The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
*U8
AOH.
17 1939
COPYRIGHTED IN 1939 BY WILLIAM B. DANA COMPANY, NEW
YORK.
VOL. 148. '»-dw.ekM0ce.uacopy-
BROOKLYN
;
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,,
NEW YORK, APRIL 15,1939
William
cor.
TRUST
NO. 3851.
Spruce Sts.„ N.Y.City
THE CHASE
COMPANY
NATIONAL BANK
Chartered 1866
OF THE CITY OF NEW YORK
George V. McLaughlin
-
CHASE
President
ditionally
BROOKLYN
NEW YORK
For
Member Federal
years
large
a
is
tra¬
banked bank.
many
served
Depositjlnsurance
a
has
it
number
Corporation
of
banks
New
and
and
York
reserve
as
correspondent
depository.
Member Federal
Deposit Insurance
Corporation
FUNDAMENTAL
INVESTORS
bankers
PublicUtility
Bonds
Harriman
Ripley & Co.
Incorporated
Prospectus available from
local dealers
v
•
■
'k
I.,
• •
,
Underwriters of capital issues
and
T^he
FIRST BOSTON
in
dealers
ment
U.
S.
Govern¬
Bonds, Municipal Bonds
and other investment securities.
CORPORATION
BOSTON
NEW YORK
Hallgarten fil Co
Etlabliahed 1SS0
NEW
63 Wall
'
CHICAGO
PHILADELPHIA
"
Boston
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
Street, New York
i
Chicago
Philadelphia
Representatives in other leading Cities
YORK
London
Chicago
City of
Philadelphia
NewYorkTrust
BEAR, STEARNS & CO.
*
ft
_
.
,
Commonwealth of
Pennsylvania
•
ONE WALL STREET
Bonds
NEW YORK
Capital funds
.
.
$37,500,000
Moncnre Biddle & Co.
PHILADELPHIA
IOO
40TH
HOMER & CO., INC.
40
ST. & MADISON AVE.
FIFTH
Exchange Place, New York
BROADWAY
AVE. & 57TH
Service
ST.
to
Banks and
Dealers since
NEW YORK
1888
HORNBLOWER
European Representative's Office:
CarlM.Loeb,Rhoades&Co.
61
40
LONDON, E. C. 4
Paris
■.
Amsterdam
Wall Street
'
NEW YORK
i
London
Established 1888
BROADWAY
NEW YORK
WEEKS
&
KING WILLIAM STREET
8
''
Member of the Federal Deposit Insurance Corporation
Members New
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Ap"' 15'
Chronicle
Financial
Leading Out-of-Town
& Brokers
Investment Bankers
■
ST.
LOUIS
Stik
I
"FIRST
I
NATIONAL BANK
1
Co.
i<
saint louis
.
509 0UVE ST
of
Members 8t* Louis Stock Exchange
BOSTON
BIRMINGHAM
1
1
Member
^784
'
'
★
1939
MARX & CO.
of the Federal Deposit Insurance Corporation
BIRMINGHAM, ALABAMA
I
A
STATEMENT of
CONDENSED
1
Covering all Offices and Foreign
1
of March 29,
as
CONDITION
SOUTHERN
branches
MUNICIPAL
AND
CORPORATION BONDS
1939
DETROIT
I
'
RESOURCES
1
1
1
Cash and Due from Banks
United States Government
State and Municipal
,
\
.............. .,
Securities
Securities.
. .. .
............
. .
.........
1
Collateral Demand Loans to
I
Loans, Discounts
1
Customers' Liability Account of Acceptances
I
Banking Houses
I
Items in Transit with
1
Accrued Interest Receivable and Other Assets
Banks and Brokers.........
DETROIT REAL ESTATE BONDS
257,821,367.02
and Investments
...........
.......
Foreign Branches
.
t
Charles A. Parcells & Co.
7,162,036.62
12,973,278.27
554,715.11
..........
3,139,553.07
Total
$753,185,570.61
I
■
$3.23,217,100.69
112,289,405.30
20,006,893.35
16,021,221.18
Members of Detroit Stock Exchange
PENOBSCOT BUILDING, DETROIT. MICH.
%
'
MILWAUKEE
d
1
LIABILITIES
1
WISCONSIN
1
Acceptances Executed
■
Reserves, including Interest, Taxes, Dividend,
Discount and Contingencies. ..............
I
I
1
CORPORATION SECURITIES
$652,510,128.24
7,553,843.51 1
Deposits
for Customers
Unearned
1........ .
t>, k
12,718,175.27
EDGAR, RICKER& CO.
$27,812,500.00
Capital...
Surplus and
Profits'.
.............
1
\
v..
' 52,590,923.59
80,403,423.59
Total
$753,185,570.61
•
Teletype—Milwaukee 92
1b,
East Michigan St.,
207
Milwaukee, Wis.
"
HARTFORD
.
I
The
1
owned
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f
are
which is beneficially
National Bank of Boston, ;
figures of Old Colony Trusjt Company,
by the stockholders of The First
included in the abov£
not
statement.
■
...
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Securities
.
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Members New York Stock Exchange
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New
England's Oldest and. Largest Banking Institution
HARTFORD
6 CENTRAL ROW
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Retired Financial Editor
The "EXPANDIT" Binder
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In sizes up to
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each
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No. 3851.
APRIL 15,1939
Vol. 148
']
J
1
CONTENTS
;--,y". Editorials
,
The Financial Situation
^ iv.;
_
page
.
2161
.
Cotton and the Farm Program
2174
______
.>--,.-2175
Pauper Industries and Other Industries_ _ _ _
Comment and Review
Gross and Net
Earnings of United States Railroads in
February
^
Week
on
the European
2177
—
The Business Man's Bookshelf
■
_
_
_
_
2180
_
,
_2181
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
News
Bank and Trust
-
.2164
2208
-
-
2191
-
2206
_.»_.2251
2300
2301
_.__
and Investment News
Dry Goods Trade...,.
State and
*
;:vV'
-
Company Items
General Corporation
V
-
'
2180
_
Indications of Business Activity. _ _
Current Events and Discussions
•
.2167
2171 & 2209
Foreign Exchange Rates and Comment
Course of the Bond Market
/
2166
Stock Exchanges.......
Foreign Political and Economic Situation._ _
Municipal Department
*
■
Stocks and Bonds
Foreign Stock Exchange Quotations....
...12215 & 2217
-.2211
Bonds Called and Sinking Fund,Notices.
Dividends Declared.
__;
...
Auction Sales
,
...
.—1
2211
2211
—
New York Stock Exchange—Stock Quotations________ 2218
New York Stock
New York Curb
Exchange—Bond Quotations..2218 & 2228
Exchange—Stock Quotations.
2234
Other Exchanges—Stock
;
2238 '
\ New York Curb Exchange—Bond Quotations
and Bond Quotations.______ ,2240
Quotations
.2244
Canadian Markets—Stock and Bond
_
<
Over-the-Counter Securities—Stock & Bond Quotations .2247
;
:>
.■Reports
Foreign Bank Statements.
Course of Bank Clearings...1
.2170
.
.___
Federal Reserve Bank Statements
General Corporation and Investment
4
....2209
.2191 & 2215
News.2251
Commodities
The Commercial Markets and the Crops
Cotton
Breadstuffs
:
—_—.2290
2292
2297
/
Published Every Saturday Morning
by the William B. Dana Company, 25 Spruce
Street, New York City.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert. President and Treasurer; William D Riggs, Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3,1879. Subscriptions in
United States and Possessions, $18.00 per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and Cuba, $21.50 per year, $11.75 for 6 months: Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
April is, 1939
Financial Chronicle
vi
offering prospectus which, however, does hot constitute an offer by any
oj these securities is mode only by the
This it not on offering prospectus. The ojffer
underwriter to sell these securities in any
This issue, though
underwriter to make such ojffer in such state.
Commission,
state to any person to whom it is unlawjul Jor such
registered, is riot approved or disapproved by the Securities and Exchange
which does not pass on the merits oj any registered securities.
$40,000,000
The Texas
Corporation
3% Debentures, due
April 1,1959
whole, or in part by lot, at any time, upon at least thirty days
and including April 1, 1947 at 103%; thereafter to and including
x/i of 1% for each full year elapsed after April 1,1953, but in no event at
redemption. *
April 1,1939. Interest payable April 1 and October 1. Redeemable, at the option of The Corporation, as a
published notice, at the following redemption prices: to and including April 1, 1942 at 104%; thereafter to
April 1, 1952 at 102%; thereafter to and including April 1,1954 at 101%; and thereafter at 101% less
v,
less than 100%; in each case with interest accrued to the date of
Dated
,
detailed statements in such prospectus
prospectus, which must bejurnished
is a briej outline oj certain information contained, in the offering prospectus and is subject to the more
registration statement, which also include important injormation not outlined or indicated herein. The offering
each purchaser, should be read prior to any purchase oj these Debentures.
;
•
The following
and in the
to
The Texas Corporation was organized on August 26,
Delaware and acquired by exchange of shares substantially
outstanding stock of The Texas Company, organized in 1902. The
THE CORPORATION:
1926, under the laws of
all
of the
Corporation is not an operating company. It holds securities of subsidiary and
companies engaged for the most part in one or more phases of the petroleum
industry, or in businesses related thereto, in the United States and in foreign
other
:
countries.
The Corporation's subsidiaries consists primarily of the produc¬
transportation, refining and marketing of crude oil and products
thereof. Substantially all of the producing, refining, and pipe line operations of
The Corporation's subsidiaries are carried on within the United States. Gasoline
and other refined petroleum products manufactured by subsidiaries are sold in
every state of the United States and in a number of foreign countries. The Cor¬
poration's interests in companies which are not subsidiaries include substantial,
investments in companies which are exploring for, or producing, transporting,"
refining, or selling, crude oil, or marketing refined products, principally in: Asia,
Africa, Australia, or the East Indies; the United States; South America; or Canada.
The Corporation itself owns no plants or other physical properties. Properties
of subsidiaries include productive and undeveloped oil and gas acreage (most of
which is located in the United States and held under lease), crude oil pipe lines,
refineries, ships, terminals, and certain marketing facilities.
,;
The Corporation and its subsidiaries intend to continue to engage in business
of the general character outlined above.
The business of
tion, purchase,
of December 31, 1938, adjusted to
and sale of the 3% Debentures:
CAPITALIZATION of The Corporation as
give effect to the issue
\
■
.
Funded Debt
.
'■
(1) (2):
;
(B) The Corporation has agreed
other products are
or
the
3% DEBENTURES: The 3% Debentures are to be issued under an Indenture,
dated April 1, 1939, with Continental Illinois National Bank and Trust Company
of Chicago, as Trustee. The Indenture is not to authorize the issuance of additional
securities thereunder, but is not to restrict the issuance of other securities by The
Corporation or by any subsidiary except as indicated below. The 3% Debentures
are not to be secured, but The Corporation is to covenant in the Indenture (a) not to
create secured indebtedness (with certain exceptions) without effectively providing
that the 3% Debentures (together with, if The Corporation shall so determine, any
other indebtedness ranking equally with th,e 3% Debentures, including guarantees
of indebtedness of others) shall be secured by the security of such secured indebted¬
h
and as
concessions, based
" '
V
corporation which they jointly
,(3) Includes 31,757 shares held by a trustee
control.
have
Colombian
for the benefit of certain
on
or
before each October 25 and
UNDERWRITING: Subject to certain terms and conditions, the principal under¬
writers named in the offering prospectus have agreed severally to* purchase the 3%
Debentures from The Corporation, not later than April 21, 1939, at 99%, or a
total of $39,600,000, plus accrued, interest. The offering price of such Debentures to
employes.
The net proceeds to be received by The Corporation from
the sale of the 3% Debentures will amount to approximately $39,403,270, ex¬
PURPOSE OF ISSUE:
to the Trustee,
April 25,1949,
April 25 thereafter, the sum of $500,000
in cash, less the principal amount of 3% Debentures delivered by The Corporation
for cancellation or previously redeemed and not theretofore applied as a credit
with respect to the Purchase Fund. Cash, if any, paid into the Purchase Fund is
to be applied to the purchase; of 3% Debentures, if obtainable, at not exceeding
the principal amount thereof plur accrued interest. Any unexpended balance of
any Purchase Fund payment not used for the purchase of 3% Debentures prior
to the June 25 or December 25 next succeeding the Purchase Fund payment date
with respect to which such payment was made is to revert to The Corporation.
and
(2) The Corporation and Socony-Vacuum Oil Company, Incorporated
jointly and severally guaranteed $15,000,000 of 3% notes of
Petroleum Company, a
unless such indebtedness be
fully to be provided in the Indenture.
1
The Corporation is to covenant in the Indenture that it will pay
as and for a Purchase Fund for the 3% Debentures, on or before
Company
including a
produced from certain foreign
equally and ratably therewith, and (b) not to permit any subsidiary, (as
Indenture) to create secured indebtedness (with certain exceptions)
owned by The Corporation or a subsidiary; all as more
defined in the
other than
with Far Eastern Petroleum
quantities thereof so produced.
ness
,
Limited (a non-affiliated company) to make certain payments,
maximum of $18,000,000 payable In quarterly installments when
on
Corporation may, as a result of changes or developments,
otherwise alter such budget or any part thereof.
Corporation makes no representation that any amount of the net proceeds
from the sale of the Debentures will be allocated to any part of the budget program
referred to above or to any other purpose.
The
$ 60,000,000,
that it has any funded debt
$196,730 as the estimated amount
materially increase, decrease or
by the
(A) The Corporation and its subsidiaries had outstanding, at December 31,
1938, other long-term obligations in the amount of $5,350,835.50, of which
$2,481,108.30 is included in the consolidated balance sheet as Current
Liabilities.
,
'
oil
imately $47,500,000. The
.,.$ 40,000,000
$25—10,876,882 shares (3)............., .$271,922,050
(1) The Corporation does not consider
that shown above. However;
and after deducting
payable by The Corporation in connection with this issue. No specific
proceeds has been or is intended to be made. The net pro¬
ceeds are to be added to and become a part of the general funds of The Corporation
and, as such, together with other general funds, may be used to make available to
subsidiaries, or to companies in which The Corporation has substantial investments,
funds for increased working capital, or for capital expenditures, or may be used for
reimbursing the treasury for such expenditures previously made, or to pay divi¬
dends, or for such other purposes as the management may determine.
. :' • /•
The enlarged activities of The Corporation's subsidiaries and of such companies,
together with other factors, have resulted in larger working capital requirements,
and The Corporation considers that its present cash balances and those of its
subsidiaries are, in the aggregate, lower than is desirable under present conditions.
The 1939 budget of The Corporation and its subsidiaries for capital expenditures
and for investments arid advances contemplates'total expenditures of approx¬
of expenses
allocation of such net
Amount
Outstanding
,
3Yt%o Debentures, due June 15, 1951
3% Debentures, due April 1,1959 (offered
offering prospectus)
Capital Stock, par value
clusive of accrued interest
the
$40,400,000, plus accrued interest. The tindertotal of $800,000.
public is 101%, or a total of
writing discount is
2%,
or a
Price 101%
plus accrued interest from
April 1,1939 to the date of delivery
jorlh therein, and to approval oj legal proceedings
the Debentures in definitive coupon form will be
therefor in New York funds.
The offer oj these Debentures is made only bg the offering prospectus and is subject to the terms oj offering set
by Messrs. Wright, Gordon, Zachry <3 Par tin, counsel jor the principal underwriters. It is expected that
ready jor delivery on or about April 13,1939, at the office oj Dillon, Read <3 Co., New York, against payment
TO FACILITATE THE OFFERING,
IT IS INTENDED TO STABILIZE THE PRICE OF THE 3% DEBENTURES, DUE APRIL 1,
PRICE OF THE ABOVE SECURITY WILL BE STABILIZED OR THAT THE
IF COMMENCED, MAY NOT BE DISCONTINUED AT ANY TIME.
NOT AN ASSURANCE THAT THE
Further injormation, particularlyfinancial stateme ntsand a
statement
on
STABILIZING.
statement regarding the decline in recent earnings, is contained in the
file with the Securities and Exchange Commission, and in the ojffering prospectus which must
furnished to each purchaser and is obtainableJrom.the undersigned.
Dillon, Read & Co.
April 12,1939,
1959. THIS STATEMENT IS
be
registration
The Financial Situation
COMMENTATORS
on politics
are the
nowPresident
engaged ample
in ishisagain
judgment
only
such
time as
trying to determine
whether
Congress
in session
anduntil
can be
hoodwinked
in
his
lost
or
won
struggle to
an
Progress
Administration.
of
persuade Congress to
or
Those who are desirous
seeing the President lose
do! not
standing
be
to
having
Congress
finally
in
"prestige" and with it
of
con¬
point to the fact that the
President
all but
able to
was
have
get
$50,000,000 of the
again demonstrated
ability to obtain sub-
he
what
stantially
per¬
Thoughtful citizens
welfare
the
of
than in
for
long
ago
the
arrived
has
real
it
importance
the
possible
seem
the
$2,500,000,000
merely
$2,450,000,000: in
given
any
I
it
is
be
we
official
the
ment
will
President
presently ask for only
$1,500,000,000
fiscal
year,
WPA >
on
the
for
account
coming
which,
it. is
quickly explained, is very
substantially less than has
been
appropriated for this
year.
The
matter
is
actually
more
has
but
this
June
led
which "then
the
.
any
and
participation
on
Congress
our
own
will
do
in
any
soil; and
the
same
abundantly clear to the -American
and
to
the
peoples of Europe that
into any European
do not propose to enter
>-'V.
The question whether we shall or shall not
presently feel it obigatory to enter any war
which may be in progress may not be so
simple as Senator George seems to suppose,
but there should not be any disagreement
with him that a restraining hand should
somehow be laid upon the President.
Neither Congress nor the public could do
better than bear all this carefully in mind
these days when bristling statement quickly
follows bristling statement from the White
House, when demands are being made for
farm
subsidies
to
meet
the challenge of
the
dictator
countries,
and when head¬
lines continually scream of "plans" being
formulated for this, that and the other
thing upon the outbreak of war.
It
is
sometimes
difficult to forget the
of the Democratic Party:
country when I remember
lament of the sage
the
of
the
spent
"I
WPA
tremble for
that God is
my
just."
little
amount
30 last
and the first
of last month.
complishment is
requested early this year to tide the agency
lessons which the
to June 30
now
in
the
amount
of
next, and all told some
$825,000,000
actually been appropriated for that pur-
The President has long had the habit of
asking at this time of the year for relief funds
pose.
The Pres¬
to
more
a
politically comfortable seat
in the
Administration, and
demanded $875,000,000
funds
additional
WPA.
the
for
Congress promptly
"rebuked"
to
President
the
reducing the
by
amount
$725,000,000, and, ac¬
cording
then
to
current
reports, set itself about the
of
task
working
altered
out
,
an
system of admin¬
end
istering relief to the
political
eliminated
be
abuses
.
at least
or
re¬
duced, and the public
Treasury better protected.
President, nothing
quickly de¬
daunted,
manded further appropria¬
provide the $150,-
tions to
000,000 which
had been
lopped off his original de¬
He
mands.obtained
of
now
has'
of
$100,000,000
.The matter
this amount.
appropriations for the
coming fiscal year is noyr
to
be faced, and time only
attitude
be in
as
of
this
final
will
Congress
matter, as well
its action in
relief
the
what
tell
will
"reforming"
procedures, but, the
record
of
the
few
past
months is not particularly
encouraging
Real
The
r
Question
situation
The
is
thus
obviously not greatly dif¬
from
ferent
the
year,
~
whether Congress
funds
to
adroitly removed the
Administrator
at
$875,000,000
Additional
over
current
fact
that
than
between
were
the
for
agency
understand
issue at least is clear in the
in the House, and it ought to
war."
announce¬
the
that
this
The
made
people
really first rate significance
in
strain
will
go
against
believe
Senate
find
to
easy
citizen
anywhere except
thing.
or
to
vote
war
figure is grossly excessive.
Nor
thoughtful
emotional
my-
Either
year.
genuine fear throughout this
somebody has afforded some
perhaps a little too far in
asserting that "I will stand back of this
desk when the issue arises, and I will cast
any -
spends
a
that
Senator
WPA
the
whether
ident
in
The
great question is involved
in
time,
something" about this
The
ever
that
the
matter of relief.
Premier."
To them it does not
had.
said at
"do
the voters.
determined, if
judge by what
were
may
was
that
whatever
lost
we
the distinguished English
statesman [Lord Halifax] who
today [Thurs¬
day] said that America, the United States,
was
in full sympathy with* or shared fully,
the expressions that had just been made in
the
House
of
Commons
by
the
English
conclusion that this whole
affair
American
encouragement to
part
at
on
own
Nation
country
most
my
has aroused
political jockeying
have
influence
bidding good-bye to the people
State, said 'I will see you again
Thanksgiving [or in the fall, whichever it
was] if we do not have war.'
When that
declaration
is
made
by the President of
these United States it will arouse and it
of
interested in the real
more
detrimental
a
States,
:
sistently demands of Con¬
gress.
the
They
•
manded, and conclude that
his
Thurs¬
industry, and which create war hysteria in
this country."
'
Senator George is on strong ground in
saying that "there is no need to gloss over
the matter."
As he well points out, "within
less than a week the President of the United
huge amounts he has de¬
he has
on
peoples of other nations against us, which
tend to create civil unrest, which tend to
Others
Congress.
and thoroughly
words of a resolution offered
by Senator
Bridges, to "express its dis¬
approval and forcefully condemn all in¬
flammatory statements and press releases
of
the
high officials of this Government
which have the effect of antagonizing the
it, the President has lost
trol
wholly natural
a
in
were,
$100,-
thankful
be
was
employed last
autumn to sway
day against the manner in which art appar¬
ently war-bent Administration is dealing with
a difficult and dangerous
world situation. <
It would be a good thing if the Senate
obliged
accept
and
000,000
for
Outbreak
wholesome outbreak in th6 Senate
the
forces
were
to
It
convincing
Administration
Wholesome
A
great
themselves that since
more,
been
appear
any
difficulty in
bludgeoned into granting
Members of Congress came to Washington at
the beginning of the year greatly incensed over
the way WPA funds had
additional $150,000,000 for the Works
give him
so
what
beginning
far
as
it
was
of
the
actual
ac¬
The real question is
and the country have learned the
experience of the past few months
concerned.
should have taught.
If they have, then what we
have endured can be forgiven. If they have not,
then all the. confusion and debate since the first
of last January can be. written off as a dead loss.
be made,
of this troublesome relief problem must
improbable that sober reflection has brought
It is not
APriI 15> 1939
Chronicle
Financial
2162
Congressional minds that there
is no available means for lifting politics out of the
distribution of billions of dollars to needy, and allegedly
not in connection with relief appropriations measures, or with relief measures of any sort for that
matter, but with those policies which make extended
Certainly
relief distributions really necessary, and thus furnish a political excuse for relief appropriations running into almost astronomical figures. Let there
be no misunderstanding or mistake about it. Whatever may have been the case in 1932 or 1933, the
continuation of real need for extended relief either
by the States or by the National Government is a
conviction to many
needy,
control of
United States.
the
in
persons
gain
some
would result* from a reduction in the
such moneys exercised in the past by the
national
organization of one political party, or rather
by
clique within this
one
party. \ Of
this there
probably little doubt in the minds of those members
of the Democractic Party who found the funds
is
they have also come to realize that a feasible altermethod of administering the funds is not
direct outgrowth of programs which have meanwhile prevented and are now preventing the development of approximately normal conditions in
industry and trade.
The assertion / so often heard
one must of course apporWhoever does so, American
from the lips of sentimentalists and Utopians that
henceforth we must expect, as a normal state of af-
used against them in
they had voted being actively
last fall, but it is also probable that
the campaign
native
Some
to formulate.
easy
them.
tion and distribute
politics being what they are, is certain to fall into
fairs, unemployment involving millions of persons
practice of making direct or indirect use of the
willing and able to work, that man has become the
the
in the
victim of machines he has devised, that modern in-
public interest that one group benefit politically by
dustry is geared to produce much more than the
by favoritism in the disof relief, than for another to do so.
These
inherent in any system of relief.
They
is called technological unemployment will always
It is
funds for political purposes.
profligacy in relief,
tribution
evils
are
the
all
that this whole busines of
at the earliest moment
be
had
have
public
general
impressed
year.
elementary
in the rather half-hearted
been
under
way
tem of relief
now
pampering of labor by New Deal tactics have with,
out question greatly increased the
employables, but this is,
should have been made clear
even
inquiries that have
ap-
assigned to it.
The long depression and, still more important, the
truth
v
\
Another fact which
•
this
but nothing remotely
circumstances,
of
proaching the proportion usually
and the
their minds since the first of the
upon
ment of some magnitude in all probability in the
best
It is most earnestly
of Congress
hoped that members
nonsense,
this day and
time, and would present a problem of unemploy-
public relief be liquidated
possible.
is simply economic
advance is rapid in
Technological
important and all the more urgent
more
idle
millions
keep
they cannot be eradicated—a fact which makes
but
to
people are able to buy and consume, and that what
or
be ameliorated and in some measure controlled,
may
it
no more
dealt
with,
number of
un-
would be, if properly
less temporary condition. The
a more or
idea that there
or
is, and there must be, under modern
is the circumstance that the sys-
industrialism left to its
employed is unconscionably watste-
chasing
power"
devices,
own
a
lack of "pur-
with
commensurate
productive
fuljj fearfully destructive of sound fiscal practices
capacity is but
and
nomic fallacy which has so often
been exposed that
the wonder is that it
so
to
confidence, deplorably injurious to morale and
willingness
take the
right,
own
of
on
the part of the employed to under-
rigors of self support, is therefore, in its
a
ing
The
us
deterrent to business of the first order
job of aiding the really needy is cost-
much
indirectly.
more
than it should both directly and
The surrender to the* demands of or-
•
ganized labor in such matters as rates
paid
on
WPA projects, and the insistence of polit-
ically powerful local
ularly close
that
large
ment to
to the
groups
(not always partic-
Washington
Administration)
be made available to give employ-
sums
people who could and who ought to support
themselves, and other factors of a like sort
ing
a
wholly unreasonable burden upon
finances.
simple
the
of wages
a
These
as
appropriations, and,
ficulties.
It is
as
so
long as they continue,
wholly
unnecessary
quite probable that
the members of
national
merely reducing the size of
the task of reducing appropriations is
and
plao
things cannot be remedied by
procedure
additional
are
a
fraught with
political
dif-
good many of
Congress have begun to understand
variant of
the relief
question, let it start with the National
Its
Labor Relations Act;
Wagner that the Act is
€Ven
if not
so
a
blessing neither to business
best
ure
tion
is, of
an
entirely different order.
It is the
simple but apparently little realized fact that
real
any
beginning in the task of getting at the roots
It is
a
A meas-
"The National Labor Rela-
tions Act is hereby repealed." .■ If,
politically
of
out
the
question,
however, repeal is
then
a
serious,
earnest, and intelligent effort ought to be made at
once
to extract the
DOw
stands.
be
an
included
0r
a
extensive
hours law.
poison from the
measure
as
it
With this program there might well
repeal,
or,
revision
These
of
if that cannot be done,
the
so-called
measures are
wages
and
responsible directly
indirectly for the inability of millions of
people to find work.
What is
they
ques-
men.
to labor.
nor
designed to deal with the situation need
have but eight words:
derprivileged"
Important of All
important aspect of this relief
be to
gi^eat blessing to business
recognized by business
wages,
Most
first task would
discard, boots and baggage, the ideas of Senator
ment—minimum
But the most
follow-
a
Start with the Wagner Act!
that by
probably not wise to expect too much of Congress,
large
eco-
If Congress really desires to make' headway on
rank and file of the
is
retain
can
part of the situation, but it is not so clear that the
people have, and until they do it
old and hoary
an
ing.
magnitude, and acordingly tends to perpetuate
itself.
a
as
our
serious is the fact
imposing expensive conditions
upon
employ-
for example—these laws,
instead of aiding the lowest groups among the "unas
are
supposed to do, are mak-
ing it impossible, probably permanently impossible
if the statutes remain
obtain work at all.
upon our
They
are
books, for them to
placing industry
der purely artificial and unnecessary
pressure
un¬
to
Volume
Financial
148
2163
Chronicle
intensify the "technological un-
ism of the country for purposes for which they were
employment" problem about which so many croco-
never intended, and other cases of a like sort could,
of course, be cited one after another, almost without
mechanize and thus
dile tears
are
shed.
„
respect,
behalf of the wage earner in connection with social
insurance, are having the same effect upon employwhose opinion is worthy of great
No one,
doubts that
payroll taxes imposed avowedly in
the record of al-
Let the doubter examine
ment.
end. Unless Congress has reached the point where
it is willing to go to work on all this intelligently
and constructively, it may as well make up its mind
that some relatively minor progress with the relief
situation is all that it can hope to accomplish. It
eight-hour day
vigor and attentiveness common in pre-war
days at wages very moderately below current levels,
and evinced a spirit which left the mind of management relatively free from anxiety about dealing
need not expect to make much progress treating
the pains incident to the existing situation with
mustard plasters so long as it insists upon feeding
the patient large quantities of poisoned food,
All this, of course, has been obvious to the
thoughtful student of public affairs for a long while
past, but it has not apparently been so to many
members of Congress or to large elements in the
public which have appeared to believe that the relief question could in the nature of the case be effectively attacked by direct action. If the experiences of the past few months have caused scales to
fall from the eyes of these groups, we have made
calculations let
real progress even though it does not greet the eye.
most any
industrial enterprise where the possibility
saving devices exists.
Let him
of extensive labor
carefully note the extent to which
five
operations have
during the past
remember, in which man-
increasingly made automatic
been
or
six years—years,
particularly eager
agements have certainly not been
capital expenditures. Let him satisfy
whether all this would have occurred if
to undertake
himself
labor
were
willing to work, say an
with the
In making his
with its labor force.
him not overlook the fact
ordinary labor cost, pay heavy taxa-
in addition to
tion in
proportion to its payroll.
....
«
,
__
Then there
expensive
has from
in
a
that industry today must,
u
is
A
reported this week in the official banking
the ever-changing bnt always more
agricultural program a .program which
the first .regularly failed, except possibly
political sense, and which is now
Administration
scheme
attempt
to
avowedly to obtain
rubber and what not, but
some
driving the
weird
emergency stores
.whic
,
one nans
The
Gold arrivals
^ the continujn
q
Tr
in
fundg layjshly from its
are
almost
Eur0
ean
Washington is disbursing
general account with the 12
Currency in circulation/
finalIVj ghows a decIine of $2o,000,000 as a conseqUenGe 0f the post-Easter return of money to banks,
e ieve,
responsib e officials m
demented) is much more
desire to relieve the Government
programs
^
^
of tin,-
its ill-conceived ag-
But however
these things may be, the fact remains that industry
and trade are being required to pay the agriculturists of the country subsidies running into billions
of dollars in one way or another, and to bear as best
ricultural
continuance of the trencL
&t record
Federal
(unless he is ready to get
embarrassments resulting jirom
statistics, with all immediate indications pointing to
barter
•Washington down as half
inspired by a
,
Federal Reserve Bank Statement
ANOTHER swift upsurge of idle credit resources is
I-
.
gncu ure
1 168
-
of the past.
bankg
/phese factors all
contributed to
than 8209,974,000 in
an
increase of no less
member bank reserve balances,
se
over
vrelegal
serorequirements advanced
1^70 poo Qoo
t0
13,880,000,000, which again is a
The pressure of this prodigious and
unexamp]ed total of idle funds is enormous, but there
8G]1 are no signs of any effective demand for accommodation.
The statement
of New York City
record figure.
business
$1,386,000,000, but the total
tions which any
remains $252,000,000 under the level of a year ago,
in its wake.
Continuation of such policies can be
when it aiready was deeply depressed.
The small
depended upon to aggravate and render more or
increase of such loans apparently reflects a nation¬
less permanent unemployment difficulties in inwide tendency, as the statement for 101 cities records
dustrial centers.
a
ffEe movement.
Brokers! loans on security colTurn to other branches and we find the Govern-.
lateral fell §38,000,000 to $541,000,000, which' is
ment injecting itself in a thousand ways into the
$101,000,000 up from a year ago.
lives of business men, controlling them, abusing
Gold acquisitions for the week ended April 12 are
them, confusing them, and competing with them.
noted at $138,000,000, and monetary holdings now
It may appear to be a far cry from the securities
are $15,430,000,000.
The Treasury deposited $144,Acts to unemployment, but the fact is that they lie
001,000 gold certificates with the regional banks,
cheek by jowl.
It is probably true that even repeal
raising their holdings of these instruments to $12,of these laws (while leaving the remainder of the
716,719,000.
With other cash up somewhat, total
New Deal program in force) would prove disapreserves of the regional institutions increased $159,pointing to many who naturally abhor both of them,
406,000 to $13,102,409,000. Federal Reserve notes
but that is saying nothing more than could be said
in actual circulation dropped $3,977,000 to $4,394,of most of the obnoxious programs now in force,
453,000.
Total deposits with the 12 Federal Reserve
that the removal of any one of them would prove
banks moved up $166,436,000 to $11,057,386,000,
ineffectual.
The holding company law as applied
with the account variations consisting of an increase
to the utility companies is another case in point,
0f member bank reserve balances by $209,974,000
as are the numerous agencies now directly competto $9,527,804,000; a decline of the Treasury general
ing with business or holding a threat of such comaccount balance by $87,863,000 to $1,015,034,000;
petition constantly before the eyes of the business
an increase of foreign bank balances by $35,016,000
man. The fiscal situation, the unremitting determinto $267,432,000, and an increase of other deposits by
ation to employ the monetary and credit mechan$9,309,000 • to $247,116,000.
The reserve ratio
and disturbing condisuch program must inevitably bring
they may the uncertainties
.
weekly reporting banks shows an advance in
loang 0f 814,000,000 to
•
.
Financial
2164
Discounts by the
84.8% from 84.7%.
moved up to
$3,063,000.
b^nks increased $511,000 to
regional
make such advances
$12,016,000. Open market
holdings of bankers' bills were unchanged at $561,000,
while holdings of United States Treasury securities
were similarly motionless at $2,564,015,000.
879,000, and commitments to
to
$46,000
dropped
Winter Wheat
half
Crop
ment
year's very large
(192837) average of 560,160,000 bushels. Yield per seeded
acre is now placed at 11.9 bushels, the same as the
ten year average, but a little smaller than last
year's yield of 12.2 bushels per seeded acre. Aban¬
prospect compares with last
686,637,000 bushels and a ten-year
harvest of
'
over
137,418,000 bushels less than the crop
month
harvested in
1938, the prospective supply of wheat
ness
duced, for the carryover next July 1 is expected to
274,000,000 bushels as compared with
to
The increase in
the carryover, as now estimated, will therefore
amount to 121,000,000 bushels.
Consequently, any
153,000,000 bushels a year earlier.
of
reduction
substantial
a
in
nature
this
year's
supply would seem to depend on there
available
Plantings
of spring wheat this year were 17% smaller than
last; a corresponding reduction in the harvest
being
much smaller spring wheat crop.
a
would result in a crop
this
compared with 244,164,000 bushels last
year
■■■"■:■.
year.
The
the
this year
too
Agricultural Adjustment Act of 1938
remains
a
moot question, for it is much
early to obtain any very definite idea of the
spring crop—the winter wheat estimate, for that
matter, is subject to radical revision.
vides that
thirds
farmers
of-the
voting
"Whenever it shall appear
wheat
of the
as
will exceed
and
The law
pro¬
(subject to the approval of at least two-
a
in
a
referendum)
that the total supply of
beginning of
normal year's
marketing
any
year >
domestic consumption
exports by more than 35%, the Secretary [of
Agriculture] shall, not later than the May 15 prior
to the
beginning of such marketing
such fact
and, during the marketing
year,
year
proclaim
beginning
July 1 and continuing throughout such marketing
national marketing quota shall be in effect
year, a
with
respect to the marketing of wheat, etc., etc."
If the winter crop
May 15
and if the
prospects should be the same on
that is around 550,000,000 bushels,
as now,
spring wheat
crop
is expected to produce.
200,000,000 bushels, these two amounts taken to¬
is
placed
and 1,167 with
1938.
substan-^
compared with February, there were
As
the different classifications of
tial increases in all
enterprise, but the reduction from March,
business
1938
the manufacturing division.
less than 2% while
chiefly in
was
Retail trade failures decreased
was
1938.
construction
and
wholesale
the
in
•
small increase.
;
manufacturing
the
$27,065,000 in March, 1938.
with
696
with
with
683
numbered
firms
210
classifciation
$7,875,000 compared with 241
failed last month for
for
there
groups
just one less failure in each than in March,
The commercial service division showed a
Retail casualties
■
$5,662,000 liabilities compared-
$7,612,000
Wholesale
last year.
March, numbering 124 and involving $2,-
failures in
037,000 liabilities compared with 125 involving $3,884,000
There
ago.
year
a
failures this year
54 construction
were
and 55 last, but this year's fail¬
involved the greater amount of
ures
liabilities, $1,-
In the commercial
52 failures with $1,113,-
228,000 compared with $955,000.
service division there
000 liabilities
were
while last year
there
were
50 with
$809,000 liabilities.
,
Divided according to geographical location, it ap¬
tlutt the bulk, of the increase in failures in
pears
March
February
over
Kansas
was
in Chicago, Philadelphia,
City, and San Francisco Federal Reserve
The increase in these four Districts ag¬
Districts.
gregated 145 compared with the total gain of 160.
All
of these
more
York
Districts, except San Francisco, had
failures also than in
District
last
On the other side, domestic
generally
last
$40,325,000 liabilities in March,
000,000 bushels, would indicate
consumption
$17,915,000 cur¬
month, in comparison with 963
1,123 insolvencies with
involving $12,788,000 in February
with
1,024,000,000 bushels.
than currently.
a
rent liabilities
from 364.
total supply of
1938, when busi¬
much slower pace
at
gether with the July 1 carryover estimated at 274,a
only 3.8% under March,
There were
V
■
•,
:
was
was
In
applicability of the marketing quota provi¬
of
sion
of about 200.000,000 bushels
,
FAILURES
increased
muchtotal
moreforthan
seasonally in March
February,
and the
the
calculated is
is not likely to be similarly re¬
March
Business Failures in
,
549,219,000 bushels, 64,000,000 more than ■ seemed in
prospect last December. Although the crop as now
April 1, places the crop planted last Fall at
amount
is estimated at only ,16%
3 points below the average.
this year,
•
in the next crop year
of 549,219,000 bushels now
The winter wheat crop
in
donment from all causes
THE winter
wheat cropbased
estimate
of the Depart¬
of Agriculture,
on conditions
as of
Government's re¬
bushel the day the
cent a
a
port was released.
by $15,000 at $13,-
Industrial advances were lower
April 15, 1939
Chronicle
showed
the
best
comparison
insolvencies dropping to only 274
year,
■■'
■
The
The New
March, 1938.
much
New
••
■
.
'. >'■> '
,...
York Stock Market
675,000,000
at
bushels; adding this to possible exports of 100,000,purely arbitrary figure) and
SENTIMENT
in thesomewhat
New Yorkimproved
financialthis
market^
apparently
week,
adding 35% to the total, results in 1,046,000,000
although profound concern still prevailed regarding
000 bushels
rough
whether
is
or
on
therefore,
calculations,
not
likely to be
largely
a
It would seem,
bushels.
these
(which is
that
the
the
question
intentions
of
marketing quota shall be applied
respect
a
border line decision and depend
almost
the judgment of Mr. Wallace.
the
000 bushels
issued several days
Government's
or
figure, averaged 539;000,just about ten million less than the
official forecast.
uncertain
the basis of
a
Private forecasts of the crop,
before
on
was
Prices in
Chicago dropped about
ing
to
war
on
Roosevelt
foreign
on
affairs
a
policy.
events and the
Administration
Stock
prices
with
moved
the pivot of the waxing and wan¬
An undertone of pessimism
fears.
reflected in
of European
course
the
entirely
domestic
seat
of
was
sale of
discernible,
a
as
as
well, and
New York Stock
to
was
Exchange
Tuesday at $51,000, equal to the lowest
price recorded since 1918.
The price trend of stocks
Volume
Chronicle
Financial
148
Curb Exchange 13 stocks touched new high levels
and 447 stocks touched new low levels. Call loans
on the New York Stock Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 1,640,570
shares; on Monday they were 1,646,080 shares; on
upward during most sessions of the week now
was
ending,
but
vigor.
To
trend
movement
the
degree,
some
much
rallying
the
moreover,
technical in nature,
was
attained
never
since it followed a
sharp break last Saturday which carried levels to
lower
figures
than were recorded during the
even
of
crisis
Munich
last
As contrasted
September.
yesterday
upswing in
So wide were the re-
mostly down.
were
failed to make them up
On the New York Curb Exchange
the sales last Saturday were 265,025 shares; on
Monday, 271,230 shares; on Tuesday, 269,305
shares; on Wednesday, 172,165 shares; on Thurs-
sessions of. this week
first four
the
619,860 shares.
that the modest
close of last week
cessions at the
entirely.
The trend yester-
Trading
day, moreover, again was downward.
the
Tuesday, 1,663,320 shares; on Wednesday, 1,072,210
shares; on Thursday, 861,880 shares, and on Friday,
closing prices of Thursday, April 6, levels
with the
on
Big Board was slightly over the 1,500,000 level
early in the week, but it fell to the 1,000,000-share
level in the mid-week
period, and under that figure
Thursday and yesterday.
•
York market was the
The New
only prominent
exchange open last Saturday, for all the European
centers
the evening of
from
business
suspended
April 6 to Tuesday morning, in observance of the
Easter
conquest of Albania were con-
tions to the Italian
The fear that this event and its
centrated.
.,
At New York, accordingly, reac-
holidays.
possible
contingencies might touch off the European powder
brought about a wave of liquidation, with
barrel
Lows for the
The politiless ominous than
leading issues off two to six points.
registered by the hundreds.
year were
cal
developments in Europe were
anticipated by some observers, and at the
had been
start of the current week a
saw
good rally developed in
prices.; Movements thereafter
stock
with forward
nature,
of a see-
were
trends the rule until
yesterday, when a mild downward drift of prices
and motor
Steel
occurred.
stocks especially were
depressed,, owing to reports that these important
industries
doing poorly.
are
corded in
our
last issue,
The lack of any apparent
show losses.
in
As against prices re-
which represented closings
Friday suspension almost all issues
before the Good
realization
high Administration circles in Washington of the
adverse effects of "New Deal" measures and practices contributed to the
•
bond
Listed
those
,
of
general unsettlement.
price changes somewhat resembled
United States Treasury obliga-
equities.
tions and the best rated
utility, railroad and indus-
trial bonds held within small
fractions of previous
figures, for the unprecedented total of idle funds
supplies
of buying power.
a reserve
lative bonds
Among specu-
sharp gains were recorded in New York
City traction company issues or* the basis of tentaunification
transit
tive
B/ M. T. securities.
somewhat lower,
proposals
to
holders
of
Secondary railroad liens drifted
and other special groups likewise
widespread uncertainty.
suffered from the
Among
foreign dollar bonds the adverse effects of European
Commodity
developments were pronounced.
kets
were
cultural
uneasy,
mar-
but some of the important agri-
staples held well in view of proposals at
tyashington for barter disposal of surpluses. The
copper market remained soft, and other base metals
also had
were
a
poor
tone.
maintained by
Leading foreign exchanges
the respective controls, but the
impact of European developments was
dent
in
further
large
shipments
highly evi-
of gold to the
United States.
On
the
touched
New
new
York
Stock
Exchange
high levels for the
stocks touched new low levels.
year
six
2165
stocks
while 820
On the New York
day, 126,999 shares, and on Friday, 104,270 shares,
Large-scale liquidation took place on Saturday
last, the direct result of wholesale unloading of
securities both by domestic and foreign holders.
Trading volume for the abbreviated session reached
a. new peak in over two years, and losses running
from two to six points among prominent issues
were recorded. Prices opened the session weak and
moved consistently lower. Developments abroad
reached a crucial point due to the invasion of Albania by Italy, and no recovery could be looked for,
since many investors were not disposed to carry
their commitments over the week-end. The stock
market on Monday was prone to discount much of
the existing tension abroad, and despite a lack of
evidence of domestic business improvement, prices
; showed marked strength at -the opening. With the
passing of the first hour two points had been added
to existing levels. From then on equities hovered
around their improved range, and it was not until
the final hour that a spontaneous burst of strength
lifted prices to their highest point, closing the day
UP tour points from their previous close.
The
strained situation abroad that has existed so long,
coupled with our own domestic problems, produced
a state of nerves among the trading fraternity, and
laboring under the belief that war was quite immiment, prices began Tuesday's session fractionally
lower, dropping two points in the first hour. The
next half-hour the market experienced a drastic
/ downward revision in prices, which placed the dedines at six points.. Encouraged later by Prime
Minister Chamberlain's peace overtures to Premier
k Mussolini, equities rallied strongly and presented a
mixed showing at the close. A turn in the tide came
to the market on Wednesday, and in reduced trading stocks improved moderately.
Opening two
points higher on a sizable turnover, gains during
the day were extended in the better-priced shares.
Softening tendencies later developed, however, leaving closing prices around opening levels. A rising
market took shape early on Thursday following
Prime Minister Chamberlain's pledge of support to
Greece and Rumania. Stocks moved forward about
two points, followed by dulness, but equities continued firm until the final hour, when uncertainty
induced a reaction which scaled prices down to
within the day's low levels. Yesterday dull and
very narrow trading characterized dealings.
Moderate losses occurred in the first hour, with stocks
enjoying a display of firmness at the close. This
late improvement, however, failed to alter the final
result, and prices closed lower.
General Electric
closed yesterday at 33% against 33% on Thursday
of last week; Consolidated Edison Co. of N. Y. at
29 against 28%; Columbia Gas & Elec. at 6 against
yesterday at 69%c. as against 67%e. the close 011
Thursday of last week. May corn kt Chicago
closed yesterday at 48%c. as against 47%c. the close
on Thursday of last week. May oats at Chicago
closed yesterday at 29%c. as against 29c. the close
on Thursday of last week.
The spot price for cotton here in New York
closed yesterday at 8.69c. as against 8.73c. the close
on Thursday of last week. The spot price for rubber
yesterday was 15.65c. as against 16.12c. the close on
Thursday of last week. Domestic copper closed
yesterday at the split price of 10%c. to 10%e. as
against 10%c. to 11%'c. the close on Thursday of
J. at 33% against 32; J. I.
against 70; Inter54 against 52; Sears, Roebuck
5%; Public Service of N.
Threshing Machine at 70
Case
national Harvester at
& Co.
Woolworth at 44% against
44%, and American Tel. & Tel. at 152% against 153.
05% against 65; Montgomery Ward
& Co. at
44% against 44%;
at
on
closed yesterday
Union
Western
17%
at 18% against
Thursday of last week ; Allied Chemical &
155; E. I. du Pont die Nemours
Dye at 159% against
against 133%; National Cash Register at
136
at
Products at 13%
National Biscuit at 24% against
24%; Texas Gulf Sulphur at 27% against 27%;
17% against 17%; National Dairy
against
April is, 1939
Financial Chronicle
2166
13%;
Can
Continental
Kodak at
at 35%
In London the price of bar silver yesterday was
20 pence per ounce as against 30 pence per ounce
the close on Thursday of last week, and spot silver
in New York closed yesterday at 42%c. the close
142% against 145; Standard Brands at
Elec. & Mfg. at 88%
against 87%; Lorillard at 21 against 20%; Canada
Dry at 13% against 14 ; Schenley Distillers at 13%
against 13%, and National Distillers at 24%
6% against 6%; Westinghou.se
on
United
dipped lower this week.
The steel stocks
Thursday of last week.
In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $4.68 1/16
as against $4.68% the close on Thursday of last
against 24%.
States Steel closed
r/'-
last week.
against 34%; Eastman
yesterday at 46% against 48 on
week, and cable transfers on Paris closed yesterday
at 2.64%c. as against 2.64%c. the close on Thursday of last week.
:
. '
the motor group, Auburn Auto closed yesterday at
European Stock Markets
2% bid against 3 oh Thursday of last Week; GenT7UR0PEAN financial markets suffered spells of
eral Motors at 39% against 40; Chrysler at- 58
Hj nervous apprehension this week, owing to the
against 61%; Packard at 3% against 3%, and Hupp : swiftly changing political situation, but prices in
Motors at 1% against 1%.
In the rubber group,
general were maintained at levels close to figures of
Goodyear Tire & Rubber closed yesterday at 23%
the preceding week. Very little business was done
against 25 on Thursday of last week; B. F. Goodat London, Paris or Berlin. The long Easter holirich at 15% against 15%, and United States Rubber
day kept the markets closed until Tuesday, and a
at 34% against 34%.
The railroad shares show furrather sharp decline took place in that session. More
ther recessions this week.
Pennsylvania RR. closed
hopeful views prevailed thereafter with regard to
yesterday at 16% against 17% on Thursday of last
the possibility of widespread warfare, which tended
week; Atchison Topeka & Santa Fe at 25% against
to check the decline and even to produce rallies in
26%; New York Central at 13% against 14; Union
some groups of securities.* For the week as a whole^
Pacific at 85 against 88; Southern Pacific at 11% •
dplness seemed to be the chief characteristic of the
against 12%; Southern Railway at 13 against 13%,
foreign markets. That a great deal of apprehension,
and Northern Pacific at 8 against 8%.
Among the
exists with respect to the clashing interests of „the
oil stocks, Standard Oil of N. J. closed yesterday
Rome-Berlin axis and the Anglo-French alliance was
at"44% as against 44% on Thursday of last week;
made apparent, however, in fresh engagements of
Shell Union Oil at 11% against 11%, and Atlantic
gold for shipment to the United States. The flight
Refining at 19% against 19%.
In the copper
of Capital from Europe has attained prodigious progroup, Anaconda Copper closed yesterday at 22%
portions, but the principal currency units are being
against 22% on Thursday of last week; American
maintained by the several controls. Trade reports
Smelting & Refining, at 38% against 37%, and
from the leading industrial countries of Europe rePhelps Dodge at 30% against 29%.
fleet only minor changes from week to week.
Trade and industrial reports of the week had a
Some uncertainty was manifested on the London
slightly unfavorable tinge.
Steel operations for
Stock Exchange in the initial session of the week,
the week ending today were estimated by American
for Premier Mussolini had completed his conquest
Iron and Steel Institute at 52.1%
of capacity
of Albania over the Easter holidays and the dip-
Friday of last week; Inland Steel at 72
bid against
Steel at 54% against 55%, and
Youngstown Sheet & Tube at 32% against 33%. In
Bethlehem
70;
,
against 54.7% last week, 55.7%, a month ago, and
32.7% at this time last
trie power for
Production of elec-
year.
the week ended April 8 was reported
»
lomatic effect of the step remained to be deter-
mined.
Prices were marked sharply lower at the
start, with gilt-edged issues
weaker than industrial
Mining and commodity shares joined the
by Edison Electric Institute at 2,173,510,000 kwh.
stocks.
against 2,209,971,000 kwh. in the preceding week
recession, which also extended to Anglo-American
and
1,990,447,000 kwh. in the similar week of 1938.
Car
loadings of
April 8 totaled
revenue
535,470
freight for the week to
cars,
American Railroads indicates.
68,771
of
cars
13,421
Most
nous
As
Association of
This was
a
drop of
from the previous week, but an increase
cars over
of the
resulted
the
the corresponding week of 1938.
decline for the
from
week
labor difficulties in
coal fields.
indicating the
in
car
certain
loadings
bitumi-
of the commodity mar-
kets, the May option for wheat in Chicago closed
but
and
industrial
slightly higher.
best demand.
,
course
The tone imjoint
Anglo-French guaranties were being extended to
Greece and Rumania, in the effort to check the aggressions of the fascist governments. The improvement was not sustained in the gilt-edged stocks,
favorites and other internationals.
proved on Wednesday, when it appeared that
mining
securities
Anglo-American favorites
finished
were in
Changes on Thursday were small in
all groups, with the tone somewhat irregular.
An-
nouncement of the guaranties to Greece and Ru-
Volume
mania
with
noted
was
kets.
ment of rubber and
satisfaction, but the
some
reaction of other countries
awaited in the
was
of
in
to be
yesterday
Trading
on
was
downward in the initial
dealings.
Losses
heavy and general, with rentes down
points and French equities
tional securities
even
hard hit
were
existing circumstances this
sensible move, but the
a
one
real
well prove
may
manufactured
or
attempts to
From the strictly economic
point of view, the cotton and wheat oversupplies
the result of
are
were
to three
that
such
Interna¬
time
being.
weaker.
form
as a
emphasized.
was
change economic laws.
resumed Tues¬
day, after the long Easter suspension, and the trend
was
would be
borders,
the mournful results of Mr. Roosevelt's
ground.
the Paris Bourse
our
political expediency of the moment cannot obscure
gilt-edged and industrial stocks, while interna¬
tional securities also lost
insurance, it
war
In the
A little inquiry again developed for transSmall declines occurred
tin, and possibly of other prod¬
available within
strictly non-commercial and intended only
industrial and other securities held close to former
Atlantic issues.
not
ucts
mar¬
Gilt-edged issues drifted slightly lower, while
figures.
2167
Chronicle
Financial
148
It is
insatiable
are
by the apprehensive
price manipulation and the votes
manipulation might influence,
it
and
for the
economic axiom that wants
an
cannot
be
that
maintained
selling that followed the Italian absorption of Al¬
world demands for cotton and wheat have been
bania.
regardless
the
Little business
few
buying
matched.
ties
in
the rule
Wednesday, and
such
on
suggestions, of the effects of American dumping of
Suez
nervousness.
cotton and wheat
Small
gains
guaranties
of
the world
prices of these
com¬
ac¬
quisitions of rubber and tin would be stored for
only in the event of war, but
use
were
Greek
on
modities.; It is carefully stated that American
Canal
comparable
no
withholding of American cotton and wheat from
•
joint
more
equities held at for¬
connections.
the
the
clearly by complete avoidance, in the Washington
Thursday, in anticipation of favorable
to
responses
This is indicated
of price.
evenly
were
especially weak, owing to fears of Italian
was
demands
on
orders
of the international securi¬
some
reflected' further
stock
done
selling
Rentes and French
figures, while
mer
was
and
met,
and
world markets is
indicated,
as
The corollaries
yet.
0
Rumanian
territory.
national issues all
sions
Rentes,
equities
joined the modest rally.
developed in all groups yesterday,
closed
tions.
the
in
When
tendency
objections, apparently
Boerse, like other European markets,
until
the
Tuesday for the Easter celebra¬
business
was
for the
resumed
lower in all departments.
was
Noteworthy, in the meantime, is the
to which the State Department takes violent
many,
y\
The Berlin
Washington suggestions thus remain to be
simple fact that the barter arrangements of Ger¬
small
on
the
determined.
Reces¬
offerings. '
was
of
inter¬
and
in this country
ence
week,
were
larger.
even
Losses;
...v'*
was a
listless affair
on
to the Italian
coup were
small and about
were
The
awaited.
mar¬
OMINOUS
in distant
countries
began todevelopments
awaken responses
of active
anim¬
Gains and losses
osity in the White House at Washington in October,
numerous at
reported in the situation
was
the
Anglo-French
measures
unfavorably and the tendency
Price variations again were
dominating.
After
a
pre¬
only small fractional changes
of
mestic
Berlin
small, with losses
noted'at the close.
ure
Thursday,
to remain aloof.
;
Roosevelt
the
has increased steadily,
tine"
'HERE
is
a
ministration
as
a
consequence of the
"agricultural
aid" programs
con¬
do¬
President
foreign issues
since he made his "quaran¬
speech, and in the last ten days has reached
proportions that
can
only arouse the gravest ap¬
Every foreign occurrence now is made
White House
good deal of instructive irony in
predicament faced by the Washington Ad¬
the
solve
to
of
tendency
Roosevelt to concentrate attention on
the occasion for
International Barter
Administration
The
problems.
prehensions.
v
of deep depression
recurrence
ditions in the United States made evident the fail¬
No
firm opening yesterday, prices
declined at Berlin and
were
on
1937, when the
the end.
impressed
was
Strategy
reactions
as
fixed-income group again was neglected.
change
for
The German
Wednesday,
equally
White House
Fixed-interest-ob¬
ligations also tended to recede.
ket
with the laws of supply and"
demand.
speculative favorites ranged to three points, and
occasionally
to be employed to solve
are
problems resulting from Government interfer¬
outpourings by that "authoritative
spokesman" who is so obviously the
President, himself, as" to make the, disguise? an af¬
When he prefers to drop the
front to intelligence.
press
disguise, Mr. Roosevelt makes declarations of
of recent years, and the steps now
suggested for liquidation of the "surplus" problems-
equal portent, which have the tendency of involving
brought about by such
obvious
tative
approval
of
programs.
President
With the ten¬
Roosevelt
and
retary of State Cordell Hull, the proposal
vanced in
or
more
bales of
duced
by
the
some
foreign entanglements.
makes
declarations along
avoid
White House lines, thus
European balance.
pro¬
units, the Netherlands
It
was
of American agricultural pro¬
the closest
study by every American.
The Italian
by
an
a
war
involving this
highly
coun¬
The acquisition by the United States Govern¬
was
followed
statements,
bearing not only on the event itself but also on the
general
policy
foreign
sojourning
prove
occupation of Albania
assortment of Administration
store
"strategic materials" that might
In this fashion,
implied commitments are being made which deserve
From Warm
to
The State Department also
adding to the impression that the United States
duction, but also would enable the United States to
try.
despite the
people
throwing all its weight into one side
force, that such exchanges would
valuable in the event of
concerns
American
Government is
possessions of Belgium.
excesses
foreign
the
of the delicate
up
only to solve the problems occasioned by
unwieldy
of
to 100,000,-
British Empire
and
argued, with
tend not
ad¬
States in
desire
wheat might be exchanged
surplus cotton and
comparable values of the rubber and tin
colonies
the
was
Washington, last Monday, that 2,000,000
000 bushels of carryover
for
Sec¬
the United
of
the Roosevelt regime.
Springs, Ga., where Mr. Roosevelt
at
the
time,
reports
indicated
was
last
Saturday that the aggressions of the Nazi-Fascist
Powers
were
of
profound
concern
to
the United
4
European War Threats
political safety and economic well-
serted that the
being of America were made
less secure by this and
retary of State Cordell Hull
issued
EUROPEAN
gave fatalistic
every appearance,
week, diplomacy,
of moving with
swiftness
this
Sec¬
of totalitarian aggressions.
other extensions
toward
denunciatory
a
pronouncement in Washington on the same day, in
violent invasion of Albania
which the forcible and
described
was
"It
world.
the
of
said, "that the inevitable effect of this in¬
Mr. Hull
cident, taken with other similar incidents, is fur¬
to
ther
destroy confidence and to undermine eco¬
affecting
velt.
on
seemed to deteriorate steadily, as
situation
and counter-moves were made
by the Rome-
Anglo-French
combination.
the
and
axis
best known to himself and not divulged
reasons
others, Premier Benito Mussolini took over the
The German authorities
of Albania.
expressed pleasure over the success of their allies,,
but Chancellor Adolf Hitler remained in ther seclu¬
diversion"
sion
of his mountain retreat in Bavaria and there
was
no
when
on
Roosevelt departed
Mr.
the Fall if
President is
the
The diplo¬
ago.
moves
small country
his
from
don't have
we
Governments
exceedingly well informed
the
Since
war."
a
Italian
be
The British and French
exceedingly serious view of
an
and the possibility
of fresh
Guaranties to Rumania and Greece
extended, apparently
were
foreign developments, in these days of world tel¬
took
adventure
aggressions..
all
on
indication of the next steps which may
formulating in .his mind.
Springs retreat with the comment, "I'll be
back in
month
domestic failures, reached a new peak last
Sunday,
Warm
a
march
German
the
after
acute
foreign difficulties, rather
and center attention
than
to: "create
efforts
was
became
matic
to
This statement was is¬
approval of President Roose¬
V-;.•>.
v;'J
Administration
there
For
welfare."
our own
sued with the express
moment
Berlin
stability in every country in the world, thus
nomic
peoples of the Old World.
through Czechoslovakia, a
scarcely necessary to add/'
is
conflict involving virtually all
Not for a
any relaxation of the tension
general
a
countries and
which
additional threat to the peace
as an
been violated, the
result has been disastrous.
has been only an Italian satrapy,
"authoritative White House spokesman" as¬
for many years
the
1939
foreign policy.
our
those traditions have
Whenever
Disregarding the obvious fact that Albania
erica.
traditions of
horrent to the best
sister Republics in Latin-Am¬
States and all of its
April IS,
Chronicle
Financial
2168
announced
on
unilateral basis,
a
ephonic communications, his words had the electri¬
and
fying effect of precisely that destruction of con¬
by Prime Minister Neville Chamberlain in London,
fidence and that
tatalitarian
will have
;
suffice
The question whether "we"
introduced fresh aspects
war, moreover,
of Administration
policy
of the collective pronoun
on
foreign affairs.
to the
Use
on
the subject in
a press
House
correspondents to
in
"Washington Post," which gained his un¬
the
an
interpretive editorial
expression of his senti¬
qualified approval as an
ments and which he directed to be
the State papers
After
premeditated,
was
Western civilization
dent.
War
can
use
"we"
indicated
that
editorial
was
in the mind of the Presi¬
be averted and pressure
only when
reached, it
than the show of
*
pronoun
of the
the
Rome-Berlin axis eased
resistance is
incorporated in
for the benefit of posterity.
suggesting that
was
a
from the
point of serious
Nothing less
argued.
preponderant force will stop the
dictators, according to the editorial, which saw in
the
use
of the collective "we"
a
tremendous force of the United
who
made
it
some
curious inconsistencies in the
suggest that the war dangers may
be exaggerated.
■
German
After
Nazis
Moravia, it apparently
took
was
Mr.
nation
which,
as
and
partner in the Rome-Berlin axis to engage in aggres¬
Italian
sion.
troops
suddenly
were
landed
on
April 7 at four points in Albania, and the military
conquest of that
satellite of Italy began.
opposition
was
the Italian
Government, who
Navy and
sporadic
score
were
occurred,
were
however,
the effect that
and
Some
a
few
As the invasion
reported.
began Signor Mussolini issued
of
supported by the
fleet of 400 circling airplanes.
a
Little
met by the mechanized troops
fighting
fatalities
announcement to
an
threatening demonstrations had de¬
veloped against Italians, making necessary the re¬
patriation of
some
hundreds of Italian residents of
Beyond this there
little official
was
ex¬
King Zog and his
entourage.fled from Tirana, the Albanian capital,
and
found
refuge in
Greece.
The
Italian
forces
pressed rapidly through the small country, which
found its
more
capital in the hands of the invaders hardly
than 24 hours after the start of the
they fully realize, is potentially far stronger than
Italian
Germany and Italy united."
ing.
The conclusion of the
Bohemia
over
the turn of the Italian
planation of the Italian action.
a
velt, that "a war forced by them would from the
a
There
however,
States must be
plain, according to the writer
destinies of
fascist
Albania.
gained the complete endorsement of Mr. Roose¬
outset involve the
On the
Paris.
expansionism
warning that the
factor in the calculations of the axis Powers.
Roosevelt
Daladier in
of the
confer¬
Mr. Roosevelt referred the White
Tuesday.
ence on
the
halt
to
situation which
provoked much conjecture
precise leanings of the President, who was
questioned closely
Edouard
Thursday
on
regimes appeared to hang the issue of war.
are,
•
as
simultaneously
question whether the Anglo-French measures will
at the doors of the European
regimes.
a
and Premier
undermining of economic stability
which Mr. Hull laid
were
campaign.
troops entered Tirana last Saturday morn¬
The Italian Foreign Minister, Count Galeazzo
editorial, which is not necessarily accurate, is that
Ciano, arrived immediately by airplane to organize
this is "a
a
help in preventing war."
equal appropriateness, it
Roosevelt's
attitude is
Powers which
out the
are
a
can
With at least
be argued that Mr.
stimulant
to
weight of the United States
Less controversial is the
Roosevelt
war
among
closely balanced militarily, with¬
on
either side.
simple fact that President
steadily is leading the country toward
participation
in
European
concerns
a
which is ab¬
provisional regime.
Save for scattered and
mean¬
ingless opposition among the mountain tribes of
Albania, occupation of the country had been com¬
pleted.
few
About the size of Maryland, Albania had
resources
grade oil.
other than
The
at the
supplies of low-
seizure of the country was not
related to its resources,
were
modest
however, since these already
disposal of Italy.
Volume
Financial
148
2169
Chronicle
that Italy had sig-
the House, Mr. Chamberlain contrasted Italian and
nified, by the occupation of Albania, a firm adher-
Albanian versions of the attack on the small Balkan
State, but refused to denounce the understanding
The general
assumption
was
ence
to the Rome-Berlin axis and had
way
for possible
Great
tries.
maneuvers
new
created
was
from Spain. General approval of the new program
was voiced by Members, but Mr. Chamberlain was
asked pointedly why Russia was being omitted from
the anti-aggression front. He replied that it is
necessary to consider not only what London wishes
to do, but also what others are willing to do, and
added that constant communication was being
of
be
contemplation:
center
of
Albania,
and
also
Greece
country
between
that
because
Greece
bania
it
and
communications
prevent
the
the
Although
maintained with Soviet authorities. In Paris a
blunt statement was issued by Premier Daladier regarding the new guaranties, and the readiness of
Al-
between
neighboring country of Yugoslavia,
surmised that Premier Mussolini
was
a
and
holds
strategically important island of Corfu.
mountains
was
since there is high-
attention,
communication
way
Mediterranean
the
might
under
The hope was expressed that Italy
would carry out the provision of the agree-
ment requiring her to withdraw her legionnaires
control
anxious
soon
The fear prevailed not only
involving
moves
by the step
might develop, but that larger
throughout Europe.
that
with Italy.
various Balkan coun-
pressure on
uneasiness
prepared the
might
en-
formed that Albanian sovereignty will be respected,
France for all military emergencies,
Especially ominous, in view of the delicate situation in Europe, were further calls of troops to the
colors in various countries, and dispositions of
the last week-end that
forces that suggest more adventures in the Mediter-
tertain
thoughts of pressure on Belgrade, in con-
The British Govern-
junction with Herr Hitler.'
ment promptly
made it
London
any
made inquiries in Rome, but was inover
Italian advance beyond the borders of Albania
would be viewed
a
clear
ranean.
The traditional neutrals, such as Holland, likewise
found it advisable to increase their defense arrange-:
ments.
British naval units hastily left Italian
guarantee to Greece probably would be forthcom-
Foreign
ing.
Ministers
of the Balkan
countries of Rumania and
sations
in
tente pact
the
Entente
Turkey held long converBalkan En-
States of Greece, Ru-
of the member
extended by Italy that Greek
assurances were
Yugoslav territorial
spected.
day.
Of-
mania, Yugoslavia and Turkey were menaced.
and
plation in Greek regions. The French fleet sailed
from Toulon for an undisclosed destination, Tues-
would come into immediate operation if
borders
ficial
waters early in the week, and it was reported that a
heavy concentration of warships was under contem-
On Monday .it
Istanbul, last Sunday.
announced in Bucharest that the
was
intergrity would be
In London the belief
prevailed that a guarantee soon will be extended to
terranean, off Spanish shores.
re-
Turkey.
At the northern end of the Rome-Berlin axis relafive
being made for outright German an-
were,
nexation of the Free
sition of
an
Polish
the
corridor.
marked the
Great
Britain
press.
the
and
criticized
was
the crowd was "Down with France." In German
circles the charge was leveled at Prime Minister
City of Danzig and the acqui-
extra-territorial motor highway across
which
The
Anglo-Polish
first pact of its kind
an
Chamberlain
alliance,
the controlled
pact of non-aggression, it was indicated.
suggested
on
guarantee of Polish territorial integrity, in so far
Poland considered it necessary to use force for
resistance.
But Polish circles took little notice of
the German
endeavors to
warnings, which they held to be mere
prevent actual signing of the alliance
"
with Great Britain.
The
British and French
Governments made
an-
European
Russia main-
of strangely little importance in the tremendous
of dilpomatic maneuver now in progress in
Europe.
'
In
•as
incite
game
Wednes-
day that Poland publish the German proposals for
settlement of differences which led to the British
to
tained her reserve, and appeared to be regarded as
Berlin viewed the pact as a hostile move on
official German circles it was
attempting
and Rumania were labeled mere bluff.
German
part of Poland, which might endanger the 10-
year
of
peoples to war, and the new guaranties to Greece
between
Eastern European country,
sharply in
Premier Mussolini declared before a large
and enthusiastic crowd in Rome, Thursday, that
Italy will go "straight ahead," and the response of
quiet prevailed, although reports persisted that
efforts
Germany announced on Thursday that spring
of her fleet would take place in the Medi-
maneuvers
"
*
Poland, Germany, France and Italy all
added new forces to their already enormous armies,
gravely, and it was indicated that
Far East
,
TV/f ILITARY activities in the Sino-Japanese War
1VI
■ were continually on the increase, this week,
weather conditions made possible the resumption
of large-scale operations.
New tactics;, were em-
as
ployed by the Chinese command, and the Japanese
aggressors in this undeclared war found their difficulties increased. . Vigorous attacks were staged by
the defenders at many points in the extensive area
Poland, the new arrangements leave
nominally under Japanese control, apparently on
the theory that the Japanese supplies of mechanized
equipment are limited and that successes might be
achieved in hand-to-hand encounters where the Japa-
pacific settlements of territorial or other
nese are
other
highly important move on Thursday when
they announced joint
Green
territorial
guaranties of Rumanian and
integrity.
Like the pact
with
loopholes for
disputes,
To a specially convened session of the House of
Commons, Prime Minister Chamberlain announced
the
guaranties, which are to become effective imme-
diately "in
which
the event of any action
clearly threatens the
and Rumania and
which the Greek and Rumanian
Governments, respectively,
fend with their
being taken
independence of Greece
consider it vital to de-
national forces."
In his address to
unable to rely upon mechanical aids.
The
series of Chinese offensives began last Sunday, and
some excellent results were reported.
Japanese
troops promptly recaptured important points taken
by the defenders, but a distinct gain in the Chinese
morale developed. Mounting activity by the Chinese guerrillas also was noted, and the conclusion
seems justified that large numbers of Chinese troops
have been transferred behind the Japanese lines,
much in accordance with
suggestions thrown out in
These
developments indicate the
likelihood of continued
heavy fighting during com¬
months.
recent
Chronicle
Financial
2170
Rates of
of
abroad and
advances
against securities showed increases
of
1,000,000 francs and 66,000,000 francs, respectively.
The Bank's gold holdings were again reported un¬
changed at 87,265,942,141 francs, compared with
55,806,959,832 francs a year ago, when the valuation
the
Foreign Central Banks
rates
Present
any
the
at
rates
leading centers
are
gold, 0.9 fine.
rate of the franc was 43 mg.
shown in the table which follows:
Rate in
Pre¬
Rate in
accounts
current
1,883,000,000 francs, while bills bought
THEREdiscount
have been noofchangesof during
the week
in
the foreign
central
banks.
large decrease of 1,227,-
creditor
and
francs
000,000
occasions broad changes in the situation.
Discount
French commercial
francs.
86,297,620,400
bills discounted recorded a
ing months, unless the unpredictable Oriental diplo¬
macy
totaled 98,143,543,755 francs and the year
year ago
before
April is, 1939
A loss
of
51,000,000 francs appeared in temporary advances
to
State, the first change in the item since Nov. 17,
Pre¬
''
Effect
Apr 14
Country
Dale
vious
Established
Rate
Country
Effect
Apf.X 4
•
Dale
vious
Established
Rate
v
1 1936
Holland
Argentina..
3^
Mar.
Batavla
4
July
1 1935
Belgium
2X
Oct.
27 1938
3
Bulgaria
6
Aug. 15 1935
7
Canada
2H
Mar. 11
Hungary.
^
_
...
__
India
Italy
1935
Dec.
4
Aug. 29 i935
3
NOV.28 1935
2X
4X
ZX
4X
May 18 1936
Apr.
6 1936
3.65
3.29
Japan
Chile.-J_-.
3
Dec.
16 1936
4~
Java..
Colombia..
,4."
July
18 1933
5
Lithuania..
3
Jan.
1 1936
4
Jan.
2 1936
3
Jan.
14 1937
5
July
1 1938
*
,
vakia
ZX
.
Morocco.—
GX
May 28 1935
Norway
3X
Jan.
4X
Dec.
4
Aug.11 1937
4X
3X
May
5 1938
4X
4X
...
5 1938
17 1937
,2 1937
5
Poland
3X
Feb. 23 1939
4
Portugal
3
June 30 1932
2X
Rumania
England
2
June 30 1932
South Africa
3H
May 15 1933
Estonia
iH
Oct.
1 1935
2a
5
Spain
5
July
Finland-...
4
Dec.
3 1934
4X
Sweden
2X
Dec.
Jan.
2 1939
Danzig
France
.
.
_
.
1933
3
Gold holdings.
2
Credit] bals. abroad
GX
a
2H
Switzerland
IX
Nov. 25 1936
8ept.22 1932
5
Yugoslavia.
5
Feb.
4 1937
7
1 1935
Credit,
were
week.
•
Money
At Paris the open
call at London
Friday
on
was
20,013,943
12,997,985
7,712,000,000 10,738,141,211
7,949,928,274
811,635,806
3,754,295,277
3,801,993,173
+ 1,000,000
744,000,000
+66,000,000
3,397,000,000
1,168,279,509
acc'ts. —1,883,000,000 18,774,000,000 23,573,728,982 18,058,203,688
curr.
—51,000,000 20,576,000,000 39,553,974,773 20,003,436,940
Propor'n of gold on
+ 0.60%
hand to sight liab.
on
Figures
of March 23, 1939.
as
54.96%
b Includes bills discounted abroad,
c In
Bank's gold under the decree of Nov. 13, 1938, the
the process of revaluing the
three entries
were
A%*
45.85%
62.75%
.
.
Includes bills purchased In France,
a
against 1-5-16% on Thursday of last
on
87,265,942,141 55,806,959,832 57,358,742,140
Temp. advs. with¬
*
as
Francs
'
.+ 555,000,000 120303,000,000 98,143,543,755 86,297,620,400
out Int. to State..
Thursday of last week, and llA@1bA% for threemonths' bills
April 9, 1937
Francs
*15,027,485
b Bills bought abr'd
IN bills
LONDON
open market
discount
rates for short
Friday
1@1J^
as against 13-16%
April 7, 1938
Francs
—1,227,000,000
discounted..
Note circulation..:.
c
April 6, 1939
Francs
French commercial
bills
Foreign Money Rates
for Week
No change
Adv. against securs.
on
.
Changes for
5
Jan.
.
•
STATEMENT
FRANCE'S COMPARATIVE
OF
15 1935
1
furnish the various items
5
6
'
....
.
4
2
....
Germany
Greece
.
BANK
we
for previous years:
4
Eire..
Denmark
Below
with comparisons
hX
4H
it was 45.85% and the previous
year
54.96%.
year
4
proportion of gold to sight liabilities rose
62.75%; last
to
5
■
Czechoslo¬
The
1938.
2
books representing temporary advances to the State
Bank's
the
on
wiped out and the unsatisfied balance of such loans
transferred to a new
was
entry of non-interest-bearing loans to the State.
27.5 mg. gold 0.9 fine per franc), under the
Revaluation of the Bank's gold (at
market rate remains at 2%% and in
statement of Nov. 17, 1938; prior to
1937, valuation had been at the rate of 43 mg. gold 0.9
and subsequent to Sept. 26, 1936, the value
and before Sept. 26,° 1936, there were 65.5 mg. of gold to
decree of Nov. 13, 1938, was effected in the
that date and from June 20,
Switzerland at
1%.
fine per franc; previous to that time
49 mg.
the franc.
was
Bank of
England Statement
per franc
'
•
,
"
1
;
Bank of Germany Statement
THE statementpost-Easter
for the week
ended April
12 THE statement of the Bank for the first quarter of
contraction
of
£1,April showed
decline in note circulation of
shows
a
a
748,000
outstanding
£489,703,000
to
£497,248,475
a
(valued at the
148s.
ago.
year
and
697,000
latter
£1,721,000.
of
proportion
bullion
ago
securities
the
decreased
proportion
which
rate remains at
OF
week
a
marks.
19%.
the
in
2%..
which
declined
a
year
it
Following
previous
was
are
ENGLAND'S COMPARATIVE
years:
marks
proportion of gold and foreign
circulation stand's
now
1.38% and the previous
at 0.94%;
1.58%.
year
the different items with comparisons for
years:
REICHSBANK'S COMPARATIVE
We show below the different'
previous
gold holdings
compared with 70,772,000
The
ago.
The Bank's
change, the total remaining at 70,-
no
currency to note
discount
in foreign
reserve
investments, in other daily maturing obligations
last year
£2,209,042
The
before 4,646,106,000
also shown in
was
772,000 marks,
a
aggregated 5,476,-
ago
in bills of exchange and checks, in advances,
again showed
Government
decreased
£13,028.
year
and in other liabilities.
The latter consists*"of dis¬
rose
A loss
currency,
addition
earlier;
a
306,000 marks and the year
£$1,-
Of
an
previous quarter down to 8,165,100,000 marks.
Notes in circulation
reserves
rose
liabilities
to
was
items with comparisons for
BANK
of the
£8,315,000 and other securities
advances
securities
with
holdings
£6,107,081.
24.1%
£2,196,014.
and
counts
reserves
increased
145,000,000 marks, which brought the record total
£407,503, to other accounts.
24% from
slightly to
and
comparison
$5,699,578 represented
to bankers accounts and
year
in
As
Public deposits
other" deposits
ampunt,
total
how for three weeks—
rate
same
the
6d.) dropped off £27,487, the gain in
amounted to
The
reducing
note; circulation,
in
STATEMENT
.
Changes
for Week
.
STATEMENT
Reichsmarks
Assets-—
April 7, 1939 April 7, 1938 April 7, 1937
Reichsmarks
Reichsmarks
Reichsmarks
'
No change
G<?ld and bullion:.
April 12,
April 13,
April 14,
April 15,
April 17,
1939
1938
1937
1936
1935
£
£
Of which depos. abr'd
Res've in for'n currency
Bills of exch. & checks.
_
Silver and other coin...
Circulation
Advances
489,703,000 497,248,475 465,694, 083 421 ,890,628 392,449,184
Public deposits
9 ,903,592
17,738,000
9,147,332
17,731,488
22,371, 160
138,582,435 139,946,990 134,818, 166 141 ,480,223 139,687,225
Bankers' accounts.
97,646,176 103,951,338
96,897, 131 104 ,911,379 100,294,413
Other deposits
Other accounts
40,936,259
35,995.652
108,666,164 116,136,164
27,798,129 29,246,166
Govt, securities
Other securities
Dlsc't & advances.
Securities
6,276,487
9,598,404
37,921, 035
36 ,568,844
96,949, 933 106 ,671,996
29,053, 215 21 ,918,248
6,906, 004
39,392,812,
89,986,044
15,924,634
8 ,755,790
5,923,044
Investments
Other
Coin and bullion
Proportion of
—200,000
5,600,000
67,702,000
—9,000,000
959,200,000
411,090,000
456,533,000
762,625,000
Liabilities—
Notes in circulation
Oth. daily matur. obllgOther
liabilities
—145,000,000 8,165,100,000 5,476,306,000 4,646,106,000
770,500,000 1,245,067,000
815,645,000
—189,600,000
209,891,000
544,587,000
174,599,000
—3,010,000
Propor'n of gold & for'n
curr. to note
0.02%
clrcul'n.
13 ,162,458
10,001,590
19,647,762 22,147, 211
37,534,000 29,982,548 48,878, 306 40 ,488,791 60,595,674
227,237,655 327,231,023 314,572, 389 202 ,379,419 193,044,858
0.94%
New York Money
reserve
to liabilities
24.00%
Bank rate
2%
Gold val. per fine oz.
148s.
6d. 84s.
19.00%
2%
31.00%
llVid. 84s.
11
^d°.
84s.
26.74%
40.71%
2%
2%
lllkd. 84s.
114<d.
Bank of France Statement
1.38%
1-58%
to 120,303,000,000 francs.
Notes in circulation
a
to
by all-time records in excess reserves of
member
of
continued
Idle
indicated
merely
circulation
funds
market.
000,000 francs, which brought the total outstanding
further increase in note
Market
NO apparent
SIGN of athis
change
or conditions
was
weekininrates
the New
York money
THE statement for the week ended April 6 showed
555,up
20,333,000
21,521,642
Reserve notes & coin
a
70,772,000
10,572,000
7+ 88,148,000 1,427,952,000 1,359,776,000
...
assets
70,772,000
18,939,000
5,763,000
5,297,000
—401,700,000 7,778,300,000 5,520,113,000 4,728,954,000
181,047,000
120,832,000
225,836,000
—28,431,000
47,611,000
31,914,000
37,800,000
—19,800,000
No change
banks.
were
In
this
situation
accumulate,
as
previous rates
continued and demand for accommoda¬
tion still failed to
improve.
Bankers' bills and
com-
Volume
mercial
The
exceedingly modest.
Treasury sold on Monday a further issue of
$100,000,000 discount bills due in 91 days, and
dealings
paper
were
at
were
0.025% average, computed on an
York
Stock
Europe
and the extremely depressed condition of
Market observers
is focused
extent
Rates
continues
The
The
quiet.
market for time
on
Rates continued nominal at
up
for
prime commercial
of
prime
at
%@%% for all maturities.
has improved.
paper
Interest is centered
the United States.
The market
good and the supply
Rates
are
unchanged
exchange equalization funds for earmark
shipments into the United States in March
Gold
Czechoslovaks
Dealers' rates
as
reported by the Federal Reserve Bank of New York
for bills up to
and 7-16%
and including 90 days
are
%% bid
asked; for bills running for four months
9-16% bid and %% asked; for five and six months,
Y%% bid and 9-16% asked.
*
gold stock does not account
large transfers of gold to this side by central
in New York.
demand has been small.
change in rates.
gold flow to
of the United
April 12 reached $15,430,000,000.*
in
no
the accelerated
The increase in Treasury
totaled
There has been
on
The gold stocks
which late in March exceeded $15,-
on
THEtinued
market
for this
primeweek.
bankers'
acceptances
quiet
Prime
bills are con¬
still
light supply and the
for
as
000,000,000,
banks and
Bankers' Acceptances
\
<
Now,
on
States Treasury,
for the
"
.
the bill
virtually ceased.
has been slightly stronger
paper
The demand has been
this week.
the bill of exchange
through extensive lending by London
London is playing an
inconspicuous part and London foreign loans have
to 90 days and
four to six months' maturities.
1
London and
several years past,
previously reported.
1%%
commercial relations
Formerly international business was
banking interests to the debtor nations.
money
transactions reported
only
occasional renewals at rates
were
would alone indicate the
which international
to
and attention
extremely heavy imports of gold to
fostered in London by means of
ruling quotation all through the week for both new
and renewals.
the
on
disrupted.
are
DEALING
in detailfrom
withday
calltoloan
on the
Stock Exchange
day,rates
1% was
the
loans
increasingly impressed by the
are
United States, which
the
k
New York Money
The controlling
conditions in
demoralization of international trade
days, and 1%% for four to six months'
datings.
political
are
Exchange held to 1% for all transac¬
tions, and time loans remained at 1%% f°r maturi¬
ties to 90
disturbed
the
factors
international trade.
Call loans on the New
annual bank discount basis.
underlying situation of the market continues
unchanged from the past few weeks.
The
awards
2171
Chronicle
Financial
148
The bill-buying rate of
the largest since the first
September.
The Federal
$365,436,437,
crisis in
Board stated recently that a large part
Reserve
of
gold shipments was made by foreign govern¬
ments and their central banks rather than by indivi¬
these
duals, who
last
were
responsible for the huge shipments of
fall, which reached a record of $562,381,561
October.
,
last
,
March
included $37,178,725 from Belgium,
$27,097,980 from The Netherlands, $8,226,832 from
holdings of acceptances remained unchanged at
Switzerland, and $250,065,107 from England. Among
$561,000.
"other countries shipping to New York in minor
Discount Rates of the Federal Reserve Banks
amounts were Canada,
Mexico, Chile, Colombia,
the New York Reserve Bank is
from
1
to
%% for bills running
The Federal Reserve Bank's
90 days,
THERE have been ofnothechanges
this
week banks.
in the
Federal
Reserve
rediscount rates
following is the schedule of rates now in effect
The
the
for
various
classes
of
paper
at
the different
Reserve banks:
Department of Commerce said that
The
imports of gold
Japan,
India,
.
BANKS
.
The intensity of
York
•
Philippine Islands, and
•.
.
'
-
•'
individual gold shipments in the
past few months has
ments of
DISCOUNT RATES OF FEDERAL RESERVE
Hongkong,
Australia.
been reflected in the small ship¬
New
single bars from London and Paris to
by registered mail.
It is believed that in recent
■
.
,
■.
■'
Rale in
Federal Reserve Batik
Ajn. 14
Boston
IX
;
<
2, 1937
27. 1937
4,1937
11, 1935
27. 1937
2
Aug. 21,1937
2
Aug. 21,1937
2
Sept.
New York
Philadelphia
IX
Sept.
Cleveland
IX
May
IX
IX
IX
Aug.
IX
Sept.
Atlanta.
......
.
'
Chicago.
St. Louis
——
Aug.
Minneapolis
IX
Kansas City J
Dallas
IX
IX•
San Francisco..
IX
•
R/l !#
Established
1
Richmond
Previous
Date
Effect on
■
2,1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31,1937
Sept. 3,1937
IX
2
2
2
2
2
2
.
"2
2
months every1
such parcel
addition to the known consignments
openly engaged for shipment.
•
On April 12 the United States Post Office banned
shipments of gold by mail to the United States by
parcel post, effective immediately.
Since the Paris
Post Office quotes rates on such packages of gold
has
brought approximately $1,000,000 of
post shipments in
which
Course of Sterling
Exchange
are
within
narrow
days the market has been very limited owing
few
On , Saturday last
Monday markets in London and on the Con¬
largely to the Easter holidays.
and
on
tinent were
nominal.
between
closed and quotations in New York were
The range for sterling
compared with
a range
$4.68 5-16 last week.
of between $4.67 11-16 and
range for cable transfers
The
has been betwreen $4.68
with
a
a
this week has been
$4.67% and $4.68 for bankers' sight bills,
range
and $4.68 3-16, compared
of between $4.68 1-16 and $4.68 7-16
week ago.
below those charged by
steamship
com¬
it was possible to insure limited
gold shipments by mail in London, a
arbitrage business had been built up.
panies, and since
amounts
STERLINGextremely
exchange is steady
limits.andIn fluctuates
the past
vessel arriving from European ports
of
considerable
gold has become obnoxious
which has
to buy the metal at the price paid for all other
imported gold, and to the control authorities in the
foreign exchange market.
The chief objection seems
to be that such shipments were made irrespective of
the gold price and exchange quotations fixed by the
stabilization funds.
The action of the United States
The
postal
some
practice of mailing
United States Treasury Department,
to the
authorities follows similar measures taken
by the British Post Office to bar such
time ago
packages from the
mails of the United Kingdom.
Financial
2172
On
The rates
long-term borrowings, and loans of municipal and
are now
cerned
over
the tension in Europe.
understood
is
underwriters
that
London
New York
In
and
canceled
have
to
War risk
rates
vanced.
be
to
are
shipments only
on
quoted
month.
more
The increases
are
news
against bills is % to
market this week
Thursday
on
At the Port of New York the
April 12,
MOVEMENT
follows:
was as
NEW YORK, APRIL
AT
dispatches from London indicated
per
3,719,000 from Holland
None
440,000 from India
273,000 from Scotland
$100 to 7% cents. " The higher rates
expected to result in
$60,273,000 total
Net Change in Gold Earmarked for
sharp curtailment in gold
a
Decrease:
shipments to this side.
The increased rates
expected to affect shipments
are
not
that approximately $210,000 of gold was
came from Australia and
Note—We have been notified
received
made from London
of which $112,000
San Francisco,
at
some
'
ori
open
The
policies which
permit the pound
or
the sterling price of gold to
of
rates
may
also
temporary interruption in shipments
cause
no
a
tically ceased.
47-64% and
The
were
Commonwealth
nations.
right of restriction, but
outlet
seems
side the
The
no
/
important
has
existed
almost
loans, and owing to the
conditions
this
even
was
steady.
a
discount of %%.'
tables
show
Paris, the London
has
■
country out-'
domestic
for
become
,
As noted here last
first quarter
almost
year
was
war
.
8
_
.Holiday
.Holiday
....1^6.78
Saturday, April 8
Monday, April 10
Tuesday, A.pril 11
....
Wednesday, April 12
Thursday,
..Friday,
Holiday
_.__148s. 6d.
totaled £24,887,194,. the smallest since
with £33,105,082
Tuesday, April 11...
sight
steady shrinkage in the amount of
recovery
new
peak of £60,612,000
established in the first quarter of 1936.
These
figures, which
are
Saturday
York.
last
was
was
quiet
On Monday the
same
condition
shares
already issued securities which add nothing to the
capital resources of the company whose securities
have been offered, issues for conversion or
dedemption
of
securities
previously
held in
I
the
United
pre¬
$4.67%@$4.68 for bankers' sight and $4.68 1-16
@$4.68 3-16 for cable transfers.
On Tuesday
sight
purposes,
in New
Bankers',
In New York the range
vailed with London closed.
Government
purely financial
35.00
.,35.00
$4.67%@$4.68; cable transfers $4.68 1-16
was
change continued steady in quiet trading.
issued by vendors, allotments arising from capitaliza¬
tion of reserve funds and undivided profits, sales of
..$35.00
-
closed.
compilation, exclude all borrowings by the British
for
(FEDERAL
rates sterling exchange
steady and
London market
The
@$4.63 3-16.
was
from the Midland Bank's
35.00
Referring to .day-to-day
a
peak of £147,016,000 in the first quarter of 1920.
capital issues since the
STATED
Wednesday, April 12
Thursday,
April 13Friday,
April 14.
8_.
$35.00
Monday, April 10......... 35.00
on
a
PRICE
Wednesday, April 12
148s. 6Hd.
Thursday,
April 13
148s. 6d.
Friday,
April JL4*_.-148s. 6d
.Holiday
Saturday, April
The previous low for the first quarter
£24,943,000 in 1934 and compared with the post¬
was
...176.77
April 13...
176.76
April 14....... 176.75
RESERVE BANK)
earlier.
There
London
market gold
-
•
week, London offerings fpr the
the World War, in comparison
Montre al
discount of
mean
open
PRICE PAID FOR GOLD BY THE UNITED
stagnant.
a
MEAN LONDON CHECK RATE ON PARIS
Monday, April
Tuesday, April 11
demoralized international
market
on
-
the
LONDON OPEN MARKET GOLD
entirely
ear¬
reported
received at San
was
during the week between
on
Saturday, April
Empire nations. Since 1931 the London capital
market
were
price, and the price paid for gold by the United States:
Treasury, however,
to have been offered in any
from
Hongkong.
following
check rate
partially lifted, especially with respect to loans to the
still exercises the
It
Canadian exchange is relatively
prac¬
the restrictions
year
came
There
.
British foreign lending has
Early last
exports of
were no
change in gold held
or
foreign account.
funds ranged
f
..
As noted above,
for
Francisco from
money
000,000 net, the largest monthly .amount in many
years.
exports of the metal
Friday that $62,000 of gold
During March shipments of
were approximately $23,-
to Europe.
paper
There
received of which $2,475,000
was
marked
of American
on
was
but
Canada and $312,000 came from India.
higher insurance
American
gold
week ended
for the
are
gold held earmarked for foreign
decreased/$187,000.
On Friday $2,787,000
metal,
account
until
cease
arbitrage operations.
currency
figures
On Thursday $4,494,000 of gold
received from Argentina.
the
profits in such transactions can again be realized in
The
above
Wednesday.
Exchange Equalization Account does
fall, the huge gold flow will necessarily
.
.
are
coverages
be used to ship metal at the old rates.
If the British
not
as
available
understood to be
may
week,
current
Foreign Account
$705,000
$98,000 from China.
during the
INCL.
12,
$54,677,000 from England
taken by the British Government raise their
6% cents
are
6-APRIL
Exports
Imports
gold shipments only from the equivalent of
on
on
gold movement for
1,164.000 Belgium
rates
on
reported by the Federal
as
Reserve Bank of New York
on
that British underwriters would in accordance with
measures
Wednes¬
On Tuesday £552,000, on
£594,000;
GOLD
April 13
money
offer in the London open
on
follows:
the week ended
March 31;
On
Call
,
from 100% to
than the new high rates announced
1-16%.
£704,000, and
Friday £820,000. The bullion market was closed
Saturday last and on Monday.
:v
;
This is the third advance in such insurance rates in
200%
as
day
application and prices will
.
the past
2
was
the international situation from day to
on
9-16%, 4-months bills 1 13-16%, and 6-months
Gold
German and
on
follows:
money
M%.
other ports have been ad¬
most
on
Rates
depend
day.
bills
ports touched by German or Italian ships.
any
Italian
on
rates continue firm
2-months bills 1 1-16%, 3-months
market
open
are as
bills 1
shipments to or from Germany and
Italy and have withdrawn quotations on shipments
quotations
specifically limited.
county authorities which are not
day-to-day basis as marine underwriters are con¬
on a
it
Kingdom, short-dated bills sold in anticipation of
April 13 war risk insurance rates were increased
in both London and New York.
April 15, 1939
Chronicle
was
$4.67%@$4.67%; cable transfers $4.68 1-16
@$4.68 3-16.
easier in
ex¬
Bankers'
a
On Wednesday sterling
dull market.
was
slightly
The range was $4.67%@
$4.67% for bankers' sight and $4.68@$4.68% for
cable transfers.
in
On
Thursday there
market tendencies.
@$4.|67%;
cable
Bankers'
transfers
change
was no
sight
was
$4.67%
$4.68@$4.68%.
On
Volume
Financial
148
Friday sterling
range
steady in
was
dull market.
a
*
$4.67%@$4.68 for
was
bankers'
|4.68@$4.68H for cable transfers.
tions
Friday
on
r
1_1
at
The
01(1 Dollar
'Pntr%ly
and
sight
b c France (franc)
1
.
nx
•
r-11
Commercial sight bills
/••
•
Switzerland (franc)
Holland (guilder)
j
1
aNew dolIar
$4.67%, 60-day bills at $4.66%, 9,0-day bills at
j
1.
.
seven-day
1*11
„
.
'
'
Continental
/:
Other
and
to 22.44
19.36
32.67
22.42
40.20
68.06
53.07)^ to 53.09J^
before devaluation of the European currencies
The London check rate
...
"
2.60
b Francs cut from s°ld and allowed to "float" on June 30,1937.
Cotton and
grain for payment closed at $4.67%.
.
as
2.54% to
ISIhSmw
c On May 5, 1938, the franc was devalued
francs to the pound, or 2.79 cents a franc.
,
~
.
bills at $4.67%.
gram
parity
Phis
&l
e.63
between Sept. 30 and Oct. 3.1936.
$4.65%, documents for payment (60 days) at $4.66%,
and
P(xirxiy
"S
finished
Range
New Dollar
3.92
Closing quota-
$4.68 for demand and $4.68 1-16
were
r
X
for cable transfers.
2173
Chronicle
Foreign Exchange
on
on a
de facto basis of 179
Paris closed
on
Friday
at 176.75, against 176.75 on Thursday of last week.
In New York
sight bills
on
the French center finished..
FRENCH
despite thesteady.
difficultTheEuropean
on
Friday
2.64cable
13-16,transfers
againstat 2.64%,
2.6413-16
on
situation,francs,
exceptionally
market
Friday
of lastatweek;
against
are
has been very limited owing to
of the
the almost complete close
European financial markets during the Easter
holiday.
steadiness
The
the
of
the.
unit reflects
operations of the exchange equalization fund.
further
No
control
of
repatriation
French funds
is
obliged to sell dollars largely to meet the
was
requirements, of neighboring currencies.
A
less
90-day
on
1% points
A"
"
development is the widening '
satisfactory
discount
On
in
On several occasions the French exchange
progress.
francs,
which increased from
April 4 to 2% points on April 11.
on
Tuesday the 35,000,000 guilder credit extended
to France
July 12
by Mendelssohn & Co. of Amsterdam on
renewed for 3 months until July 20.
was
March
In
the imports
February, but an increase of 465,000,000 francs
March,
over
frapcs,
but
ary,
Exports
1938.
2,880,000,000
were
decrease of 155,000,000 francs from Febru-
a
an
of
increase
653,000,000 francs
The deficit
March, 1938.
was
over
1,111,000,000 francs,
against 1,299,000,000 francs in March, 1938.
•:
Belgian
and
T,he
continues to display steadiness
currency
slight trend toward firmness in the spot rate.
a
belga
was
quoted during the week between
16.81% and 16.83%.
.
The weakness of the unit is reflected in the severe
discount
on
forward belgas, which are under greater
discounts than any
While
leading European
The
currency.
90-day belgas ranged this week between
discounts for
45 and 60
points below the basic cable rate. /
the
has
political situtation
cleared
per-
of April 2, the fiscal
ceptibly since the elections
position continues unsatisfactory, due mainly to the
deficit in the
either
met
extraordinary budget, which must be
by
domestic loan,
an
expensive foreign loan or by a
which
undoubtedly
would involve
considerable hoarding,- or by increased taxation.
At
the
belga
same
there is
time
considerable
pressure
industrialists for further devaluation of the
among
in
order to
meet
the
competition of fully
employed French industries enjoying the benefits of
in the
depreciation
French unit.
This
course
is
opposed by the rentier classes, while labor is fully
prepared
demand
to
largely offset
by
currency
The
any
higher
which
would
sign of flight from either currency, though both
the. Swiss and Dutch banks have been earmarking
gold abroad.
There is a steady movement of
privately owned Holland funds to the American
security market and a marked flight of Jewish refugee .
funds through Amsterdam to London and New York,
Barikers' sight on Amsterdam finished on Friday at
53.08, against 53.09 on Friday of last week; cable
transfers at 53.08, against 53.10; and commercial
sight bills at 53.02, against 53.04.' Swiss francs
closed at 22.42% for checks and at, 22.42% for cable
transfers, against ,;22.42 and 22.42. Copenhagen
checks finished at 20.89% and cable transfers at
20.89%, against 20.90 and 20.90. Checks on
Sweden closed at 24.12 and cabls transfers at 24.12,
against 24.13 and 24.13; while checks on Norway
finished at 23.52 and cable transfers at 23.52,
against 23.52% and 23.52%.
•—
I—1
new
a new
high for the
by
some
who
or
gold mark
Dollar parity is 40.33.
year
due to
were
a
few special
in urgent need of
marks.
following table shows the relation of the leading
European currencies to the United States dollar:
There is
no
The so-called free
transactions
The
disturbed international political situation.
position of the German mark shows no change
Saturday last the mark moved up sharply to
40.25,
the countries neutral during the
war presents no new features of importance,
These currencies are moving in close relationship to
sterling. Pressure on the Swiss franc and the Holland
guilder is reflected in the sharp discounts on future
deliveries.
The discount on.90-day Swiss francs
- ranged between 3 and 10 points below the basic
cable rate, the wider discount having been registered
on April 11 upon the opening of the post-holiday
(market. Similarly 90-day guilders are at 19 points
under spot.- The weakness in both units is due to the
on
r^XCHANGE on the South American countries is
depreciation.
quoted around 40.07%.
On
wages
EXCHANGE
advantages which might be gained
from recent weeks.
is
—
into France amounted to
3,992,000,000 francs, a decrease of 527,000,000 francs
from
2.64%. Antwerp belgas finished at 16.82 for bankers' sight bills, and at 16.82 for cable transfers,
against 16.82% and 16.82%. Final quotations for
Berlin marks were 40.07 for bankers' sight bills and
40-07 for cable transfers, in comparison with 40.13
and 40.13. Italian lire closed at 5.26% for bankers'
sight bills and at 5.26% for cable transfers, against
5-26% and 5.26%. Exchange on Czechoslovakia is
nominally, .quoted, most banks refusing to make
commitments in Czech currency. Exchange 011
Bucharest closed at 0.72%, against 0.72%; on
Poland at 18.85%, against 18.85%; and on Finland.
at 2.07, against 2.07. Greek exchange closed at
0.86, against 0.86.
•
steady.
On April 9 Brazil put into effect a
foreign exchange policy easing severe restrictions
imposed by President Vargas in 1937. The decree
frees 70% of all remittances abroad from Government
control, apparently as a result
of Foreign
Minister Oswaldo Aranha's promise to the United
States Government
of a freer exchange.
The
Government retains control of 30% of foreign ex-
change by authorizing its purchase only by the Bank
Financial
2174
of Brazil at
Chronicle
Cotton and the Farm
official rate which had not been dis¬
an
closed at the time of announcement of
The Bank of Brazil will retain
which
transfer abroad funds
the decree.
not in payment of
It
especially to nations
currency.
The fear of
trading
international
in
exchange
Observers in Rio de Janeiro
compensated marks are not to be
free
the
thrown
into
remain
under
the
mendous
like
Bank of Brazil.
of the
control
ton
the quotas set up
Germany in respect to purchases of Brazil's
for
a
check
on
unofficial
market
free
or
lit out
23.15,
was
against
5.17
Board, the present Administra¬
non-recourse
cotton loans
Now
the
quoted at 20.00, against 20.00.
to
This
was
in line with the glib
that
on
future weather and future markets.
dip has been unhappily protracted,
long position of the Government has extended
nearly
has
EXCHANGE on the
Far sympathy
Eastern" countries
com
in close
with sterling.
of
the
move
year's spinning needs, and the carrying
a
equivalent
the invaded
upon
paper
yen
Then
28M@28%, against
the
came
who would cut
Hong¬
ceuts
a
pound.
Shanghai at 16K@16%, against 163^@16^; Manilla
leave
a
gap
at
at
49.80, against 49.80; Singapore at 54.40, against
54.40; Bombay at 34.96, against 34.99; and Calcutta
at
thus
•
34.96, against 34.99.
THEbullion
following
table indicates
the amounts
(converted
into pounds
sterling of
at gold
the
in
the
principal European banks
of most recent statements,
dates
per
as
fine ounce)
of respective
reported to
shown for the
Banks of—
England..1.
■
1939
1938
1937
£
£
£
295,815,871
3,010,000
c63,667,000
a23,400,000
111,250,000
Nat. Belg..
87,400,000
Switzerland.
Sweden
Denmark
Norway
_
_
—
Total week.
Prev. week.
*
327,231,023
293,720,84 3
2,521,950
*130,002.668
-
1936
;
-
193,044,858
347,628,740
503,776,156
651,077,196
2,438,150
2,327,250
2,959,750
87,323,000
87,323,000
89,107,000
42,575,000
42,575,000
76,626,000
59,469,000
8^,531,000
48,182,000
54,033,000
27,453,000
25,655,000
23,891,000
6,555,000
6,541,000
6,550,000
6,554,000
8,222,000
7,442,000
6,602,000
6,603,000
15,971,000
7,394,000
6,585,000
867,749,539 1,064,223,816 1,097,854,279 1,080,275,825 1,224,063,804
868.242,264 1.064.899,659 1,097,814,978 1,086,103,724 1,225.851,511
1939, the Bank of England
1, 1939, and since, have carried the gold holdings of the Bank
basis
of value.
On
the
market
price
statutory price,
basis
(148s.
6d.
fine ounce), the Bank reported holdings of £227.237,665, equivalent, however,
only about £130,002,668 at the statutory rate (84s. 11 bid. per fine ounce), accord¬
ing to our calculations.
eight cents.
sidy to the
Bank of Germany are exclusive of gold held abroad, the amount of which la now
reported at £528,600.
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 11-12ths 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
125 francs equaled £1.
average
of about 10.1 cents, it
this
loss
a
pound
or
,
f 35.00
cents
a
realized,
worth, in the market, only about
The other five cents would be
grower.
sub¬
a
Under the Treasury's present
book-keeping,
last
as expounded by the President in his
budget message, this would appear as an operat¬
given the
of the
one
affiliates, the Commodity
part of Senator Smith's bill would have
a more direct subsidy, in. effect
guaranteeing him 12 cents for his cotton as long
its
on
a
000.
grower
price remained above
seven
cents.
The
max¬
subsidy would have been five cents, which
12,000,000-bale crop would be about $300,000,At the present
would
be about
price of 8% cents the subsidy
3% cents,
or,
on
12,000,000 bales,
approximately $210,000,000.
Meantime, Secretary Wallace, who had opposed
export subsidies
other
In order to make the current figure comparable with former
periods as well as with the figures for other countries in the tabulation, we show
English holdings in the above in statutory pounds.
a Amount held Deo. 31, 1938, latest figures available,
b Gold holdings of the
francs per £1; when 65.5 mg., about
an
for the cotton is
as
33,111,000
Bank Notes Act,
already surfeited
not
imum
105,316,000
Pursuant to the Currency and
an
pound' has already been suffered but
64,963,000
74,271,000
95,412,000
which was formerly the
per
•
on
two
62,992,000
104,353,000
at the market value current as of the statement date, instead of the
to
90,773,000
,
89,492,000
75,119,000
statements for March
Of
A second
£
202,379,419
25,232.000
for the loan cotton to filly
Credit Corporation.
314,572,389
122,148,000
To farmers
(from 20% to
approximately
1935
£
crop
loss of about 7 cents
a
ing loss of
-
,
v
Germany b.
Spain
are
year
Since the present holdings have so far cost
bale.
corresponding dates in the previous
'
France
Italy.... 1.
Netherlands
by '
us
special cable yesterday (Friday); comparisons
four years:
.
would take
European Banks
84s. llV^d.
complicated.
avoiding its descent
market.
a
British statutory rate,
was
The farmer's production cut would
in the
the Government
Gold Bullion in
It
production this
75%) he would let the loan cotton be sold at three
28.75@28%;
closed
kong
plan of Senator Edson Smith, dean
of the cotton bloc.
Closing quotations for yen checks yesterday were
27.30, against 27.31 on Friday of last week.
everyone
float out its stranded cotton.
of North China,.
areas
a year,
forgotten the happy hope that the Government
need wait only until a more "normal" price would
by the efforts
Japanese to impose a Japanese
the
granary" idea, the weakness of which
charges have risen to |45,000,000
tinues to
on
the
effectively
-
The Chinese currencies are disturbed
eco¬
lay in the assumption that officials could speculate
Chilean exchange is quoted
(official), against 5.19.
Peru is nominally
(official), against 5.90.
an
apparently quite forgotten.
now
the bulges.
on
"ever-normal
Brazilian milreis are quoted at 6.06
23.10@23.20.
at
Friday of
on
*
plan of carrying the cotton over the dips and selling
week; cable transfers at 31.21, against 31.21.
The
argument
tion extended its
sight bills, against 31.21
cotton-grower.
accumulated in accordance with
were
Like the old Farm
Argentine paper pesos closed on Friday at 31.21
for bankers'
sharp rise ("opening out
a
begin with, the present 11,250,000 bales of cot¬
nomic
products.
last
for
pressure
telescope") in the Federal Government's di¬
a
To
possible mode of treatment to accomplish control
and to retain
First, what¬
found for the problem would be
was
rect subsidies to the American
According to Brazilian bank officials this is the only
purposes
solution
fantastically curious; second, there would be tre¬
will
but
market
exchange
passed the 10,000,000-bale level
price of cotton hung ingloriously round 8
cents, that two things would follow.
ever
coverage.
note that German
stock
loan
and the
removed and import drafts will find
frozen credits is
.
.
foregone conclusion, when the Govern¬
a
was
ment's
promises a great improvement,
.
was."'
ever
partial removal of restriction on exchange
The
Alice
opening out like the largest telescope that
'Now I'm
imports.
Program
cried
curiouser;'
and
"'Curiouser
exclusive authority to
are
APril 15> 1939
as late as last
fall, prepared
plan, and late in March the President
vocated
an
an¬
ad¬
export subsidy which would, presumably,
have meant
bounty of either two or three cents
6,000,000 bales, or between $60,000,000 and $90,000,000. Apart from the obvious disruption which
a
on
this would
cause
to normal
trade
channels, it was
quite unsatisfactory to the cotton bloc because it
would have
given growers about three cents a pound
less than the Smith bill.
Also, of course, it would
Volume
have
Financial
148
continued
the
present loan plan, so that in
effect old cotton would be
of the loan
into
reserve
cotton would be
continually moving out
subsidy reserve and
a
steadily moving into loan.
as
The cotton and textile trades
this
it
because
economists
would
disrupt
channels;
normal
con-
stocks; and the cotton bloc opposed
presumably because it would have assured the
only about nine cents
growers
conservation
a
pound (apart from
payments), against 12 cents under the
Smith bill.
The
first
to
Smith
bill
then
was
divided
give the loan cotton back to
price '
second
19365
direct
for
reward
as
two./ The
in
at a nominal
growers
production.
cutting
The
part, still called the Smith bill, carried the
subsidy.
The
Bankhead
bill
bill
did
overwhelmed
farm
passed the Senate but was
was
Senate
vote, but was
two grounds,
on
limited to cotton; second, it would
replaced the export subsidy and bypassed the
present loan machinery.
fit
to
come
The'
by log-rolling demands, for it roused
objections outside the South
First, it
have
not
by both.
So
Wheat farmers
Hairy interests
were
junta of farm interests
a
now
bene-
also jealous.
formed, includ-
was
ing chiefly cotton, wheat, and dairy products.
It
planned to revive the parity payments of $250,000,000 which the House
some
$150,000,000 of
ent Federal
gram
recently killed, and add to it
new money
to expand the pres-
Surplus Commodities Corporation
for the buying
up
pro-
of "surplus" farm products,
including butter, of which the FSCC
now
has about
90,000,000 pounds, and lard, the price of which is
depressed
tremely
lower
This
to
be
pushed
corn
prices
corn-hog ratio.
log-rolling
expenditures
;
likely
by the effect of present low
so-called
ord.
and
even
for the farm bloc has
run
1933.
$129,000,000
1934:
969,000,000
the
,
would push the /farm
rec-
the Government's outlay
approximately
follows:
as
1937-
sseo.ooo.ooo
W39^n:::::::::ti378:ooo:ow
1,082,000,000
971,000,000
The President's
on
further beyond any previous
In recent fiscal years
ex-
even
*
program
r
budget
Y-.Y'
parity payments, which
year
were
$212,000,000 this
and for which the farm bloc is
$250,000,000; the Farm
now
asking
Security Administration,
now
spending around $175,000,000 a year;, the $150,000,000 now being asked for further surplus removal
programs in line with the current
relief
plan;
tion's
non-recourse
nor
the
two-price grocery
Commodity Credit Corpora-
loans,
which
are
outside
the
budget, and the loss from which, so far, is something like two cents a pound on cotton or about
$110,000,000, to
sustained
bushels of
less if there is
on
say
no
holdings of
over
wheat, 200,000,000 bushels of
90,000,000 pounds of butter.
to bail it out.
Foreign
American cotton into regular trade channels.
gov-
This
Government would have to undertake, similarly, not
to make such a release. It is proposed that we take
$65,000,000 worth of tin.
some
are
is
At present prices
nearly 75,000 tons./ Present stocks of tin
about
33,000 tons-and the buffer pool is
cumulating 15,000 tons.
has been running
a
of rubber.
ac-
American tin consumption
shade
over
4,000 tons monthly,
It is also proposed to accumulate
some
225,000 tons
This is five months' American
consump-
The whole plan
80,000,000
corn,
and
to be
appears
inferior sub-
an
stitute for the much-discussed plan to accumulate
stores of
rare
military essentials which
we
do not
produce and might find extremely hard to get during war. While there is some concern here over
existing rubber inventories, market prices for rubber and tin indicate no concern over potential supplies in case of war; production is now cut back by
the respective control committees to less than 50%
of base quota and these commodities could become
scarce here only in a price-sense and
as a
result of
hopeless naval disruption of shipping lanes.
In effect, the plan looks like another shift to
hide
the losses which must eventually be taken by the
Government, or rather, to charge them to that easy
catch-all for bigger national outlays, national defense.
Instead of carrying
cotton,
we
preposterous stock of
a
should be carrying
a
preposterous stock
°f other essentials; in place of present carrying
charges we should have others which foreign nations would make sure were just as great.
But the present impasse in Congress indicates one
more thing. The farm program, boiled down to es-
sentials, is a subsidy program. And
Y°^ *he G0S^ *n the f°rm of lost foreign
depressed prices, has been
For nearly ten
cotton
so
a
large part
markets and
far hidden from the
Now the farm bloc is presenting the
taxpayer.
years
alone have averaged
Last
Federal
subsidies
around $110,000,000
to
a
they doubled that figure. Now they
threaten to triple it.
The normal course of log-
year.
year
rolling extends "most-favored-pressure-group" treatment to all other strong farm blocs.
A budget out of balance this way is like a steel
spring; unless confined by the heaviest pressure, it
tends to expand indefinitely, but never to contract,
The present impasse in Congress, which is nominally
more
economy-minded, is caused by the fact
that Congress is finding it more and more difficult
to disguise this expansion of the spring,
or
even
to stop it.
nothing of the loss likely to be
the present
Secondly, the plan is meaningwar
ernments would have to pledge not to release this
bill.
>.
message called for about
$1,150,000,000 for farmers during the coming 19391940 fiscal year.
This, however, included neither
the
cotton is government-held, foreign rub-
our
ber and tin is not.
tion at present rates.
:
■
stopped by the House Agriculture Committee.
Smith
war purposes.
The first difficulty in this latest proposal is that
this
part, the Bankhead bill, contained the plan
2175
owned rubber and tin, to be held by this Government
for
while
vigorously opposed
opposed it because it would have
tinued the loan
it
new
Chronicle
=============
Pauper Industries and Other Industries
Eleven Senators of the United States, all from
Nor does this include
States largely engaged in the
production of
projected export subsidy of between $60,000,000
and $90,000,000.
cotton,
last week jointly announced their intention
to pro-
the
Added to this
melange of plans, still unsatisfac-
tory to everybody including
latest
and
most
even
the farmer, is the
fantastic proposal, to
exchange a
large block of government-held cotton for European-
mote
enactment
admitted,
or
of
legislation which would, they
perhaps "boasted" is the preferable
word, raise the annual appropriations for agriculture above $1,300,000,000—more than $1,000,000,000
of this
enormous sum
representing actual subsidies
Financial Chronicle
2176
divergence of opinion. Conceding then, arguendo,
that some occupations and industries are not, at
least as presently conducted, self-sustaining, and
that it has been determined that they shall be kept
alive by subsidies, which is no more than a plain
and simple statement of the essential proposition
of all those who defend the current regime of spending, it is certainly fair and appropriate to ask, first,
for a list of the unprofitable industries that are
deemed to merit such favor, and second, for a similar list of the industries that ought regularly to be
compelled to sustain it by their enforced contributions.
If, as the President insists, the farmers, as a
class, must be guaranteed a larger share of the
national income, it is an inevitable corollary that
some group is to have a smaller share; what is that
group, where is it, and why does it deserve less than
it now receives? For it is among the most unimpeachable axioms of government that taxation is,
both by definition and fundamental necessity, an
appropriation of current income to defray current
expenditures of the taxing authority. If there are
to be pauper industries, kept in operation by subsidies, there must be profitable industries, somewhat more than .equivalently mulcted in taxation;
there cannot be one without the other. The classification is obviously important, for it would be folly
to tax one pauper industry in order to contribute
to another pauper industry, and moreover, there
may be worthy industries along the border-line, at
least temporarily only slightly more than selfsustaining, in danger of being reduced below the
line of continued and effective solvency, by taxation
for the support of industries possibly no more
worthy of general favor. Also, to tax and give is a
costly process; the expenses of a never too wellmanaged bureaucracy maintained to collect from
the profitable industries and to act as Federal
almoner in relation to the pauper industries, must
constitute a recurrent and heavy deduction out of
the sums raised. Consequently, it is palpably a
Senators,
At the same time four
in different forms.
of the Midwest,
gave their proposals a qualified approval.
Contemporaneously, Nathan Straus, chief of the Federal
Housing Administration, appeared before a Senate
representing agricultural States
•
compared with the cost of other Federal
programs, > the expense of subsidizing re-
social
"extraordinarily modest."
housing is
These incidents are
merely illustrative of what is
Washington, selected almost
currently occurring in
at random because
they appear among the events of
Authorizations and appropriations
single day.
a
asserting
$845,000,000,
for
asked
and
committee
that,
defense program probably run
for the new national
$2,500,000,000, and are as yet incomplete: There
no cessation or slackening until spendthrift
to
will be
when the
problem
too psychological for attempts at prophecy,
it is not very far ahead no qualified intelli-
leadership is repudiated, and just where or
breaking point will be encountered is a
much
That
fail to recognize. The American people,
their governmental agencies, municipal,
State and Federal, within the six years that ended
with last December expended, to relieve the indi-
gence can
through
Under Harry L. Hopkins,
gent, $17,513,572,000.
Progress Administration alone last year
the Works
Civilian - Conservation
what is pretentiously
called social security, the general Government paid
out $237,300,000; for rural rehabilitation and direct
relief, $112,501,000.
The accumulating Federal
deficit of the present year will be close to $4,000,cost
the
$2,105,773,000;
Corps cost $314,742,000; for
000,000, and the debt of the National Government
on
June 30
next is
expected to approximate $41,-
300,000,000.
-
to support, excessive
Meanwhile,
spending, the
taxing power of "'the Federal Government is being
freed from historical limitations by Supreme Court
repudiation of its own interpretations and what is
to the
tantamount
three members
enactment, over the protest of
of the court,
the Constitution
of
an
April 15, 1939
amendment to
that, for a full century, the people
constitution-
costly error to tax both groups of industry, return-
ally provided. Funds raised by taxation, which have
ting been relieved from restrictions that genera-
ing to the pauper industries their own. contribu¬
tions, diminished by the costs of collection and ad-
changeable
ministration, plus the similarly > diminished contributions of the profitable industries. It would
unquestionably be much more ,economical and
efficient to relieve the subsidized industries from
taxation and reduce the subsidies to the equivalents
of the net amounts otherwise to be received. Undoubtedly this might present a series of formidable
and complicated problems, but a leadership convinced of its capacity to regulate the politics of
remote races and nations, as well as the most intricate social, financial and industrial relations within
its own national borders, will surely not shrink
have not cared to make in the manner
tions of
taxpayers have supposed were
subsidize
indigence; unemployment, including that consequent upon labor disputes; re-housing; re-settle-
only with their consent, are being used to
ment; State and municipal expenditures,
frequently
extravagant; highway construction; transportation
by water (but not by railroad) ; pro-
in the air and
duction of
foods, tobacco and cotton; and land and
whicli
labor
might otherwise be productively em-
ployed is being held in idleness.
In fact, the prin-
eiple of subsidies supplied through taxation, once
extremely repugnant and unpopular, seems all but
unanimously
debated
or
accepted
questioned.
and
is
from the task.
Still more, it would be beneficial to list the
anywhere
scarcely
This is far from a salutary
condition, but for the time being direct challenge
to the
apparently prevailing sentiment that permits
taxation
taking by
munities in order to
munities
(less
the costs of
ing)
may
drastic
some
citizens and
com-
considerable deduction to defray
collecting, administering and distribute
be postponed.
Whatever
wisdom
a
from
give to other citizens and com-
of
might be thought of the timeliness and
such
a
challenge, there is
a
far less
proposal upon which there ought to be no
.
profitable industries from the gains of which must
be subtracted the considerable sums intended, after
government has deducted its incident expenses, to
sustain and perpetuate the industries that are not
capable of self-support. Nothing could tend more
strongly towards clear thinking, and intelligent
voting, upon the problems involved in government
aid to indigent industries than to advise labor and
capital, especially the former, engaged in the industries required to bear the added taxation, precisely
Volume
Financial
148
intended to be under a system
what their status is
that
for
and
absent
is
d'etre
economic raison
heavy contributions
largess where the
that distributes
exacts
is demonstrated
it
where
purpose
by
Whose must be the compulsory sacrifice,
whose benefit is it required, and what is the
profits.
for
justification in the minds of those
by whom it is
demanded and enforced?
nomenclature of current disreceipt of relief do not
Voters who are in
Although, by definition, a pauper
it.
like
"pauper," as applied to
the term
individuals, from the
cussion.
impolitic generosity has
and not
emotional
An
about eliminated
is one
becomes chargeable to
of public funds have
been, and are being, appropriated on the impregliable, if accurate, ground that "no American can
be allowed to starve," it is not commonly admitted
that individual pauperism has anywhere increased,
Indeed, when an independent and public-spirited
lady, during a recent political campaign, suggested
enforcement of the franchise laws which, under that
who,, on account of poverty,
the
public; although billions
quite generally deny the
term,
suffrage to persons
Gross and Net Earnings
Railroads of the
our
who might vote for increased
economic
almsgiving in their
interest, she was summarily and rudely repulsed by the political leaders of all parties,
own
Nevertheless, the almost obsolete term is appropriately applied to industries which cannot, in a long
period of years, sell their products for sums sufficient to defray their costs of production, including
an appropriate standard of living for their labor,
management and ownership, and which, representing that they cannot, appeal, on the ground of such
current insolvency, that they may be allowed to
"become chargeable to the public."
With the classification insisted upon, as it shoud
be, it is altogether likely that it would be discovered
that there are no industries which in their entireties
ought to be perpetuated in inevitable losses and as
public charges; that most industries have their
^fieapables and derelicts; that readjustments and
rehabilitations can achieve more in the public, and
in the particular, interest than the best-intentioned
and most liberal subsidies that profitable industry
could by any means support or that an enlightened
public conscience would tolerate.
of United States
United States, like
of
elements
other
2177
Chronicle
Railroads for the Month of February
virtually all." the drastic economies effected as a consequence of
have been
the depression conditions that started late in 1937.
life,
Net earnings for February, accordingly, total $56,242,842 against $35,711,887 in that month of 1938,
ment
the deep depression conditions of a year
a gain of $20,530,955, or 57.49%. We present these
„ago but far under anything that might be held
figures in tabular form :
prosperous or even normal. Financial statistics of
i J 'm.m
mist
the carriers, for the month of February are entirely
IujKo. ++2sS!m ISi
in
line
with results for the several preceding
Ratio of expend to earnings.
(79.64)
(85-34)
■
months.
The showing is very poor on an absolute
Net earnings
.$50,242,842 $35,711,887 +$20,530,955 57.49%
basis.
It represents a distinct' betterment over
Although the results for last February compare
February of last year, however, owdng to the truly
well with that period of 1938, they are most disdesperate conditions in which the country then
couraging when contrasted with earlier and more
found itself.
Comparison of the two periods is
normal times. Not on any occasion in the 1920's
instructive, but not adequate as a measure of
were gross earnings of February so poor as those
affairs.
It should be noted that only in few years
now recorded, and the net earnings record is
since the carriers emerged from Government conapproximately the same. The railroads suffer, of
trol at the end of the World War were February
course, from the heavy diversion of traffic to motor
operating statistics more adverse than in the month
trucks and other forms of transportation. Far
under review.
The situation, in other words,
more important than even this problem, however,
remains highly unsatisfactory and conducive to
is that of the trend of general business and the
fresh financial troubles among various struggling
impasse into which the country was guided by the
operating so far this year
attained last autumn,
basis
approximately on the
which is an improve-
over
now
Congress has become aware of
rail systems.
is considering a small
and currently
dial
almost all of which are far from
proposals,
adequate/ Whether any real remedy for carrier ills
can
be found
in the legislative quarter seems
doubtful.
>
'^
/
improvement in the rail-
Necessary for a basic
business,
It is still possible to hope that measures will be
taken at Washington to free the economic affairs of
the country from the many shackles that contribute
road
picture is a sharp advance of general
to the current
depression.
few weeks ago
some
There was much talk a
about "business appeasement," and
steps probably will be taken.
drastic
trated
returns
changes
than
in
by simple
of the
The need for
policy cannot be better illus-
consideration of the poor
For February, Class I
railroads.
$276,341,856
last year, a
gain of $25,831,649, or 10.31%.
Most of the improvement was carried to net earnings, owing to
roads
high taxes, obstructive regulations and ruinous
competitions of the Administration,
In order to indicate in a simplified form the
this,
flood of reme-
reported
gross
earnings
of
against $250,510,207 in February of
,
bearing
measure of trade activity in relation to its
on the revenues of the railroads during the month
under review, we have brought together in the table
below the figures
indicative of activity in the more
important industries, together with those pertaining to grain, cotton and livestock receipts and revenue freight car loadings for the month of February, 1939, as compared with the same month of
1938, 1937, 1932 and 1929. On examination it will
be readily seen that, without exception, the output
of all the industries covered was on a greatly increased scale as compared with the corresponding
month a year ago. A substantial increase, as might
be expected, is also shown in the number of cars
loaded with revenue freight. On the other hand,
receipts of cotton at the Southern outports are on a
greatly reduced scale; receipts of livestock at the
leading cattle markets are much smaller (with the
2178
Financial
Chronicle
exception of Omaha), and receipts at the Western
markets of the different
primary
April 15, 1939
Illinois Central
Northern
farm products
Pacific
Delaware &
reduced
on a
Hudson
Central of New Jersey...
Seaboard Air Line
scale.
1938
1937
1932
1929
Western
Automobiles (cars):
Production
297,841
186,531
364,193
117,418
139,583
135,177
Nash
119,038
221,074
188,257
89,046
361,274
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
103,833
Kansas City (cars)
—
Omaha (cars)
399,074
247,204
804,338
386,096
6,349
6,644
6,564
13,955
19,361
2,194
2,392
2,809
1,760
1,665
1,738
5,193
4,906
7,017
5,793
-
Flour (000 barrels)...
x2,046
*1,595
*1,663
Wheat (000 bushels)..
Corn (000 bushels)...
xlO.101
*10,231
*8,850
*6,316
*1,421
*23,191
*1,889
*27,215
*18,136
*9,541
*12,590
*30,363
—
x5,132
*3,939
*3,610
*5,000
*9,551
Barley (000 bushels)..
x4,468
*6,817
*3,631
*1,558
Rye (000 bushels)....
*609
*951
*557
*300
*4,819
*1,021
Oats (000 bushels)
Steel Ingot production,.;!.
Lumber (000 cubic feet):
Production .m
Shipments.m__
!
1,298,268
2,060,187
2,954,883
1,703,726
2,999,218
4,413,832
*559,391
*671,643
*735,812
*985,433
*872,108
964,280
Chesapeake <5
X738.358
United States Bureau of the
Census.,
Mountains),
Rocky
d United States Bureau of Mines,
e
c
*736,630
National
m
x Four
separate
exhibits
for
are
the
roads
but
roads
collectively.
in gross
seven
earnings in
roads report
Turning
find
gross
the
able to show in¬
are
of $100,000, and
$2,405,051 in net.)
in
of the net
case
the
Great
Lakes
the
are
Baltimore &
119%, and in the
Our summary
explained,
sion.
case
gain in
an
we group
The Atchison
class
in
$972,867 in
somewhat
Topeka & Santa Fe stands in
by itself, reporting
earnings of $885,620 after
its
gross.
changes
excess
^
of
and of $847,779 in
gross
a
an
a
In the following table
are
$100,000, whether increases
and in both gross
or
$3,952,637
a3,358,373
1,777,451
1,389,021
Chesapeake & Ohio
1,026,875
Erie
972,867
Louisville & Nashville
807,934
Union Pacific..
794,776
N Y N H & Hartford,—a
715,249
Elgin Joliet & Eastern...
615,675
Reading
562,943
Boston & Maine..
539,754
Del Lack & Western
466,502
Increase
Chic Milw St P & Pacific.
Great Northern
N Y Chicago & St Louis..
Pere Marquette
Grand
Trunk Western—
Southern.
Wabash
Lehigh Valley. 4
Pittsburgh & Lake Erie..
Wheeling & Lake Erie—,
Southern Pacific (2 rds)..
Chicago Burl & Quincy—
Virginian
...
$453,033
452,870
447,619
442,684
434,832
429,106
412,625
380,891
378,967
374,263
352,870
351,840
334,322
As previously
below.
of the different
groups
and
'-Gross Earnings1938
Inc. (+) or Dec. (—)
,
1939
$
1
Total (51 roads).
$
,
$
%
12.28,
11,048,216
+
45,601,433
47,823,026.
+ 8,093,508
17.74
+ 8,378,929
17.52
17.06
1,357,855
...122,302,967
104,472,675
+17,830,292
39,788,811
17,489,464
37,473,488
14,672,003
+ 2,315,323
6.17
+ 2,817,461
19.20
52,145,491
+5,132,784
9.84
Squlhern District—
Southern region (28 roads)
Pocahontas region.(4 roads).
^Total (32 roads)..
57,278,275
Western District—
,,
'
•v
Northwestern region (15 roads)...
Central Western region (16 roads).
26,781,879
Southwestern region (21 roads)
22,290,839
Total (52 roads)
Total all districts
'
'
25,427,110
46,066,564
22,398,367
47,687,896
+ 1,354,769
+ 1,621,332
5.32
3.51
—107,528
0.47
96,760,614
93,892,041
+2,868,573
3.05
(135 roads)...276,341,856
250,510,207
+25,831,649
10.31
.
District and Region—
Month of Feb.
Eastern District—
New England region.
Great Lakes region..
■Net
Mileage—
1939
1938
6,798
6,960
26^22
26,308
24,736
Central Eastern reg'n 24,614
Total
Increase
Pennsylvania
New York Central
Baltimore & Ohio
Norfolk & Western
less than 128.66%.
no
as
12,406,071
53,694,941
Central Eastern region (18 roads)56,201,955
and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF FEBRUARY
of
of the Northwestern region
New England region (10 roads)....
Great Lakes region (23 roads)
show all
decreases,
case
indicated in the footnote to the table:
Eastern District—■
increase in
we
high, reach¬
SUMMARY BY GROUPS
decrease of $77,024
for the separate roads for amounts in
are very
the roads to conform with the
Month of February—
and $832,107 in net, and the Erie, with
increase of
net.
net
gross
of
(in the Eastern district)
by groups is
The boundaries
regions
and net earnings
showing an increase of $1,389,021 in gross and
$1,187,258 in net; the Chesapeake & Ohio, $1,026,875
case
classification of the Interstate Commerce Commis¬
and $2,105,480 in net; the Norfolk & Western,
gross
com¬
We might add,
50%, and in the
over
(in the Western district),
of
Ohio, reporting $1,777,451 in
Southern and the
the
earnings
region
District and Region—
gross
clearly
earnings, all the different districts, includ¬
Among other roads and systems
showing large gains in both
very
all the three great dis¬
region in the Western district,
ing in many instances
net.
and
gross
is
returns
as
New England,
Southwestern
in the
lines; when, however,
$3,737,340
the
much
as
ing their regions, show increases.
of the New
operations
or geo¬
too, that the increases shown by the various regions
and net alike, the former
the
the
the net
$100,000 and only two
and $2,209,742 in
character of
report gains in gross earnings, while in the
Pittsburgh & Lake Erie is included, the result
of
arranged in groups,
are
prising these districts, with the single exception of
great trunk lines—the
York Central and its leased
increase
•
T\(>CY0(t CP
Western, together with all the various regions
of the net earnings, 39
gross
cover
Pacific
tricts,
the
losses in gross above that
case
Both the
$3,358,373 in
an
291,840 Union Pacific..$359,138
285,144 Internat Great Northern.
113,479
279,489
Total (2 roads).
$472,617
''
Chicago & St Louis..
brought out, in
now
and $1,842,041 in net, and the
is
N Y
favorable
gross
the
340,827
graphical divisions, according to their location, the
(number of
large gains in both
figures
$19,241,922
Grand Trunk Western
When the roads
f Com¬
$3,952,637 in
(These
Total (39 roads)
Wabash
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $2,405,051.
Pennsylvania RR. and the New York Central—show
latter
Seaboard Air Line
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
the results shown
excess
roads record increases above
decreases.
434,139
Detroit Toledo & Ironton.
a
1 American Iron
we
_
409,299
385,124
364,786
Western
For the month under
systems
amount, while in the
roads
systems
in consonance with
review 45 roads and
creases
and
Texas Facifie.
Del Lack & Western
138,564
120,447
110,566
310,369
105,242
Southern
weeks.
railroads of the country as a whole..
Cin N O &
Chicago Great Western.
442,547 Nash Chatt & St Ixmis
437,845 Denver R G & Western..
Lehigh Valley
Chicago Burl & Quincy..
Pere Marquette—
have been dealing with the
we
198,775
198,202
195,309
168,385
141,923
141.577
Commission,
Manufacturers Association
reporting mills varies in the different years).
205,545
Pittsburgh & Lake Erie..
456,405
Elgin Joliet A Eastern...
(figures for 37
Coal
k "Iron Age."
Hudson
Northern
Great
519,040 Bessemer & Lake Erie
Maine
&
g Reported by major stock yard companies
Lumber
foregoing
Dodge Corp.
Bituminous
York Produce Exchange,
Institute,
In all the
W.
b F.
National
Delaware &
$252,420
231,993
219,365
Chicago & North Western
633,428
Reading
Boston
*387,950 *1,319,786
*551,724 *1,411,582
*403.373 *1,493,843
Association of American Railroads,
piled from private telegraphic reports,
h New
Ohio
N Y N H & Hartford....
& Nashville...
3,206,185
4,328,713
1,457,710
Wheeling & Lake Erie
St Louis-Sail Fran (2 rds).
Louisville
Note—Figures In above table issued by:
to. the
'■
1,842,041
1,187,258
885,620
847,779
846,486
832,107
666,814
Santa Fe.
MONTH
Increase
2,105,480
...
Western..
Virginian
X675.078
x752,559
Orders received.m
Steel
THE
Pennsylvania
Southern Pacific (2 rds)..
(grosstons):
Pig Iron production.k._
and
FOR
•
>
Baltimore & Ohio
Atch Topeka A
Erie..
receipts h:
city,
FEBRUARY
Chic Milw St P & Pacific-
Norfolk &
Western flour and grain
In each
$733,088
a$2,209,742
New York Central.
1
Chicago (cars)
of
EARNINGS
NET
IN
OF
x2,297,388 x2,155,536 *2,763,457 *2,228,777 *3,797,183
ports
east
CHANGES
PRINCIPAL
South¬
receipts,
(bales) .f...
Livestock receipts g:
States
Total (7 roads)
operations of the New York Central and the
These figures cover the
Increase
Car loadings, all (cars).c
a
Chatt &
cluding Pittsburgh & Lake Erie, the result is an increase of $3,737,340.
Freight traffic:
Iron & Steel
Mobile & Ohio
105,203
33,910.000 27,440,000 42,110,000 28,383,000 47,271,000
anthracite.d.......
4,111,000 3,539,000 3,368,000 4,061,000 6,670,000
ern
...
106,435
Bitumlnous.c—;—...
Cotton
153,354
142,092
125,460
124,989
(2 rds)
Bangor & Aroostook
St Louis..
Coal (net tons);.
Pa.
$187,193
Colorado Southern
Minn St Paul 4 S S Marie
a
Building (8000):
Constr. contr. awarded b
*Decrease
466,418
(passenger
trucks, &c.).a..
cars,
Denver & R G Western..
Detroit Toledo & Ironton.
$104,982
103,540
102.524
$25,314,075
Chic R I & Pacific (2 rds).
Internat Great Northern.
150,254
Maryland
(2 rds)_
Total (45 roads)
246,569
199,850
191,372
165,139
Atlantic Coast Line
1939
8t Louis-San Fran
249,118
Bessemer & Lake Erie
Western Pacific
February
Monongahela
Long Island
$308,287
267,491
257,177
255,395
...
CIn N O & Texas Pacific..
(with the exception of wheat and oats)
Increase
Increase
Earnings
1939
1938
$
$
3,064,428
10.838J19
12,566,810
Inc.{ + ) or Dec.{—)
$
1,778,794
+1,285,634
4,949,191
72.27
+5,889,528 119.00
6,878,865
+ 5,687,945
82.68
57,634
58,004
26,469,957
13,606,850 +12863.107
94.53
38,463
9,489,852
7,761,973 +1,727,879
4,377,860 +2,383,056
22.26
6,057
38,680
6,039
44,520
44,719
16,2,50,768
45,821
56,374
29,359
45,895
56,758
29,413
7,389,744
697,951
5,230,510
4,536,369
4,036,743
+499,626
12.37
131,554 132,066
13,522,117
9,965,204
+ 3,556,913
35.69
districts.233,708 234,789
56,242,842
35,Vll,887
+ 20530,955
57.49
Southern District—
Southern region
Pocahontas
region..
Total
6,760,916
12,139,833
+ 4,110,935
54.43
33.86
Western District—
Northwestern region.
Central West'n reg'n
Southwestern region.
Total..
«
Total all
1,596,004
+898,053 128.66
+2,159,234
41.28
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce
Commissions, and the following indicates the
groups and
regions:
,
confines
of the different
/
Volume
EASTERN DISTRICT
New England Region—Comprises the New England
Great Lakes Region—Comprises the section on the
States.
Canadian boundary between
England and the westerly shore o 1 Lake Michigan to Chicago, and north of
New
a
Central Eastern Region—Comprises the section
and
a
line thence to the southwestern corner
Flour.
Feb. 25
(bbls.)
Corn
Oats
Barley
Rye.
(bush.)
(bush.)
(bush.)
(bush.)
1939
1,769,000
1,000
2,000
>1,806,000
32,000
2,000
99,000
478,000
78,000
49,000
814,000
55,000
20,918,000
19,088,000
23,746,000
...
...
Sioux City—
south of the Great Lakes Regior
Mississippi Rive,
1939
Ohio River to Parkersburg, W. Va.,
of Maryland and by the Potomac
1938
......
121,000
63,000
22,000
44,000
10,888,000 10,997,000
9,191,000 15,370,000
2,288,000
Total All—
River to its mouth.
SOUTHERN
DISTRICT
1939
...
1938
....
Southern Region—Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
It
north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner nf Maryland and
Pocahontas
Wheat.
(bush.)
1938
Chicago through Peoria to St. Louis and the
to the mouth of the Ohio River, and north of the
2 Mo.End.
Wichita—
line from Chicago via Pittsburgh to New York.
east of a line from
2179
Chronicle
Financial
148
was
of
WESTERN DISTRICT
adjoining Canada lying west of the
Omaha and thence to Portland,
the
1,071,090
regards the overland shipments
as
cotton at the
staple and the receipts of
Southern
Great Lakes Region, north of a line from Chicago to
50,383,000
much smaller than in February a
very
both
year ago,
thence by the Potomac River to its mouth
Northwestern Region—Comprises the section
3,082,000
happens too, that the Southern cotton move¬
ment
the section
Region—Comprises
4,295,000
Gross shipments overland in
outports.
and by the Columbia River to the Pacific.
Central Western
Region—Comprises the section south of the
a line from Chicago to Peoria and thence to
from St. Louis to Kansas City and thence to El Paso
to the Pacific.
The
bales
and
at that it did not reach the small
even
of
Western roads
over
the
land
the
proportions
markets
heavier than
ran
a
on
decreased
a
the five
scale.
ended Feb.
less degree, were
Altogether, the receipts of
against 38,693,000 bushels in the same four weeks
1938, but comparing with only 23,655,000 bushels
1199224835607
4
COTTON
corresponding period of 1937.
Houston, &c
.<
Mobile
no
less than
lowing table
we
:
WESTERN FLOUR AND
4IV ks.End.
Feb. 25
.
37,347
156,671
132,808
5,121
7,620
Wheat
Corn
Oats
(bush.)
(bush.)
(bush.)
--
Rye
(bush.)
1939
...
832,000
942,000
3,556,000
1,620,000
897,000
54,000
1938
...
836,000.
664,000
5,349.000
1,052,000
734,000
267,000
1,739,000
2,721,000
341,000
50,000
618,000
80,000
135,000
Minneapolis1939
*.•.
1938
...
349,000
2,559,000
662,000
503,000
'■mmm
1,466,000
2,091,000
508,000
517,000
532,000
1,366,000
99,000
-
»
V '
*
295,000
Duluth—
1939
1938
'
'
...
632,000
...
276,000
Milwaukee—
1939
...
1938
....
80,000
17,000
606,000
28,000
1,384,000
12,000
72,000
5,000
122,000
34,000
2,264,000
88,000
Toledo—
'
,1939...
1938
...
427,000
381,000
464,000
406,000
.
1,157,000
191,000
\
13,000
5,000
6,000
9,000
Indianapolis & Omaha1939
1938
...
988,000
1,782,000
1,092,000
985,000
2,332,000
950,000
521,000
851,000
500,000
132,000
446,000
954,000
3,026,000
428,000
....
...
4,000
1,000
23,000
171,000
169,000
33,000
31,000
St. Louis—
1939
1938
...
V
6,000
Peoria—
1938
...
198,000
139,000
1,356,000
195,000
87,000
1,693,000
202,000
216,000
40,000
149,000
269,000
96,000
,
Kansas City-
1939
1938
...
....
66,000
2,565,000
604,000
132,000
46,000
2,651,000
1,234,000
166,000
141,000
116,000
131,000
145,000
227,000
101,000
St. Joseph—
1939
1938
..
...
Wichita—
890,000
......
777,000
......
....
Sioux City—
1939
1938
"
.
_
_+
.
;
11,800
9,071
1932867405
......
_
.
_
...
67
206
877
639
5,003
4,133
1,893
1.595,000 ;
1938
36,000
69,000
20,000
285,000
17,000
35,000
24,000
10,101,000
10,231,000
18,136,000
5,132,000
4,468,000
609,000
3,939,000
6,817,000
951,000
2 Mo.End.
8,850,000
Wheat
Flour
Feb. 25
(.bush.)
(bbls.)
Corn
(bush.)
Oats
(bush.)
Barley
Rye
(bush.)
(bush.)
,
Chicago—
1939
1938
1,659,000
...
1,587,000
-
Minneapolis—
1939
949,000
...
.
1938
1,611,000
1,279,000
7,507,000
10,568,000
3,507,000
2,324,000
2,001,000
1,915,000
138,000
.563,000
1,572,000
1,659,000
4,598,000
914,000
4,575,000
1,178,000
6,263,000
768,000
Duluth—
1939
1938
w-
—
1,098,000
1,112,000
454,000
213,000
290,000
1,390,000
3,570,000
736,000
1,399.000
358,000
Milwaukee—
1939
1938
—_
153,000
30,000
1,031,000
222,000
57,000
3,343,000
56,000
68,000
4,842,000
255,000
888,000"
1,265,000
1,352,000
7,000
24,000
438,000
7,000
28,000
2,028,000
2,225,000
4,000
64.000
1,771,000
4,154,000
7,636,000
1,000
57,000
1,820,000
13,374,000
540,000
408,000
81,000
887,000
1,682,000
1,758,000
932,000
221,000
32,000
380,000
220,000
3,268.000
437,000
302,000
82,000
368,000
214,000
4,351,000
552,000
659,000
183,000
145,000
—
7,000
Toledo—
1939
1938
692,000
—
702,000
—
Indianapolis & Omaha-
2,033,000
1939
1938
.
St. Louis—
1.020,000
1939
1938
—
Pepria—
1939
1938
—
-
Kansas City—
1939
—
1938
134,000
95,000
6,401,000
1,516,000
332,000
5,993,000
3,277,000
348,000
St. Joseph—
1939
1938
-
—
--
—
..."
298,000
399,000
442,000
368,000
699,000
333,000
3,347
..
152
3,706
1,071
1,135
2,649
11,726
3,914
10,079
8,485
131
65
8
131
118
103,833
399,074
247,204
277,142
917,846
..
15
.
559,338
following table we furnish a summary of
February comparisons of the gross and net earn¬
ings of the railroads of the country
for each year
including 1909:
Mileage
Gross Earnings
of :
February
1909
....
1910
....
1911
....
1912
....
1913
....
1914
....
1915
....
1917
....
1918
....
1919
....
....
1922
....
1923
....
1925
....
1926
....
....
Per
Year
Year
Given
Preceding
Dec. (—)
Cent
Given
Preccd'g
455,681,258
474,780,516
427,231,361
336,137,679
266,892,520
213,851,168
248,104,297
254,566,767
300,049,784
321,247,925
250,558,802
1928
....
1930
....
1931
....
1932
....
1933
—
....
—
.
....
276,341,856
—-
+ l5-$5
215,333
231,296
—1.70
235,483
+ 10.61
237,082
+ 7.80
212,236
227,868
231,805
233,191
237,756
+ 6.59
—10.22
240,986
244,925
242,928
—1,303,286
—0.61
246,186
242,837
+ 58,005,851
+2,655,684
+25,148,451
+ 61,656,597
+ 72,431,089
+ 27.67
245,541
244,809
248,738
237,463
+21.30
+ 20.76
231,304
231,017
—19.171,076
—4.51
235,653
—4,772.834
—1.17
235,626
234,510
234,880
+ 44,745,631
249,796
+0.98
+9.64
238,891
232,957
233,266
+ 11.18
235,399
235.528
+ 31,939,712
+ 7.16
235,506
235,876
—24,441,938
i—5.10
236,642
236,031
+ 5,029,255
+ 1.10
236,839
236.529
+ 8,723,567
+ 1.90
237,970
236,870
468.532,117
—12,850,859
—2.74
239,584
456,487,931
+ 18,292,585
+ 4.00
234,884
238,731
242,668
475,265,483
—48,034,122
—10.10
242,3*8
427.465.369
336,182,295
266,231,186
—91,327,690
—21.36
242,660
242,113
242,726
—69.289,775
—20 <61
242,312
240,943
—■*52,380,108
—19.67
241,189
241,467
+ 36,221,471
+6,444,483
239,389
241,263
+21,226,647
+17.09
+2.59
+ 17.87
+ 7.07
—70,590,873
+25,831.649
211,882,826
248,122,284
254,555,005
300,021,278
321,149,675
250,510,207
+ 45,494,779
238,162
239,433
237,051
233,515
238,280
—21.98
234,851
235,620
+ 10.31
233,708
234,789
234,285
Net Earnings
Month
of
February
1909.
.„
1910---.
Year
Year
Given
Preceding
+ 32.02
—12.13
57,411,107
59,461,341
39,657,965
49,135,958
57,458,572
59,553,012
39,274,776
51,043,120
80,331,661
56,250,628
28,814,420
27,117,462
9,234,932
21,824,020
76,630,334
+ 8,275,149
99,480,650
107,148,249
108,120,729
126.368,848
97,448,899
64,618,641
59,923,775
j.
54,896,705
64,601,551
...
Per
Cent
+ 7,293,722
—6,861,744
57,375,537
-
(—)
+ $11,549,651
41,460,593
1936...
Decrease
"$36,072,983
48,910,423
£6,580.655
99,460,389
.
Increase (+) or
$47,622,634
56,204,145
49,718,911
51,257,053
79,929,463
58,904,299
27,305,808
27,623,406
10,688,571
20,771,731
76,706,840
70,387,622
104,117,278
1919--
1939
Inc. ( + ) or
210,860,681 212,163,967
267,579,814 209,573,963
271,928,066 269,272,382
285,776,203 260,627,752
351,048,747 .289,392,150
421,180,876 348.749,787
405,001,273 424,172,348
400,430,580 405,200,414
444,891,872 400.146,341
477,809,944 445,870,232
454,009,669 478,451,607
459,227,310 454,198,055
467;808,478 459,084,911
1920
1939
Year
.
1916
1929
Year
$168,336,557 $156,156,486 + $12,180,071
+27,377,858
200,129,088 172,751,230
—3,409,167
197,009,201 200.418.368
+ 20,752,155
197,278,939
218,031,094
+14,389,312
218,336,929
232,726,241
209,233,006 233,056,143 —23,823,138
1914r
5,985,000
3,751,000
1,231
.......
Total..
-
2,046,000
...
350
15,094
166
1938
Total All—
1939
36,138
735
4,517
1937
5,606
236,000
...
20,740
158
4,380
'1936
65,000
"
'
294,417
12,223
62
1935
7,000
...
'
<■
91,603
Charleston
1934
''
■
1939
1938
■
■
1
„
4,666
1927
1939
^
m
Month
■Chicago—
•
■m
77,384
2,628
.11,065
4,396
back to and
Barley
(bush.)
■
_
_
20,537
573
99,706
4,597
1,650
307,237
5,295
In the
GRAIN RECEIPTS'
Flour \
(bbls.)
276,574
2,601
the
V
79,725
9,451
1,039
Jacksonville...
give the details of the Western
grain movement in our usual form:
33,779
1,086
'
Savannah.
Wilmington
In the fol¬
72,969,000 bushels.
264,218
9,799
■
Pensacola.
42,639,000
75,353
1,585
1937
1938
33,258
■
New Orleans
and in the same four weeks of 1929 it
reached
'
Beaumont
Back in 1932
movement totaled
February grain
bushels,
102,611
111,093
2,533
22,121
30,024
6,051
1939
1937
1938
1939
Norfolk
the
Since Jan. 1
•>
•
•:
Lake Charles.
in the
,
AT
February
Ports
Corpus Christi...
25, 1939, totaled only 30,541,000 bushels,
of
OF
Galveston.
primary markets for the four weeks
as
set out in the subjoined table:
SOUTHERN PORTS FOR THE MONTH OF
FEBRUARY AND SINCE JAN. 1 TO FEB. 28, 1939, 1938, AND 1937
cereals, wheat, corn, oats, barley and rye,
at the Western
Details of
shipments totaled 122,064 bales.
RECEIPTS
the receipts
year ago,
of all the other items, in greater or
In February, 1929, the over¬
port movement of the staple for the last three
years are
While the
receipts of wheat and oats at the Western primary
comparing with
1937, but
bales in
177,502
52,121 bales in 1932.
movement.
1937,
February,
against 159,617 bales in February, 1938,;
as
-
(taking
them collectively) in February the present year fell
considerably below that of February, 1937, although
grain traffic
110,028
February, the present year, reached only
Northwestern Region
St. Louis, and north of a line
and by the Mexican boundary
west of
77,743,876
35,705,600
56,242,842
70,729,908
104,441,895
99,518,658
99,399,962
107,579,051
108,987,445
125,577,866
97,522,762
66,078,525
56,187,604
40.914,074
59,927,200
55,402,531
64,603,867
"77,778,245
35.711.887
+ 14.91
+ 2,002,769
+ 16.84
+ 3.48
—19,895,047
—33.40
+ 11,982,277
+28,886,343
—21,367,362
—28,94*,820
—1,194,014
—26.67
+ 30.50
+ 56.59
—51.45
—4.13
—16,428,891
—60.58
+ 11,536.799
+ 124.92
+ 54,882,820
+251.47
—6,242,712
—8.14
+ 33,387,370
+47.20
—4.981,506
4.76
—38.008
—0.03
+ 7,748,287
+ 541,678
+ 7.79
+0.50
+ 15.94
+ 17,381,393
—28,128,967
—22.39
—32,904,121
—33.73
—8,702,988
—13.17
—14,727,011
—26.21
+ 19,009,701
+ 46.46
—5,030,495
+9,199,020
+ 13,140,009
—42,072,645
+ 20,530,955
—8.39
+ 16.60
"+20.33
—54.09
+ 57.49
Unsettlement in Europe
ket
adversely this week,
for
lows
groups
some
continued to affect the bond mar¬
resulting in a decline to new 1939
being mixed compared with a
scored gains this week.
