
Feb
21
1,000
4 5*
Feb
"11
21
1043*
Mar
Jan
303*
Jan
43*
38
Mar
Mar
23
Jan
Jan
Jan
3*
233*
53*
Mar
155*
23*
Jan
763*
$6 1st preferred
*
United Milk Products...*
9
Mar
3
123*
3*
Mar
Mar
400
2
Mar
2
400
23*
Mar
3%
13%
»!«
»18
'it
13*
53*
Mar
16,000
15*
2%
Mar
23*
873*
2
13*
700
Jan
133*
383*
7
15*
preferred
1.20C
*
3,600
8
23*
14
K
A
Jan
Feb
4,400
33*
"lK
...♦
00m
Common class B
Jan
63*
Mar
Molasses Co—
Am
10%
Feb
23*
Jan
4
warrants
1
1st $7 pref non-voting.*
Option warrants
United G A E 7% pref. 100
$3
Mar
Mar
300
113*
28
United Gas Corp com
United
1%
81
3*
8
50
Co
$3 cum A part pref
Corp
Jan
15
Feb
com..*
Investment
Traction
'
Mar
16,800
Jan
Jan
5
3
73*
237
3*
3*
Jan
242
Feb
3*
Mar
•i»
700
93*
Mar
103*
Feb
1.400
13*
Jan
13*
Feb
600
Jan
preferred.
Class B
For footnotes see page J931.
Jan
Feb
4
73*
14
4
12
7
112** 1123*
Mar
*
2%
53*
6% cum pref ser AAA 100
Sherwin-Williams of Can.»
23*
Mar
*
Series B pref
7
98
Feb
6%
103*
*
Union Gas of Canada
Union
1
2K
5%
3*
3
93*
U3*
23*
383*
*18
—
Ulen A Co ser A pref
United Lt A Pow
7
Mar
17,900
1,800
Jan
Mar
Jan
Jan
23*
30G
13*
9 3*
3*
65*
93*
3*
693*
200
834
Feb
3*
Mar
Mar
35
Jan
Mar
Mar
United
Mar
Feb
53*
3*
Mar
63*
573*
43*
8%
100
100
Jan
Jan
Feb
107
100
423*
Jan
3*
K
Mar
200
r
42%
60 J*
98
Jan
73*
53*
Mar
85*
14
Mar
3
28
53*
42 3*
200
£1
1
*18
19
105
100
"43*
6**
61
6**
573*
3
i'
*
Un Cigar-Whelan Sts.. 10c
Mar
6 %
Shawlnlgan Wat A Pow..*
Sherwin-Williams com..25
23*
105"
United Chemicals 00m—*
J1i«
57%
*
,
Feb
2,200
6
Mining..6
Jan
Feb
%
25
Seversky Aircraft Corp... 1
Jan
23*
Union
»!«
Allotment certificates...
Sentry Safety Control
Serrlck Corp (The)
*18
313*
Union Premier Foods Sts. 1
Selfridge Prov Stores—
Amer dep rets reg
Class
United Elastic Corp
1
Jan
Jan
Jan
Selected Industries I no—
Common
Jan
Mar
......
1
*
*
1
•
17
11
Mar
1
Screen-
Plot
Common..
Unexcelled Mfg Co
Segal Lock A Hardware.. 1
Seiberling Rubber
Lux
Trans
Mar
1
Securities Corp general
Seeman Bros Inc
*
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
11
233*
Feb
103*
Mar
100
♦
Mar
21
Warrants
23*
...
Trunx Pork Stores Inc.
203*
373*
15*
1,400
13*
£1
Jan
200
Jan
Tobacco Secur Tr—
Feb
1,200
Jan
Mar
Jan
33*
593*
i%
%
73*
28
Mat
Mar
13**
Feb
2
48
13*
Feb
13*
62
75
11**
Jan
10534
Jan
Jan
10,000
;
213*
Jan
1,900
24
13*
Mar
.
Feb
2%
20
Lace common..*
19
Jan
"TOO
*18 ,■"'16
......
Mar
2
Mar
Scranton Spring Brook
Water Service pref
SoulUn Steel Co com
100
65*
60
493*
11
20%
1,000
100
Mar
3*
183*
102
100
83*
189*
Feb
6
12
Jan
173*
1,100
3*
29
Jan
Feb
*
Ordinary reg
Def registered 5s
Jan
Mar
53
1
*
125
150
Mar
>S
Constr*
2
...5
common
Scovlll Mfg
«
»16
%
11
48
li%
900
19
28%
73*
Tri-Contlnental warrants
"2%
Samson United Corp com l
Schiff Co
400
%
5
Transwestera OU Co.... 10
1
Savoy Oil Co
123^
443*
2%
.
33*
100
Salt Dome Oil Co
Mar
58%
'it
Jan
2
Jan
Mar
38
Feb
*
50
...5
Jan
Feb
23*
1,200
65*
%
3*
3*
Tobacco Prod Exports...*
Mar
Mar
,
1,200
%
Mar
4%
83*
He
93*
1053*
283*
73*
100
18
183*
Tastyeast Ino class A..
Taylor DistlUlng Co
TUo Roofing Ino
553*
38
Jan
160
*
com
Feb
600
59
Jan
23*
125*
63*
104
Swan Finch Oil Corp
15
Taggart Corp com
...1
Tampa Electric Co com.
133*
43*
"2%
Ryerson A Haynee com._l
Ryan Consol Petrol
preferred
Class B
Mar
Mar
55%
23 3*
Ja-i
'
93*
13*
13*
43*
Jan
Feb
37
*
*
7%
.Sunray OU
53* % conv pref
60
Superior OU Co (Calif)..26
Superior Port Cement
$3.30 A part
*
800
Rusaeks Fifth Ave—_.2H
St Regis Paper com
*
Jan
».«
Royal Typewriter
pref A.
Sunray Drug Co
Jan
100
Jan
13*
65*
15
*
21 %
63*
102
Rossla International
Royalite Oil Co Ltd
500
200
63*
104
1,400
Mar
Sullivan Machinery......*
Feb
1,000
173*
3*
83*
Thew Shovel Co com
Root Petroleum Co......)
Jan
%
83*
Mar
3*
£1
Roosevelt Field Inc..
153*
10
53*
Texon OU A Land Co
Am dep rets ord reg...
400
83*
Mar
,
Rolls Royce Ltd—
Rome Cable Corp com___5
Mar
.*
133*
10%
IK
13%
Jan
3*
93*
19
Jan
33*
13*
173*
104
Mar
163*
223*
10
173*
63*
»ie
3.
Mar
*
"""93*
"23* "Feb
Mar
15*
B) Co epm
100
100
Roeser A Pendleton Inc..*
Jan
3*
13*
(Hugo) Corp...
1
Technioolbr Inc common.*
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref
100
RochesterGAE16% pf C100
'6% pref D—...100
conv
Stlnnes
Jan
100
,
Mar
13*
23*
Inc
3*
%
13%
,3*
Mar
193*
Feb
60C
*
99
l
63*
345*
Feb
200
153*
223*
105"
.100
Stroock (S) Co
13%
Mar
»
6% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
154
60c
Reltcr-Foster Oil
Jan
Mar
11
11
Red Bank OU Co
*
Jan
53*
123
16
40
com
12
Feb
Jan
Jan
153
'"i6"
S3 conv preferred.
Reed Roller Bit Co
5
Mar
Jan
11
116
Mar
phate A Acid Wks Inc 20
Starrett (The) Corp V t o.l
1,675
Pyle-Nattonal Co com...5
Quaker Oats common....*
6% preferred
—100
Quebec Power Co
*
Ry & Light Secur com...*
Railway A Util Invest A..I
Raymond Concrete Pile—
Feb
Mar
14
phos
Jan
Pyrene Manufacturing.. 10
22
Wholesale
Standard
93
Jan
47%
4
23*
Jan
Mar
55*
400
3*
1~5%
1
Steel Co of Can Ltd.
*
26 preferred
*
Puget Sound Pulp A Tim. *
preferred
1n
10
.....
13*
6
101
98 %
100
Feb
183*
900
-13*
3*
*
Mar
Jan
Jan
Jan
13*
31
3*
1
104 3*
Puget Sound P A L—
conv
100
preferred
Standard Products Co-
I Pub Util Secur 17 pt pf.. ♦
11.20
25
1083*
Public Service of Okla—
Rio Grande Valley Gas
(Neb)
Mar
Public Service of Indiana
Richmond
6%
OU
Feb
1043*
108 %
33*
100
125
'"l"66
$1.60 conv preferred..20
Standard Invest $53* pref*
Standard OU (Ky)
10
Standard Pow A Lt
100
100
Mar
400
....
10
preferred
Standard Dredging Corp—
Common.
1
40
Public 8ervice of Colorado-
Raytheon Mfg
Conv
Mar
Jan
'""300
Mar
152
193*
*
150
llB
lift
100
Common
_*
Standard Brewing Co
Mar
Feb
200
55
Jan
63*
323*
,
3*
Stahl-Meyer Inc
Jan
Jan
Jan
63*
31,.
193*
Feb
7
"T% ~~8%
'"ioo
4
3
—
2
23*
15*
Feb
Mar
42
13*
113*
dep rets ord reg—£1
4
~~7%
6
6% prior lien pref
7% prior lien pref
Am
36
2
10
13*
113*
"3l"
Am dep rets ord bearer £1
Spencer Shoe Go'
*
Standard Cap A Seal com.l
16%
4
Jan
Mar
Jan
Spanish A Gen Corp—
Feb
12
Mar
Mar
Jan
148
..25
Mar
100
6% 1st preferred
7% 1st preferred
*
Preferred A
IK
10
400
"
800
—..*
25
55
800
Prudential Investors.—.. *
17 prior preferred
$6 preferred
55
1%
*
Providence Gas
preferred
100
7%
25c
*
Prosperity Co class B
$6
300
283*
Southwest Pa Pipe Line. 10
33*
1
*
Pressed Metals of Am
Feb
10
293*
Southland Royalty Co.—6
South Penn Oil
25
6% 1st preferred.—100
Prentice-Hall Inc com
13*
423*
Mar
10
Mar
Jan
Jan
,
283*
K
5
Powdrell A Alexander
433*
29%
28 K
413*
283*
273*
2
.
423*
293*
Mar
•it
Jan
Jan
Mar
1
Jan
Mar
63*
23*
Mar
8
Jan
35*
15*
Mar
117
8
Jan
13*
Jan
Mar
23*
84 3*
43*
13*
Mar
93*
Jan
2
Mar
Feb
Mar
10C
2
13*
1
43*
2,100
%
7%
Jan
Jan
35*
2,200
99%
8
100
.
15*
100
.
Jan
219
43*
13*
IK
25c
Potrero Sugar common—5
Feb
3
Mar
23*
73*
~~7%
Polaris Mining Co
25*
Mar
43*
1,800
Pneumatic Scale com.. .10
Jan
13*
13*
1
Jan
13*
175
13*
1
7
43*
5% original preferred.25
6% preferred B
—26
63*% pref series C
25
Jan
643*
Jan
43*
13*
12 3*
Mar
Feb
133*
1
4
Mar
51
Pleasant Valley Wine Co. 1
110
South Coast Corp com___l
Southern Calif Edison—
Feb
9
480
Jit
Jan
84
Southern Union Gas.
43
Tioo
56 3*
41%
200
Southern Colo Pow ol A. 25
"16"
~T
3,400
13*
185
43*
7% preferred
100
South New Engl Tel—100
Southern Pipe Line.....10
51
.....
1
23*
'
13*
181
Jan
52
50
Forglngs
2
13*
Mar
A Lake Erie 50
Feb
l
Corp
Boss Mfg com..
l
„
2
100
Smith (H) Paper Mills... »
Solar Mfg. Co
1
Jan
3
2K
1
com
Sioux City G A E 7% pf 100
Skinner Organ
*
Feb
8
Postage
Meter
High
'u
Amer dep rots ord reg.£l
Feb
63*
1
30
30
"2 K
Pioneer Gold Mines Ltd..l
Low
Singer Mfg Co Ltd—
Phoenix Securities—
Common
Range Since Jan. 1. 1939
for
Week
Shares
conv
Simplicity Pattern
Singer Mfg Co
Mar
6K
Phlla Elec Co SB pref
*
Phil a Elec Pow 8% Orel 25
Phillips Packing Co.
74
68
,
300
8
263*
1
Philadelphia Co common.*
92%
84
81
Periect Circle Co
Pharte Tire A Rubber
of Prices
High
11J*
pref
Simmons H'ware A Paint.*
Jan
15
S3
Mar
150
98
100
>
Simmons-Boar dman Pub—
Mar
n
60
Pepperell Mfg Co
Week's Range
Low
Sllex Co common.
900
Mar
Pennsylvania Sugar com 20
Pa Water A Power Co
Price
Shreveport EI Dorado Pipe
Line stamped
25
K
102
$6 preferred
Penn Salt Mlg Co
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Sale
Par
High
2.60
Pennroad Corp v t e
Pitney-Bowes
Last
(Continued)
3*
Penn Cent Airlines com._l
1929
Sales
..1
95*
13*
13*
10
13*
New York Curb
1930
Week's Range
Sale
Week
of Prices
Low
High Shares
Par
Price
for
Low
Jan
Jan
44%
Jan
4%
3%
%
Mar
6%
%
79%
25
43 %
43
43%
150
United Specialties com... 1
U 8 Foil Co class B—
.1
3%
3%
3%
400
3%
3 %
3%
4%
1,500
%
%
100
Preferred
U 8 and Intl Securities .
1*
1st pref with warr
U S Lines pref
U S Playing Card
"ss%
59%
33
33
Jan
350
58%
Mar
1%
34%
58%
IK
1%
10
42
100
1%
28%
Jan
500
13
Jan
Feb
Feb
68
700
21
U 8 Radiator com--
1
3
500
3
U 8 Rubber Reclaiming..*
1
700
1%
Mar
2%
K
Jap
%
3%
Feb
hi
F?b
3%
2%
1%
Mar
$7 oonv 1st
6
pref-——-*
""80
6%
United Stores v t c
United Verde Exten—60c
1
Universal Corp v t c
1
"OOO
2%
»i«
2
United Wall Paper—
2
Universal Consol Oil—10
3,300
'
Universal Pictures com—1
1,400
3%
Mar
100
12%
Mar
0%
6%
200
16ie
400
6%
'
Utah Pow A Lt $7 pref—*
1%
Jan
54
Jan
..
1%
Venezuela Mex Oil Co—10
Petroleum,—1
1939
Gen mtge 4%s
1943
Contl Gas A El 5s—1968
?Cuban Telephone 7%s.'4l
Denver Gas A Elec 68.1949
Eastern Gas A Fuel 4S.1956
Edison El Hi (Boat) 3 %a 65
Feb
Jan
Elec Power A Light 6s_2030
Elmira Wat Lt A RR 5s '66
Jan
El Paso Elec 6s A
Jan
Empire Dist El 6s
Mar
30
Jan
Mar
28
Feb
Erie Lighting 6s
1967
Federal Wat Serv 5%s 1954
"11
800
400
61%
Mar
7%
Jan
Jan
lsu
Jan
•
Wagner Baking v t c
5%
6%
•
5%
0%
Waltt A Bond class A
1952
Ercole Marelil Elec Mfg
63%
110%
61
%<■
1%
1034
10%
4 %
4%
3%
2%
1
1.25
Wentworth Mfg
"_2%
1
7%
Feb
Florida Power 4s ser C 1966
94
1,400
6%
Jan
9
Feb
Florida Power A Lt 5s.l964
>■
ht
100
%
1%
11%
4%
3%
3
IK
500
700
8%
4%
400
100
Banks 6s-58
stpd...1961
2%
Jan
"6%~Mar
Mar
Gatlneau Power 1st 68.1956
1 %
Jan
li%
Mar
5%
Feb
Mar
Jan
Jan
1940
General Pub Serv 6s-.1953
Jan
Mar
5
3%
97
5%
Mar
9%
Feb
%
Mar
Mar
1%
1%
Feb
60%
Jan
66%
113,066
24,000
110
Jan
70
Mar
Jan
44%
Mar
6,000
107%
Jan
11,000
82%
Jan
87%
100
Mar
104%
15
Mar
52
100
1,000
Georgia Power ref 58—1967
40
Jan
50%
Jan
Mar
15
Feb
Jan
7
Mar
5%
2%
8
8
500
5
Mar
2%
7%
Jan
3
Mar
10
Jan
7%
Mar
9
Jan
2%
"I K
4%
Gobel
Feb
.99%
24.00C
Mar
104
104%
44,000
104%
6%
Jan
83
Hall Print 6s stpd
10
84%
Jan
92%
Mar
2%
100
2%
Mar
2%
Feb
5%
1,100
4%
Mar
8 %
Jan
0%8 ex-warrants.—1943
Houston Lt A Pr 3%s.l966
400
500
89
,
■
800
•
Jan
5%
5%
Mar
6%
Jan
Jan
15%
Mar
Hy grade Food 6s A—.1949
6s series B
—1949
1
8%
1%
"7% "Mar
9,200
8%
Mar
1 %
Jan
Jan
1946
105%
1961
1956
102
k"
100 %
94 %
Aluminium Ltd debt 5sl948
$7,000
102
Jan
106%
Mar
6s series A..—.1947
22,000
98
Jan
105
Mar
6%s series B
13,000
96
Jan
104
Mar
6s series C
Jan
94%
102%
Mar
Jan
96%
Mar
104
Feb
106%
Jan
109%
96%
Jan
87
76.000
96
'81%
149,000
105
1,000
lorn
108% 108%
54,000
108%
Feb
Am Pow A Lt deb 6s—2016
86 %
71,000
85%
Jan
11,000
104%
Mar
6,000
Amer Radiator 4%s—1947
104 %
86%
92%
104% 105%
Amer Seating 6s stp—1946
101%
101% 101%
100
Jan
106%
102
Mar
102%
109%
"5,9"
Jan
International Poorer
0%s series C
Mar
Mar
7s series F
1,000
118%
102%
Jan
123%
Mar
Jan
105
Feb
101%
Jan
41%
Jan
104%
63%
Jan
Mar
Conv deb 4%a
1949
Conv deb 5s.——I960
35
'35
41
Debenture 5s.——.1968
Conv deb 6 Ha
31
1,000
Feb
42
Mar
40%
76,000
27%
Jan
42%
Mar
41
45
46,000
30
Jan
47%
Mar
38
38
41%
50
50
55
85,000
6,000
77%
106"
26%
100%
103
Feb
103%
101%
Jan
102%
Mar
8,000
109
Jan
110%
Mar
Jan
"66%"
Mar
59
100
100
18%
Mar
Jan
*5*666
*59"*"
61%
Mar
"7~666
108%
Mar
110%
105%i
62
Mar
105%
Jan
101%
Jan
104%
Feb
103
101
64
109%
106
94%
„
56*666
103
65
54,000
98%
Jan
97%
97%
99
76,000
90
90%
16.00C
95%
85%
Jan
90
Jan
23,000
3,000
23,000
98%
Feb
103
93
90%
105% 105%
$109%
58% 60%
57
59%
58%
10,000
Mar
100%
Jan
Feb
93%
99% 100%
100% 101%
90% 93
Feb
100%
101%
90%
72
.
72
100%
Jan
86
Jan
Feb
Mar
94%
Jan
94
105%
Mar
107
109%
1,000
Mar
Mar
Mar
110%
86
Mar
'
Jan
Jan
55
Jan
63
Mar
19,000
54
Jan
62%
Mar
7.00C
74
*10*666
72
Mar
83%
Jan
1,000
43%
Feb
52%
Jan
46%
47%
$48
46%
50
53
,
12,000
46
Jan
59%
64
11*1*666
6s.——.1952
43%
43%
47
34,000
90%
44,000
86%
66.000
102%
8,000
tu
Mar
Mar
55%
Jan
69%
38%
Jan
49
Mar
82
Jan
92%
87%'
Mar
46%
56
v
Mar
Feb
Service—
5s series D
1956
1958
Iowa-Neb LAP 6s
6s series B.
1957
88
88
84%
.
—
-t
1961
84%
102
Jan
Jan
Jan
102%
Jan
108
Mar
Mar
102%
98
$102% 103%
77
98%
105
Feb
Feb
Mar
7,000
46%
Mar
2,000
59%
Feb
80
1,000
Jan
37
40
16,COO
35%
Mar
44
Mar
106
9,000
102%
104%
44%
47
21,000
Mar
91%
106
Italian Superpower 08.1963
Jan
Mar
91%
Mar
5s stamped
1942
Jersey Central Pow A Lt—
45%
Mar
87;
Mar
.1947
104%
106%
Feb
Mar
116%
110%
Jan
Jan
123%
Mat
125% 125%
145% 146
3,000
123
Mar
Mar
Jan
5s series B_—
4%b series C.......1961
Kansas Elec Pow 3 %s. 1960
37
Kansas Power 6s.....1947
5,000
144
Mar
96
95%
97
68,000
86
Jan
97%
Mar
5 %a series F
85%
84%
86
47,000
69%
Jan
86
Mar
5s series I
1989
92
94
12,000
81
Jan
94
Mar
103% 103%
45
47%
75
75
$80%
Jan
47
104%
Mar
107
106% 106%
38,000
105%
Jan
10(5%
Mar
103%
Jan
108
Mar
Jan
108
38
Feb
121
Mar
102
Mar
103%
1st mtge 5s ser H—1961
Mar
92
92
95
46,000
90
Jan
97%
6 %s series D.
Mar
103
104
7,000
102
.1948
98%
92
119%
98%
92
95
Jan
105
93%
Jan
100%
63,000
90
Jan
1,000
97
103
Lake Sup Dist Pow 3 %s '66
104%
Mar
Lehigh Pow Secur 6s..2020
Jan
105
Mqr
♦Leonard Tletz 7%s„1946
Jan
105
Mar
Lexington Utilities 5s_1952
Feb
115%
Mar
Jan
103%
Feb
Llbby McN A Libby 5s *42
Long Island Ltg 0s—.1945
"94%
83
Jan
91%
Mar
Louisiana Pow A Lt 5s 1957
106%
99
Jan
102%
Mar
35
Jan
46
Mar
♦7s without warrts-1941
32
Jan
46%
Mar
Marlon Res Pow 4%s_1954
55%
Jan
69%
Mm*
103%
21,000
100
Jan
103%
109
109%
32,000
107
Jan
110%
Jan
Mar
Mar
Mar
Feb
Mansfield Mln A Smelt—
McCord Rad A Mfg
113
101%
98%
Jan
11,000
103%
Mar
17,000
44%
Jan
1,000
70%
72%
1
Jan
9,000
10,000
Jan
96%
84%
Jan
103
101
8,000
Jan
*
102
109 %
•
102%
Feb
Jan
Jan
104%
55%
78%
Feb
Jan
80%
Mar
Jan
1943
Memphis Comml Appeal
Deb 4%s
1952
Memphis P A L 5s A—1948
Mengel Co conv 4%s.l947
Metropolitan Ed 4s E.1971
4s series G
.1905
22%
$27
~99*~
99
100%
104% 104%
94%
95
106% 106%
$29%
104%
1*1*666
2,00C
Mar
Mar
103
Mar
Jan
105
Feb
Jan
95
Jan
Jan
107
Feb
28%
Mar
103%
Jan
Jan
29%
9,000
104%
Feb
54
1,000
96
96
96
10,000
100
100
100%
102%
30
105%
11.00c
50
104% 104%
95
Jan
33,000
54
6s stamped..
100% 100%
Jan
52%
104% 105%
$120% 121
102%
84%
87%
20,000
99% 101% 127,000
39%
41%
11,000
37% 41% 121.000
63%
67
163,000
104
102
1956
12,000
10,000
Kentucky Utilities Co—
126%
148%
24,000
103% 104% 122,000
113% 113%
1,000
102% 102%
1,000
105%
,
104% 105
$106
Kansas Gas A Eleo 68.2022
104% 104%
102% 103%
— —
Jacksonville Gas—
94
101% 235,000
105"
Mar
85
——
$107%
105%
106%
Mar
For footnotes see page 1931.
Jan
4,000
4,000
65
120%
1955
Mar
30,000
48
108%
Cincinnati 8t Ry 5 He A *62
Jan
100%
103% 103%
102% 102%
109% 110
t—- 40
65
17,000
45
Mar
47
25,000
103%
101%
Isotta Fraschlnl 7s... 1942
123%
Chicago A Illinois Midland
Ry 4%s A
—1956
Chic Jet Ry A Union Stock
Feb
Isarco Hydro Eleo 7s.l95z
123
03%
98%
Mar
108% 109%
37%
Feb
40
28
Jan
50
Mar
123
39 K
29,000
53
Jan
Mar
109
5 Kb ex-warrants.—1954
Cent States P A L 5%s '53
101%
Feb
81
1st M 6s series B—1957
Cent 8tates Elec 5s—1948
Jan
52%
Mar
40%
59
Bell Telep of Canada—
1st M 6s series A—1955
100
11,606
45
44%
94
84%
47
47
46
"4,600
49
Jan
94
Cedar Rapids M A P 5s '53
Cent Ohio Lt A Pr 6s—1950
Mar
Jan
Locom Works—
103%
109%
Jan
♦Convertible 6s.—1950
k
Jan
72%
89%
94
108%
29%
93
102
Mar
40
$86
Canadian Pac Ry 0S..1942
Carolina Pr A Lt 5s—1958
91
7,000
$87%
Broad River Pow 6s—1954
Canada Northern Pr 5s '63
Jan
11,000
90%
72
Jan
77%
79%
104% 104%
6s without waitantsl947
1998
Jan
Jan
87
59%
c
72%
Mar
60
111
,
67%
Mar
29
2,000
1957
Interstate Power 6s
Interstate Publl
Jan
Mar
Mar
Jan
Iowa Pow A Lt 4%a—1958
Iowa Pub Serv 5s
195"
ds with warrants—1947
i960
67
103
1952
4%s series F
38
i*8*ooc
68%
103
7s series E——.1967
107%
Debenture
58
27%
$104%
—1955
111
83,0,00
7,000
Mar
Sec—
Feb
15,000
61,000
68
$61%
♦Indianapolis Gas 5s A 1952
Mar
Mar
38
Mar
109
1st Hen A ref 6s..—1963
106%
38
Mar
103%
70%
100
1950
108%
1948
Indiana Service 6s
8,000
57%,
92%
Jan
105%
.
51
Jan
$17%
1957
5s
33,000
103 %
51
87
95%
67%
~ii~666
91% 91%
101% 103% 165,000
$21
Indiana Hydro Elec 6« 1958
Indiana A Mich Elec 6s '65
100% 106%
104% 104%
103% 104%
75
100
"90%
108% 109%
Ark-Loulslana Gas 4s-1951
Feb
100
1961
108%
123
73
43
—1953
106 %
123
97%
90%
$45
1956
104% 105
102% 102%
100% 102%
Amer G A El debt 5S-2028
1927
B.1954
1st Aref 5s ser C
105% 106
105
Jan
47
47
.1967
till Northern UtU 6s-1957
1st Aref 6%sser
1st A ref 6s.
81%
43
8f deb5%s—May 1967
Indiana Electric Corp—
Jan
29,000
90%
Tdaho Power 3%s
1
300
Jan
13*000
86%
$109
♦Hungarian Ital Bk 7%s'63
7%
Jan
95
67%
Houston Gulf Gas 68—1943
300
90
94%
66
66
Guardian Investors 5s. 1948
105
Jan
Mar
89
$67
101%
Grocery Store Prod 08.1945
Mar
103%
83
"94%
Gt Nor Pow 5s stpd—1960
1947
♦Hamburg Eleo 7s..—1935
♦Hamburg El Underground
A 8t Ry 5%s
1938
Heller (W E) 4s w w —1940
Bonds
1940
Jan
84
88
+86
(Adolf) 4%s—1941
13%
5%
1st Aref 6s-..-
6s series B
99%
99%
67
Alabama Power Co—
Yards 5s
Jan
Jan
$27
Sold
|*Chlo Rys 5s ctfs
Mar
95
—1953
10
BONDS
Cent Pow A Lt 1st 58.1956
Mar
94%
95%
Georgia Pow A Lt 6s—1978
111 Pr A Lt 1st 6s ser A. 1953
Cent Power 5s ser D_. 1957
Feb
20
98% 138.000
♦Gesfurel 08—
Jan
89
5c
0% preferred..*
£1
Wright Hargreaves Ltd—*
Yukon-PaolClo Mining Co-5
Birmingham Elec 4%al968
Birmingham Gas 5s—1959
19
97%
Jan
rets
Bethlehem Steel 6s
Jan
Feb
Mar
98
Jan
Jan
7%
Petroleum—l
6s series C
50%
108
98
1 %
Woolworth (F W) Ltd—
Baldwin
Mar
Mar
4%
5
Wolverine Portl Cement-10
Atlanta Gas Lt 4%s._1956
Atlantic City Elec 3%s '64
Avery A Sons (B Fi¬
111
89%
Guantanamo A West 6s '68
6%
Wisconsin P A L 7% pf 100
1977
Mar
102%
Mar
5%
7%
Assoc TAT deb 6 %s.A'65
Mar
81%
104%
Mar
40
41%
2%
Conv deb 4 %s C
Jan
112
Jan
%
9
"7%
Associated Elec 4%s—1953
Associated Gas A El Co—
Jan
Jan
2%
200
"2%
Arkansas Pr A Lt 58—1956
Feb
*1*4*060
Gen Wat Wks A El 58.1943
Mar
7
1
Appalachian Elec Power—
1st mtge 4s
.1963
Debentures 4%s.-.1948
Appalao Power Deb 6s 2024
Jan
10
97%
Gen Pub Util 0%s A.1956
♦General Rayon 6s A.1948
6%
Willson Products Inc
1967
Mar
6
Mar
600
12%
*
Williams OU-O-Mat Ht-*
Wilson-Jones Co-.——--*
...1908
108%
Mar
94%
Grand Trunk West 4s.l960
1
1st A ref 4%s
Jan
Jan
106%
99%
"506
3%
40
Weyenberg Shoe Mfg
Williams (R C) A Co
1st Aref 5s
Jan
97
Jan
•
Mar
Mar
94
General Bronze 6s
Jan
Mar
2%
*
j
91%
108%
68%
103%
$15%
6s ex-warr stamped. 1944
1
Jan
Westmoreland Inc. —i—*
1st A ref 5s.
Jan
95
104%
.
'
Feb
3%
1,200
Westmoreland Coal Co—*
Amer dep
,
107%
100
Jan
Western Tab A Stat—
Woodley
61
Feb
Finland Residential Mtge
♦First Bohemian Glass7s'57
Glen Alden Coal 4s.—1965
2
Jan
68
7,000
$43
1,000
"""'"% "I"
2%
7% 1st preferred—100
Wolverine Tube com
Jan
Jan
Jan
Jan
60%
81%
96 %
6,000
107% 108
86%
87
87
Mar
Western Maryland Ry—
Vot tr ctfs com
128%
23,000
107%
Mar
86
•
Western Air Express
Jan
102
102%
102
9
West Texas TJtll $6 pref—*
West Va Coal A Coke
Jan
42,000
76%
110% 110%
102**
53
"5%"
%
IK
Welsbaum Bros-Brower—1
Wellington Oil Co
Mar
Mar
103% 103%
Jan
*
*
_
Mining
100%
125
Feb
111%
Gary Electric A Gas—
Co——1
Wayne Knitting Mills—6
Walker
Jan
%
70
70
110%
Mar
_*
Wahl Go common
Class B
..
109%
1,000
110
110
7%
4%
38%
10
Mar
X%
6%s series A...——1963
20
8
6
6%
Mar
87
131
17,000
6
%
,
I960
1%
24%
'
%
48
86%
Jan
Mar
106%
6%
5%
5%
Aug 1 1952
♦Certificates of deposit
Feb
'
3,000
$5
♦Deb 7s
1,000
%
7%
Mar
72%
34,000
tl07% 109%
Aug 1 1962
♦Certificates of deposit
%
2%
95%
95%
"
Vogt Manufacturing—*.*
Waoo Aircraft Co—
*
Mar
86
75
43,000
4,000
106% 106%
♦0%s
%
Mar
77
Jan
Jan
Detroit Internet Bridge—
1%
6
Mar
Jan
72%
90% 122,000
87%
31,000
107% 107%
61% 63%
2,000
87%
107%
"95%
Jan
16
63%
62%
62%
106%
Mar
hi
,2,000
126
Delaware E3 Pow 6 %s. 1959
Mar
2%
4,000
100% 100%
126%
100%
Cuban Tobacco 6s..—1944
Mar
600
Mar
77
129
111% 111%
0s ser A stamped
Mar
Feb
78%
Jan
68%
36,000
$129% 131
1954
1,500
6%
48
48
5s
Mar
12
87,000
Consol Gas Util Co—
Mar
700
7%
%
7% pref—100
78%
N—1971
Consol Gas (Bait City)—
1H
6
78
ser
200
24
21
6
(BMt) 3%s
%
600
\1%"
21
82%
%
15%
%
12%
12%
78%
1%
600
ht
78
75
100,000
269,000
83
82%
96,000
.Feb
1 %
49%
%
100
%
1%
77%
Conn Lt A Pr 7s A—1951
Jan
60
Jan
225
52
%
1%
"ili
Van Norman Maeh Tool-5
Va Pub Berv
49
69
77%
Cudahy Packing 3%s-1965
Feb
»n
'""166
"i'% "i%
49
69
Mar
19
Mar
6
*4 conv pref
Jan
1969
Jan
8%
Jan
49
175
Debenture 6s
Feb
4%
14
1%
7% preferred
—100
Valspar Corp com1
Venezuelan
55
54
Jan
%
l
Utility Equities Corp
*
$5.50 priority stock
*
Utility A Ind Corp com—5
Conv preferred
—7
fUtll Pow A Lt common—1
Class B
1
Jan
6
15%
6
Utah Radio Products
Jan
Jan
Jan
12%
Universal Products Co.—*
Utah-Idaho Sugar—
1
2%
14%
Jan
"3% "4%
12%
6%
*i«
Jan
»tt
3%
12 %
Universal Insurance
'
Mar
H
2
14%
75
Jan
Jan
Jan
Mar
Mar
14%
25
3
76% 438,000
4%
13%
23
%
69%
69
Jan
Mar
13%
23
U 8 Stores Corp com..— *
70
69
16%
27%
Jan
68
71 %
1958
1949
Mar
68%
12,000
1950
6%s
84
78
Conv deb 5s
Cities Serv p A L 5 %s_ 1952
Jan
75
75
High
Low
$
Consol Gas El Lt A Power
-20
conv
196fi
Community Pr A Lt 5s '57
pref—
$1%
Price
Debenture 5s—
Jan
Range Since Jan. 1, 1939
Week
Jan
Mar
1%
36%
Jan
400
US Ply wood
for
of Prices
Low
High
Cities Service 5e
Mar
Jan
Jan
76%
Week's Range
Sale
Par
85%
76 %
Last
High
Mar
76%
United Shoe Macb com-25
1,775
BONDS
(Continued)
1,1939
Range Since Jan.
Last
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
April 1, 1939
Exchange—Continued—Page 5
91
54
95%
Mar
66
Feb
96%
92
Jan
101%
Feb
1,000
88%
Jan
Mar
Mar
107
107%
3,000
106%
Jan
110
110%
12,000
107%
Jan
110%
90
Feb
6.000
91%
108%
90
Feb
Feb
Volume
New York Curb Exchange—Concluded—Page 6
148
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Week
Par
High
Low
Price
Last
BONDS
Range Since Jan. 1, 1930
BONDS
(Continued)
Low
Par
High
9854
9754
9874
5,000
9354
Jan
9854
Jan
Midland Valley RR 5s 1943
63 54
6354
64
4,000
69
Feb
9954 101
59.00C
9874
Jan
6654
10154
Mar
9954
23,000
31,000
9,000
9854
10354
Mar
10154
Mar
Jan
Twin City Rap Tr
8254
8854
10854
7354
Jan
9554
Feb
9954
Mar
Jan
10954
3,000
100
Jan
2,000
77
Jan
105 M
1939
Range Since Jan. 1.
Lotb
3
39,000
2,000
21,000
105M 106
103
High
Feb
Jan
10654
M
Jan
107
Mar
86 M
Jan
96
Mar
Jan
6154
Mar
Mar
52 M
118
Mar
Ulen Co—
Jan
for
Week
of Prices
High
Low
Price
Texas Power A Lt 6s—1956
Middle States Pet 654s '46
Week's Range
Sale
(Concluded)
S
1931
Sales
Friday
-
9854
1st A rel 6s
10354
9854 10054
10354 10454
87
9854
Miss River Pow 1st 5s. 1961
87
9854
10854
Missouri Pub Serv 6s_196(
80
9154
9954
53,000
10854 109
80
8354
5,000
16,000
Mar
105
Jan
194i
10054 101
8354
8454
Feb
"_9954
9554
99
10054
44,000
9674
9554
30,000
36
6,000
110
2,000
*119
11954
*101
10354
80
80
8554
6s.
6554
Conv deb 6s
6254
New Eng Power 354B.1961
New Eng Pow Assn 5s_1948
6254
_
-----
Jan
120
Jan
Jan
10054
Mar
Jan
Jan
7254
Jan
72
Jan
Jan
Va Pub
Mar
5454
53,000
91
Jan
9574
93
Jan
9854
101
12,000
10154
95
99
58,000
104
104
4,000
99J4
Feb
92
Jan
10254
10154
99
Jan
85
♦Ext 4 54« stamped. 1960
N Y P A L Corp 1st 4 Ms'67
85
86
10,000
2,000
37,000
5,000
,
10754
10754 10854
102
102
10354
Jan
99
Jan
*11354 11354
56
Nippon El Pow 6 Ms.-1953
"
1,000
56
56
9654
654s series A
1956
Nor Contl UtU 554s—1948
No Indiana CAE 6s_.1952
96
52
52
33,000
10,000
9854
' 53
Mai-
5s series D
4
1969
Ms series E
"i0554
10454
.1970
n* western Elec 6s stmpd'45
-
M-
n'western Pub Serv 6s 1957
Ogden Gas 5s
—
9854
OklaNat Gas 4 Ms
6s conv debs
"10554
1946
10054
Okia Power A Water 6s *48
9754
Pacific Coast Power 6s '40
.......
1st 6s series B
1955
83
1964
36
Penn Cent LAP 4 Ms. 1977
1st 6s
1979
Penn Electric 4s F
1971
105
113
101M
56 M
113
11354
101M 102
56 M
58 M
9554
+
—
~
^
"l6I""
1960
6s series A
108
Jan
109
Mar
♦7s ctfs of dep. Jan
Antioquia
1981
4sserle8D
1961
9454
Pittsburgh Coal 6s—1949
Pittsburgh Steel 6s__.1948
103
103
9754
♦Pomeranian Elec 6s. -1953
*17
Portland Gas A Coke 6s *40
71
Potomac Edison 5s R.1950
71
10854
1961
4374
'59
~
«,
—
♦Prussian Electric 6s..1954
1966
10754
150 ;
Puget Sound P A L 5 Ms '49
8&54
B ctfs of dep. 1945
*10
C ctfs of dep. 1945
*10
113
Feb
*7s
ser
D ctfs of dep. 1945
*10
*9
Jan
•
6 Ms series A
1952
8254
8254
30 54
3054
"
*78 1st ser ctfs of dep. '57
♦7s 2d ser ctfs of dep.'57
{♦St L Gas A Coke 6s_1947
San Joaquin
*17,54
*135
L A P 8s B '52
♦Saxon Pub Wks
6s._.1937
Scrlpp (E W) Co 6MS.1943
Scullln Steel 3s.
.1951
Servel
Inc5s..r
*12
1354
Shawlnlgan WAP 4Mb '67
1st 4 Ms series B_;
1968
1st 4 Ms series D
1970
"10454
"104
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 6s. 1957
Southeast PAL 6s
54
uo
Mar
♦Caldas
10374
10954
Mar
♦Cauca
Jan
Jan
108
Mar
♦7Ms ctfs of dep.—1946
105
Jan
106
Mar
10854
Mar
29,000
Jan
9554
9754
11
Mar
Mar
11
14,000
11154
Jan
11354
"
Mar
1,000
Jan
80
10,000
42
Feb
51
1,000
103
Mar
Mar
108
9574
Jan
99
1754
Jan
2054
Jan
2514
Feb
Jan
2514
Mar
*20
30
19 54
Feb
22
Mar
100
Jan
♦6s ctfs of dep..Oct
20
1953
♦6Ms ctfs of dep
Danish
6Ms
68.
Feb
*8854
4454
Mar
♦Hanover
Jan
10574
Mar
♦Hanover
10054
22
*10
Feb
77
23
Mar
1
19 M
1854
(City) 7s.-.1939
(Prov) 6ms.1949
♦Lima (City)
♦Maranhao
Jan
88
Jan
9654
Jan
28 54
3514
Feb
96 54
19M
1,000
1614
Jan
Jan
20
Mar
19
7,000
1614
Feb
20
Mar
30
17
Jan
2114
Mar
30
16 54
Feb
20
Mar
11
Feb
13
Mar
614
1114
Jan
Jan
15
Mar
15
Mar
10
Feb
10
Feb
9
Jan
9
11M
1174
11
11
11M
8,000
13M
1958
13
7,000
♦7s ctfs of dep
1951
U0M
13 M
18
♦6Ms ctfs of dep
1954
him
18
Mtge Bk of Bogota 7s.l947
125 M
125 M
30
♦Issue of May 1927:
Mar
*78 ctfs of dep. May '47
♦Issue of Oct 1927
124
125 M
32
Mar
♦7s ctfs of dep. Oct '47
124
26
♦Mtge Bk of ChUe 68.1931
HO
17 '
124
124
32
124
32
6,000
147
Feb
15254
Mar
3,000
10654
Jan
10754
88,000
7554
Jan
92
43,000
72
Jan
9054
61,000
7054
Jan
86
6354
Jan
88
29
Feb
35
Jan
♦Medelltn 7s stamped. 1951
Jan
150
26,000
2,000
Mar
.
Mar
-
Mtge
4,000
^
—
10854
Jan
1654
Feb
134
136
...
J..
2,006
103
1,000
Feb
24
Jan
24
Feb
10154
Jan
10954
18
27
Mar
Mar
,3154
10354
Mar
65
10354
Mar
106
10354
10354
Mar-
10554
10554
7654
Jan
54
Mar
Mar
135 54
Jan
7,000
.
«.
"
—
„
1
6 J)00
6,000
Mar
90
90
9154
10,000
83
Jan
101
10354
90,000
9454
Jan
10454 10554
10954 11054
42,000
104
36,000
10854
10974 11054
16,000
10854
Jan
11154 11254
17,000
111
Jan
10454 105
10,000
10354
83
oPfaep
1946
♦7s ctfs of dep..-.0.1947
♦6Ms ctfs of dep... 1947
Mtge Bk of Denmark 6s '72
♦Parana
,9554
91
91
Jan
261i"Mar
"13* "Mar
16
1
Mar
Jan
111
(State) 7s.—1958
32
30.000
91
llToOO
91M
"554
54
54
Jan
♦Russian Govt 6Ms...1919
Feb
♦Santa Fe 7s stamped. 1945
1M
1M
151M
Feb
♦Santiago 7s
1949
110 M
54
55
12 M
1961
110 M
12 M
11M
1921
♦7s
11M
Mar
814
13
♦Rio de Janeiro 6Ms.l959
Feb
2614
2554
28
Jan
Banlts|f Columbia—
♦7s ctfs
♦5Ms.
10,000
Jan
2554
30
Mar
10754
.
25,000
6,000
Peru 6 Ms '68
7s.
1854
120 M
*1754
9254
92
32
96
1947
♦Secured 0s—
Jan
Feb
5,000
22
1959
1955
pundlnamarca (Dept of)
Jan
10,000
-----
Feb
22
'61
♦German Con Munlo 7s '47
3954
44 54
Jan
12
22
Feb
8,000
i.
Mar
Jan
22
Feb
Jan
•
16 It
Mar
40
10954
10954
Jan
•
Mar
40
Danzig Port A Waterways
♦External 6Ms—1952
Jan
J.
Feb
15
*23
Jan
3,000
19
Mar
10,
1154
5,000
1354
Feb
15
*23
Feb
*
77
—
18
4.000
1952
♦Prov Banks 6s B—1951
♦6s series a.
101
2025
Mar
Columbia (Republic of)—
♦6s ctfs of dep..July '61
Jan
Jan
64
8054
1154
Cent Bk of German State A
f
26
80
80
754 s ctfs of dep.'46
VaUey 7s
1948
Mar
9154
9354
.
18
♦7s ctfs of dep. ..—1948
Mar
10354
10854
10354 10454
Jan
20
106
Jan
107
*103
10454
10354 104 54
~ Mar
20
Jan
10654
11,000
5754
2474
20
*10
Mar
10054
9154
48,000
*107
1948
Jan
854
18
73
54
54
Jan
M
24
20
25
,
*854
18
103
25
Jan
26 54
3,000
18
*12
———
1854
28 54
Jan
18
♦Bogota (City) 8s ctfs. 1945
Bogota (see Mtge Bank ou
99
10554
8454
30 54
Feb
26
18
Mar
"8^666
*2154
♦Schulte Real Est 6s—1951
25M
15
*854
♦7s 3d ser ctfs of dep.'57
♦Baden 7s
1951
15,000
8354
Feb
15 '
Mar
*21
10854 108 54
Safe Harbor Water 4 Ms '79
*11
10454
10354
107
♦Ruhr Gas Corp 6Ms_1953
♦Ruhr Housing 6Ms—1958
ctfs of dep. 1946
Jan
22
8054
94 54
18
M.
8354
Jan
Jan
18
ser
Jan
103
8054
94
89
32
Jan
7754
1950
C
ser
124
97
47
1st A ref 4Ms ser D.1950
Queens Boro Gas A Elec—
1st A ref 5s
Feb
Jan
of) Co¬
98
10854
10754
8554 8954
8354 8554
105M
90
32
ser
Pub Serv of Oklahoma—
4s series A
Jan
Jan
Mar
32
ser A
Public Service of N J—
6% perpetual certificates —J—
124
124
'47
♦7s
34,000
10854
Jan
Jan
104
Feb
23,000
26 M
91
52,000
10354 10454
*2054
M
51,000
7,000
*10854,109^4
Potrero Bug 7s stmpd.1947
PowerCorp(Can)4MsB
108
106 M
106 M
29
48,000
98
Jan
Mar
Feb
Mar
32
♦78
Feb
9654
'
(Dept
.
♦7s
37
7754
26
Feb
Mar
30,000
46
105M
63
2,000
91
Mar
3754
97
46
Mar
102 M
9454
11354
8754
9454
""7754"
Mar
12,000
11374
Jan
95
Pledm't Hydro El 6 Ms '60
11354
102 M
53
14,000
Jan
Jan
10254 10354
Pblla Rapid Transit 6s 1962
105M
Jan
Jan
104 M
90 54
Mar
76
11254 113
4s series B
Phlla Elec Pow 5 Ms—1972
Jan
Jan
105M
10054
92
32
94
94
Mar
lumbia—
Mar
8654 163,000
*107,
4Ms series B
...1968
Peoples Gas L A Coke—
Feb
108 M
108
Jan
105
54
31H
110 M
101
15.000
4,000
Jan
Jan
Jan
GOVERNMENT
♦6s ctfs of dep
Aug '47
♦6s ctfs of dep...Apr '48
Jan
10654
112%
10754
10354 103 54
*10654 107
Mar
104
104
90
1947
*46
♦20-year 7s—Jan 1947
Mar
17,000
105
Jan
Jan
Feb
106
124
Jan
108
108
Penn Water A Pow 6s.l940
4 Ms aeries F
1966
126
3,000
10054 10154
101v 10154
3,000
14,000
32,000
1106
♦7s ctfs of dep. Apr
10274 10274
9554
105
U04 M 105
Agricultural Mtge Bk (Coll
♦20-year 7s
Apr 1946
Mar
105
"i0254
1954
6s series D
2030
Newspaper Un 6s '44
FOREIGN
Mar
21,000
108
105 M 107 54
Jan
9754
104
36
105 M
,
AND MUNICIPALITIES-
Jan
105
«,
10754
59,000
108
Feb
Jan
y*
19 M
10654
10454
10554
Jan
L
78,000
3,000
90
9154
10154
«.
26
105
Mar
10454
~,L
Mar
23 54
105
Penn Ohio Edison—
Deb 5Ms series B—1959
Penn Pub Serv 6s C—1947
deb
103
10054
115
91M
{♦York Rys Co 6s..„1937
63,000
83
82
Yadkin River Power 5s '41
28,000
*113
_
Pacific Pow A Ltg 6s
Park Lexington 3s
19,000
Mar
10274
30,000
6,000
91M
Mar
9754
*
88
103
Jan
10554 106
92 54
87
M
Wise Pow A Lt 4s.
98
10054 103 54
11354
24,000
Jan
Jan
92
Mar
92
98 54
95
Jan
Feb
113
113
1941
91M
23M
Pacific Gas A Eleo Co—
Pacific Invest 5s ser A. 1948
Pacific Ltg A Pow 6s. 1942
14,000
92
97 54
94 M
feb
104
9654
Mar
95
107
103J4
J,
Mar
95 M
Feb
10554
10954
Mar
96 M
Mar
12,000
*109
1945
1951
H
94 54
Jan
Jan
5754
10,000
34,000
79
Jan
92 M
10854
104
1,000
Jan
83
Jan
10554 10554
10554 10554
9854 100
70M
Feb
105
10454
112
4,000
18,000
9954
13,000
10554 10554
8,000
10554 105 M
Northern Indiana P 8—
1966
Feb
17,000
Mar
47
107 *
$10754 10854
Mar
Hotei—
Stamped 5s
96
82 M
Feb
75
106~~
-
Mar
95
West United G A E 6Ms'55
Feb
Mar
80 54
90 54
105 M
58
115
Jan
7454
Wheeling Elec Co 5s—1941
11354
Feb
Jan
Mar
94
Wtec-Mlnn Lt A Pow 6s '44
106
Jan
90
Jan
27 M
88
Mar
Jan
107
Jan
27
Feb
74 M
Mar
Jan
Mar
Mar
Jan
52
95
West Texas UtU 5s A 1957
Mar
Jan
78 M
Mar
88
10354
10454
50
5,000
39,000
West Penn Traction 5s *60
Feb
8654
35,000
87 M
109
,
11274
106
106
1954
107
Jan
8174
106 M
84
114M 115-
1954
West
79
77
1946
......
West Penn Elec 5s
Feb
Mar
10654
M
106
77
"§4"
Wash Ry A Elec 4a—1951
Wash Water Power 5s 1960
Mar
""95""
78 M
1950
6s
Mar
49,000
75
Serv"5 Ms "aI II 946
♦6s Income
98
75
5,0 u
20,000
1973
Waldorf-Astoria
9454
26
1Q44
Feb
95
26 M
26
1952
1st ref 5s series B
Mar
7254
109
26
26
Jan
116M
45 M
26 M
23 M
70 M
76 M
104 M
(Me)—
lUa
Mar
54
"26 M
4,000
1,000
Utah Pow A Lt 6s A—2022
Feb
55
1,000
49
1974
1959
6s series A
Feb
8954
119
118
47 M
1975
i
6Ms.
5Ms.
Mar
92
N Y State E A G 4Mb 1980
N Y A Westch'r Ltg 4s 2004
5s series C
118
United Lt A Pow 6s
New York Penn A Ohio—
No Amer Lt A Power—
118
.
1956
United Lt A Rys
6s series A
95
N Y Central Eleo 5 Ms 1960
Debenture 5s
39
Feb
3654
11054
11854
50 M
Un Lt A Rys (Del) 5 Ms *52
"92""
..1942
♦Income 6s series A.1949
6554
*10854
Debenture 554s
1964
New Orleans Pub Serv—
6s stamped
62,000
6854 27,000
6854 155,000
87,000
27,000
Mar
10754
68
65
61
41
Jan
Jan
7774
58
39
Mar
10754
96
J
32,000
1,000
11854 H854
~~65~"
Jan
Feb
99
58
10454
9954
Jan
92 5s
35
96
39
♦United Industrial 6 Ms '41
♦1st s f 6s
1946
Mar
115 54
35
110
Nebraska Power 454o_1981
6s series A
98
86
105
95 M
5Ms '52
United El Serv 7s
Feb
10154
105
"~95M
Conv 6s 4th stamp. 1950
United Elec N J 4s.—1949
Montana Dakota Power—
554a
2022
A
Tlets (L) see Leonard
Mar
87
Jan
6s series
Tide Water Power 5s—1979
12
%
52
Jan
Jan
Jan
Jan
,Mar
9614
Mar
15
Mar
1414
Mar
54
•
54
52
Feb
Jan
Mar
1114
Feb
1414
Jan
1054
Feb
1414
Jan
Mar
Feb
10474
Feb
Jan
10654
Mar
Jan
11054
HO 54
Mar
Sou Calif Edison Ltd—
Debenture 3 Ms
1945
Ref M 3 Ms-May 1 1960
Ref M 3Ms B.July 1 '60
1st A ref mtge 4s.—1960
Sou Counties Gas 4 Ms 1968
"i0954
■*.
-
-
~
"11254
1951
"44"
S'western Assoc Tel 5s 1981
10354
Sou Indiana Ry 4s
S'western Lt A Pow 5s 1957
So'west Pow A Lt 68—2022
—
-
-
-
""87
So'west Pub Serv 68—1945
44
44
10354 103 54
10354 30354
87
90
10654 10654
1,000
26,000
3,000
16,000
2,000
Feb
Mar
5254
Mar
10254
Feb
Jan
10354
Jan
10374
10454
44
83
(Btpd)
Debenture 6s
1948
1951
""59"
Mar
635-4
19,000
58
Jan
70
Mar
63 54
10,000
35
Jan
7054
Mar
6354
43,000
6754
Jan
7054
Mar
Mar
59
64
27,000
Jan
70
60
Jan
6954
87
Jan
96 54
Mar
5854
6454
60,000
57
Jan
7054
Mar
23
23
26
11,000
23
Mar
35
Jan
55
55
5754
2,000
55
Mar
64
Mar
36
37
5,000
35
Feb
50
Jan
"9854*
9854
99 74
65,000
"99"
4754
4754
99
10154
66,000
♦Starrett Corp Ino 6s. 1950
60
*60
96
5754
2d stamped 4s
Tennessee Elec Pow 6s 1956
Ternl Hydro-El 6 Ms—1953
Texas Elec Service 5s. 1960
4,000
No sales were transacted during current week.
Bonds being traded flat.
tThe following is
8854
Jan
10054
Feb
43
Feb
9754
Jan
5354
102 54
Mar
Jan
a
list of the New York Curb bond issues
which have been called
Sept. 1 at 105.
Illinois Northern Utll. 5s, 1957, April 1 at 105Cuban Telep 754* 1941.
Cash sales transacted during
the current week and not Included In weekly or
yearly range:
No sales.
V
1946
included in year's range, n U nder
Cash sales not Included in year's
Ex-divldend
In their entirety:
e
Corp—
1940
x
t Friday's bid and asked price.
♦
Mar
2X7666
60
"58 54
2d stamped 4s
*
No par value,
a Deferred delivery sales not
the rule sales not Included in year's range,
r
range,
5 Reported In receivership.
5854
63
9654
Debenture 6s. Deo 11966
(Hugo)
Feb
10654
6254
5854
6s gold debs.
1957
Standard Investg 6 Ms 1939
Standard Pow A Lt 68.1957
Stinnes
Mar
9454
Jan
l
1948
Conv 68 (stpd).
Jan
Jan
10454
Standard Gas A Elec—
6s
Mar
Feb
11254
10554
Under-the-rule sales transacted during the current week
and not included In
weekly or yearly range:
No
z
sales.
Deferred delivery sales
transacted during the current week find 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," nod-voting stock;
"v t 0," voting trust certificates; "w 1." when issued: "w w," with warrants: "x-w "
without warrants.
Financial
1932
Chronicle
April 1,
1939
Other StocksExchanges
Baltimore Stock
Exchange
Sales
Friday
Week's Range
Last
Low
21
21X
Atlantic Coast (Comm) .50
21)4
Bait Transit Co com v t c. *
35c
1st pref vtc
—*
Consol Gas E L A Pow...*
1.30
1.30
7iH
35o
74 X
3
120
100
Mar Tex Oil.
.
_
-
6
Common class
117
[
14 )4
'128)4
Mar
Jan
Jan
Jan
Last
Week's Range
2
Jan
2
Jan
Sale
2
50
Mar
50
Mar
Week
of Prices
Low
Sigh Shares
21
Mar
35)4
2
60
50
18 X
19 X
90c
m
A..——1
m
•
Mercantile Trust Co ...50
85C
1.00
3,496
90c
95c
650
*242)4*242)4
1
224
iex
27 X
188
13
Jan
17
98
25
Jan
27H
IX
10
1
Jan
Feb
40 X
287
SAX
Jan
2
45
Equipment com
1
Asbestos Mfg Co com—1
Mar
Associates Invest com.—.*
4X
: 9H
X
32)4
:■
42X
Jan
43
Mar
Athey Truss Wheel cap—4
3J*
11X
1.00
Jan
14X
Jan
Auburn Auto Co com..*.*
Feb
1 25
Jan
Automatic Washer com..3
m'<i>
m m.
mm
mm
mm~»mm
Merch A Miners Transp.. *
15
15
Mon W Pen P 8 7 % pref .25
27%
27)*
ix
39)4
M Vern-Wood M'ls comlOO
Preferred. 100
IX
.
•
920
Jan
17X
85c
Mar
82c
Mar
.
1.40
1.40
Jan
Amer Tel A Tel Co cap. 100
Mar
Armour A Co common.-.5
Mar
"
Aro
National Marine Bank—30
New Amsterd'm Casualty 6
12)4
North Amer Oil Co com.,.l
Northern Central Ry—. 60
1.15
1.15
1.20
1,034
1,912
87 X
87 X
88 X
65
83)4
Jan
88)*
Mar
Penna Water A Pow com.*
81
81
81
10
73
Jan
84)4
Mar
Phillips Packing Co pref 100
U 8 Fidelity A Guar.—..'2
68
68
68
16
67)4
68
Mar
20
20
22 X
3,060
19
Jan
23)4
Mar
20)4
23 X
27
$41,000
20
sex
500
Bonds—
A
43
13X
43
12)4
8
.
Mar
20 X
.1975
mmrn'mm
B 5s..
——..1975
Georgia Southern A Florida
Ry 6%— .i
1945
m
m
m
—
m
a»
-
m
26
m
,86**
45
45
m
m
Boston Stock
i Jan
24)*
Jan
27 X
84X
Jan
45
2,000
45
Friday
■
■
■
Week
High
Low
Price
■/' Par
;
of Prices
Range Since Jan. 1, 1939
Shares
Low
/
IX
6% aon-cura pref....50
139X
Mar
X
Feb
1,000
Mar
,
"
Mar
8%
254
Mar
4
Jan
7%
Feb
SO
Jan
10%
Mar
Jan
Feb
13)4
11?*
ex
29%
Mar
Feb
9X
13X
400
8X
9)4
400
7)4
11%
:
8?*
5
5H
300
4X
19
7%
17)4
Jan
10
Mar
Jan
20?*
Mar
22)4
17
Mar
32
Jan
Jan
20
Mar
5%
Mar
7)4
Feb
23)4
Mar
17 X
12
24)4
1,850
8X
9X
1,000
18 X
18 X
50
22 X
22 X
27X
4,050
im
19%
19X
10
19
19
8%
.
.
150
5%
21
21
50
10 X
13
1,700
11
11
11
100
com—1
2X
...
21
10)4
'
2?*
Feb
19 X
2,050
300
19?*
13 X
14 X
30
13)4
Mar
16)4
Mar
17)4
19
250
MX
Mar
23)4
Jan
Castle & Co (A M) com. 10
Central Cold Storage com20
nx
1H
14
13X
50
12X
Jan
15
Jan
263
76)4
Mar
89)4
Feb
Cent 111 Pub Ser $6 pref.
69
69
14
71
590
eex
Jan
75)4
Feb
18
2X
399 rl27
Jan
140
50
......
Central 111 Sec—
Convertible pref—
Mar
19
Foundry cap.*
Mar
Mar
Mar
,
17
Jan
750
Jan
6
227
Jan
•
IX
XX
XX
Jan
21
156
5X
Mar
4X
5X
4
■
.45..'
7
2
5X
295
235
9X
2X
2X
2X
2X
m'
1 ?4
260
4
Mar
170
'
Jan
.
195
XX
X9%
'1X
100
64
64
66
20
20
22
»
sx
150
5X
Jan
IX
IX
3,000
ix
Mar
Mar
"~4
XX
Chlo Flexible Shaft com. .5
Jan
MX
65)4
130
45
Jan
55
Mar
20
100
Jan
108
Mar
15X
,
IX
X
Jan
Chic A N W Ry com—-100
Jan
Convertible pref———*
Mar
Chrysler Corp common..5
Mar.
36)4
65X
ex
Jan
xex
IX
Mar
2x
Jan
1,000
34X
Jan
38)4
Mar
62
Jan
78)4
Mar
150
37
72
750
20
1
Jan
65
60
Jan
77
246
15
Feb
26
xx
Mar
1
Jan
108
Mar
ixox
Feb
8X
109
8X
l,70X
5
X
300
X
X
109.
10
1,606
Jan
9X
Jan
eex
250
8X
77
Jan
84 X
Mar
Mar
6
20
20
20
60
20
Jan
7H. Mar
Mar
25
21
21
23
405
20
Jan
24
~ —
30X
30 X
10
m
IX
73
ex
25%
IX
5%
ex
2554
25c
280
5X
mmmmmm
Gillette Safety Razor....*
Hathaway Bakeries pref.. *
Class B—
Isle Royal Copper Co...15
ex
-
mmmmm~
■'
1
Loew's Theat (Boston) —25
Me Cent—
mrn'm
m
,1,
14 %
mm
T
35
5)4
163
14% :;/•'■
28 X
27X
13,250
26 X
11
Mar
,11
12
550
6
6
100
Consolidated Oil Corp.*.*
8
New capital...
11
Jan
Mar,
51C
Mar
2?4
Jan
Jan
X4%
Mar
,
,
6X
V t c pref part shares—50
Common pt sh A.——50
Common—.——.i..100
8%
mmrnmmm
NYNHAHRR—-.100
North, Butte—.———2.50
Old Colony RR— ——.100
Certificates of deposit- i ^
65
6X. Mar
Jan
18
Jan
22)4
Mar
17
27
Jan
35c
50c"
2X
Shawmut Assn T C—*
Torrington Co (The).—-*
9X
9%
24)4
Union Twist Drill Co....5
United Shoe Mach Corp. 2.c
9X
*
cum pref........25
Utah Metal A Tunnel Co.l
,
9X
24 X
30
1
6
Cumul cl A
Preferred
Feb
IX
Jan
,12%
21X
26)4
16 X
Jan
Jan
29)4
Jan
Mar
55
Jan
37 X
73
Mar
14?*
13)4
Jan
28X
503
60
65
16
com.*
pref...—*.35
———.
2)4
Jan
420
16
16 X
13 X
25X
13)4
15)*
25X' 25X
ACohncom.10
2X
100
100
2
70
250
500
24
10
650
3X
38
38
,
1?*
34
20
Mar
3)4
Mar
38
Jan
100
10)4
Feb
32)4
23?*
Jan
Mar
:i8x
2ix
883
6X
ex
7X
100
10 h
10X
32 X
UX
Jan
Feb
16?*
17X
26X
ex
18 h
Jan
Jan
15H
Deere A Co com.—.—.—*
XX
Jan
.Jan
60
CudahyPacking pref. r 100
Cunningham Drug St—2)4
7?4
X
20 :
Diamond T Mot Car com. 2
Dixie vortex-
1.00
.
,
30c
Mar
80o
Jan
9X
18X
Mar
14)4
Jan
Jan
243*
Jan
J
Jan
200
2
Mar
129
14
Feb
115
9?*,
13?4
m
\ 9X
1/797
LI?4
22)*
•
16
Jan
XX
,
Common
Class A
m mmmrnrnm*-
^
"
Mar
Jan
,
Dodge Mfg Corp com..—*
Eddy Paper Corp (The)..*
Elec/Household Utll cap. 5
Elgin Natl Watch Co—.15
Jan
..
Fox (P)
16X
3
20
3254
100
7
...
7X
200
16
16 X
3)4
200
3
.....
Four-Wheel Drive Auto.10
3X.
7
14)*,
3
1,000
1,000
20
21
32?*
33)4
11
FitzSim A Con DAD corn*
Mar
X7X
Fairbanks Morse com.—.*
Mar,
•Taq
IX
11
Jan
,
Jan
12)*
Jan
11
4
35%
8X
xex
3%
,22)4
,
Feb
Jan
Jan
300
4314
Jan
Mar
X4X
4)4
Mar
15
Mar
3X
10
..
Mar
Jan
14X
900
Jan
Gardner Denver Co com..*
13X
14
250
12X
Jan
14
85%
Jan
51X
53 X
60
BOX
Mar
60
Jan
43)4
43
43 X
90
41X
Jan
44 X
Mar
Gen Amer Transp Com—5
General Candy Corp A...5
10 X
10 X
10 X
100
10
Mar
11?*
Feb
55c
550
65c
1,000
64c
Mar
75c
Feb
General Finance com——1
2X
2X
2)4
500
Mar
ex
92
6)4
Jan
General Foods com.—..*
41%
42 ?4
369
36)4
Jan
245
IX
Mar
7?4
3)4
Feb
2X
Feb
General Motors Corp—-10
41?*
47 X
3,551
Mar
ex
210
827
41 ?4
6?4
26)4
Jan
2X
42X Mar
51% Mar
100
10
1,700
1,400
22
Mar
9
ex
IX
'
1,018
Feb
28)4
Feb
17
23
:
85
85)4
84
90
13
Brewing com—6
*ii~X
*
13
85)4
Mar
83
Jan
90
Mar
Great Lakes DAD com..*
"22
6H
26)4
32 X
10
Jan
Goodyear T A Rub com..*
Gossard (H W) com..
*
*26)4
81)4
$2,000
3,300
10
22
24?*
-
X
2X
8X
Mar
37 X
Mar
11
Jan
Feb
Mar
Mar
Mar
27X
11)4
5X
5X
6
130
4%
Jan
6/
Harnochfeger Corp com. 10
Heileman Brew Co G cap.l
5
5
5
400
5
Jan
5X
Hall Printing Co com...10
March 25 to March 31, both inclusive, compiled from official sales lists
Sales
Friday
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Shares
Low
8]
750
6%
Jan
9
8
8
100
7X
Jan
8)4
com.25
35
35
200
34 X
Jan
37
Jan
11
11
400
11
Mat
,13
Feb
24 X
24
50
24
Feb
'25
Mar
11
11
305
11
Mar
Horders Inc com
Hubbell Harvey
see page
...
em
A*
.
com.....5
.1
9X
10
4%
13X
Hupp Motors com
Illinois Brick Co
59
62 X
850
55X
Jan
34 X
59
Acire Steel Co
36 X
75
34)*
Mar
43
Jan
Illinois Central RR com 100
8
Jan
9
Mar
IX
Indiana Steel Prod com—1
Mar
8X
9
7
7
7
100
7
Mar
9)4
Jan
Inland Steel Co cap—
2
2
2X
150
2
Mar
3
Jan
International Harvest com*
7
7
7X
100
7
8X
13?*
—
1935.
:
80
,
Mar
13?*
14%
150
MX
Feb
7,
IX
200
ex
Jan
>8X Mar,
15% Mar
8%
Jan
Jan
sx
8
Houdallle-Hershey cl B.
High
11?*
Jan
8X
Hormel A Co (Geo) com
Abbott Laboratories—
9X
Jan
Heln Werner Motor Parts 3
Hibb Spencer Bart
1
Range Since Jan. 1, 1939
Last
9X
Jan
Mar
Hamilton Mfg cl A pref.. 10
Chicago Stock Exchange
For footnotes
Jan
Mar
..1948
Allied Products com....10
Mar
Mar
11
70
76?*
25)4
Gillette Safety Razor
Aetna Ball Bearing com..l
Allied Laboratories com. .*
Jan
Mar
40
Eastern Mass St Ry—
Series A 4His...—.1948
Advanced Alum Castings. 5
Feb
Feb
19)*
32?*
100
3X
Mar
Mar
729
IX
Adams (J D) Mfg com...*
Adams Oil A Gas Co com.*
Jan
Mar
9)4
:
19
ex
Common (new).......*
com
.25
Jan
Jan
Mar
79
*
Par
i
19
:Bonds—
Stocks—
Jan
Mar
76?*
Warreh Bros...........*
Series B 5s
Jan
Mar
20
13X
21X
Crane Co com..—— 25
Decker (Alf)
1
12%
21X
26)4
'
177
1,440
IX
.
100
ex
2X
ex
'
2%
15)4
1H
"76?*
'
Jan
Mar
Jan .'
Jan
IX
Jan
ex
9X
8
Feb
58
Mar
12X
15
m
35c
90c-
Feb
112)4
Mar
20 X
9X
18)4
; 2x
V15
mmm
Jan
Mar
X
200
;
50C
30c
ox
18 X
Reece Butt Hole Mach. 10
Rsece Folding Mach Co. 10
1
Mar
2,470
48C
.
51
190
H
35c
"'■1'
"
Mar
31
105
10
X
5
Jan
15
250
51
51
X
Jan
3?*
20
27
107)4 109
107 X
"
Pennsylvania RR———50
Qulncy Mining Co......25
2,855
4X
4)4
-
Pacific Mills Co-—*
Waldorf System...
Jan
4)4
13)4
.
120
18
Dayton Rubber Mfg
'J,
,
New Riv 6% cum pref. 100
Stone A Webster
15
17
4X
i—.—-1
New Eng G A E Assn pref *
New England Tel A Tel 100
14)4
m-m
m
100
8X
'
~"l7
Mar
.15%
,
Feb
1,465
2%
B——*
Container Corp of Amer_20
Continental Steel com.
Common pt sh
'
5% cum pref100
Mergenthaler Linotype..*
Narragahsett Racing Assn
Mar
28 X
Consumers Co—r
Jan
8 ;■
27
Mar
25
5X
'
7
:
'
Veb
3X
Mar
Consol Biscuit com——i.l
Jan
13%
12
X8X
26 X
Feb
Mar
.
*
ox
Jan
Jan
Commonwealth Edison—
Jan
Jan
25C
2%
70
Mar
Feb
'.■•1'
.200
150
32?4
.
Mar
20
ex
2%
25
8
25
Compressed Ind Gases cap5
Mar
ex
5
630
,2%
21X
Coleman L'p A Stove com
IX
Jan
29)4
100
IX
•
4)4
ex
2X
21k
.—10
(New) common
M&u
6
6)4
6X
Club Alum Uten Co.——*
Jaii
Feb
Cities Service Co-—
Mar
10t)
Mar
3)4
15
Jan
50
5,450
4X
15X
IX
Chicago Towei—
Jan
9
Chlo Yellow Cab Co Inc..*
1)4
52
105
4
15)4
Chicago Corp common...*
Preferred-.—-——.*
Jan
Jan
1)4
50
preferred.—.*
Cent States Pow A Lt. pf.*
Chain Belt Go com.....
Mar
Mar
1?*
'
Feb
6
105
50
Preferred———
Prior lien
12X
Mar
242
: sx
IX
25
Feb
231
9
SX
Mar
11X
3%
3%
2)4
8?4
6)4
„
9%
19 X
9
—
Jan
Central S W—
,
XX
22 X
IX
■
19)*
mm,
Jan
Mar
Jan
17
m
Jan
H
8X
2)4
mm-
Mar
23)4 Mar
35
SX
2X
.rn'mm
Jan
Jan
Mar
\X
84%
12
\
. .—*
General Capital Corp.—.*
Georgian Inc cl A pref—20
Gilchrist Co i.
i—. *
Jan
9
Jan
7
Jan
3X
Mar
8
22
7
19?*
Jan
Jan
11
Feb
9
150
2X
Mar
Common............
Preferred.—
Jan
7
15
17
Employers OroupT..
Jan
70
7
170
100
Preferred B
6%
4X
Jan
X
5
Campbell Wyant corn-
'
Eastern 88 Lines—
Common
Inc—.
Mar
610
10 X
Burd Piston Ring
High
Jan
1H
•45
139X 142M
46)4 46X
46 X
Common..—j......*
4)4% prior pref——100
6% preferred.:——100
Eastern Mass St Ry-^-.
Common...———100
^
3X
350
1
5% conv pref——-30
East Gas A Fuel Assn—
,
15
%
ex
Jan
Jan
Jan
76 X
Copper Range—..*—25
....
Feb
Jan
76 X
Prior preferred...... 100
Cl A 1st pref std—100
1st preferred
3X
149 ?4
X
Boston Herald Traveler..*
Boston & Maine-
Cl B 1st pref (stpd) -.100
Class C 1st preferred -100
Calumet A Hecla..
25
Feb
2,362
.13
13
153)4
Boston Edison Co.....100
Boston Elevated...
100
3X
21
' '
100
IX
IX
250
153)4^.160)4
13
1st preferred........50
Amer Tel A Tel——.—100
Assoc Gas A El Co cl A—1
Boston A Albany...... 100
36
2X
H
9X
ox
12
m
Butler Brothers-....... 10
i
American Pneumatic Ser
Jan
Mar
Mar
Bunts Bros com....——_
for
Sale
Stocks—
Week's Range
xox
32)4
Common.-**—*...*--!
Class A preferred
com—-4.-6
Sales
'
t
Last
Jan
Jan
1
Bruce Co (E L)
„
'>
'
ex
3%
,
Berghoff Brewing Co—1
Bliss A Laugblln Inc com.5
Borg Warner Corp—
(New) common.....*.5
Brach A Sons (E J) cap.. .*
Brown Fence A Wire—
Exchange
Mar
Jan
Mar
Mar
3X
7
Ma
200
33
3%
7
March 31, both inclusive, compiled from official sales lists
to
200
9X
X
32 X
2%
Backstay-Welt Co com—*
Barlow A Seelig Mfg A com 6
Bastlan-Blesslng Co eom_*
Belden Mfg Co com.....10
Belmont Radio Corp....
Bendlx Aviation com.—.6
*
•
X
1,200
149)*
4%
9)4
X
;
Jan
47X
72 X
170)4
Jan
3,290
2
86)* Mar
Mar
69
4%
10X
4X
High
,
Mar
808
2%
Mar
37
90
70X
,
Low
385
157 X 160 X
Aviation Corp (Del).*—3
Aviation & Trans C cap.1
Jan
22?*
26,500
.70
Range Since Jan. 1,1939
for.
39X
6
„
5s flat—
March 25
.
37
37
Allis-Chalmera Mfg Co—*
Amer Pub Serv pref——100
Mar,
Jan z242 X
Price
Par
Stocks (Continued)
Jan
39 X
43
Bait Transit 4s flat... 1975
Sales
Friday
Jan
2
Mar
SIX
2
m
Municipal Dept. CGO. 621
^
St., CHICAGO
10 S. La Salle
Jan
'
,
117
85
3154
Z1X
Trading Dept. CGO. 405-406
Jan
8X
Principal Exchanges
Bell System Teletype
Mar
Mar
12X
89
Members
Jan
BOX
'
31J*
1.
i
2.10
Jan
18 X
.——100
Houston Oil preferred—100
Preferred..
123
Mar
112)*, Mar
:
13%
Jan
230
13X
120
65c
Paal H.Davis
Jan
Mar
1.30
488
6X
6
1
Preferred
31X
71
Eastern Sugar Assn—
Fidelity A Deposit— —20
Fidelity A Guar Fire—.10
Guilford Realty Co com—1
Mar
30c
233
6
High
21
29
1.50
77
113X 114
114
6% preferred..—...100
Davison Chem Co com. 100
Low
1,057
35c
Luted and Unluted
Range Since Jan. 1,1939
for
'Week
of Prices
High Shares
Sale
Price
Par
Stock*-—
SECURITIES
CHICAGO
compiled from official eales lists
March 28 to March 31, both Inclusive,
9X
IX
1
950
11
55
4%
9)4
IX
4X
Mat
MX
12X
2X
ex
65S
13)4
Mar
20)4
16C
150
4%
13 X
3
79 X
55
interstate Power $6 pref—*
$7 preferred
— ii*
.Tarvla (WB) Co cap
X
15
3
150
Mar
Mar
4
Mat
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
15
79)4
Jan
94X
494
52X
Jan
66
Mar
2%
Jan
5
Feb
6C
,
■
5
20
2(
20
35C
2)4
20
Jan
Mai
6)4
26
M»r
Jan
Volume
Financial
148
Sales
Friday
|
Last
Par
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Week
Low
Price
Jefferson Elec Co com....*
Katz Drug Co com
1933
Chronicle
Low
100
18
18
18
Range Since Jan. 1, 1939
Shares
High
18
Cinolnnatl Listed and Unlisted Securities
High
1
Feb
Jan
19%
W. D. GRADISON & CO.
Mar
1
4%
4%
434
400
4
Jan
Kellogg Switchboard com.*
6%
5%
734
2,550
5
Feb
430
29
Jan
7%
40*4
Mar
87
Mar
Kentucky Util jr
6% preferred
com A*
37
87
'"7%
5
3%
A.
com
36
100
Ken-RadTube&L'p
Kerlyn Oil
36
87
pf.50
cum
Kingsbury Brewing
cap.. 1
La Salle Ext Univ com
5
Feb
734
7%
Jan
334
7%
3%
79%
150
100
3%
Jan
%
%
900
2%
1,050
2
25
25
80
Mar
8*4
3*4
Mar
*4
Jan
Jan
2*4
Member*
Cincinnati Stock
Mar
New York Stock Exchange
Exchange
Jan
2
22
%
%
2
10
5
DIXIE TERMINAL
Feb
BUILDING, CINCINNATI, O.
Teletype: OIN 68
Telephone: Main 4884
Leath & Co—
Cumul pref.
;._*
Le Roi Co com
___.10
'8%
Libby McNeill & Llbby..*
4%
Lincoln
3%
$3*4
Printing
Carbonic
Jan
Friday
9
Mar
Last
Week's Range.
for
4%
Jan
Sale
of Prices
Low
High
Week
Mar
6*4
5*4
Jan
32*4
Mar
1,340
334
150
2
-no
29
31
31
3134
17
17
1834
200
16%
1734
75
134
50
Packing com.....*
Lynch Corp com
£
30
30
30
50
Marshall Field
13
1%
*
10%
1034
McCord Rad & Mfg A...*
534
534
McQuay-Norris com.....*
3034
3034
Manhatt-Dearborn com..*
34
""434
Merch & Mfre 8ec com A.l
Jan
1%
.
Jan
Jan
National Pumps.
Procter & Gamble
4,500
10%
Mar
15
Feb
100
5%
Feb
8
Jan
27'
10
300
Feb
.
Jan
Mar
32
■
.
_
*
.
23
Range Since Jan. 1', 1939
Low
Shares
High
23
335
24*4
Jan
24 %
Feb
Rapid..;
*
...
4%
Feb
5*4
Jan
U SPrinting.,
Preferred
450,
3
334
..-706
3
Mar
4*4
Jan
6%
634
734
8,400
6%
Mar
8*4
1%
Jan
2*4
Feb
53 %
Jan
Mar
Mar
10
111
Mar
57 %
117
218
2
216
Mar
225
3
443
111
-
-
„
U S Playing Card.:—_10
4%
100
640
218
218
-
Jan
1*4
56*4
111
3
%
434
1*4
65*4
-
.
L.
Randall B
*
55*4
5% preferred
T'__100
8% preferred.......100
Jan
3
Mlckelberry's Food com. 1
Middle West Corp cap...6
i'm
_
^
/
/
23
Jan
Mar
34
Price
Par
Kroger.
18*4
Mar
30
3034
Sales
*
1*4
33*4
534
,
Stocks (Concluded)
Jan
20
Mar
17
16%
1%
com...*
Loudon
com
25
Jan
Mar
534
4%
3%
*
com
Jan
6*4
100
834
..*
preferred
Lion Oil Ref Co
Liquid
com...*
25
8%
2*4
7*4
32*4
»
32*4
Jan
Mar
404
7*4
Mar
141
8*4
34
2*4
27 %
Jan
36 %
Mar
1
Feb
1*4
Feb
4*4
Jan
Jan
3*4
11
Jan
Mar
1
1
1,126
4*4
1
_*
5
79
'
__50
4*4
Jan
.5
Midland United Co—
;
Common.:
*
34
%
34
350
H
Jan
*4
Jan
Con v preferred.
*
334
334
434
1,500
3%
Mar
5*4
Mar
6% prior lien pref... 100
7% prior Hen pref... 100
7% preferred A
100
2%
234
334
4,380
■■■:' %
Feb
3,990
%
Feb
3*4
'3*4
Mar
334
%
Jan
1
Jan
Jan
3
Feb
Feb
Ohio Listed and Unlisted Securities
Midland Util—
Miller & Hart
conv
•12%
%
M
500
2%
2%
40
150
7%
Jan
9
V 18%
com
1834
1834
300
is%
Mar
22
1
47
49%
540
44%
Jan
54*4
Mar
1734
17%
14
Jan
17*4
Mar
9
9
J
Montgomery Ward—
Common..
2%
A'- — —
pref..*
Minneapolis Brewing
Modine Mfg com...
——*
Muskegon Mot spec A...*
Nachman Sprinfield com.*
^17*4"
National Battery Co pref.*
"33"
.
734
33
33 34
1
18"-,
Natl Union Radio com___l
18
34
1,350
200
1,200
350
7
7
1134
734
17
Northwest Bancorp com..*
Northwest Eng Co com..*
Jan
1
600
234
11
11
Jan
17
1834
Mar
19*4
1*4
Mar
27
20*4
2%
Feb
.11
7
41%
4134
Penn RR capital.
Poor <fc Co class B
Car
.
47%
30%
15%
Mar
Mar
100
Mar
13%
Feb
18%
Jan
34
Jan
24*4
40*<
Jan
:
29
Mar
3%
Feb
4*4
Mar
Clark Cont oler._.__
Mar
16*4
14*4
Jan
Cleve Elec 111 $4.50 pref -
Jan
Cleveland Ry___
10
225
118
130
154
20
"
2834
.
9
Mar
a 13 %
34
6£0
Jan
Mar
Mar
28
9%
934
934
160
1%
134
234
4,800
9% /Mar
Jan
1%
NMar
'
-
Jan
2*4
19*4
Jan
Jan
70
—
3
Mar
23
80
•
1034
22%
«.
,
1%
•
Feb
*
Mar
"~70~ "
General Tire & Rubber. .25
a23% a23%
Elec Controller.
Hanna (M
34%
A) $5 cum pref *
*38
*+
-
—
—
2%
7%
5
534
10
1334
910
10*4
Mar
16*4
7334
20
72
Mar
75
134
800
1
%
Mar
2*4
Jan
934
1034
350
9%
Mar
13*4
Feb
334
100
3%
Jan
Jan
Mar
.27 '•
743
26
Jan
1134
12
200
11
Jan
234
734
534
*
*
534
2*4
Mar
634
1034
Mar
7%
Mar
12*4
6*4
10*4
Feb
Mar
Mar "28*4
Feb
Mar
100
5%
200
834
Jan
8
Jan
834
26%
28
1,268
26 %
18%
1834
1934
950
18%
334
334
300
3
Mar
1434
1434
500
13
Jan
15*4
75
75
.75
10
10
95J4
7934
1%
■1%
134
1%
.
1%
Jan
,
Jan
Mar
90 %
Jan
9H
Jan
90%
Feb
13*4
112*4
Mar
16
668
•
'
•
Jan
600
1%
Mar
2*4
1%
Jan
114
%
16%
Feb
25*4
Mar
212
19*4
330
98*4
36
1
3*4
Ohio Brass
Convertible preferred.. 7
Wahl Co com......
*
»
•
■
%
%
34
17%
1734
1834
2534
*
2534
Wayne Pump Co cap.._.l
,20
—
60
4- «•
Cumulative prior pref.. *
83
Wiscon Bankshares com.,.*
com.
2
-
r
,83 1
>434
4
4
16*4
Commonw Edison 3 *4s '58
10934
:
2134
1
32*4
Richiftan Bros.
Mar
24*4
Jan
Mar
119*4
10
Mar
83
Jan
4%
Mar
5*4
350
4
Mar
5*4
.
10
374
:
77*4
15*4
108*
80
Jan
10934 10934 $21,000
Jan
13%
72
13%
Feb
22*4
14 34
30
15
Jan
17 %
Mar
Mar
15%
5%
Mar
Price
Range
of Prices
Low
High
3
3
American Laundry Mach20
16*4
Champion Paper pref. .100
*
Churngold
101*4
106*4
50
91*4
2*4
92
15
91*4
Cincinnati Un Stock Yds.*
West Res Inv Corp pref
1%
30%
2
30%
20
8
22*4
65
155
a65
Mar
Feb
35
Jan
Jan
Mar
88
Mar
Jan
21
8
Jan
6*4
27
%
Feb
2%
Mar
434
Jan
4%
Mar
5%
Feb
Mar
67%
Jan
65
95
230
New York Curb Associate
Chicago Stock Exchange
DETROIT
Stock
Exchange
15
Exchange
Week's Range
for
Sale
Par
Stocks—
of Prices
Low
High
Shares
Price
Range Since Jan. 1, 1939
for
Jan
_
7*4
2,248
24
27 *4
25
1,170
23
Feb
19%
3,713
19*4
Mar
31*4
15
15
15*4
15
6*4
Jan
Mar
1894
Feb
100*4
Jan
Burry Biscuit com...12*4c
1*4
1*4
2
850
1*4
Mar
254
Jan
Jan
11*4
Jan
Brown McLaren
90c
90c
1*4
4,550
90c
Mar
Mar
5*4
5*4
200
5*4
Mar
1*4
5*4
4*4
Mar
121
225
103*4
2*4
107*4
Jan
88
Jan
10
13
Jan
Mar
3
Jan
30
Mar
•
Jan
92
Feb
15
Mar
♦
Burroughs Add Mach.
*
Capital City Prod com
5
Chamb Metal Weatb com £
6
Chrysler Corp com
Continental Motors com.
_
2*4
Detroit Edison com... .100
*
-
38*4
+
L
~
166*4
For footnotes see page 1935
9
9*4
167
20
Jan
11
25*4
Jan
27*4
Jan
8*4
Mar
9*4
Mar
10
Mar
_
com..
Det Paper Prod com
_.
Det Steel Corp com
1*4
f
41
41
Mar
10*4
11*4
21
8
Jan
12
Mar
Durham Mfg
16
100
Jan
W
Mar
Eureka Vacuum com... ...5
34*4
Jan
9*4
-
.....
140
2,433
2*4
100
86c
200
1.00
1.330
117*4
175
68
Jan
2*4
Mar
76c
Mar
80c
112
Jan
Jan
Mar
7
84*4
4
Jan
Mar
Jan
Mar
Jan
1.00
Jan
1.25
Mar
123
1*4
Feb
Feb
*
*,
,
5
««'
1*4
200
1*4
154
1*4
1,200
1*4
Jan
1*4
1*4
1
3854
97c
115
115
1
100*4 100*4
143
97c
..10
...5
Det Gray Iron com
Det-Mich Stove
2*4
85c
OnnsiinwrR ptnel
Det & Cleve Nav com
250
5
631
71*4
69
69
1
Jan
-
Jan
16*4
Feb
-
Jan
Mar
10*4
Mar
**
Jan
99*4
12*4
4*4
w
6*4
£
14*4
10*4
6*4
1
Jan
50
Mar
Jan
26
High
Feb
19*4
...1
Briggs Mfg com
1*4
1,116
3
Mar
10*4
Low
24
1*4
1*4
3*4
17*4
55
Mar
26
200
1*4
7*4
27*4
9*4
.i-
1*4
*
—
Baldwin Rubber com
High
Low
Shares
Range Since Jan. 1, 1939
Week
£
Allen Electric com
Week
...1
4*4
26
Sales
Last
c
8*4
10
compiled from official sales lists
Friday
31
11%
'
a8% alQ%
a36% a42%
Detroit
50
~
Jan
Mar
50
100
4%
Jan
8%
30
45
2%
Jan
12'34
11%
393
2%
26
Jan
Mar
8
Jan
111*4^\Feb/
217
*
Mar
Telephone; Randolph 5530
4*4
*
.
3034
Mar
<4%
Buhl Building
Jan
Jan"
10*4
.100
Mar
Jan
a22 % a23 %
a6 5
2%
30
385
Exchange
9*4
*
Hobart A
;
-
88
Exchange*
9*4
—
Jan
1%
642
8
Mar
Feb
48
Members
New York Stock
Detroit Stock
4*4
Sports Products
Mar
WATLING, LERCHEN fit CO.
4*4
Gibson Art
*
30
31%
80, %
Tube*L
9*4
10
Formica Insulation
275
65
30%
50'.
White Motor.—.
Youngstown Sheet &
Feb
3%
36
73
12*4
100
*
Crystal Tissue
Eagle-Picber
251
40
20
*
*
Crosley Radio
1st preferred-
11
106*4 107
2*4
Cincinnati Telephone. -.50
Kahn
16*4
3*4
17
101*4 101*4
11
Cincinnati E & G pref. .100
"15%.'
75
*
....
Vlchek Tool.
Bower Roller
*
Clnclnnati Street
15
52
Mar
Sales
Week's
Sale
Par
Mar
Jan
Jan
58
30*4
both inclusive, compiled from official sales lists
Last
Stocks—
Mar
Mar
15*4
25
—
Mar
80*4
350
434
7934
1834
Friday
Aluminum Industries.
41
101 %
33
Jan
434
83
Cincinnati Stock
March 31,
Jan
8
Selberling Rubber....,
*
8% pref...
..100
Thompson Products Inc..*
Van Dorn Iron Works
Mar
37
33
al0*4 al0%
*
"34" "Feb
176
Jan
,
17%
March 25 to March 31, both inclusive,
to
Jan
100
39
8
8;
—5
Reliance Electric...
Mar
32
10
.'■■a&%' a9
B.-.—.i-i--*
Jan
3,600
1634
Jan
18*4, Mar
Jan
Mar
8
200
834
■
50
Jftn
7734
(Wm) Jr (Del)..*
Zenith Radio Corp com..*
Bond*—
940
'
9834 103
8.
*
-
Woodall Indust
March 25
"31%
75
20
'
Otis Steel--.
Packer Corp...........
Jan
Mar
95
504
36
30*4
Nineteen Hundred Corp A
Jan
16
26%
Feb
50
._
National Tile.—......-*
♦
Jan
1,050
134
Midland Steel Products..*
National Refining new..
Prior pref 6%
>...*
Mar
15% 15%
a20*4 a20 *4
al3%al3J4
3%
3%
Medusa Portl Cement..
National Acme.
Jan
26%
"
•
■
Jan
281
1134
9334
U S Gypsum Co com...20
com *
Jan.
19*4
10*4-
14%
Union Carb & Carbon cap *
United Air Lines Tr can.5
Jan
2H
26 34
Thompson (J R) com...25
(The) common.2
Feb
100
234
8%
25
Mar
3*4
,20*4
12*4
"
Sunstrand Mach Tool com5
Swift International—.15
Matr
Mar
107*4
Jan
15%
50
17%.
13%
*
.
"59%'
20
.
38
17 %
Kelley Isl Lime & Trans.
40
,
al5*4 al9%
a25% a31%
34% 35
101% 10114
F).._
Mar
20
Jan
17*4
104
Jan
175
Faultless Rubber...
a20*4 a23%
5914 59 %
1514 15%
Jan
118%
10*4
Jaii
9
30
•
-t
coin. 1
Wieboldt Stores Inc com.*
116
Jaeger Machine..
.78 34
334
Stein & Co (A) com....... *
com..
30
Mar
2634
Standard Gas <Sp Eleci.com.*
Standard Oil of Ind.... .25
W'house El & Mfg
11614 11614
Dow Chemical pref..__
Eaton Mfg....
26*4
•
134
-
Conv preferred....20
Mar
1034
10%
..,.2
St Louis Nat'l Stkyds cap.*
Standard Dredge com.... 1
Western Un Teleg com. 100
100
Mar
13,
Jan
2
130
....
Mar
Mar
66%
200
Walgreen Co common
Jan
Jan
10
'
1834
Utah Radio Products
Util & Ind Corp—
Jan
87
10
*
_
-^7*4
10734
Trane Co
22 %
1,042
Jan
18
i
Mar
16 %
11
*
Greif Bros Cooperage A..*
107
Co
15-
15
Cliffs Corp vtc...Commercial Bookbinding
Goodyear Tire & Rubber.*
107
Stewart-Warner..
Storkline Furn com
23 %
Goodrich (B
'18
Sterling Brewers Inc
113%
Jan
280
Mar
£
com
20~
Mar
20
20 %
Mar
Sou'west G & E 7 % pref 100
Spiegel Inc
Feb
113
20
.100
32*4
2234
1034
com *
80 Bfend Lathe Wks can
18
32
a84
Interiake Steamship
_.;.30
Sivyer Steel Castings
100
.10
Steel Strap-
Preferred
5
20
113
San
150
Mar
a84
Feb,
686
Jan
Jan
10 %
10
19
8
2
105
113
23
2
2
7%
19
10
18%
Mar
113
20
15
350
-
Feb
13 %
*
200
834
7%
Jan
1
.
834
6934 ".72
2834
8%
Wrigley
11
l
290
6*4
"
1834
"28%
I
Jan
%
%
614
12%
6%
a9Ma\0%
-
Feb
Mar
Jan
614
55
6%
9%
Jan
130
6 %
6*4
...
2834
1834
*
Schwltzer Cummins cap.. 1
Sears Roebuck & Co com. *
Swift A
Mar
Mar
Rollins Hos Mills com.... 1
Signode
Feb
123
Jan
151
.
,100
%
Ross Gear & Tool com.,..*
Serfick Corp cl B com
Jan
'
28
High
Low
8
8
all*4 all*4
11%
25*4
30
334
Range Since Jan. 1, 1939
for
Week
Shares
a9
614
99
Apex Electric Mfg_.._._
100
1234
Price
Airway Electric pref... 100
Akron Brass Mfg..
_i_*
250
2834
,
240
""%
Co
Jan
16
Raytheon Mfg 6 % pref... 5
Reliance Mfg Co com... 10
Sangamo Electric
Feb
•
154
Rath Packing Co com... 10
Par
of "Prices
Low
High
Brewing Corp of Amer
3
City Ice & Fuel.
Preferred...-.
..100
9
______
13
50
35)4
334
1134
Stocks-
Week's Range
Feb
Jan
117
T17~"
Quaker Oats Co common.*
Preferred
Jan
27%
330
28
^
1
Steel
40%
150
1934
*
Pressed
30
1334
1534
3434,
.50
Peoples O Lt&Coke cap 100
Perfect Circle (The) Co... *
Pictorial Paper Pkge com.5
Sales
Last
Sale
150
21
Exchange
Friday
Feb
18
3034
'
OLEV. 565 & 566
both inclusive, compiled from official sales lists
Mar
Jan
1334
13%
A.. 10
conv
Cleveland Stock
March 25 to March 31,
•"
13
3034
-
'•
1
40
1334
4134
15
pref....*
Parker Pen Co com.....10
Penn El Switch
13 34
13%
..100
B'Gosh
Jan
20*4
Jan
/
Prior lien pref
Oshkosh
Jan
'
100
7
Cleveland
& T
A. T
Jan
9
Jan
14%
Telephone: OHerry 5050
Mar
12*4
Jan
K
Union Commerce Building,
Jan
.
3
.
Northwest Util—
.......
|fg| RUSSELLco.
Mar
1
GILLIS
Mar
'<
17
50
550
134
23
234
2%
CO TJ1
Mar
"
2034
'
North Amer Car com...20
North Hi Finance com
*
Jan
%
50
1
1
20 %
Noblitt-Sparks Ind com..5
Mar
30%
230
%
18,
Jan
8
7
300
•
*-
2
50
7
Nat Ref Inv Tr conv pref. *
National Standard com. 10
7% preferred
Members Cleveland Stock Exchange
Mar
1*4
200
1*4
Mar
2*4
Jan
10*4
73/
9*4
Mar
13*4
Mar
Feb
1%
Feb
Mar
6*4
Jan
1*4
9*4
1*4
1*4
100
1
5
5
207
4*4
-
2
Jan
"•~x
Financial
1934
Week's Range
of Prices
High
Low
Price
17%
Mar
23%
Jan
14
340
Mar
15%
Mar
Feb
1%
19%
7%
Jan
17%
17 %
19%
14
14
14%
27o
■IX
1,870
1%
10%
— .
Grahain-Palge com..—
Grand Valley
—
17%
807
5
5%
1,060
1
l
Hoskins M'fg com
Kresge
La Salle
Union Oil of Calif
17%
4,462
17%
Mar
Jan
Mar
13
13
15
13
Mar
16%
Mar
Jan
Universal Consol Oil.... 10
Wellington Oil Co of Del. .1
3%
59c
1,300
13
Mar
Mar
17
11%
11
5%
50c
Feb
Jan
Zenda Gold Mining..
Mar
76C
Jan
1,020
1%
Feb
2%
Jan
1,300
47C
Mar
55c
Jan
Amer Smelting & Refg
1,755
20%
2,300
1
.
23%
1
■
1%
2X
3%
95c
Mar
1%
Jan
Jan
Armour Sr Co
Jan
3%
2%
Jan
1%'
Feb
Atlantic Refining (The)
75c
1,200
23%
Jan
Jan
96c
Mar
Amer Tel &
Mar
18%
Caterpillar Tractor Co—*
Columbia Gas & Elec Corp*
5%
5%
Packard Motor Car com..*
3%
3%
1,285
5%
1,771
3%,
Mar
39%
2.50
15%
15%
16
435
Parker Wolverine com...*
6%
m
7
203
1%
7
7
1%
Feb
2%
7
Jan
8
Mar
3
Jan
3%
3%
2%
2%
2%
320
2%
1%
1%
99% 100
15
14%
1,265
1%
111
B
26
26
1%
IX
1
Wayne Screw Prod com..4
IX
20c
20c
Wolverine Brew com..... 1
,
37%
Jan
42
470
Mar
24%
348
18%
46%
7%
34
_*
-41
General Foods Corp.....*
Goodrich (B F) Co
4
Jan
16
16%
1,839
14%
Mar
52%
50%
22%
1,140
13%
Mar
19%
Jan
22
Mar
26%
Feb
10
Jan
North
American Co..—*
a7%
a3%
Jan
Republic Steel Corp
Seaboard OU Go of Del—*
Mar
a07%
*
Sears Roebuck & Co
12
Socony-Vacuum OU Co.. 15
Southern Ry Co
*
a45%
United States Rubber Co 10
Chicago Board of Trade
a50
Warner Bros Pictures....5
San Francisco Stock Exchange
Teletype L.A. 290
Sale
4
Bandinl Petroleum Co—1
Barker Bros Corp com..:*
Berkey & Gay Furn Co— 1
3%
7
7
,
55c
Broadway Dept Store.-.-*
55c
6%
014%
«15%
Central Investment..100
Chapman's IceCream
*1
*
.
8
^
.
Emsco Derrick &
*
*
Exeter Oil Co A' com
Feb
8
Jan
Feb
16
Feb
16%
Feb
17
Jan
12%
Mar
100
3%
Mar
;e%
Jan
Mar
9%
70%
Mar
772
10%
7%
7
52 %c
55c
1,589
Gladding-McBean & Co.. *
7
7
7%
400
Globe Grain A MUling. .25
7%
6%
8%
2.900
,
Goodyear Tire & Rubber.*
31
30%
31%
*
35%
35%
38
Holly Development Co
1
-.1
1 05
1.05
2
2
Lockheed Aircraft Corp_.l
200
2%
a5%
Mar
Mar
9%
Jan
Jan
8%
Mar
Mar
38
Jan
Mar
42
Feb
1.40
Jan
Mar
«
2%
Jan
7
Feb
2%
Jan
30%
Feb
Mar
2%
Jan
Feb
7
Mar
26
2
1%
2
Los Angeles Investment. 10
.1
4%
50c
50c
50c
300
Menasco Mfg Co
1
3
3
3%
4,845
Nordon Corp Ltd.....
1
a8c
a8c
o8c
600
8c
Occidental Petroleum.... 1
a20c
«20c
a20c
100
18c
67%c 72%c
1,000
Mascot Oil Co..—
.
4%
2% ,3,642
4%
;■
'
Oceanic Oil Co...
1
*
Pacific Clay Products
Pacific Finance com
67 %c
5
Par
Stocks—
5%
300
744
Jan
Barber Co
_•
pref..100
Budd (E G) Mfg Co—_*
Chrysler Corp
__5
Curtis Pub Co com
$6 preferred
Elec Storage Battery
__
j.
Lehigh Valley
:
Feb
51%
Jan
930
42%
Jan
980
54%
Mar
560
4%
Mar
d5%
Phila Elec Pow pref _—.25
Phila Insulated Wire
4%
29%
......
Jan
6
300
5
Mar
8%
Jan
Preferred
_
_
_
_
,
66%
Jan
84%
Mar
50
4%
Mar
6%
Jan
30%"
Mar
28%
1,353
2%
Jan
50
4%
Mar
5%
Jan
7%
1%
Mar
9%
Mar
Jan
2%
Mar
18%
Mar
24%
Jan
Mar
119%
Mar
30%
Jan
17
Feb
4%
2%
4%
8%
580
1%
1%
3,148
2,708
18%
21%
'
116%
29%
29%
29%
Feb
17
20
17
17
Jan
115
74
521
,
1%
3%
4%
7%
9%
1,996
1,360
1,222
13%
200
12
Jan
49%
207
45%
Jan
120
%
Jan
12%
12%
48%
3
*
2%
United Gas Improve com.*
"ll%
Mar
Mar
50%
1%
Mar
•
Jan
1%
Jan
Jan
3%
Mar
2%
Mar
3%
Feb
31%
Jan
38%
Feb
12,608*
11%
Jan
13%
Feb
263
113%
El & Peoples tr ctfs
Mar
50c
Jan
Feb
10c
Jan
Jan
20c
67%e
Mar
85c
Jan
Friday
5
Mar
7%
Jan
Last
Week's Range
for
Mar
Sale
of Prices
Low
High
Shares
Mar
'
Mar
Pittsburgh Stock Exchange
March 25 to March 31, both inclusive,
*
*
10%
Jan
Mar
105%
Mar
Jan
10%
Mar
10%
Mar
2%
Mar
3%
Jan
36
Mar
35
30c
Jan
25c
Par
Stocks—
—
Sales
19%
8%
35c
1
5%
42
10
13%
8%
35c
5%
9
40c
6
Range Since Jan.
19%
Mar
27%
Jan
173
41%
Mar
56%
Jan
580
10
Mar
17%
Jan
Mar
12%
Jan
Mar
60c
Jan
50
8%
35c
1,609
5%
Clark (D L) Candy Co—*
Jan
Columbia Gas & Electric.*
6%
6%
10
15%
15%
16
333
5
12%
12%
14
695
...*
5%
5%
5%
1,395
Mar
6%
300
Mar
Jan
14%
5%
Mar
6%
Mar
8%
2,925
7%
Mar
10%
Jan
4%
240
3%
Jan
4%
Feb
Duquesne Brewing Co
Ryan Aeronautical Co—1
6,327
5%
Feb
7%
Jan
Electric Products
Safeway Stores Inc
*
SecurityCoUnita ofBenlnt.
SheU Union OU Corp
*
a32%
30%
012%
99
30%
Mar
39
Feb
Follansbee Bros pref—100
8
8
8
150
8
84
26
Jan
31
Mar
Fort Pitt Brewing
1
1
1
1
200
90c
35
12%
Jan
13%
Feb
Jeanette Glass pref
*
25
25
25
200
27%
Jan
32%
Jan
65
68
8%
9%
Mar
Koppers G & Coke pref. 100
Lone Star Gas Co
*
65
Feb
8
8
Signal Oil & Gas Co A
*
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
Original pref
..25
6% preferred B—25
5%% preferred C
25
So Calif Gas Co 6 % pref. 25
So Calif Gas 6 % pref, A.
28
9%
al2% al2%
28
9%
30
9%
100
1,923
23
Jan
27%
10
42
Jan
43
25
25
26%
42
42
42
29%
28%
a32
29%
28%
a32
29%
28%
1,751
1,192
25
«32
Jan
29%
Feb
Jan
28%
Mar
32
Jan
32%
Jan
32%
32%
32%
1,094
32%
Feb
12%
12%
16
4,004
12%
Mar
Standard OU Co of Calif
*
26%
For footnotes see page 1935
26%
•
27%
1,678
Fireproofing Corp..*
Penn Federal 4% % pref.50
27%
25
26%
Mar
4%
Mountain Fuel Supply.. 10
Jan
28%
Southern Paclflo Co.—100
.
Mar
25
1%
Pittsburgh Brewing Co—*
Preferred
*
_
_
33
Jan
Pittsburgh Plate Glass. .25
29%
Mar
Pittsburgh Screw A Bolt. .*
2
802
100
1%
100
:
5%
Feb
Jan
Jan
25
Feb
72%
Jan
9%
Feb
4%
Mar
5%
1%
Mar
3
Jan
Mar
26
Feb
Feb
2
25
Jan
Jan
26%
Keh
28%
3%
Jan
.4%
Jan
Mar
116%
Mar
Mar
9%
Jan
226
4
25
100
100
5%
Jan
Mar
1%
27
7%
1%
319
4
Pittsburgh Coal Co comlOO
Jan
1%
4%
25
12
Mar
57%
2,030
Jan
Jan
Mar
8
25
52
446
27
_
21%
4%
1%
Nat'l
-
30
8%
Feb
11%
7%
4%
.
Jan
8%
18
7%
100
6%
Feb
15
4%
5%
.
1939
High
Low
79
—
Jan
7%
1,
Week
20%
41%
10
*
Byers (A M) com
Carnegie Metals Co...
Price
compiled from official sales lists
Devonian OUCo
6%
Mar
Jan
,
50c
Blaw-Knox Co
30%
Jan
9%
Jan
5%
Jan
5%
9% $50,000
8
48.1945
4%
Jan
Mar
3%
3
Armstrong Cork Co
5%
Jan
111%
116
Bonds—■
Mar
30
Jan
Mar
2%
35%
113
*
"'
4%
9%
16%
%
12%
Mar
594
3
2%
1%
Jan
490
11%
Jan
Feb
1,684
34
Preferred
Jab
6%
1%
3
1
Mar
3%
•
3%
%
48%
108%
a32% a34
Mar
2%
47%
Mar
18
51%
125%
3%
Jan
•42%
117
15
7%
,
Mar
27
180
47%
8%
..50
Jan
Richfield Oil Corp com
*
Roberts Public Markets..2
Jan
414
_
Preferred
Mar
Mar
124
4%
1%
United Corp com.
20%'
76%
Transit Invest Corp
43
70
119%
3%
.....
380
300
238
15
1%
7% pref..
——50
Philadelphia Traction...50
Salt Dome OU Corp.
1
Scott Paper
46%
a22c
12%
121%
115
50
46
35%
170%
2%
Allegheny Ludlum Steel._*
a22c
13%
Jan
119% 120
115
Mar
35
Jan
Feb
44
,18%
Union Traction
Mar
8%
149%
"932
27
Phila Elec of Pa $5 pref—*
Phila Rapid Transit
,1. 1939
45
12%
121
27
Pennsylvania RR__-.__50
33%
a22c
Jan
71%
7%
1%
Jan
35
Jan
110
High
Low
374
•
160%
5
1
Jan
80
Man
6%
Range Since Jan.
Shares
10%
8%
5
*
27%
600
103%
Jan
•69
Sales
119%
Natl Power & Light....
31%
2%
,
105
a93%al05%
for
Pennroad Corp vtc.
28%
1
Feb
3%
150
Week
50
_
810
___50
Rice Ranch OU Co
41%
Mar
251
4
385
2%
Jan
2%
Lehigh Coal & Navigation *
200
Republic Petroleum com.l
Jan
34%
a4%
Horn & Hardart (Phil)com*
32%
Pacific Western OH Corp 10
90%
of Prices
Low
High
100
32%
172
Jan
47%
14%
Feb
10
General Motors.
32%
105% 107%
al0% al0%
Mar
Jan
Feb
81%
4%
28
*
Mar
290
__*
31%
32%
46%
105%
al0%
2%
8%
12%
"*12%
Bell Tel Co of Pa
28
*
Mar
7
245
Jan
Jan
60
43%
157
32%
31%
Jan
425
8%
100
10
10
6% 1st pref
10%
48%
Week's Range
___*
...
25
Pacific Gas & Eleo oom._25
10%
11
7%
a49% fl57
Price
12%
33%
32%
10
Pacific Indemnity Co
Pacific Lighting com
5%% pref
6
J,002
JaD
Jan
2
.
Los Ang Industries Inc.-.2
2
Jan
Mar
61%
'
•
Jan
Jan
30%
35%
95o
485
.
Mar
5
250
28%
67%c
399
Feb
7
50
1%
28%
28%
:
a5%
1%
a5%
10%
Jan
43%
1,022
3,120
1.15
Mar
360
1,038
Hancock Oil Co A com
11%
Mar
60o
5
46%
Jan
7
1,400
a390
46
Jan
9%
600
a390
1%
Jan
7%
63%
7
*
9%
55
10
Hupp Motor Car Corpj.^1
Jan
Mar
8
83%
680
46
Hudson Motor Car Co
Mar
425
„
10
Holly Oil Co—
Jan
Jan
67%
910
1
Mar
1
517
17%
8%
7%
52 %c
1
Jan
15
Farmers & Merchs NatllOO a390
General Motors com
Jan
4%
3%
7%
a64%
10
Equip..5
2%
Jan
a64% a65%
3%
*
'
Preferred..
Douglas Aircraft Co
Electrical Prods Corp
75c
Jan
320
»
Jan
Mar
Last
American Stores
55
a67% a74%
8
8%
'
Mar
200
1
1
..
13
Mar
1%
6%,
,50
14
12%
50c
950
•
al4% al4%
al5% al7%
067%
Chrysler Corp—-5
ConsoUdated OU Corp—*
Consolidated Steel Corp.
'
5%
Mar
7
200
'
7
6%
12%
_..*
Jan
3%
100
2%
tJorp com..*
Byron Jackson Co
1939
High
Low
1,300
55c
1%
23%
both inclusive, compiled from official sales lists
offici
March 31,
March
American Tel & Tel.
7
1%
Bolsa-Chica OU A com.. 10
Range Since Jan. 1,
for
4%
Jan
72
16%
6%
Sale
Shares
Low
Jan
190
303
Week
of Prices
High
Price
13%
08
Friday
Sales
Week's Range
Last
Par
Stocks—
Mar
Jan
Philadelphia Stock Exchange
to
both inclusive, compiled from official sales lists
Friday
Jan
12
'...
2%
o36% a45
a93%
Angeles Stock Exchange
March 26 to March 31,
Jan
74%
2%
a4%
WestlnehouseElec <fc Mfg50
March 25
Calif Packing
_*
21%
Jan
a72% a80%
a34% a37%
a34%
2%
a46%
U 8 Steel Corp
MEMBERS
Mar
340
16%
69%
06%
a7
13%
072%
5
15%
190
—
c38% 043%
13%
13%
038%
United Corp (The) (Del).*
2,505
a45% o48
a7
Mar
25
al4% al6%
1
Jan
8%
200
al4%
a6%
06%
13%
Mar
12
12
Jan
4%
Jan
6%
345
6%
18
"16%
16%
a67% 072%
16%
Jan
Jan
10
335
Jan
Mar
4
73
"
•
Feb
8%
30
;
6%
15%
15%
Jan
Feb
60
o3%
6%
*
*
Mar
268
08%
a3%
a9
a7%
08%
Jan
25c
15c
Radio Corp of Amer
United Aircraft Corp
Los
019% o22%
a20%
..._*
Ohio Oil Co.—
Paramount Pictures Inc..l
1%
2%
Jan
Montgomery Ward & Co.*
Jan
Packard Motor Car Co—*
Jan
Jan
Mar
46%
Mar
Mar
43%
40%
Mar
3%
Jan
135
5
26
Feb
380
17
Jan
Jan
9%
a43% 048%
Jan
Mar
55%
a30% o36%
o39
a42%
Jan
2%
Jan
Jan
Mar
a39
Union Carbide & Carbon
Los Angeles
7
7
a43%
Mar
Feb
192
046 % o49%
Jan
Mar
<z31%
Texas Corp (The)......25
Tide Water Assoc OU—10
523 W. 6th St.
•
Kennecott Copper Corp.
Loew's Inc
__*
Studebaker Corp
Angelet Stock Exchange
i8%
230
Standard Brands, Inc....*
Standard Oil Co (N J)—25
Lot
41
iSii
14%
1%
800
New York Stock Exchange
4i),
r,
18%
13%
1
100
20c
281
Jan
44%
13%
2%
2,260
1%
1%
_
Jan
14%
26
421
.1
Warner Aircraft com..
37%
1%
200
2%
470
*
Mar
Feb
11%
2%
850
2%
Jan
Nor American Aviation. .1
17
100
200
.*
_
...
10%
New York Central RR
4%
Jan
Feb
100
Jan
4
Feb
90
022% a22%
08%
a8,%
a33%J a83% a38%
Jan
.
26%
a8%
3%
.
Feb
Feb
a22%
3%
Mar
2%
*
Mar
Mar
*-.
Walker & Co A
Electric Co
_
Mar
3%
2%
Jan
Mar
Mar
Jan
2%
*
3
4
Feb
18%
1%
26%
24
3
2,469,
100
2
*
B__...
109%
'
Jan
8%
12%
Mar
10%
10
7
111
6%
265
7%
27%
a46%
100
Jan
595
Mar
*
Jan
Mar
5
*
Mar
Jan
52%
5
_
Electric Power & Light..
General
5%
Jan
270
International Tel & Tel.
Jan
17
Jan
A
Jan
Mar
5%
5
5
1
Curtlss-Wright Corp.,
19%
21%
4%
42%
Jan
200
1%
a24% a26%
1%
a24%
Continental Oil Co (Del).5
Int Nickel Co of Can
105
3%
Commonwealth A South.. *
1%
Jan
3%
2
.
,
all%
Jan
3
17
06%
Solvents....*
Commercial
3%
3%
3%
4%
715
fl42
2%
3
*
o5%
4'%
.
2%
13%
200
a4%
a42
Mar
97
50
3
■
Mar
-
100
2%
3
...5
Mar
800
111
2%
1
10
U S Graphite com
Feb
8%
750
River Raisin Paper
United Shirt Dlst com—_*
Jan
18
Mar
100
Rlckel (H W)
*
43%
Jan
Jan
Mar
400
.7%
3%
"2%
4%
1%
i%
Pfeiffer Brewing com.i—*
Jan
8%
Mar
39%
15%
6%
2,026
39%
Mar
31
23%
''
6%
41
Jan
16
Mar
3%
•
Penin Metal Prod com—1
Jan
29%
Mar
146
Canadian Pacific Ry... .25
Jan
13
Jan
Mar
Feb
105
Jan
14
8%
4%
2%
1%
100
Mar
047%
a6 %
a6%
al0% all%
Jan
150
5%
22%
200
Mar
14%
Feb
Feb
a21%
1
14
Mar
0%
2
Jan
Jan
149%
185
850
•38%
608
a6%
,19%': 21
021 % a27%
200
Jan
105%
Mar
1,931
o5%
1%
53%
Jan
35
2%
Jan
18%
Mar
80
1
14%
Mar
36
a4%
2%
14
14
220
Jan
al60%
26%
al53
19%
Jan
30c
415
a43%
020 % a20%
.
com........*
...15
Corp com.—1.10
'*
14
14
a4%
.
Micromatlc Hone com—1
Universal Cooler A..;
Jan
a20%
_
Borg-Wamer Corp
United Specialties...
Jan
4c
5
(111)
Jan
Union Investment com
2%
Feb
23%
Jan
com._"__..l
Mar
3c
a36
..50
50c
Tivoli Brewing
1%
1,400
.25
Aviation Corp (The) (Del)3
Bendix Aviation Corp
5
Copper
30c
......100
250
3c
23%
5%
21%
Anaconda
Mar
Preferred
1%
3c
Tel Co....100 al53
Jan
,
Mar
"UH
1.35
14
15c
Timken-Det Axle com._. 10
Jan
036
35c
1%
10c
Unlisted—
2%
350
91c
•
300
2%
15c
com.......2
com..*
Standard Tube B com
1
Stearns (Fred'k) pref—100
Jan
3c
400
Parker Rust-Proof com
7c
Amer Bad & Std Sanitary,*
50c
91c
Parke Davis com.
1,000
1.35
2,550
Murray
9c
1
2
50c
.
Jan
9c
Cons Chollar G & S Mng. 1
'8%
Mar
IX
;
com50c
*
5c
9c
485
—
Jan
....1
Jan
18c
Motor Wheel com
lc
Cardinal Gold
200
36c
Motor Products com
19 %c
1,000
3%c
.10
15c
Mid-West Abrasive
20,500
24c
Calumet Gold Mines...10c
Jan
Mining—
35c
Mich Sugar
26c
3%c
Black Mountain Consol 10c
'
—
24c
3%C
Jan
Mar
2
...._*
1
McClanahan Oil com... .1
10
45c
2,728
Mich Silica...
5
Mar
Mar
Feb
6%
2%
Mar
9%
Mar
30c
150
12
1%
*
3%
80
1
'23
Lakey Fdy & Mach com _.l
735
1,020
13%
i y»
3%
a9%
Alaska-Juneau Gold
5%
_
3%
o8%
Jan
1
545
a8%
Jan
Mar
2%
1%
49c
...
Masco Screw Prod com
25
7%
19%
2%
11
50c
8%
Mar
51%
12
1
com—...1
1
(8 8) com...—10
Mar
6
Mar
12
Kingston Prod
Klnsel Drug com..
100
9,515
Mar
43c
Mar
Jan
7%
7
18%
2
11
5%
Mar
7%
7%
6%
17%
831
41%
46%
7%
290
1
Hudson Motor Car com—*
Hurd Lock & Mfg com
2
Mar
Feb
6%
Corp..
4,045
43c
10
-*
Hoover Ball & Bear com
Mar
High
Low
39%
475
2
.
Transamerica
Week
40
37
37
2%
2
2
Feb
5
Par
Superior Oil Co (The)—25
Taylor Milling Corp
*
2%
41%
41%
1
Brew com
Shares
Price
44%
2
2
General Finance com..—1
General Motors com .... 10
Goebel Brewing com
15
5
3
-.
1H
1%
15
Stocks (Concluded)
High
Low
Shares
*
Frankenmuth Brew com._l
Fruehauf Trailer.
-.1
Federal Mogul com
Wpod Irid com
for
of Prices
Low
High
Week
Ex-Cell-O Aircraft corn—3
Gar
Week's Range
Sale
for
Sale
Range Since Jan. 1,1939
Last
Range Since Jan. 1, 1939
haul
Par
Sales
Friday
sales
Friday
Stocks (Concluded)
April 1, 1939
Chronicle
95
270
100
5%
Mar
Financial
Volume 148
Week's Range
Last
Sale
Par
Pittsburgh Steel Foundry.*
60c
Mar
80c
Jan
2
Mar
3
Feb
Foster A Kleiser pref
139
5
Mar
5
Mar
-
35
40
"41
General Paint Corp com—♦
Preferred
*
Gladdlng-McBean A Co..*
Golden State Co Ltd— *
Hancock Oil of Calif A—*
31%
Jan
Mar
118)4
Jan
16
Jan
2%
Jan
154
i
_y
FRANCIS, BRO. & CO.
%
1.60
25
70
21%
Jan
30%
Feb
120
Mar
OLIV^ STREETS
FOURTH AND
'
'
ST.
■
7%
41 %
Mar
3,282
Mar
9%
51%
6%
740
6%
Mar
8%
Jan
31)4
7)4
Jan
34%
Mar
520
Mar
9%
8%
Mar
8
37
LOUISVJ
230
Chicago Stock Exchange
Chicago Board of Trade
N. Y. Curb Exchange (Associate)
New York CottonKExchange
'
,9
St. Louis Merchants Exchange
N. Y. Coflee A Sugar Exchange
500
1.00
Jan
100
38%
Mar
40
Jan
1,412
20
Mar
23%
Feb
15
15
Jan
100
Feb
1.40
Mar
Jan
20
Mar
8%
Jan
12%
Mar
24%
25%
Jan
2,461
366
55c
Jan
500
25
25
345
26
30
St. Louis Stock
"l2"
Exchanger
~
-
Friday
'
'"
'
•
'
Stocks—
'•
Par
Week's Range
for
Sale
\
of Prices
Low
High
Price
Brown Shoe
com.
.
—
—
Burkart Mfg com
Low
Columbia Brew
5
7%
30%
2d preferred..
Falstaff Brew
.100
—
com...
«*'
-
-
.
—
.
3)4
6
6
.
J
10%
30
11%
26)4
1,737
9%
70
23%
Jan
16c
16c
100
16c
Mar
20%
20%
4%
105
18%
Jan
100
4%
Mar
5%
Jan
Feb
,6%
10%
5%
Mar
4%
4%
26
4
4%
%
*
50
5
778
8
5
100
Scruggs-V-B Inc pref
Wagner Electric com..
.
.
Feb
440
35
35
11
12
7)4
1554
5%
854
15%
654
2,248
110
30)4
31)4
438
350
8%
Jan
58
Mar
Jan
12
Feb
51
Mar
47
105
Jan
57
Mar
5%% preferred A....50
....—
Rheem Mfg Co
......1
Richfield Oil Corp com...*
Roos Bros com
1
15%
Ryan Aeronautical Co—1
5%
30c
Feb
Safe Stores Inc com
3
Jan
'/ 30)4
Jan
6
35
Mar
Feb
31%
8
Mar
Feb
530
954
5%
210
5
18%
235
18
Feb
10%
Mar
10
30%
13%
60
11
95
28%
50
Feb
29
Jan
10
Feb
Tide Wat Assoc Oil com. 10
90
Mar
4
5%
Jan
Jan
80%
2%
2%
Mar
Mar
2
11
2
Mar
12
28
Jan
33%
78%
280
6
Mar
Mar
2
35
6%
Jan
5%
*
Preferred
Transamerica Corp
..2
Tread well-Y ukon Corp.—1
Feb
Feb
Union Sugar com
Mar
13%
Jan
13
Mar
19%
Jan
85
91)4
40
Mar
96
Jan
33
Jan
33%
Jan
Mar
21%
Jan
5
25
26c
12)4
13)4
95
6
6
7
30c
30c
17 X
17)4
-
954
5
13)4
.1
2.75
2.75
32%
Mar
$1,000
Jan
78
Mar
Waialua Agricultural
5,000
24%
Jan
31%
Mar
18,000
24%
Jan
31%
Mar
—5
Co.20
Wells-Fargo Bk & U T.100
Western Pipe A Steel Co 10
8
8
are
Am Rad A St
of Prices
High
»
Aviation Corp of
454
Associated Ins Fund Inc. 10
Atlas Imp Diesel Engine..5
Bank of California N A..80
Byron Jackson Co
Calamba Sugar
13%
*
Calamba Sugar com
pref
Low
High
Caterpillar Tractor preflOO
Central Eureka Mining..1
3%
5
6754
10
39%
1
_.
100
4%
13%
1,395
8
Mar
100
25
Jan
25
285
13
29
300
Mar
10
27%
Feb
881
"
9
v
Jan
1454
450
15954
3%
663
19
36%
-
Feb
10
30c
Jan
Mar
5%
Mar
7%
Feb
Consolidated Oil Corp.—*
Mar
Holly Oil Co
Idaho-Maryland
Mar
17
Mar
149%
Jan
170
Mar
88c
Jan
14
67c
24°/4
952
24 %
Mar
36
9%
145
Mar
11%
Mar
354
4%
650
9%
3%
Mar
7%
Jan
a2%
a6%
58
"'6%
Mar
2%
489
2%
19%
Mar
2%
1.15
a7
1
Kenn Copper com
*
Marine Bancorporatlon.. *
McBryde Sugar Co
5
13%
Mar
17
Jan
M JAM M Cons
18%
Jan
1.15
.
1.15
30
Mar
Jan
1.25
Feb
1%
Jan
Mar
9%
Jan
7%
Jan
34%
Mar
37%
Feb
Mar
42%
Jan
3454
35%
360
3754
620
37%
2.50
2.50
100
2.50
6%
754
654
'1,580
6%
Mar
754
305
7%
Mar
28c
1,783
1,400
"ex
:_26c
26c
1.75
1.75
2.05
Monolith Port Cem com..*
3.00
Jan
7
,
Feb
37c
Jan
2.50
Jan
Mar
40%
2154
50
20%
Feb
3%
300
3%
Mar
15c
625
13c
22
3%
Feb
16C
6
4
Feb
515
a4
45
Mar
4%
52%
12c
45
Mar
12%
Jan
Montgomery Ward A Co. *
Mountain City Copper..5c
45
10%
10
Mar
13
Jan
North American Aviation 1
4%
15%
1454
16%
490
14%
Mar
Jan
Oahu Sugar Co Ltd cap.20
23)4
23)4
3%
23%
25
Jan
Mar
25c
16%
Jan
48%
Mar
50
98
Jan
Jan
21
35c
19
50
102X
Feb
Mar
Jan
Mar
Olaa Sugar Co
20
*
Packard Motor com
3%
4
45%
5
5
5
5%
5%
6%
19%
Mar
24
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Feb
Mar
20
130
3%
Mai-
4%
4%
6
Mar
8%
Jan
30
5
Mar
6
Feb
268
1
20%
3%
590
354
6%
4
1,570
354
354
6
.....
Jan
Jan
Mar
Mar
3%
a4
9%
25c
33
"3%
,
Jan
1.75
33
130
33
2154
33
Feb
9
37%
.
Jan
6
130
8
14%
Jan
X
250
a6%
8
29%
Mar
7
200
a5%
%
Jan
Feb
8
121
a8
8%
3%
Mar
Feb
13
50
54
1
16
755
"
54
8
Jan
OU
20
12% al2%
a
*
Italo Pet Corp of Am com. 1
Italo Pet of Amer pref
166%
Mar
Mar
1,300
1
Mines.. 1
735
20
Jan
53c
*
902
80
Jan
4
27%
"35)4
General Electric Co..
Jan
182
Jan
Mar
50c
1
Curtlss-Wright Corp
190
100
Jan
Jan
Mar
2454
954
19%
Mar
Jan
Jan
Mar
52c
al2)4
Mar
30
4
Jan
Mar
Jan
33c
500
Jan
45c
Mar
Radio Corp of America.. *
Riverside Cement Co A..*
4254
46%
768
4254
Mar
54%
Mar
Schumach Wall Bd com..*
150
103%.
Mar
Jan
Schumach Wall Bd pref..*
22)4
22)4
23
200
Jan
25%
5,110
1,447
3%
6754
Jan
Shasta Water Co com
20
20
20
Mar
25)4
25)4
20%
2654
360
Mar
607
23%
Jan
26%
27%
Mar
27%
Jan
28%
Mar
Jan
29%
Mar
Mar
7%
8%
42%
Mar
103% 103%
3%
3%
6754
39%
4%
76
39%
106
18
454
300
10)4
12%
83
86
2.25
__
,14
100
2.50
15
14%
14%
16
50
37
37
38
Emsw Ber A Equip Co..5
7
.
Feb
4
664
1
...
554
636
10%
Emporium Capwell Corp. *
'Pref (ww).
Jan
8%
a6
5
17X
83
•
Di Giorgio Fruit com—10
4H
434
Feb
50
300
300
Crown Zellerbach com—.5
Di Giorgio Fruit pref
1,900
Mar
500
17%
•
Preferred
.9%
20c
32c
106
Cst Cos G A E 1st pref. 100
Crocker First Natl Bk
19%
17
,
Jan
Mar
Mar
33c
4254
103%
Creameries of Am vtc
10
102% 102%
Carson Hill Gold Min cap 1
Clorox Chemical Co
385
600
16%
Calif Water Service preflOO
Consol Chem Ind A
10%
55o
.Jan
a2%
Domlnguez Oil Co
50
Calif Packing Corp com..*
Preferred
50
Chrysler Corp com
20
10%
32c
25
Caterpillar Tractor com..*
17
10
10%
..*
Calif Cotton Mills com. 100
Callf-Engels Mining
6
20
20
Calif Art Tile A
4%
166% 166%
14%
13%
16
16
20
4%
554
Mar
6
Jan
14
Claude Neon Lights com.l
Week
-
80c
17%
Mar
153
Aviation Corp...5
Bendix
Range Since Jan. 1, 1939
Shares
30c
Mar
Mar
3)4
Del
Blair A Co Inc cap.
for
9%
30c
6
2X
14)4
Ark Nat Gas Corp A....
Sales
Law
Jan
Jan
95%
7%
9%
13%
34
Anglo Nat Corp A com...*
Argonaut Mining Co..._
compiled from official sales lists
.
14%
660
295
153
Jan
Mar
Mar
510
-
3%
13
*
Sntry
Anaconda Copper Min—50
New York
Week's Range
36c
Mar
Unlisted—
(2 P. M. Saturdays)
Mar
26c
150
8%
3%
Mar
33
1,560
10%
34
"~3H
5%
29%
Jan
12 X
2,216
3,610
15
295
Jan
92%
16,453
31c
28
13
Mar
21
60
1854
28
Mar
5
26%
540
.
6.
6
-
12%
,
200
95
85
82
270
26c
12)4
13)4
Mar
Stock Exchanges, which
Coast
,
150
95
Universal Consol Oil—10
75
28
29%'
11%
United Air Lines Corp
26
Feb
641
662
Mar
Inter Tel A Tel com.
W
—
Feb
6
12%
Mar
335
78
'
25
25
Union Oil Co of Calif
Victor Equip Co com
Preferred
28
9%
—
38%
Mar
595
■
«*
Mar
4%
29%
Francisco Stock Exchange
Anglo Amer Min Corp.,.1
30%
25
Mar
90
5
Mar
Mar
.
4
March 31, both inclusive,
Alaska Juneau Gold Min 10
Jan
14%
Cities Service Co com.. 10
•
7%
11%
Calwa Co common—__10
Sale
Mar
5
3,062
Jan
13
Bunker Hill & Sullivan 2.50
Price
Feb
7,634
Private Wire to own offices In San Francisco and Los Angeles
Par
Jan
16%
4,106
Oorttandt 7-4150
Stocks—*
10%
Jan
16)4
10%
125
111 Broadway,
1
Mar
554
28%
Members New York Stock Exchange
Last
7%
13X
2654
Super Mold Corp cap.. .10
Texas Consolidated Oil
1
155
Eastern Standard Time
Friday
Mar
12%
Schwabacher & Go.
San
11
'26%
Amer Toll Bridge (Del)—1
to
Jan
Jan
550
'
Standard Oil Co of Calif..*
American Tel A Tel Co. 100
March 25
3%
37%
14%
Mar
Mar
2
29
Pacific
Jan
Mar
Mar
Mar
Mar
So Cal Gas pref ser A
Southern Pacific Co
Checker Cab ser 150
YosemitePtldCement prflO
on
Jan
23%
35
3254.
1254
Mar
13%
11%
11%
80
28
until 5:39 P. M.
Jan
Mar
13
Yellow
open
Jan
6%
16%
20
25
100
Spring Valley Co Ltd....*
21%
30%
Feb
6)4
5.
Jan
11%
100
23
7
.
_
Mar
260
4%
Soundvlew Pulp pref..
13%
25
8
90
6
Soundview Pulp com
10%
.
691
1054
26
Feb
;
26
5)4
Mar
6
..—25
7 % preferred
Shell Union Oil com.:_.*
5
Jan
Mar
59%
Schleslnger Co (B F)—
;
*
7)4
Jan
Mar
2.50
Jan
Jan
Mar
3.00
Mar
78
Orders solicited
4
2,299
Mar
33%
27%
400
1154
4
129
Mar
9)4
20c
6.
ext-
47'
4-' *
1
7%
21%
Mar
321
47
109
Jan
119%
9%
...
t United Ry 4s c-d's—
t 4s...
.,1934
Mar
20
2.60
Bonds—
St Louis Car 6s
Mar
5%
4
2%
90
26
15
105%
1,043
'200
___..*
com.
110
5%
*
830
2,208
6%
21)4
119)4 126
5)4
2.50
2
f,
49%
Republic Petroleum com.l
2
w
Feb
Puget Sound P & T com.. *
170
4
100
Jan
41%
510
80
Stlx Baer A Fuller com..10
Mar
28%
1854
Feb
32
H-
Mar
385
47
2)4
6%
.
StLouisBkBldgEquip com*
St Louis Pub Serv pref A.*
Mar
32%
29%
16)4
Mar
10%
Rice-Stlx Dry Goods com.*
2d preferred.
100
Jan
34%
.16)4
3%
26
------
2.40
Jan
Feb
Rayonier Incorp com. j. .. 1
Rayonler Inc pref
..26
200
10%
Mar
Jan
Mar
7
"~6%
2.00
1,150
32)4
47
Feb
Mar
28%
31%
29)4 29%
44% 46%
105)4 107)4
20
119 X
Jan
Jan
2,170
Jan
11
13%
-
32%
Mar
19c
3,626
3,868
33
18
50
34
13%
•
Pacific Tel A Tel com.. 100
5)4
20
28
Mar
2.00
Mar
21
Jan
300
5%
2.05
Jan
Jan
11%
Feb
9
30)4
106
34
Mar
6
5
~44%
5%
Mar
8%
5
2.00
preferredr .. *
4%
28
50
6
"~~8%
30)4
32 X
Paraffine Co.'s
Jan
10%
40
97
46
11
-i'm
»»
Mar
Mar
7)4
18%
30%
18%
Jan
605
28
4%
Eleo com—25
0% 1st pref.———25
6%% 1st pref
25
Pacific Light Corp com... *
$6 dividend—.———*
Pacific Pub Service com—*
20c
10
-
-
10
9%
11%
Mar
5
53
Mar
'
15%
10
354
5
25
...
Jan
Mar
7
7
Natl Bearing Metals com.*
2d preferred.
9%
8%
3254
Jan
Jan
6
7)4
11
Mar
10 X
Pacific Gas A
1st
5%
92
275
34
*
*
Mar
Mar
3,222
1,100
Paauhau Sugar Plant... 15
20c
V
34
Meyer Blanks com. __...*
National Candy com
Jan
3454
3%
3%
3%
28
—v.*
2%
-
2%
20
Mo Ptld Cement com
Mar
Jan
Mar
10%
9%
16%
270
51
Laclede-ChristyClayPr cm*
Midwest Pipe com.___.._
7
28%
425
U%
52
«.
*
McQuay-Norris com—,..*
654
Mar
Mar
'
Knapp Monarch com....*
Laclede Steel com.
Jan
20
11
__•._*
Key Co com
31%
115
54
3%
100
International Shoe
9
50
51
Hyde Park Brew com*..10
Hydraulic Prsd Brk com 100
Preferred..-....
354
Mar
285
8%
,
53
II
2
Mar
8%
250
15%
Hamllton-BrownShoe com*
Hussmann-Ligonier com.. *
Pref series 1936.
,-50
Mar
3
229
31
,
8
53
2
92
8
Griesedieck-W Brew com.*
Jan
25
15%
1. .1
com—
Mar
20
100
91
"~»r"
36
Mar
400
7%
7%
30%
Ely A Walker D Gds com25
Jan
16%
34%
7%
654
___.*
com
Dr Peppercorn...
30%
3
34
34
57
8%
8%
1
com
\
3
i.
Mar
100
.
2
2
».
Chic & Sou Air L pref...10
Coca-Cola Bottling com.. 1
Collins-Norris
16%
2
.5
10
Century Electric Co
35
16%
'"16)4*
32%
Jan
610
10
Pacific Clay Prod cap
High
Feb
27
341
Mar
9
14%
10%
—*
100
Pacific Can Co com.... ;. *
Shares
31%
34
*
1
Central Brew com—,
30
30
Mar
Jan
10
Pacific Coast Aggregates 10
American Invest com.;..*
Mpr
12
16%
16%
12X
Oliver Utd Filters A.....*
B
Week
Mar
Mar
10
Occidental Insurance Co. 10
Range Since Jan. 1, 1939
Last
'
'
Mar
70c
„
12
12%
Occidental Petroleum——1
<'<
32%
37%
Jan
1,055
829
%
Feb
14)4
"12
-
Sales
■
55c
1.75
100
No Amer Invest com.
compiled from official sales lists
March 31, both inclusive,
1.50
55d
Mar
40c
100
12
26
55c
100
12
"25"
Feb
12%
637 1' 15%
40c
40c
19
6% preferred
to
Jan
1.10
15
N American Oil Cons—10
March 25
Jan
Feb
69%
21)4
1.50
Natomas Co
Teletype: St. L 193
Telephone: CHestnut5370
41%
1.40
1.05
Mpler & Frank Co Inc. _. 10
Menasco Mfg Co com
1
National Auto Fibres com 1
St. Louis Stock Exchange
Mar
20
16)4
2%
*
Jan
6%
37
39%
20
1.50
Magnin A Co (I) com
March Calcul Machine—.5
MEMBERS
New York Stock Exchange
6%
5,883
37
6%
6%
28
538
16)4
Magnavox Co Ltd
Jan
7?4
46%
—
Langendorf Utd Bak B._*
LeTourneau (R G) I no—1
Lockheed Aircraft Corp—1
INVESTMENT SECURITIES
;
Jan
15
--10
___(.r.10
Preferred..
Feb
Mar
Jan
Langendorf IJtd Bak A—*
Hunt Brothers com-
ESTABLISHED 1877
Mar
14
6)4
37
Holly Development
1
Home F & M Ins Co cap. 10
Honolulu Oil Corp cap.—*
Honolulu Plantation Co,. 20
Tulsa, Okla.
Alton, 111.
30%
Feb
50
6%
Mar
93%
Mar
1.30
15
6
20
25
31
General Motors com....10
797
349
450
6
Jan
201
85%
754
41%
cap2 %
General MetalsCorp
Jan
22)4
22)4
Mar
25%
154
*
_
33)4
10454
154
-----
.
81
15
26%
25
93%
1.40
25
Galland Merc Laundry.
High
Low
300
1.50
25
1.40
Mar
30%
25
I
.
vtc ....1
31%
20
i%
25
Week
84
25)4
82)4
Jan
31%
25
9
.■
5
5
82%
10
Kleisercom...2%
100
5
Shares
Price
Food Machine Corp com
550
2(j>
Co\*p
V.
Mar
22%
2
31%
Westinghse\Elec A Mfg.50
UnllstedV
Mar
60c
*
Westinghouse Air Brake. _*
Pennroad
20
for
of Prices
L010
High
Fireman's Fund Ins Co.-25
Foster A
......
10
5
6% preferred
50
Jan
9
Mar
5%
Par
(Concluded)
2
1
1
Vanadium Alloy Steel
230
Stocks
High
Low
60c
Renner Co
Shamrock Oil <fc Gas
United Eng & Foundry
Week
Shares
Week's Range
Sale
20%
20
20
Range Since Jan. 1, 1939
Last
Range Since Jan. 1, 1939
for
5%
5%
5%
5
Plymouth OH Co
of Prices
High
Low
Price
Sales
Friday
Sales
Friday
Stocks (Concluded)
1935
Chronicle
Ewa Plantation Co caD. .20
••
32%
7
32%
7%
33%
30c
35
640
105 %
10
Jan
Jan
Jan
611
17
Jan
890
4
Jan
15
300
Mar
100
130
19%
5%
300
Feb
*
So Calif Edison com....25
28%
29%
a654
25
..25
*29%
Feb
Standard Brands Inc.—.*
"~Zr,7
Mar
Studebaker Corp com_j„ 1
7
37%
Feb
Mar
5% % preferred
0% preferred
28%
308
29%
459
a6 54
160
22%
•
28%
6%
660
7
Mar
37%
156
35
Jan
8
7%
Mar
Mar
Jan
Mar
Mar
Mar
14%
Jan
United Aircraft Corp cap. 5
U. S. Petroleum Co
1
60c
60c
70c
2,300
600
Mar
75c
Jan
Mar
91
Jan
United States Steel com..*
50%
50%
5654
2,761
50%
Mar
09%
Jan
90c
90c
500
90c
Feb
1.00
Jan
5
5%
250
5
Jan
6%
Mar
4-50
2.10
381
>825
40%
108
Mar
V
10K
460
1,040
4%
85
5
\
83
3,115
80
107
.
.
Jan
Feb
Vica Co com
14
Jan
21
Feb
Warner Bros Pictures
Jan
18
Mar
Jan
41%
Feb
Mad
10%
Jan
14
355$
7
31
Jan'
*
33%
Mar
25
.....
6
r
No par value.
a Odd lot sales. Cash sale—Not included In range
t
Listed,
tin default.
6 Ex-stock dividend,
d Deferred delivery.
x Ex-dtvldend.
y Ex-rights.
for year,
„;
April 1, 1939
Chronicle
Financial
1936
Canadian Markets
LISTED AND
Jan
1 1948
4Hb
'-Oct
1 1956
Prov of British Columbia—
60
56
58
12 1949
102
July
59
4*8
Province of
43*s
5s
5s
6e
5s
4s
1033*
98 3*
Oct
1 1953
Manitoba—■
—Aug
1 1941
June 15 1954
Dec
2 i960
89
88
91
91
43*8
Provlnoe
43*0
5b.
111
1 1958
106 3* 108
1103**112
1 1961
..May
Ottawa Electric Ry..—^. *
5s
1083*
1163* 118
June 15 1943
78
81
5«s
107
Nov
Oct
74
76
77
79
4 His
15 1946
1 1951
Penmaus.
43*s
93
913*
Sept
11946
973*
1 1954
94
96
July
1 1960
87
St Lawrence Paper
Bid
Canadian National Ry—
Bid
| Ask
Sept
1 1951
--June 15 1955
Feb
1 1956
July
1 1967
5s....— July
1 1969
5s
Oct
1 I960
5s
—Feb
1 1970
4J4s
122 34'123
*
Steel Co of Canada.
25
100
10
Preferred
4s...
11534H153*
1183* 11934
1183* 11934
1 1962
8s
11534jll53*
Jan
Jan
TookeBros pref
1 1962
1103*
109
TucRett Tobacco
983* 100
pref
United Steel Corp...
.*
Wabasso Cotton
Montreal Stock
Preferred
Mar
27
475
26
Jan
2934
Mar
156
65
65
413*
162
Jan
7
Mar
15
Feb
15
Feb
102
Mar
102
Mar
25
40
10
Mar
103
45
Mar
18
522
16
Jan
8
30
6
Mar
98
Mar
1
45
8
.
.
—
95
106
10
95
totototo —
•
106
Mar
Jan
83*
Jan
12
13 3*
173*'
Jan
160
1,785
2,580
1634
•
Jan
35
40
'45
Feb
453*
4an
.
Mar
10
101
93*
43
Jan
10
7
143*
10
---to
42 3*
Feb
1234
1934
573*
"
Jan
Jan
Jan
19
Mai
Jan
934
Jan
98
Jan
5
104 3*
Jan
106
Mar
2,710
23*
Jan
;
•
.
■
"
334
234
234
-
m
705
103*
834
24
24
303*
193*
2034
434
2,528
Mar
Jan
42
Mar
22 3*
12
12
12
340
12
110
110
16
110
8
225
73*
153*
Mar
193*
*
110
-.--to
Jan
43*
28
730
193*
Feb
Feb
143*
Jan
110
Jan
9
73*
113*
Jan
68
355
Jan
Mar
Jan
Feb
Jan
12
Jan
113*
113*
70
70
113*
753*
1,660
70
72 3*
320
7
7, /
25
5
Mar
7
Mar
162 3* 162 3*
66
160
Jan
171
Mar
Mar
773*
"
70
----
to
to
34
68 "
Jan
52
483*
5
483*
143*
143*
9
14
Mar
1.50
1.75
645
l.fO
1.70
Mar
1.50
1.75
1.75
83*
Jan
Mar
234
Jan
i
Feb
2
Jan
Feb
10
Mar
7
Feb
9
Jan
23
Jan
24
Feb
65
■
Jan
143*
73*
71
1.75
8
8
Jan
7
Feb
4
1,170
73 3*
Jan
483*
to
to
4
4
4
-to--
1. .100
j
Jan
40
18
*
B—
Exchange
71
40
'
*
Winnipeg Electric A
8,713
101 '
45
*
pref.—.100
Viau Biscuit
7834
22 3*
82
93*
Southern Canada Power..*
1 1946
Grand Trunk Pacific Ry—
1153*U16
43*8
4 3*8
—July
63*8
61
Jan
7
10
50
pref. 100
Sons....1—*
Simon (H) &
Canadian Northern Ry—
U43*<115
11734;11834
4 His
Ask
-
JaD
20
156
totototo
Shawlnlgan W & Power. _•
Sherwln Williams of Can. *
Preferred
100
Guaranteed Bonds
Dominion Government
483*
50
143*
100
preferred
A
89
114
113
*
-
Saguenay Power pref— .100
St Lawrence Corp
98 3*
Dec
43*8
78
103
-
1,630
18
—
101
a..-100
*
Preferred
,
5s
77
102
perpetual debentures.
6s
Sept 16 1942
4 His.
Dec 15 1944
6s
July
1 1944
-
Quebec Power
Holland Paper voting trust
Ask
Bid
Canadian Pacific Ry—
4s
.
5% preferred
Ask
Bid
'J
.
j
53
73
'
42 34
2534
156
Power Corp of Canada—*
Price Bros & Co Ltd
*
Railway Bonds
Canadian Pacific By—
-4
100
100
i.
18
..
'26
Preferred
High
,
46
46
Ottawa LH& Pow
Low ■,
2,925
43
4234
41
OgUvle Flour Mills...—*
Preferred
100
Prov of Saskatchewan—
1043* 106
Range Since Jan. 1' 1939
Shares
41
•
25
Preferred
108
434«
Week
Price
Pat
(Concluded)
for
of Prices
Low
High
Nlagara Wire Weaving—*
*!
Noranda Mines Ltd
* .72V
110
Feb
4s
88
Sales
Week's Range
National Steel Car Corp—*
1163* 118
2 1950
Mar
43*s
106
Brunswick—
-.Apr 16 1960
Apr 16 1961
of Nova Scotia—
-—Sept 15 1952
Mar
1 I960
Stocks
Province ol Quebeo—
92
r *
National Breweries
1083*
107
V
Last'
Sale
11534 11634
120
1213*
15 1965
—Jan
43*s
993*
Prov of New
43*8
Oct
1 1942
Sept 15 1943
May
1 1959
.....June
11962
5e
613*
6e
■'
~md T~mx
liox'iux
Province of Ontario—
Exchange
Friday
quotations, Friday, March 31
Ask
Bid
Montreal Stock
Issues
Provincial and Municipal
Closing bid and asked
province ol Alberta—
UNLISTED
'
March 25 to March 31,
both inclusive, compiled from official sales lists
Preferred
-
nates
Friday
Week's Range
Last
Sale
Agnew-Surpaes
;
Jan
Nova Scotia
30
Jan
30
Jan
V 7
55
Mar
14
45
Max
69
740
15
Jan
163*
Jan
Jan
83*
Jan
456
10
9
9
;.—
65
55
93*
15
634
100
1634
1534
1034
25
25
810
12,606
3
Mar
Jan
'43*
17
1,730
14 H
Jan
17
2434
860
Mar
28
834
1,420
233*
73*
73*
73*
■
Mai
"
Jan
Jan
Mar
103*
97
97
98
145
95
Jan
102
Mar
15
15
1534
455
15
Jan
18
Mar
2
«
*
-
-
-
-
-
-
W
'
150
23*
34
34
-
11,
Ma1
1334
2
34
Jan
Mar
Mar
143*
680
103*
IQlj
Jan
10
7
Jan
10
101
5
102
115
55*
53*
104
W
*
102
-
104
102
io;
9
7
4
Feb
105
,V
105
Jan
Mar
102
Mar
13
Mar
Canada Vinevars Ltd
7
Feb
CanWIre&Cable6 % cmpflOO
10534
1.70
Mar
23*
Jan
Can
Ltd—...*
1.25
*
*
1834
1834
5
43*
495
6
Mar
8
Jan
Ma,
■
Breweries
Preferred..
:
Cndn General Invests
Jan
Cndn Industries Ltd B
Jan
Cndn Light & Power
Cndn Marconi Co..
100
1113*
1634
183*
320
16
Jan
203*
30
755
29
Jan
37
Dom Tar & Chemical._..*
Jan
108
Jan
115
Mar
162
167
150
Jan
162
Mar
10
6,132
834
Jan
1234
Jan
1,705
5
Jan
•7
Jan
-to-to
City Gas & Electric Corp. *
ClaudeNeon Gen Adver—*
Commercial Alcohols
*
:
434
55*
78
65
76
Feb
77
65
—
65
96
65
Jan
65
5
590
•
434
434
1134
1134
12
296
30
30
30
10
55c
*
i
English Electric A
,*
Fau.ous Players C Corp..*
Foundation Co of Canada *
—
—
-
-
19
—
55c
19
43*
35
25
55c
Feb
16
Jan
Jan
33
Mar
30
Mar
19
Mar
9
Jan
1134
Jan
Jan
.163*
Mar
JaD
933*
520
881
1134
89
—100
634
Mar
Feb
9
89
89
131
88
7
Mar
Mar
15
,
'
60C
133*
7
JaD
113*
.
133*
*
19
Feb
43*
"
*
43*
5
135
23*
Jan
6
Mar
5
5
6
1,140
53*
Jan
8
Jan
66
Rights
67
35
66
Mar
82
Jan
5634
5734
20
56
Feb
673*
Jan
534
30
5
Mar
6
Jan
10
108
Mar
108
Mar
General Steel Wares preflOO
Goodyear T pref inc '27.50
*
100
Gypsum Lime (* Alabas—♦
»
to
toto-V-
534
108
534
108
43*
534
405
43*
jau
03*
.ian
1.05
1.00
43*
405
1.25
Mar
6
Jan
Jan
215
30
Jan
32
145*
2,286
14
Jan
15
113*
1,020
10
Jan
133*
93
110
93
Mar
94
Feb
30
33
2,425
Mai
353*
Jan
153*
155*
1634
3,724
3034
16
Mar
153*
153*
153*
7,396
153*
Mar
173*
163*
5
Mar
7«
Jan
50
75*
2934
6,812
28
28
6
*
100
14
14
11
11
93
93
*
30
£1
108
43*
100
Imperial Oil Ltd
•
Imperial Tobacco of Can.6
------
33
7
7
30
•
30
30
»
463*
463*
5034
245*
25
25
263*
Intl Bronze Powders pref 25
internat Pet Co Ltd——'
1.*
25
3
Jan
Jan
Mar
Feb
Feb
33
463*
Jan
563*
Jan
30
25
Feb
263*
Jan
2,822
25
Jan
27 H
Jan
Mar
3
3
38
38
150
353*
Feb
38
Mar
Lake of the Woods
*
14
14
14 3*
570
14
Jan
173*
Mar
Lang (John A) & Sons
*
103*
103*
11
270
11
Mar
Jan
.8
113*
113*
1134
120
113*
Mar
123*
133*
Jan
Jan
53*
Mar
Mar
7 34
Jan
Jamaica Public Ser LtK... *
-
95
3
Jan
33*
Feb
*
5
5
53*
Massey-Harrls
»
43*
43*
5
1,630
McCotl-Frontenac 01
»
634
734
3,670
Feb
734
Mar
373*
30?*
373*
373*
5
373*
Mar
373*
Mar
30
31
6,933
293*
Jan
32
*
Montreal Tramways... 100
66'.
66
234
4
4H
1
63tf
66
Mar
73
Jan
323*
Jan
33
Jan
112
144
:
107
Mar
,
Jan
Feb
'4
13
Jan
5
10534
Mar
10534
650
1.26
Mar
1.80
521
133*
1834
Mar
60
1.25
20
Jan
100
2093*
Mar
Mar
Jan
Jan
23
83*
Feb
224
Feb
40
Mar
40
Mar
14
Jan
K14K
Feb
Mar
1.10
Mar
90c
434
*.
..
to
..
to
;
-
5
30
'
3
to «
100
35
434
734
700
m
30
Jau
60c
434 Mar
6
40
i-'eb
43*
Feb
10
41
30
Jan
3
Jan
11
Jan
60
<>
7
Jau
100
33*
12
to'-'-r-
,
125
31
12
85c
25
90c
50
50
Jan
lan
33*
12
Mar
Feb
to
1,550
,30c
Mar
A.10
J^n
10c
10c
Mar
15c
Jan
1.75
1,950
1,775
10c
1.50
1.6U
Jan
23*
434
434
434
40
434
Jan
53*
Jan
65
153*
43*
Jan
173*
Mar
Jna
734
Jan
1534
Aircraft Ltd.—5
vot tr. _*
*
N S L & P 6 % cum pref 100
Power Corp of Canada.—
6% cum 1st pref
100
6% n c part 2d pref—50
$3 cum pref
Provincial Transport Co. _•
16
9,931
5
'
1.50
Mar
15
143*
Mar
100
V IK
Jan
765
33*
Feb
Jan
1.50
1.55
1534
1534
2.00
2.00
323*
53*
323*
•53*
130
534
Jan
334
334
434
655
334
Mar
6
33*
33*
33*
100
33*
Jan
5
Jan
3
3
3
43*
Jan
6
Jan
•to
pflOO
1534
4
4
Aircraft Ltd
No par value
231
1.50
Mtl Refrig & Stor
*
Feb
2
+
Ltd—.—*
Paper A—--*
*
Mar
Mont L H & P Consol
125
283*
10c
*
Ford Motor of Can A—.*
Fraser Companies Ltd—*
Voting trust ctfs
*
Freiman (A J) 6% cm pf 100
Inter City Baking Co. .100
Intl Paints (Can) Ltd A„ *
Intl Utilities Corp B
1
Lake St John P & P
*
Loblaw Groceterias A—._*
Mackenzie Air service...*
MacLaren Pow &. Paper..*
Massey-Har 5% cum pf 100
McColl-Fron 6% cm pf. 100
Melchers Distilleries
*
Melchers Distillers Ltd pf*
Mitchell (Robt) Co Ltd—*
Fleet
Jan
22
'to
Dominion Stores
Fatrchlld
28
15
«,
-*
EasternDaIrie87 % cm
Jan
735
40
to- to
Dom Oilcloth & Lino Co. .*
B
12V*
8
,
David & Frere Ltpe A.... *
Oonnacona
Jan
15
Corp Ltd—. *
.........
Feb
11
40
Consol Bakeries of Can—*
B—
Mar
410
.
Preferred—-5
Cub Alroraft
Mar
233*
-
5
Canadian Wineries Ltd—*
Consol Paper
Mar
634
80 '
Jan
200
90c
100
7°7f cum pref
"
Mar
2093* 2113*
to
534
Jan
Mar
Mar
140
to—to^
Ltd-..—.--*
Vlckers
634
85*
834
_
*
5% cum pref .—
Can
434
80
Jan
Feb
2034
10534 10534
50
_
LlndsaA (CW)....
M ontreal Cottons——100
—"—
to
133*
•
r
CatelllFoodProds5% cmpfl5
Mar
83*
434
1934
10
Jan
43*
tototo^to
..
*
15
30
78
to
_.
575
100
Dominion Textile
Cndn Pow <fc Paper Inv.
163*
1133*
,153*
83*
'
•
Feb
to
Co 100
1
110
to'to.
to
■.
*
162
"162
-100
Jan
_ _ _
«
•
Cndnlntl InvTr 5% cmpflOO
Mar
83*
'
263*
*
Jan
634
80
:
543*
1.25
15
15
634
111
111
111
33*
4,375
,
43*
Jan
28 H
Jan
343*
to'-
to
Jan
,
,
135
11234
Jan
30
Jan
Mar
283*
305
43*
3
43*
634
-
.13*
Jat
163?
Dominion Steel & Coal B 25
L
63*
263*
,
.
^
•
'
Canada & Dom Sug (new)
Co...*
Seagrams—.—.*
*
Dominion Coal pref
25
163*
^
'765
'
Dominion Bridge.
Laura Secord
Mar
715
1,799
140
140
to
*
Canada Malting Co Ltd. :*
Ced Nor Pow 7% cm pf 100
Distillers
_
2234
.