High-grade railroad bonds have
Thursday's close.
under
Closing of the coal mines on
tinued
softness
between the Congress of
April 1 during wage negotiations
sharp drop of
85,000 cars of coal.
the medium and lower grade
of
turned strong in the last
few days.
Issues such as Illinois
&
among
medium grades and Southwestern Power
sharply
rather
Brooklyn-Manhattan Transit 4%s, 1966, Interborough
5s,
been
'
have also
sentiment appeared somewhat improved
softer, while
for Uruguayan
and Brazilian obligations.
holders under the unification program.
Movements in these
have also been
slightly better.
3% and 1 point, respectively, in the two bonds
given in the following
are
mentioned.
All
U. 8.
1939
Govt.
Daily
Bonds
120
on
(Based on Individual Closing Prices)
Average Yields)
120 Domestic Corporate *
120 Domestic
by Ratings
Corporate by Groups *
Domes¬
All
A
Aa
P.
RR.
Baa
u,
3.98
5.19
4.68
3.52
3.38
3.88
3.24
4.00
5.22
4.71
3.53
3.38
'3.89
3.04
3.25
4.00
5.26
4.75
3.64
3.38
3.88
3.04
3.25
4.01
5.23
4.73
3.53
3.38
—
8--—
3.87
3.04
3.24
3.98
5.20
4.70
3.53
3.36
3.52
3.34
111.84
Apr. 14
108.85
111.64
13
12— 114.64
102.12
118.81
114.51
100.00
81.61
88.65
108.66
111.64
12
100.00
81.09
88.07
108.46
111.64
•11
10
8-
114.60
99.83
81.48
88.36
108.66
111.64
102.30
114.51
100.35
81.87
88.80
108.66
112.05
6- 114.85
102.84
119.25
5- 115.02
103.38
119.25
114.93
101.41
83.60
4„ 115.06
103.56
119.47
114.93
101.23
83.87
90.75
109.05
114.93
101.58
84.28
91.20
109.24
„
3- 114.99
1— 114.79
•
Stock
'•
119.47
103.74
119.03
103.74
101.23
114.93
84.55
1—
—
—
89.40
108.85
112.45
6—
90.44
109.05
112.66
5
91.05
103.05
112.66'
112.66
4
112.66
1
3
_
—_
-
3.23
3.96
109.24
Mar. 31.
112.86
5.14
4.66
3.84
3.02
3.81
3.02
3.22
,3.92
5.07
4.59
3.51
3.33
3.80
3.01
3.22
3.93
5.05
4.57
3.51
3.33
3.79
3.01
3.22
3.91
5.02
4.54
3.50
3.33
3.79
3.02
3.22
3.93
5.00
4.55
3.51
3.33
3.21
3.91
4.98
4.52
3.50
3.32
3.48
3.30
Weekly—
"eekly—
Clos ed
Exchan ge
Stock
7
Exchan ge CI08 ed
82.66
100.70
114.72
7—
3.37
3.99
3.23
108.66
89.10
114.30
Indus.
3.23
88.65
82.00
118.81
U.
3.53
3.04
81.61
100.35
118.81
4.71
3.03
100.18
114.72
102.12
P.
RR.
3.03
114.72
119.03
10- 114.56
Baa
A
Aa
Aaa
3.86
119.03
102.48
118.81 • 114.30
Corporate by Groups
3.87
102.30
13- 114.78
101.94
120 Domestic
by Ratings
5.22
Apr. 14.. 114.76
11- 114.50
Corp.
Averages'
Indus.
120 Domestic Corporate
tic
Daily
Aaa
120
Domes¬
1939,
.
tic
Corp.*
Averages
yield averages
tables:
MOODY'S BOND YIELD AVERAGES t
MOODY'S BOND PRICES t
(Based
Japanese issues
Moody's computed bond prices and bond
of
internal
debt service to defray part of
be offered security
sharp, but net results indicated gains
the Chilean Gov¬
authorization for the use of funds ear¬
lowing announcement of the terms to
bonds have been
;
issues, the Chilean bonds suf¬
Province of Buenos Aires bonds
expenditures.
fol¬
outnumbered the few
,
setback as it became known that
marked for foreign
Rapid
1966, and other New York traction bonds
a.
that group. /
ernment was seeking
Principal interest and activity centered in the
day's lows.
Transit
fered
The announce¬
payment on the German 7s was
American
South
points, there ap¬
other Polish bonds.
coupon
Although
Italian issues.
rallying effect, and declines
Among
Tues¬
some
4%s regained almost 4
individual gains in
& Light 6s,
since
partial
without
5s, 1979,
Electric 6s, 1957, among specu¬
recovered
have
bonds
lative
of
ment
Danish obligations was
In the speculative group heavy
by
sustained
were
peared little support for
type, have
Light 6s, 1953, and Tide Water Power
Power
2025, and Standard Gas &
of Belgian 7s and
Warsaw assented
unsettlement, utility bonds,
of
weeks
recent
Following
particularly
losses
the better-grade the con¬
among
pressure;
particularly noteworthy,
Organizations and bituminous operators caused
Industrial
European bonds con¬
renewed weakness.
from Europe was
tinued
week ended April 8.
Its reaction upon the news
general bewilderment.
ture of
down 2% points.
continued to reflect a pic¬
bond market has
contra-seasonally from 604,000 cars to 535,000 cars
for the
a
The foreign
Railroad car loadings de¬
gained 1 point.
at 42%
In the
1943, lost 1% points
the Container 5s,
International Paper 5s, 1947, were
and the
Delaware & Hudson 4s,
off 1% points at 55, while Southern Pacific 4%s,
1943, were
clined
paper company group
displayed mixed changes as com¬
speculative railroad bonds
pared with last
1981,
Medium-grade and
% point to 117%.
414s, 1960, advanced
to a price of 57%.
1941, declined 3 points
RKO 6s,
83, and the
1947, lost 2 points at
Paramount 3%s,
but the
Pennsylvania
1966, were up % at 106%.
Virginian 3%s,
Gov¬
week ago.
firm.
ernments continued
medium-grade oil company issues.
tionally, as were
and prices retraced some of the ground
of pressure was seen
lost, closings
frac¬
In the
metal group, the Revere Copper 4%s, 1956, lost 3 points
at 97, but the Phelps Dodge conv. 3y2s, 1952, displayed mod¬
erate strength.
The Loew's 3%s, 1946, were little changed,
obligations were down only
better-grade steel company
Thereafter an easing
Tuesday.
on
The
65, while the
1962, were off 3 points at
Steel 4%s,
Otis
grades.
particularly among the lower
this week,
list
the industrial
scored in many sections of
Losses have been
Bond Market
The Course of the
April 15, 1939
Chronicle
Financial
2180
„
*
3.78
3.02
Mar.31..
114.85
103.93
119.25
115.14
102.30
84.83
91.51
85.79
92.28
109.64
113.27
24
3.75
4.47
102.12
4.91
115.14
3.88
101.48
119.92
3.21
114.70
2.99
24..
109.64
113.27
17—'.
3.74
2.99
3.22
3.87
4.89
4146
—
'
/
3.48
3.30
3.28
119.92
114.93
102.30
86.07
92.43
93.53
110.04
113.68
10
3.71
2.97
3.22
4.39
3.46
102.84
87.21
4.81
120.37
114.93
3.84
105.22
109.64
113.48
3
3.75
2.98
3.87
4.93
3.29
104.48
102.30
91.97
3.48
114.72
85.62
4.49
120.14
3.23
3.. 113.59
109.05
113.27
Feb. 24
3.81
3.00
3.51
3.30
84.14
90.14
4.61
101.06
5.03
119.69
114.30
3.94
103.38
3.25
Feb. 24„ 113.38
103.38
119.69
114.30
89.99
113.27
17
3.30
17- 113.30
109.05
3.51
83.87
4.62
101.23
5.05
10- 113.21
103.20' 119.69
114.09
101.06
83.60
89.69
108.85
112.45
10—i
119.47
113.68
100.88
83.19
89.10
108.66
113.48
99.83
101.06
82.00
87.93
107.88
112.86
83.87
89.55
108.66
113.48
100.53
83.06
89.10
107.88
113.27
13
88.80
112.86
6
y
17- 114.64
104.67
LlO- 114.79
te.
3- 113.16
102.84
Jan.27.. 112.59
101.94
U9.C3
20- 113.18
13- 112.93
103.20
119.69
102.66
119.47
kj
1
6- 112.95
102.48
High1939 115.06
105.41
;
.
113.07
113.48
113.07
3.81
3.00;
3.25
3.93
3.82
3.00
3.26
3.94
6-07
4.64
3.52
3.29
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
5.19
4.76
3.57
3.32
20
3.82
3.29
3.94
5.05
4.65
3.53
3.29
3.85
3.00
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
Jan.
112.25
100.53
103.02
93.53
114.09
High 1939
—
3.89
3.05
3.37
4.01
5.26
3.60
115.35
87.21
4.76
120.59
107.30
111.64
Low 1939
—
3.70
2.96
3.20
3.83
4.81
4.39
3.46
87.93
112.05«
4.70
3.34
3.85
4.68
6.98
6.11
4.23
3.76
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
4.54
3.33
3.76
4.55
6.52
5-83,
4.13
3.66
3.97
3.42
3.57
4.05
4.84
4.26
83 06
Low 1939 112,59
101.94
118.60
111.84
99.83
High 1938 112.81
101.76
118 60
111 43
100.18
82.27
88.36
107.11
Low 1938 109.58
1 Yr. Ago
88 80
112 45
102.66
89.10
62.76
71.15
96.11
104.30
High 1938
Low 1938.
Apr.14'38 110.08
91.20
112.66
104.30
91.05
66.99
74.21
97.78
106.17
April 14. 1938—
*
100.53
110.83
107.88
99.14
These prices are computed from average
or
86.78
$5.62
100.18
106.17
yields on the basis of one "typical"
quotations.
They merely serve to
,
,
3.99
3.66
either the average
and the relative movement of
bond (4% coupon, maturing in 30 years), and do not purport to show
Illustrate In a more comprehensive way the relative levels
market.
used in computing these Indexes was published In the Issue of Feb. 18, 1939. pages 939 and 940,
the average movement of actual price
3.26
•
Years Ago—
April 14. 1937..
3.38
1
.
1 Year Ago—
2
2 Yrs.Ago
level
3.32
119.25
107.69
110.04
81.09
Apr.14'37 107.58
.
yield averages, the latter being the truer picture of the bond
t The lastest complete list of bonds
Wool and the Wool Trade
By Alston Hill G'arside, Economist, New
York Wool Top Exchange.
Frederick A.
Stokes Co.,
Inc., New York and Toronto.
352 pages.
$2.50
"This book unquestionably meets a long felt "want," ac¬
cording to an announcement in the matter, "since no other
publication is now available which describes cohcisely but
comprehensively the wool industry of this country, the organ¬
ization of and the trading on the New York Wool Top Ex¬
change, and how the wool industry uses the New York Wool
Top Exchange for protection against losses through price
changes.
While technically accurate, it is written in terms
understandable to the layman. The domestic wool industry is
described in all its phases from the raising of the sheep to
the weaving of woolen and worsted fabrics and the manu¬
facture of the fabrics into men's and women's apparel.
The account of the functioning of the Wool Top Exchange
includes
used
importers, topmakers,
specific illustrations of how the Exchange is
by wool growers, wool dealers, wool
spinners, and weavers.
Volume
Financial
148
STATE
THE
Business
far-feaching consequences,
doubtedly
playing
This
the preceding
week and
a
Compared with 1937, it constituted a decline
business and industry.
The downward trend of the securi¬
ties
done, much
markets
also
lias
create
to
feeling
a
.
situation, business here
break for the better in the foreign
it would mean
would bound forward in a vigorous way, as
the
release
of
However, the coal strike is now
check for months.
up
as
looming
The stoppage of coal
major disturbing influence.
a
been held in
demand that has
pent-up
a
mining in the Appalachian area may soon be transformed
into
coal
nation-wide
a
to force the
strike^. President
adoption of
deadlock
is
being
the
purchasing
of persons in the mining regions
railroads are adversely affected,
are dwindling, and fuel costs
All in all, a heavy burden is being placed
coal
in
rise soon.
may
result of the prolonged
a
operators,
the
curtailed,
of
stocks
As
and
miners
between
of large numbers
power
the miners in all other producing
Mississippi.
east of the
areas
In his drive
closed shop in the industry, Mr.
a
Lewis proposes to call out
Lewis
John L.
Mine Workers has threatened.
of the United
industry
business at a crucial time when war is threatened
and the Government is spending billions to main¬
upon
abroad
Because
of the vast
stake, the controversy must be settled
national interest at
Already the effects of the coal strike are showing
soon.
in
activity.
of industrial
the level
tain
business
the
indices,
and in! a
most
substantial way.
April 1 caused
The bituminous coal shutdown which started
a
sharp decline in the business index for the week ended
according to the "Journal of Commerce/'
The
figures for the latest week are 79.3 as compared with
April
8,
index
85.9 for,the
been
for
would
with
the
coal
the
shutdown,
have registered
of coal
It is stated that had it not
preceding week.
only
business
activity
moderate decline.
a
last
week
The index
production last week dropped to 18.4 as compared
70.7
week
a
A rather heartening
previous.
item is
report that heavy engineering contract awards
so
this year are
running at the highest level since 1929.
"Engineering
News-Record"
reports
such
contracts
gated $939,000,000 for the first 15 weeks of the year.
is
the
largest total for this period since 1929.
includes
pilation
only
Smaller projects, in
more
than
aggre¬
This
This com¬
$150,000.
the aggregate, are believed by compe¬
about as l^rge. ' The engineering and
to be
tent observers
of
awards
far
The
thus have a backlog of some $2,000,to work on so far this year, as com¬
pared with $1,500,000,000 on a comparable basis last year.
building industries
000,000 of business
The production of
been
of
electric power in the United States has
running at an unprecedentedly high rate for this time
the
It is pointed out that if the present trend
year.
maintained, 1939 will attain an all-time record
in this respect, moderately above the 1937 total, which was
the peak year to date.
Production by the. electric light and
power industry for the week ended April 8 amounted to
2,173,510,000 kwh., an increase of 9.2% over the like 1938
period, according to the Edison Electric Institute.
With
the exception of the previous week, when an increase of
11,290,000 kwh. was shown, production this week continued
in output is
the decline which started on March 4.
Output in the
seven
major geographic areas of the United States was 36,461,000
kwh. below the previous week's total of 2,173,510,000 kwh.,
but increased 183,063,000 kwh. over the 1,990,447,000 kwh.
in
the
tation
week
ended
evident
buyers, all of the important indices
among
of steel activity are lower
its current
mates
summary
this week, "Iron Age" states in
of the industry.
The magazine esti¬
of capacity at midweek,,
off 3 points; a proportionate reduction in pig iron activity,
and declines in scrap prices of 50c. to $1 a ton.
Volume
of
incoming business has not dropped drastically, but
orders
ingot production at 51.5%
confined
are
to
survey
states
which
states.
further:
"While
prevailed in
vanished,
there
Reporting
is
most
on
of
the
restrained
optimism
beginning of a protracted
Buyers are protecting themselves against
possible contingencies by keeping^ inventories extremely
low, and this fact warrants an expectation of resumption
of normal
buying if tne European situation is resolved
accept the current slump as the
or
sharp decline.
to
or
68,771
cars
compared with
increase of 2.6% compared with
24.7%.
88,050
units,
conditions.
The
production of, the three leading producers showed fair-sized
gains from a year ago.
Retail sales this week were 3% to
7%
those
below
of the corresponding calendar week
last
Bradstreet, Inc., reported today.
"Having
finished the pre-Easter season with healthy stocks and an
average sales gain of 4% to 8% over the 1938 season, re¬
Dun
year,
&
tailers," said the credit agency in its weekly review, "were
not
disposed to
immedi¬
hurry into clearance promotions
There was a strong feeling among merchants that
ately."
although the peak in buying probably had passed, a good
bit
of demand for
awaiting
while,
turn to
a
spring goods still remained unsatisfied,
more seasonable temperatures.
Mean¬
sales by in¬
stores planned to cushion the drop in
creased
emphasis on travel,
sportswear and sporting goods.
sharp slump in some of the
but these seemed to be con¬
on the Eastern seaboard.
The
outstanding features of the weather during the past" week
was the early spring cold wave with sub-freezing tempera¬
tures that enveloped the East and Middle West.
Heavy
damage to crops was reported from many sections, with
Weather Bureau experts anticipating a slow return to nor¬
Reports
were
received
of a
higher-priced luxury lines,
fined mainly to large cities
mal
New York City, which basked
spring temperatures.
Tuesday afternoon in a 71 degree temperature, experienced
low
a
27 degrees
of
lowest temperature
cury
at 5 a. m. Thursday.
That was the
for April 13 since 1874, when the mer¬
dropped to 25.
Snow was reported in 15 States, four
falling in Vermont.
New York City had several
flurries.
The week was also characterized by wide¬
inches
snow
spread
the
all States east of
precipitation in practically
Rocky Mountains, while subnormal temperatures prevailed
most sections of the country.
While the week was gen¬
in
erally cool, freezing weather did not extend farther south
the mountains of western North Carolina, extreme
than
southern
and
Illinois,
extreme
southwestern
Missouri,
though farther west freezing was observed as far south as
New York City area the weather
more or less unsettled, with cold
temperatures prevailing most of the time.
Today it was
cloudy and cool here, with temperatures ranging from 36
to 53 degrees.
The forecast was for showers and warmer
tonight and Saturday; clearing and somewhat cooler Sun¬
day.
Overnight at Boston it was 36 to 48.degrees; Balti¬
more, 38 to 54; Pittsburgh, 34 to 48 ; Portland, Me., 32 to
48; Chicago, 38 to 50; Cincinnati, 40 to 52; Cleveland, 38
to 46; Detroit, 34 to 50; Charleston, 48 to 60; Milwaukee,
38 to 46; Savannah, 50 to 66; Dallas, 62 to 68; Kansas City,
54 to 62; Springfield, Mo., 50 to 60; Oklahoma City, 58
to 66; Salt Lake City, 42 to 60; Seattle, 48 to 54; Montreal,.
30 to 42, and Winnipeg, 26 to 52.
.
Abilene, Tex.
In the
during the week was
\
•
—■—♦
.
*
•..
.
-
Moody's Commodity Index Declines
Daily Commodity Index declined moderately
week ago to 138.9 this Friday.
The principal
changes were the declines in hog and steel scrap priees, and
Moody's
from 140.3
a
the advance in silk.
■
•
The movement of the index is as follows:
Thurs., April
Sat.,
April
April
April
April
Thurs., April
Fri.,
April
Mon.,
Tues.,
Wed.,
*
.140.3
6
8
10
11
1213
— 14—---,
*
440.3
Two weeks ago,
:
«
March 31
.139.2
1938 High—Jan. 10
.138.7
.139.1
.138.9
1939 High—March 6
Low—April 12
Low—June 1
"
140.6
143.8
-.141.3
---152.9
Month ago, March 14
Year ago, April 14--
130.1
-
145.8
-138.7
No index.
Freight Car Loadings Up
2.6% In Week Ended
April 8, 1939
scrap
the steel industry a month ago has
on the other hand no disposotion to
an
this time is mainly contingent on weather
small lots for immediate shipment,
markets,' "Iron
Age" states that the International Scrap Convention has
placed additional orders totaling about 100,000 tons at $15
for No. 1 steel, but paid $16.75 for railroad scrap.
At
Youngstown scrap prices are off $1 a ton.
The magazine
the
of
decrease
a
Automobile production this week
according to the estimate of
Ward's Automotive Reports, Inc.
This was a rise of 29,529
units above the like week of last year and 1,031 units
greater than last week.
Ward's said, in estimating the
higher output, that the changes in schedules were not
regarded as a trend, and that volume of spring sales at
With caution and hesi¬
April 9,, 1938.
ago.
175^09 cars,
amounted
of
However, it is believed that with any real
lines.
many
constituted
year
of
caution, and this is reflected in the hand-to-mouth buying
in
of revenue freight
is un¬
slowing up of
the
in
leading part
a
loadings
Saturday declined 11.4% from the
major
This almost incessant fear of a
its dire and
with
war,
Car
war."
to
preceding week, reflecting the shutdown of bituminous coal
mining.
The loadings for the wek totaled 535,470 cars.
by the ominous devel¬
overshadowed
continues
resort
for the week ended last
1939.
Friday Night, April 14,
opments in Europe.
without
EPITOME
TRADE—COMMERCIAL
OF
2181
Chronicle
Loading of revenue
freight for the week ended April 8
the Association of American Railroads
announced on April 13.
This was an increase of 13,421 cars
or 2.6% above the corresponding week in 1938 but a decrease
totaled 535,470 cars,
of
175,609
cars
or
24.7% below the same week in 1937.
Loading of revenue freight for the week of April 8 was a
crease of 68,771 cars or 11.4% below the preceding week
largely to a reduction in
ing wage negotiations.
Miscellaneous
cars
below
coal production because of the pend¬
The Association further reported-.
freight loading totaled
the preceding
corresponding week in
de¬
due
248,971 cars, a decrease of 8.C50
week; hut an increase of 41,737 care above the
1938.
increase of
week, and a decrease
the preceding
w
REVENUE FREIGHT
(Number of Cars)
of 44,678 cars below the corresponding
1939
Atchison Topeka & Santa
Chesapeake A Ohio Ry
Gulf Coast Lines
increase of 25 cars above the preceding
week, and an increase of 40 cars above the corresponding week in 1938.
Forest products loading totaled 26,866 cars, a decrease of 263 cars below
the preceding week, but an increase of 4,381 cars above the corresponding
18,342
18,813
20,569
27,641
7,035
13,582
19,433
12,540
12,964
3,102
1,704
3,250
3,638
3,677
11,299
11,600
33,244
4,802
35,660
4,994
3,746
5,729
14,344
46,165
18,663
55,474
5,123
5,113
Northern RR
Missouri-Kansas-Texas RR-.—
Missouri Pacific RR
New York Central
Lines
N. Y. Chicago A St. Louis By.—
Norfolk A Western Ry—.——-
week in 1938.'
Pennsylvania RR—
Pere Marquette Ry
Pittsburgh A Lake Erie RR
Southern Pacific Lines
of 451 cars below the pre¬
ceding week, but an increase of 2,480 cars above the corresponding week in
1938.
•
;
Coke loading amounted to 6,024 cars, an increase of 33 cars above the
preceding week, and an increase of 1,523 cars above the corresponding week
amounted to 8,657 cars, a decrease
.
—
„
11,976
3,115
1,688
3,645
11,087
29,967
1,603
All districts
except
compared with
All districts reported decreases compared
4,241
5.236
3,303
24,346
4,918
5,046
23,003
4,694
corresponding week in 1938.
with the corresponding week in 1937.
the
—-
Four weeks in February.
Four weeks in
March
Week ended April 1
Week ended April 8_
—
2,256,717
604,241
523,489
2,736,457
>.2,986,166
721,229
535,470
522,049
711,079
8,129,975
7,680.730
9,896,380
—
Total.
2,714,449
2,302,464
2,297,388
2,390,412
.
2,155,536
2,222,939
.
.
Chicago Rock Island A Pacific
Illinois Central System—
Chicago
Total Revenue
Total Loads Received
from Connections
Central Vermont...
Delaware A Hudson
Delaware Lackawanna A
West.
Detroit Toledo A Ironton
Erie
Grand Trunk Western
Lehigh A Hudson River
Lehigh A New England.—.—.
Lehigh Valley
Maine Central
Monongahela
Montour
New York Central Lines......
N. Y. N. H. A Hartford
New York Ontario A Western.
Louis.r..
Pittsburgh A Lake Erie
Pere Marquette
1,130
163
10 733
1,845
1,950
9,933
1,723
6,007
10,151
7,301
6,833
5,934
Tennessee Central
269
311
391
101
2,349
1,490
3,262
272
209
409
11,730
10,279
14,185
1,055
3,168
11,338
4,499
3,511
5,412
187
321
264
6,928
1,833
1,591
7,541
2,503
3,509
1,479
35,660
11,981
1,285
4,994
5,249
5,113
1,574
6,703
2,187
2,179
2-, 158
950
9,395
7,227
3,338
.
1
759
3,166
3,216
1,555
31,009
8,492
929
108
180
9,399
5,636"
1,716
1,069
6,059
2,814
193
.
45,015
34,885
12,033
12,392
29,255
11,056
1,390
3,410
4,075
5,162
8,514
7,417
191
406
27
4,025
1,741
25
1,804
9,039
4,138
4,887
Great Western.
Mllw. St. P. A Pacific.
St. P. Minn. A Omaha.
36
148
1,243
513
668
964
976
6,816
2,217
125,365
524
706
27,641
1,841
22,267
33,114
2,764
14,690
Cornwall
Cumberland A Pennsylvania. .
i
*
1,368
Reading Co
Union (Pittsburgh)
...
'
883
224
370
4
5
884
899
22
13
5,757
7,369
11,168
10,399
5,171
13,675
12,327
356
355
544
548
610
186
167
197
678
676
96,404
87,363
116,648
64,785
63,219
12,964
2,639
14,755
3,170
12,480
2,563
16,742
2,968
15,487
2,356
19,267
3.539
9,212
2,537
7,254
3,186
9,241
2,799
7,272
3,368
632
871
147
190
374
687
318
395
9,138
5,757
4,395
374
South.
....
Western
4,325
510
410
9,110
7,743
562
448
Total.
...
Bingham A Garfield
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
551
64
50
Denver A Rio Grande Western
47
25
Denver A Salt Lake
118
79
123
24
11
Fort Worth A Denver City
749
1,224
68,881
16,362
11,283
6,283
17,123
2,991
1,319
35,952
16,618
1,503
2,782
1,312
29,977
14,183
1,137
41
49
61
1
0
3,401
2,479
3,585
5,664
4,438
121,185
100,350
153,954
92,055
79,145
Illinois Terminal
Missouri-Illinois
Nevada
i
i
Northern
North Western Pacific
—..
Southern Pacific (Pacific)
Toledo Peoria A Western
Utah
Pocahontas District-
18,663
14,017
12,167
3,719
2,328
18,256
2,938
41,815
28,512
40,894
Virginian
8,632
3,937
19,700
19,433
Norfolk A Western
995
7,063
3,744
1,022
Total.
13,564
11,829
269
401
64
66
1,613
5,254
9.540
1,704
2,269
3,329
2,688
International-Great Northern-
Southern District—
231
153
296
Atl. A W. P.—W. RR. of Ala.
890
696
1,088
Atlanta Birmingham A Coast.
604
513
749
Coast Line
Central of Georgia
Charleston A Western Carolina
Cllnohfleld
Greenville
211
217
1,171
1,011
4,823
2,751
1,025
1,785
156
212
333
1,573
1,430
1,339
69,589
63,562
79,670
40,830
41,675
18,813
2,659
4,948
1,918
J
18,221
2,684
22,281
3,279
5,313
1,969
322
250
402
75
78
13,755
1,712
10,256
2,431
13,159
1,654
10,538
2,392
7,346
7,854
659
704
8,317
2,416
7,588
2,214
1,335
2,495
1,764
1,841
2,746
1,209
2,219
304
320
563
13
1,009
1,053
1,098
2,060
964
1,119
1,207
1,062
298
264
4.
1,697
1,472
977
423
579
1,710
71
1,825
120
72
289
785
352
298
0
0
4,941
1,172
7,072
655
,
24
.17
19,761
17,737
55
21,691
2.54
362
296
4,359
1,149
13,007
11,271
14,642
6,678
;
198
297
408
3
7
1,380
1,215
1,464
1,764
1,853
93,371
86,016
108,075
46,430
46,996
139
•
181
274
357
0
108
177
0
222
3,250
1,608
3,309
3,876
2,133
1,351
2,153
1,593
1,775
2,380
1,011
163
189
834
2,185
1,787
1,568
1,165
1,714
1,199
Louisiana Arkansas A Texas..
136
146
199
394
401
Litchfield A Madison
323
204
297
736
811
Midland
449
495
516
241
160
112
241
342
223
3,677
3,652
4,590
2,648
11,635
11,390
16,051
8,126
2,453
8,146
1,382
275
372
351
370
Missouri-Kansas-Texas
302
Missouri Pacific
492
946
1,308
1,006
5,612
382
750
,
1,512
289
12,037
3,782
16,2431,917
11,835
2,960
223
Kansas City Southern
1,083
10,427
447
3,495
149
1,396
146
1,741
1,397
Kansas Oklahoma A Gulf
1,168
1,002
4,694
2,764
1,228
1,905
10,999
3,948
1,776
1,512
115
Fort Smith A Western.*
Gulf Coast Lines
Alabama Tennessee A Northern
594
Southwestern District—
Burlington-Rock Island
Total.
579
1,419
4,120
7,524
'
Peoria A Pekln Union
Union Pacific System
Chesapeake A Ohio...
192
3,532
567
156
683
Colorado A Southern...
255
850
187
2,645
Central Western District—
151
576
401
1,550
4,452
7,600
Pacific
Spokane International
Spokane Portland A Seattle...
517
47,214
4,712
8,820
1
...
Ishpeming—_.
Minn. St. Paul A S. S. M
Northern
•
6,783
Elgin Joliet A Eastern....
Ft. Dodge Des Moines A
504
918
Maryland
Columbus A
4,747
4,367
573
Western Pacific..
Atlantic
840
350
10,233
24,382
407
251
55,474
11,801
10,269
West Virginia Northern.
Total.
13,353
<■
213
.
Penn-Readlng Seashore Lines.
Pennsylvania System...
1,282
577
1,582
6,103
585
Long Island
918
326
9,299
17,759
*
369
Central RR. of New Jersey...
Valley
487
337
Duluth Missabe A I. R
Alton
443
2,120
2,538
1,068
2,224
2,648
1,095
•
9,310
19,925
Duluth South Shore A Atlantic.
Minneapolis A St. Louis
222
146,584
A North Western
Lake Superior A
•
1,303
166,791
2,277
3,502
1,658
1,603
2,424
1,352
1938
1939
Northwestern District—
Chicago
Chicago
Chicago
Chicago
3,694
343
115,471
from Connections
1937
—
Total.
3,044
'896
138,162
Southbound.
Green Bay A
323
5,786
4,147
Winston-Salem
8,080
494
4,878
2,359
Southern System...
Great Northern.
684
5,046
3,634
Total Loads Received
...
Richmond Fred. A Potomac._.
1,653
327
,
April 9, 1938
988
.■
99
7,977
2,817
Cambria A Indiana..
6,202
10,268
4
1938
429
Piedmont Northern.
1,316
4,268
9,671
Buffalo Creek A Gauley..
7,002
7,977
ENDED APRIL 1
1,935
2,763
1,473
L.
Norfolk Southern..
Atch. Top. A Santa Fe System.
Bessemer A Lake Erie.......
3,589
7,979
week last year.
District—(Concl.)
Mobile A Ohio
Nashville Chattanooga A St.
Seaboard Air Line
563
Alleghany District—
Akron Canton A Youngstown.
Baltimore A Ohio
3,528
4,151
53,075
Freight Loaded
205
33
...
28,919
4,887
62,270
11,168
OF CARS)—WEEK
987
;
1,727
6,857
401
Total.
579
2,057
9,317
39
....
2,422
7,870
7,598
3,417
35,952
18,592
1939
1,840
•
Wheeling A Lake Erie
Western
>
1,543
6,765.
1,403
'
Wabash
4,408
3,937
undertake to show also the loadings
1938
22
Pittsburgh A West Virginia
Rutland
27,576
6,958
9,039
'24,215
Railroads
1,624
Pittsburgh Shawmut A North..
34,885
Total Revenue
19
Pittsburgh A Shawmut
27,587
8,160
3,810
31,965
27,826
11,741
„
compared with the same
1,180
4,542
9,140
Detroit A Toledo Shore Line...
6,278
week ended April 1,
showed increases when
20
Detroit A Mackinac
Llgonier
598
573
Indianapolis A Loulsv.
N. Y. Chicago A St.
1939
1937
1938
2,135
7,797
1,516
Central Indiana.
8,126
1,281
for separate roads and systems for the
1939.
During this period 104 roads
Southern
Eastern District—
Bangor A Aroostook.
Boston A Maine
2,110
21,590
26,753
—
In the following we
height Loaded
1939
Aim Arbor
1,943
2,648
22,703
59,511
FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER
Railroads
2,153
2,756
7,871
April 1, 1939
Total
major railroads to report
REVENUE
2,201
April 8, 1939
Ry.
Francisco Ry-
bt. Louis-San
for the week ended.,
April 8,-1939, loaded a total of 238,021 cars of revenue freight /
on their own lines, compared with 284,723 cars in the preThe first 18
1,351
Weeks Ended—
1937
1938
1939
Four weeks in January..
5,545
7,585
1,390
CONNECTIONS
FROM
RECEIPTS
5,831
9,195
7,254
9,212
156,621 175,532 140,538
238,021 284,733 245,752
AND
LOADINGS
TOTAL
the Pocahontas, reported increases
6,636
7,346
'
46,758
4,202
in 1938.
4,453
11,885
8,632
6,886
6,993
16,203
24,914
Wabash Ry..—
Total
15,960
13,016
13,755
17,455
5,313
14,690
5,429
13,580
6,500
16,546
22,499
17,074
-
International Great
8, totaled 8,047 cars, an
Ore loading
-
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. Paul A Pac. Ry
Chicago & North Western Ry___
below
of 246
)» Live stock loading amounted to 10,528 cars, a decrease
cars
the preceding week, and a decrease of 562 cars below the corresponding
week in 1938.
In the Western Districts alone, loading of live stock for the
week of April
Fe Ry.
Baltlmore A Ohio RR
1938-
corresponding week in
8, Apr. 1, Apr. 9, Apr. 8, Apr. 1, Apr. 9,
1939
1939
1938
1939
1938
Apr.
of 1,266 cars above the
preceding week, but an increase
624 cars below the
Received from Connections
Weeks Ended—
Loaded on Own Lines
Weeks Ended—
totaled 30,218 cars, a decrease of
1,869 cars below the preceding week, but an increase of 1,441 cars above the
corresponding week in 1938.
In the Western Districts alone, grain and grain
products loading for the week of April 8 totaled 18,311 cars, a decrease of
products loading
and grain
FROM CONNECTIONS
LOADED AND RECEIVED
getc in 1938.
Grain
ended
245,752 cars in the seven days
comparative table follows:
ceding week and
April 9, 1938.
A
merchandise less than carload lot, freight totaled 157,755 cars,
349 cars above the preceding week, and an increase of 7,099
cars above the corresponding week in 1938.
Coal loading amounted to 46,451 cars, a decrease of 58,274 cars below
Loading of
an
April IS, 1939
Chronicle
Financial
2182
Louisiana A Arkansas
Valley
Missouri A Arkansas
Lines.
357
206
190
175
361
1,350
733
815
Quanah Acme A Pacific
74
111
96
2,493
97
1,277
144
Florida East Coast
Galnsvllle Midland
32
29
51
102
98
St. Louis-San Francisco
6,481
2,199
5,356
7,938
2,407
4,091
2,854
Durham A Southern
Georgia..
Georgia A Florida
Gulf Mobile A Northern.
Illinois Central System
268
274
359
554
525
Texas A New Orleans
6,300
6,132
1,632
1,410
1,993
3,739
3,906
7,277
4,789
3,886
22,178
157
184
229
65
65
16,916
1,140
9,426
Texas A Pacific
18,860
1,141
9,723
5,305
3,869
2,220
3,361
4,051
5,083
Wetherford M. W. A N. W—.
51
26
24
.63
27
43,715
42,215
55,197
33,169
34,556
864
763
1,512
1,238
23,234
1,460
17,803
14,178
Macon Dublin A Savannah
122
105
193
790
726
Mississippi Central
135
112
219
341
429
Louisville A Nashville..._b_
Note—Previous year's figures
revised.
* Previous figures.
*
St.
Louis Southwestern
Wichita Falls A Southern
Total
Discontinued Jan. 24, 1939.
...
2,154
2,481
Financial
Volume 14S
"Annalist" Index of Wholesale Commodity Prices Again
Declines During
decline
and
be
might
war scare was
included
rallied
the principal reason for last week's
Wheat, as
broke
commodities lost ground.
of the speculative
all
expected,
Anthracite
vigorously.
prices
coal
sharply.
THE
Food costs
and
Lower prices
in the Bureau's index.
1 item showed
no
index is 27.9%
a
year ago
reported for 58 of the 84 foods
Higher prices were reported for 25 items
and March,
101.4.
bakery products decreased 0.2% between Febru¬
as a result of lower
included in the group.
prices reported for each of the 13 items
The largest changes in the group during the month
decreases of 1.3% for corn meal and 1.0%
were
and white bread continued their
0.1% each.
The current
It is 24.6% below the
when the index stood at 78.6.
was
The cost of cereals and
It was
76.4% of the 1923-25 average.
was
above the level of March, 1933.
March, 1929 index, which
ary
were
price change.
The March index for all foods
2.7% lower than
in 13 cities, and in 2 cities they
lower In 36 cities, higher
were
remained unchanged.
Week Ended April 8
Wholesale commodity prices
declined for the eighth
straight week in the period ended April 8 with the "Annalist"
weekly index closing at 77.6, a drop of 0.3 of a point as
compared with the previous week and 3.4 points below a
year ago.
Prices are now in the lowest ground since the end
of 1934.
The announcement issued by the "Annalist" on
April 10 further reported:
The latest European
2183
Chronicle
Compared with
Flour
for soda crackers.
decline of
downward movement with a
the current price of flour is down
a year ago,
by 14.2%, and white bread by 9.4%.
"ANNALIST"
WEEKLY
PRICES
COMMODITY
WHOLESALE
OF
INDEX
(1926=100)
with
April 6, 1938
advance of 0.2%.
an
The cost of beef rose 0.3%, reflectig price in¬
Rib roast and
for four of the six items included in this sub-group.
creases
April 1,1939
April 8, 1939
the past two months
Meat costs continued their upward movement of
chuck declined slightly.
Veal cutlets dropped
Price Increases of
1.1%.
74.1
73.6
77.5
2.7% for pork chops and 3.1% for loin roast resulted in an advance of 0.9%
68.1
67.8
71.3
in the cost of pork.
*59.9
59.6
57.9
exception of whole ham, which showed
81.9
*84.1
85.4
Metals
96.9
97.4
302.5
Building materials
67.8
67.8
70.4
86.0.
88.6
Farm products
—
Food products.
Textile products
Fuels
....
...
Chemicals
86.0
Miscellaneous.
69.1
69.1
77.6
77.9
All commodities
♦Preliminary,
clined
The cost of dairy products
70.1
level since 1934.
Prices
average
Unchanged,
Retail Price
March Continue
Fairchild Publications
During
According to
Index
•
;
were
very
few changes in the groups, as well as the individual
Both men's and women's apparel showed a
items comprising the index.
fractional decline of 0.1%. • Piece goods,
infants'
wear
and hoipe furnish¬
As compared with a year ago, home furnishings
ings remained unchanged.
and women's apparel, as well as men's apparel, showed the greatest declines,
with infants'
prices
are
wear
and piece goods showing the smallest decreases.
only 1.3% above the 1936 low, and are 7.7%
Current
below the 1937
As compared with last year's highs, the greatest declines are recorded
high.
by home furnishings and women's apparel. "
The greatest changes recorded in the individual items were in furniture,
floor
coverings,
instruments,
musical
men's shoes, and
.
,
Prospects
are
whose supervision
Furniture
'
.
that the restricted
nine months will continue,
furs.
furs and blankets were
and floor coverings showed increases, while shoes,
lower.
contrary to the usual seasonal movement.
The
1 cent
butter
fluctuations evident for the past
price
changes of importance in prices.
Mar.
Commodity Group
INDEX (JAN. 3. 1931=100)
April 1,
May 1,
April I,
Mar. 1,
1938
Jart. 2,
1939
Feb;1,
1933
1939
1939
1939
Composite Index.
69.4
90.6
88.9
89.1
89.1
89.1
Piece goods
65.1
85.6
84.3
84.3
84.3
84.3
'
Infants'
.
;
wear
Home furnishings
Piece goods:
Silks
70.7
90.2
88.7
88.5
88.4
71.8
91.4
89.0
89.0
88.9
.88.8
76.4
97.1
96.3
96.3
96.2
96.2
70.2
94.2
90.5
90.5
90.5
88.7
,
90.4
-
.
„
57.4
64.1
63.6
63.6
63.6
63.6
Woolens
69.2
85.8
84.7
84.7
84.7
84.7
Cotton wash goods
68.6
106.8
104.5
104.5
104.5
104.5
*
Domestics:'
v
•
Sheets
65.0
-98.1
91.9
91.9
92.0
92.0
Blankets <fc comfortables
72.9
109.0
103.6
103.2
103.2
102.9
Women's apparel:
59.2
75.0
74.0
74.0
74.0
74.0
75.5
106.6
104.6
104.6
104.9
104.9
83.6
92.7
92.5
92.5
92.5
92.5
Furs
66.8
99 9
91.4
91.0
90.6
90.0
j.._.
.
69.2
86.2
85.0
85.0
85.0
85.0
76.5
87.7
86.7
86.7
86.5
86.5
1939
1939
1938
86.1
92.9
64.9
Underwear
69.6
74.3
Hats and caps
69.7
89.1
,
87.7
87.7
87.7
69.3
98.2
93.4
92.9
92.9
64.2
118.6
77.1
77.9
81.4
59.8
105.2
Eggs
57.0
58.7
65.9
57.4
42.7
87.4
Fruits and vegetables
61.0
61.0
61.1
58.5
52.1
86.9
60.0
60.0
60.0
56.6
51.4
74.1
74.1
74.4
79.1
65.3
97.1
56.8
59.9
47.3
101.3
66.3
67.7
68.5
110.9
93.8
Fresh
Canned
*
56.6
56.9
Beverages and chocolate..
66.0
66.2-
Fats and oils
63.6
64.1
64.8
69.5
45.0
Sugar and sweets
61.9
62.0
62.3
65.6
57.4
76.4
76.8
77.5
78.6
59.8
Dried
♦
84.7
*
;
All foods
73.5
101,4
.
Preliminary.
The decrease of 2.9% in egg costs was
considerably less than the usual
below the level Of last
The current price of eggs is 0.6%
seasonal decline.
year.
The average cost
ended March
resulted in
of fruits and vegetables did not change during the
month
Divergent price movements for the various fresh items
in the average cost for this sub-group.
14.
increase of 0.1%
an
Bananas and
fresh
vegetables was a decline of 4.8% for potatoes.
Other decreases for fresh
vegetables ranged from 4.2% for carrots to 5.0% for spinach.
Green beans
advanced 35.9% and cabbage rose 10.9%.
Lettuce and opions increased
about 5.0%. each.
The cost of the canned items remained unchanged,
Apples and lemons advanced 2.5% and 1.0%, respectively.
The most significant price change for the
fell off slightly.
oranges
while the dried
products showed a slight decline.
The cost of beverages and chocolate
in the price of
Fats
and
declined 0.2%.
A decrease of 0.2%
coffee and a drop of 0.4% in the price of tea more
the small increases
downward movement with an average
continued their
oils
than offset
reported for cocoa and chocolate.
the group,
shortening in cartons.
Lard dropped 1.4% and was 18.6% below the level of March, 1938.
The cost of sugar and sweets declined 0.1% as a result of price decreases
recorded for all items in the group.
The decline in the price of sugar
Price decreases were reported for all items in
ranged from 0.1% for mayonnaise to 1.8% for
and
amounted to 0.1%.
.
of 0.5% in the March food cost
Decreases of 1.0% or more were
recorded for seven cities, the largest being
Washington and Memphis.
In each of
the avrage decline
1.5% reported for Portland, Me.,
these three citifes, the
and
drop in egg costs was greater than
In Washington and Portland, Me., potatoes
13.1%, respectively.
decline for Memphis
Butte reported
an
index was the net
36 cities and increases from 13 cities.
of decreases reported from
result
Lower meat costs were the major
^
dropped 16.1
factor i'h the
,
Columbus ranked second with
meat prices were
the largest increase, 1.1%.
advance of 1.0%.*
In both of these cities, increases in
for the country as a "whole.
The cost of fresh
vegetables advanced 4.0% in" Butte, and the price of butter
greater than the average
rose
and.
1.8%.,
■ •
'
_' •
"
OF'RETAIL-COSTS OF FOOD BY REGIONAL AREAS
_
INDEX NUMBERS
•
_
_
1923-25=100
Three-year Average
.
Regional Area
87.7
14, Feb.
14,
1939*
1939
74.6
74.8
Jan.
17,
Mar.
15,
1939
1938
75.7
76.3
Mar.
15,
1933
Mar.
91.1
91.1
91.1
91.1
100.7
86.1
86.1
86.1
86.1
59.8
86.7
82.0
82.0
Middle Atlantic
77.3
77.8
78.6
79.3
101.3
82.0
82.0
61.0
83.4
76.6
77.1
77.6
79.7
58.4
103.1
«
Clothing, incl. overalls..
70.1
92.9
90.0
90.0
89.9
90.0
East North Central
96.8
95.0
95.0
94.0
93.6
West North Central
79.8
79.8
79.7
58.9
76.3
81.0
Shoes
South Atlantic
75.3
75.9
76.7
77.1
58.4
99.7
East South Central
70.5
70.6
70.9
73.0
55.8
100.4
West South Central
74.2
74.4
75.9
77.2
58.6
101.6
Infants' wear:
103.4
Socks
74.0
100.6
100.4
100.4
100.4
100.4
Underwear
74.3
94.8
94.2
94.2
94.2
94.2
94.2
94.2
94.0
Mountain
78.5
78.5
77.7
98.0
96.0
94.0
60.1
80.9
81.1
Shoes
94.2
94.6
94.6
Pacific
75.8
76.3
76.4
99.0
100.0
94.9
62.0
69.4
76.7
Furniture
113.7
76.4
76.8
77.5
78.6
59.8
101.4
79.9
114.5
110.8
112.0
113.0
Musical instruments
50.6
59.7
57.3
57.1
56.6
55.8
Luggage
Elec. household appliances
60.1
78.7
74.1
74.2
74.0
74.0
72.5
83.0
80.8
80.5
80.2
80.0
China
81.5
95.0
94.0
94.0
94.1
94.1
Floor coverings
United States.*
Preliminary.
Wholesale
0.5% in Retail Food Costs Between Feb. 14
and March 14 Reports United States Department
Department of Labor
of Labor
announced
on
products and
The
12.
"Reductions in costs of dairy
and a drop of 4.8% in the average price of
chiefly responsible for the decline," Mr.
April
eggs
potatoes were
Lubin said.
The Commissioner added:
Commodity Prices Declined 0.8% During
April 8, According to United States
Week Ended
Decline of
The average retail cost of food declined 0.5% between
Feb. 14 and March 14, Commissioner Lubin of the Bureau
of Labor Statistics, United States Department of Labor,
•
1
15,
/ 1929
92.1
New England
,
"
w
Men's apparel:
Shirts and neckwear
1929
1933
'
85.4
Mar.
Hosiery
~
15, Mar. 15;
75.7
,
Underwear
Shoes
1939*
Mar.
93.6
-
fruits
Hosiery
Aprons & house dresses.
Corsets and brassieres—
17, Afar. 15,
Jan.
14,
Cereals & bakery products.
Meats
for the country.
N
14, Feb.
Dairy products
The average decline
Men's apparel
GROUPS
" ~
85.6
decline of 0.9%.
PRICE
Copyright 1939, Fairchild News Service
Women's apparel
'
Three-year Average 1923-25=100
The tendency is against any
this index is compiled.
RETAIL
was
reported for Cleveland, Rochester and San Francisco.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY
,
according to A. W. Zelomek, Economist, under
FAIRCHILD PUBLICATIONS
reported for all items in the group,
were
•
There was no change in retail prices during March, accord¬
ing to the Fiarchild Publications retail price index.
This is
the second consecutive month that prices have remained un¬
changed.
It is merely a continuation of the restricted
fluctuation that has characterized the retail price movement
for months.
The index at 89.1 (Jan. 3, 1931=100) is the
saipe as for the previous month and compares with 90.6 for
the corresponding month a year ago.
The decline under a
year ago was the smallest in many months.
At one time last
year prices had shown a decline as high as 9.6% below the
corresponding period of previous years.
An announcement
issued April 13 by Fairchiled Publications, New York, also
had the following to say:
There
Price decreases
price of fresh milk declined 0.7%, due to price reductions of
in the price of
per quart
Retail
of 0.5%, while the
%.
dropped 1.8% and reached the lowest March
ranging from 0.3% for evaporated milk to 4.6% for butter. The decline
Revised.
x
an increase
with the
Lamb de¬
increase of 0.2%.
an
Roasting chickens showed
1.1%.
cost of canned salmon fell off 0.9
81,0
.
All of the cured pork items dropped in price
recent
downswing
Index
in commodity prices continued
through the week ended April 8
when sharp declines in prices
agricultural commodities and seasonal decreases in coal
caused the United States Department of Labor, Bureau of
Labor Statistics' index to fall 0.8%,
Commissioner Lubin
announced on April 13.
"The decrease brought the allcommodity index to 75.9% of the 1926 average, the lowest
level since mid-August 1934," Mr. Lubin said.
He added:
of
Financial
2184
placed the index at 68.3,
The semi-manufactured commodities
and finished products groups dropped 0.1%.
Average wholesale prices of agricultural commodities fell 0.3% during
the week and prices of industrial commodities declined 0.1%.
Six of the commodity groups declined during the week.
Farm products
2.7% in the raw materials group
A decline of
the
lowest
June, 1934.
point since
dropped 4.2%, and foods fell 3.0%.
Hides and leather products registered
a fall of 0.2%; and fuel and lighting materials,
building materials, and
chemicals
ous
The textile products group advanced
each.
and drugs, 0.1%
Metals and metal products, housefurnishing
remained unchanged.
0.2%.
goods, and miscellane¬
dropped during the week ended April 8 to 72.1%
(the lowest point recorded since Nov., 1934) from 72.4% in
the preceding week.
A month ago the index (based on the
1926-28 average of 100%) stood at 72.8%; a year ago at
75.0%, and two years ago at 88.2%.
The lowest point
previously registered in the depression, which began in 1937,
was 72.3% in Oct., 1938, while the current year's high point
was 73.3% in the first week of January.
The announcement
by the Association, under date of April 10, went on to say:
The
Department of Labor, in its announcement
Commissioner Lubin as above, also stated:
quoting
month ago and 6.3% below a year ago.
bone meal.
for
in the second
COMMODITY PRICE INDEX
Latest
Group
Bear8 to the
Total Index
1939
1939
1938
73.4
68.4
69.0
69.0
49.9
52.6
62.6
64.0
67.2
62.8
62.7 "
64.6
Cotton——————
46.8
47.2
48.9
Grains
52.5
52.7
53.0
index to fall 0.1
69.1
68.6
71.2
70.5
Fuels
75.3
76.2
75.9
80.1
Miscellaneous commodities.
77.8
77.8
77.5
76.5
Cottonseed oil
Farm products
%v
Livestock
0.1% in the building materials group index was the result
17.3
Ponderosa pine boards, rosin, tur¬
10.8
Prices for yellow pine lath and flooring ad¬
and gravel.
—
Fats and oils
23.0
.
Weakening prices for fats and oils
index to decline 0.1%.
caused the chemicals and drugs group
>
,
Higher prices for raw silk,silk yarns,
—
.
Textiles
7.1
Metalsr
6.1
Building materials
an
Lower prices
caused the nonThe index for the metals and
for electrolytic copper, solder, and pig tin
ferrous metals subgroup to decline
0.8%.
products group as a whole did not change.
■'
average.
Average wholesale prices of cattle feed
dropped 1.8%.
■
Crude rubber
of
The paper and pulp subgroup advanced 0.2% because
higher prices for boxboard.
table shows index numbers for the main groups
The following
modities for the five weeks and for April 9,
of com¬
1938, April 10, 1937, April 11,
(1926=100)
Apr.
1939
1939
All commodities.-.-
Foods....,
.
...
Fuel and lighting materials._
and metal products..
Building materials..
Chemicals and drugs..._.
25
1939
Farm products
•
Apr.
Apr. Mar. Mar. Mar.
1
8
Commodity Groups,
Textile products
Apr.
Apr.
Apr
9
10
11
1939
1939
1938
1937
1936
1935
18
11
13
75.9
76.5
,76.6
76.7
77.0
78.5
87.9
79.5
79.9
63.8
66.6
66.7
67.1
68.0
68.1
93.5
76.9
81.0
68.4
70.5
70.8
70.7
71.4
72.2
86.1
80.2
84.5
91.8
92.0
92.3
92.6
92.5
92 5 106.8
95.1
85.9
66.0
67.0
78.6
69.9
68.8
66.1
66.0
66.1
66.1
73.6
73.7
73.6
73.7
73.6
77.6
77.1
77.6
74.0
94.4
94.4
94 A
94.4
94.5
95.9
96.3
85.9
85.0
89.9
90.0
89.9
90.2
90.2
91.2
96.8
85.4
84.5
75.9
76.0
76.0
76.2
76.3
77.3
87.0
79.0
80.5
Housefurnishing goods..
86.5
86.5
86.5
86.6
86.6
88.7
90.3
82.8
81.9
Miscellaneous..
73.9
73.9
73.9
73.9
73.4
73.1
80.1
68.3
68.4
70.9
89.2
77.0
i..
_
68.3
70.2
70.3
70.6
Semi-manufactured articles-
74.5
74.6
74.7
74.5
74.5
74.5
90.3
74.5
Finished products
All commodities other
80.2
80.3
80.3
80.3
80.5
83.1
87.3
81,6
78.6
,78.8
78.8
78.8
79.0
80.8
86.6
80.0
79.6
80.6
80.7
80.6
80.7
80.6
82,2
86.3
79,0
77.2
...
farm products.
than
A
... ...
commodities
other
90.5
96.2
84.3
82.3
91.9
91.9
92.4
949
71.5
71.4
71.4
72.0
77.6
77.6
•
77.7
77.8
94.8
94.8
•
94.9
98.0
72.1
72.4
72.8
75.0
—
' '
.
.
*
Continue Seasonal
Chain Stores
Chain
pansion,
in
trade
store
the year's largest
Store
daily sales reaching
average
Gains
March continued its seasonal ex¬
volume, according to the current review by "Chain
Age."-
.■
While business in all the major groups
did not maintain a
improvement, the "Chain Store Age" composite
index for all reporting groups increased to 109.4, as against
108,8 in February.^ These figures are in relation to the
1929-31 average taken as 100.
In March of 1938 the composite index declined to ,103.3
from 106.4 in February of that year.
The index figures of March sales by groups are as follows:
February,
March,
1939
1939
1938
.1.
Grocery—*—
100.0
98.6
98.4
Variety
113.6,
115.0
107.0
rrug
133.0
137.0
124.5
-.. -
Sine
128.0
121,0
127.0
112.7'
116.0
109.4
108.8
103.3
128.8
—
Apparel
—
_ .
_.
•
Composite
•
Output for Week* Ended April 8,
Above a Year Ago
Electric
than
nroducts and foods..'
March,
*
port, estimated that production of electricity
March Chain Store Sales Total $237,215,962
•;
According to a compilation made by Merrill Lynch & Co.,
Inc., 28 chain store companies, including two mail order
companies reported an increase in sales of 8.98% for March,
1939 over March, ,1938.
Excluding the two mail order
companies the 26 other chains reported an increase in sales
of 5.94%.
•
Sales of the 28 companies showed an increase of 6.44%
for the three months of 1939 over the three months of 1938.
Excluding the two mail order companies, the 26
reported an increase of 3.69%.
chains
the like week
over
a
year ago.
'
*
'Major Geographic
Wrek Ended
April 8, 1939
Regions
1939
■
5 Grocery chains
11 5& 10c. chains-..
4 Apparel chains
%
54,835,024
63,022,323
25,162,849
2 Drug chains
7,860,148
3 Shoe chains
5,579,144
2,865,000
1 Auto supply chain
Total 26 chains
2 Mail order
cos
Total 28 companies
1938
$
Inc.
%
1939
%
158,571,689 158,775,034 x0.13
$
S
14.7
9.8
10.9
8.0
15.3
12.9
12.8
1.9
3.2
7.0
159; 324,488 150,396,713 5.94 437,767,260 422,168,679 3.69
13.22
77,891,474 67,270,266 15.79 193,227,933 170,658,400
237.215,962 217,666,979
8.98
1.2
7.4
8.8
8.1
6.2
12.8
9.0
8.7
9.3
8.1
9.9
12.9
9.4
9.2
11.7
11.3
10.3
•
Southern States
630,995,193 592,827,079
Pacific Coast
Total United States
FOR
DATA
.
RECENT
WEEKS
4
2,287,248
11
2,268,387
18
2,248.767
Prices Again Declined During
April 8, Reaching Lowest Point Since
1934, According to National Fertilizer Association
Feb.
25
4
2,225,690
2,244.014
Mar. 11
2.237,935
Continuing the downward trend of the previous week, the
wholesale commodity price index of the National Fertilizer
Apr.
1--
2,209,971
Apr.
8
2.173.510
1938
1939
1937
1932
1929
1938
Feb.
Commodity
KILOWATT-HOURS)
from
Feb.
Week Ended
OF
Change
1939
6.44
Decrease.
Wholesale
(THOUSANDS
Percent
Week Ended
Feb.
x
12.3
14.3
7.9
■
53,494,433 2.51
4.42
59,311,093 6.26 169,642,802 162,462,858
64,970,159 60,080,656 8.14
22,972,548 9.53
5.22
21,538,800
7.16
22,662,849
7,335,179
13,439,331 7.70
14,473,761
5,063,460 10.18
5,872,000 26.81
7,446,000
2,220,000 29.05
Week Ended
11.3
West Central
Rocky Mountain
Week Ended
Week Ended
April 1, 1939 Mar. 25, 1939 Mar. 18, 1939
12.4
Central Industrial
Inc.
1938
FROM PREVIOUS YEAR
INCREASE
PERCENTAGE
Middle Atlantic.:
■
by the electric
light and power industry of the United States for the week
ended April 8, 1939, was 2,173,510,000 kwh.
The current
week's output is 9.2% above the output of the correspond¬
ing week of 1938, when production totaled 1,990,447,000
kwh.
The output for the week ended April 1, 1939, was
estimated to be 2,209,971,000 kwh., an increase of 11.7%
New England
Three Months
Month of March
1939, 9.2%
Institute/in its current weekly re¬
The Edison Electric
♦Not computed.
.
•
♦
71.2
Raw materials
58.9
90.6
uniform
1936, and April 13, 1935.
Hides and leather products.
64.8
;
It remained at 86.5% of the 1926
for the housefurnishing goods group.
47.1
83.8
'..
All groups combined
100.0
65.8
90.0
Farm machinery
galvanized tubs and pails did riot affect the index
A decline in prices for
decreased 0.6%.
Chemicals and drugs..
Fertilizer materials...
0.3
in the textile products group index.
advance of 0.2%
1.3
78.8
83.8
...
0.3
61.1
.
61.0
60.6
60.6
8.2
0.3
silk hosiery, raw jute, and burlap
April 9,
11,
48.3
Foods...
25.3
Ago
Ago
Mar.
1939
'
for
Week
April 8, April 1,
.
Year
Month
Precea'g
Week,
Each Group
of hides and skins brought the hides
prices for yellow pine timbers,
accounted
(1926-1928=100)
Association.
Per Gent
...
farm
preceding
Complied by the National Fertilizer
•
All
included in the index declined last week and 15
week there were 31 declines and 18 advances;
week there were 24 declines and 23 advances.
WEEKLY WHOLESALE
vanced.
Metals
'
'•
.
Twenty-seven price series
Sole leather prices advanced.
In the fuel and lighting materials group a seasonal decline in prices of
coal more than offset an advance in prices of Pennsylvania gasoline and
metal
which advanced slightly as a result
advanced; in the preceding
index down 0.2%.
and leather products group
pentine, sand,
week was that representing the prices
of higher prices
to change during the
group average
of fertilizer materials,
products and a drop of 0.6% in meats.
Pronounced price declines in prices
of lower
time since August, 1934.
product price average was
below a month ago and 5.3% below a year ago.
food index, 68.4, is 4.2%
The decline of
index is currently lower than at any
slightly higher last week, with rising
quotations for livestock more than offsetting weakness in cotton and grain
prices.
A seasonal decline in anthracite coal prices resulted in a drop in
the fuel average.
A decline to a new low point for the year in the metal
index reflected lower prices for steel scrap, copper and tin.
The only other
Prices
were lower for butter, cheese, fresh milk, bacon, fresh pork, copra, lard,
and certain animal and vegetable oils.
The fruit and vegetable subgroup
advanced 1.7%.
Prices were higher for canned arid fresh fruits and vege¬
tables, rye flour, lamb, mutton, veal, pepper, and raw sugar.
The current
caused the group
with 12 items in this group
food price
of foods declined 3-0%, primarily because of a
Average wholesale prices
decrease of 16-0% in dairy
the week was in the food group
declining and only 3 advancing. The
important decline during
most
average,
The farm
result
of a decrease of 6.8% in the subgroup "other farm products," which in¬
cludes cotton, fresh apples (Chicago and New York), lemons, fresh milk,
and wool, a drop of 1.7% for livestock and poultry, and a decline of 0.7%
for grains.
Some of the individual farm product items for which lower
prices were reported were corn, oats, rye, wheat, steers, hogs, lambs, and
live poultry (Chicago).
Quotations were higher for calves, eweS, live
poultry (New York), oranges, and potatoes.
This week's farm products
index, 63.8, is the lowest since mid-June of 1934.
It is 6.2% below a
4.2% in the farm products group was largely the
The decline of
IS
Association
commodities
The
April
Chronicle
Mar.
Mar. 18
Mar. 25
i—
2,225,486
2,198,681
2,082,447
2,052.302
2,059,165
2,031,412
+ 9.8
2.201,057
1,588,853
+ 10.5
2,199,860
+ 9.2
1,578,817
1,545,459
+ 9.6
2,211,818
2,207,285
2,035,673
+ 10.2
2.199,976
2,014,729
2,017,653
+ 11.1
1,538,452
+ 10.3
2,212,897
2,211.052
1.975,239
+ 11.3
2,200.143
1,514,553
1,978,753
1,990,447
+ 11.7
2,146,959
+ 9.2
2,176,368
1,480,208
1,465,076
1,512,158
1,519,679
1,537,747
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
Volume
Financial
148
Department
These
More-ThanMarch, Ac¬
cording to Board of Governors of Federal Reserve
System
Store
Seasonal
In
Sales
Amount
Increased
from
by
February
NO.
Federal Reserve District
-'
'
March,
January,
March,
1939
1939
1939
1938
Adjusted for seasonal variation.
88
87
88
86
Without seasonal adjustment-.
82
so
69
77
6% larger than in March last
year, reflecting in part the fact that Easter occurred on Apr.
9 this year while in 1938 it was on Apr. 17.
It is estimated
that an allowance for an increase of about 3% should be
made on this account, according to the Board, which pre¬
sented the following compilation:
1 • ••
Total sales in March
were
RESERVE DISTRICTS
BY FEDERAL
REPORT
"
..
Percentage Change from
*
•-
March*
3 Months
•
.
Cities
3,975,770,000
3,346,723,000
4,276,396,000
18
474,788,000
363,491,000
421,203,000
539,189,000
433,789,000
525,830,000
5—Richmond
24
306,041,000
247,517,000
6—Atlanta
26
244,010,000
7—Chicago
41
1,433,041,000
214,731,000
1,217,213,000
297,167,000
234,171,000
1,216,387,000
Louis
—
...........
Philadelphia
Cleveland
±
+2
0
+4
—3
+ 12
+ 1
+8
+2
.....
•
'
'
Richmond...
—
-
225,909,000
200,347,000
17
28
119,166,000
223,772,000
29
141,627,000
249,119,000
189,863,000
626,358,000
540,629,000
594,364,000
274
$8,887,258,000
$7,480,371,000
$8,855,382,000
18
Total
Weekly
Report
12
30
12
The lumber
industry during the week ended April 1, 1939,
stood at 58% of the 1929 weekly average of
69%
of
1929
average
59% of the corresponding week of 1929; shipments, about
65% of that week's shipments; new orders, about 62% of
week's
orders,
covering
the
28
17
ported production was 8% above, and shipments were 19%
+1
33
15
above
—1
21
c
+ 1
+5
-
:
+6
—
16
•
—i
18
+3
90
+ i
531
ceeded that of the
1938.
of
of
13
to
58%, according to F. W. Dodge Corp.
The gain of 59%
over
February, 1939, was somewhat more than the usual
increase.
contracts
■
construction
started
during March amounted to $300,661,000, which represented
a
gain of 32% over March of last year and a further gain
of 36%
February of this year.
All major classes of
contributed to these gains.,,>
•
over
construction
$29,457,028 reported for the final week of March by the
FHA was the highest amount for any week on record.
building as
may
further expansion in residential
presage
Total construction contracts for the first
last year
first
the
quarter of 1939
volume in eight years.
quarter
The gain
of 1937,
which represented the previous
In
building the contract total for the first quarter
represented
a
The gain over the correspond¬
10-year peak.
ing period of last year amounted to 83%, and over the first
three months of 1937 to 23%.
In non-residential building,
gains
ownership reveals the
far greater gains
fact that private building has
public construction.
For
than
private work the March record was
public
while
16%
6%
orders were
above
corre¬
11% above the
shipments were
above the orders
of
New business for the 13 weeks, of 1939
above output; shipments were 12% aboye, .also.
12%
The
Association
stated:
further
During the week ended April
feet
of
booked
orders of
Mills,
were:
1939.'
516
mills produced 190,671,000
shipped
220,646,000
feet;
'
feet.
.
Southern Qypress, Northern Hemlock and Northern
reported new orders above production in the week ended April 1,
Hardwood
All
except
except' Cypress
regions
All
output.
week of
1939,
combined;
Revised figures for the preceding week
189,542,000 feet; shipments, 207,078,000
production,
221,130,000
regions
above
1,
hardwoods
218,003,000 feet.
550;
orders,
All
and
softwoods
1938
and
Northern
reported
orders
Hardwood^ reported shipments
above those of corresponding
All but Cypress reported
except Cypress and Northern Pine.
shipments
above
Hardwood
and
last
All but Northern Pine, Cypress, Southern
Hardwood reported production above the 1938
year.
Northern
week.
totaled
wood
mills
same
mills..,.
feet,
work
showed
'•
*
Lumber orders reported
for the week ended April 1,
feet,
209,666,000
Shipments
as
reported
15% above" production.
or
11% "above production.
or
1939, by 437 soft¬
14% above the production of the
the
for
same
Production
week
.were
211,023,000
183,135,000
was
feet.
a
58% ahead of Febru¬
corresponding gain of
only 16%.
At the end of the three months' period private
40% above last year. On the other hand,
public construction, because of the unusually low totals
during the early months of last year, registered a 47% gain
over the first quarter of 1938.
repotted for the same week were
Shipments as
9,623,000 feet, or 28% above production.
Identical
week's
Last
Mill
Production was 7,536,000 feet.
Reports
production of 431 identical softwood mills was 182,631,000
shipments were, respectively,
178,058,000 feet, and orders received, 208,874,000
In the case of hardwoods, 86 identical mills
feet, and a year ago it was 166,566,000 feet;
210,478,000
feet
and
feet and
165,830,000
feet.
reported production last week and a year ago 6,546,000 feet and 8,669,000
shipments,
feet;
8,560,000 feet and 6,394,000 feet, and orders, 7,363,000
5,906,000 feet.
and
„
over
shown
ary,
Reported production for
date was
to
year
new
was
feet
the first quarter of last year
amounted to 30%, while contracts for public works and
utilities were- 25% ahead of the first three months of 1938,
Further analysis of the construction record on the basis
corresponding
of
the
amounted to 44%, while the increase over
high point in the recovery period, amounted to 17%.
residential
was
Reports from 97 hardwood mills give new business as 8,337,000 feet, or
the year progresses.
have reached the highest
over
softwoods)
,
the volume of Federal Housing
Administration mortgages accepted for appraisal have risen
each week with almost continuous regularity.
The total of
During the past month
These gains
and
1938 period.
feet;
of
classes
for. all
(hardwoods
of 1938;
weeks
shipments, and
the
record since
1938, total for
ship¬
greater,.18%
production,
in the corresponding week
than
greater
business
of
weeks
sponding
a
on
The' gain over the March,
the 37 States east of the Rocky Mountains amounted
New
put in the week ended April 1.
Dodge Corp. Reports Residential Contracts at Highest
Level Since October, 1929
October, 1929.
softwoods,
Re¬
14% above production and shipments were 16% above out¬
the
March residential contracts, despite severe storms and
For
orders were, respectively, 10%
new
and 26%
greater
243
'
corresponding week of 1938 by 26%.
year's week.
ments and
9
preliminary; Jin most cities the month had the same number
business days this year and last year.
the highest level
last
15
29
.
March figures
Total
7%
were
31
.
■
seasonal
Reported shipments
.
greater than in the preceding week.
Reported production
and new orders were about the same.
New business ex¬
34
—„1
to
to date in reported new business,
shipments and production.
+3
,
+4
rose
weeks of the quarter made
57
...
spring,
and
softwood
of important
two
the best record of the year
regional
90
■
delayed
operations
The last
National
associa¬
the
to
from
24 \
•
*
reports
Association
+2
San FrancLco
Total
according to
Manufacturers
+6
—
_
—
production and
was about
Production
shipments.
+3
Kansas City..
Dallas..
Ended
Week
Movement,
April 1, 1939
+6
+ 5
_i.
28
Lumber
of
151,544,000
170,370,000
+ 12
....—
Minneapolis.
31
56
-
257,517,000
194,479,000
''.+9
Atlanta.
ChicagoSt. Loui3
51
27
221,268,000
16
9—Minneapolis
10—Kansas City
11—Dallas
hardwood mills.
Federal Reserve Districts—
Boston..—___
$465,056,000
Apr
15
tions
Included
Reporting
$402,623,000
Mar. 29,
25
Lumber
of
of
Stores
$481,543,000
4—Cleveland
that
Number
Number
Year Ago
a
6, 1938
17
12—San Francisco
'
1939
April 5, 1939
3—Philadelphia
8—St
February,
Week Ended—
Of
Incl.
2—New York
*
'
April 10, 1939, by the
on
Centers
1—Boston
STORE SALES
1923-25 Average=100
reported
as
Federal Reserve
INDEX OF DEPARTMENT
»
are
SUMMARY BY FEDERAL RESERVE DISTRICTS
10, the Board of Gov¬
System states that "depart¬
ment store sales increased by somewhat more than the usual
seasonal amount from February to March and the Board's
adjusted index advanced one point in March to 88, about
the same as the average for the four previous months.
The
index is shown for the last three months and for March, 1938:
of the
figures
Board of Governors of the Federal Reserve System.
to
issued April
announcement
an
ernors
2185
Chronicle
—
Production
and
of
Shipments
Lumber
Five
During
Week Ended April 1, 1939
identical mills for five weeks
reported by the National Lumber
We give herewith data on
ended
1939,
April 1,
as
Manufacturers Association on
An
Trade
April 10:
of 514 mills reported as follows to the "National Lumber
Barometer" for the five weeks ended April 1, 1939:
average
construction was
♦
Production
1929
877,599
Softwoods
Debits Slightly
Higher Than Last Year
Totallumber..
Debits to individual accounts, as reported by banks in
leading cities for the week ended April 5, which included
five business days in some of the reporting centers, aggregated
$8,887,000,000, or 19% above the total reported for the pre¬
ceding week and about the same as the total for the corre¬
sponding week of last year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919 amounted to
$8,177,000,000, compared with $6,907,000,000 the pre¬
ceding week and $8,168,000,000 the week ended April 6
of last year.
Production
—
—
1939l
1938
985,516
825,578
36,150
48,593
42,465
913.749
874.171
1,027,981
Hardwoods
Bank
Orders Received
Shipments
(.In 1,000 Feet)
923,210
41,957
29,265
979,746 1,029,413
952,475
33,204
Shipments during the five
of corresponding weeks
hardwoods gain of
during the same period of
1937.
26% below production of the 1938 period.
those
were
987,456
by
Softwood
6% above that of the same weeks of 1938 and 21%
Hardwood output was
Orders
,
5% above that of corresponding weeks of 1938.
production in 1939 was
below the records of comparable mills
above
946,542
1938
1939
1938
during the five weeks ended April 1, 1939, as reported
these mills, was
and
_
weeks ended April 1, 1939, were 5% above
of 1938, softwoods showing a gain of 4%
28%.
during the five weeks ended April 1, 1939, were 8%
corresponding weeks of 1938.
Softwood orders in 1939
received
those
of
7% above those of similar period of 1938 and
18% below the
same
Chronicle
Financial
2186
Hardwood orders showed a gain of 43% as
weeks of 1937.
Under the
compared with
reported by 442 softwood mills were
3,659,469 M feet, the equivalent of 101 days' average production (threeyear average, 1936-37-38), as compared with 3^775,587 M feet on April 2,
1938, the equivalent of 104 days' average production.
On April 1, 1939, unfilled orders as reported by 439 softwood mills
were 616,033
M feet, the equivalent of 17 days' average production, com¬
pared with 588,057 M feet on April 2, 1938, the equivalent of 17 days'
April
average
policy of the Monopoly Committee, the
new
economic problems of the oil industry have
discussion in accord with the Committee's
corresponding week of 1938.
On
April IS, 1939
1, 1939, gross stocks as
business
been selected for
decision to allow
industry full opportunity to present its own
and
Chairman, announced in Wash¬
story, Senator O'Mahoney,
ington, April 9.
In disclosing the formal change in the pro¬
cedure, the Chairman said that the offer to allow business to
give its side of the econmic picture was made without limita¬
tion as to content of testimony or reports submitted, except
production.
presented would include data requested by
that opinions, including any criticism of
existing government or intra-industry policies, be supported
that material
Committee
Can-Makers
March Sales at 389,700
Estimates
Group
I ' '
Units
An increase of
25% in motor vehicle shipments
cated for the month
of March as
by actual evidence.
Senator O'Mahoney declared that it is likely that the study
of the petroleum industry will begin not later than mid-year.
He added that it is not known as yet how many separate
industries will be heard in this new manner because of the
indi¬
compared with February
was
preliminary estimate of the industry's operations,
according to the figures contained in the April, 1939, issue
of "Automobile Facts," a publication of the Automobile
in
the
The
at
Association
389,700 units.
estimated the
develop a thorough-going test of procedure as a means of
developing objective testimony, the Chairman held.
Senator
O'Mahoney further disclosed that the presentations which
have been given and directed by the executive departments
and commissions which are represented on the Committee
industry's March volume
On the basis of this estimate the indus¬
try's operations in March were 63% higher than the corre¬
sponding month last year.
The
Association's
report is
summarized as follows:
1939, 312,227; March, 1938,
completed, but that some new in prepara¬
tion, will be presented shortly at public hearings.
Another story "breaking out" of the Nation's capital
Imports of Newsprint Paper in 1938
$101,455,671 Compared with $122,539,421
quieted fears of some oil men that provisions of the WheelerTruman transportation bill would be used to force the
separation of oil pipe lines from the production and dis¬
tributing branches of the industry when Chairman Wheeler,
of the Senate Interstate Commerce Committee, announced
March, 1939, 389,700; February,
have not yet been
238,597.
+.
United
States
Valued at
in 1937
Imports of standard newsprint paper into the United States
during 1938 totaled 4,549,206,330 pounds valued at $101,455,671 compared with 6,634,048,120 pounds valued at
$122,539,421 in 1937, according to a review of foreign trade
in pulp and paper prepared by the Forest Products Division,
Department of Commerce.
The Department on April 5
"that this
Smaller imports
quarter
of
at some later date.
Canada
was
3,926,872,788 pounds of the total.
Reopening of the wells in the Lone Star State on Satur¬
days was reflected in an increase of 55,900 barrels to a daily
average of 1,390,350 barrels for Texas.
Oklahoma was not
far behind Texas, a gain of 30,050 barrels there lifting the
daily average for the State to 452,250 barrels. Sharp gains
also were shown in California where daily average production
climbed 15,500 barrels to reach 627,000 barrels, while Louisi¬
ana's increase of 5,450 barrels lifted the total of the Bayou
State to 265,850 barrels.
Kansas was the only member of
the "Big Five" to show a decline, production easing off
13,200 barrels to hit a daily average of only 153,800 barrels.
There were no crude oil price changes posted during the
Sweden, 143,108,380
pounds were imported from all other sources.
and its
porary
Products—Shell
Court
of
Units
Appeals
Win
Dissolves
Court
Tem¬
Injunction-—Oil Inquiry Set for Mid-Year—
Rail Bill to Omit Oil
Oil Output
Clauses—Daily Average Crude
Spurts
An order dissolving the recent Federal court temporary
injunction which enjoined the Asiatic Petroleum Corp. and
the Anglo-Mexican Petroleum Co. units of the Shell oil group
from interfering with the foreign commerce of the Eastern
States Petroleum Co. was issued by the United States Circuit
Court of Appeals in New York on Monday, April 10.
The Court's opinion was written by Judge Harris B. Chase,,
of Vermont, with Judge Augustus N. Hand of New York
concurring. Judge Lerned Hand of New York dissented in
the case, holding that "it is clear that the defendants are
threatening its (Eastern States) customers in a way that is
damaging and may be ruinous. They are doing this by chal¬
lenging its title to the oil, which they declare generally they
may attach as their own,- if others buy it, and by stating that
the expropriation by the Government of Mexico will not be
recognized by the courts of other countries."
The litigation arose from the fact that Eastern States
Petroleum purchases crude oil from a corporation owned by
the Mexican Government, and some of the oil comes from
wells seized by Mexico in the spring of 1938 from the Mexican
Eagle Oil Co., Ltd., a Shell unit. In its complaint, Eastern
States Petroleum charged that "the defendant companies,
operating in Europe, were causing prospective customers to
refuse to enter into new contracts by utilizing threats and
coercion.
'
;
; ■
y
'
The majority opinion pointed put in lifting the injunction
that the defendants did not seek out any of Eastern States'
.
.
#
contrary, the Court held, a company under
heavy purchases from Eastern States asked
the British Ministry of Mines for advice regarding the pos¬
sibility of breaking the contract.
The company was in¬
formed by the British body to consult the defendant com¬
panies. The defendants, the Court held, honestly believing
that the oil properly belonged to Mexican Eagle, stated that
steps to attach oil shipments from Mexico to England might
be taken.
Similar legal action in the past has been successful
for the companies involved in this case.
One of the main defense points of the Shell units was the
fact that they had been successful in attachment suits against
Mexican oil export to France and Holland.
In addition to
these cases, already known to the Circuit Court of Appeals,
April 8 saw the Rotterdam District Court uphold the seizure
by the Mexican Eagle Oil Co. of 3,000 tons of Mexican
gasoline from the motorship Jaguar.
The gas oil involved
in the attachment by Mexican Eagle Oil originated from the
customers. On the
contract to make
confiscated
properties of the company in the Isthmus of
Tehuantepec.
six-day production week was the
to 3,443,900 barrels during the week ended April 8,
compared with the, April market demand estimate of the
United States Bureau of Mines of 3,434,000 barrels daily.
Newfoundland and Labrador, 136,241,114 pounds; and 753,578
Battle—Circuit
a
as
Finland furnished 302,267,856 pounds during the year;
Petroleum
to
rose
of origin of standard newsprint paper
imported during 1938 and accounted for
pounds;
period,
reported.
the principal source
Texas
Return of
major factor in the rise of more than 85,000 barrels in daily
average crude oil production in the United States during the
initial week of April. The mid-week report of the American
Petroleum Institute disclosed that daily average production
purchases by publishers in the fourth
1937, occasioned by the price prevailing during that
the Commerce Department
by the Committee,
that the matter would not be taken up
of newsprint paper during 1938 compared with 1937 were
for in part by the large
a matter which ought to receive "separate
Senator Wheeler, however, would not say
question is
consideration."
further said:
accounted
The oil industry study mil
limitation of time and money.
Association.,
Manufacturers
and
.
.
'
week.
'
'
...
•
.
Prices of Typical Crude per Barrel at
-
Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
.^..$2.00
Lima (Ohio Oil Co.)
Corning, Pa
1.25
.1 1.02
;
Illinois
1.25
1
Western Kentucky....
1.20
Mld-Cont't, Okla., 40 and above.. 1,10
...
1.25
Rodessa, Ark., 40 and above
Smackover. Ark., 24 and over
REFINED
.75
PRODUCTS—MOTOR
Darst Creek
<
RAISED
HITS
The
IN
PICTURE
NEW
GAS AND
second
—
.789
Michigan crude
...
1.22
Huntington, Calif., 30 and over.._ 1.22
Kettleman Hills, 39 and over
1.24
2.15
Petrolia. Canada
FUEL
STOCKS
AGAIN
OFF-
LOWERED REFINERY RATE
WHOLESALE
YORK-NEW
FUEL
1.02
...
Sunburst, Mont—;
SEASONAL RISE IN DEMAND,
BRIGHTEN
$1.05
1.05
Eldorado, Ark., 40....
Rusk, Texas, 40 and over..
,
GASOLINE
PRICE
ENGLAND—SHARP
DRAIN
OIL STOCKS
successive
weekly reduction in holdings of
finished and unfinished motor fuel afforded definite evidence
during the fif st week in April that the seasonal rise in con¬
sumption will be an increasingly important factor in the mar¬
kets in the next few weeks, with,the New York-New England
market already reflecting the brighter outlook with a rather
wide-spread price markup.
'
/
Inventories of finished and unfinished gasoline during the
April 8 week,showed a decline of 664,000 barrels, dipping to
86,613,000 barrels, according to the mid-week report of the
American Petroleum Institute.
Refinery stocks were off
335,000 barrels to 54,700,000 barrels while bulk terminal
holdings were down 210,000 barrels to 25,627,000 barrels.
Inventories of unfinished gasoline were off 119,000 barrels
to 6,286,000 barrels for the week.
A fractional decline in refinery operations carried the rate
down to 76.6% of capacity, against 77.1% a week earlier.
Daily average runs of crude oil to stills dropped 25,000
barrels to a daily average of 3,145,000 barrels, the American
Petroleum Institute's report disclosed.
Added to the re¬
duction in the final -week of March, the total decline in daily
average runs of crude to stills for the two weeks total some
80,000 barrels.
Production of gasoline eased off 22,000
barrels to 9,389,000 barrels.
The brightening statistical position of the industry was
reflected in the New York-New England wholesale markets
for gasoline.
Hartol Products Corp. on Monday posted an
advance of
at
%-cent a gallon in the tank car price of gasoline
New York, Boston and Philadelphia with other companies
taking
similar
action.
On
the
following
day,
Soconv-
Volume
Financial
148
Vacuum's marketing subsidiary, Standard Oil of New York
posted a similar advance at East Boston, Everitt and
Revere, Mass., and East Providence.
Southern markets
also
firmer.
are
week ended
Expansion of the trend toward higher prices for gasoline
sylvania's Schuykill County being the location of the latest
markups.
The undivided dealer price there was advanced
H-cent to 8.5 cents per gallon on April 9 while tank car
quotations were advanced a similar amount to 7.5 cents.
With the exception of the Wilmington area, the same ad¬
vances were made in Delaware with the new price 8.5 cents
to undivided dealers.
There was no change in the current
7.5-cent price for tank car gasoline in Delaware, however.
A surprise development during the week was one of the
sharpest drains upon inventories of gas and fuel oil stocks in
several months.
The sharp rise in consuming demand was
attributed to the improvement in industrial activity.
The
American Petroleum Institute reported that stocks of gas
and fuel oils showed a loss of 1,694,000 barrels during the
April 8 week, dropping to 126,199,000 barrels.
Representative price changes follow:
States ports
barrels for the week ended April 1, and
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended
April 8 totaled 275,000 barrels,
compared with
daily
a
April 10—Hartol Products advanced tank-car gasoline prices X cent at
York,
Philadelphia with other companies following.
Boston and
April 11—Standard Oil of New York advances tank-car
X
amount
at
East
Providence.
U. S. Gasoline (Above 65
and the same
estimated
Socony-Vacuura..
.06
Tide Water Oil Co
.08 X
Richfield Oil(Cal.)
.0714
Warner-Quinlan..
.0714
bulk terminals, in transit and in
companies had in storage at refineries,
pipe lines as of the
end of the week,
86,613,000 barrels of finished and
unfinished gasoline; 20,802,000 barrels of gas
Total gasoline production by companies owning 84.9%
of the total daily
refinery capacity of the country amounted to 9,389,000 barrels.
DAILY AVERAGE
CRUDE OIL PRODUCTION
(Figures in Barrels)
a
Four
B. of M.
Calcu¬
Week
State
Week
Change
Weeks
lated
Allowable
Ended
from
Ended
Ended
Require
April 1
April 8,
Previous
April 9,
1939
Week
Aprils,
1939
merits
1938
(April)
Oklahoma.
473,300
Kansas
152,700
North Texas.
.....
-.05^
New Orleans, MX-.07
Gulf ports...
.05K
.04^.-05
Texas
Coastal Texas
72.350
+ 8,200
66,100
57,550
+ 400
82,500
31,200
212,750
105,100
+ 200
30,850
77,150
29,400
+ 1,100
211,650
99,300
391,400
430,600
193,100
101,500
245,350
229,950
204,100
215,200
1,412,700 B1386000 1,390,350 + 55,900 1,342,350 1,323,350
Total Texas
73,450
+ 4,250
70,900
192,400
+1,200
191,900
79,150
181,050
North Louisiana
Louisiana
Coastal
518,000
158,850
84,700
+ 5,150
447,100 + 74,400
230,900 —20,500
206,250 >—13,050
Texas
Southwest
Other Cities—
Tulsa........
153,800 —13,200
•
,
443,100
162,200
452,250 + 30,050
428,000
156,850
...
West Central Texas
East
Chicago..5.05
;
and distillate fuel oil, and
105,397,000 barrels of heavy fuel oil.
East Central Texas
Texas
Bureau of Mines'
basis, 3,145,000 barrels of crude oil daily during the week, and that all
.
___$.07M
Gulf
.08 X
Shell Eastern.... .0714
Stand. Oil N. J._$.06}£
United States,
capacity of the
daily potential refining
indicate that the .industry as a whole ran to stills, on a
West Texas
'
Octane), Tank Car Lots, F.O.B. Refinery
New York—
New York—
8.
Reports received from refining companies owning 85-8% of the 4,268,000
barrel
Panhandle Texas.,..
prices of gasoline
gallon at East Boston, Everitt and Revere, Mass.,
cent a
daily average of 39,286 barrels
a
of 23,714 barrels for the week ended April 1
of the Wilmington
area.
New
average
and 17,964 barrels daily for the four weeks ended April
tank-car
made for
Similar markups were
posted in a general advance.
were
Delaware in the undivided dealerfield, with the exception
143,143 barrels daily for the four
weeks' ended April 8.
County, Pa., to 8.5 cents for undivided dealer^ and 7.5 cents in
lots
and receipts in bond at principal
use
for the week ended April 8 totaled 1,455,000 barrels,
of 207,857 barrels, compared with a daily average of 166,000
average
in Schuylkill
cent a gallon in gasoline prices
April 9—Advances of
as
Imports of petroleum for domestic
daily
a
Fur
April 9, 1938, totaled 3,392,350 barrels.
reported by the Institute follow:
ther_details
United
in the Middle Atlantic States, which first became evident
about mid-March, continued during the week with Penn¬
2187
Chronicle
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(
jLos
$.04X
(Bayonne)
|Tulsa
.0314-.05
Angeles..
....
.03J4-.04
Fuel Oil,
Y.
Terminal
or
s$1.00-1.25
....$0.95
C
Bunker
F.O.B. Refinery
I California 24 plus D
(Bayonne)—
1.45
|
'
1.65|
Diesel...
Illinois
$0.90
New Orleans C
Phila., Bunker C
,
Terminal
Gas Oil, F.O.B. Refinery or
Louisiana....
Arkansas..,..,..
"
N.
Total
Orleans.$.05!£-.05!4
$.04 * iNew
I North Texas
'
New York—
Eastern (not
inci, 111.)
_
I Chicago—
(Bayonne)—
27 plus..
I
$.04
i
Tulsa...02 J4t.03
Gasoline, Service Station, Tax Included
z
New York...
z
Brooklyn
|
.195
.1851 Philadelphia
Boston..
,
...$.17.'
.135-.15
262,800
260,200
—50
166,500
—2,800
138;800
96,150
—3,100
53,750
149,350
114,050
58,600
+ 500
58,500
50,000
50,850
13,850
—5,300
53,850
15,300
+ 600
13,450
+~2~, 150
3,800
109,150
.
3,750
5,000
Mexico.
....
113,700
115,300
Total east of Calif.. 2,842,000
California
...
592.000
c575,000
ft Note—The figures indicated
110,750
production of natural gasoline continued to decrease
1939, according to a report prepared by the
Bureau of Mines for Harold L. Ickes, Secretary of the
The
in
February,
Interior.
The daily average in February was 5,621,000
gallons, compared with 5,777,000 gallons in January.
The
chief decreases in February occurred in Louisiana and in the
Oklahoma City and Kettleman Hills fields.
Stocks at refineries and plants and terminals increased
slightly, the total on hand at the. end of the month being
197,736,000 gallons, compared with 195,174,000 gallons
(revised figure) on hand Jan. 31, 1939.
A material decline
in refinery .stocks in February was outweighed by gains in
plant stocks.
'
"
,
above do not include any estimate of any oil which
(In Thousands of Gallons)
.V;"' '
...
Production
'
of oil based upon certain premises outlined In its
April.
to bfe produced.
b Net
c
"
Jan. to
Jan. to
Feb.,
Jan.,
Feb.,
Feb.,
GASOLINE AND GAS AND FUEL OIL; WEEK
,
1939
1939
1939
.1938
Oklahoma
Kansas
Texas..
__
1,358
38,639
72,097
4,887
5,454
10,341
9,617
13,892
Aver¬
Oper¬
At Re-
age
ated
fineries
P. C.
79.7
149
128
85.9
92
71.9
1,599
Ind.,Ill.,Ky
574
514
89.5
412
80.2
11,087
342
81.6
260
76.0
4,655
2,950
Kan.,
'
7,482
270
1,703
619
155
1,000
145
97.3
128
88.3
55
55 :o
43
78.2
335
64
54.2
48
75.0
168
8,522
210
California...
828
745
90.0
438
58.8
1,776
12,317
2,184
.554
2,940
491
1,218
17,876
1,722
15,434
3,662
85.8
2,804
76.6
42
673
42
1,114
5,040
61,095
14,853
42
Reported
...
Est. unrepd.
732
96,218
6,186 123,349
100
54,700
25,627
6,286 126,199
55,035
25,837
6,405 127,893
z3,189
59,407
25,001
7,309 123,439
4,268
4,268
4,268
4,268
2,329 102,942
2,320
92,022
769
1,313
3,145
3,170
Apr. 8, '39
Apr. 1,. '39
54,029 102,223 108,302
•
88
2,850
xEst.tot.U.S
145
310
1,133
720
75
341
873
84
672
24,907
397
606
1,897
3,509
11,861
50,350
4,350
2",589
,
6,552 x46,306
336
4,014
13,198
.
7,308
*882
874
7,504
6,994
3,934
1,749
7,087
1,378
41
215
118
21108
258
1,326
149
1,906
4,731
8,161
1,612
100
6,204
729
597
62.9
La. Gulf
6,022
272
88,6
No. La., Ark
Fuel
OU '
1,213
100
895
Rocky Mtn.
•'
and
Distil.
&c.
Appalachian.
490
615 100.0
Gas
in
Term'ls Nap'tha
13,401
1,526
3,411
615
3,360
6,388
48,194
P. C.
2,898
Rocky Mountain
California
Total
Daily
793
& Ter¬
Arkansas
Louisiana
Reporting
Unfin'd
50.3
minals
•'
Stocks
of
Finished
89.5
eries
,
Unfinished Gasoline
District
159
Refin¬
80,644
Stocks of Finished and
to Stills
316
& Ter¬
'
55,512 103,876 100,889
48,364
j
>
Crude Runs
Capacity
419
minals
2,098
2,540
1,182
33,4.58
Daily Refining
Mo......
eries
13*677
14*281
7*490
ENDED APRIL 8, 1939
42 gallons each)
Inland Texas
■
Refin¬
East coast
(Figures in thousands of barrels of
Texas Gulf..
At
At
Plants
^
Plants
At
At
*
30-day period beginning April 1,
<•'
Recommendation of Central Committee of California Oil Producers.
East Coast.
1939
fr,
,
basic allowable for the
ordered for all Sundays during April.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
Okla.,
6*791
are
tial
Jari: 3.1,
detailed forecast for the month
be supplied either from stocks, or from new pro¬
; '
dally average
Shut-downs
Rale
Feb. 28, 1939
Appalachian
111., Mich., Ky._
As requirements may
Poten¬
Stocks
*
.
duction, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to" determine the amount of new crude
;
<-
,
,
These are Bureau of Mines' calculations of the requirements of domestic crude
OF NATURAL GASOLINE
STOCKS
AND
PRODUCTION
a
„
52,350
48,350
13,500
4,100
106.950
2,816,900 + 70,200 2,766,350 2,677,950
714,400
625,800
627,000 + 15,500
might have been surreptitiously produced.
February Production of Natural Gasoline
53,500
3,443,900 +85,700 3,392,150 3,392,350
Total United States. 3,434,000
Not including 2% city sales tax.
z
+ 5,450
54,200
48,300
.
$.1591 Buffalo._
$.195 I Newark
265,850
52,993
Montana...
Michigan.
New
|
$.053
28-30 D
257,920
53,300
149,300
104,800
Wyoming
Colorado
Y.
N.
262,000
U.S.B.ofM.
157,374 179,088 336,462 345,450 104,370
Total
Dally avge.
Total
5,777
5,703
5,855
3,747
4,264
8,011
8,225
134
138
136
139
Dally avge.
:
2,485
2,223
Estimated Bureau of Mines' basis,
z
April, 1938 daily average.
xl,814
2,833
Weekly Coal
Average
Crude
Ended April 8,
The
American
Production Statistics
weekly coal report of the National Bituminous
Coal Commission disclosed that the total production of soft
coal in the week ended April 1 is estimated at 7,125,000 net
The latest
Revised.
Daily
Oil
Production
During
Week
1939, Placed at 3,443,900 Barrels
Petroleum
Institute
estimates
that
the
daily average gross crude oil production for the week ended
April 8, 1939, was 3,443,900 barrels.
This was a rise of
85,700 barrels from the output of the previous week, and the
current week's figure was above the 3,434,000 barrels cal¬
culated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during April. Daily average produc¬
the four weeks ended April 8, 1939, is estimated
tion for
at
xApr. 8, '38
(thousands
of barrels)
x
5,621
93,366 118,986 x76,188
3,392,150 barrels.
The daily average output for the
tons, a decrease of 335,000 tons, or 4.5%, from the
in the preceding week.
Production in the week ended
output
April 2,
1938, amounted to 4,554,000 tons.
The United States Bureau of Mines reported that pro¬
duction of anthracite in Pennsylvania shows an increase
during the week ended April 1.
Total output amounted to
803,000 tons, an average of 160,600 tons for the five working
days of the week, April 1 being considered a full holiday in
the anthracite region.
In comparison with the six-day week
of March 25, the daily rate increased 22%, but was 10%
less than the rate obtained in the week of April 2, 1938.
residual fuel oil,
sene.
STATES PRODUCTION OF SOFT COAL
Tons)
ESTIMATED UNITED
1939
April IS,
Chronicle
Financial
2188
continued to run well ahead of
and lubricants also
last year.
(In Thousands of Net
Statistics, the price index for petroleum
50.7, compared with 50.4 in January and
According to the Bureau of Labor
Calendar
Week Ended
products in February, 1939 was
Year to Date e
58.0 in
1,
Apr.
2,
Mar. 25 Apr.
represented by the data in this report was 4,117,000
76%, compared with 78% in both
The crude-oil capacity
1929
1938
1939
1938
1939 c
1939 b
1938.
February,
barrels, hence the operating ratio was
fuel-
Dally average
b
Subject to revision,
working day.
13 weeks of
1,243
85,690 142,329
1,839
1,113
4,554 104,926
1,371
876
SUPPLY AND
DEMAND OF ALL OILS
(Thousands of Barrels)
statistical convenience the
semi-anthracite, and anthracite outside of Pennsylvania,
c Revised,
d April 1, eigbt-hour day, weighted as 0.3 of
weeks ended April 1, 1939, and corresponding
production of lignite,
a
7,460
of historical comparison and
Includes for purposes
a
7,125
d 1,344
February, 1938.
1939 and
January,
bituminous Coal a—
Total, including mine
Sum of 13 full
e
Jan. to
Jan. to
Feb.,
Jan.,
Feb.,
Feb.,
1939
1939 d
1938
1939
Feb.,
1938
93,475
3,338
102,490
94,662
3,306
3,381
195,96
3,321
3,74V
4,264
3,889
8,011
170
185
132
35i
279
97,392
3,478
106,939
98,683
204,331
209,173
3,524
3j46c
3,545
1938 and 1929.
OF PENNSYLVANIA ANTHRACITE AND
PRODUCTION
ESTIMATED
New Supply—
(IN NET TONS)
BEEHIVE COKE
Domestic production:
Crude petroleum...
Calendar Year to Date
Week Ended
Daily average
>
1, Afar.25 Apr. 2,
Apr.
1938
1939
1938
1939
1939
Natural gasoline
Benzol,
1929
c
...
—
a
-
c
Total
production
Dally average....—
Fa. Anthracite—
803,000 789,00C 393,000 12,698,006
168,20t
160,606 131,506 178,606
12,063,001
Commercial produc'n b. 763,000 750,000 848,000
a
8,225
Daily average
2.36.
Receipts in bond
Total
b Excludes colliery fuel,
three years.
c
BY STATES
WEEKLY PRODUCTION OF COAL,
(IN THOUSANDS OF NET TONS)
495
131
82V
240
1,373
1,752
2,631
3,738
2,613
2,21;
609
710
1,261
1,188
110,464
102,245
216,952
3,563
3,652
2U,27;
3,58.
227
c7,30C
221
c18,593
110,691
94,945
3,571
3,391
3,58.
198,359
3.362
9,28.
15,82l
16,593
65
100,811
3,001
f.
969
1,048
1,16V
...
supply, all oils
Decrease In stocks, all oils.
of working days in the
ESTIMATED
new
Dally average
shipped by truck from authorized
Adjusted to make comparable the number
dredge coal, and coal
Includes washery and
332
Receipts tor domestic use..
20,276
4,11
2,81»
3.01.
2,61
domestic use..
Refined products:
1,581,500
321,006
219,20*
18,100
15,706
Receipts for
11,732,000 17.234,000
beehive Coke—
14,200
246,000
163,606
1.261
Receipts in bond
-
United States total
a
Crude petroleum:
12,349,000 18,571,000
Daily average
operations,
3,401
Imports b:
Total, including colliery
luel
3,450
200,669
3,677
Demand—
Total demand
100,813
—
Exports b;
Crude petroleum
_
Refined products
——-
211,50
'
3,600
Dally average
based on railroad carloadlngs and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
(The current weekly estimates are
4,810
4,477
5,328
7,330
8,494.
8,605
11,281
Domestic demand:
Week Ended—
Motor fuel
Stale
—
Kerosene....
Mar. 25
1939 P
Mar.lSiMar.2Q
1939 p
Mar. 27 Mar. 23
1923
1929
1937
1938
Avge.
34,595
37,767
31,861
5,980
15,727
5,017
72,362
11,88)
67,037
5,90;
11,651
29,417
24,293
23,627
53,520
49,471
1,311
3,262
2,782
——
.....
13,690
Gas oil and distillate fuels
e
Residual fuel oils
1,653
Lubricants
2
2
3
2
254
260
200
307
19
27
H
43
83
174
Alaska
Alabama-
8
s
332
423
Colorado
95
91
-
Georgia and North
1
1
1
1
828
940
540
1,501
346
366
Carolina
Illinois
"
1
Indiana
41
77
Missouri
Western
-
—
Maryland..
119
210
635
613
380
900
634
560
135
151
104
268
225
215
32
30
22
41
51
52
44
41
North and South Dakota
430
Pennsylvania bituminous
Tennessee
96
-
Texas.---—
——
Utah
——
14
46
68
44
53
<
Northern, b
j
820
834
321
740
2,864
2,630
3,249
130
95
118
62
24
34
43/
311
637
1,893
1,331
92
55
■
,
18
15
13
42
50
83
70
340
208
180
236
197
Coke....
Asphalt..
Road oil—————.........
83.
1,061
883
,1,960
26
34
42
74
1,079
2,169
1,470
1,172
556
567
386
787
643
717
87
98
92
127
100
136
1
1
1
1
s4
87
.
951
180
173
168
353
319
4,629
5,081
4,428
9,710
9,365
153
173
132
326
269
164
1.436
2,357
3,464
170,485
....
1
1,193
88 668
97,720
3,167
3,152
81,012
2,893
186,3S8
3,159
2,890
273,416
16,360
272,346
306,349
273,416
16,356
15,563
16,360
4,708
4,647
5,017
4,708
306,349
15,563
5,017
Refined products
259,757
260,894
255,650
259,757
255,650
Total all oils
554,241
554,243
582,579
554,241
582,579
154
15P
172
155
173
Total domestic demand
*
Dally average
....
—
Slocks—
,
,
Crude petroleum:
Relinable in United States......
Heavy in California
Natural gasoline
————
Days' supply
230
39
-
171
1,135
1,894
68
»
1,403
—
82
416
.
Losses
19
19
17
28
Wyoming
Other Western States .c
•
1,440
Washington
West Virginia—Southern.a.
42
21
42
242
Virginia.
60
21
74
530
......
...
Still gas
32
16
70
45
19
10
6
-
—-—
Montana.----
Ohio
122
144
54
85
'
97
-
Miscellaneous
575
59
102
86
120
—
Michigan--
8
73
*.
Kentucky—Eastern
195
1,684
337
50*
228
152
904
8
„/
97
Iowa.-/.——.—
Kansas and
-
10,377
60o
Wax..
"
Arkansas and Oklahoma...
28,381
1,609
25,139
-—
•
b Imports of crude as reported to Bureau
From Coal Economics Division,
a
Mines; all other Imports and exports from Bureau of Foreign and
c Increase,
d Revised *
merce.
PRODUCTION
•
.
PETROLEUM
CRUDE
OF
.
BY STATES AND
PRINCIPAL FIELDS
>
,
(Thousands of Barrels)
7,670
7,460
Total bituminous coal
Pennsylvania anthracite.d
— ...
Total, all coal
5,347-
10,764
8,563
11,418
789
791
632
1,216
1,090
2,040
8,249
8,461
5,979
12.634
9.653
12,804
|
Total
W.; C. & O.; Virginian; K. & M.; B. C. & G.,
and Clay counties, b Rest of State, includ¬
and Grant, Mineral, and Tucker counties, c Includes
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,
a Alaska, Georgia, North Carolina, and South Dakota
included with "Other Western States."
Includes operations on the N. &
a
and
on
the B. & O. In Kanawha, Mason,
Mines disclosed that the
oil showed
daily average
*
2,773
51.4
3,076
58.4
3,431
4,778
Long Beach
1,620
1,392
1,433
1,593
1,811
46.2
53.0
49.7
1,526
49.2
2,918
Wilmington
2,339
83.5
2,600
83.9
4,939
12,068
431.0
13,337
430.2
3,379
4,906
29,553
17.419
622.1
19,274
621.7
25,405
36,693
changes in the State production figures in
in Oklahoma, Illinois,
and Texas.
February.
each month, that for February was
most
being 1,298,300 barrels, against 1,313,800 barrels in,
average
The gain in
barrels in February after a decline in
January.
were
yield in
116
136
Kansas..
4,250
151.8
4,931
159.1
9,181
10,466
Kentucky
380
13.6
520
16.8
900
817
5,361
191.5
5,769
186.1
11,130
10,384
817
29.2
875
28.2
1,692
1,278
45.6
1,370
44.2
2,648
2,136
7,456
266.3
8,014
258.5
15,470
15,067
1,530
54.6
1,630
52.6
3,160
......
1
;
Rest of State..1
Total Oklahoma...
Texas—Gulf coast
West Texas
January.
East Texas...
Panhandle
Rodessa
Rest of State
Total Texas
when 7,300,000
West
Virginia
Wyoming—Salt Creek
Rest of State
Total Wyoming
with 44.8%
42.8% in February, 1938The yield of gas oil and
also higher than a year ago, but the residual fuel-oil
February declined to 24.5, the lowest point reached in
Other.a
Total United States.
several
a
...
„
2,236
2/547
2,993-
386
13.8
435
14.0
821
2,744
98.1
3,062
98.8
5,806
6,161
13.0
402
13.0
765
853
363
Pennsylvania.
yield of gasoline in February was 45.0%, compared
distillate fuel oil was
1.9
Seminole
Refined Products
The
57
Ohio
added.
in January and only
2.1
Oklahoma—Oklahoma City
Stocks of all oils stayed
virtually constant in February in contrast to a year ago
barrels
59
...
New York
increased slightly more than 1,000,000
218
185
8,988
Michigan....
production and a material decline in crude runs to stills were
reflected in crude-oil stocks, which
'
3.3
143.4
New Mexico
*
42,616
103
4,446
Montana.
162,200 barrels daily,
143,400 barrels in January.
The trend of production in
districts of Texas turned slightly downward in February, the State's
2,621
2.9
Total Louisiana
compared with
57.9
2,110
'
162.2
Rest of State
Illinois' production continued to
'
82
Rodessa
In Oklahoma, daily average pro¬
below 450,000 barrels for some months, in¬
creased to 473,800 barrels in
143
4,542
Louisiana—Gulf coast...
February, 1939
duction, aft"-? hovering just
set a new record
— ...
Indiana
barrels, compared with 3,306,100 barrels in
January and 3,380,800 barrels in February, 1938,
The
report further stated:
were
Total California
Illinois
Bureau of
production of crude
511
47.9
1,483
Colorado
3,338,400
The principal
1938
1939
1,340
California—Kettleman Hills...
moderate increase in February, when it was
a
Average
303
Total Arkansas
monthly petroleum report of the U. S.
The
Total
5.2
.
Products,
Jan. to Feb.
160
Rest of State.
February, 1939
"
Average
1939
Daily
5.1
....
Rest of State
*
January,
Daily
"
Arkansas—Rodessa.
ing the Panhandle District
Crude Petroleum and Petroleum
•
—
February, 1939
'.
of
Domestic Com¬
»
,,
,
744
236
8.4
252
8.2
488
506
3,344
119.4
3,271
105.5
6,615
7,688
3,318
118.5
3,583
115.6
'6,901
7,393
6,603
13,265
1,255
235.9
7,097
228.9
13,700
17,314
473.8
,13,951
1,346
450.0
27,216
32,395
44.8
43.4
2,601
9,354
334.1
10,368
334.4
19,722
17,518
5,851
10,682
209.0
6,525
210.5
12,376
11,009
12,205
26,572
3,032
393.7
22,887
1,734
61.9
1,964
63.4
3,698
854
30.5
913
29.5
1,767
1,498
7,876
36,351
281.3
8,751
282.3
16,627
16,088
1,298.3
40,726
1,313.8
77,077
76,486
381
561
584
10.1
279
409
14.6
466
15.0
875
912
978
34.9
997
32.2
1,975
1,814
1,387
49.5
1,463
47.2
2,850
2,726
282
6
5
93,475
9.0
3,801
3,338.41102,490 3,306.1
11
12
195,965
200,669
Includes Missouri, Tennessee, and Utah.
months.
The indicated domestic
most
demand for motor fuel continued to exceed the
optimistic predictions, the February figure of 34.595,000
9% higher than a year ago.
for this February were more
barrels being
Preliminary Estimates of Production of Coal for Month
of March, 1939
On the other hand, exports of 2,909,000 barrels
than 1,000,000 barrels below the corresponding
Because of the unexpected gain in demand the
According to preliminary estimates made by the United
gasoline-stock situation continued to improve over a year ago; in
States Bureau of Mines and the National Bituminous Coal
words, the increase in
other
finished and unfinished stocks this February (6,025,-
Commission, bituminous coal output during the month of
March, 1939, amounted to 35,290,000 net tons, compared
with 26,745,000, net tons in the corresponding month last
figure of a
year
ago.
(6,407,000 barrels).
Total stocks
February 28 we. e 85,491,000 barrels; indications are that
the lngh point
000 barrels) was less than last February
on
for this year will be
about 88,000,000 barrels.
Considering the comparative mildness of the
was
not
„
weather in February, it
declined from January;
18% higher than in February, 1938.
The demand for kero¬
surprising chat the declined for light fuels
however, it was
w
and 33,910,000 tons in February, 1939. Anthracite
production during March, 1939, totaled 3,579,000 net tons,
as against 4,015,000 tons a year ago and 4,114,000 tons in
year
Volume
February,
Financial
148
1939.
Chronicle
hand
The consolidated statement of the two
reduced 207 tons during the month, to
were
standing
aforementioned organizations follows:
2189
127,985 tons, notwith¬
gain of 2,308 tons in stocks held by the Prime Western diyision.
a
Tin
Total
for
"k—.
of
Working
Month
in-
(Net Tons)
Cal. Year to
Average
Number
■per
End of
Work¬
April 11
March
ing Day
(Net Tons)
{Net Tons)
Days
27.0
1,307,000
Anthracite, b
3,579,000
27.0
132,600
Beehive coke
a
69,600
27.0
2,578
217,800
33,910,000
4,114,000
70,900
23.9
1,419,000
23.5
175,100
24.0
2,954
26,745,000
4,015,000
27.0
97,300
27.0
991,000
148,700
3,604
35,290.000
spired
of the buying, tradeis thought.
at
Anthracite-b
_
_
prices ranging from 45.90c. per pound to 46.20c
for Straits, nearby
4.575c.; April 8, 44.575c.; April 10, 44.575c.; April 11, 44.525c.; April 12,
2,44.625c.
.
.
-
,
Bituminous coal-a._._-._._
_
The plan calls for the purchase
The active buying in this market took place
Chinese tin, 99%, was nominally as follows: April 6, 44.525c.; April 7,
March, 1938 (revised)—
_
year's requirements.
positions.
Bituminous coal.a
_
some
normal
February, 1939 (revised!)—
_
News from Washington that our Government Is
proposal to barter cotton arid wheat for rubber and tin in¬
considering
for purely emergency stockpile purposes of about 65,000 tons of tin, or a
104,730,000
12,646,000
Anthracite. b.._
day in tin, purchases by the tin-plate mills in¬
volving at least 600 tons.
March, 1939 (preliminary)
Bituminous coal-a
Beehive coke
was an active
_
_
Beehive coke.
27.0
85,135,000
DAILY PRICES OF METALS
12,369,000
319,000
,
Straits
Electrolytic Copper
a Includes lor purposes of historical comparison and statistical convenience the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania,
b Total production, including colliery fuel, washery and dredge coal, and coal
shipped by truck from authorized operations.
("E. & M. J." QUOTATIONS)
Lead
Tin
Zinc
•
Domestic,
Export,
Refinery
Refinery
New York
New York
St. Louis
St. Louis
9.850
46.150,
4.85
4.70
4.50
10.525
9.850
46.200
4.85
4.70
4.50
10.525
9.825
46.200
4.85
4.70
Apr. 10
10.525
9.825
46.200
4.85
4.70
4.50
Apr. 11
Apr. 12
10.525
9.800
46.150
4.75
4.60
4.50
10.275
9.800
46.250
4.75
4.60
4.50
10.483
9.825
46.192
4.817
4.667
4.50
»
'
IKNote—All current estimates will later be adjusted to agree with the results of
the complete canvass of production made at the end of the calendar years.
March Anthracite
6
10.525
Apr.
7
Apr.
8
Apr.
Shipments Off 149,713 Net Tons, .'
Shipments of anthracite for the month of March, 1939,
reported to the Anthracite Isntitute, amounted to 3,231,929 net tons.
This is a decrease, as compared with
shipments during the preceding month of February, of
149,713 net tons, and when compared with March, 1938,
shows a decrease of 235,119 net tons.
Shipments by originating carriers (in net tons) are as
Average
as
follows:
•-
:
.
Average prices for calendar week ended April 8 are:
Domestic copper f.o.b.
refinery, "10.567c.; export copper, 9.879c.; Straits tin, 36.225c.; New York lead,
4.850c.; St. Louis lead, 4.700c.; St. Louis zinc, 4.500c.; and silver, 42.750c.
The above quotations are "M. & M. M's"
markets based
on
appraisal of the major United States
Tbey are reduced to
All prices are in cents per pound.
sales reported by producers and agencies.
the basis of oa«h, New York or St. Louis, as noted.
Copper, lead and zinc quotations
*
.
_
.
*
4.50
deliveries;
,
based on sales for both prompt and future
are
tin quotations are for prompt delivery only.
.
In the trader domestic copper prices are
livered at consumers' plants.
As delivery
■Reading Co.i
Lehigh Valley RR
it-
March,
February,
March,
1939
1939
1938
611,644
640,822
587,806
673,632
Central RR. of New Jersey
261,952
260,496
Delaware Lackawanna & Western RR.
464,056
481,773
Delaware & Hudson RR. Corp
290,184
352,442
278,034
151,369
325,326
394,099"
181,426
3,231,929
Pennsylvania RR
Erie RR
:
....
—1—-
...
New York Ontario & Western Ry
■_
■
February,
1939
651,558
618,928
619,049
559,201
303,303
249,884
411,419
299,551
579,109
279,662
Daily London Prices
§28,227
248,082
180,715
385,935
315,900
147,523
176,149
185,130
178,593
3,381,642
3,467 048
3,056,728
301,646
quoted on a delivered basis; that is, de¬
oharges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Deliv¬
ered prices in New England average 0.225c. per pound above the refinery basis.
•
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business in copper sellers usually name a c.i.f. price—Hamburg,
Havre and Liverpool.
The c.i.f. basis commands a premium of 0.325c. per pound
above f.o.b. refinery quotation.
Copper, Std.
162,722
Tin, Std.
Copper
Lead
<
Zinc
Electro.
■
Lehigh & New England RR
Total
n
Apr.
Apr.
42
6
Metals—Copper Reduced to 10^c. Valley
Basis—Lead Price Down o*i Weakness Abroad
Mineral Markets"
in
nervousness
leading custom smelter announced another reduction in the price
12, to 10%c.
level.
Copper
was
The large mine operators
vision in the price.
did not follow this latest downward
Sales in the domestic market for the last,week amounted
9,082 tons, bringing the total for the month to date to
to
The sales
re¬
11,671 tons.
13%
14%
14%
13%
13%
13%
Holl day
*
Holi day
...
47%
214
211%
14
42%
427ie
48
215%
213%
U.h<
are
13*18
the official buyers' prices for the first session of the
All are in pounds sterling per long ton (2,240 lb.)
*
Shipments Higher in March'
com-
.
.
t
The March
•
April
on
13%
Sanies
the amounted
United States
Steel Corp.
the month• of
larch, of
1939,
to 767,910
tons. for
;
and the
available in more than one direction at the lower
.14%
Shipments of finished steel products by subsidiary
•
#
3M
14%
42%
U. S. Steel Corp.
Domestic
Valley basis,
Spot
^
»'
'Buying of copper failed to improve on the 10% c.
.f-
3M
,
was
Copper
•
213%
Spot
41151«
Prices for lead and zinc
in all divisions of the market for
tion further states:
215%
.
prices.
offered at 103^c., Valley, a reduction of onequarter cent.
Lead was lowered 10 points. Zinc and tin
were
unchanged:
Quicksilver advanced abroad, but the
domestic quotation was nominally unchanged,
The publica¬
copper
48
3M
London Metal Exchange: prices for copper and tin are the official closing buyers'
its issue of
non-ferrous metals, and the undertone was easier;
Spot
'
Apr. 12
April 13
reported that political developments abroad and here made
for continued
{Bid)
s
Apr. 11
Non-Ferrous
42"ic
%
7
Apr. 10..
"Metal and
3M
Spot
shipments compare with 677,994 tons in the
preceding jnonth, an increase of 89;916 tons, and with
572,199 tons in March, 1938, an increase of 195,711 tons.
For the year 1939 to date, shipments were 2,235,209 tons
compared with 1,565,244 tons in the comparable period of
1938, an increase of 669,965 tons.
• In the table below we list the figures by months since
January, 1935:
.
'
TONNAGE
OF
SHIPMENTS
reported daily by the industry Include copper sold sometime ago
OF STEEL
.
PRODUCTS BY MONTHS FOR
YEARS INDICATED
against Commodity Exchange warrants that now enter into the statistics
on
completion of the deal,.or as actual delivery is made.
The
Sales abroad have been fair, but the prides remained un¬
settled because of the political disturbances.
/■
January
February
..
and this move was followed by a general reduction in prices of fabricated
products.
Copper products containing less than 90% copper
were
reduced
three-eights of a cent a pound, and those averaging above 90% were lowered
The base price of bare wire
ope-half cent.
was
reduced one-half cent.
T
June.
equivalent declined to a point that producers here regarded
too close for
comfort, and
on
April 11, the domestic price of lead
St. Louis.
As
on
four previous occasions, wjhen the price reached this level,
buying interest revived.
with May at
no more than
25%.
4.75c., New York, on April 11.
Yearly adjustment. '—(23,750)
—(40,859)
—(77,113)
7,347,549
10,784,273
12,748,354
'
,
Bureau
of Metal
United States
were
Statistics
on
a
disclosed that operations
reduced scale during February.
Production outside of this country for February amounted to 106,386 tons,
against 122,363 tons in January.
Output dropped in Canada, Mexico, and
18,107 tons in February.
Foreign producers have been
conferring in London in reference to the production control agreement, and
it is believed that
efforts to achieve
and consumption will
be continued.
a
better balance between production
Except for the political complications
that have disturbed normal business activity in all markets, London prices
underwent no change in the last week.
Buying was slow, and sales of 1,319
of the common grades were booked for the week.
Shipments of the
grades for the week amounted to 3,706 tons and undelivered orders
The quotation for Prime Western held at 4%c.,
of caution and hesitation is
663.287
.
$87,241
679,653
489,070
694,204
+
(30,381)
6,655,749
industry than Prime Western. Total shipments of zinc (all grades, amounted
45,291 tons during. March, against 39,613 tons in February.
Stocks
on
Pig Iron Reduced
orders
are
has not dropped drastically, but
a
splri®
evident among buyers, with the result that the
of the hand-to-mouth variety—small and for immediate shipment.
buying slightly upward, while the con¬
reinforcing bars and piling in particular—are hold¬
Only in tin plate is the trend of
struction steels—shapes,
levels.
production, however, has been sharper in some dis¬
ing approximately to recent
The decline in steel
drop in the national average would indicate.
for example, the rate has fallen 16 points
37%; in the Detroit district, where one mill has taken off four open hearths
to
this week, the rate has
Is three points
four points
St.
Louis
dropped from 73% to 55%; the Pittsburgh district
lower at 45%; Youngstown is down Six points, Birmingham
and Eastern Pennsylvania two points.
Only at Buffalo and
been moderate increases, through the Wheeling-
have there
Weirton district, at 76%, and the
Ljouls.^
478,057
441,570
558,634
577,666
.
The volume of incoming business
In the Cleveland-Lorain district,
High grade zinc made a better showing in the March,statistics of the
to
of Steel and
tricts than the three-point
Zinc
Though the London zinc market remained unsettled, the situation here
dropped to 34,435 tons.
465,081
Age" in its issue pf April 13 reported all of the
important indices of steel activity are lower this week*
Orders have declined, ingot output is three points lower at
51
pig iron production is being reduced proportionately
and scrap prices, with some exceptions, are down from 50c.
toll a ton.
The "Iron Age" further points out:
.
for lead would have reacted favorably to recent developments within the
industry, observers here believe.
common
792,310
767,910
501,972
.
The "Iron
Australia, with production in the last-named country falling from 24,550
tons in January to
,
Production
Figures on production of refined lead for the world released last week
American
886,065
i
614,933
686,741
681,820
Total for year.....
*
The American Smelting & Refining Co.'s settling basis was revised to
the
979,907
984,097
789,305
677,994
474,723
572,199
Aprilrequif ements of consumers are
twp days.
helieved to be 75% covered,
St.
Year 1939
618,322
Sales for the week amounted to 2,349 tons, most
of which was sold in the last
outside of the
676,315
783,652
624,497
December.—t—_.
was
582,137
547,794
-
September
lowered 10 points, establishing the market it 4.75c., New York, and 4.60c.,
tons
Year 1938
1,149,918
1,133,724
1,414,399
1,343,644
1,304.039
1,268,550
1,186,762
1,107,858
1,047,962
661,515
i
October.
by
Year 1937
950,851
923,703
961,803
1,007,417
882,643
1,067,365
July
August
November
The London
721.414
59.1,728
598,915
578,108
April
May
634.055
.668,056
March.
H The large mine operators openly recognized the 10%c. basis oh April 10,
as
Year1936
Year 1935
Month
London market closed down on noon April 7 and remained shut
until April 11.
Chicago district, at 53% %. are unchanged
Blakt furnace output*, is tapering
reduction in
on
off.
While there has been
active furnaces, those that are in blast
reduced blast and turning out less iron.
are
no
sharp
for the most pare
Financial
2190
markets have weakened to a marked degree.
of the scrap
Some
Chronicle
Sentiment
At
effect in Chicago, Cleveland, Detroit, St. Louis and Cincin¬
The
At Pittsburgh there is no change principally because of the fact that
gested
have gone Into
nati.
Philadelphia prices are steady because of export purchases.
Convention has placed additional orders totaling
neighborhood.
pointing
$15 for No. 1 steel, but paid $16.75 for railroad steel
in
The Iron Age scrap composite price has declined 17c. to $15.08.
which prevailed in the steel in¬
scrap.
While most of the restrained optimism
vanished, there is, on the other hand, no disposition
dustry a month ago has
to accept
the current slump as the beginning of a protracted or sharp decline.
of normal buying if the
Europe, it is considered likely that foreign ship*:
Reports of
36,000 tons by the Socony Vacuum Oil Co. for
order totaling 33,000 to
line
Ohio.
The order
National Tube Co. and Republic Steel Corp.
shared by
1199334565
111., to Lima,
River,
laid from Wood
be
to
There
ordered
boosted
also two streamlined aluminum trains
was also
with
18,000
about
steel
late
by the volume of retail sales.
lettings
for
6,000 tons
were
a
duction
Largest
.
and 1,475 tons for a Potomac
addition to
1,400 tons for a tunnel in Mobile, Ala., and 1,200 tons for an
Brooklyn school,
,
'
Finished
on
steel bars,
2.286c.
2.512c.
85% of the United States output.
1938
1936
'
......
1934
1932
*
1930
1927
-
"
"
Low
Oct.
8
Mar.
2
Mar. 10
53%%.
1
2.056c.
Jan.
8
at
1.945c.
Jan.
2
1.792c.
May
Oct.
1.870c.
2
Mar. 15
1.962c.
Oct.
2.212c.
Nov.
One month ago
—.—
One year ago
_
on average
Philadelphia,
Buffalo,
-
1936
-
-
and
$19.61
20.25
6
16
11
14
27
1933.,
16.90
Dec.
5
13.56
Jan.
1932.
14.81
18.21
19.71
Jan.
Jan.
Jan.
5
7
4
13.56
15.90
17.54
Dec.
6
Dec. 16
Nov. 1
1930.
-
1927
-
.
-
•
this
totaled
year
ago.
•
was the largest since last November
First-quarter output of 9,506,594 tons
Reflect¬
March
opera¬
responsible for most of last week's shrinkage in
Pittsburgh
unchanged
was
at
49%
and
Chicago
held
at
steady at 40% in eastern Pennsylvania, 66%
were
52%% at Cleveland and 62% at Birmingham.
included
England,
7
2% points to 39%% at Buffalo, 15 points to 35%
points
An
to
44%
at
Cincinnati,
5 points .to
69%
at
at
easier
tone
in
prevails
nearly
all
scrap
unchanged in principal centers and
markets,
the
but
prices
are
composite holds
scrap
The finished steel composite also is unchanged at $56.50.
$15.04.
Chicago,
Valley
Low ■
July
Feb.
18.73
Aug.
17.83
May
16.90
Jan.
'
for.
months
■
March
in
were
Operations also
nominally
Southern iron at Cincinnati.
High
$23.25
June 21
23.25
Mar. 9
19.73
Nov. 24
18.84
Nov. 5
17.90
May
1
,
1937
output.
New
few
a
Detroit, 2 points to 48% at Youngstown, and 1 point to 42% at St. Louis.
1
"
1938....
districts
Wheeling,
in
29
and
week,
55.63% represented 65% of 1929 capacity.
Reductions
of basic iron at Valley
furnace and foundry irons at
$20.61
20.61
23.25
One week ago.
ingot
/
Based
April 11, 1939, $20.61 a Gross Ton
past
ago,
year
a
the
3,062,
30,933 two years ago, and 9,582 the first
Dispatch, Inc., will build 200 seventy-ton
three
shqps.
production
ahead of
hoped
was
first
Merchants
own
booked
quite half-way between the 5,448,896 tons of the 1938 period and
Smaller
2.016c.
Pig Iron
.
.
of
2.249c.
Apr. 24
Oct.
3
Sept. 6
Jan.
7
Jan.
4
than
the
year
a
were
ing the increases in steelmaking capacity the past 10 years,
tions
2.211c.
1.953c.
1.915c.
2.192c.
2.402c.
1933.,.
of canned
14,351,451 tons produced the corresponding months of 1937.
May 17
Mar. 9
2.062c.
2.118c.
1935.,
not
has
year
stocks
in the market later, but freight car orders
expected
awards
in its
ingot
67.5%
2.249c.. Dec. 28
2.512c.
2.512c.
-
-
1937
are
rails
of
tons
1936.
of
the
These products represent
High
•.
.
excess
car
cars
was
beams, tank plates,
pipe, sheets and hot
One year ago
so
roads
cement
.
rolled strips.
Improvement
attributed to
.
quarter
and
wire, rails, black
T—2.286c.
One week ago
J
Steel
One month ago
Armament and private
been less than
goods. •• Pro¬
higher at 62% but is only a few points above the rate a
■
■'
;/
orders for equipment and steel products continue restricted.
far this
spring.
compared with 814
Steel
Based
April 11, 1939, 2.286c. a Lb.
,
/
"IRON AGE" COMPOSITE PRICES
through this
is the 100,000-
increasing, with the peak in buying expected
are
situation
thousand
Freight
a
.
,
THE
Park-Brooklyn bridge at New York.
materializing slower
are
for grade crossings near Sacramento, Cal.,
Dam in California, 2,00) tons
is
ago.
additional
The new, projects include 6,000 tons for towers for Shasta
River bridge;
a
Railroad
Several
Aqueduct, Ulster County, N. Yk; 4,370 tons for TVA transmission towers,
4,210 tons for a vocational school in Chicago
the
in
.year
of the Delaware
section
prospective engineering projects
in
plate orders still
seasonal,
about 24,000
of new projects in the market.
tons
•
shipped, assuring a maintenance of production
be
Outstanding
Battery
Tin
for completion of runs on 1939 models are expected,
Structural steel business has been in fair volume, totaling
toils,
trend.
working
shipbuilding work also promise maintained consumption of heavy products.
Dealers
but steel for 1940 models will be bought possibly in May.
structural
seasonal
quarter.
ton
fairly well stocked and the trend of new car assemblies during the re¬
mainder of this month will be governed largely
No large steel purchases
estimates
previous
fewer
remains to
been curtailment in the manufacture of parts, indicating the care with which
are
in
Brightest spot in steel demand is sustained activity in structural shapes
and concrete reinforcing bars.
A large tonnage required for public works
of six cars each and six diesel loco¬
the cuneno situation.
was
in releases of piarts reflects the down¬
curtailment
three
by
common
Although automobile assemblies made a slight gain last week, there has
the automobile manufacturers are watching
revision
capped
was
The Wabash ordered four diesel locomotives.
motives.
Ford
10,"115 to 11,529.
from
time,
same
32,735,
to
20,525, and all other makers
of near-future operations.
Handi¬
days, April appears likely to show a
falling off in motorcar assemblies compared with March, contrary to the
ward
a
from the Mount Vernon Car Mfg. Co.,
1,050 steel freight cars
slightly
declined
output
Motors
total
their
the
At
Pacific having
additional railroad buying of importance, the Missouri
some
\
lagging retail market for automobiles lacked confirmation
week, production increasing about 1,000 units to 87,019.
a
General
While
bright spots in the market, notably the placing of a pipe line
few
a
The -East,
extended period.
European
to
steady at 22,230, Chrysler increased a trifle to
immediate future.
; -.
»
Notwithstanding the downward trend in steel orders generally, there have
portions within the
been
susceptible
in assemblies last
that a European war would swell business to boom pro¬
in Washington
production.
able situation.
the shipment of supplies on a cash and carry basis
However, there is no belief either in the steel industry
belligerents.
to all
or
and
and stock market influences, shows the
largest shrinkage in steel bookings, while the more westerly districts are
inclined to emphasize domestic conditions as responsible for the less favor¬
would increase sharply within a few months provided the Neutrality
Act is amended to permit
provides
March,
orders
most
European situation is resolved without resort to war.
In the event of war in
ments
would be sug¬
in
be unable to remain out of the market for an
themselves against possible contingencies by keeping
extremely low, and this fact warrants an exception of resumption
Buyers are protecting
inventories
softening
by
little expectation of an immediate about-face
Steelmaking the past week was off 1 point to
53%%, compared with 32% a year ago.
Caution among consumers is evident in the letdown in new business,
but since buying for some time has been for only early needs, users will
The International Scrap
about 100,000 tons at
letdown
quieting effect on steel markets.
in steel demand so far has been less than
security prices and by pessimism attributed to
uncertainty over the European outlook.
Nevertheless, the past week's
trend was more definitely downward and, coming on the heels of a disap¬
of No. 1 heavy melting steel in the immediate
there is no overabundance
a
1939
IS,
impaired by recent business and international devel¬
been
has
opments, with
Youngstown prices on steel grades are $1 a ton lower, while 50c. reductions
April
3
Steel ingot production for the week ended April TO is
placed at 53% of capacity according to the "Wall Street
Journal" of April 13.
This compared with 56%, in the two
preceding weeks.
The "Journal" further states:
.
'
„
.
U.
and
S.
Ste^l is estimated at 49%, against 53%% in the previous week
54%%.two weeks
Leading independents
ago.
credited with 56%
are
compared w*th 58% in the week before and 57% twa weeks ago.
The following table gives a comparison cf the percentage of production
with the nearest corresponding week of previous years,
together with the
approximate changes, in points,Trom the week immediately preceding;
Steel
Scrap
«•
•
*,
«
'
fBased on No. 1- heavy melting steel
quotations at Pittsburgh, Philadelphia
April 11, 1939, $15.08 a^ Gross Ton
and Chicago.
One month ago..
15.17
One year ago
12.58[
w
19381.....
■*._.■*
1937---
—-
21.92
17.75
13.42
Nov.
Mar.
Dec.
Dec.
13,00
Mar. 13
12 25
Aug.
.15.00
—
1934
1933
—
—
15.25
American
Iron and
Steel
Jan.
"
"
Institute
that
the
1938—
1938—
7
29.9% June 20
32.1% June 27
Mar. 21
33.7% July
Mar. 28
35.7% July
Apr.
4
32.6% July
Apr.
11
Apr.
18
Apr. 25
May
2
May
9
16
May 23
May
May 31
June
6.
June 13
"Steel"
steel
32.7%
32.4%
32.0%
30.7%
30.4%
30.7%
29.0%
26.1%
July
Aug.
Aug.
+2
57
+ 3
12.67
10.33
June
9
Apr. 29
1933...—.
20
+2 %
21
+3
1932.
22
9.50
6.75
6.43
Sept. 25
1931
Jan.
3
1930
July
5
Dec.
9
Nov. 22
April 10
of
1939—
47.9% Jan.
9
51.7%
51.4% Jan.
16
52.7%
Oct.
17
49.4% Jan.
23
51.2%
32.3%
36.4%
37.0%
1.....39.8%
8
39.4%
Oct.
24
53.7% Jan.
30
52.8%
Oct.
31
56.8% Feb.
61.0% Feb.
6
13
53.4%
54.8%
Nov. 14
62.6% Feb. 20
53.7%
Nov. 21
61.9% Feb.
27
55.8%
60.7% Mar.
6
55.1%
59.9% Mar. 13
55.7%
Mar. 20
55.4%
19
51.7% Mar. 27
56 1%
26
38.8% Apr.
3.....54.7%
Apr.
10—...52.1%
40.4%
42 8%
Nov. 28
Dec.
5
44.0%
Dec.
12
57.6%
6
39.9%
Dec.
Sept. 12
45.3%
Dec.
Aug. 15
Sept.
26.2% Sept. 19
47.3%
."27.1 %, Sept. 26-l...46.7%
markets,
Cleveland,
on
1929
1928
1Q1Q
Jan.
in its
2
50.7%
summary
April 10 stated:
of
.
—
66
;
—
—
..
—
.
50%
—
76
—
—
.
—
—
..
—
..
1927—
—
—
%
—1%
+1
"
'
18%
23
84
—
86%
—2
%
+2
—
%
21
.<
—
%
53
—1
49%
—1%
78
—1
73
+ 3
96
96
.
•
89
93'
—2
—
—v2f
96
+2
79%
%
80"
.
—3
an¬
3
Aug. 29
+3
48
41
10
Aug. 22
69
42%
Oct.
7
—2
—1
95
62
Oct.
Nov.
+3
56
35
+3
+1
28.0%
28.7%
22.4%
5
11
18
25
87%
%.
+1
13.08
1938—
29%
+
49
—
1935—
E. J*
Noble Resigns as Chairman of Civil Aeronautics
Authority to Become Aide to Secretary of Commerce
Hopkins
operating rate
Mar. 14
—3%
.
45%
of steel companies having
96% of the steel capacity of the industry will be 52.1% of
capacity for the week beginning April 10, compared with
54.7% one week ago, 55.7% one month ago, and 32.7% one
year ago.
This represents a decrease of 2.6 points, or
4.8% from the estimate for the week ended April 3, 1939.
Weekly indicated rates of steel operations since March 7,
1938, follow:
Mar.
Independents
•
1934
7
nounced that telegraphic reports which it had received indi¬
cated
32%
91%
—4%
—6%
+ 1
49
Nov. 10
11.25
on
—3
June
.
17
"1936
—
53
11.00
12.92
$14,875 Jan. 31
'
8
12
Feb. 18
.,15.00
1927......
22
30
21
10
1937
Low
■
Jan.
8.50
1932.......
1930
■
Mar. 28
$15.29
1939-
1939
1938
High
The
V. S. Steel
Industry
$15.25]
One week ago
the iron and
Edward J. Noble, Chairman of the Civil Aeronautics
Authority, resigned his post on April 12 to become executive
assistant to Secretary of Commerce Harry L. Hopkins.
Mr. Noble, who has been head of the Authority since its
creation last year, will serve in this position until Congress
authorizes the establishment of the new post of Under¬
secretary of Commerce, which plan, it is said, has been
approved by President Roosevelt.
Secretary Hopkins said
that Mr. Noble will be in charge of the Bureau of Foreign
and Domestic Commerce.
Robert H. Hinckley, a member of the CAA, will become
new Chairman and Edward P. Warner, economic and
the
technical
adviser
to
the
Authority and former Assistant
Secretary of the Navy for Aeronautics, is expected to fill
the vacancy on the Board.
In our issue of Feb. 17, page 1257, reference was made to
the Senate confirmation of the CAA appointments made
last July,
The appointment of Mr. Noble as
the Authority was noted in these columns July
Chairman of
16,
page
366.
Volume
148
The
Financial
Week with the
Federal
Chronicle
Banks
Reserve
During the week ended April 12 member bank
reserve
balances increased $210,000,000.
Additions to member bank
arose
from decreases of $20,000,000 in money in
reserves
circulation, $5,000,000 in Treasury cash and $88,000,000
Treasury deposits with Federal Reserve banks and in¬
of $138,000,000 in gold stock and $1,000,000 in
Treasury currency, offset in part by an increase of $44,000,000 in non-member deposits and other Federal Reserve
accounts.
Excess reserves of member banks on April 12
were
estimated to be approximately $3,880,000,000, an
Holdings
of
$11,000,000
in
member
the
and
April 12 will be
2216 and 2217.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
found
on
Increase
(+)
(—)
Decrease
or
Since
April 5, 1939
1939
discounted...
Bills
bought......
3,000,000
1,000,000
___i
....
U. S. Government securities
Industrial
advances
(not
$
$
$
Bills
April 13, 1938
increased
and
United
States
Holdings
Government
$15,000,000
$9,000,000 at all reporting member
York
City.
York
City.
Demand
trict,
banks,
in
City,
all
reporting
bonds
increased
at
by
guaranteed
the
and
Holdings of "other securities"
Chicago
$9,000,000
decreased
increased
the
district
$25,000,000
,
deposits;—adjusted
increased
$74,000,000
Chicago dis¬
the
in
$21,000,000 in the Boston district, and $81,000,000 at all reporting
Deposits credited to domestic banks increased $100,000,000
member banks.
New
York City and $149,000,000 at all reporting member banks.
De¬
posits credited to foreign banks increased $8,000,000 in New York City.
Borrowings of weekly reporting member banks amounted to $3,000,000
April
on
A
5.
-
.
,
1
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
summary
and the year
ended April 5, 1939, follows:
Increase (+)
or Decrease (-
-)
Since
Mar. 29,
April 5, 1939
including
,
$12,000,000 commitm'ts—Apr. 12)
York
New
Government
—10,000,000
....
in
$27,000,000
obligations
of
increased
1939
Apr. 6, 1938
21,634,000,000
+ 55,000,000
8,164,000,000
—27,000,000
+803,000,000
—513,000,000
3,838,000,000
+ 24,000,000
307,000,000
+ 2,000,000
2,564,000,000
Assets—
$
14,000,000
-3,000,000
Loans and investments—total
3,000,000
-5,000,000
Loans—total
Other Reserve bank credit
$27,000,000
district,
of
district.
States
New
pages
April 12,
bills
Chicago
Holdings
in New
in
in
.
.
#
the
Richmond
United
creases
.
Treasury
banks.
$26,000,000 in the Boston district, $17,000,000 in New York City, and
$24,000,000 at all reporting member banks, and decreased $14,000,000 in
in
increase of $170,000,000 for the week.
The statement in full for the week ended
2191
\
$
.
$
Commercial, industrial and agri¬
Total Reserve bank credit..
—18,000,000
2,584,000,000
Gold stock.
15,430,000,000 +138,000,000
:..
Treasury currency
+2,605,000,000
2,842,000,000
+4,000,000
+159,000,000
9,528,000,000
+210,000,000
+2,056,000,000
6,835,000,000
-20,000,000
+ 455,000,000
2,707,000,000
—5,000,000
—835,000,000
1,015,000,000
—88,000,000
+ 874,000,000
cultural loans
Open-market
Loans
to
paper..
brokers
and
dealers
securities..
Member bank
reserve
balances.....
Money in circulation
i_:
Treasury cash
Treasury deposits with F. R. bank.L
Non-member deposits and other Fed¬
eral Reserve accounts
Other
771,000,000
+196,000,000
+ 44,000.000
727,000,000
for
purch asing
or
539,000,000
1,143,000,000
Loans to banks
79,000,000
j
loans.....
Treasury bills.
United States bonds.___!
fully
guaranteed
by
United States Government.....
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Reserve
System for the New York City member
Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which willnot be available until the coming Monday
banks and also for the
ANDjLIABILITIES OF WEEKLY REPORTING MEMBER BANKS
RESERVE CITIES
(In Millions of Dollars)
New York City-—•
Apr. 12
■
$
.
Loans—total
______
Commercial,
.
Industrial
Chicago
Apr. 5
Apr. 13'
1939
1938
1939
1939
1938
S
$
S
7,919
7,599
1,973
1,994
1,924
2,828
3*032
..
531
538
593
1,386
1,372
1,638
358
362
401
Open market paper
Loans to brokers and dealers.
.
114
119
146
15
16
541
579
440
28
30
25
•
«
29
Other loans lor purchasing or
carrying
securities
Real estate loans
Loans to
Other
banks
loans...
Treasury
bills.i...
Treasury
notes.
196
195
199
110
111
118
55
65
75
381
387
138
Obligations fully guaranteed
United States Government
Reserve with Fed. Res. banks..
743!
1.997J
12
2,987
213
212
663
662
deposits—ad justed. A-
1,045
435
125
1,145
2,891
800
deposits
-
949
<
331
124
100
324
282
724
601
54
53
26
23
101
66
211
194
389
389
480
50
50
51
7,221
625
„
Domestic ' banks
Foreign banks
1,475
1,357
1,307
629
112
656
472
,472
463
83
116
83*
222
2,751
2,754
....
......
1543
—7,000,000
—1,000
....
+ 149,000,000
+ 12,000,000
+1,423,000,000
+289,000,000
—1,000,000
Decree
Creating Reinsurance Bank
decree
on April 5 by President Getulio
Vargas of Brazil, creating a reinsurance bank with which
all insurance companies operating in Brazil must place such
excess coverage as
they cannot carry was made known in a
cablegram from Rio de Janeiro to the New York "Times"
which said:
•
[
a
The bank's capital is set at 30,000 contos with 60,000 shares valued at
milreis
was
A conto is 1,000 milreis.
quoted in New York yesterday at 5 9 cents.
savings and loan groups or
The
Seventy% of
745
2,086
v
.787
597
548
11
297
12
7>
sayings banks, and 30% of the Type B shares by-
insurance companies in proportion to
their capital.
*
The decree creates a technical council of seven members.
and three members
are
to be appointed by President
The chairman
Vargas and the three
others elected by savings banks.
new
ba,nk is to build up a reserve fund of 20%.
limited to 8%,
•'
-
The decree makes It compulsory
Brazil up to.500 contos.
out
•
Its dividends
are
'
for commercial firms and associations to
insure in Brazil exclusively all real estate
-
.'
+1,798,000,000
—2,000,000
March 29 figures revised (New York District).
The
6,098
,
625,000,000
3,000,000
The issuance of
20
154
:
7,132
111
+ 81,000,000
629,000,000
6,615,000,000
■
57
;
16,072,000,000
5,215,000,000
United States Government deposits
Inter-bank deposits:
•
'
500. milreis each divided into two types.
79
United States Govt, deposits...
Inter-bank deposits:
deposits—adjusted
Time deposits
v
Demand
+686,000,000
Liabilities—
Demand
Liabilities—
Time
+ 87,000,000
•
Type A must'be subsqribed for under direction of the Ministry of Labor by-
1,211
4,503
Other assets—net
+ 867,000,000
•»
"56
48
„
134
1,050
_.T-
....
70
m
—
110
1,221
4,533
Balances with domestic banks..
—12,000,000
+ 36,000,000
in vault
+ 9,000,000
.
•ml*
-
48
95)
754
69
13
-
by
Other securities
Cash in vault
•
69
m.
416
\
2,051
.
United States bonds..
412,000,000
Balances with domestic banks.... 2,615,000,000
Cash
Brazilian
7,997
2,783
and
agricultural loans..
+201,000,000
+ 1,981,000,000
$
.
+24,000,0001
+ 24,000,000
a
Apr. 12
*
+248,000,000
+ 153,000,000
Foreign banks....
Apr. 13
+
+22,000,000
+27,000,000 f
—2,000,000-,
7,668,000,000
Borrowings
„
Apr. 5
1939
'
Assets—
Loans and Investments—total..
"
.
'
•
+ 3,000,000
—15,000,000
a—12,000,000
2,035,000,000
3,290,000,000
Other securities.......
Reserve with Fed. Res. banks
«Domestic banks
CENTRAL
IN
+90,000,000
—57,000,000
—4,000,000
—21,000,000
Obligations
Returnsjof Member Banks in New York City and
ASSETS
a
•
1,531,000,000
313,000,000
1,995,000,000
5,837,000,000
Treasury notes
Federal
-37,000,000
+8,000,000
»
securities
Real estate loans
Other
.•
loans
carrying
—437,000,000
—106,000,000
in
and personal property situated in
This ruling takes effect July 1, 1940, and freezes
foreign companies heretofore enjoying part of that business.
'
Borrowings
'
:
•
Capital account...
'
-
—
«>
318
314
1,483
1,480
Other liabilities
-
338
1,482
r- -
16
15
18
258
259
24s
In the
advices it
same
was
stated:
Some observers believe the newly
;
created bank
may
be the forerunner of
nationalization of insurance companies, which Congress was discussing just
before President
Complete
Returns
of Member Banks of the Federal
Reserve System for theiPreceding Week
*
Vargas set up his new regime Nov. 10, 1937,
gains credence because today's decree
This belief
authorizes the government to revise
present regulation of insurance companies
within six months.
As explained above, the statements of the New York and
Chicago member banks
are
given out" on Thursday, simul¬
Funds
taneously with the figures of the Reserve banks themselves
and
the
covering
week,
same
instead
of
being held until
the entire
body of reporting member
cities cannot be compiled.
In the
banks
101
in
following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire
Federal
body of reporting member banks of the
Reserve System for the
week ended with the close
of business April 5:
The
April
statement
condition
leading
shows the
cities
A
5:
decrease
and
securities,
banks,
of
$81,000,000
weekly
of
in
demand
changes
in
reserve
banks
commercial,
balances
deposits—adjusted,
in
101
dealers
industrial
in
and
with
Federal
and
$149,000,000
Reserve
in
deposits credited to domestic banks.
Commercial,
New
to
York
brokers
City
and
decreased
industrial and
agricultural loans increased
City
and $24,000,000
and
dealers
in
at
securities
all
reporting
$12,00.0,000 in
member banks.
decreased $32,000,000
at fcll reporting member
$12,000,000 in New York City.
$37,000,000
Payment of
Dec.
1 Coupons of
Holders
Republic of Panama 30-year 5K% external
1953 were ad¬
of
secured sinking fund gold bonds due June 1,
vised on April 4 by the Guaranty Trust Co.
of New York,
the Dec. 1,
1938 coupons.
Accordingly it was announced that on and
after April 5, payment would be made upon presentation and
surrender of said coupons at the Bank's Coupon Paying
Division, 140 Broadway, New York City.
as
trustee, that funds are now available to pay
for the week ended
brokers and
loans to
$24,000,000
$153,000,000 in
member
reporting
$37,000,000 in
increases
agricultural loans,
of
following principal
for
Bonds
the following Monday, before which time the statistics cov¬
ering
Available
Republic of Panama 30-Year 5 ]/^% External Gold
banks.
in
Loans
Loans
New
York
to
banks
$564,000
of
Belgium
Due June
Holders
of
External Loan 7% Gold Bonds,
1, 1955, Drawn for Redemption June 1
Kingdom of Belgium external loan 30-year
sinking fund 7% gold bonds, due June 1, 1955, are being
notified by J. P. Morgan & Co. and Guaranty Trust Co. of
New York, sinking fund administrators, that $564,000 prin¬
cipal amount of these bonds have been drawn by lot for re¬
demption at 107^% out of moneys in tjie sinking fund on
June 1, 1939.
Of the bonds drawn, $428,000 principal
2192
Chronicle
Financial
amount, according to advices from the Belgian Government,
are held by it.
The balance of the drawn bonds, amounting
the number of reports
entries in
$136,000 will be redeemed and paid at the redemption
to
upon
1939,
Week Ended March 25, 1939
New York Stock
In
an
Those
as
Exchange
of
on
Oct. 15—Rulings of
Bonds
Domicile
Oct.
April 15,
227,780
926,445
1,157,120
Total
.
C.
Transactions
same
-—
for
the
odd-lot
accounts
♦
106,810
Total.
324,230
Morgan & Co., New York City or at any of the American offices of the
The purchase price will be $25
maturity.
on
2. In odd lots—Bought.
after the date Of
or
Dawes marks may be acquired according to the regulations in effect.
1,554,043
New York Stock
The
several
rulings
Exchange announced on April 14
the bonds of the Dawes Loan:
on
YORK
NEW
Committee
STOCK
on
EXCHANGE FOR
Week Ended March 25, 1939
EXCHANGE
w
Floor Procedure
■
April 14, 1939.
'
s
Notice having been received that the coupons due April 15,
Oct.
1,
1935," will be purchased
on and
after that date,
presentation at the office of Messrs. J. P. Morgan & Co.
offices
of Hamburg-American Line,
amount
A.
Total round-dot volume
B.
Round-lot transactions for account of members:
or at
as
registered—Bought---Sold.
aL
24,225
25,420
"plain" bonds be quoted
Other transactions Initiated off the floor—Bought
Sold
20,850
Sold.———
the April
ex
15,
Total.
1939, coupon op
•
?>
That the bonds shall continue to be dealt in "flat" and to be
3.
made beginning April
15,
delivery in.
E.
Total—Bought.
141,730
Sold
SALTZMAN,
160,190
Total.
Odd-lot transactions for account of specialists—Bought—
Sold
A——-
Member
Trading on New York Stock and New York
Curb Exchanges During Week Ended March 25
According to data issued by the Securities and Exchange
Commission yesterday (April 14) trading by all members of
the New York Stock Exchange/except odd-lot dealers, in
all stocks for their own account during the week ended
March 25, in relation to total transactions on the
Exchange,
was above the previous week ended March 18.
On the New
York Curb Exchange, however, the percentage of trading
for the account of members during the week ended March 25
was below the preceding week.
: Trading on the Stock Exchange for the account of all
members, except odd-lot dealers, during the week ended
March 25 (in round-lot transactions) totaled 2,083,565
shares,
which amount was 19.,39% of total transactions on the
Exchange of 5,373,220 shares.
During the preceding week
trading for the account of Stock Exchange members of
2,298,850 shares was 18.80% of total trading of 6,112,980
shares.
On the New York Curb Exchange member
trading
during the week ended March 25 amounted to 301,920 shares,
or 18.63% of total transactions of
810,465 shares; this amount
compares with member trading during the previous week
ended March, 18 of 396,640 shares, or
19.49% of the total
volume of 1,017,425 shares.
for the wteek ended March 25, said:
published
are
based
upon
weekly reports filed with the New
These reports are classified
as
*
The term
....
1. Reports showing transactions
"members"
2.
specialists
Reports showing other transactions initiated
II
York,
New
a
Shares In
Curb
Exchange
Exchange
1,080
817
*206
105
222
50
on" the
floor
floor
Reports showing
no
transactions
261
96
533
579
Note—On the New York Curb Exchange the
round-lot transactions of specialists
in stocks In which they are registered are not strictly
comparable with data
similarly
designated for the New York Stock Exchange, since specialists on the New
York
Curb Exchange perform the functions of the New York Stoek
Exchange odd-lot
dealer, as well as those of the specialist.
includes
all
members' transactions
their firms and their
Exchange members,
In calculating these
as
percent of twice total round-lot volume.
percentages the total of members' transactions Is compared with
on the Exchange for the reason that the total of
twice the total round-lot volume
members'
transactions
Includes
both
purchases
and sales,
while
Exchange
the
volume includes only sales.
Odd-Lot Trading
on
New York Stock Exchange During
Week Ended April 8
On April 13 the Securities and Exchange Commission made
public a summary for the week ended April 8 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 published weekly
by the Com¬
mission.
The figures for the week ended April 1 were given
in our April 8 issue/page 2044.
The data published are based
upon reports filed with the
Commission by odd-lot dealers, and specialists.
ODD-LOT STOCK TRANSACTIONS OF ODD-LOT DEALERS AND SPECIAL¬
ISTS ON THE NEW YORK STOCK EXCHANGE—WEEK ENDED
APRIL 8, 1939
•
.
.
SALES
PURCHASES
(Customers' Orders to Buy)
(<Customers' Orders to Sell)
Trade Date
No. Ord.
April 3
______
April 4
11,406
_
No. Ord.
Shares
Value
7,964,772
7,659
5,188
130,873
4,369,148
14,718,967
5,201
143,759
4,633.153
534,810
15,745
460,646
12,254,030
1.238.517 $36,178,590
36,037
47,563
7,432
211,879
$6,575,959
20,692
10,277
Total for week.
Value
$9,125,703
April 5
April 6 and 8
Shares
302,020
270,814
221,625
6,607,783
1.037.909 $30,070,925
Exchange closed April 7.
'
I
on
New York Stock
York
Stock
8. Reports showing other transactions Initiated off the
4.
'
partners, Including special partners."
Short Interest
.....
as
•«
125,568
,
Exchange by their respective
follows:
New
Total number of reports received
57,108
.
Total.—
■
York Stock Exchange and the New York Curb
members.
18.63
68,460 "
-
The data issued by .the SEC are 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 18 were given in these columns of
April 8,
page 2043.
The Commission, in making available the data
The data
r.
301,920
♦
C.
2.84
45,995
1939, must
Vice-President and Secretary.
3.06
25,145
Total.
4.
CHARLES
»"
*
.
12.73
49,645
—
a
the Oct. 15. 1939, and subsequent coupons.
,
on
"stamped" bonds be
April 15, 1939; and
carry
96,655
109,625
the floor—Bought.
quoted ex-interest $25 per $1,000 bond on April 15, 1939;
of Exchange Contracts
—-
-
206,280
2. Other transactions initiated
heretofore, according to the regulations in effect:
settlement
—
Total.
of coupons; that Dawes marks may be acquired for the coupons
the
Cent•
at the rate of $25 for each $35 face
The Committee on Floor Procedure rules that the
That
Per
Week
1. Transactions of specialists in stocks in which they are
upon
American
from "plain" bonds and "stamped" bonds at the customary ratejof exchange
■
Total for
810,465
——
1939, from
German External Loan 1924 7% gold bonds, due 1949, stamped "U. S. A.
Domicile
3 02
685,851
868,192
Sold.—.
$35 face amount of the coupon.
per
217,420
Sold.—.
April 15, 1939 against dollars at Messrs. J. P.
Steamship Co. Hamburg-American Line,
19.39
2,083,565
of specialists and
odd-lot dealers:
Holders of such bonds and coupons will therefore have the opportunity to
German
3.46
371,985
Total.
those coupons of the same tranche which matured Oct. 15, 1938.
sell their coupons maturing
4.60
144,205
3. Other transactions Initiated off the floor—Bought
1939,
.
1935" will be purchased in the.
1,
279,600
493,970
—-
-
-
tranche of Dawes
on
communicated herewith:
"USA
manner as
214,370
-
Total
11.33
1,217,610
-
——
Sold
Coupons maturing April 15, 1939, of American tranche of Dawes loan,
stamped
567,870
649,740
Total
15, the purchase price to be $25 per $35 face amount
of the coupon.
Reference to the payment of the Oct. 15
coupons on the loan was made in these columns of Oct. 15,
page 2320.
The announcement of the German Consulate
General of April 13 follows:
<
the following is
stocks In which they are
2. Other transactions initiated on the floor—Bought.
Oct.
which will mature
(except
and odd-
of members
registered—Bought-—
.
the April 15 coupons on the German external loan, 1924,
the so-called Dawes loan, in the same manner as those of
(German External Loan 1924)
account
for
1. Transactions of specialists in
announcement issued April 13, the German Consul¬
With reference to the purchase of coupons of American
transactions
transactions for odd-lot accounts of specialists
lot dealers):
pay
loan
n
5,373,220
General in New York made known that Germany will
ate
Cent
Week
Dawes Loan to Be Paid byGermany
Manner
Same
in
Per
Total for
B. Round-lot
on
STOCK EXCHANGE FOR
(SHARES)
ACCOUNT OF MEMBERS*
at
April 15 Coupons
received because, at times, a single report may carry
than one classification.
more
STOCK TRANSACTIONS ON THE NEW YORK
presentation and surrender on and after June 1,
the offices of the sinking fund administrators.
The sinking fund administrators call attention to the fact
that on April 3, 1939, $29,000 principal amount of the bonds
previously called were still unredeemed.
price
April 15, 1939
classifications may total mere than
The number of reports in the various
Exchange Decreased
During March
The total short interest existing as of the close of business
the March 31 settlement date, as compiled from informa¬
on
tion obtained by the
New York Stock Exchange from its
members, was 529,559 shares, compared with 536,377 shares
on Feb. 28, it was announced on
April 8.
Of the 1,237 in¬
dividual stock issues listed on the Exchange on March 31,
there were 28 issues in which a total short interest of more
than 5,000 shares existed, or in which a changed in the short
position of more than 2,000 shares occurred during the
month, the Exchange's announcement said.
The total num-
Volume
148
Financial
ber of issues in which
short interest
a
was
reported
as
of
March 31, 1939, was 422, compared with 430 on Feb. 28.
In the following tabluation is shown the short interest
existing at the opening of the last business day of each
month since March 31,
1937
1938—
1,199,064
1,012,186
Dec.
May 28
1,040,964
Jan.
31__
June 30
944,957
Feb.
28
Apr. 30
July
30
Aug. 31
_
Sept. 30
Oct.
29
Nov. 30..:
March
31
Aug. 31
1,051,870
1938—
729,480
....
Sept. 30
588,345
1,222,005
Oct.
28
669,530
1,141,482
Nov. 29
587,314
Dec.
1,007,736
966,935
Mar. 31
1,097,858
Apr. 29
1,384,113
967,593
May 31
1,343,573
Jan.
31
447,543
1,214.082
June 30
1,050.164
Feb.
28
536,377
1,184,215
July
Mar. 31
529,559
Short
833,663
29-.
Interest
Stocks
of
500,961
30
1939—
New
on
York
Curb
Exchange Decreased Below February
The
(1)
To permit member firms to increase their business.
(2)
To expand the
(3)
To emphasize the
position of stocks dealt in on the New
York Curb Exchange for the month of March, reported as
of March 31, 1939, amounted to 12,228 shares, compared
with 13,663 shares on Feb. 28, the Exchange announced on
April 11.
A short interest of more than 1,000 shares was
reported in only two issues.
They were the Fisk Rubber
Corp., common, with a short interest of 1,800 shares com¬
pared with 1,300 on Feb. 28 and Electric Bond & Share Co.,
common, with 1,610 as against 1,329 at the end of February.
extensive
monthly list of companies listed on the New York
Stock Exchange reporting changes in the reacquired holdings
of their own stock was issued by th< Exchange on Apirl 12.
A previous list was given in these columns of March 18,
page 1562.
The following is the list made available by the
Stock Exchange on April 12:,. ' -
advantages to the investing publi
the New York Stock Exchange and
c
possessed
subject to its
Because of the endless variations in advertising and in
advertising fashions, the "Bulletin" states: "the Committee
on Public Relations has not
attempted to devise a formula."
The Committee goes on to say:
Instead it has attempted to develop a simple set of principles reflecting a
broad philosophy which, realistically interpreted by the Committee's staff,
permit all reasonable latitude
advertising, but which, at the
same
of member firms in their
the part
on
time, will prevent abuses.
The statement follows in full:
The philosphy which the Committee seeks to apply to its
member firm
advertising is based
supervision of
the following principles:
upon
'
"That the New York Stock Exchange, through the offices of its member
firms, offers superior facilities for investing and trading in the securities of
American industry.
"That these facilities are essentially useful to security owners and prospec¬
security owners.
In other words, that the Exchange's product (its
service and that of its members) is sound, of high quality and in the public
#
tive
interest.
"That it is to the
The
by the public of the facilities of member firms.
many
on
listing requirements.
members,
Changes in Amounts of Their Own Stock Reacquired
by Companies Listed on New York Stock and New
York Curb Exchanges
use
by securities traded in
will
total .short
2193
governing its supervision of the advertising of member firms.
The policy is broadly described as one which is designed "to
encourage the constructive and effective use of advertising"
for the following obvious purposes:
1937:
1937—
Mar. 31
Chronicle
to
advantage of the public,
make
facilities
these
well
as
as to
that of Exchange
services available
and
to
the
greatest
possible number of people.
"That advertising is an efficient and legitimate means of enlarging the
use of services of recognized economic and social value."
The Committee
on
Public Relations is frankly endeavoring to stimulate
interest in advertising among member firms.
and its staff, in passing
pursuing
are
a
judgment
To that end, the Committee
the appropriateness of advertising,
upon
liberal, realistic policy... They are bound by no inhibitions
which would interfere with the intelligent and effective use of advertising.
The
only restrictions imposed are those dictated by considerations of funda¬
mental truthfulness and good taste.
The Committee
candidly recognizes that the Exchange's member firms,
in their efforts to interest investors in listed securities, may, in the past,
Shares
Shares
Previously
Company and Class of Slock
per
Reported
Allegheny Ludlum Steel Corp., common
Atlas
—
Corp., common
Beldlng Heminway Co., common.
Bon Ami Co. (The),
common
A_^
Bucyrus-Erie Co., 7% preferred
Celotex Corp.
—
4,289
184,946
22,032
5,427
6,743
(The), common
5% preferred
....
,
80
53,468
9,900
2,100
10,100
...
Detroit Edison Co, (The), common
5,391
—
78
314,357
3,800
4,200
General Motors Corp., common.
579,821
26,050
91,300
637,719
____
General Realty & Utilities Corp., $6
Hecker Products Corp.,, common
preferred."......—_
...
Household Finance Corp., common-;...,
International Silver Co., 7% preferred
Interstate Department Stores, Inc., 7% preferred
Jewel Tea Co,, Inc., common
....
125
2,520
Macy & Co., Inc., R. H., common.
This is
to advertisements
or
other types
and, also, by
38,900
and
42
43,800
Sloss-Shefiield Steel & Iron Co., $6 preferred
«.
Standard Oil Co. of Kansas (The), common
Swift & Co., capital..
The
•"
•
•'
/■
v.
sion, but the Committee has no intention of suggesting any limit upon the
scope
20
None
26,050
•
.
American Box Board Co., common
shares and
-
•'
'
per
..
preferred
--
7,635
9,710
190,796
10,132
10,232
8,300
4,392
4,492
...
Henry Holt & Co., Inc., class A
Kleinert (I. B.) Rubber
...
Co., common
(The), common
...
Lane Bryant, Inc., 7% preferred.....
Leonard Oil Development Co., capital—
Louisiana Land & Exploration Co., capital..:
Knott Corp.
— - —.
Michigan Gas & Oil Corp., common
Merritt Chapman & Scott
400
....
Corp., 614 % A preferred
1,900
-
1,200
475
478
115
184
889
Dejay Stores, Inc., common
Edison Bros. Stores, Inc., common
20,405
186,783
'
,
Equity Corp., $3 convertible preferred
1,189
4,693
4,568
14,666
14,766
19,315
19,560
24,605
24,805
[937— ^
j
31
May 31
28,586
29,348
300
None
Dec. 31
186.900,000
Mar. 31
3,005
3,155
Nov. 30
206,300.000
213,100,000
212,300,000
209,400,000
Feb. 28
251.200.000 Sept. 30
271.400.000 Aug. 31
296,600.000 July 31
292,600.000 June 30
299,300,000 May 31
Apr. 30
1938—
Oct.
31
Sept. 30
Aug. 31
-
Jan.
31
1937—
Dec. 31
5
210,700.000 Nov. 30
Jan.
279,200,000
Oct.
31
Apr. 30
Mar. 31
-
311,000,000
323.400,000
331,401,000
329,000,000
324.700,000
284,600.000
286,909.000
285,000.000
290,400,000
90
80
95
9,071
9.471
Explains Policy Governing
New York Stock Exchange is defin¬
public statement, in its April "Bulletin," the policy
31
21,650
Constructive Advertising
a
1933
j
46,650
Advertising of Member Firms—Seeks to Encourage
in
1939
225,300.000
303
ing
figure represents a decline of 3.1% from a month ago,
paper outstanding amounted to $195,300,000, and a decrease of 35.5% as compared with a year
ago, when the total outstanding amounted to $296,600,000.
Below we furnish a two-year comparison of the figures:
commercial
June 30
75
dealers show a
31, 1939.
This
when
July
—
.
$191,200,000 of open market paper outstanding on March
195.300.000
195.200.000
296
For the first time, the
total of
191,200,000
29,500
New York Stock Exchange
Reports received by this bank from commercial paper
28
26,200
;
1st preferred.
showing the total value of
issued by the
commercial paper outstanding an March 31 was
New York Federal Reserve Bank on April 13:
Feb.
507
Reported
Feb. 28
Mar. 31
5,850
Rustless Iron & Steel Corp., common
on
The following announcement
639
5,700
as
York Federal' Reserve Bank—Total of
$191,200,000 March 31 Compares with $195,300,000
New
431
5,816
Common
Commercial Paper Outstanding
of
by
354
Oilstocks, Ltd., capital
5% second preferred
Williams (R. C.) & Co., Inc., common
The staff is
specific approval and which may express originality or
629
Prudential Investors, Inc., $6 preferred:
Sterchi Bros. Stores, Inc., 6%
views with its staff.
novelty in material or typographical treatment.
Latest
1,000
A.i
Crown Central Petroleum Corp., common
Crown Drug Co., 7%
of intelligent, productive advertising.
their advertising representatives
their advertising ideas1 and
which may require
'
325.
18,905
_
,
Cooper Bessemer Corp., $3 prior preferred
discuss
Report
None
convertible preferred.
Carman & Co., Inc., class
to
Value
Shares
j
div. series 1936
$2 dividend series preferred..—
Blue Ridge Corp., $3
of the imagination and the ingenuity of member firms which may be
interested in the possibilities
The Committee Invites member firms or
Corp., 7% convertible preferred..—
series.,—.
of member
of advertising which have made a favorable impres¬
1,012
Reported
Convertible A option dividend
These are types
31,512
Preciously
American General Corp., common..—
The latter advertisements were signed jointly by a group
firms.
9,277
series of newspaper advertisements devoted to an interesting
comprehensive explanation of the economic services of securities mar¬
kets.
1,569
a
prepared to cooperate with member firms in considering advertising plans
Company and Class of Slock
American Cities Pow. & Lt. Corp., A opt.
recent series of
descriptive of
a
80,043
Shares
American Beverage
beeq aroused by
individual investors in financing industrial enterprise
the part played by
New York Curb Exchange announced on April 13
'
Committee has
prominently-illustrated, full-magazine-page advertisements
that the following is a list of issuers of fully listed securities
which have reported changes in their holdings of reacquired
stock:
phonographs
There is no objection to attractive or striking
1,011
b Retired
Acquired 900 shares and retired 2,900 shares,
acquired 3,200 shares.
«
.
" .
a
Such copy
be typewritten or
30,912
...
.
may
80,058
Tide Water Associated Oil Co., common—;;
Webster Eisenlohr, Inc.,7% preferred
It
appropriate innovations in member firm adver¬
of illustrations.
The interest of the
30,316
,'900
1,454
8,527
It is required merely that member firms
printed form.
typography that is in good taste.
2,715
27,200
36,900
*
of the Directory and Guide
For example, there is no objection to the proper use of
4,003
...
Page G-3 of the Exchange's Directory
1
The Committee welcomes
tising.
3,774
13,039
4,002
Sheaffer Pen Co., W. A., common
on
advertising, the policy of the Committee on Public
roughly sketched.
Outboard, Marine & Manufacturing Co., common.—
Patino Mines & Enterprises Cons. (Inc.), American share
Plymouth Oil Co., common
busi¬
syndicate
corporation,- do not have to be submitted to the
does not have to be in finished,
562
Petroleum Corp. of America, capital—
as a
a
of listed securities and to advertisements for registered
As to other forms of
1,208
—
a
explained
Relations is broad and relistic.
162
certificates for capital
general, previously approved form, such
a
so
„
submit their advertising copy for approval before publication.
1,078
i
preferred
'
•
employees.
;
McCall Corp., common.
Norfolk & Western Ry. Co., adjust. 4%
The Committee seeks, in
disadvantage under which the Exchange's
any
Reference is also made on this page
-•
2,440
3,806
14,721,
2,315
Lone Star Cement Corp., common
Committee.
114,200
25
have used modern and completely proper
direct offering of named, unlisted securities, and
a
and Guide.
3,200b
2,050
2,030
card,
offering of securities of
5,060
67
313,912
remove
Advertisements, in
ness
100a
Firestone Tire & Rubber Co. (The), common——.....
Federated Department Stores, Inc., 434 % preferred
Federal Mining & Smelting Co., preferred—
possible, to
as
member firms have been doing business.
23,732
5,417
6,752
1,900
-
disadvantage in competition with other institutions and
types of business which
forms of advertising in attracting customers.
far
5,739
70
—
...
other
209,254
54,668
Century Ribbon Mills, Inc., 7% preferred-—'.
Davega Stores Corp., common..
Latest
Report
400
Commercial Investment Trust Corp., common..
have been at some
Decreased $3,078,March—Total March 31 Reported at
$245,016,675—$47,725,640 Below Year Ago
Bankers' Acceptances Outstanding
509
During
During March the volume of bankers' acceptances out¬
standing decreased $3,078,509 to $245,016,675 March 31
.from $248,095,184 Feb. 28, according to the monthly com¬
pilation of the Acceptance Analysis Unit of the Federal Re¬
serve Bank of New York, issued April
14.
As compared
Financial Chronicle
2194
with a year ago the March 31
of March 31,
1938, when
tinued transfer of private short-term balances to this country
For the most part the movement was attribut¬
able to the operations of foreign monetary authorities," says
total is $47,725,640 below that
the acceptances outstanding
from abroad.
amounted to
$292,742,315.
this year decreases occurred in credits
drawn for domestic shipments, domestic warehouse credits
and dollar exchange; whereas in the year-to-year comparisons
all branches of credit decreased except domestic shipments
the Board,
During March
and
dollar
exchange.
March 31,
1939,
April 14:
on
following is
The
of 1938 to
two months
.
surplus declined from $175,000,000 in the last
$95,000,000 in the first two months of 1939.
The inflow of private short-term
March.
during the week ending Jan. 30, largely
reached substantial proportions
There was continued pressureon the guilder
subsided in succeeding weeks.
—BY FEDERAL RESERVE
STATES
and the belga but the
DI8TRICTS
on
the
pound sterling and the French and Swiss francs rose
The following table shows changes in the ex¬
exchange market.
change quotations for these currencies
$28,190,362
179,174,701
1. Boston
2. New York..
......
3.
Philadelphia
9,596,861
4.
Cleveland.....
2,275,060
6. Richmond—..—
974,412
1,959,081
10,039,959
813,271
.....
1,077,250
1,178,045
1,430,176
8. Minneapolis
10. Kansas City
11. Dallas
EXCHANGE
Percentage
2.651
22.584
22.740
+ 0.7
-j-.
""387",888
Netherlands guilder.
53.806
53.100
—1.3
25,307,083
Belgian belga,.—.-.
16.904
16.824
—0.5
8245,016.675
$248,095,184
$292,742,315
Noon buying rates
"
1
stored In or shipped
Dollar exchange...
Based on goods
■
Feb. 28, 1939
governments began to expand their
Mar. 31, 1938
$86,849,766
$90,976,797
74,703,281
57,331,836
55,714.875
.
„
of dollars to cover commercial
transactions, foreign central banks and
holdings of gold and dollar balances in
requirements and private capital
.
9,630,182
38,155,586
54,573,468
1,855,711
1,814,792
8,301,604
'
between foreign countries
In New York for cable transfers.
With the reduction in net foreign purchases
$87,109,568
57,936,223
8,775,831
33,043,610
1,836,568
Domestic warehouse credits......
+0.3
+0.3
2.643
Swiss franc.
French franc
54,272,103
62.372,373
gold
Between the first of February and the middle of March
this country.
...
Change
469.125
"759",007
Mat. 31, 1939
...
467.750
Pound sterUng.____.-_-.
13, 1939
18,407,473
Decrease for year, $47,725,640.
——..._
Mar.
"'355,277
ACCORDING TO NATURE OF CREDIT
Imports..
Exports..
Domestic shipments..
31,1939
.
;
Decrease for month, 83,078,509.
Jan,
17,724,581
——
—....
Grand total.
(Cents per unit)
Unit
-----...
12. San Francisco—
QUOTATIONS FOR LEADING CURRENCIES
'
■
597,373
'
from Jan. 31 to Mar. 13, before the
Europe.
exchange markets were unsettled by developments in
209,208,741
11,167,682
2,430,125
1,676,383
4,988,071
639,400
464,042
.....
31, 1938
$28,423,917
$28,717,767
179.246,904
9,703.687
2,182,074
1,356,543
7. Chicago..—
8. St. Louis
Mar.
4,288,137
513,861
......
Atlanta...
6.
Feb. 28, 1939
Mar. 31, 1939
Federal Reserve District
for doUars diminished in
funds, which
probable that the foreign commercial demand
February and
In
settlement for foreign trade transactions it is
view of the usual delays in
the report for
DOLLAR ACCEPTANCES OUTSTANDING—UNITED
BANKERS
which adds:
The United States export
issued by the New York Reserve Bank
as
April 15, 1939
in the United States increased by $111,-
under earmark for foreign account
C00.000 and.deposits of foreign central banks at the Federal
This increase of $195,000,000 In official foriegn
$83,000,000.
increased by
Reserve banks
gold holdings and balances in the United States compares with a decrease
of about
$10,000,000 from the middle of December to the first of February.
In the latter half of March the recurrence of war
only to some liquidation of foreign holdings
fears in Europe led not
of American securities, but to a
short-term funds to the United States on private
of the official resources recently accumulated in this market
renewed flight of foreign
'■/'
;
BILLS HELD BY ACCEPTING BANKS
Own bills
—4,——*
Bills oi others
$116,777,681
—
were
—73,780,201
——
—-—
Decrease for month.—....
CURRENT
MARKET
——
.
RATES
PRIME
ON
APRIL
$190,557,882
.
banks at the Federal Reserve bankp declined $35,000,000 in the
ACCEPTANCES
Days—
Dealers'
Dealers'
Dealers'
JDays—
Buying Rates Selling Rates
Dealers'
60__._
-
90....
The
120...
9-16
H
H
—
%
150-.
%
180.
—
following table, compiled by
—
7-16
...
7-16
-
7-16
H
1937—
30--.
Feb. 27...
Mar. 31--.
Apr. 30--J
May 29...
June 30--.
July 31--.
Aug. 31--.
1937.
.
-
.
.
-
387,227,280
401.107.760
Nov. 30.
a
record
the
Dec.
396,471,668
395.031.279
385,795,967
364,203,843
31.
31.
Feb.
28.
Mar. 31.
351,556,950
.
343,881,754
Apr. 30.
May 31.
.$344,419,113
June 30.
Federal
Land
.
Oct,
346,246,657
July
30.
31
269.561.958
—
325.804,396 Nov. 30-.
307.115,312 Dec. 31-.
1939—
292,742,315
278.707,940 Jan. 31..
.'268,098,573 Feb. 28—
273,327,135
269,605,451
.
.
.
255,402,175
.
.
248,095,184
245,016,675
Mar. 31—
264,222,590
States.
capital
Beginning with
transactions
will
be
this issue the
published
eyery
Tenders of
000,000
$207,502,000 Received to Offering of $100,of
91-Day
Treasury
Bills:—$100^167,000
Accepted at Average Rate of 0.025%
268,319,612
261,430.941
Sept. 30..
1938Jan.
-
Sept. 30—.
Oct. 30-..
-
Aug. 31-.
348,026,993
343,065.947
United
the
A total of
1938—
.
in
month.
of the volume of bankers' acceptances outstanding at
close of each month since Feb. 27, 1937:
Jan.
funds
of international
9-10
furnishes
us,
York separately for that of other foreign
bank funds in New
■
9-16
<
short-term
statistics
1
United States, which
284-296 of the current issue, will henceforth show the move¬
ment of central
Buying Rales Selling Rates
.
official operations frdm time to time in the
between the United States and foreign countries the
of international capital transactions of the
appear on pp.
'
30
March 22.
In view of the importance of
movement of funds
statistics"
14, 19.39
W
v
week ending
7,622,145
—
BANKERS'
Deposits of foreign
employed.to meet the private demand for dollars.
central
Total..
Some
account.
_
_
..
.$264,748,032
$207,502,000 was tendered to the offering of
$100,000,000, or thereabouts, of 91-day Treasury bills dated
April 12 and maturing July 12, 1939, it was announced oh
April 10 by Secretary of the Treasury Henry Morgenthau'Jr.
Of this amount, Secretary Morgenthau said, $100,167,000
was accepted at an average rate of 0.025%.
The tenders to the offering of Treasury bills were received
at the Federal Reserve hanks and the branches thereof up
to 2 p, m.,
Banks
of Wichita and
Houston
deem $566,340 of Their 10-30 Year Bonds
Announces Governor Hill of FCA
on
to
Re¬
May 1,
Eastern Standard Time, April 10.
Reference to
the offering appeared in our issue of April 8, page 2046.
The following regarding the accepted bids to the offering is
from Secretary Morgenthau's announcement of April 10:
Total applied
The Federal Land Banks of Wichita and Houston will call
redemption on May 1 all of their 10-30 year bonds dated
May 1, 1929, aggregating $566,340, it was announced on
April 7 by F. F. Hill, Governor of the Farm Credit Admin¬
istration.
The bonds will be paid from funds which the
banks have
hand.
on
consolidated
bonds, which' the
12
Federal
Issuing since July 1. 1933,'the net outstanding
$1,761,846,340.
•
,
The banks
are
on
nor
those issued
hanks
have
been
"
Neither consolidated bonds
individually by
derived from them
taxation.
land
the first of this year was
jointly and severally liable for the" payment of principal
and interest oh consolidated farm loan bonds,
the Federal Government.
are
the banks are guaranteed in any way by
However, both types of bonds and the income
exempt from Federal,
State, municipal and local
'
/
During 1938, individual farm loan bonds
in the amount of
$36,744,460
called for payment and retired.
They carried rates of 4M and 4H%.
With the exception of the small issue of individual bonds callable
July 1
this year, there are no other farm loan bonds outstanding,
excluding those
were
to be called
High
Low
—100.
.
*
Average,price
•—
99.992 Equivalent rate approximately 0.032%.
—
99.994 Equivalent rate approximately 0.025%.
(65% of the amount bid for at the low price was accepted.)
The other Federal land banks have
no bonds outstanding which are callable at this time.
After
giving effect to this call, there will be remaining only $170,720
par amount of individual Federal land bank bonds outstand¬
ing, all of which is callable July 1, 1939, according to an.
announcement issued by the FCA, which went on to say:
Of
Total accepted, $100,t67,000
for, $207,502,000
Range of accepted bids:
for
May 1, bearing the 4H% rate.
outstanding carry 4% and half 3%. with
a
Approximately half of those
few small issues bearing 3 X and
3H%.
New
Offering of $100,QOO,000, or Thereabouts, of 91-Day
Treasury Bills—To Be Dated April 19, 1939
Announcement
of
a
new
offering
of
$100,000,000,
and
on the maturity date the face anoumt of the bills will
payable without interest. There is a maturity of a similar
issue of bills on April 19 in amount of $101,152,000.
The tenders to the new offering, announced April 13, will
be received at the Federal Reserve banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, April 17.
Tenders will not be received at the Treasury Department,
Washington.
In his announcement of the offering Secretary Morgenthau
be
also said:
They (the bills) will be issued in bearer form only, and in amounts or
denominations
of
$1,000;
$10,000;
$100,000;
$500,000,
and
$1,000,000
(maturity value).
Gold Imports at
High Level Attributed by Board of
Governors of Federal Reserve System to
Operations
of Foreign Monetary Authorities—Total Between
Feb. 1 and Middle of March $320,000,000
Between the first of
February and the middle of March
gold imports to the United States amounted to $320,000,000
compared with $290,000,000 in the preceding 6-week period,
according to the Board of Governors of the Federal Reserve
System, which in its .April "Bulletin" states that "the con¬
tinuance of gold imports at a high level, however, reflected
to a smaller extent than in previous months the excess of
merchandise exports from the United States and the con¬
or
thereabouts, of 91-day Treasury bills was made on April 13
by Secretary of the Treasury Henry Morgenthau. Jr. The
bills will be dated April 19 and will mature on July 19, 1939..
They will be sold on a discount basis to the highest bidders
No
tender
for
4
an
amount less than
tender must be in multiples of
$1,000.
the basis of 100, with not more
on
$1,000 wiU be considered.
Each
The price offered must be expressed
than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted
and trust companies and
ment securities.
of 10% of the face amount
are
accompanied by
bank
or
without cash deposit from incorporated banks
from responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
an
of Treasury bills applied for, unless the tenders
express
guaranty of payment by an incorporated
trust; company.
Immediately after the closing hour for receipt of tenderfc on April 17,
}939,
all tenders
received"at the Federal Reserve banks
the closing
hour will be opened and public announcement of the acceptable
or
branches thereof up to
prices will follow as soon as possible thereafter, probably on the following
Volume
morning.
reject
all tenders
parts of tenders, and to allot
or
President Roosevelt's
Those
given in these columns on March 25, page 1728.
The
Treasury Department's ruling on the products from Bohemia
and Moravia were given in the March 25 issue, page 1730.
were
submitting tenders will be advised of
the acceptance or rejection thereof.
Payment at the pnce offered for Treasury bills allotted must be made at
the
Federal Reserve banks in cash
available funds
other immediately
or
April 19, 1939.
on
The Treasury bills will be exempt, as to principal
gain from the sale
taxation,
or
other
gift tax.)
No loss from the sale
shall be allowed
of any tax
now
as
deduction,
a
or
and interest, and any
President
disposition thereof will also be exempt, from all
(Attention is invited to
estate and inheritance taxes.
except
Treasury Decision 4550, ruling that Treasury bills
or
or
Presidency in
of the Treasury bills
other disposition
Circular No. 418,
Presidency had
issue.
Britain
Enderbury Islands in the Pacific Ocean is
provided in .a 5Q-year agreement, the conclusion of which
was made known in Washington and London on April 6.
According to the Associated Press, an exchange of notes
between Secretary of State Cordell Hull and the British
Ambassador, Sir Ronald Lindsay, bringing to an end nego¬
tiations conducted for over a year, provides that;
The Islands will be administered by a United States
official to be appointed
American
agreed
follows:
the
the
day,
received
a
companies
or
April 6
"
and operate on
construct
may
or
"
on
early
of the last century by
his army in
*
'
example for their joint control.
But
.
Proclamation
Effect
♦
?
France-
summoned,
.
.*
It
meant
with
no
He
in
extended by
1937, (50 stat. 24), I hereby, direct
as
signed on April 1,
1939, with the Turkish
than the trade agreement
Republic, and all other
connection with trade agreements (other
with Nicaragua signed on March 11, 1936, and
with Czechoslovakia signed on March 7,
1938, as
amended) entered into under the authority of the said act, as originally
enacted
or as
extended, shall be applied on and after the effective date of
such duties, or, as the case may be,
shall continue to be applied on and from
the date of this letter, to articles, the growth, produce, or
all
i
foreign countries,
except
as
otherwise hereinafter provided,
mported directly or indirectly, so long as such duties remain in
whether
agreement with Cuba signed on Aug. 24, 1934.
Because I find as a fact that the treatment of American commerce by
Germany is discriminatory, I direct that such proclaimed
be
were
and
applied to products of Germany.
duties shall not
shall
be regarded as products of Germany for the purpose^ of this paragraph.
My letter, addressed to you on Nov. 25, 1938, with reference to. duties
heretofore proclaimed in connection with the trafde agreements, signed under
the authority of the act
of June 12, 1934, is hereby
You will please cause this direction to be
the weekly Treasury decisions.
superseded;
published in an early issue of
be
the
task of ending uncertainty,
jealousy
:
,
barge which was to culminate
President on the balcony of Federal Hall in New
April 30, 1789.
on
/
".
■
this very porch he sat with Charles Thomson hearing at
a
of the first Senate and the first House
quorum,
pfj
learning of the unanimity by which
precedents that
being set in the conduct of thefirst Legislature under the Constitution
owh' every
thinking doubtless that his
from that day on for many
move
would be chronicled for future generations and thereby set
the tempo and' the customs of the
Presidency of the United States.
Bur l am to be forgiven if I, the 31st
the feelings Within the heart of
him who
President, dwell for a moment1 on
was
about to be the first President.
His early
his studies in agricul-
Washington.was essentially a man close to Mother Earth.
training on
<
ture and
a
plantation, his profession of surveyor,
the development of farm lands were never replaced by his out¬
standing military service under Braddock or as
the eight years of the Revolution.
We know that when Mount
his heart was planted
for
,
Commander-in Chief for
/
'
.
,
.
Vernon came to him by inheritance, here
all/time.
Here he could talk with his neighbors
about the improvement of navigation on the river,
about grist mills on the
creeks, about the improving of highways, about the dream of a canal to
the western country,
about sawmills and rotation Of crops, about the top
soil, which even then had begun to run off to the sea; about the
of trees, new varieties of food and
planting
fodder crops, new breeds of horses and
cattle and sheep.
1
Here, too, he had his books and was in touch with the authors and artists
of the New and Old Worlds.
Here at the junction point
of the North and of the South, at the foot of
of the main arteries that
led to the exciting new lands beyond the
mountains, the travelers and the news stopped at his door.
Rightly he must have felt that his labors in the service of his State and
of his Nation had rounded out his
he felt that he had earned the
contribution to the public weal.
Rightly
privilege of returning for all time to the private
life which had been his dream.
That Washington would have refused public service if the
Products of Bohemia, Moravia and
Slovakia, now under the de facto administrative control of Germany,
on
years to come
one
proclaimed duties shall be applied to articles the growth, produce,
manufacture of Cuba, in accordance with the provisions of the trade
■
Representatives to obtain
effect and
Such
>
c
would
the votes of the electors, were Oast for him, listening to the
manufacture of
this direction is not modified.
or
"
his
hand of the long'efforts
first
proclaimed on this date in connection with the trade agree-;
duties heretofore proclaimed in
task of the
behind him,
days later he and his family were to set forth on that long and
Doubtless
The proclamation also said that as the products of
Bohemia, Moravia and Slovakia are now under the de facto
administrative control of Germany, they should be regarded
as German.
The President's proclamation was in the form
of an order to Secretary Henry Morgenthau Jr. and was
given in Associated Press advices from Washington under"
date of April 6", as follows:
the trade agreement
that
his inauguration as
York
2048.
943),
the
Mount Vernon
known that
leave
States and creating, with the help of Congress, a func¬
national Government fit to take its place "among the organized
Two
.
by the act to amend the
have
must
he 'would
more
difficult journey by highway and ferry and
Department on April 6 made public the text of
a proclamation by President Roosevelt which put into effect
the Turkish-American
trade agreement which was con¬
cluded on April 1, and referred to in our April 8 issue, page
Pursuant to the authority conferred upon me
framework of the Union had been
certainty of his return, and that on his shoulders, in the far off
knew
tional
■
Tariff Act of 1930, approved June 12, 1934, (48 stat.
the
between the several
The State
ment
Washington
once
nations of the world.
the joint resolution*approved March 1,
and those
North, would lie the burden of initiating the civil leadership of a new,
Putting into
Turkish-American Trade Agreement Declares
that the duties
Gen.
that
untried republic.
Slovakian State Under German Administration
•
happy
Presidency "would, without question, fall on him.
Roosevelt
President
a
assured in the summer of 1788, the elections ordered and the first Congress
*
by
and that he would live
And anxiety and doubt had attended
I take it that when the permanent
under the joint ad¬
„
.
'
his beloved Mount Vernon with the
during the remainder of bis days.
trying times still lay ahead for the struggling nation,
■
.
acres
Constitution itself had been ratified by the States.
reignity of the Islands, whereby the United States and Great
Britain were to have equal facilities for commercial aviation
and communication, was noted in our issue of Aug. 13, 1938,
page 973; an earlier item appeared in these columns March 12,
page 1683.
v
*
7
p
his broad
Called from his home, he had presided with skill and patience over
.vi The partial settlement in August of last year of the Sove¬
,
on
Constitutional Convention in 1787.
,
what is known as a condominium since 1906, being
Saying farewell to
him for many months thereafter while he waited for belated news that the
Pacific, have been under
ministration of high commissioners named by Britain and
We.can visualize the thoughts,
after 1783 proved the most critical peace years in all our history.
years
'
.
The New Hebrides, likewise lying in the South,
foot of the hill.
1783, the independence of the Colonies assured, he, already the
and useful life
duration of 50 years, but will be automati¬
'
budding trees and the dogwoods, and the majestic
hope and expectation that his task was done
explorations and on the in¬
15 eventual
today can readily visualize that scene from this porch—
father of his country, had returned to
the United States took the New Hebrides IslandsYas the
and
who, through
the Secretary of the Continental Congress.
tooj which flowed through Gen. Washington's mind.
agreement to the contrary is reached in the mean¬
an
time.
as
here
are
Potomac running by at the
clusion of thh Islands in old maps as British possessions.
a
passionate zeal for liberty,
a
had served
the sprouting lawn, the
.
claims of either Government
party to the Islands last year to occupy them.
likewise based
Congress announcing his election as the first President of the United
We who
" The Department of the Interior sent a small
New England whaling boats.
Britain
Washington today in memory of
when the owner of Mount Vernon
ago,
Charles Thomson, his guest, had ridden hither from New York to bring
Irishman, with
American civil aviation companies may
The American claims, advanced in March of last year,
cally extended unless
years
from the first Congress of the United States.
States of America.
years,
•
will have
150
exactly
message
it—Charles Thomson, native of County Derry in Ireland, a Pennsylvania
both nations in return
based chiefly on explorations in the early part
The joint control
the home of George.
Here in his beloved Mount Vernon he listened to the formal message from
the
upon.
were
come to
another
.
the Islands for scheduled air services.
British claims
well and took upon
so
'
*
We have
'
The joint occupation does not prejudice the
the Islands.
him the life he loved
and Mrs. Washington happy," the President said in con¬
clusion, "if they had known that 150 years later tens of
millions of Americans would appreciate and understand how
they felt that day in their Mt. Vernon home." The address
.
Only British commonwealth
were
by foreign
•
.
company
more
Presidency." "I think it would have made Gen.
islands, they lie midway between
Canton Island an airport available for airplanes of
for fees to be
once
President Roosevelt stated in his address,"that once more
official and a British
From Associated Press accounts from Washington
also quote:
very
Although rightly he must have felt that his. labors
he put from
himself the
by the respective governments.
The Islands, it is stated, will serve as way stations on
air route between California and Australia.
Part of
Phoenix group of coral
Hawaii and Australia.
though the
as
in the service of his State and of his Nation had rounded
out his contribution to the public weal, it came about,"
over
the Canton and
to
a
"The dangers,",
young republic
independence Washington
for it had been threatened
won
foes.
Joint control by the United States and Great
real
were* as
had
in Pacific Ocean
use
him [Gen. Washington] in
come to
time of real crisis and deep emergency."
said President Roosevelt, "that beset the
United States and Great Britain Reach Agreement for
Joint Control Over Canton and Enderbuty Islands
An
first President of the
as
United States, President Roosevelt stated that "the summons
to the
amended, and this notice
as
Mt. Vernon, Va.
Accepting Call to
Time of Real Crisis
a
Gen. Washington of his election
Treasury Department
at
150th anniversary of the date of the official notification to
of its
prescribe the terms of the Treasury bills and govern the conditions of their
we
Address
in
Speaking at Mt. Vernon, Va. yesterday (April 14), the
otherwise recognized, for the purposes
hereafter imposed by the United States or any
Roosevelt
Commends Gen. Washington for
not exempt from the
are
possessions.
•
proclamation ending the reciprocal
Czechoslovakia
trade pact between the United States and
less than the
applied for, and his action in any such respect shall be final.
2195
Chronicle
The Secretary of the Treasury expressly reserves the right to
any or
amount
Financial
t48
a
normal one has always been my belief.
dency had come to
dangers that
him in
a
call had been
But the summons to the Presi¬
time of real crisis and deep emergency.
beset the young Nation were
as
real
as
The
though the very
independence Washington bad won for it had been threatened once more
by foreign foes.
was
at stake
Clear it must have been that the permanence of the republic
and that if the new
Government, under the Constitution,
should fail in its fearly days, the several States falling out among themrelves
would become so many small and weak nations
between countries really means.
So it came about that once more he put
have to assume that
That cannot have been a happy day for Gen. and Mrs. George Wash¬
destinies than those which were used by the Huns
A day of
dred years
many regrets.
The decision had been made.
decision and proud of it.
We, their
spiritual process may succeed elsewhere?
intellectual and
1789— a day of torn emotions.
successors, are
150
weak¬
fullest
extent of our strength, matching force to force if any attempt is made to
subvert our institutions, or to impair the independence of any one of our
thankful for that
years
later tens of
We
in it.
ness
millions of Americans would appreciate and understand how they felt that
which we celebrate today has no quality of
prepared to maintain it, and to defend it to the
are
group.
day in their Mount Vernon home.
Should the method of attack be that of
economic pressure, I pledge that
Pan-American
also give economic support, so that no American
nation need surrender any fraction of its sovereign freedom to1 maintain its
Declares
economic welfare.
my
Day Address President
Roosevelt
American
Peace
"Has
No Quality of
Weakness"—-Declares We Will Defend It to Fullest
In
and Vandals fifteen hun¬
ago?
The American peace
And I think that it would have made Gen. and
happy if they had known that
successful here, is it too much to hope that a similar
Do we really
nations can find no better methods of realizing their
If that process can be
from him the life he loved so
himself the Presidency.
ington on the 14th of April,
Mrs. Washington
1939
begun to realize in Pan American relations what civilization in intercourse
subject to attack and con¬
quest from overseas.
well and took upon
April 15,
Chronicle
Financial
2196
Extent
Make
We
Nations
The
Our Strength—Urges that by Example
Peace a "Living "Message" to "Sister
of
Beyond Seas"
own
country will
The American
family of nations
defense of
our
may
We have
to the rest of the world.
Declaring that "the American peace which we celebrate
today has no quality of Weakness in it," President Roosevelt
in a Pan-American Day address at Washington yesterday
(April 14) added, "we are prepared to maintain it and to
defend it to the fullest extent of our strength, matching force
to force if any attempt is made to subvert our institutions,
or to impair the independence of any one of our group,"
The President further said, "the truest defense of the peace
of our hemisphere must always lie in the hope that our sister
nations beyond the seas will break the bonds of the ideas
which constrain them toward perpetual warfare."
"Byexample," he added, "we can at least show them the possi¬
bility. We, too, have a stake in world affairs."
'
.
America's Claim to Speak to Rest of World
•
,
of the declaration of Lima:
This is the spirit and intent
solidarity of the continent.
an
also rightfully claim, now, to speak
interest, wider than that of the njere
sea-ringed continent we know now that the development of
.
The American family of nations pays honor today to the oldest and most
successful association of sovereign governments which exists in the world.
Few of
us
realize that the Pan-American organization as we know it has
attained
now
a
longer history And
a
greater catalogue of achievements than
similar group known to modern history.
any
With
right
even more
we can
look to it
Justly we can be proud of it.
symbol of great hope at
as a
when much of the world finds hope dim and difficult.
a
time
Never was it more
World, that
our
will
Western World have
so narrow
Economic function¬
of it anywhere
can fail, in the future, to disrupt economic life everywhere.
The past generation in Pan American matters was concerned with con¬
structing the principles and the mechanisms through which this hemisphere
would work together.
But the next generation will be concerned with the
methods by which the New World can live together with the Old.
The issue is really whether our civilization is to be dragged into the tragic
easily as today they cross the closed European seas.
as
;
vortex of
unending militarism punctuated by periodic wars; or whether we
We have the right to say that there shall n.ot be
the fabric of our lives.
as
organization of wbrld affairs which permits us no choice but to turn our
into barracks unless we are to be vassals of some conquering
an
countries
empire.
.
"
••
The truest defense of the peace
of our hemisphere must always lie in the
hope that our sister nations beyond the seas will break the bonds of the ideas
which constrain
them toward perpetual
least show them the
possibility.
be
as
powerful
By example we can at
warfare.
We, too, have
a
stake in world affairs.
will to mutual defense; it
as our
in determining the
This is the
It will have its voice
equally futile glory.
order of world affairs.
New World
living message which the
be light opening on
can
can
than that enlisted else¬
command greater loyalty, devotion and discipline
been working together to promote their common civilization under a system
world in serenity and calm.
individuality and civilization
shall be able to maintain the ideal of peace,
of peace.
That venture, launched so hopefully 50 years ago, has succeeded;
American family is today a great cooperative group facing a troubled
involved with hers.
ing of the world becomes increasingly a unit; no interruption
where for temporary conquest or
the
the oceans separating us from the Old
customs and our actions are necessarily
Beyond question, within a scant few years air fleets will cross the ocean
Our will to peace can
fitting to salute Pan-American Day than in the stormy present.
For upwards of half a century the republics of the
the next generation
dark waters.
can
send to the Old.
It
It shows the path of peace.
This success of the Western Hemisphere is sometimes attributed to good
fortune.
I do not share that view.
There
are
wanting here all of the usual
not
rivalries, all of the normal human desires for power and expansion, all of
the commercial problems. The Americas are sufficiently rich to have been
themselves the object of desire
on
traditions in history are as deeply rooted in the Old World as are those of
Europe.
It
■
from sharing the fate of other great areas of the world in the 19th century.
We have here diversities of race, of
language, of custom, of natural resources
and of intellectual forces at least
great as those which prevailed in Europe.
What
are
is
was
as
it that has protected us from the tragic involvements which
today making the Old World
easily found.
A new and
nations—sprang
up at
the
cockpit of old struggles ?
a new
The answer
powerful Ideal—that of the community of
same
It was made known
on April 13 that President Roosevelt
signed the bill providing for reciprocal taxation of salaries
received by Federal and State employees.
The House
originally passed the bill on Feb. 9; the Senate on April 4
(as noted in our April 8 issue, page 2049) passed the bill,
adding however, two amendments which the House declined
to accept, and the measure was accordingly sent to conference.
Regarding these amendments advices April 5 to the New
has
not accident that prevented South America, and our own West,
was
Roosevelt Signs Bill Passed
by Congress
Providing for Reciprocal Taxation of Federal and
State Employees
"President
the part of overseas governments; our
time that the Americas became free and
independent.
York "Times" stated:
It was nurtured by statesmen, thinkers and plain people for
Gradually it brought together the Pan-American group of govern¬
ments; today it has fused the thinking of the peoples, and the desires of
conferees, one certifying that the biU is not to be retroactive
their responsible representatives toward
incomes received prior to Jan. 1, 1939, and another'specifically providing
decades.
The result of this
a
common
thinking has bben to shape
a
objective.
typically American insti- "
This is the Pan-American grojip, which works in open conference,
tution.
by open agreement.
We hold
our
conferences not
result of wars, but
as a
Elsewhere
every
five
it is necessary to fight
a
major
as
war,
ours,
or
defeat at length brings governments together to reconstruct their shattered
fabrics.
Greeting
a
conference at Buenos Aires in 1936, I took occasion to
There is
catastrophe.
own
minds.
Men
no
Only
a
on
a
"prisoner" of the Mediterranean.
learning that
great nation referred, to his country
A
little later
another chief of State,
authorship
ana
"
neighbor country had agreed to defend the independence
of another neighbor, characterized that
agreement as a "threat" and an^
"encirclement." Yet there is no such thing as encircling, or threatening!*
or imprisoning any peaceful nation
by other peaceful nations.
We have
reason to
our own
.
they would
At Buenos Aires, in 1936, all of
threat of war
on
us
agreed that in the event of any war or
this continent we would consult
together to remove or
Yet in no case did any American nation
obviate that threat.
these
understandings
circling"
any
regard any of
as
making any one of them
American country,
or as a threat
a
"prisoner,"
or as "en¬
of any sort or kind.
Measures of this kind taken in this
hemisphere are taken as guaranties,
simple reason that no nation on this hemis¬
will to aggression, or any desire to establish dominance, or
Equally, because we are interdependent, and because we know
not of war but of peace, for the
phere has
mastery.
any
no American nation seeks to deny any neighbor access to the economic
and other resources which It must have to live in
prosperity.
In these circumstances dreams of
conquest appear to us as ridiculous as
it,
they are criminal.
Pledges designed to prevent aggression, accompanied
by the open doors of trade and intercourse, and bound together by common
will to cooperate peacefully, make warfare between us as
outworn and use¬
less as the weapons of the Stone
Age.
We
may
proudly boast that
we
have
motion of Senator Brown, and
on
reported this morning.
Confusion over
of the judges' taxation amendment arose from the fact
Connally offered
a
semi-duplicating amendment specifically
was
noc
adopted.
au¬
>
State
employees
1890.
was
referred to in these columns April 1,
:
•
.
.
Passes Resolution Providing $100,000,000 for
Emergency Relief—Rejects Final Request by Presi¬
dent Roosevelt for Additional $50,000,000—Presi¬
dent Expected to Ask $1,500,000,000 for WPA in
Next Fiscal Year—WPA Report Surveys Accomplish¬
ments on 200,000 Projects
For instance, on the occasion of a visit to the
neighboring Dominion of
Canada last summer, I stated that the United States would
join in defend¬
ing Canada were she ever attacked from overseas.
Again at Lima, in
December, the 21 American nations joined in a declaration that
coordinate their common efforts to defend the
integrity of their institutions
inserted
was
Senate
experience.
from any attack direct tor indirect.
as
Mr.'Brown's resolution, but
page
a
know this in
was
by Senator Connally,
Supreme Court pnding tax immunity in the case of Federal
*
few days ago the head of
a
prisoners of fate, but only
They have within,themselves, the powef to
become free at any moment.
as
fatality which forces the Old
are not
by the
concerns
The Senate on April 6 accepted the compromise reached
by the conferees, under Which they agreed to retain Senate
amendments expressly stipulating that State and Federal
Judges and legislators should pay both State and Federal
income taxes.
The conference report was adopted by the
House on April 10.
The recent ruling of the United States,
our good in a huhdred ways.
And. the economic collapse
nations must of necessity harm our own prosperity. Can
the republics of the New World, help the Old World to avert the catas¬
trophe which impends? Yes, I am confident that we can.
we,
new
as
thorizing States to tax judges' salaries, which was considered coincident
The madness pf a great war in another part of the world would affect
prisoners of their
be considered
the salaries of all Federal Judges, including those
not
with
say:
and threaten
of any nation or
I still have that confidence.
on
the
that Mr.
us
World toward
for collection of taxes
by vhe Senate must
exempt not only from State taxes but from Federal levies.
which meet
Until exhaustion
.
inserted
The latter amendment
ip the world, to hold conferences such
years,
amendments
appointed" prior to 1932, whose salaries heretofore have been considered
the result of our will to peace.
as
Two
Ignoring
a new appeal by President Roosevelt for an
relief appropriation of $150,000,000 to cover the
balance of this fiscal year the Senate on April 11 by a voice
vote approved the resolution providing for the appropriation
of $100,000,000 for relief after having eliminated, by a vote
of 49 to 28, an amendment to give the Works Progress Ad¬
emergency
,
ministration
an
additional $50,000,000.
President
Roose¬
velt's final appeal
for the larger sum was made in the follow¬
ing letter to Senator Pepper of Florida:
My dear Senator Pepper:
In
reply to your inquiry, I think there is nothing for me to add or to
substract from what I have made
so
clear
on so
many
occasions since last
January..
The sole question of continuing
If
$100,000,OO0
is
relief to July 1 is
voted, between
one
of arithmetic.
three and four hundred thousand
fewer people can be given work relief than if $150,000,000 is voted—and in
Volume
addition
on
the
It
Financial
148
practically
waiting list
seems
none
of the
Action of
resolution
seven
eight hundred thousand people
or
long and the short of it.
Senate Appropriations
noted in these columns
Committee on the
April 8, pages 2049.
The House passed the resolution on March 31 after approving
the action of the House Appropriation Committee in re¬
ducing the amount from 8150,000,000 (asked for by the
President in a message to Congress March 14) to $100,000,000.
With the adoption of the resolution by the Senate on April
11 the legislation went to the President for his approval.
Senator Barkley, leader of the Senate, said on April 11 that
the President will send
a
to Congress within a few
message
days asking for $1,500,000,000 for relief in the 1940 fiscal
year, or a reduction of $663,000,000 from what has been
voted for the WPA during the current year.
In Associated Press advices from Washington April 11,
it was stated that Senator Barkley and other Administration
leaders agreed on a $100,000,000 appropriation after Senate
Appropriations Committee members threatened to recom¬
mend less than this
<
Mr.
the
approve
sum.
Whatever
■
the
President's letter
ending June 30.
$100,000,000
made
was
,
to supplement funds already
appropriation is voted will go
on
consin, opposing the
boost
'
,
available for the fiscal year
Debate
slight chance that the Senate would
was
„
bill
resumed at
about the time the
Senator Wiley,
Republican, of Wis¬
was
public.
Pepper increase, said that even $100,000,000 would
relief spending
for the first six months of 1939 to approximately
$1,000,000,000.
'
Declaring that there had been
of surplus commodities, Senator
no
commodities
would
by July 1.
York "Times":
The report stated that the WPA had built or improved highways,
aggregate length to 100 roads
roads
the continent.
across
New public buildings constructed by WPA workers were the equivalent
of
ahout six for each of the 3,000 counties in the United States.
New school buildings and libraries and additions to existing
facilities
alone
of
were
a
number to
sufficient
it
is
said
place
educational
of the
each
in
one
Chairman
after
"Times" said:
Eccles
of
the
Board
of
•
•
Although Secretary Morgenthau would only
tion"
include
the
changes
in
Brown
say
the subject of discussion, it was learned
was
Federal
the
bill,
Reserve
distribution
now
Board's
of
request
that "banking legisla¬
that the agenda was to
Congress for clarifying
to
and monetary powers,
banking
and the
before Congress, which would transfer the duties of the
Comptroller of the Currency from the Treasury
to the
Insurance
possible that the Com¬
mittee
Corporation,It also
discussed
bank
was
holding
regarded
company
an
as
legislation,
Federal Deposit
subject in which
a
interest.
At the meeting, besides Secretary Morgenthau
and Mr.
Jesse H. Jones, Chairman of
the Reconstruction Finance Corporation; Leo T. Crowley,
Chairman of the Federal Deposit Insurance Corporation;
Preston Delano, Comptroller of the Currency, and John W.
Hanes, Under-Secretary of the Treasury.
The meeting it is said was called and presided over by
Secretary Morgenthau.
Eccles, said the dispatch,
were
Senate Votes Additional
$600,000 to Continue
Monopoly Investigation
He said $66,000,000 in
by Colonel F.C. Harrington, WPA Administrator,
on
April 8 describing WPA accomplishments on 200,000
projects in three years of operations, was summarized as
follows in a Washington dispatch of April 8 to the New
equal in
and states that "there is
"
"
A report
and streets
1934
desirability of continuing the present gold policy."
System had sent his request to
Congress for a study of the division of monetary and banking
powers among various Federal agencies was held in Wash¬
ington on April 13. On that day a dispatch to the New York
discussion in debate of the distribution
have, been distributed
to the
Governors of the Reserve
Wiley asserted that "no one will go hungry"
if the appropriation is not raised to $150,000,000.
as
meeting of the Inter-Departmental Banking Committee,
called
Pepper then launched his independent fight for the S150,000,000
appropriation, but conceded there
than: doubled since early
more
serious doubt
President Roosevelt has indicated
These advices added:
sum.
of responsibility with ref¬
monetary and credit policies."
preamble, the resolution cited the fact that United States' gold
stock has
A
investigate the gold, monetary and banking policies of the
States—in view of the present division
erence to
In its
the
was
committee "to
United
be given employment.
can
to me that that is the
2197
Chronicle
The Senate on April 3 approved a joint resolution appro¬
priating $600,000 for continuance of the monopoly investi¬
gation by the Temporary National Economic Committee.
The committee was originally authorized to operate until the
end of 1940 with an appropriation of $500,000; this was
reported in our issue of June 18, 1938, page 3884.
The
additional sum will finance studies through the current
year and enable the committee to complete its inquiry and
make a final report to Congress in 1940. • The House Rules^
Committee approved the measure on April 11.
Previous reference to the request for additional funds was
made in our March 18 issue, page 1568.
,/
The educational buildings repaired or improved
country's 3,000 counties.
would provide nearly all of the 25,000 school districts with one improved
educational facility each.
The
July,
report
under
way
on
Heads of House and Senate Labor Committees Sponsor
work
covers
1935, through
from the start
completed
June 30,
of the program in
by the WPA
as
Major AQComplishments
major accomplishments
*
" "
•"
improvements to 46,300 and additions to 1,700.
280,000
29,100
new
26,700
of highways,
miles
roads
bridges and 23,500 repaired
improved.
or
'
„
4,100 new storage dams.
for conservation purposes;
dams
new
,
and streets constructed or repaired;
6,100 miles of new water mains, aqueducts and distribution lines; 8,900
miles of
1,800
and sanitary sewers.
storm
new
,
;
,
1,500 improved; 1,100
athletic fields,
new
new
"parks, 4,200 im¬
proved or enlarged; 1,600 new playgrounds, 5,000 improved.
8,700 miles of
11,500
control;
"Construction
from
the start
and
new
5,000 miles of improved ditches for mosquito
of other
miles
exclusive of roadside
types
of ditches
the
present
account for mote than
45% of all WPA
and street building and repair.
engaged on this type of work.
.
1^-
23 ,600 Miles of Road Paved
during
the
three-year period,
of the total, were paved„with concrete,
constructed
miles,
23,600 miles,
brick, block
or
11%
or more
or re¬
were
than 8%
creational
accounted for the buildihg of 2,300 new schools, 5.500 re¬
buildings, 800 court houses, city halls and other Administrative
buildings, 100 hospitals and a large number of other types of buildings,
800 warehouses, 150 fire houses and 100 airplane hangars."
including
WPA activities in the interest of public
and service categories,
health covered both construction
it was explained.
. ..
•
employes receiving salaries of $200 or more a month and
otherwise amend the law.
The proposed changes
Into
Committee
Country's
by Congressional
Policies—
Monetary
Proposed in Accordance with Suggestion to Con¬
by Governors of Federal Reserve System—
Meeting in Washington of Inter-Departmental Com¬
mittee on Banking
resolution
introduced in the
Senate
on
April
13 by-
Townsend (Republican) of Delaware calls for a
Congressional investigation of monetary and banking policies,
along lines suggested by the Board of Governors of the
Federal Reserve System in its statement on April 8 to the
Chairmen of the Senate and House Banking and Currency
Committees.
This statement is given in another item in this
issue.
Regarding the resolution of Senator Townsend
Washington advices April 13 to the New York "Journal of
Senator
Commerce" said:
hall be
Board's recent recommendation tha?
by which monetary and banking authorities
guided," the Townsend resolution calls for a
Mary T,
on
March
29 by Represen¬
of New
Norton
Hours Administrator.
The amend¬
statute as it applies to farm
workers, were opposed on April 2 by five, major farm or¬
ganizations.
Spokesmen for organized labor and fruit and
vegetable growers, at the • end of a two day hearing on
April 4, asked Administrator, Andrews to frame a new
definition of the exempted "area of production" without
and
Wages
Andrews,
ments, so far as clarifying the
fewer than 25,000
of
in towns of
joint Congressional
population within 50 miles of their source
This is learned from Associated Press advices
April 4, which also said:
supply.
from Washington,
Some
the
from
spokesmen for the industry said
minimum wages and maximum
they wanted complete exemption
hours provisions of the law for
the ground that Congress intended to exempt
agriculture from the additional costs imposed by the act.
Boris Shishkin, AFL economist, objected that the proposal to exempt
workers 'in processing plants in towns of fewer than 25,000 population
would set a damaging precedent for labor legislation in all' industries.
producers and processors on
argued
that
to the Wages-Hours Law.
We also quote
New
law,
as
York
in this classification contained other types
towns
many
industry subject
the
from a Washington dispatch of March 29 to
"Times" regarding proposals to amend the
sponsored by the Chairmen of the House and Senate
Labor Committees:
The
plan
chairmen
to
hold hearings
immediately on the bills, giving
at this session.
decide on the
technical and trade terms and to make
industrial homework and "constant" wage
hope to many members that Congress will change the law
Both bills would give Mr. Andrews increased power to
application
of the law, to define
provisions
special
regarding
plans.
Five
The
1.
amendments
Exempt
would
telephone
Changes Are Pr&vided
the following things:
do
operators
in
exchanges serving
fewer than
350
stations.
determine the minimum wages
which could be fairly paid by industries in Puerto Rico and the Virgin
Islands.
The public, employers and employes would be represented on
2.
the
Quoting from the Federal Reserve
Congress "determine objectives
House
the
Jersey, Chairman of the
Committee, while similar amendments were sponsored by
Senator Thomas, Chairman of the Senate Labor Committee.
Both
bills embody recommendations made by Elmer F.
tative
He
gress
A
in
introduced
were
of
Senator Townsend Calls for Inquiry
considering pro¬
would
bituminous surface.,
or
public building construction program, second largest in point to
employment,
been
amendments to
Fair Labor
Standards Act—the
so-called wage and hour law; the changes would exempt
,
restricting the exemption to processing plants
»
about 30,500
within the limits of cities and villages, and
"The
80% of WPA
"The largest part of construction
"Of the total mileage of highways, roads and streets
paired
improved,
drainage in connection with road projects.
has been in highway, road
are
or
projects have made up the bulk of the WPA program
and at
employment," Colonel Harrington said.
workers
excavated
Committee has
Labor
House
The
posed
•
public buildings for cities, counties and States; repairs and
new
Hour Law—
Elmer F.
$200
.
the following com¬
were
pleted projects:
17,600
and
More Monthly
or
The
*
•
Wage
in
Andrews—Would Exempt Employees Earning
months of work went into most of the projects.
Listed
Changes
Amendments Suggested by Administrator
So only 31
large scale before late November of 1935.
a
Proposed
Actual project operations were not
1938.
Create
industrial
of
some
;V
"
committees.
3. Eliminate
committees
the
borderline
"area
*
.
of
to
production"
agricultural
under which employes
industries have been ex-
clause,
and processing
eluded
the
from
act.
rule ba&ed
A
on
United
"seasonability and perishability"
ment
4.
be
brought in
habited,
is "found, or is in¬
district wherein the defendant
any
the law so as to protect persons
innocently buy goods produced in violation of the wage-hour require¬
who
$1,000
cost limit of $4,000 a family,
500,000 or more, where the limits are
low-cost housing law permits a
except in cities of
a room,
$5,000 and $1,250. respectively.
Senator Taft's bill would make the higher limit apply not
business."
transacts
or
The present
or
Change the "hot goods" penalties of
5.
1939
Noting this, the Associated
Housing Act.
States
IS,
Press added:
be substituted to give processors equal treat¬
with agriculture, which now is excluded from the act.
Add a clause permitting suits to restrain violations of the act to
products involved would
of
April
Chronicle
Financial
2198
but to their "metropolitan
of 500,000 or more,
only to cities
districts" as well.
ments.
According
explaining
the advices to the "Times,"
statement the amendments
to
in
a
'
said:
sideration
belief
that
exemption
total
a
Majority and Minority Views
.Y;
extending the monetary powers of the President
1941, was favorably reported to the House
on April
13 by the House Coinage Committee.
The bill,
which was referred to in these columns April 1, page 2052,
The bill
in the islands.
It is my
to create a great competitive
conditions
the prevailing
of
because
Monetary Powers of President
the Virgin Islands are entitled to con¬
believe that Puerto Rico and
"I
would
serve
until June 30,
in general, disturb business both here and ih the
However, it is obvious they need some relief.'
have felt since the Wage and Hour Law became effective that the
would,
advantage and
islands.
"I
Administrator
working under
js
provides for the continuance of the stabilization fund, as
as
of the President's authority to devalue the gold
dollar; and the continuation of the silver pur¬
chase program,
The authority of the President, as under
the present Act, would continue to be limited to fixing the
dollar at a gold content of between 50 and 60% of its former
weight, under the measure, said advices April l3 to the New
York "Journal of Commerce" from its Washington bureau,
well
great disadvantage and that business is
a
content of the
'cases to adjust itself because of the lack of power the
to make valid rules and regulations.
I am sure that
business would be less jittery about this law if the Administrator had the
right to define the application of the law.
Without this amendment
he may not do so and some business has suffered as a result."
able
not
in
many
has
Administrator
Washington account, March 29, to the "Times" also
The
Committee
Concerning her proposal to exempt from the law employes receiving $200
a
month
or
Fair
and
ministrative
work."
the
of
case
the law
bookkeepers,
is
it
Mrs.
tect
To
Norton
meet
agriculture
against
said
overtime
>Y,'
Sees Depreciation
'
etc.', high
secretaries,
private
"The
salaried
employes actually work in a
up
dustries.
she
felt
that
salary of $200
a
"very
classes
to
of
hours
1?
The
the wage and
real
eliminate
and
ginning
Mrs.- Norton
workers,"
day and
a
of
cotton,
of
by
caused
production"
in
proposed
an
hours
however,
would
be
exempt
from
stated that the Coinage Committee was in full
domestic silver has been
Passes
Steagall Bill Extending Life of Federal
Administration
For
Two
Years—Also
Housing
Increases From $3,000,000 to $4,000,000,000 Amount
Insurance Which May Be Outstanding—Taft
of
Bill Passed by Senate
The House
passed on April 12, without a record vote, the
Representative Steagall, which amends the National
Housing Act, by extending the life of the Federal Housing
bill of
Administration for two years.
Its present powers would
expire June 30.
The bill also authorizes the FHA to insure
an additional $1,000,000,000 in
mortgages, by raising from
$3,000,000,000 to $4,000,000,0001 the amount of insurance,
the agency may have outstanding.
This, it is noted, repre¬
sents a compromise from an original FHA
request that its
mortgage limit be increased to $6,000,000,000.
Before
passing the bill on April 12 the House, by a vote of 199 to 143,
voted to retain the amendment of Representative Cochran,
of Missouri, inserted in the measure on April 11, designed
it is said to prevent "write-up" of land values by promoters
of large apartment houses.
Representative Cochran's amendment is reported to have
been opposed by Representative Steagall, who argued that
it would kill the FHA program for aiding apartment' house
projects. Under date of April 12 Associated Press advices
from Washington said:
The amendment provided that in estimating the value of
property to de~
termine the amount
of insurance for which it is
'■ r.
eligible, the value of the
'
v
.
authority of the President
received by the mints for coinage and addition to
monetary stocks.
'
House
permit the powers granted by the
of the President under which newly mined
The bill also extends power
.
accord with
and economic situa¬
weight of the dollar, within certain limits, to be terminated.
to alter the
both
likewise
we
J
,
legislation creating the stabilization fund and the
::\-
♦
/Yv?Y.
"
Commerce" advices
of
tion is such that "it would not be safe to
ex¬
YV
hour provisions.
Y'.^Yv
in order to acquire a competitive
views of the President that the international monetary
"discriminating
56-hour work week, for specified in¬
a
Y>
The report
"area
defining
"hardship"
J.
quote:
pro¬
.
problem"
the
"should
month
a
"Journal
the
From
V
and has given added protection to our
trade," it was asserted.
world
V
discourage other countries
existence of this power serves to
mere
advantage in the world market,
In
quasi-executive .capacity
depreciation abroad.
Discouraged
from further depreciating their currencies
the employer and employes.
against exploitation."
the
certain
emption
>
requires
utterly impossible to regulate their hours of work."
worker
a
frequently
promptly and effectively with currency
deal
to
clearly ad¬
a
she explained, "it is felt that the application
great hardship both on
instances such
many
and
works
,
' ,Y'■ ^Y'YY'v
office workers in the main,"
of
which
but
nature
YvYY-,.:';'
■
"In
executive
or
in work not of
engaged
women
of the power in the United States
international exchange rates by existence
Standards
workers—"men
collar"
unsettled international situation, stability is given to
"In the present
Norton said that much of the objection to this,
Act, resulted from its application to "white
Mrs.
more,
Labor
quoted the report of the majority members of the
as saying:
which
had the following to say:
the
Bill Extending
Until June 30, 1941—
Reports
Favorably
Committee
House
Mrs. Norton
she offered,
Y'.--Y'r?
,
Minority Charges Failure
.
President
has tried to weave his pattern of monetary control has been a 'reflation' of
1932 prices to the 1926 level with stabilization .at that level thereafter,"
and declaring that the program has been a complete failure, a minority re¬
port, signed by seven Republican members of the Committee, was sub¬
Charging that "the all-important argument around which the
mitted at the
currency
time, with
same
demand that Presidential powers ovor the
a
be allowed to terminate June 30,
control of the currency should remain with
tionally belongs."
and added that "henceforth
Congress, where it constitu¬
v
'
.
•
.
further asserted that the rise in the prices of many
The minority report
commpdities was not- due to devaluation of the gold dollar so much as to
crop
failures, the "restriction policies" of National Recovery Administration
and
Agricultural
forces
covery
Administration, "and to such normal re¬
Adjustment
were
as
permitted to operate," as well as demand for war
materials in Europe and Asia.
According to advices to the New York "Times"; from
Washington, April 13, the minority members favored keep¬
ing the price of gold at $35 an ounce unless Congress should
by appropriate legislation decree otherwise. In the "Times"
it
also stated in part:
was
They expressed the view that Congress should
national conditions.
Declaring for
a
Y
'
•
,
return to the gold standard,
"We should return to specie payment; that
the minority report said:
is to say, the full conversion
permits convertibility of all currency into gold, and vice
standard which
In other words, we should return to
at the option of the holder.
versa,
be in position to determine
with due regard for both national and inter¬
the whole monetary program
unqualified gold standard."
an
\
*
,
property at the time of the application for insurance be used.
The bill also reduces from $10;000 to $2,500 the amount of
a
loan for
borne
renovation which the FHA' may insure..
In an attempt to make
modernization insurance operations self-sustaining, the bill provides for a
1% annual premium charge
on
House
Ways and Means Committee Conducts Hearings
Proposed Changes in Social Security Act—Hears
Suggestions for Widening Law Advanced by Arthur
J. Altmeyer—Proposals to Include 6,000,000 Farm,
on
the original amount of the loan:
Republicans tried unsuccessfully to strike otn; the $1,000,000.000 increase
In the mortgage limit and
a
section continuing the FHA's
mortgages on homes already built.
had
also
objected
to
thpse features
building and loan associations.
'
■
the
on
President
FHA and
the
Roosevelt
take the
The bill
as
played
in the Banking Committee
upon
the
role of mediator
between
the
HOLC.
From United
we
had
ground they would' penalize
Washington April 12
following:
passed by the House eliminates
permitting insurance-of mortgages
on
a
provision in the present Act
apartment
buildings costing from
charge of 1%
per annum
will be charged under the
make this phase of the FHA program
Meanwhile,
a
similar bill
wai,
of the original amount of
new
bill, with
an
effort to
self-supporting.
under consideration by the Senate Banking
and Currency Committee, where suggestions were made that insurance of
mortgages on existing properties be restricted to 35% of the total authoriza¬
An additional restriction
was
sought by conservative Senators to permit
insurance of mortgages on existing structures only where modernization is
price of
•
On
a new
a
view toward using the property as part of the purchase
building.
April 13, the Senate approved
a
bill by Senator Robert
A. Taft, Republican, of Ohio, to increase the cost limits of
homes built in metropolitan districts under provisions of the
start
con¬
them
system,
two
years
payments
increase monthly payments, to
to make available sup¬
to
earlier and
for wives and
widows of pensioners.
Under the
proposed amendments to the law, benefits would
begin on Jan. 1, 1940, instead of Jan. 1, 1042. In accordance
with the annual report of the Social Security Board made
available last December,
and forwarded to Congress by
revision
the
Roosevelt
and
on
extension
Jan.
16,
the
of
recommendations for the
Act
made,
were
including
the system 6,000,000 additional
wage earners.
Items bearing thereon appeared in these
columns Dec. 24, page 3842 and Jan. 21, page 367.
Proposals
by
proposal to include in
Secretary
"full
tion made under the bill
being made with
old-age benefit
President
$16,000 to $200,000.
An annual premium
Means Committee has been
Ways and
ducting hearings on proposals to broaden and liberalize the
plemental
Press accounts from
modernization loans
House
The
„
The $1,000,000,000 figure was
agreed
after
Domestic and Miscellaneous Workers Defeated
authority to insure
The Home Owners Loan Corporation
reserve"
of the Treasury
feature
of
the
Morgenthau to abolish the
Security Act and to
Social
delay imposition of full social security payroll taxes were
our issue of March 25, page 1728.
The Ways and
noted in
Means
Committee
earlier
suggested
was
reported
in
"Herald Tribune"
of
House
the
changes
on
Washington
that
the
began
March 29,
advices
committee
hearings
at
to
which
the
on
the
time it
New
York
has decided against
extending the system to cover 6,000,000 farm hands, domes-
Volume
tics
and
Financial
148
employees
of church
but is still considering the
recommendations
of
increases
Secretary Morgentbau that
in
churches
Of
them
abandoned.
out
Arthur
the
J.
Altmeyer,
committee to
tion
for
the same advices
Chairman
increase
Federal
rebates
from
to the
the
of
quote:
we
Board,
Security
Social
such
asked
.
"would
churches
States
in the
expenses
been
with
deluged
institutions,
impose
burden that would seriously curtail the carrying
a
"is
a
delicate
very
strong element in
a
which
one
the expansion proposal argued that the imposition'of a
the
dom of
$900,000,000 last
insurance
Testifying
in
support
the committee
the
of
liberalizing
amendments,
than that" of the present pne.
plained, would
from reductions
accrue
workers,
-who,
under
married workers.
This
give
first
the pensions to be
in
would
system,
new
The savings, he'
ex¬
paid retired
less
receive
than
'
,
the
was
would
the
Altmeyer
benefits
Mr.
the liberalized old-age
the eventual cost of
time
"recognition
it
to
had
been
the
family
the liberalized plan
disclosed that
unit"
would be
violation
a
single workers
through
repealing
a
of
Single workers,
than
under
pension
liberalized
the plan
as
present
$250
at
plan
plan.
present
the
the
plan
childless widows less.
or
month,
$56
only
A
plan.
a.
month,
a
A married worker,
liberalized
plan,
$84
single
for
proposed instead, oil April 4, that the Government induce
States to liberalize their compensation systems.
Ac¬
cording to Associated Press accounts from Washington on
that
date, which added
views
worker
with
would
40
compared with
in
the
under
the
years
receive
$81.25 under the
the other hand would receive, under
on
month,
a
compared
as
with
under the
$81.25
present plan.
Mr.
to questions by members of the House
Ways and Means Committee as to whether the tax was not
larger than necessary to support the State systems.
April 1, and proposed
the law be extended to nearly 600,000 more
the Washington "Post" we take the fol-;
that benefits of
workers.
From
on
lowing, regarding his testimony,
He
outlined by the Inter¬
as
News Service:
/
proposed blanketing under
three
large
♦
—House Passes Nine Other District Measures
Appropriations Committee on April 6 approved
appropriation of $46,915,207 to finance the District of
Columbia government during the year beginningjjxext July 1,
an
the
old-age benefits
act's
the
provided that only $5,000,000 of this amount would come
the'balance being raised
by the District government through taxation.
The House
had earlier (on March 27) passed nine District bilis and
from the Federal Treasury, with
accepted
following
In
Federal
of
instrumentalities,
such
the
Federal
Reserve
Bank,
National banks and National parks, which he estimated to include.up to 300,000.
All seamen on American ships, whether American citizens or
not, estimated by
Mr. Altmeyer to number as many as 200,000.
as
Urging inclusion of non-civil service ^Government Workers, Mr, Altmeyer
pointed out that civil service employes already haVe their own retirement
system.
But he recommended against the extension of unemployment
insurance to such noncivil service
workers, because this would "complicate"
machinery of the social security system too much, he said.
Questioned regarding recommendations for State employes, Mr. Altmeyer
said the board at present is "unable to devise
any system to bring them
the
of
Act
which
maintained,
would
in
tion
Massachusetts, that
take
to
the
into
Mr.
the
v
noncivil-service
'•
.
Altmeyer
cited
as
the
of
CCC
instead
of
,
Mr.
Altmeyer
seamen
that
the
could
group
brought
be
under
hire
explained
number
With
aliens
of
exemption
his
exempt
now
Bankers
in
this
would be
group
small
so
as-to
and
of the
domestic
Inclusion
Ways and Means Committee
The
workers
and
these
revising
Ways and Means
hearing
a
during
Committee acted at
which
John
special session held after
a
each
employes
contribute
present law provides for
and
employer to \Vz_%
The
of
action
the
2%
the
The
increase of the tax payable by both employee
an
committee,
which
announced
was
chance of any
in
brief
a
substantial
formal
revision
Security Act at this session.
statement
made
voted
to
read.
defer
any
action at this session of Con¬
"This action
at
this
time
before the committee
will
be saved the
nouncement
excessive."
beginning Jan. 1, 1940.
"The committee has
gress,"
"enormously
was
statement, appeared to have ended all
of the Social
so
that
been
has
taken
this
an¬
in
appearing
time and expense and
trouble of
persons
interested
and
Speaking for himself
W.
and
not
McCormack, Democrat, of
man,
time
this
for the committee,
Massachusetts,
said that he felt that to bring
charitable
6,000,000
some
and
religious
farm
workers,
institutions
Representative John
the Committee's
Vice-Chair*
into the social security system at
domestics
would
"only
and
make
employees
the
law
of
more
cumbersome."
"How
could
"How would
lections
are
you
you
would
determine the
pass
on
of agricultural help ?"
he asked.
the question of seasonal employment?
Tax col¬
be difficult and
wages
complicated.
The problems of the farmer
entirely different from those of industry.
same
deficit
be
could
realty
will
reduced
category with agricultural workers."
pay
committee
to
Fiscal
on
of the smallest
in
recent years.
raised substantially by the Senate, the District's
$3,496,752.
Chairman Collins pointed out that this-
is
approximately
scheduled
rate,
is one
measure
be
Affairs,
$200,000
June
to expire
by
of the $1.75
the House Sub¬
disposition to drop the
retention
Members
30.
however,' showed
no
of
pending tax measure, designed to increase revenue.
Three Amendments
Only
three minor amendments
by
accepted
Mr.
who
Collins,
were
made
piloted
the floor, and these were
on
bill
the
through the
military precision.
;
•
These are:
House
"
.
with
,
,
.
appropriation
,
District officials required to provide
front of all public buildings.
parking space for members of Congress in
The Commissioners are barred from uprooting
the present parking meters.
suffrage and
Passage, followed "debates on Gallinger Hospital;_and_Jpcal
the sale
of
of liquor
to
minors
and art alleged local milk
monopoly.
floor, and the number dwindled several times to half that figure.
and
assistants
two
sustain
the
•
On the
Gallinger from the hill—the vote-was 29 to 10 to
at
committee,
Funds
School
Curtailed
capital improvements not included in the budget
the supply hill's total is held down by sharp curtailment of
operating expenses, especially in the schools.
these
of
One
capital expenditures inserted by Mr. Collins, however, was
left suspended in
midair by
And domestics are " in the
•
>
point of order raised by Representative Rich
a
This eliminated an authorization for the
of Pennsylvania.
(Republican)
Commissioners
to
enter
into
contract
a
for
construction of
a
hew main
$350,000 appropriation.
Mr. Collins, who has urged .the library construction for several years,
did not contest the point and intimated the authorization for a $1,118,000
but left intact an initial
library,
building, to be erected on the present site pf the National Guard Armory,
will be
restored in
tbe Senate.
'
1
1
Point Not
'
'
<*
Quick Enough
An effort which if made in time would have halted a reorganization
the
Fire
made
Department by reduction
by Representative Schwert
District Committee.
of
in the number of station houses, was
(Democrat)
of New York, a member of
the House
proviso a few seconds
passed the legislative language.
The proviso was denounced
during general debate by Representative
Bolles
(Republcian) of Wsconsin, another member pf the District Com¬
mittee, who complained that the committee members bad not had an
Schwert
Mr.
after
raised
a
point of order against the
the fast-reading clerk had
opportunity to study the hill as it was not
released until noon.
by the House on
Further details of the measures passed
March 28 were given as
of the following
By receding on
doing."
so
1940
total
the
T.
Flynn, of New York, a writer on
economics, testified • that the old-age pension reserve was an "elaborate
fiction" and urged the "freezing" of the old-age pension tax at its
present level, 2%, divided between employer and employee.
He argued
that the Social Security Advisory Board's recommendation that employers
and
Unless
estimates,
on
workers was one of the recommendations for en:
the social "security "program submitted to Congress
by the Social Security Board with the approval of the White House.
of
and
will
Government
Federal
Carrying money 'for
employees of religious,
charitable and non-profit institutions, a Washington .dis¬
patch of March 17 to the "Herald Tribune" noted:
larging
the
below budget estimates and $1,450,845 under the 1939
Falling. $762,478
appropriations, the
make
unanimously voting not to recommend ex¬
pansion of the social security "program to include 6,000,000
farm
which
of
Throughout tbe session there were never more than 60 members on the
American
in
17
$46,915,207,
only contested amendment—to strike new jobs of a $7,600 medical director
the
unnecessary," he declared.
the action
March
carries
be extended to employes of these, banks.
inclusion of aliens in the proposal for
that
ships, declaring this Would not encgurage ^shipowners
crews to escape payment of the social security taxes.
foreign
"The
benefits
are
House
Randolph
Association
and
American
on
It
for the Griffenhagensurvey.
pointed out that, employes of national banks
Law,
Chairman
of
Virginia to ask $10,000 for a milk investigation.
reporting the House passage of the. ^District appropria¬
bill, the Washington "Post" of Aprii 7 said, in part:
condemnation
Security
the
after
another
Twleve thousand five hundred dollars added to last year's $5,000
•
camps.
Social
their
"contribution"
a
provision
special
a
"without complicating it."
plan
recently urged that the
to
(Democrat),
"tax itself"
number of Government agencies not under civil service suqh
Owners Loan Corporation and the administrative personnel
a
Home
He„ then
from
employes, by writing
belief
voiced
social security
He
McCormack
the Government could constitutionally
law, calling the Government's share
"tax."- '
a
of
care
Representative
to
of
directed
had
$5,000,000, to operate the District government during the next fiscal year.
questions of constitutionality."
overcome
reply
version
Committee
West
groups:
Employees
Senate
the
District
•
Non-civil service employees of the Federal Government, which he estimated to
100,000,
"
He
'
The House
number around
under
'
;
Appropriations Committee Recommends $46,915,207 Appropriations Bill for District of Columbia
but
Altmeyer again testified,
national
Altmeyer expressed his
Mr.
that
in response
House
example,
as
social security tax
free¬
constitutional guarantees of
of
the
unfolded, would fare considerably worse
was
of
worship.
pensions ,to give married workers and widows with children larger benefits
and
taxing
Opposing reduction of the 3% payroll tax collected from
employers for unemployment compensation, Mr. Altmeyer
Eventual Cost Held Less
.
system would be less
single
approximately
totaled
year.
.
assured
which
collections,
churches
upon
the
on
Some opponents of this phase of
decision."
our
raised
Congress would consider, and
no
operation of unemployment insurance.
He explained that the amount
sought would be $10,000,000 less than the Federal Government's share of
unemployment
particularly from
to bring their
protests,
the proposal
against
of their programs of public welfare."
He added that questions that have been
that's
administrative
had
religious
institutions, Representative McCormack said, they already were
a public service and imposition of social security taxes upon
performing
$49,000,000 to $80,000,000 the authoriza¬
for
and
employees into the social security system.
the old-age benefits payroll taxes scheduled to go into
effect next year be deferred and that the "full reserve" be
From
committee
The
charitable institutions,
and
liberalizing amendments and the
2199
Chronicle
of David
,
its amendment, the House agreed to the reinstatement
Thompson and Ralph Warner in the
ment without back pay.
would
follows in the Washington "Post"
day:
have
amounted
to
Metropolitan Police Depart¬
The Senate had refused the
$20,009.
Eight of the nine bills passed by
reimbursement, which
the House have been approved by the
the White House.
Three have to do with the
administration of the public schools.
One of these provides for the appoint¬
ment of research assistants, the second for adjustment of appointments
in the white and colored divisions, and the third for amendment of the
Techcrs' Retirement Act to require designation of beneficiaries.
Senate
One
board
and
bill
and
now
go
to
provides. alternate methods of enforcing orders of the Joint
Public Utilities Commission and, in "effect, enables the
the
2200
Financial
commission
civil
enforce
to
its
regulations through
lective
suits.
against unreasonable damage suits is provided in
the District code in several particulars.
bill amending
Two
minor
bills
Municipal
allowable
margin
of
from
error
4%
2%
to
electric meters.
on
A
R.
ployees, and the public.
Burke
(Dem., Neb.), which the National As¬
in accord with its views:
was
one
To require
representative each of employers, em¬
To outlaw the checkoff by which employers de¬
duct union dues from pay envelopes.
third
cases-
the Board's activities.
on
the NLRB to be composed of
changes the taxicab licensing date to March 1.
measure
To permit appeals in representation
sociation of Manufacturers said
Commissioners to buy steam for
central heating plant and reduce the
the
from
time limit
a
By Senator Edward
a
authorize the District
Center
April IS, 1939
bargaining elections.
To set
Protection of banks
the
Chronicle
police channels rather than
To ban "coercion" of employees in
their right to organize by either employers or labor unions.
To establish
certain "unfair labor practices" on the part of unions as well as employers.
To forbid unions to strike unless
Senator
Wagner
First
Senate Committee
Witness
at
Hearings
unit have approved
Before
Proposals to Amend NLRA—
Senator Ellender Urges Ban on
"Slaughter" of
Bona Fide Independent
Unions—Hearings Adjourn
Until April 17—Public Hearings
by House Com¬
of workers
of the National
sponsor
witness
on
Senate
Labor
Relations
vestigatory
Senator Arthur J.
•
Ellender of
Louisiana said
On
the
disputing
are
petition
for
an
over
election.
on
the
to
Representatives of all these interests
objection to giving it.
at
a
New
hearing, conducted
were
large.
No
the time
later session."
"
a
national
lay
"unfair
labor
on
by employers.
Business
men
employees.
right they have asked not only in the
Senator
to
deal
cases
case
his proposed
„
Wagner
possibly lead to the conclusion that the
creates
an
unfair
relationship between the
ing with labor and in all other business
affairs, he has the privilege of elect¬
ing his own spokesman by
ever
bargaining procedure
tors and the general
public.
challenged the employer's right to
use
a
century
Organization for—the
of
with
the
United
America,
purpose
Congress
of arriving at a
existing government department of
a
quasi-judicial agency with authority
Judges John
F.
O'Brien,
Irving G.
,
Hubbs
and
W.
Harlan
Metropolitan's assertion that the
act
delegated unjust legislative powers, to the Labor Relations Board.
"It should be noticed that the act sets
up explicit procedural standards
as
to
charges, notice, hearing and findings and
as
to judicial review," the
Court stated.
"Similar provisions of the National Labor Relations Act have been
construed
'as
affording adequate opportunity to
finally
judicial protection
secure
against arbitrary action."
Members of the State Labor Relations Board, headed
by the Rev. John
P.
Boland, Buffalo,
as
Chairman,
years at annual salaries of
are
appointed by the Governor for six
$7,500.
The Court, ruling in a similar case brought by the Bank of Yorktown,
New York City, reversed a ruling of the Appellate Division that the bank
should hold
an
election to determine the bargaining agent for its workers.
The Court based its reversal, without an opinion, on a recent case
involving
Dim & Bradstreet
vs.
City of New York.
In the Metropolitan case, however, the Court stated that the "purposes
and
en¬
policy" avowed in the act, "and the scheme of the act
as a
whoie dispel
all doubt that these agents of Metropolitan are employees" under the law.
or more."
One year ago this
Plans to amend the law were
mentioned in the "Chron¬
icle" of March 11,
page 1414.
agents
in
the
Thursday the Metropolitan's 2,500 industrial insurance
"territory"
embracing
Westchester County elected
Union,
Local
30.
The
as
New York City,
Long
Island
and
their bargaining agent the Insurance Agents
Labor
Relations
Board
certified
this
union,
an
affiliate of the United Office and Professional Workers, and later issued
complaint against the Metropolitan when the
negotiate with this local.
affiliated
The Court's opinion also overruled the
>
in dealing with his employees, his
competi¬
By Senator David I. Walsh (Dem., Mass.), sponsored
by the A. F. of L.:
To curtail the NLRB's power to
invalidate contracts between
employers
and bona fide labor unions.
To require the NLRB to hold elections
by
crafts rather than
permitting it to lump all production and maintenance
employees in an industrial unit.
To permit employers to petition for col¬
30,
Workers
They said they did not consider other grounds involved.
the
Under date of March 28 United Press accounts from
Wash¬
ington stated that the following four sets of amendments are
before the Senate Committee:
Local
Professional
Rippey dissented from the majority opinion, asserting that the statute
applied only to industrial workers and should not apply to insurance agents.
The simple truth of the matter is that all of
the industrial rights which labor
is accorded under the Act have been
joyed by industry for
and
Associate
majority rule.
collective
insurance
to make
•
"Certainly the employer has the right to bargain
collectively through the
corporation and through nationwide trade
associations.
Certainly in deal¬
working group has
The
decisions reviewable only in the
courts," Associate Judge John T.
Loughran wrote in the majority opinion.
Concurring in this were Chie'
Otherwise,
rights of the employer and the rights of the worker.
"No
Norton
State Labor Relations Board
a
Justice Crane and Associate Judges Lehman and Finch.
This
change was
the union had had
ample time to effect its organization.
As to the amendments to ban
"coercion from any source," Senator
had this to say:
can
Chairman
"We think nothing in that constitutional
limitation (on creation of New
have
employer might attempt to "freeze a situation
produced by a
long tradition of opposition to unionism," that
is, obtain an election before
Relations Act
because
new
Agents Union,
an-
National Labor
surprise
a
The Court ruled that formation of the State
ance
an
be organizing their workers.
clear that
of competition between two unions.
"No just regard for the facts
was
.York State departments) was intended to
prevent the establishment within
of two unions competing for
one union may
Wagner, however, made it
only with
he said,
where
•
.
State Court of Appeals at Albany in a
April 11, held valid the State's so-called
that
no
employers from influencing or
backed amendments to outlaw coercion from
any source and to include in
a ban on union
practices which they consider detrimental.
They also have asked the right to petition the Labor Board for an
election
to determine the collective
bargaining agent of their
cases
five-member
bargaining agreement.
The case was referred to
July 30, 1938, page 657.
Associated Press
Albany advices of April 11 outlined the ruling as follows: *
the law
membership, but in
the
in these columns,
questions of union membership, and out- *
practices"
a
of
amendment
an
collective
calamity."
be given
it "stands, prohibits
on
held
Industrial
claims to having ever been the friends of labor."
other
member
.
New York
Office
to the amendments pro¬
posed by the A. F. of L., but otherwise, he told the
Committee:
"Many of those who will gather here to indict the Labor Act can
laws
Democratic
State Apartments.
The Court also
agents are'.subject to the* law.
The
constitutionality of the law had. been challenged by the
Metropolitan Life Insurance Co., - which had refused to
comply with an order of the Board to negotiate with Insur¬
instrument for economic peace
It has vastly benefited
workers, employers, and the
intimidating their employees
a
York Court of Appeals
Upholds State's "Little
Wagner Act"—Decision Finds Law Is Constitu¬
tional—Metropolitan
Life
Insurance
Co.
Had
Challenged
Its
Validity—Court Also Rules in
Action Brought by Bank of Yorktown
one
as
Georgia,
Washington
-
considering the introduction of
Wages and Hours Law,
the creation of
on
Senator Burke will be the
hearings, Monday.
He urged that careful consideration
Wagner Act,
of
"
Board in 1937 did not violate the State constitutional ban
verbal
national evil; its mutilation would be
The
Ramspeck
tioiis Board.
came
challenges its objectives; no responsible party
openly advocates its repeal.
Any diminution of its effectiveness would be
a
Labor
with functions similar to those of the National Labor Rela-
"The proof is overwhelming," Senator
Wagner said, "that the Labor Act,
in its broad outlines, has proved an effective
public at
V
"Little Wagner Act" creating
gathered in the big marble-
tilting with Senator Edward R.
Burke, Democrat, Nebraska, a leading critic of the
Act, who sat at the
Committee table.
Senator Wagner, however, pleaded
weariness, and asked
and industrial justice.
,
House
selected geographically.
The
'
a
quote:1'
4 to 3 decision
Senator
They leaned forward expectantly when, he concluded and
witness at the next session of the
made known that the
was
pressed the belief that it would be May before the Wagner Act hearing could
begin.
•
proper
no
official start.
that questions be deferred until
all amendment proposals.
completed
its consideration of the Wages and Hours Act and 9, bill designed to make the
Civilian Conservation Corps permanent.
Mr. Ramspeck thought these
measures would be disposed of in about ten
days, but other members ex¬
Wagner read a lengthy state¬
Views and giving the
controversy long brewing, its
for questioning and, possibly some
Nationa1
Senate Labor Committee also has started
hearings on the subject.
The House hearings will not begin until the Committee has
Education and Labor, on the
many proposed
as
the
previously had maintained she would let the Senate take the initiative.
.*
the first witness
today
by
The decision of the Committee to hold
hearings on the subject, reached
at a secret session originally scheduled to consider
pending amendments
unfairly weighted in
room
a
To extend the exemption of agri¬
replace the existing Labor Relations Board of three with
to
agency
favor of labor; for the A. F. of L., which thinks the
Act unfairly favors the
C. I. O., and for the C. I.
O., which likes the Act as it stands.
caucus
Ky.), supported
From Associated Press accounts from
we
Representative
Members of the Labor Board will be heard
later, and additional witnesses
will speak for business interests, whicRthink the law
ment setting forth his
(Dem.,
opposes
group, disclosed that he was
amendments to the law.
walled Senate
Logan
O.
.
t
by the Senate Committee
establishing
a
.
as
and
plant, the employer be given
This right could be
conferred, he
specifically by legislation.
Wagner appeared
which the
M.
April 12 it
April 12
Congress of Industrial Organizations and
thought, by an order of the NLRB, but he had
Senator
To separate the NLRB's ad¬
commissioner
Committee has decided to hold public hearings on changes in
and industrial justice" although he admitted that the
rights of some employers had been infringed by the struggle
between opposing factions in organized labor.
In summarizing his
testimony, Associated Press Wash¬
ington advices said in part:
of Labor
M.
The C. I.
the Act.
peace
when
Senator
own.
April 10
said that the law has operated excellently, with one
exception,
for which he proposed a remedy.
He said that the law.is a
fair ancj. effective instrument for the
promotion of "economic
American Federation
relations
except
its
by Senator Thomas of Utah, Chairman of the Senate Labor
Committee, warned on April 10 that they would oppose
attempts to "cripple" the law through proposed amendments.
Senator Wagner, in reading his statement on
April 11,
collective bargaining agent of the workers of
labor
a
cultural workers under the Act to processors and
packers of farm produce.
The A. F. of L, announced that it would oppose all amendments
leaders, represented
He suggested that
to
power
Grange and other farm organizations:
"Senator
on
By
held
were
Committee.
that he would propose amendments to the law "to
prevent
bona fide independent labor unions from
slaughter at the
hands of the NLRB."
Administration
to
Federal district court from,
nine-member labor appeals board to reach final decisions.
April 11 at
proposals to amend the law which
on
the
the right
To permit employers to transfer
By Senator Rufus Holman (Reo., Ore.):
Wagner read a long prepared statement, and the hearing
was
thereupon adjourned until April
17.
Meanwhile
the
discharged for union activity.
the NLRB.
ministrative and judicial functions, by giving the administrative and in¬
Wagner of New York,
Labor Relations Act, was the first
hearings
To require labor union officials to be
To restrict the NLRB's power to order reinstatement
trial of "unfair labor practice" charges to the
mittee
Senator
before
majority of employees in the appropriate
by secret ballot.
American citizens.
on
a
through
i
an
The
case
was
company
a
allegedly refused to
brought to the Court of Appeals
appeal by the company against
an
Appellate Division order
nstructing it to recognize the union.
The Court of Appeals, referring to
the
"legislative"
powers
what the Metropolitan asserted
were
granted to the Board to determine "the life of
selected representatives," said:
Volume
148
Financial
Chronicle
The defined purposes of the act do not countenance what
Metropolitan
assumes is a limitless power of the Board to
permit employees to change
bargaining representatives for any reason at any moment.
On the company's assertion
the ban
The
the
is
here
not
and usually an Administration supporter, said
conference spoke for the export plan."
offended
by want of sharper
interdepartmental regulation of the ministerial work of the board or by
undue restrictions on the executive power of removal.
In the Bank of Yorktown
composed of "employees,"
and that its workers
scope of the act.
fiduciary work of
would result in lower domestic prices
Senators
"I think
mechanics, workingmen or laborers within the
should represent its employees in
the institution.
As approved
I. O. unit
"unfair" interference with
as
cheese,
fruits,
These activities
now
a
mediation board of five members.
Senator
.
/
•
Rubber
and
$400,000,000
„
Tin—Southern
Increase Farm
to
and
Invasion
as
Formal
Appropriations by
Minister, sent
a formal note of protest to the State Depart¬
ment, in which he described the invasion as a violation of
the
Kellogg-Briand pact. The note was sent on instructions
Albanian Government, which made similar pro¬
in all world capitals.
Secretary Hull's statement
from the
tests
follows:
■.
tional threat to the peace of the world.
take
;
our
reserve
years unless
Senator Byrnes said.
mediately replaced by fresh supplies."
information
in the deal.
as
to
provided the amount used
;v
was
.v.';
'■
••
few
have
products
spare
which
are
Scott
W.
Lucas,
Bankhead,
he announced had been tentatively approved by
Bennett
Champ Clark,
of Alabama,
Democrat,
Italy and Albania are parties.
Democrat,
and
Commissioil
y
a
of Missouri;
Richard
Russell,
B.
«
Governments temporary credit agencies
have extended approximately $20,000,000,000 in credit,
"there will be very little ultimate loss to the Federal Treasury
from this great volume of credit," said Jesse H. Jones,\
Chairman of the Reconstruction Finance Corporation, on
Although
Democrat, of Illinois; Robert M. La Follette Jr., Pro¬
of Wisconsin;
H.
the specific
Temporary Credit Agencies Have Lent
$20,000,000,000, but Treasury Will Lose
"Very Little," According to Jesse H. Jones—Speaks
Under Auspices of U. S. New York World's Fair
United
with
\
of Senators, representing the West and South, including Senators
gressive,
John
non-competitive
■'
He said the program
group
yesterday on the broad grounds of aggres¬
writing this afternoon was on
Almost
He indicated that the United States might be willing to talk of such
States goods.
protest in
by telephone several times
Ga.]
Government
stressed the farm relief aspects of the plan, and did not
exchanges with other countries, but it was believed here that Germany and
Italy
Hull, and after State Department reports
violation of a treaty that was initiated by the United States
and to which both
emphasize the aid it would give European democracies in preparing for a
crisis.
a
■
Konitza had orally protested the
much wheat might be involved
,'\v
Senator Byrnes
im¬
formal
The
grounds of
■
'
^
bow
^
issued after Mr.
with President Roosevelt [at Warm Springs,
sion.
of stored
use
■
of April 8- to the New York
;
.
was
Mr. Konitza based his protest
expected from this provision,
no
Washington, dispatch
had been studied and Mr. Hull had conferred
'
.
."The exchange agreement might," he said, "provide for the
years,
' "■ -.'i
..
invasion yesterday to Secretary
the
This would be designed to prevent"
price demoralization through "dumping."
He said he had
'
welfare.
"Times" added:
of $65,000,000
obtaining them in the
would be pledged not to dispose of them within five
of five
own
A
really adequate protection
A
confidence and to
undermine economic stability in every country in the world, thus affecting
The statement
prices went above specified figures.
rubber during the period
.
add that the inevitable effect of this incident,
226,U00 tons of rubber, valued
believed that for
The materials would be stored and the countries
be
<
seriously concerns all nations; and violates the will
peace
It is scarcely necessary to
worth of tin hats been recommended.
Rubber might
addi¬
peoples in, the world that their governments shall lead them, not
taken with other similar incidents, is further to destroy
for loans to farmers could
about 1,250,000,000 pounds would be necessary.
swap
an
It would be shortsighted not to
toward war, but along paths of peace.
It was added that the War and Navy Depart¬
and
v.
unquestionably
potice of this further development.
Any threat to
of all
.
$85,000,000,
/.■"•
;/
\
The forcible and violent invasion of Albania is
Byrnes estimated that at least 2,000,000 of the 11,000,000 bales
ments wanted a minimum reserve of at least
about
Alleges
after he had issued the statement Faik Konitza, the Albanian
barter
of cotton the Government now holds as security
at
President
made with the
_
disposed of in the swap.
with
conference, in the form of a statement said to be
approval of President Roosevelt. A few hours
press
England, Holland, Belgium and possibly other countries, in
exchange for rubber and tin.
Senator Byrnes said the State
Department will formally propose the project to .other
Governments within a few days.
In elaborating on the
proposal, Associated Press Washington advices of April
be
Occupation of
Endangers
World
Statement
violent invasion" which constituted "an additional threat to
the peace of the world."
His declarations were issued at a
Western
would enable the United States to trade cotton and wheat to
Senator
Italian
Which
Secretary of State Hull on April 8 characterized the
Italian occupation of Albania ,as a "forcible and
on April 10
plan of raw materials
which would increase the democracies' supplies of materials
for war emergency and at the same time would lessen the
United States' surplus of farm products.
The plan, which
is sponsored by the Departments of Agriculture and State,
10 said: :•
relief distribution.
recent
"
international
an
for
products
Approval—Albanian Minister
Violation of Kellogg-Briand Pact
Senator James F: Byrnes of South Carolina
proposed
other
Roosevelt's
•
Proposes International Barter Plan,
Whereby
United
States Would
Trade
Cotton
and Wheat Surpluses to Democracies, in Exchange
Senators Seek
.
financed by $90,000,000 diverted annually from
Characterizes
Peace—Issues
Byrnes
for
-
The Senate
♦
Hull
Albania
mediate,
,
and
eggs
are
•.
Secretary
"
arbitrate any labor dispute, these functions being assigned to
or
'
by the House the farm bill carried .$500,000,000 for benefit
workers who join a union and employers' refusal to discuss grievances with
conciliate
of some 30-odd Senators
custom receipts.
ployment of labor spies, blacklisting of workers, discrimination against
The Relations Board is precluded from engaging in any act to
bloc, indi¬
decide," Mr.
to
It also seeks $150,000,000 to expand the Government programs of buying
butter,
employees in the exercise of their rights of * organizing into unions, em.
accredited employee representatives.
Senators
seeks to add $250,000,000 additional for this purpose.
group
coercion
or
Southern
payments to corn, wheat, cotton, tobacco and rice growers.
'
;■
The Labor Relations Act terms
of
newly formed corn-wheat-dairy
for the
Mr. Lucas said he would call a general conference
serious "disturbance" in operation of
a
'v
in the
matter
a
for corn, wheat, live-stock, dairy and fruit industries.
collective bargaining was "entirely un¬
warranted" and that it threatened
is
from Northern and Western States tomorrow to discuss proposed benefits
Counsel for the bank, in arguments before the Court, contended that the
Board's order directing an election to determine whether a C.
that
La Follette said.
employees, the bank contended, were "engaged in
individual in nature, and not subject to regimented regulations."
•-
single Senator at the
a
cated Westerners would avoid involvement in this controversy.
highly confidential character, entirely personalized and
a
"not
The Southerners contend the plan
for cotton.
Lucas, Democrat, of Illinois, and La Follette, Progressive, of
Wisconsin, two leaders
not
was
interpreted by the Labor Relations Board'
as
not
were
Its
the bank contended that its staff
case
.$500,000,000.
Senator Bankhead Democrat, of Alabama, one of the cotton bloc leaders
that creation of the Labor Board violated
command
than 11,000,000 bales of cotton now accumulated under Govern¬
more
ment loans of more than
additional New York State departments, the Court said;
on
constitutional
2201
the
a radio program sponsored by the United
Commission to the New York World's Fair 1939. *
April 9 in
Democrat, of Georgia.
Asked whether the Governments involved would be permitted to use the
Mr .Jones said,
States
Credit
made
traded stocks if they became involved in war, Senator Byrnes told reporters
authorizations in this category,
he thought that
provide employment and promote the economic stability
of the country."
He added: "There will be very little
ultimate loss to the Federal Treasury from this great volume
of credit."
Mr. Jone's speech was devotee} chiefly to a de¬
question would be answered by rising prices that would
permit automatic release of the
arrangements.
commodities under contemplated treaty
.
before
Testifying
agriculture should
Senate sub-committee
a
Europe go
to
war,
on
Agriculture, said that war—whether or not
for
prospects
Henry A.
this
Wallace*
American
Secretary of
Nation participated—
would cost the Government huge sums to keep its farms going.
"If
an
isolation policy is our main
objective," he said in testimony made
public by the Department of Agriculture, "we must prepare to use vast*
sums
of
money
to
subsidize domestic consumption,, to store surpluses,
and to maintain farm income."
defense
as
the Army and Navy appropriations."
"If economy is our main purpose,"
he told the committee, "we should
small means or
have
made
from
Southern and Western
States
this
week
At
a
closed conference of 16 Senators called by Chairman Smith,
crat, of South
Carolina, of the Senate Agriculture Committee,
an
Demo¬
informal
agreement was reached to try to add the increased funds to the agricultural
appropriations
bill which
passed the House carrying
a
total of $835,-
000,000.
,
Secretary
Wallace and
other
asked to testify regarding need
Administration farm leaders
have
for the increases at hearings by
a
been
Senate
appropriations sub-committee starting tomorrow.
Smith said Southern Senators still were determined to block the cotton
export subsidy plan
suggested by President Roosevelt as a means of reducing
more
$400 per loan.
These loans have been made on cotton,
turpentine, resin, wool, mohair, hops, figs, dates,
peanuts, butter and pecans, in
averaging $1,600, and
have received loans
owners
have benefitted by our
1,138 million dollars was
to
of relatively
3 billion, 100 million dollars of this
authorized to agriculture in one form or another.
We
than 3 million commodity loans to 1,500,000 farmers,
wheat, tobacco,
raisins, prunes,
men
time as much as 3 billion dollars.
have been almost entirely people
business interests.
averaging less than
corn,
Senators
,
than 10 billion dollars in private credits,
having outstanding at any one
never
granary."
planned a campaign to increase agricultural appropriations
by $400,000,000.
Hearings on a proposed farm bill were
reported in the "Chronicle" of April 1 (page 1888) and
April 8 (page 2051).
In discussing latest developments,
Associated Press Washington advices of April 9 said:
agencies and their his¬
the operatons of the
.
The RFC has authorized more
amount has been
follow the path of export subsidies combined in sensible fashion with acreage
control and the ever-normal
scription of the Government credit
torical background.
Inf discussing
RFC, he said in part;
;v"
Beneficiaries of these credits
He contended that such costs would be "as properly a part of our national
were
"to
enable them to meet
for the safety
39 States. 150,000 stock¬
131,000 farmers and land¬
and irrigation dis-
loans to drainage, levee
loaned to banks, principally in 1932 and '33,
withdrawals occasioned by the fear of depositors
A billion went to pay depositors in over
of their deposits.
1,100 million was invested in the capital of 6.140
of their preferred stock, capital notes and
debentures.
All this aid to banks benefitted, no less than 40 million de¬
positors, and hundreds of thousands of bank stockholders.
827 million went
for loans to railroads, and 742 million for the purchase of securities for selfliquidating projects—bridges, tunnels, aqueducts, dams, &c.
We have authorized loans to 632 drainage, levee and irrigation districts,
in 32 States.
These loans resulted in cutting the taxes and water charges
to the landowners in these districts to one-third of what they previously
2,200 banks that
banks
through
failed.
the purchase
2200
Financial
commission
civil
to
enforce
its
Chronicle
regulations through police channels rather than
suits.
To set
Protection of banks against unreasonable
damage suits
bill amending the District code in several
is
provided in
the
bills
Municipal
allowable
measure
Commissioners to buy steam for
central heating plant and reduce the
the
from
margin of error from 4% to 2% on electric
changes the taxicab licensing date to March 1.
time limit
on
meters.
A
(Dem., Neb.),
which the National As¬
in accord with its views:
was
ployees, and the public.
First
Senate Committee
Senator
Witness
at
duct union dues from pay envelopes.
third
their
To ban "coercion" of employees in
right to organize by either employers
Hearings
unit have approved
Before
Proposals to Amend NLRA—
Urges Ban on "Slaughter" of
American citizens.
on
Ellender
labor unions.
or
To establish
by secret ballot.
To require labor union officials to be
To restrict the NLRB's power to order reinstatement
of workers discharged for union activity.
To permit employers to transfer
trial of "unfair labor practice" charges to the
Until
the NLRB.
Independent Unions:—Hearings Adjourn
April 17—Public Hearings by House Com¬
ministrative and judicial functions,
Senator Wagner of New York, sponsor of the
National
was the first witness on
April 11 at
vestigatory
Labor Relations Act,
By
on
adjourned
until
April
17.
labor
a
relations
commissioner
and
Senator
M.
M.
Logan
(Dem.,
Ky.),
Grange and other farm organizations:
supported
establishing
by
the
Meanwhile
To extend the exemption of agri¬
proposals.
Senator Arthur J. Ellender of Louisiana said on
April 10
that he would propose amendments to the law
"to prevent
bona fide independent labor unions from
slaughter at the
hands of the NLRB."
Administration leaders, represented
On
April 12 it
made known that the House Labor
was
Committee has decided to hold public hearings on
changes in
From Associated Press accounts from
Washington
the Act.
April 12
by Senator Thomas of Utah, Chairman of the Senate Labor
Committee, warned on April 10 that they would oppose
attempts to "cripple" the law through proposed amendments.
Senator Wagner, in reading his statement on
April 11;
said that the law has operated
excellently, with one exception,
for which he proposed a
remedy. He said that the law is a
we
quote:
Representative
'
Ramspeck
/
of
Georgia,
Democratic
a
member
group, disclosed that he
was considering the introduction of
replace the existing Labor Relations Board of three with
to
an
of
-
The decision of the Committee to hold
hearings on the subject, reached
at
a
to
the Wages
secret
session
originally scheduled to consider pending amendments
and Hours Law,
was
a
surprise because Chairman Norton
and industrial justice" although he admitted that the
rights of some employers had been infringed by the
previously had maintained she would let the Senate take the initiative.
opposing factions in organized labor,
summarizing his testimony, Associated Press Wash¬
ington advices said in part:
jts consideration of the Wages and Hours Act and
peace
He suggested that when the
American
completed
bargaining
the
to
right
thought, by
an
an
are
election.
disputing
a
Senator Wagner
'V
appeared
by the Senate Committee
on
as
which the
over
proper
no
be conferred,
the first witness
objection to giving it
at a
-
New
'
.
The
favor of labor; for the A. F. of
L„, which thinks the Act unfairly favors the
C. I, O., and for the C. I. O., which likes the Act as
it stands.
Senator Wagner read
the
a
Court
of Appeals Upholds State's "Little
Act"—Decision Finds Law Is Constitu¬
tional—Metropolitan
Life
Insurance
Challenged Its Validity—Court Also
Action Brought by Bank of Yorktown
,
unfairly weighted in
Representatives of all these interests "were gathered in
York
Wagner
hearing, conducted
,
as
Ramspeck thought these
would
begin.
Education and Labor, on the
many proposed
today
bill designed to make the
he
Members of the Labor Board will be heard
later, and additional witnesses
will speak for business interests, which think the law
room
a
Mr.
be disposed of in about ten
days, but other members ex¬
pressed the belief that it would be May before the Wagner Act
hearing could
„
amendments to the law.
walled Senate caucus
Corps permanent.
plant, the employer be given
This right could
order of the NLRB, but he had
specifically by legislation.
Conservation
measures
agent of the workers of
petition for
Civilian
Congress of Industrial Organizations and
Federation of Labor
collective
The
Senate Labor Committee also has started
hearings on the subject.
The House hearings will not begin until the Committee has
struggle
.In
the
the
amendment
five-member
a
selected geographically.
^
agency
fair and effective instrument for the
promotion of "economic
between
a
Nationa1
cultural workers under the Act to processors and
packers of farm produce.
The A. F. of L. announced that it would
oppose all amendments except
its own.
The C. I. O. opposes all amendment
hearing
thereupon
to
power
'
'
To separate the NLRB's ad¬
by giving the administrative and in¬
nine-member labor appeals board to reach final decisions.
proposals, to amend the law which were held
before the .Senate Labor Relations Committee.
Senator
Wagner read a long prepared statement, and the
was
Federal district court from
'
By Senator Rufus Holman (Ren., Ore.):
mittee
employers.
as
majority of employees in the appropriate
a
Bona Fide
hearings
require
To outlaw the checkoff by which employers de¬
To forbid unions to strike unless
Wagner
To
the NLRB to be composed of one representative each of
employers, em¬
certain "unfair labor practices" on the part of unions as well
Senator
cases*
the Board's activities.
sociation of Manufacturers said
authorize the District
Center
a
To permit appeals in representation
By Senator Edward R. Burke
a
particulars.
Two minor
April IS, 1939
lective bargaining elections.
on
in
Court of Appeals at Albany in a
April 11, held valid the State's so-called
"Little Wagner Act" creating
big .marble-
Had
Rules
New York State
4 to 3 decision
lengthy state¬
Co.
a
State Labor-Relations Board
with functions similar to those of the National Labor Rela¬
tions Board.
The Court ruled that formation of the State
ment
setting forth his views and giving the
controversy long brewing, its
official start.
i
.
»
They leaned forward expectantly when, he concluded and the time came
possibly some verbal tilting with Senator Edward R.
Burke, Democrat, Nebraska, a leading ciitic of the Act, who sat at the
Board in 1937 did not violate the State constitutional ban
the creation of new State
departments. The Court also
held that insurance agents are
subject to* the law.
The
for questioning and,
Committee table.
on
Senator Wagner, however, pleaded weariness, and asked
that questions be deferred until
later session.
a
witness at the next session of the
hearings,
constitutionality of the law had been challenged by the
Metropolitan Life- Insurance Co., which had refused to
comply with an order of the Board to negotiate with Insur¬
ance
Agents Union, Local 30, affiliated with; the United
Office
and
Professional Workers of America,
Congress
Industrial Organization for the
purpose of arriving at a
collective bargaining agreement.
The case was referred to
in these columns, July 30,
1938, page 657.
Associated Press
Albany advices of April 11 outlined the ruling as follows:
Senator Burke will be the
Monday.
"The proof is ovei whelming," Senator
Wagner said, "that the Labor Act,
in its broad.outlines, has
proved an effective instrument for economic
peace
and industrial
justice.
public at large.
No
It has vastly benefited workers,
employers, and the
one
challenges its objectives;
no
responsible party
openly advocates its repeal.
Any diminution of its effectiveness would be
a national
evil; its mutilation would be a national calamity."
He
urged that careful consideration be given to the
amendments pro¬
posed by the A. F. of L., but otherwise, he told the
CQmmittee:
"Many of those who will gather here to indict the Labor Act
claims to having ever been the friends of labor."
The Wagner Act,
can
lay
no
it stands, prohibits employers from
influencing or
intimidating cheir employees on questions of union membership, and outas
laws
other "unfair labor practices"
by employers.
Business
backed amendments to outlaw coercion from
any source and to
the law
a
ban
on
union practices which
They also have asked
to
determine
the
bargaining agent of their
right they have asked not only in the
,
to
men
have
include in
they consider detrimental.
the right to petition the Labor Board for
collective
case
an
election
employees.
deal only with
cases
cases
where
one
This
of two
union may
of competition
he said, an
employer might attempt to
long tradition of opposition to
between two unions.
"freeze
a
situation
unionism," that is, obtain
an
can
a
election before
Wagner
"No working
group has
ever
bargaining procedure
tors and the general
public.
challenged the employer's right to
in
use
a
the
dealing with his employees, his competi¬
The simple truth of the matter is that all of
the industrial rights which
labor is accorded under the Act have been
joyed by industry for
century
or
en¬
more."
Plans to amend the law were mentioned in the "Chron¬
icle" of March
11, page 1414.
Under date of March 28 United Press accounts from
Wash¬
ington stated that the following four sets of amendments are
before the Senate Committee:
.
was intended to
crafts rather than
permitting it to lump all production
an
industrial unit.
prevent the establishment within
a quasi-judicial agency with authority
reviewable only in the courts," Associate Judge John T.
Loughran wrote in the majority opinion.
Concurring in this
were
Chief
Justice Crane and Associate
Judges Lehman and Finch.
John
F.
O'Brien, Irving G.
Hubbs and
Harlan
W.
Rippey dissented from the majority opinion, asserting that the statute
applied only to industrial workers and should not apply to insurance
agents.
They said they did not consider other grounds involved.
The Court's opinion also overruled the
Metropolitan's assertion that the
act delegated unjust legislative
powers to the Labor Relations Board.
"It should be noticed that the
as
to
act sets up explicit procedural standards
charges, notice, hearing and findings and as to judicial review," the
Court stated.
"
"Similar provisions of the National Labor Relations Act have been
finally
construed 'as affording adequate
opportunity to secure
against arbitrary action."
Members of the State Labor Relations Board, headed
by the Rev. John
P. Boland,
Buffalo,
as
Chairman,
years at annual salaries of
The
Court, ruling in
New York City, reversed
should hold
an
and maintenance
To permit employers to petition for col¬
are
appointed by the Governor for six
$7,500.
similar
a
case
brought by the Bank of Yorktown,
ruling of the Appellate Division that the bank
a
election to determine the bargaining agent for its workers.
The Court based its reversal, without an opinion, on a recent case
involving
Dun & Bradstreet vs. City of New York.
In the Metropolitan case, however, the Court stated that the
"purposes
and
policy" avowed in the act, "and the scheme of the act
as a
whoie dispel
all doubt that these agents of Metropolitan are employees" under the law.
One year ago this Thursday the Metropolitan's 2,500 industrial insurance
agents
in
the
"territory" embracing New York City,
Westchester County elected
Union,
Local
30.
The
as
Long
Island
and
their bargaining agent the Insurance Agents
Labor
Relations
Board
certified
this
union,
an
affiliate of the United Office and Professional Workers, and later issued
a
complaint against the Metropolitan when the company allegedly refused to
negotiate with this local.
By
Senator David I. Walsh (Dem., Mass.), sponsored
by the A. F. of L.;
To curtail the NLRB's
power to invalidate contracts between employers
and bona fide labor unions.
To require the NLRB to hold elections
by
employees in
departments)
existing government department of
to make decisions
judicial protection
possibly lead to the conclusion that the
National Labor Relations Act creates an unfair
relationship between the
rights of the employer and the rights of the worker.
"Certainly the employer has the right to bargain
collectively through the
corporation and through nationwide
trade associations.
Certainly in deal¬
ing with labor and in all other business
affairs, he has the privilege of elect¬
ing his own spokesman by
majority rule.
collective
•
Otherwise,
produced by
the union had had
ample time to effect its organization.
As to the amendments to
ban "coercion from any
source," Senator
had this to say;
"No just regard for the facts
an
Associate Juages
unions competing for
be organizing their workers.
Senator Wagner, however, made it clear that his
proposed chapge was
membership, but in
"We think nothing in that constitutional limitation
(on creation of New
■
York State
through
an
The
case
was
brought to the Court of Appeals
appeal by the company against
i nstructing it to
recognize
an
the union.
Appellate Division order
,
m
The Court of Appeals, referring to what the Metropolitan asserted were
the
"legislative"
powers
granted to the Board to determine "the life of
selected representatives," said;
"
,
,
Volume
148
Financial
Chronicle
The defined purposes of the act do not countenance what
Metropolitan
assumes is a limitless
power of the Board to permit employees to change
bargaining representatives for any reason at any moment.
On the company's assertion that creation of the Labor
the ban
The
the
ment loans of more than
conference spoke for the export
plan."
not here offended by want of sharper
interdepartmental regulation of the ministerial work of the board or by
undue restrictions on the executive
power of removal.
In the Bank of Yorktown
Senators Lucas,
a
Mr. Lucas said he would call
highly confidential character, entirely personalized and
should represent its employees in collective
warranted" and that it threatened
bargaining was "entirely
for corn,
of
"unfair" interference with
as
un¬
by the House the farm bill carried $500,000,000 for benefit
group seeks to add
It also seeks
butter,
coercion
or
wheat, live-stock, dairy and fruit industries.
As approved
the institution.
The Labor Relations Act terms
general conference of some 30-odd Senators
payments to corn, wheat, cotton, tobacco and rice growers.
serious "disturbance" in operation of
a
a
from Northern and Western States tomorrow to discuss
proposed benefits
C. I. O. unit
a
decide," Mr.
La Follette said.
bank, in arguments before the Court, contended that the
Board's order directing an election to determine whether
formed corn-wheat-dairy bloc, indi¬
to
laborers within the
individual in nature, and not subject to regimented regulations."
Counsel for the
the newly
in
cated Westerners would avoid involvement in this
controversy.
"I think that is a matter for the Southern Senators
Its employees, the bank contended, were "engaged in
fiduciary work of
Democrat, of Illinois, and La Follette, Progressive, of
Wisconsin, two leaders
interpreted by the Labor Relations Board-
and that its workers were not mechanics,
workingmen or
scope of the act.
The Southerners contend the plan
would result in lower domestic
prices for cotton.
the bank contended that its staff was not
case
as
$500,000,000.
and usually an Administration
supporter, said "not a single Senator at the
constitutional command is
composed of "employees,"
accumulated under Govern¬
now
Senator Bankhead Democrat, of
Alabama, one of the cotton bloc leaders
Board violated
additional New York State departments, the Court said;
on
2201
than 11,000,000 bales of cotton
more
fruits,
employees in the exercise of their rights of organizing into unions, em.
of labor spies, blacklisting of workers, discrimination against
custom
now
eggs
are
and
other
The Senate
purpose.
$150,000,000 to expand the Government
cheese,
These activities
ployment
$250,000,000 additional for this
programs
of buying
for relief distribution.
products
financed by $90,000,000 diverted annually from
receipts.
workers who join a union and employers' refusal to discuss grievances with
accredited employee representatives.
The Relations Board is
conciliate
a
Secretary
v
.
,
precluded from engaging in
arbitrate any labor dispute, these functions being assigned to
or
mediation board of five members.
*
Roosevelt's
Byrnes Proposes International Barter Plan,
Whereby
United
States
Would
Trade
Cotton
for
Rubber
and
to
Tin—Southern
and
proposed
an
_
Byrnes of South Carolina
international barter plan of
The plan, which
sponsored by the Departments of Agriculture and State,
would enable the United States to trade cotton and wheat to
and
believed
for
of all
A
world
Government, which made similar pro¬
capitals.
Secretary Hull's statement
'
•
peace
peoples in
It would be shortsighted not to
development.
seriously
concerns
the World that
all nations; and violates the will
their governments shall
lead them,
not
It is scarcely necessary to add that the inevitable effect of this incident,
taken with other similar
incidents, is further to destroy confidence and to
undermine economic stability in every country
our
own
welfare.
.
in the world, thus affecting
i
.
rubber, valued
A
really adequate protection
about 1,250,000,000 pounds would be necessary.
Albanian
all
.
Any threat to
security for loans to farmers could
that
in
toward war, but. along paths of peace.
ments wanted a minimum reserve of at least 226,000 tons of
S85.000.000,
Alleges
The forcible and violent invasion of Albania is unquestionably an addi¬
be disposed of in the swap. " It was added that the War and Navy Depart¬
about
the
tests
take notice of this further
Senator Byrnes estimated that at least 2,000,000 of the 11,000,000 bales
at
from
tional threat to the peace of the world.
-
as
President
Hull on April 8 characterized the
occupation of Albania as a "forcible and
Italian
follows:
England, Holland, Belgium and possibly other countries, in
exchange for rubber and tin.
Senator Byrnes said the State
Department will formally propose the project to /other
Governments within a few days.
In elaborating on the.
proposal, Associated Press Washington advices of April
of cotton the Government now holds
with
Minister
Minister, sent a formal note of protest to the State Depart¬
ment, in which he described the invasion as a violation of
the Kellogg-Briand pact.
The note was sent on instructions
United States' surplus of farm products.
10 said:
Statement
Approval—Albanian
conference, in the form of a statement said to be
made with the approval of President Roosevelt. A few hours
after he had issued the statement Faik Konitza, the Albanian
which would increase the democracies' supplies of materials
for war emergency and at the same time would lessen the
is
Occupation of
Endangers
World
press
April 10
materials
on
raw
Formal
violent invasion" which constituted "an additional threat to
the peace of the world."
His declarations were issued at a
Western
Increase Farm Appropriations by
$400,000,000
Senator James F.
Italian
Which
Secretary of State
recent
Surpluses to Democracies, in Exchange
Senators Seek
Invasion
Violation of Kellogg-Biiand Pact
Senator
and Wheat
Characterizes
as
Peace—Issues
"
.
Hull
Albania
act to mediate,
any
reserve
of S65.000.000
..
Washington dispatch
''Times" added:
of April 8 to the
New York
worth of tin has been recommended.
The statement
The materials would be stored and the countries obtaining them in the
swap
would be pledged not
to
dispose of them within five
prices went above specified figures.
years unless
invasion
the
had been studied and Mr.
This would l?e designed to prevent
might
be
expected from this
"The exchange agreement might," he
Senator
provision,
<,
rubber during the period of five years, provided the amount used was im¬
mediately replaced by fresh supplies."
He said he had iio information
'■
-
to how much wheat
as
in the deal.
'
•
Senator Byrnes stressed the farm
,■
exchanges with other countries, but it
have few
Italy
products
spare
was
which
with
non-competitive
States goods.
of Senators, representing the. Wrest and South, including Senators
Scott
W.
gressive,
Lucas, Democrat, of Illinois;
of Wisconsin;
H.
Bankhead,
Bennett
Robert M. La Follette Jr., Pro¬
Champ
.Democrat,
of
Clark,
Alabama,
Democrat,
and
of Missouri;
Richard
B.
Russell, '
Asked whether the Governments involved would be permitted to use the
traded stocks if they became involved in war, Senator Byrnes told reporters
he thought that
question would be answered by rising prices that would
permit automatic release of the commodities under .contemplated treaty
arrangements *
before
Testifying
agriculture should
Agriculture,
Senate sub-committee
a
Europe
said that
go
to
war,
war—whether
an
isolation policy is our main
not
for
prospects
Henry A.
or
would cost the Government huge sums to
"If
on
this
Wallace,
Nation
American
of
money
to
of
Secretary
participated—
keep its farms going.
.
'.
objective," he said in testimony made
public by the Department of Agriculture, "we must prepare to
sums
subsidize domestic
consumption,
to
store
use
surpluses,
He contended that such costs would be "as properly a part of our national
as
the Army and
Navy appropriations."
"If economy is our main purpose,"
from
granary."
Southern
and
Western
States
this
week
planned a campaign to increase agricultural appropriations
by $400,000,000.
Hearings on a proposed farm bill were
reported in the "Chronicle" of April 1 (page 1888) and
April 8 (page 2051).
In discussing latest developments,
Associated Press Washington advices of April 9 said:
At
a
closed conference of 16 Senators called by Chairman Smith, Demo¬
crat, of South Carolina, of the Senate Agriculture Committee, an informal
agreement was reached to try to add the increased funds to the agricultural
appropriations
bill which
passed
the
House
carrying
a
total of $835,-
Secretary
asked to
a
radio
Wallace
and
other
Administration
farm
leaders
have
been
testify regarding need for the increases at hearings by a Senate
appropriations sub-committee starting tomorrow.
Smith said Southern Senators still were determined to block the cotton
export subsidy plan suggested by President Roosevelt as a means of reducing
the specific
program
sponsored by the United States
Fair 1939.
Credit
authorizations in this category, Mr .Jones said, were made,
"to provide employment, and promote the economic stability
of the country."
He added: "There will be very little
ultimate loss to the Federal Treasury from this great volume
of credit."
Mr. Jone's speech was devoted chiefly to a de¬
scription of the Government credit agencies and their his¬
torical background.
In discussing the operatons of the
RFC, he, said in part:
"»■
The RFC has authorized more than
10 billion dollars in private credits,
having outstanding at any one time as
never
Beneficiaries of these credits have been almost
small
means
business
interests.
much as 3 billion dollars.
entirely people of relatively
3 billion, 100 million dollars of this
been authorized to agriculture in one
has
made
have
or
more
We
1,500,000 farmers,
form or another.
than 3 million commodity loans to
have been made on cotton,
mohair, hops, figs, dates,
39 States.
150,000 stock¬
131,000 farmers and land¬
loans to drainage, levee and irrigation dis¬
These loans
wool,
raisins, prunes, peanuts, butter and pecans, in
men have received loans averaging $1,600, and
averaging less than $400 per loan.
wheat, tobacco, turpentine, resin,
owners
tricts
have benefitted by our
.
loaned to banks, principally in 1932 and *33,
withdrawals occasioned by the fear of depositors
1,138 million dollars was
to
enable them to meet
for the safety
of their deposits.
A billion went to pay depositors in over
failed.
1,100 million was invested in the capital of 6,140
banks through the purchase of their preferred stock, capital notes and
debentures.
All this aid to banks benefitted no less than 40 million de¬
2,200 banks that
positors, and hundreds
for loans to railroads,
000,000.
_
on
the
Commission to the New York World's
corn,
Senators
was
Italy and Albania are parties.
extended
amount
he told the committee, "we should
follow the path of export subsidies combined in sensible fashion with acreage
control and the ever-normal
broad grounds of aggres¬
afternoon
Governments temporary credit agencies
approximately $20,000,000,000 in credit,
"there will be very little ultimate loss to the Federal Treasury
from this great volume of credit," said Jesse H. Jones,
Chairman of the Reconstruction Finance Corporation, on
have
vast
and to maintain farm income."
defense
writing this
Commission
Although
April 9 in
Democrat, of Georgia.
»
in
Temporary Credit Agencies Have Lent
$20,000,000,000; but Treasury Will Lose
"Very Little," According to Jesse H. Jones—Speaks
Under Auspices of U. S. New York Wbrld's Fair
United
,
He said the program he announced had been tentatively approved by a
group
protest
violation of a treaty that was initiated by the United States
Almost
believed here that Germany and
are
Ga.]
Government
•
a
He indicated that the United States might be willing to talk of such
crisis.
a
and to which both
;
.
relief,aspects of the plan, and did not
emphasize the aid it would give European democracies in preparing for
John
grounds of
formal
'
■
Hull had conferred by telephone several times
might be involved
\
■
The
sion.
of stored
use
had orally protested the
Mr. Konitza based his protest yesterday on the
Byrnes said.
saitj, "provide for the
Konitza
with President Roosevelt [at Warm Springs,
.price demoralization through "dumping."
Rubber
issued after Mr.
was
ypsterday to Secretary Hull, and after State Department reports
of thousands of bank stockholders.
827 million went
for self-
and 742 million for the purchase of securities
liquidating projects—bridges, tunnels, aqueducts, dams, &c.
We have authorized loans to 632 drainage, levee and irrigation districts,
»in
to
3% States.
These loans resulted in cutting
the landowners in
were.
the taxes and water charges
these districts to one-third of what they previously
Financial
2202
We
business
10,000
aided
have
loans
these
institutions
through
been for $50,000 or less, 40%
have
loans.
for $5,000
85%
of
to save some of them from failure.
their borrowers, and
more
electrical
of
appliances
on
10,000 catastrophe
than
the installment plan.
loans
We
this
have made
people who suffered
to
losses
from
milling and smelting ores and for development of
bodies and deposits
containing gold or silver have furnished employ¬
Our self-liquidating loans have provided
ment in this field.
a
railroads
gress,"
.
and
these agencies,
.
the whole, they
glad to be able to
am
say
that, in my opinion,
We hav6 also paid interest on the money we have borrowed to lend from
earnings, and have accumulated an operating surplus of more than $200,-
In the opinion of our Board this will be sufficient to cover any
-
national peace-time emergency has again proven
System."
It
and views
on
by
and unity of our great country; that the American
In
The Securities and Exchange Commission recently made
public the eighth and ninth series- of reports based on a
Works Progress Administration project known as a Census
of American Listed Corporations.
The reports respectively
contain a summary of selected data on 14 sugar refiners and
6 mail order houses registered under the Securities Exchange
Act of 1934.
A similar report on cigarette manufacturers
was noted in these columns of April 8, page 2055.
The fol¬
lowing regarding the reports is from the Commission's
•
V
'
on
House
to
report on
based
and
totals of selected expense
in January
1936.
It
Securities Exchange Act of 1934.
having securities listed
on
cover
data
on
roads and other carriers
mission,
insurance companies,
banks and trust
companies,
The preface to the report
in
some measure to
bridge the
gap
corrected
of
a
fixed
price
v
bank holding
believe
These
to
the
that
would
Another
the-
gold
i(
but
debt.
paper
also
Others
high
a
are
the
to
price,
result
of
use
in
teduce
and
or
that
the
■
is¬
Still others
through
money
penalty
a
Re¬
money
believe
supply of money.
group of
on
money
aims to correct
measures
particularly to small business.
monetary
and
contend
that
the
as
of
by
that
flow" of
system
and
in
now
existence
should
silver
purchases, by the establishment
reintroduction Of gold coiris .into
the
the
elimination
in
capital
of
economic
into
artificially low level
an
opinions
enterprise is
of
There
are
retarded
rates
money
and
some
by what
others who
of the country's sav¬
part
a
uncertainties
currency
revival.
proposals
cover
a
wide range, and seek legislative
importance to the welfare of the nation.
*
matters of vital
on
.
The
are an
attempt
stated
between the data available in the files of
Board, at
its
agreement
With
the
importance
of
"
which,
/
different
position'
accomplish
to indicate opinion.
many
the Federal
by issuing
currency
at
argue that the Government absorbs too large
ings through the sale of its own securities.
actiorj
potential users to whom the data are now relatively
Accordingly, the study has been confined to factual presenta¬
tion of basic data, plus ratios arid percentages derived from the data, with
or
that
for
They
inaccessible.
attempt to draw conclusions
scrip
of
public
silver
stimulus
a
long-time capital,
think
the SEC and the many
no
add
is
by the elimination
they consider
-
points out that these summaries
supply
of
V°uld restore confidence and result
companies, bondholders protective committees and foreign companies other
than Canadian and Cuban.
to
spent.
through
or
Government bonds
the
needed
stamp
and
others
be
who
reporting to the Interstate Commerce Commission,
communications companies reporting to the Federal Communications Com¬
of
Circulation.
office
not cover rail¬
census Goes
certificates
promptly
Congress,
by changing the ownership and management of the Federal
System and by requiring 100% reserves against demand deposits.
remedy would establish a new system of banks to supply
Still
registered companies in other
The
not
retire
interest-bearing
is
Difficulties
before
our
monetization
what
system
is
Economic
currently
difficulty is in the lack of an adequate supply
Some would remedy this situation by the, issuance
increase
the
in
silver
that
intermediate
under the
machinery manufacturing, chain food stores, chemicals, automobile parts
and accessories, building equipinent, etc.
of
are
directly ,by the Treasury
only
lies
Overcome
to
that
would
some
altogether
Reserve
significant data
petroleum refining,
Proposals
Another proposed
The study covers about 2,000 companies
including mail order houses,
OBJECTIVES
conditions
national securities exchanges.
Forthcoming summaries will
major industries,
more
with the Commission
AND
been
money.
not
remedy
that
(a WPA project carried
designed to abstract the
was
available in registration statements filed
MEASURES
Congress, as during other recent sessions, the,'
asked by the Committees of. the Senate and
large numober of bills dealing with proposals for
a
either
banks,
thus
some
in New York City under the sponsorship of the Commission) was begun
on
v.
1939.
of
has
proposals
of
currency,
believe
items, and 16 financial and operating ratios.
The Census of Arrierican Listed Corporations
;
MONETARY
the belief that
on
serve
surplus reconciliation,
the
control
and
in¬
whole in¬
group as a
Various
.
Among
suance
a
*
April 8,
overcoming the country's economic difficulties by monetary action.
balance sheets, profit and loss statements and
The combined data for each
ON
session
Governors
16 financial and operating ratios for each company, salary data for each
profit arid loss statement,
this
of
of
Included in the data
Banking and Currency.
on
\
Board
the
a
held
or
Government, including
of Congress in this important field."
give herewith the statement of the Board of
addressed to the Chairman of the Senate and
STATEMENT
During
retire
baiance sheet,
the
we.
■.
sidiaries of each company, the outstanding security issues of each company,
a
outside
or -
own
.
dividual Coriipanies are a general survey, the names of the parents and sub¬
clude
monetary and credit matters proposed
within
"
.
data for all companies in each of the groups.
full,
Governors,
It provides individual data for each of the companies and also combined
surplus reconciliations.
States Treasury and the Federal Reserve
House Committees
,
and individual
supervision
governmental
out the purposes
14 Sugar Refiners and 6 Mail Order Houses
Issued by SEC-^-Part of Series Based on Census of
American Listed Corporations
company,
among several
positions, and the character of govern¬
machinery that would be best calculated to carry
mental
on
announcement in the matter:
of money
therefore
Board's
,
♦
V.
re¬
a
study of the
through the chan¬
a
alludes to the fact that "Federal
agencies
the
people have the resources and the courage to meet any situation that may
Reports
the flow
and
urges "that Congress, through ap¬
propriate committees or a joint committee, take steps to
determine the objectives by which monetary and banking
authorities shall be. guided, the validity of different
plans
been less than 1%,' which we have paid from earnings.
confront them.
conclusions
own
investment, production and distribution."
tween the United
Although Government owned, we have operated as a private enterprise.
the inherent strength
been
"on the more strictly
monetary side the powers over
supply of currency and bank reserves are divided be¬
the
apply to your bank or to the RFC.
Our experience in this
its
banking itself is distributed
that
they have never been more anxious to lend; so, if you heed credit,
probable losses.
adequate supply and
an
agencies without clear delimitation of the respective powers
and responsibilities of these
agencies," and it likewise says
They have never had more lonable funds available to deserving borrowers,
000,000.
of
The Board
of
The RFC is flexible, entering when
Our nation's banks were never in a stronger position than they are today.
Our expenses have
the belief
It is further stated that "it has
factors that obstruct
and withdrawing when its services are not needed.
necessary,
Con¬
before
on
It is added that "the Board would welcome
nels of
middle ground between Government and privote
banking, filling the gap when private lending for an* reason is unable to
and
of money."
examination
have been administered in a manner comparable to private
meet the needs of a worthy situation.
currently
are
the statement, "many are based
difficulty is in the lack of
our
supply."
upon
business.
The KFC occupies the
Congressional
by
Board's view that since the money supply . . . is larger
now than at any previous time, the
difficulty must lie not
in the scarcity but in the inadequate use of the existing
reasonably familiar with the operations and problems of each of
am
asked
of
credit ordinarily provided by banks, and other private institu¬
tions that lend money.
been
that
proposals
the
says
control
foregoing recites briefly the many steps taken by our Government
The
to augment
I
that
translated into work for hundreds of
skilled and unskilled.
of workers,
thousands
was
has
it
report on a large number of bills dealing
proposals for overcoming the country's economic dif¬
by monetary action."
"Among
great deal
both in the construction of the projects, and the production,
and transportation of materials necessary for them.
A large
fabrication
"to
ficulties
of employment,
amount of our loans to
of
that it is moved to make its present
inasmuch
Committees
and improvements as appear
Governors, in its statement of
changes
Board
week, indicates
with
Our loans for mining,
such
The
proposals
earthquakes, fires and floods.
cyclones,
ore
desirable."
We have aided more than a 100,000 home owners in the pur¬
mortgages.
chase
report, it was observed that the Board expressed the
consider
may
We have aided
of new homes through the purchase of FHA insured
the construction
in
1939
banking, credit and monetary system in order that Congress
enable them to meet withdrawls without the necessity of foreclosing on
to
April 15,
belief that "the present is an appropriate time to review our
than a 1,000 building and loan associations,
have authorized loans to more
the
on
We
less.
or
Chronicle
some-
country's
of
the
making
and
proposals.
effort
the
is
material
While
which
they
Committee
to
response
which
every
speaking,
human
in
measures
for
purposes
broadly
times
individual
on
in
achieve
to
it
its
has
has
expressed
dis¬
judgment
intended,
are
requests,
it
would
not
recognizes
the
the
underlying objective,
practicable
utilization
of' the
fullest
It
resources*
has
been
the
Board's
view
that since the money
supply,
Board
of Governors of Federal Reserve
System Seek
Congressional Revision of Monetary Policies and
in
suggestions
to
the
chairmen
of
the
Reserve
Senate
ernors
annual
"that
of the Reserve
In
an
and
price
item
in
years,
these
columns, Feb. 4
(page 640),
bearing
is
is
essential
has
of
of
a
more
and
the
factors
that
ob¬
investment, production,
the
out
satisfactory
that
that
susceptible
the position
achievement
of
are
control
an
of
by
and
recovery
produc¬
public
policy
agencies
many
influence
.many
through
that stability in
action
have
there
of
objective
concerted
which
Government,
for
pointed
not
are
it has taken
alone,
the
Board
that
Notwithstanding the inherent limitations
System refer to the fact that in its
many improvements
is still defective in many respects."
outside
credit
action
importance of
on
economic
an
adequate
on
such
economic
action
at
conditions,
certain
upon
the
times,
the influence of monetary
Board
and
feels
is
convinced
of
the
strongly the
neces¬
sity of having the mechanism of monetary and banking control and
super¬
vision
to Congress this year, it was pointed out
present system of regulation and supervision over
recent
alone;
employment
and
study
a
-
the
life
stability
and
through the channels
:
.
statement
means
conclusions
own
money
economic
tion
and
terest.
„
made in
of
activity,
Committee of Congress, the Gov¬
money^ and banking, notwithstanding
of
national income.
report
our
its
flow
than
within
plans and views on monetary and credit matters
held by agencies within or outside the Govern¬
ment, including the Board's own positions."
of
of
earlier
monetary
House
however measured, is larger now than at any
difficulty must lie not in the scarcity but in the in¬
the existing supply.
The Board would welcome a re¬
the
distribution.
In
or
statement to the
the
phases
different
In its
use
and
Banking and Currency Committess proposed that steps be
taken "to determine the objectives by which
monetary and
banking authorities shall be guided," and "the validity of
proposed
adequate
struct
System
and
time,
examination
Objectives—Proposes Inquiry into Divergences in
Administrative Authority,
Particularly Between
Treasury and Board
The Board of Governors of the Federal
previous
at
all
In
times
its
present
system
nothwistanding
of
condition
Report
function
to
for
1938
regulation
the
effectively in the'public
Board
pointed
out
that
in¬
our
and supervision over money and banking,
made in recent years, is- still de¬
The 15,000 banks that exist today are subject
conflicting and overlapping laws and jurisdictions, which result in dis-
fective
to
in
Annual
in
many
many
improvements
respects.
Volume
criminations
and
Financial
148
against certain
of banks and in a confusion of duties
groups
responsibilities among different
domestic
and
without
agencies
responsibilities
distributed among several
of banking itself is
supervision
ernmental
Treasury and. Reserve System
Over Currency Between
of Powers
Federal
respective
the
of
delimitation
clear
gov¬
powers
these agencies.
of
the
strictly
more
side,
monetary
the
powers
In
brief,
the effectiveness
Federal
is conflict of jurisdiction
there
that
consideration of
for
way
economic recovery
further
its effectiveness will clear
broader aspects of a constructive program
contribute
would
American
and
plain
most
to
thefor
and stability.
Agriculture with the aid of research laboratories can add
billions of dollars to the national income of the United
adaption of crops not now grown in this
McMillen, editor-in-chief of the "Farm
and-the Farmer's Wife," told members of the
by
the
Wheeler
Journal
New York at their
address before the
Chamber of Commerce of the State of
meeting
monthly
on
and
can
do
April 6.-
In
his
billion dollars had been
farm relief schemes"-1—eight
said—and he urged thq
Chamber to support the program of, the National Farm
Chemurgic Council of which he is President.
Adoption of
the Council's plan, he said, would enable agriculture to
restore prosperity to the country, he declared.
The Chem¬
urgic
program,
he' ^dded, embraced three avenues of
spent in the last 10 years, he
so
industrial
attack—new
uses
products, new farm
for farm
for new or old industrial uses, and profitable uses
wastes and by-products.
The fact that the De¬
crops
farm
for
partment of Agriculture is conducting a course of industrial
research in the four research laboratories provided by Con¬
to develop more profitable uses for waste
products and by-products was brought
out by, Dr. Henry G."Knight, chief of the Department's
Bureau of Chemistry and Soils, in an address on March 29
as a means
gress
and
surplus
before
fifth
the
meeting
annual
the
of
National
follows:
General
prosperity
Real
wages,
ness
can
The
are
expected in
is not to be
the United
States through
real income and ability to pay a very real national indebted¬
derive
four
the
of
of the four
transportation,
horsepower of prosperity.
But none
commodities
can lead out
until, and unless, effective demand permits consumption.
"'
Consequently at some point in the economic stream the springs of earn¬
ing
must
power
That
power
and
center,
be
can
found
in
keep them
that
a
of
flood
new
purchasing
provided proper policies be
the wheels off ;dead
income.
national
includes some 30,000,000 men, women and
In all, they get around 10% of.
Power
and services.
About a third of them are fairly well paid.
and consequently under¬
In
the farmers who
and
their
of other marketable crops and of
livestock
conclusion would be that
produce for the American market.
logical
These
their
it
cultural
the
so
in recent years, is that
follows
commodities
curious
a
.
The
.
is
not
in
farmers
general
should
practice.
be enabled
A
to
will stimulate business activity,
turn
which
power,
purchasing
will further speed
and
power,
fiscal policy has been based
our
that
are
not
grown
by American
farmers.
Actually
American market is greater because this Nation
custom of counting up its
imports at foreign valua¬
in
large amount of money,
a
It is held that this in
so
which will produce
business,
up
which
Eventually; according
on.
more
purchasing
will again
increase
the theory,
to
a
higher return of taxes from the greater national income will pay the expenses
years,
1934-1938, inclusive, the
creased the national debt by $14 billion.
Government in¬
Instead of the vast increase in
national income which fiscal theorists expected, however, the gain in yearly
real income
(eliminating the effect of price changes)
Even if all this increase
was only $9 billion.
be credited to pump-priming, each bucketful
can
of^primer has produced less than two-thirds of a bucket from the well.
The Board makes the observation that if the Administra¬
_
tion's pump-priming
methods
until 1948, to reach
years, or
of $80 billion.
continued, it will take 10
total in real national income
are
a
This is deduced from
a
recent
study made
by the Statistical Division of the Conference Board.
The
Board further observes:
Meanwhile the national debt will have grown to $63 billion.
jected
total represents
level, and
The estimate that
to
This pro¬
increase of $47 billion over the predepression
an
increase of $27 billion over the total national debt in 1938.
an
10 years will be required to raise the national income
$80 billion by means of pump-priming is based on two assumptions:
(1) that the dollars are dollars of constant purchasing power,
with the effect
changes eliminated; and (2) that the average rate of Government
of price
borrowing of $2.8 billion annually for the past five years will be maintained.
^Granting these
of
assumptions, and using the Conference Board's estimate
$62.billion national income in 1938, it appears that the national income
1948, while the increase in the national debt
would rise only $18 billion by
In short, pump-priming means going into debt thr.ee
would be $27 billion.
dollars
fpr
every
two-dollar gain in yearly income.
'
Recommendations for Removal of State Trade Barriers
of Interstate
Cochran of
Nebraska, Solicitor General Jackson, and Fred I.
Kent Among Speakers at Conference
at
National Conference
Barriers
at
Chicago—Gov.
Adopted
Trade
The three-day conference
a
held in Chicago, April 5-7, spon¬
by the Council of Stajte Governments and
sored
view to seeking measures
barriers,
brought
was
held with
for the removal of State trade
conclusion with the outlining
to a
for the destruction of interstate
tariff walls, by cooperation and mediation.
The Council is
of
a
national
program
Those participat¬
four Terri¬
tories; they agreed, according to the Chicago "Journal of
Commerce," to present the program to their Legislatures
ing in the conference represented 44 States and
with
and work
the Council
legislation
retaliatory
reports adopted by the
prevention
3.
conference recommended:
having 6ales
provisions
Regional
States
4.
to
taxes supplemented by
the
"use" taxes should adopt
for equalization
provide only
enforcing
goods
of taxes on
for the formulation of agreements
"port-of-entry" laws kIo prevent discrimination
conferences
between
against
shippers.