4
28
Jan
Mar
Crown Cork & Seal
J
^
*r «. *
233*
33*
28
7
6134
Power..
Mar
123*
27
International
85
123*
Jan
Corp
1,606
913*
123*
JaD
Intl Nickel of Canada
13
British Columbia Packers *
Mar
Indust Accept
2134
Mar
5,948
63*
47
Preferred
Mar
223*
Jan
'
84
33*
High
234
6
203*
21H
Hudson Bay Mining
.
Mar
434
"203*
50
Preferred
"
55c
262
73*
155
113*
4 '
----I-
163*
4,821
Holllnger Gold Mines
Howard Smith Paper
20,595
9,331
11
534
84
Brit Amer Oil Co Ltd—— *
123*
54
Preferred
4
Low
•j
80
253*
Hamilton Bridge
:
j
.
Shares
80
534
...
Range Since Jan. 1, 1939
for
Week
1.10
55c
'
Belding-Corti 7 % cm prflOO
Brewers & Dlsts of Vane. .5
Bright & Co Ltd (TG)..
6% cum pref
—100
Mar
to tor -
Jan
254
J an
293*
101
Feb
Mar
Sales
60c
,
*
Jan
930
101
Jan
Jan
compiled from official sales lists
2234
253*
Preferred
192 34
(New).,.
Beauharnoi8 Pow Corp..
485*
Gurd 'Charles)
Jan
534
534
Preferred...
176
434
25 3i
,
353
...100
493*
General Steel Wares
188
7% cum pref
18
303*
25
—-*
Smelting 6
Gatlneau Power
185
.......100
Asbestos Cqrp Ltd—*
6% cum pref.
39
2834
*
Eleetrolux < orp
310
Price
Abltlbl Pow & Paper Co—*
Mai
125*
*
.
Jan
,185
Par
Stocks—
Mar
29
Canadian Pacific Ry
Cockshutt Plow.
Dry den Paper..—
Eastern Dairies.
301
Montreal Curb Market
12
3,266
170
Preferred...
8
March 25 to March 31, both inclusive,
34
95
'
'11
125
Preferred-.
305
*-
Mar
275
125
—
304
of Prices
Low
High
3
334
185
.
304
Sale
Mar
Jan
160
Dominion Glass
222
Week's Range
28'
-2
160
Consol Mining &
178
Mar
Last
JaD
7
Canadian Indus Alcohol..*
•
Mar
203
6
'
Ciidii Foreign invest—,.-''
—
167
171
Mar
1534
,
—.
'
217
162
Friday
123*
2 3*
■
Mar
169
212
162;
Feb
Jan
2334
1534
......
Feb
1673*
162
163
203
J an
73*
223*
348
26
I
163
162
'
15
.
110
Jan
175
3
.'
3
*
—-
Jan
Jan
23*
-100
Can North Power Corp—♦
Canada Steamship (new).*
Canadian Bronze
*
Canadian Car A. Foundry
Preferred
-—-25
Canadian Celauese
*
Preferred 7%
— 100,
Canadian Converters. .100
Cum< lun Cottons pref-—
Cndn Fairbanks pref. -. 100
Canadl an Locomotive
15
23
•
210
100
Jan
,
166
•
10
.
175
93*
93*
63*
"
•
174
......
665
7
634
15
Power.*
British Col Power Cor p a.*
Bw..—
/
'. "
Bruck Silk Mills—
*
Building Products A (new)'
BUolo Gold Dredging—...
Canada Cement
Preferred
"
15
23
—....100
—:
100
100
..100
Royal
30
......
Brazi lan Tr Lt &
„
.
-
-
Bell Telephone---—...
("lass B.
Commerce
10
100
30
30
-100
Associated Brewertea
*
Bat buret Power & Paper A*
Bawlf (N) Grain prel —100
Preferred-
-
Feb
10
'
*
Al' o"ih ftteelCurp—
High
Low
10
50
prel
Canadlenne
Shares
23
25
100
8
•1
Montreal.
Shoe-..-.*
Amal Elec Corp
Range Since Jan. 1, 1939
for
—. _
•'
8
Banks—
Week
of Prices
High
Low
Price
Far
Stocks—
....
Zellers Ltd
to
-■to—'to
-
-
"
53*
334
334
63*
63*
193*
934
9
193*
934
9
.
434
73*
1
25
Jan
95
3
Mar
1,130
4
Jan
23*
33
63*
Mar
Feb
Feb
Mar
Jan
Mar
10 H
Jan
233*
Jan
103*
Mar
1734
Mar
2,722
10
Mar
17*
Jan
375
21
1,240
10
30
1134
32
17
63*
20
Jan
30
--
30
5
30
Mar
38
Jan
26
28
100
26
Jan
30
Jan
Jan
23*
23*
23*
55
23*
Mar
3
50c
50c
50c
825
50C
Feb
70c
45
Mar
20
Jan
Mar
243*
Feb
Jan
1.05
Jan
83*
233*
83*
23 3*
233*
100
2334
70c
70c
90c
1,150
50c
103*
1034
103*
570
1034
Mar
343*
343*
35
340
35
Mar
90
90 3*
48
81
Feb
1.50
125
------
1.50
----
9
1.50
6
9
1.35
Jan
6
Jan
63*
10
Mar
16*4
1.00
Mar
1.00
Mar
50
1234
Mar
1234
Mar
Mar
107
Mar
Jan
105
Jan
47
Jan
1234
1234
1234
1053*
25
1053*
1013* 1013*
51
101
4334
73*
15
4634
Jan
425
63*
Feb
4334
734
Jan
31
50
73*
Jan
Mar
1,150
.1.00
—to----
1.50
Jan
Mar
6
1.00
104
15
60 3*
94
11
1.00
104
Jan
15
103*
734
Jan
Jan
Volume
Financial
148
1937
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Stocks
(Concluded)
Par
W al ker-Good & \\ orts (H) *
$
i
—
—
-
75c
Jan
Blue Ribbon pref.
6%
1.40
Jan
Bob Jo Mines
Jan
Bralorne
Mar
50%
Jan
Brantford Cordage pref.25
Jan
20%
Jan
Brazil
70c
25
75c
Jan
5
5
2
6H
Jan
1.00
Jau
'
1
"42%
19%
36o
,
.
1.10
1.25
1.215
42 %
45%
870
20
:
85
108
Jan
Amm
Traction
3,800
Jan
50c
Jao
300
lc
Jan
1%C
Jan
10c
14c
Jan
15c
Jan
1
I.
'
-
Cndn Malartic Gold.
-
«,
Carrier-Malartle Gold
_*
Mar
2 %c
Feb
31 Pi
Jan
29c
Jan
33%
1,810
31%
Jan
33%
Jan
Canada1
4%c
12,300
4c
Feb
8c
Jan
Canada
3,675
7,975
2 14
Jan
2.80
Jan
Mar
2.35
Jan
to -
-
—
-
m
II
O'Brien Gold
3,400
6%c
Feb
Jan
Mar
7c
Feb
"1.20
10c
10c
Mar
Canada Wire
5.80
Jan
Canadian
456
52%
Jan
58%
Mar
1.31
10
Mar
4i'c
Mar
60C
50c
Mar
Mar
Jan
Canadian Can A
Jed
2.60
Jan
Jan
1.91
Mar
4.90
Mar
5.60
Mar
100
2.
Mar
2.65
Jan
Canadian
14c
450
1.20
1.40
1,300
1.27
Mar
52c
52c
52c
1,000
52c
Mar
14 %c
Jan
6c
6c
1,600
6c
4c
3,100
3%o
3c
3c
3%'c
1.00
1.00
1.10
1.00
1.16
Jan
60c
Feb
Mar
3c
9c
Mar
8,550
.
6>285
50c
60c
49c
63c
80c
84c
1.44
Jan
1.67
Jan
30
17%
Jan
25
Jan
35
35
10
35
Mar
45
—
-
-
1.25
1.25
18%
18%
18%
18%
4J5
4.60
Mar
700
15c
Mar
31c
Feb
250
5.00
Mar
5.75
Mar
Mar,
2,475
H.30
Jan
8.10
6,600
10c
Feb
18 %c
Jan
2,935
8.00
Jan
8.85
Mar
29
30%
280
29
Mai
17%
65
17
Mar
34%
23%
79
200
Feb
10%
-to
to to
■?
22c
Jan
to
-
Royallte Oil Co
200
200
14
Jan
20
Jan
185
109
Feb
122
Jah
65C
Jan
1.07
Mar
3.70
Jan
Jan
9
9
65
9
Mar
15
9
9
20
9
Mar
13
3%
3%
3%
220
3
Jan
3%
Feb
2.25
2.39
Jan
9
Jan
Jan
2.28
1,050
2.15
Mar
80c
80c
3,306
80c
Mar
1 05
2.20
2.44
8,495
2.20
Mar
2 75
Jan
9c
8c
9%c
Jan
12c
Feb
40c
50c
11,500
1,900
6c
3dc
Mar
70o
Feb
1.10
—to
"
-
to
—
Jan
Mar
1.39
Jan
Jan
85o
Feb
Mar
8%
Jan
Commonwealth Petroleum*
24 %c
Conlarum
Mines..'
Consolidated
Consol
Con8
_
Chibougamau.
Smelters
-
.....
Davles
500
1.50
6,110
1.29
Jan
434
14%
Jan
1.36
15
15
,
1*1
'..fi
16
20c
"49%
100
Gas
24%c 24%c
1.39
_»
♦
Bakeries.
20c
Coal
182%
Mar
105
10
,105
Mar
105
Mar
5c
5c
5c
; 32c
37c
11c
11c
14c
16%
16%
18%
87%
20
♦
31%
200
1.02
Jan
1.72
Jan
34%
Mar
44%
Jan
..1
Dominion Explorer
*
Dominion Foundry....
Comlnlon Scottish Inv.
III
-
«.
pref... .25
-
-
-
31%
-
-
-
-
4,845
100
2%c
600
20
22%
75c
-
8%C
Jan
60c
Jan
16c
Jan
Jan
20%
Mar
Jan
87%
Mar
34
*
Mar
210%
18%
3%C
Mar
20
Feb
Jan
Mar
25
Jan
Jan
Mar
Mar
Feb
Mar
2.00
Jan
12%
Jan
6%
Mar
Feb
75c
105
Jan
Jan
16%
2%c
1,205
75c
Mar
200
24
16%
2%c
20%
-
.
16%
2%c
to
34
206
205
-
-
,
11c
13%
84%
30%
1,918
87%
5c
32c
1,600
33,524
11,500
ioo
Jan
Mar
ioo
Dome Mines (new)....
Dominion Bank
Jan
176
32c
Dominion
27c
61
94
♦
Preferred
Jan
5,872
105
.
»
Feb
Mar
54
..1
Mines.
46%
Jan
Mar
17
179
48%
III
Petroleum.
Nickel
18c
2,900
36c
1.74
Jan
176
176
100
Distillers Seagrams.-..
Jan
6%
50C
Jan
Jan
Mar
5%
21%C
Jan
Mar
;
3%
96C
Denlson
85c
■
3,678
4%
675
Darkwater.
2.75
3%
Jan
24,100
5,905
Jan
75c
112
80c
990
1.15
16%
14%
110
Feb
76c
Jan
2.00
20,845
37
1.03
6%
Jan
3*%c
400
70c
2.49
34
Mar
5%
31c
Feb
1.07
—
Mar
91c
1.61
Jan
2.15
""34""
1%
71o
1,050
65c
15%C
37o
70c
—
105
4,750
65c
Jan
1.93
32c
2
85c
91c
Jan
500
32c
—
2~.18
*
-
5%
Mar
600
Jan
1%
1.75
♦
Mining
9c
2.07
Jan
2%
2%
1.55
2.22
Cockshutt
19c
'
40c 43 He
~
to
Mai
Jan
Mar
.,*
Chromium
1.00
1,300
1,300
2.01
-
-
241
76c
1.60
-
1.55
Jan
2.25
Cosmos pref
500
1.01
22c
40c
to — — ••
10%
1.00
"*
241
Jan
7%
1
Trethewey
Central Patricia...
Consumers
...
Mar
29
Chestervllle-Larder Lake.l
lie
----to—'
19
..1
Castle
Jan
6.90
%
Jan
Mar
18
*
Wineries.
Mar
8.50
_*
75
Mar
*
B
3.55
10c
Oil
Mar
11
*
Cndn Wallpaper A
1.01
67,050
"*!
179
50
3%
Mar
8.00
6.10
Mar
163
1,745
.25
Mar
18c
•
Jan
18%
6%
•
Jan
23
0%
23
18%
Jan
Mar
17%
398
13%
6%
«
7*0
Jan
5.10
15c
5.00
-
20
1.80
11
"lio"
Feb
4.15
4.15
'
-
1.25' Mar
1,875
"11%
100
3 00
300
15c
-
1.50
168
163
166
...
1.03
80c
.
10c
•
17%
76c
Jan
Mar
47c
8.00
m
17%
_»
Central Porcupine.
-.1
Chemical Research.... ..1
4,300
3.15
"el io
Okalta Oils
Feb
Cariboo
4%c
_»
I*
65
»
_
R
P
Jan
Jan
Jan
Mar
S5c
70,949
3.15
C
Canadian
1.00
3,800
49c
"
-
Oil
Jan
6c
1.10
2,500
50c
-•'to-to
Malartic
Preferred..
Jan
1.72
Mar
3 He
'•
II
.
Jan
'
5
Wood Cad.
Home Oil Co
Jan
Jan
58
"
400
Wright Hargreaves
Foothills Oil & Gas Co..
10%
25
—
—
-
5.70
13Hc
.1
.
B_.
2.50
1.20
"
Walte-Amulet
Davles Petroleums Ltd.
Jan
*
Canadian
13c
80c
Dalhouaie Oil Co
7%
63
.26
B
2.50
3.15
Calgary & Edmonton...
405
51
60
Breweries pref. *
*
Can Car A Foundry...
Preferred
".25
5.60
•
*
8%
Cndn Indus Alcohol A.
T 45
Mar
7%
235
2.25
Mar
152
%
241
1,300
77
Jan
Cndn General Electric. .50
4,000
Mar
Mar
Feb
Jan
Jan
.
Mar
60
2
16c
'
15
15
140%
Mar
1.76
250
Mar
36%
17%
440
fic
2.55
Jan
2%
4,800
1.67
32
148% 150
7c
2.25
166
Mar
17%
Cndn Bk of Commerce. 100
Mar
Mar
35
Mar
10%
101%
102
7%
m
B
Mar
4'c
Feb
Mar
Jan
60
4.65
1
Mar
<6
101
56
2
To
900
200
7
Mar
Jan
2%
149
*
Canadian Bakeries pref. 100
*
Canadian Breweries
1,000
52%
9
15%
Jan
4,870
4
55
,
70
Mar
55c
11
425
8%
97
15
6c
.1
ADglo-CaQadlan
8
97
17
1.57
4,700
101% 101%
17
II
Brown Oil Corp
45
52%
*
Sylvanlte Gold
Anaconda Oil Co
52%
52%
Canadian Dredge
.1
„
Jan
Jan
Stadacona (new)
Sullivan Consolidated...
•
5%
4.80
1.00
•
Mar
68%
1.74
-
• s ■
ISO
3.35
1
Al 1
\/l 1
4%
Mar
.1
.1
4
3.30
Shawkey Gold..
_*
Jan
4
4,250
81scoe Gold Mines Ltd.. .1
....
65c
2,250
II
Thompson Cad
Jan
2.50
Reward Mining...
Ventures Ltd.
34c
3.65
*
Teck-Hughes Gold
7,800
2.15
1
T
43c
6C
Placer Development Ltd.l
-1
Pre^t'o'n-LaKt Dome.
Sladen Mai
37c
68%
50%
'
_
Jan
2.80
3.50
Pickle Crow Gd M Ltd.. .1
Sherrltt-Gordon
12%
Jan
3.50
Pioneer Gold of Brit Col. -1
Red Crest Gold;...
Jan
Feb
1.00
Jan
.1
Quebec Gold
ll%c
75
17,785
34%
Jan
48c
Mar
2.20
34%
.15
Mar
1.19
■
17
37c
38
800
3,558
Jan
11%
Canada Wire A
5%c
50c
Pato Consol Gd Dredging 1
Perron Gold....
Jan
56%
7%c
2.30
"l
Pandora Cad
4c
4.95
1,190
2.00
iou
Canada Steamships.
Preferred
1.50
6%C
2.25
*
Pamour-Porcupine
6%c
.:*
Canada Permanent
41%
16%
¥
Mar
500
47c
to--
Mar
16
Jan
""2I61
...
Mar
1,000
1.19
""50c
—
M altlug
25c
56 H
♦
Normetal M inlng ...
be
16
101%
6.00
4.60
McKeozle Red Lake Goldl
New True Fissure
Mar
""97"
Mar
7c
1.36
-
Jan
3%
5c
ycle & Motor. 100
Mar
5%c
34
4.60
33o
15%
Jan
inn
18c
7c
.1
Jan
Mar
-
■4.90
5%c
.1
L36
19e
Preferred
1,910
5c
4c
.
Jan
10%
»
Canada Cement
3,700
"
Jan
Mar
75c
2%c
14%
Canada Packers
4c'
Mar
3,535
Canada North Power..
1.42
31H
Feb
Mar
11,000
50
2.74
16c
33c
6%
23%
27
4
B.._
Mar
25c
.6
25c
Jan
12
Canada Bread
Mar
20,300
5.15
M cl nt yre-Porcuplue
Jan
Mar
Mar
Mar
19 c
*
20c
5.00
35
37,000
Feb
20%
22
Feb
12%
10%
Yi
Oils
2.25
5.00
Macassa Mines
73c
Caimont
710
_#
.1
22c
4
300
5
Jan
22
11%
6,050
TVfinnnfliir Clnld
...
Mar
J an
20c
*
21c
1.60
Kirkland Lake Gold
73c
11.76
10%
Burlington Steel
Jan
8C
Jan
Mar
32,800
Calgary & Edmonton..
2.38
,
2.55
Lake Shore Mines Ltd... -1
43c
Bunker Hill
Jan
1.00
17c
5%c
106
3%
Jan
28
Feb
7%
6,067
25%
Products (new).*
20c
1.45
-
22%
25
33c
Jan
22c
-.1
+
.
21c
2.25
to
20%
33c
2.38
"20c
4%
4
32%
Mar
19%
•
812
73c
1.47
(New)
Mar
Mar
73c
,
Mar
23%
2.25
Consol Gold
8c
8c
440
East Malartle Mines.... :i
Klrkiand Gold Rand
Building
1,000
Eldorado Gold M Ltd... _i
.
Jan
Mv
Mar
83,600
1,100
4c
Juliette-One
Jan
I On
(iff
7c
'
to
..
Nickel
28C
2ic
»%
14,052
25
_
Buffalo-Canadian
75c
17c
"
to
♦
Duparquet Mining Co.. .1
Falc.nnbrldge
B uffalo- A nk erlte
24c
73c
Cons Chibougamau Gold _1
Dome Mines Ltd
Feb
4c
93He 93He
Central Cadillac Gold— .1
Central Patricia Gold... .1
Mar
75c
Mines .1
Castle-Trethewey
2c
16%c
'2,300
9%c
19%
10%
Jan
4
.-*
Jan
Jan
1,400
6c
9
20%
_
Brown Oil
lc
10c
23 %c
-
II
.
"
22c
6c
4c
.6
...
2lc
--to -
Brazil Gold & Diamond. .1
BuioloGoid Dredging
10%c 10%c
-
"Tic
.1
Big Missouri Mines
boitSH'tt iUi.-iC
to
19%
High
Mar
Jan
2,975
Bro ulau- Pore uplue
2c
1,500
1,000
1.000
*
.1
10%
♦
Brit Col Power A
...
Arntfleld Gold....
10%
"5
.
British American Oil
lc
25
56,000
*
36c
10c
10c
12c
"~~9%
*
"
3%
15
30
10%
lc
—
-
2)
3%
9%c
Mines
2 c.
-
1
Gold
Arno Mines
J-M
30
Low
Shares
"~9%c
1
35c
35c
"
High
3%
Brewing & Distilling
♦
II
Low
Blue Ribbon
106
Mines—
Alderpiac Copper Corp..
Alexandria Gold
Week
Price
Par
(Continued)
Jan
39
-•*
Stocks
High
107 % 108%
20
to--toto to
*
pref
cum
Low
Shares
High
70c
107 H
"T. 20
Walkervliie brewery.
for
of Prices
Week
Low
Range Since Jan. 1,1939
Week's Range
Sale
for
of Prices
Price
Sou Can Pow Q% cm of 100
United Distillers of Can. _*
United Securities Ltd.. 100
Week's Range
Sale
Sales
Last
Range Since Jan. 1, 1939
Last
Exchange
Friday
Sales
Friday
7
Mar
Jan
*
10
Dominion Steel Coal B. .25
gladly furnished
-8%
Dominion
Statistical Information
8%
*
5%
5%
6%
745
4%
»
5
6
5%
262
5
16
73
Stores......
Dominion Tar
on
1
McCarthy
to
March 31, both inclusive,
Par
j-.
Week
Shares
50c
4
*
-
•
Low
20,700
'7c
Jan
13c
Mar
2,55
35,380
III
2.28
50c
5,181
2%
Mar
6c
Feb
Jan
21%
Mar
770
*
Mar
17
105
Feb
108
-
65
Jan
70%
Mar
2.37
-
-
-
to—
4%c
24,600
4c
Mar
8%c
Jan
7c
10,500
be
Mar
170
Feb
9c
1.000
8%c
Mar
13c
Jan
Mar
Jan
Ford A
..
Jan
Jan
9%c
Preferred
-
-
Glenora
30c
Jan
-
-
88%
Preferred
Aldermac
.100
to-— —
-
—
17
*
Mines
31c
31c
40 c
10c
10c
12c
18,300
Feb
1.75
Mar
Jan
Goldaie Mines..
24
Jan
Gold Belt
31c
■
Mar
52c
Jan
Mar
17c
Jan
Anglo-Can Hold Dev.
92c
92c
1.02
92c
Mar
1.52
Jan
Anglo Huronian
*
2.90
3.00
2,192
2.90
Mar
3.25
Feb
Arntfleld Gold
1
11c
10%C
12c
I0%c
Mar
17%c
Feb
Ashley
1
6c
6c
7c
13,300
7,500
6c
Mar
!0%<?
Feb
...1
Astoria-Quebec
Augite-Porcupine Gold ...1
3%c
3%c
3%c
3%c~Mar
39%c
38c
1
8c
8c
Bagamac Mines
Bankfield
Cons.
Bank of Montreal
212
.100
Bank of Nova Scotia.. .100
Bank of Toronto
20c
...1
-
*
.100
Base Metal s
to
«
—
2%
Jau
6
5%
Jan
Jan
7%
11%C
Jan
4c
2%C
3c
2,325
2%c
Jan
4c
Mar
21c 22 %c
20c
15c
22,700
20c
Feb
Mar
Feb
16c
Mar
30c
Jan
120
6%
Jan
8%
Jan
13c 17%c
74,600
11c
Mar
32c
Jan
1.25
19,887
05
Mar
1.40
Jan
to—to — —.
•
*
-
-
.100
J
Mar
35
2,615
1.05
.
252
Jan
19c
15%c
Kirkland..i..
310
Jan
20
6%
1
Bldgood
Feb
239
fO
18c
*
Beauharnols
300
44
31
6%
Beattle Gold
Bell Telephone Co
2
249% 252
19c
Bear Exploration & Rad
Beatty 1st pref
Jan
-to-
170
>
21c
1.05
105
3%
169
1
105
Mar
5
99%
Jan
4
34
5%:
Mar
633
2%
165
Jan
175
Jan
175%
Mar
105
20c 23 %c
28,900
22c
1,500
.
30c
20c
Feb
18c
Mar
30c
Jan
Mar
7%
Mar
Jan
'
Big Missouri
Blltmore
22c
...1
♦
6%
6%
7%
400
6
2%c
8,400
2,225
9,900
22,000
75%
51c
150
55c
7c
5c
2c
74
60
57
56
keb
Jan
15c
Mar
28c
Jan
60o
Mar
60c
Jan
13%c
3%c
5C
Ma"
2e
Mar
71%
Jan
55
Jan
78
Jan
Jan
Mar
Jan
58
2%c
Mar
4C
Mar
6c
Mar
13%c
Jan
4%c
•4%
Mar
7
Jan
Great I.akes Paper voting. *
Jan
15c
30c
1,000
Grandoro
6%
*
21c
5
14,600
3,500
Jan
38c
Mar
115
5
6
8c
Jan
220
Feb
3c
Feb
Mar
Jan
94
6c
23c
Mar
Mar
Jhn
Mar
3c
72c.
20c
88%
16%
3c
6%0
203
Jan
6%c
Mar
21
11
-
-.1
1
....
Mar
9,666
25c
*
Granada Miues
8c
24c
23%
14%c
Mar
515
50
Grabam-Bousquet
38c
212
170
90%
Mar
18c
42,300
•
Preferred
9%
371
15
19
6%c
l
Goodyear Tire
11.150
3,250
88%
5c
Goodflsh
63c 130.600
9%c
304% 304%
31
31
*
Bat hurst Power A
-
249%
50
Barkers pref
20c
204
14,125
13%
'
Jan
4%
5%
Gold Eagle
9%c
16,525
Jan
Mar
5%C
50c
*
2,735
2,800
25c
6.00
24
5%
4%-
:"l
Mar
32,032
1
Copper
Amm Gold
16%c
10c
18c
Jan
Jan
5%c
*
2.50
9%0
1
God's Lake
24%
19
-
4 55
1,945
6.25
.
^
*
Jan
-
-
-
Glides Lake Gold...... III
Mar
-
19%c
*
Rlsrhtw
-
-
.
19%
•
100
General Steel Wares...
-
*
II*
I* *
4c
17
Jan
5c
8%C
'
6c
30c
50
Feb
4.95
4c
-.1
Feb
105
Mar
8
40
.....
Fernland Gold. iJ.
Mar
2,905
33
Mar
7%C
2c
19c
Feb
5%
Mar
16c
1.85
29%
25
2%C
500
17
10
5%
19
31,100
16%c
1.75
30%
5%
-
"5%
.1,770
17c
-
1.40
11,500
3%c
—
23,390
3%c
17c
-•
1.64
Mar
21%
2%c
-
25
2%c
17c
16%c
Feb
70%
1.40
-
1.47
i
Mar
70
30%
-
20
2%c
-
Mar
14
5
4.95
1
-
279
265
106
2%c
1
*
Jan
17
106
20%
AjaxO&G
Alberta Pacific Grain.
221
Mar
#
Atton Mines Ltd
Alberta Pacific Consol ...1
2.20
14
106
"25
Ftancoeur.J..........
High
4
11,610
6c
6c
—
-
1.10
7%
60c
4%
100
6%
9c
Foundation Petroleum.
'
"
....
preferred
Acme Gas & Oil
7c
..1
....
Gatl neau Power.
Abitibl
Mar
8c
Mar
17
Federal-Klrkland
Range Since Jan., 1, 1939
for
of Prices
Low
High
*
27c
Firestone Petroleum... 25c
Week's Range
Price
9%0
Mar
..1
Fanny Farmer
Faulkenham Lake Gold
Sales
Sale
Stocks—•
Feb
19c
100
Equitable Life
Falcbrldge
compiled from official sales lists
Last
i
5c
70,000
English Electric A.
Exchange
Friday
■
77
15,100
27c
Steel
Eldorado,
Canada Permanent Building, 320 Bay St., TORONTO
March 25
Feb
7%c
19c
Eastern Theatres pref.. 100
Canadian Commodity Exchange
Toronto Stock
77
5%c
...
Preferred
Toronto Stock Exchange. Montreal Curb Market.
Memberai
77
5%c
•
Crest Oil:
Eastern
77
24 %c
.
East Malartic.........
Mara Si
,
i
100
Duquesne Mining
East
Mar
..1
Preferred.
Dorval SlBCoe..
CANADIAN STOCKS
"
_
8%
3,521
*
Voting pref
.
*
Great Lakes Paper
Greening Wire
4%c
-to----
10%
4%c
Feb
7
11%
Mar
17
Jan
20
12
Mar
15
Mar
10
10%
Jan
12
Mar
5
1,145
11%
12
305
12
12
10%
10%
4
5
11%
4
Jan
2c
1,500
2C
Mar
2%c
Jan
Gunnar Gold
1
40c
40c
48c
24,610
40c
Mar
04c
Jan
Gypsum Lime A Alabas
*
4%
4%
5%
1,680
Jan
6%
Jan
1%C
1%C
1%C
4,000
4%
l%c
Mar
3%c
Jan
3c
3c
3%c
2,500
3c
Mar
6c
Grull-Wlhksne
2c
1
III
Halcrow-Swazey
Halliwell...
*
60c
90c
170
45c
Feb
1.00
Mar
2%
2%
3
270
2%
Jan
3%
Mar
1.01
Mar
7%
Mar
1.20
Mar
Harding Carpet
Hard Rock
..1
1.10
1.01
1.30
barker
./I
7%c
7%C
7%c
2,200
Hediey-Mascot Mines. ..1
1.20
1.20
1.26
17%c
17%c
2,100
4,800
9
9
.
^ •
High wood-8arcee
Hlnde A Daueh
*
..*
*
.
No oar value
Jan
60c
Hamilton Theatres
...
19c
11
,
66,075
225
15%c
Jan
9
Mar
1.95
10
35o
15
Jan
Jan
1.58
-
Feb
Jan
Jan
Financial
1938
April 1, 1939
Chronicle
Unlisted
Canadian Markets—Listed and
Stocks
Par
(Continued)
13 H
Home
13 H
2.15
2.45
10c
10c
26 He
30
29c
Howey Gold-—--—---J
Hudson Bay Mln & Sm.-»
30
;
64 H
Feb
70H
JaD
0>k
Feb
-
Mar
Jan
31
4,425
15H
Jan
15H
670
13 H
Jan
7h
20
7H
Mar
8
31c
600
3io
Mar
45c * Jan
7H :
?lc
.83
85.
22
100
81
85
215
'
Mar
Feb
16 H
Feb
83
Feb
91H
79 H
Feb
90
Jan
Mar
International Nickel.-*—*
Preferred--—- -20
46H
46
50H
14,390
Mar
66 H
25 H
25
26 H
4,709
24H
Jan
27 H
B—-----—1
50c
300
50C
Feb
--
-
Ivtl Utilities
Jacola Mines-
JeUtcoe Cons
J M
24c
-
—*——
.
-
Consolidated---
Kelvinator.
1
1
5c
-
Lebel Oro--————i
5C
Mar
2.08
Jan
Tambiyns--^
65c
Feb
Teck
61c
900
7>150
40c
1.55
3,500
5Hc
32H
Mar
15,439
Mar
8He
50H
Mar
Jan
170
50c
Mar
3.25
Mar
15
6.15
6.75
29c
29c
Mar
54c
Jan
Mar
Jan
59c
Mar
13 H
85o
Jan
4c
Mar
65c
Mar
8Hc
85c
Jan
Jan
6,837
5c
14,900
4c
73c
23 H
21H
4.65
4.65
1 .90
1.75
30c
30c
50c
49o
•
16.350
9,850
3.15
"115
90
"54"
54-
Mar
7c
Jan
4H
Mar
34 H
Mar
6H
Feb
,"
7H
500
12c
50 X
i;o8
24c
Mar
1.23
9c
6c
6c
40c
49c
4Hc
4Hc
Jan
69
Mar
1.32
Jan
6c
Mar
13c
75c
7c
1.22
2.06
Mar
19
Mar
Jab
1.50
7,147
19 H
10
9c
9b
500
8c
Jan
12H«
18,875
Mar
1.45
1.16
237
,
163
162
H
35
Mar
19
38
158
24
Jan
40
Jan
.
170 H
Jan
100
12c
27,900
80
Mar
20c
lHc
IHc
1,000
lHc
Mar
2HC
Jan
42
42
42
41Feb
42 H
Mar
Feb
«H
13 H
Mar
61H
Mar
Jan
Jan
Jan
B20c
Mar
51Hc
3 He
10c
Mar
1.52
Mar
,
50
4H
4H
10
4H
30
10
25
aqh
20 He
20c
26c
3Hc
3Hc
AHc
:
4H
.
64,450
Newbec Mines———*
28,700
3,400
Oil
-
10c
lie
1.52
1.62
7854
9,803
7Hc
8c
2,200
3 He
3 He
47c
6,000
4,830
72
72
.
Norgold Mines.
42c
Norraetal. —'
Northern Canada —
North Empire
50c
North Star.
North Star pref
8.70
1.00
725
,
Westons—
—
(Alex) pref——100
Wood-Cadillac—
-1
Wood
-
,
Beath A.
Mar
70H
; Jan
7He Mar
3 He Mar
42c
Mar
13c
Jan
6c
Feb
70c
Jan
—
329
3.75
12,480
7c
2,000
I,275
4,700
.
1.60
.
m,
17
4.85
4.90
98
*
—
—
...
1.48
1.55
_.
Bridge----.
*
-
-
-—
-
.
-
_
104 H
Jan
4.75
Jan
6He Mar
AH Mar
16e
Jan
Jan
4c
Mar
7Hc
4 He
38c
Mai
7Hc
Mar
-
6.
10,800
60c
3,360
1.00
lioo
.29
32
*
12
12
-III
-100
24
30 H
30
Shawlnlgan
—
Stop & ShopTemlskaming Mines
Waterloo A
_
—
—
-------
r
.
.
*
1:1*
1.45
Mar
Jan
Mar
17
61c
«
1.94
'20
5.60
Jan
Abltlbt P A Pap ctfs 5s 1953
Alberta Pac Grain 6s*.1946
Calgary Power Co 58—1960
12 H
Mar
Beauharnols Pr Corp 5s *73
Bell Tel Co of Can 68.1955
lst5Hs~~ —1946
—1958
Mar
10 H
Mar
1.75
Feb
Canada Bread 6s
40c
Mar
65c
Jan
Canada North Pow 5s. 1953
—
i
"*9H
1,50
13 He
9H
Jan
Mar
1.50
—1
99c
114
Jan
Consol Pap Corp—
5 Ha ex-etock
38
39
31c
192
44H
Mar
Feb
Mar
1,927
57
4
230
88
40
Jan
Mar
2H
Mar
Feh
22 H
Jan
Mar
10c
.
Feb
500
7o
Jan
14 Ho
Feb
300
:
25c
Mar
1.05'
Jan
par value) 3s—*1939
3Hs
——
1956
3Hs
1973
Montreal Tramway 6s 1941
m
.
46
/25H
102 H
50
—
-
—
*
48
25 H
103H
50 H
103H 104H
100H 101H
71
96
94
96 H
102H 104
1 1957
58—1957
4s—1957
103
104
90
92
94 H
96
90 H
Provincial Pap Ltd 5 Hs '47
100
72
Saguenay Power 4Hs A '66
105H 106 H
4H8 series B—. .*—1966
8hawinlgan W A P 4Hs '67
Smith H Pa Mills 4Ha *51
105
Gatlneau Power fis—1956
Dec
101
conv
deb
106
104H 104H
Qt Lakes Pap Co 1st 5s '55
Int Pr A Pap of Nfld 5s '68
92c
Jan
1.14
Mar
Mar
1.45
Jan
7.20
89H
Can 4Ha'59
Price Brothers 1st
Jan
4He
Mar
lHc Mar
3H Mar
2He Mar
5
Feb
82H
90
Jan
Jan
Maple Leaf Milling—
2Hs to '38-6Ha to '49—.
Minn A Ont Paper 68.1945
Montreal Island Pr 5Hs '57
Montreal L H A P ($60
Power Corp. of
Jan
17c
Jan
Jan
-
Mar
Mar
5.25
**
East Kootenay Pow 7s 1942
Eastern Dairies 68—1949
Eraser Co 6s
Jan 11950
Jan
3e
99c
86
Ask
86
1952
2nd
4H
10 H
6.80
10c
5s
,—1961
15Hc
1.70
-
Jan
Feb
274c
3H
113
Mar
6.50
87
Cedar Rapids M A P 6s '53
Dom Gas A Elec 6H8.1945
Jan
98
99
Jan
llHc
Donnaoona Paper Co—
4s
——
-1956
ike
Jan
1HC
125
96
Mar
1.18
105
104H 104H
94
Mar
13 Ho
43
100
125
Mar
41
102H 103 H
Canadian Vlckero Co 6s '47
100
10c
—
Canadian Inter Pap 6s 1949
Canadian Lt A Pow 5s 1949
Jan
9H
1
105
108H 109 H
29H 30 H
Jan
Feb
3
1.00
Feb
Feb
2
19 H
100
5Hs series B
Jan
71
135
1.12
1.15
Jan
2c
Manitoba Power 5H0-1951
82
Mar
112
9,660
5,600
6,000
3,000
49,844
Jan
Mar
Bid
51
9c
28
5
240
1.01
88
Mar
34
10,400
1.01
100.
lOHo
180
1,164
12c
3c
-.—-
Mar
10 H
1.61
3c
— — -
SU»mw»Twi n•
6 He
1941
5
13 Ho l4He
17c
t .95
Ask
49 H
80
46c
Feb
Mar
Mar
55
3C
6.50
6c
20c
24
3H
10c
35c
Mar
24
.32
Jan
Jan
580
.
Jan
Jan
He Mar
115
690
2M
20 H
20Hc 20 He
7c
7c
Bid
Jan
2.70
Mar
100
2.45
Jan
8H
.
2
19 H
Feb
Jan
1.18
10c
4,500
2
19 H
Jan
12
Industrial and Public Utility Bonds
Jan
Burns A Co 5s
125
He
45
35
13Hc
Mar
Brown Co
125
1.4(1
_;
Jan
12c
16
9,080
25c.
Jan
189
5,000
1.68
Jan
6
3 He
i He Mar
lHc
125
Jan
Jan
lc
He
Jan
1.45
Mar
1.40
118
Mar
37&
10c
4,000
,
-Mar
Jan
Mar
29,H
v
lHc
v
.
Mar
24
10
723
2 He
1A8
nil
200
34
1,500
31
•
77,418
1,000
1,700
58,241
185
"
*100
874
34
2c
1
...
1.42
51c
185"
14c
24
24
II J*
III*'
Jan
14
90,
10
Feb
7Ho Mar
14.
500
Jan
Mar
75c
Feb
Mar
29
316
f
■
.
9c
*''9c
Jan
Mar
Jan
75c
5.00
24c
14,300
II,000
28
62c
1.00
2.40
7.Hc
30
Mar
'
,
2H
Jan
7
70
62c
50c
6Hc
10HC
27
50
V
1.25
1.18
Vhc
12H
80
30
502
80
27
40c
5,430
*
Mar
20
"
"sol
*
Mar
46c
4
,
*
'
17c
874c
.
"
—-1
-
-
Mar
7H
Mar
1.92
26
1.15 Mar
4
51c
6c
Jan
Mar
6
Feb
30c
90e
1.50
25
Mar
1,000
8,600
14
5,580
—1
Robb-Montbray- *
Robt Simpson pref
Roger-MajeBtlc A
Mar
Mar
17c
Jan
45c
9H
2.06
12
6
18,075
1074
55
5H
1.81
17c
5
Jan
41c
97
1.48
25
98
Jan
6
»*
10c
Pend Oreille*
Feb
4
lHc
Feb
Jan
100
Plvman Mines. Quebec
_
Jan
Jan
3.25
Jan
50c
-
Sil verwoods pref
Jan
Mar
95
Mar
1.92
——
Sherrltt-Gordon.——.
SllverwoodS-
Jan
4.70
100
Sand River Gold——_
Sheep Creek
Mar
2.40
17c
9H
60
7H
52 He
12c
407
1.94
9H
,
...--.
-
3 He
345
4
—
"
KIrkland-Townsite
Mar
1:60 Mar
5,500
710
;
Foothllla-*...
Pawnee-Klrkland
Jan
'
410
Dominion Bridge-—.
Hamilton
50
2c
4H
13 H
'
8.
Oil Selections--*.
Mar
8,520
100
.50
1,1039
95c
.100
Jan
Feb
;
37 H
100
--1
Range Since Jan.
for
Week
Shares
3.00
l%c
-
*
Jan
2.00
5.10
210
3
——
Sbawkey Gold..
.
19,300
31,300
10,200
100
254
245
"98
44c
1.76
17
17
8Hc
100
San Antonio
,
53c
Jan
6Hc
38c
38c
1.62
St Lawrence Corp
A—
Mar
103H
'
4H
AH
Ronda Gold Mines—. —1
8t Anthony
30c
1.50
30c
26
Russell Ind—
Preferred
lHc Mar
Jan
'2*40
4H
6Hc
35c
Royal Bank-—
Royallte Oil
Sales
1.85
8H
--1
Jan
90c
1.22
Lao
Mar
9c
.
1.50
Preferred.
1.25 Mar
50
3.30
3.35
Riverside Silk—
Roche Long
Jan
8.90
1.50
-
DeHavilland
Feb
4,600
6,300
6c
-
—.
19o
Jan
Feb
10c
13
Dalhousie oil.——...
75c
35c
99
99
l
Gold.———
Feb
60
4
Mar
Preferred-—.—*--.
6H
4Hc
Reno
,5c Mar
Jan
8Hc
2.00 Mar
Mar
67
13 H
90c
Honey Dewpref*—.
2.00
4HC
Red Crest.-—-
Feb
2,900
2.25
Mar
-
Mar
10
Gold——— -1
1
Jan
1HC
6H
of Prices
Low
HU)h
lHc
1.80
82
Mar
500
5c
—
Mar
Jan
12H
8.00
41c
60c
23,300
40
-
3H Mar
1.55 Feb
63
Jan
10c
A'
6
8.85
37c
Pari&nen-Malartlo— —1
Premier Metals
Price >
Consolidated Paper...
Jan
6 H
1
-—-
Quebec Mining--—
Mar
Jan
2H
24 "
3,100
21,080
10c
6
Consolidated Press A.
Jan
lHc
6c
Preston E Dome—
Jan
8.09- .8.55
8.00
Jan
45c
30c
—*-•——
Pacalta Oils--————
_*
5
"rl6c
Mar
2c
50
65
lie
65.
.
Jan
■
,
4H0 Mar
10H Mar
He Mar
1,000
12,800
1.75
2c
Jan
8.10
30c
—
Ac
1.75
Jan
1,400
2.00
"m
—
3Hc
9c
425
•
lHc
""30c
Orange Crush—-—-—-
_
Jan
8.25
"
500
2c
-
Jan
2
525
He
1.76
25c
,
Montreal L H 4P...
Corp—.
Jan
7
■iii
Langley's prefMandy--
Power
-
12c
21
4,000
3 He
.—5
Coast Copper.
Jan
Prairie Royalties——,. 25c
1
Premier—--—
Jan
Jan
.
_■ *
Canadian M arooai
Jan
—.1
Feb
'.
5.80
1,00
Jan
19
15 ;
11
He
Canada Vinegars---*
3H
—.—
Feb
15HC
Mar
4
25
5c
10 H
*
1.73
100
2
22
4Hc
nil
3.35
— _
45
2
.———.
Canada Bud-*.—.*.*
Feb
-
He
both Inclusive; compiled IFrom official aalea lists
Par
Stocks—'
Mar
-
Mar
21
"22"
Sale
3H
Porto Rico pref.
Powell Itou-_
4.75
Friday
Week's Range
Last
1.01 "Jan
*
5.15
'
8
:
Toronto Stock Exchange—-Curb Section
March 25 to March 81»
2.15
—
6,250
12 c
•
Wright Hargreaves———*
Ymlr Yankee Girl.. -..*.*
280
III
1%
---1
5,660
—
5
42
Mar
35
1,950
4.75
4.75
"iOH
—
8,940
Gold
Mar
Jan
""
9Hc
White Eagle———— *
3H
Pioneer
3H
70
249
38
8H'C
4
Jan
1.05
35 H
36
West Turner PetroleumSOc
1.18
Pickle Crow,.-——
Mar
Jan
2.52
Photo Engraving-,
90c
...
Mar
.
15c
3H
—
14
12,800
1.05
1
Paymaster Cons...
Perron Gold-. —1
3H
3H
Mar
12c 12 He
'
2.15
Paulore
"Th
500
Mar
Jan
1.10
-
95c
90c
Jan
1.65
1.03
11 H
Jan
2.25
Page-Hersey.. _•
Pamour Porcupine*—
-1
Pandora-Cadillac*.
—1
Pantepec
3,672
16,695
2,832
1.30
13
51H
"m
Preferred
Mar
40c
20 H
Okalta Oil-.———
Oro-Plata—-
113
Mar
:
85
Jan
O'Brion Gold—*—
Olga Gas— ——*——
Omega Gold—*———
Feb
Mar
22c
28c
Mar
600
50c
8.50
1.00
.
—.——
9H
46
1,237
10c
Noranda Mines—
Nordon
53
46
1.52
------
90
104H
*
Jan
lHc
Naybob Gold———>
New Gold Rose.------
Feb
10
22c
41H
Jan
"lOc
National Sewing" A——
National Steel Car
Nlpissing—.—
.,10
85
3,060
800
Brett-Trethewey
National Breweries-— -**.
National Grocers—
85
104 H 106
20 H
Jan
1.00
Jan
41H
19 H
Jan
1.00
37
Jan
41H
19H
Jan
1.22
1:02
16H
Jan
Feb
19 H
37
Mar
Jan
Mar
4c
500
1.23
Jan
10
Mar
Whitewater-
40c
8,300
16,625
4Hc
2.30
345
85
Wtitsey-Coghlan..
--*
Winnipeg Electric B——-*
Mar
Mar
94
Jan
Mar
Mar
Jan
7H
Jan
1,600
19,476
1.75
48c
Jan
60
Feb
83
Jan
1.30
14
"
70
"40c
A-——-——--100
------
4H
Mar
13c
.
1.10
1.17
Mar
56 H
13c
McDougall-Segur.
1.65
3 He
425
Feb
4.75
6A0
105
1-420
12H
Mar
Mar
27,393
3H
2,770
Mar
70o
>
50c
882
5H
11H
4.0Q
160
Jan
7.00
1.30
5,875
Jan
•
48c
Wendlgo1
4c
3.55
•
6.10
Western Canada Flour.—*
Preferred-*—-100
Jan
Jan
7
Jan
4
Jan
Mar
49c
Mar
91
11H
1.01
Mar
2H
3.00
6.20
6H
90
8,296
Oils.—————rl
60
7H
550
3.25
3
Amulet-.-*—:—-*
Walkers. ————*
Preferred--———---*
Jan
39
3H
3.05
Jan
2,606
2,650
J»n
Mar
88c
80c
*3l05
Preferred-100
United 01is-r—t*
United Steel—-——*—*
Ventures—*———- *
Mar
V
Feb
>
55c
6H
14HC
1.03
69c
m
Mar
11H
1 Hp
347k
8 He
77c
1.08
Jac
■;th
10c
11H
Mar
Preferred----------100
10c
-
He
Massey Harris——*
Jan
90
104 H
22 c
43e
3
3:00
Trust-100
-50
------1
30C
3
24 He
Mar
80c
Toronto Mortgage——-
12,500
1.05
Mar
2.05
10
J-n
Mar
Jan
18c
1,680
3,500
3,737
14
3.20
40c
62c
,
lie
1,000
2.25
1,125
26,650
23,150
McColl Frontenao—-.---*
Morrls-Klrkland
.1
Murphy-.-..-'.*———!
Jan
Mar
'•■ Mar
5c
1.90
United Cigar- — - —10c
United Fuel B pref——25
A
5c, Mar
19,200
Jan
Mar
18c 18Hc
1.75
Vulcan
Mar
Jan
74
'
2.05
Walte
1.75
3
1,75
Jan
46,075
100
Toburn-.———1
Toronto Elevators..——- *
Jan
6.00
Mar
Texas Canadian---*——*
5.90
2.15
.
65
9,167
23
Mar
345
5,850
Feb
21H
4.60
74
4
5 He
85c
25
732
69,
11H
4.35
Jan
7,685
1.05
3
McVittle-Graham.
3.60
Mar
22
22 H
3Hc
4H
34 H
—
2.82
546
Jan
70C
He ■"."lc
5%
5H
,!l. lc
Maralgo Mines1
—1
-—*
Merland Oil-.———*
Mining Corp.* —**—»
Monarch Knitting pre!. 100
Monarch Gils--———-26c
Moneta-Porcuplne—
..1
Moore Corp -—-r
---.-*
.
68
"2l05
UcbiGold.—I
Union Gas.*—
—*
nk
Feb
77H
50
1,236
4.05
-
Feb
18H
18H
70c
"Towagmae.
Mar
Mar
38
Jan
75H
4.05
Toronto Cieneral
27H
Feb
Mar
16H
18
——*
Mar
1,380
70c
59c
20
38
70H,
.
Mar
'
~5~Hc
Hughes
Mar
6.50
12
25
100
3
——*
Syivanite Gold—
1
6.85
Feb
•-Jan
Feb
5H
3H
Jan
2
38
SupersilkA
17
Mar
2,842
24,600
38c
,
11H
14
100
14
217k
—*
Mar
8c
23H
-
Feb
1.75
75c
24
MoWatters Gold
73c
Jan
41H
2 82
McKenzle Bed -Lake.-—-1
Mar
1.15
75c
2.85
*
Mclntyre Mines..-——6
330
73.349
,
3
Jan
1.C3
Mar
45
•2H
Feb
12
Jan
Jan
69
Sturgeon River Gold—1
Sudbury Basin—
——*
Sudbury Contact-—-—!
Sullivan..
1
Mar
75c
24
.--100
Straw Lake Beach-——*
55c
Mar
70H
•18
Steel of Canada**——-.*
Preferred-—
——-25
10
1.62
20
Jan
38
38
Btedman.
-
Jan
llHc
21
Preferred-———100
-
13c
Mar
460
80c
Jan
,
615
5
2
Standard Paving--..:-.
Sterling Coal
,63c
49c
5
-—*
-
-
Standard Steel pref—---*
■V.
56,938
1.88
Jan
290
49c
Mar
Jan
Jan
~29h
Jan
Mar
490
6Hc
'
Stadacona
Standard Chemical
5o
*
Loblaw A*—*— **——*
B
-*
Macassa Mines
1
MacLeod Cockshutt
-!
Madsen Red Lake—>*1
Malartlc Gold*---—*—1
Manitoba & Eastern——*
Preferred—*———100
29c
HHe
•65c
Maple Leaf Gardens pf.10
Maple Leaf Milling.——*
Preferred.—-—---—-*
3,850
94,056
13 He
lie
65Hc
.
30c
4C
,
South West Petroleum—*
Mar
Leltch Gold.* ———-1
Little Long Lac—
4C
Mar
11
,
500
5Hc
7Hc
32 H
59c
-1
Lava Cap
4c
5HC
34c
-
-
9.500
3,600
1,35
.
17,160
18,000
8c
18,700
7,058
61c
-
Jan
34c : Jani
Mar
63c
6Hc
6c
1.62
1.64
Kerr-Addison----------1
Kerr Lake. j.----------1.
"*38c
Klrkland-Hudson- -- --1
Kirkland Lake———1
1-35
7 He
LagdnaGold- 1
34H
Lake Shore—-*—-----!
50c
Lake Sulphite. *
Lake of the Woods
*
~Q,20
Lamaque Gold Mines--—*
29c
Lapa Cadillac,----———!
Laura Secord (new)-—*--3 "117k
240
-
Jan
Jan
70c
/
1.14
490
7c
8Hc
5Hc
11
11
-
-
'
.
3,000
24c
6Hc
5Hc
1
—
-
•
24 c
~6Hc
-1
Jack Waite
55c
50c
46
1.00
60c
1.67
Mar
1.00
1.03
South End Petroleum-—-*
Jan
17 H
"
15
Preferred A.
35H#lan
30
Mar
100
Internationa Metal pi
26He
212 H
.15
»
-- -
Jan
15H ;16H
157k
15H
Prefeired—*1
Inspiration ----- - —--
Jan
31cJSIar
Mar
High
Low
Shares
High
Low
Price
1
Bladen Malartlc..
1,1939
Range Since Jan.
for
Week
——-1
SIscoe Gold.,
Jan
8H
202 H
8H
211
211
Imperial Tobacco--——- ®
'3.75
3
65
8H
Huron&Erle20% pref.100
Imperial Bank100
Imperial Oil— ——-—*.
10c
24c
r
Par
of Prices
Slave Lake.—1
Jan
15
Jan
10
/32H
65
----100
Huron A Erie
Ma
1.98
.
14c
26 Ha
Homestead Oil---——
13 K
6,253
49,987
13,700
77,450
4,080
14H
2.24
Consolidated---6
Oil Co--—*
Holllqger
Stocks (Concluded)
High
Low
Low
Week's Range
Sale
of Prices
High Shares
Sale
Price
Last
1,1939
Range Since Jan.
for
Week
Week's Range
Last
Sales
Friday
Sales
Friday
Exchange
Toronto Stock
Stock Exchange
Toronto
**
**-
41
43
96
97
80
81
78
80
5si
40
42
•
No
1951
par value.
<
/flat price
1
101H 103
90
92
United Secure Ltd 6Hs '52
63
64
Winnipeg Elec 4Hs*—1960
4-5s series A—j
1965
'
---
Qo
5Hs—1——**—1961
Lake .8t John Pr A Pap
103H 104H
102
196-5
52
United Grain Grow Ss.1948
4-58Cserle« B
Nominal
•*.
66 H
53
-
—
Volume
Financial
148
Quotations
Bid
o3s
Jan
1 1977
a3s
Feb
1 1979.
o3*4s July
City Bonds
Bid
Ask
03 Ha May 1 1954
108
d3*4sNov
a3*4sMar
1 1954
1 1960
107*4 108*4
107*4 108*4
1 1958
FISCAL
119*4
120 *4 121*4
a4*4sJune 1 1974
a4*4s Feb 15 1976
«4*4sJan
11977
a4*is Nov 15 *78-
108*4 109*4
Ask
118 *4
a4*4s Apr 15 1972
109
a3*4s Jan 16 1976
a4a
May 1 1957
1 1966
o4*4s Apr
99*4 100*4
98*4 100
102*4 103*4
11975
Over-the-Counter Securities—Friday Mar. 31
on
New York
1939
Chronicle
inc.
InraraiiM Iteck Series
123
122*4 123*4
122% 123*4
a4*4s Mar
1 1963.
122
Transcontineut Shares Corporation, Sponsor
124
113*4 114*4
a4*4fl Mar 1 1981.
«4*4s May 1 1957.
o4*4a Nov 1 1957.
113*4 114*4
FUND,
121*4 122*4
122
124*4
120*4 121*4
a4s
Nov
a 4s
May 1 1959
114
a4s
May 1 1977
Oct
1 1980
116*4" 118
a4*4s June 1 1965.
o4 *4s July
1 1967.
123*4 124*4
118
a4*4s Deo
JERSEY CITY
BOSTON
122*4 123*4
117*4 118*4
117*4 118*4
LOS ANGELES
a4a
a4J4s Sept 1 1960
a4*4s Mar 1 1962
115
120*4 121*4
123
-
o4*4a Dec 15 1971
119
New York Bank Stocks
124*4 126
11979
127*4 129
Par
Bid
Ask
Par
Bid
Ask
3s 1974
62.15
less
less
1
46
22 H
24*4
75
100
12*4
National Safety Bank_12*4
13.55
30
32
Penn
10
12
168
174
47
54
Fifth
690
730
28*4
29*4
23*4
25*4
15
18
11*4
First National of N Y..100 1725
Ask
World War Bonus—
1
62.20
4*48 April 1940 to 1949—
Canal & Highway—
42
National City.
61.50
1765
103
Trade Bank
Avenue
100
97
_
12*4
13*4
Highway
5s Jan A Mar 1964 to '71
Improvement—
4s Mar A Sept 1958 to '67
Exchange
10
Peoples National -1
.50
Public National.--.—-.26
Sterling Nat Bank A Tr 25
Merohants Bank--——100
Bid
Ask
3a 1981
National Bronx Bank.—50
Commercial National.. 101)
New York State Bonds
Bid
16 *4
45
Chase.:——
118*4 119*4
40
Bensonhurst National.—50
11964
15*4
Bank of Yorktown_.66 2-3
04 J4s Mar
Bank of Manhattan Co. 10
62.30
135*4
Highway Imp 4*4s Sept '63
Canal Imp 4*4s Jan 1964-.
144
Canal Imp 4s JAJ '60 to '67
135*4
144
Barge O T 4s Jan '42 A '46.
112*4
Can A High Imp 4*4s 1965
141*4
Barge O T 4 *4s Jan 11945.
116
NEW YORK BANK, TRUST CO.
Port of New York Authority
Bid
and INSURANCE STOCKS
Bonds
Bid
Ask
Ask
Holland Tunnel 4 *4 8 ser E
Port ol New York—
Gen & ref 4s Mar 11975-
107*4 109
1939-1941
MAS 6
Gen A ref 2d ser 3 *4 8 '65
105
106
1942-1960
MAS
Gen A ref 3d ser 3 *4s '76
104
Laird, Bissell
105*4
Gen A ref 4th ser 3s 1976
100
103
104
1977
New York
•
Wilmington
1939-1941-
MAS
Bell
MAS 60.60 to 1.25%
19421960—-
George Washington Bridge
4*48 ser B 1940-53. MAN
120 Broadway,
Inland Terminal 4*4s ser D
101
Gen A ref 3 *4s
.90%
110*4 111*4
System
—
Teletype N Y-l-1248 and 1-1249
111
110
107*4 108
New York Trust
United States Insular Bonds
Bid
Philippine Government—
4*4s Oct
1959———
5a
Apr
5b
Feb
-
101
Bank of New York
Bankers
Bronx
117*4 119*4
111*4 113*4
4*4s July 1952
—
5s
July 1948 opt 1243.
103
111*4 112
111*4 112*4
Conversion 3s 1947
118
100
Bid
50*4
7
_-_..100
69*4
County——
52 *4
6*4
5
74*4
84
42*4
44*4
Clinton Trust
53
59
—20
50
Colonial Trust
25
-
3s 1955 opt 1945— —JAJ
106*4 107*4
106*4 107
3s 1956 opt 1946— ..MAN
3*4s 1955 opt 1945
4s 1946 opt 1944
Irving
215
247
252
—.10
Kings County
Lawyers
9*4
100 1490
..25
Manufacturers
10*4
1530
26
29
20
12
20
51
52
10
12*4
13*4
51*4
-.25
98
37*4
53*4
101
13*4
Empire
35*4
20
New York
Title Guarantee A Tr_._20
U nderwriters
Ask
Ask
200
100
Preferred
11*4
9*4
Corn Exch Bk A Tr
Bid
Ask
Bid
100
—
Guaranty
87
Chemical Bank A Trust. 10
Central Hanover
Federal Land Bank Bonds
3s 1956 opt 1946— —JAJ
Par
Fulton
Continental Bank A Tr.10
Bid
Companies
Ask
413
403
10
—
Brooklyn
Govt of Puerto Rico—
U S conversion 3s 1946
116
124*4
116
117*4
109*4 111*4
Hawaii 4*48 Oct 1956-
Ask
123
U S Panama 3s June 11961
114
115
1962
1941.
5*48 Aug
Par
Bid
Ask
111*4 113
1952
1955—
4*4s July
Meeds
Tel. BArclay 7-3500
•
Philadelphia
.
5*4
4*4
100
.
90
80
100 1585
United States
1635
108*4 108*4
MAN
JAJ
106*4 106*4
112*4 112*4
.
We Maintain Trading Markets in:
' ''
•
CAMDEN
Joint Stock Land
v
Bid
Bid
Ask
99*4 100*4
Atlanta 3s
101
/31
/31
34
New York
34
North Carolina 3s.—
/22
/4*4
24
Chicago 4*4s and 5s——
Dallas 3s
101
4*4s—
Central Illinois 5s..——
First Carolines 5s
Ohio-Pennsylvania 5s
5*4
100*4 101
102 *4
Chloago 4*4s .101
101*4 102*4
Fletcher 3*4s_—
First Trust of
100
4*4s
Fremont 4Jis
100
Oregon-Washington 5s
/48
Pacific Coast of Portland 5s
Pennsylvania 3*4s—
Phoenix 4*4a———
5s——
84
St Louis 5s
86
San Antonio 3s
Southern Minnesota 5s
—
o fa traffa
ka
101
100
96
Iowa of Sioux City 4*4s
t
100
99
3s.
inn "
\
V"
.
.
'
"
•
5s—
-i-
.
-
Aetna
Life.—
Bid
Par
Dee
I
Virginian
91
93
Virginia-Carolina 3s
6s
75*4
Jersey Insurance of N Y—
22*4
23*4
Knickerbocker
23
24*4
Lincoln Fire
.6*4,
8*4
13*4
38*4
Maryland Casualty——1
Mass Bonding A Ins—12*4
..10
40
North
100
117
23*4
25
Merch A Mfra Fire New'k 6
8*4
46*4
48*4
Merchants (Providence)—5
3*4
-10
31*4
33*4
Ask
Baltimore American.. -2*4
14
Bankers A Shippers... -25
75
Boston
20
25
Camden
90
100
Carolina
Pennsylvania
—100
37
42
Potomac
—100
65
San Antonio-
—100
4
; 7
Virginia
—5
1..75
Vlrglnla-Caroilna.
—100
85
125
—5
Fire
-10
2*4
.
.
2.00
Bid
'
4
Bid
Ask
due--
151939 6.25%
161939 &.25%
15 1939 & .25%
151939 6.25%
15 1939 b .25%
Ask
16 1939 6.30%
Nov
1 1939 6.30%
Deo
1 1939 6 .30%
Jan
2 1940 6 .30%
Mar 11940 6 .35%
1% due
New Brunswick
25*4
22*4
28
31
33*4
49
1*4
—5
714
2*4
51
8*4
37
39
118
121
—10
61
63*4
82
84
6
8*4
—5
26*4
Firemen's of Newark
Franklin Fire.
New York Fire
'53
—26
Pacific Fire.
——10
Phoenix
Preferred Accident
6
Providence-Washington 10
.
27*4
Reinsurance Corp (N Y).2
55*4
Arundel Bond Corp 2-5s
1953
3-6s
1954
Series B 2-5s
57*4
84
98*4
Potomac Bond
23
Rhode Island
—5
38*4
Globe A Republic
—.5
22
24*4
42*4
12*4
24*4
65*4
69
23*4
25
89
Cont'l Inv DebCorp3-6s *53
70
Potomac
1953
54
Potomac Deb Corp 3-6s "53
50
52
Potomac Franklin Deb Co
55*4
11*4
Sim Life Assurance
23
Travelers
10
58
73
75
17
19
31*4
33*4
7
8*4
3*4
219
5
224
6*4
8*4
27*4
29*4
31
32*4
109*4 112*4
26
27*4
73*4
U S Fidelity A Guar
71*4
53*4
55*4
30
Westchester
4
100
380
430
440
450
U 8 Guarantee
28*4
3
21
Co-2
19*4
4
10
50*4
55
58
2.50
30*4
32*4
Bid
Ask
U S Fire
52*4
56
54
49*4
130
113*4 116*4
-.100
9*4
21*4
Hartford Steamboiler. -10
—5
Home
88*4
1953
Cons Deb Corp—
issues) 2-5fl
Cont'l Inv Bd Corp 2-52 '53
Seaboard Surety
-10
Security New Haven..—10
Springfield Fire A Mar—25
Stuyvesant
5
1
-10
Hartford Fire—
Corp (all
6
St Paul Fire A Marine.—25
Seaboard Fire A Marine..5
10
Hanover
59*4
126
24*4
39*4
Halifax
26*4
25*4
22*4
Great American
6%
24*4
24*4
21
—5
17*4
95
22*4
38
Great Amer Indemnity
1954
Series A 3-68
Associated Mtge Cos Ino—
Debenture
Ask
4*4
10
Georgia Home..
11*4
16*4
94
(Paul) Fire.—10
Revere
Globe A Rutgers Fire. -15
16
2d preferred
8
127*4
11*4
13*4
30*4
32*4
44*4
48*4
10
General Reinsurance Corp 5
Nat Union Mtge Corp—
87 *4
Arundel Deb Corp 3-68 '53
Bid
Ask
2.50
National.25
North River..:
Republic (Texas)
Surety Guaranteed Mortgage Bonds and Debentures
Bid
-,.5
12.60
,
Gibraltar Fire A Marine. 10
1% due
58*4
7
—.5
Northeastern.
Northwestern
56*4
122
New Hampshire Fire—10
Northern.,.
5
26
2
23*4
20*4
Fire Assn of Phlla
10
National Union Fire
9*4
24
20
2
10
National Liberty
New Amsterdam Cas
26*4
Fidelity A Dep of Md. -20
National Fire-
Giens Falls Fire
due
due..
due.
—10
21*4
City of New York.— ..10
Federal...—4——
6
Merob Fire Assur com
19*4
Fireman's Fd of San Fr.25
Oct.
1% due
1% due
1% due
A 1*4% due Apr 15 '39 6.25%
-May
June
July
Aug
Sept
•
6*4
94
610
Connecticut Gen Life. —10
Excess
due
600
Continental Casualty. —5
Eagle Fire-.
- -2*4
79
76
"
Federal Intermediate Credit Bank Debentures
1%
1%
1%
1%
1%
1%
5*4
92*4
——100
Employers Re-Insurance 10
2
47
American Reserve.-.. -10
-25
10
60
—100
Lincoln
4
44
37*4
65
Bid
2*4
58
American Re-Insurance. 10
—100
Carolina
10*4
2*4
55*4
v
12
—100
New York...
50
1
9*4
2«/«
5
National Casualty
Par
60
-100
Fremont..
—.5
American of Newark.. -2*4
Automobile
-100
First Carolina*
40*4
73
..10
100*4
99
-100
—
38
..25
101
100
Ask
50
.
—
Moines
65
AmeHcan Alliance
99*4 100*4
-100
Dallas
Denver
62
Ins Co of North Amer
10054
/*
—100
Atlantic
2*4
18*4
10
30
Agricultural
American Home
Ask
1*4
AW
92
Bid
Bid
16*4
Homestead Fire
12*4
Joint Stock Land Bank Stocks
-100
Par
-—10
44*4
28*4
-10
—
.
Home Fire Security——10
42*4
American Surety
Atlanta
A. T. & T. Tel.—Phla 220
Ask
103*4 107*4
American Equitable— —5
Union of Detroit 4*4s——
99
V
1
86
\
mi
AUL
90
Lincoln 4J4s
Par
83
•
,
Insurance Companies
Aetna Gas A Surety.. -10
-10
Aetna
/II *4
5s
Southwest
•
BUILDING, PHILADELPHIA, PA.
N, Y. Tel.—Rector 2-3300
24
100*4 101*4
—
Philadelphia Stock Exchange
EXCHANGE
STOCK
f22
82
Illinois Midwest 5s.
Established 1895
101
102
84
Greensboro
■
100
Potomac 3s—,—
„
PHILADELPHIA
'
100*4 101
99*4 100*4
105
106*4
107
108*4
52
OF
% Smarter St (So.
"
100*4
.
102*4
First Texas of Houston 5s.
Fort Wayne
100*4 101
99*4 101
-
Members
99*4 100*4
99*4 100*4
Denver 5s
(6ro.
101
100
New Orleans 5s
100
—
Burlington 5s
INSURANCE ASSOCIATION
INSURANCE COMPANY OF NORTH AMERICA
„
Ask
99*4 101
Montgomery 3s
—-
Atlantic 3s
FIRE
FIRE ASSOCIATION
Bank Bonds
Empire Properties Corp—
2_3g
1945
_
Interstate Deb Corp
2^5s*55
Mortgage Bond Co of Md
Inc 2-58
1953
1
1
3-68
1953
3-6 s
ture
Nat Bondholders part ctfs
,
-
Deb Corp 3-6a
/30
/30
Nat Cons Bd Corp 2-5s
52
Bid
1953
.
53
.
56
1953
Unified Deben Corp 5s 1955
deb
55~~
3-6s
...100
Continental Illinois Natl
Bank A Trust
33 1-3
First National..
——100
63
49
52"
For footnotes
see
page
Banks
Par
Ask
Harris Trust A Savings. 100
203
214
Northern Trust Co
100
293 a 302
535 A 558
A.
66*4
213
Realty Bond A Mortgage
88*4
Nat Deben Corp
'53
3-68.1953
90
Corp 3-6s——1953
Potomac Realty Atlantic
«
series B A C
series A A D
Par
A Trust
Potomac Maryland Deben¬
Central Funding
Chicago &San Francisco
American National Bank
90
Fire
1942.
68*4
219
SAN
FRANCISCO—
Bk of Amer NT AS A 12*4
31*4
33*4
•fall-
'
I
April 1, 1939
Chronicle
Financial
1940
Securities—Friday Mar. 31—Continued
Quotations on Over-the-Counter
DEALERS
Guaranteed Railroad Stocks
RAILROAD BONDS
3oscpb Walkers Sons
Robert L. Whit taker & Co.
Members Philadelphia
Mtmbtrt Nru> York Sloth Exehangt
/>
n
Dealer* in
120 Broadway
2-6600
STOCKS
v
Stock Exchange
PHILADELPHIA
-
-
Klngsley—0782—Bell Teletype Phil. 377
A Townsend, Phil.
ED
GUARANTEED
NEW YORK
ST.,
1420 WALNUT
Tel. RE ctor
Direct Wire to DeHaven
Si nee1855,
Nh
Railroad Bonds
Guaranteed Railroad Stocks
(Guarantor in Parentheses)
Bid
Dividend
A s ted
Par in Dollars
and
Canton
Akron
(Illinois Central)....
---100
Albany A Susquehanna (Delaware A Hudson)
100
Allegheny A Western (Buff Roch A Pitts).——.100
Beech Creek (New York Central)
—--—-.50
Boston A Albany (New York Central)
100
Boston A Providence (New Haven)..-—--100
Canada Southern (New York Central)
——100
Carolina Cllnchfield A Ohio com (L A N-A C L)
100
Cleve Clnn Chicago A St Louis pref (N Y Central)—100
Cleveland A Pittsburgh (Pennsylvania)--—-60
Alabama A Vlcksburg
stock
Betterment
6.00
2.00
75
79
Buffalo Rochester A
8.50
12
15
Cambria A Clearfield 4s
44
2.85
Chicago Indiana A Southern
3.50
76 H
2.00
47
49
2.00
44X
MX
47 X
58 X
9.00
46
43M
4.00
32
60
4.00
87
89 X
37X
41
43
3.00
81
7.00
172
131
3.00
65
6.00
130
10.00
240
New York A Putnam
Lack A Western).—--
6.00
60
65
5.00
59
62 X
6.00
61
64X
3.50
28
31
50
Warren RR of N J (Del
West Jersey A Seashore
58
3.00
55X
58 X
(Penn-Readlng)
Norwich A Worcester
——
Atlantic Coast Line 4Xa..
62.00
1.26
Baltimore A Ohio 4Xa
64.60
3.50
New York Central 4)4s...
62.75
64.75
4.00
64.76
3Xs Dec 1 1936-1944...
65.00
Canadian National 4Xs..
5s
61 50
3.25
64. OC
93
53 X
56)4
434s
82
.1939
76
——
5s
Canadian Pacific 4Xb
Cent RR New Jersey 4Xb.
64.50
—,
Erie 5s
N YNHAHartf4M8—.
62.50
2.00
Northern Pacific 434s
62 2 5
2.00
Pennsylvania RR 4Xs...
61 50
62.40
2.00
5a
64 50
61.50
64.40
3.25
6220
1.50
68-.
61.25
0.60
Jan A July
4s.....
.1957
.1946
...
1.50
5s-—
2.30
Dec 1 1937-60
2.00
64,50
3.75
Pere Marquette 434s
62.75
.1940
Reading Co 4Xs
62 40
62 40
4.05
St Louis-San Fran 4s
64.50
94)4
64.40
Southern Pacific 4)48—;.
62 50
3.50
3.50
Erie RR 434s...
64.50
4.00
Great Northern 4X8.
61.75
1.00
61.50
l.CQ
62.00
61.25
Public
62.75
2.00
Union Pacific 434s___
61.25
0.50
64.00
3.00
Virginia Ry 4)4s.
61 50
1.00
63.50
2 [50
2.50
Wabash Ry 434 s
.
62 00
4.
4XB
—.
58
—
2 00
2 00
98
5)4
534
«
75)4
99
New Eng G A E 5)4
93)4
*
6% preferred
62.75
1~50
Central Maine Power—
Western Pacific 6s
64.50
3.50
1934
53.50
2 50
64.50
3.50
—100
$6 preferred....
.100
Cent Pr A, Lt 7% pref
100
.
*
100
Consumers Power $5 pref*
Consul Traction (N J).
104
way
100.16 100.18
Mige Corp
Sept 1 1939
100.21 100.23
107
Authority 3 Xa 68
3Xb revenue
Commodity Credit Corp
H % notes Nov 2 1939.
3Xb revenue
less
2.40
less
Is
1
1
100.9
Dec
2s
2s
1939
1940
102.18 102.22
1 1943
102.25 102.29
Apr
Federal
Natl.
Mtge Assn
2s May 16 1943—
CallMayl6'39 at 101
1)48 Jan 3 1944—
101.23 101.27
Call Jan 3 '40 at 102.
100.22 100.25
Home Owners' Loan Corp
IXb
June 1 1939
100.27 100.29
H% notes July 20 1941
X%
Nov 1 1941
X%
Jan 15 1942
Reynolds Invest'g 5s 1948
100.26
100.28
100,24 100.26
less
X
less
1
113
Authority
102.1
X% notes Feb 1 1944
102.4
Bid
7x\
Cuoan Atlantic Sugar..7X
Eastern Sugar Assoc
Preferred
.1
.1
4X\
12X\
For footnotes see page 1942.
9
5H\1
14
Savannah Bug Ref co,m.
93
80 X
83
94 X
96
434
51
534
54)4
101)4 102 %
89
91
..
l
J Ask
29M
31
$6 preferred
—
Jamaica Water
8*1
4X
pf--*
27)4
43
4534
15X
14
11034 112
26)4
27)4
38
39)4
98
100
*
101
10234
7% cum preferred.-.100
109
U0)4
N American Co 5 34 % pf 50
51
5134
69)4
72
$6
cum
Northern
preferred
States
Power-
100
*
Edison $6 pref—*
preferred
*
Power 6% pref—100
Pub Serv 6% pf-.lOO
pref
(Minn) 5% pref
(Del) 7%
Ohio
27
33
Ohio
19
22
Okla G A E 7% pref.. 100
20
23
Pacific Pr A Lt 7% pf-.lOO
23
26
Penn Pow A Lt $7 pref... *
7% preferred.
Idaho Power—
108)4 110
—
11234
22 X
4
25~~
534
Supply—
7)4% preferred..
50
Jer Cent P A L 7% pf. .100
Kan Gas A El 7% pref. 100
5% conv parttc pref. .50
Memphis Pr A Lt $7 pref. *
Mississippi Power $6 pref *
$7 preferred-—
West ladles Sugar Corp-.l
4)4
2634
New York Power A Light—
Ohio
115)4
52
92)4
94)4
100
105)4 106)4
10034 10234
108)4 110)4
113)4 11434
98)4 10034
106
108
10834 110)4
7734
101
84
102)4
*
100
27)4
Republic Natural Gas.... 1
Rochester Gas A Elec—
534
6% preferred
6% preferred D
100
Sioux City G A E $7 pf. 100
Southern Calif Edison—
0% pref series B
Tenn Elec Pow 6%
25
94
28)4
29)4
90
91
74
23)4
2534
27)4
29)4
31
33
9334
95)4
77 X
75X
79)4
...100
Utah Pow A Lt $7 pref
*
Virginian Ry
100
91)4
United Gas A El (Conn)—
74
634
92
100
pf.100
Toledo Edison 7% pf A. 100
116
72
29
9834 100
pf-100
113
7% preferred
Texas Pow A Lt 7%
92)4
101
99
108)4 110
Union Elec Co of Mo—
Mass Utilities Associates—
Bid
115)4
Queens Borough G A E—
praf.100
Long island Ltg 0% pr. 100
7% preferred ....—100
Par
| Ask I
*
$7 cum preferred
Kings Co Ltg 7%
Sugar Stocks
Par
Derby Gas A El $7 pref..*
Federal Water Serv Corp—
Interstate
3.40
4s serial revenue -.1968 6
1
100
7% preferred
100
Natural Gas..*
Interstate Power $7 pref *
63
59
Trlborough Bridge—
112
4s s f revenue '77-AAO
1.50
4s serial revenue..1942 6
U S Housing
100.14 100.16
Dallas Pr A Lt 7% pref.
$6 cum preferred
$6.50 cum preferred...*
Reconstruction Finance
Corp—
100.6
July
.
$7
10834
1.90
1944
1949
Federal Farm
Fed'l Home Loan Banks
100
7% preferred
New York City Park¬
Bear-Mountain-Hudson
91
Continental Gas A El—
Ask
% Pf- *
Co—
$7 prior lien pref—— *
New Orl Pub Serv $7
!
7% preferred
Consul Elec A Gas $6 pref
Bid
76
"I*
New Eng Pub Serv
Western Maryland 4)4s—
Miscellaneous Bonds
100'
Nebraska Pow 7% pref. 100
83)4
2.50
Ask
Nassau A Suf Ltg 7% pf
2034
3.50
Bid
77)4
91
3.50
634s
Ask
74
Mountain States Power—.'
7% preferred.......100
116
25
preferred;.
■
63.50
C
7
.
81
$1.60
■-
64.25
44
634
Mississippi P A L $6 pref *'
Miss Riv Pow 0% pref-100
Missouri Kan Pipe Line..5
Monongahela
West
Penn
Pub Serv 7% pref.—25
Carolina Pr A Lt $7 pref..*
9834
98X
—
88
•
Buffalo Niagara A Electern
64.25
68
Bid
Par
Ask
83)4
3
'
'
Utility Stocks
86
r.
1X*
v
,'e
<
NEW YORK
Cruttenden & Co., Chicago
8134
pref..*
Arkansas Pr A Lt 7% pref *
Associated Gas A Electric
Original preferred
*
16.50 preferred-.—...*
17 preferred
.*
Atlantic City El 6% pref *
Birmingham Elec $7 pref.*
Alabama Power $7
1 00
62.65
—
5X8
River Bridge 7s...1953
'
1.00
2 00
62.65
5s..
Texas Pacific 4s
6s
63.50
1 75
62.75
5s—
Southern Ry 4348
Bid
Par
0.75
Illinois Central 4X8
Internat Great Nor 4Xb.
-
.
Bell Teletype: N. Y. 1-1043
Direct wire to Fuller,
1.00
Hooking Valley 5s
—.
Incorporated
'■
Hanover 2-3888
2.00
64.50
'.
r
.
3,75
64.50
5X8
■
3 76
64 40
5 J4S----—------
Maine Central 6s
'•
DEALERS
;
4.00
64 50
6s—
Missouri Pacific 4Xb.--5s-——
56
4.00
St Louis Southwestern 5b.
3 50
5s
43
54 X
2.00
5s
64.50
Long Island 434 s—
70"
41
.1990
WALL STREET,
64
2.00
4.65
5XB.———
6s
64
.1954
1
'
/
2.25
3.75
65 10
93
Denver A R G West 4X8-.
.1951
——,
Bishop Reilly & Co.
1.75
62.40
1937-49
4>*s_.
Chicago R I A PacificTrustees' ctfs 334s
111"
100
99X
105
1 00
1 00
,
65.10
Chic Mllw A St Paul 434s.
105
94)4
108
PUBLIC UTILITY STOCKS
3.75
•
64.50
5b
75
10334
.1967
'
2HB series Q non-call
Chicago A Nor West 4X8.
85
.1947
.1942
Railroad A Canal 334s.
Valley 434s
r
4a series E due
434s—;—
—
U634
.1961
—
101)4
103 X
3.75
4.00
Chesapeake A Ohio—
—
79""
.1941
.1947
5s
—
3.25
1...
5s
5s
5B..
102
97
.
—
11"
101
99
101X
1.00
64.00
———.
N Y Chic A St L 4)4s—_
62.50
5s—
68
52
2.00
4.00
Boston A Maine 4X8
66
111)4
.1948
3)4s.
Virginia A Pittsburgh 4s
3.00
3.50
64.50
68
64 00
48
.1947
Washington County Ry.
New Orl Tex A Mex 4X8-
98
46
.1993
Norfolk 4s—..—*
United New Jersey
West
59
9134
.1940
Providence A Worcester 4s
Vermont
46X
"
4s
Pittsburgh Bessemer A Lake
Portland Terminal 4s—
Ask
68~~
57
.2000
Toronto Hamilton A Buffalo 4s.
Bid
70
.1991
Toledo Terminal 4)48-...,
Ask
63
.1959
——
Toledo Peoria A Western
Bid
74
44 X
.1947
.
Pennsylvania A New York Canal
Philadelphia A Reading Terminal
Bonds
106
71
.1940
Terre Haute A Peoria 5s
Railroad Equipment
105
.1978
Savannah 5s
New York Philadelphia A
245
/66
.1959
—,
New York A Harlem 3)4s
54,
63
107)4
.1950
New London Northern 4s
6.00
88
61)4
.1953
—
Memphis Union Station 5s
Mohawk A Malone 4s
137
6.00
42
83
.1945
-——
Franklin A Clearfield 4s—
Gulf 5s..
Macon Dublin A
6~)X
100
60
—;
-----
175)4
82
10134
40
.1962
...
—_
Lehigh Valley 4348—
6oX
75
100 X
.1945
•;
Kansas Oklahoma A
145
0~82
75
.1951
Florida 5s
Central—Louisville Dlv. A Terminal 334s...
Jamestown
100M
.1960
Indiana Illinois A Iowa 4s——
41X
1.50
4.50
——50
Pittsburgh Fort Wayne A Chicago (Penn.) pref
100
Pgh Ygtn A Ashtabula pref (Penn)
100
Rensselaer A Saratoga (Delaware A Hudson)
-100
St Louis Bridge 1st pref (Terminal RR)
100
Second preferred.-.-—
-—--—.100
Tunnel RR St Louis (Terminal RR)
—100
United New Jersey RR A Canal (Pennsylvania)——100
Utlca Chenango A Susquehanna (D L A W).——.100
Valley (Delaware Lackawanna A Western).—
100
Vlcksburg Shreveport A Pacific (Illinois Central)—-100
33
98
70
.1995
Georgia Southern A
Illinois
35
31
.1961
—.
1st 3J4s—
Duluth Missabe A Iron Range
3iX
57
37
32
.1961
.1965
Philadelphia 4s
Florida Southern 4s
3.875
5.00
34
.1944
.1955
——
Denver A Salt Lake Income 6s
X
*
5s
Valley 4s—
Connecting Railway of
800
650'
*
.1957
-
.1951
Chicago St. Louis A New Orleans
Chicago Stock Yards 5s
Cincinnati Indianapolis A Western 5s..
Cleveland Short Line 4)4s..—
...
50.00
-
4s
SiX
69X
79 X
Cleveland Terminal A
-
—
.1956
81
156
78 34
—
6>X
152
77
35
.1940
-
-
—
Pittsburgh 434s registered..
6.00
5.50
5034
—
434s
——
-
434s—
Boston A Maine 5s
4734
49)4
1943
5.00
pref (N Y Central)
-—100
Georgia RR A Banking (L A N-A G L)
100
Lackawanna RR of N J (Del Lack A Western)
100
Michigan Central (New York Central)—
——100
Morris A Essex (Del Lack A Western).-.-50
New York Lackawanna A Western (D LAW).
100
Northern Central (Pennsylvania)
50
Oswego A Syracuse (Del Lack A Western)—
50
Pittsburgh Bessemer A Lake Erie (U S Steel)
.—50
Preferred
30 H
8.75
Fort Wayne A Jackson
Preferred
28 H
Boston A Albany
100
—
Baltimore A Ohio 4X8--"--
61
98
.1939
-
-
12 m
59
10.50
——50
--26
r
—
Delaware (Pennsylvania)
7434
128X
34
.1945
.1939
6s
Atlantic Coast Line 4s.
70
6.00
Asked
/32
/32
.1945
Youngstown 534s
$5 preferred
7% preferred
*
11434 11534
87
84
52
145
X
5334
Volume
Chronicle
Financial
148
Quotations
Public
Bid
Over-the-Couoter Securities—Friday Mar. 31^—Continued
on
Utility Bonds
WE
Bid
Ask
Amor Gas A Power 3-5s '53
Amer Utility Serv 6s_1964
41K
44
77)4
79 H
Inland Gas Corp 6)48.1938
Kan City Pub Serv 4a, 1957
Associated Electric 5s_1961
Assoc Gas & Elec Corp—
58
60
Kan Pow A
28%
29)4
32)4
35)4
2954
Lehigh Valley Transit 5s'60
Lexington Water Pow 5s '68
Income deb 3)48.-1978
Income deb 356s
1978
Income deb 4a_—1978
Income deb 4)4s
1978
Conv deb 4s
1973
30)4
33 H
•
■
5354
7954
67
60
M lssourt Pr A Lt 3
58
60
Main Office
81)6
71
74
8a without warrants.1940
95
97
67)4 98
106 H 107)4
Mtn States Pow 1st 08.1938
Gas & Elec Co—
34
Narragansett Elec 8)4s '66
—
10854 109)4
65
67
68
70
99 H
—1966
32
1983
33
3 Ha
354s
34
4s
Investing Companies
100)4
33
North Boston Ltg Prop's—
Secured notes 3)48—1947
106
107 H
107 H
Ohio Pub Service 4s..1962
108)4 10854
Old Dominion par 5s.. 1951
67 H
Parr Shoals Power 58—1952
Cent Ark Pub Serv 6s. 1948
Central G A E 5)4s... 1946
95)4
96)4
72)4
78 %
75
8054
100
Portland Eleo Power 6s *50
2037
2037
1st mtge 3)48—
1968
Pub Serv of Northern Hi—
110)4 11054
1st A ref 5s...
flH
7154
Cities Service deb 6s. .1963
2H
73 H
1st A ret 8s
1st mtge 3 Hb
78
47)4
48 H
47
48
Sou Cities Util 5s A..1958
Cons Cities Lt Pow A Trac
6a .
S7H
1962
Consol E A G 6s A...1962
6a series B___
..1962
Crescent Public ServiceColl lnc 6s (w-«)
1954
90
Cumberl'd Co PAL 3)4 8'66
4754
50,H
105)4 106 H
Dallas Pow & Lt 3)4s.l967
Dallas By A Term 68.1961
109)4
0854
J
71)4
7054 47254
Federated Utll 6)68...1957
Havana Eieo By 6s
1962
42)4
dp—
104
-
14,77
.15
.30
22.16
23.70
12)4
1334
3.60
Western Pub Serv 5)4s '60
105
108
22.26
23.93
9.40
.10.18
3.20
3.48
,2.38
6
Mass Investors Trust....1
19.02
Mutual Invest Fund
10
39.98
Nation Wide SecuritiesCommon
25c
3.43
....
Voting shares
National Investors Corp.l
New England Fund..—.1
N' Y Stocks Ino—r
1.13
5.21
11.34
Agriculture...........
6.78
2.56
Automobile.
4.33
2.66
Aviation..............
♦Crum A Forster insurance
♦Common B share...10
♦7% preferred.
100
Cumulative Trust Shares.*
,
243i
10
♦8% preferred—...100
.
.
........
8.39
Bank stock...........
4.37
6.23
Machinery..........
Metals.............
32 H
30)4
111)4
6.55
Electrical equipment...
Insurance stock .......
115
7.77
Building supplies......
2634
6.61
9.13
7.48
Oils
14.73
Delaware Fund....*.....
Deposited Bank Sbs ser A1
Deposited Insur She A...1
Deposited Insur Shs ser Bi
...
l
15.92
1.47
2.77
6.74
48)6
No Amer Tr Shares 1953.*
Series 1965..—.......1
3,40
5.50
35.15
l.U
16.72
26.76
17.95
28.47
Equity Corp $3 conv pref I
Fidelity Fund Inc..—.*
16.86
Series 1966..
Series 1958-
1.22
ment Fund series A-l—_
.
5.72
2.50
"
Equit Inv Corp (Mass)..6
MORTGAGE CERTIFICATES
7.27
Railroad equipmentSteel...
No Amer Bond Trust ctts.
........
Dividend Shares.—
25c
Eaton A Howard Manage-
*
v
3.61
6.89;
4.671
2.17
D._.
TITLE COMPANY
7
9.45
...
Manhattan Fund Inc.....
Maryland Fund Inc.—10c
.2,17
Diversified Trustee Shares
O
—3.50
Jt We make markets in all issues of:
8.61
........
l
,
♦Crum A Forstef com
...
108
3.40
1
.
89
•.
Series S-3—
Series S-4
Series AA mod.......]
Series ACO mod.
1
71
88
Wisconsin CAE 3)48-1966
Wis Micb Pow 354s—1961
13.72
12.98
Accumulative series...]
93)4
91)4
10654 107)4
126)4
Toledo Edison 8J4s
1968
Utlca Oas A El Co 58.1957
...
13.93
3.95
Series AA
68 H
Texas Public Serv 6s.. 1901
Series S 2
Corporate Trust Shares..1
103)4 104
47
45)4
Tel Bond A Share 5s..1958
Series K-2............
13.74
68)4 .71
Republlo Service coll 5s '51
St Joseph By Lt Heat A Pow
4)4s
-.1947
Sioux City CAE 4s_. 1966
109)4 10954
534
Commonwealth Invest-..1
*
Continental Shares pflOO
81
Pub Utll Cons 6)4s.—1948
..1968-1939
434
534
Commonwealth Edison—
3)4s_
9.30
21.72
...
Corp
Chemical Fund
10754 108)4
1968
Bid
26.47
„
Series B-3............
Series K-l_.
.40
Century Shares Trust—"
147 H 14954
218 H 221
.
5)4
.41
Canadian Inv Fund Ltd..l
19 H
Public Serv Elec A Gas—
10054 10054
10754 108)4
Invest
Series B-l...
Series B-2
....
5
Broad Si Invest Co Ino_.5
Bullock Fund Ltd......l
83
/1754
2.86
Par
Investors Fund O...
i
Keystone Custodian Funds
23 J4
3.16
Basic Industry Shares..10
Boston Fund lnc
British Type Invest A...1
101
81
.1961
3.25
*Class A—........
Peoples Light & Power—
1st lien 3-6s
Ask
11.36
2234
Bankers Nat
6954
lio
109
Holding Corp..*
Amer Business Shares
Amer Gen Equities lne 26c
Am Insurance Stock Corp*
Assoc. Stand Oil Shares..2
106 H
Ohio Power 354a 1968
•
32
5)68-6)48—.1986
Cent Maine Pr 4s ser G '60
Central Public Utility—1
Income 5)4s With stk '52
♦Amerex
»—
31
S f lne
1st lien coll trust 6s. 1946
Central Illinois Pub Serv—
1st mtge 3 56e
1968
Par
Bid
Admlnte'd Fund 2nd Inc. * 310.68
Affiliated Fund Inc...134
32.92
103
10354
102 )4 102)6
104)4 104)6
1949
1954
.1969
...
qo
ov
S f lnc 4)4s-5)4a
1986
Sink fund lnc 5-6s__1986
Blackstone Valley Gas
A Electric 3 Ha
1968
Teletype JCY 1518
Private, Wire System Connecting Branch Offices In leading Cities.
100
North American Co—
Sink fund lne 5)4s..l983
Sink fund lnc 4-58—1986
Sink fund lnc 6s
UNLISTED
Jersey City Office
921 Bergen Avenue
Tel. Journal Sq. 2-4400
New York City
Tel REctor 2-5485
Elpc A Gas Corp
4s
37
31
99
New Eng CAE Assn 5s.'62
N Y, Pa A N J Utll 6s 1956
N Y State
Cons ret deb 4)4s—1958
Sink fund lnc 4b...1983
.Sink fund lne 4)4s..l983
54s. 1966
IN
GOODBODY & CO.
67
Assoc
MARKETS
115 Broadway
65
,
TRADING
Members N. Y. Stock Exchanoe and other Principal Stock and Commodity
Exchanges
56 H
rr^T^
1973
deb 4)4s
ACTIVE
Investment Trust Issues
51H
H
26)6
2454
109 H 110 H
Lt 1st 4)48 '65
Conv deb 5a .—1973
Conv deb 5)4s—1973
Oonv
MAINTAIN
Ask
54
Mich Consol Gas 4s 1963..
37
1941
2.25
2.58
2.53
.....1
2.30
1
Plymouth Fund lne
.35
10c
13.20
♦Putnam (Geo) Fund
First Mutual Trust Fund-.
Fiscal Fund Ino-r
BONDS AND
NEWBURGER, LOEB
Members New York Stock Exchange & Other Exchanges
40 Wall
\
Telephone WHitehall 4-6300
3.45
8.74
Sovereign Investors
Spencer Trask Fund:.—-*
6.95
7-65
Bell System Teletype NY 1-2033
LEBANON, PA.
25)4
18.14
•
3.90
4.20
Standard Utilities Inc. 60c
♦State St Invest Corp.— *
Fundamental Invest Inc.2
Fundamental Tr Shares A2
15.64
16.83
Super Corp ol Am Tr ShsA
4,65
5.33
,
AA......
4.22
............
8.74
3.90
,
.61
13.83
.46
70)4
«
3.30
2.29
B.........
ATLANTIC CITY, N. J.
3.47
c
B...........
PHILADELPHIA♦ PA;
24)4
Foundation Trust Shs A.l
Street, New York
-
:,
Selected Amer Shares..2)4
Selected Income Shares...
3.10
Foreign Bd Associates Inc.
CO.
7.17
2.61
Fixed Trust Shales A...10
PARTICIPATIONS
2.34
Insurance stk series. 10c
CERTIFICATES
6.48
Bank stock series...10c
PRUDENCE
BANK AND TRUST COMPANY
9.71
Quarterly lnc Shares—10c
100
5% deb series A
8.96
Representative TrustShslt
.21
Republlo Invest Fund.26c
6.25
27.59
29.67
4,53
4,94'
Supervised Shares ......3
4.91
General Capital Corp....*
General Investors "Dust.*
6.35
Trustee Stand Invest Shs—
6.25
,
8.96
Group Securities—
Real Estate Bonds and Title Co. Mortgage Certificates
Bid
Ask
38.
AldgnApt 1st mtge 38.1967
/30
Beacon Hotel lnc 4S..1968
15
37)6
B'way Barclay lnc 2S..1956
/21.
22)4
B'way A 41st Street—
1st leasehold 3S....1944
33
1948
60
69
Ask
98
Metro pol Playhouseslno—
S f deb 5s
1945
66
69
N Y Athletic Club—
2s
-.1946
24
/9)4
12
Chanla Bldg 1st mtge 4s '46
46 H
4 9)4
Chesebrough Bldg 1st 6s '48
Colonade Construction¬
48
50 H
■
31)4
35)4
1950
29)4
;20)4
ist 4s
(w-s)_.......1948
Court A Remsen St Off Bid
lst3Ms
if
Eastern Ambassador
,
2634
634
734
my8
5154
3534
/52
54
634s series QL—/-
30
74234
;4434
Ollcrom Corp v t cZ..
1 Park Avenue—/
m
9
Eqult Off Bldg deb 68.1952
Deb 5s 1952 legended..
40)4
50 Bway Bldg
20 H
44)4
40)4
.22)6
„£
..1951
Is... 1941
103 E 57th St 1st
165 Bway Bldg
lit
Prudeiice Co—
4634
/1Q34
600fifth Avenue—
6Ks (stamped 4s)..1949
30
32
41)4
45)4
1st leasehold 3s. Jan 1 '52
Film Center Bldg 1st 4s '43
5134
42
43""
2.27
Trustee Stand Oil Sbs A.l
6.29
5.97
6.50
Series B.............l
4.87
Trusteed Amer Bank Shs B
Trusteed Industry Shares.
X.53
4.07
4.44
2.92
4.87
5.59
6.09
.6834
3.19
4.32
4.71
3.42
3.73
5.27
5;74
Tobacco shares
6.02
44
4634
1965
3834
4234
1957
5s income
69
7234
1943
234s
ftoxy Theatre—
/63
71)4
74
Incorporated Investors..*
♦Independence Trust Sbs.
Institutional Securities Ltd
Bank Group shares
Insurance Group Shares.
20
26
29
Hearst Brisbane Prop 6s '42
45)4
47 H
1st 334s
1947
61 Broadway Bldg—
334s with stock....I960
Hotel St George 4s
48
50
40
42
44 H
35
38
Sherneth Corp—
35
38
Lefcourt state 1st lshld...
51)4
Banking Corp
2
♦Blair A Co
♦Central Nat Corp cl A..*
♦Class B.
..—...*
♦First Boston Corp.....10
1.02
1.12
31.22
1.34
♦Schoelkopf, Hutton A
Pomeroy lnc eom.—10e
2.05
Bid
Ask
1966
1st 3-63is (w-s)....1956
61H
29
2.
14)4
94
99
113
Bell Telep of Canada... 100
170
175
Pac A Atl Telegraph
Bell Telep of Pa pref... 100
119 H
122
Peninsular Telep com
60 H
Textile Bldg—
1st 4s (w-s)
69)4
71H
3334
21
2334
4134
Bid
Ask
115
Cuban Telep
7% pref..100
43
25
36
Rochester
--
_
*
100)4 10256
Int Ocean Telegraph. ..100
63
125
13)4
16
29
31
100
110)4 113
100
112
Telephone—
$6.50 1st pref
So A Atl Telegraph.
129
25
15
Sou New Eng Telep... 100
150
r
—
•
117)4
18
155"
•
68
Mtn States Tel A Tel—100
,16
Wisconsin Telep
Telep Allied Corp—
preferred
25
*
Preferred A....
60
Emp A Bay State Tel..100
New York Mutual Tel. 100
4434
36
38
3134
7% pf.100
3534
Chain Store Stocks
Syracuse Hotel (Syracuse)
38)4
67)4
73134
Par
Am Dist Tel eg (N J) com.*
Preferred. .........i. 100
Gen
3s with stock......1957
58 H
.89
12.65
Telephone and Telegraph Stocks
616 Madison Ave—
1950
a?,79
15
2.05
10,16
15.03
60 Park Place (Newark)—
Harrlman Bldg 1st 6s. 1951
1st mtge 4s.....
3avoy Plaza Corp—
3.6s with stock
Lefcourt Manhattan Bldg
1st 5s
1948
B...•.._'
Voting shares^........
Wellington Fund——1
(nvestm't
♦Huron Holding Corp.—1
Franklin Telegraph..—100
41
1939
1400 Broadway Bldg—
1st 6148 stamped
1948
Fuller Bldg deb 6a—.1944
1st 2H-4s (w-s)
1949
Graybar Bldg 1st tabid 5s'46
42 Bway 1st 6s..
USEILt APr Sha^•e8A..
5.47
Par
1958
40 Wall St Corp 6s
Series D
5.31
RR equipment shares...
Steel shares..........:
2434
6434
Rlttenhouse Plaza (Phila)
52d A Madison Off Bldg—
2.32
.....1
.6.57
^
5348 '51
634s stamped.
1961
Realty Assoc Sec Corp—
1st 3s lnc '46
36 H
Series G.............1
7.06
0:04
734
2d mtge 68_
,
Hotel units...——
4.34
6.49
Building shares—...
Chemical shares—
Food shares—.*.........
Investing shares
Merchandise shares....'
Mining shares
Petroleum shares
33)4
Dorset 1st A fixed 2s..1957
4s with stock stmp_.1956
N Y Title A Mtge Co—
5)4s series BK.........
634s series C-2
M—2L...
634s series F
.3.98
Aviation shares
....
101
N Y Majestic Corp—
Brooklyn Fox Corp—
3s
....1967
—
6s
...1948
.
36
Broadway Motors Bldg4-6s_.
,Btd
Metropolitan Chain Prop—]
Agricultural shares.
Automobile shares..
1955
1st 3s
6934
Par
Bid
Ask
Par
Bid
Ask
Lewis Morris Apt Bldg—
1951
1st 4s
Lexington Hotel units...
Lincoln Building—
Income 5Ha w-s
1963
LoeWs Theatre BJty Corp
1947
1st 6s
London Terrace Apts—
1st A gen 38 w-e
1952
03
9456
Trinity Bldgs Corp—
1st 534s
..1939
2 Park Ave Bldg 1st 4s 1946
Walbridge Bldg (Buffalo)—
40)4
43
Wall A Beaver St
(Bklyn)..
1st 5s (LI)
1947
-1961
1960
3s
Ludwlg Baum&nn—
1st 5s
..1968
53 H
68)4
—
3734
40
42
46
6334
5634
1734
1951
—1948
,19
7234
7
7% preferred
100
B/G Foods lnc common *
Bohaok (H C) common...*
7% preferred
...100
Diamond Shoe pref——100
90
21
Kress (SH) 6% pref
...
7% preferred
•
..100
65
75
154
2
Miller (I) Sons common..*
3
3
20
25
19
22
6)4% preferred
100
Murphy (G G) 35 pref .100
107
110
Reeves (Daniel) pref... 100
99
104
7
11%
,
For footnotes see page
Kobacker Stores
10
2
Fish man (M H) Co Inc..*
Corp—
1st 4348 w-e
Weetlnghouae Bldg—
1st mtge 4s
Borland Shoe Stores.....*
1942.
•
-
-
9 H
1254
6
United Clgar-Wheian stores
35 preferred......
*
2156
23)4
April 1, 1939
Chronicle
Financial
1942
Securities—Friday Mar. 31—Concluded
Quotations on Over-the-Counter
Industrial Stocks and Bonds
2*4
IN
*
American Arch-.-—
*
Amer Bembery A com —*
100
Norwich Pharmacal (new)
28*4
UN
31*4
*
Corp.-25
Pathe Film 7% pref
•
Petroleum Conversion.—1
89
93
Petroleum Heat & Power
8%
—10
American Euka Corp—
American
—100
2%
scovlll Manufacturing..25
19*4
2%
Singer Manufacturing.. 100
3N
46
3*4
2%
9N
7%
29
20
IN
%
20%
178
22%
Foreign Unlisted Dollar
4%
5%
4%
5%
31%
34%
37
39
5%
17%
4%
5%
BarranqulUa ,s,35-4(M6-48
Bavaria 0*4s to
1945
Bavarian Palatinlte Cons
Cities 7s to—..——1946
25
Time Inc..
33
Trlco Producta Corp
..*
29%
31%
20
25
Tublze Cbatlllon cum pf.10
77%
85
28*4
31*4
United Artists Theat com. •
1%
2%
/2 4
Bogota (Colombia) 6Nb '47
8s
1945
2
1%
130
125
fll
Bolivia (Republic)
United Piece Dye Works.*
67
3N
6*4
2%
5%
14
13
3N
Foundation Co For shs—*
American shares
*
2%
oom——*
Gen Fire Extinguisher-—*
Gen Machinery Corp com*
Good Humor Corp
1
Graton A Knight com
*
Preferred
100
Great Lakes SS Co com.-*
Great Northern Paper—25
11*4
12*4
37
39
15%
4%
17*4
4
Oarlock Packing
5N
—100
7s
44%
68
Warren
(Nortbam)—
100
Preferred
West Dairies Inc com v t e 1
*
Wick wire Spencer Steel.
Wilcox A Glbbs com
50
—-100
43
Worcester Salt
28*4
/14
York Ice Machinery
44%
47%14%
13%
Brazil funding
14
93%
96%
1
19%
5%
Mannheim A Palat 78.1941
fl7
38
5
6N
27
34
24%
27
16%
18*4
3N
IN
1940
lst conv sf 0s
'48
America
12N
Crown Cork A Seal 4 %s
Crucible
3N
2*4
3N
28
25
of
Steel
1 04R
a Us
Deep Rock
Oil 7s—-1937
1938
Kelsey Hayes Wheel Co—
Haytian Corp 8a
34*4
33*4
IN
Conv. deb 6a
1948
UN
1*4
12*4
McKesson & Rob 5%s 1950
26
0% preferred
100
Mock Judson A Voehrtngef
28
Nat Distillers
108"
100
l.T1949
1946
5s
Nat Radiator
Shipbuilding 5s—1940
12*4
N Y
29
Scovlll Mfg 5%8——1945
104
Wither bee Sherman 0s 1903
ION
24
—*
Th
com—*
-100
2N
.
110%
90
100
■
1 *
102
/20
/20
1st 5e.
26
2d conv Income
5s—1962
National Hungarian A
99%
Colombia 4s
/70'
73
Cordoba 7s stamped—1937
/13%
15%
Costa Rica funding 5s.1'51
f5l%
Chilean Nitrate 5s——1908
61
"
104%
102% 106%"
'53
Ohio Cities Water 5Ns
89
68.1957
99
Ashtabula Wat Wks 6s '68
103
Ohio Valley Water 5s .1954
99
Ohio Water Service 5s_1958
101
Ore-Wash Wat Serv 5s 1957
80
Atlantic County
101
90
Chester Wat Serv 4Ns
105""
4*48—W0«taoo*4
1st coll trust
106% 107%
104%
-1950
1948
1948
1st eoneol 4s
1st consol 5s
-
1948
Prior lien 5s
101%
...
Pinellas Water Co 5Hs_ '69
101
Pittsburgh Sub Wat 5s '58
Plainfield Union Wat 5s '01
...
107
102
5s series B.
08..—
5a—
71
Richmond W W Co 5s. 1957
76
Roch A L Ont Wat
5a.l938
100 N
Wat 4s ser A_'00
Co
4Ns
1958
Scranton-Sprlng Brook
,
99% 101
—
1954
101%
/18
Prov Bk Westphalia 6s
East Prussian Pow 0S.1953
/20
/20
-
83
85
101
106%l
1900
I960
5s series A
58 series B
97
Long Island Wat fiNs.1955
105%
105%
104%
Middlesex Wat Co 5Hs '57
78"
100
102
Muncle Water Works 5s '05
New Jersey Water 5s. 1950
101%
.1949
103 N
6s series A.
102 N 104
/41
Santa Catharlna (Brazil)—
8%—————1947
/II
T18
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
/19
German
104
98" "
106
1950
96 N
1951
1st mtge 5*4a
1950
Westmoreland Water 5s '52
95N
6s series B
1st mtge 5s
+ sr
90
6Ns
1961
New York Wat Serv 6s *51
92
94%
93%
96
Newport Water Co 5s 1953
101
*
No par value,
price,
a
98"
100 N
....1956
5s series B_.
102
104*
.1960
1949
6s series C
6b series A
W
ma port
Water 5s
1952
102
105 N
105
103 N 105 N
Interchangeable,
b Basis price,
d Coupon,
e Ex-intereat.
n Nominal quotation.
w < When Issued,
whs With stock,
x ExNow selling on New York Curb Exchange,
s Ex-Uquldatlng dividend.
t Now listed on New York Stock Exchange.
Quotation notfurnlshed by sponsor or Issuer.
Sao Paulo (Brazil)
/24
1938
/28%
6
10
/9
/20%
State Mtge Bk Jugoslavia
Dec 1934 stamped.
1950
1950
5s.
S12%
Apr 15 *35 to Apr 15 '38.
2d series 5s
German Young coupons:
June 1 '35 to June '38—
8s.---1954
/17%
Coupons—
Oct 1932 to April 1936
/8%
/10
Dec 1 '35 stamped
52
/74
unstamped. 1936
,
/49
/20
/81
/68
Certificates 4s_._1936
/73
74%
1947
/16%
17%
—1948
/30
35
Hanover Harz Water Wks
0s—
1967
■,
Union of Soviet Boo Repub
100
/17
65
/61
/48
1955
Tollma 78....—
1953
1946
Toho Electric 7s
1946
7s unstamped..
Certificates 4s
98
_
Oct 1935 to April 1937
St'nnes 7s
/56
/36
121N
/21N
/20
——1960-1990
89.38
7% gold ruble.
1943 180.52
35
Uruguay conversion scrip—
/20
Unterelbe Electric 68.-1953
Vesten Elec Ry 7s
1947 /19
Wurtemberg 7 to
1945 /18
/20
U
52
Stettin Pub Utll 7s—1946
19N
Great Britain A Ireland—
Haiti 0s--
69%
20%
1951
0%s.
German Dawes coupons:
Guatemala 8s
12%
67%
/20X
122
Saxon State Mtge 08—1947
Slem A Halske deb 08.2930 /400
29
/5N
1946
German scrip
Graf (Austria)
6s..1943
Saxon Pub Works 7s—1945
Conversion Office
Funding 3s
/18 X
1 17
73
-
CURRENT
NOTICES
Fair
Trust Co., has been
New
New York World's
of arrangements for
Chapter—American Institute of Banking—Day at
York
on
June 14, 1939.
Bank & Trust Co.,
Midland Trust Co., John
DanielF. O'Meara,
Assistant Vice-President, Public National Bank & Trust Co., and William
A. Ten Eick Jr., Assistant Cashier, the Chase National Bank, have been
Stanley
Brown,
Personnel Director, Chemical
Leroy S. Clark. Assistant Treasurer, The Marine
A. Elbe, Cashier, the Lincoln
Savings Bank of Brooklyn,
appointed Vice-Chairmen of the committee.
—The New York Agency
that John
as
in New
Hazen,
of The Royal Bank of Canada has
Manager of their Credit Information
announced
Department, will
of service with the bank
Archibald J. O'Brien, who has been connected with the
of March 31, having completed 20 years
York.
Credit Information Department in
several years, has been
the New York Agency of the bank
for
appointed to succeed Mr. Hazen as manager of the
department.
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
♦
1948
Agricultural 6s
German
retire
/Flat
Land
bank 6Ns_
J.
Western N Y Water Co—
—
87%
dividend.
Building A
1948
8s ctfs of deposit. 1948
named Chairman of the committee in charge
Wichita Water—
1951
5s series B
gg
—George T. Newell, Vice-President, Manufacturers
103
Union Water Serv 6*4s *61
-m
/5
4s scrip.
116% 118%
101N
100"
New RocheUs Water—
10%
/9%
/18
1945
100 N 102
W Va Water Serv 4s—1961
95
102%
105%
105%
1950
Morgan town Water 5s 1905
5Ns
/2IX
105
Terre Haute Water 6s B *56
Monongahela YaUey Water
/H
French Nat Mall SS 6s '52
Frankfurt 7s to
,
Texarkana Wat 1st 6s. 1958
Monmouth Consol W 5s '50
/8
/7N
10
/9
/20
/20
Salvador 7%
1957
7s ctfs of deposit. 1957
/8
/19
1907
52
/19
/20X
J2QX
/16
/60
/23
1933
'46
R C Church Welfare 7s *46
Saarbruecken M Bk 6s.'47
Rio de Janeiro 6%
Rom Cath Church 6 Xb
/19
Hamburg Electric 6s -1938
Spring! City Wat 4s A '66
100
107
Joplln W W Co 5s
1967
Kokomo W W Co 6s—1958
Pittsburgh Water—
mtge 5s.....—1965
75
*30
t
5s
1941
Rhine Westph Eleo 7% *36
6s.
1941
m
'50
1953
European Mortgage A In¬
vestment 7Ns—1960
7Ns income..
1960
7s...
1907
Electric Pr (Ger'y) 6Ns
4s.
1967
1st
104%
103 N
Shenango Val 4s ser B 1961
South Bay Cons Wat 5a '50
1st A ref 5s A
7s
DuisbUrg 7% to—1945
—
83
South
Indianapolis Water—
1st mtge 3Hs
..1900
Indianapolis W W Secure—
5s
1968
Porto Alegre
many) 7s._
1946
Prov Bk Westphalia 6s '33
July 1934 to Deo 1936_.
Jan 1937 to Dec 1937
Jan 1938 to Dec 1938—
81
't—
103%
104%
,——1902
15N
Coupons
Protestant Church
July 1933 to Dec 1933..
100*4
102
/10
20
/18
Jan 1934 to June 1934—
Scranton Gas A Water
100% 102%
1908
(Ger¬
28
German defaulted coupons:
105*4
73
1954
-
-
104""
107
68
Water Service 5s. 1961
Huntington Water—
5s series B
108 N
100
St Joseph
—1962
..1952
103
101
101N 103 N
99
103 N
Phlia Suburb Wat 4s—1905
oo
101*4
Peoria Water Works Co—
Greenwich Water A Gas—
5s series A.
89
Penna State Water
100
104
/35
6% scrip
Poland 3s
German Central Bank
1st A ret 5s
1901
'58
City of New Castle Water
5s
1941
City Water (Chattanooga)
6s series B
..1954
1st 5s series C
1957
Community Water Service
5 %p series B
1940
0s series A..
1940
ConneUsvUle Water 5s 1939
Calif Water Service 4s
102%
105
106%
/20
1930-1937
Panama
German Atl Cable 7s—1945
Ask
107
Wat 6s *68
Birmingham Water Wks—
6s series O
.—1957
5s series B—
—1954
6Ns series A
—1954
Butler Water Co 5s—1967
Alabama Wat Serv
/40
J47
1956
20
/14%
Farmers Natl Mtge 7s.'63
Bid
/19
1952
City 6X8
/21
7s Income
Ask
1946
Panama
1945
Duesseldorf 7s to
•
Bid
Oberpfala Eleo 7s
55
/18
7Ns '49
1949
Cundinamarca 6 Ns
1959
Dortmund Mun Utll 0sV48
Water Bonds
■
/18
/7N
/58
/52
/18
/25
6s.—
49
46
.1945
City Savings Bank
Costa Rica Pac Ry
PX
/99X
Oldenburg-Free State—
53
7s to
Budapest 7s...——1953
1940
PX
1947
4s
m
Madgeburg 6s—...1934
99
60
Ind
1948
North German Lloyd 0s '47
88
81
/93
Hungary 7%s—1962
Central German Power
99
100% 101
20
/16%
98%
107%
56
60%
16 N
4
12
/93
0NS.1948-1949
(C A D)
Nat Central Savings Bk of
Mtge 7s
98%
78
(A A B) 6 Ns. 1946-1947
8%
German Central Bk
6Ns
1962
18N
24
PX
/15N
Nat Bank Panama—
16N
/20N
84
63
60
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
Nassau Landbank 0%s '38
/15N
see
Woodward Iron—
16
*
'
•
Products—
Conv deb 3He w
115
7% preferred
—100
Muskegon Piston Rlng.2 %
National Casket——.
*
preferred
Chicago Stock Yds 5s. 1961
Cont'l Roll A Steel Fdy-
47
——*
Marlln Rockwell Corp—1
McKesson & Robbing
5
83 conv preferred
*
Merck Co Ino common-. 1
Preferred
6%
7s—1942
11
2N
New Britain Machine
Am Wire Fabrics
'
/19
Munlc Bk Hessen 7s to '45
Call (Colombia)
7Hs '40
78—1947
7%s—1944
Cauca Valley 7Ns
1946
Ceara (Brazil) 8s.——1947
Central Agric Bank—
48
/18
m
Caldas (Colombia)
39%
'•
45
•
30%
Bonds-
American Tobacco 48-1951
8N
7
Macfadden Pub common.*
Nat Paper & Type
preferred.——100
48
/67
/44
/20
/44
/21
/19
/23
1953
0Ns
Burmelster A Wain 6s. 1940 /115
29N
38
Corp-—-5
Interstate Bakeries 85 pref.
Klidun Mining Corp
1
King Seeley Corp oom—1
Landers Frary A Clark -.25
Lawrence Portl Cement 100
Ley (Fred T) & Co——*
Long Bell Lumber--*
85 preferred—----.100
Harrisburg Steel
Preferred
7%
PX
/44
/44
/18
/18
1945
Munich 7s to
Buenos Aires scrip-—
5%
fl9X
PX
PX
/35
Montevideo scrip—
/7N
47%
4%
95
1957
Mertdlonale Elec 7s
Bank
1902
CaUao (Peru)
26%
•86
Leipzig O'land Pr 0Ns '40
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Water 7s
1948
Brown Coal Ind Corp—
6%
-.-1943
Koholyt 0Ns
23*
/22
-1940
7Ns
23
43%
Land M Bk Warsaw 8s '41
/33
British Hungarian
10%
7%
21
Nov 1935 to May 1937
3%
3%
/22N
6s
1%
21%
3%
/19N
5s..1931-51
Bremen (Germany) 7s. 1935
12
17
5
/4
Brazil funding scrip
105
Coupons—
Nov 1932 to May 1935
18
/re
/3N
/3%
/3%
1958
1909
.1940
Brandenburg Elec 68—1953
.-*
oom..6
7% preferred
100
West Va Pulp A Pap com.*
83 conv preferred
WJR The Goodwin 8ta—5
6
?8%
*
/18
8a.l947
7s
83 cum preferred..
6
4
1%
6%
Welch Grape Juice
25
19
%
5%
42%
Veeder-Root Inc com
6s———1939
Housing A Real Imp 7s '40
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Ns '32
Hungarian Discount A Ex¬
change Bank 7s
1936
Jugoslavia 6s funding. 1956
Jugoslavia 2d series 58.1956
Hansa SS
fl7
/33
/20
/26
Bank of Colombia 7%-1947
1948
ASM
Bid
Ask
Bid
—.1946
1946
Anhalt 7s to.
Antloqula 8s.
4%
16%
Tennessee Products
Preferred
Bonds
7
57 N
2N
69N
•
Tel. HAnover 2-5422
N. Y.
62 William St.,
182
3%
29
*
30
:—*
Fobs Oil Co
*
•
'
•
3%
21
—
Bake Shops
Preferred
—
25
Tel Mfg
*
Taylor Wharton Iron A
Steel common
*
Stanley Works Inc
Strom berg-Car (son
,
13
55
IN
Federal
Singer Mfg Ltd
Skenandpa Rayon Corp--*
Solar Aircraft-......—-1
standard Screw
20
Sylvanla Indus Corp
21
19
*
Alrpl—1
Draper Corp
8%
34
43
pref
Falrchlld Eng &
3
0
11%
6*4
<
BRAUNL & CO., INC.
%
%
1%
Remington Arms com....*
*4
'
102
99
Pollak
29%
17*4
4*4
pf_*
'
9%
12%
62 N
Douglas ( W L) Shoe—
Conv prior
18%
8
11
18*4
Pilgrim
58
'
17%
Inactive Exchanges
65
Exploration
1
Manufacturing.—*
24 N
16%
Dictaphone Corp
*
Dixon (Josj Crucible-—100
Domestic Finance cum
Pan Amer Match
22 %
25
Amer Maize Products—*
American Mfg. 5% pre! 100
Andlan National Corp-—*
Art Metal Construction.10
Bankers Indus Service A_*
Burdines Inc common-—1
Cessna Aircraft
— 1
Chic Burl A Qulncy—100
Chilton Co oommon
10
Columbia Baking com.—*
81 cum preferred
*
Crowell Publishing com--*
Dennison Mfg class A—10
Dentist's Supply com—10
Devon A Raynolds B oom *
55
■
Hard Rubber-
8% cum pre!
American Hardware
Preferred 0N %-
Ohio Match Co
11*4
and Coupons
Foreign Stocks, Bonds
Ask
Bid
New Haven Clock—
37*4
33
American Cynamld—
6% oonv pre!
Par
Ask
Bid
Par
Alabama Mills Inc
'*
'
—Estabrook
&
Co.
associated with them.
announce
that
E. Everett Smith Jr. has become
Volume
Financial
148
General
A
1943
Chronicle
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
)
NOTE-x-F°r mechanical
reasons
However, they
it is not always possible to arrange companies in exact
always as near alphabetical position as possible.
FILING OF REGISTRATIONS STATEMENTS
SECURITIES
New York, N. Y., has
registration statement covering 25,000 shares of $1 par common
be optioned to certain employees under an employees' stockpurchase plan at $10 a share, the proceeds to be used for working capital.
No underwriter was named.
E. V. Rickenbacker is President of the
company.
Filed March 29, 1939.
Eastern Air Lines, Inc. (2-3997, Form A-l), of
UNDER
filed
ACT
a
stock
following additional registration statements (Nos. 3982
3997, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The
to
The total involved is
.
previous list of registration statements was given
issue of March 25, page 1791.
The last
in
approximately $158,951,601.
to
our
—-—♦
Corp. (2-3982, Form A2) of New York, N. Y. has filed a regis¬
tration statement covering $40,000,000 of 3% debentures due April 1,1959.
Filed March 23, 1939.
(For further details see subsequent page).
Texas
Corp. (2-3983, Form Al) of Wilmington, Del. has
registration statement covering 1,000 shares of $1,000 par 6%
cumulative preferred stock and 10,000 shares of no-par common stock.
The stock is to be offered in units of one share of preferred and 10 shares
of common at $1,001 a unit.
Proceeds of the issue will be used for organi¬
zation and working capital.
Ernst G. Geiringer et al may be underwriters.
M. E. Bernstein is President of the company.
Filed March 23, 1939.
Manhattan Realty
filed
a
A2) of Mansfield, Ohio,
shares of its common
offered by issuer and 33,815 shares by
5,598 treasury shares have also been
registered and will be offered to certain officers and employees at $13.50
per share.
The registration also covers 67,200 shares reserved for conver¬
sion of outstanding $20 par 6% cumulative convertible preferred, stock.
The issuers' part of the proceeds will be used to reimburse treasury, for
plant, machinery and equipment.
Otis & Co. is expected to be the under¬
writer.
G.
W. Stephens is President of the company.
Filed March
Mansfield Tire & Rubber Co. (2-3984; Form
has filed
a
registration statement covering 47,615
stock.
Of which 13,800 shares are
stockholders at $15.50 per share.
24.1939.
Haskelite Manufacturing Corp. (2-3985, Form A2) of Chicago, 111.,
has filed a registration statement covering 295,000 shares of $5 par common
stock, of which 62,000 were reserved for issuance upon the exercise of pur¬
chase warrants and the remaining unissued shares may be sold privately or
through underwriter.
Proceeds from sale will be used to retire second
mortgage bonds to pay 1st mortgage installment and for working capital.
No underwriter named.
George It. Meyercord is President of the company.
Filed March 24, 1939.
■
•
■'
>
.
Power
Co.
(2—3986,
has filed a registration statement
3%% bonds, series A and B, due
(For further details see subsequent
Gatineau
Form A2) of Montreal, Que., Canada
covering $62,500,000 of 1st mortgage
April 1, 1969.
Filed March 24, 1939.
page.)
United Aircraft Products, inc. (2-3987, Form A-2), of Dayton, Qhio,
has filed a registration statement covering 113,421 shares of $1 par common
stock.
The stock is optioned to underwriters at $5 a share for retail at
$6.25.
Of the total, 10,000 shares are offered by the issuer and 103,421
by stockholders.
Burr & Co.» Inc., named underwriter.
The issuers'
share of the proceeds will be used for working capital.
T. M. Hiester is
President of the company.
Filed March 25, 1939.
•
' . *
' /
*
General Acceptance Corp. (2-3988, Form A-2), of Bethlehem, Pa.,
filed a registration statement covering 11,588 of $20 par 7% cumulative
convertible preferred stock to be offered at $20 a share, 5,000 shares of $5
par class A common stock to be offered through underwriters at $12.50
a share, and 24,485 shares of common reserved for warrants and conversion
of the preferred.
Warren W. York & Co. and Masaland, Fernon & Ander¬
son are
Proceeds will be used for expansion and work¬
named underwriters.
ing capital.
1939.
F. Reed Wills is President of the company.
'
"
Filed March 25,
(2-3989, Form A-2) of Cleveland, Ohio has filed a
registration statement covering 112,550 shares of $1 par common stock to
be offered for the account of three stockholders. D, M. S. Hagerty & Co.,*
Inc., named underwriter.
L. Frank Pitts is President of the company.
Filed March 25, 1939.
Enamel Corp.
Nu
Roofing Co., Inc.
Tilo
filed
a
(2-3990,
Form A-2) of Stratford, Conn., has
registration statement covering 60,000 shares of
$20 par $1.40 cumu¬
lative convertible preferred stock to be offered first at $20.50 a share and
then at the market and 116,000 shares Of $1< par common stock of which
41,000 shares are to be offered for the account Of certain stockholders at
75,000 shares reserved for conversion of the preferred stock.
The issuers' portion of the proceeds will be used to increase the working
capital of a subsidiary through a loan.
Distributors Group, Inc., named
underwriter.
R. J. Tobin is President of the company.
Filed, March 25,
1939.
.
"
*
'
;
the market, and
Chicago Molded Products Corp. (2-3991, Form A-2) of Chicago, HI.,
a registration statement covering $500,0,00 5% convertible deben¬
1949 and 50,000 shares of $1 par common stock.
Offering price
of the debentures will be 101 and of the stock $6.25 a share.
Underwriters
named are Fuller, Cruttenden & Co. and Barney, Johnsoh & Co.
The com¬
pany will offer $150,000 of debentures in exchange for its 7% preferred stock.
Proceeds of the sale of the debentures will be used to pay bank loans,
has filed
tures of
retire
preferred stock not exchanged for the debentures, retire notes
held
by officers and for working capital.
Proceeds from sale of the stock will
accrue to selling stockholders..
Maurice C. Bachner is President of the
company.
Filed March 27, 1939.
/
Republic Aircraft Products Corp. (2-3992, Form A-l), of Detroit,
Mich., has filed a registration statement covering 300,000 shares of $1
par common stock.
A maximum of 89,000 shares will be initially offered
to public at $2.50 a share then at market.
Of the remaining shares, 20,000
are optional to underwriter; 105,000 shares may be purchased by under¬
writer under same terms and conditions which any other party may make;
66,000 shares are outstanding and 20,000 shares are optional to officers."
Issuers part of proceeds will be used for debt, machinery and working
capital.
Brown, Schlessman Owern & Co. named underwriters.
Wm. F.
Wise is President of the company.
Filed March 27, 1939.
Schmidt Brewing Co. (2-3993, Form
A-2), of Detroit, Mich., has filed
Filed March 27, 1939.
Power
&
Paper
Co.,
Ltd.
(2-3994, Form D-l)bondholders'
protective committee has filed a registration statement covering certificates
of deposit for $48,267,000 of the company's outstanding first A 5s of 1953.
This is in accordance with plan of reorganization for the company under
which 1,930,680 shares of no par common stock would be issued.
These
shares are to be represented by certificates of beneficial interest to be
exchanged for the bonds in the ratio of 40 shares for each $1,000 bond.
Joseph P. Ripley is Chairman of the committee.
Filed March 27, 1939.
(See subsequent page).
Supply Co. (2-3995, Form A-2), of New York, N. Y.,
cumulative
preferred stock, series A of no par value and 43,500 shares of no-par common
Jamaica Water
has filed
a
Paper Co., Ltd.—Judicial Sale Proposed
Receivership—Registration Statement Filed with SEC^
Equity for Junior Claimants—
Abitibi Power &
to End
No
A proposal to lift company from its seven-year receivership through a
judicial sale of assets was announced March 28 on behalf of the bondholders'
Protective committee.
In an action in which the Abitibi bond mortgage
has been held valid, the committee proposes to ask a court order for a sale
of the company's properties in accordance with the trust deed, at which it
plans to bid and expects to purchase the assets.
Simultaneously it was announced that the Bondholders' Protective
Committee, formed in 1932, had been enlarged, with H. J. Symington,
Vice-President of Royal Securities Corp., Ltd., of Montreal, joining the
committee and succeeding Joseph P. Ripley, of New York, as Chairman.
Mr. Ripley will continue as an active member of the committee.
Arthur
Meighen of Toronto, former Premier of Canada, has also joined the com¬
mittee, taking the place of Milton C. Cross, of New York, who resigned.
The committee has filed a registration statement under the Securities
Act of 1933 with the Securities and Exchange Commission in Washington,
after the effective date of which it proposes to urge bondholders to deposit
under the plan.
The company's first mortgage 5% bonds, originalyl issued
in 1928 in the amount of $50,000,000, are now outstanding in the principal
amount of $48,267,000 and are widely held in England, Canada and the
United States.
With accrued unpaid interest, the bondholders' claim now
totals more than $68,000,000; or almost twice the current indicated market
valuation of all Abitibi securities.
■
•
In proposing a judicial sale, the plan contemplates that assenting bond-,
holders will become owners of the properties, receiving common stock in a
new company, subject to a three-year opportunity to be granted stockholders
and unsecured creditors to redeem the properties by paying their share of the
bondholders' claim.
The principal steps in the procedure are outlined as
follows:
'
<
,
Purchase of Abitibi assets on behalf of assenting bondholders by a
be formed for the purpose.
This company would issue
originally 1,930,680 shares of common stock, at the rate of 40 shares for
each $1,000 bond, with an equal number of stock purchase warrants going
to unsecured creditors and shareholders.
(2) Payment of purchase price by surrender of deposited bonds and
coupons and such cash as may be required to pay off non-assenting bond¬
(1)
company to
new
holders.
-«
registration statement covering 19,162 shares of $5
will be used to redeem the
Right to exercise stock purchase warrants at any time up to July 1,
$41 a share. ' •„
!
•
Payment in cash to non-assenting bondholders of their distributive
share of the purchase price of Abitibi assets after allowance for expenses and
prior charges.
.
(6) Issuance by the new company of any securities necessary to provide
Cash for payments to non-assenting bondholders, to pay off receiver's
certificates and to provide a small amount of working capital not to exceed
$2,000,000.
Assenting bondholders will be given the first right to sub¬
scribe at the public offering price to securities so issued.
It is provided
that not more than $10,000,000 of senior securities shall be issued without
first obtaining the consent of a majority in interest of the assenting bond¬
holders.
r
•
•
The assent of at least 50% in principal amount of the outstanding Abitibi
bonds is required before the committee may declare the plan operative.l»M
"The bondholders' protective committee feels that there is not at present
any equity in the Abitibi company for the junior claimants," according to a
statement issued by the Committee.
"The bondholders' claim has in¬
creased from $48,267,000 to more than $68,000,000, and the annual interest
on their claim at present is over $3,400,000.
A depreciation of about $1,800,
000 a year is required, thus making over $5,200,000 annual earnings neces¬
sary to meet bond interest and depreciation.
The annual earnings of Abitibi
for the last six years, including 1938, before bond interest and depreciation
have only averaged approximately $2,124,000.
It is obvious that, even
before deducting depreciation, net earnings over the six-year period have
averaged substantially less than the Interest on the bondholders claim.
"The bondholders' protective committee feels that this is the only practi¬
cal way to end the receivership, that this method of dealing with the situation
offers the depositing bondholders the best chance of realizing on their in¬
vestment, and that it puts the New Company in a position to re-establish
any equity if one develops and preserve to the junior security holders what¬
ever that equity may amount to for a reasonable period of time.'*
(4)
(5)
'
k
»
_
•„
'
.
19,704 shares of the
H. G. Beckwith is President of the company.
'7
•
'•
„
;
»
v
«
'
.
Aeronautical Securities, Inc.—Dividertd—
'<
Directors have
to
on
declared a dividend of 10 cents a share, payable April 6,
March 27.
A special dividend of 20 cents was paid
147,. p. 3754,
.•
,
holders of record
Dec. 28 last.—V.
.
Agfa Ansco Corp .—Merger Plan—•
Stockholders will vote at a special meeting on
Filed
,
April 13 on a merger of the
corporation of the same name recently organized under the
laws of Delaware to continue business.
Directors of both companies have
already approved the merger whereby officers and directors of the New
York
company
will become officers and directors of the Delaware
corporation.
Dr. Ernst Schwartz, President, in announcing the special meeting said
that upon the approval of stockholders of the proposed merger, the arrange¬
ment provided for the creation of an issue of 80,000 shares of authorized
$100 par 4Y^% cumulative preferred stock, totaling $8,000,000, of which
$5,000,000 par value will be applied to the payment of short-term loans.
company
—V.
with
a
147, p. 3602.
.
Akron Canton & Youngstown
From Jan.
■
1938
$115,533
13,423
defl3,888
$199,086
80,347
39,147
1936 * '
$181,558
71,206
43,221
330,296
101,24 1
41,446
239,584
26,305
def28,406
392,863
156,800
71,636
368,730
143,821
88,841
1939
1937
1—
_
Gross from railway
Net from railway.
—V. 148, p.
Ry.—Earnings—
$142,510
30,007
1,846
February—
Net from railway
Net after rents
par
be underwriters.
'
formed to protect the interests of preferred share¬
holders.
The committee headed by D. H. Gibson, President of Toronto
Board of Trade, includes W. H. Moore, Arthur G. Slaght, Col. F. H.
Deacon, U. Brook Bell, ail of Toronto, Stanley Strange and Howard Web¬
ster, Montreal, and C. M. Keys, New York.—V. 148, p. 1467,
A committee has been
Consolidated Mines,
Inc. (2-3996, Form A-l), of
Wash., has filed a registration statement 848,803 units of 1
value common stock, 698,803 units of which were sold before
registration at an average price of 8.41 cents per unit, and the rest being
offered in a recession proposal at 50 cents.
The proceeds for drilling equip¬
ment development and working capital.
Oficers and directors as a class
International
Seattle,
may
'
Preferred Stockholders' Committee Formed—
Net after rents
March 29. 1939,
.
-
company's 7H% preferred at $52.50 a share, for payment of a bank note,
for new equipment and its installation and for extension and improvement
of its distribution system. Blyth & Co., Inc., has been named underwriter.
Paul M. Kydd is President of the company.
Filed March 28, 1939.
cent
»
.
1942, at prices ranging from $36 to
Gross from railway
stock.
Proceeds of the issue
•
.
(3) Escrowing of shares issued for account of assenting bondholders and
delivery to them of certificates of beneficial interest for common shares of
the new company on the basis of 40 shares for each $1,000 bond.
a
registration statement covering 60,000 shares of $1 par common stock. The
proceeds of the sale is for the account of four stockholders.
Alison & Co.,
et al are named underwriters.
George Schmidt is President of the company.
Abitibi
alphabetical order.
are
.
-
1791.
Algoma Central & Hudson Bay
Ry.—Certificates Called
equipment trust series E 6% gold certificates pay¬
and numbered M-289 to 320, inclusive, have been called
for redemption on May 1 at 101H and accrued interest.
Payment wi.l be
made at the Guaranty Trust Co. of Nfew York.—V. 138, p. 3077.
All of the outstanding
able Nov. 1, 1939,
Financial
1944
Alabama Great Southern
$535,760
Net after rents
$454,485
45,513
59,475
$469,904
93,781
37,976
$610,562
116,400
68,776
-
187,268
137,793
From Jan. 1—
Gross from railway-
_
Net after rents._
915,829
185,912
1,170,265
316,075
194,688
902.420
1,129,072
269,380
163,701
-
Net from railway
72,749
87,729
1939
$1,130,967
230,557
February—
1936
1937
1938
April 1, 1939
Earnings for February and Year to Dale
RR.—Earnings—
1939
February—
Gross from railway
Net from railway
\f
Chronicle
82,756
Gross from railway
Net from railway
•
1938^
$1,140,612
191,346
1936
*937
$1,290,634
281,609
26,550
$1,318,091
407,387
defl0,417
def54,987
151,645
Gross from railway
Net from railway
2,310,791
443,823
2,392,690
436,651
2.639,922
825,366
Net after rents
def60,718
def77,438
301,774
Net after rents
From Jan. 1—
2,495,125
528.050
46,448
—V. 148, p. 1307.
1307.
—V. 148, p.
Foundry Co.—Acquisition—•
Kellogg Compressor & Manufac¬
and pneumatic auto lifts. The
the Kellogg division of American Brake Shoe,
American Brake Shoe &
Co.—Earnings—
Alabama Power
1939—Month—1938
1939—12 Mos.—1938
$1,742,780
$1,607,980 $20,363,926 $20,061,615
745,970
753.322
9,302,233
8.870,079
217,690
217,690
2,612,280
2,713,686
Period End. Feb. 28—
Gross revenue
Oper. expenses & taxes
Prov. for deprecia'n
Gross incomes
Divs.
income
on
pref. stock....
Balance
—V.
148.
1467.
$234,875
195,178
$3,584,747
2,342.138
$3,654,629
2,342,138
$1,242,609
$39,697
$177,895
$1,312,491
The New York Stock Exchange has
in
garages, service stations and industrial plants, together with a line of spray
painting equipment, a complete line of small refrigerator units, water coolers
and domestic refrigerators.
The auto lift made by Kellogg is said to require
less space and to operate with less air pressure than certain other types of
lifts.
f
products fit into the present
manufacturing and sales organiza¬
will be manufactured at the switch and frog plants
Brake Shoe at Niagara
.
,
,
,
The new
Falls, New York.—V. 148, p.
of American
163.
Centrifugal Corp.—Stock Offered—
•
record March 22 are given the right to sub¬
at $1.50 per share in the
Rights expire April 6j
Any balance of the 57,143 shares not subscribed for by stockholders will
then be offered to the public by Newell P. Weed, 70 Pine St., New York, at
S1.62K.
The underwriting commission of Newell P. Weed will be at the
rate of 25c. for each share of stock subscribed for by stockholders but not
exceeding 20,000 shares and at the rate of 37He. per share for each share of
stock sold to non-stockholders, his commission being payable only upon
sales made within 60 days of the date of the expiration of the right of stock¬
holders to subscribe for said stock.
To facilitate the offering, Newell P.
Weed, the underwriter, intends to stabilize the price of this stock on the
New York Curb Exchange market during the period of the offering, between
approximate minimum and maximum prices of $1.37H and $1.75 respect¬
ively, but such stabilizing, if commenced, may be discontinued at any time.
Mr. Norman P. deMauriac has agreed with the corporation to take up
and pay for not more than 20,000 shares, of the shares of stock now offered
which may not have been subscribed for by the stockholders of the cor¬
poration or sold to non-stockholders through the underwriter, prior to the
expiration of the 60-day period of the employment of the underwriter, and
to pay therefor to the corporation the sum of $1.25 per share.
After deducting charges for expenses in the approximate amount of
$2,200, the net cash proceeds to be raised by the sale of this issue is $69,228.75, provided all of the 57,143 shares composing this offering are fully
Holders of capital stock of
.
authorized the listing of d.OOO shares
par) on official notice pf issuance in connection
of the securities of George B. Peck, Inc., making the
of common stock (no
amount
complete line of air compressors for use
Kellogg products include a
American
Corp .—Listing—Acquisition-—
operated as
Weller, formerly President of Kellogg.
and will be headed by J. F.
,
Allied Stores
the acqusition
business will be
tion and
.........
p.
402,093
$8,477,850
4,823,221
$636,968
$373,073
195,178
Int. & other fixed chgs._
Net
$8,449,413
4,864.666
$779,120
406,047
—
Company has purchased the business of
of air compressors
turing Corp., makers
with
total
applied for 1,836,799 shares.
The 9,000 share? or common stock were authorized for issuance at a meet¬
ing of the directors held on Jan. 24, 1939.
George B. Peck Co. (Mo.), owns and operates a departmenfstore doing
a general retail merchandising business in two adjoining buildings held under
leases in Kansas City, Mo.
Under an agreement dated Feb. 16, 1939
between George B. Peck Co. and Allied Stores Corp. ail of the assets of
George-B. Peck Co. except $3,500 cash, certain specified liabilities and all
of its leased department agreements and apartment store leases will be
transferred to George B. Peck, Inc. in exchange for 50,000 shares of the
capital stock of George B. Peck, Inc., being all the issued and outstanding
capital stock of that company.
In addition George B. Peck, Inc. will issue
its notes in the principal amount of $200,000 in payment and discharge of
the presently outstanding $200,000 of notes of George B. Peck Co. and will
also issue $300,000 of its 7-year 5% income debentures (which have no con¬
version privileges) to the holders of and in payment and discharge of the
outstanding 10-year 6% convertible debentures of George B. Peck: Co. in
the aggregate principal amount of $270,000 and all unpaid interest thereon.
The 9,000 shares or common stock of Allied will then be issued to George
B. Peck Co. in exchange for the 50,000 shares of the capital stock of
George B. Peck, Inc.—V. 147, p. 4047.
scribe to 57,143 shares of capital stock (par $1)
ratio of one new share for each seven shares held.
,
subscribed for.
,
<
Trust Co., 135 Broadway, New York. Registrar,
York.
Company was incorp.. May 12, 1930, in Delaware as the Centrifugal
Automatic Sewerage Disposal Corp.
Soon after its incorporation, the
company entered into a license agreement with Automatic Centrifugal
Corp., by ti e terms of which it acquired the exclusive rights for the United
States to manufacture and sell centrifugal machines covered by four United
States patents and one United States patent application, held by the*
licensor. On Oct. 30, 1931, company changed its name to American Centri¬
fugal Corp,
Subsequently, the company acquired by assignment the li¬
censor's patents, four of wbich have now expired, and later acquired the
assets of that company, subject to its liabilities.
On Feb, 10, 1935, the company entered into a license agreement with
Canadian Centrifugal Corp., Ltd., by the terms of which (as modified
Aug. 5, 1935) company granted to the Canadian company the rights of
manufacture and sale in Canada, with respect to certain new inventions
developed by the company in the same general field, covered by certain,
applications for Canadian letters patent, of which the company is assignee,
in return for a continuing 51 % ownership of the outstanding stock of the
Canadian company.
In 1937 the company donated from its holdings of
stock in the Canadian Centrifugal Corp., Ltd., 2,500 shares of the stock
of that corporation which was used by the Canadian company in connection
with its efforts to obtain, additional cpaital.
This corporation now owns
48% of the outstanding voting stock of the Canadian company. The Can¬
adian company has been inactive for many months, and its stock is not
regarded as having any value.
••
.
The company also owns 100% of the capital stock of American Centri¬
fugal Co., Inc., organized in 1936 in New York, which company was formed
for the purpose of effecting sales in New York.
Company owns no other
Transfer agent, Lawyers
Central Hanover Bank & Trust Co., New
^Aluminium, Ltd.—Stock Dividend—"
^Directors
addition to
held March 30~declared a stock dividend of 10% in
cash dividend of 25 cents per share on the common stock,
at a meeting
a
both payable April 28 to holders of record
dividends paid on the cofnmon shares.
These will be the first
April 15.
•
•
.
.
Payment of the stock dividend will require the issue of 67,673 additional
shares of common stock, without par value.
Under the provisions of the Canadian income tax laws, both the stock
and cash dividends will bo subject in the case of shareholders resident
outside the Dominion to withholding of tax at the rate of 5%, the stock
issued being valued for this purpose under a ruling from the Department
of National Revenue at $47.50 a share.
In fact, the amount to be with¬
held from dividends payable to non-residents of Canada will be the cash
dividend of 25 cents a share.—V-. 147, p. 3755.
,
American Airlines, Ind.—Annual Report—
The company operated 15,314,792 revenue miles during the year of 1938
at an average profit, of 1.39c. per revenue mile flown.
Provision for depreciation and obsolescence hs 1938 amountedJtoIS 1,548 ,196, as compared with $1,406,294 for the -year 1937. • No changes were
made during 1938 In the basic rates used in f 1937 for depreciation and
obsolescence.
The number of passengers transported increased
19.2% in 1938, as
Total passengers carried were 358,295 in 1938, as
compared with 300,571 in 1937. Revenue passenger miles were 140,869,290
for 1938, as compared with 123,074,318 for 1937, an increase of 14.4%.
In 1938, as in 1937, company transported 30% of the total number of
passengers transported by the domestic air transport industry.
Air mail revenue for 1938 amounted to $3,331,474, an increase of $349,181
over the air mail revenue of $2,982,293 for the year
1937.
Air express
revenue amounted to $353,617 in 1938, as compared with $359,264 for the
compared with 1937.
year
1937.
.
had operated 46,895,929 airplane miles and
410,236,966 passenger miles Without an»
accident involving a passenger fatality.
/
,
:
Ten additional 21-passenger Douglas Flagship planes costing $1,140,000
have been ordered by the company for delivery in 1939.
Five of these
On Dec.
31, 1938,
had flown
1,011,697
company
passengers,
Slanes were delivered prior of JMay, 1939. 1938 and the other five will be
elivered during the month to March 10,
Income Account for Calendar Years
v.
.
_
_
_.
$2,982,293
6,597,773
359,264
353,617
204,505
Express..
Other.
1936
1937
1938
$3,331,474"
7,442,232
Oper. revenue—Mail-.
Passenger....
,
1935
$2,444,361
5,552,817
227,417
$1,999,246
3,661,300
99,719
109,495
104,271
131,040
"
»
has been engaged in experimentation for
developing inventions relating to centrifugal machines for
use in disposal of sewage and other industrial purposes.
As a result of these
experiments, applications for patents covering these developments have
been filed in the United States and upon these applications, there have been
issued to the corporation 12 United States patents, 12 Canadian patents and
14 British patents.
J
Company is permitted by its certificate of incorporation to operate in all
States of the United States and the company has qualified to do busines
in the States of New Jersey and Minnesota.
All business transacted in the
State of New York is transacted by the company's subsidiary, American
Centrifugal Co., Inc. Executive office, of Trinity Place, N. Y. City.
Company owns no real property. Company has erected a demonstrating
and tasting plant upon the property of the Joint Meeting at Elizabeth,
N. J. at a total cost of $43,303, the building having cost $26,638, and the
necessary auxiliary equipment and tools $16,664.
Since incorporation company
the purpose of
,
.
■
subsidiaries.:
„
,
.
Authorized
Capitalization—
Capitalstock ($1 par)-
—
Outstanding
-------500,000 shs. 400,000 shs.
Purpose—Company proposes to use the proceeds of this offering for the
following purposes in the following estimated amounts: Executive salaries
(one year), $13,600; plant and engineers salaries (one year), $12,000; office
and drafting salaries (one year), $5,000; general expenses, $11,129; de¬
monstration plant operating costs, $5,000; legal, $2,500; salesmen, traveling,
&c., $5,000; machine construction and installation, $15,000; total, $69,229.
It is not contemplated to use any part of the proceeds for the purchase of
property of any description or for the purchase of any business enterprise.
Underwriter■—The principal underwriter of this offering is Newell P.
Weed, 70 Pine St., New York City.
,
.......
•
Consolidated Balance Sheet Dec. 31, 1938
•
Total oper. revenue-.$11,331,828
Operating
9,077,758
expenses
Balance.
$10,070,371
8,511,376
$8,334,091
6,868,805
$5,864,536
5,441,002
$1,465,286
77,036
$423,535
27,539
$2,254,070
$1,558,994
Other income..
39,414
60,663
Total income
$2,293,484
489,226
1,548,196
$1,619,658
Other
.
charges._..__
Prov.for obsoi. & deprec.
Addit. compensation for
439,168
$1,542,322
260,103
$451,074
81,351
1,406,294
1,277,629
"1,118,093
Jan. 1,1937
Crl32,177
Federal income tax
Assets—.
42,800
Net profit
$213,262
loss$93,628
$4,589 loss$748,370
Fixed assets (less deprec.)
812,839
569,055
Accounts receivable
Inventories
Indebted, of officers & empl'es
Accrued interest
5,222
$60,375
c
Deferred charges.
Mi8cell. phys. prop, not in use.
189,229
79,213
60,723
_
Deps. on air travel plans & un¬
redeemed travel scrip
Long-term debt..
d Capital stock
—
Paid-in surplus
Earned surplus
Total
-.$6,046,7731
-
(deficit)
Total—
18,521
— -
-
— —
.—
......
...
——
$1,786
3,039
...
400,000
229,743
79,951
278,153
42,800
Total
$436,366
Total
—$436,366
American Encaustic Tiling Co., Inc.—New Director—
E. Phillips has been elected a director to succeed Robert F.
Mr. Phillips is Vice-President of the Olean Tile Co.,
Inc., of Olean, N. Y., which manufactures materials not competitive with,
but which supplement, materials manufactured by American Encaustic.
Olean Tile has a one-third interest in American-Franklin-Olean Tiles, Inc.,
in which American Encaustic and Franklin Tile each has a one-third inter¬
est.
It is the sales company selling products of the three companies.—
V. 148, p. 1631.
'
Norris
684,371
3,589,323
2,900,720
30,743
1,882.388
$6,040,773
Alton RR.—Plan Not Ready—
^he interest adjustment plan of the road probably will not be ready for
distribution to bondholders as expected by the end of this month.
Pre¬
liminary draft of the plan places all of the interest, with the exception of
equipment trust obligations, on contingent basis for a period of eight years.
The road is controlled by Baltimore & Ohio which currently is soliciting
bondholders assents to its plan of interest deferment and maturity
...
—V. 148, p. 1792.
Kohier, deceased.
« After re8erve of$12 633.
b After depreciation of $3,150,412.
c After
depreciation of $1,081,215. d Shares of $10 par value.—V. 148, p. 1630.
•
_
Trade accounts payable.—
27,291 Other curr. & accrued liabs..
2,735 Capital stock (par $1)___
55,994 Paid-in surplus
1 Capital surplus
1,167 Deficit..—
322,265
15,342
1,869
A ccrued social security taxes.
187,974 Accrued miscell. Fed., State &
local taxes
Flying equipment
1,919,135
Land, bldgs. & other eqpt.. 1,325,059 Prov. for Federal Income taxes
Deferred charges
'
Intangibles (net).
575,716
Special funds
b
$11,571
——-
Accountsreceiv., miseell
Inv. in sub. co. not consol
Liabilities—
Notes pay., due Nov 30, '39..
Accts. pay. & accrued exps...
$959,047
•.
——-—
Other assets
Consolidated Balance Sheet Dec. 31, 1938
Assets—
Cash
Liabilities—:
.Cash—..-v.-
Inventories—
a
.
.
trans, of mail prior to
extension.
American European Securities Co.—Bonds Called—
$488,000 collateral trust 30-year s. f. 5% gold bonds, series B,
have been called for redemption on May 1 at 103 and
Payment will be made at the Guaranty Trust Co.
New YorkV. 148, p. 722.
A total of
due May 1, 1958,
accrued interest.
of
American Laundry Machinery Co.—To Retire Stock—
28 approved a proposal to retire 50,000 shares of
stock and to purchase an additional 25,000 shares on the
open market.—V. 148, p. 1308.
-
-
Stockholders on March
capital common
Volume
Financial
148
American Cyanamid Co. (&
Calendar Years—
Net operating profit
Dxvs ,int. & discount...
Koyalties,
licenses
Subs.)- —Earnings—
1935
$7,738,826
421,983
Assets—
Total income
$9,786,780
1,807,433
1,542,076
1,869,844
630,258
2,875,070
693,856
_
_
Prov. for income tax._
_
_
378,888
340,681
267,818
$8,588,580 $11,422,743
....
Net income.—
Dividends
_i'_.
....
Surplus
—
_
1,186,538
458,058
407,790
437,061
2,774,825
1,047,532
2,285,728
xl ,009,281
2,118,016
622,201
66,640
66,640
86,973
113,722
..
$2,452,912
1,603,600
--
—
$5,268,255
y4,032,589
$4,454,930
2,520.368
$4,062,160
1.134,166
_
B stock
$2,927,994
$1,934,562
$1,235,666
$849,312
_
Shs. combined class A &
2,520,368
$2.09
2,618,369
$0.91
_
2,520.368
2,520,368
$1.77
$1.61
,
x
Including $52,050 surtax,
y Includes special dividends of $2,520,368
payable optionally in cash or in shares of 5% cum. conv. pref. stock.
$1,499,588 paid in cash and $1,020,780 paid in shares of preferred stock
(102,078 shares).
Consolidated Balance Sheet Dec. 31
1938
Assetsr
"
Accts. receivable..
Notes & trade
Liabilities—
$
Land, bldgs.,&c_25,574,913
5,680,551
b
4,714,439
in So.
Min.int.in sub.
Sinking
Stock
4,093,777
& taxes..
Notes pay. banks.
com¬
48,155 Res.
770,720
.8,799,030
10,582,937
12,794,139
18,849,099
20,513,341
18,105,592
17,573,449
898,804
556,238
1.106,230
952,960
368,192
323,736
408,131
products 53,692,124
Accounts & notes receivable
7,298,299
59,139,279
7,147,573
40,378,925
36,234,138
8,489,376
Supplies
ores
hand,
on
advances
on
and expenditures prepaid.
and other accts. receivable..
Defrrred expenses
—
......
Earned surplus
1
666,000
1,880,998
3,250,122
7,043,000
7,643,000
7,864,005
943,531
1,387,496
16,732,903
13,691,876
16,282,191
Indebtedness of subsidiaries.....
receivable
Notes
of
Marketable securities
—
'
,
Total........
582,257,792 592,825,031 592,021,890 581,531,908
— ...
— —
Copper
1st mtge.
5%
20-year
Co.
5%
z9,524,950
■
5,999,452
7,827,868
143,133
230,147
536,395
245,041
218,821
242,490
308,277
66.102,831,
50,953,797
48,163,651
.wv.582,257,792 592,825,031 592,021,890
581,531,908
2,745,212
Accounts and wages payable
1,053,228
Other accounts payable.
1
.-.....
_j———„
tnco,mer
._
71
i
—
—
After
The directors have declared a
the 5K%
holders of record April 5.<—V.
(& Subs.)—Earnings—
Comparative Statement of Combined Income
1939—Month-—1938
Operating
Operating
revenue.
—
Depreciation.
Taxes.
.
__
-
J
341,041,
...
_
$6,081,425 $73,185,843 $74,260,045
1,787,543
22,716,424
22,936,111
356,192
4,133,269
4,349,966
$82,128
10,675,307
9,963,632
941,036
9,942,997
10,339,021
$6,433,011
1,925,016
.
expenses.
•
...
;
919,065
991,599
$2,256,290
Dri,670
$2,114,526 $25,717,846 $26,671,315
Dr4,183
36,184
135,337
$2,151,620
788,915
424,394
Operating income....
Other income.
Total income.
—
—...
Int. & other deductions.
Pref. stock dividends.—
886,836
9,998,980
ies'
com
5,092,519
5,026,986
$799,112 $10,662,531
$10,998,797
Pref.
dividends
stock
from sub. cos.
—
44,the output of 39,791,000
.
..
,
of electric energy for the last five,
1937
|^5
52,311,000 43,979,000 40,857,000
52,466,000 43,606,000 40,311,000
March 18— --45,138,000 40,178,000 52,373,000 44,172,000 40,548,000
March 25,- —-—44,045,000 39,791,000 51,680,000 36,228,000 40,214,000
1938
1939
Week Ended—
March
4- ——45,301,000 41,135,000
-45,149,000 40,430,000
March 11.
February Power Output—
•' :
the electric subsidiaries of the American Water
February totaled 183,228,890 kwh.
compared with 159,945,883 kwh. for the corresponding njonth,of 1938,
The
output of
power
Works & Electric Co. for the month of
increase of
an
$799,112 $10,662,531 $10,998,797
222,015. -2,284,201
2,989,230
150,914
...
Inc.—Weekly
,
15%.
.
Feb. 28, 1939, power output
z
.
,
___
totaled 382,793,-
for the s^rae period last year, an
kwh., as against 333,942,504 kwh.
increase of 15%.—V. 148, p. 1793.
,
cos
follows:
691
applicable
;
.Co." $1,038,311
earns,
2673.
p.
•
For the two months ended
pan-'
to Amer. Gas& El
Int. from sub.
147,
Works & Electric Co.,
Comparative table of weekly output
years
Amer. Gas A Elec. Co.—
Balance of sub.
dividend of 68 % cents per share on account
cumulative preferred, payable April 15 to
045,000 kilowatt hours, an increase of 10.7% over
kilowatt hours for the corresponding week of 1938.
10,780,869
424,394
$ 1,038,311
—
178,354
Output of electric energy of the electric properties of American
Works and Electric Co. for the week ending March 25, 1939, totaled
as
Balance—
5,729,634
165,951
Output—
$2,110,343 $25,754,030 $26,806,651
-
4,108,222
Water
1939—12 Mos.—1938
Sub. Cos. Consolidated-
Maintenance.
1
*
,
American Gas & Electric Co.
Period Ended Feb. 28—
„
2,000,000
Corp.—Accumulated Dividend
American States Utilities
of accumulations on
1,648,192'
5 ,730,605
2,937,782
680,757
Total
1,503,000
11,539,143
—
Accrued liabilities
Deferred credits to
1,470,823
1 604,144
2 000,000
7 164,449
A
169,081
Surplus,
26,574.000
1,498,000
1,252,619
2,000,000
5,448,278
.Co.
f. gold bonds..
s.
Reserves...
Total. —......72,034,323 69,863,121
•
296,352
8,200,873
1,410.008
17,869.122
Ckpital 'stock (par $50)..433 716,900 433,716,900 433,716,900 433,716,900
Capital stock & surplus of sub.
4,667,465
4,543,706
cos. owned by minority interest
4,625,444
4 674,138
Anaconda
Copper Mining Co.
55,000,000
51,871,000
47,589,000
686,000
4t£% debentures
40
23,000,000
19,000,000
Chile Exploration Co. serial notes 15 000,000
166,670
*
,
Inspiration
Consolidated Copper Co——
Cash—.
1,049,697
10,357,903
865,024
Chile Expl. Co. ser. notes (curr.).
14,582,363 13,733,052
7,229,796
6,284,975
Capital surplus
72,034,323 69.863.12H
Metals & manufactured
American Water
.
12,728,992
Instalment house and land sales
4,426,492
...
for conting...
Prov. for Fed. tax.
744,129
752,405
861,734
8,353,232
Def'd charges and disct. on bonds
gold debentures
on
642,264
3149.
P.
affiliated
Butte Anaconda & Pacific Ry
depreciation and depletion of $39,864,565 in 1938 and $37,470,440 in 1937.
b Represented by 65,943 shares of class A common ($10 par)
and 2,552,426 (2,454,425 in 1937) shares of class B common ($10 par),
excluding 59,674 (157,674 in 1937) shares in B stock held by subsidiary
Companies,
c Includes unamortized debt discount and expenses.—V. 147,
a
of
panies, not current..
Cash deposited with trustees....
414,062
accr.
000.000
535,
Goodwill
Total...
Indebtedness
140,954,094 143,844,820 148,900,982
6,105
6,105
6,105
28,970,416
30,936,670
29,243,276
136,467,783
.....
6,105
companies 32,040,131
...
Investments in sundry
.....
funded debt....
Deferred charges
steamships-and railroads.
Patents
Chile
stocks
Accrued interest
con¬
441,625
pref. &
pay.,
wages
,
1,118,997
158,330
.
oblig
pay.
Accts.
191,760
16,941,302 16,684,607
......
purch.
'
tract...—...
31,725
License, pats., <fcc_' 5,000,
c
Dlvs.
com.
for
of debs..
Inventories
money
13,000,000
1,118,997
cos
Tr. accept. & pur.
4,439.000
6,412,316
...
fund
retire,
85,752
Alkali
Corp..
mfg. plants,
sawmills, foundries, waterwks.,
Liabilities—
1,020,780
Common stock_26,183,690 25,203,680
2,068,100
Funded debt—...12,400,000
200,570
Cash
...—10,846,043 11,050,232
Marketable secur.v
349,862
99,823
Other inv. & adv..
991,847
634,317
Inv.
refineries,
works,
$
$
Preferred stock
25,742,155
ac¬
ceptances receiv,
mfg.plants.297,577,342 297,555,269 298,345,521 298,584,988
Bldgs. & mach. at mines, reduc'n
1937
'
1938
1937
*
$
'
phosphate depos¬
metal producing &
,
outstanding.
Earnings per share.....
a
tlmberlands,
$8,539,697
stockholders'
int. in net inc. of subs.
$
Mines & rain'g claims, coal mines,
its, water rights and lands for
190,106
88,213
.
$
$
1935
1936
1937
1938
1936
$8,827,967
618,132
1937
1938
$7,876,170 $10,141,604
434,091
1,013,320
Research, process & mar¬
ket development exp.
Int. & discount paid-...
Deprec. and depletion.
Minority
Consolidated Balance Sheet Dec. 31
and
service charges
Other income (net)_
1945
Chronicle
•
-
.
1937.-—V. 148, p. 1631., '•
Called for redemption Jan. 1,
"
165,681
4,640
;
Other income
'
165,681
2.782
Anchor Post Fence Co.—New Director—
Conover, President of Conover-Mast Co. of New York, was
a director of this company to succeed Bertram B. Tate.—-Y . ,14b,
4106.
'>
•
•
; ;/• ; •
;;;
1,922,636
1,988,170
58,990
68,217
Harvey
elected
Total income.—
.
_
_
.
$1,189,590 $14,993,891 $15,978,880
52,119
556,031 *
746,695
$1,359,546
..—
Expense.
P.
.
A"
44,193
..
_
/
Balance
$1,137,470 $14,437,860 $15,232,184
170,853
1,951,370
2,050,241
177,811
2,133,738
2,133,738
$1,315,353
^
Int. & other deductions.
128,140
177,811
Pref. stk.divs. to public
Mining Co.—Earnings-
Andes Copper
Consolidated Income Account for
1938
Balance.
$788,805 $10,352,752
$1,009,402
-V. 148, p.
$11,048,205
■;
1468.
Directors have declared
a
dividend of 37 Y% cents per share on account of
participating preferred stock, no par
value payable April 1 to holders of record March 27.
Accruals after the
current payment will amount to $2.62Yz per share.—V. 148, p. 429.
on
the
$1.50
Copper sold (lbs.)
American
Stamping Co.—To Pay 20-Cent Dividend—
a dividend of 20 cents per share on the common
stock, payable March 31 to holders of record March 25.
Dividend of 25
cents was paid on Dec. 25 last; 12M cents paid on Dec. 22 and Oct. 1, 1937;
15 cents paid on Sept. 1, 1937 and a dividend of 20 cents was paid on July
20, 1937—V. 148, p. 1793.
V
/
Directors have declared
„
Anaconda
$
1
$
,$
$
■
earnings. 144,206,555 233,916,532 160,882,734 127,678,577
.115,449,518 181,739,985 129,811,065 100,266,619
.Calendar Years—
Grossslaes and
Cost of sales..
,
Copper Mining Co. (& Subs.)—Earnings—
;
1938
'
1937
1936
1935:
.
,
-
.
—
Operating income
-
52,176,548
2,551,618
28,757,037
Other income
855,234
31,071^669
2,385,649
121,923,082 116,711 >843
Operating profit
$4,202,585
-
Interest
rent
on
bonds &
U.
on
S.
419,282
78,,820
50,186
$8,262,753
$2,079,620
326,568
525,232
$1,735,579
393,666
746,479
-———
non-operating
units__
3,041,676
3,818,412
4,044,435
3,617,136
415,479
2.420,080
2,403,936
47,045
Net profit.
—
"
576,318
$2,550,365
-
Earnings per share
capital stock...-
on
&
1,957,992
_
390,118
286,971
9,214,030
7,608,863
mkt. quota, of
metal inventory
150,522
168,108
388,210
266', 174
9,836,512
293,897
31,732,039
15,958,864
77,035
11,313,727
133,640
9,542,615
4,337,169
31,387,862
15,180,092
& exp.on bds., &c
Net gain
_
—
Minority share of income
Net income
Dividends.
344,177
15,881,830
10,842,922
11,180,087
tal stock——
c
1938
25,309
6,344,118
5,514,439
receivable.-
1,839,829
387,352
1,694,300
414,399
2,373,948
1,329,299
Accts
—
2.141,161
1,286,997
1—
income.
87,973.394 88,346,513
Total.-...
-
$1.10
$1.83
$3.62
,
,
■
*
$1.00
undistributed
Capital
$
1937
$
stock.-.71,647,580 71,647,580
879,759
Accrued liabilities.
1,467,008
Wages payable...
43,785,227
25,309
Represented by shares of $20 par.-
39,010
27,923
payable.
to
185,850
137,576
per Mining Co.Surplus
1'5,221,197
1,500,000
13,566,426
Accounts
Notes
payable
Cop¬
Anaconda
87,973.395 88,346,513
Total
-V. 148, p.
1794.
Ann Arbor RR.—Earnings-
1939
$301,120
22,666
defl2.533
Februarv—
Gross from railway
Net from railway
Net after rents
Jan.
1—
Gross from railway.
Including $256,140 ($6,257 i» 1936) estimated surtax on
^
Liabilities—
equipment, &c..42,766,677
Investments
From
Earns, per share on capi¬
$418,136
S
33,181,953 33,209.593
& concessions
y
1,191,185
$844,342
'(
y
Other assets
8,390,016
$5,455,658
1937
$
Assets—
Cash
573,908
135,340
Consolidated Balance Sheet Dec. 31
Deferred charges._
8,513,619
obsolescence
to
c2,975,918
debs, retired
thru, sinking fund
Deprec., depletion and
excess
c8,575,530
4,216,861
41,958
x237,763
zl
$0.71
$1.52
$0.24
$0.12
x Including
$1,828 estimated United States surtax on undistributed
income,
y Interest on loans only,
z No United States surtax on un¬
distributed income is deemed to be payable.
: ■ '•
Supplies & metals.
—
145,715
,380,781
S.
Buildings, machry.,
non-
bonds retired.
y215,375
1,210,939
------
and Chilean taxes
estimated
U.
Mines, claims,land
2,703,713
foreign income
(estimated)
prem. & exp. on
bonds
Disc.
28,423,325
&
taxes
Disct.
Red.
33,457,318
;3,905,314
$1,685,393
214,330
—
27,411,958
1,011,367
cur¬
obligations
Exps. pertaining to
operating units
Loss
54,728,165
29,612,271
2.639,663
$2,000,799
6,974,252 :
$7,843,471
$4,416,915
Int. incl. disct. of debs._
y20,301
Deprec. of plant & equip.
1,269,931
Expense
pertaining
to
Other income
1938
Total income
1936
1935
50,762,520 '74,578,219
$4,640,463; $5,590,708
■' '1937
r5?ver°andSld——7,963,648
cum.
Total-
,
—
'
sold-.$12,166,233 $14,817,723
Rev. from copper
1
American Products Co.—Accumulated Dividend—
,
accumulations
Calendar Years
(Including Potrerillos Ry. Co.)
-
-
-
-
t
Net after rents.
148, p. 1310.
.
1937
<
»
625,841
90,578
20,111
•
501,237
17,367
def50,233
1936
$327,612
$316,747
74.368
36.506
42,265
665,335
129.143
56.219
628,068
91,539
37,403
'
-
Net from railway
—V.
1938 "
IS
$242,442
7,462
def28,055
15,627
Financial
1946
Net
8,199,592
109,610
Profit..
........
Pro v. for Fed. inc. tax..
83,381
$201,031
64,119
$303,794
43,937
*5265,150
"6",521
$492,761
81,940
5,292
18,463
Provision for surtax.;—
Miscellaneous expenses.
Other deductions......
Net profit
337,109
$0.85
— .
For the week ended March 24
337,109
$0.75
ago.
Gross output,
y
Proportion of net profit of
520 shares of stock of Arnold
Earnings for 12 Months Ended
Operating revenues...
... —
Provision for uncollectible operating revenues.
337,109
-$0.65
Arnold Constable <fc Co., Inc., allocated to
Total operating revenues..
Constable & Co.. Inc., not acquired.
$800,049
766,644
17,213
703,307
1,138,708
Investments—....
1,275,273
cash
Sundry assets, and
41,718
39,499
1
a
72,449
f
store fixtures...
1,018,313
1,081,355
d
Leasehold impt.
256,024
■
;
Topeka & Santa Fe Ry.—Earnings—
$10,053,515 $21,286,254 $21,178,116
9,976,449
18,776.957
20,569.144
xl,221.645
2.472,377
2,508,155
72.214
116,582
"
152.806
228.619
$9,976,491
9,013.804
Railway oper. revenues.
Railway oper. expensesRailway tax accruals
Other debits
;
will...........
xl,149,577
...
$4,931,527
....$4,885,390 $4,931,527
Total..
$621,828
...
(lncl. Gulf Colorado & Santa Fe Ry. and Panhandle & Santa Fe Ry.)
1939—Month—-1938
1939—2 Mos.—1938
Period End, Feb. 28
293,215
good¬
Total-.. —.'.$4,885,390
167
36,775
Cr27,025
........
to construction
charged
income..
Atchison
2,127,567
330,437
77,399
Deferred charges..
Leaseliold &
$1,043,745
412,000
—
...
----
...
-Y. 146, p. 3945.
273,198
81,258
47,706
1,685,545
1,685,545
,
--
82,600
78,400
surplus...
funded debt
Amortization of debt discount and expense—
Net
Capital stock...
Earned
..
......
interest
Interest
Capital surplus... 2,127,567
bldg. and
on
20,203
-
"
consolidated.-i._
b Land,
Interest
corn
income tax
$1,031,551
12,195
-i
earnings............
General
Def'd liabilities...
not
cos.
113,910
93,663
and
Reserve for Federal
whollyowned
to
sub.
Net
payable:.
tracts
29,845
32,945
Invests. In & advs.
2,812.280
operations..
$519,062
$457,829
credits....
24,600
$3,843,830
...
Other income—
,
expenses
Cust. deposits
Uncompleted
investments....
Net earnings from
1938
1939
;
payable..
$3,868,430
Operating expenses and taxes..
Accrued wages and
19,397
726,674
Miscell. acc'ts rec.
...
Accounts
$705,106
814,201
....
Inventories
Liabilities—
1938
1939
V,
Assets—
Acc'ts & notes rec
c
Telephone Co., Ltd.—-Earnings—
Dec. 31, 1938
Associated
42,136
Consolidated Balance Sheet Jan. 31..
Cash
amounted to 96,748,983
including sales to other utilities,
148, p. 1794.
units for the current week.—V.
$221,642
337,109
$1.15
•
Associated Gas & Electric System reports
electric output of 92,078,711 units (kwh.).
This is an increase of
9,361,991 units or 11.3% above production of 82,716,720 units for a year
Shares capital
.
Exchange.
net
14",172
$387,066
337,098
$253,336
252,819
par common
or withdrawn
postponed to April 11. The common
Exchange, the Los Angeles Stock Ex¬
Weekly Output~~~~
y585
$286,174
252,818
paid
stock outstanding (par $5)....
Earnings per share
change and the New York Curb
28,750
—...
........
Dividends
from registration has been further
stock is listed on the Boston Stock
80,594
$425,121
67,640
22,284
Other income
91,834
$206,923
96,871
$377,265
68,808
.
Commission in the proceedings to determine whether the $1
stock and $1 par class A stock of company should be suspended
$6,834,459
6,552,834
$258,288
118,977
.
Profit
$7,760,604
7,252,101
$7,883,911
7,585,155
$8,567,491
sales
Expenses
Depreciation
The hearing
1936
1Q'47
1Q9K
1939
1, 1939
Associated Gas & Electric Co.—Hearing Postponed—
scheduled for March 28 before the Securities and Exchange
Arnold Constable Corp.— -Annual Report—
Years End. J an. 31—
April
Chronicle
$259,104
$1,261,162
$115,886 $2,127,803
1938 respectively $324,074 and $351,009 pre-,
Act of 1937 and the Unemploy¬
ment Insurance Acts,
y Includes for 1939 and 1938 respectively $674,419
and $729,974 representing accruals under the Carrier's Taxing Act of 1937
and the Unemployment Insurance Acts.
:
Net ry. oper. deficit..
Represented by 337,109 shares of $5 par value,
b After deducting
for depreciation,
c After deducting reserve for discounts, doubtful
accounts, &c.
d After deducting amortization of $145,698 in 1939 and
$128,524 in 1938.—V. 148, p. 1310.
a
Includes
x
reserve
and
1939
for
senting accruals under the Carrier's Taxing
,
Asbestos Mfg. Co.—To
Reduce Directorate—
to reduce the
also
Period—'
\
-
.
,,
.
491,511
.
$8,851,021
6,490,659
$8,335,180
6,383,260
$1,337,449
Taxes..
$1,23§,658
$2,360,362
475,000
Net oper. revenues..
$56,999,317 $54,222,124 $47,845,022
526,075
566,234
485,474
Net sales...........$54,792,471
Commissions, &c;
1 939—2 Mos.—1938
1939—Month—1938
$4,510,260
$4,345,121
3,172,811
3,105,463
Period End. Feb. 28—
Operating revenues^
Operating expenses-
1,376,008
1,481,798
1,457,253
.
Atlantic Coast Line RR.—Earnings-
,
$58,456,570 $55,703,922,$49,221,030
1,432,057
Sales, leased department
& Taylor the majority
~~r-Years Ended Jan. 31—
1937
1936
^52 Wks.End. 52 Wks.End.
Jan. 28 '39 Jan. 29, '38
Total net sales.....$56,224,528
was
1469;
p.
^
Vice-President of the railway, was on March
President to succeed the late Samuel T. Bledsoe.
Mr. Engel
appointed Chairman of the Executive Committee.-—V, /148,
• /
/ ,
\" '
Edward J. Engel, Executive
28 elected
Associated Dry Goods Corp;—Earnings—
[Including all wholly-owned subsidiaries and Lord
of whose stock is owned]
v
'
New President—»
consider a proposal
number of directors from nine to five.—V. 147, p. 2080.
Stockholders at their annual meeting on April 12 will
475,000
925,000
$1,951,920
900,000
...
Operating income.
Equip.& joint facil.rents
$862,449
239,532
$764,658,
198,294
$1,435,362
475,171
$1,051,920
376,725
Net ry. oper. income..
$622,917
$566,364
$960,191
$675,195
•
_
$55,283,982 $57,525,393 $54,788,358 $48,330,496
expenses.52,967,665
54,822,426
51,698,404
45,810,111
Depreciation i...-..:.
894,559
808,484
689,954
700,919
Int. ort real estate mtge
205,356
179,746
208,628
227,050
Exps. of parent company
199,253
239,699
220,154
195,559
Gross income..
'
_
_
Costs and
Profit.
_
T...
_..1....$1,017,148*
Loss
on
&c.
sale of securities,
174,568
xCY61,519
$1,532,790
y252,500
$2,127,362
y319,606
Cr22,000
13,000
13,600
$829,547
$1,267,290
$1,794,156
42,183
51,755
$1,052,797
245,250
Conting. inc. tax liabil.,
deferred pay. acqts..,
$1,571,424
195,000
•
-I...
Atlanta Birmingham & Coast
$1,396,856
94,624
'
.
xCr6,750
..."
Balance....
$1,971,219
*
(net)
Total profit.
Federal tdxesi.......J.
$1,475,038
51,002
Other income.—35,649
—V. 148, p. 1794.
February—.
owned.
_•
Unusual charges
Net
(net)..
profit.....'
..i
1st preferred dividends..
2d preferred dividends..
.
$1,701,433
1,611,144
sur$ll,940
$210,624
$376,374
$217.233
"
Net after rents.........
From Jan. 1—
,
Including amortization credit"of^$428""($22^905 in 1936).
ylncluding
$500 for surtax on undistributed profits of a subsidiary.
z Losses of $172,673
($229,888 in 1938) on abandonment and demolition
of buildings, improvements including demolition costs during the current
year, have been charged to consolidated earned surplus account as a
partial offset against the net amount of changes in allowances for deprecia¬
tion of fixtures, equipment, and building improvements, made to accord
with the findings of the United States Treasury Department.
-Earnings-
RR.
$263,191
46,149
,532,369
22,280
—Y. 148, p.
624,166
88,666
10,64.0
5,843
.
def66,366
1939
$133,823
16,320
def6,459
...
1310.
2,968
306,691
40,149
def6,117
Jan. 28 '39
•
Jan. 29 *38
;
:
255,183
311
def47,061
' •;
;
.O
4,430,608
5,191,875
Accounts
payable,
1,697,080
(J. 8. Govt. sees.
trade cred., &c_
Accounts receiv.
168,291
7,292,887
168,315
y
7,285,357
Accrued expenses.
846,929
700
850
Dividends declared
207,265
-
'
'
Year End.
Other opef
7,700,120
Year End.
Periods
.
Subscrlp'p, N. Y.
$3,511,303, $1,782,372
$3,987,362
Dr222.893
4.810
$3,764,469
a4,896,556
.
$6,373,762
Dr31,262
$6,^42,500
ipc. (net)...
.
Year End.
30, '36 Dec. 31, '35
11 Mos. End.
Nov. 30. '38 Nov. 30. '37 Nov.
Period—
3,331 ;733
$3,516,113
2,995,295
.
"
12,329
$1,794,702
1.667,911
306,923
6,798,942
' \ '
..
780,129
Notes receivable..
28,625
<••••
(& Subs.)—Earnings—
Aviation Corp.
Total income
x
274,185
quarterly dividend of 75 cents per share
the preferred stock, payable April 1 to holders of record March 20.—V.
148,p. 1311,
: ■■
..
.
;;
.
Liabilities—
Cask.....
'■
Directors have declared an initial
Net sales of mfd. prod'ts
Jan. 28 '39
Jan. 29 '38
def8,105
26,174
def22,706
,
$135,766
14,408
def3,545
$155,179
733
\
1936
-
$122,917
Consolidated Income Account for Staled
Taylor, the
1
1937
1938
,
on
>
&
533,514
41,682
def!7,178
Auto Finance Co.—Initipl Dividend-—
•
,
,
.-[Including all ,wholly-owned subsidiaries; also Lord
majority of whose stock is owned]
1936t
\
$262,300
15,860
defl5,892
$310,898
16,734
def31,448
'284,810
37,201
def9„201
Net after rents-...-—.
x
Consolidated Balance Sheet
*
1937
1938
.
A
*
Gross from rail way.....
Net from railway
Deficit
,
'
Atlanta & West Point RR. —Earnings—
February—
Gross from railway
Net from railway......
$1,234,770
1,812,555
99,502
1939
642,166
Net from railway.
;...
129,641
Net after rents.28,448
—V. 148, p. 1310.
33,126
z$787,364 z$l,215,535
805,595
805,589
199,003
'
398,006
'
From Jan. 1—r
108,528
.......
,
Gross from railway.—.
$1,376,424
92,723.
;
$307,408
Net from railway.59,182
Net after rents...
5,899
Applic. to L, & T. stock
not
.
Gross from railway
Inventories..
Prepaid exps., lncl.
insur. deposits.,
z
equip.,
less
a
517,703
556,644
2,925,747
&c
2,550,398
Prov.
for
187,149
improvements. .20,209,458
Misc. investments.
209,645
Prov.
for
257,500
1,129,308
124,980
277,704
$1,832,472
gent liabilities.
.
__
4,742.500
701,909
58,312
34,148
y$255,257
$217,332
fy$645,242
x67.216
y $578,026
135,257
Q
19,725,900
14,513,954 14,903,860
Net
profit before prov
1
1938.
.
allowance for depreciation of $3,641,504 in 1939 and
—V. 148, p. 1160.
$0,423,999 in 1938.
181,609
$223,454
110,470
z461
428
$90,655
par
x After amortization of $114 in 1939 and $90 in 1938.
y After allowance
for doubtful accounts of $218,335 in 1939 and $205,217 in 1938.
z After
y$255.257
y$437.327
$104,016
$187,909
y$670,933
238,511
cCrl54,254
JLUjr
liibui vovo.
d57,000
Add'l Fed. income tax^.
.
Netprofit
sh. on 2,777.750 shs. on com. stock
92,906
8,540
50
1939 and $5,146,572
b Capital stocks issued and outstanding: 1st pref. stock, 6%
$100, authorized, $20,000,000; issued and outstanding, $13,436,400; 2d pref. stock, 7% cum., par $100, authorized $6,725,500; issued
and outstanding, $5,690,100; common stock, par $1, authorized, 800,000
shares; issued, 599,400 shares, $599,400; total, $19,725,900, less in treasury,
8,460 shares common stock, $8,460 total capital stock outstanding in
jam!8 of public, $19,717,440.
c Includes $1,000,000 maturing Nov. 1,1939.
d Provision for contingent liability for such income taxes as may be payable
when profits accrued on deferred payment accounts receivable outstanding
are realized.
^
"
"
$421,066
b326,310
4,050
___\42,738,233 43,688,365
After allowance for depreciation of $5,269,140 in
91,691
728,030
.
cum.,
782,182
stock &
Earned surplus
in
1,282,158
expenses
62,100
capital reserve..19,725,900
Total
$306,344
848,058
6.122
Parent co.
40,100
3,580,000
.
Tay. not owned,
....42,738,233 43,688,365
$1,123,703
972,389
$421,066
Total
Sell., adv., gen. & adm
r
& eng. & exper'l exps.
Cap. stk. of Lord&
a
$808,823
$432,736
•
290,364
Federal
Mtge. on real est
^Total
$126 790
179,554
386,528
d Prov. for contin¬
b Capital
$520,818
602,885
129,248
165,000
awards,
income taxes...
19,808,554
239,102
376,087
.'.$1,445,944
claims, &c
184,251
Land, bldgs. and
.
pay¬
able within year
purch.,
amortiza'n.
Mtge. install.,
Cost of sales—.....
69,000
World's Fair bds
Fixtures, delivery
Leasehold
1,550,165
y$437,327
$104,016
y$432,421
Earns, per
$0.07
Nil
$0.04
Nil
a Excluding depreciation, amortization and taxes aggregating $361,830.
b Depreciation and amortization of fixed assets,
c Excess of net proceeds
from sale of securities previously segregated for special distribution to stock¬
holders in compliance with the Air Mail Act of 1934, over written-down book
value thereof as determined by directors at Dec. 31, 1932.
d Additiona
Volume
Financial
148
Federal income
tax
tion.
z
Loss,
y
assessments covering prior years,
x Before deprecia¬
Including surtax on undistributed profits.
Assets—
Cash
on
1937
$1,282,152
$932,9^7
415,640
335,135
25,200
314,580
597,947
64,901
1,456,259
1.
hand and in banks
34,842
72,466
2,553,464
Indebtedness of officers and employees
5,584
Bal. rec. from subscr. to Am. Airlines, Inc., debs
Accrued interest and dividend receivable
Inventories
Other notes & accts. receivable, partly secured
3,291.500
726,236
29,873
124,434
389,490
1,333,115
339,026
134.470
749,716
Miscellaneous investments (at cost)
Investment in other securities, &c
1,180,934
Land, bldgs., machine & other equipment.c Idle property and equipment.
Deferred charges
'
Development expenses, patents, &c_.
c
d339,026
...
57,497
922,493
•
Inventories.-
1
$173,696
©142,812
$307,463
114,332
190,423
42,600
328,991
8,333.250
4,139,884
2,953,065
734.681
42,600
328,991
8,333,250
4,139,884
2,403,767
1,644,116
1,883,929
Customers' advance deposits
...$10,398,591
$11,625,069
1
Purchase money obligations
Reserve agiainst prop., leases
b Capital stock...-
and contingencies__
;
.—
surplus...
.
Earned deficit subsequent to Dec. 31, 1932—;
Total
——
—
American Airlines,
Inc.: $3,294,300 principal amount five-year AlA%
debentures, due July 1, 1941, at cost.
Convertible into shares of common
Airlines, Inc., at the basic conversion price of $12.50
per share.
Held for investment, $2,422,113.
Npn-convertible, held for
investment, $872,187; total (as above), $3,294,300.
b Authorized, 5,000,000 shares, par value $3 per share: issued,, 2,831,041
shares: less 53,291 shares in treasury.
Outstanding in the hands of the
stock of American
public, 2,777.750 shares.
.
c After reserve for
depreciation,
d Property and equipment leased to
others,
e Accrued expenses and taxes
(including income taxes).—V. 147,
p. 2384.
;
' ;
(J. T.) Baker Chemical Co.—To Pay YZl/faCent Dividend
Directors have declared
a
dividend of 12 A cents per share on the common
stock payable April
paid
1 to holders of record March 16.
A dividend of 25
Dec. 20 last and on Dec. 21, 1937.—V. 145, p. 2063.
on
52,937
49,137
128,826
RR.—-Equipment Trust Issue—*
The $1,305,000 equipment trust cert.ficates, series H, purchased from
the Reconstruction Finance Corporation by Salomon Brothers & Hutzler
bear 4% interest and mature $119,000 each June and Dec. 15 from June 15,
1939 to Dec. 15, 1943 and $115,000, June 15,
placed privately.
\
c
eqiiip.il,789,549
Plant and
Leaseholds
10,425.035
revenues
Express
—
1939—2 Mos.—1938
$7,690,074 $19,877,049 $16,916,205
740,317
1,525,488
1,710,837
244,914 <
479,332
514,896
38,567
171,643
95,566
227,672
78,548
-
revenues——
„
All other oper. revenues-
Railway
345,726
343,015
way & structs.
816,045
Maint. of equipment-.2,454,624
Traffic expenses..378,093
Transportation—rail line
Transp. for investmentNet
from
revenue
"
ry
-...-
Net
7
x
Credit
Stock Sales—-
■
7'7..7;
x$920,817
$2,931,178
x$623,916
,
7
..7/'. ■>
' '■ ...::'
Acceptance Corp.—Enjoined frofn
Deficit.—V. 148, p.. 1794.
Bankers
-
123,103
income->$1,260,259
ry. oper.
$1,832,950
1,822,809
302.878
331,179
$239,303
$5,246,224
900,241
1,747,250
94,824
302,073
165.055 '
265,723
868,727
92,693
•
..
,
«
$2,344,782
operations.Railway tax accruals.
Equipment rents (net)
Joint facil. rents (net)..
—
„
4;257,682
93,363
492,529
Cr69
Miscellaneous operations
General expenses.
714,316
737,017
$9,059,598 $22,790,529 $19,951,820
1,110,356
1.706,230
2,300,118
2,488,244
5,030,763
4,964,456
386,187
707.726
724,547
4,298,109 "
$.866,329 . 9,012,297
115,795
202,395
253,584
423,646
1,031,320
866,044
02,042
'•
0458
02,176
revs.._$10,837,049
oper.
Maint. of
&
.
Dolomite, Inc.—New Director—
7
Douglas Van Dyke of Milwaukee was elected a director of this company
at the annual meeting of stockholders held March 28, succeeding W. P.
Kelly.—V. 148, p. 1161.
;
7
'
■
■
;
Beaumont Sour Lake & Western
77
,
1939
railway.
$279,867
Net from railway—
146,085
Netafterrents...86,395
February—
Gross from
— —
Gross from railway
Net from railway...
Net after rents.
Prepaid
51,911
)7
'■
■■■■,.
/
Bendix Aviation
'
75,923
exps
,'336.187
555,715
&c.
,
33,790,480 31,797,407
;
,
"
634,907 7
350,544
211,683
...
,
Bedford Pulp &
—
.
—
..33,790,480 31,797,407
Paper Co., Inc.-—Bonds Called—
total of $14,700 first mortgage s. f. gold bonds, 6A%, due Dec. 1,
1942, have been called for redemption on June 1 at 102 and accrued interest.
Payment will be made at the Guaranty Trust Co. of N. Y.—V. 115, p. 2908.
Berkshire Street
Ry.—Earnings—
1935^
$400,845
301,121
18,241
$114,696
$115,533
$81,483
410
461
$430,982
291,463
24,822
$100,162
Drl41
Operating income.
Non-oper. income-----Gross income
Deduct, from gross inc.
,
.
94,619
Net income...$5,402
1
365
$115,995
286,476
$115,107
179,301
$100,021
—
>
1936
$431,680
294,908
21,238
1937
1938
Calendar Years—
Operating revenues
$399,657
Operating expenses
274,047
Oper. taxes & licenses.25,447
$81,848
287,285
-
def$64,195 def$170,482 def$205,437
Balance Sheet Dec. 31, 1938
'
$49,391; special deposits, $8,941; miscellaneous account8
receivable, $5,139; materials and supplies, $4,806; other current assets»
$850; carrier operating property, $527,322; non-operating property, $25,643;
other investments,
$6,000; sinking funds, $24,695; deposits in lieu of
mortgaged property sold, $21,690; deferred debits, $1,863; total, $676,340.
Liabilities—Notes
payable,
$41,167; matured long-term obligations,
$6,000; miscellaneous accounts payable,
$14,006;,unredeemed tickets,,
$5,297; taxes accrued, $1,717; interest accrued, $9,978; matured interest
unpaid, $2,911; long-term obligations, $1,539,025; other deferred credits,
$1,214; accrued depreciation reserve, $173,153; other reserves, $15,218;
capital stock, $5,398,100; deficit, $6,531,447; total, $676,340.
Note—Effective Jan. 1, 1938, the accounts of this company are shown on
the basis as prescribed by the,Interstate Commerce Commission under the
Motor Carriers classification.—V. 148, p. 1019.
Bessemer & Lake Erie
railway.
Net from
defl76,713
136,805
43,674
553,416
def366,675
def392,658
1,600,153
985,224
def50,255
-'35,126
1—
'
'■
Net after rents..
•V
—
1937
.
$759,920
102,412
.
def78,562
def85,276
-.-
1313.
,
>
■
872,142
Gross from railway..—
Net from railway
...—v. 148, P.
1936
$529,472
def2,428
1938
1938
$252,318
defl63,347
-
—
Net after rents
From Jan.
RR.—Earnings-
'1939
$452,168
..def24,783
def27,525'
February—
Gross from railway
.
310,280
367,836
■/.
•;
Extend Corporate Term-—
Bower Roller Bearing Co .—To
the corporate term of the company
27 will consider extending
for an additional 30 years from and after
,
416,666
168,192
62,875
^
Borg-Warner Corp. (& Subs.)—Earnings—
Operating profit, j$2,514,448 $12,362 183
Other income...
290,154
486,068
Total income.
29,228,032
36,623,211
1,094,452
1,023,452
75,000
$571,063
-----
$2,872,966
Special charges for tools, dies and jigs.
...
167,787
_
sale of securs.
on
19,287
244,776
488,927
I
undistributed
for
Losses
685.382
co
1,963,084
.150,116
458 612
profits tax....
Royalty settlem't, pr.yrs
Plant moving expensesInterest——j
Develop, of new prod...
536,567
2,255
345,728
46,735
3,622
386,457
31.553
348,012
25,319
$8,326,865
120,089
4,603,860
$0,982,732
71,047
163.747
340"307
24,950
.
Other deduction
zlll,319
loss$19,966
$8,348,089
575,510
5,755", 019
dividends.r—-
Surplus.
Shs
x
Par $5.
,
_def$595,476
-.s._
common
stock out-
y
$2,593,070
200,376
2,014,169
$3,602,917
$4,768,187
yl,150,975
$7.13
yl.160.945
$5.89
>
x2,461,890
Nil
standing.—-...
Earnings per share
x2,461,878
$3.39
Par $10.
.
,
Note—Subsidiary company not included in above consolidation:
Morse
Chain Co., Ltd. (92.6% owned subsidiary of Morse Chain Co.) dividend
received and included above $15,018; equity in earnings for the year,
converted at
Dec. 31, 1938, rate of exchange
$3,363,951
96,914
30,224
——
490,985
$738,849
——_
...
..
.....
$9,866,032
$12,163,671
$2,804,603 $12,848,251 $12,849,053 $10,354,959
1,908,278
1,783,532
1,986,594
1,687,264
1.183,809
1,660,244
....
Depreciation
1935
1936
1937
1938
Calendar Years—
Preferred dividends
1938
1937
income$30,893,547 $40,594,629
^
——
Net profit from operations
—^7
23, 1940.—V. 148, p. 1795.
June
Common
Prov. for deprec. of plant building and equip, and
amortization of leaseholds and improvements.
Other income.
.
A
[Including Domestic and Canadian Subsidiaries]
Years Ended Dec. 31—
Gross sales, royalties and other operating
b Cost of sales—
Total.
a Represented by 2,097,663 shares
of $5 par value.- b Including time
deposits of $585,000 in 1938 and $30,000 in 1937.
c After depreciation of
$7,152,403 in 1938 and $6,976,730 in 1937.
d Including surtax on undis¬
tributed profits,
e Incl. minority interest in preferred stock of subsidiaries
and surplus.—V. 147, p. 3151.
Net income—
257,780
133,901
Corp*—Earnings—
.
a
'538,846
546,806
279,587
158,267.
—.
..16.964,976 16,840,016
1
Total....
Prov.
1936
$214,508
97,115
* 43,962
■'
.._
—V. 148, p. 1312..
.
1937
$337,837
209,330
143.728
:
■
252,750
10,488.316
public.
patent
<fcc
Federal taxes
Ry.—Earnings—
1938
$288,093
152,446
■>:
91,832
— .
.From Jan. I—
294,259
Capital stock...10,488,315
a
Stockholders at their annual meeting on April
The Securities and Exchange Commission reported March 15 that Justice
Jennings Bailey of the U. S. District Court ror the District of Columbia
has signed final judgment enjoining the corporation, with offices at 1422
K Street, N. W., Washington, D. C., from offering its securities in viola¬
tion of the fraud provisions of the Securities Act of 1933.—V. 146, p. 3328.
Basic
244,776
Pref. cap. stock of
e
Surplus..
balance....
rights.
-.v.
.
A 312s
Assets—Cash,
1939—Month—1938
Freight revenues—$9,512,388
Passenger revenues —675,426
Mail
52,426
8,528
275,000
3,000,000
&c_._._
Res. for contgs.—
prov—unamort.
,
Period End. Feb. 28—
823,463
534,571
'
Earnings for February and Year to Date
•
,
,
'
_
improv.
subs. In hands of
im-
&
Patents,
The issue has been
1944.
Special
126,348
current
not
1-
Fed. & State tax.
Officer's and empl.
—_
Baltimore & Ohio
Accruals
Series
acceptances
1,291,836
1,000,000
738,480
d888,807
1,401,367
Notes payable
assess.,
<fc sundry secur.
$
$
Accounts payable.
Miscell. real estate
Trade
27,634
Provision for State & Federal taxes
cents was
3.662,182
10,920,260
2,314,036
AppniinN
Accounts payable
Accrued expenses
a
8,156,513
2,207,169
.,.
Investments
Liabilities—
Paid-up
—
Liabilities—
$
1,793,337
211,031
4,279,391
Market, securities 1,000,000
Notes & accts. rec. 3.924,351
1937
1938
1937
$
b Cash.....
rec.
...$10,398,591 $11,625,069
Total
Including depreciation,
c
Consolidated Balance Sheet Dec. 31
1938
Assets—
a3,294,300
726.236
Other aeronautical securities
possible losses on receivables and inventories,
1938, $7,054: 1937, $5,999.
d Includes $100,000 for estimated surtax on
profits.
Note—The parent company's proportion of the 1938 and 1937 undistri¬
buted net income of non-consolidated foreign and domestic subsidiary and
affiliated companies (excluding minority-owned domestic affiliated com¬
panies), amounting to approximately $60,000 for 1938 and $115,000 for
1937 based upon exchange rates at Dec. 31, 1938 and 1937, respectively, is
not included above.
These amounts are before providing for depreciation
of foreign currencies applicable to the undistributed surplus of prior years.
294,145
Investments
,
for
undistributed
Consolidated Balance Sheet Nov. 30
1938
United States Government bonds at cost
Marketable securities, at cost
Notes and accounts receivable, less reserves
1947
Chronicle
amounted to $23,009.
Consolidated Balance Sheet Dec. 31
Gross income
Interest paid
...
Provision for contingencies
Provision for loss on investment in
a
96,913
foreign sub—
on real estate not used in the business and
surplus plant—net
Expenses in connection with the issuance of $5,000,000 of sinking fund debentures
c
Charges
68,486
on
57,807
49,721
Miscellaneous deduction
279,649
Provision for Federal and Dominion income taxes.
$156,048
$2,255,133
958,746
$1,272,319
Total.
Dividends paid during the year
on
2,097,663
shares
-----
— -
$3,213,880
2,097,609
—
Earned surplus at the end of the year
a
36,715
d675,204
1,116,271
Net income
Earned surplus at the beginning of the year
Earnings per share
stock (par $5)
35,924
$1,272,319
$1,116,271
capital
——
Less discounts and returns and allowances,
*
$0.07
$1.07
b Including selling, service,
administrative, patents and development, and general]expense, and provisions
1938
$
15,230,158 15,022,128
720,236
1,610,845
207,450
242,868
Goodwill & pat'ts.
1,155,567
133,439
Cash.
8,711,696
1,155,567
158,024
8,058,348
Investments
.
Prepaid expenses
c Borg-Warner stk
held by subs
Marketable secur.
68,105
79,655
Accts. & notes rec.
5,105,893
4,751,214
Notes rec. for cash
a
754
814
3 ,965.271
Fed. tax provision. 1 ,038,322
Deferred Income..
81,191
5,252,893
Scrip outstanding.
Accts.
1937.
c
payable and
accrued expenses
2,798.475
107,889
Refrlgerat'n maint
fund
Contlng. res., &c.
536,724
725,651
917.590
395,109
492,296
1,021,498
surplus
Capital surplus...10 ,274,139 10,274,139
surplus—13 342,828 14,545,092
A pprec.
688,039
562,535
43,191,920 47,197,594
Total— . —.43,191,920 47,197,594
of $13,568,487 in 1938 and $14,650,862 in
Represented by 159,85Q shares commpn stock.
7V.
.
After depreciation reserves
—V.
12,309,390
10,821,336 15,556,410
Deferred charges..
Total..
1937
$
$
Earned
350,000
advance
Inventories
Liabilities—
Common stock —12 ,309,450
Prop., plant and
equipment
1938
1937
$
A 8 sets—
a
148, p. 1470
.
Best & Co.,
which matured Feb. 1, 1939.
In approving the extension the Commission
the carrier was not in need of financial reorganization in the
Earnings—
Inc.-
ruled that
1936
'
public interest at this time.
Years Ended Jan. 31—
1939
1938
■:
1937 _
x Income from sales
y$15,245,294y$l6,205,626y$l4,956,602 $13,328,753
11,821,513
Costs and expenses
13,666,950 14,345,354 13,075,203
„
_.
Federal, &c.,
160,976
471,615
215,664
384,274
$1,227,681
$1,281,460
$1,133,953
20.657
900,000
17,577
825,000
750,000
403,597
taxes
$1,013,694
Net
profit
Preferred dividends
Common dividends
21,200
555,000
Writing the
and Caskie dissented.
Commissioners Mahaffie, Aitchison
minority opinion, Commissioner Mahaffie said:
"A prudent creditor considering only his own position as a creditor would.
I think, grant the extension as a matter of sound business judgment.
The creditor here, however, is the RFC.
We, under the Act, have a dif¬
ferent function.
In order to approve the extension we must certify that
152,520
220,766
161,052
Deprec. & amortiza'n..
April 1, 1939
Chronicle
Financial
1948
13,786
applicant is 'not in need of financial reorganization in the public inter¬
Considering the earnings history, financial structure and prospects
I am unable to join in that certificate."
the
est.'
of the applicant,
$4*7,494
$307,024
$438,883
$370,167
300,000
300.000
300,000
3CO.OCO
$3.31
$4.02
$4.21
$3.73
x Returns deducted,
y Includes miscellaneous income: $12,319 in 1939,
$13,076 in 1938 and $11,251 in 1937.
,
,
Consolidated Balance Sheet Jan. 31
Surplus
Shs.com .stk. out. (no
1939
$
330,408
418,772
621,120
Real estate mtge..
350,000
650,000
Investments
311,550
6% pref. stock
b Common stock..
342,500
345,600
3,750,000
3.750,000
——.
Earned surplus...
6,303,908
5,863,671
Creditors paid In
10.397
6,401
advance
Prepayments,
44,392
16,839
$306,711
98.351
x$114.581
88,679
$785,432
215,188
$405,062
x$25,902
$1,000,620
$60,212
614,984
Total income
Total
$857,304
619,316
378,029
15,395
$1,900,714
606,978
455,473
52,831,
622,650
1,232,150
1,243,158
.$648,552
$231,530
$1,182,946
Net ry. oper. income.
Other income.
38,621
1^,509,375
-
$6,211,563
5,354,259
$381,804
305,224
298,951
208,198
24,349
Joint facil rents—Dr__:
1,651,156
&c.
Cash
payable.
$838,209
$7,327,849
5,427,135
2,580,156
Equipment rents—-Dr..
268,543
Other accruals
Accounts
1
349,865
2,633,505
1
Net oper. revenues...
Taxes.
„
1
6,250,019
&c. 6,229,889
equipment,
Operating revenues..
Operating expenses..
$
$
Liabilities—r
Land, buildings,
a
Goodwill
1938"
1939
1938
$
Assets—
1939—2 Mos.—1938
1939—Month—1938
$3,501,714
$2,961,960
Period End. Feb. 28—
Date
to
Earnings for February and Year
par)
Earnings per share
deducts,
174,322
x
(rentals,
interest, &c
$155,436
215,648
Business security
1,258
70
Accts. receivable...
1,214,779
2,117,229
1,048,419
2,165,392
Supplies on hand..
22,399
23,308
deposits...
Inventories
......
'
no par
Gross
shares.—V. 148,
Calendar Years
1935
17,078,766
17,907,750
.377,819,120 416,522,901 370,307,232
Av.trev.perpass. p. mile
1.863 cts.
1.801 cts.
1.881 cts.
Revenue torn carried... 13,107,167
16,085,985 15,606,689
Pass, carried 1 mile
1939—2 Mos.-—1938
$6,387,750 $5,931,190
3,075,368
2,800,802
1939—Month—1938
$3,138,483
$2,895,036
1,520.584
1,386,531
$3,130,388
/:
$3,312,382
148, p. 1313.
$1,508,505
$1,617,899
depreciation and amortization.—V:
$238,564
$166,763
deprec., but before Federal income taxes
148, p. 724. ■* ■
••
—V.
14,303,075
1937
1938
3 Months Ended Dec. 31—
Bristol-Myers Co.—Annual Report—
Calendar Years
1937
1936
9 x!935
Freight...............$27,612,164 $32,238,871 $33,272,874 $31,777,637
Passenger
7,039,572
7,501,687
6,963,920
6,669,825
Mail..
" 1,344,206
1,461,305
1,350,612
1,366,360
Express
582,666
816,032
869,897
805,172
Other.........
3,614,418
4,354,997
4,060,855
3,002,054
disc'ts..$14,84&,993
allowances &
Cost of
x
1935
1936
1937
1938
Calendar Years—
Smiles
less
rctd-irus
v
1938
Operating Revenues—
Light & Power Co., Ltd.-—Earnings
Profit after
1941727^67 2278996,148 2257601,824 2041652,035
mile._
1.422 cts.
1.415 cts.
1.474 cts.
1.505 cts.
Income Statement for
Before
;
-
Brewing Corp. of America—Earnings—
15,681,700
317,802/145
2.099 cts.
Tons carried 1 mile
Av, rev. p. ton p.
Net earnings.———
x
<
1936
1937
1938
expenses
x
RR.—Annual Report—
16,799,702
from oper'n
earns,
Operating
"
deficit.—V. 148, p. 1471.
Period Ended Feb. 28—
.........11,495,588 11,498,933
Total
b 300,000
Qeneral Statistics for
Passengers carried-----
or
Brazilian Traction,
273.
Boston & Maine
Loss
x
charges, &c.
Less depreciation
a
$209,922
Net deficit
.........11*495,588 11,498,933
Total
P.
.
$11,606,610
$15,453,092 $14,214,335
goods sold, sell¬
ing, advertising & ad¬
12,091,805
12,803,667
11,404,699
9,026,920
operations $2,758,188
Other income
24,318
$2,649,425
26,105
$2,809,636
$2,579,690
30,441
88,902
$2,782,505
$2,675,530
$2,840,077
$2,668,592
500,817
415,363
449,000
401,917
63",878
37,973
24,247
55,326
60,500
34,102
£2,217,810
1,640,149
$2,197,947
1,784,489
$2,275,251
1,785,681
$2,232,573
1,658,501
ministrative expenses.
Profit from
Totaloper.revenues..$40,193,026 $46,372,693 $46,5 1 8,159 $43,621,048
Operating Expenses—
Total income.
6,188,112
5,178,736
6,596,980
6,390,631
6,168,922
7,238,607
6,910,059
7,418,581
Traffic..........
777,623
803,088
819,638
756,532
Prov. for Fed. surtax on
Transportation...
17,550,014
18,267,770
17,817,069
89,188
204,793
18,620,067
1,783,547
1,922,491
2,107,620
2,061,179
undistributed profits.
Miscellaneous charges.
,5,091
10,759
2,769
3,814
Malnt. of way & strucMaint. of
equipment...
Miscell. operations
General-.-..
-
Transp. for inv.—Cr.
Pro v.
142,593
130,416
expenses-$32,754,834 $34,614,104 $36,003,613 $32,549,275
7,438,192 11,758,589 10,514,546
11,071,773
accruals.....—
3,708,285
2,854,120
3,336,095
2,425,423
for Fed. & foreign
income
taxes.
—
_
Net profit
/
Dividends paid...
.
_ .
_ _
v.
Total oper.
Netioperating revenue..
Tax
Operating income.
$3,729,907
Eq. & jt. fac. rents..— _Dr2,475,740
.
.
.
$574,072
$577,661
$413,458
$489,570
686,999
682,886
685,368
687,168
$3.24
Earnings per share
$3.25
$3.21
$3,31
$153,322
x Including depreciation of $175,791 in 1938; $161,294 in 1937;
paid on
in 1936, and $150,453 in 1935.
y After deducting excise taxes
in 1936,
sales amounting to $397,553 in 1938, $520,704 in 1937, $504,388
1
Surplus—
Shs, com. stock (par $5)-
$8,904,468 $7,178,451 $8,646,350
Dr2,355,599 Dr2,325,264 Dr2,028,432
"
■
income. $1,254,167
income—1,177,255
$6,548,869
$4,853,187
1,128,931
$6,617,918
1,200,205
$2,431,421
$7,749,074
$5,982,118
$7,770,154
Net ry. oper.
Other
and $438,770 in
1,152,236
1935•,
Gross income.—
„
1
1,253,868
Interest on debt.
6,070,530
Other deductions.206,649
1,250,404
6,120,380
••
176,069
1,249,195
6,130,642
183,552
1,251,516
6,195,436
189,348
,
$7,531,048
$7,636,301
income
$206,764
2 35,649
225,203
30,409
.
•
$
S.
39,505,100
39.505,100
3,149,800
38,817,900
»Trade-m'ks,
23,138,500
16,242,929
635,498
2,560,882
5,014,499
2,553,987
2,471,305
2,565,164
5,063,982
3,000
Prem. on
Total
3,000
4,227,040
cap.stk
4,227,040
17,252
1
Funded debt.-149,316,916
.—$8,397,376
—
15,063,835
vice bal. pay.
13,069,437
2,162*856
1,790,006
Audited accts. &
Wages payable
4,949,732
2,218.501
Misc. acpts. pay.
Int. mat'd unpd.
482,669
53,000
439,408
394,537
320,316
Divs.mat.unpd.
12,972
■893
53,000
829,713
669
Fund,
Net bal.
rec.
.
722,333
; 625,329
396,914
Stockholders at their annual meeting on
agts.&condr's
490,074
574,051
receiv—_
curr. assets
Rents
rec.
funds
140,690
;
assets
...
340
209,989
of lease
209,989
125,152
781,437
Ins. &cas. res've
805,910
822,499
Net
....
debits.
196,873
192,383
Accrued
22,703,671
825,366
53,269
863,588
(equipment)
22,191,253
Acer. depr. (misc.
668,655
phys. prop.).
634,346
Net
1,228,822
593,678
—V.
2,780,093
2.960.129
Oth. unadj. cred.
Add'ns to
prop,
June 30,
2,025,961
1907
assumed,
thru .inc. &sur
2,431,792
2,419,305
5,311,000
pledged 31,670,000
sum.,
3,848,000
3,848,000
377,883
or
as-
130,864
def22,148
def53.738
4,232,240
I
148, p. 1314.
Corp., Ltd.—Interim
Dividend—
declared an interim dividend of 7 7-10 cents per
Depository Receipts for ordinary registered stock
April 5 to holders of record Feb. 10.—V. 146, p. 2198.
American
share on
payable
745,980
Misc. fund
27,000,000
Sec. iss'd
184,039
9.585
def30,587
Directors have
the
Profit and loss.Dr1,456,043
741,000
...
208,403
def8,107
def49,592
....
after rents
Burma
Fund.dt. retired
unpledged
$57,408
def 14,358
def28,326
195,270
10,755
defl4.421
after rents
Gross from railway
Net from railway
thru.inc. since
Securities issued
or
1937
$101,732
13.556
def7,325
From Jan. 1—
deprec.
.
1,314,726
1938
$94,381
def11,323
def31,637
Net from railway
February—
530,736
1936
1939
$94,570
3,835
def8,863
Gross from railway
9,452
unadjust.
.
Burlington-Rock Island RR.—Earnings—
34,791
liability
9,853
60,623
/:
.
939,639
Other defd liab.
Tax
funded
on
debt
.
/: V
meeting held March 30 declared a dividend of 25 cents per
stock, payable May 5 to holders of record April 15.
This will be the first dividend paid since Nov. 10, 1937 when 37M cents per
share was distributed.—V. 147, p. 3605.
Acer .depr.(road)
4,308
deferred
Other
at exp
•
Directors at a
1,087,054
....
Insur. prem. pd.
Disc,
178,727
914
Due to leased rd.
Insur. and other
Other
161,756
Oth. curr. llabil.
91,937
—Resumes
1163./
share on the common
accrued
3,975,608
Working fund
advances
1,342,109
Unmatured rents
1.483.128
5,321
Int. & dlvs.
1,357,311
accrued
1,812,022
3,072,206
86,158
139,160
Mat'ls & suppl's
2,300
int.
not less
here-^
as
<\ • . V
Hill & Sullivan Mining & Concentrating Co.
Common Dividends—
■
* f
»<■
.'•
148, p.
tofore.—V.
Bunker
800
April 3 will consider amending
the by-laws so as to provide that the number of directors shall be
than five nor more than nine in number, instead of nine directors
13,734
debt ma-
tured unpaid.
Unmatured
fr.
Misc. accts. rec.
Oth.
.
1938
of $1,629,404 in
of $5 par Value.
Inc. d Includes
Brunswick-Balke-Collender Co.—To Amend By-laws—
.
•
243,512
car-
bals.rec.
$8,397,376 $8,331,917
Total
Traffic & car ser¬
"
serv.
$8,331.9171
doubtful accounts and discounts of $93,621 in
in 1937.
b After reserves ror depreciation
1938 and $1,491,817 in 1937.
c Represented by shares
Includes shares to be issued for capital stock of Drug,
14,912 shares company's stocks.—v. 148, p. 724.
151,394,558
L'ns & bills pay.
—
After reserve for
a
17,252
J,453,399
Time drafts and
Traffic and
,
and $89,857
construction.
2,887,451
293,532
Special deposits.
Loans & bills rec.
370J55
good-
for
liable
Grants in aid of
remit¬
deposits.....
38,817,900
pref. stock 23,138,500
Prior
Cash in transit,
tances
446,797
will, &£.—
644,253
agents'
.1,821,256
& defd charges.
conversion
property..
Inv. in affll. cos.
246,417
1,876,504
Advertis'g supplies
3,149,800
Stock
erty sold..—_
Miscell. physical
Cash.—
equip, furn., &c.
Liabilities■—
Common stock.
1st pref. stock..
16,277,362
5,558
mach'y,
"
prop¬
Other investm'ts
Bldgs.,
2.121,829
56~970
246,417
*
—
$
'
Deposit In lieu of
mtged.
1,759,747
14,414
....
241,972,'223
"
leased rail¬
way properiy»
484,213
3 501,400
taxes.
Capital stock
2,229,467
d527,412
investments
Preferred stock.
$
equip..238,651,018
Improvements
on
b
1937
1938
87,665
1,783,653
assets
Land.—.
1937
1938
vlsscW***
Road &
"
•
.
;
13,469
Deposits in escrow
Other
Balance Sheet Dec. 31
a
$18,439
$1,889,832
$5,153,277 sur$l71,811
103,624
Inventories
Figures revised.
x
525,957
3,414.430
Capital surplus... 1,759,603_
Earned surplus— 2,219,594
for'n inc.
accounts—
.
$464,728
$477,790
Res. for Federal &
c
Employees' notes &
Other
Balance, def——
100000
975,752
receivables-
Other
and
exps—
113,892
—
Acc'ts receivable
a
$7,563,390
$202,221def$1654,183
$7,546,853
_def$5,099,626
Inc. appl. to sink, funds
53,651
Net
accrued
975,470
Note receivable.
—trade
Total deductions—
Acc'ts payable
1937
1938
Liabilities—
1937
193S
..$2,288,368 $1,149,958
Cash
753,571
541,899
Marketable secure.
■
Deduction#
Rentals..
Consolidated Balance Sheet Dec. 31
-.
Assets-
res..
(A. M.) Byers Co.—Preferred
Directors
have
Dividend—
declared a dividend of $1.25 and 34^ cents interest
preferred stock due ordinarily on Nov. 1, 1933.
The
thereon on the 7%
Total—-.-314,242,832 317,010,934|
a
nor
Does
not
Loan Extension
The
Total...
314,242,832 317,010,934
property of affiliated companies
provide for current settlement.
include improvement
oh leased roads when leases
on
Approved—
Interstate Commerce
Commission has approved the extension to
Feb.„lt 1941, of $10,071,834 of Reconstruction Finance Corporation loans
dividend is
payable May 1 to holders of record
payment on this stock was
—V. 148, p. 724.
Calaveras Cement
Directors have
mulations
on
April 10.
Last previous
$2.50 and 53M cents interest on Sept. 20, 1937.
Co.—To Pay $1 Dividend—
declared a dividend of $1 per share on account of accu¬
cum. pref. stock, par $100. payable March 31 to
the 7%
Volume
Financial
148
and
stock, amounting to $2,745,138,fwas declared from the earnings of
the year 1937, payable April 1, 1938.
erence
March 31.1937.—V. 148, p. 873.
on
Other Income for
Co.—Earnings—
12 Months Ended Feb. 28—
Gross
revenues
Gross
income
$2,464,925
892,982
897,206
and misceUaneous
Net
Co.-
-Amends
February—
1939
,
.
1937
$122,633
54,891
91,926
279,970
147,179
214,162
_____
244,226
108,543 '
179,538
774,271,264
95,702,732
96,098,217
97,337,171
104,849,338
199,956,164
104,728,200
104,720,644
104.614.835
209,359,209
197,959,694
Adv. to control.prop., &c.
Deferred payments:
28,769,575
35,720,759
28,034,554
37,366,989
198.279,296
23,023,627
3,455,693
3,564,629
8,257.688
26,991,206
Mtges* collee.
advances to settlers
Insurance fund lnvest'ts.
8,259,087
Mlscell. Investments
Unsold
laDds
and
26,736,208
■
after rents________
221,740
def29,501
defl21,996
Net from railway.!
after rents
p.
daf8,893
def55,550
233.403
def 1,499
def92,408
207,724
def 11,613
def 101,434
32,067,442
3,206,497
3,271.478
572,098
Other unadjusted debits.
1,327,856
1,024,033
Materials and supplies...
Agents' & conduc's' bals.
17,115,363
1,245,858
16,173,025
728,028
17,786,857
5,522,113
411,685
1,507,747
16,941,309
5,721,427
4,394,710
25,705,505
:
__
5,774,595
(net)
Cash
21,883,909
Total—
■
242,776
113,787
______
Bonds and notes
212,602,624
19,586,100
s. f. sec. note ctfs__
4,840,470
2,822,147
2,651,690
Accrued fixed charges, &c.
reserve. _:
Steamship deprec.
_
Operating
Operating
expenses.
deficit__r—____ $1,287,342
4,196,979
2,939,434
43,977,790
39,973,240
36,21o"203
7,462,266
7,863,904
4,462,740
23,508,829
4,525,213
7,454,731
3,829,718
16,000,000
*
$2,857,972
revenues
148,
p.
Decrease
$3,215,808
$3,202,442
_______
1794.
1938
$13,366
1939
.
*
,
1939
$266,402
86,071
56,610
N et after rents
From Jan. 1—
Gross from railway.
Net from railway.
Net after rents
—V.
510,679
166,524
99,600
_*
'■
1938
$285,468
94,236
61,171
'
$278,569
95,245
62,177
5261,534
52,013
21,272
508,107
/
148,
p.
1315.
Canadian
Pacific
Ry.
129,066
.
90,324
29,363
Co.—Annual
Report—The re¬
G.B.E., Chairman and Presi¬
dent, together with the income account and balance sheet
for 1938, will be found under "Reports a,nd Documents"
on subsequent pages.
/
,
Income Account for Calendar Years
*
-
.
.
'
'
1938
1937
1936 1
1935
__.__110,327,509 111,044,598 106,045,022
98,375,515
16,121,402
16,633,040
15,665,347
15,155,639
Mail__
3,585,789
*3,584,823
3,537,456
3,599,676
Express
2,953,805
3,142,496
3,039,300
3,139,361
Sleeping, parlor & dining
car & miscellaneous
9,270,476
10,665,746
10,228,270 '
9,470,934
Freight.
Passenger
__—.
Total
gross earnings._
Operating Expenses—
Transportation
142,258,981 145,085,558 138,562,763 129,678,905
________
Maint. of way, &C-___Maint. of equipment.__
53,803,194
19,931,132
28,127,529
52,536,171
20,798,483
Traffic
7,353,605
Miscellaneous operations
2,160,437
28,885,921
7,204,864
2,204,945
General
5,865,436
5,624,690
Crl75,389
4,440,569
Crl85,534
4,273,769
Transportat'n for invest.
RaUway tax accruals.__
Total oper.
•
49,846,814
21,469,248
25,612,193
7,154,601
1,928,173
5,247,144
Cr232,180
4,225,660
47,452,578
19,725,944
22,923,119
6,906,282
1,147,545
5,110,215
0107,142
4,122,839
expenses..121,506,515 121,343,310 115,251,652 107,281,381
$2,265,000
20,752,466
11,145,662
23,742,247
15,524,180
23,311,111
10,198,522
22,397,524
8,145,494
Depreciation—ocean and
coastal steamships
3,781,990
Fixed charges.
24,767,939
Interest payable
a2,085,817
3,894,469
24,041,534
bl,868,140
3,567,151
23,913,298
3,550,997
24,159,938
Working
Net
1,262,382
revenue
RstTfltlPA
t.MTlflfWAd
9,462,284
d2,745,138
6,029,184
cl,372,569
2,832,084
$324,155
$233,368
1,262,382
6,717,146
4,656,615
2,832,084
bonds of Minneapolis St. Paul &
guaranteed as to interest by Canadian Pacific Ry.*
Interest
Sault Ste Marie Ry.,
and on notes secured
by pledge of bonds so guaranteed,
b Interest payable Jan. 1, 1938, to
bondholders of the Minneapolis St. Paul & Sault Ste. Marie Ry. on bond
issues, guaranteed as to interest by this company, and interest accrued on
notes secured by pledge of bonds so guaranteed,
c Subsequent to the end
of the year a dividend of 1% on the preference stock, amounting to $1,372,569, was declared from the earnings of the year 1936, payable April 1,
1937.
d Subsequent to the end of the year a dividend of 2% on the pref¬
on
$881,302
$694,370
148, p. 1796.
Canadian Pacific Lines in VermontFebruary—
Gross from railway
Net from railway.:
;
Net after rents
r
.
1939,
1
1938
$55,409
def44,503
,
$82,872
>
def17,226
def69,002
def41,984
_n_
-Earnings1936
1937
$76,644
def37,511
def61,035
••
$95,436
defl9,327
def44,639
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
—V.
148, p.
.*_
166,909
def44,169
def95,711
___
1315.,
.
.117,824
def95,452
defl48,780
198,913
def 22,716
def74,886
160,541
def68,189
def 117,029
.
Carborundum Co.—To
Directors have declared
a
Pay 50-Cent Dividend—
dividend of 50 cents per share on the common
stock, payable March 31 to holders of record March 28.
This compares
with $1.10 paid on Dec. 24, last; 65 cents on Sept. 30, last; 25 cents on March
31,1938, andadividendof $1.25.on Dec.27,1937.—V. 147, p.4049.
Carrier
Corp .—New Directors—
Stockholders of the corporation at their meeting on March 28 elected
new directors.
The new members are Clifford Hemphill of Hemphill,
three
Noyes & Co,; E. C. Wampler of Stern, Wampler & Co., Chicago, and
Bayard E. Pope, Chairman of the Marine Midland Corp. and Treasurer
148, p. 1164.
of the New York World's Fair 1939. Inc.—V.
Carriers & General Corp .—To
Amend By-laws—
Stockholders at their annual meeting on April 11 will consider amending
the by-laws so as to provide that the business and affairs of the corporation
shall be managed by a board of seven directors, which number may be in¬
creased or decreased by a majority vote of the entire board to a number
not more than 15 nor less than three, and to act upon a proposal that the
corporation continue its present arrangement
stock association) which expires
tract.—V. 148, p. 1635.
with Calvin Bullock (a joint
Aug. 21, 1939, by entering into a new con¬
Central of Georgia Ry.-
Earnings—
1939
1938
1937
1936
$1,179,011
105,672
$1,352,296
236,270
120.473
$1,165,220
deflO.812
$1,169,054
91,287
def46,221
2,449,700
260,064
29,164
2,322,272
139,669
108,757
2,716,617
438,076
165,838
2,379,567
188,448
def29,770
FebruaryGross from railway
Net from railway.;
r_
80,034
def29,422
From Jan. 1—
Gross from railway
Net from railway
Net after rents—
—V. 148, p.
1315.
Subs.)—Earnings—
1938
Calendar Years—
$945,020
13,886
Dr7,309
48,444
9,045
$958,906
571,943
27,333
51,100
10,490
$359,174
" $298,040
$999,184
Gross income.
debt—
-
-
-
-
General interest (net)
— _ —
Amortization of debt discount and expenses
Miscellaneous income deductions
Net income..
$5,092,907
4,147,887
$1,006,493
Net operating income
Other income
Interest on long-term
1937
$5,194,719
4,188,226
Operating revenues
Operating expenses and taxes
f/i
profit & loss account
a
Decrease
$149,000
$2,414,000
1939—Month—1938
1939—2 Mos.—1938
$9,195,884
$9,382,915 $18,894,946 $19,698,375
8,962,516
9,058,760
18,200,576
18,817,073
expenses
Central Indiana Power Co. (&
Preference divs. declared
139,504,688
Earnings for the Month of February and 2 Months Ended Feb* 28
Period End. Feb. 28—
Net after rents
Net earnings
Other income
78,564,139
138,532,703
Earnings for the Week Ended March 21
1939
1938
Gross earnings.
marks of Sir Edward Beatty,
*
66,712,887
83,949,363
bonds and notes.
.
—V.
564,538
193,798
612,773
195,745
122,889
139,950,788
'
Traffic earnings__r____
1936
1937
•
5,211,361
66,760,351
1,348,526,146
deducting amount pledged as collateral to bonds and notes,
y After
securities deposited with trustees of 5% equipment trust,
z Less dis¬
Net earnings
Canadian Pacific Lines in Maine— Earnings—
February—
Gross from railway
Net from railway
71.758,45i
136,969,650
8,246,827
3,624,046
8,248,294
4.268,254
66,457,375
74,523,291
1,398,979,602 1,382,062,058 1,362.696,584
After
count on
Earnings of the System for the Week Ended March 31
■
8,257,688
3,457,979
66,583,566
____
deducting
$1,895,538
___
cap.& deb.stk.
19i659,646
def124,016
1939—2 Mos.—1938
$1,347,219
1,486,104
8,340,368
20,784,433
8,259,087
Land surplus.
Profit and loss surplus
$13,069,775 $13,289,721 $26,564,780 $26,611,353
14,357,117
14,636,940
28,460,318
29,469,325
revenues
1,959,164
1,801,981
8,106,555
5,495,041
Reserve for insurance.
Ry.—Earnings—
■
2,256,125
20,516,700
4,631,749
2,567,895
2,697,067
5,165,250
Unadjusted credits.^
Total
1939—Month—1938
179,823,229
5,382,847
5,443,667
Reserve for investment-_
x
Canadian National
Period End. Feb. 2%—
186.230,355
20,214,900
47,856,286
reserve
reserves
Deferred liabilities
200,030
def47,912
335,000,000
137,256,921
291,411,549
8,249,662
on
1,362.696,584 1,348,526,146
335,000,000
137,256,921
291,411,549
2,758,348
Rolling stock
Prem.
17,356,041
2,301,070
3,942,601
8,261,411
295,438,228
Payrolls
Mlscell; accounts payable
1936
23,608.315
11
194,832,143
19,903,900
5,051,169
3,003,611
137,256,921
4% consol. deb. stock._
y
$101,633
def26,890
def64,368
485,918
5,334,408
5,287,214
335,000,000
-137,256,921
295,438,228
335,000.000
x
Contingent
5,368,214
1,034,367
<'
4 % preferred stock
199,164
237,760
157,593
5,226,283
1 398,979,602 1,382,062,058
Liabilities—
Ordinary stock
T
1315.
34,105,574
other
28.969,371
111,815
z
Net
148,
$112,442
def 2,341
def47,466
$112,520
13.792
def30,606
26,919,736
27,429,258
170,346
3,237,889
properties
Earnings—
1937
1938
$110,452
2,951,534
8,246,827
2,894,093
8,248,294
26,981,389
Insur. prem. paid in adv.
Unamort. disc, on bonds.
Ltd.—Accumulated Dividend—
"4939
18,792,285
40,857,030
38,688,678
& loans &
Hotel deprec. reserve
From Jan. 1—
Gross from railway
•
791,499,758
96,616,381
Ocean & Coastal SS
1471.
*_
767,737,162
803,282,536
leased
on
Audited vouchers
February—
$
Acquired securities (cost)
4H%
Gross from railway
Net from railway
1935
$
com¬
properties.
1315.
Breweries,
1936
1937
stock inland
railway property.
~
212,429 '
76,691
158,685
in 1937 for de¬
munication and mlscell,
1936
$118,732
53,320
93,451
*
.
Canadian National Lines in New England-
,
1,466,349
$8,145,494
Mlscell. accts. receivable.
$104,647
39,236
69,597
98.136
Canadian
—V.
1,456,649
$
rolling
Improvement
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $3 cumulative preferred stock, payable April 15
to holders of record April 6, leaving arrears of $5.75 per share.—V. 148,,
Gross
966,687
B efore depreciation.
Traffic balances
1938
$134,297
68,151
_____
after rents.
From Jan. 1—
Gross from railway
y
.
steamships, hotel,
Cambria & Indiana RR.—Earnings—
Net
412,865
$7,363,673 $11,629,711 $10,198,522
*
1938
,
—V.
y3,235,821
Assets—
Ry.,
Sindered, Herman Marquardt, W. J. Coulter, Stolle Baker & Co.,
H. B. Kingsbury, James A. Wayne, M. T. Smith and C. W. Newton.
The earlier statement listed Mr, Eichelberger as the person to whom the
entire issue was Optioned in three lots.
In the amendment he is recorded
as
having options on 370,000 shares, 302,518 and 75,000 shares. Of these
150,000 shares are optioned to Mr. Marquardt. The statement notes that
Mr. Eichelberger was to receive 75,000 shares fully paid on receipt of
$370,000 by the company from the sale of stock. In addition, an agreement
was outlined
among Messrs. Eichelberger, Romine, Hardy and Van Sinderen whereby, subject to stockholders' subscription and Mr. Marquardt's
option, each would have the opportunity to take up 25% of Mr. Eichelberger's option and receive 25% of the 75,000 shares or dollars to be re¬
ceived by Mr. Eichelberger if the sale of 370,000 shares was consummated.
A hearing scheduled on the Commission's order has been
postponed until
today (Saturday).—V. 148, p. 1472.
Net
793,605
y3,553,088
Comparative Balance Sheet Dec. 31
B. Van
P.
1,287,598
x2,458,832
After provision of $3,781,990 in 1938 and $3,894,469
x
preciation
provisions of the statement.,
In its original statement, the
company listed only Frank Eichelberger
as possible underwriter.
In the amendment, the following are listed as
underwriters* Frank Eichelberger, R. M. Hardy, Aubrey L. Romine, Henry
p.
1,669,335
x591,071
Total other income—
underwriters and option agreements for its 747,518 shares of $1 par com¬
mon stock.
On Feb. 15, last, the SEC ordered a hearing to determine whether the
registration statement should be suspended or withdrawn because of alleged
deficiencies in regards to underwriting, option, compensation and other
148,
1,492,530
from Ocean &
earns,
cations, hotels & misc.
Filed with
Statement
The company in a post-effective amendment to its registration statement
filed with the Securities and Exchange Commission
presents a new list of
—V.
$2,649,720
Coastal SS. Lines
Net earns, fr. communi¬
Callahan-Zinc Lead
SEC—
Net from railway.
Net after rents.
1935
$3,901,187
separately oper. props.
other charges, but
before interest
—V. 148, p. 1796.
Gross from railway
Net from railway
1936
$6,534,856
Net inc. from int., exch.,
1938
$2,550,499
and
1937
$4,867,206
Dividends.
1939
•
__
after taxes
Calendar Years
1938
California Water Service
Net
1949
Chronicle
holders of record March 28.
Like amount was paid on Feb. 18 last and
Nov. 1, 1988.
Dividends of $2 per share were paid on Sept. 30, June 30,
—_
-
568,108
14,414
Financial
1950
Corp.—Accumulated Dividends—
Central States Electric
Dec. 31, 1938B
Consolidated Balance Sheet
1939
April 1,
Chronicle
following dividends all payable on ac¬
March 31 to holders of record March 15:
43 % cents per share on the 7 % preferred class A share.
37 Yi cents per share on the 6% preferred class B shares.
9% cents per share on the 6% preferred chass B shares, par $25.
10,937 cents per share on the 7% preferred class A shares, par $25, and
9ZA cts. per sh. on the 6% pref. class C shs., par $25.—V. 148, p. 726.
The directors have declared the
Utility plant
$18 ,604,974
Non-useful elec. gen. plants &
deposltschgs. & prepd. accts——
Sink, fund & special
Def.
Cash
Common stock ($100
Long-term debt
Deferred liabilities
589,266
Investments
stk. $5,616,217
stk,
21,600
par)— 12,033,000
7% cum. pref. ($100 par)
6% cum. pref. ($100 par)
725,000
376,653
4. 451,002
43,103
486,005
equipment-.Cap. stock disc't & expense—
Accrued interest
Accrued taxes
Federal Income taxes
—
Deposits for bond interest—
Accounts receivable (net)
291,775
Due from affiliated cos..
61,192
321,476
555,010
— —
Materials and supplies
9,597,600
142,872
151,813
192,804
388,709
297,960
286,313
22,307
786,975
—
Accounts payable
—
Due to affiliated companies--
Mlsceil.curr.liabilities—---Reserves
— —
Deficit-'.
,
Chapman Valve Mfg.
—-
Total-J-——.——$26,505,457
$26,505,457
— --
has granted the company
Exchange Commission
and
Securities
The
Act
and of the pledge as collateral
gold bonds, series A,
due July 1, 1947, in such amount that there will be pledged bonds having
a market value equal to 125% of the notes.
The notes are to be dated as
of the date of issue and are to mature in 39 instalments, the first instalment
being payable one year from the date of issue and the remaining instalments
gate principal amount not to exceed $430,000
thereunder of its first mortgage collateral and refunding
thereafter.—V. 148, p. 1797.
payable semi-annually
each being
36,277
Net after rents
exemption from the provisions of Section 6 (a) of the Holding Company
in connection with the issue and sale to the U. S. of America through the
Rural Electrification Administration of 2.73% collateral notes in an aggre¬
.V
From Jan. 1-—
Net from railway
—
1317.
.
Jerseys—Earnings-
Central RR. of New
$2,083,862
Net from
Net after
$2,811,258
$2,370,770
430,310
$2,332,980
railway.-.
430,958
rentsdef97,631
def77,776
4,615,475
1,121,851
4,984,007
1,169,957
79,318
160.091
:
4,898,122
1,014,817
—def50,07l
Gross from railway..—J
Net from railway
...
Net after rents
Change in Personnel-
;
285,094
Net from railway
Calendar Years—-
,
,
Operating revenues
,
■
— —
Operation expense.
Maintenance expense
Depreciation
Retirement provision.
'—
—
Taxes."
10,860.680
1,442,247
2.764,300
-------
-
— —.
»
«.
~
-
3,264,538
3,232,092
- - — — — - -
———:
$5,780,298
$6,175,439
123,876
35,992
0378,290
96,910
23,050
charged to construction
274,072
07,252
125,332
17,505
$3,201,309
- — ...
—
$3,270,873
'
—
Amortization of debt discount and expense.
Miscellaneous deductions
_
Net income^——
$6,299,315
2,618,784
$5,816,290
2,552,617
320,693
—
funded debt—,
Interest on unfunded debt——.
Interest
—
(net)--——1...
Gross income.
on
2,606*^483
*
-
-----
Interest
1.354,305
... —.
—
Operating income
Non-operating income
—
-
——-----
1
*1 sects
'
1
'1
Investments
$ *,4
' •
„
•'
and
Sinking funds
§
'
Liabilities-
'■
9,768,671
11,199,227
1,462,892
ture construct
receiv'le.
Long-term llab
362,105
372,613
3,997,560
700,573
4,297,000
347,312
Taxes accrued
827
729,640
542,988
314,481
676,209
104;895
94,137
1,983,481
Mat'ls & suppls.
2,040,590
1,123,913
Divs,
58,846
Prepayments
,
on
Other
52,585
pf. stks
Total. ......140,805,199
,
337,592
529,294
215,833
10,392,849 al0,003,113
Mlscell. reserves
733,790
Earned surplus.'
3,362,360
-
919,577
2,964,273
Net from railway_
Net after rents.
From Jan.
Netafterrents
—V. 148, p. 1317.
Retirement,
.
_
Central Power & Light
Directors
have
accumulation
on
(
Co.—Accumulated Dividend—
declared a dividend of $1.75 per share on account of
the 7% prior lien preferred stock, $7 dividend series and
lien preferred stock, $6 dividend
series, both payable May 1 to holders of record April 15.
Like amounts
were paid in previous quarters.—V. 148, p. 1797.
' '
dividend of $1.50 per share on the prior
Certain-teed Products Corp.
(& Subs.)—Annual Repor
1938
1937
1936
1935
——$14,625,882 $16,490,156 $15,669,037 x$4,296,577
See x
11,588,522
11,794,395
10,383,044
528,412
604,121
.675,374
Maintenance and repairs
574,661
409,225
460,905
459,914
Deprec. of plant & equip.
450,850
8,594
8,863
30.402
Depl. of natural resources
11,370
2,599,164
3,057,274
2,974,772
Sell., gen. & admin, exps. 2,590,480
Calendar Years—
Gross sales
Cost of sales-,.
Operating profit
M!isc. income (net)
$615,477
.
—
104,462*
— .
/
■
'
.
Int.
on
$719,939
funded debt.:..
513,548
35,381
Federal taxes...
$555,299
85,343
$751,182
82,909
loss$50,649
'18,398
$640,641
524,120
13,868
x
$171,010
$834,091
528,355
loss$32,250
524,900
14,100
n
Net Income
''
i
'
45,758
Mll
defl9,630
$102,654 loss$571,250
$259,978
2,390,846
433,923
11,434
.
\
.
$
aLands.bldgs. .ma¬
3,489,088
7,256,974
3,500,023
879,770
880,206
chinery & equip. 7,303,085
b Gypsum deposits
Timber limits
920,248
2,096,175
1,069,218
1,639,249
165,926
206,542
1,778,828
26,672
50,091
Statutory deposits
2,041,481
72,127
64,743
Advances secured.
Inventories--.
Other
investments
Balances in
accrued..
167,126
$
7,306,930
625,340
9,519,500
174,459
1946
'■
;
25,011
Blabon Corp... 3,366,803
— .——
From Jan. 1—
1937
1936
$1,048,955
defl32,895
def378,571
2,930,070
Net afCer rents
2,588,373
261,650
def285„961
2,736,833
!
555,545
3,605
2,350,882
63,554
def406,457
—
505,613
def80,138
—V, 148, p. 1797.
Midland Ry.—Earnings—
Chicago & Illinois
*February—
$277,894
77,126
50,667
$358,145
142,289
102,297
582,976
160,358
126,149
Net from railway
588,405
161,882
-109,087
730,002
282,688
209,378
,
after rents.—
.
,
1—
Gross from railway..——
Net from railway
Net after rents._ — —
—V. 148, p.-1317.
•
.V
From Jan.
1936
1937
1938
1939'
$279,628
78,600
61,363
Gross from railway——
$304,748
100,341
83,707
,
605,557
„
193,840
165,022
'
'/
•
Chicago Indianapolis &
February—
railway——
railway
—
Gross from
Net from
_
Netafterrents
From Jan. X—-
Louisville Ry.—Earnings
Taxes due & accrd.
—
—
_
Netafterrents..—
—V. 148, p.. 1798.
1,314,188
70,865
def218,8S5
.
for
Federal
capital stock tax
51,601
2,477,407
14,245
2,265,407
281,781
543,249
Deficit
c
Represented by shares of
"
!
v'."''
•-
..
trustee's equipment trust issue, series O, purchased from
Finance Corporation by Salomon Bros. & Hutzler,
bears 4% interest and matures $384,000 each Sept. 1 from Sept. 1, 1939
to 1945, inclusive, and $171,000 Sept. 1, 1946.
The issue has been placed
privately.
Earnings for February and
,*
1939
$7,224,572
railway-.-.-.
1,105,170
rents—40,146
February—
Net from
Net
after
Net from railway
after rents—
15,320,667
2,666,338
477,159
See list given on
14,401,301
2,116,712
defl26,016
16,328,670
3,231,304
950,156
15,746,716
2,601,687
479,062
Corp.—Rregisters with SEC—
first page of this department.
Chicago & North
Western Ry.—Earnings—
1937
1936
1938
$5,493,860
defl8,678
def829,225
$6,221,051
250,686
def618,145
$6,245,523
defl23,967
def960,712
11,734,693
11,611,374
809,273
76,313
def883,572 defl609,020
12,855,189
819,054
def959,834
12,503,843
680,992
def875,185
1939
$5,526,434
180,097
def668,825
February—
Net from railway.
after rents
1—
Net from railway
—
148, p. 1472.
Chicago Rock Island &
.
Gulf Ry.—Earnings—
1939
1938
1937
1936
$323,851
65,640
def34,664
after rents
Net from
$355,505
107,849
I
14
$324,130
66,931
def21,572
$316,641
84,157
22,150
717,527
192,371
def4,509
749,075
•203,870
def4,114
674,902
def6,227
652,418
171,290
42,082
1—
railway
Net after rents
—-V.
1937
\
1936
$7,875,855 $7,618,531
1,475,010
739,494
- 361,092
def376,116
1798.
Chicago Molded Products
—V.
Year to Date
1938
$6,771,539
852,750
def228,427
'
1—
From Jan.
From Jan
aAfJter depreciation,
b After depletion,
$1 par.—V. 148, p. 1636.
1,677,093
369,368
117,826
Reconstruction
Net
...20,269,385 20,295,233
.
The $2,859,000
February—
Gross from railway
Net from railway
Total
1,790,055
366,570
51,764
•
Gross from railway
-.20,269,385 20,295,2331
»
Paul & Pacific RR.—Equipment
Trust Issue—
the
Net after rents.
Capital surplus..-
1,264,763
23,318
def270,532
■
Chicago Milwaukee St.
Gross from railway
95,'089
1936
$840,569
177,878
53,577
1937
$929,186
216,305
' 56,352
1939
*
1938
$611,497
$595,924
14,724
def3,974
defl28,862 defl45,882
•
Gross from railway
Net from railway
Net
,169,627
Date
.
Net from railway
535,946
3,360,803
202.690
Total
and $6,000. Jan. 1,
$1,396,193
209,312
def77,589
'
1938
$1,220,432
88,795
defl78,690
$1,290,673
230,372
def30,235
Gross from railway——
From Jan.
666,230
112,022
Sloane-
Exp. paid in adv..
617,165
169,394
;
1939
Gross from railway
250,000
reserve
Accts. payable and
accrued expenses
Prov.
51,565
28,239
in
2,636,765
•:
Gross from railway
closed
banks
Invest,
_
Interest
Other
1
marks, &c
Notes <fc accts. rec.
$
gencies
Marseilles, 111.
Goodwill, trade¬
Cash
Liabilities—
6% cum. pf. Stock 7,306,930
c Common stock.
625,340
Funded debt
9,119,500
1937
Reserve for contin¬
Water power rights
at
^
758,851
283,445
July 1, 1939 to July 1, 1945
each Jan. 1 and July 1 from
—V. 148, p.
1938
1937
$
2,799,602
Western RR.—Equipment Trust Issues—
The $690,000 equipment trust issues purchased from the Reconstruction
Finance Corporation by Salomon Bros, & Hutzler were reoffered at prices
to yield from 1.50 to 3.40% according to maturity.
The certificates bear
4% Interest, are in two issues, viz: (1) Series B, $580,000 and maturing each
Jan. and July 1, beginning with $60,000 July 1, 1939 to July 1,1943incl.
and $40,000 Jan. 1, 1944; (2) series C of $110,000 and maturing $8,000
Net
Consolidated Balance Sheet Dec. 31
Assets—
125,508
Chicago Great
Gross from railway.—.:
After deducting cost of sales.
1938
1936
302,536
79,575
197,123
■
Gross from railway.
Total income--...
'
$1,322,085
364,814
$1,138,301
2,414,884
473,811
44,122
.....
Net from railway,.
1937
$1,353,095
1938
$1,183,698
219,874
938
V
1—
Gross from railway
Earnings—
Illinois Ry.
1939
Total.....—140.805.199 141,127,383
141,127,383
b Represented by 1,265,696 no par shares, c Relating to
Stillwater Reservoir,
d From Niagara Hudson Power Corp.—V. 147,
p. 3907.
V ..J
'
.
' ,v- .
a
a
February— '
Gross from railway—
Net
Res. for deprec.
2,212,944
116,154
2,113,587
35,287.,
_
Other del. chgs.
14,661,626
'3,584,748
1,796,035
740,339
&
curr,
accrued llabs.
Unamortized dt.
dlsc't & exps
accrued
Interest
1,149,752
Accounts receiv.
,62,435,000
d Advances....
7,060
Int. & diva, rec.
Notes
62,409,900
31,642,400
Consumers' deps
1,280,608
:—
1317.
Net after rents,
25,900,000
Acc'ts payable-
c
Funds held for fu¬
Cash
$,
.
pref.
cum.
Funded debt—1
894,861
15,413,436
3,818,631
1,624,421
Net from railway.
stk.($100 par) 25,158,440
bCommon stock 31,642,400
»
.
1,524,982
special dejjos.
5%
121,516,378
507,836
1,924,749
—
13,158,771
2,176,361
def88,144
Earnings for February and Year to
V, 1937
1938
1937
•
120,957,345
Fixed assets
1,084,642
$7,451,313
1,793,775
896,730
February—
Consolidated Balance Sheet Dec. 31
1938
$7,563,597
2,102,236
Chicago & Eastern
Restated for comparative purposes.
x
$6,236,740
983,585
defl20,155
13.844,268
3,226,266
1,085,938
.—
N et from rail way
—V. 148, p.
(& Subs.)—Earnings
'v
41938
xl937
-—$24,112,063 $25,036,196
11,667,877
1936
'1937
$6,588,580
1,392,884
333,454
1636.
Central New York Power Corp.
Earnings—,
RR.
1938
1939
From Jan. I—
Gross from railway
Net after rents..
-V. 148, p.
Hoe Reading Co., below
Richmond
Corp.—V.. 148, p. 1797.
February—
Gorss from railway——
5,438,244
1,448,274
543,043
Support
including Robert R. Young,
of all directors
April 18 seeks reelection
Net after rents
1—
From Jan.
.
57,90*
to
meeting, to be held in
for the annual
The management proxy
781,326
547,864
47,440
340,132
,
1
Chicago Burlington & Quincy
1936
1937
1938
1939
February—
389,430
115,135
60,54o
353,514
56,288
4,372
•
Director—
Chairman of Alleghany
Gross from railway..---
47,811
27,157
29,712
•
Ry.—rManagement
Ohio
&
Robert R. Young as
on
1936
$166,331
$196,053
'58,146
.
•
.
Chesapeake
'
394,079
133,990
75,662
Gross from railway
Netafterrents
—V. 148, p.
$171,376
22,315
def2,709,
$193,781
66,882
Gross from railway
1937
1938
1939
3154.
Earnings—
Carolina Ry.
Charleston & Western
Net from railway
BEA Loan—
the common
Regular quarterly
February—
Total.-...
Co.—25-Cent Dividend—
dividend of 25 cents per share on
Directors have declared a
stock, payable April 1 to holders of record March 22.
dividend of 50 cents was paid on Dec. 15, last.—V. 147, p.
114,304
3,147,017
Contrlbs. in aid of construct'n
*'
count of accumulations on
148. p. 1318.
_
174,115
Volume
mtge. bonds, series A 4%, due Feb. 1, 1964.
Chicago Rock Island & Pacific Ry.—Earnings—
[Excluding Chicago Rock Island & Gulf Ry.1
February—
1939
1938
1937
Gross from railway
$5,056,680
$5,212,219 $5,722,112
Net from railway.
574,622
472,739
763,819
Net after rents
defl66,808
def300,999
def26.722
1—
Gross from railway
.Net from railway
10,762,653
1,523,949
71,385
Net after rents
—Y. 148, p.
11,508,021
1,420,072
defl76,717
10,805,985
1,069,752
def455,413
1938
1937
1936
$1,147,885
47,731
defl43,125
$1,203,997
defl7.164
def243,273
$1,281,520
def35,083
def211,964
2,414,406
136,164
def286,000
Net from railway
Net after rents.
....
Gro^tromrailway
Net from railway—
Net after rents
—V. 148, p. 1318.
....
2,477,859
184,588
def233,074
2,545.395
9,914
def435,467.
2,627,606
79,957
def273,798
/',
•.
Chile
Copper Co. (& Subs.)—Earnings—
*
1938
1937
1936
$2,585,766
$2,293,252
$1,872,880
1,611,328
85,556
1,443,201
37,905
Oper. expenses (incl. re-
1,824,427
127,615
19,420
..
General interest-..-—
Amort, of disct. & exp__
»-
Rent of leased prop., &c_
Interest
funded debt.
on
Interest of
$398,199
219,782
73,755
x2,994
6,483
6,425
equipm't.12,745,038 12,720,303
272,459
property—-—-
256,930
3
2,157
Invest, in sub. cos.
investments
•
—V. 148, p.
1,438
Years End. Sept. 30—
Due to parent Co..
44,728
Funded debt
1,009,126
payable.
511,840
135,216
28,423
186,732
41,037
Deprec., equip—
963,349
880,804
43,597
57,189
38,409
34,430
Misc.
curr.
Res. for
injur., &c.
Capital surplus.
Reorganiz.
ment of
—
„
Equipment rents
—
Income
from unfunded
securities & accounts j
Miscellaneous earnings.
.-.-——
1,950,238
2,167,608
49,376
6,296'
income.
Miscell. rent income
JDr8,002
.
/
$5,024,746
180,307
3,226,450
$4,386,101
180,823
172,746
2,996,209
2,961,686
•'>-■.
—— —
7,815
7,008
7,053
Joint facility rents
Tax accruals
663,397
6,783
998,843
23,998
70,173
25,o40
65,238
40,514
'84,189
$3,631,629
402,120
$3,944,984
441,117',
$4,544,896
479,850
«* »•:
1,800
6,771
1
394,173 1
....
of discount on
funded debt...
...
expenses-
Total.—
-
Net income
Earned per
539,536
3,203,777
399,105
442,583
488,724
384,025
2,970,828
3,031,235
-3,099,799
3,192,277
9.60%
8.82%
8.04%
sh. on com—
1937
1938
Assets—
$
$
Road.80,776,318 80,339,332
2,215,105
2,457,910
railway property
9,499
276,321
xl,723,372
$3,956,749
10,284,805
$2,874,435
11,308,047
$2,546,801
1;961,667
3,897,676
350,925
.
3.893
Deposits in lieu of
:" mtgd. prop, sold
64,765
64,765
Misc. phys. prop—
2,009,879
400,496
1,915,323
10,983
733,405
1,834,233
1,580,702
400
510
Equipment
Impts.on
——
leased
Special deposits.. _
Loans and bills re¬
ceivable
Traffic
&
car
v
& Car sei*4,040
4,255
payable..
160,741
283,520
195,932
21,477
Int.matur'dunpd. 1,013,873
ser¬
18,509
.,19,348
1,014,008
Audited accts. and
unpaid
-
338,569
518
556
Unmat. rents accr.
3,333
3,333
363,886
425,736
Other curr. liabils.
7,788
875
Mat'ls & supplies.
353,676
396,666
Other def'd liabils.
21,103
14,228
1,158,708
1,559,183
equipment
1,117,211
Oth. unadj. credits
476,162
1,261,241
589,199
213
Int. & divs. receiv.
Rents receivable.
"¥,261
_
3,266
Other curr. assets-
186,966
Deferred assets—
521,764
392,132
2,105
3,124
Accrued
paid in advance.
Disc't
on
funded
through
and
331,721
356,115
2,106,591
2,751,871
debt
1,211,451
debt
1,260,652
re¬
54,582
8,082
54,582
Sink, fund reserves
Profit & loss—bal.
.91,203,715 91,478,524
773,771
618,755
Total
& surplus.
8,082
...91,203,715 91,478,524
—Y. 146, p. 2845.
Water
•
,
371,909
14,026,942
2,781,114
-
51,749
2,670
395,847
74,491
-I.-_422,595,013 428,485,473
'
.
4,589,026
4,660,232
10,022,306
4,549,467
"
'
.—
—. —
— -
2,403,299
Reserves.
950,502
2,009,003
2,114,898
34,487,228
—
Capital surplus
Surplus provided for purpose of
3,205,206
829,160
payable—not current.
deposits
31,613,917
550,000
555,821
absorbing invest¬
3,772,082
ment losses
11,684,384
Surplus
Total
.
12,279,887
--422,595,013 428,485,473
—
Represented by 58,079 shares of $7 cum. at $5,807,900; 72,690 shares
cum. at $7,158,006 and 50,000 shares of $5 cum. at $4,400,000.
Represented by 00,000 shares of $7 cum. at $6,000,000, 75,000 shares of
$6 cum. at $7,385,479, and 50,000 shares of $5 cum. at $4,400,000z Rep¬
resented by shares of $100 par.—V. 147, p. 1030.
y
Clinchfield RR.—Earnings—
February—
Net from
railway
Net after rents
1937
1938
$470,196
182,995
150,542
1939
$566,750
278,901
244,218
973,325
397,732
343,639
1,145,945
548,273
533,906
1936
$558,854
264,847
250,843
$569,460
281,277
275,202
From Jan. 1—
Washington/Pa.—$2,000,000
Issue' Placed Privately—The company has placed privately
with two insurance companies an issue or $2,000,000 1st
Citizens
.
stock..—xl7,365,906 yl7.785,479
Gross from railway
Total...
■
x
tired through in¬
come
1937.
of $6
income
surplus
Funded
"
deprec.—
Additions to prop.
Rents <fe ins.prems.
Oth. unadj. debits
Tax liability
•
—
Customers and line extension
338,569
agents & cond'rs
Unmat. int. accr'd
■
1-.
Provision for Federal income tax
16,000
Misc. accts. receiv.
Net bal. rec. from
—
Common stock.
Notes and accounts
3,000
1938
.
^—
—- — -
3,000
payable
-v;-.
.
60,000,000
60,000,000
Minor, stockholders'int. in subs. & controlled cos.:
1
Preferred stock.
— — —
51,754,634 55,520,090
Commonstock—
——.
zl
1_.
6,317,639
6,299,485
Funded debt.
——
— ...
^217,002,930 214,996,382
Notes payable to Cities Service Co.
5,235,466
5,700,000
Note payable to Cities Service Securities Co.——.
2,200,000
Notes payable
—
1_ ——
1,110,000
3,915,000
Notes and accounts payable
—2,000,515
2,604,171
Dividends payable-..— -—...
"
165,110
130,959
Accrued interest on funded debt
3,074,900
3,212,160
Accrued taxes and miscellaneous accounts
4,298,930
3,929,266
6,140,125
wages
'
:
Sinking fund assets... —
—
4,982,530
hand——.
i.;—
6,221,336
receivable.—
_
9,698,688
Merchandise, materials ancjL supplies
3,819,414.
Prepaid insurance, interest, Ac,...
— — — —.
362,202
Unamortized discount and expense—;
15,755,940
Other deferred charges..
.j
2,890,629
Special cash deposits—not current— —
h 72,393
Balance in closed banks—T_ — _
—
800
Accounts and notes receivable not current—....
213,767
Notes and accounts receivable, personnel- — .,65,416
z
438
3,000
vice bal.
■
—— — ——
>
6,778,586
,
■
Liabilities—
cos...
Traffic
/•..
•
Accounts and notes
Funded debt mat.
vice bal. recelv.
'
Consolidated Balance Sheet Sept. 30
,
Cash in banks and on
.
,
202,781
companies retired through sinking funds during
1938.
-
Preferred
I^isc. accts. pay..
"I
——-
-
*
3
properties.— .352,354,870 366,359,983
238,722
2,422,064
Invest, in sub. & affil. cos. not consolidated
24,094,552 25,753,918
Discount and expense on preferred stock—_■
1,823;753
1,823,753
$
Loans & bills pay.
affiliated
Inv.inaffil.cos...
Cash
17,067 Non-negot. debt to
.$11,684,384 $12,279,887 $10,284,805 $11,308,047
y Includes $387,200 a credit to Surplus made possible by crediting
of par value of debentures of Cities Service Power & Light Co. and
•••'
1937
in aid
of construction.
9,112,170
\/X,3SCt3
...
Govt, grants
292,373
1,198,138
Electric light and power and other
Cash on deposit in escrow..-.
.
$
-
-
Including surtax of $244,356 in 1938, $1,082,197 in 1937 and $253,644
the year
$4,198,256
433,428
8.67%;'
1938
'
—
bonds of certain subsidiary
Cap. stock—com. 5,000,000
5,000,000
Funded debt.
.72,671,000 73,337,000
9,499
Cash in sink. fund-
,
.
267,275
,
Total
liabilities—
.
3,222,147
x2,480,352
Comparative General Balance Sheet Dec. 31
Investm'ts:
•
571,243
;
272,376
x
49,937
26,423
*
560,238 '
'
3,199,130
1,712,067
excess
$4,631,686
167,695
,3,259,638
48,718
7,390
5,742
632,713
Amortiz.
Miscellaneous
624,857
in 1936.
,1,548
15,872
'
19,799
■
3,104,685
on
Surplus Sept. 30-
36,381
728
■
Net income.
$4,463,783
Previous surplus_ — _yl2 .667.087
Charges to surplus..5,446,487
36,297
.
-
of sub. cos_
pref, stocks of
,
135
79,552
411
69,461
$4,033,749
Operating expenses—..
on funded debt.—
Rent for leased road...i.
—
8,507*520
.
Int.
Equipment rents
816,422
8,070,752
expense of Cities Serv.
Power & Light Co.—
$103,743
2,083,670
2,354,174
$123,446
2,035,929
2,753,106
48,616
43,122
$147,194
$138,036
1,972,508
1,799,013
48,025
Joint facil. rent
1,152,792
1935
1936
1937
1938
Calendar Years—
Operating revenues
Inc. from lease of,road..
896,996
-Earnings—
Indiana RR.
$22,777,553 $21,445,563 $20,730,946
Prov. forFed. inc. tax—
Total
1187.
Chicago & Western
"
7,959,048
& expense
221,694 dfl.626,620
;
•
548,478
subsidiary companies.
Proportion of net income
of sub. cos. applicable
to minority interests._
Int. on funded debt of
Cities Serv. P. & L. Co
Amort, of debt disct. &
-2-14,234,024 15,083,069
a 122,000 no par shares,
b After reserve of $12,245 in 1938 and $21,574
in
1937.
c Represented
by 19,476 no par shares* d Represented - by
29,000 no par shares,
e Represented by 465,000 no par shares.—V. 147,
.14,234,024 15,083,069
201,899
y
<
/
242,721
v
,
7,274,423
Divs.
adjust¬
capital. 3,810,470
Earned surplus
"'■/
.
v
v
'
1,006,422
542" 409
llabs—
Accrued taxes
—
;
See
738,305
"
■
Int.onfd.debtofsub.cos.
Amort, of debt discount
211,145
.'
722,359
-
$21,828,546
Gross income.
■
,
Int. on notes and accts.
payable & other chgs.
,
Miscell. liabilities
•
1,048,094
Lt. Co. & subs, retired
4,259,819
ply creditors.-
81,879
92,234
,
v
1,176,523
through sinking fund.
.....
$21,527,560 $20,480,483 $19,444,163
other cos.,
receipts.
Excess of par over book
value of debs. & bonds
Accts. pay. to sup-
117,921
&
stock-—al ,220,000 e4,650.000
1,341,000
Equip, trust ctfs_.
$6.50 pref. cb B.
66,597
97,429
affil.
int. & sundry
Common
101,099
/
Net oper. revenue. —.$20,652,023
in
of Cities Service Pr. &
Accounts
—
1937
1936
1935
$59,678,025 $54,720,604 $50,593,582
33,689,030
30,125,340 27,488,324*
?4,461,435
4,114,780
3,661,095
Income from investments
$
—
47,563
1,517,319
funds 1,173,268
Mat'ls <fc supplies.
Total..
1938
Oper. & maint. expense. 33,211,340
Replacements by sub .cos
5,005,633
cl,850,393
d2(610,000
$6.50 pref. cl. A
22,756
deferred charges
Spec, dep., current
p.
•
„
Light Co. (& Subs.)—Earnings
Gross operating re venue. $58,868,996
1st pref. stock
($100 par)..... 4,304,300
$6.50 2d pf. stock
($100 par)..... 1,947,600
657
Prepaid accts. and
Total.
2,482,046
896,996
688,395
447,511
1318.
Cities Service Power &
$5
41
Special deposits...
b Receivables
^ $
Liabilities—
$
$
Cash & wkg.
2,662,309
812,718
537,017
759,327
1937
1938
1937
Improv'ts to leased
Misc.
319,518
2,252,396
.544,401
,
„
Assets—
,
2,849,989
1,041,790
Net after rents.-------
been made in the 1938 income account for the
reported by the subsidiary companies not con¬
1 '
Balance Sheet Dec. 31
«
;
1938
Road &
216,162
1936
$1,278,854
481,536
376,794
From Jan. 1—
$201,375 on notes to parent company not
\
....
Ry.—Earnings—
1937
$1,366,227
454,168
1938
$1,107,686
281,342
449,728
330,126
Gross from railway.....
Net from railway—.
Note—No provision has
combined net loss ($6,322)
solidated.
1939
,.$1,363,081
Net after rents
$278,995
$95,183
accrued.
$316,205
$40,363
Net income.
x
Cincinnati New Orleans & Texas Pac.
February—
$391,774
$610,265
,251,616
73,755
1.947
3,951
19,008
$652,731
292,943
40,230
1,375
1,978
$335,489
254,436
40,415
274
Total income—
1935
$3,875,356
$0.88
$L22
Chilean income taxes,
On 4,415,503 shares of capital stock.—V. 147, p. 3451,
y
Gross from railway
Net from railway
<r—
—
'
1936
$5,371,788
After all charges, including United States and
x
$596,367
13,897
$633,723
$316,069
income.
Net operating
Other income.,
per
estimated,
"
1937
..$12,907,459 $22,378,867
share....
$2.92
$5.07
income
_
.
charges)1,713,513
113,006
tirement
Taxes
Earnings
1935
$2,142,588-
Calendar Years—
Operating revenue
Net
y
& South Bend RR.—Report—
Chicago South Shore
1938
Calendar Years—
'
.
Proceeds will
present outstanding
10 the
Series A bonds are dated Feb. 1, 1939.
City Bank Farmers Trust Co.,
Redeemable on four weeks' notice at prices varying
according to the source of moneys available for redemption purposes:
(1) If from moneys received in connection with certain releases of property
specified in the indenture, bonds are red. at 105 to and incl. Feb. 1, 1940:
at 104 to Feb. 1, 1945; at 103 M to Feb. 1, 1948- at 103 to Feb. 1,1952;
At 102H to Feb. 1, 1955; at 102 to Feb. 1, 1961; at 101 to Feb. 1, 1962;
at 101H to Feb. 1, 1963, and thereafter until maturity at 100kt.
(2) If redeemed otherwise bonds are red. as follows: To Feb. 1, 1940
at 107; to Feb. 1, 1941 at 106
to Feo. 1, 1942 at 106; to Feb. 1, 1943
at 105K: to Feb. 1, 1953 at 105; to Feb. 1, 1936 at 104; to Feb. 1, 1958 at
103; to Feb. 1, 1960 at 102^ ;,toFeb. 1, 1961 at 102; to Feo. 1,1962 at 101;
to Feb. 1, 1963 at 100M and thereafter until maturity at 100M, plus in¬
terest in all cases.
Coupon bonds $1,000 and registered bonds $10,000 and
multiples.—V. 148, p. 1636.
Minneapolis & Omaha Ry.—Earnings
1939
—
April
on
New York, trustee.
10,640,563
359,237
def942,588
$1,147,713
23,187
defl90,546
February—
Gross from railway—
redeem
to
series A and series B bonds.
$5,158,597
def43,488
def715,707
1318.
Chicago St. Paul
used
be
1936
Jan.
From
1951
Chronicle
Financial
148
Co. of
Gross from
railway
Net from railway
Net after rents..
—V. 148, p. 1318.
1,178,212
618,309
557,272
-
'
,
'
1,120,529
550*458
536,156
>
29,112
---■
$6,328,876
641,431
1,336,490
132,000
$782,250
1,475,093
980,348
701,721
1,560,226
$4,218,955
1,478,749
1,467,104
Federal surtax.
$4,921,921'
'—-
1,443,457
.
490,702
Common dividends.
Earnings per share on com. stock
Consolidated Balance Sheet
1938
$1,273,102
& notes re-
b
540,166
'
>
355,005
—V. 148, p.
Minority interest-
$972,041 $12,802,084 $14,077,320
749,777
8,997,485
8,997,369
_
749,794
.
$3,804,599
$5,079,950
Federal surtax on undistributed profits for 1937.
full preferred stock dividend requirements at the
annum.
Dividends were paid in full to Jan. 1,
of $3 per share per annum since that date.—Y. 148,
$222,264
$773,644
^
...
Includes provision for
x
y Reflects deduction for
rate of $6 per share per
1935, and at the rate
Corp. Void After May 5—
0$
1798.
p.
Co.—Earnings-
Connecticut
;
"
1938
1937
$5,520,167
4,574,359
$6,053,098
4,992,050
1936
$6,095,468
4,918,052
$945,808 ' $1,061,048
404,620
409,690
$1,177,416
331,791
Calendar Years—
District Court for the Southern Dis-,
trict of New York, dated May 5, 1936, all holders of debentures and stock
of Colon Oil Corp. and of claims against the corporation, who shall not
have surrendered the same prior to May 15, 1939, shall no longer have any
right or claim whatsoever with respect to securities of The Colon Develop¬
ment Co., Ltd., or cash, otherwise deliverable in respect thereof.
Holders of any such debentures, stock or claims should surrender the
same on or before May 15 to one of the following depositaries: Manufac¬
turers Trust Co., 55 Broad St., N. Y. City; Lloyds Bank, Ltd., 39 Threadneedle St., London, E. C. 2, England;
or Nederlansche Handel Maatschappij.P. O. Box 669, Amsterdam, The Nether lands.—V; 147, p. 3907.
Pursuant to the
$1,523,439
Net income.
...
Divs. onpref. stock—
y
Balance
Colon
order of the U, S.
Operating revenues..
a Operating expenses
Net
>.
—
operating revenue
Tax accruals
...
Net from
1938
$450,775
56,478
def40,301
1937
$576,040
106,121
6,928
826,360
919,257
$651,358
4,360
$552,867
1,248,864
$655,718
1,249,223
$858,975
1,256,875
$695,997
Gross income.
Deductions from gross income.
85,813
90,069
233,042
$397,750
49,124
def31,069
railway^--
Net after rents......--.
-
»
$484,281
48,300
def23,029
/
in 1937 and $449,960 in
$593,504
$397,900
43,572
defl00,052
rents.Vdef90,615
Columbia Gas & Electric
,
District Court at
Feb. 6.
Judge Nields
on
intervene
intervention would
issues.—V. 148, p. 1798.
Columbian Carbon
1936
1937
1$4,172,167
346,720
$6,180,687
!$5,120,777
210,278
188,732
112,073
312,101
47,944
x654,947
202,811
x520,693
437~500
111,026
326,787
165,857
$4,466,250
J$4,021,137
$2,992,860
5,986,383
5,045,143
4,148,277
1,399
3,633,270
1,246,285
s
;
»
'
fixed assets
Fed. income tax (est.)..
Proportion of profit applic. to minority int_.
capital
surplus.
,
(net)
Excess of book val. over
cost of minority int. -1'
Total surplus..:
Surplus adjust, (net)
leaseholds.
Abandoned
Add'l prov. for est.
income tax
"
—
770
■
'
10,366
$8,743,923
11,106
41,472
$6,626,130
4,837
116,107
3,489,415
3,084", 198
2,256", 910
250,000
2,149,056
y$5,986,383
$5.13
$8.31
Earnings per share
1938
$5)045,143
$7.48
Property account zl9,266,951
Invest., less res've 4,409,143
y
$4,148,277
$5.56
1938
Other assets
marks,
x
21,849,354 21,849,354
Capital stock
647,428
Accts. pay., &c
Fed'l
income
&c_....
_
793,393
tax,
2,193,606
1,235,881
1,761,652
2.133,600
current
1,190,516
1,717,365 Minority interest-
1,028,278
1,030,838
Deprec. & depl. res
140,901
Res. for Fed. taxes
1
454,639
prior years—
300,000
16,241
1 Capital surplus—
462,909 Earned surplus— 6,317,518
Goodwill, trade¬
Deferred charges.
41,955,613
4,509,193
$
129,889
Mkt. sees, at cost
Unadjusted debts.
32,007
x
ury.
.30,480,043
399,591
719,917
949,909
1,068,589
22,723,301
&
rents
Other
251,486
'
and
5,972,588
unpaid
liability
'
795,871"
and
6,439
-
421,875
585,888
other reserves..
Accrued
1,590,544
25,220
liabil.
curr.
Deferred liabilities
Tax
deprec.,
4,579,724
equip, and bldgs. 5,479,471
Res.
abandon¬
for
ment losses..
6,896,215
„
Other unadj. cred.
Miscel. fund reser.
53,140,9371
Total.
189,351
443,603
3,064,948
'
Profit and loss. _Z>rl8063,380
x
—
Total. —*....42,686,129 21,035,635
—42,686,129 21,035,6351
After reorganization
effective Jan.,1, 1939.—V. 148, p, 1801.
Consolidated Edison Co. of New York,
'
Inc.—Weekly
;
••• , ' \ :
Consolidated Edison Go. of New York announced production of the
electric plants of its system for the week ended March 26, amounting to
138,200,000 kwh., compared with 125,700,000 kwh. for the corresponding
week of 1938, an increase of 9.9%.
.
.
'
,,
Output—•
New
"':
.
' •
\
Officer—
organization meeting held March 27, Clarence L. Law, Executive
of the Board, was elected a Vice-President
At the
Assistant to the Vice-Chairman
of
the
company.
1801.
Floyd L.
Chairman,
Carlisle,
-
.
-
•"
v
"
•
.
..
>*
Fogg, Viceother officers were
Secretary.—V. 148,
Oscar H.
Ralph H. Tapscott, President, and the
Charles Nodder was elected an Assistant
,'„v
>
Consolidated Aircraft Corp. (& Subs.)—EarningsCalendar Years—
Net sales
1938
1937
1936
1935
$4,218,399
$2,841,753
(airplanes and
parts)
$12,245,06?
Mfg. costs & exps. (incl.
engin'g & admin, and
$11,907,493
10,422,747
10,938,365
209,135
airpl. designs,
devel. and drawings—
3,571,256/^
2,276,506
143)261
60,605
147,072
146,884
159,341
$1,822,321
$612,921
$357,058
$345,301
68,041
25,713
35,061
29,386
$1,890,362
$638,634
9,727
$392,119
10,625
$374,687
106,206
67,528
50,977
34,041
58,395
58,184
4,976
$1,535,110
71,208
*
574,760
$462,959
70,748
287,380
$192,411
25„.849
$322,734
$2.55
$0.68
$0.29
$0.56
Amort, of
Profit from operations
credits—Disc'ts,
Income
interest,
&c
Total
-
Interest
on
sale of airport
property
Loss on assets retired
Federal & Canadian normall income taxes
16,241
5,970,141
—-30,480,043 53,140,937
125
Loss
25,700
11,956
343,297
Federal surtax on undis¬
tributed profits.
Represented by 537.406 no par shares, excluding 1,014 shares In treas¬
y Market value $1,988,633 ($992,724 in 1937).
z After depreciation
of $20,490,814.—V. 147, p. 3155.
reserves
int.
Matured
25,610
Exps. incident to finance
Other
Net
Total
253,895
1937
$
1937
Liabilities—
..
7,925
38,477
_
general expenses)..—
x
Includes $33,539 ($8,136 in 1936) surtax on undistributed income,
Of which $16,242 capital surplus.
Consolidated Balance Sheet Dec. 31
Inventories
7,925
3,581,939
assets.
5,000,000
:
4,128,024
Provision for deprecia'n.
Fed.
...
Notes & accts. rec.
80,057
210,072
p.
l.—__
$8,170,813
Total earned and capi¬
tal surplus
y$6,333,760
Cash..
2,313,941
87,860
" 210,072
Chairman,
reelected.
$9,512,163
25,999
_
Dividends
y
2,313,941
deposits
,
Matured fund, debt 4,970,000
special
Materials and supi.
Total.
$3,831 >620
Total incomediscts., int., dis538,880
mantl. exps., rents, &c.
Loss on abandonment of
Prior years adjust,
204,293
12,002
Misc.. accts. receiv.
193,232
$2,757,540
$4,934,402
743,870
Cash
Previous earned &
7,195
and
20-year 5%'deben,
Miscel. accts. pay.
12,002
Cash
Class Bstocki
Loans & notes pay.
419,550
Investments
2,000,000
100,000/
Gold deben.4-6%.15,153,000
•
Other
$3,812,324
684,760
$3,087,750
disc.,
royalties, &c_
profit—
,
Invest. In affil. cos.
cur.
$
,
Class A stock.
$3,465,604
948,610
1,559,405
2,526,242
Net
•
,
5,030,308
1,174,995
2,077,738
6,502,954
1,497,741
2,801,149
5,536,219
Deprec. & depletion
Sell., admin. & gen. exp.
comm.,
381,316
-
1
,
5,849,685
1,486,267
2,364,271
Cost of sales
Rentals, int., divs.,
490,601
Misc. phys. prop..
Deposits in lieu of
mtge. prop, sold
'
Deferred assets.__
Co.—Annual Report—
1935
$12,709,617 $15,736,247 $13,872,389 $11,748,645
(net)
17,761,942
Other
1938
Calendar Years—
Sales
the motion to
of right" and
unduly complicate and delay adjudication
agreed with a Government brief opposing
"because Mokan is not entitled to intervention
declaring such
of the
•
a.
xJan. 1 '39
$"
"
Capital stock—.19,877,000
equipment.
30,237,535
Expend, on leased
lines.....—.. 5,285,501
.
Liabilities—
$
;$
Invest;, in road and
Co. (Mokan) to intervene
Government against the
denied March 29 by Judge John P. Nields in
Wilmington, Del. The motion Was filed
corporation and others was
the Federal
~
•
Dec. 31 '38
Dec. 31 '38 xJan. 1 '39
.
Assets—
Corp.—Mohan's Motion Denied,
by the Misspuri-Kansas Pipe Line
anti-trust suit brought by the Federal
A motion
an
Balance Sheet
"
999,762
138,241
def7,738
$505,265
1936.
,
.
—V. 148, p. 1318.
in
—.
'
depreciation and retirements of $499,111 in 1938,
Includes
a
'
1—*
railway
Net from railway.—..
From Jan.
Gross from
Net after
Net deficit—
1936
1,173,453
1938
1939
February—
$845,625
13,350
$541,188
11,679
Operating income
Non-operating income.——
EarningsGross from railway.....
16,207,910
$4,320,574, $53,096,300 $53,631,547
3,348,532
40,294,216
39,554,227
the common
of
Ltd.—Claims
16,509,081
1,339,796
1,461,498
$4,937,193
Int. & other fixed chgs..
3,413,755
Gross income.
distributed.—V. 146, p. 2201.
Co.,
&
retirement reserve
25. Like
dividend
share were
.$13,125,474 $12,179,444 $147,877,347 $148,700,230
78,271,965 x78,860,773
6,519,074
& taxes.
6,726,783
Operating exps.
Provision for deprec.
stock, no par value, payable April 1 to holders of record March
amount was paid on April 1,1938, and previously regular quarterly
Development
Subs.)—Earns.
1939—12 Mos.—1938
1939—Month—1938
Period End. Feb. 28—
Gross revenue
Wire Co.—10-Cent Dividend—
declared a dividend of 10 cents per share on
admitted to trading upon notice of issuance.
1798.
Commonwealth & Southern Corp. (&
4,127,728
3,646,176
1,145,807
1,083,107
9,634,376
6,993,965
stock._Z>rl974,388 Dr905,587
Def. Jiab. & res've
These
convertible debenture 3 j^s, 1958.
dencing subscription warrants for
Total.........74,867,801 71,096,496
a After
depreciation of $20,695,782 in 1938 and $19,559,692 in 1937.
b Represented by 1,999,970 shares (no par),
c 15,098 shares preferred
stock at $100 per share in 1938 (4,411 shares in 1937), and 37,163 shares of
common stock at $12.50 per share.—V. 147, p. 2242.
Colon
'
'
additional securities will be
".....74,867,801 71,096,496
Collyer Insulated
—
"■ .
■
• ■.
*
Chicago Stock Exchange has approved the company's application
950,294 additional shares of $25 par value capital stcok, $25,383,300
convertible debentures, 3Yi% series due 1958, and 9,102,012 rights evi¬
Earned surplus...
Treasury
—
The
1.512,736
3,245,973
2,983,297
2,362,500
3,623,392
Prov. for taxes... 3,400,937
PalmollveBldg,4's 2,287,500
Mlscell. accruals..
c
—
4—.
to list
1,439,668
1,363,456
Accounts payable.
„
—
Listing—, '
J
elgn subs..
..10,025,534 8,907,486
18,208,868 26,127,626
11
March
$
cum.
Bank loans of for-
1,198,539 1,228,193
Invest. & advances
524,105
906,195
PalmollveBldg.^. 4,631,602
4,815,180
a Plant and equip.20,190,082 20,252,468
G'dwlll, pats., &c.
1
1
of 35 cents per
Increase
8.3
10.9
12.0
9.8
/
.133,416,000 '
138,411,000
....139,046,000
..139,179,000
18—
March
1937
$
25——
March
pref.stk.24,819,700 24,819,700
Common stock..24,999,625 24,999,625
6%
1
.
March
Dec. 31
; Liabilities—
8,319,181
Prepaid expenses &
deterred charges
Directors have
Per Cent
1938
123,155,000
124,827,000
124,101,000
126,762,000
1939
Week Ended—
$1.40
1938
$
Cash....-19,368.705
Market securities.
720,365
Total
corresponding periods last year:
-Kilowatt-Hour Output——
four weeks and the
■
1937
$
Assets—
ceivable—net
157,098
1,553
def5,651
•
;—-
$2,987,762 df$1673,19l
$1.77
Nil
Surplus
Inventories..
def6,126
Commonwealth Edison Co.—Weekly Output—
The electricity output of the Commonwealth Edison Co. group (inter¬
company sales deducted) for the week ended March 25, 1939, was 133,416,000 kwh., compared with 123,155.000 kwh. in the corresponding
period last year, an increase of 8.3%.
The following are the output and percentage comparisons for the last
■■*
■
—
Accts.
224,461
52,995
35,039
$70,418
def3,067
148, p. 1318.
—V.
dividends...
196,266
15,046
648
36,664
13,517
Net after rents
2,500,000
$2,893,525
1,104,619
1,006,656
$7,183,868
Preferred
Gross from railway
$134,456
47,785
34,027
Net from railway
%
and li
suit
of patent
agreement
1938
$101,687
13,103
5,231
199,407
Net from railway
Net after rents
From Jan. 1—
$6,136,791
192,085
$316,486
77,039
$7,154,756
Other income (net)..
1936
1937
1939
$89,327
16,115
7,388
February—
Gross from railway
-
1
Earnings—
Columbus & Greenville Ry.-
Colgate-Palmolive-Peet Co, (& Subs.)—Earnings—
1938
1937
1936
$99,452,741 $99,991,355 $89,631,402
Cost, exp.tnv. adj. and depreciation. 92,297.985
99,674,869 83,494,611
Calendar Years—
Net sales
Settling
April
Chronicle
Financial
1952
income
dividends—_
Common dividends
Earns, per share of com.
stock outstanding
Preferred
854
Volume
148
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
Assets—
1938
Cash
1938
$329,023
504,273
925,104
1 134,964
1,621,580
craft, Ltd
22,096
Bldgs., mach. &
equip., Ac
1 ,616,049
127,621
Accts. receivable.
_
Inventories
Inv.
a
1937
$3 580,478
in
Fleet
Unamort.
Liabilities—
c
Accounts payable
$225,126
uncompl. contr's
Accrued
taxes
1,339,007
airplane
contracts
Reserves
77,500
581,883
23,700
17,040
Common
b
574,760
8,640
8,640
2,976,786
$14,402,994
surplus
Total
earns,
of controlled
408,517
1,900,304
Gas
Electric
&
Light
Subs.)- -Earnings—
Baltimore (&
2 Months Ended Feb. 28—
Electric operating revenue
Co.
.
Net income—
$5,988,166 $13,938,180
9,123
11,097
457,293
21,377
Deductions from income
d70,850
Adjust, of invent
1,071,691
;
Federal income tax...
el 54,040
of
1939
Total operating revenue
Operating
Power
$4,326,022
1,636,317
238,739
—
Net inc. accr. to corp.
Dividends
$6,201,078
4,690,203
$1,539,913
$1,510,875
89,712
$1,648,021
"398,353
$1,600,587
433,680
$1,249,668
185,886
$1,166,907
185,886
$981,021
700,438
$363,344
$0.91
$280,582
$0.84
Shs.
c
com.
—
—
—
Total income deductions.:
Net income
Dividends
preferred stock
on
Balance
Dividends
stock
on common
_
__
Balance available for corporate uses
Earnings
per
share of
common
—V. 148, p. 1801.
Consumers Power
Period End. Feb. 28—
Gross revenue....
Gross income
$1,285,572
Int. & other fixed chgs—
418,801
Divs.
1938, $126,274 in 1937, $29,426 in 1936 and $6,244 in 1935.
c Does not
d $53,442 interest expense and $17,407 decrease
equity in Kettleman North Dome Association resulting from readjust¬
ment of ownership,
e $86,186 provision for estimated Federal income taxes
and $67,854 provision for estimated State income taxes.
Consolidated Balance Sheet Dec. 31
$4,654,868
Mat'ls
Net profit from oper. _
Provision for bad debts,
less recoveries
'
Rental expense, &c
Flood loss
:
1937
$1,661,492
11,891
28,882
—
56,879
*
Profit......
Int. & disc, earned, &c
Rental income
$1,563,840
142,938
30,644
Other
'
184,893
25,043
34,200
1. 61,111
39,018
Other interest, &c
ProV. for Fed. inc. tax..
Prov. for depreciation
_
_
Amort, of bond discount
rec.
1935
1936
9,742
.
86",75!
$3,825,658
105,178
36,714
$3,056,303
92,719
29,592
$3,967,550
175,372
199,115
24,930
x528,000
1,216,800
39,228
$3,178,614
194,958
211,772
$3,105,615
.
234,376
860,876
-,1937
Liabilities—
$
$
Cash in banks and
1,650,344
Customers' notes <Sc
Acer,
int.,
$
1,080,353
1,382,685
&
499,210
524,700
125,112,858
586,129
104,350,7511
52,763
3,143,426
91,998
2,859,950
'—
Sinking fund
no
par
value;—V. 147, p.,3607.
1,$48,555
equip..17,980,012 18,1^0,006
1,487,517
,
Deferred charges to
inc.
$
— — —
Administration expenses—— — _ —
General and miscellaneous expenses.
392,440
due June 15, '46
_
3,425,000
Res. for conting..
Capital stock
Capital surplus
Earned surplus
——■— — „
115,000
stock subscripts.
Scrip redeemed and canceled—— — _ —
on
settlement of employees'
i
Total earnings after provision for taxes..
Credit balance, beginning of year....
„v—
3,829,000
was
also elected a director, increasing the board of
148, p. 1474.
3 Months Ended Dec. 31—
Sales
1938
$750,798
62,158
1,245,912
6,270
19,000,000
$
256,972
14,269
68,133
70.802
Notes rec.,
Liabilities—
$
gen'l—
general
Accts. rec.,
5,335,210
4,926,694
19,150,156 21,569,564
10,437,999 10,436,987
Plant, fix. & pats.13,075,965 12,889,403
1,744,658
Defeired assets— 1,647,215
GoodwiU
10,979,000 10,979,000
rent
1938
$
xl937
7,023,777
193,125
9,317
6,757,302
Cash
Accounts payableAccounts payable.
Wages
use
Real est. & bldgs..
earned
$4,120,509
2,145,311
$6,265,820
5,378,228
26,125
19,000,000
127,792
$
120,247
900,000
Adv. pay. for mag.
6, 499,086
5,968,092
230,169
subs., adv., &c_
Sales
195,052
cash
agents'
bonds
Self-ins. fund liab.
(est.
accrued)..
Reserves
1,598
3,562
15, 494,382 16,027,025
Capital stock...20, 720,268 23,360,072
res've
Contingent
(earned)
&
un¬
divided pro fits..
67,213.705 70,251,847
xl937
3,816,331
div. payable
Jan.3, 1938
y
Total
4,
4,251,963
but
not due
not due
Pref.
Investments
directors
1937
$528,667
8,636
434,393
1,660,463
Consolidated Balance Sheet Dec. 31
1938
Assets—
Corp.—Earnings—
Profit before provision for Federal income tax.,—
—V. 147, p. 3608.
12,467
114,295
1937 restated for comparative purposes.
members.—V.
Cornell-Dubilier Electric
$6,342,238
$19,888,448 $19,861,467
Total
C. B. Jahnke, General Manager of the corporation, was, on March 28,
elected Vice-President and a director; W. C. Heath, President of the A. O.
13
$2,140,630
— —
Inventories for cur¬
Cooper-Bessemer Corp.—New Vice-President—•
to
861,467
on
.....25,222,126 26,311,031
Co.—Approves Annuities—
7,278
,
$1,279,162
on
x
41,874
110
.
—.
449,115
.15,625,060 15,625,060
671,494
z383,139
1,478,907
1,940,991
Stockholders at the annual meeting held March 28 approved the proposed
plan of retirement annuities.
The plan worked out with the Metropolitan
Life Insurance Co. provides for annuities for employees receiving $3,000
or more annually.—V. 148, p. 1025.
Corp.,
500,675
1,017,904
preferred stock outstanding
preferred stock in self-insurance fund
Contingent reserve (earned)
.....
Dividends
Coll. notes of empl.
11
32,533
Additional Federal & State taxes of prior years...
Dividends
2,643,000
x Includes construction contracts payable of $212,310.
y After reserve
for depreciation of $8,922,908 in 1938 ana $7,763,149 in 1937.
z Arising
from excess of cash received over par value of capital stock issued therefor.
—V. 147, p. 3156.
Smith
1,201,460
$2,322,714
14,707
10,940
-
——
Reserve for amortization of bond premiums
Total
2,520,500
546,602
$4,598,230
1,081,578
259,702
_k
Provision for Federal, State and city taxes—.—
128,000
debs,
5%
due June 1, 1943
from
549,295
....
Total income
10,149,980
9,916,100
441,782
200,837
$941,624
-
Income from investmepts
Gain on sale and maturity of investments.
528,000
1st mtge. s. f. 6%
1
Continental Can
381,985
255,429
Adjust., portion of deprec. res. of prior years dis¬
allowed by Internal Revenue Department
Adjust., excess reserve for Federal and State taxes
for prior years— — — — —
—;——_
Loss
34,200
9,648,798
9,117,538
— _ — .
Balance
434,276
224,757
— ...
500,000
in dispute...
15,583
1
Total
—
Selling expenses
'
taxes
387,995
25,222,126 26,311,031
240,631
.$40,774,872' $46,295,216
20,441,685
—19,880,204
i—
—
Commissions, advertising and circulation expenses
ments due within
15-year
1938
xl.937
$40,534,242 $46,070,459
—
Production and delivery expenses—
363,451
Par
(& Subs.)—Earnings—
Depreciation on plant, fixtures, bldgs. & patents__
Prov. for prior yrs.
Fed'l
t,
Total..
1937
y
,'
,
Revenue from advertising, circulation, &c.
pay¬
year.".—'—_■_—
receivables
Total....—.125,112,858 104,350,751
and intangible development costs,
Includes 56,011 shs. in 1938 and 56,010 in 1937, held in treasury apd
a
Miscellaneous
income taxes and
surtaxes
Sundry current re¬
Total
103,869
277,605
wages,
taxes, &c
Provision for Fed'l
accts. receivable
20,030,747
Calendar Years—
$1,238,009
422,122
446,525
payable
Accts.
1,031,969
_.
124,353
After depreciation, depletion
carried at
43,012
4938
20 488,115
667,597
253,375
_
...
deb. issue....
x
Consolidated Balance Sheet Dec'. 31
1938
49,102,900
learned surplus.
9,248,527
508,312
49 102,900
i
of bonds, int.,
$5.
92,704
29,170
816",925
future oper'ns
Goodwill & pat'ts.
9,271.336
1,871,324
_.
accts.
Total...
Surplus....
def$204,906
$923,229
$470,017
$815,887
Earnings per share
$0.04
$2.28
$1.97
'."■$1.89'
x Includes $138,900
($24,500 in 1936) for surtax on undistributed profits.
Plant &
&
-i
and
Paid-in surplus.
ferred charges
1452,590
1,172,734
42,769
insur.,
1 926,275
cost.
Prepaid and de¬
208,426
213,482
32,596
217,500
14,439
x255,000
248,263
152,762
lai
other exps. of
$2,983,741
.
for
annuities
(not curr.)
Underwriting
107",512
'
Common dividends
_
Res.
&
&c_
122,818
$1,286,942
_
invest,
&c
35,153
114,922
120,871
96,305
60,393
Cr63,907
$1,784,105
and Investments
195,070
2,953,149
103,869
"
Unadjust, debits,
■
$29,470
Inventories..—
196,003
4,072,660
124,353
313,873
149,361
&c_
coupons,
Deposit tor red.
$3,249,224
$3,267,668
$4,039,320
Net profit carr .to surp
Preferred dividends
Other
Minority interest
Curtis Publishing Co.
$1,737,422
163,687
debentures
ceivables
686,670
& advs.
Notes
profit before dep.,
int. & Fed. taxes...
on first mtge. bonds
less reserves....
Deferred credits
592.325
•
'
retired._
hand..—
Unred. bds., int.
to Cont. Cos.
_
Assets—
178,081
22,916,108
& suppl.
Invest.
-
on
211,791
advances
1938
70,472
2,925",519
1 224,447
21,273,165
—
Other curr. assets
net
sales
(incl.'
•
brokerage sales of sub)$18,705,290 $25,268,327 $22,525,268 $20,181,777
Cost of sales
15,295,294
19,201,297
17,466,001
15,356,939
Selling, adm. & gen. exp.
1,748,504
2,027,710
1,791,599
1,575,614
Interest
&C
48,437
136,707
Accrued taxes..
Cos....
oil,
.
21 071,600
debt..
Funded
$
6,134,123
17,806
6 ,833,824
Due to Cont.Cos
Invent, of crude
Corp. of America (& Subs.)—Earnings—
Cons,
Net
7,183,889
Accounts payable
Due from Cont.
$5,655,926
Calendar Years—
cap. as
7,247,284
.
1937
$
23 ,692,967 823,692,967
Capital stock.
y
Accrued liabil
receivanle
—V. 148, p. 1637.
on
50,970,433
8,363,625
20,000
Notes and accts.
$9,891,212
3,517,225
718,061
$481 £87
Liabilities—
$
24,365,908
110,000
U. S. Govt. sec.
$1,226,274 $13,552,174 $14,275,636
393,919
4,689,145
4,384,424
65,278
1938
1937
$
Property accts 55,862,436
Cash.
$3,157,343 $37,428,354 $37,965,668
1,595,569
19,721,180
19.714,031
335,500
4,135,000
3,976,000
$8,863,029
3,424,822
783,339
4,682,663
$1.88
$2.98
include treasury stock,
x
$516,104
Balance
Container
share
per
068,783 in 1937 amounted to $19,783,908; in 1936 amounted to $18,558,526
and in 1935 amounted to $17,687,432.
b After reserve for losses of $109,658
1939—12 Mos —1938
$832,354
285,389
65,278
$866,772
285,389
...
pref. stock
Amort, of pref. stk. exp.
on
$4,716,412
4,682,615
$2.05
Federal and State oil and gasoline excise taxes not included.
Federal
and State oil and gasoline excise taxes paid in 1938 amounted to $19,-
Co.—Earnings—
.
$3,759,574
4,682,583
a
1938
$3,431,670
1,756,098
390,000
$6,924,870
4,682,581
$1.10
Assets—
1939—Month—1938
,
Oper, expenses & taxes..
Prov. for depreciation—
Net income.
'
stock
$8,813,561
4,097,149
$457.$68
<
.
205,213
_
stk. out. (par
$5)
Earnings
„
■
$9,612,597
5,853,023
in
700,438
Other income
Gross income
$7,553,584
11,398
1,476,587
in
$1,063,782
....
.
$5,139,755 $13,948,460
4,682,387
7,023,590
Surplus..
Operating income
$8,326,764
9,397
1,295,230
.
'
$6,376,001
4,836,088
depreciation and taxes
.
—
108,109
expenses,
—
AppliC. to minority ints.
Extraord. profits—Cr_.
1938
$4,462,881
1,672,905
240,215
Gas operating revenue
Steam heating operating revenue
y
286,377
1,896,895
1 88,111
1,680,382
.
Consolidated
on
460,963
1,826,892
Income before capital
exting.& int.charges$20,115,742 $28,052,874 $21,864,976 $16,586,267
Intang. devel. costs
8,498,409
8,888,301
9,009,995
4,380,022
Depl. & lease surrendered
803,356
1,037,639
1,016,378
'
771,689
Depreciation
4,591,528
4,210,014
3,849.305
3,756,528
$6,887,560 $4,569,442
After depreciation reserves of $376,923 in 1938 and $454,278 in 1937
Arising from conversion of preferred stock,
c Includes wages payable.
147, p. 3307.
"
Int.
1,575,664
cos.
not consolidated, net.
Divs. and int. received—
a
"
$25,765,019 $19,996,484
2,054,578
Capital surplus.
$6,887,560 $4,569,442
—V.
Loss
1935
$69,501,247
53,522,589
1,185,400
574.760
stock
99,145
1,191,000
Preferred stock
210,067
Earned
b
1936
"
Net oper. income.._.$17,806,920
b Equity in curr. year's
195,618
125,000
1937
income.$80,151,183 $89,180,379 $75,762,304
Merchandise costs
1 59,507,833
60,234,946
53,294,457
Oper. & admin, exps
J
a Taxes
2,836,429
3,180,415
2,471,363
654,261
550,102
Subs.)—Earnings—
1938
Gross operating
$373,800
Cust. dep. on sales
designs, devel. &
Total
Calendar Years—
S
Progress pay rec.on
Air¬
drawings
Deferred charges..
Continental Oil Co. (&
1937
$.
1953
19 888*448 19,861,467
.67,213,705 70,251,847
Total
.
x
1937 restated for comparative purposes,
y
Represented by 783,118.
(837,078 in 1937) shares of preferred stock and 1,732,366 (1,774,666
1937) shares of common stock, all of no par value.—V. 148, p. 729.
in
April 1, 1939
Chronicle
Financial
1954
Net from railway
Net after rents
assistant.
—V.
,
of water
American
Chamberlain has a wide acquaintance among members
sanitation associations.
He is a member of the
Society of Mechanical Engineers, of the American Water Works
Mr.
and
works
New Directors-—
■
■
Sydney G. McAllister, President of International Harvester; William R.
Odell, trustee Of the estate of R. T. Crane Jr., and J. II, Collins and P. R.
Mork, Vice-Presidents, were elected directors of this company at the
annual meeting of stockholders held March 28, filling vacancies resulting
from the resignations of Cornelius Crane and J. L, Palmer and adding two
members to the board.—V. 148, p. 1638.
••
March 29 declared a dividend of 30 cents per share on
stock, payable April 25 to holders of record April 10.
A
dividend of 60 cents per share was last distributed on Aug. 22, 1938.—
V. 148, p. 127.;
; ■ 3';,
•
■
..
; , /
Directors
the
on
common
,
Gross from railway
Net from railway
-
Net after rents.-wi—-
Net from
$1,936,865
333,037
171,818
$2,242,964
491.451
416,207
3,322,947
402,149
86,596
4,058,077
779,694
457,644
4,271,801
744,352
563,179
'
3,873,691
1,108,605
Net after rents
787,709
...
1321.
p.
176,615
230,729
; def889,550
def828,755
...defl.121,321 defl018,283
$3,716,678
$3,128,165
$3,594,667
570,492
100,908
7,683,179
1,541,846
592,434
$4,342,032
695,040
283,109
914,348
583,840
7,810,299
8,265,549
1,516,961
•
428,569
4,616
6,690,615
Net after rents
From Jan. 1—
Gross from railway
Net from railway
_
Net after rents.-
994,979
100,811
,
;
1,526,772
721,427
839,145
1321.
Western RR.- —Earnings-
Denver & Rio Grande
_
$1,456,353
86,571
$1,595,936
...
196,940
def43,581
Net from railway
Net after rents
1937
1938
1939
February—
.
< $1,972,543
'
278,042
54,772
defl85,669
Gross from railway.-
591,482
101,440
Net after rents..
4,067,860
3,193,245
327,745
def213,597
3,447,742
.T.
Net from railway
Duluth South Shore &
Net after railway
Net after rents.
From Jan. 1—
Gross from railway
612,622
149 848
,
Net from railway
Net after rents
1936
$1,699,467
292,988
«
...
def32,462
Eagle Lock Co .—Dividend
their recent meeting
Omitted—
decided not to take any action
Eagle-Picher Mining & Smelting
ln(i6bt CKIDBSS
'
Banks making the loan
625.361
282,248
279.362
593,483
;
174.622
189,903
with the
290,898
323,571
Pay 25-Cent Dividend—
Bridge Co.—Reorganization—
1937
1938
4,003
$56,896
10,630
3,220
109,818
92,985
116,536
18,459
def927
4,640
def13,084
20,680
5,047
78,741
def9,143
def 18,633
10,668
plan."
See list given on
—V. 148,p. 1475.
$396,2459,850
$323,658
9,847,
$333,505
Gross corp. income.-.
$184,532
rents, &c_.__
Depreciation.
Net
■Earnings—
inc.
$406,095
51,469
103,182
92,363
$45,375
$4,838
.
148, p., 1640.
■
From J an. 1—
Gross from railway
p.
1938
$232,430
112,887
44,277
62,261
.
Net frobi railway
Net after rents
148,
193&
$313,685
151,930
1937
501,587
251,356
107,600
680,761
345,729
157,408
149,013
813,514
508,858
293,697
$401,885'
263,049
;
1321.
Corp.-Seagrams, Ltd. (& Subs.)—Earnings—
PeriodEnd. Jan. 31—
1939—3 Mos.—1938
1939—6 Mos.—1938
Sales, less freight and
allowances
...$27,212,149 $25,267,401 $47,211,167 $48,569,930
Cost of sales
18,857,841
17,713,089
32,488,824
34,237,218
Profit
57,450
$7,554,312 $14,722,343 $14,332,712
33,698
94,917
60,258
$8,411,758
4,742,517
108,884
x53,466
$7,588,010 $14,817,260 $14,392,970
7,226,262
3,590,596
8,910,679
255,524
214,553
136,836
y58,385
yl05,178
x31,902
$8,354,308
Miscellaneous income
Total income
Expenses, &c
Interest (net)
Depreciation...
Loss on disposal of capi¬
tal
Loss
40,270
84,836
83,566
;
676,109
60,000
916,400
1,254,518
84,836
120,000
1,510,555
$2,790,512
$1.48
$2,767,440
$1.48
$4,248,766
$5,137,408
$2.20
$2.73
assets
on
investment
...
Eastern Utilities Associates
1936
$413,976
255,989
"V 146,113
751,048
465,976
253,999
>'
$124,777
$20,345
(& Subs.)—Earnings-
,
1938
:
Associates
Other income of Eastern
Utilities Associates.
divs. & surplus
Bal. for Eastern Utilities Associates
1939
$8,475,940
$8,425,833
1,455,157
12 Months Ended Feb. 28—!,
Operating revenues—subsidiary companies..
Net earnings of sub. cos. applic. to Eastern Utilities
—V. 148, p.
'
103,189
209,971
•
.
''
February—
Gross from railway
Net from railway.
Net after rents.-.
188,955
before prov.
for retirement lossesi
V.
$159,489
46,096
93,061
"
debt,
•
v
Detroit & Toledo Shore Line RR.-
,
$154,827
4,662
$179,911
4,621
1321..
v.
$411,277
87,619
Other income—_______
Net after taxes...—
.
1939-7-2 Mos.-r-1938
$1,236,960
$1,108,806
727,925
697,523
42,712
Interest on funded
.
■Earnings—
$197,539
55,820
—
'
1
-v
•
$509,035
112,790
$235,731
Net ry. oper. rev-.._
'
;
''
1
,
.
Taxes.
1—
Gross from railway
Net from railway
"
.
.
; ■
first page of this department.
v •;
.Eastern Massachusetts Street Ry.Period End. Feb. 28—
1939—Monih—1938
Railway oper. revenues.
$592,201 V $525,913
Railway oper. expenses.
356,470
\ 328,374
$36,801
def8,234
def 13,478
-
approved the
held March 28, stockholders
Registers with SEC—
■
1936
$44,651
def2,022
def8,231
Net after rents
Net after rents
Inc.—Stock Purchase Plan Voted—
"The employee stock-purchase plan is in keeping with the management s
policy of making it possible for the employees to participate in the success
and progress of their company."
«
...
All members of the present board of directors were re-elected.
*
-Earning s-
1939
$54,748
_ _
West¬
plan of Capt. Edward V. Rickenbacker, President and General Manager,
to make available approximately 25,000 shares of the company's unissued
stock for employee purchase at $10 per share on a time payment basis.
"As soon as the stock registration statement, filed with the Securities
and Exchange Commission becomes effective, the stock will be available
for issue," Capt. Rickenbacker emphasized.
"All classes of employees
with exception of executives will be eligible to participate in accordance
-
February—
«-
'
follow; Chase National Bank, $3,696,000; First
$1,386,000; First National Bank of Cincinnati,
Eastern Air Lines,
$334,876
previously approved by the Securities and Ex¬
change Commission has also been approved by Federal District Court
Judge Arthur F. Lederle. It will be submitted to bondholders and creditors
in its present form.—V. 148, p. 1639.
. ,
Gross from railway
Net from railway
Lead Co.,
$660,000; Fifth-Third Union Trust Co. of Cincinnati, $660,000, and
ern Bank & Trust Co. of Cincinnati, $198,000.—V, 148, p. 277.
"
317,007
The reorganization plan
Detroit & Mackinac Ry.-
Co.—Acquisition—
wholly-owned subsidiary of the Eagle-Picher
purchased the Commerce Mining & Royalty Co. for $9,750,000, it is
revealed in a report to the Securities and Exchange Commission.
Of the
purchase price, $5,000,000 was in cash and the company agreed to pay an
additional $4,750,000 from earnings of the newly-acquired properties on the
basis of 60% of each year's operating profits.
The mining company also bought the majority of the stock of Northeast
Oklahoma Railroad Co, for $127,000, according to the report.
In connection with the purchases, the report states the mining company
borrowed $6,600,000 from banks, of which $5,100,000 was used to pay
for the properties and $1,500,000 used to pay indebtedness to the lead com¬
pany.
The loan agreement provided that Eagle-Picher Lead Co. guar¬
antee the loan and use the $1,500,000 funds it received from the mining
company, together with other money, to retire in full its existing bank
3,512.651
700,134
'
'
Distillers
with
has
share on the common
April 20 to holders of record April 5.
Like amounts were
Dec. 20 and on Jan. 20, 1938.—V. 147, p. 3454.
Detroit International
—V.
-
1321.
Directors at
1802.
p.
.
267,502
74,529
20,910
237,124
44,538
def4,844
210,520
23,362
231,205
41,621
def2,394
*
regard to payment of a dividend on the common stock at this time.
A
regular quarterly dividend of 25 cents per share was paid on Jan. 3 last.
—v. 146, p. 2534.
"
Directors have declared a dividend of 25 cents per
148,
1936
$125,206
30,608
3,341
•
Net after rents
stock payable
—V.
318,900
14,199
def 14,539
'
148, p. 1321.
—V. 148p
105,665
$308,547
145,348
150,917
361,527
90,961
118,092
Detroit Gasket & Mfg. Co.—To
From Jan.
356,569
35,042
def 13,089
...
'
424,857
152,803
169,380
Gross from railway
i
•
Duluth Winnipeg & Pacific Ry.—Earnings1937
February—
-.1939
1938
$124,913
Gross from railway..
;.
$112,317
$97,785
29,197
Net from railway
;...
15,274
6,824
3,247
Net after rents.
def8,354
def22,273
1936
1937
1938
$174,135
52,185
"r
67,731
$208,406
74,086
87,096
Net after rents .;
From Jan. 1—•
h *
def39,288
def74,205
.
$159,659
6,901
def 6,597
$177,979
16,380
def8,596
258,513
defo6,968
def107,465
J
Net from railway
-Earnings-
1939
February—
■
$125,964
def38,577
def58,060
247,544
Net after rents.
1936
1937
1938
$111,770
def34,273
def51,611
...
In their first annual meeting
Gross from railway
Net.from railway^....
'1
Atlantic Ry. —Earnings-
1939
February—
Gross from railway.
1321.
Denver & Salt Lake Ry.—
paid on
def857,512
National Bank of Chicago,
From Jan. 1—
—V. 148, p.
200,509
def777,591
—V. 148, p. 1321.
This company, a
1936
1937
1938
1939
Net from railway
—V. 148, p.
$102,474
def390,473
def421,943
.
February—•
Gross from railway
Gross from railway.
1936
277,031
def863,523
defl314,277
1938
From Jan. 1—
Gross from railway
Net from railway
Net after rents
RR .—Earnings—•
Western
Delaware Lackawanna &
—V. 148, p.
Ry.—Earnings1937
$130,729
def444,539
def664,585
railway
Net after rents
•
1—
From Jan.
Gross from railway
Net from railway
148,
$1,519,730
210,329
62,897
SI,776,907
415,874
258,801
813,360
581,572
$106,799
def4l4,875
def503,787
1939
$92,528
def448,713"
def561,320
February—
Gross from railway
Net from rail way
1936
v
1937
1,439,823
148, p. 1167.
Gross from railway.____
1938
1939
February—r
—V.
RR.—Earnings—
$696,370
375,644
264,542
1,604,339
904,712
614,592
240,034
Duluth Missabe & Iron Range
From Jan. 1—
Delaware & Hudson
979,368
382,333
$797,036
442,675
300,747
From Jan. 1—
Gross from railway
—V.
Dividend—
Records, Inc.—To Pay 30-Cent
Decca
1936
1937
1938
$416,049
132,284
74,769
1,273,609
664,935
464,494
Net after rents...
Association,
registered civil engineer of the State of California.
He has
been connected with both the San Francisco and Los Angeles district
offices of the Water Works Supply Co., as well as the Los Angeles office
of the U. S. Pipe & Foundry Co.
In addition he has served in sales and
engineering capacities with such firms as Pacific Telephone & Telegraph
Co. of San Francisco and the Schutte & Koerting Co. of Philadelphia.
A native of California, Mr. Chamberlain attended the College of Me¬
chanical Engineering af the University of California at Berkeley.
After
being commissioned at the Officers Training Camp at Fort Monroe, Va.,
in 1917, he served in France as Signal Officer of the First Battalion, 69th
Artillery, American Expeditionary Forces, in 1918 and 1919.
1939
$551,226
252,731
167,152
February—
Gross from railway
Net from railway
he is a
and
Earnings—
RR.-
Detroit Toledo & Ironton
Chicago—L. H. Chamberlain Appointed New
Manager of Water Works Sales Section—
L. H. Chamberlain, District Manager of the Water Works Supply Co.,
Los Angeles, and thb U. S. Pipe & Foundry Co., Los Angeles, since 1926.
has been appointed Manager of the Water Works Sales Section of Crane
Co., Chicago, according to announcement by P. R. Mork, Vice-President
in Charge of Sales.
W. A. Dallach. with many years of experience in
Crane Co. engineering and sales divisions, will be Mr. Chamberlains
Crafee Co.,
1,384,970
309,824
1,637,661
309,824
1,557,741
1322.
Eastman Kodak Co.—Lists
Underwriters—
The company, in an amendment filed with
Commission, lists the following underwriters
the Securities and Exchange
for its proposed offering of
made to stock¬
225,092 shares of no-par common stock (offering will first be
holders; underwriters will buy unsubscribed portion):
Morgan Stanley & Co., 17%; Kuhn, Loeb & Co., 5%;
Blyth & Co.,
,4%; George D. B. Bonbright & Co., 1%; Clark, Dodge & Co., 4%; Dominick & Dominick, 4%; First Boston Corp., 4%; Goldman, Sachs & Co.,
4%; Harriman, Ripley & Co., Inc., 4%; Hayden, Stone & Co., 2K%;
Hemphill, Noyes & Co., 23^%; Hornblower & Weeks, 4%; W. E. Hutton & Co., 2H%; Kidder, Peabody & Co., 4%; Lazard Freres & Co., 4%;
Lee Higginson Corp., 2}4%', Lehman Bros., 4%; Little & Hopkins, Inc.,
3^ of 1%; Mellon Securities Corp., 4%; F. S. Moseley & Co., 4%; Schoellkopf, Hutton & Pomeroy, Inc., 13^%; Smith, Barney & Co:>, 4%; Stone
& Webster and Blodget, Inc., 2%; Union Securities Corp., 2H%: White,
Weld & Co., 4%; and Dillon, Read & Co.,
and $183,097 in 1,937 pjeriod.
tion in 1939, $382,924 in 1938
Prices New Stock at $127.50 Share—
has set the price of the new common stock to be offered
stockholders for subscription at $127.50 a share.
Holders of
common stock of record April 6 will be entitled to subscribe to the 225,092
shares of, common in the ratio of one share fot every 10 shares held.
The
rights expire April 27.
,
Application has been made to New York Stock Exchange for listing of
no
the additional shares.
Income & profits tax
The company
Net profit-....,
z
Earnings
x
per
share
Exclusive of
par
$209,913 charged to production in 1939, $189,836 in 1938
y Exclusive of $431,722 charged to producz On 1,742,645
and $321,535 in 1937 period
shares common stock.—V. 148, p. 276.
common
Volume
Financial
148
Proceeds of the issue, according to Frank W. Lovejoy, President,
improvement of plant and equipment to provide additional working
capital and to maintain for a period of time a greater cash and marketable
security position than exists at present.
and
ended Dec. 31, 1938, expenditures of Kodak and its
wholly owned subsidiaries for new plant and equipment, including replace¬
ments and improvements, aggregated more than $57,000,000, or more than
$24,000,000 in excess of approximately $33,000,000 of depreciation reserves
provided from earnings during that period. "In view of this fact and based
on past experience," President
Lovejoy stated "the Board oelieves that,
if the company is to maintain its position in .the industry, it probably will be
called uoon in the next five years to make capital expenditures considerably
in excess of depreciation reserves which will be provided from earnings.
—V. 148, p. 1640.
In the five
years
Ebasco Services
the
Inc.—Weekly Input—
Gross oper. revenues.
39,487
57,237
37,402
47,960
479,793
575,573
418,540
548,505
Net operating income-
$262,886
$209,130
980
947
$2,467,986
11,214
$2,385,518
11,009
$263,866
,27,330
$210,077
33,093
$2,479,200
384,787
$2,396,527
2.738
27,572
33,252
$174,247
86
$2,066,841
all8,307
$1,979,843
Dr22,442
$174,332
8,632
$2,185,148
103,579
$1,957,401
103,579
$2,08T,569
$1,853,822
Other income
Total gross income
Interest
Amortization
*
.
of the operating
National Power & Light Co
—V. 148, p.
86,313,000
1802..
:
Edmonton Street
6.1
7.9
9.1
3,696,000
7,213,000
divs.
common
and surplus.
$690,474
525,161
75,000
53,243
$165,313
69,317
73,681
52,842
$30,665
14,233,543
$0.0487
$30,527
14,024,017
$0.0488
52,769
53,902
Operating surplus....
Fixed charges
$17,029
5,776
$20,523
5,776
$166,895
69,317
7,000
5,014
4,681
5,248
.
..
,
$235,838
8,632
Net income
Bal. for
•
,
$235,838
Pref.stk.div. requirem'ts
$165,701
$227,206
_
1938
Federal income tax accrual for the year
was
reduced by $124,768
debt expense and premium on funded
by refinancing consummated Dec. 15, 1938.
Adjustment was
instead of tax expense for the purpose of
148, p. 1641.
debt retired
1938—12 Mos.—1937
Total oper. expenditures
■
J
due to the write-off of unamortized
$698,535
531,641
Renewals.Taxes
698
non¬
recurring inc. & exp_.
Non-recurring inc. & exp
a
Ry.—Earnings—
revenue
V
i
.
1938—Month—1937
$69,798
$74,424
Period End. 'Dec. 31—
Total
P.C.
6,149,000
100,795,000
46,887,000
79,100,000
\
•
383,432
debt
of
Net income before
Increase
Amount
i
1938
1939
Operating Subsidiaries of—
American Power & Light Co_-.106,944,000
Electric Power & Light Corp__ 50,583,000
(includes Federal
income tax)
Prov. for retirements—
ended March
week
_
Operation
Maintenance
Taxes
(.Del.) (,& Subs.)—Earnings—
1939—Month—1938
1939—12 Mos.—1938
$494,871
$417,540
$5,052,518
$4,816,496
128,470
117,151
1,429,253
1.341,173
6,791
5,896
99,912
122,759
Feb. 28—
Period End.
discount & expense
23, 1939, the kilowatt-hour system input
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 1938, was as follows:
For
El Paso Natural Gas Co.
will be
will be available for extension
added to the general funds of the company and
1955
Chronicle
credited to non-recurring income
retaining normal comparison of operations.—V.
Subs.)—Earnings—r
Engineers Public Service Co. (&
1939—Month—1938
1939--12 Mos.—1938
$4,560,958 • $4,499,511 $52,777,248 $52,496,457
1,602,373
1,712,869
20,147,094 20,545,573
299,582
286,488 ■ 3,600,234
3,637,115
600,704
554,403
d6,377,272
6,278,423
Period End. Jan. 31—
Operating revenues.
Operation.
Maintenance
.
...
—
•
Total deficit--
—
-
—~
Rev. passengers carried-
Receipts
prof$4,817
1,500,355
$0.0481
$762
1,444,779
$0.0478
per passenger..
Taxes
.
$2,058,299
L>r35,745
$1,945,751 $22,652,648 $22,035,345
$2,022,553
Interest & amortization.
680,008
$1,897,746 $22,223,613 $21,666,868
659,161
8,191,560
7,897,189
Net oper. revenues.^.
Non-oper. income (net).
1939
Total
revenue.—
Total operating
$64,182v
46,563
15,000
4,797
$17,618
5,776
15,000
4,736
$7,300
Renewals
—
*
...
Total deficit.
147,
;
4053.
p.
...
—_
....
'
■"••'V.'j
■■■
El Paso Electric Co. (Del.)
:
■/"'■■'
Balance.
,
Balance.
Dividends
-
__
J.
++
J,
(& Subs.)—Earnings-
Balance..
sl
Balance
—
1-—
Earns. from sub. cos,, incl.. in charges
Preferred dividends, declared
$109,264
36,116
$1,151,145
$1,116,229
436,386
Earnings from other sources.
436,665
$75,548
$73,148
$714,480
$679,843
2,083
2,083
25,000
$71,065
$689,480
334,001
Appropriations for retirement reserve
334,376
$355,479
46,710
applicable to El Paso Electric Co. (Del.) - $308,769
[Earnings of El Paso Electric Co. (Del.))
$273,756
;
12 Months Ended Dec. 31—
(public)
.....
revenue......
25,000
25,000
85,319
79,731
15
...
Expenses, faxes and interest
$273,756
$308,769 '
$378,487
23,726
$419,103
......
31,956
—
$387,147
182,972
dividends and surplus.
'
$354,761.
182,972
$204,175
v" Balance
.....