Repeal of laws giving preference to local products in public works,
contracts and for use in public institutions except when employ¬
demanded to relieve unemployment in that State.
Parity
5.
liquor
of enactment of., laws which might' serve as barriers to
were urged to form
compacts to this end.
States
out-of-State
State
and
enactment of further
states that committee
States
trade.
2.
to destroy discriminatory
prevent
discriminatory State alcoholic beverage laws and
of existing
Repeal
and
The same paper
trade barrier laws.
ment of State labor is
conferences
on
Truck Rates
rates for domestic and out-of-State truckers, and
the States for the adoption of uniform regulations of
State
of
Parity
among
loads.
of equal
6.
Restoration
7.
Adoption of uniform
competition in the sale of oleomargarine.
minimum standards of sanitary requirements for
.
production
on
American instead of on foreign soil of this $2,000,-
materials might mean an addition to
the annual national income, if not of $14,000,000,000, at least of a very
substantial sum.,, Certainly it would, mean
the degree of employment
which "results from tangible materials which are produced, moved, manu¬
factured, warehoused, accounted for, wholesaled, retailed and delivered.
These are the processes that make jobs.
Therefore the bare tonnage of
000,000
which
the Government borrows
spends it, and thereby increases purchasing power:
happens that 42,000,000 of Americans are
displacement
tion.
more
food and
gainfully employed.
42,000,000 constitute the greatest market in all the world.
Amongst
regular purchases are around $2,000,000,000 a year worth of agri¬
Now
American
indicating this under date of April 6, the
The theory of pump-priming, upon
in agriculture is most serious among
the direction
the
Board said:
"offset"
themselves
for
feed
in
of
of
produced outside of a State free of sales taxes.
The distress
right
Dollar
on
of farmers are under-employed
produce cotton and wheat for the world markets.
It is especially critical
where
wheat and
cotton are the only crops the families grow, where
diversification
exclusive
that for every borrowed dollar spent by the Federal govern¬
ment, at most only 64 cents was received by the people of
the United States in the form of yearly real income of goods
1.
about 25%" of all our people.
About two-thirds
paid.
agriculture,
moving.
agricultural population
The
children,
our
order;
in
Agriculture, properly stimulated, can push
followed.
,
released
be
will start the wheels of business turning.
power
the
composed of commissions from 38 States.
/
creation of .real wealth.
manufacture and sale
from the
only
production;
dis¬
Division of the National Industrial Conference Board finds
'
other route than the expanded production of real and tangible goods.
any
the
of
:
Farm.
Jackson, Miss.
A reference
thereto appeared in our April 1 issue, page 1893.
From a
summary of Mr. McMillen's remarks we quote, in part,
as
relief
the
Analyzing the results of the five years of deficit spending
"pump-priming" from 1934 through 1938, the Statistical
or
at
Conference
men,
for
taken
in the
and in the face of
"Pump-Priming" Placed at 64
by National Industrial Conference
Board—Estimated Figure for Every Borrowed Dol¬
lar Spent by Federal Government
Cents
fram
Chemurgic
American
being
efficiently,
grow
Purchasing
McMillen decried the money "squandered on
Chamber Mr.
futile
oil
soybean
that,
sense
departments of agriculture, Americans should have, for the products
Actually,, in the five
States
common
of pump-priming.
Support by New York Chamber of Commerce of Program
of National Farm Chemurgic Council Urged by
Wheeler McMillen at Meeting of Chamber
country,
ordinary
idle
measures
cheese,
ham,
cotton.
and
and
acres
expensive
which we do not
products
are
beef and
as
some
even
be
to
seem
idle
And
market.
through
take steps to determine the
objectives by which monetary and banking authorities shall be guided,
the validity of different plans and views on monetary and credit matters
proposed or held by agencies within or outside the Government, including
the Board's own positions, and the character of governmental machinery
that would be best calculated to carry out the purposes of Congress in
this important field.
Such a broad approach would enable Congress to
consider all the proposals in relation to each other, and to other important
problems of- our economic system.
Piecemeal consideration of various pro¬
posals is a slow, cumbersome, and unsatisfactory process.
Recognition by Congress of the limits within which monetary and
credit action can be effective and determination of the mechanism and
that
they
and
appropriate committees or a joint committee,
policies
tressed
monetary
the Board urges that Congress,
these" circumstances,
would
of
these imports amounting to $2,000,-
Some
substitutes therefor—such
desperate
must operate.
powers
view of
face
imported.
two kinds.
of
are
cottonseed oil.
It
perfectly
are
them
banking and monetary mechanism is
our
the banks through which, in the existing system,
over
credit
In
of
that
itself, and
Government
supervision
and
fact
the
They
And it may be added that the
capable of producing their
important.
States
v
there is no clear division of responsibility,
determination of authority over money and credit within the
by
definite
no
.
United
without having
the items which make up
are
grow—or
over
weigh those of the System.
weakened
What
000,000?
and
the supply of
currency and bank reserves are divided between the United States Treasury
and
the Federal Reserve System.
While it appears to have been the
intent of Congress that the Federal Reserve System has responsibility for
regulating the supply and cost of money, including currency and bank
deposits, the powers over this supply possessed by the Treasury now out¬
On
the
of
surpluses
own
Division
production is highly
farmers
State authorities.
Federal and
2203
Chronicle
worth of
agricultural
raw
dairy
8.
products.
Removal
.
of
diverse
regulations
on
interstate shipments
of
nursery
pertaining directly to public health and control of
injurious insect pests and plant diseases.
9. Non-discrimingtory legislation
to protect States from unscrupulous
itinerant
truckers, with provisions for registration and bonding of the
stock
except
truckers.
those
2204
Financial. Chronicle
That
10.
the
United
States
Congress
continue
its
efforts
to
arrive
at
posed
equitable freight rates for the Nation.
That
11.
tion
and
should
States
that
refrain
if States
from
desire
to
be done directly and not
Opposition
their taxing
using
for
powers
discrimina¬
handicap the trade of their neighbors "it
expressed by a taxation committee "to the
giving of preferential treatment by legislative enactments
local materials, products, and printing, on the general
mittee,
legislation.
"competition
as
We
said
the
Association,
ers
international
told
the
conference
barriers
trade
that
the
contributed
Mr.
for
Mr.
Kent
suggested
that
the
of
State
a
solution
of
program
First,
in
vehicle license
Second,
adopt
to
of
controlling
unfairness
Third, to advocate to, State Legislatures that they
erect
Robert L.
conference,
States
for
a
new
'
ones.
his opening statement
that
between
look
not
'
":
la
which
Goyernor
be
can
met
States, and that
solution
of
of
of
for States
better
or
"that
to
of
the
States
individually
Day outlined what
he
by the League,
hundred
thousand
business,
as
this,
him
the
Chicago
Government
only
for
not
are
"3.
That
Mr.
Committee
of
Commerce"
State
to
Jackson
the
said.
that
"One
is not
purpose
the
promote
health
of
the
nearly all of
and
difficulties
the powers
purposes.
to
the
quent
involved
'
Branded As
"Its
rarely
appears
demn
is
the
enforcing
Mr.
its
the
on
in" its
face
framing of
it
with
Jackson
of
such
•
as
an
racketeer,
this Federal
the
that
the
monopolist
duty, he said,
damaging to trade
Mr.
Jackson
method
by
diverse
local
and
the
the
power
its
people,"
for
initiative
and
local
great
very
the committee
the
Lea
that
of
to
shall
commerce
the
central
a
.
is
purpose
laws.
Mr.
the
federation,"
j
Jackson
What
.
we
the
urged
view
of
welcomes
have
that
the
'
-
suggestions
conferred
"
by
hopes,
havo
the
States
rather,
the
"for
benefits
"With
all
Government
the
its
of
the
to
price-fixer."
has
neglected
protect it
But
no
Other
from
neglect
'•
and
will
States
he
can
the
as
solved
only
without
central
as
not
power
the
and
Chamber
of
of
trade
to
lowest
hope
for
"sullen
regulate
in
wrhicli
excessive
price for
constitutional
barriers,
was
expressed
referred
which
mandate
were
in
we
the
that
among
the otber
our
to
April
to
the
interstate
1
issue,
In
on
and other
transportation agencies "that will go a long way
toward solving their present
problems," W. H. Day, Chair¬
man of the Executive
Committee of the National Industrial
told
Committee
the
in
House
recent
it by various
committees
recommendations
It is most
phase. of
of
with
respectfully
the
subject
•
is
V
-
Interstate
testimony
♦
at
Monthly Meeting*.,
of
in
the
*
adopted
report
a
State
of
New
by
York
the
at
its
April 6.
Lawrence B. Elliman, Chair¬
Committee on Certiorari Proceedings,
taxes, at which time it 6aid:
litigation
*
:
to
was
very
expensive,
seek
such
relief.
and only
owners
of Tax Appeals and was informed
framing the bill
Board
and "the
effort
made
should
be
of
large
Massachu¬
that it
was
The report presented
and
Foreign
regarding
pro¬
to
New
Jersey
adopt
enacted
before the Legislature, both
now
at
this
have
Board
best
the
and
the
which
or
been
features.
session
of
provision in the State Constitution.
appeals
the
The
the, Massachusetts
carefully
studied,
Legislation
of
this
Legislature
to
carry
creation
of
a
State
would
promotoe justice to taxpayers, efficiency
general welfare of the citizens of this State.
Chamber
reaffirmed
"freeze" the
make
increases
salaries
in
its
of
opposition
to
and
an
character
out
the
board of tax
in
government,
State
laws
employees paid by the city
future
rates of pay mandatory.
It
report presented by John D. Dunlop,
Chairman of the Special. Committee on Law
Reform, which
urged the Legislature to enact laws which would give the
unanimously adopted
city
confidence
by business and investment
stimulate resumption of
productive activity in
industry and will produce a volume of traffic for railroads
League,
time,
.
'
will
Commerce
this
on
strongly endorsed by the taxpayers.
on April 6 said:
'
com¬
Hearing
Traffic
to
Mr. Elliman's committee has investigated the
The
capital
legislation
Legislature
properties could afford
can
W. H. Day Says Best Solution of
Transportation Prob¬
lem Is Restoration of Confidence
by Business and
Investment Capital—National Industrial
Traffic
League
Official
Testifies
at
House
Interstate
Commerce Committee
of
time
a
Special
certiorari
more,
.
2047.
Restoration
from
and
It
said.
opposition
to
it
Owing to the tremendous number of certiorari proceedings in this
city
and court delays and
dilatory action by the tax authorities, many "years
would be required to clear
up the cases already in the courts.
Further¬
submis¬
Missouri, Governor Bailey of Arkansas
lie
"that the ICC should
The committee last May pointed out
injustice of the present method of securing relief from
the
-
.
commerce.
A message from President Roosevelt
^
Council,
and,
with
Commerce
the
setts Board
the
-
of organization for the
presented the report.
public authority „ to another, the Federal
uphold
Com-
board of tax appeal for the revision of
real estate is again urged
upon Governor
on
Lehman
man
!
»
ynity."'
one
way
..
Actions
monthly meeting
.
power
Governor Townsend of Indiana
speakers.
page
does
Interstate
Appeal for Revision of Real
Assessments Urged upon New York Legis¬
by New York Chamber of Commerce—
assessments
self-government.
the§e United States be free," Mr. Jackson
Governor Stark of
and
said,
the
of
Day,
in the
•
Tlie creation of
of
>
said.
acceptance
national
respect due
must
merce among
to
he
conse¬
of Board of Tax
lature
'
often
commerce
.
Government,
League," said Mr.
additional
no
"
Estate
j
.
Federal
the
"definitely opposed" to the
was
reorganization
of administering the numerous duties imposed upon
It
League
or
barriers, community isolation and discriminatory administration
will not save or
help local independence or local self-government.
They
do not free commerce;
they prostrate it."
' ■
The
of
a
Creation
con¬
motive
"Tariff
sion"
League
the
Congress, and
^discriminate
to
to ^decide the rule by
among the parts is fundamental to the success
move
Mr.
to the
preserve
discussion."
presented
respect to procedure and .methods of administration.
the
legitimate
parochial
a
,
authority of 'the
the
for
the
upon
study and
—
purpose
Urges Central Power
"Transfer
pressure
bill
'
which,
carriers shall
their properties devoted to the
on
'
adequate
,
Government
the
fair return
a
be the best, judge of what is
necessary
of the
from
•
Commission and redistributing its functions
"It
of
greater unification of the. States
of
are
as well as the proposed
Transportation Administrator to be appointed by "the President
and operating
independently of the Commission.
quoted
"predatory private restraints."
interests
bills,
transportation
outstanding principles which
.
The
interstate
4862), together
the so-called Committee
up
•
of
used
the
necessary."
legislation.
Federal
three
termed
:
of
creation "of
justify imposition by local law of restraints
can
the
as
recdinmended
which
extinguishing
Menace
R.
advantages of each mode of transportation, with full
proper
first took
provisions in
'merce
reporting
further
"be
(H.
various
independent regulatory tribunal reporting only to Con¬
•„
diseriminatory effect."
admitted
may
State legislation from
any
In
problem arises
,
perversion.
duty to police the channels of
"the
as
consists
menace
this
with
.
use
standards
Six
of
the
of
representing either directly or indirectly several
shippers, large and small, in almost every line of
impossibility cf
He told
being raised by ourselves
criticize
living
\
.
,
of Six bill, which, he
stated, the League does not favor, and explained why in these brief words;
"We submit that this is not an opportune time for recodification or com¬
plete restatement of the laws regulating the railroads and other carriers,
the
possible
'
are
'
,
the general transportation situation.
on
the whole scheme of regulation of the
Day
because
States.
,
.
of government
\
«
citing these examples of barriers that
against Ourselves,
fact
United
the
"Journal
follows:
as
"In
in
commerce
•
and
gress
States Solicitor General, con¬
demned, on April 6, interstate trade barriers as perversions
of States' rights and recommended centralization of
power
regulate
'
.
Robert II. Jackson, United
to
•
•
of the "highest importance":
Commission
merce
collectively.!'
or
<
.
■
.
discussion
a
public use."
problem
problems which because of their nature
the
.
"i. The continuation of private operation and ownership of the
railroads, and
other transportation agencies;
:
!
"2. The continuation of the organization and
functioning of the Interstate Com¬
.
Federal
•
*
President's
into
entering
shipping public the
any
•
,
regarded
Washington
by the States should be met by
should look to the
we
those
solution
well
as
Problem
Cochran said,
ad¬
.
'
'•
,
regard to the rights of the owners to
submit,"
be
can
.
.
,
•
•
.
"I
remedies
»•
to
themselves.
The States, he said, should
solution'by the Federal Government.
bill
the
Before
dif¬
the conference yesterday morning
trade barriers should be broken down. by the
interstate
corrective
were;
He addressed his remarks to various pending bills
dealing with the
transportation problem, particularly to the Lea Omnibus bill (H. R. 2531),
and
The
■
,
causes
■
existing trade
remove
.
principal
10
Ninth, Government operation and subsidization, and
Cochran, Governor of Nebraska and General Chairman of the
in
emphasized
no
citing
Tenth, uneconomic transportation.
.
Council
from
in
plight of the railroads which he
before
causes
Seventh; public improvements;
Eighth, land grant rates;
States.
walls and
These
•
Sixth, taxation;
Mr.
for
method
consider
to
necessary
statement
financial
with additional recommendations
resulting
said, in¬
Fifth, fixed charges;,
the
Council.
foregoing
.
laws.
sound
a
the
the
"unfortunate"
Third, competition;
Fourth, labor costs;
commerce
by the
League has united with the position
First, the unprecedented depression which has existed, with short periods of allevlation, for a decade;
'
•
Second, decentralization and relocation of industries;
•
the
to
procedure
Governments
gfter an extended study by
he said, should include three objectives;
to find common ground to meet situations
program,
ferences
effective
most
of
made
present
were
ministered intelligently.
1029.
He warned that trade walls in
this country will be "destructive to business."
The Chicago
"Tribune," from which we quote, added:
tangle would be the adoption
the
League statement said, in part:
Day
the
said
world-wide, panic in
..
legislation
rates, grade crossings, bridges over navigable waters,
In a summary of Mr. Day's testimony, a
recent
Bank¬
to
in pending
that
said
additional
for
matters of comparatively minor importance,
of which
some
Mr. Day
programs
and reparation.
,
com¬
growth
largely
various
matters, he
turns for the outlays made by
chases—providing, of course, that quality and specifications
are equal."
On April 6 Fred I. Kent, Chairman of the
Commerce and Marine Commission of the American
are many
state
of obtaining the best re¬
the States in their pur¬
means
a
favor,"
there
in
clude land grant rates, the long and short haul clause, inter¬
premise that this type of preference would and has resulted
in building up of local monopolies, higher costs, unfriendly
feelings, and that its adoption in the past definitely pro¬
retaliatory
and
of the railroads, while on others it believes that no change
in the present law is needed.
These
was
to
moted
railroad legislation.
bills
on
be masquerading under the taxing power."
April 15, 1939
authorities
for which
a
control
the city
of
salary
rates
for
all
positions
provides the funds.
A report from the Committee on
Internal Trade and Im¬
provements advocating enactment of the Whitney bill, now
before the Legislature, which would abolish the New York
State Power Authority, was also adopted.
Referring to the
accomplishments of the power body, the report said that
the
output
pamphlets
for
the
containing
first
1,380
seven
years
pages,
had
which
been
had
seven
cost
the
.
Volume
148
Financial
State's taxpayers around $1,000,000, or about $700 a page.
Morgan H. Grace, Chairman of the committee, said:
In
the
State
of
from
New
private
and
that
event
should
conservation
York
do
not
exploitation,
be
public funds,
and
other
appropriate
which
and which
would
laws
would
not
State's
the
conserve
enacted,
statutes
water
involve
the
commit
that
end
economic
can
of
waste
people of this
Lawrence project, which cannot be justified on
grounds whatsoever.
State to a
or
other
any
private property and State rights" pending Federal legisla¬
tion which would permit the Government to take over
merged
coastal
deposits
lands
naval
as
A resolution
oil
for
the
conservation
of
sub¬
petroleum
study of all the questions
a
in¬
volved in the proposed new Battery-Brooklyn
bridge before
the Chamber took a position in regard to it was referred
by President Lawrence to the Committee
the Harbor and
on
Shipping.
before adoption by including the present budget.
Lawrence
B. Elliman, Chairman of the Chamber's
Special Committee
on
Certiorari Proceedings, who proposed the amendment,
said:
effort
'
"■■■*/
The
expenditures
have
had
do
to
budget and
of
the
to' reduce
I
so.
fight
city
believe
It
have
this
outrageously.
up
gone
but
expenses,
Mayor
Chamber
LaGuardia
ought
fight
to
Business
has
made
the
no
present
'
hard.
mandatory and that the Mayor
compelled to put
was
them in and could not reduce them in
any way.
That part
of the resolution which" expressed
appreciation of "the
difficult
the
task"
budget
which
the
•
-
Senator
James
Hamilton
Lewis
of
Illinois, Democratic
Whip in the Senate, died in Washington
suffering
a
heart attack.
His age
on
galleries of the Senate
of their office.
valescing from
His
an
row
were
was
France in
76,
Chief Justice Hughes, con¬
Mr. Douglas sat in the rear
by Captain Daniel C. Callaghan, naval aide, and Brig.
Gen Edwin C. Watson* military
,•
aide, who occupied chairs between
Secretary Hull; ranking Cabinet member.
*
•
him
minute
later
Mrs.
Lewis
and
members
of her
into the well of the Senate to seats reserved for
casket.
This
by the
an
Staff Colonel, first with General
was a
aide
Chateau Thierry front.
for the War and Navy
missions
on
Brook
Sent to
Rico.
the staff of Maj. Gen. George Bell on
on
He,
and the
returning on the naval ship Mount
was
Vernon when the vessel
was torpedoed and forced to limp back to Brest.
His diplomatic work included
membership on a joint commission on the
Alaskan-Canadian
appointed
by
boundary which met in London and to which he
President
Wilson.
In 1914
he
was
a
United
handled
$28,000,000 loan to Mexico.
a
was
loan
a
Senator Lewis
lature in 1913.
of
ran
for Governor but
over the
was
1936
.
two
In 1930 he
nearly 600,000 votes in
Democratic landslide, becoming the first Illinois
election for
by the Legis¬
defeated.
then Ruth Hanna McCormick.
Lewis defeated former Senator Otis F. Glenn bj
the
1924
$100,000,000 to continental European nations.
In 1920 he
elected to the Senate
1923
The following year he handled the
first elected to the Senate from Illinois
was
was
Com¬
States
missioner to London to execute laws for.Increasing safety at sea.
In
he represented American concessionaries in Turkish oil fields and in
successive terms since
Senator to win
the origin of the
direct primary.
In the Washington "Post" of April 10 it was stated Senator
Lewis
carefully guarted the date of his birth in all published
biographies.
Reports, however, set his birth as May 18,
1863, at Danville, Va., when his mother, Julia Hamilton
Lewis, was hurrying from her family home at Augusta, Ga.,
to Richmond, Va., where her husband, Maj. John Cable
Lewis, was lying near death from wounds received fighting
.in the Confederate army.
James
M.
Slattery Appointed to Succeed
James Hamilton Lewis as Senator
the
Late
Governor of Illinois, Henry Horner, on April 14 appointed
M. Slattery, Chairman of the Illinois Commerce
Commission, to the United States Senate to succeed the late
James Hamilton Lewis.
An Associated Press dispatch from
Springfield, 111., April 14, had the following to
appointment:
family
them
were
the
on
say
in part
about the
The senatorial appointment is
.
effective immediately and is for the period
election in November,
1940.
Then Illinois will elect
Lewis's term ending in 1942.
.
a
.
The senatorial appointment was one of the most Important the Governor
has
been
called
make
to
upon
his
in
administration.
Senator
Lewis's
unexpected death coincided with the Governor's return to Illinois after
.five-month
Mr.
>
Slattery's appointment does not require confirmation unless it is
challenged by
a
member of the Senate.
During the Governor's illness Mr. Slattery
was a
which directed the progress of State business.
The
a
illness.
new
Senator
born
was
Road" way in the Chicago
Peter Finley
on
July
member of the "regency"
.
1878, and raised out "Archey
24,
neighborhood made famous by the writings of
Dunne.
♦
,
Banquet of World of Tomorrow to Be Business* Official
Welcome
to New York World's Fair—Many Leaders
Industry Participating in Dinner to Be Held in
New York City April 20
in
.
On
April 11, Louis K. Comstock, President of the Mer¬
chants' Association of New York, made public the names of
some of those participating in the banquet, of the World of
Tomorrow, which is to take place at the Waldorf-Astoria on
April 20, as reported in our issue of a week ago, page 2059.
In making the list public, Mr. Comstock said that this dinner
will constitute the "official bow" of New York business to
the New York World's Fair and would be. the medium of
Senate Chaplain Officiates
i.'
Spanish-American conflict
1918 by President Wilson
departments, he became
the
the
General Fred D. Grant in Puerto
Senator to complete Senator
as
Promptly at 2:30 p. m. President Roosevelt, who had arrived at the
Capitol nine minutes earlier, entered the chamber, followed by the Cabinet.
A
In the former he
reported
..
escorted
embraced
experiences
until the general
illness, and William O. Douglas, newly appointed member,
to whom the oath has not been administered.
and
war
in Cuba and later with
were
Missing from their
of the chamber.
Senate whip, having been named to that post
Democratic majority early in his first term.
packed when che Justices of the Supreme
Court,, except two, entered the chamber at 2:25 p. m., wearing the robes
He was
the first
April 9, shortly
although Senator Lewis is said to have consistently refused
to reveal the date of his birth.
A State funeral, attended
by President Roosevelt and other Government officials, was
held in the Senate Chamber on April 12.
Senator Lewis had
been in ill health for several years, but had been
actively
conducting his Senatorial duties.
He had announced his
intention to retire from ppblic life at the end of his
present
Senate term in 1943. Senator Lewis who had gone to
Chicago
on March 30 to attend the
municipal elections became ill
on a train while
returning to Washington.
From the Station
he was taken to Garfield Hospital, where he' died.
In
describing the services in the Senate Chamber advices from
Washington April 12 to the New York "Times" said in part:
The
1919 and from 1931 to the
His term would have expired in 1943.
was
James
Death of Senator J. Hamilton Lewis—President Roose¬
velt Among Officials Attending States Services
after
He
Mayor in preparing
allowed to remain in, when it was finally
was
adopted.
confronted
Congressman-at-large from Washington from 1897
was a
1899 and Senator from Illinois from 1913 to
present.
•
Jesse S. Phillips, Chairman of the Committee on Taxa¬
tion, which presented the resolutions, defended the Mayor's
position, pointing out that a large list of items in the budget
were
He
legal details of
Resolutions urging the Mayor and City Council to take
steps for greater economy in future budgets were amended
houses
to
reserves.
requesting
distinction of having represent ed two States in the National
rare
World War.
"an unwarranted invasion of
as
always attracted the attention of gallery crowds.
He had the
the
in
resources
annual
an
St.
The Chamber condemned
power
2205
His dress, his red beard and his slow, dignified delivery of words on the
Senate floor
Legislature.
accomplish
to
not
force
in
now
Chronicle
escorted
left of the
black-clad group faced a colorful gathering consting of the
chiefs of the armed services in full dress uniforms,
gathered on the right of
the coffin.
•
••
''
'
demonstrating that business stood squarely behind the Fair.
Among those who have signified their intention to par¬
ticipate in this banquet of, greeting and whose presence will
symbolize, the industry, the arts and science that have made
the Fair
possible
are:
:
.
.
The
Rev.
ZeBarney T.
Service, into which he inserted
this
prayer service,
accompaniment,
Miss
"Lead,
VAbide'With Me."
.
a
recitation of
Helen
Howison
"Crossing the Bar."
Before
of Washington sang,
without
Kindly Light," and at the conclusion she
The Rev. James Shera
After the service, which
had entered.
and
"
While the chamber
was
Speaker Bankhead, who had
groups
on
in the order in which they
the dais,
remained standing in
silence.
The
coffin
then
was
carried
for
burial
adjoins the Arlington National Cemetery.
to
It
of America;
S.
Consolidated Edison Co. of New York; George McAneny, Chairman of the
Board, New York World's
Abbey
Mausoleum,
which
escorted by delegations
was
The Senate was not in session and its members,
together
with House members who left their chamber in a
group to
attend were present at the services.
As to his career we
quote the following from Washington Associated Press
ac¬
April 9:
Senator Lewis was the Democratic whip of the Seante, his major
duty to
hold the party's voting strength readily available during floor ballot tests.
In that capacity, he followed with few departures the
Administration.
Roosevelt's
seaway pact
efforts
to
His
procure
outstanding
Senate
difference
ratification
of
leadership of the
came
the
St.
over
Mr.
Lawrence
with Canada.
A familiar figure at
That Lewis opposed steadily and vigorously.
Democratic party national conventions, Lewis was
active in party affairs at other times.
He
Senate Campaign Committee for 1934-
was
Chairman of the Democratic
,
..
Union Telegraph Co.; F.
President,
M. Mchol,/Vice-President; Inter¬
national Business Machines Corp.; Will H. Hays, President, Motion Picture
Producers and Distributors of America, Inc.; Percy H. Johnston, President,
Bank
Chemical
and
Trust
Co.;
Henry
Ittleson,
textiles;
Cornelius
N,
Bliss; Roy W. Moore, President, Canada Dry Ginger Ale, Inc.; Alfred J.
President,
Bamberger Broadcasting Service,
Inc.; Lenox R.
Lohr, President, National Broadcasting Co.; Daniel Frohman, dean of
American theatre; Mary
Osa
Roosevelt
Fair, 1939; Richard. F. Lawrence, President,
Chamber of Commerce of the State of New York; R. B. White,
McCosker,
from the Senate and House.
counts
Alfred P. Sloan Jr., Chairman, General Motors Corp.; Thoma8
Lamont, J. P. Morgan & Co.; Floyd L.Carlisle, Chairman of Board*
The Western
the President left first,
being cleared, Vice-President Garner
sat;
Major General James G. Harbord, Chairman of the Board. Radio Corp.
'
lasted for 27 minutes,
family, followed by other
sang
Montgomery, Chaplain of the
House, pronnounced the benediction.
and then the
-
.
,
Phillips, Senate Chaplain, read the Episcopal
Johnson,
explorer;
Fellows Morgan, past
Edward
L.
Bernays,
relations;
William
York;
The Merchants' Association of New York
R. Eastman, past President, The Merchants' Association of New
York; Lucius Boomer, President, Hotel
S. Burke,
Waldorf-Astoria Corp.; and John
President, B. Altman & Co.
Others
on
the dais will be:
Mrs. August Belmont,
Walter
public
President. The Merchants' Association of New
Willis H. Booth, past President,
Lucius
th®
E. Dillon, President, Brooklyn Borough Gas Co.*
Damrosch,
who
who will be the toastmaster of the banquet; Dr.
will speak
on
"The Arts in The World of To¬
morrow"; Juan T. Trippe, President of the Pan American Airways System*
who
will speak on "Industry in The World of Tomorrow"; Dr. Robert A.
Millikan, Chairman of the Executive
Council of the California Institute Of
Technology, who is coming from California to speak on "Science in The
World of Tomorrow," and
Grover A.
Fair, who will speak about the
Fair.
Whalen, President of the World's
of
New
of
State
tion by a
York
monthly meeting of the Chamber of Com¬
At the regular
of the State of New York, held April 6, the following
merce
organization:
elected to membership in the
Lester
E.
Jacob*,
President
Schenley
Hull,
President
Atlantic,
K.
Vincent
Distilling
Gulf
&
Corp.
Indies
West
Frank
Steamship
E.
Ernest
Frederick
Brooklyn
and
York, and
Inc.
Long
Island
Branch,
Albert
A.
♦
Chairman of Board
'
change announced on April 13 the appointment of Joseph
Klingenstein, a member of the Board of Governors, as a
of the Special Sub-Committee on Audit Practice
and Corporate Procedure.
This Special Sub-Committee,
consisting of William K. Beckers, Chairman, and H. Allen
Wardle, was appointed in January to review the New York
Stock Exchange's listing requirements, agreements, form of
annual reports, scope of audits and corporate procedure in
the light of the McKesson & Robbins case.
The Exchange's
announcement stating this added:
Chairman of the Hoard of Governors, (for the term of one year)—Edward
'
„
.
The Sub-Committee, in collaboration with representatives
of the Board of Governors—Members of the Exchange,
Five members
societies, listed corporations and
(for the term of three years)—Robert J. Hamershlag, Hamershlag, Borg &
Kantzier, J. E. Swan & Co.; Harry H. Moore, Hallgarten
Co.; George R.
amination of audit
&
members
of Governors—Allied
Board
of the
members
non-
Dean,
Hancock,
Robert E.
of New York, who
allied members
or
a
sion.
business involving direct contact with the public,
Mass.;
Boston,
Wallace
Wm.
Baltimore, Md.'
Lanahan,
W.
W.
Pressprich, R. W. Pressprlch & Co.;
Richard Pigeon, Estabrook & Co.:
M.
Laurence M.
Marks,
Lanahan
0. Douglas, former Chairman, was recently
by President Roosevelt as an Associate Justice
of the United States Supreme Court and this nomination was
confirmed by the Senate last week (April 4), as was reported
in our issue of April 8, page 2058.
;;
;
Marks
year)—Reginald
(for the term of three years)—/
(for the term of two years)—Laurence
Co."; (for
&
the term of five
years)—
Fairman R. Dick, Dick & Merle-Smith.
'
4
.;
Federal
"How
regarding certain proposed changes in the rules which affect
customers' men and other registered employees.
The Com¬
mittee on Member Firms, says Mr. Satlzman in his notice to
members, "proposes to recommend the changes to the Board
of Governors, and to invite comment and opinion from in¬
terested members and firms.
If the response is not un¬
favorable it is hoped to have the changes become effective
about June 1, 1939, says the letter, which adds:
under
present
rules
10 different
classifications
branch office managers, customers'
firm
foreign
to
Analyze
on
of
to
"How
to
Analyze
to
&
Be
Held
on
Monday
Neto
Federal
Reserve
&
to
in
Leslie,
pro¬
member of.
*
''
Linen, Vice-President
•
C.
Huntley,
E.
'
Trust Co.,
the
'
,
Securities
Huntley
y
(Bond Portfolio," by J. L.
The talks at the two
referred
by
'
a
H.
City.
of
Bank
m.,
a.
City.
Bond,"
N., Y.
Analyze
by Edward
York
Bond," by John S.
York
New
a'Good
President Elmira Bank
were
at
bond portfolios, which is to be
the
Bond,"
Co.,
Municipal
a
Bank,
Buy
Elmira,
"How
Railroad
a
Struthers
National
Corp.,
re¬
to
York
on
Wood,
"How
of registered
men,
of
Chase
New
Monday next, April 17, at io
will embrace the following lectures:
gram
11
auditorium
the
New York
Charles E. Saltzman, Vice-President and Secretary of the
New York Stock Exchange, sent letters to members on April
are
in
held
Portfolios
of
April 17
Next,
*
There
Bond
on
Reserve ^Bank
At the third conference
in Rules Affecting Customers' Men and
Other Registered Employees
Changes
employees, namely,
Conference
Third
♦——
New York Stock Exchange Informs Members of Proposed
•
'••
nominated
&Co.,
.
Four trustees of the Gratuity Fund, (for the term of one
W.
ap¬
pro¬
William
(for the term of three years)—Malcolm W. Greenough, Hutchins & Park¬
inson,
of the
manner
The Securities and Exchange Commission announced on
April 11 that Commissioner Robert E. Healy had been
designated temporarily as Acting Chairman of the Commis¬
are general or limited partners in member
firms having their principal places of business outside of said Metropolitan
engaged in
the time and
year,
It has also been considering various
Healy Named Acting Chairman of Securities
and Exchange Commission
Lehman Bros.
non-members of the Exchange residing outside of the Metropolitan Area
and
ex¬
posals submitted to the Exchange by members and the public.
(for the term of three years)—
Dean; John M.
Struthers &
Two membeis of the Board of Governors—Members
of the City
an
contact with the public, (for the term of one year—
J. Gould Remick, Evans, Stillman & Co.;
B.
business
and general corporate practice.
New York who are general or limited partners in member firms engaged in a
Howard
of professional
engaged in
pointment of independent accounts, and other matters relating to audits
or
niembers of the Exchange residing in the Metropolitan Area of the City of
business in volving direct
public authorities, is
procedure with respect to receivables, inventories, the
adoption of the natural
Co.; John Rutherfurd at Reynolds, Fish & Co.; H. Allen Wardle.
Three
\
Stock List of the New York Stock Ex¬
on
member
.'*■
"
'
to give
The Grand Jury
Appointed to Special New York Stock
on Audit Practice and
The Committee
described in the "Chronicle" of April 16,
The Exchange listed the present nominations as
JL,'E. A. Pierce & Co.
unnecessary
appointed to the Federal bench by
Sub-Committee
Corporate Procedure '
Exchange
tions last year were
E. Bartlett,
has made it
the question of impeachment.
was
J. Klingenstein
change announced on April 10 the nominations for the Board ^
of Governors of the Exchange to be filled at the annual elec¬
tion on May 8.
Edward E. Bartlett, Jr., a special partner
of E. A. Pierce & Co., was renominated for Chairman of the
Board.
In addition to Mr. Bartlett, three other Governors,
whose terms expire, were renominated.
They are: H. Allen
Wardle, Howard B. Dean, partner of Struthers & Dean; and
John M. Hancock, partner of Lehman Bros.
The nomina¬
follows:
The resignation
physician.
Judge Thomas
The Nominating Committee of the New York Stock Ex¬
2475.
Judge Thomas is at present under the
recent attack of illness,
a
a
President Wilson in 1913,
Stock Exchange
Nominating Committee
Selects New Governors—E.E. Bartlett Renominated
as
The nature of the evidence adduced has
will continue its investigation.
York
New
of
further consideration to
Cullison of the Civil Aeronautics Authority.'
Douglas Lincoln
Due to
care
Dwight, Treasurer Church & Dwight Co., Inc.,
Teeter, Treasurer Chas. Pfizer & Co.
E.
Ellsworth
"
special Grand Jury.
a
been made public.
not
Co.
Avertising
Outdoor
General
Judge
States Attorney for the Southern District of New
John T. Cahill, United
;
area
April 12.
on
Thomas, and his action in certain cases, have been under investigation by
Code.
Fiduciary Counsel,
of
Manager
Ilamm,
I.
International
Wonham, Inc.
Vice-President
Strohofer,
Kenneth
Peterson
President
Peterson,
Wonham, President
S.
Fred
or
Murphy issued the following statement
It is well known that for a number of weeks the financial affairs of
Lines.
page
April IS, 1939
Thomas, whose financial affairs have been under investiga¬
Federal grand jury, submitted his resignation on
April 6, to become effective immediately, because of im¬
paired health. He is now a patient at the Neuro-psychiatric
Institute in Hartford, Conn., where he was admitted on
March 7 following a nervous breakdown. Attorney General
Membership in Chamber of Commerce
Nine Elected to
were
Chronicle
Financial
2206
.
Kolk, Assistant Vice-
Elmira, N. Y.
previous.bond portfolio conferences
i$sues of Feb. 25, page 1109, and
our
'
presentatives, international arbitrageurs, junior customers'
of
"
traveling representatives.
It
is
proposed
customers'
or
men,
to
*
eliminate the
Apprentices
men.
March 25, page 1739.
managers
foreign activities, securities salesmen, securities traders, service
men
•
,
capacity of and registration
ITEMSJABOUT
of junior
Arrangements
clerical positions but need not be registered.
The remaining nine classifications are. all essentially "engaged in the same
type of activity, namely, the solicitation or servicing of customers' business.
It is
therefore proposed to
tions, i.
presentatives) and
new
group registered employees into
Branch Office Managers
e.,
(with
titles would be permitted to
perform any duties assigned to them in the
,
customers'
men
hibiting
employee from calling at the home
an
and
service
men
would
be
removed,
but
residence of
or
for the purpose of soliciting marginal accounts
or
the
an
rule
pro¬
individual
transactions, without his
permission, would be retained.
Registered employees under their
titles would be required to have
had adequate experience to fit them for the duties to be
performed and would
be required, in the discretion of the Committee, to
pass
as
such examinations
the Committee may determine.
tered employees
duties, at the
red
tape
in connection with the applications of regis¬
and to eliminate technical distinctions in their
same
time laying
the foundation for
a
pwoers
and
better trained and better
Judge
Edwin
Savings Bank,
City
Presidents
the
were
savings
banks which also
eightieth anniversaries this year.
son
ran
of
S.
Thomas
Resigns—President
Roosevelt Accepts Resignation
.
President Roosevelt announced
the
Union
Savings Bank.
Dime,
between
of
the
dinner, which
Herald
Sixth
was
Avenue
a
Philip Ben¬
future
great
"El."
for
Street
Other
Sixth
with
the
at
the
guests
attended by the Union Dime staff and
.the members of the Board
of
Trustees,
included:
William
White, Superintendent of the New York State Banking
tendent; Charles A. Miller, President of the Savings Bank
Trust Co., and Paul W. Albright, General Secretary of the
Savings Bank Association.
■
•
George B. Buchanan;
member of the New York Stock
Exchange and
McKinnon, died of heart disease
District
were:
Square and 42d
the
States
They
New
other
celebrating their
William L. DeBost, President
envisioned
April 12 that he had
accepted the resignation of Edwin S. Thomas as Judge of
United
three
of the Dime Savings Bank of Brooklyn; Henry J. Coch¬
of the Franklin Savings Bank, and Charles G. Edwards
Avenue
R.
of
are
Department; Edward J. Pierce, Deputy Assistant Superin¬
informed productive personnel.
Federal
York
removal
The purpose of the changes which have been briefly described above is
to remove unnecessary
of honor
guests
of the Central
new
&c.
Sixth Avenue and 40tli
Street, New York City, celebrated its eightieth anniversary
on April 12 at a
dinner at the Hotel Pierre.
Among the
Re¬
The present restriction requiring the constant attendance in the office of
COMPANIES,
——•—-
The Union Dime
Such persons, under the
discretion of the employer.
TRUST
were
-•
but two classifica¬
sub-division of Foreign
a
Registered Representatives.
BANKS,
made April 11 for the transfer of a
New York Stock Exchange membership at $51,000.
The
previous transaction was at $56,000, on March 31, 1939.
/
still.be employed in purely apprentice
may
■
and
on
Court of
Connecticut.
Judge
a
a
special partner in the firm of Thomson &
on
April 13 at his home
Volume
in
143
Financial
Haverstraw, N. Y.
had been
64 years old.
Mr. Buchanan
of the New York Stock Exchange since
member
a
He
was
11)05, and before that had been
Exchange.
For
issues and in
t
Jay
many
Corn
Edson
Exchange
the old
on
Curb
specialist in railroad
a
The Grace National Bank,
New York, in its statement of
29, 1939, reported cash in vault and
with banks as amounting to
$11,119,339; demand loans to
brokers, secured, amounted to $3,710,000; United States
condition
the New
of
York
Stock
Harris,
Upham & Co. and a former
member of the Exchange, died on Axn'il 13 at the French
Hospital, New York City. He was 53 years old. Born on
Staten Island, N. Y., Mr. Eddy spent his entire working life
in Wall
Street.
becoming
he
He joined the
left the
Equitable to become
J. II. Plolmes &
During that period he held
From
that
&
partner in
a
1933.
he
seat
a
on
with
associated
was
securities amounting to $4,624,501, and State,
municipal and other public securities, $5,194,465.
Undivided
profits amounted to $575,970; deposits were $30,357,106,
and surplus amounted to $1,500,000.
In 1918
George J. Merked, Vice-President and Comptroller of the
Savings Bank of Brooklyn,; N. Y., has rounded
the firm of
Bushwick
45
out
the Exchange.
to
grow
Assistant Secretaries.
The statement of condition of the National City Bank of
New York, as of March 31, shows
Cash
$716,104,732 against $531,States Government obligations
718,844
on
Dec. 31;
(direct
or
fully guaranteed), $619,014,734, compared with
to
$5,274,567.
Capital
and
advances
surplus
unchanged
Total
dition
of
as
Dec. 31.
and
March
In the
bankers
Co., New York, in its statement of
31,
as
compared
to
Leland
to
of the
unchanged
$20,000,000
at
Capital
each;
,
and
undivided
surplus
profits
1938.
>■•••
'
••
'
•
of the Bank of New
five
of
Philadelphia, Phila¬
statement
and
due
from
banks, $16,483,280 .(against
time loans and discounts,
(comparing, with
securities,
are
$2,219,169 against $2,198,400
now
York, New York,
$218,-
were
851,263, against $206,738,823 on Dec. 31. The bank reported
on
hand, due from banks, and other cash items at
$76,398,760, /compared with $53,571,915, and holdings of
United States Government securities of
to
$80,040,280.
with
$45,434,949
1938.
Capital,and
changed
on
$194,965,614
Dec.
as
$73,683,333, in
discounts
the
$4,746,918
With
on
Dec. 31,
were
respectively;
March 31
on
31, and total deposits
compared
com¬
amounted
institution
$9,000,000,
and
profits increased to
$4,716,436
of
surplus
$6,000,000
at
divided
Loans and
March 31 against $48,697,246
on
A.
Ohio
Stoner, Executive Vice-President and Cashier
National
Bank
Avery G. dinger.
Ohio
State
Bank)
of
Mr.
University,
Columbus,
Columbus,
Stoner, who is
•
began
as
a
Ohio,
his
a
graduate
banking
appointment in 1929
and. Cashier, the positions he
presidency.
George A.
successive stages
Executive Vice-President
as
now relinquishes to assume
Doersam, Vice-President of the
Ohio National Bank in charge of the Town-High office, suc¬
Mr, Stoner as Cashier, while retaining his post at
ceeds
the
Town-High office.
,
j
three
'
The
statement
of the
Marine Midland Trust
with
$115,577,088
date
are
on
Dec. 31.
Co.
$227,871,386 and
with
pared
the present
total resources, $249,593,546, as com¬
$234,271,167 and $255,527,750, respectively, on
The principal items, making up. the assets in
statement are:
Cash on hand,.in Federal Re¬
Bank, and due from banks and bankers, $74,941,106
(against $90,084,960 on the earlier date); United States
serve
Government
securities, at par and. accrued interest, $45,
(against $43,943,757); State and municipal securi¬
ties, not exceeding market value, $41,001,869 (against $34,-
305,960
■
York for March 31 shows deposits of
of
un¬
months
ago.
The Harris Trust & Savings Bank of Chicago, 111., in its
condition statement of March 29, 1939, shows total deposits
Dec. 31 last.
from
of
career' in
He rdse through
messenger.
his
un¬
reported at
were
$182,586,443
♦
on
•<
cash
parison
In¬
of
assets
the
the
resources
Bank
condition
late
until
.
According to the March 31 statement of condition, total
.
its
Life
1923 when he joined the old Citizens Trust &
Savings Bank
of Columbus (subsequently merged with the Ohio National
at
$6,271,600, increasing from $6,178,211, and total deposits of
$583,574,855, which compares with $522,618,443 at the end
of
and
Mutual
has been elected President of the institution to succeed the
$86,965,303, compared with $110,737,883, and loans
discounts, including demand loans against collateral,
$185,789,802 against $216,401,981.
are
Massachusetts
as a director
Co.
with $580,664,624 on
tions to
and
Insurance
the earlier date) ;
on
undivided profits
Dec. 31.
<
con¬
$274,581,134 against $166,114,872
Dec. 31; holdings of United States Government obliga¬
on
Nichol¬
leading
$20,038,274) ; United'States
$9,473,663
(against $10,485,010),
and demand loans, $8,452,837
(against $8,584,342 at the
close of 1938).
Deposits are shown as $52,038,581 (contrast¬
ing with $55,380,008), while capital and surplus remain
unchanged at $3,040,000 and $5,000,000, respectively, and
present statement cash and due from banks
amounted
Fire
National
its
total
Government
of $642,553,046 are reported by the Bank
resources
Manhattan
the
a
Springfield, the Narragansett Electric Co.,
Island, the Rhode Island
Bank
$20,105,765
000,000 each, and undivided profits were $4,856,730 against
$4,438,099 at the end of 1938.
of
shows
$18,651,232
$10,-
at
of
Pa., in
Reserve
$4,819,383 against
to
were
and
as
of March 29,
$64,109,091 as against total
resources of $67,195,437. on Dec. 31
last, the principal items
of the current statement
being:
Cash on hand, in Federal
securities
$33,082,456, and loans and
the
of
Co.
Co., Providence, and
Mutual
Central-Penn
1939,
$39,482,154; holdings of
to $27,751,210 against
against
.
Government
President
Screw
the Industrial Safe Deposit Co., the Union
Co., and the Rhode Island Electric Protective Co.
delphia,
deposits of $59,177,473 and total assets
$26,780,325
States
American
\
.
of $87,445,924, compared, respectively, with $80,108,923 and
$107,850,326 on Dec. 31.
Cash on hand and due from banks
United
Nicholson,
Insurance Co.,
Trust
The
amounted
M.
the
the Title Guarantee Co. of Rhode
City Bank Farmers Trust Co., New York, reported
of March 31 total
and
companies—the
Co.
surance
remain unchanged at $77,500,000 and $46,500,000,
respectively, but undivided profits now stand at $14,883,114
as
Samuel
Co.
associated
surplus
ago.
-
of Manufacturers
$668,795,810, and loans, discounts and bankers' acceptances,
$491,670,970 as compared with $521,981,489.
Capital and
three months
\
Board of Industrial Trust
and due from banks and bankers,
The
Commencing as a
building on Grand
figure in New England manufacturing, banking and insur¬
ance, died on April 7 at the age of 78 at his home in Provi¬
dence, R. L ' Colonel Nicholson served as Chairman of the
According to the state¬
ment, the principal assets at the close of March were:
1916.
File
son
reported at $2,138,607,494, an increase as compared with
the Dec. 31 figure of $2,009,182,640.
against $13,554,940
bank.
Merked. has seen the bank
$22,000,000 institution at its present location on
a
Colonel
$1,967,755,199 in deposits,
Resources
compared with $1,835,286,500 at the end of 1938.
United
the
•
•
since
are
to
Grand
on April 7
appointments of Raymond J. Lewis and John J. Camp¬
as
service
Street at Graham Avenue.
He served successively
through each banking department, becoming Vice-President
in 1922 and Comptroller in 1936.
He has been a trustee
Guaranty Trust Co. of New York announced
bell
of
years
clerk in 1894 in rented space of a small
Street near Leonard Street, .Mr.
Upham
Harris,
Co.
the
of March
Government
Co., stock brokers, where he remained until
date
as
Equitable Trust Co. in 1912,
Vice-President in the bond department.
a
2207
changed, but the surplus fund has increased to $53,011,169
on March 31 from
$52,935,003 in the year-end statement.
Refining Co.
associate
an
of
broker
a
he_ was
years
Products
Eddy,
firm
Chronicle
of New
$121,109,571, compared
Total resources at the latest
245,526) ; other bonds and investments, not exceeding mar¬
ket value, $31,093,796
(comparing with $29,087,686), and
time loans and bills discounted, $46,618,213 (against $48,-
$138,778,207, contrasting with $133,241,462 Dec. 31;
cash and due from banks, $50,051,637, compared with $44,132,049; investments in United States Government obliga¬
017,331).
vided
$7,000,000, respectively, but undi¬
profits have risen to $3,973,453 from $3,921,856 at the
tions
close
of 1938.
are
given as $10,602,053 against $13,779,745.
Capital
surplus remain unchanged at $5,000,000 each, and un¬
divided profits are $4,262,504 against $4,252,669 on Dec. 31.
same
at
The company's capital and
$6,000,000
and
its
Trust
statement
of
Co., New York,
condition
as
of March
shows totals
compared with $706,017,470
on
assets
Dec. 31.
31 the
of
Cash
Irving
$720,558,240,
on
hand and
due from other banks is shown as $332,369,882 against $306,738,982, while holdings of United States Government securi¬
ties
at
the
$169,216,299,
close
of
the
first
quarter
were
in
amount
of
$192,722,157 Dec. 31.
De¬
posits increased to $607,641,328 from $593,282,361 at the
end
of last year.
Capital stock of $50,000,000 was un¬
contrasting
with
remain
the
4
Total
of
assets
Bank
tional
In
surplus
and
&
$131,002,492
condition statement
$139,686,242
up
on
as
Dec.
shown by the
City Na¬
Chicago, 111., in its
of March 29, 1939 (comparing with
Co.
Trust
31,
of
are
Chicago,
1938).
The
the assets in the current statement
from
chief
are:
items
making
Cash and due
banks, $49,825,834
(against $62,706,486 on Dec. 31);
securities, $37,791,798 (compar¬
ing with $33,991,266), and loans and discounts, $33,159,210
(against $32,439,018 at the clbse 6t 1938).
Total deposits
are shown
as $122,418,763
(comparing with $131,196,813).
United
Capital
States
and
Government
surplus
remain
the
same
at
$4,000,000
and
2208
I
$2,000,000,
to
Financial
i
,
respectively,
undivided
but
profits have
$1,044,756 from $994,994 three months
risen
ago.
♦
,
Total
of $429,825,997 are shown in the condition
resources
statement
as
March
of
29, 1939,
of the National Bank of
Detroit, Detroit, Mich, (comparing with $425,215,257 on
Dec. 31, 1938), of which $205,469,609 represents United
States Government
obligations
(contrasting with $204,981,891
date); $136,722,563 cash on hand
(against $135,480,314), and $62,discounts
(against $61,792,434 three
earlier
the
on
and due from other banks
563,229
loans
months
ago).
and
Total deposits on March 29
(comparing with $391,573,872
while the bank's capital structure is given
(against $30,227,615).
shown
are
$395,835,585
31),
$30,929,728
as
'■
♦
'Gilmer Winston,
at
Dec.
on
'
Chairman of the Board of Directors of
the Union Planters National Bank & Trust Co. of
Tenn.,
Memphis,
of the outstanding bankers of the South,
his home in Memphis on April 5 following a heart
and
died at
attack.
born
The deceased
banker, who was 61 years old, was
Brownsville, Tenn.
After beginning his banking
as a bookkeeper in the old Memphis National Bank
in
career
in
one
1901, he joined the Union & Planters Bank, as it was
called, and worked his way up to the position of
then
Assistant
Cashier.
Subsequently
Cashier, and three years later
to
(1914)
was
he
was
elected
promoted
Vice-Presi¬
a
He then advanced to the position of Senior VicePresident, and in January, 1932, was elected President of
the institution, holding the office until March of the fol¬
dent.
lowing year, when he became Chairman of the Board.
;
.
-4
The Farmers & Merchants National Bank of Los Angeles,
Los Angeles, Calif., in its condition report as at the close
of business March
29, shows total
(comparing with $130,321,442
the chief items
Cash
are:
on
hand
Bank and due from other
serve
$38,703,515
ment
resources
of $133,034,012
Dec. 31, 1938),
on
and
with
of which
Federal
Re¬
banks, $40,019,592 (against
the previous date); United States Govern¬
direct and fully guaranteed, $61,267,877
with $63,400,718), and loans and discounts,.
on
securities,
(comparing
$22,687,761 (against $24,975,649).
Deposits in the current
statement stand at $123,987,303
(contrasting with $121,513,266).
Capital (paid in)- and surplus account remain
the same at $3,000,000 and $4,500,000, respectively, but un¬
divided
profits are now $968,412 against $735,549
on
Dec. 31.
.
.
In its condition statement as at
March
29,« 1939,
the
Pacific
the close of business of
National
Bank
of
Seattle,
Seattle, Wash., reports total assets of $27,378,406
(as
against $26,985,762 at the close of business Dec. 31, 1938),
of which the
United
principal items are:
States
securities
trasting with $9,089,098
(at
par
United States bonds and
or
less), $9,115,690
(con¬
the previous date); loans and
(as against $6,797,474), and cash and
on
discounts, $8,035,182
banks, $7,658,715
due from
(comparing with $8,764,429 on
are shown at $23,198,162
(increasing from $22,891,386);
capital and surplus at
$2,500,000 and $620,000, respectively. (the same as on the
previous date), and undivided profits, $696,560 (against
$621,625).
the earlier date),
Total deposits
4
The annual meeting of the Banco di Roma was held in
Rome on March 21, 1939, and the report showed an increase
in
net
profits
of about
870,000 lire, reaching a total of
Deposits in current and savings accounts
amounted to 1,482,446,002 lire, showing an increase of 221,118,714 lire over the previous year.
Balances of corre¬
11,760,396 lire.
spondents amounted to 2,944,527,597 lire, with
an
increase
also of
of
a
148,241,769 lire.
The Board voted the distribution
4% dividend on the capital stock of the bank.
In
Italy, the Banco di Roma opened
a
and
in
others
will
be
established
new
branch in Padova,
Bergamo, Udine and
Verona.
Continuing its colonial tradition, two. new offices
were opened in
Giggiga and Dire Daua during 1938, thus
bringing the total of branches in the Ethiopian Empire
tO
16.-
*
'
■
THE
CURB
•:
'
■'
EXCHANGE
Chronicle
and at the close
The
the public utility
preferred group, United Gas pref. moving up 3 points to
77, while Cities Service pref. climbed 2% points to 52%.
Other advances included Aluminum Co. of America, 5 points
to 95; Aluminium Ltd., 2% points to 110; Pittsburgh Plate
Glass, 2 points to 92; Niles-Bement-Pond, 1% points to 44,
and Newmont Mining, 2% points to 60.
The declines
included many of the slow moving stocks but the changes
were small and without significance.
Curb stock movements were somewhat spotty on Tues¬
day, and while there were a number of modest recoveries
among the public utility preferred stocks and some of the
more active of the specialties, the declines were again
largely
in excess of the advances. Noteworthy among the recessions
were Aluminum Co. of America, 3 points to 92; Duke Power,
3 points to 64; Mead Johnson, 4 points to 131; National
Power & Light pref., 2 points to 69; Pittsburgh Plate Glass,
1 point to 91; Hazeltine, 2% points to 23%; Buckeye Pipe
Line, 1 point to 29; Carolina Power & Light 87 pref., 2
points to 87%, and Chicago Flexible Shaft, 1% points to 63.
"Higher prices prevailed during most of the session on
Wednesday and a number of trading favorites, especially
those in the preferred group of the public utilities and in the
industrial specialties, registered gains up to 3 or more points.
Aircraft stocks participated in the general advance, but the
gains were less pronounced. Aluminum stocks were higher,
Aluminum Co. of America climbing 2 points to 94, while
Aluminium Ltd. advanced 3% points to 118.
Industrial
specialties were represented on the upside by Pittsburgh
Plate Glass, which forged ahead 3 points to 94, and SherwinWilhams, which moved forward 4% points to 89. The trans¬
fers for the day were down to 171,665 shares, against 269,171
on
the
preceding day.
1
#
%
,
...
Public utilities and industrial
specialties scored new ad¬
vances
during the early trading on Thursday, and while
there was considerable irregularity apparent as the day pro¬
gressed most of the stocks in these groups held their gains
throughout the session.
The aluminum shares were strong,
Aluminum Co. of America climbing upward 3 points to 97,
and Aluminium Ltd: registered a similar advance to 110.
National Power & Light
pref. was the strong issue of the"
public utilities as it surged upward 5 points to 75; Royal
Typewriter moved ahead 3 points to"48; Quaker Oats, 3%
points to 112%; Great Atlantic & Pacific n. v. stock 2%
points to 78;-New Jersey Zinc, 2 points to 50%; Newmont.
Mining, 1 point to 61; Humble Oil, 1% points to 58, and Lake
Shore Mines, 1 point to 39. Aircraft shares were quiet and
mining and metals registered small gains.
Declining prices were again in evidence during most of the.
dealings on Friday, the recessions ranging from 2 to 5 or
more
points.
There were occasional transactions ^gainst
the trend but these were generally on small sales among the
slow moving stocks.
Industrial shares and public utilities,,
bpth of which have been in demand, moved down with the
,
rest of the list.
unchanged.
Aircraft issues were.off and oil shares
Prominent
were
the stocks closing on the side
of the decline were Mid vale Co., 3 points to 95; United Shoe
Machinery, 2 points to 72; Niles-Bement-Pond, 2% points to
45%; National Power '& Light pref., 3 points to 72, and
American Gas & Electric, 1% points to 34%. As compared
with Thursday of last week, prices were generally lower,.
Aluminum Co. of America closing last night at 96 against
97% on Thursday a week ago; Aluminium Ltd. at 110 against
111%; American Light & Traction at' 13% against 14;.,
Chicago Flexible Shaft at. 63 against 65%; Ford of Canada A
at 17% against 18; International Petroleum at 23% against
24%; Lockheed Aircraft .at 24% against 25%, and United
Shoe Machinery at 72 against 74.
%
■
among
.
TRANSACTIONS
AT
THE
YORK
NEW
CURB
EXCHANGE
Bonds (Par Value)
Stocks
(Number
Week Ended
of
Apr. 14. 1939
Shares)
Public utilities have been active on both sides but most of
the leaders moved higher as the week
progressed. Industrial
Saturday
Monday
Tuesday
specialties have been in good demand but the interest in oils,
mining and metals and aviation shares has been spotty.
Heavy selling due largely to fear of adverse developments
in the European situation was the
outstanding feature of the
dealings during the brief period of trading on Saturday, and
while some of the preferred stocks in the
public utility group
were inclined to work
against the trend, the market, as a
whole, was off from 2 to 4 or more points. Industrial special¬
ties led the downward swing, Jones &
Laughlin Steel dipping
1 % points to 17%;
Sherwin-Williams, 2 points to 81; Singer
Manufacturing Co., 2 points to 171, and Hazeltine Corp.,
5 points to 22. Aircraft stocks were
down, Lockheed dropping
Wednesday
Thursday
Friday
the declines exceeded the advances.
best gains of the early dealings were in
DAILY
Price movements on the New York Curb Exchange
pointed downward during the fore part of the week, but slowly
turned upward as the war talk abroad
gradually quieted
down.
Selling predominated on Monday and Tuesday and
a
heavy volume of transfers was registered at each session.
April IS, 1939
1% points to 24%, and Bell slipping back 1 point to 21%.
In the mining and metal stocks Aluminum Co. of America
tumbled 7% points to 90 and Lake Shore Mines 1% points
to 37.
The transfers for the short day climbed to approxi¬
mately 265,000 shares.
The brisk recovery that developed during the morning
dealings on Monday helped many of the utility stocks to
regain much of their losses of the preceding Saturday. The
advances did not extend to all groups but the gains were
sufficiently pronounced to give the early trading an appear¬
ance of strength.
As the day progressed the list weakened
Foreign
Domestic
$12,000
1,640,000
1,842,000
16,000
27,000
15,000
23,000
49,000
44,000
11,000
19,000
104,270
1,291,000
1,368,000
1,141,000
1,000
17,000
1,208,994
$8,635,000
$74,000
$168,000
$1,353,000
271,230
172,165
126,999
Total.
Sale
at
Corporate
$8,000
265,025
269,305
__
Foreign
Government
Week Ended Apr. 14
Total
$1,373,000
1,683,000'
1,906,000
1,358,000
1,398,000
1,159,000
$8,877,000'
Jan. 1 to Apr. 14
New York Curb
Exchange
Stocks—No. of shares.
1939
1938
1939
1,208,994
690,000
13,967,814
$8,635,000
1938
13,045,231
Bonds
Domestic.
_
Foreign government
Foreign corporate.
Total
$4,915,000
$147,203,000
74,000
94,000
1,656,000
168,000
107,000
1,937,000
2,143,000
$8,877,000
$5,116,000
$150,796,000
$92,767,000
$88,280,000,
2,344,000
,
Volume
148
Financial
FOREIGN
Chronicle
EXCHANGE RATES
Prices
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
FOREIGN
We
RATES
CERTIFIED
The
BANKS TO TREASURY
APRIL
UNDER
ACT OF
TARIFF
8,. 1939 TO APRIL 14,
1939,
RESERVE
Bulgaria,
lev...
Czechoslov'ia, koruna
Denmark, krone
INCLUSIVE
Apr. 11
Apr. 12
Apr. 13
Apr. 14
$
S
S
$
$,
.168219
.168227
.168225
.168211
.168216
.168116
.012125*
.012125*
.012075*
.012075*
.012075*
.012075*
a
a
•'
.208940
.208900
.208887
.208900
.208893
.680555
L680625
.679652
4.680069
4.679861
.020520
.020562
.020540
.020540
.020540
.020540
.026471
.026472
.026474
.026471
.026474
.026475
Germany, relchsmark
Greece, drachma
.401471
.401588
.401061
.400827
.400737
.400500
.008585*
.008585*
.008585*
.008585*
.008585*
.008585*
Hungary,
.196000*
.196000*
.196000*
.196000*
.196000*
.196000*
.052600
.052600
.052600
.052600
.052600
.052600
.530727
.530755
.530772
.530775
.530761
.530750
.235196
.235178
.235159
.235081
.188325
.188390
.188175
.188200
Italy,
lira.
Netherlands, guilderNorway, krone
J
Poland,
zloty.
Portugal, escudo.
Rumania, leu..
Spain,
Switzerland, franc.
Yugoslavia, dinar...
—
.188175
.042490
.042437
.042437
.042437
.007050*
.007057*
.007057
.007050*
.007057*
a
.241218
.241093
.241090
.241106
.224263
.224216
.224188
.224211
.224175
.022650
.022733
.022680
.022620
.022680
.022680
Coin of
a
£261,428
legal tender in the United Kingdom,
; •
IN
LONDON
IN NEW YORK
,
20d.
„
Mar. 27
19 15-16d.
Mar. 28
..19 15-16d.
Mar. 29
Average—
_
.
_
(Per Ounce .999 Fine
2 Mos.
19%d.
19.958d.
19%d.
Mar. 22.
19 ll-16d.
Mar. 23.*
19 ll-16d.
Mar. 24
19%d.
19%d.
19%d19.646d.
Mar. 25.
43 cents
—43 cents
43 cents
Mar. 27
43 cents
—43 cents
The highest rate of exchange on New York
recorded during the period
$4.68% and the lowest $4.68.
.157666*
Chefoo (yuan) dol'r
.157666*
.157666*
.157666*
.157666*
.159333*
Hankow (yuan) dol
.157666*
.157666*
.156416*
.156416*
.156416*
.156416*
Shanghai (yuan) dol
.160125*
.159968*1
.160125*
.160125*
.160125*]
.160125*
Tientsin (yuan) dol.
.158562*
.158250*
.158093*
.158093*
.157781*
.157468*
.286437
.286468
.286333
.286468
.286187
.286187
.349618
.349630
.349667
.349569
.349617
.349484
.272785
.272787
.272737
.272714
.272700
.272662
.543250
.543000
.543000
.542750
.542750
.542500
Australia, pound
729296
3.729062
3.729062
fe ,728854
3.728854
'3.728645
New Zealand, poundAfrica—
744187*3.743625* 3.744125*3 743875* 3.743750*3.743687*
•
BANKS
NATIONAL
The
following information regarding National banks is
from the office of' the
Comptroller of the Currency, Treasury
Department:
Australasia—
■
-
VOLUNTARY LIQUIDATIONS
,
4.624500
4.625125
4.625000
4.625000
.994687
.994355
.993417
.993886
.993945
.999333
.999000
.999333
.999333
.999333
.999333
.200240*
.200240*
.200240*
.200240*
.200240*
.200240*
peso
$50,000
.993886
'
'
-
Preferred stock
Canada, dollar
Amount
*
$30,000
20,000
Effective, March 28, 1939. Liquidating agent, John Patterson,
care of the liquidating bank..
Absorbed by, Hernando State.
Bank, Brooksville, Fla.'
4.625000
Cuba,
,
1
April 1—The First National Bank in Brooksville, Fla
Common stock
Union South Africa, £ 4.625520
North America—
43 cents
*
Mar. 28
from March 23, 1939 to March 29, 1939, was
_
b Coin not of legal tender
Quotations during the week:
Mar. 24__.___20d.
Mar. 25.
20d.
.007057*
.241237
1,690
1,785
1,648
Other countries
b5,656
a2,500
14,538
17,518
3,462
Other countries
Mar. 23
.042453
.224269
8,700
Sweden
Denmark
b4,145
b3,OQO
Cash
.042437
.241225
£247,605
Germany
(Bar Silver per Oz. Std.)
Asia—
Hongkong, dollar.
British India, rupee.
Japan, yen....
Straits Settlem'ts, dol
the 27th inst.:
U. S. of America
£62,863
13,558
22,723
4,991
China—
,
on
£154,954
.235112
.235100
.188187
a
Sweden, krona
midday
in the United Kingdom.
'
peseta..—
and offerings included
The market is quiet and at
the United Kingdom imports and exports of silver,
were
France
L680555
pengo
following
a
Engl'd, pound sterl'g
Finland, markka
France, franc
__
The
Aden & dependencies
Portugal...
Eire....
Belgium
Apr. 10
.208940
have bought
registered from midday on the 20th inst., to
Australia
Union of South Africa
Gibraltar
New York
$
a
America
Exports
Apr. 8
a
and
months
two
decided tendency.
no
United States of America..
Mexico
Unit
Europ«—
Belgium, belga-.—__
Bazaars
1930
Noon Buyino Rate for Cable Transfers in
Value in United States Money
Country and Monetary
Indian
for
that
and
resales by the Indian Bazaars and speculators.
►
FEDERAL
BY
little change during the past week, the cash
very
varying between 20d. and 19%d.
delivery only between 19 ll-16d. and 19%d.
the moment shows
record for the week just passed:
a
EXCHANGE
have shown
quotation
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
2209
SILVER
...
■
.
,
Mexico,
peso..
Newfoundl'd, dollar.
.992421
.991875
.990937
.991367
.991484
.991406
.312065*
M2081*
.312045*
.312075*
.312040*
.312050*
April 3—Groveton National, Bank, Groveton, N. H
peso
Brazil, mllreis
Chile, peso—official.
"
Colombia,
Uruguay,
*
.058580*
export.
peso
peso..
Nominal rates,
a
ENGLISH
b
b
.051733*
.051733*
.051733*
.051733*
.051733
.051733*
.040000*
.Q40000*
.040000*
.040000
.040000*
.040000*
.569840*
.569840*
.569840*
.569840*
.569840*
.569840*
.615975*
.615940*
.615966*
.615949*
.615949*
.615956*
No rates available,
FINANCIAL
b Temporarily omitted.
MARKET—PER
Preferred stock
1
25,000
Effective April 1, 1939.
Liquidating agents, Myrtle J. Tellington and Robert E, Christopher, care of the liquidating bank.
b
b
b
Succeeded
;
'
0
Sat:,.
Mon.,
Apr. 8
Consols
2%%_
Tues.,
Holiday
Holiday
Holiday
Holiday-
Wed.,
Apr. 11
Apr. 10
20d.
148s.6d.
148s.6%d. I48s.6d.
£66 %
£00%
Holiday
Holiday
£94%
British 4%
1960-90
Holiday
Holiday
£104%
20d:
Apr. 14
£65%
£94 %
£94%
£93 %
STOCK INCREASED
:
.
.
Amt. of Inc.
,
From
85,000
£104 %
£104%
£103%
COURSE OF BANK CLEARINGS
~BanlTclearings_this week"will show
price of silver per ounce (in cents) in the United
States on the same days have been:
BarN.Y.(for'n)
S.
COMMON CAPITAL
•
\
.
•
_
'
The
U.
•
April 4—The Old National Bank & Union Trust Co. of Spokane,
Spokane, Wash. From $600,000 to $750,000.
—
— .$150,000
148s. 6d.
£00%
■
PREFERRED STOCK ISSUE
20d.
20d.
British 3 >2%
W. L:
,
April 7—The First National Bank of Lincoln, Lincoln, Neb.
.$850,000 to $935,000
—
—
Frl.,
Thurs.,
Apr. 13
Apr. 12
:
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Silver, per oz__ 20d.
Gold, p. fine oz. 148d.6d.
N. H.
Peoples National Bank of Groveton,
\
by,
Charter No. 14409.
April 4—The Old National Bank & Union Trust Co. of Spokane,
Spokane, Wash. (Sold to RFC)
_____—
,.— 350,000
The
as
50,000
...$25,000
Common stock.
South America—
Argentina,
...
Holiday
Holiday
42%
42%
64.64
64.64
.42%
»
42%
bank clearings from all
Treasury
(newly mined)
64.64
64.64
THE ENGLISH
GOLD
64.64
64.64
•'
MARKETS
AND SILVER
We
reprint the following from the wetekly circular of
Samuel Montagu & Co. of London, written under date of
March 29, 1939:
'■
7
.
.
increase compared
with a year ago.
Preliminary figures compiled by us based
upon telegraphic advices from the chief citie^of the country
indicate"that fohthe weekTnded todayjSaturday,jVpril 15)
cities of the United States from
whici
possible to obtain weekly clearings will be 15.0% above
those for the corresponding week last year.
Our preliminary
it is
te^stahdTat" $5,387^645T173, agamst $4,684,538,992 for
the
same
week in 1938.
week ended
Afthis center there is
a
gain for the
Our comparative summary
Friday of 18.6%.
for the week follows:
GOLD
an
;
-
,
The Bank of
England gold reserve against notes on March 22 was £226,033,091 at 148s. 5d. per fine ounce showing no change as compared with
the previous Wednesday.
1
In the open market about £3,225,000 of bar gold was disposed of at
the daily fixing during the week under review.
Conditions continued to
be active, although resales by the Continent were not on so large a scale
as last week; some supplies were
provided by the authorities.
Purchases
were made for the Continent, but the bulk of the offerings was taken for
shipment to New York.
'
•
•
»
Large shipments of gold to New York have been the outstanding feature
of the week as will be seen from the figures given below; whilst part of the
£25,400,000 exported was on private account,-.the larger proportion is
believed to represent movements of an official character, possibly including
operations on Continental account.
Per
Clearings—Returns by Telegraph
Week Ending April 15
New York
...
1938
$2,585,677,339
$2,179,658,996
202,297.381
243,000,000
156,522,434
+ 18.6
68,300,577
69,700,000
—2.4
251,857,558
Philadelphia.
—. — ■- «
Boston
367,000,000
w-—
.172,119,499
—
.
Quotations:
Per Fine Ounce
.
March 23
March 24
Louis
St
66,666,026
—,v.
'
71,000,000
112,022,000
95,577,669
-
San Francisco
—
Pitts Durgh...—.—.
—
-----
Detroit
„
,77,503,998
4
107,940,000
73,780,711
67,103,935
+ 24:5
+ 26.3
+ 10.0
+ 1.9
+ 3.8
+29.5
1
+ 15.5
Cleveland
77,305,377
57,668,093
69,993,260
44,284,633
+ 10.4
Baltimore
$3,874,397,559
698,640,085
$3,282,581,927
674,105,300
+ 18.0
$4,573,037,644
+ 15.6
814,607,529
$3,956,687,227
-727,851,765
+ 11.9
$5,387,645,173
$4,684,538,992
+ 15.0
+ 30.2
148s. 5d.
148s. 5d.
__
March 25__
Eleven cities, five days—
148s. 5d.
;
March 27
Other cities, five days
148s. 5%d.
148s. 5%d.
March 28
March 29
148s. 6d.
...
Average
Total all cities, five days
All cities, one
day..
+3.6
148s. 5.33d.
The following were the United Kingdom imports and exports of
registered from midday on the 20th inst. to midday on the 27th inst.:
Imports
£64,168
79,378
49,065
56,310
19,227
Southern Rhodesia
British East Africa
British India
New Zealand
Channel Islands
12,000
Egypt.
539,018
1,200,993
462,141
Soviet Union
Netherlands
Belgium
_
France
_
U. S. of America.
Canada
£25,426,755
4,163
9,071
11,379
70,993
30,139
11,680
15,226
Channel Islands
Palestine
Netherlands
France
Switzerland
Other countries..
Other countries
week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
Complete and exact details for the
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
until
In the elaborate
£579,000.
detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended April 8.
£5,181,867
The SS. "Maloja" which sailed from
Total all cities for week
2,211,564
9,044
463,281
15,678
Switzerland
to the value of about
gold,
Exports
Union of South Africa
r
Kansas City
Cent
1939
.
Bombay
on
£25,579,406
March 25 carries gold
For that week there was an increase
of
clearings
for
the whole
of 9.2%, the aggregate
country having amounted to
Financial
2210
Chronicle
$5,332,813,242, against $4,881,934,185 in the same week
Outside of this city there was an increase of 9.3%,
the bank clearings at this center haying recorded a gain of
9.2%.
We group the cities according to the Federal Re¬
serve districts in which they are located and from this it
appears that in the New York Reserve District (including
this city) the totals show an improvement of 8.8%, in the
Boston Reserve District of 10.9% and in the Philadelphia
Reserve District o 313.9%.
In the Cleveland Reserve Dis¬
trict the totals are larger by 13.7%, in the Richmond Re¬
serve District by 9.7% and in the Atlanta Reserve District
by 13.3%.
The Chicago Reserve District records a gain
of 10.8% and the
St. Louis Reserve District of 8.1%, but
the Minneapolis Reserve District registers a loss of 8.7%.
In the Kansas City Reserve District the totals show an
increase of 10.6%, in the Dallas District of 4.0% and in
the San Francisco Reserve District of 5.1%.
In the following we furnish a summary by Federal Reserve
'
'
IS, 1939
8
Week Ended April
in 1938.
Districts *
April
Clearings atInc. or
1939
1938
1936
1937
Dec.
$
Seventh Feder al Reserve D istrict
Mich.-Ann Arbor
—
Chi cago
299,968
+ 37.0
363,073
65,856,810
2.379,321
+27.3
+ 17.2
91,623,855
79,034,253
2,788,384
2,985,281
2.481,143
1,279,829
1,030,689
19,856,000
1,581,097
1,118,515
964,942
17,038,000
1,298,791
+ 14.4
1,172,364
+ 6.8
+ 16.5
1,118,469
19,309,000
+ 21
Terre Haute...
4,920,239
Wis.—Milwaukee
19,594,048
1,213,765
3,893,126
19,506,407
1,089,768
9,217,657
1,534.012
5,112,983
20,378,959
561,440
83,831,452
Detroit
Grand
Rapids.
Lansing
Ind.—Ft.
Wayne
Indianapolis...
South Bend...
la.—Ced.
Rapids
Des Moines
Sioux
10,024,550
4,172,101
City....
111.—Bloomington
Chicago
409,824
,
1,395,537
267,811,975
850,776
3,206,386
1,024,213
1,186,427
444,335,703
401,132,111
Decatur
1,069,740
4,133,265
1,167,160
Peoria
Rockford
Springfield
+ 0.4
3,887,744
391,429
335,366
285,381,041
....
+ 26.4
1,195,948
+ 11.4
1,091,350
+ 8.8
10,119,448
+ 7.3
3,475,340
977,757
14,173,000
1,210,579
4,545,662
18,570,360
1,035,910
7,135,269
3,710,464
"
—14.3
361,747
269,849
+ 6.6
325,404,981
279,207,844
+ 25.7
851,131
702,067
+ 28.9
4;137,353
+ 14.0
1,230,565
+ 17.6
1,537,920
4,125,382
978,471
1,098,345
+ 10.8
491,816,831
420,752,271
87,300,000
32,993,676
18,557,080
73,700,000
27,606,500
11,769,575
'
CLEARINGS
NUMMARY
OF BANK
1939
1938
Dec.
S
%
Total (18 cities)
mc.or
Week End.
1939
Apr. 8,
Federal Reserve Dists.
'
1937
1st
Boston.-.-.12 cities
237,402,061
214,112,242
223,645,792
"
3,163,537,'218
2,907,738,824
+ 10.9
+8.8
257,349,509
New York. .13
3,776,480,189
2,878,604,594
3d
PhlladelphlalO
"
343,679,814
301,728,901
+13.9
402,324,763
284,508,461
+13,7
+9.7
■308,945,891
303,933,684
134,896,228
106,330,502
Cleveland,„
7
"
265,838,698
233,894,791
6th
Richmond..
6
"
127,809,524
116,552,817
6th
Atlanta....10
"
149.637.760
132,046,741
113,660,016
Chicago....18
"
444,335,703
401,132,111
+13.3
+10.6
loS,319,118
7th
491,816,831
420,752,271
8th
St. Louis...
4
"
126,384,653
116,910,797
+8.1
139,527,756
113,608,075
9th
Minneapolis
7
"
82,403,306
90,212,825
-8.7
96,340,064
78,171,403
10th Kansas City 10
11th Dallas
6
"
120.794.761
109,238,369
144,424,646
118,194,123
"
60.155,174
57,824,034
.66,713,270
50,165,363
12th San Fran... 10
"
210,779,570
200,541,733
+ 10.6
+4.0
+ 5.1
236,830,437
202,532,929
5,332,813,242
4,881,934,185
+9.2
6,221,968,702
4,994,107,213
2,082,479,513
+9.3
Total
...113 cities
Outside N. Y. City.....
Canada
2,276,359,455
32 cities
We
now
add
our
408.638,243
357,863,655
Mo,—St. Louis..
80,600,000
Ky.—Louisville..
30,597,491
Tenn.—Memphis
14,574,162
I
2d
4th
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
1936
+ 14.2
Qulncy
•
2,111,291,027
434,879,368
cities).
1938
2,634,025
—8.0
2,975,732
2,682,768
—9.9
64,370,842
—9.5
50,846,628
19,513,609
N. D.—Fargo...
1,983,214
699,263
725,301
Mont.—Billings.
Helena..
Total (7
years:
cities).
Hastings
Buffalo.
*
127,875
145,937
6,740,870
1,472,726
32,300,000
■"
+21.0
439,790
+ 42..3
120,794,761
109,238,369
+ 10.6
8,990,643
7,814,964
1,013,156
34,600,000
808,869
27,800,000
+ 16.2
26,900,000
621,743
626,231
476,009
+ 9.2 3,661,687,742 2,882,816+86
—8.1
633,708
3,056,453,787 2,799,454,672
9,378,309
7,632,758
4,120,831
3,773,679
+ 20.6
5,455,996
Newark.
16,753,378
Northern N. J.
24,435,210
23,032,097
Conn.-r-Stamford
4,728,103
N.-J.—Moutclair
398,312
Galveston
+ 9.4
6,579,778
3,299,546
2,610,222
3,055,351
332,675
14,679,452
28,610,299
2,830,148
4,320,380
+23.6
+ 7.5
+ 14.5
404,181
19,378,998
+6.1
+ 6.1
30,479,980
439,608
*475,000
Chester
304,604
Lancaster
>
388,606
318,431
218,558
1,105,794
292,000,000
1,378,230
1,610,985
a—
+ 49.2
,
.
413,960
+ 13.1
423,424
357,819
+39+
,
236,816
1,067,367
275,000,000
York.____.___
1,546,821
332,000,000
1,342,857
1,999,952
1,016,967
1,114,805
1,348,618
—17.3
1,886,059
N. J.—Trenton..
3,440,200
2,569,100
+ 33.9
3,918,000
1,091,085
2,251,000
Total (10 cities)
343,679,814
301,728,901
+ 13.9
402,324,763
284,508,461
.
Philadelphia...
Reading
Scranton..
Wilkes-Barre..
Fourth
+ 24.1
1,624,091
389,000,000
1,265,708
2,487,349
790,579
+ 28.5
948,353
823,861
+ 39.9
+ 13.7
—2.6
Cincinnati
Cleveland
Columbus,.'.
Mansfield
Youngstown..
Pa.—Pittsburgh
.
Total (7cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S.C.—Charleston
Md.—Baltimore
.
C.—Wash'ton
2,327,103
56,743,203
89,569,249
10,779,400
1,805,005
1,822,776
50,144,519
74,586,246
10,900,100
1,468,730
+27.7
2,855,276
101,759,463
265,838,698
—1.6
+ 22.9
2,489,758
2,072,868
+ 37.7
2,773,317
92,839,552
+ 9.6
134,615,567
233,894,791
+ 13.2
+ 20.1
+ 13.7
.
308.945,891
297,505
2,110,000
31,361,971
2,245,856
48,649,451
70,221,059
11,079,400
1,427,836
2,706,962
167,603,120
303,933,684
1,239,547
62,043,941
27,098,953
1,219,970
57,706,978
23,856,393
+ 8.3
359,039
2,722,000
35,811,493
+ 1.6
1,486,308
+ 7.5
67,694,820
894,768
53,686.539
+ 13.6
26,822,568
22,236,734
+ 35.6
+ 45.2
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
127,809,524
Reserve Dist rict— Atlant
3,860,939
16,853,429
54,600,000
1,123,132
Macon
Fla.—Jack'nville.
Ala.—Birm'ham'.
Mobile
...
116,552,817
220,330
2,249,000
27,043,131
3,571,917
+ 1.6
18,221,427
+ 21.6
.986,036
+ 13.9
53,400,000
.1,444,197
1,020,767
827,116
18,551,000
14,747,945
1,407,979
Vlcksburg
X
106.330,502
a—
+ 20.4
970,756
X
134,896,228
3,207,344
16,594,586
44,900,000
17,884,000
19,259,895
1,599,448
Miss.—Jackson..
+ 9.7
+ 17.4
—3.6
18,747,000
+ 30.6
22,366,023
+ 13.6
1,619,045
x
X
2,701,198
12,539,040
39,900,000
949,075
728,828
15,000,000
16,659,084
1,122,527
X
+ 5.5
-M).7
—4.4
877,252
3,776,357
,60,155,174
57,824,034
+y4.o
66,713,270
Twelfth Feder ai Reserve D istrict—San
Wash.—Seattle..
Franci
38,610,640
5,809,773
1,583,000
683,942
2,267,783"
50,165,363
SCO—r-
.32,374,995
1,127,782
29,590,438
+ 9.4
894,477
+26.1
35,713,721
978,199
28,674,028
801,649
29.358,557
Calif.—L'g Beach
3,919,484
26,547,087
11,866,751
3,680,949
3,573,244
+ 7.4
Utah—S. L. City
28,504,705
12,383,278
25,469,603
13,107,089
3,793,514
3,341,173
120,719,167
2,543,520
Yakima
Ore.—Portland.
_
Pasadena
San
3,884,390
122,093,000
3,029,207
1,559,148
Francisco..
'
San Jose......
Santa Barbara-
(10 cities)
+4.4
Grand
.
+6.5
.
.
+ 8.7
17,292,637
4,187,054
4,314,448
118,325,000
+ 3.2
2,740,197
1,519,436
+ 10.5
+ 2.6
1,620,758
1.903,581
1,804,154
+ 5.5
2,196,740
1,334,686
2,748,500
210,779,570
200,541,733
+5.1
236,830,437
202,532,929
+ 9.2 6,221,968.702
4,994,107,213
,
138,457,000
2,711,323
total
(113
cities)........ 5,332,813,242 4,881,934,185
Outside New York 2,276,359,455 2,082,479,514
+ 9.3 2,560,280,960 2,111,291,027
Wcek Ended April 6
Clearings ailn\. or
1939
Canada-
134,696
+ 13.4
154,537
33,333,397
30,690,039
+ 8.6
35,774,205
104,906
23,955,358
Total (10 cities)
149,637,760
132,046,741
+ 13.3
156.319,118
113,660,016
4938
•
%
Montreal
132,366,738
151,276,517
121,765.609
% '
+8.7
116,119,215
+ 30.3
1936
1937
Dec.
$
V
'
S
S
165,010,248
109,232,301
83,491,813
48,858,303
17,140,378
20.415,164
19,187,609
Ottawa
22,761,745
23,503,750
Quebec
5,188,972
5,688,963
—8:8
128,905,864
41,274,388
21,062,232
26,127,011
5,914,380
2,882,310
2,689,303
+ 7.2
2,793,203
2,168,986
4,008,099
„
Winnipeg
Halifax.
33,155,423
...
28,068,002
+ 18.1
"
Vancouver
w__
__
+ 6.4
.
—3.2
.
'
20,596,549
4,222,292
Hamilton
5,679,877
5,625,347
+ 1.0
6,120.362
Calgary..
5,049,036
1,807,402
1,974,853
4,897,002
+ 3.1
6,417,075
5,768,513
1,905,490
—5.1
1,963,949
1,837,461
London
2,820,885
3,168,795
+0.6
—11.0
2,120,019
1,885,592
3,346,450
2,415,102
Edmonton
4,411,788
4,428,301
3,675,299
3,811,654
—3.6
309,464
573.590
376,679
—17.8
4,597,181
3,879,003
325,817
4,049,086
Regina
464.806
+ 23.4
477,505
441,143
1,413,019
1,296,847
1,332,251
651,415
502,467
+ 9.0
+ 29.6
636,627
St. John
*
Victoria
Brandon
Lethbridge
Saskatoon
—0.4
1,616,735
2,990,837
258.265
1,021,685
1,060,607
—3.7
Fort William....
635.592
836,926
—24.1
New Westminster
799,892
+ 10.5
Medicine
267,450
724,035
221,813
774,724
723,265
+ 7.1
1,516,523
771,531
1,087,051
821,118
667,439
241,069
697,431
847,995
—8.7
727,442
Kitchener
773,814
1,143.803
1,229,969
—7.0
1,235,019
966,974
Windsor
Moose Jaw
Hat
Peterborough
Shrebrooke._i__.
+ 20.6
465,715
773,622
598,056
604,483
232,826
607,613
3,155,758
2,842,526
+ 11.0
3,098,609
2,582,616
Prince Albert
306,389
363,969
—15.8
336,506
331,098
Moncton..
637,432
749,508
—15.0
792,355
634,884
Kingston
650,119
652,968
—0.4
629,411
Chatham
596,779
684,499
—12.8
608,339
551,767
522,599
Sarnia
531,041
544,686
—2.5
512,126
504.408
Sudbury
930,268
917,101
+ 1.4
881,069
672,190
357,863.655
+ 14.2
434,879,368
321,113;592
'
,
152,764
La.—N ew Orleans
Total (32
2,011,000
+ 4.0
—11.9
Brantford
Total (6 cities).
1,997,000
1,210,225
1,609,395
50,133,637
8,004,611
2,312,000
+ 44.9
905,048
Reserve Dist rlct—Richm ond—
403,538
3,065,000
33,958,545
1,408,476
43,664,213
6,733,114
1,006,499
Toronto
2,381,628
.66,051,659
88,391,762
12,242,200
118,194,123
2,114,060
Feder al Reserve D istrict—Clev eland-
Ohio—Canton
144,424,646
District—Da lias—
45,406,659
7,103,080
.
449,707
568,917
574,338
629,876
3,000,732
+ 8.8 3,776,480,189 2,978,604,594
Reserve Dis trict—Phila delphi
642,334
962,046
.
1,959,740
2,334,844
75,729,229
2.821,780
801,290
■
2,644,913
Total (6 cities)
132,830
120,661
2,652,014
31,238,811
3,390,869
+ 7.5
Wichita Falls..
Total
Federal
Bethlehem-_
597,653
2,697,806
—5.8
La.—Shr eve port.
534,502
7,707,759
3,906,469
Reserve
2,041.476
j..'.".
Stockton.
Third
D.
Eleventh Fede ral
Texas—Austin...
:
+ 22.9
(13 cities) 3,163,587,218 2,907,738.824
Pa.—Altoona....
.
Total (10 cities)
960,023
+ 54.3
030,140
.
•
—64.3
,
^
+18.5
579,819
374,163
640,992
3,086,783
1,775,543
8,300,578
954,260
4,412,940
4,399,320
347,852
15,796,438
Total
+ 11.3
•.
30,714,440
2,776,490
501^637
1,919,961
194,045,259
18,870,960
579,185
764,511
Syracuse
1
3,200,819
1,763,267
130,634
2,982,731
625,940
York-
+6.9
+ 31.2
+ 33.1
629,657
+ 14.2
606,977
Feder alReserve D istrict—New
+ 11.5
118,722
2,453,306
2,985,107
Si. Joseph
223,645,792
Westchester Co
Jl,764,114
City
+ 33.9
+ 15.5
Colo.—Col. fepgs
Pueblo..
267,349,509
+ 0.4
as
595,760
+ 10.9
+ 23.1
Kans
95,517
126,356
3,221,510
+10,0
522,405
—
99,724,310
214,112,242
Rochester
78,171,403
+ 10.2
724,099
New York
96.340,064
Mo.—Kan. City;
237,402,061
......
-8.7
—0.6
Fort Worth...
Elmira
90,212,825
+ 13.5
8,123,600
Jamestown
2,140,163
2,751,052
72,109,839
10,792,500
581,340
Binghamton...
2,284,872
25,438,258
2,546,124
+ 18.8
N. Y.—Albany..
+ 18.0
2,733,769
79,499,545
8,763,100
658,011
(12 cities)
626,468
2,108,503
—4.3
1
.
Dallas
N.H,—Manches'r
Second
'
3,243,311
R.I.—Providence
Total
$
■
4,020,892
New Haven...
639,296
Reserve Dis trict
r_
Kan.—Topeka
+ 3.7
Hartford
+ 17.5
S
Omaha..
1936
—4.3
447,854
Springfield...
—
%
1,887,125
180,451,925
597,441
341,394
838,120
3,561,141
2,089,501
11,087,415
3,851,067
10,412,500
Worcester
Conn.
+ 7.8
617,512
2,802,673
28,868,775
2,398,163
11,582,482
3,714,616
River
'■
82,408,306
...
793,642
1,757,092
229,213,534
781,068
394,710
662,044
3,665,818
1,928,100
12,758,709
643,061
1,894,424
201,213,064
638,615
New Bedford--
648,569
23,413,656
2,043,363
612,303
,
2.488,384
...
Tenth Federal
Reserve Dist rlct—Boston
Lowell.
532,000
58,627,513
23,504,282
2,072,421
321,113,592
1937
Dec.
s
$
Fall
J
113,608.075
2,423,413
Paul..."...
Wichita
„
139,527,756
52,826,302
21,262,429
St.
Inc. or
1939
Mass.—Boston..
+ 8.1
Reserve Dis trict —Minn eapolis
Lincoln.....
.
677,000
116,910,797
Minneapolls...
Clearings al-v
Portland
+ 11.9
Minn.—Duluth..
Neb.—Fremont.
Me.—Bangor..'.
.x
548,000
-
.
126,384,653
Ninth Federal
•
Week Ended April 8
Federal
—0.1
detailed statement showing last week's
figures for each city separately for the four
First
+ 7.8
14,575,692
x
613,000
...
Total (4
+ 9.8
28.387,105
111.—Jacksonville
1
S.D.—Aberdeen.
■2,560.280,960
73,400,000
.
*
cities)
Estimated,
x
408,638,243
,
No figures available.
Volume
Financial
148
CHANGES
NATIONAL BANK
IN
following shows the amount of National bank notes
afloat (ail of which are secured by legal tender deposits)
at the beginning of March and April, and the amount
of the decrease in notes afloat during the month of March
for the years 1939 and 1938:
National Bank Notes—All Legal Tender Notes—
J
Net decrease during March.,:.
1939
§197,661,847
2,118,410
Amount of bank notes afloat
*
__
1938
$232,932,970
3,284,480
_______*$195,543,437
April 1_
*$229,648,490
Includes proceeds lor called bonds redeemed by Secretary of the Treasury.
outstanding April
by lawful money, against $2,258,881.50 on April 1, 1938.
Note—$2,235,026.50
secured
Federal
bank
Reserve
notes
2211
Company and Issue—
NOTES
The
Amount afloat March 1
Chronicle
1939,
1,
Date
Morristown & Erie RR. 1st mtge. 6s
National Dairy Products Corp. 324% debentures
National Distillers Products Corp, 434% debentures., i
♦New England Power Co. 1st mtge. 3 Ms
♦New Orleans Public Service Inc. gen. lien 434s
Nord Railway Co. 634% bonds
Northeastern Water A Electric Co. coll. trust 6s
Northern Indiana Gas & Electric Co. 1st mtge. 6s
Northern States Power Co. (Wis.) 1st mtge. 5s
Oklahoma Natural Gas Co. 1st mtge. 434s
Paramount Pictures, Inc. 20-year 6% debs
Paris-Orleans RR. 534% bonds
!_
Procter & Gamble Co. 5% preferred stock
San Jose Water Works 1st mtge. 354s
Apr.
May
May
May
-May
Oct.
..Aug.
.May
May
May
Apr.
Sept.
June
June
Apr.
Solvay American Corp. 5)4% cum. pref. stock
South Pittsburgh Water Co.—
1st mtge. 5s, 1955—
—May
1st lien 5s, series A
:.
..May
1st lien 5s, series B
May
Southwestern Gas & Electric Co. 4% serial debentures._.May
Spang Chalfaht & Co., Inc. first mortgage 5s
...May
E. R. Squibb & Sons preferred stock..
..T
May
The
following securities
sold at auction
were
on
Wednesday
of the current week:
♦St. Louis
By Crockett & Co., Boston:
Shares
$ per Share
'
Stocks
117 Pelzer Mfg. Co., v.t.c.' $40 paid in liquidation,
par
10 Keyes Fibre Co., class A
81 Saco Lowell Shops, common, par $5___
10 Haverhill Gas Light Co., par $25__'___r__—
1.52
2%
.614-5%
8*4
69
11%
12c
43 J4
$5__
—
—_
_
___.
—
_____
2 Plymouth Cordage Co., par. $100 _.
—
22 Saco Lowell Shops, preferred A, par $20_
_____
137 Massachusetts Power & Light Associates, common, ex-warrants___
18 Fitphburg Gas <fc Electric Light Co., ex-div., par $25_._
$ per Share
Stocks
1 Boston Athenaeum, par $300,
__$2,100 lot
.1
3%
203
_______
____
_______
1_—
—
.
*
Announcements this week
,
x
.
1176
887
1969
1969
1817
1817
1179
1655
1975
1819
1977
1977
1977
2134
29
1
—May
July
June
May
1st mtge. 5s "B"
;_i—■
May
Wheeling Electric Co, 1st mtge. 5s
—May
♦Wisconsin-Minnesota Light & Power Co, 1st & ref. 5s.-May
.
15
2
1
1
1
1
1
17
1
15
1
26
16
1
4
1
1
5
5
1
1
1659
2134
2285
1978
1661
2289
2289
2138
2289
Volume 147 .
_
By R. L. Day & Co., Boston:
Shares.
28,954 Springfield Street Ry. Co., capital stock, par $100
4 Bigelow Kennard Co., common, par $100.
1 Canadian Colonial Airways, Inc., par $1__,_______—
Rocky Mtn. & Pac. Co. 1st mtge. 5s
(A.) Stein & Co. 634 % preferred stock
Timken Detroit Axle Co. 7% preferred stock ...
♦Western United Gas & Elec. Co. ,1st mtge. 534s "A"
1813
1967
1967
2278
2280
1
11
29
_____
SALES
AUCTION
Pag
21
1
DIVIDENDS
Dividends are .grouped in two separate tables.
In the
first we bring together all the dividends announced the
current
a second table in which
previously announced, but which
have not yet bean paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment,
News Department" in the week when declared.
we
week.
show
Then
the
we
follow with
dividends,
.
The dividends announced this week
Adams-Millis Corp
■_
Allied Finance Corp. (quar.)
Aloe (A. S.) Cq. (quar.)
are:
50c
— __
1234c
Amalgamated Sugar 1st pref. (quar.)
American Distilling Co. 5% pref. (s.-a.)__
American Discount (Ga.) (irregular).
American General Equities (quar.)..—_
Cincinnati Stock
April 8
April 14, both inclusive, compiled from official sales lists
to
Stocks-
Par
Mach
_
Baldwin
Week's Range
for
Sale
of Prices
Week
Low
Price
*
Aluminum Industries.
Amer Laundry
Last
3
'.'.20
100
Cincinnati G & E pref,
CNO&TPL.:
loo
100
_
_
:_50
_
..50
Cin Union Term pref.
'90%
Cohen(Dan)
5
Crosley Radio
__*
"m
"#
Crystal Tissue
Dayton Michigan
Dow
__10
Eagle-Picher.
Preferred
---100
Hatfield part pref____
1st preferred
Kroger.
109
22^
*
National Pumps
'*
1%
50%
Randall B._
u__*
Rapid.
8%
,__
U S Printing pref
__50
Western Bank
*
...
1.
_
_
*434
.10
5
Jan
36%
36 %
23
334
160
834
377
5
Apr
Mar
Mar
Jan
Mar
Jan
1254
"Mar
434. Feb
.3834
Feb
3
Feb
334
734
.1434
Apr
Jan
112
109
109
6
109
Apr
Apr
Apr
10
10
;
142
10
Jan
11
25
25%
224
'25
Apr
4%
22
434
Apr
2754
454
Mar
10%
100% 100%
12
8
Jan
12
Mar
3
100
24
'•
10
24
714
2534
Jan
Jan
Mar.
Jan
102
2054
Apr
24
97
Apr
100
Mar
22®4
%
34
145
34
Jan
34
Jan
1%
134
50%' .5334
15
134'
Apr
660
5034
Apr
234
57J4
Mar
2
97
112
.
2%
8%
8%
33
7
Apr
174
734
Mar
202
4%
4%
90
6
6
100
2734
Apr
434» Apr
434
Apr
6
%
Feb
Feb
Feb
117
Mar
234
330
•
111
80
4%
4%
Jan
Jan
334
11
Jan
J...
(quar.)
3634
Mar
5
i,
Apr
Jan
Jan
8
Feb
534 % preferred (quar.)
Best & Co., Inc
Birtman Electric (quar.)
CALLS
AND
SINKING
FUND
Below will be found
Company and Issue—
list of bonds, notes and
Date
Algoma Central & Hudson Bay Ry. 6% gold certifs
May
1
American European Securities Co. coll. trust 5s—
May
1
Baltimore Mortgage Corp. 2-6% bonds
Apr. 25
*W. S. Barstow & Co., 6% s. f. gold debs
...June
1
Bedford Pulp & Paper CO. 1st mtge. bonds
..June i
British Columbia Telephone Co. 1st mtge. 5s
June
1
♦Chicago South Shore & South Bend RR. 3% mtge. bonds.Apr. 20
Chippewa Power Co. 1st mtge. bonds
...June
1
Community Public Service Co. 1st mtge. 5s
May 13
Consumers Power Co. 1st mtge. 4% bonds
May
1
Cuban Telephone Co. 1st mtge. bonds
Sept. 1
♦Denver Gas & Electric Light Co. 1st mtge. bonds
May
1
Equitable Office Building Corp. 5% debentures
May 1
Federal Light & Traction Co. 1st lien bonds
Apr. 17
Godchaux Sugars, Inc., 1st mtge. 5s
May
1
Goulds Pumps, Inc. 1st mtge. 6s
May
1
H. L. Green Co., Inc. 7% preferred stock
May 1
Hackensack Water Co
first mortgage 4s 1952
.....Apr. 26
International Salt Co. 1st mtge. 5s
June
1
International Salt Co. 1st mtge. 5s
July 17
♦Julian & Kokenge Co. common stock...
May 31
Kaufmann Department Stores 7 % preferred stock
June 30
Luzerne County Gas & Electric Corp. 7% gold bonds.
May' 1
McCrory1 Stores Corp. 5% debentures
i..
May 2
MacLaren-Quebec Power Co.:
30-year 534% bonds, series A and B
May 15
Mead Corp. 1st mtge. 6s,
—
—May
1
.
May
Apr. 15
May 15 Apr. 25
May
Apr. 15
Apr. 15
May
May
1 Apr. 15
May 20 Apr. 28
May
1 Apr: 15
Apr.* 15 Apr.
6
June
May 20
May
Apr. 19May
Apr. 19
May 15 May 11
1
May 15 May
Apr. 22 Apr. 12
May
Apr. 10
May 15 Apr. 30
May
Apr. 14
May
Apr. 18
May 15 May
1
May 15 May
1
June
May
1
May
Apr. 15
June
6
July
25c
Extra
$154
Preferred (quar.)
14c
j,
40c
.
10c
-
$134
Brooklyn Telegraph & Messenger (quar.).. — _.
$134
Buckeye Steel Castings 6% pref. (quar.)
$134.
634% preferred (quar.)
1234c
Buck Hill Falls Co. (quar.)__
—
J25c
Buffalo Ankerite Gold Mines, Ltd. (quar.):
_
$1
Butte & Superior Mining Co. (liquidating) _ _ —
1.5954
•Byers (A. M.) Co., preferred_
— tl
$134
California Water Service, preferred (quar.)
50c
Camden Fire Insurance (s.-a.)
f
_______
110c
Canadian Investors Corp. (quar.)...
1234c
Canadian Oil Cos. (qdar.)
_________
1234c
Extra
$134
Chartered Investors, Inc., $5 pref. (quar.)—
$134
Chain Store Investment Corp. $634 pref. (qu.)__
$134
Colgate-Palmolive-Peet prer. (quar.)—
—
Colonial Life Insurance Co. (quar.)
—_ -
j
— -
17 34c
70c
$134
Apr.
May
May
May
May
May
Apr,
Apr.
Apr.
Apr.
40c
May
25c
50c
June 11
$3
-
Columbia Gas & Electric 5% pref. (quar.)._.__.
5% cum. preference (quar.).
_____
6% preferred series A (quar.)
Columbia Pictures Corp. $234 conv. pref
Commercial Alcohols, Ltd. (resumed)--.
$134
$134
;
$134
68,54 c
10 c
20c
Commercial Discount Co.
8% pref. (quar.)_,_
7% preferred (quar.)__%_ ——
(quar.)_________
Preferred (quar.)
—.
Consolidated Amusement (quar.)
i»_______
Consolidated Paper (quar.),
_______
Continental Can Co., Inc. (Interim).
,_w_.
Coronation Royalties, Ltd.
Delta Electric (quar.)-_*-_
Deposited Insurance Shares, series A
Opt. cash or trust share certificates.
»
V:
1947
1795
1956
1476
1959
2124
1643
z2533
x3460
440
2274
1811
1965
1647
1647
1965
Extra
•
6 .789c
30c
6234c
50c
$134
15c
40c
$1.14
25c
3uc
$234
$1
20c
68c
8734c
25c
10c
|
— ---
General Shoe Corp
________
Georgia Railroad & Banking Co. (quar.) — _ _, _
Globe & Republic Insurance of Amer. (quar.) —
Gorham Manufacturing Co. (quar.)
Hamilton Watch Co. 6% pref. (quar.)
Havana Electric & Utilities 6% pref
Hawaiian Pineapple Co. (quar.)
______
Holyoke Water Power (quar.)
Home Insurance Co. (quar.)
Extra
1MC
_.
Frontier Royalties, Ltd— —
Gellman Manufacturing Co
_____
(G. A.) & Co. (quar.)
Preferred A (quar:)
---Horn (A. C.) Co. 7% non-cum. pref. (quar.) —
6% non-cum. preferred (quar.)__
Home (Joseph) Co., preferred (quar.)
Houston Lighting & Power 7% pref. (quar.) —_
$6 preferred (quar.)___
—
Hormel
',
15c
,
1943
1944
2111
2256
.
134c
Dixie-Vortex Co., class A_
<-—
Domestic Finance Corb. preferred (quar.)
Dunean Mills 7% preferred (quar.)"Duquesne Brewing Co___
_________
Electric Vacuum Cleaner Co. (irregular).
__f
Elmfra & Williamsport RR. (s.-a.)_
_____
Employers' Casualty Co. (Dallas) (quar.)
Esquire-Coronet, Inc
—
Exeter & Hampton Electric Co. (quar.).
Fidelity & Deposit Co. (Md.) (quar.)__
Firemen's Insurance Co. (s.-a.)
—
Fitchburg Gas & Electric (quar.)
_______
First National Bank (Toms River, N. J.) (qu,)_
Franklin Fire Insurance (quar.)
Page
2261
2116
1801
X4051
1474
2264
Gaskef & Mfg. preferred (quar.)—
Dividend Shares, Inc__-___
Dixie Home Stores (quar.)
preferred
stocks of corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
a
May 15 May
1
May 15 May
1
May
1 Apr. 12
May
Apr. 28
25c
Boston Fund, Inc. (quar.)....
—
Brentano's Book Stores class A (quar.)
Brockton Gas Light (quar ).
Detroit
NOTICES
8
18
Apr* 25
Apr. 14 Mar. 28
40c
_—
—
REDEMPTION
Mar. 20
Apr.
Apr.
33c
$134
6234c
—
554
15
21
15
17
49c
42c
—-T-_
Apr. 21
Apr.
Apr.
Apr.
Apr.
Ault & Wiborg Proprietary Ltd.—
Concord Electric
No par value.
ord. reg. vfinal)—
_
Jan
20%
9(7
31
_-10
25
Apr
2%
U S Playing Card.... I-io
,
Apr
Apr
111
TOO
5% preferred.
Feb
7%
2.50
Magna vox
Procter & Gamble,...
Feb
434
3634
4%
,Iso
92
107
88
10534
5
10%
*
_
Jan
Apr
50
10334
192
*
TOO
_
Jan
Apr
434
100
______
Little Miami guar
Mar
3
Feb
10
8%
24
Formica Insulation
Gibson Ait,___J__._4
Kahn____
300
Jan
7%
7%
*
Early & Daniel
Jan
134
4%
3
Drug
Wurlitzer
5
.
Mar
Feb
211
91
90
1754
Apr
391
105% 10534
1534, Apr
234 Mar
Jan
2
275
100
rec.
Atlantic Rayon Corp. preferred
3%
272
106%
275
234
Mar
10
30
275
3
High
180
41
2
Low
334
234
10134
1134
10734
108
100%
♦
_
5
3%
10
IP
105% 10634
100
"
_
Cincinnati Street Ry
Cincinnati Telephone
115
2
8734c
_
289
15J4
3%
2.
10c
Associated Telep. & Teleg. Co. 7% 1st pref.
1st $6 preferred :
Atlantic City Electric Co. $6 pref. (quar.) —__
Range Since Jan. 1, 1939
Shares
3
15H
...8
Burger Brewing
Champ on Paper prefC.hurngold
High
50c
Animal Trap Co. of America preferred (quar.)..
Associated Electrical Industries—Amer. den.
Sales
Friday
25c
134c
American StPve Co
Exchange
May
May
May
May
May
Apr.
Apr:
May
May
25c
3c
—
__ _ _
——
7
15
15
15
15
15
10
10
15
Apr.
6*
Apr. 20
Apr. 20
Apr. 20
May
1
May
1
Apr.
1
Apr.
6
Apr.
6
Apr.
15
1 Apr. 20
May 20
May 15 Apr.
Mar. 31 Mar.
Mar. 20 Mar.
May 1 Mar.
25*
20
10
15
June
,1 May 15
May 1 Apr. 15
Apr. 15 Apr.
5
July
1 June 10"
May
1 Apr. 22
ar. 20
Apr.
1
May 1 Apr. 21
Apr. 18 Apr.
6
May 1 Apr. 20
May 1 Apr. 25
Apr. 20 Apr. 15
Apr. 15 Apr.
6
Apr. 29 Apr. 18
May 15 Apr. 20
Apr. 15 Apr.
6
July
May
May
1 June 28
1 Apr. 20
1 Apr. 20
2c
Mar. 31 Mar. 20
5c
May
1
Apr .28
Apr. 15
Apr. 29
25c
$234
15c
25c
$134
t75c
25c
20c
30c
10c
3734c
$134
854c
June 15 June
1
June
1 May 19
May 15
Apr. 29
Apr.
5
May
1
May
1
May 15
May 15
June
45c
June
; $134
ay
$134
$134
Apr. 17
Apr. 15
Apr.
1
Apr. 20
ay
May
,
Apr. 28
Apr.
19
Mar. 31
Apr. 15
Apr. 15
Apr. 29
Apr.
29
May
May
Apr.
Apr.
Apr.
15
15
22
15
15
Financial
2212
Per
Name
Share
of Company
Hussman-Ligonier Co
-
25c
May
1 Apr. 20
mx
mx
1 Apr.
1 Apr.
(quar.)
conv.
75c
SI
SIM
10c
7c
SIM
SIM
tSIM
SIM
87 Xc
30c
10c
40c
75c
_
70c
25c
3M%
tSl
*
•
...—
—
—
...
—
40c
—'—
50c
17Mc
2,5c
Randall Co. class A (quar.)—
Ranier Brewing class A&B
Class A and 13
Rath Packing Co. pref. (s.-a.)
Red Indian Oil
Reeves (Daniel), Inc. (quar.)..
50c
5c
——.—
S2M
2c
i2Mc;
....
...
——
(quar.)
-
Rockland Light & Power (quar.)
St. Lawrence Flour Mills (quar.)—.
Preferred
(quar.)
Shareholders Corp.
J
(quar.)...
(quar.)
_
—
-
— —
1 Apr.
1
18
1
Apr. 18
1 May
9
1 July 20
Aug.
1 June
July
1 Apr.
May
1 Apr.
May
May 15 Apr.
1 Apr.
May
Apr. 15 Apr.
Apr. 29 Apr.
May 15 May
Apr. 14 Apr.
1 Apr.
May
May 10 Apr.
May 15 May
1 Apr.
May
1 Apr.
May
Apr. 15 Apr.
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
17
21
20
21
22
8
20
1
10
15
30
1
24
15
1
22
17
21
21
Mar. 29 Mar. 28
Apr.
July
May
Apr.
May
May
29 Apr.
13
1 June 15
15 May
5
30 Apr. 20
10
Apr. 25
15 Apr. 20
Mar. 31 Mar. 24
June
1 May 10
June
-1 May 10
Apr. 17 Apr. 15
Apr. 14 Apr.
5
Apr; 20 Apr.
5
Apr.
1 Mar. 25
1 Apr. 20
May
1 Apr. 20
May
May 10 May
6
June
10 June
7
1 Apr. 20
May
Apr. 10 Mar. 31
June 15 May 31
Tune 15 M ay 31
May 15 Apr. 25
May 15 Apr. 25
50c
1 Apr. 20
May
17c
1 Apr. 15
May
25c
1 Apr. 20
May
1 Apr. 20
SIM- May
Anr. 15 Apr. 10
10c
25c
May 10 Apr. 29
10c
May 10 Apr. 24
25c
Apr. 15 Apr.
6
1 Apr.
|43 Mc May
4
5c May
1 Apr. 24*
10c
1 Apr. 24*
May
37 Xc
1 Apr. 24*
May
3c
May 15 Apr. 29
1 Apr. 21*'
May
1 Apr. 18
May
1 Apr. 18
SIM May
5c
1 Apr. 20
May
38c
May 15 Apr.' 29
50c
1 Apr. 18
May
12c
Apr. 11 Apr. 10
1 Apr. 22
SI
May
1 Apr. 22
SIM
May
June
60c
1 Apr. 24
10c
1 Apr. 12
May
SIM
Anchor Hocking Glass Corp
Archer-Daniels-Midland, 7% preferred (quar.)
Artloom Corp., preferred
Associated Telephone Co., Ltd., pref. (quar.) —
Atlantic Refining Co. 4% conv. pref. A (quar.)—
Atlas Corp., preferred (quar.)
Atlas Powder Co., preferred (quar.)
Badger Paper Mills, Inc., 6% pref. (quar.)
Bankof AmericaN. T. & S. A. (quar.)__:
„
7% pref. (quar.)
$6 preferred (quar.)
Triumph Explosives, Inc. (quar.)
United Corp., Ltd., class A (quar.).
United States Fire Insurance Co. (quar.)—
—
Victor Oil Co. (irregular).......
"Wheeling & Lake Erie Ry. prior lien (quar.)
5X % preferred (quar.)
Woolworth (F. W.) Co.
(quar.)
Yuba Consolidated Gold Fields (irregular)
— —
-
Extra
Share
Holders'
Payable of Record
75c
$1
621I
"Iff
—
—
(irregular)
_
70c
.
tl25*c
(quar.)
t$l 5*
T$15*
-
f$15*
Preferred (quar.)
Carolina Clinchfield & Ohio Ry_
$15*
Central Hudson Gas & Electric (qu.)
Central Investors Corp., common
Central Kansas Power
20c
■_
5c
—
7% pref. (quar.)
6% preferred (quar.)
— —
,
Central New York Power nref. (quar.)
Central Power Co.; 7% cum, pref. (quar.)
——-
6% cumulative preferred
—
Central Power & Light 7 % preferred
6% preferred
i.
Century Ribbon Mills, Inc., 7% pref, (quar.) —
Cerro de Pasco Copper.
:
Cincinnati Postal Terminal & Realty, pref—,—
Cincinnati Union Terminal 5% pret. (quar.),—_
5% preferred (quar.)
—
5% preferred (quar.)
_-LCity Baking Co., 7% preferred (quar.)———
City Water Co. Chattanooga, 6% pref. (qu.) —
Cleveland Cin. Chicago & St. Louis Ry. Co.—
-
—_
-
$15*
$15*
$1?*
$15*
$15*
t$l 5*
t$l 5*
$15*
$1
—
$15*
$15*
—
preferred (quar.)-——
—
Administered Fund Second
-----
Affiliated Fund, Inc. (irregular)---Air Reduction Co.. inc. (quar.)_
Aluminium Ltd., common (initial)
Common (payable in common stock)
Apr.
50c
Apr.
15c
May
Apr.
Apr.
5c
6c
—
Alabama Power Co. $5 preferred (quar.)
Alaska Juneau Gold Mining
(quar.)
SIX
»
25c
Commonwealth Edison Co
Commonwealth Utilities Corp.,—
$1.63
10c
40c
-
i
—-
—
——
6% cumulative preferred (irregular)
Aluminum Mfg. Co., Inc. (quar.)..
25c
May
25c
Apr.
Apr.
1.50
June
15
Apr. 15
May 15
50c.
June
June
50c
—
_
_
American Equitable Assurance (quar.)
American Factors, Ltd. (monthly)
American Fork & Hoe,
pref.(quar.)
American Furniture Co. 7% pref.
(quar.)
June
„
.
Sept. 15
Dec.
15
6
1.50
Apr.
May
Mar. 31
SI
50c
Apr.
Apr. 25
Apr. 15*
Extra.
Consolidated Oil (quar.)
Consolidated Royalty Oil (quar.)
Coon (W. B.) (quar.) —■_>
——
———
—
-
—
75c
May
$12*
Apr.
Mar. 15
June
May 25
Aug. 25
Sept.
1 Apr.
11
$15*
Dec.
Nov. 25
30c
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
11 X
$15*
15
Mar. 31
Z7Xc
May
20c
May
5
Apr. 14
Apr.
8
Apr. 14*
Apr. 14
Apr. 14
Apr. 15
$15*
June
May 26
12c
Apr.
May
May
Apr.
Mar. 31
May
Apr.
50c
50c
Apr.
15
May
Apr.
5
7
Apr.
Apr.
5
Apr.
Mar, 15
25c
May
87 Xc
75c
July
July
July
May
May
50c
$15*
Apr.
15
Mar. 31
Mar. 31
Mar. 31
Apr. 29
Apr. 15
Mar. 31
15 Mar. 31
15 May 31
Sept. 15 Aug. 31
Dec, 15 Nov. 30
Apr. 15 Apr.
6
May
1 Apr. 20
May
1 Apr. 20
May
1 Apr. 15
Apr. 15 Mar. 31
May
1 Apr.
Apr. 15 Mar.
Apr. 15 Mar.
Apr. 29 Mar.
Apr. 15 Mar.
Apr. 20 Apr.
May
1 Mar.
Apr. 20 Mar.
Apr. 15 Mar.
Apr. 15 Mar,
May
1 Apr.
Apr. 15 Mar.
Apr. 15 Mar.
May
1 Apr.
May
1 Apr.
June
1 May
May
1 Apr.
Apr. 15 Apr..
July
1 June
1
15
31
31
31
31
10
31
31
31
31
10
31
31
15
15
20
18
10
19
Sept. 18
1-1-40 Dec.
18
1 Apr. 20
15 Mar. 31
15 Apr. 18
4
75c
—
—_
15
1
10
June
15c
Apr.
1 Apr. 15
1 May 15
15 Apr.
3
May
1 Mar. 31
iV&
"30c
20c
—
5c
15c
$15*
75c
75c
—
$15*
$15*
30c
—
Cresson Consolidated Gold MineS
(quar.)
8% preferred (quar.)_
Cumberland Co. Power & Light—
6% preferred (quar.)
5X % preferred (quar.)
Cuneo Press, Inc. (quar.)
2c
25c
$2
1.50
1.37 5*
75c
$15*
-
Cunningham Drug Stores (quar.)
Preferred B (quar.)
Daniels & Fisher Stores Co. (quar.)
Quarterly
Davenport Water Co. 6% preferred (quar.)
Dayton Rubber Mfg. $2 class A (s.-a.)
Decca Records, Inc
Denuison MJg. Co. debenture (quar.)
Denver Union Stockyards pref. (quar.)
25c
Detroit Gasket & Mfg
Diamond Match Co., common
Common
Common
(s.-a.)
(s.-a.)
Ltd., 5% pref.(quar.)
quar.)
May
1 kpr.
Apr. 29 Apr.
Apr. 29 Apr.
May 15 Apr.
Apr. 25 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
Apr, 20 Apr.
Apr. 15 Apr.
Apr. 15 Mar.
May
1 Apr.
May 15 Apr.
Apr. 15 Apr.
15
8
8
15
15
J5
15
21
4
4
31
17
29
5
June 30 June 20
May
1 Apr. 15
1 Apr. 15
1 Apr. 20
June 15 June
1
May
May
Apr. 20 Apr.
Apr. 2G Apr.
5
5
June
5
50c
Sept. 15 Sept.
May
1 Apr.
May
1 Apr.
Apr. 25 Apr.
May
1 Apr.
$15*
$1
30c
$2
June
25c
50c
50c
15 June
5
20
15
10
20
1
Apr. 15 Mar.~27~
Apr. 20 Apr.
5
1 May 10
Sept.
1 Aug. 10
June
25c
Dec.
1 Nov. 10
75c
75c
Sept.
1 Aug. 10
June 24
Dome Mines. Ltd (quar.)
150c
Apr. 20
Apr. 20
Dominguez Oil Fields
Dominion Tar & Chemical, preferred (quar.)
$15*
—
May
50c
$15*
*
1 May 15
15 Apr.
1
1 May 15
Apr* 15 Apr,
7
$15*
$15*
—"
7% preferred
:
Corn Exchange Bank Trust (quar.)- —
Corn Products Refining Co_
7% preferred (quar.)
Cosmos imperial Mills Ltd., pref. (quar.)
Coty, Inc———'
Preferred (quar.)
May
1 Apr.
Apr. 15 Apr.
May
1 Apr.
June
June 24
Apr. 20
Apr.
June
Apr.
Participating preferred
Participating preferred
Distillers Corp .-Seagrams
Dr. Pepper Co. (increased
Quarterly
Quarterly
June 20
31
1
15
15
15
May 15
Apr. 30
Apr. 25
10c
Detroit Edison Co
$15*
t685*c
$2*
May
May
Apr.
Apr.
Apr.
$15*
$ 1.625*
Crum & Forster, Inc.
30c
American Ship Building.
American Smelting & Refining Co
Preferred (quar.)
American States Utilities Corp. 5X% prefAmerican Telep. &
Teleg. (quar.)
American Thermos Bottle
Preferred (quar.)
15
15
Apr.
20c
American Radiator & Standard Sanitary—
Preferred (quar.)„
American Seal-Kap (Del.)
Sept. 15
Dec.
Dec.
$15*
American Light & Traction (quar.)
Preferred (quar.)
American Machine & Foundry Co.
Amoskeag Co. (s.-a.)
Preferred (s.-a.)
Appleton Co. (quar.)
Preferred (quar.)
Sept.
Dec.
Apr.
10c
American Gas & Electric pref.
(quar.)
American Home Products (monthly).
15
June
Sept.
Works, Inc., 6% preferred (quar.)
American Can Co. (quar.)
Amerada Corp. (quar.)
American Cities Power & Light—
$3 class A (quar.)
Opt. div. of l-32nd sh. of cl. B stk. or cash.
American District Telegraph (N.
J.) pref (quar.)
American Envelope Co. 7% pref. A
(quar.)
7 % preferred A
(quar.)
7% preferred A (quar.)
Apr.
25c
___
American Alliance Insurance
(quar.)
Amer. Art
18
4
10%
50c
juarterl_
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
6X% prior preferred (quar.)
7% preferred (quar.)
Consolidated Copper mines
Consolidated Edison Co. (N. Y.), Inc., pref
Consolidated Laundries preferred (quar.)
Consolidated Lobster, Inc., (quar.)
Apr.
Apr.
Nov. 24
15 Apr.
5
5 Apr. 29
June
1 May 10
May
1 Apr. 10
June
Connecticut Investment Management.
Consolidated .Cigar Corp—
Mar. 31
Dec.
Apr.
June
,
Mar. 31
May
Sept.
June
Columbus & Southern Ohio Electric—
6X% preferred (quar.)
Commercial Alcohols Ltd. preferred (quar.)——
Mar. 31
Apr.
1
Apr. 11
Apr. 15'
May 24
Aug. 26
SIX" Apr.' 15 Apr.
Connecticut River Power Co. 6% pref. (quar.)
Consolidated Car Heating (interim)
25c
Mar, 31
Apr. 15
30 Apr. 20
15 Apr. 10
15 Apr.
I
20 Apr. 10
125*c
Apr.
1
Apr. 15
Apr. 15
$15*
Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
May
63* % preferred C (quar.)
Abbott Laboratories,
Abraham & Straus Inc. (irregular)
Adams (J. D.) Mfg. Co. (quar.)
May
May
May
9
Mar. 31
Mar. 31
1 Apr.- 27
25c
— -
,
15
1 May
5
Apr. 29 Apr. 15
Apr. 29 Apr. 15
May
1 Apr. 10
May
May
$15*
—
23
20
$15*-
10c
——
Water Works Co. 7% pref. (quar.)_
Coca-Cola Bottling Co. of St. Louis (quar.)
Coleman Lamp & Stove.----Colgate-Palmolive-Peet (quar.)—
Collins Co. (quar.).:
15
Oct.
$15*
Corp. (irregular)
Clinton
12
31
$15*
$15*
$15*
5% preferred (quar.)—
Cliffs
19
20
June
15 May
—
Resumed
1 Apr.
Apr. 15 Mar.
1 Apr.
Apr. 15 Mar.
Apr. 15 Mar.
Apr. 25 Apr,
Apr.
_
—
May
May
50c
—
1
15
5
21
June 30 June 15
t$l H
-
4
1 Apr. 20
15
15
15
15
—
-
May
Apr. 25 Apr.
May
Apr.
May
Apr.
June
May
May
Apr.
May
Apr.
June 20 June
Bullocks, Inc. (Los Ang.J, 5% pref. (quar.)——
Bunker Hill & Sullivan Min. & Concent'g Co—
25c
Bunte Bros,, 5% preferred (quar.)
$15*
5% preferred (quar.)
■$15*
5% preferred (quar.)
$15*
Burgess Battery Co. (irregular)
—
$1X
Burroughs Adding Machine Co
10c
Butler Bros., preferred (quar.)
87 Xc
Byers (A. M.) Co. 7% preferred—f $1.59 H
Cable & Wireless (Holding), Ltd.—
American deposit receipts for ordinary shs—
4%
Calgary Power Ltd., 6% preferred (quar.L
XS1X
California Oregon Power 6% pref. (quar.)—*-'—
$1X
6% preferred, series of 1927 (quar.) —
1_
SIX
7% preferred (quar.)
;
$15*
California Packing Corp., preferred (quar.)
625*c
Canada Iron Foundries 6% preferred-i.
XS2X
Canada Northern Power Corp., Ltd
t30c
7% cumulative preferred (quar.)
Canada Wire & Cable, class A (resumed)-Class A (quar.)
i$i
Class A (quar.)
t$i
Canadian Breweries, preferred (quar.)
t50c
Canadian Bronze, Ltd. (quar.)—1
;
375*c
Preferred (quar.)
—
—
$15*
Canadian Exploration Co. (semi-ann.)
10c
Canadian Fairbanks Morse, preferred (quar.)
$15*
Canadian Foreign Invest. Corp., Ltd.—
-
Apr. 15 Apr.
Apr.
Apr.
Apr.
Apr.
40c
-
Holders
50c
Bridgeport Hydraulic Co. (quar.) ——
British Columbia Power class A (quar.)British Columbia Tel., 6% second pref. (quar.)_
Buffalo Niagara & East. Power 1st pref__
When
Payable of Record
20c
10c
;
—
When
60c
$15*
$15*
t$2
$15*
185*c
—
Canadian General Investments (quar.)
Per
Name of Company
75c
,
Canadian Industries Ltd.. 7% pref.
Canadian Industries, class A&B
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
$15*
25c
50c
we
$1
75c
Bayuk Cigars, Inc., 1st preferred (quar.)
Beatty Bros., Ltd., 6% 1st pref. (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone Co. of Pa. 6X % prefBloomingdale Bros., Inc..
—
Blue Ridge Co., $3 pref. (opt. cash or com. stk.)
Bon Ami Co., class A (quar.)
Class B (quar.)
Boston Edison Co. (quar.)
Bower Roller Bearing Co—
Bralorne Mines, Ltd. (quar.)
_
Below
15c
$15*
t$15*
31Mc
Barnsdall Oil Co
50C
,
Preferred (quar.)..
Sullivan Consolidated Mines, Ltd
Tobacco & Allied Stocks, Inc
Texas Power & Light
5 Apr.
5 Apr.
15
15
1
.
South American Gold & Platinum Co
Springfield Gas Light (quar.)
Steel Co. of Canada, Ltd. (quar.)
Sterling, Inc., common (quar.)
Extra.
5c
.«
Opt. cash or 1 sh. of pref. for each $100 divs.
Preferred (quar.)
......
Reynolds (R. J.) Tobacco Co. (interim)
Class B (interim)
Silex Co.
June
SI X
17Xc
Piedmont & Northern Ry. (increased)
:
Pneumatic Scale preferred
(quar.)———
Public Electric Light (quar.)_ —
— —
Rich's Inc.
40c
25c
..—-
(semi-annual)..
Pennsylvania Gas Co
May
May
25c
...
——
——
Preferred
15c
SIX
Outboard Marine & Mfg. Co.'
Pacific Lighting Corp
1
Pacific Guano & Fertilizer Co. (quar.)
Parker Rust-Proof Co.2
Peabody Coal preferred
Apr.
40c
12 Xc
25c
—
—*
15c
3 Apr. 29
25 Apr. 18
2c
North American Oar pref. A&B
Northern RR. of New Hampshire.— —
—
1 May 25
May
SIM
Niagara Hudson Power Corp. 5% 1st pref. (qui.)
5% 2d preferred series A & B (quar.)
Norwalk Tire & Rubber preferred (quar.)
June
50c
SIX
SIX
—
Occident Insurance (quar.).
Onomea Sugar Co.
%ix
87 Xc
_
England Fund
20c
May
May
Apr.
Apr.
20c
—
New
Per
Share
Name of Company
—
preferred
6% conv. preferred A—
Investors Syndicate (Minn.) (quar.)
Class A common (quar.)
Jantzen Knitting Mills pref. (quar.)
Kittanning Telephone (quar.)
Knickerbocker Insurance (N. Y.) (quar.)
Kress (S. H.) & Co
Special preferred (quar.)
Kroger Grocery & Baking Co
7% preferred (quar.)
6% preferred (quar.)
— >
Lincoln Printing preferred (quar.)
'—•
Lucky Tiger-Combination Gold Mining
— Lumbermen's Insurance (s.-a.)
McGraw Electric (quar.)
—,—V
McNeel Marble Co. 6% 1st pref. (quar.).
,—
Merchants & Mfrs. Fire Insurance (quar.)
Messenger Corp
—
Michigan Steel Tubes
Mississippi Power & Light preferred (quar.)——
Montgomery & Erie Ry. Co. (s-a.)——,
Moody's Investors Service pref. (quar.)
National Automotive Fibres preferred (quar.) —
National Bearing Metals Corp. 7% pref. (qu.)National Money Corp. class A (quar.)
National Savings & Trust Co. ("Wash., D. C.) —
cum.
April 15, 1939
Holders
When
Payable of Record
International Metal Industries—
6%
Chronicle
30c
3-1-40 2-10-40
May
1 Apr. 20
June
1 May 18
30c
Sept.
30c
Dec.
t$l 5*
25c
1 Aug. 18
1 Nov. 18
Apr. 20 Mar. 31
Apr: 29 Apr. 21
1 Apr. 15
May
Volume
Financial
148
Per
Name of Company
Share
Dominion Textile Co. pref. (quar.)
Dunlop Rubber Ltd. Amer. dep. rec
*11
s!S
Bonus
du Pont (E. I.) De
Preferred (quar.)
Nemours, debenture (quar.)
$134
Duquesne Lignt Co., 5%
Early & DameJ Co.
cum.
pref.
$134
pref. (quar.)
(quar.)
-_
18c
Eastern Townships Telephone Co
Electric Bond & Share Co. $6 pref. (quar.)
•So preferred (quar.)
,
-
$134
$134
25c
Employers Group Associates (quar.)
—
Emporium Capweil Corp 434 % pref. A (quar.)_
4 34 % preferred A (quar.)
4 34% preferred A (quar.)
5634c
56 He
5634 c
$334
7% preferred (semi-ann.l
El Paso Electric (Texas), $6 preferred (quar.)-Eureka Pipe Line Co.Falstaff Brewing Corp. (quar.)
--
-
7% pref.
Fibreboard Products 6% prior pref. (quar.)
Fidelity Fund
Filene's (Wm.) Sons Co. (quar.)
^
__
First Mutual Trust Fund
50c
Ho ders
When
(1945) Fund-4
Kroger Grocery &
Mar. 23
Lane Bryant, Inc., 7% preferred (quar.)
Landis Machine Co. (quar.)
Mar. 15
June
June
Apr.
May
May
Apr.
July
Apr.
Apr.
Apr.
15
June
22
Oct.
Sept. 21
Jan.
Dec.
Sept.
Apr.
Sept.13
Mar. 23
Apr. 10
Apr. 10
6
6
21
Mar. 31
May
May
Apr.
1.0634
Apr.
Apr.
t$l 34
$134
May
May
25c
Apr.
$1.1834 Apr.
25c
Apr.
11c
Apr.
10c
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15*
16
19
19
Mar.
3l~
14
15
20
15
22
Apr.
5
;-
1%
June
June 23
H.), 7% preferred (quar.)-_
—
5% preferred (quar.)
:
;■—•
Fisk Rubber preferred (quar.)
Fort Wayne & Jackson RR., pref. (semi-annuall
Franklin Telegraph (semi-annual)—.—: —
Froedtert Grain & Malting Co. (quar,)
Preferred (quar.)
Fruehauf Trailer Co
$134
$134
Apr.
Apr.
Apr.
Apr.
Apr.
1
1
$234
$134
Sept.
May
May
Apr.
Aug.
Apr.
Apr.
Apr.
10
19
15
15
15
First National Bank (Jersey City) (quar.)
Fishman (M.
10c
30c
25c
25c
Gardner-Denver Co. (quar.)
Preferred (quar.)__
General Electric Co
75c
—
25c
5c
----'
General Finance Corp
;
General Foods Corp.. preferred (quar.)
General Mills, Inc
$134
8734c
$134
Common
General Motors Corp, preferred (quar )
General Telephone Allied Corp.—
— _ — -
$134
$6 preferred (quar.)
---/—-General Theatres Equipment Corp. (qu.)
Gillette Safety Razor preferred (quar.)--*
25c
$134
$134
,
Gimbel Bros., Inc., $6 pref----Globe Grain & Milling Co.. _«._i
—
50c
May
Apr.
Apr.
May
Apr.
Apr.
May
May
Aug.
May
Mar. 31
May
1 Apr.
Apr. 25 Apr.
Apr. 15 Apr.
Goldblatt Bros, stock div. of l-60th shs. of com.
for each
com.
share held
7%
cum.
May
1 Apr. 10
934c' Apr. 28 Apr. 20
;-
May
1 Apr.
Apr. 15 Apr.
preferred (quar.)
Great American Insurance Co. (quar.)
12
6
Great Lakes Power Co., A preference (quar.)--,
Green (H. L.) Co. (quar.)
—
Apr.
15 Mar. 31
May
Gunnar Gold Mines, Ltd
Halle Bros. $2.40 conv. preferred
1 Apr. 15
1 Apr. 15
8
15 Apr.
29 Apr. 22
6
20 Apr.
May
Apr.
Apr.
Apr.,
Apr. 15 Mar.
Apr.
May
Apr.
May
Apr.
May
Apr.
May
Apr.
May
— -
(quar.)
__
Common (resumed)
—
Harbison-Walker Refractories Co., pref. (quar.)
Harrisburgh Gas 7% preferred vquar.)
-—
Hartford Electric Light (quar.)
Hartford Times, Inc., 534% pref. (quar.)
Hat Corp. of Amer. 6)4% pref. (quar.)-_.
Class A (resumed)
Class B (resumed).
Hayes Steel Products, preferred
Hecker Products Corp. (quar.).
Hercules Powder, pref. (quar.)
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.).
•Monthly
,
Monthly
Hollinger Consol. Gold Mines, Ltd
Extra-.
'
----Holly Sugar Corp., preferred (quar.)__
—
Homestake Mining Co. (monthly)
Horder's, Inc. (quar.).—_
Horn & Hardart (N. Y.) (quar.)—
If
Household Finance (quar,)
—.
Preferred (quar.)
i
—
Howe Scale Co. 5% preferred (s.-a.)__---_
Hudson Bay Co. (interim)...
z
Humberstone Shoe Co. (quar.)..—
—
Hutchins Investing Corp. $7 preferred—
:Idaho Maryland Mines (monthly)
Imperial Chemical Industries, ord. shs
Amer. dep. rec. for ord. shs. (final)
Imperial Life Assurance (Can.) (quar.).
Quarterly
.»
;Quarterly
Incorporated Investors
Indiana Pipe Line Co
:
:
Institutional Securities, Ltd.—Insurance group shares (s.-a.) payable in stk.)
Interchemical Corp., preferred (quar.)
----International Cigar Machinery Co—
International Educational Publishing Go.—
$3.50 preferred.
International Harvester Co. (quar.)
International Milling Co. 5% pref. (quar.)
International Nickel Co. (Canada), pref. (Qu.)_
International Rys. of Central America 6% pref.
International Utilities Corp.
$334 preferred, series 1931 (quar.)
—
Interstate Home Equipment
Investment Foundation Ltd., cum. pref
Cumulative preferred
Investors Fund "C," Inc_._«—1
.
_
June 30 June
Apr.
Apr.
May
Apr.
May
May
Apr.
Apr.
Apr.
May
May
Apr.
22 Apr.
22 Apr.
1 Apr.
_
t30c
40c
$134
*$134
t$2
,
8734c
Mar. 31
Apr. 10
Apr. 24
15
7
11
1 Apr. 20
8 Apr. 20
3 June 30
2 Sept. 30
Mar. 31
Apr. 20
1 Apr. 15
July
1 May 23
Apr. 15 Mar. 20
1
Apr. 15 Apr.
1
May
1 Apr.
5
May 15 May
20*
1
75c
Apr.
15 Mar. 31
15 Mar. 31
Apr-
15 Mar. 31
30c
30c
30c
Apr. 20 Mar. 31
Apr. 20 Mar. 31
Apr. 20 Mar. 31
June
1 May 10
Sept. 1 Aug. 10
20c
$134
50c
20c
$134
12 34c
12c
10c
__
Apr.
10
$1
15c
—
$124
5c
$2)4
•i.,
$1)4
25c
*37c
.
June
U24
$1)4
$1)4
$1)4
10c
6c
lc
June
13 June
Neisner Bros., Inc., preferred (quar.)
preferred (quar.)
1
National Cylinder Gas (quar.)
National Distillers Products (quar.)
A
National Fuel Gas (quar.)
National
Lead
Co., preferred B (quar.)
Stores Corp.
$5)4 conv. preferred (payable in cum.
National
stock).
(quar.)
—
Mar. 31
5
1
Sept. 30
2-2-40
Apr.
1
May 15
Apr.
Mar. 31
June
June
Sept.
Sept. 21
Dec.
Dec.
Apr.
Apr.
Apr.
Apr.
15
21
Mar. 31
Mar. 31
Mar. 31
Apr.
3
Apr.
May
May
May
Mar. 30
10c
Apr.
50c
May
50c
May
Apr.
Apr.
Apr.
May
17)4c
17)4c
$1)4
A & B (quar.)
Mar. 31
Apr.
July
50c
75c
25c
-
31
Mar. 14
75c
>
31
Apr.
Apr.
25c
National Casket Co
1
31*
31*
1
Apr. 29
Apr. 15
Apr.
15
*$2)4
July
1
11)4
Sept. 30
11)4
$1)4' 2-2.-40
50c
Apr 25
15c
National Cash Register Co
1 May
1
13
May 10
May
1 Apr. 11
Apr. 15 Mar. 20
June
68c
National Bond & Share Corp
Conv.
15 Apr. 12
15 Apr. 15
15 Apr. 12
5
15 Apr.
1 Apr. 15
1 Apr. 15
1 Apr. 15
1 Apr. 15
Apr. 20 Mar.
Apr. 20 Mar.
Apr. 15 Mar.
May
1 Mar.
Apr. 15 Apr.
Apr. 15 Apr.
May
May
31
15
15
14
14
5
15 Apr. 12
June
40c
National City Lines, class A (quar.)
Apr. 15 Mar.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
Apr. 15 Apr.
62c
25c
30c
2
Mar. 31
25c
8% cum. preferred (quar.)
Nachman-Spring-filled Corp
National Biscuit Co. (quar.)
,Steel Car (quar.)
Naugatuck Water (reduced)
4c
„
Mar. 31
May
50c
National Power & Light Co. $6 pref.
$134
Mar. 20
May
—
—
1 Apr. 20,
22 Apr. 15
22 Apr. 15
10c
1
1
4
4
Mar. 20
Apr.
-
National Manufacture &
1 Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15c
...
i
1 Mar. 31
15 Mar. 31
15
18
18
25
25
15
15
15
20
15
$1)4
$124
$1)4
:
Monongahela Valley Water, 7% preferred.;
Monroe Loan Society, class A.
Monsanto Chemical Co., $4)4 class A pref.(s-a)
Montana Power Co. $6 preferred (quar.)
Montgomery Ward & Co
Montrea» Light, Heat & Power Consol. (quar.).
Montreal Telegraph Co
;
Montreal Tramways (quar.)
Moore (Wm. R.) Dry Goods (quar.)
t
Quarterly.
QuarterlyMorrell (John) & Co
—
—
—
Morris (Philip) & Co., Ltd—
5% conv. cum. pref. series A (quar.)
Mountain States Telep & Teleg. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% preferred (quar.)..
—
6% preferred (quar.)
National Funding Corp., class
Class A & B (extra)
lc
,
Missouri Gas & Electric Service
15 Mar. 27
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$ 1.31)4
Mode O'Day Corp. (irregular)
National Food Products Corp., class
20
15 Apr.
15 Apr.
15 Apr.
15 Mar. 31
20c
10c
15 Mar. 31
15 Mar. 27
4c
pref. (quar.)
Kootenay Belle Gold Mines (quar.)
Extra
I'
---".
10
Nov. 15 Nov.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$1
——
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
May
Apr.
Apr.
5c
Knott Corp
i—
1 Nov. 21
20c
Kokomo Water Works Co. 6%
Class B
Dec.
$134
15 Mar. 31
15 Mar.
15 May
15 Aug.
40c
20c
Michigan Bakeries
.•«
Michigan Gas & Electric, 7% prior lien/
$6 prior lien
:
Michigan Public Service, 7% pref. (quar.)
6% preferred (quar.)
Mid-Continent Petroleum (interim).
Middle States Petroleum Corp., class A..._
Sept.
3134c
Apr.
Apr.
May
Aug.
15c
■
Mutual System. Inc. (quar.)
June
1
11
50c
50c
$2 participating preferred (special)
$2 participating preferred (extra)
Mutual Investment Fund Shares..
Apr. 28 Apr.
Apr. 29 Apr.
Apr. 29 Apr.
20
Apr.
Apr.
7)4c
•
10
10
1 May 22
1 Aug. 22
$134
$134
$134
$134
Nov. 30 Nov. 29
1 May
16c
Memphis Natural Gas/
Merchants & Manufacturers Securities Co.—
1 Apr. 10
15 Mar. 31
1
Apr. 20
Mar. 31
May
62lt
,
1 Nov. 10
1
Apr. 15
May 31 May, 30
Aug. 31 Aug. 30
May
55c
'
23
June
15c
—
(quar.)
6% 2d preferred (quar.).
common
15 Mar. 31
May
Dec.
Apr. 15 Mar. 31*
Apr. 15 Mar. 31*
May
1 Apr. 14
$1)4
*
Dec.
10
Oct.
17
Massachusetts Utilities Associates—-
Apr.
May
Apr.
Apr.
Apr.
15 Apr.
15 Apr.
July
1 Apr.
15 Mar. 31
15 Mar. 31
15 Mar. 31
1 June 21
1 Sept. 22
50c
$1)4
(reduced)
—
15
10c
-
2)4%
17)4c
17)4c
—-
11c
t8734c
t8134c
175c
25c
$1)4
4324c
4324c
4324 c
$1)4
-
(quar.).
Massachusetts Pow, & Lt. Assoc. $2 pref. (qu.)_
Apr.
Apr.
Apr.
1 Nov. 20
1 Nov. 20
1-2-40
41
Melville Shoe
Apr.
_
50c
25c
Mar. 31
1 Apr.
Dec.
May
5c
Massachusetts Investors Trust
Dec.
$2
12c
& cl. A
Sept.
Sept.
25c
1)4%
...
22
1 May 20
1 Aug. 21
1 Aug. 21
$1)4
common
1 Apr.
1 May 20
50c
Maritime Telephone & Telegraph Co.
Market Street Inv.
30 June 20
May 15 Apr. 28
Apr. 20 Mar. 18
June
1)4%
$124
$124
Extra
B
Apr.
t$134 Apr.
May
124
1)4
Ordinary registered (final)
Class
May
June
15c
Ordinary registered (final)
June
May
May
May
67c
66c
$1)4
Apr. 20
Apr. 11
4
Apr. 29 Apr.
May 15 Apr. 21
50c
Apr. 29 Apr. 19
May 31 May 31
June
?
-;
9 Aug. 24
9 Nov. 24
Dee
67c
25c
(quar.^.
Extra
9 Aug. 24
25c
-i—'
7% preferred (quar.)...
10 May 24
$1)4
Manufacturers Trust Co. pref/(quar.)
Marchant Calculating Machine
'
Sept.
50c
'
1-2-40 Dec. 30
234%
$134
9 Aug. 24
10 May 24
Sept.
$1)1
Extra
A_.
Oct.-
Dec.
June
50c
_
Preferred
14
50c
$1)4
preferred (quar.)-.
6% cum. preferred (quar.)
^
5% cum. preferred (quar.)
Lunkenheimer Co.. preferred (quar.)_
Preferred (quar.)
Preferred (quar.)__.
•.
MacAndrews & Forbes Co. (quar.)
Preferred (quar.)
McCall Corp, (quar.)
McColl-Frontenac Oil preferred (quar.)
McClatchy Newspapers, 7% pref. (quar.) —.
7% preferred (quar.)
7% preferred (quar.).,
Mc Orory Stores Corp., preferred (quar.)__
Mclntyre Porcupine Mines, Ltd. (quar.)
Mc Lellan Stores, preferred
(quar.)__Mahon (R. C.) Co., class A (quar.)
Preferred (quar.)
Mangin (I.) & Co., pref. (quar.)
Apr. 24 Apr.
June
i
;
20 Mar. 31
$1.10
$1.10
$1.10
$124
cum.
Class
July
Extra
7%
Apr. 21 Apr.
June
15
Apr.
-
5% participating preferred (quar.)
Maytag Co. $3 preferred (quar.)
.—
$6 preferred (quar.-
Apr.
Apr.
10
25c
.
Marconi Int. Marine Communications Co., Ltd.
25 Apr. 20
15
15
15
15
1
15
27
1 June
__
15
8
8
15
1 Oct.
6 May
20c
-
5
20
31
26
27
Nov.
;
Extra
14
June
10c
5% refunding partic. preferred (quar.)
8
14
July
Corp
:
15 Mar. 31
Apr. 15 Apr.
1 Apr.
May
1 June
July
Apr. 15 Apr.
1 Apr.
May
June 15 May
1 Apr.
May
1 July
Aug.
$124
30c
Preferred (quar
Manhattan Bond Fund, Inc
.
Kresge (S. S.) Co. (quar.)
30c
4
15 Mar. 31
15 Mar. 31
15 Mar. 31
25c
Lord & Taylor 2nd pref. (quar.)-—
Louisville Gas & Electric Co. (Ky.)—
May 26 May 16
—
7% special preferred (quar.)
7% special preferred (quar.)
Kennedy's, Inc., cum. conv. pref. (quar.)
Kentucky Utilities 6% pref. (quar.)
Keystone Steel & Wire
Kingsbury Cotton Oil (initial)
Kirkland Lake Gold Mining (semi-annual)
30c
15
15
18
18
18
June 30 June 20
$1)4
65c
5% refunding partic. preferred (quar.)
31
Apr. 28 Apr. 18
—
634 preferred B
6% preferred C
Iron Fireman Mfg. Co. (quar.)
Quarterly
Quarterly
I X L Mining
Jamaica Water Supply, preferred (quar.)--,
Jar vis (W. B.) Co
Johnson-Stephens & Shinkle Shoe Co
Joplin Water Works Co., 6% pref. (quar.)
Kalamazoo Stove & Furnace (quar.)__
Kaufmann Dept. Stores
Kellogg Switchboard & Supply
Preferred (quar.)
Kemper-Thomas, 7% special pref. (quar.)__
$1
50c
Longhorn Portland Cement Co.—
5% refunding partic. preferred (quar.)._
1 Apr. 10
4
May 15 May
May 15 Apr. 25
May 15 Apr. 25
•.
pref. A
Lone Star Gas
May
—.
Iowa Elec. Lt. & Pow. 7%
25c
,
Gotham Credit, B (quar.)
Gotham Silk Hosiery Co., Inc.,—
Nov. 15 Nov.
Apr.
Apr.
Apr.
Apr.
50c
_
1 Apr. 20
May
1 Apr. 14
May
5
May 15 May
5
Aug. 15 Aug.
25c
75c
<
Payable of Record
30c
5c
-
Extra
15
7
3
10
11
25c
.
Mar. 17
May
1 Apr.
Apr. 17 Apr.
25c
Class A (quar.)
Preferred (quar.)
Lawyers Title Insurance Corp. (Va.)—
6% preferred (semi-annual)
Lehigh Portland Cement Co
4% preferred (quar.)
Lerner Stores Corp
Preferred (quar.)
Leslie Salt Co. (quar.)
Lincoln National Life
Insurance (quar.)
Quarterly
Quarterly
i
Link Belt Co (quar
;
;
Preferred (quar.)
Lion Oil Refining Co.
(quar.)
Little Long Lac Gold Mines
Little Miami RR., original
capital (quar.)
Original capital (quar.)
Original capital (quar.)
;
Special guaranteed (quar.)_
Special guaranteed (quar.)..
Special guaranteed (quar.)
Lock Joint Pipe Co.
(monthly)
Monthly
Monthly.Loew's Boston Theatres Co, (quar.)
Loew's, Inc., 6)4 cum. pref. (quar.)
Extra
1
10
10
10
10
$124
124%
—
Extra
Apr. 10
Apr. 20
Apr.
Apr.
Apr.
July
Apr.
Baking, 7% pref. (quar.)
Quarterly
Quarterly
Langendorf United Bakeries class B (quar.)
20
Mar. 31
15c
Share
Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Holders
When
Per
Name of Company
Payable of Record
25c
Federated Dept. Stores
4 34% conv. preferred (quar.)_„__
Fenton United Cleaning & Dyeing Co.
Preferred (quar.)
Firestone Tire & Rubber Co
First All-Canadian Trustee Shares
$134
2213
Chronicle
$5)4
$1)4
50c
Mar. 31
Mayt 1
Apr. 15
Apr. 15
Apr. 17
Apr. 15
Apr. 14*
Mar. 31
Mar. 31
Mar. 31
Apr. 21
Apr. 15 Apr.
May
1 Apr.
Apr.
75c
May
$1.1824 May
1
1
15 Mar. 31
1 Apr.
15
1 Apr.
15
2214
Financial
Per
Name of
Share
Company
Newberry (J. J.) Co. 5% pref. A (quar.)—Newberry (J. J.) Realty Co., 6*4% pref. A (qu.)
6% preferred B (quar.)
New Brunswick Telephone Ltd
New York Merchandise Co. (quar.)
June
1 May
May
1 Apr,
16c
New York Transit Co
1900 Corp., class A (quar.)
Class A (quar.).