Preferred dividend requirements
common
1937
1938
\
Total....
1938
1937
1938
1937
■■
"
Assets—
Prop.,
$
Liabililies-
■
-.15,411,850
62,021
63,528
79,567
Mtge. contr. rec_.
62,021
a
-6,165
6,165
3
2
Cash.i........^.
1,325,282
811,414
1,198
1,198
assoc. co_.
.
Special deposits
2,598,800
Xl7,600
2,914,100
17,600
768,704
2,914,100
Long-term debt...
8,000,000
77,727
57,420
92,132
281,390
26,166
b Common
768,704
Accounts payable..
•
" 57,420
5,362
Dividends declared
458,287
213,321
Customers' deps..
94,334
Int. & taxes accr'd
321,535
Other curr. liabs.*
'
170,301
20,735
23,602
count & expense
323,746
352,103
Other def'd debits.
42,086
86,501
_
to'
32,854
Deferred credits..
Unamort. debt dis¬
Retirement
Res.
for
Injury
45,384
14,977
1,626,576
1,560,975
-
reserve
&
...
on
a
$100 par.
b 58,282
no par
shares.-
Total.....
....
$2,208,860
17,890,612
of a subsidiary company, measured by cumulative dividends on
preferred stocks of such company not earned within the year, less minority
d Includes Federal income taxes of $799,671, e Engineers Public
Service Co. on May 31, 1938 set up in a reserve for depreciation in invest¬
ments an amount representing the estimated loss in such investments. Such
reserve having provided for a considerable period in advance for loss which
may be sustained because of the accrual of unearned cumulative dividends on
preferred stock of a subsidiary company held by the public, it is unnecessary
to make further provision through the reduction of consolidated earnings
by the part of such preferred dividends as is not earned during the 12 month's
period amounting (after allowance for minority interest) to $578,219..
stock
interest,
1
■
Tenders
j4ccepted—*
* >
Donald C. Barnes, President of this company, announced on March
that the board of directors had accepted tenders totaling 7,000 shares
Electric Bond & Share
Period End. Dec. 31—
Gross income.—......-
Net
Pref.
to
•
Co.-4—Earnings—
1938—3 Mos.—1937
1938—12 Mos.—1937
$3,069,460
$3,697,145 $11,229,315 $12,653,085
464,080
$3,086,329
stock divs. applic.
periods,
^
,
,
whether
declared or undeclared
Net after rents
From Jan.
..
Inc.—New Vice-President
Balance..--..
....
Net after rents
—V. 148, p.
408,212
218,119
$1,820,167
573,392
333,207
$1,354,650
340,368
219,584
2,842,340
933,099
540,450
1,700,825
106,980
def91,939
3,635,705
1,083,743
601,448
2,727,003
744,189
504,766
1—•
Gross from railway.
Net from railway
1322.
Equitable
—
.—
$977,846
$496,897
15-Cent Dividend—
Corp.
of
Mass.
•
(Boston)—<
Directors have declared a dividend of 15 cents per share on the common
stock, payable March 30 to holders of record March 25.
Dividend of
20 cents was paid on Dec. 30 last: 15 cent^ on Sept. 30 last, and 10 cents
paid on June30 and March 30, 1938.—V. 147, p. 4054.
.
>
;
,
8,433,930
8,433,930
$967,321
$2,208,216
12 Months Ended Dec. 31. 1938
Cap.Surp.
Tot.Surp.
..
5,026
7,044
Miscellaneous credits
a
—
—
Div. approps. of
earned surplus....
Balance, Dec. 31,1938--—a
The
amount
314,165,749 374,633,197
9,401,251
548,880
548,880
Adjust .of inc. tax accruals for prior yrs
Net excess of amount realized over
ledger value of invest, securities
disposed of during the 12 months
ended Dec. 31,1938--
Dr83
2,932
4,943
9,976
70,429,650 314,168,598 384,598,247
9,136,757
—.
9,136,757
61,292,892 314,168,598 375,461,490
surplus includes a
and $702,827 applicable to the month of January
of dividend appropriations of earned
full year's requirement
1939.
The change in method of recording preferred stock dividends from an
accrual basis to a declared basis was made to conform to the uniform system
of accounts for public utility holding companies promulgated by the Securi¬
ties and Exchange
Investment
$9,401,251 $10,642,146
_
2,108,483
2,108,483
Summary of Surplus
Total..
1936
1937
1938
$746,309
def34r335
defll9,185
$1,361,984
2,010,939
1,828,064
610,816
income$2,605,380
Expenses, incl. taxes.-..
Ry.—Earnings—
1939
February-
29
of
preferred stock of the company on an approximate average basis of 7%
yield.
The highest tenders accepted were as follows: $6 dividend stock
86H, $5.50 dividend stock 79j^. $5 dividend stock 72.
• , .
The total cost of the stock accepted under the tenders will be $548,536
and the saving in annual dividend requirements $38,386—V. 148, p. 1803.'
Balance, Jan. 1,1938
—.$60,467,448
Net inc. bal. 12 mos. end. Dec. 31, '38
9,401,251
Telephone & Telegraph Co.
He succeeds George C. Pratt, who retires
April 1, after 33 years with the Bell System.—V. 147, p. 3158.
Gross from railway
Net from railway
$0.78
....
17,560,676
Clifford W. Smith, General Manager of West Coast operations, has been
been appointed Vice-President of this company, an affiliate of American
Elgin Joliet & Eastern
$1,490,645
e$1.16
and surplus
$3,814,187
2,323,542
Applicable to Engineers Public Service Co., before allowing for un¬
earned cumulative preferred dividends of a subsidiary company,
b Of
earnings of parent and subsidiary companies applicable to Engineers Public
Service Co. stocks, before allowing for loss,
c In investment in common
77,636
1,046,016
-V. 148, p. 880.
Electrical Research Products,
$4,532,416
2,323,556
stocks Of Engineers P. S. Co....
pref. stock of Engineers P. S. Co....—
Earned Surp.
17,560,676
e
a
27,032
34,424
77,636
1,232,693
Earned surplus
17,890,612
$4,199,133
384,946
See
______
•
damage claims.-
Capital surplus.._
Total.....
$4,431,582
232,449
$4,532,416
to •» to
.
.....—--
Balance for common stock
8,000,000
68,552
a
2,417
(net)..
Materials & suppl's
Prepayments.
2,598,800
461,281
warrs. rec.
Accts. rec.
—-
6% noncum. pf.
stk., series B__.
Sub. co., pf. stk.
stock.
'
Other investments
Notes &
$
series A.
15,461,131
Other phys. prop.
Inv. in
$
a7% cum. pf. stk.,
plant
equipment..
_____ —
Bal. applic. to
Divs.
$171,789
Consolidated Balance Sheet Dec. 31
v
to **»•» to to to to to
to to toto to to
to
and inter est...
Earnings per share of common stock
Earnings of El Paso Electric Co. (Texas)
Note interest deducted from above earnings .....
Earnings of other sub. companies applicable to El
Paso Electric Co. (Del.)_____
r___
Balance for
<1% '*
Allowing for loss..
$320,466
46,710
lalance
Preferred dividend requirements
Miscellaneous
$4,791,011
/ 258,595
—
_—— - ...
— _
$654,843
c
Bal.
'
11,732
74,690
59,888
150,714
—
....
b Balance.
25,000
$73,464
*
Balance
v_,
63,332
135,535
124,135
103,020
above:
'
Uotftl
$4,134,558
4,134,558
—
$1,150,609
Dr34,380
E xpenses, taxes
$4,163,559
29,001
incl. in charges
bonds owned by parent co.
$1,202,637
I>r 51,492
Inter est J*
...•
Serv. Co.
$5,384,296
1,220,737
$4,364,988
4,364,988
«? «
stock and amortization
$112,917
Dr3,653
Intere^ t (El Paso Electric
Co.
Del.)
**
interests—
EngineersIPubfic
Bal. of earns, applic. to
Undeclared divs. on pref.
on
'•***
j.--—.
—
$111,664
36,116
...
Int. & kmortiz. (public).
ce—
—■ mm
declared
$115,001
Dr3,337
Non-operating inc. (net)
Bal
'm
M
Amount applicable to minority
above
Balahce.-i
'm»im
*m'
$8,170,069
2,785,773
$4,382,086
17,098
•
'
__
Net oper. revenues—
$8,287,220
2,284,213
$6,003,008
1,620,922
—-
preferred stocks.declared.... —
on
Cum. pref. divs. earned but not
'V
[Earnings of El Paso Electric Co. (Texas)]
Period End. Dec. 31—
1938—Month—1937
1938—12 Mos.-—1937
$265,659
$258,086
$2,916,682
$2 ,868,092
Operating revenues.
96,182
106,155
1,172,165
1 ,215,412
Operation
Maintenance.
177,931
18,023
16,266
185,299
Taxes
324,141
36,453
22,749
356,5811 *
!j
Dr368,478
Dr429,035
Balance.
$1,342,545
$1,238,585 $14,032,053 $13,769,679
Appropriations for retirement reserve.
5,744,833
5,599,610
$7,894
$18,273
charges__..^._—^-.—5,776,'
Taxes..
—V.
1938
$65,404
47,130
;—
..
expenditures
Operating surplus...
Fixed
'
Dr4$,005
Earnings for the Month of January
; '
1938.
Note—Net
Commission and adopted by the company as of April 1,
excess
of amount realized
over
ledger value of investment
securities disposed of during the 3, months ended Dec. 31, 1938 ($5,216),
and the 9 months ended Dec. 31,1938 ($5,026), have been applied to earned
excess of ledger value over amount realized for investment
securities disposed of during the 3 months ended Dec. 31, 1937 ($36), and
the 3 months ended March 31, 1938 ($83), and excess of amount realized
surplus." Net
Financial Chronicle
1956
11
I)Ap
•
1
'
'
'
ot
,n
f
Balance Sheet Dec. 31
Assets—
& advance?:
Investment securities
35,000,000
3o,000,000
zo.yzo.uuu
United Gas Corp
zs.yzo.uuu
Bonds:
Q9n
Co. 6% 1st mtge.-_._
Light Co. 4 % % 1st mtge.—
--
o
Miscellaneous companies-...
Cuban Elec. Co. 6%
owned subsidiary——
demand
Prepayments--—
Other deferred charges——
of that portion of the road of Wilkes-Barre & Eastern extending from
Stroudsburg to Suscon, Pa., a distance of 54 miles; and by order dated
March 21, 1939, the Court authorized Mr. Jennings, trustee, to abandon
and cease operation effective at the close of business on March 26, 1939.
By agreement dated Nov. 1, 1938, the trustees of the property of the Erie
acquired trackage rights over the road of Wilkes-Barre & Eastern RR.
extending from Suscon to Plains, Pa., a distance of 8.02 miles, and the
Westminster Branch. .46 mile.
This operation was commenced Nov. 1.
nnn
om
a 70
'fnn
0/ / ,4/u
iuu
—
— —
9'mn
r'oot
attaVA
Temporary cash investments-->
Accrued interest receivable-----i--—
Other current assets.-
25,000,000
ii'tIStIw
:—•—
fi9
tajaot
4o,oou
--555,766,021 555,789,725
Liabilities—
1938
1937
Capital stock:
. Jf?,JL
$5 pref. (no par value, outstd'g 300,000 shares)-. 30,000,000
30,000,000
$6 pref. (no par value, outstd'g 1,155,655 shares) 115,565,500 115,565,500
Common stock ($5 par)
—w 26,335,734
26,335,734
Accounts payable41,909
42,495
Dividends declared-.
—---2,108,482 ' 2,108,482
Accrued taxes.------1,358,924
2,202,577
Reserves-!——„ 4,893,982
4,901,740
Capital surplus.
— _—314,168,598 314,165,749
Earned surplus..
61,292,892 60,467,448
Total-
New jersey & jveto YorkRB.■—Because of the maturity on Jan. 1, 1938,
of $628,000 general mortgage 5% bonds with interest thereon for the preceding six months, together with interest which became due on May 1,
1 938, on the $394,000 of 1st mortgage 5% bonds, and riot having funds
to meet and discharge these obligations and being indebted to the Erie RR.
jn the amount of more than $5,750,000, which was accumulated over a
long term for use of tracks and terminal facilities, materials and supplies.
services, traffic balances and rent of equipment, New Jersey & New York
RR., 84% of whose capital stock is owned by Erie RR., filed a petition for
reorganization under Section 77 of the Bankruptcy Act on June 30, 1938.
The petition was approved by Judge 8. H. West in the U. 8. District Court
for the Northern District of Ohio, Eastern Division, on the same day.
On Aug. 2, 1938, Judge West appointed the trustees of the property
of Erie RR. Their appointment was ratified by the ICO by order
dated Aug. 29, 1938, and on Sept. 2, 1938, the Court approved their
> —
„
—
------
-------—
—----------
—
. —
~
~~T7 ~T~
v
—555,766,021 555,789,725
loans of American
&
which have been
extended to Oct 26 i'939
b Presently subordinated to other indebtedness
of American & Foreign Power Co., Inc., consisting of bank .loans of $21,200,000, the $5,300,000 similar debt due this company and debentures of
$50 000 000 until the bank loans are paid,
c Valuation at market quotations of miscellaneous bonds owned at Dec. 31, 1938, was at that date
$5,343,900 and of those owned at Dec. 31,1937, was at that date $5,212,700.
d Payment of principal and interest assumed by United Gas Corp. on
Nov 5
1937
« The interest rate on Cuban Electric Co. 6% debentures
was reduced
"bv agreement, for the period from May 1, 1935 to Oct. 31,
1937 to a rate of 4% per annum and for the period from Nov. 1, 1937 to
Oct 31
1939 to a rate of 4M % per annum,
f Valuation at market quptations of* stocks and option warrants owned at Dec. 31, 1938, was at that
date $118 044 800 and of those owned at Dec. 31, 1937, w?is at that date
Total.
'
-
payable simultaneously with the bank
Foreign Power Co
Inc. in amount of $21,200,000,
a
Bv agreement
147.
cinq fioq * 7nn —V
d.
2390.
•
_
bonds and the trustees took possession of the property. The time for filing
claims against the New Jersey & New York RR. has expired and the Court
has extended the time within which a plan of reorganization is to be filed
by the debtor to Sept. 30, 1939.
J
J
" Nypano RR .—Under an indenture of lease dated March 17,1896, Nypano
RR., all of whose capital stock is owned by Erie RR., leased its entire rail-
M
»
'
si" ,i
1
r
a"
td
ri
.
Dennev
E
Aw
,,
on/4
PkoiVmon
t
liraciley, v^nairinail, ana
President, state in part:
Erie RR.—Annual Keport—\y. D.
C
.
1322.
Trust Co —V, 148. p.
r»r»
•
®cq sAQpfii
1Qqo
1
SfcffiS
C1
$14,416,666 less than for thl
the
mis
vJar
a
decreaS
ttfft
decrease, $10,480,967 was in
of
in
1718^
merchandise and $2,228,379 in coal.
afTn
& Mahoning Valley.
APrii- MaY and June-1, 1938,.nor the sum of $8,000 on account of Federal
income taxes for the year 1937 , and Cleveland & Mahoning Valley demanded
payment thereof, and Nypano RR. was without funds with which to pay
of
0f thk
the rental, it was unable to meet its debts as they matured. Accordingly,
Nypano RR. filed a petition for reorganization under Section 77 of the
Passpn
Passen
Bankruptcy Act on June 30, 1938,. The petition Was approved by Judge
" s* H- West in the U. 8. District Court on the same day. On July 26.
1938> Judge West appointed the trustees of the property of Erie as trustees.
Their appointment was ratified by the ICC by order dated Aug. 9, 1938,
ft
AffppPivJ
pff«>tlw Oct
1
?pnfs
1937
fn
ner
dav to engine and
excess
Of the total onerating
vragps
09
44
7
1
tr£n LSSiPfl IwmiSvPfiH
and on Aug- 19- 1938> the Court approved their bonds. The time for filing,
claims against Nypano RR. has expired. , Directors of Nypano at a meeting held on Dec- 23• 1938' approved the plan of reorganization of Erie RR.
in s0 far as that plan dealt with or affected Nypano RR.
,
. .
Erie RR- Reorganization—'The petition filed by Erie for reorganization
under Section 77 of the Bankruptcy Act in the U.S. District Court for the
Northern District of Ohio, Eastern Division, was approved by Judge S. H.
West on Jan- 18> I938. and thereafter Judge West appointed C. E. Ddnney
and John A- Hadden trustees. Their appointment was ratified by the ICC
by order dated May 2, 1938, and on May 7, 1938, the Court approved their
bonds and the trustees took possession of the property. Judge Paul Jones
(successor to Judge West, deceased) appointed William L. West one of the
special masters under Section 77 designated by the Circuit Court of Appeals,
of such amounts
$35 067 248
Snsi
The ratio of onerating exoenses to revenues
79 oS fnr ?q37
g P
revenues
Halfwav tax aFcrualsincrisasS' $1 283 891 over the preceding year
OfSSrSi «1A?7 9Q7 ^due to credR adiustment included fri %37
SCJSlntR t? rffminate^ acSuils for the 'vSr 1936 mSerAthe mmpanion
^J26n07fs/
Fax
iod
m pa sure
of the Railroad
snHal
Retirement Act of 1935
Accruals of Federal
amSed to $1 687M8-oT$290 7lflmore
to the in?reasS in the rate frFm
F' 1938
ArcmJls for Railroad Retirement taxes
iho?oved TiZ 29 1937 a^the rati of 2^^
Fhin fir Fhp 2riftdhii vearfhlp Fh11 v
9c?
tn
30/
Jrfp^vfl
?hP ^ofeSdld
amounted to $1
•!»&&
n
Act
013 530
or
$77 155 less than for the
previous year
The
ther MftoS; both
inclusive, was not brought to a conclusion during the year.
An appeal is
now before the Board of Tax Appeals of that State with respect to the taxes
lftvifid fnr flips vparo i Q97 jinrl i
Tbo poriRtfliiitlv inrrftftsinfif Drobortion
'of the raihoacE
y^venuLi
which
Af pATTinpTiips' rftvpnnpr
q
mus?be
paM in
tax^ Is reflect^
^
hi the
JuD8 30» 1939#
Tftniiirpii to oav taxes in 1
operating income for the year was $3,214,328, or $10,399,679 less than for the previous year.
•
?
There was a net deficit for the year transferred to profit and loss account
$10 777 793.
>
Book Values of Various Stocks—The directors at a meeting
on Feb. 21, 1939, authorized the reduction in the book values of various
stocks and bonds of and advances to other companies, resulting in a charge
of
Reduction in
held
profit and loss of $69,212,839.
This adjustment included a reduction
capital stock Qf Pennsylvania Coal Co. of $29,258,a reduction in the book value of the capital stock of and advances to
New York Susquehanna & Western RR. of $27,247,385; and a reduction in
the book value of the capital stock of and advances to New Jersey & New
York RR, of $5,513,808; the latter two companies now being reorganized
to
in the book value of the
525;
under Section 77 of the
Bankruptcy Act.
R. C. C. Loans-^-The unpaid balance on the Railroad Credit Corp. loans
as of Dec. 31, 1937, aggregating $709,874, was reduced during the year by
$22,946, being a liquidating dividend of 1%.
An additional liquidating
dividend of ^ of 1% was applied by the R. C. C. as a reduction of unpaid
interest.
The remainder of the indebtedness in the amount of $686,928
is represented by a note which matured on April 29, 1937, on which interest
is charged at the rate of 4% per annum.
'
•
«
Dec. 31, 1937, company had outstanding $2,575,000
which had been extended to June 1, 1938, with interest at
3)^% per annum.
In January, 1938, the banks making these
loans applied company's balances on deposit with them, aggregating $1,011001, against the loans and $642 accrued interest, leaving a balance due for
principal of $1,564,640 as of Dec. 31, 1938.
Except for the amount of
$642, no payment was made during the year for interest on these loans.
■
RFC Loans—No payment was made during the year on the Reconstruction Finance Corporation loans which were outstanding at Dec. 31, 1937,
in the aggregate amount of $16,000,000, and which were represented by
5% notes due $631,000 each on Oct. 1, 1938, 1939, 1940 and 1941, and the
remainder of $13,476,000 on June 1, 1942.
These notes, together with
$4,183,000 principal amount of company's registered serial collateral 4%
notes outstanding as of Dec. 31, 1937, due serially on Feb. 1 in each year
from 1938 to 1946, inclusive, issued in substitution of a similar amount of
notes originally given to the Federal Emergency Administrator of Public
Works, and which were acquired by the RFC, were matured by the latter
on Jan.
18, 1938, the date of company's petition for reorganization under
Section 77 of the Bankruptcy Act.
Accordingly, the sum of $19,552,000
carried in "Funded debt unmatured" was transferred to "Funded debt
matured unpaid."
The RFC received during the year $79,586 from dividends and interest on collateral pledged under the loans, which it applied
on the accrued unpaid interest, computed at the rate of 5% per annum.
No other payments were made by company for interest on these loans during the year.
ATew York Susquehanna & Western RR.—The New York Susquehanna &
Western RR. on April 20, 1938, filed with the U. S. District Court for the
District of New Jersey and the Interstate Commerce Commission a plan of
reorganization.
The plan was predicated on the terminal first mortgage
being the only mortgage lien on the property it secures and on the afteracquired-property clauses of the other mortgages not applying to any land
or equipment acquired after later consolidations.
On petition of one of the
Bank
Loans—At
of bank loans,
!*■'
fv,
u
ff
rp?JfiLSnrlei^S
QilloWGcl t-li© trustee for th.0 disaffirmance or rejection of contracts or leases
.
The net railway
the rate of
As payment was'not made by Erie or its trustees
°f the monthly instalments, aggregating $275,483, of rental which fell due
under the indenture of lease dated March 9, 1917, on Jan.. Feb., March,
decreased^$450,632, or 8.46%•
. „
^ vriftTTsft«fnr 1 ^ r4 udfHl $^444 795 account o^'increase ^ii
SninvflM rpnrl>«fthted hv^he non-onerating
JKiSdSinMoS^SSSfsp?^
rlnrlspnFS
»of lease dated March 17, 1896, to perform all of the covenants and obligations of Nypano RR. dated March 9, 1917, between Nypano and Cleveland
nr
ger revenue
nr3r
annual sum of $550,967 in equal monthly instalments in advance
on the first day of each calendar month, and also a sum up to $8,000 per
annum on account of Federal or State income taxes. Under an agreement
bearing the same date, Erie agreed for and during the term of the indenture
TMs
tp/nf U 4^
c^pared with a decrease for all
18.64%,
road, owned and leased, to Erie RR. for a term of 99 years, commencing
April 1, 1896, and as part of the rental thereunder Erie RR. agreed-to assume, among other things, certain existing leases from Cleveland & Mahoning Valley Ry. and its predecessors. By an indenture of lease dated
March 9, 1917, from Cleveland & Mahoning Valley Ryf to Nypano RR.,
the obligations of the parties thereto under the existing (eases were defined,
the terms of the leases extended, certain additional lands included, and Certain provisions of the leases supplemented and modified. As part of the
rental under the indenture of March 9, 1917, the Nypano RR. agreed to
pay the
j
Equitable Office Building Corp.—Bonds Callear—
A total of $204 000 35-year 5% s. f. debentures have been called for redemotion on May 1 at par and accrued interest.
Payment will be made
at the Emnire
referred to above.
Wilkes-Barre & Eastern RR.—The Court has extended the time within
which a plan oi reorganization is to be filed by Wilkes-Barre & Eastern RR.
to Sept. 25, 1939.
The ICC by certificate of public convenience and
necessity dated Jan. 17, 1939, and the P. U. Commission of Pennsylvania
a Simjjar certificate dated Feb. 20, 1939, authorized the abandonment
20,000,000
-
r
ings before the ICC and the Court
nnnn
o'cnn nm
10 'aaa aaq
7'V0 q'qav
f Stocks and option warrants
Stock of wholly
nnn
.
1,040,000
5,05/ ,130
otnnn "nnn
20,000,000
debentures-
Cash in banks-^-on
non
25,000,000
Co. 6% debentures.,
d United Gas P. 8,
©
nnn
930,000
5,037,130
Nor. Texas Utils.
c:
o,/uu,uuu
o.aw.uuu
Inc
Co., Inc.*
b American & Foreign Power
of
New Jersey, axmounced that he has concluded that the other mortgages,
as well as the terminal mortgage, are liens on the property covered by
the terminal first mortgage.
His order has not yet been entered and will
be subject to possible appeals.
No hearings on the proposed plan have
yet been had, and it will probably be affected by the results of the proceed-
*
Notes and account receivable from:
a American & Foreign I ower Co..
Texas Pow. &
1939, Judge Clark, as Judge of the U. 8. District Court for the District
14
"
....
April 1, 1939
mortgage trustees, the Court asked the ICC to advise it with respect to
the formula for segregation of income between mortgage districts used by
theMarch 20 and 21, 1939, and will make a report thereon.hearings thereon
debtor in connection with the plan, and the ICC held
on
On March 21,
investment securities disposed of during the 12 months
Q'i7
897). have been applied to capital surplus.
ledger value of
over
•
By Ooxxrt orders issued, during txie year, trie trustees w^ere
authorized to pay instalments of principal and interest maturing on equipment trust obligations and New York State grade crossing obligations, and
c'eriial? renJ;als for leased lines.
^
,
A plan of reorgamzation dated Dec. 19, 1938, was filed by Erie with the ,
Cour.^ aEtd,tbe *GC- The plan proposes a drastic reduction in fixed charges.,
simplification of the corporate set-up within the Erie system, and also the
disaffirmance or modification of various leases. The simplification of the
corporate .structure within the system is proposed to be accomplished
through the acquisition, merger or consolidtaion of various subsidiaries of.
the Erie, including the Chicago & Erie RR-, which is separately operated.
Certain outstanding securities and obligations of the Erie, of its subsidiaries
and of leased lines, would remain undisturbed to be assumed by the reorganized company. These securities include:
New York & Erie RR,
prior lien
.
4s, 1962; Chicago & Erie 1st mtge. 5s, 1982; Chicago & Erie 'income 5s,
1982, and miscellaneous securities of various leased lines,
■
It is proposed that New York & Erie RR. 2d mtge. 5s, 1939, and New
YoJk & Erie 3d m^ge- 4M's, 1938, together with certain secured bank loans
and Railroad Credit Corp. loan, be paid in cash.
The interests of the various other security holders and claimants are to
be recognized, unaer the proposals, by the issuance of the following new
securities: 50-year 1st & ref. mtge. 4% bonds; 75-year general income mtge.
4^% bonds (convertible into prior preferred or common stock); $5 prior
preferred stock ($100 par); $5 2d preferred participating stock ($100 par);
and common stock (no par or $40 par value). It is proposed to issue new
securities to present security holders in the following percentages of total
claims (principal and interest); To 1st consolidated prior lien 4% bonds,
100% in 50-year 1st & ref. mtge. 4% bonds; Erie & Jersey 1st mtge. 6%
bonds, 100% in 50-year 1st & ref. mtge. 4% bonds; Genesee River RR.
1st mtge. 6% bonds, 100% in 50-year 1st & ref. mtge. 4% bonds; 1st consol.
mtge. gen. lien 4% bonds, 10% in 50-year 1st & ref. mtge. 4% bonds,
65% in 75-year gen. income mtge. 4y2% bonds and 25% in prior preferred
stock; gen. mtge. convertible 4% bonds, 10% in 50-year 1st & ref. mtge.
4% bonds, 40% in 75-year gen. income mtge. 4M% bonds and 50% in
prior preferred stock; ref. & impt. mtge. 5% bonds, 3.1% in 50-year 1st &
ref. mtge. 4% bonds, 19-4% in 75-year gen. income mtge. 4j^% bonds,
15% in prior preferred stock, and 62.5% in 2d preferred participating stock;
RFC notes, 36.75% in 59-year 1st & ref. mtge. 4% bonds and 63.25%
in 75-year gen. income mtge. 4%% bonds. It is. ajso proposed to issue
securities in exchange for securities of certain leased lines, the properties of which it is proposed to acquire, merge on consolidate. Unsecured
creditors not entitled to a preference would receive 100% in 2d pref. participating stock, and holders of present Erie RR. 1st pref., 2d pref. and
common stock would receive one share of new common stock for each share
of present stock.
The proposed allocation of new securities to the holders of obligations
secured by various mortgage liens now existing upon the property is based
upon various studies of property values and earnings, including a formula
for segregation of the earnings and expenses of various leased and mortgaged
line sections.
The plan includes a proposal for the issuance of collateral trust notes
not to exceed $21,500,000 in principal amount, for the purpose of raising
new
Volume
148
Financial
Chronicle
thecash required in connection with
reorganization.
in recent reorganizations, the Erie's
As has been customary
plan proposes the creation of a "capital
fund" to provide, among other
things, for additions and betterments to
the property, the contributions to this fund to be based on
2H% of gross
Briefs Conflicting with Dominant C. & 0.—
revenues or
$2,000,000, whichever is greater.
The proposals with respect to the reorganized debt structure would effect
reductions of approximately 50% in fixed interest debt and
Total fixed
capitalization
"securities.
would
1
•
'
.•'»
'•
.<
•
Hearings before the ICC on Erie reorganization plans were held Jan. 4,
5 and 6 and Jan. 30, 31 and Feb. 1, 1939.
At the hearings other parties
suggested modifications of both plans.
The hearings were declared closed
on Feb. 1, and March 20,
1939, was set as the date for the filing of briefs;
subject to possible reopening for the presentation of physical valuation
data.
'
--
V.
;
,
•"
•'
,
Operating Statistics for Calendar Years
1938
1937
1936
Miles of road operated..
2,290
2,275
2,284
No
tons freight carried:
Merchandise
14,766,965.21,519.035
20,880,337
Coal and coke
13,403,464
15,803,868
15,238,112
All freight
28,170,429
37,322,903
36,118,449
:'
<,
1935
2,297
16,960.614
15,418,704
32,379,318
_
The fight of the Chesapeake & Ohio RR. to retain control of the Erie
came before the Interstate Commerce Commission March
29 when
debtor and the holders of Erie refunding & improvement
mortgage
bonds filed briefs with the commission.
RR.
the
27% in total
charges would be reduced by more than 50% and total
be reduced by about 20%.
.There was also filed a plan of reorganization proposed by a group of
holders of the company's refunding & improvement mortgage bonds.
The
two proposals, although in
many respects similar, differ in a number of
matters both in detail and substance.
The group has proposed a single
issue of preferred stock as against the two issues
proposed by the debtor,
and under the former's proposal the present equity interest would be
recognized only through the issuance of warrants to purchase new common
stock, the proceeds from the exercise of such warrants going to the holders
of present refunding &
improvement mortgage bonds and unsecured
creditors.
There are also differences in, the proposed treatment of other
debt.
Other
The C.
in the East and held before the commission the
prospect of
& O., Nickel Plate, Pere Marquette and
Erie, with an estimated annual savings in operating expenses of some
$3,000,000 annually.
It merely discussed such a merger.
The C. & O.
owns 55.68% of the Erie's voting stock.
The debtor's brief endeavored to prove the value of the Erie's
present
stock and insisted quite as forcefully as the O. & O. that the former be
ultimate consolidation of the C.
recognized in the reorganization plan by something
more than the right
buy an interest in the reorganized company.
is necessary to maintain a market for railroad stock," said the
debtor's brief, "the public must be shown that railroad stock will not be
decimated or wiped out as soon as bad times come.
If the investing public
should be led to* believe that it is the policy of this commission
ruthlessly
to eliminate railroad equities, railroad stock would lose what little market
to
"If it
remains to it."
The bondholders' group
per ton per
Freight
mile
per ton mile
rev.
O. with respect to the treatment of present stock¬
holders and related at length the failure of the G. & O. financially to
support
the Erie ,when it went into bankruptcy.
The group held that the O. & O.
probably could have saved the Erie from bankruptcy.
"The substance of the G. & O.'s position," said the group's brief, "is
that a plan is not fair if the retention by the stockholders of their interest
in the corporation is made conditional upon the payment within five years
of
part of the corporation's debts which will have matured."
rev. per
Merchandise
_
_
the financial support which purportedly might have saved it from bank¬
0.915 cts.
0.956 cts.
0.950 cts.
$8,550
$8,696
16,211,345
16.197,346
$8,170
15.467,768
ruptcy, the group's brief added:
.
.
It is one thing for the O. & O. to have decided that it was under no
duty to come to the aid of the Erie. It is something else if the O. & O. taxes
the position that, although it did not come to the aid of the Erie, it is
entitled to preserve a stock interest in the Erie without providing for the
357,940,975 352,597,323 321,403,396
1.488 cts.
$1,570
$36,884
Income Statement for
Operating Revenues—
Coal
6760035292
1.491 cts.
$1,431
$30,358
mile of rd
-
•
.
7660833886
$8,451
A v. fare per pass, per m_
Pass. tr. rev. per train m.
—
r
Passenger
Mail, express,
&c__
O. in failing to grant the Erie
7878247067
0.951 cts
No. of passengers carried 14.962,933
No. pass, carried 1 mile.326,916,679
Gross
expressed no little consternation at the attitude
of the debtor and O. &
After discussing the actions of the O. &
freight carried 1 mile. .6239901688
rev
briefs, including that of the C. & O., had ben filed previously
O. emphasized the advantages to the Erie of friendly railroad
&
connections
Total number of tons all
Av
1957
Control Fight Put Before ICC—Debtor and Bondholders File
1.508 cts.
$1,557
1.528 cts.
$1,472
$32,685
$37,210
Calendar Years
,
.
debts of the Erie."
Earnings for February and Year to Date
-
1938
1937
1936
1935
m
.$45,966,577 $56,447,545 $57,726,558 $48,995,250
13,404,650
15,633,029
15,541,931
15,254,133
4,874,471
5,325,104
5,315,550
4,909,451
5,263,362
6,520,049
6,421,071
5,935,752
[Including Chicago & Erie RR.]
_
1939
1938
1937
1936
$5,696,875
1,162,247
363,686
$4,724,008
314,468
def504,008
$6,603,837
1,946,491
1,113,310
$6,665,028
1,897,056
1,308,857
Gross from railway. _
11,971,627
fet from railway...
et after rents.___.
2,704,898
1,108,791
10,230,117
1,397,235
def286,074
13,512,435
3,988,645
12,884,073
3,408,327
2,227,352
February—
Gross from
railway^.
Net from railway
Net after rents.
From Jan. 1—
Gross oper. revenue__$69,509,060
$83,925,726
$85,005,111
$75,094,588
Opt rating Expenses—
Maint. of way & struc.
Maint. of equipment.
7,390,939
14,910,438
2,026,937
28,738.732
120,119
2,984,721
68,605
_
Traffic.....
Transportation
Miscell. operations
General
...
Transp. for in v.—Or
7.182,471
16,643,360
2,109,351
31,703.600
100,506
3,297,806
39,293
■
Total ry. oper. exps__$56,103,282
Net operating revenue.. 13.405,779
Railway tax accruals...
6,800,470
6,993,379
15.711,879
2,047,446
30,505,475
81,100
3,585,559
6,811,021
14,312,478
1,974.852
28,182,756
58.110
3,523,006
'68,812
42.288
$60,997,804 $58,882,551 $54,793,414
22,927,922
26,122,560
20,301,174
5,516,580
6,114,339
3,978,079
Trustees Ask
2,301,323
Authority to Pay Interest Past Due—
Authority to pay interest in the amount of $84,900 which fell due Jan'. 1,
1939, on $3*396,000 of New York Lake Erie & Western Docks & Improve¬
ment Co. 5% bonds outstanding, is sought by petition filed in Federal
Court at Cleveland by the trustees.
Petition also asks permission to set
aside the sum of $15,100 representing interest due on $604,000 of such
bonds pledged under Erie's first consolidated mortgage, such sum to be used
for capital expenditures on properties covered by the mortgage.
Another petition asks authority to pay to trustees of Long Dock Co.
the sum of $140,625 representing interest due Oct. 1, 1938, on bonds se¬
cured by consolidated mortgage.
"
An order signed by Federal Judge Paul Jones extends to Sept. 30 time of
New Jersey & New York RR., a subordinate debtor, for filing plan of re¬
organization.
,
Operating income....
$6,605,308 $17,411,342 $20,008,221
Net hire of equip, rents,
debit balance..3,300,070
Net
3,865,054 \
$16,323,095
3,486;932
3,291,974
joint facility rents,,
90,910
Net ry. oper. income.
•
•
debit balance
Cr67.720
«
182,498
.
$3,214,328 $13,614,008 $16,338,790 $12,960,726
Non-Operating IncomeDividend income
112,875
443,722
JDr265,948
Miscell. rent income....
Inc. from funded securs.,
210.862
361,263
Inc. from unfunded
"
155,891
439,411
.
565,910
414,335
489,899
462,249
Bond
70,394
528,809
89,710
'
Inc. from lease of road...
42,161
Miscellaneous income. 1.
3109,747
437,179
40,169
151,135
7,800
48.370
156,725
51.207
lu4,820
$1,009,077
4,223,405
$1,186,046
14,800,054
$1,298,099
17,636,890
$1,752,873
14,713,600
1,991,250
513,624
,91,835
1,988,354
537,017
101,836
12.563,256
42,884
1,991,597
573,015
phia; A. C. Kizis, Pittston, Pa.; William L. Jones, Pottsville, Pa.—V. 148,
P. 1641.
1
V
...
Fenton United Cleaning & Dyeing Co.—Accum. Div.—
2,130,225
.
Total non-oper.
Gross income....
;
sees.
and accounts.
»
Group Is A pproved—
The Interstate Commerce Commission has authorized a four-member
committee to represent holders of general mortgage convertible 4% bonds
in connection with the road's reorganization proceedings.
Members of the
committee are: C. L. Amos, Syracuse, N. Y.; Fred F. Spellissy, Philadel¬
inc..
....
37,790
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable April 15 to
holders of record April i4.
Similar amount was paid in each of the seven
preceding quarters., and a dividend of $3.50 was paid on June 16, 1937.—
V. 147, p. 4054.:.
'
.V-
Deductions'—
Rent for leased roads...
Miscellaneous
rents
Miscell. tax accruals....
Interest
12,382,492
a
Miscellaneous
21,998
a...
Fairchild Aviation
99.417
97,144
12,606,801
47,571
12,724,204
53,642
•
Corp.—Registers with SEC—
Public offering of 40,000 shares of Fairchild Aviation Corp. $1 par com¬
stock and 7,700 shares of $6 convertible preferred stock of Fairchild,
684,259
mon
Engine & Airplane Corp. is contemplated some time next month, according
registration statements filed with the Securities and Exchange Commis¬
to
sion March 30 under the Securities Act of 1933.
Balance, deficit...—$10,777,794
$433,293sur$2195,0l4
;
1938
•
Assets—
Invest,
1937
'
:'
.
in
pay
""
'
!
Common
equipment .371,591,503 375,129,906
Impts.
leased
on
railway
Sinking
Deps.
,
.
1st
of
47,904,400
47,904,400
sometime
15,857,000
15,857,000
date of proposed public offering of the securities being registered.
The
Engine & Airplane corporation likewise proposes to enlarge its capitalization
by increasing the authorized number or common shares from 1,000,000 to
1,509,000.
:
As of Feb., 28, unfilled orders of Fairchild Aerial Camera
Corp., a sub¬
sidiary of the Aviation holding company, totaled $944,311, of which $600,426 were from the United States Government, $331,482 were from foreign
governments and $12,403 were from others.
On Feb. 27 a contract for
$245,409 was made with the French Government coverihg deliveries this
year.
In 1938, the Camera corporation's sales totaled $1,501,304; in 1937,
they were $1,072,240 and in 1936 they amounted to $726,556.—V. 147,
P.3610.
.v.:-; . ,
construction..
2,736,651'
Equip, obliga'ns 21,455,722
21,034
2,039,825
2,046,589
94,114,634
29,108,202
600,000
600,000
17,757,646
25,099,091
bonds...220,407,700 225,023;700
RFC notes
15,369,000
.
Stocks.
765,239
7,059,469
11,173
11,173
664
MISC.
x
664
903,932
903,413
_a_
4,256,800
Special deposits-
280,189
1,612
4,812,318
239,680
Notes.......
Advances
.
Miscellaneous
Cash
Loans & bill8rec.
serial
'
Donds..
Loans
&
1,849,334
bills
2,882,568
3,915,874
1
.
bals. payaole.... 1,951.,558
Aud. accts. and
Misc. accts, pay.
Int. mat. impaid
422,916
12,961,129
1,931,640
Divs. mat. unpd
Funded debt ma¬
11,804
11,864
4,512
1,502,780
Unmat. int. accr
24,464,626
1,733,469
1,654,343
21,000
1,981,094
249,019
2,740,779
4,732,832
Unmat.r'ts
from agents &
Oth.
accr.
liabs.
242,804
1,047,688
Deferred llabils.
2,522,773
rec.
1,170,359
2,619,500
2,923,105
Tax
5,753,254
Mat'l & supplies
3,236,040
3,862,520
53,683
.
Misc. accts.
Int. & divs.
curre.
liability...
20,050
59,757,276
Oth. unadj. cred
2,791,887
Work, fund adv.
Ins. & other Ids.
44,348
44,398
Add'ns
362,679
337,187
thru inc.& sur.
Oth. def. assets.
695,865
432,810
404,932
578,654
Fund. dt. retir'd
Other
rec.
cur. assets
equipment,..
Rents & lnsur'ee
to
prems. paid in
129,313
1,933,155
119,328
2,099,642
2,621,964
2,260,146
2,276,378
1,750,426
984,531
50,000
Skg. fd. res'ves.
advance
Other unadj. deb
59,414,433
prop.
thru inc.&sur.
34,523,611
548,503
Approp. sin-plus
Profit andloss.Dr48,343,345
of filing
its
registration
statement
and
the
'
Fairchild Engine,&
Airplane Corp.—Registers with SEC
•
,
7,485,487
Accrued deprec.,
214,122
17,540
conductors
time
See Fairchild Aviation Corp.
6,905,097
Net bal. receiv'le
between the
.
2,407,742
payable
wages
tured unpaid.
1,751,034
98,000
2,135,831
Traf. & car-serv.
Traf. & aar-serv.
bais.receiv.__
4,183,000
......
98,000 "
obliga'ns.
payaDle
-773,266
2,380,979
______
reg.
collat, notes..
Income
Other investm'ts:
Bonds..
2,780,905
24,932,353
Mtge.
RFC
Notes
■
,
It was also disclosed that the Aviation corporation plans to increase the
amount of its common shares authorized from 375,000 to 500,000 shares
preferred.
.37,662,783
29,198,202
_
Offering price and underwriting discounts will be disclosed by amend¬
Smith, Barney & Co. will act as underwriter.
•
*
-
ment.
2d preferred..
Bonds
Advances
$
Grants in aid of
.
Stocks
common shares to the public will be used to
3 ^ % note for $100,000, representing a loan by Chemical Bank &
a subsidiary, and the balance for working capital.
19,620
.
21,034
Misc. pbys. prop
Inv. in affil. cos.:
a
62,587,785
mtgd. prop'ty
sold.........
1937
$
stock.151,106,700 151,106,700
Non-cum. stock:
c'
62,793,971
11,730
prop.
funds..
in lieu
■
off
Trust Go. to
1938
Liabilities—
$,
'
road
Proceeds from sale of the
$852,400
Comparative General Balance Sheet Dec. 31
■
50,000
56,322
Fairmont Creamery
Co.* (Del.)—IB-Cent Dividend—-
Directors have declared a dividend of 15 cents per share on the common
stock, payable April 1 to holders of record March 21.
This compares with
12H cents paid on Jan. 1, last, and previously regular quarterly dividends
of 25 cents per share were distributed.—V, 147, p. 4054.
Farnsworth Television & Radio Corp.—Common Shares
Offered—Initial public financing for the corporation was
carried out March 27 with the offering of 600,000 shares of
common stock, priced at $6 per share.
E. H. Rollins & Sons
Inc., headed the underwriting group which includes Eastman,
Dillon & Co.; W. E. Hutton & Co.; Hemohill, Noyes &
Co.; Hallgarten & Co.; Riter & Co.; H. M. Byllesby &
Co., Inc.; Wm. Cavalier & Co., and O'Melveny-Wagenseller
& Durst.
The shares are offered as a speculation.
History, Business and Property—Company was incorp. in Delaware,
13, 1938, for a perpetual term, with broad powers permitting it to
with powers to deal in
the holding of patents,
Dec.
Total
x
542,459,269 615,056,524
As follows: Reconstruction Finance
1937:
Railroad
Credit
Corp.,
542,459,269 615,056,524
Total
Corporation, $631,000 in 1938 and
in 1938 and $709,874 in 1937;
$686,928
The company is the successor, through a plan
bank loans, $1,564,640 in 1938 and $2,575,000 in 1937
.
The railroad announced the election of R
Vice-Presidents, as directors.
York investment banker, from its
.
^
A. Woodruff and D. L. Gray,
The Erie also announced the retirement of
vacancy.
of reorganization, to Farns¬
(Calif J, which conveyed all of its assets to the com¬
of Dec. 15, 1938.
Farnsworth Television, Inc. was organized in
1929, under the name of Television Laboratories, Inc. as the successor to
Crocker Research Laboratories, an unincorporated association formed in
San Francisco in 1926.
Company now owns and its predecessor formerly
owned all of the outstanding capital stock of Farnsworth Television, Inc. of
Pennsylvania.
worth Television, Inc.
New Directors—
New
engage in the various lines of business and as well
all kinds of real and personal property, including
licenses and securities of every description.
George Grant Mason retired
Board.
Mr. Woodruff fills this
pany as
primarily to television, many
not necessarily limited to this
Net after rents
From. Jan. 1—
Net after rents
of the ^processes >e used in communications
and devices developed are
it may
Fort Worth & Denver
Net from
Net after
sound
combination
also with
phonographs, it is deemed
—V. 148, p.
City Ry.—Earnings1938
'
1937
$492,364
$458,810
118,103
137,816
37,297
,76,270
1,076.603
292,545
132,171
1939—Month—193Sit
•
$23,269
$23,287
Operating
revenuesOperation..
13,300
'
accruals—
trade in the fall of 1939.
intends to continue the manufacture of the Oapehart
and to add additional models to that line. The company
also contemplates manufacturing in the Marion plant, radio chassis, ampli¬
fiers and loudspeakers, for assembly into the Capehart products.
It is also
the intention of the company to transfer the work of assembling the Oape¬
hart instruments from the Fort Wayne plant to the plant at Marion, Ind.,
which is more suitably equpped to handle such assembly activities.
By
transferring this activity Marion, Ind., factory space will be made available
available for sale to the
Net
The company also
the company's
oper.
revenues.
$1,134
_
$2,576
'
activities pertain¬
-(k
$48,940
the common
A dividend of 75
per share were
147, p. 3912.
dividend of 50 cents per share on
Co.—Registers with SEC—
Exchange Com¬
stated.
'
■
According to the registration statement the company proposes to borrow
$7,300,000 against promissory notes under a bank loan rigreeinent,
will sell through certain Canadian underwriters 35,000 shares of 5H%
cumulative preferred stock, all of which will be offered outside the
States.
The proceeds to be received by the company from the sale of the
bonds, the promissory notes and the preferred stock will be applied to the
redemption on June 1, 1939 of $68,014,500 of the company's first mortgage
and
United
,
contract for the acquisition from General
plant, machinery and inventory located
payment of $270,000 in cash and
authorized but unissued common
Company also has executed a
«
Co.—Irregular Dividend—
Gatineau Power
of its liabilities and the issuance to it of 43,598 shares of the
authorized but unissued common stock of the company.
These properties
include various patents relating, among other things, to record changers
^
$49,457
i
Company, on March 24, filed with the Securities and
registration statement (No. 2-3986, Form A-2) under the Securi¬
ties Act of 1933 covering $62,500,000 of first mortgage 3%% bonds, series
A and B, due April 1, 1969.
The series A bonds are payable only in the
United States and the Series B bonds are payable only in Canada, it is
assumption
'^
354
8,487
$52,682
3,742
mission'a
of the Oapehart Inc., of Fort Wayne, Ind.,
combination radio-phonographs having the feature
type of record changer, will be acquired in consideration of
electrical plioiiOKr^plis *
■,
$2,222
$669
income
April 18.
manufactures
of the turn-over
the
$54,858
5,402
$44,195
■
stock, payable April 28 to holders of record
cents was paid on Dec. 24, last and dividends of .25 cents
distributed in each of the three preceding quarters.—V.
'
w
465
Directors have declared a
The business and properties
which
$1,134
Garlock Packing
sound broadcast
that the ooinpany
sale prior to
Paralleling the
development of the above mentioned transmitters, it is also
design other types of communications transmitters and special
apparatus.
$51,489
3,369
—V.148, p.1323,
following completion of the financing.
It is estimated
will not be ready to offer such transmitting apparatus for
about 12 to 18 months from the date such work is started.
intended to
31,967
39,692
$2,576'
(net)-
___i
equip., notesi
Balance
Interest on
ing to the engineering and manufacturing of television and
transmitters and other special apparatus.
„
The company intends to start work on the design and development or a
line of television and sound broadcast transmitters as soon as possible
design and
1939-t-12 Mos —1938
$330,430
$305,680
186,878
182,514
'
26,826
29,822
15,813
26,912
.
Non-oper. income
Net
f
2,344
1,531
2,625
2,702
Maintenance
Taxes.
150,879
•'
Co.—Earnings—
Galveston Electric
Retirement
910,949
934,704 \
2o9,360
131,613
-
,
line of instruments
plant to accommodate
1936
$429,085
134,053
78,756
1323.
Period End. Feb. 28—
t
in the Fort Wayne
705,115
492,082
.
intends to acquire,
and electrical phono¬
and the revampmg of the
comparatively small cost also to
_
completion of
models of sound
a few models
will be made
«.
1,944,218
2,405,369
991,641
709,076
2,323,532
944,979
683,590
846,476
148,978
16,470
Net from railway..
Net after rents
phonographs in addi¬
,
.
GrSfromrafeay
desirable by the company to engage
manufacture of sound receivers and electrical
tion to, television receivers.
...
,
,
The radio plant at Marion, Ind., which the company
is equipped to manufacture sound broadcast receivers
graphs, and can, by the addition of equipment
assembly Jines, be put in condition at
manufacture television receivers.
It is the intention of the company, immediately after the
the financing, to enter upon the designing of a number of
broadcast receivers and radio phonograph combinations and
of television receivers.
Is is anticipated that these models
r
1939
railway—$403,297
railway
74,236
rents
6,725
February—
Gross from
then pending for letters patent.
.
,
,
.
Inasmuch as television broadcasting Is a supplementary service to
broadcasting, and television receivers will be manufactured in
with sound oroadcast receivers and some models in combination
electrical
1936
$1,082,875
456,824
345,282
568,529
419,948
—V. 148, p. 1323.
field
in the
•
_
2,355,266
983,423
698,244
Gross from railway
Net from railway..
been directed
1937
$1,289,274
1939
t
1938
$1,265,199 $1,300,882
586,111
620,892
439,165
484,246
February—
"
Gross from railway
Net from railway
generally and possibly in the future in other fields.
The research conducted by the predecessors of the company has resulted
as of Jan. 15, 1939, in the issuance of some 73 patents by the Patent Office
of the United States of America, and in the filing of some 60 applications
„
Ry.—Earnings—
Florida East Coast
of conducting
T. Farnsworth,
relating to elec¬
conducted
San Francisco,
laboratories of the
following the transfer of
conducted
laboratory provided by
The predecessors were formed primarily for the purpose
research in the television field under the direction of Philo
and for the development and furtherance of his inventions
tronic television and radio.
This research was
at
until 1931, and thereafter at Philadelphia, Pa., in the
predecessor, except that for a period of two years
operations to Philadelphia, it was
in a
Philadelphia Storage Battery Co.
While the research of the company and its predecessors has
April 1, 1939
Chronicle
Financial
1958
Household Utilities Co. of its radio
Marion, Ind., in consideration of the
the issuance to it of 25,000 shares of the
at
stock of the company.
Directors and Officers-*-Jesse
Chairman, San Francisco;
Farnsworth, ViceSec.; Donald K.
San Francisco and Joseph J. Mehl, South
B. McCargar,
by_ amendment to the registration statement.
The prices at which the bonds are to be offered, the underwriting dis¬
commissions and the redemption provisions are to be furnished
by amendment to the registration statement.—V. 148, p. 1477.
E. A.,Nicholas, President, Merion Park, Pa.; Philo T.
President, Philadelphia; George Everson, Treas. and
Lippincott, Bartley C. Crum,
Orange, N. J.
It is also proposed to elect C. M. Niezer,
counts arid
To
underwriters.
the
>'•'
acquisition of certain of its properties
of Kansas
16,666 shs.
20,833 shs.
5,000 shs.'
In addition, a maximum of 50,000 shares will be issuable to E. A. Nicholas
upon the exercise of the Option to him and a maximum of 60,000 shares
will be issuable upon exercise of the warrants to purchase common stock.
Purpose—The proceeds of $3,000,000 to be derived by the company from
the sale of the 600,000 shares of common stock will, after deduction of esti¬
mated expenses in the amount of $109,795, amount to approximately
$2,890,205, in cash. Of said proceeds of $3,000,000, the amount of $600,000
or $F per share, will
be credited to capital account represented by the
600,000 shares of common stock, and the balance will be credited to capital
services rendered-.
To E. A. Nicholas for services rendered
_____;
traus Securities Co.
group composed of F. of Chicago; F. J.
S. Yantis & Co.,
and Scott, Mclntyre
In part payment for the
Household Utilities Co
For organization
w
(7)
expenses,
&c
For
development of television and sound broadcast trans¬
mitters and studio equipment.
______
For
plant rehabilitation, improvements and betterments and
additional
machinery and equipment
(8) For working capital including cost of designing products and
inventory requirements.
(9) For additional working capital and for contingencies. _____
__
_
275,000
148,
50,000
HSwiyr & c°-vN^w irorkHallgarten & Co., New York
_
pava^er & Co., San Francisco
I
&i?h?VT^«hIanenS^6r
—V^4s! p, ^803"
v
Diurst' k08 An^elee-
_
~
-----
----
W
Federal Motor Truck Co.—To Extend
Ft. Smith & Western Ry. —Suspension
265 common
15:000 shs!
90,000 8hs*
1938.—V.
was
suspended in January.--V. 146, p. 3013.
Co.—Earnings—
Period End. Feb. 28—
1939—Mcmth—1938
270,000
$1,038,201
other fixed chgs._
552,953
$844,268 $11,472,454 $11,138,600
553,681
6,603,594
6,538,892
Oper. expenses & taxes..
Provision for deprec'n..
$2,570,063
1,261,862
Gross income
Int. &
Divs, on pref. stock-.-.
Balance
—V. 148, p.
1477.
$485,248
245,862
$290,587
245,862
$4,868,861
2,950,350
$4,599,709
2,950,350
$239,386
Net income
;
1939—12 Mos.—1938
$2,326,055 $29,264,956 $28,915,972
1,251,787
14,945,001
15,047,372
230,000
2,847,500
2,730,000
Gross revenue.,
and Sale—
~s£le of the property has been ordered by the U. S
the Western District of Arkansas. Actual operation cf
District Court for
148. p. 1806.
Georgia Power
consider extending
the further period
395,177 for the first quarter of 1938.
common stock and the balance of 21,370
These figures compare with 368,preferred for the fourth quarter of
of preferred stock.
stockholders and 21,244
represents holders
miLvJ* Commission for authority to abandon operationthe the road's entire
^' ^ecei7er'
lited an application with of Interstate Com¬
merce
the line
the common
General Motors common and preferred stockholders
of 1939 was 388,650, compared with 389,509 for the
fourth quarter of 1938 and with
There were 367,280 holders of
shs"
consisting of 197 miles expending from Ft. Smith, Ark., to Guthrie,
dividend of 24 cents per share on
Corp.—Stockholders Number 388,650—
General Motors
Corporate Term—
Stockholders at their annual meeting on April 25, will
and continuing the corporate term of the Company for
of 30 years from Feb. 14, 1940.—V. 147. p. 1487.
Corp.—24-Cent Dividend—
The total number of
for the first quarter
48 000 shs'
35 000 shs
30 000
_
,
,
dividend
.
!___"
Riter & Co., New York
}
dividend
90,000 shs!
61 000 shs
:—60,000 shS;
48 000 shs
II• M. Byllesby & Co., Inc., Chicago
1804.
Directors have declared a
123 000 shs
Fork
DUJon & Co., New York
Co., New York
W. E. Hutton &
12 on a plan to
stock, payable April 10 to holders of record March 31.
A
of
30 cents was paid on Dec. 23 last; one of 15 cents was paid on Oct. 10 and
July 11 last; one of 25 cents per share was paid on April 11,1938; a
of 45 cents was paid on Dec. 24, 1937; 40 cents paid on Oct. 11 and July 10,
1937, and a dividend of 25 cents per share was paid on April 10, 1937.—
V. 148, p. 437.
Name—
Eastman.
p.
General Capital
1,325,000
688,266
Underwriting
The underwriters have agreed, severally and not jointly
to purchase from the company at $5 per share the number of shares of
common stock set opposite their respective names.
E. H. Rollins & Sons, Inc., New
annual meeting on April
total
76,000
J'or research for a period of approximately one year
(6)
will vote at the
Stockholders
give the chief executive officers of the company options to purchase a
of $25,000 shares from the 58,900 shares held in the treasury.
The officers
will be allowed to purchase the stock at $5 a share.
The options extend
over a period of three years and are exercisable in three parts.
Walter P. Jacob, President will be given the right to purchase 10,000
shares; Frank G. Evatt, Vice--President in charge of sales, 4,000 shares;
Edmund Peremi, Vice-President in charge of operations, 4,000 shares;
Ivan L. Martin* Secretary and Treasurer, 4,000 shares," and Warren J.
Freeman, Comptroller, and John C. Scholtz, Assistant Secretary and
Manager of the Chicago plant, each 1,500 shares.
The company said that
these six officials received total remuneration of $62,183 in 1938.—V.
270,000
43,550
100,000
"I I "I
ill
(4)
Inc., Dempsey-Detmer & Co. and
Young & Co., Inc. of New York,
Rapids, Iowa. The prospectus indi¬
Corp.—Options—
General Bronze
„
plant and equipment of General
___
& Co. of Cedar
price of $5 per share.
Mr. Hardgrave stated that this is
the first corporation organized for public participation in the control and
operation of multiple units in the soft drink bottling business.
payable to officer of Capehart Inc.-.
For payment of note of Capehart Inc. secured by mortgage
to Reconstrudtion Finance Corporation.____
of the Board and C. J.
cates an offering
surplus account.
,
It is now contemplated that such $2,890,205 will be used for the following
purposes:
"
$62,388
(1) For payment of notes
(3)
.
of Kansas City is Chairman
of General Bottlers, Inc. Mr. Hardgrave
s
combined companies being included in this
merger have increased from $666,000 in 1936 to $1,200,000 in 1938 and that
the profits have risen from $77,000 to $108,000.
He said that sales so far
this year are running approximately 34% ahead of the same period in 1938.
Profits last year were equivalent to 48 cents per share on the 225,000 shares
to
be outstanding on completion of financing presently contemplated;
187,750 of these shares are to be sold to the public through an underwriting
lo E. H. Rollins & Sons, Inc. for
$
(2)
City.
of Chicago is President
ated that the sales of the
25,000 shs.
__
formation of General Bottlers,
Hill
with the
__
,
registration statement filed
Arthur Hardgrave
To A. G. Messick for services rendered--
'
Inc.—Registers with SEC—
March 30 with the Securities arid Exchange
Inc., an Illinois cor¬
poration, with principal offices in Chicago and Kansas City, which is to
acquire all of the common stock of the Pepsi-Cola Bottling Co., of Chicago;
Chase Bottling Co., bottlers of Double-Cola and other franchise drinks in
Memphis, Tenn.; all of the assets of Hires Ideal Bottling Co., bottlers of
Hires Root Beer, Cliquot Club Ginger Ale, Double-Cola and other drinks
in Omaha and, substantially, all of the assets of the, Eagle Bottling Co.
43,598 shs.
1
•
of this
given on first page
General Bottlers,
A
with the acquisition of
To General Household Utilities Co., in connection
See list
Commission reveals the
600,00Q shs.
___
To the Capehart Inc., in connection
its business and properties
Corp.-—Registers with SEC— ■
department.—V. 148, p. 1804.
General Acceptance
Fort Wayne, Ind., a director.
Capitalization—The only class of capital stock authorized is 2,000,000
$1) of which 690,000 shares have been issued
to the predecessor of the company in exchange for its properties and assets,
in connection with the plan of reorganization of such predecessor, which
690,000 shares are being distributed to the stockholders of the predecessor
upon its dissolution and liquidation, representing 46 shares of common
stock of the company for each share of capital stock of the predecessor.
As.
of Dec. 15, 1938, the total capital stock and paid-in surplus of the company
amounted to $891,016.
Upon the completion of the present transactions
a total of 1,401,097 shares will be issued and outstanding, including the
690,000 shares, the 711,097 additional shares being issued as follows;
shares of common stock (par
$44,724
$1,918,511
$1,649,359
Volume
Financial
148
General Shoe
—V.
1168.
p.
1937
$130,301
34,258
14,251
1938
$104,674
17,038
729
18,344
1936
$125,559
25,655
12,774
271,971
86,546
224,737
44,982
260,638
62,504
251,287
53,239
45.362
16,136
28,648
27,799
1939
$126,364
34,196
Gross from
$2,282,492 $14,071,195 $13,896,148
78,743
707,863
680,408
$3,096,024
138,941
Bay & Western RR.—Earnings—
February—
railway
Net from railway.
1939—12 Mos.—1938
1939—3 Mos.—1938
_
148,
Green
Corp.—Earnings—
Period End. Jan. 31—
Net sares
Net profit
1959
Chronicle
Net after rents
,
From Jan. 1—
General Theatres Equipment
Directors have declared
Corp.—25-Cent Dividend
Gross from
dividend of 25 cents per share on the capital
a
stock, payable April 17 to holders of record April 7.
Similar payments
were made on Dec. 22, Oct. 18, July 16 and April 1, 1938.—See also V. 147,
p.3610.
#
Georgia
railway
Net from railway.
Net after rents
—V. 148, p. 1643.
1937
1938
1939
$261,898
33,130
31,732
25,166
21,050
_—
550,375
29,798
21,538
Net after rents-
$263,020
37,978
39,978
527,493
59,891
69,087
574,270
97,908
84,777
512,810
92,003
90,264
Gross from railway
Net from railway.
1938
1937
1936
1935
—
$3,408,342
2,293,924
$5,748,525
2,577,918
$3,178,448
Exp., taxes, admin., &c.
55,345,047
2,457,291
Calendar Years—
1936
$290,201
53,830
44,421
$257,410
Net after rents
From Jan. 1—
—V. 148, p. 1323.
x
Total receipts
_
oper
.
.
Cananea
U.
81,437
_
85,775
$7,568
7,640
$2,582
15.770
7,860
Railway ta!x accruals
S, & Mexican income
per
Includes other income,
x
Dr2,l71
$18,352
Dr4,284
,
'
balance
Dr2,028
Dr3,946
Dr3,956
1,270
V
1,412
$13,342
$18,485
Non-operating income—
2,840
929
943
$19,428
$
Other charges
Deficit before interest
'
;
1938
1939
Operating revenues
—V. 148, P. 1807.
*
'
From Jan. 1—
Gross from
399,871
68,018
465,833
135,860
27,734
95,572
399,733
66,267
30,839
"
116,572
63,755
jNet from railway
Net after rents
*.
Godchaux Sugars,
F.
serial bonds, due May 1, 1947
1 at 101 and accrued interest.
Continental Illinois National Bank & Trust
due at this time on
Dividends of five cents per share were paid on
Goldbiatt Brothers,
Dec. 28,
3160.
,
Inc.—-Stock Dividend—
Similar payment was made
also V. 148, p. 280.
' • ■'
in each of the three preceding quarters.
'
*
:• V
,
—
"
,
See
-
1938
1937
-
3,511,778
...
586,632
180,303
Net from railway—
Net after rents.——
$1,768,121
441,867
179,606
330,676
183,438
3,736,667
>3,676,869
825,124
804,229
217,046
523,500
148, p. 1324.
(W. T.) Grant Co. (& Subs.)^—Earnings—
1939 •
1938
1937
-$97,516,419 $99,059,920 $98,346,043
91,208,494
92,554,683 93,567,638
$7,137,549
$4,961,736 $5,492,282
46,767
78,955
Drl06,248
$7,184,316
$5,571,237
$4,855,487
1936
Years End. Jan. 31—>
Sales
——
Costs and expenses
profit
Other income (net).:
Operating
$5,168,920
31,301
708,000
$2,766,424
348,630
1,962,434
income—
5% pref. dividends
Common dividends..
Shs.com.stk.out.(nopar) yl,189,354
Earnings per share
$2.03
—
v
1,254~980
1,318,369
Prov. for Fed'l taxesrr-
*851,000
.
$5,200,221
i22,904
63,129
92,214
1,238,189
xl,196,405
63,532
62,694
paid, less int. earned
Flood loss in exc. of ins._
Deprec. & amortiza'n—
x
86,812,894
-
Total income
Net
$91,981,814
'
Int.
1,207,451
535,620
$3,401,725
87,278
2,266,493
ylf189,354
$4,594,379
$3,334,246
2,868,852
1,195,355
$2.78
$3.84
1,494,194
1,195,355
$2.79
*
-s
1937.
Including surtax of $151,000 in 1938 and $257,000 in
Consolidated Balance Sheet Jan. 31
y
—
-
Par $10.
•
'
„
1938
1939
„
$
Assets—
'
$
b
Common
1938
1939
$
$
stock-ll,893,540 1^,893,540
Liabilities—
,
y
Furn. & fixt's—
3,054,720
2,968,409
z
Land & bidgs—
7,478,613
,
.
6,728,425 5% pref. stock
5,393,354
5,179,068
Cash
9,992,925 10,998.361
Marketable securs.
35,415
35,415
Inventories
11,680,798 10,990,658
170,244
Accts. receivable..
399,927
Cash surr. value of
Real
6,977,695
1,540,150
6,977,165
Real estate mtges
2,366,600
Accounts payable- 1,674,817
Div. Jpayable
297,339
Accrued accounts769,227
Federal tax reserve
738,708
Altera'ns &
(par $20)—.
impts.
to leased prop.—
1,198,437
1.058,092
356,896
life Insurance
81,516
claims & invest
.
3,500
56,000
535.020
-
payable
3,440
deposits.
1,052,120
ing stores
475,500
12,500
4.615
181,171
-.15,929.588 15,468,091
215,153
922,856
_
Surplus
prop¬
erty owners
Prepaid Insurance,
rents,
&c
y
Total
41,181,727 39,699,657
$3,687,010 in 1939 and $3,710,195 in
of $904,144 in 1939 and $789,558
41,181,727 39,699,657
Total
After depreciation reserve of
1938.
z After allowance for depreciation
in 1938.
b Par $10.—V. 148, p. 1478.
February—
Gross from railway
Net from railway
Net after rents
Ry.—Earnings—
1939
1938
■
table:
1936
$4,129,020
$4,781,395
$4,376,679
296,301
def492,170
98.099
def630,069
389,356
def218,099
—50,339
def395.222
9,751,775.
8.714,023
1.634,715
458.644
def591,453 def1126,652
10,225,851
9,166,158
^592,801
def365,016
From Jan. 1—
Gross from railway.—
Net from railway
Net after rents
—V. 148, p.
—
1324.
York, at an offering price of $25 per share.
available through an agreement whereby the company
underwriters $200,000 of its outstanding first mortgage
bonds, due April 1,1954, which will be offered to tne public
"•
1
_
_
_
_
.
'
"
,
Total
Total Sales
Revenue
to Customers
from
Total
Main
Gas Sales
Services
Miles
$336,884
361,950
364,013
369,977
373,626
5,038
5,165
5,313
5,487
99.76
101.82
103.07
106.68
5,630
107.96
in M. C. F.
Cal. Years—
1934-.-
253,008
252,847
256,337
259,768
275,851
----s
------
-
—V. 148,p. 1643.
v
Directors have
...
,
>
•.
of North America—-Extra and Special
Co.
Guarantee
Dividend—
.•
.
T'..
declared an extra dividend of $2.50 per share, a special
and a regular quarterly dividend of $1.60 per
dividend of $1.50 per share
quarter since and
stock, par $50, all payable April 15 to holders of
Extra dividends of $2.50
record March 31.
per1 share have been paid each
including Jan. 16, 1933.—V. 147, p. 3913.
Guggenheim & Co .—Accumulated Dividend—
dividend of $1.75 per share on account of accumulations
7% preferred stock pn March 15 to holders of record March 10.
was paid on Dec. 20 last, this latter being the first
payment made since May 15, 1938, when a regular quarterly dividend of
like amount was distributed.—V. 147, p. 4056.
Company paid a
on
the
Dividend of $1.75
Gulf Mobile & Northern RR.—Annual Report—
Tigrett, President, says in part:
paid or declared during the year. Cumulative dividends
on the preferred stock in arrears as of Dec. 31, 1938, amounted to 62%.
The lease agreement with the New Orleans Great Northern Ry. dated
July 1, 1933, provides for a fixed annual rental to be paid by Gulf Mobile
& Northern RR. in an amount equal to the annual interest on the outstand¬
ing first mortgage 5% bonds of the lessor company, and in addition thereto
for the payment of contingent rental of not exceeding $206,200 per year, the
latter amount being the annual interest on the 5 % income debentures of the
New Orleans Great Northern Ry. The contingent rental is cumulative from
July 1, 1933, and is payable only, if, as and when dividends are paid on
Gulf Mobile & Northern RR. stock, but, Gulf Mobile & Northern RR. is
not required to make any contingent rental payment which in any calendar
year would exceed an amount equal to one-third of the aggregate dividend
disbursement made by it to its stockholders in such year.
No contingent
No dividends were
Northern
1937
$4,581,890
-
announced March 28 by a group headed by
Co., Inc., Boston, and R, H. Johnson
4% bonds, due Nov. 1,1956, for cancellation, in exchange for 8,000 shares
of the participating preferred stock, the remaining 2,000 shares having
been sold for cash to the underwriters.
These preferred shares are entitled to quarterly dividends at the rate of
$1.25 per share per annum in priority to dividends on the company's common
shares.
The dividends are cumulative, and the shares are further entitled
as a, class to participate in any further dividends declared by the company
out of net earnings or surplus accruing after Jan. 1, 1937, to an amount
equal to 25% of such dividends.
Preferred stockholders received three
extra dividends in 1938 and have received one such extra payment in 1939
in addition to regular dividends. A total amount of 36,000 shares of par¬
ticipating preferred stock will be outstanding after giving effect to this
rental was
Great Northern
Offered—Public
of $1.25 partic. pref.
I. B.
316,150
510,612
for pur. of prop.
with
714,218
916,304
mtge.
current
Tenants'
1,496.874
Res've for repaint¬
Deposits in escrow
Accts.
pay.,
Notes
Sund. accts., notes.
estate
Stock
Putnam &
share on the common
•
.-
Co.—Preferred
Gas
by underwriters at a later date.
Company supplies ga« without competition, under a franchise unlimited
as to time, to the Town of Greenwich, Conn., which has a population of
40.0C0 and an assessed valuation of $180,522,230.
The company has
107.96 miles of gas distribution mains, of which all except 3.5 miles are
steel-welded high pressure mains.,
The profit and loss statement shows total operating revenues for the 12
months ended Jan. 31, 1939 of $388,281, and net earnings from operations
before provision for Federal income taxes of $94,270. As of Dec. 31, 1938,
the company's earned surplus was $75,848. After giving effect to the new
issues of preferred shares and bonds and the retirement of the 4% bonds,
the interest charges on funded debt will be reduced from $40,000 to $28,000
and the interest on outstanding obligations will be reduced from $4,479 to
$2,919. Preferred dividend requirements will amount to $45,000.
The continuous growth of the company's business is shown in the following
1936
,
$1,900,607
2,695,384
def33,487
def406,741
288,031
83,380
was
L.
mortgage
$1,274,625
def52,796
def209,735
$1,709,457
55,986,680 57,027,355
Total — .
>
$200,000 first mortgage 4% bonds, due Nov. 1, 1956, are part of a
outstanding amount of $1,000,000, all of which will be acquired and
canceled by the company in connection with the issuance of $800,000 first
From Jan. 1—
Gross from railway-
—V.
.55,986,680 57,027,355
The
,
1939
February—
22,000
6.445,484
total
Grand Trunk Western RR.—Earnings-—
Gross from railway—
18,644
5 ,709,464
payable...
Surplus
financing.
of 1-60 of a share of common
1 to holders of record April 10.
Directors have declared a stock dividend
stock for each share held, payable May
99,471
.
Goebel Brewing Co.—Dividend Omitted—
Sept. 30 and March 28, 1938.—V. 147, p.
453,078
'
The shares are made
Co. of Chitago.—V. 148, p. 1643.
the common stock.
80,311
8,635
charges.
will receive from the
Inc.—Bonds Called—-
Directors have decided to omit the dividend usually
4,000
4,000
171,500
146,907
6,815
—
& Co., New
A total of $100,000 first mortgage 5%
have been called for redemption on May
Payment will be made at the
re¬
Represented by shares of $100 par.—V. 148, p. 1169.
stock
-V:.
■
legal
offering of a new issue of 10,000 shares
'
-
railway.451,433
Net from railway
Net after rents-
current
Greenwich
1936
$198,646
30,938
7.785
■;
—V. 148, p. 1324.
-
193768
,x
1937
$225,792
59,986
34,856
1938
$187,668
28,094
6,203
1939
$220,157
57,435
28,349
February—
141,810
expenses.
Deferred
"
$
ac(?ts. rec.
not
Georgia Southern & Florida Ry.—Earnings—
Gross from railway-
22,584
713,982
2,398,829
2,108,539
65,720
2 ,009,621
yl 877,834
Cash
Total...
Net from railway.:
Net after rents
Wages
644,322
Notes &
$224,494
,
Mexican
process
receivable.
Prepaid
1938
1939
$221,046
$22,275
$21,200
-
1,877
-Jan. 1 to March 21
—Week End. March 21—
In
1937
serve.
131,572
1,212,281 Accrued liabilities.
461,215 Accounts payable-
131,176
1 ,175,911
408,534
and on hand
Accts.
a
Capital stock—_5Q ,000,000 50,000,000
Minority interest.
3,322
2,750
Supplies
Metals
.
$
Liabilities—
equipm'ts49 568,073 49,779,677
rys. &
tt
1938
1937
x
Investments
$31,396
$25,627
;
y
$
Development-.—
'$29,519
$23,742
1,885
*$14,272
Gross loss—.
$2,137,718
2,374,957
$4.27
Mines, min, claims
lands, buildings,
$32,682
3,163
$26,582
$19,897
$14,613
Net railway oper. loss_
$2,378,888 $1,124,208
2,249,960
1,499,973
$4.76
.
$2.25
Before deduction for depletion.
1938
$30,350
Crl.624
Drl.985
•
—
.
$15,208
Dr2,660
$10,457
221,122
511,290
Consolidated Balance Sheet Dec. 31
Assets—•
Railway oper. loss—
Equipment rents (net)
Joint facility rents (net)
166,850
249,439
$763,952
1,499,973
share—$1.53
Net income-
Earnings
15.522
:
460,479
331,239
178
Dividends paid—— — „
$14,828
.
101,672
248,615
estimated—...
&c
Minority share of inc->-_
taxes,
y
$2,597
oper. expenses.
Net loss from ry. oper
259,934
■—i--—v..
Depreciation,
$158,595
173,422
$162,420
165,002
17,625
Interest-
1939—2 Mos.—1938
1939—Month—1938
$78,840
$78,206
-revenue.-'
revenue—'
1,378,016
Expenses during strike at
Georgia & Florida RR.—EarningsPeriod End. Feb. 2S—
Railway
Railway
Copper Co. (& Subs.)—Earnings—
Greene Cananea
■Earnings—
RR.
February—
Gross from railway
Net from railway
1,158,665
def33«380
paid during the year as no dividends were paid on Gulf Mobile &
As of Dec. 31, 1938, the accumulated contingent
RR. stock.
rental under the lease
amounted to $1,038,970. No provision is made in the
Mobile & Northern RR. for such contingent rental.
Proposed Unification—On Dec. 19, 1938, there was mailed to all stock¬
holders of record a letter advising of an outline of plan providing for uni¬
fication of the operation of the properties of Gulf Mobile & Northern RR.
and Mobile & Ohio RR. which had been approved by the board of directors.
Stockholders will have the opportunity to vote on the proposed uni¬
fication at a special meeting to be held at a later date and will be furnished
with definitive information as to the unification with notice of such meeting.
recounts of Gulf
Financial
1960
936.23
$6,897,177
$6,530,865
335,217
Avge. miles of road oper.
$5,935,368
Oper. revs.—Freight
Frght., increased rates
—...
321,794
Switching
.
Switch'g-incr'd
177
128
115,816
27,038
60,009
2,140
14,558
40,450
32.278
rates.
26,097
50,148
24,094
51,554
$6,497,571
$7,527,129
1,055,739
1,105,975
$7,292,909
723,050
1,035,405
466,852
444,038
2,079,752
1,914,784
$6,170,896
767,961
936,753
385,985
1,760,656
2,462
404,795
7,822
2,435
2,401
366,957
18,076
y259,907
Other transp. revenue
Incidental revenue...
Total oper, revenues. .
Maint. of way & struc.
65,594
------
870,750
958,592
469,915
1,851,339
2,730
418,082
-
Maint," of equipment—
Traffic expense..... Ti.
Transportation expense.
Miscellaneous operations
General expense
227
Transp' for invest.—C'r.
'
•
$1,926,388
580,200
$2,419,375
x542,916
operat'g rev. $1,346,188
Equip, rents—net—Dr.
276,?/
Joint fapility—net—Dr.
239,300
$1,876,458
$2,173,536
432,380
292,578
459,808
'
Total net
Net
Miscellaneous
568~$7
Int,
rents
4,0
1,61
unfunded debt..
on
Maint. of invest, organ J
Net income
$1,137,434
188,875
2,919
11,401
pref. stock
on
1938
$89,041
def3,482
% 1937
$123,234
12,117
1936
$100,941
6,599
def29,777
dei30,243
defl5,938
defl5,759
168,808
'defl2,438
182,048
def9,425
def63,051
From Jan. 1—
def62,509
222,455
12,826
def42,075
def38,679
.
.
Gross from railway
Net from railway.,.-
-
Net after rents....
—V. 148, p. 1324,
$404*710
$706,553
$345,118
>.
Corp.—Registers with SEC— "
first page of this department.—V. 147, p. 1928.
See list given on
Hazel-Atlas Glass Co. (&
Subs.)—Earnings—
Consolidated Income Account
•
Jan. 1, '38
Jan. 2, '37 Dec. 28, '35
$6,957,886
688,135
$6,812,071
$6,424,668
1.
703,118 V
721,687
$5,188,811
76,681
5,269,751
113,293
$6,108,953
110,816
$5,702,980
182,235
$5,265,492
$6,383,044
$6,219,769
$5,885,215
2,606,395
2,874,142
512,183
99,212
2,723,524
530,745
2,568,740
Manufacturing profit.
Other income
Total income.-..---.
Selling,
ad¬
and
general
ministrative
expense-
420,625
Otbercharges
Net profit from sale of
80,510
$2,157,962
$2,897,506
2,172,045
2,849,723
$14,083
....
.
sur$47,783
Dividends.
Deficit;
.
,
Dep.in lieu of mtge
1,968
1,968
477,676
51,125
property sold —
Misc. phys.
prop.
Inv. In affii. cos—
as a
1st mtge. 5% gold
16,666
2,484,680
1,077,542
Investments
Cash.
Special deposits—'
Loans & bill rec
45,258
of capital stock
outstanding (par $25).
Earnings per share.-.-.
434,409
434,409
434,409
434,409
$4.97
$6.67
$6.55
' $7.58
x The
net profit from sale of securities is represented by net profit on
basis of actual cost, $289,623, and reserve for securities restored to income,
$256,853.
*
After deducting cost of goods sold incl. materials purchased, mainten¬
and repairs labor, royalties paid taxes and other operating costs
amounting to $21,170,932.
' ;
•
\
ance
6,000,000
600,000
151,599
108,176
payable..
317,977
40,417
16,780
Comparative Consolidated Balance Sheet
700,000
payable
accts.
and
3% sec.serial notes
739,762
Traffic & car serv.
48,111
48.439
$470,804 sur$1121329
Shares
J,296.000
2*660,971
41,740
$3,293,374
2,172,045,
,
6,000,000
bonds....."
16,666
$2,848,081
3,318,885
y
Eqpt. trust of 1934 1,152,000
lla,b. by
Audit,
wages
511,539
16,648
Liabilities—
S
$
Assets—
Cash
Dec.
31, '38 Jan. 1, *38
Dec.
balances
from
Net bal. rec.
35,574
4,000,000
—
5 Yi%
mtge.
gold bonds
Acct. Co
Other
117,683
4,000,000
construction
1st
otherwise car¬
ried
of
aid
in
Grants
480,595
74,185
Inv.ln secur. issued
or
"•
$
$
Common stock...13,539,400 13,539,400
Preferred stock...11,415,600 11,415,600
$
•$
eqpt.35,428,832 35,425,706
Assets—
Inv. in rd.&
1937
1938
Liabilities—
99,577
xCr546,476
...
profit.
Net
470,000
117,419
securities
"
1937
\
Dec. 31, '38
profit.._y$5,928,817
Deprec. and depletion..
740,006
Years Ended—
Gross manuf'g
......
1938
197,922
6,122
v_
Haskelite Mfg.
965
285,390
... — _
— —
x, Railway tax accrual account credited with $71,428 (being after income
tax) covering amounts accrued during 1936 under the Railroad Retirement
Act, but not required to be paid,
y $39,273 credited general expenses
covering amount accrued in 1934 under the Railroad Retirement Act,
Comparative General Balance Sheet Dec. 31 .
Divs.
1939
$79,981
def4,529
Net after rents
528,564
•
1478.
Ship Island RR.—Earnings—
February—
Gross from railway
Net from railway
Federal taxes
$115,588
—v
.,468,659
188,950
2,929
.562,302
6,210
1,714
278,793
2,979
574,223
3,575
2,636
.
'J I
Interest on funded debt.,
$1,100,943
36,491
$1,207,324
186,950
Gulf &
279,257
,
been appointed successor trustee
first mortgage and refunding gold bonds,
series C, due Oct, 1. 1966 —V. 148, p.
$1,704,260
324,060
$1,412,604
56,054
55,824
*
'
$879,572
Gross income
Rent for leased roads...
301,124
$1,151,500
$830,410
49,162
operating income.
Total non-oper. income.
Trustee—
Central Hanover Bank & Trust Co. has
of the Gulf States Utilities Co.
$2,081,476
377,216
650.779
thereof.
300,000
In August, 1938 the common
24,245
$2,824,316
Net oper. revenues
Railway tax accruals...
April 1, 1939
stock account was increased from the
amount paid in thereon by $4,101,125 transferred from capital surplus
originating from a contribution by the parent company.
shares.
139
119,455
33,712
64,283
3,775
20,509
43,660
33,356
69,942
Express
$5,536,139
105,034
269,571
121,037
,
!
Mail
936.17
154,727
265,727
171
Passenger
Excess baggage
1935
1936
936.17
1937
1938
885.82
Chronicle
for shares outstanding and the aggregate minimum liquidating value
b Represented by 280,000 shares of no par value.
Authorized
Income Account for Years Ended Dec. 31
Accounts
hand and
on
1,060,835
deposit. 1,183,187
U.S.Govt.&c.,secs. 4,000,000
b Notes & accts, rec 2,268,688
Inventory
£ 4,857,246
Val. of life insur..
105,013
on
58,793
14,885
Misc. accts. pay..
126,308
178,475
Int. mat. unpaid..
Materials & suppl's
549,751
425
23,468
468,712
632,003
4,832
Dlvs. mat. unpaid
Int. & dlvs. receiv.
Unrnat. int. accr..
131*984
132,254
25,677
Other curr. liabil-.
183,650
Long-term
428,839
16,943
213,750
Llab. for prov. fds.
236
Other def, liabil—
319,442
338,312
101,196
24,368
272,950
Acer, deprec., road
16,230
345,905
15,581
a
807,207
Accr. dep. equip..
2,347,816
2,153,771
13,164
9,348
546,636
exps.,
3,500,000
Accrued
5,675,063
Deferred
96,485
$
'
$
.
.
payrolls.
&C_
2,516,977
31, '38 Jan. 1 '38
payable,
Reserves
1,114,427
512,183
61,000
538,996
;
559,708
agents & conduc.
Misc. accts. receiv.
Other curr. assets.
Deferred assets._.
Ins. paid in adv.
Disc, on cap. stock
Other
unadj.
11,080
,
213,750
798,452
debits
15,000
Tax liability.
materialfor
approp.
Profit & loss bal
Total.
Total....41,876,228 41,819,018
v
•
.
.
.v.
.
_
.
260,034
1936
$509,637
121,815
17,744
$592,096
202,509
89,408
$508,113
148,937
61,643
1,049,167
311,204
133,615
41,085
Net after rents.
2,275,000
2,275,000
\
165,852
_____
.10,860,225 10,860,225
7,949,887
7,896,463
195,478
par)
14
;
—
Surplus.....!.
11.381
22,130,656 22,885,1501
Total.....
After deducting reserve for
...22,130,656 22,885,150
.Total!
depletion and depreciation of $7,916,715 in
reserve of $135,000—V. 147, p. 3160
b After
1938 and $7,378,464 in 1937.
(George W.) Helme Co., Inc.—Earnings—
.1938
$1,591,960
63,393
Depreciation.
vProfit
1937 •
$1,594,852
,
77,401
$1,528,567
Calendar Years—
1937
120,812
223,206
Profit after expenses—.
1938
$464,929
-
9,662,126
Prepaid exps., &c.
,
1939
February—
Gross from railway—._
Net from railway
9,440,390
•;,
14
Patents
.41,876,228 41,819,018
Earnings for February and Year to Date
.
con¬
Capital stock ($25
Prop, plant and
a
for
claims
21,138
equipment-
285,894
333,487
»
506,547.
credits..
Res. for unadj. tax
166,783
31,774
tracts, &c_.
Misc. invests, &c.
.
293,813
Int. in phy. prop
taxes....
tingencies.
con¬
Sundry investm'ts
Other adj. credits J
Surp.
'
leased
dep.
Accr.
20,067
$1,773,008
$1,517,450
424,955
$1,716,661
455,759
$1,691,233
474,403
$1,942,406
392,376
Other income
1935
1936
$1,801,944
85,282
$2,172,420
298,408
$2,165,636
267,034
.
81,775
From Jan-. 1—
Gross from railway.....
Net from railway
989,048
268,009
1,060,175
261,030
1,148,734
373,035
Net after rents
107,535
51,738
151,376
—V.
148,
p.
1324.
Net
.
,
Gulf States Utilities Co.Period End■ Dec. 31—
Operating revenues
Operation
....
....
1938—12 Mos.—1937
1938—Month—1937
$779,091
$856,966 $10,667,899 $10,026,186
4,311,038
4,244,069
235,748
398,034
504,389
516,032
36,525
51,566
1,210,395
1,076,444
107,579
83,187
$399,239
1,184
Net oper. revenues...
Non-Oper. income (net).
Balance:
Interest and amort-
-
•
99,685
$213,793
$4,189,641
20,682
$4,210,323
1,201,148
$3,327,836
1,206,892
;
$4,642,077
Dr20,498
$4,621,579
1,293,743
$324,178
DrlO,700
$313,478
$400,422
119,043
Balance
$281,379
Appropriations for retirement reserve
earnings....t.._e$l,639,036 e$l,678,104 d$l,874',012 c$l,898,602
236,803
236,803
236,803
236,803
; '1,680,000
1,680,000
1,680,000
1,680,000
Pref:divs. (7%).......
b Common dividends...
$3,009,176
1,166,507
Balance, deficit—$277,767
Profit and loss surplus..
Shares of common stock
outstanding (par $25).
240,000
$5.84
.
Earns, per sh. on com...
$2,120,944
A.
Preferred dividend requirements:.:.
600,960
'
$1,519,984
dividends and surplus...
$1,842,669
604,438
$1,238,231
plant
equipment
Other
phys.
$
Liabilities—
56,241,023 37,728,820
prop.
437,005
464,048
Invest, in assoc. co
20,860
12,260
Other investments
217
215
852
310
3,007,093
1,128,152
30,537
17,053
Cash
deposits..
Accts. receiv. (net)
Mater, and suppl.
Prepayments.....
94,798
107,143
1,308,522
604,296
69,485
1,035,986
500,466
34,567
TJnamort. debt dis.
and
expense
Other def.
debits.
b
57,889
1,974,936
$
9,194,512
7,000,000
Long-term debt..30 ,586,000 20,944,000
Accounts payable.
500,881
294,810
Accts. pay. to asso¬
ciated company.
Customers'
credits
Retirement
234.561
175,297
496,215
32,150
36,357
taxes
Other curr. liabil..
Deferred
49,754
999.188
depos.
Interest and
__
reserve
1 579,635
reserve
63,765,518
for securities.
240,000
$6.92
240,000
$6.00
$6.82
<
<
1937
Assets—
a
580,882 V
Earned
Total
166,387
3,103,105
124,342
50,341
surplus.._
2 086,453
1,649,272
■:
&
4,000,000
Common stock
6,000,000
6,000,000
839,201
Accts. pay., &c_...
Cash
S
$
4,000,000
Dividends payable
Gdwill, trademks.,
Inventories...
1937
1938
Preferred stock...
Land, bldgs. and
Notes
,
Liabilities—
$
$
4,011,538
2,722,421
3,943,516
2,610,544
489,916
contlng's, &c
422,980
392,493
849,762
4,736,990
858,463
4,591,180
456,359
8,218,510
b C. W. Helme stk
721,375
Other assets..
41,562
839,201
Reserve tor insur.,
Surplus..
accounts
8,662,721
receivable
Marketable secur.
Deferred charges.
After
47,134
73,300
...16,848,932 16,681,337
Total.
a
721,375
62,728
_
Total
:.16,848,932 16,681,337
b Consists of 6,171 shares of preferred at cost.
depreciation,
—V. 147, P. 3611.
Honolulu Rapid Transit Co.,
Period End. Feb. 28—
Gross
rev.
from transp__
Operating expenses
7,565
43,011,5211
240,000
Balance Sheet Dec. 31
Net
Total....
4,872,670
17,856
6 521.783
Reserve for injury
& damage claims
1,892,940
1937
Common stock. 11 ,101.125
accrued
Notes and warrants
receivable
$
a9 ,999,400
Preferred stock
and
Binking fund cash.
Special
1938
1937
$
Assets—
Prop.,
$18,201
<
of $5 regular and $2 extra,
c Before deducting $2,044 net,
loss on sale of marketable securities charged to reserve for depreciation of
securities,
d Excluding $8,071 net profit on sale of marketable securities
credited to reserve for depreciation of securities,
e Excluding
$2,465
($11,165 in 1937) net profit on sales of marketable securities credited to
&c..T.
Balance Sheet Dec. 31
1938
$42,791
4,829,879
...
b Consists
equipment.
common
■■•••.
'
Balance
Balance for
$238,699
4,591,180
4,736,990
1938
•
264,302
.
Maintenance.
Taxes...
-Earnings-
$1,920,944
281,907
Total income....J
Federal & State taxes
63,765,518 43,011,521
Represented by $6 dividend preferred stock, no par value, cumulative,
authorized 75,000 shares, outstanding 69,994 shares, entitled to $110 per
share upon redemption or voluntary liquidation, and to $100 per share upon
involuntary liquidation; and $5.50 dividend preferred stock, no par value,
cumulative, authorized and outstanding 30,000 shares, entitled to $108
per share upon redemption or voluntary liquidation, and to $100 per share
upon involuntary liquidation; together with dividends accrued or in arrears
in all cases for both classes of stock.
Includes $538,128 capital surplus
representing the difference between the aggregate consideration received
rev.
from traps—
Rev. other than transp—
Ltd.—Earnings-
1939—Month—1938
$109,994
$101,469
74,311
70,168
1939—2 Mos.—1938
$222,360
$210,770
157,372
144,717
$35,683
1,371
$31,301
1,932
$64,987
2,379
$66,054
3,639
$37,054
11,133
1,458
18,790
$33,232
11,471
1,667
16,971
$67,367
22,328
2,917
36,685
$69,693
22,008
3,333
33,943
625
304
625
884
$5,047
$2,819
$4,811
$9,524
a
Net
rev.
from opers..
Taxes assign, to ry. oper.
Interest
—
Depreciation
Replacements
j,
_ _
,Net revenue—
—V. 148, p. 1808.
.
\
.
Volume
Financial
148
1961
Chronicle
Earnings—
Houdaille-Hershey Corp. (& Subs.)
1937
1936
1935
$2,287,631
333,807
Admin. & gen. expenses.
607,552
Other deductions
3,392
$4,369,313
322,277
712,743
3,289
$4,370,842
$4,390,312
254,907
766,324
73,752
231,242
554,170
60,796
$1,342,880
$3,331,002
$3,275,858
$3,544,104
42.634
29,964
25,711
46,695
$1,385,514
582,746
155,482
$3,360,962
520,507
x486,095
$3,301,569
$3,590,799
664,827
421,562
Calendar Years—
1938
Gross profit from oper.
Sell. & advertising exps_
_
Operating profit
Other income
Total profit
Depreciation..
Provision for taxes
471,955
467,003
Houdry Process Corp.
—Information
on
Request—
Deduct for minority int.
y59,055
236,922
160,570
48,214
$588,230
435,013
$2,117,442
$2,202,0i0
435,012
1,962,404
$2,456,196
1,196,258
in subsidiaries
'
Net profit
Dividends—Class A
435,012
1,177.542
Class B
"•
Steelman & Birkins
490,603
'
Broad St.,
60
$769,335
x Including surtax of $2,654 on undistributed profits,
y Includes divi¬
dends of $52,090 paid in minority interest in class A stock of subsidiary.
New York
$504,887 def$195,376
$153,217
Surplus.............
System Teletype N. Y. 1-211
Bell
Western Union & Postal Teletypes
Consolidated Balance Sheet Dec. 21
1937
1938
Cash
$
$
Assets-
Fixed assets
Pats. & goodwill.
.
1,707,713
1,984,853
150,359
Accruals275,978
Fed.tax reserves._
21,332
2,705,318
assets.
32,627
341,687
21,332
__
249,729
24,688
23,628
Min. Int. in subs..
35,774
287,565
_
_
c harges
511,373
MLscell. reserves..
Invest'ts & miscel.
Deferred
528,007
payable.
Accrued taxes..-.
1,579.085
i.
Inventories
511,162
_
Accounts
70,366
654,696
Marketable securs.
Accts. receivable.
Dr281,907
z
1,604,851
1,747,574
...
$
9,566,645
Capital stock— 9.566,653
Treasury stock. £>r281,906
x
1
_
$
Liabilities—
:
6,646,262
6,194,030
y
1937
1938
408,750
407,289
1,932,044
1,773,330
Surplus
...
The underwriters received $276,912,
The
Total...
12,609,059 12,891,385
Total.....
T._—12,609,059 12,891,385
Represented by 174,480 no par shares of class A Conv. pref. stock and
802,087 no par shares of class B stock,
y After depreciation of $6,133,113
in 1938 and $5,753,090 in 1937.
i Represented by 48. shares of class A
and 17,030 shares of class B stock.—V.. 147, p. 3309.
x
being
a
commission of 28 cents a
on an aggregate of 988,971 shares of the common stock underwritten
by them, and in addition 254,983 stock purchase warrants.
Each stock purchase warrant entitles the bearer thereof to purchase,
immediately after the issuance thereof and until June 2, 1940, one share of
common stock, upon payment of the purchase price and surrender of such
warrant at the principal office of Guaranty Trust Co. of New York.
The
purchase price of each share of common stock shall be as follows: If pur¬
chase be made on or before June 1, 1939, $6 per share; and if after June 1,
1939 and on or before June 1,1940, $7 per share.
share
corporation has entered into an agreement with the following under¬
ifantis & Co., Inc., Scott Mclntyre & Co., Dempsey Detmer
writers: F. S.
Co., Crowell, Weedon & Co., Enyart, Van Camp & Co., Inc., and Fred¬
eric Collin, Inc., under which the underwriters will publicly offer not
exceeding 351,714 shares of common stock (consisting of 96,731 of treasury
&
previously listed and issued and not exceeding 254,983 shares of
stock presently reserved fof issuance upon the exercise of stock
purchase warrants).
The underwriters have had deposited with them
stock purchase warrants covering an aggregate of 201,798 shares of com¬
mon stock, and, upon the sale of shares of common stock presently reserved
for issuance upon the exercise of stock purchase warrants, a like number of
stock purchase warrants will be canceled.
The underwriters and the cor¬
poration will endeavor to acquire the remaining 53,185 stock purchase
warrants, so that the shares reserved therefor may be included in and sold
in such p;ublic offering.
The underwriters have not made a firm commit¬
ment to purchase the shares of common stock to be included in such public
offering,, but are to sell such shares as are sold pursuant to the public offer¬
ing for the corporation on a commission basis.
The Reconstruction Finance Corporation has authorized the making of
shares
common
Houdry Process Corp .—Description—paper presented before group session on refining, at
following:
•
•
<
>'
available under the Houdry Process Corp. patents, and
development may be summarized as follows:
(1) Catalytic cracking of a crude or any distillate fraction or residuum
thereof, excepting straight-run gasoline, for the production of gasoline,
gas oils, furnace oils, with or without the production of tar or heavy liquid
products.
• :
(2) Catalytic viscosity breaking in liquid phase by which residues or
tars may be reduced in viscosity to meet fuel specifications, without sub¬
stantial production of gasoline.
*
(3) Catalytic treatment of gasoline from catalytic or thermal cracking.
Liquid-phase catalytic treatment of aviation gasolines from catalytic
Excerpts
from
19th annual meeting, afford the
The processes
'
cracking >
,
•
,■ \
(4) Catalytic desulfurization of gases from cracking or topping operations.
(5) Catalytic polymerization in liquid phase of butenes.
(6) Production of light-gravity gas oils for furnace-oil requirements or
diesel oils by catalytic cracking, charging heavier-gravity gas oils or
residuums.
The above operations were
are
developed by Socony-Vacuum Oil Co., Inc.,
conjunction with the Houdry Process Corp.,
and the Sun Oil Co. in
controlled by the Houdry Process
and
Houdyy Process Corp. is owned
Corp.
jointly by Socony-Vacuum Oil Co., Inc., the Sim Oil Co.,
Houdry and his associates.
I
There are in operation at the present time three units:
and Eugene
(1) A gas-oil
catalytic cracker of 2,000-barrel-per-day capacity at the Paulsboro refinery
of the Socony-Vacuum Oil Co., Inc.; (2) a 3,000-barrel-per-day unit in a
Socony European refinery; and (3) a 15,000-barrel unit charging residuum
at the Sun Oil Co.'s Marcus Hook refinery.
At present the Sun Oil Co.
has under construction two large units, and the Socony-Vacuum Oil CO.,
Inc:, an additional eight units.
Units under construction will represent
a $24,000,000 investment on the part of the Socony-Vacuum Oil Co., Inc.,
and $11,000,000 by the Sun Oil Co.
The smallest unit under construction
charges 10,000 barrels per day to the catalyst, and the largest 18,000
barrels per day.
Completion dates are scheduled for the mid-year of
1939.
Some of thees units are combination units, with crude capacities
as high as 28,000 barrels per day.
See also V, 148, p; 1808. " ■
Houston Electric Co.—
Operating revenues ....
Operation.;.
.—
.
41,428
30,260
30,890
Maintenance.
Retirement accruals.
.
.
Earnings—
1939—-Month-—1938
$243,582
- $225,548
115,751
117,667
Period End. Feb. 28—
.
Taxes
32,894
,
'
1939—12 Mos.—1938
$3,080,378
$2,896,155
1,430,843
1,485,978
400,946
455,049
318,445
339,159
338,092
356,662
.
a
loan to the
.
/
'
&c_--_._
Amort .of dt.diSc. & exp.
Other interest,
Net income—V. 148, p.
1325.
$3,352
$236,0&7
$184,386
$21,647
; 15,661
2.054
Texas—Correction—
dividend payment mentioned in last
week's "Chronicle,"
1808 has no connection with the preferred stock of this company,
the contrary refers to the preferred stock of the Houston Natural
page
on
24,292
7,581
'
Houston Oil Co. of
The 8734 cent
$407,830
191,570
580
$443,531
179,004
22,168
6,271
$23,336
14,496
2,306
482
$6,052
Net oper. revenues—
Corp.—V. 148, P. 1170; V. 147, p.
Hudson Motor Car
but
Gas
3310.
Co.—Operations—
of 66% in factory shipments for the three weeks ended March 18
corresponding period a year ago was reported by William R.
Tracy, Vice-President in charge of sales for the company.
An increase of
60% in Hudson registrations in 52 cities during the first two weeks in March
as against an industry increase of only 34% was cited by Mr. Tracy as an
indication of the swift spring upturn in Hudson sales over the country.
"We expect further increases," Mr. Tracy said, "following our recent
introduction of a new series of 1939 cars known as the "Pacemaker Six"
line.
Built on a 118-inch wheelbase and powered "with a 96 horsepower
motor, the new series fits into a price class between the Hudson 112 De
Luxe and the Hudson Six.
Thus the Pacemaker line completes for Hudson
a continuous pricfe range from the lowest through the moderate price fields."
The new Hudson Pacemaker Six, according to Mr. Tracy, is available in
four body types, a 3-passenger coupe at $793; a touring brougham at
$823; a 4-passenger Victoria coupe at $844 and a touring sedan at $854.
All prices are for Detroit delivery, including Federal taxes, not including
local taxes.
Prices for the new series are approximately $50 under the
A gain
over
the
prices of the Hudson
Six.—V. 147, p. 3913.
Hupp Motor Car Corp.—Listing—
Stock Exchange has approved that the authorization here¬
granted for the listing of 254,983 shares of common stock upon exer¬
cise of stock purchase warrants be changed so that the shares, or any part
thereof, be authorized to be added to the list upon official notice of issuance
pursuant to public offering upon sale for cash.
^
.
The corporation offered 988,971 shares of common stock to stockholders
of record on April 29, 1937, for subscription at the price of $3 per share.
Such offering was underwritten.
In connection with the underwriting the
corporation delivered to the underwriters stock purchase warrants covering
an aggregate of 254,983 shares of common stock.
...
In June, 1937 the corporation sold at $3 per share less underwriting com¬
missions such of the 988,971 shares of its common stock, i. e., 710,000 shares,
as were not subscribed for by its stockholders to the following group of
underwriters: F. S. Yantis & Co., Inc., Sadler & Co., Walter E. Schott,
Brown, Young & Co., Inc.. Brush, Slocumb & Co., Crowell, Weedon & Co.,
Dempsey-Detmer & Co., Enyard, Van Camp & Feil, Inc., C. B. Ewarfc &
Co., Inc., Scott Mclntyre & Co., Polk-Peterson Corp., Scherck, Richter
Co., Whitlock, Smith & Co., W. D. Hanna & Co., Mclnnis,- Van Dusen
&, Co.% Richardson, Lane & Co., Frederic Collin, Inc.
The New York
-Earnings—
Illinois Terminal RR. Co.
1938"
.3,104''''.
75,960
4,038
1939
February—
Gross from railway. _'
Net from railway. *
_
Net after rents_—
„
$421,424
102,773
47,595
-1937
1936
...
$523,228
204,975
137,8.23
$485,903
1,029,947
382,992
'248,781
970,572
351,682
.
178,355
129,884
From Jan. 1—•
I
Net from railway
Net after rents.
800,398
197,698
65,252
849,946
214,985
105,094
Gross from railway-..,.Interest on bonds.__—
and equipment of the corporation at De¬
troit, Mich., its domestic patents, patent applications, trade marks and
trade names, and its inventory of service parts.
The execution of such
mortgage has been authorized at a special meeting of stockholders held on
Jan. 27, 1939, and the proceeds of such loan has been delivered to the
corporation.
It is expected that such of the proceeds of such loan as may be used for
manufacturing operations, together with the corporation's present inven-r
tory, will enable the corporation to initiate production, and market the new
six-cylinder Skylark in limited quantity, even without the proceeds of the
contemplated stock sale.
■
.The net proceeds of the stock sale will be utilized to supplement the cor¬
poration's then working capital and will be invested in increased productive
material and for the payment of productive and non-productive labor,
existing current liabilities and operating expenses.
Based on the sale of the publicly offered stock at an average price of
$2.12)4 a,share and after payment of underwriting discounts ana other
expenses, the corporation would receive a sum estimated to be in excess of
$600,000.
In addition thereto, the corporation is endeavoring to sell, for
not less than $75,000 net, a large four-story concrete and steel building
located in Cleveland, Ohio, and owned by its wholly-owned subsidiary,
Clevehupp Holding Corp.
This building is vacant and is not used in the
operations of the corporation.
The corporation is also endeavoring to dis¬
pose of its wholly-owned subsidiary, Atlas Manufacturing Co. of Fostoria,
Ohio, for $175,000 net, after discharging a lien on the stock thereof amount¬
ing to $70,000 in principal amount.—V. 148, p. 1325.
,
,
•
27,578
27,678
the
corporation of $900,000, to be secured by a mortgage on
manufacturing plant, machinery
_
.255,552
—V. 148, p. 1809.
Indiana Harbor Belt RR.—'Earnings1936 " '
1938
1937
510,479,637
Railway oper. revenues. $9,065,487 $10,395,196 $
Expenses—705,255
772,537
576,309
Maint. of way & struc..
949,952
919,780
855,399
Maint. of equipment...
:
55,667
51,851
56,255
Traffic....
4,265,505
4,643,091
4,145,117
Transportation
90,764
117,736
107,885
Miscell.—stock yards..
258,820
301,360
284,025
General........
39
133
Trans, for inv..-—credits.
68
*1935
Calendar Years—
.
...
$8,522,014
'
'
533.431
823.093
46,130
3,638,098
92,982
239,675
265
„
$6,352,897
$6,024,923
Net rev. from ry. opers.
3,040,563
Percent, of exp. to revs.
(66.46)
Railway tax accruals...
813,693
$6,779,252
3,615,944
811,395
1.048,608
$5,373,144
3,148,870
(63.05)
£14,064
Railway oper. income $2,226,870
Equip, rents, net -Dr.:.499,309
$2,804,548
$3,078,132
676,486
320.515
$2,634,806
490,125
333,117
$2,081,130
$1,811,563
Total
expense
,
4,126,740
(65.22)
pet Dr.
408,955
776,227
318,778
Net ry. oper. income.
Non-0 per. Income—
$51,318,606
$1,709,543
,
Joint facil. rents,
'
(60.62)
839
839
846
898
22,745
17,933
18,261
14.172
4,612
11,943
1,439
4,692
7,128
4,260
3,539
108
45
5,970
848
848
1,552
1,658
1,933
1,768
924
385
1,115
1,805
$44,789
\51,363,396
$1,749,807
$26,363
$2,107,493
$21,693
$1,833,256
Rents for leased roads
38,326
37,877
Miscellaneous
28,134
25,770
8,562
401,271
41,014
29,327
6,599
405,521
53,338
27.787
5,381
397,021
62
74
313
41
9,608
3,030
10,001
3,039
10,399
3,032
10.795
3,092
$481,561
881,835
(10)760,000
$486,596
1,263,211
$496,205
1,611,288
$511,166
1,322,091
Income from lease of road
income
Miscell.
rent
Miscell.
non-oper.
phy¬
sical property
Dividends income
Income from fund, secur.
Income from unfund. sec.
and accounts
Miscellaneous
income..
tofore
Total non-oper. inc
Gross income
$40,264
Deductions—
Miscell.
Int.
Int.
on
on
Amort,
rents
accruals...
funded debt
unfunded debt..
tax
of
discount
on
funded debt
Miscell.
income
charges
Total deductions
Net income
Dividends
x
Figures restated
6,342
409,771
(?0) 1520,000 (21)1596000 (20)1520000
for purposes of comparison.
1962
Financial
Chronicle
April 1, 1939
Comparative Condensed Balance Sheet Dec. 31
1937
1938
A 8 sets—
1938
Liabilities—
$
$
Balance Sheet Dec. 31,1938
1937
$
.
Assets—Utility plant, $8,133,398; capital stock discount and expense,
$153,559; deferred charges, $384,261; cash. $166,240; cash on deposit for
$
Invest. In road and
Capital stock
7,600,000
7,600,000
bond interest, &c. $5,575; total, $8,843,034.
equipment- .22,769,870 22,835,597
Improves, onleas'd
93,093
railway proper..
102,429
Fd
9,250,000
9,335,000
158,068
158,068
Liabilities—7% cum. pref. stock (par $100), $2,089,800; common stock
(par $100), $3,500,000; 1st mtge. 5% gold bonds, series A, $2,706,000;
payable, $1,092; accrued interest, $25,372; accrued taxes, $181,237;
reserves, $204,467; surplus, $135,066; total, $8,843,034.—V. 148, p. 1479,
—
debt unmat'd.
Govt,
grant in aid
of
construction
accounts
Traffic & car-serv.
Misc. phys. prop#. 1,297,070
lnvs. In affil. cos..
248,358
1,298,086
249,432
balances payable
Other investments
18,766
3,059,558
Audited accts. and
Cash
Special
64,156
7,212
deposits..
Loans & bills rec—
928,497
622,717
601,014
660,851
Misc. accts. pay..
7,212
3,494,294
payable..
58,591
17,304
Int. matured unpd.
Unmat. int. accr'd
83,804
197,585
197,360
104
458
1,189
Traffic & car-serv.
Unmatured
Other def. liabs...
Tax
658,680
Other curr. llabs..
Misc. accts. ree'le
393,851
445,939
Material andsuppl
443,866
553.564
Ins. & casualty res.
Other
145,626
136,936
Acer,
2,158
234,154
247,784
curr.
assets.
Working fund advs
Other def. assets..
Rents <fc ins. prems.
206
774,348
125,202
183,200
74,122
83,944
1938
Liabilities—
$
a
in
Grants
2,795,283
aid
Ref. & impt. mtge.
581
4,044
106,756
65,836
424,011
232,243
75
1,910
securities..
prop!.
Special deposits...
558,233
Misp. acc'ts pay—
Funded debt mat'd
Total
—
.
14,387
balances rec....
CJnamt'd int. accr.
15,744
.
170,166
107,170
5,570,569
5,482,784
Misc. acc'ts
995
wages
payable.
_
29,886.2,50 29,597.588
rec...
148,265
155,198
58,298
79,166
Int. mat'd unpaid-
1,672
2,192
333
351
198
1,260
-1939
.
.
1937
"
•
$8,773,345
829,280
1,828,890
887,118
1,558,650
440,425
17,161,926
3,822,509
1,937,796
Net from railway
16,943,616
4,113,334
2,135,285
17,802,998
3,117,876
841,131
•
Net after rents
Nef'from railway...—
Net after rents.
...
unadjusted
1939
February—
1937
1938
$7,661,881
Total
396,355
14,654,542
3,436,004
1,870,389
15,403,976
2,492,355
642.939
13,645,565»
13,625,124
32,077
608,900
783,615
Total....
640,320
.-13,625,124 13,545,565
15,697,373
3,356,276
2,020,828
Indianapolis Water Co.—Earnings—
Earnings for
Net after rents
830.009
1,380,961
a Represented
by five "certificates of ownership" designated as capital
stock, which are held by the Pittsburgh Cincinnati Chicago & St. Louis
RR. and Cleveland Cincinnati Chicago & St. Lonis Ry., through owner¬
ship 60% and 40%, respectively—Y. 146, p. 2044.
From Jan. 1—
Gross from railway
Net from railway—
829,273
2,040,974
red.
Sinking fund res..
$7,901,366
1,657,230
1,013,050
1,308,622
debt
Profit and loss
1936
$6,871,590
1,514,323'
778,420
41.788
inc. & surplus..
3,811,405
2,084.903
15,029,587
3,337,576
1,840,355
—
149,011
thru inc. & surp.
17,756,229
20,890
.
41,973
Funded
1,111,120
$7,170,877
1,488,445
779.058
Gross from railway.....
20,057
162,369
Add. to prop, thru
214,(
227,683
1936
$8,971,504
1,947,720
Earnings of Company Only
Net from railway
Net after rents
fd. debt.
Acer. depr.—equip
From Jan. 1—
Gross from railway.....
319,112
liability.....
on
910
85,745
245,857
Oth. unadj. credits
debits.........
1938
$7,965,392
$8,206,576
1,724,866
— —
Tax
Prem.
paid in advance.
Illinois Central R R.—Earnin gs—
February—
2,340
75
85,745
Deferred liabilities
Rents & ins. 'prems.
Other
Gross from railway.
91,373
86,557
Other current liab.
Mat'l & supplies..
Other curr. assets.
62,435
surp.
Total...
.29,886.250 29,597,588
89,927
62,643
Audited acc'ts and
1
535
agents & cond's.'
1644.
148, p.
8,385
78,000
Deferred assets...
-V.
7,915
unpaid.
Net bal. rec. from
surplus.
Appropriated
1,030
bal. payable
406
Traffic & car-serv.
through inc. ahd
Profit & loss—bal.
4,531
Traffic & car-serv.
Cash
2,985,690
7,832,000
Non-negot. debs..
65,837
381
581
7,708,000
4,413
bonds, series B.
*
and
deprec'n
1,436,375
of
construction
,
$
1,436,375
9,874,154
9,872,759
1937
$
Capital stock
Inv. in affil. cos..'
Add'ns to property
Other unadj. debits
$
and
leased
on
Misc. phys.
6,412
...
156
173,592
'
road
Improv.
•
(equipment)
3,142,869
unadjusted
credits
542,722
funded
on
debt.*.....
In
ry. property..... 2,806,644
Sinking fund—cash
571,190
Other
"
paid in advance-
Dlsct.
Inv.
206,657
127,017
depre. (road)
Accrued
2,158
•
liability
'• 1937
1938
Assets—
equipment
224,837
265,004
Indianapolis Union Ry.— ■Comparative Bal. Sheet Dec. 31
^
148,232
1,189
227,591
619,961
agents and
conductors...—
1325.
rents
accrued
receiv'le
bals.
from
108,552
143,154
receiv.
balances
Net
wages
Gross
revenues
12 Months
Ended Feb.
*
1
l
Operation, maint. & retire,
deprec.
or
Federal and local taxes
28,
expenses
1939
-
$2,619,043
815,644
*
574,172
;
±
—
—V., 148, p. 1325.
Net income...
■
'.i
...
interest charges
Imperial Chemical Industries, Ltd.—Final Dividend—
Directors have declared dividend of 5%
1
..$1,229,227
483,945
125,151
_
.
Other deductions....
the ordinary shares and on
the American depository receipts for ordinary shares.
The dividend on
the Englitf shares will be paid on June 1 to holders of record April
20,
and the American shares will receive their dividend on June 8 to holders of
record April 20,—Y., 147, p. 2867.
on
Balance available for dividends
-V. 148, p. 1171.
$620,131
-
.
Industrial Securities Corp.—Accumulated Dividend—
Indian Motocycle
Co. (& Subs.)
Years End. Dec. 31—
Sales, less returns, allow¬
ances
1938
Earnings—
Directors have declared
1936
1937
.
$1,508,437
1.247,165
$2,055,810
1,607,504
$1,674,451
1,279,861
$1,377,514
1,136,461
$261,272
& discount.
Cost of sales....
a dividend of 10 cents per share on account of
accumulations on the 6% cumulative preferred stock, par $25, payable
April 1, to holders of record March 20.
Like amount was paid on Jan. 3,
last.
See also V. 147, p. 4057.
1935
$448,306
$394,591
$241,053
34,416
43,110
26,230
Inspiration Consolidated Copper Co.—Earnings—
Year End. Dec. 31—
Gross prof, from opers.
before depreciationGross profit of Indian
•
Consol. gross profit.,.
...
interest
$491,416i
254,015
68,131
$7,169
Operating profit
paid
'
17.066
,
$169,269 "
22,805
18,437
$420,821
212,467
77,592
-
„
$130,762
"21,532
$258,119
166,191
84,078
9,267
1.646
Crl1,054
17,532
12,234
Cr3,914
649
Miscellaneous charges..
Miscellaneous income
Federal taxes of subs
2,006
19,562
4,149
-17.897
Cr6 180
Cr3,983
4.093
Refund of Federal excise
taxes of
prior years...
r
'
A--
Drl 1.651
Cr20,169
prof$80,049
a
$15,923
367,236
686,411
68,234
438,499
Property account
Deferred charges._
Net after rents
64,976
394,264
66,975
.,
64,087
Statement of
196,336
13,091
27,569
100,000
15,000
391,990
726,406
Sales of manufacturing and sales subsidiaries
a Cost of goods sold
Pref. Stk. (par $10)
c Common stock.,
389,670
716,950
is
......$1,481,300 $1,640,390
After reserve for bad debts and dealers' reserve account of
$82,690 in
1938 and $74,393 in 1937. b After reserve for depreciation of $514,290 in
1938 and $531,944 in 1937. c Represented by 42,026 no par shares in 1938
and 41,562 no par shares in 1937.—Y.
147, p. 1639.
'
..
/
revenues
Operating revenues
Operating expenses
1939—Month—1938
$131,104
$124,016
127
$130,977
64,733
Net oper. revenues
Rent for lease of oper.
Corp.—Earnings—
'
121
$123,895
65,023
$263,170
129.349
$250,434
134,058
$66,244
$58,872
$133,821
$116,376
50
50
100
100
property
Operating taxes
20,016
income or losses of Spanish subsidiaries.
The
ended Dec. 31, 1938, are subject to finaFataflidit
,
18,597
40,074
37,245
$46,178
36,687
$40,225
27,674
$93,647
71,258
$79,031
53,377
1938
—V. 148, p. 1325.
Total gross earnings
Hydro-Electric Power Co.- -Earnings-
Calendar Years—
Rent of prop, leased
on
u
^
foreign exchange (net)
Net earnings
.
on
$18,050,383 $20,296,865
—
Charges Of Subsidiaries—
Interest
•
funded debt
■
-
:
Amortization of bond discount and expense
Other interest charges
Divs. declared
accrued
exps.
1936
1935
$380,000
75,956
$380,000
73,007
$380,000
72,381
$380,000
94,035
$304,043
affiliated company...
Oper.
1937
& taxes
Net oper. revenue
$306,993
$307,619
$285,965
$304,043
137,062
5,768
20,109
1,184
$306,993
139,404
4,211
20,467
1,300
$307,619
139,850
3,968
20,544
$286,002
142,242
$139,920
146,286
$141,610
146,286
$143,256
146,311
$123,290
73,168
Other income
37
Gross income
Interest on funded debt.
General interest
Amortiz. of disct. & exp.
Miscell. deductions
Net income
Preferred dividends
•
...
779
19,690
...
...
pref. stock of subs.
outstanding in hands of public.
Minority common stockholders' equity in net
income (net)
or
2,677,687
240,851
548,198
1,644,694
111,594
878,418
on
b Net income.
Interest Charges of Parent Company—
Interest on debenture bonds
Amortization of bond discount and expense
Net income
1938
to
$67,518,700 $63,453,870
22,775,150
23,451,386
5,002,067
4,822,003
9,607,799
7,736,046
8,521,822
8,161,503
* 3,561,479 pf 1,013,933
i
Provision for depreciation
Other interest-
Indiana
1937
$90,018,916 $82,297,317
66,264,849
61,119,479
Operating, selling and general expenses
—
Net operating incomeNet income
(& Subs.)
any
year
Maintenance and repairs
Taxes.
l.
Loss
1939—2 Mos.—1938
$263,425
$250,678
244
255
,
1,836,038
237,897
defl3,359
Gross profit on sales
$23,754,067 $21,177,838
Telephone and radiotelephone oper. revenues
34,234,274
32,718,237
Gable and radiotelegraph operating revenues
4,878,162
5,213,789
Dividends, interest, royalties, miscellaneous and
non-operating income (net)...
4,652,197
4,344,006
c
Period End. Feb. 28—
the
adjustments.)
a
Operating
for
,
.
2,090,611
310,825,
def32,349
Consolidated Income Account for Calendar Years
accounts
15,626
100,000
15,000
expenses^;-
.
.
$89,386
80,612
1,000
Res. for conting..
Uncollectible oper. rev..
defl76,682
.
Calendar Years—
Non-current liab—
Indiana Associated Telephone
2,007,797
249,682
def88,770
124,931
Net after rents.
148, p. 1325.
•
•
1,804,685
1936
$1,050,547
$889,145
166,183
100,456
defl5,047 \ def27,772
International Telephone & Telegraph Corp.
167,725
5,801
Res. for merch——
Total
$995,741
136,256
def22,826
1937
•'■'
able, other.....
Total......$1,481,300; $1,640,3901.
w_
1937
1938
.
.
Accts. & notes pay¬
Accrued
$842,387
22,777
def118,263
From Jan. 1—
Gross from railway—
Net from railway
(Does not include
payable, trade..
Inves'ts & receiv..
1
1939
,
1938
Bankloans
Inc.—Registers with
.t„;...
$69,627
$40,790
381,205
533,090
accts. &
drafts receivable
,
1935
$1,216,770
International Great Northern RR.—Earnings—,
-
'
Liabilities—
'.
.
February—
Accts. & accept'ces
Notes,
Inventories
t>
1937
1938
'
Gross from railway.....
Net from railway......
—V.
Consolidated Balance Sheet Dec. 31
Assets—
1936
pf$353,722
See list given on first page of this department.
$13,928
■
—
-
Net loss for year—$ll,776prof$118,606
Cash
1937
After all charges, but before depletion.—V. 146, p. 2538.
SEC—
$7,849
23,939
Pro v. for doubtful trade
accts. & notes
1938
$324,616pf$ 1,899,661
—
International Consolidated Mines,
$295,689
226.483
62,037
Sell. & adminis. expenses
J
Net loss
x
Acceptance Co
Depreciation
x
763,258
685,631
250,196
235,856
—$13,570,193 $16,740,672
5,562,935
*5,769,652
484,476
oil,237
484,192
223,635
$7,038,590 $10,236,148
a
Including provision for depreciation of $3,065,771 for 1938 and $2,"
809,995 for 1937.
b Before deducting interest charges of parent company,
International Telephone & Telegraph Corp.
c Other than depreciation
included in cost of goods sold.
Notes—An appropriation of $6,500,000 was made during 1936 from the
reserve for revaluation of assets, &c., to the reserve for
foreign exchange
to provide for losses in foreign exchange due to
extraordinary or unusual
events.
This reserve was charged with losses resulting from reduction in
the value of net current assets of French subsidiaries to Dec.
31, 1937,
following the official devaluation of the French franc subsequent to October,
1936.
In the quarter ended March 31, 1938, a further loss was
charged
to the reserve fn the amount of $725,151 arising from the
translation of
net current assets of such subsidiaries at $0.0279 per French
franc, the
United 8tates dollar equivalent of the lower limit of the rate for the franc
fixed by the French Government on May 5, 1938.
During the year ended
Dec. 31, 1938, there was a net exchange loss of $1,556,876 arising from the
Financial
Volume 143
$526,505 was charged to the reserve for foreign exchange to apply against
a
corresponding credit of the same amount to the reserve during 1937.
All other profits or losses on foreign exchange, representing net losses of
$3,561,479 for the year ended Dec. 31, 1938, as compared with net profits
of $1,013,933 for 1937, have been included in the respective income accounts.
These items arose mainly from the translation of net current assets of
foreign subsidiaries from foreign currencies into terms of United States
Oper. exps. (incl. maint.
& gen. & property tax)
war is not
yet ascertainable.—V. 148, p.
5,449
Fed. & State inc. taxes..
78,500
1,658
5,743
68,531
65,186
822,313
30,985
67,651
917,092
profit and loss...
$348,560
$388,573
$3,702,454
$4,375,056
per sh. common
after income tax
$0.63
$0.70
$6.60
Net
Earns,
Kendall Co. (&
Subs.)—EarningsYea,r End.
,
53
(& Subs.)-—Earnings—
1937
1936
1935
$1,994,025
$2,765,227
$2,225,137
$1,997,131
226,205
203,951
227,161
215,632
$2,969,179
263,152
697,199
261,062
$2,452,298
257,353
638,111
153,413
$2,212,763
150,000
220,000
165,000
248,228
540,136
111,128
160,000
$1,016,841
(6%).151,614
Common dividends
1.187,729
$1,527,765
151,614
1,187,729
$1,238,420
151,614
1,187,729
$1,153,269
151,614
1,187,729
$322,502 sur$ 188,423
593,865
593,865
$1.46
$2.32
$100,923
593,865
$1.83
$186,073
593,865
$1.69
'
'
1938
•'
Income from operation^Other income.
$2,220,231
.
291,538
Exps., int. & sundry tax.
Deprec. & depletion.480,763
Gross sales taxes, &c
281,088
Total income
Reserve for Fed. taxes..
Net income
Preferred divs.
......
Deficit
i__
—
Com.shs.outst'g(par$l)
Earnings per share
__
Consolidated Balance Sheet Dec. 31
>
-»
1938
■"
Assets—
x
$
%
'*
19,630
19,630
1,218.901
_
Deferred
25,269
593,865
surplus...11,124,721
1,560,701
738,895
161,464
Gain
on
capital
disposed oL__
assets
Bond interest
243,534
27,799
,
Other interest charges.Amort, of bond discount
amortiz.
Other
8,666
After depreciation
x
in 1937.
20,031,7431
Loss
assets
'
—
y75,154
undist. profits
on
Net profit
$451,275
1,392,196
$872,792
950,712
'
$1,526,935
193,647
$1,843,472
203,321
200,213
$1,162,957
11,169
$1,823,504
202,643
198,708
29,955
$1,428,769
$1,392,196
$950,712
•
dividends
173.953
Provision for partic. div.
37,903
409,867
6,708,750
and depletion of $11,708,594 in 1938 and $11,342,363
z Deposited with trustee to guarantee
1030.
Par Value $1 per share,
y
Jamaica Water
m
'
'
*
1938
1937
1936
1935
$11,670,159 $11,304,195 $10,589,903 $10,091,073
Operating
revenue
43,098
Mdse. & jobbing (net)..
Total
revenue
deductions..
Oper. rev.
$11,713,257 $11,388,103 $10,626,174 $10,150,016
6,408,979
6,740,115
7,292,431
7,567,546
Net operating income- $A, 145,711
Non-operating income..
28,034
Gross income
Int.
'
on
tax-free
38,632
142,534
2,484,874
256,567
6,093,659
69,577
230,296
7,508,657
69,577
25.107
Cr6,3l3
43,200
26,879
Cr4,614
$1,982,812
-495,644
416,718
431,722
$1,773,544
495,915
417,738
432,391
Cr5,954
•
7 % pref. stock dividends
496,186
418,758
43^,061
6% preferred stock divs.
5H % Pref. stock divs
543,811
116,008
75,154
463,755
457,823
Prov.for Fed. tax.
Prov.
247,238
58,701
67,367
4,827,067
5,255,642
disc, on
deb. bonds
Land, buildings,
f
Trademarks, trade
patents,
162,763
144,679
goodwill.-.
495,915
417,738
432,392
1,315,948
769,974
5,625,000
653,352
529,161
5,361,000
Sinking fund pay'ts
264,000
accept's.
and
:■ 1937
1938
$
f
1
&
■" *"
•
1938
1937
Liabilities—
$
$
•
7,100,000
78,095.352 77,098,547 7% preferred stock 7,100,000
7,030,300
1,485,963
910,995 6% preferred stock 7,030,300
pref. stock— 7,910,800
7,910,800
3,862
33,289
Accts. receivable.. 2,011,064
1,884,058 x Common stock. 10,537,700 10,537,700
Funded debt
Materials and sup¬
42,225,000 42,225,000
400,000
942,723^ 1,216,732 Bank loan
plies
Fixed capital
Cash
Notes receivable.-
3,422.000
3,333,100
y
1,751,745
Capital surplus...
369,310
Earned surplus— 1,333,287
1,751,745
360,396
1,428,769
15,546,728 17,267,488
Total
x After
depreciation of $8,537,143 in 1938 and $7,882,743
Represented by 400,451 no par shares.—V, 147, p.;,1197.
Kennecott
in 1937.
Copper Corp". (& Subs.)—Earnings—
»1938
$
.
products....
——
89.061.386
RR's, steamship & wharf
8.574,003
«1935
$
1936
1937
$
■
$
Sales of metals and metal
.
138.863,544 b98.442,l34
.
9,686,898
7.827,849
66,674,013
6,514,983
•
Consolidated Balance Sheet Dec. 31
iA 3 sets
253,000
partlc.
preferred stock.
Common stock-.
15,546,728 17,267,488
Total
y
taxes
15-yr. 4M% debs.
Bankers'
Cum.
equip¬
ment, &c__
and
28,142
possible
Adv. by customer.
249,818
expenses
mach'y,
for
additional
prepaid Int. and
Calendar Years—
Net inc. for the year.. $2,016,250
530,170
596,396
16,514
439
x
250.000
489,187
35,031
$1,620,214
43,000
250,000
broker
Account? payable.
Accrued
Interest,
439
insur.,
,
$
455,556
payable....
Notes, sold through
31,292
Unamort.
1937
$
19,913
Notes
Investments
Misc.
Unexpired
142,740
36,000
20,525
Cr4,762
142,534
In„. chgd. to construct'n
1,205,604
payrolls., &c
Dividends payable
$3,779,669
1,951,250
42,000
27,665
Liabilities—
$
-
2,561,916
receivable
Value of life lnsur.
&
_
$
1,253,015
Accounts and notes
cove-
nant bonds
Other interest
$3,741,037
$3,919,091
1.951,250
$4,138,390
1,961,250
expense
Taxes
$3,886,059
33,032
Assets—
Cash
names,
142,534
funded debt
on
$4,095,672
42,718
$4,173.745
1,951,250
Amort, of debt disc't
68,943
36,270
83,908
3,444
1938
1937
Common stock...
'
208,802
Consolidated Balance Sheet Dec. 31
Preferred shares
Jersey Central Power & Light Co. (& Subs.)—-Earnings
Calendar Years—
~ m m m
'
"
"
$1,333,287
surplus
Inventories
Supply Co.—Registers with SEC—
first page of this department.-—Y. 147, p. 3018.
See list given on
$285,585
877,372
$98,166
1,428,769
for year—.
230,565
payment of workmen's compensation claims.—V. 148, p.
82,947
147,168
------
Pref. divs. series A
Earned
107,423
292,696
24,906
'
subs. pref. stk.
on
Surtax
6,016
1,891
36,072
xl42,673
:
Loss from storm damage
Provision for taxes
Divs.
——-
2,282
33,495
of
disposition
on
fixed
233,082
23,349
25,915
21,917
18,084
charges.
Charges against red. of
debentures
—-
21,254,682 20,031,743
Total-
•
$764,317
$1,615,551
228,150
21,640
25,915
$881,617
251,220
42,372
4,290
' $574,996
1938
Total-...-....21,254.682
14,177
10,420
:
Total income..
Common
6,386,248
41,061
"
514,989
Reserves
Profit & loss surp-
10,639
9,708
,
—
37,904
Dividends payable
13,385
on
169,276
Federal taxes
147,271
charges.
726,847
„
$712,617
$868,232
14,240-
long cotton fu¬
ture transactions
Gain
Total surplus
617,368
312,374
Accts. pay., &c
$1,591,665
734,775
$550,335
Operating profit
Interest received
Previous surplus
42,806
964,862
Notes payable
$1,367,590
654,973
$1,603,006
'
11,124,721
465,000
4,000,000 Acer. tax. pay.,&c.
1,873,178
1,806,723
Inventories-..
25,269
593,865
Land pur. oblig
32,422
437,270
U. S. Treas. bonds 3,000,000
Investments
rec.
stock,
Common stock..
Fund, debt of sub
Other
Accts. & notes
Preferred
Paid-in
zll3,617
bonds
Equity In mutual
ins. organization
Cash
$
$
Liabilities—
y
y
Property accts..13,810,380 12,346,343
Cash and U. 6. sav-
Ings
1937
1938
1937
Dec. 28, *35
$2,267,640
675,975
before
Profit
Years
Consolidated. Income Account for Calendar
-Year Ended-
Weeks
Dec. 31, '37 Dec. 26, '36
Dec. 31,'38
depreciation, interest & taxes. $1,297,466
Depreciation
747,131
Period Ended—
Island Creek Coal Co.
$7.88
for the surtax
undistributed profits under the Revenue Act of 1936.
if any imposed on
—V. 148, p. 1811.
reinstated to dealings
.
n
Note—No deduction' is made in the foregoing statement
Inc.—Reinstated to Dealings—
.
1,330
investments
^dividend of 25 cents on account of accumulations
on the $1.75 preferred stock, series 1931, payable April 10 to holders of
record April 6.
A dividend of 50 cents was paid on Feb. 1 last, and a
dividend of 43M cents was paid on July 15, 1933.—V: 148, p. 1172.
The company's no par value capital stock Jias been
the New York Curb Exchange.—V. 147, p. 1931»
19,023*
117,951
8,540
194,539
Miscell. inc. deductions.
result of the civil
1172.
on
8,603,595
$9,133,800
1,383,056
102,263
2,257,698
Amortiz. of limited-term
a
Interstate Hosiery Mills,
8,161,256
$8,407,258
1,387,579
102,479
2,038,223
Depreciation
Corp.—Accumulated Dividend—
International Utilities
Directors declared
654,722
$780,599
117,528
8,540
190,026
Amort, of disct. & prems
The extent of damage to
been sustained or
subsidiaries.
books of the corporation and its
645,125
$754,868
Net earnings
Interest charges
No adjustments have been made with respect to the amounts at which
the investments in and advances to Spanish subsidiaries are carried on the
1939—12 Mos.—1938 ^
$16,568,514 $17,737,395
1939—Month—1938
$1,399,993
$1,435,321
Period End. Feb. 28—
Gross earns.(All sources)
dollars.
fixed property or of losses of current assets which have
which may be sustained by the Spanish subsidiaries as a
Power & Light Co.—Earnings—
Kansas City
Of this amount
translation of net current assets of German subsidiaries.
1963
Chronicle
Total oper. revenue..
73.188.996
97,635,390 148,550,442 106,269,983
Cost of metal products,
incl. mining, treatm't
46.278,355
and deliyery....
59.105,421
RR., steamship & wharf
75,122.128
61,559,557
7,010,528
7,308.706
5,988,886
31,519.441
66J19.607
38,721,540
1,055.323
1,387,890
652,584
520,030
32,574,764
4,667,034
4.376.279
67.507,497
9,859,621
6,473,883
39,374,124
6,570.584
4,978,976
22.533,473
4,151,877
4,161,389
475,844
434,075
250.000
667,524
510,843
750,000
840,873
173.025
329,080
59.059
48,775
'
4,897,197
.
_
...
63,786
Prepayments
64,639
Miscellaneous cur¬
9.536
14,975
rent assets
2,828,446
...
—
124,607
124,607
Capital surplus.._
Earned surplus---
-
.--85,583,633
Represented by
p.2689.
x
84,313,586
291,2l8
338.471
701,204
74,714
666" 988
4,943,787
96,948
4,556,873
118,983
769,338
2,661.207
Reserves
Misc. unadj. cred.
Total
334,617
357,260
280,518
556,285
.
Misc. curr. liabs—
Reacquired capital
stock
Advs. by banks
Accounts payableConsumers' depos.
4,071 Dividends declared
2,967,110 Accrued liabilities.
12,753
Mlscell. assets
Deferred debits
769,338
42,325
1,758,179
.85,583,533 84,313,586
Total
on
1,053,770 shares common stock (no par).—V. 147,
March 27
Other
receipts—
Divs., int. and miscell.
571,261
d Taxes.
Depreciation
Gen. admin. & corporate
exps., not
Lee, appointed
his duties with
the company on March 27.—V. 148, p. 1480.
of subsidiaries
before
Dividends
February—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 148, p.
1939
203.127
106.749
69,512
Balance
Earned
Shares
surplus
of
capital
,—Earnings—
a
1937
138
93,805
60,689
1936
149,812
65,443
35,340
181,638
95,520
67,783
340,183
169,116
106,719
384,679
203,540
147.298
1326.
Kellogg Switchboard & Supply
Co.—Smaller Dividend
share on the common
value, payable April 29 to holders of record April 10.
This
compares with five cents paid on Jan. 31, last; and dividends of 15 cents
paid in each quarter of 1938.
See also V. 147, p. 4058.
Directors have declared a dividend of 10 cents per
stock,
no par
49.822,394
37,875,288
25,490,765
18,356.780
13,164,571
7,001,534
11.947,106
90,150.586
7.133,984
78,311,320
6,163,037
71,177,336
10,821,653
$2.10
10,821.652
$4.60
10.821,686
10.773,485
$2.36
$1.22
Cable Co. (formerly American
1,1935, the date as of which Kennecott Copper
Includes the income of Kennecott Wire &
Electrical Works) from Oct.
Corp. acquired its stock,
b Includes income from properties in Utah for
Kennecott stock is
entire year.
The amount of net income applicable to
stated after deduction of the amount of dividends which were
paid to the
Co. during year up to the time that
company was liquidated and Its assets acquired by Kennecott.
d The
deduction for taxes includes a charge for Federal undistributed profits tax
of $1,400 in 1937 and $1,313 in 1936, which is the estimated amount of such
tax as to certain minor subsidiary companies.
For Kennecott Copper Corp.
and all its major subsidiaries no such tax is believed to be due.
Note—The foregoing statement for 1938 is presented after elimination
of substantially all inter-company sales.
It has Deen impracticable to make
elimination of certain intercompany transactions such as charged in respect
of services of transportation companies, for sales pf products by the fabricat¬
ing divisions to other companies, &c., but these are relatively minor in
minority stockholders of Utah Copper
378,344
196,230
129,890
186,857
22,689,660
18,937,809
stock
outstanding (no par).
185,141
490~,922
3,751.851
83,716,931
depletion
paid...
Earned per share
Kansas Oklahoma & Gulf
>
365,948
Sundry charges.-1
Minority int. in income
appointed H. Edward Manville, Chairman of
the Board to succeed "William R. Seigle, who died on Dec. 26. Mr. Manville
is the son of C. B. Manville, founder of the Manville Covering Co. of
Milwaukee more than half a century ago.
Lewis H. Brown continues as President.
Robert W.
Vice-President in Charge of Finance in January, assumed
incl. in oper¬
ating costs
Reserve for contingencies
Shut-down expense
Net income applicable
to Kennecott stock
Johns-Manville Corp.—New Chairman—
Directors
22,013,443
Chronicle
Financial
1964
Earnings for February and Year
intercompany profits included
of products on hand.
Thsre is no substantia' amount of
amount.
in net income or in inventories
.
30,625,513
Ore & concentr's
2,436,450
Mat'ls & suppl's
8,031,734
Metals
555,240
Del. accts. rec *.
$
7,266,223
2,089,332
4,396,516
1,093,506
chgs.,
2,619,636
2,242,754
6,038,670
223,494
11,318,246
73,172
1,658,504
for
Fro v.
1,702,465
3,985,610
4,113,792
Stripping & min¬
ing devel—■„
30,435,263
Prepd. insurance
398,585
29,451,636
439,381
Misc. def. accts.
768,704
Stated
Oper.
capital 53,199,636
1935
1936
$1,753,534
1,260,928
$1,821,453
1,274,970
$1,694,951
1,108,003
$559,304
24,249
and taxes
exps.
1937
1938
$1,806,549
1,247,245
Gross earnings
53,199,636
Capital surplus. 190,914,923 190,914,877
c
7,958,459
1,737,104
973,082
Lexington Utilities Co. (& Subs.)— -EarningsCalendar Years—
reserve
Invest, secure.
after rents
—V. 148, p. 1812.
taxes
accrued
Def. accts. pay.
460,345
purposes
386,841
908,338
From Jan. 1—
refg.
not due
1936
$4,093,969
857,500
486,689
7,996,399
1,837,152
785,264
286,941
4,895,519
& deliv.
1937
6,696,496
1,299,270
Net
$
Accts. payable..
Treatment
Insur. and other
For'n currency for
constr.
457,888
Gross from railway
Net from railway
Net after rents
Liabilities—
35,633,479
14,180,218
8,491,049
30,709.259
2,002,698
9,009.927
583,443
33,456.416
Market, secure. 14,546,267
Accts. receivable
6,726,085
Cash
Date
$3,866,791
1938
$3,031,262
487,476
10,795
Gross from railway
Net from railway
1937
1938
1937
1938
-
.
1939
$3,412,153
921,615
February—
Consolidated Balance Sheet Dec. 31
a
April 1, 1939
to
$492,605
45,017
$546,483
44,644
$586,948
40,430
$583,553
232,802
1,784
'
29,428
$537,623
221,487
7,368
29,517
$591,126
224,285
7,537
29,532
$627,378
2,} 1,4 50
4,673
29,531
1,074
5,302
7,413
3,089
$321,286
326,504
$353,331
1,108,679
b Mining
prop.,
fore
depletion 83,716,931
Other income...
90,150,586
Net earnings.
Int. on long-term debt..
...
-
RR.equity,&c 210,342,097
218,773,693
General interest
342,768,309 354,497,25.5
Total
Net earns, from oper.
Earned surp. be¬
Amort, of bd.disc.&exp.
Prem. on Lexington Ry.
342,768,309 354,497,255
Total..
Partly owned and allied and affiliated companies,
b Less depreciation
of $98,227,013 in 1938 and $99,473,594 in 1937.
c Represented by 10.821,653 no par shares in 1938 an^ 10,821,652 in i937.—V. 148, p. 1173.
a
Co. bonds repurchased
through sinking fund.
of
pref. stock
commission & expense
——__
r
1938—12 Mos.—1937
-
$151,107
53,967
8,339
20,247
$179,580
55,152
13,996
25,013
$6,579
Dr5 87
$5,367
$85,418
Dr6,252
$68,554
Drl32
$5,992
1,878
$5,235
1,853
$79,167
23,456
$67,637
24,839
$4,114
Net oper. revenues...
Non-oper. income (net).
11,244
$298,954
160,155
$260,592
266,777
Consolidated Balance Sheet Dec. 31* 1938
Assets—Utility plant, &c., $6,076,964; investments, $96,365; cash, $807,95C; special depos'ts, $2,025; accounts receivable (net), $l9t*,666; Materials
$3,382
$55,711
19,527
$42,798
20,000
$36,184
24,374
$22,798
24,374
$11,810
def$l,576
preferred stock commissions and expense, $122,936; total, $7,896,948.
Liabilities—Common stock (par $1), $102,575; $6.50 cum. pref stock,
(par $25), $615,150;long-term debt, $4,510,909; accounts payable, $67,158;
customers' deposits, $10,538; accrued taxes, $237,837; accrued interest,
$91,174; other current liabilities,
$10,849; deferred liabilities, $2,143;
reserves, $1,526,215; contributions in aid of construction, $57,706; earned
surplus, $664,693; total, $7,896,948.—V. 147, p. 3461.
Dr917
Lone Star Cement Corp.
:
Balance..!
—
—
Interest and amortizat'n
Balance.
Appropriations for retirement reserve—
Preferred dividend requirements
common
dividends and surplus—
'
-
Liabilities—
1937
vestments
Cash..
...
LOng-term
Accounts rec. (net)
63,105
60,582
Note
Materials & suppl.
23,622
23,380
339
1,037
count and exp..
16,257
$348,200
125,000
debt..
500,000
427,000
5,322
13", 197
payable...,
payable. En-'
436,000
"5,695
Accts.
Prepayments
Unamort. debt dis¬
1937
,
$348,200'
b Common stock..
$856,094 $1,394,222
38,470
77,026
—
....
7% pref. stock.,
a
Plant and other in¬
1938
11,293
gineers Pu. Ser¬
vice Co....
17,493 Customers'
.
9,000
depos.
Int. and ta*. accr.
Other
curr.
Deferred
26,206
22,320
996
Earned
c
$7,057,198
153,508
$5,184,941
155,047
*
Total income.$6,950,705
Deprec. and depletion._
2,569,221
$8,084,353
2,735,740
3,698
xl ,265,090
$7,210,706
2,819,219
380,689
xl,118,081
$5,339,988
2,748,103
977,794
565,648
$4,079,825
$2,892,717
3,616,159
1,947,456
$463,666
$945,261
Interest
and amortiz
1,256,104
Net profit
Common
dividends....
Subsidiary
dividends
surplus,
Balance surplus
No. com. shs. (no par)..
16
$239,863"
961,395
956,535
$4.17
$2.99
1936) provision for estimated surtax
$3.19
Includes
$5,000 ($95,000 in
undistributed profits.
«
x
51,535,1841
..$1,036,444
.
.
Consolidated Balance Sheet Dec. 31
'
>■
Assets—
1937
$
accrued
1,380,900
1,330,965
Par value $100 per
exps...
898,045
1,016,880
Prov. for taxes...
837,210
796,539
406,093
343,937
5,174,251
5,158,806
Insurance
Inv. InsecurlttieS.
1,973,720
2,104,579
Res. for conting. &
b Plant sites,
erailands,
min-
rights,'
c
paid
disc't,
exps.,
&c..
,
,
386,048
33,333,575
ad),
acct.
Surplus of sub,
273,327
228,259
addition
the
to
V..147,
31.
P.
an
extra
dividend
of
cent
one
per
share
,
aside
in
accord,
307,941
287,461
10,742,116
d Treasury
in
of four cents per share on
stock, par $1, both payable May 1 to holders of record
An extra dividend of„two cents was paid on Dec. 1 last.-*-
law
stock._Dr524,16) Dr557,157
the regular semi-annual dividend
common
March
declared
have
co.
Earned surplus___10,253.678
with Argen.
Directors
2535.
I";-"'.'".'
•
Laclede Gas
Total.
a
5% gold bonds, of this company in the hands of the public have agreed
the plan to extend the bonds until 1942, E. L. White, Secretary and
Treasurer, announced on March 29.* He added that it was hoped the
directors could declare the plan operative very soon.
The Laclede Gas Light Co. is a subsidiary of the Utilities Power and
Light Corp.
The bonds became due April If 1934 and were then extended
until April 1, 1939.
The company is seeking a further extension, until
April 1, 1942.
The extension plan, according to Mr. White, has received
the approval pf practically all of the large institutional holders as well as
the larger banks and trust companies in St. Louis and elsewhere.—V. 148,
p. 1173.' ;
■■
/.'• -••• V" ..
;
'
,
& Ishpeming RR.
February—
Net after rents
.
...
.
:
From Jan. 1—
Gross from rail way..
'
$23,672
def39,251
def57,926
•
$34,200
def48,380
def69,061
•
1937
$41,656
def34,964
def52,783
def97.718
defl39,542
—V. 148, p. 1327.
68,340
:
February—
railway
1939
Gross from
From Jp<n.
1936
$33,564
def44,120
def60,456
-
"
87,005
def65,606
defl02,6l7
73,556
def84,722
defl 17,348
.
*
$121,048
39,404
15,147
1938
$105,147
5,740"
def18,780
1937
1936
$116,266
32,785
10,456
$133,915
40,946
15,543
247,331
72,554
25,167
256,137
1—
Gross from railwayNet from railway
Net after rents
259,001
88,027
36,495
211,963
34,725
def15,044
73,284
25,090
—V. 148, p. 1327.
February—
1939
Gross fr6m railway
-
-
.'..46,002.752 46,420,409
—V. 148, p. 1328.
Lone Star Gas
:
[(
;
Corp.-r-(jhange
in Collateral—-
The Union Trust Co. of Pittsburgh, as trustee under agreement of
pledge securing 15-year 334% sinking, fund debentures, has notified the
New York Stock Exchange that it has received the following securities:
12,000 shares of Council Bluffs Gas Co.
'•
"
21,000 shares of Lone Star Gasoline Co.
'
r
•
>
40,000 shares of Texas Cities Gas Co.
50,000 shares of Community Natural Gas Co,
6,530 shares of The Dallas Gas ,Co.
v
'<
.
to replace
the following securities which have been returned to the
,
$1,200,000 Stock note, dated Aug. 22, 1938; of Council Bluffs Gas Co.
10,000 shares of no par stock of Lone Star Gasoline Co.
$2,000,000 6% income note, dated Jan. 1, 1938, of Lone Star Gasoline Co.
200,000 shares of no par stock of Texas Cities Gas Co.
3,000,000 Stock note, dated Aug. 22, 1938, of Texas Cities Gas Co.
$269,316
70,654
57,940
1938
$221,018
17,555
17,771
The trustee has also reported the following changes:
The note of Community Natural Gas Co. dated June
1, 1934, reduced
$9,000,000, heretofore deposited under the agreement of pledge, has been
the amount of $5,000,000, and the note of the Dallas Gas
Co. dated Aug. 22, 1938, in the amount of $3,653,650, has been credited
with the amount of $653,000.
The trustee has received from the corporation, for deposit, $2,100,000
434% income notes of Lone Star Gasoline Co., dated Sept. 1, 1938, replac¬
ing note for the same amount dated Jan. 1, 1938.
The trustee has also received executed duplicates of the agreements
between the corporation and the makers of the following demand notes
whose terms have been changed,
effective Sept. 1, 1938, as per the
to
credited with
agreements:
,
Interest Rate
Changed to
Council Bluffs Gas Co., for $1,595,000, dated June 1, 1934..4)4%
Texas Cities Gas Co., for $3,675,000, dated June 1, 1934..
434%
Lehigh & New England RR, ,—Earnings—
Net from railway
Net after rents
-
corporation:
Lehigh & Hudson River Ry.—EarningsNet from railway
Net after rents
Total.
for doubtful accounts of $287,854 in J938 and $363,558 in
for depreciation and depletion of $37,753,096
in
reserve
,,-
47,234
def80,683
defl36,892
Net from railway_
Net after rents
.
■Earnings—
1938
1939
Gross from railway.
Net from railway
....46,002,752 46,420,409
reserve
b After
1938 and $35,891,962 in 1937.
c Represented by 977,795 no par shares,
d Represented by 15,429 shares at cost in 1938 and 16,400 shares in 1937.
extension^mortgage,.
to
Lake Superior
....
After
1937:
Light Co.—To Extend Bonds—.
Holders of approximately 69% of the refunding and
1937
$247,088
12,277
5,827
1936
$388,374
128,941
105.489
From Jan. 1—
income
Guthrie Gas Service Co., for $25,000, dated Jan. 2, 1934..
Guthrie Gas Service Co., for $15,000, dated Dec. 31,1934..
income
income
Gross from railway
Net from railway
Net after rents
148,
p.
553,035
147,908
126,858
475,709
543,160
698,656
52,094
51,923
55,132
38,440
196,256
160,186
1646.
Lehigh Valley RR.-—Equipment Trust Issue—
The $3,764,000 equipment trust certificates, series V, purchased from the
Reconstruction Finance Corporation by Salomon Bros & Hutzler, bear 4%
ioterestand mature (F. & A.) $248,000 Aug. 1, 1939. to Feb.
$247,000 Aug.
l
1943 to .Aug. 1, 1944, $238,000 Feb.
'9P^»
1, 1943.
1, 1945. $135,000
1' 1946« $67,000 Aug. li 1946. to Feb. 1, 1949,
i^eb. l:
$76,000 Aug. 1,1949, $20,000 Feb. 1 and Aug. 1,1950, and $15,000
1951.
The issue has been placed privately. - -p
-
434%
434%
Community Natural Gas Co., for $9,350,000, dated June 1,
1934.
—
Community Natural Gas Co., for $1,071,010.86, dated
Aug. 1, 1935
Community Natural Gas Co., for $2,225,000, dated Nov.
30,1935
Lone Star Gas Co., for $15,700,000, dated Sept. 1,1934
Lone Star Gas Co., for $1,345*000, dated Sept. 1, 1935
Lone Star Gas Co., for $6,770,000, dated Nov. 30, 1935
The Dallas Gas Co., for $300,000, dated Nov. 30, 1935
/
County Gas Co., for $200,000, dated Nov. 30,1935
—V. 148, p. 1032.
-
—V.
71,010
71,010
in Argentina set
.
Kirkland Lake Gold Mining Co., Ltd,—Extra Dividend
.
„.
Common stock..33,333,601
liabilities.
Consol.
pie-*
y
419i343
def'd
equipment.....31,845,128 32,958,618
Bond
reserves
(
bldgs., mach'y &
$
$
Accts. payaole and
Accounts & notes
receivable
1937
1938
Liabilities—
$
4,639,183
5,355,425
Cash.
30,143
share, cumulative, authorized and outstanding 3,482
shares, entitled to $110 per share upon redemption, and $100 per share in
liquidation, together with accumulated dividends in each case.
b Represented by 5,000 shares of no par value,
c Cumulative preferred dividends unpaid or not declared including those, normally payable on
Dec. 1, 1938: $39.25 per share, $136,668.50.—V. 148, p. 884.
a
on
'■
;
'
a
,.$1,036,444 $1,535,184
Total..:
$422,149
626,278
$1.64
962,366 "
Earnings per share.....
Inventories
Total.
$1,048,443
626,278
— ...
1938
110;171
since Feb. 23, '38
$3,125,379
2,885,516
'
91*882
Surplus
1935
»
$7,913,574
; 170,779
5,621
54,386
1936
$6,783,630
167,075
Operating profit
V- "996
liabil.
credits..
Retirement reserve
1937
$21,251,648 $18,516,087 $14,085,302
13,338,075 -11,458,890
8,900,361
(net)
$20,458,971
Mfg. cost, sell., &c., exp. 13,675,342
Federal taxes, Sec—
Balance Sheet Dec. 31
.
1938
Assets—
(& Subs.)—Earnings—
1938
Calendar Years—
Sales
Other income
Balance
Balance for
$143,669; deferred charres, $383,386;
and supplies, $63,986; prepayments,
1938—Month- -1937
$13,461
$16,353
4,855
5,133
628
1,253
2,610
3,388
Taxes
13,171
Preferred dividends....
Key West Electric Co.;—Earnings-
Operation
7,413
Net income.....^...
Frankenmuth (Mich.) Brewing Co. was
announced March 29 by James B, Brown, President of the People's Bank,
holder of bonds of Kentucky Brewing.
Mr. Brown said the property was
valued at $350,000.
The Kentucky Brewing Co. was organized soon after
beer was legalized in 1933, but went into bankruptcy in 1935.
The plant
was closed twb months ago.—^V. 137, p. 4197.
7,413
Misc. income deduc'ns..
Kentucky Brewing Co.—Sold—
Maintenance.
•
Amort,
The sale of the company to the
Period End- Dec. 31
Operating revenues—_
i
Los
434%
434%
434%
434%
434%
434%
434%
434%
Angeles Ry. Corp.—President Resigns—
Resignation of Lucius S. Storrs as President of the corporation and
appointment of Phillip B. Harris as his successor were announced on
March 28 by the traction company's board of directors.—Y. 148, p. 1328.
Volume
Financial
148
Long Island RR.Net
From Jan.
148,
p.
1936
$1,534,720
116,294
def204,678
$1,779,065
128,494
defl76,331
$1,947,644
342,194
60,353
3,464,035
417,939
def304,626
Net after rents
—Y.
1937
3,279,247
348,914
def267,889
3,676,374
258,099
def360,928
3,782,998
523,379
def48,386
in
1—
Gross from railway.
from railway..
Net
1483.
Louisiana & Arkansas Ry. -Earnings—
February—
$453,109
137,785
82,579
86,910"
years,
the common stock, as shown by
844,982
307,555
199,343
1938
Railroad
—V.
148,
p.
934,639
308,238
181,641
.
....
945,228
304,520
Gross from railway
173,467
1939
From Jan.
franchise--.45,294,663 45,522,334
x
Sinking funds and
"
other deposits..
'
152,048
38,617
x
4
.....
x
def 13,367
$102,176
22,296
1,995
$84,934
15,429
def2,249
181,143
8,993
def32,658
195,905
35,274
def6,105
174,475
8,514
$92,340
6,178
def6,587
172,729
29,051
def3,996
...
1936
1937
1—
railway
Net from railway.
Net after rents
39,439
5,714
Accts.
and
35,412
3,095
3,133
114
19**
429,452
4,725,000
494,093
5,002,000
893,456
46,439
479,688
766,084
867,350
Indebtedness to af¬
notes
receivable-.....
fil.
Accrd. int. & rents
'
Indebt. of affil....
.
Mat'is & supplies.
7,603
Notes payableAccts.
payable...
Accrued interest..
105,157
103,564
163,238
142,530
4,670
1,488
103,334
,759,004
19,015
43,777
Indebted, to affil..
1939
after rents.
From Jan.
Gross from
1938
1,470,210
_
Net
896,006
-
Deferred liabilities
1937
1936
$5,778,511
836,782
241,186
$6,441,779
1,205,098
758,238
$7,230,276
>
$6,586,445
_
—
12,357,110
.1,966,401
'800,235
14,051,052
3,533,806
2,270,042
....
_
—.
13,155,703
2,549,962
1.665,371
14,368,955
3,483,588
2,689,947
—V. 148, p. 1326.
A
have
total of $500,000 20-year 7% s. f. convertible gold bonds, due 1944,
been called for redemption on May 1 at 105 and accrued interest.
Payment will be made at the New York Trust
McGraw Electric.Co.—To Retire Treasury
k
share, aggregating $5,310,995.
Earnings for February and Year to Date
Feb. 28—
Operating revenues.
*
Operating expenses__*..
Net oper. revenues.*.
1939—Month—1938
$997,100
$948,824
723,992
763,709
Trustees have declared a dividend of 16 cents per share on
D
Mead Corp.—Bonds Called—
,
1939—2Mos.—1938
$2,021,338
1,578,940
$584,214
134,353
68,555
-45,657
City Bank Farmers Trust
...
_
i
'
;
$442,398
113,837
79,102
54,579
_
holders of first
trustee, is notifying
as
date.—Y. 148, p. 1648.
,r
v'\
.V:
'
Memphis Natural Gas Co.—-Smaller Dividend—
The
directors
common
stock,
have
no par
declared a dividend of 15 cents per share on the
value, payable April 15 to holders of record April 5.
15 last; 10 cents paid on June 28
Dec. 17, 1937.—V. 148, p. 1033;
This compares with 25 cents paid on Dec.
hnd on May 25 last, and 30 cents paid on
V. 147, p. 3313.
■•J
;Y • ',v/
„
Mfg. Co.—Listing—
The company has applied to the San Francisco Stock Exchange for ah
additional listing of 100,000 shares of the company's common stock.
The
listing committee of the Exchange has approved the application and the
listing will become effective at a later date.—V. 148, p. 1484.
Light & Power Co., Ltd.— Earnings—
Mexican
•
■
,
.
$335,649
69,761
29,755
/,
Co,,
'
1, 1945 that it has selected by
sinking fund moneys, $243,000
principal amount of these bonds.
Selected bonds will be redeemed at 102
at the offices of the bank, 22 William St., New York, after the redemption
earns,
$194,880
63,312
$405,410
from oper..
$258,192
338,576
383,064
1938—12 Mos.—1937
$8,073,584
$8,965,981
6,267,358
6,540,800
1938—Month—1937
$648,159
$785,678
597,068
600,583
Period End. Dec. 31—
Gross
Oper. exps. and deprec'n
_
? $43,760
$156,755
36,865
Net ry. oper. income.
_
the common
mortgage 6% gold bonds series A due May
lot for redemption on May 1, 1939, out of
Menasco
'
$2,077,484
1,493,270
$185,115
76,363
40,824
24,168 '
$273,108
66,408
33,385
•
-16,560
.
Equipment rents- -Dr..
i
Joint facil; rents—
_
/J.;
Trust—16-Cent Dividend—
Investors
stock, payable April 20 to holders of record March 31.
Dividend of 18
cents was paid on Jan. 20, last, and one of 16 cents per share was paid this
time a year ago.—V. 148, p. 736.
'
Unconditionally
guaranteed, principal and dividends, by the company.
The applicant canvassed various trust companies, savings institutions,
and other banks in the territory served by it for the purchase of the certi¬
ficates, and has received commitments from a group of 34 of such trust
companies, savings institutions, and other banks to purchase the certificates
at par and accrued dividends.
There may be some slight Change in the
number of participants when the certificates are finally delivered.
Other income.
1174.
The income account was given on Feb. 25, page
$1,250,000
part:
'
1, 1939, will be in the denom. of
of $125,000 on
and will mature in 10 equal annual instalments
1 in each of the years 1940 to 1949, inclusive.
'■'.Period End.
per
24 authorized the com¬
obligation and liability in respect of not exceeding
The report of the Commission says in
The certificates will be dated March
March
dividends in arrears on
31,1921, and from Jan. 1,
,
RR.—Equipment Trust Certificates—
equipment trust of 1939, 334 % equipment-trust certificates, to be issued
by the Portland National Bank, as trustee, and sold at par and accrued
dividends in connection with the procurement of certain equipment.
$1,000,
Includes $19,887 maturing in
y
1924, to date, amounting to $100,50 per share, aggregating $11,676,592, and
on first preferred stock from April 1, 1921 to date, amounting to $106.50
Stock—
and pension plan.—V. 148, p. 1647.
The Interstate Commerce Commission on March
pany to assume
Represented by shares of $100 par.
Massachusetts
Stockholders at their recent meeting approved retirement of the 27,400
of common stock held in the treasury and approved a combined
Maine Central
4,584,272
Co.--.V, 147, p. 1040.
shares
retirement annuity plan
2,506,142
179,456
1939 and $18,140 in 1938.
z Consolidated figures.
Note—Market Street Railway has cumulative
prior preference stock from April 1,1920, to Dec.
County Gas & Electric Corp.—Bonds Called—
Luzerne
x
surplus...
Total.........46,219,592 46,660,367
46,219,592 46,660,367
Total....
railway.
151,143
Other reserves....
Earned
5,123
,031,605
Deprec. reserve
1,837,139
1,400,105
1—
Net from railway.
Net after rents
70,064
62,834
and wages
234,650
Other accrd. liab..
February—
railwayfrom railway.
680,088
Accrued taxes
Other def. charges
Louisville & Nashville RR.—EarningsGross from
55,533
475,000
Accrued salaries &
17,710
203.173
Insurance prerns..
(not current)
Equipment notes
y
receivable.--...
—V. 148, p. 1328.
Net
$
-
7% s. f.
gold bonds
200,862
29,541
$
_
1st mtge.
213,339
demand deposits
Ry.—Earnings1938
-
$75,318
from railway
after rents.'
Gross from
Liabilities—
6% 'cum.: prior
pref. stock
,.11 ,618,500 11,618,500
4,9S6,850
6% cum. pf. stk. 4 ,986,850
4,673,700
6% 2d pref. Btk. 4 ,673,700
Common stock. 10 ,647,400 10,647,400
x
Cash on hand and
Louisiana Arkansas & Texas
Net
$
property
Investments
1328.
February—
Gross from railway
Net
and
.
zl937
1938
Z1937
$
Assets—
From Jan. 1—
Net from railway
Net after rents
Co.—Balance Sheet Dec. 31-
Market Street Ry
$410,374
148,650
89,623
894,472
271,985
164,515
$467,640
159,970
substantially higher than those in the same period in the previous
according to the registration statement. The public offering price of
the registration statement, will be $15.50
per share.
Dividends paid per share on the common shares in the past three years,
adjusted for the year 1936 to the present capitalization, have been as follows:
1936, 55 cents plus 69 cents paid in preferred stock; 1937, $1.00 plus 50 cents
paid in preferred stock; 1938, $1.00. A dividend of 25 cents per share for the
first quarter of 1939 was paid on March 20.
w ere
1936
1937
1938
1939
$444,606
141,545
86,985
Gross from railway
Net from railway
Net after rents
stock to be
outstanding after the proposed financing was $1.61 per share in 1936, $2.03
1937 and $2.80 in 1938.
Gross sales for the first two months of 1939
1938
$1,638,260
152,924
defl99,701
—
from railway
Net after rents
Net income available for the 152,202 shares of common
039.
Earnings—
1939
February—
Gross from railway.
1965
Chronicle
$1,806,226
$185,095
$51,091
Net earnings.
$2,425,181
-V." 148, p. 283.
$193,620
$73,515
168,981
Gross income
171,058
,
&c.)
_
_
_
.'
...
x
,.
x$97,543
$24,639
<
Deficit.—V. 148, p. 1648.
x$124,872
$66,834
"
■
•
Manhattan Ry.—Merle-Smith Committee
.
Opposed—
protective committee for, the first 4s has forfeited
bondholders it may have retained after sale of
the Sixth Avenue line," the firm of Watson & White stated in a letter to
all Manhattan bondholders urging them not to deposit their bonds with the
Merle-Smith committee or to give proxies to the committee.
"We have already retained counsel for the purpose of opposing a piece¬
meal sale of the remaining Manhattan properties and also for the further
"The
{jurpose of obtaining fair welcome the support and cooperationline," the
etter states: "We would
compensation for the Sixth Avenue of other
bondholders in the accomplishment of these purposes,
and will be glad to
give further information as to the action taken and contemplated by us to
bondholder requesting such information."
Company has filed an appeal to the U. S. Circuit Court from the order
Directors have declared a
first page of this department.
Maxwell
& Moore,
Inc.—To Pay 12fi-Cent
Dividend—
Directors have declared
Valley RR.—Earnings—•„
Net after
rents—
From Jan.
;
.
Gross from railway*
Net from rail way ._.._*
210,739
101,981
Net after rents......**
63,284
dividend of 1234 cents per share on the common
■
—V. 146, p. 918.
243,277
130,022
199,762
75,324
92,340
Minneapolis & St. Louis RR.^—Earnings—
,1939
1938
'
1937
$585,407
$602,221
$570,615
Net from railway
91,584
88,349
defl95
*__ _
def94,379
5,736
19,116
279,701
163,407
127,929
1936
$521,503
def71,243
def 154,015
From Jan. 1—
Net from railway.
216,099
53,463
2,337
1,179,261
29,589
defl45,068
1,262,856
161,130
Net after rents...
March 31. The last previous
and was paid on July 2, 1938.
"
February-—
Gross from rail way.
1936
$134,583
76,458
57,853
«'
36.320
\ ,v,'
~N. 148, p. 1329.
,
*
*
.
$102,652
49, 11
31,643
;
15,059
29,217
1—
Net after rents
a
stock payable April 3 to holders of record
dividend was also a 1234-cent distribution,
.
1937
1938
$94,046
33,684
1939
$102,877
48,586
February—
Gross from railway
Net from railway.
Realty Cor p.^Registers with SEC—
See list given on
Manning,
and the city.—V, 148, p. 1329. '
Co.—Accumulated Dividend —
dividend of $1.75 per share op the 7% cum.
.
Midland
approving the agree lent for sale of the Sixth Avenue "El" condemnation
award.
The company contends that the price for the line under con¬
demnation cannot be limited to the $12,500,000 agreed on between the
Manhattan
of ,$1.12^;per
pref. stock, par $100, and $1.50 per share on the 6% cum. pref. stock,
par $100, both payable on account of accumulations on May 1 to holders
of record April. 15, leaving arrears of S13.12H
and $11.25 per share,
respectively.—V. 148, p. 1648.
any
bondholders' protective committee
one
Michigan Public Service
Merle-Smith
whatever confidence of the
*
$1.31M per share on the 7% prior
share on the $6 prior lien stock, both
payable May 1 to holders of record April 15.
Similar amounts were dis¬
tributed on Feb. 1, last.
V. 148, p. 283.
Directors have declared a dividend of
4ien stock and
Net income..
Co.—Dividends—
Michigan Gas & Electric
Deductions (rentals, int
Gross from railway.....
1,251,610
1,172,714
16,137
defl27,399
—V. 148, p. 1330.
Mansfield Tire & Rubber Co.—Registers with SEC—
Company has filed a registration statement with the Securities and Ex¬
change Commission covering a proposed offering of 47,615 shares of common
stock and naming Otis & Co., Cleveland, as the underwriter.
Of the 47,615 shares to be offered, 13,800 are being purchased from
the company and 33,815 from present shareholders. With three exceptions,
all shareholders, including the principal executive officers, are retaining
90% of their holdings. Proceeds of the shares to be bought from the com¬
pany will be used to reimburse the company for expenses incurred in adding
to its
plant facilities.
The company, which was incorporated in
automobile tires and tubes for passenger cars,
Ohio in 1912, manufactures
buses and trucks and does no
original equipment business, all of its products being sold in the replacement
field.
Substantially all of the company's sales are to wholesalers and socalled volume accounts. The majority of its 300 wholesale customers have
been customers for over 10 years.
The company's plant has a capacity of
10,000 tires and 8,600 tubes a day. G. W. Stephens, President and General
Manager, has been connected with the company for over 20 years and prior
to that time had been associated with other companies in the rubber in¬
dustry".
!
„•
;•
»«
According to the registration statement, net sales in the past three years
have been as follows:
1936, $7,496,790; 1937, $10,482,362; 1938, $11,812,-
Mississippi Central RR.—Earnings—
February—
Gross from railway
Net from railway
Net
after rents
From Jan.
1937
defl0,920
1938
$62,074
7,380
def2,600
119,360
5,027
122,089
9,844
141,213
18.020
def 13,612
def9,808
def621
1939
$.56,588
def1,823
,
$67,662
9,712
544
1936.
$63,011
9,142
2,813
1—•
Gross from railway.*.*.
Net from railway
Net after rents
127,314
2,0374
8,539
—V. 148, p. 1330.
Minneapolis St. Paul
Delisting of Securities—
The Securities and Exchange
&
Sault
Ste.^Marie
Commission on March 29
Ry.—
issued an order
granting the application of the New York Stock Exchange to strike from
listing and registration effective April 8 the following securities of the
company:
(1 j Chicago terminal first mortgage 4% 30-year gold bonds, due
Nov. 1, 1941; (2) 4% leased line stock certificates; (3) common stock. $100
par value; (4) 7% non-cumulative preferred stock, $100 par.
Financial
1966
Comparative Income Account for Calendar
Earnings for February and Year to Date
3,348,373
6,238
def545,130
—-
3,233,111
defl75,647
def763,651
...
def408,173
3,401.897
2,913
def509,719
revenues.
$789,775
$818,673
$1,721,716
152,031
266.579
345,132
433,511
64,993
1,012,234
102,405
208,184
32,046
498,8.34
51,119
Traffic expenses-..-...
Transportation expenses
General expenses. . ....
.
31,654
497,633
49,889
Net
Net railway loss.
Taxes.
,
■
$279,351
Net loss after taxes...
Hire of equipment. .
.
Rental of terminals—- *..
.
$179,113
85,969
$191,855
87,496
....
_
Net loss after rents—
$304,611
202,854
515,919
371,447
$2,402,769.
674,320
415,052
382,936
$2,484,166
596,925;259,284
365,251
$1,120,348
369,459
302,349
376,409
$930,460
$1,262,706
$72,131
151
166
137
137
Int. being accr. &
paid—
1,455
Miscell. rent income.
32,281
27,213
26,305
?9,643
Miscell, non-oper. physi¬
cal property- .
- . - -
21,633
1,724
Dr835
18,182
3;324
3.371
21,340
Dividend income.
...
Inc. from funded secure-
209
16,900
1,724
7,341
52
9,475
3,976
3,976
$484,421
25,639
7,248
Income from sinking and
other reserve funds
1,070,837
t *038,643
$808,462
$1,539,320
$778,930
•
987
665
328
257
$987,360
$1,317,287
$137,608
Deductions—
1939
$75,793
10,488
234
.
1
From Jan. 1—
Gross from railway
Net from railway—...
162,990
23,892
3,511
Net after rents..—...
.
1936
$68,543
8,046
defl,027
1937
'
$88,897
1938
$79,305
32
defl2,760
5,641
def6,813
173,167 .V 171,952
18,489
6,776
def5,556
defl9.576'
>
.
'
'
139,630
13,786
def3,778
Net
loss
Assets——
8,754
def5,406
20,424
158,917
28,436
def6,003
131,717
84,210
151,198
213,627
68,449
29.153
31,447
4,703
'
1939—Month—1938
11,435
Other investments
5,393
Cash
1,390,876
451,521
Special deposits^
$1,941,839
1,798,390'
$4,192,007
3,609,458
$4,239,811
3,684,837
$40,503
$147,664
354,615,
$5,883
$44,127
710,206
Deficit
» after
charges
—V. 148, p. 1813.
fixed'
362,612
>
'' :,
■
Misc. accts. pay.,
19
387,285
298.742
80,326
74,669
263,181
agents & cond'rs
Misc. accts. receiv.
237,526
The
Interstate
Commerce Commission heard concluding argument
March 23 in the roads reorganization proceedings.
The next step will be the issuance by the Commission of a final, plan of
reorganization for the carrier.
The Commission's plan must be approved
by the Federal District Court at St. Louis and by various classes of creditors.
Interest Due April t on Pacific RR* of Mo.—
Federal Judge George H.
Moore has entered an order authorizing the
1939'on first mortgage AH % bonds
trustee to pay interest due April 1,
(extended) of Pacific RR. of Missouri.
'
,
Court Review Denied to Trustee of Road—
Guy A. Thompson, trustee failed March 27 to get a Supreme Court
a decision denying him the right to bring suit for
recovery of*
$3,200,000 alleged to have been paid illegally by the carrier.
The trustee appealed from the Eastern Missouri Federal District Court,
which had ,quashed service of process on defendants who were outside the
judicial district.
The defendants included Terminal Shares,.Inc., and th
GuarantyTrust Co. and the Marine Midland Trust Co. both of New York,
review of
trustees under certain bond issues of the railroad.,
Mr. Thompson sought to
individuals the money he said
\
recover
was
from
a
group
of corporations and
paid by the railroad to Terminal Shares
in 1930 in accordance with an invalid contract.
At that time both .Missouri
Pacific and Terminal Shares were controlled by O. P. and M. J. Van'
of
Cleveland through the Alleghany Corp,
The Missouri
district court ruled it did not have jurisdiction as to the non-resident
defendants.
/;>''■
>•'
141,391
Unadjusted debits 8,629,270
Deferred assets...
,
,
AH% bonds (extended) of Pacific RR. of Missouri.
February—
-
1939
Net after rents..!
From Jan. 1—
Gross from railway....
Net from railway
Net after rents
—V. 148, p. 1330,
1937
985,260
100,787
$7,589,067
1,999,053
917,244
$6,963,152
1,651,247
753,579
12,515,709
2.227,490
433,816
15,143.663
3,715,857
1,660.660
13,868,756
3,293,457
1.575.250
Total
Light Heat
&
Power
scriptions—
An official statement from the
company states that present indications
that the $15,000,000 refnding issue of
3% convertible note certificates
would be fully taken up, if not oversubscribed.—V.
148, p. 1413.
12,931
473,296
8,645
257,989
Total ——I—69,676.693 68,044,875
Earnings for February and Year to Date
February—
1939
v
Gross from railway—v
1938
$972,329
172,865
33,997
$847,340
Net from railway—
Net after rents.
From Jan. 1—
Gross from railway
145,547
12,892
1,768,270
280,803
12,686
Net from railway—
Net after rents..
—V. 148, p, 1330.
,
1,949,740
393,556
112,217
1937
1936
$711,905
93,062
,8,622
$858,287.
156,530
36,180
1,706,436
1,436,263
196,890
22,396
276,184
50,625
Monongahela Ry.—Earnings—
February—
1936
1937
$214,488
185,713
87,847
107,890
14,674
$400,439
237,267
124,189
$521,379
350,212
227,191
437,696
207,619
15,688
836,553
501,811
269,023
879,751
551,547
306,166
From Jan. I—
Gross from railway...
148,
1938
$319,470
...
654,863
378,400
178,072
Net from railway
Net after rents.
—V.
*
1939
Gross from railway...
Net from railway....
Net after rents.
'
p. 1331.
Montana Power Co. (&
Period End. Feb, 28—
Operating revenuesOper. exps.,incl. taxas..
Subs.)—Earnings—•
1939—Month—1938
1939—12 Mos.—1938
$1,271,007
$1,189,648 $13,371,924 $15,279,042
582,496
544,668
6,494.048
7,365,483*
Property retirement and
depletion res. approp-
,
133,860 ;
J48.097 '
1,533,117
1,670.351
$554,651
Dr5,556
$496,883
Dr 1,760
$5,344,759
Pr51,019
$6,243,208
Drl0,704
$549,095
159,419
44,125
35,571
$495; 123
161,013
44,125
35,011
Cr32,491
$5,293,740
1,924,479
529,495
417,345
Cr2/0,416
$6,232,504
1,939,310
529,495
Net income--.--....
$309,980
$287,465
Dividends applicable to preferred stock for the
$2,692,837
$3,626,269
Other income (net).—._
Gross Income-
Int.
mortgage bonds.
debentures...
Other int. & deductions.
Int.
Int.
on
on
charged to constr'n.
RR.—Earnings1938
426,335
Cr288,905
957,510
957,455
$1,735,327
unpaid
or
1937
Balance
-V. 148, p. 1813.
Morris Plan
$2,668,814
Corp. of America—Accumulated Dividend—*
Directors have declared
accumulations
on
a
dividend of 15 cents per share on account of
the series 1931
6% preferred stock, payable April 1 to
holders of record March 23.
Similar amounts were paid on Oct. 1, July 1
and April 1, 1938.
See also V. 147, p. 1934.
Traffic Statistics for Calendar Years
1936
al935
1,194
1,196
1,202
1,202
310,294
Pass, carried /one mile.. 18,928,246
Aver, rate per pass, mile
1.850 cts.
Revenue tons moved...
4,607,164
Tons moved one mile... 1274120495
Av. rate per ton p. mile0.826 cts.
Gross earnings, per mile.
$9,588
378,874
24,229,053
357,400
22,917,322
322,979
19,319,956
475,108
Consolidated—?-Sub-
are
Average miles operated.
Operations—
Passengers carried
6,200,710
6,952,082
add'ns to prop.
since JUne 30 '07
6,811,724
.69,676,093 68,044,875
—
period, whether paid
Mobile & Ohio
4,500
518,269
236,023
262,241
1936
$5,988,618
12,546,677
2,572,856
809,460
Net from railway.....
1938
$5,999,026
1,078,827
217,256
accr.
Profit and loss.... Dr823,984
Net oper. revenues
Earnings for February and Year to Date
Gross from railway....
312,640
47,506
Taxes———:.
290,312
Acer. depr. on eq. 6,747,517
Oth.unadj.credits 8,885,913
Special approp. for
Unmat'dint.
Misc. fund."res'ves
...
Interest Payment Ordered—
.
.
/
•
Federal Judge Moore has entered order authorizing the trustee for Mis¬
souri Pacific RR. Co: to pay. interest due
April .1, 1939, on first mortgage
Montreal
1,230,534
153,857
Materials & suppl's 1,383,977
$754,333 *
RRReorganization Hearing Concluded
7,764,379
268,677
Funded debt ma¬
tured, unpaid-.12,948,240
,
$731,621
1,696,072
9,341,874
268,677
Deferred liabilities
Balances due from
'
Missouri Pacific
unpaid...
Dive, mat., unpd.
receiy.
92.111
958,261
1,689,238
interest, matured,
/'
—
76,992
951,069
payable—
5,659
•,/
$502,280
$403,116
■
725,738
wages
1,021,874
752,589
_ .
.
....... .
car serv.
balances payable
13,pei
————
balances
'
Audited accts. and
Traffic & car serv.
1939—2 Mos.—1938
$1,976,971
1,740,837
available
for
fixed charges
Fixed charges
.....
Sweringen
1451604
~
Traffic &
178,171
-
1937
"
$
$
6,007,200
6,007,200
Funded debt.—.18,079,000 31,522,740
Notes & advances: 2,373.265
2,286,667
1,779,000
Equip, trust oblig. 1,220,000
Govt, grants.:.—
74,504
78,015
Loans & bills pay.
688,343
688,343
,,,
Common stock...
603,000
.——
Loans and bills re¬
Missouri-Kansas-Texas Lines—-Earnings—
....
783,879
50,604
Notes.—
.
and Receivers' Accounts Combined)
liabilities—
§
209,438
203,363
1,041,679
Stocks—
Bonds
Advances-
307,339
"
-i
'
ceivable
Operating revenues.
Operating expenses.
%
Deps. In lieu of
$67,409
40.713
$1,583,767
1938
Inv. in affil. cos
$111,472
$73,954
13,081
def3,074
$377,645
:
1937
Invest, in road—39,922,560 39,837,988
Invest, in equip. 115,719,487 15,680,883
Misc. pbys. prop..
1936
1937
1938
•"
$647,439
-
mtgd. prop, sold
Missouri Illinois RR.—Earnings—
~
General Balance Sheet Dec. 31' {Corporate
Commission for
$175,000 Reconstruction Finance Corporation loan, to be
used to pay off outstanding notes and to purchase certain equipment and
rails.—V. 148, p. 1330.
r
a
...
$5.58,345
1938
The company has applied to the Interstate Commerce
1939
$150,224
63,865
40,616
'
—.
7,047
.17,173
1,247
2,825
1,523,937
169,145
6,505
V
a Figures for 1935 have been restated for comparable purposes,
b In¬
cludes $74,616 credited to general expenses in 1935, covering amount ac¬
crued in 1934 under the Railroad Retirement Act .
'
$175,000 RFC Loan—.
February—
Gross from railway.....
Net from railway—...
.
19,903
2,122
4,559
1,523,561
138,279
6,663
18,224
1,565
3,311
1,514,032
91,004
6,659
203,091
1,472
3,377
1,304,141
63,709
Miscellaneous rents..
Int. on unfunded debt..
Miscell. income chargesMiscell. tax accruals——
'Int. on funded debt.
Int. on equip, obligations
_
Missouri & Arkansas Ry.—Earnings—
February—
Gross from railway.....
Net from railway--L...
Income
4,484
$1,024,104
$1,505,282
k:\k.
Period End. Feb. 28—
,
Total gross income...
Note—As there is no taxable income to date, no provision is necessary for
the surtax on undistributed profits imposed tinder the Revenue Act of 1936.
—v. 148,P, 1330.
;
4
1,724
Income from unfunded
'securities & accounts-
$458,781
7,857
*
Net after rents.
From Jan. 1—
Gross from railway—.
Net from railway.—.
Net after rents........
—V. 148, p. 1330.
_
Miscellaneous income—
"
Net deficit.-.—-
approval of
.
$461,235'
494,460
adv.,
Asks
-
Operating income
Ntm-Oper. Income—
Jnterest on bonds, notes,
Net after rents
741,577
$485,985
24,750
11,062
$280,775
3,695
509,378
Loss before interest..
.
.
Inc. from lease of road:
$425,211
32,586
26,623
$438,251
21,745
25,988
$291,834
9,019
$295,592
3,492
Other income (net)_
as
$7,730,345
.
...
Joint facility rents.—
-
■
$8,363,535
$964,186
from oper....
...
.$222,358.
201,693
$265,082
13,302
13,453
12,391
12,869
_
$236,558
rev.
Taxes.
Hire of equipment-
65,616
1,048,353
100,075
.
v
$9,702,026
$2,593,130
Total oper. expenses..
18,742
477,508
2,357
of way & struc¬
Maint.
ture expenses.. : ^ ... .
Maint. or equipment...
'
$8,854,742
....
Transp. for invest.—Cr
300,523
485,522
1,379,759
1,971,500
469,434
3,495,243
21,225
b394,639
514,650
8,719
Transportation
'
427,677
155,459
1,321,655
2,196,513
496,639
3,854,835
Miscell. operations....
General
.....
332,126
1,568,730
2,625,238
522,009
4,424,010
39,195
525,330
2,487
1,435,326
2,060,973
513,149
4,317,727
21,635
Traffic
$1,777,731
191,447
.
Operating Expenses—
,
...
.....
Maint. of way & struc.
Maint. of equipment..
(Excluding Wisconsin Central Ry.)
Period End. Feb. 28—
1939—Month—1938
1939—2 Mos.—1938
Freight revenue........
$664,050
$688,610 $1,458,513
$1,480,339
Passenger revenue.....
42,563
43,391
94,312
101,722
All other revenue.
83,161
86,672
168,892
195,671
Total
$8,850,693
Passenger
Mail, express, &c
Incidf. & jt. facil. (net)
defl45,733
——
al935
.
$7,935,431
Totaloper.revenues..$11,447,872 $12,104,794 $10,847,701
1936
$1,629,817
3,601,998
62,765
def454.937
Years
$9,899,345
378,032
469,535
.
100,788
$10,523,012 $11,024,191
350,153
415,732
435,234
455,253
139,473
209.619
Freight.
From Jan. 1—
Net after rents
1, 1939
1936
1937
1938
CIncluding Wisconsin Central Ry.)
February—
"
1939
1938
"
1937
Gross from railway-.,.. $1,593,508
$1,488,305 $1,720,610
Net from rtilway......
def65,646
defl56,191
daf38,732
Net after rents.'.
def329,404
def422,208
def259,651
Gross from railway
Net from railway.
April
Chronicle
Muskegon Motor Specialties Co.—Accumulated Dividend
Directors have declared
1.716 cts.
1.650 cts.
3,921,638
1130511307
0.876 cts.
$9,025
3,062,818
on
April 5, leaving
a dividend of 75 cents per share on account of
the class A stock payable April 10 to holders of record
arrears
of 25 cents per share.t-V. 148, p. 738.
1.719 cts.
4,664,673
1313491940
accumulations
0.839 cts.
$10,121
879,459'275
0.902 cts.
,
$7,364
Nasb-Kelvinator
Corp.—Sales—
>
Retail sales of the Nash Motors division of Ndsh-Kelvinator Corp. in
10 days of March were 1,582 units compared with 1,371 in the
final February period and 957 in the initial period of March, 1938.
the first
Volume
Used
sales by dealers
car
1967
Chronicle
Financial
148
New Orleans Public Service
amounted to 3,804 units in the first 10 days
of the current month against 3,111 in the corresponding period of last year.
dealers' used car inventories as of March 10. last, represented a
Inc.—Earnings—
1939—Month—1938
1939—12 Mos—1938
Operating revenues
$1,673,024
$1,638,226 $18,384,663 $18,442,968
Oper.exps.,incl. taxes..
1,056,848
1,026,365
12,044,375
12,514,280
rop. retire, res. approp.
177,000
177,000
2,124,000
2,124,000
Period End. Feb. 28—
Nash
42-day supply, comparing with a 64-day inventory a year ago, according
W. A. Blees, General Sales Manager.—V. 148, p. 1034.
Nashville & Atlantic RR.—Abandonment—
The Interstate Commerce Commission on March 4,
issued
by the
Rocky
Gross
Branch, approximately 11.95 miles, all in Warren and Van Buren Counties,
Int.
Term.—V. 115, p. 1632
2,122,521
283,894'
railway—2,412,816
561,011
Net from railway.,..,.—
Net after rents.
x
1331.
;.y
■
/■;
:
r
National Broadcasting
Co.—New Director—
elected a
National City Lines,
Inc.—-Acquisition-—
\
From Jan.
,
Net from
New Director—
.
empowered
More than a year ago the Interestate Commerce Commission
the C. & O. to exercise direct control over the Nickel Plate and
-
accruals...^—...
Alexander E. Walker, Executive
,
24,912
45,234
$1,324,536
inc..
1,326,788
$1,158,411
1,324,210
$1,412,684
1,322,427
$1,301,843
$2,251
$165,799 prof$90,256
$21,320
Net from railway
From Jan. 1—
Net after rents
Net from railway——
4,590
$53,328
23,750
16,430
101,795
47,729
32,990
79,402
23,338
104,018
45,034
92,200
39,179
-
31,583
■ '
•
14,949
A
1332.,
V_
Net after rents
—V. 148, p.
.//.v-
New Bedford Gas & Edison Light Co.—Div. Increased—
Directors have declared a dividend of 87 & cents per share on the common
stock, payable April 14 to holders of record March 31.
This compares with
75 cents paid on Jan. 16, last; 62M cents paid on Oct. 15 last; 75 cents paid
Q2H cents paid on Oct. 15 last; 75 cents paid on July 15, 193$, and previ¬
ously regular quarterly dividends of $1 per share were distributed.—-V. 148,
1332.
$653,475
679,178
_
$1,583,330
2,124,088
1935
1936
1937
1938
Calendar Years—
$3,218,035
3,681,938
$3,138,004
3,898,134
$25,703
$540,757
$760,130
$463,904
102,059
Net operating loss
accruals.—
Tax
66,767
69,422
47,178
$127,761
$607,525
$829,553
$511,082
47,210
Operating loss.......
Other income
';•••
,
.
,
.
6,819
6,252
47,130
395,123
$823,300
454,018
$463,953
462,228
$995,829
$1,277,318
$926,181
$80,551
405,576
$486,127
Deduct, from gross inc.
Net deficit..
$600,706
Note—Operations of Providence Line discontinued May 15, 1937; Fall
River Line and New Haven Line discontinued July 13 and 14, 1937, re¬
spectively.
The only line now operated is to Martha's
tucket.—V.
Vineyard and Nan¬
146, p. 2214.
'
1939
$211,813
63,929
February—
Gross from railway.....
Net from railway
8,635
Net after rents
From Jan. 1—
439,901
138,834
31,901
Gross from railway.,
Net from railway..
Net after rents
—V. 148, p.
1332.
,
•
,
;
.
,
,
$230,017
51,553
753
429,262
> 79,635
f
def24,762.
$264,847
109,409
1936
$206,717
53,424
64,438
10,545
514,768
392,492
87,323
4,432
197,282
106,311
'
car'd.
carried one mile—
do
■
'
•-
.
1
•
\;
.
-
Hartford RR.—Annual Repor
car'd
of road-
1938
1937 ,
1936
16,544,761 ;
20,202,176 , " 19,857,705
2,265,968 2,703,053,135 2,649.803,834
yl935
'
18,054,889
2,421,834,718
Tons of rev. freight
no.
1,158,444
(yl, 318,073
1,284,371
1,162,034
610
639
627
595
667
703
684
649
$38,835,874
$45,244,136
$45,017,525
$41,023,352
of tons of rev.
freight per train mile..
Av. no. of tons all freight
train mile
per
x
—
Total freight revenue..
Aver, amount received for
$2,347
1.714 cts.
1.674 cts.
of road.
$20,253
$2,267
$2,240
AVer. rev.per ton per mile
eac
h ton of freight
Av. rev. per mile
No.
of
interline
y$22,527 ■:
■
$2,272
■'1.699 cts.
1.693 cts.
$22,260
$20,044
revenue
1,261,904'
1,402,650
1,221,342
949,131
15,794,216
16,557,119
12,860,215
7,932,064
20,749,745
carried
19,228,920
37,705,865
37,188,689
20,470,344
34,551,901
30,920,975
No. of local revenue pas¬
carriedNo. of commutation passengers
Total rev. pass,
carried-_
22,039,780
Total no. of rev. passen¬
gers
carried one mile..1,371,825,004
car'd one
1,438,562,921 1,268,606,403 1,036,305,605
No. of rev. paas.
mile of road...
Total passenger revenue.
New Orleans & Northeastern
;
Operating and Traffic Statistics Calendar Years
Tons of rev. freight
mile per
RR.—Earnings—
1938 r
1937
;
'
iV
passengers
Gross loss
483,005
390,991
258,940
1937
$213,003
166,271
4
.
Aver.
Steamship Co.—Earnings—■
Operating revenues
Operating expenses-
108,533
471,966
386,469
272,369
New York New Haven &
.
1 mile per mlie
New England
24,687
297,159
171,432
51,698
1938
$138,070
86,884
New York Dock Co.— To Pay Off Notes—The Chase National Bank, as trustee, is notifying holders of 5% serial
gold notes, series due 1938. that funds have been deposited with it for
payment of these notes and coupons due Apr 11, 1938, with interest thereon
on March 31.1939 upon surrender thereof at the office of the Bank, 11 Broad
Street.—V, 148, p. 1332.
- 'J,
#/ •"
' .
; '
29.822
.
1.323,163
From J an. 1—
Gross from railway——
■
-•
'
119,754
Net after rents........
•
-
Gross from railway
Net from, railway.;.
'
465,797
356,638
280,559
Net from railway.
National Supply Co.
9,804
17,614
.
Net after rents......i..
58,611
Dr353,668
1036
$248,779
203,960
137,099
1939
$216,508
163,936
February—
Gross from railway.....
,
1937
69,617
Drl88,750
Earnings for February and Year to Date ■
r
,1938
*
$36,101
8,434
$1,256,610
15,463
'
1936
$44,429
18,865
13,702
1939
$44,885'
February—
"
Gross from railway
$1,387,771
$1,142,948
15,294
Deduct, from gross
-
Nevada Northern Ry.—Earnings—
$1,668,888
income.... $1,309,242
Net oper.
Non-oper. income——
148,
.
,
$1,773,289
78,196
Dr307,321
449,848
,
director of National
■
650,506
407,903
$1,401,314
Vice-President of Pittsburgh Steel Co.,
resigning that post to become Vice-President and a
Supply Co., effective April 1.
. *
Pittsburgh Steel Co. has a common stock interest in
—V., 148, p. 1485.
\..V
V
$2,727,298
637,586
420,055
489,273
Gross income
director of this company.—V.
.
1935
$2,497,952
646.789
Operating income--. $1,290,669
Equipment rents—Dr..
83,981
Joint facility rents
Crl02.554
Tax
Co.—New Director—
Supply Co.New Official—•
'
1936
$2,830,931
*
°1
is
—V. 148, p.
$2,487,155
707,214
Earnings—
1937
Net deficit—
,
National
RR.
1938
Calendar Years—
Operating revenues.....
Operating expenses.....
Exchange
been elected
•
New York Connecting
■
of any merger plan.
possibility of the immediate formation
the
cluded
—V. 148, p. 1651.
Co.—Delisting Application Granted—
has
Pere Mar¬
properties. However,
shortly thereafter pre¬
quette with a view to the eventual merger of these
the sharp decline in railroad earnings which ensued
Pay¬
York.
Cotnmission has granted the company
permission to withdraw 100,000 shares of its common £tock (no par) from
listing and registration on the St. Louis Stock Exchange, effective April 27.
—V. 148, P. 738.
Scott
.
.
directors at the annual
Howell
has
of 568,453
of issuance
from time to time upon conversion of outstanding 10-year convertible 3 >£ %
debentures, due March 1. 1949, making the total amount applied for
2,613,904 shares of common stock.—V. 148, p. 1814.
H.
1, 1939,
B. Erminger, Jr., Herbert Fitzpatrick, Allan P. Kirby, J. R.
Nutt, W. L. Ross, W. H. "Wenneman, Robert R. Young, George J. Arnold,
George A. Ball and Henry J. Guild.
'
>
'
' ' ■ » „
Four new directors nominated for the board of the Nickel Plate indicates
that the Chesapeake & Ohio Ry., which controls the Nickel Plate, directors
intend to take a more active interest in the management and affairs of the
roads controlled by the C. & O.
It also is indicated that the same attitude
will be adopted towards the Pere Marquette, also controlled by the C. & O.
Co., fiscal agents on March 30,
pur¬
Corp.—Bonds Called—- \
% debentures due May 1, 1945 have
National Sugar Refining
\
Stockholders will vote on the election of four new
Stock Exchange has authorized the listing
additional shares of common stock (no par;, on official notice
p. 444.
1,276,032
'"vV...
.
meeting on May 3.
New nominees are: Earle Baillie, John L. Dickinson,
Ralph C. Gifford and John M. Miller Jr.
'
/
^
Retiring directors nominated for re-election are: George D. Brooks,
The New York
and
'
.
6,314,283
2,124,859
Funds have been deposited for payment of the interest due April
the refunding mortgage 5H% gold bonds, series A, due 1974.
National Distillers Products
■ \
800,066
7,350,333
2,639,696
1,504,841
on
,
'.,
1936
$3,174,339
1,080,858
632,363
5,550,392
1,200,029
262,701
—
Interest—
payment will be made through Goldman, Sachs & Co.
Holders of the drawn
debentures are advised that they Should present their debentures for pay¬
ment with stock purchase warrants attached, unless these have theretofore
been exercised.
The warrants will be detached, conoutersigned by the fiscal
agents and returned.—V. 148, p. 1813.
.
/■
6,461,89 5
1,913,306
971,057
railway.
Net after rents
elected to redeem on May 1,1939, at 100H % and accrued interest, $938,000
principal amount of these debentures which have been drawn by loti
The
,
118,537
1937
606,878
145,263
Gross from railway...—
Cotp.—Debentures Called—
All of the outstanding 10-year 4H
393,036
135,336
*
$3,641,720
1,366,318
1938
!,684,274
Net after rents
From Jan. 1—
■
been called for redemption on May 1, at 104 and accrued interest.
ment will be made at the Chase National Bank of the City of New
,
•
1939
$3,131,893
898,718
432,299
'
' '
Gross from railway
Net from railway
„
National Dairy Products
478,250
194,778
195,110
...
Chicago & St. Louis RR.- -Earnings-
New York
Inc., in which National City Lines owns the majority
interest, was organized recently by the latter company for the purpose of
acquiring and operating local motorbus transportation properties on the
Pacific Coast.—V, 148, p. 131.
/
Corporation, through Goldman, Sachs &
592,913
325,141
301,082
$198,245
76,762
66,253
1—
February—"
Pacific City Lines,
notified holders of its 3% % debentures due 1951 that, pursuant to the
chase fund provisions of the indenture securing the debentures, it
474,976
210,179
208,042
1936
1937
$316,001
179,023
166,839
—V. 148, p.1332.
Lines, Inc., which
in 25 cities, has
acquired from the Southern Pacific RR. Co. the local transportation prop¬
erties in the cities of San Jose, Fresno and Stockton, Calif.
The acquisition
was made by purchasing for cash the outstanding capital stocks of the
the San Jose railroads, the Fresno Traction Co., the Stockton Electric
RR. Co. and the San Jose & Santa Clara RR. Co.
Operating revenues of
the properties acquired amounted to approximately $630,000 last year.
Pacific City Lines also owns and operates the motorbus transportation
facilities in Butte, Mont.
\
The transportation system in San Jose is already motorized and the
Fresno Lines are now in progress of conversion from street car to motorbus
operation.
The street railway lines in Stockton will be continued until such
r
121,940
119,257
$253,570
$241,834'
101,722
98,397
Gross from railway.
Net from railway
Net after rents.,
Pacific City Lines, Inc., a subsidiary of National City
owns
and operates motorbus transportation facilities
suitable bus franchise can be secured.
Ry.—-Earnings1938
1939
Net after rents..
according to Lenox R. JLobr, President.
by the resignation of George K.
Throckmorton, President of iRCA Manufacturing Co.—V. 148, p. 1485.
James
544,586
[Earnings of Company Only]
Mr. Trammell fills the vacancy caused
Securities
544,586
Crl6,075
$1,092,810
... —
New Orleans Texas & Mexico
-
Niles Trammell. Executive Vice-President of the company was
The
$1,129,863
—....
...
February—•
Gross from railway.
Net from railway....
member of the board of directors,
National Oats
$1,637,396
Cr4,645
—...
—V. 148, p. 1814.
President, &c.—
the corporation to succeed
Edward O. McDonnell, who has been made Chairman of the Board, S. F.
Christy has been elected Secretary and Assistant Treasurer.—V. 148, p. 886.
•
$3,821,367
2,444,791
262,788
$585,277
x
Dividends accumulated and unpaid to Feb. 28, 1939, amounted to
$2,813,694.'
Latest dividend/amounting to $1.75 a share on $7 preferred
stock, was paid on Jan. 3, 1939.
Dividends on this stock are cumulative.
59,790
202,820
v
■
'Listing—'
$4,225,863
2,389,494
250,431
051,458
18,959
$226,205
income
Balance.
2,092,167
177.701
2,414,637
370,496
86,145
355,461
National Aviation Corp .—New
a
201,373
$219,897
Dividends applicable to preferred stock for the
period, whether paid or inpaid.
Frank F. Russell has been elected President of
as
$435,584
193,149
20,305
mortgage bonds.
on
Net
From Jan. 1—
time
$3,804,688
16,679
Int. chgd. to constr'n
Nashville Chattanooga & St. Louis Ry.—Earnings—
1939
1938
1937
1936
$1,130,809
$1,024,374
$1,253,571
$1,023,607
226,138
115,572
247,147
75,422
Net after rents.
120,170
19,938
176,343
22,630
February—
—v. 148, p.
$4,216,288
9,575
$439,659
income
$434,861
723
Other int. & deductions.
Gross from railway
Net from railway
Gross from
$439,176
483
Net oper. revenues...
Other income (net)
certificate
a
permitting abandonment, as to interstate and foreign commerce,
company of its entire line of railroad, extending from Campaign to
1,277,019
$26,329,579
1,265,672
$26,892,165
1,105,568
$24,996,101
874,217
$22,108,162
69.83 cts.
1.919cts.
72.31 cts.
1.869cts.
72,34 cts.
1.970cts.
71.50 cts.
2.133cts.
$30,141,273
$31,121,504
$29,320,477
$26,069,761
Average amount received
from each passenger.
A v. re
Total
mile
service
per pass, per
passenger
train revenue
-
Net operating revenue per
...
$1.4910
$1.4151
x Includes revenue from milk handled on freight trains as follows in 1938, $25,9371
*n 1937, $94,081; 1936, $136,875, and in 1935, $168,619.
y Revised figures.
revenue
train mile
$1.0449
$1.2508
Chronicle
Financial
1968
April
Comparative Income Statement for Calendar Years
1937
1938
'
*
1936
2,033
1,940
Average miles operated-
Joint
facility!
769.553
Inv. in affil. cos.
Other investm'ts
721,790
800,000
196,007
172,515
25,452
...
$73,080,141 $81,142,587 $78,867,149 $71,091,337
Total
800.000
Cash
2,733,072
852,768
831,225
3,183,940
$10,722384
$9,598,003
13,363,442
1,205,799
29,447,704
2,047,343 11,844,327
1,663,412
12,561,567
1,276,155
15.115,786
31,526,432
.r!:—
—
—
Total--
———
*
2,895,969
<>1,769
——.
242,398
Int. mat'd unpd.
Mat'Is & suppl's
Misc. accts. rec.
assets
Deferred assets.
—$59,798,120 $63,703,267 $58,414,779 $52,414,423
13,282,021
17,439,319
20,452,370
18,676,914
6,090,268
5,734,060
5,569,233
4,134,126
198,198
1,620,199
56,797
2,538.958
1,220,029
83,331
1,262,801
Fupd. dt. mat'd
unpaid..
163,878
vice bals. pay.
101,159
465,134
118,347
143,0X3
586,289
320,997
agts. & cond'rs
Unadj. debits..
—
178,912
1,060,000
1,057,000
Audited accts. &
80,181
623,727
216,507
142,850
432,028
Unmat'd
Other curr. Iiab.
326,391
Deferred Iiabil—
Int. & dlvs. rec.
curr.
1,170,000
178,912
117,173
wages payable
Misc. accts. pay.
29,823
Net bai. due fr.
Oth.
1,170,000
cos.
156,612
1,143
vice bals. rec.
2,278,465
<>560
2,957.272
CY984
<>226
Transport, for investm't
Net oper. revenue.
Tax accruals—
1,396,337
,
affiliated
L'ns & bills pay.
Traffic & car ser¬
Traffic & car ser¬
$7,689,636
12,070,641
1,032,205
27,680,623
Transportation. —- 30,387,192
MiscelL operations—
1,757,508
General-2,648,106
Maint. of equipment—
Traffic.
Non-nego. dt. to
11,011.041 Govt, grants
61,162
Special deposits.
MaK^fway^^ScT^l 1,167,818
947,373
3,000
32,466
914,981
2,260
32,466
10,982,419
ry. property-
$
3,000
58,113,983
29,246,122
2,260
Common stock. 58,113,983
Long-term debt. 29,062,161
Impts. on leased
Sinking fund
Mise.phys. prop.
1937
$
86,939,188 Preferred stock.
Inv. in rd. & eq. 86,647,732
22,108.170
4,673,569
3,333,950
—
24,996,101«
5,036,905
Liabilities—
$
Assets—
2,070
26,892,165
4,913,649
.
1939
1938
lo37
1938
xl935
2,045
-$38,809,938 $45,150,055 $44,880,649 $40,854,735
Passenger.
Iw—- — 26,329,579
Mail, express, &c—— — ' 4,350,738
Incidental—
2,758,661
1,
Balance Sheet Dec. 31
— ..
int.
&
334,919
6,412
327,637
14,485'
rents accr'd—
129
137,025
4,844,422
4,789,290
169,735
162,013
Accr'd deprec'n.
205,687
-.164,513
81,267
1,620,682
3,737,035
—
Other
credits......
$7,191,752 $11,705,259 $14,883,137 $.14,542,788
2,166,158
2,174,397
1,961,075
1,930,162
246,408
182,848
26,695
158,269
4,701,303
4,489,592
' 4,406,382
Joint facility rents (net).
4,555,361
Operating income——
Hire of freight cars.—..
Bent of equip, (net) — —
unadj ust.
Ins. &caa. res—
„
Add.to prop.thr.
inc. & surplus
Profit and loss
*
81,153
'
$517,047
v
$4,591,390
$8,036,300
$8,179,549
$22,944
Net ry. oper. income,
$38,219
658,194
13,539
303,459
1,740,334
117,512
$38,507
1,314,164
35,652
26,375
1,963,257
116,763
$22,564
1 *917,011
111,436
373,934
1,968,312
77,559
$2,871,257
7,462,648
$3,494,720
11,531,020
$4,470,817
12,650,366
1,120,203
11,383,684
1,864,525
807,686
1,810,917
,.,420,765
1,200,106
679,276
2,769,073
11,301,750
1,341,415
798,596
626,633
,
15,912
1,320
1,615,260
133,938
inc. from unfund. secure.
Inc. from lease of road.
-
Miscell. rent income
Miscellaneous.
—
.
—
Total non-oper. inc...
Gross income-—
$2,416,007
2,933,054
....
'Deductions—
Bent for leased roads.—' 1,059,887
Int. on funded debt—— 11,232,459
Int. on unfunded debt.
1,566,335
.
Miscellaneous.
,--.
697.566
..
Net corporate deficit.$li,623,193
$3,5$0,044
$7,713,451
Earnings for February and Year to Date
'
„
:>•"
—
Net after rents
—V. 148, p.
1937
Assets—
$
V
■
1938
Liabilities—
•$
;
...
Taxes....
"
_
_ _ _
3,548",039
—
Operating income
Non-operating income
—
...
(net)—————
—
—
——
.
•
.
.
Miscellaneous deductions
—
Divs.
on
common,stock—
rents
receive.
3,220,498
2,455,762
Mat'd int., divs.
&
debt lncl.
171,617
267,766
Deferred assets.
5,471,373
5,654,410
5,203,260
Unadj. debits..
4r30O,33O
i.
.
.
>.
and rents
Unadj. credits—
2,782,314
15,115,589
Accrued deprec.
48,940,434
to
$
2,731,040
10,776,976
13,447,906
49,724,847
.576,379,679 582,998,785
Fixed assets——134,085,049 136,131,424
59,969
Special deposits.
Investments
—
1,427,704
2,160,819
1,155
4,683
1,966,334
638,789
.
—
Int. and divs
Accts. receivable
Prepayments.
1,?98,869
__
3.874,876
Deferred charges
35,192
275,489
1,415.831
" 700,346
49,314,496
29,911,249
.576,379,679 582,998,785
Period End. Feb. 28—1
" 1939-r-Monffc—1938
$5,997,043
a384,083
companies.— 20,550,000
,
Res. for deprec'n
Net def. after charges,-
b553,040
c
Total.
3,353,424
2,145,465
693,459
1,565,659
1,508,333
9,969,158 dl0,293,074
950,117
738,377
6,216,284
6,606,235
3,235,760
2.227,009
706,068
reserves..
145,518,247 145,747,791
.
.'145,518,247 145,747,791
Total.
Represented by 96,088 no par shares,
b Represented by shares of
$100 par value,
c Represented by 1,057,895 no par shares,
d Retire¬
ment reserve.—V. 147. p. 3166, 898.
a
New York & Richmond Gas
a
The leases of the following companies were rejected on dates stated
below; but net railway operating income includes the results of operations
of these properties: Old Colony BB
June 2,1938; Hartford & Conn. West.
BR,, July 31, 1936; Providence Warren & Bristol RR., Feb. 11, 1937;
Boston & ProvidenceRR. Corp., July 19, 1938.
b Effective as of those dates, no charges for the stated leased rentals are
included,, covering the Old Colony BR., Hartford &, Conn. West, RR;,
Prov. Warren & Bristol RR. and Boston & Prov. RR. Corp. leases.
_c:®^ore guarantees on separately operated properties, x Loss.-—
V. 148, p. 1815.
,
20,550,000
„
'
1939—2 Mos.—1938
$5,281,794 $12,475,628 $11,093,645
xa247,673 a938,357
' x421,336
bl,264,467
b946,897
2,437,876
$
9,608,800,
14,463,900
8,937,107
66,970,500
Advs. from affik
2,141,370 Long-term liab.
relating to Sa647,902
candaga Reser
1,245,150
3,855,431 Accts payable-_
Accrued Iiabil—
Earnings for February and Year to Date
Total oper. revenue
Net ry. oper. income—_
1937
$
$6 pref. stock.
9,608,800
b 7% pref. stock 14,463,900
c Common stock
8,937,107
Funded debt—. 66,967,500
a
Consumers' dep.
1,869,003
699,961
1,742,071
...
-
Earned surplus.
*
Total...
.——
Other
Sink. fd. res'ves
P. <fe L. delicit—
....
_
Liabilities—1
through Inc.&
Total.
129,683
1938
S
prop,
surplus
576,528
1.012,473
1,586,842
$1.53.
08,413
1937
\A.8SCt8"~~"*
Mat'ls & suppl's
2,505,393
4,259,008
10,713,660
Oth. curr. Iiabil.
<
27,885,799
—.
Deferred liabUs.
Add'Us
$3,213,143
576.528
1,012,473
1,057,895
<
$1.09
1,430,538
Balance Sheet Dec. 31
1938
Notes receivable
38,159,682
Unmatured' int. '
payable
64,396
$7,844,557
3,022,407
1,435,058
03,839
129,715
48,073
3,022,259
———,—
Earnings per share on common stock..
.Cash
miscell. accts.
Oth. currj assets
$7,387,892
'
.
and
$7,840,963
3,594
—,
Net income—
Divs. on $6 preferred stocks
.......
Divs. on 7% pref. stock;.........
——
-
divs'.
$7,385,2(
2,6;
.
,
Int.,
2,935",500
3.066,035
$2,749,429
—
Interest on funded debt..
Interest on unfunded debti.—i————'
Interest charged to construction.———
Amortization of debt discount and expense.______
——_
49,036,700
49,036,700
equlp-341,113,291 346,659,725 Preferred stock
Common stock.157,118,600 157,118,600
Impts. on leased
railway prop
12,890,300
12,969,496 Prem.oncap.stk,. 12,638,037
12,538,037
700,403 Grants In aid of
Sinking funds..
700,788
construction
284,967
272,157
Depos. in lieu of
Mortgage bonds 95,628,000
mtged. prop¬
95,628,000
: 124,577,250 124,677,250
erty sold
1,045,841
931,101 Debentures
Misc.phys.prop.
•3,691,444
3,256,882 Equip, obliga'ns 15,087,00Q
13,694.000
Stocks
.....106,917,114 106,951,566 Non-negot. debt
to affilicos—
Bonds......... 43,250,854
43,260,229
468,302
423,145
Notes....—. 18.297,863 * 18,281,816 Coll. trust bonds
& mise. oblig. 19,347,600
19,737,600
Advs., miscell- 22,216.076
22,496,134
Cash...—..:
3,851,518.,
4,261,714 L'ns & bills pay. 24,827,049
24,903,029
Spedlal deposits.
821,854
1,004,514 Traffic and car
serv. bal. pay.
Acets. receivable
2,901,903
2,901,335
2,396,918
2,147,745
Mat*Is & suppl's
5,009,034
6,231,789 Audited accts. &
Loans & bills rec.
wages payable
2,247,568
2,915,924
18,634
20,233
Road &
>:
1938
1937
——$25,242,211 $25,692,,985
10,208,703
10,668,812
1,155,205
1,181.675
2,945,000
———
Depreciation.
Retirement provision
Earnings
Light Corp.
——
Gross income—
$
1,605,176
330,106
187,390
Maintenance expense
1937
$
1,128,000
186,744
def 13,222
Calendar Years<—
Operating revenues
Operating expense.
$3,560,470
"
1,035,356
25,579
def138,097
1332.
New York Power 8c
Condensed Balance Sheet Dec. 31
1938
def92,175
1,155,255
161,528
def31,438
...
def 11,340
From Jan. I—
«'
"
,
1936
$766,634
120,562
53,546
,
$483,111
$568,704
80,599
def20,212
—
Gross from railway.
Net from railway.— J.
.
Figures revised for purposes of comparison.
Note—Old Colony RR., Hartford & Connecticut Western KB.,
and
Providence Warren & Bristol BB. leases rejected by the trustees June 2,
1936, July 31, 1936, Feb. 11, 1937 and July 19, 1938, respectively, but
results of operations are included.
Charges for stated lease rental are
■
1937
$530,344
97,024
4,614
1938
1939
February—•
Gross from railway
Net from railway—
Net after rents..
x
excluded.'
Total——101,519,614 101.899,718
.101,519,614 101,899,718
Total—..
Non-operating Income—<
Dividend income.——~
Inc. from funded secure.
Calendar Years—
1938,
Co.—Earnings-—'
1937
1936
'
:
1935
Operating revenue
$l,186,216 x$l,157,324 x$l,181,960 x$l,213,840
Oper. exp.. taxes, &c—
"863,887
892,322
895,759
■* 851,733
x
Gross income.
$322,329
_
Int. & other inc. charges
158.541
$265,002'
147.336
$286,201"
$117,666
28,953
$136,628
149.573
$362,107
155,370
,
.
.
Newport News Ship Building &
Large Navy Contract—
,1
Gets
.
Dock
Dry
'
.
■
New York Central RR.
'
Gross from
Co.—
;
—Earnings--
1939
railway.
__
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
1938
New York Ontario & Western
Caiendar Years—
1938
Operating revenue..... $6,439,655
Operating expenses.....
5,974,156
Equip. rents, &c. (net)—
1,064,995
22,729
Gross income-
Deductions
...
Net deficit.^
.
—
....
48,587
def$576,767 def$126,230
1,417,547
1,549,056
$1,994,314
56,192,221
12,278,516
5,377,669
$1,675,286
for'
$8,705,935
6,583,844
1,081,453
$163,788
Balance.
.
.
■*
—
—
$163,788
1935
$8,590,059
6,389,755
839,744
$1,040,637
210,356
$1,360,560
239,512
$1,250,994
1,581,837
$1,600,072
1,596-,486
$330,843
prof$3,586
accrued
•
$206,738
86,859
$20,816
$119,879
Balance Sheet, Dec. 31, 1938
$6,216 in 1935.
"
'
Assets—-Plant,
property and equipment.
$6,136,493; other physical
$130,756: cash (including working jfimds, $1,700), $106,988;
accounts receivable (net) ,<$216,235; inventories, $105,116; deferred charges,
$8,807; capital stock expense, $53,878; total, $6,758,274..
Liabilities—6%
cumulative preferred stock ($100 par),
$1.930i200;
common stock (150,000 shares) no par; $1,500,000; 1st refunding. 6% mtge.
bonds, $2,125,000; note payable to bank, $42,000; Accounts payable,
$49,183; taxes accrued and payable, $31,525; accrued bond interest, $21,250;
accrued interest on customers deposits, $18,797; former customers' deposits
unclaimed, $9,600; refundable main extension deposits, $5,274; miscel¬
laneous current liabilities, $862; customers' deposits, $271,310; reserves,
$67,210; contributions in aid of construction, $333,000; surplus, $353,062;
total, $6,758,274.
Earnings for the Month of February and 12 Months Ended Feb. 28
1939—Month—1938
1939—12 Mos.—1938
$97,631
$95,159
$1,193,098
$1,167,192
Period End. Feb. 28—
Operating revenues
Gross income after retire¬
ment
Net
accruals.
—
—
income—
25,303
12,427
in
1936
23,939
10,943
325,929
173.447
281,596
122,966
—V. 148, p. 1333.
& Western RR.—Earnings-
Net after rents.
1938
$229,590
67,667
def7,795
1937
$270,900
92,319
15,234
February—
Gross from railway.
Net from railway—.;
527,050
208,708
534,724
195,947
555,496
191,689
59,026
45,091
68,456
1939
$239,843
88,388
26,943
1936
$371,113
132,645
87,167
From Jan. 1—
Gross from railwayNet from railway
Net after rents—
—V. 148, p.
1176.
New York
700,893
237,642
145,923
,
Telephone Co.—Official Retires—
Announcing the retirement on
taxes
$88,713
115,812
Includes other income of $956 in 1937, $1,117 in 1936 and
x
New York Susquehanna
1936
$6,480,030
5,799,171
x855,675
Includes credit adjustment of $121,949
under Railroad Retirement Act and not paid.
x
59,191,910
13,931,307
6,899,462
Ry.- -Earnings-
1937
Net oper. income....def$599,496 def$174,816
Other Income-
1936
$24,827,653 $21,469,280 $29,289,384 $27,986,471
4,665,899
2,456,157
6,781,774
5,871,172
561,651 def1,588,789
3,035,759
2,718,738
52,330,816
45,855,752
11,132,232
6,398,149
2,708,656 def1,761,825
Net from railway
Net after rents
—V. 148, p. 1651.
_
1937
,
property,
Navy Department announced it has awirded contract for constructing
the aircraft carrier Hornel to this company on bid of $31,800,000.
Sub¬
ject to adjustment for changes in labor and material costs.
Contract pro¬
vides ship be completed within 34 months.—V. 145, p. 3204.
February— !'
Net income.
6%, cum. pref. divs__—
April 1 of John P. Downs, Vice-President
and General Manager for the Bronx-Westchester Area of the company, after
than 42 years of service with the Bell SyBtem, the board of directors
more
on
March 29 appointed Russell H, Hughes to that position.
Mr. Hughes
Volume
Financial
148
has been since
New York Trap Rock
Corp.—Preferred Dividend—
New York Water Service
.
$1,222,515
34,035
Gross income.
on funded debtInterest on serial notes.
Amortization of debt discount and expense
Taxes assumed on interest
-_
indebtn's to Fed. Water Service Corp__
Other interest charges
:____
Interest charged to construction
___;
$1,281,022
773,711
14,896
29,313
12,760
,
5,000
24,226
1,047
48,896
__________
_
_
4
_
_
018,642
15,868
85,171
$338,719
*
Provision for Fed. income & cap. stock taxes—___
Net income.
•
Assets—
Pl't,
Funded debt
t-,-28 .454,882 28,083,960
d Cash & materia.
Inv.
in
subs.
241,402
464,364
609.599
2,609,599
Interest
e
10,709
deposits
Advs. to sub,
510,000
95,188
Mtge.
Cash
208,844
202,936
Notes&accts .rec.
c
56,879
Acer, unbilled
155,843
130,050
81,221
12,302
1,116
Prov. for Fed. tax
3.206
Unearned
revenue
78,936
Reserves—_____
2,743,800
86,177
Contrib. for exten.
473,057
122,193
6% cum. pref. stk.
4,653,200
176,241
165.487
b Common stock..
2,601,500
247,889
200,380
Capital
498,482
498,482
Earned surplus.;.
4
...
——
-—31,237,784 33,004,061
Net
operating revenues..
Non-operating revenues_v_
.2,338,645
Norfolk Southern
RR.—Equipment Trust Issue—■
Net results of oper. of 111.
a
equipment trust certificates purchased from the Recon¬
From Jan.
Gross from
607,707
19,875
Net from railway..--.Net after rents
—
—V.
148, p.
Power
a
Freight revenues
$6,316,113
Pass., mail & express rev.
227,565
expenses.......
$6,610,888
646,602
1.400,369
132,391
Transporta'n rail line...
1,577,583
oper. rev_._.
Maint. of way & struc..
Maint. of equipment...
Miscel 1. operations.
General expenses
_
,
includes the net results only, of their
1937.
630,344
63,108
def7,410
■
.
14,580
170,961
Crl ,573
_.
Transport, for invest
.
Consolidated. Balance Sheet Dec. 31
Cash
911,823
1,976,765
Equipment rents (net) J.
Joint facil. rents (net).'.
$3,650,445
Cr393,264
025.539
$1,917,235
3,697
$697,379
14,090
$4,018,169
41,486
advances
$4,059,656
356,873
,742,512
$532,802
$3,702,783
term
7,933,043
6,889.387
—
,
oper.
Gross income->
Int.
on
Net
—V.
_.
income.
—
funded debt
income
148, p.
239,136
5,148,051
218,201
1,544,619
DepositsReceivables—1
.
Divs.
1
debt
102,620
18,860,000
38,874,300
39,410,300
4,000,000
4,000,000
564,320
491,881
of
-
payable
pay.,
123,144
18,412,000
of
Accts. payable.
1,534,195
7,058,161
_r
_
on
pref. stocks of
Accrued taxes-_
Material & supps
901,285
Other assets
438,832
3,167,284
156,157
Deferred charges
197,764
70,153
funded debt
1,246,927
Accrued interest
432,350
218,201
1,064,652
349,057
Customers' deps
348,388
433,249
Other
116,300
559,132
subs
960,862
3,029,213
•
DIsccbR & exp.
curr.
liabs.
Contribs. by cus¬
tomers for con¬
struct. of prop
Res. for
:
&
185,317
,
166,625
deprec,
retirement-
7,064,869
6,155,405
Other reserves—
Total.
-
—
119,059,807 118,020,625
116,377
295,121
Capital surplusDeficit
357,483
1486.
—
debt
subs
b
$1,242,204
Railway
Funded
d Notes
500,463
14,604,400
not
218,201
Funded
In¬
a
on
but
N.A.Lt.&P.
vest. at cost__
Cash.
Dlvs. accumu-
declared-
>
20,069,162
$1,599,687
178,419
$711,469
178,667
Railway tax accruals.
14,604,400
c
lated
$1,457,388
142,299
$1,920,932
■
,
1,722,468
nois Iowa Pwr.
$1,132,011
0355,182
,Dr29,806
Net ry.' oper. income.
Other inc. items (baL)__
.
693,259
■
18,555,021
3,623,149
Pref .stks.of subs
77,041,046
Co. & subs.._ 20,024,270
Short
$
18,555,021
Com.stk.($1 par) 3,621,392
Other invests. &
2,014,056
$570,894
Crl 43,133
Dr16,648
dep.: "
with trustees.
$3,146,067
$1,735;930
Crl 98,227
Dr 16,923
on
1937
$
$6 cum. pref.stk
Securities of Illi¬
$5,221,865 $13,814,136 $10,898,895
1,370,089
671,412
1,329,807
2,561,413
2,909,002
1,220,506
283,565
269,324
148,693
3
52,272
3,296,516
1,507,065
;
34.271
34,968
14,85$
:
352,583
354,508
177,058
Crl ,366
Cr444
07,200
$5,627,210
Liabilities—
$
Incl.intangibles 77,543,478
$4,940,246 $13,142,955 $10,240,490
224,496
521,865
527,980
25,830
53,446
' 52,421
31,293
95,870
78,003
>
1938
1937
1938
Prop, and plant,
1939—2 Mas.—1938
$1,482,717
Net ry. oper. revs_._.
operations for the first four months of
. •,
.
»
comparable.
Assets--
$2,669,975
934,045
,/•
utility * subsidiaries have adopted new uniform systems of
accounts as of Jan. 1, 1938 (prescribed by t>her regulatory commissions in
certain of the States in which the utility subsidiaries operate), which pro¬
vide for changes in accounting classifications.
As a consequence the con¬
solidated income statements for 1938 and 1937 are not in ail respects
Note—The
'
_
The consolidated income statement does
minority interest.
operating revenues, expenses and other details of the con¬
solidated income statement of Illinois Iowa Power Co. and subsidiaries, but
V
Other transport, rev.___
24,422
Incidental & jt.facil.rev.42,788
$1,329,071
not include the
Ry.—Earnings—
1939—Month—1938
Cr86,133
$1,239,076
—
1937, there became effective a plan of recapitalization of
Co. (formerly named Illinois Power & Light Corp.)
1,
1816.
Period End. Feb. 28—
Traffic
reduced to
1936
.71,881
def22,029
_
result of which the 100% interest which North American Light & Power,
Co. had held, through a subsidiary, in common stock of that company was
$313,938
33,716
def2,401
■653,374
582,412
3,067
def83,534
def62,245
_
Norfolk & Western
Railway
'
'
893,161
1,243,657
as a
1—
railway
$ly242,938
1,961,823
______
Power Cp. & subs..,___
.
$342,064
55,046
5,996
def24,699
4ef27,230
Net after rents.
'V
1937
1938
$297,833
17,951
1939
railway—$297,663
railway
11,863
February—•
Gross from
Net from
'
Earnings for Februdry and Year to Date
On May
Iowa
Illinois
bears 4% in¬
Nov. 1, 1940,
$47,000 May 1, 1941 to Nov. 1,1944, $34,000 May 1,1945, $47,000 Nov. 1,
1945, and $13,000 May 1, 1946.
The issue has been placed privately.
-
—
$5,281,579
of Illinois Iowa
Balance before net results of oper.
Power Co., and subsidiaries
a
Finance Corporation by Salomon Bros. & Hutzler
terest and mature $48,000 each M. & N. from May 1, 1939, to
.
——
31,237,784 33,004,061
Total-...
struction
■
$5,218,575
1,861,133
893,329
1,225,037
— _
—
$4,408,313
873,266
$1,239,076
——
2,540,278
$4,334,657
883,918
—
charges of North Amer. L. & Power Co_
Net income
$662,000
"—12,500
After reserve of $2,000,000.—V. 147, p. 3022.
e
.
2,203,509
Interest charges of subsidiaries (net)___
Dividends on preferred stocks of subsidiaries
3,279,132
a Including unamortized debt discount and expense,
b Represented by
26,015 shares of $100 par value,
c After reserve for doubtful accouhts and
$51,468 in 1938 and $49,647 in 1937.
d Held foi" special
The
—
Provision for Federal surtax on undistributed inc.
Appropriations for depreciation reserves
[
notes receivable of
construction projects,
-
-
—
Provision for income taxes
Interest
Total
—
Taxes___.___._-__
Gross income—_
2,338,645
1,637,772
1937
1938
[,744,462 $15,477,344
5,715,290
6,108,569
755,429
822,663
1,137,876
1,171,222
597,700
413,800
_—3
—
Maintenance
paid-in
surplus..
Light & Power Co. (& Subs.)—Earns.
Operating revenues
Operating expenses
440,686
4,653,200
2.601,600
_
& prepaid accts.
of pref. stock.._
J
.
North American
2,545,893
Commiss'n on sale
1816.
p.
Calendar Years—
Taxes accrued
&
148,
March 28, author¬
334 % debentures, series due 1949; $25,000,debentures series due 1954, $25,000,000; 4% debentures, series
due 1959, and 696,580 shares of preferred stock, b%%"series.—V. 148.
P. 1651.
^
a
\
6,000
Miscell. accruals.
Deferred charges
Pre¬
The New York Stock Exchange at a meeting held on
158,343
109,323
Fire protec'n serv.
a
y
000 3M%
due
accrued..
113,410
rec.
$271,528
depreciation,
^
2,550
6Q4
$1,015,406
-
—
Before depreciation for retirement reserve or for
North American Co.—Listing—*
10,645
83,359
.
9,605
29,070
Bonds Called—-
39,109
1.083
,
Due from sub. dos.
,574
14,799
29,070
All of the outstanding first and refunding mortgage 5 % 30 year gold bonds
due May 1, 1944 have been called for redemption on May 1 at 105 and ac'
cured interest.
Payment will be made at the Harris Trust & Savings Bank-
71,968
103,040
Due from affil.cos.
41,843
1,019,270
1,049
liminary, subject to audit. "
,
.
Note—Net income previously shown in the financial reports of the com¬
panies has been reduced by the amount of $32,825 for the year 1937 as a
result of applying thereagainst the amounts included for that year in the
adjustment of expired debt discount and expense charged to surplus in 1938.
105,092
15,484
191,294
131,245
:
2,370
for int. accrued-
62,3/2
41,843
indebtedness to affiliated companies-_
on
Net income—
x
200,000
34,642
Deferred liabilities
Cash held by trust.
Mat'i8 & supplies
87,674
10,448
bonds
$2,431,888
995,345
64,652
993,837
'
106,000
depos.
payable.
July 1, 1938..'
Interest
$2,158,376
—
ized the listing of: $20,000,000
Assessments
505,000
co.
consolidated
not
4,605
$2,841,575
409,687
Minority interest in net income of sub. company--
100.000
100,000
Notes payable
Accounts
$2,799,036
640,660
Other interest (net)________
Other income deductions—_________
—15,870,500 16,006,500
Indebt, to Federal
Wat. Serv.Corp.
Consumers'
cos.
not consol.herein
Misc. inv. & spec'l
—
$2,778,464
63,111
funded debt
on
2,937,202
22,753
Gross income-_
Interest
$
$
Liabilities—
$
5
equip¬
prop.,
ment, &e
1937
$5,715,665
Amortization of debt discount and expense _______
Amortization of sundry fixed assets- — -—
Chicago, 111.—V.
1937
1938
1937
yl938
$6,109,906
3,333,623
— _ —
maintenance and taxes
Other income (net).
Consolidated Balance Sheet Dec. 31
1938
(Wis.) (& Subs.)—Earnings
$2,776,283
30,872
$358,640
Miscellaneous deductions
Northern States Power Co.
Year Ended Dec. 31—
Operating revenues
Operating expenses,
$1,250,151
$1,256,550
767,818
35,750
15,081
13,134
5,208
14,206
Cr3,231
__
Interest
on
2.1% compared with the corresponding week last year.—V. 148, p. 1816.
1
„
Other income
Interest
(Del.)—Weekly Output—
Northern States Power Co. system for the week
1939, totaled 24,817,324 kilowatt-hours, an increase of
25,
Corp.—Earnings-—
Including Rochester & Lake Ontario Water Service Corp.]
Calendar Years—
;'
1938
1937
Operating revenues
$2,934,752
$2,927,811
Operating exps., deprec.,
Operating expenses, depreciation and taxes.______
1,712,237
1,677,660
Net earnings
Northern States Power Co.
Electric output of the
eneded March
Directors on March 30 declared a dividend of $1.75 per share on the
preferred stock, payable April 11 to holders of record March 29.
A similar
amount was paid on Jan. 3 last.
The current payment covers the three
months ended March 31 and settles preferred stock dividends in full to
that date.
In addition the sinking fund on the corporation's 1st mtge.
bonds under the terms of the supplemental agreement dated Jan. 1, 1935,
and the participation payment on the corporation's 7% sinking fund gold
debentures under the terms of the second mortgage dated Jan. 1, 1935.
to correspond with the above-mentioned, were authorized and will be pro¬
vided for.—V. 148, p. 132,
1969
Chronicle
Assistant Vice-President in charge of plant and en¬
gineering.—V. 148, p. 1815.
1927
15,407,468
15,405,710
0,273,959
Total
4,830,907
-.119,059,867 118,020.625
payment of dividends on preferred stocks of subsidiaries and
deposits,
b After reserves for uncollectible accounts and notes of
$177,121 in 1938 and $183,627 in 1937.
c On preferred stocks of sub¬
sidiaries
d To the North American Co.
Note—In 1937 there became effective a plan of recapitalization of Illinois
Iowa Power Co. (formerly named Illinois Power & Light Corp.), in the
common stock of which North American Light & Power Co. had held,
through a subsidiary, a 100% interest.
As a result of the recapitalization,
such interest of North American Light & Power Co. in the common stock
a
For
other
Northern Alabama
Ry.—Earnings-
14,491
12,262
99,498
34.337
130,932
120,162
56,072
54,306
22,792
def3,550
23,844
22,311
1938
1937
$55,490
27,630
$49,297
$64,680
27,026
*
Net after rents
18,576
1—
Gross from railway.....
Net from railway
/
Net after rents
—V.
170
112,095
50,636
railway
Net from railway
From Jan.
1936
$58,610
24,789
8,896
1939
February—
Gross from
148, p. 1333.
Northern Indiana Gas & Electric Co.—Bonds
A
total
of
$28,000 first lien
Called—
and refunding mortgage gold bonds 6%
for redemption on May 1 at 105 and
made at the Fidelity-Philadelphia.
series of May, 1922 have been called
accrued interest.
Payment will be
Trust Co.—V.
148,
p.
1486.
of Illinois Iowa Power Co.
by 300,000.shares
April 14 to holders of record March 31.
Arrearages after the current payments will amount to
for
734 quarters.—Y. 148,
p.
1652.
,•
the full dividend
,
was
reduced to a minority interest represented
of the outstanding new common stock) and
from time to time prior to the recapital¬
& Power Co. effective Aug. 20, 1926)
American Light & Power Co. in common stock of
Illinois Iowa Power Co. was reduced to an amount equivalent to 38.29% -
ciation resulting from revaluations
ization of North American Light
of the interest of North
carrying value of the 100% interest previously held, by charging
61.71% of such carrying value, or $28,815,662 to reserves and surplus
(deficit since Dec. 31, 1932).
Such reduced carrying value was arrived
at on a purely arithmetical basis and was not Intended as a revaluation
at actual value of the present investment.
The investments in securities of Illinois Iowa Power Co. and subsidiries
shown in this consolidated balance sheet include the common stock and the
warrants referred to above, together with certain securities of Illinois Iowa
Power Go. owned by subsidiaries Qf North American Light & Power Co., and
of the
Northern Indiana Public Service Co,—Accum. Div.—
The directors have declared a dividend of $1.75 per share on the 7%
cumul. pref. stock, par $100, a dividend of $1.50 per share on the 6% cumul,
pref. stock, par $100, and a dividend of $1.3734 Per share on the 534%
cumul. pref. stock, par $100, all payable on account of accumulations on
(38.29%
300,000 warrants (each warrant entitling the holder to purchase on or be¬
fore May 1, 1948 one share of new common stock for $30 cash).
Coinci¬
dent with the recapitalization, the carrying value (which included appre¬
off
Financial
1970
certain securities of subsidiaries of Illinois
Iowa Power Co. owned t>y
Pacific Gas &
North
Light & Power Co., and are represented by 312,478 shares of
stock, 12,478 shares of 5% preferred stock, 12,478 dividend arrears
certificates, $5,000 principal amount of 1st & ref. mtge. bonds and 300,000
warrants of Illinois Iowa Power Co., a 6% mtge. note for $875,000 due
Gross revenue,
fSr
Co.- -Earnings—
1939—2 Mos.—l 938
1939—Month—1938
$2,769,224
$2,656,736
$5,374,778
22,923
3,827,585
$5,351 ,'855
3,845,577
$1,726,668
12,292
Operating revenues,.. $2,759,761
Operating expenses—
1,878,693
$2,644,444
$5,554,253
54,358,166
52,279,853
39,811,961
12,199,736
4,181,936
40,752,252
12,123,834
3,717,670
41,333,647
14,669,475
1,695,644
40.118,842
14,942,162
23,430,289
24,910,748
24,968,528
23,521,935
24,910,748
247,298
7,708,490
12,522,540
12,522,538
2,978,066
6,261,270
4,432,422
5,788,334
6,261,270
$2.71
6,261,257
Gross income—
$739,744
368,677
$881,168
Net oper. revenues—_v
387,034
Prov. for Federal taxes..
Profit.
Net
income
——
— —
$761,555
681,809
$952,696
853,364
$371/067
340,635
$494,134
455,451
.Net operating income.
148, p; 1334.
—V.
defl24,393
def53,714
Gross from railway....Net from railway......
———
148, p. 1334.'
defl50,789
77,579
after rents—
From Jan. I—-
Net
—V.
$132,863
$195,064
Net from railway
after rents.
def23,715
Before subsidiary dividends.
'
:
.
518,545
2,011
.'/■••
$62,351
Operating revenues.. .
Operating expenses..._.
$62,204
40,549
$59,948
37,931
Net oper. revenues...
$21,655
Operating taxes......
Unamortized valuation expense——
•
$120,859
294
144
$125,801
83,193
$120,715
75,844
$42,608
$44,871
$14,789
6,789
$29,041
■
— —
_.—
——--- —
Gross revenue.
14,461
>•
*
Accounts payable.
.
—
—
<
,
200,000
2,400,000
2,375,000
$630,122
286,405
$7,284,475
3,439,725
$7,694,854
3,199,631
$383,031
155,577
$343,717
$3,844,751
155,577
1,866,923
$4,495,223
1,866,923
$227,454
$188,140
$1,977,828
$2,628,300
$678,463
295,433
Gross income.....—
Int. & other fixed chgs—
-
Net income...—
stock...
Balance
—V. 148, p. 1335.
'*
Co.—Proposes Cut in Common Par—
Ohio Fuel Gas
»
Commission has announced a hearing will
the declaration of the company regarding the reduc¬
of its common stock from $50 to $45, a corresponding
reduction in common capital account from $67,190,150 to $60,471,135, and
regarding the issuance of new certificates evidencing such reduction.
It is stated that there are now outstanding 1,343,803 shares of common
stock, all of which are owned by Columbia Gas & Electric Corp. , It also
is stated that the company has outstanding $6,000,000 of 4% serial notes,
publicly held, and $6,734,363 of 6% demand notes held by Columbia Gas.
—v. 144, P. 3185.
r./
•'
•• ^; v , .
The Securities and Exchange
be held April 18 on
tion of the par value
.
471,680
.134,270,625 130,865,625
-156,533,925 156,533,925
134,405
53,465
289,553,400 276,814,000
3,484,900
>».
-J
-
-
-
_
—
— — —
—:
—
——_
Dividends payable.—t
Bond interest due.
Accrued'taxes, &c—
pensions
I-
2,153,041
412.259
u.
1,446,590
3,168,426
-
,
- —— _ * _
1,449,575
3,178,127
217,488
—
-
.
.
..
-
—^■— —
—
1,090,827
8,860,171
99,232,781
3,208,178
1,056,334
1,021,123
5,983,000
■*
.930,448
43,462,281
-107,350,588.
3,671,377
1,032,229
— .
-
—
—
,
Capital surplus ..... i
Earned surplus
.
—.--
;
—
V
---,—
.
,/-:;■■<
—
"
606,401
46,037,239
-
_. — ... ....
—V. 148, p. 1487.
5,983,000
-
. —— _ . — __
—
1,192,488
-
—
-.-764,251,466 740,483,901
:
;
'
Refinancing— \
-"..V;.
■
■
Corp.—Calling
Lighting
260,934
1,116,496
" 8,855,268
-
— - —... — -
-. —,--.;
Jnvest. in Standard Pacific Gas Line, Inc..
Pacific
351,965
424,485
—
For insurance, casualty, &c
Total...
149,515
2,588,460.
.
-
_
———.. -
Reserves—For depreciation
$30,410
1939—Month—1938
1939—12 Mos.— 1938
$1,683,773
$1,624,781 $18,695,130 $19,578,458
805,310
794,659
9,010,655
9,508,603
200,000
82,741
513,879
'
...764,251,466 740,483,901
J!....
stocks & surplus of subs—
Drafts outstanding
For
.
178,278
a.-.
.... — ....
... ... .
For excess amounts charged gas consumers.
Oper. exp. and taxes
Provision for deprec'n..
Divs, on pref.
.
Customers' meter and line deposits
13,567
...
Ohio Edison Co .—Earnings—
22,474,689
618,426
106,144
458
Preferred capital stocks of subs, held by public—
Bonds called but not redeemed.—: —
148, p. 1487.
Period End. Feb. 28—
21,468,755
——
— —
— .
preferred stock
For
Net operating income.
1
Other deferred charges,
Minor, int. in capital
$22,017
7,228
$14,866
1,097,852
8,444,345
9,502,245
5,701,926
— — —
—
Accrued interest—not due.
—
—
Unamortized bond discount and expense——
Common stock
$126,095
70 "•
147
_
1——
J.
386,315
248,634
1,263,782
...
Liabilities-—
$6Q,018
Operating revenues...__
Uncollectible oper. rev..
(less reserves).
$
16,465,903
10,421,311
5,237,053
—
.
Accrued interest on investments
—
1937
^ _ 703,448,213 686,633,786
4,922,917 V. 5,046,033
— - ...—...
Material and supplies
First
1939—2 Mas. —1938
.
$2.10
*
v
def26,490
Telephone Co.—Earnings—
1939—Month—1938
3,753,573
6,261,254
$2.55
1938
1
.
properties
Total
21,263,935
410,780
7,707,446
9,392,137
-
Investments—at cost.
Funded debt_
Ohio Associated
7,708,478
10,174,725
-v
1
*
Plants and
2,258,000
.
288,991
Consolidated Balance Sheet Dec. 31
"
^\sSCtS"
,
Period End. Feb. 28—
23,960,528
■./.<.
Unexpired taxes
554,031
3,654
def4/,462
346,730
def224,920
def282,192
403,648
def99,039
defl48,638"
'
—V.
$2.47;
Notes and accts. receivable
1936
$243,311
defS,732
Nu Enamel Corp .—Registers with SEC—
See list given on first page of this department.—V. 146, p. ,117.
•
....
Shares of common stock.
Earnings per share..—
Cash and cash items
1937
$278,683
13,883
defl4,573
1938
1939
February—
Gross from railway...
Net
—
...
Discount and expense on capital stock
Sinking funds and special deposits. .
Northwestern Pacific RR.—Earnings—•
«
stocks
on com.
1,654,745
1,008,000
——
Net profit.......—
Divs.
''
'
—
-.
—
...
-
Provision for gas revenue
in dispute-...
— _
744,723
773,972
-
Bond int. and discount—
x
Operating taxes—
depreciation, &c..
Surplus
1,904,700
i
60,038,621
$1,506,278
9,463
$5,571,814
17,561
Operating revenues_>—
Uncollectible oper. rev.-
TOSSPfVA
61,821,648
x
Northwestern Bell Telephone
t»YPI5
1935
$
92,398,695
23,430,289
Divs.ofsubs.oncap.stks.
221,188
Divs. on pref! stocks
7,708,490
Light Co., the last two companies being subsidiaries
of Illinois Iowa Power Co.
The securities of Illinois Iowa Power Co.
Included in the foregoing, which are carried in the consolidated balance sheet
at $19,067,114, have an asset value as indicated by a consolidated balance
sheet of Illinois Iowa Power Co. and all of its subsidiaries at Dec. 31, 1938
(subject to the adequacy of the depreciation and retirement reserves) of
$10,099,357, and a value based on market quotations on that date of
$1,481,056, without including any value for the 300,000 warrants for which
no market quotations are obtainable.—V. 147, p. 2872.
stock of Iowa Power &
Period End. Feb. 28—
Ard
F.YIIR
and 860 shares of 7% preferred
1940 of Central Terminal Co,
27,
1936
$
95,691,813
Calendar Years—
common
1, 1939
Electric Co. (& Subs.)—Earnings-
\m8
1937
including
$
$
miscell. income....-.101,633,609 100,790,873
American
Nov.
April
Chronicle
Debentures
of
and
v.■;
Corporation arranged in February, 1939 for a bank loan of $7,000,000
at 3% interest which will be used to retire the $7,000.BOO face amount of
outstanding 4J^% sinking fund debentures, due 1945.
The directors passed
a resolution on
Feb. 27, 1939, which called for the redemption of these
debentures en April '5, 1939, at 102% of their face value plus accrued
int0r0st
.1
Maturities of the bank loan are as follows: On April 1, 1940, 1941,1942,
$500,000: on April 1, 1943,1944, 1945, 1946; 1947, and 1948, $750,000; on
April 1,1949, $1,000,000.
■ v ;;
Corporation has the option at any time of paying these notes prior to the
stated maturities.
•'
,«<
:
'
'•«
Consolidated Income Account for Calendar Years
"
;
1938
1937
1936
1935
operatingrevenue_$45,500,803 $47,900,777 $50,569,071 $49,459,232
expenses...21,323,916 23,129,027
22,715,596 21,030,377
Taxes-..7,165,909
7,506,541
7,153,509
6,550,678
Prov. for retirements...
5,754,798
5,768.999 ; 7,172,133
6,912,731
Gross
Operating
—
.
..
Ohio Wax Paper
Net opef.
Co.—Extra Dividend—
revenue....$11,256,180 $11,496,209, $13,517,833 $14,965,446
304,600
518,058
618,271
216,332
Other income (net)...„
share in addition
to the regular quarterly dividend of 25 cents per share on the common stock,
both payable April ,1 to holders of record March 20.
An extra of 75 cents
was paid on Dec. 22 last*
See also V. 147, p. 4063.
Directors have declared an extra dividend of 25 cents per
——$11,560,780 $12,014,267 $14,136,104 $15,181,778
2,165,939
4,158,456
'4,987.524
1,995,000
Total..
*
"
Bond interest
Amortization of discount
and expense.
City^Ada-Atoka Ry.—Earnings-
Oklahoma
Net from
Net
1,269
From Jan.
after
19,232
76,998
33,116
16,795
11,379
Net inc. before divs..
ority interest..
42.144
.
Operating profit
(net)..
—
Other deductions
1936
$5,132,741
726,441
865,316
885,846
•
1,018,394
.
a$502,594
55,191
$3,635,827
43,092
$3,463,324
Cr36,890
$3,540,984
198,777
672,512
779,460
715,064
x493,244\
430,000
375,000
718,543
395,000
bond disc. & expense.
Prov. for est. Fed. taxes
undist.
on
1.514,023
132
264
,220
$7,419,095
$8,185,156
1,179,990
.
'
154
1,179,990
$7,775,077
1,179,990
stock.,'4,825,893
x5,630,208
Remainder to surplus. $1,890,440
$964,879
*
1,179;990
4,584,598
3,860,714
$3,144,452
of regular dividends on the
regular dividends were declared
have been declared
5, 1938.
For pur¬
of comparison the amount of the dividend so declared, $1,206,473
Due to
x
$1,654,507
,
change in dates of declaration
a
company's common stock, only three such
with the calendar year 1937, that which usually Would
in December of that year being in fact declared on Jan.
poses
with the regular common dividends
1937 and returned to earned surplus.
With
has been included in the above statement
Bond int. & amortiz. of
Surtax
,
—__
1935
$5,367,564
1937
$5,661,851
984,157
1,041,867
681,332
1,080,556
■
$9,699,399
1,513,410
Remainder, applicable
to Pacific Ltg. Corp. $7,896,323
'
1938
$8,932,769
1,461,945
32,791
Divs. on common
$1,259,294
$9,237,154
,1,353,818
Conunon stock—Min-
75,205
73,674
22,191
3,693
Co.—Earnings—
Calendar Years—1
'469,971
26,937
Cr2,053
$9,250,295
.■
Divs. on pref. stock
Manufacturing profit—
Sell., gen. & admin. exp
Depreciation.
1,023,510
34,393
Crl3,024
34,038
Divs, of subsidiaries:
—V. 148, p.1177.
Otis Steel
596,767
27,337
Crl2,930
298,869
.
—
Preferred stock——
2,659
rents.
CY17.423
.
.
.
construct'n
$36,866
'
1—•
Gross from railway...-Net from railway..
Net
$30,599
5,472
57,579
16,480
after rents.
5,049
def3,771
$35,859
13,681
—
.
.
1936
1938
February1939
\
$27,220
railway—7,971
Gross from railway.
Other interest.
Int. chgd. to
1937
1
profits
J
of
the
company for
parent
the amount shown above has been stated to include
the amount of the dividend so declared on Jan. 5, 1938.
recent
previous
years
Consolidated Balance Sheet Dec. 31
$1,230,297
Net profit
Divs. on conv.
a
of
$1,980,149
$2,228,664
397,218
838,644
529,352
—
1st pref.
stock
Divs.
$2,320,031
—
—
prior pref. stock
on
Loss
...
After deducting
x
78,852
franchises
overprovision for year
1935 in the amount
Comparative Balance Sheet Dec. 31
1938
$
3 ,608,734
:
&
accts.
ceivable
$
4.075,391
(net)
—
Accounts
1 ,770,273
4 ,571,900
1,210,003
6,836,062
382,073
55,827
440,073
87,258
(net)
Other assets
Fixed assets (net) .25 ,653,774 25,563,717
Deferred assets
payable.
770,439
813,343
& county
—
$
972,794
.36,813,020 39,025,8471
Represented by 915,829 no par
Shares in 1937.—V. 147, p. 2873.
x
bond
disct. & exps.
D:s
2,488,948
2 7S5.685
stock........
—
$
46,000,000
Cons.
dep.
46,000,000
and
1,702,187
1,702,187
299,218
664,784
1,075.767
Current iiabils..
12,174,249
66,804,931
3,441,584
17,806,406
Retire,
reserve..
Ins.,«tc
688,342
1,215,291
14,106,000 14,251,000
821,190
Reserves..
872,387
Conv. 1st pref.stk. 10,313,640 10,674,240
x Common stock—
4,482,985
4,579,145
3,088,332
3,352,772
Capital surplus.
1937
19,666,500
29,937,924
22,572,350
1,633
adv. for constr
ount on cap.
Miscellaneous
$
Funded debt—
195.552,870 185,165,696
4,595.752
7,319,770
14,807.438
16,335,651
taxes,
interest, &c
-
— —
1,008,234
1937
-
Liabilities—
Pref. stock... 19,666,500
x Common stock
29,937,924
Sub. cos. pref... 22,537,600
Min. int. of subs
1,453
y
reserve
,
Surplus..
1,332,046
14,498,454
60,653,840
3,685,930
15,725,096
Funded debt..
Earned surplus.
Total-
•
$
Liabilities—
Acer. & unpd. Fed.
re¬
Inventory
Total invest,
Inv. in securities
Unamort
1938
1937
$
&
Current assets.
Asset3—
Notes
propa.
1938
1937
$
Assets—
Plant,
$26,756.
Cash
1938
Total....
shares in
J Total219,446,414 213,973,774
x
Total
Represented by 1,608,631 no par shares,
shares
(no par).
y
•
.
219,446,414 213,973,774
Represented by 196,665
'
.
—
1,892,500
3,520,015
36.813,020 39,025,847
1938 and 896,597 no par
Plans
Preferred Stock Issue—
*
;
.
The corporation is expected to file its registration statement covering
issuance of new 5%
the
preferred stock for the refunding of„the 6% issue now
^outstanding on April 10.
Blyth & Co. and. Dean, Witter & Co., are ex-
ted to head the underwriting.—V. 148", p.
1653.
Volume
Financial
148
no steps have been taken under this decree.
The jurisdictional ques¬
presented by this decree has been ruled upon by the court in this pro¬
ceeding.
On May 19, 1938, the trustee reported to the court the facts
concerning this decree and filed a petition for instructions.
The petition
was referred to a special master who on July 14, 1938, filed a report finding
and
Pacific Portland Cement Co.—Accumulated Dividend—
Directors
have
accumulations
declared
dividend
a
of $3.25
share
per
on
tion
of
account
the 634 % cumulative preferred stock, payable April If
to holders of record March 24.
Dividend of SI was paid on Dec. 28 last
—V.
147,
on
4063.
p.
of the reorganization proceedings might be retained for the
of considering a plan of gradual liquidation.
The court approved
special master.
According to its financial state¬
ment as or Feb. 18,
1938, assets—the timber lands—total $1,791,462.
Total liabilities (exclusive of $1,168,700 stock) are $3,462,214.
The debtor has had no income.
It has never engaged in operations.
It has never made any appreciable sales.
It was therefore required to
raise funds in other ways with which to pay taxes and other carrying
charges as well as the interest on its funded debt.
The secured debts, as scheduled by the debtor, amount in the aggregate
to $1,277,728.
These consist principally of the outstanding bonds and
that jurisdiction
Pacific Power & Light Co.
Period End. Feb. 28—
purpose
(& Subs.)—Earnings—
and adopted the recommendation of the
The company is admittedly insolvent.
1939—12 Mos.—1938
$5,898,716
i,715,490
3,216,482
3,185,970
1939—Month—1938
$504,143
273,766
$472,540
262,991
131
131
57,908
57,708
694,900
692,500
$172,469
17,590
$151,841
17,408
$1,987,203
200,913
$1,836,889
206,829
Operating income..$190,059
298
$169,249
$2,197,116
551
106
52,043,718
3,697
Gross income
$169,800
85,417
$2,197,222
1,025,000
253,613
52,047,415
1,205,000
231,083
$918,609
$791,332
458,478.
£58,478
Operating revenues..
Oper. exps.,incl. taxes..
___
Amortization of limitedinvestments
term
Prop. retire't
1971
Chronicle
res. approp
Net oper. revenues
Rent from lease of plant.
accrued interest
"
Other income (net).....
$190,357
85,417
14,962
'
intge. bonds....
Other int. & deductions.
on
16,908
income.
••
$89,978
$67,475
Dividends applicable to preferred stocks for the
Net
x
period, whether paid
unpaid....
or
_______
...
.
.......
accumulated and
Dividends
x
....
...
_
_
___
himself for out-of-pocket disbursements.
unpaid at
28,
Feb.
1939,
amounted to
pref.
Divi¬
$152,826.
Latest dividends, amounting to $1.75 a share on 7%.
stock and $1.50 a share on $6 pref. stock, were baid on Feb. 1, 1939.
dends on these stocks are cumulative.—V. 148, p, 1817/
Co. (& Subs.)
Pan American Petroleum & Transport
1938
1937
1936
1935
...$88,305,475 $94,641,765 $86,559,657 $71,691,738
Cost of sales, sell. & adm.
expenses,
&c........ 74,824.356
76,273,308
74,272,464
62,749,123
sales....
$13,481,119 $18,368,457 $12,287,193
'
15,675
11,153
42,188
469,895
454,399
467,910
...$13 ,966,689 $18,834,009 $12,797,291
353,472
265,675
101,629
1 ,708,849
1,663,089
1,977,457
Maintenance and repairs
2,405,758
2,861,621
3 ,469,336
Rents and royalties
1,527,699
1,747,822
1 ,448,607
415,525
Miscellaneous charges..
969,773
1 ,081,689
Federal income taxes... *
568,433
1,168,681
245,759
value common stock in the new corporation, three-fourths Of which
represented by voting trust certificates.
Continuing, the report of the SEC says:
;
From the above we conclude (1) that there is no present probability that
par
would be
18,942,615
$9,311*426
113,198
1,339,327
2,364,461
1,739,811
160,282
150,358
Operating income
Interest
......
....
Miscellaneous income.__
Total income
Bad debts written off.
Taxes other than income
"
for surtax on undistributed profits
Prov.
Loss
sale of
on
Interest
.
.
the first mortgage bondholders the
amount of their principal and the full amount of even such reduced interest
as is provided for under the plan.
The payment to the bondholders of all
the proceeds presently forseeable would not satisfy the debtor's contractual
obligation to them.
the sale of the debtor's assets to
'
386,508
meet the
by
53,119
,898,918
div.
21,
notes,
due
4,066,446
3,104,471
$5,539,385
$2,463,259
$490,549
4,702,910
$1.17
2,821,744
$0.52
$0.10
1944..—........
sh.on cap stk.
.....
:
$0.08
1938
1937
.
Cash
6,712,694
accts. receivable
Inventories
797,450
525,439
Heat&Pow. Co. 2,035,602
2,035,602
52,132,167
receivable
accts.
Inv., in Petroleum
x
Fixed assets....54,478,229
Goodwill
&
$
7,000,000
8,196.205
3,202,815
Reserve
.
,
lor
3,204,028
1,814,078
319,070
2,867,330
1,867,310
Long-term debt
20,437,427 13,521,219
y Capital stock....23,514,723 23,514,723
4,602,262
Capital surplus... 4,602,262
Earned surplus
27,862,063 27,917,917
90,822,471
x
After
reserves
for depreciation,
3466.'-
"
depletion and amortization of $34,251,y Shares of $5 par value.—V. 147,
7v
A,
The
their meeting Oh March 24 took
no
act-ion with regard to
-;V
'
'
.
that there be transferred to
on
1937
$2,860,414
March 17 made public an
plan of reorganization for the 'company.
This is the first advisory
report filed by the Commission under the provisions of Chapter X of the
Bankruptcy Act, as amended.
The petition for reorganization was filed under Section 77-B of the
Bankruptcy Act on Feb. 11, 1938, and was approved Feb. 18; 1938.
The
plan was proposed and filed by the debtor on Nov. 7, 1938, and was sub¬
mitted to the SEC by order of the Court entered Dec. 20, 1938.
Penn Timber Co. was incorp. in 19.13 in \Vbst Virginia.
Its business is
to hold and sell timber and timber lands.
The company has never con¬
ducted any operations; it has no mills or other equipment.
It acquired
1.371,088
$950,539
174,386
$827,796
161,105
$1,065,752
$776,153
55,021
$666,691
49,301
$1,121,506
201,321
$831,174
$715,992
244,716
29,164
92,892
19,762
*166,000
37.148
83,660
49.750
$435,643
175,642
160,885
Total income.........
on
loans, &c.
available
1,589,825
$1,270,589
$754,324
196,625
Other income.
tax on
Not
.$721,029
33,294
;
operations
Profit from
1935
.
$2,321,6271
$915,712
194,683
$734,423
182,704
321,420
$504,800
238,394
156,673
$420,782
1,329,256
».
—
'1936
1938
1st mtge. bonds.
Amort, of bond, disct.,
Reports oh Reorganization-—
Securities and Exchange Commission
.
Income laxes
,
204,837
55,753
205,565
745
a
Net income
Divs. on $7 pref. stock._
Divs. on common stock.
x
Consolidated Balance Sheet
1
$
Asselx—
...
history.
Accounts
350,670
I
promotion of the company this property was purchased from John
In return he received $900,000 of common
stock and the debtor assumed a $900,000 mortgage which had been given by
Wheeler to Booth-Kelly Lumber Co., the previous owner.
The original
stockholders then authorized an $800,000 6% first mortgage bond issue,
dated July 1, 1913, and to mature July 1, 1918.
The proceeds of the issue,
together with funds realized from the sale of approximately 1,000 shares
of the company's stock, were presumably used to satisfy the $900,000 mort¬
gage to Booth-Kelly Lumber Co.
In July of 1918 the bonds matured.
They were redeemed out of the pro¬
ceeds of an assessment of $50,000 upon stockholders and a refunding issue
of $750,000 of 6% first mortgage bonds dated July 1, 1918, and to mature
July 1, 1928.
Early in 1923 the company refinanced this bonded indebted¬
ness and also obtained new capital by the sale of $850,000 of 6% first mort¬
gage bonds dated July 2, 1923 and to mature July 1, 1933.
The bonds
sold to the public in 1923 are the bonds presently outstanding.
The
debtor defaulted on July 1, 1932, in payment of semi-annual interest on
the bonds, and on July 1, 1933, defaulted in the payment of principal.
No action with respect to these defaults was taken by the Detroit Trust
Co., trustee, or by bondholders.
The petition for reorganization In this
proceeding was filed by the debtor on Feb. 11, 1938.
It alleged the
debtor's insolvency and inability to meet its debts as they matured.
The
In the
petition was approved on Feb. 18, 1938.
In February, 1933, after the company h^d defaulted in payment of fran¬
chise taxes due to the State of West Virginia for the fiscal year commencing
July 1, 1932, a West Virginia court entered a decree purporting to for¬
feit the company's charter and appointing a special receiver to liquidate its
assets.
No assets of the company are or were ever located in West Virginia
$
.
payable,
vendors, &c~.,_
Life ins. policies
.1937
S
1938
Liabilities—
$
■
234,356
0ash...»;.r—./
Dec. 31
1937
1938
Bills and accts. re¬
E. Wheeler of Portland, Ore.
381,430
Including undistributed profits taxes.
32,989 acres of timber lands in Lane County, Ore.,
containing an estimated 1,564,750,000 feet of timber, principally fir.
Only a negligible amount has been sold over the entire period of the debtor's
title to approximately
:
.*;•
.
$2,244,968
'
•
-
Gross profit
Int.
advisory report filed in the U. S. District Court for the District of Oregon
on
'
Sand Corp. (& Subst)-^-Report-r—
account, $325,205, and surplus from appraisal
the $7 cumulative convertible pre¬
30, 1938, $102,758 and provision of
$12,777 for the bonus tax on the additional stated capital.
The result was
a total stated capital of $8,669,815, of which $120 per share was deemed
to be stated capital in respect of each share of the $7 cumulative con¬
vertible preferred stock outstanding and the balance to be stated capital
in respect of the common stock."
•
■
Comparative Consolidated Income Account for Calendar Years
Allow, for deprec. & depl
payment of a dividend on the common stock at this time.
A dividend of
25 cents was paid on Jan. 15, last, and previously regular quarterly dividends
of 40 cents per share were distributed.—V. 147, p. 3919.
Penn Timber Co.—SEC
-
.
Glass
Cost of goods sold, sell.,
admin. & generalexps.,
'
Parkersburg Rig & Reel Go.—No Common Dividend—•
at
'
Net sales-
than 25 years^ starting
later becoming Treasurer and Vice-President.—
(
Directors
.
the cor¬
accouUt, $6,178,646, less the cost of
ferred stock retired on or about May
Total .........92,325.641 90,822,471
Mr. Shainwald has been with the company more
factory hand and
14$, p. 742.
'.'v.,'
Commission has announced that
balances in the capital surplus
|
Official—
a
SEC ' Approval
Corp.—Seeks
corporation the items capital surplus and surplus from
appraisal so that the stated capital at July 31, 1938, should be the sum
of the amounts theretofore appearing as stated capital, $2,281,500, the
Paraffine Cos., Inc.—iVetp
'
"
Election of R. H. Shainwald as Executive Vice-President of the company
V.
of other provisions contained in
William J. Woods, President, states:
"On Sept. 27, 1938, the directors ordered
by the board of directors in meeting on March 28, was announced by W. H.
Jjowe, Pabco President.
•"
as
These and other
modifica¬
bondholders.
to the desirability for
stated capital of the
013 in 1938 and $29,983,190 in 1937.
p.
forth in the
propose*! plan.
Pennsylvania
1,814,030
360,675
Total .........92,325,641
interests junior to the mortgage
148, p. 592.
Fed'l
taxes..
other
intangible assets
Deferred charges..
in our opinion,
poration has filed an application under the Utility Act for approval of the
sale of $212,500 of first & refunding 5s of 1954 of Kentucky-Tennessee
Light & Power Co. The bonds will be tendered to the trustee for $180,000,
the average cost to Pennsylvania Investing Corp., it is stated.
The proceeds are to be applied to the reduction of the company's in¬
debtedness on its 6% convertiole obligations due March 1, 1963, payable to
Associated Electric Co.. in an amount of not less than $179,000.—V.
1937
$
Accrued liabilities.
7,988,997 : 8,728,575
18,179,519 19,207,301
Long-term notes &
•
,
4,2.50,000
Accounts payable. 6,587,828
Customers' notes &
,
Liabilities-—
,
requirements of feasibility and fairness which are set
The Securities and Exchange
Notes payable!..._
6,018,683
V
•;
set forth, the proposed plan does not,
Pennsylvania Investing
of Bond Transaction—
Consolidated Balance Sheet Dec. 31
1938
Assets-
any
the
Dec.
Earns, per
reasons
considerations also point, in our opinion,
tion of the provisions for management and
2,943,421.
$363,276
„■
Net profit for year
Div. paid on 7-yr. 3H%
the
controlling statute, and, therefore, should not receive the approval of the
Court.
A reasonable estimate of the prospects of the enterprise leads to
the conclusion that there is no legal basis for further participation therein
ITov. for depreciation &
amortization
.
,
For
10,019
648~634
_ .
pay
Conclusion
-4
•
22,342
(net)
sees,
charges....
that
from
the plan can be effected in ten years or any comparable period; and (2)
there is no present probability that sufficient proceeds can be realized
155,664
213,147
'
70,766
Proposed Plan of Reorganization
•
contemplates the sale of the debtor's assets and distribution
turity of the outstanding $850,000 of bonds would be extended to July 1,
1948.
Interest accrued ($312,800 as of Feb. 28, 1938) and to accrue on
the principal of the bonds would be evidenced by non-interest-bearing scrip.
The unsecured notes
($2,147,957) and open account claims ($35,546)
would also be extended to July 1, 1948, and would bear interest at 6%.
The stockholders of debtor would receive, on a share-for-share basis, no
Calendar Years—
Net
'
•:
The plan
of the net proceeds to bondholders, unsecured creditors and stockholders.
To carry out the plan, an Oregon corporation would be formed to take title
to all the assets and assume all of the obligations of the debtor,
The ma¬
$332,854
$460,131
_
,
.
During the reorganization proceeding, the court has authorized the sale
by the reorganization trustee of $30,000 of certificates, which -are to be a
lien on the company's assets prior to all claims other than taxes, to enable
the trustee to meet taxes, to pay the expenses of an audit and to reimburse
W
Balance
claimed.
is
ence
Int.
1938,
(principal, $850,000; accrued interest to Feb. 18,
$312,800), past-due real estate taxes ($62,866), and moneys advanced by
Detroit Trust Co., likewise to meet; carrying charges, for which a prefer¬
96,034
107,643
263,226
255,806
Accrued bond int.
16,151
16,526
197,168
215,218
Other accrd. accts.
69,500
60,000
Dividends payable
38,574
43,344
44,849
157*140
net...
ceivable,
Inventories
179,470
55,170
105,789
Pref.
3,859
Accrd. int. receiv.
Investments
stock
fund
38,220
sink'g
accrual
Deferred
accts
214,448
3,152
Sinking fund
166,000
4,310,000
4,409,000
2,281,500
325,205
Income taxes
.12 ,814,494 12,863,679
accounts
95,175
Capital stock
a8,669,815
Capital surplus...
Cap'l surplus from
Gen. prop,
First
198,855
mtge.
VA%
bonds
2,087
appraisal
6,178,645
—
672,782
573,667
Pref. stk. sink, fd. bDrbb,Y!Q
Z>rl05,789
Earned
Total
13,953,485 14,129,646
Total...
surplus—
13,953,485 14,129,03
a Represented by 24,768 shs.
(no par) $7 cum. pref. stock
shs.) and 321,860 shs. common stock (no par),
b Preferred
fund payment due March 31, 1939.—V. 148, p. 1336.
(1937, 25,628
stock sinking
Pennsylvania Reading Seashore Lines—Earnings—
February—
Gross from railway
Net from railway
Net after rents..
From Jan.
Gross from
1—
railway.....
Net from railway......
Net after rents
—V. 148, p. 1336.
1938
$309,467
def97,868
def2l7,396
1939
$336,321
def62,999
defl93,975
1937
$368,021
def74,666
def210,614
1936
$449,329
def6,855
defl37,387
...
675,833
def150,220
614,780
def220,382
:
.
724,225
defl56,090
810,419
def67,970
def470,832
-
def411,559
def432,707
def331,304
Financial
1972
Phillips Petroleum Co.—To Vote on Stock Increase—
Pennsylvania RR. Regional System—Earnings—
[Excluding Long Island R, and Baltimore & Eastern RR.]
Stockholders at their annual meeting on
1939—Month—1938
1939—2 Mos.—1938
revenues.$29,635,795 $25,578,264 $62,509,999 $54,107,598
Period End. Feb. 28—
Railway oper.
Railway oper. expenses.
22,703,006
20,579,723
Net rev. from ry. oper.
$6,832,789
$4,998,541 $15,064,166 $10,457,959
1,743,999
3.700,800
3.461,666
405,544
904,623
859,583
359,931
801,540
770,459
570,873
709,202
1,098,432
155,203
273,764
286.055
Phoenix Securities
1,864,500
427,256
Unei.ployjjL.ent ins. taxes
Railroad retire't taxes..
386,584
Equip, rents—Dr. bal_.
Jt. facil. rents—Dr. bal.
332,265
115,266
income- $3,706,918
Net ry. oper.
Net from railway--..
Net after rents.
and State inc. taxes
Fed. and State inc. taxes
Total store income.,
for
Prov.
a
Other income
.
$1,644,547
$1,352,821
194,642
53,071
43,101
245,6 ^
27, 75
44,981
186,475
$858,606
55,038
368,136
$1,059,602
59,426
613,685
$1,328,675
92,983
797,103
$1,121,365
$435,432
$3.27
Miscellaneous charges—
Federal income taxes...
Surtax undistrib. profit.
$1,352,928
1
45,613
$386,491
$4.0/
$438,589
$5.04
$568,478
$4.06
Net profit
Preferred dividends
Common dividends
Surplus....
Earn, per share on com.
a
Net
$1,311,549
188,937
.
...
$1,588,026
56,521
$1,097,928
50,384
T —
Total income
$1,287,444
65,484
.
41,272
'
LiabilUres—
1937
Goodwill A
the year
Cash...-..-
2,454,740
4,087,783
135,218
1,125,815
225,391
202,566
117,726
der
119,144
—
.77,108
$
53,570,825
payable^
2,387,441
Notes payable..
y146,360
2,486,016
183,608
3,986,977
6,802,001
1,407,218
Accts,
6,965,104
' 8,079,322
Accrued salaries,
501,978
539,779
Collect. A other
7,617,949
7,956,647
7,274,797
receivable-...,
y
7,527,665
...
Ac__.v
wages,
credits
net
instal.
8,988
11,490
sales:.
1,114,177
988,577
12,125,917
1,033,442
Deferred
credits
122/132
145,508
6,256,410
Res.
rnaint.
1,424,472
1,506,321
■
37,906
172,532
Deferred charges
Cash...-.
for
repairs, Ac.:.
_
retail stores
Insur.
Total.........$8,407,221 $8,145,424
$8,407,221 $8,145,424
Total........
b Represented by 245,474
After depreciation,
'•
■
•
■
Surplus.-.
Philadelphia Suburban Water Co .—Earnings—
revenues.
x
1939
$2,450,684
$2,506,552
664,790
686,878
131,624
131,889
1938
,
j
_
deration (includingmaintenance).:..
•
Taxes
...
..
—
.."$1,654,270
Net earnings-....
Federal income tax.
Retirement expenses.....
11,632
100,664
238,947
$1,687,785
676,450
*
25,023
121,698
233,754
$626,976
$630,859
676,050
— —
...
*
......
-V, 148, p. 1180.
After reserve,
1938
1937
1936
1935
$1,255,754
628,783
$2,984,644
737,737
$2,403,897
$1,087,973
632,270
$626,971
6,581
$2,246,907
6,534
$1,714,259
52,329
$4 55 >703
$633,552
320,495
62,050
$2,253,441
,321,401
V 96,248
291,849
40,000
x251,247
$1,766,588
$526,098
350,186
203,510
Calendar Years—
•Gross
profit..& selling
—
—
Operating
exps._
income..
Other income—
—
«
Total income
—....
Interest
Prov. for Fed. surtax...
Phillips-Jones Corp. (& Subs.)—Earnings— \
.Y
Net sales
Other
Calendar Years
1935
1936
$5,830,653
6,745,790
$8,610,166
8,455,922
79,009
Operating income:.. loss$915,137
.<.
» 5,844
$75,234
21,760
$7,271,464
7,068,782
86,416
$7,564,708
x7,388,840
76,697
,171
20,846
Cost of sales, exp., Ac—
Depreciation..
Other income..
$116,266
11,087
-
~
Total income..--..i loss$909,293
Interest
Net income.*..
$104,307
82,145
$71,866
81,917
$98,309
82,145
$1,740,481
.....
def$10,051
$16,164
$22,162
85,000
85,000
85.000
Nil
Nil
$0.19
85,000
$0.26
Sharps of common out¬
standing (no par)....
,.
After deducting credit of $98,896 representing claim
States Government for refund of processing tax.
x
against United
1937, $94,424, write-off of deferred charges existing as at Dec. 31, 1937
$33,865, provision for loss on advances to former officer made prior to
Dec. ol, 1937 $125,000, provision for loss on notes and accounts receivable"
arising prior to Dec. 31, 1937, other than trade $30,275. adjustment of
fixed asset values and reserve for depreciation $124,257 and sundry other
credits, $958, balance (as above) $803,295.
Assets—
a
1938
Fixed assets
1937 11
$1 ,876,990 $1,724,295
Trade name, good¬
123,949
Accts. receivable.
.
199,952
811,085
1,013,032
Claim against U.S.
Government
20,316
Rents rec., Ac
26,000
Inventories
Sundry
1 ,377,160
Dividends payable
25,000
2,142,578
on pref. stock..
Capital surplus.-.
and
notes
Earned
receivable
30,935
Deferred charges..
97,182
--$4,343,301
$5,962,644
1 077,712
surplus.defl ,522,818
30,574
20,309
7,548
37,593
Accrued taxes....
14,175
13,001
56,§0Q
Accrued payrolls.
1,291,316
State
Balance owing by
56,600
trustees.......
a
—
...
-
Total
......
—$4,343,301 $5,962,644
1937. b Represented by 85,000 shares of no par value.—V. 148, p. 888.
10,625
130,073
102,346
inc. taxes.
351,066
22,536
,'63,895
.
Misc. accrued llabs
securities.. —49,243
49,243
2,037,125
2,216,370
Paid-in
surplus...
21,590
25,899
Earned
surplus.
63,095
59,248'
y
49,068.
v
55,013
60,000
60,000
3,823,993
3,823,993
596.685
912,796
55,308
Patents.
Deferred charges.
Total..
a
After
—
_
Sinking fund pay.
.--$7,817,956 $8,457,213
depreciation
of $3,595,412
__
..$7,817,956 $8,457,213
Total
in
1938
b Represented by 1,500,000 no par shares,
ment for employees.—V. 147, p. 3320.
c
and $3,281,073 in 1937.
Under stock deposit agree¬
Pittsburgh & Shawmut RR.—Earnings—
1939
—V.
90,402
def24,811
def506
def23,413
1937
$71,323
8,309
7,234
I
1936
$73,318
11,629
8,171
1—
railway
148, p.
$46,285
defl2,621
defl2,301
107,220
10,375
Net after rents..
From Jan.
1938
$53,951
5,622
def716
Net from railway
1336.
141,860
13,719
11,751
123,449
16,511
12,981
,
Pittsburgh Shawmut & Northern RR.—Earnings—
1939
February—
$83,619
26,341
13,909
Net from railway
Net after rents
From Jan. 1—
After deducting depreciation of $1,166,709 in 1938 and $1,100,017 in
-
Inv. In marketable
Gross from railway——
Total
$1,506,000
1,440,000
124,578
Prov. for Fed. and
Gross from railway
622,225
120,001
accts.
411,658
Mi$cell. accts. rec.
Due from empt's—
Net from railway
Net after rents
56,312
1,380,000
Accounts payable.
199,053
Accrued interest._
10,200
1,640,414
receiv—
Gross from
160,488/
Funded debt...
355,717
Accounts
638,076
J
$3,951,127
1,423,664
Gash
504,419
Accrued taxe3
1937
1938
b Capital stock...$1,500,000
Accounts payable.
Royalties pay.,Ac.]
Liabilities—'
1937
equlp$3,789,199'
765,555
95,241
...
Investments
chinery A
2, 000,000
45,000
18,406
$46,004
.
Land, bldgs., ma-
925,000
Mtge. payable
190,925
2,506
1,254
$350,948 pf$1252,698 pf$1046,349
957,499
756,876
1938
"
.
2 000,000
stock.
184,927
Balance Sheet Dec. 31
.Assets—
Notes payable
1
Cash
1937
$1 153,500 $1, 160,500
7% pref.stock
b Common
will, Ac
1938
340,625
$0.84
$0.72
Nil
x Includes $424,139 maintenance and repairs, $175,514 taxes, other than
Income taxes and $2,302 provision for doubtful accounts,
y Includes
$203,622 taxes other than Federal and Pennsylvania income taxes, $1,904
provision for doubtful accounts and $45,721 for bond discount and expense.
Gross from railway
Liabilities—
70,395
Nil
February—
Consolidated Balance Sheet Dec. 31
x601,956
689,637
*
Inventories...
y Special charges and adjustments consists of adjustment of merchandise
inventory as at Dec. 31, 1937, $326,041, adjustment in connection with
acquisition of subsidiary companies as at Dec. 31, 1938, $70,389, write-off
of advances to salesmen And deferred selling expense existing as at Dec. 31,
......
—
c
,
Earns, per share on com.
....
.
Dividends paid_._
—
Earnings per share bn
capital stock (no par).
a
.
deductions..—..'
Net ioss.-_
$127,353
23,046
$120,017
21,708
25,128
loss$1,740,481
Preferred dividends....
Deficit
$96,994
«
27,893
y803„295
.
—
Special charge & adjusts.
44,406,388
Includes acceptances payable/—V, 148, p. 1490.
y
Prov. for*Federal taxes.
Consolidated Income Account for
1938
1937
1,000,000
47,313,307
.
— ..-
Pittsburgh Screw & Bolt Corp .^—Earnings—
Depreciation
Balance available for dividends.
5,670
1,998,995
4,611,442
"1,000,000
Total..'.118,147,136 118,123,994
118,147,136 11.8,123,994
Admin.
Interest charges
.........
Amortization and other deductions
5,852
5,003,107
Ac
,
Total
12 Months Ended Feb. 28—
rqs.,
Pension A relief
shares.—V. 148,
no-par
Y
1489.
Gross
'
1,674,212
.
_
reserve..
Conting.
P.
on
Mln. int. in sub.
In treasury
a
■„
$
53,969,100
86,793
37,906
164,172
1937
Liabilities—
Capital stock...
Govt. A oth.seq.
Investments
793
•
$
Other receivables
10,705
;
1938
63,391,636
23,890,164
19,742,728
-
Patents-..——
2,009
"
,
y:
v
S
Notes and accts.
3,011,782
188,937
*
62,358,536
Property accts,
Inventories.
85,082
3,409,831
10,270
.
Invest., loans, Ac.
Capital stock held
Deferred charges.
Income taxes pay.
Mlsc ell. reserve...
Earned surplus...
1938 and $236,015 for depreciation of
1937
1938;
r
x
247,713"
3,000
*
reorganize.
Contract deposits
96,394
3,196,657
28,356
---
3 ,007,196
28,026
—„j._
Invent, of supplies
Cash in banks un¬
■
accr.
Estimated bonuses
than customers.
Inventories
and
salaries
126,896
other
rec.
$58,334,803 $52,923,785 $43,624,906
13,928,415
11,783,121
6,426,070
Consolidated Balance Sheet Dec. 31
.
2,454,740
Accounts payable^
1,544,603 Unpaid
,869,550
Accts. receivable.-
Notes
1
1
127,225
403,114
184,792 Drl,093,830
in the 1938 statement.
$900,000
b Common stock:
trade¬
marks
/
property not in operation in 1935, $3,890 in 1936 $7,556 m 1937 and
$6,891 in 1938, these amounts having been charged to the reserve for con¬
tingencies.
b Also without deduction of $607,805 for reduction of book
value of plants not in operation to estimated realizable value,
d After
deducting net losses and expenses in connection with retirement of property.
Notw—Depreciation and depletion in the amount of $4,189,825, and taxes
in the amount of $2,108,612 (which taxes are in Addition to Federal and
State income taxes shown above), have been charged against net income for
■
$825,000
.
32,098,942
Surplus at end of year$47,3113,307 $44,406,388 $41,140,663 $37,198,836
a Without
deduction of $48,315 for maintenance in 1935, $54,991 in
1937
'
'
37,198,836
41,140,663
44,406,388
1936, $68,614 In 1937 and $45,316 in
125,483
427,404
1938
——
Surplus before divs...$51,080,088
pref,
6H%
stock...
machinery, Ac ..$3 ,075,765 $2,937,181
j
—.—
of market-
adjust,
'
Cum.
buildings,
Land,
•
500,000
$6,488,907 $18,287,969 b$15321,834 $11,398,739
cSla^^mves'tmTs!"
Consolidated Balance Sheet Dec. 31
1938
1
Dividends declared—3,766,781
Includes depreciation and amortization.
Assets—
a
263,027
488,014
,
beginning of
at
year
$1,035,268
62,659
-
-
..
Net inc. for the year
Surplus
.
.
'
1,421,279
1,926,895
$8,032,570 $22,569,942 $18,770,588 $14,216,861
1,543,663
3,793,959
3,185,727 r 2,318,121
and
pensions
relief:
.$22,024,295 $22,688,504 $21,410,428 $19,487,254
19,822,402
18,175,705
20,989,026 21.401,060
Operating income
2,438,207
3,128,686
Fed. surtax on undistributed profits.
-
1938
1937
1936
1935
—$21,734,863 $22,383,144 $21,121,116 $19,217,063
289,432
305,360
289,312
270,191
1935
$4,903,884 $20,131,735 $16,843,693 $12,795,582
Net income before Fed.
Cost exp., income
a
554,944
Y.
1936
1937
1938
profit from opers.
Other income—net
1488.
-
2,912,042
441,043
Pittsburgh Plate Glass Co. (& Subs.)—-Earnings—
Calendar Years—
•
Other store income.
3,946,885
657,123
697,911
: :: '
1'48, P. 1655.
d Net
Peoples Drug Stores, Inc. (& Subs.)—Earnings-—
..
1,729,745
def279,577
.def 12.1,823
321,630
—V.
66,516,981
15,082,248
9,968,697
73,991,849
16,578,908
10,548,895
53,985,522
10,485,516
4,024,847
62,369,270
15,106,873
8,734,413
Calendar Years—
$1,528,297
313,604
363,685
146,300
...
From. Jan. 1—
Net from railway
Net sales.--—
331,602
357,586
^
2,484,944
181,961
.
Gross from railway.
•
1936
$1,945,082
defl 11,446
d/f49,272
1938
.
Net after rents--....
—V. 148, p.
1937
$831,768
1939
$1,210,735
83,863
Net after rents— — .—
1939
1938
1937
1936
.$29,472,537 $25,519,900 $36,167,731 $33,595,745
6,853,609
5,011,568
8,275.33 6
7,235,949
3,735,617
1,783,087
5,335,883
4,658,891
February—
railway...
Dross from
Earnings—
Pittsburgh & Lake Erie RR.February—
Gross from railway—...
Net from railway
Gross from railway
Net from railway
Only
Company
board of directors of this cor
148. p. 743.
poration, effective March 20.—V.
Net after rents—.—
From Jan. 1—
$3,981,764
$8,674,237
$1,768,991
'
'
stock
Corp.—Director Resigns—
Guthrie has resigned from the
Robert R.
Railway taxes
April 25 will consider amending
the certificate of incorporation so as to increase the authorized common
from 5,000,000 shares to 7,500,000 shares.—V. 148, p. 1819.
43,649,639
47,445,833
April 1, 1939
Chronicle
Net from railway
Net after rents—
—Y. 148, p.1336.
—
1938
$70,678
10,098
def5,929
183,387
65,312
.156,833
38,024
def7,098
27,265
1937
$93,073
18,392
7,030
180,431
28,651
8,652
1936
$104,168
29,326
18,904
186,602
37.891
19,115
Volume
Pond Creek Pocahontas
Pittsburgh Steel Co. (& Subs.)—Earnings—6 Months Ended Dec. 31—
Net sales
,
—
10,039,652
713,623
________
Depreciation and depletion
Loss
12,447,929
725,505
14,196,629
630,756
$62,287
120,350
x$897,728
106,206
...
Other income
201,020
Interest, &c._
_
_
-
_ _
_
Net
y
income
for
account
year
on
Dec. 31 '38
Invest. & advances 4, 543,893
Cash...
Marketable secur.
Accts. & notes rec.
2,611,849
Inventories
9,845,122
x
Coal lands,
equipment.
.
r
andfdepletion,
y
29 ,688
paid-in.12,987,812 13,576,011
1,846,796
"1,154,061
amortization,
After
505,275
29,395
$87,953
$4,870,123
$4,789,730
4,627,760
502,778
160,962
4,633,790
527,718
151,153
3,740,237
570,344
172,442;
x3,500
5,600
$3,950,617
Inventory
Customers'
y2,352
Accts. rec.
2,880
for
Cap.
'
>
<
-
,
,
......
stock
v.-.
Inventory.
1937
$25,912
193,742
Accounts' payable.
$399,515
$250,101
123,793
Workmen'? comp.
195,259
Notes payable....
163,491
9,400
131,513
119,268
145,972
...
Other assets.
9,902
Loan
9,902
105,048
...
98,035
81,977
,
Securities owned..
Sinking funds
Special
156,900
95,436
5,81.7
tured bond.....
Reserves.
6,323
5,299,540
equipment
Deferred charges
52,604'
•
_
V
■
•
.
'
5,517
6,023
3,233,700
120,000
120,000
Pref; stk, in treas.
7>24,000
7>r24,000
IJT 1,000
Capital surplus
...
950,162
721,338
Deficit
Dr 1,000
1,726,094
Com. stock ip treas
716,502
$5,875,024 $6,331,290
x After
allowances
for
depletion, amortization and depreciation of
$8,776,211 in 1938 and $9,205,180 in 1937.
y After allowance for doubtful
accounts of $28,908 in 1938 and $30,281 ih 1937 —V. 147> p, 3320.
Total
Total.......__$5,875,024 $6,331,290
Pittsburgh & West Virginia Ry.—Earnings-
Net from railway..
Net after rents....
42,620
428,200
78,070
#1,530
Net from
after
—V.
........
148, p.
*
1655.
Pleasant
'
?—
Valley Wine Co .—Earnings
freight-out
-a - ->
57,103
.
..
$43,149
....
.
'
63,611
$22,061
914
....
$22,975
2,630
$44,498
profit before income taxes
Provision for Federal income taxes
8,455
(tentative tax).
$20,345
$0.08
$36,043
$0.14
Net profit for period
Earnings per share on capital stock.....:
per
$178,794
93,123
$212,610
112,358
»
*
Operating profit
—
Other income, discounts, rents, &c......
as
1938
1939
_
on
208,218
-
229,837
Selling, general and administrative expenses
Based
182,705
"228,883
Oost of goods sold
*
557,994
708,474
•,
'
v
.
3Months Ended Jan. 31—
Sales net after discounts, allowances^
and excise taxes
Net
$277 v5l6
87,981.
106,727
$361,796
123,325
127,556
1—
Gross from
Net
'
74,976
railway.530,359
railway..'
162,851
rents
141,186
From Jan.
1936
1937
1938
$203,521
31,776
1939
$262,239
84,069
February—
Gross from rail way...
estimated
valuations
Jan. 31, '39
Inventories Jan. 31, 1939 computed at
Oct. 31/ 38
Comparative Balance Sheet
Assets—
Jan. 31/ 39
$18,330
Cash
a
Oct. 31, '38
$7,685
Liabilities—
Accrued
326,344
Fed. normal &
3,789
Inventories
104,722
2,937
Excise stamps
$2,587
4,573
24,504
cl2,134
4,823
250,000
210,000
payable
119,331
287,782
receivable
expenses.
taxes
1,996
942
b Fixed assets....
314,371
318,714
Cap. stk. ($1 par),
Paid-in surplus
250,000
210,000
Earned
Prepaym't & def'd
189,600
89,047
surplus
192,083
a
...
$757,939
After reserve for
$771,0061
Total.........
$757,939
•
long as that company is legally solvent, the union avers, in that
provision is made under the plan to recompense the Cable company for
61,266 shares of Associated Cos. preferred stock is owns.—V. 148, p.
so
Providence &
no
the
1330.
Worcester RR.—To Pay $1.50 Dividend—
a dividend of $1.50 per share on the common
holders of record March 22. Dividend is contin¬
Directors have declared
stock, payable April 3 to
gent upon receipt from trustees of New Ilaven RR.
and interest on company's bonds due from trustees
of rental due March 31
on
April 1.
Dec. 22, and on Oct. 15, last, this latter
being the first dividend paid since Oct. 2, 1937, when a quarterly dividend
of $2.50 per share was distributed.—V. 147, p. 3920. Dividend of $1.25 was paid on
Puget Sound Power
PeriodEnd. Dec. 31—
& Light Co. (& Subs.)—Earnings
1938—12 Mos.—1937
$1,415,734 $15,793,069 $16,718,034
471,952
5,498,675
6,154,959
112,086
1,103,099
1,210,352
188,542
2.188.049
2,133,653
1938—Month—1937
$1,439,424
476,462
100,100
186,873
Taxes
'te
(net).
$675,989
I>r3,891
$643,154
1,155
$7,003,245
DrlQS,564
$7,219,070
$672,098
Net oper. revenues
Non-oper. ii
Balance../
Interest &,
1
Mtization.
$644,309
323,242
$6,839,681
3,842,177.
$7,112,780
3,852,979
$321,067
$2,997,
$3,259,801
1,488,194
321,615
$350,483
Appropriations for retirement reserve
1,469,781
$1,527,
dividend requirements
$771,006
$7,500 id 1938.
of $222,509 in 1939 and $218,075 in 19371
$3,679 Federal income taxes payable and $8,455 reserve for Federal
ncome taxes (tentative tax for current period).—V. 147, p, 4065.
.
Appeals was asked March 29 by an independent
labor union to reverse a finding by Federal District Judge Alfred C. Coxe
that the Lehman-Stewart plan for reorganization of the corporation is
fair, equitable and feasible.
The appeal was made by Commercial Cable Staff's Association, which is
the recognized sole bargaining agency, for employees of Commercial Cable
Co., a subsidiary of Postal Telegraph.
Appellants charged that the plan
calls for the illegal distribution of assets of a corporation which is not
subject to bankruptcy proceedings, inasmuch as Commercial Cable is not
in receivership.
This allegation was basal on the plan's provision for
distribution of $40 cash to Postal bondholders for each $1,000 bond held,,
the union arguing that such a distribution would dispose of $3,033,509 of
Commercial Cable's cash to owners of another company's securities.
The union also asserted that the plan makes no provision for segregation
or conservation of the $4,676,000 pension reserve fund which is carried on
Commercial Cable's balance sheet, and therefore the plan is unfair to
Commercial Cable employees, beneficiaries of this pension fund.
The union also argued that the Lehman-Stewart plan discriminates
against its employer, Commercial Cable.
Under the plan, minority holders
would receive $30 in new preferred and two shares of common stock of
Postal Telegraph System, Inc. (the land lines) for each share of preferred
stock of Associated Cos.,tan intermediate holding company subsidiary of
postal
pli &c G&blc
*•!,',
1
*
Such a distribution of securities would be unfair to Commercial Cable
Balance
bad debts of $10,384 in 1939 and
b After reserve for depreciation
c
Appeals
The Circuit Court of
Prior preference
Total..
;
- r
& Cable Corp.—-Labor Union
Drl06,290
53,003
9,661
12,338
5,195,981 19,640,864
Total
(203,768 in 1937) shares class A common (no
value, c After depre¬
Balance........
appraisal
and formulae
charges
7,592
Surp. arising from
Brands, trademks.
351,051
sur.
...
'
Miscell. accts. rec.
......13,628,013
$29,000
Notes payable
Accts.
Accts. and notes
i
Reorganization Plan—
Maintenance
1.
31,730
1,293,400
surphis...
Deficit...
5,195,981 19,640,864
,
Operating revenues
Operation.
books.
2,853
3,445,000
30,532
2,540,569
Postal Telegraph
100,000
Common stock...
5,688,247
31,892
Capital
b Represented by 200,000 shares of no par
ciation.
d Includes notes.—V, 147, p. 2874.
par)
'
4,320,000 14,703,240
1
1,500,000
31,928
24,504
Represented by 203,762
a
'
2,662,000
3,228,500
_
_
•
2,662,000
100,000
_____
Preferred stoc k
Land, plant and
■■
_
matured bond..
'
h
.,
Total.....
28,958
84,845'
_
Deferred charges.
60,500
.
Funded debt
'
Goodwill,
9,400
Mtge. payable and
for
dbps.
payable....
Accrued liabilities.
mtge.pay.& ma¬
x
1937
1938
'
Liabilities—
1938
......
$
Congress
Cigar Co., Inc..
$36,910
Assets—
Accts. receivable
of
23,091
1937
stk..10,188,100
Waitt
& Bond, Inc....
Stock
2,868
19,760
employees
Claim, &c.....I.
Consolidated Balance Sheet Dec. 31
.
.
and
•
$
10,188,400
bCl.Bcom.stk_; 5,000,000
5,000,000
CI. A com.
a
Scrip.......2,857
dl09,022 6% bonds......: 3,445,000
25,273
107,188 Accounts payable.
'
14,353 Accounts payable,
subsidiary ccte.„;
102;764
193,438
(other)
Notes rec., officers
prior year's taxes,
121,580
75,350
Cash.....
$423,730
$775,932
494,447
accts.
$526,432
$538,006
x Includes Federal surtax on undistributed earnings,
y Includes Federal
surtax on undistributed earnings, and a credit of $114 for over-provision
Net loss.....
1938
Liabilities—
$
$
385,572
10,152
Fixed assets
receivable......
.
Co., Inc.
1937
1938
c
Prov.
.
$128,063prof$112,119
$196,516 in 1936 and $370,557 in 1935
$331,702
Consolidated Balance Sheet Dec. 31
Assets—
for income taxes,
due to net prof, of subs
1937,
in
1.678
......
•
$304,151
v
3,407,323
398,567
164,979
Oper. cost, selling & gen.
expenses and taxes
Deplet., amort.& deprec.
Interest, mortgages, &c_
y
206,700
dividends received from Congress Cigar
1935
1938
$3,194,937
Co.—Earnings—
$89,585prof$120,150prof$406,832
26,853
291
5,839
215,265
247,921
287,195
$53,090
44,361
.......
Includes
x
Cash
.....$4,356,397 $4,343,075
y Repre¬
shares.—V. 148, p. 1038.
,
'
Total
$2,004,166 in 1938 and $1,854,032 In 1937.
Net loss
1936
1,546,755
[Including Wholly-Owned Subsidiary]
Calendar Years—•
1938
1937
x936
1935 '
Net loss before charges..
$27,986
$112,776
$16,913prof$108,731
Depreciation....
V 57,613
73,968
76,042
77,436
$92,955 prof$31,294
$186,744
$85,599
Operating loss..
x213,106
*375,537
X97.159
32,509
Other income.
-
Pittsburgh Terminal Coal Corp. (& Subs.)- -Earning^
1937
34,252
20.000
1,530,228
20,000
Earned surplus...
827
Pro v. for income tax
"
.
71,704
9,900
42,947
•
Interest..
Supply Co. above.—Y. 148, p. 1818.
64,374
....
246,301
Other deductions
Official Resigns—
Calendar Years—
:" :
Gross inc. fr. all sources_
831,249
Total loss
Repre¬
z
sented by 499,442 no par shares.
See National
taxes
Reserve for Federal
Porto Rican American Tobacco
150,463
623,454
715,554
Total..44,271,256 41,033,025.
.^..44,271,256 41,033,025
$2,520,700
166,191
Res. for conting..
647.251
After reserves of
x
Earned surplus
AfterJfdepreciation
621,156
income taxes..".
sented by 169,742 no-par
320,463
796,786
194,668
Accrued payrolls &
..$2,663,065 $2,600,594
doubt¬
for
1937
1938
Capital stock...$2,520,700
Total...._.,..$4,356,397 $4,343,0751
775,759
'
$2.37
Miscell. lnvestm'ts
203,175
'
169.742
•
Accts. & drafts pay.
Inventories...
5,473,000
1,000,000
payable.
$402,990
338,305
of $4,200 in 1938, $29,000 in
Liabilities—
1937
y
Deferred charges..
Cap. surp.
x
169,742
$1.40
611.410
serve
Pay .due on stk.pur
.Total..
169,742
$0.98
169,742
$0.10
construction and
3,691,630
5,225,000
Reserves.........
:
339.484
at est. value,...
1,500,000
1,001,062
228,654
Accrued taxes....
268,674
Accrued interest..
144,208
Other curr. llab.—
692,871
89,266
$238,020
plant
ful accounts....
Accrued payrolls..
294,813
$165,967
mines
develop.,
5,020,700
Accounts
yPat'ts& licenses.
Deferred charges..
$16,527
Balance Sheet Dec. 31
$
Bank notes pay...
132,845
210,012
95,494
226,341
not current.
015.801
1938
2,181,720
5,454,300
Funded debt.....
accts.
Long-term
rec.
71,303
Crl.281
in 1936 and $50,000 in 1935.
Assets—
5,000,000
6,943,400
% prior pref d_
3,071,755
8,756,710
9,340
191,717
209,166
254,613
1937. $33,000
June 30 '38
$
5% class A pref
1,363,988
1,889,871
1,468,628
80,072
210,253
150,134
Cr5,030
stock out¬
7% class B pref... 3,531,600
Common stock.._z4,767,440
Property acct...25, 189,845 25,372,474
x
190,749
...
Accte. rec., less re¬
Liabilities—
%
$
241,106
223,755
Includes reserve for Federal income taxes
x
ended Dec.
June 30 '38
31 *38
$794,796
standing (no par).
Earnings per share
Consolidated Balance Sheet
Dec
.434
195,962
profit for the year
Cash
Assets—
3,433,566
$614,958
bk. dep., &c.
Shares of cap.
31, 1938, follows:
Net sales $20,827,881; costs and expenses (including charges of $2,071,912
for repairs and maintenance) $19,826,920: operating profit $1,000,961;
other income $147,650; total income $1,148,611; depreciation, depletion,
and amortization $1,398,713; interest $378,739; amortization of bond dis¬
count and expense $28,858; provision to reduce marketable securities to
lower of cost or market $22,833; mill vacation expense for the six months
ended June 30, 1939, $97,977; net loss $778,509.
Consolidated
3,811,039
$385,387
Dividends
Represents portion (}4) of mill vacation expense for full
year, which would have been deferred and charged against operations during
the six months ending June 30, 1939, if the fiscal period had not been
changed to end at Dec. 31, 1938.
'
Profit,
x
2,847,688
Res. for deprec. & depl__
rev. & misc. income
x$571,114
$163,278
$699,693
Net loss.________
$4,062,000
Int.
y97,978
Special year-end charge
1,770,368
$4,425,997
incl. sundry taxes....
Int. & chgs. on gold debs.
less int.
1.552.346
$3,896,089
3,101,293
1,703,207
$3,233,076
Income from operat'ns
Admin. and gen. exps.,
x
1935
1936
1937
1,355,436
(tons)..
Cost of sales.....
x$58,063 x$1,003,934
218,144
236,820
3,197
196,000
$400,695
Loss
Federal income tax, &c
Coal production
Gross sales
Co.—Earnings-—
1938
Calendar Years—
1938
1937
1936
..$10,261,711 $13,111,147 $15,725,113
$491,564
90,869
Costs and expenses.
1973
Chronicle
Financial
148
Balance.
Preferred, dividend
550,000
1,771,607
550,000
$977,723
requirements.........1,583.970
$1,221,607
1,583,970
$606,247
$362,363
Balance, deficit....
1974
Chronicle
Financial
which
Consolidated Balance Sheet Dec. 31
1938
1937
%
%
Assets—
Prop.,
of
st.
8.336,000
30,820
8,336,000
-
Inv. In assoc. co.
30,820
Other lnvestm'ts
488,311
460,788
247
2,274,739
4,000
14.000,000
Operating
Operating
64,963,000
Provision for depreciation
,919,500
283,522
Special deposits.
233,491
917,173
420,781
Custs.' deposits.
123,079
131.795
,733,747
1,737,547
11,334
Int.
& taxes
Deferred
Retire,
warr'ts
receivable
253,674
reserve.
10 ,715,428
darhage claims
2,748,583
2,784,099
625,515
96,395
Net manufacturing profit
d
76,838
(net).
Unamort.
_
Surplus..
..
18,159,258
dlsc't & exp._
89,404
Total...
149,687,157
149,042,678'
$5,650,927
$239,933
..
interest
come
paid, and miscellaneous in-
deductions
Total.......149.687.157
Net investment income
149.042,678
$862,923
$800,581
$7,830,697
1,414,319
336,595
69.272
Prov. for Fed. surtax
value, cumulative, authorized 500,000 shares, outstanding 263,995
shares (excluding 18,005 shares reacquired), entitled to $125 per share upon
Balance of earns, carried to surplus $2,295,829
Balance of surplus Jan. 1
j,'.
41,907,828
f
Net operating income.
Other Income.
;
y
$453,884
I>r29,818
1939—12 Mos.—1938
$369,387
Dr31,363
$4,346,558
J>298,658
$4,122,787
Dr286.959
"..ii
.
Credit adjustment
$424,066
236,741
$338,024
243,272
$4,047,900
$3,835,828
2,941,227
i
J
■■■■
■
' ii
_.
$12,275,950 $6,347,107
39,958,356
39,556,495
3,542,020
25,260
29,207
*767.896
■
Total
.......$44,971,553 $55,801,587 $45,932,809
Less: Abandonment of mfg. properties
458,979
1,880,494
Addition to reserve for contingencies
411,716
_—i_
Adj. of revalued property units
(cars) retired...........
3,552,440
1,507.436
243,856
Dividends
5,730,596
5,252,941
10,505,828
Balance, surplus, Dec. 31--.----$35,295,477 $41,907,828 $39,958,356
3.820,189
3,820,189
3,820.156
per share
$0.59
$3.17'
$1.64
Shares capital stock
Earnings
....
x Includes credit of
$799,774 accruing from remission of 1936 taxes under
Railroad Retirement Act.
y On account of reduction of pension reserve,
the Pullman Co.
>•
.
Consolidated Balance Sheet Dec. 31
1938
Gross income
>
__
Other credits
Indiana—Earnings—
$1,229,908 $14,687,350 $14,430,739
860,521
10,340,792
10,307,952
-
....
undistributed
i
redemption, and, subject to rights of prior preference stock, to $100 per
share ($26,399,500) in liquidation; together with accumulated dividends,
in each case, for both classes of stock,
c Represents the capital paid in for
the issue of 1,318,388 shares no par common stock (authorized 2,000,000
shares), less losses of $8,153,705 on a subsidiary interurban railway com¬
pany's securities charged against common stock, and less $10,805,995 trans¬
ferred to capital surplus,
e Includes capital surplus of $10,805,995 trans¬
ferred from common stock account in 1936, and approximately $2,000,000
arising from revaluation of certain properties ip prior years .—V. 148, p, 888.
1939—Month—1938
on
profits
par
Net income.
$187,324'
$94,751
2,898,014
Assets•
1937
•
$1,149,886
-
28,369,471
16,724,509
$
Pullman, Inc.—Annual Report—
trust
6,380,440
6,128,427
7,573,779
1,863,768
2,318;433
10,654,829
18,811,135
.
■'
Financial
Condition—Consolidated balance sheet as of Dec. 31, 1938
working capital of $64,171,322 as compared with $67,539,191
at the end of the previous year.
The total of cash and government securi¬
ties (exclusive or those held in reserve
funds) as of Dec. 31, 1938 was
$49,292,978.
Sleeping Car Business—The contraction in Pullman travel engendered by
the 1937 collapse in general business activity continued in 1938 and
became
more marked during the third
quarter of the year as result of absence of the
normal volume of Summer tourist travel and the failure of
commercial
travel, the backbone of (the Pullman business, to respond in proportion to
improvement in general business activity. 'However, the fourth quarter
was characterized by a
narrowing rate of decline that contrasted favorably
with the sharp decreases registered in
preceding months.
The rate increase of 5% allowed by the Interstate Commerce
Commission
and made.effectjve Aug. 1 failed to restore a normal
margin between revenues
and expenses, as the potential revenue-increase from the
higher rates was
nullified by the continuing slump in traffic
volume, with result that gross
revenue for the full year dropped 8% below 1937 and receded to the
level
obtaining in 1936.
*
Manufacturing Business—Reflecting the sharply restricted volume of
equipment ordered by the railroads during the past year-and-a-half,
pro¬
duction and earning of the manufacturing subsidiaries were
severely de¬
pressed in 1938.
The total number of new freight cars ordered in 1938
from
commercial carbuilders was substantially less than one-half of
those ordered
in 1937 and 1936, respectively, and, with
exception of the depression years,
showed net
was
the smallest number for any year since 1900.
Passenger car orders in
were less than one-third of those ordered in 1937 and the smallest for
sec.
*
act upon a
recommendation by the board that the stated value of the
capital
share, and that the amount
outstanding shares be credited to surplus.
The board's resolution also directs that stockholders be
informed that
approval by stockholders of the proposed adjustment in stated value
capital stock the board of directors will, at its annual
meeting scheduled
to be held April 19,
1939, following the special and annual stockholders'
meetings called for that day, proceed by resolution to authorize an
appro¬
priation out of surplus, in the total amount of $33,143,225 to
eliminate the
entire remaining balance of the 1927
appraisal increase in valuation of
carrier subsidiary properties
(represented in depreciable property $32,042,189 and in land $1,101,035) now reflected in
property and surplus
accounts appearing in the consolidated
balance sheet.
Taxes—Total taxes of $5,506,039 paid or accrued
by the corporation and
upon
of
aws
by the Pullman
group
3,958,941
Deferred
4.622,104
3,350,000
3,204,229
3,087,719
b Capital stock. 191,009,4.50
191,009,450
at
cost
6,243,510
3,959,628
Spec, depos. with
various
State^
under corrtpcn-.
man
293,454
a
193,785
5,891,781
Res. fund assets
credits
Capital stk. Pull¬
"
sation Acts
Col.
6,728
6,728,
5,554,675
charges..
404,147
41,907,828
445,370
Equip. & propl67,610,797
35,295,477
Surplus?
170,619;439
Total...
254,764,132 263,652,658
Total........254,764.132 263,652,658
After deducting ordinary retirements during year of $10,695,077 in
and $12,825,223 in 1937 and depreciation reserve $208,519,627 in
1938; $204,516,871 in 1937—less charges on account of retirements during
year, ($6,172,547 in 1938 and $8 139,681 In 1937) of $202,347,080 in 1938
and $196,077,189 in 1937.
b Represented by 3,820,189 no par shares,
a
1938
—V
148, p. 1818.
,
•
■
■
"
.
V'
..
'
.
.
<1.
Quaker State Oil Refining Corp.—Earnings—
Consolidated Income Account for
"
1938
'■
Net sales (excl. inter-co.)$24,824,652
Cost of sales, sell.,, gen.
& administrative exps.
Allowance for deprec...
Calendar Years
1937
$30,482,122
1936
■
1935
$27,207,309 $24,673,870
.
<
,
23,405,522
765,662
28,423,710
809,960
25,130,457
$653,468
$1,248,452
$1,296,093
89,074
40,223
33,388
$742,543
$1,288,675
$1,329,481
$1,128,404
227,427
250,925
8,500
278,966
9,481
'213,838
$515,116
463,653
927,305
$1,029,250
1,020,036
927,305
$1,041,034
1,005,036
$0.55
$1.11
$1.23
$914,567
631,613
902,300
$1.01
Operating income.
22,817,218
783.106
780,759
$1,073,545
Other incqme, net of int.
•
and other charges
Total income
Prov. for Fed.
and
income taxes—
Net profit for the
.Dividends paid—.
Shs.
;
Earnings
■
year
stock (par $10)
com.
.
54,859
Pa.
;
*
...
per share
Consolidated Balance Sheet Dec. 31
1938
Assets—
1937
$
Cash
1938'
Liabilities—
$
2,940,488
..
1,573,528
accts.
rec.
(less
1,441,446
369,022
414,208
255,236
Provision
for
Fed.
."
221,263
2,153,820
Oth. accrued llabll.
117,430
85.047
4,764,107
Capital stock
9,273,050
Capital surplus...
9,273,050
5,809,514
5,809,514
Earned surplus
1,131,131
1,079,668
.Income tax
1,784,598
3,426,033
Inventories J.
%
871,069
allow, for doubt¬
ful notes & accts)
1937
$
Accounts payable-
Accrued taxes..—
Notes, accept, and
Other notes, mtges.
& accts. rec. (less
($10
Par),^
allow, for losses)
513,426
450,084
32,999
34,104
Employees loans &
accts. partly sec.
Claims agst. closed
banks (less allow.
for loss)
In vs.
49,748
& advances
50,415
*62,295
117,944
8,779,976
9,047.709
.
Ld., bldgs. & eqpt,
& leaseholds (less
allow, for depr.)
Prepd.
exp.
& defd.
charges
202,917
Total..
x
17,792,480
166,456
18,358,1681
Total.
.17,792,480 18,358,168
Investments only.—V. 148, p. 744.
Railway Express Agency, Inc.—Earnings—
1938
of companies and their employees last year,
5,746,135
3,761,716
subsidiaries in 1938 absorbed more than
70% of the consolidated net
income before provision for such taxes and
were equivalent to $1.42
per
share on the
outstanding capital stock, or more than double the amount
available for shareholders.
Notwithstanding the drastic slump in
7,082,524
Res. for conting.
its
earning, the total tax bill was only about one-fourth smaller than in
1937,
when it absorbed 38% of available net income.
Taxes under the Federal Social
Security and Railroad Retirement Acts
are
becoming increasingly burdensome, and are rapidly
assuming the
character of a new and heavy
prior charge against earning.
In 1938 the
taxes accrued by the
corporation and its subsidiaries under these Acts
amounted to $2,051,938.
In 1936 the corresponding charge was
$1,180,777,
and in 1934 there was no similar
expense as neither Act had become effective.
In addition to the taxes accrued in 1938
by the corporation and its sub¬
sidiaries under these new social
security laws, the further sum of $899,717
was deducted from the
wages of employees and turned over to the govern¬
ment for the same
purpose; making a total of $2,951,655
paid under these
■
5,960,596
Other reserves__
any year
stock be reduced from $50
per share to $40 per
of such capital reduction In the
5,287,909
taxes.
reserves
& other secur.
1938,
since the 1931-1933 period.
Manufacturing plants and organiza¬
tions have been adequately maintained and are in
good position to handle
any increase in the demand for new equipment.*
Proposed Adjustment of Certain Reorganization Valuations in
Surplus and
Property Accounts, and of Stated Value of Capital Stock—Upon the recom-.
mendation of the management, and In accordance with
the opinion of its
advisors on the accounting and legal
questions involved, the board of
directors has by resolution adopted at its
meeting on Feb. 15, 1939, ordered
that, in conjunction with the regular annual meeting of stockholders to be
held on April 19, 1939, there be called a seclal
meeting of stockholders to
profits
Pension & Insur.
Inv. in affll.cos.
Def'd
$239,934 compared with
$9,059,115 in 1937, reflecting the severe shrinkage in car orders in 1938.
Earning of $862,923 from security investments, after provision for
administrative expense of the parent company, advanced
$305,236 over
1937, the result principally of an increase in income from government and
other securities during the year, plus some
profit from sale or redemption
Fed.
inc. & undlst.
accounts.'
Inventories
8,258,045
incl.
prov. for
Other def .-pay,
car
Marketable
$
4,861,212
not
yet due,
<fc
*
securities.
9,082,432
$
payrolls.
Acer, taxes,
receivable.!..Equip.
of miscellaneous
and
Accounts & notes
$894,601
accruals under the superseded Railroad Retirement Act of 1935.
In the manufacturing business as earning of
1937
Curr. accts. pay.
17,231,377
1938
Liabilities—
32,061,601
—V. 148, p. 1818.
David A. Crawford, President, says in part:
•
^
Earnings—Consolidated income account shows a net earning of $2,295,829
($0.59 per share) in 1938 after all charges and taxes, which is about onefifth of the earning of $12,275,950 ($3.17 per share) in 1937.
The 1938 results, prior to provision for Federal income
taxes, from
operations in the three major lines of business activity conducted by the
corporation and its subsidiaries were as follows:
In the sleeping car business an earning of $2,504,267
(after withholding
out of air conditioning revenue $2,218,054 as a deferred credit
applying to
future operations) compared with $5,650,927 in 1937, in which
year there
was included a non-recurring credit of
$799,774 from remission of 1936 tax
'
V
$
Cash
U. 8. Govt. sec.
Int. and other deduc'ns.
146,l2o
284,317
<
$557,687
sented by $5 prior preference stock; no par value, cumulative, authorized
and outstanding 110,000 shares, entitled to $110 per share upon redemption,
and to $100 per share ($11,000,000) in liquidation; and $6 preferred stock,
Public Service Co. of
85;732
229,339
,
$3,607,123 $15,267,729
1,311,294
2,655,184
Total earnings from all sources
Prov. for Federal income tax
Period Ended Jan. 31—
$1,231,023
$872,7o7
23,829
213,598
Includes Instalment accounts not yet due of $801,720 (1937, $1,045,979)
all of which are pledged as security for notes payable to banks,
b Repre¬
Operating revenues..
$1,382,436
Oper. expenses and taxes
928,552
$2,747,438
$9,059,115
^
Adminis. expense of Pullman Inc
a
no
$4,282,678
■
sold and other miscell. income.... $1,100,351
closed banks written-off,
2,725,456
207,224
2,485,180
_
Balance in
debt
Other def. debits
$2,504,267
_
From Security Investments-—
Income from secur., profit on secure.