Class A (quar.,
50c
—
60c
50c
__
Norfolk & Western Ry. preferred (quar.).
North American Oil Co. (Bait.) (quar.) —
$1
3c
7.5c
75c
North Boston Lighting Properties (quar.).
Voting trust certificates (quar.)
6% preferred (quar.).-,
North Penn Gas,
$1*4
75c
$1*4
preferred (quar.)
25c
Northern Illinois Finance Corp.
Preferred (quar.)
37*4c
$1*4
$1*4
$1*4
Northern Indiana Public Service 7% preferred--
6% preferred—
5*4% preferred...-
—
May
Apr.
6% preferred (quar.)..-—
'6%
cum.
t$lH
;—-—
iOOc
(qu.) $1.3 1*4
preferred (quar.)
$5 preferred (quar.)
Northwest Engineering
Northwestern
Yeast Co.
(liquidating)
;
Nunn-Bush Shoes
Southern Calif. Edison orig. pref. (quar.)
Original preferred (special)
Southern Calif. Edison Co., Ltd. (quar.)
1
Southwestern Portland Cement, 8% pref.
May 19 Apr.
Apr. 20 Apr.
Apr. 15 Apr.
Apr. 15 Apr.
Apr. 15 Apr.
Apr. 15 Apr.
1 Apr.
May
1 Apr.
May
Apr. 14 Mar.
29
10
$2
June
15 June
3
Apr. 29 Apr.
Apr. 29 Apr.
15
common
50c
75c
(quar.)
1st preferred
6% 2d preferred—
Pacific Finance Corp. (Calif.) 5% pref. (quar.)_
7%
Preferred A (quar.)--,
Preferred C (quar.)
$1*4
$1*4
•20c
-----
16*4c
2%
-r-
Pacific Gas & Electric Co. (quar.)—
(Quarterly)
Pacific Lighting Corp., $6 pref. (quar.)--i—---
50c
—
Pacific Portland Cement preferred—
Pacific Public Service, preferred (quar.)
$1*4
t$3 *4
32*4c
$1*4
—
Pacific
Telep. & Teleg. Co., pref. (quar.)
Packer Corp. (quar.)
25c
Paraffine Cos., preferred (quar.)
$1
Parkersburg Rig & Reel, pref. (quar.).--.:.
Pathe Film, stock div., 1 sh. Pathe Lab
for each lOOshs. Pathe Film
Payne Furnace & Supply Co.. conv. pref. A & B
Pearson Co,, Inc.. 5% pref. A (quar.)-----Peaslee-Gaulbert Corp. (quar.)
Peninsular Telephone (quarterly)
15c
31*4c
—
Preferred A (quar.)
Preferred A (quar,)
45c
-----
—
5oc
$1H
$1*4
— -
Penmans Ltd. (quar.)
2
—
75c
------
6% preferred (quar.)
Pennsylvania Power Co. $5 pref. (quar.).!
Peoples Gas Light & Coke Co.
-.
Peoples Telephone Corp. (quar.)
Pleiffer Browing Co
Philadelphia Co., com. (quar.)-6% cum. preferred (semi-ann.)__:
Philadelphia Electric Co. $5 pref. (quar.)
Common (quar.)
Philippine Long Distance Telephone Co_
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pitts. Ft. W. & Chicago Ry. 7% pref. (quar.)
7% preferred (quar.)—
2-—
7% preferred (quar.)
Plymouth Cordage Co. (quar.)___
Pollock Paper & Box 7 % preferred
(quar.)
7% preferred (quar.).7% preferred (quar.)
-
$1*4
$1H
50c
■
•
25c
-
15c
$1*4
$1*4
45c
—
42c
75c
—
-----
-—
— _ —
—
Portland Gas Light Co. 6% pref
Potomac Edison Co. 7% pref.
6% preferred (quar.)-.
—
(quar.).,—----.—"—
_—
Power Corp. of Canada, Ltd.—
„
$2
•
$1*4
$1*4
SIX
$1X
$1*4
SIM
SIM
t50c
$1M
$1*4
tlH%
tl*4%
3c
50c
—
J5c.
-
Procter & Gamble, stock dividend of l-75thsh.
of com. for dach share of copimon held-2--
Quarterly
5% preferred (quar.)
Procter & Gamble 8% preferred (quar.)_
Prosperity Co. preferred (quar.)
».•——
—
Prudential Investors $6 preferred (quar.) 2
Public Service of Colorado 7% preferred (mo,)..
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. of N. J
6% pref. (mthly>
Quaker Oats Co., preferred (quar.)
Quarterly Income Shares (quar.) —
— Railroad
,
Employees Corp., class A&B
Preferred (quar.)
—
—
$2 preferred (quarterly)
Richmond Insurance Co. (N. Y.)
—
-
May 20
5
June 15 June 15
Sept. 15 Sept. 15
Dec. 15 Dec. 15
Apr. 15 Apr.
1
May
1 Apr. 20
May
1 Apr. 20
15 Mar. 31
15 Mar. 31
15 Mar. 15
Apr. 15 Apr.
1
May
6 Apr. 25
Apr.
Apr.
Apr.
14
14
24
24*
5
1 Apr.
1 Apr.
15
15
1
15
Apr.
Apr.
15 Mar. 15
31 May
75c
10c
May
t$l*4
Apr.
1
Apr.
1
15
20 Mar. 31
20 Mar. 31
1 Apr. 20
1 Apr.
11
Apr.
20
13
26 Apr.
20
1 Apr. 20
15 Apr.
7
$1
50c
(quar.)
May
May
1 Apr. 15
1 Apr. 15
1 Apr, 10
15c
May
6d.
MayI22 Apr. 22
Antelope Copper Mines—
Amer. deposit receipts for ordinary shares
Bearer shares will receive the above dividend
on
25c
20c
Royal Typewriter Co., Inc
Preferred (quar.)
Royalty Income Shares series A
Saguenay Power Co., preferred (quar.)—.
San Carlos Milling Co., Ltd
San Diego Consolidated Gas & Electric—
Preferred (quar.)
Securities Corp. General $7 pref. (quar.)
$6 preferred (quar.)
Servel, Inc., preferred (quar.)
Preferred (quar.).
Preferred (quar
Scott Paper Co., $4*4 cum. preferred (quar.)
75c
$154
5.0034
Extra
15 Apr.
6
1 May 20
May
1 Apr. 20
5
Apr. 15 Apr.
5
Apr. 15 ADr.
Apr. 25 Mar. 31
$1*4
May
15c
Apr.
1 Apr. 14
15 Apr.
3
$1*4
Apr.
15 Mar. 31
$1*4
$1*4
$1*4
$1*4
$1*4
May
May
1 Apr. 20*
1 Apr. 20*
July
1 June 16
1 Sept. 15
Oct.
1-3-40
May
__
Sheep Creek Gold Mines, Ltd (quar.)
Skelly Oil Co., prer. (quar.)
Smith (Howard) Paper Mill .preferred
(qu.)
South Pittsburgh Water Co. 7% pref.
(qu.)
6% preferred (quar.)
Apr.
June
lc
$1*4
$1*4
$1*4
$1*4
Apr.
Apr.
May
Apr.
Apr.
Apr.
Dec.
15
1 Apr. 20*
15 Mar. 31
15
1
15
15
15
Mar. 31
Apr.
4
Mar. 31
Apr.
Apr.
1
1
Apr.
Apr.
Apr.
Apr.
Mar.
9
Apr.
5
Apr, 11
Mar. 31
__
.
Corp., 5*4%
S. Petroleum,
■Common-
common
Common
'
-
—
Preferred (quar.)
(quar.)1—-
Preferred tquar.)__
*
United Stockyards Corp., conv, pref. (quar.)_-_
Universal Leaf Tobacco Co., Inc
.
—
Apr. 19
Apr. 13
Oct.
Sept. 30
Apr. 14
Apr,
May
Apr: 29
$1
50c
Apr.
May
Apr.
50c
June
15
May 15
50c
53c
July
June
May
53c
June
Apr. 15
May 15
__
—
(semi-annual).
-
Mar. 31
Mar. 31
68*4c
50c
June
Apr.
3
Apr. 20
May 31
Aug. 31
50c
Sept
Dec.
40c
Mpy
Apr.
2%
$1
87 *4c
$1*4
$1*4
17 *4c
June
June
Apr.
Apr.
Mar. 30
Mar. 30
Apr.
July
Apr.
May
Apr.
July
25c
$1*4
$1*4
$1*4
Western Grocers, Ltd. (quar.)
Preferred (quar.)---.'
75c
$1*4
12*4c
Westinghouse Air Brake Co
Wilson-Jones Co
$1*4
37 *4c
•
$1*4
25c
$1*4
Hosiery Co. (quar.)
Extra
50c
^—
—
$1*4
50c
Quarterly
Extra
Wisconsin Electric Power Co., 6% pref. (qu.)_
Wisconsin Gas & Electric Co.—
6% preferred C (quarterly)
Wisconsin Telep. Co. 7% preferred (quar.)
Wrigley (Wm.) Jr. (monthly)
-
—
Monthly
Monthly.
Monthly
Monthly
Monthly
!
Zeller's, Ltd., 6% preferred (quar.)
Zenith Radio (resumed)
Zion's Co-operative Mercantile Institution
Feb.
15
5
5
Mar. 30
Apr.
12
1 Apr. 28
1 July 29
1 Oct.
28
1 Jan.
29
15 Apr.
1
Junb
10 June
1
Sept.
9 Sept.
Dec.
9 Dec.
1 June
15
1 Apr.
12
June 20 June
12
July
May
1
1
Apr. 20 Apr.
July 20 July
10
10
20 Oct.
10
1 Apr.
14
Oct.
May
June
15 May 23
Apr.
Apr.
15
15
May
1
May 10
Apr. 15
Apr.
June
June
1 May
31
31
15
15
1
1
Apr. 15
Apr. 15
Apr. 29
May
1
May
1
Apr. 15
May
May
May
Aug.
Aug.
5
15
29
12
15
15
May 15
Aug, 15
Apr. 21
Apr, 21
Apr.
Apr.
5
5
Mar. 20
Mar. 20
Mar. 31
Apr. 15
Apr. 10
Apr.
1
Apr. 24
Apr. 15
Apr. 15
July 15
July 15
Oct.
15
Nov.
Oct.
15
May
Apr.
15
$1*4
$1*4
Apr. 15 Mar. 31
Nov.
25c
Apr. 29 Apr. 20
Apr. 20
May
Apr. 20
May
June
May 20
25c
July
Aug.
25c
Sept.
25c
37*4c
$1
25c
„
Mar. 31
Apr.
Apr.
Apr!
1 May
May
Aug.
May
May
May
May
-
9*
Apr.
50c
25c
-—
Nov.
Nov. 29
$1*4
25c
-
May
Aug.
$1*4
25c
—--
15
Apr.
May
$2*4
$1*4
$1*4
$1*4
$1*4
-
June
Apr.
$1*4
2*4c
$1*4'
37*4c
$1*4
Washington Gas Light Co. (quar.)_.
$4*4 cum. conv. preferred (quar.)
Washington Oil
Washington Ry. & Electric Co., 5% pref. (s.-a.)
5% preferred (quar.)
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)
West Penn Electric Co., 7% preferred (quar.)__
6% preferred (quar.)
i
West Penn Power Co., 7% pref. (quar.)-6% preferred (quar.)
Apr. 15
May 15
Apr.
25c
_-
(Geo.), Ltd. pref. (quar.)
Westvaco Chlorine Products, 5% pref. (quar.)__
Wichita Water Co. 7% preferred (quar.)
June 15
25c
$1*4
$2*4
$1*4
$1*4
$1*4
—
15
25c
*41
— —
—
Mar. 23
5c
$1*4
$1*4.
$1*4
$1*4,
t$l*4
$1*4"
$1*4
,—_—
—
Mar. 31
June 39
t$l
$1*4
$1
Upper Michigan Power & Light—
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.
Van Sciver (J. B.) Co. 7% preferred—
Vapor Car HeatiiigCo., Inc., 7% pref. (quar.).
7% preferf-ed (quar.)
7% preferred (quar.)
•—i_-—
Vermont & Boston Telegraph
Virginia Railway, preferred (quar.)
Vulcan Detinning Co
Preferred (quar
-i
—
Preferred (quar.)
Preferred (quar.)
.._i
Walgreen Co. (quarterly)
4*4% preferred (quarterly)
Walkerviile Brewery Ltd. (quar.)
1
Mar. 31
May
May
Apr.
July
50c
—
—
—
June
20c
lc
Quarterly.
1
United States Playing Card Co. (extra)United States Rubber Co. 8% 1st pref——
United States Sugar Corp. preferred
May
June
Apr.
lc
v
United States Smelting, Refining & Mining--
Apr.
$1*4
lc
United States Graphite Co
United States Hoffman Machine, pref. (qu.)
United States Pipe & Foundry Co. (quar.)
*
June
Mar. 31
Apr.
Apr. 20
May
Apr. 4
Apr.
5Aug. 15 Aug.
Dec. 15Dec.
5
—
Royalty Oil Corp
United states Fidelity & Guaranty (quar.)
Extra..
10c
Apr. 15
Apr.
5
May 19
Apr. 29
Apr. 21
Apr. 21
Apr. 15
Apr. 15
Apr. 15
Apr.
8
Apr. 20
50c
U. 8.
Warren RR.
May
Apr.
68*4c
pref__
conv.
-----—-
Q uarterl y
Mar. 17
5c
53c«i July
58 l-3c May
58 l-3c June
58 l-3c July
—
U.
May
10c
15c
15c
—
U. 8. Hoffman Mach
$1*4
$1*4
.
.
Quarterly
37 *4c
6
6
1
22
22
15
15
-
Extra
Roses 5-10-25c. Stores (quar.)
May
May
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
May
May
May
58 l-3c May
50c
May
41 2-3c May
United Light & Railways 6% pr.pref. (monthly)
Winsted
Coupon No. 7.
Rochester American Insurance (quar.)
Rochester Button preferred (quar.)
May
May
May
May
May
2c
Weston
;
Mar. 31
20c
——
-
6
May
May
Apr.
Apr.
May
May
May
Apr.
t50c
_
Roan
June
Apr. 20 Apr.
Mar. 31
Apr.
'
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 Profit Sharing, pref. (semi-annual)
12-10-39
Apr.
50c
15c
1
1-4-40
1
$1*4
$1*4
5
50c
25c
-
— -------
Apr.
July
1 June 15
May 15 May
5
5
Aug. 15 Aug:
May 15 May
5
May
1 Apr. 21
May
I Apr. 15
Apr. 15 Mar. 25
Apr. 15 Mar. 31
Apr. 15 Mar. 31
1
Apr. 25 Apr.
May
1 Apr.
1
May
1 Apr. 10
May
1 Apr, 10
Apr. 29 Apr. 20
Oct.
1 Sept. 15
July
5 June 10
Oct.
4 Sept. 10
June
Manufacturing--
15 Apr.
Apr. 28 Apr. 14
Apr. 15 Apr.
6
May
1 Apr. 20
May
1 Apr. 10
June
90c
United Fruit Co
1 Apr.
1
15
9c
— — —
5
Apr.
12*4c
Extra
14
May
—
15
15 Mar. 31
15 Mar. 24
$1*4
5C
—
—
Rhode Island Public Service—
Class A (quarterly)
15 Mar. 31
Apr. 15 Mar. 31
20c
j
Raymond Concrete Pile (quar.)
Preferred (quar.)
Reading Co. (quar.)_
^
Reed (G. A.) Co., $2 preferred A_
Reliance Mfg., common
Reserve Investing Corp., $7 preferred
15
31
Dec.
$1*4
$1*4
—
6% preferred (monthly)5% preferred (monthly)-
Sept.14
Dec.
Apr.
5c
Toledo Edison Co. 7% pref. (monthly)--
14
Sept.
June
20c
—
15
Apr.
25c
-
June
June
June
37*4c
—
Apr.
Apr;
May
Apr.
Apr.
Apr.
58 1-3 c May
50c
May
41 2-3c May
30c
'20c
—
Troy & Greenbush RR. Assoc. (s.-a.)_Tuckett Tobacco Co., pref. (quar.)
Tung-Sol Lamp Works, Inc., 80c. pref. (quar.)__
United Biscuit of America, preferred (quar.)
%
United Bond & Share Corp., Ltd. (quar.)
Quarterly
Quarterly
United Corp. (Del.), $3 preferred
Union Electric Co. of Mo. $5 pref. (qu.)
$1*4
$2
—
__
Mar. 20
Apr.
Mar. 31
75c
56*4c
20
15
$2
Mar. 20
May
Apr.
May
Apr.
$1*4
15c
Trade Bank of New York (quar.).-
31*
II
143 *4c
143*4c
20
$1*4
$1*4
$1*4
(quar.)
(quar.)
(A.) & Co. (quar.).Stouffer Corp. class A (quar.)
Class B (interim)
Sim Ray Drug Co.Preferred (quar.)—
,—
8unray Oil Corp
Superheater Co. (quar.)
Super-Mold Corp. (Calif.) (quar.)
Supervised Shares, Inc. (quar.)
Tacony-Palmyra-Bridge,preferred (quar.)
Telautograph Corp—;
r—
Terre Haute Malleable & Mfg. Corp_
Texas Gulf Producing (interim)
Thatcher Mfg. Co. convertible pref. (quar.)
To burn Gold Mines, Ltd, (quar.)
Preferred
Towle
15
May
(qu.)_
21
15
20
Mar. 20
Apr. 20
Apr. 29
Stein
4
May 15 Apr,
May 15 Apr.
June 15 May
Mar.
Apr.
Apr. 15 Apr.
July 15 July
50c
;
(quar.)
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
Apr. 15 Mar.
Apr. 15 Mar.
15
Apr.
Apr.
—
15
.
6% cumulaiive preferred (quar.)
6% non-cum. preferred (quar.)
Premier Gold Mining (quar,)..
Prentice (G. E.) Mfg. Co. (quar.)—
Privateer Mines. Ltd.-
Preferred
6
1
Apr.
50c
1 Apr.
May
1 Apr.
41 2-3c May
20c
Apr. 15 Apr.
35c
15
6
May 15 May
1 Apr. 15
May
d\% May
-
Outlet Co.
25 Mar. 31
25 Mar. 31
20 Mar. 31
20 Mar. 31
Apr.
34*4c
$1.20
$1*4
Steel Co. of Canada
14 Mar. 31
Apr.
preferred (quar.)
31
14 Mar. 31
15
cum.
15
15
10
10
10
1
15 Mar. 31
1 Apr. 15
Apr.
6%
Mar. 20
37*4c
Southern Indiana Gas & Electric 4.8% pref
Southern New England Telephone
8% preferred (quarterly)-8% preferred (quarterly)
Spicer Mfg. Corp. $3 preferred (quar.)
Spiegel, Inc.. preferred (quar.)
Squibb (E. R.) & Sons, 1st $6 pref. (quar.)—_—
Standard Brands, Inc. pref. (quar.)
Standard Oil Co. (Ohio), 5% cumul. pref. (qu.)
State Street Investment Corp
May
5c
—
Apr.
Apr.
Apr.
Apr.
Holders
of Record
37*4c
J 20c
U*4%
Nov. 15 Nov.
Apr.
Apr.
Per
Share
25c
Southern Canada Power (quar.)
Aor.
,5c
—
5*4% preferred C (quar.)
1 Apr. 20
May
Apr. 15 Mar. 24
May 15 May
1
Aug. 15 Aug.
1
25c
$1*4
Company
16
15
$1*4
$1*4
25c
5% preferred (quar.)
Oahu Sugar Ltd. (monthly)
—
Monthly
1—.
Ohio Public Service 5*4 % preferred (quar.)7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
;
Old Colony Trust Assoc's. 1st ser. Trust sh. (qu.)
Oliver United Filters, class A (quar.)
Orange Crush, Ltd., 70c. conv. pref. (s.-a.)
Name of
Apr. 15
15 Mar. 31
1
Northern Ontario Power Co., Ltd.-rCommon (quar.) (reduced).2
Northern States Power Co., 7% cum. pref.
April 15, 1939
Holders
When
Payable of Record
$1*4
*1*4
ti2m
Chronicle
June 20
July
Aug.
Oct.
Sept.
May
Apr.
Apr. 24 Apr.
Apr. 15 Apr.
20
19
20
15
10
5
Transfer books not closed for this dividend,
t Oh account of accumulated dividends.
% 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
of the Federal Reserve Bank of
Condition
New
Clearing House
The
Bank of New York at the close of business April 12, 1939,
date last year:
STATEMENT
OF
Apr. 5, 1939
Friday afternoon is given in full below:
on
MEMBERS
ASSOCIATION AT
Apr. 12,1939
issued'by the New" York City
weekly statement
Clearing House
comparison with the previous week and the corresponding
in
OF
THE
Total
5,927,382,000 5,880,406,000 3,854,483,000
1,417,000
1,745,000
1,503,000
112,583,000
97,523,000
101,434,000
...
Secured
by
U. 8. Govt, obligations,
fully guaranteed...
20,000,000
Guaranty Trust Co
90,000,000
2,173,000
Manufacturers Trust Co
377,000
Cent Hanover Bk&Tr Co
First National Bank
42,243,000
21,000,000
15,000,000
10,000,000
Irving Trust Co
50,000,000
476,000
120,000
395,000
90,000
Total bills discounted
596,000
485,000
2,550,000
218,000
218,000
215,000
direct
or
Bills bought in open market
Continental Bk & Tr Co.
3,829,000
3,830,000
4,287,000
258,538,000
331,160,000
134,259,000
256,538,000
228,523,000
Fifth
331,160,000
134,259,000
337,636,000
Bankers Trust Co
179,696,000
Title Guar & Trust Co..
721,957,000
721,957,000
745,855,000
726,600,000
726,490,000
752,907,000
60,000
60,000
65,000
3,274,000
2,528,000
3,914,000
Industrial advances.
Treasury notes
Treasury bills
Total U. S. Government securities.
Total bills and securities...
...
Due from foreign banks
Federal Reserve notes of other banks..
Uncollected Items
.....
Ayenue Bank
Marine Midland Tr Co.
Average
141,831,000
8,988,000
13,516,000
*
206,649,000
•*:
9,923,000
266,803,000
551,882,000
53,071,900
550,042,000
7,000,000
918,777,800 11,224,102,000
12,500,000
7,000,000
Public Nat Bk & Tr Co.
Totals.
19,893,500
109,051,700
519,013,000
New York Trust Co
Comm'l Nat Bk & Tr Co
8,988,000
13,849,000
Bank premises
Other assets
10,561,000
45,684,000
167,580,000
5,136,000
61,588,000
94,923,000
43,387,000
25,344,000
3,151,000
6,389,000
5,498,000
60,351,000
4,567,000
28,661,000
2,283,000
3,717,000
26,041,000
2,476,000
52,753,000
639,090,00
1939; trust
National, March 29, 1939; State, March 29,
x March 31. 1939.
As per official reports:
companies, March 29, 1939.
13,989,000
"Includes deposits
c
6,938,589,000 6,873,087,000 4,955,930,000
Total assets..............
Deposits,
Average
48,756,000
4,324,900
133,379,000 <12,343,807,000
49,462,000
3,830,300
e907,409,000
79,762,300
13,638,000
2,424,600
106,615,000
9,253,300
342,740,000
28,266,700
87,896,000
8,369,500
83,538,000
9,497,500
4,000,000
100,270,000
500,000
25,000.000
6,000,000
5,000,000
Chase National Bank...
155,499,000
...
77,500,000
Corn Exch Bank Tr Co.
United States Government securities:
Bonds
Deposits,
Profits
173,205,000
13,746,900
474,678,000
26,257,900
161,383,100 al,714,818,000
571,277,000
56,144,300
182,956,700 51,550,313,000
550,999,000
45,626,700
c836,224,000
71,537,000
6,000,000
20,000,000
Bank of Manhattan Co.
National City Bank
Chem Bank & Trust Co.
Other bills discounted-
Time
Undivided
$
Bank of New York
6,030,319,000 5,979,674,000 3,968,483,000
reserves
Capital
Members
Bills discounted:
.
*
Clearing House
United States Treasury.*
13, 1939
Net Demand
*Surplus and
$
Assets—
Other cash t
HOUSE
CLEARING
YORK
NEW
CLOSE OF BUSINESS THURSDAY, APRIL
Apr. 13, 1938
Gold certificates on hand and due from
Redemption fund—F. R. notes
York City
Weekly Return of the New
York
following shows the condition of the Federal Reserve
The
2215
Chronicle
Financial
148
§276,175,000; 5 $81,153,000
"
'
in foreign branches as follows: a
$7,021,000; d $101,740,000; e $32,773,000.
,,
.
Liabilities—
F. R. notes In actual circulation.......
910,950,000
1,046,244,000 1.042,110,000
149,841,000
171,323,000
182,057,000
each day
of the past week:
Apr. 8
,
Deferred availability Items
Other liabilities lncl. accrued dividends..
149,786,000
1,411,000
198,160,000
135,713,000
1,274,000
Boots Pure Drugs..
1,462,000
40/3
94/£42
4/£15%
57/6
25/-
.
Cable & Wire ordinary.,
6,819,664,000 6,754,151,000 4,836,205,000
Total liabilities.
Marconi
Canadian
Central Min & Invest..
•
Cons Goldflelds of S A.
"
Capital Accounts—
Capital paid In..
Surplus (Section7).
Courtaulds S & Co
50,888,000
»....
52,463,000
Surplus (Section 13-bj........
Other capital accounts
_
50,887,000
52,463,000
50,946,000
7,457,000
7,744,000
Electric & Musical Ind.
8,129,000
9,092,000
Ford
7,457,000
8,117,000
...
.
,
De
51,943,000
Beers
...
.
-
,
.
,
"
Ltd
■
•••'••
,
Gaumont Pictures ord.
Total liabilities and capital accounts.
.
6,938,589,000 6,873,087,000 4,955,930,000
A
.
\
Hudsons Bay Co......
Ratio
of
total
to
reserve
deposit
and
ImpTobof
85.6%
90.4%
90.4%
F. R. note liabilities combined.
Contingent liability
£12%
76/-
h
Metal Box
188,000
for foreign correspondents.:.
to
make
industrial
ad¬
Roan
-2,516,000
2,510,000
vances
-
.
4,191,000
Royal Dutch Co..—'
t "Other cash" does not Include Federal Reserve notes or a
Reserve bank notes.
bank's own Federal
Shell Transport
Swedish Match B—.
,
Unilever Ltd
States Treasury for the gold taken
Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
These
over from
certificates given by the United
are
-
r
...
Unlted Molasses-.
the Reserve banks when the dollar was, on
,
Vlckers
West
'
40/5
92/6
£41
4/-
4/-
£14%
57/6
24/-
£15
57/6
25/6
£7
£8%
88/6
10/6
18/- • ;
3 /-
23/-
1 /20/6
128/v
128/-
126/-
£13%
76/£8%
£11%
£13%
76/£8%
£11%
£12%
75/£8%
£11%.
15/-
15/£4
..
.
1/-
102/6
£32%.
22/20/4%
39/6
93/6
£41%
89/11/18/6
3 /-
34/-
.
■
Frl.,
Apr. 14
89/11/19/3 /1/23/-
,
14/6
103/9
£32%
£4>i6
25/6
Antelope) Cop M.
RollB Royce—.—-
Thurs.,
Apr. 13
,
£8%
£8%
£11%
Rand Mines.
RloTinto——
Commitments
\
,,
128/-
Holiday
London Midland Ry—
bills purchased
on
GB&l... Holiday
40/6
93/-
90/11/19/3 /I/",
21/-
'
>
.
.
£42
4/£15%
,57 /6
25/-
£6%
,
Co—.
Distillers
Wed.,
Apr. 12
Tves.,
Apr. 11
-
British Amer Tobacco.
"
.
Mon.,
Apr. 10
Sat.,
5,622,223,000 5,575.054,000 3,725,633,000
Total deposits...
cable
Quotations of representative stocks as received by
-
Other deposits
LONDON STOCK EXCHANGE
THE
Deposits—Member bank reserve acc't— 5,102,803,000 5,073,877,000 3,442,991,000
90,395,000
246,575,000
242,205,000
U. 8. Treasurer—General account
42,406,000
83,279,000
95,158,000
Foreign bank
25/4%
35/22/20/4%
.
14/100/£31%
102/6
£32%
£4
' 26/; 35/23/23/3
.
£3%
25/-.
32/22/20/1%
WItwatersrand
£4%
£4%
£4%
£4%
Areas.!
„
of the Federal Reserve System
Federal Reserve System, giving the principal
from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.,
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Weekly Return for the Member Banks
/•. ^Following is the weekly statement issued by the Board of Governors of the
items of the resources and liabilities of the reporting member banks in 101 leading cities
reported In this statement, which were
Commencing with the statement of May 19, 1937, various changes were made In the breakdown of loans as
an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
_
The changes in the report form are confined to the classification of loans and discounts.
This classification has
described in
been changed primarily to show the
carrying
of purchasing
(1) commercial, industrial and agricultural loaus, and (2) loans (other than to brokers and dealers) for the purpose
or
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York Oity and those located
outside. New York Oity.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
.
„
Subsequent to the above announcement, it was made known that the new items "commercial. Industrial and agricultural loans
.
would each be segregated as "on securities" and "otherwise secured and unsecured."
•
.
.
ni,.n
•
A more detailed explanation of the revisions was published in the May 29, 1937, issup of the
Chronicle, page 3590.
amounts of
securities.
and other loans,
ASSKTS AND LIABILITIES OF
Federal
Reserve
WEEKLY REPORTING MEMBER BANKS IN 101
Districts-
$
ASSETS
*=.
•
*'
21,634
Loans and investments—total
8,164
3,838
Loans—total
Commercial, Indus, and agrlcul. loans
.
LEADING CITIES BY DISTRICTS ON APRIL 5,
Cleveland Richmond
Neu> York
PhUa.
$
%
%
$
1,154
8,761
1,130
1,850
573
3,180
411
652
254
1,473
187
234
Boston
Total
%
Atlanta
Chicago
St. Louis
$
$
$
369
654
.503
2,144
236
307
155
258
248
964
102
171
513
184
79
153
164
324
29
3
3
19
1
19
36
5
1
5
3
11
80
12
7
10
14
50
99
49
127
22
8
10
Loans to brokers and dealers in securs
29
585
23
20
3
6
—
Other loans
...
Treasury
bills
Treasury
notes
United
539
23
255
32
26
17
13
1,143
81
199
52
169
34
28
79
3
65
1
1
1,531
120
476
94
194
313
States bonds
3
"70
9
95
$
716
63
securities
San Fran.
1
308
727
Real estate loans
S
872
307
Loans to banks
,
3,081
Open market paper
carrying
$
*
Dallas
604
668
3
Other loans for purchasing or
1939 (In Millions of Dollars)
Minneap. Kan. Citg
7
24
20
381
1
3
4
85
112
51
58
47
46
178
8
134
26
2
5
28
3
1
...
70
801
41
202
163
33
345
57
37
84
47
115
1,995
2,210
324
599
153
111
1,008
163
115
78
629
331
116
5,857
61
251
63
17
57
48
133
.
Obligations fully guar, by U. S. Govt.
2,035
46
1,107
93
107
52
1,368
261
281
64
471
43
134
54
131
99
300
3,290
84
Other securities
161
75
165
113
337
938
129
327
7,668
114
Reserve with Federal Reserve Banks
4,628
283
398
139
71
18
42
19
12
53
11
6
11
10
20
412
154
194
171
288
163
418
154
109
265
236
294
2,615
169
Balances with domestic banks
103
106
35
49
84
17
22
236
Other assets—net
487
29
79
23
1,270
7,699
800
1,141
437
363
2,079
261
482
428
1,040
436
906
16,072
250
1,011
282
746
200
185
898
190
119
144
137
5,215
1,053
15
131
53
42
28
40
131
20
2
23
34
629
110
268
2,829
322
370
257
260
1,041
287
131
366
203
6,615
281
1
1
......
Cash In vault
—
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
ft
Domestic
banks
Foreign banks
625
25
550
13
1
1
752
""~20
"""319
13
15
28
3,688
244
1,602
222
369
95
*
Borrowings.
Other liabilities
Capital account..
•.
13
92
1
19
5
311
83
341
2
-
_
19
6
6
393
92
56
99
2216
Financial
Weekly Return
The following was
Chronicle
April IS, 1939
of the Board of Governors of the Federal Reserve
issued by the Board of Governors of the Federal Reserve System
on
System
Thursday afternoon, April 13,
showing the condition of the 12 Reserve banks at the close of business
on Wednesday.
The first table presents the results
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
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
for the System as a
Reserve Agents
returns
and the Federal Reserve banks.
for the latest week
in
appear
The comments of the Board of Governors of the Federal Reserve System
department of "Current Events and Discussions "
our
th
upon
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 12. 1939
Three Ciphers (000) Omitted
Apr. 12,
1939
Apr. 5,
1939
%
S
ASSETS
Gold ctfs. on hand and due from U. 8. Treas. x.
12,572,718
9,444
376,246
9,603
reserves..
Secured
or
Mar. 22,
1939
S
8
29,
Mar.
1939
.1939
Mar. 1,
1939
8
$
S
Mar. 8,
15,
12,253,762
360,682
12,307,721
10,163
405,551
13,102,409
12,943,003
12,836,950
12,723,435
1,537
1,526
1,062
1,490
1,834
1,488
3,063
2,552
3,322
1939
'
Apr. 13,
Feb. 15,
1939
Feb. 21,
S
1938
S
s
■
.
9,245,002
12,154,719
12,049,719
12,006,218
9,904
10,259
8,856
9,140
403,401
12,183,719
10,130
415,243
432,094
445,875
438,850
452,036.
12,666,458
12,609,092
12,590,717
12.505,853
12,453,924
9,706,178
1,932
1,525
1,696
1,649
1,954
1,744
2,289
2,128
3,078
1,981
9,730
1,568
3,439
3,457
3,345
.3,698
4,417
5,059
12,924
9,295
•
U. S. Government obligations.
fully guaranteed
.,2
by
direct
1939
12,423,718
9,602
403,630
Other cash *
Total
.
12,716,719
Redemption fund (Federal Reserve notes)
Bills discounted:
Mar.
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances..
United States Government securities—Bonds..
561
561
561
554
554
553
553
13,894
14,005
14,091
14,059
14,122
14,586
911,090
1,176,109
476,816
911,090
1,176,109
911,090
1,176,109
476,816
911,090
1,145,269
507,656
840,893
1,215.466
476,816
2,564,015
2,564,015
2,564,015
911,090
Treasury notes
1,176,109
476,816
Treasury bills
1,871
13,879
--
—
.*
.
.
653
553
550
14,647
14,662
16,887
840.893
-
"
3,194
785,588
840,893
1,215,466
1,215,466
507,656
507,656
840,893
1,215,466
507,656
1,160,691
507,656
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,582,085
2,582,035
2,582,852
2,583,632
2,584,289
2,594,370
-
!
617,736
*
Total U. S. Government securities
2,564,015
h
Foreign loans on gold....
Total bills and securlt
•
161
""lei
*"161
21,334
648,928
42,640
18,868
','577,007
50,162
48,733
19,498
581,828
42,682
48,130
16,447,152
16,21^,436
16,111,152
banks
Uncollected Items
.
premises
Total assets.
.■'
«
2,581,903
2,582,099
-—.
Federal Reserve notes of (ther banks
Bank
2,581,022
2,581,518
Gold held abroad
Due from foreign
mfm-m
......
es.
'
42,642
"*168
19,444
592,833
42,723
47,384
.
'
***168
"**169
*'*169
169
20,825
718,097
19,382
19,058
17,480
535,646
634,023
588,753
42,804
50,181
21,247
701,774
42,827
49,512
15,853,742
13,073,630
169
v.'
42,732
42.735
42.735
t46,081
51,687
51,150
16,008,086 1-16,076,446
15,840,746
15,926,704
15.788,872
.
170
16,632
663,490
44,800
47,978
LIABILITIES
Federal Reserve notesln actual circulation....
4,394,453
4,398,430
4,345.363
4,335,416
4,335,313
4,343,566
4,355,946
4,344,462
4,349,836
4,136,800
Deposits—Member bank—reserve account....
9,527,804
1,015,034
9,124,860
1,201,387
242,286
262,461
8,989,181
1,222,206
234,761
276,336
9,077,284
1,058,714
8,984,989
1,101,562
8,941,650
8.840.548
1,180.791
255,935
246,296
225.974
282,759
254,113
237,344
268,904
8,707,191
1,250,417
266,340
233,476
7,472,145
1,167,818
269,292
247,116
9,317,830
1,102,897
232,416
237,807
11,057,386
10,890,950
10,830,994
10,722,484
10,688,049
10,596,599
10,593,108
10,516.217
10,457,424
7,929,631
646,270
586,372
3,929
602,179
3,665
705,482
553,056
630,626
580.973
699.503
655,841
4,686
573,939
4,017
t3,658
3.336
3,044
2,955
2,947
5,773
16,102,795
15,867,336
15,756,658
15,663,744 tl5,732,502
15.496,557
15,582,724
15,444,607
15,509,710
12,728,051
134,956
149,152
27,264
32,985
134,926
149,152
27,264
32,758
135,031
149,152
27,264
33,047
134,930
149,152
16,447,152
16,211,436
16,111,152
84.8%
84.7%
84.6%
?.v ;
United States Treasurer—General account..
Foreign
Other
bank
267,432
deposits...
—
Total deposits
....
Deferred availability items....
•...
.
.
.
jrOther liabilities including acorued dividends
Total liabilities......
...
140,874
118,010
198,604
CAPITAL ACCOUNTS
Capital paid In
—
..
Surplus (Section 7)
Surplus (Section 13-b)
yOther capital accounts
.....
Total liabilities and capital accounts
Ratio of total
reserves to
deposits and Federal
Reserve note liabilities combined
Contingent
foreign
liability
bills
on
purchased
correspondents
135,006
149,152
27,264
32,920
,
134,956
149,152
134,948
135,016
149,152
27,264
"149,152
27,263
f32,572
27,264
32,825
16,008,086 1-16,076,446
32,549
32,919
134,913
149,152
27,264
32,703
15,840,746
15.926,704
15,788,872
15,853,742
27.264
"
133,495
147,739
27,683
36,668
13,073,630
84.5%
84.3%
84.4%
84.3%
84.2%
84,1%.
12,524
12,545
12,570
12,925
12,907
12,800
12,982
2,269
2,688
3,316
4.031
11,274
for
80.4%
;
...
523
"
Commitments to make industrial advances
12,06^ /
,12,016
12,647
.
.
r>
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
2,007
16-30 days bills discounted..
-
■
1,549
2,368
2,399
2,394
166
165
222
236
176
251
187
228
262
346
265
251
325
314
104
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
295
,
„
301
246
233
356
340
369
.
140
138
.387
381
303
430
247
179
268
238
460
307
304
324
335
342
3,345
3,698
5.059
12,924
,
Total bills discounted
■
-
3,322
3,439
3,457
»
-
,
152
412
t
4.417
v
'
1-15 days bills bought In open market
16-30 days bills bought In
31-60 days bills bought In
61-90 days bills bought In
Over 90 days bills bought
2,552
3,063
....
'
151
83
....
open market
129
open market-
206
'
open market
143
69
97
48
69
150
83
128
68
97
74
256
267
335
224
59
142
152
151
226
143
170
74
270
270
304
72
23
106
'
74
.
74
256
y
in open market-...-
Total bills bought In open market
304
561
561
551
554
554
2,358
2,359
2,405
2,123
174
182
160
2,410
233
430
31-60 days Industrial advances..
419
147
149
'204
200
267
280
337
61-90 days Industrial advances
Over 90 days Industrial advances
342
566
648
434
721
721
229
232
205
202
243 "
266
357
545
10,422
10,432
10,944
10,936
10,964
10,928
11,443
11,439
14,090
1-15 days Industrial advances
16-30 days industrial advances..
1
■"
...
Total Industrial advances
...
1-15 days U, S. Government securities.
16-30 days U. S. Government securities. 1..._
31-60 days U. S. Government securities
61-90 days U. 8. Government securities.
Over 90 days U. 8. Government securities
_____
_____
Total U. 8. Government securities
Total
,
V
553
553
553
553
550
2,231
2,428
2,143
2.283
1,510
13,879
13,894
72,518
91,685
186,113
26,500
89,348
72*518
26,500
192,168
164*203
158,680
181,733
198,233
115,848
193,788
2,092,199
2,097,319
185,125
167,163
2,139,209
179,703
121,500
2,124,069
2,076,859
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
4,685,403
290,950
4,676,299
277,869
4.631,078
285,715
4,631,875
296,459
4,394,453
4,398,430
4,345,363
4,812,500
4,802,500
2,360
4,774,500
3,102
,
14,005
145
*,
11,204
.
•
274
462
14,091
14,059
14,122
14,586
14,647
14,662
16,887
52,010
124,720
101,710
74,745
124,720
72,518
185,125
101,988
74,745
72,472
52,010
147,733
101,710
78,510
179.703
2,100,659
2,106,907
2,564,015
2,564,015
4,615,432
280,119
4,624,142
280,576
4,637,302
4,335,416
4,335,313
4,764,500
3,193
4,768,000
3,181
82,160
124,720
175,878
282,840
2,056,359
164,203
2,098,359
1,950,653
2,564,015
2,564,015
2,564,015
4,645.819
301,357
4,657,531
4,443,518
281,356
307.664
306,712
4,343,566
4,355,946
4,344,462
4,349,867
4,136,800
4,768,000
2,977
4,771,000
4,771,000
3,650
4,778,000
4,304
4,487,632
other securities
Federal Reserve Notes—
Issued
to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as
Notes Issued to Bant—
Gold ctfs.
Security for
hand and due from U. 8. Treas..
on
By eligible paper
2,862
United States Government securities
3,284
11,780
25,000
Total
*
x
collateral
4,315,362
"Other cash" does not Include Federal
Reserve notes,
These
4,804,860
4,777,602
4,767,693
4,771,181
4,770,977
4,774,284
4,774,656
4,782.304
4,524,412
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
are
cents on Jan.
provision of the Gold Reserve Act of 1934.
.«..«<
y With the statement of Jan.
4, 1939 two new items appeared, "Other liabilities, Including accrued dividends," and 'Other capital accounts."
The total of these
two items corresponds exactly to the
total of two items formerly In the statement but not
excluded, vlx.:
"All other liabilities,'' and "Reserve for contingencies."
The
statement for April 13, 1938 has been
revised on the new basis and is shown accordingly.
—. —
Volume 148
2217
Chronicle
Financial
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 12, 1939
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
ASSETS
Gold
certificates
from
United
hand
oil
States
Bottom
New York
PhUa.
$
$
S
$
and
S
Atlanta
Chicago
$
S
S
$
$
$
5
$
San Fran.
Dallas
St. Louis Minneap. Kan. City
due
351,102
606
693
29,854
26,368
1,138
19,585
651,163
876,791
371,825
179
31
620,703
376,246
13,102,409
781,837 6,030,319
444
q
notes-
Other cash *
Total reserves.Bills discounted:
849,730
750,689 5,927,382
905
1,503
101,434
30,243
12,716,719
Treasury
Redemption fund-r-Fed. Res.
Cleveland Richmond
Secured by U. 8. Govt, obligations
direct or fully guaranteed
1,537
1,526
Other bills discounted
117
476
61
120
260
828
692
483
335
590
20,596
51,920
16,632
9,296
17,395
18,542
758,335
1,411
34,381
297,921 2,162,260
334,572
246,936
325,239
229,420
794,127
277,065 2,109,512
20
459
107
40
""ioo
57
367
303
50
140
310,288
307,508
56
70
55
237,157
317,248
28
227
■
'
255
3,063
178
596
179
86
210
56
90
100
77
826
410
561
42
218
57
52
24
20
71
2
2
16
16
41
13,879
1,797
3,829
2,799
361
1,177
818
458
5
851
215
616
953
911,090
1,176,109
476,816
67,984
256,538
73,522
90,042
94,907
116,233
134,259
38,478
47,123
24,961
53,403
21,650
102,026
131,706
53,395
44,123
56,958
23,092
27,660
35,708
14,476
46,954
331,160
47,696
61,570
41,369
87,759
35,579
60,613
24,573
46,916
19,021
40,209
2,564,015
191,322
721,957
206,907
253,398
134,227
116,422
287,127
124,173
77,844
132,140
102,283
216,215
2,581,518
193,339
726,600
209,942
253,897
135,638
117,316
287,746
124,280
78,774
133,197
103,325
217.464
Total bills discounted
Bills bought In open market-.
Industrial advances.
«
U. 8. Government securities—
Bonds
Treasury notes.
Treasury bills...
Total U. 8. Govt, securities
76,830
99,176
36,346
,'
'
Total bills and securities
Due from foreign banks
Fed. Res. notes ef other banks.
Uncollected items
161
12
60
16
15
7
21,334
607
3,274
1,120
1,549
51,584
-
....
------
2
2
5
5
12
1,826
30,426
978
479
16,528
2,015
30,395
1,515
1,523
2,331
2,298
31,496
3,217
4,273
496,390
155,499
48,087
42,640
63,178
2,931
8,988
4,667
5,980
2,602
2,066
3,936
2,279
50.162
3.235
13,849
5,016
5,510
3,225
2,210
4,956
2,174
920,111 1,221,320
566,430
446,425 2,557,244
495,559
346,256
648,928
Bank premises
Other assets
20
3,416
94,910
5
1,256
77,871
2,516
24,391
•
"
.
24,563
1,250
1,860
3,209
.
Total assets
16,447,152 1,045,139 6,938,589
360,902 1,052,887
LIABILITIES
4,394,453
378,818 1,046,2^4
314,050
418,354
195,571
148.412
985,255
179,393
135,523
168,746
75,984
348,103
9,527,804
1,015,03.4
440,247
55,350
526,137
124,489
48,141
6,162
42,775
7,770
184,556
52,392
7,770
563,272
5,083
24,917
8,053
2,440
207,685
53,246
7,770
4,879
234,650
25,988
254,359
38,509
11,521
1,777
195,405 1,243,540
267,432
247,116
450,661 5,102,803
102,231
242,205
95,158
19,290
182,057
7,161
6,379
727
2,433
19,290
15,906
11.057.386
579,343 5,622,223
526,668
693,142
306,166
261,648 1,429,990
149,786
1,411
46,124
76,969
49,814
23,666
980
365
112
163
887,822 1,188,830
551,663
F. R. notes in actual circulation
Deposits:
Member bank—reserve account
U. 8. Treasurer—General account-
Foreign bank
Other deposits
-
Total deposits..
Deferred
availability items.!
646,270
62,829
4,686
363
Other liabilities, lncl. accrued diva
Total liabilities
16,102,795
1,021,3*53 6,819,664
134,035
151,591
32,419
46,645
9,377
10,221
47,914
273,580
185,171
285,922
247,151
646,382
97,067
438
32,015
16,344
31,488
26,678
33,490
118
156
275
113
192
433,889 2,512,750
485,106
337,194
486,431
4,241
3,613
1,142
4,011
10,561
3,892
1,266
9,965
2,121
963
1,807
2,073
.
349,926 1,028,167
Capital Accounts—
Capital paid in
Surplus (Section 7)—
Surplus (Section 13-b)
9,405
10,083
50,888
12,049
13,682
5,075
4,516
13,646
149,152
52,463
22,666
3,970
4,685
7; 457
14,323
1,007
5,630
2,874
3,293
713
1,429
545
32,985
1,424
8,117
13,696
4,416
2,028
4,983
27,264
3,478
1,416
1,677
6,753
1,253
2,912
3,153
1,001
1,996
920,011 1,221,320
1,543 /
1,358
566,430
446,425 2,557,244
495,559
346,256
496,390
191
671
134,956
Other capital accounts
z
Total liabilities and capital accounts 16,447,152
Commitments to make Indus. advB...
12,016
•
1,045,139 6,938,589
788
2,510
•
"Other cash" doe* not include Federal Reserve notes.
■■
FEDERAL RESERVE NOTE
,
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
Federal Reserve notes:
Issued to F. R. Bank by F. R.
Agent
In actual circulation.'
by
New York
PhUa.
i
S
s
Cleveland Richmond
%
'
612
80
-
44
2,986
'
STATEMENT
Atlanta
Chicago
St. Louis
Minneap
Kan. City
Dallas
$
%
S
$
%
$
%
San Fran
%
161,727 1,019,598
34,343
13,3.15
192,442
139,468
3,945
177,387
8,641
82,660
398,906
13,049
6,676
50,803
195,571
148,412
985,255
179,393
135,523
168,746
75,984
348,103
210,000
169,000 1,035,000
196,000
143,500
180,000
-85,500
434,000
90
35
37
820
402
230
85,902
434,230
397,898 1,141,566
19,080
95,322
331,362
17,312
436,167
17,813
206,222
290,950
4,394,453
378,818 1,046,244
314.050
418,354
4,812,500
420,000 1,155,000
345,000
439,500
179
86
4,685,403
Held by Federal Reserve Bank
Collateral held
Boston
S
360,902 1,052,887
•
t
1
151
1,082
-
1Q.651
Agent as security
for notes Issued to bank:
Gold certificates
hand
on
and due
from United States Treasury....
Eligible paper—
2,862
.'
Total collateral..
United
States
163
-
586
345,179
420,163 1,155,586
4,815,362
439,586
;
24
210
York Stock
0.05%
0.05%
0.05%
0.05%
0.05%
April 26 1939
3 1939——
May
Asked
May 10 1939—
May 17 1939.
May 24 1939
7 1939
June
1
1
June 14 1939—
0.05%
1
1
1
1
1
June 21
1939—
1
1
1
1
«
June 28
1939
5
1939
0.05%
0.05%
0.05%
12 1939---,
0.05%
1
1
1
1
1
July
•
1
1
1
1
July
1
1
1
I
1
1
Stock and Bond
N
April 14
/
.
"
'
Figures after decimal 'point represent
PARIS BOURSE
THE
day of the past week:
'
one
.
or
,
;
32ds of
more
-
Francs;
Bank of France...............
Banque de 1'Union
V
Pacific-.——-.——
•
,
'
.
Canal de Suez cap
:*
t
«
Int.'
Int.
Bid
Asked
Maturity
Cle General© d'Electrlclte
Rate
:
Bid
Asked
Cle General© Transatlantlque
Citroen B
June
,
.
Rate
Maturity
.
W
...—
15 1939...
2H%
June
15 1941...
1H%
Sept.15 1939...
1 H%
101.27
101.29
Dec.
15 1941..
1 X%
103.2
103.4
Comptolr National® d'Esoompte
Coty 8 A
—
Dec.
15 1939...
IX %
101.29
101.31
Mar. 15 1942.
IX %
104.12
104.14
Courrlere
Mar. 15 1940...
1 H%
1Q2.10
102.12
Sept. 15 1942—
2%
1X%
105.22
105.24
Credit Commercial de France.—
100,9.
June
15 1940—_
\X%
102.11
Dec.
15 1940...
1X%
102.22
102.24
June 15 1943
Mar. 15 1941—
IX%
102.26
102.28
Dec.
102.13
Dec.
__
15 1942.
—
15 1943...
102.27
102.29
Lyonnalse—
104.22
104.24
Credit
1X%
102.2
102.4
Eaux dee Lyonnalse cap—
1X%
102.3
102.5
Energle Electrlque du Nord
Energle Electrlque du LlttoraJ—
Kuhlmann
...
Liquid©
Lyon(PLM)
L'Alr
THE
BERLIN
each
as
received by cable
8
Apr.
10
Apr.
11
Apr.
12
Per Cent of
Allgemeine Elektrlzltaets-Gesellschaft
Berliner Kraft u. Llcht (8%)
(6%)
Deutsche Bank (6%)
Deutsche Relchsbahn (German
Rys.pf.7%)-
Dresdner Bank 16%)
Farbenlndustrle I.
G. (7%)
Mannesmann Roehren (5%)
Relchsbanks (8%)
Ex-dlvidend.
Pechlney
-
3%
1917
1918
Rentes 4#%. 1932, A
Rentes 42%. 1932. B
Rentes, 5%, 1920
Par
-
Rentes 4%.
-
115
159
160
159
118
118
118
Saint Gobaln
124
124
124
Schneider
105
105
148
110
111
179
192
149
111
180
192
124
105
149
104
104
179
192
103
180
193
103
day
150
110
'
116
Rentes 4%.
118
day
1
Apr.
14
159
105
-
Apr.
13
116
Holi-
_
Verelnlgte Stablwerke (6%)--
Capital----------------
115
Holi-
<-
Siemens & Halske (8%)
Pathe
Rentes Perpetual
day of the past week:
Apr.
x
NordRy
Orleans Ry 6%
STOCK EXCHANGE
Closing prices of representative stocks
HOLIDAY
Royal
butch
C & C
'
& Cle
Ford.—
Soclete Generals Fonclere
Societe Lyonnalse-—————
Soclete Marseilles
Tublze Artificial Silk preferred.-
Societe Francalse
Unlo
d'Electrlclte
Wagon-Llts
;
—
—
HOLIDAY
cable
,
Francs
Francs
150
14,100
746
"
1.350
41
485
832
200
212
501
1,550
1,360
319
551
605
1,100
915
895
435
37
1.602
79.90
81.90
81.10
86.00
87.40
110.80
5,750
1,838
1,175
54
71
1,358
635
85
485
61
148
13,900
740,
1,370
40
472
810
200
211
490
1,540
1,350
315
522
601
1,100
920
876
431
37
1,600
79.10
80.90
80.40
85.60
86.90
111.10
5,700
1,835
1,170
52
70
1,351
630
«
84
486
60
13 Apr. 14
Francs
7,500
1,118
450
7,200
1,094
430
7,300
1,100
457
'
,
Pays Baa
Parlslenne—
Francs
Banque de Paris et Des
Canadlan
// *' >
'
"
Cle Distr d'Eiectriclte
'
f
Apr. 10 Apr. 11 Apr. 12 Apr.
Apr. 8
,
'
*
'
2233.
page
Quotations of representative stocks as received by
each
point.-
Averages—See
f,
Quotations for United States Treasury Notes—Friday,
a
Exchange.
-ik—
<
.
Stock
York
New
New
Daily, Weekly and Yearly—See page 2233.
a■
■V;.
the
at
the
on
,
0.05%
1
1
0.05%
0.05%
May 31 1939.
Asked
Bid
180,820
Government Securities
Exchange—See following page.
Transactions
Bid
April 19 1939
143,537
States
United
Treasury Bills—Friday, April 14
Rates quoted are for discount at purchase.
196,035
169,024 1,035,090
210,210
,
Francs
7,300
~:~-
151
149
14,000 13,700
755 '« ---1,420
40
40
475
....
,804
200
214
504
1,550
1.390
320
535
610
1,120
1,120
875
432
37
1,657
80.25
82.40
81.80
86.70
88.10
112.00
5,780
1,860
-----
200
----
1,540
1.370
----
1,100
— -
432
78.80
81.60
80.60
86.10
87.50
110.75
5,610
1,175
54
70
1,394
630
—-
84
492
60
—-
54
April IS,
1939
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Caah and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
taken of such sales in computing the range for the year.
'
No
account is
_____
United States Government Securities
furnish
the New York Stock
on
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or. more 32ds of a point.
• '
Below
we
a
l
Apr. 8
Daily Record of U. S. Bond Prices
Treasury
4 Yti,
Apr. 10 Apr. 11 Apr. 12 Apr. 13 Apr. 14
120
(High
.—(Low.
1947-62
(Close
119.28
119.27
119.28
120,7
120.5
119.28
120.7
120.5
I1
(High
| Low.
(Close
4s, 1944-64
115
115.4
115
115
1
11
114.14
115.11
115.8
115.11
115.11
50
30
12
Total sales in $1,000 units...
114.13
114.18
114.18
10
58
104.18
104.20
104.19
104.21
104.28
104.31
Low.
104.27
104.18
104.17
104.20
104.24
104.26
Close
104.27
104.18
104.17
104.21
104.28
1
1
5
3
52
12
(High
104.17
104.18
104.16
104.19
104.22
104.22
Low.
104.13
104.12
104.11
104.16
104.18
104.18
104.19
104.22
2J*s. 1958-03..
2J*s. 1960-65......
104.14
104.16
104.14
104.10
104.14
'
38
112
60
107.14
107.22
107.19
107.18
Low
107.12
107.17
107.14
107.17
107.19
107.17
107.21
107.14
107.22
107.19
107.18
2
t
2
Total sales in $1,000 units...
2
20
9
14
High
106.24
106.24
106.24
106.31
Low.
106.18
106.24
106.24
106.30
■
.
107.12
104.14
104,14
'
Total sales in $1,000 units...
1
2Hs. 1948
.....
,
Total sales in
Total sales in
100.13
106.15
Total sales in $1,000 units...
2
1
1
3
106.13
106.13
106.12
104.17
104.15
104.15
104.18
104.19
104.19
Close
106.14
106.13
106.13
106.12
(High
104.12
104.10
104.18
104.19
104.19
1
2
(low.
104.12
(Close
104.13
104.15
104.15
104.18
104.19
Total sales in $1,000 units...
82
84
7
6
(High
104.16
104.12
104.16
104.23
104.25
Low.
104.13
104.11
104.11
104.23
104.19
104.11
104.16
104.23
104.25
53
29
14
23*8, 1949-53,
110.19
110.20
(Low
110.20
110.19
110.20
(Close
110.20
110.19
110.20
(Close
104.13
1
1
Total sales in $1,000 units...
51
(High
106.31
106.30
106.30
Low.
106.31
106.30
106.29
Close
106.31
106.30
106.29
Total sales in $1,000 units...
23*8, 1950-52
2s, 1947.J......
"
f
1
110.16
110.14
Low.
110.15
110.10
110.15
110.16
110.13
Close
110.15
110.17
110.17
110.16
110.13
19
6
11
1
6
$1,000 units.
.
1
24
103.26
...(Low
(cios*
103.18
103.30
103.26
108.6
108,8
108
108.6
108.3
108.3
(Close
110.23
110.25
110.24
110.24
110.24
110.25
106.10
106.16
106.15
12
26
6
5
(High
106.14
10
3
„•Low.
106.10
106.10
106.16
106.13
(Close
106.*2
106.10
106.16
106.13
66
4
6
2
110.13
(High
(Low.
110.20
110.20
110.26
110.20
110.13
110.20
110.26
CI086
110.20
110.13
110.20
110.26
4
111
1
1
111.4
$1,000 units...
51
(Close
108
107.30
107.28
107.31
108.1
107.31
107.20
107.29
107.28
107.30
108.1
107.31
108
107.29
107.28
107.30
108.1
110.2
107.31
110.7
110.7
Total sales in $1,000 units...
,30
5
2
5
13
110.2
110.7
110-7
110.7
(High
101.26
101.24
101.25
101.24
101.24
Low
101.20
101.20
101.23
101,24
101.24
20
,
5
L
;
1
109.7
109.8
109.4
109.12
109.14
109.10
109.6
109.5
109.2
109.7
109.10
109.10
109.6
109.5
109.4
109.12
109.14
109.10
11
106
9
6
106.20
106.24
106.28
106.27
Low.
106.17
100.16
106.10
106.22
106:25
106.26
luiose
106.23
106.17
106.20
106.28
106.27
106.27
$1,000 units...
12
(High
108.19
102
3
5
15
108.17
108.16
108.18
108.19
108.19
108.12
108.16
108.17
108.19
(Close
108.19
108.17
108.16
108.18
108.19
000 units...
1
4
1
8
25
..(Low.
(High
107.23
107.17
107.23
107.27
Low.
107.23
107.12
107.23
107.24
Close
107.23
107.23
107.27
Total sales in $1,000 units...
107.17
1
5
7
22
(High
106.12
106.7
106.14
106.8
106.4
106.7
106.14
106.11
106.12
106.4
106.7
106.14
106,15
9
61
units...!
91
102
2
3s, series A, 1944-52
25*s, series B, 1939-49..
Close
Total sales in $1,000 units...
101.21
2>*s, 1942-44..
—•,
Odd
I
2
104.25
104.25
104.24
104.19
104.21
104.25
104.24
104.20
104.21
104.21
104.25
104.24
2
1
1
1
above
table
includes
only
Treasury 3Ms, 1946-1949...
1 Treasury 3s, 1951-1955
■*
5
United States
coupon
,
110.16 to 110.16
109.1
,
Treasury 2J*s, 1955-1960
United States
of
sales
Transactions in registered bonds were:
3
106.15
104.24
■'
t Deferred delivery sale.
Note—The
bonds.
101.24
101.24
26
104.21
....Low,
ipt sales,
101.25
7
1
104.21
~
Total sales in $1,000 units
*
.
101.24
16
(High
2
(Low. I
(Close
106,7
(High
106.27
10
-
,
4
(Close
(High
Low.
Total sales in $1,000 units...
Loan ;
(High
106.20
•
Home Owners
(Low.
20
25*8, 1942-47
Low.
110
7
(High
,
Close
Low
$1,000 units...
•
*5
110.7
50
110.2
1
Total sales in $1,000 units
108.3
1
110.7
110
110
4
1
110.7
110.7
(High
....
3s. 1942-47....
1
111.4
Total sales in $1,000
108
Total sales in $1,000 units...
111.4
2 548.1951-54
108.8
110.24
111.7
25*8, 1948-51
108.6
Low.
110.24
111.7
Total sales in
1
•
.....
110.23
111.7
25*8, 1946-47
108.27
43
108
110.22
110.27
,
108.24
2
108.8
Low
110.27
'
108.23
(High
(Close
Total sales in $1,000 units...
Total sales in
.
Total sales in $1,000 units...
110.25
lose
2J*8.1955-00.....
108.27
110-25
Low.
Total sales in
108.24
110.25
(High
*
108.23
110.24
(t
»
(Low
(Closi
110.22
35*8,1949-52
3s, 1951-65...
14
108.27
110.25
Total sales in $1,000 units...
Total sales in
103.26
5
108.24
110.26
i
3s, 1940-48...
103.30
15
108.23
110.23
Total sales in $1,000 Units..
35*8,1946-49
103.18
fHlgl
Total sales in $1,000 units..
3s, 1944-49
5
103.30
*
,
104.19
4
(High
35*8, 1944-46,...
»
110.17
"
103.18
Federal Farm Mortgage
110.17
.
(High
33*8. 1944-64
110.18
High
Total sales in
106.30
106.13
106.14
110.21
■
38
106.14
$1,000 units..
35*8,1943-45
18
-
Low.
(High
35*8,1941
106.24
'
High
$1,Q00 units.
35*s, 1943-47
106.24
106.18
Close
35*s. 1941-43.
104.22
65
107.21
(Close
.
104.13
145
107.16
'
'
.
104.18
104.18
104.18
104.16
Close
104.31
(High
Total sales in $1,000 units
104.18
Low.
1
.
104.18
High
2Ms. 1945.....
(Cl08<
2
104.27
115.11
114.19
114.13
High
51
Total sales in $1,000 units..
115.10
>,10
...
105.24
115.10
114.14
i
105.24
105.20
115.6
114.14
35*8, 1940-43.
105.24
105.20
115.6
(Clos»
....(Low
105.22
105.21
105,21
115.4
Total sales in $1,000 units...
35*8. 1946 60..
105.21
105.12
105.12
115.4
114.15
105.14
Low.
Close
2 J*s, 1956 69
116.10
115.11
Apr. 10 Apr. 11 Apr. 12 Apr. 13 Apr. 14
High
Treasury
115.6
Total sales in $1,000 units...
(High
120.5
120
Total gales in $1,000 units...
,
120.7
Apr. 8
Daily Record of U. S. Bond Prices
to 109.1
106.14 to 106.24
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
Saturday
Apr
.
8
$ per share
56
56%
*123
130
33%
*30%
6%
*
33%
33
PRICES—PER
Apr, 11
Apr. 12
Apr. 13
Apr. 14
Week
$ per share
$ per share
$ per share
$ ptr share
$ per share
Shares
*33
54
53
54
123
*120
130
42%
*34
3134
54%
*120
125
50
42-%
*34
40
*34
39
*33
"39
20
31%
*31
32
19%
19%
7i4
19%
7i2
20
201"
20
48
4912
20%
5H2
7S
20%
20
49
46%
*66
78
m>
7%
7%
34
34
6%
7%
*66
-
7%
34
6%
8
5
6%
5%
6%
9
9%
14
15%
7
7%
153
154%
10%
IOI.4
10
978
6%
*
7
34
6%
5%
5%
9%
14%
7
151%
10
9%
6%
58
58
55
28
30
1234
13
28%
1234
1%
*10
1%
15
1%
*11
7«
7%
32
7
34
7g
6%
5%
7%
77g
6-%
5%
10%
5%
534
6%
6%
812
714
7
9
9
10%
1478
14%
6%
15%
16
155
155
634
156
*34
*65.
7%
155
*934
IOI4
10
10%
107S
7
7%
56%
30%
54%
28%
55%
*56%
31%
15
15
31%
14i2
32l2
15
1478
15
*ll2
*12i2
5312
134
15
*1%
*lll2
x53%
1%
63
51
52
50%
51
50
52
16%
161"
16%
17
16%
11
12
11
IDs
12%
*50
55
54
54'*
11%
1034
16%
11%
54
53
55
tm* Bid and asked prices;
no
17
5434
17
sales on this day.
17
1178
'
1,600
6%
6%
634
6%
63s
10
1534
714
157i2 160
11
*10
10
10%
7
7%
*57
63
30
15
53%
17%
12 .,!
14i2
*15s
*11%
♦50U
16l2
11%
31%
14i2
134
15
52
16%
1134
55
*59
55
15
134
J In receivership,
Address-Multlgr
Apr 11
Apr 10
_„25
45U Apr
war.
100
5
53*% pf A without wat.100
prel.No par
Alghny Lud Stl Corp. .No
1,500
par
1
Allied Stores Corp
No par
5% preferred
Allls-Chalmers Mfg
No par
100
Alpha Portland Cem.. No par
Amalgam Leather Co Inc
1
preferred
50
Amerada Corp
No par
Am Agric Chem(Del)— No par
American Bank Note.
140
a Def. delivery,
Industries Inc
6%
n
J
preferred
New stock,
r
10
50
Cash sale.
27% Jan
40
655s Jan
li8 Jan
68
May
5g Mar
Feb 20
07
Aug
'
Apr 12
53* % pf A with $40
Allied Chemical & Dye.iVo par
Allied Kid Co...
5
Allied Mills Co Inc
No par
.5,700
Feb 20
65s Apr 11
34 Apr 10
6% Apr 10
No par
3,400
"5" 000
68
100
conv
52
10
war.
6%
June
No par
Allen
700
18
14% Mar
1658 Mar
117
10
117
1%
1478
133s
12-%
Jan
3
Apr 12
Jan
834 Mar
95
Apr
^s Mar
4
Jan
Mar
12 34 Apr
li2 Apr
13% Apr
50
_
113s Jan
3
124
Mar
7
Mar
85s Mar
4i2 Mar
Mar
1
38
5
34U Mar
3
3
III4
4
1978 Jan
23g Jan
4
19
Apr 11
1612 Mar 31
10-% Apr 11
Apr 11
y
Jan
13% Jan 21
133s Jan 4
70
Jan 20
69% Jan
2414 Jan
1734 Jan
53
xEx-dlv.
Mar
48% Jan
8
8
Ex-rlghts
Jan
Jan
4i2 Mar
Apr
Dec
%
173s
734 June
145s Sept
28
j
5i2 June
Ilia Jan
193
125
Jan
28% Jan
151% Apr 10
10
Apr 10
9t2 Apr 10
6
Apr 11
54i2 Apr 11
Aug
6778 Nov
lSg July
68% Oct
13% Feb
Jan
634 Apr 11
19
30
17%
8
8
8
Apr
Oct
Mar
5
5% Apr
Apr
24
78
8
9
Jan
1234 July
6% June
Jan
Apr
14
Oct
Jan
Mar
10
Oct
45
25
share
Nov
45
3
1
4
Jan 30
per
61
12384
30% Mar
195s Feb
19% Apr
34
Highest
4234 Mar
1
No par
1,600
18,300
1,800
1,800
Feb
6% Mar
Corp
conv
36%
1195s July
Jan
Allegheny Corp
53* % pf A with $30
$2.50 prior
Mar lO
11
Alaska Juneau Gold Mln
1,150
6434 Mar 15
130
8
Albany & Susq RR Co__._l00
6,800
$ per share $
634 Apr
Air Reduction Inc
600
33% Apr 8
31Mar 31
$ per share
No par
Air Way El Appliance..No par
Alabama <fc Vlcksburg Ryj._100
5,300
26,000
share
53
1,100
12,900
per
120
5,400
12,200
8,400
4,100
$
par
Acme Steel Co...
2M00
7
Year 1938
Lowest
Highest
....100
Abraham & Straus....No par
7%
71?
161%
10%
IOI4
10%
IOS4
7i8
7%
*5612 63
3H4
32U
pre!
1,000
7
160
conv
Adams Express
T~
714
4H%
Adams-Mlilis
1
Range for Precious
On Basis of 100-Share Lots
Par
Abbott Laboratories...No
8,400
130
*9U
15%
10
15
7%
Range Sines Jan. 1
STOCK
Lowest
7%
20%
20%
4934
78
*119
7%
678
300
*65
778
11
6
1%
*34
1684
*934
*10
49
16
7i4
10
1%
*1934
20i8
1634
634
15
7
8
634
32
10%
10%
934
6%
7%
20%
20%
50%
*31
612
*9i2
714
154
32
*119
78
7
*1934
20%
4934
7%
117
34
5%
714
*65
117
7<i
1,200
125
7%
34
55
*120
1934
45%
55t2
55
130
634
20%
*5478
'
YORK
EXCHANGE
*120
1934
78
78
54%
31%
678
46%
8%
NEW
Apr. 10
53%
STOCKS
Sales
the
20%
-
CENT
for
78
-
PER
Friday
45%
778
NOT
Thursday
20%
-
SHARE,
Wednesday
3134
7%
SALE
Tuesday
120
20
20
HIGH
Monday "
3
3
3
Mar
Apr
lt4 Mar
21% Nov
2934 Nov
14% Aug
197
Oct
1234 Oct
1478 July
13% Nov
70% Oct
5534 Oct
20
3%
Oct
Oct
10
Mar
24
Jan
55
May
78
July
22
Dec
10
Mar
28% Oct
23% July
46%
Apr
63
^ Called for redemption
Nov
•a/
Volume
LOW
AND
New York Stock Record—Continued-Page 2
148
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
STOCKS
Sales
CENT
NEW
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Apr. 8
Apr. 10
Apr. 11
Apr. 12
Apr. 13
Apr. 14
Week
$ per share
% per share
$ per share
$ per share
$ per share
$ per share
Shares
4
3%
4*8
37S
35
33*4 3334
33*4
128
12612 1261J *125
85
837g
85i8
8312
16778 16778 *16734 170
18
18
1934
19%
32
3334
1312
37g
4*4
4*4
35
35
36
36
125
125
*124
126
14
*33%
*124
87
88%
85%
170
170
*167
19%
34*2
21%
20
34%
34*8
16
1534
15%
4,000
American
3,100
Am Brake Shoe A Fdy.No par
171
15%
*80
115
*80
115
*80
115
*80
115
115
11512 *112
114
112
112
112
112
*110
114
110
110
"514
6%
7
6*4
7
7
63
63
284
25a
*4
7
*160
"5*2
512
534
6*2
61*2
2%
*3*4
62l2
*160
2
2*4
13
13*2
5*4
-
-
2
*634
7
7
63
3
6*4
*61*2
25g
6
*214
6
5
5%
1034
11
1234
1234
10*4
13
13
3ig
255,,
3
16*2
17
4*4
143s
4*2
15*4
49
50
11
11*2
2*4
26
42
43
*21
1*2
29
42l4
1*2
1%
17
17
47g
16*2
15
5*4
1634
50
47
48
5
500
2%
13%
534
5%
*10%
1134
*1234
3%
13*4
3%
*13
*26
29
*26
27
26
42%
1%
x42%
43
*42
17*4
*17
5
5
1634
*47*4
1734
"
*17%
17%
5
28*2
245g
4*8
30l2
28
30*2
Apr 11
700
12
Apr
8,600
American Hide & Leather... 1
60
2% Mar 31
255s Apr
American Home Products... l
4I84 Apr 11
American Ice.
.No par
6 % non-cum pref
100
Amer lnternat Corp...No par
13$ Jan 24
14% Jan 23
1438 Apr 8
47
April
Amer Mach A Fdy Co..No par
11
900
2,600
11
10*8
3,800
Amer Metal Co Ltd
1134
159*4 *159
1058
159
3034
100
260
13*8
12*8
1234
12*4
53*2
53*2
52
53
50
51
11*2
11*2
27i2
3934
12
113s
12
12
107$
11*8
28
28
28
29
11*2
27i2
3558
3034
113g
12*8
32*4
3134
31
30%
3234
31%
32,400
12
11%
12%
11%
11%
11*2
1158
160%
160% *159
160*2 *159
160*2 *159
13
13%
13%
13%
14%
14%
13*2
12*4
12
51
51%
11%
12
12
117g
12
12
28
28%
,1184
11%
12
12
36
3834
*121
15 preferred
*60*4
Ill's,
61*2
14912
2214
8*2
8*4
*9
12
173s
173g
80*s
1412
150
80*s
145s
75
76
*147
150
148
76
747g
775s
79*4
434
*75*2
3%
28»4
21*8
4%
4*2
9
83S
834
78
8*8
*78
79*2
81*8
*15*2
16
82
80%
1534
*15%
152% 15334
77%
75*2
78%
77
80*4
77%
*149% 150
148*4 149
5
5%
434
5%
434
9
87g
85
9
9*2
*85
85
*79*2
30
37«
2934
28%
4%
22
29
4*2
4*8
*25"
28
4
.
21i2
4*8
4%
4*8
2978
4%
28
24
24 '
2258
2034
2234
28
2234
900
21,200
3,200
78
78
79*2
79%
29%
28*2
4%
4%
—
*48
35
912
558
*7534
6
-
-
-
*25
50
35*4
75
36
34*4
9*8
9%
6
9*2
5l2
*75
94
534
78
5%
94
*75
„
5%
6*4
*25*8
3312
9*4
6*4
7334
558
73
75
35
35
9%
6*8
50
*43
50
♦43
*30
35
30
30
*31
93
93
91
2
92
2
,
*91
100
10
10
10
*9%
10
7334
Common class B
$0 1st preferred
-.100
15 prior conv pref
Feb
Nov
173s July
5*4 Jan
Mar
45
Oct
122
Nov
20
Mar
3*4 Mar
25
,
Mar
14884 July
13*8 Mar
Jan
68
Mar
12
Dec
7*8 Mar
2284 Apr
28*8 Klar
103
4584
130
Mar
Apr
Jan
29*2
Jan
7*2
Oct
1134
12
22i8 Jan
3
19*a
Dec
Jan
9
82
Dec
18*2 Jan
4
9178
June
125s Mar
170*8 Mar 11
111
Mar
87*2 Jan 19
58
Mar
8984 Jan 10
83s
Jan 24
Jan
5
6884 Mar
130
Apr
37s Mar
915s
162
Oct
Dec
9ia Nov
16*8 Nov
236s Mar
24
33
Jan
7
25
Mar
36*4
Jan
6
May
54%
Jan
4
21
29
20*4 Jan
4
IO84 Mar
438 Mar
Mar
Apr
10
Mar
2
Mar
II8I2 Apr 10
Oct
Deo
88*4 Aug
91
97
100
120*2
150*4
Apr
1658 Jan 15
7% preferred
117*8 Mar
Mar
114*2 Mar 21
Archer Daniels Mldl'd. No par
Jan
0
Jan 23
100
Jan
Oct
31
08
43*2 Jan 10
734 Jan 6
111
Dec
1468 Jan 20
1*2 Apr 11
2112 Apr 10
Paper Co
19
93*2 Mar 10
834 Apr 11
Copper Mining
A P W
Dec
Deo
6*8 Mar
20
Andes
Dec
6I84
150
13*s Feb 20
14*2 Feb 18
No par
preferred. No par
700
400
35*2 Jan
58% Nov
140
4O84
2838 Apr 10
4% Apr 10
1312 Apr
2078 Jan
2312 Nov
155a Mar
3*4 Mar
Apr 11
16512 Jan
24i2 Nov
8O84 July
4
Jan
Jan 10
AnchorHockGIass Corp No par
Copper Mining..50
9
Jan
2234 Jan
72*2 Jan
034
Anaconda W & Cable..No par
212
2912
12114
103*s
0i8
Jan
Jan
20
Apr
Jan
110
July
82
Mar
Aug
7% July
Nov
45
95s
43
Oct
July
421®
Oct
6434 Oct
2178 Aug
113*2 Oct
20*2 Oct
4*2 July
31*2 Aug
122is Oct
1037„ Oct
99
Apr
Jan
4
62
Jan
6
28*4 Mar
72
50
Mar 31
05
Jan
4
50
Mar
94i2
Jan
No par
33% Apr 11
58
Jan
4
24*4 Mar
59s8
Dec
Constable Corp.....5
9*8 Apr 10
13
Mar 15
512 Mar
2% Mar
&Co(Del)pf7%gtd 100
8
334 Apr 10
3334 Apr 11
Armour & Co of Illinois
$0 conv pref
7%
7
884 July
79
9912 Mar
23
Jan
Jan
1 *4
238 Mar
Mar 20
z26
153
Jan
800
24,000
1,200
Mar
41
Apr
338 Apr
Amer Zinc Lead <fc Smelt... 1
■
10
Jan
151*2 Jan 18
4% Mar 31
8i8 Apr 11
78
Apr 10
10
No par
Preferred
Armour
Jan
64i2Mar 21
147
100
American Woolen.....No par
No par
preferred..
6,300
1,900
Arnold
4,100
Artloom Corp.-
100
Armstrong Cork Co
5% Apr 11
,..No par
73
Jan 23
Jan 10
1038 Jan
5
85 .Mar 11
378 Mar
72
Nov
3
4
Mar
May
7
July
Jan
13
Nov
9
Dec
73
*73
76
73
70
Jan
5
Mar 15
252
50
*43%
55
*44
54
100
41
Apr
8
54*2 Mar 16
48
Dec
35
*31
35
*31
33%
300
Assoc Investments Co..No par
30
Apr 11
30
Feb 27
27
Mar
*90
92%
*90
93
250
90
Jan
90
7
72
Mar
95
*91
100
5% pref with warrants.-lOO
$5 pref without warrants 100
90
Jan 18
Jan
95
21,800
Atch Topeka A Santa Fe.-lOO
92
6%
6%
7,200
73
100
*91
*91
100
26
28
16*2
54*8
17*4
55
2034
5434
1734
16%
634
7*2
7*2
7%
preferred.:
7%
......
6%
..100
Associated Dry Goods
800
5%, Apr 11
-.1
0% 1st preferred
7% 2(1 pr -iHi tvd_
,
100
25
preferred
Am Water Wks & Elec. No par
10
June
34*2 Mar 10
Jan
15*4 Apr 11
75% Mar
1412 Apr
148
Apr 10
73
Apr 11
7512 Apr 11
25
Am Type Foundries Inc.
400
44
20
20*4 Apr 10
100
Tobacco..:
conv
305s Dec
Jan
3084 Mar
77%, Dec
1258 Nov
75
Aug
73*2 Sept
39*2 Nov
6%
6%
.
83
*76
83
*76
Telp & Teleg Co
10.50
4*8 Mar
12ss Mar
5912 Apr 14
150
10U
Am Sumatra Tobacco..No par
70
6%
6*2
6%
634
6%
82
73
7334„
*42l2
31
*91
35%
05g
41
*92*2 100
35%
65g
*77
6*4
31
1*2
35%
36
.25
American Sugar Refining.. 100
Preferred
100
75
34%
9*4
82
*25
75
*25
Snuff
2,600
>
20*4 July
Jan
5358 Jan 6
137*2 Mar 21
9
Anaconda
13*8 Nov
734 Jan
35H Apr 10
129% Feb 17
2034 April
35
Apr 11
-
75
*25l8
41
*7334
-
-
1100
74,700
22%
35
36
36
38
37
35
35
,35
35*4
36i8
14
*15
16%
14%
14%
143s
13*2
13*2
1412
15*8
*14i2
*111
114
114
112
*111
*111
*110
111
111
114
*111*2 112
9
9
*9
9*2
9%
9%
9%
10%
834
11*4
9%
*958
2%
2%
*1?4
*134
134
234
134
134
2%
*134
1*2
*1%
*22
22
22%
*21% 22%
2112
21l2 *21l2 22
22%
*215g 23*2
*118
*118
*118
i.
118*2 118*2 *11534
*118*2
*98
99
100
*98
99
100
99
100
100*2 10012
9934 100
4
4
4*8
4%
4
4%
4%
334
334
378
378
4*8
36
36
35
35*2 35%
37
36
35
36
37
3334
3512
38
18,700
24
2134
......100
No par
3,000
I8I4 Feb
158s Mar
1138 Apr 10
1078 Apr 10
Apr 13
x27
American Stove Co
6%
45*2 Dec
2*4 June
Mar 23
1838 Jan
Apr 11
8% Apr
300
2,700
29
*20%
23*2
27,800
4%
50
...100
No par
600
Nov
Oct
102
Apr 10
12i8 Apr 10
25
American Stores
5,100
95
1018 Apr
159
100
Amer Steel Foundries. .No par
American
Nov
578 Nov
41ia Nov
19*8 Oct
Ship Building Co .No par
Amer Smelting A Refg.No par
Amer
15
36
10*8 Mar
Amer
8,900
9%
.8%
434
22%
500
5
*85
30
*20
23*2
36%
15%
15%
4%
4*2
434
4*2
*22
15%
151% 15234
5
9%
29
30
29%
79
4%
43s
4%
79
148% 149%
95
.
"
35s
378
4*2
*18
4*2
90
73
*79
.151*2 153
74
7534
7434
77%
75i2 77
147
*147
150*8
76
147
150
*
4*2
8%
*77*2
15
14i2
14838 150
15*2
*14*2
151
81
80
80
Mar
Feb
1284 July
2078 July
4434 Mar 11
6% preferred.....
1,600
Mar
Jan
5*4 July
25*4
Apr
Preferred
»
May
177
28
American Seating Co...No par
17,700
1,400
9
2
12
Jan
Jan
7*4 Nov
...No par
4)4 % conv pref
American
7
5U Feb 2
34*4 Feb 3
4678 Mar 14
Jan
03s July
47&8 Nov
American Safety Razor.. 18.50
700
6i8 Mar
Nov
1684
Mar
1,500
-
Jan
2*4 Mar
13*8 Mar
15
83
19
2,900
21,300
177
9% Nov
4934 Mar 11
11%
"
358 Apr 10
Mar
Oct
July
Apr
Preferred
130
Jan 14
4
Mar
303s
7912
1584
412
4018
12412
Apr
Mar
8*4 Mar
07*2 Dec
2i2 Mar
10
2
_
9
.
Dec
20
32
1134
460
5
13*2 Sept
412 Mar
2334 Nov
117
125
No par
American Rolling Mill
900
»
23
Am Rad A Stand San'y. No par
70
28
*26%
28*2
x27
52
*51%
53
*51%
6,600
9«4 Jan
lbioMar 11
27
Apr 11
11978 Apr 10
100
4
358 Jan 20
20*2 Mar 11
15
,
Feb
88*2 Mar
4
Mar 2^
Apr
Mar
9*2 Mar
89*2
Apr
104
2i8 April
No par
6% conv preferred
$6 preferred-...
56,200
414 Apr
American News Co ....No par
Amer Power A Light ...No par
4,400
22,600
39
38
3912
41*4
39*4 40%
130
*123
130
*123
*120*2 130
60
61
60
*60
60
59*2
5934
*60*8
60*2
60*8
*
*
*
*
*
149
149*4
149%
14912
149l2
"26*4 22% "2078 2234 "2§" 23% "22% 2334 "21% 22%
9
9
8%
8%
884
8%
*8i2
8%
8i2
8l2
12
12
12
*9
*9
12
12
*9
*9
'*9%
16
17
15%
15%
15%
16*4
16%
15*4
1634 *1558
35*2
*125*2 137i2 *128*8 132
♦
preferred
Amer Mach & Metals__No par
-
159*4 159*4
6%
5,700
1,700
28*8
10*2
4
3478 Dec
67»4 Nov
27
0
2
Apr 8
1214 Apr 10
Apr 10
12
12
12
11%
1134
1134
1134
Xll%
11*8
2%
2%
234
234
*2%
2*2
25g
2i2
2*8
2i2
28
27
28
27% 28%
2834
28*4
27*2
2734
28*4
*113
118
124
*114
124
*114
118
11978 1197g *114
24
24
24
24%
24*4
24%
23*2
23*2 23l2
*2334
4
4
4
4%
4%
4%
334
4%
35g
4*8
33
35
37
36%
36%
37%
37%
37%
33*2 36
30
Apr
176*2 Nov
Jan
Feb 10
Oct
100*4 Mar
55
538 Jan
Feb 21
5
900
28
104
...No par
51%
*46
5
Aug
105*8
Jan
1258 Mar
00
1
258 Apr
Nov
7034
Jan
8»4 Feb 24
lli8 Jan 6
10*2 Jan 4
Feb 11
52
135
35
14
1438 July
23*4 Mar
Apr
114
24*2 Jan
115*8 Mar
12234 Jan
0'4 Apr 11
61
684 Mar
6
10058 Jan 3
178*2 Feb 17
5
Highest
$ per share $ per share
Jan
8
5i.i Apr 8
5\ Apr 10
100
100
Apr
10
'
334
32
14
American Locomotive..No par
Preferred..
100
53
8
Apr 14
12,700
*46
8
110
16%
53
Apr
13i2 Apr
No par
1,900
2,500
5
5
16%
32
$6 preferred.
No par
Amer Hawaiian SS Co
10
300
17%
18
17 2d preferred A
44%
Year 1938
Lowest
54*2 Jan
132*2 Mar
17i2 April
Amer & For'n Power...No par
2,200
2,500
3%
1%
434
83% Apr 11
10712 Mar 3
Encaustic Tiling..l
$7 preferred.
13
1%
16%
American
Apr 11
No par
1st preferred
3,100
26
1%
1%
6%
8
1
3% Apr
3134 Apr
125
Feb 24
American Express Co
13,500
5%
3%
3%
—
8,300
11
13
13%
3%
*
$ per share
Amer European Secs.-.iVo par
2%
10%
American Chicle
150
14
*5
*5*2
11
—
2,400
3%
*160
2%
—
% per share
112
American Crystal Sugar..-. 10
—
Highest
100
_
3,600
500
14*4
preferred
2,700
*160
2%
5%
—
7%
7
14
-
6%
*3
2%
42*2
1*2
17*4
17
3
3*4
Am Chain A Cable Inc.lVo par
63
7
14
534
3*8
4134
"
7*4
*61%
100
Am Coal Co of Allegh Co NJ 25
American Colortype Co
10
Am Comm'l Alcohol Corp..20
m
584
7%
7%
7%
63
Preferred
2,100
""566
15
""5%
6
25
4,700
M.—
11
2%
28
26
1*2
16*2
4*2
14i2
497«
*11978 125
*24
3
3*8
■
23g
133s
*
*3
7
*160
"23g
5*8
12*4
43l2
1*2
3%
10
12
1*2
3
13l2
5*4
1034
43
3
2*8
12*4
11
2558
7%
63
13
10*4
278
7*4
7*4
63
*45g
*160
-
7*2
63
7
27g
15
"~6_
57g
*7*4
634
*
14
""578
534
7
-
*
14
"5*2
2*8
12*4
53g
*
14
—
Range for Previous
100-Share Lots
Lowest
1
100
American Car & Fdy ..No par
Preferred
ioo
11,400
34%
115
Corp
American Can
400
20%
*80
*
5,400
Bosch
5% % conv pref
60
88%
115
14
Par
4%
126
*85
*
Range Since Jan. 1
On Basis of
STOCK
EXCHANGE
34%
4%
4*4
4*4
35
125
85
83*4
84l2
85%
170
16778 169*8 *165
20
21
17*2
1934
32
34
33*4
34%
15
16
135s
15%
33
32i2
13*2
14*8
37g
33
125
YORK
2219
...100
.:_100
1038 Jan
78
Mar
Nov
90*2 Mar 10
72
23% Apr 11
427g Jan
4
22*4 Mar
44% Nov
100
53
Apr 11
71
9
40
May
72
Jan
100
15
Jan 3
10*2 Mar 14
14
Mar
30
Dec
0
8
8
Apr 8
Apr 11
30*8
Atl G A W I S3 Lines..No par
4*4
0*2
1784
10178
Mar
v
Nov
'
5512
25l2
55l2
15
16
6
6
24%
10
193s
105
26
2312
26
55*8
15*8
55l2
53
53
16*8
15
6
6
245g
10
10
10
19*4
19%
*102
105
634
10*2
19
195g
102
105
11*4
12
12%
19*2
19*8
19%
25%
26
55
54%
54%
1,100
17*4
16
16%
6,900
6%
700
6%
.7%
1134
•
*11
12%
'800
19%
7,100
105% *104% 10512
500
1134
-
19%
19%
19*4
104*4 10434 *103
105
2734
5% preferred
Atlantic Coast Line RR
5% preferred
Atlantic
4%
conv
10
100
.25
Refining
pref series A
19
100
'
7*8
7*4
7*8
4358
44
4414
53
53
*52i2
120
120
7
7*8
44
45
7*8
*4334
7*4
44
•
,
120
*52*2
54l2
120
*11834 121
43t
5
4*4
4*4
234
3
2*2
2*4
20*2
4%
93g
4*2
2*2
2*4
53
55
120,
"
*4*4
434
4*2
2%
3*4
*2*2.
2*8
7%
44%
45
53
55
55
121
121
120
2*4
23
2*4
23
434
5
93s
10
434
5*8
5*2
6
20*8
20*8
67
67
10%
6
*26
127g
157g
5
5U
5*4
20
20"
*50
12
68
1078
6*2
27
*24
13*4
125g
13*8
15*4
1534
11034 111
17
17*2
16*4
*17*2
1734
*96
98
*
H8~
73g
116
~
73S
17*8
"18"
17*2
-
-
_
-
18
183s
*47*2
49
*48
48%
*42
46
*42
46
18*4
18*4
54*4
53*4
103s
105s
104
*100
15*2
52*2
101
*
434
11%
5*4
6
534
6*4
101
5
234
6*4
5%
5
700
.
24%
350
5%
5%
25,100
37,000
21,400
6%
8,500
5
6
10
'
*21
22
*21
22
500
68
69
71
72
72
220
13
13%
12
1134
6*4
6*4
24*4
13*8
*24*4
12%
13*8
16%
102i8
7*4
73g
16*8
19
17%
18
4834
487g
13%
17*2
13%
14
—
-
-
17%
*111
19
*98
102*8
114"
114
7%
*7%
m
-
-
-
20*8
19%
18%
18%
50
*487g
--
114"
114
28
18*4
*98
♦
Barker Brothers
4,300
1,900
102%
100
*7%
18%
18*4
50
18%
*49
—
—
734
18%
50
—
—
1,300
~
20
—
400
M
M
44,600
3,100
48*8
48%
48
48
47%
47%
400
515g
56
55*4
57%
55*2
57%
53%
54%
88,600
16*8
16%
16%
16%
16%
1634
10%
1634
3,500
102% 102%
1,500
103
99*4 102
103
103
103%
16*4
17
17
17*4
15
15%
15
16
15%
15%
1,900
10%
11
10*4
11
9%
10,500
*15%
9%
20%
*35%
40
9
20*2
*16*8
20*2
*16*8
20U
*16*8
20*2
*15%
20%
45
*35
45
*35
45
*35
40
*35%
40
19
♦16
16*2
14*2
10
157,
21*4
Bid and asked prices; no sales on
21*2
this day.
22%
21
22%
{ In receivership,
20%
Bayuk Cigars Inc
1st preferred
17
20%
Beatrice
1,700
Creamery
15 preferred w w
Beech Creek RR
a Def. delivery,
120
127
Apr
914 Apr 11
4*2 Apr 10
5
Apr 10
19
Apr 11
07
Apr 8
1078 Apr 8
3%, Jan
6
98
Apr 10
—50
28
20
114
No par
priorpf$2.50div ser'38No par
No par
2434 Dec
36
Jan
July
87
Jan 11
82
98
July
Jan 10
11
Dec
12*8 Mar
6
Apr 6
515s Apr 11
47
19
Feb 23
37
Mar 22
19
Apr 11
y
878
73%
2984
21i2
5284
Jan
4
Jan 20
Jan 25
3
Mar 11
Jan
Oct
Nov
9
Mar
21
Apr
115
25
Apr
Apr
584 Mar
94*2
67
Sept
85S Mar
19*2
102
Nov
Jan
Dec
Oct
30*4 Mar
117
Dec
9
July
83
Jan
30*2
Dec
15*4 Mar
21
Dec
56
Nov
Jan
4
2678 Mar
3934 May
Jan 11
1234 June
Jan
7
Feb 28
22is Jan 3
1784 Jan 4
23*2 Mar 11
Feb 24
3434 Jan
Ex-rlghts.
213g July
109
18
44
Oct
14
34
Mar 13
57*2 Mar 11
27
2384
Dec
Mar
5
80
115
1384
Dec
July
215s Mar
10i8 Mar
Mar 23
Mar 22
20«4 Mar
17*4
Mar
29
48i8 Apr
Ex-dlv.
21*4 Feb 18
11434
Mar
5*2 Mar
19% Feb 24
8*2
5
4
125
—5
x
Dec
Dec
3
Bloomlngdale Brothers.No par
100
Cash sale,
55s
3084
2
Apr 12
8I2 Apr 10
Boeing Airplane Co
Jan
Mar
12*4 Mar
2i2 Mar
90*2 Apr
No par
preferred
BIgelow-Sanf Carp Inc. No par
Black A Decker Mfg Co No par
Nov
6*2
Feb 24
15*2 Apr 10
99U Apr 11
1578 Apr 10
14
Apr 8
7%
Dec
8
100
20
100
preferred
126*4
212 June
1138 Mar
7*4 Apr 10
70
Jan
Nov
412 Apr
4
Mar
97g
30*2 Jan
878 Jan
1738 Jan
834 Jan
10*8 Jan
30*2 Jan
1514 Apr 10
110*4 Apr 11
Bethlehem Steel (Del).No par
r
Jan
No par
100
25
1778 Apr 11
New stock,
105
Jan 11
0*2 Jan 5
45s Mar 10
xl2% Apr 11
Beneficial Indus Loan..No par
n
68
5
1038 Apr 11
BJaw-Knox Co
48*2 Aug
Mar
5
5
5%
534 Mar
30
5
No par
Jan
38% Mar
Feb 28
Apr 10
14*2
273s July
109*4 Aug
6
Jan
17
Apr
8
3
Jan
Apr
Mar
878 Jan
66% Jan
13
0
Mar
8*4 July
4784 Mar
21
Aviation
Best A Co
Jan 18
33
Belgian Nat Rys part pref
Bendix
Mar 15
8
Blumenthal A Co pref
26,700
110
24% Apr 11
10
Beech-Nut Packing Co
Belding-Heminway
.
18
23*2 Jan 10
IO414 Apr 12
7
April
435s Apr 8
53
Apr 8
50
No par
Barnsdall Oil Co
200
48
*44
100
preferred
5)4 %
140
120
50
Conv 5%
120
17%
100
Bangor A Aroostook
1,400
20%
..100
4% preferred.
6,000
*69
20*2
Baltimore A Ohio
6%
14,700
No par
No par
Aviation Corp. of Del (The)
.Baldwin Loco Works v t C--13
12%
28
♦no"
734
734
♦09
*49
17
*18%
j.
Apr
4% Apr 10
238 Apr 11
2
Apr 13
20% Apr 10
4% Apr 10
$5 priolr A
30%
13%
*111
19
102%
19%
13%
Austin Niehols
preferred
Barber Asphalt Corp
6%
*25
17%
--
*98
*
28
*69
*69
25*4
19
*
28
116
25%
—
19
18
12%
7
*6%
6*4
26
14*2
*2
*1934
9%
10
20*4
{Auburn Automobile..No par
5%
15
1934
5% conv preferred...—100
Atlas Tack Corp.. ... .No par
11%
5%
16
20'4
500
2,000
20
6*4
.No par
3
67
24*4
jl2%
5
...50
preferred..
5
5
10%
8*2
1578
20
10%
47g
2
22
1434
16*2
15
*35"
105s
*19%
10*8
16
14
9*4
555g
16*4
60
0%
*2%
20
*105"
187g
124
Atlas Corp
Atlas Powder
*4%
19
1734
7%
7*4
*69
*69
300
68
*
117
1,300
19
*98
29
117"
5
47S
10,200
*120
...
3%
2
2*8
24%
5%
*2l
21
5
.
'3*4
,
7%
45%
54%
*53
,
16
1512
110*4 110*2 *111
98
98
•2*4
3
-.
*51
11*8
llSg
6
6*8
28
112
*111
47g
10*4
47g
*2*8
20*2
45g
9*4
45s,
20%
*4%
4*2
•
7%
45%
7*4
7*4
44%
Apr
Mar
3
75
Mar
17*8 June
934 Mar
10*8 Mar
1312 Apr
7878
Dec
18*8
114%
2934
24*2
1984
21*4
Nov
July
37
May
55
19
Sept
3578
«| Called for redemption
Nov
Oct
Nov
Nov
Oct
Dec
LOW
Apr. 8
$ per share
17
1734
1QU
18
105% 107
54%
55's
15
15%
18
2114
112
1%
1%
634
7%
.8%
7%
27
14%
35
96%
4
3
22%
16%
12%
11%
1%
*634
6'%
19%
12%
1%
7%
6%
1934
3
3
7%
♦23%
11%
1334
♦50
%
♦37%
3%
2934
434
*38%
*
14
10%
7%
96
96%
4%
32
34
9434
4
29%
3
2134
3%
23%
16
17
734
12
1134
1%
12%
1%
7%
6%
19
2%
2%
7%
7%
2734
12%
•
27%
12
12
14
14%
51%
1
*50
%
5
13
44
334
32
103g
13%
15
*14
*434
5
,
69%
112
113
40
42
*
34
37
20
7%
17%
30%
88%
*3g
....
:
334
434
*90
6%
22%
*9934
18%
634
17%
28%
*85
134
9%
2
1034
34
%
1,
4%
*1%
%
5%
10%
4%
33
23,800
12
14
44
1%
*26
36
180
13
2,600
2,700
10
1234
Cannon Mills
534
100
Capital Admin class A
5,500
40%
16%
*14
2%
2%
15%
2%
"""366
2,000
1,700
70
*111% 118
2%
110%
43g
4
334
334
3%
3%
101
*90
35%
7%
27
102
19
-7%
17%
2934
88%
34% 36%
6%
7%
24% 27
*9934101
101
18%
6%
*90
37%'
7%
19
18
18%
30%
88%
%
*38
2
'2
10%
10%
1034
1034
2
%
'.
3g
2
2
3g
*%
%
3g
%
%
%
%
%
*%
*%
178
107g
134
10%
%
%
134
11%
3378
44%
32
*30%
33%
*4434
45%
*4434
46
*2
%
3g
178
10
v
44%
*%
32
%
34
K
7g
*34
%
%
134
11%
2
'
2834
18
800
%
*%
%
"""566
134
2%
800
*3g
%
700
2
1034
2
*10
3g
3,600
3g
600,
38
34
1,800
%
%
3,700
1,300
1238
*134
11%
34
•
34
«
2
33
*32
*4434
45%
*%
5g
%
3g
,
*34
1
1
*34
...
No par
Central RR of New Jersey .100
Central Vloleta Sugar Co_..19
6% prior preferred.
par
25
...100
100
7,300
200
400
par
100
700
'
Chicago Pneumat Too I.No
par
$3
conv preferred
No par
Pr pf ($2.60) cum dlv No par
{Chic Rock Isi& Pacific... 100
400
7% preferred
34
500
6% preferred...
1034
2,700
5,400
8
9% Apr
% Apr
'
.
Jan 24
134 Apr 10
5
100
Mar 11
28
Feb
2
Jan 20
1% Mar
10% Apr 11
3% Mar
13% Mar 1
43% Mar I
19% Jan 19
35
Mar
3
14% Mar 16
5% Mar
xl634 Mar
10% Mar
Mar
8
5
% Apr 8
% Mar 22
134 Apr 11
10
Apr 10
32
April
4
4
4
9
62
Mar
3
Mar
30
5
13% Mar
634 Mar
.100
Dec
234
Jan
12
Nov
1484 Nov
46% Nov
23% Oct
Apr
3% Mar
Jan
Dec
43
75
55% Jan
5% Jan
34% Mar
Jan
1
41
Jan
14%
Oct
13% Oct
100% Nov
7% Deo
547g Jan
634 Oct
39
July
,
15% Mar
29
10
5% May
16% Mar
2% Mar
9
Dec
16% Aug
22% July
3% Jan
14% Mar
1% Mar
6
24
July
July
5
Oct
4
-,"6
Mar
Jan 11
20
Mar
17% Jan 5
19% Mar 9
50% Mar 30
15% Mar
15% Nov
44% Nov
22
July
24% Jan
45
Mar
51
2%
8%
I784
20%
1
Mar
5% Mar
8% May
12% Mar
2% Jan
IO84 Oct
20% Aug
21% July
13
Jan 17
5
Jan
Jan
4
Jan 18
Mar
37%
Feb 18
Apr
5
Mar
21
May
55
4
3
9
3
62% Mar
98% Jan
Mar 11
29% Mar
Jan
Jan
Mar
Mar
9
4
100%
Jan
9
Mar
Jan
6
82
19% Jar
4
107% Jan
24% Jan
94
v
120
Dec
26% Nov
96
Sept
19% Dec
72% July
9% Jan 6
5% Jan 3
6% Mar 11
6%
4
88
14
Dec
Mar
6
26% Mar
4
4
4% Mar
17% Mar
July
8%
Jan
678 July
104
Apr
Aug
Jan
Jan
5% July
111% Nov
3% Mar
47'2 Jan
12%
Oo
Oct
40
59%
Oct
106
Mar
Mar 21
94
3
18
May
33% Nov
Feb 25
6
June
1284 July
48% Mar
June
*25% Mar
40% Mar
8
20
Dec
9
22
June
Mar
2
70
Apr
90
July
28
Apr
13
Aug
v,
58
Dec
Mar
52% Jan
Jan
Mar
2
Feb 24
Nov
89
106%
"
95
45
22% Nov
4% Jan
107% July
18%
9934
Jan
46% Nov
8% Jan
July
884 Aug
46
6
111
Aug
42
July
12% Dec
72% Mar 14
22% Jan 11
5% Jan 3
% Jan 14
384 Jan 4
% Jan 4
3% Jan 5
13% Mar 11
% Jan
1% Jan
3
4
1
4
,
%
1%
%
2%
1
1
.84 Feb
6
34 Apr 10
1% Jan
5l
Feb
July
1%
Jan
5%
Jan
I57g July
1
Dfec
Jan
178 Jan
134 Jan
5% July
1984 Dec
3984 Nov
.% Dec
Mar
6% Mar
22
Jan
4
% Nov
%
Jan
89
'
Aug
Sept
8% Mar
2
38%
1%
Dec
Mar
'
Jan
3% Jan 4
,20% Jan 4
38% Mar 14
48% Mar 11
44% Apr
% Apr
8% Aug
16
5% Mar
7
Oct
Jan
37% Aug
40% Aug
2734 May
5% Mar
6
100
Jan
% Jan* 4
5% preferred...
47
11
% Jan 9
1% Apr 10
Preferred
Mar
30
86
{Chicago & North West'n.100
18
102
.100
4% preferred
4
5
3
183g Apr 11
6% Apr 11
17% Apr 10
27
April
{Chic & East 111 Ry Co....l00
Chicago Mall Order Co
{Chic Mil St P & Pac_.#<?
Mar
5% Mar
1234 Mar
99% Jan 25
{Chicago Great Western.. 100
6% preferred.
4
15% Jan
31% Jan
39% Jan
8
33
Apr 10
6% Apr, 8
22% Apr 8
Cham Pap & Fib Co 6% Pf-100
Common
1'
No par
Checker Cab
5
Mar
20%
3%
94%
122%
6
Apr 11
April
3% Apr 11
88
Jan 12
100
Chesapeake Corp
No
Chesapeake A Ohio Ry
1
3% Apr
Cerro de Pasco Copper.#<> par
1
14
4% Mar
34% Mar
2% Apr 10
Mar 22
4
Apr 11
Certain-Teed Products
2784 Mar 30
734 Feb 27
63% Apr
12% June
2% Mar
109
Century Ribbon Mills.#*? par
Preferred...
100
Oct
1% Dec
7% Jan 9
42% Feb 17
38% Apr
1
103% Mar 27
13% Apr 10
84
Apr 14
10
Apr 8
2:6684 Jan 26
18% Apr 8
5% prefeTed.'.'..
100
Central Agulrre assoc.#*? par
Central Foundry Co
;
1
Central 111 Lt4H% pref.._100
28
8
85
66
100
Jan
284 Mar
80% Mar 18
110
100
19%
36%
434
16% Mar
44% Jan 4
0%, Jan 3
34% Mar 11
2% Apr
No par
14% July
May
52% Dec
3
38% Mar 31
13% Apr
Celanese Corp of Amer.#*? par
Celotex Corp
8
8
8
434 Apr
..100
7% prior preferred
3% Apr
2934 Apr
...1
...
5% preferred
5,400
10%
%
'
Preferred
Preferred series A
%
45%
%
7g
24,300
29%
25
June
107
Jan
37
9% Apr 11
Apr 11
4
9
15
32
2384 Mar
4% Mar
13% Jan
12
Jan
Jan
2% Jan 5
9% Mar 23
9% Jan 3
% Feb 15
Apr 8
44
100
No par
Caterpillar Tractor
88%
*4434
33
800
8%
23g
1134
33%
12
12%
*34
*%
■
1~4O6
22
*85
2
■
34
18
"
2%
,
,
*%
.
34
•
%
134
1
%
2%
2
,
20%
8%
20
*38
"2
10
21
10%
29
3g
101
*98
*85
%
2
10
1,610
18
*38
30
7,600
88%
*1%
90
17,000
2934
3g
400
7%
101
*17
900
1,000
38%
18
b
»
90
10
26%
29
'
9,100
7%
*85
134
"
„
2%
2%
110% 110%
*434
5%
334
334
4%
4%
38
*8
29%
88%
%
2
*85
"""566
26%
20%
7%
20,700
19%
39%
8%
734
19%
7%
400
29%
38
*98
18,000
5
$3 preferred A
10
Carolina Clinch <fe Ohio Ry 100
Carpenter Steel Co
5
Carriers & General Corp
1
Case (J 1) Co
..100
300
65
*19
101
.
26
101
*98
6%
*90
3734
8%
30%
28
18%
27
101
*._..
5,700
1
Calumet & Hecla Cons Cop..5
70
43
65
Callahan Zinc Lead
Apr
J 5% Feb 28
I834 Jan 3
1
48% Mar
__60
Oct
Dec
82
40
'
13% Apr 10
No par
5% preferred
500
*14
*..—
California Packing.
15" 300
80
65
(A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
3%
31%
*78
20%
*18%
20%
2%
2%
2%
*110
110% *110 -11058
5
5
4%
4%
*334
*3%
4%
43g
*3%
4%
Byers Co
Campbell W & C Fdy..#<? par
Canada Dry Ginger Ale
5
40%
*18%
234
5,200
.5
Canada Boa Ry Co
Canadian Pacific Ry...
80
70
preferred.......30
Butte Copper & Zinc
11,700
*78
2%
1
30%
15% Mar
Feb 18
13% Jan
11% Apr 10
11% Apr 10
1
Apr 10
6%Mar 31
5% Apr 10
18% Apr 11
2% Apr 10
7
April
25% Apr 11
11% Apr 8
10
10%
13%
3%
72
Bush Terminal
Apr
8
11
8
11
8
21% Apr 10
16
April
No par
Butler Bros.
conv
4
29% Apr
3
Apr
No par
;
Bullard Co
5,400
44
*38
*438
*38%
70
Bulova Watch
Apr
9434 Apr
100
~4~ 700
"12,200
534
42%
80
16%
7234
No par
%
5%
*29%
*4%
*38%
44
No par
Budd Wheel
51%
%
5%
2%
Budd (E G) Mfg.
7% preferred
700
15%
....
{Bush Term Bldgdep7% pflOO
30
5,100
1234
14%
5
1C0
Burlington Mills Corp
1
Burroughs Add Mach__#<? par
6%
20%
3
8
*50
No par
4,400
8,100
3,300
8%
4
5
6,500
3,700
1,800
6%
*1834
234
7%
32
3%
860
3%
*7
13%
13%
100
1334
*1%
13
15
32
9% Apr
7
12%
51%
1
5%
1034
8
Bruna-Balke-Collender.#*? par
13%
1%
*12%
14%
3
8
Apr
13% Apr 10
Bucyrus-Erle Co
7% preferred
18%
*50
31% Jan
3,000
4%
32%
3
8%
28
27
Brown Shoe Co.
9,800
96%
1
1
8
Bklyn-Manb Transit..#*? par
$6 preferred series A.No pa
Brooklyn Union Gas
No par
8
300
8
10
10
8
10
1% Apr
5% Apr
7% Apr
3
28% Jau
Apr 12
41% Apr 14
No par
$ per share $ per share
55% Mar 9
19% Mar 14
21% Mar 10
110
31
1034
24%
20%
8% Apr
16% Apr
7%
14%
12
20%
2%
7%
32
6,000
8,000
19% Apr
5% Apr
36
8%
*26
;
3634
$6 preferred
1% Apr
14%
*34%
10%
3%
2334
7
5
100
Boston & Maine RR
100
1%
♦17%
7
12% Jan 30
16% Jan 12
18% Apr 11
Brewing Corp o 1 Amsrlca.T_3
Bridgeport Brass Co...No par
Brlggs Manufacturing.#*? par
Brlggs & Stratton
No par
Bristol-Myers Co.
-5
Brooklyn & Queens Tr.No par
24%
18
*7
(The)
Borg-Warner Corp.
oo
6,800
28,600
3%
12%
13%
Borden
11,700
32,000
10%
4%
17%
1
15
Bond Stores Inc
9%
10
34
3%
24%
Jan 24
6%
2,400
4,400
11,000
*95
96%
Jan 23
51
Bower Roller Bearing Co...17
9
83g ,,
34
44
4
%
*29
45
103.4
96%'
*38
112
♦
20
*110
5
334
434
38
%
\
0
42
734
'
4334
65
*110%
*4%
43%
*
238
10
178
10%
71
112
2%
1%
%
%
%
70
112
2%
%
%
66
*18%
2
*3g
2%
110
19%
33
6%
7%
22%
25,
*9934101
32
2%
39%
67
19
4%
334
101
*37%
3%
.5
2%
1034
8%
96%
104
No par
Highest
Lowest
Highest
per
No par
1,700
*111% 118
44%
42%
43%
103
103% 103% a 103
*103% 104% *1033s 104% *103% 10334
16
13%
1434
13%
15%
15%
16%
16%
15%
15%
*
100
*83
90.
84
85
*83% 90
*85%. 90
10
1078
10%
10%
11%
1134
11%
11%
1034
1,1%
2%
*90
2%
71
2%
10%
Class B
800
19
36 %
1534
36
Bon Ami class A
1,700
11,300
18,800
Range for Previous
Year 1938
Lots
$ per share
share
16% Apr 8
$
Bohn Aluminum & Brass
160
33
4134
39
14%
8%
28%
12%
15
51%
1
5%
10%
14
%
5%
10
9%
12
*38
38
Lowest
550
*31%
4 I 84
1%
8%
11
*34
1%
1434
5%
1%
9%
1034
8%
6%
20%
2%
*50
34
42%
1%
934
42%
3%
2334
17%
12%
13
9%
18
20
On Basis of 100-Share
Par
1,900
52%
15%
18%
21
2%
233.4
6
6%
10%
9%
19
43j
3%
11%
7%
22%
34
23%
17%
1134
1234
1%
*6%
6%
*19%
6
'
4%
*14
11%
1
10
7
14
19
3g
978
7%
14
68
4434
35
*4%
*38%
*7713
18%
2%
*110%
4%
3%
*28
11%
39%
15%
42%
80
*
9%
%.
%
11%
*77%
87%
0
42%
1%
10
80
87%
2
1%
9%
*70
1478
17%
28%
42
134
10%
80
14
*85
42%
35
2%
22%
*31%
1%
147g
10%
13
9%
31
9%
10%
37%
5%
12.%
31
35
7%
%
34
3934
22%
6
1834
51%
15%
17%
20%
*134
22%
18%
21%
*134
6
9%
1934
13%
5
-
9%
17%
22%
2
21%
1834
35
27
1234
1378
51%
1
13%
1%
1934
578
3%
*29%
*4%
*38%
*103% 104%
7%
17
44
378
32%
534
42%
40
20
*15%
*38%
3%
32%
*4%
*38%
2%
2%
68%
68%
*110% 115
10
15%
18%
44
37g
2934
434
42%
14
39
14%
17%
21%
*1%
2034
5'%
9%
2%
7
25%
*50
10%
13%
9%
12%
15%
18
21%
18%
26%
11%
5%
1478
36
10%
2%
7%
7%
5
52
3
1
*6%
26%
1234
14%
51%
1
*52
42
»
19%
20
19%
19%
109
zl05% 105% *105
105
51%
19%
21%
16%
11%
11%
24%
17
12
19%
105
51%
19%
3
19
1778
53%
578
30%
3%
•
Week
Shares
99
4>"%
31%
3%
23
1634
12
12%
1%
834
6%
4
31
30
•
*96%
96%
4%
Apr. 14
$ per share
10%
37%
1434
7
7%
Apr. 13
*30
14%
EXCHANGE
8 per share
1%
1934
6%
,8%
16%
37
13%
*33%
978
10
9%
7
*
27
28
1334<
35
NEW YORK STOCK
the
Apr. 12
is. 1939
Range Since Jan. 1
STOCKS
for
$ per share
51
1
Sales
CENT
Friday
Apr. 11
17%
1834
42%
134
9%
10
42%
1'4
6%
,
NOT PER
Thursday
$ per share
17
33
*30
43
1%
5%
15%
18%
21
1%
20%
534
9
18
8%
16%
33
43
1478
17%
1%
19%
5%
1734
♦30
54
SHARE,
Wednesday
104% 105
105%
53
20%
6
012
57»
8%
,
105
21
17
Tuesday
Monday
Apr. 10
$ per share
21
SALE PRICES—PER
HIGH
AND
Saturday
17l2
19%
T
Niew York Stock Record—Continued—Page 3
2220
Mar
47
37% June
Nov
"
%
1
Dec
1%
Dec
3
Jan
July
'
%
%
734
8
10
10
%
*734
10
'
,
,
7-
'
25
25
56
60
9%
79
*52
2%
'
738
9%
60
112% 112%
-21,
21
*71% 93
41%
24
*129
119
6134
1234
*102% 104
20%
100
22%
100
11%
378
5
*3%
14%
14%
♦73
12%
4
15%
*65
79%
*52
*2%
1534
*65
40
40%
36%
22%
23%
21%
127% 129
*127%
115
*60
117
114
60%
*60%
11%
12%
102% 102%
20%
*100
11%
*4
5
*4%
*334
14
14%
21%
104%
10
734
25
79
79
79
80
80
*72
80
39
3978
8
3834
107%
4638
106
42
*99
110%
*99
4434
20%
106
46
9%
978
9%
978
1%
1%
50
138
52%
&2534
26%'
4934
x25%
1%
4934
26
8#1
e32
8««
*32
10%
8%
*23%
10%
8%
9%
83g
*25
*%
1034
8%
*10%
9
*7%
,
8
32
25
25
56%
58% 166,900
9%
9%
934
*9%
10%
80%
80
*80%
81
80
81
80
60
*52
60
*52
60
*52
3
3
3
3
*234
16%
17%
70,
40
2234
17%
*65
70
*71%
*.__:
,
.
60%
2134
18
,18
*65
,70
23%
118
*60%
21%
113% 113%
93
*73
93
45
45
45
40%
41% "~40
24%
2434
24%
22
*128
*127%
116%
18
70
22
38% "41'
118
*2134
22%
,*73
40%
24 1
2334
*72
80
40
43
106
*72
42%
*95
119
61
*60% 6134
13
13%
12%
13
102% 102% *103
103%
22%
22%
23
80
80
*72
43
4234
106
4334
106
*95
45
45%
46%
46%
47
110% *105
110% *100
110%
10
10
9%
10
10%
10%
1%
1%
1%
1%
1%
1%
52
47
51%
5234
5134
5334
26
2534 26
26%
26%
26%
43%
*32
864
1,200
""""56
*«»
8«4
21%
22
*72
80
4134
*95
42%
106
45%
106
4534
106
9%
1%
52%
26%
SJ1
{ Ih receivership,
...
Chile Copper Co
Chrysler Corp.
City Ice & Fuel
%
10
....No par
25
_._5
No par
6H% preferred
City Investing Co....
100
100
City Stores
.5
Clark Equipment.
lb'500
30
2,600
Preferred
100
1,000
4,300
200
62,600
1,000
10
10,900
100
9,000
100
Jan
80
Dec
60
Feb
Jan
,8
3
v t c No par
10
4 X% conv preferred
100
Comm'l Invest Trust__#o par
$4.25 conv pf ser '35.No par
Jan
21% Apr 11
135
Jan
6
105% Mar
142% Aug
62
Mar
2
61% Nov
16% Mar
Jan
Apr
Apr
4%Mar
434 Mar
14
Apr
14
Apr
73
Apr
5% Apr
7
74% Jan 3
62% Jan 13
3834 Apr 10
105% Apr
42
Apr
106
6
8
Apr 14
12,700
Commonwealth
Cash sale,
at
Ex-dlv.
10% Mar
60% Nov
2534 July
133
11% Apr
3
32% Mar
30% Nov
5
11% Apr 10
100
.60% Jan 5
3084 Mar 15
Dec
Apr 11
127% Jan
53%
r
Aug
Feb
26%
New stock,
Mar
76
1% Mar 31
4584 Jan 3
£25% Apr 10
% Apr 14
»
75
115
45
36% Apr 11
par
a Def. delivery.
Oct
Nov
44
Commonw'lth & Sou_.#o
Edison Co..25
106
67% July
9% Apr 10
Rights
70
9
Apr 13
par
$6 preferred series...No par
4
Feb
Mar 13
Commercial Solvents..#0
864 146,100
Feb
27%
29% Mar 10
7% Apr
100
•69
115
5% Nov
78
3
Jan
23% Apr
5% preferred
Commercial Credit
10% Mar
Jan
45
20% Apr 11
No par
c
conv
Mar 11
13%
7484 Jan 23
preferred.#*? par
Columbia Gas & Elec_.#o par
6% preferred series A
100
$2.75
26
3
88% Nov
42
1
Columbian Carbon
Columbia Plct v t
Mar 11
4% Jan
784 Sept
Apr
15% Mar
8
8
8
1
31
20
10
11
11
11
8
10
2.50
Oct
Mar
20% Apr
Class B
51
Mar
101% Feb
900
May
2
8
100
100
3% Mar
25
2% Jan
1234 Jan
19% July
13% Nov
54
5
Collins & Aikman._.._#*? par
5% conv preferred..
100
Colo Fuel & Iron Corp.#*? par
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl a.2.50
Mar
Mar
59
58
Colorado & Southern
8
12
58
Jan
Mar 10
2% Apr
No par
par
Dec
85% Mar 28
54
114
6% preferred
Jan 11
%
79
•"
No par
Colgate-Palmolive-Peet No
Jan
3
9
5
3
35% Mar
Feb 10
Coca-cola Co (The)
Class A
33
Jan
Mar
Jan
85% Mar 9
ll
Mar 10
68
140
2,200
8
111
250
20
8
Clev EJ Ilium $4.50 pf_#o par
300
6,300
Apr
Apr
1%
9%
14%
13%
53% Apr 11
9
Apr 8
CCCAStLoulsRyCo5% preflOO
Special gtd 4% stook
50
Climax Molybdenum._#<? par
Cluett Peabody & Co
#*? par
2,000
7
25
Apr
30
8,700
5
15
No par
1,600
13,200
Apr
30,800
47,000
4,600
9%
138
"
10
Oilr
Clev Graph Bronfce Co
(The). 1
Clev & Pitts RR Co 7% gtd.50
*60%
*99
*64
640
""960
8
7% Apr 11
% Apr
...100
Chicago Yellow Cab._.#o par
Chlckasha Cotton
Chllds Co.
80
118
103
*100
103
*100
104% *100
103
12%
12%
13
12%
13%
*12%
13%
4
4
4
*334
4%
4%
4%
*5
5
4%
5
*434
6
534
*4
*4
4%
5
434
434
434
14%
14%
1434
1434
14%
14%
14%
14%
14
14%
1434 1434
14%
14%
14%
14%
73
75
77
77
77% 78
*73%
77
7%
8%
9
9
8%
8%
8%
9
27
27
*25
*26
*24% 30%
29%
30%
5%
6
6%
6%
6%
6%
534
6
81
81
81
78% 78% *78% 81
81
*
3,400
93
*128
11834 119
61
3'
18
22
20
60
*65
112% 112% *112% 115
22
8%
500
6034
9%
234
9
58%
Bid and asked prices; no sales on this day.
*7%
10%
■>'
a4
5934
32
58
58%
*%
11%
334
4%
*334
42
109
%
8%
*100
4%
14%
14%
76%
8%
26%
5%
74
*%
*7%
1134
12%
1234
13%
102% 102% *102% 104
12%
4%
434
*22%
5%
•
,
' 70
77%
*105
9
2%
16%
9
2338
578
80%
8%
2338
5%
*23%
53%
34
734
112% 112% *112% 115
21
21
20%
21
*71%
93
*71% 9?
434
15
14%
7%
583g
"79
2%
7%
10
25
*52
2%
70
12
9
60
J6
*60
56%
79%
15
117
*20
34
8%
10%
73g
9%
80%
*65
40%
23%
7%
%
v
Mar 16
111
Jan
129
Nov
4
57% July
7% Mar
Jan
9
78
May
104% Dec
36% Jan
5
13% Mar
87% June
Oct
107% Nov
237„ Nov
834 Jan
1134 Jan
104
106
Jan
9
2384 Jan
5
7
Jan
4
9% Mar
3% Mar
9% Jan
3
4% Mar
7% Jan
18% Mar
4
8
4
Apr
13% Mar
18% Mar
8
13
93
Jan
3
15% Jan
30% Mar
4
9
91
Feb
Mar
5384
Apr
9
Mar
6
25% Dec
9
5% Mar
Mar 14
57
83
Feb
8
50
May
May
57
Jan
3
23
Mar
84
Mar
109% Mar 20
60
110
Jan
3
Feb 14
1384 Feb 25
2% Feb
6
64% Mar 9
28% Mar 11
»m Apr
Ex-rlghts.
31% Mar
90
Jan
5% Mar
1
Mar
25
Mar
22% Mar
17
Nov
3934
10
June
22S4 July
22% July
98% July
19
Nov
35% July
97| Oct
83
Oct
70
Oct
597j Nov
108% Nov
64
Nov
112%
Oct
12% July
2% Oct
5584 Oct
28
5
f Called lor redemption.
May
1
New York Stock Record—Continued—Page 4
Volume 148
LOW
AND
Saturday
Apr. 8
b
Apr. 11
Apr. 12
$ per share
$ per share
*5
5%
538
19l8
19*2
7
*3
6
*434
87,
*434
9
19
19*2
6
6
1978
5
538
20
20%
19
*334
*334
No par
0
Mar
0
6
9
*434
9
9
*4%
9
Mar 30
8
20%
18%
18*2
15,300
6%
1,400
Conn Ry & Ltg 4H % pref.100
Consol Aircraft Corp
i
Consolidated Cigar
No par
5
19%
*4%
19%
81
81
82
81
82
8*8
8*2
28%
104
104% 106
105%
b '4
5*2
5*4
5%
7*2
1%
2*4
7*4
7*4
168
1«4
7*2
134
2*4
2*8
2*4
*9*4
94*4
9*2
95*4
*8*4
94*4
94*4
10*4
9%
12
13%
11*2
12*4
*o114
■1*2
12
1*8
1*8
88
88
33ls
5
9*8
88
2
227,
21i2
23
16*2
17»4
16*2
17
50
50*2
50
50*2
57*2
59*4
1*4
45,
47,
22*,
97
97
,
Consol Film Industries
9%
2,100
29%
54,400
1,400
$2 partlc pref
.No par
Consol Edison of N Y..No par
5*8
30*8
7*2
7*8
734
17%
178
*178
2
2
9*4
10
734
2
2%
*8%
10
2%
10*2
10*4
14
14%
1334.
14%
1%
13g
1*2
1*8
89%
34%
10%
13
13%
19,700
1%
7,900
23%
18%
62*2
,
28
28
8
20*4
*
9
27*2
734
2934
8*4
20*2
2134
*28
29*4
29
97,
9
80
SO
24*2
26
3*4
*3*2
3
*49*2'
111*
'
2434
3%
3*i
3
5,8*2
*45
11*2
11
4
4*,
39
«*,
4*4
fi*«
19%
73U
21*3
39
45s
20*8
*73*4
73*4
*45
14
47|
47,
*16
17
*16
4%
110
16»s
*24
11*4
*45
3i2
39*2
47g
21i2
6
6
1,900
30%
30%
3,800
Continental Insurance
2%
24%
30%
2%
2234
23
18%
17%
17%
1,400
52
52%
58*4
6,600
171% 171%
200
57*4
X43g
4%
6,000
22%
23%
15,600
1,000
10%
11
3%
4
3834
4*2
19*4
*73%
39
12
11*4
38
33
10%
77
27%
434
16*2
16
5
107
107
1578
1758
24*4
11%
23%
11*2
12
10
3
Apr
8
100
49
Apr
5
105s April
5,000
2,800
Curtis Pub Co (The)-.-No par
Preferred
.No par
5
4%
38*2
5%
21%
21%
1
38
Apr 14
4% Apr 11
1914 April
73U Apr 8
22%
83
*73%
45
45
*4.5
16%
16%
*73%
4%
45S
16%
5*2
*4%
.
20
3,100
107
•
5*4
1,20)
107
70
17
*23%
24
12
12
12
1,300
15%
13%
14
15,100
*
Davega Stores Corp....
„
5
Conv 6% preferred
25
Apr
Apr
Apr
2*4 Mar
9
4
.19*4 Mar
6
70
6
Jan 21
4%
Jan
Mar
Apr
5i2 Mar
3
3
Mar
Jan
58*2 May
12
May
6*4 Jan
4*8 Mar
Jan
35
1258 Mar
Feb
78
878 Jan
June
3*4 Mar
48*8
Jan
Mar
18
13*4 Mar
4*2 Mar
13*4 Mar
6*4 June
3
Jan 20
Apr 11
111
1534 Apr 10
23i2 Apr 11
24
Mar
9
20
Feb
7
10
IH4 Apr 10
1534 Mar
9
9
100
12% Apr 11
25*4 Jan
8*4 Jan
4
4
7*2 Mar
..No par
Dlesel-Wemmer-Gilbert
107
58
Jan
Jan
49*2 Mar 23
24*2 Jan 4
058 Jan 6
17*2 Mar 10
8
Apr
7*2 Mar
7*2 Jan
28*4 Jan
Apr 11
45S Apr
Jan
Mar
96
48
1358 Apr 10
458 Apr 12
16
4
i
20
Dayton Pow & Lt 4^ % pf 100
"...
40
162
4734
16
Jan 24
45
,
Davison Chemical Co (The).l
Preferred
16%
24
1
Cushman's Sons 7% pref.. 100
$8 preferred.
No par
Cutler-Hammer Inc
No par
Deere & Co
18
Mar
x53
65*s Jan
378 Apr
1
i
400
17%
24
12
Class A
20,000
17%
24
12
Curtlss-Wrlght
200
17
5%
108
400
5
*434
5%
108
83
Ye
*16
17
*5*4
81,200
19,500
20
15%
5
*16
10s
38
5*8
Preferred
-
3% Apr
100
__50
1534
17%
*23*2
11%
8
Apr 13
Cudahy Packing
40
10
4
Jan 10
91
Apr 14
70
1,200
16*8
*5%
108
17%
23%
75
100
1438 Jan
12
5
668Mar
37i2Mar
*11
21%
78 May
2114 Mar
8
Apr
12%
*38
Jan 16
3H2 Jan 3
29*4 Jan 4
57*2 Mar 10
667s Mar 10
17634 Jan 6
Apr 11
*11
83
1534
9
11%
5%
22%
21*4 Mar
6*4 Mar
3%
40*2
7
22*4 Mar
29
Apr
25*2 Apr
59%
4%
3534 Mar
21%
*3
4%
June
9
*50
4%
6
9
59%
4%
5
12*2 Mar
Cuba RR 6% preferred
Cuban-American Sugar.
•
10% Jan
41i2 Jan 3
40*4 Feb 28
Preferred
3,800
Jan
3.1*4 Mar
24% Apr
•
103i2 July
107
19
Crucible Steel of America. .100
334
65% Mar
3012 Mar
Jan 18
85
3%
*50%
.
284 July
3
60
3%
26% July
114 Mar
3
250
250
85s Mar
Jan
11,700
300
Jan
1784
Jan
28
75.
Mar
44
Jan
984 May
38
6
75
95*8 Nov
110
35% Apr
27
22
Apr
100
3
568
Mar
Jan
7i2 Apr il
Jan
Jan
7*2
10
8
26% Jan
Oct
IO84 July
78
Apr 12
par
Oct
Nov
738
Jan 10
Apr
No par
*70%
3
Dec
97*s Mar 28
10*2 Jan
22*s Mar
93
No par
w w
212 Sept
2*4 Mar
21
Pref ex-warrants
.No par
Crown Zellerbacb Corp
,..5
$5 conv preferred
No par
7,500
,
7
5
Oct
1214
104
Mar
6
25
$2.25 conv pref
"i"666
10%
887s
100
_
5% cdnv preferred
8
71*4
*45
l
Crane Co
20% Apr
77
15
Coty Inc
Apr
278 Mar
6
Dec
2%
34*4
Mar
3*4 Jan
4
Jan 26
No par
28*4
83
49
100
17
9*4 Jan
Jan
76
867s Aug
4i2 Mar
MarlO
115*4
56% Apr 11
171% Apr 14
3% Jan 26
25
U.
Preferred
Crown Cork & Seal
77
*38*2
4%
Corn Products Refining,.
Crosley Corp (The)....No
70
4
1% Apr 10
21% Apr 11
10i8 Apr 11
Cream of Wheat ctfs
27%
11%
1
._6
1,000
29%
334
29is Apr 11
8,700
72
*3*4
$2.50
3,100
78*4
3*2
8
9
28*2
4
Apr
Continental Steel Corp.No par
Corn Exch Bank Trust Co.20
38
29%
10*4
5
2134
72
*3
434
16
*31
10%
l
2934
27*4
45
109
1534
24
*31
1334
478
8*2
20*4
*29%
45
434
834
23%
10%
*334
5
2934
834
38
*50
21%
97
22%
29%
14*2
83
*104 •
17
3%
3%
60
*94
'
Apr
Continental Oil of Del
830
8
Apr
Mar
2
3212 Apr 11
111
Continental Motors
33,300
12,600
.
88
20
I
334
15
Jan 13
H4 Apr 10
100
$4.50 preferred
.No par
Continental Diamond Fibre.5
10
4
11% Apr 10
8% preferred
6
12% Mar 10
Jan
7% Mar 10
938 Apr 10
No par
Continental Can Inc
29%
21%
*73%
5
25
»
Continental Bak Co cl A No par
1,100
94*8
2934
*28
8
23*8
*78
71
3
4
484
4*4
*104
60
«««•.
13%
434
15*,
'
78
25%
*67
11*2
378
*45
81
7212
3*2
3*8
29
8
94
_
Jan
107*2 Mar
434 Apr 11
7
Apr 11
153 Apr 8
134 Apr 11
9
Apr 11
.
Apr
71
35
103a Nov
414 Mar
55
1
Mar
2934 Dec
884 Oct
1478 July
208s Nov
10*2 Sept
Feb 27
2i8
5% preferred v t c
100
Consumers P Co$4.50 pfiVo par
Container Corp of America. 20
9,900
53
94*8
22%
*31
29%
9*2
78*2
27*4
9
27
■
38
28
9*2
95
29
8
22%
*31
3434
93
29
7*2
20%
30
*67
94
29
8
■■
*71
7212
*66
94
22*4
40
"29"
94
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t 0..25
36
2%
1
8% Apr 11
Apr 11
10134 Jan 4
_.
Class B
3
87s Feb 28
27
112
34*2
'
94
1% Apr
$5 preferred
No par
Consol Laundries Corp.
5
Consol Oil Corp..
No par
400
90%
!_
112
6%
30%
2%
100
10%
*88
35%
112
6
1,700
2%
96
1%
89*2
600
300
12,800
1%
112
'
;
38,800
10
*8%
*90
96
*93
2,400
2%
2%
*2%
10
100%
10%
13%
104% 104%
6
*5%
7%
7%
6
2
2%
*8
*90
9
28*4
104*2 104*2
89
90
88%
33%
34%
3212 33%
111*2 111*2 *110% 112
5%
6*4
*6%
5%
30.
29% 2934
30%
134
17b
178
2*8
22% 23
21*8 2214
17%
17%
16*8
16%
5034 51
52% 53
58
57%
56*2 585g
178
9
58
58
59*2
6034
175
*160
175
17158 1715s *160
*160
174
5
4*2
434
5%
4%
478
5%
5%
22
24
2134 2334
23%
23% 24%
24%
*172% 175
21
1,600
*86
22
307,
.
1*4
111
5i8
29*4
15s
30
12
1%
30
Dec
88
*1*4
29%
Mar
4
80% Apr 14
1%
w w
Mar
6
100
"260
6^ % prior pref
15
5
85
80*4
per
Jan
25i2 Jan
Apr
Highest
share $ per share
9is Aug
3% Apr
;
1
5
4
80%
*1*4
8*2
Year 1938
Lowest
Mar 31
18% April
5% Apr 10
84*2
84
85s Feb
3038 Jan
73
*81
*70
0
April
loo
82%
1*8
*6%
9
7% preferred
84
6
9478
*6
6%
*70
6
2
1®4
9
*93
3378
111
5*2
1%
10
33*4
112
.7
.
19%
6%
Congoleum-Nairn Inc.-No
84
85s
8%
28% 29%
10334 104%
28%
10234 103*2
55s
434
12
*86
84*4
111
1%
8%
27
6%
82*2
1*4
8*4
.
Apr
par
Congress Cigar.—
83
'
6
600
2,700
6
*6
27*2
No par
6%
20*2
*70
8*4
$ per share
20*2
6
28*2
Conde Nast Pub Inc
$ per share
6
5%
21
*5
Par
Highest
6
84
8*2
27*4
Shares
per share
Range for Previous
Lowest
20%
*70
1*4
Week
*5*8
84
1*8
Apr. 14
20%
*70
1*4
$
$ per share
Range Since Jan. 1
On Basis of 100-Share Lots
6
84
1*4
the
*4
*66*2
1*4
13
Apr
STOCKS
NEW YORK STOCK
EXCHANGE
Friday
Thursday
6
1934
18%
534
6
558
5
19
*3*4
*434
Sales
SHARE, NOT PER CENT
10
$ per share
20*8
PRICES—PER
Wednesday
*3
19
'
SALE
Tuesday
Apr
$ per share
19*2
HIGH
Monday
2221
102i2 Jan
1384 May
1984 Mar
Mar
.
Oct
49
June
110
Nov
1178 July
36*2 Nov
3*2
Dec
35«4 July
29i2 Nov
66
70*4
177
Jan
Oct
Dec
6*8 Nov
4212 Oct
117*4 Nov
29i2 Nov
10b8 July
43*4 Nov
40
Nov
37*8 Nov
15*8 Nov
9212 Nov
44*8
Jan
94ij Jan
13i2 Feb
014 July
87
Jan
216s July
8*4 Aug
Aug
73s Deo
28*4 Nov
60
83
Oct
50
Nov
29*4 Nov
8*4 July
17*4 Dec
11*4 July
111*4 Deo
2514
Feb
25
Jan
17
Nov
'
15*4
13*8
13*2
12%
143S
143S
15
14%
14%
Delaware & Hudson
"
4
4
4",
1
*®4
43g
34
107
112
*107
4*8
*34
34
107
*100
19
19
.4*2
4%
4%
78
4*4
%
*34
107
4%
*34
4*2
%
434
14,700
34
34
,
8
1
Devoe & Reynolds A ..I No par
18i8 Apr 10
Diamond Match
28
Apr
39
Apr 12
20
21
21%
29
30
30
*29
30
39
40
3934
3934
*39%
40*2
400
7%
ib
1,100
4,800
90
500
106
Apr
950
19%
28*2
*102
4
JDenv & R G West 6% pf.100
Detroit Edison..
103
104
Delaware Lack & Western..50
200
400
105
105
..100
84 Feb
103
Mar
4
*4 Nov
1*2 Jan 4
123*2 Feb 25
Apr 13
25*8
Dec
884 Nov
212 Jan
70
Mar
115*8
25
Mar
Dec
'
'■
15*4
165,
18*8
28*2
*3914
6*8
15l2
83
83
*82l2
19*2
21*2
28
28
*39*4
40
6
01,
2834
39%
6%
6
15%
16
16%
7%
16*4
83
83
83
32% '32%
1034
11%
30*2 •3034
5*4
*4*4
10*2
10*2
10
30*,
30
30
10*2
10
12
30*4
31
3058
*434
3034
534
60
6U2
103*4.110
6
■6*8
11*8 .* 10*4
11*4
11*4
*10*4 10*2
105
6
6
IOI4
*10*4
115
*101
115
*101
6*4
.
*6*4
10
10
56
60*4
59i2
103
,
61*4
101% 110
6
10*4
*10*4
11*4
10%
111
*101
4
180
1*8
,
,
16
1»«
.
.
1*4
24
*9
*31%
11%
12%
12
30%
*43,
31%
53g
31
60%
13s
17
138
25
1%
24%
8*2
9
834
2*4
7*8
2%
6%
23
18*4
207,
193,
25
25*4
63
24
2434
20%
20%
2434
19
23%
84
*34
%
65
30
29i4
31
2834
43
*39
*39*4 40
105i2
J.05% 10578 *104
,
13s
17%
1%
25%
97g
7
8
62*2
62l2
65*8
66
*7434
77
7*8
*6212
6534
2958
39
104
8
7
68*2
*62%
6534
*63
80
*69
-
69
9%
2%
7
2434
21%
24%
1*8
30*4
39%
104
8%
,
11
10%
1034
*105
135
20%
-1134
10%
140
119
119
117.
116
12%
4%
13%
5
179
,1%
26%
103,
2,700
10%
5,500
Dunhlll International-
10%
300
139
2,500
4%
14234 143%
17,500
6% noh-votlpg deb
$4.50 preferred
Eastern Rolling Mills.......5
...100
1
18
25%
27
10
10%
934
9%
*2%
2%
19,700
3,100
8I2
2%
734
Elec <fc Mus Ind Am shares...
2
Jan 23
7
7%
33,500
Electric Power & Light.No par
6I4 Apr 10
134
17%
*1%
1*4
26
25
6,700
27,000
Rights
Eaton Manufacturing Co
4
I5I4
Eitlngon Schild.i.....No par
1%
22%
Electric Auto-Lite (The)...
3
Electric Boat
21%
4,800
24%
*5s
24%
1%
31%
25%
25*2
25%
25%
3,000
$6 preferred..
No par
Elec Storage Battery..No par
1%
700
Elk Horn Coal Corp...No par
El Paso Natural Gas
7%
*%
*®4
1%
31
31%
38
38
31
31
*36
39
11,600
4,700
"
6834
73
104*2 104% *103% 104*2
9
8
8%
8%
06%
66%
*63% 68
69
*71
69*2
74
67%
69%
67%
69%
400
270
41,800
i.
$7 preferred..
No par
300
$5
600
$5 >4 preferred w w..No par
62% Apr
6658 Apr
$0 preferred
69
conv
preferred
No par
No par
1
1
1
1
1
1
1
1
4,600
Equitable Office Bldg. .No par
1*8
13s
1*8
1%
1%
1%
3,700
JErle Railroad
2*8
2*2
2
2%
2%
258
25g
1*4
2%
2%
2%
2%
3,400
1*4
1*2
1*8
1*8
*13,
1*2
1%
1%
*1%
1*2
1,700
4%
6*2
4*4
138
4%
1*8
4*2
4%
4*4
5
5
5*8
5
5
65g
1534
6*8
1484
1*4
234
034
6
4%
6*4
7*8
7%
7
7%
15%
1*2
3*4
14%
1634
16%
7%
1634
25
25%
24
25
20
21
20
20*8
1
1%
3
1*4
4
*7g
20*2
*85*4
2834
*1634
*
1
1
%
2984
28*8
28*2
*78
18*4
*8478
2734
24*4
*1634
17*2
16*4
20*2
90
20*2
*847g
20*2
88
Fairbanks Co 8% pref
13
*10%
12%
400
88
*80
90
10
100
*91
105
300
101% 101% *101
102
*101
100
-
3
3
3%
3%
3%
2%
23,
23g
*2%
2%
1
3*8
*2%
1
%
20
21
21
*21%
22
*21
88
88
88
85
85
83
2834
30
30
30%
30*4
1634
*15%
*15%
24%
Bid and asked prices; no sales on
Exchange Buffet Corp.No par
320
*10%
100
2*8
800
*82%
*85
— -
3
Fajardo Bug Co of Pr Rico..20
Federal Light & Traction
15
90
«.«
Ex-Cell-O Corp
1,800
87
27,
4,400
21%
90
78
24*4
this day.
3
.100
14% Apr 11
1
April
2«4 Apr 10
24
April
72*2
Mar
79*2
1*4 Dec
1*2 Dec
284 Mar
2%
Jan
0*4
Jan
884
Jan
112 Dec
2% Mar
6*2
Jan
5% Mar
Jan
Oct
Oct
Apr
25
Dec
Mar 17
15
Apr
100
100
Preferred
3%
5,100
Federal Motor Truck..No par
200
Federal Screw Works..No par
2
Mar 31
Federal Water Serv A. No par
7s Apr
800
Federated Dept Stores.No par
500
Fed Dept Stores 4 H%
*30
8434
30*2
3,000
Fidel Phen Fire Isn N Y..2.50
*15%
24%
20
Fllene's (Wm) Sons Co.No par
1834 Apr 11
83
Apr 1
2784 Apr 11
I684 Apr 11
»
New stock,
r
pf-100
Cash sale,
x
Ex-div.
y
6
10*8
Us
3i2
19*2
19
85
110
Mar 15
101% Apr 13
0
Jan
6
7
15s Jan 19
20*8 Mar II
89*4 Feb 6
37s Jan
Ex-rights.
Jan
16
Mar 10
Federal MIn & Smelting Co 100
Oct
6*4 Mar
35
897g Mar 10
Dec
6
Mar
Mar
May
2212 May
67b Mar
67
Apr
5212 Apr
96*2 Feb
2% Mar
17g Mar
1
Sept
12*4 Mar
677s Jan
22i2 Mar
5
4
4
Jan 24
2%
oDef. delivery.
24*2 Jan
2*4 Jan 20
6*2 Feb 27
Apr 11
1,700
J In receivership.
71
Mar
46
11
5
1013s Apr 13
278 Apr 10
Oct
38*2 Mar
40
81
Apr 10
Nov
2«4 Nov
29% Nov
45*8 Nov
111*2 Dec
10*2 Oct
8
1®4 Jan
13
35
Jan 20
2®s Jan
5*2 Jan
3
Oct
4I84 July
46*2
Jan 20
Mar
100
$6 preferred
20
1
*%
86
437s Jan
29*2 Jan
103s Mar
22
%
Apr
94*2 Apr
2% Mar
1
21
*70
*2
Apr 11
21
90
*95
6
21
*75
2
5
20%
12%
85
3
Evans Products Co
Fairbanks Morse & Co.No par
85
2
6,900
4,000
11
278
Jan
27
88
*90
3,400
4
*3
11
li8 Apr 10
6
27
*82
3
100
3%
12
«...
4% 2d preferred
Apr 10
Eureka Vacuum Cleaner
27*2
87
3
2
3%
*82
*2
100
26%
88
*90
1%
4*2
4% 1st preferred
2634
*85
11*2
1%
% Apr 10
1% Apr 13
26
*20%
12%
13
*1%
33
78
100
Mar
7
80
Apr 11
Deo
5^8 f uly
Dec
30*4
Oct
111
200
25®8
Jan
Feb
Jan 30
8*4 Nov
Deo
17
11% Mar 10
Deo
4
Mar 13
4334 Jan
Dec
17*8
14
38
Endlcott-Johnson Corp.—.50
Apr 13
5% preferred....
.10f zl03% Mar 22
7
Apr 8
Engineers Public Service.—.1
38
Dec
118*2
15*4
21*4 Mar
i2 Mar
1%
2%
284
Mar
120*2
6*8 Mar
22% Mar
3
6
1
1*2
3*4
2634
2U2
6
138*2 Nov
2% Sept
-
3068 Mar
1*4 Jan
138
*1*4
3*4
41% Jan 20
Mar
36
%
2512
21*8
*10*8
3is Mar 6
123s Jan 19
2
13*4 Mar
Jan 25
1%
10
Dec
10i2 Mar
28
I84
15%
*1%
Nov
173
Jan
23i2 Apr 11
eg Apr
'
1*2
15%
187
157
18
8
1834 Apr
Oct
121% Mar
38*2 Mar 10
15% Jan 4
,
12
5
Jan
Jan
183*2 Feb 8
3*8 Apr 3
27*s Mar 10
33jj Jan 4
Apr
0
1*8
13
2Qi2 Apr 11
8
186*s
198g Deo
1384 Nov
3*4 Mar
5
102
Feb
"
1*2
7*8
15%
1*4
*3%
1385s April
175i2 Jan 3
Deo
2
5
MarlO
18*8 Mar
1214 Apr 11
4
Apr 1
I84 May
8*2 Mar
Deo
8O84
141
Jan
118*2 Feb 27
Jan
Jan
Dec
121
142
Mar
15484
115U Jan
Eastman Kodak (N J).No par
877s
Jan
8*4
90*2 Mar
13084 Mar
109*2 Apr
III84 Jan
11712 Jan 26
1
31
,
Oct
3478 Aug
115
100
4
Mar
4*2 June
11*4 Jan 5
19*4 Jan 13
No par
Eastern Airlines, Inc;
6% cum preferred.
1*2 158,400
18%
4,500
6
156®4 Jan
Duquesne Light 6% 1st pf.100
179
1%
Jan
120i4 April
13034 Jan 26
April
April
Apr 8
Apr 11
Apr 10
1%
135
Jan 18
21%
68
Mar 31
Jan 25
2234
*71
April
6
12
22
*67
56
101i2 Apr 11
115
2234
*64
27*8 July
Feb 24
6
Apr 12
22
68*2
3378 Mar 29
6*2 Mar 14
785s Jan 3
-
Apr 14
24
67
Jan
Dec
25*2
MarlO
2234
69
17
35
12'
10
25%
42
8*2 Sept
2884 June
10
24
104% 104*2
8%
8%
12*4 Jan 9
35*4 Jan 16
22*4 Jan 3
108
-.1
.
26*4
*38
23ig Nov
91*8 Nov
100
Du P de Nem (E I) & Co.—20
8% preferred
2%
7%
24%
31
11
Mar
87
No par
Duplan Silk
800
130
No par
Oct
Mar
1*2
17%
1%
*2%
23g
7%
6*2
14,800
4%
par
Dresser MfgCo
134% 136
*177
.No
Douglas Aircraft
Dow Chemical Co.....No par
10
12%
Dominion Stores Ltd..-No par
2,000
9,300
146
18
23,100
12*4
144
1*4
«
5
II
Oct
Oct
65*s June
30% Jan 26
-
Dec
1
Dome Mines Ltd......No par
*
42
4
5,200
«
Jan
Mar 11
3,100
~
31*2
93s Jan
Apr 10
*
Jan
Janl6
44
20*2 Mar
Apr 10
Class A..
2O84
40 %
30*8
1
5% Apr
Mar 31
400
13%;
4%'
Dixie-Vortex Co
323s Jan 11
3234 Mar 13
15i2 Apr 10
7934 Jan 23
10
114
139
Corp-Seagr's Ltd. No par,
6% pref with warrants.ilOO
10
*118% 121
116% *11534 116*2
*177
144%
TO
Distil
3
30
250
*101
25
2
No par
500
11%
31%
10%
.
6% partic preferred
Diamond T Motor Car Co
No par
10%
32
«
No par
Doehler Die Casting Co No par
*9
11%
6%
115
1,000
32
7
*138
140
15*4
*83
10%
32%
12%
31*4
120
<
*6
1
,
134%. 139*8
179
163s
2*8
22
.
15%
9*4
7
478
142
*177
6%
11*2
108
1%
22%
6*o
11%
1*8
1
,
62%
*10%
108
20%
31%
*4%
5%
5%
*4*2
62
60
6034
60%
*109
114
114% 115
114
.6*2
43s
180
2*4
6*4
2234
6*2
4
1385s 141*41
*177
180
1*8
1J4
26
884
214
4
139*2 14112
*177
18
17*s
1*4
243s
•
4
4*8
141
1634
83%
10*2
-
139
7%
16*4
32%
134
"126*4 132 •
138
138
13934 13934
13834
119
119
*118%
118*4 II884
*118% 120
117
117
*117
117*2 *117
117*2
*116l2
13
13
123s
12*4
12*2 13*4
12*4
*177
*6*8
83%
*9
114
6
.
32%
128*2 133
128*2 131
138*4 138U
v
83
30*s
10*4
5*2
39%
16
84%
10*2
*5
28%
19%
28%
39%
June
26s Nov
IH4
43
35*4
16*2
Jan
Deo
Oct
Oct
84*2 Nov
133
Nov
99*2 May
5% Aug
4*8 July
2i8 July
29
Oct
905s
Oct
36*2 Nov
25
Oct
J Called for redemption.