19,989
838,466
Prepayments...
.
$33,102,137 $72,261,847 $45,251,511
Cost of goods sold and oper. expenses 28,534,461
58,890,850
38,672,860
Provision for depreciation
2,292.881
2,401,095
2,503,177
Selling and administrative expenses..
2,034,861
1,910,787
1,328,035
286,434
11,029,019
12,804
19 ,611,533
*^36
$58,924,968 $64,287,199 $58,334,826
46,271,146 x48,854,615
42,213.145
10,149,556
9,781,657
11,839,003
a.
expenses
Net operating income
R6s. for Injury &
Accts. recelv'le
Mat'ls & suppl's
8,635
credits
wage earner
1937
From Manufacturing Business—
Net sales and oper. revenues
ac¬
crued
revenues
2,919,500
713,607
447,303
Oth. curr. llabs.
1938
^
,000.000
Acc'ts payable..
673
3,746,885
4,640
Sink, fund cash.
Cash
a
34,446,847
,446,847
1, 1939
Consolidated Income Account for Calendar Years
From Carrier Business—
,701,000
Com. stock...
Bonds
Notes payable..
ry.
bonds..
c
Coupon notes..
Seattle
rnunlc.
Notes &.
130,572,906
469,755
463,616
$
April
equivalent to approximately $117 for each Pullman
1937
$
b Pref. stock
&
plant
equipment.. ,130,315,663
Oth. phys. prop.
City
1938
Liabilities—
was
Month of January—
Charges for transportation
Other
revenues
Total
.
and income
revenues
and income
$11,823,805 $10,822,918
7,996,010
7,761,335
518,335
509,484
'
75,609
133,935
6,436
24,106
Operating expenses
Express taxes
Interest and discount
deductions
on
funded debt
Other
x
p.
Rail transportation revenue.
Payments
1656.
x
to
rail
and
other
1939
1938
$11,627,481 $10,622,272
196,324
200,646
.1
$3,227,415
carriers—express
$2,394,058
privileges.—V.
148,
Volume
1975
Chronicle
Financial
148
Earnings
Reading Co.—Earnings—
February—
Gross from railway
Net from railway
1939
$4,067,999
1,011,663
704,683
Net after rents.
1937
$4,904,845
1,522,798
1,091,411
Gross from
railway
....
7,573,759
1,363,232
891,888
10,038,462
2,994,567
2,159,255
10,102,298
2,890,408
2,234,112
$6,716,251
$6,849,463
6,358,820
90,501
11,810
176,059
23,484
6,087,875
746,442
29,241
deductions.
$78,691
8,779
$414,145
6,031
$152,575
15,229
$717,201
10,938
Def. before int., &c.
$87,471
$420,177
$167,804
$728,139
Other income
Deficit.
Other
Change in Personnel—
—V.
The retirement because of ill health of E. D. Hilleary, Vice-President in
of service, has caused various changes in
the personnel of this company and the Central RR. of New Jersey.
J. W. Hewitt has been elected Vice-President in charge of Freight Traffic
for the former road and C. L. Ewing for the latter. AV. B. Gheen has been
appointed General Freight Traffic Manager to succeed Mr. Hewitt and
D. Y. Smith to succeed Mr. Ewing. The changes are effective on April 1.
—V. 148. p. 1818.
•
Charge of Traffic, after 41
1939—2 Mos.—1938
$3,174,437
3,181,709
426,526
12,380
$3,276,355
3,064,595
Operating revenues
Operating expenses
Net ry. oper ioss
From Jan. 1—
Net from railway
Net after rents
of System
1939—Month—1938
Period End. Feb. 28—
1936
$5,276,807
1,529,135
1,192,278
8,730,985
2,386,636
1,664,407
.
1938
$3,505,056
492,623
256,577
148, p. 1657.
years
St. Louis San Francisco & Texas
1938
11937
$103,054
3,186
def30,240
$112,703
.
6,305
def3l,205
$104,207
7,783
def35,245
228,030
22,175
def49,690
222,504
3,566
def75,152
def13,534
•
Net after rents
1936
$83,372
def24,024
def58,862
From Jan. 1—
Gross from railway-
Republic Aircraft Pioducts Corp .—Registers with SEC—
Net from
"
See list given on first page of this department.
Ry.-—Earnings—
1939
February—
Gross from railway. !
Net from railway—
Net
railway
after rents.
—V.
—_
173,830
def45,209
189,919
,
,
def 115,087
def98,910
148, p. 1338.
Reynolds Investing Co., Inc.—Interest Ordered Paid—
St. Louis Southwestern Ry. Lines- -Earnings—
17 for the company. Federal
Judge Guy L. Fake at Newark, N. J. directed the trustees to pay semi¬
annual interest on April 1, to holders of the company's debentures, which
amount fo $3,444,000. The annual interest rate is 6% .
James D. Carpenter Jr. of Jersey City end John Gerdes of New York
were appointed permanent trustees on motion of Furst & Furst of Newark,
attorneys for the debenture holders. Mr. Carpenter and Mr. Gerdes were
appointed temporary trustees on Jan. 19.—-V. 148, p. 889.
After appointing permanent trustees, March
1'
!
$685,966
129,302
25,147
February—
1939
railway.
$753,209
railway.207,849
Net after rents
79,106
Gross from
Net from
1937
1937
$811,620
242,015
109,455
Feb.
1939—2 Mos.—1938
1939—Month—1938
28—
revenues..$1,426,831
1,179,889
oper.
Ry. oper. expenses.
$2,944,205
2,375,998
$1,421>,733
1,086,342
— _
$2,911,833
2,269,603
<
"
Net
$246,942
106,498
1936
$670,846
152,238
69,966
Total ry. oper.
57,975
.
$642,230
217,447
$353,609
106,56?
$424,783
51,208
$475,991
$254,302
$411,585
171,559
178,019
341,639
366,580
def$4,599
8,198
$76,283
8,776
$69,945
16,598
$109,411
18,407
$3,598
259,405
$85,059
262,614
$86,543
530,153
$127,818
534,201
$255,807
income
Deductions from railway
$177,555
$443,610
$406,383
"V
,
operating income
a
$228,828
25,474
$166,960
Ry. oper. income.
Other ry. oper. income..
$568,207
214,598
$335,391
$140,444
26,515
from ry. opers
rev.
Railway tax accruals....
RR.- -Earnings
Richmond Fredericksburg & Potomac
1938
1938
Period End.
Ry.
■
From Jan. 1—
1,506,462
Net after rents........
1,395,832
259,962
58,241
508,154
242,508
—V. 148, p. 1338.
Net ry. oper.
income..
* Non-operating income..
1,274,532
233,718
73,580
1,647,301
402,999
153,887
Gross from railway..—
Net after rents-..-....
Gross income.
V
Deducts, from gross inc.
Rochester Button Co.—Dividend Resumed—
V
Net deficit
Directors have declared a dividend of 37 H cents per share on the common
stock, payable June 1 to holders of record May 20. A dividend of 10 cents
per share was last paid on Jan. 20, 1938.—V. 147, p. 4066.
Rochester
Lake
&
Service
Water
Ontario
148. p.
....—
1338.
,
Safeway Stores, Inc. (& Subs.)~ -EarninqsYears Ended Dec. 31—
......
$187,452
Operating expense.....
Depreciation
......
92
168
$190,158
100,098
5,124
$187,620
.....
368,254,991
Operating income.
Gross income
*
......
...
funded debt
on
_
Amort. of debt extension expense
Taxes assumed on interest
^
.
J
.
.
... ......
_,
Prov. for Federal income & capital stock taxes
Crl58
"6" 142
1,107
2,023
Balance Sheet Dec. 31, 1938
•
.
Interest, &C-
,
Assets—-Property, plant and equipment, $5,316,261;
$50,894
'
Divs.
v.
In
$23,090; reserves,
Telephone Corp.—Earnings—
1939—Month—1938
1939—2 Mos.-—1938
$429,400
$409,800
$8(>3,890
$845,908
966
692 ,*
1,93b
R414
.
.
$409,108
$428,434
293,204
Operating revenues
Operating expenses
Net oper. revenues...
...
Net operating incomo.
Net income
.
286,705
$122,403
55,904
$135,230
58,760
$76,470
50,840
$861,959 ''
595,702
$844,494
595,511
$266,257
117,568
$248,983
112,190
$148,689
97,657
$66,499"
43,659
'
698,930
16,839
$1.36,793
88,121
.
$3,078,047"
962,543
1,613,097
966,283
1,220,636
788,090
$4,157,253
935,434
.1,210,848
.
surplus......$11,902,781
v.
__
$4.02
...
1938
$
def43„169
a
Accts.
.
495^271
_
423,003
def 17,481
railway—
Net from railway. .
def 111,206
def170,751
67,109
Net after rents
1936
i
$249,069
def7,667
def17,529
489,828
def29,887
def48,735
State,
Deb.
1,626,708
Accrued expensed-
2,064,6 77
409,108
Dividend's payable
31,886,370
728,770
Invest. & advances
768,572
702,019
c Fixed assets. ....24,139,739
24,476,351
discount and
..
3922.
1939
$784,947
389,676
February—
Gross from railway
Net from railway
Net
.
1938
$725,775
285,565
318,544
211,588
1,548,716
735,863
1,596,166
710,101
529,444
after rents
559,453
Net
railway
railway-
after rents
492,748
1937
1936
$919,526
455,651
335,259
$581,184
202,608
123,864
1,707,995
1,135,986
416,385
271,851
813,364
569,590
—V. 148, p. 1338.
St. Louis-San Francisco
February—
Gross from railway.
Net from railway.
Net after rents
_
1938
1937
1936
$3,146,944
209,794
def56,655
$3,034,771
def12,690
def391,734
$4,017,304
718,640
355,383
$3,362,368
6,562,872
469,952
def 121.812
6,424,677
8,097,707
1,394,492
648,309
7,016,212
1,018,101
616,440
388,554
198,829
«
Gross from
railway..
Net from railway...
Net
Ry.—Earnings—
1939
.
.
__
From Jan. 1—
for Fed.
after rents——
...
74,715
def675,362
850,000
262,355
1,942,092
237 178
.
and
Can. Inc. taxes.
1,089,559
10-yr, 4% 8. f. deb.13,300,000
Min. int. in Cana¬
dian subsidiary.
651,146
236,548
-
7% cum. pref. stk,
(par $100). ....
924,616
14,150,000"
64,272
•
7,619,500
.7,918,400
5,454,900
5,573,200
2,325,900
Common stock— 9,795,648
2,373,390
9,795,648
6% cum, pref. stk.
d
.....
$100)—,— .
...
Paid-in surplus
Earned
...
11,800,481 11,787,415
surplus...11,902,782 10,271,640
stocks.. Z>r491,736 Z>r385,454
Treasury
Total.71,937,945 71,863,956
,
a After reserve of $122,896 in 1938 and $143,098 in 1937.
for depreciation of $19,338,054.in 1938 and $17,717,340 in
sented by 806,624 no-par shares.—V. 148, p. 1492.
San Antonio Uvalde & Gulf
1939
February—
c After reserve
1937. d Repre¬
RR.—Earnings—
1938
$109f557
11,395
def20,464
$96,391
def17,636
def50>684
236,102
Gross from railway-
Gross from railwayNet from railway._
Net after rents
197,327
def25,496
def94,845
—V.
29,803
....
1936
1937
$124,028
29,981
$105,219
28,978
def2,961
defl,211
250,005
67,490
def 1,702
def38,612
218,468
66,706
2,425
148, p. 745.
San Carlos
-Earnings-
From Jan. 1—
Gross from
Net from
■■
.
(balance
.....
Res.
•
From Jan. 1—
share on the common
st ock payable April 15 to holders of record April 7. • Dividend of $2 was
paid oh Dec. 23, last, and one of 50 cents was paid on Jan. 15, 1938.—
St. Louis Brownsville & Mexico Ry.
.
827,000
31,1,655
744,667
expenses.
Net after rents
Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per
p.
sinking fund
pay. cur..
Mdse. inventories.29,192,477
unamort.)
5,701,132
State sales taxes..
rpunic. warrants 1,598,660
Sundry accts. rec.
390,107
*
6,099,202
.
3,219,345
county &
expense
1937
1938
.
Accounts payable-
Govt, accts. rec. &
Net from railway._
1657.
St. Croix Paper
$3.07
undistributed
Liabilities'
$
8,164,138
(par
549,372
26,801
def6,292
$197,914 '
de.53,506
def82,478
,
$4.03
.
1937
„
...
.......11,669,188
rec., trade 2,875,081
Total— _....71,937,945 71,863,956
«
$234,837
del 19,315
$9,392,932
,
!
>
.
5% cum. pref. stk,
From Jan. 1—
Gross from
147,
$2.62
k
.
>
.1937
$272,027
20,285
3,990
1938
1939.
Net after rents
V.
"
Consolidated Balance Sheet Dec. 31
,' v
,
V,
■
Deb.
Rutland RR.— -Earnings—
—V. 148, p.
$10,271,6^0 $10,168,602
.
Directors have declared a dividend of 15 cents per share on the common
...
•
<
stock, payable March 31 to holders of record March 23. A dividend of 30
cents was paid on Dec. 15, last; 20 cents paid on Aug. 1, last, and a dividend
of 25 cents per share distributed on Dec. 27, 1937.—-V. 147, p. 2875.
February—
railway..;
Net from railway—
$455,654
8,937,278
$425,670
9,392,932
.
(par$100)
Gross from
956,869
1,997,252
Cr35Q,000
Includes $14,897 in 1937 and $64,217 in 1936 surtax on
a
$3,409,775
1,585,300
$103,038
10,168,602
$1,631,141
10,271,640
-V. 148, p. 1492.
Royal China, Inc.:—To Pay lo-Cerit Dividend—
33,519
profits,
Prepaid
■
al ,014,120
ing during year——
.
•
,
Uncollectible oper. rev...
Operating taxes
•
_
amount shs. outstand-
'Assets—«
revenues..
a752,980
3,829
Earns, per sh. on average
$541,328;
capital and paid-in surplus,
$1,777,893; earned surplus, $762,002; total, $5,460,182 —V. 147, P. 3026,
Period End. Feb. 28—
$4,465,690
340,147
$4,206,781
—
.
Earned
Liabilities—Common stock (2,0u0 no par shares) , $50,000; funded debt,
$2,000,000; due t,o parent company, $178,000; accounts payable, $7,688;
due to parent company (current account), $381; consumers' deposits,
$2,172; taxes accrued, $33,448; interest Qn funded debt accrued, $33,333;
miscellaneous accruals, $4,611; provision for Federal income tax, $17,420;
Operating
$5,538,929
334,037
on com.
Surplus
.....
Previous surplus
Adjustments......
$5,460,182,
Rochester
$4,546,659
711,803
897,928
— —
5% pref. stock....
special cash deposits
$3,087; cash, $16,901; accounts and notes
$53,674; due from affiliated company, $120; accrued
unbilled revenue, $20,676; materials and supplies, $26,275; prepaid taxes,
insurance and other prepayments, $7,113; deferred charges, $16,074; total,
revenue, $197; deferred liability,
contributions in aid of construction, $28,619;
$4,389,344
76,346
dividends
stk.: Cash
Preferred
(net),
unearned
$5,459,270
79,659
Federal
for
Prov.
and miscellaneous investments,
receivable
$4,294,400
252,259
Minority interest......
$78,519
.......
50,941,276
3,242,732
and
Canadian taxes, &c._.
£.
....
58,932,632
3,590,545
$6,099,632
994,924
Total income—....
373
1,052
64,579,933
3,772,889
$6,031,211
68,422
.,
-
Net income
Net income................
.
—
163
Cr 55
1
:
_
$
63,230,822
3,789,846
166
......
Other int erest
Interest charged to construction.
Miscellaneous deductions
Other income.
10o,631
26,698
1935
$
381,868,220 346,178",061 294,697,600
309,220,997 278,195,615 236,124,248
Cost of Sales. I..—....295,203,112
Sales....
$
•
$496,703
309,251
1936
1937
.
$
$506,528
316,462
jv
...
Other income.
Interest
1938
1937
$190,066
Operating revenues
■
Operating expenses, depreciation and taxes
Net earnings
"
Corp.—
1938
Calendar Years—
—V.
-
Milling Co., Ltd.—Smaller Dividend—
Directors have declared a dividend of 15 cents per share on the common
$8, payable March 15 to holders of record March 2.
Dividends
of 20 cents per share were paid on Dec. 15 last, and each month previously.
—V. 148, P. 289.
stock,
par
San Jose Water Works—Bonds Called—
1 st mtge. 3 % % series A bonds, due Dec. 1, 1961, have
105 and accrued interest.
Payment
will be made at the Bank of America National Trust & Savings Association,
San Francisco, Calif.—V. 147, p. 2704.
A total of $24,000
been called for redemption on June 1 at
Scullin Steel Co.—Interest Payment—
President Harry Scullin is notifying holders of mortgage bonds that on
presentation of income coupon No. 2, due April 1., 1939, the Mississippi
Valley Trust Co., 225 North Broadway, St. Louis, Mo., trustee under the
mortgage, will pay the sum of $12 43 on each $1,000 bond and the sum of
$6-22 on each $500 bond, in lieu of the stated amount as shown on said
income
#coup<?n
No. 2. which payment represents all of the additional
interest earned for
the year 1938.—V. 148, p. 1658.
Financial
1976
1938—Month—1937
1938—12 Mos.—1937
$195,641
$190,676 $2,232,355 $2,170,943
71.811
74,388
825,639
842,990
10,389
8,947
124,150
113,203
24,795
25,162 •
279,632
239,483
Operating revenues
Operation
Maintenance
-
-
•.—
—
Taxes
-
Net oper. revenues—
$88,645
$82,180
$1,002,934
(net).
557
DrlO.683
7,698
$87,958
32,238
$82,736
31,779
$992,251
378,060
$982,965
379,121
$55,720
$50,957
$614,191
243,360
$603,845
250,000
$370,832
149,115
$353,845
149,115
$221,717
60,000
$204,730
60,000
$161,717
$144,730
Non-oper. income
Balance
_
Interest & amortization.
Balance
'
•
]Ddil&nC6
'
4
Debenture
r„&±SS^Te461,388.1 U
i*
'm '<m *m m — ■*» —
—
:—
Balance
—
'
Preferred dividend requirements
—
dividends and surplus
31
Dec.
Balance Sheet
4
1938
$
Liabilities—
eq-14,525,663 14,529,127 a 1st pref. or deben¬
ture stocks:
50,987
50,987
Scr. A 8% cum. 1,300.000
Inv. in assoc. cos.
4,020
4,020
Ser.B 7lA% cum.
250.000
Other investments
4
5
Ser. C 7% cum.
250,000
Cash
—262,385
170,121
Ser.D 6}4% cum
136,300
Special deposits-__
2,712
1,212
Warrants receiv'le
114 Prern'on deben,
stock, series B._
1,043
Accts. rec. (net)..
232,158.
265,275
Mat'ls & supplies.
131,856
1 58,679 t>6% cum, pf. stk, .1,000,000
c Common stock..
3,100,012
Prepayments...-5,474
10,276
1/mg-term debt.;. 7,330,000
Unamort, debt dis¬
prop.
1,300,000
250,000
256,201
2,449
'
payable-
1,000,000
S.lOO.Ol*
7,343,000
93,162
145,619
Accounts
Deferred
Retire,
51,967
5,859
5,415
62
762,700
859,793
credits..
reserve
43,277
41,498
1,006,592
847,643
damage claims.Earned
15,407,245'
surplus...
Total
15,473,910 15,467,245
share, entitled upon
redemption, series A to $125
Total ——.-...15,473,910
share; series B and C to $110 per share and series D to $105 per share,
each series being entitled to $100 per share in liquidation, together with
accumulated dividends in all cases.
b Par value $100 per share, authorized and outstanding 10,000 shares,
per
entitled upon redemption to $120 per share, and, subject
ture stock, to $100 per share in liquidation, together
dividends in each case.
•'
,
Represented by 133,334 shares
c
to rights of deben¬
with accumulated
SEC—
Seaboard Air Line RyEarnings—
Net after rents.—
—
1938
$3,560,908
698,466
208,892
$3,870,357
986,340
499,848
$3,123,440
803,708
299,966
7,851,685
7,180,580
1,305,756
310,403
7,899,742
2,045,626
1,066,530
6,317,179
...
From Jan. 1-—•
Gross from railway.
..
_
Net from railway
1,677,233
660,979
._
Net after rents
—V.
1936
1937
1939
$3,807,477
.
480,263
89,099
935,440
152,681
.
1939
Cash..
—
Market,
secure.
1938
Operating revenue.;..t_r —— —
and general expenses— — —
Operating income. —
. — . —
Other income.-.;-
c
; -.
.
—
$7,654,651
1,946,584
$5,708,066
127,684'
115,818
$5,442,368
——
...
1937
$7,405,838
1,963,469
b Operating
—
— -.
Total income—
—
—'
.
$5,570,053
1,922,812
Intangible drilling and development costs
depletion, depreciation, amortization,
property abandonments and exploration work in
$5,823,885
1,916,729
Provision for
foreign countries.
Provision for contingencies..
Provision for Federal income
contingencies
Net
profit.-..
1,189,025
"
85,000
81,000
180,000
190,000
$1,895,790
Inventories
.—
and share of products accruing to others in
respect to processing wet gas in Kettleman Hills,
b including taxes (other,
than Federal income taxes) amounting to $416,257 in 1938 and $424,072
in 1937.
c Including interest and dividends from an affiliated company
amounting to $37,188 in 1938 and $66,639 in 1937.
Note—All intangible drilling and development costs, including this com¬
pany's share of such costs incurred by Kettleman North Dome Association,
were charged to profit and loss.
'
,
Profit and loss was charged with an amount sufficient to adjust the total
accumulated reserves for abandonments and prepaid lease rentals, at each
year-end, so that the reserves would equal, respectively, the unamortized
cost of all unproven
properties acquired since Jan. 1, 1932
lease rentals.
——
receiv—
Mtges
Inv. & advances
3,112,698
3,025,632
taxes,
for
Incl. Fed. inc.
5,011,919
9,527,161
tax for current
12,442,276
year—------ 10,686,439
5,171,438
3,801,294
1,007,072 Mtge. notes of
814,500
908,000
subs
5,323,961
9,494,218
9,009,999
78,332,175 Reserves
734,666
803,485
10,130,947 Minor.int.ln sub
466,830 z Capital stock. 174,963,418 172,589,938
1
Earned surplus. 67,957,486
66,448,460
Equity In Instal¬
Other accruals—
1,298,162
/
sold
5,695,534
Deferred charges
y Fixed assets.. 77,807,755
9,976,720
Equity in prop.
217,519
Plates, draw.,<fec
1
Goodwill.
10,328,370
4,191,463
funds and un¬
filled orders
Res.
1,000.000
4,416,621
9,178,890
payable—
13,673,639
Due cust'ers, re¬
——
-*-286,084,551 284,072,867
Total. —--286,084,551 284,072,867
x After
reserve for collection and doubtful accounts of $9,700,078 in
1939 and $8,511,605 in 1938.
y After reserve for depreciation of $59,191,780 in 1939 and $52,233,854 in 1938.
z Represented by 5,588,030
shares of no par value in 1939 and 5,526,943 no par shares in 1938.
Total
,
——
148,
p.
1492.
.
Weeks—1938
$66,622.000
:
...
,
Seversky Aircraft Corp .—To Issue Additional Stock—
Stockholders will he asked at their annual meeting on April 11 to au¬
thorize 100,000 shares of convertible first preferred and 200,000 shares of
convertible second preferred stock, the shares in both issues to have a
par value of $1.
Specifically, this financing is to assure that the com¬
pany may be in a better position to obtain new working capital.
durrently, the company has $2,592,324 of demand notes outstanding.
Holders of $770,000 of convertible notes have agreed that if the preferred
stocks are authorized and if the balance of the notes are converted into
second preferred stock, they will change their notes into common stock, in
accordance with terms under which they may do so at $3.50 a share until
1939.
14,
■
,
$1,822,324 balance of outstanding
of the
holder
demand notes
(Paul Moore) has agreed that he will exchange his notes for 200,000
of convertible second preferred stock, and, if the stockholders authorize
the additional shares, the directors propose to issue the amount stipulated
to Mr. Moore in exchange for his surrender of the notes. . ■ .
which the convertible first preferred shares are to be issued.
if any, and the precise use of the net proceeds
not now known. These details are to be left to the discretion
of the board of directors, according to word on the proxy notices.
Seversky had 580,000 shares of $1 par common stock outstanding at the
end of 1938.
Of these shares, 171,257 were owned by Mr. Moore and
47,715 shares by Alexander P. de Seversky, President of the enterprise.
The price at
the underwriting,
terms of
of their sale are
147,
p.
3620.
°
.
Sharon Steel Corp.^—New Director—
Andrew M. Kennedy, Vice-President of Pittsburgh Coal & Iron, was
elected a director pf this corporation at the annual meeting of stockholders
held March 28, succeeding John M. Wilson.—V. 148, p. 1493.
Inc.—Earnings—'
Sharp & Dohme,
Depreciation.
—
4,174,393
128,945
----—-
Total income.
x
$1,012,255
$1,344,349
$1,515,629
305,053
299,670
22,000
269.181
76,000
$1,111,419
346,973
92,000
16,600
$668,168
801,797
—
$1,425,849
89,780
$995,220
'
—
Other deductions
127,522
$1,245,771
98,578
$999,168
601,352
$1,123,959
y 1,002,241
$747,846
801,797
$397,816
$121,718
.def$53,95l
a$0 25
$0 41
$902,695
»
92,525
i ncome
credits——.
O perati n g
Income
—
Provision for Fed. tax—
.
-
.
properties are located in the
operated by the Kettleman
North Dome Association, a corporation formed by owners of land and lease¬
holds in that field for the purpose of developing and operating the said
properties.
Profit and loss was charged with the following amounts repre¬
senting this company's share of the Association's expenses during
Operating and general expenses, $176,658; intangible drilling and develop¬
ment costs, $471,809; amortization of investment in
Kettleman North
Dome Association (estimated depreciation applicable to fixed assets of the
Net
1936
1935
$5,513,975' $4,917,719
3,96.3,082
3,775,921
125,044
129,543
1931
$5,618,125
4,244,832
1938
$5,206,034
Calendar Years—
Manufacturing profit—.
Selling & admin, expense
,
and prepaid
Some of the company's principal producing
Hills field *of California and are
.
Divs.
bonds)
Treas.
$
'
payable,
trade creditors
5,289,949
53,193,320
94,857,019 101,791,035
„•
Ins. fund (U. S.
$2,447,130
and related
—
After deducting expenses
a
taxes
13,998,493
51,184,143
notes receiv—
—V.
1,'486,450
—_ —;. —
Accts.
shares
Subs.)- -Earnings-
Calendar Years—
'•
$
Liabilities—
,
,and
Accounts
x
1938
1939
$
25,169,507
5,282,678
.
.
31
1938
$
Assets—
The
a
—
Consolidated Balance Sheet Jan.
Nov.
148, p, 1338.
Seaboard Oil Co. (Del.) (&
'
21,519,219
30.660,198
the year 23,354,364
x
—V.
See list given on
February—
Gross from railway.
Net from railway...
029,097
575,000
29,048
Period End. March 26—•
1939—4 Weeks—1938
1939—8
Sales—$42,161,605 >$36,473,390 $76,268,548
of no par value.—V. 148, p. 890.
Schmidt Brewing Co.—Registers with
first page of this department.
— -—
Cr68,819
;—
ment accounts
Res. for Injury and
Par value $100 per
1,291,514
4,661.050
467,458
800,000
30,828,248 30,484,713
8,097,796
Dividends--.
20,845,338 30,308,395
4,832,447
5,476,478
Shares of capital stock..
5,588,030
5,526,943
$4.45
x$5.60
Earnings per share.$4.18
$5.58
Based on stock outstanding before issue of additional shares in January,
1937, the earnings per share amounted to $6 27.
"
116.814
6,109
Other eurr. liabils.
—
70,092
•
67,414
53,303
Int. & taxes accr—
a
1,699,648
7,163,300
2,561,750/
6,573,000
772,000
profit
Minority interest.
1,043
■
16,127
Notes payable..
'272,549
4,881
Customers' deps.-
„
1,565,810
1,535.492
136,300
.
count & expense
160,080
5,820,000
250,000
------
Other def'd debits-
42,584,293
312,581
28,739,240
Fed. inc. tax—curr. year
_i
$
.
.
Prop., plant -4
Other phys.
27,862,282
876,958
42,241,886
399;692
1,715,000
Special chgs. & reserves.
Oontrib. to empl. savs. &
profit share pension fd.
Net profit for
1937
1938-
1937
%
Assets*—
40,579,271
1,662,615
30,996,398
195,279
— -
Interest
Surtax on undistr.
Balance for common
L927.066
6,287,644
2,9.39,684
8,575,970
3,793,566
8,771,396
29,380,890 / 40,903,947
1,615,508
1,680,346
Other income
Gross income.-•»
m * m
dividend requirements—
483,773,495 442,873,097 356,020,728
2,721,211
8,186,432
Repairs & maintenance.
Depreciation.Profit from operations
...
Appropriations for retirement reserve.
Jan. 29, '36
$
494,968,022 392,097,720
501,676,644 537,242,403
—
tlflvAH'IfliBtr
of fiolno
$975,267
Dr688
for Fiscal Years
Consolidated Income Account
[Excluding insurance companies not consolidated]
Jan. 31, '39 Jan. 31, '38 Jan. 31, '37
$
$
$
Net sales.----
1939
1,
(& Subs.)—Earnings—
Sears, Roebuck & Co.
Earnings—
Co.
Savannah Electric & Power
Period End. Dec. 31—
April
Chronicle
profit..dividends.
Preferred
99.164
Kettleman
Association
underlying
the
investment),
company's
$397,258;
Surplus
— .def$133,629
persh. on776,627
•
shs. com. stk. (/no par)
Nil
—
Earns,
Includes additional depreciation,
y Incl.
Dec. 30, 1986 and payable Feb. 1.1937. a After
x
ments of
$801,797.
1938
$
Assets—•
2,182,098
Cash.--Accts. receivable
Stock ot
677,191
Liabilities—
$
2,225,259
754,321
Accounts
crude oil
121,680
910,000
740,000
on
88,033
181,443
126,124
and gasoline
tingencies—.
Res.
concess'ns, plant
Int.
equipment- 2,968,905
In
assets...
c
1,984,928 d2,075,107
219,258
202,883
49,354
3,999,973
430,000
345.000
Capital stock...
Paid-in surplus
Earned
surplus
1,973,364
3,842,954
1,947,084
3,808,892
486
z
Fixed property..
3,279,764
ents,
&c
Prepaid
Total
a
After
9,190,185
reserves
12,540,814
Total
210,186
4,977,532
4,977.532
434,067
1,909,307
Total—
9,190,185 12,540,814
$4,179,310 in 1937.
c Repre¬
d See notes above.—V. 147, p. 2875.
Shaler Co.—Class B Dividend—
The Company paid a dividend of 20 cents per share on the class B stock
April 1 to holders of record March 23. Dividend of 30 cents was paid on
Dec. 29, last, dividends of 15 cents were paid on Oct. 1 last and in each of the
two preceding quarters, and a dividend of 45 cents was paid on Dec. 24,
1937.—V. 148, p. 134.
a.
.
25,000
(with¬
value)
9,000,000
1,031,164
9,000.000
1,164,793
108,041
102,408
..11,105,306
457,743
from
countries
Cap'l stk.
out par
1
359,961
in foreign
Earned surplus
11,170.3921
Preference—Authorized,
229,085 2-5
property—
opers.
x
def.
charges
431,067
2,560,714
of $2,633,098 in 1938 and
on
and
242,130
x
sented by 1,244,383 no par shares,
-
$
156,665
Special reserve in
respect of fixed
3,131,139
pat¬
1937
187,895
457,743
Accruals
Res. for losses
copyrights,
$
434,733
payable-
Accounts
486
(at cost):
Trade-marks,
Federal
income tax
6,273,767
Kettleman
No. Dome Assn.
Deferred
for
400,000
nct.
and
receivable,
Invests,
Res. for other con¬
Prop., leaseh'lds,
treas.notes
accts.
400,000
Inventories
eventual liq'n
than in Calif...
subsidiaries
1,774,749
U.S.A.
664,749
of sub. cos. other
In v. In & ad vs. to
and
$
1,506,328
Cash
Notes
496,388
Res. for poss. losses
Mat'ls & supplies-
a
$
payable
accruals.—
and
1937
Liabilities— ~
"
Affiliated cos.—
1938
1937
$
1938
1937
%
Assets—
Consolidated Balance Sheet Dec. 31
Nil
preferred dividend require¬
_
1938
$1,045,726.
iT.,
Dec. 31
Consolidated Balance Sheet
total,
•
div. of $200,444 declared
500,000
Total — 11,105,306 11,170,392
shares; issued and outstanding,
shares—$3.50 cumulative convertible preference on liquidation,
plus accrued dividends.
Common—Authorized, 2,000,000
$75 per share
issued and outstanding, 776,627 shares,
z After deducting depre¬
ciation of $2,160,021 in 1938 and $2,113,117 in 1937.—V. 147, p. 3322.
shares;
Sonoco Products Co.-—Extra Dividend—
declared an extra dividend of 10 cents per sharejn addition
reqular quarterly dividend of 15 cents per share on the common stock,
both' payable April 1 to holders of record March 21.
Extra dividend of
25 cents was paid on Dec. 19. last.—V. 147, p. 3923.
Directors have
to the
Volume
Financial
148
Shattuck Denn Mining
Years End. Dec. 31—
Gross income
92,299
258,207
exps.,tax.,& int.
Deprec. and depletion..
$136,465
125,355
120,454
366,828
$119,426
$109,345
$723,403
246,749
$173,276
Admin.
1935
1936
1937
(2) Series FF, $6,000,000, due $436,000 Feb. 1, 1941 and
$428,C0t each Feb. 1, 1942 to 1954, inclusive.
The RFO retains 80% of
each issue so that Salomon Bros. & Hutzler purchased $10,800,000 of the
series EE issue and $4,800,000 of the series FF issue.
The bankers an¬
both inclusive;
Co.—Earnings-
1938
$84,436
110,463
93,400
for Insurance on Live and
Files to Extend Loan by
46,662
Inventory adjustment._
Dividends paid
The company has filed an amended application with the Interstate
Commission to extend for five years beginning April 29, 1939,
on
1937
1938
Cash
446,466
304,615
U. S. Govt, securs.
120,000
120,814
y Capital stock—$3,994,095 $3,994,095
Accts. pay. & misc.
>
z41,426
accrued exps—
26,196
14,516
Accrued taxes
30,842
Accts. receivable..
130,796
157,036
Accrued
plant,
Mines,
x
&c.$5,940,126 $6,080,684
equipment,
Ore in transit..
Unsold
270,075
hand......
63,737
56,700
Investments
After
value,
z
Deficit..
Shell Union Oil Corp.
Earnings
per
After
deduction
13,575,847
2,594,363
16,770,964
5,036,238
3,185,809
14,671,572
3,726,369
2,272,559
earnings (est.).
—V. 148, p. 1820.
Earnings—
Southern Pacific Co.-
1935
$6,812,835
$1.57
$0.37
1936
Net after rents
$10,111,00£
27,258,159
6,597,019
3,390,600
20,288,477
4,156,954
1,687,097
Aktiengesellschaft—Int. Payment—
Net from railway.
Net after rents.!
April 1, 1939, will be paid
upon the assented debentures (the holders whereof have accepted the offer
of Siemens & Halske Aktiengesellschaft dated Dec. 17, 1938) on April 1,
—V. 148, p.
1939, in dollafs, at the rate of 4lA% per annum, or $18 per $400 debenture,
the surrender of coupons due on that date at the office of Dillon,
Head & Co., New York.
Interest for the 12 months' period ending on April'1, 1939, is payable
upon the non-assented debentures on April 1, 1939, at the rate of 10%
per annum, or $40 per $400 debenture.
However, Siemens & Halske
_
21,067,062
2,370,517
22,086,117
3,951,606
_
.
Gross from
—
1339.
Net from
Operation
;
_
Maintenance.
Taxes
....
,
i
;
,
'
_
...
—— ——_
_
$152,042
54,937
7,063
$155,288
...
46,670
5,676
.24,498
3,841
Balance
—
_
$9^2,970
Net income.
—
_
Preferred dividends
.
„
$61,495
10,788
$59,419
Interest & amort., &c.
I
.* 90.932
7,749
'
$70,762
11,343
Gross income....
;
$ 69,244
$78,393
7,631
—
Retirement accruals....
$713,985
129,952
$842,039
$50,707
•
'
134,219
.
$707,820
210,000
339,626
...
Common dividends.
.
$584,033
209,806
263,654
Southern Bell
Telephone & Telegraph Co.—-Earnings?
1939—2 Mos:—1938
$5,253,041 $11,180,105 $10,558,005
21,780
38,963
'•43,366
1939—Month—1938
$5,566,936
Operating revenues....
Uncollectible bper. rev.
19,914
$802,908
defll2,443
34,100
defl26,778
63,912
defl77,897
<
\
proceeds of the issue will be
The
.
balance will be used to pay open
expenses.
mada.
$1,986,633
$1,839,318
$3,914,582
1,597,592
1,442,074
Net operating
L,112.543
972,457
863,854
$2,316,990
1,916,351
$2,166,806
1,687,958
—V. 148, p. 1339.
Southern Natural Gas Co.—Note Issue Approved-—•
regarding the issue and sale of a 4H%
serially Dec. 31, 1939
to Dec. 31, 1942 was approved Marcn 20 by the SEC,
The note is to be
sold to the First National Bank, Birmingham, Ala., for the purpose of
refunding and discharging an outstanding security of the company.
An application regarding a plan of recapitalization involving the,reclassi¬
fication of its presently outstanding Class A and Class B stock into new
A declaration by the company
collateral note in the amount of $900,000, maturing
common'stock
The
new
was
not acted
275,000 shares (par $10) to
55,000 shares were offered to stockholders pro
subscribing for 30 shares and the
parent company CAmerican Water Works & Electric Co., Inc.) taking the
Kg, j<54 970 sJi&rcs
1
1 *v
'
, v
x
. ■,!
The, Pennsylvania Public Utility Commisnon has approved the merger
of the St. Clair Water Co. into Chartiers Valley Water Co.
The latter
companv and Whitaker Water Co.. both subsidiaries of South Pittsburgh
Water Co., have been merged into the latter company.—V. 132, p. 1032,
at
par,
Dec. 31, 1939, $100,000; June
sharps (no par) and $1,500,000 6income note,
due July 1, 1956.
i.-v
«"
A1 of the proceeds of the loan
dated July 1, 1936.
$175,000 June 1,
1939, $175,000 Dec. 1, 1939, and $1,125,000 June 1, 1940.
This note is
now held by the New York Trust Co., New York, and is secured oy certain
securities of company's subsidiaries, Alabama Gas Co. and Huntsville
Gas Co. (including the securities to be pledged as collateral for the new
note), and by $500,000 of company's first.mortgage pipe line sinking fund
bonds, 4J^% series, due 1951.
The remainder of the amount necessary
to pay tne principal of the present note, i.e., $.575,000, will be provided
from current funds. • The $500,000 of company's bonds will be available
for delivery in part payment of the sinking fund installment due April 1,
1939 under the indenture securing said bonds.—V. 148, p. 1040.
Southern New England
Telephone Co.—Earnings—
1939—Month—1938
$1,479,568
$1,425,723
4,000
5,000
1939—2 Mos.—1938
$2,998,318 $2,890,352
8,500
9,000
Operating revenues.._ $1,475,568
Operating expenses
1,037,895
$1,420,723
993,565
$2,989,818
2,106,482
$2,881,352
2,038,292
$437,673
128,670
$427,158
124,213
$883,336
260,579
$843,060
243,754
$309,003
235,165
$302,945
247,171
$622,757
476,985
Operating taxes
Net oper. income
income
Net
To
Pay $1.75 Dividend—
Directors
on
March
27
declared a dividend of
$1.75 per share on the
capital stock, payable April 15 to holders of record March 31. A dividend
of $1 was paid on Jan. 15, last, and previously regular quarterly dividends
of $2 per share were distributed.—V. 148, p. 1339.
•
-
Southern
Ry.—Equipment Trust Certificates—
The $15,6C0,0G0 equip, trust
certificates purchased by Salomon Bros. &
Corporation represent 80 % of the
Hutzler from the Reconstruction Finance
total amount-held by the government agency.
The certificates
interest and are in two series viz.: (1) Series RE, $13,500,000
$968,000 Aug. 1, 1940 and $964,000 each
•
$103,479
61,747
$210,753
126,444
$206,526
$41,732
8,883
$84,309
19,680
$79,895
17,921
$32,849
income—.
$64,629
$61,974
«
»
New Director—r
•
■
126,631
•'
•
•:
Carroll, Vice-President, at the recent annual meeting of
elected a director.
He fills the vacancy created when
Elias, former Chairman of the board resigned.—V. 148, p, 1659.
;
M'.
Vincent
stockholders was
A. B.
Spokane International Ry.—Earnings"
Net
bear 4%'
maturing
Aug. 1, 1941 to Aug. 1. 1953,
1937
1939
!
$42,349
225
after rents——.
378
From
Jan.
1
—_
—
—
JNet from
114,699
28,260
14,268
railway..—
Spokane Portland &
84;445,
defl ,659
defl4,837
def340
820
—
1937
———
$575,415
124,579
31,927
157,659
50,446
1,203,753
292,576
62,449
—
1938
$561,653
116,518
3,270
railway
Net after rents.
Earnings—
Seattle Ry.
1939
Net from railway.
From
95,975
16,261
3,252
1340.
February—
Gross from
def6,137
1936
$47,406
6,919
'
Net after rents
—V. 148, p.
■
$58,154
11,857
3,337
117,213
17,279
1938
$49,225
7,260
February—
railway.
Net from1 railway—
Gross from
1,172,829
273,817
81,511
1,282,618
367,821
139,157
Jan. 1—
Gross from railway
Net after rents
...
$612,378,
,
1936
$482,050
80,247
def37,73A
1,010,199
218,110
defl 6,118
—V. 148, p. 1340.
Springfield Street Ry.
Operating revenues.—
Operating expenses
Taxes..
— —
Non-oper. income
Deduc'ns from gross inc.
Deficit.
Earnings—
1938
Calendar Years—
$599,306
488,701
Net oper. revenues
■
$33,933
Operating taxes
oper,
»•
$43,706'
9,773
Net from railway
Uncollectible oper. rev..
250
$104,534
60,828
_ _
Net oper. revenues—.
Net;
■
1939—2 Mas—1938
,$211,253
$206,926
500
' 400
$103,679
200
$104,784
—
Operating revenues.
Operating expenses.
.
Telephone Co.—Earnings—
1939—Month—1938
Period End. Feb. 28—
Operating revenues
Gross from railway
will be applied toward the immediate Day¬
$1,475,000 (4j^% collateral note, maturing
Period End. Feb. 28—
'
■
Southwestern Associated
30, 1940,
$100,000; Dec. 31, 1940, $100,000; June 30, 1941, $150,000; Dec. 31, 1941;
$150,000; June 30, 1941, $150,000; Dec. 31, 1942, $150,000.
It will be
seemed by the deposit as collateral of the following securities of Alabama
Gas Co. (a subsidiary): All of Alabama Gas Co's capital stock, .ie;, 60,000"
Operating revenues.
been increased from
the minority stockholders
upon.
note matures as follows:
men! of co's.
29
be
,
Uncollectible oper. rev.*,
income $1,182,758
Net income....!
account indebtedness to parent company.
-
The common stock has
$3,608,880
726.775
Net oper. revenues...
1955,
500,000 Shares (par $10) and
$11,'141,142 $10,514,639
7.226,560
6,905,759
Operating taxes.803,875
V
used to Redeem the outstanding South
Upon presentation of the series A and series B bonds on or before May
at Chase National Bank, payment in full with interest to May 11 will
V. 131, p. 4217.
$5,547,022
$5,231,261
—3,560,389
3,391,943
Operating revenues..
Operating
.
Pittsburgh Water Co. bonds, viz. $3,348,900 1st mtge. 5s of
called
for payment May 11 at Colonial Trust Co.. Pittsburgh, at par and interest,
$1,190,000 1st lien & ref. mtge. series A 5s of I960 and $1,850.000 series
B 5s of 1960, called for payment May 29, at 102 and interest for series A
and 105 and interest for series B, at Chase National Bank, New York. The
rata
—V, 148, p. 1493.
Period Feb. 28—
63,238
3%% 25-year bonds, due March 1, 1964.
3,965
$806,781
92,796
_
def5,920
$1,391,574
115,247
South Pittsburgh Water Co.—$7,500,000 Bonds Placed
Privately—Subsidiaries Merged—The company has placed
privately with six insurance companies an issue of $7,500,000
$802,816
$929,129
205
Net oper. revenues..!
$78,444
V
Dr51
Non-oper. income (net)
def45,195
$1,034,208
def95,728
Net after rents
$69,039
'
def48,963
def51,673
26,741
—V. 148, p. 1339.
~
21,003
$678,879
36,367
railway.-... $1,109,211
Net from railway......
„
1936
$409,045
.
$526,808
def28,77l
From Jan. 1—
Gross from
1939—12 Mos.—1938
$1,986,861
$1,883,826
659,837
693,857
105,134
120,211.
292,761
266,942
1939—-Month—' 1938
Period Etd. Feb. 28—
Lines—Earnings—
1938
1937
1939
$562,477
railway41,580
Net atfer rents........
Sierra Pacific Power Co.—Earnings-—
Operating revenues.
i
1819.
February— ]
• •.
railway
Aktiengesellschaft is required under existing German laws and ordinances
supplemental thereto to pay such interest in respect of non-assented deben¬
tures in reichsmarks to the Konversionskasse for the account of the person
entitled to receive such interest.—V. 148, p.
568,739 defl,218,538
Southern Pacific SS.
upon
persons
2,236,025
998,708
From Jan. 1—
Gross from railway.
Interest for the 12 months' period ending on
or
,
$9,929,141 $12,983,482
3,023,828
990,719
1,367,955
def798,907
1,662,553
def40,029
i
1936
1937
1938
1939
.$10,352,312
February—
Gross from railway
Net from railway.
for
$2,118,947 $27,646,146 $24,437,111
$2,493,708
Gross
(& Subs.)—Earnings—
$22,494,364
588,095
—Third Week of March— •—Jan. 1 to March 21
1Q**Q
• 1
1939
1938
"
$1.44
Siemens & Halske
1,682,828
938,252
.
by shares of $5 par
depletion, depreciation, intangible development
expenditures, amortization, interest income taxes and minority interest in
earnings,
y On 13,070,625 shares of common stock.—V.. 148, p. 890.
■:
x
$7,162,799
2,770,660
1,835,854
...
Total......—.$7,045,724 $7,186,775
$0.72
share
$8,638,950
Gross from railway.
1938
1937
.$11,318,423 $20,668,880
Net income...
y
$6,610,131
„
1,300,947
309,672
14,983,872
4,087,085
2,220,358
...
Net from railway
Net after rents
Years Ended Dec. 31—
-
1936
1937
$7,039,235
1,738,791
858,074
From Jan. 1—
7,680
$7,045,724 $7,186,7751
is necessary
Date
to
1938
1939
Net from railway.
Net after rents
53,700
,.
5,363
depreciation and depletion,
y .Represented
Accounts payable only.—V. 148,p. 448.»
x
Earnings for February and Year
February—
Gross from railway
4,318,111
1,233,586
■———
M.......
,
asserts that extension of the loan
given the company in its temporary financing, and that
it is unable at this time to obtain funds on reasonable terms from other
sources to finance the RFC obligation.
10,970
2,951,743
Paid-in surplus...
389,723
52,894
>'
Deferred charges..
Total....
27,606
*
April 14,1936.
In its application, company
25,000
for inc.taxes
of $4,859,000.
to continue the aid
16,244
15,241
payroll..
Reserves
Mat'ls & supplies.
x
Prov.
8,787
2,3,304
on
copper
Finance Corp. loan
Reconstruction
Liabilities—
1937
a
The loan was granted
merce
Balance Sheet Dec. 31
1938
Assets—
RFC—
Com¬
$177,229 prof$38,164
199,705
Net loss
Company
been placed privately. Pennsylvania
Granting Annuities, trustee.
that the issues have
nounce
25,000
Pro v. for Fed. inc. taxes.
1977
Chronicle
—
1937
1936
1935
$1,534,757
1,331,210
$1,658,400
1,388,960
$1,701,031
1,428,921
$1,634,974
1,383,772
70,066
53,905
42,428
77,241
Cr5,281
230,591
GY993
Cr665
CV426
231,060
232,796
236,299
$99,004
$30,692
$13,936
$27,101
Balance Sheet Dec. 31,
1938
Assets—Investment in road and equipment, $6,056,948: deposits in lieu
mortgaged property sold, $56,293; miscellaneous physical property,
$6,103; other investments, $6,000; cash, $160,756; special deposits, $19,250;
materials and supplies, $112,960; other current assets, $29,190; deferred
assets, $85; rents and insurance premiums paid in advance, $7,013; total,
of
$6,454,598.
Liabilities—Capital stock, $2,900,000; long-term debt, $2,890,300; loans
and notes payable, $860,463; miscellaneous accounts payable, $109,781;
matured interest unpaid, $4,250; unmatured interest and rents accrued,
$90,244; deferred liabilities, $8,157; tax liability ahd other reserves, $77,290;
accrued depreciation (road and equipment), $1,081,945; other unadjusted
credits, $52,679; deficit, $1,620,511; total, $6,454,598.—Y. 148,p.1040."
Financial
1978
Standard Gas & Electric Co.—Weekly
April 1, 1939
Chronicle
Tampa Electric Co.—Earnings—
Output—
the Standard
1939, totaled
105,982,554 kilowatt hours, an increase of 9.0% compared with the cor¬
responding week last year.—V. 148, p. 1820.
Electric output of the public utility operating companies in
& Electric Co. system for the week ended March 25,
Gas
revenues
February—
railway..
Net from railway—
Rapid Transit Ry.—Earnings—
Net after rents
From Jan. 1—
$124,661
def 1,102
def36,205
..
Gross from railway..
__
Net after rents
...
236,451
def10,257
def77,532
1936
1937
$131,936
4,191
def25.433
262,135
3,148
def60,370
-
—
Net from railway.
$114,765
def5,365
def39.343
def58,665
1938
1939
Gross from
$132,156
def 6,993
def44,070
266,286
def16,608
def89,313
258,234
26
—V. 148, P. 1340.
$4,483,159
1,634.887
272,818
649,145
139,779
132,752
Operation
22,956
52,908
21,181
57,937
Maintenance
Taxes
Staten Island
1939—12 Mos.—1938
1939—Month—1938
$4(0,113
$414,190
Period End. Feb. 28—
Operating
$198,546
524
Dr57
$1,926,308
2,448
$1,926,888
Dr2,699
$188,767
35,833
$198,489
35,833
$1,928,756
430,000
$1,924,188
430,000
$152/934
$162,656
594
Balance
575
$1,498,756
7,754
$1,494,188
12,125
S1.491.CC2
70,000
1,338,9(2
$1,482,063
Retirement accruals
Gross income
Interest
„
'$162,081
$152,340
Net income
Company
Common dividends
,
,
will redeem its entire 6X% cumulative $100 par preferred
of $105 a share, as of
stock outstanding amounting to 4,388 shares at rate
July 1, 1939. Capitalization of company after redemption of the preferred
issue will consist of 240,000 shares of common stock outstanding.
In view of company's extremely strong cash position directors believed
that redemption of the preferred at this time would be prudent.
As of
Dec. 31, last, company had cash on hand or in banks $973,382 and market¬
able securities of $8,602 with total current assets amounting to $2,569,644
There is presently no indebtedness
against current liabilities of $326,013.
to banks.—V. 147, p. 3924.
'
'
'
Corp.—Subsidiary Dissolved—
"Stewart Warner
Company has informed the New York Stock Exchange that its sub¬
sidiary, the Stewart-Warner Corp. of Michigan, was dissolved on March 10,
1939.—V. 148, p. 1820.
with announcement of the new six-cylinder Studebaker Champion.
The new line lists at from $660 for the custom coupe at the factory to $740
for the four-dopr custom sedan.
The two-door custom sedan is priced at
field
$700, delivered at the factory.
The prices are for fully equipped cars and
Include Federal excise tax.
•
Custom and de luxe body types are offered for each model.
"
The brake horsepower is 78 and the S. A. E. horsepower 21.6, and the
compression ratio is 6 5 to 1. The Warner three-speed, syncro-mesh trans¬
mission is used and the line is equipped "with hydraulic brakes.
Tin lubrication system is the full pressure type,
The 8tudebaker planar
front wheel suspension, which has been used for five model years, is embodied
on the new car.
The gear shift lever is mounted on the steering post.
The overall length of all models is 185% inches.—V. 148, p. 1495.
;
■
^—
-
—V. 148, p. 1496.
Electric
&
Television
of
Corp.
America—Promoters
The Department of Justice and the Securities and Exchange Commission
reported on March 14 that Elias T. Stone, alias Elias T. Silverstein, and
Harold F. Stone, both of N. Y. City, and John G. Anderson and E. T.
Shaw, alias 8. Tate, both of Knoxville, Tenn., were sentenced to serve five
years on each of 14 indictments charging violations of the fraud and regis¬
tration provisions of the Securities Act of 1933 and mail fraud, sentences to
run consecutively,
and in addition to two years for conspiracy, to run
consecutively, or total sentences of seven years.
The sentences were im¬
posed by Judge George C. Taylor in the Federal District Court for the East¬
ern
District of Tennessee, sitting in Knoxville.
Sentencing of another
defendant, Sam G. Kennedy, was deferred until the expiration of his present
Carolina.
South
The indictments charged
that Elias T. Stone and Harold
the name of Stone & Co. of N. Y. City, were
Tennessee Central
Ry.—-Earnings■—
$1,089,012
533.818
442,032
$898,356
5,402
$937,850
7,505
$646,980
11,186
$698,085
$903,759
25,183
$945,355
15,009
$658,166
20,893
$710,476
35,156
8,997
330,218
12,495
361,495
144,883
109,388
353,741
64,505
6,000
12,450
income....
Total income...;
Int.
on
$1,113,267
415,182
$1,471,667
Other income...^...—
indebtedness
12,391/
Expenses incident to sale
of stock.
404,359
141,636
Prov. for depl. & deprec.
Loss on leases surren, &c.
'
Prov. for income taxes..
-
...
$332,579
Net profit....
384,463
84,928
-
15,376
Balance Sheet
•
'-—..J.
Accts. receivable..
18,754
16,907
201,922
253,517
8,695
6,821
72,042
70,505
(at market)....
Oil field
and
materials
supplies
Prepaid expenses—
Advances collect..
1938
-
Notes payable....
$300,000
\
Accounts payable.
42,655
int., taxes & oil
&gasroyalties._
Notes
104,052
84,614
412,500
330,000
1,420,573
1,489,154
1,388,979
2,600,773
1,081,066
pay,/(non-
current)
on
purch.
Capital stock.....
1,388,979
xProp., land, oil &
Capital surplus
2,493,663
prod, prop's
and equipment. 5,947,019
858,880
Intangible values.
Earned surplus...
1.284,356
cost)
,
501
501
gas
Total
x
After
—
6,765,357
963,990
.$7,477,323 $7,487,6321
reserve
143,046
y545
of oil properties.
affll. concerns (at
$370,000
Acer, wages & sal.,
Obligs.
Inv.ln stks.ol non-
1937
'
Dividends payable
Crude oil on hand
Total .........$7,477,323 $7,487,632
for depletion and depreciation of $9,688,146 in 1938
$9,401,614 in 1937.
p. 3622.
•
y
To holders of old unexchanged stock.—V.
and
147,
v,
,
Superior Steel Corp.—Listing—
The New York Stock Exchange has authorized the listing of 50,000
addi¬
of issuance upon
conversion of its first mortgage 5 % convertible sinking fund bonds, making
the total amount applied for 165.000 shares.
»
■ ■».
tional shares of common stock ($100 par) on official notice
Gross income
_
on
J—
Texas
...
769,122
105,000
10,063,484
1,260,000
9,507', 560
~
1,260,000
$466,903
231,335
$447,999
236,347
$5,584,597
2,811,431
$5,456,400
2,807,825
$211,652
129,374
$2,773,166
1,551,061
$2,648,575
1,550,815
$105,985
-
pref. stock
Balance
For the purpose of paying off and refunding the first mortgage 6%
sinking fund gold bonds, due Dec. 15, 1938, then outstanding, and certain
bank loans, and for the purpose of securing additional working capital,
the directors at a meeting held Sept. 12, 1938, adopted a resolution calling
special meeting of the stockholders to be held on Oct. 10, 1938 for the
of voting on the question of sanctioning the increase of the corpora¬
indebtedness. At their special meeting on Oct. 10, 1938, the
stockholders adopted a resolution authorizing and sanctioning the increase
of the bonded indebtedness by the issuance of not more than $2,000,000 of
bonds and the securing of the same by a mortgage lien on all of the real
estate of the corporation together with the plants and improvements thereon.
At a special meeting held Dec. 10, 1938, the directors authorized the
creation, issue and sale of $1,250,000, of first mortgage 5% convertible
sinking fund bonds, dated Dec. 1, 1938, due Dec. 1, 1948 Union Trust Co.,
a
purpose
tion's bonded
The bonds are convertible, at the principal amount
before Dec. 1, 1948
thereof, into shares of the common stock at any time
at the
following prices per share of common stock:
Dec. 1, 1938 to Nov. 30,
1940, $25 per share; Dec. 1, 1940 to Nov. 30, 1943, $30 per share; Dec. 1,
1943 to Nov. 30, 1946, $35 per share; Dec. 1, 1946 to Nov. 30, 1948, $40
per share.
On Dec. 12, 1938 the entire $1,250,000 of bonds were sold
tion to a bank at 99 plus accrued interest, so that the net
by the corpora¬
proceeds to the
corporation, exclusive of accrued interest, were $1,237,500.
At the same
time the corporation borrowed $500,000 upon its promissory not e in the
principal amount of $500,000, bearing interest at the rate of 5K% per
annum, payable in instalments as follows:
$50,000 Dec. 15, 1939; $50,000
Dec. 15, 1940; $50,000 Dec. 15, 1941; $50,000 Dec. 15, 1942, and $300,000
Dec. 15, 1943.
The proceeds of the bonds and note were applied by the
corporation, to the extent required, to the payment of its first mortgage
6% sinking fund gold bonds, due Dec. 15, 1938, then outstanding in the
principal amount of $816,000 and the corporation's bank loans in the face
amount of $600,000.—V. 148, p. 1495.
"
1939—12 Mos.—1938
$235,568
129,582
———_
Int. & other fixed chgs_.
Divs.
i
828.772
105,000
$82,278
$1,222,105
$1,097,760
/
Corp.—Registers with SEC—
The corporation on March 23 filed with the Securities and Exchange
Commission a registration statement (No. 2-3982, Form A-2), under the
Securities Act of 1933, covering $40,000,000 of 3% debentures due April 1,
1959.
'
The net proceeds from the
'
'
.
.
sale of the debentures will be added to the gen¬
increasing working capital,
it is stated, to an amount more commensurate with the growing
dent to the ehlarged activities of the "company's subsidiaries and
needs inci¬
companies
No specific allocation of the pro¬
ceeds has been made, it is stated, but they may be used for capital expen¬
ditures such as exploring, acquiring or developing crude oil reserves, im¬
proving, extending or replacing refining facilities, transportation facilities
and marketing facilities, or for carrying inventories or receivables, to reim¬
burse the treasury for expenditures previously made or for such other pur¬
In which it has a substantial investment.
the management may determine to be in the interest of
poses as
•/
pany.
the com¬
.
According to the registration statement, Dillon, Read & Co. will head the
underwriting group.
It is stated that Dillon, Read <S( Co. will be authorized
by the several underwriters to engage in certain market operations in the
debentures to facilitate their distribution and for tne purpose of stabilizing
the market price.
"The existence of such provision is no assurance that
the market price of these 3% debentures will be stabilized or that the sta¬
bilizing, if commenced, may not be discontinued at any time."
The debentures are redeemable at the option of the company as a whole
or in part by lot at any time after at least 30 days' notice at the following
prices plus accrued interest: If red. on or before April 1, 1942, 104%;
thereafter and incl. Apr. 1, 1947,103%; thereafter aad incl. Apr. 1, 1952,
102%; thereafter and incl. Apr. 1, 1954, 101%;
If the debentures are
redeemed after that date, the premium will be reduced X of 1% for each
year, but in no event at a price less than 100%.
The price at which the debentures are to be offered to the public, the
names of other underwriters and the underwriting discounts or commis¬
sions
V.
to be furnished
are
148, p.
1660.
by amendments to the registration statement.—
V
,
,
,
.
Pittsburgh, trustee.
106,191
58,683
$1,322,121 $16,908,082 $16,223,960
$1,400,675
.
eral funds of the company for the purpose of
at Dec. 31
Liabilities—
$220,574
$267,617
120,936142,416
405,422
120,273
83,071
45,490
29,355
Earnings—
1939—Month—1938
revenue..
Oper. exps. & taxes
depreciation.
Prov. for
,
as
1937
1938
Assets—
Cash
for the entire
b Consolidated figures.
•
Gross
—V. 148, p. 1659.
$244,624
merged with the
in the statement with the operations of the parent company
1937.
Tennessee Electric Power Co.
Period End. Feb. 28—
Net income
parent company as of March 31; 1937u
The operations of Superior Oil &•<
Gas Co. for the three months ended March 31,1937, have been consolidated
year
409,332
364,525
72,831
26,588
Gross from railway
Net from railway.
$147,896
$446,246
Superior Oil & Gas Co., fully owned subsidiary, was
a
$190,732
From Jan. 1—
bl935
603,525
...
Net oper.
bl936
al937
$1,501,881
Gross Income
$207,507
54,012
29,153
—V. 148, p. 1821.
Superior Oil Corp,—Earnings-
Expenses..
1936
1937
1938
$170,166
25,936
def2,417
February—
'1939
Gross from railway.....
$177,885
Net from railway. —29,378
Net after rents.
1,782'
Net after rents
1938
F. Stone, under
underwriters for various stocks,
including the stock of Television & Electric Corp. of America, and Tele¬
vision & Projector Corp.
It was alleged that sales were made by means of misrepresentations.—
V. 148, P. 1496.
-''V
■"
...
Calendar Years—
70,000
1,286,980
■
Sentenced—
sentence in
Studebaker Corp.—New Low Price Car—
Corporation on March 27 entered the lowest price passenger automobile
260,656
568,056
$188,243
Net oper. revenues
Non-oper. income (net).
Preferred dividends..
(A.) Stein & Co.—-Preferred Stock Called—
$4,585,055
1,829,455
Texas Gulf Producing
Co.—Interim Dividend—
an interim dividend of 10 cents per share on the
no par value, payable June 15 to holders of record May 19.
with 15 cents paid on Dec. 15, last; 10 cents paid on Dec. 23,
initial dividend of five cents paid on Dec. 15, 1936.—V. 148,
Directors have declared
common
stock,
This compares
1937, and
p.
an
1341.
'
..
Texas Mexican
February—
1939
$70,317
118,864
,3,527
Gross from railway
Net from
railway
Net after rents
From Jan.
■
J
Ry.—Earnings-
;
1938
1937
1936
15,354
32,752
16,141
$97,004
26,506
14,559
192,118
27,685
4,518
224,929
65,513
36,599
200,979
53,016
32,073
$102,747
25,334
$111,269
1—
132,958
Gross from railway
Net from railway
Net after rents
10,257
.
def6,959
—V. 148, p. 1341.
Texas & Pacific Ry .—Earnings—
Period End. Feb. 28—
1939—Month—1938
$4,065,246
296,187
302.542
212,883
8,121
294,122
9,568
36,000
$668,302
67,844
$507,230
74,078
$367,655
9,143
325,034
$284,652
$736,146
9,129
329,054
15,764
650.980
$581,308
17.331
659.470
$33,478
x$53,531
$69,402
x$95,493
$1,946,764
$331,931
$248,652
35.724
Net ry. oper.
Other income
income.
Total income
Miscell.
Fixed
1939—2 Mos.—1938
$4,088,044
2,902,551
Operating revenues
$1,992,597
Operating expenses
1,402,417
Railway tax accruals
145,857
Equipment rentals (net)
107,349
Joint facil. rents (net)..
5,043
deductions
charges
1,409,335
149,190
132,070
7.517
2,951,784
Supervised Shares, Inc.—-Smaller Dividend—
Directors have declared a dividend Of 9 cents per share on the common
stock, payable April 15 to holders of record March 31.
This compares with
11 cents paid on Jan. 16, last; 7 cents paid on Oct. 15, last; 6 cents on July 15,
last; 8 cents on April 15, 1938; 12 cents paid on Jan. 15,1938, and dividends
of 15 cents per share paid in each of the two preceding quarters.—Y. 147,
.3924,
■
Net
x
income
Deficit.
'
*•'
Bonds Authorized—
The Interstate Commerce
pany to
-
.
'
Commission
on
March 24 authorized the com¬
issue not exceeding $3,270,000 of general and
refunding mortgage
Volume
Financial
148
Texas & New Orleans
British Pictures Corp., Ltd.), $3,737,568; National Theatres Corp., repre¬
senting investment in 42% of the capital stock $8,859,887; Roxy Theatres
Inc., at cost $893,637; Hoyts Theatres, Ltd. (advances only) $372,000 and
operations
to
date $608,619.
f For preferred stock retirement
x With the exception of Roxy Theatre, Inc.—V.
147, p. 3623.
Tri-State Telephone & Telegraph Co.—Earnings—
1939
1938
1937
1936
$3,353,256
613,073
74,549
$3,851,084
1,109,848
556,958
$3,006,789
593,134
174,487
6,768,930
1,640,019
593,903
6,841,590
1,194,599
113,129
7,962,628
2,361,826
1,359,939
6,120,021
1,215,845
416,276
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Period End. Feb. 28—
1939—Month—1938
Uncollectible oper. rev..
$527,276
1,605
$503,754
1,974
1939—2 Mos.—1938
$1,051,845
$1,014,479
3,007
3,472
Operating revenues.
Operating expenses
$525,671
360,098
$501,780
373,908
$1,058,838
739,630
$1,011,007
762,326
$165,573
52,480
$127,872
50,676
$319,208
105,405
$248,681
$113,093
52,802
$77,196
$213,803
91,112
$142,883
17,750
Operating
—V. 148, p.1341.
revenues—___
_
.
Net oper. revenues.__
Third Avenue Ry,
1939—Month—1938
Operatingrevenues—__ $1,101,261
$1,078,930
Operating expenses —.
842,659
832,122
1939—8 Mos.r-1938
,
j.
_
136,979
7,103,758
$2,175,350
1,128,285
operating income.
Net income.
$9,141,669
7,132,650
$246,808
135,056
$258,602
Taxes
Net
\
$9,308,000
$2,037,911
1,057,803
_
Net oper. revenue
Operating taxes
System—Earnings-
Period End. Feb. 28—
—V. 148, p.
Operating income
Non-operating income—
26.149
$1,047,064
192,411
$137,902
217,002
$1,239,475
1,736,994
$111,753
$121,623
23,185
Union Bag & Paper
$980,108
207,990
returns
Deductions.
'
$144,808
218,748
1
1
$9,534,626
7,784,594
$4,657,009
$4,432,762
$2,266,284
$1,750,032
3,296,443
2,680,350
1,853,679
1,488,145
$1,752,412
11,320
88,338
$412,605
26,810
$261,887
Delivery, sell., admin. &
& general expenses.
u
_
$556,796
$497,519
$79,099
$73,940
—
—V. 148, p. 1341.
Dr33,540
Thompson Products, Inc.—New Directors—
238,833
A. T.
Colwell, Vice-President in Charge of Engineering, and J. D. Wright,
Secretary, were elected directors at the annual meeting of stockholders
held March 29, increasing the Board to 11 members,-—V. 148, p. 3622.
•
Tide Water Associated Oil
Earnings
x
share.
per
184,301
stock taxes (est.)
cap.
Prov. for Fed. surtax
Co.—Earnings—
1935
depreciation, depletion, interest, amortization, Federal income
&c.—V. 148, p. 1821.
52,024
240.800
48,609
,
on
50,000
Net profit..
$7,865,701
5,642,342
$0.73
stock...
10,181
'
undistrib.profits (est.)
1938
1937
1936
•
—$10,427,273 $15,801*383 $10,217,928
6,375,253
6,369,175
6,288,511
$1.28
$2.09
$1.11
Calendar Years—
Net profit.
common
yl935
yl936
$15,690,960 $11,770,787
11,860,866
11,258,198
9,504,504
Cost of products——
$1,188,098
1,744,895
'
Shares
zl937
allowances'_'$16,517,875
$1,360*565
Gross income_
*
Corp.- -Earnings—
xl938
Hicotc
IpCQ
&
14.673
105,^98
1662,1341.
Calendar Years—
cqlpc
Net loss-«_
Inc., and sundry other companies, adjusted by results of
fund,
Movietonews,
RR.—Earnings-
$3,282,955
787,725
274,180
February—*
railway
Gross from
Net from railway
Net after rents
1979
Chronicle
5% bonds, series D, in partial reimbursement for expenditures heretofore
made for additions and betterments, all or any part thereof, together with
$6,730,000 of such bonds now in the applicant's treasury, to be pledged and
repledged from time to time as collateral security for short-term notes.—
V. 148, p. 1661.
Dividends paid———
—
.
$903,892
130,674
$773,218
;
Z $866,491
$223,459
.389,915
$387,391
457,315
$1,384,595
518,104
def$69,924 def$166.456
After
taxes,
Tilo Roofing Co.,
Inc.—Registers with SEC—
See list given on first page of this
February—
Gross from railway
Net from railway.
RR.—Earnings—
46,691
13,463
Net after rents.13,124
From Jan. 1—
■
Gross from railway——
Net from railway
Net after rents.
—V. 148, p. 1341.
;
-
1936
$185,331
54,350
33,560
31,372
372,037
124,722
68,441
347,647
102,888
55,815
'
\
327,753
119,067
43,274
301,135.
90,040
35,176 '
.
v
1937
$183,785
60,715
1938
$151,293
1939
$149,331
39,971
„■
.
$1.32
$1.14
Company only,
y Consolidated,
z Including the results of operar
tions of wholly-owned subsidiaries now liquidated.
■
During 1938, the company reduced its indebtedness by $919,809 largely
out of profits.
It also made arrangements for placing its major indebted¬
ness on a long-term basis at reasonable cost.
The refinancing was com¬
pleted on Feb. 8, 1939, by the sale of 210,455 shares of capital stock for
which cash amounting to $1,894,095 was received after deducting com¬
missions to underwriters; and by the issue at par of $4,600,000 of 4M%
serial notes maturing Jan. 1, 1941 to Jan. 1, 1951; and by the payment of
all outstanding bank and other indebtedness excepting that of a current
nature and $455,433 of notes given in commection with timberland pirnchases which were not subject to pre-payment.
;
•
.
^
,
196,074
261,433
$1.48
1,045,733
1,052,274
$0.86
x
department.—V. 148, p. 1661.
Toledo Peoria & Western
outstanding (no par).
Earns, per sh. on cap
:
-
"
Twentieth Century-Fox
v
'
Weeks
52
Weeks
Dec. 31, '38 Dec. 25, '37
Period—
52 Weeks
a
chine parts)
c
320,744
883,183
214,801
1,241,016
1,157,917
1,000,375
,
—
—.$60,401,474
of exchanges,
...
•
admin.
1,186
&c.
*—
15,062
Amort, of produc. costs. 30,554
1,896
1,116
Participa. in film rentals
6,353
Propor'n of losses of con¬
Oper.
b
Timber
trolled subs,
14,184,168
27,200,922
6,546,179
12,380,893
25,987,301
6,075,399
10,594,457
22,065,898
6,482,658
110,411
73,046
185,177
199,132
289,723
120,910
269,978
1,230,970
321,584
32,279
269,471
849,172
254,916
58.491
289,190
$8,617,114
$7,924,126
$3,563,088
IIZIZI
Dr20l",m
(not con¬
solidated)-..
68,815
Interest expense.
Amortization
of disct
&
304 ,277
Prov. for Fed. inc. taxes
805 ,718
8urtax
on
undist. profits
Net operating profit—
Profit
For
on
$7,252,467
400,041
Cr2,503
foreign exch.
adjustments-
__
exch.
——
•475,456
Reorganization expenses
1,450,024
4,304,679
8,753,622
1,415,320
3,483,899
dividends.
Preferred
Common dividends
11,616,033
Previous surplus
1,916,132
3,150,149
6,096,947
3,006,812
$8,753,622
$6,096,947
Earnings per share
e$3.35
d$4.11
c$3.55
b$1.24
a Not including $825,222 in 1938, $837,092 in 1937, $627,476 in 1936 and
$533,563 in 1935, depreciation of studio buildings and equipment absorbed
in production costs,
b Earnings per share on 1,226,530 no par shares
Balance, Dec. 31—.$13,969,281
$11,616,033
stock,
c Earnings per share on 1,636,168 no par shares common
d Earnings per share on 1,741,683 no par shares common stock,
Earnings per share on 1,741,984 no par shares common stock,
x With the exception of Roxy Theatre, Inc.
common
stock,
e
'•
.
7
Dec. 31 '38
Dec. 31 '38
Dec. 25*37
*
$
Assets—
Cash
a
—•
6,502,168
■
Accts. and notes
2,401,079
amort.
costs)
Prepaid expenses714,323
606,678
cos..el4,471,711 dl4,455884
13,467,369 13,984,083
1,488,125
1,649,402
income tax
Deferred
credits..
c
_
60,703,113 60,364,096
After
shares
in
of
1937.
$1.50
After
i
_
.
1,281,083
1
137,082
254,922
244,893
7,964,868
7.915,811
D/72,811
1,044,176 e Treasury stock- Dr72,810
125,792 Surplus—..,.—-— 3,320,606
—19,373,390 19,443,725
reserve
6,044,101
Total...
2,530.218
-.19,373,390 19,443,725
for doubtful notes and accounts, discounts and allowance^
of $134,471 in 1938 and $100,335 in 1937.
b After reserve for depletion
and depreciation of $40,287 in 1938 and $15,676 in 1937.
c After depreci¬
$5,886,597 in 1938 and $5,170,146 in 1937.
d Represented by
1,061,982 no par shares in 1938 and 1,055,441 no par shares in 1937. e Rep¬
ation of
resented by 9,708 shares,
g
Including surtax on undistributed profits.
'
Pro-Forma Balance Sheet Dec. 31, 1938
"
pro-forma balance sheet has been prepared by the company to re¬
(1) the receipt on Feb. 8, 1939, of (a) $4,600,000 from two insurance
companies under two loan agreements, (b) $1,894,095 net preoceds from
the sale of company's capital stock, and (2) the application of said moneys
to the payment of outstanding bank loans and notrs given in fh= purchase
of equipment and timberlands, including interest accrued to date of pay¬
ment and commissions and other estimated expenses in connection with
the financing (except for $505,889 of such timberlands notes as to which
notes the company has no right of prepayment).
The excess zf cash re¬
ceived over payments made was added to the general corporate funds.
Assets—Cash on hand and in banks on demand, $451,240; accounts re¬
ceivable: (less—reserves for doubtful accounts, discounts and allowances
of, $134,471) $1,557,764: Inventories, $2,179,3061 investments, $127,610;
fixed assets, $15,006,875: deferred charges, $151,492: total $19,474,737.
Liabilities: Notes payable, $105,556; accounts payable (trade), $562,504;
accrued liabilities, $275,081; provision for Federal income and capital stock
taxes, $171,900; serial notes 4H% (1941-195D, $4,600,000; notes payable
for purchases of timberlands (due periodically 1940 to 1943), $444,334;
reserve for contingencies, $254,922: capital stock (1,262,729 shs.), $59,470,471; capital surplus, $1,997,798; earned surplus, since Jan. 1, 1937, $1,592,170; total, $19,474,736.—V. 148, p. 1041.
c
cumulative
Union Carbide & Carbon Corp ^-Annual
Report—The
be found in the advertising pages
Jesse J. Ricks,
President,
says
will
of today's issue.
in part: •
Income—The net income for 1938, after provision for taxes,
depreciation,
1,072,160
1,734,968
1.368.342
1,685,697
the corporation's products in principal industries.
This favorable trend is
the direct result of the work done during the past several years by the
which
1,391,230
1,681,574
Capital stock—.15,910,934 15,910.933
(surplus—21,433,236 21,791,590
in surplus..
flect
depletion, and fixed charges, amounted to $25,173,412—equal to $2.77 per
share.
This compares with net income of $42,782,128 for 1937.
The
decrease in income was due to the widespread reduction in industrial activity
prevailed during the major portion of the year.
The rate of decline in operations was
tempered by the expanding uses of
technical, production, and sales organizations in developing diversified uses
for those corporation products which are commercially available, and In
commercial interest to industry.
Scientific work
is of the utmost importance to the corporation and is being
vigorously continued.
a
Dividends—The dividends declared during 1938 amounted to $18,066,336, equal to $2 per share.
Corporation has paid dividends without
interruption since its formation in 1917.
Stockholders—During the year the number of stockholders increased to
63,262. as of Dec. 2, 1938, as compared with 59,280 on Dec. 3, 1937.
Current Assets—At the end of 1938 current assets amounted to $107,535,900.
On Dec. 31, 1937, current assets were $89,404,833.
Inventories
totaled $58,283,099 at the end of 1938 and $52,121,337 at the close of 1937.
All inventories are carried at cost or market value, whichever is lower.
The
management continued the established policy of the corporation of building
up inventories of ore and ferro-alloys during periods of lowered operation
in the steel and transportation industries.
This practice permits more con¬
tinuous employment of highly skilled operating personnel and more uniform
use
of available hydro-electric power—both of which are important in
decreasing labor turnover, keeping key men employed, and in meeting
fluctuating industrial demands with a minimum capital investment.
^
finding new products of
f105,344
of this type
„
13.969.28JL 11,616,033
Total.....-—60,703,113 60,364,096
$7,-
Represented by 938,745 (946,882 in 1937) no par
convertible preferred stock and 1,741,984
(1,741,683 in 1937) no par shares of common.
d United American Investing Corp.
(50% owned) and Metropolis &
Bradford Trust Co., Ltd. (holding companies for investment in GaumontBritish Pictures Corp., Ltd.), $3,737,368; National Theatres Corp., repre¬
senting investment in 42% of the capital stock ($8,859,887), Roxy Theatres,
Inc., at cost, $895,231; Hoyts Theatres, Ltd. (advances only), $377,000,
and Movietonews, Inc., and sundry other companies, adjusted by results
of operations to date, $586,398.
f
e
United_ American Investing Corp. (50% owned) and Metropolis and
Bradford Trust Co., Ltd. (holding companies for investment in Gaumont
565,520
a
—
i,;
(est.)..
Res. for conting—
d Capital stock..-
14*143,430
3,010.929
385,820
b After depreciation of $8,741,307 in 1938 and
reserves,
*278.099
5,941,824
& cap.stk.taxes
Notes
4,139,355
7
Appropriated paid-
April 1, 1933
a
171,900
Prov. for Fed. inc.
2,859,782
Earned surp. since
Total
169,151
1,000,000
Reserve for Federal
Paid-in
b Land, bldgs. and
Other assets
accrd. expenses.
Reserves--
Inv. in & advs. to
equipment
_
-v
Dec. 25 *37
payable and
Misc. curr. liabils.
produc'n
..—21,658,338 19,434,411
affiliated
Notes payable,
2,598,632
(un-
Inventories
Liabilities—
$
7,635,007
Accts.
receivable.
352,653
income account and balance sheet as of Dec. 31, 1938,
'
Consolidated Balance Sheet
[Including Wholly-owned Subsidiaries x]
'
,i
605,985
355,346
The
of funded debt—
Deprec. of fixed assets
exps.
a
543,521
lands,
leases & equip..
Total.
offices,
expenses,
447,051
564,305
.
expenses.
$58,602,236 54,031,780 $43,942,678
exps.
head
551,774
Land, bldgs.,ma-
Deferred charges
Total income.
338,858
purchases
1,835,318
chinery & equip.13,725,791
(not
consolidated)
— —
Inv. in & advs
*
Other income—
„
Acer, taxes & other
1,627,532
127,610
.
Supplies (incl. ma¬
—-$58,201,314 $56,172,192 $51,670,695 $42,447,609
291,143
1,042,243
1,189,028.
1,145,909
subs,
controlled
$
payable for
Accounts pay able
fin-
ished goods.—
of profits of
Proportion
1,278,867
materials,wk.
in process &
Dec. 26* '36 Dec. 28, '35
and rentals of film and
literature
1
1,557,764
Notes
1,200,000
'
Gross income from sales
Dividends received
303,469
1937
$
431,292
Note payable to bk
364,753
Accts. receivable
Raw
Ended
Liabilities—
$
$
v.
and
in banks...
52 Weeks
Ended
"
Ended
Ended
\
Assets—
Cash on hand
[Including Wholly-Owned Subsidiary Companies x]
53
1938
1937
1938
Film Corp. (& Subs.)—-Earns'
Consolidated Income Account, for Stated Periods
(
Comparative Balance Sheet Dec. 31
•
,
Inc.—Registers with SEC—
United Aircraft Products,
Common Stock
Reading Terminal 1st 5s, 1941
Lehigh Coal & Navigation Funding As, 1948
N. Y., Phila. & Norfolk Stock Trust 4«, 1948
United Gas Improvement $5 Preferred Stock
Philadelphia Electric Co.
■
Phila.
Consolidated Income Account
1938
Ordinary expense—
Assets—Fixed
Fixed
less
reserve
depreciation
for
Provision for other Federal taxes—.
Operating income
Non-operating income..—_
522,901 on Dec. 31, 1938, as compared with $191,329,010 at the end of 1937.
In prior years the fixed asset accoupt was shown before deduction of the
reserve for depreciation.
For the purpose of conforming accounting practices of prior years with
present day methods, a review has been made of the fixed asset, surplus, and
other accounts of the corporation and its subsidiary companies, covering a
Gross income.—
■
■
■
"
•
—
•'
subsidiaries.29,567,060
Years V
Earns,
of
marketable
curr. assets
to
119,776
8,477,150
U. G. I. Co
pref. stocks of subs.
25,279,299
1938
dl937
$
$
Liabilities—
75,146,600
570,985
11,377,649
21,985,962
.......
curities
2,629,207
......
&
.
■
345,261
payable
Divs.
Notes and accts.
14,115,869
15,689,724
5,417,101
Profit & loss
.
742,313
6,631,371
20,031,568
861,930
13,839,690
interest
3,050,269
11,321,051
3,076,130
Accrued
776,756
215,190
placement res. 67,161,064
63,282,737
Conting. reserve 24,195,048
27,220,443
10,858,170
Other
20,240,937
Earned .per
a9,073,288
$2.77
....
11,069,883
reserves..
pref.
on
cos.
15,135,335
$4.09
170,437
4,606,314
Sur.appl.U.G.I. 57,170,970
472,303
x9,000,743
170,540
4,681,672
in .arrears
aid of construe
28,490,042, 23,148,159
x9,000,743
$4.75
re-
Contributions in
x9,000,743
$3.03
Not including 226,167 shares owned arid held from December, 1917~by
Union Carbide Co., a subsidiary,
y After Surtax on undistributed profits,
x Unamortized discount
and premium paid on retirement of bonds of a
,57,985,327
Total —837,616,393
828,040,177
837,616,393 828,040,177
Total..
b At cost or less, c At
d Excluding Philadelphia Gas Works Co.
Represented by 23,252,010 no par shares,
less than cost in the aggregate,
registered holding company, U. G. I. Co. became subject to
the accounting requirements and rules prescribed by the Securities and
Exchange Commission.
During 1938, Concord Gas Co. filed an application
with the Commission' for an order declaring it not to be a subsidiary of
U. G. I. Co. and accordingly the accounts of that company have been
excluded from the consolidated and combined statements presented here¬
Note-1—As
surplus._$70,012:001 $72,619,626. $71,873,052 $58,704,818
share......
liabs.
&
626", 139
Shares capital stock out¬
standing (nopar)....
curr.
Renewals
stocks of subs,
2,611,908
80,207
Cr372,911
13,611,254
1,272,515
1,903,507
692,554
$77,158,407
a
18,066,336
15,212,703
_
payable—
Other
Drl24,501
...
Carbon Corp. stock
161,500
1,635,073
Mat'dint, pay'le
76,865
.
&
439,690
Fed'l tax, &c._.'
143,003
90,331
.
,
Miscellaneous adjustm'ts
Divs. on Union Carbide
28,524,143
Notes and accts.
Divs.
Total..
_$99,533,695, $113188,584 $96,106,444
Ad j. of fixed asset values
8,392,879
1 0,604,153
Obsolete prop, abandon'd
308,732
1,079,301
612,931
Pays,
on
accts.
of past
,
7
:
service retire plan....
1,662,570
768,373
—
Prem. paid on securs. of
subs, redeemed.z348,860
■
69,440,666
1,475,190
1,828,942
....
credits
Deferred
in¬
able:...
Deferred charges
•
.
Z>r453,842
(current)
2,265,937
.1,885,453
2,599,530
receiv¬
terest
1,162,454
called
due and
se¬
Special depositWorking fundsr
Dividends
69,060,004
Cust. dep., &c__
S.f. & spec. dep.
''305,134
sub.
companies
<
4,201,964 Min. int. & cap. •
andsurp.sub. 28,657,290
10,584,458
18,987,817 Subs. fund, debt
6,251,256
Gash
Marketable
257,285,200 253,068,950
companies
2,247,657
Advs. and accts.
7,510,485
831,885
stk.204,111,554 204,111,5.54
Pref. stock
&
$
75,146,600
Fund. debt sub-
Invest, in Nash¬
plies.-.—Other curr .assets
"
°
Dr237,436
Common
a
614,620,865
—bl27,638,65I cl30,195726
Heating: Co..
dl937
$
Preferred stock.
(not curr.)
$1.09
$0.99
equipment.. 1625,402,403
rec.
3,826,080
for comparative purposes.:
Prop., plant and
Gas
32,053,217
2,947,837
stock of U. G. I. Co. 23,006,588
1938
Investments
.
Consolidated Balance Sheet Dec. 31
,
receivable—...
.
29,798,846
2,966,178
-
29,105,379
Materials & sup¬
of for. subs. \
6,446,279
capital stks. ofU. G. I. Co. 26,832,668
preferred stock.__ — „
3,826,080
1937 figures restated
Assets—
1,840,454
exchange rates.Z>r454,254
above).z. —.
Earnings per share..—
x
Dr67,522
$5 dividend
on
'
Adjust, to cost of reac¬
quired stock writtendown in prior years._ .
Inc. in dollar value of net
195,101
Balance applicable to com.
ville
1,003,260
354,453 Dr1,229,160
securs.
23,157,466
23,456,291
Balance applicable to
$42,782,128 $36,852,208 $27,254,249
71,873,052
58,704,818
4 9,457,674
Net income.........$25,173,412
Previous surplus,...... 72,619,626
Increase in market value
2,270,731
Total...
$35,901,753
______
——.—~
23,523,813
Expenses, taxes and other deductions— —
.
_
■
——2,074,156
Earnings of subs, applicable to
1935
after
provision
for income tax.
$36,582,424 y$52996,286 $45,888*544
Deprec. and depletion., 10,396,490
9,435,490
8,187,577
Interest
1,012,522
788,668
848,759
Divs,,. on pf. stk. of subs.
..J.,.
■
applicable to U. G. I. Co. (deducted
Other income of U. G. I. Co
.
1936
1937
1938
25,794,544
■
Deferred int. and divs. on cum,
[Including domestic, Canadian and other foreign subsidiaries)
^
stocks of utility subs.. 25,327,401
4
U.G.I. Co 23,253,244
subs, applic. to U. G. I. Co.'. ' Dr95,778
Earns, of non-utility
Dividends
30,034,378
227,728
1 4,012,106
of utility subs, applic. to
earns,
554,229
0103,527
,
244,228
3,995,431
i
Minority and former interests
Bal. of
10,689,807
522,623
388,077
232,475
Cr237,602
,
Earns, available for com.
■
Consolidated Income Account for Calendar
——
— —
construction.
.
■
—.
Sinking & other fund appropriations of net income
Dividends on pref. stocks and other prior deduc'ns
been
made against earned surplus, and the resulting segregated .initial
surplus has been applied against the appropriate fixed asset accounts.
These changes in property values are reflected in the balance sheet submitted
herewith, and an amount of $8,392,878.76 has been charged against surplus.
Liabilities—Current liabilities, including the dividend payable Jan. 2,
1939, amounted to $17,588,746 on Dec. 31, 1938.
At the close of 1937
current liabilities were $25,692,997.
The ratio of current assets to current
liabilities was 7.44 to 1, after making provision for the payment of the
Jan. 2, 1939, dividend.
Debentures, and Obligations of Subsidiaries—The outstanding first mort¬
gage bonds of a subsidiary, and the 15 year 3 M % debentures of the corpora¬
tion, were retired during 1938.
The amount of these retirements, including
the cost of redemption privilege, totaled $19,301,325.
For the purpose of this financing, $40,000,000 of 15-year 3% sinking
fund debentures and due Sept. 1, 1953, were sold at private sale, under an
indenture dated Sept. 1, 1938.
Sinking fund payments at the semi-annual
rate of $900,000 will begin on Aug. 31, i941.
[
A portion of the funds obtained from the sale of these debentures, in
excess of the amount required for the retirement of the outstanding securi¬
ties, was used for inventories.
The remainder is included in general cash
funds.
/'
Construction—Capital expenditures for construction totaled $7,403,866
during 1938. This was substantially less than in 1937, Customers' require¬
ments made it necessary to enlarge production facilities for some of the newer
products.
Production capacity was also added for other products to permit
more balanced operations.
These expenditures were in accordance with the
corporation's policy of protecting business already established through
research, development, and sales effort.
42,318,062
527,539
183,006
293,347
514,699
premium & expense
....
Net income of utility
,
,
41,202,206
10,354,157
— — —
— - — -
40,926,791
1,391,270
—
Interest charged to
Also in prior years charges were made against initial surplus which existed
at the date of acquisition of subsidiary companies.
These charges have now
40,345,544
856,662
—-t-'
— ------
Taxes assumed on interest_>.
Other interest.
Other deductions.
—
— -—
—
.
Amortization of debt discount,
.period from prior to the formation of the corporation in 1917 through
Dec. 31, 1938.
As a result of this review certain items of land, plant build¬
ings, and miscellaneous production equipment were revalued downward.
No property values were increased and all fixed assets are carried at cost
less.
—
5,030,971
2,074,207
6,873,228
....
—— _
— — _ —
Interest on long-term debt———.
■
or
37,780,922
5,930,108
9,214,375
—
Provision for State and local taxes—
$181,-
were
109,537,586
38,526,423
6,170,012
9,931,582
5,026,154
2,055,724
6,900,899
Prov. for deprec., renewals and replacements
Provision for Federal income taxes
—
Philadelphia
assets
xl937
107,249,356
—
—
Maintenance expense
A. T. & T. Teletype: Phla 22
Whitehall 4-4923
for Calendar Years
subsidiaries—
Operating revenues of utility
Members New York Stock Exchange
1528 Walnut Street
Improvement Co.—Annual Report—
United Gas
YARNALL & CO.
N. Y. Telephone:
department.—V. 148, p. 748.
first page of this
See list given on
&
1, 1939
April
Chronicle
Financial
1980
a
x
subsidiary company,
Not inch 153,649 shares held by the corporation.
a
Consolidated Balance Sheet Dec. 31
1938
Assets—
y
■
&c.._.
Mkt.
Liabilities-
S.
181,522,901 191,329,010 Accts.
293,963
7,122,510
7,932,856
750,000
11,250,339
instal. due with¬
17,631,216
in 1 yr. onstk.
15,650,187
17,1891854 Accrued' taxes..
52,121,338 Bond interest.
8,081,317 Other accrued
Divs.
Notes and accts.
receivable-—
Investments
,■
400,000
3,629,315
Interest
1,899.493
-
Cash....
Power
accrued
payable-,
2,462,426
——
2,546,879
cap.
stock
Inventories
175,163,672
5,402,755
4,512,644
payable-
31,055,735
own
$
$
Capital stock. 181,632,726
securities.
Co.'s
1937
1938
1937
•
$
Land, mach'y,
—
...
58,283,100
18,492,479
liabilities
■*
v
■
'
*
1.
,
1,682,192
38,988
__
l'sehdlds,
patents, trade--
marks, &c... "
Deferred charges
debs...
fund,
'1
1,880,642
.
s.
debentures.
15-yr.
3%
s.
debt
1,113,931
f.
Gas Co.
The
x
Total
Represented by 9,000,743 shares of
16,000,000
——
40,000,000
—
Assets*****"*
resigned
as an
Union Premier Food Stores,
cl98,125187
Special fund....
25", 034
...
See b
7,236,423
Other advances.
See b
1,219,848
4,974,911
s
Mr. Matthews had
Inc.—Sales—
1939—12 TFL?.—1938
51,785,809 $1,309,936 $5,090,077 $3,909,087
United Illuminating Co.—New President—
S
y $5 div. pref'd
stock—-.
75,146,600
75,146,600
Commonstk-204,111,554 204,111,554
58,726
137,539
1,188,338
641,305
658,125
Accts. payable..
Accrued
23,793
Reserve fund.
companies
$
x
2,247,657
Gas & Ht. Co,
taxes._
Divs. declared..
Res've—North'n
Lib. Gas Co..
'23,793
.
Miscell. reserves
108,259
61,387
Marketable sees.
973,047
973,047
Contingent res._
Divs. <fc int. rec.
608,243
662,125
Earned
23,939,024
34,358,884
26,406,370
35,279,405
446,316
4,328,468
...
surplus.
Accts. and notes
receivable....
193,582
Div.special deps
639,363
aSsets
56,561
Oth.
curr.
Office equipm't.
-
-iw
...
....
31,801
Def'd charges &
Total....
x
._
208,935
224,169
Total
.339,705,000 341,882,669
Represented by 23,252,010 shares
—
.339,705,000 341,882,669
of no par value,
765,216 shares (no par),
x Northern Liberties Gas Co.
b At cost or less.
Advances also included in these
of this company on March 23 and announced that a
control system of the company would be made.
than cost in the
Mr. Hook's selection was recommended by a committee consisting of
Frederick F. Brewster, Louis L. Hemingway and William Hamilton and was
made at
a
Hook also
p.
600,
meeting of directions.
Mr.
announced that study of public relations would be made.—V. 1481
'
Mr. Kraft resigned two months ago.
57,895
152,310
Other curr. liabil
James W. Hook, for several years head of the New England Council and
President of the Geometric Tool Co. / succeeded Albert W. Kraft as President
thorough analysis of the
1937
1938
Liabilities—•.
' *
19,172,562 cl25,717,391
prepaid accts.
—V8 "148" """1342
^
Advances to sub.
company.
1939—4 Wks.—1938
■
After reserve for
p. 1341
y
eonnected^with the company for more than a quarter of a century.
Period End. Mar. 25—
*
•'
.309,233,474 292,595,296
value,
Calif.—Official Resigns—
officer and director of the
appeared in our issue of
■/ / ,Lv;
Only)
'1937
i
$
Invest, in Nash.
72,619,626
L. P. St. Clair, Chairman of the Board announced that R. D. Matthew
been
the company only
.
Inv.in sub.cos-b213,499,204
Cash
has
\
■■
1938
3,119,000
70,012,001
deprec.,of $80,939,161 in 1938 and $78,686,467 in 1937.—V. 148,
Union Oil Co. of
■
Other invest..bl
(subs.)
no par
■
income statement for
834,444
'
z
Total.. —...309,233,474 292,595,296!
than
Feb. 11, page 894-
.
......
f.
Earned surplus.
mote
'
__
debentures
Fd.
Lighting Co. have not been included
consolidated and combined statements, as only companies in which
50% of the voting common Stocks are held (except certain
inactive companies carried at $5,002 and Concord Gas Co.) are so in¬
cluded.
U. G. I. Co. owns a majority of the voting stock of Connecticut
Ry. & Lighting Co. through its ownship of preferred and common stocks/
both claases of which have equal voting rights.
The consolidated statements include the financial statements of The
Philadelphia Gas Works Co. which relate only to its corporate accounts
and do not include those recording its transactions with respect to its lessee
accounts in connection with the operation of the City of, Philadelphia
Gas Works and its agency accounts for operation of the Northern Liberties
The accounts of Connecticut Ry. &
in the
Balance Sheet Dec. 31 {Company
....
15-yr. 314%
.
with.
y
Represented by
items,
c
At less
aggregate.—V. 148, p. 1823.
United States Steel Corp .—Number
United States Steel Corp. common
of Stockholders—
stockholders of record March 4, 1939,
numbered 167,750, a decrease of 1,472 since Nov. 30,
United States Steel Corp. preferred stockholders of
totaled 66,714, an increase
1938.
record Feb. 3, 1939,
of4^1 sinqe Oct. 28, 1938.—V. 148, p. 1662.
Volume
United Aircraft Corp.
Calendar Years—
Virginia Electric & Power Co.—Earnings-
(& Subs.)—Annual Report—
1938
1936
1937
1981
Chronicle
Financial
148
Period End. Dec. 31—
1935
Operating
Sales & oper.revenues__$36,799,£4$ $29,295,491 $22,303,421 $11,885,506
Cost of sales &oper.exp. 29,836,4^8
24,214,462
20,065,873
11,389,382
Depreciation
699.238
646,089
578,217
531,532
_______
Maintenance.
___
$6,263,848
222,332
$1,659,331
539,117
571,732
$6,486,181
46,591
$4,642,401
17,038
$2,198,448
-
27,221
37,089
Net
profit—
Federal income
Surtax
_
$4,625,363
614,003
$2,171,227
$499,235
60,066
tax.
$3,868,455
$1,936,897
4,534
2,182,961
$7,392,400
Dr2G3,958
$731,782
$623,638
145,434
$7,492,293
1,856,856
$7,188,442
1,743,487
$478,204
$5,635,437
2,151,141
$439,170
10,454
2,007,004
$7,600,404
Drl08,lll
11,110
undistributedt
on
Net oper. revenues
223,221
Balance
Interest and amortizat'n
14-x,t21
Balance
$587,061
Appropriations for retirement reserve
_____
;
profits
Balance
'
$5,442,758
—
Minor, prop, of profits of
sub. company..—
Balance for
'
___
common
,
$5,444,954
2,050,438
$3,484,296
1,171,420
_
divs. and surplus
$3,394,516
1,171,615
$2,312,876
______
Preferred dividend requirements
Net profit before min.
interest
1,426,067
1,477,061
179,493
$638,824
Drl5,186
loss$35,408
Non-oper. income (net).
Net incomeOther deductions.
■-
a97,174
$737,561
Dr5,779
$536,324
$6,439,589
996,832
________.
$4,434,940
207,461
142,905
Other income.
—...
132,573
156,978
....
Taxes
Operating profit
1938—12 Mos.—1937
$1,543,800 $18,177,597 $17,777,381
592,911
7,093,128
6,7,75,952
1938—Month—1937
$1,610,356
618,643
revenues
Operation.
$2,222,901
'
V
12,183
16,482
;
a
The redemption of series A bonds which were called for payment on
Nov.
$5,426,276
3,245,842
$3,856,272
2,517,903
$1,926,442
1,252,239
$434,635
$2,180,434
2,419,234
$1,338,369
1,080,865
$674,203
406,661
$434,635
def27,975
Surplus, Dec. 31..... $4,599,668
Shares capital stock..2,644,271
Earnings per share
$2.06
$2,419,234
2,531,295
$1.52
$1,080,865
7, 1938, substantially reduced Federal income taxes for the taxable
year 1938.
During the last three months of the year the company reversed
accruals of approximately $150,000, of which $72,00L was applied to Oct.
$28,000 to Nov., and $5C,000 to December.
Net profit for period.
Dividends
Total surplus.
Previous surplus
_
__
Balance Sheet Dec. 31
1937
1938
$406,661
,
2,518,603
2,087,532
$0.77
Assets—
$0.20
Series
Investment In
193,459
Other
33,325
Assets—
Cash.,.
4,576,776
Sinking fund cash.
.1;...
1,192,611
........
U. S. Treas. notes.
6,183,068
52,701
Trade
accts.
_
5,539
Advances
164,930
10,613,558
269,307
'266,661
.....
Sundry
Land,
btdgs.
__
for.
45,700
22,130
.
.
39,634
250,000
A/ter
x
y
85,170
77,688
.13,247,205
12,656,483
9,923,604
8,630,632
surplus-..: 4,599,668
2,4.19,234
......
Total.........32,092,828 27,368,705
y-,'
"'
..•
of its securities in violation of the fraud provisions
visions of the Securities Act of 1933.
-
■
.
Change Par' Value—-
1939—M<wtft-~«1938
$84,419
95,718
Operating revenues.$91,295
Oper. exps., inc . takes.. ' >
92,624 »
Rate per ton per
Gross income. I
$622,951
51.629
516
$37,301
588,928
600,375
$51,818
1,098.227
$22,576
63,117
$1,135,528
.
619,405
7,469
'
"
$51,647
$626,229
621,355
8,809
'
Int.
on
51,519
mortgage bondsr
Other int. & deductions.
*455
■
630
11,549,627
2,864,023
0.648 cts.
89,751
1,919,663
12,714,124
3.066,090
0.632 cts.
107,269
2,362,938
2.16 cts.
Average mileage..
carried..
1,000 tons carried 1 mile
Tons (revenue)
mile
Passengers carried
i
Pass, carried 1 mile
Rate per pass, per
2.04 cts.
mile..
mile..
$30,581
:
$32,615
.
10,893,323
2,488,018'0.681 cts.
99,948 •
2,168,258
1935
619
:
9,778,327
2,252,784
0.672 cts.
80,787
1,846.576
.
2.27 cts.
2.17 cts.
$28,482
$25,485
Calendar Years (Incl. Loup Creek Colliery
1938
' '
1937
1936
Income Account for
1939—12 Mos.—1938
$1,107,695
1,085,119
vx$l 1,299
x$ 1,329
,52,976
Net oper. revenues...
•
\
1936
619
'1937
619
1938
_
„
Oper. revenue per
'
'.)/'■
■,
'
•
"
-
' '3
•
Traffic Statistics for Calendar Years
'
and the registration pro¬
.
;
/.
,
& Traction Co.-^-Earnings—
Rent from lease of plant-
86,941,644
Total.
Virginian Ry.—Earnings—-
v
Stockholders at their annual meeting on May 10 will Vote "on a proposed
change in class A stock from no par value to $5 per share and in common
stock from no par value to 50 cents per share.—V. 147, p. 3624.
.
Period End. Feb: 28—
90.215,211
—
2,788,445 shares of no par value, including 140 shares
(1937, 280 shares) reserved for outstanding scrip and shares of prior issues.*
In October, 1938 the common stock account was increased by $1,500,000
transferred from capital surplus originating from a contribution by the
parent company .-^-V. 148, p. 895.
*
reported March 16 that Judge
of Delaware had
final judgment enjoining the corporation from the further sale
The Securities and Exchange Commission
Utah Light
5,440,169
surplus.
b Represented by
Milling Corp .—Stock Sales Enjoined—
United Stores Corp .— To
8,183
299,136
Of the outstanding $6 dividend preferred stock of the company is $1,289,549
in excess of the amount at which such preferred stock is stated in this balance
reserve for depreciation of $4,140,487 in 1938 and $3,555,233 in
Includes 5,166 (6,544 in 1937) shares to be issued for shares of
& Transport Corp. not presented for
a
19,339
299,136
5,800,324
$1,657,821 transferred from surplus arising from'an increase in
includes
John P. Nields of the U.S. District Court for the District
entered
182,393
281,106
reserves—..
Represented by 195,289 5-6 shares (1937, 195,291 1-6 shares) of no par
value $6 dividend preferred stock, cumulative, entitled to $112.«A) per share
upon redemption or voluntary liquidation
and to $10,) per sharp upon
involuntary liquidation, together with dividends accrued or in arrears in
all cases; including 41 5-6 shares (1937, 99 1-6 shares) reserved for exchange
of scrip and shares of prior issues.
The stated value of preferred stock
sheet.
capital stock of United Aircraft
exchange.—V. 148, p. 748.
U. S.
164,075
for injury
Reserve
property, plant and equipment account which originated from an appraisal
made of the properties of a former subsidiary company at date of merger
with this company.
The aggregate amount of involuntary liquidating value
Total..32,092,828 27,368,705
1937.
6,398,207
i
a
1,295,632
31,479
74,300
105,474
134,687
6,814,579
credits,
Retirement reserve
86,941.644
Total90,215,211
res.
charges..
95,893
Earned
250,000.
depreciation
Deferred
Other cur. liabii—
858,782
41,000
1,173,224
and
less
^values,
1,029,497
Other
equip, at reduced
-
941,064
& damage claims
...
.
Capital surplus...
Earried
1,259.235
199,894
Int. & tax accrued
Deferred
31,374
debits.
216,965
Capital surplus...
reserves--
$5).....
est'd
at
■realizable value.
del.
depos.
3,969,413
126,812
756,908
Capital stk. (par
y
and,
equip.—aband'd
plant
Other
996,832
of subsidiaries.,
7,322,009
7,366,585
equipment.
bldgs.
Vnamort. debt dis¬
count and exp).
5,195,456
stock and surplus
machinery, tools
and
Land,
466,355
461,326
558.975
Customers'
Min. int. in capital
Land and bldgs.,
x
55,188
Prepayments
800,000
—
Accounts, payable-
sales
Deferred income.-
97,712
8,016,659
—
_
on
contracts
rec.,.
accrued Int.-, &c.,
Inventories.
Investments
28,201
100,000
136,000
income, tax.....
and employees:.
accts.
796,623
1,366,525
840,995
Federal
for
Prov.
3,873,551
1,609
Acct8. rec., officers
Other
1,348,414
......
Acer, incent. comp.
3,880,304
.-
Accts. rec., (net)..
Materials & suppl.
654,023
rec.y
lessreserve...
$
Accf. wages, taxes,
marketable
securities......
10,509
pay.—bank
37,500,000
Notes pay. to banks
(current)
23,708
$
49,101
Other
Notes
—.
Notes pay. to banks 1,700,000
1,057,745
•,
900,000
Special deposits. -J
1,322,989
due
1968......... .37,500,000
1937
payable. 1,209,273
Accounts
2,052,525
1,508,293
4s,
Series B, 3^s, due
10,028
.
1938
Liabilities—
$
%
A,
15,137,260
281,250
9,501
U. S. treass bills..
«
„
$
1955
'
1937
33,325
investments
Cash.
Consolidated Balance Sheet Dec. 31
1938
198,896
asso¬
ciated company:
1937
19,216,030
a
Notes receivable,.
the sale of design and manufacturing rights and
licenses, and $533,049 from royalties received from licensees, all in con¬
nection with foreign contracts; similar figures for 1936 were $64,000 and
$182,862, respectively.
covering proceeds from
.
Preferred stock .19,215,883
b Common stock .16,637,260
Prop., plant & equ.80,340,804 78,869,583
Other phys. prop.
121,375
121,734
for 1937 is $90,500
Note—Included in the sales and operating revenues
1938
Liabilities-
$
■
•
Freight—^oal & coke_..$16,137,290Freight—othpr________ ,,.2,424,663
Passenger,,mail & express
103,511
Another....
602,596
......
Co.)
1935
$16)748,397 $14,520,140 $12,979,585
2,641,530
114,752
676,962
2,428,573
115,170
576,134
2.167,281
107,653
529,061
$19,268,060 $20,181,642 $17,640,017 $15,783,580
5,872,781
5,262,023,
4,389,185
3,964,707
3.119,412
3,193,158
2.881.169
2,735.041
615,589
604,860
<
595,466
" x479,160
All other oper. expenses.
Maintenance
...
Transportation
.
.
_
,
_
.
Balance, deficit...
X
Loss.
$327
$327
•
■
'
.«
,
:
$3,935
$3,923
.■
provision has been made in the above statement for unpaid
income demand note, payable if, as and when earned,
amounting to $1,663,930 for the period from Jan. 1, 1934 to Dec. 31, 1938.
Note—No
interest
—V.
on
148;
Total expenses—.
____
1823.
p.
'
-
Net
rev.
from ry. opers.
Railway tax accruals.
;-v
Uncoil, railway revs.
Utah Power &
.
_
$378,125
Gross income.
on
on
' $4,215,988
906
4,540
192,515
$335,390
195,650
25,000
17,845
25,000
15,683
y.
_
mortgage bonds.
debenture bonds
$334,484
274
$378,399
Net oper. revenues...
Other income (net).
Int.*
,
Other int. & deductions.
Net
income.
Dividends applicable to
period, whether paid or
$4,544,685
3,018
__
$143,039
$99,057
preferred stocks for the
unpaid.
deficit
$4,220 ,,528
2,329,764
300,000
$4,547,703
*
2,349,605
Net ry. oper. income.,
Income from non-transp.
...
$8,604,672
1,936,300
_____
1,704,761
_
_
Total income.—
Miscell. tax accruals
j
Miscell. income charges.
Rents for leased
1937
$158,579
39,902
1936
$139,579
56,690
15,921
Net after rents
1938
$54,252
6,499
defl0,478
11,810
32,973
From Jan. 1—
Net from railway
Net after rents.
170,747
43,253
122,968
15,565
351,946
94,799
278,962
115,694
23,069
...
defl5,456
39,642
67,805
—V. 148, P. 1343.
Vulcan
Detinning Co.—To Pay $2.50 Dividend—
the common
June 12.
This compares with
Dec. 27 last; $1.50 paid on July 20, 1938; $6 paid during 1937,
share distributed ;n 1936—V. 147, p. 3779.
Directors have declared
a
dividend of $2.50 per share on
stock, payable June 20 to holders of record
22,886
1,697
Dr48,459
18,217
11,441
2,671
1,886
25,494
15,340
6,430
59,432,939
$9,113,489
$7,295,001
300
10,594
18,777
3,600
29,441
1,697
1,697
43,158
2,467
Int.
on
$7,824,900
3,900
10,929
2,37V, 161
505
on
6,924
41,727
unfunded debt..
Fixed int.
2,414.533
1,031
2,599,480
1,506
3,115",205
312
Amortization of discount
on
3,106
funded debt
Common dividends
Balance, surplus
$100)
share on com.
8h8.com. out. (par
Earns, per
Gross from railway.
$7,223,154
23,277
1,697.
__
Preferred dividends
1939
$87,502
25,563
$9,068,263
22,400
equip
funded debt
.......
148. p. 1824.
$9,436,413
$8,319,197
,
$1,700,589
1,704,761
$6,668,342
511,537
43,275
profit of LoUp Greek
Colliery Co.
Interest income.
$1,393,722
$7,879,135
704.301
44,765
Drl2,1,991
Dividend income..
Net
197,509
Ry.—Earnings—
February—
Gross from railway
Net from railway.
$3 paid on
and $8 per
$9,774,197
1,455,000
56,861
$8,604,601
774,951
;V
20,435
Consolidated net inc..
Utah
$7,178,908
30
Railway oper, income. $7,170,278
648,060
Equipment rents (net)..
60,797
facility rents (net),.
300,000
197,042
Dividends on these stocks are cumulative.—-V.
April 1, 1939.
$9,660,278 $11,121,601
2.490.000
2,517,000
Joint
property..,
$311,039
$4,172
-x
Dividends accumulated and unpaid to Feb. 28, 1939, amounted to
$6,961,107, after giving effect to dividends of $1.16 2-3 a share on $7 pre¬
ferred stock and $1 a share on $6 preferred stock, declared for payment on
Balance,
$7,865,820
—_
Miscellaneous income—
x
$9,060,041
Light Co. (& Subs.):—Earnings—
Period En d. Feb. 2 &—
1939—Month—1938
1939—12 Mos—1938
$1,095,325
$1,067,265 $12,697,622 $13,228,593
Operating revenues
626,200
641,656
7,388,759
-7,863,041
Oper. exps., incl taxes :
91.000
91,125
1,092,875
820,867
Prop, retire, res; approp.
Int.
$9,607,782
the 6%
$5,438,405
1,257,975
3,127,150
$7,006,781
$6,451,699
1,677,300
2,501.720
y2,096,625
$1,053,280
312,715
$12.03
$2,827,761
312,715
$17.04
$2,791,499
312,715
$15.27
1,563,575
$4,143,337
1,677,300
1,250,860
$1,215,177
312,715
$7.89
Operating expenses for 1934 were debited with $63,372 for carrier's
the proposed Railroad Retirement Fund which was sub¬
sequently held invalid by U. S. Supreme Court.
This amount was credited
to operating expenses for 1935.
y Including $419,325 dividend declared
for the three months ended Feb. 1, 1937.
x
contributed to
Terminal Ry. and Virginian &
Ry. were merged into the Virginian Ry.
As of the date of the
the prpfit and loss balances of these subsidiary companies aggregat¬
ing $369 174 were credited to profit and loss account of the Virginian Ry.
Note—As of Aug. 1, 1936, the Virginian
Western
merger
Financial
1982
Chronicle
Consolidated Balance Sheet Dec. 31 (Including Loup Creek Colliery Co.)
1938
1937
$
I
Assets—
Investm't
in rd.
Common stock.
Other
Deps.
331
Passenger
All other
27.740
28,246
Misc. accts. pay.
1,018,134
25,869
Unmatd.1nt.accr
788,834
874,912
31,687
797,664
12,235
29,858
wages
25,000
13,808
13,808
bds. redeemed
108,031
94,753
33,107
Other curr.llabs.
99,645
419,325
102,464
Deferred liabils.
26,986
84,557
liabilities-.
Accrued deprec.
1,981,523
18,151,357
Accrd. depletion
979,777
919,257
67,586
Oth.
302,686
345,118
193,486
ppl's
2,339,665
161,149
2,180,998
Other curr.assets
190.607
268,296
$126,209
77,384
$22,923
73,913
$242,796
161,530
$46,711
157,254
$48,824
29,414
Taxes
Net after taxes
Hire of
quipment
Rental
x$50,991
28,812
50,568
$81,266
57,967
82,444
x$110,543
66,664
102,023
44,204
of terminals....
54,113
807,275
88,378
'
2,001,420
Other income (net)...—
Dr3,637
$130,371
Drl8,705
$59,145
Dr8,789
$279,230
Dr35,256
Loss before interest..
$28,430
$149,075
$67,935
$314,486
9,661
10,090
20,123
21,304
144,606
178,084
302,027
369,089
$182,698
$337,250
$390,084
$704,879
Net loss after rents
$24,793
Interest
prop,
surplus.:
Profit and loss—
being
accrued
paid
Int.
on
bonds,
notes,
advances, &c
and
thru Income &
943,246
943,246
25,205,268
24,453,995
Net deficit
30,704
2,410,028
174,715,504 174,041,592
174,715.504 174,041.592
Total
.
taxable income to date,
provision is necessary
or the surtax on undistributed profits Imposed under the Revenue Act of
1936.—V. 148, p. 1344.
'
Note—As there is
Total
307,194
53,583
766,240
67,077
1,202
29,292
2,809,775
•
Unadjusted debs
Add'ns to
550
517
122
Int. & divs. rec.
Deferred assets.
112,196
26,112
384,746
32,992
unadjusted
credits.
,
rec.
conductors...
146,905
26,423
371.785
32,091
expenses
General expenses
103,665
Tax
Net balance rec.
from agents &
$1,455,380
189,758
Transportation
16,425,232
596,734
declared—..
•.
car serv¬
ice bals. rec.„
$1,626,657
90,663
Maint. of equipment
Traffic expenses
Net railway revenues.
457,124
Special deposits.
$669,632
100.320
and
5,183,780
29,858
"
•
Sees, unpldged
Cash
su
prem.
33,107
4,781,795
12,235
Other lnvestm'ts:
$803,734
revenues
ture expense
int.on 1st mtg
Advances
'
193&—2 Mos.—1938
$1,488,904
$1,299,772
40,364
49,148
97,389
106,460
Unmatured divs.
Prln.,
un¬
pledged:
Stocks
Mat'ls &
payable
25,000
—stocks...
Mtec. accts.
Total
revenue
revenue
1939
Maint. of way and struc¬
29,500
Audlted accts. &
in affil,
Securs.pledg'd
Tarff.A
3,372
—
ice bate. pay_.
cos.:
Securities
Freight revenue
31,271,500
Ry.—Earnings—
1939—Month—1938
$739,379
$601,735
16,584
20,991
47,771
46,906
Period End. Feb. 28—
27,955,000
07,599,562
Traff.& car serv¬
prop,
sold
Invests,
$
31,271,500
Govt. grants
in lieu of
mtged.
1937.
$
6% cum.pref.stk 27,955,000
Long-term debt. 66,165,672
*
equipment. 156,492,315 155,788,003
property.
7,110,215
7,119,065
&
Wisconsin Central
1938
Liabilities—
April 1,
no
no
k
Earnings for February and Year to Date
Yazoo &
1939
1938
1937
1936
$1,768,504
$1,434,182
921,679
709,279
636,535
498,008
$1,605,243
929,112
792,482
$1,488,365
831,689
721,346
3,685,595
1,969,904
1,518,681
February—
Gross from railway.
Net from railway...
3,091,773
1,457,969
1459,062
3,261,042
1,885,881
1,593.638
2,988,060
1,679,472
1,411,503
Net after rents
From Jan. 1—
Gross from railwayNet from railway...
Net after rents
—V, 148, p. 1663.
Wabash
Net after rents.....
1Q3R
1937
1936
$2,857,456
213,164
def348,356
$3,805,839
1,007,879
476,519
$3,716,015
6,021,436
572,812
def577,493
7,732,270
,2,072,275
995,727
912,679
466,311
1937
1936
$1,111,464
250,028
35,070
$1,070,138
41,309
290,490
90,170
1—
2,289,074
677,330
„
2,058.856
454,829
51,175
2,399,022
625,521
178,892'
246,096
Corp.—To Pay $1 Dividend—
Directors have declared a dividend of $1 per share on the capital stock,
payable April 24 to holders of record April 10.
This will be the first
payment made since Oct. 30, 1937, when 50 cents per share was dis¬
tributed.—V. 147, p. 3781.
•
• • •;
7,264,865
1,713,951
$3,270,081
577,950
def9,495
...
1938
$1,093,802
314,567
99,098
railway..2,132,339Net from railway
484,933
Net after rents...
79,615
—V. 148, p. 1345.
Zenith Radio
1Q3Q
...
...
Gross from
Ry.—Earnings-
February—
Gross from railwayNet from railway...
1939
$1,026,699
236,421
February—
railway.
Gross from
Net from railway
Net after rents.....
From Jan.
Earnings—
Mississippi Valley RR.-
From Jan. 1—
Gross from railway..
Net from railway...
6,820,214
1,331,117
165,473
...
Net after rents.....
—
.
CURRENT
821,632
—V. 148, p. 1663.
—Under
A. G. Boesel, of Jackson Bros., Boesel & Co., announced the extension of
Wabash-St. Charles
his firm's
Bridge Co.—Bonds Sold—•
package securities distribution plan to non-member security dealers
who will be able to fill orders for the
The $2,140,000 1st mtge. 4% bonds purchased from the Reconstruction
Finance Corporation by Salomon Bros. & Hutzler mature as follows:
$55,000, March 1, 1939; $60,000, March 1, 1940 and increasing $5,000 each
year thereafter
to March 1, 1958 when $150,000 matures and $90,000
March 1, 1959.
The issue has been placed privately.—V. 148, p. 1824.
Western Ry. of
1939
$127,285
Net from railway..
Net after rents
v.
;
.
1938
$123,899
12,729
8,583
2,336'
•
„
Gross from railway..
Net from railway..
Net after rents
def3,277
'
268,980
32,491
8,372
—V. 148, p. 1344.
*
combine
to
1936
1937
$140,927
17,490
7,816
.
$116,989
def779
def5,480
238,773
3,612
def5,505
275,086
19,206
485
under
the
profit without sur¬
a
package plan, paying the standard
New York Stpck Exchange odd-lot commissions but charging the customer
large
as
marks
•
innovation
an
a
commission which
the commission which the Stock Exchange firm
as
charges the dealer,
This
applicable to package
As it works out, the dealer 6an obtain
of stocks.
,
which,
according
Mr.
to
Boesel,
reaching potentialities for non-member security dealers.
addressed
255,379
19,281
daf5,900
orders
the minimum New York Stock Exchange commission
is three times
'
'
dealers
package units at
The effect of the ruling is to make it possible for
charging the customer.
groups
Alabama—Earnings—
February—
Gross from railway.»...
W From Jan. 1—
NOTICES
ruling he has received from the New York Stock Exchange,
a
letter
a
to
selected
a
group
far-
has
Mr. Boesel has
of these non-member
dealers
in¬
forming them of the Stock Exchange ruling and offering to supply them with
full information regarding the package securities plan, including scale of
costs and commissions
:
applicable to three distinct package grluops of stocks .
The Stock Exchange's rulingjwas described by Mr. Boesel as a radical
Western Maryland
PeriodEnd.Feb. 28—
Operating revenues
$1,227,687
Maint. or way & struc..
121,055
3,483
44,086
Cr738
$394,372
75,000
$320,053
71,622
$319,372
Cr25,625
Dr 12,754
$248,431',
Cr34,175
Dr 13,627
$694,965
Cr55,230
Dr26,117
Transportation
344,502
expenses
_
Transp. for investment.
Net oper. revenue
*
$2,629,256
281,833
611,234
80,440
716,331
$2,267,370
$844,965'
150,000
280,366
40,561
Taxes
,
one
1939—2 Mos.—1938
$1,077,433
95,306
254,708
41,362
322,424
4,024
42,471
Cr2,915
Maint. of equipment
Traffic expenses.
Miscell. operations
General expenses.
departure-in permitting non-member dealers to share in commissions but
Ry.—Earnings—
1939—Month—1938
225,081
546,024
79,287
676,874
9,454
92,145
Cr3,486
9,052
89,448
Cr4,047
$641,991
148,243
charge less
-
rents.
Joint facil. rents (net)..
$493,748
Cr71,554
Dr27,384
securities
Net
income
$268,979
9,933
$724,078
13.387
$537,918
19,647
$338,406
275,849
Gross income..
Fixed charges.
$332,243
6,163
$278,912
274,558
$737,465
553,585
$557,565
549,731
$4,354
$183,880
$62,557
—Week End. March 21—
1939
Gross earnings.
—V.
148,
p.
....
1938
$333,121
.,
$251,429
$7,834
$3,563,369
$3,064,566
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1939
1938
$938,860
33,187
def68,831
$747,488
def246,302
def379,050
2,073,519
248,049
def37,850
1,740.247
def303,823
def629,013
2,441,361
356,083
42,290
—V. 148, p. 1344.
—Following the termination of the partnerships of H. Content & Co.
and
Henry Zuckerman & Co., announcement is made, effective today, of
the formation of the New York Stock Exchange firm of Content Zuckerman
Co.
Offices will be maintained at 39 Broadway, and in addition to its
three memberships in the New York
have
a
February—
From Jan. 1—
Gross from railway
Net from railway
Net after rents
new
of
firm.
Other partners are Paul S.
1939
1938
237 891
2,123,709
667,597
534,586
seat on the New York Stock Ex¬
1885, is senior partner in the
Zuckerman,
an
a
1,753,118
118,447
defl08,829
Mr.
were
Zuckerman
1937
1936
$635,839
64,606
29,346
$1,322,825
495,109
424,011
$1,076,546
1,351,372
132,582
67,647
2,586,256
907,851
778,061
2,214,144
516,513
360,159
232.179
158,474
Vice Pres.
share
of the founder
the
and
four
Mr.
partners
Feiner
in
are
Henry
Zuckerman
members
of the
on
*
1F^mon stoc^» bo par value, payable May 1 to holders of record
April 20.
Directors also declared regular
monthly dividends of 25 cents per share,
payable on May 1, June 1, July 1, Aug. 1, Sept. 1 and on Oct. 2 to holders
of record April 20, May
20, June 20, July 20, Aug. 19 and Sept. 20. Extra
dividend of 25 cents was paid on Dec.
28, last.
J. Ellis, Controller, has been elected Vice-President succeeding
E. W. Eckerly.—V. 148, p. 292.
Byfield, President of Foreign
the election of Ramon Siaca
nounces
ciates, Inc.
Mr. Siaca,
Both
Stock
the Chicago Board of
on
South
as a
Bond
Associates,
returned from South America where he directed
trolled utility companies operating important
and
telephone
services
of the important
most
an¬
being well acquainted with general conditions
America, particularly in Brazil and Argentina.
gas
Inc.
Director of Foreign Bond Asso¬
New York lawyer, has had extensive experience
a
in Latin American matters,
in
Co.
York
&
New
'' "
S.
Pernambuco
extra dividend of 25 cents per
son
berg, both formerly partners in H. Content & Co.; and H. Bertram Smith
including
(Wm.) Wrigley Jr. Co .—Extra Dividend—New
The directors have declared
firm will
Henry Zuckerman & Co.; Samuel M. Goldsmith and Albert M. Witten¬
portation,
$1,010,102
296,599
new
membership in the New York Curb Exchange.
Harry Content, who holds the oldest
Tramways &
cities.
in
a
group
He has recently
of American
con¬
electric power, light, trans¬
many
He
communities
was
in
Brazil,
also a director of the
Power Co., Ltd. and of The Southern Brazil
Electric Co., Ltd., English companies associated with the same group.
—James B. Howell III, has informed the San Francisco Stock Exchange
of his retirement
as
a
general partner from the firm of Howell, Douglass &
Co., effective March 29.
the exchange
business
&
an associate
—Robert
$815,946
23,739
def75,490
—V.148,p.1344.
_
Stock Exchange,, the
membership in the Chicago Board of Trade, Commodity Exchange,
change, .having been admitted in October,
1936
Wheeling & Lake Erie Ry.- -Earnings—
Gross from railway
Net from railway
Net after rents
'
Trade.
1937
$1,190,715
122,241
def22,603
his firm
from dealers desirous of subscribing to the
plan, he said.
Exchange, the former also representing the firm
Western Pacific R R.—Earn in
gs—
.
To keep this novel
merchandising plan operating "as it should operate,"
Zuckerman,
1938
1824.
February—
"
Gross from railway
Net from railway
New York Stock Ex¬
any
Jr., Benjamin F. Feiner Jr., and George I. Crolius, who, together with Mr.
Jan. 1 to March 21-
1939
unit of packaged securities than
per
will require written agreements
Inc., and
Net ry. oper. income.
Other income
best interests of the securities business
The only restriction, he said, is that no dealer can
change firm in his particular territory could charge.
&
Operating income
Equipment
which should be regarded as in the
and also of the investor.
as
an
last
Mr. Howell, who was elected to membership on
September, has announced his intention of conducting
individual.
His address will be
care
of Eastland, Douglass
Co.
—William J.
Stelmack Corporaation announces the inauguration of an
institutional department under the
direction of Russell C. Wolfe, who
formerly associated with the Prudence Co., Inc. for 13
was
years.
—Neuhut, Plohn & Co., members of the New York Stock Exchange, 60
Broad
St., New York
circular
on
City,
have prepared for distribution
American Potash & Chemical Corp.
a
four-page
■
—Katz Bros, announce the opening of a railroad bond department under
the direction of W lliam J. Doherty.
Volume
1983
Chronicle
Financial
148
IjjUpxrrts ami gnotmjetrfs.
AS
PUBLISHED
ADVERTISEMENTS
CANADIAN PACIFIC RAILWAY COMPANY
THE DIRECTORS OF CANADIAN PACIFIC RAILWAY
FIFTY-EIGHTH ANNUAL REPORT OF
/
.
ber.
To the Shareholders:
Company for the year ended December
The accounts of the
COMPANY
YEAR ENDED DECEMBER 31, 1938
.
reduced
The
,
volume
seasonal
of
employment
to the recession also
31, 1938, show the following results:—
contributed to the unsatisfactory result.
Freight earnings decreased $717,089, or 0.6%.
vk'v
Gross
INCOME ACCOUNT
Earnings
first pact
• ■
$20,752,465.87
tion of steamships
<.
:7
Interest
on
7,363,672.66
.
"v,'''• -; ;
■
as
Marie
Railway Company,
guaranteed
your
7\
\
to interest by
as
'
Company, and on notes
so
■/':
>
-
'
2,085,817.51
■
Balance transferred to Profit & Loss Account
$1,262,382.28
PROFIT AND LOSS ACCOUNT
Stock, declared from the earnings of the
year
-
'
V
'V.
Balance
''"-V:
7
of
:
Income
7s :
Account for
ended Dec. 31, 1938_
-
-
-
-
$137,205,649.41
the
The movement of all other classes of
_
A
1,262,382.28
-
products
Deduct:
Loss
on
;V:.'
-
property retired and not
on
c'
-
V,!-
:
lines abandoned and
replaced.
-■>'% %'^f$1,402,348.40
Miscellaneous—Net Debit...
;
;
"
Earnings
from
other
96,033.03
$136,969,650.26
Balance Sheet-....v.N
•
.
7.7
'■
=====^^
The balance of Income Account available for
Profit and Loss Account
'Vv
in 1937.
was
transfer to
$8,199,902 less in 1938 than
'■
V-;-;'-;)-' ",r
•
"7
traffic
This
follOWS:
•; •
/v.:
.
Gross
<../'■ 7. 7
,yv.'
>
•
/
.
1938
'•
-
•
1937
as
■
.
Decrease
Earnings.....$142,258,981 $145,085,558 $2,826,577
Working Expenses
(including taxes).. 121,506,515
Working
121,343,311
163,204
$20,752,466 I$23,742,247 $2,989,781
Net Earnings...
expenses,
including taxes, amounted to 85.41%
compared with 83.64% in 1937.
Ex¬
cluding taxes, the ratio was 82.29%, as against 80.69% in
of gross
earnings,
as
received in inter¬
completed
other
classes
of material and heavier1 tax disbursements.
about by reason
almost offset by the reductions
brought
of the smaller volume of traffic, temporary
layoffs of station, shop and clerical staff, and other economies.
During the year the senior officers of the Company were
subject to 5% deduction from basic rates, the Directors and
members of the Executive Committee 10%, and the Chair¬
and President 25%.
,
expenses
decreased $1,625,743,
or
3.3%,
represented 33.8% of gross earnings, as compared with
34.2% for the previous yearjandfan' average of 32.2% for
the ten-year period
1928-1937.
Expenditures incidental
to air-conditioning were less this^year, 90 passenger cars
and
being]so*equipped, as compared,with"141"cars in 1937. Charges
forIretirementIof|rolling>tock amounted.to $6,016,000, an
increase of|$529,000 over 1937.
In the early part of the
year, a programme * of * repairs for locomotives and freight
cars based on
anticipation of a* larger crop than acutally
materialized^was*,carried'out"and,'at the end of 1938, 85.*5%
ofjthe Company's"! locomotives^and 94.9% of its freight cars
were
in
serviceable
condition,
as
compared with 8471"%
and>93.2%, respectively, at the end of 1937.
1937.
^
""The*decrease in
gross
earnings amounted to 1.9%.
Com¬
mencing with the month of February, decreases were rej
corded'each month untiUAugust, when grain fronTthe~new
crop
cars
April 1, and involved an increase of $4,526,000 in expenses.
Increases also resulted from higher prices for coal and certain
Maintenance
'.7" ■■■■/.
"■
' ' '7
:Increase or
■.
.
7'_
.
Company1^
volume of Canadian products,
notably newsprint, pulp and paper, moving across the borderWorking expenses increased $163,204, or 0.1%.
The
man
comparative results of railway operations were
Hire
was
change, and by the smaller
•
RAILWAY EARNINGS AND EXPENSES
The
decreased $1,597,850, or
mainly caused by unfavourable
conditions in the United States, which prompted
Equipment.
These increases were
Profit and Loss Balance December 31, 1938,
per
sources
The largest item was a decrease of $776,409 in
9.2%.
progressive restoration of basic rates of pay was
1,498,381.43
as
and concentrates and petroleum
was
quicker return of this
$138,468,031.69
did not
freight
adversely affected by the general
recession in industrial activity and the contraction in inter¬
and.its
of
year
-
-
The improvement in
traffic which usually results from a large crop
national trade.
2,745,138,42
1937, paid April 1,1938..^.
still be regarded
in rail
Notwithstanding the
larger crop, the purchasing power of Western Canada did not
materially change owing to the drastic decline in prices of
grain as compared with 1937, and, therefore, the increased
with the exception of ores
1937-$139,950,787,83
the Preference
on
may
handled during the five years 1925-
during the drought period 1930-1937.
return
Dividend of 2 per cent,
This
being 35.0% below the annual average
only 11.5% above the average of 148 million bushels
materialize.
:
is estimated to have been
end of the year.
Handlings
crop
earnings from grain and grain products.
26,853,756.25
Profit and Loss Balance December 31,
grain
grain traffic resulted in an increase of $9,302,490
"• ' ~~
VU
-
.
below normal,
1929 and
:.T7;
by pledge of bonds
guaranteed
marketed freely and approximately seventy
of 254 million bushels
> '
;'
.
secured
was
compared with 94 million in 1937.
;
: '
Government
bushel for No. 1 Northern wheat f.o.b. Fort Wil¬
grain for the year amounted to 165 million bushels, as
of all
7
apolis, St. Paul & Sault Ste.
a
the
Owing to the fact
guaranteed a price; of
the highest since 1932.
loaded and moved prior to the
;
bonds of Minne-
was
cent, of the total
per
During the
seriously affected by the
was
While the early indications of large
Dominion
the
liam, wheat
$28,116,138.53
$24,767,938.74
Charges'
yield
80 cents
and hotels)
■
Fixed
that
providing for deprecia-
Other Income (after
traffic
year,
the Prairies in 1938 were not finally realized,
crops on
wheat
Net Earnings
of the
failure of 1937.
crop
$142,258,980.76
121,506,514.89
■
Working Expenses (including taxes)
in
Eastern Canada and the decline in tourist business incident
;
began to^move^injvolume.
_
generallyXuntil^latelin! December,
were
274"%",
representedJ37.8% of the gross earnings, as compared
with|36.2% for the year 1937.^ The increase in wage rates
more
than accounted for the increase in the ratio.
The
_
Passengerlearnings hadfthelfirstfseriousYsetT backTsince
thejlowfpointfrecorded|inll933, being $511,638, orl3.1%,
less' than In* 1937.
Owing|to|mild|weatber conditions high-
waysjremained open
whereas, in]1937, they
Transportation expenses!increased $1,267,023,"'or
and
closed in many parts by Novem¬
average
showed
tons
freight train loading and average freight train speed
improvement.
from 16.7 miles per
age
The former increased from 1,544
and the latter increased
in 1937 to 1,604 tons in 1938
hour to 17.1 miles per hour.
The
aver¬
fuel consumption for freight trains was reduced from
$1,402,348
pounds'per 1,000 gross ton miles in 1937 to 102 pounds
106
most
in 1938.
working
Other
increased $521,924,
expenses
or
increased
ment of which will
Pier D,
last mentioned
the increase in the
taxes,
amounting to $167,000, or $4,000 more than the
As,' with
total working expenses.
OTHER INCOME
after
substantial reduction in other income, which,
was a
hotel and steamship depreciation,
decrease of $4,266,038.
amounted to $4,867,206, a decrease of
for
provision
amounted to $7,363,673, a
Dividend income
$1,667,650, due principally to the fact that
Limited,
influence
.
bursements totalled $2.50 per
in 1937.
Sales of
that
on
;
/ ■'
share
;•./ ;y\':
acres
compared with $3.50
as
an
earnings from
conditions
economic
ocean
incidental
to ; the
hostilities
in
it necessary to
de¬
the year, both here
mencement of
a
tendency
amount
year your
any
a
'
major nature,,
„
has been $13,023,849.
transportation on certain classes of shipments.
Based on
the normal rates, the Company's contribution in this respect
vessels completed 202
during the year was slightly in excess of
in the course of which they steamed . 1,431,893
and made 1,343 calls at 101 different ports, without
casualty of
of the Western farmers, the total
rebates
Company continued to co-operate with the E)ominion
and Provincial Governments in the relief of the drought areas
in the Prairie Provinces by way of reduced rates and free
voyages, miles
distress
The
more
During the
port charges.
Interest rebated
Canada.
of assistance extended by way of interest
and capital adjustments
and in the United States,
the part of prospective cruising
postpone
to
appeared
tinued to
on
certificates.
Company found
continue its policy of making concessions to
year
relieving the
travelling until the international
settled. Expenditures have con¬
rise, with large increases in fuel prices, wages, and
passengers
situation
Cruise
business outlook at the com¬
affected by the unfavourable
coupled with
enjoyed in 1937.
deferred payments, again ex¬
including taxes, irrigation, immi¬
totalled $395,942, while reductions on
account of principal outstanding and further concessions in
interest for cash payments amounting to $1,150,825 were
also made.
Since 1932, when the Company led the way in
the
during
much lower than for the previous year, being
were
which offset the decrease in the
that the Cash receipts from
farm contract holders in Western
earnings, attributable partly to adverse
economic; conditions on this continent and partly to the
absence of the Coronation traffic
deferred payments,
on
Despite improved farming conditions, the
in passenger
earnings
in crop conditions on
increase in the collections of in¬
gration and colonization, and interest on note
the
freight earnings, which was mote than offset by a sharp
crease
of $7.49 per acre.
lands, including interest on
services.
On the Atlantic there was a slight improvement in
Orient.
Total sales included 3,109 acres of
of $48.34 and the remainder at
ceeded land expenditures,
Earnings from
both passenger and freight traffic on the Pacific showed a
small increase, notwithstanding the continued dislocation in
occurred in
116,085
$996,214 and at an average
aggregate amount of
collections from land sales, so
credited to depreciation reserve
$591,071, a decline of $1,867,760, of which all
$166,816
average
terest
and coastal steamships, after
ocean
$3,781,990
amounted to
but
an
the Prairies, there was an
$176,806 from 1937.
Net
for
Owing chiefly to the improvement
properties and miscellaneous was $1,492,530, a decrease of
deducting
.
agricultural lands during the year totalled
price of $8.58 per acre.
exchange, separately operated
Net income from interest,
near-by
irrigated land at an average
"A
V,:
.
alterations and extensions, the
land accounts
reduced from $5,888,750 in 1937
were
British Columbia
our
Profit and Loss recorded above.
re¬
Lower base metal prices had an adverse
Company's earnings, and dividend dis¬
$4,206,250.
to
minor
of
totally destroyed by fire on July 27.
used by your Pacific
Mining and Smelting Company ;
ceived from The Consolidated
of Canada,
dividends
the Vancouver Terminal
steamships, can for the present
satisfactorily handle the traffic offering for the coastal service,
it is not proposed to replace Pier D immediately . Accordingly
the cost of Pier D has been written out of property invest¬
ment account and the sum of $279,918, being the cost less
insurance recovered, has been included in the charge to
Pier BC,
There
and redundant facilities, the retire¬
produce operating economies.
Coast steamers, was
increase in
For the
the result of the abandonment
made against Profit and Loss.
were
part, these charges were
of unremunerative lines
2.7%,
reflecting heavier pension disbursements, higher wage rates,
and
April 1, 1939
Chronicle
Financial
1984
{:y'-VBALANCE
Tne General Balance
'
$700,000.
SHEET 0
:
,
;H:
■C
Sheet is presented in its usual form,
providing u concise and self-explanatory record of the ComXiany's position.
The principal differences as compared with
ous properties, after deducting $1,246,687 credited to hotel
last year are due to the purchase of new equipment arid the
depreciation reserve, totalled $412,865, a decrease of $553,822
acquisition of the Secured Soo Line Notes. -These items
made up of decreases from hotels of $271,926 and from < largely account for the increase in Property Investment,
the increase in> Notes and Equipment Obligations and the
communications of $390,385, as against an increase from
reduction in current cash funds.
'
'
miscellaneous properties of $108,489,
Two minor changes designed to clarify the Company's
position in respect of subsidiaries have been made.
All the.
FIXED CHARGES AND GUARANTEED
investment reserves have been consolidated under one caption,
Vy/,', "A
Investment Reserves, thus including in one total the in¬
s; INTEREST
.
• ,
' ' .
;
Fixed charges increased $726,405.
The two principal^ vestment reserve of $23,508,829 for all your controlled
United States railway subsidiaries, an amount of $564,403,
contributory items were (1) $206,924 interest on the 3%
representing interest received on Soo Line bonds heretofore
Equipment Trust Series "E" issued to finance part of the
carried as an Unadjusted Credit, and an aggregate amount
purchase price of new rolling stock, and (2) $368,172 interest • of $2,711,201, representing the reserves'for investment in
on the Serial 4% Secured Notes issued to finance in part the
other subsidiaries heretofore carried under Conlingent Re¬
serves.
A deferred liability to one of your leased sub¬
acquisition by your Company of certain notes of the Soo
sidiaries, the Algoma Eastern Railway Company, amounting
Line as referred to in the last annual report. '
to $933,021, which arises largely out of the abandonment of
Provision was made from income for the liability for bond
part of its line paralleling your Company's Algoma Branch
interest of the Soo Line guaranteed by your Company. ; The
and which was heretofore carried as a deduction froni Ad¬
vances to Controlled and Other Companies, has been trans¬
guaranteed half-yearly interest payment due July 1 on First
Net
earnings from hotel, communication and miscellane¬
.
ferred
Consolidated Mortgage Bonds which matured on that date
amounted
to
$1,260,800.
The
half-yearly
two
Deferred Liabilities—Miscellaneous,.
■
payments due July 1, 1938, and January 1, 1939, on Second
Mortgage Bonds maturing January 1, 1949, and
to
interest
on
On
First
Trust
June
FINANCE
1, your Company entered into an
«
'
;
:v,\'
■
'«
Equipment
Agreement with The Royal Trust Company as Trustee,
Equipment Trust Certificates were
Refunding Mortgage Bonds Series "B" maturing July 1,
under which $11,880,000
1978, aggregated $805,830.-
guaranteed as to principal and interest by your Com¬
This issue, designated as Series "E," maturing in
equal annual instalments from May 31, 1939, to May 31,
1953, inclusive, is payable in lawful money of Canada and
bears interest at 3% per annum.
Under this agreement new
equipment costing $14,857,398 was purchased by the Trustee
and leased to your Company.
The difference between the
proceeds of the sale of the Equipment Trust Certificates and
the cost of the new equipment was provided from the current
funds of your Company.
Equipment obligations to the amount of $2,962,769 ma¬
tured and were paid, and Consolidated Debenture Stock to
the amount of $268,000 pledged under Series "D"
was
released and cancelled.
An amount of $2,399,150 was
issued
,
pany.
DIVIDENDS
While
earnings for the
expenses
ciation
of the
year
were
sufficient to meet all
and fixed charges, including provisions for depre¬
and
taxes—with
a
modest
surplus—the
Directors
Company decided that, in view of the serious decline
in the net results
to declare any
as
compared with 1937, it
dividend
on
was
inadvisable
the Preference Stock in respect
of the year 1938.
PROFIT AND
LOSS ACCOUNT
Property investment account,
with the cost of all property
in
connection
with
was
qredited during the
year
retired and not replaced and,
such retirements,
charges aggregating
*
deposited with the Trustee of the Equipment Trust, matur¬
ing July 1, 1944. Under the terms of the Agreement covering
that Trust, the Trustee purchased and cancelled $2,849,000
Volume
of the
148
Financial
Chronicle
Equipment Trust Certificates and expended42,694,290
new equipment under the terms of the
at the
the purchase of
m
agreement.
Serial 3%
Collateral Trust
redeemed, and
were
seven
released
^
and
the
Consolidated
;
During
will be administered by the Hotel Company
years,
railway companies.
If this
,
must be
leased within three years,
the hotel building
demolished, and if tne land is not sold at the expira¬
or
tion of the
seven-year period* your Company will pay to
the Canadian National annually, during the remainder of
the term of the lease, 2% on a value to be agreed upon or
fixed by arbitration.
For these and other considerations,
Company will receive from the Canadian National
25% of the annual rental paid to the latter by the new hotel
your
<
company and,
»
,
similar term.
on
is not sold
Debenture
,
a
property is sold within the seven-year period, your Company
will pay to the Canadian National annually, during the
remainder of the, term of the lease 2 % on the sale price .
If it
Repayment was made to the Dominion Government of
$210,940, in reduction of the liability for loans made on
account of unemployment relief.
On June 23, loans
totalling $10,000,000 were obtained from
Canadian banks on your
Company's( short term promissory
notes, which were collaterally secured by deposit of certain
securities, including $5,000,000 Consolidated Debenture
Stock.
These loans were repaid in full on December 9, the
As
hotel
in the joint interest of the two
and cancelled.
was
Company for
Upon the opening of the
May 25, 1939, your Company's present hotel
will be closed, and, thereafter, for a period not exceeding
Twenty-year 4^% Sinking Fund Secured Note Certificates
to the amount Of $322,800 were
purchased by the Trustee
Stock cancelled.
your
of $280,000 per annum.
excess
new
on
released and cancelled.
collateral
option of
the term of the lease, the Hotel Company will pay a rental
to the Canadian National equal to its net earnings but not in
Bonds to the amount of
such redemption Consoli¬
dated Debenture Stock to the amount of $1,250,000 was
$1,000,000
1985
by
reason
of equal ownership of the capital
informed in the previous annual report,
stock, the Canadian National and your Company will each
receive by way of dividends one-half of the net profits of
$13,422,500 of your Consolidated Debenture Stock was
the hotel company.
deposited as collateral security to $9,935,000 of your Serial
4% Secured Notes, which were issued in connection with the ''
MINNEAPOLIS, ST. PAUL <& SAULT STE. MARIE
acquisition of Soo Line Secured Notes. In accordance with
RAILWAY COMPANY
the provisions contained in your Company's notes, an addi¬
tional amount of $1,573,500 of your Consolidated Debenture # .'••• The comparative results of the railway operations of this
Stock has been deposited as further security therefor.
Company were as follows:
r'*'
Later
:
;
U
in the year a further amount of $18,500 of the Soo Line
1938
.1937
Decrease
Gross Earnings
Secured Notes was acquired for cash, so. that your Company
$13,220,668 $14,426,636
$1,205,968
is now the holder of all the Soo Line'Secured Notes referred
Working Expenses
y-.
to with the exception of $11,000.
(including taxes).13,375,564
13,658,075
282,511
were
you
—
.
.
V"'-
^VB^SIONS'--
"1-
Net.
The
•
Company's pension disbursements for the year
amounted to $2,515,157 and were included in working
expenses.
'AA'\
;v.
■
.
Since the
,
January 1,
amounted to $3,910,247,
Under 60 years of age
From 60 to 64 years of age
From 65 to 70 years of age
v
— _
.
.
inclusive.^
inclusive
Over 70 years of age.——^
—.
11,340.
'C:L
PACIFIC
GREAT
,
y
LAKES LINE
and Milwaukee, via Port McNicoll, Ontario, to which refer¬
made in the last annual report, went into operation
ence was
the. opening of navigation las.t spring.
The two vessels
engaged in the service made, sixty round trips during the
season.
While, owing to. the general business recession,
the results of the first season's operations were not quite '
as satisfactory as
anticipated, the service has, enabled" the
Company not only to maintain its participation in the
routing of traffic previously enjoyed but also to secure
certain other classes of traffic with benefit to your rail lines.
on
.
■
CANADIAN AUSTRALASIAN LINE
;v
Following the Thirty-fifth Report of the Imperial Shipping
Committee and discussions during and since the 1937 Imperial
Security and Railroad Retirement Acts.
reorganization proceedings initiated on December
31, 1937, under the Bankruptcy Act of the United States,
the trustees appointed by the Court did not take Charge
until July 1, 1938, on account of the delay encountered
in obtaining the • necessary ratification by the Interstate
Commerce Commission.
A plan of reorganization has not
yet been proposed.
' y
"" -Vy
y-'
•
.
SPOKANE
Line, Limited, and representatives of the interested Govern¬
ments, plans and specifications for two new ships for the
between
Vancouver
and
Fiji, New Zealand, and
Australia were submitted by that Company to selected ship¬
builders and quotations for construction received.
Un¬
fortunately, owing to the abnormally high level of ship¬
building prices in Great Britain, it was compelled to defer
construction for the present.
While this is to be regretted,
resumption of discussions looking to the construction of the
new ships is
anticipated as soon as more favourable prices
prevail.
*
i
VANCOUVER HOTEL
After extended negotiations, referred to at the last annual
meeting, the agreement between your Company and the
Canadian National for the joint operation of the new Can¬
adian National hotel now nearing completion in Vancouver
was concluded on
July 28.
The hotel is to be leased to a
separate company known as Vancouver Hotel Company,
Limited, for a term of twenty-one years, subject to renewal
INTERNATIONAL
RAILWAY
COMPANY
The comparative
Cdmpany
were as
results of the railway operations of this
follows:
1938
1937
$709,428
$783,152
$73,724
652,967
673,680
20,713
1,461
:
•GrossEarnings.--...-;
Working Expenses
:
(including taxes)—
$109,472
$53,011
Decrease
Earnings
In the
reorganization proceedings initiated in 1933 under
the Bankruptcy Act of the United States, after consideration
of the objections urged by groups of bondholders to the reor¬
ganization plan proposed by the Bureau of Finance in June,
1936, the Interstate Commerce Commission proniuigated a
plan of reorganization on June 14, 1938.
There was a reargument before the Commission on November 1, 1938, and
on January 20, 1939* there was transmitted to the
parties
of record, for their consideration and criticism, certain pro¬
posed modifications of this plan.
At the present time, the
Commission has not determined which of the modifications
are
to
be
adopted.
Commerce
Interstate
securities
was
Under the plan promulgated by the
Commission, no distribution of new
made to unsecured claimants
or
to stockhold¬
Since your Company holds the most important interest
in.both groups, your Directors are watching the Situation
ers.
closely with a view to protecting your interests, with the
hope that ultimately a fair settlement with the other interests
concerned, will permit of the continued movement of traffic
by this route upon terms equitable to all concerned.
THE DULUTH, SOUTH SHORE & ATLANTIC
RAILWAY COMPANY
Conference in London between the Canadian Australasian
service
$923,457
'v
«In the
Net
The rail, lake and rail freight service connecting points
Eastern Canada and the United States with Chicago,
■
$768,561:
'
3,441
bANADIAN
in
167
308
1,626
$154,896*
the Social
■
.
.
Earnings
Deficit.
While the grain movement was larger than in 1937, the
general business recession in the United States during the
first ten months of the year caused a decline in all other
classes of traffic.
Operating expenses decreased by $646,576,
but taxes increased $364,065, on account of accruals under
•
"'Vv.''"
inception of the contributory pension plan on
1937, the total employee contributions have
As was ant cipated would be the
case during the first few
years of operation, disbursements
from the pension fund were negligible.
The operation of
the plan is proving to be satisfactory.
Under the provisions of the United States Carriers Taxing
Act, the excise taxes levied on the Company and on its em¬
ployees, who come under the provisions o£ the United States
Railroad Retirement Act, amounted in each case to $64,716,
being at the rate of 2%% of the compensation earned by
such employees.
/
; y;
*
During the year 571 employees were pensioned and trans¬
ferred to the pension payroll.
After allowing for deductions
owing to deaths and discontinuances through other causes,
the total number of pensioners at the close of the year
showed an increase of 306 over the number at December 31,
1937.
The distribution by ages of the pensioners as at
December 31, 1938, was as follows:
<
*
The
this
comparative results of
Company were as follows:
the railway
operations of
1938
Gross Earnings.—
1937
Decrease
$1,782,879
$2,726,999
$944,120
1,909,744
2,263,489
353,745
$463,510
$590,375
Wrvrlrincf TTIytyatiqaq
(including taxes)—.
Net
Earnings
$126,865*
♦Deficit.
While general
traffic declined throughout the year, the
79% in shipments
owing to drastic curtailment of mining operations
most serious decrease was a reduction of
of iron ore,
in the
territory served.
Representatives of your Company have recently been con¬
ferring with representatives of holders of substantial amounts
of South Shore First Mortgage Bonds in an attempt to agree
on a plan of reorganization and on the proper allocation of
the new securities as between your Company and the other
April 1, 1939
Chronicle
Financial
1986
savings from such approved
$854,000, one-half of which will
accrue to each Company when the projects become effective.
The total annual saving from co-operative arrangements, in
effect or authorized by the Joint Executive Committee, at
the end
of the year was $1,989,000, as compared with
$1,756,000 at the end of the previous year.
estimated annual
total
the
bondholders.
A further conference is planned for the near
with the object of reaching a definite agreement.
If this can be accomplished, it is expected that a plan of
projects not yet in effect to
future
reorganization can be submitted to the Interstate Commerce
Commission at an early date.
If such an agreement is not
reached, it will be necessary to submit the questions under¬
lying the allocation of the new securities for authoritative
determination in appropriate proceedings.
SPECIAL
COMMITTEE OF THE SENATE, 1938
By resolution passed on March 30, the Senate of Canada
appointed a Special Committee to "Enquire into and Report
upon the Best Means of Relieving the Country from its
Extremely Serious Railway Condition and Financial Burden
Consequent Thereto."
This Company was requested to
arrange for various of its officers to be present and to
give
evidence as the Committee might desire.
The form of the investigation did not follow closely the
terms of reference, which were designed to deal primarily
Replacement and enlargement of structures in
permanent form..
—
$113,053 with the heavy annual deficits of the Canadian National
Additions and betterments to stations, freight •
Railways.
The Special Committee of the Senate gave its
attention rather to studying the progress which had been
sheds, coaling and watering facilities and engine
houses
88,132 made in establishing co-operative measures under the Cana¬
dian National-Canadian Pacific Act, 1933, and then turned
Ties, tie plates, rail anchors and miscellaneous
to consider the estimates of savings from unified manage¬
roadway betterments
—-- 1,649,906
ment which were furnished by this Company and the Cana¬
Replacement of rail in main and branch line tracks
with heavier section
—413,381
dian National Railways to the Royal Commission in 1931-32
Additions and betterments to shop machinery156,511
at the request of that body.
The officers of your Company gave a detailed account of
Additions and betterments to rolling stock
230,267 V
Additions and betterments to hotels...,--------;
19,164 the methods by which they had prepared the estimate of
Additions and betterments to communication
$75,300,000 annual savings on the basis of traffic levels such
-facilities.
----179,023 as prevailed in 1930. The officers of the Canadian National
did not attempt to substantiate their similar estimate of
Additions and betterments to pier "BC" Van¬
couver.
—104,000 $56,230,000 or to offer any evidence to show the savings
which
might be accomplished by unified; management.
The appropriations for additions and betterments to rolling
They criticized certain details of the estimate furnished by
stock include the usual betterments for freight cars, pas¬
your officers, and recommended a programme of compulsory
senger equipment and motive power to increase operating
co-operation, which, they claimed, should result in annual
efficiency. • " v\•' ■> - 1 •'
:
'■ ■
joint savings in the order of $10,000,000.
LEASES AND AGREEMENTS
„
Towards the close of the hearings, your President rscorn-*
mended to the Committee that independent experts in engi¬
p The following agreement made by your Directors will be
submitted for your approval:
;
_
neering and accounting should be retained for the purpose of
Agreement dated October 22,1938, between the Canadian
making a thorough and entirely impartial study of the sav¬
National Railway Company and your Company, made pur¬
ings which might be obtained by unified management.
suant to the Canadian National-Canadian Pacific Act of
Prior to the prorogation of Parliament on July 1, the
Committee reported that it had not had sufficient time to
1933, which directs the two companies to endeavour to agree
upon cooperative measures, plans and arrangements for the
complete its study of the subject and recommended that it
purpose of effecting economies
and providing for more . be reappointed during the 1939 Session of Parliament.
remunerative operation; under this agreement the Canadian
Moreover, it expressed a hope that, in the meantime, efforts
National Railway Company agrees to abandon the operation \ Would be made to increase the speed of adoption of co-opera¬
tive measures.