==b
New York Stock Record-Continued—Page 5
2222
Saturday
%
Wednesday
Thursday
Apr. 11
Apr. 12
Apr. 13
38%
16%
18
*23%
26
17%
*24%
*16%
18%
*16%
15
19%
19%
*1%
1%
2%
2%
8%
8%
10%
10%
6
8%
9
1734
*40%
20%
22
*60
19%
1%
2%
4
1334
*1234
50
*46%
50
.'6
6
42
40
41
10%
21
21
45
45
33%
38%
3834
75%
75%
124%
39%
121% 123
123
123
122
31
*27
31
*27
*27
4%
4%
7%
7%
*105l
108
1
1
14
92%
°
1
14%
14%
92%
92
1%
1
*96% 103
*105
108
1
1
1
100
42
2,600
7,.500
42
3
*234
10%
11
21%
20%
*120
*123
35
*30
*27%
16
16
16%
92
15%
92
*90
<1
1%
1
*15
108
108
1
1
*90
92
1
1
1
92
40
%
1
10,500
1,100
4,700
*90
*15
10
15%
1534
15%
15%
16%
16
16
21
20%
21
19%
21%
22%
23%
23%
2334
22%
23
16
18
16
17
16%
17
18
18%
18%
183.1
17%
17%
10
10%
1334
1034
1034
10%
10%
934
10%
10
; ■
97%
'ie'
*
97%
"16%
17%
47
*441.t
7%
8
7%
2
2%
1%
*70%
75
*70%
278
2%
2
5234
3
16
6%
56
38
*35
3
3
3
5,500
2
2
2
2
2
7,000
*71
80
*71
80
10
14
15
1334
15%
13%
15%
16%
15
15%
54
63
54%
54
55
>*56%
61
57
57
23%
23%
24%
21%
23%
24%
24%
23%
25
22
23%
90
94%
91%
91%
3%
*90
91%
93
93
9434
95
92
92
75
*70
3
3%
3,
*71
*71
75
5
4%
1
1
1.1%
.10
25%
*23
5
484
20
25
25
23%
23%
233#
13
11
11%
It
10
11
25%
25
23%
*23
12%'
13%
1234
16%
17%
16%
18%
24%
24
18%
24%
1634
24%
24
24%
1234
12%
*
*130
135
*36
50
*36"
*
*%
9
*3%
11
%
%
%
*%
9%
9%
4%
3
12%
*11
9%
3%
12%
35
8%
*13%
8%
15
100% 100%
*101% 103
*
17
19
136
75
2%
159% 159%
10%
10%
63
64
*55%
59
*1434
34%
19
35%
*99
100
*_.-
100
101% *100
101
*100
101
*100
101
17
9%
10
9%
61
61
61
*100
105
*102
107
5
5%
41%
*1%
1%
3
3
26%
434
1
9%
28%
4%
40
1%
*3
261s
5
434
1%
1
11
934
16%
18%
*1634
40
40%
3834
^5
5%
»
*5
*90
61%
*25
8%
*56%
*100
5%
4%
40%
1%
1%
3%
5
2%
*
■
"i034
66
160
*99
10
4,300
400
98
98
100%
*
159
~ii%
13,600
*129% 131
60
*56%
*129% 131
*104% 106
*104% 106
102
61%
28
9%
*
102
"61%
27
9%
*59
61%
105% *103
53#
42
61%
27%
10%
6334
30
1,200
11%
66
1,800
*129% 131
40
*65%
57
57
100
"
159
"n"
67
66
66
*
11%
200
60
*57%
1
*
106
"61%
6134
*26
27%
11
10%
64%
*61%
105% *103% 105
5%
5%
5%
43%
44%
1%
43%
534
45
1%
19
33%
~3~3o6
106% 106%
200
33%
8
*7
10%
*
2,600
IOI9
106
~6l"
1,300
w.
-
61lo
«.
-
2,400
27%
27%
600
9%
10%
2,500
64%
300
*62
*103
1634
Jan
27% Mar 10
39
2% Jan 23
1% Apr 10
70
3
No par
Gotham Silk Hose
Preferred— ....—.—.100
1
Granby-Consol M S & P
5
Grand Union (The) Co
1
$3 conv pref series—No par
Granite City Steel—..No par
Grant (W T)
10
5% preferred.:
...20
Gt Nor Iron Ore Prop.No par
Great Northern pref....-.100
,
Graham-Paige Motors
Sugar..No par
100
100
1
RR
Co Inc...
Cananea Copper.. 100
Greene
100
Gulf Mobile & Northern. .100
6% preferred
....100
Hackensack .Water
25
,7% preferred class A...a.25
preferred-
8%
105
5%
43%
15,700
3,300
*1%
1%
1,200
4%
300
5%
1%
1%
1%
1%
1.0,400
Hupp Motor
10%
11%
10%
1%
10%
10%
21,800
Illinois
18%
39%
39%
540
6 % preferred series
Leased lines 4%
6%
310
RR Sec ctfs
18%
18%
19
40
3934
3934
5
6
6%
Bid and asked prices: no sales on this day.
*18U
39%
*6
40
7
*6
X In receivership,
"
18%
4,800
11,800
1,000
a Def. delivery,
5%
n New
14% Apr 11
10
Apr 8
% Apr 1
21'4 Mar
734 Mar
22
Dec
12% Jan
7% Feb
13
Oct
8
18% Feb
12
Mar
5% Jan
3
Mar
9
Apr
3
11
1%
Apr 10
Apr
8
29% Jan 27
32
8
Jan
5
100
17
Jan
5
Apr 10
Mar
4
4% Feb
3
8-% Apr 10
22
8
Jan
_
Jan
24
Apr
30
Nov
30
Apr
35
June
5
Mar
13% Nov
21% Jan
31
12
Feb 24
17% Mar 10
12
Mar
101
Nov
83
June
100
Nov
4
15
Mar
138% Jan 11
120
Apr
32
Jan
4% June
1% June
Jan
4
7634 June
12% Mar 10
5% Mar
81
May
111
Dec
161
Dec
106
No par
3
42% Mar
135% Mar
6
A ... 100
..100
1000
Cash sale,
x
103% Jan
4% Apr 10
40
Apr 10
61
Dec
60
Oct
105%
Dec
21% Nov
52% Oct
118
Aug
17
Jan
98
Jan
15%
534 Mar
11% June
Jan
Jan 12
104%
Mar 10
9
17% Jan 3
70% Jan 3
109% Mar 16
36% Mar
Jan
6
55% Mar
9
8%
108
May
Apr
17% Mar
66
Aug
48%
6
Mar
46%
Jan
83%
Jan
Mar
5
23% Mar
35%
Oct
18%
Oct
72% Nov
105% Nov
984 July
53%
Jan
Jan 20
May
3% July
9
10
5
3
4
3
Mar
9% July
35% Nov
134
25% Apr 11
35% Jan
434 Apr
8
8% Jan
1
8
2%
Jan
2084 Jan
20% Mar
% June
6% Mar
Apr
12
Mar 13
23
11% Jan
4
Mar
5
3
Jan
yEx-rights.
1334 July
25% Jan
Mar
102
1
5% Jan
Ex-dlv.
Dec
135%
Mar
Jan
49
87
Mar
Jan
3834 Apr 10
Oct
20%
Sept
11% Mar
35
Dec
11% Nov
15
51
8
Oct
111
80
6
934 Apr 10
6%
40
110
66
Nov
7
Jan
3
16% Apr
Jan
19
1% Apr
Apr
12634
75
Mar 10
109% Feb
3
Apr
Jan
5
Jan
8
9
Dec
*7%
Jan
4%
86
Apr
140
50% Mar
8
834 Apr 10
3434 July
7% Mar 10
Mar 11
79
Apr
61
»
88%June
10334 Mar 28
103
Mar 17
63
8
Nov
35% Mar
Jan
Apr
Jan
6% July
24
Mar
27
Jan
28
Mar
10
128% Apr 10
54
Jan 28
184
Mar
%
Jan
140
100
r
June
5
Central
stock,
50
Jan
..1
Oct
28% Nov
Feb 17
.
JaD
Dec
50
13% Mar
Mar 24
preferred
.... ...100
Mln & Sm Ltd 100
No par
32
142
34% Mar
17
c—25
5
100
30% Dec
.
July
165
Hudson Motor Car
series A
35
117
Hudson Bay
Car Corp
122
Jan 21
100
5%
15% Nov
Apr 10
preferred
July
24% Dec
Feb 20
Houston Oil of Texas v t
30
9% Mar
1
5
Jan
Jan
10
No par
*3%
Mar
12% Mar
23% Apr
Apr
Mar 11
Mar
8
10% May
19
Apr
159
Household Fin com stk.No par
27%
5
4
Jan
110
Houdaille-Hershey cl A.No par
5%
16% Jan
31% Jan
Mar
20
40
No par
No par zl04% Jan 24
17% Mar 31
Hlnde & Dauch Paper Co.-10
33
April
Holland Furnace (Del)
10
105%
Mar 18
$5 conv preferred
98
7% Apr 10
Hollander & Sons (A)
...5
10% Apr 1
Holly Sugar Corp
No par
7% preferred
100 104% Jan 12
60% Mar 31
Homestake Mining
12.50
334
7
1
100
100
Manhattan
Jan
2
.
No par
6% cum preferred.
Hershey Chocolate
Hudson &
,
Apr
T_—-1
—.25
Preferred
Howe Sound Co
Jan
32
Apr 11
Class B
8% Oct
2% July
14% Nov
22% Nov
4
32% Mar 14
93
Hercules Powder
2% Mar
.
Apr
Hazel-Atlas Glass Co.a...-25
Hercules Motors...
6% Nov
7234 Dec
50
Apr 10
Helme (G W)
Dec
108
2% Mar
4
24% Jan 26
2
Corp
15% Mar
Apr
2
Hecker Prod
June
Nov
26% Oct
68% Dec
38% Dec
6934 June
50
6
32
Jan
85
52% Mar
a4 Mar
Jan
28
Mar
Jan
Jan
139
Jan 19
28%
*36
8
10
Mar
1%
Apr 10
71
Hayes Body Corp
Jan
7%
Apr 14
preferred
Corp of Amer class A...1
6preferred w w. — lOO
Hat
5%
*16%
60% Apr
24
136
27%
19%
Mar 13
133
Apr 12
5%
40
3%
24
16
—10
a
434
1134
1934
12% Apr
16% Apr
Jah
3% July
2% Sept
z3134 Mar 13
2434 Jan 27
22% Jan 23
99
Printing
2734
1%
51%
July
334 Mar 14
2% Jan 4
134 Jan
6% preferred.
.100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
*3%
.
2812 Nov
15% Mar
8
1534 July
Apr
20
Apr
61
Mar
Mar
10
Hamilton Watch Co...No par
Hall
5%
M
5%
42%
28
_
Dec
5
134 Mar
8
% Apr 10
11
Apr 10
Apr 11
Jan 26
27%
5
84 Apr
Feb
46%
13
5.
45S Apr
Feb
11%
37
Mar
80
Feb
75
June
27% Nov
47
4
74% Mar 16
38% Jan 3
10934 Jan
Apr
20% Nov
100
67
2434
Apr 10
53
Mar
37% June
•79
Jan
21% Apr 11
90
Apr "
5
6
1434 Mar 31
Mar 31
par
No par
Rubb.No par
preferred.
No par
3
1%
1034
par
June
9
3
66% Mar 11
24% Jan
13% Jan
7% Apr 11
5234 Apr 11
98
Nov
16% Nov
6% June
3
Mar 14
54
Jan 26
44
preferred
27
1
par
par
par
Mar
8% Mar
14% May
Jan
8%
■5% Apr 10
Goodyear Tire &
Green (H L)
July
95
99% Feb
41
Goodrich Co (B F)—..No par
Preferred
2% July
27% Nov
Mar
1
15s Jan
13% Apr 11
Great Western
Nov
110
15% April
434
3
Jan
98% Mar 28
25%
1%
Apr
1% Dec
1284 Mar
z85
Sept
101%
Mar
100
1%
*3%
1%
634 Mar
1% Jan 20
28
$4 conv preferred
*104% 106
*1434
110
9% July
12% July
Mar
4
July
45
21% Mar
Co...5
50
Gobel (Adolf)
-1
Goebel Brewing Co
-.1
Gold & Stock Telegraph Co 100
$5 conv
AuS
53% Nov
124% Nov
Corp.No par
Razor.-No
No
Brothers—...No
$6 preferred
No
Glldden Co (The)
..No
4conv preferred
5%
125
25% Mar
111% Apr
6% Jan
10% Jan
Mar 31
Jan
118
9
125% Mar 11
38
Feb 28
51% Mar
4
Dec
34
6%
400
2%
2%
2%
2%
10%
9%
5,100
9%
9%
9%
9%
9%
9%
116%
116% *109
116% *109
11.6% *100
1%
10%
6%
40
75
*65
75
*66
2%
Jan 27
Nov
79
13
'
.
*97% 100%
.
20
■.
19
18%
19
19
*15
*1434
1734
35
35
35%
35%
34%
108%
108% *106
106% *106
7%
7%
7%
7%
7%
7%
11
11
11
*10%
*1034
10%
4234
27%
19%
3,100
15
*13
*1434
33
884
~
9%
160
106
61
41%
*
17%
27
300
*120% 136
*120% 136
6
5%
*5%
5%
80
*65
75
2%
5%
*5%
15
19
1834
*120% 136
5.
96%
i
18
18
*120% 136
343.1
*25
14Q
9%
*1334
34
27%
27
9
9io
9%
9%
15%
106% 106%
62
3%
99
65
102
*3
99
63
"61%
4
*13
*1434
*
12
15
64
62%
*9
*9712100
10
"(51%
12
130
"16"
7%
200
%
700
8%
127
50
Jan
9% Apr 11
12
Apr 6
5>4% preferred.——10
Guantanamo Sugar....No par
12
8%
"Mar•30
Oct
1%
Mar
50%
15% Mar
Greyhound Corp (The)-No par
40
8
25
9
Mar 17
Jan
3,000
30
10
11
*3%
3%
40% Nov
117% Nov
% Mar
Jan
66,200
11
*%
%
*10
16%
12
9%
116% *109
7%
1034
*34%
8%
1034
"l5%
11
*%
10
32
'
17
10%
*29
93
734
_
16%
11
12%
2%
10%
32
8,400
35
94%
7%
^
27
26%
22% Mar
5
1% Jan
15%
Green Bay & West
50
*36
*
30
2
10%
28
35
*104
*106% 10838
50
*27%
10
*2934
128% 128% *12834 131
60
*56
55%
55%
106
*104% 106
129% 129%
*104% 106
*36"
■.
25%
133
134
r
18%
133
*11%
*90
63%
18%
25%
30
2
"16"
26
1134
101% *100
160
20
36
*65
8%
18%
*25%
6,800
31,300
2,500
.
*3£>
,so
*
13
*29
*60
*109
13
36
5
9%
110-
110
13
11
5
2%
200
2934
'
9
2,200
2.3%
11
5
95
95
27%
2912
*13%
18
"900
900
H
*120% 136
4%
11
17%
12
3%
11%
3%
*11%
23%
%
*10
12
*35
9
15
100
l66"
-
*1
1%
11%
1234
27%
23%
27%
*■
35
%
2934
75
'
%
35
4fs
1
16%
2934
*120%
*
28%
*10%
36
18
50
28
27%
10%
30
8%
*36"
50
11%
12%
*
134
16%
*35
*13
1334
*1
25
32
*2984
2,100
19%
10%
*3
2,200
13%
14%
*10
1%
12%
11%
.18%
32
"
5,300
13
1034
•
"lbieoo
*23%
16%
—
%
5%
*26%
38
.
%
5%
233#
10%
_
16%
11
10
26%
28%
%
5%
27%
~15%
*
32
"l5%
*36"
50
26%
27%
27%
75
*70
75
1
.
%
26%
25
b
5%
%
*23
800
1,900
%
11%
12%
V
900
45,900
5%
'
5%
%
.11%
1134
#
134
135
_■
.
%
•
1%
11%
11%
*%
11%
'
*70
75
*70
%
5
11%
10%
l1
%.
75
4%
27,800
3%
3%
3%
3%
3%
3%
84
%
%
84
%
3
3
16
16%
61
27% Mar
Nov
10834 June
Mar
90
Feb
Nov
48
42% Mar 15
83
Apr
Nov
87.
28
5
Jan
38% Nov
138
"
22%
15%
Mar
20% Mar
108% Apr
32% Jan
$5 conv preferred
'
*.
3
54
*56
-
Mar
35
Jan
19% Apr 11
Apr 8
Gimbel
300
-
11
Jan
16
..No par
6% preferred
4,900
■«
Jan
25%
2% July
26% Oct
41% Nov
Gillette Safety
16%
38
•
Jan
Oct
5% July
19% Oct
13% Mar
13,700
56
15%
16%
*35
18
75
55
14
11% July
136
534 Mar
35
.44%
9% Nov
102% Dec
59% Dec
2% Mar
3
Apr
Mar
115
Mar 13
72% Jani 26
Jan
Mar
29
6% Mar
Apr
9
Mar
82
92% Apr
General Tire & Rubber
25,200
8%
8%
*50%
9
4% Mar
3
Oct
20% Jan
1
$6 pref.No par
Gen Theatre Eq Corp.No par
800
June
Dec
19% Nov
52
Sept
Jan
14,200
46
par
Jan 17
48
July
8%
117% Apr U
106% Jan 11
,1
Mar 24
par
Sept
18
97
7g Apr
15% Apr
$0 preferred..
......
Apr 11
7
1
par
13
130% Mar 31
4% Apr'10
Gen Steel Cast
80
1%
*73
75
75
6
a46
/
'
2
1%
1%
3
3
234
*50%
16%
38
97%
18
6%
46
8%
00
16
*35
13
"l734
Apr 10
Mar
3
.
5% July
July
9% Mar
85
4% Jan
Mar 31
28
General Refractories—No par
1,130
3,000
11
3%
18
Mar
4% Mar
Jan
148
1
36% Apr■11
121% Apr 8
100
preferred
Utilities
6%
8
Jan 18
122
par
Gen Realty <fc
Gen Time Instru
*10%
*
19
6%
834
*50%
13
97%
46
40
8%
38
"
"l8~
6%
5%
1534
15
*10%
*
19
45
8%
5234
*35
75
"is"
48%
7%
27g
97%
6
534
15%
41
*10%
*
17%
46
53
*35
38
i 5%
8%
15%
15%
15
97%
"
5%
47
53
54
54
*33
1334
:
#
17%
684
6%
5?8
*44%
9%
9%
*10
12%
*10
11%
*10
10.
*15
10
2,700
4,700
15%
14%
16%
92
"
7%
*105
1
*%
..No
General Printing Ink..
$6 preferred—
No
Gen Public Service
No
Gen Railway Signal
No
Common......
3
8% Apr 10
39
—No par
A—.No par
$5 preferred
1,700
1,500
4%
Jan
Mar 27
9
58 Apr 10
10
3
52
36% Jan 27
3
Jan
~
preferred.....——-100
Gen Outdoor Adv
35
7%
738
7%
*105
1
0%
General Motors Corp..
Jan
10
Oct
5%
32
25
103% Mar 28
60% Jan 5
114
—
91
2% Mar
135s Apr 10
4712 Mar 22
•31
...No par
No par
No par
No par
$6 conv pref series A.No par
General Mills..
-—No par
$4.50 preferred..
Gen Gas & E}ec A
29%
Mar
3
7% Jan
1958 Apr 11
12512 Jani 31
General Foods
Mar
2% Mar
Jan
1834 Jan
■
..100
preferred
11
50
58
13
•
No par
109% Nov
Apr
334 Apr 10
9
Mar
1% Mar
14
Apr
85
19% Mar
100
40
37% Nov
5
..
Oct
Mar
3
914 Apr 11
Jan 26
Jan
4%
18
Jan
95i2 Jan 28
96
Dec
Oct
21
2% Jan
4
1734 Apr
General Electric
1,400
124%
4%
4%
*4%.
7%
*%
1
14%
124% 125
20%
*
7%
30
43
>■
100
7% cum preferred
General Cigar lnc
55
19% Apr 11
212 Apr
..No par
Class A..
Mar 31
Jan 11
Jan
Jan
Jan
Jan 13
134
No par
General Cable
60
130
Bronze
General
1,700
2I34
preferred
$8 1st
600,
57
20%
20%
127
127
10
934
20%
6
No par
5
Baking—
General
.2,700
11,300
1,900
2%
*45
57
$6 preferred
Gen
3538 Jan
Mar 31
39%
1% Mar
Jan
108%
2984
9034
334
Apr
15
Mar
3%
534 Apr 12
Investors—No par
No par
Am Transportation
6
Gen Amer
10
149
234
21%
20%
834
8%
*140
145
*45
108
*105
92
15
,
1,800
9
8%
5M % conv
0
*96% 103
43
43
4%
7%
7%
108
1
„
50
*5%
130
*4%
434
7%
7%
•
*46%
6
125
12234 *124
35
32
*27%
*4%
434
4%
7%
50
534
3
76,000
3334
3334
35%
34%
33%
33%
40
12,600
40%
4034
41%
40%
39%
39%
38%
500
*117
118
*115%
118
115% 117% *115% 118
6,400
%
%
%
4
%
%
%
%
49%
50
*46%
*42
49%
48% *43
*45%
77
77
2,300
76%
703#
76%
74
75 ;4
*75%
220
124
124
124
123% 123%
124
124
12434
40
39% 156,200
41%
3834
40%
3934
39%
36%
50
37%
*46%
Jan
20
8U Apr 10
5
60
Corp
preferred
36
10% Mar
1934 June
31%
6
Apr
li2 Apr 10
2%' Apr 10
No par
pref No par
Wood Industries lnc
3
Gaylord Container
300
14
31% Jan
25
38
Gannet Co conv $6
Gar
43% Nov
112 Apr 10
GameweU Co (The)
2,800
4%
4%
8
8
24% Mar
76
10
$3 preferred
,
31
*115% 117%
%
34
%
124
60
*13%
20''
20
*127
130
*127
3184
*2%
490
14
*140
149
10
14
5%
19
20%
39%
50
10
9%
19%
3234
*46%
534
18%
20%
130
14%
2%
10%
934
19
*1334
234
2%
2%
4%
4%
4%
...
96
*934
*94
96
*94
4%
*140
143
143
38%
*105%
834
8%
884
145
20
75%
1,500
8%
10
*934
9%
96
*96% 103
43%
42%
834
8%
*96% 103
20%
39%
87S
9
9
9
9
9%
6
43
37%
3,400
'
44
*75%
2%
95%
3%
6
124% 124%
300
9%
*46%
*45
1%
8%
90
14
55
*1%
2%
2%
43
%
2,100
2%
45
*
19%
2%
43
116
49%
19%
2%
32
116
2%
*30%
20
*2%
23g
4%
*127
*2%
49%
*1934
2%
8%
9%
1,200
21*
*30%
2%
38is Apr
16% Apr
4834 Feb 16
8
21
Apr 14
10312 Apr 5
14% Apr 11
10
No par
Francisco Sugar Co
No par
F'k'n Slmon&Co lnc 7% pf-100
Freeport Sulphur Co
10
Gabriel Co (The) cl A ..No par
Gair Co lnc (Robert)..
-1
Nov
10U
104% Mar 16
1% Apr
$7 conv preferred
Apr
Oct
26%
16% Mar
76
99% Jan 16
17*2 Jan 16
Foster-Wheeler
19%
2%
*95
120
45
1%
8%
9
9,200
77
*04
77
19%
*2%
*30%
20
2
107% *104% 107%
17
16%
1534
*64
75%
No par
.No par
Florshelm Shoe class A. No par
t Follansbee Brothers..No par
Food Machinery Corp
100
4 Yi% conv pref
100
Flintkote Co (The)
Highest
$ per share $ per share
9
25% Mar
17*8 Apr 10
6% preferred series A—100
First National Stores. __No par
Florence Stove Co
21%
*1%
334
2%
21
1%
95%
1734
22%
*1%
95%
234
*21%
18%
1,100
1,000
134
10
9%
18%
18%
2
*1%
8%
10
8%
*1034
1%
1%
'
40%
18%
*64
2
*140
27
17%
19%
Highest
$ per share
Rubber...10
Firestone Tire &
2,500
15,900
41
41
42
*26
104% 107% *105
16
17%
16%
49%
400
29
17
2
2
23
22
3,900
41%
18%
*25%
*16%
1%
77
14%
16%
13%
130
130
21%
*96% 103.
150
2%
'
134
19 <4
40%
8%
40
*140
134
*30%
.
97
97
18%
1%
50
15%
50
6
*16%
2
20
4%
*13%
*46%
18%
*1%
*3012
97
4%
27%
29
*16%
77
193#
I884
Shares
19%
100% 100%
18%
*97% 100%
Par
Previous
Year 1938
Lowest
Lowest
$ per share
Week
14
$ per share
19.%
19%
*25
18%
1%
50'
97
18%
28
1434
*50%
134
1%
41
16%
*25
104% 104% *104% 107%
15%
77
*30%
39%
*97% 100%
41%
40%
23
*22
104
104
99%
18
184
1%
2134
*50%
$ per share
19%
18%
99%
EXCHANGE
the
Friday
Apr
$ per share
$ per share
18
18%
*99% 10134
39
38%
102
38%
1%
2134
1834
17%
19%
1834
102
Tuesday
Apr. 10
S per share
share
ver
Monday
8
Apr
Range for
100-Share Lots
On Basis of
STOCK
NEW YORK
for
1
Range Since Jan.
STOCKS
Sales
PRICES—PER SHARE, NOT PER CENT
HIGH SALE
AND
LOW
1939
April 15,
3%
Mar
Apr
10
Jan
234
20%
Dec
Oct
35% Dec
44
11%
1 Called for redemption.
Nov
Dec
Volume
LOW
AN D
Saturday
New York Stock Record—Continued-Page 6
148
HIGH
SA LE
Monday
PRICES—PER
SHARE,
Wedne <9/1 not
Tuesday
Apr. 8
Apr. 10
Apr. 11
Apr. 12
$ per share
$ per share
$ per share
$ per share
5
*438
43g
1714
1834
87ia
87i2
1634
8712
*14658
68i2
67
*14614
67
IOI4
4-'%
914
4U
414
4lo
it!4
1712
18i2
90
92
214
214
8
8i2
1%
"2
4i8
17og
*90
*23g
734
1*2
16
16
160
412
2l2
234
■
Week
Shares
200
20
*434
2034
57g
18i2
21
20
2014
9,100
92
9512
96i2
96l2
94i2
94i2
800
74I2
IOI4
2,400
11,300
45s
4,200
6934
414
53g
1758
175g
91
90
91
414
2i4
2i4
814
734
8i2
H2
.1*2
17
157
48
4-%
6I4
18i2
*88
212
17
11
6
57g
155
~73h
71I4
103s
43g
10
914
*214
8i2
I5g
177g
*434
107g
10ig
*4i4
45g
*414
5U
6
18l2
6i8
1834
90
90
6%
*72
519
8,600
17i2
I7i2
1,200
90
90
234
234
*2l4
234
800
914
87g
9U
8i2
*158
85g
20,700
2,700
17g
*1612
165
55
158
.
478
3
33g
6I4
500
2,600
11,300
54
2 34
*6
65g
6i2
preferred
Apr
148i2Mar
100
""'.No
67
par
Apr
20
9i4 Apr
Insuranshares Ctfs Inc...
1
t Interboro Rap Transit...100
414 Apr
4i8 Apr
Interchemlcal Corp....No par
6% preferred
100
Intercont'l Rubber
..No par
Interlake Iron
Internat'l Harvester
Mar
151
Feb
8
135
Feb
945g Jan
17U Jan
4
5
Mar
2
9'g Mar
1
3
1
93i2 Mar
48
Preferred
.100
Int Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
60
28i2 Jan
1U
No par
3
Apr
16
157i8
334
2i2
15
Mar
80
June
2k
Nov
193g Oct
514 Nov
7ig Mar
SH Apr
27g Mar
978 Nov
34i2 Nov
98
Mar
Apr
4
4
318 Jan 4
27B8 Jan 4
19584 Mar 13
Mar
29
Jan
xl30
Mar
185
Dec
9
48
May
70
Jan
1627g Mar 23
141
Mar
1647g
Oct
3ig Mar
Mar
9ig
478
Oct
Jan
6»4 Mar
117g
Jan
6088 Mar
683 July
10i8 Nov
378 Jan
678 Mar
2
Mar
15
8i4 Jan
5
434 Jan 12
87g Jan 6
5»g Apr 11
1
95
5614 June
4'g Jan
1584 Jan
•
Internat'l Mining Corp
lOU July
303g Aug
11942 Dec
146
Sept
Jan
5
8
8
Apr 1
Apr 10
Apr 8
Apr 8
April
Apr 11
Apr 8
Apr 10
Apr 8
Mar
143g iClar
119
17i2 Apr
155
4
29i2 Jan 16
3
20
8
8
8
10
90
2l4
734
No par
Internat Agricultural..No par
Prior preferred
100
Int Business Machines.No par
16,500
4,500
4,200
3
438 Apr 10
1634 Apr 10
86
10
Inland Steel
200
*15614 160
4l2
4i2
158
458
1,714
16712
53
557g
53l2
15912
159lg *153
15912 *153
4
478
434
4ig
43s
3
314
258
234
25g
27g
6
6U
638
534
534
558
17g
178
*16
1734
16712 *162
No par
Highest
Lowest
% per share $ per share
$ per share
8
Jan 6
$ per share
No par
Inspiration Cons Copper
290
234
134
52
73~I2
IOI4
18i2
1778
Indian Refining
Industrial Rayon
Ingersoll Rand
*14712
73i2
92
I6OI4 162
5014
578
*1471O
*147l2
Yf
7214
10lg
4I4
5i2
1758
17
5
Range for Previous
Year 1938
Lots
Highest
Lowest
1734
5
On Basis of 100-Share
Par
90
334
1
EXCHANGE
17
159U 160i8
4834
50i2
6
534
NEW YORK STOCK
the
*45g
51
481g
157i8 157l8 *153
4
STOCKS
for
90
5
Range Since Jan. 1
Sales
$ per share
13
? per share
CENT
Friday
Apr. 14
43g
1734
15g
*16
160U
day
89
*14712
914
N<IT PiER
Whnrs
2223
2
'
45
4378
7
7
2914
334
314
45
45
*27
30
*32i2
34
273g
3i2
46
*28i2
33U
19
19ig
19i8
445g
*135l8 136
73g
2734
45
443g
13458 1345g
77g
7l2
293«
2778
47g
434
497g 50i8
*30
3114
32l2 32i2
45
4578
4434
45l2
4234
4414
*134l2 136
*134i2 136
*134l2 136
8
8
834
85s
634
77g
77g
29
3078
287g
2934
3034
2934
2618
4 ;
5
514
4i2
37g
314
3i2
48
46
4912 50i2
46l2
4958
45ig
*30
31
*28
31
3H4
29l2
2912
*32
3234
3234
3234
3234
33U v*3H2
21W
21
21
20
20
21l2
20i2
44
136
136
*21
217g
*80
87
Int Nickel of Canada..No par
46,500
Preferred
200
37,000
22,700
1,490
5% conv pref..,
634 April
100
26i8 April
3U Jan 23
39i2 Jan 9
Internat Rys of Cent Am.. 100
640
5% preferred
.100
International Salt..
No par
International Shoe....No par
200
300
1,400
,
15
6
*81
6I4
57g
658
65s
678
814
79
834
79
79
■.
*80
85
*80
6lg
634
9i2
8i2
79
89
53g
6ig
6ig
6&8
8U
9
6
6?g
81<>
7lg
9
*8
8
8
9l2
9&s
*79i2
•
—
«.
-
-
87
6ig
678
6-'%
*78i2
*78i2
*80
87
*8
87g
6i2
7
10
International Silver
9'3g
79
79i2
70
*8
834
1,000
6l2
v634
834
834
8lg
8i2
19
19
1834
18U
1834
*181.4
18lg
1834
*18i4
18l2
*1814
1834
*11634 122
*11634 122
*11634 122
*11634 122
*11634 122
*11634 122
68
68
68
*64
68
*64
*64i2
68i8 69
68lg
68l2 68l2
69
■71
73
70
67
71
71&8
73U
68i2
6834
6912
6514
*125
12634
12634 12684
12634
12634 *126
12634 12634 *126
12634 *126
7%
^••
76,100
8,400
5,100
6ig
9l8
82"
1-_
578
3134 Jan
..60
19
100
84
Intertype Corp
m
-
-
-
40
*12
14
*118I4 121
12i2
*36
16
13
1312
*13*2
1312
13l2
121
*118'
*1181«. 121
*118i4 121
*14
16
*118
121
6U
512
12i2
*1314
55s
12l2
*85
12l2
*12i4
1234
98
*85
7i2
534
5I8
*80
29
9lg
914
285g
9
95s
,
20
2Q
■
83g
57g
*85
12i2
*125g
98
*89
12i8
*85
•
98
534
51g
8
..1
1
18
120
Jan 27
No pair
68
1434
*12l2
1338
*12l2
135s
98
*90
98
*90
98
28
30ig
307g
9
9
9i2
*21
22io
834
22l2
*2014
2
2
2
38
30
30
1412
1278
20 i8
1278
21U
13i2
20U
*3i2
414
414
25i8
21I4
7i2
25
20U
7
8
14
15
1312
14
14is
143g
14ig
1458
2i8
1®4
*29
*17g
6I4
21
20
414
4U
•
25
25
25i8
207g
2134
21
7
8
14U
143s
14'8
15
*3i2
4
712
-
3%
33s
3i2
25i2
17l2
25
25
26
17
18
116
116
33g
334
263g
17i2
115i2 115i2
3'g
314
%
h
3g
H2
H2
2l3g
2034
17
li4
2034
10
934
93g
115
21
21
5
25
25U
26
21U
2l3g
217g
*8
,
3l2
27
443g
3,000
21
21
500
*2
2i2
50
*25
1%
*143g
2i8
231s
23
23
3612
414
39
37i2
39U
45g
4l2
37
3534
101
100
100
.
4&s
*35
36
99
99
100
100
*17412 179
*17412 179
15
15
15ig
151g
22
227g
2H2
31
4lg
*35
97l2
.
v
10
1414
14i2
14i2
353g
1434
638
36i2
105
*105
77g
714
"
36i8
3li2
33
H) & Co
No par
Kroger Grocery & Bak .No par
130
Laclede Gaa Lt Co St Louis 100
,*1458
1514
143.4
15
*3i2
4
29
*26
"
40
4%
14-i«»
14i2
,15 "
3612
1512
*105
107
934
9
3734
*131
..
20
—
u.
*26
—
205s
34
29
*1&1
20
*2612
130
2H4
20i2
31I2
28
2H2
32
32i2
13U
14
13
1314
13
13
2714
26U
26U
25ig
2.6
1
32I2
,
21i2
333s
25
Jan 26
25
17
Apr
4% conv preferred
..100
.113.
5.000
2,100
1,600
Lehigh Valley RR.
Lehigh Valley Coal
6% conv preferred
50
No par
50
Lehman Corp (The)..
Lehn & Flnk Prod Corp
334
37g
%
2"
*Sg
12
*u2
21l2
10ig
2134
5,500
10»8
2,800
26
26.
900
Lerner Stores Corp....No par
39U
40
6,900
438
3634
3,400
Libbey Owens Ford Gl.No par
Llbby McNeill & Llbby No par
Life Savers Corp
...5
Liggett & Myers Tobacco..26
105g
2634
42
43g
43g
*35
36
2
400
600
*98U 100
,100f4
100l2 101
177i2 17712
*16
.
*13i2
26 34
3312
333g
-
15
1334
1334
2634
27
27
1
1
*1
Hg
1
1
*1
Us
1
5lg
*5
634
*5
6
*514
634
*5"14
*10
1478
6f2
1012
Hg
10l2
1
lh
1^8
4i2
4i2
412
•
26
"9
9
514
10
514
5
1034
*10
1
1
414
434
10
3034
2'2
7
6i2
*9
612
10.
97g
lh
45g
1'8
43g
12
7
10i2
4i2
4,100
Lone Star Cement Corp No par
Long Bell Lumber A...No par
Biscuit
...25
8",000
Lorlllard
5%
2,100
.1,000
7%
Louisville & Nashville
Mack Trucks
1,200,
1,600
1,300
Madison Sq
13i2
100
...10
100
Louisville Gas & El A ..No par
6,700
4,800
26i4
2
preferred...
(P) Co.
preferred
21
33
No par
No par
Loose-Wiles
140
No par
preferred
Ino
3,900
2,000
"
~
56.50
100
Us
43g
514
10l2
5
5
1012
1034
10i8
301o
3314
3334
34I2
335g
*25g
3458
32i4
*2i2
33i4
39
41
39
39
26
25
175
*172
42l2
434
4034
4
2i2
35
2514
23
175
*172
4112
41l2
43g
4I2
2i2
36
2478
*2 34
36
24l2
3
3834
25i2
175
*172
175
43
*43
45
4i2
478
434
30
25l2
*172
30
3
2512
175
5
42i2
434
31
*2914
*2914
29
29
29
29ig
99
97i2
9712
99
99
*97i2 100
115g
11
IH4
11
*107g
1H2
Xl07g
1U4
934
lOU
107g
934
10-ig
105g
103g
*8778
99
102
*80
IOI4
100
103g
*86
99
*96
*85
100
5,700
600
2,000
12,900
Mac Andrews & Forbes
6%
preferred
Inc.^
.100
10
490
3484 Apr 6
97i2 Apr 11
99i2 Apr 11
Mar 20
4
Jan
5
-
3
638 Jan
Jan 10
25
Mar
81
Mar
Garden.T.No par
.10
1
31
*85
99
Market St Ry 6%
6
pr
pref. 100
Martin (Glenn L)
...1
...No par
Mathleson Alkali Wks.No par
100
preferred
May Department Stores... 10
No par
$3 preferred w w....No par
$6 1st cum pref.
No par
Maytag Co
400
140
1,700
11,900
Co
MasonlteCorp
7%
3,500
99
Exploration.. 1
Marine Midland Corp
__
~Y,9O6
107g
Maracalbo Oil
Martin-Parry Cor p.... NO par
2,500
2,200
5
IH4
103s
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
Manhattan Shirt
25
55,700
1,300
43
*1012
ldg
.No par
Bros
McCall
No par
Corp
McCrory Stores Corp
6% conv preferred
1
100
*
I8I4 Nov
4C84 Nov
60
Mar
36i2 Apr
29
1
Mar
243g Feb 25
Jan 28
92
Jan
3
'Jan
5
22
2
131
Feb
3084
Mar 29
3D2 April
13
Apr 10
25i8 Apr 11
1
Apr 4
5
Apr
1
9
Apr 1
5
Apr 6
10
Apr 8
1
Apr 8
4i8 Apr 10
43g Apr 11
934 Apr 10
4312 Feb
6
19i2 Jan
3812 Jan
3
4
267g Mar 17
2i2 Apr 8
34i2 Apr 10
23
April
396g Feb 24
55-8 Jan 3
57i2 Jan 3
584 Mar
Jan 17
26g Mar
9
7
53g Jan 5
8igMar 9
15ig Feb 17
36
4
Jan
175
Feb 14
4034 Apr
8
52
Mar 11
638 Mar 10
Jan'30
Jan
36i2 Mar 10
Feb 14
9
1>4
4Sg
538
5i2
4918
19B8
Mar
Jan 17
£
93
10
Mar
Mar
Sept
Dec
Mar
•
23g Oct
103s Nov
20i2 Jan
103s Nov
16
July
234 Jan
7i2
16
Jan
Aug
147s Nov
14ig Mar
2i4 May
373g
61
19*4 Mar
Aug
Oct
40i2 Nov
„
25
Mar
Jan
32i2 Nov
"247g Mar
45g Mar
Jan
28^2
126
Mar
3
I84 Jan
Apr, 10
Dec
1165g Mar
712 Mar
87*
Dec
Oct
Dec
16
195g
Dec
Nov
32
I8I4 Mar
84 Mar
133g Mar
154
67ij
9
10
Oct
Mar
Jan
I84
Oct
10718
2134
June
13®4 Mar
58
9
63*4
534 July
28i2 Nov
125-
33
4
4
Dec
Mar
8
Jan
164
Mar
Mar 31
Mar 31
2H2 July
62i2 Nov
IID4 Oct
84 Mar
Apr
12i2 Mar
2978 Apr
2012 Mar 13
NOV
*
2i2 Mar
1484 Mar
15312
103«4 July
Deo
17612
29
4
9
109
Jan
Deo
2014 Mar
4i2 Jan
22i4Mar
8
3
4
9
37U Nov
5
26
6
Jan
102
Apr
5
Jan
514
July
143g Nov
35B8 Oct
583g Nov
1458 Mar
Jan
62
Jan
20
IDs Jan 19
1912 Apr
147i2 Jan
1534 Jan
105
20
Magma Copper..
Manatl Sugar Co.
54i 2
108
Mar 31
Oct
Hg
29
81i2 Mar
157
Dec
Oct
714 July
1984 Mar
2314 Mar
5i8 Dec
106l2 Mar 14
10784 Mar 14
477i2 Apr 14
40
120
193g Mar
67g Mar
5684 Mar 13
Apr 10 \ 1734 Jan
401? Jan
Apr 10
4D2 Apr il
23g Apr 10
17
Apr 10
124
Macy (R H) Co Inc...No par
Mandel
6
No par
Marshall Field & Co...No par
100
*96
Jan
12i2 Mar 10
3284 Mar 13
36i2 Apr 10
4i8 Apr 11
No par
8,400
26i2
4314
3034
3
175
5
1H2
934
25
*172
4314
99
90
6i2
5
234
100
6I4
1Q78
36
3
2784
'
29
lOU
32 78
JI4 Apr 10
2038Mar 31
938 Apr 10
23
Apr 10
30»g
x26&g
3g Dec
17g Mar
99
10U
2i2
Mar
88
33
97g
31
4
8
3
Jan
55g Jan
5
Jan
4
419
234
Jan
Jan
1034
315g
95
Mar 20
934
*4
Mar 16
Jan
7!2 July
.
IOI4 Mar
13i2 Mar
8
Mar
Jan
Nov
12ig Mar
4i2
5
25
118
18
3ig May
35i2 Mar 10
8
Jan 24
3i8 Apr 10
3g
Jan
Oct
July
3Dg July
2Dg NoV
8
17
5
,
Jan
228a
30
Jan
Loft
Dec
19*2
Mar
Apr 13
Loew's Inc
35
Mar
19
200
33g July
,
8
15
9i8 228,700
Oct
July
8i2 Mar
1414 Apr 10
35
Apr 10
105
Apr 10
Lion Oil Refining Co
Oct
15
14i2 Apr 12
478
4%
514
9
5
._.*
11,
Us
414
l8ig Mar
Liquid Carbonic Corp..No par
10U
*25
*90
6l2
*10
114
,123g Mar
Mar 13
12
*10
Feb 15
25
13i2 Jan 20
23i2 Jan 20
47
4lg
438
34i2
4lg
*293g
12
13
15>g Mar
2i2 Mar
22
Mar
3H2 April
4i8
38
4034
634
10
*10
2378 Mar 29
514 Jan 16
X27I4 Jan 19
21
1
•*5l2
Mar
No par
4i2
37
*172
6
10
12
ei2
9
Link Belt Co
Preferred
'
5ig
114 Mar
125g Jan
4,100
1,300
1,400
3,800
10,600
60
1
3
Mar
15
*130
20i2
32l2
*1338
26U
9
19
173
.
3714
38i4
3612
*105
107
106i2
-
40i2Mar
.100
1512
22i2
3414
30
Oct
Oct
145g Nov
Feb
Lily Tulip Cup Qprp...No par
Lima Locomotive Wks.No par
15
*26
19
•
15i8
29
6
400
15
8i2
2784 Jan
200
15
93g
1
6
Series B
2,200
51
1634
15ig
22
..5
4
2218
100
2038 May
612 Mar
1
150
Lee Rubber <fc 1 Ire
Jan
5
Jan 27
3i8 Apr
No par
Lehigh Portland Cement
151g
37U
*130
22i2
14
No par
5,500
1434
*26
29
*130
131
26
33
*26i2
Lambert Co (The)
Lane Bryant
2,200
42l2
29
29
100
17i2
45
4434
4434
4378
4414
4312
4234
41i2 4334
234
258
*2l2
258
2i2
25g
25g
258
2%
212
212
2l2
18
18
18
18
17
17
17
173g
*173g
*17i4
1714
1734
109
*100
*105
109
*105
109
*105
*100
109
106U *l00ig 109
21
2H4
213g 215g
2Hg 217g
195g
20l2
19l2 203g
1912 ,2038
151
152
153
153
*153
*151
152
151
153
1537g
151
152
17U
1712
17i2
17l2
1714
1634
16i2
17i2
1634
1714
16i2
17ig
*40
39
39
40
37
37
40i2
387g
3714
37ig
37i8
3612
43
43
preferred
5%
27
114
22l2
34i2
9lg
105g
1712
114
200
22l2
34I2
107
107
4
37
*34
3,100
145g
27
1712
190
15
14r2
14i2
*3I2
115
10
"
2478 Apr 4
2OI4 April
7
Apr 8
I3i2 Apr 11
900
5,000
100
100
100i2 101
9912 10012
*177
179
1747g 17478 *17514 179
15
15
1612
1534
1534
*15i2
24
2H2
23
23
24
2312
1514
35
Kress (S
8
Apr
414 Apr " 6
2212
8ig
Mar
'
20
10
2514
734
3
3
284 Mar 24
Apr 10
1438
10ig
434 Mar
80
Jan
127g Apr 10
No par
2134
36
1412
105
Kresge (S S) Co
Kresge Dept Stores
2514
n100
3H2
6%
300
9
36
3n2
37i2
108
8,900
4i2
2212
*35
33
.
2234
*4lg
26
*9814 100
32
6
2134
43g
8
.
Deo
Mar
13
134 Apr 11
30
No par
2234
*8
*H2
2134
43g
preferred...
$5 prior preferred...No par
2n2
99
33i2
36
4I4
$8
130
26
4ig
357g
33
*105
,40
1,000
16
8
8
Jan 11
8
134
21&S
2578
4058
23
397g
Nov
Apr
38
2578
26
37
91
Jan 18
28
378
97g
Nov
KennecottCopper
No par
Keystone Steel & W Co .No par
Kimberly-Clark
...No par
Kinney (G R) Co
1
h
978
l3g
Dec
16
47,700
37g
91o
100
10
114
116
12
Dec
3014
2814
X17U
I9i2
2114
38
25
*99
4
33g
*3g
1»4
2Hg
3U
,
2812
■
*115
115
%
Hi
9i2
277g
*18
17i2
143s
Dec
10t2 May
63
Apr
2978
*912
Apr
Oct
13i8 July
24i2 July
Mar
32
20
24i2 July
.123
Mar
5i| Mar
11
31
834 Apr 11
Jan
12
1434 Mar
lOUMar
5ig Apr 10
July
78
100
Jan
92
43g„
14
4
Oct
130
Mar 13
2
912
118
23
95
712 Apr 10
lllis
Jan
Apr
12i2 Mar
Jan 20
Deo
997g Jan 17
16i2 Jan 20
12
Feb 20
88
745g
Mar
4984
4
Mar
22
135g
143s
*312
7
83i4 Nov
1234 July
4414 Mar
lli2 Jan
80
2212
Nov
1
1
r.
194 Jan
12184
Kendall Co 56 pt pi A_.No par
15i8
"
Class B
4
20
*178
9
3,200
5,500
5
Kelth-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A.l
Jan
124
58
12i8 Apr 11
Kayser (J) & Co
24
Apr
122
4
Feb
97
June
8
S5g Apr 14
1
100
16
II314
Jan 10
8OI2
*29i2
1378
217g
*4%
4U
20i2
9l2
137g
3'g
I3g
21
13i2
Stores
Mar
Jan
Jan
Nov
Feb
8
5
132
64
18
6i8 Mar
9
Jan
63
105
Apr
6
48*2 Jan
3014 Nov
3584 Jan
353g Nov
96i2 Dec
lDg Oct
1178 Oct
Feb
6
3
Jan
Mar
8012
'
14
500
6
534
.
......100
preferred
5 % conv preferred
Mar
7914 Mar 16
82
912
218
63g
4%
Kaufmann Dept
125
5i8 April
11
April
100
June
12
207g Mar 20
8
13
Apr 10
117l2 Jan 27
10
Kansas City Southern
_
_
9
9
958
35
28
15ig Nov
5278 Nov
46t2 Mar
5i2 Feb
Mar 31
*80
*21
50
*30
--
912
5%
80i2
3134
30i8
*30
2ig
98
82i4
800
8^8
85s
Kalamazoo Stove & Furn
83
IO84 Jan
I22I4 Apr
100
Jones & Laughlin St'l pref. 100
600
14l2
*12lg
*85
*80
9i8
5,200
98
82i4
20
6
1434
Apr 14
65i4 Apr 8
3
No par
......
Preferred
Mar 24
97g Feb 28
6i8 Apr 11
8I4 Apr 10
Kan City P & L pf ser B No par
121
6
87g
700
13i2
13i2
*118
6i2
1,100
*85
912
6i8
*80
37
37
14I2
*8
87g
.98
9i2"
85g
734
14
13
*8
87g
618
6i8
13
11
87g
*85
98
6
578
11
IS
*36
35
5ig
-
98
834
20
6
*85
82i4
28
35
98
77g
5l2
*80
35
9
9ig
918
*85
40
40
35
Johns-Manville.
30
1912 Mar
9&g Jan 19
77i2 Jan
1
6,500
28t2 Mar
Feb 10
96
.No par
$6 preferred
Jewel Tea Inc
5434 Mar 10
353g Jan 21
3l7gMar 9
7
Apr 10
Jan
4
9
April
Apr 4
Island Creek C oal.
'
500
1858 Mar
2i4 Mar
34
140
Jan
414 Mar
MarlO
6
538 Apr 11
No par
132
3
«
1484 Jan
5184 Jan
Jan 12
29
Foreign share ctfs
No par
Interstate Dept Stores .No par
Preferred
100
600
m.
«
preferred
Inter Telep & Teleg
'
-
35
57Sg Nov
July
367g Mar
Feb 17
137
Jan 11
134
..100
Inter Paper & Power Co
'
88
*80
3
5534 Jan
4284 Apr 11
'
7is
165
Feb
28i2 Mar
3i2 Mar
168g June
53
Oct
75
77s Aug
28i2 Dec
Apr
97
Dec
107g Apr 11
934 Jan 26
1714 Jan 20
884 Mar
16
Jan
14i2 Mar 16
6
Mar
138s Nov
Jan 13
lOlU Mar 15
61
Mar
92's Nov
88
3
101
..
...
*
Bid and asked prices; no sales on
thla day.
J In receivership,
« Def. delivery,
.
n
New Stock,
r
Cash sale.
Oct
367s Nov
Aug
156
i
"
Dec
Oct
xEx-div.
__j
lEx-rlghta.
..
.
^Called for redemption.
New York Stock Record—Continued—Page 7
2224
WW
AND
16*2
$ per share
7
93
*88%
8%
93
*8%
9
62
02
*60%
06
*60%
66
*58%
66
57%
*50
57%
*40
*40
46
*40%
48%
247%
597,
47%
597,
47%
3%
378
37,
20%
7%
66
♦50
59%
*40
57%
47%
47%
47
3%
18%
♦14%
3%
18%
15%
*14%
57%
26
26
-
7
7%
7%
10%
7%
20
15
*13
28
30
31
7%
734
13
-
55
57
59
59
I*11Q
112
112
112
57% .58%
16
2,500
McGraw
Elec
6*2 Apr 10
49*4 Apr 11
834 Apr 11
73,
7%
*88%
7%
3,300
McLellan
10
93
*8
1,900
834
4
30
*
»•
-
■
4
500
3,400
20
1984
1,010
Stores
7
Apr
80
50
Jan
73
46
Apr 11
5534 Mar 15
Melville Sboe
No par
Mengel Co (Tbe)
5% conv 1st pref
60
6,500
Mid-Continent Petroleum.. 10
20
2,300
Midland Steel Prod
102
480
2,000
*58
60
116
50
,
8%
Copper
Minn-Honeywell Regu.lVo
4%
par
JMlnn St Paul & S S M...100
"4
%
10%
1%
4*4
10%
1%
4%
%
%
119
36%
9%
10%
"*16%
4%
30
119
4%
%
i
1
118
118
42%
41
43
36%
*33
31%
9*2
10%
11%
4%
11
50
51
110
5
45
45
5%
14*4
07,
14%
*%
1%
,
1
1
45
*38%
447,
4%
1%
434
5%
%
%
%
%
1%
*1
1%
11
11
12
12
88%
90
90%
94
118
43%
401,
36
34
34
32
30
31%
10%
117
117
118
118
43%
117
*33
10%
10%
11%
11
10%
11
11%
1134
16%
1778
17%
18%
4*8
31
32
30
4%
31%
12%
18%
434
*33%
*9%
10%
*9*2
10%
4%
108
*43
*43
35
9%
53
53
*51% 55
108% 108% *108% 110
5
47g
4%
4%
45
434
*34
934
55
5%
48
534
10
8%
23*2
24
*166% 170
12%
12%
*80
5*2
14%
9%
0%
95%
19
19
16%
17%
8%
8%
978
9%
7%
8
11%
1%
11%
92%
2,900
90
113
113
4%
4%
4*2
24*8
24%
♦11%
978
,♦85
4*2
12
10%
6,300
12%
2,800
Motor Products Corp..No par
Motor Wheel
5
177,
177,
1,500
Mueller Brass
434
6,100
Mull Ins Mfg Co class B
4%
32
250
*10%
11%
400
*53
65
300,
10634 107
200
5%
57,
65,
6%
634
165,
165,
10
10%
11
11
113,
45
45
*4434
6%
*15
10%
.8%
9
•
10,500
5%
46
200
$7
&
Murphy Co (G C)
6% preferred.
,
*
1878
19
19%
95
90
90
90
19%
18*2
19%
20
*167
170
*166
140
141
*138*2 140%
14%
15%
14*2
6%
16
60
60*2
7%
6*2
10
7
6%
59%
;„
*41%
62
2%
2%
20
7^2
Myers (F A. E) Bros—No
Nash-Kelvlnator
4,000
National Acme
87,
24%
5,400
13,700
Nat Aviation Corp
National Biscuit
20
500
11*2
*38
45
*38
48
62
*45
62
*45
"2%
2%
10%
19%
19%
.
*70
2%
2%
10
97,
7%
Cash
13%
12,800
Register
34
9%
28
28
13%
29
28
13%
12%
10%
18%
12%
13%
12%
19%
12
11
12%
20%
18%
20%
32%
30
32
30
32%
12%
21%
33%
27g
*2%
2
2*4
6%
2%
5%
.
6
*109
*50%
54*2
%
%
2%
2*2
%
%
8%
9%
54
*
2%
2%
*%
%
168
169
*167%
172
109
109
109
109
13%
.70
19%
55%
14%
89
*85
8
7%
105% 105%
105
*30%
*30%
3
31*2
88%
8
105
35
2%
32
33%
7%
15%
16%
15%
17%
13
14%
7
*99%
5%
17
*138*2
778
*30
16%
*41
45
*,45
50
*34%
*108
54
*41
4
4
2*2
11%
2%
11%
4%
9%
28%
29
41
41%
10
50
43
108
106
18%
20%
55
55%
12%
*84*2
7%
14%
1
234
284
934
97,
88%
8
*34%
35%
*108
109
151
*17
19
Nat Enam A
18%
20
4
*41
50
4%
37,
2%
2%
1278
2%
11%
*3%
934
27*2
9%
41%
9%
37g
20
20'84
34%
3334
327,
33%
278
*2%
27,
*2%
3
320
6
310
119
10
*115
23,
107
85s
~
-
171S4 172
3134
3%
1884
*41
43
53
52%
4%
2%
54%
200
%
2%
2,500
*%
1278
4
10
ao
*70
72
106%
20%
55
55
55
55%
2,100
14
13%
*84%
137,
88%
57,200
*84%
1434
88%
8%
8%
7%
8%
30.4C0
105% 105%
400
*30%
9%
18
*150
17
*16%
19
Bid and asked prices; no sales
,
on
*41
1,200
6,300
120
18,400
""700
No par
No par
Central
NYC Omnibus Corp ..No
par
New
York
5%
Dock......No
par
preferred.......No
N Y & Harlem
par
57"
54%
preferred
....100
$N Y Ontario & Western.. 100
Shipbldg Corp part stk..l
7% preferred.
100
Norfolk A Western
100
Adjust 4% preferred
North American Co
100
10
.-
6% preferred series......50
North Amer Aviation
1
Northern Central Ry Co...50
Northern Pacific
100
North'n States Pow Co $5
pf.l
11
30%
7,800
43%
43%
1,700
10
10
1,200
*115
121
60
12
30%
44
10%
119
150% 150%
150% 150% *150%
*17
*17
20
*17
$ In receivership,
Northwestern
Telegraph.. 50
Norwalk Tire A Rubber No
par
Preferred
Co__.____.__No
Oliver Farm Equip
Otis Steel
No par
11
300
70
20"
a Def.
100
delivery,
No par
Pacific Amer Fisheries Inc...5
Pacific Coast
10
1st preferred
2d preferred
No par
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
Pacific Ltg Corp
No par
Pacific Mills
No par
25
Pacific Telep A Teleg
50
100
146
17
stock,
r
Cash sale,
s
Mar 30
Apr 10
Jan 24
Jan 26
8
3% Apr 11
2% Apr 10
11% Apr 8
3% Apr 10
934 Apr 8
27% Apr 10
41
Apr 8
9*2 Apr 8
Pac Tin Corp (sp stk).No
par
n New
Jan 13
7*2 Apr 10
42%
16*2
40*8
114%
114
preferred
Jan 23
5
Apr 1
16% Apr 11
Apr
27% Jan 3
170
Apr 12
Feb
145
6
Jan
19
Mar
94% Nov
Sept
12% Mar
30% July
11% Sep?;
106*2 Mar
105% Mar
16*2 July
115% Nov
113% Oct
20
'
Oct
Oct
6% July
16%
Nov
31
Oct
154
June
127
June
Mar
July
178% Oct
145% Sept
28% Nov
9% Oct
8IS4 Nov
12% Sept
23
Feb
20
Jan
18
Dec
30
July
59*4
Jan
55
Dec
82
July
70
Feb
75
Feb
50% Apr
4% Jan
11% Feb
2484 Mar 14
2*2 May
Mar 22
58
Apr
40
Marli
28
Mar
Jan
6
17% Jan
4%
Jan
12% Aug
26
July
7% Mar
14%June
75
110
71
Nov
40
Jan
99% Apr
108% Nov
97g Mar
20
Mar
22% Jan
23% Jan
10
Mar
19% July
48*2 Nov
21S4 Nov
7
Mar
23
38
12% Mar
38%
43*2 Feb 25
18
Mar
37% July
3*4 Feb 28
2
Mar
47% Jan
Jan
9
Jan
Mar
Jan
Jan
Jan
1134 Mar
Apr
a pr
*2
16% Jan
Dec
120
June
78 Dec
2% Mar
4% Jan
1
4%
5% Mar
1% Jan
,
107g
Mar
4484 Mar
Jan
484 Mar
1
63% Nov
2% Jan
7% July
1*2
Jan
16% Dec
89% Mar
195% Mar 10
38
Mar
90
133
June
,198
Jan
111
100
Mar
110
Dec
Mar 16
Dec
26% Feb 27
1384 Mar
26*8
Oct
57
57%
Dec
20
Dec
Jan
9
4584 Apr
.1934 Jan
3
578 Mar
75
June
6% Mar
9384
Jan
14% July
103
Dec
25
May
1% Mar
35
Sept
5
Nov
1284 Mar
41
Sept
Jan
878 Sept
19% May
1478
327s
20% Mar
112% Mar
7% Mar
8312 Apr
19% Nov
Jan
434
4
3984 Jan 19
10% Jan 5
30
Apr
15
Jan
Jan
6% Mar
30% Apr
60
Mar
39% Apr
3
Apr
40
Mar
5*2
7% Mar
Dec
2*2 Mar
3% Jan
16
Jan
10% Mar
6
Jan
3'4 Mar
1284 Mar 14
3484 Mar 10
49
9% Mar
x2284 Mar
MarlO
32% Mar
14% Mar 11
9% Mar
Jan 30
151
Feb 20
2578
Jan
Ex-rights.
7
10
87
Nov
29% Nov
147
115
Jan
Feb
111% Sept
Jan
10
Jan
116% Mar 25
70
Mar
1384 Mar
122
54% Jan
22% Jan
45
92% Sept
4
8% Jan
27% Jan
144
Apr 10
y
Nov
25*2
17% Mar
5
9% Mar
.
4
13% Mar
Mar 16
Ex-div.
Oct
10% May
65
207, July
131
April
Dec
Nov
11*2 Apr
4
32% Jan 18
8
14%
28
168%
Jan 10
Feb 24
15*2 Apr
Jan
MarlO
88% Mar 27
12% Apr 10
Mar
Jan
Nov
30
1434 Jan 4
107»4 Mar 13
140
6
15% Mar
150
July
12%
3*2 Mar
3% Mar
17% Mar
4
i00
6%
4
3
Jan
6% Apr 10
$5.50 conv 1st pref_.No
par
Outboard Marine & Mfg
5
5
7% Apr 10
102% Jan
104
147, Nov
54
par
6% preferred A
1Q0
Oppenhelm Coll A Co__No par
Otis Elevator...
No par
6% preferred
100
8% Mar
110
12% Apr 11
30
54
Mar
Jan 25
Oct
Dec
10% July
29
Mar
Apr 12
18% April
54% Apr 12
15*2 July
62%
110%
7*2 Mar
62
8
8
Jan
37% Mar
634 Mar
120
106
'82
Mar
7
Apr
168
4
April
834 Apr
70
Apr
Oct
8% July
64%
4
16% Jan
% Mar 27
2*8 Apr 10
*2 Feb 17
32
Apr
95
101
Mar
53
Mar
118% Mar
284 Apr 10
32*8 Apr 1
No par
18%
106
Jan 17
50
"5",200
110
8
120
5534
*10
4%
5% Apr
5
6% Feb 17
8
28
Apr 8
1238 Apr 8
10% Apr 10
18% Apr 8
30
Apr 8
10% preferred
....50
N Y Lack A West
Ry Co_-100
}N Y N H A Hartford
100
Conv
Jan
8
4
8
7
Mar 27
28*2 Jan
8% Apr
111
N Y
114
2% April
Apr
3
116% Mar 10
117% Jan
984 Apt 14
2
Mar
9%
Jan 17
Jan
4
26
'Nov
22% July
17% Nov
Mar
3434 Mar
Jan
Jan
8
11% Mar
Feb 15
81*2 Jan
15% Jan
#50
;
Preferred
100
Owens-Illinois Class C._$2.50
240
this day.
York
N. Y. Chic A St Louis Co_-100
6 % preferred series A... 100
Outlet Co
4%
20
N. Y. Air Brake
New
1
;
43
*116%
*37,
*10%
29%
10%
Newport Industries
10% Mar
Jan
Jan
Mar
12»4Mar 3
8
10
Apr 8
493g Mar 31
32
Apr 8
107% Mar 14
Oct
19
26'4
6*2 Apr
preL-.lOO
54%
38% Aug
40*2
59% Apr 11
Newberry Co (J J)
No par
5% pref series A.......100
Omnibus Corp (The) vtc No
par
17%
4%
*115
1
117% Sept
22% May
27*4
50% Apr
Jan
Dec
25
14% Apr 11
.684 Apr 8
18% Apr 11
73% Mar 14
conv serial
13,100
I684
540
97,
Nelsner Bros Inci
Ohio Oil
3,700
125
..No par
No par
27,300
6,800
4%
978
5H% prior preferred... 100
6% prior preferred
100
7%
27,
12%
44
..25
National Supply (The) Pa--10
$2 preferred...
..40
7
43
■
National Steel Corp
7%
20
4%
*37,
*10%
29«4
Jan 14
Mar 25
Mar
157s Mar
18% Mar 31
135
3%
20% Nov
110
37% Mar 13
94% Mar 27
23% Mar 9
April
165
Mar
28% Mar 11
4% Apr 11
4% Jan 13
preferred A______._i00
40
18%
54
7%
Jan
25
,14%
23% Apr 10
11% Apr 4
9% Apr 10
90
111
54% Mar 10
175
2
<6% preferred B.
100
Nat Mall & St'l Cast Co No
par
National Pow A'Lt
No par,
4,400
*23,
*115
10
3%
367,
*11%
43
1
30%
2%
2934
Lead
3%
11%
29
National
....1
30%
4%
2%
43
par-
Co
preferred.No par
*35
3%
7%
310
11%
4
conv.
367,
31%
3%
>
-
36,600
43,
43
114
700
*167% 174
2lo
28%
9%
130
127,
42
114
•*
4%
*9%
28%
9%
600
7,400
2%
*11%
*3?8
28%
115
2,500
%
10
20
*116%
64%
11,800
5,800
106
*41
*116%
'
21
*35
7%
1,100
13% 108,200
6,800,
106
*105% 108
35
2%
%
10%
70%
32
-
"""%
2%
*3,
97,
*115
*
a4
2%
*105
88%
>
—
55
*58
1434
*85
*»
*52
42%
*150%
17
43
20,800
21%
34%
5478
18
500
20
14
7%
35
109
22%
%
Stamplng.No
Gpysum
$4.50
4% %
1234
,
Nat
par
Natoinas Co
127,
53
No par
.....10
No
National Tea Co
12%
20%
35
-
*28%
2078
*30%
3%
3%
-
143,
20%
5478
8%
32
*11%
378
9*2
114% 114% *110
151
Nat Dept Store
1,300
13%
.
100
6% preferred
Nat Distillers Prod
4,100
400
2834
106% *105% 107
*116%
52
'm «'
j-
3
1234
28%
145g
1334
70
16
2,300
-
"
72
*70%
70% 70%
168% 168% *167% 170
7
12,100
10
12% 13%
*99% 108
*116%
50
934
50
10
6%
6,700
14
16
12%
14%
14%
15%
1334
14%
110
*99% 108
*99% 109% *100% 109% *100% 109%
5
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
17%
17
16%
17%
16%
19
17% 1834
18%
18%
19%
144
*138% 144
*140
144
*140
140
*138% 144
142
140
8
8%
8
7%
9
9
7%
8%
8%
87,
9%
40
*30
42
*32
42
*33
42
42
*32
*32% 42
17
17
17
16%
16%
17
*16%
*17
18
18
19%
*116%
4
7
18,500
9%
2%
.%
35
7%
61
48
%
23|'
8%
10%
*%
2%
*30%
7%
6034
834
*38
10i»
32
3
33%
6%
75,
6134
*1112
*%
*105
80
2,100
97,
28%
13%
53
%
10
108
20%
5534
14%
100
16%
13
97,
10%
*115
*
-
«.
3%
*30
7%
70
12,100
140
15%
48
,10%
9
10%
-
2034
6
6%
6%
6%
6%
*106
*106
*112% 119
119
53
2%
%
9
.
53
%
72
*77
6
114
%
5S
70
197g
55%
6
114
*115
54
.
*2%
114
*115
19%
*55%
9%
28%
1378
9%
28
8%
20
19%
109
8%
21
80
34
115.
100
90%
*70
*108
5*2
200
9,000
*18
34
*109
4,300
19%
108
*115
5
434
2434
12%
80
*32
2
Jan 20
*70
108
18%
Feb
109
*18%
34
30
111
7% pref class B
19%
109
12%
11%
Dairy Products...No par
7% pref class A
.100
80
*30
28
Nat
119% Jan 17
12034 Mar 17
4
15% Mar 15
11% Apr 13
Apr 1
19
Apr 8
16% Apr 10
8% Mar 31
12% Jan 13
70
13
3
*108
1
Mar
May
9*4 Jan 20
7
30
*38
*45
34
No par
Cylinder Gas Co
Mar
Jan
11% July
2% Jan
8%
1% Dec
10
67
51
7% Apr 11
17%
Dec
3
25% Jan
23% Jan 24
112
91
*138
.
%
9% Jan
Mar 31
116%
8%
13
3
109
10
91
Nat
200
8%
10
*70
.5
1.
Jan
Jan
1*2 July
Jan
-
1*2 Mar
484 Mar
14% Mar
8
-
10% May
64% Mar
9% Apr 10
Nat Bond A Invest Co .No par
5% pref series Aww
100
Nat Bond A Share Corp newNo
National
30,900
7%
61
50
19%-
80
1
Dec
110
5% Apr 10
14% Apr
163
1,200
'10%
1634
45
par
a00
6,800
*80
140
16%
97,
32
9%
140
4% Apr
...5
'
*278
*108
8*2
,
Corp
pref....
cum
9%
'
19
18%
*73%
78
*8778
20%
934 Apr 12
Oct
*4
35
Feb 16
7*4 Jan
44% Mar 13
8
Mar
Jan
30
50
Apr
10634 Apr 14
Nashv Chatt & St Louis...100
"17%
*167% 174% *168% 174%
45
10
80
170
170
141
138% *138
10
147,
163,
7%
7%
75,
59%
60% 61
7%
7%
8%
6%
11% *11% 13
10%
14t4
07,
59%
*38
10%
*19%
*12
170
207,
„
138
7%
10%
42%
*167,
60
7
11
*38
10
170
90
.100
Apr
July
Jan
16% Mar 11
Apr 10
30
Murray Corp of America... 10
"
*90
No par
1034
2,000
1
preferred...No pat
Munsingwear Inc
.No par
conv
550
12
10
16% Apr 11
4% Apr 10
Oct
Nov
8
1%
39
Jan 26
April
9% Apr 10
..l
33,000
95%
30
Co
0%
100
34
50
92
72*2
34
2% Jan
17% Jan
Mar 22
Jan
Apr *117
Mar
Feb
111
Apr 10
40% April
Jan
Dec
1
118
No par
ESsex
17%
170
115
par
111
%
934 Jan
10% Apr 11
No par
*1134
55
175,
preferred..No par
Preferred series B
Morris
11%
50
$4.50
Montg Ward & Co. Lac.No
Moriell (J) & Co
32
6%
*16%
8534 Apr 10
200
47,
108
100
5% conv preferred
200
35%
4
227,
30% Nov
July
Apr
%
MarlO
1478 Jan
2% Jan
1% Apr
Mohawk Carpet Mills
..20
Monsanto Chemical Co....10
35
9
8%
8%
9%
9%
24
23% 24
24% 2434
23% 24%
243, 245,
*160
170
170
*160
*160
170
166% 166% *100
12
12%
12%
12% 12%
12%
11%
1134 *11
*80
95*s *80
95% *80
95% *80
95% *80
20
19%
20
*18% 20
*18% 20
*1834
*1834
17
17
16%
16%
18
17%
17% 177,
17%
9
9
9
8%
8*2
*9%
9%
2:9%
51*
13
13%
127, 13%
13% 135,
13% 14
133,
*112
115
*114
115
115
115
115% 115% *113%
112
112% 112% *108
112% *108
*110% 112
*110%
5
5
5
47,
4%
4%
47,
*4%
5%
4%
*4*2
*4%
4%
*4%
434
*45,
*4%
434
25
24
23% 24%
23% 24%
253, 224% 25
*11
12
14
*10%
12% 12%
15% *11%
*12%
10%
10%
9%
9%
10% 11%
10%
113,
10%
95
10
No par
Apr 10
12 Apr 14
1
Apr
"
13 T
13%
♦112% 115
'
Mission Corp
31%
11%
*33
11
*43
220
59,ICO
12
584
1,100
1,200
117
31%
16
0
5%
14%
578
15
7% preferred series A-..100
tMissouri Pacific
100
45
1234
1834
*527,
108
1,200
43%
32
1038
55
108%
8,700
%
117
36%
317,
11
434
%
*118% 119
463,
*33
31%
4%
92
117
447,
35
31%
.
*118% 119
45%
Mo-Kan-Texas KR
*1
1%
11
88
116% 116%
2,900
4
Dec
% Jan 12
,1
% Apr
10% Apr 10
100
""800
1%
100
'
Jan
Dec
16%
% Jan 31
54
% Apr
% Apr
.
.....100
49*2
Feb 28
30
47% July
14% Oct
12% Mar
15% June
76
85% Jan
6%
June
534 Mar
Jan
112
7% Nov
2634 Mar
16% Jan
29
3*2 Apr
40*2 Apr
'
'
8"
7% preferred
11%
11%
1%
15,
10%
16%
4%
.
12
1%
434
87
*110
10%
♦II"
"107, To-?,
16%
4%
10.
18
*108
4%
*%
4*4
%
4
11
10%
85% 87
11634 110%
30%
*9%
1*4
1%
4
33
♦31
10%
1%
11
-
41%
*38
4% leased line ctfs
"10%
1%
"l0% Yo%
1
1
10%
48
11
Mar 13
115% Mar 14
Jan 16
110
pref series B...100
conv
100
*38
40%
8,300
11*8 Apr 10
18% Apr
April
55
April
101
100
100
*38
43
334
17
6*2 Apr 10
No par
100
*38
3'%
28*2 Jau
39% Jan
12% Jan
Apr
Nov
57% July
32*2 Apr
3% Mar
14
May
6% Jan
I8I2 Apr
13*4 Jan 25
1534 July
Oct
684 Mar
Feb
25
5
1st pref.
cum
.
3% Apr 10
1
20
*112
Apr
58
102
4
70
Jan 19
Miami
60
MarlO
51
7% Apr
Oct
Jan
11% Nov
95
Nov
95.50 pref ser Bww.JVo pai
7,300
116
37,
Mar 2
12
Mar
55
%
3%
96
5
7034 Jan
*4
40*2
3%
35,
MarlO
537g
26*8
April
*4
378
13% May
10
12% July
Mar
35*2 Mar
18% Jan
62
7%
12%
12%
7
1034 Jan 5
59% Mar 10
88
preferred
conv
Merch A M'n Trans Co No par
Mesta Machine Co
5
7%
Jan 2
$ per share $ per share
10
Jan
20*2 Nov
100
6%
3,800
30
Apr
share
22% Jan 21
per
No par
$6 preferred series A..No par
Mead Corp
*8
40%
*
1
30
1534
2934
1
1
McGraw-Hill Pub Co ..No par
$
Highest
Lowest
Highest
share
Apr 11
600
5,100
*13
per
6,600
Minn Mollne Power Impt... 1
$6.50 preferred
No par
3%
3%
87% 88*2
115% 116%
.
Co
$
52%
'8
*45
10O-Share Lot*
Lowe tt
Par
Shares
97,
77,
13%
2034
597,
On Basis of
97,
103
*112
EXCHANGE
10%
31
20%
NEW YORK STOCK
the
Mclntyre Porcupine Mines..L
McKeesport Tin Plate
10
20%
1534
103
4
*6%
52
4
13
20%
103
16
16%
734
5134
93
7%
13
20%
101
106
97,
73,
*88%
8%
19%
12%
20
18%
16
*634
51%
*13
7%
101
116
9%
19%
14%
26%
11%
19%
108
16%
8%
5134
3%
6%
12
18*2
*110
3*2
„•
15%
3%
187g
14%
20
107
58%
111
110
46
*7
51
9%
8%
♦40
3%
25*2
6*2
11%
12%
7
47
3%
19%
16
8%
Range jot Previous
Year 1938
Range Since Jan. 1
STOCKS
I
far
Week
14
.
,93
7%
*88%
*62
12
Apr
$ per share
16
7%
18%
19%
'108
108
Apr. 13
$ ver share
51
7%
7
Apr. 12
$ per share
15%
66
678
Apr. 11
$ per share
*6*2
49'4
8%
9
27m
Sales
6%
♦62
25
CENT
Friday
16%
8
7%
PER
50*2
9*2
7%
93*2
7%
978
94
♦90
NOT
Thursday
6*2
678
50
Wednesday
50%
16
16%
6%
49%
9%
Tuesday
10
Apr
Apr .8
$ per share
PRICES—PER SHARE,
SALE
HIGH
Monday
Saturday
April 15, 1939
Nov
15% Nov
Nov
22% Aug
52
Oct
115
Apr
76% Nov
11%
Jan
5%
Jan
21% Nov
9% July
15% July
30
43*8
Nov
Dec
1978 July
Apr
121
zl32% Mar
149
Nov
30
June
17%
Dec
^Called for redemption.
Dec
Volume
New York Stock Record—Continued—Page 8
148
?—PER
SHARE,
Sales
NOT PER CENT
STOCKS
NEW YORK STOCK
'for
Saturday
Apr. 8
Monday
Apr. 10
Apr. 11
$ per share
5 per share
$ per share
10
10
10%
3%
3
'
11
5%
*4
*42
8%
H2
9i|
5*4
h
*43
67g
80
8%
8
19
37%
12%
1%
57j
10*4
*5%
*
85
19
10%
3%
11
<
46
100% 100%
7
7%
*73
10
3
11*4
512
Tuesday
19
H2
7%
8%
9
48
74'4
74
1%
1*4
6
114
31»4
*2
*111
3134
3>4
75,
21
31%
*2
3%
8%
23
20
8%
"
23
21*4
15
18
15%
*16
18
*15%
8
7%
77*
6U
28I4
36
*
6h
1%
3U
H2
3%
%
%
83«4
*125
37%
*1%
3%
%
83%
24
*3%
*20%
12%
*12
3%
31
32
"*2%
33U
3
*34
43
3%
,
31%
32%
3
'
4%
*45
2%
127g
*4%
4%
*45
65
*163
—
*163
.
5%
,5%
8
7%
7%
*22
25
*2
16%
*24
*111
113
9%
32%
3334
2%
9%
26
*22%
26
700
21
*17
20%
770
19
*16
19
6%
307g
37%
■
80
"*i%
37g
%
86
3%
31%
*2%
32%
3%
39
*4%
"
%
*%
%
*%
%
3,600
89%
8,200
87
87%
37g
*25
34
*2%
40
7
24
23%
*35%
39%
*
"3"
278
*23
*35%
#
3
*13
*45
65
*166
173
*164
173
*164
173
57g
5%
*8%
9%
*22
23
22
5%
6
5%
w
9%
8
8
23%
*21
25
70
16
15
15
40
24
•10
7
8
8%
*%
*22%
8"
8
8i2
li4
H2
*%
6%
7U
3
8
8%
1%
.1%
**g
.
7%
7i4
6%
*7
18
20
20
7%
51%
513s
112% 113
31%
3138
104% 196
17%
18
7%
*6
8%
1%
*%
6%
87g
1%
%
7
7%
734
51
103
*22
32
*102
118
135
*130
133
*128
148
148
150
150
150
150
115U 115% *113% 115% *114
24
26
23
23*4
25
7
7
7
7%
7%
*114
117*8 117% *115% 1161
133
12
12
12
*71
5%
*75
12
5»4
*75-
199
53%
*74
*10%
5%
53%
54%
86
7%
86%
*78
74%
12%
74
11%
*10
5*4
100
133
72
12%
••
125g
*10%
11%
5*4
5%
*75
5434
117
*129
74
11*4
•
6
100
54
55
1%
*16%
8%
1*4
18%
8*4
1%
1%
1«%
9
9
16
16
16
16
10%
12
10%
11%
1%
16%
8%
*14%
11%
21
21
*20%
*15%
3%
25
*20
*40
50
19*4
17
3%
3
50
*..'
-
*20%
17
.
*6%
■7
*8%
1034
9
1034
*65
1-1
*64
67%
1
1%
14%
127g
13%
43
45
44
45
15
10%
19*4
11%
72*4
*44
43*4
10%
*65
60
*40
8%
11%
7234
60
1\
3%
50
'"*6%
0%.
9
17%
3%
8%
*56
13*4
11%
6%
1%
.25
17%
3%
*28%
2978
90% 90%
105*4 106
109
109
*12
12%
72%
13
13
11%
6
57g
100
500
5,700
200
96,800
100
*75
30
Apr 10
31% Apr 10
2% Jan 9
36
Jan
3
Jan
41
7
8% Mar 14
44*4 Jan 5
Pittsburgh Steel Co—No par
7% pref elass B
."...100
5% pref class A
100
6H 1st ser oonv prior preflOO
Pittsburgh A West Va.—.. 100
Plttston Co (The)
.NO par
..5
Pond Creek Pocahontas No par
No
par
Porto Rlc-Am TobclA.No par
No par
Pressed Steei Car Co Ino..... 1
6% conv 1st pref.........6
5% conv 2d pref
50
No par
5% pf (ser of Feb 1 *29). 100
2,900
57%
56%
57%
1%
1%
16%
*834
16%
400
934
1,200
10%
12%
300
2% Apr
Apr
Jan
8
6
14
22
% Jan
6
103% Mar
3
154
Mar
1
7
Jan
4
32% Mar
43*4 Jan
3%Maa
45% Mar
8% Mar
25% Jan
44% Feb
23
3
29
15
14
27
3
.
Oct
June
4% Mar
32
Sept
27% Mar
5
7
4
Jan 12
Apr
Mar
4
Nov
Jan
43
Mar
9
July
July
20%
Jan
26% Nov
39
Oct
52
May
July
3% Mar
18% Dec
37g Mar
90
July
41
Mar
75
Nov
145.
June
174
Mar
11
1584 Jan
8
Apr 8
1% Apr 10
% Feb 6
6% Apr 10
7% Apr 1
18
Apr 10
60% Apr 14
Marl5
31% Apr
4
23
Apr 11
No par
7
preferred..—......100
5% conv preferred...
100
Purity Bakeries.
No par
Quaker Stato Oil Ref Corp —10
Radio Corp of Amer...No par
65 preferred B
^..No par
63.50 conv 1st pref—No par
63
Apr 8
Jan 23
72
Apr 12
10*4 Jab 26
Jan 21
12
9% Jan
14
Jan
42
Jan 14
_
9
Feb 27
16*4 Jan
2% Jan
6
s4 Jan 17
14%
14%
43%
677g
11984
38%
Jan
Jan
Jan
Mar 14
Feb 27
Mar 11
109
Feb 27
122*4 Mar 27
138
Mar 13
159
Mar
May
Mar
6
% Jan 20
22% Jan
%
35
Jan
9% Nov
9% July
16*4 Jan
52
Aug
30
July
45
Jan
17% Nov
*4
Jan
15
Mar
25% July
8
Mar
11
6% Mar
1% Mar
% Oct
484 Mar
4% Mar
13*4 Mar
39% Mar
114
Nov
25
Mar
86% Mar
I017g Apr
112
Apr
9
132
Mar
112
Jan
90% Mar 29
21% May
8% May
81
Apr
3
74% June
16% Mar 11
7
Mar
Mar 11
9
June
13
Jan
7%
Deo
117% Jan 19
.39% Jan 4
11% Jpn 3
81% Jan
Oct
8% July
50% Mar
44*8 July
4
2
Apr
% Jan 4
17% Apr 11
6% Apr 14
112
Jan
Nov
5% Nov
30%
23
8%
6%
Mar
143*4
144%
76% Mar
114
36% Jan
Jan
Pure Oil (The)
NOV
-
1
24*4 Jan
115
-.100
Nov
74
% Mar
8
103
preferred-
43
3
Apr
129% Jan 10
148
Apr 8
115% Mar 7
Pub Ser El A Gas pf 65. No par
Pullman luc
No par
Jan
1% Apr
2% Mar
Mar 31
6%
preferred
....No par
preferred—........100
7% preferred—. iOO
:i7% Mar
478 May
7% Mar
20% Apr
11% Apr
Apr 11
7% Apr 10
22
Apr 4
8
Apr 10
65
Mar
90
4*4 Mar
60% Jan
37% Mar
5% Apr 10
8% Jan
4
53% Apr10
677g Jan
5
1% Apr
16% Apr
27g Jan
22% Jan
5
I84 Sept
9
14*4 June
8% Apr 10
J6
Apr 6
10% Apr 8
12*4 Mar 31
17
Apr 11
3
Apr 11
47% Feb 7
17
3
8% May
35%
7
6%
1434
20
*4
28%
30%
50
5%
35%
55
6%
6%
*13%
18%
*34
27%
7
6%
15
19%
7g
31%
'
10%
11%
*41%
8%
*79
50
8%
,
14*4
*45
*50
67%
1%
1%
14%
I584
.
1434
52
*43
51
48
*18
22%
*62
70
*60
70
*41%
50
*41%
87g
84%
*79
8%
8
534
35*4
*53
73g
6%
*13%
20
6
36%
5*4
36%
7%
6%
14%
207g
7%
6%
*13%
21
*4
7&
30
30%
1o
30%
*%
1
1%
2%
*1
*2%
1%
2%
*1
9
*1
9
*1*4
*2%
30
31
32
31*4
90
90
89
*83
90
105
105
100
102% *100
104
109
109
109
109
10*4
89
11
57g
37
55
*53
55
6
37
*1
*85
100
14%
21%
84
*6%
13%
*19%
1Q.200
88,70X1
fReo Motor Car
........5
Republic Steei Corp. i. No par
6% conv preferred..—.100
6 % conv prior pref eer A. 100
Revere Copper A Brass ...... 5
1
Apr 11
Mar 31
127g Apr 10
25% Jan
43
Apr
8
70
Jan
42
Apr
71
Jan
10
22
11
Apr 11
Apr 11
preferred—.-—..--100
5k% preferred..
100
70
Mar 30
49
Mar 31
400
300
32%
%
*%
1%
2%
*1*4
1
9
*2%
30%
33%
90
100
109% 109% *109% 110
12
U%
H84
*11%
3,700
6,300
20,500
400
14%
7g
31
30
1,000
1,500
500
7,400
%
900
1%
2%
900
9
31%
15,500
*85
90
101
102
190
110
110
270
11%
Class
A
Reynolds Metals Co.—No par
5H% conv preferred ..—100
Reynolds Spring..
—-.1
Reynolds CR J) Tob elass B.10
Common
10
Rhine Westphalia Eleo A Pow.
Rlchfie'd Oil Corp
No par
...
21
11%
17% Jan 5
75% Mar 15
Mar 31
2,400
*%
Mar 20
9% Jan 6
9*4. Jan 6
11% Jan 12
60
8
8
54
71
50
7%
6% Feb 11
26
55
7
IO84 Apr JO
23% Jan 3
18% Jan 3
25% Jan 3
21% Mar 13
Rensselaer A Sara RR Co. .100
86
57g
Apr
Jan
10
7%
37%
*53
7%
6%
—10
Remington-Rand.————1
Preferred with warrants-
1,000
5,700
11
11
9,500
500
447g
11%
*2%
11%
7234
23
447g
11%
2234
*79
86
67%
1%
11%
*65
*42
I38
27*4
7
1
*%
%
..100
Preferred
1%
1
*60
9
11
"50
*8%
11%
2%
30
*35
100
11%
7234
X*
28*4
.
23
11%
•21,
It
1,300
3%
*
5'4
*53
55
18
—
*8%
447g
36%
23%
2,100
*65
44
5%
13
11%
7234
67%
15%
48%
35%
12%
*20%
*17%
*3%
*15%
12%
*20%
*16%
11%
45
8
16%
4
14*4
50
*16
12,000
9
*60.
43%
1034
300
4
9%
Reliance Mfg Co
46
9%
18
*3
Jttadlo-Keith-OrpheumNo par
Kaybestos Manhattan-No par
Rayonler Ino
—-.1
62 preferred—:—
-.25
Reading
—,.—
—60
4% 1st preferred—......60
4% 2d preferred
-.60
Real SUk Hosiery——
6
17
100
14%
82
6%
*13%
19%
1
5
...100
....
Mar 23
3
9
46
*4
9
Hosiery
83% Apr 10
132% Apr 1
9
13
8
6*4
2%
1
Phillips Jone# Corp. ..No par
7% preferred
—100
Phillips- Petroleum—..No par
4
9
46
81
*53
*2%
*
Philip Morris A Co Ltd— ;^10
5% conv prof series A—.100
% Jan
9
*41%
%
Mar 27
1
42
8%
84%
534
7%
28%
4
3
8
50
*41%
*82
%
Feb 27
17
*
Apr
59
28
Mar 25
6% Apr
*41%
14%
20
Apr
2
Rets (Robt) A Co 1st pref. 100
Reliable Scores Corp—No par
70
34
60
1% Apr 8
500
*60-
20
Feb 16
8%
70
♦13
Mar
86
7
*60
7%
30
7
Jan
*0%
71
*6%
Feb 17
75
*6%
*60
7
47
Phelps-Dodge Corp........25
Philadelphia Co 6% pref
50
$6 preferred
.No par
fPhlla Rapid Trans Co.....50
7% pieferred—.
50
Phlla & Read C & I
No par
7
71
55
13% "Jan
8% Oct
47% Nov
8
*62
6*4
17*4 Nov
*6%
22
*53
38%
7*4 Mar
4% Jan
*6%
*20
5%
36%
72%
*10%
13,100
21,500
Oct
8% Mar
"
100
42
22% Mar
1*4 Mar
6% Mar
15
Pub Serv Corp of N J—No par
160
115*4 Deo
MarlO
.
Procter A Gamble.
600
Mar
10
.
1,700
7,100
......
110
7% Apr 10
5*4 Apr 10
28% Apr-11
36
Apr 8
Petroleum Corp of Amer
.5
Pfelffer Brewing Co.— No par
6,700
200
13234
Feb
116% Mar 14
40% Feb 6
3% Jan 24
17% Mar
7
22
5U
100
600
116
Jan
31
MarlO
8%
50
10%
9%
"*35
50
22
36
18,800
8
92
51%
505g
112% 112%
33%
3234
103% 103%
24%
19% Mar
Mar 16
*6%
27
8*4
7%
14% Mar
Mar 10
Class B
%
Deo
4
Mar 14
19
21
*6%
*65
"
1*4
*16%
*19
86
72%
13%
11%
6%
100
1*4
29
8%
6
17%
9%
16%
127g
*19
*82
1%
*21
103
72%
13%
*10%
57
22»2
6%
*8%
9
72
*75
*12
*6%
1H2
103
9
:7%
*7%
8%
*113
*112% 116
*129
13234 *129
57
12
*
72*4
6712
8
24
x51% 5134
112% 112%
33
337g
100
16
7
11
7%
*7%
*22
55
1%
*16*4
9%
16%
6%
*8i»
*%
*75
.
1*4
16%
8%
*6%
*66
8*4
*1%
%
July
121
Jan
16% Deo
3% Jan
1% Jan
14% "Deo
14% Deo
42% Deo
59
Qct
122% May
35% Jan
105% Oct
118*4 Nov
134
NOV
152% Dec
117
Sept
89% Nov
13% July
98% Jan
88% July
16% Nov
16% Jan
9% Oct
80
Oct
6678
Deo
"
16%
1978
3%
JJs
8
24
*113
'
*15%
3%
9%
1%
29
120% Deo
1578 Nov
34
Poor A Co class B
87S
*1%
/ *%
24% Jan
5% July
30
Mar
8
8
5,400
1,200
6%
10
Jan 18
Plymouth Oil Co.....
177S
6%
9
Apr
Apr
3,200
200
17%
149
149
150
150% .150
11534 *114
U584 *114
1)534
25
25%
26%
20%
26% 27%
73i
784
7%
7*4
7%
7%
86
*7 S
*78
86
87% *78
2534
•
86
19
53
53
51.
113%
112% 113
32%
3?% 33
104% *102% 103%
113
118
87%
74%
12l2
9%
1%
7%
*7.4
22
20
.
930
7%
8
124. Mar 15
85% July
2% Jan
15
300
18%
Mar
16% Mar
83
Oct
14% Nov
13% July
58% Aug
1% Deo
2% Mar
10% Mar
6
Oot
Oct
17
pieferred
%
*6%
18
7%
*3g
%
*7
7%
20
87g
*1%
r
*132
*86
18
Mar
5% Jan
42%
21%
2*4
No par
prior preferred— —-100
" *%
'
50*4 51%
112% 113
31%
32%
103
17%
*6,
Mar
65
173
26
17%
41
6
*15
*6
3
Mar 14
1*8 Jan 16
5
*22%
17%
57% Jan
166
15
I8I4
8
.8*4 Mar
Pitts Screw A Bolt.....No par
8,000
1,700
8
3% Mar
1
67
26/
.
4
88
July
3% Oot
Mar
Jan
Deo
13% July
30
1% Mar
11*4 Mar
Mar 16
15
%
2% Mar 31
7% Apr 8
13
63
*22%
8
30% Apr 11
1% Mar
31% Mar
3
65conv preferred....No par
Pitts Ft W A Ch 7% gtd pt 100
16
*%
8
2
Jan
Mar 31
26
8
Apr
3
Mar
4
*12%
.
114
2% Jan
Deo
13% Dec
103
Mar
19
11
61% Nov
6% Mar
43
Dec
..—100
5%
Preferred
8
16
Oot
18%
102
6*4 Mar
Mar
6
9% Feb
2
Aug
Mar
88*4 June
5
2% Feb 25
I57g
15*4 Dec
6% Nov
1
Sept
29
share
Jan
per
Mar
3% Mar
Jan
26
Highest
share ;
6% July
17*4 July
43
July
......100
6%
Phoenix
Feb
per
10
65
PItt3 Coke A Iron Corp NO par
*22
*8
...100
24
l
4
5
100
16
.8%
—50
4
20% Jan 6
7% Jan 11
26
*%
RR.
par
14% Jan
107% Jan
13% Jan
12
*22
8
Pennsylvania
par
April
19
Apr 11
12
Apr 8
122
April
15*4 Apr 10
4*4 Jan 3
16% Jan 4
6*4 Jan 20
1% Jan 5
60% Jan 4
104
Feb 14
900
*12%
%
Corp v 10 No
$7 cobv pref—......No
Lowest
$ per share
1178 Jan 6
Pittsburgh Coal of Pa.—100
6% preferred-.-—
100
16
7%
$7 oonV pref eer A...No par
Penn G1 Sand
3
23% April
35% Mar 27
22
%
Cement.. .No par
P.tts C O & St L RR CO--100
22
8
Penn-Dlxle
Plllsbtiry Flour Mills .....25
Pirelli Co of Italy "Am shares"
—-
14
65
5%
8%
..No par
Penney (J C>
No par
Penn Coal A Coke Corp
10
L
*12%
*4%
*45
*4%
Penlck & Ford...
6% Apr 11
1,400
65
5%
Psthe Film Corp..
No.par
Patino Mines & EnterprNo par
Pierce Oil 8% conv pref...100
3
*45
5%
m
Range for Previous
Year 1938
Highest
$ per share
,10
Apr 3
3
Apr 8
10% Apr 1
5% Apr 1
% Apr 1
41% Apr 14
100% Jan 27
67g Apr 10
80
Apr 10
784 April
18
Apr 14
1% Apr 4
36
Apr 11
1178 Apr 10
1% Jan 26
5*4 Apr 10
9
Apr 10
48
Apr 10
74
Apr 10
34 Apr 3
1,200
900
"*2%.
14
•
30
115
*12%
*4%
14
200
7%
23S4
39%
*6%
115
.
Parker Rust Proof Co....2.60
Parmelee Trans porta'n_ JVo par
"
43
*40
7%
2334
39%
10,400
33%
3%
*2%
3%
20
40
333s
34%
600
3%
*25
40
7%
140
*3
3%
40
33*4
3%
42
87%
*130
140
3%
40
"~27g
88%
*130
140
115
24
20
2
*1%
%
*
5%
7%
*23
2
Park Utah C M
1
Parke Davl« & Co.....No par
.
140
67g
*23%
*35%
65
7%
79
3%
*2%
5%
5
*60
600
3 3g
32%
12
78%
0%
37g
*40
278
3034
39%
6%
3,600
2,100
21,200
7*4
*3%
*25
39
38
784
6%
30%
*37%
37g
*3%
40
32*4
38
•"*!%
2
87
.
6%
31*4
*
..10
....1
Pet Milk
*3%
*130
135
12
37%
.80
2
"2%
„6%
33
*
100
Peoria A Eastern.
Pere Marquette
21
8%
6% 1st preferred...
6% 2d preferted
Park A Tilford Ino
1
1,000
2%
24
*77g
100
3,200
33
9
*16
7*4
4% conv preferred
Paramount Pictures Inc
9
10
19
7*4
*6%
31%
37%
Panhandle Prod & Ref new..l
Par af line Co Inc......No par
Peoples Drug Stores...No par
6J4% conv preferred
100
Peonies G L & C (Chic)—100
113
*2
'
,
500
*125,
7%
*14
1734
*6
■
35,400
1684
257g
21
7%
Pao Western Oil Corp..
10
Packard Motor Car....No Par
Pan Amer Ah ways Corp
5
Pan-Amer Petrol & Tiansp..6
160
25
3%
23
33
2%
10%
17%
257g
Par
700
300
,
20
*163
5%
7l2
13%
4,100
24
*45
5%
*12
100
*16
8334
65
22
13%
9,600
1
19
.
.
3%
22
3%
*20%
3%
600
»
82%
20
*3%
%
2*4
13
5%
33
*2
*9%
51
24
,
"
32%
934
22%
6%
6%
6%
6%
2334
2334 24
23% 23%
*3512
39% *35% 39% *35% 39%
115
*— 115
*— us
'*...
*
*111
8
2,200
21,000
5,500
16%
*15%
7%
6%
24
2%A' 314
13
"13
113
7%
9%
6,700
4,400
4,300
*122
17%
*24
2%
80*4
*a4
•
*122
177g
2
*40
1
*84
29
*111
31*4
3%
*25
30
*48
113
*127
30
43
12
~*i %
3%
3
19
12
6
2
3%
%
86
*39
19
28%
*36%
(
135
9%
3%
30%
*2%
80
*125
31
6%
6
30%
87
135
3%
29
7%
9%
122% *122
1578
17
17%
24% 24% *25
18
8
*35%
*
82
.
534
29i2
36%
7%
3%
*20%
12%
*111
30*4
8is
2
122
24%
113
2
3%
12
114
14%
49
12
24%
39%
14%
83%
19ij
17
1%
39%
14%
2%
8%
79%
3
25
1%
39
49
3%
700
14%
9%
4,900
18
39
79%
78
3%
200
8%
8%
1%
60,500
80
14%
684
9%
100
7%
38
1%
9,300
10
13%
17fj
1%
100
41%
18
19
49
3I2
20%
16
80
87g
8%
7,100
48,000
5,300
12%
5%
%
""7%
8%
Lowest
Shares
102
90
*18
19%
1%
*%
41%
*
7834
%
3%
243^
45
102
77*4
7g
*34
....
84
*43
*80
48
1
*122l2
12
6
75%
**4
20
1234
*5%
48
1
*11*4 • 13%
122% 122%
1534 16%
3%
37
6%
9%
9
*34
•20
1%
~
37%
12%
1*4
12
10%
3%
*80
884
*18
10%
7*4
90
8%
i
19%
36
8
*80
8%
*18
6i2
"7%
10%
3%
*5%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Week
14
10%
3%
12%
34
46
102
88
734
19
12%
57g
7g
34
Apr
$ per share
$ per share
10%
3*8
*43
*
7%
*75
9%
50
*4
45
102
67g
80
.1%
49
*5%
*43
37
12%
1*4
6%
9%
4878
7678
7414
6
*-_..
1%
14%
1®8
1134
*5%
*4
45
36%
117g
1%
5*4
38
107g
10%
3%
12%
3M
102
12
Apr
the
Friday
Thursday
Apr. 13
$ per share
10%
3
*4
Wednesday
2225
90
600
9!
7%
78*4
5%
35%
54
Jan
Jan
6% Mar
9
June
9% Mar
49% May
40
Apr
Dec
1
May
77« Mar
17% Mar
Jan 18
45
Deo
54
11*8 Jan
5
Jan
4
Jan 31
4
Mar 13
10% Jan
34
2
13
Jan
1% Jan
46*4 Jan
*4 Jan
Mar
5
16% Jan
27% Apr 11
% Apr 5
10
Sept
77% Deo
4% Mar
3334 Mar
51% Jan
5
Aug
7% Apr
14% Mar
9% Jan
8
*4 Apr
30%
27%
Mar
Apr
68
18% Apr 11
18
13% June
2*4 Mar
34% Mar
5
Apr
65
45
No par
Jan
77% Mar 15
8
Mar
Jan
Jan
22
Mar
38
_
Mar
*4
Dec
25% May
%
Dec
Jan
1% Mar
2% Mar 22
3% Jan
I84 Dec
87S Deo
2734 Apr 11
82% Jan 4
96
Jan 3
39% Feb
1
Apr
4
104% Jan 11
1034 Apr 11
,
10% June
18
11% May
89% Mar
14*4 Jan
Mines.
|St Louis-San Francisco...100
0% preferred
100
fSt Louis Southwestern—100
5% pieferred———
100
Safeway Stores
—No par
5% preferred..—
-.100
8% preferred——.—.100
7% preferred
—
100
Savage Arms Corp
No par
20% Jan
40% Jan
5
85
Roan Antelope Copper
tRutland RR 7% pref
100
St Joseph Lead
.—.10
1*4 Jan
4
Apr 10
Apr 11
Jan
Ruberoid Co (The)
Mfg.—.No par
Marl5
Apr 10
6% Apr 11
6% Apr 11
13% Mar 31
Ritter Dental
72
58g Jan
24
July
24%
29%
6% July
58 « July
11
Jan
.
11*8 July
13% July
17% July
Dec
78
69
•
Nov
3% Oct
25% Nov
78% Nov
7712 Nov
19%
Oct
38% Dec
85
Jan
64%
Jan
17*4
Jan
Sept
July
Jan
Jan
Jan
Nov
94
12%
46%
58%
8%
978
13% July
20*4 Jan
33% Dee
2% Jan
49% Oct
1*8 July
3% July
6%
12
Mar
Feb 27
58
Mar
107% Mar 11
112% Mar 8
18% Jan 3
68
Mar
99
Nov
79
Mar
108
Nov
8*4 Mar
19
Jan
98
29»4 Nov
83% Deo
ft
*
Bid and asked prioee; no sales on this day.
J In receivership,
a
Def. delivery,
a New stock,
r
Cash sale,
x
Ex-div.
y
Jan
7% July
6
Ex-rights.
^ Called for redemption.
SALE PRICES—PER
HIGH
AND
LOW
SHARE, NOT PER CENT
Thursday
Wednesday
Tuesday
Monday
Saturday
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Apr. 10
Apr. 11
Apr. 12
Apr. 13
Apr. 14
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
13
70
71
*68
13%
12%
13%
70
67
67
11,900
400
%
%
%
%
%
%
%
4%
4%
434
5%
*414
4%
4%
4%
4%
45
46
45%
45% 45%
46%
4534
45%
45%
*115
*115
*115
116%
116%
116% *115
116%
116% *114% 116
%
%
%
%
*%
%
%
%
%
72
%
1
1%
1%
1%
1%
1%
*1%
*1%
1%
1%
1%
18
17%
17%
16%
17%
17%
1634
17%
17%
1678
16%
2%
2%
*2%
*2%
*2%
2%
2%
*2%
2%
*2%
2%
64
64% 66%
61% 64%
65% 66%
54% 65%
64%
60%
13
12
12%
11%
12%
13%
13%
12%
13%
13%
1278
11
12
10%
11%
11%
11%
1034
11%
12%
11%
11%
80
*55
80
60
*——
*55
57
*55%
60%
*44% 63
4
434
4%
4%
4%
4%
4%
4%
4%
4%
4%
50
50
50
44%
*44%
4478
*44% 50
*4478
*44%
4534
9
9
8
9
9
8%
8%
8%
8%
8%
8%
32% *32%
*31%
34%
32%
32%
34% *32% 34%
3178
3078
12
11
11%
11%
11%
11%
11%
11%
11%
11%
11%
105% 105%
10584 105%
104% 105%
106%
104% 104%
105% *105
434
45
♦114%
%
1
%
*52
4
*44
8*4
317S
11%
10478
3*4
3,400
8% preferred
1,500
Scott Paper Co
18
5
17%
2%
20%
2%
19%
92
92%
75
75
73
73
101% 102
*100
102
17
19
1834
18%
*91
12
12%
12%
12%
*12
12%
12%
107g
11%
*114%1141%«
1%
1%,
15
15%
114
*2%
16%
18i2
2%
17%
11*4
12%
1034
,42
2
2
*17%
19
19%
20
95
*92
75
*70%
19
*92
70
70
*70%
102
103
103
*12
12%
12%
12
12
*12%
12%
1234
1278
10%
13%
13%
11
10%
•
114%
1%
1%
1%
14
14%
14%
130
130
*127%
24
24%
24%
12
10%
11%
13
13
11%
15%
18%
18%
1%
15
'
37
3%
42
*30
37
2%
*41%
45
2
1%
104
11%
1078
234
47
16%
21%
2%
*2%
114i332 114*32 114%5
*30
3%
*3
*43
20%
11%
137.
131% 131% *130
24%
24% 24%
24%
11%
10%" 11%
10%
1278
12% ; 11%
11%
18
18%
16%
16*4
37
19%
2%
1134
'
1%
14%
5%
5%
20%
*2%
*18%
20%
95
*92
94
5
5
4%
17%
5%
19
2%
*17%
18%
*30
*30
•
2%
5
3%
5
14%
14%
36%
37%
12%
4334
37
14%
38%
36
39%
12
12
11
11%
*1234
40%
13%
*41
43
*41
43%
*41
44
U78
*41
,934
10%
10%
10%
6OI4
60%
61
61
19%
20%
19%
20
6
6
6%
1%
2%
2%
5%
1134
5
11%
14%
5
15
26
43
26%
2478
52%
44%
20%
67%
24%
*45
6%
2%
2%
1%
2%
5%
6
6%
6
11%
11%
12
12
15
15%
16
15%
16
2578
24%
26%
26
25%
26
26
26%
24%
23%
24%
24
25
52%
*45.
42%
52%
*45
21
67%
67%
7
3%
378
3%
8%
5%
9%
8%
5%
52%
45%
*45
26%
25%
51%
45
45%
*23
44%
45%
21
21
23
23
65
67
'
25
850
1,600
400
1,700
45,900
3,500
f4,800
2,200
7,700
50,100
52,900
3%
„
7
3%
*3%
8%
5%,
9%
5%
49
5034
124% 125
734
778
22% 22%
51
Jan
11
Apr 10
514%
conv
'd
preferred..
No par
Smith (A O) Corp
10
Smith & Cor Typewr..No par
*orp
So Porto Rico Sugar
No par
8% preferred..,.
100
Southern Calif Edison
25
Southern Pacific Co..
100
Southern Ry
No par
7,100
700
Spear & Go.....
300
Spencer Kellogg & Sons No par
39%
46,900
Sperry Corp (The) v t C.....1
Splcer Mfg Co
No par
1,100
20
20
2,500
35,600
Standard Brands
preferred
$4.60
500
1,500
7,200
t Stand Gas & El Co
5%
14,900
$4 preferred.;
11%
1,800
8,000
16,000
$6 cum prior pref
No par
$7
No pdr
Standard Oil of Calif
Standard Oil of Indiana
25
Standard Oil of Kansas
10
Standard Oil of N J.
25
11%
14%
15
25%
26%
25%
25%
52%
14,500
44%
33,500
cum
Starrett Co (The)
*23
25
•800
69
69
2,300
Sterling Products Inc
9,300
Stew art-W ar ner
2,000
Stokely Bros & Co Inc
69%
8%
7%
7%
4
4
4
4
9%
3%
10%
3%
9%
9%
9%
45,500
Stone & Webster
57»
6
3%
9%
6%
*52%
"6%
29,800
Studebaker Corp
521.1
900
Sun Oil
160
22
7%
22%
2
'2%
54
126
8
8
24
24
*126
8
6
55
127
■
52%
*126
\
No par
L S__No par
.1
No par
8
8%
7,900
*23
24%
.2,000
*2
2%
11%
12,800
Superior Oil
25%
600
Jan
17%
2%
1078
25%
12%
1778
26
26
*734
5
2
5%
4"
6
*35%
*5
4
11
11%
,12
25
25
25
*734
12%
*7%
17
17%
17
26
26.
12%
1.7%
26%
5%
4%
4
6
*35%
478
5%
4%
35
10
25
4%
4%
6%
40%
37
.25%
5%
4%
4%
4
6
39
3%
27
27%
7%
<
634
678
*10
13
*1578
16
*54
60
334
3*4
*33
39?8
234
14
3
>
■
*1%
3
'•
15%
2
3
17%.
1%
8%
117«
*85
19%
2
8%
12%
9278
11
,
734
4%
4%
35%
36%
3%
378
'
35
11%
36
578
6
6%
7
5%
2%
5%
*74
238
80
.
26%
27
7%
8
634
1134
■
*6..
,
5
-
3%
2
2%
1034
26
10
*25
678
134
11%
17%
17%
26%
5%
27%
5%
4%
4%
6%
4%
4%
36%
3%
36%
27
27%
6%
8
61
,3%
*32%
*2%
3%
39%
15%
2
15%
*1%
3%
*3
2
*1%
3
*3
8
7%
11%
11%
87,
87
18%
2
8%
10%
11%
12
34%
37
37%
39
534
6%
6%
6%
6%
5%
5%
5%
2%
*7178
5%
2%
*6
80%
*71
3
3
2%
74
2%
74
22
Apr,
2%
2%
80%
5,900
Trl-Contlneutal Corp..No par
2%
28
28
19
1%
17%
2%
18%
2%
46%
45%
*45
634
7%
7
67%
16%
84%
86%
47
7%
68%
3%
*6%
1734
*28%
8
8
2%
80%
3%
7%
18%
30
8%
8%
47
8%
71%
79%
79%
20%
80
80
*79
80
20%
20%
*20%
20%
33*4
35
34
35%
33
36
8
8%
8
834
16
16
*114% 117
52
*1334
•
7%
81*
16
16
16
16%
*114% 117
*114% 117
53
52
15
*13%
52
52
53
1434
13%
13%
3%
2%
80%
100
3%
2,200
6%
6%
800
18%
18%
10,100
*28%
*1%
*18%
29%
500
2%
1,100
20
Twin Coach Co
2%
2%
2,200
Ulen & Co..
7%
46
800
8%
15,200
72
69%
16%
70%
17
88
84%
86%
18,700
4,800
4,600
9%
16%
*1123s 117
$1.50 preferred
16%
Un Air Lines Transport
6
United Biscuit
No par
Preferred
100
16%
15
*13%
16
*16
16%
*112% 117
1,500
.....
2
54%
1,500
United Carbon
*13%
14%
;• 200
United QarrFast Corp.No par
a Def. dell very,
n New stocky
No par
r
42% Jan 24
6% Mar 11
Cash sale,
33
Jan
Jan
Mar
3
10% Jan
3
4
Jan
88
Jan
5
Mar
34
Apr
Jlily
Nov
Oct
10% Nov
Jan
9% Oct
49% Nov
5% June
4% Mar
3% Mar
8
Jan
32% Mar
2% Mar
49% Aug
26
Mar
38
7
Mar
12% Aug
578
13
Mar
15
Mar
2%
Apr
Apr
2% Mar
15
Mar
1
Mar
3%
8%
1%
534
Mar
Mar
Mar
Mar
8
Apr
Mar
31% Mar
5%
4
11%
26
»
25%
6084
56
Feb
July
Oct
Oct
Jan
5% July
1834 Nov
2% Jan
6% July
287g Nov
4
July
19
July
15*4 July
98
July
19% Nov
55% Nov
Dec
12%
10%
June
Oct
5% July
Mar
3% Mar
Dec
Jan
Oct
12% Nov
478 July
91
6%
Nov
Jan
15% Nov
5%
16%
25%
2%
Mar
Mar
Mar
Mar
Jan
16
Mar
12% Jan
484 Jan
6
Mar
13% Nov
3% Jan
30
66
1%, Mar
41
Jan
12% Jan
90% Jan
Mar
89
Mar
4
18
Mar 31
117
Mar 22
65l2 Mar 10
Mar 13
Ex-rlghts.
28% Nov
38
July
6
Jan
44
Jan
6
9078
22%
99%
83%
20
Mar
23%
19% Mar
43%
Mar
5
Mar
14
Sept
10038
39
Jan
Jan
12*4 Apr
Oct
70% Nov
15% Aug
17% Mar
5538 Mar
59% Apr
57
23% Jan
42% Feb 25
20
Mar
7% Mar
1934 Jan
104
13% Mar
15% Feb 24
112% Mar 13
52
Apr 8
13% Apr 11
8%
77
4% Jan
Apr 11
3% May
4% Apr
2% Mar
10% Jrm
8
29*4
10% Mar
3
3
734 Jan 10
Mar 28
22% Mar
434 Mar
77%
9
Oct
15% Aug
21
Mar
14% Mar 10
Feb
Oct
Dec
32
6% June
15
96.
18% Jan
54% Jan
3
y
2
3% Jan 10
'28% Jan 3
334 Jan 4
15% Jan
128
17% Mar
35
7
Jan 10
Jan
14% Mar
43% Oct
4% Aug
23% nov
40
3
9%
65%
8% Dec
17% Mar
184 Mar
884 Mar
53% June
Jan
11
17% Nov
684 Mar
Mar 16
Apr 10
Ex-dlv.
3
Jan
434 Jan 1ft
7% Apr 11
x
Jan
12% Dec
5% Mar
3% Mar
,
45
Mar
119% Feb
59% Feb 17
4% Feb 9
21
634 Apr 10
5
53%
J In receivership,
4
9
20% Mar 28
United Aircraft Corp
53%
6
Mar 14
Jan 13
Jan 19
Mar 27
32% Jan
10% Jan
100
22,000
16%
3% Jan
22% Jan
534
No par
45,700
53%
3
3
Mar 31
Apr
4
11% Jan
38% Jan
6%
81% Apr 11
78
Apr 13
9
*112% 117
Jan
5
48% Jan
65% Apr 8
16% Apr 10
35%
54
,
Union Pacific
4% preferred
3
10% Jan 4
8% Jan 4
7% Mar 11
Union Carbide & Carb.No par
Union Oil of California
25
Union Tank Car
3334 Jan
30%
10%
19%
28%
45% Apr
900
Jan
July
50% Nov
66
Under Elliott Fisher Co No par
Union Bag& Pap new..No par
1,100
28
Mar
35%
7% Apr 11
79%
23
13
Jan
Jan
Apr
1
20%
5%
11%
Jan
Feb
32%
100
79
Mar
4% Mar
10% Sept
July
3934 Mar
I334 Jan
*20%
34%
2
31
9%
107%
3%
2484 Mar
26% Jan
34% Jan
79%
6% Mar
94
Mar
1% June
3
Apr 10
100
1578 Dec
70% July
63% Jan
16% Apr 11
28
Apr 11
1% Apr 8
17% Apr 11
20%
36%
9%
8%
2
10
78
8%
Apr 10
6
*20%
35%
Mar 22
3
No par
Mar
25% Mar
127% Jan* 6
Jan 28
3
74
No par
Preferred
Mar
6%
48% May
12% Mar
30% Mar i.4
29% Jan 5
50% Mar 9
7478Mar 11
3
17
No par
Twin City Rap Trans..No par
9,000
46
V
29
July
3478 July
21
No par
20th Cen Fox Film Corp No par
8%
70%
16%
37
Truscon Steel
8
86%
8%
16%
$6 preferred
Truax Traer Coal...
270
17
Bid and asked prices; no sales on this day.
2%
20
2%
*72
87
35%
52%
*13%
29%
*2%
48%
20%
86%
2934
2%
20%
6984
16%
19
8%
2%
49%
80
17
86%
8%
*6%
18%
8%
20%
66%
16%
81%
3%
8%
80
1634
3%
2%
*18%
8678
69
*72
2%
18%
65%
1634
8434
1738
Tlmken Roller Bearlng.No par
12%
37
pref.....No par
TImken Detroit Axle....
10
conv
Transue & Williams St'lNo par
2834
45%
7,100
4,700
12
37
$4.50
24%
134 Apr 10
7% Apr 10
11% Apr 11
87
April
J0% Apr 10
34% Apr 11
5% Apr 12
6% Apr 10
5% Apr 10
preferred.No par
Transamerica Corp
2
Transcont'l & West Air Inc..5
18
7%
67%
400
cum
1,000
2834
1%
46%
88%
$3.50
Tide Water Associated Oil..10
11,000
10,000
29
7
1,700
18,500
5%
29
45%
.100
Thompson (J R)
25
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
6
17%
2%
Third Avenue Ry
6%
16%
2%
1
8%
5%
10%
20%
22% Jan
56
10
4
Jan 20
Jan 20
Feb 6
Jan.19
1634 Apr
32% Apr 11
14
Apr 8
17
Apr 10
1% Jan 17
preferred
5%
18
2%
conv
6%
5%
17
2
3,400
$3 dlv
3
Feb 23
6% Apr 11
1134 Apr 10
100
Preferred.
9
8
2% Jan
8
4
10
11
10
8
8
31
26
8
8
10
10
10
3% Apr 11
Thermoid Co......
7% Jan
101
8
1
No par
12'8
12%
7% Apr
.1
8%
38
26% Apr
100
11%
88%
12%
3% Apr
No par
6
18
2
1,100
5,200
2
Apr
6
17
7%
100
3%
...
Apr
6%
8
8%
91%
2
4
35
5%
*6%
7%
*87
,
.5
6%
7
8%
2%
9
12%
2
Apr
Texas Corp (The)....
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
210
18%
6
4% Jan
5%
6
778
2
12
18%
Apr
37% Mar
6%
7
1%
17%
8%
2
8%'
19
4
5
150
2,800
Apr
4% Apr
6%
6%
1%
18%
3
2
10
Mar 15
Mar
49% Dec
17% Nov
45% Dec
4
2534 Apr
5%
3%
2
*3
3
16
734 Mar
8% Mar
,..9
50
The Fair
18% Mar 14
30% Mar 10
8% Apr 8
5% Apr 10
46
Apr 8
120% Jan 27
7% Apr 11
$3.60 conv pref-...,No par
900
,47% Feb 18
4% July
July
71% Nov
Talcott Inc (James)
Texas & Pacific Ry Co
Thatcher Mfg..
11
24
June
.1
Texas Pacific Land Trust
Mar
6
1
6%
3%
19
*1%
•
39%
400
Mar
3
Without warrants
Texas Pacific Coal & Oil
2
4
19% Dec
15% Mar
5
6% Jan
17% Jan
i\
37%
5%
3%
I8*
2
8%
3
19
3%
11%
88%
3
*14%
2 "
19%
11
5%
4,800
*54
17%
1%
.
6%
6%
61
3
5%
5,300
4,300
*54
*32%
„
7%
61
3%
^
27%
*54
15
„
7%
17%
3
„
27%
14
14%
-
Oct
Jan
8
Apr
Tennessee Corp
*12%
4
900
'
4
46
3% Apr
17
w__
40% Nov
2% Sept
Mar
Apr
Symington-Gould Corp w
5% Mar
8% Mar
17% June
May
8
Swift International Ltd
Nov
25
July
22% Jan
23% Dec
3334 Dec
19% Mar
9% Mar
6
Sweets Co of Ainer (The)...50
Swift & Co—
25
3,400
*15
*3%
3,600
6,400
3,500
,
Jan
' Jan
17% Mar
Apr
29,500
8,400
4%
7%
12%
17%
3%
39%
"4", 700
28
141
49
Apr 10
4%
*15%
35%
578
10%
3434
8
Ml
3%
Jan
5
10
37%
4
17%
12%
88%
12%
*85
37%
'
—
-
1% Mar
15% Dec
12% Jan
25
>5)4% preferred
Telautograph Corp
51.1
13
12
»
16% Jan
114% Nov
Apr
128
Nov
15
83s Mar
1034 Mar
111
"Mar
16% Mar
,
1
19% Aug
29
48
April
10
Sutherland Paper Co
4
Mar 16
75% Mar
4
100
Superior Steel
""800
:
*15
*32%
-
7%
6%
40%
*4%
4%
*12%
2%
14%
8%
.4%
28%
28
17%
1%
*1%
4-%
39%
8%
*6
'*35%
5%
4
27%
7%
7
4%
3,900
"
38
37%
7%
3%
34
14
4%
38
27%
3
1178
91%
*6
6%
4
177«
1%
1%
4%
4
6%
,
3% /
3%
32%
2%
■
6%
*54
,712
17%
27%
5%
4%
35%
3%
60
3
17%
26%
5%
4%
*4%
*55
17
17%
26%
5%
*35%
17%
61
2%
14%
17%
5%
14
34
9%
40%
*15
2%
*7%
*5
*12%
*12%.
1%
9%
5%
4%
7%
11%
*24
*7%
*36
7%
.
9%
5
12
334
25%
39
4
2%
12%
25%
5
17%
334
2%
11%
*7%
26%;
6%
2%
*36
*15%
<Z34
.
.
Jan 10
Feb
4% Mar 14
57
Apr 10
'
2
10%
25
4
Oct
8
7
1
Feb 28
Nov
Apr
65
6
(The).
Mar
z84
58% July
34% Nov
10
No par
10
27% Mar 11
21% Jan 4
23% Jan 4
'33-% Jhd .4
39% Mar 4
2% Apr
1
434 Apr 11
10
April
13% Apr 10
25% Apr 11
23% Apr 11
50% Mar 20
42% Apr 10
20% Apr 8
No par
6% preferred
..100
Sunshine Mining Co.—
10
Superheater Co (The).-No par
8%
25
24%
127
1
1
No par
prior pref
7%
54
98
2%
>68%
125
No par
5%
Aug
3
No par
2%
24
9
18% April
6
Apr 8
t Stand Comm Tobacco
Apr
3% Jan
8% Feb
1
Square D Co class B
Oct
13
3
4
14% Mar
18% Mar
5
17% Mar 11
21% Jan
Apr
Jan
9%
35% Nov
3% Jan
24% Nov
3434 Jan
Apr
98
18% Jan 20
9% Apr 11
2%
105
134 Apr 10
1
60
Mar
122
14% Apr 8
36
Apr 4
11
April
4234 Jan 25
....2
Conv $4.50 preferredNo par
93
Apr
141
434 Apr
Mar
Mar
1334 Jan
Mar 22
12% Nov
28% Oct
18% July
106% Oct
10
May
17
2% Jan 25
35% Jan 17
.1
Spiegel Inc.
340
7%
6% /
'
34
49% Nov
Apr
91
Feb 21 115*%iMar 30
'
$3 conv preferred A..No par
44
44, 500
<44%
-
No par
Sparks Wlthlngton.
2%
5%
67%
52%
100
5% preferred
Aug
6«4 Mar
45
Feb 21
Mar
19% Jan
6
36
7
105
Apr 11
9% Nov
434 Mar
101
1% A pr
Nov
Mar
12% Mar
Jan 18
14
Oct
July
23
3
Jan
April
127% Apr 14
23% Jan 24
10% Apr 8
11% Apr 11
15% Apr 11
18
70% Nov
45% Mar
Feb
70
111
Mar
7
101
No par
Solvay Am Corp 5 J J % 'f—100
South Am Gold & Platinum..1
5%' Jan
9% Mar
3234 Jan
Apr
Socony Vacuum 0„i u*. Inc.15
Jan
78
Jan
107
92
11% Apr 11
12
April
12% Apr 8
10% Apr 11
Dec
20%
3% Jan
2134 Jan
29% Jan
95% Jan 19
16% Apr 11
18% Apr
25
6% preferred
..100
S.oss Sheffield Steel & Iron. 100
Feb
15% Jan
434 Apr 11
Slmonds Saw & Steel..No par
Snider Packing
1134 Feb 24
36
5
17% Apr 10
2% Apr 10
10
Skelly Oil Co
April
104% Apr 14
No par
Simms Petroleum
7%
6%
par
100
preferred
Simmons Co.—.,
66%
1038
No
j
7%
123% 125
7%
8
28
Jan 11
7% J»n 5
50% Feb 16
44?8 Apr 11
(Frank G)...No par
Spalding (A G) & Bros .No par
1st preferred.
100
10%
62%
6
8
Sheaffer (W A) Pen Co.No par
Shattuck
900
1
7%
69
15%
13%
80%
Apr
Mobile & Ohio stk tr ctfs 100
50
Mar
Apr
No par
100
42
Feb
4
24,.500
35
July
55
30
10%
62%
*45
25
40
-
6
6%
100% 100%
1%
1%
6%
10%
21
23
6
*41
*99% 100%
*1%
1%
2%
2%
14
778
22
43%
11%
10
67%
.
*41
11
21
48
*12%
13
15%
7
46
38%
20
1%.
200
2
2%
*4%
*14
14
20
1%
12
40%
13%
44
*123% 124%
8%
778
'
2%
5%
15%
64%
20%
6%
13
11%
*12%
38%,
64
100
13
3%
64%
6
12%
42
*62%
100
12%
*1%
4
10%
6%
12
*28
11%
99%
300
3
27%
-No par
$5 conv pref
50%
11334 Dec
Mar
Dec
Sharpe & Dohme
—No par
$3.50 conv pref ser A.No par
5
10% Nov
Oct
Mar
Mar
10
Silver King Coalition Mines,.6
3,100
5
6
2D4 / Jan
Sbaron Steel Corp,
4,500
19
Jan
5
5
47
Shell Union Oil
94%
10
Jan
Jan
Jan
Feb
134 Nov
3434 Mar
Mar 13
18% Jan 10
—1
4,100
1,000
16,900
1,000
14%
14%
127% 127%
25% 25%
11
11%
13
12%
17%
18%
47
.
100
2%
22%
3%
77%
3
27%
85
112%
%
1%
15%
234
11% Apr 11
10% Apr 11
No par
Servel Inc
m.
210
Mar 17
«4 Jan
60% Apr
5,100
10% Jan 25
50% Mar 10
Apr
Sears Roebuck & Co
20
12
1
100
Seagrave Corp...„iVo par
^
% Sept
i2 Feb
No par
200
^
1334 Sept
62
June
Jan 20
1
117
16% Apr
2% Feb 21
3,200
20%
2%
Jan
Seaboard Oil Co. of Del-No par
V, 000
5
Apr
5,300
22,000
12,100
m
tSeaboard Air Line
4-2% preferred
45
113
9
75% Mar 15
17% Mar
Highest
Lowest
% per share $ per share
% per share
share
67
No par
No par
$4.50 preferred
~
900
1145« 114%
35
10%
19%
r
w
7,400
80
*70%
*103% 104%
12%
1034
42%
6
99%
1%
2%
434
5%
*45
.
19%
20
80
2%
*5
15%
39%
62
6
6%
*13
10%
9%
61%
18%
100% 100%
1
1%
2%
2%
100%-100%
1%
•
*92
*3%
6
*5%
.
19
20%
94%
104
*42
2
5
14%
4%
,
*258
*17%
35
46
2
1%
1%
3%
*42
19%
2%
12%
*12%
*13%
35
14%
5%
104
5
5%
21%
12%
"13%
13%
11%
12%
11%
114% 114i%2114%
2
1%
1%
15
15
14%
133
*127% 133
2 534,
25% 26%
12%
11%
12%
14%
14%
13%
18
19%
19%
14%
5
m
.
5
5
11,700
614% preferred
f Schulte Retail Stores
per
11*4 Apr 10
Apr 14
% Apr 10
334 Apr 10
5
100
1
100
Schenley Distillers Corp
45%
.
16%
2%
61%
12%
10%
,
13
13%
*69
%
%
%
%
4%
45
1
71
*67
71
12%
12%
11*4
12%
11*4
*67
$
Par
holt
Highest
Lowest
Apr. 8
12
On Basis of 1WYShare
1939
Range for Previous
«
Year 1938
Range Since Jan. 1
Sales
Friday
$ ver share
69
April 15,
New York Stock Record—Continued-Page 9
2226
Nov
July
Nov
Nov
Jan
Dec
13*4 Nov
20
Nov
118% Aug
73% Nov
20*4 Nov
^Called for redemption.
Volume
LOW
AND
SALE
HIGH
Saturday
PRICES—PER
Monday
Tuesday
Apr. 8
Apr. 10
Apr. 11
$ per share
$ per share
2
23ft
2%
3034
5%
31%
*4%
*60
3134
5%
478
4%
434
2%
3134
5%
*60
538
4%
60
6238
Week
$ per share
5%
5%
5%
2%
3034
5%
5%
5%
*5%
5%
2%
534
53s
2%
30%
32%
*63
68%
*63
Lowest
Par
39,500
Corp
United
No
6,100
$3 preferred
5,600
United Drug Inc
600
United Dyewood
50
67%
On Basis of
par
5
30% Apr 10
4^4 Jan 26
10
4% Mar 31
No par
Corp
Preferred
-.100
3%
3%
3%
334
37s
4
7,600
United Electric Coal Cos
5
3% Apr 11
*25
27
2534
2534
27%
26%
27
26%
26%
1,000
United Eng & Fdy
5
2534 Apr 11
63
66
63
65%
27%
65%
68%
69
72
71
7234
6,000
United Fruit
113g
11
11%
11
11%
11%
1 l3g
11%
11% ll7s
*113% 11434
*11334 115
115
7
7
7
7
67s
4%
43s
4%
4%
4%
634
6%
634
6%
634
86
86
*75%
*75% 86
%
%
*%
%
*%
5
5%
*5%
5%
5%
7
6%
6%
634
*6%
22,800
United Gas Improv't-.No par
400
114
3%
114% 115
*113% 115
6%
6%
*11334
■
6%
7
4%
4%
*6%
4%
634
77
6%
77
*%
%
.5%
5
6%
6%
534
6
77
*170
"
4%
4%
434
23
23
14
15
1334
4
378
15%
3%
37«
6%
6%
*46
3534
58
6%
*46
37
35
%
5
*6i.i
.5
*227g
13%
334
30
SO
82
174
*23%
•
15
15
6
*46
58
35
37
88%
50%
*63%
447g
3%
33%
35
88%
91
49
49
65
109%
34
34
467s
4478
109
33
*44
"¥%
2%
73S
7%
1%
1%
*42
51
934
3%
3234
8634
92
94
90
48%
50
5034
503.1
51%
52
51
72
*69
64
3378
2%
2%
7%
34%
34%
46
46
1%
50"
200
6334
34%
34
*44
3
8
50
23
Apr
1
20
35
Apr
10
7%
33
Apr 10
25
preferred
United Stockyards Corp
__
2%
2%
2%
7%
73s
7%
500
No par
7'4 Apr 10
1%
*427S
73s
1%
1%
1%
1%
8,500
United Stores class A..No par
5078
*42%
507s
507s
No par
93g
9%
9%
70%
*42%
*8%
13S Apr 10
46
Apr 6
200
UnlversU-Cyclops Steel Corp 1
9% Apr 13
*69%
72
200
Universal Leaf Tob,
69
*66%
*160
*160
53
53
56
57%
%
*17%
25
Conv pref (70oi
$6 conv pref A
-
70
--.2
54
57%
180
%
*17
%
24
16%
25%
16
114
36
36
*
19%
2%
17%
2%
*105
117
*61
65
6%
117
*110
*60%
*118%
1%
*1%
2%
,
1%
6
117
*110
*110
*00% ' 65
68
„
'
*
1934
8%
*1:18%
1%
1%
134
1%
*1%
2%
*U*
_
6
6
.
10
70
*118%
"l%
*1
Ml
1%
2%
*1%
2%
5%
6
*85
'
38
*19%
9%
2
*31
434
.
16
16
16
*85
89
3934
1978
.
10
4
4^2
37
38%
20
20
2
*8%
1%
33%
32%
8%
134
*33%
4%
4%
4234
41
42
1%
*6%
'2%
12
*4
«
19%
20"
3934
2
934
42%
134
*7
38%
*19
33
4
2
484
4%
42
41
10
15
15%
1434
21
22
20%
2%
*13s
1%
18
50
2
1%
*1%
18
177s
60
60
*58%
*82
90
19%
45
2%
2%
834
2%
*84
89
100
5
25,200
38%
40
3,700
9%
.
35
5
2%
2%
*8%
10%
*8
23%
22
88'
15%
22%
1,709
2%
1,100
2lo
*2
*l3s
20
*57%
60,
85
85
1%
19%
19%
2%
*1%
19
2%
1%
19%
*19
*60%
1%
1934
•
95%
96%
96
96%
92
88
89%
88
88
*122
123
12034 1207S
121% 122
115, *114-% 11534 *114% 11534
21
21^4
21%
20% 22%
'
60
60
61
61
86
86
86%
86%
85%
99
99
99
99
99
*90
96
*90%
96
*91
121
121
*121
122%
115% 11534 *115% 116
233.1
2234
23%
23%
2%
3%
3%
4%
378
4%
2%
4%
%
34
%
%
*%
%
%
1678
18%
17%
19%
8434
%
78
17%
19%
8678
83
%
78
1678
18%
83%
10%
*37%
15%
*2578
144
*130
12%
12%
11%
38,
37%
37%
16
15%
15%
*29
30
29%
*25
75
*4
4%
%
*%
1
1
to
19
18%
1834
2034
20%
21
88
8919
877g
90%
13%
13034 13034
14
*1278
*1234
*3534
38
*36%
38
*37
38
16%
17
*16
17%
*16%
17%
29
29%
130
130
'
11
13034 13034
14
*7S
18%
20%
8,300
Western
8,700
Westingh'se Air Brake.No par
88%
85%
13034 13034
1234
1234
22,400
Wostinghouse El & Mfg—-50
*25
60
*72% 110
I10
*75
110
*41
49
*41
49
-'*42
*10
10%
10
10
10
*61
95
*61
95
48'
*42
48
*42'
49%
*42
49%
10
*934
10,
.
934
8%
*4%
8>4
12,400
4%
1,700
*1%
1%
900
7
7%
7
734
8
8%
834
9
334
4
4%
4%
4%
l'l
4%
1%
4%
1%
4%
1%
2-%
15%
2%
1%
15
14
2%
2%
*1%
1%
15%
15%
2%
2%
1%
15%
*2%
15%
3
1534
*2%
$5 conv prior pref...No par
400
1%
1534
*14%
3
2%
16
2%
1%
1%
1%
1%
134
134
1%
2
1%
2
1%
1%
6,400
3%
3
3
3
3%
3%
334
3%
3%
3%
3%
3%
3,900
433s
44%
4178
4234
4134
334
3%
3%
334
3%
39
*36
3734
3734
37-%
3734
110
110
*105
*105
*105% 110
17%
16%
16%
*16%
17%
15%
1634
44
44
4434
44%
437S
4278
4278
1178
13
12
121*
10%
12%
56
57
*42
55
*43
3%
35%
3%
36
15%
♦
*25%
*31
86
15%
52
*44
13%
12%
45
*38
48
*37%
46
*36
46
*24
29
*24
30
*25%
29%
*25lo
29
38
*31
*30
35
100
91
200
77
700
11
31
32
80
36
33
33
*32
36
*32
37
85
85%
85
86
90
90
92
92
75
75
75
75%
7534
76
*75%
*23
24
2234
11%
23
25
25
25
25
13
13%
1384
13%
1334
98
98
98
98
10
1034
11%
117S
12%
13%
99% 100
934
30%
*65
10%
*65
75
17
15
12%
13%
2%
2%
2%
30
3234
17%
17
17%
3234
75
*96
11%
33%
*65
100
11%
34%
32%
*65
75
18
2%
75
18%
17%
18%
13%
2%
lj3%
14%
1334
147s
2%
2%
2%
2%
Bid and asked prices; no sales on this day.,
34%
17%
"
12
77%
91
*751i
*24%
12%
26%
13
99
*93
600
66,300
140
11
111*
4,200
3134
3234
48,200
75
*65
17%
133i
2%
f In receivership,
a
18
14
2%
4,000
18,400
3,200
Def. delivery.
n
New stock.
r
Cash sale.
July
82% July
102%
Jan
Deo
116
Mar
126
31*8 Mar
111% Jan
12s4 May
4i« Jan
Jan
25s Mar
3
Mar
4%
Jan
9
Jan
% Mar
15s
3%
34%
33%
12478
■
8
>
84 Jan
1% Jan
84 Dec
16% Mar
1534 Mar
6I84 Mar
24% Jan
3134 Jan
120
Jan
145
Mar
22% Jan 4
*32% Jan 13
4
Jan
July
July
Nov
Nov
Oct
Mar
144
9% Mar
21
Oct
31% Mar
39
Dec
103
Feb 24
Jan
Nov
119% Nov
267s Dec
Mar
20% July
Mar
31%
Mar
60
Apr
14% Mar
90
10
20
-
Dec
Mar
.
Jan
32*4 Nov
3134
Jan
Jan 27
80
Jan 27
75
Mar
95
Jan
4
60
Jan
42
May
61
Nov
54% Feb
Apr 10
4
12% Mar 10
934 Apr 13
7
Oct
Jan
1%
39
11634 Apr
15% Apr 10
80
4%
12484 Mar 10'
65
,
1334 Jan
4
Dec
15% July
6% Mar
15% July
IO84
7
Jan
5
11
Jan
134
Jan
1% Mar
3
Jan
Mar
884 Mar
2434
Oct
384 Mar
158 Mar
3% Aug
1% Apr 10
3% Feb
1% June
3%
8
0i4 Feb
338 June;
5
3
Mar
32
Mar
3% Apr 8
1% Jan 13
14
Apr 10
1
2% Apr
3
Apr
33s Apr 10
35i2 Apr 8
PAM(Del)No par
Preferred A 7%
100
0% preferred B
100
Prior pref 4M% series..
10
Prior pf 4^ % conv series 10
Wright Aero nautical..-No par
Wrigley (Wtn) Jr (Del).No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach cl B..1
Preferred
100
Young Spring A Wire-No par
Youngstown 8 A T
No par
5H% preferred
100
Youngst'wn Steel Door .No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
Worthington
10
Apr
Apr
823s May
6(T
Jan 19
Wool worth (F W) Co
71
70
9
Jan 12
Apr 10
20
53
100
$6 preferred
34 Sept
-
Feb 20
15
9,400
*43
Wlllys-Ovetland Motors.—.1
6% conv preferred
-.10
Wilson & Co Inc
No par
1% Mar
75
Woodward Iron Co—-—-10
13
53
No par
.--5
6%
5
60
3,100
22,600
*12%
*44
$4 conv preferred
Wilcox Oil & Gas.
1634 July
6
Apr
107
13%
54
1
Bpr CaNo par
White Sewing Mach—No par
Aug
478 July
Mar
Mar 27
Wisconsin Elec Pr 6% pref. 100
*36
*65
•
13
White Motor Co.
W hlte Rock Min
800
29
12%
2%
15
5,700
47
100
1234
16
3%
36
110
*25%
23
17
*105
*36
23
10%
.
65
75%
100
36
37
_
30
90%
75%
12
15
3%
3%
3%
35%
*105%
(The 8 8)20
1,200
1,000
3
*105
White Dent'l Mfg
45
M,ar
184 Mar
Mar
8
100
July
74
15% Apr
100
July
8
5
98% Mar 14
No par
Preferred.
July
51
20
Jan
Mar
38
5H % conv preferred
4
Mar
3
MarlO
3
Wheeling Steel Corp.No par
J!---,.
Mar
334 Mar
25% Mar
Mar
6
2
23
28% Jan
37
Apr
20% Dec
19% July
Mar
Oct
205s Jan
74
Nov
64
8
34% Nov
8
50
87% Dec
10% July
Mar
,10% Apr
x29
1784 May
Feb
17
•130
Class A
Mar
30
Mar 13
preferred
50
Instrnm'i-No par
5% conv preferred__r._-30
Wheel & L E Ry Co
..100
6,100
-
Jan 26
Mar
4% Mar
33a
8% July
20% Jan
103%
9734
1
600
,934
7%
1st
34 Apr 8
Apr 8
1818 Apr 8
8212 Apr 11
74
5
Mar 21
97
/I67g
Westvaco Chlor Prod ..No par
*91*
4%
—100
Union Telegraph. 100
1,100
934
7%
—100
Pacific
Weston Elec
30
1734
95
3%
1%
15%
1734
*61
Maryland
0% preferred
100
31
90
Western
1,100
'
18%
11412 Jan 24
177s
19%
*28
18%
4
Jan
...i-.-lOO
Deo
Mar
3234 Jan
3% Jan
2
Mar
100
100
West Penn Power 7% pref. 100 a;120%
1%
684
13®4 June
3
Dec
79
88
3
Oct
Nov
107
4% 2d preferred
Jan
438 July
8
8
preferred
119%
258
Mar
25
April
Apr 8
Apr 10
6%
116% July
Jan
31
Apr
— —
Dec
Dec
95
preferred
77%
Mar
85
7% preferred
Mar
16% Mar
60
0%
Jan
11
-No par
$4 conv preferred
32%
110% Nov
24% Jan
West Penn El class A—No par
100
-
„
1778 Apr 10
900
60
1834
7
Jan
1
-1
Co
,l2
1
31
1778
No par
Jan
3184 Mar 14
5
8
6%
Jan
Mar
Jan
Dec
Feb
Mar 13
37«
Oct
25%
1534
1207s
123s Mar 16
Mar 13
*%
*75
17%
5
3% Apr 10
;% Apr 12
*25
16%
56
23s Apr 10
*287g
*61
3
8
Jan
57
Mar
678 Jan
6% Apr 11
20% Apr 11
60
90-
Feb
134 Apr
36
100
16%
Jan
Nov
42,
5% Mar
278 Jan
44
Western
30
*723a HO
17
15%
8i2 Apr 11
134 Apr 11
32i2 Apr 10
4
Apr 10
Western Auto Supply Co.-.10
38
90
19% Feb 20
700
16%
Jan
36-% Nov
113
4%
784 Feb 16
1884
3
Jan
3,200
110
*61
85
5,700
*37
2
1% Mar 20
Jan
1%
2834 Oct
2878 Nov
Apr
158 Mar
5% Apr 11
15% Apr 10
Wesson Oil & Snowdrift No par
190
2,600
9
Mar
1%
v
1
5%
.
Jan
8
105
134 Jan
2%
*25
18
1
Wayne Pump Co
Webster Elsenlohr
260
120
.;,
8
3i2 Jan
22%
*75
29
Maris
JWarren Bros.
80
116
60
*25
131
2%
*4%
1
1
17%
pref...r—No par
...No par
13% Sept
234 Mar
Feb 14
2§i.i
6
"
120
.
96
U6
2%
20
90
16%
2%
212
%
,
"
18%
.82%
*61
*723s 110
.
173.1
19%
8678
%
1678
,
60
*25
2%
,
135
*130
'
2%
$3.85 conv
June
1% Apr 14
1
No par
5
June
30% Mar
37
Baking Co cl A.No par
Warner Bros Pictures
97
1634 Mar
Feb 18
5034 Jan
2038 Jan
147s Mar
400
65
85%
09
121% 121%
''
2%
2%
358
2,100
14% Mar
.
278Mar
ADf 10
100
Mar
11% Mar
Mar 16
—
—
Dec
% June
16
3178 Jan
37
preferred
Dec
83
478 Jan
Walk(H) Good & W Ltd No par
Preferred
No par
Class B
159%
2578 Feb 18
'9% Jan
Wells Fargo &
-—,
,
30i4 Jan
35% Mar
Apr 10
<7%
May
27% Mar
Mar 24
4
Ward
Dec
134
84 Jan
-----No par
Walworth Co
86
77
Waukesha Motor Co—......5
15%
22
1%
.
Mar
64% Apr 12
125
Mar 7
I434 Apr 11
20% Apr 11
178 Apr 10
15«4
Nov
48
8334 Jan
100
I9I4 Apr
23
15
..
Jan 11
$1 1st preferred—..No par
•
Dec
7% June
120
5% Apr
120
3% July
52
1234 Jan 21
Jan 11
Apr
Warren Fdy & Pipe.---No par
15
2.
100
—-.100
5% preferred B
100
Waldorf System.No par
Walgreen Co
No par
4H % pref with warrants 100
tWabash Hallway
5% preferred A
534 July
10% July
117
17
11312 Apr
1% Apr
$3 convertible pref.-No par
22%
2%
*1%
.
5% preferred
-.100
Virginia Ry Co 0% pref.. ,100
Vulcan Detinning.-i
100
Preferred
IOC
820
15%
19
Virginia Iron Coal & Coke. 100
Dec
75S Nov
58% Mar 15
8
8
10
10
12
6
500
22%
.
No par
3
47% Sept
1% Mar
37
Feb
2i2 Mar
18'4 Apr 10
11,200
22
Apr 13
358 Jan 20
85s Mar 3
40
934
22
1434
21
23%
100
6% preferred
Va El A Pow $6 pref
*4
*4
6
June
46
42% Mar 13
2%
1,700
1,800
9834
2%
47,300
23
95
21
300
8%
92
115
3,000
22%
15%
'
60
88
1,100
2
45
45
45
9%
35
4%
4%
2i2
100
1934
*134
17g
1,400
1,800
47s
*19
36
■
6%
17
40
"
2,700
2,100
6%
2
*1%
1%
4%
4%
*4
15
22%
*42
*33
1%
1%
17
5%
197g
934
60
20%
6%
20%
20%
22%
2%
,15
37
*4
*4
20
*6%
9%
17s
9%
1%
1%
*34%
4%
2
1%
*1%
6%
*19
197g
...
*118%
1734
89
■—
677s
2%
3934
40
6%
*1
*
9%
35
4
4%
,39%
*19
1934
834
1%
07
100
2
36
114% Feb 24
40
117
Oct
29% Mar
40
Apr
Apr 10
2% Apr
71% Nov
3
357g Jan
Apr 10
No par
70% Mar
121
347s Apr 11
2,200
*434
Mar
"25
1934
109% Nov
7234 Oct
7
9134 May
111
I—..5
Jan
45%
z4434 Mar
38
5
7% 1st preferred
Oct
July
56% Nov
4
100
-.5
Vlcksb'g Sbrev & Pac Ry Co 100
Van Raalte Co Inc
Vick Chemical Co..
*234
1%
5%
6%
Apr 10
113% 113%
1
89
89
5
16
49%
Mar
12034 Mar 11
20
Corp of Am.No par
Oct
21
Mar
Jan
7%
13% Nov
21% Mar
278 Mar
*55
Feb 25
i2 Jan 16
Feb 23
*18%
*110
8
35% Jan
30% Nov
Nov
Mar 27
78
Jan
17
Va-CaroJlna Chem
134
*17%
17%
16%
*85
4%
Vandium
68
Apr 10
100
2,600
1
*1%
-
6*8 Mar 10
10% July
71
Mar
50
162
157
No par
Sales
27s
1%
,*6
6
Vadsco
Victor Chem Works
20
*1%
---T
-
3% Mar
638 Mar
2
Mar 13
49
June
13% Mar
3
100
preferred
Universal Pictures 1st pref. 100
2,500
6%
*65
1,100
80
2
*110
1%
1%
89
15%
16%
89
4%
19 '
66
'
*83
19>
117
10
38
.*19"
3
*4%
*118%
5%
19%
117
64%
~
80
*1%
119
*35%
*
19%
234
900
29
*
357s
10,900
4
45% Apr 10
69
Preferred
18%
*27
28
2,700
%'
17%
19%
113% 113%
"
V
~
1
25
119
l57s
234
234
2%
2%
18
17
19%
1834
115
11334 11334 *113
2
1%
1%
*1%
*5
63g
*434
6%
'
2
1%
*3%
28
*
80
"1934
19%
18%
36
*
80
*17%
20
119
35%
35%
*19"
113% 113%
*118
6
18
17
1%
1%
■
#
25
27
27
119
"34%
19%
2%
2%
18
*113% 11434
*2 •
234
*4%
6%
.
•80
18%
1834
18%
2534
253.1
*
36%
36%
*
80
_
18%
26111
111
*17
24
16
%
%
%
*%
%
*17
17%
25
25%
*107
24
*17
18%
%
%
3
3
Feb 28
No par
"
%
24
9
Jan
10% Jan
6I84 Feb
578
Apr 10
2
1
2%
50
Jan118
2534 Mar
4338 Feb 16
1%
Jan
Nov
32
70
No par
1%
9% July
1258 Nov
Nov
44;% Apr 11
Apr 11
Dec
173
5
108
Nov
115
60
100
13
8784
Mar
65% Jan
No par
Oct
8%
4% Mar
55
48i2 Apr 11
Jan 23
-
Nov
10% Aug
162% Mar
3
50
114
9
5234 Jan
1 lUs Mar
100
50
80% Jan
878 July
39% Oct
67% Aug
1278 Nov
4
4
314 Apr 11
1st preierred
Jan
Jan
311.1 Apr 11
8634 Apr 11
8%
Dec
38
3% Mar
534 Mar
4
3
Oct
7%
1078 July
Mar
Apr 11
51
U 8 Smelting Ref & Min
Preferred
May
share
Oct
712 Jan
334 Apr 11
—100
Apr
4%
62
45s
38
180
13i2 Apr 11
7%
9%
8
per
113
Apr 10
2%
*9
4
...;10
1,600
3,600
Jan
87*2 Mar
No par
U S Tobacco
20
Mar
U 8 Rubber...
U 8 Steel Corp
Prefer; ed
46
Sept
U 8 Realty & Imp
2,900
46% 129,000
45%
109% 111
6
3
7i2 Jan
IOI4 Jan
Apr
U 8 Pipe & Foundry
6
5
% Jan 24
Mar 31
6
884 Mar
Jan
11
*7%
9%
50
5,700
17,400
34% 131,600
91
10,400
51
2,300
*62%
48%
111%
46
2%'
50 78
463s
111
34
69
*65
*66%
160% 160% *160
70
69
160% 160% *160%
46
46
45%
48%
*44
453.!
64
*62
113
113
33
,
64
*62%
4634
47%
109%
*42%
*8%
93
39%
Mar
8
534 Apr 10
77
Apr 10
No par
Mar
50
100
3g Feb ll
5
Partlc <k con? ol A ...No par
Prior preferred
3734
3%
37%
37s
37%
4,400
57
36%
*7%
1%
1%
*46
334
7%
9%
*6%
7
Apr
Mar
115% Feb 14
7i8
Apr
U 8 Leather
57
77
3
7878 Mar 11
*13% Feb 27
103s Mar
4
U 8 Industrial Alcohol-No par
.
Apr
170
5H % conv pref
2178 Mar
8
11
534Mar 31
4
458 June
5
Feb 11
6% Apr
5
2,200
7
Apr
Mar
Mar
6% Jan 4
3314 Jan 12
74
100
Corp
4,400
34%
2%
51
100
20
preferred
4
378
7%
1%
*8%
.
1,400
U 8 Hoffman Mach
par
147g
36%
2
*42
934
U 8 Gypsum
No
4
37%
*44
46
4,300
7%
8
6
100
U S Freight..
-
8
11
No par
Conv preferred
1,000
14%
347s
91%
33
33%
*44
67g
*46
100
4
.37%
334
44%
109%
7%
55
*46
$6 first preferred
15%
3%
108
U S & Foreign Secur.-.iVo par
30
*22
35%
90%
62
65
*63
46-%
109
4
678
6%
3%
31%
3%
15
4%
378
37g
6%
334
15%
2,000
621a Apr
111% Jan
10
U 8 Dlstrib Corp
4%
4%
53s
30
*20
United Paperboard
"
5378
33%
90%
51%
*4%
30
1,500
4,300
200
174
*170
174
No par
$5 preferred
No par
United Mer & Manu Inc vtc.l
100
79%
79
81%
79%
*170
534
*434
'
3%
32
1134
*170
78%
174
4%
37
*%
5
5-%
*170
30
6%
*75%
6.
77
78%
*20
4%
6%
*4%
174
7
4%
*%
%
5
6%
86
*75%
5
79
6%
6%
85
*%
174
7734
*170
4
*75%
6%
4
4%
378
4%
2
22
4% Mar
60
Apr
April
60
378
Highest
share i
per
3% Feb 6
39% Mar 14
7ig Ma. 10
834 Jan
27%
65%
3%
$ per share
$ per share
2
Apr 10
3%
11
-
EXCHANGE
27%
62%
114
'
NEW YORK STOCK
the
Shares
*31
69
STOCKS
for
$ per share
Range for Previous
Year 1938
1
100-Share Lots
Range Since Jan.
Sales
Apr. 13
23s
33%
*61
61
CENT
PER
Friday
Apr'. 14
2%
2%
32%
5%
5%
NOT
Thursday
$ per share
2%
33
5%
4%
SHARE,
Wednesday
Apr. 12
per share
2%
30%
5%
62%
2227
New York Stock Record—Concluded—Page 10
148
4134 Apr 11
10i2 Apr 11
56
Apr 8
23
Jan
49i2 Jan
108% Jan 12
2558 Jan
60% Jan
23% Jan
Oct
10% Mar
27% Nov
103
36
66
MarlO
42
58
Feb 16
65
Jan 18
7084
Apr
1
38
Jan
27
Apr
28% Mar
July
Nov
Nov
Nov
Dec
5
Jan
3
55% Mar
61% Mar
78
Dec
Mar 13
20»4
Jan
39
July
6
Feb 17
Jan 5
8%
Jan
2I84
71
5678
Jan
4
24
Mar
57% Nov
120
Mar 31
Q34 Apr 10
30
Apr 11
Oct
Mar
5384 Nov
Nov
27%
72%
75%
48%
65%
121%
Jan
53
Apr 10
75
115s Apr 11
98
April
Mar
Mar 14
11
85
2234 A pr 11
Jan
11% Mar
26
33
Oct
678 Jan
678 July
60% Jan
1O034 Dec
4
5
4
4
Sept
80%
33%
2134
114%
21%
Jan
Mar
9% Mar
109
Oct
Oct
257s Aug
Apr
6
85
Jan
5
62% Mar
86% Nov
17
Apr
8
31%
Jan
4
11% Mar
12
April
22%
Jan
4
Mar
31% Dec
2584 July
Jan
584 M8T
76
91«
zEx-dlv.
A nr
v
8
Ex-rlghta.
9
284
Tf Called for redemption.
I
2228
April IS,
NEW
Bond
NOTICE—Prices
YORK
STOCK
EXCHANGE
Record, Friday, Weekly and Yearly
"and interest"—except for income and defaulted bonds.
are
Cash and deferred delivery sales are disregarded in the
week's range, unless they are the only transactions of the week, and when selling outside of the regular
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
Friday
Week's
BONDS
Last
Range or
■S
N. Y. STOCK EXCHANGE
Week Ended April 14
Sale
Friday's
Asked
gS
SQ<§
High
NO.
"5 fe
Bid
Price
Hft.
<Sc
Low
Jan. 1
,
AO
120.5
D
119.27
IJ
1
2%s
2%s
2%s
2%s
2%a
M
118.26120.22
114.17115.31
78
113.10115
104.14
104.20
11
104.14105.8
106.15
18
106 12106 27
106.12
——
♦6s assented
♦6s assented
se series A.—May
Foreign
4
109.30110.27
♦Chilean Cons Munlc 7s
4
106.29107 12
JA
0
110.13 110.13
110.18
43
109.22110.25
♦Chinese (Hukuang Ry) 5s..—1951 J D
♦Cologne (City) Germany 6 Hs.1960 M S
A
C
110.25 110.22
110.25
62
109.22111.1
Colombia (Republic of)—
J
D
110.2(
110.13
110.2(
7
109.11111.8
111.7
J
D
111.4
110.27
J
D
110.7
110
102
110.7
31
109.2
111.13
S
109.10 109.2
109.14
159
107.4
M
fi
106.27 106.16
106.28
148
104.12107.9
M
S
108.19 108.12
108.19
39
107
107.24
35
105.19108.7
106.15
265
107.12
106.15 106.4
D
106.28
106.3
♦Sinking fund 7a of 1927
Copenhagen (City) 5s
25 year gold 4%s
378
107.22
84
106.6
108.1
♦Costa Rica (Rep of)
106.18
106.31
7
105.1
107.10
Cuba (Republic) 5s of 1904—1944 M 8
104.19 104.10
104.19
188
M S
104.25 104.11
104.25
158
J
103.26 103.18
103.30
34
D
102
108.24
S
108.3
J
......
108
108.27
46
11
108.8
106.10< 106.15
78
*105.12105.26
107.9
/" 4 Ha external debt
106
106.27
105.26
.
J
J
101.20 102.22
104.1
23H
23%
1
23% *27
25
25
7
25
.......
90
90
1
90
10H
11%
11%
11%
11%
11 '
■
f 7s series B
1946 J
J
s
f 7s series C
1946 J
J
11H
11
♦External
s
f 7s series D.—1946 J
J
♦External
s
f 7s 1st series.—.1957 A
O
♦External
seo s
f 7s 2d series. 1967 A
O
♦External
sec s
f 7s 3d series. 1957 A
O
Antwerp (City) external 6s
1968 J
Argentine (National Government)—
11-X
11
10H
*10H
10H
D
286
——
38
10H
30
7
9%
10%
15
10%
10%
12%
10%
9
9%
90%
15
9%
2
9%
86
,
4%s
1948 M N
S f external 4 %s
...1971 M N
8 f extl conv loan 4s Feb
1972 F A
8 f extl conv loan 4s Apr....1972 A O
90 H
89H
90%
162
83 H
83 M
84%
52
76 H
76
77
7 OH
75 H
76%
112
.117
J
96 H
96 H
98%
99
1957 M S
Externa] g 4 Ha of 1928.....1956 MN
♦Austrian (Govt's) s f 7s
J
1967 J
97
96 H
98%
57
91H
91H
93%
94
UH
12
——
*
1945 F A
..1949 M S
loon
External ■ f 6s
1956 J
J
99 X
External 30-year a f 7a
1965 J
D
103 H
8
100%
110%
18%
102
76
75%
11%
99% 108
80
102
13%
1
55
16H
15H
21%
16%
118
9%
23
16
16
16%
122
9%
14 H
14
15
51
9%
...1957 M 8
91
90 H
92%
38
90%
1968 F
A
91
90
92
12
89
22%
21%
98%
98%
...1960 J
D
99 H
99
99%
13
97
*m
11
1962 J
D
♦Budapest (City of) 6s....... 1962 JD
♦Buenos Aires (Prov of)
—.1961
External s f 4%-4%s
-.1977
s f 4%s-4%s—„_1970
External re-adj 4%s-4%a
1976
External a f 4%s-4%s
1976
Refunding
3% external s f $ bonds
Bulgaria (Kingdom of)—
♦Secured
s
f 7b
♦Stabilisation loan 7 Ha
M 8
M
J
80-year 3s
♦Carlsbad (City) 8s
♦Cent Agric Bank( Ger) 7s
♦Farm Loan st 6s..July
♦6a
July
M N
♦Farm Loan
s
f 6s
.
For
footnote*
see page
54%
32%
7
32%
42
17
17
3
16
29
13
15
18
13
32%
I960
*
....
Extended at 4Hs to
12
1942 M N
10
O
F
A
a f 5s
...1979 F
12H
A
12
13
2
10
S
13%
13%
1
13%
M
S
10
10
1
10
A
O
13
13%
2
13
A
O
9%
4
9
1957 J
D
*7%
1961 J
D
*11%
...1961 J
D
9
2233.
14
11%
9%
12
211%
5
15
29
13
16%
*
'9%
_
■
8
9%
11X
9
113% 120
103 % 105
15
21H
14%
17H
18
17 H
19
27
18
22
15H
li%
102
18H
18
105
7%
11
1
7h
11
3
9
13
....
22h
19
11
2
102H
57 %
81%
77h
81 H
57
56 h
57 h
10
8%
22 H
33
13H
30
-
10
101H 103
76 H
196
55
2
58
32
39
55
127
75
85 H
42
55
65 H
28
38 H
75
"
2
1
D
18 H
23
24%
25
11%
10 H
14 H
70
85H
72
D
11H
D
"*h"
J
*%
*%
"T%
*%
*~i%
*%
1
H
X
%
H
lX
H
1H
%
1H
1H
H
1H
%
%
1H
%
H
1
IX
1H
1%
J
"lX "lX
J
O
24H
33%
24
27 %
42 %
42 %
45
148
42%
10
10H
5
10
10H
3
7H
7H
54
54
1
♦Sec extl
s
f 6Hs
1958 M
♦Sec extl
a
f 6 Hs
1959 M S
D
1959 M N
*45
60
56 H
16
♦Montevideo (City) 7s
18%
10%
18%
New So Wales (State) extl 6s. .1957 F
External s f 5s
Apr 1958 A
O
95 h
95 %
Norway 20-year extl 6s
1943 F
A
102 H
100 h
97 %
103 h
20-year external 6s
1944 F
A
103
100h
103%
External sink fund 4 Hs
1956
S
101
98 h
101H
62
External
1965 A
94 h
98 %
183
98 H 105
94 h 103 H
97 h
101
94
100%
9
10
14%
16%
14%
1952 J
♦6s series A
16%
16
9
105
16%
18%
16%
18%
16%
11%
12%
3
19
18%
Milan (City. Italy) extl 0 Ha —1952 A
16%
18%. Mlnas Geraes (State)—
10%
109
9%
28
12
4
9h
43 h
*%
9
19
105
104
8h
60
D
12
3
31
.
..
1
10h
55
♦Assenting 4s Of 1904
1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
|*Treas 6s of *13 assent (large) '33 J
J
5 ♦Small
9
16
56
24%
13
4
102 H
39
22%
19
12
18H
102%
*H
10
12
19
22h
D
13
......
.
1954 J
10
,
73
♦4s of 1904
J
D
73
27
J
1957 J
20 H
21
15
25
to¬
ll
1945 Q
J
1963 MN
24
♦Assenting 5s of 1899...
♦Assenting 5s large
♦Assenting 5s small
Jan 1961 J
9%
64
19%
10%
13%
M
22 h
.
32
14
10%
19
19
16
A
3
115
28
10
F
15%
A
11%
13
18
15%
10%
"2
O
18%
9
"fl
106
♦Jugoslavia (State Mtge Bk) 7a 1957 A
23%
12
22 H
1960 MN
12
O
105H 107
17%
15%
14%
*6%
19%
A
17%
MN
6
F
100
96
21
117"
9h
4
A
21
105%
„
27
27%
18
14%
♦Leipzig (Germany) s f 7s
1947 F
♦Lower Austria (Province) 7 Ha 1950 J
98% 101
21
16
18
19h
8h
9%
14
23
......
1942 M N
A
7
21%
17
99
J
192
21
65
J
1946 J
100%
21
8
MN
1945 J
99%
O
70
10h
39
30
68
71h
71
71
16
101%
....
66 H
102
100%
13
71
86
22
J
22
85
3
2
75
1944 J
21
2
70
71
101% 104%
100% 103
*
70 %
69 h
70
18 %
58
J
70 %
69
117
73
102
„
71H
78%
22 H
J
3
65
6
1961 J
-
97 H
71H
2
15
♦Medellln (Colombia) 0Hs—1954 J
Mendoza (Prov) 4s readj
1954 J
15%
65
20%
♦Mexican Irrigat'on gtd 4 Ha—1943 M N
♦4 Hs stmp assented.
1943 M N
♦Mexico (US) extl 6s of 1899 £.1945 Q J
32
70
92 h 101
1
5
101% 104
15%
*
2
108% 111%
108% 111%
*
177
136
25
32
99H
96 %
84
69
28
95
.......
92 h
69
20 h
109
......
105
25h
102%
102%
J
93
278
s f ser 7s._1964 M N
♦78 part paid
.<.—1964
♦Sink fund secured 6s......1968 F A
♦0s part paid
..—..1908
109
J
97
75
18%
,25%
109
1954 J
76
93
,
5
101H
101%
1967 J
30
7
108H
......
60
53
19%
108 H
1963 MN
♦654a assented—
47%
24
100 % 103 H
73 H
67h
19%
108 H
16 1960 A
♦External sinking fund'6a
♦Chile Mtge Bank 6 Ha
♦8 Ha assented.
♦Sink fund 0%a of 1926
O
109
♦Extl sinking fund 6a..Sept 1961
♦6a Assented
Sept 1961
♦External slaking fund 6a...1962
♦6s assented
1962
♦6s assented
O
D
101H
♦External sinking fund 6a...1960
♦6s assented
1960
♦Extl sinking fund 6a..Feb 1961
♦6s assented
Feb 1961
♦Ry ref extl s f 6a
Jan 1961
♦6s assented
9
105
25*
105
D
A
..I960
♦6s Oct coupon on
♦Chile (Rep)—Extl a f 7a
♦7s assented
48%
6
*103%
MN
15 1960 J
.Oct
47^
32 H
U%
1950 M S
coupon on
55
108
28
105h
D
F
.1962
10-year" 2 «s——."Aug" Is" 194 6
25-year 3%s
7-year 2Ha
52%
52%
46
30 %
100
105
30
*13
Japanese Govt 30-yr a f 0 Hs—1954 F A
Extl sinking fund 5Hs
1905 MN
44%
5
80H
r
*96
105%
81
68
*16%
56
44%
12
47 X
69
Italy (Kingdom of) extl 7s
D
1951 J
Italian Cred Consortium 7s ser B *47 MS
Italian Public Utility extl 7s—.1952 J
J
103
51H
65h
22 H
53 %
101%
70
Irish Free State extl
46
50
40
19%
♦7 Hs secured s f g
♦7s secured s f g
11%
46
46%
24%
83 %
64
44 H
M N
Canada (Dom of) 30-yr 4s....I960 A
6s
94 h
O
64
46
......
%
,18%
♦Hungarian Land M Inst 7HS.1901
♦81nklng fund 7Hs ser B
1961
♦Hungary (Kingdom of) 7Hs—1944
102
44 H
O
1967 J
28%
H
A
A
J
1968
96%
♦Greek Government
19%
44 H
44
S
14
13
11%
9
*55
F
1984 J
11
44
D
1958 J
♦Hamburg (State) 6s
1940
♦Heidelberg (German) extl 7Hs '60
Helslngfors (City) ext 6Hs
1960
Hungarian Cons Municipal Loan—
13H
50
26H
'
.21
17H
19
96 H
94 X
60
73%
*103 h
1905 J
Haiti (Republic) a f 6s ser A...1952
18H
♦6s stamped.....
*
1965
116%
20 H
76%
76 %
73 h
67 %
—1949
♦(Cops Agric Loan) 6Hs
20%
100% 108
81
*
J
♦German Rep extl 7s stamped. 1949 A
♦7s unstamped
1949
German Prov A Communal Bks
17%
96
27 h
26
76 h
♦5 Hs stamp(Canad'n Holder) *05
79
126
24%
"53"~
J
French Republic 7%s stamped.1941
7 He unstamped
1941
External 7s stamped.
1949 J
♦5Hs of 1930 stamped
♦5 He unstamped
25
100% 102 H
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 0 %s_—1953 MN
92%
87%
78%
1960 A O
1968 J D
f 6e
A
♦El Salvador 8s ctfa of dep..—1948
Estonia (Republic of) 7s
1967
96% 103%
96% 103%
91%
99
16
"18
104
100H
99M
89%
83%
♦Brazil (U 8 of) external 8s
1941 J D
♦External a f 0%s of 1926—1957 A O
♦External a f 0%s of 1927...1957 A O
s
Apr 15 1962
7s unstamped
25H
23h
100H
5Hs 2d series......._.._i..l969 A O
♦Dresden (City) external 7s...1945 MN
20%
94%
14%
14%
14%
14%
13%
13%
13%
96%
25
*103 h
53 h
100 H
J
..1942 J
Gorman Govt International—
8 f external
1955 J
11
......
101H'
Dominican Rep Cust Ad 5 Ha.. 1942 M S
1st ser 5Hs of 1920
1940 A O
104.31
25
A
♦External
Sinking fund gold 5s.
1977
2d series sink fund 5Hs
1940 A O
Customs Admins 5Ha 2d aer.1961 M S
5Hs 1st series
—......1969 A O
O
*
19%
23 h
24 %
*
A
....1955 F
External gold 5Ha
External g 4%s
100.26108.10
"80"
1951 A
1952 A
ser B__
Denmark 20-year extl 6s
♦External
2u-year
Sinking fund 8a
23
♦24 h
June 30 1945 J
Czechoslovak (Rep of) 8s
100.20108.16
105.3
20 %
68
1949 F
...
♦Public wka 5 Ha
109.1
26h
26H
"25"
MN
A....1949 F
Sinking fund 5Ha...Jan 15 1953 J
9
Brisbane (City) a f 5s
7a—,—1951
ser
External loan 4%s ser C
104.6
19 H
19%
22 %
22
101H
104.22
107.18 107.12
External 5s of 1914
18%
23h
101%
104.22 104.11
D
102.13105
102.10105.2
19h
65h
D
D
20
♦13
9%
65h
J
-
15
11
11%
"44""
J
.
10H
35
*7%
10H
20 %
75 %
16%
8H
8%
12
J
103.4
102.20105.9
102.20105.3
52
♦7a (Central Ry)
High
11
12
11H
A
55
56
Ha
Lew
10%
22 %
22
A
74
-.1948 A
s f 6
1953 MN
!♦ Cordoba (City) 7a unstamped 1957 F
|*7s stamped
1957 F
Cordoba (Prov) Argentina 7a..1942 J
105.24
Akersbus (King of Norway) 4S.1968 M S
J
♦Antloquia (Dept) coll 7s A
1946 J
(Germany)
D
104.31
108.1
♦External sinking fund 6a
1952 J
105.24 105.12
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 68—
1947 F
♦Berlin
A
104.31 104.17
101.26
Belgium 26-yr extl 8 Ha
1947 F
S
104.25
♦Bavaria (Free State) 6 Ha
O
1946 MN
D
104.24 104.19
Australia 30-year 5s
External 5s of 1927.
♦6s extl af gold of 1927.Jan 1961 J
♦Colombia Mtge Bank 6Ha.—1947 A
J
1 1944-1962 MN 107.31 107.28
F A 101.24 101.20
1 1939-
♦Gtd sink fund 6s.
O
♦Sinking fund 7a of 1926
109
104
Oct 1961 A
'
109.28
Municipal-
&
No.
*15%.
1960 M
♦6s of 1928
108.19110.18
M
M 8
1942-1944
Govt
Jan. 1
14%
10 H
14H
14H
"l2~
....1962 MN
;
110.21
106.31
MN
2 >4a series G
Since
High
8H
'.
106.29
J
1 1942
Home Owners* Loan Corp¬
2 %s series B—Aug
Range
Asked
&
11
12
1962 MN
110.19
M
„
Bid
P.rice
1961 A
—
♦Guar sink fund 6s_.
A
J
15 1942-
1961 A
♦Guar sink fund 6s_.
Federal Farm Mortgage Corp¬
Mar
Friday's
Chile Mtg Bank (Concluded)
D
M S
...
24
102
114.19
J
M
Jan
Range or
Low
F
J
Treasury
120.7
115.11
D
M S
se
Nft,
Week's
Last
Sale
High
Low
114.13
115.11 115
M
2%s
3S
Week Ended April 14
Friday
Foreign Govt. & Mun. (Con.)
J
Treasury 2 His
2s
N. Y. STOCK EXCHANGE
Since
•
weekly range are shown in a footnote
BONDS
Range
U. S. Gtvtrnmtnt
Treasury
Treasury
Treasury
Treasury
Treasury
1939
,
s
f 4%s
4s s f ext loan
Municipal Bank extl
a
M
S
A
95%
O
98 h
1903 F
A
97 h
f 5s...1970 J
D
95 h
94
99 h
97
"37
15H
48
54
45 H
52
95
101%
67
94H 101%
40
100h 104%
41
100 H
105H
101%
99 h 104
Volume
148
New York Bond Record—Continued—Page 2
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended April
Range or
Sale
14
&
Asked
oqcq
High
No.
Low
1952 F A
1953 M S
1958 MN
1955 A O
♦Nuremburg (City) extl 6a
Oriental Devel "juar 6a
Extl deb 5 %s
Oslo (City) sf 4%a
53%
40
100
1
16
19H
53
52 %
57
50%
44
48 %
52 %
73
100
97%
1963 MN
60
60
60
4
1963 MN
53%
56
17
1947 M S
9%
53%
8%
8%
10
1959 M S
6s 1st aer__1960 J
a f
f 6a 2d aer._1961
a
A
D
9
O
9
8%
1940 A O
♦Poland (Rep of) gold 6a
♦Stabilisation loan a f 7a
O
1950 J
J
4%s assented—.
1958
*
4%s assented
1968
*
1961 J
D
J
J
1966
Prague (Greater City) 7 Ha
1952 MN
♦Prussia (Free State) extl 6M8-1951 M S
-
♦Rio de Janeiro (City of) 88-..1946 A
♦Extl sec 6%s_
1953 F
-
Rio Grande do Sul (State of)—
♦8a extl loan of 1921.
1946 A
1968 J
♦6a extl a f g
A
♦February 1937
coupon
1959
paid...
A
.1995
♦Ref k gen 6s series C
♦Certificates of deposit
1995
37
27%
30 H
32H
♦Ref k gen 5s series D
2000
32%
33
42
♦Certificates of deposit
♦Ref & gen 5s series F
.
»
^
26
7
23
23
1
19%
14H
102%
35
14
30
9%
46
1967 MN
1936 J
J
1950 J
J
1966 M S
♦6a extl dollar loan
1968 J
1940 A
7a
1945 J
1946 J
♦Saxon State Mtge Inst 7a
g 6 Ha
J
--
4 Ha assented
_
D
A
..1996
1960 FA
♦Certificates of deposit..
15%
14H
14H
69H
Battle Creek k 8tur 1st gu 3a__1989
Beech Creek ext 1st g 3 Hs
1951
15
20 H
20
Belvldere Delaware
19
19
2
7H
77
45%
....
15
Bell Telep of Pa 5a aeries B
1st k ref 5s series C
1948
♦Berlin City Eleo Co deb 6 Hs-1951
♦Deb sinking fund 6 Hi
1959
.1971 J
J
1966
1952
Boston k Maine 1st 5> A 0—1967 MS
1st M 6s aeries II
1955 MN
6%
17H
32
20H
21H
22%
22%
18
28
15%
25 H
27
33
-W
m •» •»
.1961 A
External a f 6 Ha guar
♦Uruguay (Republic) extl 8s.. .1946 F
♦External
a
f 6s
v
♦Externals f 6s
...
_
O
....
3
18
.
.
2
99%
54%
oonv
4-4 % -4 % % extl readj
>
RAILROAD
2
.1978 J
D
.1978 F
A
.1961 J
18
28
28
29
—1944 J
1961
1st g 4 %b aeries JJ
95% 103
Coll trust 4a of 1907
40
39
36
49
45H
....
40
•
......
41%
—
1941 J
1947 MN
1947
36
m
s
m;d
-
#■>'«•
-
— —
37%
45
4
36 H
37 H
151.
14%
18%
22
34
38%
22
22
1
16%
20
17
7
56%
35
42 H
30%
55
59
4
101
104
1
100
104 '
104%
3
100H 104 %
105
1948
O
.1948
O
Alb k Susq 1st guar 3 Ha
♦Coll k conv 6a.
♦5s stamped
.*.
AUegh k Weat 1st gu 4a
Allegh Val gen guar g 4a
Allied Stores Corp deb 4 He
4 Ha debentures
1949
1950 A
1950 A
1998 A
O
1942 M
8
O
O
1951 F
A
Allls-Chalmers Mfg conv 4a
1952 M S
♦Alplne-Montan Steel 7a
1955 M
-
33
34%
36
81
72
58%
57 "
j-»
"22%
-
Z
*95
♦Buff Roch k Pitta conaol 4H8.1967
26%
F
A
J
D
21%
28
21
1
19
26%
24%
27
2
21
27
105
106
47
105
loi H
100%
102 %
212
98%
96%
98%
253
*107%
29 %
27H
30%
84
24
27
30
22
25
26
27
25
23
*5%
55
108 %
108%
75
75%
*35%
*50%
81%
,83
107%
"106%
—
m"
112%
29%
106%
53%
*27
51%
55%
48
48
48
96 %
96
Am k
2030 M
Foreign Pow deb 5s
■u
S
American Ice a f deb 5a......
1953 J
Amer IG Chem conv 6 %a.—.
1949 MN
D
Am Internet Corp conv 5 %s—
1949 J
J
35
....
156
102%
101%
112
119
108%
145
107%
111%
107%
107%
108%
141
102%
102%
104%
3
......
122
117H
118%
A
119
119
1
D
116%
117
32
113H
114%
25
122%
17
"70%
121 %
65
Collateral trust 4 Ha-—
Caro Clinch k Ohio 1st 6a
ser
deb 5s
4s
112H
D
91H
J
83 %
1949 J
J
A 1962 J
D
w w
112
'
1950
F
1981
83 '
105%
{♦Central of Ga 1st g 6s..Nov 1946
♦Consol gold 6s
1945
♦Ref k gen 6 Ha series B
1959
♦Ref k gen 5s series C
1959
♦Chatt Dlv pur money g 4s.. 1951
A
D
*12%
A
31%
6%
A
O
36
99%
20-year sinking fund 5 Hi—1943 MN
"111%
1961 A O
1966 J D
J
deb..1950 J
107%
conv
Amer Wat Wka k Elec 6a
Anaconda
Cop Mln
a f
aer
A. 1975 MN
deb 4 Ha 1950 A O
104%
101%
102%
12
104%
105%
130
111H 112%
105H 108%
8 f income deb
1967
Jan
1995 Q
{Ann Arbor 1st g 4s
36
J
1951
7
21
26
36
1
30 H
42
96
98
95
97
99%
38
06%
99%
96
Armour k Co (Del) 4a aeries B.1955 F
1st m a f 4s aer C (Del).....1957 J
A
97%
97"
J
96%
96%
98%
98%
O
106%
105%
106%
137
Atchison Top k Santa Fe—
General 4s
....1995 Nov
mmrntmrnx-
.......1995 M N
89%
♦Adjustment gold 4s
♦Stamped 4s
1995 A
95
*74%
88%
4
89%
♦
95
Conv gold 4a of 1909
1955
J
D
Conv 4s of 1905...
1955 J
D
1960 J
...1948 J
D
Rocky Mtn Dlv 1st 4a
1965 J
J
100
100
100%
6
Trans-Con Short L 1st 4a
1968 J
J
108
108
110%
16
Conv gold 4a of 1910
Conv deb 4 Ha
Cal-Arls 1st A -el 4 Hi A
-
9
95
*89
99
„
95%
81
101
*108
110%
*110%
„
--
.
-
86%
93
87H
95
91
97 H
91H
98H
89
96
99
103 %
98 H 100%
111
108
107 H 111
110
110H
W
19%
32
4
■
8
95
97
42
55
J
J
J
15
1962 A O
108
16H
F
A
A
O
*60
A
43
64%
...
103%
115H
2d consol gold 4s
Warm Spring V
1st g 5s
1989 J
1941
M
70
107
108%
64%
65%
43
52
116
115%
70
74
120%
95%
96 %
121%
98%
97%
109%
95%
99%
101% 105
114%
114"" 117%
114%
J
*108
S
*
101
10
23
99
53
A
O
Chic Burl A Q—111 Dlv
J
J
79
J
J
101 %
100 %
101%
27
57
58%
11
57
71H
19
68%
69H
79
94 H
87
95%
*63
87%
8
91H
92%
11
55
57
20
55
72
M
9
9
S
94%
F
A
87%
F
A
100
104% 111
♦Chic A Alton RR ref g
99
102%
102
124%
109%
97
8s
1949
3 Hi—1949
1949
General 4s...
—1958
1st A ref 4 Hs series B
1977
1st A ref 5s series A...
1971
86
100%
100%
118%
95%
89 H
4s
55
115%
101%
86
Illinois Division
77%
72%
63%
101 %
101
77
85
28
24
:■ 110
74%
66%
89%
-
39%
.
48
11
-
75
15
35
-
42
16
17%
15
95
-
5%
8
107
24
"26"
58
5s extended to May 1
8*
95
109% 111%
102% 104%
110% 111%
Central RR A Bkg of
...
10
9%
1987 J
Ga—
MN
1942..
1941 M N
Central Steel 1st g a f 8s
1948 M S
71H
Certaln-teed Prod 6 Ha A
Champion Paper A Fibre—
1950 M S
S f deb 4 Hi (1935 issue)
1950 M S
S f deb 4 Hi (1938 Issue)
1992 M 8 "120%
Ches A Ohlogeng4Hs.
M N
Ref A imp mtge 3 Ha ser D.. 1996
1996 F A "97 H
Ref A impt M 3 Hs ser E
J
J
Craig Valley 1st 5s
May 1940
J
J
Potts Creek Branch 1st 4s— 1946
J
1989 J
R A A Dlv 1st con g 4s
12%
6%
6%
7%
80
55
97 %
/
31%
6%
77
MN
For footnotes see page 2233.
15
31%
6%
94%
*91
57
—Oct 1952
—
-
52
97
16
*7
102 %
66
92
52
95
1964 J D
May 11945 MN
General unified 4 Hi A
•
100%
A
1st 30-year 6a series B
Atl Coast line 1st cons
-
D
J
1944 J
J
1944 J
4s July 1952 M 8
Atl A Charl A L 1st 4 Hi
«
1962 M S
1946 J
Atl Knox k Nor 1st g 5s
D
95
-
105% 110
85
83%
~*2%
24
.
"14
53%
9
♦111H
"if"
83
21
*110H
103%
89
31
85%
*5%
J
gold 4s. 1949
107%
3
O
Through Short L 1st gu 4s... 1954
1960 F
Guaranteed g 5s
105
.43%
3
A
i987
40
~100%
114%
100%
94%
43%
3
J
1961
4s—
Cent Pacific 1st ref gu
23
__
General
101% 107
104% 106
36
8
L k N coll gold 4a
Cent 111 Elec A Gas 1st 6s
A
{♦Cent New Eng 1st gu 4a
Central of N J gen g 5s...
50
S
M
Central N Y Power 3%a
22
♦
Ark k Mem Bridge k Term 5a.l964 M
M S
F
105% 108%
102H HlH
♦Anglo-Chilean Nitrate—
10-year coll tor 6a
1941
Gen mortgage 5s..
Cent Hud G A E 1st A ref 3H8.1965
Cent Illinois Light 3 Hfl——-1966
Amer Telep 4c Teleg—
8%s debentures
3%s debentures
Am Type Founders
1941
Central Foundry mtge 6s
M S
82%
112
3
#
1946
65
90
26
88
M N
F
54
49
106
D
114% 116%
113% 115%
121% 124
71%
*83 %
83%
114% 116%
114% 116%
117% 120
118% 119%
116% 118%
92%
113%
91%
84%
105%
*
83%
1946
♦Mobile Dlv 1st g 5s—
89
*13
MN
1947 J
1948 J
♦Mac k Nor Dlv 1st g 5s
90
92
J
-I960 J
{♦Car Cent 1st guar 4s
♦Cent Branch U P 1st g 4s
60 H
102 %
99%
96%
113 H
60
48%
90%
Guaranteed gold 4Ha..Sept 1951 M S
J
Canadian Northern deb 6 Ha—.1946 J
J
Canadian Pac Ry 4% deb stk perpet J
41%
100% 103 H
98H 104H
55
92
32
88
48 H
102
102%
100%
98%
101%
48
91H
115%
49 %
40
3
49
90 %
114H
22 %
30 %
41
F
1944 J
Deo 1 1954 J
8%
75
35
J
1946 M S
5
68
115%
6s equip trust ctfs
Coll trust gold 5s
25% '40
6%
10
"13
A
38
106% 112
35
*70
"26% "40%
3
51
Celotex Corp deb 4 Ha w w
134
108%
108%
"36"
5%
♦Mid Ga A At Dlv pur m 5s. 1947
S
3
2
48
Carriers k Gen Corp
H
31
6%
5%
79%
36%
6%
27
45
39H
94
~3l"
108%
111% 113
112%
*109 %
""30 %
114%
Coll trust 4 Ha
85
72%
115H
36H
89
103% 107
114%
1970
92
106% 108%
107%
114%
Cart k Adlr 1st gu gold
5
40
80%
114%
19Q9
45
35
53
86 %
114%
Guaranteed gold 5s
S*
47
107% 109%
70%
82%
43
J
75 H
90
89%
90
715
J
32
103% 106 H
100
95
80
O
85 H
J-
13
A
72
24
"26
109
1957 J
5a_j—July 1969 J
57
-
6
7H
60 %
39%
40%
37%
105
..1962
Guaranteed gold 6s...—Oct
96% 102%
106%
27
"~5H
1960
....I960
108%
100% 104
30
AO
1955
{Bush Term Bldgs 6s gu
Calif-Oregon Power 4s
Canada Sou cons gu 5s A
"20% "28""
~26%
28
30
Consol 5a
32 H
119
*26 %
21
A
MN
68
68
•-
105%
101%
129% 133
81%
99%
F
58
105%
99
66 H
108 %
104
89
117
98
f deb 3Ha
1950
Buffalo Gen Elec 4 Ha series B.1981
Buff Nlag Elec 3 Ha series C
1967
102
70
•
50 H
107
102% 108%
82%
98%
118
99
1950
80
"27%
105
105
7
11
59%
*46%
_
9
32%
68
—
~~25 %
O
1950 A
—
1
50%
105
*75
-»
A
D
50%
70%
o
.1946
Alleghany Corp coll trust 5a... 1944
6e
*»'
«
67 '
102
*108
6a with warr assented
44
102%
D
50%
55
104
D
....
132
1957 MN
s
Guaranteed gold
102
O
52
9%
44%
14
131
v 106 %
Canadian Nat gold 4 Ha
16%31
102%
1943
Albany Perfor Wrap Pap 6a.
a
44
38
72
Ilf"
80
43
20
37
48
34%
10
131
105
♦Certificates of deposit
Bush Terminal 1st 4s
—1952
42%
44
44%
33
406
90
80
J
June 16 1955
Guaranteed gold 4 Ha
..1956 F
d
43
28
16
47%
D
{f*Burl C R k Nor 1st A coll 5s 1934
40%
1943
A 5a..
cons
4a series B
Debenture gold 5s
1st lien k ref 5s series B
Guar gold 4%b
j
3
23%
23%
14%
14%
55%
52%
44%
16
117%
J
1950 F A
1945 MN
43 H
12
55
55
D
37
41
37%
20
7
37%
•
*
A
90
40%
Ala Gt Sou 1st
conv
58
47
'
♦Certificates of deposit.
10-year deb 4H» a tamped... 1946 f
1952
Adriatic Elec Co extl 7a
Coll k
50%
43
42 H
O
Bklyn Manhat Transit 4Ha...1966 MN
Bklyn Qu Co k Sub con gtd 5a.1941 MN
tBrown Shoe
<
{(♦Abltlbl Pow 4c Paper 1st 5a. 1953
Adams Express coll tr g 4s.... 1948
cons
49
2
53
51
54 %
41
46
43%
*42%
49%
A
D
{♦Boston k N Y Air Line lit 4s 1965 F A
J
Brooklyn City RR 1st 5s
.1941 J
Bklyn Edison cons mtge 3%a._1966 MN
1st 5e stamped
Bklyn Union El 1st g 5a._
Bklyn Un Gas 1st cons g 5s
INDUSTRIAL
AND
COMPANIES
1st
•54%
53%
43%
.1958 F
Yokohama (City) extl 6s
14
*46%
J
3 Ha extl readjustment
.1984 J
Venetian Prov Mtge Bank 7s. .1952 A O
♦Vlenna (City of) 6a
.1952 MN
♦Warsaw (City) external 7s
.1968 F A
4 Ha assented
53
42
A
.1979 MN
external conversion
52
42
.1960 MN
.1964 MN
8%-4-4%s (I bonds of '37)
external readjustment
.1979 MN
3%-4-4%% (8 bonds of *37)
3H-4H-4*i« extl
-
45
"lOSH
14%
13
71
....
44
Tokyo City 5a loan of 1912... .1952 M S
45
26%
♦Berlin Elec El k Undergr 6 Ha 1966
Beth Steel cons M4%b Ber D..1960
1st lien k ret 6s aeries A
Taiwan Elec Pow a f 5%s
38
41
......
Big Sandy 1st 4s.,
23
•
36%
46
*34
1965
15
18
98
38
10 %
47%
,
3 Ha--1943
15%
19
Sydney (City) a f 5Hs———1955 F A
45%
45%
91
7
.
9%
'
*30
7%
_
11
*
...I960
cons
Cons mtge 3 Hs aeries E
3 Ha s f conv debs
18
11
30
10
1951
1SH
7H
11
26%
17%
2
4s stamped
7%
6%
15%
18
16
91
-
18
*18
16 H
16H
10H
10
j"j
~17% "5l
17
16
17%
*
23%
16%
m"§
...
86
19
18
24%
23%
16%
18
25
D
16
9%
9%
24%
1947 F
22
m"s
11%
*18
1958 I
17%
82%
14%
D
1958 J
38
82 H
4
27
23%
24%
19%
19%
17%
19%
1951
6H
24
16%
18%
"19%
7
15
*18
33
49
D
16 H
18H
17H
16H
17%
j
103
9%
9%
......
24
17H
*16
31%
14 H
D
62
16%
52
16%
...
Certificates of deposit
♦S'western Dlv 1st mtge 5s_.1950
♦Certificates of deposit
6%
9%
63
47%
52
50
102%
15
10
49
9
85
49
17%
P L E & W Va Sys ref 4s...1941 MN
2
O
1962 MN
♦Silesia (Prov of) extl 7a
*12%'
—
9%
Serbs Croata 4c Slovenes (Kingdom)
♦8a secured extl
1962 MN
extl
—
10
40
62%
52
19%
19H
10%
9%
51%
48%
D
102 H
20
10
66
1943
....
24%
52
Bangor k Aroostook 1st 6a
17
.
50
13 H
11
19
51%
6%
9%
10%
102
59
10%
49%
72
100
1959
11%
10%
72
3
Toledo Cln Dlv ref 4s A
9%
45%
100 %
14 H
9%
*
loon
25
20
6H
10%
10%
102% 105%
75
*_
44
1
2
11
8%
O
20
23
j"
70
102 H 106H
107
101
28
J
♦Certificates of deposit
♦Convertible 4 Ha
17H
9%
23
_•
101
......
15
9H
—
10%
20
♦Certificates of deposit
38 H
50
10%
J
♦Certificates of deposit...
34%
9
1952 MN
♦Sllealan Landowners Aaan 6a.
...July 1948 A
1st mtge g 5s
♦Debenture 6s
§*8a extl loan of 1921.
sec
♦
♦Ref & gen 5s series A
30 H
61
♦
♦7a extl water load
♦7a series B
48
1
i"j
♦8a external
♦Sinking fund
12H
8H
■
O
♦6 Ha extl secured a f
San Paulo (State of)—
a f
103%
7
16%
O
F
♦8a extl secured a f_
♦Secured
62
102%
deb 4%sl939 J
g 6a
1941 J
conv
3
11
D
A
1953
52
Con ref 4s
1952
♦Saarbruecken (City) 6a
Sao Paulo (City of, Braall)—
12 H
103%
♦7a extl loan of 19261966 MN
♦7a municipal loan
...1967 J D
Rome (City) extl 6%s
♦Roumanla (Kingdom of) 7s
6
Baldwin Loco Works 5a stmpd.1940 MN
Bait k Ohio 1st mtge g 4s. July 1948 A O
8%
102%
O
56 %
35
*
1950 M S
♦Rhlne-Maln-Danube 7a A
37%
54%
26
16
102%
101%
33%
26%
31
*16%
♦External a f 6s._
1952 A O
Queenaland (State) extl a f 7a—1941 A O
25-year external 6a
1947 F A
9
31
*10%
10%
28H
Austin k N W 1st gu
8%
High
37
26%
68
15
47
Low
34%
28H
67%
85
No.
36 H
J
50
5%
High
J
43H
13H
13H
•
Since
Jan. 1
1948 J
34%
26
.1947 A
♦External aink fund g 8a
♦Porto Alegre (City of) 8
♦Extl loan 7%s
9%
9%
8%
{}♦ Auburn Auto
Range
is
1948 J
J
1959 J
1953 M S
Atl Gulf k WISS coll tr 5a
Atlant'c Refln'ng deb 3a
102
100
20
9%
Friday's
&
Asked
Bid
Price
Low
Atl k Dan 1st g 4s
Second mortgage 4s
97% 103
4
100%
100%
Range or
Sale
sa,
High
Low
16
♦Stamped
♦Pernambuco (State of) 7a
♦Peru (Rep of) external 7a
♦Nat Loan extl
Week Ended April 14.
54
1953 J
♦Nat Loan extl
N. Y. STOCK EXCHANGE
16
♦Panama (Rep) extl 6 %a
♦Extl • f 6s ser A
Last
Since
Jan. 1
53%
249
D
BONDS
Range
"2-a
Friday's
Bid
Price
2229
Week's
Friday
Week's
Friday
9
14%
97% 100%
100% 103%
94% 100
87
94%
91%
99%
New York Bond Record—Continued—Page 3
2230
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended A pi 11
Range
Sale
Bid
Low
A
68—1934
1961
J|*Chlcago A Eaat 111 1st
t*C A E 111 Ry gen 5«
O
m
+
MN
13
13
*
15 H
13
13
MN
3H
♦
J
J
3H
J
J
67
J
D
*11,1
A——,1966
B_.May 1966
Chic Ind A Sou 60-year 4s
1966
Chic L S A Eaat 1st 4 %s
1969
,
1
22%
13
21
May 1 1989
B—May 1 1989
1 1989
♦Gen 4 Ha aeries E—May 1 1989
♦Gen 4%s series F—May 1 1989
t*Cblc Mllw St P A Pac 6a A..1975
♦Conv adj 6s—
Jan 1 2000
**Cbic A No West gen g 3%a—1987
♦General
4s
:
.
20 H
F
A
A
O
MN
9%
13%
-
9H
~
11 H
11 H
15
4
3%
5%
3
3%
6
3
66 H
75
111
♦Gen 4%s atpd Fed lnc tax—1987 M N
♦Gen 6s atpd Fed lnc tax
1987 M N
1987
.1936
♦1st ref g 5e
May 1 2037
♦1st A ref 4Ha stpd-May 1 2037
♦1st A ref 4%s aer C-May 1 2037
♦Conv 4%s series A--194
tl^Cblcago Railways 1st 5s stpd
Aug 1938 26% Part paid
....
t»Chlc R I A Pac Ry gen 4s.. 1988
M N
♦4 Mb
stamped.,
}♦ Secured 6%8
MN
J
D
J
D
I
D
*
7
6
MN
A
3%
J
J
2M
20%
31
D
25
25
5
29
28%
J
21%
19%
19%
Detroit Term A Tunnel 4Hs—1961
6H
7%
243
6%
12
Dow Chemical deb 3s
2
3%
16
Dul MiasabeAIr Range Ry 3 Hb1962 A
J|*Dul Sou Shore A Atl g 68—1937 J
Dutjuesne Light 1st M 3Hs—1965 J
O
A
O
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324
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11
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11
10
10
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l"
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15
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:
5H
7
34
14%
5%
5H
6
64
5%
6
6
18
5%
O
1962
M S
1943 A
-
1967
con gu 4s„.1942
JCln Un Term 1st gu 6s aer C—1957
1st mtge guar 3 Mb aeries D..1971
Clearfield A Mah 1st^u 6s..—1943
1st mtge 3 Mb
Cin Leb A Nor 1st
J
^
w
-
12%
11
11
5%
18%
10%
16%
5%
5%
76
5
9
4H
26
4%
8%
♦Gen
5
5%
48
5
9%
♦Re; A lmp>
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10
3
43
73
4
4
57
59
49
51%
44
45
I05'3i
g
^
»
2%
J
63%
16
49
60%
8
43
50%
6
104
107
107
109%
84
105% 108%
23
100% 104%
87%
97
deb 3 Mb
♦Debenture 4s
1955 J
1956 A
1956 J
Consolidation Coal
a
f 6a
7
108%
-
-
.
-
75
108% 110%
110% 111%
-
15
100% 103
1053j2 108%
28
106% 109%
——
•
64
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90
.
-
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27
50%
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1
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68
*98
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63
.__r_
-----
108%
*
108
68
"
*102
63
—
77
..._
Crown Cork A Seal
1950 M N
—1942 J
♦let A ref 6a aer es A
♦Certificate?
*f deposit
21H
D
195Q
J
D
%
102
103*16
103*16
2
106%
102
107H
105H
104H
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105 H
105 H
106%
-----
215
105 H
105 H
W4ys
108%
107%
105%
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♦Sinking fund deb 6%s_.<
♦20-year a f deb 6s
103%
'
►
8
110%
106%
106H
106%
47
105
106H
105%
106%
107%
81
105 H
105 H
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50
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105
108
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106 %
107
59
105% 107%
18
I
11
102H
100H
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203
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9H
9%
6
-
•---to
-
10%
46%
10
13%
--•-•
9%
12
44%
52
109%
106%
110
107%
7
108
108
1
107% 110
100% 108%
107% 109%
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104H
107%
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51
107% 110%
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83
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100
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16
106
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427
103%
104
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29%
-
-
12
22%
100% 104%
9%
10%
9%
13
-
18
17
9
10
31
18
6
97% 100
105% 109%
10 5%
105%
104*% 106%
29%
37
105H 107H
Gen Pub Serv deb 5 Ha
1939
Gen Steel Cast 6 Ha with wart. 1949
J
99 H
99 X
53
13
99 H 101H
184
t*Ga A Ala Ry 1st cons 5s Oct 1 *45
J
tf*Ga Caro A Nor 1st ext 6s__ 1934
♦Good Hope Steel A Ir sec 70—1945
Goodrich (B F) conv deb 6s...1945
J
1st mtge4Hs
Gt Cons E! Pow (Japan) 7s.
let A gen 3 f 6Hs-
"50 '
J
48 H
¥
M
1944 F
.1950 J
D
98
D
98%
S
84
%
General 5 Ha series B
8 f 4 Hs
Gulf States Utll 4s series C
1961 A
^Hackensack Water 1st 4s
1952 J
♦Harpen Mining 6s
Hocking Val 1st cons g 4 Ha
Hoe (R) A Co 1st mtge—
1949 J
Gulf States Steel
}5*Housatonlc Ry
34%
40%
Hudson A Manhat let 5s
74
101%"
102 H
64 H
45
103%
90
32
81 H
3
81.
94
4
74 H
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75
H
9
75 H
J
89 M
88
76 M
92
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J
80.H
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J
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66
82 %
69 '
55
55
5%
¥
____
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O
O
'•
6
•
73
78 H
94
66
81H
1
55
55
13
%
10
*60
:
94 M
94
108 M
108%
109
9
10
D
*32
"39""
117%
119
67
.
25 H
io ill
101H
31
29 H
124%
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43 H
iu"
111 %
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5M
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77 H
81
69
79
91
91
93 H
96 H
107H GO
105"«i 105"«
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"
23
69 H
30
26
7
101%
32
29
60
124%
9
47
56
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90
112
11
117H 121
67
I
S
Refunding 4s
1955 MN
J
1952 J
48
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t
28 H
124
43 H
11H
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48
5
48
50
16
48
45
~44%"
M N
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102 H
36 H
12 5 H
51X
15H
112H
91
X
85
74
"48""
O
1952
77
25 H
101
87
Collateral trust gold 4s
■
8
93
103 %
70
70
300
83
Purchased lines 3 Hs
Collateral trust gold 4s
78
76
11%
M
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100 H 105H
88 % 101H
*85
63
62
47 H
52
46
8
44M
55
2
54 H
39
60 H
71
56 H
1950
1951
Loulsv Dlv A Term g 3HS—1953
Omaha Dlv 1st gold 3s
1951
83H
83 H
83 H
90
63
63
70
63
65
St Louis Dlv A Term g 38—1951
Gold 3Hs
..1951
75H
85
60
63
63
60 H
61
..1953
Refunding 6s
40-year 4Hs
Aug
1
1955 M N
55
54
1966 F
41H
39
Cairo Bridge gold 4s..__
Litchfield Dlv 1st gold 3s
35
1
39
45%
Springfield Dlv 1st
1
32%
38
Western Lines 1st g 4s
108%
4.
52%
57%
102
70%
73H
7
*82
32%
52%
88%
4
*82
43%
107% 110%
~75H
74
72
81
1949 MN
A. 1957 F A
A
90 H
103H 106M
1951
32%
107%
55
98
84 H
74 %
1937 M N
MN
1st gold 3Hs
102 H
101'
98
Extended 1st gold 3Ha—..1951
1st gold 3s sterling
1951
43%
_
105
"74"
J
♦Adjustment Income 5s.Feb 1957
Illinois Bell Telp 3 Ha ser B—1970
Illinois Central 1st gold 4s
1951
34%
~
ser
18
18
45
D
A
1999 J
.1944 A
5s
cons g
158
85 H
71H
16
,39 H
_
1966 A
Houston Oil sink fund 5 Ha A. 1940
Hudson Coal 1st a f 6s ser A
1962 J
100H
84%
105
..1940 M N
Gulf Mob A Nor 1st 5 Ha B—.1950 A
1st mtge 5s series C
1950 A
Gulf A Ship Island RR—
1st ref A Term M 6s stamped 1952 J
98
J
Gen mtge 3H» series I—
a1967
Feb
♦Green Bay A West deb ctfs A.
Feb
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s..
13
112
*50
J
1952
General 5s series C
13
15
98
D
48 H
12H
40 H
100
*32
—
Great Northern 4Ha series A..1961
,
*12"
O
1956
J
-
59 H
103 H 107 H
56
1946
110
59
62 H
45
87
1946
110
50
48
1
•
104
General mtge 4s series G
Gen mtge 4 sserles H
110
99 H 104 H
""2
105%
J
109
102 H 105
105H
1977
104% 106%
89%
89%
110% 112%
108% 10*
7
8
103%
General 4 Ha series E
105% 111%
103 H
100
104
109%
103*u 107
103 Vi
10 0
105%
81
101% 103%
43 H
A
89
107% 109%
to-fto
109
40
A
J
105
1H
IX
100H 102
.—..—.1961
Gen Motors Accept Corp deb 3a 1946 F
J
107% 110%
9M
2H
101H
40
¥
J
103
10
*123%
1976
111%
10
134
40
.1973
102%
48
98%
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6H
*100%
General 4 Ha series D
94
44
432
65 H
5H
5%
5H
17%
92% 102%
109% 112
390
•
59 H
172
M
45 M
105% 108%
104% 110%
105%
3
7
45 H
92% 102%
101 H
59
5%
.1948 MN
121
1
40
59 H
"48""
99%
78
35
D
108
98H
104H
1
1940 J
105
87 H
102 H
118
90
108
101
103 H
101
35
90
98
108%
96 M
98
100 H 102
103
53 %
49
99 %
103%
,
100H 101M
35
J
Gouv A Oswegatchle 1st 5s..1942 J
Grand RAIext 1st gug4H8—1941 J
Grays Polrit Term 1st gu 5s
1947 J
103
3
26
J
Gotham Silk Hosiery deb 5s w w '46
108H
101H
102 H
A
79%
2
1
100
101
1945 J
91%
102
"
101 H
102%
Francisco Sugar coll trust 6s—1956 M N
85
99%
76
106
134
75
100
68
104
1
"w
S
j"j
68
113%
8
32
73
1947 J
102% 104
50
65%
34%
47
97 H
45 H
90
105
*93
102
i
1941
85
4
46 H
Gen Amer Investors deb 5s A—1952 F
106% 106%
14
87
Gen Cable 1st s f 5Ha A..
111%
7H
101
100
101
0
J
M
18 M
14
165
101
—
^Certificates of deposit
D
UH
22 H
104H
68
104%
8
1943
56
103%
A
J|»Prool of claim riled by owner. MN
(Amended) let cons 2-4a
1982
MN
tl*Proof jt claim filed by owner
D
page 2233
22
Fonda Johns A Glov 4 %8—*—1952
1952 J
see
48
16H
11H
S
J
..1974
7Ha series A extended to 1946— J
Fort ootnotes
103H
40
39 M
♦Gen Elec (Germany) 7Si
11
101M
D
Dayton Pow A Lt 1st A ref 3 Hs 1960 A O
Del A Hudson 1st A ref G
1943 MN
M
..1954 J
30-year deb 6s eerlea B
6s series B extended to 1946
J
92H
143M
105 H 109 H
106
107 M
65
65
40
57%
70
99%
32
46
A
105
139
7H
5
56%
50
*7 M
*7M
*7%
1951 F
M
1942
Firestone Tire A Rubber 3Hs_1948 A
Hudson Co Gas 1st g 6s
D
103
39 M
96
106% 106%
18
D
19
112
90 H
D
37%
108H
D
1942
43
21
*85""* "
Gas A El of Berg Co cons g 6s..1949 J
50
_
1948 J
M
69%
■
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1943 J
25
126
41
39%
*
MN
77%
'87
.
"
1946 J
12H
18
85
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86
A
13
9%
9H
63%
34H
^
1966 M N
Cuba Nor Ry 1st 5 Ha
Cuba RR 1st 6s g
stamped
14
13
48
35
105H
Container Corp 1st 6s
16-year deb 5s
Continental Oil conv 2 Ha
Crane Co s f deb 3 Ha
13
77
108
46
109%
63%
63%
....
*106
75
1960 J
f 4s
f 5s
^Florida Eaat Coast 1st 4 Ha
85
103 %
1970 M N
a
s
15
77
Consumers Power 3%s_May 1 1965 MN
1st mtge 3Mb
May 1 1965 MN
1st mtge 3 Ha
1967 M N
1st mtge 3 Ha
1st mtge 3 Ha
1st Hen
1st lien 6a stamped
79
*109 H
1951 J
♦Debenture 4s
"21
11H
1954 F
13
68X
non-conv deb 4s..1954 J
♦Debenture 4s
16%
13
*12
Fairbanks Morse deb 4s...—1956 J L
M 8
Federal Light A Traction 1st 6a 1942
6s Internationa
ser es.
1942 M '
64
•
...
conv
1938
|*3d mtge 4 Ha
Ernesto Breda 7s
15
14%
99 M
3%s debentures
1948 A
3 Mb debentures
1956 A
8 Mb debentures
1958 J
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 78—1956 J
^♦Consol Ry
16 M
11H
40 M
68
*1J2
Consol Edison (N Y) deb 3%s_1946 A
Consol Oil
2
J
64
86 H
99H
3Mb (lnt waived to and Including
May, 15, 1939) .-...,....1958 J
Conn A Passump River 1st 4a..1943 A
Conn Ry A L 1st A ref 4 Ha—1951 J
Stamped guar 4%s
1951 J
Conn Rlv Powsf 3Hb A
1961 F
13
'
S
O
;
110
102"
"40 %
J
60
4
A
D
102
40
11955 J
1975
♦N Y A Erie RR ext 1st 4a„1947
15-year 3Ha deb
J
1965 A
102
1st s f 68—1957 J
♦Erie A Jersey 1st s f 6s
^♦Fla Cent A Pennin 5«
103 H
1958 J
25
98H 103
106 H 108H
105
106H
*102%
7%
91%
108
"...
1968 J
107%
64 %
95 H
*50
1
48
*50
8H
96%
*76
1st mtge 3%b series H
107
*107 %
O
1967 MN
♦Genessee River
2
......
1st mtge 3 Mb aeries I
Conv debs 3 Ms
HO H 112
40
42
85H
105%
O
88
......
M
32
89
143%
7H
4%
Commonwealth Edteon Co—
1981
14
143%
9
49
♦107H
1965 M N
Commercial Credit deb 3%s—.1951 A O
2%a debentures
1942 J D
1st mtge g 4s Beries F
105%
.1953
6a of 1927
♦Ref A lmpt 6a of 1930..
A
J
4s series D
65
93%
108H
J
^Commercial Invest Tr deb 3 Mb '51 J
conv
8
O
1955 F
13
15
*82
—.1953
♦Series B
39
J
^
4s.. 1948 A O
Columbus A Tol 1st ext 4s
Columbus Ry Pow A Lt 4s
110%
*105%
-—1953
89
57
O
J
♦Conv 4a aeries A
90
48
1980 M N
15 1961
108%
102%
*
Columbia G A E deb 5s...May 1952 MN
Debenture 6s..(—.Apr
15 1952 A O
Jan
108
63 %
1973
gen b
105%
13 H
110H
1940
Fort St U D Co 1st g 4 Hs
J
s.—1977
.1945
f 6s.. 1943 F
1970 A
105
110H
B—1940
83%
*100
J
MN
♦6s Income mtge
105
108
106H
*111 H
D
F
Colo A South 4 %s series A
104H
108 H
D
Series C 3Mb guar
4
t*Erte RR 1st cons g 4s prior..1996
♦ 1st consol
gen lien g 4a
1996
73
-to
1 05*32
Series D 3 Mb guar
Gen 4Mb series A
f 4 Mb series C
Coal River Ry 1st gu 4s
Erie A Pitts g gu "*-Hi ser
65
.
107%
J
9
107
—.1965
2
*41H
Series A 4Mb guar.
f aeries B guar.
1965 A
stamped
12%
106H
J
1942
....1948
1960
..1977
Gen A ref mtge4%s series B.1981
Cleve Short Line 1st gu 4%S— .1961
Cleve Union Term gu 5 Mb
1972
5a
10%
105*32.
M S
101H
107
MN
1941
El Paso A 8 W 1st 5s_—
10H
*10
J
M N
1990
1940
W W Val Dlv 1st g 4a
1940
Cieve Elec Ilium 1st M 3%s—1965
Cleve A Pgb gen gu 4 Mb Ber B. 1942
Series B 3Ha guar.,
1942
4s„1948
Elgin Jollet A East 1st g 6s
11
88
90 M
68
MN
Cln Wabash A M Dlv 1st 4s.l99l J
Debenture 5s.
20
103
MN
Spr A Col Dlv .1st g 4s
101
107
st T Va A Ga Dlv 1st 5s
11
J
St L Dlv 1st coll tr g 4s
~~i
101H
J
J
1956 MN
J
let cons g 5S—1995 J
Electric Auto Lite conv 4s....1952 F A
E
45
101 H
'88
D
J
1977
D
Ed El 111 (N Y)
8
102
O
J
Ref A lmpt 4 Mb series E
MN
-1951 J
Es it Ry Minn Nor Dlv 1st
121
107H
M N
Cleve Cln Chic A St L gen 4a._.1993
General 6s aeries B
1993
Columbus A H V lBt ext
19
'
{♦Choc Okla A Gulf conB 68—1952 MN
Cincinnati Gas A Elec 3%b
1966 F A
Colo Fuel A Iron Co
16%
3%
3%
—
111H
16
1
1st A ref M 4%a series D
Childs Co deb 6a
♦Second gold 4s.
45%
2H
------
M S
ZMa guaranteed...
J
Chic A West Indiana con 4s._.1962 J
a
10%
16%
----•
Chicago Union Station—
b
10
12%
D
1st
9%
10%
2
11
73
Dec 1 I960 M S
J
111H 112H
11
19H
19 %
Chic T H A 8o'eastern 1st 6s.. 1960 J
J
2
112
54
*49 H
J
112
*40
D
J
111%
5H
3H
lion 113""
D
F
6H
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J
ser
15H
14 K
29 %
M S
Gen A ref M 4s
4
111H
G—1966
J
1963
1963
1951
O
10H
6s—.1995
1995
-.1961
-—1944 A
111 H
5H
5
Gen A ref mtge 3 Hs ser
*62 H
1st mtge 4s ""rtea D._
1965 A
A
3
46
♦Detroit A Mac 1st lleD g
4
1st mtge 3%o aeries E.
F
27
5%
3M
27
D
1st
D—1961
3H
29
J
Guaranteed 4s.
l^Des Plains Val 1st gu 4 Ha—1947 M 8
10; H 108
105H 107H
105H 107 H
7U
9H
28 H
...June 16 1961
5a
3%
*23 H
110H
111%
106H
•
♦Conv g 4 He—I960 MN
Ch St L A New Orleans 6a—.1961 J D
lnc gu
J
109
79
18%
18%
5
4H
1962 m"s
Memphis Dlv 1st g 4s
J*Des Mitt Dodge 4s ctfs.—1935 J
•
High
108
104 H
21
26%
11H
AO
..1934
3
5
Low
3H
3%
11
1
3H
Certificates of deposit—
3Mb
"I'm
6
10
9
7%
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3H
15
45
♦Certificates of deposit..
f♦Secured 4Mb aeries A
Gold
B—Apr 1978 AO
107
22
45 H
♦Certificates of depoeit
♦
3%
Series C 3Hs
F
8H
J
A
106 %
107
18%
2
9%
-
J
J
F
106H
20%
21%
■
♦Stpd 4s non-p Fed lnc tax 1987 M N
^Refunding gold 4s
♦Ref A Imp* 6s ser
J
*107%
107
18H
2M
M N
1987 M N
---
J
MN
s
No.
105H
ISM
7M
.
J
1951
J|*Den A R G 1st cons : 4s
1936
I ♦Consol gold 4 %?
1936
^♦Den A R G Wes* ,;en 6s. Aug 1965
♦Assented (^ubj to plan)
111
20 H
«
^Gen 4 %s series C—May
105%
as to Penna tax
Detroit F ilson Co 4 Hs ser
♦Gen 4s series A
♦Gen g 3 %s series
*108%
f 5s—1951
IChic Milwaukee A St Paul—
,
1st mortgage 4 Hs
Stamped
Since
High
J
J
Den Gas A El 1st A ref
«
Jan. 1
J
86%
to
Range
Friday's
<k
Asked
J
24%
••
67
1971
1969
1969
Light 1st 4 H»
1st Aref4%s
15%
-
Range or
Bid
Low
Del Power A
81H
•
3%
3%
Sale
Price
14
Week Ended April
High
101
12%
5
9%
9%
*9
*7H
♦1st A gen 6a series
1st A gen 6a aeries
20
ioi
17
N. Y. STOCK EXCHANGE
97
86%
—
15 H
BONDS
Since
Low
-
142
14%
Last
Range
Jan.
No.
100
12H
♦Certificate* of deposit—
-
11
High
*96 X
-
13 H
Chicago A Erie 1st gold 6a
1982 MN
^♦Chicago Great West 1st 4a—19.59 M
^♦Chlc ind A Loulav ref 6a
1947 J J
J
♦Refunding g 6s aeries B
1947 J
♦Refunding 4a aeries C1947 J J
•5
or
Asked
A
15, 1939
Week's
Friday
Friday's
Price
14
April
Week's
Friday
g
A
H
42
H
233
59 H
3 Ha—-1951
1951
Volume
New York Bond Record—Continued—Page 4
148
BONDS
K
N. Y. STOCK EXCHANGE
O
II
Week Ended April 14
Last
Low
bonds
Range
Friday'*
&
Asked
Bid
gu
o
High
No.
46*4
77
STOCK EXCHANGE
Week Ended April 14
Jan. 1
Low
...1963 j
1st A ret 4 %s series C
Illinois Steel deb 4%s
1940
a
d
44
d
42
43
M
43
40%
103 ui« 103««
O
♦Ilseder Steel Corp 6s
1948 F a
Ind Bloom A West 1st ext 48—1940 AO
j
Ind HI A Iowa 1st g 4s
1950 j
*55"
j
{♦Ind A Louisville 1st gu 4S...1956 j
Ry 3Hs series B..1986 M S
j
1948 j
D.....1961 f A
J
tInterboro Rap Tran 1st 5S...1966 J
Certificates of deposit..
AO
{♦10-year 6a
1932
1*10-year conv 7% notes.-.1932 M S
Industrial Rayon 4 Mb
Inland Steel 3%s series
...
•♦1st 5s series B
Internat Paper 5s ser A A B
Ref s f 6s series A
108
27
56
64
133
59
59
1
27
35
57
51
95
Int Telep A Teleg deb g 4%s._1952 j
Debenture 6s
...1955 f
82
94
48%
51
36
48%
95%
27
85%
24
93
83%
*76
94%
57
86
53
95%
71%
56
61
153
56
75%
1950 a O
2%
65%
58%
.108
104%,
w-stmp (par 3925)..1943 MN
♦CtfB with warr (par 3925)..1943
.Kelth (B F) Corp 1st 6s.
1946 m"§
j
Kentucky Central gold 4s
1987 j
J
Kentucky A Ind Term 4 He—1961 j
w
Stamped
1961 j
......
Plain
....
29
107%
108
15
104%
104%.
36%
14
"93%
*_—__■
*11I"I
*——z
*50"
j
22
"27
18
.1961 j
j
j
j
*50
A
o
*158
F
a
4Mb unguaranteed.........1961
Kings County El L A P 6s
1997
Kings County Elev 1st g 4s_—1949
Kings Co Lighting 1st 5s_i
1954
1st A ref 6%s
1.1954
Kinney (G R) 6 Ma ext to
1941
Koppers Co 4s series A„_
1951
Kresge Foundation coll tr 4s..1945
3 Mb collateral trust notes
1947
{♦Kreuger A Toll secured 6s
Uniform ctfs of deposit.
1959
92%
85%
26
"22
—
90
27
27
163
"88%
*95
102%
102%
95
103%
104
44,
100
100%
15
101%
7%
79
15
d
Laclede Gas Light ref A ext 6s.l939 a
Coll A ref 5%s series C—...1953 f
20
98
7%
103
95
90
102%
102% 105
100
103%
7
22
49
79%
91%
45
58%
1
45
58%
Coll tr 6s series A...
1942 F
1942 F
42
44
11
42
51
a
43%
43%
43
50%
70
70
07
75
'
68
67
67
j
D
♦1st mtge Income reg—1975
*
j
Lehigh C A Nav sf 4%s A—1954 j
j
Cons sink fund 4 Mb ser C—.1954 j
Lehigh A New Eng RR 4s A—.1966 a O
Lehigh A N Y 1st gu g 4s.
1945 M s
♦Lpjtdgh Val Coal 1st A ref S f 5sl944 f a
♦Certificates of deposit.....
i
♦1st A ref
s
f 5s
1954 f
.
A
♦Certificates of deposit... 1964
♦1st A ref s f 5s
........1974 FA
♦Certificates of deposit..
Sec 6% notes extend to
.
Certificates of deposit
Leh Val Harbor Torn gu 5s
1974
1943 i"j
1943
1954 FA
53
64
Gen A ref
s
f 5s series B.....1955
52
54
52
Gen A ref
s
14
89%
84%
64%
91
32
31%
39
"
*19
92
39
39
37
37
37
22%
20
23
,
"10% "23"
*18"
21%
*17%
17%
19
18
18%
19%
21
18
16%
17%
43
30
18
*34%
*34%
"45"
40
19%
49%
'id" "56"
10
%q series C
F
8%
6%
6
9
2
2%
1%
4
17%
20%
.27
17%
20
20
21%
16
20
34
9%
64
8
„■
""3%
34%
21%
.
17%
12%
31
12%
12%
14
12%
1
12%
12%
65
65
1
65
65
15
3
162
3%
13%
13
14
132
12%
11
12%
12%
16%
58
—.
2
12%
"l§"
45
——
3
13
13
32
21%
20%.
6%
21%
20%
21%
19%
4%
21%
20%
21%
20%
12%
12%
12%,
13
64%
14
12%
13%
,...
67
8
A
M s
21
MS
2%
127
13%
.24
2
12%
15
——
"96
103
1C8
107
103%
97%
103%
94%
1955
108%
104%
34
107
23
100% 105%
96% 100
94
97%
1
96%
97%
109
94
94%
75
5
♦III—
"75""
45%
45
46
45%
38
39%
46
3%S—1968
Mutual Fuel Gas 1st gu g 5s...1947 MN
Mut Un Tel gtd 6s ext at 5%—1941 M,N
Nash Chatt A St L 4a ser A....1978 f
j
Nassau Elec
.1951
J
Nat Acme 4 %a extended to
1946 j d
Nat Dairy Prod deb 3% ww._ 1951 mn
Nat Gypsum 4%s s f debs....1950 mn
107%
107%
114
114
*..^—
99
70
70
A
102% 105%
"163%
,
27
1
102
102%
105%
103%
106
67%
67%
45%
45
56%
54
38
49
104% 107%
114
115%
97% 100
1
102
109
70%. 72%
40%
30%
37%
22%
29%
34
55
8
*—79
Constr M 5s series A.......1955 MN
Constr M 4%s series B
1955 MN
J D
Mountain States TAT
g,4s stpd
17%
•19%
47%
71
33
49%
103
*...i_
Gen Aref s f 5s series D....^1955
gu
16
21
23%
49
mn
16
2
16
17%
19%
M,
Morris A Essex 1st gu 3%——2000
<
19
42%
♦Ref A impt 4%s___
53
*
17%
•
Montreal Tram 1st A ref 6s....1941
Gen A ref s f 5s series A.....1955
37
♦Certificates of deposit... 1954
♦1st A ref s f 6a._
.....1964 FA
{Mobile A Ohio RR—
♦Montgomery Div 1st g 58—1947
27%
32
4%
102
*12
90
*32
5%
4
20
51
*12
86
*85%
26
.
38
"2%
22
22
8
3%
3
24%
"l3*
23%
53%
*82~"
22%
17%
31%
35%
1949 mn
1980 a o
1977
(♦Secured 5% notes........1938
Mohawk A Malone 1st gu g 48.1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 4 Mb
1960
08 debentures...—..
1965
Montana Power 1st A ref 3%8.l966
Lake Erie A Western RR—*
1997 j
50
32
13%
43
2d gold 5s
2%
7
50
1978 MN
♦1st A ref 6s series I........1981 FA
♦Certificates of deposit—
3
76%
14%
21%
(♦Mo Pac 3d 7s ext at 4%.July 1938 MN
46%
Lake Sh A Mich So g 3 Ma
Lautaro Nitrate Co Ltd—
♦Conv gold 5%s
♦1st A ref g 58 series H
♦Certificates of deposit
100
83%
48%
j
m~8
1977 m s
30
2%
5
*12
.....1976
72%
9%
42%
25%
8%
5%
2%
6%
2%
1%
96
37%
23%
17%
♦Certificates of deposit
46%
3% to..1947 j
.......1941 j
4a
♦Certificates of deposit
♦1st A ref 5s series G
103
46
5s 1937 extended at
♦Certificates of deposit
♦let A ref 6s series F
.....
89%
26%
10
73
5%
64%
j
A
%
mmrnSmm
2%
68%
55%
51%'
37%
32%
j
f
1905
8%
%
"90% "97"
11
6%
102
7
60
*1%
54%
96
75
5
ser A
16
r99%
88
97
*4.
87
39
101% 104%
110% 111%
35
*6%
*44%
*25%
8%
*28%
6%
"2%
*1%
j
82%
83%
.75
3
111
100%
11%
"
j
O
106%
'
Coll tr 6s series B
r99%
*_.-_•
*94%
j
Jan 1967 A
8
6
27
104
■
.
j
♦Cum adjust 6s ser A
166%
88%
1960 f
81%
*21
35%
33%
22%
127
81
75%
j
j
81
101
50%
1938 j
j
26%
24%
17%
20
int.-.1938 j
D
10
*%
*%
j
M-K-T RR pr lien 5s ser A....1962 j
40-year 4s series B__.
..1962 j
Prior Hen 4%s series D
.1978 j
40
17%
88%
*7%
1934 MN
g4s Int gu *38
10
31
Higk
105% 107
67
72%
39% 51%
23
31%
99%
97
o
♦1st A ref 5%s series B.....1978 j
{♦ Mo-Ill RR 1st 6s series A...1959 j
Mo Kan A Tex 1st gold 4s..—1990 j
73%
Coll A ref 5 %s series D.
82%
48%
„
♦General
j
s
20
con
Low
127
101%
110%
j
♦1st A ref 6a series A.—...1946 j
♦25-year5%8
.1949 m s
<
106%
m
cons 5s gu as to
72
105%
j
cons 6s
(♦1st
{(♦M St P A SS M
90
*102%
A
(♦1st
35
{♦Mo Pac 1st A ref 5s
j
f
30%
26
92%
j
j
96%
85%
24%
93% 100
107
107%
107
j
101%
103%
79
72%
71%
107% 109%
103% 107
36
30%
17% 17%
13
j
MN
-90%
56
37
"94%
68%
05
25
103
♦1st A ref gold 4s
1949 m s
♦Ref A ext 50-yr 5s ser A...1062 Q F
46
185
*6
.
{♦Minn A St Louis 5s Ctfs
30
33%
75
1939 j d
♦Con ext 4%s...
...1939
{♦Mil Spar A N W 1st gu 4». .1947 m"s
j
{♦Milw A State Line 1st 3%S—1941 j
5
44%
25%
49
50
{♦Mil A No 1st ext 4 %s.
95
85
.
2%
6
56
*11.
♦—I'll'
88%
10
65
*
stmp (par 3645)..1943
2%
50
90%
♦Karstadt (Rudolph) 1st 6s__.1943 MN
•
94%
83%
Jan. 1
4
44
127
1977 M S
Ref A impt 4%s series C—-1979 j
{♦Mid of N J 1st ext 5s
1940 a
100
53
No.
69
*83
j
City Air Line 4s
...1940 j
Jack Lans A Sag 3%s.——1951 M S
1st gold 3%s
1952 mn
20
87
60%
92%
High
68
*70
i.1977 M S
♦Mlag Mill Mach 1st a f 7s
1950 j D
Michigan Central Detroit A Bay
20
59%
BQ&5
26%
24%
17%
....1959 mn
♦Mex Internat 1st 4s asstd
♦4s (Sept 1914 coupon),
4
56%
Ref A impt 5s.
Apr 1950 j; j
Kansas City Term 1st 4s.
j
1960 j
Kansas Gas A Electric 4%s
1980 j D
•
~2§
78
89%
102%
20%
j
24%
*23%
♦Ctfs
93
83%
•
1st ext 48
Since
Asked
23
31
Metrop Ed 1st 4%s series D...1968 m s
Metrop Wat Sew & D 5%s
1950 a o
{(♦Met West Side El (Chic) 48.1938 F a
A
*84
w
17
80
o
w
9
20
.
O
♦Ctfs
100
"77%
a
♦Certificates of deposit
Kan City Sou 1st gold 3s
80
2%
9%
9%
72%
A
4s..1990
4S..1936
5
49
46
g
68
51
30
James Frankl A Clear 1st 4s..1969 j D
Jonee A Laughlln Steel 4 Mb A..1961 m S
{(♦K C Ft S A M Ry ref
57
50
2%
{♦Iowa Central Ry 1st A ref 4s. 1951 m S
Kanawha A Mich 1st gu g
51
58
10%
50
83%
61
9
♦"
j
{♦Man G B & N W 1st 3%s
1941 j
Marion Steam Shovel a f 6s..—1947 a o
Market St Ry 7s ser A...April 1940 Q J
Mead Corp 1st 6s with warr..1945 mn
43
&
*106%
d
Feb 11957 MN
a o
{♦Manhat Ry (N Y) cons 4s..1990
♦Certificates of deposit...
109%
70
27
5
2%
Int Rys Cent Amer 1st 5s B...1972 MN
1st lien A ref 6 He—
..1947 f A
66
54
101%
*
80%
106
'
Manatl Sugar 4s s f
Range
Friday's
Bid
d
♦Second 4s....
.......2013 j D
Manila Elec RR A Lt s f 6a.-.1953 m s
Manila RR (South Lines) 4s._.1939 mn
68
100
10
91
deb 5S.1951 MN
70%
10%
104%
97%
59
82
80
1947
8
104
28
106
•
"33"
1955 M S
95
66
93%
106 H
...1956
95
73
104%
Interlake Iron conv deb 4s.
♦1st g 6s series C—
1956
Internat Hydro El deb 08—1944
Int Merc Marine s f 6s
...1941
95
91
♦Certificates of deposit......
1947 a O
Int Agrio Corp 5s stamped.... 1942 MN
j
{♦Int-Grt Nor 1st 6s ser. A—1952 j
♦Adjustment 6s ser A
July 1952
41%
*103
91
58
32
Range or
Sale
Price
Low
a f
Maine Central RR 4s ser A...1945 j
Gen mtge 4%s series A.....1960 j
60%
40% 66%
103"i„l05
14
11
*6%
Ind Union
18
2
35
25
43
SQ-
High
McCrory Stores Corp
1963 j
Last
<0
N. Y
Since
©
cqgq
111 Cent and Chic St L A N O—
Joint 1st ret 6s series A
Week's
Friday
Range or
Sale
Price
2231
Week'*
Friday
140
5
69%
29%
102
73
46
102
102% 105%'
104% 106
National Rys of Mexico—
Leh Val N Y 1st gu
4%S—. .1940
.1940
4Mb assented
♦Lehigh Val (Pa) cons g 4s.... .2003 mn
♦4s assented.—.....
.2003 mn
♦General
cons
4 %s..
...
45
"13%
13
2003 mn
♦4%s Jan 1914 coupon on...1957 J
j
45%
52
15%
13%
13
♦4%a July 1914 coupon on—1967 J
♦4%s July 1914'coupon off..1957 J
♦Assent warr A rets No 4 on *67
j
15%
21%
21%
1
13%
15%
.2003 mn
14
14
16
18
cons
...
Leh Val Term Ry 1st gu g 5s... .1941 A
6s assented......
.1941 A
Lex A East 1st 50-yr 5s gu... .1965 a
18
16
16
O
*53
k'
■
■
Lion Oil Ref
conv
22
*48-April 1914
14
21
♦4s April 1914 coupon off—.1977 A
♦Assent warr A rets No 5 on *77
16
16
.
~60"
108%
A
(♦Assent warr A rets No 4 on *26
j
57
61
♦4s April 1914 coupon on
A
O
A
O
115%
129%
127
128%
18
127
127%
128
11
127% 130
D
52%
Lone Star Gas3%8 debs
a
105%
...
1953 f
♦Long Dock Co 3 Mb ext to- 1950 a o
Long Island unified 4s
Guar ref gold 4s.
4s stamped..
....
1949 m S
.......
1949 m s
84
1949 m S
83%
Lorillard (P) Co deb 7s
1944
5s
Louisiana A Ark 1st 5s
..1951
A—1969 j
104
2003
O
62
65
81%
83
23
80%
86%
84
15
80
87
4
128
6
122% 120
83
75%
108%
79%
66
108%
30
107
107
..2003
...2003
o
85%
84%
2003
o
78
78
Paducah A Mem Div 4s
1946
A
St Louis Div 2d gold
1980 m S
1945 M s
For footnotes see oage 2233.
a
*100
85
*63
104
*20
1
147
91%
85%
84%
78%
101
85
*109%
104
60%
108%
91%
84%
1st A ref 3Mb series E
1955 mn
49
104
70
99
j
22
48
*83%
83%
1st A ref 4 Mb series C
1st a ref 4s series D
o
110%
*61
91%
84%
84%
Atl Knox A Cln Div 4s
53
106%
125
J
Lower Austria Hydro El 6 Hs.1944 F
10Q%
"98% 101%
128%
1940
1952 J
107;
*70
124%
77%
3s
"l2
128%
107"
Mob A Montg 1st g 4Mb
South Ry joint Monon 4s
109*
a
Louisiana Gas A Elec 3 Mb
1966 M S
Louis A Jeff Bridge Co gu 4s..1945 m S
Louisville A Nashville RR—
Unified gold 4s
1st A ref 5s series B
99%
50%
O
j
ser
107
79%
104%
75%
108
99
28
1
84%
24
129%
92%
110
105% 107%
91%
84%
8
O
78
101
99%
93%
89%
85%
97% 101
82% 88
110
111%
77
70%
104
105%
24%
24%
*%
,
*4s April 1914
coupon
1951
off—.1951
j
.
-
*%
%
*%
1%
"1%,
"*M
♦Assent warr A rets No 4 on '51
Nat Steel 1st coll s f 4s.—...—1965 j
D
105%
105%
MN
{♦Naugatuck RR 1st g 4s...—1954
Newark Consol Gas cons 5s... 1948 j
d
j
j
{♦New England RR guar 6s... 1945
j
♦Consol guar 4s.——..——1945 j
New England Tel A Tel 6s A—1952 j D
mn
1st
g
4Mb series B——
1961
N J Junction RR guar 1st 4s—1986 f
N J Pow A Light 1st 4%s.
1960 A
New Orl Great Nor 5s A
—1983 j
NO ANElstref Almp4%8 A
1952
*30
"% "l%
60
1
.37
...
1%
.
%
%
105% 109%
.
5
122%
124"
20
,126%
125% 125%
26
14
27%
27%
124% 128%
123% 126%
108%
6
107% 109%
20
6
2
20
126
20
A
O
108%
j
68
69
j
*45
50
O
103
102
103
D
103%
102
103%
j
4s...1953
A O
{(♦N O Tex A Mex n-c inc 68—1935
a
o
♦1st 5s series B
...1954
♦Certificates of deposit
a
♦1st 5s series C
.........1956
f
♦1st 4%s series D—....1956
♦1st 5%s series A———.—1954 O A
♦Certificates of deposit.—
.
% —°.
1955
New Orleans Term 1st gu
..
105%
New Orl Pub Serv 1st 6b ser A—1952
1st A ref 5s series B
....
123%' 123%
20
21%
126%
125%
%
%
"%""%
Nat RR of Mex prior lien 4%s—
58
*107
f
f deb 3 His
..... 1946
Lombard Elec7s series A
1952 J
s
coupon on
.
57
112
120
22%
"22%
*% .....
*%.,..—
*M
*%
%
*% .—
j
1977 A O
13%
deb 4Mb... 1952 a o
Liquid Carbonic 4s conv debs.,. 1947 j d
Little Miami gen 4s series A... 1962 MN
Loews Inc
;
*112%
128
.1951 F
6s.
.
••
.......
Ligget A Myers Tobacco 7s... 1944 A
45,
•
5s........... .2003 mn
♦5s assented..
2003 mn
*4 Mb assented..
♦General
♦
52
60
45%
k
58
62
*
..
*20%
*
6
102
20
102
4
58
75
59%
104%
104%
74%
23
34%
29
30
37
24%
23
23
*19
65
50
'"
29
31%
28%
29%
25%
*20%
25
62
9
....
35
1
33
35
31%
26%
24%
30%
35%
39%
34%
23
New York Bond Record—Continued—Page 5
2232
Week's
Friday
Last
BONDS
Price
<k
A eked
Low
4 %s. .1945
Newport A C Bdge gen gu
J
.1998 F
N Y Cent RR 4a series A
10-year 3%s sec s f
O
O
73%
71
82 H
86
45%
51%
57H
62 %
69 H
77H
9
84%
85H
Conaol gold 4s
79
45H
50
133
A
62
62
1
02
62 H
70
Gen mtge 3%s series C
Consol sinking fund 4%s
A
*59
64
60H
68%
General 4%s series A
General 5s series B
60
J
1942 J
J
O
78H
~49H
62
57
79%
32
78
45 H
77 %
N Y Chic A St Louis—
1974 A
♦Ref 6 >48 aeries A
♦Ref 4 %s aeries
C
----
1940 F
4a collateral trust
lat mtge 3%s
extended to—.
O
1978 M S
54%
45%
65
67
81
81
1947
54
50
1953
A
N Y Connect lat gu 4%s
47%
39
A
1941
3-year 6% notes
53 H
44
105%
*107
1953
lat guar 6a aeries B
N Y Dock let gold 4a
1951
Conv 5% notea
N Y Edison 3%s ser D
1947
53
66
53
50
ios"
1966
E
1st lien A ref 3)48 ser
108
109
♦N Y A Greenwood Lake 5a.
-
124%
"14
2
*11H
48 %
107
100
107
49
59
49
58
4 Hb series B
1973 MN
♦N Y L E A W Coal A RR 5%s '42 MN
J
♦N Y L E A W Dock A Imp 5s 1943 j
4a—.1941
N Y A Long Branch gen
}»NYANE (Boat Term) 4a—1939
{♦NYNHAH n-c deb 4a
1947
♦Non-conv debenture 3%s..l947
♦Non-conv debenture 3%s__1954
A
"*7%
99%
U%
M
S
10H
10%
A
O
♦Conv debenture 6s
1948 J
1940 A
Peop Gas L A C 1st
J
J
11H
O
"4H
10H
{♦Harlem R A Pt Ches lat 4a 1954 MN
♦General
1992
{♦N Y Providence A Boston 4s
6%
D
N Y Steam Corp 3 Ha
♦General gold 5a
.
N Y Trap Rock 1st 6a
6a stamped
15%
15%
10
11%
10%
17%
17%
16
4%
10%
27%
8%
17%
47%
67%
4H
4%
10 H
11H
47
5%
6%
5%
3%
3%
3%
99% .101
103
102%
*2
1940 F
A
*4H
75
A
O
F
A
102 %
109 H
74%
109%
108%
108 %
94
109
2
"ioin.
11
77%'
2%
*41
9
1974 M 8
*110
1974 M 8
♦105H
Q
ft
5%
8%
45
102% 103%
108% HI
02
80
70%
81
2
111%
108
109%
94
100%
4
100%105i«u
99
9
17%
14
8%
15%
59
North Cent gen A ref 5s
Gen A ref 4 Ha series A
12%
109
1
121
120%
104%
14
23
10H
1996 O
20
04
60
118% 123
107"
106
guar 5s—
*46
♦Apr 1 1935 A sub coupons..1945
♦Oct 1938 A sub coupons
1945
.
*37H
45
39
50
60
55%
♦Ctfa of depoalt stamped
Apr *33 to Oct'38 coups..
North Pacific prior lien 4s
Gen lien ry A Id g 3a Jan
1997 Q
J
77H
77
80
66
77
85
44
41
44%
48
41
45
45
1
45
53%
60%
54 H
59
164
50
51
5
2047 Q
2047 J
F
Ref A lmpt 6a series B_.
2047 J
J
Ref A lmpt 5s series C
Ref A lmpt 5s aeries D
2047 J
J
2047 J
Northern States Power 3Ha..-1957 F
Northwestern Teleg 4Ha ext—1944 J
{♦Og A L Cham 1st
gu g
4s.
J
J
J
J
1943 M S
Ohio Edison 1st mtge 4s...
lat mtge 4s
1905 MN
..1967 M S
J
...1972 J
3%b
Oklahoma Gas A Elec 3%s
4s debentures
48
107%
1906 J
D
1940 J
D
*3%
"~i%
i06H
i03H
J
105
Otis Steel 1st mtge A 4%s____1902 J
J
65
J
{♦Pac RR of Mo 1st ext
{♦2d ext gold 5a
g
1906
64
109%
106H
6%
4%
4
6
105%
105
107
107H
100
106
106 %
106
103H
104%
109
109%
101 % 105
110
107
"lis""
„
v
108%
108%
103H
104%
103% 105%
113
113H
112% 113%
112% 115%
107% 110
108%
109%
116%
116%
117%
118
113% 116%
116% 118%
104
105H
103% 100%
64%
66 H
111%
111 H
112%
110H
U0%
111
109
108
107%
108 H
105% 1C9%
64%
81%
55
00
111% 113%
111%
68
65%
72
J
8
M
8
M
108%
108H
108%
108 %
109H
104
101% 101%
104"
103% 105%
Toon
*53 H
55
101 %
102
15
57%
54%
99% 102
82 H
84
47
82%
13
98% 102%
100i«
47
8
123H
M 8
100 H
47
123H
*42
F
A
*102H
J
D
*102
.1944 J
D
*100
1952 MN
102
page 2233.
59
1952
78
74%
79
282
89%
74%
117
117
2
116% 117%
114
114
6
49
49
7
112% 115%
49
58%
4
10
79
90%
96%
97
O
90%
Phelpa Dodge
conv
3%s deb.. 1952
Phlla Bait A Wash lat g 4s
General 6s series B._.
J
49
J
*60"
"57%
D
110%
107%
111%
109
109
111%
111%
A
1977 J
J
1981 J
D
105
3
4
"7
14
1948 M S
106%
106
107
200
106
*
1940 A
O
105%
1942 A
O
108%
..1975 A
1977 J
1948 J
1902
F
105%
104% 105%
108%
108%
107
106% 106%
*95"
*107%
*95%
113%
A
A
O
J
loi"
38
17
108
45
39
39
O
12
20
96
*38,
•
40%
1960
S
J
1942
J
'ff
65
106%
"61%
66
106%
106%
'38
J
J
{♦Providence Sec guar deb 4S..1957
{♦Providence Term 1st 4s
1956
8
*44%
J
95%
'"10%
10%
39%
11%
146
58%
1
106
37%
35%
287
J
108%
109
3
J
79%
80
6
MN
2%
M
52
106
*98%
1942
1948 J
38
104
*110
A
1950
105
,102% 107%
101% 106%
93%
98%
100% 107%
45
51%
39
51%
D
D
105
105
116%
112% 116%
108%
*107%
39
O
105
112
113%|
*113%
102%
103%
103%
103%
94%
94%
D
D
108%
100" 106"
*105%
A
...1977 J
{♦Radlo-Keltb-Orpb pt pd ctfs
for deb 6s A com stk
(65% pd)—
91
105
*109
D
1974 J
f deb 5s
112%
89% 90%
91
94%
90
~9l"
{{♦Postal Teleg A Cable coll 5a. 1953
Potomac Elec Pow lat M
3%s_l906
Pressed Steel Car deb 5s.
1951
s
77
77
29
1st mtge 4 %s series B_—.1959 A
1st mtge 4 %s series C
1960 A
Purity Bakeries
107
98% 103%
109% 112
14
10%
8
...1970 J
0a stamped
30
3%
4%s.^._.1904 MN
lat 6s 1935 extended to
Porto Rico Am Tob conv 6s
118
110%
11%
1960 F
1963 F
B_..r
104
100%
7
1957 MN
lat gen 5s series C
105
99%
110
3%
1949 F
lat 4%s aeries D
Port Gen Elec 1st 4%s
108% 111%
104
109%
10%
Pitts Va A Char 1st 4s guar...1943 M N
Pitts A WYa 1st 4%s ser A. .1958 J
D
1st gen 5s series
108
2
7%
...1953 J
A
2
3%
1945 M N
ser
71
11%
..1942 M N
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
67%
57%
J
Pirelli Co (Italy) conv 7s
1952 MN
Pitts Coke A Iron conv 4 %s A. 1952 M 8
Series E 3%a guar gold
Series F 4s guar gold
76
68
106% 115
....
109%
99%
110
88
60
J
J
1949 M
.1937 J
Series C 4%s guar
Series D 4s guar
108%
"~5
8
{♦Phlla A Reading C AI ref 6s. 1973
Pitts C C C A St L 4%s A
Series B 4%s guar
60
*108
sec 6s series A
D
1907 J
Phlla Electric 1st A ref 3 %s__. 1907 M 8
{{♦Philippine Ry 1st s f 4s.
Phillips Petrol conv 3a.
58
8
1974 F
19
64
♦
3%
6%
103% 106%
1
106%
60
64
Phlla Co
Pitts Y A Ash 1st 4s
106%
106%
1943 MN
General g 4%s series C
General 4 %a series D
cons guar
3%
3%
75%
107
,43
41 "
10%
16%
108% 109%
79%
88
2%
.2%
4
49%
95% 100%
40
166"
/
•
J
D
{♦Debenture gold 0s_.
1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
Gen A ref 4%s series A.....1997 J
Gen A ref 4%s aeries B
1997 J
72
J
J
55
60%
54
54
68
72%
69%
71
50
55
79
6
54
61%
54
68
80
2
69%
Remington Rand deb 4%s w w.1956 M 8
Rensselaer A Saratoga 6s gu
1941 MN
Republic Steel Corp 4%s ser B.1901 F A
100
J
J
J
80
85%
86%
"48
'85% "94%
103%
43
87%
74
102% 107
85%
94%
96%
99
21
50
*I<T~
"36""
25%
MN
♦Cons mtge 6s of 1928
1953 F A
♦Cons mtge 0s of 1930......1955 A O
Rlchm Term Ry 1st gen 5s
♦Rima Steel 1st s f 7s....
1952
J
1955
A
{♦Rio Grande Juno 1st gu 5a..1939
{♦Rio Grande West 1st gold 4a. 1939
D
♦1st
4%s..l934
M
1948 A
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 1st con 4%s__1041 J
♦Stamped
17
Saguenay Pow Ltd 1st M 4%s_1906 A
O
St Joe A Grand Island 1st 4s...1947 J
St Lawr A Adlr 1st g 5s..
1996 J
2d gold 0s
1966 A
J
61
22
27%
28
;
24%
28
24
27%
100% 107%
44%
"33"'
9
16%
*122%
17%
44
108%
108%
33
.
38%
21%
103% 105%
10%
13%
10%
*43
46
33
44
15%
20
108% 111%
*108%
9
8%
30
*4%
5%
6
J
D
f deb 4s
54
106
J
1947 J
s
103
S
J
Safeway Stores
100%
*104%
10%
O
J
_
4
"
Gen mtge 5a series E
1902 M S
Gen mtge 3%s series H
1907 M S
Gen mtge 3%s series I......1967 M S
{{♦R I Ark A Louis 1st
♦Ruhr Chemical g f 6s
25
25
102%
96% 101%
20
21
10
25
25
J
A coll trust 4s A
1949 A O
Roch G A E 4%s aeries D.....1977 M S
con
104
85%
M N
Richfield Oil Corp—
4s s f conv debentures......1952 M 8
99
102%
86
E
J
79
102%
%a_ 1956
b f 7s
1946
♦Rhine-Ruhr Water Service 08.1953
♦Rhine-Westphalia El Pr 7s...1950
♦Direct mtge 6s
1952
100%
"85%
Purcb money 1st M conv
5%s '54 M N
Gen mtge 4%s series C
1956 MN
Revere Cop A Br lat mtge 4
J
J
♦Rhelnelbe Union
99
*4%
105%
105%
106%
106
106%
20
4
6
5%-
6
4%
7%
104% 106%
105% 107
*107%
106% 107
"93%
*
J
13%
20
90
O
St Louis Iron Mtn A Southern—
101H
O
A
107% 109%
108% 109%
*101%
A
M
.1944 A
48
107
1938
1963 F
see
13
35
83
Pat A Passaic G A E cons 5s... .1949
♦Paulista Ry 1st a f 7a
1942
Penn Co gu 3Ha coll tr ser B_. .1941
Guar 3 Ha trust ctfs C
.1942
For footnotes
65
67
3H8 conv debentures
1947
1 Parts-Orleans RR ext 5Hs._. .1908
28 year 4s
74%
50
69
1st M s f g 3s loan ctfs
,1955 F
Paramount Pictures deb 0s... .1955 J
Guar 3 Hs trust ctfs D
Guar 4s aer E trust ctfs
54%
4s.. 1938
Pacific Tel A Tel 3 Ha aer B.. .1966
Ref mtge 3 Ha aerlea C
1960
Paducab A 111 1st a f g 4 Ha
.1956
Panhandle Eastern Pipe L 4a.. .1952 M 8
Paramount Broadway Corp—
Parmelee Trans deb 6s
1
107 H
*115
'lorn
D
Pacific Coast Co lat g 6s
1946
Pacific Gas A El 4s series G
1964
1st A ref mtge 3Ha ser H... 1901
4%
105
Oregon RR A Nav con g 4s
1940 J
Ore Short Line 1st cons g 6a...1946 J
Guar stpd cons 5a
....1946 J
Ore-Wash RR A Nav 4a.
1901 J
J
50
»
100
Ontario Power N F lat g 5s
1943 F A
Ontario Transmission 1st 5s...1945 MN
lat A ref mtge 3 Ha Ber I
107
J
Connecting Ry 1st 4s
lat mtge
"57"
J
A
.1948 J
♦Stamped
89%
*42
1946
Ref A lmpt 4 Ha aeries A
Ohio
93%
1980 M
Gen mtge 5a series A
Gen mtge 5s series B
Gen 4%a series C.
106
56
5
94
Norf A W Ry 1st cons g 4s
120%
9
104»i« 104^32
9
MN
19
1
10 9 H
1st g 4 %a aeries C
54
110%
41
75
8%
A
7
75%
♦Certificates of depoalt
g 5a...1941
J
7
"109%
,
90%
1984
1947 M S
Series J
104
5%
103% 107%
90
26
Peoria A Eastern 1st cons 4s... 1940 A O
♦Income 4s
April 1990 Apr
77
109
93
40
102%
108 %
9%
5
101% 105%
6%
.
*37
102 H
49
104
A
JNord Ry ext sink fund 6H8-.1950
{{♦Norfolk South lat A ref 6a. 1901
77
110
'
5%
D
15H
10H
F
1940
{♦Northern Ohio Ry 1st
11
13%
10
J
{{♦N Y Westch A Boat lat 4 Ha *46 j"j
Niagara Falls Power 3Hb
1960 M S
Nlag Lock A O Pow 1st 5a A.-1955 A O
Niagara Share (Mo) deb 5HB-1950 MN
{{♦Norfolk A South 1st
16
J
1940 J
75 H
10%
J
gold 6a
70
10%
104
1943 MN
N Y Telep 1st A gen a f 4H8---1939 MN
Ref mtge 3Ha aer B
J
1907 J
♦Terminal 1st
58
50
10H
110
103
61
50
10%
1963 J
J|»N Y Suaq A West 1st ref 5e 1937
{♦2d gold 4 Ha
1937
60
33
11
-
100
82%
1943 A
6a
♦Conv deb 0a_;
~bi"
J
N Y Rys prior lien 0a stamp... 1958 J
N Y A Richm Gas 1st 6a A
1951 MN
63
"11" "Is"
1942 A O
N Y A Putnam let con gu 4s. .1993 A O
N Y Queena El Lt A Pow 3 Ha 1905 MN
17%
101H
48%
10H
*43%
M 8
—1955 J
4s
123H 126
110H 117H
10%
10
J
cons
Refunding gold 5s
H
10H
10%
*9
1957 MN
-.1967 J D
{♦N Y Ont A West ref g 4a
70%
;
S
1956
♦lat A ref 4 Ha ser of 1927
*20 %
%
O
♦Conv debenture 3 Ha..
♦Debenture 4a.-.------
58
60
M
J
1955 J
1950 MN
♦Collateral trust 6a
70
;
II
95%
30
105
90
115% 119
93%
93%
J
*47%
*
M S
♦NoD-conv debenture 4s.
♦Non-conv debenture 4a
*_
224
90%
A
12
7
97%
72%
104
99 H
117%
95%
113
79
Pere Marquette 1st aer A 5s... ,1956 J
lat 4s aeries B
1950 J
17
116%
84%
82
Peoria A Pekin Un 1st 5%s__. 1974 F
54
109% 112%
93%
107H 109 H
101H
110
14
34
1981
107 H 108 %
11
22
86%
104%
93
1970
16
117%
*100%
105
,1968
High
100
104% 106%
107% 109
/
84%
97%
109
1.16%
MN
1965
108%
2
105%
1960
13
124%
1973 MN
2000
N Y Lack A West 4a aer A
111
78 H
50
124%
1946 MN
N Y A Harlem gold 3 He
110%
2
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 5s_. 1948
1949
Purchase money gold 4s
110
65
41
93
110
5
93
105% 107%
93% 98%
7
1948 MN
...
Low
12
10
95
4s sterl stpd dollar.May 1 1948 MN
1970 A O
Debenture g 4%s—
Jan. 1
J
109
General 4%s aerlea D
Gen mtge 4%a series E
Conv deb 3%s
86 H
No.
108%
71H
Since
o
High
106%
105%
59 %
83 H
33
O
o
«5&a
94
106
Range
■a„
Asked
105%
47 H
"
1965
.1981 J
B
39
108%
52
49
4 %a series
93
D
Pennsylvania P A L 1st 4%s„. .1981 A O
.1943 MN
Pennsylvania RR cone g 4s
388
,
58%
106%
&
Low
Penn Glass Sand 1st M 4%s_. .1960 J
Pa Ohio A Det 1st A ref 4 %a A. .1977 A
26
54 H
Friday's
Bid
Penn-Dlxle Cement 1st 6s A... .1941 M S
197
2013 A
Lake Shore coll gold 3%a_. 1998 F
Mich Cent coll gold 3 %a.— 1998 F
57
Range or
Sale
Price
High
109 H 109 H
56 H
1952 MN
1997 J
Low
72 H
3%s
A
No.
"23
50 %
Conv secured
Ref A lmpt 4%s ser
60
Last
II
Week Ended April 14
71
2013 A
2013 A
Debenture 4a
N. Y. STOCK EXCHANGE
45%
51H
57 H
77H
78%
series A
aeries C
N Y Cent A Hud River 3 %a
111
57
"49
O
Ref A lmpt 6s
Rel A lmpt 4%a
BONDS
Since
Jan. 1
High
*109
59%
.1946 A
Range
Friday'$
Bid
1939
Week's
Friday
Range or
Sale
N. Y. STOCK EXCHANGE
Week Ended April 14
April IS,
11
100
99H
1
1
45
102
100 H
68
123% 123%
45
103"
♦{Rlv A G Dlv lat
g 4s
♦Certificates of deposit
1933 MN
52
55
51%
56%
51%
♦7%
15%
52%
52%
24
1
52
05%
51%
04
89
01
101% 102%
101% 101%
99% 101%
98% 102%
98% 102%
{♦St L Peor A N W 1st gu 5s...1948 J
St L Rocky Mt A P 5s sptd.._1955 J
J
{♦St L-San Fran pr lien 4s A.. 1950 J
J
J
♦Certificates of deposit
♦Prior lien 6s series B
i960
♦{St L SW lat 4s bond
ctfs
52%
7%
14
8%
42
8%
64
7%
7%
13%
14%
14
14
13%
7%
9
8%
7%
8%
7%
*8%
1978 M 8
9
8%
1989 MN
7%
,
7%
54%
7%
"9
8%
56
♦2d 48 lnc bond ctfs...Nov 1989 J
{♦1st terminal A unifying 5s. 1952 J
J
*23
31%
J
16
16%
♦Gen A ref g 5s series A
J
1990 J
9%
8%
17%
62%
2
115
9
♦Certificates of deposit
♦Con M 4%s series A
♦Ctfs of deposit stamped
12%
9%
*159
45
7
....
7%
7%
54%
29%
16
14
8%
65
35%
23%
15%
Volume
New York Bond Record—Concluded—Page 6
148
>
BONDS
N. Y.
Friday \
Last I
*5 V
8TOCK EXCHANGE
Week Ended April 14
■g fe
Sale
►-■a.
Price
Range or
Friday's
&
Asked
High
Low
D
con g 4a—1968 J
J
fBt Paul E Gr Trk let 4 Ha... 1947 J
J*St Paul & K C Sh L gu 4 N8—1941 F A
Range
BONDS
Since
N. Y. STOCK EXCHANGE
Jan. 1
cq<
No.
Low
*87
6
1
3K
6
11
1940 J
1972 J
J
S A A Ar Pan 1st gu g 4s
San Antonio Pub Serv 4s
1943
J
1963
O
San Diego Consol G 4 E 4s
1965 MN
SnDta Fe Pres 4 Pben 1st 5s..
1942 M S
873*
63*
6
33*
J
983*
14
1163*
36
1053*
110
109 H
1093*
17
"25
A
O
25
M N
♦115
Oct
A
O
A
O
1949 F
A
1959 A
O
♦Certificates of deposit—
♦1st cons 6s series A
:
.1945
{{♦Atl 4 Blrm 1st gu 4s
!♦ Seaboard All Fla 6s A ctfs—
♦Series B certificates
u
Shell Union Oil deb 3 Ha
8hlnyetsu El Pow 1st 6 Ha
5H
25
313*
3
23*
4
13
4
8
4
1
4
63*
5K
63*
53*
12
,
*2K
23*
104 H
D
57 H
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s
.1941 F
Skelly Oil deb 4s
Socony-Vacuum Oil 3 Ha
.1951 J
A
.1952 A
.1950 A
South 4 North Ala RR gu 5a_. .1963 A
South Bell Tel 4 Tel 33*8
.1962 A
.1961
104
105
5
4
12
7
1043*
117
573*
10
A
.1947 J
J
.1946 J
D
.1951 A
O
So Pac coll 4a (Cent Pac coll).. .1949 J D
1st 4Na (Oregon Lines) A—. .1977 M S
.1968 M
Gold 4 3*a
S
5
62
753*
*16"
20
20
213*
4
63*
14
6
13
1978 A
O
63*
5
65*
54
5
123*
—1980 A
O
63*
63*
7
16
63*
13
Walker (Hiram) GAW deb
43* s 1945
Walworth Co 1st M 4s
1955 A
D
1043*
25
106
101
100
1023*
75
9
22
♦5s assented
108
106
1083* 1103*
104 3*
100
93 H
933*
92
36
903*
103 H
44 H
435*
433*
194
393*
300
39
673*
513*
68,
.1950 A
O
1955 J
J
ser
J
1960
O
1990 J
1951
B—1964
553*
D
D
1953 J
J
A
O
1944 F
A
1953 J
J
Term Assn of St L 1st g 4 Ha—1939
1st cons gold 5s.
Gen refund
s
-
f g 4s
Texarkana 4 Ft 8 gu 5Ha A—-I960
Texas Corp deb 33*8
1951
Texas 4 N O con gold 5s
Texas 4 Pacific 1st gold 6s
2000
D
1977
O
Gen 4 ref 5s series C
1979
O
Gen 4 ref 6s series D
—1980
D
Gen 4 ref 5s series B
—
Tex Pao Mo Pac Ter 6 Ha A—-1964 M S
Third Ave Ry 1st ref 4a___
1960 J
♦AdJ Income 68.——Jan 1960 A
^{♦Thlrd Ave RR 1st
g
6s
Tide Water Asso Oil 3Ha...
1937 J
1952 J
1053* 1083*
1193* 1213*
1103*
1103*
1105*
3
1103* 1113*
105
106
8
105
815*
40
79
89 H
853*
10
82 3*
95
1055*
9
79
1053*
153*
143*
1053*
"573*
25
56
233*
663*
60
49
573*
68
61
57
59
443*
44 3*
523*
1949 M S
*95 3*
110 3*
90 3*
92
*1013*
102
RR 1st consol 4s
{{♦Wllkes-Barre A East
^♦Wlfl Cent 50-yr 1st
6s. 1942 J
gu
83*
85*
1003*
88 3*
1013*
60
57
58
62?*
'•
*45
♦553*
613*
39
64
56
65
74
111
20
1053*
1063*
44
1083*
14
"25
105
105
1
1043*
103}*
733*
103J*
1043*
112
1033*
1033*
83
107
107
75
68
1073*
102
993*
16
115
94 3* 101
*m.
tm
783*
81
793*
79 3*
38
92
92
1053*
100
98
393*
83*
"88
"io
393*
9
73*
1053*
103
1073*
95
1053* 1083*
1133* 1183*
81
89
783*
89
5
793*
89"
903* 1003*
49
373*
236
73*
873*
92 3*1
1053*
16
553*
38
11N
9N
7
83*
53*
53*
10
1063*
1075*
13
1063* 108 N
1093*
1093*
11
1073* 1103*
5
5
5
7
43*
5N
93*
5
-----
100
1013*
499
104
104 3*
66
110
100
Cash
sales
MN
1901
transacted
" 1
.
•,
1033* 1073*
during the current week and not included in the yearly
'
4
v
'■
.
,
.
No sales.
x
Ex-Interest.
{ Negotiability Impaired by maturity,
the doUar quotation
200-pound unit of bonds.
per
5 The following Is
the New York Stock Exchange bond Issues which have
a list of
been called In their entirety:
.
«
•
.
Brown Shoe 33*8, 1950, Apr. 13 at 105.
Cine Un Term 6e ser. C 1957, May 1 at 105.
•
Commercial Invest, trust 33*s 1951, April 15 at 1033*.
Hackensack Water 4s 1952, April 26, 1939 at 105,
Paris Orleans 53*8 1968, Sept. 1 at 100.
■
r
•
■
•■
t Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
•
♦
Friday's bid and asked prloe.
Bonds seUlng flat.
No sales transacted during current week.
•
_.
Deferred delivery sales transacted
the yearly range:
t
during the current week and pot Inoluded in
Oriental Dev
603*
903*
653*
♦
.
Antwerp 5s 1958, April 11 at 85.
*
Chile Mtge Bank 63*s 1957, April 11 at 113*.
53
"
■
93
106J*
'
NordRysONs 1950. Oct. 1 at 102.
403*
13,3*
105
t The prloe represented Is
Accrued Interest payable at
exchange rate of $4.8484.
12634
"33
20
-
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.
1013* 1023*
79
81
*80
793*
80
1013* 103
84 3*
115
1133*
"81
105
68
125
15
-
14
r
1063* 1073*
1
1003*
'
.
103
5
107
1053*
t
*
1133* 1153*
105
8
173*
*83*
101
-
*63*
5
1948 M
—
1st mtge s f 4s ser C
e
range:
123*
183*
1043* 1053*
103 H 1003*
145
8
4s.—
-
*
1123*
1043* 1073*
1063* 1083*
102
1013*
1013*
♦1143*
46
Conv deb
14
10
♦HON
97
90 3*
1013* 1013*
6
10N
1003* 1033*
97 H
883*
113
110
8
110
100
125
125
993*
803*
69
110
,
.
'
80
1053*
123*
58
72
111
♦1083*
57
79
1093* 1103*
90
7
1043* 1043*
....
36
O
4s..-1949 J
gen
........
-
D
t*Wor A Conn East 1st 43*s._ 1943 J
Youngstown Sheet A Tube—
44
7
153*
*42 3*
*1043*
763*
226
143*
58 3*
573*
1966 M S
Wisconsin Elec Power 3 3*8—__1908 \o
Wisconsin Public Service 4s..-1901 J D
48
14
2301 J
D
ser
913*
613*
44
1043* 1073*
153*
233*
673*
223*
72 3*
463*
16
107
573*
-
1063*
J
12
48
553*
863*
—1943 J
1213*
7
77
77
J
D
1947
121
50
583*
87
J
Tenn Coal Iron 4 RR gen 5e—1951 J
Tenn Cop 4 Chem deb 6s B—1944 M S
A—
121
48
Registered
93
16
2361 J
♦Certificates of deposit
{♦Sup A Dul dlv A term 1st 4s '36 MN
♦Certificates of depodt
81
A
J
Studebaker Corp conv deb 0a—1945 J
Swift 4 Co 1st M 3Ha
---I960 MN
ser
823*
'77
J
♦tSpokane Internet 1st g 5s—1955 J
Staley (A E) Mfg let M 4s
1940
Standard OU N J deb 3s——1901
Tenn Elec Pow 1st 0s
24
80 3*
1
J
1968 J
D—1960 MN
2KB
85
78
1253*
107 3*
173*
J
1994
1960 A O
—1956 A
1st 4 ref 3s series C
57 K
56
123 3*
1253*
1063*
5
Wilson A Co 1st M 4s series A.1955 J
Conv deb 33*8
1947 A
Winston-Salem 8 B 1st 4s
1960 J
40
15
4
*1243*
18
673*
43
109
40
1063* 1083*
107
1073*
100»ul013*
1
1073*
593*
Wheeling Steel 4Kb series A...1960 F A
White Sew Mach deb 6s
1940 M N
116
443*
47
•
393*
18
583*
613*
573*
47
35
90
57
41
443*
43
40
90
50
S
1043*
41
39
D
101
45
513*
823*
8o'western Gas 4 El 4s
2
35
*25
West Shore 1st 4s guar
95
43 H
39
St Louis Dlv 1st g 4s
So'western Bell Tel 3 Ha ser
1033*
1033*
19
S
i960 M
80
89
♦Westphalia Un El Power to..1953 J
Wheeling A L E Ry 4s
39 J*
1955
;■
663*
75
87
85
—1951 J
56
893* 1013*
86
95
79
O
6
97
100»3, 100«M
100J'jj
42
1013* 1073*
78
1073*
,.1940 M 8
Teleg g 43*s..l950 MN
25-year gold 5s
30-year 5s
50 N
1003*
*
O
A...1940 M
ser
"
513*
Devel 4 gen 6 Ha
1943 A
1053*
423*
Devel 4 gen 6fl_,
1977 J
104
42 %
Mem Dlv 1st g 5s
1952 A
1033*
J
1st 4s stamped.--—
J
D
103}*
.1981 M N
Devel 4 gen 4s series A
i960 J
Western Union
56
1003*
38
J
43*8—1952 J
West N Y A Pa gen gold 4g
.1969 MN
Southern Ry 1st cons g 5s_
1939 J
993*
.1940 J
So Pac RR 1st ref guar 4s
f 5s
1st mtge 33*8 series I
West Va Pulp A Paper
1063* 1083*
42
*
Westchester Ltg 5s stpd gtd...1950 J
D
Gen mtge 3 3*s
1967 J
D
West Penn Power 1st 5s ser E.1963 M S
^Western Pac 1st 6s
41 3*
563*
100H
1941 M S
Warren RR 1st ref gu g 33*s__2000 F A
1023* 105
15J*
87
82
108}*
O
Certificates of deposit
^♦Warren Bros Co deb to
s
153*
1043*
6s debentures
——1955 A O
Warner Bros Plot deb 6s.1939 M S
91
1173*
523*
173*
173*
15
603*
1073*
1
30
11
105
28
48
17
*.«««.
7
43
115
493*
283*
73*
3*
57
2
48
15
243*
6
63
"3
363*
253*
63*
943*
1073*
1063* ,1073*
1093*
1083*
7
High
1053* 1073*
7
91
107M
163*
15
I
79
63*
53*sA.1975 M S
gen
603*
107 %
106 J*
34
*
O
1941
1941 M S
60 H
94 H
17
No.
A
105
55
10-year secured 3Ha
San Fran Term 1st 4s
-
*13
Wash Water Power
5
3
643*
Gold A Ha
Gold 4 Ha
48
J
High
1073*
39 3*
1976 F
Southern Natural Gas—
1st mtge pipe line 4 3*8
J
1939
103*
65
*110
.1965 F
1941
4s
Western Maryland 1st 4s
1st A ref 63*8 series A
105 H
M S
J
17
23*
1033*
163*
1954
Washington Cent 1st gold 4s._1948 Q M
Wash Term 1st gu 3 3*8—
1945 F A
1st 40-year guar 4s..-—....1945 F A
♦-..._
573*
1939 F
♦1st lien g term 4s
♦Det A Chic Ext 1st 5a
♦Ref A gen 5s series B
♦Ref A gen 43*s series C
♦Ref A gen 5s series D
11
53*
11
♦2d gold 5s
|»Wabash Ry ref A
173*
43*
12
S
83*
37
Jan, 1
153*
403*
193*
23*
H
23*
M
163*
106
373*
g
Since
Asked
&
1063*
A
Range
Friday's
Bid
S
♦Omaha Dlv 1st g 33*s
♦Toledo A Chic Dlv g 4s
1163* 1163*
31
2 H
.1946 F
Southern Kraft Corp 4 Ha
4
A
1952 J
—
25
A
♦Silesia Elec Corp 0Ka
-
30
1935 F
♦Siemens 4 Halske deb 6Ks—. .1951 M S
Southern Colo Power 6s A
25
1935 F
1961
Southern Calif Gas 4Hs
1st mtge 4 ref 4s
4
4
5
1933 MS
25
4
2
<0
20
10
8M
m"s
♦Certificates of deposit—
15
1203*
163*
♦9K
2%
"ii
173*
1966 M
«0
Range or
Sale
Price
1939 MN
{♦DesMoines Dlv 1st
68 3*
1053* 1063*
110
1123*
109
1103*
153*
193*
1
21
♦15
J
1
fe
Low
9
503*
11
-5
C
•»l&«
Virginian Ry 33*8 series A
X {♦Wabash RR 1st gold 5s
973*
983*
1143* 118
26
110
O
...
51
1053*
-1946 A
♦Stamped
Scioto V 4 N E 1st gu 4s
1989
{f ♦Seaboard Air Line 1st g 4s_. 1950
1650
{♦Gold 4s stamped
♦Adjustment 6s_
{♦Refunding 4s
97 H
114}*
50 H
J
1946 J
^♦Schulco Co guar 0Na
♦Stamped
♦Guar s f 6 Ha series B
97 H
J
<u
High
873*
6
Last
Week Ended April 14
St Paul Minn 4 Man—
t Pacific ext gu 4a (large)
St Paul Un Dep 6s guar
Week's
Friday
Bid
8t Paul & Duluth let
2233
Week's
0
53*s 1958. April 13 at 48 3*.
Tokyo Elec Light Co Ltd—
1953
D
Tol 4 Ohio Cent ref 4 Imp 3 H a 1960
D
Tol St Louis 4 West 1st 48—1950 A
O
1st to dollar series
Tol W V 4 Ohio 4s series C
55
55
*85J*
90
85
*57
62
543*
Toronto Ham 4 Buff 1st g 4s—1940 J D
Trenton G 4 El 1st g 6s
1949 M S
*1233*
Trl-Cont Corp 5s conv deb A—1953 J
*1033*
J
♦Tyrol Hydro-Elec Pow 7H«—1955 MN
♦Guar
sec a
1952 F
t 7s._
f {♦Union Elev Ry (Chic) 6s—1946
O
Union Oil 6f Calif to series A.—1942
A
3Ha debentures.-
—1952
Union Pac RR 1st 4 Id gr 4s—1947
J
J
1st Hen 4 ref 4a
June 2008 M S
1st Hen 4 ref 5s
June 2008 M S
108
713*
1944 M S
{{♦UDited Rys St L 1st g 4s... 1934 J
U S Pipe 4 Fdy conv deb 3K8.1946
U S Steel Corp 3Ha debs
1948
37
14
*10
114!,ai
1143*
26
713*
85
1063* 110
93*
13
114"i»1103*
1063* 1093*
1113* 1143*
1043* 1083*
1123*
74
1065*
1043*
1063*
53
112
1123*
953*
8
110
1163*
17
94
993*
943*
29
93
.
41
93
Week Ended
743*
703*
743*
56
*109
J
103
1043*
*24
"343*
103
1083*
104
36
105
116
173
833*
69
81
Monday
Thursday
Friday.;
Total.
67
6
67
19
1939
1938
1939
Stocks—No. of shares.
7,503,920
4,761,354
$2,441,000
$2,229,000
1938
.
77,881,877
-
70,913,639
•
Bonds
$534,163,000
$532,408,000
933*
993*
66
693*
655*
693*
90
1033*
1073* 1103*
273*
35
1 to April 14
'
Exchange
Total
2003
72
72
1958
563*
63
$28,022,000
Stock and Bond Averages
Below
the
are
daily closing
averages
of representative
Stock Exchange
stocks and bonds listed on the New York
compiled by Dow, Jones & Co.:
Bonds
Stocks
{♦July coupon off..
I
Jan.
14
$27,569,000
Va Elec 4 Pow 3Ha ser B
1968
Va Iron Coal 4 Coke 1st g 5—1949
Va 4 Southwest 1st gu 5e
1st cons 5s
$38,354,000
$2,441,000
$6,615,000
$38,354,000
50
1934
1957
4 Ha
5,352,000
106
104
1063* 1063*
100 H 1063*
H
3*
1955
$29,298,000
Week Ended April
New York Stock
as
Vanadium Corp of Am conv 5s. 1941
7,503.920
Sales at
6,468,000
4,787,000
$48,743,000
78,987,000
404,678,000
983*
66
...
929,000
83,035,000
93
66
619,860
423,106,000
90
663*
—.
.
4,020,000
87
663*
—
595,000
301,000
428,000
295,000
264,000
21,320,000
87
1959
5,700,000
5,863,000
4,771,000
4,230,000
3,594,000
1,072,210
861,880
Wednesday
$6,597,000
7,468;000
7,682,000
6,615,000
87
1947
—
Tuesday..
Sales
$558,000
$899,000
1,173,000
1,518,000
1,209,000
827,000
55,140,000
1,640,570
1,646,080
1,663,320
29.298,000
50
94
Bonds
Railroad and industrial
503*
33
Bond
For'n Bonds
State and foreign..—
343*
95
States
Bonds
Government
353*
963*
Mis cell.
Number of
Shares
1183*
36
933*
Total
103
36
93
gu
:
.
United
1093* 1103*
243*
30
40
96
Cons 8 f 4s series B
Stock' Exchange,
State,
Municipal &
Railroad <fc
Saturday...
99
75
383*
353*
*A
943*
{♦Vera Cruz 4 P 1st
York
New
Stocks,
■
April 14, 1939
'
74
Utah Power 4 Light 1st 5s
Vandalia cons g 4s series A
the
at
Daily, Weekly and Yearly
.
1073* 1093*
108
United Stockyards 4Kb w w.,1951
Utah Lt 4 Trac 1st 4 ref 5s._.1944
{♦Debenture 5a
20
1123*
♦Sink fund deb 6 Ha ser A--.1947
^{♦Util Pow 4 Light 5Ha
233*
107
♦Un Steel Works Corp 6 Ha A—1951
♦Sec s f 6 Ha series C
1951
1944
109
20
1063*
1113*
107
*107
U N J RR 4 Canal gen 4s
"25"
1083*
O
1953 M S
106
713*
35-year 3 Ha debenture
1971 MN
United Biscuit of Am deb 5s—1950 A O
1952 A
108"
1063*
94
United Clgar-Whelan Sts 5s
United Drug Co (Del) 5s
*98" 166"
1233* 124
*20
O
1970 A
1663*
♦223*
A
Ujlgawa Elec Power s f 7s— -1945 M S
J
Union Electrlo (Mo) 3 KB—
1962 J
34-year 3 Ha deb.—
Transactions
1942 M S
Dale
10
10
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Orade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
April
126.20
25.08
22.01
42.11
105.93
91.53
45.86
106.98
87.58
April
127.51
25.48
22.31
42.61
106.09
91.92
46.26
107.00
87.82
April
126.15
25.35
21.91
42.16
105.88
91.41
44.49
106.90
87.42
April
123.75
24.73
21.20
41.25
105.70
90.71
45.01
106.84
87.06
April
124.03
24.74
20.95
41.26
105.84
91.04
45.85
106.80
87.38
April
121.44
24.14
20.71
40.42
106.24
90.99
'45.70
106.75
87.42
,
New York Curb
2234
Exchange—Weekly and Yearly Record
April 15, 1939
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week
of the regular
weekly range are shown In a footnote In the week In which they
occur.
and when Belling outside
No account Is taken of such sales In computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York
week beginning on Saturday last (April 8, 1939) and ending the present Friday (April 14, 1939).
from the daily reports of the Curb
which any dealings occurred during
Exchange itself, and is intended to include
the week covered.
Halt*
Friday
STOCKS
Par
Last
Week's Range.
for
Sale
of Frio's
Week
Price.
Acme wire V t c com—20
Aero
Supply Mfg class A.*
———*
1
Agfa Aohco Corp com
Aloswortb
3%
27
Mfg common
Air Associates Inc com—1
Low
25
25
27
24
31%
18%
Feb
20%
3%
Apr
200
,
25
Jan
5%
0
1,800
5%
8,
0%
8
500
6%
Apr
1H
1H
900
1%
Apr
16
ht
—
600
%
*18
73
75
200
62%
Jan
2
2
100
1%
Mar
S3
pref
conv
8%
-
Class A
6%
com—.26
conv
Aluminum
Co common..*
112
preference——100
Aluminum Goods Mfg..
97
90
14%
100
112%
14%
700
15
Ltd
common.*
Jan
7%
Jan
Jan
11
3%
^1%
Jan
4%
Apr
3
300
12%
Apr
24%
500
Apr
5%
Jan
1,700
3%
7%
Jan
12%
Mar
5,200
6
Apr
11%
Feb
1st preferred
JOO
preferred
9%
9%
6
Corp.
1
Brewster Aeronautical...1
"ioii
16%
Apr
25%
Mar
Bridgeport
1%
Mar-
Jan
Mar
Jan
Jan
%
Machine
*
100
Preferred
Jan
Bright Star Elec class B__*
Jan
Brill Corp class B_
Class
Apr
31
Mar
British Amer Oil coupon..*
20%
2Q%
100
20%
Apr
22%
Mar
21%.
Apr
22%
Jan
21
Jan
24
Feb
Mar
25%
27
600
25%
Apr
34
Mar
Amer dep rets reg
1%
Apr
Jan
British Celanese Ltd—
Amer
Fork A Hoe com..*
Amer Gas & Elec com...*
$0
American General Corp 10c
$2 preferred
..1
$2.50 preferred
*24%
1
Macy
Amer Lt A Trac
25
.1
Amer Meter Co
.*
Amer Potash A Chemical. *
American Republics
10
03
6H
Amer
Beal-Kap com
2
Am Superpower Corp com*
1st $0 preferred
113
113
125
3%
24%
100
30
15%
400
13
13%
2,500
25%
9%
26%
11
400
.57%
%
20%
57%
%
20%
10
5%
5
.
*
3%
..*
Angostura Wupperman..l
Apex Elec Mfg Co com...*
Appalachian El Pow pref *
SArcuturus Radio Tube..!
1%
"Th
'109%
*
2%
Preferred
10
Arkansas P & L $7 pref..*
Art Metal Works com...5
Feb
3%
Brown Rubber Co
Mar
Bruce (E L)
Mar
10%
Jan
Jan
31%
Mar
67
Jan
77%
13
Apr
27
100
900
3%
.
'
2%
600
900
t c...
70
1 %
Jan
2%
Apr
10
108%
700
%
Jan
1%
Apr
2%
6%
2
Apr
,1,400
5%
Jan
80%
80
78%
Apr
300
5%
Apr
2,500
4%
Apr
8
Jan
7,600
Am dep 5 % % pref shs £1
Calamba Sugar Estate..20
Feb
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
B non-voting
Canadian Marconi
1%
Jan
Capital City Products...•
3%
Feb
Carlb Syndicate
..25c
Carman A Co class A
*
112
%
%
100
1
%
%
2,400
,_*
6%
7%
2.200
3%
7%
92,.
7%
5%
„
%
Jan
10
Jan
Jan
Jan
400
1%
Apr
2%
Jan
%
300
%
Jan
1%
Mar
3%
16%
Feb
4
Mar
Feb
17%
Jan
100
26%
Apr
33%
Mar
700
1%
Apr
2%
Jan
""% ""»*"i6 TS60
Vs
Apr
"i%"
Mar
"26%
1%
•
28
1%
Jan
Carolina P A L $7 pref...*
$0 preferred
.♦
Carrier Corp
Mar
Carter (J W) Co common. 1
Casco Products
*
1
common
Catalln Corp of Amer
2%
7% 1st partic pref . ..100
Celluloid Corp common. 16
77%
1%
Jan
Mar
3%
27%
"""200
3%
Apr
4%
Jan
700
24%
Jan
28%
Mar
»16
1,100
Apr
87%
60
OB%
85
"12" "7" 700
*10*
5%
6%
9
9%
<
"*2*% "*2%
Jan
.96
Mar
Jan
87
Mar
10
Apr
21 %"
Jan
6%
Apr
Feb
5%
Feb
500
9
Apr
18%
2%
2*700
'is"
78
300
"
1
8
Feb
%
87%
"n%
Feb
%
26%
3%
26%
5%
"Y, 200
»16
1
com
Mar
Mar
107
1%
"16
...»
Carnegie Metals
%
Jan
»i«
1%
Jan
Jan
5%
Jan
Mar
$7 dlv preferred
Hi
Jan
*16
Jan
1st preferred..,
%
Jan
%
Jan
96%
%
2%
3%
1
...
11
Avery (B F)—
6%
5
w w
xw_
3%
2,300
40
100
600
%.
13
4%
Jan
1
Jan
Mar
25%
Jan
Apr
Jan
%
2%
Feb
7%
3%
500
Apr
25
-15
Apr
25
15
Feb
1
2%
2%
2%
7,400
37%
18%
160
8%
4%
16%
Apr
"15
1%
Baldwin Locomotive—
Purch warrants for com.
7% preferred..
30
Baldwin Rubber Co com.l
37%
17
4%
17%
14
4
16%
5
Bardstown Distill Ino
1
Barium Stainless Steel...1
Barlow A Seelig Mfg A...5
%
8%
4%
4%
Basic Dolomite Ino com._l
Bath Iron Works Corp
1
5%
3.000
9,900
Feb
Jan
4
Jan
Mar
45
Jan
29%
18
400
6
800
%
8%
5
5%
16%
5
15
Jan
Mar
23%
Jan
Apr
4%
Jan
Apr
91%
Mar
225
.7%
Apr
14
Mar
4%
3%
Jan
5%
Feb
Jan
4%
Jan
3%
Mar
4%
Jan
Apr
7%
3%
3%
3,400
4
■ «
4
100
4
6
Mar
Apr
15
Jan
50
110
Apr
130
Jan
550
62
Jan
79
Feb
Apr
Apr
Apr
Apr
8
5%
5
110
64%
5%
34%
63
6
300
6
Jan
Jan
13
10
300
38
6%
8,800
.5%.
%
34%
6
Jan
%
58
Jan
Jan
9%
Feb
55%
Mar
11,500
*
49%
4%
53%
Preferred B
4%
700
Feb
5
Mar
Jan
Preferred BB
*
47
48%
50
37
Mar
51
Mar
Mar
1%
Jan
65%
65%
50
55
Jan
84
Feb
Jan
10%
Mar
53%
Jan
81
Apr
6%
Mar
4%
4%
1,900
4%
Apr
7
8%
Jan
City Auto Stamping
._»
City A Suburban Homes 10
4%
Jan
5%
Mar
Jan
Clark Controller Co
Jan
Mar
4%
3,200
4%
Mar
2
Jan
2
36
Mar
50
Jan
30
Apr
40
Feb
4
Apr
5
Jan
11
Feb
13
Jan
.1
7%
12*466
6%
Jan
1
24%
20%
26%
4,500
20%
Apr
1
6%
5%
7%
5,000
5%
164
Apr
Jan
120
Jan
16
27
Preferred
*
$6
preferred
*
1
Claude Neon Lights Inc
1
Clayton A Lambert Mfg..*
Cleveland Elec Blum..
Cleveland Tractor 00m
*17% "18""
'""166
Jan
Jan
Cllnchfleld Coal Corp
100
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
175
Mar
Cohn A Rosenberger Inc.*
123
Mai-
Colon Development ord
Jan
35
Mar
Jan
42%
Mar
0% conv preferred
Colorado Fuel A Iron
2%
2%
£1
warr.
Conv 5% preferred—100
"4%
80
Feb
Jan
1,800
%
Apr
1%
Apr
450
34%
Jan
2,100
Apr
6%
Mar
IK
1%
200
Mar
2%
2%
300
4
Feb
16
Mar
%
*
11%
3%
37%
4%
%
%
37
10%
43%
20%
1%
3%
38%
*
36%
►
52
Cities Serv P A L $7 pref.*
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
8%
Feb
50
For footnotes see page 2239.
7%
Jan
Mar
50
50
Mar
hi
1%
100
"27"
5
7%
100
""27"
Apr
22%
4
•
%
2%
Apr
725
Jan
36
Conv pref
Jan
1,300
38
30
Bell Tel of Pa 0 Hi % pf .100
Benson A Hedges com...*
Feb
Mar
1%
Apr
300
10
"
*16
Chllds Co preferred
100
Cities Service common.. 10
4
168
98
Jan
3
Jan
30
168
9%
Apr
%
2%
62
36
100
Mar
"
.5
common
Jan
Mar
96
Mar
110
36
"~~6% "8%
Strip
"3%
14%
91%
1%
63
30
com
Co
Charla Corp
Cherry-Burr ell
*
Jan
Apr
2,100
100
Pipe.
Mar
Mar
85
50
Mar
%
13%
6%
100
Mar
27%
61
Apr
91%
85
60
5%
Apr
Feb
1%
110
7% 1st preferred....100
Beech Aircraft Corp
48
1%
Chesebrough Mfg
..25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach___4
Chief Consol Mining
1
7% 1st pref vto
100
Beaunit Mills Ino com..10
$1.50 conv pref
20
Bell an ca Aircraft com
Bell Tel of Canada
100
2%
6%
X89
»18
Apr
%
7%
(L) Co com...*
preferred
6%
87
3%
100
Mai-
1*18
6,600
9
Apr
300
76'
Conv pref opt ser '29.100
Chamberlln Metal Weather
Apr
4
7%
Jan
•2%
Apr
:_100
Centrifugal
Jan
14
preferred
Jan
1%
35%
6%
"
Axton-Flsher Tobacco—
Class A common
...,10
Babcock A Wilcox Co....*
..1
Conv preferred
Jan
Feb
40
14
Feb
Apr
%
600
18%
51
85%
Cent Ohio Steel Prod
1%
6%
2%
4
18
50
14
Cent Pow & Lt 7% pfd 100
Cent A 8outh West Util 60c
Cent States Elec com
.1
500
50
275
85
Jan
2,500
3%
"18%
80
*
com
Jan
316
76
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Feb
2%
400
.*,
3%
"
316
14%
Cent Hud G A E
*
'
31 %
98
Jan
Apr
Apr
3%
3,800
....
Corp
2%
17
1%
6%
2%
1
2%
2%
18%
%
13
...»
Automatic Products
:_5
Automatic Voting Mach._*
Corp
B
Carnation Co common...*
Feb
11
1%
1
Jan
Feb
102
Jan
*
.
Feb
*
Atlantic Rayon Corp."
Atlas Corp warrants
Bell Aircraft
Class
Mar
%
3
11%
19%
Cables A Wireless Ltd—
Camden Fire Ins Assoc...6
Jan
102
50c
Mar
Mar
19%
Castle (A M) common..10
17
Baumann
15%
2%
Jan
14-
Apr
Jan
2,200
Atlantlo Coast Fisheries..*
Atlantic Coast Line Go..60
A Trans
Jan
Jan
Feb
3%
Jan
*18
Assoc Tel A Tel class A..*
Atlanta Gas Lt 0% pref 100
Aviation
Apr
2
55
11%
4%
11
200
2*900
4%
102
200
1
6
200
1,200
Burry Biscuit Corp.. 12%c
Apr
Jan
6
Xj.2
*
—
4,100
3%
Mar
preferred
~
2%
23%
Cable Electric Prods vtc
%
Apr
Feb
Apr
Apr
Jan
10,100
2%
•
19%
Jan
%
2%
2,500
15
6%
Apr
20
105%
66
Jan
,1%
Mar
Apr
4%
100
17
Apr
Jan
800
1% 1%
34%
57%
%
20%
Jan
Jan
Jan
Bunker Hill A Sullivan 2.50
Mar
23%
Apr
Burma Corp Am dep rets
29
Jan
Apr
4%
10
Jan
64%
7%
20
27%
Jan
Feb
Apr
200
100
Mar
Apr
Jan
400
20
20
100
18
immt
Feb
Feb
10
18
m
20
30
29
m
27
.Mar
10
Apr
!N6W
Feb
7%
29
Apr
Mar
Wis
23%
50
Apr
1%
Feb
50
550
11
5%
6
Buff Nlag A East Pr pref 25
1st
8%
4%
1
com
Co com
Buckeye Pipe Line
$5
*«is
25
25
11
*
preferred...
Mar
31%
9
5%
$6
JaD
4%
28%
Option warrants....
Assoc laundries of Amer. *
0% preferred
0% preferred
Warrants
Jan
116
100
Celanese Corp of America
$5 preferred....
Atlas Plywood Corp
Austin Silver Mines
Class A pref
*
Brown Forman Distillery. 1
Jan
£1
Class A.....
v
Brown Fence A Wire com.l
Mar
Jah
2%
Common.............1
Common
Feb
40%
Apr
109%
5%
,1*
5 Brown Co 6% pref
Apr
*is
2
British Col Power cl A—*
24
6%
26%
£1
ree_.10s
Jan
5%
1%
Am dep rets ord
Jan
2,700
3%
Tobacco—
27
1%
79
Ashland Oil & Ref Co....l
Associated Elec Industries
Amer deposit rets
Assoc Gas A Elec —
109
......
Arkansas Nat Gas com...*
Common class A
2%
10
112%
Amer
dep rets ord bearer£l
15%
5,300
16
13
Apr
29%
*
s.
13
~
"ny2
Apr
Am
Mar
7
5%
%
5
8%
A...
Registered
25%
9%
275
63
60
•
$0 series preferred
American Thread pref
Anchor Post Feoce.
250
Apr
Apr
28%
%
31
700
3%
24%
.....
15%
"l3%
100
Amer Maracalbo Co
15,100
30
0% preferred..
25
Amer Mfg Co common 100
Preferred
150
36
150
20
com
9
31
.....
Amer Hard Rubber Co..60
Amer Invest of 111 com...*
Amer Laundry
18%
100
8%
34%
.'...*
preferred
Class
Jan
British
9,400
Jan
Mar
35
%
Mar
Mar
Jan
20%
1%
4%
11%
27
18%
%
•
Apr
Jan
125
.....
Apr
Jan
9%
28
"20%
1
2
Jan
%
100
27
-.10
100
600
Apr
Mar
77
10%
26
n-v
1
2%
*16
Jan
7%
Apr
Jan
74
""**18 ""*16 ""*1*66
Apr
10%
Feb
Class B
3%
Jan
*16
32
*
Mar
Amer Foreign Pow warr...
"3% '"3% *2'200
12%
Jan
31
75
2%
3%
Apr
Apr
Apr
23
26
32
21%
Jan
Apr
J16
18,900
*16
150
Feb
22
7%
3,100
'
*16
Jan
Jan
22
Apr
10
8
7%
1
1
2,600
7
2
18
22
10%
Mar
21%
07
22
4
3%
•
_
100
50
2%
4
A
preferred
Brillo Mfg Co common
7%
1.000
,1%
12%
7,
*
Rights
Bridgeport Gas Light Co.*
1%
14%
Breeze
%
Jan
100
500
Brazilian Tr Lt <fc Pow...*
2,000
Jan
•
200
Mar
2%
10
9
Apr
1%
14%
7%
Apr
34
300
3%
2d
Apr
Jan
1%
39%, Mai-
10%
Jan
5%
20%
Apr
Apr
1%
Jan
2
Apr
,.%
10%
3%
Mar
2.400
Jan
13%
*
18%
Apr
Jan
575
1,4C0
25
15%
-
17%
Co
Mar
1%
34%
4%
115%
46
1
34
Jan
20
Apr
Apr
*
Jan
3%
60%
9%
15%
%
Jan
2.300
5%
8
Jan
Borne Scrymser
7%
Jan
0,900
Feb
1
1
10%
4
1
Class B.
Jan
8
24
4
Class A with warranto. 26
9%
Jah
110%
Amer Cyanamld class A. 10
8
300
5%-•.: 5%
Jan
Apr
Amer Centrifugal Corp._l
Am Cities Power A Lt—
Class A
Feb
4%
141
67%
39
2%
Jan
67%
Mar
17%
Mar
*
*
*34
110%
-14%
American Capital—
Class A common.___10c
$5.60 prior pref
75
1,200
Mar
%
36
""""40
3
%
36
5%
104
10c
Mar
18%
108
0%
17
17%
100
5%
Jan
100
3J50
46
13
1st preferred
125~~
46
510
Bowman-Biltmore com.
9
Jan
Mar
Jan
%
600
Bourjols Inc
Apr
Mar
%
Mar
316
(H C) Co com...*
165"
Amer Box Board Co com.l
$3 preferred
Bohack
108% 108%
16%
20
100
Common class B
Mar
Mar
Mar
High
Apr
14%
131
American Beverage com_.l
American Book Co
%
900
%
13%
"lib"
preferred.'
100
American Airlines Inc.. 10
6%
1%
%
*
1
$3 opt conv pref
Blumenthal (S) & Co...
Mar
Low
Shares
13%
Apr
Aluminum Industries com*
Aluminum
2
Jan
"
90
2,250
94%
80%
Jan
%
8%
7%
17%
100
8H
*
common
*
Jan
Allied Internet Invest com*
Bliss (E W) common
1
71
Allied Products com—.10
Blrdsboro Steel Foundry
& Machine Co com
Blauner's
Bliss A Laughlln com
170
1
Jan
Jan
Blue Ridge Corp com
81%
%
pref
Jan
79%
Week
*
com
Feb
Ala Power $7 pref
75
$2.50 conv
Mar
Jan
for
of Prices
Low
High
warranto
%
66%
Apr
-—--*
Purchase
Blckfords Inc
Apr
60
com....
Jan
Jan
Jan
200
Invest
2%
Week's Range
Sale
Price
1
Range Since Jan. 1, 1939
last
Berkey A Gay Furniture. 1
18
00
10 preferred
8%
11
Mar
Feb
60
Alles & Fisher Inc com.
34%
Apr
Alabama Gt Southern—60
Alliance
6
Par
{Continued)
High
Jan
""966
"3% "TH
20
STOCKS
Shares
High
Sates
Friday
Range Since Jan. 1, 1939
5%
5 Air Investors common..*
Conv preferred
—*
Warrants
Low
25
Class B
every
Curb Exchange for the
It is compiled entirely
security, whether stock or bond, in
4
Jan
Jan
Feb
Apr
2
2%
Jan
3%
Mar
7%
Mar
7%
Jan
7%
8%
Mar
IVs
4%
Apr
4
1%
Mar
5.200
4%
2%
4%
Feb
4%
4
4%
3,000
4
Apr
9
70
Apr
94%
Jan
55%
Jan
72%
Mar
1%
100
72%
81
1,400
61
62
150
Jan
Mar
Jan
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Columbia Oil & Gas
Price
1
2%
2%
8,000
2%
Columbia Pictures Corp..*
4%
Apr
11
Jan
14
Jan
h«
Apr
%
Jan
1
Community P <fc L $8 pref *
Community Pub Service 26
Community Water Serv
1
26%
24%
26
26**
24
25**
Jan
100
26
375
24
®a»
1
13%
14 J*
13%
1
-
Feb
Ford Hotels Co Inc
5%
5**
4%
73 X
74%
112% 114
74
Consol Gas Uti'ities...-.1
46**
46**
Consol Retail Stores.—-.1
3
100
10
T**
Consol Royalty Oil
Consol Steel Corp com—*
3 **
5%
"12."
60
45*
£1
'iw
*
5
1
*
Brewing Co
xl H
3
—
Jan
Jan
Fox (Peter) Brew Co
5
Apr
6**
Feb
Froedtert Grain & Malt-
Apr
85*
Jan
37
*
Feb
Gatlneau
Co com.*
3
**
preferred——100
Genera! Alloys Co.—.—.*
Mar
Gen Electric Co Ltd—
175*
Jan
Amer dep rets ord reg.£l
Gen Fire proofing com
*
Jan
Geq Gas <fe El 6% pref B._*
47
Jan
General
Jan
9**
Apr
.
Jan
55*
600
10%
Apr
14**
Feb
Jan
3**
Mar
Gen Rayon Co A stock
Mar
General Shareholders Corp-
12%
9X
1
14"
550
48%
110
"22"
22
,
Apr
52**
Jan
95**
Jan
100**
Mar
Jan
4%
Jan
Glen Aiden Coal
*
Apr
7%
Feb
Apr
7X
Jan
Jan
18%
17%
Mar
Apr
Apr
27
Mar
Apr,
5%
1,700
"""30
4%
20%
Feb
~24%
1%
1,300
■ix
Apr
Feb
Apr
'""566
7%
Jan
300
13%
Jab
1%
300
IU
100
IX
*7
7
Mar
Mar
7%
1st preferred
100
Paper.—.25
125%
Jau
Jan
Grocery Sts Prod com..25c
Grumman Aircraft Engr.l
Apr
Die
31%
27%
M11
G'lil
10
Mar
Gui 1 States UtU 55.50 pref *
14
Jan
25
M ar
-n
OH
Corp....
.1%
100
1%
Apr
15*
Mar
Divco-Twln Truck com.. 1
300
205*
3%
Apr
Apr
21**
5**
Mar
Hartford Elec
Dobeckmun uo common. 1
300
Apr
9%
Mar
Hartford Rayon v t c
1
♦
Brewing Co
1
1%
5
Am dep rets ord
8%
8%
"""166
*
64~
64**
1G
11
"""126
•'
preferred..
10
100
.
Jan
Harvard
Jan
60
Jan
Hat Corp of Am cl B com.l
Haverty Furniture cv pfd. *
Hazeltlne Corp
*
Apr
73**
Mar
10
Apr
20 5*
Jan
Apr
IX
Mar
6%
Mar
Heel a
100
64
Durham Hosiery cl B com *
1
"
.3
Duro-Test Corp com.. 1—1
-
64
125
64
Jan
72
1
300
1
Mar
2
Jan
3,600
3
Apr
55*
Jan
5
Mar
7
Jan
3%
300
Duval Texas Sulphur
5
5
Eagle Plcher Lead
7%
8%
10
7%
4,300
Apr
145*
ix
16%
4%% prior preferred. 100
0%
preferred..
100
Eastern Malleable Iron..26
Eastern States Corp
*
*
*
*
J7 preferred series A
$6 preferred series B
Easy Washing Mach B
"2%
2
Edison Bros Stores
Elsler
Electric
Corp
1
Elec Bond A Share com..6
55
preferred.....
preferred
$6
Elec Power Assoc
Class
*
*
1
com
—1
A
Elec P & L 2d pref A
Option
8'
5%
X
X
10%
10%
1%
7X
54
3%
3%
Elec Shovel Coal 54 prel—•
Jan
Apr
,25**
Apr
12**
Jan
Apr
10
Jan
700
%
Feb
10 J*
Apr
Apr
Apr
1%
100
19%
Jan
Jan
11%
250
Preferred
25
Hewitt Rubber common—fi
185*
Mar
Horn
Mar
Horn & Hard art...
15
IS**
400
15
Apr
1
Jan
2
1%
2,900
6%
8%
82,100
65*
Apr
12**
bOX
54
62**
1,000
1,800
50**
Apr
65
3%
3%
4,800
25*
2%
2%
Jan
*
Mar
Hummel-Ross Fibre Corp 5
Mar
Huftsmann-Llgonler Co
Jan
15
Apr
29**
Jan
3
Mar
5%
Jan
2?*
2%
200
Jan
3%
Mar
1%
100
Inc.—.5
3**
150
„
preferred..
Humble Oil A Ref
Jan
400
2%
5%
Hubbell (Harvey)
Apr
Apr
18
18
Apr
22**
IX
ix
900
1 **
Apr
IX
Jan
7% pref unstamped—100
Hydro Electric Securities
18%
75
18**
Apr
215*
Mar
Hydrade Food Prod—-.6
53
Jan
70**
Mar
Hygrade Sylvania Corp..*
Illinois Iowa Power Co—.*
0%
$3 conv pref—..
66%
~62~
63%
"T
~~6X
175
Feb
87
Apr
175
1245*
Mar
125
125**
33
•33
50
■
~69%
""400
68%
350
"7"
F400
7G0
5**
"li"% "10"
'¥,600
14**
Mar
6% conv preferred
71
Mar
Dlv arrear ctfs
52
Feb
73
Mar
Illuminating Shares A
54**
Feb
74
Mar
21**
Feb
245*
Mar
Imperial Chem Indus—£1
Imperial Oil (Can) coup..*
Apr
10**
Jan
%
6,900
X
24%
50
24**
Apr
6%
2,000
5
Mar
50
17
Apr
5%
17
17
1
Brewing
Fanny Farmer Candy coml
**
Jan
95*
Jan
"l9%
11%
7,000
7%
7%
800
7%
Apr
19%
20%
1,700
19**
Jan
4%
Jan
Apr
10
Fansteel
Metallurgical.
Fedders Mfg Co
5
6
10%
Ferro Enamel Corp
14%
5%
500
16%
1,000
Fiat Amer dep rights
Fidel Jo Brewery
Apr
Registered.
5*
28**
Jan
Mar
85*
Jan
Imperial Tobacco 01 Great
Britain & Ireland
£1
20
Jan
2,500
1
5
*u
16
Jan
Feb
8**
23**
Jan
Mar
85*
Mar
7
Jan
22
Mar
145*
Apr
9%
Jan
95*
Feb
Jan
7n
Jan
4ie
Indiana Pipe
**
Feb
Mar
107**
1%
500
100
8%
Jan
%
21
27
3
6%
3%
OH
10
Jan
6%
Mar
T,306
21
400
'
Mar
23
Mar
Apr
36
Mar
Apr
5**
22**
25*
16**
Jan
'
200
6 J*
100
7
100
100
Apr
6%
Feb
3%
Apr
6%
6%. Apr
23**
Apr
24
Jan
'"266
7
Mar
100
30
Apr
45
Mar
Jan
Feb
7%
Jan
9%
Jan
26%
26%
Jan
Jan
10
Jan
41**
Feb
50
Feb
35*
Apr
135*
Apr
15
200
9%
Apr
125*
600
Jan
4
600
24
Jan
9%
""506
11%
8**
Jan
Feb
Jan
Mar
Mig
8
Jan
12
Apr
24**
Jan
3
Jan
2%
34%
36%
108% 108**
100
2%
Apr
450
345*
.Apr
39**
Jan
10
108**
Apr
1105*
Mar
95*
Mar
"58"
2*700
3%
.3%
300
9%
9%
100
2**
108**
Feb
Jan
8
35%
Jan
4
>
235*
Mar
X
1%
300
**
4?*
Mar
65
Mar
100
14
10
4
Jan
Mar
«s
3**
35*
135*
9%
Apr
5*
Apr
4,900
"4%
Jan
Jan
Mar
1
75*
30
25*
11
""366
24**
23%
40
Apr
1%
"Too
17
30
13%
Jan
102**
Jan
"§6"
"Bs" "53"
200
6
Line
Indian
1%
20
■
2%
15%
2%
14**
3%
53
3%
9%
Mar
12
Feb
Apr
695*
Jan
Mar
5%
Mar
12
Apr
**' Mar
5** Mar
8**
JaD
Jan
**
"
Jan
9
Jan
9
Jan
1,500
100
2%
16**
4
..
4%
Mar
4»*.
Mar
1%
Apr
Apr
2%
29%
Mar
Apr
4%
Jan
20
2%
14**
Apr
3%
Mar
6%
Feb
Mar
54%
Mar
100
Apr
7%
Apr
17
1,300
15**
Apr
15
600
15
Apr
165*
165*
29**
29**
400
295*
Apr
32
Feb
200
6**
Mar
7
Jan
6%
7
Apr
Apr
100**
Apr
15**
15%
6%
"7"
6**
"7
100% 100%
""36
25
Non-voting class A..,
5*
..