: ' ■J .O
J
of its line of railway, paralleling the line of your Company,
between Louise and Deloraine in the Province of Manitoba,
Following the recommendations of the Senate Committee,
a distance of approximately 57 miles, and to discontinue its
and as a result of a proposal from your Company to the
communications and express business at Deloraine and in the
Canadian National, a Joint Committee has been established,
territory between Louise and Deloraine, the burden and
consisting of three Vice-Presidents of your Company and
three Vice-Presidents of the Canadian National, to ensure
advantage resulting from the abandonment to be equitably ;
divided between the two companies by a monthly payment
that every effort to expedite and widen the application of
by your Company to the Canadian National of $367.96,
co-operative measures would be made. ■ This Committee has
which may be commuted by a capital sum payment of , already recommended the study of a number of projects and
$88,310.20.
•'
U:
v.
has others under consideration.
V
: :
REGULATION
/ The effect of the investigation has been to stimulate public
interest in the question, and it is believed that further study
The Transport Act, enacted at the last Session of Parlia¬
by the Special Committee, which has been recently reap¬
ment, conferred extended jurisdiction on the Board of Trans¬
pointed, will tend to clarify the whole situation.
port Commissioners (formerly known as the Board of Railway
Commissioners) for the regulation of transport by air and,
STOCK HOLDINGS
v
CAPITAL
EXPENDITURES
of your confirmation, your Directors
appropriations for the year 1938 amount¬
ing to 4163,881, in addition to those approved at the last
annual meeting.
You will be requested to approve capital
appropriations of S3,063*274 for the present year. The
principal items are:
^
v
N In anticipation
authorized capital
•
......
- -
,
to
a
limited extent, by water on
For the
the Great Lakes.
of removing some of the disability of the regulated
carriers by rail, water and air in competition with unregu¬
lated carriers, the Statute contains authority for the making
of agreed charges for the transport of all or any part of the
goods of an individual shipper, subject to the approval of
the Board.
This part of the Act was brought into effect in
November, and the traffic officers have since been collaborating with the Board and other interested parties in the settle¬
ment of appropriate regulations and methods of procedure
""The holdings of the Capital Stock of the Company
were distributed as follows:
f
purpose
December, 1938,
,
been
it.
Dominion
Effective
revised accounting classifications
towards the settlement of new
accounting regulations to govern all
15,725
Other Countries
3,835
United States...
some
progress
uniform satistical and
Canadian
railways.
CO-OPERATION WITH THE CANADIAN
RAILWAYS
'
NATIONAL
Co-operative studies under the provisions of the
National-Canadian
Pacific Act,
1933, were
Canadian
continued
year, but no additional projects were made
Formal agreements were executed covering (1) the
throughout the
effective.
abandonment of the Canadian
National line between
of these agreements
have been
submitted to the Board of
covering additional projects estimated to
yield savings of approximately $233,000 per annum, bringing
formal agreements
65.47
,28
15.86
4.06
5.92
585
26,519
CHANGES IN
DIRECTORATE
that your Directors have to report
the death on October 4, 1938, of the Rt. Hon. Lord Shaughnessy, K.C., who had been a member of the Board since
June 1919.
RETIRING DIRECTORS
The undermentioned
the
from office at
They are eligible for re¬
Directors will retire
approaching Annual Meeting.
election:
*
Colonel Henry Cockshutt,
Middle-
Transport Commissioners for approval and cannot be made
effective until such approval is obtained. During the year
the Joint Executive Committee authorized the completion of
94.97
It is with deep regret
Sir Herbert S.
Holt,
Brigadier-General F. S.
Bridgetown, Nova Scotia, (2) the abandonment of
the Canadian Pacific line between Lin wood and Listowel,
Ontario, and (3) the abandonment of the Canadian National
Deloraine, Manitoba. The first two
12.75
•"
60
:•
Preference
Stocks
combined
.69
25,714
65,706
ton and
line between Louise and
Percentage
of Stock
160
53.06
22.42
6.70
United Kingdom
& other British 19,641
and
v
.17.82
26,505
Canada.
engaged in preparing
and has made
of Stock
holders
,
'
No. of
holders
Percentage
No. of
of Ordinary
*
PREFERENCE
.
-v..■'
:•
control and regulation of
highway transportation cannot be achieved at present, since,
with the exception of interprovincial and intern ational move¬
ments, highway traffic,is under provincial jurisdiction.
A committee appointed by the Minister of Transport has
under
Percentage
.
.
ORDINARY
in
Mr. Robert C.
Meighen, C.M.G.,
Stanley.
desire to express their sincere appreciation
services rendered by the officers and em¬
Your Directors
of
the efficient
ployees of the Company throughout
tinued devotion to its interests.
'
V
"
E.
Montreal, March
the year and their con¬
For the Directors,
13, 1939.
W. BEATTY, President.
*
.
"
,
'
,
Volume 148
Financial
Chronicle
1987
CANADIAN PACIFIC RAILWAY COMPANY
GENERAL BALANCE SHEET, DECEMBER 31, 1938
assets
Property Investment:
^
>
Railway, Rolling Stock, Inland Steamships, Hotel, communicatii/ii and Miscellaneous
Properties—
Improvements
on
$803,282,535.65
_■
....
Leased Railway Property—
Ocean and Coastal
Steamships.
96,616,381.58 *
—
104,728,199.86
—..........
——————
Stocks, Bonds and Other Securities of Leased, Controlled and Jointly Controlled
Railway Companies and Wholly Owned Companies—Cost
1 ••..
-vv,;,-o -vuv
209,359,208.97
—-$1,213,986,326.06
■
•
.
t
Other Investments:
v:...-VvV;• P
v-.
Miscellaneous Investments—Cost
$26,736,208.08
Advances to Controlled and Other Companies
28,759,575.28
^...i
Mortgages Collectible and Loans and Advances to Settlers.....
Insurance Fund Investments———.-—
Deferred Payments Cn Lands and
Unsold Lands and Other
—
8,259,087.21
——
-.—
TbwnsiteS—————
Properties.
3,455,692.71
.....
—.
35,720,759.40
...
27,429,258.01
——————— — ———
—
130,360,580.69
—
Current Assets:
"'v.'.'.-:.
•
Material and Supplies.
————
—
...
> "j
'v; -S'..
v
Agents' and Conductors' Balances..
'v-'
•>
......
$17,115,362.85
„
Net Traffic Balances...
728,028.31
,
—
.
Miscellaneous Accounts Receivable
Cash--..
•
r
;
5,774,594.76
i.........
;
4,394,710.10
—
—
—
.......
-..
21,883,908.93
.
49,896,604.95
.Unadjusted Debits:
.>
Insurance PrepahL——i—i..
Unamortized Discount
,
\
•v"«
:
..—
—...———.....
...
$170,346.05
.
Bonds..———————————————————
on
Other Unadjusted Debits
.
;
1
U
\
;
tt'V-V
,
■;
—...
?■
3,237,888.68
1,327,855.64
.....
■" V" i"'.
'
*
*
4,736,090.37
-
V'.:-V;c;:si,398,979,602.07
NOTE—Particulars of securities held for accouut of the Company, of obligations of the Company in respect of the principal of securities of other
companies owning railway lines operated under lease, and of contingent liabilities of the Company are set out in the pamphlet report. /:
•,
.
•
--V::.vX-:
Capital Stock:
.
liabilities
•
■
w
Ordinary Stock.
—
Preference Stock—4%
—
$335,000,000.00
—
...
Non^umulative.—137,256,921.12
Perpetual 4% Consolidated Debenture Stock— ..————————————
Less:
Pledged
as
collateral to bonds, notes and equipment obligations—.
■
Less: Securities "deposited
•
$219,557,230.77
—————————
'i,:
*
>
#
'
.
212,602,624.17
$30,000,000.00
by Trustee and cancelled...——————————
10,413,900.00
19,586,100.00
-————
.
Current Liabilities:
-
-6,954,606.60
Twenty Year 4)4% Sinking Fund Secured Note Certificates (1944)...
Less: Purchased
'
295,438,228.74
——
with Trustee of 5'% Equipment Trust——..
-V- "
'
204,964,000.00
—
'
$472,256,921.12
$500,402,228*74
——
V":
Bonds, Notes and Equipment Obligations
•
:
-v
v./Sv::'r.
y
'•
Audited Vouchers..—$4,840,469.83
Pay Rplls......
-
:
.—i.—2,651,689.68
Accrued Fixed Charges and Guaranteed Interest—
:*■
' ■;'
'
v'
Deferred Liabilities:
,.v.-.■■■.
v..//■
■
2,822,146.68
—————————...——.—.
Miscellaneous Accounts Payable
,
Dominion Government
2,758,348.07
——
-.V
...
'
Unemployment Relief——. .i
Miscellaneous...-.-—.
13,072,654.26
'v
$3,850,042.71
—
l:
•
—
■
1,644,998.37
-
'
5,495,041.08
—:
Reserves and
Unadjusted Credits:
1
v'
Hotel
-v"--;-.
k.
Rolling Stock Reserve 1
$8,249,662.59
—..—.•
Depreciation Reserve..—
1
Steamship Depreciation Reserve.-.-^-—
.
"
—
26,784,433,39
5,165,250.23
...
Investment ReseiVes.-.-.——
8,259,087.21
I
—.
Contingent Reserves——,————T.^.—.—
,
47,856,285.79
——
Insurance Reserve..
Unadjusted Credits—
5,443,666.73
'
"
3,457,979.03
—
105,216,364.97
Premium Received
on
Capital and Debenture Stock (Less discount on bonds and notes
Written off at date of issue)
i.
66,583,565.94
.....
Land Surplus
Profit and Loss Balance
,
71,758,451.53
——
136,969,650.26
———
—
$1,398,979,602.07
E. A. LESLIE,
Comptroller.
AUDITORS' CERTIFICATE
' We
have examined the Books and Records of the Canadian Pacific Railway Company for the year ending December 31,
1938, and. having compared the above Balance Sheet and related schedules therewith, we certify that in our opinion it is
properly drawn up so as to show the true financial position of the Company at that date, and that the Income and Profit &
Loss Accounts correctly set forth the result of the year's operations.
PRICE, WATERHOUSE & CO.,
t
Montreal, March 10, 1939.
"
Chartered Accountants.,
April 1, 1939
Chronicle
Financial
1988
Crops
The Commercial Markets and the
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
fairly active, with Wall Street liquidation and some hedge
selling the features. Transactions totaled 181 lots, or 2,425
was
COMMERCIAL EPITOME
1 point lower to unchanged.
principally from commission
houses and trade interests.
Local closing: May, 4.53; July,
points higher in the Santos contract, with sales totaling only v
4.64; Sept., 4.74; Oct., 4.79; Dec., 4.91. On the 28th inst.
9 lots. The Rio contract closed unchanged to 1 point higher
futures closed 2 to 6 points net lower.
The opening range
nominally.
Business for the short session was unusually
was 1 to 3 points net lower.
Transactions totaled 295 lots, •
light, especially in view of the uncertainty over the European
equal to 3,953 tons. The market's heaviness was attributed
political situation. The market for the week was 18 tq 24
largely to Wall Street liquidation and the easiness of other
points higher,for Santos contracts. Santos hard and soft 4s
commodity markets. London actuals were 3d. lower, while
were
100 reis lower today (Saturday), at 19.4 and 17.3'
the Terminal Cocoa Market was 3d. to 6d. easier, with
respectively.
Havre closed steady and 1 % francs higher.
transactions totaling 90 tons.
In the local trading manu¬
On the 27th inst. futures closed 8 to 10 points net higher in
facturers and dealers were buyers of the nearby deliveries..
the Santos contract* with sales totaling 49 lots.
The Rio
Short covering in the May position was also a feature.
contract closed 1 point up, with sales of only 2 contracts, and
Local closing: May, 4.51; June, 4.56; July, 4.61; Sept., 4.71;
they were made in the May delivery.
Little coffee was on
Oct., 4.75; Dec., 4.85. On the 29th inst. futures closed 1
offer in the futures market, with the result that buyers
point net lower to unchanged. Transactions totaled 132 lots.
although few in number, bid prices up. The market for the
Interest in cocoa futures was at a minimum with the result
Santos contracts was 1 to 6 points higher during early after¬
that up to early afternoon only 50 lots had been done. At
noon, with December at 6.10, up 6 points.
About 6,000 bags
that time prices were 2 to 3 points higher. It was the slowest
were done in the first two hours and a half.
In Havre futures
;
i;
;"
'
Friday Night, March 31, 1939
Coffee—On the 25th inst. futures closed unchanged to
were
tons.
The opening range was
What demand there was came
,
,
(unch,anged to l/i franc higher.
Santos 4s were
3
quotations were- outside that range on odd lots. Milds continued steady with 11 lAe. asked for Medelins. Roasters were
doing little.
On the 28th inst. futures closed 4 to 5 points
net lower in the Santos contract, with sales totaling 18 lots.
The Rio contract closed 3 to 5 points net lower, with sales of
only 2 lots.
Pressure from European sources was largely
responsible for the market's heaviness.
The European
political situation is fraught with so much danger and un¬
certainty that traders are reluctuant to commit themselves
in a substantial way.
Havre closed unchanged to % point
higher and Brazil remained unchanged.
On the 29th inst.
futures closed 4 points to 1 point lower in the Santos con¬
tract, with sales totaling 10 lets. The Rio contract closed 5
points up, this gain being registered in the December delivery
on the sale of 3 contracts, this being all the business that was
done in the Rio department.
Trading was very quiet and
lacked feature. Rios were traded at 4 to 5 points acfvance on
the opening, after which they were neglected.
Havre futures
were 1 to 1>2 francs lower.
In Brazil.Rio No. 7s spot were
quoted officially at 13.2 milreis per 10 kilos, up 200 reis, while
SantOS hard 4s advanced 100 reis.
Cost and freight offers
were unchanged.
Mild coffees were very steady. Manizales
were quoted at 10^ to 11c. on the spot as a result of buying
by the Growers Association of Columbia in support of the
market.
Stocks.here
are
rather
but
Cocoa—On the 25th inst. futures closed 3 to 5
from
•
125
Warehouse
lots.
The cocoa futures market gene¬
4.13
4.15
6.02
6.06
to
early'afternoon totaled 250 lots.'
..
Sugar—On the 25th inst. futures closed unchanged to, 2
points up. The great uncertainty over legislation at Wash¬
ington and the continued tension of political affairs abroad,
caused much evening up over the week end. " Today and
tomorrow, at least, and. possibly for some time to come
market interest will be centered in Washington, for the
passage of the Ellender bill in the Senate has started the ball
rolling for new legislation.
In the market for raws reports
-
were
current
that
business
was
effected,
in Puerto
■
Rican
2.87c. and in Cubas at 2c. Sellers were asking 2.88c.
generally for duty frees and 2.02c. for second half of April
shipment Cubas.
Business was slow in the world sugar
contract today, transactions totaling only 21 lots, with the
closing range unchanged to 2 points net higher.
In the
London market raws were unchanged at 6s. 5bid. and futures
.there closed 3^d. higher to yd. lower.
On the 27th inst.
futures closed 2 points down to unchanged in the domestic
contract, with sales totaling 143 lots.; Domestic sugar futures
opened unchanged to 1 point lower and by early afternoon
were 1 to 2 points off.
There was little feature to the trading
other than scattered selling, some of it profit taking and
some covering by Cuban interests.
No sales were reported in
the raw market.
Duty frees were offered at 2.88 to 2.90c.
with Cubas a few points higher, while buyers were not firm
above 2.85c.
Refiners .are urging customers to spread
: delivery orders on $4.40 contracts between now and the dead
line on April 17, warning them that undelivered balances
will be canceled.
In the world sugar market prices were
b£ point up to
point down at the close, with sales totaling
50 lots.
London futures were % to yd. higher.
Raws were
raised to the equivalent of I.I8F2C. f.o.b. Cuba.
On the
28th inst. futures closed 1 to 2 points net higher. Transac¬
tions totaled 73 lots, which were in May, July and January.
Trading was relatively light and featureless, the markets
sugar at
trade
totaled
Trading volume
Wall Street was
credited with liquidation because of weakness in stocks, but
offerings were taken up quickly, especially May, which
has been the center of mysterious buying for several days.
Cocoa is regarded as a war commodity along with wheat and
sugar.
No change was reported in warehouse stocks.
Local closing: May, 4.57; June, 4.60; July, 4.63; Sept., 4.73;
Dec., 4.88; Jan., 4.93. ■ "
tx;:' : v':
up
points net
Transactions totaled 204 lots. Buying came largely
and manufacturing sources.
London actuals
were l^d. off, while the Terminal Cocoa Market was lM>d.
lower to 13^d. higher, with only 10 tons traded. Wall Street
interests were reported as evening up over the week end, a
decidedly apprehensive feeling prevailing concerning the
European political situation. There was some Bahia hedge
selling observed od the floor today. Local closing: May,
4.60; July, 4.66; Sept., 4.83; Dec., 4.97; Jan., 5.02. On the
27th inst. futures closed 6 to 9 points net lower.
Trading
higher.
time
actions, totaled 362 lots.
follows:
5.88 December
.5.93 March
5.98
that
rated increased activity at higher prices.
4.11|
.J
to
They now total 1,164,376 bags
compared with 586,652 fyags a year ago.. Local closing:
May, 4.56; July, 4.64; Sept., 4.77; Dec., 4.90; Jan., 4.95.
Today futures closed 1 point up to 4 points decline.
Trans¬
expire in March, 1940.
Trading in the new contract
start in July, 1939,; contracts and thereafter.
Havre futures were unchanged to
franc higher.
Offers
from Brazil were unchanged.
Mild coffees remained steady,
Today futures closed 3 to 6 points net lower in the Santos
contract, with sales totaling 66 lots.
Only 1 contract was
traded in the Rio department, and that was in the May de¬
livery at 4 points decline.
Coffee futures were under pres¬
sure, but whether that was because of European develop¬
ments or because, of an easier stock market, was hard todetermine.
Trading was restricted to Santos contracts,
which, after opening 1 to 4 points lower, stood 5 to 10 points
lower during early afternoon.
Volume increased on the
decline.
Cost and freight offers by Brazil were generally
unchanged, while the spot price of Rio 7s advanced 200 reis.
In Havre futures were % to 1 franc lower.
Mild coffees
were barely steady.
Rio coffee prices closed as follows:
May
July
September
Sales
stocks increased 460 bags.
then would
as
•
absorbed
lower.
will
prices closed
stocks increased 2,300 bags.
little scattered Wall Street
was
totaling 18 lots.
Liquidation of May Santos contracts
brought activity and lower prices to the coffee market after
the opening, but later the market became steady and trading
turned dull.
The Exchange will vote on a new Rio contract
tomorrow.
If the new one is adopted, the present contract
Santos coffee
scarcity of offerings,
was steady.
Ware¬
The total is 1,163,917
was a
London
small.
liquidation and trade selling
by manufacturers.
Offerings from primary
markets were few as hedge pressure was absent.
During
early afternoon the market stood unchanged • to 1 point
A
On the( 30th inst. futures closed 3 points down to un¬
changed in the Santos contract, with sales totaling 46 lots.
The Rio contract closed 8 to 4 points net higher, with sales
4.191 December
4.11 March
was
bags, compared with 585,215 bags a year ago. Local closing:
May, 4.50; July, 4.60; Sept., 4.71; Dec., 4.85.
On the 30th inst. futures closed 4 to 6 points net higher.
Transactions totaled 173 lots.
Cocoa futures marked time.
■
September
demand also
house
'
meager.
May
July
There
market in several months.
Actuals were steady.
offered at 6.35 to 6.65c. in most cases although
apparently marking time until something definite comes from
Washington that will enable the trade to have a clearer view
of
„
what
is
ahead.
In
the
market for
raws
business
was
estimated at 15,000 to 20,000 tons at 2.86c., but only half
of the details came out.
American bought 2,000 tons of
Philippines for mid-April arrival and 20,000 bags of Puerto
Ricos, clearing April 5; National, 20,000 bags of Puerto Ricos
for second half April shipment, and Pennsylvania, 2,000
tons of Philippines due April 7.
The world sugar contract
Volume
Financial
148
Chronicle
closed unchanged to 1 point lower, with sales totaling 95 lots.
London raws were held at 6s. 5}4d., equal to 1.16J^c. f.o.b.1
1989
of the outturn weight and polarization for each cargo of direct consumption
entered against the quotas.
sugar
(In Short Tons—96 Degree Equivalent)
Cuba, with freight at 16s. 6d.
On the 29th inst. futures
closed 1 to 2 points net higher.
Transactions totaled 201
lots in
the
domestic
Quantity Ch'g'd Against Quota
The World sugar contract
contract.
closed 1
point up to 1 point down, with transactions totaling
Activity in raw sugar at higher prices and rumors
that a new Cuban trade agreement might be signed before
nightfall, started a buying wave in the domestic sugar futures
market which advanced prices 2 to 3 points.
Raw sugar
advanced 2 points in the spot market to 2.88c.
At that level
refiners took 6,000 tons of forward shipment Philippines and
20,000 bags of Puerto Ricos at 2.90c., due about the middle
of April.
Offers of nearby sugars were generally at 2.90c.
World sugar contracts stood 2 points higher on May during
early afternoon at 1.19Kc.
Futures in London were Y^d.
higher to Yd. lower.
Raws sold in London at 1.16H>c. a
pound.
■
Y<>
v
"■ .A-'.';.
v'^;
On the 30th inst. futures closed 2 to 3 points net lower in
the domestic contract, with sales totaling 29 lots.
The
world sugar contract closed unchanged to Y point higher,
with sales totaling 91 lots.
The lethargy which characterized
other commodity markets extended to sugar»
Trading was
small in volume.
During early afternoon prices were un¬
changed to 2 points lower, with Sept. selling at 2.10c. a >
pound, off 2 points.
Traders were disappointed that the .
President left Washington without acting on the pending
Cuban trade treaty.
In the raw sugar market Henderson
paid 2.88c. for 2,000 tons of April-May shipment sugar from
the Philippines, the same price as was paid yesterday for
about 12,000 tons.
World sugar contracts were firm during
1939
of
most
the
session.
futures
London
-
sugar
from all
March 1,1939.
recorded
areas
as
The figures
are
were
46.249 Short
tons of sugar,
for the continental
quota
6,232
73,982
610,863
39.802
47,487
563,376
sugar
raw
The
following table shows, in pounds, the 1939 quotas for those countries,
311,721
(Pounds)
122,901
228,704
220,435
'
Guatemala.
entered
or
United Kingdom.
299,599
Department of Agriculture Makes Public List of Puerto
Rican
27.004
3,556
23,448
597,281
4,220.799
The payments were
Over
made under .the Sugar Act of 1937;
required to qualify producers for such payments
are
child labor, payment of fair and reasonable wages to
;
The conditions
non-employment of
agricultural laborers
*
marketing of not more than the farm's proportionate share of the area's
soil conservation, and, in the
for
case
of producer-processors,
sugarcane
or sugar
pay¬
beets purchased
The Sugar Act directs that payments be made to
.from other producers.
100 pounds of commercially recoverable sugar, with downward gradua¬
Act also levies
excise tax
an
/
all sugar consumed
on
-
in the United
,
producer?
"
are
expected
to average about $48,-
\
x
i
;
-
Cuban
Sugar Planters Voices Objections to Bill Passed
by Ur S. Senate Providing for Revisions in Sugar
Quota Act ■ v
The bill
passed by'the U. S, Senate on March 23 calling
sugar quota Act is viewed by Cuban
sugar planters as harmful to their industry, according to a
wireless message from Havana on March 25, which in
stating that it would greatly reduce Cuba's quota for ship¬
ment to the United States, added:
for revisions in the
,
If this measure is finally approved it will reduce the quota 200,000 tons,
according to the Oane Planters Association.
10
years ago
Cuba supplied
50% of the sugar consumed by the United States, but this has been
pro¬
gressively reduced to 28% in this year's quota.
Secretary of Agriculture Jose Garcia Montes asserted the bill approved
United,States Senate violated the reciprocity treaty,if not the
letter, at any rate the spirit.""We
;
-
confidence
have
must
in the
"
t
Department of that country
State
which is always just and in accord with the Good Neighbor policy of (die
«
'
'
The
island
entire
is
suffering
an
acute
depression
because of the low
tariff
Sugars
Colombian Sugar
polarizing less than 99.8 degrees.
The last,
during the remainder of the
The separation of sugars into polarization groups is based on reports
be lowered in a revision of the
Imports Declined Sharply in 1938—
Compared
Imports of refined sugar into Colombia during 1938 regis¬
tered
a
sharp decrease compared with the preceding year,
a
report to the Department of Commerce by
Commercial Attache at Bogata.
the office of the American
According to available statistics, sugar imports during the
first 11 months of 1938 totaled only 5,295,490 pounds, com¬
with
41,298,727 pounds in
The Commerce Department on
Imports
The following tabulation indicates
and charges against such quotas
because it had been hoped that the United
Total for 11 Months 5,295,490 Pounds,
with 41,298,727 Pounds in 1937
pared
in the above amounts charged
since the direct consumption sugar quota is
pessimism
Cuban sugar would soon
on
reciprocity treaty.
according to
and February, showing separately sugar polarizing 99.8
or
Agricultural Adjustment Administration on March 25
made public a list of payments of $10,000 or more to par¬
ticipants in the 1937 Sugar Program in Puerto Rico/ Similar
data on payments in the other domestic sugar producing
areas were published recently.
The Department said:
930,117
Foreign countries other than
year.
Sugar Payments of $10,000
The
-
9,115
sugar
-
States, the anticipated annual-.yield of which is approximately $68,000,000.
903,857
0
column shows the balance available for entry
*
••
pounds from France, and 30 pounds from Chile, but under the provisions of
Section 212 of the Sugar Act, referred to in footnote a, these importations have not
been charged against the quota for foreign countries other than Cuba.
516,211
55,137
9,115
degrees and above and
.
302
Payments to cooperating
Remaining
958,994
during January
46,896,543
,
000,000 annually.
Quotas
the 1939 direct consumption sugar quotas
7,111,457
Sugar Act of 1937, the first 10 short tons
foreign country other than Cuba have not
318,423; Brazil, 1,295; British
Malaya, 28; Canada, 610,433; Colombia, 289; Costa Rica, 22,285; Czechoslovakia,
284,875; Dominican Republic, 7,214,858; Dutch West Indies, 7; France, 189;' Ger¬
many, 126; Haiti, Republic of, 997,126; Honduras, 3,713,814: Italy, 1,895; Japan,
4,337; Netherlands, 235,716; Nicaragua, 11,058,456; Salvador, 8,881,104; Vene¬
zuela, 313,763. ■ Three hundred fifty-four pounds have beert imported from Swedpn,
There is widespread
Against
included in the total quota for each area.
54,008,000
'
472,375
been charged against the quota for that country.
b Argentina, 15,771: Australia," 221; Belgium,
per
Balance
is included
~~~27~625
of sugar, raw value, imported from any
1,838,051
sugar
500,000
_.J.
'
'33,675,011
price of sugar, which producers say does not meet the cost of production.
116,252
122,737
consumption
6,09,0055
American President,'! he continued,
1,052,854
815,810
Direct
6,462,013
•
In accordance with Section 212 of the
by the
1,954,303
against the various quotas,
379,399
1
Total.....
value, charged against the
Charged
4.818.080
0
64,082
cooperating producers and establishes the basic rate of payment at 60 cents
Amounts
Direct Consumption
362,342
33,675,011
Unallotted reserve-
in transit on
Philippines
Total
(Pounds)
188,820
8,269
5.934,673
379,399
....—
Quotas not used to date b_
certified
Cuba
Cuba
•
6,526,095
12,024,728
Peru.
.
Virgin Islands
362,342
Mexico.
The
the Latest
Hawaii
Remaining
a
tion^ iti rates for production of more than 500 tons of sugar.
Regulations
Puerto Rico
Quota
Dutch East Indies
;
Under
i
China and Hongkong....
States
Established
Balance
Against
(Pounds)
year.
Charged
„
1939 Quota
>
ment of fair and reasonable prices
(Tons of 2,000 Pounds—96 Degrees)
Area
admitted during the remainder of the
";"
sugar quota,
follows:
1939 Sugar Quotas
charges made during the first two
against the quotas for the individual full-duty countries.
Area
a
against the off-shore areas during January and
are as
'
tons, raw value, charged against the quota for foreign
the amounts which, may be
beet area during January this year.
February and the balances remaining
7,685
Quotas for Full-Duty Countries
■
29,457 short tons, raw value, against
Data for February are not yet available.
The quantities charged
780 F
subject to change after final outturn weight
quota for the mainland cane areas and
the
5,452
368,073
the amounts charged against the quotas during January and February and
and polarization d&ta for all importations are available.
There
28,332
80,214
countries other than Cuba is the total of
Statistics for foreign countries other than
Cuba also include certifications for entry of sugar which Was
March 1, 1939.
92,989
1,284
months of the year
,
monthly report on the status of the 1939 sugar
quotas for the various sugar-producing areas supplying the
United States market was issued on March 10 by the Sugar
Division of the United States Department of Agriculture.
The sum of these quotas represents the quantity of sugar
estimated, under the Sugar Act of 1937, to be required to
meet consumers' needs during the current year.
The report
shows that the quantity of sugar charged against the quotas
for all offshore areas, including the full-duty countries,
during January and February, amounted to 597,281 short
tons, raw value.
For the corresponding period last year,
charges against the off-shore areas totaled 671,042 tons. The
Sugar Division's announcement also said:
includes
33,044
0
_
The 3,556 short
The second
The report
6.440
1,284
Rico,.
_
V
;.V:u
for entry before
6,927
26,604
29,616
Total......
597,281 Short Tons of Sugar Received by United States
from Off-Shore Areas During First Two Months of
1939
465
126,033
Philippines...
—
•
,
99.8 Degrees
6,462
Hawaii
——1.98
-..2.01,
9.5 (January
March—
_2.0z|
•
• '
Remaining
,,
375,000
Puerto
,
-
Balance
Charges
Less Than
and Above
Yd. higher on sales of 6,000 tons.
It was rumored that
freight rates from Cuba to the United Kingdom had been
increased.
Today futures closed unchanged to 2 points up '
in the domestic contract, with sales totaling 267 lots. Domes¬
tic sugar futures advanced and held gains of 2 points despite
concentrated selling which appeared at the opening in suf¬
ficient volume to supply all bidders.
In the raw market
2.88c. was paid again.
Reported sales included 5,000 tons
of Philippines May-June shipment to the, American Sugar
Refining Co.; 1,100 tons, due April 25, to an operator, and
2,000 tons, due April 22 and 3,000 tons, due May 12 to
Pennsylvania.
Further offers were made at 2.90c.
With¬
drawals of refined against orders at $4.40 have picked up,
the trade reported.
World sugar held initial gains 1 to
points.. Futures in London were; unchanged to Yd.
higher, while the equivalent of 1.18c. a pound f. o. b. Cuba
was paid for raws.
The world sugar contract closed un¬
changed Y point up, with sales totaling 305 lots,
v
Prices were as follows:
\v
May..,
.>
July...
September
Total
Polarizing
Sugar
Quota
Cuba
unchanged to
were
Sugar
Polarizing
99.8 Degrees
Area
145 lots.
of
supply,
compared
from
the
totaled
United
pounds
corresponding period in 1,937.
1937,
in
1938.
Imports
the report
stated.
Colombia's
principal
foreign
source
5,064,957 pounds during the first 11 months pf 1938,
with' 23,607,945
pounds
States,
1937,
March 3 further said:
imported
from this source
during the
Imports from Cuba, which totaled 15,459,679
decreased 19,839 pounds during the first 11 months of
from all other supplying countries, including Panama,
the
Canal
creases
The
Zone,
the
and
Dominican
Republic,
during 1938.
decrease
in
production of refined
imports
sugar,
was
also
"
,
the
attributed
to
registered
sharp
Rubber—On the 25th inst. futures closed 9 to 13
de¬
domestic
rise in the
ness
according to the report.
the Mussolini
Lard—On the 25th inst. futures closed unchanged to 2
was
April, 16.00; May,
March.
....
'
.
October..............
6.30
6.47
6.27
6.35
6.40
6.42
' 6.50
6.70
6.57
6.62
6.60
6.07
6.75
6.60
6.67
,6.62
-6.70
6.25
to
i
6.35
*
outside
smoked
Local closing:-
16.05; July, 16.05; Sept.,
3-16d. lower.
It
was
estimated that United Kingdom
stocks
had
decreased
•
v
1,100 tons this week.
Singapore was unchanged to 3-16d. lower also. Local clos¬
ing: April, 15.82; May, 15.78; July, 15.79; Sept., 15.79;
Oct., 15178; Dec., 15.79; Jam, 15.81.
6.25
6.37
6.55
the close
On the 29th inst. futures closed 2 points net
crude rubber
Fri.
Thurs.
6.20
____
May
1
July-..
September...:..
'
near
16.05; Dec.,
higher to
points net lower. Transactions totaled 45 lots. Trading in
rubber futures continued small, but the tone of the market
was firm.
Sales to early afternoon totaled but 230 tons,.of
which 10 tons were exchanged for physicals. 'Ten tons were
delivered on March, making deliveries on that position 3,000
tons.
This was the final day of trading in March. London
closed steady, l-16d. higher.
Singapore was 1-16 to 3-32d.
lower. Local closing: March, 16.15; May, 16.05; July, 16.03;
Sept., 16.01; Oct., 16.03; Dec., 16.04..
/
On the 30th inst. futures closed 14 to 19 points net lower.
Transactions totaled 124 lots.
A mixed trade developed in
the rubber futures market.
The absence of hedge selling in¬
dicated that little shipment business was being done.
Prices
were
steady with only 200 tons done to early afternoon.
March sold at 16c., off 5 points, and December at 16.07,
up 1 point, these levels prevailing during early afternoon.
London closed unchanged to l-16d. higher.
Singapore also
was steady.
Local closing: April/15.90; May, 15.86; July,
15.87; Sept., 15.87; Dec., 15.87; Jan., 15.87.
Today futures
closed 9 to 6 points net lower.
Transactions totaled 198 lots.
Dealer buying of the September position was one of the
features* of a quiet
market/in rubber futures. Prices were
fairly steady, standing 1 point-higher to 1 point lower during
early afternoon. Transactions to that time totaled 870 tons,
of which fifty were exchanged for physicals.
Shipment
offerings were said, to be light. London closed unchanged
16.05.
.
Wed.
from commission houses
4
today prices on hogs held very
reported throughout the day as ranging
from $6.75 to $7.50.
Western hog receipts totaled 54,500.
head, against 45,500 head for the same day a year ago.
On the 30th inst. futures closed 5 to 7 points net higher.
The market's slight gains today were attributed largely to
short covering influenced by the continued good export sales
to the United Kingdom.
Prices closed at about the top
levels of the day.
Export shipments of lard from the port
of New York today were heavy and, totaled 357,855 pounds,
destined for Liverpool, Belfast, Manchester and Antwerp.
Liverpool lard futures were quiet, but steady and final prices
were unchanged to 3d.
higher.
Ho& prices at Chicago ranged
from $6.75 to $7.40.
Western hog receipts totaled 46,200
head, against 42,700 head for the same day a year ago.
Today futures closed unchanged to 2 points up.
Trading
was light and without feature.
«At Chicago hogs were steady
to strong today, aided by receipts that were lighter than ex¬
pected.
The top price for hogs at Chicago was $7.45, but
this, was paid sparingly
Prices were 5 to 10c. higher than
Thursday's average in' spots, with bulk gOod and choice
160 to 240 pound kinds getting from $7.25 to $7.40'.
Tues.
demand
sheets in the trade declined l-16e. to 16 l-16c.
were
Mon.
some
and this caused prices to firm up considerably. The
market was very quiet. Spot standard No. 1 ribbed
and other Western markets
pF LA$D FUTURES IN CHICAGO
Trans¬
September position. Quiet also prevailed in the
Spot No. 1 ribbed smoked sheets in the trade
dropped l-16c. to 16 l-16c. Local closing: March, 16.01;
May, 16.01; July, 16.04; Sept., 16.05; Dec., 16.05; Jan.,
16.05.
On the 27th inst. futures closed 8 to 13 points net
higher. While trading was light, the market displayed a firm
undertone during the early part of the session, prices easing
considerably as the session drew to a close, with the list at
the low levels of the day when the bell rang.
The market
derived its early strength chiefly from the stronger cables
from the London and Singapore rubber markets.
Transac¬
tions in the local market totaled 1,310 tons. Spot standard*
No. 1 ribbed smoked sheets in the actual market gained l-16c.
to 1634c.
Offerings from the Far East proved limited and
too high for the outside trade.
The actual market was quiet.
Local closing: March, 16.14; May, 16.12; July, 16.12; Sept.,
16.13; Dec., 16.13; Jan., 16.13. On the 28th inst. futures
closed 7 to 8 points net lower. The market ruled easy during
most of the session, influenced by the weaker foreign rubber
markets and the heaviness of the securities markets. Trading
was relatively
light, with only 710 tons traded, which in¬
cluded 50 tons exchanged for physical rubber in the actual
market. The major portion of the day's business was in the
September delivery, in which 300 tons were traded. There
ave
Sat.
speech to be made tomorrow (Sunday).
actual market.
332,010 pounds, Liverpool lard prices were unchanged to
3d. higher.,, In spite of the heavy hog marketings at Chicago
V
and the indisposition of traders to
the weekend, especially in view of
done in the
been very heavy.
East two days export shipments shipments to lard to England
Today of American London totaled
DAILY CLOSING* PRICES
over
points
adversely affected by the weak¬
actions totaled only 240 tons. Trade interests were reported
as on both sides of the market.
Most of the business was
Trading was extremely light, with the under¬
tone reported steady. Export sales of American lard through¬
out the past week were quite heavy, with England the prin¬
cipal buyer. Liverpool lard futures were easy today, with
final prices 3d. to 6d. lower. Chicago hog prices held fairly
steady during the week. Today scattered sales were reported
at prices ranging from $7 to $7,60. Western receipts on the
close of the week were light. Oil the 27th inst. futures closed
12 to 15 points net lower., The market ruled heavy during
most of the session, with prices closing at about the lows of
the day. The feature of the trading was selling by packing
interests, and with little or no support, prices yielded rather
easily and showed no rallying tendency. Liverpool lard mar¬
ket was quiet, with the final range unchanged to 3d. lower.
Hog marketings at the principal Western markets were
moderately heavy and totaled 70,100 head, against 59,000
head for the same day last year. Prices on hogs at Chicago
averaged 10c. under Friday's finals, Sales were reported
as ranging from S6.90 to $7.70.
On the 28th inst. futures
closed 5 to 7 points net higher. The market opened lower,
influenced by the weakness in hogs.
There was a rally of
7 to 12 points, due largely to shorts covering. England was
an active buyer of lard here today. 'Exports of lard, from the
Port of New York today were heavy and totaled 226,500
pounds for Liverpool and Southampton. Liverpool quota¬
tions were 6d. to 9d. lower. Chicago hog prices closed 10c.
to 25c. lower, the top price registering $7.50, with sales
ranging from $6.75 to $7.50. Western hog marketings were
heavy and totaled 68,700 head, against 48,500 head for the
same day a vear ago.
On the 29th inst. futures closed 2 to 5
points net lower. Trading was light and without special
feature. The market was heavy during most of the session,
though prices moved within a very narrow range. For the
Sales
was
in the foreign cables
make commitments
points higher.
steady.
The market
net lower.
.
a
April 1, 1939
Chronicle
Financial
1990
6.526.67
6.67
Hides—-On the 25th inst. futures closed 8
points higher to
points under the previous final quotations.
Transactions
in the new contract totaled 3,280,000
pounds, while in the
old contract they totaled only 80,000
pounds.
The old
contract Opened 5 points higher and the new contract from 1
to 7 points up.
The market developed an irregular trend,
this reflecting the evening-up. over the^week-end,
many
traders keeping in mind the Mussolini speech and the farreaching effects it could have on world affairs.
No fresh
spot hide sales were reported today and prices remained
unchanged.
Local closing: New contract: March, 11.00;
June, 11.46; Sept., 11.85; Dec., 12.20. Old contract: June,
10.63; Sept., 10.88, both nominal. On the 27th inst. futures
closed 11 points off for the old contract, while the new con¬
tract closed 1 to 6 points net lower.
The market opened
with the old contract 8 points lower and the new contract
from 2 to 8 points net higher.
Trading was light, with the
undertone easy during most of the session.
There was no
trading in the old contract, while transactions in the new
contract totaled 3,440,000 pounds.
Certificated stocks of
hides in warehouses licensed by the exchange increased
by
3
-
Pork—(Export), mess, $23.75 per barrel (per 200 pounds);
family (40-50 pieces to barrel), $18.50 per barrel.
Beef:
(export), steady.
Family (export), $22 per barrel (200
pounds), nominal.
Cut Meats: Quiet.
Pickled Hams:
Picnic, loose, c.a.f.—4 to 6 lbs.» IJ^c.; 6 to 8 lbs.„12c.; 8 to
10 lbs-, 12c.
Skinned, loose, c.a.f.—14 to 16 lbs., 18c.;
18 to 20 lbs., 16%c.
Bellies: Clear, f.o.b. New York—6 to
8 lbs., 15c.;*8 to 10 lbs., 14c.; 10 to 12 lbs., 13^c,
Bellies:
Clear, dry salted, boxed, N. Y.—16 to 18 lbs., 1054c.; 18
to 20 lbs., 1034c.; 20 to 25 lbs.,
1034c.; 25 to 30 lbs., 10c.
Butter: Creamery, Firsts to Higher than Extra and Premium
Marks: 22 to 2434c. ; Cheese: State, Held
'37, 20 to 23c.;
Held '38, 16 to 18c.
Eggs: Mixed Colors, Checks to Special
Packs: 15c. offer, to 1834c. bid.
A
Oils—Linseed oil continues to
move in
satisfactory volume.
quoted 8.3c. bid, whil9 Tank wagons are 8.3
bid, 8.5c. offer.
Quotations: Chinawood: Nearby, tanks—
15 to 15.2c.
Coconut: Crude, tanks, nearby—.0334 to
.0314c.; Pacific Coast—2% to 2%Olive: Denatured—
Drums, carlots, shipment—8234; Spot, 84 to 85.
Soy Bean:
Tanks, West—.04% to .05; L. C. L., N. Y.—7.0 bid.
Edible: Coconut, 76
degrees—.0834*
Lard: Extra winter
prime—9c.
Cod: Crude, Norwegian, light filtered—29
offer, no bid.
Turpentine: 35 to 37.
Rosins: $4.90 to $8.60.
Tank
cars
are
Cottonseed Oil sales,
Crude, S. E. 5 34c.
.
April—...
.1-
tay
May
June........
July..,
including switches, 53
Prices closed
6.65®
6.68@
6.68@
6.81 @
as
n
August
September..
n
October
6.82
contracts.
follows:
November
6.81 @
n
6.92® 6.94
6.95®
6.95®
n
.
.
6,820 hides to
a total of 1,160,711 hides.
There were 1,500
butt brands and 2,500 Colorados sold in the New York
spot
market at steady prices, while in Chicago 10,000 branded
cow
hides
sold at 9
34c. a pound. Local closing: New
expired at noon. June, 11,42; Sept., 11.84;
Dec., 12.19; March, 12.52.
Closing nominal prices in the
old contract were: June, 15.52; Sept., 10.77.
On the 28th
inst. futures closed 7 to 9 points net lower.
The market was
decidedly weak at the opening, with prices off as much as
32 points for the old contract, while the new contract
opened
with a break of 18 to 24 points. The undertone
improved as
were
contract: March
Volume
Financial
148
the session progressed and much of the early loss was erased.
There was no trading recorded in the old contract. Transac¬
tions in the new contract totaled 8,040,000 pounds.
The
domestic spot hide market developed nothing of interest,
took 54,000 bales, the Continent 39,500 bales and carryovers
including old stock
11.76c.? was 2 points higher.
early afternoon totaled 1,320,000 pounds.
stocks
in
warehouses
now total >1,166,501
contracts: June, 11.35; Sept.,
closing: New
12.12; March, 12.45.
On the 30th inst. futures closed 37 to 46
new
tract.
was
No transactions
Yokohama
5 yen up to
13
recorded in the No. 2
were
yen
lower.
Grade D closed at 1,104
1.98; Sept., 1.95% Oct., 1.95. No. 2 contract—March,
2.31; May, 2.08; July, 1.97; Sept., 1.87; Oct., 1.87. On the
28th inst. futures closed 2c. to 6c. net lower.
Local
Trading
session.
sluggish, the market ruling quiet during most of the
Of the 179 notices issued today, the major portion
was stopped by the trade.
The weakness of markets abroad
and the heaviness of the. local securities market were con¬
After
tributing factors to the easing tendency of the local market.
Trade houses were reported as buying and selling in the for¬
ward positions.
Transactions totaled 480 bales, including
470 bales on the No. 1 contract and 10 bales on the No.' 2
contract. Futures at Yokohama Were 5 to 13 yen off, while
at Kobe they were 6 to 19 yen net lower.
Grade D declined
Freights—During the past week the major portion
was in time charters;
Charters included: Grain
Booked: Three loads, New York to Marseilles, March, 14c.
Three loads, Philadelphia to Liverpool-Manchester, April,
2s. lid.
One load, New York to London, March, 2s. 9d.
One and one-fourth loads, New York to Antwerp, MarchApril, 14c.
Grain: Portland to Shanghai, April-May,
$3.40.
Portland to Shanghai, April 1-15, $3.60.
Sugar:
Cuba to United Kingdom-Continent, April 20-May 10,
16s. 9d.
Santo Domingo *to United Kingdom-Continent,
April 15-May 3,16s.
Cuba to Alexandria, April 20-May 15,
18s. 6d.
Scrap: Atlantic range to Japan, April-May, 19s.
Time: 12 months, general trading-delivery, north of Hatte^as, April, 3s. 3d.
Four to six months, West Indies
Trading.
April, p. t.
Four and a half to seven months,
West Indies Trading, April, $1.15 continuation.
Six to
nine months West Indies trade, May, $1.15.
Round trip
West Indies trade, April, $1.40.
Round trip West Indies
trade, April, $1.40*
Delivery Far East; redelivery United
Kingdom via North Pacific, April, 5s. 6d.
;
to 1,035 yen at Yokohama and declined 10 yen to
1,030 yen at Kobe. Spot sales in both markets totaled 350
bales, while futures transactions equaled 4,400 bales. Local
closing: Contract No. 1—April, 2.16%; Mayr2.11; July, 2.01;
Aug., 1.94% Sept., 1.92; Oct., 1.92; Nov., 1.90% Contract
No. 2—April, 2.12; May, 2.05; July, 1.95; Aug., 1.84; Oct.,
1.83. On the 29th inst. futures closed 3c. to lc. up in the near
deliveries and %c. down to lc. up oh the distant deliveries
in the No. 1 contract. July was the only delivery traded in
the No. 2 contract/ with sales of only two contracts. Trading
was mixed in the, market today.
Prices were irregular at the
„
opening, but subsequently the market was firm in trading
which totaled 180 bales up to early afternoon, all in the No. 1
contract. The price of crack double extra silk in the uptown
spot market declined lc. to $2.22% a pound. The Yoko¬
hama Bourse called 5 yen higher to 9 yen lower, while the
price of grade D silk outside declined 7% yen. to 1,027%
yen a bale.
Local closing: No. 1 contract—June, 2.08;
July, 2.02% Aug., 1.95% Sept., 1.92; Oct., 1.91%; Nov..
1.91%. Contract No. 2—-July, 1.96.
On the 30th inst. futures for the No. 1 contract closed %
to 3c. net lower.
Transactions totaled 57 contracts. Only
two contracts were traded in the No. 2 contract, with prices
lc. down to unchanged.
In the absence of leadership from
Japan, the silk market floundered around without getting
anywhere. Trading was small, totaling only 110 bales to
early afternoon. At that time May No, 1 stood at $2.15,
off %c., and Sept. at $1.92, unchanged. The price of crack
double extra silk in the New York spot market remained
unchanged at $2.22% a pound. The Yokohama Bourse
closed 1 yen lower to 2 yen higher while the price of Grade D
silk in the outside market declined 2% yen to 1,025 yen a
bale. Local closing: No. 1 contract: May, 2.12; June, 2.07%;
July, 1.99%; Aug., 1,93%; Sept., 1.90; Oct., 1.89%; Nov.,
1.89.
No. 2 contract: Oct., 1.81; Nov., 1.80. Today futures
closed 3 to 4%c. net "lower in the No. 1 contract, with'sales
totaling 120 lots. The No. 2 contract closed 4c. up to 3c.
lower, with sales totaling only 6 lots. While there was some
dealer buying in silk futures, selling, was rather general with
sentiment perhaps less confident than heretofore.
Trading
was more active than in some time, with a turnover of 500
s
.
,
Coal—According to latest statistics Eastern anthracite
shipments are lower, and reflect to some extent the unsettled
state of the coal markets.
According to ■" figures furnished
by the Association of American Railroads, the shipments of
anthracite into Eastern New York and New England for'the
••
bales in the No. 1 contract and of 50 bales in the
Ship¬
week
ended March 11 have amounted to 1,122 cars, as compared
with 2,289 cars during the corresponding week in 1938.
It
is stated that modernization of equipment and improvement
in preparation methods are the leading steps being taken by
coal mine operators to lower production costs and regain
markets lost during the depression to competing fuels.
It
is said that approximately 32% of the 1938 bituminous coal
output was mechanically loaded, an increase of 6.3% over
1937.
During the past three years over a hundred bitum¬
inous coal mining companies have installed mobile loading
and conveyor equipment which did not have any sUch de¬
decrease of 336 cars, or approximately 16,800 tons.
ments of bituminous coal into this territory during the
a
three years ago.
practically little change
during the past week, there being no appreciable demand
and prices generally showing a sagging tendency.
Like all
commodity markets it is being affected more or less by the
threatened political crisis abroad and the recent un¬
favorable trend of business in this country.
It is reported
that bright medium fleece wools were getting a little more
attention than last week as an occasional user showed a
willingness to anticipate requirements to a very limited ex¬
tent at current quotation.
What little buying there was
appeared to be of a hand to mouth character. A cable from
London on the 30th states that the Colonial wool auctions
new
fairly satisfactory although withdrawals were heavier
than in the Jan. series.
Compared to the preceding sales,
best Australian greasy merinos were 5% higher; other greasy
merinos and best scoured were about par; inferior scoured
merinos,were par to 5% easier.
A total of 93,500 bales are
estimated to have been purchased, of which the home trade
closed
.
:
5 yen
Ocean
Wool—The wool situation showed
was
very
Dec.,
of business
use
yen
while futures transactions totaled 3,075 bales. Local closing:
No. 1 contract—March, 2.23; May, 2.14; July, 2.04; Aug.,
opening lower, hide futures recovered in dull trading. There
was local and commission buying in light, volume during the
early part of the session. Towards the close however, the
market had a severe slump, influenced largely by the weak¬
ness in the securities markets, which latter broke on a wave
of late selling.
Local closing: June, 10.98; Sept., 11.31;
Dec., 11.66.
Today futures closed 34 to 26 points net
lower for the new contract, with sales totaling 637 lots.
Only 3 lots were traded in the old contract, and they were in
the June delivery at a Iojs of 33 points.
Commission house
selling inspired by the fall in the stock market caused prices
to break more than 20 points/
Trading was extremely
active, the turnover in the new contracts to early afternoon
being more than 11,000,000 pounds.
Transactions in the
old contract totaled 120,000 pounds to that time.
There
Were no factors aside from the foreign situation.
During
early afternoon June new stood at 10.75c. and September at
11.12c., respectively. Local closing: New Contract: June,
10.64; Sept., 11.05; Dec., 11.40. Old Contract: June, 9^75.
vices in
con¬
2 yen higher to 9 yen off, while Kobe
was
in both markets, 5 yen off at Yokohama and unchanged at
Kobe. Spot sales in both Japanese markets totaled 450 bales,
points net lower
contract.
to 3c. off. Trading was relatively light, with price
irregular. Transactions totaled 470 bales in the No. 1
up
contract.
Certificated
11.77;
Old contract: June, 10.55.
Transactions totaled 239 lots in the
l%c.
trend
Transactions
hides.
%c. higher to 1 %c.
lower for the No. 1 contract, while tha No. 2 contract, closed
price changes being absent.. Local closing: New con¬
tract: June, 11.34; Sept., 11.74; Dec., 12.10.
Old contract:
June, 10.45; Sept., 10.70; these latter nominal. On the 29th
inst. futures closed 1 to 3 points net higher for the new con¬
tract, with sales totaling 59 lots. The old contract registered
only one sale of 1 contract in the June delivery at a gain of 10
points. Locals and commission house traders were on both
sides of the raw hide futures market, but only in a small way.
Prices were steady, showing little overnight change.
During
early afternoon June new sold at 11.35c., up 1 point; Sep¬
to
38,000 bales.
were
Silk—On the 27th inst. futures closed 1
even
tember new at
1991
Chronicle
new con¬
early afternoon. The price of crack double extra
silk declined l%c. in the New York spot market to $2.21 a
pound. The Yokohama Bourse closed 9 to 16 yen lower,
while the price of Grade D silk in the outside market declined
12% yen to 1,012% yen a bale. Local closing: No. 1 contract:
April, 2.15; May, 2.09; June, 2.03; July, 1.95; Aug., 1.90%;
Sept., 186%;- Oct., 1.85%; Nov., 1.86.
No. 2 contract:
8apt., 1.85; Oct., 1.81; Nov., 1.77.
tract up to
'
COTTON'%:V
Friday Night, March 31, 1939
Crop, as inidcated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 19,979
bales, against 21,973 bales last week and 27,264 bales the
previous week, making the total receipts since Aug. 1,1938,
3,184,005 bales, against 6,728,385 bales for the same period
of 1937-38, showing a decrease since Aug. 1, 1938, of
3,544,380 bales.
The
Movement of the
Tues.
Man.
Sat.
Receipts at—
952
487
28
152
58
Fri.
Total
602
1,117
■
320
680
919
50
637
2,001
1,085
279
450
288
244
325
Houston
__
New Orleans.
Mobile——
Pensacola, &c
Savannah
2,862
3,601
4,106
414
-
Corpus Christi—
—
—
-
—
—
—
-
—
2,220
59
-
*
-
m
—
739
•
23
■
—
9,027
1,771
23
—
*
24
26
-
Charleston
Lake Charles..
22
4
32
-
•
-
-
-
-
~«.
-
-
_
■m
—
—
—
m
41
—
96
-
-
-
36
-
62
26
•
-
-
-
688
Baltimore------
888
261
6
882
'
3
4
4
•
—
112
3
'
WilmingtonNorfolk-
Thurs.
Wed.
414
90
23
Galveston.,
.
688
"
Totals this week-
1,127
3,290
3,877
1,667
2,060
7,958
19,979
Chronicle
Financial
1992
cotton
concerns
as
The chaotic
levels.
lower
following table shows the week's total receipts, the
1, 1938, and the stocks tonight, compared
The
total since Aug.
with last year:
April
and
effect,
no
one
1,
1939
state of affairs at Washington
legislation is having a most unsettling
can foresee what the ultimate outcome
will be.
Stock
1937-38
1938-39
Naturally deep depression prevails in many trade
circles connected with the staple, and no appreciable change
Receipts to
This
Since Aug
This
Week
1 1938
Week
Mar. 31
Galveston
261
933,263
984,770
288,620
16,678
758,746
56,620
10,732
1,872
33,673
15,833
38,724
12,234
13,551
688
739
-.
Beaumont
9", 027
New Orleans
Mobile.
1,771
23
....
Pensacola, &c
Jacksonville
Savannah
-
-
"112
—
3
Charleston.
4
Lake Charles
Wilmington
888
Norfolk.
New York--—
1937
1
555,658
Totals.
228
19,019
months
market
100
,3,880
950
44,595 6,728,385 2;i47,816 2,897,131
19,979 3,184,005
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
Orleans.
Mobile
413
1,771
112
-
Brunswick
-
—
969
285
13,768
7,261
31,760
8,174
1,487
""740
"l",078
1,373
375
174
108
966
495
346
694
275
7,589
""528
13,111
410
430
1
'
2,224
6,847
-
1,737
8,615
.
Charleston
1*
^ ■*
** "•
"l",672
—
•
888
1,631
261
495
1,454
""804
"3",472
"6",212
"l",508
"3",486
19,979
44,595
59,427
35,770
25,927
68,255
Wilmington..
Norfolk
.
N'port NewsAll others.
24.777
1933-34
1934-35
5,453
10,769
10,274
10,465
6,718
20,111
6,409
9,027
Savannah
1935-36
1936-37
7,486
2,862
3,601
Houston
New
1937-38
1938-39
Iieceipts at—
Galveston
.
___
Week Ended
on
.
Britain France
at less than the cost of the cotton to the Government-
Houston
closed.
Southern spot cotton firms reported that
domestic mill inquiry was almost completely absent with
market
983
14,751
2,005
3,212
2,907
12,156
1,031
2",053
306
Lake
1,435
6,656
Savannah.--A.¬
185
manufacturers having sufficient cotton to carry them
until some definite plan of cotton legislation was
agreed upon in Washington. On the 28th inst. prices closed
unchanged to 3 points net lower.
Disappointing overseas
markets were partly responsible for opening losses of 3 to 6
points. During early trading prices showed net declines of 4
to 8 points under domestic and foreign
liquidation. Bombay
least
".342
175
9
44
Angeles.i...
100
San Francisco..^
407
Total---*--'.-.
2,419
1938."—.
1937.
1,232
3, <83
5,184
5,977
.
4,532
3,949
1,738
21,372
-_r
10,355
31,910
5,140
10.157
30.290
1
47,386
6,958
91,677
Exports from—
Ger¬
France
Britain
Japan
China
74,799
251,473
15,863 187,755
38,996 168,196
Italy
many
Other
Total
'
Galveston.
65,400
...
Houston
95,762
120,483
108,620
80,359
108,119
98,941
185,804
27,971
2,364
62,828
*57,561
24,376
24,351
28,236
,12,606
1,240
Corpus Christi
Brownsville..
Beaumont Ji
173
.
A'-
_
—
L
A-
8,329
866
1,039
56,174
100,139
74,893
47", 823
55,414
Lake Charles.
10,767
5,092
6,730
7,650 101,638
443,731
12,074
35,699
6,570
48,962
1,036
29,048
1,261
8.682
Mobile
...
789,035
256,682
***«*«.
»
Orleans-
New
811,535
57,424
2,171
'
•p
521
2,152
728
52,775
,
'
Jacksonville..
810
Pensacoia, &c..
9,178
SavannahCharleston
.
297
"§60
tm
61
-
.
—
9,052
468
'4,774
5,400
664
"iio
511
714
New York...
331
90
_
„
—
228
-
t.
.
_
33
4,447
18,851
Baltimore.:
•
J.
Philadelphia
U
m
.
—
10,674
505
San
14,718
3,093
-5,759
'■
-
-
-
600
'—-i
—
-
1,380
8,458
.
3,280
•
200
-
7,461
«.
500
**
155
^
-.1
-
r
3,506
5,184
'
'
1,936
•500
-
J
159,350
-
»
'
229
_
2,390
*
4,687
212,070
200
1,537
84,327
64,779
i
.
•
10
'----
....
404,226 370,053
.
-
^
.
*
17,160
Total
~
.
M
21,363
Seattle......
«
'
^
Los Angeles..
Francisco
AW
47
"29
■
„
-
—
M
1937-38 1453,145 701,255
Total 1936-37 1015,549 667,432
10
;
/
386,767 259,614
745,223
68,598 562,161 2796,642
756,422 431,574
451,931
64,619 865,557 4724,503
21.689 575.532 4428.207
581.945 287,93^ 1278,126
In addition to above exports, our
telegrams tonight also
the following amounts of cotton on shipboard, not
give us
cleared, at the ports named:
On
Mar. 31 at—
Shipboaid Not Cleared for—
Leaving
Great
Britain
Galveston
Houston
New Orleans.
Ger¬
France
Other
Coast¬
many
Foreign
wise
500
_
1,400
2,000
2,341
3,000
1
500
1,045
1,119
Savannah
Stock
Total
3,000
152
3,043
21,700
13,784
11,873
800
800
1
Mobile
1,607
"59
■
"381
2",047
Norfolk
Other ports
533,958
649,091
533,741
148,492
34,069
60,118
28,367
109,776
Total 1939._
Total 1938--
1937..
8,248
21,005
12,443
2,505
8,725
10,518
3,619
8,328
11,421
29,637
67,656
42,585
commission house pressure.
Support of an export subsidy
proposal for American cotton by President Roosevelt
brought on a heavy liquidating movement in futures on the
Liverpool exchange today.
Down 20 to 25 points at the
day's extreme lows, prices recovered after the New York
market opened, and closed at 5 to 16 points net lower.
On the 30th inst. prices closed 6 points net lower to un¬
6,195 50,204 2,097,612
4,662 110,376 2,786,755
7,304 84,271 1,614,713
Cotton prices again displayed
changed.
in
14,800
10,790
3,666
Charleston
Broad trading developed in futures
opening this morning
and initial prices were un¬
changed to 6 points net lower under heavy foreign selling and
commission house liquidation.
Bombay interests sold the
May and July options while leading spot houses had selling
orders in most active positions.
A fair amount of hedging
also was in evidence in the opening
dealings. Support came
principally from the trade and miU accounts and from cooperative interests. Hous es with Liverpool connections were
also buyers at the outset.
The May and July contracts
declined 3 points further after the call under outside and
the
on
'
__
Total
volume of transactions.
10,252
885
500
.
1,140
__
66
89
1,168
'
7,306
Gulfport
Total
-
150
Norfolk
Boston
±
336
limited
a
volume
of
business.
Speculation
week
was
in
cotton
dull, with
for
future
delivery
prices still showing
during
a
trend
the
to
a mixed tone
Shortly
•
before
today
the
end
of the
trading period the list was 6 points below to 2 points
above yesterday's closing levels. . At noon the market was
4
points lower to 2 points higher.
ket
was
At the opening the
mar¬
rather
narro% with initial prices registering no
advance of 4 points over the last quotations
,
change to
an
of the preceding day.
orders
Street
in the
and
old
wire
crop
Trade and mill accounts had buying
positions, and there was some Wall
house
covering.
brokers with New Orleans
past
spot
surplus stocks of Cotton in Government ha,nds. The Senate
again postponed action on the George resolution, which
would oppose an export subsidy for cotton.
May liquidation
was rather more active
today owing to Bombay straddle
reversing and other evening-up. First notice day for May
contracts is on April 25.
At the present time there are
43,000 bales of open contracts outstanding in that position,
and certificated stocks of 31,000 bales.
On the1 29th inst.
prices closed 5 to 6 points net lower in the near months and
6 to 4 points up in the distant deliveries.
The cotton market
displayed an irregular tone during most of the day in a heavy
tW
Great
decline in May
seemed to result in confusion rather than clarification of the
a bill to relieve the problem created
by large
Exported to—
J.KOO
Mar. 31, 1939
a
outlook for
74,161
18,741
1,116
nearby deliveries, but
buying.
Business became quieter later, but with
pressure lighter the tone was steadier.
Attention was still
centered on the Washington situation, but
developments
1,698
9,295
4,576
sellers of
house
7,905
59
18,832
16,900
.
From
AKj/.
"235
"974
6,390
200
,
were
contracts to the recent low of 8.10c. uncovered trade and
517
35
Total
houses
970
1,000
Norfolk.
Total
'
254
15
1,000
Charleston---..
Los
69
,
"955
•„
—
3,880'
2,410
Charles.-.
Mobile..
Total
Other
390
404
New Orleans
China
9,199
1,979
Corpus Christi-.
No
the resolution up to the time the
on
many
Japan
Italy
1,610
but a partial response to firmness at Liverpool.
the action of the English market, prices here were
action had been taken
■
v
many
1,034
1,535
The
account.
than late last week. The Bombay market was firm
tightening of the spot situation in India.
The Senate
yesterday afternoon took up the George resolution, which
would prohibit the sale of American cotton in foreign markets
at
Galveston
mill
wras a
on
Exports to—
Ger¬
Great
Southeastern
to
the whole
narrower
of 47,386 bales, of
Exports from—
less clarified.
due to open at gains of 9 to 12 points.
Bombay also was
relatively steadier than New York and sent selling orders
here on parities which were as much as 75c. to $1 a bale
The exports
for the week ending this evening reach a total
which 2,419 were to Great Britain, 3,783
to France, 3,949 to Germany, 4,532 to Italy, 18,832 to Japan,
4,576 to China, and 9,295 to other destinations.
In the
Corresponding week last year total exports were 74,161 bales.
For the season to date aggregate exports have been 2,796,642
bales, against 4,724,503 bales in the same period of the
previous season.
Below are the exports for the week:
or
was
Based
3,184,005 6,728,335 5,834,534 6,213,004 3,775,874 6,598,451
Since Aug. l.L
attributed
on
which
"
Total this wk_
situation becomes more
inst.
relatively quiet affair, reflecting
the
uncertainty and confusion regarding developments
at Washington.
The European situation, so fraught with
grave
possibilities, had its influence in deterring active
trading in cotton.
The total of repossessed cotton from
the loan stocks of Commodity Credit Corporation last
week was 2,353 bales against 1,533 bales repossessed in the
previous week.
Thus far growers have regained title to
26,879 bales. Average price of middling at the 10 designated
spot markets totaled 8.55c.
On the 27th inst. prices closed
unchanged to 3 points higher.
The market moved within a
range of 3 to 5 points, but at no time was there much selling
pressure.
Routine trade price fixing orders were sufficient
to absorb a light volume of offerings.
The confused state of
affairs at Washington regarding cotton legislation is the real
overshadowing influence and is doing much to hamper the
trade.
The market opened unchanged to 3 points
higher,
21,703
26.010
30.011
100
Baltimore-,—..
25th
prices closed unchanged to 2 points
higher.
Steady Liverpool cables and firmness at Bombay
accounted partly for opening gains of 2 to 5 points.
Thesa
proved to be virtually the best levels of the day as the
market was called upon to absorb moderate volume of week¬
end liquidation and Bombay selling in near-by deliveries at
narrower differences.
There was also some selling in forward
*•
2,520
1,225
Br. ston__-„
the
On
825,623
846,872
50.453
16,977
804,948
59,839
9,974
2,722
145,930
51,139
662,875
46,324
31,800
545,614
62,165
4,044
1,610
149,292
34,069
5,728
16,425
28,367
"
•
1938
1939
7,486 1,832,831
6,718 1,754,937
287
398,394
11,522
20,911 1,971,005
197,972
6,409
288
73,986
3,607
123,369
,"413
528
184,235
1
78,751
26,470
1.631
495
52,287
18,689
2,862
3,601
Houston
Corpus Christi.
is expected until the
Since Aug
ests
small
and
professional
buyers
in
the
Offerings came from
connections, Southern spot inter¬
operators.
deferred
„
Bombay
positions
brokers
against
were
sales
of
•
Volume
Financial
148
Uncertainty over the course of cotton crop
to be- the dominating factor in the
May and July.
legislation
market,
continued
somewhat
seemed
sentiment
but
reports that a domestic subsidy plan
with
sidered in
place of
export subsidy program.
an
futures
volume
of
A short time before the close of business
positions showed declines of 1 do 4 points from the
closing levels of the previous day.
Around midday the mar¬
to 5
2
Trading on the opening was
rather small, with prices slightly irregular under scattered
trade and mill buying orders, with offerings from Liverpool
and Bombay.
The list opened 1 point higher on May and
unchanged to 4 points lower on other deliveries.
Spot
was
houses
points lower.
May and July, and there
interests bought
mill
and
apparently was some cooperative buying of July.
interests
sold
Bombay
acting on the widening
price spread between the markets.
Ring locals did little
on the call, although some professional interests bought in
the deferred
Xo~2~~Mar.~3i ~8~22 "Mar.~27
7.81
July
October,
and
positions.
.
«
-The official quotation for
middling upland cotton in the
_
7.60
Dec.
8.37 AUg. 23 1938
7.99
LM
~Mar.~25
L66
~Mar.~30
1939-.
8.20
Oct.
24 1939
7.26
Mar. 27
Jan.
10 1939
8.01
Nov. 21 1938
9.05 July
22 1938
8.12
Oct.
3 1938
8.07
Sept. 30 1938
Oct. 24 1938
Mln.
8.92
Sat.
Middling upland-.,..— 8.92
Tues.
8.90
Wed. Thurs.
8.83
8.80
Feb.
23 1939
7.49 Feb.
1939—
7.46
Mar. 28
7.58
Mar. 29
7.26
Jan.
26 1939
7.75 Mar. 14 1939
1940—
7.47
Mar. 28
7.59
Mar. 30
7.29
Jan.
27 1939
7.71
Mar., 7 1939
Feb
1940
7.52
Mar. 28
7.67
Mar. 30
7.52"
Mar. 28 1939
7.78
Mar. 20 1939
_
Mar. 1940—
Volume of Sales for Future Delivery—The
Commodity
Exchange Administration of the United States Department
sales
York
Exchange and the New Orleans Cotton Exchange,
Agriculture makes public each day the volume of
of
delivery and open contracts on the New
for future
Cotton
which
from
figures
table.
compiled the following
have
we
table below gives the premiums and discounts for grade and
staple in relation to the grade, Basis Middling
established
for deliveries on contract on April 5, 1939.
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 J^-inch cotton at the 10 markets on Mar. 29:
1 In. &
Inch
'A
15-16
Mar. 30
Inch
Inch
19,800
11,700 ,24,000
11,100
6,600
6,100
3,100
31,500
15,800
418,700
39,700
23,100
694,900
34,300
13,100
20,000
9,800
461,000
176,900
2,200
1,600
1,900
5,100
1,300
35,400
8,400
13,000
9,800
10,200
22,100
14,100
9,900
8,000
December.
4,800
6,200
January (1940)
3,300
800
March
3,500
May
(1939)...-A—
July...i
-
—
October.:
—
Inactive months—
1,700
1,100
1,800
,
100
August (1939)
,
September.
;
.... .,
•
3,000
- —-
100
November
.....
New Orleans
39,300
53,400
Afar.22
68,200 1,798,500
64,800 129,200
37,200
Open
1 In. &
Longer
15-16
A
Contracts
Mar. 24 Afar.25 Mar.27 Mar.28 Afar.29 Afar.30
New York
Total all futures
'r
Longer
Inch
The
given in baled of 500 lb. gross weight.
are
Open
Fri.
8.83
Grade and Staple—The
Premiums and Discounts for
23 1939
7.49
Dec.
Jan.
Nov. 1939.
New York market each day for the past week has been:
March 25 to March31-*—
7 1938
9.27 July
4 1938
5 1938
3 1938
7.30 Jan.
Mar. 31
Sept. 1939—
Oct.
Oct.
8.12
7.80
1939—
July
May 31 1938
8.11
Aug. 1939—
higher.
Since Beginning of Option
8.34 May 25 1938
1939—
May 1939.
June 1939—
displayed an
sales.
Range
Range for Week
Option for—
Apr.
active
ket
Range for future prices at New York for the week ended
and since trading began on each option:
Mar. 31, 1939,
Prices for
easier tone today in a limited
Today prices closed 7 to 3 points net
cotton
improved here
being con¬
was
1993
Chronicle
Contracts
Mar. 28
Jar. 23 Mar.24 Afar.25 Msr. 27
Mar. 28
\
White—
•,
;
•_
•
*
Spotted—
May (1939)
.62
on
.80
on
.94 on
Good Mid.....
.09
.25 on
.37 on
St. Good Mid-
.56
on
.74 on
.88 on
Sti
.06 off
,10
.22
Good Mid.
.50 on
.68
on
.82
on
Mid
.66 off
.52 off
St.
.33
.50
on
.65
on
♦St. Low Mid- 1.39 off 1.34 off 1.29 off
on
♦Low Mid—
Mid.
Fair
Mid
on
Basis
St. Low Mid-
Low Mid
*—
.17 on
.31
.58 off
Mid..-.
.43 off
.31 off
1.30 off 1.24 off 1.19 off
♦St. Good Ord- 2.01 off 1.97 off 1.96 off
♦Good
Ord._._ 2.61 off 2.58 off 2,67 off
...
Mid.-.__...
St.
.50
.33
.68
.82
on
.50
on
on
on
.65
on
.40 off
tinged—
St.
.50 off
.40 off
.30 off
.73 off
Mid
♦Mid—..:
.63 off
July—.
—
October...
December.
.
March...
on
.31
on
.43 off
.31 off
.58 off
St. Low Mid—.
Mid..— 1.30 off 1.24 off 1.19 off
♦St. Good Ord. 2.01 off 1.97 off 1.96 off
♦Good Ord— 2.61 off 2.58 off 2.57 off
♦St.
1.12 off 1.04 off
>.
.
.98 off
300
"500
16,600
1,650
10,600
4,200
264,850
900
600
"266
5,800
2.28 off 2.26 off 2.25 off
.....
Gray—
17^00
The Visible
afloat
3,850
.38 off
figures
800
7,600
3,000
are
this week's returns,
.70 off
.61 off
the
are
from the United
add the item of exports
V
•
„
•
.
made up by
Foreign stocks as well
and consequently all foreign
Supply of Cotton tonight, as
telegraph, is as follows.
1.36 off 1.30 off 1.26 off
v
1939'
Stock at
Stock at
Liverpool.
„
Manchester.
»_&ah?s
."...
1938
832,000 1,020,000
106,000
183,000
1937
869,000
152,000,
Stock at Havre——
Stock at Rotterdam."
Stock at Barcelona—
Futures
,
,
:V
SALES
Market
Spot Market
-
Closed
Closed
Contr'rt
Spot
"ioo
"ioo
'
-
M
mm
661,000
523,000
584,000
1,544,000
180,000
1,274,000
237,000
224,000
97,000
300,000
717,000
2,039,557
1,902,472
33,949
for Europe
124,000
Egypt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt—---
94,000
101",000
160,224
Stock in CJ. S.
Stock in "U. S.
416,000
India——..1,126,000
ports..2,147,816
interior towns—-.2,951,233
13,260
U. S. exports today
Futures—The highest, lowest and closing
York for the past week have been as follows:
,
prices at New
Total visible
•
Tuesday
Marches
Wednesday
March 29
Thursday
Friday
March 30
March 31
Of the above,
totals of
Liverpool stock
330,000
— —
Range.
8.09ft
8.17n
8.17ft
8.15ft
8.08ft
8.05ft
8.16- 8.20
8.17/- 8.22
8.10- 8.16
8.05- 8.10
8.05- 8.12
8.02- 8.10
8.17- 8.18
8.17
8.15
8.08- 8,09
8.05
8.08-. 8.10
8.05n
8.06 ft
8.05ft
7.99ft
7.95ft
660,000
137,000
207,000
292,000
69,000
208,000
376,000
67,000
149,000
247,000
14,000
203,000
5b ,000
138,000
153,000
Other Continental stock. _.—...
47,000
American afioat for Europe..--124,000
i
ZBo'Sqa
U, 8. Dort stocks
2,147,816 2,897,131 1,698,984
Manchester stock.......
—-----
Havre stock
May—.
203,000
115,000
88,000
297,000
387,000
1,077,000 1,156,000
2,897,131 1,698,984
2,397,991 1,569,244
24,226
13,301
American and other descriptions are as
Bremen stock.,
«Apr.(1939)
93,000
208,000
supply.-.-------8,441,309 9,025,423 6,787,454 6 ,824,978
American-—
2,7
19,000
7;000
6,000
1,864,000
Stock in Bombay,
300
300
59,224
Monday
55,000
15,000
9,000
501,000
stocks..'.---
American cotton afloat
.
Since Aug. 1
March
,
Closing
.
.
—
-
V.t. &orCStSck..r»..----.-2,951,233 2,397,991 1.569,244
U. S. exports today. J--.13,260
13,301 , 24,226
June—
Total American
__
Closing
_
7.99ft
East Indian,
July—
Range..
7.93- 7.96
7.94- 7.99
7.92- 7.96
7.86- 7.91
7.85-7.93
7.80-
Closing
7.93
7.96
7.96
7.90- 7.91
7.85
7.89- 7.90
_
—
—
—
-
7.90
Range..
7.69ft
7.67 ft
7.74ft
7.68ft
7.69ft
7.58 n
7.59ft
7.57ft
7.64ft
7.58ft
7.59ft
.
.
Range..
7.57- 7.61
7.59- 7.62
7.52- 7.57
7.52- 7.65
7.57- 7.66
7.52-
Closing.
7.58
7.59
7.57
7.64- 7.65
7.58
7.59
7.55ft
7.56ft
_
.
—
Continental stock—. — <
Europe..---.
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt—
Stock in Bombay, India
Range—
493,000
360,000
85,000
46,000
50.00J
48,000
47,000
68,000
35,000
23,000
53,000
30,000
23,000
42,000
180,000
93,000
130,000
115,000
88,000
94,000
297,000
387,000
416,000
.1,126,000 1,077,000 1,156,000
502,000
.
Bremen stock
Indian afloat for
Sept.—
Closing
Liverpool stock
Manchester stock
Other
7.68 n
_
follows:
293,000
47,000
165,000
167,000
120,000
224,000
,039,557
,902,472
33,949
-------.-5,960,309 6,881,423 4,348,454 4,991,978
Brazil, &c.—
Havre stock
Aug.—
Closing
690,000
209,000
189,000
19.000
76,000
80,000
7,000
4,000
200
------
Total week.
Range".
603,000
87,000
Total European stocks.-1,439,000
India cotton afloat for Europe..-'
130,000
Total Continental
Steady........
Nominal.:
Steady.!
Nominal--.^
Steady.'
Nominal....
Steady
Nominal---—.--.n Steady.
Nominal-
—
46,000
19,000
11,000
'
Total
200
Steady__l___-_
Nominal
—-—
Stock at Venice and Mestre
Stock at Trieste
L,
.
1936
938,000 1,203,000 1,021,000
206,000 .-'254,000
196,000
206,000
315,000
282,000
13,000
13,000
13,000
Total Great Britain
Stock at Bremen
Stock at Genoa
Saturday
•
are
'•
■March 25
States for Friday
V"
Mar. 31-—
on the spot each day during the
indicated ih the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
\
:
Range
1
"566
■>
brought down to Thursday evening. To make
total show the complete figures for tonight (Friday) we
.48 off
.81 off
Mid
-
as
.60 off
Good Mid¬
The total sales of cotton
week at New York
Closing.
300
50
"766
54,000
100
cable and
Market and Sales at New York
.....
111,250
—_T
only.
-
2,600
""50
Total all" future^
1.63 off 1.59 off 1.56 off
Mid..
♦Mid
Not deliverable on future contract. •
__
1,000
1.48 off 1.43 off 1.39 off
♦Mid
Wednesday
Thursday
Friday
69,950
700
1,350
'
.........
Yel. StainedGood Mid
st.
Saturday
Monday
Tuesday
300
2,300
1,450
...
May
.54 off
400
4,500
1,000
—
.
850
8,700
'
......
_
500
600
1,550
1,350
800
2,150
5,950
——
.-——.,.—..
January (1940)
2.82 off 2.81 off 2.81 off
♦Low Mid
Low
*
on
2.12 off 2.09 off 2.08 off
Good Mid
on
.17
on
Even
Mid-—
on
♦St. Low Mid— 2.16 off 2.14 off 2.14 off
Extra White-
Good. Mid
Mid
.
.
.
.
310,000
40,000
46,000
22,000
64,000
237,000
97,000
300,000
717,000
Oct.—
—
—
—
7.59
2,481,000 2,144,000 2,439,000 1,833,000
5,960,309 6,881,423 4,348,454 4,991,978
Total East India, &c_.
Total American
...
Nov.—
Total visible
Range..
Closing
_
7.55 ft
7.61ft
7.55ft
7.57 ft
7.47- 7.55
7.55
Dec.—
Range..
7.52- 7.55
7.52- 7.57
7.46- 7.52
7.48- 7.58
7.51- 7.58
Closing
7.52
7.54ft
7.52
7.58
7.52
_
—
Range..
7.54- 7.55
7.52-
Closing.
7.52 n
7.54
7.57
—
7.59
7.49-
7.47- 7.48
7.49- 7.50
7.53-
7.51ft
7.59 ft
7.53 ft
7.34
7.57ft
Range..
Closing
.
7.56ft
7.54ft
7.62ft
7.57- 7.60
7.53 n
7.52- 7.56
7.56- 7.64
7.61- 7.67
7.56- 7.63
7.58
7.56
7.65 ft
7.61ft
7.63
Mar.—
Range. ^
Closing
n
.
7.55 n
Nominal.
C.P.Oomra No.l
staple,s'fine,Lxv
4.95d.
8.83c.
9.02d.
3.84d.
5.10d.
4.09d.
4.91d.
8.63c.
9.26d.
4.09d.
6.06d.
4.21d.
14.98c.
11.62c.
13.81d.
9.55d.
6.28d.
5.43d.
9.52d.
6.33d.
week have been 88,000 bales.
show a decrease from last
week of 95,040 bales, a loss, of 584,114
over 1938, an
increase of 1,653,855 bAles over 1937 and a gain of 1,616,331
bales over 1936.
Continental imports for past
Feb.—
>;
Liverpool.Tanguis, g'd fair, L pool
Broach, fine,
7.56n
7.57ft
—8.44L309 9,025/123 6,787^454 6,82A 978
7.50d.
7.97d.
Liverpool Liver
New York--..
Egypt, good Sakel, Liverpool
Peruvian
Jan. (1940)
supply.
supply
Middling
..fiddling uplands,
Middling uplands,
uplands.
The
above figures for
1939
Financial Chronicle
1994
At
the
movement—that is,
the
Towns
Interior
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
April l, 1939
Market—The closing quotations
New Orleans Contract
leading contracts in the New Orleans cotton market for
week have been as follows:
for
the past
corresponding period of the previous year—is set out in
Saturday
Movement to
1939
Movement to March 31,
April 1,
1938
Monday
Tuesday
Wednesday
Thursday
Friday
March 25
March 27
March 28
March 29
March 30
March 31
8.27- 8.28
8.26
8.20
8195- 820a
8.17
8.24
8.05
detail below:
8055- 806a
8.06
8.00
7.97
Apr. Il 939)
May
Ship¬
ments
Receipts
31
Week
Season
Wyk
Stocks
Apr.
Week
Mar.
Season
Week
Ship¬
ments
Stocks
Receipts
Towns
1
June-
July.—.
AUgUSt
8.01
—
...
September
10
134
50,647
7.69- 7.70
7695- 770a
7.68
7.74
7.68
lit
8.459
November
122
11,971
164
53,001
December.
7635- 765a
7.63- 7.64
7.64
7685- 770a
7625- 764a 7.055-7.67a
59,769
Jan. (1940)
7615- 764a
7615- 764a
7625- 764a
•7665- 768a
7625- 764a 7.665-7.68a
98,178
27,411
March....
7.67
7095- 770a
7.68
-4—
7755- 777a
7725- 774a 7.755-7.77a
41,282
l,09i
176
44,078
944
53
68,747
271
418
161,660
363
170.156
3,894
38,956
536
50,420
221
59,689
443
60,194
1,760
53,702
500
100,607
1,000
50
:
131,412
5
153
r'orest
76,535
75,025
58
Selma
Ark., Blythev.
38,920
58
47,754
10
95,399
291
19,314
103,752
30
35,124
32
36,488
301
36,687
24,981
24,733
753
132,736
262
143,846
908
City
Helena
Hope—'"Am
m -•
65
Rock
Little
23,431
8
46,286
58
1,561
183,811
3,549
41,147
59
61,891
501
34,249
Below
13,084
291
16,444
6
17,094
3
31,425
620
38,083
37
45,103
510
3,189
108,565
7,517
210,900
3,912
181,424
1,684
144,881
2,691
163.135
500
9,800
200
34,200
300
27,300
400
17
27,037
1,017
45,622
123
16,734
31,651
32,766
222
10
20
16,682
26
"
of the week:
Closing Quotations for Middling Cotton onWeek Ended
21,829
23
85,819
300
79,122
343
146,586
*563
54,292
1,267
254,812
3,981
513
39,115
202
38,952
298
32,703
Greenwood-
635
195,942
4,688
89,695
1,862
298,160
6,657
77,152
Jackson
308
472
38.155
16
65,349
258
27,262
**'•»'
32,528
7,831
29
16,173
66
18,036
408
11,036
42
28,127
594
21,153
151
51.378
1,088
17.180
City
94
45.270
650
47,099
98
75,889
954
30,454
Mo., St. Louis
3,834
145,651
3,913
3,604
4,735
159,461
4,59r
.3,580
100
4,982
479
2,818
218
6,786
18
3,452
N.C
Gr'boro
,
Oklahoma—
15 towns *
338,286
649
79,981
1,054
17,654 1824,212
21,979
1,842
69,872
29,360
750,498
242
12,562
89
-
8. C., Gr'ville
Tenn., Mem's
•
Texas. Abilene
3,76f
126,455
3,613
39,406 2454,829
18
45,946
3,523
95,135
52,21f
643,593
4
New Orleans
Mobile.
—
8.42
8.61
8.57
8.32
8.30
8.33
8.52
8.20
8.23
8.78
8.59
8.75
8.23
8.75
8.70
8V0
8.75
8.33
8.30
8.35
8.83
8.80
8.84
8.35
8.30
8.35
Savannah---
8.88
8.87
Norfolk
8.80
.8.80
8.85
8.80
Montgomery
8.42
8.42
8.40
Augusta
Memphis.-
8.92
8.92
8.90
8.40
8.40
8.40
Houston
8.42
8.42
8.40
8.35
8.30
8.35
Little Rock--__
8.35
8.35
8.35
8.30
8.25
635
12
4,657
161,589
Dallas.--------
8.26
8.26
8.24
8.17
8.14
8.30
8.18
Fort Worth.
8.26
8.26
8.24
8.17
8.14
8.18
17,964
1,559
-
•
Through March 23 Aggregated
Cotton Loans of CCC
Brenham
44
14,674
125
2,984
40
13,790
"60
2,576
Dallas.——
80
44,781
402
41,266
1,685
113,380
2,318
36,242
$200,835,261
63,165
339
42,585
818
23,580
6,477
12
modity
Credit
Cotton
Loans" received
Paris..,
mmrn-
Robstown..
San
*
Friday
8.30
8.33
8.55
8.40
8.32
•_-
7,667
274,664
68
15,457
103
Austin
518,271
8.42
8.63
Galveston.
Wed'day Thursday
Tuesday
Monday
Saturday
61,145
Columbus..
129,509
27,150
3,814
91
Mar. 31
63,179
1,065
Yazoo
Markets—
closing quotations for middling cotton at
principal cotton markets for each day
'
V
-V
the
are
34,850
35,555
Miss., Clarksd
Vicksburg..
Steady
141,3. ,9
La,, Shrevep't
'
'mm
Quiet
Steady.
Quotations for Middling Cotton at Other
72,305
111,749
Natchez
Quiet.
Steady.
Southern and other
■■■'
.
110,704
Rome
Stearfy,
40,098
8
Macon
Steady.
Options—
Quiet.
Quiet.
Steady.
Quiet.
121,677
974
Columbus..
Quiet.
62
1,088
Augusta
Tone—
Spot
108
17,111
34,911
Athens
—-
590
1
—
Atlanta..——
7.71
.
48,551
'
24
,
February
40,091
223
Bluff.
Walnut Rge
,
133,488
6
Newport.-t
Ga., Aloany
..
91,021
.
Jonesboro.-
October
'
«*'
Molitgom'y
Pine
320
8.809
85,860
47,839
12,716
182
Eufaula
62,249
1,299
2.614
70,018
686
Ala., Birm'am
Marcos
~
11
27,263
33
Texarkana
64,367
-
Waco
'"m
-
94
93,252
15,661
8
808
2,459
a20
a7,605
all
a312
35,446
33
41,811
83
23,160
72
90,262
761
748
13,306
'
-
*4.
144
19,374
15,267
1
*
64.833 2951.233
29.496 4354.640
Total. 56towns
69,066 6242.151 102.846
combined totals of 15 towns In Oklahoma,
Includes the
■
I
.
■
*•'
2397.99J
San Antonio.
a
interior
the
stocks have
during the week 35,337 bales and are tonight
553,242 bales more than at the same period last year. The
receipts "of all the towns have been 39,570 bales" less than
The
totals
above
that
Cj
show
decreased
the
week last year.
same
•
on
4,383,749 Bales—On March 24 the Com¬
Corporation announced that* "Advices of
by it through March 23 showed
loans disbursed by the Corporation and lending agencies
of $200,835,261.39 on 4,383,749 bales of cotton,
This
includes loans of $1,217,932.57 on 26,879 bales which have
been repaid and the cotton released.
The loans average
8.80 cents per pound.
.
v
'
Figures showing the number of bales on which loans
have been made by States in which the cotton is stored are
given below:
..H' ;
■/
„
State—
Bales
State—
39,064
15,023
Quotations for 32 Years
308,667
New Mexico-——.
Arizona.—
New York
75,509
688,454
North Carolina..-.:
Oklahoma-_--.---.i___-
188,889
171,862
Tennessee
Arkansas..
California
The; quotations for middling upland at New York on
Mar. 31 for each of the past 32 years have been as follows:
"
1931-..-.10.70c.
1930..-j.-16.45c.
1929
20.95c.
1928
19.70c.
1927.
14.45c.
1926
-19.25c.
1925
24.80c.
1924-.. -,28.60c.
1937^-...15.17c.
11.56c.
1935
11.30c.
1934
.-12.20c.
1933
6.30c.
1932--... 6.20c.
1936.
-
Georgia.
....
—
28.85c.
1923
9.80c.
1915.
288,487
725,311
Missouri-.—,
1914
1920-.-.,41.75c.
1919-. —-28.30c.
1918-.-.,34.25c.
1917
.-19.20c.
1916
12.10c.
1912-.-.-10.90c.
1911
---14.40c.
1910
•_ 15.10c.
19099.85c.
1908--10.50c.
12.60c.
1913.
—
—
Returns
overland movement
Rainfall
,
4,595 '
2,875
3,987
11,669
130,289
510,905
3,543
15,677
overland.......—21,984
940,713
Corpus
—
Via Virginia points-.
Via other routes, &c
3,913
2,075
180
"90
110,531
3,000
4,717
128,495
755,016
Deduct Shipments—
,
Overland to N. Y., Boston, &c
Between interior towns
-
-
228
4,164
7,181
18,807
7,584
229,882
5,004
Inland, &c., from South
19,000
7,256
»3 21,498
347,754
7,694
256,273
688
152
—
Total to be deducted
285
1.98
90
48;
69,
0.99
86
0.01
1
0.02
90
94
36
56
61
1
5
-
Christi-
-
-----
-
2.30
78
42
Del Rio.-----
592,959
Leaving total net overland*.-.16,980
■
' 19,086
San
Antonio
1
50
0.75
84
44
0.03
80
52
66
44
69
Orleans
1
-
-1937-38-
1938-39
In Sight and Spinners'
Since
Aug. 1
Week
Takings
Since
19.979
Net overland to Mar. 31
16.980
Southern consumption to Mar. 31135,000
Receipts at ports to Mar. 31
Total marketed
171,959
Interior stocks in excess
-*35,337
Excess of Southern mill takings
over consumption to Mar. 1
Week
A.ug. 1
3,184,005
592,959
44,595
19,086
6.728,385
903,982
4,243^000
100!000
3,670i000
8,019,964
998,310
163,681 11,302,367
*33,780
1,646.660
576,241
69
.. -
Birmingham
Montgomery.
.
I
_
75
54
.68
61
84
44
3.15
80
48
64
1.42
1.88
79
59
70
1
«
1.83
•:•*•
,
'
84
■
64
62
40
„
•
0.71
84
•
3.54
,
3 '
-
66
48
.
62
86
•.
74
0.58
76
54
76
65
1
0.50
84
62
73
2
0.17
87
55
3
2.73
84
44
71
64
1,50
3.18
86
88
48
4
48
68
1
:
0.38
83
60
72
76
42
3
'
Tampa.-,
.
.
Atlanta-
.
*
Augusta..
Macon
South
58
82
0.36
0.46
82
dry
Pensacola.
,
62
42
1.35
i
^
-
'L
56
42
80
82
0.64
36
3.
3
-
-
_
,
1
.
Florida—Jacksonville
•
76
82
3
-
Alabam a—M obile..
<
94
64
'
4
-
-
Mississippi—Meridian.
Vicksburg.
„
0.44
'
4
-
-
S hr e vepprt
0.30
2
.
Oklahoma—Oklahoma City-Arkansas-—Fort Smith
Little Rock
_!
,
of 311,023 bales.
73
60
50
38
88
2
-
Georgia—Savannah
week's net overland movement
bales, against 19,088 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
73
73
60
52
3
-
Port Arthur
•1-
The foregoing shows the
this year has been 16,980
52,
'
Palestine
903,982
Including movement by rail to Canada.
.
26
96
82
•
dry
I
Miami
*
-
0.09
0.52,
1
-
El Paso
Houston
Louisiana—New
Total gross
78
3
-
Dallas
26,780 1,160,255
Via Louisville.
—
,
0.10
2
-
Brownsville:
158,496
160
Via Mounds, &c------Via Rock Island-..
Austin.-
-Thermometer
Mean
Low
65
54
76
4
I
Abilene
Since
145,311
144,921
2,644
6,643
Via St. Louis—
this
0.08
,
Amarillo
Auq. 1
Week
High
•
—1937-38-
Aug. 1
Week
Inches
Days
from telegraphic
-—1938-39Since
..
V
'
—
by Telegraph—Telegraphic advices to us
Texas—Galveston.
The results for the week and since
Aug. 1 in the last two years are as follows:
Mar. 31—
314,287
1,222,159
148
-
-
evening denote that there has been some rain in the cotton
belt.
Temperatures are below normal in the extreme north¬
west portion of the belt and normal to above elsewhere.
reports Friday night;
Shipped—
51,474
—.
—
Virginia.
Rain
up
184,238
110,177
,
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the
for the week and since Aug. 1, as made
_■
.13.50c.
1922-...-18.10c.
1921'-.--.12.25c.
—
—
South Carolina.
Texas
Mississippi-.-.
Louisiana-.—
"
1939.8.83c.
1938.
8.69c.
Bales
"
:
Alabama.
Carolina—Charleston-
.
\
' 70
«
66
3
0.65
86
42
59
64
1
0 30
82
56
69
North Carolina—Asheville
Raleigh.
Wilmington
Tennessee—Memphis
Chattanooga
dry
Nashville
_
3
3.75
75
44
58
3
1.02
84
46
65
3
.
-
1.71
82
40
61
.
The following statement
has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Mar.
31. 1939
Feet
April 1, 1938
Feet
Total in sight Mar.
-
North, spinn's* takings to Mar. 31
*
129,901
136,622
31
27,812
13,525,268
9,384,606
1,007,591
19,542
1,013,865
Movement into sight in
■
Above zero of gauge-
21.2
29.6
13.7
Shreveport
Vicksburg
Above
Above
of gaugeof gauge-
15.1
20.1
42.6
34.0
Receipts
Above
from
the
zero
zero
zero
Plantations—The following table
indicates the actual movement each week from the planta¬
Decrease.
Week—
13.5
Above zero of gauge-
34.3
Nashville
Came into sight during week
17.2
Memphis
366,332
of gauge-
New Orleans
"
'
1937—April 2
1936—April 3...
1935—April 5
previous
Bales
years:
Since Aug.
182,423 1936
.--—116,998 1935
94,202 1934—
—
i
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
tions.
1-
—
Bales
-12,746,964
11,953,601
8,000,547
The
Southern
Volume 149
Week
Financial
Receipts at Ports
1938
1937
1938
1937
1995
Alexandria Receipts and
Stocks at In^rior Totems
1936
Chronicle
Shipments
Receipts from Ptaruations
1936
1938
1938-3d
1937-38
1936-37
155,000
6,700,823
200,000
8,442,227
1,000,000
8,843.765
Alexandria, Egypt
1936
1937
Mar. 29
Dec.
30.
44,595 141.563 117,505 3434.970 2658,348 2250.247
1938
1939
1937
1939
1938
Receipts {Cantars)—
This week---Since Aug. 1
31.339 147,067 112,749
1937
1939
-
1937
1938
-
-
-
Jan.
6
42.596 125.265
13
38 827 121.71'
20.
37.387 116.840
43.19' 120.588
27.
96.101 3400.270 2619.799 2180.501
61.2W 3 '69 048 2613.016 >142.612
82.643 3329.120 2629,639 2090.671
7.896 86.716
7.605 128.497
Nl!
133.463
32'1,719 2628.795 2046.413
5,798 119.744
17,573
This
Week
26,355
61,83.
Exports (bales)—
23.351
Since
Aug.
This
Week
1
Since
Aug.
Since
This
Week
1
Aug.
1
30.702
To Liverpool--
6,000 119,677
ToManchester, &c-_--_
120,816
To Continent & India19,666 476,507
To America--——
1,000
18,422
3..
35,s46 104,958
Nil
74,203
135.433
10.309
29.078 112,608
54.826 3246.532 2598.040 2001.896
57.820 3212. 73 2575.215 1952.548
Nil
10
17.
25 681
82:25"
!926.801
Nil
96.791
21.317
86.337
68.019 3138.203 2543.310 1880.455
Nil
59,413
19.670
25,736
82,658
64.149 3096 651
2500.60' 1810.771
Nil
39.957
Nil
67.954 3051.323 2479.799 1744.860
54.793 3012.260 2460.874 1685.584
61.190 2186.570 2431.771 1622.6H
59,42 7 295l,m 2397.991 1569.244
NO
71.853
49,069
17.929
Nil
10,815
6.060
17,000 924,979
2.043
Nil
24,000 844.812
56.513
24.
3,000 163,264
163,154
12",000 563,086
2,000 35,475
Total exports,.'
Feb.
4,000 143,779
7,000 136.407
11,000 543.408
2,000 21,218
-----
101.78
3174 825
2570.221
8.472
Mar
3
„•
27 264
92.663
17.
32.436
67.994
24.
10.
21.973
47.032
31
19.97'4
44,595
Nil
26.000 735,422
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
Shipping News—Shipments in detail:
Nil
.
Bales
Nil
200
GALVESTON—To Sydney JVIarch 25, Bordeaux Maru. 200—To Bremen, March 29, West Habamac, 1,610
1,610
To Rotterdam, March 29, West Habamac, 169
169
To Japan, March 25, Bordeaux Maru, 2,379; March 23, Havelland, 231; Kumikawa Maru, 6,589
!■;
9,199 ,
•'-v
To China, March 25, Bordeaux Maru, 138; March 23, Havel390
land, 73; Kumikawa Maru, 179.
To Liverpool, March 29, West Tacook, 665
665
870
To Manchester, March 29, West Tacook, 876—
614
To Ghent, March 28, Antverpia, 614.—
-----To Havre, March 28, Antverpia, 197,
197
To Dunkirk, March 28, Antverpia, 837837
—
HOUSTON—To Ghent, March 27, Antverpia, 391; March 29, City
890
of Omaha, 244; March 30, Floride, li9; Beemsterdijk, 136—
To Havre, March 27, Antverpia, 53; March 29, City of Omaha,
620
291; March 30, Floride, 276.—
To Dunkirk, March 27, Antverpia, 506; March 29, City of
1,359
Omaha, 218; Floride, 635---±—
To Bremen, March 27, West Hobomac, 1,096
1,096
To Rotterdam, March 27, West Hobomac, 81; March 30, Beem¬
698
sterdijk ,617—
111
To Enchede, March, 30, Beemsterdijk, 111To Japan, March 23, Bordeaux Mayu, 2,005-——2,005
........
3,212
;
To China, March 23. Bordeaux Maru, 3,212--————
887
To Trieste, March 29, Livenza, 887
----------To Venice, March 29, Livenza, 1,1661,166
.v——
109
To Reval, March 30, Beemsterdijk, 109.
3
To Tallinn, March 30, Beemsterdijk, 3— —
200
NEW ORLEANS—To Buena Ventura, March 25, Toledo, 200——
35
To Havana, March 25, Santa Marta, 35-To Valpariso, March 25, Santa Marta, 200; March 28, Con900
tessa, 700-i—
----To Genoa,March 25, EndicQtt, 1,098---,--1,098
512
To Venice, March 25, Endicott, 62; March 23, Liveza, 450
800
TO Trieste, March 25, Endicott, 250; March 23, Liveza, 650—150
To Ghent, March 24, Boshdijk, 150—
366
To Marsailles, March 23, Arsa, 366--———
—i#
850
To Rotterdam, March 24, Boshdijk, 850
920
To Gdynia, March 27, Tabor, 920----■.
———--625
To Gothenburg, March 27, Tabor, 625—~
To Abo .March 27/Tabor, 200-—
—/ 200
CORPUS OHRISTI-^To Ghent,
March
20, Antverpia,
153;
294
March 26, Floride, 141_————————
329
To Havre, March 20. Antverpia, 329-;
75
To Dunkirk, March 20, Antverpia, 25; March 26, Floride, 60—
203
To Rotterdam, March 20, Antverpia, 182; Beemsterdijk; 21—
375
ToEnschede, March 20, Beemsterdijk, 375————
—79
To Reval, March 20, Beemsterdijk, 79—------——80
To Tallin, March 20, Beemsterdijk, 80
9
NORFOLK—To Hamburg, March 29, Oapille, 9---—---------35
To Manchester, March 25, Capulla, 35—
—
—
1,000
SAVANNAH-r-To Bremen, March 25, Bolton Hall, 1,000--------100
LOS ANGELES—To Liverpool, March 25, Damsterdijk, 100-—235
To Antwerp, March 25, Oakland, 235-,—.— — — — -----200,
To Bremen, March 25, Oakland, 200------------——
— —
To Japan1, March 25, Hermion, 2,624; March 27, President
6,396
Van Buren, 1,392; Tatuta, Maru, 2,380—
-----974
To China, March 27, Tatuta Maru, 974- —407
SAN FRANCISCO—To Great Britain, 407--——
59
To Belgium, (?) ,59
———- - — — — —
-•<,—- - 1,232
To Japan, (?), 1,232---—'
- —
— ---185
LAKE CHARLES—To Ghent, Marcl} 28, City of Omaha, 185
36
To Genoa, March 29, Endicott, 36
— — __w—r ——
33
To Venice, March 29, Kndicott, 33--- —
955
MOBILE—To Bremen, March 29, Toronto, 955—
15
TO Rotterdam, March 29, Toronto, 15----——
70
CHARLESTON—To Liverpool, March 28, Sacarappa, 70—
272
To Manchester, March 28, Sacarappa, 272—---------------175
To Bremen, March 27, Bolton Hall, 175-—--—---—.
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1,1938, are 4,392,943 bales;
in 1937-38 were 8,363,891 bales, and in 1936-37 were 6,216,-
—
637 bales.
(2) That, although the receipts at the outports
were 19,979 bales, the actual movement from
the plantations was nil,bales, stock at interior towns having
decreased 35,337 bales during the week.
week
the past
World's
'
-
glance
a
obtainable; also the takings
sight for the like period:-
or
.
—
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
-
—
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at
-
-----
■—
amounts gone . out * of
—
-
-
——
_
———
.
— — —
;
Cotton Takings,
,
1937-38
1938-39
Week and Season
—
—
Week
Week
Sear-on
Season
.
-——
_——-
— -
—
Visible supply March 24-——
8,536,349
Visible supply Aug. 1.......
American in sight to March 31
136.622
9,068,386
4,339,622
7.858" 941
Bombay receipts to March 30Oth. India ship'ts to March 30
Alexandria receipts to Mar. 30
Other supply to March 30 * b.
129", 901
9,384.606
1,579,000
510,000
1.337,800
339,000
95,000
13.000
31.000
11,000
100,000
13,000
40,000
10,000
——
13,525,268
1,687,000
413,000
1,720,200
——,— --—
— -
353,000
»
Total suppljr-—Deduct—
Visible supply March 31-
8,822,971 21,009,347
9,361.287 22,037,490
8,441,309
9,025,423
——
Total takings to March 30~a-
8,441,309
335,864 13,012,067
227,864 9,061,267
108,000 3,950,800
381,662 12,568,038
258,662 8,888,433
113,000 3,679,600
Of which American
Of which other-
9,025,423
—
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c,
This total embraces since Aug. 1 the total estimated consumption of
a
Southern mills, 4,243,000 bales in 1938-39 and 3,670,000 bales in 1937-38—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners. 8,325,038 bales in 1938-39 and 9,342,067 bales In
1937-38 of which 2,645,438 bales and 5,391,267 bales Ameriqan.
b Estimated.
v ;
r
'*
•••;
■ •
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 Aug. 1,
for three years, have been as follows:
.
—
cabled/
as
;
,
-
--
-
°
1938-39
1937-38
•
1936-37.
.March 30
,
.
Since
Receipts—
Week
B ombay
Since
Since
Aug. 1
,
Week
Aug. 1
Week
Aug. 1
95,000 1.579.00C 100,000 1,687,000 117,000 2,328,000
'•
r
For the Week
*V.' ■'
•
'
4
Since August
••
;
1
Exports
Great
From—
Conti¬
Jap'rid:
nent
Britain
China
Great-
Total
Conti¬
Japan &
nent
Britain
China
Total y
J.
Bombay—
1938-39--
22,000
1,000
18,000
1937-38-.
1936-37—
44,000
22,000
22,000
21.000
36,000
52.000
29,000
54,000
175,000
56,000
13,000
13,000
28,000
740,000 966,000
468,000 672,000
263,000 1038,000 1357,000
■174,000
187,000
Total——;47,386.
Cotton Freights—Ciovent rates for cotton * from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Otherlndla-
High
,
1938-39-
9,000
1937-38—
12,000
15.000
4,000
1,000
13,000
510,000
413,000
743,000
3?3,0G0
145,000
268,000
268,000
475,000
Density
.45c
Liverpool
High
Stands
ard
Density
.
m.
mm mm
J
d.45c
.60c Piraeus
d.45e
.60C
♦
9,000
12,000
26,000
1937-38—
2,000
1936-37-
15,000,
31,000
1938-39-
21,000
57,000
35,000
239.000
174,000
36,000
82,000
324,600
22,000
740,000 1476,000
468,000 1085,000
738,000 1038,000 2100,000
497,000
443,000
Manchester
.45c
.60c
Flume4
Antwerp
Total all—
.46c
.61c
Barcelona
45c
.60c
Japan
Rotterdam
46<?
61c
*
'
Shanghai
,
Market—Our report received'by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for home trade is improving.
We give prices today below and leave those for previous weeks
of this and last year for comparison:
.60c
Bombay z
Oslo
569
.71c
Bremen
.460
Stockholm
Manchester
d.55c
.750
6lC
.766 Hamburg
Genoa
32* Cop
8H Lbs. Shirt¬
ings, Common
Middl'o
Twist
to Finest
Upl'ds
;
r
—
32* Cop
Twist
———————
Total imports
————
Of which American---—
8K Lbs. Shirt¬
ings. Common
to Finest
Cotton
Middl'g
Upl'ds
Amount afloat
—-———
Of which American-—L
The tone of the
d.
d.
s.
d.
9
IK
5.25
10K@UK
10H® 9
8 10K ® 9
1H
5.30
IK
5.19
10K@12
10K@11K
IOK®II H
10K@11K
s.
d.
d.
s.
d.
s.
d.
d.
Dee.
30-
8H© 9H
Jan.
6-
13-
2027-
8 10H®
19 39
w® m
8H@ 9H
8H® 9K
8H@ 9^
10K@10
IK
4.84
9 10K@10
IK
4.97
5.18
8
9
@
8
9
@ 9
5.10
8
9
@
5.13
9
10K@10
10K@10
K
1017—
24-
IK
4.93
9
10K@10
IK
4.82
9
8H® 9H
8H® 9H
8
9
@
9
5.07
8
9
@ 9
5.15
9
9
9
@10
10K@11K
@10
IOK@"K 9 9
10K@UK 9 10K@10
10 Ys®ny» 10
@10
8H@
9H
@
9
5.18
3-
8 H®
9H
8
9
@
9
5-29
10-
8H@
9H
9
@10
8H® 9H
8H® 9H
8
9
@
9
81—
1.00c
1.00c
.560
.71c
<d.55o
.,60c
d.55c
.60c
.560
.719
——
56,000
981,000
417,000
39,000
10,000
100,000
33,000
Afar.. 17
54,000
955,000
410,000
31,000
13,000
137,000
36,000
Mar 24
42,000
961,000
400,000
50,000
9,000
139,000
40,000
Mar. 31
55,000
938,000
385,000
38.000
7,000
123,000
35,000
Liverpool market for spots and futures
day of the past
week and the daily closing prices of
spot cotton have been as
follows:
9
@ 9
8 10 H®
9
9
@9
,
3
IK
5.40
10K@HK 10
1QK@HK 10
5.27
10K@HK 10
0
10
@11K 10
0
@10
@10
@10
@10
9
9
@10
5.16
4.95
*
9t<@llK
Monday
Tuesday
Quiet.
Quiet.
Quiet.
Thursday
Friday
Moderate
Moderate
Moderate
demand.
Saturday
Spot
Market,
f
12:15
5.02
IK
3
demand.
demand
4.96d.
5.02d.
Wednesday
1
Mid.Upl'ds
5.15d.
5.19d.
5.18d.
4.95a
5.10
5.21
Futures
Market
8
,
1.00c
4.93
Mar.
24—
each
P.M.
9
8
17-
Copenhagen
Naples
.90c Leghorn
.6lC Gothenburg
.0lc
d.85c
5.02
9
Feb.
3„
■
19 38
8
8H@ 9H
9
Venice
d Direct steamer.
Mar. 10
ForwardedOf which American
1936
.
Cotton
.850
Salonica
Standr
ard
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &e., at that port:
Total stocks-.
1937
.460
zOnly small lots,
NO Quotation.
Density
.850
ard
Trieste
Havre
1936-37-
High
Stand¬
.60c
3
5.13
3
5.10
3
4.97
0
4.91
opened
6.00*
3
Easy;
Q't but st'y
Quiet;
Quiet;
Quiet;
unch. to 3 1 to 2 pts. 1 to 2 pts. 16 to 25 pts 2 to 4 pts. 1 to 3 pts.
advance.
decline.
decline
decline.
advance.
pts. adv.
Quiet;
Market,
Q't but st'y
3 to 4
P. M.
Quiet;
Steady;
Steady;
Q't but st'y Barely stdy
pts. 2 to 3 Pts. 2 to 4 pts. 7 to 16 pts. unch. to 2 0 to 8 pts.
decline
decline.
decline.
advance.
pts: adv.
advance.
April 1,
Financial Chronicle
1996
closed unchanged to
prices
Today
Liverpool for each day are given below:
Prices of futures at
1939
A pre¬
1939
34e. higher.
liminary unofficial estimate suggesting slightly larger
Fri.
Thurs.
Wed.
Tues.
Mon.
March 25
Close Noon Close Noon
1939
—
4.84
4.83
4.82
4.61
4.66
4.67
4.68
4.80
4.79
4.78
4.75
4.56
4.60
4.62
4.62
4.62
4.64
4.64
4.62
October.
4.60
4 52
4.63
4.51
December
4.48
4.51
4.51
4.49
4.52
*
4.49
January 1940-.
4.5f
jMarch........
4.62
May......
4.54
4.55
4.58
July..........
Oct
*1
-
4.49
4.49
«r
4.43
«.
4.38
__
4.47
4.55
T
4.44
4.42
4.%5
4.54
/'*
4.41
4.48
j
-
—
~
-
-*■
jr
~
*
4.56
4.41
4.41
4.41
4.40
«•
4.55
4.48
4.41
*.
4.50
4.52
4.57
— .
4.48
4.39
4.44
4.60
4.48
,
d.
d.
d
d.
4.84
4.77
—-
July.
d.
d.
d.
previously had considered probable offset indications of
improved international demand for wheat in market deal¬
ings today.
The better tone of securities in contrast with
recent extreme weakness in the face of disturbing foreign
lose Noon Close Noon Close
4.82
..„
May—*.,
"
d.
d.
d.
d.
New contraclMareh
Jose Noon
-
*
4.42
4.34
4.35
4.4 f
4.38
4.37
-
«r
-
Sharp advances of around lc. or more in wheat at
ers.
Liverpool and Rotterdam were in part a reflection of the
upturn here yesterday.
But these markets displayed nerv¬
4.40
..
of
BREADSTUFFS
1
The undertone is steady, however, in sympathy
slow.
•with the recent firmness of
the grain markets.
effect,
reaching
was
pany
especially
and
reported
drastic
effect
on
DAILY
'■
was
that contributed to
the close.
countered somewhat
the market's firmness towards
The
Liverpool market closed 34 to /4d. higher.
Sale of more than 800,000 bushels of Australian and 500,000
bushels of hard white Pacific Coast wheat to Shanghai were
reported.
On the 29th inst., prices closed y8e. to 34c. net
lowei*., The market was again under the influence of bearish
weather arid crop reports,, but changes on the downside were
not so pronounced.
Support from commercial interests in
connection with wheat and flour business, .some for export,
was sufficient to keep prices on a near-steady basis.
Selling
was on a small scale.
General trade was restricted by the
unsettled European political situation.
There were fresh
rumors
of substantial cash wheat business this week, but no
definite figures were available.
the flour market disappointing,
Milling interests reported
with short term bookings
constituting the bulk of the business.
Hard winter wheat
mills had some improvement in sales the past week, but
spring wheat sales declined.
Only a few Gulf export sales
Were reported, but it was assumed there was some business in
flour.
On
the
30th
inst.
prices closed 34 to %c. net higher.
34c. in the last half hour of trad¬
Wheat prices rose about
buying from milling and export interests ex¬
slightly.
Scattered orders for commission houses
ing today
panded
disclosed
for
as
a
temporary scarcity
May and July contracts, but when prices reached
68c., there were increased offers.
There was a good resting
order demand from cash and
milling interests.
and
most
therefore mill
cases.
on
a
Millers
re¬
hand-to-mouth basis,
buying has been in small quantities in
•
FUTURES
Tues,
67%
67%
68%.,
Wed.
67%
67%
68%
WHEAT
OF
"
Sot.
FUTURES
Mon.
Tues.
60%
61%
.......
1
60%
62%
May..........
July........
61%
60
Fri.
68
68%
68
67%
68%
69,
When Made
Sept. 7, 1938
Oct.
5,1938
Dec. 29, 1938
WINNIPEG
IN
Wed.
60%
51
62.
87%
Thurs.
67%
67%
68%
___
PRICES
Fri.
87%
CHICAGO
IN
....
'
October.
Thurs.
87%
When Made
|
Season's Low and
July 23, 1938!May.
62%
Jan.
4, 19391 July
62%
Jan.
4, 19391 September.
67%
and
74%
71%
72%
CLOSING
YORK
Wed.
' 87%
Mon.
68 e
68
68%
NEW
IN
Tues.
87
WHEAT
Thurs.
60%
60%
61%
Fri.
61%
61%
62%
60%
61%
62%
inst. prices closed unchanged to 34c.
influenced more or less by the firmness of
wheat values.. Buying by houses with Eastern connections
and higher Buenos Aires futures stimulated the corn market.
Buenos Aires finished 34c- to %c. up, supplementing yester¬
day's y8c. to y8c. advance. The Commodity Credit Corp.
announced that Government loans on 1938-39 corn through
Corn—On the
higher.
■
Corn
25th
was
March 23 totaled $109,103,253 on 191,623,417 bushels, an
increase of 10,158,328 bushels for the week. On the 27th inst.
prices closed 34to 34c• net higher.
The firmness displayed
largely to improved
European demand, with several sales for early April ship¬
ment from the Gulf reported. Corn export business, the best
in weeks, was estimated at around 500,000 bushels, which,
though riot large, indicated there is still demand for American
grain despite the fact that new and cheaper Argentine corn
in
the
market
corn
will be available.
soon
attributed
was
A bargo of afloat corn was sold to the
United
Kingdom and several loads were booked for first half
of April shipment to the Continent. No. 2 yellow American
corn was quoted at 6224c. for April
delivery at Liverpool,
15c. over Chicago May.
Old Argentine corn was at .6834c.,
but the new Argentine for May delivery was priced at 5934c.
Contributing to the strength in corn was a decrease of 1,125,000 bushels in the visible supply to 42,478,000 bushels, com¬
pared with 37,962,000 a year ago. Reflecting the improved
demand, cash corn was quoted J4c. to 34>c. higher and bids
to thq country were raised 34c." On the 28th inst. prices
closed unchanged to 34c. lower. The corn market reflected
declines at Buenos Aires, with prices off more than a cent.
However, there was a good demand for United States afloat
corn abrohd, .with several loads from
Philadelphia and the
Gulf sold to the Continent., On the 29th inst. prices closed
unchanged to 34c." off. Corn prices were off about 34c. at
times.
Gulf corn premiums were advanced, but no new
export business was reported.. Importers were understood
to be interested only in corn for early shipment.
On t]he. 30th inst. prices closed 34
to %c. net higher.
British interests
were
conspicuous in the
corn
market yester¬
day, with the. purchase of five Argentine cargoes for April
shipment at 66%c. compared" with 66c. quoted for American
No.
2
May
yellow
substantial
in
the
This
United
near
and 62c. for Argentine
afloat
corn
shipment.
tended
States
future.
to
corn
discourage
business
corn
hope for
for
any
Great Britain
to
However, corn prices ruled relatively
Today prices closed unchanged to 34 c. net higher.
This market ruled fairly steady during most of the session.
steady.
Export
buying
preted here
from
time
as
to
is available.
of
British
interests
time,
DAILY CLOSING
PRICES
corn
OF
Sat.
62%
CLOSING
PRICES
GF
1
September
Season's
May
July
September
_____
High and
60%
55%
56%
Oats—On
the
CORN
47%
49%
50%
IN
NEW YORK
Wed.
62%
47%
49%
50%
Tups.
IN
Wed.
47%
49%
50%
Low
Thurs.
62%
FUTURES
Mon.
Season's
When Made
July 23. 1938 May
Sept. 24, 1938 July
Jan.
4, 1939 September
25th inst.
Argentine crop
65,706,000 bushels.
Tues.
63
inter¬
was
would be needed
new
was
Mon.
CORN
Sot.
May...
July
corn
until the
at least
Open interest in
No. 2 yellow
DAILY
yesterday
indicating American
of sellers at around 6734c.
both
ported flour business is mostly
OF
PRICES
_______
May
July
September
DAILY
by the prospect of cold weather in the Southwest, with a
hard freeze predicted for Oklahoma.
On this there was
moderate buying, presumably from mill and elevator sources.
Strength in foreign markets, reports of heavy cash wheat
buying at Kansas City today, together with lifting of hedges
in, connection with commercial trade, including subsidized
exports, and the unsettled European political situation were
factors
CLOSING
y8a. to J^c. net
a
Howeyer, this
Mon.
87%
Season's High
the volume of sales being estimated
conditions
,more.-
WHEAT
S"t.
»
79,693,000
was
Vk.'44 4'".4
OF
PRICES
July
September..
were the best in years for the dust
few traders on the Chicago Board held
aloof from commitments pending the Mussolini speech to¬
morrow, realizing
its possible tremendous bearing on the
world outlook, especially as concerns immediate prospects
for war*, On the 27th inst. prices closed 34c. to %c. net
lower.
Wheat values fell as much as %<$. early in the session,
reflecting grain belt rains over the week end and forecast
for more in the Southwest.
However, concern w^s expressed
over
the prospect for near-freezing temperatures in some
regions where wheat has made considerable growth.
Snow
and sleet predicted for northern Kansas 'and 'Nebraska.
Another bearish influence was the apparent easing of tension
in the political situation abroad.
Resting purchase orders
and buying by milk and exporters, with some removal of
hedges, helped to steady the market here after the early
decline. There was little or no export business reported. The
world shipments last week were 4,000,000 bushels less than,
the previous week and the smallest since January.
On the
28th inst. prices,closed 3^c; to %c. net higher.
The market
ruled heavy during the early session largely as a result of
reports of widespread moisture, in the winter wheat belt and
forecast of
''r,
May..
large portion of the southwest wheat area and more was
coming week.
There were reports
Not
interest in wheat
4
S"t.
forecast for most of the
that growing
bowl region.
■■■',
i-.
":
the
150,000 barrels and up.
Open
year.
4.':'
DAILY CLOSING
higher.- The wheat market was firm in a very light trade
today, prices closing as much as 3^c. up and at the session's
best level.
The firmness of the Liverpool and Winnipeg
markets and the continuing political tension abroad more
than offset the reports of rains and good growing weather
in the domestic winter wheat belt.
Beneficial rains fell over
a
at
No. 2 red--
A large baking com¬
Wheat—On the 25th inst. prices closed
last
vested
The foreign
substantial buyer of flour in the
a
Southwest this .week,,
at
a
markets of the world.
an¬
reports indicated possible winter wheat production of
bushels.
political situation is being watched with great interest, as
a
sudden serious turn in developments could have a farwheat and flour
Chamberlain
523,635,000 bushels compared with 686,637,000 bushels har¬
Flour—Demand for flour in the local market continues,
very
the
of
Poland.
Later there was a
Liverpool.
The first of the April
to
guarantees
reaction
fractional
crop
Friday Nighty March 31, 1939
•'
indications
of
because
ousness
'
undue excite¬
no
4.41
-
nouncement
-
indication that
as an
4.39
4.47
4.48
interpreted
prevails in financial quarters. A bearish private crop
estimate also had a restricting influence on would-be buy¬
ment
4.33
■
was
news
4.34
4.35
-
production than most grain traders
domestic winter wheat
to
March 31
and
Fri.
63%
CHICAGO
Thurs.
47%
49%
50%
47
48%
63%
47%
49%
50%
When
Fri.
47%
49%
50%
Made
Mar. 16, 1938
Mar. 16, 1938
Mar. 16, 1939
prices closed 34c. to y8a. net
higher. A relatively sharp advance carried May oats to 30c.
a bushel, up
from the previous close and the best level
since early in January.
Small local supplies of the actual
grain prompted short covering. Shipping sales at Chicago
totaled 77,000 bushels. On the 27th inst. prices closed %c.
Volume
to
Financial
148
lower.
net
This market turned lower
the result
as
u
of bearish weather reports and
On the 28th inst. prices closed
the heaviness of wheat values.
unchanged to y$c. off. Trad¬
ing was sluggish, with Northwest selling offset by lifting of
hedges due to good commercial demand. Premiums were
raised lc. in the East.
Shippers sold 57,000 bushels here.
On the 29th inst. prices closed unchanged to hsc. down.
Trading was light and without feature.
On the 30tli inst. prices closed Ys to %c. net higher.
Trading was light, with the market's firmness due largely
to the firmer wheat and corn markets.
%c.
VsQ.
off to
price
Trading
up.
CLOSING
Sat.
....
2934
27%
26%
_______________
2934
2734
26%
29%
27%
26%
....
it '
When Made
When
Jan.
Sept.
CLOSING
I
Season's Low and
4, 1939[May
23%
3, 19391July
24%
4, 19391 September
26%
>
Jan.
Jan.
OF
Man.
29
•
28%
28%
______________
October
28%
28%
28%
,
...
Made
6, 1939
18. 1938
Oct.
WINNIPEG
Fri.
28%
28%
29
28%
28%
2834
28%
FUTURES IN
Tues.
Wed.
OATS
Sat.
May...
July.
bush 60 lbs
bush 56 lbs
bush 32 lbs
170,000
230,000
3,000
7,000
1,000
10,000
52,000
68,000
21,000
New Orl'ns*
24,000
100,000
173,000
2,000
16,000
357,000
132,000
93,000
Galveston..
was
34 to y^c.
net higher.
The steadiness of wheat and corn, together
with the increasingly delicate European political situation,
were factors responsible for the firmness of rye today, con¬
siderable
short
covering being influenced in the latter
market.
;
..y.'A':
v'.-'".
and
:
DAILY
-v
•
markets.
corn
CLOSING
Today prices closed
PRICES
RYE
OF
Sat.
'•
May
July
ii
/
Season's
Tues.
41% ,41%
42%,^42%
43%
43%
44%
...
FUTURES
Mon.
41%
43
September
.
LLOOO
Boston.
15,000
""6", 000
11,000
1,000
Halifax
;.
203,000
878,000
340,000
104,000
9,000
201,000
...v
3,541,000
16,001,000
6,677,000
778,000
245,000
588,000
257,000
1,935,000
506,000
67,000
19,000
120,000
'3,384,000
20,663,000
11,399,000
795,000
931.000
2,204,000
Total wk '39
Since Jan. 1
1938
*
on
—
Receipts do npt include grain passing through New Orleans for foreign ports
through bills of lading.
/
The exports from the several seaboard ports
ended Saturday, Mar. 25, 1939, are shown in
A"
statement:
Wheat
Exports from—
Wed.
DxVILY
CLOSING
PRICES
RYE
OF
.May............
.July-
FUTURES
Mon:* Tues.'
Sat.
....,39%
39%
—
-
-
—
—
39%
•
-
October^.........
40%
....
Fri.
Thurs.
41%
42%
41%
42
43%
43%
44
When
Mar. 16, 1939
Mar. 29, 1939
39,000
Halifax.;,.
796,000
80,845
11,000
1,761,000 2,204.000
81,981
14,000
421,000
—
—
199", 000
"
1,666
Total week 1939..
Same week 1938
Yo'.OOO
The destination of these exports
-July 1, 1938, is
Flour
-■
:
Corn
Wheat
-
Exports for Week
Since
and Since
Week
July 1 to^—
Mar. 25
Week
.
Since
Week
Since
July 1
Mar. 25
July 1
Mar. 25
1938
1939
1938
1939
1938
Barrels
United
July 1
1939
Barrels
Bushels
Bushels
Bushels
'
»
1,652,250
164,000
16,460
572,900
227,000
498,250
18,000
366,000
1,064,530
*4,000
44,000
2,000
55,000
—
So. & Cent. Amer.
West Indies.
779,000 38,584,000
60,721,000
43,753,000
16,500
22,250
17,135
Kingdom.
Continent;
Bushels
Brit. No. Am. Col.
Other countries-
6,500
80,845
81,981
"3~,OO6
aboo
"17", 000
1,229,666
visible
The
421,000 106,113,000
796,000 64,993,000
99,006,000 2,204,000 41,546,000
3,928,686 "1,761,000
of grain, comprising the
supply
seaboard ports
A—A\v
Saturday, Mar. 25,
y
*'
were as
grain stocks
Wheat
New York
stocks in
at principal points of accumulation at lake
A
Bushels
Oats
73,000
Rye
Barley
Bitshels
Bushels
Bushels
1,000
19,000
98,000
33.000
....
304,000
,! 224",000
50,000
"e'.ooo
21,000
60,000
65,000
10,000
2,000
Fort Worth........
,4,142,000
136,000
141,000
28", 000
Hutchinson
New Orleans..
.
,
.. .
.
.
St;
:
3,477,000
860,000
19,651,000
...
Sioux City
St. Louis,.—......
—
Hard winter patents
Hard winter clears
Barley goods—
Milwaukee..
......
Minneapolis.
*
J...
Fancy pearl (new) Nos.
22,000
35,000
.108,000
7,000
172,000
1,171,000
406,000
371,000
S4~666
18,000
1,128" 666
3,220,000
4.958,000
3,086,000
4,216,000
2,31j2,000
901,000
3",000
""5,666
"3", 600
140", 000
1,389,000
103,000
549,000
365,000
5,118,000
260,000
L... A-
6,839,000
afloat-.-....
982,000
.
'
afloat..——
....
"
275,000
^
4.50 @5.00
1.2-0.3-0.2
137,000
1,050,000
1,543,000
271,000
5,086,000
Buffalo
M
211,000
11,189,000
232,000
....
Detroit..
.
3.25
111,000
79,000
10,993,000
Dulutli
*'
361,000
216,000
6,492,000 13,512,000 -2,419,000
692,000,
929,000
252,000
2,085,000,
1,003,000
......
1.60
78,000
328,000
6,580,000
943,000
20,000
_
"
Rye flour patents
3 55®
Seminola, bbl., Nos. l-3-.-5.05@5.35
Oats good
2.65
iT,666
682,000
2,793,000
1,137,000.
558,000
v
Chicago;...
.x...
afloat...'
Spring pat. high protein..4.85@4.95
Spring patents
4,55@4.6o
Clears, first spring.......,4.05®4.25
Hard winter straights
.4.35@4.45
8,000
3,270,000
599,000
Joseph.—
Kansas City—.....
Oamah...........
Peoria.
1,000
1,000
1,236,000
Wichita—
Coarse
9,000
14,000
'
'
—
A
.«•
'
Corn
Bushels
..—
;
—
afloat.
Philadelphia
and
follows:
41%
»,
311,000
4,071,564
.Total 1938.—
5,000
•
'
228,664
Total 1939—...
26,090,000
40%
39%
39
39%
.40%
243,000
for the week and since
below:
as
199,000
188.666
109,000
follows:,.';:
Nom.
7", 000
13,000
11,000
.........
■! 187,000
FLOUR
4.40@4.50
132,000
St. John West—..
Indianapolis
Corn flour
49,845
"
135,000
....
,
Bushels
133,000
..
■
Barley
Bushels
3,893,000
—.—......
were as
Rye
Bushels
Galveston.——..—
Fri.
Thurs.
,
Closing quotations
Oats
Barrels
234,000
121,000
348,000
93,000
24,666
—.
Baltimore...—
WINNIPEG
IN
Wed.
\
145,000
New York
United State*—
Made
Mar. 16, 1939
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Moh'. Tues. • Wed.
Thurs. Fri.
.36% 4 36%
36%
36%
37%
37%
35%
34%
34%
34%,
35%
35%
October
1
35%
May—
July
for the week
the annexed
'• •' ' ",V *
Flour
Bushels
Philadelphia
44%
...
.
:'A,,
Com
,
Bushels
granary
CHICAGO
IN
High and .When Made
I
Season's Low and
53%
July 25, 1938 J May...40%
.49%
Jan.
4,1939 [July..l.
.41%
49%
Jan.
3y 1939 [September
43%
May.
July
September
199",000
St. John W_
New Orleans
to ^gc. net
light, with the undertone firm. There
was some short covering, many traders preferring to even up
over the week end, especially in view of the Mussolini speech
tomorrow.
On the 27th inst. prices closed
to %e. net
lower. This market paralleled wheat in the trend of values,
also being influenced by bearish weather reports and the
easing tension abroad. On the 28th inst. prices closed un¬
changed to h£c. higher.
Trading was light and without
feature.
On the 29th inst. prices closed 34c. lower to un¬
changed. Trading was relatively light, with the undertone
barely steady..
4 '".a
On the 30th inst. prices closed %c. net higher.
Trading
was light,
with prices influenced largely by the gains in
wheat
"9",000
Thurs.
Rye—On the 25th inst. prices closed
Trading
2,000
8,000
Baltimore..
11
bush 56 lbs bush 48 lbs
52,000
30,000
Baltimore..
higher.
Barley
Rye
Feb. 10,1939
...
PRICES
29%
27%
26%
29%
27%
*
DAILY
bbls 196 lbs
FUTURES
IN
CHICAGO
Mon. 'Tues.
Wed.
Thurs. Fri.
29%
27%
2734
—
Season's High and
May.
,3034 a
July
2934
September... 29%
Oats
Since Jan. 1
....
September..
Com
York.
OATS
OF
PRICES
May
July...
Wheat
Philadelphia
New
1939
trend- irregular.
DAILY
Flour
Receipts at—
Week 1938.
Today prices closed
light and mixed, with
was
1997
Chronicle
Total Mar. 25, 1939-
78,465,000 42,478,000 12,505,000
7,708,000
12,883,000
7,768,000
3,476,000
Total Mar. 18,
1939— 79,824,000 43.605,000
Total Mar. 26,
GRAIN
Wheat, New York—
..
■
,Oats, New York—
No. 2 red, c.i.f., domestic..
87% |
No. 2 white,
Manitoba No. l.f.o.b.N.Y. 73% Rye, United States c.i.f
Barley, New York—
40 lbs. feeding
Corn, New York— 1
No. 2 yellow, all rail
Chicago, cash
63%
1938.—
50,999,000 37,901,000 21,154,000
8,082,000
8,440,000
8,835,000
,
_
42%
61%
Albany,
54%
52-60
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
/
.
of the last three years>
630,000;
78,000; Buffalo, 232,000; Buffalo afloat, 807,000; Erie, 441,000;
Boston,
30,000; Baltimore, 56,000; total,
In 1938.
9,000; Philadelphia,
2,567,000 bushels, against 1,235,000.bushels
'
■_,
Wheat
Canadian— A A"Bushels
Oats
Bushels
Rye
Barley
Bushels
Corn
Bushels
Bushels
643,000
/.
53,000
•227,000
.1,181,000
5,313,000
Lake, bay, river &seab'd 22,911,000
Ft. William & Pt;Arthur 40,648,000
1,242,000
916,000
76,125*000
7,536,000
1,175,000
1939-139,684,000
9,421,000
2,144,000
Other Can. & other elev.
Total Mar. 25,
Total Mar. 18,
9,233,000
2,143,000
9,760,000 ; 1,277,000
1939—A139,646,000
43,579,000
Total Mar. 26, 1938
"
Wheat—New York, 279,000 bushels;
jVoie—Bonded grain not included above:
New York afloat,
,.
6,721,000
6,078,000
8,776,000
SummaryFlour
Wheat
bbls. 196 lbs bush
Chicago
60
Oats
Corn
lbs bush
56
lbs
bush 32 lbs
Rye
Barley
78,465,000 42,478,000 12,505,000
....
....139,684,000
......
9,421,000
128,000
1,045,000
491,000
2,000
192,000
23,000
1,106,000
240,000
221,000
104,000
618,000
Total Mar. 18,
1939.-218,149,000 42,478,000 21,926,000
1939—219,470,000 43,005,000 22,116,000
248,000
235,000
58,000
139,000
123,000
Total Mar. 26,
1938..— 94,578,000 37,961,000 30,914,000
341,000
Duluth—.
Milwaukee.
128,000
4,000
5,000
Toledo
84,000
56,000
570,000
12,000
1,000
Indianapolis
15,000
427,000
131,000
12,000
2,000
22,000
Louis..
6,000
7,708,000
2,144,000
8,082,000
6,721,000
bush 56 lbs bush 48 lbs
199,000
...
Minneapolis
St.
American
Canadian
Receipts at—
187,000
135,000
78,000
2,000
44,000
Peoria
51,000
7,000
468,000
77,000
12,000
25,000
Kansas City
21,000
1,106,000
101,000
36,000
215,000
117,000
27,000
The world's shipment of
9,852,000 14,803,000
9,911,000 15,118,000
4,753,000 16,611,000
wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
82,000
64.000
Total Mar. 25,
Omaha
St.
.
138,000
.
Joseph.
Wichita
Sioux
.
...
City.
246,000
43,000
ended Mar. 24 and since July 1,
31,000
25,000
Corn
Wheat
"
77,000
376,000
4 ,000
"j5,doo
16",000
37,000
182,000
Total wk '39
454,000
3.480,000
3,432.000
1,968,000
293.000
399,000
2,540,000
6.111,000
1.284,000
176,000
Same wk '37
341,000
1,852,000
2,090,000
893.000
287,000
741,000
July 1,
1938
Bushels
1,154,000
Since
Mar. 24,
Exports
Bushels
.
Since
Week
Since
Since
July 1,
Mar. 24,
July 1,
July 1,
1939
1938
1937
Bushels
Bushels
Bushels
1937
1,399,000
Same wk '38
Week
1939
Buffalo
1938, and July 1, 1937, are
shown in the following:
1938
1937
1936
—
....
No. Amer.
Black Sea-
Since Aug. 1
15,360,000 248,647,000 194,108.000
13,039,000 230,733,000 203,260,000
14.293.000 171.726.000 119,319,000
78,963,000 20,736.000 75,785,000
85,778,000 22,831,000 79,135,000
89.254.000 13,027,000 68,761,000
Tofal receipts of flour and grain at the seaboard ports for
the week ended Saturday, Mar. 25, 1939, follow:
Argentina.
Australia
.
India-
Bushels
1,463,000 180,135,000 140,799,000
632,000 76,511,000 69,106,000
54,725,000 48,378,000
2,308,000 73,365,000 74,089,000
12,368,000
7,344,000
2,484,000
785,000
591,000
67,642,000
13,312,000
41,946,000
3,264,000
782,000 100,630,000 177,567,000
Other
countries
Total...
560,000
27,408,000
21,066,000
7,447,000 419.488,000 365,806,000
446,000
34,579,000
69,244,000
2,604.000 216,163,000 292.021,000
1998
Financial
CCC Loans
Made
Be
to
on
Basis
Loans—The Com¬
1938
as
modity Credit Corporation announced on March 25 that
loans to wool and mohair producers upon their 1939 pro¬
duction would be mad9 available on substantially the same
basis
as
the loans made in 1938.
It
was
moisture is needed In these
areas.
In Kansas wheat generally covers the
in some northern localities; It is affording considerable
in southern sections.
More rain is needed in Nebraska, but
generally in the Plains north of Oklahoma current weather and soil con¬
ground,
further announced:
except
pasturage
The loans will be made upon the security of
negotiable warehouse
receipts issued by warehouses approved by the Corporation and the loan
values will be determined by appraisers employed by the Corporation
in accordance with a schedule of classifications and values for scoured
or clean wool.
It Is estimated that loans on the principal classes of wool
will range between 15 cents and 22 cents per grease pound, basis Boston.
In determining the loan values on wool stored at points other than Boston,
adjustments will be made to reflect the proper transportation costs to
Boston,
Loans to producers are expected to average 17 cents to 18 cents
dition
largely satisfactory.
are
Dakota;
some
in
Missouri,
and
.
Unfavorable
15, 1939.
Corn
Aggregated
$109,103,253
corn
Amount
State—
is stored
Bushels
89,794.72
Kentucky.....
are as
on
follows:
State—
Bushels
Amount
Minnesota^ ...$8,014,988.35
-
14,125,780
3.0)4,879.98
Nebraska.....
5,433,137
9,432.435.97
Missouri
16,630,034
Ohio.........
516.007.80
905,671
Dakota.
2,147,909.80
3,831,394
49,028.79
87,114
South
162,793.
Wisconsin—.'
continued to leave much to be desired.
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
;
v
There
was no
over
Mountain districts.
fabrics, displayed a stiffening
Trading in rayon yarns slowed down considerably,
particularly in the standard counts, whereas the demand for
the finer deniers held up quite well.
Operations of weaving
plants declined materially, and rumors were heard that some
producers might curtail their yarn production during next
trend.
moderately low
month.
Great Plains and southern Rocky
depression moved but little during the follow¬
This
Domestic
from the Mississippi Valley eastward, while at the same
"low" was charted over the eastern Great Basin, attended
by widespread precipitation over much of the far West-and Midwest.
An extensive "high" moved eastward over the upper Lake region the
latter part of the week,1 bringing decidedly colder weather to the North¬
east and East, some stations in the interior of the Northeast reporting
time another
minimum temperatures around zero.
\
.
,
,
.
values caused
;
European scene and a reversal in the trend of raw
values... Towards the end of the week somewhat
improved reports concerning the movement of finished goods
in distributive channels
in fine
t
as
apparently did little damage to peach
planting was very active, with the soil mostly in
favorable condition for germination.
Rain is still needed along the east
Gulf coast and in Florida; in the latter State showers at the close of the week
were decidedly beneficial, but were inadequate to break the drought.
Rain
would be helpful to recently planted truck in some South Atlantic areas.
In the western half of the country the soil-moisture situation is cur¬
rently favorable.
More rain is needed in parts of southern Texas, most
of Oklahoma, Nebraska and locally elsewhere, but otherwise the Rocky
area
and the Great Plains have sufficient for current needs.
was
favored.
There
moisture would be
Small Grains—The week
erally.
was
favorable for
winter
wheat rather
gen¬
East of the Mississippi River conditions continue largely favor¬
were
demand
Business
restricted to
existed
for
were
consummated in view of the small avail¬
supplies.
With the opening of the new Fall lines
scheduled to take place during next month, a
quick revival
in buying activities is anticipated, inasmuch as inventories
of garment manufacturers are s§id to be at moderate levels.
accomplished.
In the great western grazing sections livestock
was heavy local damage by hail in California; more
helpful in that State.
Corn planting made good progress in the Southern States, with some
seeded during the week as far north as Oklahoma.
Much corn was planted
in the west Gulf area; also conditions were decidedly favorable generally
for preparation of soil for planting.
In the East some cotton was seeded
during the week as far north as the coastal districts of South Carolina, as
"well as in east Gulf sections.
Planting cotton made good progress in
southern Texas, while preparation advanced rapidly toward the north;
some is up to nice stands in extreme southern Texas.
were
fair
an
transactions
able
It
is too wet for cultivation from the Lake region eastward, but conditions
in the Ohio Valley are more favorable than recently and considerable field
work
A
Goods—Trading in men's wear fabrics gave indi¬
early pickup as sampling of the new Fall lines
appeared nearly completed, and the first actual orders were
received by mills.
While the continued heavy deliveries of
Spring fabrics preclude an early rush of buying, a gradual
improvement in sales is confidently anticipated by most
mills.
Prices on Fall woolen and worsted
suitings * were
announced by the largest producer,' and; showed advances
ranging from 10 to 12J^c. a yard over the prices of Spring
and last Fall.
Active demand for light wear Summer ma¬
terials continued unabated, and there was an
improved
call for topcoatings and overcoatings.
Reports from retail
clothing centers continued their spotty showing, although
confidence prevailed that the advent of real
Spring weather
will be quickly reflected in accelerated consumer
buying.
Business in women's wear fabrics was again
largely affected
by between-season influences. Some spot demand for twill
worsteds and woolen suitings manifested itself, but few
bloom in Georgia.
In the South spring
Mountain
lots.
Woolen
cations of
Seening wellfar north interior of Maryland, Kentuckyearly fruit trees are
into the
Also, and southern Mis¬
ooming as
eastern the country.
weather
fill-in
poplins, and hopsacklngs continued to move in
satisfactory volume.
Closing prices in print cloths were as
follows:
39-inch 80s, 5% to 6c.; 39-inch
72-76s, 5%c.;
39-inch 68-72s, 4% to 5c.; 38K-inch
64-60s,
38Kineh 60-48s, 3 11-16 to 3%c.
:
cold
small
carded
High temperatures for the season, associated with sunshiny weather
during much of the week, made decidedly favorable conditions for out¬
side operations on farms and for the growth of vegetation.
Grasses, winter
grains and fruit trees responded rapidly to the warmth, with pasture lands
recent
made their appearance.
goods remained quiet, and sales
occasional
southern
The
proposing
of the
less precipitation in all sections of the country, except
Florida, extreme southern Texas, in a belt from Wis¬
consin westward, and in parts of the north Pacific area.
The weekly
totals in other sections were mostly moderate in amount, although locally
in the Ohio Valley as much as 2 inches of rain fell.
Substantial amounts
were reported from the southern
Plains and southern Rocky Mountain
souri.
program
cotton
was more or
districts.
by the new administration
export subsidy for the staple. Although the present slackwas instrumental in
reviving efforts of mills in
the direction of a curtailment in output, this factor failed to
induce users to reenter the market,
pending a clarification
an
was abnormally warm in practically all sections of the country.
Locally in the Northeast and along the Pacific coast the weekly mean
temperatures were somewhat subnormal; otherwise, in gesneral, they ranged
from 5 degrees to 18 degrees above normal, the relatively warmest weather
being in the. area from the Ohio and lower Missouri Valleys northward.
It is unusual for a week to have such widespread, large plus departures
from normal temperature,
■
Frost and freezing temperatures extended as far south as south-central
Virginia in the East; in the Midwest freezing weather was not reported
from first-order stations south of Indianapolis,
Ind., St. Louis, Mo.,
and Concordia,
Kans., though in the southwestern Plains, subfreezing
occurred to Amarillo, Tex.
Subzero temperatures were confined to a few
localities in the interior of the Northeast,
Along the Atlantic coast the
minima ranged from 20 degrees at Boston, Mass., to 58 degrees at Miami,
Fla.; in the Mississippi Valley from 20 degrees at St. Paul, Minn., to 58
degrees at New Orleans, La., and in the Great Plains from 16 degrees at
Devils Lake, N. Dak., to 54 degrees at Abilene, Tex.
In an average year killing frost and freezing temperatures occur as late
as April 1 to southeastern North Carolina, north-central Georgia, extreme
northern Mississippi, central Arkansas and southern Oklahoma.
However,
1 year in 10, on the average, has a freeze as late as April 1 as far south as
extreme southeastern South Carolina, southwestern Georgia, the extreme
southern portions of Alabama and Mississippi, central Louisiana and east-
~
■,
in business
►.The week
C6Qtrd«l ToxSiS
■
Cotton
Goods—Trading in the gray cloths
markets continued very quiet, and prices of most construc¬
tions were moderately lower.
Chief depressing influences
were the political turmoil in
Europe, the resultant decline
in the security markets, and the unsettlement in raw
cotton
precipitation
There
7* "
the southern
ing day or two, and showery weather prevailed over a considerable area
from the lower half of the Mississippi Valley west to the Rocky Mountains.
However, on the 26-27, the depression moved rapidly In an east-northeast
direction to the middle Atlantic coast and was attended by widespread
extreme
Business in silks remained fairly active,
and prices, notably of sheer
•
marked cyclonic action, but by March 24,
prevailed
While Fall blankets
to have been
class of materials.
principally during the latter part of the period.
High pressure obtained
rather generally during the first few days and there was very little pre¬
cipitation in any part of the country.
While there was a sharp drop in
temperature in eastern sections at the beginning of the week, by Wednesday,
the 22nd, there was a reaction to warmer in most sections and toward the
latter part unusually high temperatures were experienced in the eastern
States.
said
ment manufacturers continued to be in the market for this
;
For the country as a whole the week was characterized by abnormally
warm weather and widespread, dight to moderate precipitation, occurring
pressure
sec¬
bought in substantial volume, noth¬
ing further was heard of the contemplated advance in prices.
Wash goods were neglected by wholesalers,
although gar¬
were
Weather Report for the Week Ended March 29—The
weather for the week ended March 29, follows:
some
Spring-like temperatures made their appearance, the volume
a satisfactory
showing, with pre-Easter buying
resulting in increased activity, notably in the apparel divi¬
sion.
A slightly deterring influence was attributed to the
continued tension in the European political situation and the
resulting unsettlement in the security markets.
Depart¬
ment store sales, the country over, for the week ended
March 18, according to the Federal Reserve
Board, were
5% above the corresponding week of last year.
In the
metropolitan area an increase of 4.7% was recorded, while
in Newark establishments the gain reached as
high as 18.4%.
Trading in the wholesale dry goods markets again reflected
fill-in purchases by retail merchants for pre-Easter
require¬
ments.
The volume of forward orders, on the other
hand,
agencies under the 1938-39 corn loan program aggregate
$109,103,253.37 on 191,623,417 bushels.
The loans by
States in which the
conditions prevailing: in
of sales made
191,623,417 Bushels Through March 23—The Commodity
Credit Corporation announced on March 24 that, through
March 23, loans made by the Corporation and lending
Colorado-,.—
$13,915.20
33,287
Illinois—-.28,012,038.61 49.151.OH
Indiana-.
2.621,901.96
4,601,680
Iowa.....
52,8)5,879.28 92,803,011
Kansas-..-. 2,181,403,90
3,832,463
York, Friday Night, March 31, 1939.
weather
tions during the early part of the week, had a retarding effect
on
retail trade.
In those districts, however, where more
l*»In 1938 loans on wool aggregated $14,909,672.01 on 82,514,370 pounds
and loans on mohair $15,393.08 on 73.454
pounds.
As of March 17
loans outstanding on wool were $4,952,159.99, secured by 27,715,868
pounds, and on mohair $1,386.36 on 6,303 pounds.
on
DRY GOODS TRADE
New
on
Loans
belt
and good progress is reported in the Plains as far north as
southern Nebraska. In Iowa there was some local seeding of
barley.
.
.
<
<•
'
;
'
THE
the basis of 2 Hi % net to them.
Forms and regulations
will be available at the Reconstruction Finance Corporation agencies and
CCC
the
.
was accomplished In eastern and southern South
in Washington.
Oat seeding made better progress, with
in during the week in the Ohio Valley; seeding is nearly finished
both oats and
other convenient points by April
In
of the
also
put
eastern
will bear 4% interest, and will mature 10 months from date but, In any
event, not later than May 31, 1940.
Banks and other lending agencies may make loans on forms to be made
available and under regulations to be issued by COO and may sell the
to OOO
prevailed
and considerable seeding
Loans on mohair stored at Boston or Texas points will be 30 cents and
20 cents per grease pound for kid and adult hair, respectively, and for
mohair stored at other points one cent per grease pound less.
The loans will be available from about April 15, 1939, to Oct. 31, 1939,.
notes
Good growing weather
Pacific Northwest and winter wheat responded favorably.
Some spring wheat was sown in the southeastern portion
pound.
per grease
April 1, 1939
able, although there are some apparent unfavorable effects of previous
freezing weather In parts of .the eastern Ohio Valley.
In the southern
Ohio Valley wheat on the heretofore persistently wet lowlands is now show¬
ing some Improvement.
Excellent growth was reported from the lower Missouri Valley, while
rains were helpful In west-central Texas and in Oklahoma, though more
1939 Production of Wool and Mohair
Same
on
Chronicle
i
Foreign Dry Goods—Trading in linens continued dull,
transactions were confined to small replenishment orders
for the
pre-Easter buying season.
Business in burlap
remained quiet but prices ruled higher reflecting the enhance¬
and
ment in raw
jute values reported from the Calcutta market.
Domestically lightweights were quoted at 4.15c., heavies
at 5.55c.
Volume
Financial
148
1999
Chronicle
Legislature Approves Four-Year Term for Senate—Both
Legislature passed on March 29 the constitu¬
houses of the
Specialists in
tional amendment extending the terms of State Senators to
four years, beginning in 1942.
The Senators' terms are now
Illinois & Missouri Bonds
two years.
Senate passed the Stagg proposal and the Assembly passed
proposal, although the two are identical, the matter will have to
one house, and this Will be done after the Easter recess,
by the Assembly.
As the Constitution requires that amendments be
passed by two Legislatures, after an intervening election, the extension of
the Senatorial term cannot be presented to the people before the election of
1941, provided that it is approved a second time by the Legislature which
is to take office in January of that year.
The drive for prolonging the term of the State Senators began with
the recent doubling of the Governor's term to four years, and the increase
in the service of Assemblymen from one to two years.
Because the
the Reoux
repassed by
be
Stifct, Nicolaus & Cojtic.
Founded 1890
105 W. Adams St.
314 N. Broadway
•
DIRECT
CHICAGO
WIRE
ST.
LOUIS
News Items
Jersey—Parley on Railroad Tax Arrears Proves
joint legislative committee empowered to
New
Fruitless—The
with
confer
New Jersey railroad
officials in an effort to
totaling
$34,258,834 announced on March 24 that negotiations had
come
to an abortive close and that authority would be
requested from the legislature to disband the committee
without any definite results accomplished.
reach
agreement to compromise tax arrearages
an
The announcement was made
following a meeting of the committee
and
leading railroad representatives of the State.
The latest offer of the rail¬
roads to pay $12,206,000 of the amount due, which represents 72of
total assessments on railroad property since 1932, has been rejected By the
■
committee.
Officials of
.
•
.
the leading railroads of the State with the exception of
Pennsylvania Railroad Co., insisted their roads faced bankruptcy unless the
railroad taxes could be considerably reduced.
The carriers involved include
Central of New Jersey, Lehigh Valley, Erie, New York Susquehanna &
Western, Delaware Lackawanna & Western, New York Central and the
Reading lines.
Senator Robert C. Hendrickson, Republican, of Gloucester, chairman of
the committee, declared after the session that if the carriers file bank¬
ruptcy proceedings the State of New Jersey will lose considerable taxes due.
He said, however, the committee could not agree on any compromise pro¬
posal and that he believed the committee should be disbanded.
The carriers contend that nowhere in the United States are lines taxed as
heavily as in the 8tate of New Jersey in the face of reduced incomes.
Officials of the carriers claim that taxes levied against New Jersey railroad
properties equal more than 20 cents of every dollar they take in during
the year.
York
New
-
....
,
State—Bills to
,
..
Ease'Capital Levy Provisions
Signed—Governor Lehman approved on March 24 two
measures
designed to remove "inequities" in the capital
gains and losses provisions of the income tax law.
The laws, sponsored by Senator C Tracey Stagg, Ithaca Republican
permit deductions for capital losses in computing net income of unincor-'
porated business for tax
capital gain for p
The provision
retroactive to April 6. 1938
The second law applies to returns in any
taxable year after Oct 1,1937
"\
the official text of the two bills, which
Chapters 119 and 120, Laws of 1939:
The following is
were
signed
as
New York, N. Y.—Battery Bridge Bill Passed by State
Legislature—The bill authorizing the construction of the
Battery Bridge from Manhattan to Brooklyn was approved
in both houses of the Legislature on March 29 and was
forwarded to Governor Lehman for his signature, according
to Albany advices of that date, t
The measure was passed in the Assembly by a 106-to-6 vote and in
the Senate by 41 to 1.
In both houses, however, Democrats sought un¬
successfully to amend the measure so as to require Commissioner Moses to
employ civil service employees in all but a few technical positions during the
construction of the bridge.
.
•
While the City Council sent up to Albany the necessary request for
the passage of the
of tne companion
AN ACT
poses
in relation to the allowance of deductions for pur¬
of the tax on net incomes of unincorporated businesses.;
State of New York, represented in Senate and Assembly,
The People of the
do enact as follows:
Section 1.
Section three hundred
laws of nineteen
eighty-six-e of chapter sixty-two
five, is hereby amended to read as follows:
Sec. 386-e.
Deductions. In computing net
there shall
business
of the
relation to taxation,
laws," such section having
of nineteen hundred thirty-
hundred nine, entitled "An act in
constituting chapter sixty of the consolidated
been added by chapter thirty-three of the laws
income of an unincorporated
deductions enumerated
be allowed as deductions the
three, four (including capital losses), seven,
eight, nine and ten of section three hundred sixty of this chapter which are
directly connected with or incurred in the conduct of such unincorporated
business.
Where a basic date is specified in any of said divisions, January
first, nineteen hundred thirty-five, shall be substituted. There may also be
deducted on account of the personal service of an individual or member of a
partnership carrying on an unincorporated business, if such person be
actively engaged in the conduct thereof, a reasonable amount on account
of his personal services to be determined and allowed by the tax commission,
except that in no event shall the aggregate of such deductions exceed twenty
per centum of-the'amount representing the gross income less the deductions
provided for in division numbered one of section three hundred sixty of this
chapter but in no case exceed five thousand dollars per such individual or
member.
In the case of a debt existing on January first, nineteen hundred
thirty-five, no more than its fair market value on that date shall be deducted.
The items enumerated in section three hundred sixty-one of this chapter
in divisions numbered one, two.
shall not be deductible.
Sec. 2.
,
effect immediately, and shall be retroactive to
hundred thirty-eight.
This act shall take
April sixth, nineteen
AN
To amend the tax
ACT
law, in relation to the allowance
of deductions in com
for purposes of the taxes upon and with respect
personal incomes
The People of the State of New York, represented in Senate and Assembly,
do enact as follows:
...
Section 1. Section three hundred fifty of chapter sixty-two of the laws of
nineteen hundred nine, entitled "An act in relation to taxation, constituting
chapter sixty of the consolidated laws," such section having been added by
chapter six hundred twenty-seven of the laws of nineteen hundred nineteen",
and last amended by chapter five hundred eleven of the laws of nineteen
hundred thirty-eight, is hereby amended by adding thereto a new sub¬
division, to be numbered seventeen, to read as follows:
puting net capital gains
to
17.
The
words
"capital deductions" means such deductions allowed by
of this chaptt r as the tax commission determines are
section three hundred sixty
properly allocalable to or
during the taxable year.
chargeable against capital assets sold or exchanged
of such chapter, such section
five hundred eleven of the laws of nineteen
amended to read as follows:
Sec. 360-a.
Deductions from capital gains.
In computing net capital
gain there shall be allowed as deductions all capital losses sustained during
the taxable year and capital deductions; but in the case of a taxpayer other
than a resident of the state, only as to such transactions involving capital
assets having an actual situs within the state.
Sec. 3. This act shall take effect immediately, and shall apply to returns
for any taxable year coipmencing on or after October first, nineteen hundred,
Sec.
2.
Section
three
hundred sixty-a
having been added by chapter
hundred thirty-eight, is hereby
thirty-seven.
Explanation—Matter in italics is new.