Industrial Finance—
Vic common
1
preferred
100
7%
8%
8**
50
Jan
Apr
1**
Mar
1**
Jan
Jan
X
Mar
68**
Mar
Apr
24**
Mar
Apr
Mar
215*
**
Mar
Jan
Mar
45*
Jan
20**
20**
21**
12
14**
2,300
12
"2% ""25*
"600
2
1
Jan
10
21**
Intl Industries Inc
Jan
Apr
International Cigar Mach *
14
108
Apr
Insurance Co of No Am. 10
60
purch warrants.
10**
12**
Feb
Apr
63
700
Feb
*ie
69
1,400
Feb
Mar
8**
59
63
53.60 aeries
Feb
25
6,100
14?*
15%
5%
16
Ter Ulum Oil—
Class B
Jan
700
1,500
1,300
15**
15**
155*
10
pf.100
.
1%
225*
54**
55*
145*
5%
preferred
100
Indpls P A L 6**% pf-100
Pre!
**
Apr
"7% "7%
7%
A stock
2239.
Jan
Apr
7
Internat Hydro Elec—
For footnotes see page
Jan
22**
955*
17
*
Imperial Tobacco of Can_5
Indiana Service 0%
10%
50
71
Feb
x
2%
Apr
Jan
29**
■
Jan
Mar
103**
15*
2%
"23%
7X
70
10
Feb
Feb
39
MOO
5
—7
129**
Apr
104**
5
■
Feb
6
Apr
5%
,
51**
warrants
Fairchild Aviation...
Jan
56
24%
%
1
Esquire-Coronet
Eureka Pipe Line com..60
European Electric Corp—
10%
'
63
preferred
8**% preferred
7% preferred
8% preferred
100
100
.100
.100
Empire Power part stock.*
Emsoo Derrick A Equip..6
Equity Corp common..10c
Jan
Jan
Mar
Jan
Jan
5%
18%
10
Jan
69**
7% pref stamped—100
1
400
Feb
25*
850
Common—
1
10
Feb
*u
79**
f Huylers of Del Ino—
Elgin Nat Watch Co
16
Empire Dlst El 0% pf 100
Empire Gac A Fuel Co—
10
98**
73**
*
Electrol Inc v t c
Falstaff
15*
15**
23
25%
*
Electrographic Corp
Option
Mar
7%
'i'x "ix
1
(AC) Co com
72**
3
Jan
Feb
he
63
Co Com*
Apr
3
17**
Hormel (Geo A) A
Jan
Feb
11
12**
.5*.
—*
Border's Inc
Mar
3**
5,400
JO
*
Hoe (R) & Co class A
10
Holllnger Consol G M—6
Holophane Co common..*
Holt (Henry) & Co cl A—*
Heyden Chemical
Hires (Chas E) Co cl A
Mar
14%
Mar
Jan
Apr
15*
ex-war
17%
50
59
.2
...25
w
Apr
1,300
XX
w
Apr
2%
14%
Feb
Apr
*
He'Ier Co common
19%
3%
2%
15
*
warrants
IX
5%
14%
59
62
Apr
6
16**
25
"
X
Jan
1,100
»
I
10**
'2%
10%
Economy Grocery Stores
.
675
18
6.
5%
.
10%
2,200
IX
33
o
———*
Class A
Preferred
*
Common.
com.._6
preferred...60
Mining Co
25c
conv
Helena Rubensteln
Jan
East Gas & Fuel Assoc?—
Jan
Apr
8**
25
Light
Jan
62%
1.3
5
300
10
Hearn Dept Store
i"606
Apr
3,000
'i04"
——_—_5
12**
*30
6
94**
100
Hamilton Bridge Co com.*
Apr
"
"i'x "i%
DubUler Condenser Corp.l
Duke Power Co
200
Feb
Hart man Tobacco Co
Jan
8%
60
Corp
Driver Harris Co..
7%
7
z30
*
Coal B 26
Dominion Textile Co
Draper
9~,000
••
reg._£l
Dominion Bridge Co
Dominion Steel &
he
6
Feb
Apr
95*
*
Hall Lamb Co...
Haloid Co
Distillers Co Ltd—
400
"29** "34*"
*
56 preferred
100
Distilled Liquors Corp
6**
2
25
21%
21
21**
Jan
37
5%
5%
1
Guardian Investors
Jan
Mar
.
300
Mar
7
Feb
8**'
*
15*
2%
10
18%
3,100
5%
3 %
78
Apr
5
33
Gt Northern
24
300
20
Jan
3%
100
19
19
79%
stock
com
10
De Vllbiss Co com..
Mar
......
*
Non-vot
7% preferred
10
Diamond Shoe Corp com.*
Detroit Steel
Mar
28
30
Jan
37
96
Grea» Atl & Pao Tea—
Apr
^an
-
6%
Jan
Jan
"il%'il%
V t c agreement extend. *
Varnish—*
Apr
2X
Apr
4
79**
Gorham Mig Co—
Greenfield Tap &
Apr
6
*
Grand Rapids
9
15**
21%
*
Inc class A
Gray Manufacturing Co. 10
Apr
Feb
31
5%
4
22
is
Jan
36
3%
3X
Mines..1
Feb
Mar
2%
Consol
53 prmerted
.•Jan
65*
26
""166
32
*
preferred.
Gorham
Mar
~~3~X ""35*
30
Godchaux Sugars class A.*
Class B.
*
Goldheld
200
"650
5%
*
Apr
"4%
"82** ~83**
65
*
.*
common
Preferred..
Gilchrist Co
Mar
51%
110
82**
Jan
5
800
*
preferred..
**
Jan
5
$3
Gilbert (A C)
•
23%
"4
Gen Water G & E com... 1
Jan
46X
9
100
preferred A
Feb
6
23%
ix
1%
Jan
ed
Feb
Mar
1
General Tire & Rubber¬
Feb
14
ix
ix
18%
46 **
150
100
13%
Products.—*
400
15*
""7% "I"
ix
49**
500
*
1
46**
108
~2,100
'
0% pref w w
20
Detroit Gray Ir,on Fdy—.1
Det Mich Stove Co com..1
49**
17**
Apr
36
Detroit Gasket 4 Mfg.__l
Feb
Mar
10
"ii%
1X
IX
25*
80**
17**
Jan
"""400
Feb
Apr
Jan
10
**
Apr
Mar
Jan
Apr
Apr
General
Mar
100
X
5*
1**
pref w w
conv
Georgia Power $0 pref.— *
55 preferred
*
>
Apr
Mar
"
135*
9**
100
52
66
66**
Mar
2,200
70**
Jan
30
""200
41**
*
125
4%
17
Jan
67**
""% ""%
67
Gen Outdoor Adv 6% pIlOO
Gen Pub Serv $6 pref....*
14**
4,100
3
Jan
Telephone com.20
$3 conv preferred
*
5%
105*
h«
600
Jan
■
Jan
Jan
Jan
...
1,200
23 5*
Apr
Warrants
14**
Apr
Apr
Mar
52**
52**
68%
17%
Mar
'50**
X
1%
9,300
1%
Mar
Jan
Jan
Jan
135*
20 %
26l#
14**
**
66 %
Mar
300
Jan
42**
*
65*
""266
11
100
1
Apir
Jan
400
1,200
$6
4%
•
Jan
1,100
Common..:
100
4
Jan
16**
Mar
47
*16
Jan
2
19
Jan
4%
23%
88**
Apr
Jan
4H
5
Derby Oil & Ref Corp com*
IX
65*
800
14%
1
90
Apr
2,100
...1
Dennlson Mfg 7% pre! 100
Detroit Paper Prod...
Feb
**
Mar
Ai6
Davenport Hosiery Mills.*
preferred
2
100
6
Jan
Apr
1%
*
preferred
Apr
Jan
175*
11*i
%
3%
5%
Decca Records com
$6
Mar
11
Investment com.l
15%
6
Mar
400
1%
1**
100
5
18
88
100
Jan
Mar
»!•
1,000
*.5
36
preferred
65*
92**
4
Petroleum com—6
Jan
125*
17
2
Dayton Rubber Mfg com.*
6%
Power
Jan
20
.
Mar
•
pref.*
Apr
9
47
stock
conv
4% conv preferred...100
Mar
5
1,200
15*
Jan
IX
10
1)0
Apr
83
83
Feb
48%
43
34
3,000
"~2H ~~2%
29
Jan
175*
175
1,500
c_*
Jan
Mar
200
3%
X
Mar
43
c v
55**
*
10
26
29
Gamewell Co $6
Jan
l
Jan
41
Jan
Apr
9%
Apr
Mar
15**
27
Jan
Mar
185*
27**
Jan
6
92
Mar
9%
195*
•
S3
60
Apr
Mar
Apr
2%
86
com
15
Feb
46%
Co
Apr
Jan
200
15
pref
Jan
15*
10
100
partlc
Jan
17
24
Apr
17
250
24
4%
26
2,100
Mar
24
400
IX
9%
IX
17**
15**
Jan
6%
1
8%
52%
1%
145*
17
10**
Fuller (Geo A)
400
4
500
Feb
3,800
lhe
75-*
65*
1%
5%
18
—1
Mar
Apr
8%
10%
6
Common
Con\
1%
%
71
4%
26c
Cunco Press Inc
A conv
75
800
IX
5%
'
4%
Crown Cork Internat A..*
Stores
23
17**
•
4%
8%
Crowley, Mllner & Co.
Crown Cent Petrol (Md) .6
Dejay
Apr
B
1
60
4%
Croft
A
23
18
Ford Motor of France—
74
Crocker Wheeler Elec
Class
Apr
18
Ford Motor of Can cl A..*
Jan
Fruehauf Trailer Co
400
2
6
0**%
16**
18
Jan
Feb
3
*»i«
Creole Petroleum
Darby
Mar
Mar
*
J6 preferred A
Cosden Petroleum com—
Curtis Mfg Co (Mo)
45*
805*
86
3**
...-1
com v t
Jan
%
Corroon A Reynolds-
Cuban Tobacco
4,300
3,700
3%
16**
45*
18
117%
3
17
...
preferred
Jan
4%
Jan
—
*
$3 prior preference..—.*
Copper Range Co
*
Cop per weld Steel
6%
Feb
Msr
86
5
Varnish.—*
Crystal Oil Rel com.
73
£1
Apr
84
Cooper Bessemer com
Preferred
Apr
9**
37
•
Cont Roll & Steel Fdy—*
Crown Drug Co com
50**
112%
Continental Oil of Mex„ 1
6% conv preferred
Courtaulds Ltd
Mar
600
830
Cont G & E 7% prior of 100
Common...
Mar
90
Apr
Am dep rets ord reg
16
12**
Apr
8%
Mar
Apr
55
Mar
Apr
71
100
295*
Apr
50**
65*
200
10,100
8%
Ford Motor Co Ltd—
13%
85*
745*
68
8%
Mar
700
65*
71
High
Apr
*
36**
X
20.000
1,300
**
■
Consol Mln 4 Smelt Lttf-6
Paint &
"5§"
Apr
400
100
5
5
6% pref class A__—100
preferred
8X
.100
Low
56
120
60
56
60
Shares
Amer dep rets... 100 frcs
Consol Copper Mines
6
Consol G E L P Bait com *
preferred
Price
Florida P <fc L $7 pref——♦
Conn Gas & Coke Secur.
$4
preferred
Class
1
V t c ext to 1946
Cook
Week
Jan
Com po Shoe Macn—
8%
for
of Prices
Low
High
Fire Association (Phlla).lO
Flak Rubber Corp
1
%Q
400
Commonw Dlstrlbut
Week's Range
Sale
Par
Commonwealth & Southern
Warrants
Last
High
Low
Shares
Range Since Jan. 1, 1939
STOCKS
{Continued)
Range Since Jan. 1,1939
Last
Par
Sales
Friday
Sales
Friday
STOCKS
{Continued)
$3 preferred
Consol Biscuit Co
2235
New York Curb Exchange—Continued—Page 2
148
he
Jan
iMNAMIJLl1
New York Curb
2236
Sales
Friday
STOCKS
Last
Week's Range
for
{Continued)
Hale
of Prices
Low
High
Week
Par
Internat Metal
Price
Low
Shares
5X
2%
IX
Petroleum..*
23%
22%
2X
23%
Mar
Mar
Apr
4%
Apr
Jan
Jan
Molybdenum Corp
25
Apr
27 X
27
Jan
Monarch Machine Tool.
2X
2%
500
2%
Apr
X
%
100
X
Mar
6%
X
11%
X
7X
X
12
Mock. Jud, Voehrlnger
Common
$2.60
5X
IX
22 X
B.*
*
Class B
--1
$1.76 preferred
*
$3.60 prior prof
*
Warrants series ot 1940
International Vitamin... 1
Shares
Par
3X
%
500
6X
Apr
1,300
X
Apr
11
200
%
_
1
Monogram Pictures com.l
Monroe
Jan
A
1
Montana Dakota Utll
10
Loan
80c
Price
9%
10%
3%
"2%
30
Jan
15%
Mar
Moody Investors part pf.*
34X -Feb
38%
Mar
§ Moore (Tom) Dlstlllery.l
2%
1%
xl %
1,800
155"
159'
30
30
6i«
50
li«
Mtge Bank of Col Am shs..
5%
5%
5%
Feb
Mountain City
3%
3%
4%
5%
Jan
Mountain Producers
4%
5
7,400
1,300
Mills..*
Interstate Power $7 pref-
10X
10 x
100
Apr
14%
Mar
3X
X
Apr
Feb
7%
%
Mar
Murray Ohio Mfg. Co..
Apr
19%
21%
Mar
Muskegon Piston Ring.2%
Muskogee Co com
*
'it
Mar
1
Superpower A....*
(FL) Co
1
Italian
Jeannette Glass Co
15%
16
.
15
950
14%
Mar
h»
X
700
*i«
Apr
2X
3X
IX
6.900
2X
Apr
200
IX
Apr
16X
14%
a
3
25
200
X
Irving Air Chute
Jacobs
3X
3X
15
-*
IX
2,000
4%
2%
Feb
Jan
6% pref
..100
Nachman-Sorlngfilled
*
Nat Auto Fibre com..
100
preferred.
5%%
0% preferred—....100
7% preferred
100
Jones A Laughlln Steel. 100
77
78
92 %
92 %
92 X
i 9%
17
20
175
67%
Jan
87
78
Jan
94
Mar
30
86 X
Jan
99%
Mar
17
Apr
39
Jan
22 X.
Mar
26
Jan
1,700
Julian A Kokenge com
Kansas G A E 7% pref.100
6
Kennedy's Inc
4X
4%
5%
7
Ken-Rad Tube A Lamp A *
112%
Mar
116%
100
4
Apr
6%
300
5X
Apr
9
Feb
107%
Kimberly-Clark 0% pf.100
105
]
Breweries
Kingsbury
X
Kings Co Ltd 7% pi B 100
6% preferred D
100
Kingston Products......1
ix
1%
IX
Klrby Petroleum
2%
2%
2
X
1%
1%
500
...1
Klrki'd Lake G M Co Ltd 1
Klein (D Emll)
50
50
Co oom._*
40
Apr
%
7
6%
7%
700
10
9%
10%
1,300
5%
6%
2,100
Mar
National Candy Co..
National City Lines com.l
Feb
Nat Mfg A Stores com
*
Jan
National OH Products
4
Mar
National P A L $0 pref..
Feb
National Refining com..
Jan
Nat Rubber Mach
5%
11%
12
3
3%
28% 29%
79
Mar
Nat Service common.—.. 1
38
Jan
58
Mar
Conv part preferred
*
National Steel Car Ltd...*
3,200
Apr
2%
2,200
2X
IX
Apr
Feb
National Sugar Refining.*
Jan
3%
1%
Mar
Apr
13%
National Tea 5% % pref. 10
National Transit
12,50
7%
Nat Tunnel A Mines
1%
10C
7X
Apr
8%
Apr
700
9%
Apr
15%
Mar
10
Jan
10
Jan
Navarro Oil Co
100
54
Feb
73
Jan
4% conv 1st pref
100
Kress (S H) special pref.10
45
Mar
45
Mar
§Nebel (Oscar) Co com...*
Nebraska Pow 7% pref.100
Nehl Corp common.
•
42%
"4%
Koppers Co 0% pref
....
Kresge Dept Stores
Kreuger Brewing Co
Lackawanna RR (N
.
Apr
20
41%
38%
36
39
5.000
32 X
Apr
Mar
2%
2
4%
2X
2,400
X
"206
Leonard
2X
6,900
X
X
Oil
Develop...25
Le Tourneau (R G) Inc..
2%
X
2
6
X
22
Line Material Co
27X
10
8
Lion Oil Refining
12X
14X
Lipton (Thos J) class A._
12
12
0% preferred
26
lit Brothers common....
600
450
3,700
100
"300
10
11X
24%
23 X
27 X
1%
7X
7X
_
Lone Star Gas Corp
Nestle Le Mur Co cl A...*
Mar
Feb
%
Apr
Feb
7X
Feb
8%
Jan
Apr
3%
Jan
Jan
Mar
IX
1
IX
Master Electric Co
.
'"260
Apr
1%
2,600
1
1,700
%
500
17
Feb
Jan
23
Feb
Newmont Mining Corp. 10
Feb
New Process Co
Jan
N Y Auction Co com
Jan
N Y City Omnibus
Apr
24
Jan
22
Mar
38,300
23%
Apr
13%
36%
Feb
N Y A Honduras Rosarlo 10
3,900
7X
Apr
9%
Jan
N Y Merchandise
Warrants
3,400
1
Jan
Jan
111%
Mar
Apr
50%
Feb
Jan
78%
5%
5%
■X
Apr
4%
Apr
%
%
300
25
58
1%
Jan
Apr
92 X
Jan
ht
Mar
N Y
7% pref.. 100
preferred
*
Shipbuilding Corp—
Founders shares
7%
N Y Water Serv 6% pf.100
Mar
Feb
Mar
750
Common.
10
1st pref
6% 2d preferred
...100
100
6%
2,900
uit
Jan
2%
Mar
Class A opt warrants..
X
Jan
%
Mar
Class B opt warrants.,
1%
1%, Apr
31
Mar
2
Feb
19
Feb
Jan
Feb
Mar
2
20%
61
57%
5%
1%
1%
17
24% .25%
7%
109
109
99
99
6
Apr
Apr
111
Apr
8
Jan
Mar
400
700
15
0%
Feb
17
Apr
Class A preferred....100
Nllee-Bement-Pond __..—*
Mar
N1 pissing Mines
10
9
131
Mar
Noma Electric
200
4%
Apr
7%
Jan
14%
Apr
18%
Jan
North Amer Rayon cl A._*
53%
Feb
54
Feb
0% prior preferred
50
No Am Utility Securities.*
Memphis P A L $7 pref..*
Mercantile Stores com
Merchants A Mfg cl A...1
Participating preterred.*
Merrltt Chapman A Scott *
Warrants
6%% A preferred...100
Mesabl Iron Co......
l
9
60
94
3X
200
Common
$0
....
preferred...
107
100
99
99
4
58
~3X ~~3*%
%
Metal Textile
175
63
58
X
•
2"700
17
Jan
Jan
149
Mar
Jan
4
Feb
7%
preferred
6
4
Jan
13%
4%
Mar
,16
Apr
22%
Feb
6%
16,700
Mar
79%
225
,28
6%
Mar
Ohio Brass Co d B com..
Apr
Jan
%
Jan
"it
Mar
1%
Mar
4,800
1
100
1
Apr
33
10
33
Mar
$0 preferred..........*
Mexico-Ohio Oil
93%
35
Jan
1
•
53
25
X
93%
Apr
.
95
Feb
Ohio Edison $0 pref.....
Ohio Oil 0% pref
100
6% 1st preferred
OUstocks Ltd common
Apr
6%
Mar
"41% "49"
3,700
$3
preferred
..50
%
Jan
%
Feb
2.100
•11
Feb
X
Jan
Oldetyme Distillers
..1
1,700
"it
Feb
2%
Jan
1
Steel Tube._2.60
5%
6
200
5%
Apr
8
Jan
Omar. Inc
Overseas Securities
X
2X
100
•it
Mar
%
Jan
Pacllic Can Co common..*
100
2%
Jan
2%
Feb
Pacific G A E 0% 1st pf.25
5%% 1st preferred...25
Pacific Ltg $0 pref
*
Pacific P A L 7% pre!..100
X
t c
*
Middle West Corp com..6
Midland Oil Corp—
6
3%
X
4%
1,400
3%
Apr
5%
Mar
"it
2,100
1
Mar
5%
500
X
5%
Apr
6%
Apr
8%
Feb
2X
2%
50
2 X
Apr
3%
Feb
90%
Mar
Apr
7%
Mar
64%
7%
1%
Mar
*5%
"
%
.1
Feb
53
53
375
S3*
Mar
14%
15
1,000
14%
Apr
15
15
300
15
Apr
1%
65%
22%
21%
180
43
Feb
47
Mar
Mar
81
82
87%
89
Pacific Public
*
Jan
Feb
1%
Jan
4
Feb
ht
Jan
%
Feb
60
81
Apr
87%
4%
6%
Feb
Apr
94%
100%
6%
12%
Mar
70
Mar
Apr
Jan
20%
~25%
24
26
700
24
Apr
31
16
16
16
Apr
"98%
97%
98%
97%
Apr
50
125
110
97
10
35%
"ix
97
"160
40
8%
8%
100
8%
10%
3,600
35%
35%
350
"l%
3~200
"T
Jan
Feb
Apr
15
113% 114%
Jan
Feb
%
3%
200
6% conv prior pref..100
Mar
26
105%
112%
Mar
Mar
Feb
Feb
Jan
Mar
Jan
111%
Feb
104%
Jan
114%
111%
Mar
Apr
105
Mar
97
8%
8%
35
Apr
Apr
Apr
,98
Apr
9%
13%
43%
1
Apr
103%
1%
5
Jan
7
Apr
4%
Apr
Jan
Mar
Mar
Mar
Jan
Feb
"2%
"2% "3%
M00
2%
8%
Jan
9%
Mar
"32%
"31% "32%
2*800
31%
28%
Apr
33%
Mar
Jan
30
Mar
29
105
29%
105%
800
275
Serv
105
Apr
68%
Jan
5%
Apr
108%
85
Mar
Jan
Mar
7%
Mar
*
20
Jan
21%
Mar
Page-Herehey Tubes com.*
99
Jan
101%
Mar
4%
3%
Apr
Mar
7%
Jan
3%
Mar
13%
Mar
$1.301st preferred
pref
Midland Steel Products—
Mar
41%
15
6
16
1
2X
Jan
15
100
com.
X
"it
Sugar Co..
81
Ohio Power 0% pref
100
Ohio P S 7% 1st pref—100
Bumper Corp._l
Gas A Oil
1
Preferred...
..10
Middle States Petrol—
Class A \ t c
*
Feb
3%
43% >43%
Northwest
Oklahoma Nat Gas
93%
M ar
Jan
•ii
1,700
3,059
Mar
1
82
4%
7%
Jan
33
9%
91%
Apr
2
6%
5%
Corp....26c
Partlclpat preferred..15
Metropolitan Edison
Apr
Apr
74
Apr
7%
Apr
Jan
5%
78
1%
Northern Sts Pow cl A..25
Engineering.
Novadel-Agene Corp...
77
Jan
1,700
300
Feb
Jan
Apr
1%
5%
20%
Apr
Mar
500
5%
Apr
'it
Mar
Jan
Apr zl03%
'l"20
"5%
15
58
Mar
.
9
10
Mar
Jan
9
110
"19%
87
100
Northern Pipe Line
98%
3%
X
27
Jan
6
78.
45%
.1
Nor European Oil com—1
Nor Ind Pub Ser 0% pf.100
Feb
3%
Jan
Jan
16"
3%
common
86
26
3X
Apr
23%
z7%
100
280
Apr
50
3%
Jan
Feb
3,200
500
125
2
26
Nor Amer Lt A Power—
14 X
275
Apr
Apr
1,200
Jan
600
15
4%
Feb
1,200
Jan
4%
5
3%
Jan
1
2%
10
Jan
80
1% ejan
4% „.Apr
Feb
Jan
Jan
27
'"600
Apr
"~2%
1%
1%
Jan
Apr
Mar
Apr
1%
2
135%
3%
93%
18%
Mar
1%
2%
Apr
1%
57%
..6
300
~"i~
4%
300
400
Nor Central Texas Oil...5
132
Mar
18
104
7%
5%
78%
Class B common......5
Feb
...
Mead Johnson A Co
Memphis Nat Gas com...5
72%
75
109%
r
200
1,600
Apr
Mar
90
25
1%
2X
2X
4X
1%
55
15
Mar
Mar
MoColl-Frontenac Oil
1
Mar
Feb
Jan
Jan
Feb
Mar
Mar
12
Jan
Mar
Niagara Share—
Class B
1
.
Niagara Hudson Power—
IX
34
Apr
4%
1%
1%
59%
...
New York Transit Co....5
Jan
1%
4%
10
Jan
98
Feb
$6
"4%
15
1%
May Hosiery Mills Inc—
6% preferred
100
McCord Rad A Mfg B_.
McWllllams Dredging...*
Jan
"
18%
105
Jan
%
78%
2%
18
Jan
%
39%
102
300
12
Jan
800
"~i6
"306
55
*
IX
.....*
Feb
—
23%
100
Feb
4%
104
...i.
""650
15
8%
2%
1%
15%
Apr
3%
36%
18
Jan
Apr
4%
12
Jan
Mar
Mar
*
26%
15
12
Jan
5%
5,600
Mar
23 X
2X
2X
4X
14%
1
Pan tepee Oil of Venezuela12
1
>
95
95
50c
10
%
"7X
Midwest Piping A Sup
*
Mining Corp of Canada..*
Minnesota Min A Mfg...*
1%
43 X
Minnesota P A L 7% pf 100
Miss River Power pref.100
com
41%
115
98
125
1
400
7%
2,100
1%
43%
100
115
750
"80
Jan
Jan
93
%
Apr
7
Apr
12
Mar
15%
109
IX
8%
12
Jan
Jan
Jan
Jan
Parkersburg Rig A Reel-.l
Patchogue-PlymouthMllls*
Pender (D) Grocery A
*
Jan
1%
37
Jan
50%
Mar
87
Mar
90
Mar
115
Jan
115%
Feb
Feb
4
Mar
3%
For footnotes see page 2239.
4%
5
20,600
Paramount Motors Corp.l
Parker Pen Co
10
Mar
Apr
1%
4%
American shares..
"6"
9
10
200
9
Apr
15
Mar
35
35
50
35
Apr
*
7%
7%
200
Peninsular Telephone com*
Preferred
100
29%
29%
100
16
Jan
14
Mar
20
Mar
39%
Feb
Apr
12
Feb
29
Jan
30%
Jan
*
31
Apr
31
Apr
$5 preferred
*
Penn Gas A Elec class A..*
53
Jan
56
Mar
Class B
7%
Penn Edison Co—
$2.80 preferred
Jan
4%
7%
1%
Jan
Mar
1%
1%
Jan
...4.
Massey Harris common..*
Missouri Pub Serv
Apr
14
25
Marion Steam Shovel....*
Mass Utll Assoc v t 0...
Co
10%
62%
1
*
Mid-West Abrasive
Midwest Oil Co
500
Nineteen HundredCorp B 1
Margay Oil Corp
Mid vale
13
11%
Apr
"x ~~~X ""ico
Communlca'ns ord reg £1
div shs
Apr
1%
60%
Apr
Maroonl Intl Marine
non-oum
Apr
10%
Manatl Sugar opt warr...
$2
Jan
Ms
46%
Mar
conv
Feb
5%
Jan
600
30
$2
5
Apr
3%
2%
1,500
Jan
v
Mar
11%
—25
New Mex A Aria Land.
Apr
""206
Mar
85%
Apr
■
50%
Apr
IX
40
Apr
Apr
3
11
19%
IX
4X
IX
Apr
69
46%
275
"ix
Jan
28%
650
New Jersey Zinc
23
Mangel Stores..
....1
$6 oonv preferred
Manlschewlta (B) com...*
Mapes Consol Mfg Co...*
6
500
""366
12%
Mar
Jan
New Idea Inc common...
21
IX
Mar
Jan
100
1
13%
Jan
0% pref class B
Majestic Radio A Tel
Apr
15
Mar
25
Feb
11%
3,200
20%
35
Lucky Tiger Comb G M.10
Ludlow Valve Mfg. Co..
Lynch Corp common...
6%
10%
~~2X~"3
100
10
11,200
43
Apr
Jan
5X
Jan
Apr
Apr
20
4X
Jan
5%
8
12%
11%
225
5X
10
33%
32%
27
Loudon Packing..*
._*
Louisiana Land A Ezplor
Louisiana P A L $0 prei.
Feb
Apr
26
Class B
preferred
Feb
Feb
X
100
Michigan
Michigan
Michigan
Michigan
6%
Jan
9%
150
2,300
110% 110%
39% 43
*
$2 preferred
.__._.*
New England Tel A Tel 100
New Haven Clock Co....
%
«*
•12
Jan
Feb
100
%
9%
%
45
1%
Jan
8
300
100
preferred
Apr
22
7% preferred
$4 preferred
7%
N Y Pr A Lt
Long Island Lighting—
Common.
Mar
Jan
5%
2,000
Nevada Calif Eleo com. 100
New Engl Pow Assoc
22
75*
69
Mar
8
Mar
%
24
B
Locke Steel Chain....
Lockheed Aircraft
...1
Jan
2
22
IX
IX
50%
.•
3%
3%
""7% "7%
*
1st preferred.—
_.*
Nelson (Herman) Corp
6
Neptune Meter class A
*
Jan
65
Jan
*
Mar
Jan
Mar
Mar
45
Corp—1
51%
7
Apr
X
2.5Q0
Loblaw Groceterias cl A..
Class
2
v
57
Lefoourt Realty common
12
Jan
4X
44
Lane Bryant 7% pref.. 100
Conv preferred......
Lehigh Coal A Nav
11X
100
500
43
4X
Lake Shores Mines Ltd..l
Lakey Foundry A Macb.l
12
12
1
J)_100r_
Nat Union Radio
2%
"45"
Jan
400
*
10
14%
130
Apr
Jan
9%
12%
700
75
"""'% "".%
8
Kobacker Stores Inc
Apr
Apr
h»
1 %
Mar
69
3
Jan
41
'
5%
72
56
12
Mar
1,300
10%
40
National Container (Del)
National Fuel Gas.......*
12
9%
10
10
60
10
1
Mar
%
6%
*
$3 conv pref....
7%
Knott Corp common
5%
Mar
*
7
1
9%
12
Klelnert (I B) Rubber GolO
Jan
%
69
I
Nat Bellas Hess com
Jersey Central Pow A Lt—
Apr
4%
122%'
Mountain Sts Tel A Tel 100
Jan
Jan
5%
6%
SMountaln States Pwicom*
Feb
Mar
Jan
4%
15 %
Mar
Jan
Jan
Apr
1
Mar
31%
28%
29%
%
Apr
Iron Fireman Mfg v t c._*
Mar
6%
166%
Apr
4%
10 X
Investors Royalty
2%
Jan
Apr
Apr
2%
Interstate Hosiery
Mar
*i«
900
10
Jan
5%
3%
600
com 5c
3%
24%
2X
4%
Cop
Jan
Mar
"306
4%
2X
1%
5%
Apr
155
Feb
14%
23
6i«
Interstate Home Equlp..l
2%
Apr
Apr
300
Feb
Apr
Mar
200
'"260
Jan
Jat
9%
3%
14%
1%
5%
155
Montgomery Ward A.¬
Montreal Lt Ht & Pow.
300
High
Low
1,900
1,300
3%
17
1%
1, 1939
Range Since Jan.
Week
10%
3%
14%
Feb
Mar
10
.
Jan
International Utility—
Class A...
for
of Prices
Low
High
6.300
International Products—*
Internat timiety Razor
Week's Range
Sale
4,900
•
Registered
Last
High
1939
Sales
Friday
STOCKS
(Continued)
Range Since Jan. 1, 1939
Indus A._*
Internet Paper A Pow warr
International
April 15.
Exchange—Continued—Page 3
3%
Jan
5%
Jan
Volume
New York Curb Exchange—Continued—Page 4
148
Week's Range
for
Sale
0/ Prices
Low
High
Week
Par
Price
Shares
Low
Range Since Jan. 1, 1939
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Week
Range Since Jan. 1, 1939
I^ast
Sales
Friday
Sales
Friday
STOCKS
(Continued)
2237
Par
High
Price
Low
Shares
High
'
Penn Mex Fuel Co..
1
X
Pennroad Corp vtc
1
IX
Penn Cent Airlines com__l
Fa Pr <fc Lt $7 pref
*
*
preferred
Penn Salt Ml* Co
"99"
X
Apr
IX
5X
Apr
2)4
Feb
Sllex Co
Apr
Jan
Slmmona-Boardman Pub—
Jan
9X
105X
92X
144X
IX
IX
7,000
5X
6X
300
98X
99 %
95
300
94 %
95
Pepperetl Mfg Co
81
100
Periect Circle Co
*
Pharls Tire A Rubber
1
"T
Philadelphia Co common.*
Phlla Elec Co SB pref
Phlla Elec Pow 8%
79
82
58
59 X
23X
1
Conv S3 pref series A. 10
Pierce Governor common.*
.
Pines Winter front Co
Mar
167
Jan
Simplicity Pattern
16
Jan
177
170
1,100
74
Jan
84 H
Mar
Singer Mfg Co
...100
Singer Mfg Co Ltd—
150
58
Apr
71H
Feb
Amer dep rota ord reg_£l
4
4
50
23X
Apr
27
Feb
7)4
1,800
7
Apr
5)4
400
5
Apr
1034
7)4
Feb
H8X
29X
Feb
118X
Apr
30 X
Jan
2X
254
.700
2%
Jan
3X
Mar
2%
5X
19,100
2X
Apr
6X
Jan
2.400
16
Apr
29
Jan
5% original preferred. 25
700
10
Apr
18 X
Feb
6%
Feb
19 X
16
23 X
11
10
12
2)4
6,400
2X
5X
1,800
6X
5X
2X
5X
41
50
1
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Plough Inc
*
Jan
2X
Apr
0%
47X
Forglngs
'~7X
180
50 X
6
6X
47 X
6
90
1
1
200
7)4
7%
300
Apr
64X
8
Jan
,
Jan
Feb
25c
Potrero Sugar oommon—5
IX
6
Powdrell A Alexander
Premier Gold Mining
*
100
*
.1
Prentice-Hall Inc com
*
1.60U
"~3H
3
2.400
334
Pressed Metals of Am—1
3
Apr
10 v
loixloix) '""~50
Mar
101X
Apr
18
300
18)4
IX
1,800
2
♦
18
"~7X "~7X "~7X
""206
7
>11
—25c
Prosperity Co class B—_*
Providence Gas
—*
Prudential Investors...—*
$6 preferred
*
Corp
3
3
7h
7X
400
"98""
"166
'
"98"
701'
3
Jan
Feb
Apr
10 X
Mar
Jan
X
Feb
Apr
5X
8X
Jan
7
Jan
5%
Apr
94 X
Jan
,
7X
100 X
104X
6% 1st preferred
100
7% 1st preferred.—.100
Public Service of Indiana—
*
*
$7 prior preferred..
preferred
107
Mar
Feb
104 H
108 X
46
X
49
27X
26
175
44 X
Jan
150
26
Apr
60
35
6% prior lien pref...100
96
7% prior lien pref... 100
103
96
X 104 X
Standard Oil (Ohio) com 25
6% preferred
Standard Pow A Lt
*
preferred
42
X
40X
18)4
16X
Mar
Standard Silver Lead
1
Standard Steel Spring
Standard Tube cl B
.5
"
Mar
phate A Acid Wks Ino 20
Jan
Starrett (The) Corp v t c.l
""ox "ox
""25
113
*
12
§ Reynolds Investing
1
Rice Stix Dry Goods
*
108~
113""
153
153
10
10
9X
Jan
123
Feb
15834
Jan
16
Mar
1834
Mar
200
Jan
Feb
35)4
Apr
41
Mar
400
1
Apr
234
Jan
Sunray
2%
700
2X
Apr
5
Jan
Jan
534 % oonv pref
50
Superior Oil Co (Calif)..25
Jan
Superior Port Cement
5X
600
25
Apr
400
5
Jan
X
2X
4.800
X
300
.
Jan
34
Jan
Apr
Feb
1234
Mar
Jan
IX
X
991
10
112
112
13X
Roeser A Pendleton Inc—*
7
X
100
100
3334
9)4
X
4
112
Mar
250
„
X
Rochester Tel 634 % prf 100
34,
in
37
IX
700
X
12
Feb
X
Mar
5
Apr
4
Jan
i
X
9
reg.—£1
5
Roosevelt Field Inc
IX
9X
IX
IX
IX
IX
-
...
*
104
Jan
Tenn El Pow 7% 1st
Apr
112
Apr
Texas P A L 7% pref...100
Texon Oil A Land Co
2
Jan
pf.100
6
Apr
Apr
2434
13 34
Apr
Feb
Apr
234
Jan
2X
Mar
Tobacco Prod Exports.—*
634
Mar
*u
37
Royal Typewriter
*
Russeks Fifth Ave
2)4
1
*
Rustless Iron A Steel
82.50 oonv pref..
Ryan Consol Petrol
*
Ryerson A Haynee com . 1
Safety Car Heat A Lt—.*
St Lawrence Corp Ltd—*
45
36
_
50
350
48
354
8X
■
7
4
8%
200
4,900
3X
7
43
Jan
Apr
71
Jan
Apr
Apr
634
1234
Mar
Jan
44 X
Mar
36X
2X
X
150
35X
Apr
800
2X
X
Feb
49
51
325
49
Jan
,3
Apr
Apr
3X
Jan
Mar
35X
2X
X
500
X
34
65
Jan
Mar
Apr
334
5934
9X
Apr
17
1
Apr
1
Jan
9X
Jan
Salt Dome Oil Co—
1
1154
Corp
com 1
IX
9X
1
12
IX
3,700
900
_*
25
18
Jan
*
6
19X
21
900
18
18
50
1954
18
Apr
Apr
XK
1134
Securities Corp general—*
Jan
Jan
28
500
5X
Apr
1,100
X
Apr
1
1
1334
IX
134
3234
X
X
6X
5)4
13
*
100
3,300
7
13X
3,900
100
Mar
100
5
X
4X
12X
Mar
l*i»
Feb
Jan
Jan
834
Mar
"58"
X
Apr
"58"
Jan
Apr
1
Apr
934
6934
Jan
Mar
70
Mar
Mar
"""50
57 X
Apr
200
X
Apr
400
X
Jan
34
34
Feb
Mar
Apr
9 34
Jan
Mar
Selfridge Prov Stores—
X
X
£1
1
1
Unexcelled Mfg Co
Union
Seversky Aircraft Corp— 1
Shattuck Denn Mining..5
3X
Shawlnlgan Wat A Pow..*
Sherwin-Williams oom..25
20 X
7
For footnotes see page 2239.
6
19)4
20X
300
2X
5X
19 X
83
90
7C0
83
108X 109
40
3)4
2,700
5H
5% cum pref ser AAA 100
Sherwin-Williams of Can.*
300
10,408
\0X
iox
50
108)4
1034
534
434
"3"
Jan
102
Feb
134
Apr
3734
Feb
634
Apr
1034
Mar
X
500
Jan
1
800
34
Apr
«ie
Jan
1534
Apr
3134
Jan
100
134
Apr
2 )4
Jan
IX
2X
2,400
14
Apr
Apr
1)4
Apr
4)4
10X
Jan
11)4
334
Jan
834
Jan
434
1,300
4 34
Apr
ex
234
2)4
200
234
Apr
3
234
3)4
534
2,700
2)4
Mar
4
600
5
"8)4
'""966
8
Apr
OX
300
OX
Apr
2X
4,400
33
200
31
36
3634
400
36
'
32
34
X
.
Apr
5)4
31
Mar
5)4
36)4
10.0
2,300
4,700
9 3 34
96 34
550
"234 """2)4 "3)4
'2!500
34
34
14
69 X
94
,
434
1434
500
34
62
42
Apr
Mar
95 34
4)4
45)4
3
34
61
Apr
Feb
2,000
10X
11X
iox
Apr
Mar
15
834
£pr
9)4
934
1134
234
38 X
4)4
16
10
1
Feb
-
.
734
Jan
1)4
31
31
10
4)4
35
Jan
13
32
107
Apr
4)4
900
Apr
34
uu
Mar
22)4
Jan
99
Jan
Jan
2)4
Apr
834
Apr
101X
4
10
2
Jan
2
75
'60
Feb
62
800
■
1534
1534
900
63
134
67
2034
725
Apr
5)4
434
Apr
14)4
1)4
Mar
Feb
15
Apr
81
98 X
105)4
Apr
10534
Apr
111
X
"260
34
Feb
IX
134
1,900
IX
3)4
334
200
2X
Apr
Apr
34
900
"V, "834
5",706
1934
,
700
22
19)4
238
preferred———10
Apr
3)4
Apr
734
5X
200
2
600
6
4
Feb
3)4
Mar
2
134
134
400
11)4
134
1234
1134
300
2X
500
13)4
800
12)4
2X
Jan
334
3 34
300
J*
Apr
4X
Feb
42 X
34
Mar
7*
Mar
IX
11
134
o'eoo
34
34
34
1,200
25,700
2
80 X
900
34
1,000
34
'"i)4 "l)4
1)4
19
134
2334
UJOO
5,000
9,900
Jan
*86X
3
Apr
2)4
Apr
36 X
Feb
23
Jan
73 X
IX
238
40
237
IX
"*•
1.9
238
134
1
20 X
5
134
334
92)4
Apr
75
—1
•is
7
IX
100
United Shipyards ol A—1
IX
Apr
Apr
5
1,600
3,900
1534
2)4
Jan
Mar
70
1034
3
Apr
X
5
1034
1334
Apr
70
1034
Jan
Apr
80
*
Apr
13)4
3834
2)4
74
134
8
Jan
634
134
2134
Jan
234
Apr
6
69 X
Apr
Jan
Mar
6)4
"u
Apr
2
»ie
Co—
Umted profit Sharing..25c
7
38
dep rets ord reg—-
United N J RR A Canal 100
8*
Mar
Feb
20
3)4
"134
Jan
1)4
50
54
$6 1st preferred
*
Milk Products.—*
63
98X
99
105)4 10534
United
preferred
Mar
234
2,300
40 X
80
100
United Lt A Pow com A.*
Common class B
*
Class B
Jan
Apr
Apr
10
non-voting-*
Jan
Mar
Jan
Apr
34
4,100
IX
134
33
Option warrants
Mar
14
Jan
Feb
17
100
34
2
United G A E 7% pref.
10%
2134
10534
900
Jan
Apr
34
19)4
134
OX
1
9
Mar
Mar
300
Corp warrants
United Elastic Corp..—*
Am
1834
8)4
Feb
6
634
United
United Molasses
Apr
17)4
6X
34
15X
134
~8~
com..*
1
Co——50
2234
11334
11534
Apr
X
5
5
*
Cigar-Whelan Sts—10c
1st $7 pref
12
1,300
$3 cum A part pref
Un
Feb
734
Investment
Apr
Apr
105)4
%
X
Apr
9
28
*
Apr
Apr
1,300
934
2)4
12)4
105
Union Premier Foods Sts.
$3
6
Seton Leather common...*
2,800
7)4
17 X
234
*
10
Series B pref
United Chemicals com..
Mar
5
1 734
*
Feb
31
15
—1
—
Union Traction
57 X
25
Jan
Jan
IX
14
*
Jan
Jan
Apr
2.100
X
5
6
Allotment certificates...
Amor dep rets reg
Jan
34
Union Gas of Canada
1
Feb
Class A
United Gas Corp com
1
Sentry Safety Control
Serrick Corp (The)
Screen1
Pict
Ulen A Co ser A pref
Mar
X
—*
stock
85.50 prior stock
Lux
Common
Jan
2734
OX
21
*
Common
23 X
Apr
17
X
,
Transwestern Oil Co—. 10
Tung-Sol Lamp Works
-1
80c div. preferred. .. *
22 X
5X
X
*
Warrants
Selby Shoe Co
Selected Industries Ino—
Trans
Jan
Jan
Scranton Spring Brook
Segal Lock A Hardware..1
Selberllng Rubber com...*
Apr
Tri-Contlnental warrants
Mar
39
Seeman Bros Inc
20
100
\
1934
Corp—
Toledo Edison 6% pref. 100
7% preferred A
100
To no pah Belmont Devel 10c
To no pah Mining of Nev.l
Tublze ChatUlon Corp.. „1
2
75
Water Service pref
.150
IX
Def registered 5s
Trunx Pork Stores Inc.
14,000
Soullln Steel Co oom
2134
25
Todd Shipyards
Jan
2X
40 X
Scranton Lace oommon..*
20
-
Feb
2
39
Scovlll Mfg
Mar
Mar
....£1
Ordinary reg
Jan
100
Savoy Oil Co—
Schlff Co common
17)4
Tobacco Secur Tr—
434
St Regis Paper oom...—.5
preferred
Apr
104
"~34
Ino
Tilo Roofing
Feb
...50
$2 conv pref A
Jan
34
14
Feb
IX
2,000
3)4
Mar
1,000
334
Mar
Apr
Apr
Jan
Mar
X
Mar
1534
3
9
IX
IX
«i«
'"3" "jan
14
Taggart Corp oom
1
Tampa Electrlo Co com..*
Tastyeast Ino class A...1
Taylor Distilling Co
1
Technicolor Ino common.*
24X
4X
Apr
*
*
102
15
1934
2)4
*
500
45
Convertible
$3.30 A part
Class B com..:
200
1,100
Royalite Oil Co Ltd...—*
Samson United
-
—1
Tlshman Realty A Constr*
Tobacco Allied Stocks
*
Co—....1
20
11.20 oonv pref.
Roesla International
7%
Oil
Thew Shovel Co com
Rome Cable Corp oom—6
Root Petroleum
♦
—-1
Sunray Drug Co
Feb
Mar
634
34)4
"266
100
Jan
Apr
Feb
'234 "234
4)4
Jan
Feb
1834
Jan
434
Jan
14
6)4
2754
ht
Swan Finch Oil Corp....15
Rolls Royce Ltd—
Am dep rets ord
6% 1st preferred.....50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Ino
1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp
5
Stroock (S) Co
*
Sullivan Machinery
*
Jan
"500
.1
RochesterG&E16% pf C100
6% prefD—„
10
Mar
4
234
Apr
Mar
200
1734
634
734
1734
*
21
"9% 'iox
Voting trust ctfs
Jan
113
27
IX
Jan
534
151
......
Radiator
12
1,000
100
11634% pre!
Sterchi Bros Stores..
Apr
35 J*
5X
Apr
Feb
Jan
IX
10
Stein (A) A Co common..*
12
13
25
Mar
5
152
Jan
»
950
12
2X
'~26~X
5834
2534
80
*11
1
Rio Grande Valley Gas Co-
Richmond
6X
4X
Mar
""180
10
1
Jan
Jan
14
Jan
334
Phos
Wholesale
Mar
4X
*
100
Quebec Power Co
*
Ry A Light Secur com...*
Railway A Utll Invest A..1
Raymond Concrete Pile—
$3 oonv preferred
*
Raytheon Mfg com
50c
Red Bank Oil Co
*
Reed Roller Bit Co.
_*
Reeves (Daniel) oommon.*
Relter-Foster Oil
-50c
Reliance Elec A Eng'g—5
Standard
99 X
106 X
34)£
600
29
IX
.1
Jan
850
IX
34
1
Mar
Mar
55
148
34
34
*
Jan
34
100
—*
Preferred
93
1,025
45X
19
Pyrene Manufacturing-.10
Common
Common class B
Steel Co of Can Ltd
Puget Sound Pulp A Tlm_*
Pyle-Natfonal Co oom—5
Quaker Oats oommon
6% preferred
1
101
Jan
Jan
l'soo
100
10
*11
3%
Jan
Jan
2834
IX
42
.....
2734
10
25
20
I Pub Utll Seour $7 pt pf._*
Puget Sound P A L—
$5 preferred
—*
4334
2954
11.60 conv preferred-.20
Standard Invest $534 pref*
Mar
Public Service of Okla—
234
6
29
Standard Dredging Corp—
Common
1
Standard Products Co
26
Apr
....
Standard Cap A Seal com.l
Conv pre/erred
__10
Mar
Mar
134
3X
IX
Am
Mar
Mar
100
Jan
534
Spanish A Gen Corp—
Standard Oil (Ky)
Standard Oil (Neb)
Public Service of Oolorado-
134
Feb
*
Mar
1)4
Apr
134
*
40
Mar
Apr
Jan
Standard Brewing Co
2X
Apr
Mar
334
Jan
Stahl-Meyer Inc
23
Apr
IX
36
IX
134
600
Apr
25
Mar
1,800
2734
Southland Royalty Co.—6
3)4
IX
1,400
134
2834
*
Jan
2
40
25
8434
4
500
...
Apr
334
160
10
Jan
434
134
1,000
Feb
Apr
Jan
Jan
3)4
2934
Jan
Mar
Jan
42)4
Jan
4%
Feb
3
219
28
*1*
12
2)4
Apr
Apr
29
2X
101 x
Apr
134
40
dep rets ord reg
£1
Am dep rets ord bearer £1
Spencer Shoe Co*
'
Power Corp of Canada—
6% 1st preferred
Pratt A Lambert Co
«i«
Mar
Apr
134
28
Southwest Pa Pipe Line. 10
8
Jan
29
South Penn Oil
9X
Feb
1334
25
Mar
Feb
>i«
Apr
170
2,800
100
Preferred A
Feb
25
Mar
1
90
434
1)4
134
1
Apr ,117
Jan
700
100
Southern Union Gas.
Apr
Polaris Mining Co
preferred
Jan
X
2,800
1)4
Southern Colo Pow cl A. 25
Jan
7X
$6
preferred B
12 X
Apr
Apr
100
2,000
6
94 54
90
93
1,300
7X
8
16
South Coast Corp com
Southern Calif Edison—
South New Engl Tel
Southern Pipe Line
43
IX
177
"i«
9)4
84)4
__i
Feb
Mar
7X
Apr
Apr
Pneumatic Scale com—10
Produoers
Boss Mfg com
7%
;—*
Meter
Smith (H) Paper Mills... •
Solar Mfg. Co
1
Sonotone Corp
]
634% pref series C
2)4
134
Sioux City G «fc E 7% pf 100
Skinner Organ
*
23X
5
Jan
400
11
134
com... l
7
Postage
Pitts Bess ALE RR
Pittsburgh
54
.j..
100
1
Pioneer Gold Mines Ltd—1
Pltney-Bowes
4
pref
*
Simmons H'ware «k Paint.*
conv
Jan
Phoenix Securities—
Common...-
S3
Feb
*
*
Feb
934
*
Apr
pref 25
Phillips Packing Co.
98
oommon.
15
20
50
Pennsylvania Sugar com 20
Pa Water <fe Power Co
*
Shreveport El Dorado Pipe
Line stamped
25
100
2.60
Penn Trade Co
$6
Mar
X
OX
242
Mar
Feb
34
Mar
•i«
9)4
Mar
1034
Feb
1)4
Jan
IX
Feb
Jan
New York Curb
2238
Last
Week's Range
(.Concluded)
Sale
of Prices
Par
United 8hoe Mach coin.25
Preferred--25
Price
72
72
.....
43
pref
U 8 Plywood
$1 54
20
~
pref
conv
U 8 Radiator com
U 8 Rubber Reclaiming..
20
42
Jan
4iX
Mar
4X
Jan
Debenture
6s
1958
ax
Jan
Debenture 6s
1969
X
Feb
354
3,900
M
3.100
IX
33
Universal
27 M
2X
Apr
4X
Jan
VA
Apr
2X
Jan
X
900
X
Jan
X
Jan
ax
Mar
ht
Mar
150
X
40
3M
leb
700
*n
Feb
1,400
X
Jan
Utah Idaho Sugar
0
Utah Pow A Lt 17 pref
*
48M
1M
42 M
100
1
6
7% preferred
Valspar Corp com—
$4 conv pref
Apr
X
Jan
49M
350
48 M
42 X
Apr
X
Jan
IX
'
11
700
IX
2,90C
ht
—*
Wagner Baking v t c
*
Wahl Co common
*
1,000
IX
.20
20
Apr
20
Mar
554
Apr
3,000
9ie
Apr
50
38 X
Jan
1.600
6
X
40
West Va Ct»l A Coke
♦
Western AH Express
1
Mar
*i«
100
1st preferred
Elmlra Wat Lt A RR 5s '56
Jan
El Paso Eleo 6s A
1950
Jan
Empire Dlst El 5s
1952
Jan
ErooJe
Jan
Jan
Jan
Mar
Finland Residential Mtge
*
Banks 0s- 5s stpd—. 1961
Apr
9
Mar
♦First Bohemian Glass7s'57
4X
4
Apr
7M
Feb
Florida Power 4s ser C 1980
6
0
200
6
Apr
9
Feb
1
10
10
4M
3M
2X
88 X
2X
2%
89M
X
2X
2X
88M
■X
'~3X
2M_
3X
Apr
7it
Feb
X
Apr
6M
Mar
1
Mar
100
8X
Jan
1X
1154
500
3M
Apr
5M
1.100
300
2X
Apr
1,500
2X
Apr
40
86
Jan
Jan
32
36
1
36
10 M
Williams (R C) A Co...
7M
Wolverine Portl Cement.10
Wolverine Tube
Woodley
2
oom
General Pub Serv 5s. .1953
Feb
Gen Pub Utll 054s A.1956
Jan
♦General Rayon 0s A. 1948
3M " Mar
Gen Wat Wks A El 5s. 1943
5
*
97
1
Petroleum
5
5M
6% preferred
.£1
Wright Hargreaves Ltd..*
1X
Jan
Georgia Pow A Lt 6s—1978
454
Jan
♦Gesfurel
Apr
50 X
32
Jan
50
~7X
104 X
1st A ref 5s
1951
103
1st A ref 58
1950
102
1908
9754
100
.—.1903
108 M
8654
------
10754
2X
.AX
554
400
2X
5
554
1,600
13M
1.400
1,700
7X
8
10,500
1
1
1.700
104 X 105
Gobel
(Adolf)
10854
554
554
17,000
554
Mar
2,000
54
Mar
154
Jan
54
Mar
154
Feb
Apr
6654
5354
5954 i to" 006
10954 11054
17,000
59,000
6654
71
11054 11054
1,000
56 X
11054
69 X
102
103
101
100
10154
108
108
82
81
84
99
99
10
Apr
Jan
9,000
27,000
5354
10954
Apr
6654
Apr
Feb
954
112
Feb
Jan
Mar
8154
Mar
Jan
111
Apr
10454
Jan
9954
Jan
10254
Mar
Apr
6054
10754
102
Mar
3954
* 1554
91
9554
40 54
3,000
39>4
10854
3,000
10754
13,000
2,000
19
2~i "666
9154
Jan
Jan
.10854
Apr
Apr
8754
Mar
99
Apr
10454
"15
Mar
81
Feb
20
Mar
8954
Jan
9454
Mar
97
92
9554 184,000
92
Apr
9954
Feb
9654
98
95
Jan
9954
Mar
,
$16,000
1985
*81
♦Hamburg Elec 7s
Jan
♦Hamburg El Underground
7M
Mar
9
Jan
8454
254
4X
Jan
5X
A St Ry 5 548
Apr
2M
Feb
Heller (W E) 4s w w ..1948
Houston Gulf Gas 08—1943
Apr
8X
Jan
054s ex-warrants... 1943
Apr
ax
Jan
Houston Lt A Pr 3 54s. 1960
Apr
15M
Mar
92 M
Mar
12
7X
"
1
Apr
8M
Jan
1X
Mar
Jan
Idaho Power
354s....1967
111 Pr A Lt 1st 0s ser A.1953
102
81M
104
108
88
89,000
83
8.000
104
9954 101
33,000
99
58
9,000
35^ 000
8954
Mar
6654
Apr
Jan
29
Mar
Mar
7254
Jan
60
Jan
72
Jan
23~666
87
Jan
91
Mar
5,000
66
89 '
Jan
2754
108
108
10054
103
103
102
102
1st A ref 5b ser C_..1950
Sf deb 5 54s—May 1957
Electrlo Corp—
95
a60
*56
60
Mar
Jan
2654
Mar
Jan
10054
1,000
Feb
10354
3,000
10154
Jan
103
1,000
10854
Apr
11054
Mar
6654
Mar
5
9454
9554
j)6o "59" '
60
•
10254 104
10254
10154
Mar
Jan
'Apr
40
a60
10754 108
10754
Jan
103
39,000
10954 10954
*
1854
4,000
2254
9854 100 .
10954
Mar
40
99
Jan
65
Apr
Feb
37666
10754
Apr
11054
Feb
42,000
32,000
10154
9554
Jan
10454
Feb
Apr
103
Mar
9454
8554
Apr
101
Mar
Jan
9354
Apr
10054
103
9454
9554
80,000
8554
88
28,000
6s series A
1947
10654
Mar
054s series B
1953
9654 99
9954 101
28,000
.6,000
9954
Apr
105
Mar
5s series C
1951
85
33,000
85
Apr
Jan
9ax
Mar
Feb
Jan
Apr
10054
109X
96 X
Mar
Apr
loan
Jan
Apr
102
Apr
X
X
Jan
Mar
13,000
107 X
Apr
111'
Mar
14,000
106
Apr
107 X
Mar
Jan
Mar
Feb
Jan
Mar
'31
Feb
42
Mar
Jan
42
Mar
37
4054
38,000
1908
37
3354
37
80,000
29 M
Jan
43
43
4454
40
Jan
59
5s
Jan
81
8854
104'
1st Hen A ref 5s
.
8854
90
1903
49
51
25,000
68
78
12,000
39
43
5,000
*40
-46
51
♦Indianapolis Gas 5s A 1952
,
104,
4,000
*10954
5054
10954
5054
——
5254
.
86
12,000
.
105
1950
Mar
20~666
Jan
Feb
9454
Mar
Jan
94
Mar
Apr
107
Jan
11054
Mar
Jan
Mar
Apr
63
Apr
6254
68
Apr
8354
Jan
39
Apr
6254
Jan
49
■
Mar
International Power Seo—
0548 series C
1955
7s series E
.1957
7s series F
—1952
Interstate Power 5s
Debenture
1957
0S-.-_-.1952
Interstate Publl
c
'
54
Mar
44
Apr
37666
42
Apr
83,000
55
Apr
6954
25,000
3854
Jan
49
Mar
8754
27,000
82
Jan
9254
Mar
79X
8354
9954 10154
44,000
77
Jan
9854
Jan
8754
10254
Mar
24,000
98
Jan
10254
Jan
108
Mar
Mar
105
Jan
"
42
44
5754
55
5854
42
40
42 X
8454
.
5554
Mar
Feb
Service—
5s series D__
454s series F__
11950
1958
6s series B
83
10154
*101
1961
Iowa Pow A Lt 4548..1958
Iowa Pub 8erv 6s..—195.1
Mar
Mar
Isarco Hydro Eleo 7s. 1952
Mar
Isotta
Frascblnl 7s_—1942
3,000
72 M
Mar
Italian Superpower 08.1903
103 54 10354
4,000
102 M
Jan
105X
Mar
Jacksonville
1.000
10454
Apr
106 X
Mar
Mar
91541
Mar
87
Mar
Jan
8754
.1957
Indiana Service 5s
10454 10454
75
6454
6654 "67 k"
Jan
10754 10754
7354.
Mar
1954
98
Iowa-Neb LAP 6s—.1957
10454
Mar
10354
7054
294,000
9954
106
6,000
9254
Jan
19^666
8954
Indiana
105
40
Jan
*60
1st A ref 554s ser B.1954
144,COO
2,000
87
95 X
62
1949
92 M
90,000
75
*21
Hygrade Food 0s A—1949
Indiana Hydro Elec 6a 1958
35
Feb
8954
1938
Indiana A Mich Eleo 6s '55
3654
73
*16
Jan
Mar
35
78
1947
Jan
3
10
Mar
31
*66
Mar
1935
654
Apr
Apr
Apr
104
3454
Apr
Jan
102 X
81,000
76
Apr
Jan
10654
52,000
98
Jan
65,000
Jan
"lTooo
82 54
98
Hull Print 0« stpd
Jan
8354
Jan
9154
.78
9654 101
"a'ax
Jan
9754
9054
Feb
98
108 X 108 X
90
50
96
ma
Jan
Mar
Apr
Mar
87
13,000
105
84
10354
89
9154
82
108
14.000
J04MI
Mar
83
10354 10454 100,000
104
"8954
20,000
17.000
'
18,000
36
.1977
104
23 JJ00
10554
104
28,000
104
3454
10454
43
Feb
Feb
Jan
7,000
3954
Apr
6254
11,000
5954
Feb
80
Jan
3554
28,000
34
Apr
44
Mar
42, \ 4454
17,000
38
47
Mar
39
"62"
10354
10754 10754
J4
62
34"
63
Gas—
5s stamped
.1942
Jan
Jersey Central Pow A Lt—
Avery A Sons (B F)—
6s with warrants... 1947
•
5s without warrant8l947
*88
93
91X
*87
90
85
Feb
Works-
8654
8254
9l"
154,000
82 X
Apr
11614
Jan
Jan
68 series B
1947
105
454 s series C
1901
Kansas Eleo Pow 3 54s. 1968
Kansas Gas A Eleo 6s.2022
106
Kansas Power 5s
10854 109
22,000
10854
Apr
1967
120
12254
33,000
120
Apr
11054
12354
Mar
1st mtge 6s ser H...1961
6s series C
I960
123 54 12354
3,000
123
Mar
126 X
Mar
054s series D
10854
1998
*14054 146
Mar
86
Jan
148 X
97 X
1909
"91H
Lake Sup Dlst Pow 3 54s '00
10354
69 M
Jan
12,000
17,000
81
Jan
94
Mar
Lehigh Pow Secur 6s..2020
102 M
Jan
105
Apr
♦Leonard Tletz 754s..1946
Apr
10554
Jan
10654
Mar
Jan
108
Mar
.47666
Jan
121
Mar
10,009
10354
11954
10154
Apr
10354
Mar
37.000
8954
Apr
9754
8954
101
10354
11054
9954 10054
"67666
105
Mar
Lexington Utilities 5s. 1952
Jan
105
Mar
Llbby McN A Llbby 6s *42
104
H5X
Mar
Long Island Ltg 08—1945
94
101
10254
8,000
101
Apr
103 X
Feb
Louisiana Pow A Lt 5s 1967
5,000
81
Apr
91X
Mar
57.000
98 X
Apr
10254
Mar
♦78 without warr'ts.1941
18,000
35
Jan
Mar
Marlon Res Pow 4 54s. 1954
3854 210,000
6154 102,000
32
Jan
46 X
Mar
McCord Rad A Mfg
55 X
Jan
69 X
Mar
17,000
98
Apr
102 54
Feb
10054
w.
•.
9854 10134
36
3754
3754
3454
6154
60
10054
98
46
Chicago A Illinois Midland
10154
10354 10354
8,000
10354
Apr
10454
Jan
4554
25,000
44 X
Apr
5554
1.000
70 X
Jan
7854
Jan
Feb
24,000
72 X
Jan
8154
Apr
44 54
4454
71
71
80
80
8154
For footnotes see page 2239.
Apr
Jan
Feb
83
8854
Jan
113
81
10054
107
15.000
D_.1967
105
Jan
100
11554
10654
97
Apr
9354
101
11,000
34,000
9934
10454 173,000
100 54
11,000
35,000
114
Apr
102
10754 109 54
*...._
50
103
96 X
92 54
42~000
114
97 X
•
8854
9154
10354 10354
9954
10454
9754
Feb
52,000
*9354
1956
16,000
10454 105
101
554s series F
82
8654
92
6s series I__
93
93
107.
10554 10654
10154 102
Jan
92
80 54
Broad River Pow 6s__1954
Mar
11,000
12054 12054
Mar
8054
90
Canada Northern Pr 5s '53
144
1948
~73~666
92
10454
10554
Kentucky Utilities Co—
9354
Birmingham Eleo 454sl968
Birmingham Gas 5s...1959
105
*11854 12054
.1947
1st M 5s series B
Jan
12,000
3,000
34,000
X
47X
44 X
Cincinnati St Ry 5 Ms A '62
0s series B
1955
10654
' 654
T660
27 M
30
1927
11,000
554
%
454s.—1941
102 M 10454
101X ' 102 X
9854
9554
120
Conv deb 454s C—.1948
f ♦Chic Ry« 5s ctfS
10654 10754
37
104X
63 X
1950
Ry 4Mb A
Chic Jet Ry A Union Stook
Yards 5s
..1940
n6X
36
Jan
6 Ms ex-warrants
1964
Cent States P A L 5Ms '53
10754
Jan
07
Guardian Investors 5s. 1948
7
101X
41X
1948
Mar
68
Guantanamo A West 0s '58
Jan
93,000
Cent States Eleo 5s
10654
53
10154 10354
4754
5154
Cent PoW A Lt 1st 5s.l956
Jan
6254
50
ser
10454
10954
102
Cent Power 5s
Jan
Apr
9,000
Apr
Associated Gas A El Co—
Canadian Pao Ry 09—1942
X
9454
10454 10554
Apr
Associated Eleo 454s—1953
Cedar Rapids M A P 6s '53
Cent Ohio Lt A Pr 5s—1950
Jan
2<lo6O
Mar
Arkansas Pr A Lt 5s..1950
Carolina Pr A Lt 5s...1958
61
9554
.6154
9454
45
123X
Bethlehem Steel 0s
541Q7
Feb
47
105
1950
11,000
Mar
108
Jan
Convertible 0s
Mar
10854
52
Jan
♦
9154
Jan
45
118M
Bell Telep of Canada—
1st M 5s series A
1955
Apr
96 54
84
45
102 M
Locom
7954
.
*47
1.000
Baldwin
148,000
7954
68
Grocery Store Prod 08^1945
53,000
Assoo TAT deb 5 Ms. A'65
Atlanta Gas Lt 454s.. 1955
Atlantic City Eleo 3 Ms '04
Apr
Gt Nor Pow 6s stpd..1950
120
..I960
Jan
59
26,000
6054
Jan
10454 105
Conv deb 654s
12854
Feb
105
Debenture 5s
Jan
Jan
10
7
104
1948
1949
102
125
15
Appalao Power Deb 0s 2024
Ark-Loulslana Gas 4s.l961
Conv deb 454s
Conv deb 5s
Mar
Jan
700
|, Appalachian Elec Power—
454 s
Feb
11154
Apr
200
104
Amer Radiator 454s_.1947
1st mtge 4s.
Mar
9
200
91
Aluminium Ltd debt 5sl948
Debentures
87
131
*55
Grand Trunk West 4s. 1960
0« series B
1st A ref 5a
Amer Seating 6s stp—1940
Apr
Mar
74*4
129
Mar
10
Alabama Power Co—
Amer G A El debt 6s.. 2028
Am Pow A Lt deb 0S..2O10
Mar
Jan
1953
6s
Glen Aiden Coal 4s
60
Sold
1967
Mar
8654
Apr
95
62
Apr
Bonds
1st A ref 454s
86
Jan
107
101
Mar
5
BONDS
1946
Jan
72 54
59,
♦Hungarian Ital Bk 754s'63
Yukon-Pacific Mining Co.fi
1st A ref 5s_
72 54
10954
8354
Georgia Power ref 6a_.1907
X,
2
7X
12
_6c
dep rets
79
265,000
7854 111,000
7654 24,000
10054
59
Mar
Wool worth (F W) Ltd—
Amer
77
5,000
1940
254
IX
7
General Bronze 6s
200
454'
5M
6s ex-warr stamped.1944
Gatineau Power 1st 5s.l956
1,300
5X
454
1X
654
Williams Oll-O-Mat Ht..*
Wisconsin PAL 7% pf 100
Florida Power A Lt 5s. 1954
Mar
West morel, nd Inc
1
1907
53
"it
Apr
2,000
1953
ax
10M
Wlllson Products Ino
65*8 series A
Erie Lighting 5s
Federal Wat Serv 554s 1954
'754
Apr
6754
Eleo Mfg
100
5
Vot tr otfs com
*
Marelil
Feb
Western Tab A Stat—*
WUson-Jones Co
Edison El 111 (Bost) 3 54s 65
Elec Power A Light 5s.2030
Jan
S*
66
21,000
Aug 1 1952
♦Certificates of deposit
Eastern Gae A Fuel 4s. 1950
Feb
28
55,000
70
11054
♦Certificates of deposit
♦Deb 7s
1,700
Westmoreland Coal Co..
Weyenberg Shoe Mfg
1952
—Aug 1
X
Western Maryland Ry—
7%
♦854s
1M
Uy'
3
Feb
Mar
Mar
69
6754
Detroit Internat Bridge—
ax
X
Welsbaum Broa-Brower._l
West Texas Utll $8 pref—*
2X
Jan
78 X
Gary Electric A Gas—
...1
Wayne Knitting Mills...5
—1
1.25
Mar
Apr
10054 10054
*12654 12854
1944
4
A....*
*
Wellington Oil Co
IX
54
.
Jan
Feb
60
Apr
100
Walker Mining Co
Went worth Mfg
Apr
20
8i#
454
u«
20
6X
Vogt Manufacturing
Waco Aircraft Co
Class B...
IX
200
20
40
pref—100
Waltt A Bond olass
ux
Apr
Feb
"it
Mar
Mar
20
Petroleum... 1
Va Pub 8erv 7%
Jan
100
ht
19
Apr
IX
350
554
Venezuela Mex Oil Co..10
Venezuelan
Mar
Jan
13M
45M
X
IX
Van Norman Mach Tool.5
8X
Delaware El Pow5Hs.l959
Denver Gas A Elec 5s. 1949
AX
h»
1154
Feb
500
1
Class B._
it*
Oudatay Packing 3*4s.l0ft6
X
XX
7
Conv preferred.
lUtll Pow A Lt common..1
Cuban Tobacco 5s
"'760
X
Cont 1 Gas A El 6s.—1958
H Cuban Telephone 7 54s.'41
"I'M "ix
42M
stamped—.1943
Jan
Mar
Utility A Ind Corp com..5
0s ser A
1954
Jan
Apr
Utah Radio Products—
Gen mtge 454s
Consol Gas Utll Co—
Jan
12
66
66
110
1971
2X
100
Mar
84
Jan
77
74X
*12954 131
1939
14 M
Apr
6
X
Jan
N.
ser
69
Jan
3
Universal Products Co-
l
(Bvlt) 354s
High
Low
71X
Consol Gas (Bait City)
Apr
5.000
"l,200
12
12
IX
14M
V/s
"~2%
1M
"T
21
Universal Pictures com—.l
Utility Equities Corp
*
$5.50 priority stock—..*
Mar
Feb
500
1.200
IX
8
1654
Consol Gas El Lt A Power
IX
10
insurance
Community Pr A Lt 6s '67
2%
593,000
74X
Conn Lt A Pr 7s A...1951
Apr
70
75
Jan
22 M
IS
m
10X
66
77 X
Jan
Jan
7,000
77X
Mar
Apr
07 X
75
1949
5j4s
1M
36M
1M
28 M
69
Range Since Jan. 1, 1939
$
72
Cities ServP AL654S.1962
68
450
200
Jan
1950
Conv deb 6s
Apr
1.100
5
WaU Paper.——2
Apr
2%
IX
Exten—50c
Universal Consol Oil
Apr
H
50
22 M
254
1M
X
Universal Corp v t c
Apr
12M
$7 conv 1st pref—-—
United
450
3
1054
United Stores v t c—
Verde
2X
300
Price
—196«
Cities Service 6s
43M
U 8 (Stores Corp com
United
Par
High
Jan
52
30 X
Low
Shares
85 X
IX
1M
-
Card.—.—10
Week
Apr
H
1
1st pre' with warr
U 8 Lines
for
of Prices
Low
High
72
3
50
Week's Range
Sale
1,500
3
354
U 8 Foil Co class B._-
U 8 and Int'l Securities—
Last
74 X
254
United Specialties com—
U 8 Playing
M
bonds
(Continued)
Range Since Jan. 1,1939
Week
High
Low
Sales
Friday
Sales
Friday
stocks
April 15, 1939
Exchange—Continued—Page 5
10454
94
10654 10654
2254
95
97
Mar
Jan
Mar
Mar
Mar
Feb
Jan
30
Mar
Mar
103
Mar
Jan
105
Feb
23,000
3,00c
10254
Jan
95
Jan
33,00c
10554
Jan
107
Feb
2854
Jan
2954
Mar
10354
Jan
10454
Feb
91
Mansfield Mln A Smelt—
68 stamped..
*29 54
*45
1943
Memphis Comml Appeal—
Deb 4 54s
1952
Memphis P A L 5s A—1948
Mengel Co conv 4 54s.1947
Metropolitan Ed 4s E.1971
4s series G
1905
50
*10454 10454
9554
9954
82
55
9554
9954 100
82
82
*105
10654
10954 11054
4,000
27,000
1,000
1(5066
52
Apr
66
Feb
9554
Apr
9654
Feb
92
Jan
82
Mar
Feb
Apr
10154
9154
10554
Apr
10854
Feb
10754
Jan
11054
Mar
Volume
New York Curb Exchange—Concluded—Page 6
148
Sales
Friday
Last
BONDS
Week's Range
Sale
(Continued)
Par
Price
Middle States Pet 0%s '45
Minn P & L 4 Ha
95 %
1978
98
1955
103
1st 4 ref 6s
Mississippi Power 5S..1955
Miss Power 4 Lt 5s
1957
*97**
Miss River Pow 1st 58-1951
Missouri
Pub Serv 5s. 1900
Range Since Jan. 1,
1939
BONDS
$
Low
1944
93%
Jan
98%
Jan
Texas Power 4 Lt 5S..1950
0s
Nassau 4 Suffolk Ltg 6s '46
66%
Mar
2022
103
8,000
99%
Jan
107
Mar
101%
Mar
Tide Water Power 6s—197P
90
92%
5,000
86%
Jan
96
Mar
56,000
Mar
Tletz
54
56%
42,000
50%
Jan
61%
Mar
31
35
11,000
31
Apr
52%
117% 118
3,000
Apr
101%
102%
Apr
105
Jan
Twin
88
17,000
82%
Jan
95%
Feb
Ulen Co—
95%
97%
64,000
88%
Jan
99%
Mar
108% 108%
10.000
108%
73%
Apr
109%
13,000
78
87
Jan
100% 100%
18,000
100
Jan
Jan
99% 100
27.00C
98
97
95%
97
46,000
92%
Jan
34
35
15,000
33
Apr
110H
109% 110%
2022
119H
119
60 H
1950
Conv deb 5s
Feb
United
Mar
United Lt 4 Pow 0s...1975
•
Jan
107%
Jan
17.000
115%
Jan
120
Jan
101
13.00C
5,000
118% 118%
60% 62%
Mar
4,000
96
76%
118%
Apr
Jan
Mar
Apr
119
—1942
4%S
Feb
♦Income 6s series A. 1949
N If Central Elec 5 Ha 1950
Mar
Mar
Mar
72%
Mar
6s
86
83%
86
9,000
82
Jan
91%
Mar
20
24
27,000
19%
107%
Jan
31%
98%
Mar
109
Waldorf-Astoria Hotel—
Feb
101 %
♦5s
2.000
1954
*113
113%
Nippon El Pow 6H8..1953
53
53%
I0T606
95%
5s
Debenture
104%
112%
West
104% 104%
Feb
Penn Elec 6s...2030
West Penn Traction 6s '00
113%
West Texas Utll 5s A
loi%
1957
Mar
twest United G4E 5 %s'55
Apr
Mar
Wheeling Elec Co 58.^1941
Jan
103%
Mar
Wise Pow 4 Lt 4s
Jan
106
Jan
113%
{♦York Rys Co 6s
Mar
Mar
58
102
Yadkin River Power 5s '41
Feb
Apr
108
104
Jan
105%
Feb
113% 113%
Jan
96,000
99
Apr
113%
102%
Mar
101%
50
Apr
2,000
24,000
*106
101% 103%
4*1*666
104% 104%
22,000
102%
io4H
1937
91
Agricultural Mtge Bk (Coll
♦20-year 7s....Apr 1946
*23
29
♦78ctfsof dep. Apr '46
*20
32
Jan 1947
*23
27
Stamped 5s
1947
110%
52%
"
*88
90%
-
3,000
104ll3Z 104%
50
1960
91
Jan
108%
105
99
104>»3,
Feb
Jan
16,000
6,000
4,000
Newspaper Un 6s '44
86%
109
Jan
50
1954
deb
108% 108%
105%
105
Mar
99
Income
Wash Ry A Elec 48—1951
Wash Water Power 5s 1900
Feb
105%
1940
West
106
Mar
Mar
95
Apr
106
94%
98%
90
N Y 4 Westch'r Ltg 4s 2004
79%
Apr
96%
52.000
99
Apr
Jan
92%
106%
Apr
70
81%
Apr
90
47,000
16,000
Apr
Mar
49,000
2,000
85
115%
89%
95%
107 H
70
81%
Jan
91
Apr
101 %
70
112
87
87%
N Y State E4G 4Ha 1980
42,000
26,000
91,000
N Y P 4 L Corp 1st 4 Hs'67
Feb
114%
113
22,000
90%
Jan
Feb
90
20,000
87%
79
107
Apr
91
Jan
2,000
Mar
78%
94
107%
83%
106% 107%
100
101%
Apr
104%
23,000
93
12,000
83%
72
12,000
82%
87%
108% 108%
1950
Mar
9,000
106%
7m
91
New York Peon 4 Ohio—
♦Ext 4%s stamped.
82%
73
72
89%
Jan
Jan
Mar
88%
54%
Apr
80%
93%
54,000
89%
Apr
34,000
93
66
102%
68
72
1st ref 5s series B...1950
61
33,000
Mar
Va Pub Serv 6%s A..1940
613*
Feb
27%
Mar
* Jan
99%
Jan
Feb
82
1944
Jan
Mar
23%
Mar
Jan
54
34,000
1973
27
Jan
Mar
72
55
12,000
100% 101
90%
89%
91
*102
104
6s series A
52
26%
68
113
118
72%
70.000
New Or;eans Pub Serv¬
es stamped
1952
4l
35
Utah Pow 4 Lt 08 A..2022
Mar
89%
0s series A
Jan
Apr
116%
35
106
(Del) 5 %s '62
United Lt 4 Rys (Me)—
9,000
*18%
71
.1959
.......
45
*18%
1974
5%s_
103
41
41
Un Lt 4 Rys
Feb
63
91%
6 %S
Mar
61
"90
1950
Feb
104%
99%
36%
110%
69.000
79
76%
Jan
86
El Serv 7s
♦United Industrial 0%s *41
♦1st s f 0s
1945
101%
54
Conv 0s 4th stamp.1950
United Elec N J 4s
J 949
Mar
61
New Eng Power 3%a„1901
New Eng Pow Assn 5s_1948
Debenture 5 Ha
1954
120
99% 100%
118%
..1948
5s
(L) see Leonard
City Rap Tr 6 %s '52
97 %
32,000
86%
77
N B Gas 4 El Assn 5s 1947
Feb
Feb
Apr
1.000
New Amsterdam Gas 5s '48
106%
93%
83
"78%
High
Jan
59
83
Nevada-Calif Elec 6s. 1950
Low
103
10.000
83
Netener Bros Realty 6s '48
52,000
45,000
99%
6s series A
104H 105%
97%
98%
2030
2020
Deb 5s series B
105
Range Since Jan. 1, 1939
$
63
97%
102% 103%
A
Low
93%
{♦Nat Pub Serv 5s ctfs 1978
Nebraska Power 4%s.l981
Nat Pow 4 Lt 5s A
series
for
Week
of Prices
High
Price
60
76
100%
Week's Range
Sale
Par
High
Montana Dakota Power5 Ha
Last
{.Concluded)
"
98%
196
Midland Valley RR 5s 1943
Mllw Gas Light 4 %s.-1907
for
West
of Prices
High
Low
2239
Sales
Friday
*2*666
91
Mar
Feb
Mar
63
Feb
104%
Apr
105%
103
Jan
100%
100%
Jan
Jan
104
90
Jan
94
Jan
89
Jan
94%
Feb
Feb
28%
Jan
Jan
26%
Jan
24%
Jan
*24%*
Mar
8%
Jan
11%
Mar
11
Mar
Jan
Mar
105%
Feb
No Amer Lt 4 Power—
97
49%
15,000
99%
Feb
9,000
47
Jan
57%
Mar
107% 107%
2,000
107
Mar
108%
Feb
10,000
107
Jan
1909
104% 105%
104% 104%
4 He series E
1970
N'western Elec 0s stmpd'45
102
48,000
*105% 106%
5Hs series A
1950
Nor Cont'l Utll 5%s..l948
48
No Indiana G 4 E 6s—1952
Apr
FOREIGN GOVERNMENT
AND
MUNICIPALITIES—
Indiana P S—
Northern
...I960
5s series C
5s series
•
95%
D
N'westerc Pub Serv 5s 1957
Ogden Gas 5s
1945
Okla Nat Gas 4 Ha
1951
104%
97%
7,000
103%
97%
109
Apr
102
Apr
•
98
*4*666
1,000
38,000
Apr
Mar
Jan
109
Mar
Feb
97%
108
"
Mar
104%
Jan
106%
104%
105%
102%
Apr
,
104
109
105%
104%
104%
Jan
105
98%
98
62,000
98
Apr
105
Mar
94%
94
95%
102% 102%
44,000
91%
Jan
Mar
2,000
101%
Jan
,97%
104
Mar
113%
113% 113%
25.000
112%
Mar
113%
94%
Mar
58 conv debs
Pacific Coast Power 6s '40
100
>
♦7s ctfs of dep. Jan
...1941
Pacific Invest 5s ser A. 1948
Pacific Ltg 4 Pow
5s..1942
Pacific Pow 4 Ltg 5s..1955
1904
Penn Cent L 4 P 4%s.l977
"81%
Park Lexington 3s
Jan
32
Jan
92
94
"
113%
87%
37%
B ctfs of dep. 1945
*6
18
ser
C ctfs of dep. 1945
*6
18
Feb
♦7s
ser
Jan
♦7s 1st
D ctfs of dep. 1945
ctfs of dep.'57
ser
ctfs of dep.'57
Mar
♦7s 2d
ser
Feb
♦7s 3d
ser
91
Jan
Mar
♦Baden 7s
5,000
98
Jan
104%
Mar
♦Bogota (City) 8s ctfs.1945
97
Jan
103%
Mar
Bogota (see Mtge Bank of)
..I960
104%
104
104%
17.000
100%
Jan
106
Mar
102
103
33.000
91%
Jan
103%
Mar
♦7s ctfs of dep
1948
4.000
106%
Jan
109%
Mar
♦7Ha ctfs of dep...1946
1,000
105%
Jan
108
Mar
Cent Bk of German State 4
105
Jan
108%
Jan
99
_
ctfs of dep.'57
94,000
1961
"
167"
5H8-1972
Pblla Rapid Transit 0s 1962
Pledm't Hydro El 6Hs "00
Pittsburgh Coal 0s..1949
92
93%
112
42
38
103%
7,000
106
15,000
24,000
30,000
Apr
Mar
108%
1961
109%
68
<
70
108% 108%
108% 109%
43% 43%
103%
*102
30
*16
Potrero Sug 7s stmpd.1947
'59
♦Prussian Electric 0S..1964
Apr
95%
Apr
97%
113%
Apr
Jan
.
80
Mar
dep.'40
7a.i_.1948
Valley
♦Prov Banks 08 B..1951
♦0s series A__
Feb
38
Apr
51
Jan
1,000
103
Mar
108
Mar
-95%
Jan
99
Feb
17%
23*666
04
Jan
2/00
107
Jan
28,000
108%
Jan
2,000
39%
Jan
100%
Jan
-
22
Feb
20%
77
♦6s
—
Feb
Feb
44%
105%
Mar
Jan
Mar
Feb
dep.lJuly '61
146
146
0% perpetual certificates
9.000
146
Apr
152%
23.000
106%
Apr
107%
Jan
84
81%
84% 145,000
75%
Jan
92 ,"
Mar
80%
77%
80%
42.000
72
Jan
90%
Mar
1st 4 ref 4Hs ser D.1950
77%
75
77%
52.000
70%
Jan
86
Mar
106% 107%
1900
*6
18
11
Mar
18%
18
Feb
19
Feb
*6
20
15
Mar
15
Mar
*6
12%
12%
16%
Mar
*7
10
*7
16
17
2,000
10
Jan
11%
40
40
Mar
Jan
12
22
Jari
25%
Feb
22
Jan
25%
Mar
*15
'61
19%
Feb
22
Mar
91%
100
Jan
1951
1955
82
*78%
28
28
28
108% 109
17%
*16%
*134% 135%
{♦St L Gas 4 Coke 08.1947
L 4 P 8s B "52
Apr
Jan
28%
Jan
35%
♦German Con Munio 7s '47
*-----16%
32
17
4,000
20
Mar
16%
16%
4,000
16%
16%
Apr
1947
Apr
20
Mar
18
20
Jan
22
Apr
14
3,000
2,000
17
•14
14
Apr
20
Mar
1,000
11
Feb
13
Mar
Jan
91%* 91%
1953
1952
♦External 6%s
♦Secured 0s
78—1939
%s.l949
♦Hanover (City)
20
♦Hanover (Prov) 0
♦Lima (City) Peru 0%s *58
♦Maranbao 7s—
1958
1951
♦6%sctfsof dep
1954
Mtge Bk of Bogota 78.1947
1927
♦Issue of May
♦7s ctfs of dep. May'47
•i
♦Issue ot Oct
li'ooo
21
11,000
24.
25
3,000
101%
,101
49
50
"1st 4Hs series B
103*"
102
1st 4 Hs series D
103%
103% 103%
103
77
"86%
85
Southeast PAL 6s...2025
98%
98
24
101
4,000
49
107
103% 104%
Sou Carolina Ppw 5s. 1957
,20%
10.000
*107
■
15,0Cc
2.00C
2.00C
Jan
108%
134
20%
Shawlnigan W4P4H» '07
Apr
16%
♦Schulte Real Est 6s.. 1961
1948
Jan
28
35
103%
102
103%
.
Feb
Feb
Apr
.Feb
"109%"
18
♦Mtge Bk of Chile 08.1931
Jan
Mtge Bank of Columbia—
135%
27
31%
Mar
Mar
Mar
Mar
Jan
dep_.__.1946
.1947
Apr
Apr
107
Apr
Mar
106
-Feb
♦Santiago 7s...—-—1949
Mar
Jari
Apr
105%
Feb
Mar
105%
Feb
79
7,000
88
6,000
100% 130.000
70%
Jan
83
Jan
94%
Jan
41,000
103%
15,000
108%
108%
14*000
111
5,000
12,000
103%
83
Jan
Mar
15
Mar
Feb
10
Feb
*8
18
9
Jan
9
*23
28
*19*666
6%
.11%
25%
30
*10
*9
26
"~25%~
*Tii%"
17
•
11%
*%
;
Mar
Jan
"26%
Mar
Apr
"*16*
Jan
32"
32
.
00%
11
4,000
11%
2,000
8%
6%
%
*
%
t%
.....1901
26%
32
90
11
'
Jan
Jan
32
*23
*20
-
♦7s
15
Jan
10
t
♦Russian Govt
Feb
18
*20
♦6%s ctfs of dep-..1947
Mtge Bk of Denmark 5s '72
♦Parana (State) 78—1958
♦Rio de Janeiro 0%s.l959
65
103%
96%
*8
*20
♦7s ctfs of dep
0%a—1919
♦5Hs
1921
♦Santa Fe 7s stamped.1945
Apr
2,000
12
13%
*10
1927
Mar
11%
11%
*10
11%
♦7s ctfs of dep
♦7s ctfs of
♦Saxon Pub Wks 6s...1937
101
63%
20
88
40
*16
Safe Harbor Water 4Hb '79
3,00C
30
,
*6
♦7s ctfs of dep.Oct '47
1952
30
*15
90%
5Hs
68
Queens Boro Gas 4 Elec—
1968
1970
Sheridan Wyo Coal 6s 1947
18
15
t
Danish
Mar
Puget Sound P 4 L 5Hs '49
1st 4 ref 5s ser C...1950
Servel Inc 5s
„
panzlg Port A Waterways
Pub Serv of Oklahoma-
Scrlpp (E W) Co 5H8.1943
Scull In Steel 3s
..1951
"
(Dept of)»
♦Medeliin 7s stamped. 1951
Public Service of N J—
♦Ruhjr Gas Corp 0H8.1953
♦Ruhr Housing 6H8—1958
18
*18%
*18%
.1952
ctfs of dep.-Oct
♦6%s ctfs of dep
Mar
109%
109%
23
♦es ctfs of
Cundlnamarca
Feb
3,000
Jan
•
Mar
I2T666
22
*15
68
91%
92%
111%
77
96%
Potomac Edison 6s E.1950
PowerCprp(Can)4HsB
92%
91%
95
92%
111% 112
*75% 80
103% 103%
♦Pomeranian Elec 0a..1953
4Hs series F
8,000
26
Columbia (Republic of)—
Pittsburgh Steel 6s...1948
Portland Gas 4 Coke 5s *40
108% 108%
107
107
103% 103%
106% 106%
♦Cauca
*6
*6
*6
*16%
♦Caldas 7%s ctfs of
1
Phlla Elec Pow
San Joaquin
15
ser
*7s
68*666
4%sserlesB
..1908
Peoples Gas L 4 Coke—
4s series B._.
...1981
4s8erles D
1901
6Hs series A
*6
ser
♦78
100
Penn Water 4 Pow 58.1940
4s series A
A ctfs of dep. 1945
♦7s
'100
1954
D
Feb
76
32
98
Penn Pub Serv 0s C..1947
6s series
113
146,000
*20
(Dept
25%
lumbia—
99
B..1959
Deb 6Hs series
3,000
82
38
32
"99%
'*93%
1979
0s series A
-04
113
78%
*36
32
*20
1971
1st 6s..
Penn Electric 4s F
Penn Ohio Edison—
Apr
4,000
89
113
*20
Antloqula
Pacific Gas 4 Elec Co—
1st 0s series B
'47
Aug '47
Apr '48
of) Co¬
♦0s ctfs of dep
♦6s ctfs of dep
Jan
106%
105%
1940
Okla Power 4 Water 5s '48
'
♦20-year 7s
Feb
Apr
Jan
Jan
Jan
Jan
96%
Mar
15
Mar
14%
%
%
Mar
Feb
Jan
49
50
49
Apr
52,
10%
10%
10%
6,000
10%
Apr
14%
Jan
10,%
7,000
10%
Apr
14%
Jan
15,000
Mar
Mar
Feb
95%
104%
Feb
Apr
106%
Mar
Jan
110%
Mar
Jan
Mar
Jan
110%
112%
Feb
105%
Jan
Apr
52%
Mar
Sou Calif Edison Ltd—
Debenture 3%s
1945
Ref M 3%s_May 1 1900
104
109%
Ref M 3%s B.July 1 '00
1st 4 ref mtge 4s...I960
111%
43
Sou Indiana Ry 4s
8'western Lt 4 Pow 5s 1957
So'west Pow 4 Lt 08. .2022
So'west Pub Serv 08.-1945
111% 111%
104% 104%
Sou Counties Gas 4Hs 1968
1951
S'western Assoc Tel 6s 1901
103% 104
109% 110%
*109% 110%
102%
"l05%
43
42
Feb
102% 103
17,000
102%
Feb
102
103
3.000
102
Apr
103%
104%
Mar
81
85
6.000
81
Apr
94%
Feb
Jan
106%
Mar
105% 106%
26,000
104%
Jan
♦No par
1948
1948
57%
55
58
75,000
55
Apr
70
Mar
Conv 08 (stpd)
57%
54%
58%
51.000
35
Jan
70%
Mar
Debenture 0s
(stpd)
Bonds being
55
58%
64.000
55
Apr
70%
Mar
57%
54
58
55,000
54
Apr
70
Mar
57%
54
58
16,000
54
Apr
69%
87
Jan
96%
Mar
Mar
yearly range:
No sales.
Corp—
1940
1946
Tennessee Elec Pow 5s 1950
Stlnnes
"57%
Mar
58
49*666
53%
Apr
70%
21
22%
25,000
21
Apr
35
Jan
50
50
1,000
.50
Apr
64
Mar
34
35
3,000
e
(Hugo)
V
2d stamped 4s
2d 8tamped 4s..
Ternl Hydro-El 6
Ha—1953
Texas Elec Service 5s. 1900
"34"
34
Apr
88%
Jan
50
100%
99%
99%
99%
42%
40
44%
41.000
40
Apr
53%
Jan
97
99%
69,000
97
Apr
102%
Mar
Cash sales transacted during the current week and not
Included In weekly or
Under-the-rule sales transacted during the current week
and not Included In
weekly or yearly range:
Jan
No
Feb
57,000
which have been called
1941, Sept. 1 at 105.
Stein (A) & Co. 6%% pref., July 1 at 100, plus dlvs.
Western United G A E 5%s 1955, May 5 at 104%.
57%
94
week.
Cuban Telep 7%s
1957
Standard Invest* 6H» 1939
Standard Pow 4 Lt 08.1967
♦Starrett Corp Ino 5s. 1950
*89
53%
No sales were transacted during current
{ Reported In receivership.
TJThe following Is a list of the New York Curb bond Issues
1951
_
>
traded flat.
In their entirety:
Deo 11966
Debenture 6s
6s gold debs
Included In year's range, n Under
Gash sales not Included in year's
Ex-dividend.
X Friday's bid and asked price.
♦
Standard Gas 4 Elec—
6s
x
a Deferred delivery sales not
not included In year's range,
r
value,
the rule sales
range,
z
n
sales.
Deferred delivery sales transacted during
weekly
or
the current week and not Included
yearly range:
No sales.
Abbreviations
Used Above—"cod", certificates of deposit;
"cons," consolidated;
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock;
"v t c," voting trust certificates: "w 1," when issued; "w W," with warrants: "x-w
without warrants.
.
'
April
Chronicle
Financial
2240
15,
1939
Other Stock Exchanges
Baltimore Stock
Exchange
Sales
Friday
Week's Range
Last
Sale
Par
Stocks—
Arundel Corp--
20%
20%
—-
Atlantic Coast (Conn) -.50
100
Atl Coast Line com
1st
113%
Eastern Sugar
Preferred
30
30c
35c
1,110
345
239
5%
50
50
30
"26"
1.20
71
112%
5%
Mar
15%
Apr
65c
Jan
Apr
2.10
Jan
Jan
*80%
Mar
117
Mar
4
Apr
Bell System Teletype
Jan
6%
Jan
Friday
Mar
Last
Week's Range
for
10
10
18
10
Apr
10%
Mar
Sale
of Prices
Week
758
17
Apr
21
Mar
6
17
17%
20
20
•
12%
20
Apr
20
Apr
87c
2,300
75c
Apr
1.40
Jan
75c
75c
200
75c
Apr
1.40
14%
25%
14%
55
13
Jan
26%
346
1.50
25
Jan
27%
Apr
3
Mar
Aetna Ball Bearing corn..]
6
6%
400
6
Apr
8%
Mar
150
11
Apr
Mar
8
Apr
43
Mar
"ii%
42%
10%
Apr
14%
6%
Allied Products
10
com
Class A
Allls-Chalmers Mfg Co...
Altorfer Bros conv pref.
*
Jan
350
1.00
Feb
1.25
Jan
85
85
30
83%
Jan
Amer Pub Serv pref....100
80
40
73
Jan
88%
84%
Mar
80
Mar
Seaboard Comm'l com..10
12%
20
12%
Apr
16%
3,181
16%
Apr
13%
23%
Jan
U 8
12%
19%
Amer Tel <fc Tel Co cap. 100
Armour & Co common...5
Mar
Asbestos Mfg Co com
32%
32%
50
31
Jan
33%
Mar
Associates Invest
21
19%
Apr
22%
868,000
21
19,200
24%
19%
24%
22%
Apr
.24%
27%
Mar
86%
Mar
1975
flat—
Auburn Auto Co
Jan
Aviation
4,500
84%
Jan
100
2,000
96
Jan
100
Feb
Backstay-Welt Co
100
100
1,000
100
Apr
101
Feb
2.000
102%
Feb
102%
Barber Co (WH) com
1
Barlow A Seelig M fg A com 6
Exchange
v
Week's Range
Last
Sale
Stocks—
Par
Price
Range Since Jan. 1, 1939
for
Shares
Low
Borg Warner Corp—
(New) common
High
6%
50c
*
1st pref...
.....'..50
non-cum
pref
Amer Tel A Tel
12%
"
60
1%
100
152%
Boston A Albany
Boston Edison Co
..100
""74%
100
132%
50
50c
13
45
1%
147% 153%
75
75%
71%
77%
28
'
842
60c
Jan
147%
Apr
1%
'
170
Mar
Butler Brothers
75
Jan
82
Mar
71%
Apr
89%
5% conv pref
Campbell Wyant
Feb
405 zl27
Jan
146
Mar
41
38%
45
852
38%
Apr
56
Mar
17
16%
17%
125
16
Apr
19
Jan
7%
6%
7%
165
6
Jan
211
"1%
1%
1%
Jan
1%
1%
1%
109
Cl C 1st pref std
100
Boston Personal Prop Tr_*
Boston A Providence
100
1%
1%
1%
2%
Cl B 1st pref (stpd) —100
11%
3%
3%
45
1%
Apr
^
133%
•*
Boston A Maine-
Prior preferred
100
Cl A 1st pref std
100
12
11
12
10
10
12
Brown-Durrell Co com...*
1%
1%
Calumet A Hecla
5%
4%
3%
25
Copper Range
25
East Gas A Fuel Assn—
*
Jan
Mar
11
Jan
37
10
Apr
23
*
4%% prior pref
6% preferred...
1%
17%
100
1%
16%
7
7
100
Common
100
»
m
m
m
17%
■
5%
779
§%
6%
Jan
Central States Pr & Lt pfd *
1,480
4%
3%
Apr
4%
Jan^
Chain Belt Co com
*
Chic Cty ConRys pt com.*
18
337
7
272
Apr
25
Jan
Apr
12%
Jan
*
Preferred
*
.......
Hathaway Bakeries pref.. *
Class A
Helvetia Oil Cote
Isle Royal Copper Co
.
10
1
Jan
130
15
Feb
117
3
1%
26
Apr
5% cum pref..
21%
2%'
14%
Jan
Commonwealth Edison—
Mar
2%
17
Mar
22%
Jan
18
19%
.
*
*
4%
1,035
1%
103% 106%
30
1%
Mar
6%
18
Jan
3%
1%
103%
Jan
5
Mar
Feb
2
Jan
Apr
112%
Feb
%
144
%
Mar
1%
Jan
37c.
40c
550
35c
Mar
1.00
Jan
75c
1.00
%
.
637
Container Corp of Amer. 20
Continental Steel com
*
Preferred
Apr
Jan
Crane Co
80c
Jan
Feb
40c
Mar
Cunningham Drug St..2%
Dayton Rubber Mfg com.*
9%
Mar
14%
Jan
24%
Jan
10
65
15%
1%
17%
2
250
15
15
449
9
472
35c
50c
150
1,417
1
Jan
23%
Jan
Jan
15
64%
66%
460
64%
Apr
,
%
%
950
%
Jan
4%
4%
450
4%
Apr
1%
5,800
1
Apr
3
Jan
Deere & Co
16
Jan
Mar
Dexter Co (The) com
5
Diamond T Mot Car com.2
Dixie Vortex—
Apr
11
2,740
Apr
17%
Jan
119
35c
Apr
86c
Jan
25
452
28%
Mar
74
1,100
22%
71%
Feb
71%
41%
Apr
43
70
41%
Apr
85%
44%
Mar
Jan
67c
50c
67c
6,310
50c
Apr
75c
Feb
5%
6%
270
5%
Apr
7%
Feb
1%
2%
500
1%
Mar
3%
Feb
72
23
Mar
24%
Feb
80
J1.000
80
Apr
85%
Mar
90
4,200
80
Apr
90
Mar
1948
95
95
1,300
91
Jan
95
Apr
Sales
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Range Since Jan. 1,1939
Shares
Low
High
Abbott Laboratories^—
Common
55
31%
362
53%
Apr
64%
90
31%
Apr
43
Jan
Feb
V
1%
Jan
Jan
55
Mar
Jan
108
Mar
Apr
6%
Mar
Jan
16%
Feb
Apr
%
Apr
Apr
2%
38%
Mar
Apr
14%
Feb
Jan
78%
Mar
3%
150
3
15%
15%
50
15
%
%
50
%
1%
1%
1%
14,080
1%
Apr
33%
33%
34
500
33%
12%
12%
10
12%
62 "
64%
500
%
150
63~*
•
%
*V»
*
6
6
108
108
-
70%
'
Mar
Jan
2%
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
Four-Wheel Drive Auto. 10
Fox (P) Brewing com
6
Fuller Mfg Co com
1
Gardner Denver Co com. _*
S3 cumul
com
Jan
Apr
8%
Jan
40
108
Mar
110%
Feb
67%
5
72
Jan
Jan
,
Feb
9%
Jan
84%
Mar
53%
Apr
6%
^2%
Apr
300
100
18%
Jan
25
Mar
11,500
25%
Apr
28%
Mar
13c
Apr
18c
Jan
»%
3%
Feb
Mar
26%
25%
26%
14c
13c
16c 200,700
9%
9%
5%
400
9%
Apr
15%
Jan
450
5
Apr
Mar
7%
1,500
7
Apr
6%
9%
5%
Apr
9%
'5
"V%
7
5%
5%
2
2%
"io%
9%
16%
l08
110
80
1
%
210
,
7%
2%
Feb
1%
Jan
Apr
210
16%
Apr
440
Jan
Apr
37%
Jan
Apr
16%
17%
26%
Mar
Apr
3%
23%
Mar
24%
12%
13
150
11
800
9
23
30
23
1%
18%
50
1%
15%
1%
4
Apr
5
100
6
Apr
9%
Jan
Apr
12%
Jan
6
5
1
*
39%
*
50
10%
3
18%
24%
27%
10%
3%
11%
3%
13%
13%
10%
6
Jan
Jan
Apr
8%
450
14%
Feb
16%
Feb
1,050
Apr
3%
Mar
400
2%
17%
Apr
22%
Mar
205
24%
Apr
43%
600
Apr
14%
Jan
250
10%
3%
Apr
4%
Mar
350
10
Jan
700
7
15%
2%
17%
2
1
Mar
100
6
15
2%
Jab
Jan
4%
6%
11%
Jan
Jan
Apr
6
15%
13%
445
Apr
Mar
29%
108
4
10%
11%
950
,
16%
Jan
470
17%
21%
.
16%
10%
108
23
Jan
Jan
Jan
13
9
Jan
%
9%
22%
10%
Apr
2
102%
21%
12%
pref
20
Gen Amer Transp Com..5
Gen Outdoor Adv
1
Mar
21
conv
General Motors Corp.-.10
%
6
21
Elec Household Utll cap .5
Elgin Natl Watch Co... 15
Fairbanks Morse com
*
FitzSlm & Con D A D com*
62
Jan
100
40
71%
6%
2%
*
950
2%
2
Jan
15
2%
Jan
Mar
Mar
11%
13
1,200
11%
Apr
14
Jan
62
63
300
59
Jan
63
Apr
40%
40%
130
40%
Apr
60
Jan
10
10%
250
10
Apr
11%
2%
Feb
Mar
Jan
1%
2
700
1%
Apr
38
41
455
36%
Jan
37%
4%
41%
2,150
4%
37%
4%
Apr
50
Apr
5%
397
5%
Apr
10
6%
10
42%
51%
6%
8%
400
10
Apr
13%
24%
1,311
21%
Apr
37%
Gillette Safety Razor
*
Goldblatt Bros Inc com..*
"5%
Goodyear T A Rub com..*
Gossard (H W) com
*
"22%
21%
9%
350
Great Lakes D A D com..*
19%
18%
20%
5,700
10
8%
9%
Hamilton Mfg cl A pt pfdlO
Harnlschfeger Corp com. 10
4%
5%
5
5
Hall Printing Co com
53%
31%
%
6
Feb
45
»
com
General Candy Corp A
General Finance com
General Foods com
Chicago Stock Exchange
Friday
Jan
75%
.;
100
35
Apr
8%
8%
24
Curaul cl A pref
Feb
Apr
9%
320
Decker (All) ACobncora.10
15%
1%
22%
24
25
com
14
6
For footnotes see page 2243.
16%
Apr
12%
440
100
Mar
35c
*
Apr
16
180
*
20c
10%
25
395
250
13%
51
50
75c
80
Common pt sh A
Common pt sh B__
30c
80
com. J
10%
17
104
pref part shares. .50
5
..1948
Common (new)
Consolidated Oil Corp..*.*
Consumers Co—
350
.
Jan
Mar
i
__1
200
9%
Price
com
50c
April 8 to April 14, both inclusive, compiled from official sales lists
Acme Steel Co
Compressed Ind Gases cap5
Consol Biscuit
40c
«5C53
Par
—.25
30c
8%
8%
Eastern Mass St Ry—
Series A 4%s
1948
capital
Rights (wl)
50c
10
*
Stocks-
New
V t c
4%
9
23%
16
500
Jan
.,
Apr
Apr
13
2%
4%
6
18%
46
10
common
Club Aluminum Utensil._*
Coleman L'p A Stove com *
589
Waldorf System
600
6%
(New)
Jan
Jan
Mar
Warren Bros
3,000
Mar
Jan
-MM
3%
7
101
__*
25c
2
71%
2%
20
Jan
7
pref.*
1%
.
195
43
Jan
Mar
27
2
MM
17%
Apr
Jan
2
M
7%
Apr
235
Apr
*
United Shoe Mach Corp.25
6% cum pref
25
Utah Metal A Tunnel Co.l
Apr
3,701
10
Torrington Co (The)
5
9%
2%
550
8%
20
Mar
900
60%
40
Jan
200
7%
50
Suburban El Sec Co com..*
Mar
53%
338
*
20
Cities Service Co—
5
Stone A Webster
Jan
Chlo Yellow Cab Co Inc..*
11
"""8%
17
Chrysler Corp common..6
10
*
conv
Common
Mar
7%
100
Shawmut Assn TC
Jan
40
Mar
10%
5%
3
*
Chic Flexible Shaft com..5
.100
1%
Series D 6s
Preferred
.
"16%
32
•
1%
102
Chicago Corp common...*
Chic & N W Ry com...100
Chic Rivet & Mach cap...4
5
50
Apr
Jan
Jan
25
Reece Button Hole MachlO
20
Jan
Apr
Pacific Mills Co..—..*
Warren (S D) Co
Bonds—
*
Mar
"
Pennsylvania RR
Quincy Mining Co...
Apr
2,370
Mar
%
.
1,750
5%
20%
8
13%
50c
17%
Jan
10
24
18
40c
17%
Jan
Jan
25
600
""
22%
,
6%
29%
Jan
Apr
Apr
Jan
1%
14%
..25
20
Mar
7%
2%
13%
1,360
Apr
%
Old Colony RR.......100
100
13%
2%
15%
Apr
14%
%
200
5,150
Jan
Apr
Mar
Apr
4%
20%
8%
Jan
Feb
13%
11%
4%
16%
4%
7%
14%
10%
Jan
Apr
16%
-
Apr
6%
5%
22
7%
10
700
300
18%
%
"105"
400
8
20
Jan
.2.50
-8%
11%
6%
8
Mar
NYNH&HRR.....100
8
10
659
10c
4%
Jan
497
6%
1%
]
13
20
300
«•
100
20
312
MM *
14
18%
5%
21%
22c
__
4
Apr
20
1%
National Tunnel & Mines. *
New England Tel A Tel 100
Ctfs of dep
Old Dominion Co
,
..*
_
Mar
Mar
4%
Jan
4%
685
1%
Linotype. .*
Racing Assn
Butte
5%
20c
Mass Utilities Assoc vto.l
Inc
—.
Chicago Towel
*
15
Common
Sries B5s
,
1
Loew's Theat (Boston)..25
Me Cent—
North
3%
5
......
*
»
Gillette Safety Razor
Narragansett
1
19
v
Employers Group
Mergenthaler
1
17
Apr
5
.
Jan
1%
Apr
2%
130
9%
16%
1
Prior lien preferred
7%
3
3
100
Eastern 8S LinesCommon
Common
Preferred.
1%
16%
850 '•
6
Chicago Elec Mfg cl A—.*
..100
Adjustment
1
*
Jan
Eastern Mass St Ry—
Preferred B.
Common....
Convertible pref—.
Feb
36
Feb
.
Central S W—
1%
1%
Jan
Central 111 Sec—
Jan
Apr
36
30
250
Mar
18%
*
1%
"
Common
Foundry cap.
Mar
435
Jan
Apr
,
com—
200
1%
1
8%
2%
Castle A Co (A M) cdm.10
Central Cold Storage com20
Cent 111 Pub Ser 86 pref-.*
Mar
3% Mar
12%' Feb
Mar
3%
5
19%
%
4%
9%
10
Jan
150
Apr
5%
...30
6%
Apr
9%
Burd Piston Ring com.._1
170%
Apr
59
Apr
5
Bruce Co (E L) com
Mar
Jan
Apr
3,800
2%
...1
Mar
Mar
100
Elevated
Common
Feb
15
Jan
1%
Boston Herald Traveler..*
Boston
128
4,971
•
Jan
32c
12
100
1%
Blgelow-Sanf'd Carp pf 100
21%
Brach A Sons (E J) cap...*
Brown Fence & Wire—
*
American Pneumatic Ser
Common
5
Mar
Jan
3%
4%
5%
2%
5%
7%
2%
"is
Bliss & Laughllnlnccom.5
Week
of Prices
High
Low
8%
1
20%
Apr
4
-
.1
Jan
Feb
100
2%
3%
14
20
47%
830
2%
3%
4%
5
Berghoff Brewing Co.
Binks Mfg Co capital..
Sales
Friday
31%
2%
10
Apr
147%
3%
130
%
"2%
Belmont Radio Corp.... .*
Bendix Aviation com.
5
April 8 to April 14, both inclusive, compiled from official sales lists
65
com..
Belden Mfg Co com
Jan
28%
21%
72%
2,800
Bastian-Blessing Co com.*
Boston Stock
65
"2%
Aviation A Trans C cap.l
86
99
Mar
21%
40
30
4
86
102% 102%
775
3
1975
166"
32%
com...
Corp (Del)
4% '47
Interstate Co 5%
1950
Read Drug A Chem 5 % a. '45
B 6s—
Finance Co of Amer
28%
21%
%
Mar
8%
19%
'
147% 153%
4%
3%
*
Athey Truss Wheel cap
Bonds—
65
...—
15%
Apr
Apr
5%
50
17
Jan
17
150
6
17
1
com
12
5%
5%
..25
Penna Water & Pow com.*
5b
11
Allied Laboratories com. „*
Feb
Northern Central Ry—60
A
Jan
9%
1%
42%
Bait Transit 4s flat...1975
Mar
6%" Apr
42%
10%
18%
9
Jan
8
100
45
1.10
High
Low
'
400
Jan
1.10
30
1%
Jan
1.10
9
7
1.00
1,751
9
1%
35%
2.00
*
Range Since Jan. 1.1939
Shares
High
6%
10
12
Adams (J D) Mfg com
Adams Oil & Gas Co com
Low
Advanced Alum Castings.6
183
•
Price
Par
Mar
38%
1.50
Stocks (Continued)
Jan
17
38
Fidelity A Guar..—2
Sales
14%
128%
25%
Western National Bank.20
CHICAGO
10 S. La Salle St.,
Jan
"38"
North Amer Oil Co com.. 1
Municipal Dept. CGO. 521
Apr
Mt V-Woodb Mills com 100
Bank..30
Exchanges
Members Principal
Trading Dept. CGO. 405-406
Jan
8%
Apr
Paol H.Davis & @o.
Jan
Apr
1
New Amsterd'm Casualty 6
Apr
Mar
112
Merch A Miners Transp.. *
100
Apr
35
75c
Mon W Pen P 8 7% pref-25
17
15%
24%
31%
115
75c
—
Apr
112
10
Humphreys Mfg com—.-.*
1
National Marine
4%
12%
4%
High
20%
30c
362
74%
113%
12%
Houston Oil preferred. .100
Preferred
1.40
73
Assoc com. 1
——1
Cornmofi class A
125
18
15%
5%
Fidelity A Deposit——20
Finance Co of Am A com.6
Mar Tex Oil
1,505
113
74
_
preferred
100
Davison Cliem Co com. 100
Low
21
17
1.20
*
pref v t C---
5%
Shares
15%
Bait Transit Co com v t c
Consol Gas E L & Pow.
Week
of Prices
JHgh
Low
Price
Listed and Unlisted
Range Since Jan. 1, 1939
Io\
SECURITIES
CHICAGO
lists
April 8 to April 14, both inclusive, compiled from official sales
9
Jan
Mar
Jan
Jan
Jan
Apr
11
Jan
Apr
27%
Feb
550
18%
8%
Apr
11%
Mar
340
4%
Jan
6
600
5
Jan
5%
"
9
Mar
Jan
Volume
Financial
148
Sales
Friday
Stocks (Concluded)
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
Heileman Brew Co G cap.l
'
Range Since Jan. 1, 1939
Last
7
746
7X
1,250
646
Jan
7
Apr
846
Jan
7
7
100
35
35
220
3446
Jan
37
Jan
23 X
Apr
25
Mar
846
Hormel <fc Co (Geo) com
A*
2346
23X
846
1046
1,350
946
Houdallle-Hersbey cl B—*
1
Hupp Motors com
10
Illinois Brick Co
'mi
Illinois Central RR com 100
Apr
1746
Jan
IX
ix
525
146
Apr
246
Jan
4
446
500
4
Apr
646
Jan
nx
1,265
Apr
2046
Jan
Air
2246
Jan
9X
2X
246
Apr
130
6646
Apr
9446
1,080
49 X
Apr
66
6646
4946
7346
5546
18
20
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
GILLIS l<J RUSSELL co.
Jan
4
300
*
Steel Co cap
19
2X
International Harvest com*
Inland
946
50
19
19
Indep Pneum Tool v t c._*
Indiana Steel Prod com.—1
Exchange—See page 2211.
Mar
9
Hein Werner Motor Parts 3
HibbSpenc Bartlett com. 25
50
Stock
Cincinnati
High
Low
Shares
2241
Chronicle
Jan
Mar
Union Commerce
Jarvls (WB) Co eap
4
3X
446
Kellogg Switchboard com.*
6
5X
6
Apr
26
Jan
346
Apr
5
Mar
5
Feb
746
Mar
18
750
1
1
Katz Drug Co com
1,500
200
•
30
29
Jan
40)6
Mar
Ken-RadTube&L'p com A*
6
400
6
Apr
8X
Mar
Kerlyn Oil com A_*
5
2X
900
246
Apr
4
Apr
La Salle Ext Univ com.—5
IX
800
146
Apr
246
Jan
34: X
33
Kentucky Utll Jr cum pf_50
ix
*
Common
Cumul pref
2X
246
2446
*
.
"m
*
246
Feb
346
Apr
2%
25
650
250
22
Jan
446
700
4
Apr
646
Jan
Mar
4
Week's Range
Price
*
i
Ux
*
Lion Oil Ref Co com.
28 X
29
2846
Apr
146
1246
146
15
1546
400
IX
Apr
3246
246
Jan
Airway Elect pref
100
Brewing Corp of America_3
350
1246
Apr
20
Jan
City Ice & Fuel
240
1446
Apr
1846
Jan
Clark Controller
..1
17
IX
350
Jan
Cl Cliffs Iron pref
Cl Elect 111 $4.50 pref
*
*
100
4446
*
1246
14X
Carbonic com...*
Loudon Packing com____-*
Liquid
1
McCord Rad & Mfg A...*
5
McQuay-Norrls com
*
Manhatt-Dearborn com..*
25
Mapes Cons Mfg cap....*
19
Marshall Field com
Merch k. Mfrs Sec
Midland United Co—
146
5
Apr
8
Jan
25
100
25
Apr
32
Mar
150
X
19
110
High
Low
Low
46
Jan
Apr
Commercial Bookbinding. *
Feb
100
*
__*
546
Jan
246
Apr
446
Jan
Elect Controller
546
Apr
846
Mar
4,510
946
Apr
346
Apr
6,150
14,150
.
346
v
6% prior lien pref...100
4X
346
246
46
Jan
46
Jan
246
Apr
5X
Mar
•
950
46
*
*
—
1,150
MUler & Hart
346
g
g
3046
12
12
100
1746
450
is
Apr
135
2646
Mar
16
Apr
22
Jan
Metro Paving Brick
Midland Steel Prod
4046
Apr
5446
Mar
Monarch Machine Tool—*
1746
Mar
National Acme..
7X
Mar
——
3446
Mar
Patterson-Sargent—
*
1546
Jan
Reliance Electric
5
Jan
Rlchman Bros.
Jan
Seiberling Rubber
1
Apr
Apr
1946
1646
Apr
27
Mar
246
Feb
3
Jan
100
646
746
1,900
646
Apr
1546
1546
50
.1446
Jan
500
11
124-6
Jan
Jan
Feb
9
2046
Mar
.
"nx
1146
180
11
Apr
18
Feb
1446
150
13)6
Apr
20
Feb
12,0
646
Apr
746
Mar
20
27X
Jan
3046
Mar
12
Apr
1546
746
646
30
com
10
12
30
"
•
Feb
4046
11
1346
*
4746
Jan
520
4146
100
1246
350
46
X
Apr
13)6
Feb
46
.
Penn El Switch conv A.. 10
100
Penn RR capital
1746
3346
656
1546
Apr
2446
Jan
Peoples G Lt&Coke cap 100
1546
3046
390
3046
Apr
4046
Feb
Perfect Circle (The) Co...*
24
24
Apr
29
50
250
46
46
650
X
Apr
X
*
846
946
150
846
Apr
1646
Jan
Potter Co (The) com
1
X
100
X
Mat
X
Jan
Pressed
1
646
46
746
670
746
Apr
,1446
Jan
10846 H246
290
no
Quaker Oats Co common.*
153
IOC
10846
151
60
155
"
36
14
1446
247
14
Apr
246
246
al946 al946
T40
1746
246
Youngstown Sheet Tube—*
Apr
123
Mar
Mar
457
Jan
2
Jan
—
146
___50c
com...
846
10
Rollins Hos Mills com
2246
Sangamo Electric Co
*
Schwitzer Cummins cap._l
"rx
65
Sears Roebuck & Co com. *
Serrlck Corp cl B com
146
ix
1
Apr
11
46
7,300
846
146
Apr
246
Jan
600
2246
Apr
3246
Mar
.
90
26
746
746
850
746
Apr
10
Mar
6646
1,228
6046
Apr
7746
Mar
2
50
2
Mar
Jan
3
/
..*
.....
15
al646"al646
15
1546
1746
8
Apr
1246
25
12
Apr
a946 al046
30
3146
aQX
a646
6246 -73
al7
al946
40
1146
South Colo Pow A com..25
10446
Sou'west G <fc E 7% pref 100
Spiegel Inc com
__2
St Louis Nat Stkyds cap.
*
10
Far
Stocks-
1
Allen Electric com
Apr
40c
3,406
5
Apr
21
150
21
Apr
746
27X
300
Jan
Jan
Jan
17
20
4', 959
Apr
1146
1146
1,434
1146
Apr
3146
1846
900
146
Apr
246
Jan
Mar
146
Mar
Mar
5 46
Mar
17
146
105
104
10
1146
70
70
,
200
1646
Apr
80
146
Apr
100
725
104
Jan
10
Apr
70
Apr
146
10746
1646
'
70
Jan
Mar
146
100
146
300
9
Apr
Apr
Mar
Feb
75
246
Jan
946
246
246
Stewart-Warner....
5
7
846
670
7
Apr
546
546
746
600
546
Jan
6X
Feb
700
7
Mar
7
12
Swift International
15
26 X
2546
27
Swift & Co
25
17X
17
1746
3
3
100
50
850
1,170
50
Trane Co (The) common.2
1146
1246
800
Union Carb & Carbon cap *
66
1,206
7746
7246
9
81
146
146
746
11
2)6
Jan
1246
Mar
Apr
246
Mar
1246
Jan
Briggs Mfg com.
—
Brown McLaren..
Capital City
...
5646
Nav.com—.10
100
"95c"
5
46
Convertible preferred..7
146
46
146
16
Steel
Corp com.5
Durham
Apr
Apr
2846
Feb
Ex-Cell-O Aircraft com...3
1946
Jan
Federal Motor Truck com *
Frankenmuth Brew com.. 1
1046
Mar
Jan
1146
Apr
1546
66
Apr
9046
Jan
Apr
Mar
Apr
1346
11246
Apr
246
Jan
450
746
351
7746
1,800
146
Jan
200
46
Jan
46
Feb
550
146
Apr
146
Feb
50
Detroit
1546
Jan
1846
Feb
1546
1746
600
1546
Apr
1846
Mar
2246
1846
25
2246
Apr
3246
Jan
668
1646
Apr
2446
Jan
W'house El & Mfg com. .50
2246
1646
8346
382
11946
Jan
746
8346
746
Apr
Wleboldt Stores Inc com.*
8946
746
Fruehauf Trailer
1
com—3
Gemmer Mfg A
*
General Finance com
1
General Motors com
10
Goebel Brewing com
1
Graham-Paige com
1
Grand Valley Brew com_.l
Hall Lamp com
*
Hoover Ball & Bear com. 10
HoskinsMfgcom
*
Houdaille-Hershey B_._.»
Hudson Motor Car com..*
Hurd Lock & Mfg com...1
Gar Wood Indust
Williams Oil-O-Matlc com*
2
246
250
2
Apr
246
Jan
com..l
Kinsel Drug com
.1
Kresge (S S) com
—10
Lakey Fdy A Mach com^
Wlscon Bankshares com..*
4
446
900
4
Apr
546
Jan
Michigan Silica
346
550
7546
1446
160
3
7446
12
50
7,150
3
Apr
Apr
10
546
7446
Apr
80
12
Apr
2246
Mar
Jan
Mar
Jan
Bonds—
105
10546
42,000
10546
Apr
11146
Feb
Kingston Products
125
4X
Apr
3,867
56 X
Apr
1346
,1346
200
13
Jan
96c
108
404
237
546
80c
101
Jan
Jan
7
84 X
14
1.25
123
-146
Mar
Jan
Jan
Jan
Mar
Apr
Mar
Feb
Feb
V4
500
IX
Mar
IX
300
IX
Apr
2
1)6
1,550
IX
Apr
246
Jan
Jan
10
10
100
946
Apr
1346
Mar
1
1
275
l
Feb
146
Feb
Jan
15
15)6
630
15
Apr
2346
3
3X
555
3
Apr
546
2,500
146
Apr
146
Jan
15
146
15)6
975
1046
Feb
1946
Mar
4
446
2,460
Apr
746
Jan
'
3X
IX
1)6
15
4)6
110
26 X
Apr
2746
146
200
IX
Apr
246
Jan
39 X
4,766
38
Apr
Mar
246
3,390
2
Mar
51X
2X
75c
75c
345
75C
Apr
40c
40c
100
30c
Feb
200
2
Apr
1,449
10
Apr
13
14
300
14
Feb
16
Jan
5,424
9
Apr
17
Feb
4X
Apr
4X
IX
C) A pref
15c
.....
.
1046
5
58c
146
945
500
1,690
46c
146
47c
Apr
Apr
Mar
846
76C
246
55c
Mar
Jan
Jan
Jan
Jan
48c
50c
21)6
21)6
246
624
2046
Jan
2346
100
246
Apr
346
Jan
Feb
246
Masco Screw Prod
Jan
2
11
50c
IX
246
Jan
Jan
Mar
14
9
52c
1.25
45c
10
2
14
Jan
26 X
146
2
11
4
Jan
26)6
38
—
*
com—1
McClanahan Oil com
1
Michigan Sugar com
*'
Micromatic Hone com —1
Mid-West Abrasive com50c
Mahon (R
90c
5)6
4)6
IX
146
146
146
Detroit Paper Prod com.
1,300
5946
95c
Detroit-Mich Stove com.. 1
1.00
4)6
5646
101
...
com...5
Apr
Viking Pump Co—
16
Detroit Gray Iron
2
100
546
Rrod Com...*"
17
Mar
90c
1.00
Chrysler Corp com
6
Consolidated Paper com. 10
2546
3
146
IX
Chamb Met Weather c,om 5
1046
Utll & Ind Corp—
25c
6
1946
1
2243.
32c
5
17
Sterling Brew Inc com
For footnotes see page
25c
*
Burroughs Adding Mach.*
Burry Biscuit com—1246c
*
105
IX
5
Stein & Co (A) com....
Commonw Edison 3 Xa '58
Feb
Bower Roller.
Det & Cleve
14
High
Low
IX
Mar
Detroit-Edison com
Zenith Radio Corp com..*
400
Mar
Jan
2
~lx
146
Range Since Jan. 1, 1939
1046
Jan
(Wm) Jr (Del)—*
IX
146
for
Apr
346
Woodall Indust com
Week
of Prices
Low,
High Shares
846
1346
Western Un Teleg com. 100
Sales
Week'8 Range
110
2946
*
1
Exchange
compiled from official sales list*
Sale
Price
■
9
Apr
Walgreen Co common
Jan
846
Apr
Wayne Pump Co cap
146
21
246
*
Apr
Jan
2346
Common
146
Last
1
City Brew com
Baldwin Rubber com. —1
50
Common...
100
0
Friday
1,295
IX
Feb
Jan
Jan
Apr
DETROIT
Detroit Stock
246
Utah Radio Products com *
2746
446
446
Telephone: Randolph 5530
2546
Gypsum Co com...20
Apr
1546
9
United Air Llaes Tr cap_5
Jan
346
246
120
Buhl Building
246
Thompson (J R) com...25
•
400
Apr
2346
1146
7X
Mar
New York Curb Associate
Standard Oil of Ind.....25
Sunstrand Mach Tool com5
Mar
88
8
146
10
21
Jan
8
Jan
Chicago Stock Exchange
Standard Gas & Electcom. *
com.
434
35
Jan
Feb
110
.'Member*
Feb
Storkline Furniture
"
646
50
175
3J6
246
146
a846
30
Jan
Jan
Mar
100
_
Standard Dredge com
1
Conv preferred-......20
86
Mar
Mar
Jan
1246
1446
1146
775
134
1546
26
946
2,782
"22 k "Mar
Apr
8
1646
146
So Bend Lathe Wks cap.. 5
Apr
Mar
8
■'
Slvyer Steel Castings com *
Jan
New York Stock Exchange
Auto
Signode Steel Strap—
Jan
Mar
Jan
Detroit Stock Exchange
Jan
6046
2
1
146
9
146
Jan
45
215
April 8 to April 14, both inclusive,
Apr
250
Jan
Watling, Lerchen & Co.
Jan
Raytheon Mfg—
Apr
260
19
246
146
a746
a3046 a3446
*
...50
246
a946 al046
Mar
2546
1
Poor & Co class B
'
14
Feb
346
Jan
14
.
30
2
Warren Refining
Jan
Mar
16
14
Apr
12)6
.
Van Dorn Iron Works
White Motor
41
Apr
9
31
15
*
8% pref
—.—100
Thompson Products Inc
*
Upson-Walton
1
1446
12
26
115
1446
*
-
Feb
34
440
9
8
Jan
3146 "Mar
4246
Jan
46
Otis Steel
Apr
2
,
13
9
1
*
255
33 46
12
*
550
32
12
-*
12
46
15
..*
(AG) B__
3046
16
Mar
Mar
Jan
Medusa Portland Cement *
8
Jan
2646
2246
Feb
Apr
Jan
70
Apr
9
1,750
Peabody Coal cl B com...5
Common..
5446
15
Jan
1146
246
11
1*
Common.....
27
50
746
1846
246
1646
Tix
*
pref
Reliance Mfg Co
5746
al746
5446
Jan
15
McKee
50
46
Omnibus Corp com v t c__ *
Preferred
242
Jan
13
15
Jan
6
10
3046
16
100
Car
al846
12
11846
Mar
Feb
50
Apr
'
1
Jan
Mar
115
al6
.
41
3
14
100
10
10
10
116
Jan
Jan
10
Apr
1046
35
10
116
Jan
Jan
Jan
33
Jan
200
Apr
75
2
1,610
110
1046
12
Mar
3546
Apr
1,929
Prior lien pref-.__-_.100
Steel
1046
Apr
35
446
1646
10
com
3,035
*
Steamship
Jaeger Machine
Kelley Island Lime & Tran*
Leland Electric
*
Northwest Utll—
Pines Winterfront
13 46
.1
Ohio Brass B
Northwest Bancorp com._ *
Northwest Eng Co com. *
Parker Pen Co
12
1746
42 46
15
Feb
4646
1646
pref.._ *
com
611
Apr
46.
16
North Amer Car com...20
Convertible
1846
Mar
61
11346
2346
2246
13
46
4046
1646
'ib¬
Noblitt-Sparks Ind com..5
Oshkosh B'Gosh
1746
Apr
50
Jan
350
246
National Battery Co pref. *
Nat Bond & Invest com..*
.7% preferred
Apr
112
14
46
2,590
Nachman Springfield com*
com.
4446
6
a40
Jan
46
i
Northern III Finance
100
13
46
446
46
246
846
Muskegon Mot spec A...*
com.
4446 4446
allOXallOX
Jan
Mar
20
a40
Interlake
46
*
National Standard
Apr
Great Lakes Tow pref.. 100
5
Apr
Montgomery Ward—
Nat Repub Inv Tr
17
a!346 al646
o22 46 a24 46
446
46
846
*
....
225
al6
Feb
346
246
pref..*
Common
1746
17
Mar
946
746
1046
*
Goodyear Tire & Rubber. *
46
X
Minneapolis Brewing com 1
Modine Mfg com
Mar
Apr
General Tire & Rubber..25
8,310
"ix
100
conv
9
9
Goodrich (BF)
4 46
30
100
7% prior lien pref... 100
7% preferred A
Apr
646
Halle Bros
Midland Utll—
6% preferred A
Colonial Finance.
Dow Chemical pref
Eaton Mfg
2,050
646
...
15
4)6
3X
2X
5X
"b'
Cleve Railway
Cliffs Corp vtc
2046
1046
646
272
9
o646
9
Apr
■
•
40
227
9
a546
*
Apr
•
Common
Conv preferred
Apr
100
20 X
346
Mlckelberry's Food com. 1
5
1
5
:
946
10K
3K
A. 1
Middle West Corp cap
*
46
*
com
'
70
1939
Range Since Jan. 1,
for
Week
of Prices
High Shares
Sale
Par
Stocks-
Printing—
$3.50 pref..
Lindsay Lt it Chem com. 10
Wrigley
official sales lists
Sates
Last
Jan
25
566
Cleveland Stock Exchange
April 8 to April 14, both inclusive, compiled from
*
Llbby McNeill & Libby.
U S
A. T. & T. OLEV. 565 &
Friday
Leath <fc Co-
Lincoln
Building, Cleveland
felephone:OHerry 5050
1,000
Mar
146
146
600
146
Jan
246
2246
2246
100
2146
Apr
2446
83c
86c 1
1.450
75c
Jan
96c
12c
15c
3,300
12c
Apr
30c/
32c
32c
100
32c
Apr
2
2
310
2
Jan
2)6
Jan
1
IX
400
1
Mar
146
Jan
'50c
Jan
Mar
Jan
Jan
2242
Financial
Par
(Concluded)
Last
Week's Range
for
Sale
of Price8
Week
Jjiw
Price
*
Motor Products com..
Motor Wheel com
...5
Murray Corp com
-.10
~
«.
-
-
Packard MotorCar com..*
11%
10%
11
3
3%
mmm
Jm
m +
my mm
36
~
12%
-
1 %
Penln Metal Prod com ...1
1%
*
Pfeiffer Brewing com.
Reo Motor com
...5
Rlckel <H W) com
...2
6
1
3
23
100
Preferred
m-*
13%
97
10%
12%
12
Timken-Det Axle com ..10
100
Preferred
111
mm
...1
Tivoll Brewing com
2%
Union Investment corn
10
Apr
18%
615
10%
4%
Apr
Apr
16
*
Walker & Co B_.
__1
Warner Aircraft com
m
1
Wolverine Brew com..
-
-
4%
Jan
Api
43%
Mar
18
1%
Apr
2%
Apr
8
595
6
1,140
209
Feb
Young Spring
a31%
*
a40%
a38%
*
al5%
a30
al3%
a44%
6%
a29%
2%
Jan
Apr
25%
2%
Jan
International Tel & Tel..*
Jan
Kennecott Copper Corp..*
13%
Apr
Apr
16%
100
267
19%
26%
Feb
80
8%
Feb
10
Jan
Radlo-Keith-Orpheum ...»
al%
1
Jan
10%'
570
10%
25c
12%
14%
19%
19%'
a6%
Packard Motor Car Oo__.*
a3%
a3
19%
a7%
a3%
Paramount Pictures Inc..!
a7%
a6%
5%
al%
North
Ohio Oil Co.
American Co
*
'
__.__*
Mar
Republic Steel Corp..
*
al4%
Seaboard Oil Co of Pel--*
Sears Roebuck & Co
—*
a65%
Feb
7%
19
Apr
Jan
Wm. Cavalier & Co.
all%
6%
Union Carbide & Carbon.*
United Aircraft Corp....5
Los
.
April 8
to
United Corp (The) (Del).*
United States Rubber Co 10
Chicago Board of Trade
San Francieco Stock Exchange
Los Angeles
25
Tide Water ASsoc Oil—10
MEMBERS
Angeles Stock Exchange
t2f
17%
a36%
11%
WestlnghouseElec
215
3%
'
Apr
a7%
210
6%
593
5%
Apr
al%
50
1%
A
al5%
1,127
10
Jari
Mar
Jan
Mar
15%
16%
25
Jan
110
Mar
21%
Jan
69%
Jan
74%
Jan
Mar
Jan
•
Apr
310
12
320
16%
Jan
13%
23%
305
6%
Mar
7%
246
48%
5%
Jan
60
Apr
8%
19%
47%
14%
1,310
'
295
Apr
11%
110
170
81%
a36%
a33% a36%
2%
2%
a31 % a35%
46%
48%
85
34%
Jan
2%
180
Jan
Apr
Feb
'
4
4%
a88%
Jan
8%
2%
321
11%
a33%
4%
13%
17%
a66% a71%
2%
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
90%
41%
Feb
'
Apr
.3%
Feb
36
Apr
51%
Jan
46%
Apr
69
130
615
1,310
4%
1,650
a83% a88%
68
4
Jan
110
Mar
103%
Jan
6%
Apr
.Tnn
Philadelphia Stock Exchange
Angeles Stock Exchange
April 8 to April 14, both inclusive, compiled from official sales lists
April 14, both inclusive, compiled from official sales lists
Friday
Friday
'.
■
'
r
.
Par
Stocks—
Sales
Last
Week's Range
for
Sale
of Prices
Week
Low
Price
Last
Range Since Jan. 1, 1939
Stocks-
Shares
High
Low
Bandlnl Petroleum Co—1
5%
Barker Bros 5% % pref. .50
25%
Bolsa-Chlca Oil A
com..
10
Broadway Dept Store
*
JPar
Calif Packing Corp com..*
Central Investment.... 100
,
v t
1%
1%
6
a3c
72
all% al2%
150
15
Feb
16
al4% a!4%
50
*15
Apr
1
com.
General Motors com....10
Hancock Oil Co A
com
*
Holly Development Co
1
Hudson Motor Car Co
*
Lincoln Petroleum Co. .10c
Lockheed Aircraft Corp-.l
Los Aug Industries Ino—2
Los Angeles Investment. 10
Mascot Oil Co.
1
Menasco Mfg Co..
...1
Mt Diablo Oil Mng & D..1
37%
5%
890
40%
5%
200
6
225
9
11%
Mar
6%
Apr
10%
Jan
46c
Apr
67 %<j
Jan
Apr
51%
Mar
Apr
7%
9%
Jan
8%
8%
Mar
6
100
100
6%
758
30%
3,450
a4%
a4%
a5%
75
Apr
Mar
33
38
Apr M
Apr
7
Feb
.
6c
628
26%
1%
Jan
.
92%c
200
a8c
a6e
25
Apr
5
J ,297-
36
Apr
37%
*%
7%
1,687
1 Vs
42
1.40
7
Philadelphia Traction
Feb
Jan
Union Traction
Jan
36%
Feb
2%
Jan
4%
4%
4%
2,340
3%
Jan
4%
Mar
55c
55c
55c
100
50c
Jan
60c
Apr
3
2%
3%
2,698
2%
Apr
5%
49c
Mar
55c
Jan
6c
Apr
IOC
Jan
800
62 %c
Apr
85c
Jan
100
4%
Apr
Jan
49c 52 %c.
6c
6c
525
10%
792
29%
742
a31% a31%
a40% a44%
20
*
10%
29%
%
a44%
*
105
105
Republic Petroleum com.!
5%% pref..— .50
33
a3,l
2%
9%
28
1,000
105
2%
33
Preferred...
Apr
31%
Jan
32%
Mar
140
43
Jan
48%
Mar
15
105
Apr
108%
3%
9%"
28
2%
15
«
Apr
.
33
Apr
36
Apr
20c
2,000
6%
7%
1,910
6%
Apr
10%
1%
1%
1,000
1%
Apr
3%
Jan
3%
3%
4
860
Jan
4%
Feb
5%
5%
5'%
4,900
3%
5%
Feb
7%
Jan
30c
.
a33
141
30%
Mar
39
Feb
27
26'
27
161
26
Jan
31.
Mar
26
26%
500
24%
Apr
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
7%
24%
7%
7%
270
7%
Apr
32%
9%
Mar
25%
23%
25%
1,863
23
Jan
27%
Mar
28%
28%
29%
1,449
28%
Jan
29&
Feb
28
28
28
491
27%
Jan
28%
Mar
12%
25%
10%
25%
12%
3,226
10%
Jan
1,499
1,300
25%
Apr
Apr
21%
26%
29%
Mar
1%
Apr
2%
Jan
35%
230
35%
Apr
45%
Mar
2
Suray Oil Corp
Superior Oil Co (The)
Transamerlca Corp
25
35%
2
5%
Union Oil of Calif
25
16%
Universal Consol Oil
10
13
VandeKamp'sH DBakers. *
Wellington Oil Co of Del-.l
1%
35%
2
105
80
7%
8%
$4,000
OLIVE
St. Louis Stock
April 8
to
2%
2%
425
2%
Apr
5
Jan
Stocks—
Par
*
com
7,200
8%
19%c
Mar
30c
Jan
BurkartMfgcom
Century Electric Co
3%c
1,000
lc
Jan
5c
Jan
Coca-Cola Bottling com_.l
8c
2,600
7c
Jan
10c
Jan
Columbia Brew
1.25
300
1.15
Apr
2.50
Jan
Collins Morris
3c
2,000
3c
Feb
4c
Jan
Dr
Jan
10
Falstaf f Brew
Apr
53%
Jan
Mar
Griesedleck-W Brew com.*
Hamilton-Brown Shoe com *
900
149%
Jan
165%
266
23%
Apr
38%
Jan
150
3%
Apr
Jan
Hussmann-Ligonier com.*
Hurtig S & D com
5
80
19%
5%
22%
335
2243.
Jan
Hyde Park Brew
Apr
8%
Jan
Mar
29%
Feb
Hydraulic Pr Brick pref 100
Internat Shoe com
_*
Mar
31
Jan
Key Co
60
42%
Jan
5%
Apr
Apr
Jan
3
31%
6%
com
;
com
5%
52%
Mar
Laclede Steel
8%
Mar
McQuay-Norris
115
7%
1
com
3%
120
~~3~
100
Jan
430
20
3
Ma
qkla.
48
1.75
10
32%
7
com....
com
.
20
*
"l7%
32%
Mar
30%
Jan
36
Mar
15%
Apr
Apr
20
3%
Jan
3
Apr
34%
Mar
7
416
6%
Apr
Jan
5%
330
4
350
27
Apr
Apr
8%
9%
32%
15%
Apr
18
115
7%
49
2.25
25
115
24
7%
1,640
95
3,594
46
i
1.75
10
100
10
7
61
7
46%
25
2
2
265
32
33
138
7
7
176
15%
27%
Jan
31%
7
4
Lacl-Chrlsty Clay Pr com*
'
85
High
Feb
10
46%
10
_*
1.75
27
85
32%
15%
152
6%
60
15%
29
a23%
a44
35
,
Low
449
33
4
152
Caterpillar Tractor Co
9%
Range Since Jan. 1, 1939
30
15%
a21
Canadian Pacific Ry.__.25
Jan
Tulsa,
Shares
29%
27
152
80
High
1
com
18%
Apr
Low
Pepper com
*
Ely & Walker D G com_.25
Apr
5%
19%
21%
3%
6%
Sales
15%
5
com
a22
130
35
1
100
al9% al9%
5%
6%
al7% al9%
al9% a21%
a3%
a3%
a40% a44
6%
5%
Price
*
com
Copper
50
Armour & Co (111)
5
Atlantic Refining (The) .25
Aviation Corp (The) (Del)3
5%
Jan
Exchange
2%
a!9%
al9%
a3%
Mar
April 14, both inclusive, compiled from official sales lists
for
fll9%
Jan
9%
10
Teletype: St/ L 193
Apr
3%
Apr
St. Louis Merchants Exchange
Telephone: CHestnut 5370
8%
3%
Apr
8
Feb
116
Jan
St. Lbuls Stock Exchange
N. Y. Coffee & Sugar Exchange
Jan
164
Feb
Jan
Chicago Stock Exchange
Chicago Board of Trade
N. Y. Curb Exchange (Associate)
New York Cotton Exchange
8
a39%
13%
Jan
31%
10%
111%
7%
Feb
STREETS
100
11%
35%
Mar
LOUIS
8%
354
Jan
3%
3%
38%
MEMBERS
8%
11%
11%
a35% a41 %
Feb
1%
Jan
1877
8%
11%
Mar
Apr
Apr
•
Feb
SECURITIES
New York Stock Exchange
1st preferred
5
250
8%
Feb
34%
%
2%
,
2
10,017
Week
Unlisted—
see page
1,060
of Prices
3c
For footnotes
2%
31%
Week's Range
1.15
*
380
Sale
3c
Columbia Gas & Elec Corp*
1,065
Last
1.15
5
%
2%
Friday
Cons Chollar G&SMng-l
Zenda Gold Mining
1
Borg-Warner Corp..
Mar
37
Jan
8c
5
50%
Jan
51
Mar
3%c
Bendix Aviation Corp
Apr
437
*
35
Mar
8c
Amer Tel & Tel Co
6%
43%
275
8%
45%
7%
3%c
Anaconda
Mar
16%
1
Refg
Mar
19%
10c
Amer Smelting &
2%
4%
9%
.
ST.
.
Brown Shoe
Amer Rad & Std Sanitary.*
Apr
Feb
8
FOURTH AND
Jan
Mining—
Calumet Gold Mines
17
Jan
Mar
ESTABLISHED
American Inv
Cardinal Gold
Jan
1%
Apr
25c
Feb
30%
3%
Apr
21c
119%
Apr
16%
Apr
25c
Apr
Mar
50
5%
10
Feb
100
12%
Apr
Mar
2%
24%
180
16%
20
Jan
9%
1%
300
a7%
3%
Apr
Feb
3%
4,731
a7%
Jan
Mar
Mar
16%
17%
a7%
115
Jan
Jan
6%
30%
51%
125%
29%
7,822
10
15%
32
6%
Black Mountain Consol 10c
1
Jan
Mar
505
,
5%
16%
12%
13
2%
6%
5,116
.
31%
10%
11%
113% 115%
7%
8%
INVESTMENT
Jan
Slgnal Oil & Gas Co A.:..*
.
Apr
Apr
Apr
Apr
"
Jan
Safeway Stores Inc.
*
Security Co units ben int..
a33
»
23%
36%
Jan
FRANCIS, BRO. & CO.
'
a28
"~8%
Mar
-
Jan
1%
1
11%
124
8%
5%
84%
Apr
112
600
Alton, 111,
Jan
7%
Apr
30
2
3%
10
2%
%
2%
*
,
477
2,730
Mar
Bonds-—
Jan
1
Southern Pacific Co
100
Standard Oil Co of Calif..*
"45%
Elec & Peoples tr ctfs 4s '46
Mar
*
18c
Westmoreland Inc.......*
25%
41%
Feb
170%
20%
Apr
120
547
1%
3%
*
Westmoreland Coal
Mar
18c
6% preferred B
25
5%% preferred C.i—25
*
Apr
112
29%
16%
1%
3%
8%
43%
34%
*
....
Preferred.
3%
5,764
*
United Gas Impr com
25
574
7%
..50
com
3%
60%
12%
Jan
7%
12%
33%
750
2%
33
,
18c
Roberts Public Markets..2
Ryan Aeronautical Co.-.l
Alaska-Juneau Gold
..*
.....
Apr
Apr
1%
1%
15%
17%
115% 117
50
Scott Paper:,
Tacony-Palmyra Bridge. _*
Tonopah Mining
1
Apr
16%
50
4%
2%
6%
117
50
Jan
Apr
2%
"~i%
..*
Feb
Corp
36%
112
.25
7% preferred.
United
26
*
117%
4
3%
23%
>
11
104
4%
-
„_10
Phila Rapid Transit.!
425
1,198
4%
3%
'
49c
High
Apr
Apr
Apr
8%
148%
1,402
13%
117% 119%
"~4%
(Phila) com.*
Phila Elec Pow pref
Phila Insulated Wire
Jan
Feb
12c
Apr
25
2
4%
Richfield Oil Corp com
Warrants
Horn & Hard
6%
Pacific Clay Products....*
Rice Ranch Oil Co^
General Motors
Jan
7%
62%c 67%c
4%
4%
Pacific Lighting com
$6 preferred
Electric Storage Battery 100
Jan
6%
65c
10
Jan
a22% a24%
0
1
25
17%
83%
9%
-
750
1,850
1,762
Oceanic Oil Co
com
Apr
Apr
Lehigh Coal & Nav
6c
6% 1st pref
12
66%
Apr
11
*
_
Natl Power & Light.
*
Pennroad Corp vtc
1
Pennsylvania RR
-.50
Phila Elecof PaSSpref...*
1
Pacific Gas & Elec com..25
_
Feb
Nordon Corp Ltd
Pacific Finance
common.
Mar
1.05
1%
Curtis Pub Co
Mar
92%c
25
Jan
h
1.00
a6c
"
17
9%
33
36
5
70 %
6
'
*
Chrysler Corp
Jar;
9%
•
Budd Wheel Co
Feb
374
148% 153%
100
,__'*
Feb
50c
6%
Apr
3c
__
Mar
7
a23
Bell Tel Co of Pa pref
Budd (E G) Mfg Co
7%
46c
7%
*
Goodyear Tire & Rubber.*
Jan
3%
63%
39%
Globe Grain A Milling..25
12%
Jan
9
8%
151,%
100
6%
Low
'
9
10
2%
Apr
7
Range Since Jan. 1, 1939
for
Shares
■
100
Barber Co
104
9
5%
American Tel & Tel
730
9
6
—
100
1,793
1,118
*
_
8
Apr
3c
_
8%
7
General Paint Corp com..*
Mar
6
Apr
Mar
.
4%
4%
a59% a61%
\ 50c
Gladding-McBean & Co..*
Golden State Co
275
13
8
4%
Emsco Derrick & Equip. .5
Exeter Oil Co A
13
13
a61
*
33
a3c
8
c.l
Douglas Aircraft Co
Electrical Prods Corp
6%
Apr
6
a53% a60%
7
7% »'
7%
Consolidated Oil Corp—*
Consolidated Steel Corp pf *
Creameries of Amer
2,200
Jan
3%
25%
1%
a3c
a58%
5
Corp
10
1%
all%
al4%
._*
6,480
25%
of Prices
High
Low
Price
Week
High
6
Buckeye Un Oil pref v t c. 1
Byron Jackson Co
6
5%
25%
Sales
Week's Range
Sale
American Stores_
Chrysler
Apr
a70%
47%
Mfg50
Apr
17%
43%
11%
U S Steel Corp....
*
Warner Bros Pictures....5
Teletype L.A. 290
1,234
'
6%
6%
44%
44%
5%.
6%
17%
17%
a34% a36%
6%
45
,
a60% a66%
12%
12%
all % al2%
17%
44%
1
Texas Corp (The)
al3
,12%
.__*
Standard Brands, Inc
*
Standard Oil Co (N J)...25
Swift & Co..
-
17%
Soeony-Vacuum OH Co.. 15
Studebaker Corp
New York Stock Exchange
14%
a7%
Jan
Jan
Mar
1%
Jan
Apr|
Jan
Jan
Jan
5
'•
Jan
6%
15c
Feb
43%
22%
Radio Corp of Amer.....*
100
Jan
9%
Apr
Apr
Feb
700
55%
Apr
30%
40%
14%
12%
19%
Mar
2,085
Apr
6%
80
623
Mar
5
45%
250
a!2% al4%
3%
20c
Jan
al3
4
5
200
Jan
Mar
24%
New York Central RR...*
Nor American Aviation..!
Mar
20c
42
Mar
Jan
3
Apr
44%
Jan
18%
52%
210
2
35%
37%
Apr
135
50%
Apr
350
470
232
Jan
Feb
Apr
111%
3%
3%
2%
1%
Apr
Mar
Jan
2
7%
45
Apr
5
270
575
Apr
2%
3%
Jan
7%
a35
a40%
al6
a45%
' 6%
a30
'
2
Jan
Jan
12,%
11%
a40% a45%
109%
2%
Jan
7%
27%
Jan
Apr
<z37% a37%
3,600
1%-
Mar
8%
a37%
7,775
2%
24
a43%
Jan
200
5
50
100
*
18%
800
275
8%
Loew's Inc..
Apr
1%
Feb
26%
Montgomery Ward & Co.*
2%
■.
Feb
26%
1.25
89
Jan
2%
10%
523 W. 6th St.
6%
2%
Feb
175
Feb
Southern Ry Co
Lo$
a45
*
2%
1
*
Wire„
a33%
General Foods Corp
Goodrich (B F) Co
Int Nickel Co of Can.
Apr
96%
10%
320
111%
Mar
Feb
Apr
Jan
a20
7%
Mar
40
a20
Electric Power & Light...*
General Electric Co
*
1%
150
2,480
a5
a20
Jan
3%
Apr
1.25
a24%
a4%
a5
8%
7%
Apr
1%
1
@FedFRASER