•
"
understanding is that the tunnel bill will lie dormant until there is
United States War Department on the advisability of
permitting a bridge across the channel.
If the bridge should be rejected
by the War Department, the city would still have the legislative authority
to build a tunnel, if the companion measure is not passed at this time.
The
decision from the
a
Summarized—Kidder, Peabody
York City, have assembled1 the principal
sources of revenue of the 48 States during their respective
fiscal years, and are now presenting this information in a
pamphlet entitled, "Revenues of the States," tabulated
alphabetically by States.
Total collections were $3,164,776,524, and the assembled'total is $2,982,747,285.
The
principal tax omitted is the stock transfer tax.
Revenues of the States
&
Co*, of New
Tennessee—Debt Reorganization Plan
Completed—A com¬
prehensive reorganization of the debt structure of the State
of Tennessee has been completed by Norman S. Taber &
Co. of New York after a year and one-half of engagement.
Upon entering Tennessee on Jan. 1,1937, it was discovered that the State
had
a
gross
indebtedness of $132,319,522.06, including a deficit in the gen¬
The $97,400,000 of funded debt and the $31,-
eral fund of $3,303,987.50.
615,534.56 of county reimbursement debt was so arranged as to its structure
that the State was facing a rather serious problem of continued refunding
and deficit funding.
'■
Annual debt service requirements took 4.1 cents of the gasoline tax,
all of the bridge tolls, $307,500 of the tobacco tax, and in 1936-37 the gen¬
eral fund had further interest requirements of some $882,208.86, which
merely added to the deficit of that fund.
Thus for the fiscal year ended
June 30, 1937, the State spent $12,190,448.43 for principal and interest
on its indebtedness.
Moreover, the general fund during this year could
,
not meet
maturing principal, and
$452,000 of maturing bonds could not
1
be met.
came
To amend the tax law,
measure that would take away from New York City
previously granted, to build a tunnel from the
Brooklyn.
Battery to
From
..
bridge bill, no message was sent asking for the passage
Tunnel Authority the right,
Jan.
due.
1, 1937 to Dec. 31, 1939,
Under the former plan of
•
bonds amounting to $26,115,000
debt administration, only about
$12,683,000 could have been paid.
This would have meant the refunding
$13,432,000 prior to Dec. 31,1939.
Furthermore, a resulting inter¬
est cost of $2,646,626.58 to the general fund would have meant higher
taxes or continued deficits.
'
"
■
Aside from these maturities, no adequate future provision was being made
to pay off $13,532,000 of remaining general fund bonds; $13,850,000 of
bridge bonds, and between $18,000,000 and $20,000,000 of the debt owed
to the counties.
The State was looking forward to approximately $61,000,000 of refunding between 1937 and 1949.
Under the new plan this will
all be paid at maturity.
Conservatively estimating that this $61,000,000 would have to be ex¬
tended 10 years from their respective maturities, and estimating that the
new interest rates,
due to the State's hampered credit, would be 3H%.
this refunding would have cost the State some $21,350,000 in additional
interest alone.
If the dent could be paid off, interest would stop.
If
the debt was refunded, interest would continue. •
.
The debt reorganization program was put into operation on July 1,1937.
of some
matured
will be sufficient
between Jan. 1,
31, 1939, the plan paid off $26,115,000; whereas in the pre¬
the State only paid off at maturity $3,500,000 and during
Since that time,
and as of April,
1939, $15,079,000 of bonds have
and have been paid from cash on hand.
Further accruals
to meet the full $23,737,000 of 1939 maturities.
As stated,
1937 and Dec.
vious 22
years
those 22 years
the debt increased
1,123%.
Debt Retirement
-
•'
t
time in the State's history, the debt reorganization plan has
established "a procedure of orderly future debt retirement, which will make
it possible for the State to pay every outstanding obligation at maturity.
The necessity for refunding some $60,000,000 of the State's debt at maturity
has been eliminated.
This prevention of interest extension can be esti¬
mated conservatively as saving the State $20,000,000 in future interest
costs alone.
The entire saving to the State over the life of the debt will be
$60,000,000.
This takes into account the funds being released yearly
from debt service for general fund use.
It should be pointed out that under the debt reorganization plan the
For the first
the
general fund has been relieved of all debt service expenses.
Moreover,
Highway Department receives all proceeds of 5 cents of the gasoline tax
over and above the amount needed for debt service.
During the past year
the general fund has been relieved of over $1,359,695.25 of expenditures,
while the Highway Department, In addition to nine-tenths of one cent of
gasoline tax, received $396,058.21 more than it would have received
of deot administration.
Therefore it is evident that
$1,700,000 a year less money is being used for debt service than here¬
tofore, even though all bonds are being retired out. of current receipts.
Future prospects are bright.
It is contemplated that over $120,000,000
of the State's debt will be paid off by 1953, or about 85%.
After 1944 large
additional yearly amounts of the gasoline tax will be freed from debt service
to be used for highway purposes or tax reduction.
In the absence of future
bond issues against the gasoline tax, after 1955 less than three-tenths of
1% of the gasoline tax will be needed for debt service, as against approxi¬
mately four cents now being used.
And the yearly levy of $307,500 from
the tobacco tax can be eliminated after 1946-47.
.
Credit of State
the
under the old plan
some
The credit of the State
is at an all-time high due to
the reforms instituted
In December, 1938 the State sold bonds at a
which is the most favorable rate ever obtained
by the State on a long-term bond issue., The prices paid for the State of
Tennessee bonds in the financial markets of the country are verifications
of the State's enhanced credit.
during the past two years.
net interest cost of 2.44%,
Financial
2000
Chronicle
States—Policy on Institutional Exemptions Loosely
Defined in Most States—Although all 48 States grant some
type of property tax exemption to religious, educational and
cnaritable institutions, their statutes are generally silent on
the administration of these exemptions, a report by the Na¬
tional Association of Assessing Officers showsd on March 29.
dates
187,000 City
Clinton County, New York, 4% Sanitary
Ten bids ranging from $1,075.799 per $1,000
$1,000.
The highest bid was submitted by R. W.
Pressprlch & Co., New York City, N. Y.
605.000 City of Akron, Summit County, Ohio, 4% bonds; sewer bonds,
fourth series, 1936; street improvements, fifth series—1938, and
sewer
bonds, seventh series—1938.
Three bids ranging from
$1*,006.33 per $1,000 to $1,014.40 per $1,000.
The highest bid
was submitted by Fox, Einhorn & Co., Inc., Cincinnati, Ohio and
associates.
Bond
ALASKA
Eurchased on March 16 an issue of $240,000 4% school, S3wer and street
onds.
Due Nov. 1 as follows:
$6,000, 1940 to 1942, incl.; $7,000, 1943
1945, Jncl.; $8,000, 1946 to 1948, incl.; $9,000, 1949 to 1951, incl.;
$10,000, 1952 and 1953; $11,000, 1954 and 1955; $12,000, 1956 and 1957;
$13,000, 1958 and 1959; $14,000 in 1960 and 1961, and $15,000inl962 and
1963.
This Issue previously had been contracted for bf the Public Works.
Administration.
•' ,
'V
to
,
and associates
of
by G. H.
Herb", Chairman of the bondholders' protective committee for the district,
There
filed
but
LANDRETH
„
on
:
associates.
unproductive, land;which, because of its unproductivity,
,
RECONSTRUCTION FINANCE CORPORATION
$20,000 Arizona State Teachers College at Flagstaff, Coconino County,
Arizona, 4% building and improvement bonds, series of 1937
(second lien).
Two bids of $990.12 per $1,000 and $1,012.70 per
$1,000.,
The higher bid was submitted by E. J, Prescott & Co.,
Minneapolis, Minn, and associate.
214,000 Mississippi State college. State College, Oktibbeha County, Miss.,
4% dormitory and laundry revenue bonds.
Six bids fanging from;
$1,003.30 per $1,000 to $1,023 per $1,000.
The highest Did was
submitted by Fox, Einhorn, & Co., Inc., Cincinnati, Ohio and
the market of
becomes tax-delinquent and reverts again to the State.
Another
object is to. eliminate "dollar-an-acre" sales of State land which later turn
out to be more valuable for public use.
Proceeds from land sales will be used to pay administration expenses,
protect State-owned lands from fire and timber trespass and to provide the
necessary expenses of agencies cooperating with the Commissioner.
Re¬
maining funds will go to the permanent school fund.
Under the law, the
State will retain mineral rights iii lands returned to private ownership.
Although the use of State land is of major importance in Arkansas, which
owns one out of every 16 acres in the State, the problem has also challenged
the attention of many other States, including California, Oregon, South
Dakota and New Jersey.
soon
their State and municipal officers will fulfill their duty to oppose this attempt to levy a direct Federal tax on the units of local government.s"
RFC on bonds
POLICY MAY SOLVE STATE—NEW LAND
of using land which has reverted to the State through tax delinquency and
abandonment, the American Society of Planning Officials reported on
March 27.
"
■
Under the law, Arkansas' Land Commissioner is authorized to conduct
investigations regarding the" best use "of the 2,000,000 acres of State-owned
land.
He may request the Ldnd Use Committee of the State Planning
Board to supervise the classification and appraisal of this land to determine
which is suitable for agriculture and which should be used for such purposes
as forest and park development.
The Arkansas law provides that land suitable for agriculture may be
developed by the State in cooperation with the Federal Government.
It
also provides that this land may be returned in "family-sized" tracts to. farm
families through sale or outright grants under the State "donation" law.
One object of the law, the Society said, is to prevent a continued dumping
the taxation of public securities, and he'
pointed out himself that such taxation would in effect impose a direct bur¬
den on State and municipal borrowing.
The people may oe confident that
marized the bids submitted as follows:
The following bids were received by the
offered at public sale:
COMPANY
ARKANSAS
on
ing $1,771,000, noted in our issue of March 18—V. 148,
p. 1681—bids were received for eight of the issues.
An offi¬
cial statement from the Corporation on that date sum¬
•
BUILDING, ST. LOUIS, MO.
ARKANSAS, State of
n
Municipal Bond Issues—At the offering
,,
OWNED LAND PROBLEM—Enactment of a new land policy,, has placed
Arkansas in the front rank among States seeking ah answer to the problem
n
on
:.V
r
State, County & Town Issues
SCH ERCK, RiCHTER
<
March 30 of the 12 issues of bonds of local units aggregat¬
•'
,
ARKANSAS BONDS
.
on
far
Markets in all
York to tax the salaries of Federal employees;
The de¬
cision adds nothing whatever to any asserted power of the Federal Govern¬
ment to tax State and municipal bonds, Mr. Epstein said.
11
"We argued successfully in the O'Keefe case," he added, "that recent
decisions of the Court had opened the way to taxation of salaries. The
Supreme Court, however, has never deviated in the slightest from its firm
ana repeated holdings that a "tax on State bonds is
utterly beyond the
constitutional powers of the Federal Government.
Such a tax; would
burden the States directly and the resultant increase in the cost of borrow^
ing would be borne directly by the local taxpayer.
Bids Received
about $75,000 of the old bonds still outstanding.
The district
petition under the Municipal Bankruptcy Act about two years ago,
no action has been taken by the Federal Court of Arizona on the
are
a
so
application,'
the right of New
bearing whatsoever
10009
that the outstanding indebtedness of the district has been refunded through
the Reconstruction Finance Corporation, which has made a new loan.
Solicitor General Henry Epstein, of New York,- who argued the O'Keefe
case before the Supreme Court, declared that the decision merely sustained
no
100.274
100.077
100.11
ARIZONA
organized in the conference will leave no" stone unturned
State and local taxpayers from the rise in the cost of local
"During the course of the argument of these "very cases United States
Solicitor General Robert H. Jackson stated to the Court that these cases
100.14
ROOSEVELT WATER CONSERVATION DISTRICT (P..O. Higley),
tate and city issues, it was indicated.
fovernment that must inevitably result from any Federal attempt to tax
had
Rate Bid
Ariz.—REPORT ON RFC DEBT REFUNDING^-It is reported
Municipal Bonds Held Unaffected by Court Ruling—Rulings
by the Supreme Court on the reciprocal taxation of salaries of
Federal and State employees have no bearing whatever, on
the power of the Federal Government to tax State and city
bonds, according to a statement issued on* March 29 by the
Conference on State Defence, which is composed of the
officials of 40 States and thousands of municipalities.
.
'
Int. Rate
CENTER, Ala.—BONDS SOLD TO PWA—Tt is reported that $23,000
,
.
basis of about 2.91%—
4% semi-annual water System bonds have been purchased at paf by the
Public Works Administration.
(A loan of like amount was approved by the
Public Works Administration in June.)
By its action the Court whittled down the issue of tax exemption as a
constitutional matter to the single question of tax-exempt securities.
The matter of whether the Federal Government may tax State bonds and
State governments may tax Federal bonds was not directly touched upon.
The Treasury figures that $16,000,000 a year will be the Federal revenue
from levies on State and, local salaries, while the amount of the reciprocal
revenue to the States is so indefinite as to be beyond estimate.
The crucial decision came in a New York case, the State Tax Commission
of New York vs. the People of the State or New York, upon the relation of
James B. O Keefe.
Mr. O'Keefe was employed during 1934 as an examin¬
ing attorney for the Home Owners' Loan Corporation at an annual salary of
$2,400.
In finding that his salary was subject to the New York State
income tax. although he worked for a Federal agency, Associate Justice
Harlan F. Stone voiced the opinion of the majority of the Court in such
broad terms that it covered the Whole field of tax Immunity and swept
that legal doctrine into the discard.
(This decision is treated in greater detail in our Department of "Current
Events and Discussions," on a preceding page of this issue.)
.
a
;
ALABAMA
Without waiting for passage and legal testing of an Administrationsponsored measure whicn seeks to effect the same result, the Supreme
Court, divided six to two, gave sweeping indorsement to the constitution¬
ality of State taxation of the salaries of Federal employees. There was flat im¬
plication, in line with the decision last May in the-New York Port Authority
case, that Federal taxation of the salaries of State employees also was
The officials
(plus all expenses),
also bid for as follows:
Conrad, Bruce & Co..3H%
A. 8. Huyck & Co. (plusexpenses)—
3H%
Whiting, Weeks & Stu]bbs__»,-„
3*5%
employees are subject to income levies, thereby revers¬
ing legal precedents dating back over many years.
-
to protect their
100.60
Foster & Marshall (plus expenses)
3M%
Dean Witter & Co-__--—3H%
State
constitutional.
at
V. 148, p. 1840—were
Bidder—
>
Permits
doctrine
.
KETCHIKAN, Alaska—OTHER BIDS—The $200,000 3% street hri*
provement bonds Awarded to Schlater, Noyes & Gardner, Inc. of New York
Taxes on Salaries,
reciprocal tax im¬
munity was rejected by the United States Supreme Court
on March 27 in a ruling holding that salaries of Federal and
Court
Federal—The
Proposals and Negotiations
FAIRBANKS, Alaska—BOND SALE—Blyth & Co., Inc. of Portland
Survey of 36 States by the Chamber of Commerce of the United States
based on reports from business organizations that follow legislative devel¬
opments, indicate that ten legislatures will boost appropriations, nine will
reduce them, nine report no change and in eight sessions have not progressed
far enough to draw an opinion.
Hour-wage legislation has been introduced in more than two-thirds of the
States reporting and is pending in others, but no such measures have been
enacted as yet.
"Little Wagner" Acts have been introduced in about the
same number qf States but none has been adopted.
Supreme
-
>
Expenditures—Appropria¬
by legislatures in session this
year will apparently be about the same in the aggregate as
for the past year or biennium.
and
■.
■
$214,000 City of Knoxville, Knox County, Tenn., 4% electric light and
power system bonds.
Six bids ranging from $995,463 per $1,000
to $1,031.30 per $1,000. . The highest bid was submitted by Fox,
Einhorn & Co., Inc., Cincinnati, Ohio and associates.
263,000 Board of Regents of the College of Industrial Arts (at Denton) ,
\
Denton County, Texas, 4% building revenhe bonds, series 1935-A.
One bid of $1,020.40 per $1,000 was submitted by E. J. Prescott
& Co., Minneapolis, Minn, and associates.
57,000 Board'of Regents of the University of Texas, Austin, Texas, 4%
dormitory revenue bonds, series A, 1938.
Three bids ranging
from $1,000.43 per $1,000 to $1,016 per $1,000.
The highest bid
was submitted by the American National Bank, Austin, Texas.
States to Show Little Change in
S.
bonds.
to $1,132,79 per
tions for State expenditures
U.
Plattsburg,
of
sewer revenue
Most State Institutional exemption laws, the report said, "simply desig¬
nate the exempt property and relieve the owner and the assessor of any
responsibility for taking positive action.
If an over-zealous assessor places
exempt property on the assessment roll and a tax is extended against it,
it may be removed by a board of review or by the proper court.
If a careless
assessor fails to put taxable property on the roll, it can ordinarily be put
on by a board of review, or by a subsequent assessor if retroactive assessment
is permitted.".
.
Nineteen States require the assessor to list exeimpt property on the assess¬
ment roll, the report said. > The purpose of such listing is not only to prevent
accidental or willful omission of taxable property, but also to produce statis¬
tics helpful in appraising exemption policies.
•
Six of these States exercise control by requiring formal application for
exemption each year.
They are Alabama, California, Indiana, Massa¬
chusetts, New Mexico and "Washington.
This system, the Association
pointed out, acts as a check on property which may change from a, taxempt status one year to being taxable the next.
IJsualiy such applications
must be made under oath, and according to certain specifications desig¬
nated by law or by the State tax department.
Three other States demand
formal application, but at less frequent intervals than one year.
The laws of West Virginia, Illinois and Ohio place somewhat greater
responsibility on their State tax departments in the matter of institutional
exemptions than do laws of the other-States, it was foundThe Ohio
Tax Commission, for example, must pass first upon all institutional real
property tax exemptions.
The list or exempt property is required to be
filed with the Tax Commission annually by the County Auditor, and no
additions can be made without consent of the Commission.
;
State
April 1, 1939
61,000 Mississippi State College for Women, Columbus, Lowndes County,
Miss., 4% dormitory revenue bonds.
Four bids ranging from
$990 per #1,000 to $1,023 per $1,000.
The highest Di<f was sub¬
mitted, by Fox, Einhorn & Co., Inc., Cincinnati, Ohio and asso-
United
BENTON
>
COUNTY
(P.
O.
Bentonville).
Ark.—A DDI TIONAL
INFORMATION—In connection with the sale or the $46,750 3H% semi¬
"W, J. Herring & Co., Inc. of Little Kock, at
par, as noted here—V. 148, p. 150—it is now reported that the bonds are
dated Nov. 1, 1938, and mature on Nov. 1 as follows:
$2,750 in 1939;
$2,500, 1940; $3,000, 1941 to 1944; $3,500, 1945 to 1947; $4,000, 1948 to
1950, and $3,500 in 1951 and 1952.
Prin. and int. (M-N) payable at the
Commercial National Bank in Little Rock, as paying agent.
annual refunding bonds to
CHERRY VALLEY SCHOOL DISTRICT (P. O. Cherry Valley),
Ark.—BONDS VOTED—At an election held recently the voters are said
to have
approved the issuance of $21,000 in construction bonds by a wide
margin.
:
MAGNOLIA, Ark .'—BOND S SOLD—It is stated by the City Clerk that
$33,000 hospital bonds approved by the boters at an election held last
October, have been purchased by the W. R. Stephens Investments, of
Little. Rock,
MONTI CELLO, Ark.—BOND SALE DETAILS—It Is nOw reported
by the City Manager that the $16,500 bonds sold to the Southern Secur¬
price of 101.73, as reported here in December
—V. 147, p. 3794—were sold as 4% bonds, maturing as follows:
ities Co. of Little "Rock,* at a
Volume
\
148
Financial
$11,000 water and light improvement bonds.
Due as follows: $1,000,
1942 to 1944; $1,500, 1945 to 1948, and $1,000 in 1949 and 1950.
5,500 fire station bonds.
Due $500 from 1942 to 1948, and $1,000 in
_
1949
and
1950.
Denom. $500.
1938.
California
Municipals
Bankamerica Company
485 California Street, San Francisco
„
Bell System Teletype SF 469
IN OTHER
«
PRINCIPAL CALIFORNIA
CITIES
State of— WARRANT OFFERING—Sealed bids will
11:30 a. m. on April 4 by Harry B. Riley, State Con¬
for the purchase of a $4,000,000 issue of registeredwarrants to provide
funds for unemployment relief purposes.
The issue will be dated and
delivered April 6 and is expected to be called for retirement about Nov. 29.
,
will
all
bring to
a total of $50,342,981
which with the exception
issues of
the
State's
outstanding
of the April 4 block
are
expected to be retired by next Aug. 30.
CALIFORNIA,
State
of— WARRANT SALE—The
general revolving fund registered warrants offered for sale
$3,085,980.21
March 24—
on
V. 148, p. 1940—were awarded to R. H. Moulton & Co. of Los Angeles, at
,2%, plus
premium of $11,777.
Dated March 28, 1939.
payment on or about Aug. 30, 1939.
To be called for
a
METROPOLITAN
WATER
DISTRICT OF
SOUTHERN
CALI¬
FORNIA (P. O. Los Angeles), Calif .—BONDS OFFERED FOR INVEST¬
banking group headed by the Chase National Bank offered
on
March 30 an issue of $73,444,000 4Y\% and 3H% Colorado River
•
MENT—A
Lane
Silver
in
East
Hartford.
The
Bidder
asked to
was
the rate of interest.
name
$200,000 NOTE SALE—The $200,000 tax anticipation notes also offered
March 28—V. 148, p. 1840—were awarded to Cooley & Co. of Hartford
0.20% discount.
Due July 20, 1939.
The First National Bank of
Boston, only other bidder, named a rate of 0.22%, plus $1.
;
In the following we give some of the other bids which were submitted
for the $105,000 coupon bond issues and the $50,000 serial note issue:
refunding bonds.
The issue consists of $56,452,000 of 4%•%
Feb. 1, 1938, and due Feb. 1, 1948 to 1977, incl., priced
to yield from 2.70% to
3.60%; and $16,992,000 of 3H% bonds due Feb. 1,
1978 to 1987, incl., priced at par.
•
Included in the offering group are:1 Bankers Trust Co.; The National
City Bank of New York; R. H. Moulton & Co., Inc.; Lehman Brothers;
Harriman Ripley & Co., Inc.; The First Boston Corp.; Blyth & Co., Inc.;
Lazard Freres & Co.; Blair & Co., Inc.; Ladenburg, Thalmann & Co.;
Dean Witter & Co.; Weeden & Co., Inc.; The Northern Trust Co., Chicago;
Stone & Webster and Blodget, Inc.; Phelps, Fenn & Co.; Union Securities
Corp.; Security-First National Bank of Los Angeles; Bank of America
N. T, & S. A., San Francisco; The Anglo California National Bank; Banka¬
merica C6., San Francisco; American Trust Co., bond department, San
Francisco; F. S. Moseley & Co.; A. C. Allyn & Co., Inc.; MercantileBank & Trust Co.; R. W, Pressprich & Co.; Hallgarten & Co.; Stifel.
Nicolaus & Co., Inc., Chicago; Paine, Webber & Co.; Eastman, Dillon
& Co.; Roosevelt & Weigold, Inc.; Kean, Taylor & Co.; B. J. Van ingen
& Co., Inc.; Tucker., Anthony ,& Co.; Hemphill,
Noyes & Co.: Merrill
Lynch & Co.; Schwabacher & Co.; Kelley, Richardson & Co., Inc., Chicago;
Wells-Dickey Co., Minneapolis; Arthur Perry & Co., Inc.. Boston; and
The Wisconsin Co., Milwaukee.
The bonds were purchased by the group from the Reconstruction Finance
Corporation and were issued to refund a part of a total of $208,500,000 of
bonds which were purchased or are committed for by the RFC.
To date,
the RFC has disposed of $148,500,000 of these bonds.
The bonds are, in
the opinion of counsel,, exempt from personal property taxes in California
and the interest thereon is exempt from present Federal income and CaliT
on
at
.
.
.
,
Washington that the said
Corporation had sold the bonds to a group of 138 bankers and bond dealers
headed by the Chase National Bank at 108 and accrued interest, repre¬
senting a premium to the Corporation of $5,875,520.
the
of
RFC
v
v.-.'- "
_
_;
First
National Bank of Boston..
...
_
For $50,000 Serial Note Issue
■
.
.....
■*,
Day & Co
Bidder—
»
'•
Rate Bid
V.'
■
-
(at % % Interest)
First National Bank of Boston..,
R. L.
Preium
$2,710.10
2,236.95
2,161.95
2,117.60
1,762.95
_.
Cooley & Co. and Day, Stoddard & Williams
R. L.
.
.
...
Day & Co
.
:
Cooley & Co. and Day, Stoddard & WTilliams... —....
First Michigan Corp., Chace, Whiteside & Symonds, Inc.______
NORWALK,
Conn.—BOND
SALS—The
SALE—The
tered school construction bonds offered March
announced in
100.00
99.765
99.759
99.68
$500,000 coupon or regis
$50U,000
2$—V. 148, p. 1683—were
awarded to Smith, Barney & Co., New York, and the Mercantile Com¬
merce Bank & Trust Co., St. Louis, jointly, as 12is, at par plus a premium
of
$549.50, equal to 100.109,
Dated April 1, 1939
basis of about 1.74%.
1959 incl.
a
and due $25,000 annually from 1940 to
Other bids:
"
BidderInt. Rate
ADDITIONAL INFORMATION— Substantial investment demand was
said to have developed on March 30 for the public offering of the above
bonds and syndicate managers reported about two-thirds of the issue sold.
Jones
For $105,000 Bonds"
•
' '
> ■*
Bidder—'■
Blair & Co__„-_.._
Putnam & Co._____.i._
•
The district, a separate and independent corporate political entity/com¬
prises approximately one-third of the population of the State.
It was
organized in 1928 for the purpose primarily of impounding and supplying
water from the Colorado. River to its member cities, which include Los
Angeles, Long Beach, Pasadena, Glendaie, Santa Monica, Santa Anna,
Beverly Hills, Burbank, Compton, Anaheim, Fuilerton, San Mareno and
Torrance,
Construction of the initial stages of the project was started
in January, 1933, and the entire project is expected to be in operation this
summer.
Construction work under way at the present time is devoted
to completion" of the distribution lines to the various member cities.
It is
reported that the project will cost about $20,000,000 less than the original
'amount of $220,000,000 authorized for building the project.
(The official advertisement of this bond offering appears on page vi
of this issue.)
•
Chairman
and
'
dated
fornia State income taxes.
.
Hartford
NEW
BRITAIN, Conn.—BOND AND NOTE FINANCING—The
$155,000 coupon bonds and serial notes offered for sale on March 28,—V.
148, p. 1683—were awarded as follows:
To Estabrook & Co., Boston, at 102.704; net int. cost 1.893%:
$50,000 1%% sewer fund bonds, 15th series, 2nd issue.
Dated Jan. 1,
," 1939 and due
$5,000 on July 1 from 1940 to 1949 incl.
55,000 2% subway fund bonds, 4th series, third issue.
Dated Feb. 1,
1939 and due Aug. 1 as follows: $4,000 from 1940 to 1944 incl.,
and $5,000 from 1945 to 1951 incl.
To Putnam & Co., Hartford, as %s, at 100.014; net int. cost 0.74%:
$50,000 revenue anticipation serial notes.
Dated Dec. 30, 1938 and due
$10,000 on June 30 from 1939 to 1943 incl.
.
-
in
the Connecticut River between
across
Conn.—NOTE SALE—The Bridgeport-City Trust Co.,
of Bridgeport was awarded on March 24 an issue of $150,000 tax notes at
0.25% discount, plus $1 premium.
Due May 31, 1939.
Second high
bidder was Chace, Whiteside & Symonds, Inc. of Boston, which bid a rate
of 0.274%.
waterworks
bonds
Ave.
toll bridge
FAIRFIELD,
CALIFORNIA,
The,, issue
Warwarme
a
Bridge Commission was created by the State Legislature 10 years ago for
purpose of undertaking the projected span.
Raymond A. Johnson,
Chairman of the Commission, pointed out that the financial plan is a
self-liquidating one, imposing no obligation on either the State or the
county, and that authority will be sought immediately of the Legislature
to issue the revenue bonds.
It was said that engineering plans are in such
condition that a start on the bridge could be made within 30 days.
The
law firm of Masslich & Mitchell of New York is expected to supervise
the bond issue proceedings.
Legislative approval for the plan will be sought from the present session
of the General Assembly, whose Joint Committee on Roads, Rivers and
Bridges now has before it tentative bills for State or county financing of
the project.
The approval can be obtained by amendment of any of these
bills or by amending the special Act passed in 1931 which empowered the
Commission to proceed
with the construction of the bridge.
Lack of
State and county funds has held up the construction.
1941 to 1965 incl.
be received until
warrants,
2001
constructing
EAST HARTFOLD. Conn.—BOND OFFERING—The Town Clerk will
receive sealed bids until 8 p. m. on March 31 for the purchase of $250,000
flood control bonds.
Dated Feb. 1, 1939 and due $10,000 on Feb. 1 from
CALIFORNIA
troller
the cost of
the
Dated Nov. 1,
OFFICES
Chronicle
Stranahan, Harris.& Co., Inc.; L. F. Rothschild &
and H.
(?. Wajnwright & Co
Lazard Freres & Co. and First of Michigan
Bankers Trust Co.
Roosevelt & Weigold,, Inc..
—
Securities Corp., and
1._
....—
Goldman, Sachs & Co.; Eldredge & Co., and
Dillon & Co.*.
C. F.
.
100.035
101-869
Corp
Estabrook & Co. and Putnam & Co.....
•
100.09
1H%
and Kidder, Pea body & Co......
Union Securities Corp.; Equitable
i
....
101.81
101.669
.
101.669
2%
Reichard, and Day,
________2%
101.52
—
101.40
101.22
2%
/Coburn & Middlebrook...^
2%
2%,
Phelps, Fenn & Co.*, Inc., and R. W. Pressprich & Co..
Blyth & Co., Inc.; George B. Gibbons & Co., and
Harriman Ripley & Co., Inc.;
2%
2%
Eastman,
—
Childs & Co.; Sherwood &
Stoddard & Williams
Rate Bid
Co.,
—J...
101.209
2%
2%
100.916
2%
100.839
Hemphill, Noyes & Co.,
and A. G. Becker & Co...
—
F. Griggs Co..
Co.".
Inc
Cooley & Co., and Edward N. Bradley & Co..
Halsey, Stuart & Co., Ihc., and the R.
Harris Trust & Savings Bank and Kean, Taylor &
R. L. Day & Co.; Stone & Webster and Blodget,
-
100.899
,
MONTEREY
following is
an
Bidder—
*
DELAWARE
COUNTY
(P. O. Salinas), Calif.—LIST OF BIDS—
offic.ial list of the bids received for the $165,000 SunsetSchool District bonds that were awarded on March 20, as reported in our
issue of March 25—V. 148, p. 1840:
"
The
Premium
;
Schwabacher
& Co.; Donnellan
Co., and Eastland & Co.
District Bond Co.
*
March
be used in the same manner.
,
,'
&
$250
63
_
Salinas National Bank.*..:*....
Interest
(State of)—PLANS BOND ISSUE—'The State Highway
24 authorized the issuance of $1,250,000 highway
improvement bonds, sale of which will release $600,000 of Federal.funds to
DELAWARE
Commission on
_Y 1,216
Due April 1
a
Due April 1 b
Weeden & Co...,.„.j
1,657
American Trust Co. and Kaiser & Co.
1,891
Due April 1, 1940-59, 2H%
Due April 1, 1940-59, 2 % %
Due April 1, 1940-59, 2y2%
Howell, Douglass & Co. and Sargent,
Taylor & Co....
William R, Staats Co. and Lawson,
685
Due April 1,1940-59, 2 H %
j Levy & Williams
232
Due April 1, 1940-59,
712
Due April 1
...
_
Dean Witter & Co. and
Inc
Bankamerica
Co.
& Co.-!
*
Successful
and
Heller,
Barnett National
1940-42;
5%:
171
1943-59,'
1945-49, 2%; 1950-57, 2^%: 1958-59, 2%.
REDWOOD
Due April 1, 1940-59,
c
JACKSONVILLE-
2 M %.
b 1940r44L 3%I
1940-44. 5%; 1945-59, 2M%.
National
Bank
COLORADO
OTERO AND CROWLEY COUNTIES JOINT SCHOOL DISTRICT
(P. O. Manzanola), Colo.—BOND REFUNDING—It is reported
was scheduled to refund on April 1 an issue of
bonds through Bosworth, Chanute, Loughridge & Co. of
that the Board of Education
$73,000 4M%
Denver.
DADE
COMMISSION,
Conn.—TO
ISSUE $6,000,000 BRIDGE REVENUE BONDS—B. J.. Van Ingen &
Co., Inc., New York, contracted oh March 29 to purchase $6,000,000
Bridge Commission revenue bonds, proceeds of which will be used to pay
SCHOOL
COUNTY
SCHOOL DISTRICTS (P. O. Miami), Fia.—
NOTICE—The redemption on May 1, 1939, at
BOND REDEMPTION
and accrued interest of a total of $2,661,200 of refunding bonds of
various school districts of Dade County was announced on March 31 by
James T. Wilson as Secretary of the Board of Public Instruction for Dade
County.
The bonds called by lot for redemption are all dated May 1,
1934, and comprise the following issues:
$1 883,000 of refunding bonds, series A,
No. 2, maturing May 1, 1944
of Special Tax School District
to 1963, incl.
51,200 of refunding bonds, series B, of Special Tax
No. 2, maturing May 1, 1944.
377.000 of refunding bonds, series A, of Special Tax
No. 3, maturing May 1, 1944 to 1964, incl
School District
22,700 of refunding bonds, series B, of Special Tax
No. 3, maturing May 1, 1944.
122 000 of refunding bonds, series A, of Special Tax
No. 4, maturing May 1, 1944 to 1963, incl.
4.400 of refunding bonds, series B, of Special Tax
No. 4, maturing May 1, 1944.
of)—$500,000
BONDS PUBLICLY OF¬
Equitable Securities Corp., and Roosevelt
& Weigold, Inc., all of New York, are offering at price to yield 1.25%
$500,000 1M% funding and building bonds,
due Dec. 1, 1948.
The
bonds are legal investment for savings banks and trust funds in New
York, Massachusetts and Connecticut,
Pierce, Resident Manager
par
(State
STATE
FLORIDA
TAMPA
S.
FLORIDA
FERED—Union Securities Corp.;
CONNECTICUT
-
-
-
T.
DISTRICT (P. O. Clearwater)
Fia.—BONDS
SOLD—It is reported by the Superintendent of the Board of Public In¬
struction that $10,000 school bonds approved by the voters at an election
held on July 19, were sold on Oct, 25 to the First National Bank of Clear¬
water, at a price of 96.50.
ANON A
CONNECTICUT
CONNECTICUT
Building
.
CITY,
LAMAR, Colo.—PRICE PAID—It is now reported by the City Clerk
that the $135,000 3M% semi-annual light and power revenue bonds pur¬
chased by a syndicate headed by Brown, Schlessman, Owen & Co. of Den¬
ver, as noted here on Dec. 24—V. 147, p. 3942—were sold at a price of
96.75, a basis of about 3.82%.
Due $13,500 from July 1,1940 to 1949, incl.
3
First
-
Branch Office:
2X%
Calif,—BONDS SOLD—It is stated by the City
Clerk that $97,000 semi-annual city hall and library bonds were purchased
by the Bankamerica Co. of San Francisco on Nov. 1 at a price of 100.156^
on the bonds divided as follows: $20,000 as 5s and $77,000 as 2Ms.
NO.
Bank Building
'
•
'
a
c
Bruce
•
bid.
Clyde C. Pierce Corporation
2H.%
Blyth & Co.,
i
...
BONDS
FLORIDA
School District
School District
4
4
,
,
•
School District
.
refunding bonds of Special Tax School District
maturing May 1, 1944 to 1964, incl.
6,000 of refunding bonds, series A, of Special Tax School
No. 7, maturing May 1, 1944.
130.000 of
BRIDGE
School District
No.
5,
District
Financial
2002
of Special Tax School
800 of refunding bonds, series B,
No. 7, maturing May 1, 1944.
_
District
.
27,000 of refunding bonds of Special Tax School District
maturing May 1, 1944 to 1957, incl.
35,000 of refunding bonds, series A, of Special Tax School
No. 13, maturing May 1,1944 to 1963, incl.
2,100 of refunding bonds, series B, of Special Tax School
No. 13, maturing May 1, 1944.
No. 9,
April 1, 1939
Chronicle
The necessary resolution must first be approved by Chap¬
and if the bonds are then approved by the County
will be given an apportunity to express
themselves in the matter.
addition bonds.
man
& Cutler of Chicago,
Board of Commissioners, the voters
.
Payment of the drawn bonds of
District
all issues will be made on or after May
1,
1939, upon presentation of the bonds, accompanied by Nov. 1, 1939, and
subsequent coupons, and in certain cases by deferred interest coupons
Chase National Bank, 11 Broad
payable at maturity of the bonds, at the
St., New York.
COOK COUNTY (P. O. Chicago). 111.— WARRANT SALE—Sttfel,
and A. O. Allyn & Co., Inc., Chicago, joined in
purchasing $5,150,000 tax anticipation warrants of 1939, taking $2,100,000
corporate fund at \\i% interest, $2,200,000 corporate fund at \%% and
$850,000 county highway fund at 1.20%, making an average interest cost
of about 1.45%.
ADDITIONAL DETAILS—John W. Clarke, Inc. of Chicago participated
Nicolaus & Co. of St. Louis
Fistrict
in the purchase
was
Jacksonville), Fla.—SCHOOL, DISTRICT
BONDS VOTED— It is stated that at an election held last November the
voters approved the issuance of $200,000 construction bonds of San Jose,
Mandarin and Loretto School District, but they will not be offered for sale
until arrangements have been made with the Federal Government in con¬
nection with additional appropriations for the work.
DUVAL COUNTY (P. O.
of the warrants and that part
.',■
last
Sons Co-
III.—BONDS SOLD—The H. C. Speer &
GLEN CARBON,
of Chicago
voters
of the issue not placed privately
according to
yield from 0.50% to 1.50%,
reoffered by the group to
report.
purchased as 6s the $16,000 water bonds authorized
Dated July 1, 1938, and due in 20 years.
by the
Aug. 16.
HARRISBURG, III.—BONDS SOLD—The $20,000 right-of-way bonds
the city, for various reasons, was unable to sell when offered last
since been sold to Stix & Co. of St. Louis.
Legal opinion of Chapman & Cutler of Chicago.
;
which
ESCAMBIA COUNTY SCHOOL DISTRICTS (P. O. Pensacola);
Fla.—BOND OFFERING—It is stated by J. H. Varnum, Superintended
of the Board of Public Instruction, that he will receive sealed bids until
10 a. m. on April 20, for the purchase of the following issues of 6% semi¬
annual school
ponds, aggregating $35,000:
$10,000 Pleasant Grove Special Tax School District No. 11 bonds.
Dated
April 1, 1939.
Due on March 31 as follows: $500 in 1941 to 1958,
and $1,000 in 1959.
'
'
'
10,000 Gull Point Special Tax School District No. 21 bonds.
Dated
April 1, 1939.
Due on March 31 as follows: $500, 1941 to 1958, and
$1,000 in 1959.
7,500 Ferry Pass Special Tax School District No. 6 bonds.
Dated July 1.
1938.
Due $500 on June 30 in 1940 to 1954 inclusive.
7,500 Bluff Springs Special School District No. 9 bonds.
Dated July 1
1938.
Due $500 on June 30, 1940 to 1954 inclusive. .
^
J
.
Principal and interest payable at- any County
Denom. $500.
of School Funds, or at the Central
Depository
York.
Hanover Bank & Trust Co. in New
JACKSONVILLE,
Fla.—BOND
AUTHORIZATION TO BE RE¬
QUESTED—It is stated by J. E. Pace, City Auditor, that when the
Legislatures convenes in regular session on April 14 it will be called upon
to pass measures authorizing the above city and Duval County to issue
$500,000 in bonds apiece, subject to the results of bond elections, for pur-r
chasing and donating to the Federal Government sufficient land on which
yo construct a naval air base.
NEW SMYRNA BEACH DISTRICT (P. O.
De Land), Fla.—BONDS
Circuit Court ruling given recently
has validated $78,000 5% bridge refunding bonds, authorized in February
byithe County Commissioners.
>•
is reported that a
VALIDATED—It
(P. O. West Palm Beach), Fla .—BONDS
reported by the Clerk of the Board of County
COUNTY
BEACH
PALM
DEFEATED—It is
now
Commissioners that at the general election held in November
turned down a proposal to issue $129,250 In jail bonds.
the voters
PINELLAS COUNTY (P. O. Clearwater), Fla.—BOND TENDERS
INVITED—It is announced by the State Board of Administration that
April 14 at the Capitol, in
Tallahassee, of road and bridge refunding bonds of the following issues:
County-wide and Special Road and Bridge Districts Nos. 1 ahd 3,
sealed offerings will be received until
10
a. m. on
dated April 1, 1933.
Special Road and Bridge Districts Nos. 2,6,7 and 9, dated Jan. 1,1933.
Special Road and Bridge Districts Nos. 4, 6 and 8, dated Dec. 1, 1932.,
Special Road and Bridge District No. 11, dated June 1, 1932.
Special Road and Bridge District No. 13, dated July 1, 1936.
All offerings must be firm for 15 days, i. e., through April 29.
The
right is reserved to reject any or all such offerings or portions of offerings.
Oct. 11—V. 147, p. 2566—have
,
SANITARY
DISTRICT, 111.—BOND CALL—It is
reported that George E. Ruchty, District Clerk, has announced that
various refunding bonds, series of 1935, will be redeemed on May 1,1939,
at the Continental Illinois Bank & Trust Co., Chicago.
Denom. $1,000.
HILLSDALE
ILLINOIS (State of)—REPORT ON PROPOSED $80,000,000 NOTE
ISSUE—Replying to our inquiry regarding bills in the legislature pro¬
viding for an issue of $80,000,000 anticipation notes for road purposes,
Edward J. Barrett, Auditor of Public Accounts, writes under date of
March 24 that Senate Bills 184-8 have been introduced and will not be
acted upon until May 15, at which time the committee of five Senators and
five Representatives will file a report as to the extent of the emergency in
the highway problem .
O. Ottawa), 111.—BOND
La SALLE COUNTY (P.
000 tuberculosis sanitarium bonds
awarded to the Central Republic
SALE—The $275,-
offered March 27—V. 148, p. 1841—were
Co. of Chicago as lj^s, at par plus $363
premium, equal to 100.132, a basis of about 1.48%. Dated April 1,1939 and
due Dec. 1 as follows: $25,000, 1940: $27,000, 1941: $28,000, 1942: $30,000
incl. and $25,000 from 1947 to 1949 incl.
from 1943 to 1946
MARISSA, 111.—BONDS SOLD—The $22,000 sanitary sewer and plant
last December and composed equally of
bonds authorized at an election
general obligation and revenue
securities, have been sold.
MOLINE, 111.—BOND ISSUE DETAILS—In contracting to purchase
$175,000 airport bonds, providing loan is approved by the voters at April
18 election—V. 148, p. 1841—the White-Phillips Corp. of Davenport
agreed to take the, securities at
interest, at par. They would be
dated May 1, 1939. in $1,000 denoms., and mature Dec. 1 as follows:
$5,000, 1941; &7.000, 1942 to 1944. incl.; $8,000,1945 to 1947, incl.; $9,000,
1948 and 1949; $10,000, 1950 and 1951; $11,000, 1952 and 1953; $12,000,*
1954 and 1955; $13,000 in 1956 and $14,000 in 1957 and 1958.
Principal
and interest (J-D) payable at the City Treasurer's office. >
NILES CENTER, 111.—NEW ISSUE OFFERING— H. C. Speer & Sons
Co., Chicago, recently offered $99,000 43^% refunding bonds, due Jan. 1,
1959, optional serially 1940 to 1958, incl., at prices to yield 1% to 3.40%
to optional maturity dates and 4bi% thereafter until paid.
These bondp,
total issue $190,000, of which $12,000 bear interest of 5% and the balance
at 43^ %. are issued to refund the entire general obligation bonded debt of
'
the village.
NILES CENTER,
•
of Chicago
111.—BOND SALE—M. B. Vick & Co.
girchased Trustees.
oard of the $190,000 refunding bond issue recently
authorized by the
'
v
-
III.—OTHER BIDS—The following other bids were re¬
ceived for the two issues of 3% fire department equipment and village hall
improvement bonds, aggregating $22,500, award of which was made on
March 20 to A. S. Huyck & Co. of Chicago at a total price of 104.36. a basis
of about 2.27%—V. 148, p. 1841:
Bidder—
\
Total Bid
Bidder—
Total Bid
John Nuveen & Co_„—.$22,725.00
Riverside State Bank
$23,424.25
Charles K. Morris & Co.. 23,233.50
Benneth Bros .and Johnson 23,333 .50
Barcus, Kindred & Co
22,950.00
Channer Securities Co^-_ 23,338.25
Paine, Webber & Co
23,026.00
Illinois Co. of Chicago... 23,064.75
RIVERSIDE,
GEORGIA
COASTAL HIGHWAY DISTRICT
(P. O. Savannah), Ga.—BOND
reported by the District
ISSUANCE AMENDMENT APPROVED—It is
that both Houses of the Legislature passed a constitutional
amendment calling for the issuance of $4,500,000 in district bonds.
He
also goes on to report that these bonds will come up for a State-wide vote
on June 5; if they are ratified at this election, another election will be held
in the Coastal Highway District, for which a two-thirds majority of the
Secretary
Qualified (which will be69.5% of the debt) by the same majority, Chatham
voters pays needed to carry. < The election must carry in notwith¬
tounty
standing the votes in the other counties.
.
The State Highway Department will repay $4,000,000 of the bonds,
interest on all the bonds, and the $500,000 for rights-of-way will be repaid
by the counties of the district.
.
BOND BILL
measure
SIGNED—It was reported
subsequently that the above
by Gov. E. D. Rivers.
had been approved
.
Bartlett, Knight & Co...
DUDLEY, Ga.—BONDS SOLD—It is stated by Mayor T. C. Babbit*
$9,500 water works bonds approved by the voters last September'
purchased by Brown & Groover of Macon, at a price of 110.00.
have been
EATONTON, Ga.—BONDS SOLD—It is stated by the City Clerk
tha*
$27,500 filtration plant bonds approved by the voters last September, have
been sold as 4s, at a price of 100.37.
the bankers at a price
SOUTH
43^ %
of 90.
coupon, registerable as to principal only general
was sold last August to Doyle, O'Connor & Co
WOODSTOCK,
1948, respectively.
LA FAYETTE, Ga .—BONDS SOLD—It is stated by the City RecorderTreasurer that $30,000 seWer system and traffic light bonds approved by
the voters last October, have been sold to the Bank of La Fayette.
REBECCA SCHOOL DISTRICT
(P. O. Rebecca) Ga .—BONDS
SOLD—A $3,500 issue of construction bonds approved by the voters last
September, is said to have been sold.
.
.
-
SYLVESTER, Ga .—BONDS SOLD—The City Clerk states that three
issues of bonds aggregating $30,000, approved by the voters on Sept. 27,
were sold through Brooke, Tindall & Co. of Atlanta.
They are issued for
water
works, sewerage
and electric light
purposes.
of Chicago at a
Due yearly from
111.—BONDS SOLD SUBJECT TO APPROVAL AT
addition bonds to Lansford & Co.
148, p. 1841—was
held on April 18.
3s, at 105.40, a basis of about 2.05%—V.
made subject to voters' approval of loan at election tp be
of Chicago as
INDIANA
ANDERSON,
I nd.—BOND
OFFERING—Earl J. McCarel, City
Comptroller, will receive sealed bids until 2p.m. on April 6 for the purchase
of $85,000 not to exceed 4H % interest park and street improvement bonds.
Dated March 15, 1939.
Denom. $1,000. Due as follows: $4,000, July 1,
1944; $4,000, Jan. 1 and July I from 1945 to 1953 incl.; $4,000, Jan. 1 and
$5,000 July 1, 1954. Bidder to name a single rate of interest, expressed in a
multiple of
of 1%. Interest J-J. The bonds are payable frbm unlimited
ad valorem taxes and bids must be accompanied by a, certified check for
$2,000, payable to order of the city.
Legal opinion' of Matson, Ross,
McCord & Clifford of Indianapolis will be furnished the successful bidder.
ELKHART
COUNTY (P. O. Goshen), Ind.—BOND OFFERING—
Auditor, will receive sealed bids until 2 p. m. on April
F. C. Mishler, County
17 for the purchase or $48,000 not to exceed 4%
bonds. Dated April 15, 1939. Denom. $1,000.
1940 to 1947 incl.
IDAHO
of $17,000
obligation sewer
ELECTION— Sale of $18,000 city hall
The issue is to be submitted to the voters at the general
March 15,1947 and
Denom. $1,000.
price of 106.
Dated March 1, 1939.
i941 to 1957, incl.
Interest M-S.
GEORGIA, State of—BOND BILL SIGNED—Governor E. D. River8
issuance of up to $7,950,000
highway bonds.
.
JACKSONVILLE, 111.—BONDS SOLD—An issue
is said to have signed a bill which will permit the
in
election in June, and $2,650,000 will be issued this year and will mature
March 15, 1946, with like amounts to be issued in 1940 and 1941 to mature
/
ROCK
bonds
that
23,115.00
ISLAND, 111.—PRICE PAID—The $2,500,000 4%-Rock Island"
Davenport bridge revenue bonds sold to Stifel, Nicolaus & Co. of Chicago
and Otis & Co. of Cleveland, jointly—V. 148, p. 1683—were purchased by
,
interest Commissariat Fund
Due $6,000 on Nov. 1 from
Bidder to name a single rate of interest,
multiple of X of 1% and payable
M-N.
expressed in a
Purpose of issue is to provide for
operating and maintaining the Commissariat of Concord Township
and the bonds are obligations of the county, payable from unlimited ad
valorem taxes.
A certified check for 3% of the bonds bid for, payable to
order of the Board of County Commissioners, is required. Legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis will be furnished the
cost of
BEAR LAKE COUNTY COMMON SCHOOL DISTRICT NO. 8
(P. O. Paris) Idaho—BONDS SOLD—It is reported by the District Clerk
by the State.
that $3,636 construction bonds have been purchased
GEORGETOWN, Idaho—BONDS SOLD TO PWA—It is reported that
$20,000 4% semi-annual water system bonds have been purchased at par
by the Public Works Administration.
Denominations $500 and $100.
Dated Nov. 1, 1938.
Due from Nov. 1, 1940 to 1958, incl.
Prin. and int.
(M-N) payable at the Village Treasurer's office.
WEISER
IRRIGATION DISTRICT (P. O. Weiser) Idaho .—BONDS
DEFEATED—At
defeated
a
an
election held
on
March 10 the voters
are
said to have
proposal to issue $25,750 in not to exceed 5% semi-ann. irrigation
bonds.
successful bidder.
SANITARY
HAMMOND
Ind.—BOND
DISTRICT,
SALE—The
$240,000 series B coupon sanitary bonds of 1939, offered March 30—
V. 148, p. 1683—were awarded to Halsey, Stuart & Co., Inc., Chicago, as
2^s
at par plus $361
Dated April 1, 1939,
premium, equal to 100.15, a basis of about 2.74%
and due $8,000 on Jan. 1 from 1941 to 1970, incl.
Second high bid of 102.32 for 3s was
the Union Trust Co. of Indianapolis,
made by the Fletcher Trust Co. and
in joint account.
OFFERED—Halsey, Stuart & Co., Inc. reoffered
the bonds to yield from 0.90% to 2.85%, according to maturity.
These
bonds to be issued for sewerage treatment plant purposes will be, in the
opinion of counsel, valid and legally binding obligations of the District
which is coextensive with the City of Hammond, 21 miles southeast of
BONDS PUBLICLY
ILLINOIS
CARMI SCHOOL DISTRICT, III.—BONDS SOLD—The $45,000 con¬
struction bonds authorized by the voters last August have been sold as
434s to the First National Bank, White County Bank and the Bank of
Carmi, all of Carmi, in joint account.
Chicago's loop.
The bonds are payable from
be levied against all taxable property in the
as
CHICAGO, III.—WARRANT SALE—Local banks purchased
23
a
on March
total of $800,000 poor relief warrants at 1 % % interest.
CHICAGO
111.—REFUNDING
COMPLETED—A. C.
Allyn & Co., Inc. of Chicago reported as of March 21 that exchange of the
total of $457,977.50 refunding bonds had been completed several months ago.
COOK
HEIGHTS,
COUNTY
PECT— It is
reported
authorization of
an
(P.
O.
that
111.—BOND ISSUE IN PROS¬
making arrangements for the
hospital construction and infirmary
Chicago),
the county is
issue of $7 j000,000
special ad valorem taxes to
District without limitation
to rate or amount.
JOHNSON
TOWNSHIP
SCHOOL
TOWNSHIP
(P.
O.
Decker),
Cole, Trustee, will receive sealed bids
April 8 for the purchase of $5,830.32 4% refunding bonds.
Dated April 1, 1939. One bond for $830.32, others $500 each. Due Dec. 15
as follows:
$3,000 in 1950 and $2,830.32 in 1951. Interest J-D.
Ind.—BONS OFFERING—Harry L.
until 8 p. m. on
Ind.— WARRANT OFFERING—
will receive sealed bids until 2 p. m. on
KNOX COUNTY (P. O, Vincennes),
Noble P. Barr, County Auditor,
April 4 for the purchase of $118,000 not to
exceed 5% interest temporary
Volume
148
Financial
Chronicle
loan warrants.
Dated April 4, 1939. Denoms. as requested by purchaser.
Payable Dec. 31, 1939.
Warrants are being issued in anticipation of col¬
NEWBURYPORT, Mass.—BOND OFFERING—Charles E. Houghton.
City Treasurer, will receive sealed bids until 12:15 p. m. on April 4 for
purchase of $15,000 coupon sewer bonds.
Dated April
1, 1939.
Denom. $1,000.
Due $1,000 on Epril 1 from 1940 to 1954, Tncl.
Bidder
to name one rate of interest, in
multiples of M of 1%.
Principal and
semi-annual interest payable at the Merchants National Bank of Boston,
which will supervise the preparation of the bonds and
certify as to their
genuineness.
Legal opinion of Storey, Thorndike, Palmer & Dodf
Dodge of
lection of taxes now in course of collection for the
general fund of the county,
for payment of principal and interest
3% of the warrants bid for, payable
to order of the Board of County
Commissioners, is required. Legal opinion
of Matson, Ross, McCord & Clifford of
Indianapolis will be furnished the
the
sufficient amount of which is
pledged
on the warrants.
A certified check for
a
successful bidder.
Boston will be furnished the successful bidder.
LAWRENCE TOWNSHIP SCHOOL TOWNSHIP (P. O.
Lawrence).
—BOND OFFERING—John T. Plummer, Trustee, will receive sealed
April 17 for the purchase of $102,000 not to exceed
NORTHAMPTON, Mass.—BOND SALE—The $79,000 coupon floodcontrol bonds offered March 28—V. 148, p. 1842—were awarded to Tyler
& Co", of Boston as lMs at a price of 102.09, a basis of about
hids until 7 p. m. on
iH% interest building bonds.
Dated May 1, 1939. Denoms. of not less
$1,000, as requested by the purchaser.
Due as
$3,000 July 1, 1940; $4,000 Jan. 1 and $3,000 July 1 from 1941 to
1945, incl.; $4,000 Jan. 1 and July 1 from 1946 to 1953, incl.
Bidder to
name the rate of interest, payable J-J.
Bonds are payable from ad valorem
taxes to be levied on school township
property within limits prescribed and
the legal opinions of Matson, Ross, McCord & Clifford of Indianapolis and
Linder & Seet, both of Indianapolis, will be furnished the successful bidder.
1.525%.
Dated April 1, 1939, and due April 1 as follows: $4,000 from 1940 to 1958,
incl., and $3,000 in 1959.
All of the bids also named an interest rate of
1M % and some of the offers are shown herewith:
than $50 nor more than
follows:
AMES,
Iowa—BONDS
OFFERED—It
Bidder—
is
reported
bids
will
WENHAM, Mass.—NOTE SALE—An issue of $50,000 notes was sold
to Lee Higginson Corp. at 0.10% discount plhs $1 premium.
Due in payments of $25,000 each on Oct. 1 and Dec. 1, 1939.
* •
,
WESTWOOD,
Mass.—NOTE SALE— The issue of $75,000 notes
offered March 29—V. 148, p. 1842—was awarded to Second National Bank
of Boston at 0.10% discount plus $1 premium.
Dated Dec. 1, 1939.
WINTHROP,
Iowa—BOND SALE—
of
Chicago, as lMs. paying a price of 100.753, a basis of about
Dated May 1, 1939.
Due on May 1 in 1948 andr1949.
next
(P.
O.
Kansas
„
Bank
revenue
bonds is reported to have been purchased recently
a
price of 104.67.
Ky .—BONDS
OFFERED FOR INVESTMENT—We
by Stein Bros. & Boyce, of Louisville, that they purchased
recently a $35,000 issue of 4% coupon water works revenue bonds, which
they are now offering for public subscription at prices to yield from 2.80%
to 4%, according to maturity.
Dated Dec. 1, 1938.
Denoms. $1,000 and
$500., Due Dec. 1, as follows:
$500 in 1940 and 1941, $1,000 in 1912 to
1944, $1,500 in 1945 to 1948, $2,000 in 1949 to 1953 and $2,500 in 1954 to
1959, callable on any interest payment date at 103 and interest up to and
including Dec. 1, 1943; at 102 and accrued interest up to and including
Dec. 1, 1948- at 101 and interest up to and including Dec. 1, 1953, and
100 and interest thereafter, provided the.yield on any bond including such
premium shall not exceed 6.% per annum.
Prin. and int. (J-D) payable
at the Town Treasurer's office, or at the office of Muir, Wilson & Muir,
bankers of Bloomfield.
These bonds, in the opinion of counsel, will con¬
stitute valid and binding obligations of the town, payable solely from the
revenues of the water works system.
Legality to be approved by Grafton
informed
Second
a
at
Bank of
0.124%
of
Boston,
National
of $50,000 notes
Bank
'
of Bay
City, jointly, at 0.875% interest.
before Sept. 28, 1939.
on or
Dated March 21, 1939 and
>
jL
DETROIT, Mich.—BOND OFFERING—John N. Daley, City Controller,
receive sealed bids until 9:30 a. m. on April 11 for the purchase of
$3,999,000 not to exceed 4% interest series F non-callable refunding bonds.
? Dated May 1, 1939.
Denom. $1,000.
Due May 1 as follows: $188,000
from 1941 to 1943, incl.; $64,000, 1944; $175,000. 1945, and $188,000 from
1946 to 1962, incl.
Rate or rates of interest to be expressed in multiples of
will
'■
^(Above^repfesents'the first offering of bonds by the city since December!
KENTUCKY, State of— WARRANT CALL—It is announced by John
19o6, when award was made of $25,333,000 series F non-callable refundings
Bankers Trust Co. of New York and associates on a bid of 100.0005
E. Buckingham. State Treasurer, that he is calling for payment on April 15,
total of $1,500,000 in 3% tax warrants.
.
to the
a
for 2%s and 3M.S, or a net interest cost
issue ran from 1938 to 1963, inclusive.)
He also states that $662,000 out of
a total of $1,500,000 3% warrants
been presented for redemption.
MIDDLESBORO, Ky.—BOND OFFERING—It is reported
that' bids will
LOUISIANA
SPRINGS SEWERAGE DISTRICT NO. 1 (P. O. Abita
La.—BONDS OFFERED—Sealed bids were received until 11
a. m. on March 29, by Eugene Matranga, District Clerk, for the purchase
of a $17,000 issue of not to exceed 6% semi-ann. sewerage bonds.
Denom.
$500. Dated July 15,1939. Due from July 15,1940 to 1959.
to the city of about
2.912%.
That
REDEMPTION— In issuing call
for bids on the April 11 offering, the city has also issued a statement show¬
ing in detail the $3,999,000 of outstanding bonds which it proposes to take
with proceeds of the projected financing.
The city contemplates the re¬
demption of such bonds on June 15,1939, July 1,1939, and Aug. 1, 1939.
WATER BOARD IN MARKET FOR $225,000 BONDS—John N Daley,
City Controller, announces that sealed offerings will be received at his
office until 10 a. m. on April 5 of city bonds in the amount of about $225,000
for the Water Board Sinking Fund, under the following conditions:
Jf
callable bonds are offered at a premium: (a) when the interest rate is 4M%
or higher, the yield shall be computed to the first call date; (b) when the
interest rate is less than 43-1%
the yield shall be computed to the third
call date.
If bonds are offered at par or less than par. the yield shall
be computed to the date of maturity.
Offerings shall show the purpose,
rate of interest, date of maturity, dollar value and the yield, and remain
firm until 1 p. m. on April 6,
No bonds maturing beyond 1959 will be
accepted.
Where delivery of bonds purchased is made after April 12,
1939, the city reserves the right to pay accrued interest up to that date only,
$3,999,000 BONDS SCHEDULED FOR
be received until April 4, by the City Clerk, for the purchase of a $234,000
issue of sewer revenue bonds.
ABIT A
Bonds will be issued in either coupon or registered form, and
will be exchanged for registered instruments at
time upon application Of the owner.
Principal and semi-annual
interest payable at the current official bank of the City of Detroit in N. Y.
City, or at City Treasurer's office, at option of the holder.
Legal opinion
of Thomson. Wood & Hoffman of N. Y. City will be furnished the successful
bidder without charge.
Delivery and payment for bonds to be made in
N. Y. City, with payment to be made in Federal Reserve funds in Detroit.
Bonds are exempt from all taxation in the State of Michigan.
A certified
check for 2% of the bonds, payable to order of the city, is required.
Bids
to be made on all or none basis at the greatest premium above par.
any
& Grafton of Louisville.
called previously have not
H of 1%.
if issued in coupon form
,
t
issue
Treasurer, will receive sealed tenders of series G and H refunding bonds,
dated Oct. 1, 1935, until 2 p. m. on April 7.
Amounts available for pur¬
chase of bonds of the respective series are $8,700 for series G and $8,800
for series H.
Offers must be firm for ten days from date of opening and
fully describe securities offered, stating lowest price at which sale will be
made to the city.
■
BARBOURVILLE, Ky.—BONDS SOLD—A $75,000 issue of 5% semi¬
BLOOMFIELD,
an
Merchants National
rate of 0.13%. v
BIRMINGHAM, Mich.—TENDERS WANTED—H. H. Corson, City
by Dering & Co., Inc.,of Loouisville, paying
are
highest bidder, named
payable
price of 101.15.
annual electric
SALE—The
30
1939.
MICHIGAN
KENTUCKY
,
March
17,
BAY CITY, Mich.—NOTE SALE—'The $109,000 general obligation tax
anticipation notes offered March 20—V. 148, p. 1685—were awarded to
the Peoples Commercial and Savings Bank of Bay City and the National
SOLD—An issue of $100,000 1M% general improvement bonds is said to
have been purchased by the Harris Trust & Savings Bank of Chicago, at
a
on
Nov.
"
Kan —BONDS
City),
Due
1.67%.
KANSAS
COUNTY
Mass.—NOTE
awarded
was
discount.
The $425,000 issue of primary road bonds offered for sale at public auction
on March 27—*V. 148,
p. 1684—was awarded to Halsey, Stuart & Co., Inc.
WYANDOTTE
148,
at
Boston
Mount Ayr),
101.519
revenue an¬
recently
Due serially from
GRAETTINGER, Iowa—BONDS SOLD—It is stated that two issues
of 5% semi-annual improvement bonds, aggregating $7,042.08, have been
purchased at par by the Carleton D. Beh Co., of Des Moines.
O.
101.641
r
notes offered March
p. 1842—was awarded to the Merchants National Bank of
0.31% discount.
Due Nov. 20, 1939.
The Ware Trust Co.
bid 0.32% and the Lee Higginson Corp. of Boston 0.34%.
^
,
(P.
*.
WARE, Mas 8.—NOTE SALE—The issue of $100,000
Boston
&1841—was awarded according to the Districtof Burlington as 3 Ms, payg a price of 100.45, to W. D. Hanna & Co.
Secretary.
COUNTY
Co
TEMPLETON, Mass.—NOTE SALE—An issue of $75,000
28—V.
ARION SCHOOL DISTRICT (P. O. Arion), Iowa—BOND SALE—
The $7,000 issue of building bonds offered for sale on March 24—V. 148,
RINGGOLD
&
ticipation notes was sold to the First Boston Corp. at 0.34% discount.
Due Dec. 15, 1939.
Lee-Higginson Corp., second high bidder, named a
rate of 0.34%.
.
■
be
$22,975.67 street improvement, and $3,862.81 storm sewer improvement
bonds.
(These bonds were offered for sale without success on March 6, as
reported here at the time—Y. 148, p. 1519.)
Denom. $500.
101.548
Barney
R. L. Day &
received until April 6, by J. W. Prather, City Auditor, for the purchase of
the following bonds aggregating $59,083.10: $32,244.62 street improvement;
Coupon bonds, dated April 1, 1939.
1940 to 1953.
Interest payable M-N.
101.90
Smith,
.
that
Rate Bid
Merchants' National Bank of Boston
Second National Bank of Boston.
/Vr:;
IOWA
2003
»
Springs)
,
MARYLAND
BALTIMORE* Md.—$15,000,000 BONDS ON ELECTION BALLOT—
an election to be held on May 12, the voters will be asked to authorize
school con¬
Submission
of a $1,000,000 airport issue is subject to approval of loan by the State
Legislature.
Should the voters approve the loan proposals, the city plans
to issue $3,000,000*bonds in 1940, a similar ^mount in 1941, $4,000,000 in
1942 and $3,000,000 each in 1943 and 1944.
At
the issuance of $15,000,000 bonds, consisting of $10,000,000 for
struction and $2,500,000 each for paving and sewer purposes.
.
MASSACHUSETTS
Ripley &
1842—were also bid for as follows:
Tyler & Co.
Cape Cod Trust Co. of Harwich—__—
Estabrook
&
,
Co_
2M%
2M%
2/4%
of
Rate Bid
Int. Rate
101.29
100.69
100.63
April 4 for the purchase of $137,000 notes, as follows:
$125,000 tuberculosis hospital maintenance notes, dated April 5, 1939,
and due April 5, 1940.
12,000 industrial farm loan, general laws, Chapter 126, hotes, dated
April 5,1939, and due April 5,1940.
All of the notes will be payable at the National Shawmut Bank of Boston,
which will certify as to their genuineness and validity, under advice of
Ropes. Gray, Boyden & Perkins of Boston.
„
,
„
,
DEDHAM, Mass.—NOTE SALE— The $100,000 tax anticipation notes
were sold at 0.10% discount, as follows:
$40,000 to the
National Bank of Boston and $30,000 each to the National
Shawmut Bank and the Second National Bank, both of Boston.
Notes
are dated March 30, 1939 and due Dec. 8,1939.
The Boston Safe Deposit
& Trust Co., Boston, second high bidder, named a rate of 0.111 %.
Jackson
& Curtis of Boston bid 0.12%, while the New England Trust Co. of Boston
and the Norfolk County Trust Co. of Dedham, each bid 0.15%.
offered March 29
Merchants
DOVER, Mass.—NOTE SALE—An issue of $35,000 notes was
sold to
Due Dec. 1, 1939.
HAVERHILL, Mass.—NOTE SALE—The $400,000 notes offered
March
148. p. 1842—were awarded a3 follows:
$300,000 to Leavitt & Co. of New York at 0.419% discount.
Due $100,000
Nov. 3, 1939, and $200,000 March 25. 1940.
100,000 to the Merchants' National Bank of Boston at 0.46% discount.
3
1030*'
1
'
•
*
The National Shawmut Bank of Boston
Boston among the other bidders, each
-
.
and Frederick M. Swan & Co. of
a rate of 0-47%.
named
$5,000 for series F
and B certificates there is about $1,000 in the
series C and D.
Tenders should
offered, including serial numbers,
bonds will be sold.
The bonds or
certificates purchased shall be delivered at the City Treasurer s office, or
to the Fernaale Branch of the Wabeek State Bank, within seven days of the
date of mailing notice of acceptance offender.
HANCOCK, Mich.—NOTE, OFFERING—Eliza M. Qpie,
Clerk, will receive sealed bids until 7:30 p. m. on April 5 for
$15,000 not to exceed 4% interest tax anticipation notes.
15, 1939, and payable Nov.
1, 1939. at the City Treasurer's
Acting City
the purchase of
Dated March
office.
SEBEWAING RIVER AND
6. Caro), Mich .—TENDERS
WANTED—W. J. Steadman, Drain Commissioner, will accept tenders
for payment until April 8 of seven refunding bonds issued by the district
AND TUSCOLA COUNTIES,
BRANCHES DRAIN
DISTRICT (P.
HURON
Oct. 15,
1936.
MICHIGAN (State of)—BONDS PARTIALLY ~~~~
assessment district No. 481 highway improvement refunding bonds offered
March 28—V. 148, p. 1842—were awarded to a group composed of Braun,
Bosworth & Co., Toledo. First of Michigan Corp. and Grouse & Co., both
of Detroit, as 3Ms, at par plus a premium of $72.45, equal to 100.023, a
basis of about 3.748%.
Dated April 16,1939 and due May 1,1957; callable
on any interest payment date on 30 days' notice.
■
—
"BONDS NOT'SOLD-—No bids were submitted for the additional $130,000
time and described in V. 148, p. 1843.; *a
j
bonds offered at the same
OWOSSO, Mich.—BOND SALE—'The $52,300 refunding bonds ofta-ed
27—V. 148, p. 1842—wwe awarded to the Channer Securities Cm.
as 1 Ms. at a price of 100.07, a basis of about 1.74%.
Dated
April 1, 1939 and due April 1 as follows: $5,000 from 1940 to 1948, jbcl.,
and $7,300 in 1949.
Harriman Ripley & Co., Inc., second high bidder,
offered 100.709 for 2s.
^
March
Chicago,
27—V.
JSTov
series A to E. inclusive, refundings:
I, inclusive: for series A
fund, and a like amount in the case of
fully describe the bonds and certificates
and should state the sum for which these
.
BRISTOL COUNTY (P. O. Taunton), Mass.—NOTE OFFERING—
Ernest W. Kilroy, County Treasurer, will receive bids until 10 a. m. on
Lee Higginson Corp. at 0.08% discount.
TENDERS OF REFUNDING ' BONDS
INDEBTEDNESS—Jay F. Gibbs. City Man¬
Mich.—ASKS
will receive sealed tenders for the sale of 1935 refunding bonds and
certificates of indebtedness up to 8 p. m. on April 10. at which time the
offers will be opened and promptly acted upon.
About $10,000 is avallager,
to
Co., Inc., and associates as 2Ms, at 102,4199, a basis
about 2.31%—V. 148, p.
Bidder—
/
FERNDALE,
AND CERTIFICATES OF
"able for purchase of
BOURNE WATER DISTRICT (P. O. Buzzards Bay), Mass .—OTHER
BIDS—The $360,000 water district bonds awarded on March 23 to Harriman
*
(P. O. Pontiac), Mich.—BOND CALJL—The
Commissioners announces that it will redeem on
and accrued interest, all of the outstanding highway
improvement bonds issued by the Board on behalf of the county, as follows:
OAKLAND
Board
COUNTY
of County Road
May 1, 1939, at par
Financial Chronicle
2004
Road No.
Bond Numbers
97
1-13,16-35,39-40
2-3.5-18,20-42
2-1^18-^2,24-50,53-54
88
100
$35,000
39,000
45,000
35,000
32,000
42,000
46,000
50,000
61,000
34,000
57,000
37,000
44,000
60,000
50,000
-
1-2,4-29,31-37
—
1-3,5-14.16-30,32,34-36
3 5-20, 23-29, 31-48
:
1-21, 23, 26-34, 38-44, 47-54
2-4, 6, 9-27, 29-55
2, 7-13, 16-26, 29-61, 63-71
1-4. 7-36
2-35, 37-39, 41-42, 44-56, 58, 68-71
1, 3 6-31, 33-41——
1-5, 7, 9-46
1-11, 14-15, 17-29, 31-32, 35-66
1-9, 12, 14-39, 41-45, 47-52, 5*L56
1-6, 8-18, 20-23, 25-35, 37-40, 42-45, 47, 49-57, 59,
62, 69, 71-77, 80-88---
103
105
106
,
,
109
113
115
117
119
120
136
147
-----
—
,
155
—V.
148, p. 617—were sold as follows: $25,000
of 100.25. and $10,000 park bonds at 100.52.
due
$1,000 annually from 1940 to 1954, Inclusive.
of Commissioners, that he will receive sealed bids at the office of Rogers
& Pennistori of Richmond, until 10 a. m. on April 11, for the purchase
an $8,000 issue of approximately $4% road Improvement borlds.
Dated
April 1, 1939.
Due $1,000 April 1, 1942 to 1949.
Prin, and int. payable
the Exchange Bank of Richmond.
Bids are requested as follows:
(1) On the above basis or at lower interest figure; or (2) on the above
basis except that the bonds be callable, at the option of the Board of Com¬
missioners after April 1, 1942.
Bids to be subject to bidder's right to
examine and approve proceedings of the Board.
Bonds to be prepared
in accordance with bidder's suggestions, subject to Board's approval.
These bonds were authorized at the election held on March 25 by a vote
at
.
of ,186 to 10.
PEMISCOT COUNTY DRAINAGE DISTRICT NO. 8 (P. O. Caruthersville), Mo.— BONDS SOLD TO RFC—It is reported that a total of
semi-annual refunding bonds has been purchased by the
Reconstruction Finance Corporation.
Dated April 1, 1936.
(The RFC
some time ago authorized a loan of $202,500 to this district for refinancing
purposes.)
$179,000 4%
BOND
EXCHANGE—It
Superintendent that
with the original
Minn.—BOND
OFFERING—We
informed
are
ST.
was
reported subsequently by the County
$42,000 5% refunding bonds have been exchanged
Dated Jan. 15,1939.
"
holders.
JOHNS-OVERLAND
Due $100,000 from May 1, 1940
SEWER
DISTRICT
an
(P.
O.
election will
April 4 In order to have the voters pass on the proposed issuance
of $175,000 in sewer bonds.
on
by
purchase of the following issues of not to exceed 6% semi-annual bonds
aggregating $2,469,000: *
$1,000,000 public relief bonds.
SANITARY
Overland), Mo.—BOND ELECTION—It is reported that
be held
George M, Link, Secretary of the Board of Estimate and Taxation, that
he will receive sealed and auction bids until April 2G, at 10 a. m., for the
,
price
of
for payment on May 1, 1939, after which date all interest on said bonds
shall cease.
Board points out that the bonds called for redemption are
those bonds upon which the County of Oakland appears as the primary
obligor,
MINNEAPOLIS,
a
MISSOURI
Note—The hyphen is used in lieu of the word "to," and numbers given
both inclusive.
The bonds should be delivered to the Detroit Trust Co., Detroit, Mich,,
LAKEFIELD, Minn.—BONDS SOLD—We are informed by E. P.
Whitney, Village Clerk, that an $87,000 issue of power plant refunding bonds
was purchased recently by the Justus F. Lowe Co. of Minneapolis, and
Mairs-Shaughnessy & Co. of St. Paul, jointly.
paving bonds at
HENRIETTA SPECIAL ROAD DISTRICT (P. O. Richmond), Mo.—
BOND OFFERING—It is stated by E. R. Douglas, Secretary of the Board
are
MINNESOTA
1939
TUNICA COUNTY SCHOOL DISTRICT NO. 7 (P. O. Tunica),
Miss.—MATURITY—It is now reported by the Clerk of the Chancery
Court that the $15,000 234% semi-annual refunding bonds purchased at
par by the Planters Bank of Tunica, as noted here—V. 148, p. 1686—are
69,000
RIVER ROUGE SCHOOL DISTRICT, Mich.—BOND SALE—1The
$231,000 coupon refunding bonds offered Match 27—V. 148, p. 1685;—
were awarded to Braun, Bosworth & Co, of Toledo at a price of 100.052
as 2H*t and 2Mb. a net interest cost of about 2.603%.
Bankers bid for
$146,000 2Mb, due May 1 as follows: $25,000. 1940 to 1942, incl., $31,000
in 1943 and $40,000 in 1944, and $85,000 2^s, due $40,000 in 1945 and
$45,000 in 1946.
McDonald, Moore & Hayes of Detroit, next highest
bidder, offered to pay 100.006 for $186,000 2%s and $45,000 2^s.
1,
SHELBY, Miss.—PRICES PAID—It is now reported by the City
Attorney that the $35,000 park and paving bonds purchased by the Union
Planters National Bank & Trust Co. of Memphis, as noted here on Jan. 28
Priiu Amt.
99
A mil
to 1949,
inclusive.
500,000 water works bonds.
Due on May 1 as follows: $20,000 in
1940 to 1944, and $40,000 from 1945 to 1954, all incl.
969,000 permanent improvement bonds.
Due on May 1 as follows:
$96,000 in 1940, and $97,000 in 1941 to 1949, incl.
MONTANA
PLAINS, Mont.—BOND OFFERING—It is reported that bids will be
received until 7 p. m. on April 17 by Rosa Rive. Town Clerk, for the pur¬
chase of a $3,000 issue of fire fighting equipment bonds.
Dated April 1,
1939.
No bid is to be less than par and accrued interest.
A certified
check for $200 must accompany the bid.
,
Dated May 1, 1939.
Dehdm. $1,000.
Rate of interest to be a multiple
of y± or l-10th of 1%', and must be the same for all of the bonds.
The
bonds will be issued as coupon bonds, and, may be registered as to both
A charge
principal and interest on application to the City Comptroller.
of $1 plus 5 cents per $1,000 will be made for the Issuance of each registered
certificate, and an additional charge of 50 cents per certificate will be
made for each re-registration.
In addition to the purchase price, purchasers
will be required to pay the Board of Estimate and Taxation $1 per bond
to apply on the expense of the Board In issuing and transporting the bonds
to place of delivery.
Delivery will be made by the City Comptroller in
New York City, in Chicago, or in Minneapolis, at a national bank satis¬
factory to the purchasers, any charge paid by said bank for delivery service
to be paid by the purchasers.
The obligations will be sold to the bidder"
(or bidders) offering bids complying with the terms of this sale and deemed
most favorable, subject to the provision that the Board of Estimate and
Taxation reserves the right to reject any or all bids.
Bids for a portion
only of said issues will not be considered until bids for all or none have been
disposed of.
Principal and interest payable at the fiscal agency of the
"city in New York, or at the City Treasurer's office.
The obligations will
be issued pursuant to the terms of Sections' 9 and 10 of Chapter XV of the
City Charter, and the full faith and credit of the city will be pledged for
The obligations will be accompanied by the opinion^
thepayment thereof.
of Thomson, Wood & Hoffman pf New York, that the obligations are valid
and binding obligations of the city.
Enclose a certified check for 2% of the
Amount of the obligations bid for, payable to the City Treasurer,
ADDITIONAL BOND OFFERING—It is also stated by Mr. Link that
'Charles G. Swanson, City Clerk, will offer for sale on the same date, at
9:30 a. m., a $500,000 issue of refunding bonds, as noted here on March 25.
—V.
148,
p.
1842.
ST. LOUIS COUNTY (P. O. Duluth), Minn.—BOND OFFERING—
We-are informed by W. H. Borgen, County Auditor, that he will receive
sealed bids until 1:30 p. m. on April 6, for the purchase of a $300,000 issue
of welfare bonds.
Dated April 1, 1939.
Denom. $1,000.
Due April 1,
as follows: $40,000 in 1941; $20,000 in 1942, and $40,000 in 1943 to 1948.
Bidder to name the rate of interest in a multiple of l-10th of 1 %.
Principal
and* interest (A-O), payable at the County Treasurer's office, of at the
Irving Trust Co., New York, or at any other place elected by the pur¬
chaser.
The sale of the bonds may not be at a sum below the par value
thereof, with* accrued interest to the date of delivery, interest payable
semi-annually, as authorized by Chapter 120, Laws of Minnesota for 1933,
as amended.
The bonds are issued under authority of Chapter, 120, Laws
of Minnesota for 1933, as amended, to fund overdraft in county welfare fund
for 1938, and are to be paid for within 10 days after notice that the same are
ready for delivery, the said delivery and payment to be made at the County
Treasurer's office.
If payment for or delivery of said bonds is desired for
any other place, it shall be at the expense pf the buyer.
Blank bond forms
will be furnished by the county, at its own expense and no allowance will be
made for the same, if furnished by the purchaser.
The legality of the
bonds will be passed upon by Thomson, Wood & Hoffman of New York.
Enclose a certified check for. 2% of the par value of the bonds, payable to
the County Treasurer.
.
*
" - ■
.
.
,
.
,
.
,
Shis notice supplements the tentative offering report given in our issue
arch 25.)
•
,
SAUK CENTRE,, Minn.r—CERTIFICATES OFFERED-—It
that sealed and auction bids
is reported
were received until March 30, at 7:30 P.
m.,
by A. J. Schoenhoff, City Clerk, for the purchase of a $4,300 issue of Local
Improvement District No. 11, street improvement certificates of indebted¬
ness.
Dated March 31* 1939;
Due from Jan. 1, 1941 to 1945; optional'
NEBRASKA
ALLIANCE SCHOOL DISTRICT (P. O. Alliance), Neb.—BOND
SALE DETAILS-rrlt is now reported by the Superintendent of Schools
that the $27,500 high school addition bonds purchased by the WachobBender Corp. of Omaha, as 3s—Y. 148, p. 1843—were sold for a price of
100.87, and mature on Dec. 1 as follows: $5,000In 1948 to 1950; $6,000 in
1951, and $6,500, 1952, giving a basis pf abdut ?.91%.
COLUMBUS, Neh.—BOND OFFERING—It is stated by Joseph F.
Stanzel, City Clerk, that he will offer for sale at public auction on April 5,
$45,000 issue of sanitary sewer revenue bonds; Dated May 1,
1939.
Due $3,000 from May 1 1940 to 1954; optional after five years.
These bonds are being issued to retire the bonds remaining in a presently
outstanding4 % issue.
at 8 p. m., a
HAMPSHIRE
NEW
MANCHESTER, N. H.—BONDS SOLD—The City Cemtery Trust Fund
purchased the $138,000 school construction bonds which were authorized
by the Board of Aldremen last November.
JERSEY
NEW
CAMDEN
COUNTY
(P. O.
Camden),
N.
3.—BOND OFFERING—
Edward J. Kelleher, County Treasurer, will receive sealed bids until noon
.
HADDONFIELD, N. 3.—TENDERS
WANTED—J.
Ross Logan,
Borough Clerk, announces that the borough plans to redeem &nd retire at
10 a. m. on April 14", at the Haddonfield National Bank, a total of $24,000
bonds issued pursuant to Chapter 233 of New Jersey Laws of 1934 and
consisting of $12,000 due Dec. 1, 1949 and a like amount on Dec. 1, 1950.
Borough is requesting tenders of the bonds for purchase at the lowest price,
which must, be less than par and accrued interest.
NEW BRUNSWICK, N. J.*—BOND SALE—The $154,000 coupon or
registered refunding bonds offered March 30—V. 148, p. 1843—were
awarded to C. G. Collings & Co. of Philadelphia as 2Hs, at par plus a
premium of $317, equal to 100.205, a basis of about 2.21%. Datfed April 1;
1939 and due April 1 as follows: $4,000, 1940; $10,000,1941 to 1945 incl.;
and $25,000 from 1946 to 1949 incl. Other bids:
Bidder—
"
Int. Rate
Premium
Kean, Taylor & Co. and Van Deventer & Co., Inc
2.40%
$69.30
H. B. Boland & Co^__
2.40%
32.38
Stround & Co., Inc., and MacBride, Miller & Co
2.50%
857.63
Halsey, Stuart & Co., Inc,
2.50%
751.52
E. H. Rollins & Sons, Inc., and A. C. Allyn & Co.,
Inc.
2.50%
—
J. S. Rippel & Co—
.—
Campbell, Phelps & Co., Inc.; Supl«e,Yeatman&
Co., Inc. and Bioren& Co_
H.' L. Allen & Co—
—•
Mirisch, Monell & Co., Inc. and Colyer, Robinson
Co., Inc:—
M. M. Freeman & Co., Inc.--___
—
before maturity.
MISSISSIPPI
ALCORN COUNTY (P. O. Corinth), Miss.—MATURITY— It is now
stated by the Clerk of the Chancery Court that the
$24,000 3% semi¬
annual refunding bonds sold to the First National
Bank, and Leftwich &
Ross, both of Memphis, jointly, at a price of 100.729, as noted here-^-V. 148,
sewer
lanters National Bank & Trust Co. of
Memphis, paying a premium
of $210, equal to 100.174.
Due in from 1 to 20 years.
2.50%
241.78
2.70%
446.60
-
477,40
2.75%
2.75%
325.00
or
registered
bonds offered March 28—V. 148, p. 1844—were awarded to the First
National Bank of North Bergen, the only bidder, as 4s, at 100.25, a basis
of about
to
3.98%.
Dated April 1, 1939 and due $1,000 on April 1 from 1940
1971, inclusive.
NEW
MEXICO
GALLUP, N. M .—BONDS SOLD—It is reported that $7,500 refunding
now
MERIDIAN, Miss.—BONDS SOLD—It is stated by R. S. Tew, City
Clerk and Treasurer, that an issue of
$120,058.82 3M% semi-annual re¬
funding bonds was purchased recently by a syndicate composed of the
Municipal Securities Co., the Citizens National Bank, the First National
Bank, all of Meridian, Scharff & Jones, Inc., of New Orleans, and the
514.36
400.53
2.50%
SECAUCUS, N. 3.—BOND SALE—The $32,000 coupon
P-1686—are due $2,000 from March 1,1940 to 1951, giving a basis of about
2,88%.
JASPER COUNTY (P. O. Bay Springs), Miss.—PRICE PAID—It is
reported by the Clerk of the Chancery Court that the $75,000 5%
semi-annual funding bonds purchased by Walton & Jones of Jackson, as
noted here on Dec. 24, were sold at par.
.
April 12 for the purchase of $188,000 not to exceed 4% interest coupon
or registered power plant bonds.
Dated April 1, 1939.
Dehom. $1,000.
Due April 1 as follows: $7,000 from 1940 to 1943, ihcl., and $10,000 from
1944 to 1959, incL
Bidder to name a single rate of interest, expressed in a
multiple of H of 1 %.
Principal and interest (A-O) payable at the County
Treasurer's office or at the Chemical Bank & Trust Co.* N. Y. City.
The
sum required to be obtained at sale of the bonds is $188,000.
The bonds
are payable from unlimited ad valorem taxes and the approving legal opinion 7
of Hawkins, Delafield & Longfellow of N. Y. City will be furnished the suc¬
cessful bidder.
A certified check for 2% of the bonds offered, payable to
order of the county , must accompany each proposal.
■
*
on
water
as
bonds were purchased
recently by the First State Bank of Gallup,
3s.
NEW MEXICO, State oi—DEBENTURE OFFERING—We are advised
State Finance Committee will offer
of $1,625,000 State highway deben¬
Bidders are to specify the interest rate desired.
Due serially on
April and Oct. 1 from 1951 to 1954.
DEBENTURES SOLD —The State Finance Committee is said to have sold
to the State Treasurer for permanent investment a total of $875,000 2y%
State highway debentures at par.
Due in 1954 and 1955.
by our Western correspondent that the
for sale at 2 p. m. on April 11, an issue
tures.
MERIDIAN, Miss.—BONDS
OFFERED FOB INVESTMENT—An issue
being offered by the Municipal
subscription at prices to yield from
1-25% to 3.15%, and priced at 100.00 on the last two maturities.
Denom.
$1 .000. Dated April 1,1939. Due on April 1 as follows: $5,058-82 in 1940,
and $5,000 from 1941 to 1959, incl.
Prin. and int. (A-O) payable at the
of $100,058.82 334 %
refunding bonds is
Securities Co. of Meridian for public
.
Chase
National 'Bank ih
New York City.,,
Thomson, Wood & Hoffman of.New York.
.
Legality to be approved by
-
,
<
NEW
YORK
AMHERST COMMON SCHOOL DISTRICT NO. 13 (P. O. Eggerts-
ville), N. Y.—BONDS OFFERED—Arthur E. Popper, District Clerk, re¬
ceived sealed bids Up to 11 a. m. on March 31, at the Amherst Central
High School. Building, 4301 Main St., Snyder, for the purchase Of $11,000
not to exceed 5% interest coupon or registered 1939 series debt equalization
"
Volume
Financial
148
'
2005
Chronicle
Purchasers reoffered the issue to yield from 0.20%
to 1.40%, according to maturity.
They are eligible, in the opinion of the
bankers, as legal investment for savings banks and trust funds in N. Y.
and $200,000 in 1949.
New York State
Municipals
State.
Other bids for the issue
were as
follows:
Lehman Bros., Phelps, Fenn & Co., Inc., et al
1.30%
1.30%
76
NEW YORK,
BEAVER STREET
First National
Bank of New York,
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
Bell
1.40%
100.18
1.40%
100.149
1.40%
et al
100.14
Bank, et al
1.40%
100.139
Smit^, Barney & Co., First Boston Corp., et al
1.40%
100.O22
1.50%
100.409
1.50%
100.14
Bankers Trust Co., Chase National
NEW
100.289
Lazard Freres
& Co., et al_
George B. Gibbons & Co., Inc., Stone & Webster
and Blodget, Inc., et al
Harris Trust & Savings Bank, Northern Trust Co.
of Chicago, et al
Goldman, Sachs & Co., Kidder, Peabody & Co.,
N. Y.
100.069
100.038
1.40%
Halsey, Stuart & Co., Inc., Darby & Co., et al
Tilney & Company
Rate Bid
Int. Rate
Bidder—
YORK
HariTman, Ripley & Co., Inc., Blyth & Co., Inc..
bonds.
Dated April 1, 1939.'- Denom. $1,000.
Due NOv. 1, 1945.
Prin¬
cipal and interest (M-N) payable at the Manufacturers & Traders Trust
Co., Buffalo, with New York exchange.
The bonds are unlimited tax
obligations of the district and are issued, pursuant to Education Law and
etal
Chemical Bank & Trust
Co., F. S. Moseley & Co.,
et al___
the General
Municipal Law, for the purpose of refunding a like amount of
subsisting bonds in order to equalize the district's debt burden.
Legality
approved by Dillon, Vandewater & Moore of New York City.
$10,000
BOND SALE—Award of the above issue was made to the Manufacturers
& Traders Trust Co. of Buffalo on a bid of 100.129 for 2Ms.
RALEIGH, N. C., Water 43^
AMHERST COMMON SCHOOL DISTRICT NO. 18 (P. O. Snyder),
Due Jan; 1,
N. Y.—BONDS OFFERED—Albert Glassman, Dist. Clerk, received sealed
bids up to 11 a. m. on March 31 for the purchase of $11,000 not to exceed
5%
equalization bonds.
1, 1939,
Denpm. $1,000.
Due Nov. 1, 1949.
Principal
and interest (M-N) payable at the Manufacturers & Traders Trust Co.,
Buffalo, with New York exchange.
The bonds ure unlimited tax pbligations of the district and are issued, pursuant to Education Law and General
Municipal Law, for the purpose of refunding a like amount of subsisting
bonds in order to equalize the district's debt burden.
Legality approved by
Dillon, Vandewater & Moore of New York City.
interest
Dated April
coupon
or
registered
1939
series
debt
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone
Traders Trust Co. of Buffalo
on
a
Y.—BONDS OFFERED—
Board of Fire Commissioners received sealed bids at the office of
Douglas A.
Hinman, Esq., up to 3 p. m. on March 31 for the purchase of $6,000 not to
exceed 5% interest coupon or registered building bonds.
Dated March 15,
1939.
Denom. $500.
Due $500 on March 15 from 1940 to 1951 incl.
Bonds are general obligations of the district, payable from unlimited taxes.
Principal and interest (M-S) payable at the National Commercial Bank &
Trust Co., Albany, with New York exchange.. Legality approved by
Dillon, Vandewater & Moore of New York City.
March 21.
LENOIR COUNTY (P. O. Kinston), N. C.SoND OFFERING—We
informed by W. E. Easterling, Secretary of the Local Government
are
Commission, that he will receive
11
m.
a.
LONG BEACH, N. Y»—REFUNDING VIRTUALLY COMPLETED—
The
Manufacturers & Traders Trust Co. of Buffalo, and the South Shore
Trust Co. of Rockville Centre, acting jointly as fiscal agents for the city
in connection with the refunding of $1,427,250 general and water bonds due
from
1938 to 1942, incl., recently reported that $1,199,050, or 84.01% of
principal amount affected, has been refunded.
If was further stated that
Morris S. Tremaine, State Comptroller, has issued an order permitting the
city to refund the bonds not exchanged as of Jan. 1, 1939.
Such auth¬
orization
was necessary pursuant to amendments to the
which became effective at the start of the current year.
State constitution
A more detailed
account of the annual maturities involved in the refunding appeared in
V. 147, p. 3344.
It is also of interest to note that the city recently asked
for offers of general refunding and water refunding bonds, issue of Dec. 1,
1933, maturing on Dec. 1, 1948 and 1949.—V. 148, p. 1686.
•
MAMARONECK, N. Y —-CERTIFICATE SALE—George B. Gibbons &
Co., Inc., New York, purchased on March 24 an issue of $57,000 certificates
of indebtedness at 0.72% interest.
Due in six months.
First National
Bank of Boston, second high bidder, named a rate of 0.73%.
R. D. White
& Co. of New York bid 0.74%, plus $1 premium.
NEW
YORK,
N.
Y.—BORROWS $30,000,000 ON REVENUE BILLS
AT
0 25% INTEREST-—The sale by
allotment of $3,000,000 revenue
was announced March 29 by Comptroller Joseph D. McGoldrick, at
interest rate of 0.25%.
The issue is dated March 30th and will be pay¬
sealed bids at his office in Raleigh, until
April 4, for the purchase of an issue of
$113,000 courthouse
annyally, March 1, $4,000, 1942
1948; $5,000, 1949, and $10,000, 1950 to 1957 incl., without option of
prior payment.
There will be no auction.
Denom. $1,000; coupon bonds
registerable as to principal only; prin. and int. (M-S) payable in legal
tender in New York City; general obligations; unlimited tax; delivery on
or about April 20, at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
to
6% per annum in multiples of M of 1%.
Each bid
for part of the bonds (having the earliest maturities),
may name one rate
and another rate for
and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest in¬
terest cost to the county, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest upon all
of the bonds until their respective maturities.
No bid of less than par
and accrued interest will be entertained.
Bids are required on forms to
be furnished with additional information, and each bid must be accompanied
by a certified check upon an incorporated bank or trust company, payable
unconditionally to the order of the State Treasurer for $2,260,
The right
to reject all bids is reserved.
The approving opinion of Masslich & Mitch¬
ell, New York City, will be furnished the purchaser.
the balance,
but
no
bid may name more than two rates,
LUMBERTON, N. C.—BOND SALE—The $25,000 issue of coupon
improvement bonds offered for sale on March 28—V. 148, p. 1844—
awarded to the Scottish Bank of Lumberton, as 2Hs, paying a premium
of $9.50, equal to 100.038, a basis of about 2.49%.
Dated March 1, 1939.
Due from March 1, 1942 to 1950, inclusive.
bills,
street
an
was
able
May 4, 1939 from the April 1st tax instalment.
The proceeds will be
used for current municipal purposes.
The banks and their allotments follow:
Bankers Trust Co., $2,400,000; Bank of the Manhattan Company, $1,-".
Brooklyn Trust Co.. $330,000;
The Chase National Bank
City of New York, $5,430,000; Chemical Bank & Trust Co., $1,170,000; The Commercial National Bank & Trust Co. of New York,
$60,000; The Continental Bank & Trust Co. of New York, $150,000; Corn
Exchange Bank Trust Co., $840,000; Empire Trust Co., $60,000; The
Fifth Avenue Bank of New York, $210,000; The First National Bank, of
the City of New York, $1,500,000; Fulton Trust Co. of New York, $60,000;
Guaranty Trust Co. of New York, $3,930,000; Irving Trust Co., $1,500,000;
Kings County Trust Co., $90,000; Lawyers Trust Co., $120,000; Manu¬
facturers Trust Co., $1,290,000; The Marine Midland Trust Co. of New
York, $210,000; The National City Bank of New York, $4,290,000; The
New York Trust Co., $840,000; The Public National Bank & Trust Co. of
New York,- $300,000; Title Guarantee & Trust Co., $60,000; United States
Trust Co. of New York, $240,000; J. P. Morgan & Co., $1,140,000.
170,000;
Bank
of
New
York,
$360,000;
Central Hanover Bank & Trust Co., $2,250,000;
of the
,
on
Dated March 1, 1939. maturing
bonds.
_
CAROLINA
NORTH
POINT, N. C.—BONDS SOLD TO PWA^-It is stated by E. M,
Knox, City Manager, that the City Council on March 20 authorized the
issuance of $4,000,000 in electric revenue bonds.
The Local Government
Commission sold $3,571,000 of these bonds to the Public Works Adminis¬
tration at private sale, of which a block of $1,000,000 was paid for on
HIGH
bid of 100.219 for 2.70s.
BERNE FIRE DISTRICT (P. O. Berne), N.
A. T. T. Tel. Rich. Va. 83
3 9137
BOND SALE—Award of the above issue was made to the Manufacturers
&
1958-1960, at 3.10% basis
PELHAM MANOR, N. Y.—BOND SALE—The $17,000 series No. 59
and improvement bonds offered March 27—V. 148, p. 1844—were
as 2s, at par, to the Peoples Bank for Savings of New Rochelle.
MARION, N. C.—BOND SALE—The two issues of coupon bonds,
aggregating $15,000, offered for sale on March 28—V. 148, p. 1844
were
awarded to the William B. Greene Co. of Winston-Salem as follows:
.
$5,000 street improvement
100.382,
Dated
Apiril 1, 1939 and due April 1 as follows;
incl.
ana $1,000
in 1948.
A. C. Allyn &
high bidder, offered 100.288 for 2.20s.
$2,000 from 1940 to 1947,
Co.
Inc., New York, second
*
PORT CHESTER, N. Y —NOTE SALE— The $75,000 tax anticipation
offered March 29—V. 148, p. 1844—were awarded to the-First Na¬
notes
0.39%.
Dated April 1, 1939 and due June 1,
1939.
County Trust Co. of White Plains named a rate of 0.49%; the Na¬
tional City Bank of New York and the First National Bank & Trust Co. of
Port Chester each bid 0.60%.
•
•
•
tional
Bank of Boston
i>ORT
at
a
RANDOLPH COUNTY (P. O. Asheboro),
„
.
N. C.—BOND SALE—The
reufnding bonds, aggregating $56,500, offered
147, p. 1845—-were awarded to the William B.
Co. of Winston-Salem, as follows:
March 28—V.
on
.
for sale
Greene
.
$19,000 school refunding bonds as 3at par.
Due $5,000 in 1952, and
$7,000 in 1953 and 1954.
'
„^nnrto.
.
.
. -.
.
37,500 general bonds as 3Ms, paying p, price of 100.384, a basis of about
3.22%,
Due $11,500 in 1952, and $13,000 in 1953 and 1954.
.<
ROSE
HILL, N. C —MATURITY—It is now reported
$33,000 4% water and sewer bystem bonds
Clerk that the
par
are
by the Public Works Administration, as noted here—V.
due on Oct. 1 as follows- $1,000 in 1939 to 1965, and
by the Town
purchased at
148, p. 1845—
$2,000 in 1966
to 1968.
NORTH
DAKOTA
SCHOOL DISTRICT (P. O. Linton), N.i>ak.—
MATURITY—It is stated by the District Secretary that the $9,000 gym¬
nasium bonds purchased as 4s at par by the State Board of University and
School Lands, as noted here—V. 148, p. 1845—are due $1,000 in 1939<iJ
LINTON SPECIAL
1947 inclusive.
OF
NEW
YORK
AUTHORITY,
N.
Y.—PLANS SALE OF
$17,500,000 BONDS—-The Authority plans to offer at competitive sale
about April 11 ah issue of $17,500,000 general and refunding bonds, to
bear 3% interest and mature in 1976.
Bonds will be callable prior to Dec.
15, 1950, through operation of sinking fund.
The redemption would be at
103 on and after Dec. 15, 1941, scaling down to par on and after 1955."
The proceeds would be used to redeem outstanding $16,500,000 of 3^%
bonds due in 1965 and callable June 1 at 105.
*
OHIO
„
In announcing the decision to
$1,000,000 will
Although the
date of maturity is extended to Dec. 15. 1976, the probability is that the
Port Authority will be able to retire the issue at the same time, 1965, as
it would have retired the outstanding sh%.
The Commissioners decided
to proceed at once with the sale as both credit and market conditions are
exceptionally favorable."
As with other Port Authority issues, the bonds
will be exempt from all Federal and State income taxes and will be legal
for investment in New York and New Jersey for State and municipal
officers, banks, insurance companies, trustees, and other fiduciaries.
They
also will be eligible for deposit with State or municipal officers or agencies
in New York and New Jersey for any purpose for which bonds of those
States may be
deposited.
SCARSDALE, N. Y.—VILLAGE ACCORDED HIGH CREDIT RATING
factor of import
ance affecting the credit of the village is its heavy debt burden, approxi¬
mately one-third of which consists of overlapping county debt, Lazard
Freres & Co., New York, says in a financial study on the municipality.
As
factors of favorable nature of the village listed are the high per capita
wealth and income, the excellent tax collection record, sound management
of current finances, and the practical consolidation of town and village
government. The investment house concludes that the village can bear its
relatively heavy debt burden and accords its obligations a high credit rating.
DESPITE LARGE DEBT BURDEN— Only unfavorable
Y.—IIOND SALE—The $1,865,000 coupon public
March 28—V. 148, p. 1844—were awarded to the
R. H. Moulton & Co., both of N. Y. City, in
joint account, as 1.30s. at a price of 100.15, a basis of about 1.27 %.
Dated
April 1, 1939 and due April 1 as follows; $185,000 from 1940 to 1948, incl.,
ROCHESTER,
N.
bonds offered
National City Bank and
MUNICIPALS
mitchell, herrick & co.
effect the financing, Frank C. Ferguson,
Chairman of the Port Authority, stated that "a saving of
be effected by this new step in our refunding operations.
welfare
•
,
bonds sold as 3s, for a premium of $38.25, equal to
basis of about 2.95%.
Due from 1941 to 1952, inclusive.
two issues of coupon
land
awarded
incl.4 Sold as
Due from 1941 tq 1947,
bonds.
3s. at par.
10,000 water and sewer
700
CANTON
CUYAHOGA BUILDING, CLEVELAND
AKRON
CINCINNATI
SPRINGFIELD
COLUMBUS
J
OHIO
AKRON, Ohio—PROPOSED BOND FINANCING—It is reported that
the city is making preparations for issuance within the next few months of
$500,000 bonds to cover its share of Work Progress Administration projects
planned or now under construction.
Total would include $100,000 water
works, $275,000 street improvement and $125,000 trunk sewer obligations,
ANTWERP, Ohio—BOND SALE—The
March 24—V. 148, p. 1687—were
$6,5C<; refunding bonds offered
awarded to P. E. Kiine, Inc., Cincinnati,
3s, at par plus $26 premium, equal to 100.40, a basis
Dated March 15, 1939 and due as follows:
$5v0 March
from 1940 to 194o, incl. and $o00 March lo, 1946.
Other
as
Bidder—
Ryan, Sutherland & Co
Rohl & Co., Inc
Antwerp Exchange
-
Bank Co
Antwerp Exchange Bank Co
of about 2.89%,
15 and Sept. 15
bids:
/n(. Rate Premium
3M%
$21
3^%
10
4%
20
4M%
50
CADIZ, Ohio—BOND SALE—An issue of $112,750 sewer construction
was sold as 3 Ms to the Union National
Bank of Cadiz. Dated
1, 1939.
Denom. $2,255.
Due as follows: $2,255 July 1, 1939;
$2,2.55 on Jan. 1 and July 1 frqm 1940 to 1963 incl. and $2,255 on Jan. 1,
1964.
Prin. and int. (J-J) payable at Union National Bank, Cadiz.
bonds
Jan.
2006
Financial
Chronicle
WCORRECTION—The $20,000 water works system bonds purchased by
the Union National Bank of Cadiz—V. 148,
p. 1522—were sold as 3>£s,
nofc 33^s.
CLEVELAND, Ohio—SPECIAL OPERATING LEVY APPROVED—
The voters on March 22
approved a special operating and relief levy of
7.416 mills which will provide an estimated sum of $8,838,274, based on
100% collection, and will boost the city's 1939 tax rate to an estimated
30.20 mills, the highest since 1936.
Although the levy needed only a simple
majority for approval, it received a favorable vote of approximately 60%.
CLEVELAND
CITY
SCHOOL
DISTRICT,
MAPLE
half
our refunding, we have issued $2,892,518.47 of
refunding bonds, leaving a
total of $41,686.10 of our original bonded debt
unrefunded, of which $9,500
has recently consented and will soon be ready for
exchange.
We recently
accepted tender of $86,927.58 of bonds at prices from 54 to 60.
This was
practically all of the bonds offered, as there were only about 10 bonds in
Ohio—NOTE
K.
tax
addition to these, offered at par and similarly high prices.
as of Jan. 1
1939 was $2,839,279.49, compared to
CITY'SCHOOL DISTRICT, Ohio—NOTE SALE—
$1,000,000 bond anticipation notes offered March 27 were awarded
Paine, Webber & Co. of Cleveland at 0.90% interest. Due on or before
July 26, 1939.
The National City Bank of Cleveland, second high bidder
named an interest rate of 2 %.
were
adopted an ordinance providing for an issue of $12,975.45 not to exceed
6% Interest special assessment street improvement bonds, to be dated
not later than May L 1939 and mature May 1 as follows:
$1,975.45 in
1940, $2,000 in 1941, and $3,000 from 1942 to 1944 incl.
Principal and
interest (M-N) payable at the State Bank of Definance.
OLD
Feb.
20,
Luibel, City Audi¬
ally
on
Sept.
1 and the interest rates and maturity schedules upon which
bids were received are as follows: 2 34 %—$23,369 in 1940, $24,000 in 1941
and 1942, $25,000 in 1943, $26,000 in 1944 and 1945, $27,000 in 1946,
$28,000 in 1947, $29,000 in 1948 and 1949, $30,000 in 1950, $31,000 in
1951, $32,000 in 1952 and 1953, $33,000 in 1954, $34,000 in 1955, $35,000
in 1956, $36,000 in 1957,
$37,000 in 1958, and $39,000 in 1959; 2:4%—
$23,369 in 1940, $23,000 in 1941, $24,000 in 1942, $25,000 in 1943, $26,000
in 1944 and 1945, $27,000 in 1946, $28,000 in
1947, $29,000 in 1948 and 1949<
$30,000 in 1950, $31,000 in 1951, $32,000 in 1952, $33,000 in 1953, $34,000
in 1954 and 1955, $35,000 in 1956, $36,000 in 1957,
$37,000 in 1958, and
$38,000 in 1959, and 3%—$22,369 in 1940, $23,000 in 1941, $24,000 in
1942 and 1943, $25,000 in 1944, $26,000 in 1945, $27,COO in 1946 and 1947,
$28,000 in 1948, $29,000 in 1949, $30,000 in 1950, $31,000 in 1951, $32,000
in 1952, $33,000 in 1953, $34,000 in 1954, $35,000 in 1955, $36,000 in
1956, $37,000 in 1957, $38,000 in 1958, and $39,000 in 1959.
No bids
Secretary of the committee.
city bonds, the pro¬
1939, representatives of several holders of bonds Issued
wiil be considered where bonds
by the City of Euclid, Ohio, met in Cleveland to discuss the situation with
respect to the defaults which have occurred in the servicing of bonds issued
by the City of Euclid.
'
improvement purposes.
SPRINGFIELD, Ohio—BONDS OFFERED-—W. A
In a letter issued under date of March 18 to holders of
tective committee said in part as follows:
"On
sewer
"
Hugh Richmond, representing thri Brotherhood of Locomotive Firemen and
Enginemen; S. K. Cunningham, representing various Pittsburgh insti¬
tutions; Walter L. Sperry, acting for the Maccabees, and E. W. Valko,
agent for the First Catholic Slovak Union.
Frederick W. Dora, 767 Union
named
arid
tor, received sealed bids up to 2 p. m. on March 31 for the purchase of
$600,369 water works mortgage revenue bonds.
The bonds mature annu¬
Dempsey of
steps adequately to protect the bondholders."
In view of this f nding, it
was decided to form a Bondholders' Protective Committee,
consisting of
was
V
street
SALINE TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Irondale),
Ohio—BOND OFFERING—E, L. Elliott, Clerk of Board of Education,
on April 14 for the purchase of $9,000 4%
delinquent tax bonds.
Dated March 15, 1939.
Denom. $1,000.
Due
$1,000 on Sept. 15 from 1940 to 1948 incl.
Bidder may name a different
rate of interest provided that fractional rates are expressed in multiples of
34 of 1 %.
Interest M-S.
Proceeds of issue will be used to pay off current
operating expenses incurred prior to Jan. 1, 1939.
A certified check for
$100, payable to order of the Board of Education, is required.
(Above sale was postponed from March 20:—V. 148, p. 1845.)
city bonds in the principal amount of $500,000, the disclosure of
Cleveland,
Ohio—ADDITIONAL
will receive sealed bids until noon
bearing on the amount of taxes levied by the city for purposes
of debt service indicated to those present that the "city had failed to take
Building,
DISTRICT,
PORTSMOUTH, Ohio—TO ISSUE BONDS—The city plans to issue
certain facts
Commerce
SCHOOL
100.46.
EUCLID,
Ohio — BONDHOLDERS'
PROTECTIVE
COMMITTEE
FORMED—During the course of a meeting on Feb. 20 of representatives of
holders Of
RURAL
$50,000 bonds for
nterest
Legal opinion of Squire, Sanders &
Cleveland will be furnished the successful bidder.
FORT
ISSUE SOLD—Referring to the report of the sale of $16,500 school building
improvement bonds to 8iler, Carpenter & Roose of Toledo—V. 148. p.
1845, the Clerk of Board of Education states that the issue was sold in
conjunction with another in the amount of $45,000, as 3s, at a price of
firovidedM-N. fractional rates are expressed in to multiple Districtof 1%.
that A certified check for 2%, payable a order of of M Clerk*
sold to the BancOhio Securities Co. of Columbus.
Ohio—BONDS AUTHORIZED—City Council has adopted
legislation providing for an issue of $18,000 4% refunding bonds.
Dated
April 1, 1939.
Denom. $1,000.
Due $6,000 on Oct; 1 from 1943 to 1945
incl.
Prin. and int. (A-O) payable at office of Sinking Fund Trustees.
DELTA SCHOOL DISTRICT, Ohio—BOND
OFFERING—Marguerite
Poorman, District Clerk-Treasurer, will receive sealed bids until noon on
April 17, for the purchase of $16,000 3M % building bonds. Dated March 1,
1939.
Denoms. $1,000 and $500.
Due Nov. 1 as follows:
$1,000, 1940;
$500, 1941; $1,000, 1942; $500. 1943; $1,000, 1944; $500, 1945; $1,000,
1946; $500, 1947; $1,000, 1948; $500, 1949; $1,000, 1950; $500, 1951:
$1,000, 1952; $500, 1953; $1,000, 1954; $500 in 19o5 and $1,000 from 1956
to 1959, incl.
Bonds maturing on or after Nov. 1, 1951 will be callable in
whole or in part in inverse numerical order on Nov. 1, 1940, or on
any
subsequent interest date. Bidder may name a different rate of interest
Treasurer, is required.
of a
NILES,
DAYTON, Ohio—PROSPECTIVE SALE DATE—The $430,000 delin¬
quent tax relief bonds recently authorized by the State Tax Commission—
V. 148, p. 1845—will be sold by the city about
May 1. according to current
DEFIANCE, Ohio—PROPOSED BOND ISSUE—City Council recently
as
the refunding bonds is being paid punctually,
MARYSVILLE EXEMPTED SCHOOL DISTRICT, Ohio—BONDS
SOLD—The $27,500 gymnasium oonds authorized by the voters last Septem-
CLEVELAND
The
,
on
of course."
to
'
Our total debt
$2,934,204.57
The interest
year ago.
settlement.
plans.
HEIGHTS, Ohio—REPORTS ON PROGRESS OF DEBT RE-
FUN DING PROGRAM—Gerald E. Mansell, City
Auditor, reported under
date of March 20 as follows: "Although we are not
entirely finished with
SALE—
Morris, Clerk-Treasurer of Board of Education, reports that
$931,439 tax anticipation notes;were sold on March 23 to Paine, Webber &
Co. of Toledo at 0.70% interest, plus $15 premium.
Dated March 28,
1939 and due Aug. 3, 1939.
Notes were issued against Feb., 1939, first
Karl
April 1, 1939
NEK OFFERING ANNOUNCED—'The City Auditor will receive sealed
bids tor purchase of the above-m entioned issue until April 18.
Amendatory
legislation has been passed to remove the initial defect in the proceedings.
are
bid at
a
discount.
The bonds
are
issued
to obtain funds to be used for the construction of a new filtration plant,
clear water reservoir and impounding basin, • This work is to be done
At this meeting holders of approximately $500,000
under
a
Public Works Administration project on which the Federal Govern¬
in these bonds were represented. Certain facts were brought to the attention
of those present, which indicated that the officials of the City of Euclid had
failed to take steps adequately to protect the bondholders. It is true that no
ment has made a grant
default in the payment of interest on Euclid bonds exists at this time, int.
to Oct. 1, 1938, having been paid in January, 1939.
However, there does
exist a default in principal, bonds maturing Oct. 1,1938, in the approximate
for
amount of $436,000 not having been paid.
In fact, since 1932 the City of
Euclid has not met its maturities on special assessment bonds except through
refunding each annual maturity after the same became due, and but only a
small amount of general bonds have been paid as they became due.
"It
was
the
opinion of those
present at the meeting that the continued
of $491,210.
This grant, together with the city's
share of $600,369, will make a total estimated cost of $1,091,579.
Approv¬
ing opinion shall be furnished by the purchaser.
Enclose a certified check
of
$3,000, payable to the City Treasurer.
4
The value of the present water works system is estimated to be in excess
$4,000,000 on which there is now a debt of $230,000.
Of this amount,
$30,000 matures in 1939 and $20,000 i» each of the succeeding 10 years.
The revenue in the past two years has averaged $210,000.
To provide for
the payment of the new issue, the City has increased the water rates 50%,
effective Oct. 1, 1938.
It is conservatively estimated that this increase
will provide an additional minimum of $80,000 per year which would
refunding of the bonds, coupled with the fact that the city has consistently
levied insufficient taxes to service the bonds, greatly prejudices the position
of the holders and makes it quite doubtful that the City of Euclid will be
able to continue meeting even the interest requirements on its bonds.
adequately service the
The city has failed to levy anything for debt service for 1938-39 within
the 10-mill limitation, although it did make such a levy for 1937-38 for its
at a
general bonds. made levy, whether special assessment bonds. Thelimitation,
No to service its within or without the 10-mill debt levy
been
as
ever
of 2.8107
mills which the city made for 1939 is insufficient to servfce its
general bonds, the amount required being 3.54 mills."
Those present at the meeting agreed that steps must be taken, possibly
In the nature of court action, to compel the levy by the
city of sufficient
taxes to insure
servicing of all of its indebtedness, both general and special
assessment in character.
It was also decided that a detailed study of the
city's debt position be undertaken with a view to determining whether a
complete refunding of the municipal debt would not be in the best interests
of all creditors.
operating costs
Likewise, it
believed that
was
'
•.
..
proportionate share of expenses.
FINDLAY CITY SCHOOL DISTRICT, Ohio—ADDITIONAL DE¬
TAILS—The $235,000 building bonds sold to Stranahan, Harris & Co.,
Inc., Toledo, as 2Ks—V. 148, p. 1845, were issued at a price of 100.14 and
mature as follows: $5,000 April 1 and
$6,000 Oct. 1 from 1940 to 1944 incl.;
$6,000 April 1 and Oct. 1 from 1945 to 1959 incl.
GARFIELD HEIGHTS, Ohio—REFUNDING PLAN IN OPERATION
—Writing in
response to an inquiry with regard to the status of the plan to
refund both general obligation and
special assessment debt of the city, the
Cleveland law firm pf Kuth & Ehrke, who were
engaged by the municipality
in working out the debt composition, stated as follows:
"The
refunding plan
of the City of Garfield Heights has been declared
operative, more than 75%
of all bondholders having consented.
Interest is now being paid pursuant
to the refunding plan, and the new bonds are in the
process of printing.
Sufficient reserve is available in the
sinking fund to meet the first coupon
on the new bonds due
July 1,1939."
GIRARD SCHOOL
DISTRICT, Ohio—BOND SALE—Ail issue o
$21,000 refunding bonds was sold to McDonald-Coolidge & Co. of Cleveland.
HICKSVILLE, Ohio—BOND SALE—The $17,000 water works improve¬
by the Village Council on Feb. 6 were sold to the
Hicksville National Bank of Hicksville, as
2%_s.
Dated Jan. 1, 1939 and
due Jan. 1 as follows:
$1,000 in 1941 and $2,000 from 1942 to 1949, incl.
Principal and interest (J-J) payable at the Hicksville National Bank.
ment bonds authorized
HURON, Ohio—TO ISSUE BONDS—An
East
an
issue of $36,000
4% special
Side Sanitary Sewer District No.
1 improvements is
ordinance adopted by the Village Council on March 13.
I RONTON,
Ohio—BONDS VOTED—Ralph F.
Middendorf, City
Auditor, reports that the $185,000 flood
prevention bond issue carried by a
vote of 3,072 to 264 at the election on March 21.
I RONTON,
Ohio—BOND
SALE
OFFERING ANNOUNCED—The award
NOT
CONSUMMATED—NEW
Feb. 23 of $200,000 flood pre¬
vention bonds to Stranahan, Harris &
Co., Inc. and Braun, Bosworth &
Co., both of Toledo, in joint account, as 3s, at 102.116, a basis of about
on
2.82%—-V. 148, p. 1202—was not consummated, according to Ralph F.
Middendorf, City Auditor.
Cancellation of the sale was necessary for the
that, due to a defect in the first maturity date, the law firm of
Squire, Sanders & Dempsey of Cleveland was unable to approve the tran¬
script of proceedings.
reason
Chicago and the First Cleveland
j>rice of 101.12.
'
*
'
.
TOLEDO
CITY
SCHOOL
was
Corp.,
as
supply sufficient funds
made to Harris, Hall & Co*
Cleveland, jointly, as 2Mb*
\
DISTRICT,
Ohio—BOND
OFFERING—
May P. Foster, Clerk-Treasurer of the Board of Education, will receive
noon on April 17 for the
purchase of $255,000 4% coupon
bonds, divided as follows:
$175,000 refunding bonds due Nov. 1 as follows:
bonds, divided as follows:
$175,000 refunding bonds due Nov. 1 as follows:
$19,000, 1940; $20,000,
1941; $19,000.
1942: $20,000,
1943; $19,000,
1944; $20,000.
1945; $19,000, 1946; $20,000 in 1947. and $19,000 in 1948.
Bonds
are payable from
taxes outside the constitutional linrits to the
sealed bids until
extent of 1.25 mills.
$80,000 refunding bonds.
Due Nov. 1 as follows:
$9,000 from 1940 to
1947 incl., and $8,000 in 1948.
Payable from taxes unlimited
as
to rate or amount.
,
recommendations for approval of creditors. Bondholders who are willing to
participate in the committee's program are requested to make known their
desire and to forward to the committee $5 for each $1,000 bond in order to
provided for in
of
a
The committee, it is pointed out, is not asking creditors to approve of
any specific debt adjustment proposal) but seeks permission to represent the
bondholders in its negotiations with the city and to subsequently submit its
assessment
BOND SALE—Award of the above issue
study of the municipal
be made in order to ascertain if any economies can be
effected.
pay
new issue of bonds as well
for the operation of the new filtration plant.
All of the bonds are dated May 1, 1939.
Denom. $1,000.
bid for a different rate of interest in multiples of M of 1%,
Bidders may
but Only one
named on the bonds of each issue.
Prin. and int. (M-N)
payable at the Chemical Bank & Trust Co., New York City.
Bonds may
rate
may
be
be registered
as to principal only at the expense of the purchaser and at
his demand and expense registered bonds may be issued in lieu of coupon
A certified check for 1% of the bonds bid for, payable to
order of the Clerk-Treasurer of Board of Education, is required.
Payment
instruments.
for bonds to be made through the Toledo Trust
made at that bank.
.
:
DEFAULTS
BY DISTRICT—'The
Co., and delivery will be
following notation
with respect to
defaults by the district is taken from the official data prepared in con¬
nection with the current bond offering:
"Bonds maturing between Sept. 1
and Jan. 1,
1933, $352,000—refunded and exchanged.
Total exchange
completed.
1934 maturities—$633,000—paid in full March 15, 1935, with
interest at
1935.
the rate of bonds from date of ipaturity to March 15,
District is not at present in default of either principal or interest."
YORKVILLE, Ohio—BOND OFFERING—Sealed bids will be received
by James Garvella, Village Clerk, until noon on April 17 for the purchase,
,
of
$17,500
4%
Dated June
1. 1939.
$1,000,
Bidder
may name a different rate of interest, expressed in multiples of 34 of 1 %
and payable J-D.
Bonds are issued in anticipation of collection of special
assessments for the improvement of various streets in the village and
proposals for the issue must be accompanied by a certified check for $250,
payable to order of the village.
coupon
street
assessment
bonds.
One bond for
$500, others $1,000 each.
Due June 1 as fdllows:
1940 and 1941: $1,500 in 1942, and $2,000 from 1943 to 1949 incL
YOUNGSTOWN,
Ohio—TO ISSUE BONDS—The City Council has
ordinance providing for an issue of $15,000 4% fire station
Dated May 1. 1939.
Denom. $1,000.
Due Oct. 1
as follows:
$2,000 from 1941 to 1946, incl., and $3,000 in 1947.
Principal
and interest (A-O) payable at office of Sinking Fund Trustees.
adopted
an
construction bonds.
ZANESVILLE, Ohio—PLANS BOND ISSUE—It is reported that the
contemplates an issue of $12,000 bonds to retire the unpaid portion of poor
relief debt incurred during 1937.
OKLAHOMA
CUSHING, Okla.—BOND ELECTION—It is reported that
will be held
on
April 18 in order to have the voters
pass on
an
election
the issuance of
$22,00o in school construction bonds.
GARBER CITY, Okla.—BOND OFFERING—It is stated by Charles N.
Birdsall, City Clerk, that he will receive sealed bids until 1 p. m. on April 3,
for the purchase of a $25,000 issue of coupon refunding bonds.
Denoms.
$1,000 and $500. Due $2,500 from 1944 to 1953, incl. Prin. and int. payable
in New York City.
Volume
Financial
148
Chronicle
2007
Bidder—
S. K. Cunningham & Co.
Singer, Deane & Scribner
Johnson & McLean, Inc
R. J. EDWARDS, Inc.
Int. Rate
2M%
2M%
Rate Bid
100.441
2t4%
2}4%
E. H. Rollins & Sons, Inc.
100.38
101.59
101.329
BRADFORD SCHOOL DISTRICT, Pa.—BOND OFFERING DETAILS
—SURVEY ISSUED—The $66,000 not to exceed 3M % interest
school bonds to be sold on April 5—V. 148, p. 1846—will be payable as to
both principal and interest (A-O) at the District Treasurer's office, or, at
option of the holder, at the Bradford National Bank, Bradford.
In con¬
Municipal Bonds Since 1892
Oklahoma City, Oklahoma
AT&T Ok Oy 19
nection with
the offering, a comprehensive report on the finances
district has been issued by O. O. Colllngs & Co. of Philadelphia.
Long Distance 787
of the
CHARLEROI SCHOOL
DISTRICT, Pa.—BOND SALE DETAILS—
Deane & Scribner of Pitts¬
2575—*at a price of 102.12, a basis of about 2.81%, bear
date of Oct. 1, 1938, are in $1,000 denoms. and mature Oct. 1 as follows:
$4,000 from 1941 to 1960 incl. and $5,000 from 1961 to 1963 incl.
The $95,000 3% school bonds sold to Singer,
burgh—V. 147,
OKLAHOMA
CUSHING, Okla.—BOND ELECTION—It is stated by the City Clerk
that
an election will be held on April 12 in order to vote on the proposed
issuance of $31,500 electric plant power generator bonds.
HOOKER, Okla.—BONDS NOT SOLD—'The $24,000 Issue of city
.
bonds offered
received
were
p.
GALLITZIN, Pa.—BOND
OFFERING—Joseph
Maxwell,
Borough
Secretary, will receive sealed bids until 8 p. m. on April 17 for the purchase
coupon water system bonds.
Dated May 1, 1939.
Denom.
$1,000. Due May 1 as follows:
$2,000 from 1945 to 1954 incl. and $3,000
from 1955 to 1969 incl.
Bidder to name a single rate of interest, expressed
in a multiple of M of 1 %. Sale of bonds is subject to approval of proceedings
by the Pennsylvania Department of Internal Affairs.
Successful bidder
of $65,000
hal1
on March 21—V. 148, p. 1688—was not sold as all the bids
rejected, according to report. Due $2,000 from 1944 to 1955
inch
JACKSON COUNTY UNION GRADED DISTRICT NO. 212 (P. O.
Elmer) Okla.—BOND SALE POSTPONED—It is stated by H. D. Eley.
District Clerk, that the sale of the $13,000 building bonds which had been
scheduled for March 24—V. 148, p. 1688—was postponed. Due from 1943
will be furnished with
of
approving legal opinion of Burgwin, Scully & Churchill
Pittsburgh, and the borough will furnish the bonds. A certified check
ofthe Borough Treasurer, »s required.
for $1,500, payable to order
'
LACKAWANNA
COUNTY (P. O. Scranton), Pa.—NOTE SALE—
anticipation notes offered March 28—V. 148, p. 1846—
Fisher, MacEwan & Co. of Philadelphia at 0.44% interest,
at par.
Due Dec. 30, 1939.
Reynolds & Co., New York, next highest
bidder, named a rate of 0.49%.
to 1949 incl.
The $300,000 tax
OKLAHOMA, State of—ACTION EXPECTED ON FUNDING BILL—
We
were awarded to
informed Dy C. B. Sebring, State Treasurer, in a letter dated March
are
25, that the bill providing for the funding of $18,000,000 in State Treasury
notes is expected to be favorably acted upon by the Legislature in a few
days.
Under the provisions of the oill the funding will be handled by the
Board of Equalization and it is expected that not to
bonds will be offered.
MONACA, Pa.—BOND OFFERING—Glen F. Wilson, Borough
OKLAHOMA, State of—LARGE FUNDING BOND ISSUE PLANNED
—We quote in part as follows from the "Wall Street Journal" of March 30,
which carried an article under an Oklahoma City caption, dealing with the
State's contemplated bond issue:
*
Oklahoma's $18,000,000 funding bond issue, which
Senate.
• •'
.
Leaders predict that exact
will be worked out in
a
.
-•
,
procedure of sale and specifications of the bonds
joint conference committee to be appointed by the
houses.
Issuance of the bonds will constitute exactly one-half of Governor
Leon
"
Phillips' economy platform.
C.
State budget.
Bonds will
revenue
The other half is balancing of the
$18,000,000 worth of warrants against the general
fund of the State, and tax anticipation notes issued during the latter
W.
Marland.
The tax
anticipation notes fall due May 1, and the Legislature is determined to sell
the bonds by that date/
'
'
In their present form the two bills provide for issuance and sale by the
State Board of Equalization of serial bonds, with the principal to be retired
in 15 equal annual instalments.
They will be sold in blocks of $5,000 each
to those bidding the lowest rate of interest.
Holders of State warrants and
tax anticipation notes may. exchange them for bonds bearing the lowest
rate of interest bid.
SHAWNEE,
WILSON,
Okla.—BOND
REFUNDING PLA N
PRESENTED—The
city have been furnished With the
debt refunding program, which proposes to refund the said
indebtedness into 20-year optional term bonds.
The new bonds will bear
a
1% interest for the first five years, 2% for the second five years, 3% for
for the last five years. As of June 30, 1938, the
city was in default on $48,975 interest and $31,500 principal.
Because of
the great amount of outstanding bonds, in proportion to the steadily de¬
creasing assessed valuations, it will be necessary to cancel all past due
interest.
The plan will not become operative until it has been approved by
at least 66 2-3% of the outstanding bonds.
The chairman of the bond¬
holders' committee is Paul L. Parker, 314 Terminal Building, Oklahoma
the third five years and 4%
City,
Okla.
...
OREGON
POLK COUNTY SCHOOL DISTRICT NO. 21 (P. O. Perrydaje),
is reported that sealed bids were re¬
ceived until 8 p. m. on March 30, by Rawson Chapin, District Clerk, for
Ore.—WARRANTS OFFERED—It
the purchase
of
a
$5,000 issue of interest-bearing warrants.
1948 incl.
'
O. Pendleton) Ore.—PROPOSED BOND
State Supreme Court
bonds which
were proposed to be issued in anticipation of collection of delinquent taxes
accrued over the past eight years.
The Court held that the proposed issue
would constitute an indebtedness in excess of the county's debt limitation.
COUNTY (P.
9ISSUE NULLIFIED—It is now reported that the
last December held invalid an issue of $165,000 court house
/
UNIVERSITY OF OREGON (P. O. Eugene), Ore.—BONDS SOLD—
It is reported by Charles D. Byrne, Secretary
of the State Board of Higher
Education, that although the Public Works Administration approved a
loan of $66,000 to the university for building purposes, the bonds issued to
secure this loan were sold to an insurance company, not to the Federal
agency.
$237,000 BEAVER COUNTY and BEAVER COUNTY INSTITUTION
PENNSYLVANIA
DISTRICT,
\%% due 10/1/45-10/1/58
@1.30% to 1.70%
JOHNSON & McLEAN
Incorporated
PENNSYLVANIA
PITTSBURGH
Telephone—Atlantic 8333
A. T. T.
Teletype—PITB 289
PENNSYLVANIA
AMBRIDGE, Pa .—BOND SALE-^The $85,000 coupon swimming pool
148, p. 1 §46—were awarded to
Moore, Leonard & Lynch of Pittsburgh as 2Ms, at a pried of 101.538, a
basis of about 2.10%.
Dated April 1, 1939 and due April 1 as follows:
$10,000 from 1947 to 1953 incl. and $15,000 in 1954.
Other bids:
construction bonds offered March 27—-V-
as
148, p. 1689.
follows:
In its decision the State's highest Court stated in part
••Wo hold the city has the power to sell and
assign the rentals payable
the operating contract or lease with the Philadelphia Gas Works
Co.; that the transaction does not constitute an increase of debt in contra¬
vention of Article 9. Sections 8 and 10, of the Constitution of Pennsylvania;
approval of the Public Utility Commission
the lease contract or the proposed contract to sell to the Philadelphia
Corporation; that the city has the power to pay from current revenues any
deficit in the rentals so sold or assigned occasioned by any Act of the Assem¬
bly regulating rates for gas either directly or indirectly through a Commisthat it is not necessary to secure
to
The
provision of the agreement under which the city would
be required
levy a special tax to make up any possible future deficit in the present
amount of the rental fee, the court ruled, does not result in making the loan
to
city in the nature of & bond issue. This
advanced In some quarters in challenging the validity of the trans¬
the ground that the city cannot, legally incur any additional
bonded debt.
On the subject of the potential special levy, the opinion of
the court was as follows:
5,Sueh current revenues to pay such deficits may
be obtained by special tax to be levied by future Councils of the city.
The
city is empowered to apply the proceeds of the transaction now before us to
all the purposes specified in the record now before the court.
The City of
Philadelphia does not by this transaction and cannot under it assume any
direct or indirect liability in the nature of a debt that might be assessed
a
direct or indirect liability of the
view was
action
on
against either the property, or the revenues of the city, other than the pos¬
legislation, to be paid from current
sible deficit that might result from future
revenues raised by the special tax."
PHILADELPHIA,
Pa.—BILL
WOULD ADD
$47.000,00(TtO~DEBT
constitutional amendment, approved In the
of 44 to 3 and sent to the House for concurrence,
would provide the city with an additional $47,000,000 of debt-incurring
power for capital improvements.
Under terms of the Act, which would
require voters' approval to be effective, personal property would be elim¬
inated as a basis for determining the city's borrowing capacity, establishing
real estate as the sole basis.
Debt limit is fixed at 15% of the average real
estate assessments for the preceding nine years.
LIMIT—The
Woodfward
State Senate by a vote
PITTSBURGH, Pa .—NOTES A UTHORI ZED—Ordinances providing
$1,500,000 and $350,000 promissory notes to pay the cost of
general improvements were passed by the City Council.
for issues of
Due $1,000
from June 1, 1944 to
UMATILLA
PHILADELPHIA, Pa .—STATE SUPREME COURT APPROVES SALE
OF GAS RENTALS—The State Supreme Court in a unanimous decision
recently upheld the city's right to sell the rental fee received annual y
through lease of the municipal gas plant*
The ruling was sought in order
to clarify legality of the plan now under consideration to borrow $50,000,000
immediately in order to liquidate a cumulative budget deficit of about
$35,000,000 and to balance the 1939 budget.
The city has been consider¬
ing the offer made by the recently-formed Philadelphia Corporation, which
submitted the only bid In response to the city's announcement of its inten¬
tion to borrow $50,000,000 against assignment of the gas rental fre—
under
$13,000 fire fighting equipment bonds.
Due $2,000 from 1942 to 1947,
and $1,000, 1948.
38,500 airport bonds.
Due $2,000 from 1944 to 1962, and $500 in 1963.
Bids will be received upon the first five instalments of these bonds;
namely, bonds becoming due in 1944 to 1948, separately from the
remainder of the bonds, and a separate bid will be received upon the
instalments maturing in 1949 and subsequent years, and bids will
also be received upon the entire issue as a whole.
35,000 park improvement bonds.
Due $1,750 in 1944 to 1963.
Bids
will be received upon the first five instalments of the bonds, namely
bonds becoming due in 1944 to 1948, separately from the remainder
of the bonds, and a separate bid will be received upon the instal¬
ments maturing in 1949 and subsequent years, and bids will also
be received upon the entire issue as a whole.
All of the bonds shall be sold to the bidder bidding the lowest rate of interest
the bonds shall bear and agreeing to pay par and accrued interest for the
bonds. Enclose a certified check for 2% of the amount of bid.
holders of outstanding bonds of the said
(P. O. Parkers Landing). Pa.—BOND OFFERING—R. V,
Robinson, City Clerk, will receive sealed bids until 4 p. m, on April 22 for
purchase of $15,000 not to exceed 4% interest coupon city bonds.
Dated Jan. 2, 1939.
Denom. $1,000.
Due $1,000 on Jan. 1 from 1940 to
1954 incl.
Bidder to name a single rate of interest, payable J-J.
Sale of
bonds will be subject to approval of proceedings by the Pennsylvania
Department of Internal Affairs.
A certified check for $500, payable to
order of the City Treasurer, is required.
the
V.
Okla.—BOND OFFERING— Sealed bids will be received
City Clerk, for the purchase
until 7:30 p. m. on April 4, by J. C. Coleman,
of the following bonds aggregating $86,500:
.details of
PARKER
:
retire
half of the administration of former Governor E.
*'
M of 1 % and payable A-O. Sale of bonds is subject to approval of proceed¬
ings by the Pennsylvania Department of Internal Affairs.
Purchaser will
be furnished with legal opinion of Burgwin, Scully & Churchill of Pitts¬
burgh, and the borough will print the bonds.
A certified check for $500,
payable to order of the Borough Treasurer, is required.
*
v
must be sold before
May 1, will have a statutory interest ceiling of 2M%, two different bills,
each passed by one house of the 17th Oklahoma Legislature, agree.
The Senate was first to pass a funding bond bill.
Then the House of
Representatives passed its own version, amended the Senate bill to read
exactly the same as the House bill, then passed them both back to the
Secrel
tary, will receive sealed bids until 8 p. m. on April 13, for the purchase o
$40,000 not to exceed 4% interest coupon improvement bonds.
Dated
April 1, 1939.
Denom. $1,000.
Due April 1 as follows:
$1,000, 1940 to
1942, incl.; $2,000, 1943; $5,000 from 1-944 to 1948, incl. and $10,000 in
1949.
Bidder to name a single rate of Interest, expressed in a multiple of
exceed 2M % 15-year
ROCHESTER.
Pa .—ADDITIONAL
OFFERING
DETAILS—A
de¬
tailed report on the financial condition of the borough. Issued in connection
with the call for bids until April 3 on an issue of $25,000 bonds—V. 148,
1689—discloses that proceeds of the issue will be used to the extent of
$20,000 for refunding bonds due in 1939 and $5,000 to fund f oating debt.
Principal and interest (M-N) will be payable at the First National Bank,
Rochester..''
'\
p.
,
Pa .—BOND SALE—An issue of $15,000 funding and
sold on March 20 to the Green Home of Roaring
Springs, at 102.33, according to unofficial report.
'
WELLSBORO,
Improvement bonds was
m
Pa .—BOND OFFERING—Frank R. Culp, Borough 8ecre:
sealed bids until 8 p. m. on April 17 for the purchase ol
$20,000 coupon, registerable as to principal only, storm water sewer bonds'
1939 series.
Bonds will be issued to bear one of the following interest
rates, as named in the successful bid: 1$£,2,2M,2H,2^,3,3M or 3H%.
Dated May 1, 1939.
Denom. $1,000.
Due $5,000 on May 1 in 1944,
1949, 1954 and 1959.
Interest M-N.
Bonds will be general obligations
of the borough, payable from ad valorem taxes within the taxing limits im¬
posed by law on boroughs.
They will be issued subject to approving legal
opinion of Morgan, Lewis & Bockius of Philadelphia, whose opinion will be
furnished without charge to the successful bidder.
A certified check
for $400, payable to order of the Borough Treasurer, is required
YEADON,
tary, will receive
PUERTO
RICO
ARECIBO, Puerto Rico—BONDS NOT SOLD—It is now reported by
Rico that no final action has been taken as yet in
regard to the sale of the $450,000 issue of not to exceed 4H % semi-annual
Arecibo port improvement, series 1938 bonds that was offered on Nov. 10.
the Treasurer of Puerto
RHODE
ISLAND
CRANSTON, R. I.—NOTE SALE—The $100,000 tax anticipation
offered March 29 were awarded to the Chase National Bank of New
at 0.27% discount.
Dated March 29, 1939 and due Dec. 1, 1939.
notes
York
NARRAGANSETT, R. I.—BOND SALE DETAILS—In connection
V. 148, p. 1847 of the sale to Harriman Ripley & Co.,
with the report in
Roads
and
J.
Inc., New York, and associates, of $300,000 3% beach development
$55,000 2 *4% highway reconstruction bonds, it is stated by Walter
Wisttahl, Town Treasurer, that the award was made to Stephen W.
Tourtellot of Providence, at par, and that the issues mature as follows:
$300,000 3% beach development
to 1969, inclusive.
bonds, due $10,000 on April 1 from
WAXAHACHIE SCHOOL DISTRICT (P. O. Waxahachie), Texas—
issue of $150,000 construction bonds approved by the
election held last September, has been sold, according to the
1940
BONDS SOLD—An
VERMONT
DAKOTA
the purchase of $25,000
Dated April 1, 1939. Denom. $1,000.
1940 to 1944 incl. and $1,000 from 1945
to 1959 incl.
Bidder to name one rate of interest, in a multiple of % of 1 %.
Principal and interest payable at the National Shawmut Bank of Boston,
which will supervise the engraving of the bonds and certify as to their
genuineness.
Legal opinion of Storey, Thorndike, Palmer & Dodge of
Boston will be furnished the successful bidder.
'' ' ■ • 1
SCHOOL DISTRICT NO. 14 (P. O. Buffalo). S. Dak.—
DETAILS—We are now informed by the District Treasurer
building bonds purchased by the First State Bank of
Buffalo, as noted here—V. 148, p. 313—were sold as 5s at par. Coupon
bonds, dated Jan. 1, 1939.
Denom. $1,000. Due in 20 years; optional
receive sealed
.
CODINGTON COUNTY (P. O. Watertown), S. Dak.—CORRECTION
—We are now informed by the County Auditor that $100,000 (not $90,000)
coupon funding bonds were sold on March 21 to Kalman & Co. of St. Paul,
and associates, as 2%s, as noted in our issue of March 25—-V. 148, p. 1847.
The purchaser paid a premium of $651, equal to 100.651, the highest of the
VIRGINIA
each, dated May 5,
.
Dak.—BOND OFFERING—
Auditor, that the Board .of
m. on
serially and annually.
interest will be made payable at any suitable bank
designated by the successful bidder.
All bids must be
unconditional and accompanied by a certified check in the amount of at
least $1,000. payable to the order of the county.
. _
Both principal and
or
trust
company
WASHINGTON
Dak.—BOND
S.
COUNTY,
is
OFFERING—It
reported that sealed and oral bids will be received until April 14, at 10:30
a.
m., at the court house in Rapid City, S. Dak., for the purchase of a
$12,000 issue of funding bonds.
Interest rate is not to exceed 0%, payable
M-N.
Dated May 1, 1939.
Denom. $1,000. Due $1,000 May 1, 1940 to
1951.
All bids to be net to the county.
Purchaser to furnish printed bond
forms and obtain at his own expense any legal opinion desired as to .the
of the issue.
Payable at any
designated by the purchaser. Enclose a
legality
by C. H. Hardy,
and water bonds
purchased by Scott,
BLACKSTONE, Va.—BONDS SOLD— It is state^l
Town Treasurer, that $30,000 3% semi-annual sewer
April 6, for the
denomination of $1,000
1939, bearing interest at the rate designated by the
successful bidder, and maturing
at par.
1940 to 1949
COUNTY
ROBERTS COUNTY (P. O. Sisseton), S.
is stated by Leonard Lundstrom, County
SCHOOL
1848—were awarded to the
1965 incl.
Administration.
It
148, p.
2^8,
Due from 1942 to 1959.
County Commissioners will receive bids until 2 p.
purchase of a $215,000 issue of funding bonds, in tne
DISTRICT NO. 4 (P. O. Middleburv),
school bonds offered March 30—
National Bank of Middlebury as
Dated March 15, 1939 and due March 15 as follows: $2,000,
Incl.; $3,000 from 1950 to 1959 incl. and $4,000 from I960 to
MIDDLEBURY
V.
SCHOOL DISTRICT (P. O. Faith), S. Dak.—BONDS TO
BE SOLD TO PWA—It is stated by the Clerk of the Board of Education
that $20,000 4% semi-annual construction bonds approved by the voters
at an election last September,, will be sold at par to the Public Works
(P. O. Rapid City), S. Dak.—BOND
sealed and oral bids will be received until
April 14, at 10 a. m., by Amos Groethe, County Auditor, for the pur¬
chase of a $310,000 issue of funding bonds.
Interest rate is not to exceed
4%, payable M-N.
Dated May 1, 1939. Denom. $1,000. Due May 1,
as follows:
$20,000 in 1940 to 1947 and $30,000 in 1948 to 1952. All bids
to be net to the county.
Purchaser to furnish printed bond forms and to
obtain at his own expense any legal opinion desired as to the legality of the
issue.
Payable at any suitable bank or trust company designated by the
purchaser.
Enclose a certified check for 3% of bid.
2 p. m. on April 4 for
Vt.—BOND SALE—The $74,000 coupon
FAITH
OFFERING—It is reported that
bids until
coupon flood prevention bonds.
Due April 1 as follows: $2,000 from
$20,000
PENNINGTON
Vt.—BOND* OFFERING—Board of Village Trustees will
CHESTER,
BOOTH
after 10 years.
of Education.
Secretary of the Board
BOND SALE
several auction bids received.
before 1932 are now
new measure would continue
voters at an
SOUTH
the
1939
1
put on the State system
been
had
which
eligible for State debt assumption.
The
payment on these and others for 25 years.
55,000 2*4% highway reconstruction bonds, due April 1 as follows:
$6,000 from 1940 to 1944, incl. and $5,000 from 1945 to 1949, incl.
that
April
Chronicle
Financial
2008
suitable bank or trust company
certified check for 3% of bid. .
approved by the voters last September, have been
Horner & Mason of Lynchburg, at a price of par.
CHARLOTTESVILLE.
proposed issuance of $150,000 improvement bonds.
The City Clerk states that these bonds are to be known as general im¬
provements. Issue of 1939, and are to be issued for the following purposes:
Sewer, $70,000; water improvement, $30,000; gas system, $15,000; street
improvement, $35,000.
Denom. $1,000.
Due $5,000 in two to five years
and $10,000 In 6 to 18 years.
;
,
,
,
ROYAL, Va .—BOND OFFERING—It is stated by L. B.
Dutrow, Town Manager, that he will receive sealed bids until 7:30 p. m, on
April 10, for the purchase of a $.50,000 issue of water bonds. Interest rate
is not to exceed 4%, payable A-O.
Dated April 15, 1939. Denom. $1,000.
Due April 15, 1964.
Redeemable on any interest payment date 10 or more
vears after April 15, 1939.
Rate of interest to be in multiples of M of 1%
The approving opinion of Thomson, Wood & Hoffman, of New York, will
be furnished.
Enclose a certified check for $500.
FRONT
HENRICO COUNTY (P.O.
Highland Springs), Va.—BOND ISSU¬
CONTEMPLATED—It is said that the County Board of
April 12 in order to take steps looking
issuance of $750,000 in water and sewerage system bonds.
ANCE
is scheduled to meet on
Supervisors
toward the
WASHINGTON
SELAH, Wash.—BONDS SOLD—It is stated
$16,000 water Yevenu^ bonds approved by the
been sold,
TENNESSEE
Va.—BOND ELECTION—It is said that an
25 in order to have the voters pass on the
election will be held on April
v
by the Town Clerk tha*
voters in January, have
V
1;
SCHOOL DISTRICT NO. 91 (P. O. Colville),
Wash .—BOND OFFERING—It is reported that sealed bids will be received
until 2 p. m. on April 3, by G. E. Gilson, County.Treasurer, for the purchase
of a $5,000 issue of not to exceed 4% semi-annual school bonds.
Due in
fron) 2 to 20 years; optional after five years.
(These bonds were offered for sale without success on Dec. 12, when no
bids were received, as noted here at the time.)
•
STEVENS COUNTY
CROCKETT COUNTY (P. O. Alamo), Tenn.—BONDp DEFEATED
an election held on March 18, the voters defeated a proposal to issue
—At
$100,900 in road improvement bonds, it is reported.
The Clerk of the County Court reports that the count was
to 224 "yes".
376 "no"
SCHOOL DISTRICT (P. O. Spring¬
field) Tenn.—BOND OFFERING—It is reported by Byron Johnson,
County Judge, that he will offer at public sale on April 17, at 2 p. m., a
$13,500 issue of 5% coupon semi-ann. school bonds.
Dated May 1, 1939.
Denoms. $500 and $100.
Due May 1, as follows: $600 in 1942, $400 in
1943 to 1946, $500 in 1947, $400 in 1948, $500 in 1949 and 1950, $600 in
1951, $500 in 1952, $400 in 1953, $600 in 1954. $700 in 1955. $600 in 1956,
$700 in 1957, $8i,0 in 195$ to 1961, $900 in 1962, $1,000 in 1963, and $200
in 1964.
Prin. and int. payable at the Chemical Bank & Trust Co., New
York, in legal tender. The bonds must bring par and accrued interest, s,nd
are issued under authority of Chapter No. 290, Private Acts of 1939, General
Assembly. The opinion and bonds will be furnished by the district. Enclose,
a certified check for 5%, payable to the district.
E. GARNER SPECIAL
JOHN
WISCONSIN
Wis.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on April 3, by Geo. H. Vande Berg, Village Clerk, for the
purchase of a $7,500 issue of 3% coupon semi-annual refunding bonds.
Dated Feb. 1, 1939.
Denom. $500.
Due $500, Feb. 1, 1940 to 1954,
provided, however, that at the option of the Village each and all of such
bonds are callable in any year at the time any instalment of principal on
BALDWIN,
'any of such bonds shall be made to fall due, on the payment of $102 for
each $100 of principal thereof plus any interest then due and unpaid thereon.
Principal and interest payable at the office of the Village Treasurer. ■.
(A similar amount of bonds was offered and sold on Feb. 6, as noted here
—v, 148, p. 918.)
< v.
; 'V'
.
TEXAS
*
ALICE, Texas—BONDS SOLD—It is stated by the City Treasurer
that
$15,000 sewage plant modernization bonds approved by the voters on
March 18 by a wide margin, have been sold as 4s.
Dated March 1, 1939.
Due $1,000 from 1940 to 1954, inclusive.
BARTLETT, Texas—BOND SALE DETAILS—It is now reported by
that the $23,000 4% semi-ann. sewer system bonds that
reported sold-—V. 148, p. 1847—were purchased at par by the McRoberts-Thomasma Co. of San Antonio, and mature on March 1: $1,000 in
the City Attorney
were
1945; $1(,500 in 1946 to 1953, and $2,000 in 1954 to 1956, the last
$8,000 maturing are callable in whole or in part on any interest payment
date on and after March 1, 1944.
1941
to
DALHART,
Texas—BONDS REDEEMED—In connection with the
dated Sept. 1, 1935, it is
call for tenders of refunding, series 1935 bonds,
stated
by A. G. Stevens, City Secretary, that a total of $7,000 in
bonds has
been redeemed.
HOUSTON, Texas—WARRANT SALE AGREEMENT MADE—It is
that the city has an agree¬
accrued interest a total of
$550,000 3% time warrants, maturing $55,000 annually for a period of
10 years.
These warrants are said to be payable to the contractor.
stated by W. H. Maunsell, City Comptroller,
ment with local banks to purchase at par and
PLATTEVILLE, Wis.—BONDS SOLD—It is reported by the City Clerk
that $99,000 paving bonds approved by the voters at an election held last
September, were purchased id January by the Securities Co. of Milwaukee,
paying a price of 102.898..
;
The City Clerk reported subsequently that these bonds were sold as
2Mb, and mature on Nov. 1 as follows: $7,000, 1939 to 1947, and $6,000 in
1948 to 1953, giving a basis of about 2.09%.
JOINT SCHOOL DISTRICT NO. 1 (P. O. Viroqua),
that sealed and oral bids will be
District Clerk, at the State Bank of Viroqua,
until April 10, at 10 a. m., for the purchase of a $15,000 issue of refunding
bonds.
Interest rate is not to exceed 3%, payable M-S.
Dated March 1,
1939.
Denom. $1,000.
Due $5,000 March 1, 1940 to 1942.. Rate of
interest to be in multiples of *4, of 1%.
Prin. and int. payable at State
Bank of Viroqua.
The bonds will be sold at not less than par and accrued
interest.
The basis of determination of the best bid will be the lowest
interest rate bid and (or) interest cost to the district.
The bonds are issued
to provide funds to refund the principal amount of valid outstanding bonds
of the district in a like par principal amount, and are to be issued subject to
the favorable opinion of Chapman & Cutler of Chicago.
The blank bonds
shall be furnished by the purchaser at his own expense.
Enclose a certified
check for $500, payable to the District Treasurer.
VIROQUA
Wis.—BOND OFFERING—It is stated
received by T. F. Knudson,
,
INDEPENDENT SCHOOL
NORMANGEE
DISTRICT
(P. Q.
Nor*
mangee), Texas—BONDS NOT SOLD—It is stated by the Superintendent
of Schools that the $42,500 issue of refunding bonds offered on March 27—■
V. 148, p. 1690—was not sold as no bids were receieed.
Dated May 1,
1939.
Due on May 1 as follows: $500, 1940 to 1944; $1,000, 1945 to 1953;
$1,500, 1954 to 1959; $2,000, 1960 to 1965. and $2,500 in 1966 to 1969;
all inclusive.
,
PECOS, Texas—BONDS SOLD—The City Secretary states that $25,000
obligation sewer bonds approved by the voters last November,
sold to William N. Edwards & Co. of Fort Worth.
general
were
COUNTY LEVEE
RIVER
RED
TION DISTRICT NO.
1
(P.
IMPROVEMENT AND
O. Clarksville),
RECLAMA¬
Texas—•BONDS TO BE
TAKEN BY RFC—It is stated by the County Judge that $7,500 improve¬
ment bonds are to be taken by the Reconstruction Finance Corporation.
Denom. $500.
in
Due
on
Aug. 1
as
follows: $1,500 in 1940 and 1941; $2,000
1942 and $2,500 in 1943.
RUSK, Texas—BONDS SOLD—It is stated that $15,000 water and
street bonds have been sold to two Rusk banks and to two banks of Jack¬
sonville,
as
5s at
par.
SPRINGLAKE
SCHOOL
DISTRICT
(P.
O.
Springlake), Texas—
ROADS SOLD—It is reported by the Secretary of the Board of Educaton
that $31,240 3 H% semi-annual building bonds have been purchased by the
State.
^TEXAS.TO
Sla^ of—ROAD BOND ASSUMPTION MEASURE PRE¬
SENTED
LEGISLATURE—County and road district debts, in the
outstanding bonds, will be taken over and paid by
bill which has bean recommended favorably to the Senate
by the Committee on Highways and Motor Traffic is passed finally by
the Legislature.
A similar bill has already been reported favorably by
form of $193,000,000
the
State if
a
the House committee.
interest cost of
0.643%.
,
KITCHENER, Ont.—BOND OFFERING—L. M. Dahmer, City Trea¬
surer, will receive sealed bids until 4 p. m. on April 3, for the purchase of
$79,657.99 counon bonds, divided as follows:
$12,150.00 2H% direct relief expenditures, city's share, bonds.
Due
Dec. 1, as follows:
$2,950 in 1939, $3,050 in 1940 and 1941 and
$3,100 in 1942.
Issued for portion of the city's share of direct
relief expenditures during the year 1937 in the amount of $15,000
(first instalment year 1938 in the amount of $2,850 not included;
balance $12,150).
Interest J-D.
9,000.00 2% sewage disposal plant bonds.
Due Sept. 15, as follows:
$1,700 in 1939, $1,750 in 1940, $1,800 in 1941. $1,850 in 1942
and $1,900 in 1943.
Interest M-S.
58,507.99 3% local improvement bonds.
Due Dec. 1. as follows: $3,233.88 in 1939, $3,330.90 in 1940, $3,430.82 in 1941, $3,533.74
in 1942, $3,639.76 in 1943, $3,748.96 in 1944, $3,861.43 in
1945, $3,977.27 in 1946, $4,096.58 in 1947, $4,219.48 in 1948,
$1,951.37 in 1949, $2,009.90 in 1950, $2,070.20 in 1951, $2,132.31 in 1952, $2,196.27 in 1953, $2,086.05 in 1954, $2,148.63
in 1955, $2,213.09 in 1956, $2,279.49 in 1957 and $2,347.86 in
1958.
By-law No. 2664 of the City authorizes the debentures to
be issued to defray the cost of constructing local improvements
(water mains, sewers, opening and widening streets, ornamental
lighting and walks).
Interest J-D.
Principal and interest payable in Canadian currency at the City Treas¬
urer's office, or at the Dominion Bank in Toronto.
The debentures are
registerable as to principal only, and bear the certificate of Approval of the
Ontario Municipal Board as to legality.
bill is
being sponsored by the County Judges and Commissioners'
It would make eligible for payment out of a one-cent portion
gasoline tax the bonds, warrants and other debts incurred
on county and district built roads whether or not they were later taken
into State highway system.
"
The
Association.
of the
CANADA
CANADA (Dominion of)—TREASURY BILLS SOLD—The Govern¬
borrowed $25,000,000 on Treasury bills on March 30 at an average
ment
State
SHAWINIGAN
FALLS, Que.—BOND OFFERING—^Sealed bids ad¬
Secretary-Treasurer, will be received until 5 p. m.
dressed to A. J. Meunier,
April 5 for the purchase of $670,000
dated May 1, 1939.
on
3*4% or 4% improvement bonds,
@FedFRASER